Stirs has a new star
The Average One Day Interbank Deposit Rate Option at BM&F Bovespa was only launched on October 13. But it amassed 5.6m contracts of volume by the end of that month, 9.8m in November and 9.95m in December.
That makes it, by contract count, the fifth most active listed short term interest rate derivative worldwide, and the highest ranking option. Of course, counting contracts belies the true picture. The BM&F option is, like the other main Stirs contracts at the exchange, worth R$100,000, or about $60,000. Compare that with $1m for the Eurodollar Futures at Chicago Mercantile Exchange...