Open interest in Mexican peso futures has passed the 10,000 contract barrier, the Chicago Mercantile Exchange reported.
At the market close on Aug. 7, the number of open peso futures contracts stood at 10,020, worth approximately $816 million, according to an announcement from the exchange. Since its introduction on April 25, trading in peso futures has averaged 551 contracts, making the contract one of its fastest growing currencies.
"Achieving open interest of more than 10,000 contracts in just over three months is much sooner than we expected and shows just how much banks and other institutions rely on this contract in managing their positions," said Jack Sandner, chairman of the Chicago Merc.
The announcement went on to say that trading in peso contracts is spread evenly over the September and December 1995 and March 1996 delivery dates.