Micro E-mini Equity Index Futures Surpass 3 Billion Contracts Traded

Rhea-AI Summary

CME Group announced that its Micro E-mini Equity Index futures have surpassed 3 billion contracts traded across all four indices as of November 29, 2024. Launched in May 2019, these products have become one of CME Group's most successful new product launches in its history.

Key performance metrics include 2.5 million contracts in average daily volume in 2024-to-date, with 19% of volume occurring outside U.S. trading hours. More than 700 firms and 620,000 unique accounts have traded these contracts in the last year. The product suite expanded in March 2023 to include Micro E-mini S&P MidCap 400 and Micro E-mini SmallCap 600 futures.

Positive

• Achieved significant milestone of 3 billion contracts traded
• Strong average daily volume of 2.5 million contracts in 2024
• Wide market adoption with over 700 firms and 620,000 unique trading accounts
• 19% of trading volume outside US hours indicates global market penetration
• Product line expansion with addition of MidCap 400 and SmallCap 600 futures

Negative

• None.

Insights

Financial Markets Analyst

The milestone of 3 billion Micro E-mini contracts traded demonstrates exceptional market adoption of these derivatives products. With 2.5 million contracts in average daily volume and 19% of trading occurring outside U.S. hours, these instruments have become important for global portfolio management. The impressive reach to 700+ firms and 620,000 unique accounts indicates strong market penetration and growing importance in the derivatives ecosystem. This success validates CME's strategy in making index derivatives more accessible to a broader range of investors through smaller contract sizes. The expansion to include MidCap 400 and SmallCap 600 futures shows continued product innovation and market demand for precise index exposure tools.

Market Structure Expert

The rapid achievement of 3 billion contracts in less than five years represents a significant evolution in market structure. These micro contracts have democratized index futures trading by lowering capital requirements and enabling more precise position sizing. The international trading volume outside U.S. hours highlights the products' global relevance and contributes to 24-hour liquidity. The collaboration with major index providers (S&P DJI, Nasdaq, FTSE Russell) strengthens the product suite's credibility and ensures continued innovation. This success reinforces CME's dominant position in the equity index derivatives market and suggests potential for sustained growth in contract volumes.

CHICAGO, Dec. 9, 2024 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that as of November 29, more than 3 billion Micro E-mini Equity Index futures traded across all four indices.

"With over three billion of these contracts traded in less than five years, our Micro E-mini Equity Index futures continue to establish themselves among the most actively traded and deeply liquid index products," said Tim McCourt, Global Head of Equities, FX and Alternative Products at CME Group. "As investors continue to navigate ongoing market uncertainty, index choice is as important as ever. Our breadth of products across every major U.S. index allow clients of all sizes to more nimbly scale index exposure up or down."

"Nasdaq and CME Group have been providing investors with access to the Nasdaq-100 Index^® through innovative products for more than 25 years, including the Micro E-mini Nasdaq-100 Index, which offer investors greater flexibility as they manage their portfolios," said Emily Spurling, Senior Vice President and Head of Global Index at Nasdaq. "We extend our congratulations to CME Group on achieving this milestone and look forward to our continued collaboration to deliver products that give investors more exposure to our Nasdaq-100 Index^® ecosystem, which has included the most groundbreaking and innovative companies in the modern economy for nearly 40 years."

"S&P Dow Jones Indices congratulates CME Group for reaching another significant market milestone," said Tim Brennan, Global Head of Capital Markets at S&P Dow Jones Indices. "This latest milestone reinforces the ongoing strength of both the S&P 500 Index, widely regarded as the best single gauge of the U.S. equity market, and the Dow Jones Industrial Average, one of the world's most watched and widely cited benchmarks."

"FTSE Russell congratulates CME Group on reaching this significant milestone of three billion contracts traded across its Micro E-mini derivatives complex," said Shawn Creighton, Director of Index Derivatives Solutions for FTSE Russell. "As our valued, long-term partner, we are proud to have supported CME Group in such an achievement and look forward to continuing our collaborative work on growing the Russell 2000 product suite. Since its introduction in 1984, the Russell 2000 Index has been widely viewed as the leading benchmark for small cap performance, serving as the basis of investable products. The Micro E-Mini Russell 2000 futures provide investors access to a highly liquid and efficient U.S. small cap equity risk management tool."

Micro E-mini Equity Index futures became available for trading on the S&P 500, Nasdaq-100^®, Russell 2000 and Dow Jones Industrial Average in May of 2019, becoming one of the most successful new product launches in CME Group's nearly 180-year history. In addition, Micro E-mini S&P MidCap 400 and Micro E-mini SmallCap 600 futures joined the Micro E-mini futures suite in March 2023.

Due to ongoing client demand, and the strong support of index partners, brokers and the intermediary community, these contracts have continued to grow. Additional highlights include:

• 2.5 million contracts in average daily volume in 2024-to-date
• 19% of volume outside of U.S. trading hours
• More than 700 firms and 620,000 unique accounts have traded these contracts in the last year

For more information on Micro E-mini Equity Index Products, please visit: www.cmegroup.com/microeminis.

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, E-mini and Micro E-mini are trademarks of Chicago Mercantile Exchange Inc.  The S&P 500 Index and Dow Jones Industrial Average are products of S&P Dow Jones Indices LLC or its affiliates ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500^TM and The 500^TM are trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC ("Dow Jones"). These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index and Dow Jones Industrial Average are not sponsored, endorsed, marketed, or promoted by S&P DJI, Dow Jones, S&P, or their respective affiliates and none of such parties makes any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of these indices. All other trademarks are the property of their respective owners. 

Nasdaq^®, the Nasdaq-100 Index^® and the Nasdaq-100^® are trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by CME Group. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

CME-G

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SOURCE CME Group

FAQ

How many Micro E-mini Equity Index futures contracts has CME traded as of November 2024?

CME Group has traded over 3 billion Micro E-mini Equity Index futures contracts across all four indices as of November 29, 2024.

What is the average daily trading volume for CME's Micro E-mini futures in 2024?

The average daily trading volume for CME's Micro E-mini futures is 2.5 million contracts in 2024-to-date.

When did CME Group launch the Micro E-mini Equity Index futures?

CME Group launched the Micro E-mini Equity Index futures in May 2019.

How many firms have traded CME's Micro E-mini futures in the past year?

More than 700 firms and 620,000 unique accounts have traded CME's Micro E-mini futures in the last year.