New York-based FMX Futures Exchange, which launched in September with a US short-term interest rate future, pitching the venue into competition with CME’s vast US Treasury franchise, traded 3,711 contracts between Monday and Thursday this week, according to the firm.

That equalled a daily average of 928 contracts since Monday which was down more than two thirds on the 3,000 lot daily average in March.

By contrast, CME Group has seen volumes jump since Trump’s tariff announcement on Wednesday, reporting in the first four days of this week a daily average of 9.8 million in its main SOFR futures contract.

This week’s activity is more than double CME’s daily average of 4.3 million lots in March, based on figures from the exchange. The recent CME three-month SOFR futures performance has included two of the group’s best days ever: 12.5 million lots on April 4 and 11.7 million lots on April 7.

A spokeswoman for FMX Futures Exchange declined to comment on the data.

The differing fortunes reflect a common trend where traders revert to more liquid markets in times of volatility so FMX volumes should recover as markets normalise.

The timing is unfortunate, however, because FMX was starting to report some daily futures activity, having hit a daily trading volume record of 9,500 lots on February 27, as reported by FOW.

CME Group, which dominates the US interest rate futures market and is estimated by Bank of America to earn $2 billion (£1.6bn) in revenue from this sector, has been vocal in its objections to FMX’s tie-up with London-based clearer LCH.

CME Group chairman and chief executive Terry Duffy has said US Treasury futures clearing outside of US authorities’ regulatory oversight is unacceptable.

Howard Lutnick, who was the head of BGC Group until he became Trump’s Commerce Secretary, played down these fears at his confirmation hearing, suggesting people concerned about US Treasury futures clearing at LCH have “got it wrong”.