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 210 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% at $175.10, with Deutsche Boerse down 3.4% at EUR33.27.

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, saw average daily volume rise 12.5% at Eurex and 16% at CME from January levels.

Individually, average daily volume in the three major CME interest-rate products remains sharply lower than year-ago levels, with Treasury futures and options down 54%. Later this month, CME hopes to boost volume with the launch of three-year Treasury futures, supplementing products on two-, five-, and 10-year Treasury notes and 30-year Treasury bonds.

Trading in CME's Eurodollar derivatives was 49% lower versus the prior-year period, with fed-funds products off 36%.

Average daily volume in CME equity-index derivatives stayed robust through February, with renewed volatility in stocks boosting trading activity 15% over January levels and 11% over February 2008.

Equity-index futures represented the most actively traded product segment at Eurex, with average daily volume down 1.5% from January levels and 8.8% below February 2008.

Total February trading activity 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.

Trading at Atlanta-based IntercontinentalExchange Inc. (ICE) generally held stable through February, as average daily volume stayed in line with January and year-ago levels across the company's three futures exchanges in the U.S., Europe and Canada.

Stronger activity in ICE's agricultural commodities and Russell 2000 equity-index products drove average daily volume at ICE Futures U.S. about 19% higher than January; average daily trading activity on ICE's North American markets was 10% lower than year-ago levels.

Average daily volume on energy-focused ICE Futures Europe fell after a heavier-than-normal January, but trading activity remained 4% higher than in February 2008.

ICE's three-month average rate per contract edged upward for its European markets, rising to $1.55 at the end of February. Fees for ICE's agricultural and financial products in the U.S. were up as well, at $2.33 and $0.81.

All told, 19.4 million futures contracts changed hands on ICE's markets for the month, 5% lower than February 2008.

ICE shares recently were up 2.2% at $53.95.

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