Deutsche Boerse (DB1.XE) edged out CME Group Inc. (CME) as the world's largest derivatives exchange by volume in February amid signs that the flagging market for interest-rate contracts is stabilizing.

CME, the Chicago exchange operator, also suffered its first decline in average rate per contract in more than a year at a time when cost cutting and revenue diversification are viewed as key to maintaining profit growth across the financial-exchange sector.

Eurex, the derivatives business co-owned by Deutsche Boerse and the SWX Swiss Exchange, handled 209 million contracts last month compared with 206 million at CME.

The Eurex report, issued Monday, includes the contribution from its U.S.-based International Securities Exchange options business. CME, which owns the Chicago Mercantile Exchange, the Chicago Board of Trade and the New York Mercantile Exchange, remains the world's largest futures platform.

CME, which reported Tuesday, said its rolling three-month average rate per contract fell to 70.6 cents in January from 71.3 cents in the prior period.

CME shares were recently up 1.5% at $175.82, with Deutsche Boerse down 2.9% at EUR33.40.

While volumes at the CME and Eurex remain well below year-ago levels, most products saw sequential increases.

Interest-rate futures, a key product group for both exchanges that has been hard hit by financial-crisis fallout, inched higher from January levels at Eurex and rose 16% at CME.

Trading in interest-rate futures has historically driven much of CME's and Eurex's growth and fueled acquisitions in recent years, but trading has fallen off following the Federal Reserve's move to lower its target rate to a historic low, and dislocations between key spreads have widened in the wake of the financial crisis.

Volume in CME's equity-index derivatives stayed robust through February, with renewed volatility in stocks boosting trading activity 15% over January levels and 11% over the prior-year period.

Equity-index futures represented the most actively traded segment at Eurex, totaling 66.5 million contracts traded, down from 76 million for the year-ago period. Equity options and single-stock futures volume were up 15% year-on-year.

CME's foreign exchange and commodity futures also saw increased trading in January, though both remained lower year-on-year.

February trading on the New York Mercantile Exchange, acquired by CME last summer, climbed 9% sequentially and 6% over the prior-year period with volatility in oil markets driving volume in energy futures and options. Metals trading declined slightly.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com