April 2020 Highlights
COVID-19 continues to grip the world and uncertainty around the resolution of the crisis weighs on the global economy. With interest rates at record lows and set to remain unchanged for the foreseeable future, volatility in fixed income markets reduced significantly since its peak in March.
Against a backdrop of risk-off sentiment, volumes in parts of the complex have retracted from recent highs. Euribor futures and options continued their strong performance into April with volumes up 24% and 159% respectively YOY. SONIA futures saw another record month, with Average Daily Volume (ADV) over the period exceeding £45.5 billion. The contracts offer efficient and transparent access to RFR liquidity with approximately 90% of SONIA futures market volume transacted at ICE.
Fixed Income finished the month with ADV of 2.4 million contracts and Open Interest (OI) of 22.9 million contracts.