Open interest in eurodollar futures interest rate products closed at 4.1 million positions Wednesday at the Chicago Mercantile Exchange. It was the second day in a row that open interest in eurodollar futures climbed past the 4 million-position mark, making the eurodollar the first futures contract in the world to surpass 4 million open interest positions, according to a CME news release.
Open interest measures contracts outstanding, generally is considered an indication of activity and liquidity, and can be seen as a measure of the use of risk management by institutions with long-term market positions, according to the CME. The eurodollar market helped push the CME to a new overall open interest record of 10.9 million positions Wednesday.
