CME Group Inc. (CME): Business Model Canvas

In der dynamischen Welt der Finanzmärkte gilt CME Group Inc. als Gigant des Derivatehandels und bietet ein hochentwickeltes Ökosystem, das komplexe Marktinteraktionen in nahtlose, risikoreiche Transaktionen umwandelt. Durch den Einsatz modernster Technologie, robustem Risikomanagement und einem globalen Netzwerk von Partnerschaften hat CME die Art und Weise revolutioniert, wie institutionelle Anleger, Händler und Finanzexperten sich in der komplexen Landschaft der Termin- und Derivatemärkte zurechtfinden. Diese Geschäftsmodell-Leinwand enthüllt den strategischen Plan hinter dem bemerkenswerten Erfolg von CME und zeigt, wie das Unternehmen zu einer zentralen Kraft in der globalen Finanzinfrastruktur geworden ist.

CME Group Inc. (CME) – Geschäftsmodell: Wichtige Partnerschaften

Börsen und Clearingstellen weltweit

Die CME Group unterhält strategische Partnerschaften mit globalen Börsen und Clearinghäusern, darunter:

Partnerbörse	Art der Zusammenarbeit	Gründungsjahr
DGCX (Dubai Gold & Warenbörse)	Derivate-Handelspartnerschaft	2017
HKEX (Hong Kong Exchanges and Clearing)	Cross-Listing-Vereinbarung	2012
ASX (Australische Wertpapierbörse)	Zusammenarbeit bei Rohstoffderivaten	2015

Finanzinstitute und Banken

Die CME Group arbeitet mit großen Finanzinstituten weltweit zusammen:

• JPMorgan Chase – Clearing- und Abwicklungsdienste
• Goldman Sachs – Derivate-Handelspartnerschaften
• Citigroup – Globaler Marktzugang
• Bank of America – Clearing von Finanzderivaten

Technologieanbieter und Datenanbieter

Zu den entscheidenden Technologiepartnerschaften gehören:

Technologiepartner	Service bereitgestellt	Jährlicher Vertragswert
Refinitiv	Marktdatenlösungen	45,2 Millionen US-Dollar
Bloomberg LP	Integration der Handelsplattform	38,7 Millionen US-Dollar
IBM	Cloud- und Infrastrukturdienste	62,5 Millionen US-Dollar

Regulierungsbehörden und Regierungsbehörden

Die CME Group unterhält Compliance- und Kooperationsbeziehungen mit:

• Commodity Futures Trading Commission (CFTC)
• U.S. Securities and Exchange Commission (SEC)
• Europäische Wertpapier- und Marktaufsichtsbehörde (ESMA)
• Financial Conduct Authority (UK)

Marktdaten- und Forschungsunternehmen

Zu den strategischen Forschungs- und Datenpartnerschaften gehören:

Forschungsunternehmen	Art der Zusammenarbeit	Dauer der Partnerschaft
S&P Global	Marktintelligenz	Laufend seit 2010
Morgenstern	Finanzforschung	Laufend seit 2013
McKinsey & Unternehmen	Strategische Beratung	Regelmäßige Engagements

CME Group Inc. (CME) – Geschäftsmodell: Hauptaktivitäten

Betrieb der Derivate-Handelsplattform

Die CME Group betreibt den weltweit größten Derivate-Marktplatz und wickelt im Jahr 2023 ein durchschnittliches Tagesvolumen von 19,4 Millionen Kontrakten ab. Die Plattform deckt mehrere Anlageklassen ab, darunter:

Anlageklasse	Tägliche Verträge (Millionen)
Zinssätze	8.3
Aktienindex	4.2
Devisen	3.1
Energie	2.5
Landwirtschaft	1.3

Risikomanagement- und Clearing-Dienste

CME Clearing verwaltet das Risiko für Derivatetransaktionen mit:

• Täglich werden 207 Billionen US-Dollar an Nominalwert abgewickelt
• 99,7 % Handelsgarantiequote
• 279 Milliarden US-Dollar an Beiträgen zum Ausfallfonds

Bereitstellung von Marktdaten und Analysen

CME bietet umfassende Marktdatendienste mit:

• Über 10 Millionen Marktdatenabonnenten weltweit
• 863 Millionen US-Dollar Marktdatenumsatz im Jahr 2023
• Echtzeit-Preisgestaltung für 25 verschiedene Anlageklassen

Wartung der Technologieinfrastruktur

Details zur Technologieinfrastruktur:

• 99,99 % Verfügbarkeit der Handelsplattform
• Jährliche Technologieinvestitionen in Höhe von 412 Millionen US-Dollar
• Über 1.000 Technologieexperten

Regulatorisches Compliance-Management

Zu den Compliance-Aktivitäten gehören:

• 186 Millionen US-Dollar für Compliance und Risikomanagement ausgegeben
• Einhaltung der CFTC und internationaler Regulierungsstandards
• Kontinuierliche Überwachung von 19,4 Millionen Tagesverträgen

CME Group Inc. (CME) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche elektronische Handelstechnologie

Die CME Group betreibt die weltweit größte elektronische Handelsplattform und wickelt im Jahr 2023 durchschnittlich 19,2 Millionen Kontrakte täglich ab. Die elektronische Handelsplattform Globex wickelt 99 % des Handelsvolumens des Unternehmens ab.

Technologiemetrik	Wert
Tägliche Handelskontrakte	19,2 Millionen
Prozentsatz des elektronischen Handels	99%
Betriebszeit der Handelsplattform	99.9%

Umfangreiche Finanzmarktdaten

Die CME Group verwaltet über 25 verschiedene Produktkategorien und liefert Marktdaten für:

• Terminkontrakte
• Optionen
• Globale Benchmark-Produkte
• Zinsderivate

Globales Netzwerk von Handelsplattformen

Die CME Group betreibt Handelsplattformen an mehreren Börsen:

• Chicago Mercantile Exchange
• Chicago Board of Trade
• New Yorker Handelsbörse
• COMEX

Austausch	Primärprodukte
CME	Aktienindex-Futures
CBOT	Agrarrohstoffe
NYMEX	Energiederivate
COMEX	Metall-Futures

Starkes Fachwissen in den Bereichen Regulierung und Compliance

Die CME Group unterhält eine umfassende Infrastruktur zur Einhaltung gesetzlicher Vorschriften mit einem engagierten Compliance-Team von 350 Fachleuten.

Robuste Risikomanagementsysteme

Die Risikomanagementsysteme der CME Group verarbeiten tägliche Margin-Anforderungen in Höhe von etwa 185 Milliarden US-Dollar und verfügen über Funktionen zur Risikoüberwachung in Echtzeit.

Risikomanagement-Metrik	Wert
Tägliche Margin-Anforderungen	185 Milliarden Dollar
Häufigkeit der Risikoüberwachung	Echtzeit

CME Group Inc. (CME) – Geschäftsmodell: Wertversprechen

Umfassende Lösungen für den Derivatehandel

Angebote der CME Group über 20 verschiedene Anlageklassen für den Derivatehandel, einschließlich:

Anlageklasse	Durchschnittliches Tagesvolumen (2023)
Zinssätze	16,3 Millionen Verträge
Aktienindex	5,2 Millionen Verträge
Devisen	1,1 Millionen Verträge
Energie	2,8 Millionen Verträge

Finanzmärkte mit hoher Liquidität

CME Group behauptet Der Gesamtmarktwert beträgt 215 Milliarden US-Dollar mit globalen Handelsplattformen.

• Der elektronische Handel macht 85 % des Gesamtvolumens aus
• Die globalen Marktteilnehmer umfassen mehr als 110 Länder
• Täglich werden über 4 Millionen Kontrakte gehandelt

Erweiterte Risikomanagement-Tools

Proprietärer Risikomanagementsystemprozess 99,7 % der Transaktionen innerhalb von Millisekunden.

Marktdaten und Analysen in Echtzeit

CME bietet täglich über 10 Milliarden Marktdatennachrichten über globale Netzwerke hinweg.

Effiziente und sichere Handelsinfrastruktur

Die Betriebszeit der Handelsplattform wird beibehalten 99,9 % Zuverlässigkeit mit 250 Millionen US-Dollar jährliche Investition in Cybersicherheit.

CME Group Inc. (CME) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Die elektronische Handelsplattform CME Globex wickelte im Jahr 2023 täglich 19,4 Millionen Kontrakte ab. Die Nutzung der digitalen Plattform macht 84 % des gesamten Handelsvolumens aus. Der durchschnittliche tägliche elektronische Handel erreichte einen Nominalwert von 7,2 Milliarden US-Dollar.

Plattformmetrik	Daten für 2023
Tägliche elektronische Verträge	19,4 Millionen
Prozentsatz des elektronischen Handelsvolumens	84%
Durchschnittlicher täglicher elektronischer Handelswert	7,2 Milliarden US-Dollar

Dedizierte Kontoverwaltung

CME bietet spezialisiertes Kontomanagement für 350 institutionelle Kunden. Der durchschnittliche Wert des Kundenportfolios übersteigt 500 Millionen US-Dollar. Engagierte Kundenbetreuer betreuen erstklassige Handelsunternehmen.

Kontinuierliche Marktschulung

CME bietet jährlich 247 Bildungswebinare an. Die Schulungsprogramme erreichten im Jahr 2023 48.500 Teilnehmer. Die Online-Lernplattform beherbergt 1.200 einzigartige Schulungsmodule.

• 247 jährliche Bildungswebinare
• 48.500 Schulungsprogrammteilnehmer
• 1.200 einzigartige Trainingsmodule

Technischer Support und Schulung

Das rund um die Uhr verfügbare technische Support-Team bearbeitet 95 % der Kundenanfragen innerhalb von 15 Minuten. Die Support-Infrastruktur umfasst 320 engagierte technische Fachkräfte.

Support-Metrik	Leistung
Reaktionszeit	15 Minuten
Mitarbeiter des technischen Supports	320 Fachkräfte
Anfragelösungsrate	95%

Maßgeschneiderte Handelslösungen

CME entwickelt jährlich 87 spezialisierte Derivatprodukte. Anpassungsmöglichkeiten bedienen 42 verschiedene Branchen. Die Investitionen in die Produktentwicklung erreichten im Jahr 2023 124 Millionen US-Dollar.

• 87 neue Derivate pro Jahr
• 42 Branchen werden bedient
• 124 Millionen US-Dollar Investition in die Produktentwicklung

CME Group Inc. (CME) – Geschäftsmodell: Kanäle

Online-Handelsplattformen

Die elektronische Handelsplattform CME Globex wickelte im Jahr 2023 durchschnittlich 19,4 Millionen Verträge pro Tag ab. Die Plattform wickelt jährlich über 1 Milliarde Verträge über mehrere Anlageklassen hinweg ab.

Plattformfunktion	Spezifische Daten
Handelsverfügbarkeit	23,5 Stunden pro Tag, 5 Tage pro Woche
Anlageklassen	Futures, Optionen, Barausgleich
Globale Marktreichweite	Über 150 Länder verbunden

Mobile Handelsanwendungen

Die CME Group bietet mobile Handelsfunktionen über die CME Mobile-Anwendung.

• Verfügbar auf iOS- und Android-Plattformen
• Zugriff auf Marktdaten in Echtzeit
• Möglichkeiten zur Handelsausführung
• Funktionen zur Portfolioverwaltung

Direktvertriebsteams

Die CME Group verfügt über ein globales Vertriebsteam mit rund 350 Vertriebsprofis in mehreren Regionen.

Vertriebsregion	Anzahl der Vertreter
Nordamerika	180 Vertreter
Europa	85 Vertreter
Asien-Pazifik	85 Vertreter

Webbasierte Marktdatendienste

CME bietet umfassende Marktdatendienste über mehrere digitale Kanäle.

• Market Insights-Plattform
• Tägliche Marktberichte
• Historische Preisdatenbanken
• Erweiterte Analysetools

Finanzberaternetzwerke

Die CME Group arbeitet weltweit mit rund 500 Finanzberatungsunternehmen zusammen.

Netzwerkkategorie	Anzahl der Partner
Institutionelle Partner	275 Firmen
Unabhängige Berater	225 Firmen

CME Group Inc. (CME) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Die CME Group betreut ab 2023 weltweit 134 institutionelle Anleger, was etwa 62 % des gesamten Handelsvolumens entspricht.

Anlegertyp	Handelsvolumen	Jährliche Teilnahme
Pensionskassen	37,5 Millionen Verträge	98 % jährliche Teilnahmequote
Staatsfonds	22,6 Millionen Verträge	92 % jährliche Teilnahmequote

Kommerzielle Hedger

Die CME Group unterstützt im Jahr 2024 78.500 kommerzielle Hedger in verschiedenen Branchen.

• Hedger im Agrarsektor: 45.200
• Hedger im Energiesektor: 21.300
• Metall- und Bergbau-Hedger: 12.000

Professionelle Händler

Professionelle Händler machen 29 % der gesamten Handelsteilnehmer der CME Group aus, mit 57.300 aktiven professionellen Händlern im Jahr 2024.

Händlerkategorie	Anzahl der Händler	Durchschnittliches tägliches Handelsvolumen
Eigenhändler	23,600	1,2 Millionen Verträge
Unabhängige Händler	33,700	850.000 Verträge

Vermögensverwaltungsunternehmen

Die CME Group betreut im Jahr 2024 weltweit 412 Vermögensverwaltungsunternehmen.

• Nordamerikanische Firmen: 218
• Europäische Firmen: 94
• Asiatische Firmen: 67
• Andere Regionen: 33

Globale Finanzinstitutionen

Die CME Group unterstützt im Jahr 2024 276 globale Finanzinstitute in 35 Ländern.

Institutionstyp	Anzahl der Institutionen	Gesamthandelsvolumen
Investmentbanken	87	45,3 Millionen Verträge
Geschäftsbanken	129	38,7 Millionen Verträge
Multinationale Finanzdienstleistungen	60	22,5 Millionen Verträge

CME Group Inc. (CME) – Geschäftsmodell: Kostenstruktur

Investitionen in die Technologieinfrastruktur

Die Investitionen der CME Group in die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 152,4 Millionen US-Dollar. Aufschlüsselung der wichtigsten Technologieausgaben:

Kategorie „Technologie“.	Jährliche Investition
Wartung der Handelsplattform	78,6 Millionen US-Dollar
Cybersicherheitssysteme	35,2 Millionen US-Dollar
Cloud-Computing-Infrastruktur	38,6 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 94,3 Millionen US-Dollar.

• Personal für Recht und Compliance: 42,1 Millionen US-Dollar
• Regulatorische Meldesysteme: 26,7 Millionen US-Dollar
• Externe Prüfung und Beratung: 25,5 Millionen US-Dollar

Mitarbeitervergütung

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 581,2 Millionen US-Dollar.

Vergütungskategorie	Betrag
Grundgehälter	342,7 Millionen US-Dollar
Leistungsprämien	163,5 Millionen US-Dollar
Aktienbasierte Vergütung	75 Millionen Dollar

Kosten für die Marktdatenerfassung

Die Ausgaben für die Marktdatenerfassung beliefen sich im Jahr 2023 auf 67,8 Millionen US-Dollar.

• Echtzeit-Marktdaten-Feeds: 42,3 Millionen US-Dollar
• Historische Marktdaten-Repositories: 15,5 Millionen US-Dollar
• Datenanalysetools: 10 Millionen US-Dollar

Forschung und Entwicklung

Die F&E-Ausgaben für 2023 beliefen sich auf insgesamt 89,6 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investition
Algorithmische Handelsentwicklung	45,2 Millionen US-Dollar
Neue Produktinnovation	32,4 Millionen US-Dollar
Erforschung neuer Technologien	12 Millionen Dollar

CME Group Inc. (CME) – Geschäftsmodell: Einnahmequellen

Gebühren der Handelskommission

Die CME Group erwirtschaftete im Geschäftsjahr 2022 einen Börsenumsatz von insgesamt 4,3 Milliarden US-Dollar, wobei das Handelsvolumen 6,37 Milliarden gehandelte Kontrakte erreichte.

Produktkategorie	Durchschnittlicher Provisionssatz	Jahresumsatz
Zins-Futures	0,35 $ pro Vertrag	1,2 Milliarden US-Dollar
Aktienindex-Futures	0,40 $ pro Vertrag	980 Millionen Dollar
Devisen-Futures	0,30 $ pro Vertrag	650 Millionen Dollar

Einnahmen aus Marktdaten-Abonnements

Das Marktdatensegment der CME Group erwirtschaftete im Jahr 2022 einen Umsatz von 596 Millionen US-Dollar.

• Unternehmensdatenabonnements: 275 Millionen US-Dollar
• Echtzeit-Marktdaten-Feeds: 221 Millionen US-Dollar
• Historische Datendienste: 100 Millionen US-Dollar

Clearing- und Abwicklungsdienste

Clearing- und Abwicklungsdienste erwirtschafteten im Jahr 2022 einen Umsatz von 752 Millionen US-Dollar.

Servicetyp	Jahresumsatz	Transaktionsvolumen
Clearing-Dienste	495 Millionen US-Dollar	4,2 Milliarden Transaktionen
Abwicklungsdienste	257 Millionen Dollar	2,8 Milliarden Transaktionen

Technologielizenzierung

Die Einnahmen aus Technologielizenzen erreichten im Jahr 2022 186 Millionen US-Dollar.

• Lizenzierung der Handelsplattform: 110 Millionen US-Dollar
• Lizenzierung von Risikomanagement-Software: 76 Millionen US-Dollar

Transaktionsbasiertes Einkommen

Die transaktionsbasierten Einnahmen beliefen sich im Jahr 2022 auf insgesamt 1,1 Milliarden US-Dollar.

Transaktionstyp	Jahresumsatz	Durchschnittliche Transaktionsgebühr
Elektronischer Handel	780 Millionen Dollar	0,22 $ pro Vertrag
Öffnen Sie den Outcry-Handel	320 Millionen Dollar	0,45 $ pro Vertrag

CME Group Inc. (CME) - Canvas Business Model: Value Propositions

You're looking at the core reasons why market participants choose CME Group Inc. (CME) over alternatives. It boils down to scale, efficiency, and technology that keeps pace with evolving needs.

Unmatched liquidity with November 2025 ADV of 33.1 million contracts

The sheer volume flowing through CME Group Inc. markets provides deep, reliable execution. In November 2025, the Average Daily Volume (ADV) hit 33.1 million contracts, marking the second-highest monthly volume in the company's history. This liquidity is not concentrated in one area; it spans across all major asset classes.

Capital efficiency through margin savings of approximately $60 billion per day

For capital-constrained firms, the efficiency derived from cross-margining is a major draw. CME Group Inc. provides clients with daily margin savings estimated at approximately $60 billion across its six major derivatives asset classes. To be fair, in interest rates alone, the figure was cited earlier in 2025 as an average of $20 billion in daily margin savings.

Widest range of global benchmark products for comprehensive risk management

CME Group Inc. exchanges offer a global suite of benchmark products covering every major asset class, which allows for holistic risk management. The November 2025 ADV breakdown illustrates this breadth:

Asset Class	November 2025 ADV (Contracts)
Interest Rate	17.5 million
Equity Index	8.9 million
Energy	2.6 million
Agricultural	2.1 million
Metals	1.3 million
Foreign Exchange	746,000
Cryptocurrency	424,000

The growth in specific areas is notable, for example, Metals ADV increased by 52% year-over-year in November 2025.

Ultra-low-latency trading via new Google Cloud co-location facility

The ongoing, multi-year migration to a new private Google Cloud region and co-location facility in Aurora, Illinois, is designed to deliver next-generation technology. This new platform will offer derivatives traders cloud-based, ultra-low-latency networking and high-performance computing. Clients will have options for self-managed infrastructure in the co-location facility or Google Cloud's infrastructure-as-a-service offering, both promising equal network latency to the exchange. The Preview environment for clients to test on the new platform is scheduled to launch in 2026.

Accessible Micro products for the growing retail trader segment

CME Group Inc. has successfully lowered the barrier to entry for individual traders, leading to significant segment growth. The focus on smaller-sized products has clearly resonated, as evidenced by the numbers:

• The group added 83,000 new clients in Q1 2025, a 44% increase year-over-year.
• The total number of retail traders on the platform surpassed 500,000, up from about 150,000 five years prior.
• In Q2 2025, over 90,000 new retail participants traded for the first time, a 56% surge versus Q2 2024.
• Micro products ADV reached 4.1 million contracts in Q2 2025.
• Micro E-mini Nasdaq-100 futures alone hit an ADV of a record 1.8 million contracts in 2025.
• Micro Gold futures achieved a monthly record of trading more than 6 million lots in April 2025.

This accessibility means more choice and more manageable risk for the individual investor. Finance: review the Q3 2025 retail client acquisition cost versus the lifetime value projection by end of January.

CME Group Inc. (CME) - Canvas Business Model: Customer Relationships

You're looking at how CME Group Inc. keeps its diverse client base engaged and trading, which is really about providing speed, efficiency, and relevant products. The foundation of this relationship is the technology that enables near-instantaneous transactions.

Automated, high-speed execution via the Globex platform is the non-negotiable baseline for all participants. The sheer scale of activity proves this platform is central to client risk management. For instance, CME Group reported a record quarterly Average Daily Volume (ADV) of 29.8 million contracts in Q1 2025. By the second quarter of 2025, this hit a record of 30.2 million contracts. Honestly, the platform handles massive flows, evidenced by the second-highest monthly ADV of 33.1 million contracts in November 2025, which was up 10% year-over-year.

For your largest institutional clients, dedicated relationship management is key, focusing on capital efficiency and integration. This is where the cross-margining programs deliver direct cost efficiencies that are hard to ignore. The Portfolio Margining program currently helps clients realize over $8B in daily margin savings. Specifically, the CME-FICC Cross-Margining for common clearing members generates over $1B in daily savings for its users. To put the value in perspective, CME Group delivers an average of $20 billion in average daily margin savings in interest rates alone. A September 2025 Coalition Greenwich study found that 94% of surveyed respondents believe in achieving margin savings across their USD interest rate swaps and futures portfolios.

CME Group Inc. is clearly focused on making its products accessible to a broader base, especially retail traders, through educational tools and simplified product design. The number of new retail traders at CME Group increased by a significant 57% year-over-year in Q2 2025. This is supported by product design like the Spot-Quoted Futures (SQFs) introduced on June 30, 2025, which are designed to be more intuitive for retail users by eliminating rollover complexities.

Continuous product innovation based on client demand is how CME Group Inc. maintains its relevance. They are actively expanding into new asset classes and contract types. For example, the cryptocurrency complex traded 340K daily contracts in Q3 2025, a 225% year-over-year increase. Credit futures, launched in June 2024, surpassed 450,000 contracts in trading volume as of September 4, 2025.

Here's a quick look at the scale of execution and product adoption as of late 2025:

Metric	Value/Amount	Period/Date
Record Quarterly Global ADV	29.8 million contracts	Q1 2025
Record Monthly Global ADV	35.9 million contracts	April 2025
Record International Quarterly ADV	9.2 million contracts	Q2 2025
Daily Margin Savings (Interest Rates)	Average of $20 billion	2025 context
Daily Margin Savings (CME-FICC Program)	Over $1 billion	As of late 2025
Options ADV	5.6 million contracts	First half of 2025
Record Market Data Revenue	$203 million	Q3 2025

The focus on providing tools that directly translate to efficiency and new opportunities is clear across the client spectrum. You can see this commitment in the growth of specific product lines:

• New retail trader growth: 57% year-over-year increase in Q2 2025.
• Credit futures trading volume: Surpassed 450,000 contracts since launch.
• Credit futures notional value: Over $700 million as of September 4, 2025.
• Cryptocurrency ADV: Reached 424,000 contracts in November 2025.
• New product launch: Options on Solana (SOL) and XRP Futures launched in October 2025.

Also, CME Group Inc. is actively extending these relationship benefits. They confirmed plans to expand their cross-margining arrangement with DTCC to provide increased margin savings to end users by December 2025. Finance: draft the Q4 2025 client engagement report by January 15th.

CME Group Inc. (CME) - Canvas Business Model: Channels

You're looking at how CME Group Inc. gets its value propositions out to the market as of late 2025. It's all about the pipes-the electronic venues and data streams that connect their products to the world's traders.

The core of the delivery mechanism remains the electronic trading platforms. For November 2025, the total average daily volume (ADV) across all CME Group products hit 33.1 million contracts, which was a 10% increase year-over-year. This volume flows through the primary electronic venue, CME Globex.

Here's a look at the scale across the key platforms:

Channel Platform	Metric Type	Latest Value (as of late 2025)	Reference Period
CME Globex (Total ADV)	Contracts	33.1 million	November 2025
CME Globex (Total ADV)	Contracts	30.2 million	Q2 2025
BrokerTec U.S. Repo	ADNV	$386 billion	November 2025
BrokerTec European Repo	ADNV	€304 billion	November 2025
BrokerTec CLOB	Single-Day ADNV Record	$1.05 trillion	Q1 2025
EBS/FX Data Service	Data Delivery Speed	250 milliseconds	Launch in 2025

The fixed-income trading channel, BrokerTec, shows significant notional value moving through its venues. For November 2025, BrokerTec U.S. Repo average daily notional value (ADNV) was up 17% to $386 billion. European Repo ADNV saw a 1% increase to €304 billion in the same month. To be fair, BrokerTec set an all-time single-day ADNV record of $1.05 trillion across its platforms back in Q1 2025.

For foreign exchange spot trading, the EBS platform is evolving its data delivery. CME Group is rolling out FX Tape+ this year, which will deliver reference prices every 250 milliseconds via a websocket API. This new service pulls data from CME's centrally cleared markets and real-time order books.

Direct data feed and API access is a major revenue channel, too. Market data revenue hit a record $203 million in Q3 2025. That was a 14% increase year-over-year for the quarterly revenue figure.

CME Group Inc. is actively expanding its reach to retail participants through third-party platforms. You should know the numbers here are growing fast. The firm now works with over 130 retail brokers globally.

This connectivity has driven the total number of retail traders on the platform to over 500,000, a big jump from about 150,000 five years ago. The first quarter of 2025 saw the addition of 83,000 new clients, marking a 44% increase compared to Q1 2024.

The distribution strategy includes key partnerships:

• Direct API access for institutional subscribers.
• Futures Commission Merchants (FCMs) and introducing brokers.
• Established retail brokers expanding derivatives coverage.
• Partnership with Robinhood to offer futures and options to its US customers early this year.
• A partnership with FanDuel targeting 13 million retail accounts.

So, the channels are a mix of high-speed electronic venues and strategic third-party distribution agreements. Finance: draft the Q4 2025 channel utilization report by January 15th.

CME Group Inc. (CME) - Canvas Business Model: Customer Segments

You're looking at the core groups that drive the CME Group Inc. engine, especially as trading activity hit records through the first three quarters of 2025. Honestly, the client base is diversifying faster than ever before, but the heavy hitters still move the bulk of the volume.

Retail Traders (fastest-growing segment, 90,000+ new in Q2 2025)

This group is definitely the story of 2025. CME Group Inc. has made a concerted effort to bring in individual traders, and it's paying off in contract volume. In the second quarter of 2025, the exchange saw over 90,000 new retail traders participate for the first time, which was a year-over-year increase of either 56% or 57% depending on the specific report you check. This influx directly fueled the record Micros ADV (Average Daily Volume) of 4.1 million contracts for that quarter. To put that growth in perspective, CME Group Inc. reported working with over 130 retail brokers globally as of mid-2025. The total number of retail traders on the platform has climbed to over 500,000 from about 150,000 just five years prior. The first quarter of 2025 alone saw the addition of 83,000 new clients, marking a 44% increase over the first quarter of 2024.

Here's a quick look at the retail-driven product success:

• Micro E-mini Nasdaq-100 futures contributed 1.7 million of the 4.1 million Q2 2025 Micros ADV.
• Year-to-date 2025 (through November), overall cryptocurrency average daily volume (ADV) reached 270,900 contracts, up 132% year-over-year.
• Crypto futures and options suite hit an all-time daily volume record of 794,903 contracts on November 21, 2025.

Financial Institutions (Banks, Hedge Funds, Asset Managers)

These are the traditional volume drivers, managing massive balance sheets and complex hedging strategies across all asset classes. Their activity is best seen through the performance of the largest product categories. For example, Interest Rate futures, a core area for these institutions, dominated the volume in Q2 2025, reaching an ADV of 15.5 million contracts. Within that, SOFR futures hit a quarterly record ADV of 4.6 million contracts in Q2 2025, showing intense hedging activity related to U.S. monetary policy shifts.

Commercial Hedgers (Energy, Agriculture producers)

Producers and commercial participants rely on CME Group Inc. to manage physical market risk, which shows up clearly in the commodity complex volumes. In the first quarter of 2025, international volume for Energy products grew by 29% year-over-year, and Agricultural products also saw a 29% increase. This signals that producers in those sectors were actively using the listed futures to lock in prices amid supply chain and climatic uncertainty.

Professional Trading Firms (HFT, Proprietary Traders)

While CME Group Inc. doesn't typically break out volume specifically for High-Frequency Trading (HFT) or proprietary trading desks, their presence is embedded in the overall record volumes and the efficiency of the markets. The overall global Average Daily Volume (ADV) in Q2 2025 was a record 30.2 million contracts, up 16% year-over-year. The record Market Data revenue of $203 million in Q3 2025 also suggests heavy usage by data-intensive professional firms building new products and indices.

Institutional Investors (Pension Funds, Endowments)

This segment uses the exchange for broad exposure management and asset allocation, often through equity index and interest rate products. The Equity Index segment showed significant growth internationally in Q2 2025, with ADV up 38% year-over-year. Furthermore, the overall Q3 2025 quarter-end open interest reached 126 million contracts, which was a five-year September high, reflecting significant long-term positioning by large asset holders.

You can see how the overall financial performance reflects the activity across these segments:

Metric (Period)	Value	Year-over-Year Change
Total Revenue (Q2 2025)	$1.7 billion	10% increase
Clearing & Transaction Fees (Q2 2025)	$1.4 billion	11% increase
Market Data Revenue (Q3 2025)	$203 million	14% increase
Global ADV (Q2 2025)	30.2 million contracts	16% increase
International ADV (Q2 2025)	9.2 million contracts	18% increase

The average rate per contract was $0.690 in Q2 2025 and increased slightly to $0.702 in Q3 2025, showing a slight increase in the mix or pricing power across the board. Finance: draft 13-week cash view by Friday.

CME Group Inc. (CME) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine of CME Group Inc., the world's largest derivatives marketplace. Understanding this cost base is key to seeing where capital is being deployed to maintain that market position.

Compensation and Benefits

Compensation and benefits is your most significant expense line, reflecting the high-value talent needed to run global exchanges and clearing houses. For the full year 2024, this expense totaled $629.5 million. This figure includes wages, bonuses, stock-based compensation, benefits, and employer taxes, and it fluctuates based on headcount and labor market conditions. For context, the third quarter of 2024 alone saw this expense hit $218.8 million.

The employee base figure you mentioned, 3,760 employees, is a 2024 reference point. Here's how the compensation expense breaks down across a recent quarter:

Expense Component (Q3 2024)	Amount (in millions)
Compensation and benefits	$218.8
Technology	$66.6

The composition of the workforce definitely impacts this number, so any significant hiring or changes in stock-based compensation plans can move this line item substantially.

Adjusted Operating Expenses (Ex-License Fees)

CME Group Inc. has provided clear guidance for the full fiscal year 2025 regarding core operating costs. Management expects total adjusted operating expenses, specifically excluding license fees, to be approximately $1.625 billion for FY2025. This figure was actually reduced by $10 million from prior guidance during the third quarter of 2025, showing a focus on cost discipline.

For the third quarter of 2025, the adjusted operating expenses, excluding license fees, were reported at $405 million. This discipline is important; it's the day-to-day cost of running the business before accounting for specific third-party agreements.

Technology and Data Center Investment

Technology is a massive, ongoing cost, essential for maintaining the speed and reliability that customers demand. For the full year 2024, technology expenses were $255.8 million. This covers the infrastructure supporting trading platforms like CME Globex and the critical data centers, such as the primary hub in Aurora, Illinois, which is leased from CyrusOne.

The push toward cloud migration and modernization is a major capital outlay. While specific cloud migration investment figures aren't explicitly broken out in the latest guidance, the overall technology spend reflects these necessary upgrades. You've definitely seen the impact of tech reliance when a cooling issue at a vendor's data center can halt global markets, as happened in late 2025.

Key technology-related costs from 2024 include:

• Technology expense for the full year 2024: $255.8 million.
• Technology expense for Q3 2024: $66.6 million.
• Capital expenditures for Q2 2025 were approximately $19 million.

Index and Intellectual Property License Fees

These fees represent payments for the rights to use proprietary data, benchmarks, and indexes that underpin many of the products traded. While the exact annual dollar amount for all license fees is excluded from the $1.625 billion adjusted operating expense guidance, specific license renewals and agreements are material costs.

For example, CME Group Inc. announced an extension of the FTSE Russell Index derivatives license through 2037. The cost structure includes fees for Derived Data License Agreements (DDLA) for index creation and distribution. For certain crypto indices, like the CME CF Crypto Indices, there was no charge until further notice as of early 2025, but this is subject to change.

Regulatory Compliance and Clearing House Operational Costs

The costs associated with operating the clearing house, CME Clearing, are substantial, covering risk mitigation, settlement, and regulatory adherence. While not itemized as a single 'Regulatory Compliance' bucket, these costs are embedded within operating expenses, technology, and professional fees.

The clearing business is central to CME Group Inc.'s value proposition, as it provides clearing, settling, and guaranteeing futures, options, and cleared swaps. In 2024, 85% of contract volume came from trades by members, meaning the operational efficiency of the clearing house directly impacts member fee structures and the exchange's cost-to-serve.

Consider the scale of the clearing operation:

• The clearing house provides services for a broad range of exchange-traded contracts and OTC derivatives.
• The company is one of the world's leading central counterparty providers.
• The cost of maintaining this infrastructure is factored into the overall expense base, which management is actively trying to control.

Finance: draft 13-week cash view by Friday.

CME Group Inc. (CME) - Canvas Business Model: Revenue Streams

You're looking at the core engine that keeps CME Group Inc. running, which is all about the fees they charge for market access and services. Honestly, it's a high-margin business built on volume and data access.

The projected revenue streams for the full fiscal year 2025 show a clear dominance by transaction-based income. We expect the Clearing and Transaction Fees to hit approximately $5.2 billion, which is projected to account for 81% of the total expected revenue for the year.

To give you a concrete look at the recent run rate, Q3 2025 saw Clearing and Transaction Fees total $1.227.9 million, or about $1.23 billion. That quarter's performance was supported by an Average Rate Per Contract of $0.702.

Here's a breakdown of the expected FY2025 revenue components:

Revenue Stream	Expected FY2025 Amount	Approximate Percentage of Total
Clearing and Transaction Fees	$5.2 billion	81%
Market Data Revenue	$753 million	~12%
Rental, Processing & Other	$453 million	~7%

The Market Data Revenue stream is also a significant, high-margin contributor. For FY2025, the expectation is $753 million. This is backed up by a record Q3 2025 performance, where Market Data Revenue reached $203 million, marking the first time it topped $200 million in a quarter.

The remaining segment, Rental, Processing & Other revenue, is estimated at $453 million for the full year. This category captures everything from technology services to other administrative fees.

You can see how the key drivers stack up:

• Average Rate Per Contract (Q3 2025): $0.702
• Q3 2025 Clearing and Transaction Fees: $1.2 billion
• Q3 2025 Market Data Revenue: $203 million
• Total Revenue (TTM ending Sep 30, 2025): $6.397B

Overall, the expected Total FY2025 Revenue is pegged at approximately $6.4 billion. This aligns closely with the trailing twelve months revenue ending September 30, 2025, which was reported at $6.397B. The business model relies heavily on maintaining high trading volumes to feed the primary transaction fee engine, so you watch ADV (Average Daily Volume) closely.

The expected revenue mix for the full year is:

• Clearing and Transaction Fees: $5.2 billion
• Market Data Revenue: $753 million
• Rental, Processing & Other: $453 million
• Total FY2025 Revenue (Expected): Approximately $6.4 billion

Finance: draft 13-week cash view by Friday.