CME Group Q3FY26 Results: Record daily volume hits 29.4 million contracts
- CME Group reported record Q3 ADV of 29.4 million contracts, up 16% YoY
- September ADV reached 31.8 million contracts, a 22% YoY increase
- Interest Rate ADV grew 22% in September to 16.2 million contracts
- Micro E-mini Nasdaq-100 futures ADV surged 73% in September to 2.4 million contracts
- International ADV rose 25% in September, with APAC up 33%
*this image is generated using AI for illustrative purposes only.
CME Group Inc reported record average daily volume (ADV) for the third quarter of fiscal year 2026, reaching 29.4 million contracts, up 16% year-over-year. September alone saw ADV hit a new high of 31.8 million contracts, reflecting a 22% year-over-year increase.
The growth was broad-based across asset classes, with interest rate and agricultural products setting new records for both September and the quarter. International activity also surged, with APAC ADV rising 33% to 2.3 million contracts in September.
September volume highlights
September performance was led by significant gains in interest rate and equity index derivatives. U.S. Treasury futures and options ADV increased 42% to 9.5 million contracts, while Micro E-mini Nasdaq-100 futures saw a 73% jump to 2.4 million contracts.
| Asset Class | September ADV | YoY Change |
|---|---|---|
| Interest Rate | 16.2 million | +22% |
| Equity Index | 8.1 million | +16% |
| Energy | 3.1 million | +37% |
| Agricultural | 1.9 million | +29% |
| Foreign Exchange | 1.4 million | +32% |
Micro products continued to gain traction, representing 45% of overall Equity Index ADV and 53% of overall Metals ADV in September. BrokerTec’s overall average daily notional value rose 18% to $1.135 trillion, including a record single-day volume of $1.261 trillion on September 30.
Q3 FY26 quarterly trends
For the full quarter, Interest Rate ADV increased 13% to 15.1 million contracts, while Equity Index ADV grew 23% to 7.7 million contracts. The surge in Equity Index volume was largely driven by Micro E-mini Nasdaq-100 futures, which doubled year-over-year to 2.6 million contracts.
Energy ADV for the quarter rose 16% to 2.7 million contracts, supported by a 238% increase in Micro WTI Crude Oil futures. Agricultural ADV expanded 18% to 2 million contracts, with Corn futures up 35%.
What the numbers show
A distinct divergence appears between short-term and medium-term Treasury activity. In September, 2-Year U.S. Treasury Note futures ADV grew 67%, outpacing the 51% growth in 10-Year Note futures. This suggests heightened hedging or trading activity focused on near-term rate expectations compared to longer-duration positions during the month.
Additionally, the disproportionate growth in Micro E-mini Nasdaq-100 futures (73% in September, 101% in Q3) compared to standard E-mini S&P 500 futures (12% in September, 11% in Q3) indicates a shift toward smaller contract sizes, likely appealing to retail or smaller institutional participants seeking precise exposure to technology-heavy indices.
How might the significant divergence in growth between 2-Year and 10-Year Treasury futures influence CME's product development strategy for short-term rate hedging tools?
What specific regulatory or infrastructure investments is CME Group planning to support the 33% surge in APAC trading activity and sustain this international momentum?
To what extent does the shift toward Micro products (45% of Equity Index ADV) threaten the revenue mix from traditional institutional clients, and how is CME addressing this transition?
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