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?
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.
- 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
- International ADV for Q2 2025 reached a record 9.2 million contracts, up 18% year-over-year.
- EMEA ADV hit a record 6.7 million contracts, up 15% year-over-year.
- APAC ADV set a record 2.2 million contracts, up 30% year-over-year.
- Global quarterly ADV totaled 30.2 million contracts, up 16% year-over-year.
- Record Q2 ADV of 30.2 million contracts (+15% YoY), driven by interest rates, agriculture, metals and SOFR futures.
- Record June ADV of 25.7 million contracts, with SOFR futures up 20% and Energy up 36% YoY.
- Quarterly Interest Rate ADV hit 15.5 million contracts and SOFR futures ADV reached 4.6 million contracts.
- International ADV reached a quarterly record of 9.2 million contracts, including EMEA at 6.7 million and APAC at 2.2 million.
- President Trump said a decision on the next Federal Reserve chair will be made very soon, naming Kevin Warsh as a frontrunner to deliver lower interest rates.
- Trump criticized Fed Chair Jerome Powell for delaying rate cuts and expressed his desire for a 1 percentage point reduction in borrowing costs.
- Bitcoin jumped 3.2% from $68,500 to $70,700 within two hours, and Ethereum rose 2.8% from $2,450 to $2,520, with trading volumes on Binance surging.
- S&P 500 futures climbed 1.1% to 5,850 points by 12:00 PM UTC on June 7, 2025, reflecting increased investor confidence tied to expected monetary easing.
- Record trading volumes and macro concerns: CME Group's CEO highlighted record trading activity, including a record first quarter and record month in May, while addressing the impact of geopolitical risks and fiscal challenges such as growing US debt and deficits.
- Boost in retail participation and international growth: The discussion emphasized the surge in retail trading—from equities to futures—with partnerships like Robinhood's CME futures launch, and international volume growth of 19% YoY with 8.8 million contracts in Q1.
- Advancements in digital assets and tokenization: The CEO outlined progress in crypto derivatives and tokenization initiatives, including pilot solutions on the Google Cloud universal ledger aimed at reducing market friction and enhancing efficiency.
- Trump Media & Technology Group filed for a Truth Social Bitcoin ETF with the SEC to list on NYSE Arca.
- The ETF will be sponsored by Yorkville America Digital, with Foris DAX Trust Company LLC (Crypto.com) as custodian.
- Trump Media plans a $2.5 billion Bitcoin treasury in Las Vegas and launch of the Truth.Fi fintech brand, targeting a $130 billion US Bitcoin ETF market since early 2024.
- CME Group and CF Benchmarks will introduce four new cryptocurrency reference rates and real-time indices for Arbitrum, Ondo, NEAR, and Sui on June 2, 2025.
- The indices, covering over 96% of the investible crypto market cap, will be published daily at 4 p.m. London time, with additional 4 p.m. New York time fixes for Ondo and Sui, using data from major exchanges.
- The launch enhances market transparency, aims to attract institutional capital, and supports CME’s strategy to bridge traditional finance and digital assets through its derivatives infrastructure.
- CME Group has maintained dividend payments for 23 consecutive years and achieved 11.73% revenue growth over the last twelve months.
- The U.S. Court of International Trade ruled Trump’s reciprocal tariffs unlawful under IEEPA, vacating and permanently blocking them.
- 30-year Treasury yields climbed to 5.00%, the 10-year to 4.537%, and the 2-year to 4.037% amid improved investor sentiment.
- The U.S. Dollar Index jumped from 98 to 100, while bitcoin and gold remained in a holding pattern.
- China’s 10-year government bond yield rose to 1.72%, extending gains amid fragile U.S.-China trade tensions.
- CME Group announced the launch of new XRP futures contracts, including both micro-sized (2,500 XRP) and larger-sized (50,000 XRP) options, which are now available for trading.
- The first trade occurred on May 18, 2025 with over $19 million in notional volume traded in a block cleared by Hidden Road, highlighting early market support.
- The contracts are cash-settled using the CME CF XRP-Dollar Reference Rate, expanding CME Group's regulated cryptocurrency offerings.
- Record ADV: Achieved a monthly average daily volume of 35.9 million contracts in April 2025, up 36% year-over-year.
- Interest Rate Growth: Interest rate ADV increased by 46% to 18.4 million contracts, driving overall performance.
- Product Records: Set new monthly ADV records in equity index (9.7 million contracts), metals (1 million contract), and international markets (10.9 million contracts).