CME Group, Inc.
|CME Group, Inc.|
|Founded||July 12, 2007 (through Chicago Mercantile Exchange Holdings and CBOT Holdings merger)|
|Headquarters||Headquarters: 20 South Wacker Drive, Chicago, IL 60606 (plus other CME Group offices domestic and international)|
|Key People||Terrence A. Duffy, Chairman and CEO; Bryan Durkin, President|
|Products||Interest rate, equity index, foreign currency, commodity futures and options and alternative investments (e.g. weather, real estate)|
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Based in Chicago, the company was formed by the $11.6 billion merger in July 2007 of the 109-year-old Chicago Mercantile Exchange (CME) and the 159-year-old Chicago Board of Trade (CBOT), its former rival. Through a series of subsequent acquisitions of exchanges, technology providers and OTC markets, the combined CME Group has grown into the largest exchange in the world as measured by derivatives volumes and market cap. It was further expanded with the November 2018 acquisition of NEX Group, combining CME's futures and clearing operations with NEX's FX and fixed income cash trading platforms. It also added NEX's OTC post-trade products and data offerings.
CME offers futures, options on futures and OTC trading product lines on interest rates, equity indexes, energies, agricultural products, metals, foreign exchange and cryptocurrencies. It has grown its marketshare in these product sectors through acquisition of exchanges and markets, organic growth and numerous exclusive licensing agreements with benchmark index companies. CME Group also operates NYMEX Holdings, Inc. and Kansas City Board of Trade. 
Trading on the exchange is largely done on its electronic trading platform called CME Globex, a global matching platform for all of its products. A small percentage of trading is still done on the trading floor in Chicago, although most of its trading pits were closed in July 2015. The company also offers CME Direct, for arranging, executing and recording OTC and listed trades. Customers can use mobile access and CME Messenger for instant-messaging, as well as CME Straight Through Processing, for direct connectivity on trade information, customer orders and risk management.
Clearing of trades for exchange-traded derivatives and OTC products is handled by CME Clearing.
CME Group ranked first in global exchange volume in 2018 with 4.8 billion contracts traded, up 18.4 percent from 4.08 billion contracts the previous year, according to the FIA Annual Volume Report. CME Group's 2019 volume was 4.83 billion contracts, about the same as in 2018, but its No. 1 standing was eclipsed by The National Stock Exchange of India, which traded 6 billion contracts in 2019, also according to the FIA's annual report. 
The publicly traded company had a market cap of $64.7 billion in May 2019, up from $54 billion in March 2018.
Also See: CME Group History Timeline
CME Group's history (through individual and intertwining paths of CME and CBOT) is rooted in early Chicago from grain trading in the late 1840s to the introduction of financial futures in the 1970s, to electronic trading in the early 1990s, and demutualization in the early 2000s. At the time of the merger in July 2007, the CBOT and CME were 159 and 109 years old, respectively.
Mergers, Acquisitions and Joint Ventures
On July 9, 2007, the Chicago Mercantile Exchange officially became the winner in the bidding war for the CBOT, as its members approved CME's offer, thus ending decades of competition and rivalry between the two exchanges. According to then-CBOT chairman Charlie Carey, it was "a great day for the city of Chicago." The final deal, valued at $11.9 billion, was 25 percent higher than CME's first offer nine months earlier, as a rival bid by Atlanta-based Intercontinental Exchange led to a bidding war.
The final deal gave CBOT shareholders 0.375 shares of CME Holdings stock for each share of CBOT Holdings stock, up from 0.35 shares in the original offer. CBOT shareholders received a 36 percent ownership stake in the combined exchange, and also received a cash dividend of $9.14.
The formation of CME Group did not result in any change to trading privileges for CME and CBOT members. CME members can trade legacy CME products at member rates directly from the trading floor; CBOT members enjoy the same benefits on CBOT products only.
In addition, in January 2008 all legacy CBOT products migrated successfully to the CME Globex platform from e-cbot.. CBOT had already moved clearing of all trades to CME Clearing from its legacy clearing provider, the Board of Trade Clearing Corp., in 2003; thus, this was one huge operational hurdle that did not require consideration during the migration. Phased integration of the trading floors took place between March and July of 2008, into the trading facility at 141 W. Jackson, the CBOT Building.
On March 17, 2008, CME Group announced its plan to acquire NYMEX. The terms called for NYMEX shareholders to receive $36 and 0.1323 shares of CME Group for each NYMEX share. It also included a bid to buy the 816 NYMEX memberships for $612,000 each. On July 18, CME increased the offer for NYMEX memberships to $750,000, from $612,000. Under the terms, members are allowed to keep their rights to lease seats on the floor trading and maintain the floor trading seat market. CME agreed to keep the trading floor in New York as long as it was profitable and met certain trading thresholds.
On August 18, 2008, Nymex Holdings shareholders voted to approve the deal. As of the approval date, the value of the acquisition was $8.3 billion.
The deal,completed on December 3, 2012, allowed CME Group access to the market for hard red winter wheat, Kansas City's flagship contract. In February 2013, CME Group announced the closure of the Kansas City trading floor and shifted operations to its Chicago floor on July 1, 2013. Also, CME began clearing KCBT contracts at CME Clearing beginning April 15, 2013. 
In July 2012, McGraw-Hill, owner of the Standard & Poor's ratings service and related companies, announced a joint venture with CME Group called S&P Dow Jones Indices, which publishes thousands of indices across equities, fixed income, commodities, real estate, strategy and others. S&P Dow Jones Indices is 27 percent owned by CME Group and 73 percent owned by S&P Global, formerly [McGraw Hill]]. The CME investment valued at $955 million, provides licensing of benchmark indices, several of which are offered by CME Group as listed contracts.
Under the original terms of the deal, CME Group sold its stake in Credit Market Analysis (CMA) to McGraw-Hill, which then folded it into its S&P Capital IQ unit. Credit Market Analysis, Ltd. (CMA) is a data and information company specializing in OTC derivatives markets, founded in 2001 by a group of credit derivative specialists. CME Group acquired CMA in March 2008 as the exchange sought to expand into credit derivatives execution and clearing. 
FXMarketSpace was an over-the-counter (OTC) foreign exchange (FX) platform which was introduced in 2006 as a 50/50 joint venture between CME Group and Thomson Reuters. The idea was to introduce the central counterparty clearing and straight-through processing model to the OTC forex market. Trading on FXMarketspace began in May of 2006 in seven currency pairs, including the U.S. dollar versus the yen, euro, pound, Swiss franc and Canadian dollar, as well as four currency cross-pairs. Processing functions were provided through a deal with FX post-trade service firm Traiana. While FXMarketspace opened to much fanfare and was initially supported by the banking community, interest in the platform waned, and the platform was shuttered on Oct. 17, 2008.
CME is one of the investors in OneChicago, a fully electronic exchange owned jointly by Interactive Brokers, CBOE, and CME Group created in May 2001. It lists futures on single stocks, narrow-based equity indexes and exchange traded funds. It is a privately held company and regulated jointly by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The exchange began as a joint venture between the CME, Chicago Board Options Exchange, and the CBOT. In March 2006, electronic broker-dealer Interactive Brokers Group LLC took a 40 percent stake in the venture. Directly fter the CME and CBOT merger in 2007, the ownership structure was as follows:
- Interactive Brokers: 40 percent
- CME Group: 24 percent
- CBOE: 24 percent
- OneChicago management: 12 percent
CME offered $10 million in 2018 to buy out the B shareholders' board election rights, but the proposal was voted down. CME had debated the issue with B shareholders as it tried to reduce the size of its board and streamline governance. Currently, six of the 20 CME board directors are elected by Class B shares issued to owners of Chicago Mercantile Exchange seats when the exchange converted to a corporation from a member-owned exchange. In February 2020, CME disclosed in an SEC filing that its board had voted to amend its bylaws to eliminate B shareholder nominating committees. The change meant that the board itself, through its four-member nominating and governance committee, would be able to nominate up to 12 B shareholders for election. It would not eliminate the B shareholder directors' seats. The change is scheduled to go into effect in 2021.
On November 2, 2018, CME Group announced it had completed the acquisition of NEX Group for $5.4 billion. The deal, first agreed to on March 29, 2018, combined CME's futures and clearing operations with NEX's FX and fixed income cash trading platforms. It also added NEX's OTC post-trade products, data offerings and financial technology firms. CME Group retired the NEX name and brand but continues to operate its individual markets and optimization businesses as sub-brands, including BrokerTec, a top cash trading platform for FX and fixed income, EBS, an FX trading platform, Traiana, a FX messaging and trade processing network and TriOptima, a compression and portfolio reconcilliation service. 
CME Group has pursued partnerships, memorandums of understanding (MOU) and other deals with exchanges, index providers and others in an effort to secure a global presence.
Exchange partners include BM&FBOVESPA, Bursa Malaysia Berhad, Dubai Mercantile Exchange, Japan Exchange Group, Johannesburg Stock Exchange, Korea Exchange, MexDer, Minneapolis Grain Exchange, Multi Commodity Exchange of India, Moscow Exchange and Singapore Exchange.
CME Group sold its stake in BM&FBOVESPA, (now known as B3) in 2017 for a net profit of $86.5 million, according to its Form 10-K in its 2018 annual report. It holds a 25 percent stake in Bursa Malaysia Berhad valued at $27.1 million and has several agreements for licensing, order routing and trading matching services. CME holds a 50 percent stake in Dubai Mercantile Exchange's parrent [[Dubai Holdings Ltd., an estimated $16.9 million investment. , Osaka Securities Exchange, Russian Trading System Stock Exchange and Singapore Exchange Limited.
For more see CME Group's "Global Presence" Page.
CME Group offers contracts in all major asset classes:
- CME Group interest rate products
- CME Group foreign currency products
- CME Group stock index products
- CME Group commodity products
- CME Group weather products
- CME Group real estate products
- CME Group metals products
- NYMEX energy products
- CME Micro E-mini products
- CME Group bitcoin futures
CME Group launched futures on the Secured Overnight Financing Rate (SOFR) in 2018. They were followed by the launch of options on SOFR futures in January 2020.
CME OTC Products
CME Group offers trading on hundreds of OTC derivatives contracts, from commodities to financial contracts. The exchange offers interest rate swaps, swaptions, FX and commodities such as energies, agriculture, metals and commodity index swaps. 
In April 2012, CME cleared its first FX OTC non-deliverable forward (NDF) trade, a Brazilian real. It also launched NDF clearing for the Chinese Renminbi Yuan, Philippine Peso, Malaysian Ringgit, Indian Rupee, Korean Won, Taiwan Dollar, Chilean Peso, Colombian Peso, Peruvian Sol, Russian Ruble and Indonesian Rupiah. The exchange also offers cash settled forwards (CSFs) on 26 currency pairs.
On December 3, 2012, CME Group launched trading on swap futures for two-year, five-year, 10-year and 30-year interest rate maturities. Swap futures, which require less collateral than OTC swaps, are converted or delivered as OTC swaps upon expiry and cleared by CME Clearing.  CME also offers other OTC products such as 51 CDX Indices, as well as cash settled forwards (CSFs) on 26 currency pairs.
*CME Group exited its credit default swap clearing business in mid-2018. 
CME Group launched a Bitcoin futures contract on December 18, 2017, trading on the Globex platform and cleared via ClearPort. The futures are cash-settled and based on the CME CF Bitcoin Reference Rate, a once-a-day reference rate of the U.S. dollar price of bitcoin. CME and Crypto Facilities have calculated and published the BRR since November 2016.
CME Group partnered with Crypto Facilities Ltd in May of 2018 to launch the CME CF Ether-Dollar Reference Rate, which provides a daily benchmark price in U.S. dollars at 4 p.m. London time, and CME CF Ether-Dollar Real Time Index, which allows users access to a real-time Ether price in U.S. dollars.
Both reference rates will be calculated by Crypto Facilities based on transactions and order book activity from Kraken and Bitstamp. Gemini's prices will be included on CME's crypto pricing indices, starting August 30, 2019.
Micro E-mini Index Futures, CME's Most Successful Contract Launch
Its CME Micro E-mini products on the S&P 500, Nasdaq-100, Russell 2000 and Dow Jones Industrial Average were launched on CME Group on May 6, 2019, and stand as the most successful product launch ever at the exchange. Micro E-mini equity index futures are one-tenth the size of CME Group's existing E-mini equity index futures and traded more than 300,000 contracts combined on day one. On its first day, Micro E-Mini S&P futures traded 159,251 contracts, Micro E-mini Nasdaq-100 Index futures traded 91,928 contracts, Micro E-mini Russell 2000 Index futures traded 33,996 contracts and the Micro E-mini Dow Jones Industrial Average Index futures traded 24,897 contracts on their first day of trading. By day three, the four index futures topped 1 million contracts traded combined. It is rare that a new contract generates more than a few thousand contracts in its early days. This product, however, was an early hit.   
CME Group’s trading runs largely on its electronic platform called Globex with local electronic access hubs around the world that provide trading almost 24 hours per day, six days per week.
The CME Group's product complex spans all major asset classes, including: futures and options on interest rates, equities indexes, currencies, commodities, energy products, metals and cryptocurrencies such as weather and real estate derivatives.
|Globex went live in 1992, and volume grew slowly at first, but grew steadily through the early 2000s to overtake traditional floor-based "open outcry" trading. In 2015 the CME Group shut down most of its futures trading pits in Chicago and New York in 2016 because of shrinking open outcry volume. The options pits, which have remained active in the face of electronic trading, mostly remain open in Chicago. CME said it expects to save $10 million per year by closing the futures pits. |
|CME Direct is the exchange's side–by–side platform for online trading of exchange listed and OTC markets through a single application. On July 31, 2012 CME launched Direct Messenger, an instant messaging platform for energy traders which is part of CME Direct and is fully integrated with CME Clearport. CME's subsidiary Pivot Inc. created the technology surrounding the platform.|
|CME Group opened an all-electronic European exchange, CME Europe launched on April 27, 2014, offering futures on 30 foreign currencies and biodiesel. More commodities contracts are to follow. The European market is cleared by its own clearing house called CME Clearing Europe. CME closed CME Europe in 2017.|
|Colocation and Direct Access|
|CME Group's Colocation Services, which consists of hosting, connectivity and support services, began operating out of a new facility in Aurora, IL on January 29, 2012. The facility offers equal access for all participants, including equal pricing, equal terms and conditions, and equal lengths of fiber between customer cabinets. The Aurora data center consists of 428,000 square feet of of space, and is served by two 138,000 volt electric service; each originating from a separate generation plant. CME sold the facility in 2016 to CyrusOne Inc. for $130 million, and entered into a 15-year lease for data center space, where is operates its Globex platform and co-location services. .|
|Year||Total Annual Volume||Percent Change|
|Chicago Mercantile Exchange||1,891,568,233||(-)2.5%|
|Chicago Board of Trade||14,080,34,345||10.5%|
|New York Mercantile Exchange||653,295,150||5.6%|
The exchange is supported by CME Clearing, the exchange's central futures clearing mechanism, which settles all trades and acts as the counterparty between buyers and sellers, thus virtually guaranteeing the creditworthiness of every transaction The division clears not only its traditional futures contracts but also OTC contracts in interest rates, FX and commodities. CME Group exited the credit default swaps business in mid-2018. In its history, CME Clearing has never experienced a default and was designated as a systemically important financial market utility by the Financial Stability Oversight Council.
|CME Clearing Europe|
|CME Clearing Europe was launched in May 2011. The London-based clearing house, a wholly-owned subsidiary of CME Group, cleared more than 200 OTC products. CME Clearing Europe was shut down in October 2017.  |
|In 2006, CME introduced Clearing360, an extension of its clearing services to the over-the-counter marketplace. Clearing360 allows hedge funds, proprietary trading firms, and regional banks to substitute OTC trades for cleared only futures positions. The first OTC marketplace to participate in this service was the short-term interest rate swap marketplace, which parallels the CME Eurodollar market. CME expects to extend CME Clearing360 services to other markets in the future.|
|On May 31, 2002, NYMEX launched ClearPort as a clearing service for bilateral over-the-counter (OTC) natural gas contracts. The platform was started in the aftermath of the Enron scandal, in order to allow energy market participants to mitigate counterparty credit risk.  Over the next five years, NYMEX added product listings in electricity, coal, crude oil, soft commodities, and metals. After NYMEX merged with CME Group, ClearPort was renamed CME ClearPort, and began listing swaps and OTC derivatives associated with other CME Group asset classes. To view a 2-minute video on CME Clearport, click HERE.|
| In 1988, CME launched its Standard Portfolio Analysis of Risk, or SPAN as the first system to calculate performance bond requirements solely on the basis of overall portfolio risk at both clearing and customer level. SPAN calculates value-at-risk (VaR by using a formula that considers price and volatility scans, inter- and intra-commodity spread adjustments, spot risk, and short option premium risk.
By 2010, the CME SPAN entered its fourth generation, and consists of three software products:
CME offers data services in a number of ways, including real-time disseminated data through its Market Data Platform or through licensed distributors. The exchange also offers historical data through CME DataMine, and through reports accessed via its web site. For more information, click HERE.
The group also offers a repository service for swap data through CME Swap Data Repository, a CFTC-registered Swap Data Repository service that supports interest rates, credit, commodities and FX asset classes. In 2013, the European Securities and Markets Authority (ESMA) approved the CME European Trade Repository as a Trade Repository (TR) under the European Market Infrastructure Regulation (EMIR). The London-based, multi-asset trade repository accepts submission of trades across all mandated derivative asset classes, namely interest rates, FX, credit, commodities and equities.
John Lothian News Interviews
|(VIDEO) 2016 Exchange CEO Series: CME's Gill Looking For Customer Efficiencies|
CME Group has been focused on global growth, just like every other major exchange. But to get there, the exchange leader believes it has to work with customers to streamline costs so it can expand. In part one of our two-part interview at the FIA Boca Conference, CME CEO Phupinder Gill said that the exchange is working on new ways to address capital efficiencies through products such as cleared swaptions, but also new clearing services that will help institutions reduce collateral. CME is also continuing to work on market disruptors such as blockchain technology, which may change the way in which clearing services are delivered.
|Clear Skies Ahead: Terry Duffy of CME Group Says Clearing Is Industry Driver|
With the bulk of US financial reforms now in place, financial markets appear to be pulling out of their doldrums. Terry Duffy, executive chairman and president of CME Group, spoke with Jim Kharouf, editor-in-chief of John Lothian News, about his outlook for the exchange and the strong prospects for growth in the futures markets.
“The industry is really exciting right now,” Duffy said. “We’ve been going through some difficult years like all financial markets have. Now we’re getting some clarity around the rules especially here in the US and that’s very positive.”
Duffy said CME Group stands to gain from the migration of OTC trades onto exchange platforms with centralized clearing, especially in the wake of new rules and capital requirements for banks in Europe.
|(VIDEO) CME Group’s Sean Tully Introduces Deliverable Interest Rate Swap Futures|
Sean Tully is the managing director of interest rate futures products for CME Group, the world’s largest derivatives exchange. He recently led the development and implementation of CME’s Deliverable Interest Rate Swap Futures, a new type of derivatives product that aims to offer interest rate swap exposure, combined with the liquidity, transparency and margin efficiency of a futures contract.
Tully is a 20-year veteran of the financial sector who, prior to joining CME Group in August 2011, led the fixed income trading group at German banking firm WestLB and, prior to that, spent over ten years as a derivatives trader with Citibank and Greenwich Capital. Tully spoke with John Lothian News Editor-at-Large Doug Ashburn about the new interest rate swap futures contracts, which launched on December 3, 2012.
|SDR 2.0: CME Group’s Jonathan Thursby Looks at the Future of Swap Data Repositories|
Over the past 18 months, the OTC derivatives world began mandatory reporting into trade repositories. Now that we have had some time to work through the logistics, it is time for a rethink. Jonathan Thursby, Global Head of CME Repository Services, says the CFTC and global regulators are looking at revisions to the rules, and he lays out his wish list for a new and improved framework.
John Lothian News Articles
CME Group wants to increase what the existing futures user base can trade while also addressing those 13 million other active retailers. The proposed solution? The launch of Micro E-Mini Equity Index Futures – contracts linked to the S&P 500, Nasdaq 100, Russell 2000 and Dow Jones Industrial Average that are 1/10 the size of the exchange’s flagship E-Mini products.
Bryan T. Durkin, President
Kathleen Cronin, Senior Managing Director, General Counsel and Corporate Secretary
Sunil Cutinho, President, CME Clearing
Julie Holzrichter, Senior Managing Director, Chief Operating Officer
Kevin Kometer, Senior Managing Director, Chief Information Officer
John W. Pietrowicz, Senior Managing Director Chief Financial Officer
Hilda Harris Piell, Senior Managing Director, Chief Human Resources Officer
Derek Sammann, Senior Managing Director, Global Head of Commodity and Options Products
Sean Tully, Senior Managing Director, Global Head of Financial and OTC Products
Julie Winkler, Senior Managing Director, Chief Commercial Officer
Terry Duffy discusses what 2019 holds for the world’s largest derivatives exchange, covering such topics as political uncertainty, the NEX integration, and following up on a record 2018.
CME Group Inc.
20 South Wacker Drive, Chicago, Illinois 60606, USA
+1 312 930 1000
NYMEX World Headquarters
300 Vesey Street, New York, NY 10282
phone: +1 212 299 2000
325 7th Street, NW, Suite 525, Washington, D.C. 20004
phone: +1 202 638 3838
1000 Louisiana Street, Suite 3650, Houston, TX 77002
phone: +1 713 658 2347
(#1000), 888 - 3rd St. SW, Bankers Hall, West Tower, Calgary, Alberta, T2P 5C5, Canada
phone: +403 444 6876
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phone: +55 11 2787 6279
One New Change, London EC4M 9AF, United Kingdom
phone: +44 20 3379 3700
Millennium House 5th Floor
19-25 Great Victoria Street, Belfast BT2 7AQ, United Kingdom
phone: +44 28 9089 6600
One Raffles Quay
(#27-10) South Tower, Singapore 048583
phone: +65 6593 5555
Unit 7711-13, 77/F The Center, 99 Queen's Road Central, Hong Kong
phone: +852 2582 2200
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phone: +82 2 6336 6700
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No.6 Wudinghou Street, Unit 1105, Excel Centre, Xicheng District, Beijing 100033, China
+86 10 5913 1300
Level 8, Bagmane Tridib
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+91 80 3323 2300
Level 36, Gateway Tower
1 Macquarie Place, Sydney 2000, Australia
phone: +61 2 8051 3210
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- CME Group Completes Acquisition of NEX, Creating a Leading Global Markets Company Across Futures, Cash and OTC. CME Group.
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- CME to launch interest rate swap contract. FT.
- CME Group OTC Clearing. CME.
- CME Group to Exit OTC Credit Clearing Business, Return $650M in Capital to Clearing Members. CME Group.
- CME Group Self-Certifies Bitcoin Futures to Launch Dec. 18. CME Group.
- Gemini Exchange Added to CME Group’s Pioneering Crypto Benchmarks. Cointelegraph.
- CME Group and Crypto Facilities Launch Ether Reference Rate and Ether Real Time Index. CME Group.
- CME Group Announces Launch Date of Options on Bitcoin Futures Product. CME Group.
- Go Small or Go Home: CME’s Micro Launch. John Lothian News.
- A Great Day to Start Trading Micro E-Mini Futures. John Lothian News.
- Micro E-mini Futures Surpass 1 Million Contracts Traded. CME Press Release.
- Contract Specifications. CME.
- CME gains boost with new ‘micro’ futures contracts; Success for financial infrastructure industry despite investors turning more cautious. FT.
- Cleared OTC Interest Rate Swaps: Overview. CME Group.
- CME Group to close most floor-based trading in Chicago, New York. The Chicago Tribune.
- Ending an Era, CME Group to shutter most futures pits. Reuters.
- CME options traders see open outcry resisting fate of futures pits. Reuters.
- CME to close New York trading floor in computers' victory. Reuters.
- CME Direct Messenger. Reuters.
- CME Planning Europe Exchange To Compete With Eurex, Liffe. Bloomberg Businessweek.
- DERIVATIVES: CME plans European derivatives venture. IFRE.
- CME Europe Plans to Add Currency Options at London Venue. Bloomberg.
- CME Co-Location Services launch date announced. Automated Trader.
- CME Co-Location Services. CME Group.
- CME Group Announces Agreement to Sell Aurora, Ill. Data Center to CyrusOne. CME Group.
- Closing CME Europe and CME Clearing Europe. CME Group.
- CME Clearing Europe Expands its Metals Offering with Two Iron Ore Contracts. CME Group.
- European Clearing for OTC Commodity and Financial Derivatives. CME Group.
- CME to push clearing rate swaps in London. FT.
- CME Launches Over-the-Counter Clearing Initiative for Interest Rate Products. CME Group.
- CME ClearPort: Celebrating Seven Years of OTC Clearing. CME Group.
- How Does Your Margin Grow?. Investopedia.
- SPAN. CME Group.
- CME European Trade Repository. CME Group.
- CME Group Announces Approval of CME European Trade Repository. PR Newswire press release.
- Management Team. CME Group.