CME Group Inc. (CME): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des marchés financiers, CME Group Inc. est un titan de trading dérivés, offrant un écosystème sophistiqué qui transforme les interactions du marché complexes en transactions transparentes et à enjeux élevés. En tirant parti de la technologie de pointe, de la gestion des risques robuste et d'un réseau mondial de partenariats, CME a révolutionné comment les investisseurs institutionnels, les commerçants et les professionnels de la finance naviguent dans le paysage complexe des marchés à terme et dérivés. Cette toile de modèle commercial dévoile le plan stratégique derrière le succès remarquable de CME, révélant comment l'entreprise est devenue une force centrale dans les infrastructures financières mondiales.

CME Group Inc. (CME) - Modèle d'entreprise: partenariats clés

Échanges et collaborations dans le monde

CME Group maintient des partenariats stratégiques avec les échanges et les collaborations mondiales, notamment:

Échange de partenaires	Type de collaboration	Année établie
DGCX (Dubaï Gold & Échange de produits de base)	Partenariat commercial des dérivés	2017
HKEX (échanges et compensation de Hong Kong)	Contrat de mise en œuvre	2012
ASX (Australian Securities Exchange)	Collaboration des dérivés de marchandises	2015

Institutions et banques financières

CME Group collabore avec les principales institutions financières dans le monde:

• JPMorgan Chase - Services de compensation et de règlement
• Goldman Sachs - Partenariats commerciaux des dérivés
• Citigroup - Accès du marché mondial
• Bank of America - Effacement des dérivés financiers

Fournisseurs de technologies et fournisseurs de données

Les partenariats technologiques critiques comprennent:

Partenaire technologique	Service fourni	Valeur du contrat annuel
Raffinage	Solutions de données de marché	45,2 millions de dollars
Bloomberg LP	Intégration de la plate-forme de trading	38,7 millions de dollars
Ibm	Services de cloud et d'infrastructure	62,5 millions de dollars

Organismes de réglementation et agences gouvernementales

CME Group maintient la conformité et les relations collaboratives avec:

• Commodity Futures Trading Commission (CFTC)
• Commission américaine des valeurs mobilières et de l'échange (SEC)
• Autorité européenne des valeurs mobilières (ESMA)
• Autorité de conduite financière (Royaume-Uni)

Données de marché et sociétés de recherche

La recherche stratégique et les partenariats de données comprennent:

Cabinet de recherche	Type de collaboration	Durée du partenariat
S&P Global	Intelligence du marché	En cours depuis 2010
Morningstar	Recherche financière	En cours depuis 2013
McKinsey & Entreprise	Conseil stratégique	Engagements périodiques

CME Group Inc. (CME) - Modèle d'entreprise: activités clés

Fonctionnement de la plate-forme de trading des dérivés

CME Group exploite le plus grand marché des dérivés au monde, traitant un volume quotidien moyen de 19,4 millions de contrats en 2023. La plate-forme couvre plusieurs classes d'actifs, notamment:

Classe d'actifs	Contrats quotidiens (millions)
Taux d'intérêt	8.3
Indice des actions	4.2
Devises	3.1
Énergie	2.5
Agricole	1.3

Services de gestion des risques et de compensation

CME Clearing gère le risque de transactions dérivées avec:

• 207 billions de dollars de valeur notionnelle éliminée quotidiennement
• Taux de garantie commerciale de 99,7%
• 279 milliards de dollars en contributions de fonds par défaut

Données du marché et disposition d'analyse

CME fournit des services de données de marché complets avec:

• Plus de 10 millions d'abonnés aux données du marché dans le monde entier
• 863 millions de dollars de revenus de données sur le marché en 2023
• Prix ​​en temps réel dans 25 classes d'actifs différentes

Maintenance des infrastructures technologiques

Détails de l'infrastructure technologique:

• 99,99% de la plate-forme de négociation de la plate-forme de disponibilité
• 412 millions de dollars d'investissement technologique annuel
• Plus de 1 000 professionnels de la technologie

Gestion de la conformité réglementaire

Les activités de conformité comprennent:

• 186 millions de dollars dépensés pour la conformité et la gestion des risques
• Adhésion aux normes de réglementation CFTC et internationales
• Surveillance continue de 19,4 millions de contrats quotidiens

CME Group Inc. (CME) - Modèle d'entreprise: Ressources clés

Technologie de trading électronique avancé

CME Group exploite la plus grande plate-forme de trading électronique au monde, traitant en moyenne 19,2 millions de contrats par jour en 2023. La plate-forme de trading électronique Globex gère 99% du volume de négociation de la société.

Métrique technologique	Valeur
Contrats de trading quotidien	19,2 millions
Pourcentage de trading électronique	99%
Time de disponibilité de la plate-forme de négociation	99.9%

De vastes données sur le marché financier

CME Group gère plus de 25 catégories de produits différentes et fournit des données de marché pour:

• Contrats à terme
• Options
• Produits mondiaux de référence
• Dérivés de taux d'intérêt

Réseau mondial de plateformes de trading

CME Group exploite des plateformes de trading sur plusieurs échanges:

• Chicago Mercantile Exchange
• Chicago Board of Trade
• Exchange mercantile de New York
• Comex

Échange	Produits primaires
CME	Index des actions à terme
CBOT	Marchandises agricoles
Nymex	Dérivés énergétiques
Comex	Metals Futures

Forte expertise réglementaire et conformité

CME Group maintient une infrastructure de conformité réglementaire complète avec une équipe de conformité dédiée de 350 professionnels.

Systèmes de gestion des risques robustes

Les systèmes de gestion des risques du groupe CME traitent les exigences de marge quotidiennes d'environ 185 milliards de dollars, avec des capacités de surveillance des risques en temps réel.

Métrique de gestion des risques	Valeur
Exigences de marge quotidiennes	185 milliards de dollars
Fréquence de surveillance des risques	En temps réel

CME Group Inc. (CME) - Modèle d'entreprise: propositions de valeur

Solutions de trading dérivées complètes

Offres du groupe CME Plus de 20 classes d'actifs différentes Pour le trading des dérivés, y compris:

Classe d'actifs	Volume quotidien moyen (2023)
Taux d'intérêt	16,3 millions de contrats
Indice des actions	5,2 millions de contrats
Devises	1,1 million de contrats
Énergie	2,8 millions de contrats

Marchés financiers à haute liquidité

Le groupe CME maintient 215 milliards de dollars de valeur marchande totale avec les plateformes de trading mondial.

• Le trading électronique représente 85% du volume total
• Les acteurs du marché mondial dépassent 110 pays
• Plus de 4 millions de contrats échangés quotidiennement

Outils de gestion des risques avancés

Processus de systèmes de gestion des risques propriétaires 99,7% des transactions en millisecondes.

Données et analyses du marché en temps réel

CME fournit Plus de 10 milliards de messages de données de marché par jour à travers les réseaux mondiaux.

Infrastructure commerciale efficace et sécurisée

La disponibilité de la plate-forme de trading est maintenue à Fiabilité de 99,9% avec Investissement annuel de cybersécurité de 250 millions de dollars.

CME Group Inc. (CME) - Modèle d'entreprise: relations clients

Plates-formes numériques en libre-service

La plate-forme de trading électronique CME Globex a traité 19,4 millions de contrats par jour en 2023. L'utilisation de la plate-forme numérique représente 84% du volume de trading total. Le trading électronique quotidien moyen a atteint 7,2 milliards de dollars de valeur notionnelle.

Métrique de la plate-forme	2023 données
Contrats électroniques quotidiens	19,4 millions
Pourcentage de volume de trading électronique	84%
Valeur de trading électronique quotidien moyen	7,2 milliards de dollars

Gestion de compte dédiée

CME fournit une gestion des comptes spécialisée pour 350 clients institutionnels. La valeur moyenne du portefeuille des clients dépasse 500 millions de dollars. Les gestionnaires de relations dédiés desservent des entités commerciales de haut niveau.

Éducation continue du marché

CME propose 247 webinaires éducatifs par an. Les programmes de formation ont atteint 48 500 participants en 2023. La plate-forme d'apprentissage en ligne accueille 1 200 modules de formation uniques.

• 247 webinaires éducatifs annuels
• 48 500 participants au programme de formation
• 1 200 modules de formation uniques

Soutien technique et formation

L'équipe d'assistance technique 24/7 gère 95% des demandes des clients dans les 15 minutes. L'infrastructure de soutien comprend 320 professionnels techniques dédiés.

Métrique de soutien	Performance
Temps de réponse	15 minutes
Personnel de soutien technique	320 professionnels
Taux de résolution d'enquête	95%

Solutions de trading personnalisées

CME développe 87 produits dérivés spécialisés chaque année. Les options de personnalisation servent 42 secteurs industriels différents. L'investissement en développement de produits a atteint 124 millions de dollars en 2023.

• 87 nouveaux produits dérivés par an
• 42 secteurs industriels servis
• Investissement de développement de produits de 124 millions de dollars

CME Group Inc. (CME) - Modèle d'entreprise: canaux

Plateformes de trading en ligne

La plate-forme de trading électronique CME Globex a traité 19,4 millions de contrats quotidiens moyens en 2023. La plate-forme gère plus de 1 milliard de contrats par an sur plusieurs classes d'actifs.

Fonctionnalité de plate-forme	Données spécifiques
Disponibilité commerciale	23,5 heures par jour, 5 jours par semaine
Classes d'actifs	Futures, options, règlements de trésorerie
Reach sur le marché mondial	Plus de 150 pays liés

Applications de trading mobile

CME Group propose des capacités de trading mobile via une application mobile CME.

• Disponible sur les plateformes iOS et Android
• Accès aux données du marché en temps réel
• Capacités d'exécution commerciales
• Caractéristiques de gestion du portefeuille

Équipes de vente directes

CME Group maintient la force de vente mondiale avec environ 350 professionnels de la vente dans plusieurs régions.

Région de vente	Nombre de représentants
Amérique du Nord	180 représentants
Europe	85 représentants
Asie-Pacifique	85 représentants

Services de données sur le marché basées sur le Web

CME fournit des services de données de marché complets via plusieurs canaux numériques.

• Plateforme des informations du marché
• Rapports du marché quotidien
• Bases de données de prix historiques
• Outils d'analyse avancée

Réseaux de conseillers financiers

CME Group collabore avec environ 500 cabinets de conseil financier dans le monde.

Catégorie de réseau	Nombre de partenaires
Partenaires institutionnels	275 entreprises
Conseillers indépendants	225 entreprises

CME Group Inc. (CME) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

CME Group dessert 134 investisseurs institutionnels dans le monde en 2023, ce qui représente environ 62% du volume de négociation total.

Type d'investisseur	Volume de trading	Participation annuelle
Fonds de pension	37,5 millions de contrats	Taux de participation annuel de 98%
Fonds de richesse souverain	22,6 millions de contrats	Taux de participation annuel à 92%

Casseurs commerciaux

CME Group soutient 78 500 couvertures commerciales dans diverses industries en 2024.

• SECTORS AGRICULAIRES HEDGERS: 45 200
• Hedgers du secteur de l'énergie: 21 300
• Métaux et couvertures miniers: 12 000

Commerçants professionnels

Les commerçants professionnels représentent 29% des participants totaux de négociation du groupe CME, avec 57 300 commerçants professionnels actifs en 2024.

Catégorie de trafic	Nombre de commerçants	Volume de trading quotidien moyen
Commerçants propriétaires	23,600	1,2 million de contrats
Commerçants indépendants	33,700	850 000 contrats

Sociétés de gestion des actifs

CME Group dessert 412 sociétés de gestion d'actifs dans le monde en 2024.

• Firms nord-américains: 218
• Entreprises européennes: 94
• Firms asiatiques: 67
• Autres régions: 33

Institutions financières mondiales

CME Group soutient 276 institutions financières mondiales dans 35 pays en 2024.

Type d'institution	Nombre d'institutions	Volume de trading total
Banques d'investissement	87	45,3 millions de contrats
Banques commerciales	129	38,7 millions de contrats
Services financiers multinationaux	60	22,5 millions de contrats

CME Group Inc. (CME) - Modèle d'entreprise: Structure des coûts

Investissements infrastructures technologiques

Les investissements infrastructures technologiques du groupe CME pour 2023 ont totalisé 152,4 millions de dollars. Répartition clé des dépenses technologiques:

Catégorie de technologie	Investissement annuel
Maintenance des plateformes de trading	78,6 millions de dollars
Systèmes de cybersécurité	35,2 millions de dollars
Infrastructure de cloud computing	38,6 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 s'élevaient à 94,3 millions de dollars.

• Personnel juridique et de conformité: 42,1 millions de dollars
• Systèmes de rapports réglementaires: 26,7 millions de dollars
• Audit externe et conseil: 25,5 millions de dollars

Compensation des employés

La rémunération totale des employés pour 2023 était de 581,2 millions de dollars.

Catégorie de compensation	Montant
Salaires de base	342,7 millions de dollars
Bonus de performance	163,5 millions de dollars
Compensation en stock	75 millions de dollars

Coûts d'acquisition des données du marché

Les frais d'acquisition des données du marché en 2023 ont atteint 67,8 millions de dollars.

• Flux de données du marché en temps réel: 42,3 millions de dollars
• Référentiels de données sur le marché historique: 15,5 millions de dollars
• Outils d'analyse des données: 10 millions de dollars

Recherche et développement

Les dépenses de R&D pour 2023 ont totalisé 89,6 millions de dollars.

Zone de focus R&D	Investissement
Développement de trading algorithmique	45,2 millions de dollars
Innovation de nouveaux produits	32,4 millions de dollars
Exploration technologique émergente	12 millions de dollars

CME Group Inc. (CME) - Modèle d'entreprise: Strots de revenus

Frais de commission commerciale

CME Group a généré 4,3 milliards de dollars de revenus d'échange totaux pour l'exercice 2022, le volume de négociation atteignant 6,37 milliards de contrats négociés.

Catégorie de produits	Taux de commission moyen	Revenus annuels
Futures de taux d'intérêt	0,35 $ par contrat	1,2 milliard de dollars
Index des actions à terme	0,40 $ par contrat	980 millions de dollars
Futures de change	0,30 $ par contrat	650 millions de dollars

Revenus d'abonnement aux données du marché

Le segment des données de marché du groupe CME a généré 596 millions de dollars de revenus pour 2022.

• Abonnements de données d'entreprise: 275 millions de dollars
• Flux de données du marché en temps réel: 221 millions de dollars
• Services de données historiques: 100 millions de dollars

Services de compensation et de règlement

Les services de compensation et de règlement ont généré 752 millions de dollars de revenus pour 2022.

Type de service	Revenus annuels	Volume de transaction
Services de compensation	495 millions de dollars	4,2 milliards de transactions
Services de colonie	257 millions de dollars	2,8 milliards de transactions

Licence de technologie

Les revenus des licences technologiques ont atteint 186 millions de dollars en 2022.

• Licence de plateforme de trading: 110 millions de dollars
• Licence du logiciel de gestion des risques: 76 millions de dollars

Revenu basé sur les transactions

Les revenus basés sur les transactions ont totalisé 1,1 milliard de dollars pour 2022.

Type de transaction	Revenus annuels	Frais de transaction moyens
Trading électronique	780 millions de dollars	0,22 $ par contrat
Trading ouverte	320 millions de dollars	0,45 $ par contrat

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.