Exchange Volumes Update: Week of July 24 - July 30: Mostly Higher ADVs This Week; Interest Rates Products in Focus Around Policy Meetings

Research evidence excerpt

Exchange Volumes Update: Week of July 24 - July 30: Mostly Higher ADVs This Week; Interest Rates Products in Focus Around Policy Meetings

J P M O R G A N North America Equity Research

31 July 2026

Exchange Volumes Update

Week of July 24 - July 30: Mostly Higher ADVs This

Week; Interest Rates Products in Focus Around Policy

Meetings

Daily industry volumes for the week of July 24 through July 30 were mostly higher Brokers, Asset Managers &

WoW. CME interest rates ADV jumped 26% WoW, primarily driven by the two Exchanges

trading sessions around the Federal Reserve’s July 2026 FOMC meeting; however, Kenneth B. Worthington, CFA AC

three other CME asset classes also posted double-digit ADV growth this week. (1-212) 622-6613

Conversely, ICE’s interest rates franchise (European rates) ADV declined 13% WoW kenneth.b.worthington@jpmorgan.com

due to elevated weekly comps from the ECB meeting during the prior week, dragging Madeline Daleiden

ICE’s overall weekly ADV lower. We continue to view the dynamic monetary policy (1-212) 622-4911

trajectories across the world as a tailwind for both rates cash, but especially rates madeline.daleiden@jpmchase.com

derivatives, product volumes. Michael Cho

(1-212) 622-3619

• CME trading volumes ended the week higher with volumes up 17.2% WoW, michael.cho@jpmchase.com

driven by higher FX volumes. CME QTD volumes are up 6.2% vs. full quarter J.P. Morgan Securities LLC

3Q25, led by 30.4% increase in Equity Indexes and 17.0% in Energy. CME OI

is up 5.9% on a YoY basis, led by 20.4% increase in Foreign Exchange and

11.3% in Agricultural Commodities

• ICE F&O volumes were lower this week, with volumes down 7.3% WoW,

dragged by lower Interest Rates volumes. ICE QTD volumes are up 27.9% on

a YoY basis, led by 39.9% increase in Interest Rates.