- 10 Jun 2025
- By CME Group
- Topics: Interest Rates
With the addition of another ~250K contracts in open interest (OI), the most recent Treasury roll continued to build on last quarter's OI record, marking another new milestone in activity for our Treasury suite.
The impressive size of our Treasury complex helped participants navigate an uncertain market environment that featured shifting economic and political outlooks, allowing for smooth risk management in a rocky time for traders.
Source: CME Group
See our full suite and industry-leading analytics to help you manage rate risk across futures, options and cash.
With heightened volatility, the need for precise risk management solutions has put our Monday, Wednesday and Friday expiring Treasury options suite in focus. So far in 2025, ADV is over 600K, while ADOI currently exceeds one million contracts, a YoY increase of over 20% for both metrics.
Starting June 16, the suite will allow for even more choices for pinpoint exposure, with the debut of Tuesday and Thursday expiring options. This will round out the offering, allowing for Monday-Friday expirations for all Treasury tenors, which will result in new interest rate risk management capabilities.
Get your questions answered about how these contracts work and fit into the existing Weekly ecosystem in our FAQ.
With a burst of activity in the middle of the month, the Cross-Currency Basis futures market is starting to build. New end-users are finding relative value opportunities supported by tightening bid/ask spreads versus the OTC market.
Track price changes and learn more about how these futures contracts replicate OTC transactions in a liquid and capital efficient way.
With more uncertainty over the short-term path in rates, participants have looked to Duration Hedged Credit futures in order to precisely manage credit risk.
Our Duration Hedged High Yield and Duration Hedged Investment Grade contracts combined to hit a new ADOI record in May, eclipsing 730 contracts.
Thanks to a bevy of block trades, Eris SOFR had one of its most active months in history. On May 15, over 118K contracts traded, including over 110K via blocks.
This surge in interest and the news spreading about these unique contracts led to additional OI in the days that followed, culminating in a new OI record on May 28 of 390.8K.
Source: CME Group
For the first time ever, the number of large open interest holders (LOIH) has exceeded 3,400.
This market participation proxy was bolstered by recent increases in 2-Yr and 5-Yr LOIH numbers, in addition to the aforementioned growth in Eris.
Our latest case study explores how MIAC Analytics used a WebSocket API to seamlessly incorporate real-time TBA futures data into their platform.
This allowed the company to develop tools that compare OTC TBAs and live bid/offers from our TBA futures markets, promoting increased visibility and insight into arbitrage opportunities.
Data as of June 1, 2025, unless otherwise specified.
View an archive of the Rates Recap online at cmegroup.com/ratesrecap.
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