Derivatives trading continued to pick up at the world's largest derivatives exchanges, with Eurex maintaining its lead over CME Group Inc. (CME) in terms of total volume as the companies reported March trading figures.

Chicago-based CME also saw the average rate per contract for its core business decline for the second month running, the company reported Thursday.

While total March trading activity rose from February levels, volume remains 30% lower than year-ago levels at CME and 6% lower for Eurex.

Eurex, co-owned by Deutsche Boerse (DB1.XE) and the SWX Swiss Exchange, handled 269 million contracts last month, compared with 238 million at CME.

Included in the Eurex figure is trading at the International Securities Exchange options platform; CME remains the largest futures exchange by total volume.

Chicago-based CME said the three-month average rate per contract for legacy Chicago Board of Trade and Chicago Board of Trade business fell to 69.6 cents in February from 70.6 cents in the prior period.

The total pro forma rate per contract for CME, CBOT and the New York Mercantile Exchange, or Nymex, businesses combined also fell one cent to 86 cents.

CME shares recently were up 3.9 at $246.71; Deutsche Boerse was up at 49.06 euros.

Trading in equity-based futures topped the traditionally larger interest rate futures components at both exchanges in March.

Volume picked up last month as the U.S. stock market regained ground lost to uncertainty around new Obama administration policies.

Equity index products on Eurex saw an average daily volume of 4.2 million, while 3.9 million E-mini stock index futures changed hands on CME's markets.

Interest rate markets, historically a major driver of growth for CME and Eurex, continued to struggle in March.

CME's rate futures complex - including Eurodollar, Treasurys, and fed-funds - averaged about 3.8 million contracts per day, down 49% from March 2008.

Eurodollar futures and options, the most heavily traded in CME's rate complex, posted a 48% year-over-year decline with Treasury futures and options down 50% versus the same time a year ago.

Included in the total was volume for CME's new three-year Treasury note futures, launched on March 22. CME's highest volume day for three-year Treasury notes was March 31, with almost 3,600 traded contracts.

Eurex saw average daily volume of about 2.1 million in its fixed income derivatives segment, with total trading down about a third from the same period last year.

Average daily volume on the CME-owned, energy-focused New York Mercantile Exchange fell 16% from March 2008 after posting a year-on-year rise in February.

Atlanta-based IntercontinentalExchange Inc. (ICE), another big operator of energy markets, saw trading on its futures markets hold steady through March, with an average 1 million contracts traded per day.

Average daily volume on ICE's London markets declined 7% from the year-ago period, while trade on its U.S. futures markets climbed 15%, the company reported Thursday.

ICE also reported that its over-the-counter energy business brought in an average $1.1 million per day for the month. ICE US Trust, the credit derivatives clearing facility launched in early March, cleared $45 billion in credit default swap transactions.

ICE shares were recently $77.76, up 4.1%.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com; and Howard Packowitz, Dow Jones Newswires; 312-750-4132; howard.packowitz@dowjones.com