CME
Updated: 24/09/2026, 16:30:14
CME Group Inc., through its various subsidiaries, manages international marketplaces for the exchange of futures and options on futures contracts worldwide. Its extensive array of product offerings includes futures and options linked to a broad spectrum of underlying assets, such as interest rates, equity indices, foreign exchange, agricultural commodities, energy, and metals, alongside fixed-income products. The company additionally furnishes essential clearinghouse services, which entail the verification, settlement, and guarantee of futures, options, and cleared swap agreements traded across its venues. It also offers services for transaction processing and risk mitigation. Furthermore, the organization provides diverse market data services, encompassing both real-time and historical data feeds. Its wide-ranging client base consists of professional traders, financial institutions, both institutional and individual investors, corporations, manufacturers, producers, governments, and central banks. Founded in Chicago, Illinois, in 1898, the enterprise was formerly known as Chicago Mercantile Exchange Holdings Inc. before rebranding as CME Group Inc. in July 2007.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$4.1B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$4.2B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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CME Group core business
CME Group enables clients to trade futures, options, cash and OTC products, operates leading central counterparty clearing, and provides market data across six major asset classes.
“CME Group enables clients to trade futures, options, cash and over-the-counter (OTC) products, optimize portfolios and analyze data”
Exchange brands and subsidiaries
CME Group operates CME, CBOT, NYMEX and COMEX exchanges with Globex, ClearPort, BrokerTec, EBS and OSTTRA platforms
“References to "CME" are to Chicago Mercantile Exchange Inc., to "CBOT" are to Board of Trade of the City of Chicago, Inc., to "NYMEX" are to New York Mercantile Exchange, Inc. and to "COMEX" are to the Commodity Exchange, Inc.”
Company overview
Holding company for CME, CBOT, NYMEX, COMEX, NEX; derivatives exchanges and clearing house; Nasdaq: CME
“CME Group, a Delaware stock corporation, is the holding company for CME, CBOT, NYMEX, COMEX, NEX Group plc (NEX) and their respective subsidiaries.”
Transaction-fee driven revenue model
Revenue substantially derived from fees for transactions executed and cleared in CME Group's markets; volumes affected by macro, volatility and regulatory factors.
“Our revenue is substantially derived from fees for transactions executed and cleared in our markets.”
Derivatives exchanges and products
Derivatives exchanges (CME, CBOT, NYMEX, COMEX) across interest rates, equity indices, FX, agricultural, energy, metals and cryptocurrency products.
“CME Group exchanges offer the widest range of global benchmark products across interest rates, equity indexes, foreign exchange (FX), and agricultural, energy and metals commodities.”
Securities Clearing Business (CMESC)
CMESC received SEC approval in December 2025 to become a securities clearing agency; launch planned later in 2026 ahead of SEC U.S. Treasury clearing mandates.
“In December 2025, our subsidiary, CME Securities Clearing Inc. (CMESC) received approval from the U.S. Securities and Exchange Commission (SEC) to become a securities clearing agency.”
Cash Markets Business (BrokerTec and EBS)
BrokerTec fixed income/money markets trading and EBS FX trading, launched BrokerTec Chicago and FX Spot+ in 2025.
“BrokerTec operates global electronic trading for fixed income and money market products, with a leading position in cash U.S. Treasuries, European Government Bonds, and Repo”
Vertically-integrated execution and clearing model
Strategic plan is to operate an efficient and transparent vertically-integrated transaction execution, clearing and settlement business.
“Our strategic business plan for our futures and options business is to operate an efficient and transparent vertically-integrated transaction execution, clearing and settlement business.”
Customer base of derivatives exchanges
Customers include professional traders, financial institutions, investors, corporations, manufacturers, producers, governments and central banks.
“The customer base of our derivatives exchanges includes professional traders, financial institutions, institutional and individual investors, major corporations, manufacturers, producers, governments and central banks.”
Customer base
Professional traders, financial institutions, investors, corporations, manufacturers, producers, governments, central banks; members and non-members
“Our customers consist of professional traders, financial institutions, individual and institutional investors, major corporations, manufacturers, producers, governments and central banks.”
Data Services Business
Data services include real-time/historical data, CME Term SOFR benchmark administration (FCA-regulated), and native live market data on Google Cloud.
“CME Group has taken a leading role by becoming the first derivatives marketplace to provide live market data natively on the Google Cloud.”
Derivatives product lines by asset class
Futures and options across interest rates, equity indexes, FX, energy, metals, agricultural commodities
“trade futures contracts and options contracts on a range of products, including those based on interest rates, equity indexes, foreign exchange, energy, metals and agricultural commodities.”
BrokerTec and EBS broker-dealer and MTF businesses
BrokerTec and EBS broker-dealer and MTF businesses are extensively regulated across jurisdictions with licensing, capital and AML obligations.
“Our broker-dealer and MTF businesses, BrokerTec and EBS, are also extensively regulated in various jurisdictions.”
Cash markets business (BrokerTec and EBS)
Fixed income trading via BrokerTec, FX trading via EBS; BrokerTec Americas matched principal business
“we offer fixed income trading through BrokerTec and foreign currency trading through EBS”
Trading venues and products
Electronic platforms, open outcry limited to SOFR options, privately negotiated cleared transactions
“Open outcry trading is limited to Secured Overnight Financing Rate (SOFR) options products.”
Revenue composition and drivers
Majority of revenue from clearing and transaction fees; also market data, access/communication fees, collateral management, equity subscriptions
“A majority of our revenue is derived from clearing and transaction fees, which include electronic trading fees, surcharges for privately negotiated transactions and other volume-related charges”
Global workforce and human capital metrics
~3,875 employees globally (58% U.S.); 4.1% voluntary turnover, 35.9% internal fills, 14.5% promotions, 82% engagement score in 2025.
“As of December 31, 2025, our global employee population consisted of approximately 3,875 employees, with 58% (approximately 2,230) working in the U.S.”
Clearing house performance guarantee
Central counterparty clearing guarantee with contract offsetting and margin efficiencies
“the substitution of our clearing house as the counterparty to every transaction allows our customers to establish a position with one party and offset the position with another”
Price volatility drives trading activity
Trading volumes driven by volatility in commodities, equities, fixed income, FX and by economic/market conditions
“volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates”
Volume demand drivers
Volumes rise during economic/geopolitical uncertainty; influenced by Fed rate policy, credit availability and AUM
“our contract volume, and consequently our revenues, tend to increase during periods of economic and geopolitical uncertainty”
Uncertainty-driven hedging volume vs. post-disturbance decline
Periods of heightened uncertainty tend to increase trading volume via hedging, but post-disturbance periods may see decreased volume from reduced risk exposure and lack of available capital.
“Historically, periods of heightened uncertainty have tended to increase our trading volume due to increased hedging activity”
Growth strategy: OTC markets, global distribution, M&A and Google Cloud partnership
Growth strategy includes serving OTC markets, global distribution, new markets, acquisitions/alliances, and a Google Cloud partnership; future transactions could involve dilutive equity or increased debt.
“We may issue additional equity and/or debt as part of strategic partnerships with third parties, as was the case in connection with our partnership with Google Cloud.”
Leading clearing house position
CME operates one of the world's leading central counterparty clearing providers.
“we operate one of the world’s leading central counterparty clearing providers.”
Global marketplace positioning
Global customer access; competes in expanding global trading, clearing and settlement marketplace
“We compete in a large and expanding financial services trading, clearing and settlement marketplace globally.”
Maximize futures and options growth globally
Growth strategy centered on micro products, options, new Credit/T-bill/TBA Mortgage futures, 24/7 crypto trading from Q2 2026, and energy transition/environmental products.
“We will begin offering 24/7 trading for our entire crypto suite in Q2 2026 to enable our customers to hedge exposure to the underlying cash markets for these products throughout the weekend.”
Business strategy
Global futures/options growth, revenue diversification, customer efficiencies, Google Cloud partnership
“Our strategy focuses on maximizing futures and options growth globally, diversifying our business and revenues and delivering unparalleled customer efficiencies and operational excellence, including through our partnership with Google Cloud.”
Volume-variable expense components
Licensing/fee agreements vary with equity, energy and swap volumes
“licensing and other fee agreements can vary directly with certain equity, energy and swap vol”
Prediction markets joint venture with FanDuel
CME has a joint venture with FanDuel for prediction markets, subject to pending litigation and regulatory outcomes.
“The outcome of both litigation and regulatory consideration of issues relating to prediction markets, which could impact our existing and future offerings through our joint venture with FanDuel.”
Key regulatory focus areas
Regulatory focus includes SEC U.S. Treasury clearing mandate, Basel III Endgame, FSB CCP resolution proposals, transaction taxes, and 60/40 tax treatment elimination.
“The implementation of the SEC's mandate for central clearing of U.S. Treasury securities and potential impacts to the industry.”
Primary regulation in US, UK and EU
Primarily subject to U.S., UK and EU regulators; possible sanctions include revocation of designations as contract market, derivatives clearing organization, swap data repository, broker-dealer or MTF.
“We are primarily subject to the jurisdiction of the regulatory agencies in the U.S., UK and EU.”
Index and intellectual property rights dependency
Licensed index rights (Dow Jones, S&P 500) and IP terms are a revenue dependency
“any negative financial impacts from changes to the terms of intellectual property and index rights”
Google Cloud transition cost risk
Cloud transition to Google Cloud creates variable costs and duplicative on-premise/cloud costs during transition
“our ability to manage variable costs associated with CME Group's transition to the Google Cloud, and minimizing the duplicative costs of maintaining both on-premise and Google Cloud environments during the transition”
Third-party provider and distribution partner reliance
Depends on third-party providers and distribution partners (ISVs, FCMs, introducing brokers, data distributors) for trading and market data
“our reliance on third-party distribution partners, including independent software vendors (ISVs), futures commission merchants (FCMs), introducing brokers, broker-dealers, regulatory reporting and data distributors and platform operators”
Regulatory, tariff and tax policy risk
Exposed to regulation changes, tariffs, restrictions on offering products by geography/customer, and possible transaction tax or loss of 60/40 tax treatment
“the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions”
Clearing house credit and liquidity risk
Clearing house manages credit risk of clearing firms, BrokerTec matched principal margin/liquidity requirements, and collateral earnings variance
“the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing firms and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business”
Revenue mix and pricing structure risk
Rate per contract varies with product/venue/customer mix, incentive programs and tiered pricing; market data and internalization affect revenue
“changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure”
Fixed cost structure risk
Fixed cost base difficult to adjust if revenues decline
“our ability to adjust our fixed costs and expenses if our revenues decline”
Platform resilience and cybersecurity risk
Electronic platform resilience and disaster recovery exposed to cyberattacks/cyberterrorism and supplier disruption
“the resilience of our electronic platforms and the soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks and cyberterrorism or as impacted by a failure of or disruption at one of our suppliers”
M&A, indebtedness and litigation risks
Risks from growth strategy execution, acquisition synergies, indebtedness, customer consolidation and unfavorable legal proceedings
“our ability to execute our growth strategy and maintain our growth effectively; the ability to manage the risks, control the costs and achieve the synergies associated with and benefits from our strategy for acquisitions, investments, alliances, strategic partnerships and joint ventures”
60/40 tax treatment elimination risk
Legislation proposing to eliminate 60/40 tax treatment of futures/options could significantly raise participant tax rates and reduce trading activity.
“Legislation that proposes to eliminate the 60/40 tax treatment of certain of our futures and options contracts, which would result in 60% of the gains being taxed at the short-term capital gain rate instead of the long-term capital gain rate.”
BrokerTec Americas FICC membership dependency
BrokerTec Americas' matched principal platform relies on FICC membership; trades are expected to be novated promptly to FICC as ultimate counterparty, requiring ready liquidity for margin calls.
“A failure of BrokerTec Americas to maintain its membership with FICC could adversely impact the willingness of such participants to continue trading on our platform.”
Intense competition across execution, clearing and data
Faces intense competition from exchanges, OTC markets, clearing organizations, member consortia, alternative trade execution facilities, crypto and prediction market platforms, and technology firms including AI-enabled competitors.
“We face competition from other futures, securities and securities option exchanges; OTC markets; clearing organizations; consortia formed by our members and large industry participants; alternative trade execution facilities and crypto and prediction market platforms; technology firms, including market data distributors and electronic trading system developers; and others.”
Dependency on third-party price reporting agency IP
A significant percentage of contract volume and revenue is based on indexes derived from third-party price reporting agencies; loss of IP protection would hurt volume and revenue.
“A significant percentage of our contract volume and revenue is based on indexes derived from third-party price reporting agencies.”
Volume drivers list including geopolitics, rates, weather
Trading volumes are affected by geopolitics and wars, regulation, volatility, commodity supply/demand shifts, monetary policy and Fed rate forecasts, capital availability, weather/droughts, pandemics, and customer consolidation.
“economic, political and geopolitical market conditions, including the instability caused by trade policies and wars”
Regulatory scrutiny of clearing house ownership
Some of the clearing house's largest clearing firms seek legislative or regulatory changes enabling alternative clearing services or free movement of open positions, which could allow them to take advantage of CME's liquidity and limit use of its markets.
“These clearing firms have sought, and may seek in the future, legislative or regulatory changes that would, if adopted, enable them to use alternative clearing services”
Intensifying competition
Competition expected to intensify across trading, clearing and settlement
“We expect competition to continue to intensify, especially in light of ongoing regulatory developments in the financial services industry.”
Currency translation and global operations risk
Financials presented in USD; foreign subsidiary translation and global operations expose the company to FX fluctuations, protectionist laws, staffing costs and adverse tax consequences.
“As our consolidated financial statements are presented in U.S. dollars, we must translate our foreign subsidiaries’ financial statements from local currencies into U.S. dollars”
Event-based contract litigation (sports events)
The legal status of certain event-based contracts, most notably sports event contracts, is under litigation in various jurisdictions; outcomes could impact ability to offer event contracts.
“The legal status of certain event-based contracts, most notably those based on sports events, is the subject of litigation in various jurisdictions.”
Spot digital asset regulation pending in Congress
Legislation regarding the regulatory market structure for trading and clearing of spot digital assets is being considered in Congress; impact on listed derivatives regulation is uncertain.
“Legislation regarding the regulatory market structure applicable to the trading and clearing of spot digital assets is currently being considered in Congress.”
Potential transaction tax legislation
Legislation may add a transaction tax on products, making transactions more costly to market participants and potentially reducing trading.
“Legislation may be proposed, both domestically and internationally, that could, for example, add a transaction tax on our products”
Regulatory environment risk
Regulatory developments could significantly impact business and profitability
“Compliance with regulations may require us and our customers to dedicate significant financial and operational resources, which could adversely affect our profitability.”
Trading and clearing revenues depend on volatility in commodities, equities, fixed income, FX and broader economic conditions driving customer trading activity.
“volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates”
Trading volumes and transaction fee revenue rise with uncertainty-driven hedging but can fall after market disturbances as risk exposure declines.
“changes in price levels, trading volumes and volatility in the derivatives, cash and OTC markets and in their underlying markets”
Significant percentage of contract volume and revenue is based on indexes derived from third-party price reporting agencies; loss of IP protection would directly reduce volume and revenue.
“A significant percentage of our contract volume and revenue is based on indexes derived from third-party price reporting agencies.”
Interest rates is a core asset class (SOFR, U.S. Treasury, Federal Funds) with a third consecutive year of volume records in 2025.
“This included a third consecutive year of volume records in our interest rates asset class, as well as volume records for our agricultural, energy and metals products.”
Trading activity fluctuates due to ongoing uncertainty in the financial markets, directly affecting per-contract clearing and transaction fee revenue.
“Trading activity in our centralized markets has fluctuated due to the ongoing uncertainty in the financial markets”
Trading activity fluctuates with the Federal Reserve's interest rate policy, driving contract volumes and clearing/transaction fee revenue.
“fluctuations in the availability of credit, variations in the amount of assets under management as well as the Federal Reserve Bank’s interest rate policy”
Contract volumes and revenues tend to increase during periods of economic and geopolitical uncertainty as customers hedge or speculate on volatility.
“our contract volume, and consequently our revenues, tend to increase during periods of economic and geopolitical uncertainty”
The SEC mandate creates both an opportunity (CMESC clearing service launch in 2026) and regulatory risk for the business.
“We plan to launch clearing services under CMESC later in 2026 to help market participants comply with the mandate for U.S. Treasury transactions (as of December 31, 2026) and repo transactions (as of June 30, 2027).”
Clearing/transaction fees are per-contract and driven by trading of professional traders, financial institutions and other customers; market data revenue is also influenced by the financial services industry as primary customer base.
“General economic factors that affect the financial services industry, which constitutes our primary customer base, also influence revenue from our market data services.”
A single clearing firm represented 12% of clearing and transaction fees revenue in 2025; withdrawal risk is mitigated by expected customer activity transfer.
“One firm represented 12% of our clearing and transaction fees revenue for 2025.”
Government monetary policies and central bank rate forecasts directly affect trading volumes in CME's markets.
“changes in government monetary policies and the U.S. Federal Reserve and other international banks' forecasted interest rates”
Transition to Google Cloud introduces variable costs and duplicative on-premise/cloud costs during the transition.
“our ability to manage variable costs associated with CME Group's transition to the Google Cloud, and minimizing the duplicative costs of maintaining both on-premise and Google Cloud environments during the transition”
Open outcry is limited to SOFR options and interest rate products are a core asset class, tying revenue to the rate environment and Fed policy.
“Open outcry trading is limited to Secured Overnight Financing Rate (SOFR) options products.”
Changes in laws, tariffs, tax policy, transaction taxes or repeal of 60/40 tax treatment could restrict products offered and raise costs.
“changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry”
Economic, political and geopolitical conditions, including instability from trade policies and wars, affect trading volumes.
“economic, political and geopolitical market conditions, including the instability caused by trade policies and wars”
Relies on ISVs, FCMs, introducing brokers, broker-dealers, data distributors and platform operators for facilitating trading and market data distribution.
“our reliance on third-party distribution partners, including independent software vendors (ISVs), futures commission merchants (FCMs), introducing brokers, broker-dealers, regulatory reporting and data distributors and platform operators”
Regulated exchanges and regulated customers; regulatory developments can significantly impact business and compliance costs may affect profitability.
“Developments in the regulatory environment have the potential to significantly impact our business.”
CME is primarily subject to jurisdiction of regulatory agencies in the U.S., UK and EU, with significant compliance costs and potential sanctions.
“We are primarily subject to the jurisdiction of the regulatory agencies in the U.S., UK and EU.”
Availability of capital to market participants and their risk appetite directly affects trading volumes and thus transaction fee revenue.
“availability of capital to our market participants and their appetite for risk-taking”
Elimination of 60/40 tax treatment could significantly increase tax rates on market participants and decrease trading activity on CME markets.
“This would impose a significant increase in tax rates applicable to certain market participants and could result in a decrease in their trading activity.”
Pending Congressional legislation on spot digital asset trading/clearing market structure could impact CME's digital asset product offering and listed derivatives regulation.
“Legislation regarding the regulatory market structure applicable to the trading and clearing of spot digital assets is currently being considered in Congress.”
Equity index products depend on licensed Dow Jones and S&P index rights; changes to terms could negatively affect financials.
“Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P Dow Jones Indices LLC, as the case may be, and have been licensed for use by CME”
Business strategy includes delivering customer efficiencies and operational excellence through the Google Cloud partnership.
“including through our partnership with Google Cloud”
Competitors may utilize better AI technology; generative AI also elevates fraud risk and market data IP misuse risk.
“utilize better, more user-friendly or more reliable technology, including artificial intelligence”
FSB proposal for CCP-dedicated resolution resources could increase costs, reduce participation, and disincentivize default management if adopted in the U.S.
“this proposal could negatively impact cleared markets by increasing costs, reducing participation, and disincentivizing default management participation.”
CME provides live market data natively on Google Cloud, embedding cloud technology in its data distribution strategy.
“becoming the first derivatives marketplace to provide live market data natively on the Google Cloud”
Litigation and regulatory outcomes on prediction markets could impact CME's existing and future offerings via the FanDuel joint venture.
“The outcome of both litigation and regulatory consideration of issues relating to prediction markets, which could impact our existing and future offerings through our joint venture with FanDuel.”
CME is expanding into bioenergy, water, battery metals and carbon products to establish a leadership position in energy transition/environmental markets.
“We are establishing a leadership position in and supporting the needs of our clients in the energy transition/environmental markets by expanding into bioenergy, water, battery metals and carbon products.”
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