Cme GroupCME

10-Q · 24 jul 2026 · for the period to 30 jun 2026

accession 0001156375-26-000047

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every reason’s state · derivation order

01CME owns the dominant clearing infrastructure for futures across interest rates, equities, energy, agriculture, and metals — asset classes where open-outcry legacy and CFTC authorization create regulatory moats that competitors cannot replicate. Designation as a systemically important financial market utility cements its role as essential infrastructure, limiting new entrants.

regulatory positionowns a thing that cannot be built or permitted twice

holdsread 1 sep 2026

02In the second quarter and first six months of 2026, earnings from cash performance bond and guaranty fund contributions were $1,388.8 million and $2,759.8 million, respectivelyAt June 30, 2026, CME maintained $138.5 billion within the cash account at the Federal Reserve Bank of ChicagoExpenses related to the distribution of interest earned on collateral reinvestments were $1,265.7 million and $2,514.9 million, respectively, compared with $1,374.5 million and $2,179.3 million in the second quarter and first six months of 2025

float incomenot in the table

holdsread 1 sep 2026

03CME'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.

data moatis wired into how the customer already works

holdsread 1 sep 2026

04Overall market volatility was high in early 2026 due to the heightened geopolitical conflict in the Middle EastIn the second quarter of 2026, overall market volatility subsided relative to periods of very high volatility earlier in the first quarterWe believe these factors contributed to volume remaining relatively flat in the second quarter of 2026 when compared to the same period in 2025 and an increase in volume in the first six months of 2026The geopolitical conflict in the Middle East in early 2026 disrupted crucial supply chain routes and created higher uncertainty within the crude oil markets

volatility harvesternot in the table

holdsread 1 sep 2026

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