Derivatives Exchanges

Research evidence excerpt

J P M O R G A N

North America Equity Research

11 August 2026

Derivatives Exchanges

FMX Aug 10 Total Daily Volume of 71,404 with OI of

159,983

We observed 71,404 total futures contracts traded on August 10 at the FMX Futures

Exchange, with 159,983 contracts of open interest (OI) at session-end. The closing

level of OI on August 10 increased 1.3% from the previous trading session

(157,987). FMX U.S. Treasury futures had 10,206 contracts of OI outstanding as

of August 10 with 32,124 UST contracts traded yesterday. Recall, these UST totals

now include the 10yr, 10yr Ultra, 30yr, and 30yr Ultra contracts after we observed

incremental UST contracts launch last week. We reiterate that the focus continues

to be on onboarding more FCM activity, which, in turn, may attract greater buyside involvement.

Figure 1: Monthly Summary of Total Activity at FMX Futures Exchange

250,000

Brokers, Asset Managers &

Exchanges

Kenneth B. Worthington, CFA AC

(1-212) 622-6613

Madeline Daleiden

(1-212) 622-4911

Michael Cho

(1-212) 622-3619

J.P. Morgan Securities LLC

# of contracts

Total Ending OI

Total ADV

Total FMX Futures Monthly ADV & OI

Includes 3mo SOFR and All UST Contracts

See other FMX-related research:

Derivatives Exchanges: FMX UST Futures’

Contract Specs Now Available; May 15

Daily Volume of 2,524 with OI Reaching

Record High

200,000

150,000

100,000

Derivatives Exchanges: FMX First

Contracts Begin Trading with a Whisper

Rather than a Bang (September 24, 2024)

50,000

Sep-24

Oct-24

Nov-24 Dec-24

Jan-25

Feb-25 Mar-25

Apr-25 May-25 Jun-25

Jul-25

*Represents preliminary data published first by exchange

Source: Company reports, J.P. Morgan estimates

Aug-25 Sep-25

Oct-25

Nov-25 Dec-25

Jan-26

Feb-26 Mar-26

Apr-26 May-26 Jun-26

Jul-26

Aug-26

CME Group, Inc: FMX a Credible New

Entrant to US Rates Futures Trading –

Why It Could Succeed and What It Could

Cost CME; Downgrade to UW (June 2024)

Derivatives Exchanges: Conversation with

FMX Leaders: Exploring BGC’s Challenge

to CME’s Monopoly in Interest Rate

Futures (May 2024)

CME Group, Inc: Evolving Clearing

Landscape in Rates Derivatives Presents

Mixed Opportunities and Risks for CME

(July 2024)