Exchanges see drop in volumes

The collapse of Lehman Brothers last year and subsequent focus on counterparty credit risk has raised expectations that a greater proportion of derivatives business will flow through exchanges in future. So far, the reality has been somewhat different. Trading volumes at the leading exchanges were under pressure in the first quarter of this year, reflecting difficult market conditions. At CME Group, average daily volume over the first quarter of 2009 was 10.4 million contracts compared with 1