CME Can Thank the Fed for Record Trading While ICE Sees Decline

Central bank efforts to resuscitate the American and European economies are at different stages, and that’s driving a divergence in fortunes at two of the top derivatives exchanges.

Trading at CME Group Inc., the largest U.S. futures market, rose 9 percent to a record in 2014 as the Federal Reserve wound down its economy-stimulating program of buying bonds and signaled the first interest rate boost since 2006 was likely this year. At Intercontinental Exchange Inc., Europe’s largest derivatives bourse, trading fell 16 percent as the European Central Bank cut rates twice and came closer to starting its own bond-purchase program to stave off deflation.