The international derivatives exchanges of Eurex Group recorded an average daily volume of 10.7 million contracts in October (October 2010: 9.2 million). Of those, 7.3 million were Eurex Exchange contracts (October 2010: 6.3 million), and 3.4 million contracts (October 2010: 2.9 million) were traded at the US-based International Securities Exchange (ISE).
The growth of 17 per cent y-o-y is due to stronger hedging need of market participants driven by uncertainty resulting from the European sovereign debt crisis, which led to an increasing use of exchange-traded and centrally cleared derivatives in the current market environment. In total, 153.9 million contracts were traded at Eurex Exchange and 72.1 million at ISE.
At Eurex Exchange, equity index derivatives as the largest segment recorded 82.3 million contracts (October 2010: 57.7 million), an increase of 43 per cent y-o-y. The future on the EURO STOXX 50 Index totalled 31.3 million contracts, its best monthly result year-to-date. The option on this blue chip index totalled 36.4 million contracts. Futures on the DAX index recorded 3.8 million contracts. The DAX options reached another 5.3 million contracts. The Eurex KOSPI product recorded 2.4 million contracts, an ADV of nearly 120,000 contracts – a new monthly record since product launch.
The equity derivatives (equity options and single stock futures) segment at Eurex Exchange reached 24.7 million contracts (October 2010: 28.0 million). Thereof, equity options totalled 21.6 million contracts and single stock futures equaled 3.1 million contracts. Equity derivatives volume y-o-y is influenced by the change of contract specifications: In Q1/2011, Eurex Exchange increased the contract size of most equity options and single stock futures to match international standards, with the effect of potentially lower turnover in these products. The adjusted figure of monthly volume in the equity derivatives segment in October would have been approximately close to 28.0 million contracts based on an extrapolation.
Eurex Exchange’s interest rate derivatives segment totalled 46.0 million contracts (October2010: 45.7 million). The Euro-Bund-Future reached 18.4 million contracts, the Euro-Bobl-Future 9.3 million contracts and the Euro-Schatz-Future 11.0 million contracts. The Euro-BTP-Future totalled more than 144,000 contracts and the Short Term Euro-BTP-Future nearly 26,600 contracts.
The Eurex segment dividend-based derivatives increased by 84 per cent y-o-y and totalled approximately 706,000 contracts. Volatility derivatives achieved 259,000 contracts, four times higher compared to October 2010.
Eurex Repo, which operates Swiss Franc, Euro Repo and GC Pooling markets, achieved new records in the Euro Repo and GC Pooling market. The Euro Repo market totalled an average outstanding volume of EUR183.4 billion in October, an increase of 54 per cent y-o-y. The secured money market GC Pooling recorded a new monthly peak with an average outstanding volume of EUR150.2 billion, an increase of 61 per cent y-o-y (October 2010: 93.0 billion euros). The Swiss Franc Repo market reached EUR82.8 billion. All Eurex Repo markets recorded EUR266.2 billion average outstanding volume (October 2010: EUR266.6 billion).
The electronic trading platform Eurex Bonds, which rounds out Eurex’s fixed-income product range, traded EUR8.6 billion (single counting) in October, an increase of 39 per cent y-o-y (October 2010: EUR6.2 billion). In September 2011, volume was EUR7.8 billion.