Trends in interest rate derivatives

In this article, we analyse the trends in interest rate options and futures contracts traded observed over the past three years. The data is available on the WFE Statistics Portal, while the indicators are defined in our Definitions Manual. For questions or feedback about this article, please contact the WFE Statistics Team at [email protected]

The number of interest rate options and futures contracts traded in 2024 amounted to 6.77 billion, which represented a 15.4% rise from 2023. This is due to options and futures volumes going up 6.5% and 17.5%, respectively. Regionally, volumes in each region rose: in the Americas 12.2%, APAC 17.4% and EMEA 26.5%.

Quarter-on-quarter in Q4 2024 interest rate derivatives contracts traded declined 9.2% due to the Americas and APAC regions declining. This result came after four quarters of growth.

Futures account for 82% of the interest rate derivatives contracts traded, while options account for the rest of 18%. Regionally, the Americas account for 73% share of interest rate derivatives volumes, followed by EMEA (23%) and APAC region (4%).

Figure 1: Number of interest rate options contracts traded between January 2022 and February 2025

The peak recorded in March 2023 was mostly due to CME Group which went up 36% month-on-month.

Figure 2: Number of interest rate futures contracts traded between January 2022 and February 2025

Figures 3 – 5 show the interest rate options and futures by region.

Figure 3: Number of interest rate derivatives contracts traded in the Americas region between January 2022 and February 2025

Figure 4: Number of interest rate derivatives contracts traded in the APAC region between January 2022 and February 2025

Figure 5: Number of interest rate derivatives contracts traded in the EMEA region between January 2022 and February 2025

The peak registered in March 2023 was due mostly to Deutsche Boerse, which increased 65%, and ICE Futures Europe, rising 29.9% compared to the previous month.