CME GROUP INC.

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 second quarter and first six months of 2025 when compared with the same periods in 2024.

Current 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 2025 when compared with the same periods in 2024.

Previous wording

Market uncertainty remained high through the first six months of 2025. Interest rate, equity and foreign exchange markets experienced significant uncertainty surrounding the 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 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 six months of 2025, mainly as a result of new and existing geopolitical tensions, including the anticipation and implementation of tariffs, as well as uncertain weather conditions in 2025. We believe these factors contributed to the increases in total volumes in the second quarter and first six months of 2025 when compared with the same periods in 2024.

Current wording

Market uncertainty remained high through the first half of 2025. Interest rate, equity and foreign exchange markets experienced significant uncertainty surrounding the 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. In addition, market uncertainty also remained high within the energy, metals and agricultural commodities markets in the first half of 2025, mainly as a result of new and existing geopolitical tensions, including the anticipation and implementation of tariffs, as well as uncertain weather conditions in 2025. However, in the third quarter of 2025, overall market volatility subsided relative to periods of very high volatility earlier in the year as market uncertainty tapered as a result of consistent inflation data and more clarity surrounding the Federal Reserve's interest rate policy decision. We believe these factors contributed to an increase in volume in the first nine months of 2025 when compared with the same periods in 2024 and lower volume in the third quarter of 2025.

Previous wording

In the second quarter and first six months of 2025, overall interest rate contract volumes increased when compared with the same periods in 2024 due to increases in market volatility. We believe the higher volatility was a result of continued market uncertainty surrounding the Federal Reserve's interest rate policy decision as a result of mixed inflation data. In addition, new and existing geopolitical tensions as well as the potential economic impacts of anticipated and implemented tariffs also led to higher overall volatility. We believe these factors contributed to higher overall interest rate volumes in the second quarter and first six months of 2025 when compared with the same periods in 2024.

Current wording

Overall interest rate contract volume increased in the first nine months of 2025 when compared with the same period in 2024, due to higher overall volatility in early 2025. We believe this was due to market uncertainty surrounding the Federal Reserve's interest rate policy decision as well as mixed inflation data in the first half of 2025. In addition, new and existing geopolitical tensions as well as the potential economic impacts of anticipated and implemented tariffs also led to higher overall volatility in the first half of 2025. We believe these factors contributed to higher overall interest rate volume in the first nine months of 2025 when compared with the same period in 2024.

Previous wording

Equity index contract volumes increased in the second quarter and first six months of 2025 when compared with the same periods in 2024 due to higher overall equity market volatility. We believe higher market volatility was a result of new and existing geopolitical tensions as well as the potential economic impacts of anticipated and implemented tariffs.

Current wording

Overall equity index contract volume increased in the first nine months of 2025 when compared with the same period in 2025, due to higher overall volatility in early 2025. We believe this was due to new and existing geopolitical tensions as well as the potential economic impacts of anticipated and implemented tariffs in the first half of 2025.

Previous wording

In addition, we believe volumes for our cryptocurrency products were higher as a result of the broader acceptance of cryptocurrency products, which includes the passing of federal legislation surrounding dollar-pegged stablecoins. W

Current wording

In addition, we believe volumes for our cryptocurrency products were higher as a result of the broader acceptance of cryptocurrency products.

Previous wording

In the second quarter and first six months of 2025, overall foreign exchange volumes increased when compared with the same periods in 2024 due to higher market volatility. We believe the volatility was the result of economic uncertainty surrounding the potential economic impacts of anticipated and implemented tariffs, which has led to overall increases in foreign exchange contract volumes.

Current wording

In the third quarter and first nine months of 2025, overall foreign exchange volumes decreased when compared with the same periods in 2024 due to lower market volatility. We believe this was the result of less uncertainty surrounding the global central bank's interest rate policies as well as consistent trends in inflation data, which has led to overall decreases in foreign exchange contract volumes.

Previous wording

Overall commodity contract volumes increased in the second quarter and first six months of 2025 when compared with the same periods 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. In addition, changes in market expectations regarding grain supplies as well as uncertain weather conditions in 2025 also led to increases in volumes. We believe these factors contributed to higher overall commodity volumes in the second quarter and first six months of 2025 compared with the same periods in 2024.

Current wording

Overall commodity contract volumes increased in the third quarter and first nine months of 2025 when compared with the same periods 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 they relate to the commodities market. In addition, changes in market expectations regarding grain supplies as well as uncertain weather conditions in 2025 also led to increases in volumes. We believe these factors contributed to higher overall commodity volumes in the third quarter and first nine months of 2025 compared with the same periods in 2024.

Previous wording

Energy contract volumes increased in the second quarter and first six months of 2025 when compared with the same periods in 2024, which we believe was due to higher overall market volatility. Crude oil volatility was higher as a result of new and existing geopolitical tensions across the globe, a shift in global supply levels as well as the potential economic impacts of anticipated and implemented tariffs. Natural gas volatility was higher as a result of uncertain weather conditions and a shift in supplies in the United States in 2025, which impacted prices throughout the year. We believe these factors contributed to higher overall energy volumes in the second quarter and first six months of 2025 compared with the same periods in 2024.

Current wording

Overall energy contract volume increased in the first nine months of 2025 when compared with the same period in 2024, due to higher overall volatility. In the first half of 2025, crude oil volatility was higher as a result of geopolitical tensions across the globe, a shift in global supply levels, and the potential economic impacts of anticipated and implemented tariffs. Natural gas volatility was higher as a result of uncertain weather conditions and a shift in supplies in the United States in 2025, which impacted prices throughout the year. We believe these factors contributed to higher overall energy volume in the first nine months of 2025 compared with the same periods in 2024.

Previous wording

In the second quarter and first six months of 2025, overall metal contract volumes increased when compared with the same periods in 2024. We believe gold volumes increased as a result of continued economic uncertainty surrounding the Federal Reserve's monetary policy decisions, the potential economic impacts of anticipated and implemented tariffs and geopolitical tensions. The decreases in silver and copper volumes are due to reductions in demand for the metals due to economic instability as well as risk aversion by traders.

Current wording

In the third quarter and first nine months of 2025, overall metal contract volumes increased when compared with the same periods in 2024. We believe gold volumes increased as a result of increased price volatility caused by investors using gold as a safe-haven alternative investment due to uncertainty in other markets. The decreases in silver and copper volumes are due to reductions in demand for the metals due to economic instability as well as risk aversion by traders. We believe these factors contributed to higher overall metals volumes in the third quarter and first nine months of 2025 compared with the same periods in 2024.

Previous wording

The average rate per contract decreased in the second quarter and first six months of 2025 when compared with the same periods in 2024. The decreases in the average rate per contract were primarily due to higher volume tier-based incentives and higher micro contract volumes as a percentage of total volumes. The overall decreases were partially offset by an increase in our fee structure, which went into effect on February 1, 2025.

Current wording

The average rate per contract increased in the third quarter and first nine months of 2025 when compared with the same periods in 2024. The increases in the average rate per contract were primarily due to higher commodities, energy and metals contract volumes as a percentage of total volumes. In addition, the overall increases in average rate per contract were due to an increase in our fee structure, which went into effect on February 1, 2025.

Previous wording

Total clearing and transaction fees revenues in the second quarter and first six months of 2025 include $74.6 million and $145.6 million, respectively, of transaction fees attributable to the cash markets business, compared with $70.4 million and $139.4 million, respectively, in the second quarter and first six months of 2024. 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 third quarter and first nine months of 2025 include $69.8 million and $215.4 million, respectively, of transaction fees attributable to the cash markets business, compared with $68.5 million and $207.9 million, respectively, in the third quarter and first nine months 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 second quarter and first six months of 2025 and 2024 were as follows:

Current wording

The related average daily notional value for the third quarter and first nine months of 2025 and 2024 were as follows:

Previous wording

Overall average daily notional values for the cash markets business were higher in the second quarter and first six months of 2025 when compared with the same periods 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.

Current wording

Overall average daily notional values for the cash markets business were higher in the third quarter and first nine months of 2025 when compared with the same periods in 2024 due to higher overall U.S. debt issuances. U.S. debt issuances were significantly higher in the third quarter and first nine months of 2025 as a result of the increase of the debt ceiling in early 2025, which resulted in an increase in U.S. Repo volumes. The increase in the third quarter of 2025 was partially offset by lower volatility within our U.S. Treasury products, as a result of more clarity surrounding the Federal Reserve's interest rate policy decision as well as consistent trends in inflation data.

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 six months 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.

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 10%of our clearing and transaction fees in the first nine months 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 second quarter and first six months of 2025, overall market data and information services revenues increased when compared with the same periods in 2024, largely due to price increases for certain products as well as higher usage of certain products.

Current wording

Market data and information services. During the third quarter and first nine months of 2025, overall market data and information services revenues increased when compared with the same periods in 2024, largely due to price increases for certain products as well as higher usage of certain products.

Previous wording

The two largest resellers of our market data represented approximately 33% of our market data and information services revenue in the first six months 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.

Current wording

The two largest resellers of our market data represented approximately 31% of our market data and information services revenue in the first nine months 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

Operating expenses increased by $30.8 million and $36.8 million, respectively, in the second quarter and first six months of 2025 when compared with the same periods in 2024. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses:

Current wording

Operating expenses increased by $4.8 million and $41.6 million, respectively, in the third quarter and first nine months of 2025 when compared with the same periods 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 second quarter and first six months of 2025 when compared with the same periods in 2024 were as follows:

Current wording

Increases in operating expenses in the third quarter and first nine months of 2025 when compared with the same periods in 2024 were as follows:

Previous wording

•Salaries, benefits and employer taxes expenses were 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.

Current wording

•Salaries, benefits and employer taxes expenses were 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 2025, which was primarily attributable to additional headcount in the company's international locations.

Previous wording

Decreases in operating expense in the second quarter and first six months when compared with the same periods in 2024 were as follows:

Current wording

Decreases in operating expense in the third quarter and first nine months when compared with the same periods in 2024 were as follows:

Previous wording

•The decrease in professional fees related to the Google Cloud transformation project, which began in late 2021, was driven by a shift in need from an overall project consulting focus to a technology migration focus.

Current wording

•The decreases in professional fees related to the Google Cloud transformation project, which began in late 2021, were the result of a shift in need from an overall project consulting focus to a technology migration focus.

Previous wording

•Rent expense decreased during the second quarter and first six months of 2025 primarily driven by a gain of $8.1 million recognized in the second quarter of 2025 due to a reduction in our leased office space.

Current wording

•Rent expenses decreased during the third quarter and first nine months of 2025 largely due to gains of $10.5 million recognized in the second quarter of 2025 resulting from a reduction in our leased office space.

Previous wording

Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested increased in the second quarter and first six months of 2025 when compared with the same periods in 2024 due to higher reinvestment balances, despite decreases in the average rate of return on the reinvestment balances. In the second quarter and first six months of 2025, earnings from cash performance bond and guaranty fund contributions were $1,487.6 million and $2,361.2 million, respectively, compared with $1,007.6 million and $2,044.3 million, respectively, in the second quarter and first six months of 2024. We also recognized lower net realized and unrealized gains on investments in the second quarter and first six months of 2025.

Current wording

Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested increased in the third quarter and first nine months of 2025 when compared with the same periods in 2024 due to higher reinvestment balances, despite decreases in the average rate of return on the reinvestment balances. In the third quarter and first nine months of 2025, earnings from cash performance bond and guaranty fund contributions were $1,514.1 million and $3,875.3 million, respectively, compared with $991.3 million and $3,035.6 million, respectively, in the third quarter and first nine months of 2024. We also recognized lower net realized and unrealized gains on investments in the third quarter and first nine months of 2025.

Previous wording

Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P Dow Jones Indices LLC business venture contributed to increases in equity in net earnings (losses) of unconsolidated subsidiaries in the second quarter and first six months of 2025 when compared with 2024.

Current wording

Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P Dow Jones Indices LLC business venture contributed to increases in equity in net earnings (losses) of unconsolidated subsidiaries in the third quarter and first nine months of 2025 when compared with 2024.

Previous wording

Other non-operating income (expense). We recognized higher expenses related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the second quarter and first six months of 2025 when compared with the same periods in 2024. In the second quarter and first six months of 2025, expenses related to the distribution of interest earned on collateral reinvestments were $1,374.5 million and $2,179.3 million, respectively, compared with $939.4 million and $1,906.9 million, respectively, in the second quarter and first six months of 2024.

Current wording

Other non-operating income (expense). We recognized higher expenses related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the third quarter and first nine months of 2025 when compared with the same periods in 2024. In the third quarter and first nine months of 2025, expenses related to the distribution of interest earned on collateral reinvestments were $1,399.2 million and $3,578.5 million, respectively, compared with $922.6 million and $2,829.4 million, respectively, in the third quarter and first nine months of 2024.

Previous wording

Sources and Uses of Cash. Net cash provided by operating activities increased in the first six months of 2025 when compared with the same periods in 2024, which was largely due to an increase in trading volume. Cash used in investing activities remained relatively consistent in the first six months of 2025 when compared with the same periods in 2024. Cash provided by financing activities was higher during the first six months of 2025 when compared with the same periods in 2024 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 nine months of 2025 when compared with the same period in 2024, which was largely due to an increase in trading volume and higher interest earned on reinvestment of collateral, net of distributions. Cash used in investing activities remained relatively consistent in the first nine months of 2025 when compared with the same period in 2024. Cash provided by financing activities was higher during the first nine months of 2025 when compared with the same period in 2024 due to an increase in cash performance bonds and guaranty fund contributions.

Previous wording

We maintain a $2.3 billion multi-currency revolving senior credit facility with various financial institutions, which matures in April 2030. The proceeds from this facility can be used for general corporate purposes, which includes providing liquidity for our clearing house in certain circumstances at CME Group's discretion and, if necessary, for maturities of commercial paper. As long as we are not in default under this facility, we have the option to increase it up to $3.3 billion with the consent of the agent and lenders providing the additional funds. This facility is voluntarily pre-payable from time to time without premium or penalty. Under this facility, we are required to remain in compliance with a consolidated net worth test, which is defined as our consolidated shareholders' equity at December 31, 2024, giving effect to share repurchases made and special dividends paid during the term of the agreements (and in no event greater than $2.0 billion in aggregate), multiplied by 0.65. We currently do not have any borrowings outstanding under this facility, but any commercial paper balance if or when outstanding can be backstopped against this facility.

Current wording

We maintain a $2.3 billion multi-currency revolving senior credit facility with various financial institutions, which matures in April 2030. The proceeds from this facility can be used for general corporate purposes, which includes providing liquidity for our clearing house in certain circumstances at CME Group's discretion and, if necessary, for maturities of commercial paper. As long as we are not in default under this facility, we have the option to increase it up to $3.3 billion with the consent of the agent and lenders providing the additional funds. This facility is voluntarily pre-payable from time to time without premium or penalty. Under this facility, we are required to remain in compliance with a consolidated net worth test, which is defined as our consolidated shareholders' equity at December 31, 2024, giving effect to share repurchases made and special dividends paid during the term of the agreement (and in no event greater than $2.0 billion in aggregate), multiplied by 0.65. We currently do not have any borrowings outstanding under this facility, but any commercial paper balance if or when outstanding can be backstopped against this facility.

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 June 30, 2025, guaranty fund contributions available to collateralize the facility totaled $9.4 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 September 30, 2025, guaranty fund contributions available to collateralize the facility totaled $9.5 billion. We have the option to increase the line from $7.0 billion to $10.0 billion with the consent of the agent and lenders providing the additional funds. 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

To satisfy our performance bond obligation with Singapore Exchange Limited, we may pledge irrevocable standby letters of credit. At June 30, 2025, the letters of credit totaled$400.0 million. We also maintain a $350.0 million line of credit to meet our obligations under this agreement.

Current wording

To satisfy our performance bond obligation with Singapore Exchange Limited, we may pledge irrevocable standby letters of credit. At September 30, 2025, the letters of credit totaled $400.0 million. We also maintain a $350.0 million line of credit to meet our obligations under this agreement.

Previous wording

Liquidity and Cash Management. Cash and cash equivalents totaled $2.0 billion and $2.9 billion at June 30, 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.

Current wording

Liquidity and Cash Management. Cash and cash equivalents totaled $2.4 billion and $2.9 billion at September 30, 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.

Previous wording

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 $3.0 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. As of June 30, 2025, the maximum value of shares to be repurchased was $2,991.8 million.

Current wording

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 $3.0 billion of our outstanding Class A common stock, par value $0.01 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. As of September 30, 2025, the maximum remaining value of shares to be repurchased was $2,991.8 million.