Markets
CME Group posts record third-quarter volume of 29.4 million contracts a day as revenue climbs 13%
Futures and options activity rose in all six asset classes, led by a 23% jump in equity index trading, and October volume is running even higher.
HedgeWeekly News Desk ·
CME Group said on Wednesday that average daily volume reached 29.4 million contracts in the third quarter, a record for the period and up 16% from 25.3 million a year earlier. Revenue rose 13% to $1.74 billion and adjusted earnings came to $3.02 a share, against $2.68 a year ago, according to the results it filed with the SEC.
Both headline numbers came in slightly ahead of analyst forecasts of $2.98 a share and $1.71 billion in revenue, Investing.com reported. Shares still eased about 1% before the opening bell to $292.37, roughly 11% below their 52-week high of $329.16. Net income rose to $1.04 billion from $908 million.
Volume grew by double digits in every asset class. Interest rate contracts, the largest business, averaged 15.1 million a day, up 13%, while equity index volume rose 23% to 7.7 million. Energy averaged 2.7 million, agriculture 2.0 million and metals 935,000. Trading from outside the US hit 9 million contracts a day, up 22%. Market data revenue set a record at $243 million, up 20%. Clearing and transaction fees grew more slowly, by 12% to $1.38 billion, as the average fee per contract slipped to $0.679 from $0.702.
Why it matters: CME's volumes are one of the clearest public readings of how hard hedge funds, banks and asset managers are hedging and repositioning. The pace has not let up. Daily volume in the fourth quarter through Oct. 20 is averaging 29.7 million contracts, up 17%, and open interest closed the quarter at 128.2 million contracts, 16% above the end of 2025. The company returned nearly $1 billion to shareholders in the quarter, $524 million of it through buybacks. Investors should watch whether the transaction fee changes that took effect on Oct. 1, which CME expects to add about 0.5% to 1% to revenue, can lift that falling rate per contract.