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Finance · Profile from Finance Research Companion

CME Group

The world's largest derivatives exchange group. It was formed by the merger of two Chicago rivals, the Chicago Mercantile Exchange (the "Merc", 1898) and the Chicago Board of Trade (1848), and enlarged by the purchase of New York's NYMEX and COMEX in 2008. In 1972 the Merc invented financial futures, and it later built Globex, the first global electronic futures platform. It demutualised and listed in 2002. CME owns its products outright: a SOFR, Treasury, E-mini S&P 500, WTI crude or gold futures contract can be traded only on a CME exchange and cleared only at CME Clearing. That vertical silo, with its liquidity and margin network effects, makes CME one of the most profitable companies in finance. It reported record 2025 revenue of ~$6.5bn on a record ~28.1m contracts a day, and a record third quarter of 2026 (~$1.74bn of revenue, ~29.4m contracts a day). Its main risks have been outages, the collapse of member firms it oversaw (MF Global, 2011), the oil contract that went negative (April 2020), and challengers trying to break its hold on US rates futures (FMX, from 2024) and crypto derivatives (Coinbase).

At a glance

Founded
Chicago Board of Trade 1848; Chicago Butter and Egg Board 1898, renamed Chicago Mercantile Exchange 1919; International Monetary Market (IMM) 1972; CME Group formed by the CME–CBOT merger, 12 July 2007
Founders / key builders
Leo Melamed (Merc chairman, father of financial futures and Globex); Milton Friedman (1971 paper on currency futures commissioned by the Merc); Jack Sandner and Terry Duffy (Merc chairmen); Craig Donohue (CEO 2004–12, led the CBOT and NYMEX deals)
Headquarters
20 South Wacker Drive, Chicago, Illinois
Ownership / structure
Public company (Nasdaq: CME; first listed on the NYSE in December 2002, moved to Nasdaq in 2008). Class A common shares widely held; class B shares carry trading rights and board seats for former members of the Merc, CBOT and NYMEX. Google holds $1bn of non-voting convertible preferred (2021)
Leadership (2026)
Terrence (Terry) Duffy, chairman and CEO (CEO since November 2016); Lynne Fitzpatrick, CFO (verify); Suzanne Sprague, global head of clearing and post-trade services (verify title)
Segments / products
Interest rates (SOFR futures and options, Treasury futures and options, BrokerTec cash Treasuries and repo); equity indices (E-mini and Micro E-mini S&P 500, Nasdaq-100, Russell, Dow); energy (NYMEX WTI crude, Henry Hub natural gas, refined products); agriculture (CBOT corn, soybeans, wheat; CME livestock); metals (COMEX gold, silver, copper); FX (CME FX futures; EBS spot FX); cryptocurrency futures and options; event contracts (with FanDuel); market data; clearing (CME Clearing; CME Securities Clearing for Treasuries)
Scale
Record ~28.1m contracts average daily volume (ADV) in 2025; ~29.4m in Q3 2026 (record third quarter), with ~9m a day from outside the US (company)
Revenue and profit
2025 revenue ~$6.5bn (+6%), operating income ~$4.2bn, market data ~$803m (record); fourth straight year of record revenue. Q3 2026 revenue ~$1.74bn (+13%), operating income ~$1.14bn, net income ~$1.04bn, adjusted EPS $3.02 (company)
Capital / regulatory status
Four US designated contract markets (CME, CBOT, NYMEX, COMEX) regulated by the CFTC; CME Clearing is a systemically important derivatives clearing organization (designated by FSOC in 2012); BrokerTec and EBS regulated in the US, UK and EU; CME Securities Clearing registered with the SEC as a Treasury clearing agency (1 December 2025)
Signature moves (incl. failures)
The IMM and financial futures (1972); demutualisation, Globex and the IPO (2000–02); the CBOT merger and the ICE bidding war (2007); NYMEX and COMEX (2008); MF Global's collapse under CME's oversight (2011); bitcoin futures and the crypto business (2017–26); BrokerTec, EBS and NEX (2018); negative oil prices (2020); the Google Cloud partnership (2021); SOFR, Treasury clearing and the FMX challenge (2018–26)

10 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 1972

    International Monetary Market and Financial Futures

    Launch (new market and product category)

  2. 2002

    Demutualisation Globex and IPO

    Restructuring (demutualisation) / IPO

  3. 2007

    CBOT Merger and ICE Bidding War

    Merger (contested)

  4. 2008

    NYMEX and COMEX Acquisition

    Acquisition

  5. 2011

    MF Global Collapse and Frontline Regulation

    Failure (of a member firm under CME's oversight) / regulatory role and response

  6. 2017

    Bitcoin Futures and Crypto Derivatives

    Launch (new asset class), extended through 2026

  7. 2018

    NEX Group BrokerTec and EBS

    Acquisition (cross-border, cash and stock)

  8. 2020

    Negative Oil Prices

    Failure / controversy (market event and the exchange's response)

  9. 2021

    Google Cloud Partnership

    Partnership / funding (strategic equity investment)

  10. 2024

    SOFR Treasury Clearing and the FMX Challenge

    Defence of the core franchise / launch (new clearing house)