Intercontinental Exchange Reports Record Open Interest in Rates Derivatives

Intercontinental Exchange (NYSE: ICE) said its interest rate derivatives markets reached a record open interest (OI) of 42.3 million contracts on February 11, 2026, marking a 45% increase year over year. Total open interest across ICE’s futures and options markets rose to a record 116.5 million contracts.

Open interest in ICE SONIA futures and options — the benchmark for managing U.K. interest rate risk — reached a record 15.4 million contracts on the same date. This included 11.7 million SONIA options, also a record. Open interest in SONIA futures and options increased 63% and 70% year over year, respectively. In January 2025, a record 8.9 million SONIA options were traded, with average daily volume reaching 426,000 contracts.

ICE’s MPC Dated SONIA futures, a cash-settled contract based on the interest rate accrued over a Bank of England Monetary Policy Committee meeting period, has also seen rising adoption. On January 29, 2026, open interest in the contract exceeded 51,000 for the first time. The product allows participants to trade around central bank meeting dates while benefiting from margin offsets when cleared alongside ICE SONIA contracts.

Open interest in Gilts futures, which track the U.K. government bond yield curve, increased 21% year over year to 1.2 million contracts.

Caterina Caramaschi, Vice President of Financial Derivatives at ICE, said the exchange’s multi-currency rates offering has supported customer activity amid shifting monetary policy expectations and cross-market dynamics. She added that record open interest reflects demand for managing exposure across asset classes on a single platform.

Beyond U.K. rates, ICE also reported open interest of 22.7 million contracts in Euribor futures and options, up 33% year over year. Open interest in €STR futures rose more than 100% year over year to 2.2 million contracts. SARON futures open interest increased 16% over the same period.