CME Group Overview
October 2024

CME GROUP PUBLIC© 2024 CME Group. All rights reserved.

Disclaimer
Forward Looking Statements
Statements in this document that are not historical facts are forward-looking statements. These statements are not guarantees of futures performance and involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertakeno obligation to publicly update any forward-looking statements, whether as a result of new information, futures events or otherwise. Among the factors that might affect our performance are increasing competition by foreign anddomestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to continue
introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the developments, including our ability to complete thedevelopment, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; our ability to continue
introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services; ourability to adjust our fixed costs and expenses if our revenues decline; our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers; our ability to expand
and globally offer our products and services; changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations
and policies that require increased financial and operational resources from us or our customers; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating theintellectual property rights of others; decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; changes in our rate per contract due to shifts in the mix of the
products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; theability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the
BrokerTec matched principal business; the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure
against security breaches and misappropriation of our intellectual property assets; our dependence on third-party providers and exposure to risk through third parties, including risks related to the performance, reliability and securityof technology used by our third-party providers and third-party providers that our clients rely on; volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest
rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the
trading activity of our current and potential customers; our ability to accommodate increases in contract volume and order transaction traffic and to implement enhancements without failure or degradation of the performance of our
trading and clearing systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions,investments and alliances, including those associated with the performance of our joint ventures with S&P Dow Jones (S&P Dow Jones Indices LLC) in index services and in trade processing/post trade services (OSTTRA), ourprimary business and distribution partners’ actions and our partnership with Google Cloud; variances in earnings on cash accounts and collateral that our clearing house holds for its clients; impact of CME Group pricing andincentive changes; impact of aggregation services and internalization on trade flow and volumes; andy negative financial impacts from changes to the terms of intellectual property and index rights; our ability to continue to generate
funds and/or manage our indebtedness to allow us to continue to invest in our business; industry, channel partner and customer consolidation and/or concentration; decreases in trading and clearing activity; the imposition of atransaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions; increases in effective tax rates, borrowing costs, or changes in tax policy; our ability to maintain our brandand reputation; and the unfavorable resolution of material legal proceedings. For a detailed discussion and additional information concerning these and other factors that might affect our performance, see our other recent periodic
filings, including our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2024, under the caption “Risk Factors”.
Certain Terms
All references to “options” or “options contracts” in the text of this document refer to options on futures contracts.
Any mention of products or services that have yet to be launched are pending regulatory review.
Information about Contract Volume and Average Rate Per Contract
All amounts regarding contract volume and average rate per contract are for CME Group’s listed futures and options on futures contracts unless otherwise noted.
To supplement CME Group’s financial statements on a GAAP basis, this document includes financial measures that are not in accordance with GAAP, consisting of non-GAAP net income and earnings per share. Management believes
that the presentation of non-GAAP net income and earnings per share provide important supplemental information to management and investors about financial and business trends relating to CME Group’s financial condition andresults of operations. Management believes that the use of these non-GAAP financial measures provide a better measure of comparability with the company’s prior financial reports. Management acknowledges that non-GAAP
adjustments may include recurring items. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. A
reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found at the end of each quarter’s CME Group financial statements.

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2

Unique Assets Provide
Competitive Advantages

World-class clearing,and risk management expertise…

Network fueled by:
Customer focus throughunique global salesorganization and customer
demand driven innovation

Interest
Rates
Cash
Treasuries &Repo

Cleared
Swaps

Proprietary market data
supports trading and serves
as an important tool for new
customer acquisition

Technology investments /Google strategic
partnership

CME Group’s broad set of
products are important risk
management tools for
traders and end-users
around the world, including
but not limited to:

OTC
Alternatives

EquityIndex
Foreign
Exchange(FX)

Deep liquidity
pools across abalanced portfolio ofdiverse, benchmark
products accessed bya healthy ecosystemof varied market
participants

Cryptocurrency

Sustainable

FX Spot &Forwards

MetalsAgricultural
Energy…providing unmatched capitalefficiencies

Interest Rates

Energy- U.S. Treasuries- SOFR- Fed Fund

- WTI Crude Oil- Henry Hub
Natural Gas

Equity Index

Agricultural- S&P 500
- Nasdaq- Russell- Corn- Soybeans- Wheat

FX

Metals- Eur-USD- GBP-USD- JPY-USD- Precious (Gold,
Silver)- Industrial/Base(Copper,
Aluminum)

Futures, options on futures, and micro-sized
products across asset classes

CME GROUP PUBLIC© 2024 CME Group. All rights reserved.

3

Summary of Recent Performance
Average Daily Volume (ADV) by Asset ClassKey Highlights
Q2 2024

Q3 2024 (Thousands)

Product LineADV

YoY ChangeInterest Rates

14,88136%

Equity Index

7,407

17%

Energy2,571

21%

Ag Commodities

1,614

13%

FX

1,089

16%

+11%1

Metals728

38%

Earnings growth year-over-year

Total

28,28927%+13%
Revenue growth year-over-year

69.1%
Adjusted Operating Margin

4.7%2
Dividend yieldQ3 2024 had year-over-year (YoY) growth in both average daily volume(ADV) and open interest (OI) across every asset class – the second
consecutive quarter with this broad-based growth since 2010

Note 1. Adjusted EPS of $2.56 in Q2 2024 (see GAAP to Non-GAAP reconciliation in Q2 financial
statements); 2. Dividend payout based on the trailing 12-month dividend payout and 12-monthaverage closing price of $203.06 for the period 08.21.2023-08.19.2024

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4

Strong History of Volume and Net Income Growth
ADV Growth:

7% CAGR

Adjusted Net Income Growth:

12% CAGR● Average annual volume increased in 44of the past 51 years (13% growth CAGR
over this period)
ADV YTD1

ADV (Millions)

Adjusted Net Income ($,Billions)(Millions)

26.9● Long-term positive trends maintained
throughout various business cycles● Volume maintained during the pandemic
when large sectors of the economy shut
down and we were in a zero-interest rateenvironment● Strong operating leverage and expense
discipline● Record 2023 ADV of 24.4M, up 5% YoY,
with records across interest rates,
agricultural, options and non-U.S.
● % of individual trading days >25M
- 15% in 2021 - 35% in 2023
- 30% in 2022 - 55% in 2024TD

Note 1. 2024 to date ADV through October 1, 2024
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5

Investments in Globalization are Paying Off
Non-US ADV

1

Non-US ADV2

Non-US ADV (Millions)(Millions)

7.8
8% CAGR

6.8
6.3

4.9

5.3

5.5

● We now have a sales presence in 11
countries, covering ~20,000 clientsworldwide● London is our single largest sales centerand 66% of front office sales staff are
now located outside the U.S. (up from
44% in 2018)
Non-US ADV % of Total ADV by Asset Class
48%

33%

48%

32%

32%

22%

Q2 2024

Notes 1) Futures and options on futures ADV based on origin or trade 2) 2024 to date ADV through October 1, 2024
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6

2024TD Options ADV Has Increased 10% From the Record 2023 Level
Options ADV1
ADV (Millions)% Electronic

5.6
5.1
4.1

4.0
3.2

3.3

● Customers trading options are often hedging those
options with our underlying futures, bringing
additional volume to CME Group● CME Direct (our proprietary front-end with ~12,000
users) primarily caters to options traders andtransaction volume was up 18% in 2023
● In 2023, options ADV made up 21% of overall ADV
and came in at a record 5.1M contracts, up 23%
versus 2022, and included double-digit YoY growthacross 5 of 6 asset classes
2024TD Options YoY ADV Highlights1
●
●
●
●
●
●

2024TD options ADV of 5.6M, up 12% vs. 2023TD
Energy up 49%
Henry Hub Natural Gas up 51% (3Q24 vs. 3Q23)
Metals up 57%
Equity Index up 22%
FX up 13%

Note 1. All 2024 to date mentions through October 1, 2024, and YoY comparisons through the same period in 2023
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7

Known for New Product Innovation Driven by Customer Demand
New products launched over the last 5 years generated 2.8M ADV in 2023 and ~$254M in revenue;
52% CAGR 2019-2023
Since 2023, select new product launches include:- Rates: T-bill futures, Monday/Wednesday weekly Treasury options, TBA futures coupon expansion, Micro Treasuries, options on €STR
futures, clearing service for Mexican F-TIIE Overnight Index Swaps, Corporate Bonds and Mortgage-Backed Securities on BrokerTec
Quote, U.S. Credit futures (based on Bloomberg corporate bond indexes), €STRWatch tool
- Equity Index: Micro E-mini S&P Mid Cap 400 & Small Cap 600 futures, E-mini Russell 2000 Tuesday and Thursday weekly options,
Micro E-mini options expansion, options on S&P 500 Annual Dividend Index futures, E-mini S&P 500 Equal Weight futures, Adjusted
Interest Rate S&P 500 Total Return (SOFR) futures, options on Bloomberg Commodity Index futures, options on E-mini Select Sector
futures and Dow Jones U.S. Real Estate Index futures (to launch on October 28, 2024), Yen- and U.S. Dollar denominated Micro Nikkei
futures (to launch on October 28, 2024)- FX: Offshore Renminbi options (monthly/weekly), BTIC+ on EUR/USD FX futures- Energy: Monday/Tuesday/Wednesday/Thursday WTI Crude Oil weekly options, Micro Henry Hub Natural Gas futures/options,
Transatlantic Crude Spread futures, NY Harbor ULSD vs. Brent Crack Spread APO, Freight Route TC20 Middle East to UK Continent(Baltic) futures, EU Emissions relaunch, Argus Bakken Crude Oil Differential futures, series of Weather futures- Crypto: Three new Metaverse reference rates and real-Time Indices, Event contracts on Bitcoin futures, APAC Reference Rates for
Bitcoin and Ether, Ether/Bitcoin Ratio futures, series of weekly options, Micro Euro-denominated Bitcoin & Ether futures, two new
cryptocurrency reference rates and real-time indices for XRP and Internet Computer (ICP), Bitcoin Friday futures- Metals: Molybdenum Oxide (Platts) futures, Options on Micro Gold futures, Micro Platinum, Lithium Carbonate futures, Cobalt
Hydroxide futures, Tuesday/Thursday weekly options on Gold, Silver and Copper, Spodumene futures (to launch on October 28, 2024)- Agricultural: New Crop weekly options, Wheat Spread futures (to launch on October 14, 2024)
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8

OTC Alternative Product Suite Brings Traditional OTC Functionality to CMEGroup Market Participants
Equity Index● These OTC alternative products meet customer’s
needs under enhanced capital requirements while
benefiting from the capital efficiency afforded by ourEquity Index franchise

Annual ADV(Thousands)● These premium products command fees of 3 to 4
times the standard Equity Index average rate percontract
Foreign Exchange● CME FX Link creates a seamless connection between
the FX futures contract and the OTC FX marketplace
as a CME Globex-traded basis spread. The spread
results in a simultaneous execution of FX futures
cleared by CME, and OTC spot FX, subject to OTC
documentation and credit relationships

1● CME FX Spot+ planned for 2H 2024 - a new all-to-all
spot FX marketplace will connect cash market
participants with CME’s FX futures liquidity

Note 1. These trade types include BTIC (Basis Trade at Index Close), TACO (Trade at Cash Open), and TMAC
(Trade Marker at Close)

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9

CME Group’s Most Diverse Interest Rates Offering Creates Substantial
Operational and Capital Efficiencies for Market Participants2023 Interest Rates Revenue$1.8 Billion● Trading opportunities across the yield curve from one
week to 30 years, including a vibrant suite of options
products

STIR
Options- SOFR- Fed Funds- ЄSTR- SONIA- Swap futures● Deep liquid markets and established pools of open
interest that offer narrower bid/ask spreads
STIR
Futures
LTIR
Futures

BrokerTec
Cash Market
ClearedInterest Rate
Swaps
- Significant strength in
Latin American currencies

LTIR Options
Note 1. 2024 to date ADV through October 1, 2024

- U.S.
Treasury
Notes, Bills& Bonds- Invoice
Swap
Spreads- TBA futures- Micro Yield● Continuous innovation driving strong ADV growthover the last decade - even including a long period ofzero interest rate policy (ZIRP), market impacts froma global pandemic, and the successful multi-year
transition of a major benchmark product (Eurodollar
to SOFR)- ADV has nearly doubled from 2014 (~7M) to
2024TD1 (13.9M) / 16% CAGR 2020-2023)- 2014-2023 CAGRs - LTIR 8% / STIR 6%● Movement in Interest Rate markets can drive activity
in other asset classes

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10CME Group Is Delivering Margin Efficiencies Across Interest Rate Products
CME Group
Rates
Futures &Options
Offsets
Consolidation andautomatic offsets ofpositions within
CME Group
Interest Rates
futures and options
products(“one-pot”)
CFTC Regulated

CME Portfolio Margining

CME Cross Margining1

Up to 80% - 100% savings ($7.5B daily average)

Up to 80% savings2

CME Group
Futures &Options

CME Group
Cleared Swaps

Single account for positions and margining (“one-pot”)
100% savings for excess long option value
95% - 97% savings for convexity bias trades
80% - 85% savings for invoice spread trades

CME Group
Futures

FICC Cleared
Treasuries

Single portfolio for positions and margining withsavings allocated to each CCP (“hybrid two-pot”)
20+ year arrangement between CME and FICC
Highest savings for cash vs. futures basis trades*

CFTC Regulated

CFTC & SEC Regulated~$20B Total Average Daily Margin Savings
Notes 1. CME Group is working with FICC to add more firms to the cross margining agreement and expand this to customer
accounts. CME Group also plans to launch a securities clearing house with the intention of providing offsets between CMEGroup cleared cash treasuries and repos and CME Group Interest Rates products 2. CME-FICC cross-margin offsets capped
at 80% per CFTC and SEC regulatory guidance

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11

Historically, Dispersion of Opinions in Forward Fed Rate Expectations Has
Generally Led to Higher Interest Rates Futures & Options Volumes- “Fed Rate Expectations” are defined as the set of possible Fed Fund Effective Rates according to the
FedWatch implied probability methodology over the next 12 months. Wider bands represent greater
variance in expectations, and deeper shades of red or blue represent larger differences between thenearest meeting and the meeting twelve months from the nearest meeting.
- As demonstrated by the chart, the width and intensity of the Fed Expectations area plot are associatedwith the slope of the Treasury simple moving average volume curve, indicating a relationship between
Fed Expectation variance and Treasury F+O volumes.
- We don’t have an exact parallel to our current Fed Expectations regime, so while we’veseen strong growth during similar periods historically, other macroeconomic factors could
influence future volume growth.

As we sit today, in
2024, dispersion isnear historic highs
We don’t have anexact parallel to ourcurrent Fed
Expectations regime,
so while we’ve seen
strong growth during
similar periods
historically, othermacroeconomic
factors could
influence futurevolume growthInterest Rates ADV and YoY Growth2022 10.8M, up 18% / 2023 12.5M, up 16%
Jan - Jul 2023 12.4M, up 11%
Aug 2023 - Oct 2024TD1 13.4M, up 15%
Higher growth rate for period after Fed rate hikes ceased

Note 1. August 2024 to date through October 1, and growth compares to same period a year prior
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12

Total Physical Commodities Products Make Up
an Increasingly Meaningful Part of the BusinessTotal Commodities Revenue (Millions)
+16%
$724

$836

For the first half of 2024, total
physical commodities ADV
represented 19% of total futures andoptions ADV, and 34% of clearing andtransaction fee revenue

The world’s benchmark
commodity products,
all in one place
EnergyWTI Crude Oil
Henry Hub Natural Gas
Refined Products

CME Group
Sustainable Solutions(across all commodities
asset classes)

Energy$724

Agricultural
Grains & Oilseeds(Corn, Wheat,
Soybean) andLivestock

Agricultural

Metals

MetalsPrecious (Gold, Silver,
Platinum) andBase/Industrial(Copper/Aluminum)

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13

Data Components of our Business Reinforce Transaction Revenue
Part of Total Revenue

Market Data Revenue (Millions)

Other Below The Line Income

S&P DJI Non-Operating Income1(Millions)2

6% CAGR

10% CAGR● OSTTRA JV with IHS
Markit (now a part of S&P
Global) (50% of
earnings) - totaled- ~$83M in 2023, up from- ~$75M in 2022
● CME Group’s portion ofincome generated from
customer cash balancesheld on deposit at theclearing house, as well as
income on investing
corporate funds was- ~$468M in 2023, up from- ~$320M in 2022

Note 1. S&P Dow Jones Indices non-operating income is reported in the Income Statement line ‘Equity in net gains (losses)of unconsolidated subsidiaries’; 2. Represents 27% of earnings from S&P Dow Jones Indices

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14

Google Cloud Strategic Partnership
In November 2021, CME Group announced a long-term strategic partnershipwith Google to accelerate our move to the cloud and to transform how global
derivatives markets operate with technology● Capital markets expertise● Early cloud-migration focus on data-related
applications including Referential Data Warehouse,
Margin Calculator, Elysian Dairy Auction, and SDR
Reporting

CME Group
and Google will jointly
focus on co-innovation as
we seek to deliver the● Cloud migration expertisenext generation of products,● Data and analytics expertise
services, opportunities,● $1 billion equity investment in a new series of non- voting
and efficiencies thatconvertible preferred stock of CME Groupbenefit our customers
around the● Over time, capital expenditures will decrease,comingglobe
while technology expense (migration and development / cloud● As markets eventually migrate in theyears, this will allow us to reduce idle capacity
as wemore efficiently scale capacity up and down based onmarket needs

consumption) will increase, with the target of reaching net cash
costs neutral ~4 years in- Early years were foundational, while more recently our application migration is accelerating- Announced significant step in 2Q24 of plans to build a new private Google cloud region, and a co-location facility, in Aurora, Illinois, designed to support global
trading of our F&O markets in the cloud with next-generation cloud technology, ultra-low latency networking and high-performance computing- Will build on the benefits we provide our clients today through a broader range of connectivity options and faster product development- In addition to our state-of-the-art trading infrastructure, our clients will also be able to utilize Google’s artificial intelligence and data capabilities todevelop, test and implement trading strategies to manage their risk more efficiently

CME GROUP PUBLIC

help© 2024 CME Group. All rights reserved.

15

2023 CME Group Adjusted Income Statement Summary1
Strong operating model and cost discipline

Note 1. See last paragraph on Disclaimer slide for discussion around non-GAAP (adjusted) measures
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16

CME Group’s Operating Model Results in Significant Cash Flow with
Substantial Capital Returns in Recent Years
CME Group Dividend Payout (Millions)= Annual variable dividend= Announced regular quarterly dividend= Regular quarterly dividend● Best pure-play exposure in the exchange sector● Lean and scalable business (69.1% adjusted
operating margin)● Highest dividend yield in the exchange space(4.7% on a trailing 12 months (TTM))1● Increased quarterly dividend payments over 14
consecutive years● Paid our 2023 annual, variable dividend of $5.25
per share in January 2024 and increased 2024
quarterly dividends by 5% ($1.10 per share to$1.15 per share)● Since implementing the variable dividend policy in2012, CME Group has returned ~$25.2 billion toshareholders in the form of dividends

Note 1. 04/25/2023-04/24/2024

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17

CME Group 2024 Futures and Options Fee Adjustments Were Effective 2/1/24● CME Group’s pricing philosophy seeks to avoid impacting the amount of volume and liquidity coming across our platform. As a network-based
business, higher volumes benefits both our customers and CME Group● Pricing increases are very tactical and consider a number of additional factors, including market and customer health, trading behaviors, and the costof replicating the exposure through alternative means● Historically, pricing adjustments have had a ~1.5%-2% impact, but 2023 adjustments were a bit outsized:○ 2023 adjustments (announced in November 20221) were estimated to increase transaction revenue in the range of 4%-5%, assuming similar trading patterns to2022, with roughly the same level of increase for financial products and commodity products; Market Data fee adjustments that were effective January 1, 2023
were estimated to be an ~4% increase● For 2024, total fee adjustments are estimated to increase total revenue in the range of 2.5%-3%, assuming similar volume and customer mix as 2023
and Q423 collateral mix:
○ Futures and options adjustments (announced in November 20232) are estimated to increase transaction revenue in the range of 1.5%-2%○ Market Data fee adjustments (effective 1/1/24) came in at a 3%-5% increase; the ultimate impact to revenues will be determined by a number of factors(subscriber count, customer and product mix)
○ Non-cash collateral fees increased to 10 bps from 7 bps effective January 2024

Rolling 3-Month Rate Per Contract by Asset Class (for the period ending)Aug-23 Sep-23

Oct-23

Nov-23 Dec-23

Jan-24Feb-24Mar-24Apr-24May-24 Jun-24

Jul-24Aug-24

Interest Rates$0.509$0.508$0.502$0.491$0.488$0.480$0.484$0.486$0.486$0.485$0.484$0.482$0.475Equity Index$0.638$0.625$0.599$0.605$0.616$0.642$0.645$0.641$0.627$0.628$0.628$0.631$0.618Energy$1.330$1.324$1.323$1.325$1.338$1.333$1.338$1.334$1.331$1.316$1.297$1.275$1.258FX$0.806$0.791$0.775$0.768$0.806$0.809$0.812$0.787$0.782$0.773$0.754$0.753$0.749Agricultural$1.342$1.328$1.328$1.337$1.361$1.351$1.374$1.356$1.389$1.348$1.366$1.345$1.368

Metals$1.496$1.492$1.478$1.500$1.502$1.509$1.515$1.556$1.525$1.518$1.511$1.546$1.545Total$0.720$0.707$0.687$0.681$0.682$0.683$0.690$0.695$0.699$0.704$0.708$0.705$0.684

1. https://www.cmegroup.com/content/dam/cmegroup/notices/ser/2022/11/SER-9098.pdf
2. REVISED 2024 Fee Changes SER Draft WITHOUT IR.docx (cmegroup.com)

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18

CME Group - Compelling Investment
Marketplace Position +• Unmatched product diversity• Transaction destination intimes of market stress,
24-hour liquidity, and strong
network effects• World’s largest options
exchange and valuable
proprietary data
• Significant capital andoperational efficiencies forcustomers• Important partnerships with
S&P Global (S&P Dow Jones
Indexes and OSTTRA)

Growth Orientation= Compelling Investment• Working collaboratively withdiverse market participants todrive product innovation and newopportunities• Long-term volume growth• Migrated cash markets
businesses to a common platform
providing efficiencies /opportunities across futures, cash
and over-the-counter (OTC)
products to a wider range ofmarket participants• Ongoing need for risk
management around theworld• Significant capital return• Long-term strategic partnershipwith Google Cloud to transform
global derivatives markets throughcloud adoption, and co-innovate todeliver expanded access, newproducts and more efficiencies for
all market participants

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1920