CME Group Inc.
Loading chart...
ITEM 1. BUSINESS
CME Group enables clients to trade futures, options, cash and over-the-counter (OTC) products, optimize portfolios and analyze data - empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group provides primary price discovery and referential pricing information through its market data in a variety of formats, including real-time, historical and derived data for customers in both listed and cash products. CME Group also offers industry-leading research and analytics tools to provide customers with market education resources. In addition, it operates one of the world's leading central counterparty clearing providers.
Our principal executive offices are located at 20 South Wacker Drive, Chicago, Illinois 60606, our telephone number is 312-930-1000 and our website is cmegroup.com.
The graphic below provides a brief overview of key events within CME Group's history:
DESCRIPTION OF BUSINESS
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. We also offer cash and repo fixed income trading via BrokerTec, and spot and OTC FX trading via EBS. Additionally, we operate one of the world’s leading central counterparty clearing providers.
Derivatives Exchange Business: Our broad set of products offered on our derivatives exchanges (CME, CBOT, NYMEX and COMEX) are important risk management tools for our clients around the globe. We believe our customers value the diversity of our products, liquidity, price transparency and technological capabilities. Market liquidity - or the ability of a market to absorb the execution of large purchases or sales quickly and efficiently - is key to attracting and retaining customers and contributing to a market's success. Our products provide a means for hedging, speculation and asset allocation related to the risks associated with, among other things, interest rate sensitive instruments, equity ownership, cryptocurrency ownership, changes in the value of foreign currency and changes in the prices of agricultural, energy and metal commodities. The following highlights our key products:
•Interest Rates — SOFR, U.S. Treasury and Federal Funds.
•Equity Indices — E-mini S&P 500, E-mini Nasdaq 100 and E-mini Russell 2000.
5
•Foreign Exchange — Euro, Japanese yen, British pound and Australian dollar.
•Agricultural Commodities — corn, soybean, wheat and livestock.
•Energy — WTI crude oil, natural gas and refined products.
•Metals — gold, copper and silver.
•Cryptocurrencies — Bitcoin, Ether, Solana and XRP.
CME Group products are traded primarily through CME Globex, as well as by open outcry in Chicago for SOFR options and through privately negotiated transactions.
We strive to provide the most flexible and scalable platforms to support the operational and capacity needs of our business along with the delivery of innovative technology solutions to the marketplace. Our CME Globex electronic trading system operates our central limit order book (CLOB) markets. The CME Globex platform is accessible through a wide variety of vendor-provided and custom-built trading systems that benefit from our open application programming interface approach. For electronic and privately negotiated markets, we offer brokers and customers the CME Direct platform for arranging, executing, recording and risk-managing trades across all six major asset classes. We also provide the functionality to connect to CME Direct on a mobile device through our CME Direct Mobile application with full trading and on-the-go order management capabilities.
Together, our platforms offer:
•certainty and flexibility of execution;
•extensive capabilities to facilitate complex and demanding trading;
•direct market access;
•open access, price transparency and anonymity;
•convenience and efficiency;
•connectivity through highly secure, resilient and low-latency network options;
•access to market data; and
•global distribution, including connectivity through high-speed international telecommunications hubs in key financial centers.
We maintain comprehensive business continuity and disaster recovery plans, as well as facilities designed to enable timely recovery and resumption of our markets in the event of a business disruption or disaster. We also maintain incident and crisis management plans that address responses to disruptive events.
The customer base of our derivatives exchanges includes professional traders, financial institutions, institutional and individual investors, major corporations, manufacturers, producers, governments and central banks. Customers may be members of one or more of our exchanges. Rights to directly access our derivatives markets will depend upon the nature of the customer, such as whether the entity or individual is a member of one of our exchanges or has executed an agreement with us for direct access.
U.S. trading rights and privileges are exchange-specific. Open outcry trading is conducted exclusively by our members. Membership on one of our derivatives exchanges also enables a customer to trade specific products at lower fees. Under the terms of the organizational documents of our exchanges, our members have certain rights that relate primarily to trading right protections, certain trading fee protections and certain membership benefit protections. In 2025, 85% of our contract volume was from trades by our members.
Derivatives Clearing Business: Through our derivatives clearing house, operated by CME, we provide clearing and settlement services for a broad range of exchange-traded futures and options on futures contracts, exchange-traded swaps and OTC derivatives. The CME ClearPort front-end system provides access to our flexible clearing services over multiple asset classes. Our integrated clearing function is designed to ensure the safety and the soundness of our derivatives markets by serving as the counterparty to every trade, becoming the buyer to each seller and the seller to each buyer, and limiting counterparty credit risk. The clearing house marks open positions to market at least twice each business day, requiring payments from clearing firms whose positions have lost value and making payments to clearing firms whose positions have gained value. For select cleared-only markets, positions are marked-to-market once each business day, with the capacity to mark-to-market more frequently as market conditions warrant. For physically-delivered exchange-traded derivatives contracts, if a clearing firm fails to fulfill a delivery obligation, the clearing house is responsible for covering the replacement cost to the clearing firm whose actions or omissions did not cause or contribute to the delivery failure. The clearing house has adopted processes to monitor for potential operational risks relating to the delivery of these physically-delivered contracts.
6
The majority of clearing and transaction fees received from clearing firms represents charges for trades executed and cleared on behalf of their customers. One firm represented 12% of our clearing and transaction fees revenue for 2025. In the event a clearing firm were to withdraw, our experience indicates that the customer portion of the firm's trading activity would likely transfer to one or more other clearing firms of the exchange.
Securities Clearing Business: 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. The goal is for CMESC to help market participants comply with the upcoming SEC clearing requirements for U.S. Treasury transactions (as of December 31, 2026) and repo transactions (as of June 30, 2027). We expect to launch this service later in 2026 and position the company to offer additional capital and operational efficiencies to its clients.
Cash Markets Business: Our cash markets business comprises BrokerTec and EBS, primarily operated on CME Globex. BrokerTec and EBS offer anonymous and disclosed trading venues, offering clients multiple execution and distribution options and the benefit of an established and far-reaching distribution network of liquidity providers and consumers. BrokerTec and EBS are fully integrated with all major ISVs for order entry and staging as well as post trade for clearing and settlement, offering an efficient and fully electronic end-to-end trade workflow solution. Certain BrokerTec products are cleared through third-party clearing houses.
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 on European Union (EU), United Kingdom (UK), U.S. and other international G10 governments, emerging market fixed income instruments and Supranational and Agency Bonds. It facilitates trading for banks and non-bank professional trading firms, offering a dealer-to-dealer electronic trading platform operated on CME Globex. In 2025, we launched BrokerTec Chicago, a second CLOB for cash U.S. Treasuries co-located with our U.S. Treasury futures and options markets, to support trading between cash and derivatives markets. We also offer request-for-quote trading via BrokerTec Quote offering a dealer-to-client trading solution for the global government bond repo (including Emerging Markets) and credit repo markets. BrokerTec Quote also offers securities lending in European debt.
EBS provides for the trading of global FX products across major and emerging market currencies and Spot Precious Metals. EBS Market is a CLOB electronic trading platform for spot FX, Spot Precious Metals and non-deliverable forwards. EBS Direct is a relationship-based trading platform offering Spot FX and Spot Precious Metals. In 2025, we launched FX Spot+, a trading platform that connects the over-the-counter (OTC) spot FX market with the deep liquidity of our FX futures complex.
Data Services Business: We offer a variety of data products and services through industry-leading data platforms and third-party distribution partners, which are designed to meet the risk-management, trading, investment and business needs of our global customer base. To this end, we provide proprietary real-time and historical market data related to CME Group's deeply liquid futures and options on futures exchanges and cash markets businesses. We further offer derived cash markets pricing, third-party and alternative data sets, as well as a wide range of analytic tools. As customers continue to leverage cloud technology to improve and evolve their businesses, CME Group has taken a leading role by becoming the first derivatives marketplace to provide live market data natively on the Google Cloud. CME Group is also the distributor of leading benchmark equity and commodity indices on behalf of third parties, as well as a distributor and licensor of our own proprietary benchmarks and indices, including CME Term SOFR Reference Rates (CME Term SOFR) and Term €STR Reference Rates, which adhere to the International Organization of Securities Commissions Principles for Financial Benchmarks and are administered by our UK regulated subsidiary, CME Benchmark Administration Limited (CME Benchmark).
Our Strategic Initiatives
The following is a description of our strategic initiatives:
Maximize Futures and Options Growth Globally — Our strategy for driving growth and new customer acquisition centers on expanding, innovating and scaling our core offerings and increasing participation from customers. To achieve this, we focus on several key areas: optimizing our global sales team, cross-selling select products, launching new products and services while strengthening our existing product and service offerings, securing intellectual property rights to new products, enhancing our relationships and broadening our base of distribution partners, improving our data distribution capabilities, and deepening open interest in our core futures and options offerings.
In 2025, CME Group futures and options had record average daily volume (ADV) of 28.1 million contracts. 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. In 2025, we experienced significant year-over-year ADV growth in recently launched products, including 32% growth in micro products and 11% growth in OTC alternative products, with more new products in the pipeline for 2026. Our product growth strategy is centered on the following key elements.
•We list products at the micro size across all six major derivatives asset classes. These products are designed to attract a new customer base.
7
•Our options franchise continues to experience rapid volume growth, with new product launches gaining positive traction.
•We have expanded into Credit, Treasury bills and TBA (To-Be-Announced) Mortgage futures building on our strong foundation in U.S. Treasuries and SOFR.
•
Loading financial statements...
Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
| Line item |
|---|
| Period ending |
| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
The following discussion is provided as a supplement to, and should be read in conjunction with, the accompanying unaudited consolidated financial statements and notes in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.
References in this discussion and analysis to “we” and “our” are to CME Group Inc. (CME Group) and its consolidated subsidiaries, collectively. References to “exchange” are to Chicago Mercantile Exchange Inc. (CME), the Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), and Commodity Exchange, Inc. (COMEX), collectively, unless otherwise noted.
RESULTS OF OPERATIONS
Financial Highlights
The following summarizes significant changes in our financial performance for the periods presented.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (dollars in millions, except per share data) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| Total revenues | $ | 1,880.1 | $ | 1,642.3 | 14 | % | |||||||||||||||||||||||||
| Total expenses | 570.4 | 534.3 | 7 | ||||||||||||||||||||||||||||
| Operating margin | 69.7 | % | 67.5 | % | |||||||||||||||||||||||||||
| Non-operating income (expense) | $ | 201.2 | $ | 136.8 | 47 | ||||||||||||||||||||||||||
| Effective tax rate | 23.6 | % | 23.2 | % | |||||||||||||||||||||||||||
| Net income | $ | 1,154.3 | $ | 956.2 | 21 | ||||||||||||||||||||||||||
| Diluted earnings per common share | 3.18 | 2.62 | 21 | ||||||||||||||||||||||||||||
| Cash flows from operating activities | 1,259.9 | 1,116.6 | 13 | ||||||||||||||||||||||||||||
Revenues
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (dollars in millions) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| Clearing and transaction fees | $ | 1,542.6 | $ | 1,337.3 | 15 | % | |||||||||||||||||||||||||
| Market data and information services | 224.1 | 194.5 | 15 | ||||||||||||||||||||||||||||
| Other | 113.4 | 110.5 | 3 | ||||||||||||||||||||||||||||
| Total Revenues | $ | 1,880.1 | $ | 1,642.3 | 14 | ||||||||||||||||||||||||||
Clearing and Transaction Fees
Futures and Options Contracts
The following table summarizes our total contract volume, revenue and average rate per contract for futures and options. Total contract volume includes contracts that are traded on our exchange and cleared through our clearing house and certain cleared-only contracts. Volume is measured in round turns, which is considered a completed transaction that involves a purchase and an offsetting sale of a contract. Average rate per contract is determined by dividing total clearing and transaction fees by total contract volume. Contract volume and average rate per contract disclosures below exclude trading volume for event contracts, the cash markets business as well as interest rate swaps.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||||||||||||||||
Total contract volume (in millions) | 2,210.1 | 1,815.8 | 22 | % | |||||||||||||||||||||||||||
Clearing and transaction fees (in millions) | $ | 1,443.2 | $ | 1,245.5 | 16 | ||||||||||||||||||||||||||
| Average rate per contract | $ | 0.652 | $ | 0.686 | (5) | ||||||||||||||||||||||||||
22
We estimate the following net changes in clearing and transaction fees based on the changes in total contract volume and the change in average rate per contract for futures and options during the first quarter of 2026 when compared with the same period in 2025.
| (in millions) | Quarter Ended | ||||||||||
| Increase due to change in total contract volume | $ | 257.5 | |||||||||
| Decrease due to change in average rate per contract | (59.8) | ||||||||||
| Net increase in clearing and transaction fees | $ | 197.7 | |||||||||
Average rate per contract is impacted by our rate structure, including volume-based incentives; product mix; trading venue; and the percentage of volume executed by customers who are members compared with non-member customers. Due to the relationship between average rate per contract and contract volume, the change in clearing and transaction fees attributable to changes in each is only an approximation.
Contract Volume
The following table summarizes average daily contract volume. Contract volume can be influenced by many factors, including political and economic conditions, the regulatory environment and market competition.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in thousands) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| Average Daily Volume by Product Line: | |||||||||||||||||||||||||||||||
| Interest rates | 18,674 | 15,029 | 24 | % | |||||||||||||||||||||||||||
| Equity indexes | 8,655 | 7,997 | 8 | ||||||||||||||||||||||||||||
| Foreign exchange | 1,193 | 1,149 | 4 | ||||||||||||||||||||||||||||
| Energy | 3,985 | 2,903 | 37 | ||||||||||||||||||||||||||||
| Agricultural commodities | 2,042 | 1,958 | 4 | ||||||||||||||||||||||||||||
| Metals | 1,682 | 732 | 130 | ||||||||||||||||||||||||||||
| Aggregate average daily volume | 36,231 | 29,768 | 22 | ||||||||||||||||||||||||||||
| Average Daily Volume by Venue: | |||||||||||||||||||||||||||||||
| CME Globex | 33,633 | 27,733 | 21 | ||||||||||||||||||||||||||||
| Open outcry | 1,241 | 881 | 41 | ||||||||||||||||||||||||||||
| Privately negotiated | 1,357 | 1,154 | 18 | ||||||||||||||||||||||||||||
| Aggregate average daily volume | 36,231 | 29,768 | 22 | ||||||||||||||||||||||||||||
| Electronic Volume as a Percentage of Total Volume | 93 | % | 93 | % | |||||||||||||||||||||||||||
Market uncertainty remained high throughout the first quarter of 2026. Each of our asset classes experienced significant volatility as a result of the heightened geopolitical conflict in the Middle East, which has caused a ripple effect throughout the world economy. This resulted in uncertainty surrounding the United States Federal Reserve’s (Federal Reserve) interest rate policy decision and market volatility within the equity and foreign exchange markets. In addition, uncertainty remained high within the energy and metals markets as the Middle East conflict caused significant supply disruptions and led market participants to turn to precious metals amid this uncertainty. We believe these factors contributed to an increase in volume in the first quarter of 2026 when compared with the same period in 2025.
23
Interest Rate Products
The following table summarizes average daily contract volume for our key interest rate products.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in thousands) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| SOFR futures and options: | |||||||||||||||||||||||||||||||
| Futures expiring within two years | 4,002 | 2,929 | 37 | % | |||||||||||||||||||||||||||
| Options | 2,016 | 1,340 | 50 | ||||||||||||||||||||||||||||
| Futures expiring beyond two years | 1,447 | 1,152 | 26 | ||||||||||||||||||||||||||||
| U.S. Treasury futures and options: | |||||||||||||||||||||||||||||||
10-Year | 4,210 | 3,772 | 12 | ||||||||||||||||||||||||||||
5-Year | 2,566 | 2,195 | 17 | ||||||||||||||||||||||||||||
2-Year | 1,548 | 1,142 | 36 | ||||||||||||||||||||||||||||
Treasury Bond | 912 | 803 | 14 | ||||||||||||||||||||||||||||
| Ultra T-Note | 893 | 818 | 9 | ||||||||||||||||||||||||||||
Ultra T-Bond | 509 | 436 | 17 | ||||||||||||||||||||||||||||
| Federal Funds futures and options | 527 | 401 | 31 | ||||||||||||||||||||||||||||
In the first quarter of 2026, interest rate contract volume was higher compared with the same period in 2025 due to an increase in market volatility. We believe this was due to the heightened geopolitical conflict in the Middle East. This led to uncertainty surrounding the Federal Reserve's future interest rate policy decisions. We believe these factors contributed to higher overall interest rate volume in the first quarter of 2026 when compared with the same period in 2025.
Equity Index and Cryptocurrency Products
The following table summarizes average daily contract volume for our key equity index and cryptocurrency products.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in thousands) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
E-mini S&P 500 futures and options | 4,674 | 4,522 | 3 | % | |||||||||||||||||||||||||||
E-mini Nasdaq 100 futures and options | 2,794 | 2,592 | 8 | ||||||||||||||||||||||||||||
E-mini Russell 2000 futures and options | 401 | 300 | 33 | ||||||||||||||||||||||||||||
E-mini Dow futures and options | 308 | 260 | 19 | ||||||||||||||||||||||||||||
| Bitcoin futures and options | 168 | 104 | 62 | ||||||||||||||||||||||||||||
| Ether futures and options | 123 | 94 | 31 | ||||||||||||||||||||||||||||
Equity index contract volume increased in the first quarter of 2026 when compared with the same period in 2025 due to higher overall volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which caused significant uncertainty throughout the equity markets. In addition, a market shift out of the Nasdaq-100 into the smaller cap Russell 2000 resulted in additional volume in that complex.
Our cryptocurrency contract volume was higher in the first quarter of 2026 with the same period in 2025. We believe this was due to increased volatility, which resulted in a broader cryptocurrency market repricing.
We believe these factors contributed to higher overall equity index and cryptocurrency volumes in the first quarter of 2026 when compared with the same period in 2025.
24
Foreign Exchange Products
The following table summarizes average daily contract volume for our key foreign exchange products.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in thousands) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| Euro | 291 | 301 | (3) | % | |||||||||||||||||||||||||||
| Japanese Yen | 210 | 208 | 1 | ||||||||||||||||||||||||||||
| Australian dollar | 164 | 114 | 44 | ||||||||||||||||||||||||||||
| British Pound | 133 | 128 | 4 | ||||||||||||||||||||||||||||
| Canadian dollar | 96 | 132 | (28) | ||||||||||||||||||||||||||||
In the first quarter of 2026, overall foreign exchange volume increased when compared with the same period in 2025 mainly due to the heightened geopolitical conflict in the Middle East. This led to higher Australian dollar contract volume due to uncertainty in the commodities and energy markets. In addition, increased adoption of our foreign exchange products by market participants also contributed to the increase in foreign exchange volume. We believe these factors contributed to higher overall foreign exchange contract volume in the first quarter of 2026 when compared with the same period in 2025.
Energy Products
The following table summarizes average daily contract volume for our key energy products.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in thousands) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| WTI crude oil | 2,066 | 1,224 | 69 | % | |||||||||||||||||||||||||||
| Natural gas | 1,081 | 1,072 | 1 | ||||||||||||||||||||||||||||
| Refined products | 517 | 424 | 22 | ||||||||||||||||||||||||||||
| Brent crude oil | 301 | 158 | 91 | ||||||||||||||||||||||||||||
Energy contract volume increased in the first quarter of 2026 when compared with the same period in 2025, which we believe was due to the heightened geopolitical conflict in the Middle East. The conflict in the Middle East disrupted crucial supply chain routes, which created higher uncertainty within the crude oil markets. In addition, there was heightened price volatility within the refined products markets due to a shift in supplies as global fuel supplies were at historic lows. We believe these factors contributed to higher overall energy volume in the first quarter of 2026 compared with the same period in 2025.
Agricultural Commodity Products
The following table summarizes average daily contract volume for our key agricultural commodity products.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in thousands) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| Corn | 588 | 669 | (12) | % | |||||||||||||||||||||||||||
| Soybean | 418 | 383 | 9 | ||||||||||||||||||||||||||||
| Wheat | 297 | 266 | 12 | ||||||||||||||||||||||||||||
Overall commodity contract volume increased in the first quarter of 2026 when compared with the same period in 2025. We believe the increase was due to higher overall market volatility as a result of the heightened geopolitical conflict in the Middle East, which caused disruptions within the grain market supply routes. In addition, the conflict within the Middle East also caused a greater demand for crop-based fuels as a result of crude oil pricing uncertainties. We believe these factors contributed to higher overall commodity volume in the first quarter of 2026 compared with the same period in 2025.
25
Metal Products
The following table summarizes average daily volume for our key metal products.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in thousands) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| Gold | 1,094 | 469 | 133 | % | |||||||||||||||||||||||||||
| Silver | 405 | 102 | n.m. | ||||||||||||||||||||||||||||
| Copper | 131 | 112 | 16 | ||||||||||||||||||||||||||||
n.m. not meaningful
In the first quarter of 2026, overall metal contract volume increased when compared with the same period in 2025. We believe silver and gold volume increased as a result of higher price volatility due to the heightened geopolitical conflict in the Middle East. This led market participants to use silver and gold as safe-haven alternative investments amid this uncertainty. In addition, the growth in volume was due to the increased use of precious metals micro contracts by our retail client base. We believe these factors contributed to higher overall metals volume in the first quarter of 2026 compared with the same period in 2025.
Average Rate per Contract
The average rate per contract decreased in the first quarter of 2026 when compared with the same period in 2025. The decrease was largely due to an increase in micro contract volume, specifically within equities, energy and metals, as these typically have a lower average rate per contract. This was partially offset by a change in product mix. Energy and metal contract volume increased by 3 percentage points as a percent of total volume, while other products collectively decreased by 3 percentage points. In general, energy and metals products have a higher rate per contract compared with the remaining contracts.
Cash Markets Business
Total clearing and transaction fees revenues in the first quarter of 2026 include $76.6 million of transaction fees attributable to the cash markets business, compared with $71.0 million in the first quarter of 2025. This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume.
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in millions) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| BrokerTec fixed income transaction fees | $ | 40.2 | $ | 35.9 | 12 | % | |||||||||||||||||||||||||
| EBS foreign exchange transaction fees | 36.4 | 35.1 | 4 | ||||||||||||||||||||||||||||
The related average daily notional value for the first quarter of 2026 and 2025 were as follows:
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (amounts in billions) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| U.S. Repo | $ | 393.2 | $ | 331.5 | 19 | % | |||||||||||||||||||||||||
| European Repo (in euros) | 368.2 | 325.8 | 13 | ||||||||||||||||||||||||||||
| U.S. Treasury | 107.9 | 111.7 | (3) | ||||||||||||||||||||||||||||
| Spot FX | 76.8 | 70.9 | 8 | ||||||||||||||||||||||||||||
Overall average daily notional values for the cash markets business were higher in the first quarter of 2026 when compared with the same period in 2025 due to higher overall volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which caused significant macro-economic uncertainty throughout the global economy.
Concentration of Revenue
We bill a substantial portion of our clearing and transaction fees directly to our clearing firms. The majority of clearing and transaction fees received from clearing firms represent charges for trades executed and cleared on behalf of their customers. One individual firm represented at least 10% of our clearing and transaction fees in the first quarter of 2026. Should a clearing firm withdraw, we believe that the customer portion of the firm’s trading activity would likely transfer to another clearing firm of the exchange. Therefore, we do not believe we are exposed to significant risk from the ongoing loss of revenue received from or through a particular clearing firm.
26
Other Sources of Revenue
Market data and information services. During the first quarter of 2026, overall market data and information services revenues increased when compared with the same period in 2025, largely due to higher usage of certain products, increased demand by new customer segments, and price increases for certain products.
The two largest resellers of our market data represented approximately 26% of our market data and information services revenue in the first quarter of 2026. Despite this concentration, we consider exposure to significant risk of revenue loss to be minimal. In the event that one of these vendors no longer subscribes to our market data, we believe the majority of that vendor’s customers would likely subscribe to our market data through another reseller. Additionally, several of our largest institutional customers that utilize services from our two largest resellers report usage and remit payment of their fees directly to us.
Expenses
| Quarter Ended March 31, | |||||||||||||||||||||||||||||||
| (dollars in millions) | 2026 | 2025 | Change | ||||||||||||||||||||||||||||
| Compensation and benefits | $ | 223.0 | $ | 206.7 | 8 | % | |||||||||||||||||||||||||
| Technology | 76.6 | 65.7 | 17 | ||||||||||||||||||||||||||||
| Professional fees and outside services | |||||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-05-18 | Piell Hilda Harris | Sr MD & Chief HR Officer | Sell | -5,753 | $304.63 | -$1,752,536 |
| 2026-05-15 | DUFFY TERRENCE A | Chairman and CEO | Sell | -35,000 ×2 | $298.51 | -$10,447,866 |
| 2026-03-26 | SHEPARD WILLIAM R | Director | Buy | +62 | $297.38 | $18,455 |
| 2026-03-26 | SHEPARD WILLIAM R indirect | Director | Buy | +1,408 | $297.38 | $418,646 |
| 2026-03-17 | Marcus Jonathan L | Sr MD General Counsel | Sell | -3,291 | $333.37 | -$1,097,121 |
| 2026-03-12 | Vroman Ken | Chief Transformation Officer | Sell | -5,160 | $309.00 | -$1,594,440 |
| 2026-03-06 | Cook Elizabeth A indirect | Director | Sell | -1,000 | $320.00 | -$320,000 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-07-24 10-Q expected by 2026-08-01 (in 59 days)
- ~2026-10-23 10-Q expected by 2026-10-31 (in 150 days)
- ~2027-02-26 10-K expected by 2027-02-27 (in 276 days)
- ~2027-04-23 10-Q expected by 2027-05-01 (in 332 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-04-27 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2026-04-24 10-Q Quarterly Report
- 2026-04-22 8-K Earnings Release; Financial Statements and Exhibits
- 2026-02-26 10-K Annual Report
- 2026-02-04 8-K Earnings Release; Financial Statements and Exhibits
- 2025-10-24 10-Q Quarterly Report
- 2025-10-22 8-K Earnings Release; Financial Statements and Exhibits
- 2025-09-11 8-K Officer/Director Change
- 2025-07-25 10-Q Quarterly Report
- 2025-07-25 8-K Other Events
- 2025-07-23 8-K Earnings Release; Financial Statements and Exhibits
- 2025-04-30 10-Q Quarterly Report
- 2025-04-25 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-04-23 8-K Earnings Release; Financial Statements and Exhibits
- 2025-03-10 8-K Material Agreement Entered; Financial Statements and Exhibits