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    CME Group Inc (CME)

    CFO Change

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    Business Description

    CME Group is a leading global derivatives exchange that offers a wide range of benchmark products across major asset classes, including interest rates, equity indexes, foreign exchange (FX), agricultural commodities, energy, and metals . The company operates through several exchanges, such as the Chicago Mercantile Exchange (CME), the Board of Trade of the City of Chicago (CBOT), the New York Mercantile Exchange (NYMEX), and the Commodity Exchange (COMEX) . CME Group's offerings include futures and options contracts, as well as cash and over-the-counter (OTC) trading through platforms like CME Globex, BrokerTec for fixed income, and EBS for FX trading .

    1. Clearing and Transaction Services - Provides clearing and transaction services for futures and options contracts, generating significant revenue through fees.
    2. Interest Rate Products - Offers products like SOFR futures, catering to the interest rate market.
    3. Equity Index Products - Includes products such as the E-mini S&P 500, serving the equity index market.
    4. Foreign Exchange (FX) Products - Facilitates FX trading through platforms like EBS.
    5. Agricultural Products - Offers futures for commodities like soybean and corn.
    6. Energy Products - Includes futures for energy commodities such as crude oil and natural gas.
    7. Metals Products - Provides futures for metals like gold and silver.
    8. Market Data and Information Services - Supplies market data and information services, contributing to the company's revenue.

    Key Metrics

    View all financials →

    Executive Team

    NamePositionStart DateShort Bio
    Terrence A. DuffyChairman and Chief Executive OfficerNovember 2016Terrence A. Duffy has served as the Chairman and CEO of CME Group since November 2016. He oversees the world's leading derivatives marketplace and has been a member of the CME board since 1995, playing a significant role in the company's strategic direction .
    Sunil CutinhoChief Information OfficerFebruary 2022Sunil Cutinho has been the CIO of CME Group since February 2022. He joined CME Group in 2002 and has held various positions, including President of CME Clearing from 2014 .
    Lynne FitzpatrickPresident and Chief Financial OfficerApril 2023Lynne Fitzpatrick has been with CME Group since 2006 and became CFO in April 2023. She later took on the expanded role of President and CFO. Before joining CME, she worked as an investment banker at Credit Suisse and UBS .
    Julie HolzrichterChief Operating Officer2014Julie Holzrichter has served as COO of CME Group since 2014. Her role expanded in February 2022 to include overseeing the Clearing and Post-Trade division. She initially rejoined CME Group in 2006 .
    Jonathan MarcusSenior Managing Director and General CounselOctober 2022Jonathan Marcus has been the Senior Managing Director and General Counsel at CME Group since October 2022. He previously worked in private practice and served as General Counsel of the CFTC from 2013 to 2017 .
    Tim McCourtSenior Managing Director, Global Head of Financial and OTC ProductsJune 2023Tim McCourt has served as Senior Managing Director, Global Head of Financial and OTC Products since June 2023. He joined CME Group in 2013 and previously worked for RBS and JPMorgan .
    Hilda Harris PiellChief Human Resources Officer2007Hilda Harris Piell has been the Chief Human Resources Officer at CME Group since 2007. She joined CME Group in 2000 and previously worked at MCI Telecommunications and Jenner & Block .
    Derek SammannSenior Managing Director, Global Head of Commodities and Options and International MarketsNovember 2021Derek Sammann has served as the Senior Managing Director, Global Head of Commodities and Options and International Markets since November 2021. He joined CME Group in 2006 and previously worked at Calyon Corporate and Investment Bank .
    Suzanne SpragueChief Operating Officer and Global Head of ClearingNovember 2024Suzanne Sprague has been with CME Group since 2002 and was appointed as Senior Managing Director and Global Head of Clearing and Post-Trade Services in February 2022. She assumed the role of COO in November 2024 .
    Jack TobinManaging Director and Chief Accounting Officer2015Jack Tobin has served as the Managing Director and Chief Accounting Officer at CME Group since 2015. He joined CBOT Holdings in 2002 and previously worked as a principal consultant with PricewaterhouseCoopers .
    Kendal VromanChief Transformation OfficerNovember 2021Kendal Vroman has served as the Chief Transformation Officer at CME Group since November 2021. He joined CME Group in 2001 and has held various senior leadership roles .
    Mike DennisGlobal Head of Fixed IncomeAugust 5, 2024Mike Dennis was appointed as the Global Head of Fixed Income at CME Group, effective August 5, 2024. He previously served as Principal and Chief Commercial Officer at ABN AMRO Clearing USA LLC .

    Questions to Ask Management

    1. Given the record quarterly revenue and net income, but a valuation that continues to compress versus peers, how are you considering adjusting your capital return strategies, such as implementing share buybacks or modifying your dividend policy, to enhance shareholder value?
    2. With the emergence of new competitor offerings in SOFR contracts, including aggressive pricing and tiering strategies, how do you plan to defend your market share without compromising on your fee structure or margins?
    3. As the digital assets market evolves, particularly with the perpetual futures market being significantly larger than the traditional calendar market, what are your plans to capture this growth opportunity, and do you foresee offering perpetual crypto products despite regulatory challenges?
    4. In light of the recent launch of political election and weather contracts by a large online broker, which is gaining significant media attention, is CME considering entering the event contracts space more aggressively, and how do you assess the potential risks and rewards associated with such a move?
    5. Considering the ongoing energy transition and structural changes in the global energy markets, how is CME positioning itself to capture growth internationally, and what specific strategies are you implementing to expand beyond your historically U.S.-focused energy business?

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$750.0Fixed rate notes3.1121.9% = (750.0 / 3,427.4) * 100
    2028$500.0Fixed rate notes3.7514.6% = (500.0 / 3,427.4) * 100
    2032$750.0Fixed rate notes2.6521.9% = (750.0 / 3,427.4) * 100
    2043$750.0Fixed rate notes5.3021.9% = (750.0 / 3,427.4) * 100
    2048$700.0Fixed rate notes4.1520.4% = (700.0 / 3,427.4) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • ICE (Intercontinental Exchange, Inc.)
    • LCH Group
    • OCC (Options Clearing Corporation)
    • CBOE Clear
    • Depository Trust & Clearing Corporation
    • Hong Kong Exchanges and Clearing
    • Japan Securities Clearing Corporation
    • LME Clear
    • Deutsche Börse AG
    • Euronext N.V.
    • Cboe Global Markets Inc
    • London Stock Exchange Group Plc
    • Nasdaq Inc

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2002 PresentCurrent auditor

    Latest news

    Recent developments and announcements about CME.

    Corporate Leadership

      CFO Change

      ·
      Nov 7, 2024, 12:00 AM

      Lynne Fitzpatrick, who has been the Chief Financial Officer (CFO) of CME Group since April 2023, has been promoted to President and CFO as of November 7, 2024 .