CME Group's newly launched Micro E-mini futures had stronger volume than expected for a newly listed derivative in its first week on broad-based indexes, a report from TABB Group said.
Volume for the Micro E-mini futures increased every day last week beginning with its launch May 13, nearly doubling from May 13 to May 17, the report said.
A total of 2.6 million Micro E-mini futures were traded in the first week, with S&P 500 contracts accounting for the majority of the volume for the full week, with about 1.4 million contracts traded, compared with 1.2 million combined for the other three indexes: Nasdaq 100, Dow Jones industrial average and Russell 2000.
"To put all these numbers in perspective, the biggest volume day on record for the much-hyped Bitcoin futures contracts that were launched more than a year ago is about 22,500 contracts," said the report written by Russell Rhoads, TABB Group's head of derivatives.
The new Micro E-mini contracts are one-tenth the size of associated E-mini futures.