CME GROUP INC
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 30, 2025
CME$305.89-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-08.
0001156375-24-000200
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0001156375-25-000103
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 81 previous paragraphs and 81 current paragraphs.
42 unchanged; 27 reworded; 12 added; 10 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
In the first quarter of 2025, overall interest rate contract volume increased when compared with the same period in 2024, due to an increase in market volatility. We believe the higher volatility was a result of market uncertainty surrounding the Federal Reserve's interest rate policy decision as well as the potential economic impacts of anticipated and implemented tariffs. We believe these factors contributed to higher overall interest rate volume in the first quarter of 2025 when compared with the same period in 2024.
Current report
Equity Index and Cryptocurrency Products
Current report
Equity index contract volume increased in the first quarter of 2025 when compared with the same period in 2024, due to higher overall equity market volatility. We believe higher market volatility was a result of economic uncertainty due to anticipated and implemented tariffs. In addition, we believe volume for our cryptocurrency products was higher as a result of the broader acceptance of cryptocurrency products across the globe. We believe these factors contributed to higher overall equity volume in the first quarter of 2025 when compared with the same period in 2024.
Current report
In the first quarter of 2025, overall foreign exchange volume increased when compared with the same period in 2024 due to higher market volatility. We believe the volatility is the result of economic uncertainty surrounding the potential economic impacts of anticipated and implemented tariffs has led to an overall increase in foreign exchange contract volume. We believe these factors contributed to higher overall foreign exchange contract volume in the first quarter of 2025 when compared with the same period in 2024.
Current report
•License fees expense was higher during the first quarter of 2025 when compared to the same period in 2024 primarily due to an increase in volume for certain equity products.
Current report
•Bonus expense increased largely due to our performance relative to our 2025 cash earnings target when compared with the same period in 2024.
Current report
Decreases in operating expense in the first quarter of 2025 when compared with the same period in 2024 were as follows:
Current report
•Occupancy and building operations expense decreased during the first quarter of 2025 compared with the first quarter of 2024 due to a reduction in office space.
Current report
•A decrease in our non-qualified deferred compensation liability during the first quarter of 2025, the impact of which does not affect net income because of an equal and offsetting change in investment income, contributed to a decrease in compensation and benefits expense.
Current report
We maintain committed repurchase facility agreements amounting to a total of $1.0 billion. The committed repurchase facilities provide access to cash, secured by non-cash collateral, in the event that one or more of our clearing firms fails to promptly discharge an obligation to the clearing house. The facilities are subject to annual renewal. We currently do not have any borrowings outstanding under these facilities.
Current report
We maintain a committed facility of up to $750.0 million for foreign currency conversions. The committed foreign currency facility allows the clearing house to convert cash to another currency within generally accepted local market timeframes in the event that one or more of our clearing firms fails to promptly discharge an obligation to the clearing house. The facility is subject to annual renewal. We currently do not have any foreign currency trades outstanding under this facility.
Current report
On December 5, 2024, we announced that our board of directors has approved a share repurchase program under which we are authorized to repurchase up to $3 billion of our outstanding Class A Common Stock, par value $.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the number of shares repurchased under the share repurchase program are within our discretion and may be affected by various factors, including general market and economic conditions; the market price of the common stock; CME Group’s earnings, financial condition, capital requirements and levels of indebtedness; legal requirements; and other considerations. The share repurchase program has no expiration date, does not obligate us to acquire any particular amount of common stock and may be modified, suspended or terminated at any time.
Removed paragraphs (10)
Previous report
In the third quarter and first nine months of 2024, overall interest rate contract volumes increased when compared with the same periods in 2023. Volumes increased in the third quarter and first nine months of 2024 due to volatility as a result of mixed inflation results that occurred during 2024 as well as continued market uncertainty regarding the Federal Reserve's interest rate policy.
Previous report
Equity Index Products
Previous report
In the third quarter and first nine months of 2024, overall foreign exchange volumes increased when compared with the same periods in 2023. Despite a broad decline in foreign exchange market volatility, there was an increase in price volatility with the Japanese yen due to uncertainty surrounding the Japanese monetary policy and rate cuts from the Federal Reserve. The overall increases in volumes were also due to growing client adoption of our foreign currency products.
Previous report
Overall average daily notional values for the cash markets business were slightly lower in the third quarter and first nine months of 2024 when compared with the same periods in 2023.
Previous report
•License fees were higher primarily due to increases in volume for certain equity products and improved revenue performance related to certain arrangements.
Previous report
Decreases in operating expenses in the third quarter and first nine months of 2024 when compared with the same periods in 2023 were as follows:
Previous report
•Depreciation and amortization expense decreased as a result of a decline in fixed asset purchases over the last few years and certain assets becoming fully depreciated.
Previous report
•Occupancy and building operations expenses decreased due to lower rent expenses and real estate taxes.
Previous report
Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P/Dow Jones Indices LLC (S&P/DJI) business venture contributed to an increase in equity in net earnings of unconsolidated subsidiaries in the third quarter and first nine months of quarter of 2024 when compared with the same periods in 2023.
Previous report
On November 7, 2024, the company declared a regular quarterly dividend of $1.15 per share for all outstanding common and preferred shares. The dividend will be payable on December 27, 2024 to shareholders of record on December 9, 2024. Assuming no changes in the number of shares outstanding, the fourth quarter dividend payment will total approximately $420 million.
Reworded paragraphs (27)
Previous wording
We estimate the following net changes in clearing and transaction fees based on the changes in total contract volumes and the changes in average rate per contract for futures and options during the third quarter and first nine months of 2024 when compared with the same periods in 2023.
Current wording
We estimate the following net change in clearing and transaction fees based on the change in total contract volume and the change in average rate per contract for futures and options during the first quarter of 2025 when compared with the same period in 2024.
Previous wording
Market uncertainty remained high through the first nine months of 2024. Interest rate, equity and foreign exchange markets experienced significant uncertainty surrounding the United States' Federal Reserve’s (Federal Reserve) interest rate policy. The Federal Open Markets Committee (FOMC) had initially signaled the potential for several future rate cuts throughout 2024, but has since only cut interest rates once as a result of continued inflation. Energy, metals and agricultural commodities markets were more uncertain in the first nine months of 2024 mainly as a result of geopolitical events as well as uncertain weather conditions, which led to higher volumes within those markets. We believe these factors contributed to the increase in total volumes in the third quarter and first nine months of 2024 when compared with the same periods in 2023.
Current wording
Market uncertainty remained high through the first quarter of 2025. Interest rate, equity and foreign exchange markets experienced significant uncertainty surrounding the potential economic impacts of anticipated and implemented tariffs and the effect they may have on the United States Federal Reserve’s (Federal Reserve) interest rate policy decision. The Federal Open Markets Committee (FOMC) had initially signaled the potential for several future rate cuts throughout 2025, but has since indicated a more cautious approach as a result of tariffs and the impact they may have on inflation. Market uncertainty also remained high within the energy, metals and agricultural commodities markets in the first quarter of 2025. mainly as a result of geopolitical events, including the anticipation and implementation of tariffs, as well as uncertain weather conditions in 2025. We believe these factors contributed to the increase in total volumes in the first quarter of 2025 when compared with the same period in 2024.
Previous wording
The following table summarizes average daily contract volume for our key interest rate products. We no longer offer Eurodollar contract trading as of June 2023.
Current wording
The following table summarizes average daily contract volume for our key interest rate products.
Previous wording
The following table summarizes average daily contract volume for our key equity index products.
Current wording
The following table summarizes average daily contract volume for our key equity index and cryptocurrency products.
Previous wording
Overall commodity contract volumes increased in the third quarter and first nine months of 2024 when compared with the same periods in 2023. We believe these increases were due to higher overall market volatility as a result of a change in market expectations regarding grain supplies as well as uncertain weather conditions in 2024. In addition, the first nine months of 2023 saw lower overall volatility within the commodities markets due to risk aversion by market participants following price increases and global trade uncertainty resulting from the conflict between Russia and Ukraine. We believe these factors contributed to higher overall commodity volumes in the third quarter and first nine months of 2024 compared with the same periods in 2023.
Current wording
Overall commodity contract volumes increased in the first quarter of 2025 when compared with the same period in 2024. We believe these increases were due to higher overall market volatility as a result of uncertainty surrounding the potential economic impacts of anticipated and implemented tariffs as well as continued uncertainty regarding the conflict between Russia and Ukraine. In addition, a change in market expectations regarding grain supplies as well as uncertain weather conditions in 2025 also led to an increase in market volatility. We believe these factors contributed to higher overall commodity volume in the first quarter of 2025 compared with the same period in 2024.
Previous wording
Energy contract volumes increased in the third quarter and first nine months of 2024 when compared with the same periods in 2023, which we believe were due to higher overall market volatility. Natural gas volatility was higher as a result of uncertain weather conditions in the United States, which impacted prices throughout the quarter. In addition, crude oil volatility was slightly higher as a result of ongoing geopolitical issues in the Middle East as well economic uncertainty between the United States and China.
Current wording
Energy contract volume increased in the first quarter of 2025 when compared with the same period in 2024, which we believe was due to higher overall market volatility. Natural gas volatility was higher as a result of uncertain weather conditions in the United States in 2025, which impacted prices throughout the quarter. In addition, crude oil volatility was higher due to ongoing geopolitical issues with Canada and Mexico resulting from the potential implementation of anticipated tariffs as well economic uncertainty between the United States and China. We believe these factors contributed to higher overall energy volume in the first quarter of 2025 compared with the same period in 2024.
Previous wording
In the third quarter and first nine months of 2024, overall metal contract volumes increased when compared with the same periods in 2023. We believe gold and silver volumes increased as a result of continued uncertainty surrounding the Federal Reserve's monetary policy decision, which resulted in higher overall volatility.
Current wording
In the first quarter of 2025, overall metal contract volume increased when compared with the same period in 2024. We believe gold and silver volumes increased as a result of continued economic uncertainty surrounding the Federal Reserve's monetary policy decisions as well as the potential economic impacts of anticipated and implemented tariffs.
Previous wording
The decrease in the third quarter of 2024 when compared with the same period in 2023 is also do to a change in product mix. In the third quarter of 2024, interest rate contract volume increased by 4 percentage points as a percent of total volume, while all other products collectively decreased by 4 percentage points. In general, interest rate products have a lower rate per contract compared with the remaining contracts.
Current wording
The average rate per contract decreased in the first quarter of 2025 when compared with the same period in 2024. The decrease in the average rate per contract was primarily due to higher volume tier-based incentives and higher micro equity contract volume. This was partially offset by a change in product mix. In the first quarter of 2025, interest rate contract volume decreased by 2 percentage points as a percent of total volume, while all other products collectively increased by 2 percentage points. In general, interest rate contracts have a lower rate per contract compared with other contracts. The overall decrease was also partially offset by an increase in our fee structure, which went into effect on February 1, 2025.
Previous wording
Total clearing and transaction fees revenues in the third quarter and first nine months of 2024 include $68.5 million and $207.9 million of transaction fees attributable to the cash markets business, compared with $69.5 million and $214.3 million, respectively, in the third quarter andfirst nine months of 2023. This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume.
Current wording
Total clearing and transaction fees revenues in the first quarter of 2025 include $71.0 million of transaction fees attributable to the cash markets business, compared with $69.1 million in thefirst quarter of 2024. This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume.
Previous wording
The related average daily notional value for the third quarter andfirst nine months of 2024 and 2023 were as follows:
Current wording
The related average daily notional value for the first quarter of 2025 and 2024 were as follows:
Previous wording
Equity index contract volumes increased in the third quarter and first nine months of 2024 when compared with the same periods in 2023 due to periods of higher equity market volatility. We believe the higher volatility was a result of continued uncertainty surrounding the Federal Reserve's interest rate policy decision.
Current wording
Overall average daily notional values for the cash markets business were higher in the first quarter of 2025 when compared with the same period in 2024 due to higher overall volatility. We believe the higher volatility was a result of market uncertainty surrounding the Federal Reserve's interest rate policy decision as well as the potential economic impacts of anticipated and implemented tariffs.
Previous wording
We bill a substantial portion of our clearing and transaction fees directly to our clearing firms. The majority of clearing and transaction fees received from clearing firms represent charges for trades executed and cleared on behalf of their customers. One individual firm represented at least approximately 10% of our clearing and transaction fees in the first nine months of 2024. Should a clearing firm withdraw, we believe that the customer portion of the firm’s trading activity would likely transfer to another clearing firm of the exchange. Therefore, we do not believe we are exposed to significant risk from the ongoing loss of revenue received from or through a particular clearing firm.
Current wording
We bill a substantial portion of our clearing and transaction fees directly to our clearing firms. The majority of clearing and transaction fees received from clearing firms represent charges for trades executed and cleared on behalf of their customers. One individual firm represented at least approximately 10% of our clearing and transaction fees in the first quarter of 2025. Should a clearing firm withdraw, we believe that the customer portion of the firm’s trading activity would likely transfer to another clearing firm of the exchange. Therefore, we do not believe we are exposed to significant risk from the ongoing loss of revenue received from or through a particular clearing firm.
Previous wording
Market data and information services. During the third quarter and first nine months of 2024, overall market data and information services revenues increased when compared with the same periods in 2023, largely due to price increases for certain products.
Current wording
Market data and information services. During the first quarter of 2025, overall market data and information services revenue increased when compared with the same period in 2024, largely due to price increases for certain products.
Previous wording
The two largest resellers of our market data represented approximately 30% of our market data and information services revenue in the first nine months of 2024. Despite this concentration, we consider exposure to significant risk of revenue loss to be minimal. In the event that one of these vendors no longer subscribes to our market data, we believe the majority of that vendor’s customers would likely subscribe to our market data through another reseller. Additionally, several of our largest institutional customers that utilize services from our two largest resellers report usage and remit payment of their fees directly to us.
Current wording
The two largest resellers of our market data represented approximately 38% of our market data and information services revenue in the first quarter of 2025. Despite this concentration, we consider exposure to significant risk of revenue loss to be minimal. In the event that one of these vendors no longer subscribes to our market data, we believe the majority of that vendor’s customers would likely subscribe to our market data through another reseller. Additionally, several of our largest institutional customers that utilize services from our two largest resellers report usage and remit payment of their fees directly to us.
Previous wording
Other revenues. In the third quarter andfirst nine months of 2024, the increases in other revenues when compared with the same periods in 2023 were largely attributable to higher custody fees due to an increase in non-cash collateral as well as a fee increase. Other revenues also increased mainly due to higher co-location fees.
Current wording
Other revenues. In the first quarter of 2025, the increase in other revenues when compared with the same period in 2024 was largely attributable to higher custody fees due to an increase in non-cash collateral. Other revenues also increased mainly due to higher co-location fees.
Previous wording
Operating expenses increased by $42.6 million and $53.3 million in the third quarter and first nine months of 2024 when compared with the same periods in 2023. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses:
Current wording
Operating expenses increased by $6.0 million in the first quarter of 2025 when compared with the same period in 2024. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses:
Previous wording
Increases in operating expenses in the third quarter and first nine months of 2024 when compared with the same periods in 2023 were as follows:
Current wording
Increases in operating expenses in the first quarter of 2025 when compared with the same period in 2024 were as follows:
Previous wording
•Salaries, benefits and employer taxes were higher due to increases in headcount during the year, which were primarily attributable to additional headcount in the company's international locations, as well as an increase in compensation expenses due to a law change for vacation carryover.
Current wording
•Salaries, benefits and employer taxes expense was higher as a result of salary increases that went into effect during the first quarter of 2025 as well as an increase in headcount during the quarter, which was primarily attributable to additional headcount in the company's international locations.
Previous wording
•The increases in expenses related to technology support services were primarily driven by higher software license fees and third party services to support the ongoing Google Cloud transformation project.
Current wording
•The increase in technology support services expense was primarily driven by higher software license fees and third party services to support the ongoing Google Cloud transformation project.
Previous wording
•The decreases in professional fees and outside services are largely due to decreases in consulting costs associated with the Google Cloud Migration, which began in late 2021, as well as lower legal fees during the periods.
Current wording
•The decrease in professional fees and outside services was largely due to a decrease in consulting costs associated with the Google Cloud Migration, which began in late 2021, as well as lower professional services fees during the period.
Previous wording
Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested decreased in the third quarter and first nine months of 2024 when compared with the same periods in 2023 due to lower average reinvestment balances. In the third quarter and first nine months of 2024, earnings from cash performance bond and guaranty fund contributions were $991.3 million and $3,035.6 million, compared with$1,246.5 million and $4,042.9 million, respectively, in the third quarter and first nine months of 2023. We also recognized lower net realized and unrealized gains on investments in the first nine months of 2024.
Current wording
Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested decreased in the first quarter of 2025 when compared with the same period in 2024 due to a lower rate of return on the investment balances. In the first quarter of 2025 and 2024, earnings from cash performance bond and guaranty fund contributions were $873.6 million and $1,036.7 million, respectively.
Previous wording
Other non-operating income (expense). We recognized lower expenses related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms in conjunction with lower interest income earned on our reinvestment during the third quarter and first nine months of 2024 when compared with the same periods in 2023. In the third quarter and first nine months of 2024, expenses related to the distribution of interest earned on collateral reinvestments were $922.6 million and $2,829.4 million, compared with $1,160.5 million and $3,756.8 million in the third quarter and first nine months of 2023.
Current wording
Other non-operating income (expense). We recognized lower expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms in conjunction with lower interest income earned on our reinvestment during the first quarter of 2025 when compared with the same period in 2024. In the first quarter of 2025 and 2024, expenses related to the distribution of interest earned on collateral reinvestments were $804.8 million and $967.4 million, respectively.
Previous wording
The overall effective tax rate remained relatively consistent in the third quarter and first nine months of 2024 when compared with the same periods in 2023.
Current wording
The overall effective tax rate remained relatively consistent in the first quarter of 2025 when compared with the same period in 2024.
Previous wording
Sources and Uses of Cash. Net cash provided by operating activities increased in the first nine months of 2024 when compared with the same period in 2023 was largely due to an increase in revenues. Cash used in investing activities increased in the first nine months of 2024 when compared with the same period in 2023 due to a decrease in proceeds from sales of investments. Cash provided by financing activities was higher during the first nine months of 2024 when compared with the same period in 2023 due to an increase in cash performance bonds and guaranty fund contributions.
Current wording
Sources and Uses of Cash. Net cash provided by operating activities increased in the first quarter of 2025 when compared with the same period in 2024, which was largely due to an increase in trading volume. Cash used in investing activities remained relatively consistent in the first quarter of 2025 when compared with the same period in 2024. Cash provided by financing activities was higher during the first quarter of 2025 when compared with the same period in 2024 due to an increase in cash performance bonds and guaranty fund contributions.
Previous wording
(2)We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73%.
Current wording
(1)We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73%.
Previous wording
We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our collateral), in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms, or in other cases as provided by the CME rulebook. Clearing firm guaranty fund contributions received in the form of cash or U.S. Treasury securities as well as the performance bond assets (pursuant to the CME rulebook) can be used to collateralize the facility. At September 30, 2024, guaranty fund contributions available to collateralize the facility totaled $10.0 billion. We have the option to request an increase in the line from $7.0 billion to $10.0 billion. Our 364-day facility contains a requirement that CME remain in compliance with a consolidated tangible net worth test, defined as CME's consolidated shareholder's equity less intangible assets (as defined in the agreement), of not less than $800.0 million. We currently do not have any borrowings outstanding under this facility.
Current wording
We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our collateral), in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms, or in other cases as provided by the CME rulebook. Clearing firm guaranty fund contributions received in the form of cash or U.S. Treasury securities as well as the performance bond assets (pursuant to the CME rulebook) can be used to collateralize the facility. At March 31, 2025, guaranty fund contributions available to collateralize the facility totaled $9.8 billion. We have the option to request an increase in the line from $7.0 billion to $10.0 billion. Our 364-day facility contains a requirement that CME remain in compliance with a consolidated tangible net worth test, defined as CME's consolidated shareholder's equity less intangible assets (as defined in the agreement), of not less than $800.0 million. We currently do not have any borrowings outstanding under this facility.
Previous wording
Liquidity and Cash Management. Cash and cash equivalents totaled$2.3 billion and $2.9 billion at September 30, 2024 and December 31, 2023, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U.S. Treasury securities, U.S. government agency securities and U.S. Treasury security reverse repurchase agreements and short-term bank deposits. Our exposure to credit and liquidity risk is minimal given the nature of the investments. Cash that is not available for general corporate purposes because of regulatory requirements or other restrictions is classified as restricted cash and is included in cash performance bonds and guaranty fund contributions, other current assets or other assets in the consolidated balance sheets.
Current wording
Liquidity and Cash Management. Cash and cash equivalents totaled$1.4 billion and $2.9 billion at March 31, 2025 and December 31, 2024, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U.S. Treasury securities, U.S. government agency securities and U.S. Treasury security reverse repurchase agreements and short-term bank deposits. Our exposure to credit and liquidity risk is minimal given the nature of the investments. Cash that is not available for general corporate purposes because of regulatory requirements or other restrictions is classified as restricted cash and is included in cash performance bonds and guaranty fund contributions, other current assets or other assets in the consolidated balance sheets.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The average rate per contract decreased in the third quarter and first nine months of 2024 when compared with the same periods in 2023. The decreases in the average rate per contract were primarily due to higher member trading as a percentage of total volume as well as our tiered volume pricing structure. The overall decrease was partially offset by an increase in our fee structure, which went into effect on February 1, 2024.
Previous report — wording carried elsewhere
(1)We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.