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目錄

美國

證券交易委員會

華盛頓特區20549

_________________________________________________________

表格 10-Q

_________________________________________________________

(標記一個)

☒			根據1934年證券交易法第13或15(d)條款的季度報告。

截至2024年6月30日季度結束 2024年9月30日

- 或 -

☐			根據1934年證券交易法第13或15(d)條款的過渡報告

轉變期從                到                

委員會文件編號 001-31553

cme group inc

（依憑章程所載的完整登記名稱）

特拉華州

36-4459170

(依據所在地或其他管轄區) 的註冊地或組織地點)

(國稅局雇主識別號碼) 識別號碼)

南沃克街20號

芝加哥

伊利諾伊州

60606

(總部辦公地址)

（郵政編碼）

(312) 930-1000

(註冊人電話號碼，包括區號)

不適用

(如與上次報告不同，列明前名稱、前地址及前財政年度) 

根據法案第12(b)條登記的證券：    

每種類別的名稱			交易標的			每個註冊交易所的名稱
A級普通股			芝加哥商業交易所			Nasdaq股票市場

請勾選表示：（1）在過去12個月內（或者在登記人需要提交該等報告的更短期間內），已根據1934年證券交易法第13或15（d）條的規定提交了所有要求提交的報告；以及（2）在過去90天內一直受到此類報告要求的制約。是  ☒不☐

請勾選表示，是否在過去12個月內（或者註冊者被要求提交此類檔案的較短期間）依照S-t法規第405條（本章節第232.405條）要求提交每個互動式數據檔案。是  ☒不☐

請以核對標記方式指示，登記者屬於大型加速遞延者、加速遞延者、非加速遞延者、較小報告公司或新興成長公司。請參見交易所法案第120亿2條中「大型加速遞延者」、「加速遞延者」、「較小報告公司」和「新興成長公司」的定義。

大型加速歸檔人

☒

加速歸檔人

☐

非加速報表提交者

☐

小型報告公司

☐

新興成長型企業

☐

    如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐

    請選擇是否標記表格中的公司為空殼公司（根據《交易所法》第120億2條定義）。

Yes☐不☒

截至2024年10月9日，申報人各類普通股的股份數如下： 360,359,063 Class A普通股，每股面值$0.01，股份數為 625 Class b-1普通股，每股面值$0.01，股份數為 813 Class b-2普通股，每股面值$0.01，股份數為 1,287 Class b-3普通股，每股面值$0.01，股份數為；及 413 Class b-4普通股，每股面值$0.01，股份數為。

1

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目錄

 cme group inc

表格10-Q

指数

						頁面
第一部分. 財務資訊						3
項目 1。			基本報表			5
			基本報表包括日期為2023年12月31日及1月1日的資產負債表 九月 2024年12月31日及2023年12月31日			5
			合併利潤表，涵蓋各季度收入， 九 結束於三個月的月份 九月 30、2024和2023年			6
			季度綜合收益綜合報表 九 結束於三個月的月份 九月 30、2024和2023年			7
			各季度合併權益報表 九 結束於三個月的月份 九月 30、2024和2023年			8
			截至基本報表日期之合併現金流量表： 九個月 結束於九月二十八日的六個月 九月 30、2024和2023年			10
			附註未經核數的合併財務報表			12
項目2。			管理層對財務狀況和業績的討論與分析			23
第3項目。			市場風險的定量和定性披露。			31
項目 4。			內部控制及程序			31
第二部分。其他資訊						32
項目 1。			法律訴訟			32
第1項事項			風險因素			32
項目2。			股票權益的未註冊銷售和資金用途			32
第六項。			展品			33
簽名						34

2

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目錄

第一部分. 財務資訊

某些條款

本文件中所有關於「期權」或「期權合約」的引述均指期貨合約上的期權。

有關芝加哥商品交易所及其產品的更多信息，請瀏覽http://www.cmegroup.com。我們網站提供的信息並不構成本第10-Q表格季度報告的一部分。

有關合約成交量和每份合約的平均價格資訊

所有關於合約成交量和每張合約平均價格的金額，皆指芝加哥商品交易所列出的期貨和期權期貨合約，除非另有註明。

商標資訊

芝加哥商品交易所集團、地球標誌、芝加哥商品交易所、Globex和E-mini是芝加哥商品交易所公司的商標。 cbot和芝加哥商業交易所是芝加哥市商業交易所公司的商標。 nymex、紐約商品交易所及ClearPort是紐約商品交易所公司的商標。 comex是商品交易所公司的商標。BrokerTec是BrokerTec美洲有限責任公司的商標，而EBS是EBS集團有限公司的商標。OSTTRA是MarkitSERV有限公司的商標。道瓊斯、道瓊斯指數、標普500和標準普爾是道瓊斯商標控股有限責任公司、標準普爾金融服務有限責任公司和標準普爾道瓊斯指數有限責任公司的服務和/或商標，情況可能是這樣，並經芝加哥商品交易所公司（CME）授權使用。所有其他商標均為其各自所有者的財產。

前瞻性語句。

從時間到時間，在這份10-Q表格的季度報告以及其他書面報告和口頭聲明中，我們討論我們對未來表現的期望。這些前瞻性陳述通過其使用"相信"、"預期"、"可能"、"估計"、"打算"、"或許"、"計畫"、"期待"等詞語和短語來識別，包括對假設的引述。這些前瞻性陳述基於目前可用的競爭、財務和經濟數據、目前的期望、估計、預測和關於我們經營行業以及管理層信念和假設的投影。這些陳述不是未來表現的保證，並涉及難以預測的風險、不確定性和假設。因此，實際結果和成果可能與任何前瞻性陳述中所表達或暗示的有重大差異。我們想警告您不要過分依賴任何前瞻性陳述。我們不承擔公開更新任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。可能影響我們表現的因素包括：

•外國和國內實體加劇了競爭，包括新進入市場的競爭者增加以及現有實體的整合；

•我們有能力跟上快速發展的科技，包括完成客戶要求的增強功能的開發、實施和維護，同時保持可靠性，並確保這種技術不容易受到安防-半導體風險的影響；

•我們有能力繼續及時、具有競爭力地推出新的產品和服務，包括通過我們的電子交易能力，以及我們有能力保持現有產品和服務的競爭力；

•我們在收入下降時調整固定成本和費用的能力；

•我們有能力保持現有客戶的交易水平相近，發展戰略關係並吸引新客戶；

•我們擴展並全球提供產品和服務的能力；

•法規變化，包括與我們的產品或服務或我們的行業相關的任何法律或政府政策變化的影響，例如任何要求我們或我們的客戶增加財務和運營資源的法規和政策變化；

•保護我們的知識產權所需的成本以及我們在不侵犯他人知識產權的情況下運營業務的能力;

•因各個地區的需求減少或法規變化導致我們市場數據的營業收入下降；

•由於交易產品的組合、交易場所以及客戶類型（無論客戶是享受會員費還是非會員費，或者參與我們各種激勵計劃）變化，以及我們的分級定價結構的影響，我們每個合約的費率發生變化。

•我們信用和流動性風險管理實踐的能力，能夠足夠保護我們免受清算成員和其他交易對手的信用風險，並滿足與BrokerTec匹配主業務相關的按金和流動性要求；

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目錄

•我們合規和風險管理項目有效監測和管理風險的能力，包括我們預防錯誤和不當行爲的能力，以及保護我們製造行業免受安防-半導體漏洞和知識產權資產被挪用的能力;

•我們對第三方提供商的依賴以及通過第三方暴露的風險，包括與我們第三方提供商使用的科技和客戶依賴的第三方提供商的性能、可靠性和安防-半導體相關的風險；

•商品、股票和固收價格的波動性，以及利率、美股大盤指數型、固收工具和匯率等金融基準和工具的價格波動性；

•經濟、社會、政治和市場狀況，包括資本和信貸市場的波動性，以及經濟狀況對我們當前和潛在客戶交易活動的影響；

•我們有能力承載合同成交量和訂單消息流量的增加，並在不影響交易和結算系統性能的情況下實施改進。

•我們執行增長策略並有效地保持增長的能力；

•我們的能力是管理風險、控制成本並實現與我們的收購、投資和聯盟戰略相關的協同效應，其中包括與標普道瓊斯(S&P Dow Jones Indices LLC)在指數服務和交易處理/交易後服務(OSTTRA)以及與Google Cloud合作的聯合企業的業務合作伙伴行動相關的風險的能力；

•我們清算所爲客戶持有的現金帳戶和抵押品的收益差異;

•芝加哥商品交易所定價和激勵變化的影響;

•聚合服務和內部化對交易流動和交易量的影響;

•任何因知識產權和指數權利條款變更而產生的負面財務影響；

•我們繼續產生資金和/或管理我們的債務的能力，使我們能夠繼續投資於我們的業務；

•行業、渠道合作伙伴和客戶的整合和/或集中；

•交易和結算活動減少；

•對期貨和期權交易徵收交易稅或用戶費和/或廢除此類交易的60/40稅收待遇；

•有效稅率增加、借款成本上升或稅收政策變化；

•我們保持品牌和聲譽的能力；

•對不利於的物質法律程序的解決。

有關這些及其他可能影響我們業績的因素的詳細討論，請參見我們截至2023年12月31日的年度報告第10-k表格中的第1A項，該報告已於2024年2月28日提交給證券交易委員會，以及本季度報告第10-Q表格第II部分中的第1A項。

4

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目錄

第 1 項。			財務報表

芝加哥商品交易所集團及其附屬公司

合併資產負債表

(金額以百萬美元計算，除了面值數據；股份以千計)

						2024年9月30日						2023年12月31日
						(未經審計)
資產
流動資產：
現金及現金等價物						$	2,322.1					$	2,912.0
可交易證券						112.3						111.7
應收賬款淨額，減少$8.6和$7.1						629.4						535.6
其他流動資產（包括受限制現金$6.5和$5.2）						622.0						1,138.4
履約按金和擔保金基金捐款						99,457.0						90,192.5
總流動資產						103,142.8						94,890.2
房地產，減去累計折舊和攤銷$1,012.4和$931.1						386.2						409.5
無形資產-交易產品						17,175.3						17,175.3
無形資產-其他，淨值						2,892.2						3,050.2
商譽						10,514.1						10,495.3
其他資產						3,684.5						3,685.6
總資產						$	137,795.1					$	129,706.1
負債和股東權益
流動負債:
應付賬款						$	129.9					$	90.6
短期債務						749.7						—
其他流動負債						485.2						3,133.8
履約按金和擔保基金繳款						99,457.0						90,192.5
流動負債合計						100,821.8						93,416.9
長期債務						2,677.7						3,425.4
遞延所得稅負債，淨額						5,310.0						5,327.7
其他負債						769.4						798.2
總負債						109,578.9						102,968.2
股東權益：
優先股，面值$0.01，截至2024年9月30日和2023年12月31日，授權10,000股；截至2024年9月30日和2023年12月31日，發行並流通股份爲4,584股。						—						—
A類普通股，面值$0.01，截至2024年9月30日和2023年12月31日，授權1,000,000股；截至2024年9月30日和2023年12月31日，發行並流通股份分別爲359,559股和359,231股。						3.6						3.6
B類普通股，面值$0.01，截至2024年9月30日和2023年12月31日，授權，發行並流通股份均爲3股。						—						—
其他資本公積						22,375.3						22,334.7
留存收益						5,848.2						4,455.2
累計其他綜合收益(虧損)						(10.9)						(55.6)
芝加哥商品交易所股東權益總計						28,216.2						26,737.9
總負債和股權						$	137,795.1					$	129,706.1

    

請查看附註的未經審計的合併財務報表。

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目錄

芝加哥商品交易所集團及其附屬公司

綜合利潤表

（以百萬美元計，除每股數據外；以千股計算）

(未經審計)

 

						季度結束												九個月結束
						2023年9月30日												2023年9月30日
						2024						2023						2024						2023
營業收入
清算和交易費用						$	1,297.1					$	1,085.5					$	3,755.9					$	3,404.0
市場數據和信息服務						178.2						167.6						528.6						496.5
其他						109.1						84.7						320.3						239.1
總收入						1,584.4						1,337.8						4,604.8						4,139.6
費用
補償和福利						218.8						205.5						629.5						615.7
科技						66.6						55.6						190.1						160.2
專業費用和外部服務						31.0						32.2						98.8						108.3
購買的無形資產攤銷						55.7						57.2						166.4						171.0
折舊和攤銷						28.2						31.1						87.0						95.3
許可證和其他費用協議						97.6						79.5						271.4						242.4
其他						62.3						56.5						177.2						174.2
總費用						560.2						517.6						1,620.4						1,567.1
營業收入						1,024.2						820.2						2,984.4						2,572.5
非經營收入（費用）
投資收益						1,026.8						1,272.5						3,142.6						4,198.4
利息和其他借款成本						(40.2)						(39.6)						(120.2)						(119.7)
對未合併子公司淨收益的股權投資						86.1						76.8						259.7						230.1
其他非營業收入（費用）						(920.0)						(1,155.6)						(2,821.7)						(3,733.7)
總非運營收入（支出）						152.7						154.1						460.4						575.1
稅前收入						1,176.9						974.3						3,444.8						3,147.6
所得稅費用						264.1						224.1						793.6						736.0
淨利潤						$	912.8					$	750.2					$	2,651.2					$	2,411.6
歸屬於芝加哥商品交易所普通股股東的淨利潤						$	901.3					$	740.8					$	2,617.8					$	2,381.3
歸屬於芝加哥商品交易所普通股股東的每股收益：
Basic						$	2.51					$	2.06					$	7.29					$	6.63
稀釋的						2.50						2.06						7.27						6.62
普通股加權平均股數：
Basic						359,400						359,020						359,329						358,965
稀釋的						359,989						359,619						359,899						359,448

See accompanying notes to unaudited consolidated financial statements.

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Table of Contents

CME GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(unaudited)

						Quarter Ended												Nine Months Ended
						September 30,												September 30,
						2024						2023						2024						2023
Net income						$	912.8					$	750.2					$	2,651.2					$	2,411.6
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized holding gains (losses) arising during the period						0.6						(0.4)						0.6						(0.1)
Income tax benefit (expense)						(0.2)						0.1						(0.2)						—
Investment securities, net						0.4						(0.3)						0.4						(0.1)
Defined benefit plans:
Net change in defined benefit plans arising during the period						—						—						(5.9)						(3.5)
Amortization of net actuarial (gains) losses included in compensation and benefits expense						0.1						0.1						0.1						0.1
Income tax benefit (expense)						—						(0.1)						1.5						0.8
Defined benefit plans, net						0.1						—						(4.3)						(2.6)
Derivative investments:
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense)						(0.9)						(0.8)						(2.7)						(2.7)
Income tax benefit (expense)						0.3						0.2						0.7						0.7
Derivative investments, net						(0.6)						(0.6)						(2.0)						(2.0)
Foreign currency translation:
Foreign currency translation adjustments						88.4						(16.2)						54.8						20.7
Income tax benefit (expense)						(4.2)						—						(4.2)						—
Foreign currency translation, net						84.2						(16.2)						50.6						20.7
Other comprehensive income (loss), net of tax						84.1						(17.1)						44.7						16.0
Comprehensive income						$	996.9					$	733.1					$	2,695.9					$	2,427.6

See accompanying notes to unaudited consolidated financial statements.

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CME GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(dollars in millions, except per share data; shares in thousands)

(unaudited) 

			Nine Months Ended, September 30, 2024
			Preferred Stock (Shares)						Class A Common Stock (Shares)						Class B Common Stock (Shares)						Preferred Stock, Common Stock and Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total CME Group Shareholders’ Equity
Balance at December 31, 2023			4,584						359,231						3						$	22,338.3					$	4,455.2					$	(55.6)					$	26,737.9
Net income																											2,651.2												2,651.2
Other comprehensive income (loss)																																	44.7						44.7
Dividends on common and preferred stock of $3.45 per share																											(1,258.2)												(1,258.2)
Vesting of issued restricted Class A common stock									289												(29.5)																		(29.5)
Shares issued to Board of Directors									19												3.7																		3.7
Shares issued under Employee Stock Purchase Plan									20												4.0																		4.0
Stock-based compensation																					62.4																		62.4
Balance at September 30, 2024			4,584						359,559						3						$	22,378.9					$	5,848.2					$	(10.9)					$	28,216.2

			Quarter Ended, September 30, 2024
			Preferred Stock (Shares)						Class A Common Stock (Shares)						Class B Common Stock (Shares)						Preferred Stock, Common Stock and Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total CME Group Shareholders’ Equity
Balance at June 30, 2024			4,584						359,361						3						$	22,375.7					$	5,355.1					$	(95.0)					$	27,635.8
Net income																											912.8												912.8
Other comprehensive income (loss)																																	84.1						84.1
Dividends on common and preferred stock of $1.15 per share																											(419.7)												(419.7)
Vesting of issued restricted Class A common stock									198												(17.1)																		(17.1)
Stock-based compensation																					20.3																		20.3
Balance at September 30, 2024			4,584						359,559						3						$	22,378.9					$	5,848.2					$	(10.9)					$	28,216.2

See accompanying notes to unaudited consolidated financial statements.

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CME GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY (continued)

(dollars in millions, except per share data; shares in thousands)

(unaudited) 

			Nine Months Ended, September 30, 2023
			Preferred Stock (Shares)						Class A Common Stock (Shares)						Class B Common Stock (Shares)						Common Stock and Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total CME Group Shareholders’ Equity
Balance at December 31, 2022			4,584						358,929						3						$	22,265.2					$	4,746.8					$	(133.3)					$	26,878.7
Net income																											2,411.6												2,411.6
Other comprehensive income (loss)																																	16.0						16.0
Dividends on common stock of $3.30 per share																											(1,202.2)												(1,202.2)
Vesting of issued restricted Class A common stock									219												(18.5)																		(18.5)
Shares issued to Board of Directors									20												3.6																		3.6
Shares issued under Employee Stock Purchase Plan									21												3.8																		3.8
Stock-based compensation																					58.6																		58.6
Balance at September 30, 2023			4,584						359,189						3						$	22,312.7					$	5,956.2					$	(117.3)					$	28,151.6

			Quarter Ended, September 30, 2023
			Preferred Stock (Shares)						Class A Common Stock (Shares)						Class B Common Stock (Shares)						Preferred Stock, Common Stock and Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total CME Group Shareholders' Equity
Balance at June 30, 2023			4,584						358,978						3						$	22,311.2					$	5,606.8					$	(100.2)					$	27,817.8
Net income																											750.2												750.2
Other comprehensive income (loss)																																	(17.1)						(17.1)
Dividends on common and preferred stock of $1.10 per share																											(400.8)												(400.8)
Vesting of issued restricted Class A common stock									211												(17.4)																		(17.4)
Shares issued to Board of Directors									—												—																		—
Shares issued under Employee Stock Purchase Plan									—												—																		—
Stock-based compensation																					18.9																		18.9
Balance at September 30, 2023			4,584						359,189						3						$	22,312.7					$	5,956.2					$	(117.3)					$	28,151.6

See accompanying notes to unaudited consolidated financial statements.

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CME GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited) 

						Nine Months Ended September 30,
						2024						2023
Cash Flows from Operating Activities
Net income						$	2,651.2					$	2,411.6
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation						62.4						58.6
Amortization of purchased intangibles						166.4						171.0
Depreciation and amortization						87.0						95.3
Net realized and unrealized (gains) losses on investments						(11.7)						(71.8)
Deferred income taxes						(21.9)						(25.8)
Change in:
Accounts receivable						(95.2)						(74.9)
Other current assets						598.7						(102.9)
Other assets						38.1						58.6
Accounts payable						39.3						(67.5)
Income taxes payable						(128.0)						(86.5)
Other current liabilities						(691.4)						56.5
Other liabilities						(17.0)						(34.5)
Other						(5.3)						21.8
Net Cash Provided by Operating Activities						2,672.6						2,409.5
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities						4.9						4.4
Purchases of available-for-sale marketable securities						(4.3)						(3.0)
Purchases of property, net						(67.8)						(55.6)
Investments in privately-held equity investments						(3.6)						(2.4)
Proceeds from sales of investments						13.5						97.9
Net Cash (Used in) Provided by Investing Activities						(57.3)						41.3
Cash Flows from Financing Activities
Repayment of debt, including call premium						—						(16.4)
Cash dividends						(3,165.4)						(2,835.4)
Change in performance bond and guaranty fund contributions						9,264.5						(48,057.1)
Employee taxes paid on restricted stock vesting						(29.5)						(18.5)
Other						(9.0)						(0.4)
Net Cash (Used in) Provided by Financing Activities						6,060.6						(50,927.8)

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CME GROUP INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in millions)

(unaudited) 

						Nine Months Ended September 30,
						2024						2023
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents						$	8,675.9					$	(48,477.0)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period						93,109.7						137,974.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period						$	101,785.6					$	89,497.4
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents:
Cash and cash equivalents						$	2,322.1					$	2,300.2
Short-term restricted cash						6.5						5.1
Restricted cash and restricted cash equivalents (performance bonds and guaranty fund contributions)						99,457.0						87,192.1
Total						$	101,785.6					$	89,497.4
Supplemental Disclosure of Cash Flow Information
Income taxes paid						$	938.6					$	883.3
Interest paid						106.0						106.0

See accompanying notes to unaudited consolidated financial statements.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

The consolidated financial statements consist of CME Group Inc. (CME Group) and its subsidiaries (collectively, the company), including Chicago Mercantile Exchange Inc. (CME), Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), Commodity Exchange, Inc. (COMEX) and NEX Group Limited (NEX). The clearing house is operated by CME.

The accompanying interim consolidated financial statements have been prepared by CME Group without audit. Certain notes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial position of the company at September 30, 2024 and December 31, 2023 and the results of operations and cash flows for the periods indicated. Quarterly results are not necessarily indicative of results for any subsequent period.

The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in CME Group’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (SEC) on February 28, 2024.

2. Revenue Recognition

The company generates revenue from customers from the following sources:

Clearing and transaction fees. Clearing and transaction fees include electronic trading fees and brokerage commissions, surcharges for privately-negotiated transactions, risk mitigation and other volume-related charges for trade contracts. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue related to settlement activities performed after trade execution is recognized over the short-term period that the contract is outstanding, based on management’s estimates of the average contract lifecycle. These estimates are based on various assumptions to approximate the amount of fee revenue to be attributed to services performed through contract settlement, expiration, or termination. For cleared trades, these assumptions include the average number of days that a contract remains in open interest, contract turnover, average revenue per day, and revenue remaining in open interest at the end of each period.

The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee reduction. These estimates are based on historical experience, anticipated performance, and best judgment at the time. Because of the company’s certainty in estimating these amounts, they are included in the transaction price of contracts.

Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly basis as the customers receive and consume the benefit of the market data services. However, the company also maintains certain annual license arrangements with one-time upfront fees. The fees for annual licenses are initially recorded as a contract liability and recognized as revenue monthly over the term of the annual period.

Other. Other revenues include certain access and communication fees, fees for non-cash collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charged to customers that utilize various telecommunications networks and communications services. Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are charged to clearing firms that have non-cash collateral on deposit with the clearing house to meet their minimum performance bond and guaranty fund obligations on the exchange. These fees are calculated based on daily non-cash collateral balances and are billed monthly. This fee revenue is recognized monthly as billed as the customers receive and consume the benefits of the services. The company also has an equity membership program which provides equity members the option to substitute a monthly subscription fee for their existing requirement to hold CME Group Class A common stock. Choosing to pay this fee in lieu of holding Class A shares is entirely voluntary and the client’s choice. Fee revenue under this program is earned monthly as billed over the contractual term. Pricing for strategic relationships may be driven by customer levels and activity. There are fee arrangements which provide for monthly as well as quarterly payments in arrears. Revenue is recognized monthly for strategic relationship arrangements as the customers receive and consume the benefits of the services.

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The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters ended September 30, 2024 and 2023:

						Quarter Ended September 30,												Nine Months Ended September 30,
(in millions)						2024						2023						2024						2023
Interest rates						$	445.8					$	350.9					$	1,249.1					$	1,148.5
Equity indexes						291.8						250.1						828.1						767.6
Foreign exchange						51.9						46.9						150.2						138.9
Agricultural commodities						139.1						119.9						432.5						382.6
Energy						204.9						177.4						601.0						521.1
Metals						71.8						49.6						218.4						166.9
BrokerTec fixed income						33.3						37.3						108.9						114.4
EBS foreign exchange						35.2						32.2						99.0						100.0
Interest rate swap						23.3						21.2						68.7						64.0
Total clearing and transaction fees						1,297.1						1,085.5						3,755.9						3,404.0
Market data and information services						178.2						167.6						528.6						496.5
Other						109.1						84.7						320.3						239.1
Total revenues						$	1,584.4					$	1,337.8					$	4,604.8					$	4,139.6
Timing of Revenue Recognition
Services transferred at a point in time						$	1,270.0					$	1,060.3					$	3,677.5					$	3,330.9
Services transferred over time						309.5						272.8						912.2						794.8
One-time charges and miscellaneous revenues						4.9						4.7						15.1						13.9
Total revenues						$	1,584.4					$	1,337.8					$	4,604.8					$	4,139.6

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Certain fees for transactions, annual licenses, and other revenue arrangements are billed upfront before revenue is recognized, which results in the recognition of contract liabilities. These liabilities are recognized on the consolidated balance sheets on a contract-by-contract basis upon commencement of services under the customer contract. These upfront customer payments are recognized as revenue over time as the obligations under the contracts are satisfied. Changes in the contract liability balances during the third quarter of 2024 were not materially impacted by any other factors. The balance of contract liabilities was $29.5 million and $13.2 million as of September 30, 2024 and December 31, 2023, respectively.

3. Performance Bonds and Guaranty Fund Contributions

Performance Bonds and Guaranty Fund Contribution Reinvestment. CME reinvests cash performance bonds and guaranty fund contributions and distributes a portion of the interest earned back to the clearing firms. The reinvestment of cash can include certain commercial and central bank deposits, government securities, reverse repurchase agreements, and money market funds. CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to maintain cash accounts at the Federal Reserve Bank of Chicago. At September 30, 2024, CME maintained $87.7 billion within the cash account at the Federal Reserve Bank of Chicago. The cash deposit at the Federal Reserve Bank of Chicago is included within performance bonds and guaranty fund contributions on the consolidated balance sheets. Cash performance bonds and guaranty fund contributions are included as restricted cash and restricted cash equivalents on the consolidated statements of cash flows.

In the third quarter and first nine months of 2024, earnings from cash performance bond and guaranty fund contributions were $991.3 million and $3,035.6 million, compared with $1,246.5 million and $4,042.9 million in the third quarter and first nine months of 2023, respectively. In the third quarter and first nine months of 2024, expenses related to the distribution of interest earned on collateral reinvestments were $922.6 million and $2,829.4 million, compared with $1,160.5 million and $3,756.8 million in the third quarter and first nine months of 2023, respectively. The earnings from cash performance bonds and guaranty fund contributions are included in investment income and the expense related to the distribution of interest earned is included in other non-operating income (expense) on the consolidated statements of income.

Clearing House Contract Settlement. The clearing house marks-to-market open positions at least once a day (twice a day for all futures and options contracts). Based on values derived from the mark-to-market process, the clearing house requires payments

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from clearing firms whose positions have lost value and makes payments to clearing firms whose positions have gained value. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure related to positions other than cleared-only interest rate swap contracts would be one half day of changes in fair value of all open positions, before considering the clearing house’s ability to access defaulting clearing firms' collateral deposits.

For cleared interest rate swap contracts, the maximum exposure at the time of default related to the clearing house’s guarantee would be one full day of changes in fair value of all open positions, before considering the clearing house’s ability to access defaulting clearing firms' collateral.

During the first nine months of 2024, the clearing house transferred an average of approximately $5.7 billion a day through its clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. The clearing house reduces its guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions. Management has assessed the fair value of the company’s settlement guarantee liability by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard packages in place, historical evidence of default by a clearing member and the estimated probability of potential payouts by the clearing house. Based on the assessment performed, management estimates the guarantee liability to be nominal and therefore has not recorded any liability at September 30, 2024 and December 31, 2023. The company does not have a history of significant losses recognized on performance bond collateral as posted by our clearing members, and management currently does not anticipate any future credit losses on its performance bond assets. Accordingly, the company has not provided an allowance for credit losses on these performance bond deposits, nor has it recorded any liabilities to reflect an allowance for credit losses related to our off-balance sheet credit exposures and guarantees.

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4. Intangible Assets and Goodwill

Intangible assets consisted of the following at September 30, 2024 and December 31, 2023:

 

						September 30, 2024																		December 31, 2023
(in millions)						Assigned Value						Accumulated Amortization												Net Book Value						Assigned Value						Accumulated Amortization												Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships						$	4,706.9					$	(2,289.9)											$	2,417.0					$	4,694.4					$	(2,124.9)											$	2,569.5
Technology-related intellectual property						62.5						(62.5)												—						62.5						(62.2)												0.3
Other						73.6						(48.4)												25.2						71.6						(41.2)												30.4
Total amortizable intangible assets						$	4,843.0					$	(2,400.8)											$	2,442.2					$	4,828.5					$	(2,228.3)											$	2,600.2
Indefinite-Lived Intangible Assets:
Trade names																								450.0																								450.0
Total intangible assets – other, net																								$	2,892.2																							$	3,050.2
Trading products (1)																								$	17,175.3																							$	17,175.3

    

(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.

Total amortization expense for intangible assets was $55.7 million and $57.2 million for the quarters ended September 30, 2024 and 2023, respectively. Total amortization expense for intangible assets was $166.4 million and $171.0 million for the nine months ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:

(in millions)			Amortization Expense
Remainder of 2024			$	55.8
2025			223.2
2026			223.2
2027			221.9
2028			215.3
2029			215.3
Thereafter			1,287.5

Goodwill activity consisted of the following for the periods ended September 30, 2024 and December 31, 2023:

(in millions)						Goodwill
Balance at December 31, 2022						$	10,482.5
Foreign currency translation						12.8
Balance at December 31, 2023						10,495.3
Foreign currency translation						18.8
Balance at September 30, 2024						$	10,514.1

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5. Debt

Short-term debt consisted of the following at September 30, 2024 and December 31, 2023:

(in millions)						September 30, 2024						December 31, 2023
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1)						$	749.7					$	—
Total short-term debt						$	749.7					$	—

(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.

Long-term debt consisted of the following at September 30, 2024 and December 31, 2023: 

(in millions)						September 30, 2024						December 31, 2023
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1)						—						749.1
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%						498.4						498.1
$750.0 million fixed rate notes due March 2032, stated rate of 2.65%						743.5						742.9
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (2)						744.2						744.0
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%						691.6						691.3
Total long-term debt						$	2,677.7					$	3,425.4

(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.

(2)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%.

Long-term debt maturities, at par value, were as follows at September 30, 2024:  

(in millions)			Par Value
2025			$	—
2026			—
2027			—
2028			500.0
2029			—
Thereafter			2,200.0

6. Contingencies

Legal and Regulatory Matters. In the normal course of business, the company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry and oversight. These matters could result in censures, fines, penalties or other sanctions. Management believes the outcome of any resulting actions will not have a material impact on the company's consolidated financial position or results of operations. However, the company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters.

A putative class action complaint was filed January 15, 2014 in the Circuit Court of Cook County, Chancery Division, against CME Group Inc. and the Board of Trade of the City of Chicago, Inc. The plaintiffs, certain Class B shareholders of CME Group and Class B members of CBOT, allege breach of contract and breach of the implied covenant of good faith and fair dealing for violations of their core rights granted in the defendants’ respective Certificates of Incorporation. On December 2, 2021, the court granted the plaintiffs’ motion for certification of a damages-only class. No trial date has been set. Given the uncertainty of factors that may potentially affect the resolution of the matter, at this time the company is unable to estimate the reasonably possible loss or range of reasonably possible losses in the unlikely event it were found to be liable at trial. Based on its investigation to date, the company believes that it has strong factual and legal defenses to the claims.

In addition, the company is a defendant in, and has potential for, various other legal proceedings arising from its regular business activities. While the ultimate results of such proceedings against the company cannot be predicted with certainty, the company believes that the resolution of any of these matters on an individual or aggregate basis will not have a material impact on its consolidated financial position or results of operations.

No accrual was required for contingent legal and regulatory matters as none were probable and estimable as of September 30, 2024 and December 31, 2023.

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Intellectual Property Indemnifications. Certain agreements with customers and other third parties related to accessing the CME Group platforms, utilizing market data services and licensing SPAN and SPAN 2 software may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable products and/or services. The potential future claims relating to these indemnifications cannot be estimated and therefore no liability has been recorded.

7. Leases

The company has operating leases for corporate offices. The operating leases have remaining lease terms of up to 14 years, some of which include options to extend or renew the leases for up to an additional five years, and some of which include options to early terminate the leases in less than 12 months. Management evaluates whether these options are exercisable at least quarterly in order to determine whether the contract term must be reassessed. For a small number of the leases, primarily the international locations, management’s approach is to enter into short-term leases for a lease term of 12 months or less in order to provide for greater flexibility in the local environment. For certain office spaces, the company has entered into arrangements to sublease excess space to third parties, while the original lease contract remains in effect with the landlord.

The company also has one finance lease, which is related to the sale of our data center in March 2016. In connection with the sale, the company leased back a portion of the property. The transaction was recognized under the financing method and not as a sale leaseback arrangement.

The right-of-use lease asset is recorded within other assets, and the present value of the lease liability is recorded within other liabilities (segregated between short term and long term) on the consolidated balance sheets. The discount rate applied to the lease payments represents the company’s incremental borrowing rate.

The components of lease costs were as follows:

			Quarter Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Operating lease expense:
Operating lease cost			$	12.7					$	13.8					$	38.9					$	41.7
Short-term lease cost			0.1						0.1						0.3						0.3
Total operating lease expense included in other expense			$	12.8					$	13.9					$	39.2					$	42.0
Finance lease expense:
Interest expense			$	0.5					$	0.6					$	1.7					$	1.9
Depreciation expense			2.2						2.2						6.5						6.5
Total finance lease expense			$	2.7					$	2.8					$	8.2					$	8.4
Sublease revenue included in other revenue			$	2.5					$	2.5					$	7.2					$	7.3

Supplemental cash flow information related to leases was as follows:

			Quarter Ended September 30,												Nine Months Ended September 30,
(in millions)			2024						2023						2024						2023
Cash outflows for operating leases			$	15.4					$	16.9					$	45.9					$	50.6
Cash outflows for finance leases			4.3						4.3						13.0						12.9

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Supplemental balance sheet information related to leases was as follows:

Operating leases

(in millions)			September 30, 2024						December 31, 2023
Operating lease right-of-use assets			$	241.6					$	272.0
Operating lease liabilities:
Other current liabilities			$	46.8					$	46.7
Other liabilities			307.5						344.0
Total operating lease liabilities			$	354.3					$	390.7
Weighted average remaining lease term (in months)			108						114
Weighted average discount rate			4.1		%				3.8		%

Finance leases

(in millions)			September 30, 2024						December 31, 2023
Finance lease right-of-use assets			$	56.3					$	62.8
Finance lease liabilities:
Other current liabilities			$	8.6					$	8.4
Other liabilities			52.9						59.4
Total finance lease liabilities			$	61.5					$	67.8
Weighted average remaining lease term (in months)			78						87
Weighted average discount rate			3.5		%				3.5		%

Future minimum lease payments were as follows as of September 30, 2024 for operating and finance leases:

(in millions)						Operating Leases
Remainder of 2024						$	15.2
2025						58.1
2026						52.7
2027						50.2
2028						49.2
2029						35.2
Thereafter						154.2
Total lease payments						414.8
Less: imputed interest						(60.5)
Present value of lease liability						$	354.3

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(in millions)						Finance Leases
Remainder of 2024						$	4.4
2025						17.5
2026						17.6
2027						17.8
2028						17.9
2029						18.1
Thereafter						22.9
Total lease payments						116.2
Less: imputed interest						(54.7)
Present value of lease liability						$	61.5

8. Guarantees

Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) maintain a mutual offset agreement with a current term through April 2025. This agreement enables market participants to open a futures position on one exchange and liquidate it on the other. The term of the agreement will automatically renew for a two-year period after April 2025 unless either party provides advance notice of their intent to terminate. CME can maintain collateral in the form of irrevocable, standby letters of credit. At September 30, 2024, CME was contingently liable to SGX on letters of credit totaling $400.0 million. CME also maintains a $350.0 million line of credit to meet its obligations under this agreement. Regardless of the collateral, CME guarantees all cleared transactions submitted through SGX and would initiate procedures designed to satisfy these financial obligations in the event of a default, such as the use of performance bonds and guaranty fund contributions of the defaulting clearing firm. Management has assessed the fair value of the company’s guarantee liability under this mutual offset agreement by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard packages in place, historical evidence of default by a clearing member and the estimated probability of potential payouts by the clearing house. Based on the assessment performed, management estimates the guarantee liability to be nominal and therefore has not recorded any liability at September 30, 2024 and December 31, 2023.

Family Farmer and Rancher Protection Fund. In 2012, the company established the Family Farmer and Rancher Protection Fund (the Fund). The Fund is designed to provide payments, up to certain maximum levels, to family farmers, ranchers and other agricultural industry participants who use the company’s agricultural commodity products and who suffer losses to their segregated account balances due to their CME clearing member becoming insolvent. Under the terms of the Fund, farmers and ranchers are eligible for up to $25,000 per participant. Farming and ranching cooperatives are eligible for up to $100,000 per cooperative. The Fund was established with a maximum of $100.0 million available for distribution to participants. Since its establishment, the Fund has made payments of approximately $2.0 million, which leaves $98.0 million available for future claims. If, at any time, payments due to participants were to exceed the amount remaining in the Fund, payments would be pro-rated. Clearing members and customers must register with the company in advance and provide certain documentation in order to substantiate their eligibility. The company believes that its guarantee liability is nominal and therefore has not recorded any liability at September 30, 2024 and December 31, 2023.

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9. Accumulated Other Comprehensive Income (Loss)

The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss):

(in millions)			Investment Securities						Defined Benefit Plans						Derivative Investments						Foreign Currency Translation						Total
Balance at December 31, 2023			$	(0.4)					$	(23.4)					$	62.0					$	(93.8)					$	(55.6)
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			0.6						(5.9)						—						54.8						49.5
Amounts reclassified from accumulated other comprehensive income (loss)			—						0.1						(2.7)						—						(2.6)
Income tax benefit (expense)			(0.2)						1.5						0.7						(4.2)						(2.2)
Net current period other comprehensive income (loss)			0.4						(4.3)						(2.0)						50.6						44.7
Balance at September 30, 2024			$	—					$	(27.7)					$	60.0					$	(43.2)					$	(10.9)

(in millions)			Investment Securities						Defined Benefit Plans						Derivative Investments						Foreign Currency Translation						Total
Balance at December 31, 2022			$	(0.9)					$	(22.8)					$	64.7					$	(174.3)					$	(133.3)
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			(0.1)						(3.5)						—						20.7						17.1
Amounts reclassified from accumulated other comprehensive income (loss)			—						0.1						(2.7)						—						(2.6)
Income tax benefit (expense)			—						0.8						0.7						—						1.5
Net current period other comprehensive income (loss)			(0.1)						(2.6)						(2.0)						20.7						16.0
Balance at September 30, 2023			$	(1.0)					$	(25.4)					$	62.7					$	(153.6)					$	(117.3)

10. Fair Value Measurements

The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes:

•Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable.

•Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs.

The company’s level 1 assets generally include investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities.

The company’s level 2 assets and liabilities generally consist of long-term debt notes. The fair values of the long-term debt notes were based on quoted market prices in an inactive market.

The company’s level 3 assets and liabilities include certain investments that were adjusted to fair value.

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Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of September 30, 2024 were classified in their entirety based on the lowest level of input that was significant to each asset and liability’s fair value measurement. The following table presents financial instruments measured at fair value on a recurring basis:

						September 30, 2024
(in millions)						Level 1						Level 2						Level 3						Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities						$	9.4					$	—					$	—					$	9.4
Mutual funds						102.7						—						—						102.7
Equity securities						0.2						—						—						0.2
Total Marketable Securities						112.3						—						—						112.3
Total Assets at Fair Value						$	112.3					$	—					$	—					$	112.3

Non-Recurring Fair Value Measurements. The company recognized an unrealized gain on investments of $1.5 million on an equity investment without readily determinable fair value during the first nine months of 2024. The fair value of this investment was estimated to be $8.6 million at September 30, 2024. This fair value assessment was based on quantitative factors, including observable price changes. The fair value measurement of this investment is considered level 3 and non-recurring. This investment is included in other assets on the consolidated balance sheet.

Fair Values of Debt Notes. The following presents the estimated fair values of short-term and long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values below are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets.

At September 30, 2024, the fair values were as follows:

(in millions)			Fair Value						Level
$750.0 million fixed rate notes due March 2025			$	744.1					Level 2
$500.0 million fixed rate notes due June 2028			498.2						Level 2
$750.0 million fixed rate notes due March 2032			679.0						Level 2
$750.0 million fixed rate notes due September 2043			808.1						Level 2
$700.0 million fixed rate notes due June 2048			631.2						Level 2

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11. Earnings Per Share

The company uses the two-class method to calculate basic and diluted earnings per common share because its Series G preferred stock are participating securities. Under the two-class method, undistributed earnings are allocated to common stock and participating securities according to their respective rights in undistributed earnings, as if all of the earnings for the period had been distributed. Basic earnings per common share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders is reduced for preferred stock dividends earned during the period. Preferred stock also receives a proportionate allocation of undistributed or overdistributed earnings for the period because Series G preferred stock has a contractual obligation to share in profits and losses of the company. Diluted earnings per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding plus potentially dilutive common shares. Anti-dilutive stock awards were as follows for the periods presented:

			Quarter Ended September 30,												Nine Months Ended September 30,
(in thousands)			2024						2023						2024						2023
Stock awards			333						333						334						373
Total			333						333						334						373

The following table presents the earnings per share calculation for the periods presented:

						Quarter Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Net Income (in millions)						$	912.8					$	750.2					$	2,651.2					$	2,411.6
Less: preferred stock dividends						(5.3)						(5.0)						(15.8)						(15.1)
Less: undistributed earnings allocated to preferred stock						(6.2)						(4.4)						(17.6)						(15.2)
Net Income Attributable to Common Shareholders of CME Group						$	901.3					$	740.8					$	2,617.8					$	2,381.3
Weighted Average Number of Common Shares (in thousands):
Basic						359,400						359,020						359,329						358,965
Effect of stock options, restricted stock and performance shares						589						599						570						483
Diluted						359,989						359,619						359,899						359,448
Earnings per Common Share Attributable to Common Shareholders of CME Group:
Basic						$	2.51					$	2.06					$	7.29					$	6.63
Diluted						2.50						2.06						7.27						6.62

12. Subsequent Events

The company has evaluated subsequent events through the date the financial statements were issued. The company has determined that there were no subsequent events that met the requirement for recognition or disclosure in the consolidated financial statements.

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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, 2023, filed with the SEC on February 28, 2024.

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 September 30,																		Nine Months Ended September 30,
(dollars in millions, except per share data)						2024						2023						Change						2024						2023						Change
Total revenues						$	1,584.4					$	1,337.8					18		%				$	4,604.8					$	4,139.6					11		%
Total expenses						560.2						517.6						8						1,620.4						1,567.1						3
Operating margin						64.6		%				61.3		%										64.8		%				62.1		%
Non-operating income (expense)						$	152.7					$	154.1					(1)						$	460.4					$	575.1					(20)
Effective tax rate						22.4		%				23.0		%										23.0		%				23.4		%
Net income						$	912.8					$	750.2					22						$	2,651.2					$	2,411.6					10
Diluted earnings per common share						2.50						2.06						21						7.27						6.62						10
Cash flows from operating activities																								2,672.6						2,409.5						11

Revenues

						Quarter Ended September 30,																		Nine Months Ended September 30,
(dollars in millions)						2024						2023						Change						2024						2023						Change
Clearing and transaction fees						$	1,297.1					$	1,085.5					20		%				$	3,755.9					$	3,404.0					10		%
Market data and information services						178.2						167.6						6						528.6						496.5						6
Other						109.1						84.7						29						320.3						239.1						34
Total Revenues						$	1,584.4					$	1,337.8					18						$	4,604.8					$	4,139.6					11

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 exclude trading volume for the cash markets business and interest rate swaps volume.

						Quarter Ended September 30,																		Nine Months Ended September 30,
						2024						2023						Change						2024						2023						Change
Total contract volume (in millions)						1,810.5						1,408.2						29		%				5,052.8						4,492.0						12		%
Clearing and transaction fees (in millions)						$	1,205.3					$	994.8					21						$	3,479.3					$	3,125.6					11
Average rate per contract						$	0.666					$	0.707					(6)						$	0.689					$	0.696					(1)

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We estimate the following net changes in clearing and transaction fees based on the changes in total contract volumes and the changes in average rate per contract for futures and options during the third quarter and first nine months of 2024 when compared with the same periods in 2023. 

(in millions)						Quarter Ended						Nine Months Ended
Increases due to a changes in total contract volume						$	267.9					$	386.8
Decreases due to a changes in average rate per contract						(57.4)						(33.1)
Net increases in clearing and transaction fees						$	210.5					$	353.7

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 September 30,																		Nine Months Ended September 30,
(amounts in thousands)						2024						2023						Change						2024						2023						Change
Average Daily Volume by Product Line:
Interest rates						14,881						10,967						36		%				13,877						12,236						13		%
Equity indexes						7,407						6,353						17						7,018						6,623						6
Foreign exchange						1,088						942						16						1,050						937						12
Agricultural commodities						1,614						1,433						13						1,696						1,521						12
Energy						2,571						2,126						21						2,478						2,104						18
Metals						728						528						38						758						596						27
Aggregate average daily volume						28,289						22,349						27						26,877						24,017						12
Average Daily Volume by Venue:
CME Globex						26,199						20,839						26						24,792						21,966						13
Open outcry						1,096						713						54						1,082						1,151						(6)
Privately negotiated						994						797						25						1,003						900						11
Aggregate average daily volume						28,289						22,349						27						26,877						24,017						12
Electronic Volume as a Percentage of Total Volume						93		%				93		%										92		%				91		%

Market uncertainty remained high through the first nine months of 2024. Interest rate, equity and foreign exchange markets experienced significant uncertainty surrounding the United States' Federal Reserve’s (Federal Reserve) interest rate policy. The Federal Open Markets Committee (FOMC) had initially signaled the potential for several future rate cuts throughout 2024, but has since only cut interest rates once as a result of continued inflation. Energy, metals and agricultural commodities markets were more uncertain in the first nine months of 2024 mainly as a result of geopolitical events as well as uncertain weather conditions, which led to higher volumes within those markets. We believe these factors contributed to the increase in total volumes in the third quarter and first nine months of 2024 when compared with the same periods in 2023.

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Interest Rate Products

The following table summarizes average daily contract volume for our key interest rate products. We no longer offer Eurodollar contract trading as of June 2023.

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in thousands)						2024						2023						Change						2024						2023						Change
Eurodollar futures and options:
Futures expiring within two years						—						—						—		%				—						117						(100)		%
Options						—						—						—						—						54						(100)
Futures expiring beyond two years						—						—						—						—						28						(100)
SOFR futures and options:
Futures expiring within two years						3,044						2,217						37						2,676						2,539						5
Options						1,790						1,178						52						1,661						1,738						(4)
Futures expiring beyond two years						1,069						819						31						954						804						19
U.S. Treasury futures and options:
10-Year						3,376						2,505						35						3,279						2,595						26
5-Year						2,088						1,742						20						2,014						1,788						13
2-Year						1,142						770						48						1,045						793						32
Treasury Bond						699						594						18						701						538						30
Federal Funds futures and options						529						324						63						414						470						(12)

In the third quarter and first nine months of 2024, overall interest rate contract volumes increased when compared with the same periods in 2023. Volumes increased in the third quarter and first nine months of 2024 due to volatility as a result of mixed inflation results that occurred during 2024 as well as continued market uncertainty regarding the Federal Reserve's interest rate policy.

Equity Index Products

The following table summarizes average daily contract volume for our key equity index products.

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in thousands)						2024						2023						Change						2024						2023						Change
E-mini S&P 500 futures and options						4,320						3,865						12		%				4,136						4,099						1		%
E-mini Nasdaq 100 futures and options						2,277						1,862						22						2,127						1,811						17
E-mini Russell 2000 futures and options						337						270						25						319						304						5

Equity index contract volumes increased in the third quarter and first nine months of 2024 when compared with the same periods in 2023 due to periods of higher equity market volatility. We believe the higher volatility was a result of continued uncertainty surrounding the Federal Reserve's interest rate policy decision.

Foreign Exchange Products

The following table summarizes average daily contract volume for our key foreign exchange products. 

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in thousands)						2024						2023						Change						2024						2023						Change
Euro						257						245						5		%				257						251						2		%
Japanese Yen						227						184						23						201						180						12
British Pound						126						114						11						123						112						10
Australian dollar						125						108						16						119						102						16

In the third quarter and first nine months of 2024, overall foreign exchange volumes increased when compared with the same periods in 2023. Despite a broad decline in foreign exchange market volatility, there was an increase in price volatility with the Japanese yen due to uncertainty surrounding the Japanese monetary policy and rate cuts from the Federal Reserve. The overall increases in volumes were also due to growing client adoption of our foreign currency products.

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Agricultural Commodity Products

The following table summarizes average daily contract volume for our key agricultural commodity products. 

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in thousands)						2024						2023						Change						2024						2023						Change
Corn						481						427						13		%				509						468						9		%
Soybean						329						286						15						352						312						13
Wheat						196						203						(4)						234						211						11

Overall commodity contract volumes increased in the third quarter and first nine months of 2024 when compared with the same periods in 2023. We believe these increases were due to higher overall market volatility as a result of a change in market expectations regarding grain supplies as well as uncertain weather conditions in 2024. In addition, the first nine months of 2023 saw lower overall volatility within the commodities markets due to risk aversion by market participants following price increases and global trade uncertainty resulting from the conflict between Russia and Ukraine. We believe these factors contributed to higher overall commodity volumes in the third quarter and first nine months of 2024 compared with the same periods in 2023.

Energy Products

The following table summarizes average daily contract volume for our key energy products. 

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in thousands)						2024						2023						Change						2024						2023						Change
WTI crude oil						1,290						1,129						14		%				1,185						1,091						9		%
Natural gas						723						533						36						780						577						35
Refined products						388						368						5						383						345						11

Energy contract volumes increased in the third quarter and first nine months of 2024 when compared with the same periods in 2023, which we believe were due to higher overall market volatility. Natural gas volatility was higher as a result of uncertain weather conditions in the United States, which impacted prices throughout the quarter. In addition, crude oil volatility was slightly higher as a result of ongoing geopolitical issues in the Middle East as well economic uncertainty between the United States and China.

Metal Products

The following table summarizes average daily volume for our key metal products.  

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in thousands)						2024						2023						Change						2024						2023						Change
Gold						447						300						49		%				436						354						23		%
Copper						113						104						8						145						115						27
Silver						119						88						35						127						93						36

In the third quarter and first nine months of 2024, overall metal contract volumes increased when compared with the same periods in 2023. We believe gold and silver volumes increased as a result of continued uncertainty surrounding the Federal Reserve's monetary policy decision, which resulted in higher overall volatility.

Average Rate per Contract

The average rate per contract decreased in the third quarter and first nine months of 2024 when compared with the same periods in 2023. The decreases in the average rate per contract were primarily due to higher member trading as a percentage of total volume as well as our tiered volume pricing structure. The overall decrease was partially offset by an increase in our fee structure, which went into effect on February 1, 2024.

The decrease in the third quarter of 2024 when compared with the same period in 2023 is also do to a change in product mix. In the third quarter of 2024, interest rate contract volume increased by 4 percentage points as a percent of total volume, while all other products collectively decreased by 4 percentage points. In general, interest rate products have a lower rate per contract compared with the remaining contracts.

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Cash Markets Business

Total clearing and transaction fees revenues in the third quarter and first nine months of 2024 include $68.5 million and $207.9 million of transaction fees attributable to the cash markets business, compared with $69.5 million and $214.3 million, respectively, in the third quarter and first nine months of 2023. This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume.

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in millions)						2024						2023						Change						2024						2023						Change
BrokerTec fixed income transaction fees						$	33.3					$	37.3					(11)		%				$	108.9					$	114.3					(5)		%
EBS foreign exchange transaction fees						35.2						32.2						9		%				99.0						100.0						(1)		%

The related average daily notional value for the third quarter and first nine months of 2024 and 2023 were as follows:

						Quarter Ended September 30,																		Nine Months Ended September 30,
(amounts in billions)						2024						2023						Change						2024						2023						Change
European Repo (in euros)						$	285.9					$	313.9					(9)		%				$	289.5					$	340.1					(15)		%
U.S. Treasury						109.3						98.3						11		%				102.1						106.9						(4)
Spot FX						67.0						54.4						23		%				58.9						57.9						2

Overall average daily notional values for the cash markets business were slightly lower in the third quarter and first nine months of 2024 when compared with the same periods in 2023.

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 approximately 10% of our clearing and transaction fees in the first nine months of 2024. 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.

Other Sources of Revenue

Market data and information services. During the third quarter and first nine months of 2024, overall market data and information services revenues increased when compared with the same periods in 2023, largely due to price increases for certain products.

The two largest resellers of our market data represented approximately 30% of our market data and information services revenue in the first nine months of 2024. 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.

Other revenues. In the third quarter and first nine months of 2024, the increases in other revenues when compared with the same periods in 2023 were largely attributable to higher custody fees due to an increase in non-cash collateral as well as a fee increase. Other revenues also increased mainly due to higher co-location fees.

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Expenses

						Quarter Ended September 30,																		Nine Months Ended September 30,
(dollars in millions)						2024						2023						Change						2024						2023						Change
Compensation and benefits						$	218.8					$	205.5					6		%				$	629.5					$	615.7					2		%
Technology						66.6						55.6						20						190.1						160.2						19
Professional fees and outside services						31.0						32.2						(4)						98.8						108.3						(9)
Amortization of purchased intangibles						55.7						57.2						(2)						166.4						171.0						(3)
Depreciation and amortization						28.2						31.1						(9)						87.0						95.3						(9)
Licensing and other fee agreements						97.6						79.5						23						271.4						242.4						12
Other						62.3						56.5						10						177.2						174.2						2
Total Expenses						$	560.2					$	517.6					8		%				$	1,620.4					$	1,567.1					3		%

Operating expenses increased by $42.6 million and $53.3 million in the third quarter and first nine months of 2024 when compared with the same periods in 2023. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses: 

						Quarter Ended September 30, 2024												Nine Months Ended September 30, 2024
						Amount  of Change						Change as  a Percentage of Total Expenses						Amount  of Change						Change as  a Percentage of Total Expenses
(dollars in millions)
Technology support services						$	11.1					2		%				$	29.7					2		%
License fees						18.1						4						29.0						2
Salaries, benefits and employer taxes						12.6						2						16.5						1
Depreciation and amortization						(3.0)						(1)						(8.3)						—
Occupancy and building operations						(3.9)						(1)						(9.2)						(1)
Professional fees and outside services						(1.2)						—						(9.5)						(1)
Other expenses, net						8.9						2						5.1						—
Total increase						$	42.6					8		%				$	53.3					3		%

Increases in operating expenses in the third quarter and first nine months of 2024 when compared with the same periods in 2023 were as follows:

•The increases in expenses related to technology support services were primarily driven by higher software license fees and third party services to support the ongoing Google Cloud transformation project.

•License fees were higher primarily due to increases in volume for certain equity products and improved revenue performance related to certain arrangements.

•Salaries, benefits and employer taxes were higher due to increases in headcount during the year, which were primarily attributable to additional headcount in the company's international locations, as well as an increase in compensation expenses due to a law change for vacation carryover.

Decreases in operating expenses in the third quarter and first nine months of 2024 when compared with the same periods in 2023 were as follows:

•Depreciation and amortization expense decreased as a result of a decline in fixed asset purchases over the last few years and certain assets becoming fully depreciated.

•Occupancy and building operations expenses decreased due to lower rent expenses and real estate taxes.

•The decreases in professional fees and outside services are largely due to decreases in consulting costs associated with the Google Cloud Migration, which began in late 2021, as well as lower legal fees during the periods.

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Non-Operating Income (Expense)

						Quarter Ended September 30,																		Nine Months Ended September 30,
(dollars in millions)						2024						2023						Change						2024						2023						Change
Investment income						$	1,026.8					$	1,272.5					(19)		%				$	3,142.6					$	4,198.4					(25)		%
Interest and other borrowing costs						(40.2)						(39.6)						2						(120.2)						(119.7)						—		%
Equity in net earnings of unconsolidated subsidiaries						86.1						76.8						12						259.7						230.1						13
Other non-operating income (expense)						(920.0)						(1,155.6)						(20)						(2,821.7)						(3,733.7)						(24)
Total Non-Operating						$	152.7					$	154.1					(1)						$	460.4					$	575.1					(20)

Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested decreased in the third quarter and first nine months of 2024 when compared with the same periods in 2023 due to lower average reinvestment balances. In the third quarter and first nine months of 2024, earnings from cash performance bond and guaranty fund contributions were $991.3 million and $3,035.6 million, compared with $1,246.5 million and $4,042.9 million, respectively, in the third quarter and first nine months of 2023. We also recognized lower net realized and unrealized gains on investments in the first nine months of 2024.

Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P/Dow Jones Indices LLC (S&P/DJI) business venture contributed to an increase in equity in net earnings of unconsolidated subsidiaries in the third quarter and first nine months of quarter of 2024 when compared with the same periods in 2023.

Other non-operating income (expense). We recognized lower expenses related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms in conjunction with lower interest income earned on our reinvestment during the third quarter and first nine months of 2024 when compared with the same periods in 2023. In the third quarter and first nine months of 2024, expenses related to the distribution of interest earned on collateral reinvestments were $922.6 million and $2,829.4 million, compared with $1,160.5 million and $3,756.8 million in the third quarter and first nine months of 2023.

Income Tax Provision

The following table summarizes the effective tax rates for the periods presented: 

						2024						2023
Quarter ended September 30						22.4		%				23.0		%
Nine months ended September 30						23.0						23.4

The overall effective tax rate remained relatively consistent in the third quarter and first nine months of 2024 when compared with the same periods in 2023.

Liquidity and Capital Resources

Sources and Uses of Cash. Net cash provided by operating activities increased in the first nine months of 2024 when compared with the same period in 2023 was largely due to an increase in revenues. Cash used in investing activities increased in the first nine months of 2024 when compared with the same period in 2023 due to a decrease in proceeds from sales of investments. Cash provided by financing activities was higher during the first nine months of 2024 when compared with the same period in 2023 due to an increase in cash performance bonds and guaranty fund contributions.

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Debt Instruments. The following table summarizes our debt outstanding at September 30, 2024:

(in millions)			Par Value
Fixed rate notes due March 2025, stated rate of 3.00% (1)			$	750.0
Fixed rate notes due June 2028, stated rate of 3.75%			500.0
Fixed rate notes due March 2032, stated rate of 2.65%			750.0
Fixed rate notes due September 2043, stated rate of 5.30% (2)			750.0
Fixed rate notes due June 2048, stated rate of 4.15%			700.0

 _______________

(1)We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.

(2)We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73%.

We maintain a $2.3 billion multi-currency revolving senior credit facility with various financial institutions, which matures in November 2026. The proceeds from this facility can be used for general corporate purposes, which includes providing liquidity for our clearing house in certain circumstances at CME Group's discretion and, if necessary, for maturities of commercial paper. As long as we are not in default under this facility, we have the option to increase it up to $3.3 billion with the consent of the agent and lenders providing the additional funds. This facility is voluntarily pre-payable from time to time without premium or penalty. Under this facility, we are required to remain in compliance with a consolidated net worth test, which is defined as our consolidated shareholders' equity at September 30, 2021, giving effect to share repurchases made and special dividends paid during the term of the agreements (and in no event greater than $2.0 billion in aggregate), multiplied by 0.65. We currently do not have any borrowings outstanding under this facility, but any commercial paper balance if or when outstanding can be backstopped against this facility.

We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our collateral), in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms, or in other cases as provided by the CME rulebook. Clearing firm guaranty fund contributions received in the form of cash or U.S. Treasury securities as well as the performance bond assets (pursuant to the CME rulebook) can be used to collateralize the facility. At September 30, 2024, guaranty fund contributions available to collateralize the facility totaled $10.0 billion. We have the option to request an increase in the line from $7.0 billion to $10.0 billion. Our 364-day facility contains a requirement that CME remain in compliance with a consolidated tangible net worth test, defined as CME's consolidated shareholder's equity less intangible assets (as defined in the agreement), of not less than $800.0 million. We currently do not have any borrowings outstanding under this facility.

The indentures governing our fixed rate notes, our $2.3 billion multi-currency revolving senior credit facility and our 364-day multi-currency revolving secured credit facility for $7.0 billion do not contain specific covenants that restrict the ability to pay dividends. These documents, however, do contain other customary financial and operating covenants that place restrictions on the operations of the company that could indirectly affect the ability to pay dividends.

At September 30, 2024, we have excess borrowing capacity for general corporate purposes of approximately $2.3 billion under our multi-currency revolving senior credit facility.

At September 30, 2024, we were in compliance with the various covenant requirements of all our debt facilities.

CME Group, as a holding company, has no operations of its own. Instead, it relies on dividends declared and paid to it by its subsidiaries in order to provide the funds which it uses to pay dividends to its shareholders.

To satisfy our performance bond obligation with Singapore Exchange Limited, we may pledge irrevocable standby letters of credit. At September 30, 2024, the letters of credit totaled $400.0 million. We also maintain a $350.0 million line of credit to meet our obligations under this agreement.

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The following table summarizes our credit ratings at September 30, 2024:  

Short-Term

Long-Term

Rating Agency

Debt Rating

Debt Rating

Outlook

Standard & Poor’s Global Ratings

A1+

AA-

Stable

Moody’s Investors Service, Inc.

P1

Aa3

Stable

Given our cash flow generation, our ability to pay down debt levels and our ability to refinance existing debt facilities if necessary, we expect to maintain an investment grade rating. If our ratings are downgraded below investment grade within certain specified time periods due to a change of control, we are required to make an offer to repurchase our fixed rate notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest. No report of any rating agency is incorporated by reference herein.

Liquidity and Cash Management. Cash and cash equivalents totaled $2.3 billion and $2.9 billion at September 30, 2024 and December 31, 2023, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U.S. Treasury securities, U.S. government agency securities and U.S. Treasury security reverse repurchase agreements and short-term bank deposits. Our exposure to credit and liquidity risk is minimal given the nature of the investments. Cash that is not available for general corporate purposes because of regulatory requirements or other restrictions is classified as restricted cash and is included in cash performance bonds and guaranty fund contributions, other current assets or other assets in the consolidated balance sheets.

On November 7, 2024, the company declared a regular quarterly dividend of $1.15 per share for all outstanding common and preferred shares. The dividend will be payable on December 27, 2024 to shareholders of record on December 9, 2024. Assuming no changes in the number of shares outstanding, the fourth quarter dividend payment will total approximately $420 million.

Regulatory Requirements. CME is regulated by the CFTC as a Derivatives Clearing Organization (DCO). DCOs are required to maintain capital, as defined by the CFTC, in an amount at least equal to one year of projected operating expenses as well as cash, liquid securities, or a line of credit at least equal to six months of projected operating expenses. CME was designated by the Financial Stability Oversight Council as a systemically important financial market utility under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As a result, CME must comply with CFTC regulations applicable to a systemically important DCO for financial resources and liquidity resources. CME is in compliance with all DCO financial requirements.

CME, CBOT, NYMEX and COMEX are regulated by the CFTC as Designated Contract Markets (DCM). DCMs are required to maintain capital, as defined by the CFTC, in an amount at least equal to one year of projected operating expenses as well as cash, liquid securities or a line of credit at least equal to six months of projected operating expenses. Our DCMs are in compliance with all DCM financial requirements.

BrokerTec Americas LLC is required to maintain sufficient net capital under Securities Exchange Act of 1934, as amended (Exchange Act), Rule 15c3-1 (the Net Capital Rule). The Net Capital Rule focuses on liquidity and is designed to protect securities customers, counterparties, and creditors by requiring that broker-dealers have sufficient liquid resources on hand at all times to satisfy claims promptly. Rule 15c3-3, or the customer protection rule, which complements Rule 15c3-1, is designed to ensure that customer property (securities and funds) in the custody of broker-dealers is adequately safeguarded. By law, both of these rules apply to the activities of registered broker-dealers, but not to unregistered affiliates. The firm began operating as a (k)(2)(i) broker dealer in November 2017 following notification to the Financial Industry Regulatory Authority and the SEC. A company operating under the (k)(2)(i) exemption is not required to lock up customer funds as would otherwise be required under Exchange Act Rule 15c3-3.

ITEM 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to various market risks, including those caused by changes in interest rates, credit, foreign currency exchange rates and equity prices. There have not been material changes in our exposure to market risk since December 31, 2023. Refer to Item 7A. of CME Group’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024, for additional information.

ITEM 4.			CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on such evaluation,

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our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, our disclosure controls and procedures are effective.

(b) Changes in Internal Control Over Financial Reporting. As required by Rule 13a-15(d) under the Exchange Act, the company’s management, including the company’s Chief Executive Officer and Chief Financial Officer, have evaluated the company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) to determine whether any changes occurred during the quarter covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting. There were no changes in the company’s internal control over financial reporting which occurred during the fiscal quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, the company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.			LEGAL PROCEEDINGS

The disclosure under “Legal and Regulatory Matters” in Note 6. Contingencies in the Notes to Unaudited Consolidated Financial Statements in Item 1 of Part I of this report is incorporated herein by reference. Such disclosure includes updates to the legal proceedings disclosed in the company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024.

ITEM 1A.			RISK FACTORS

There have been no material changes in the company's risk factors from those disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024.

ITEM 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Period						(a) Total Number of Class A Shares Purchased (1)						(b) Average Price Paid Per Share						(c) Total Number of Class A Shares Purchased as Part of Publicly Announced Plans or Programs						(d) Maximum Number (or Approximate Value) of shares that May Yet Be Purchased Under the Plans or Programs (in millions)
July 1 to July 31						302						$	195.50					—						$	—
August 1 to August 31						31						208.41						—						—
September 1 to September 30						81,073						216.99						—						—
Total						81,406												—

(1)Shares purchased consist of an aggregate of 81,406 shares of Class A common stock surrendered in the third quarter of 2024 to satisfy employees’ tax obligations upon the vesting of restricted stock.

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ITEM 6.			EXHIBITS

31.1						Section 302 Certification—Terrence A. Duffy
31.2						Section 302 Certification—Lynne Fitzpatrick
32.1						Section 906 Certification
101						The following materials from CME Group Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, formatted in Inline XBRL (Xtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to Unaudited Consolidated Financial Statements, tagged as blocks of text.
104						Cover Page Interactive Data File included in the Inline XBRL Document Set for Exhibit 101.
101.DEF						XBRL Taxonomy Extension Definition Linkbase
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

CME Group Inc. (Registrant)

Dated: November 8, 2024

By:

/s/ Lynne Fitzpatrick

Lynne Fitzpatrick Senior Managing Director and Chief Financial Officer Principal Financial Offer and Duly Authorized Officer

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