The surging U.S. stock market and growth in electronic trading helped the Chicago Mercantile Exchange have one of its best years ever in 1999, as equity index products posted record volume for the year.
Total 1999 CME volume was 200.7 million contracts, representing an underlying value of $138.3 trillion. Total volume for all equity index products at the CME in 1999 was 48.1 million, a 9.1% increase over 1998 activity.
Electronic trading also continued to grow rapidly with total 1999 volume traded through the CMEs GLOBEX2 system hitting a new record of 16.1 million contracts. Electronic trading volume was up nearly 81% compared with 1998, marking the third consecutive record year. Exchange-wide volume was down from record 1998 levels when turmoil in the financial markets created great demand globally for risk management products.
Total 1999 volume at the CME was about 5,000 contracts, or 0.002%, below the third most active year in 1997.