MARKET IN NUMBERS

Financial

Financial

Executive Summary

Financial derivatives transactions in Matba Rofex ("MtR") during the first half of 2022 reached, without taking into account LEDES, a total of 73,7 million contracts (+63,7% yoy), equivalent to a average of 613,9 thousand contracts per day. If Treasury bills are taken into account, contract transactions amounted to 115,6 million (+122,6% yoy), equivalent to an average of 963 thousand contracts per day. Measured in dollars and accounting for LEDES, the volume totaled US$78,2 billion (+42,4% yoy), about US$651,6 million per day.

The growth in volume responded mainly to the good performance of dollar futures, which represented 63,1% of trades and registered a half-year growth of 43%, reaching a total of 73 million contracts traded. This category is followed by Treasury bills, representing 36,3% of business. With less impact on the aggregate numbers, Individual Shares increased 2%, totaling 346 thousand contracts traded in the semester. The good performance of WTI Oil futures was also highlighted: its volume increased by 166,7%, reaching 111 thousand contracts traded in the semester. For their part, Gold futures and options reached 28 thousand contracts (+50% yoy). Finally, the trading of the RFX20 stock index was 55% lower than the first half of the previous year with 226 thousand contracts traded. 

The average daily open interest for the semester (contracts pending cancellation), taking into account the LEDES, stood at 7,4 million contracts, 137,7% higher compared to the first half of 2021, while excluding them, the Average daily open interest reached 4,2 million contracts in the first half of 2022, representing an increase of 34,7% year-on-year. This global increase in open interest measured in contracts was mainly explained by the Currency category (+35%) and by Treasury Bills, which reached an average open interest of 3,2 million contracts in the semester. Likewise, a positive variation was observed in the semester in Individual Shares (+19,5%) and in the Metals item, which averaged 1,4 thousand contracts in the semester (+77% compared to the same period of the previous year). Measured in dollars and accounting for LEDES, the average daily open interest stood at US$4,5 billion, 35,6% above the average open interest for the first half of 2021.

The following graph shows the evolution of the Trade and open interest of the set of financial derivatives:

 

 

Currency Futures and Options

Futures and options on the US dollar represented 63,1% of the total volume traded in financial contracts in the first half of 2022. Specifically, 73 million contracts were traded, equivalent to US$77,4 billion, increasing by 42%. to notional volume during the same period in 2021. Measured in ADV, Trades reached a level of 608 thousand contracts per day (+43% yoy). For its part, open interest averaged 4,2 million contracts, 35% higher than the previous year.

Taking into account the set of dollar forward exchanges (MtR, BYMA and MAE's OCT trading session), the total volume traded in the semester totaled US$ 85,5 billion (+42% yoy). Matba Rofex's market share in dollar forward exchanges reached an average of 85% of Trades in the first half of the year, a level similar to the same period of the previous year. Regarding the market share of the total Foreign Exchange Exchange, MtR represented an average of 62% of the Trades in the first semester (above the 56% of the same period of the previous year).

 

 

Futures and Options on Stock Indices

The trading of futures and options of the ROFEX 20 Index in the semester reached 226 thousand contracts (55% less than the previous year), equivalent to an average of 1.885 contracts per day. For its part, open interest averaged 2,6 thousand daily contracts (-58,5%).

In notional terms, RFX20 futures traded volume averaged $228 million (-27% yoy) in the semester, equivalent to an average of 22% of spot trading.

 



WTI Oil and Gold Futures and Options

The trading of futures and options of WTI oil and Gold referenced to the Chicago market (CME) reached 139 thousand contracts. Of this total, 111 thousand correspond to the WTI Oil Trade, which registered an increase of 167% compared to the same period in 2021.

The remaining 28 thousand contracts correspond to the Gold Trade, which increased by 50% in relation to the first semester of the previous year.

For its part, the open interest of WTI Oil contracts averaged 1,9 thousand contracts per day, 25% lower than the previous year. In the case of Gold, open interest registered an increase of 77,6%, averaging 1,4 thousand daily contracts.

 

Futures on individual stocks

Regarding the Trades of futures on individual shares, the volume accumulated in the first half of the year reached 346 thousand contracts (+2% yoy), while open interest averaged 6,4 thousand contracts per day (+19,5% yoy).

Trades in futures on the shares of Grupo Financial Galicia (GGAL) reached 301 thousand contracts (+2% yoy) in the semester. The volume of the future averaged 22% of the spot trading, and considering the set of local Trades (spot + future), an equivalent to 57% of the ADR volume was traded.

For its part, Pampa Energía futures reached a volume of 17 thousand contracts and an average daily open interest of 251 contracts. While the volume of YPF futures reached 27 thousand contracts in the first half of 2022, with an average daily open interest of 621 contracts.