Equity contracts performance
| Product code | Ticker | Feb 24' ADV | YTD ADV | Open interest | |
|---|---|---|---|---|---|
| FTSE | |||||
| FTSE 100 Index Futures | Z | Z A | 86,551 | 89,182 | 541,046 |
| FTSE 100 Index Options | ESX | UKX | 21,428 | 26,791 | 1,356,117 |
| FTSE 250 Index Futures | Y2 | YBYA | 795 | 808 | 17,887 |
| FTSE 100 Dividend Index Futures | XZ | UKDA | 3,110 | 2,455 | 166,892 |
| MSCI | |||||
| MSCI Emerging Markets Index Futures | MME | MESA | 97,414 | 103,560 | 986,089 |
| MSCI EAFE Index Futures | MFS | MFSA | 33,044 | 35,289 | 427,290 |
| MSCI EM Asia Index Futures | ASN | ANSA | 170 | 168 | 4,029 |
| MSCI Brazil Index Futures | MCG | MCBA | 117 | 316 | 40,635 |
| MSCI ACWI Index Futures | MMW | MWAA | 144 | 155 | 14,929 |
Climate & ESG | |||||
| MSCI World Climate PAI Index Futures | MVR | MRPA | 344 | 249 | 14,399 |
| MSCI World ESG Leaders Index Futures | LFW | LFWA | 143 | 109 | 7,744 |
| MSCI EM ESG Leaders Index Futures | LFM | LFOA | 78 | 114 | 6,219 |
| MSCI Europe Climate PAI Index Futures | MVT | MTEA | 0 | 4 | 5,343 |
| FANG | |||||
| Micro FANG+ Index Futures | FNG | FNSA | 7,662 | 7,540 | 8,225 |
| Single Stock Derivatives | |||||
| Futures | - | - | 38,817 | 33,501 | 307,486 |
| Options | - | - | 56,916 | 56,859 | 3,511,352 |
Products highlights
MSCI Index Total Return Futures
ICE announced the launch of total return futures based on the MSCI USA, MSCI Emerging Markets, MSCI EAFE and MSCI World indices. ICE’s MSCI Total Return Index Futures (TRFs) offer investors a straightforward way to gain exposure to MSCI’s flagship indices.
ICE Futures US is committed to advancing these innovative contracts and promoting their adoption. Therefore, it has been decided that a full exemption from Exchange and Clearing fees will be applicable for the MSCI Index Total Return Futures until the conclusion of 2024, as detailed in the circular.
List of contract codes
| MSCI USA Index TRF | MSCI EM Index TRF | MSCI World NTR Index | MSCI World NTR Index | |
|---|---|---|---|---|
| Contract Code | MVA | MVE | MVH | MWA |
| Underlying Index | MSCI USA GTR Index | MSCI Emerging Markets | MSCI USA GTR Index Markets | MSCI USA GTR Index Markets |
| Bloomberg Futures Ticker | MABA | MADA | MASA | MAYA |
| Bloomberg Index Ticker | M2US | M1EF | M1EA | M1WO |
| Refinitiv Futures Code | 0#MVA | 0#MVE | 0#VMH | 0#AWM |
| Refinitiv Index Code | .MIUS00000GUS | .MIEF00000NUS | .MIEA00000NUS | .MIWO00000NUS |
| ICE Connect Futures Symbol | MVA Z24-ICI | MVE Z24-ICI | MVH Z24-ICI | MWA Z24-ICI |
FTSE Index Derivatives Complex
This month, FTSE 100 Dividend Index futures saw a strong activity as investors have turned to the contract to manage their dividend exposure during this earnings season. The FTSE 100 Dividend measures the cumulative value of ordinary cash dividends declared by the index constituents of the FTSE 100 Index.
The FTSE 100 Dividend Index futures ADV in February was 3,250 lots, a 30% increase MoM with the notional open interest more than £500m. Read more here.
The FTSE 250 Index is a leading measure of the U.K. economy’s health, representing mid cap stocks. It consists of the 101st to the 250th largest U.K.-listed companies listed on the London Stock Exchange.
ICE offers futures and options on this index, which are designed to support investors looking to better express views on U.K. PLC. The open interest (OI) of ICE’s FTSE 250 Options suite has continued to show robust growth into 2024, with OI volumes up 65% YoY.
MSCI Index Futures Complex
In February, global stock markets continued their bullish trend with a stock market volatility that remained relatively low. Developed market equities measured by the MSCI World PR USD Index delivered 4.1% return while Emerging Market equities, measured by the MSCI EM PR USD Index, returned 4.6%. This resurgence in EM equities was notably driven by a rise in Chinese stocks, with state-controlled funds from China intensifying their intervention efforts.
Open interest in MSCI EAFE Index futures increased by 8% YoY to 428k lots/US$49b notional with the MSCI EM Index futures open interest ending the month at 986k lots/ U.S. $50b notional. Overall, the daily notional ADV for the complex this year is at 141k lots/US$14b notional.
ICE Sustainable Equity Futures
Demand for ICE’s MSCI Climate Index derivatives continued to grow in February. The MSCI Climate Change and MSCI Climate Paris Aligned Index futures saw monthly volumes of 25k lots with the open interest for the complex ending the month at 51k lots/ U.S. $2.2b notional.
Across ICE’s Sustainable Equity Futures complex total notional, the open interest now stands at U.S. $3 billion. This suite of contracts aims to help investors incorporate climate considerations into their portfolios.
Micro NYSE FANG+ Index Futures
The NYSE FANG+ Index, composed of 10 technology-related stocks, increased by 9.8% in February. For the first two months of 2024, the underlying index is up 13.5%, consistently marking new all-time highs.
This impressive performance can be attributed to robust earnings across the companies making up the index and has been driven by strong earnings in the index components, reflecting the sustained global demand for accelerated computing and generative AI.
In February, Micro NYSE FANG+ Index futures averaged 7,662 lots with the open interest reaching 8,225 lots or U.S. $410 million notional at the end of the month.