Intercontinental Exchange Feb. open interest +19%
TL;DR
Intercontinental Exchange (ICE) reported record open interest of 116.5 million contracts in February 2026, driven by strong growth in interest rate derivatives like SONIA, Euribor, and €STR, reflecting heightened demand for risk management amid evolving monetary policies.
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Intercontinental Exchange Feb. open interest +19%
Intercontinental Exchange Reports Record Open Interest in February 2026
Intercontinental Exchange (ICE) reported significant growth in open interest (OI) across its global futures and options markets in February 2026, reflecting heightened demand for interest rate derivatives and benchmark products. Total open interest across ICE’s futures and options markets reached a record 116.5 million contracts, with interest rate derivatives alone accounting for 42.3 million contracts— a 45% year-over-year increase.
ICE’s SONIA (Sterling Overnight Index Average) futures and options markets, critical for managing U.K. interest rate risk, set new records. SONIA futures and options OI hit 15.4 million and 11.7 million contracts, respectively, with year-over-year growth of 63% and 70%. The MPC Dated SONIA futures, designed to align with Bank of England monetary policy meeting cycles, also saw increased adoption, surpassing 51,000 contracts in open interest for the first time on January 29, 2026.
Other key benchmarks, such as Euribor (eurozone short-term interest rate reference) and €STR (euro unsecured overnight borrowing costs), also demonstrated strong growth. Euribor futures and options OI rose 33% year-over-year to 22.7 million contracts, while €STR futures OI surged over 100% to 2.2 million. U.K. Gilts, the benchmark for government bond yields, saw a 21% increase in OI to 1.2 million contracts.
Caterina Caramaschi, VP of Financial Derivatives at ICE, attributed the growth to the platform's diverse, multi-currency rates portfolio and deep liquidity, enabling investors to manage exposure amid evolving monetary policy environments.
The data underscores ICE’s role as a central hub for global interest rate risk management, with record OI highlighting the exchange’s appeal to traders navigating cross-market dynamics.
