Equity contracts performance
| Product Code | Ticker | Mar 25 ADV | YTD ADV | Open Interest | |
|---|---|---|---|---|---|
| FTSE | |||||
| FTSE 100 Index Futures | Z | Z A | 145,880 | 100,438 | 425,921 |
| FTSE 100 Index Options | ESX | UKX | 27,090 | 27,761 | 1,042,717 |
| FTSE 250 Index Futures | Y2 | YBYA | 4,790 | 3,318 | 19,096 |
| FTSE 100 Dividend Index Futures | XZ | UKDA | 1,345 | 1,824 | 113,734 |
| MSCI | |||||
| MSCI Emerging Markets Index Futures | MME | MESA | 263,051 | 151,968 | 1,066,385 |
| MSCI EAFE Index Futures | MFS | MFSA | 101,583 | 56,356 | 441,494 |
| MSCI ACWI Index Futures | MMW | WMWA | 4,527 | 1,615 | 47,184 |
| MSCI EM ex China Index Futures | MMC | MMLA | 3,341 | 1,273 | 30,417 |
| MSCI Brazil Index Futures | MCG | MCBA | 2,747 | 1,068 | 22,422 |
Climate & ESG | |||||
| MSCI EM Climate PAI Index Futures | MVU | MVYA | 1,277 | 426 | 13,407 |
| MSCI World Climate Change Index Futures | WOW | WOWA | 953 | 386 | 10,000 |
| MSCI Europe Climate PAI Index Futures | MVT | MTEA | 816 | 311 | 6,794 |
| MSCI World Climate PAI Index Futures | MVR | MRPA | 773 | 311 | 7,407 |
| FANG | |||||
| Micro FANG+ Index Futures | FNG | FNSA | 3,594 | 2,895 | 12,100 |
| Single Stock Derivatives | |||||
| Futures | - | - | 113,618 | 66,829 | 316,371 |
| Options | - | - | 45,592 | 42,758 | 3,440,610 |
Products highlights
FTSE Index Derivatives
In March, the FTSE 100 index retreated -2.6% yet achieved a Q1 performance of +3.9%. This was supported by strength in the banking and energy sectors, which benefited from value rotation, elevated commodity prices, and rising U.K. bond yields. The index reached an all-time high of 8,871 on March 3rd. Its global revenue exposure helped cushion domestic pressures, while a weaker sterling versus the euro and Asian currencies provided a further tailwind for multinationals.
Meanwhile, the FTSE 250 Index declined -4.2% for the month, bringing its Q1 performance to -5.6%. A weaker consumer outlook and continued cost of inflation weighed on earnings expectations. The underperformance also reflected a global rotation away from momentum and growth-oriented stocks, which tend to be more prevalent in the mid-cap space.
- FTSE 100 Index Futures YTD Average Daily Volume (ADV) of 100k lots, representing £8.34 billion in notional daily volume; Open Interest (OI) exceeding 425k lots, totalling £35.4 billion in notional value.
- FTSE 100 Index options YTD ADV of 28k lots, representing £2.3 billion in notional daily volume; OI exceeding 1.05 million lots or £86.5 billion in notional value.
- FTSE 250 Index Futures YTD ADV of 3.4k lots with end of month OI of £0.75 billion or 19k lots.
NOTABLE UPDATES
- FTSE 100 Index Total Return Futures YTD ADV up 195%, ADV at 243 lots (£21 m notional)
- FTSE 100 Index Weekly Options ADV at £11.4m notional, 2.8k lots traded in total
MSCI Index Derivatives
Last month, the MSCI ACWI PR USD Index declined -4.1% and is now down -1.7% for the quarter. This marks a shift in leadership from the U.S. to international markets, as policy-driven volatility and changing inflation expectations weighed on risk sentiment. A weakening of the U.S. dollar and renewed fiscal momentum in Europe provided tailwinds for non-U.S. equities.
Developed markets once again diverged: the MSCI USA PR USD Index fell -4.7% in March as a risk-off sentiment was triggered in part by the new US administration’s tariff measures, which revived inflation fears and let to a repricing of policy expectations. European equities outperformed with the MSCI EUROPE PR USD Index slipped -0.7% in March but is up 9.9% in Q1, supported by a new fiscal stimulus in Germany.
Emerging Market posted mixed results: the MSCI EM PR USD Index was up a modest 0.4% for the month and 2.3% for quarter, particularly driven by a fall in U.S. Dollar and gains in Chinese equities, amid government stimulus and a tech-focused growth agenda. Sentiment fluctuated early in the quarter due to tariff concerns.
- MSCI EAFE Index Futures (MFSA) YTD ADV of 56k lots, representing $6.8 billion in notional daily volume; OI exceeding 440k lots or $53 billion in notional value.
- MSCI Emerging Markets Index Futures (MESA) YTD ADV of 152k lots, representing $8.45 billion in notional daily volume; OI exceeding 1.06 million lots or $59 billion in notional value.
- MSCI ACWI NTR Index Future (WMWA) OI exceeding 47k lots or $4.5 billion in notional value.
NOTABLE UPDATES
- MSCI Daily Futures Contract Spreads now live on Bloomberg. View FAQ
- Discover why investors are rethinking their Emerging Markets exposure by splitting China from the main MSCI EM Index. Read MSCI’s article
ICE Sustainable Equity Futures
New Monthly Volume Record - March saw a record 111,000 lots traded across complex. YTD volume is up 13.5% YoY, underlining sustained client engagement and growing adoption. OI reached 50,000 lots, representing a notional value of $3 billion.
Key highlights include: Record trading day for the MSCI EM Climate Paris-Aligned Index Futures (MVYA Index), and a more than 20% YoY increase in OI for the MSCI World Selection Index Futures (LFWA Index) vs March 2024.
Top 5 Sustainable Contracts by Notional OI Feb 25
| Contract Name (Ticker) | Notional OI $m |
|---|---|
| MSCI EM Climate PAI (MVYA) | $780 |
| MSCI World Climate Change (WOWA) | $624 |
| MSCI World Climate PAI (MRPA) | $537 |
| MSCI World Selection (LFWA) | $544 |
| MSCI Europe Climate PAI (MTEA) | $402 |
Micro NYSE FANG+ Index Futures
In March 2025, the NYSE FANG+® Index declined -10.5%. Despite the correction, demand for the contract has held firm as market participants continue to seek an efficient hedging tool for the leading stocks in the U.S. tech sector.
Micro NYSE FANG+ Futures: YTD ADV of 3k lots, representing $175 million in notional daily volume; OI at 12k lots or $0.7 billion in notional value.
More about FANG Futures
Single Stock Derivatives
- U.K. Single Stock Equity Options: Q1 ADV of 38k lots with month end OI of 2.4m lots.
- Canadian Single Stock Futures: March ADV at 106k Lots, up 55% YoY.
| Contract | YTD Volume (lots) | Month End Open Interest (Lots) |
|---|---|---|
| Lloyds Banking Group plc - TSB | 627,368 | 410,516 |
| Vodafone Group plc - VOD | 292,291 | 317,595 |
| Glencore plc - GL | 252,380 | 253,613 |
| Barclays plc - BBL | 241,408 | 204,698 |
| JD Sports Fashion plc - JD5 | 54,265 | 52,881 |
More about Single Stock Futures & Options