Skip to main content

Q1-2023 APAC Highlights

“Asia Hours” from 6am-5pm SGT

Economic Outlook (Page 3)

  • The US Fed has indicated short term rates will remain elevated in 2023 which is in contrast to the view of the federal funds futures market which is indicating cuts beginning in the second half of 2023.
  • Gold has benefited from uncertainty in the Fed policy decisions as well as geo-political risks, with the trading range around the $2,000 per ounce during Q1-2023.
  • Oil Markets are in flux as Saudi Arabia and Russia have cut production resulting in higher prices.  Long-term prices remain lower than spot prices in part to demand concerns stemming from a potential US economic recession in 2023/2024 as well as China’s slower-than-expected economic recovery from its Covid-Zero policy.

Volume Summary During Asian Hours

  • Total Average Daily Volumes in Q1-2023 during Asia Hours: 2.578M (-13% vs Q1-2022)
    • Overall, the top customer segments during Asia Hours: Hedge Funds (+34% vs Q1-2022), Asset Managers (+20% vs Q1-2022)
  • Futures Volumes in Q1-2023 during Asia Hours: 2.2M (-16% vs Q1-2022)
    • Metals Futures led all asset classes in YoY growth with +9% YoY, followed by FX Futures +7% YoY
  • Options Volumes in Q1-2023 during Asia Hours: 358k (+16% vs Q1-2022)
    • IR Options (+39% YoY) led all asset classes in YoY growth, followed by Metals Options +8% YoY

Top 5 Futures Products by YoY QTD ADV Growth (Page 4)

  • Three-Month SOFR Futures (258% vs Q1-2022)
  • One-Month SOFR Futures (124% vs Q1-2022)
  • Fed Fund Futures (33% vs Q1-2022)
  • Japanese Yen Futures (29% vs Q1-2022)
  • E-Mini Natural Gas Future (18% vs Q1-2022)
Original report published on CME Group.

Neither futures trading nor swaps trading are suitable for all investors, and each involves the risk of loss.  Swaps trading should only be undertaken by investors who are Eligible Contract Participants (ECPs) within the meaning of Section 1a(18) of the Commodity Exchange Act.  Futures and swaps each are leveraged investments and, because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for either a futures or swaps position.  Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles and only a portion of those funds should be devoted to any one trade because traders cannot expect to profit on every trade.

CME Group, the Globe Logo, CME, Globex, E-Mini, CME Direct, CME DataMine and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc.  CBOT is a trademark of the Board of Trade of the City of Chicago, Inc.  NYMEX is a trademark of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners.

The information within this communication has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this communication are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience.  All matters pertaining to rules and specifications herein are made subject to and superseded by official CME, CBOT, NYMEX and COMEX rules. Current rules should be consulted in all cases concerning contract specifications.


Copyright © 2023 CME Group Inc. All rights reserved