March 2026
Interest rates monthly report
By: ICE's interest rates team
Euribor futures & options
SONIA futures & options
ESTR futures & options
Long Gilt futures & options
SARON futures
March highlights
Interest rates futures & options combined
- Record volume month at 223,735,851 vs the last record of 90,504,801 (April 2025)
3M ESTR futures
- Record Open Interest (OI) at 2,902,572 (16th March)
- Record volume day at 1,219,158 (3rd March)
- Record volume month at 15,926,608 lots
Euribor futures
- Record volume day at 9,398,123 (3rd March)
- Record volume month at 103,681,393
Euribor options
- Record volume day at 2,438,236 (6th March)
- Record volume month at 23,661,455
SONIA futures
- Record volume day at 5,059,855 (19th March)
- Record volume month at 50,048,515
SONIA options
- Record Open Interest (OI) at 14,213,592 (5th March)
- Record volume day at 1,767,639 (3rd March)
- Record volume month at 20,311,476
Products in focus
ECB Dated ESTR futures
- Get direct exposure to the ECB’s rate decisions via our latest STIR innovation
- Futures dates mirror the exact ECB maintenance period dates
- Sits alongside our existing, liquid 3-month ESTR & Euribor contracts and offers significant margin offsets
- Cash settled
MPC Dated SONIA futures
- Get direct exposure to the Bank of England’s rate decisions via our latest STIR innovation
- Futures dates mirror the exact MPC rate setting dates
- Sits alongside our existing, liquid 3-month SONIA contract and offers significant margin offsets
- Cash settled
Medium Gilt futures
- ICE Medium Gilt Futures contract is a future deliverable into eligible UK government debt securities with maturities of 4 years to 6 years & 3 months and an original term to maturity of 11 years or less
- Functionality to execute Medium Gilt futures vs Long Gilt futures as a one line spread via the inter-commodity spread (ICS). Trades in a 2:1 ratio
- Trades alongside Long Gilt Futures & Options and Ultra Long Gilt Futures
Long EU Bond Index futures contract
- A unique approach to EU bonds with a cash settled future
- Get exposure to EU bonds with the listed derivative advantages of screen transparency, liquidity and margining
- Based on an index from ICE Data Indices (IDI) who offer approx. 6,000 indices tracking more than €100trn in debt
- The last trade date aligns with the benchmark Euro area govt bond futures
- Historical volatility of the index is similar to that of the other benchmark European bond futures
Product headline highlights
ADV, Open Interest & Volume
Interest rate derivatives
The largest marketplace for U.K. and European interest rates futures and options including 3M Euribor, 3M ESTR, ECB Dated ESTR, 3M SONIA, MPC Dated SONIA, Long Gilts, Medium Gilts, Long EU Bond and SARON Futures.
Learn more
Related resources
- Learn moreEMIR 3.0
EMIR 3.0 is the latest revision to EMIR which contains an obligation for some EU entities to meet the active account requirement (AAR). ICE operates an EU-based central counterparty (CCP) through ICE Clear Netherlands, which is authorised under EMIR to clear interest rates and equity derivatives.