Total Revenue

+10% " "

Total revenue rose to $1,692.0 million in Q2 2025 from $1,532.5 million in Q2 2024, driven by broad-based gains across segments—with significant increases in interest rates (+17.5%), equity indexes (+12.5%), clearing and transaction fees (+11%), and market data (+13%) offsetting the decline in interest rate swap revenue. " " " " "

Interest Rates Segment

+17.5% " "

Interest rates revenue increased to $461.6 million from $393.0 million, largely attributable to heightened market volatility and record trading volumes seen in prior periods, which continued to fuel robust activity in interest rate products. " "

Equity Indexes Segment

+12.5% " "

Equity indexes revenue grew to $301.6 million from $268.2 million, benefiting from increased market volatility and strong retail participation that built upon trends seen in earlier periods, leading to improved performance. " "

Clearing and Transaction Fees

+11% " " "

Clearing and transaction fees increased to $1,388.0 million from $1,249.9 million, driven by a 13% rise in total contract volume and fee structure changes—echoing previous period trends where increased trading activity outweighed a small decline in the average rate per contract. " " "

Market Data and Information Services

+13% " " "

Market data revenue reached $198.1 million, up from $175.0 million, supported by a 3.5% pricing increase, strong subscriber growth, and additional nonrecurring true-ups, consistent with improvements noted in earlier periods. " " "

Interest Rate Swap Revenue

-11.5% " "

Interest rate swap revenue fell to $20.6 million from $23.3 million, likely reflecting a shift in customer trading preferences and structural changes in product demand, contrasting with the previously strong performance in the interest rate complex. " "

Total adjusted operating expenses

FY 2025

no prior guidance

$1,635,000,000 " "

no prior guidance

Retail Trader Growth

Previous calls consistently discussed record new client acquisition, robust retail participation, and improved trader education. For example, Q1 highlighted over 83,000 new traders and strong micro product engagement ( " " ), while Q3 and Q4 detailed increased volumes and cross‐selling into diverse asset classes ( " " " ).

In Q2 2025, retail growth was emphasized with 90,000 new traders (56% year-over-year increase), increased regional participation, and enhanced education through a new trading simulator ( " " " ).

**Consistent strong growth and maturing retail participation with ongoing product diversification. " " " " " " " **

International Growth

Previous periods (Q1, Q3, Q4) reported record international volumes, broad-based asset class growth, and deep geographic diversification, with notable performance in EMEA and APAC ( " " " ).

Q2 2025 reported its highest-ever international volume with 9.2 million contracts per day, driven by growth in EMEA and APAC across multiple asset classes ( " " ).

**Continued record growth and expanding global market reach. " " " " " **

Product Innovation & Technology Investments

Earlier calls (Q1, Q3, Q4) introduced new offerings such as BrokerTec Chicago, FX Spot Plus, micro agricultural products, climate/weather products, and detailed cloud migration initiatives with significant spending ( " " " " " " ).

Q2 2025 emphasized strategic technology investments with the launch of a new trading simulator and a key Google Cloud partnership to support tokenization initiatives ( " " ).

**Sustained focus on innovation with an evolving emphasis on technology integration and data-driven tools. " " " " " " " **

Cryptocurrency Derivatives & Regulatory Challenges

Q3 and Q4 2024 emphasized a cautious but growing approach to crypto derivatives with significant volume gains, regulatory compliance, and strategies awaiting SEC clarity ( " " ). Q1 2025 did not address the topic specifically.

Q2 2025 showcased significant crypto trading growth (e.g., 190,000 ADV, record large open interest), while reiterating challenges with perpetual futures regulations and ongoing tokenization tests ( " " " ).

**Rapid product growth amid ongoing regulatory caution and evolving compliance efforts. " " " " " **

Risk Management, Margin Optimization & Liquidity Concerns

Across Q1, Q3, and Q4, robust risk management was a key theme with proactive margin adjustments, cross‐margining programs delivering billions in savings, and record volumes driving liquidity improvements ( " " " " " " ).

Q2 2025 continued the focus with record risk management volumes (over 30.2 million contracts), demonstrated capital efficiency improvements and highlighted deep liquidity pools amid uncertainties ( " " " ).

**Steady priority on risk management with proactive margin optimization and strong liquidity, reflecting market volatility. " " " " " " " " " **

Commodity & Energy Market Dynamics

Q1, Q3, and Q4 2024 consistently reported record commodity and energy volumes, robust participation across segments (metals, energy, agriculture), and significant impacts from tariffs and geopolitical forces ( " " " ).

In Q2 2025, commodity and energy dynamics were driven by global supply chain realignments, tariff-induced price differentials, and record activity attributed to geopolitical uncertainties ( " ).

**Continued robust activity driven by geopolitical tensions and tariff pressures, maintaining strong market performance. " " " " **

Macro-Economic & Geopolitical Uncertainties

Previous discussions in Q1, Q3, and Q4 underscored risks from geopolitical tensions, increased debt levels, and market volatility, with a focus on the impact on risk management and trading volumes ( " " " " ).

Q2 2025 reiterated high global debt levels, ongoing conflicts (e.g., Russia-Ukraine, Middle East), and trade disputes as key drivers for heightened risk management needs and market realignment ( " " ).

**Persistent external uncertainties continue to drive demand for risk management and shape market strategies. " " " " " " **

Execution & Integration Risks of New Platform Launches

Q1 2025 briefly mentioned the planned BrokerTec Chicago launch with structured testing and client feedback to mitigate risks ( " ). Earlier periods barely addressed this topic.

Q2 2025 did not mention any execution or integration risks for new platform launches.

**Topic has largely faded from the discourse as focus shifts to other strategic priorities. " **

Fee & Revenue per Contract Dynamics

Discussions in Q1, Q3, and Q4 examined fee adjustments, slight declines in average rates versus volume surges, and strategic pricing changes to boost overall revenue ( " " " ).

Q2 2025 reported an average rate per contract of $0.69 and record fee revenues ($1.4 billion, up 11% YoY), indicating continued success in balancing volume and pricing strategies ( " ).

**Overall positive revenue dynamics maintained through volume growth and strategic fee adjustments despite minor rate pressures. " " " " **

Competitive Pressures from Alternative Trading Platforms

Q3 and Q4 2024 addressed competitive challenges, with discussions on SOFR futures, competitor platforms like FMX, and the importance of U.S. resolution authority; Q1 had little focused commentary ( " " " " ).

Q2 2025 did not specifically emphasize competitive pressures, although leadership continued to stress confidence in their regulated position and risk management strengths ( " " ).

**Less emphasis in Q2 as CME maintains its competitive edge and confidence in its market position, despite broader industry competition. " " " " " " **