LONDON and SINGAPORE - CME Group, the world's leading derivatives marketplace, has announced that its quarterly international average daily volume (ADV) reached a record 7.4 million contracts in Q1 2024, up 2% year on year. Reflecting all trading reported from outside the U.S., volume was driven largely by 38% growth in energy products, a 29% increase in agricultural products, and 7% growth in metals.

"Market conditions in the first quarter of the year continued to create a heightened need for risk management as clients worldwide worked to navigate sustained uncertainty and volatility," said Derek Sammann, Senior Managing Director and Global Head of Commodities, Options and International Markets, CME Group. "Our record Q1 international ADV was driven by significant increases in commodities volume across EMEA and Asia Pacific, demonstrating how our clients turn to these products to hedge price risk."

In Q1 2024, Europe, Middle East and Africa ADV hit 5.4 million contracts, up 6% from Q1 2023. This was driven by a strong performance in commodities in the region, with energy, agricultural and metals up 50%, 38% and 9% respectively, compared to the same period in 2023.

Asia Pacific ADV stood at 1.7 million contracts in Q1 2024. The region saw growth across its range of commodities as well, with agricultural products up 15% and energy products metals up 10% and 5% respectively.

Latin America ADV stood at 190,000 contracts in Q1 2024. The region saw a 19% increase in foreign exchange products, 17% in metals, and 12% in interest rate products.

Canada ADV stood at 168,000 contracts in Q1 2024. This was driven by a strong performance in energy and agricultural products, up 50% and 22% year over year.