| Segment/Metric (USD Million) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Clearing and Transaction Fees** | **981.0**  **[0001156375-23-000015_exhibit991123122.htm:1]**  | **1,200.2**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **1,118.3**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **1,085.5**  **[0001156375-23-000190_cme-20230930.htm:13]**  | **1,184.5**  **[0001156375-24-000007_exhibit991123123.htm:6]**  | **1,208.9**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **1,249.9**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **1,297.1**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Market Data and Information Services** | **153.0**  **[0001156375-23-000015_exhibit991123122.htm:1]**  | **165.8**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **163.1**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **167.6**  **[0001156375-23-000190_cme-20230930.htm:13]**  | **167.2**  **[0001156375-24-000007_exhibit991123123.htm:6]**  | **175.4**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **175.0**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **178.2**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Other Revenues** | N/A | **75.6**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **78.8**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **84.7**  **[0001156375-23-000190_cme-20230930.htm:13]**  | **87.6**  **[0001156375-24-000007_exhibit991123123.htm:6]**  | **103.6**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **107.6**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **109.1**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Interest Rates** | N/A | **444.8**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **352.9**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **350.9**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **410.3**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **393.0**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **445.8**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Equity Indexes** | N/A | **269.2**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **248.3**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **250.1**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **268.1**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **268.2**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **291.8**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Foreign Exchange** | N/A | **47.5**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **44.5**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **46.9**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **47.2**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **51.1**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **51.9**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Agricultural Commodities** | N/A | **115.3**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **147.4**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **119.9**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **132.0**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **161.4**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **139.1**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Energy** | N/A | **167.9**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **175.8**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **177.4**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **196.2**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **199.9**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **204.9**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Metals** | N/A | **60.9**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **56.4**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **49.6**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **64.0**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **82.6**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **71.8**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **BrokerTec Fixed Income** | N/A | **39.2**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **37.9**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **37.3**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **37.8**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **37.9**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **33.3**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **EBS Foreign Exchange** | N/A | **35.8**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **32.0**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **32.2**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **31.3**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **32.5**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **35.2**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Interest Rate Swap** | N/A | **19.6**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **23.1**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **21.2**  **[0001156375-23-000190_cme-20230930.htm:13]**  | N/A | **22.0**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **23.3**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **23.3**  **[0001156375-24-000200_cme-20240930.htm:13]**  |
| **Total Revenue** | **1,200.0**  **[0001156375-23-000015_exhibit991123122.htm:0]**  | **1,441.6**  **[0001156375-23-000066_cme-20230331.htm:11]**  | **1,360.2**  **[0001156375-23-000129_cme-20230630.htm:13]**  | **1,337.8**  **[0001156375-23-000190_cme-20230930.htm:13]**  | **1,439.3**  **[0001156375-24-000007_exhibit991123123.htm:6]**  | **1,487.9**  **[0001156375-24-000072_cme-20240331.htm:11]**  | **1,532.5**  **[0001156375-24-000149_cme-20240630.htm:12]**  | **1,584.4**  **[0001156375-24-000200_cme-20240930.htm:13]**  |

49571dd34a69fcd01f8ed67304ab3804ee018d384b261d58072efba3ad211fbe

| Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Average Daily Transfer through Clearing Systems for Settlement ($ billion) | **6.0**  **[0001156375-23-000020_cme-20221231.htm:97]**  | **5.7**  **[0001156375-23-000066_cme-20230331.htm:13]**  | **5.7**  **[0001156375-23-000129_cme-20230630.htm:15]**  | **5.7**  **[0001156375-23-000190_cme-20230930.htm:15]**  | **5.9**  **[0001156375-24-000010_cme-20231231.htm:99]**  | **5.2**  **[0001156375-24-000072_cme-20240331.htm:13]**  | **5.4**  **[0001156375-24-000149_cme-20240630.htm:14]**  | **5.7**  **[0001156375-24-000200_cme-20240930.htm:15]**  |
| Average Daily Contract Volume for WTI Crude Oil (thousand contracts) | **1,067**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **1,067**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **1,067**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **1,067**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **1,084**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **1,084**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **1,084**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **1,084**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Natural Gas (thousand contracts) | **599**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **599**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **599**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **599**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **848**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **848**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **848**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **848**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Refined Products (thousand contracts) | **328**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **328**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **328**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **328**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **376**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **376**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **376**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **376**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Notional Value for European Repo (€ billion) | N/A | **354.7**  **[0001156375-23-000066_cme-20230331.htm:26]**  | **352.2**  **[0001156375-23-000129_cme-20230630.htm:29]**  | **313.9**  **[0001156375-23-000190_cme-20230930.htm:29]**  | N/A | **282.3**  **[0001156375-24-000072_cme-20240331.htm:26]**  | **300.4**  **[0001156375-24-000149_cme-20240630.htm:28]**  | **285.9**  **[0001156375-24-000200_cme-20240930.htm:29]**  |
| Average Daily Notional Value for U.S. Treasury ($ billion) | **126.1**  **[0001156375-23-000020_cme-20221231.htm:64]**  | **123.7**  **[0001156375-23-000066_cme-20230331.htm:26]**  | **98.9**  **[0001156375-23-000129_cme-20230630.htm:29]**  | **98.3**  **[0001156375-23-000190_cme-20230930.htm:29]**  | N/A | **102.2**  **[0001156375-24-000072_cme-20240331.htm:26]**  | **94.7**  **[0001156375-24-000149_cme-20240630.htm:28]**  | **109.3**  **[0001156375-24-000200_cme-20240930.htm:29]**  |
| Average Daily Notional Value for Spot FX ($ billion) | **65.7**  **[0001156375-23-000020_cme-20221231.htm:64]**  | **64.4**  **[0001156375-23-000066_cme-20230331.htm:26]**  | **54.8**  **[0001156375-23-000129_cme-20230630.htm:29]**  | **54.4**  **[0001156375-23-000190_cme-20230930.htm:29]**  | N/A | **51.9**  **[0001156375-24-000072_cme-20240331.htm:26]**  | **57.4**  **[0001156375-24-000149_cme-20240630.htm:28]**  | **67.0**  **[0001156375-24-000200_cme-20240930.htm:29]**  |
| Average Daily Contract Volume for E-mini S&P 500 Futures and Options (thousand contracts) | **4,601**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **4,601**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **4,601**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **4,601**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **4,075**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **4,075**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **4,075**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **4,075**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for E-mini Nasdaq 100 Futures and Options (thousand contracts) | **1,896**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **1,896**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **1,896**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **1,896**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **2,036**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **2,036**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **2,036**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **2,036**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for E-mini Russell 2000 Futures and Options (thousand contracts) | **332**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **332**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **332**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **332**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **337**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **337**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **337**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **337**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Euro Foreign Exchange Products (thousand contracts) | **268**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **268**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **268**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **268**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **257**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **257**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **257**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **257**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Japanese Yen Foreign Exchange Products (thousand contracts) | **173**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **173**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **173**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **173**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **184**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **184**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **184**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **184**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for British Pound Foreign Exchange Products (thousand contracts) | **112**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **112**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **112**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **112**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **114**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **114**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **114**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **114**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Australian Dollar Foreign Exchange Products (thousand contracts) | **104**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **104**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **104**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **104**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **110**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **110**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **110**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **110**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Corn Agricultural Commodity Products (thousand contracts) | **409**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **409**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **409**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **409**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **473**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **473**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **473**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **473**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Soybean Agricultural Commodity Products (thousand contracts) | **296**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **296**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **296**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **296**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **351**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **351**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **351**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **351**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Contract Volume for Wheat Agricultural Commodity Products (thousand contracts) | **185**  **[0001156375-23-000015_exhibit991123122.htm:7]**  | **185**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **185**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **185**  **[0001156375-23-000066_cme-20230331.htm:25]**  | **214**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **214**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **214**  **[0001156375-24-000072_cme-20240331.htm:25]**  | **214**  **[0001156375-24-000072_cme-20240331.htm:25]**  |
| Average Daily Volume by Product Line (thousand contracts) | **21,800**  **[0001156375-23-000015_exhibit991123122.htm:0]**  | **26,900**  **[CME_3247314_0]**  | **22,855**  **[0001156375-23-000129_cme-20230630.htm:26]**  | **22,349**  **[0001156375-23-000190_cme-20230930.htm:26]**  | **25,500**  **[0001156375-24-000007_exhibit991123123.htm:0]**  | **26,400**  **[0001156375-24-000070_exhibit9913312024.htm:0]**  | **25,941**  **[0001156375-24-000149_cme-20240630.htm:25]**  | **28,300** **[0001156375-23-000020_cme-20221231.htm:97]** |

883dfd9b4cffe7dbf542b7fcd85b6c1abd4449f51c89558366ec95293bd8bf49

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

186f836f2673c814293075a0db2cff0eb388c294d89e3305e6d2cde014ec7564

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

224705df4bdc5b8df0aa8bccd5252c180b727b629bf5dd9847087abe338331cd

3976dcff2e7ba8e395b721ccbddd722451c7494dabd702e1ad5e3c146731fb06

c7b54d68ac41f6a353e309a38aca394d95291f9b86865cbde7d9a302f8f85fdd

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 **[0001156375-24-000010_cme-20231231.htm:6]** **[0001156375-24-000010_cme-20231231.htm:88]**. 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) **[0001156375-24-000010_cme-20231231.htm:88]**. 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 **[0001156375-24-000010_cme-20231231.htm:6]** **[0001156375-24-000010_cme-20231231.htm:88]**.

1. **Clearing and Transaction Services** - Provides clearing and transaction services for futures and options contracts, generating significant revenue through fees.
2. **Interest Rate Products** - Offers products like SOFR futures, catering to the interest rate market.
3. **Equity Index Products** - Includes products such as the E-mini S&P 500, serving the equity index market.
4. **Foreign Exchange (FX) Products** - Facilitates FX trading through platforms like EBS.
5. **Agricultural Products** - Offers futures for commodities like soybean and corn.
6. **Energy Products** - Includes futures for energy commodities such as crude oil and natural gas.
7. **Metals Products** - Provides futures for metals like gold and silver.
8. **Market Data and Information Services** - Supplies market data and information services, contributing to the company's revenue.

c86de0ec08f9900a57551654f1cad89e0cbe679975224c6f1b2e70eba270be0c

1. 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?
2. 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?
3. 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?
4. 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?
5. 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?

e7d172a8ab32c53684bbe00ae61fbee1a6e46741bcff4308a01ca1fe53520aec

22c3ae2185c7656efb0f8e63239cf06380bde837bf3df78fd46bc950827fda74

- **Strong growth in energy products**: CME Group's energy volumes increased by **16%** in the first quarter year-over-year, driven by the fastest growth from buy-side and commercial customers. Non-U.S. energy volume grew by **38%**, and energy options volume reached record levels, increasing by **60%**. The overall revenue per contract in energy remained strong at **$1.33**. [\[2\]]
- **Spectacular rise in metals activity**: Metals volumes surged by **76%** in April, with the complex reaching its highest daily volume in history at **1.7 million contracts** on April 12. The growth was driven by significant participation from both commercial participants and the buy-side across all client segments and regions. All six of CME's asset classes showed strong performance, indicating healthy diversification. [\[4\]]
- **Record activity in U.S. Treasury futures**: The U.S. Treasury futures complex achieved a record average daily volume of **7.8 million contracts** in the first quarter. Capital efficiency initiatives, such as the cross-margining program with DTCC, provided clearing members with margin savings of up to **75%-80%**, enhancing CME's competitive advantage and attracting increased participation from market participants. [\[11\]]

395c35b4925c05a752d894768f73db3724318b20a26d9666334172d399d9384c

- ICE (Intercontinental Exchange, Inc.)  **[0001156375-24-000010_cme-20231231.htm:17]** **[0001156375-24-000010_cme-20231231.htm:16]** 
- LCH Group  **[0001156375-24-000010_cme-20231231.htm:17]** 
- OCC (Options Clearing Corporation)  **[0001156375-24-000010_cme-20231231.htm:17]** 
- CBOE Clear  **[0001156375-24-000010_cme-20231231.htm:17]** 
- Depository Trust & Clearing Corporation  **[0001156375-24-000010_cme-20231231.htm:17]** 
- Hong Kong Exchanges and Clearing  **[0001156375-24-000010_cme-20231231.htm:17]** **[0001156375-24-000010_cme-20231231.htm:16]** 
- Japan Securities Clearing Corporation  **[0001156375-24-000010_cme-20231231.htm:17]** 
- LME Clear  **[0001156375-24-000010_cme-20231231.htm:17]** 
- Deutsche Börse AG  **[0001156375-24-000010_cme-20231231.htm:17]** **[0001156375-24-000010_cme-20231231.htm:16]** 
- Euronext N.V.  **[0001156375-24-000010_cme-20231231.htm:16]** 
- Cboe Global Markets Inc  **[0001156375-24-000010_cme-20231231.htm:54]** 
- London Stock Exchange Group Plc  **[0001156375-24-000010_cme-20231231.htm:54]** 
- Nasdaq Inc  **[0001156375-24-000010_cme-20231231.htm:54]** 

1d857f8b84930b2ab4a3b1f509a9ac8e838f243b2f5dc29cfc45647ac4679a7e

Average Daily Transfer through Clearing Systems for Settlement ($ billion)

Average Daily Contract Volume for WTI Crude Oil (thousand contracts)

Average Daily Contract Volume for Natural Gas (thousand contracts)

Average Daily Contract Volume for Refined Products (thousand contracts)

Average Daily Notional Value for European Repo (€ billion)

Average Daily Notional Value for U.S. Treasury ($ billion)

Average Daily Notional Value for Spot FX ($ billion)

Average Daily Contract Volume for E-mini S&P 500 Futures and Options (thousand contracts)

Average Daily Contract Volume for E-mini Nasdaq 100 Futures and Options (thousand contracts)

Average Daily Contract Volume for E-mini Russell 2000 Futures and Options (thousand contracts)

Average Daily Contract Volume for Euro Foreign Exchange Products (thousand contracts)

Average Daily Contract Volume for Japanese Yen Foreign Exchange Products (thousand contracts)

Average Daily Contract Volume for British Pound Foreign Exchange Products (thousand contracts)

Average Daily Contract Volume for Australian Dollar Foreign Exchange Products (thousand contracts)

Average Daily Contract Volume for Corn Agricultural Commodity Products (thousand contracts)

Average Daily Contract Volume for Soybean Agricultural Commodity Products (thousand contracts)

Average Daily Contract Volume for Wheat Agricultural Commodity Products (thousand contracts)

Average Daily Volume by Product Line (thousand contracts)

ad9a3cc2ac94d479e5403f8543536ae9e8e7fd6424596ace6e4c64d8fb9958af

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Tax Rate**: Lowered to a range of **22.5% to 23%** due to strong international revenue growth and operating margin levels  **[CME_3403367_2]** .
  - **Expenses**: Reiterated at **$1.585 billion** for the year, with seasonal increases expected in the fourth quarter  **[CME_3403367_25]** .
  - **Cloud Migration Expenses**: On track with guidance of **$90 million** for the year, with incremental costs expected to continue into the next year  **[CME_3403367_17]** .
  - **Pricing Changes**: Expected increase of **1.5% to 2%** on clearing and transaction fees and **2.5% to 3%** on total revenue due to changes in other fee lines  **[CME_3403367_16]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Revenue Impact**: Expected total revenue impact of **2.5% to 3%** for the year, with specific increases of **1.5% to 2%** on clearing and transaction fees and **3% to 5%** on various data products  **[CME_3394105_5]** .
  - **Expenses**: Full-year guidance implied about a **$60 million increase** in expenses in the second half of the year  **[CME_3394105_11]** .
  - **Capital Expenditures**: Approximately **$17 million** for the second quarter  **[CME_3394105_3]** .
  - **Cash and Dividends**: Cash at the end of the period was approximately **$2 billion**, with dividends paid during the quarter of **$419 million**  **[CME_3394105_3]** .
  - **Google Partnership**: Expenses related to the new colocation facility and cloud migration would not impact current guidance  **[CME_3394105_11]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - The documents do not provide a detailed list of specific guidance metrics for Q1 2024. However, there is mention of maintaining full-year guidance related to expenses, with expectations of increased project-based spending, including investments in the Google migration and securities clearing, as well as higher marketing spend in the fourth quarter  **[CME_3380444_13]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Total Adjusted Operating Expenses**: Expected to be approximately **$1.585 billion**, excluding license fees but including cloud migration expenses  **[CME_3373228_3]** .
  - **Capital Expenditures**: Expected to be approximately **$85 million**, net of leasehold improvement allowances  **[CME_3373228_3]** .
  - **Adjusted Effective Tax Rate**: Expected to be between **23% and 24%**  **[CME_3373228_3]** .
  - **Revenue Impact from Fee Adjustments**: Expected to increase futures and options transaction revenue by approximately **1.5% to 2%**, with total revenue expected to increase by approximately **2.5% to 3%** on similar activity to 2023  **[CME_3373228_3]** .

908d45e6be783e57a570017d291ba6393565b372fa9fcfe8c5fa2eef1833891a

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name                  | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                   |
|-----------------------|--------------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Terrence A. Duffy     | Chairman and Chief Executive Officer                                     | November 2016    | Terrence A. Duffy has served as the Chairman and CEO of CME Group since November 2016. He oversees the world's leading derivatives marketplace and has been a member of the CME board since 1995, playing a significant role in the company's strategic direction  **[0001156375-24-000018_cme-20240318.htm:21]** **[0001156375-24-000010_cme-20231231.htm:23]** **[0001156375-24-000018_cme-20240318.htm:59]** .                                                                                 |
| Sunil Cutinho         | Chief Information Officer                                                | February 2022    | Sunil Cutinho has been the CIO of CME Group since February 2022. He joined CME Group in 2002 and has held various positions, including President of CME Clearing from 2014  **[0001156375-24-000010_cme-20231231.htm:23]** **[0001156375-23-000020_cme-20221231.htm:21]** .                                                                                                                                                                          |
| Lynne Fitzpatrick     | President and Chief Financial Officer                                    | April 2023       | Lynne Fitzpatrick has been with CME Group since 2006 and became CFO in April 2023. She later took on the expanded role of President and CFO. Before joining CME, she worked as an investment banker at Credit Suisse and UBS  **[0001156375-24-000010_cme-20231231.htm:23]** **[0001193125-24-252912_d859792dex991.htm:0]** **[0001193125-24-252912_d859792d8k.htm:1]** .                                                                                                                     |
| Julie Holzrichter     | Chief Operating Officer                                                  | 2014             | Julie Holzrichter has served as COO of CME Group since 2014. Her role expanded in February 2022 to include overseeing the Clearing and Post-Trade division. She initially rejoined CME Group in 2006  **[0001156375-24-000010_cme-20231231.htm:23]** .                                                                                                                                                   |
| Jonathan Marcus      | Senior Managing Director and General Counsel                              | October 2022     | Jonathan Marcus has been the Senior Managing Director and General Counsel at CME Group since October 2022. He previously worked in private practice and served as General Counsel of the CFTC from 2013 to 2017  **[0001156375-24-000010_cme-20231231.htm:23]** **[0001156375-23-000020_cme-20221231.htm:21]** .                                                                                                                                     |
| Tim McCourt           | Senior Managing Director, Global Head of Financial and OTC Products      | June 2023        | Tim McCourt has served as Senior Managing Director, Global Head of Financial and OTC Products since June 2023. He joined CME Group in 2013 and previously worked for RBS and JPMorgan  **[0001156375-24-000010_cme-20231231.htm:23]** .                                                                                                                                                                  |
| Hilda Harris Piell    | Chief Human Resources Officer                                            | 2007             | Hilda Harris Piell has been the Chief Human Resources Officer at CME Group since 2007. She joined CME Group in 2000 and previously worked at MCI Telecommunications and Jenner & Block  **[0001156375-24-000010_cme-20231231.htm:24]** **[0001156375-23-000020_cme-20221231.htm:22]** .                                                                                                                                                             |
| Derek Sammann         | Senior Managing Director, Global Head of Commodities and Options and International Markets | November 2021    | Derek Sammann has served as the Senior Managing Director, Global Head of Commodities and Options and International Markets since November 2021. He joined CME Group in 2006 and previously worked at Calyon Corporate and Investment Bank  **[0001156375-24-000010_cme-20231231.htm:24]** **[0001156375-23-000020_cme-20221231.htm:22]** .                                                                                                           |
| Suzanne Sprague       | Chief Operating Officer and Global Head of Clearing                       | November 2024    | Suzanne Sprague has been with CME Group since 2002 and was appointed as Senior Managing Director and Global Head of Clearing and Post-Trade Services in February 2022. She assumed the role of COO in November 2024  **[0001193125-24-252912_d859792dex991.htm:0]** **[0001156375-24-000010_cme-20231231.htm:24]** **[0001193125-24-252912_d859792d8k.htm:1]** .                                                                                                                              |
| Jack Tobin            | Managing Director and Chief Accounting Officer                           | 2015             | Jack Tobin has served as the Managing Director and Chief Accounting Officer at CME Group since 2015. He joined CBOT Holdings in 2002 and previously worked as a principal consultant with PricewaterhouseCoopers  **[0001156375-24-000010_cme-20231231.htm:24]** .                                                                                                                                       |
| Kendal Vroman         | Chief Transformation Officer                                             | November 2021    | Kendal Vroman has served as the Chief Transformation Officer at CME Group since November 2021. He joined CME Group in 2001 and has held various senior leadership roles  **[0001156375-24-000010_cme-20231231.htm:24]** **[0001156375-23-000020_cme-20221231.htm:23]** .                                                                                                                                                                             |
| Mike Dennis           | Global Head of Fixed Income                                              | August 5, 2024   | Mike Dennis was appointed as the Global Head of Fixed Income at CME Group, effective August 5, 2024. He previously served as Principal and Chief Commercial Officer at ABN AMRO Clearing USA LLC  **[0001193125-24-175987_d410549dex991.htm:1]** **[0001193125-24-175987_d410549d8k.htm:1]** .                                                                                                                                                   |

d1b6e9f0e2a4bdbd2571e1dce362bf231b7f6c67247b960a46a7254f52513d08

**Annual guidance for FY 2024:**
- **Pricing changes (clearing and transaction fees)**: 1.5%–2%  **[CME_3403367_16]**  (no change from prior guidance 1.5%–2%  **[CME_3394105_5]** )  
- **Pricing changes (total revenue)**: 2.5%–3%  **[CME_3403367_16]**  (no change from prior guidance 2.5%–3%  **[CME_3394105_5]** )  
- **Expenses**: $1.585B  **[CME_3403367_25]**  (no change from prior guidance about a $60 million increase in the second half  **[CME_3394105_11]** )  
- **Cloud Migration Expenses**: $90 million  **[CME_3403367_17]**  (no prior guidance)  
- **Tax Rate**: 22.5%–23%  **[CME_3403367_2]**  (no prior guidance)  

e3431b49e31b54f7c0e2c586c064af6844443f80e246bb0cd101fae86eff69ef

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2002  **[0001156375-24-000010_cme-20231231.htm:126]**    | Present  | Current auditor   |

9aaeb5eba08d7015aef32ace9350495bd25950ea403bc90dd741b21714e819f6

8b2ffd1173507eda9449c6b398cbd16c6e5ac7480d3ebcb5cf1ee6b2b3a17bf0

- Total Revenue: $1,584.4M (+18% YoY)  **[0001156375-23-000190_cme-20230930.htm:13]** **[0001156375-24-000200_cme-20240930.htm:13]**   
- Interest Rates Segment: $445.8M (+27% YoY)  **[0001156375-23-000190_cme-20230930.htm:13]** **[0001156375-24-000200_cme-20240930.htm:13]**   
- Metals Segment: **$71.8M (+45% YoY)**  **[0001156375-23-000190_cme-20230930.htm:13]** **[0001156375-24-000200_cme-20240930.htm:13]**   
- Clearing & Transaction Fees: $1,297.1M (+19% YoY)  **[0001156375-23-000190_cme-20230930.htm:13]** **[0001156375-24-000200_cme-20240930.htm:13]**   
- BrokerTec Fixed Income: $33.3M (-11% YoY)  **[0001156375-23-000190_cme-20230930.htm:13]** **[0001156375-24-000200_cme-20240930.htm:13]**   
- Operating Income (EBIT): $1,024.2M (+25% YoY)  **[0001156375-23-000190_cme-20230930.htm:6]** **[0001156375-24-000200_cme-20240930.htm:6]**   
- Net Income: $912.8M (+22% YoY)  **[0001156375-23-000190_cme-20230930.htm:6]** **[0001156375-24-000200_cme-20240930.htm:6]**   
- EPS (Basic): $2.51 (+22% YoY)  **[0001156375-23-000190_cme-20230930.htm:6]** **[0001156375-24-000200_cme-20240930.htm:6]**   

8cc179d8091b6b55466aedda772ff38c3595e22bce7dbf7da1afc3b55c7ca03b

edb58a36b8a59d54916ca3267c1933b9ab9dc0a4548a0f18368573014741c922

7f164a9d12763020cdc3d97999363e06da276b9a893528412b5b1413ac6d8531

| Year | Amount Due (in millions) | Debt Type                              | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|--------------------------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2025     | $750.0                       | Fixed rate notes                           | 3.11                  | 21.9% = (750.0 / 3,427.4) * 100 **[0001156375-24-000200_cme-20240930.htm:5]** **[0001156375-24-000200_cme-20240930.htm:33]**                                   |
| 2028     | $500.0                       | Fixed rate notes                           | 3.75                  | 14.6% = (500.0 / 3,427.4) * 100 **[0001156375-24-000200_cme-20240930.htm:5]** **[0001156375-24-000200_cme-20240930.htm:17]**                                   |
| 2032     | $750.0                       | Fixed rate notes                           | 2.65                  | 21.9% = (750.0 / 3,427.4) * 100 **[0001156375-24-000200_cme-20240930.htm:5]** **[0001156375-24-000200_cme-20240930.htm:17]**                                   |
| 2043     | $750.0                       | Fixed rate notes                           | 5.30                  | 21.9% = (750.0 / 3,427.4) * 100 **[0001156375-24-000200_cme-20240930.htm:5]** **[0001156375-24-000200_cme-20240930.htm:17]**                                   |
| 2048     | $700.0                       | Fixed rate notes                           | 4.15                  | 20.4% = (700.0 / 3,427.4) * 100 **[0001156375-24-000200_cme-20240930.htm:5]** **[0001156375-24-000200_cme-20240930.htm:17]**                                   |

b8d4d483a4e09d233c436b549bb3a32d469b02e04fe86cfd0944434a8f9c840b

- **Significant growth in natural gas futures and options**, with **natural gas up 29%** and **options up 54%**, driven by increasing global demand and CME's dominant market share of **80% in natural gas futures** and **69% in Henry Hub options**.  **[CME_3394105_16]**
- **Expansion of retail business**, witnessing a **70% increase in retail metals volume in Q2**, attributed to onboarding new large retail brokers and strong interest in micro contracts like micro copper, micro silver, and micro gold.  **[CME_3394105_30]**
- **Provision of substantial capital efficiencies to customers**, achieving **$20 billion per day in margin savings**, and the DTCC cross-margining program reaching **$1 billion in savings**, which is a record for CME.  **[CME_3394105_6]** **[CME_3394105_13]**

82e72af8d7038fe9faac83c1c96473bab600701bf1e3bb984efeacb0aebf9b52

- **CME Group is facing competitive pressure in its equity options business from Cboe's 0-DTE options, leading to potential market share loss.**  **[CME_3373228_11]**
- **CME did not raise pricing on rate products in its November fee adjustments, which may limit revenue growth in that segment.**  **[CME_3373228_5]** **[CME_3373228_16]**
- **CME expects total adjusted operating expenses to increase by $60 million in 2024, including $15 million in cloud migration expenses, potentially impacting profitability.**  **[CME_3373228_4]**

5e3cec7f8aba0fcbe0077b5938a91791c30fd1626635378c9dff34b734401089

1. **2024 Expenses and Investments**  
   **Q:** How will expenses and investments impact margins in 2024?  
   **A:** CME expects expenses to increase by **$60 million** year-over-year, including **$15 million** in migration expenses related to their Google Cloud partnership. The remaining **$45 million** reflects core expense growth of about **3%**, consistent with historical levels.  **[CME_3373228_4]** 

2. **Pricing Increases Impact**  
   **Q:** What is the effect of pricing changes on revenues?  
   **A:** Clearing and transaction fees have been raised by **1.5% to 2%**, collateral fees increased from **7 basis points to 10 basis points**, and market data fees grew by **3% to 5%**. Altogether, these changes are expected to boost total revenue by **2.5% to 3%** while balancing the impact across different customer segments.  **[CME_3373228_5]** **[CME_3373228_8]** **[CME_3373228_17]** 

3. **DTCC Cross-Margining Benefits**  
   **Q:** How does the DTCC arrangement benefit clients and CME?  
   **A:** The enhanced cross-margining with DTCC is live with **eight clearing members**, offering portfolio savings of **75% to 80%**. This provides significant capital efficiencies for clients and is anticipated to support trading volume growth by unlocking capital for risk management.  **[CME_3373228_6]** **[CME_3373228_9]** 

4. **Energy Market Dynamics**  
   **Q:** What trends are seen in energy market share and products?  
   **A:** CME's Argus crude contract has attracted large commercial participation with over **0.5 million open positions**, reinforcing its role as a global benchmark.  **[CME_3373228_7]**  In natural gas, globalization has led to a **50%** increase in European volumes in 2023, and options trading reached record levels, with volumes up over **100%** in early 2024.  **[CME_3373228_7]** 

5. **Equities Business Competition**  
   **Q:** How is CME addressing competition in equity futures?  
   **A:** Despite competitive pressures, CME's equity options on futures saw a record **1.4 million** contracts daily in 2023, with growth continuing into 2024. Same-day expiring options volumes increased by **70%** in Q4 2023, and CME remains a leader in non-U.S. trading hours by focusing on global client needs.  **[CME_3373228_11]** 

6. **Corporate Bond Futures Launch**  
   **Q:** Why is CME launching corporate bond index futures now?  
   **A:** CME is introducing futures on Bloomberg's corporate bond indices for both high yield and investment-grade bonds, set to launch in summer 2024. This initiative responds to client demand for tools to manage credit risk amid an increasing rate environment and divergence between equities and rates markets.  **[CME_3373228_12]** 

7. **Impact of Spot Bitcoin ETFs**  
   **Q:** How do spot Bitcoin ETFs affect CME Bitcoin futures?  
   **A:** The launch of spot Bitcoin ETFs has positively impacted CME Bitcoin futures, with January achieving a record average daily open interest of **23,600 contracts** (approximately **$5.1 billion**) and a record daily volume of **67,000 contracts** (around **$6 billion**). The futures remain central for ETF market makers and risk management.  **[CME_3373228_18]** 

8. **Post-Trade Services Growth**  
   **Q:** How is the OSTTRA JV progressing and competing?  
   **A:** The joint venture with S&P Global, OSTTRA, leverages combined assets in FX, interest rates, and credit to offer scalable post-trade services. It provides efficiencies for banks seeking back-office solutions across major asset classes, establishing a strong foundation for future growth despite competitive challenges.  **[CME_3373228_13]** 

9. **Hedge Fund Basis Trade**  
   **Q:** How does the basis trade impact CME, and what if it unwinds?  
   **A:** The basis trade is vital for efficient risk transfer between cash and futures markets, correlating with debt issuance levels. CME's robust margin and risk management systems mitigate potential risks, and while the impact of any unwinding is hard to quantify, CME remains focused on enabling clients to manage risk effectively.  **[CME_3373228_14]** 

240ffc7fc78500bca972925b48d0c32a70bedeeae0e3bc573394bdb727fad291

- **Increased retail participation may lead to lower rate per contract (RPC), potentially impacting revenue growth.** Management acknowledged it's hard to predict the implications, especially as retail traders may focus on smaller products like micros and minis.  **[CME_3403367_7]**
- **Competition from new platforms offering event contracts, including political election contracts, could impact CME's market share if they do not participate in this segment.** CME currently does not plan to enter this market, potentially missing growth opportunities.  **[CME_3403367_21]**
- **CME's Energy business, while currently experiencing strong growth, could face challenges due to macro changes and structural shifts related to energy transition, possibly affecting future volumes and revenues.**  **[CME_3403367_14]**

4f5e5e9b82a58161c214d4fffc7010d01bd6c63bdd34f50394de7272c431ec27

- **CME Group's stock has been under pressure despite record earnings, possibly due to concerns about interest rates and competitive threats.**  **[CME_3394105_14]** **[CME_3394105_13]**
- **Analysts question CME's ability to respond to increasing competition, particularly in the interest rate futures market, which could impact their market share and pricing power.**  **[CME_3394105_9]** **[CME_3394105_8]**
- **There are concerns that CME's margin efficiencies and capital savings—for example, the claimed **$20 billion per day** in client savings—might be challenged by potential competitors, potentially eroding their competitive advantage.**  **[CME_3394105_9]** **[CME_3394105_19]**

6b3e716538e8d28ef7cb069d92c7909d363b454dd7dac77f255bf79352cee615

1. **Capital Returns and M&A**  
   **Q:** What's your updated view on buybacks, dividends, and M&A?  
   **A:** We're continuously monitoring our capital return policy to act in the best interest of shareholders.  **[CME_3403367_3]**  Our dividend policy has served us well in a **0%** rate environment.  **[CME_3403367_3]**  With changing rates, we'll evaluate our approach with the Board but aren't committing to any changes currently.  **[CME_3403367_3]**  Regarding M&A, we're in a strong global position due to past transactions but are open to opportunities that make sense.  **[CME_3403367_3]** 

2. **Competition and Treasury Clearing**  
   **Q:** What's your perspective on the competitive landscape since FMX launched SOFR futures?  
   **A:** FMX's SOFR volumes are modest, but it's early.  **[CME_3403367_11]**  We're focused on creating efficiencies for our clients, demonstrating the value of CME's products.  **[CME_3403367_11]**  We haven't needed incentives to grow our interest rate products.  **[CME_3403367_11]**  Our bid-ask spreads are tighter, reducing costs for participants more than any incentives or transaction fees.  **[CME_3403367_11]**  We're concerned about U.S. Treasuries being cleared overseas under foreign regulators, which could be detrimental.  **[CME_3403367_11]** 

3. **New Customer Acquisition**  
   **Q:** How is new customer acquisition impacting volumes, and where are clients coming from?  
   **A:** New client acquisition is core to our growth, with institutional client growth up almost **40%** this year versus our 3-year average.  **[CME_3403367_5]**  We've built an inside sales team focusing on medium-sized and high-potential accounts.  **[CME_3403367_5]**  On the retail side, we welcomed over **176,000** new traders year-to-date, with **60,000** in Q3—a **30%** increase year-over-year.  **[CME_3403367_5]**  Growth is from the U.S. (**53%**), APAC (**16%**), and EMEA (**31%**).  **[CME_3403367_5]** 

4. **Robinhood's Impact on Volumes**  
   **Q:** How might Robinhood's 23 million accounts translate into volumes?  
   **A:** While excited to work with Robinhood, they are opening access on a measured basis.  **[CME_3403367_6]**  We don't expect all 23 million accounts to trade futures immediately.  **[CME_3403367_6]**  However, we've seen faster-than-expected adoption rates with partners like Plus500 and Webull.  **[CME_3403367_6]**  It's difficult to predict future volumes, but historically, we've seen significant growth over the past 20 years.  **[CME_3403367_6]** 

5. **Portfolio Margining and Efficiencies**  
   **Q:** Can you update us on your efficiency programs and customer savings?  
   **A:** Our portfolio margining program delivers average daily savings of about **$7 billion** to clearing members, mostly from U.S. dollar swap activity.  **[CME_3403367_4]**  In our cross-margining program with FICC, we have **12** clearing members participating, achieving upwards of **$1 billion** in average daily savings.  **[CME_3403367_4]**  Overall, efficiencies between F&O and portfolio margin average close to **$20 billion** a day.  **[CME_3403367_4]**  We're focused on growing these programs and working with regulators to expand cross-margining to customers.  **[CME_3403367_4]** 

6. **Impact of Retail Trading on RPC**  
   **Q:** How will increased retail trading affect rate per contract and volumes?  
   **A:** It's hard to predict.  **[CME_3403367_7]**  Retail trading doesn't necessarily mean a lower rate per contract.  **[CME_3403367_7]**  We price products based on value, not just notional value or contract size.  **[CME_3403367_7]**  Our focus is on overall revenue and earnings growth, not just RPC.  **[CME_3403367_7]**  The impact depends on the clients we attract.  **[CME_3403367_7]** 

8f736c24782e2ba39b24a85938eff7d4bd006013657e74a346870f3f04395e76

- **CME's equity options business is experiencing significant growth**, with record volumes in 2023, including over **1.4 million contracts** and continuous record months in Q4; January 2024 saw **over 1.5 million contracts per day**, indicating continued momentum and market share gains, especially in global trading hours.  **[CME_3373228_11]**
- **Enhanced cross-margining arrangements with DTCC are delivering substantial capital efficiencies**, with some clients achieving **consistent savings of 75% to 80%**, enhancing CME's attractiveness to clearing members and potentially increasing trading volumes.  **[CME_3373228_6]**
- **Record open interest and volume growth in CME's interest rate products**, driven by clients seeking risk management tools amid market uncertainty, with portfolio margin savings growing to about **$7 billion to $8 billion of savings per day**, indicating strong demand and positioning CME favorably for future growth.  **[CME_3373228_9]** **[CME_3373228_10]**

a49b9514b6818a90d948c4c628861dbe62853f4d7f8d0bb18ebcb617aa3af50f

1. **M&A Plans**  
   **Q:** What are your thoughts on potential M&A?  
   **A:** Management stated they are open to M&A opportunities that benefit shareholders and clients but are not actively seeking deals at the moment.  **[CME_3380444_5]**  They emphasized their strong position to act if the right transaction arises but reiterated that their approach has not changed.  **[CME_3380444_5]** 

2. **Competition in Rates**  
   **Q:** How does FMX's upcoming launch affect CME's rates business?  
   **A:** Management takes all competition seriously but feels confident due to their strong capital efficiencies, including **$7–8 billion in daily margin savings** through portfolio margining.  **[CME_3380444_11]**  They believe their offering is attractive, and competitors would need more than a "me-too strategy" to gain traction.  **[CME_3380444_11]** 

3. **Energy Market Share Trends**  
   **Q:** Are you concerned about losing market share in energy markets to ICE?  
   **A:** Management does not see a loss in market share in Q1 and notes that in direct comparisons, CME maintained or grew market share in key benchmarks like WTI and Henry Hub.  **[CME_3380444_10]**  They highlighted growth in non-U.S. participation, with energy volume up **38% internationally** and options volume up **60%**.  **[CME_3380444_10]** 

4. **Launch of Credit Futures**  
   **Q:** What is the expected impact of launching credit futures in June?  
   **A:** Management is optimistic about the June 17 launch of credit futures on Bloomberg indices.  **[CME_3380444_7]**  They see a significant addressable market, given the **$90 billion average daily volume** in related markets, and expect to offer up to **70% margin offsets** against U.S. Treasury futures.  **[CME_3380444_7]** 

5. **Investment and Expense Timing**  
   **Q:** Why did you maintain expense guidance despite lower Q1 spending?  
   **A:** Management expects project-based spending to ramp up over the year, including investments in the Google migration and securities clearing.  **[CME_3380444_12]**  They also anticipate higher technology costs as they move more into the cloud, aligning with their full-year guidance.  **[CME_3380444_12]** 

6. **Debt Refinancing and Leverage**  
   **Q:** Will you increase debt levels with upcoming refinancing?  
   **A:** Management will evaluate their approach but hasn't made decisions yet.  **[CME_3380444_8]**  They acknowledge higher current rates compared to past issuances and emphasize their strong investment-grade rating. Leverage could increase for the right M&A opportunity, but they'd balance debt and equity carefully.  **[CME_3380444_8]** 

7. **Google Cloud Migration**  
   **Q:** How is the Google Cloud migration progressing and adding value?  
   **A:** The migration is making good progress, with plans to move clearing, regulatory services, and business intelligence workloads this year  **[CME_3380444_14]** **[CME_3380444_20]** . They are developing new data offerings and tools, like transaction cost analysis, and see opportunities for monetization over time  **[CME_3380444_14]** **[CME_3380444_20]** .

8. **Market Data Growth Prospects**  
   **Q:** What's driving growth in market data revenue, and is it sustainable?  
   **A:** Market data revenue grew to **$175 million**, up **6%**, driven by professional subscriber revenue.  **[CME_3380444_6]**  While some derived data revenues are episodic, management sees repeatability and continues to work with Google to develop new data solutions.  **[CME_3380444_6]** 

9. **Treasury Clearing Application Impact**  
   **Q:** Does your treasury clearing application affect the DTCC agreement?  
   **A:** Management believes their application does not complicate the relationship with DTCC.  **[CME_3380444_9]**  They remain committed to offering the best solutions for clients and will proceed based on what's in their best interest when the mandate begins in **2026**.  **[CME_3380444_9]** 

10. **BrokerTec and Interest Rate Swaps Growth**  
    **Q:** What are the growth prospects for BrokerTec and interest rate swaps?  
    **A:** BrokerTec experienced lower volumes due to reduced volatility, but U.S. repo activity was up **5%** year-over-year to **$300 billion daily**.  **[CME_3380444_13]**  Interest rate swaps saw strong activity, especially in Latin American currencies. Management emphasizes the combined strength of their offerings.  **[CME_3380444_13]** 

11. **Regulatory Risks - Ether as Security**  
    **Q:** How would you respond if the SEC declares Ether a security?  
    **A:** Management notes that the CFTC has declared Ether a commodity, under whose jurisdiction they listed Ether futures.  **[CME_3380444_19]**  They plan to continue offering Ether products unless informed otherwise.  **[CME_3380444_19]** 

12. **U.S. Treasury Complex Activity**  
    **Q:** Is treasury activity peaking, and what's driving it?  
    **A:** Management believes it's premature to say treasury activity has peaked, citing differing opinions on Fed actions and expected issuance growth.  **[CME_3380444_3]**  They see continued growth opportunities, supported by capital efficiency programs offering **75–80% margin savings**.  **[CME_3380444_3]** 

13. **Commodities and Metals Markets Activity**  
    **Q:** What's driving growth in commodities and metals volumes?  
    **A:** Metals activity saw significant increases, with non-U.S. growth up **38%** and options volume up **60%**.  **[CME_3380444_4]**  Growth is attributed to heightened global participation and interest in both precious and base metals, reflecting physical market flows.  **[CME_3380444_4]** 

14. **Cash and Noncash Collateral Rates**  
    **Q:** Can you provide an update on collateral rates realized?  
    **A:** Average U.S. cash balances were **$76 billion**, earning **36 basis points** in Q1.  **[CME_3380444_16]**  Noncash balances averaged **$159 billion**, earning **10 basis points**. April averages remain similar.  **[CME_3380444_16]** 

15. **CME's Network Size in Interest Rate Futures**  
    **Q:** How extensive is your network in rates futures liquidity provision?  
    **A:** While not disclosing specific numbers, management asserts their network is strong and global, with record open interest of over **33 million contracts** and more than **3,300 large traders**.  **[CME_3380444_17]**  They emphasize the mix of participants and robust capital efficiencies.  **[CME_3380444_17]** 

16. **Basis Trading Trends**  
    **Q:** How is basis trading expected to progress this year?  
    **A:** Basis trading continues as a significant activity, with clients managing risk using CME's tools.  **[CME_3380444_18]**  Management highlights the unique position of CME in facilitating these trades and expects continued, but variable, activity.  **[CME_3380444_18]** 

17. **Customer Base Health**  
    **Q:** How is the health of the customer base in commodities?  
    **A:** Management observes strong customer health, with renewed participation from traders previously inactive in metals.  **[CME_3380444_4]**  All six asset classes are seeing increased activity, indicating robust client engagement.  **[CME_3380444_4]** 

fbd212c9a699c5bd80ffe538cdec312e3ad3b2bd13e3c8ce77379dea99c8fd73

1. **Competition Strategy**  
   **Q:** How will CME respond to new competitors?  
   **A:** CME has invested over the last 8–10 years to create unparalleled efficiencies for clients, including **$20 billion in daily margin savings**.  **[CME_3394105_4]** **[CME_3394105_9]**  Walking away from such savings to an unproven model seems unlikely for customers. CME is prepared to compete with any new entrants and believes competition makes everyone better. They are in a strong position and will continue focusing on providing value to clients.  **[CME_3394105_9]** 

2. **Margin Efficiencies**  
   **Q:** Can you elaborate on the $20 billion daily margin savings?  
   **A:** The margin savings are roughly split into **$12 billion** for futures and options, **$7 billion** for swaps with futures and options, and **$1 billion** including cash flow.  **[CME_3394105_4]**  CME's unique ability to provide efficiencies across futures, options, swaps, and cash products sets it apart, as competitors currently offer **zero efficiencies** in this area.  **[CME_3394105_4]** 

3. **Pricing Dynamics**  
   **Q:** What's impacting the rates RPC and pricing outlook?  
   **A:** Rates volumes increased **14%** year-over-year, leading to downward pressure on RPC due to increased volume tiering.  **[CME_3394105_10]**  There is also a higher contribution from treasuries and an increase in members this quarter. CME doesn't believe in raising prices simply because it can; instead, it focuses on adding value for clients. Any price increases are based on a bottom-up approach considering market health and customer value.  **[CME_3394105_10]** **[CME_3394105_17]** 

4. **Energy Growth in WTI and Natural Gas**  
   **Q:** What's driving growth in WTI and natural gas volumes?  
   **A:** Energy volumes are up **16%** to **2.4 million contracts**.  **[CME_3394105_7]**  WTI growth is driven by record amounts of U.S. crude oil in the global market, leading to European volumes up **53%** and WTI futures up **42%** among European customers.  **[CME_3394105_7]**  In natural gas, futures are up **29%**, and options up **54%**, with global demand increasing due to the energy transition.  **[CME_3394105_15]**  CME holds an **80%** market share in natural gas futures.  **[CME_3394105_15]** 

5. **Treasury Clearing Plans**  
   **Q:** What are CME's plans for treasury clearing?  
   **A:** CME is working with the SEC to get approval for its treasury clearing offering, aiming to have all information submitted by mid-September.  **[CME_3394105_18]**  They plan to be ready to test in the second half of next year to meet the January 2026 deadline for U.S. actives and June 2026 for repo.  **[CME_3394105_18]**  CME has a long-standing partnership with FICC, providing significant savings to clients, and intends to offer a complementary service.  **[CME_3394105_18]** 

6. **Expenses and Google Partnership**  
   **Q:** How will expenses and the Google partnership affect guidance?  
   **A:** CME remains comfortable with full-year expense guidance, expecting about a **$60 million** increase in the second half.  **[CME_3394105_11]**  Increases are due to marketing spend, retail marketing, cloud consumption from the Google migration, and project-based work like the treasury clearing project.  **[CME_3394105_11]**  The new colocation facility with Google doesn't impact current guidance; any future impacts will be included in guidance as they arise.  **[CME_3394105_11]** 

7. **Retail Growth**  
   **Q:** How are new retail brokers impacting volumes?  
   **A:** CME saw strong growth in retail participants and revenue in Q2.  **[CME_3394105_19]**  New channel partners distributing CME futures for the first time contributed significantly, with notable interest in dollar-denominated equity index offerings. Mini and micro NASDAQ suites saw over **20%** uptake.  **[CME_3394105_19]**  Metals activity among retail clients increased, with revenue up significantly due to records in micro copper, micro silver, and micro gold.  **[CME_3394105_19]** 

8. **Impact of Upcoming Elections**  
   **Q:** How might the upcoming election affect CME?  
   **A:** Regardless of who wins the election, uncertainty leads to market volatility, which is beneficial for CME as markets need to manage risk.  **[CME_3394105_12]**  CME expects continued usage of its products across all asset classes, as seen with volumes up across all six asset classes.  **[CME_3394105_12]** 

9be4b86a1b51ff5e3dac8142eb2aa8b4b8d424786beede700c3c473438ea760f

- **CME Group is achieving significant growth in new customer acquisition**, with new institutional client growth up **almost 40% this year versus our 3-year average**, and retail traders increasing by **30% year-over-year**.  **[CME_3403367_5]**
- **CME Group's cryptocurrency futures business is experiencing record volumes**, with futures ADV up **almost 285%** to a record **102,000 contracts**, driven by the launch of Bitcoin and Ether ETFs, reinforcing CME's position as a trusted and regulated market leader in crypto derivatives.  **[CME_3403367_10]**
- **CME Group's Energy business is delivering record revenues and strong volume growth**, with volumes up **about 21%** and options up **45%**, fueled by increased international participation and the growth of natural gas trading due to physical flows of U.S. benchmarks globally.  **[CME_3403367_14]**

31fa71d22830b93782e10c3306a86a8efaff1d71f70a44390df1826de16d73dd

- **Increasing competition in key markets could threaten CME's market share.** Analysts expressed concerns about market share trends in the energy markets, particularly in WTI crude oil futures, where **ICE may be gaining share**. While CME executives stated that they are maintaining or growing market share in competitive markets, the persistence of competition could impact CME's position.  **[CME_3380444_11]**
- **Upcoming expenses may pressure margins due to project-based spending.** CME maintained its full-year expense guidance despite lower-than-expected Q1 expenses, indicating that **expenses are expected to increase in future quarters** due to investments in projects like the Google migration and securities clearing. This anticipated ramp-up in spending could impact profit margins.  **[CME_3380444_13]**
- **Limited growth in certain business areas amid competitive pressures.** The **BrokerTec** cash rates business and the **interest rate swaps** business have experienced **more limited growth**, partly due to competition and changes in market dynamics, such as decreased volatility leading to internalization of flow by clients. This could hinder CME's ability to accelerate growth in these areas.  **[CME_3380444_14]**

56d584ee264c0192a7b72d2b1c77bd12d94de9cdadc43ec241c15a6c9e01cf62

CME Group Inc (CME)

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