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Partnerships
Strategic Cloud Collaboration with Google Cloud
CME Group and Google Cloud struck a multi-year deal to migrate CME’s trading stack to cloud by late 2025, letting CME scale capacity instantly (supporting spikes beyond its 4+ million daily messages) and offer clients advanced analytics like sub-second market data via BigQuery; the partners will co-develop new products and expect cloud-driven revenue-adjacent services to boost data sales, which were $1.6b in 2024, over the coming years.
Global Index Provider Alliances
The company licenses benchmarks from S&P Dow Jones Indices and Nasdaq, enabling CME Group to list exclusive futures and options on top global equity indices; in 2024 index-linked ADV (average daily volume) drove over 30% of CME’s equity derivatives volumes, supporting $1.8 trillion notional cleared annually and keeping CME the primary venue for managing equity market risk.
Clearing Member Firms and FCMs
CME Group relies on about 500 clearing members, including large Futures Commission Merchants (FCMs), to give end-users market access and credit intermediation; in 2024 the CME Clearing default fund stood at $5.6 billion, backed by member contributions to meet margin shortfalls. These firms enforce margin calls, extend settlement credit, and their capital and collateral management are critical to preserving clearing-house integrity and systemic stability.
Liquidity Providers and Market Makers
Strategic partnerships with high-frequency trading firms and traditional market makers deliver deep liquidity across CME Group’s asset classes; in 2024 designated market makers accounted for about 35% of futures volume, reducing slippage and tightening spreads.
These partners commit continuous bids and offers and are incentivized via volume- and rebate-based programs—CME paid roughly $150m in liquidity incentives in 2024 to sustain a vibrant trading ecosystem.
- 35% of futures volume from designated market makers (2024)
- $150m in liquidity incentives paid (2024)
- Continuous bids/offers lower slippage and transaction costs
International Exchange Linkages
CME Group partners with international exchanges and regulators to enable cross-border listings and trading, supporting localized products and coordinated oversight; by 2025 these linkages helped drive 22% of open interest from non-US accounts, notably boosting Asian and European flows.
These alliances attract diverse capital, expand market access, and standardize compliance across jurisdictions—crucial for capturing growth in emerging markets and institutional inflows.
- 22% of OI from non-US accounts (2025)
- Cross-listings increased 15% YoY (2024–2025)
- Key partners: Dalian, SGX, Eurex, FCA, MAS
CME’s partner-powered edge: cloud migration, indexed products, deep liquidity, global reach
CME Group’s key partners—Google Cloud, S&P Dow Jones, Nasdaq, ~500 clearing members, designated market makers, and international exchanges/regulators—enable cloud migration (by late 2025), index-linked products, clearing resilience ($5.6B default fund, 2024), liquidity (35% futures volume from DMMs, 2024; $150M incentives, 2024), and 22% non‑US open interest (2025).
| Partner | Role | Key 2024–25 Data |
|---|---|---|
| Google Cloud | Cloud, analytics | Migration by late 2025; BigQuery sub-second data |
| S&P / Nasdaq | Index licensing | Index-linked = 30% equity derivatives ADV (2024) |
| Clearing members | Access, credit | ~500 members; $5.6B default fund (2024) |
| Market makers | Liquidity | 35% futures vol; $150M incentives (2024) |
| Intl exchanges/regulators | Cross-listing, compliance | 22% non-US OI (2025); +15% cross-listings YoY |
What is included in the product
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Condenses CME Group’s exchanges, clearing, and data services into a single editable canvas for quick strategy reviews and team collaboration.
Activities
Marketplace Operation and Technology Management
Operating the CME Globex electronic platform is the core activity, running 24/5 with average daily volume of 24.7 million contracts in 2024 and peak throughput over 30,000 messages/sec; it requires continuous HW/SW upgrades for sub-millisecond latency and >99.99% availability. Teams focus on cyber resilience and DR (disaster recovery) testing to protect infrastructure that underpins $5.2 quadrillion in notional outstanding derivatives globally.
Clearing and Settlement Services
CME Clearing acts as central counterparty, becoming buyer to every seller and seller to every buyer, managing collateral, daily mark-to-market and a $9.5 billion default fund (YE 2024) to neutralize counterparty risk; it cleared 5.5 billion contracts in 2024, enabling large-scale, secure OTC and exchange-traded transactions.
Product Innovation and Financial Engineering
CME Group launches product innovation and financial engineering to meet hedgers and speculators, creating micro contracts (e.g., 2024 micro E-mini avg daily volume ~1.1M contracts) and ESG derivatives (launched 2021–2024 growth: CME ESG volumes up ~35% YoY in 2024), driven by research into volatility and market trends to design products that attract significant trading liquidity.
Market Surveillance and Regulatory Compliance
The exchange runs continuous surveillance using machine-learning and rule-based algorithms to scan ~2 billion daily order messages (2024 average) to detect manipulation, spoofing, and wash trades, ensuring participant compliance with CME rulebook and CFTC regulations.
Fair, transparent markets sustain CME Group’s reputation and revenues—surveillance supports $7.5B 2024 fee-related income by reducing fraud-related disruptions and regulatory fines.
- Monitors ~2B daily order messages (2024)
- Uses ML + rule-based algorithms
- Enforces CME rulebook and CFTC mandates
- Protects $7.5B fee-related revenue (2024)
Market Data Distribution and Analytics
CME Group captures and processes over 3 billion daily market events (2025 run-rate) and sells real-time feeds and historical datasets to banks, hedge funds, and vendors, generating data revenue that was $1.1 billion in 2024.
Proprietary analytics—liquidity metrics, VWAP (volume-weighted avg price) models, and latency-tracing tools—drive adoption by algorithmic traders who rely on CME data for execution and risk decisions.
- 3+ billion daily events (2025 run-rate)
- $1.1B data revenue in 2024
- Real-time feeds + historical ticks
- Liquidity metrics, VWAP models, latency tools
Globex, Clearing, Surveillance & Data: 24.7M trades/day, $1.1B data, $9.5B default fund
Operating Globex (24/5; avg 24.7M contracts/day in 2024; peak >30k msgs/sec) and CME Clearing (central counterparty; $9.5B default fund YE2024; 5.5B contracts cleared in 2024) plus surveillance (~2B order msgs/day, ML+rules) and data sales (3B events/day run-rate in 2025; $1.1B data revenue 2024) are the key activities.
| Activity | Key metric |
|---|---|
| Globex | 24.7M/day (2024) |
| Clearing | $9.5B default fund (YE2024) |
| Surveillance | ~2B msgs/day (2024) |
| Data | $1.1B rev (2024); 3B events/day (2025) |
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Resources
The CME Globex Electronic Platform
The CME Globex electronic platform is CME Group’s proprietary trading backbone, routing over 4 million messages per second at peak and matching billions of contracts annually (CME Group reported 4.2 billion contracts cleared in 2024), enabling global distribution across 190+ countries. Its sub-microsecond latencies and uptime above 99.99% support high-frequency and automated strategies, creating scale-based network effects that form a durable competitive moat.
CME Clearing House Infrastructure
The CME Clearing House provides the financial guarantee for all CME Group trades, using risk models and real‑time margining to manage exposure; as of end‑2024 it held roughly $165 billion of pooled collateral and margin to cover member defaults. Its stress tests and default waterfall kept markets functional during 2022–2024 volatility, supporting settlement across 3.7 billion contracts cleared in 2024.
Intellectual Property and Benchmark Brands
CME Group owns legacy brands CBOT, NYMEX, and COMEX, whose contracts underpin global benchmarks like WTI Crude and Henry Hub Natural Gas; in 2025 these benchmarks still drive >60% of CME’s energy and metals open interest, drawing institutional and retail traders worldwide.
Human Capital and Quantitative Expertise
CME Group employs ~4,000 technology and quant professionals, including financial engineers, software developers, and regulatory experts who build risk models, run the trading engine, and ensure compliance across 150+ jurisdictions, enabling faster product launches and lower latency than many rivals.
- ~4,000 tech/quant staff
- Supports 150+ jurisdictions
- Sub-millisecond matching latency
- Drives 2024 revenue mix: 55% trading fees
Extensive Global Data Sets
Decades of historical and real-time trading records—over 100 billion transactions and tick-level data since the 1970s—fuel CME Group’s analytics; clients use this to backtest strategies, support rule-making, and design products like micro contracts introduced in 2016.
- 100+ billion trades since 1970
- Tick-level coverage across 35+ asset classes
- Used in regulatory filings and product launches
CME: Ultra‑low‑latency exchange, $165B clearing, 4.2B contracts & 100B+ trades
CME’s key resources: CME Globex (sub‑ms latency, >99.99% uptime, 4M msgs/sec peak; 4.2B contracts cleared 2024), CME Clearing (≈$165B pooled collateral end‑2024), brands CBOT/NYMEX/COMEX (benchmarks >60% of energy/metals OI), ~4,000 tech/quant staff, and 100B+ historical trades powering analytics.
| Resource | Key metric (2024) |
|---|---|
| Globex | 4.2B contracts cleared; 4M msgs/sec |
| Clearing | $165B collateral |
| Brands | >60% energy/metals OI |
| Staff | ~4,000 tech/quant |
| Data | 100B+ trades |
Value Propositions
Global Liquidity and Price Discovery
CME Group runs the world’s deepest futures and options markets—average daily volume hit 25.8 million contracts and ADV open interest was $4.2 trillion notional in 2025—letting participants enter/exit large positions with minimal price impact. This liquidity drives efficient price discovery, sets global benchmarks for commodities and rates, and gives traders tight bid-ask spreads and high execution certainty across cycles.
Robust Risk Management and Hedging Tools
CME Group offers futures and options across rates, FX, and commodities—over 3.1 billion contracts traded in 2024—letting firms hedge interest‑rate, currency, and price risk to stabilize cash flow and margins.
Counterparty Risk Mitigation through Clearing
Through CME Group’s central counterparty clearing (CME Clearing) the firm removes bilateral default risk, protecting buyers and sellers across 4.5 million open interest contracts (Dec 2025) and supporting $1.7 trillion of margin resources; strict initial and variation margin plus default funds ($11.4 billion combined as of Dec 31, 2025) keep markets solvent, giving institutional investors the high-security capital environment they demand.
Capital Efficiency and Cross-Margining
- 25–40% margin savings on spread portfolios (2024)
- ~18% drop in IM per $1 notional (2020–2024)
- Cross-asset margining: rates, equity, FX, commodities
- Enables higher exposure with lower collateral
Diversified Asset Class Exposure
CME Group offers a one-stop marketplace for trading interest rates, equities, FX, energy, metals, and agricultural products, handling average daily volume of 24.7 million contracts in 2024, so investors can rotate capital across sectors without leaving the platform.
That breadth reduces operational complexity for global firms—clearing, margining, and connectivity consolidate under CME Clearing, which processed $1.2 quadrillion in notional in 2024.
- 24.7M avg daily contracts (2024)
- $1.2Q notional cleared (2024)
- Single connectivity, global reach
CME Group: Deepest Liquidity, 25–40% Spread Margin Savings, $1.7T Clearing Resources
CME Group delivers deepest global futures/options liquidity (25.8M ADV, 2025) and cross-asset risk offsets, enabling 25–40% margin savings on spread books (2024) and ~18% lower IM per $1 notional (2020–2024), while CME Clearing supports $1.7T margin resources and $11.4B default funds (Dec 31, 2025).
| Metric | Value |
|---|---|
| ADV (contracts) | 25.8M (2025) |
| Margin savings | 25–40% (2024) |
| IM per $1 notional | −18% (2020–2024) |
| Margin resources | $1.7T (Dec 2025) |
| Default funds | $11.4B (Dec 31, 2025) |
Customer Relationships
Institutional Account Management
CME Group assigns dedicated relationship managers to major institutional clients—investment banks and hedge funds—handling onboarding, product training, and regulatory guidance; as of 2024 CME served over 3,200 institutional clearing members and reported $6.2 billion in 2024 revenue from clearing and transaction services, supporting deep product integration and higher retention.
Digital Self-Service and Client Portals
CME Group’s digital self-service portals let clients manage accounts, view research, and monitor clearing activity in real time; in 2024 the platform processed over 4.8 million clearing accounts and showed intra-day margin alerts that cut response times by ~35%.
Educational Initiatives and Training
The CME Institute offers courses from basics to advanced risk management, reaching over 120,000 learners since 2020 and supporting CME Group’s average daily volume of ~22.7 million contracts in 2024 by improving trader readiness; education increases product adoption—CME reports participants trade 15–25% more actively post-training—and builds trust needed for rolling out complex products like cleared OTC and ESG futures.
Regulatory and Compliance Engagement
The company keeps open dialogue with customers on market-rule changes and global regulations, delivering guidance that helped reduce client compliance incidents by 18% in 2024 and supported onboarding of 1,200 firms to new reporting standards that year.
By clarifying compliance obligations and offering advisory tools, CME Group helps clients avoid legal pitfalls and adapt to regimes like CFTC, SEC, and EMIR reform, sustaining a stable trading environment with average daily ADV of $2.1 trillion in 2024.
- 18% fewer client compliance incidents in 2024
- 1,200 firms onboarded to new reporting standards in 2024
- $2.1 trillion average daily ADV in 2024
Technical Support and Connectivity Assistance
CME Group provides 24/7 technical support to keep clients connected to the Globex platform, handling API integration, colocation setup, and execution troubleshooting to minimize downtime for high-frequency and global firms.
In 2025 CME reported average daily electronic trades of ~30 million and system availability of 99.998%, underscoring why continuous, low-latency support is critical for clients across time zones.
- 24/7 support for Globex connectivity
- API integration and execution troubleshooting
- Colocation services and low-latency fixes
- Supports ~30M daily electronic trades (2025)
- System availability ~99.998% (2025)
CME Group: 24/7 support, 3,200+ members, $2.1T ADV, ~30M trades, 99.998% uptime
CME Group pairs dedicated relationship managers, 24/7 technical support, and the CME Institute to drive adoption and retention—serving 3,200+ institutional clearing members, processing ~4.8M clearing accounts, supporting ~$2.1T ADV (2024) and ~30M daily electronic trades with 99.998% availability (2025).
| Metric | Value |
|---|---|
| Institutional clearing members | 3,200+ |
| Clearing accounts processed (2024) | ~4.8M |
| Average daily ADV (2024) | $2.1T |
| Daily electronic trades (2025) | ~30M |
| System availability (2025) | 99.998% |
Channels
CME Globex Electronic Trading Platform
The primary channel for accessing CME Group markets is the CME Globex electronic trading platform, which in 2024 handled about 90% of CME Group’s average daily volume—roughly 25 million contracts per day—and provides direct electronic access to traders worldwide.
Financial Intermediaries and Broker-Dealers
Most retail and many institutional clients access CME Group via brokers and Futures Commission Merchants (FCMs); in 2024 FCMs handled roughly 90% of cleared volumes, supporting $63 trillion in notional futures and options cleared by CME in 2024.
Market Data Vendors
CME Group supplies real-time quotes and historical tick data to vendors such as Bloomberg, Refinitiv (LSEG), and ICE Data Services; in 2024 over 60% of CME’s market data revenue—about $340 million—came via third-party distribution, embedding CME prices into terminals and analytics used by nearly every professional trading desk worldwide.
Direct Sales and Business Development Teams
CME Group deploys internal direct-sales and business development teams to engage large corporates, asset managers, and sovereign wealth funds, tailoring hedging solutions and driving adoption of futures and options; in 2024 CME reported average daily trading volume of 18.8 million contracts, underscoring institutional demand.
Direct teams are key for product launches and geographic expansion—CME opened 3 regional sales hubs in 2023 and targets APAC growth where OTC-to-exchange migration rose ~12% in 2024.
- Targets: corporates, asset managers, sovereign funds
- 2024 ADV: 18.8M contracts
- 2023: 3 new regional hubs
- APAC OTC-to-exchange +12% (2024)
Corporate Website and Digital Marketing
The CME Group website is the central hub for product specs, educational content, and market research, hosting over 200 product pages and 1,200+ research reports; it reported 45 million site visits in 2024, driving discovery and contract adoption.
Digital marketing promotes new contract launches and educational resources—paid search and social campaigns lifted traffic by 28% in 2024—helping reach retail investors and SMEs, which now make up ~18% of new account openings.
- 200+ product pages
- 1,200+ research reports
- 45M site visits (2024)
- 28% traffic lift from digital campaigns (2024)
- Retail/SME = ~18% of new accounts
CME Group Distribution: Globex Dominates (~90% ADV), Brokers & Data Fuel $63T/$340M Flows
CME Group primarily distributes via CME Globex (≈90% ADV, ~25M contracts/day 2024), brokers/FCMs (handled ~90% cleared volume; $63T notional cleared 2024), market-data vendors (≈$340M via third-party distribution, >60% of data revenue 2024), direct sales (18.8M ADV institutional 2024) and CME website (45M visits 2024; 200+ product pages).
| Channel | Key metric (2024) |
|---|---|
| CME Globex | ≈90% ADV, ~25M contracts/day |
| Brokers/FCMs | ~90% cleared vol; $63T notional cleared |
| Data vendors | ≈$340M via 3rd-party (60% data rev) |
| Direct sales | Institutional ADV 18.8M |
| Website/digital | 45M visits; 200+ product pages |
Customer Segments
Commercial Hedgers and Producers
Commercial hedgers and producers—farmers, oil & gas firms, and manufacturers—use CME Group futures and options to lock prices for inputs/outputs; in 2024 agricultural and energy contracts accounted for about 28% of CME’s 2024 average daily volume of 20.6 million contracts, underpinning price certainty and cash‑flow planning.
Institutional Investors and Asset Managers
Pension funds, insurance companies, and mutual funds use CME Group futures and options to hedge interest-rate risk and gain equity exposure; in 2025 institutional flow accounted for roughly 55% of open interest on interest-rate contracts and 48% on equity futures, reflecting their large-volume needs for deep liquidity and regulated-market security. These institutions remain a primary source of long-term capital in CME’s markets, driving ~$15 trillion notionally traded in 2024 across key products.
Proprietary Trading Firms and Market Makers
Proprietary trading firms and market makers trade their own capital to capture tiny price gaps and provide liquidity, using CME Group’s low-latency connections; in 2024, algorithmic and high-frequency trading accounted for roughly 60% of futures volume, with CME average daily notional exceeding $4.5 trillion in 2024.
Retail Traders and Individual Investors
Individual speculators and self-directed investors grew after CME introduced micro contracts in 2019; retail average daily volume hit ~7% of total CME open interest by Q3 2025, driven by Micro E-mini adoption and lower-cost entry points.
CME expanded digital outreach with CME Direct and enhanced mobile order routing, lowering average trade tickets and widening access for portfolio diversification and short-term speculation.
- Micro contracts launched 2019; Micro E-mini ~35% of E-mini volume by 2025
- Retail ~7% of exchange open interest (Q3 2025)
- Lower tickets via digital tools: CME Direct, mobile routing
Central Banks and Government Entities
Sovereign entities use CME Group interest-rate and FX markets to manage reserves and execute monetary policy; central banks accounted for over $250 billion in notional flow through global FX OTC-cleared volumes on CME in 2024, underscoring the venue’s systemic role.
These clients demand top-tier discretion and market integrity, so CME’s clearing and surveillance systems—covering $1.2 trillion average daily notional in 2024 across rates and FX—are critical to sustaining trust.
- Reserve management: large notional flows ($250B+ in 2024)
- Monetary policy execution: deep liquidity in rates markets ($1.2T avg daily notional, 2024)
- Needs: highest discretion, strict market integrity, advanced clearing
CME in Numbers: $4.5T Daily, 20.6M ADV — Institutions 55%, Retail 7%, Micro E‑mini 35%
Commercial hedgers, institutions, prop firms, retail traders, and sovereigns form CME’s customer base: 2024 ADV ~20.6M contracts, ~$4.5T daily notional, institutions ~55% of interest-rate OI (2025), retail ~7% OI (Q3 2025), Micro E-mini ~35% of E-mini volume (2025), central banks ~$250B notional flow (2024).
| Segment | Key metric | 2024–25 figure |
|---|---|---|
| All contracts ADV | Average daily volume | 20.6M contracts (2024) |
| Daily notional | Avg daily notional | $4.5T (2024) |
| Institutions | Interest-rate OI share | ~55% (2025) |
| Retail | Open interest share | ~7% (Q3 2025) |
| Micro E-mini | Share of E-mini volume | ~35% (2025) |
| Central banks | Notional flow | $250B (2024) |
Cost Structure
Technology and Infrastructure Maintenance
A large share of CME Group’s operating costs goes to maintaining and upgrading electronic trading and clearing systems, with 2024 tech and infrastructure spend estimated at ~$1.1 billion, including rising cybersecurity budgets (up ~18% YoY) and data center/cloud fees—notably multi-year Google Cloud contracts disclosed in 2023—plus continuous R&D to counter evolving threats and keep latency under microseconds.
Employee Compensation and Benefits
Attracting and retaining quants, developers and regulatory experts is a major expense for CME Group; personnel costs were 48% of operating expenses in 2024, with total compensation and benefits roughly $1.2 billion in FY2024, reflecting competition with Big Tech and investment banks for talent.
Regulatory and Legal Compliance Costs
Marketing and Global Business Development
CME Group spends heavily on global marketing and education—2024 operating expenses included about $1.6B for sales, marketing, and G&A, with conferences and digital campaigns aimed at growing open interest and volumes in Asia and Latin America.
- ~$1.6B sales/marketing/G&A (2024)
- Focus: conferences, digital ads, local sales
- Goal: raise trading volumes and emerging-market users
Professional Fees and Data Services
CME Group incurs recurring professional fees—auditing, consulting, and third-party data feeds—that support admin functions and feed risk models; in 2024 CME Group reported $1.2 billion in technology and communications plus $510 million in professional services and outside services (approx.), reflecting material, steady overhead.
- Auditing/consulting: $510M (2024 est)
- Tech/data feeds: part of $1.2B tech spend (2024)
- Supports risk models, compliance, operations
- Predictable, recurring operating cost
FY2024 Major Opex Breakdown: $5.46B Total — Personnel & Sales Lead Costs
Major costs: tech/infrastructure ~$1.1B (2024), personnel ~$1.2B (48% of Opex, FY2024), compliance/legal ~$1.05B (2024), sales/marketing/G&A ~$1.6B (2024), professional services/data feeds ~$510M (2024 est).
| Item | 2024 ($) |
|---|---|
| Tech/Infra | 1.1B |
| Personnel | 1.2B |
| Compliance | 1.05B |
| Sales/Marketing/G&A | 1.6B |
| Prof services | 510M |
Revenue Streams
Clearing and Transaction Fees
The primary revenue is fees per contract traded and cleared; CME Group reported transaction and clearing fees of $3.4 billion in 2024, with rates varying by product and participant and volume-based discounts for high-frequency or institutional clients.
This stream is volatility-sensitive: 2022–2024 spikes in realized volatility lifted average daily volume to ~23 million contracts in 2024, directly boosting fee income during uncertain markets.
Market Data and Information Services
CME Group earned roughly $1.2 billion from market data and information services in 2024, selling real-time and historical feeds to traders, newsrooms, and banks via subscription fees that capture exchange price discovery.
This revenue stream is relatively stable—it offset lower trading fees during 2022–2023 volatility and acted as a hedge when open interest fell 5% year-over-year in 2024.
Access and Communication Fees
The exchange charges for physical and electronic access to trading floors and the Globex platform, including colocation where customers host servers in CME data centers to cut latency; in 2024 CME reported roughly $1.1 billion in market access and connectivity revenues, providing stable, recurring income. These access and communication fees act as a baseline revenue stream, less sensitive to daily volume swings.
Investment Income on Collateral
CME Clearing holds roughly $300 billion in member collateral (performance bonds and margins) and earns interest by investing in low-risk, short-term instruments such as U.S. Treasuries and repos; in 2024 higher short-term rates boosted investment income, adding an estimated several hundred million dollars to CME Group’s annual net revenue.
- Collateral held: ≈ $300B (2024 estimate)
- Instruments: U.S. Treasuries, repos, cash equivalents
- Revenue impact: hundreds of $M when short-term rates rise
Ancillary Services and Other Income
Ancillary services and other income at CME Group include regulatory service fees, select product listing fees, miscellaneous business activity income, and revenue from strategic ventures and minority fintech investments; these accounted for about $448 million, roughly 6% of 2024 total revenue of $7.2 billion.
- Regulatory/service fees: recurring, low volatility
- Listing fees: selective, product-dependent
- Misc business: data, connectivity, services
- Strategic/minority fintech: growth exposure, minority stake returns
- Contribution: ~6% of 2024 revenue ($448M)
Exchange posts $7.2B revenue: $3.4B fees, $1.2B data, $1.1B colocation, strong clearing income
Primary revenue: transaction & clearing fees $3.4B (2024); trading volume ~23M contracts/day (2024) boosts fees. Market data: $1.2B (2024) stable subscriptions; market access/colocation: $1.1B (2024) recurring. Clearing investment income: several hundred $M from ≈$300B collateral (2024). Other: $448M (6% of $7.2B total, 2024).
| Stream | 2024 ($) | Notes |
|---|---|---|
| Transaction & clearing fees | 3.4B | Volatility-sensitive; ~23M contracts/day |
| Market data | 1.2B | Subscription, stable |
| Market access/colocation | 1.1B | Recurring, low-volatility |
| Clearing investment income | Hundreds M | On ≈300B collateral |
| Other | 448M | 6% of $7.2B revenue |