It was a year to forget for the US futures industry. Low volatility, deleveraging by banks and weak demand from clients saw volumes sink by 13.2% across all US futures and options markets, according to figures released by the Futures Industry Association yesterday, with benchmark equity and interest rate futures the worst hit.

Volumes in interest rate futures, which investors use to hedge against a rise in borrowing costs, fell 21.1% year-on-year, the worst-performing asset class, reflecting low volatility in rates and a diminished need among investors to hedge positions. Equity index futures also performed poorly, falling 20% amid sluggish trading in US cash markets.