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CME ​

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CME Group 旗下的四大核心交易所

  • CME(Chicago Mercantile Exchange) 芝加哥商业交易所: 金融（股指、外汇、SOFR 利率、畜牧）。
  • CBOT(Chicago Board of Trade) 芝加哥期货交易所: 农资与国债（大豆、小麦、美国国债）
  • NYMEX(New York Mercantile Exchange) 纽约商业交易所: 能源（WTI 原油、天然气）。
  • COMEX(Commodity Exchange, Inc.) 纽约商品交易所: 金属（黄金、白银、铜）。

CFTC(Commodity Futures Trading Commission) 美国商品期货交易委员会

Tear-up（合约强制终止 / 撕单） 指的是：当交易成员发生重大违约且市场剧烈波动时，清算所为了防止风险进一步扩大，强制取消或提前终止非违约市场参与者的未平仓合约。

FCM(Futures Commission Merchant) 期货经纪商

COT(Commitments of Traders) 报告: 持仓周报

2012 年，CME 与 S&P Global 合资成立了 S&P Dow Jones Indices LLC（标普道琼斯指数公司）。

目前 S&P Global 持有合资公司约 73% 的股份，而 CME Group 持有约 27% 的股份。

CME 与 S&P 的合作可以追溯到 1982 年（CME 推出了世界上第一个标普 500 期货）。

双方在 2005 年深化了合作，并在 2011/2012 年左右签署了一份超长期的独家拓展协议，将 CME 交易标普 500 期货的独家授权直接延长到了 2027 年（并且带有优先自动续约条款）。

根据双方的独家协议，CME 拥有全球唯一的权利去开发、上市和交易挂钩“标普 500 指数”的标准化期货（Futures）及期货期权（Options on Futures）。

具体涵盖的王牌旗舰产品包括：

  • E-mini S&P 500 期货（代码：ES）： 全球交易量最大、流动性最强的股指期货之一。
  • Micro E-mini S&P 500 期货（代码：MES）： 针对零售散户的小型标普 500 期货。
  • 挂钩标普 500 的各种周度/日度期权（Zero-DTE Options）以及标普 500 行业板块指数期货（Sector Futures）。

CBOE 则垄断了标普 500 的“现货指数期权（Index Options）”以及著名的恐慌指数（VIX）。

只有 CBOE 拥有独家发行和交易 SPX 指数期权的权利，是挂钩标普 500 现货指数本身（而不是 CME 的期货）的标准期权。

近年来爆火的 0DTE（Zero Days to Expiration，零到期日/末日期权），绝大部分交易量都集中在 CBOE 的 SPX 期权上。

SPX 采用现金结算、欧式行权，且享有美国税法 Section 1256 的优惠税率，是华尔街机构和高频量化做市商（如 Citadel Securities）进行尾部风险对冲和日内高频博弈的绝对主战场。

Silicon Data

Single Stock futures ​

Preferred Stock 优先股 ​

2021 年 11 月，CME 向 Google 私募发行了 4,584,020 股，总对价约 $10 亿现金 的 Series G 可转换优先股（Series G Non-Voting Convertible Preferred Stock），用于技术转型。

"CME Group plans to use the funds received in the transaction for general corporate purposes and to support its broader technology transformation project."

2021年底，CME 正在进行大规模云迁移和技术基础设施升级，Google Cloud 是其重要的云服务合作伙伴。这笔投资本质上是Google 以 $10 亿入股 CME，既是财务投资，也是战略合作关系的绑定——CME 拿到钱做技术转型，同时大概率使用 Google Cloud 的基础设施。

Google 持有近 5 年后，在 2026 Q1 行使转换权，将 4,584,020 股优先股按 1:1 比例转换为 458 万股 Class A 普通股——这是为了获得流动性、便于变现退出。

2021 年 11 月 CME 股价约 220，2026Q1约290，涨了 ~32%，10亿投资现值约13 亿。

根据8-K文件中Certificate of Designations的条款，Series G优先股在股息权和清算分配权方面与普通股处于同等地位（parity basis）。持有人按"假设已转换为普通股"的基准，参与CME董事会宣布的任何普通股股息分配。

Dividend Payment ​

常规季度股息（Regular Quarterly Dividend）

分发节奏： 每年派发 4 次，分别在每年的 3月、6月、9月和12月 的下旬支付。

2026 年 2 月，CME 宣布将常规季度股息从 2025 年的每股 1.25 美元提升至每股 1.30 美元（年化固定股息为 5.20 美元/股）。

年度特派变动股息（Annual Variable Dividend）

分发原则：CME 的商业模式不需要大量的资本开支，因此管理层制定了一条铁律：除了维持日常运营和留存必要的监管资本外，每年赚到的超额自由现金流，几乎 100% 以“特派特别股息”的形式全部发还给股东。

从 2026 年起，年度变动股息的宣告与支付时间正式进行了前移和对齐：每年底不再单独宣告变动股息，而是推迟到次年 2 月份左右，与第一季度的常规股息一同宣告，并在 3 月下旬合并支付。

Articles ​

In contrast, the Chicago Merc’s business was tied to products, not customers. At first, it was eggs and butter, then cattle and pork bellies. The Chicago Board of Trade across town, once the more successful exchange, dominated trades in wheat and corn. The two did not really compete because product-oriented exchanges in particular benefit from strong “network effects”. These mean that more members are better: the more trades exchanges handle, the more liquidity they can provide and the more activity they attract.

When the Bretton Woods system of fixed exchange rates fell apart in 1972, CME was quick to offer currency futures. Contracts tied to the London Interbank OfferedRate (LIBOR) and the Standard & Poor’s 500 index followed.

Between 1972 and 1982 futures, which once locked in prices only of physical commodities, were increasingly used for financial products. These types of futures have since experienced staggering growth and today makes up more than 80% of the business.

Other American exchanges, such as the once larger Chicago Board of Trade (CBOT) and the NYMEX, which then dominated energy trading, were slower to change. They were taken over by CME.

Leading the pack, the CME was able to benefit from powerful network effects, just as it did in its old business of handling trades in cattle and pork bellies. These effects are even stronger in the case of futures tied to copyrighted indices such as the S&P 500 and because of “proprietary clearing”, meaning contracts initiated on one futures market cannot be transferred to another—much as apps written for the iPhone only run on Apple’s devices. In contrast, options and equities can be traded on any exchange. This explains why the NYSE’s share-trading franchise has many rivals and lost much of its value.

Ordinarily, a big market share supported by strong network effects—which help deter competitors—would attract the wrath of trustbusters. But CME has been left alone so far. In fact, it may now benefit from new regulation, passed in reaction to the financial crisis. Clauses in the Dodd-Frank act require more products to be cleared on exchanges, which will push business CME’s way.

CME does face long-term competition: others may innovate around it. But, as in the case of Apple, the CME’s main problem is to develop new markets.

Investor Presentation ​

Events & Presentations

July 2026 CME Group Overview

Quarterly/Annual SEC Filings ​

Jun 30, 2026 ​

During Q2, market data revenue increased 20% to a record $238 million.

We also continue to innovate a number of new tools to help clients manage risk and pursue opportunities, including Single-Stock futures, 1-Ounce Gold contracts available 24/7, U.S. Treasury clearing and Compute futures.

The company paid dividends during the second quarter of approximately $468 million and repurchased $695 million in CME Group common shares.

Perpetual Futures

Recently, this strong business performance has been overshadowed by discussions surrounding perpetual futures.

While this product may be dubbed futures, they function much more like leverage spot products. They may appeal to certain retail traders seeking high leverage, but they are not appropriate for the institutional risk managers who comprise the vast majority of our business.

Perpetual futures are highly engineered instruments that rely on frequent funding rate adjustments that revert the position back to the spot price. They are known for high leverage and automated liquidations. They offer limited investor protections and introduce heightened market risk, particularly for retail participants.

These products do not appeal to our core customers. Through the first half of 2026, 94% of our volume originated from institutional customers. Perpetual futures are in no way substitutes for the institutional hedging tools that these customers rely on.

Perpetuals do not provide price or time certainty, two necessary components for hedging exposures.

Furthermore, when taking into account both of the transaction fee and the daily funding cost, the total cost to trade perpetual futures is typically orders of magnitude more expensive than our highly efficient futures contracts.

We have the full technical and operational capabilities to launch perpetual futures. In fact, we have contract specifications and are prepared to bring these products to market should evolving demand or structural shifts make it appropriate to do so.

However, we have not heard demand from our customers for these products.

Crypto perpetuals are not new and existed before we even launched our crypto futures complex in 2017. We have built that business over the last nine years because our futures fill a market need that was not met by traditional crypto products, including perpetuals.

Our crypto futures volume is up over sevenfold in the past three years, despite the existence of crypto perpetuals. We remain deeply committed to ensuring market integrity, and we'll never sacrifice core protections in the name of innovation.

I want to ask anybody, or it's a rhetorical question, how many people have been talking about the funding rate and the cost of the funding rate as it relates to a perpetual? How many people have been talking about the auto liquidation risk management model on the back end of the market? The answer to that, because it was rhetorical, is zero.

Only thing they're talking about a perpetual is there is no expiration date associated with it. I will tell you that we are not seeing anybody, nor do we hardly ever see anybody in the retail division hold onto these products long enough to ever go to an expiration. That is not the issue.

I have clearly outlined, if they did, the cost associated with going to roll the product versus paying the funding rate and the cost to trade the product, which is sevenfold higher than CME's execution cost, would way overshadow the cost that it would be to roll your position.

Our cryptocurrency business at CME Group has continued to grow year-over-year, the nine years we've been in it, alongside the existence of perpetuals in the crypto-native ecosystem outside the U.S.

When we look at the growth we had, if we look at the suite of crypto products at CME Group, that grew 32% compared to Q2 2025. Our suite of cryptocurrency futures and options is up 44% for H1 2026 versus H1 2025, and is up 76% in June versus June of 2025, despite the slightly more muted volatility environment we're seeing in crypto, and that is in place with perpetuals being introduced the last two weeks.

If we look at some of the numbers, at CME Group, we're doing between $4.5 billion and $6.5 billion per day of trading in our cryptocurrency complex, versus about $270 million at the Bitcoin perp introduced by Kalshi in the month of July.

If you look at open interest, again, which as Terry is saying, is a proxy for risk management and access to these markets, we have between $9 billion and $10 billion of average daily open interest for June and July versus $10 million of open interest in the perpetual product that was introduced at the end of May, beginning of June.

I think these numbers speak for themselves and are a long almost nine-year growth trajectory of serving this community, along with the introduction of additional cryptocurrency futures, the introduction of 24/7 trading, where we've seen over $1.5 billion traded over the first eight weekends with a significant participation of retail. We think the retail community in cryptocurrency is adequately served alongside the institutional community of clients at CME Group.

Innovative Products

We continue to launch innovative products while preserving the safety and soundness of our marketplace.

  • In the second quarter, we successfully introduced twenty-four seven trading of crypto futures.
  • This weekend we are launching twenty-four seven trading of our one-ounce gold contract.
  • Next week, we will be launching Single Stock futures, which will simplify directional trading with exceptional capital efficiency.
  • In the fourth quarter, we plan to launch Treasury Link to link our U.S. Treasury futures and cash treasury liquidity pools. > * We're also partnering with Silicon Data to launch a pioneering Compute Futures market later this year.

Compute Futures

Compute Futures Whether you're a believer in AI or not, or whether you're a believer in the proliferation of data centers or not, some things have just become undeniable. I think this might be one of those scenarios, because the artificial intelligence serves so many different industries outside of finance and the benefits it could derive.

You need to have the risk because you've seen some of these compute stocks or AI stocks, the volatility that can be inherent in them, the multiples they trade at. I think this will give them a massive risk management tool to use going forward.

We're reintroducing Single Stock futures, as we said in earlier comments. I'm probably the only one that's old enough to remember that when we first introduced them, the first time, they failed miserably. Sometimes timing is really important when you list products. I will say timing is massively critical right now when we get ready to list Compute Futures.

When we look at the Compute Futures specifically, there is certainly an unmet need in the world in which we operate, where data centers are front and center of driving economic growth, and AI is in the middle of every conversation right now.

We are going to be the first daily benchmark tracking the spot hourly rental cost of NVIDIA H100 GPUs. What that means is that we're going to be partnering with Silicon Data as the price reporting agency, as Terry referenced, for these rental indices.

What this means is it allows customers to be able to manage their risk in price certainty and price curves around the input cost to managing their data center business. It's going to provide a mechanism for financing for a lot of these companies.

There's no real price discovery mechanism today. That's the business that we are in, whether it's ags, whether it's equities, whether it's energy. This falls right under our price discovery mechanism. It allows customers to manage their procurement planning process, which they can't do now with a forward curve, and allows for clear budgeting as well.

When you think about who we think the users of these products are, it's not just the commercial end users, AI labs, cloud providers, asset managers looking to get exposure to growth drivers of the AI economy, banks, energy firms, hedge funds, and professional trading houses.

When you take a step back, this actually nestles well inside our commodities portfolio, because if you think about what this allows us to do, this allows customers to effectively hedge a data center. Think about that for a minute. We've got our copper contract, we've got our aluminum contract, we've got our nat gas, which is typically the energy input into most data centers. We've got a power business, we've got Compute Futures. We think about what that portfolio product means to our commercial end users as well as asset managers and buy-side firms that are looking to get exposure. This is the next evolutionary step in product innovation that continues to expand our portfolio based on customer need and our ability to innovate in a rapidly changing environment.

Project Vault

Trump has launched Project Vault in minerals and metals with copper, silver, aluminum, lithium, and some others on the list.

Project Vault is out in the market alongside a lot of other growth drivers that have led to our record first half revenues and volumes in our metals business and our second best second quarter ever in our metals business.

When you look at what Project Vault is focused on, it's really about reinforcing U.S. supply chains. That means it's reinforcing the value of U.S. benchmark, which is exactly what CME Group is all about, whether it's our copper business, whether it's our battery metals business, where we are the single largest venue for risk management and price discovery in battery metals. This is contributing all to the focus on U.S. benchmarks, the products we run.

We see our copper volumes up 4% this year. We've seen record amounts of physical copper in COMEX warehouses, just under 700,000 short tons of copper in U.S. warehouses, directly responding to the focus on U.S. supply chains and onshoring the ability for customers and U.S. infrastructure to enable access to this critical minerals and battery metal.

We are the number one exchange for battery metals globally. This is bringing new interest into this part of the industry from buy-side and banks alongside commercials, which is the original driver for our entry into the battery metals business. The last data point I'd tell you is that we're seeing record open interest in our steel complex right now. That is directly tied to focus on U.S. supply chain.

24/7 crude oil contract

The CFTC stayed your 24/7 crude oil contract the day before launch, while the 24/7 gold contract went forward, and Chairman Selig was fairly pointed about the self-certification timing. What do you make of the commission drawing a line between those two products?

I think that when you look at the stay on our 40.2 is what Patrick is referring to. There's two ways to certify contracts, 40.2 is self-certification, 40.3 is a full review. We actually filed both, as everybody may know. The contract we filed was not novel or complex. It was an existing contract, just with a smaller size to it. We felt, we announced the date, the 40.2 was the right approach for us to do, which by law, we have the ability to file either one. We're not compelled to file a 40.3, or a 40.2, but we did file the two, both of them.

We have 24/7 oil being traded today by entities that are supposedly not allowed to have U.S. participants into it, but yet we've yet to see how the federal government is policing U.S. participants from not participating in these 24/7 markets or how they're not having an influence on the weekends. Certain markets, I'm not suggesting they are, but how they're not. We also have prediction markets that have prices of oil that trade 24/7.

We are trying to run contracts here that are meaningful for commerce, that we think are critical for commerce. There are other participants that are listening to this, and we are being held up by the agency, but they are not telling us or the world how they are policing U.S. participants from not participating in 24/7 oil today, or how they can square up that predictions on oil prices for down the road that trade 24/7 are any different from our small contract.

Equity Perps

We still believe, and our litigation will show that these are swaps, not futures. Anytime two parties exchange payments as like they do in the funding rate, under the Dodd-Frank Act, which I had the distinct pleasure of testifying 20x to 30x on in 2010, long before anybody at the CFTC was up there I know what Dodd-Frank says. That is a swap contract.

We could list them in our existing clearing because it doesn't mean if you list a perp that you have to have an auto liquidation margin methodology in order to have a perpetual. We would not need to do that if, in fact, we went down that path.

Your third question was as it relates to our relationship with S&P Global. Anything that is considered a future and cleared by our agreement is the exclusive right under the index of CME Group. No one else could be able to list that contract. That is the intellectual property that is owned in partnership with S&P Global.

We would be the only ones that could list a perpetual if we went down that path on equities, on the indices of the S&P, of the Dow Jones, and we have the agreements with Nasdaq and with Russell that they have the understanding that those are intellectual property products. If they're deemed futures, they fall under the scope of our agreement. We're the only ones that can participate in that particular asset class on the indices.

The systemic risk of an equity perp, if you were to try to list an equity perp, the way they are designed today and listed today in crypto, I think it could be a systemic issue for the marketplace because no one understands full well how that funding rate would work and how it would be calculated, because as we said earlier, it's technically not a future, it's a spot leverage product. That right away has a problem for that particular asset class. Secondly, on the auto liquidation of a market the size of the U.S. equity, other equity markets and the participants thereof could be very systemically risky as they auto liquidate on a whole host of mathematical equations and how they liquidate those products.

How much percent does each entity want to preserve to liquidate? What would happen in a cascading market up or down on liquidation on both sides of the market? Would they have to introduce tear ups as their first line of defense, not their last line of defense? That, to me, would be a systemic risk, not just to the participants, that would be a systemic risk to the U.S. equity market. If you have a systemic risk to the U.S. equity market, there's a systemic risk to the world.

Tear-up（合约强制终止 / 撕单） 指的是：当交易成员发生重大违约且市场剧烈波动时，清算所为了防止风险进一步扩大，强制取消或提前终止非违约市场参与者的未平仓合约。

Strategy

I think we have done well in terms of staying with what we are good at, really running kind of the world-class exchange that we do, looking for ways to bring on more product, bring on more customers, and create more capital efficiencies for those clients. My focus is going to be to continue that, build on what we have, and continue that momentum to make sure we're delivering for those clients. I wouldn't expect a large-scale departure in that way going forward.

CFTC Litigation

on the CFTC and the litigation, it is just the end of the process. What we filed, the agency has 60 days in order to respond to that filing.

2026 年 5 月底，CFTC 批准了预测市场平台 Kalshi 上线比特币永续合约（BTCPERP），并随之出台指导政策，允许其他合规交易所（DCMs）通过“自证（Self-Certification）”方式直接上线类似的加密货币永续合约。

CME 随后将 CFTC 及 CFTC 主席告上法庭，主张撤销该批准指令：

  • 违反《商品交易法》（CEA）：根据美国法律定义，期货（Futures） 必须拥有明确的固定到期日/交付日；而永续合约没有到期日，依靠资金费率机制平衡，其法律特征完全符合互换（Swaps）。CME 认为 CFTC 擅自改变了法定的产品定义，超越了法定授权。
  • 违反《行政程序法》（APA）：CME 指出 CFTC 在未完成完整的公众意见征集（Notice and Comment）、未召开全员委员会充分审议的情况下，单方面推翻了此前将永续合约归为 Swaps 的监管惯例，属于“ arbitrary and capricious”（任意且反复无常）的违规行政行为。
  • 监管套利与不公平竞争：如果永续合约被定性为 Swaps，交易平台和做市商需要满足极高的资本金要求、登记为互换交易商（Swap Dealer）并接受严格监管；而 CFTC 将其强行定性为“期货”，等于为新兴加密平台提供了合规便利，直接损害了 CME 旗下合法合规的微型比特币期货（Micro Bitcoin Futures）等传统产品的市场竞争力。

Retail Completion

We talked about how retail participants' activity normally is, but I also think it lends to an opportunity for them to be looking at our markets and our retail products as it goes forward. Some of these entities that are listing some of these products, whether they're perps or other type of products on retail, I think directly or indirectly could benefit CME greatly as time continues to move forward. Again, it's like an incubator system that I'm not paying for, and they are.

I work with some of our retail partners today, and I will mention a few, NinjaTrader being one of them, Topstep being another. These are people that are very committed to bringing their client base into CME in the right way, the right form. They are looking at new ways on how to bring their client base into our retail products. To me, that's very exciting. I look at the competition and the landscape of this world as it relates to retail, and I can actually see a benefit of them coming into our markets ultimately.

Single Stock futures

Right now, the world's evolved since 2000 when the Single Stock futures, OneChicago joint venture was put forward with three separate entities, with three separate agendas under two separate regulators, being the SEC and the CFTC. It was destined kind of for failure because of the timing and where we're at in the evolution of finance. That doesn't mean that the product is not a good concept or an idea for risk management protocols as we continue to evolve.

2000 年《期货交易现代化法案》（CFMA）通过后，允许推出 SSF。为了抢占这一市场，**芝加哥期权交易所（CBOE）、芝加哥商品交易所（CME）和盈透证券（Interactive Brokers）**在 2001 年联合成立了名为 OneChicago 的电子交易所，专门交易单一股票期货。
CBOE 侧重期权交易，CME 侧重指数与商品期货，而 Interactive Brokers 则关注电子撮合与经纪渠道。股东之间的利益冲突导致交易所无法形成统一的市场推广合力。
2000 年前后，股票期权（Options）市场已经非常成熟且流动性极佳，做市商和机构投资者缺乏迁移到 SSF 市场的动力。加上高昂的交易成本与复杂的清算流程，导致 SSF 长期面临“无流动性”的死循环（OneChicago 最终于 2020 年正式关闭）。

It's not too dissimilar to where T-bills were dead forever, and all of a sudden, when rates started to do what they did, T-bills actually became in favor again throughout our process, and we relisted T-bills, and we did quite well with them.

I think that Single Stock futures with the proliferation of the markets itself, I'm not suggesting the markets are going higher or lower, but when you see the appreciation in the equity markets today, I think people are now looking for other tools on how to hedge out that product, where they may not be looking at that with a valuation of the S&P 500, much lower as it was in 2000 or the Dow where it was at and the Russell and Nasdaq.

Now with these different levels, I think people are looking at different tools in order to efficiently hedge certain stocks. You don't need to read the daily paper to know that people like to talk about the Mag Seven, the Mag Nine, whatever the Mag is of the day, what is in vogue. There's people that are looking to hedge out those risks. In a liquid marketplace where they feel comfortable doing so. We think CME is the right place for that. We think that the products that we're going to offer them will be the right products for them to mitigate and manage that risk.

I feel so compelled about it, is because at the participation levels, not only from the institutions, but for all the different cohorts, and the valuation of the indexes in of themselves, need to have tools to manage risk, and this is just another tool for them to do so, and we think it's efficient.

I think also when we look at the timing of introducing Single Stock futures at CME Group next Monday, is if we look at the momentum we're seeing in the equity complex at CME, where for Q2, an 8.6 million ADV, which is up 13% year-over-year, June delivering 10.1 million contracts, up 54% year-over-year. If we look through where we are in July, about 7.8 million contracts per day, which is up about between 40%-50% versus July of 2025. It's clear that the market needs and wants more risk management and access to equities. Offering single stocks alongside the natural home of risk transfer and price discovery that we offer our equity index contracts makes a ton of sense.

It's also worth noting that these Single Stock futures will be financially settled against the closing print of the name, which is a different innovation and different structure versus the prior product, making them not only more accessible to institutional and retail traders in the U.S., but makes it much more approachable and accessible to the global customer base of CME Group and easier to plug and play to all of our distribution partners across the globe.

When you couple that with the near 24 access, Sunday night through Friday, of our traditional equity complex of CME Group, alongside the nearly $45 billion per capital savings per day that our equity complex delivers to the market, that is what we think is different about it right now, and that's why I think Terry is absolutely right, where timing matters, and we're optimistic about the timing of the market and the gravity of the complex at CME and look forward to the launch on Monday.

Our retail brokers globally are extremely excited about this new product innovation. They are seeing it as the single biggest retail growth catalyst of the year. This is something we've been working on for some time. We've been working with them and see them very actively in testing this within their systems. This product is a very straightforward way for both single stock and single stock options traders to add futures to their trading portfolios. We believe this is going to continue to introduce a broader retail audience and attract them to CME Group markets. With the 22 biggest names, those are certainly going to be very appealing to retail traders. We have over 35 retail partners that are targeting their readiness for day one, week one activity.

Market Data Growth

Certainly this has been our Q2 was again, a very strong in the quarter on record, $238 million in revenue. We saw an increase of 20%, as Lynne pointed out earlier. This was a 6.2% sequential growth over last quarter. It's really coming down to a few main factors. The price increase that you mentioned. A lot of other things as well. We saw strong growth of 3.5% quarter-on-quarter growth for our professional subscribers. This is just reinforcing the points that we've made throughout this call of having access to such a wide array of benchmarks. This real-time data is extremely important, and that is happening across all of our asset classes. We've seen continued revenue expansion in our derived data business.

That team is working through the sales pipeline, there is also a variable component of many of these agreements, which is going to drive additional revenue as other performance-based measures kick in. As we discussed a bit with you last quarter, these performance-based simulation trading device accounts are really starting to grow rather significantly. Those were up 56% year-over-year. Really what these simulated trading environments are doing is they are acting as an incubator for both our market data business as well as our transaction-based retail business. What we see is a robust pipeline of traders that graduate from these simulation environments after they get education, after they get exposure of how to trade, and they then become professional data subscribers in their own right. It is really a great catalyst for that type of revenue growth.

Prediction markets

A lot of these prediction markets on sports are gambling, and I think that that is going to find its way to the Supreme Court, and that is not something that we want to be a part of participating in right now.

If you look since launch, we've done about 525 million event contracts. That includes about 48 million contracts related to market events, about 9% of the total. That does tend to fluctuate depending on what is going on in the markets themselves. Things like large events like the World Cup, you tend to see a bit of a shift.

Our product set is much more narrow than some of what you might see on some of these other platforms, and that is intentional because we want to be very careful with what we are putting out for trade to make sure that it meets all the requirements that we see from our regulator. A couple other points I would note. We had over 140,000 accounts that were trading event contracts this quarter. That was up about 13% from last quarter.

Vertically Integrated Direct-to-Customer Marketplaces

I think when you talk about vertically integrated, That's basically the same as talking about disintermediation of participants in the marketplace today. We have a whole list of FCMs. We've got our own FCM, which we do not compete with our existing FCMs on.

We believe in that model. We think that that is a good marketplace. I also believe in a neutral facilitator of risk management, which is critically important, and that's what CME provides today. We don't participate in the markets. I think that lends to the credibility of all participants, whether it's the smallest of sorts or retail participants to the largest institutional traders.

When they start to look at vertically integrated entities that are maybe participating in the market, managing that risk and doing other things on behalf of the client, there could be a bit of, I don't want to say confusion, but people might be a little concerned about conflicts, is the word I guess I was looking for. I'm not suggesting there would be, but the appearance of conflicts could be there.

There might be a day where that happens with CME too, right? That is the reason why when I put forward that we are going to have our own FCM a couple of years ago, it was due to, as you recall at the time, FTX and what they were trying to accomplish. I was not going to be unprepared for whatever the scenario may or may not be in the future to have a structure in place for CME to compete in the world that you outlined. I assure you, I don't want to be a leader in that, but I will be prepared for that.

2022年前后，加密货币交易所 FTX（在爆仓前）曾向 CFTC（美国商品期货交易委员会）申请直接面向散户进行清算和保证金管理的模式，尝试剔除传统 FCM 经纪商中介。为了防止被这种新兴模式打得猝不及防，CME 在 2022 年也申请注册了自己的 FCM 实体。

Treasury Link

We're excited to announce Treasury Link. It's really an industry-first Treasury functionality that will enable transparent, centralized spread trading between Treasury futures and BrokerTec cash Treasuries on CME Globex. We're leveraging proven FX Link technology. It's expected to launch in Q4 2026. This new offering connects the two leading U.S. Treasury liquidity pools, bringing unique innovation by enabling atomic execution of cash for future spread transactions and eliminating lagging risk in the process.

2018年，芝加哥商品交易所集团（CME Group）以约 55 亿美元收购 NEX Group，BrokerTec 正式成为 CME Group 旗下的核心业务板块。

Notably, the lag of various relative value trades takes place away from BrokerTec, and this offering will be highly complementary to the existing BrokerTec liquidity and expansive to total BrokerTec trading activity. Treasury Link really represents the next stage in our initiative to bring our cash and futures markets closer together, delivering unique efficiencies while enhancing liquidity and price discovery for the broader U.S. Treasury market. It's really an evolving time in the Treasury landscape. We have a new Fed chair who is committed to overhauling their communication style. We continue to see record debt levels in this country, and we will see the Treasury and repo clearing mandate phased in over the next year**.

Treasury and repo clearing mandate 直译为“美国国债与回购协议强制集中清算指令”。这是美国证券交易委员会（SEC）针对美国国债市场所推行的最重大监管改革之一。 长期以来，美债二级市场中的大量现货交易（Cash Treasuries）以及回购/逆回购交易（Repo / Reverse Repo）都是在金融机构之间“双边私下”（OTC）完成的。SEC 规定，美债二级市场的绝大多数现货和回购交易，必须提交给 SEC 认可的中央清算机构（如 FICC、CME 等）进行集中清算（Central Clearing）。

在监管出台前，美债现货和回购市场的集中清算几乎由美国存管信托及清算公司（DTCC）旗下的 FICC 垄断。 为顺应这一强制清算要求，CME 成立了独立的证券清算机构 CME Securities Clearing Inc. (CMESC) 并已获得 SEC 批准。

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