May 30, 2018 / 1:54 PM / 5 months ago

U.S. bond, rates futures, options hit volume record: CME

(Reuters) - Single-day trading volume on U.S. Treasury and interest rates futures and options reached a record high on Tuesday as jitters about Italy’s political instability and a rout in U.S. and European stocks spurred a massive bond market rally, a CME Group (CME.O) spokeswoman said on Wednesday.

A combined 39.6 million in CBOT bond and CME interest rates contracts changed hands on Tuesday, breaking the previous peak of 26.6 million set on Nov. 9, 2016, according to the CME spokeswoman.

“It was a wild day,” said Greg Adamsick, director of global futures and options at RCM Alternatives in Chicago.

Fears that political turmoil in Italy could push the euro zone’s third biggest economy to quit the economic bloc caused investors to scoop up U.S. and German government debt, yen and other safe-haven assets on Tuesday, analysts said.

Dramatic moves on Wall Street and foreign exchange markets pumped trading in stock and currency futures, raising total daily volume to an all-time high at the futures exchanges CME operates.

Overall futures and options volume climbed to a record peak of 51.9 million contracts on Tuesday, surpassing the prior peak of 44.5 million on Nov. 9, 2016, CME said.

Reporting by Richard Leong; Editing by Chizu Nomiyama and David Gregorio

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