- 21 Apr 2025
- By CME Group
- Topics: Interest Rates
With volatility spiking to historic levels (10-Year CVOL reached the 99th percentile of the past decade), CME Group remains your home for managing interest rate risk. Globex has facilitated Interest Rate volumes in excess of 28.8M contracts on average in the first nine days of April, with Treasury volumes up 60% and SOFR up 96% vs. YTD averages.
Beyond our suite of products, we also provide a number of resources for tracking and analyzing markets that you may find useful. A few of our most popular resources include:
The ecosystem continues to build for Credit futures, with March ADV hitting 5,000 contracts and open interest reaching 3,245 contracts on March 11. Activity has been bolstered by a variety of users -- such as asset managers, hedge funds, banks and broker-dealers -- while both U.S. and EMEA firms have been represented.
Source: CME Group
See our new Duration Hedged High Yield contracts or more info about our suite:
Notional OI is again closing in on $750M for the TBA futures market, driven by renewed interest in the 6.0% coupon and developing use cases among a range of clients to start 2025. This includes:
- Access to hedging for clients who don't have MSFTAs in place.
- Relative value hedge funds and efficient trading of the TBA-Treasury basis.
- Broker-dealers who like the ability to execute electronically and in smaller $100k increments rather than trade in OTCs.
Source: CME Group
Portfolio Margin savings are trending at record levels, largely driven by increased USD interest rate swap volume cleared at CME Group. Clients deploying relative value strategies have turned to CME Clearing for the unparalleled capital efficiencies available via this program.
Source: CME Group
With heightened weekend risk, uncertainty from Wednesday Fed meetings and increased volatility from Friday jobs reports, our suite of Weekly Treasury options (featuring Monday, Wednesday and Friday expiries) has come into focus for traders in 2025.
The past two months have seen two of the three highest ADV months in history for these options, while March 6 saw a new open interest record of 1,913,250 contracts.
Three-Month F-TIIE futures contracts are coming April 28.*
Complementing our existing monthly contracts, which recently hit new highs in open interest, these Three-Month versions will align with IMM dates and make for easy spread trading against key STIR benchmarks such as SOFR and ESTR.
Can the path of interest rates help determine where crude oil will be trading? There is a positive correlation between our front-month WTI futures and 10-Year yields, hovering around 60%. Read for details on this relationship and other factors traders need to consider.
Source: CME Group
A go-to resource for SOFR options traders, this tool tracks changes in each expiration's at-the-money strike, futures price, volatility and more. Use it to better develop your strategy and see how the market is positioning in terms of put/call ratios.
Data as of April 1, 2025, unless otherwise specified.
* Pending regulatory approval
View an archive of the Rates Recap online at cmegroup.com/ratesrecap.
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