With volumes across the world’s futures markets slumping by between 10% and 25% during the first quarter of 2012, many exchange leaders have begun decrying the impact that persistently low volatility is having on trading in their core derivative products.

But on the exchange's first quarter earnings call yesterday, CME Group chairman Terry Duffy pointed out the wood many others can't see for the trees; the price of everything from oil to interest rate futures are either jammed near record highs or record lows.