CME Group (CME)
Operates global derivatives exchanges, clearing, and electronic fixed-income and foreign-exchange markets.
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CME Group runs marketplaces where businesses and investors pay to lock in or bet on future prices, then sells the market information those trades create. Interest rates remain the center of gravity; newer always-open, prediction, digital-asset, and government-bond offerings are widening the doors into the same trade-guaranteeing machine.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 17 more below
Interest Rate Products
CME's largest product family brought in $1.72B in FY2025. A cooler second quarter followed first-half growth in FY2026; watch whether changing borrowing costs keep customers trading.
Competes with FMX SOFR and U.S. Treasury futures (FMX Futures Exchange) · Euribor, SONIA, €STR, and Gilt futures (ICE Futures Europe)
In plain English
A bank worried that borrowing costs will jump can agree on today's rate for a future date. CME supplies standardized agreements tied to government debt and widely used lending rates, so customers can soften a bad move or deliberately bet on one.
CME collects a fee whenever an agreement trades. Customers return because many buyers and sellers gather in one place, while CME stands between both sides and asks them to set money aside against losses. Combining related positions can reduce how much cash a customer must park, making the marketplace harder to leave.
Cash Markets Business
BrokerTec and EBS earned $283.7M in FY2025 by matching immediate trades in government bonds, short-term secured loans and currencies. Watch whether new rules requiring a guarantor between Treasury buyers and sellers pull more activity through CME.
Competes with U.S. Treasury and Repo markets (Tradeweb) · FXall and Matching (LSEG)
In plain English
Not every CME trade is a promise for later. BrokerTec is a meeting place for government bonds and very short loans backed by those bonds; EBS does the same for currencies changing hands now. Banks and trading firms continuously post prices so others can buy or sell.
Instead of charging by each standardized agreement, these venues charge against the amount of money traded. Customers keep paying for quick access to many other buyers and sellers. CME is now connecting cash Treasury trades more closely with its future-dated Treasury agreements, which may let customers use the same set-aside money more efficiently.
Energy Products
Contracts tied to oil, gas, power and environmental markets form CME's third-largest trading family. Revenue fell 14% year over year in Q2 FY2026; weather, inventories and global shocks can quickly change demand.
Competes with Brent Crude and Mini WTI Futures (ICE) · Power and Henry Hub Natural Gas Futures (Nodal Exchange)
In plain English
Oil producers, utilities and factories dislike discovering next month's fuel price only when the bill arrives. CME lets them settle a price ahead of time through agreements tied to crude oil, natural gas, fuels and electricity. Funds also use the same marketplace to bet on price moves.
Each trade sends CME a fee. Commercial users return to protect budgets and selling prices; financial traders add the steady stream of buyers and sellers that makes those protections easier to enter or undo. Activity rises and falls with weather, storage levels, shipping disruptions and politics, so this is a meaningful but uneven earner.
Agricultural Commodity Products
Farm and food-price agreements cover crops, livestock, dairy and lumber. Revenue rose 5.2% year over year in Q2 FY2026; weather, harvests, exports and farm profits decide how much protection customers need.
Competes with Milling Wheat, Corn, and Rapeseed Futures (Euronext MATIF) · Hard Red Spring Wheat Futures and Options (MIAX Futures)
In plain English
A farmer wants to know what a harvest will fetch; a food maker wants to know what grain will cost. CME gives both sides a place to agree on a future price for corn, soybeans, wheat, cattle, milk and other farm goods before the crop or bill arrives.
CME is paid whenever these agreements trade. Producers, exporters and processors use them to make uncertain income and costs more manageable, while funds trade the same price changes. Customers stay where enough buyers and sellers gather, but the flow follows seasons, weather, inventories and trade policy rather than moving smoothly every quarter.
Market Data and Information Services
CME sells the live and historical trail left by its markets. Two unnamed resellers delivered 30% of FY2025 market-data revenue; watch whether underlying subscriptions keep growing after a one-time billing lift.
Competes with ICE Consolidated Feed and Exchange Data (Intercontinental Exchange) · LSEG Workspace (London Stock Exchange Group)
In plain English
Every bid, offer and completed trade leaves a useful trail: what buyers will pay, what sellers will accept and where a deal happened. CME packages that trail live or as history for banks, investment firms, trading programs and individual users.
Customers pay monthly or according to how many screens and people use it. The service repeats because anyone trading these markets needs the exchange's own view of its prices, much as a traveler needs the station's departure board. Distributors carry much of the product to end users, which saves CME a sales step but concentrates an important route to customers.
Equity Index and Cryptocurrency Products
Stock-index agreements supply the money while digital-coin contracts widen the audience. First-half FY2026 revenue grew 5.6% year over year; watch whether always-open coin trading turns fast activity growth into a durable second engine.
Competes with SPX Options (Cboe) · MSCI Index Futures (ICE) · Micro CoinDesk Bitcoin Futures (ICE)
In plain English
Want the rise or fall of a whole stock market without buying every company? CME sells agreements tied to familiar baskets of large or small stocks. It also offers agreements tied to Bitcoin, Ether and other digital coins, including smaller versions meant to require less money upfront.
CME earns each time one changes hands. Investment firms use the stock baskets to adjust broad market risk quickly, and individuals can trade the smaller sizes. Coin markets never close elsewhere, so CME's move toward always-open trading aims to keep customers from leaving on weekends; the unanswered question is how much revenue that newer activity adds.
Metal Products
Gold, silver, copper and newer metal agreements are a small but lively line. First-half FY2026 revenue grew 25.1% year over year from a modest base, though the second quarter cooled sharply.
Competes with LME Copper and base-metal Futures (London Metal Exchange) · Xetra-Gold and WisdomTree Copper derivatives (Eurex)
In plain English
A miner, jeweler or electronics maker can be hurt when metal prices move before material is sold or bought. CME provides agreements that fix or track a later price for gold, silver, copper and several smaller metal markets. Banks, funds and individual traders take the other side when they want to gain from those moves.
CME takes a fee per trade. Physical delivery rules and approved storage sites help the agreements stay connected to real metal, while smaller contract sizes invite more individual users. Demand can surge during monetary uncertainty or supply scares, then retreat just as quickly, as the latest quarters showed.
Foreign Exchange Products
Future-dated currency agreements remain one of CME's smallest established lines. First-half FY2026 revenue edged up 0.8% year over year, but the latest quarter fell; much larger off-exchange currency markets remain the alternative.
Competes with FX Futures and Options (Eurex) · U.S. Dollar Index and Mini U.S. Dollar Index Futures (ICE)
In plain English
An exporter promised euros months from now can lose money if the currency weakens before payment arrives. CME offers agreements tied to the euro, yen, pound, Australian dollar and other currencies, letting businesses and investment firms set an exchange rate ahead of time or bet on where it goes.
A charge lands each time an agreement trades. CME's guarantee and the ability to count related currency positions together reduce the work and money customers must set aside. Still, most currency dealing happens directly between large institutions, so CME must keep enough buyers and sellers gathered in its marketplace to remain useful.
Interest Rate ProductsCME's largest product family brought in $1.72B in FY2025. A cooler second quarter followed first-half growth in FY2026; watch whether changing borrowing costs keep customers trading.CME's largest product family brought in $1.72B in FY2025. A cooler second quarter followed first-half growth in FY2026; watch whether changing borrowing costs keep customers trading.
In plain English
A bank worried that borrowing costs will jump can agree on today's rate for a future date. CME supplies standardized agreements tied to government debt and widely used lending rates, so customers can soften a bad move or deliberately bet on one.
CME collects a fee whenever an agreement trades. Customers return because many buyers and sellers gather in one place, while CME stands between both sides and asks them to set money aside against losses. Combining related positions can reduce how much cash a customer must park, making the marketplace harder to leave.
Competes with FMX SOFR and U.S. Treasury futures (FMX Futures Exchange) · Euribor, SONIA, €STR, and Gilt futures (ICE Futures Europe)
Cash Markets BusinessBrokerTec and EBS earned $283.7M in FY2025 by matching immediate trades in government bonds, short-term secured loans and currencies. Watch whether new rules requiring a guarantor between Treasury buyers and sellers pull more activity through CME.BrokerTec and EBS earned $283.7M in FY2025 by matching immediate trades in government bonds, short-term secured loans and currencies. Watch whether new rules requiring a guarantor between Treasury buyers and sellers pull more activity through CME.
In plain English
Not every CME trade is a promise for later. BrokerTec is a meeting place for government bonds and very short loans backed by those bonds; EBS does the same for currencies changing hands now. Banks and trading firms continuously post prices so others can buy or sell.
Instead of charging by each standardized agreement, these venues charge against the amount of money traded. Customers keep paying for quick access to many other buyers and sellers. CME is now connecting cash Treasury trades more closely with its future-dated Treasury agreements, which may let customers use the same set-aside money more efficiently.
Competes with U.S. Treasury and Repo markets (Tradeweb) · FXall and Matching (LSEG)
Energy ProductsContracts tied to oil, gas, power and environmental markets form CME's third-largest trading family. Revenue fell 14% year over year in Q2 FY2026; weather, inventories and global shocks can quickly change demand.Contracts tied to oil, gas, power and environmental markets form CME's third-largest trading family. Revenue fell 14% year over year in Q2 FY2026; weather, inventories and global shocks can quickly change demand.
In plain English
Oil producers, utilities and factories dislike discovering next month's fuel price only when the bill arrives. CME lets them settle a price ahead of time through agreements tied to crude oil, natural gas, fuels and electricity. Funds also use the same marketplace to bet on price moves.
Each trade sends CME a fee. Commercial users return to protect budgets and selling prices; financial traders add the steady stream of buyers and sellers that makes those protections easier to enter or undo. Activity rises and falls with weather, storage levels, shipping disruptions and politics, so this is a meaningful but uneven earner.
Competes with Brent Crude and Mini WTI Futures (ICE) · Power and Henry Hub Natural Gas Futures (Nodal Exchange)
Agricultural Commodity ProductsFarm and food-price agreements cover crops, livestock, dairy and lumber. Revenue rose 5.2% year over year in Q2 FY2026; weather, harvests, exports and farm profits decide how much protection customers need.Farm and food-price agreements cover crops, livestock, dairy and lumber. Revenue rose 5.2% year over year in Q2 FY2026; weather, harvests, exports and farm profits decide how much protection customers need.
In plain English
A farmer wants to know what a harvest will fetch; a food maker wants to know what grain will cost. CME gives both sides a place to agree on a future price for corn, soybeans, wheat, cattle, milk and other farm goods before the crop or bill arrives.
CME is paid whenever these agreements trade. Producers, exporters and processors use them to make uncertain income and costs more manageable, while funds trade the same price changes. Customers stay where enough buyers and sellers gather, but the flow follows seasons, weather, inventories and trade policy rather than moving smoothly every quarter.
Competes with Milling Wheat, Corn, and Rapeseed Futures (Euronext MATIF) · Hard Red Spring Wheat Futures and Options (MIAX Futures)
Market Data and Information ServicesCME sells the live and historical trail left by its markets. Two unnamed resellers delivered 30% of FY2025 market-data revenue; watch whether underlying subscriptions keep growing after a one-time billing lift.CME sells the live and historical trail left by its markets. Two unnamed resellers delivered 30% of FY2025 market-data revenue; watch whether underlying subscriptions keep growing after a one-time billing lift.
In plain English
Every bid, offer and completed trade leaves a useful trail: what buyers will pay, what sellers will accept and where a deal happened. CME packages that trail live or as history for banks, investment firms, trading programs and individual users.
Customers pay monthly or according to how many screens and people use it. The service repeats because anyone trading these markets needs the exchange's own view of its prices, much as a traveler needs the station's departure board. Distributors carry much of the product to end users, which saves CME a sales step but concentrates an important route to customers.
Competes with ICE Consolidated Feed and Exchange Data (Intercontinental Exchange) · LSEG Workspace (London Stock Exchange Group)
Equity Index and Cryptocurrency ProductsStock-index agreements supply the money while digital-coin contracts widen the audience. First-half FY2026 revenue grew 5.6% year over year; watch whether always-open coin trading turns fast activity growth into a durable second engine.Stock-index agreements supply the money while digital-coin contracts widen the audience. First-half FY2026 revenue grew 5.6% year over year; watch whether always-open coin trading turns fast activity growth into a durable second engine.
In plain English
Want the rise or fall of a whole stock market without buying every company? CME sells agreements tied to familiar baskets of large or small stocks. It also offers agreements tied to Bitcoin, Ether and other digital coins, including smaller versions meant to require less money upfront.
CME earns each time one changes hands. Investment firms use the stock baskets to adjust broad market risk quickly, and individuals can trade the smaller sizes. Coin markets never close elsewhere, so CME's move toward always-open trading aims to keep customers from leaving on weekends; the unanswered question is how much revenue that newer activity adds.
Competes with SPX Options (Cboe) · MSCI Index Futures (ICE) · Micro CoinDesk Bitcoin Futures (ICE)
Metal ProductsGold, silver, copper and newer metal agreements are a small but lively line. First-half FY2026 revenue grew 25.1% year over year from a modest base, though the second quarter cooled sharply.Gold, silver, copper and newer metal agreements are a small but lively line. First-half FY2026 revenue grew 25.1% year over year from a modest base, though the second quarter cooled sharply.
In plain English
A miner, jeweler or electronics maker can be hurt when metal prices move before material is sold or bought. CME provides agreements that fix or track a later price for gold, silver, copper and several smaller metal markets. Banks, funds and individual traders take the other side when they want to gain from those moves.
CME takes a fee per trade. Physical delivery rules and approved storage sites help the agreements stay connected to real metal, while smaller contract sizes invite more individual users. Demand can surge during monetary uncertainty or supply scares, then retreat just as quickly, as the latest quarters showed.
Competes with LME Copper and base-metal Futures (London Metal Exchange) · Xetra-Gold and WisdomTree Copper derivatives (Eurex)
Foreign Exchange ProductsFuture-dated currency agreements remain one of CME's smallest established lines. First-half FY2026 revenue edged up 0.8% year over year, but the latest quarter fell; much larger off-exchange currency markets remain the alternative.Future-dated currency agreements remain one of CME's smallest established lines. First-half FY2026 revenue edged up 0.8% year over year, but the latest quarter fell; much larger off-exchange currency markets remain the alternative.
In plain English
An exporter promised euros months from now can lose money if the currency weakens before payment arrives. CME offers agreements tied to the euro, yen, pound, Australian dollar and other currencies, letting businesses and investment firms set an exchange rate ahead of time or bet on where it goes.
A charge lands each time an agreement trades. CME's guarantee and the ability to count related currency positions together reduce the work and money customers must set aside. Still, most currency dealing happens directly between large institutions, so CME must keep enough buyers and sellers gathered in its marketplace to remain useful.
Competes with FX Futures and Options (Eurex) · U.S. Dollar Index and Mini U.S. Dollar Index Futures (ICE)
Named in filings, launches and programs
- CME GlobexPlatformThe electronic matching and distribution system beneath CME's future-dated markets and its BrokerTec and EBS cash venues.
- CME ClearingServiceGuarantees trades and counts related customer positions together; one unnamed clearing firm generated 12% of FY2025 trading and clearing fees.
- Interest Rate Swap clearingServiceGuarantees privately arranged rate deals; it generated $84.4M, about 1.3% of FY2025 revenue.
- Other revenuesServiceAccess, communications, handling money customers set aside, memberships and order routing supplied 6.7% of FY2025 revenue.
- FanDuel PredictsCustomer program · RampingA consumer prediction app from CME's FanDuel venture; related prediction contracts had passed half a billion by July 2026.
- CME Securities ClearingBrand · AnnouncedAn approved clearinghouse intended to stand between buyers and sellers of U.S. Treasury securities later in FY2026.
- Treasury LinkPlatform · AnnouncedA planned link for trading BrokerTec cash Treasuries against future-dated Treasury agreements from one screen.
- FX Spot+PlatformAn immediate currency-trading venue launched in 2025 to let cash trades require less set-aside money, like future-dated agreements.
- Tokenized cash / stablecoin initiativeProduct · Pre-revenueTesting digital records of cash with Google Cloud, banks and clearing members; licensing leaves the stable-value coin timetable unsettled.
- Single Stock futuresProduct lineFuture-dated agreements tied to individual U.S. stocks, launched in July 2026 and settled in cash rather than shares.
- Compute FuturesProduct · AnnouncedPlanned agreements tied to hourly rental prices for high-end NVIDIA AI chips, aimed at managing computing-cost swings.
- 24/7 precious-metals tradingCustomer program · RampingWeekend small-gold trading began in July 2026, with always-open silver trading announced next.
- Wind Power futures and optionsProduct line · AnnouncedPlanned weather-linked agreements for managing changes in renewable power generation, subject to regulatory review.
- U.S. Zinc FuturesProductA physically delivered zinc-price agreement whose first trade joined Glencore and Trafigura in August 2026.
- Sorghum Basis FuturesProduct · AnnouncedA grain-price agreement announced for August 2026; completion of its launch was not confirmed.
- CME FutureSports NHL futuresProduct line · AnnouncedPlanned agreements tied to NHL player statistics, awaiting review for a September 2026 launch.
- Nasdaq CME Crypto Index FuturesProduct lineA June 2026 launch that lets traders follow a basket of digital coins through one future-dated agreement.
CME GlobexPlatform
The electronic matching and distribution system beneath CME's future-dated markets and its BrokerTec and EBS cash venues.
CME ClearingService
Guarantees trades and counts related customer positions together; one unnamed clearing firm generated 12% of FY2025 trading and clearing fees.
Interest Rate Swap clearingService
Guarantees privately arranged rate deals; it generated $84.4M, about 1.3% of FY2025 revenue.
Other revenuesService
Access, communications, handling money customers set aside, memberships and order routing supplied 6.7% of FY2025 revenue.
FanDuel PredictsCustomer program · Ramping
A consumer prediction app from CME's FanDuel venture; related prediction contracts had passed half a billion by July 2026.
CME Securities ClearingBrand · Announced
An approved clearinghouse intended to stand between buyers and sellers of U.S. Treasury securities later in FY2026.
Treasury LinkPlatform · Announced
A planned link for trading BrokerTec cash Treasuries against future-dated Treasury agreements from one screen.
FX Spot+Platform
An immediate currency-trading venue launched in 2025 to let cash trades require less set-aside money, like future-dated agreements.
Tokenized cash / stablecoin initiativeProduct · Pre-revenue
Testing digital records of cash with Google Cloud, banks and clearing members; licensing leaves the stable-value coin timetable unsettled.
Single Stock futuresProduct line
Future-dated agreements tied to individual U.S. stocks, launched in July 2026 and settled in cash rather than shares.
Compute FuturesProduct · Announced
Planned agreements tied to hourly rental prices for high-end NVIDIA AI chips, aimed at managing computing-cost swings.
24/7 precious-metals tradingCustomer program · Ramping
Weekend small-gold trading began in July 2026, with always-open silver trading announced next.
Wind Power futures and optionsProduct line · Announced
Planned weather-linked agreements for managing changes in renewable power generation, subject to regulatory review.
U.S. Zinc FuturesProduct
A physically delivered zinc-price agreement whose first trade joined Glencore and Trafigura in August 2026.
Sorghum Basis FuturesProduct · Announced
A grain-price agreement announced for August 2026; completion of its launch was not confirmed.
CME FutureSports NHL futuresProduct line · Announced
Planned agreements tied to NHL player statistics, awaiting review for a September 2026 launch.
Nasdaq CME Crypto Index FuturesProduct line
A June 2026 launch that lets traders follow a basket of digital coins through one future-dated agreement.