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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.
| 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?
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.
- Record Financial Performance: CME Group delivered $1.6 billion in revenue and achieved a record adjusted net income of $1 billion, marking the highest operating income and diluted EPS in its history .
- Robust Trading Volumes: Achieved a record average daily volume of 29.8 million contracts overall, with international volumes averaging 8.8 million contracts daily, alongside record-high transaction fees of $1.3 billion .
- Year-over-Year Growth: Reported a 10% revenue increase from Q1 2024, reflecting strong market momentum .
- Product Innovation & Discipline: Launched new offerings such as BrokerTec Chicago and FX Spot Plus, added 83,000 new traders, and maintained cost discipline with nearly $20 million in technology spend .
- Transparency: Full media and investor contact details are provided for further inquiries .
- Joint venture sale: CME Group and S&P Global confirmed the sale of their joint venture OSTTRA to KKR for $3.1 billion, with the transaction value split equally between the partners.
- Strategic details: OSTTRA, formed in 2021 to provide post-trade solutions, will continue under its current leadership, with KKR expected to boost technology and innovation.
- Timeline: The transaction is anticipated to close in the second half of 2025, pending customary closing conditions and regulatory approvals.
- CME Group Inc achieved a record international average daily volume of 8.8 million contracts in Q1 2025, up 19% year over year.
- Strong regional performance was noted with EMEA reaching 6.5M contracts and APAC achieving 2M contracts, each growing by 20%.
- Record quarterly ADV of 29.8 million contracts reported in Q1 2025, driven by growth in multiple asset classes.
- Significant performance in key segments including interest rate, equity index, agricultural, foreign exchange, and cryptocurrency, with record volumes in U.S. Treasury and Henry Hub Natural Gas products.
- Achieved the second-highest March ADV at 30.8 million contracts, indicating robust market activity.
- CME Group announced the launch of its new High Yield Duration-Hedged Credit futures, marking the first day of trading for the product.
- The contract is the fourth product based on Bloomberg corporate bond indexes, enhancing investors’ ability to manage credit risk and duration exposure.
- The announcement highlighted a milestone of over 275,000 credit futures contracts traded since last June, with open interest reaching 3,200 contracts and a notional value of $320 million in March.
- CME Group announced the launch of Bloomberg Commodity (BCOM) Subindex futures on March 31, 2025, pending regulatory review.
- The new contracts will provide exposure across seven commodity sectors, building on strong year-to-date performance with an average daily volume of 3,800 contracts (up 230% YoY) and open interest of 268,000 contracts (up 64% YoY).
- CME Group completed its public offering of $750 million aggregate principal amount of 4.400% Notes due 2030, with the offering executed under the Supplemental Indenture dated March 10, 2025.
- The net proceeds, combined with cash on hand, are intended to retire the outstanding 3.00% Notes due 2025 and to meet general corporate purposes.
- The Notes were offered at 99.573% of the principal amount and will pay semi-annual interest starting September 15, 2025, with detailed redemption and change of control provisions incorporated into the indenture.