Key facts
- ICE interest rate derivatives open interest surpassed CME SOFR contracts for the first time in June.
- Demand for euro and sterling hedging contributed to the increase.
- Combined open interest in ICE's Euribor, Sonia, and SOFR contracts reached $62.3 trillion.
- CME's open interest in comparable contracts stood at $55.9 trillion.
In June, the notional open interest in ICE interest rate derivatives surpassed that of CME's flagship SOFR contracts for the first time. This shift was attributed to a rise in demand for hedging in euro and sterling. Data from both exchanges revealed that the combined daily open interest in ICE's Euribor, Sonia, and SOFR contracts reached $62.3 trillion in mid-June. This figure exceeded CME's comparable contracts, which stood at $55.9 trillion.