CME Group Expands Credit Products with High Yield Duration-Hedged Futures
CME Group has launched High Yield Duration-Hedged Credit futures, its fourth contract based on Bloomberg corporate bond indexes. The new product aims to provide more precise credit exposure management amid growing demand for fixed income hedging tools.
Key highlights include:
- Credit futures volume has exceeded 275,000 contracts since June
- Open interest reached a record 3,200 contracts in March, representing $320 million in notional value
- The futures enable duration risk management through intercommodity spread with U.S. Treasury futures
- Clients can receive automatic margin offsets against Interest Rate and Equity Index futures, part of $60 billion in daily capital efficiencies across asset classes
The new futures are available for trading on CME Globex and clearing via CME ClearPort, subject to CBOT rules.
CME Group ha lanciato i futures sul credito a elevato rendimento con copertura della durata, il suo quarto contratto basato sugli indici obbligazionari aziendali di Bloomberg. Il nuovo prodotto mira a fornire una gestione più precisa dell'esposizione creditizia in un contesto di crescente domanda di strumenti di copertura per il reddito fisso.
I punti salienti includono:
- Il volume dei futures sul credito ha superato 275.000 contratti da giugno
- Il numero di contratti aperti ha raggiunto un record di 3.200 a marzo, rappresentando un valore nozionale di 320 milioni di dollari
- I futures consentono la gestione del rischio di durata attraverso spread intercommodity con i futures del Tesoro USA
- I clienti possono ricevere compensazioni automatiche sui margini contro i futures sugli Indici di Tasso d'Interesse e Azionario, parte di 60 miliardi di dollari in efficienze di capitale giornaliere tra le classi di attivi
I nuovi futures sono disponibili per la negoziazione su CME Globex e per la compensazione tramite CME ClearPort, soggetti alle regole CBOT.
CME Group ha lanzado futuros de crédito con cobertura de duración de alto rendimiento, su cuarto contrato basado en los índices de bonos corporativos de Bloomberg. El nuevo producto tiene como objetivo proporcionar una gestión más precisa de la exposición crediticia en medio de la creciente demanda de herramientas de cobertura de renta fija.
Los aspectos más destacados incluyen:
- El volumen de futuros de crédito ha superado los 275,000 contratos desde junio
- El interés abierto alcanzó un récord de 3,200 contratos en marzo, representando un valor nocional de 320 millones de dólares
- Los futuros permiten la gestión del riesgo de duración a través de spreads intercommodity con los futuros del Tesoro de EE. UU.
- Los clientes pueden recibir compensaciones automáticas de márgenes contra los futuros de Índice de Tasa de Interés y de Acciones, parte de 60 mil millones de dólares en eficiencias de capital diarias entre clases de activos
Los nuevos futuros están disponibles para negociación en CME Globex y compensación a través de CME ClearPort, sujetos a las reglas de CBOT.
CME Group는 블룸버그 기업 채권 지수를 기반으로 한 네 번째 계약인 고수익 기간 헤지 신용 선물을 출시했습니다. 이 새로운 제품은 고정 수익 헤지 도구에 대한 수요가 증가하는 가운데 보다 정확한 신용 노출 관리를 제공하는 것을 목표로 합니다.
주요 하이라이트는 다음과 같습니다:
- 신용 선물 거래량은 6월 이후 275,000 계약을 초과했습니다.
- 3월에 개방 이자가 3,200 계약의 기록을 세워, 명목 가치로 3억 2천만 달러를 나타냈습니다.
- 선물은 미국 국채 선물과의 상품 간 스프레드를 통해 기간 위험 관리가 가능합니다.
- 고객은 자산 클래스 전반에 걸쳐 하루 600억 달러의 자본 효율성의 일부로서 금리 및 주식 지수 선물에 대한 자동 마진 상계를 받을 수 있습니다.
새로운 선물은 CME Globex에서 거래 가능하며, CBOT 규칙에 따라 CME ClearPort를 통해 청산됩니다.
CME Group a lancé des contrats à terme sur le crédit à haut rendement avec couverture de durée, son quatrième contrat basé sur les indices d'obligations d'entreprise de Bloomberg. Le nouveau produit vise à fournir une gestion plus précise de l'exposition au crédit dans un contexte de demande croissante d'outils de couverture de revenu fixe.
Les points clés incluent :
- Le volume des contrats à terme sur le crédit a dépassé 275 000 contrats depuis juin
- Les intérêts ouverts ont atteint un record de 3 200 contrats en mars, représentant une valeur notionnelle de 320 millions de dollars
- Les contrats à terme permettent la gestion du risque de durée à travers des spreads intercommodités avec les contrats à terme du Trésor américain
- Les clients peuvent recevoir des compensations automatiques de marge contre les contrats à terme sur les indices de taux d'intérêt et d'actions, faisant partie de 60 milliards de dollars d'efficacité de capital quotidienne entre les classes d'actifs
Les nouveaux contrats à terme sont disponibles pour le trading sur CME Globex et pour la compensation via CME ClearPort, soumis aux règles de la CBOT.
CME Group hat Futures für kreditgestützte Hochzinsanlagen mit Duration-Hedging eingeführt, den vierten Vertrag, der auf den Unternehmensanleihenindizes von Bloomberg basiert. Das neue Produkt zielt darauf ab, ein präziseres Management der Kreditexposition inmitten der wachsenden Nachfrage nach Hedging-Tools für festverzinsliche Anlagen zu bieten.
Wichtige Highlights sind:
- Das Volumen der Kreditfutures hat seit Juni 275.000 Verträge überschritten
- Das offene Interesse erreichte im März einen Rekord von 3.200 Verträgen, was einem nominalen Wert von 320 Millionen Dollar entspricht
- Die Futures ermöglichen das Management von Duration-Risiken durch Intercommodity-Spreads mit US-Staatsanleihenfutures
- Kunden können automatische Margin-Abzüge gegen Zins- und Aktienindexfutures erhalten, die Teil von 60 Milliarden Dollar an täglichen Kapitaleffizienzen über Anlageklassen hinweg sind
Die neuen Futures sind zum Handel auf CME Globex und zur Abwicklung über CME ClearPort verfügbar, unterliegen jedoch den Regeln der CBOT.
- Record open interest of 3,200 contracts ($320M notional value)
- Strong trading volume exceeding 275,000 contracts since June
- $60 billion in daily capital efficiencies through margin offsets
- Product expansion into high-yield credit futures enhances market offering
- None.
Insights
CME Group's launch of High Yield Duration-Hedged Credit futures represents a strategic product expansion in their derivatives ecosystem that strengthens their competitive position in the fixed income space. This fourth Bloomberg corporate bond index-based contract addresses the growing market demand for sophisticated credit exposure management tools.
The timing is particularly favorable given the 275,000 credit futures contracts traded since June 2023, demonstrating substantial market adoption. More tellingly, the record open interest of 3,200 contracts (
The product's key differentiator is its ability to manage duration risk through intercommodity spreads with U.S. Treasury futures - creating a more precise hedging instrument than previously available. This directly addresses fixed income portfolio managers' need to isolate credit risk from interest rate risk, a critical capability in today's uncertain rate environment.
The margin efficiency component is particularly valuable to institutional clients, as it integrates with CME's existing
CME Group's launch of High Yield Duration-Hedged Credit futures marks a significant expansion of their derivatives offering that directly addresses market demand for more sophisticated risk management tools. This fourth contract based on Bloomberg corporate bond indexes arrives with impressive momentum - 275,000 credit futures contracts traded since June and record open interest of 3,200 contracts representing
The product innovation solves a specific market challenge by enabling investors to manage credit exposure with greater precision through its unique intercommodity spread mechanism with U.S. Treasury futures. This separation of credit risk from duration risk creates a more targeted hedging instrument than previously available.
For institutional clients, the cross-margining benefits integrate seamlessly with CME's existing
The growing adoption metrics demonstrate market validation beyond initial launch interest. By expanding in the fixed income derivatives space, CME strengthens its product ecosystem while creating new revenue opportunities in a high-demand segment of the financial markets.
- Volume across credit futures surpasses 275,000 contracts
"In an environment driven by uncertainty, our high yield and investment grade credit futures provide highly efficient risk management solutions for corporate bonds, interest rates, equities and other assets," said Agha Mirza, CME Group Global Head of Rates and OTC Products. "Today's launch of High Yield Duration-Hedged Credit futures is well-timed given our latest milestone of 275,000 credit futures contracts traded since last June."
CME Group credit futures are the first futures contracts to help market participants manage duration risk through an intercommodity spread with
In March, open interest in CME Group credit futures reached a record 3,200 contracts, representing
Available to trade on CME Globex and eligible for submission to clearing via CME ClearPort, CME Group credit futures are listed with, and subject to, the rules of CBOT.
For more information, please visit www.cmegroup.com/credit.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and
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SOURCE CME Group
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