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 .
- Clearing and Transaction Services - Provides clearing and transaction services for futures and options contracts, generating significant revenue through fees.
- Interest Rate Products - Offers products like SOFR futures, catering to the interest rate market.
- Equity Index Products - Includes products such as the E-mini S&P 500, serving the equity index market.
- Foreign Exchange (FX) Products - Facilitates FX trading through platforms like EBS.
- Agricultural Products - Offers futures for commodities like soybean and corn.
- Energy Products - Includes futures for energy commodities such as crude oil and natural gas.
- Metals Products - Provides futures for metals like gold and silver.
- Market Data and Information Services - Supplies market data and information services, contributing to the company's revenue.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bryan T. Durkin ExecutiveBoard | Board Member | Board of Advisors for Misericordia; Board of Trustees for Lewis University | Former CME President (2016–2020); over 30 years at CME; key in global integrations of CBOT and NYMEX mergers. | |
Terrence A. Duffy ExecutiveBoard | Chairman and CEO | Co-Chair of Mayo Clinic Greater Chicago Leadership Council; Vice Chairman of CME Group Foundation; Member of Economic Club of Chicago, Executives' Club of Chicago, and President's Circle of the Chicago Council on Global Affairs | Joined CME in 1981; became Chairman and CEO in 2016; pivotal in CME's demutualization, IPO, and major acquisitions; led Google Cloud partnership in 2021. | View Report → |
Jonathan Marcus Executive | Senior Managing Director and General Counsel | None | Joined CME in October 2022; former General Counsel of the CFTC; oversees CME's legal and regulatory matters. | |
Julie Winkler Executive | Chief Commercial Officer (CCO) | Director of S&P Dow Jones Indices LLC | Joined CME in 1996; leads sales, product marketing, research, and data services; key in driving record international ADV growth and data revenue strategy. | |
Lynne Fitzpatrick Executive | President and CFO | None | Joined CME in 2006; previously Deputy CFO and Managing Director of Corporate Development; promoted to President and CFO in November 2024. | |
Michael G. Dennis Executive | Senior Managing Director, Global Head of Fixed Income | None | Joined CME Board in 2020; transitioned to executive role in August 2024; oversees SOFR, U.S. Treasuries, and BrokerTec platform. | |
Sunil Cutinho Executive | Chief Information Officer (CIO) | None | Joined CME in 2002; previously President of CME Clearing (2014–2022); oversees CME's technology strategy and operations. | |
Suzanne Sprague Executive | COO and Global Head of Clearing | None | Joined CME in 2002; previously Senior Managing Director, Global Head of Clearing and Post-Trade Services; promoted to COO in November 2024. | |
Tim McCourt Executive | Senior Managing Director, Global Head of Financial and OTC Products | Member of S&P Dow Jones Indices U.S. Advisory Panel | Joined CME in 2013; oversees interest rates, equity index, FX, cryptocurrency futures, and BrokerTec/EBS platforms; key in Micro E-mini Equity Index futures and international growth. | |
Daniel R. Glickman Board | Board Member | Senior Fellow at Bipartisan Policy Center; Senior Adviser to U.S. Global Leadership Coalition; Distinguished Fellow at Chicago Council on Global Affairs; Chair of Foundation for Food and Agriculture Research; Chairman of APCO Worldwide International Advisory Board | Former U.S. Secretary of Agriculture; CME director since 2001; expertise in agriculture and public policy. | |
Dennis A. Suskind Board | Independent Lead Director | Director at Dime Community Bancshares, Inc. | Former General Partner at Goldman Sachs; Chair of CME Risk Committee since 2014; inducted into FIA Hall of Fame. | |
Howard J. Siegel Board | Board Member | None | CME member since 1977; Chair of Clearing House Oversight Committee; over 30 years as an independent trader. | |
Phyllis M. Lockett Board | Board Member | Strategic Advisor at LEAP Innovations; Independent Director at Federal Home Loan Bank of Chicago; Member of The Economic Club of Chicago, The Chicago Network, and The Commercial Club of Chicago | Founder of LEAP Innovations; expertise in education and innovation; CME director since 2019. |
- 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?
- 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?
- 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?
- 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?
- 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?
Research analysts who have asked questions during CME GROUP earnings calls.
Brian Bedell
Deutsche Bank
7 questions for CME
Michael Cyprys
Morgan Stanley
7 questions for CME
Craig Siegenthaler
Bank of America
6 questions for CME
Kyle Voigt
Keefe, Bruyette & Woods
6 questions for CME
Patrick Moley
Piper Sandler & Co.
6 questions for CME
Alex Kramm
UBS Group AG
5 questions for CME
Christopher Allen
Citigroup
5 questions for CME
Simon Clinch
Redburn Atlantic
5 questions for CME
Ben Budish
Barclays PLC
4 questions for CME
Dan Fannon
Jefferies & Company Inc.
4 questions for CME
Kenneth Worthington
JPMorgan Chase & Co.
4 questions for CME
William Katz
TD Cowen
4 questions for CME
Benjamin Budish
Barclays PLC
3 questions for CME
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for CME
Kwun Sum Lau
Oppenheimer
3 questions for CME
Alex Blostein
Goldman Sachs
2 questions for CME
Anthony Valentini
Goldman Sachs
2 questions for CME
Chris Allen
Citi
2 questions for CME
Eli Abboud
Bank of America
2 questions for CME
Ken Worthington
JPMorgan Chase & Co.
2 questions for CME
Owen Lau
Oppenheimer & Co. Inc.
2 questions for CME
Will Chi
RBC Capital Markets
2 questions for CME
William Qi
RBC Capital Markets
2 questions for CME
Alexander Blostein
Goldman Sachs
1 question for CME
Ashish Sabadra
RBC Capital Markets
1 question for CME
Kyle Voit
KBW
1 question for CME
Simon Alistair Clinch
Redburn Atlantic
1 question for CME
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company competes with this entity in the derivatives exchange business, which includes factors like brand reputation, liquidity, product diversity, and transaction costs. | |
This entity is listed as a competitor in the derivatives exchange business, focusing on areas such as technological innovation and market liquidity. | |
Euronext N.V. | The company identifies this entity as a competitor in the global financial services trading, clearing, and settlement marketplace. |
Hong Kong Exchanges and Clearing Limited | This entity competes in the derivatives exchange business, particularly in providing clearing and settlement services. |
Deutsche Börse AG | This entity is a competitor in both the derivatives exchange and clearing services spaces, offering similar post-trade services. |
LCH Group | This entity competes in the clearing services space, focusing on capital and margin efficiencies, service reliability, and regulatory compliance. |
OCC | This entity is a competitor in clearing services, emphasizing creditworthiness and confidentiality of positions. |
CBOE Clear | This entity competes in the clearing services space, providing post-trade services. |
Depository Trust & Clearing Corporation | This entity is a competitor in clearing services, offering diverse service offerings and information security measures. |
Japan Securities Clearing Corporation | This entity competes in the clearing services space, focusing on timely delivery and regulatory compliance. |
LME Clear | This entity is a competitor in clearing services, providing specialized clearing solutions. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Clearing Firm A | Primary clearing & transaction partner | Clearing & transaction fees | At least 10% of clearing & transaction fee revenue in 2024. |
Recent press releases and 8-K filings for CME.
- CME Group declared a fourth-quarter dividend of $1.25 per share, payable December 30, 2025, to shareholders of record as of December 12, 2025.
- CME Group is the world’s leading derivatives marketplace, offering trading in futures, options, cash and OTC markets across major asset classes.
- Total investment income of $31.7 million for Q3 2025, down from $37.3 million in Q3 2024.
- Net investment income of $13.6 million or $0.43 per share, compared to $15.7 million or $0.48 per share a year ago.
- Net asset value was $15.39 per share as of September 30, 2025, versus $15.68 as of June 30, 2025.
- Total assets of $1.3 billion, net assets of $490.4 million, and debt-to-equity of 1.53x at quarter end.
- Declared a Q4 2025 base dividend of $0.36 per share, payable January 14, 2026.
- Average daily volume (ADV) reached 26.3 million contracts in October 2025, up 8% year-over-year
- Interest Rate ADV was 11.6 million contracts and Equity Index ADV was 7.6 million contracts in October 2025
- Metals ADV surged 165% to a record 1.7 million contracts, driven by Micro Gold, Micro Silver, 1-Ounce Gold futures and Gold options
- Cryptocurrency ADV grew 226% to 379,000 contracts, led by a 583% increase in Micro Ether futures to 222,000 contracts
- Record monthly ADV in agricultural products, with soybean futures at 400,000 contracts and soybean options at 138,000 contracts
- During Q3 2025, CME Group generated $1.5 B in revenue (–3% YoY), with clearing & transaction fees of $1.2 B, market data revenue of $200 M, adjusted operating income of $1.1 B (68.4% margin), adjusted net income of $978 M and EPS of $2.68; capex was $19 M, cash balance $2.6 B, and dividends paid $455 M.
- Average daily volume reached 25.3 M contracts, the second-highest Q3 on record, end-of-quarter open interest hit 126 M contracts (5-year high), and crypto futures traded a record 340 K contracts/day (+225% YoY).
- Introduced and set records in Solana & XRP futures, credit futures, one-ounce gold futures, and agricultural weekly options; launched FX Spot Plus and BrokerTec Chicago; extended DTCC cross-margin and Put-Russell Index license; announced 24/7 crypto futures & options trading in early 2026; partnered with FanDuel on event-based contracts.
- Full-year 2025 guidance for adjusted operating expenses (ex. license fees) lowered to $1.625 B (–$25 M vs prior) and Google-related cloud & professional fees forecast at $100 M (down from $115 M).
- Revenue for Q3 was $1.5 billion, down 3% YoY; adjusted net income was $978 million, and EPS was $2.68, with a 68.4% operating margin.
- Updated full-year 2025 guidance: adjusted operating expenses (ex-license fees) expected at $1.625 billion, $10 million below prior outlook.
- Average daily volume was 25.3 million contracts, the second-highest Q3 on record; crypto futures ADV of 340,000 contracts, up over 225% YoY.
- Key product launches and partnerships include FX Spot Plus volume records; BrokerTec Chicago launch; FTSE Russell license extended through 2037; FanDuel partnership for event-based contracts; and planned 24/7 crypto trading.
- Market data revenue reached $203 million, up 14% and marking a new quarterly high.
- Revenue: $1.54 billion for Q3 2025, down 3% year-over-year but in line with expectations.
- Adjusted EPS of $2.68, surpassing analyst estimates.
- Record market data revenue of $203 million and clearing fees of $1.2 billion at an average rate of $0.702 per contract.
- Net income of $908 million and operating income of $973 million; balance sheet shows $2.6 billion cash vs. $3.4 billion debt; $3.5 billion returned in dividends YTD.
- CME Group reported Q3 2025 revenue of $1.5 billion, operating income of $973 million, net income of $908 million, and diluted EPS of $2.49.
- On an adjusted basis, Q3 net income was $1.0 billion with adjusted diluted EPS of $2.68.
- Clearing and transaction fees revenue totaled $1.2 billion, while market data revenue reached a record $203 million in the quarter.
- As of September 30, 2025, the company held $2.6 billion in cash (including $200 million at FICC) against $3.4 billion of debt; dividends paid in the first nine months totaled $3.5 billion, with $29.5 billion returned to shareholders since 2012.
- Management plans to drive further efficiencies, launch new products and expand market access, including a partnership with FanDuel and 24/7 cryptocurrency futures and options trading.
- CME Group posted 3Q25 revenue of $1.5 B, operating income of $973 M, net income of $908 M (diluted EPS $2.49) and adjusted net income of $1.0 B (adjusted EPS $2.68).
- Achieved second-highest third-quarter ADV across all asset classes; clearing & transaction fees revenue was $1.2 B (average rate per contract $0.702) and market data revenue reached a record $203 M.
- Ended 3Q25 with $2.6 B in cash and $3.4 B of debt; returned approximately $3.5 B in dividends year-to-date and $29.5 B to shareholders since 2012.
- Advanced strategic initiatives including a new partnership with FanDuel and 24/7 trading in cryptocurrency futures and options.
- On October 17, 2025, CME Group’s metals complex volume hit a record 2,829,666 contracts, surpassing the previous high of 2,148,990 set on October 9, 2025.
- Single-day records on that date include 2,599,935 metals futures, 1,267,436 Micro Gold futures, 199,928 1-Ounce Gold futures (open interest: 20,326), and 12,818 E-mini Gold futures.
- The surge underscores heightened demand for safe-haven assets amid economic uncertainty, driven by both institutional and retail market participants, according to Jin Hennig, Managing Director and Global Head of Metals.
- CME Group plans to launch new financial contracts linked to sports events and economic indicators by end-2025 to compete with prediction markets.
- The contracts will be distributed through futures commission merchants, including partnership with FanDuel, though FanDuel may initially avoid offering them in some states due to regulatory concerns.
- The Ohio Casino Control Commission warns that involvement with unlicensed sports event contracts could jeopardize sportsbook licenses, complicating collaboration.
- News of CME’s plans prompted a 3.8% post-market dip in DraftKings shares, before losses later pared to about 1.3%.