CME Group (CME) 47th Annual Raymond James Institutional Investor Conference summary

Market overview and business model

• Operates as the world's leading derivatives exchange with a dual mandate: price transparency and risk management.

• Offers benchmark products across all major asset classes: fixed income, equities, FX, energy, metals, agriculture, and crypto.

• Runs a vertically integrated clearinghouse, creating high barriers to entry and defensible business model.

• Strategic technology partnership with Google to enhance cloud capabilities and global reach.

• Proprietary data business generated $800 million in revenue, growing at 8–13% annually.

Financial performance and growth

• Achieved 6% growth in both volumes and revenues over the past year, with record average daily volume (ADV) of 28.1 million contracts.

• Adjusted operating margin reached 69.4%, reflecting strong expense discipline and scalable model.

• Non-transactional revenues totaled $1.7 billion, with market data and interest income as key contributors.

• Year-to-date ADV is 35.5 million contracts, up 16%, with 45 million contracts traded on peak days.

• Multi-year growth in adjusted net income at 12% CAGR, supporting robust capital return policy.

Globalization and client diversification

• Non-US business is growing at 10% annually, outpacing US growth and contributing higher margins.

• Majority of sales force now based in London, with significant expansion in Europe, Asia Pacific, and LATAM.

• 47% of FX and metals trading volume comes from outside the US, with commodities leading non-US participation.

• Retail client base expanding rapidly, especially through micro contracts and partnerships with brokers like Robinhood and tastytrade.

• 45% of retail business originates from non-US clients, adding high-margin, net new customers.