(Adds details on ICE volumes, quotes from CME and finance
By Tom Polansek
CHICAGO Nov 30 CME Group Inc will set a
monthly record for trading volumes in November, a top executive
said on Wednesday, as U.S. President-elect Donald Trump's
surprise victory has injected uncertainty into markets.
Three of CME's top 10 trading days for volumes have occurred
since Trump's election on Nov. 8, and volumes have been
averaging more than 20 million contracts per day, said John
Pietrowicz, CME's chief financial officer, on a webcast of a JP
Morgan investor conference.
That is up about 45 percent from November 2015, when the
average daily volume was 13.7 million contracts.
At rival Intercontinental Exchange Inc, volumes in
November were set to be up 10 percent from a year ago, although
not an overall record, spokeswoman Kelly Loeffler said in an
Republican Trump's win may continue to support strong
volumes and volatility in markets because he is "an inherently
volatile guy who's hard to predict," said Craig Pirrong, a
finance professor at the University of Houston.
New York businessman Trump has never previously held public
office. He has spoken about stimulating the U.S. economy and
improving infrastructure, driving trading in futures and options
for products ranging from Treasuries to metals, CME executives
said at the conference.
Infrastructure investments would require the use of copper
and other commodities and "customers are recognizing, 'Hey
there's going to be some price volatility that we hadn't
factored in before,'" Derek Sammann, CME's head of commodities
and options, said on the webcast.
On Nov. 9, the day after the election, futures and options
trading volumes set a one-day record of 44.5 million contracts
at CME, which owns the Chicago Mercantile Exchange and other
markets. The previous record was 39.6 million contracts on Oct.
On Nov. 23, CME set a record open interest of 117 million
contracts, beating the previous record from June.
CME's Pietrowicz said a new president with new policies
could create risks and uncertainty "depending on your points of
view." CME's markets were "really providing a lot of opportunity
for our customers to take point of view in terms of that kind of
level of uncertainty," he said.
Uncertainty about global oil production has also helped
drive trading in energy markets.
ICE Brent crude was headed for a daily volume record on
Wednesday, after some of the world's largest oil producers
agreed to curb production for the first time since 2008,
according to the exchange.
That market was on track for its second largest volume
month, ICE said.
(Editing by Jeffrey Benkoe and Grant McCool)