Derivatives Exchanges

Research evidence excerpt

J P M O R G A N

North America Equity Research

16 September 2026

Derivatives Exchanges

FMX Sep 15 Total Daily Volume of 81,180 with OI of

227,537

We observed 81,180 total futures contracts traded on September 15 at the FMX

Futures Exchange, with 227,537 contracts of open interest (OI) at session-end. The

closing level of OI on September 15 was relatively flat (+0.3%) versus the previous

trading session (226,842). FMX U.S. Treasury futures had 15,685 contracts of OI

outstanding as of September 15 with 44,815 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. We reiterate that

the focus continues to be on onboarding more FCM activity, which, in turn, may

attract greater buy-side 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 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26

*Represents preliminary data published first by exchange

Source: Company reports, J.P. Morgan estimates

Jul-26 Aug-26 Sep-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)