CME Group
40 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Largest clearing firm
earns from · 12% of our clearing and transaction fees revenuenamed as a riskOne firm represented 12% of our clearing and transaction fees revenue for 2025.Business (Item 1)
Exchange members
concentrated in · 85% of our derivatives contract volumenamed as a riskIn 2025, 85% of our derivatives contract volume was derived from our members.Risk factors (Item 1A)
Clearing firms
insures or lends to · $347.3 billionnamed as a riskA substantial part of our working capital may be at risk if a clearing firm defaults on its obligations to our clearing house and its margin and guaranty fund deposits are insufficient to meet its obligations.Risk factors (Item 1A)
Suppliers
Clearing house line of credit bank consortium
depends on · $7.0 billionWe maintain a $7.0 billion 364-day multi-currency line of credit with a consortium of domestic and international banks to be used in certain situations by our clearing house.Market risk (Item 7A)
CyrusOne
depends onnamed as a riskOn November 27, 2025, our largest data center owned and operated by CyrusOne experienced a critical cooling failure caused by human error.Risk factors (Item 1A)
Third-party price reporting agencies
depends onnamed as a riskA significant percentage of our contract volume and revenue is based on indexes derived from third-party price reporting agencies.Risk factors (Item 1A)
Partners and platforms
Fixed Income Clearing Corporation (FICC)
depends on · $200.0 millionnamed as a riskA failure of BrokerTec Americas to maintain its membership with FICC could adversely impact the willingness of such participants to continue trading on our platform.Risk factors (Item 1A)
Google Cloud
depends onnamed as a riskThis includes, but is not limited to, the successful development and migration of our markets and supporting operational and business functions to the Google Cloud in the new private Google Cloud region.Risk factors (Item 1A)
Also named by AAON, DGX, ETSY, FTNT, GTLB, LBTYA, MSTR, NTAP and 4 more
FTSE Russell
depends onnamed as a riskWe cannot guarantee we will be able to maintain the exclusivity of our licensing agreements with S&P, Dow Jones, Nasdaq and FTSE Russell or that any renewal will be on terms as favorable to us.Business (Item 1)
Nasdaq
depends onnamed as a riskWe also have exclusive license agreements for certain Nasdaq indices through 2039 and for certain Russell indices through 2037.Business (Item 1)
S&P Dow Jones Indices LLC
depends onnamed as a riskThrough our joint venture with S&P Global, S&P Dow Jones Indices LLC, we have a long-term, ownership-linked, exclusive license to list futures and options based on the S&P 500 Index and certain other S&P indices.Business (Item 1)
FanDuel
named as a riskThe outcome of both litigation and regulatory consideration of issues relating to prediction markets, which could impact our existing and future offerings through our joint venture with FanDuel.Business (Item 1)
Other companies
Market data revenue
earns from · 12% of our total revenuesnamed as a riskRevenues from our market data and information services represented 12% of our total revenues during the years ended December 31, 2025 and December 31, 2024.Risk factors (Item 1A)
BrokerTec and EBS
earns from · $283.7 million of clearing and transaction feesThrough the acquisition of NEX, we added our cash markets business (BrokerTec and EBS), which generated $283.7 million of clearing and transaction fees in 2025.Business (Item 1)
Competitors
Fixed Income Clearing Corporation (FICC)
competes withnamed as a riskFICC, a subsidiary of DTCC, is the primary player in the U.S. Treasury clearing market with new entrants, including ICE Clear Credit’s Treasury Clearing Service.Business (Item 1)
Intercontinental Exchange, Inc. (ICE)
competes withnamed as a riskOur competitors include, among other entities, exchanges such as Intercontinental Exchange, Inc. (ICE), Cboe Global Markets (Cboe), Euronext N.V., the Hong Kong Exchanges and Clearing Limited (HKEX), and Deutsche Börse AG.Business (Item 1)
FMX Futures Exchange
competes withnamed as a riskWe also face competition from new entrants into the marketplace, including newly launched FMX Futures Exchange, as well as digital asset platforms and emerging prediction markets.Business (Item 1)
Places
Outside the U.S.
earns from · approximately 53% of our market data revenueIn 2025, approximately 31% of our electronic futures and options volume was from transactions reported as outside the U.S. and approximately 53% of our market data revenue was derived from outside the U.S.Business (Item 1)
Aurora, Illinois
operates inGoogle Cloud is developing a new private cloud region and a co-location facility in Aurora, Illinois.Business (Item 1)
Commodities and inputs
British pound, euro and Japanese yen
exposed to its price · $(6.0) millionnamed as a riskGains and losses on foreign currency transactions result primarily from cash, debt and other monetary assets, liabilities, revenues and expenses denominated in British pounds, euros and Japanese yen.Market risk (Item 7A)
U.S. Treasury securities
named as a riskThe implementation of rules resulting in negative treatment of the liquidity profile of U.S. Treasury securities, including as qualifying liquidity resources, or any potential limitation on the use of U.S. Treasury securities as collateral could result in increased costs to us and our clearing firms.Business (Item 1)
Regulators
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskThe operation of our U.S. futures exchanges and our derivatives clearing business are subject to extensive regulation by the CFTC that requires our regulated subsidiaries to satisfy the requirements of certain core principles relating to the operation and oversight of our markets and our clearing house.Business (Item 1)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
Financial Stability Board (FSB)
subject tonamed as a riskWhile the CFTC has not indicated any intention to support such a proposal, if it were supported in the U.S., this proposal could negatively impact cleared markets by increasing costs, reducing participation, and disincentivizing default management participation.Business (Item 1)
U.S. Securities and Exchange Commission (SEC)
subject toOur operation of CMESC subjects us to regulation by the SEC as a securities clearing agency under the Securities Exchange Act and its related rules and regulations.Business (Item 1)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Financial Industry Regulatory Authority (FINRA)
subject toThe operation of BrokerTec subjects us to regulation by the Financial Industry Regulatory Authority and the SEC as a broker-dealer and alternative trading system operator.Business (Item 1)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
Federal Reserve Board
subject toThese designations carry with them additional regulatory oversight of certain of our risk-management standards and clearing and settlement activities by the CFTC and the Federal Reserve Board.Business (Item 1)
Also named by ALLY, AMP, BPOP, C, CFG, CFR, COMP, CUBI and 9 more
UK Financial Conduct Authority (FCA)
subject toOur subsidiary, CME Benchmark, is a registered benchmark administrator, authorized and supervised by the FCA under the UK Benchmark Regulations.Business (Item 1)
Also named by CG, EVR, HIG, HOOD, IBKR, IP, KKR, RITM and 1 more
Netherlands Authority for the Financial Markets (AFM)
subject toBrokerTec is also subject to regulation in the UK by the FCA, as a multilateral trading facility (MTF), in the EU by the AFM, as a regulated market and by the applicable regulators in Singapore and Canada.Business (Item 1)
Laws and programs
Family farmer and rancher protection fund
insures or lends to · $98.0 millionIn addition, we have established a fund (currently $98.0 million) to provide payments, up to certain maximum levels, to qualified family farmers, ranchers and other agricultural industry participants who use our derivatives products and who suffer losses to their segregated account balances if their clearing firm becomes insolvent.Risk factors (Item 1A)
Dodd-Frank Wall Street Reform and Consumer Protection Act
subject tonamed as a riskIn recent years there has been increased competition in the provision of clearing services for derivatives, and we expect competition to continue to increase in connection with compliance with Dodd-Frank, EMIR 3.0, Basel III, MiFID II and other various laws and regulations.Business (Item 1)
Also named by BAM, CAT, ELS, FISV, FNF, LEN, SPGI, TROW and 1 more
Basel III Endgame
subject tonamed as a riskAdditionally, other areas of the U.S. bank capital framework have come into focus as potential changes to the global systemically important bank capital surcharge calculation worksheet have been introduced, which could increase capital requirements.Business (Item 1)
Financial transaction tax (U.S., Illinois, New Jersey)
subject tonamed as a riskLegislation to impose a financial transaction tax has been proposed previously in the U.S. Congress, Illinois General Assembly (including a recent such proposal) and the State of New Jersey Legislature.Business (Item 1)
Also named by BLK
Dow Jones License Agreement
depends onnamed as a riskThe initial term of the agreement is through June 30, 2026.Business (Item 1)
Sports event contracts
subject tonamed as a riskThe legal status of certain event-based contracts, most notably those based on sports events, is the subject of litigation in various jurisdictions.Risk factors (Item 1A)
60/40 tax treatment of futures (Section 1256)
subject tonamed as a riskLegislation that proposes to eliminate the 60/40 tax treatment of certain of our futures and options contracts, which would result in 60% of the gains being taxed at the short-term capital gain rate instead of the long-term capital gain rate.Business (Item 1)
Digital asset market structure legislation
subject tonamed as a riskLegislation regarding the regulatory market structure applicable to the trading and clearing of spot digital assets is currently being considered in Congress.Risk factors (Item 1A)
Commodity Exchange Act
subject toThe CFTC carries out the regulation of the futures and swaps markets and clearing houses in accordance with the provisions of the Commodity Exchange Act (CEA) as amended by, among others, the Commodity Futures Modernization Act and Dodd-Frank.Business (Item 1)
SEC U.S. Treasury central clearing mandate
subject toWe plan to launch clearing services under CMESC later in 2026 to help market participants comply with the mandate for U.S. Treasury transactions (as of December 31, 2026) and repo transactions (as of June 30, 2027).Business (Item 1)
Also named by BGC
CME Term SOFR
earns fromCME Term SOFR is the only SOFR rate endorsed by the Alternative Reference Rates Committee and the Federal Reserve Board has formally endorsed the forward-looking term rates based on SOFR.Business (Item 1)
Technology
CME Globex
depends on · 93% of our overall contract volumenamed as a riskIn 2025, 93% of our overall contract volume was generated through electronic trading on our CME Globex electronic platform.Risk factors (Item 1A)