The latest adjusted figures from the World Federation of Exchanges, which cover trading across 51 trading venues, were boosted by the prospect of tapering in the US, which helped drive a 13.5 per cent rise in the number of interest-rate contracts traded to 3.3 billion and increased trading of commodity derivatives in mainland China, where contract volume grew by 39 per cent. The number of commodity derivatives contracts traded rose 24.4 per cent to four billion, buoyed by the transfer of over-the-counter energy swaps to exchange-traded futures contracts on Ice Futures Europe.
Grégoire Naacke, senior analyst at WFE, said: "Interest-rate derivatives benefited from the anticipation about changes in monetary policy and its impact on the yield curve. Commodity derivatives increase was driven by two main effects: the strong growth of mainland China commodity exchanges and the transformation of OTC contracts (energy swaps) into futures on Ice in the US."
Further growth in listed derivatives trading is expected this year as global reforms to OTC derivatives markets push more trading in swaps onto exchanges. Naacke said: "Until 2013 no clear signs of transfer from OTC markets to exchange-traded derivatives markets nor from interest rate swaps to futures were observed in anticipation of the regulatory reform of derivative markets in the United States and Europe. Whether the reforms will lead to a growth in exchange-traded derivatives trading in the coming months remains to be seen."
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