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CME Group
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<h2 id="history">History</h2> <p>The <a href="/facts/Chicago_Mercantile_Exchange/D9Ab7tS0">Chicago Mercantile Exchange</a> (CME), was founded in 1898 as a <a href="/facts/Nonprofit_corporation/R8K6wJrK">nonprofit corporation</a>.<a class="footnote-ref" id="fnref:8" href="#fn:8"><sup>8</sup></a> In 1919, it established its clearing house.<a class="footnote-ref" id="fnref:9" href="#fn:9"><sup>9</sup></a> In 2000, CME <a href="/facts/Demutualized/rvexEHxt">demutualized</a> (became a joint stock company).<a class="footnote-ref" id="fnref:10" href="#fn:10"><sup>10</sup></a> In 2002, CME Group, the parent company of CME, became a <a href="/facts/Public_company/tnJQvSdR">public company</a> via an <a href="/facts/Initial_public_offering/2NntDhrG">initial public offering</a>.<a class="footnote-ref" id="fnref:11" href="#fn:11"><sup>11</sup></a> </p><p>On July 12, 2007, CME Group completed a merger with the CME's historical rival, the holding company for the <a href="/facts/Chicago_Board_of_Trade/XIQMWm9o">Chicago Board of Trade</a>, founded in 1848, in an $8 billion deal that created the world's largest financial market.<a class="footnote-ref" id="fnref:12" href="#fn:12"><sup>12</sup></a><a class="footnote-ref" id="fnref:13" href="#fn:13"><sup>13</sup></a><a class="footnote-ref" id="fnref:14" href="#fn:14"><sup>14</sup></a> The company then launched as CME Group Inc., a CME/Chicago Board of Trade Company.<a class="footnote-ref" id="fnref:15" href="#fn:15"><sup>15</sup></a><a class="footnote-ref" id="fnref:16" href="#fn:16"><sup>16</sup></a> </p><p>In 2012, Phupinder Gill, then CME Group's president and COO, became the company's CEO. </p><p>In November 2016, Gill retired from his role and <a href="/facts/Terrence_A._Duffy/HRCBAvqp">Terrence A. Duffy</a>, then executive chairman and president of the company, took on an expanded role as its CEO.<a class="footnote-ref" id="fnref:17" href="#fn:17"><sup>17</sup></a> </p><p>In 2021, the firm struck a partnership with <a href="/facts/Google/GT9Sugza">Google</a> to build its cloud strategy, which saw the tech giant investing $1 billion in CME Group.<a class="footnote-ref" id="fnref:18" href="#fn:18"><sup>18</sup></a> </p><p>In 2022, CME Group futures and options reached a record average daily volume of 23.3 million contracts.<a class="footnote-ref" id="fnref:19" href="#fn:19"><sup>19</sup></a> </p> <h2 id="mergers-and-acquisitions">Mergers and acquisitions</h2> <p>On August 22, 2008, CME Group acquired <a href="/facts/New_York_Mercantile_Exchange/kRotBe7d">New York Mercantile Exchange</a> (NYMEX), owner of both the NYMEX exchange and the Commodity Exchange (COMEX), for $8.9 billion in cash and CME Group stock.<a class="footnote-ref" id="fnref:20" href="#fn:20"><sup>20</sup></a><a class="footnote-ref" id="fnref:21" href="#fn:21"><sup>21</sup></a><a class="footnote-ref" id="fnref:22" href="#fn:22"><sup>22</sup></a><a class="footnote-ref" id="fnref:23" href="#fn:23"><sup>23</sup></a><a class="footnote-ref" id="fnref:24" href="#fn:24"><sup>24</sup></a> </p><p>On February 10, 2010, CME Group agreed to purchase 90% of Dow Jones & Company's financial-indexes business, including the <a href="/facts/Dow_Jones_Industrial_Average/jHr3wKhj">Dow Jones Industrial Average</a>.<a class="footnote-ref" id="fnref:25" href="#fn:25"><sup>25</sup></a><a class="footnote-ref" id="fnref:26" href="#fn:26"><sup>26</sup></a> CME Group and Dow Jones & Company subsequently contributed the Dow Jones Indexes to the formation of <a href="/facts/S%2526P_Dow_Jones_Indices/lcQrfV3c">S&P Dow Jones Indices</a> joint venture, with CME Group receiving a 24.4% ownership interest and Dow Jones & Company receiving a 2.6% ownership interest in the joint venture.<a class="footnote-ref" id="fnref:27" href="#fn:27"><sup>27</sup></a><a class="footnote-ref" id="fnref:28" href="#fn:28"><sup>28</sup></a> In April 2013, CME Group purchased the remaining Dow Jones & Company interest for $80.0 million, increasing CME Group's interest in S&P Dow Jones Indices from 24.4% to 27.0%.<a class="footnote-ref" id="fnref:29" href="#fn:29"><sup>29</sup></a> </p><p>On December 3, 2012, CME Group acquired the <a href="/facts/Kansas_City_Board_of_Trade/wocxtQNS">Kansas City Board of Trade</a>, the dominant venue for the sale of hard red <a href="/facts/Winter_wheat/wAx8SEob">winter wheat</a>, for $126 million in cash.<a class="footnote-ref" id="fnref:30" href="#fn:30"><sup>30</sup></a><a class="footnote-ref" id="fnref:31" href="#fn:31"><sup>31</sup></a> </p><p>On March 15, 2016, the firm announced the sale of its suburban Chicago data center in <a href="/facts/Aurora%2c_IL/otl87X6r">Aurora, IL</a> to <a href="/facts/CyrusOne/yjm7ruP7">CyrusOne</a> for $130 million, in a leaseback transaction.<a class="footnote-ref" id="fnref:32" href="#fn:32"><sup>32</sup></a> </p><p>On November 2, 2018, CME Group acquired the London-based <a href="/facts/NEX_Group/nq3zJ82Q">NEX Group</a> for $5.5 billion.<a class="footnote-ref" id="fnref:33" href="#fn:33"><sup>33</sup></a><a class="footnote-ref" id="fnref:34" href="#fn:34"><sup>34</sup></a> </p> <h2 id="operations">Operations</h2> <p>CME Group operates a global <a href="/facts/Derivative_(finance)/jx4CbakW">derivatives</a> marketplace that allows institutions and individuals to trade futures and options based on interest rates, equity indexes, foreign exchange, energy, metals, and agricultural commodities.<a class="footnote-ref" id="fnref:35" href="#fn:35"><sup>35</sup></a><a class="footnote-ref" id="fnref:36" href="#fn:36"><sup>36</sup></a><a class="footnote-ref" id="fnref:37" href="#fn:37"><sup>37</sup></a> The company runs an electronic trading platform, <a href="/facts/Globex_Trading_System/4JR9wuPa">CME Globex</a>, which allows customers in approximately 150 countries to trade futures and options contracts.<a class="footnote-ref" id="fnref:38" href="#fn:38"><sup>38</sup></a><a class="footnote-ref" id="fnref:39" href="#fn:39"><sup>39</sup></a><a class="footnote-ref" id="fnref:40" href="#fn:40"><sup>40</sup></a> </p><p>The company also operates two cash market businesses: BrokerTec, which facilitates dealer-to-dealer trading for fixed-income markets,<a class="footnote-ref" id="fnref:41" href="#fn:41"><sup>41</sup></a><a class="footnote-ref" id="fnref:42" href="#fn:42"><sup>42</sup></a> and EBS, which provides <a href="/facts/Foreign_exchange_market/NHnHPMhE">foreign exchange</a> spot trading.<a class="footnote-ref" id="fnref:43" href="#fn:43"><sup>43</sup></a> </p><p>In addition, CME Group operates CME Clearing, which serves as a counterparty to every cleared transaction, including both listed and OTC derivatives, within the company's marketplace. CME Group is a member of <a href="/facts/CCP_Global/47SkkKwP">CCP Global</a>, a trade group of central counterparty clearinghouses from around the globe.<a class="footnote-ref" id="fnref:44" href="#fn:44"><sup>44</sup></a><a class="footnote-ref" id="fnref:45" href="#fn:45"><sup>45</sup></a> </p> <h3>Board governance</h3> <p>CME Group's history of member-owned exchanges and mergers and acquisition of rivals have led to an unconventionally large board size for a publicly traded company. In 2018, six of its 20 sitting board directors were elected by holders of Class B shares, representing owners of exchange seats, as opposed to that of publicly traded Class A shares. In comparison, the average company in the <a href="/facts/S%2526P_500/oyektBNP">S&P 500</a> had no more than 11 board directors.<a class="footnote-ref" id="fnref:46" href="#fn:46"><sup>46</sup></a> </p><p>On August 23, 2018, the company offered holders of Class B shares about $10 million to relinquish control of their six board seats.<a class="footnote-ref" id="fnref:47" href="#fn:47"><sup>47</sup></a> The move was subsequently rejected. </p> <h2 id="notable-events">Notable events</h2> <h3>2010 flash crash</h3> <p>CME Group was at the center of the <a href="/facts/2010_flash_crash/CCTKcTsb">2010 flash crash</a>, which took place on May 6, 2010. According to a <a href="/facts/Commodity_Futures_Trading_Commission/CkMVRt4h">Commodity Futures Trading Commission</a> (CFTC) 2014 report, a significant cause of the event was the use of <a href="/facts/Spoofing_(finance)/msBfuzuc">spoofing</a> algorithms by Navinder Singh Sarao, a <a href="/facts/British_people/xn7cqlzV">British</a> financial trader; just prior to the flash crash, he placed orders for thousands of <a href="/facts/E-Mini_S%2526P/r9FnBLBo">E-mini S&P 500 stock index futures contracts</a> — which traded on CME Group's Globex platform — and later replaced or modified those orders at least 19,000 times before they were cancelled.<a class="footnote-ref" id="fnref:48" href="#fn:48"><sup>48</sup></a><a class="footnote-ref" id="fnref:49" href="#fn:49"><sup>49</sup></a> The event led to the modern day implementation of coordinated cross-market <a href="/facts/Trading_curb/dfuWkAHk">circuit breakers</a>, as the CME's Globex platform halted trading in an automated response to the activity, while the <a href="/facts/New_York_Stock_Exchange/XgSV32lk">New York Stock Exchange</a> did not.<a class="footnote-ref" id="fnref:50" href="#fn:50"><sup>50</sup></a><a class="footnote-ref" id="fnref:51" href="#fn:51"><sup>51</sup></a> </p> <h2 id="awards-and-honors">Awards and honors</h2> <ul><li>CME Group earned a score of 100% on the <a href="/facts/Human_Rights_Campaign/S5ebYhLe">Human Rights Campaign's</a> <a href="/facts/Corporate_Equality_Index/Tb764PbP">Corporate Equality Index</a> in 2019,<a class="footnote-ref" id="fnref:52" href="#fn:52"><sup>52</sup></a> 2020,<a class="footnote-ref" id="fnref:53" href="#fn:53"><sup>53</sup></a> 2021,<a class="footnote-ref" id="fnref:54" href="#fn:54"><sup>54</sup></a> and 2022.<a class="footnote-ref" id="fnref:55" href="#fn:55"><sup>55</sup></a></li> <li>CME Group was named to the <a href="/facts/Forbes/lyULpGhW">Forbes</a> Blockchain 50 list in 2021 and 2022.<a class="footnote-ref" id="fnref:56" href="#fn:56"><sup>56</sup></a><a class="footnote-ref" id="fnref:57" href="#fn:57"><sup>57</sup></a><a class="footnote-ref" id="fnref:58" href="#fn:58"><sup>58</sup></a></li> <li>In 2022, the company won <a href="/facts/Waters_(magazine)/IdDsIw1l">WatersTechnology's</a> IMD & IRD Awards for Best market data in the exchange category.<a class="footnote-ref" id="fnref:59" href="#fn:59"><sup>59</sup></a></li></ul> <h2 id="see-also">See also</h2> <ul><li><a href="/facts/CME_Group_Tour_Championship/SDN8SC4o">CME Group Tour Championship</a>, the season-ending tournament of the <a href="/facts/LPGA/76Y2qjrq">LPGA</a> Tour of women's golf, sponsored by CME Group</li> <li><a href="/facts/CCP_Global/47SkkKwP">CCP Global</a></li></ul> <h2 id="external-links">External links</h2> <ul><li><a href="https://www.cmegroup.com">Official website</a> </li> <li>Business data for CME Group Inc.: <ul><li><a href="https://www.google.com/finance/quote/CME:NASDAQ">Google</a></li><li><a href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1156375">SEC filings</a></li><li><a href="https://finance.yahoo.com/quote/CME">Yahoo!</a></li></ul></li> <li><a href="https://web.archive.org/web/20150207101248/http://library.uic.edu/collections/manuscripts-and-rare-books/cme-group">The CME Group Collections</a> at <a href="/facts/University_of_Illinois_at_Chicago/YcKYWzyp">University of Illinois at Chicago</a></li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>"US SEC: Form 10-K CME Group Inc". U.S. Securities and Exchange Commission. February 26, 2025. <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm" target="_blank">https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>Stafford, Phillip (May 9, 2019). "CME gains boost with new 'micro' futures contracts". The Financial Times. <a href="https://www.ft.com/content/d471210c-7243-11e9-bbfb-5c68069fbd15" target="_blank">https://www.ft.com/content/d471210c-7243-11e9-bbfb-5c68069fbd15</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>"CME looks to the futures in Europe". Futures & Options World. June 3, 2014. <a href="http://www.fow.com/3348130/CME-looks-to-the-futures-in-Europe.html" target="_blank">http://www.fow.com/3348130/CME-looks-to-the-futures-in-Europe.html</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>"CME Group: The futures of capitalism". The Economist. May 11, 2013. <a href="https://www.economist.com/news/finance-and-economics/21577387-biggest-financial-exchange-you-have-never-heard-futures-capitalism" target="_blank">https://www.economist.com/news/finance-and-economics/21577387-biggest-financial-exchange-you-have-never-heard-futures-capitalism</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>"CME Group Inc.: CME Stands to Benefit From Rising Interest Rates as Volatility Returns to Its Markets". Yahoo! Finance. Yahoo!. Retrieved September 11, 2022. <a href="https://finance.yahoo.com/research/reports/MS_0P00000187_AnalystReport_1660915535000?ncid=dcm_306416306_490172245_127172993" target="_blank">https://finance.yahoo.com/research/reports/MS_0P00000187_AnalystReport_1660915535000?ncid=dcm_306416306_490172245_127172993</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>"CME Group Inc. CI A". Wall Street Journal. Dow Jones & Company, Inc. Retrieved September 11, 2022. <a href="https://www.wsj.com/market-data/quotes/CME/company-people" target="_blank">https://www.wsj.com/market-data/quotes/CME/company-people</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>"Advancing A Sustainable Future: 2021 Environmental, Social & Governance Report" (PDF). CME Group. 2021. p. 5. Retrieved September 11, 2022. <a href="https://www.cmegroup.com/company/corporate-citizenship/files/2021-cme-group-esg-report.pdf" target="_blank">https://www.cmegroup.com/company/corporate-citizenship/files/2021-cme-group-esg-report.pdf</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>"US SEC: Form 10-K CME Group Inc". U.S. Securities and Exchange Commission. February 26, 2025. <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm" target="_blank">https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>"US SEC: Form 10-K CME Group Inc". U.S. Securities and Exchange Commission. February 26, 2025. <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm" target="_blank">https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>"US SEC: Form 10-K CME Group Inc". U.S. Securities and Exchange Commission. February 26, 2025. <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm" target="_blank">https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> <li id="fn:11"><p>"US SEC: Form 10-K CME Group Inc". U.S. Securities and Exchange Commission. February 26, 2025. <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm" target="_blank">https://www.sec.gov/ix?doc=/Archives/edgar/data/1156375/000115637525000021/cme-20241231.htm</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></p></li> <li id="fn:12"><p>Barrionuevo, Alexei (October 18, 2006). "2 Exchanges in Chicago Will Merge". The New York Times. Retrieved November 9, 2022. <a href="https://www.nytimes.com/2006/10/18/business/18exchange.html" target="_blank">https://www.nytimes.com/2006/10/18/business/18exchange.html</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></p></li> <li id="fn:13"><p>Lucchetti, Aaron; MacDonald, Alistair; Taylor, Edward (October 18, 2006). "Chicago Merc to Buy Board of Trade". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved November 9, 2022. <a href="https://www.wsj.com/articles/SB116108656852895012" target="_blank">https://www.wsj.com/articles/SB116108656852895012</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></p></li> <li id="fn:14"><p>Krasny, Ros (July 9, 2007). "CME buy of CBOT easily approved by shareholders". Reuters. Retrieved November 9, 2022. <a href="https://www.reuters.com/article/us-cbot-cme-meeting/cme-buy-of-cbot-easily-approved-by-shareholders-idUSN0930635920070709" target="_blank">https://www.reuters.com/article/us-cbot-cme-meeting/cme-buy-of-cbot-easily-approved-by-shareholders-idUSN0930635920070709</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></p></li> <li id="fn:15"><p>Krasny, Ros (July 12, 2007). "CBOT shares to be delisted at close of trade". Reuters. Retrieved November 9, 2022. <a href="https://www.reuters.com/article/cbot-delisting/cbot-shares-to-be-delisted-at-close-of-trade-idUSWNAS586920070712" target="_blank">https://www.reuters.com/article/cbot-delisting/cbot-shares-to-be-delisted-at-close-of-trade-idUSWNAS586920070712</a> <a href="#fnref:15" class="footnote-back-ref">↩</a></p></li> <li id="fn:16"><p>"CME and CBOT Complete Merger Creating the Leading Global Financial Exchange". CME Group. July 12, 2007. Retrieved November 9, 2022. <a href="http://investor.cmegroup.com/news-releases/news-release-details/cme-and-cbot-complete-merger-creating-leading-global-financial" target="_blank">http://investor.cmegroup.com/news-releases/news-release-details/cme-and-cbot-complete-merger-creating-leading-global-financial</a> <a href="#fnref:16" class="footnote-back-ref">↩</a></p></li> <li id="fn:17"><p>Basar, Shanny. "Exchanges Oppose FTX Clearing Proposal Before Congress". Traders Magazine. Markets Media Holdings LLC. Retrieved September 11, 2022. <a href="https://www.tradersmagazine.com/featured_articles/exchanges-oppose-ftx-clearing-proposal-before-congress/" target="_blank">https://www.tradersmagazine.com/featured_articles/exchanges-oppose-ftx-clearing-proposal-before-congress/</a> <a href="#fnref:17" class="footnote-back-ref">↩</a></p></li> <li id="fn:18"><p>Osipovich, Alexander (November 4, 2021). "Google Invests $1 Billion in Exchange Giant CME, Strikes Cloud Deal". Wall Street Journal. <a href="https://www.wsj.com/articles/google-invests-1-billion-in-exchange-giant-cme-strikes-cloud-deal-11636029900" target="_blank">https://www.wsj.com/articles/google-invests-1-billion-in-exchange-giant-cme-strikes-cloud-deal-11636029900</a> <a href="#fnref:18" class="footnote-back-ref">↩</a></p></li> <li id="fn:19"><p>""CME Group Reports Record Average Daily Volume of 23.3 Million Contracts Traded in 2022, an Increase of 19%"" (Press release). <a href="https://www.prnewswire.com/news-releases/cme-group-reports-record-average-daily-volume-of-23-3-million-contracts-traded-in-2022--an-increase-of-19-301712900.html" target="_blank">https://www.prnewswire.com/news-releases/cme-group-reports-record-average-daily-volume-of-23-3-million-contracts-traded-in-2022--an-increase-of-19-301712900.html</a> <a href="#fnref:19" class="footnote-back-ref">↩</a></p></li> <li id="fn:20"><p>Michael Molina; Xiaobing Li, eds. (2014). Oil: A Cultural and Geographic Encyclopedia of Black Gold. ABC-CLIO. p. 203. ISBN 9781610692724. Retrieved November 9, 2022. <a href="9781610692724" target="_blank">9781610692724</a> <a href="#fnref:20" class="footnote-back-ref">↩</a></p></li> <li id="fn:21"><p>"CME Group Inc. Completes Acquisition of NYMEX Holdings, Inc., Expands its Diversified Product Offerings to Include Energy and Metals and Also Announces Preliminary Election Results". CME Group. August 22, 2008. Retrieved November 9, 2022 – via U.S. Securities and Exchange Commission. <a href="https://www.sec.gov/Archives/edgar/data/1105018/000119312508182956/dex991.htm" target="_blank">https://www.sec.gov/Archives/edgar/data/1105018/000119312508182956/dex991.htm</a> <a href="#fnref:21" class="footnote-back-ref">↩</a></p></li> <li id="fn:22"><p>de la Merced, Michael (January 29, 2008). "Commodities Markets in New York and Chicago Discuss Merger". The New York Times. 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