CME Group, Inc.

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CME Group, Inc.
Founded July 12, 2007 (through Chicago Mercantile Exchange Holdings and CBOT Holdings merger)
Headquarters Headquarters: 20 South Wacker Drive, Chicago, IL 60606 (plus other CME Group offices domestic and international)

Image: 190 pixels

Key People Terrence A. Duffy, Chairman and CEO
Products Interest rate, equity index, foreign currency, commodity futures and options and alternative investments (e.g., weather, real estate)
Twitter @CMEGroup
StockTwits CMEGroup
LinkedIn Profile
Facebook Page
Releases Company News

CME Group, Inc. is the world's largest derivatives exchange, offering a broad array of derivatives contracts, clearing services, market data and index products.

Based in Chicago, the company was formed by the $11.6 billion merger in July 2007 of the 109-year-old Chicago Mercantile Exchange (CME) and the 159-year-old Chicago Board of Trade (CBOT), its former rival. Through a series of subsequent acquisitions of exchanges, technology providers and OTC markets, the combined CME Group has grown into the largest exchange in the world as measured by derivatives volumes and market cap. It was further expanded with the November 2018 acquisition of NEX Group, combining CME's futures and clearing operations with NEX's FX and fixed income cash trading platforms. It also added NEX's OTC post-trade products and data offerings.[1][2]

CME offers futures, options on futures and OTC trading product lines on interest rates, equity indexes, energies, agricultural products, metals, foreign exchange and cryptocurrencies. It has grown its marketshare in these product sectors through acquisition of exchanges and markets, organic growth and numerous exclusive licensing agreements with benchmark index companies. CME Group also operates NYMEX Holdings, Inc. and Kansas City Board of Trade. [3]

Trading on the exchange is largely done on its electronic trading platform called CME Globex, a global matching platform for all of its products. A small percentage of trading is still done on the trading floor in Chicago, although most of its trading pits were closed in July 2015. The company also offers CME Direct, for arranging, executing and recording OTC and listed trades. Customers can use mobile access and CME Messenger for instant-messaging, as well as CME Straight Through Processing, for direct connectivity on trade information, customer orders and risk management.

Clearing of trades for exchange-traded derivatives and OTC products is handled by CME Clearing. CME Group, Inc. is a Primary Member of CCP Global, the global association of Central Counterparties (CCP), which represents 42 members who operate more than 60 individual CCPs across EMEA, the Americas and the Asia-Pacific region. [4]

CME Group ranked third in global exchange volume in 2021 with 4.9 billion contracts traded, up 2.5 percent from 4.8 billion contracts the previous year, according to the FIA Annual Volume Report.[5]

The publicly traded company had a market cap of $64.7 billion in May 2019, up from $54 billion in March 2018.[6]


Also See: CME Group History Timeline

CME Group's history (through individual and intertwining paths of CME and CBOT) is rooted in early Chicago from grain trading in the late 1840s to the introduction of financial futures in the 1970s, to electronic trading in the early 1990s, and demutualization in the early 2000s. At the time of the merger in July 2007, the CBOT and CME were 159 and 109 years old, respectively.

CME Headquarters: 20 South Wacker Drive, Chicago, IL 60606

Mergers, Acquisitions and Joint Ventures[edit]

On July 9, 2007, the Chicago Mercantile Exchange officially became the winner in the bidding war for the CBOT, as its members approved CME's offer, thus ending decades of competition and rivalry between the two exchanges. According to then-CBOT chairman Charlie Carey, it was "a great day for the city of Chicago."[7] The final deal, valued at $11.9 billion, was 25 percent higher than CME's first offer nine months earlier, as a rival bid by Atlanta-based Intercontinental Exchange led to a bidding war.

The final deal gave CBOT shareholders 0.375 shares of CME Holdings stock for each share of CBOT Holdings stock, up from 0.35 shares in the original offer. CBOT shareholders received a 36 percent ownership stake in the combined exchange, and also received a cash dividend of $9.14.[8]

The formation of CME Group did not result in any change to trading privileges for CME and CBOT members.[9] CME members can trade legacy CME products at member rates directly from the trading floor; CBOT members enjoy the same benefits on CBOT products only.

In addition, in January 2008, all legacy CBOT products migrated successfully to the CME Globex platform from e-cbot.[10]. CBOT had already moved clearing of all trades to CME Clearing from its legacy clearing provider, the Board of Trade Clearing Corp., in 2003; thus, this was one huge operational hurdle that did not require consideration during the migration. Phased integration of the trading floors took place between March and July of 2008, into the trading facility at 141 W. Jackson, the CBOT Building.

On March 17, 2008, CME Group announced its plan to acquire NYMEX. The terms called for NYMEX shareholders to receive $36 and 0.1323 shares of CME Group for each NYMEX share. It also included a bid to buy the 816 NYMEX memberships for $612,000 each.[11] On July 18, CME increased the offer for NYMEX memberships to $750,000, from $612,000. Under the terms, members are allowed to keep their rights to lease seats on the floor trading and maintain the floor trading seat market. CME agreed to keep the trading floor in New York as long as it was profitable and met certain trading thresholds.

On June 24, 2008, CME Group received an unconditional approval from the U.S. Department of Justice to acquire NYMEX.[12]

On August 18, 2008, Nymex Holdings shareholders voted to approve the deal. As of the approval date, the value of the acquisition was $8.3 billion.[13]

On Oct. 17, 2012, CME Group announced that it would acquire the Kansas City Board of Trade for $126 million in cash.[14] The board of directors of KCBT unanimously approved the transaction.[15]

The deal, completed on December 3, 2012, allowed CME Group access to the market for hard red winter wheat, Kansas City's flagship contract.[16] In February 2013, CME Group announced the closure of the Kansas City trading floor and shifted operations to its Chicago floor on July 1, 2013. Also, CME began clearing KCBT contracts at CME Clearing beginning April 15, 2013. [17]

In July 2012, McGraw-Hill, owner of the Standard & Poor's ratings service and related companies, announced a joint venture with CME Group called S&P Dow Jones Indices, which publishes thousands of indexes across equities, fixed income, commodities, real estate, strategy and others. S&P Dow Jones Indices is 27 percent owned by CME Group and 73 percent owned by S&P Global, formerly [McGraw Hill]]. The CME investment valued at $955 million, provides licensing of benchmark indexes, several of which are offered by CME Group as listed contracts.[18][19]

Under the original terms of the deal, CME Group sold its stake in Credit Market Analysis (CMA) to McGraw-Hill, which then folded it into its S&P Capital IQ unit. Credit Market Analysis, Ltd. (CMA) is a data and information company specializing in OTC derivatives markets, founded in 2001 by a group of credit derivative specialists. CME Group acquired CMA in March 2008, as the exchange sought to expand into credit derivatives execution and clearing. [20][21][22]

FXMarketSpace was an over-the-counter (OTC) foreign exchange (FX) platform, which was introduced in 2006 as a 50/50 joint venture between CME Group and Thomson Reuters. The idea was to introduce the central counterparty clearing and straight-through processing model to the OTC forex market. Trading on FXMarketspace began in May of 2006 in seven currency pairs, including the U.S. dollar versus the yen, euro, pound, Swiss franc and Canadian dollar, as well as four currency cross-pairs. Processing functions were provided through a deal with FX post-trade service firm Traiana. While FXMarketspace opened to much fanfare and was initially supported by the banking community, interest in the platform waned, and the platform was shuttered on Oct. 17, 2008.[23]

CME was one of the investors in OneChicago, a fully electronic exchange owned jointly by Interactive Brokers, CBOE, and CME Group created in May 2001. It listed futures on single stocks, narrow-based equity indexes and exchange-traded funds. It was a privately held company and regulated jointly by the Securities and Exchange Commission and the Commodity Futures Trading Commission.[24]

The exchange began as a joint venture between the CME, Chicago Board Options Exchange, and the CBOT. In March 2006, electronic broker-dealer Interactive Brokers Group LLC took a 40 percent stake in the venture. Directly after the CME and CBOT merger in 2007, the ownership structure was as follows:

The last trading day on the exchange was September 18, 2020, when 99.4 percent of the open interest expired.[26]

The Chicago Board of Trade (CBOT)

CME offered $10 million in 2018 to buy out the B shareholders' board election rights, but the proposal was voted down. CME had debated the issue with B shareholders as it tried to reduce the size of its board and streamline governance. Currently, six of the 20 CME board directors are elected by Class B shares issued to owners of Chicago Mercantile Exchange seats when the exchange converted to a corporation from a member-owned exchange. In February 2020, CME disclosed in an SEC filing that its board had voted to amend its bylaws to eliminate B shareholder nominating committees. The change meant that the board itself, through its four-member nominating and governance committee, would be able to nominate up to 12 B shareholders for election. It would not eliminate the B shareholder directors' seats.[27] The change was scheduled to go into effect in 2021.

On November 2, 2018, CME Group announced it had completed the acquisition of NEX Group for $5.4 billion. The deal, first agreed to on March 29, 2018, combined CME's futures and clearing operations with NEX's FX and fixed income cash trading platforms. It also added NEX's OTC post-trade products, data offerings and financial technology firms. CME Group retired the NEX name and brand but continues to operate its individual markets and optimization businesses as sub-brands, including BrokerTec, a top cash trading platform for FX and fixed income, EBS, an FX trading platform, Traiana, an FX messaging and trade processing network and TriOptima, a compression and portfolio reconcilliation service. [28][29][30]

On January 18, 2021, CME Group announced that BrokerTec had successfully migrated its European government bonds and repo trading platform to CME Globex.[31]

Global Partnerships[edit]

CME Group has pursued partnerships, memorandums of understanding (MOU) and other deals with exchanges, index providers and others in an effort to secure a global presence.

Exchange partners include BM&FBOVESPA, Bursa Malaysia Berhad, Dubai Mercantile Exchange, Japan Exchange Group, Johannesburg Stock Exchange, Korea Exchange, MexDer, Minneapolis Grain Exchange, Multi Commodity Exchange of India, Moscow Exchange and Singapore Exchange.

CME Group sold its stake in BM&FBOVESPA, (now known as B3) in 2017 for a net profit of $86.5 million, according to its Form 10-K in its 2018 annual report. It holds a 25 percent stake in Bursa Malaysia Berhad valued at $27.1 million and has several agreements for licensing, order routing and trade matching services. CME holds a 50 percent stake in Dubai Mercantile Exchange's parent Dubai Holdings Ltd., an estimated $16.9 million investment. [32], Osaka Securities Exchange, Russian Trading System Stock Exchange and Singapore Exchange Limited.

Index partners include: B3, S&P Dow Jones Indices, NASDAQ, Nikkei Inc., Tokyo Stock Exchange, FTSE and Platts.[33]

In November 2021, CME Group and Google Cloud announced a 10-year strategic partnership to accelerate CME Group's move to the cloud. As part of the deal, Google made a $1B equity investment in CME Group. CME Group said it plans to migrate its technology infrastructure to Google Cloud beginning in 2022 with data and clearing services, and eventually moving all of its markets to the cloud.[34]

For more see CME Group's "Global Presence" Page.


CME Group offers contracts in all major asset classes:

CME Group launched futures on the Secured Overnight Financing Rate (SOFR) in 2018. They were followed by the launch of options on SOFR futures in January 2020.[35]

CME OTC Products[edit]

CME Group offers trading on hundreds of OTC derivatives contracts, from commodities to financial contracts. The exchange offers interest rate swaps, swaptions, FX and commodities such as energies, agriculture, metals and commodity index swaps.[36] [37]

In April 2012, CME cleared its first FX OTC non-deliverable forward (NDF) trade, a Brazilian real. It also launched NDF clearing for the Chinese Renminbi Yuan, Philippine Peso, Malaysian Ringgit, Indian Rupee, Korean Won, Taiwan Dollar, Chilean Peso, Colombian Peso, Peruvian Sol, Russian Ruble and Indonesian Rupiah.[38] The exchange also offers cash settled forwards (CSFs) on 26 currency pairs.[39]

On December 3, 2012, CME Group launched trading on swap futures for two-year, five-year, 10-year and 30-year interest rate maturities. Swap futures, which require less collateral than OTC swaps, are converted or delivered as OTC swaps upon expiry and cleared by CME Clearing. [40] CME also offers other OTC products such as 51 CDX Indices, as well as cash-settled forwards (CSFs) on 26 currency pairs.[41]

*CME Group exited its credit default swap clearing business in mid-2018. [42]

In February of 2024, CME Group and DTCC launched an enhanced cross-margining arrangement allowing eligible clearing members to trade and clear both securities and CME Group Interest Rate futures with capital efficiencies. This arrangement expanded the suite of products available for cross-margining, including CME Group SOFR futures, Ultra 10-Year Treasury Note futures, and Ultra Treasury Bond futures, along with FICC-cleared notes and bonds. Additionally, repo transactions with collateral having more than one year remaining to maturity are now eligible for the enhanced cross-margining arrangement.[43]

Bitcoin Futures[edit]

CME Group launched a bitcoin futures contract on December 18, 2017, trading on the Globex platform and cleared via ClearPort. The futures are cash-settled, based on the CME CF Bitcoin Reference Rate, a once-a-day reference rate of the U.S. dollar price of bitcoin. CME and cryptocurrency trading platform Kraken's Crypto Facilities have calculated and published the BRR since November 2016.[44] Bitcoin prices from Bitstamp, Coinbase, itBit and Kraken were being used in August 2019 when CME tweeted that it would add bitcoin prices from Gemini starting August 30.[45]

In February 2019, the CME Group announced that in the first quarter of 2019, it set a new record for total bitcoin futures contracts traded. The record high for total contracts traded in Q1 of 2019 was 18,338 contracts as of February 19th, the equivalent of 91,960 BTC or $360 million based on the price of bitcoin at the time. The previous record was set on November 20, 2018.[46] On April 4, 2018, the CME Group tweeted that the firm had experienced a "record trading day" on bitcoin futures; according to a chart accompanying the tweet, 22,542 bitcoin futures had traded on April 4 alone, which is equivalent to 112,710 bitcoins.[47][48]

The CME Group saw a record high number of bitcoin futures contracts traded, as well as the highest number of customer accounts trading bitcoin futures in its history in May 2019. The company released a statement saying, "the number of unique accounts continues to grow showing that the marketplace is increasingly using BTC futures to hedge bitcoin risk and/or access exposure."[49]

On June 17, 2019, the CME Group's open interest for bitcoin futures grew by a record 643 contracts in a day, reaching an all-time high of 5,311 contracts. Based on bitcoin's price at the time, this equated to over $250 million worth of contracts.[50] In November 2019, during the announcement of the CME's planned launch of options on bitcoin futures, the exchange said that average daily volume in its bitcoin futures had been 6,500 contracts up to that point in 2019.[51]

Tim McCourt, managing director and global head of equity products, said in early October 2019 that CME had no plans to launch physically-delivered bitcoin futures.[52]

The CME's futures contract was traded 1,011,275 times in the first half of 2020, up 7.4% from 2019's first half.[53]

On March 30, 2021, the exchange announced the May 3rd launch of a micro bitcoin futures contract that would settle to the value of one-tenth of a bitcoin.[54][55] The value of the contract at the time of the exchange announcement would have been approximately $5,900.

Options on Bitcoin Futures[edit]

The CME announced a January launch date for options on bitcoin futures in November 2019.[56] Options on CME bitcoin futures launched around 9 AM CST on January 13, 2020.[57] The exchange reported that its first day volume was 55 option contracts.[58]

Ether Futures[edit]

The CME partnered with Crypto Facilities Ltd in May of 2018 to launch the CME CF Ether-Dollar Reference Rate, which provides a daily benchmark price in U.S. dollars at 4 p.m. London time, and CME CF Ether-Dollar Real-Time Index, which allows users access to a real-time Ether price in U.S. dollars. Both reference rates will be calculated by Crypto Facilities based on transactions and order book activity from Kraken and Bitstamp.[59]

The CME released a notice on July 5, 2019, in which it changed its reference rate and index tied to Ether. The statement said that itBit would provide pricing data. Someone close to the matter told The Block that this move indicated preparation for Ether futures.[60][61]

On December 16, 2020, the CME announced the launch of its Ether futures contract on February 8, 2021. The contract size is 50 Ether and settles in cash to the CME CF Ether-Dollar Reference Rate on the last day of trading. The exchange lists monthly contracts up to six months into the future as well as the nearest two Decembers.[62] Trading volume on the first trading day, February 8, was 388 contracts. Open interest at the end of the first day's trading session was 288 contracts.[63]

Options on Ether Futures[edit]

On August 18, 2022, CME Group said the Chicago Mercantile Exchange would start offering options for ether (ETH) futures on Sept. 12, 2022.[64]

Micro E-mini Index Futures, CME's Most Successful Contract Launch[edit]

Its CME Micro E-mini products on the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average were launched on CME Group on May 6, 2019, and stand as the most successful product launch ever at the exchange. Micro E-mini equity index futures are one-tenth the size of CME Group's existing E-mini equity index futures and traded more than 300,000 contracts combined on day one. On its first day, Micro E-mini S&P futures traded 159,251 contracts, Micro E-mini Nasdaq-100 Index futures traded 91,928 contracts, Micro E-mini Russell 2000 Index futures traded 33,996 contracts and the Micro E-mini Dow Jones Industrial Average Index futures traded 24,897 contracts on their first day of trading. By day three, the four index futures topped 1 million contracts traded combined. It is rare that a new contract generates more than a few thousand contracts in its early days. This product, however, was an early hit.[65] [66] [67] [68][69]


CME Group’s trading runs largely on its electronic platform called Globex with local electronic access hubs around the world that provide trading almost 24 hours per day, six days per week.

The CME Group's product complex spans all major asset classes, including: futures and options on interest rates, equities indexes, currencies, commodities, energy products, metals and cryptocurrencies such as weather and real estate derivatives.[70]

Contract Volume[edit]

2021 4,942,738,176 2.53%
2020 4,820,589,858 (-) 0.20%
2019 4,830,045,369 (-) 0.31%
2018 4,844,856,880 18.48%
2017 4,088,910,011 3.7%
2016 3,942,202,299 11.6%
2015 3,531,760,591 2.6%
2014 3,442,766,942 8.9%
2013 3,161,476,638 9.4%
2012 2,890,036,506 (-) 14.7%
2011 3,386,986,678 9.9%
2010 3,080,492,118 19%
2009 2,589,551,487 (-) 21%
2008 3,277,645,351 3.8%
2007 3,158,383,678 26.97%


Exchange Volume Percent Change
Chicago Mercantile Exchange 1,891,568,233 (-) 2.5%
Chicago Board of Trade 14,080,34,345 10.5%
New York Mercantile Exchange 653,295,150 5.6%
Comex 136,012,283 23.5%


The exchange is supported by CME Clearing, the exchange's central futures clearing mechanism, which settles all trades and acts as the counterparty between buyers and sellers, thus virtually guaranteeing the creditworthiness of every transaction The division clears not only its traditional futures contracts but also OTC contracts in interest rates, FX and commodities. CME Group exited the credit default swaps business in mid-2018. In its history, CME Clearing has never experienced a default and was designated as a systemically important financial market utility by the Financial Stability Oversight Council.

Data Services[edit]

CME offers data services in a number of ways, including real-time disseminated data through its Market Data Platform or through licensed distributors. The exchange also offers historical data through CME DataMine, and through reports accessed via its web site. For more information, click HERE.

The group also offers a repository service for swap data through CME Swap Data Repository, a CFTC-registered Swap Data Repository service that supports interest rates, credit, commodities and FX asset classes.[90] In 2013, the European Securities and Markets Authority (ESMA) approved the CME European Trade Repository as a Trade Repository (TR) under the European Market Infrastructure Regulation (EMIR). The London-based, multi-asset trade repository accepts submission of trades across all mandated derivative asset classes, namely interest rates, FX, credit, commodities and equities.[91]

ESG at CME Group[edit]

Information about CME Group’s corporate commitment to ESG can be found here.

John Lothian News Interviews[edit]


John Lothian News Articles[edit]

Go Small or Go Home: CME’s Micro Launch

CME Group wants to increase what the existing futures user base can trade while also addressing those 13 million other active retailers. The proposed solution? The launch of Micro E-mini Equity Index Futures – contracts linked to the S&P 500, Nasdaq 100, Russell 2000 and Dow Jones Industrial Average that are 1/10 the size of the exchange’s flagship E-mini products.

Management Team[edit]

Board of Directors[edit]

CEO Interviews[edit]

Terry Duffy discusses what 2019 holds for the world’s largest derivatives exchange, covering such topics as political uncertainty, the NEX integration, and following up on a record 2018.

Office Locations[edit]

CME Group Global Offices Map

Global Headquarters

CME Group Inc.
20 South Wacker Drive, Chicago, Illinois 60606, USA
+1 312 930 1000


New York
NYMEX World Headquarters
300 Vesey Street, New York, NY 10282
phone: +1 212 299 2000

Washington, D.C.
Liberty Place
325 7th Street, NW, Suite 525, Washington, D.C. 20004
phone: +1 202 638 3838

1000 Louisiana Street, Suite 3650, Houston, TX 77002
phone: +1 713 658 2347

(#1000), 888 - 3rd St. SW, Bankers Hall, West Tower, Calgary, Alberta, T2P 5C5, Canada
phone: +403 444 6876

São Paulo
Avenida Paulista, 1079 – 7° Andar, São Paulo, Brazil 01311-200
phone: +55 11 2787 6279


Fourth Floor
One New Change, London EC4M 9AF, United Kingdom
phone: +44 20 3379 3700

Millennium House 5th Floor
19-25 Great Victoria Street, Belfast BT2 7AQ, United Kingdom
phone: +44 28 9089 6600


One Raffles Quay
(#27-10) South Tower, Singapore 048583
phone: +65 6593 5555

Hong Kong
Unit 7711-13, 77/F The Center, 99 Queen's Road Central, Hong Kong
phone: +852 2582 2200

Level 10
97, Uisadang-daero, Yeongdeungpo-gu, Seoul, 07327, Republic of Korea
phone: +82 2 6336 6700

Kasumigaseki Building
3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6006, Japan
phone +81-3-5511-6656

No.6 Wudinghou Street, Unit 1105, Excel Centre, Xicheng District, Beijing 100033, China
+86 10 5913 1300

Level 8, Bagmane Tridib
Block A, No. 65/2, Bagmane Tech Park, C. V. Raman Nagar, Bangalore-560093, India
+91 80 3323 2300

Level 36, Gateway Tower
1 Macquarie Place, Sydney 2000, Australia
phone: +61 2 8051 3210



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