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ICE Interest Rates Report

March 2025

Gain the latest trends and insights with our monthly newsletter on ICE's Rates market.

Interest Rate Derivatives

The largest marketplace for U.K. and European interest rates futures and options including Euribor, ESTR, SONIA, Gilts and SARON futures.

Euribor Futures and Options
SONIA Futures and Options
SARON Futures
Long Gilt Futures and Options
ESTR Futures and Options

March highlights

ESTR Futures
  • Record volume month at 3,816,338
  • Record monthly ADV at 181,730
  • Record Open Interest (OI) at 1,175,212
SONIA Options
  • Second highest monthly volume at 4,309,047
SARON Futures
  • Record monthly volume at 1,405,017
  • Record monthly ADV at 66,906
EU Bond Futures
  • 29,700 lots traded in March
MPC SONIA Futures
  • 502, 827 lots in their first full month of trading

Products in focus

MPC Dated SONIA Futures

  • Get direct exposure to the Bank of England’s rate decisions via our latest STIR innovation
  • Futures dates mirror the exact MPC rate setting dates
  • Sits alongside our existing, liquid 3-month SONIA contract and offers significant margin offsets
  • Cash settled
  • Launched February 24

Long EU Bond Index Futures Contract

  • ICE Long EU Bond Futures contract is a cash-settled future which references the ICE 8-13 Year European Union Index (G0EU8T13)
  • ICE Data Indices (IDI) which is a recognised third country Benchmark Administrator under the U.K. Benchmarks Regulation
  • Unique approach to European Union Bonds with a cash settled bond index future
  • Historical volatility of the Index is similar volatility to other benchmark European Bond Futures

Medium Gilt Futures (relaunched March 2025)

  • ICE Medium Gilt Futures contract is a future deliverable into eligible UK government debt securities with maturities of 4 years to 6 years & 3 months and an original term to maturity of 11 years or less.
  • Functionality to execute Medium Gilt futures vs Long Gilt futures as a one line spread via the inter-commodity spread (ICS). Trades in a 2:1 ratio.
  • Trades alongside Long Gilt Futures & Options and Ultra Long Gilt Futures.

Product headline highlights

Month-Over-Month ADV, Open Interest and Volume

Year-Over-Year ADV, Open Interest and Volume

Year-to-Date ADV, Open Interest and Volume

Get the latest trends and insights