International derivatives market CME Group announced today that open interest in the highly liquid SOFR complex hit a new record of 60,435,467 contracts on December 12, including 48.3 million options contracts and 12.1 million futures contracts.
Average daily volume (ADV) in SOFR futures and options this year also reached a record 5.1 million contracts.
“As the world’s leading tools for hedging short-term interest rate risk, global market participants continue to turn to our SOFR futures and options to address uncertainty,” said Agha Mirza, Global Head of Rates and OTC Group of CME. “We are pleased with the continued growth of our SOFR pool, which now exceeds the highest annual ADV achieved by Eurodollar futures and options in their four-decade history.”
SOFR futures and options are widely traded by global banks, hedge funds, asset managers, major trading firms and other types of traders. These contracts are also eligible for portfolio margining against other cleared interest rate swaps and futures contracts.
CME Group launched SOFR futures in May 2018 and SOFR options in January 2020.