CME's proprietary benchmark data — real-time prices for its exclusive futures contracts — generates recurring revenue that grows with both usage and price. Because no substitute exists for CME's own price feeds, this creates a secondary revenue layer with pricing power independent of trading volume.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s