What it does
CME Group states that it enables clients to trade futures, options, cash and over-the-counter products, manage portfolios and analyze data. Its derivatives exchanges—CME, CBOT, NYMEX and COMEX—offer products spanning interest rates, equity indexes, foreign exchange, agricultural commodities, energy, metals and cryptocurrencies. The company also operates derivatives clearing, acting as the counterparty to cleared trades; cash markets through BrokerTec for fixed income and EBS for FX; and data services providing real-time, historical and derived data, benchmarks and analytics. Trading occurs primarily through CME Globex, alongside certain open-outcry and privately negotiated transactions.
Source: CME Group Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The filing states that revenue is substantially derived from fees for transactions executed and cleared in its markets. Clearing and Transaction Fees were $5.3 billion in FY2025, representing 81.0% of revenue. MarketData revenue was $803.1 million, or 12.3%, from data products and services, including proprietary market data, derived pricing, third-party and alternative data sets, and analytic tools. OtherRevenue was $436.4 million, or 6.69%. The company states that most clearing and transaction fees received from clearing firms represent charges for trades executed and cleared for their customers.
| Product or service | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Clearing and Transaction Fees | $5.3 billion | 81.0% | 5.87% |
| MarketData | $803.1 million | 12.3% | 13.1% |
| OtherRevenue | $436.4 million | 6.69% | 1.09% |
Source: CME Group Inc. Form 10-K for fiscal 2025, Item 1 and Item 1A — sec.gov
Customers and geography
The company lists professional traders, financial institutions, institutional and individual investors, major corporations, manufacturers, producers, governments and central banks among its derivatives-exchange customers. Customers may access markets directly depending on their membership or direct-access agreement. The filing states that the company has sales presence in over 10 countries. In 2025, approximately 31% of electronic futures and options volume came from transactions reported outside the U.S., while approximately 53% of market-data revenue was derived outside the U.S. The company’s global workforce also spans U.S. and non-U.S. locations.
Source: CME Group Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing describes its industry as highly competitive, with competition expected to intensify and become more global. It identifies competition in trading, clearing, cash markets and data services. Named competitors in derivatives exchanges include Intercontinental Exchange, Inc. (ICE), Cboe Global Markets, Euronext N.V., Hong Kong Exchanges and Clearing Limited, Deutsche Börse AG and FMX Futures Exchange. In derivatives clearing, named competitors include ICE, LCH Group, OCC, Cboe Clear, DTCC, HKEX, Japan Securities Clearing Corporation, LME Clear and Eurex Clearing. The filing also identifies FICC, a DTCC subsidiary, as the primary U.S. Treasury-clearing market participant, alongside ICE Clear Credit’s Treasury Clearing Service.
Source: CME Group Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
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Global market, economic and political conditions beyond the company’s control could significantly affect its business and make financial results more volatile.
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Trading volumes may be affected by economic, political and geopolitical conditions, regulation, competition, price levels, volatility, monetary policy, capital availability and other factors.
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Competitors may exploit regulatory disparities, develop preferred products or technology, price more competitively, or market and sell more effectively.
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Damage to the company’s reputation or brand could harm its business.
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Service disruptions, delayed execution and processing, failed settlement, inaccurate trade processing, financial losses or cybersecurity attacks could affect operations.
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International operations involve risks including fluctuations in currency exchange rates and potentially adverse tax consequences.
Source: CME Group Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, CME Group had 3,875 employees globally. The filing states that 58%—approximately 2,230 employees—worked in the U.S., with the remaining 42%—approximately 1,645—working across non-U.S. locations. Principal executive offices are at 20 South Wacker Drive, Chicago, Illinois. The company states that it maintains business-continuity and disaster-recovery plans, facilities intended to enable timely market recovery after disruption or disaster, and incident and crisis-management plans. Its electronic trading system operates central limit order book markets, while certain products are also traded through open outcry or privately negotiated transactions.
Source: CME Group Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov