CME-G SOURCE CME Group Accessibility StatementSkip Navigation CHICAGO, Nov. 24, 2025 /PRNewswire/ --Â CME Group, the world's leading derivatives marketplace, today announced that its Cryptocurrency futures and options suite achieved an all-time daily volume record of 794,903 contracts on November 21. The new high overtakes the previous record of 728,475 contracts set on August 22, 2025. "Amid ongoing market uncertainty, demand for deeply liquid, regulated crypto risk management tools is accelerating," said ...

Core Insights - MarketAxess Holdings Inc. (MKTX) reported a total trading average daily volume (ADV) of $38.8 billion in Q3 2025, reflecting a 4% year-over-year decrease due to declines in U.S. High-Grade Credit and U.S. Government Bonds [1][9] - The electronic trading platform facilitated over $932.4 billion in total credit trading volume during the same period [1] Trading Performance - Eurobonds and Emerging markets credit businesses experienced significant growth, with ADV increasing by 16% and 14% year-over-year, respectively, driven by new client-initiated and dealer-initiated trading initiatives [2] - High-grade markets saw a 7% decrease in ADV compared to the previous year, while agency and other government bonds experienced a 6% growth in ADV, with U.S. government bonds declining by 9%, leading to an overall 8% decrease in total rates trading [3] Transaction Fees and Market Share - Total credit average variable transaction fees per million (FPM) declined by 6% year-over-year due to protocol mix, while total rates fees remained stable [4] - MarketAxess' estimated market share of U.S. credit portfolio trading decreased to 19.1%, down from 20% a year ago [4] Strategic Initiatives - The company is expanding its dealer business and rolling out new tools for sell-side traders, diversifying beyond core fixed-income trading [5] - In June 2025, MarketAxess launched the first fully electronic trading workflow for Indian Government Bonds, accessible to Foreign Portfolio Investors [5] Peer Comparison - CME Group is expanding through global growth and product innovation, planning to offer 24/7 trading for cryptocurrency futures and options [6] - Intercontinental Exchange, Inc. (ICE) is focusing on sustainability and emerging markets, with plans to launch ICE GreenTrac targeting global carbon markets [7] Valuation and Earnings Estimates - MarketAxess shares have declined by 25.7% year-to-date, contrasting with the industry's growth of 28.3% [8][9] - The company trades at a forward price-to-earnings ratio of 20.78X, which is higher than the industry average, and carries a Value Score of D [11] - The Zacks Consensus Estimate for Q3 2025 earnings indicates a 2.6% decline year-over-year, while the full-year earnings consensus predicts a 2.2% increase [12]

Core Insights - CME Group will launch 24/7 trading for its cryptocurrency futures and options products in early 2026, pending regulatory review, to meet increasing client demand for continuous risk management in the cryptocurrency market [1][8] Client Demand - Tim McCourt, global head of equities, FX, and alternative products at CME Group, highlighted the necessity of aligning regulated markets with the fast-paced digital asset sector to cater to client needs [2][3] Trading Operations - The cryptocurrency futures and options will trade continuously on the CME Globex platform, with only a two-hour weekly maintenance pause scheduled over the weekend [3] - Any trades conducted during weekends or holidays will be recorded with the following business day as the official trade date, ensuring consistent clearing, settlement, and regulatory reporting [4] Market Activity - CME Group reported record growth in its cryptocurrency derivatives complex, with notional open interest reaching $39 billion in September 2025 [5] - August 2025 saw an average daily open interest of 335,200 contracts, a 95% year-on-year increase, representing $31.6 billion in notional value, and an average daily trading volume of 411,000 contracts, a 230% increase from the previous year, equivalent to $14.9 billion in notional value [6] Market Expansion - CME Group offers a wide range of benchmark products across various asset classes, including digital assets, and operates through CME Globex, BrokerTec, and EBS, supported by CME Clearing [7] - The introduction of continuous trading for cryptocurrency products reflects the growing maturity of digital assets and strengthens CME's role as a bridge between traditional finance and the 24/7 nature of the crypto economy [8]

Core Insights - CME Group will offer 24/7 trading for its cryptocurrency futures and options starting in early 2026, pending regulatory review [1][2] - The decision is driven by increasing client demand for continuous trading to manage risk effectively [2] - CME Group's cryptocurrency products have seen record trading volumes in 2025, indicating strong market interest [3][5] Trading Details - The continuous trading will occur on the CME Globex platform, with a two-hour maintenance period each week [2] - All trades executed during holidays or weekends will be dated for the next business day, with clearing and settlement processed accordingly [2] Market Performance - CME Group reported a record notional open interest of $39 billion on September 18, 2025 [5] - August 2025 saw an average daily open interest of 335,200 contracts, a 95% increase year-on-year, representing an average notional value of $31.6 billion [5] - The average daily volume (ADV) for August reached 411,000 contracts, up 230% year-on-year, equating to a notional value of $14.9 billion [5] - There were over 1,010 large open interest holders in cryptocurrency products during the week of September 25, 2025 [5]

Core Insights - CME Group reported record average daily volume (ADV) for Q1 2025, reaching 29.8 million contracts, and the second-highest March ADV at 30.8 million contracts, reflecting strong market activity across various asset classes [1][4] Q1 2025 Performance - The company's ADV grew 13% year-over-year, with notable increases in interest rate, equity index, agricultural, foreign exchange, and cryptocurrency products [2] - U.S. Treasury complex achieved a quarterly ADV record of 9.2 million contracts, while Henry Hub Natural Gas complex set a record of 1.1 million contracts [2][4] March 2025 Highlights - March ADV increased by 27% year-over-year, with a record monthly equity index ADV of 9.7 million contracts [3][4] - Interest Rate ADV reached 14.6 million contracts, marking a 31% increase compared to the previous year [3] Record Volumes Across Asset Classes - Interest Rate ADV reached a record of 15 million contracts, with U.S. Treasury futures and options ADV at 9.2 million contracts [5] - Equity Index ADV set a record at 8 million contracts, with Micro E-mini Nasdaq-100 futures achieving 1.8 million contracts [5] - Energy ADV increased by 20% to 2.9 million contracts, with record volumes in Henry Hub Natural Gas futures and options [5] - Agricultural ADV reached 2 million contracts, with corn futures ADV increasing by 44% to 520,000 contracts [5] - Foreign Exchange ADV set a record at 1.1 million contracts, with Canadian Dollar futures at 125,000 contracts [5] - Cryptocurrency ADV reached a record of 198,000 contracts, representing $11.3 billion notional [5] International Market Activity - The company reported a record quarterly international ADV of 8.8 million contracts, with EMEA ADV at 6.5 million contracts and Asia ADV at 2 million contracts [5]