Executive Summary

Financial derivatives Trades at Matba Rofex ("MtR") during the first half of 2021 reached a total of 51,9 million contracts (+ 18,9% yoy), equivalent to an average of 433 thousand contracts per day. Measured in dollars, the volume totaled US $ 55 billion (+ 17% yoy), about US $ 457 million a day.

The volume growth was mainly due to the good performance of the dollar futures, which represented 99,5% of the businesses and registered a semi-annual growth of 22,1%. Although with less impact on the aggregate numbers, the good performance of the Individual Stock futures stood out. Specifically, the volume of the futures of Grupo Financiero Galicia, added to the incorporation in September 2020 of the Pampa Energía and YPF futures, increased by 73%, reaching 339 thousand contracts in the semester. On the other hand, WTI Oil futures and options reached 42 thousand contracts (-87% yoy), while Gold futures and options trading decreased 79% (18,7 thousand contracts in the semester). Finally, the Trade of the RFX20 stock index was 60% lower than the first half of the previous year with 505 thousand contracts traded.

Average daily open interest for the semester (contracts pending cancellation) was 3,1 million contracts, 58,5% higher than in the first half of 2020. Measured in dollars, the average daily open interest was at US $ 3.294 million, 55% above the average open interest for the first half of 2020. Said global increase in open interest measured in contracts was mainly explained by the Currency category (+ 59%). Likewise, a positive variation was observed in the semester in Stock Indices (+ 11,5%) and in the Individual Shares item that averaged 5,3 thousand contracts in the semester (+ 78% compared to the same period of the previous year).

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

Futures and options on currencies

Futures and options on the US dollar represented 98,3% of the total volume traded in financial contracts in the first half of 2021. Specifically, 51 million contracts were traded, equivalent to US $ 54,4 billion, increasing 19% to the notional volume during the same period in 2020. Measured in ADV, Trades reached a level of 425 thousand contracts per day (+ 21% yoy). For its part, open interest averaged 3,1 million contracts, 59% higher than the previous year.

Taking into account the set of dollar forward markets (MtR, BYMA and the OCT wheel of MAE), the total volume traded in the semester totaled US $ 60,3 billion (+ 20% yoy). Matba Rofex's market share in the dollar forward markets averaged 85% of Trades in the first half of the year, slightly higher than the 84% achieved in the same period of the previous year. Regarding the market share of the total of the Foreign Exchange Exchange, MtR represented on average 56% of the Trades in the first semester (above the 54% 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 505 thousand contracts (60% lower than the previous year), equivalent to an average of 4.207 contracts per day. For its part, open interest averaged 6,2 thousand daily contracts (+ 11,5%).

In notional terms, in the semester the volume traded averaged $ 311 million (-43% yoy), equivalent to 37% of the spot trading.

WTI and GOLD Oil Futures and Options

The trading of WTI and Gold oil futures and options referenced to the Chicago market (CME) reached 61 thousand contracts. Of that total, 42 thousand correspond to the WTI Oil Trades, which registered a drop of 87% compared to the same period of 2020.

The remaining 19 thousand contracts correspond to the Gold Trade, which decreased by 89% in relation to the first half of the previous year.

On the other hand, the open interest of the WTI Oil contracts averaged 2,5 thousand contracts per day, 43% lower than the previous year. In the case of Gold, open interest registered a decrease of 82%, averaging 769 daily contracts.

Futures on individual stocks

Regarding the trading of futures on individual shares, the accumulated volume in the first half of the year reached 339 thousand contracts (+ 73% year-on-year), while open interest averaged 5,3 thousand contracts per day (+ 78% yoy) .

Trading in futures on the shares of Grupo Financiero Galicia (GGAL) reached 295 thousand contracts per day (+ 51% yoy). The volume of the future averaged 17% of the spot trading, and considering the local Trades as a whole (spot + future), an equivalent to 50% of the ADR volume was traded.

For their part, Pampa Energía futures reached an average volume of 16 thousand contracts and an average daily open interest of 213 contracts. While the average volume of YPF futures reached 27 thousand contracts in the first half of 2021, with an average daily open interest of 362 contracts.