Cboe, HKEX report July volumes up as Eurex trading slows

Eurex, Europe’s largest market, reported futures and options trading volume down a tenth in July, Hong Kong Exchanges and Clearing declared monthly volume up 15% and US options giant Cboe Global Markets was up 9% in its main segment last month.

Frankfurt-based Eurex reported on Wednesday trading volume of 138.9 million contracts last month, down 10% on July last year.

This included index derivatives down 30% to 44.3 million lots, single stock derivatives down 19% to 18.6 million contracts and Eurex’s largest interest rate derivatives market up a tenth to 75.4 million lots.

The German exchange’s over-the-counter derivatives clearing segment performed better, with interest rate swap clearing up 26% last month to a notional outstanding of €45.8bn (£40bn).

In Asia, Hong Kong Exchanges and Clearing reported on Wednesday futures activity down last month while the Asian group’s options market was buoyant.

HKEX’s total futures and options average daily volume (ADV) was 1.513 million lots last month, up 15.1% on July 2024.

Daily futures activity was down 3.7% while daily options volume was up 30.6%. In futures, the HKEX Hang Seng China Enterprises index futures were down 24.6% to an ADV of 126,180 lots and the Hang Seng Tech index futures were up 47.4% to a daily average of 131,609 contracts.

In HKEX options, stock options ADV was up 41.3% to an ADV of 847,241, driving the monthly total up nearly a third.

In the US, Chicago’s Cboe Global Markets continued its record-breaking performance this year, with July options ADV of 16.7 million lots, an increase of 9.1% on July 2024.

The exchange group’s multiply listed options (which refer to options contracts listed on various US options venues) traded 12.2 million lots last month, up 9.6% on last year, and Cboe’s index options contracts reported ADV of 4.47 million contracts, an improvement of 8% on July last year.

The two largest US futures groups reported different outcomes in July as Intercontinental Exchange’s ADV was up 12% last month and CME Group’s volume was down 12% amid lighter demand for hedging.