Core Insights - CME Group reported a decline in third-quarter profit due to lower energy volumes impacting transaction fees [1] Company Performance - The decrease in profit was attributed to subdued energy volumes, which negatively affected the fees collected from clearing and settling transactions [1]

[Executive Summary & Q3 2025 Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q3%202025%20Financial%20Highlights) This section provides an overview of CME Group's Q3 2025 financial performance, strategic priorities, and balance sheet position [Q3 2025 Financial Performance (GAAP & Adjusted)](index=1&type=section&id=Q3%202025%20Financial%20Performance%20(GAAP%20%26%20Adjusted)) CME Group reported Q3 2025 revenue of $1.5 billion, operating income of $973 million, and net income of $908 million (diluted EPS $2.49), with adjusted net income of $1.0 billion and diluted EPS of $2.68 Q3 2025 Financial Results (GAAP vs. Adjusted) | Metric | GAAP (Millions) | Adjusted (Millions) | | :-------------------------------- | :-------------- | :------------------ | | Revenue | $1,500 | - | | Operating Income | $973 | - | | Net Income | $908 | $1,000 | | Diluted EPS | $2.49 | $2.68 | Q3 2025 Revenue Breakdown | Revenue Type | Amount (Millions) | | :-------------------------- | :---------------- | | Clearing and transaction fees | $1,200 | | Market data revenue | $203 | | Total average rate per contract | $0.702 | [CEO Commentary & Strategic Focus](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Focus) CEO Terry Duffy highlighted strong Q3 performance driven by global client reliance, with strategic emphasis on efficiency, new products, and expanded market access - Achieved **second-highest third-quarter ADV**[2](index=2&type=chunk) - Adjusted net income and adjusted EPS on par with last year's strong Q3 performance[2](index=2&type=chunk) - Strategic focus on delivering efficiencies, new products, and expanded market access, including a new partnership with FanDuel and 24/7 cryptocurrency futures and options trading[2](index=2&type=chunk) [Balance Sheet Snapshot & Shareholder Returns](index=1&type=section&id=Balance%20Sheet%20Snapshot%20%26%20Shareholder%20Returns) As of September 30, 2025, CME Group held $2.6 billion in cash and $3.4 billion in debt, having returned approximately $3.5 billion to shareholders in dividends during the first nine months of 2025 Balance Sheet Snapshot (as of September 30, 2025) | Metric | Amount (Millions) | | :----- | :---------------- | | Cash | $2,600 | | Debt | $3,400 | - Paid approximately **$3.5 billion in dividends** during the first nine months of 2025[3](index=3&type=chunk) - Returned over **$29.5 billion to shareholders in dividends** since early 2012[3](index=3&type=chunk) [Company Overview & Forward-Looking Statements](index=2&type=section&id=Company%20Overview%20%26%20Forward-Looking%20Statements) This section outlines CME Group's business, conference call details, trademarks, and important forward-looking statement disclaimers [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) CME Group will host a Q&A conference call for Q3 2025 results at 8:30 a.m. Eastern Time, with a live audio webcast and archived recording available online - Q&A conference call for Q3 2025 results scheduled for **8:30 a.m. Eastern Time**[5](index=5&type=chunk) - Live audio webcast and archived recording available on investor.cmegroup.com[5](index=5&type=chunk) [Business Description](index=2&type=section&id=Business%20Description) CME Group is the world's leading derivatives marketplace, offering trading in futures, options, cash, and OTC markets across major asset classes through platforms like CME Globex, BrokerTec, and EBS, and operating CME Clearing - CME Group is the **world's leading derivatives marketplace**[6](index=6&type=chunk) - Offers trading in futures, options, cash, and OTC markets across asset classes: interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products, and metals[6](index=6&type=chunk) - Operates trading platforms (CME Globex, BrokerTec, EBS) and a central counterparty clearing provider (CME Clearing)[6](index=6&type=chunk) [Trademarks](index=2&type=section&id=Trademarks) This section lists CME Group's owned trademarks, including CME, CBOT, NYMEX, COMEX, Globex, BrokerTec, and EBS, along with licensed trademarks like S&P 500 Index and Dow Jones - CME Group owns trademarks including CME, CBOT, NYMEX, COMEX, Globex, BrokerTec, and EBS[7](index=7&type=chunk) - Licenses trademarks such as S&P 500 Index and Dow Jones, with a disclaimer that futures contracts based on the S&P 500 Index are not sponsored by S&P DJI[7](index=7&type=chunk) [Forward-Looking Statements & Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) The press release contains forward-looking statements subject to significant risks, including competition, technological developments, regulatory changes, and market volatility - Statements in the press release that are not historical facts are forward-looking and involve risks, uncertainties, and assumptions[8](index=8&type=chunk) - Key risk factors include increasing competition, technological developments, ability to introduce new products, managing costs (including Google Cloud transition), customer retention, regulatory changes, and intellectual property protection[8](index=8&type=chunk) - Other risks include market data revenue decreases, changes in rate per contract, credit and liquidity risk management, compliance, third-party dependence, market volatility, economic conditions, growth strategy execution, and legal proceedings[8](index=8&type=chunk)[9](index=9&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents CME Group's consolidated balance sheets and statements of income for the reported periods [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2025, total assets significantly increased to $187.1 billion, primarily due to higher performance bonds, with corresponding increases in liabilities and shareholders' equity Consolidated Balance Sheet Highlights (in millions) | Metric | Sep 30, 2025 | Dec 31, 2024 | Change | | :------------------------------------ | :----------- | :----------- | :----- | | Cash and cash equivalents | $2,446.8 | $2,892.4 | ($445.6) | | Performance bonds and guaranty fund contributions (Assets) | $149,041.2 | $98,895.4 | $50,145.8 | | Total current assets | $152,800.8 | $103,033.5 | $49,767.3 | | Total Assets | $187,144.6 | $137,447.0 | $49,697.6 | | Performance bonds and guaranty fund contributions (Liabilities) | $149,041.2 | $98,895.4 | $50,145.8 | | Total current liabilities | $149,587.2 | $102,313.9 | $47,273.3 | | Long-term debt | $3,421.3 | $2,678.2 | $743.1 | | Total Liabilities | $158,954.3 | $110,960.1 | $47,994.2 | | Total CME Group Shareholders' Equity | $28,190.3 | $26,486.9 | $1,703.4 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) For Q3 2025, total revenues decreased slightly to $1,537.6 million, with operating income at $972.6 million and net income at $908.0 million, while nine-month revenues and net income increased Consolidated Statements of Income Highlights (in millions, except per share amounts) | Metric | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Clearing and transaction fees | $1,227.9 | $1,297.1 | $3,953.2 | $3,755.9 | | Market data and information services | $202.5 | $178.2 | $595.1 | $528.6 | | Total Revenues | $1,537.6 | $1,584.4 | $4,871.9 | $4,604.8 | | Total Expenses | $565.0 | $560.2 | $1,662.0 | $1,620.4 | | Operating Income | $972.6 | $1,024.2 | $3,209.9 | $2,984.4 | | Investment income | $1,548.7 | $1,026.8 | $3,959.8 | $3,142.6 | | Net Income | $908.0 | $912.8 | $2,889.3 | $2,651.2 | | Diluted EPS | $2.49 | $2.50 | $7.92 | $7.27 | [Non-GAAP Financial Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Reconciliations) This section provides reconciliations of GAAP to non-GAAP financial measures, including adjusted operating income, net income, and diluted EPS [Reconciliation of Adjusted Operating Income](index=7&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Income) For Q3 2025, Adjusted Operating Income was $1,051.0 million, a decrease from Q3 2024, while the nine-month period showed an increase to $3,419.5 million Adjusted Operating Income (in millions) | Metric | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :------------------------ | :------ | :------ | :------ | :------ | | Total Revenues | $1,537.6 | $1,584.4 | $4,871.9 | $4,604.8 | | Adjusted Total Revenues | $1,537.6 | $1,584.5 | $4,871.9 | $4,603.9 | | Total Expenses | $565.0 | $560.2 | $1,662.0 | $1,620.4 | | Adjusted Total Expenses | $486.6 | $488.8 | $1,452.4 | $1,424.8 | | Operating Income | $972.6 | $1,024.2 | $3,209.9 | $2,984.4 | | Adjusted Operating Income | $1,051.0 | $1,095.7 | $3,419.5 | $3,179.1 | [Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings per Common Share](index=8&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20and%20Adjusted%20Diluted%20Earnings%20per%20Common%20Share) Adjusted Net Income for Q3 2025 was $978.4 million, with Adjusted Diluted EPS at $2.68, while nine-month figures showed increases to $3,077.7 million and $8.43, respectively Adjusted Net Income and Diluted EPS (in millions, except per share amounts) | Metric | Q3 2025 | Q3 2024 | 9M 2025 | 9M 2024 | | :-------------------------------------------------- | :------ | :------ | :------ | :------ | | Net Income | $908.0 | $912.8 | $2,889.3 | $2,651.2 | | Adjusted Net Income | $978.4 | $977.0 | $3,077.7 | $2,820.3 | | Diluted EPS | $2.49 | $2.50 | $7.92 | $7.27 | | Adjusted Diluted EPS | $2.68 | $2.68 | $8.43 | $7.74 | [Quarterly Operating Statistics](index=9&type=section&id=Quarterly%20Operating%20Statistics) This section details CME Group's quarterly average daily volume and average rate per contract across various product lines [Quarterly Average Daily Volume (ADV)](index=9&type=section&id=Quarterly%20Average%20Daily%20Volume%20(ADV)) Total Average Daily Volume for Q3 2025 was 25,322 thousand contracts, representing a decline from both the previous quarter and the prior year, with most product lines experiencing decreases Quarterly Average Daily Volume (ADV) (in thousands of contracts) | Product Line | 3Q 2024 | 2Q 2025 | 3Q 2025 | QoQ Change (2Q25-3Q25) | YoY Change (3Q24-3Q25) | | :-------------------- | :------ | :------ | :------ | :--------------------- | :--------------------- | | Interest rates | 14,881 | 15,472 | 13,378 | -13.5% | -10.1% | | Equity indexes | 7,407 | 7,661 | 6,278 | -18.0% | -15.3% | | Foreign exchange | 1,089 | 1,096 | 834 | -23.9% | -23.4% | | Energy | 2,571 | 3,082 | 2,295 | -25.5% | -10.8% | | Agricultural commodities | 1,614 | 1,964 | 1,712 | -12.8% | +6.1% | | Metals | 728 | 943 | 825 | -12.5% | +13.3% | | **Total** | **28,289** | **30,217** | **25,322** | **-16.2%** | **-10.5%** | | **Venue:** | | | | | | | CME Globex | 26,199 | 28,097 | 23,418 | -16.6% | -10.6% | | Open outcry | 1,096 | 993 | 989 | -0.4% | -9.8% | | Privately negotiated | 994 | 1,127 | 915 | -18.8% | -7.9% | [Quarterly Average Rate Per Contract (RPC)](index=9&type=section&id=Quarterly%20Average%20Rate%20Per%20Contract%20(RPC)) The average rate per contract for Q3 2025 was $0.702, an increase from both the previous quarter and the prior year, with foreign exchange, interest rates, and equity indexes showing notable gains Quarterly Average Rate Per Contract (RPC) | Product Line | 3Q 2024 | 2Q 2025 | 3Q 2025 | QoQ Change (2Q25-3Q25) | YoY Change (3Q24-3Q25) | | :-------------------- | :------ | :------ | :------ | :--------------------- | :--------------------- | | Interest rates | $0.468 | $0.481 | $0.487 | +1.2% | +4.1% | | Equity indexes | $0.616 | $0.635 | $0.652 | +2.7% | +5.8% | | Foreign exchange | $0.744 | $0.772 | $0.841 | +9.0% | +13.0% | | Energy | $1.246 | $1.138 | $1.214 | +6.7% | -2.6% | | Agricultural commodities | $1.346 | $1.435 | $1.423 | -0.8% | +5.7% | | Metals | $1.540 | $1.456 | $1.505 | +3.4% | -2.3% | | **Average RPC** | **$0.666** | **$0.690** | **$0.702** | **+1.7%** | **+5.4%** |

Financial Performance - CME Group reported revenue of $1.5 billion for Q3 2025, with operating income of $973 million and net income of $908 million, translating to diluted earnings per share of $2.49 [2][10] - On an adjusted basis, net income was $1.0 billion, and diluted earnings per share were $2.68, maintaining strong performance compared to last year's Q3 [2][12] - Clearing and transaction fees revenue reached $1.2 billion, with a total average rate per contract of $0.702, while market data revenue set a record at $203 million [3][10] Market Trends and Client Engagement - Global clients continued to rely on CME Group markets across all asset classes amid ongoing uncertainty, achieving the second-highest third-quarter average daily volume (ADV) [3] - The company is focused on delivering efficiencies, new products, and expanded access for market users, including a partnership with FanDuel and 24/7 trading in cryptocurrency futures and options [3] Shareholder Returns and Financial Position - As of September 30, 2025, CME Group had $2.6 billion in cash and $3.4 billion in debt, having paid approximately $3.5 billion in dividends during the first nine months of the year [4] - Since implementing a variable dividend policy in early 2012, the company has returned over $29.5 billion to shareholders in the form of dividends [4] Quarterly Operating Statistics - The average daily volume for Q3 2025 was 25,322 contracts, with notable declines in interest rates and equity indexes compared to previous quarters [14][15] - The average rate per contract across various product lines showed slight variations, with the overall average at $0.702 for Q3 2025 [15]

Group 1 - The core point of the article highlights the trading volume and open interest data for gold, silver, and copper futures on October 21, as reported by the Chicago Mercantile Exchange [1] Group 2 - Gold futures trading volume reached 577,546 contracts, an increase of 209,220 contracts from the previous data [1] - Open interest for gold contracts was 473,401, a decrease of 2,537 contracts from the previous data [1] - Silver futures trading volume was 171,880 contracts, an increase of 60,619 contracts from the previous data [1] - Open interest for silver contracts was 169,723, a decrease of 2,560 contracts from the previous data [1] - Copper futures trading volume was 61,583 contracts, an increase of 18,516 contracts from the previous data [1] - Open interest for copper contracts was 258,662, an increase of 2,606 contracts from the previous data [1]

Core Insights - On October 21, the Chicago Mercantile Exchange released trading volume and open interest data for WTI crude oil, Brent crude oil, and natural gas [1] WTI Crude Oil - WTI crude oil futures trading volume was 787,121 contracts, a decrease of 18,139 contracts from the previous period [1] - Open interest for WTI crude oil was 1,997,905 contracts, a decrease of 10,297 contracts from the previous period [1] Brent Crude Oil - Brent crude oil futures trading volume was 160,767 contracts, an increase of 37,363 contracts from the previous period [1] - Open interest for Brent crude oil was 220,859 contracts, an increase of 822 contracts from the previous period [1] Natural Gas - Natural gas futures trading volume was 642,779 contracts, a decrease of 154,394 contracts from the previous period [1] - Open interest for natural gas was 1,682,050 contracts, a decrease of 24,242 contracts from the previous period [1]

Group 1 - CME Group is set to announce its Q3 2025 earnings on October 22, with projected revenue of approximately $1.53 billion, reflecting a 3% year-over-year decrease, and anticipated earnings of about $2.63 per share [2] - The exchange recorded its second-highest average daily volume (ADV) in Q3 2025, reaching 25.3 million contracts, with cryptocurrency contracts hitting a record quarterly ADV of 340,000 contracts [2] - CME Group has a current market capitalization of $96 billion, generating $6.4 billion in revenue over the past twelve months, with operating profits of $4.2 billion and net income of $3.8 billion [3] Group 2 - Historical data shows that over the last five years, CME Group had 20 recorded earnings data points, with positive one-day (1D) returns occurring about 45% of the time, increasing to 50% over the last three years [5] - The median of the 9 positive returns is 3.4%, while the median for the 11 negative returns is -1.8% [5] - A strategy to analyze the correlation between short-term and medium-term returns post-earnings can be employed, with a focus on pairs that show the highest correlation for trading decisions [6]

央行需求自2022年末以来一直是黄金上涨的关键推动力，但最新交易数据显示，投资需求如今已成为这 种贵金属的新动能引擎。 "随着市场参与者努力应对持续的经济不确定性，对避险资产的需求正在激增，"芝商所集团董事总经理 兼全球金属业务主管金·亨尼希（Jin Hennig）表示。 "全球客户继续通过我们的黄金期货和期权来对冲风险，并在这复杂环境中寻找机会，大型机构和零售 交易商共同推动了我们金属产品系列的纪录级交易活动。" 世界黄金协会数据显示，全球黄金支持交易所交易基金上周流入59.2吨黄金——这是自2020年3月以来 最大的单周增幅。 道富投资管理公司黄金策略主管阿卡什·多希（Aakash Doshi）近期接受Kitco新闻采访时指出，即便面 对创纪录需求，黄金仍是配置不足的资产。道富旗下运营着全球最大的黄金支持ETF——SPDR Gold Shares（GLD）。 "1月份GLD仍呈现资金外流。因此从这个角度看，尽管出现增长，黄金仍非超配资产。" 周一，芝加哥商品交易所集团（CME Group）宣布其金属合约总成交量于上周五达到创纪录的282.9666 万份合约，这一数字突破了两周前刚创下的214.899万份合 ...

Core Insights - CME Group Inc. is anticipated to experience a decline in both revenue and earnings for the third quarter of 2025, with revenues expected to be $1.54 billion, reflecting a 2.9% decrease year-over-year [1] - The consensus estimate for earnings per share is $2.63, indicating a year-over-year decrease of 1.8%, with a 3.3% downward revision in the past 30 days [2] Financial Performance Expectations - The third-quarter performance is likely to benefit from a diverse product portfolio, increased market volatility, and a strong market position [5][10] - Clearing and transaction fees are projected to be $1.2 billion, driven by higher trading volumes across asset classes [6] - Average daily volume for the quarter was reported at 25.3 million contracts, down 10% year-over-year, with specific increases in Agricultural and Metals ADV [7][10] Revenue Breakdown - Market data and information services revenues are expected to reach $179 million, a 0.5% increase from the previous year, while the Zacks Consensus Estimate is $196 million, indicating a 10.1% increase [8] - Total expenses are anticipated to rise to $505.6 million, reflecting a 3.4% increase year-over-year due to higher compensation and technology expenses [9]

Core Insights - Trump's erratic trade policies have unexpectedly given the London Metal Exchange (LME) an advantage over its New York competitor, the Comex, due to the impact of tariffs on copper imports [1][5][10] - The LME's structure allows for trading copper stored in global bonded warehouses, which are not subject to tariffs, providing a "pure global price" unaffected by tariff fluctuations [1][2][4] - In contrast, Comex has seen a significant decline in copper futures trading volume, with a 34% drop in average daily volume compared to the previous year, largely due to tariff uncertainties [1][5] Trading Volume Comparison - LME's average daily trading volume for copper futures has increased by 4% compared to the same period in 2024, indicating a recovery from previous challenges [1] - Comex's average daily trading volume for copper futures has decreased by 34% in the first nine months of this year compared to last year, reflecting the negative impact of tariff-related volatility [1][2] Market Dynamics - The recent focus on the copper market has been driven by accidents at major copper mines, pushing prices to near-record highs of over $11,000 per ton [5] - The LME has benefited from its design that is inherently unaffected by tariffs, while Comex has struggled with the volatility caused by tariff speculation [4][5] Tariff Impact - The initial expectation was that Trump's tariffs would cover refined copper, but the actual policy targeted semi-finished products, leading to confusion and volatility in the market [2][3] - The LME's ability to provide prices free from tariff impacts has been significant, as noted by its CEO, Matthew Chamberlain [2][3] Price Premiums - The premium for copper stored in Comex warehouses has reached a record high of approximately $3,000 per ton compared to LME prices, driven by increased demand before anticipated tariffs [7][9] - Despite the absence of tariffs on refined copper, the ongoing uncertainty continues to keep Comex prices elevated compared to LME prices [10]

Core Insights - The prediction market, once considered a niche experiment in the cryptocurrency space, is rapidly moving towards mainstream finance, with significant actions from major players like CME Group Inc. [1][2] Group 1: Traditional Financial Institutions' Involvement - CME Group plans to launch new prediction contracts linked to sports events and economic indicators by the end of this year, directly competing with emerging platforms like Polymarket and Kalshi [1][2] - CME's collaboration with FanDuel, announced earlier this year, focuses on products tied to economic indicators, with an openness to sports-related contracts [2] - CME's regulatory status allows it to self-certify new contracts without explicit approval from the CFTC, enabling rapid product rollout [2] Group 2: Emergence of New Platforms - New platforms like Polymarket and Kalshi have gained significant traction, with Polymarket allowing users to bet on real-world events using stablecoins, achieving record trading volumes during the 2024 U.S. presidential election [3][7] - Polymarket's daily active wallets peaked at over 72,600 on January 19, 2025, with monthly trading volumes exceeding $1 billion and total trading surpassing $15.7 billion [3] - Kalshi, the first federally regulated event contract exchange in the U.S., gained popularity through its real-time election odds display, reaching nearly 13 million views on social media [7] Group 3: Capital Influx and Regulatory Developments - The Intercontinental Exchange announced a $2 billion investment to acquire a 25% stake in Polymarket, which is valued at up to $10 billion despite not being open to U.S. users yet [9] - Kalshi's legal victory against the CFTC cleared the way for offering presidential election betting contracts, although it still faces regulatory challenges in various states [9] - The regulatory landscape remains complex, with some state regulators prohibiting companies from offering federally regulated event contracts alongside state-regulated sports betting [9] Group 4: Market Appeal and Adoption Potential - The simplicity of prediction markets, which convert complex probability forecasts into easily understandable data points, is a key factor attracting attention [10] - Despite a decline in total value locked (TVL) from $512 million to approximately $194 million, Polymarket's TVL has increased by 2,325% compared to $8 million a year ago, demonstrating strong market vitality [10]