#USA #Chicago #CME Group #AIR Futures #Financial Derivatives

CME Group's Record Open Interest in AIR Total Return Futures

On September 16, 2025, CME Group, recognized as the leading marketplace for derivatives globally, declared a significant achievement for its Adjusted Interest Rate (AIR) Total Return futures. The suite reached an impressive open interest (OI) level exceeding 1 million contracts—a figure that translates to around $365 billion in notional value. This announcement follows a remarkable single-day trading volume record of 109,000 contracts on September 11, equivalent to about $40 billion in notional value.

The rise in interest for these futures is marked by a staggering 80% year-over-year increase in average daily volume for 2025, now standing at 25,000 contracts per day. The trend signifies a growing preference among institutional investors for AIR Total Return futures, which serve as an efficient means to capitalize on U.S. index returns while effectively managing risks associated with interest rates, balance sheets, and counterparty transactions.

Paul Woolman, the Global Head of Equity Products at CME Group, commented on this impressive growth, stating, "More institutional investors are turning to our AIR Total Return futures to access U.S. index returns while mitigating interest rate, balance sheet and counterparty risks." He further emphasized that these products offer a cost-efficient alternative to over-the-counter (OTC) total return swaps, enabling clients to manage their equity financing risk more effectively by trading calendar spreads throughout the financing curve.

The AIR Total Return futures are constructed based on the Effective Federal Funds Rate and are associated with several major global indices, including the S&P 500, Nasdaq-100, Russell 1000, Russell 2000, and the Dow Jones Industrial Average. Additionally, futures derived from the Secured Overnight Financing Rate (SOFR) are also accessible for the S&P 500 index.

For deeper insights into these products and the potential they hold for investors, readers can visit CME Group's official site.

CME Group facilitates futures, options, cash, and OTC markets, enabling clients to optimize portfolios, manage risks effectively, and seize opportunities that arise in the financial landscape. This marketplace provides a broad array of global benchmark products, covering all key asset classes such as interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products, and metals. Trading takes place on the CME Globex platform, while fixed income trading is conducted via BrokerTec and foreign exchange trading happens through the EBS platform. Furthermore, CME Group is responsible for one of the most prominent central counterparty clearing providers in the world, known as CME Clearing.

The company’s commitment to excellence is underscored by its pioneering innovations and wide-ranging offerings. From facilitating risk management to providing capital efficiencies in its equity markets, CME Group continually seeks to elevate the trading experience for all market participants.

CME Group's logos and names, such as the Globe logo and Chicago Mercantile Exchange, as well as trademarks including Globex and E-mini, serve as identifiers of the brand’s prestigious history in the financial sector. The firm remains committed to adhering to best practices and serving the interests of its clients worldwide while driving forward the development of market solutions tailored to meet future challenges.