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.
You might also like
| 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.
Alex Kramm
UBS Group AG
5 questions for CME
Brian Bedell
Deutsche Bank
5 questions for CME
Christopher Allen
Citigroup
5 questions for CME
Kyle Voigt
Keefe, Bruyette & Woods
5 questions for CME
Michael Cyprys
Morgan Stanley
5 questions for CME
Craig Siegenthaler
Bank of America
4 questions for CME
Kenneth Worthington
JPMorgan Chase & Co.
4 questions for CME
Patrick Moley
Piper Sandler & 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
Simon Clinch
Redburn Atlantic
3 questions for CME
Alex Blostein
Goldman Sachs
2 questions for CME
Ben Budish
Barclays PLC
2 questions for CME
Dan Fannon
Jefferies & Company Inc.
2 questions for CME
Eli Abboud
Bank of America
2 questions for CME
Owen Lau
Oppenheimer & Co. Inc.
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
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 will launch 24/7 trading for cryptocurrency futures and options in early 2026, pending regulatory approval.
- Trading will run continuously on the CME Globex platform with a two-hour weekly maintenance window.
- All Friday–Sunday trades will carry the following business day as the trade date, with clearing and reporting executed the next business day.
- In 2025, CME’s crypto derivatives hit record activity: $39 billion notional open interest on September 18 and an average daily volume of 411,000 contracts in August.
- Q3 2025 ADV reached 25.3 million contracts, the second-highest quarterly volume on record; cryptocurrency ADV hit a record 340,000 contracts ($14.1 billion notional).
- September 2025 ADV was 26.1 million contracts, also second-highest; crypto ADV totaled 309,000 contracts ($13.7 billion notional).
- Q3 2025 asset-class breakdown: Interest Rates 13.4 m, Equity Index 6.3 m, Energy 2.3 m, Agricultural 1.7 m, FX 834 k, Metals 825 k, International 7.4 m (EMEA 5.4 m; APAC 1.7 m; LatAm 151 k).
- Record micro and crypto product volumes in Q3: Micro Gold futures ADV +125% to 255,000, Micro Ether futures ADV 209,000, Ether futures ADV 236,000.
- CME Group filed with the CFTC to extend its cross-margining agreement with DTCC’s Fixed Income Clearing Corporation (FICC) to end-user clients, while DTCC plans a similar SEC filing.
- The enhancement aims to deliver increased margin savings and capital efficiencies for offsetting U.S. Treasury and CME interest rate futures positions by December 2025, subject to regulatory approval.
- Eligible clients must use the same dually-registered Futures Commission Merchant (CFTC) and broker-dealer (SEC) at both CME Clearing and FICC to participate.
- CME Group plans to introduce options on Solana and XRP futures (including Micro SOL and Micro XRP) starting October 13, 2025, pending regulatory approval, with expiries available daily, monthly, and quarterly.
- Since the launch of Solana futures on March 17, over 540,000 contracts (≈$22.3 billion notional) have traded, with a record August 2025 average daily volume of 9,000 contracts ($437.4 million notional) and average daily open interest of 12,500 contracts ($895 million notional).
- Since May 19, more than 370,000 XRP futures contracts (≈$16.2 billion notional) have traded, with August 2025 recording a record ADV of 6,600 contracts ($385 million notional) and ADOI of 9,300 contracts ($942 million notional).
- The new options are intended to broaden CME Group’s crypto derivatives suite and address rising institutional demand for diversified hedging tools beyond Bitcoin and Ether.
- CME Group achieved 28.1 million contracts average daily volume (ADV) in August 2025, its second-highest August ADV after the 31.7 million record in August 2024.
- August 2025 ADV by asset class: Interest Rate 16.2 M, Equity Index 6.3 M, Energy 2.2 M, Agricultural 1.9 M, Metals 688 K, FX 670 K, and record Cryptocurrency 411 K contracts ($14.9 B notional).
- Year-over-year ADV increases included Ultra 10-Year U.S. Treasury futures up 10% to 1 M, 30-Day Fed Funds up 6% to 517 K, soybean futures up 33% to 274 K, corn options up 62% to 134 K, micro gold futures up 54% to 190 K, micro ether futures 271 K, and ether futures 27 K.
- Micro E-mini equity index futures and options ADV totaled 2.5 M contracts (38.9% of equity index ADV) and micro WTI crude oil futures represented 2.4% of energy ADV.
- BrokerTec repo trading reached record ADNV: U.S. repo $380 B (up 29%) and European repo €281.3 B (up 3%); customer collateral balances for rolling 3 months ending July 2025 were $132.5 B cash and $148.8 B non-cash.
- CME Group is launching a retail betting platform with FanDuel, allowing yes/no wagers on market events for as little as $1 per contract.
- The service will feature 3–4 auction-style markets daily across asset classes and indicators, including S&P price levels, gold, unemployment rate, and inflation.
- 14 million FanDuel accounts will have immediate access, accelerating CME’s expansion into the retail segment.
- CME will leverage its proprietary intellectual property and deep liquidity pools to support market makers in this initiative.
- The program is framed as an educational tool for retail traders—not a casino venture—and is not intended to cannibalize existing markets.
- CME Group and FanDuel announced a groundbreaking alliance to launch fully funded, event-based contracts offering simple yes/no positions for as little as $1.
- Products are expected to launch later this year and will cover benchmarks such as the S&P 500 and Nasdaq-100, commodities (oil, gas, gold), cryptocurrencies, and economic indicators like GDP and CPI.
- A new joint venture will operate a non-clearing futures commission merchant (FCM) to facilitate access through FanDuel, pending CFTC regulatory review.
- CME Group’s interest rate futures open interest reached an all-time high of 40,031,688 contracts on August 13, 2025.
- U.S. Treasury futures and options open interest hit 31,615,333 contracts, and SOFR futures reached 13,738,220 contracts, both records set the same day.
- Large open interest holders in CME’s interest rate futures climbed to a record 3,526, according to the CFTC’s July 29 Commitment of Traders report.
- Clients can access up to $20 billion in daily margin savings across CME’s interest rate products, reinforcing the platform’s deep liquidity and capital efficiency.
- CME Group achieved 21.9 million contracts in July 2025 ADV, marking its second-highest July volume after 24.8 million in July 2024
- July 2025 ADV breakdown: 10.8 M interest rate; 5.5 M equity index; 2.4 M energy; 1.7 M agricultural; 783 K metals; 747 K FX; 302 K crypto ($13.6 B) record
- Year-over-year ADV growth highlights: SOFR futures +3% to 3.3 M; U.S. Treasury Bond options +21% to 203 K; NY Heating Oil futures +29% to 218 K; Micro Gold futures +92% to 203 K
- BrokerTec U.S. Repo ADNV rose 23% to $358.7 B, with average customer collateral of $132.9 B (cash) and $145.2 B (non-cash) for the three months ended June 2025
- Net profit was $1.03 billion (or $2.81 per share), up from $872.1 million (or $2.42 per share) a year earlier
- Revenue increased 10% to $1.69 billion, in line with analyst expectations
- Average daily trading volume rose 16% to 30.2 million contracts, driven by elevated volatility linked to tariff policies and Fed comments
- Clearing and transaction fees grew 11% to $1.39 billion, representing the majority of revenue
- Adjusted EPS of $2.96 topped the Wall Street forecast of $2.91 per share