CME Group (CME) says open interest continues to grow in October, contracts exceeded 133mln (prev. 128mln in September), following record Sept large open-interest holders in interest rates and FX

CME Group (CME) says open interest continues to grow in October, contracts exceeded 133mln (prev. 128mln in September), following record Sept large open-interest holders in interest rates and FX.

Monthly volume and open-interest prints from the major exchanges are the standing proxy for derivatives activity and, for the exchange itself, the revenue engine, since clearing and transaction fees track contract turnover rather than market direction. The distinction that matters is between open interest and average daily volume: OI measures positions held and rolls over, so a rising count signals deepening positioning and hedging demand, while fee revenue is set by trading flow, and the two do not always move together. Record large open-interest holder counts in rates and FX point to institutional and hedging participation rather than speculative churn, a cohort that has historically been stickier through volatility regimes. Prints of this kind have tended to matter most around rate repricing episodes, when hedging of duration and dollar exposure lifts listed derivatives activity at the expense of OTC. What follows is the monthly ADV print and how it feeds the exchange's next quarterly revenue line, plus whether peer exchanges show the same build, which would mark it as a macro positioning story rather than share gain.