CME GROUP INC.
For the period ended Mar 31, 2026. Filed Apr 24, 2026.
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, 2026 · Filed Apr 24, 2026
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 2025-09-30; filed 2025-10-24.
0001156375-25-000206
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-24.
0001156375-26-000020
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 84 previous paragraphs and 84 current paragraphs.
48 unchanged; 21 reworded; 15 added; 15 removed; 0 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 (15)
Current report
Market uncertainty remained high throughout the first quarter of 2026. Each of our asset classes experienced significant volatility as a result of the heightened geopolitical conflict in the Middle East, which has caused a ripple effect throughout the world economy. This resulted in uncertainty surrounding the United States Federal Reserve’s (Federal Reserve) interest rate policy decision and market volatility within the equity and foreign exchange markets. In addition, uncertainty remained high within the energy and metals markets as the Middle East conflict caused significant supply disruptions and led market participants to turn to precious metals amid this uncertainty. We believe these factors contributed to an increase in volume in the first quarter of 2026 when compared with the same period in 2025.
Current report
Equity index contract volume increased in the first quarter of 2026 when compared with the same period in 2025 due to higher overall volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which caused significant uncertainty throughout the equity markets. In addition, a market shift out of the Nasdaq-100 into the smaller cap Russell 2000 resulted in additional volume in that complex.
Current report
Our cryptocurrency contract volume was higher in the first quarter of 2026 with the same period in 2025. We believe this was due to increased volatility, which resulted in a broader cryptocurrency market repricing.
Current report
We believe these factors contributed to higher overall equity index and cryptocurrency volumes in the first quarter of 2026 when compared with the same period in 2025.
Current report
In the first quarter of 2026, overall foreign exchange volume increased when compared with the same period in 2025 mainly due to the heightened geopolitical conflict in the Middle East. This led to higher Australian dollar contract volume due to uncertainty in the commodities and energy markets. In addition, increased adoption of our foreign exchange products by market participants also contributed to the increase in foreign exchange volume. We believe these factors contributed to higher overall foreign exchange contract volume in the first quarter of 2026 when compared with the same period in 2025.
Current report
Energy contract volume increased in the first quarter of 2026 when compared with the same period in 2025, which we believe was due to the heightened geopolitical conflict in the Middle East. The conflict in the Middle East disrupted crucial supply chain routes, which created higher uncertainty within the crude oil markets. In addition, there was heightened price volatility within the refined products markets due to a shift in supplies as global fuel supplies were at historic lows. We believe these factors contributed to higher overall energy volume in the first quarter of 2026 compared with the same period in 2025.
Current report
Overall commodity contract volume increased in the first quarter of 2026 when compared with the same period in 2025. We believe the increase was due to higher overall market volatility as a result of the heightened geopolitical conflict in the Middle East, which caused disruptions within the grain market supply routes. In addition, the conflict within the Middle East also caused a greater demand for crop-based fuels as a result of crude oil pricing uncertainties. We believe these factors contributed to higher overall commodity volume in the first quarter of 2026 compared with the same period in 2025.
Current report
In the first quarter of 2026, overall metal contract volume increased when compared with the same period in 2025. We believe silver and gold volume increased as a result of higher price volatility due to the heightened geopolitical conflict in the Middle East. This led market participants to use silver and gold as safe-haven alternative investments amid this uncertainty. In addition, the growth in volume was due to the increased use of precious metals micro contracts by our retail client base. We believe these factors contributed to higher overall metals volume in the first quarter of 2026 compared with the same period in 2025.
Current report
The average rate per contract decreased in the first quarter of 2026 when compared with the same period in 2025. The decrease was largely due to an increase in micro contract volume, specifically within equities, energy and metals, as these typically have a lower average rate per contract. This was partially offset by a change in product mix. Energy and metal contract volume increased by 3 percentage points as a percent of total volume, while other products collectively decreased by 3 percentage points. In general, energy and metals products have a higher rate per contract compared with the remaining contracts.
Current report
Overall average daily notional values for the cash markets business were higher in the first quarter of 2026 when compared with the same period in 2025 due to higher overall volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which caused significant macro-economic uncertainty throughout the global economy.
Current report
•License fees expense was higher primarily due to record volumes for certain equity products as well as the addition of multiple new products which launched subsequent to the first quarter of 2025.
Current report
•Employee separation and restructuring expense was higher during the first quarter of 2026 as a result of a restructuring effort across multiple divisions of the company.
Current report
•Marketing expense increased as a result of higher sponsorship and event costs in the first quarter of 2026.
Current report
•Rent expense was higher primarily due to a gain on lease contraction recognized in the first quarter of 2025.
Current report
•In the first quarter of 2026, we recognized a net gain of $0.9 million, compared with a net loss of $2.3 million during the same period in 2025, due to currency exchange rate fluctuations. Gains and losses from exchange rate fluctuations are recognized in the consolidated statements of net income when subsidiaries with a U.S. dollar functional currency hold certain monetary assets and liabilities denominated in foreign currencies.
Removed paragraphs (15)
Previous report
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 report
In the third quarter of 2025, interest rate contract volume was lower compared to the same period in 2024, due to lower overall market volatility. We believe the lower volatility was a result of more clarity surrounding the Federal Reserve's interest rate policy decision as well as consistent trends in inflation data.
Previous report
Equity index contract volume decreased in the third quarter of 2025 when compared with the same period in 2024 due to lower overall equity market volatility. We believe lower market volatility was a result of less uncertainty surrounding the Federal Reserve's interest rate policy decision as well as consistent trends in inflation data.
Previous report
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 report
In addition, we believe volumes for our cryptocurrency products were higher as a result of the broader acceptance of cryptocurrency products.
Previous report
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 report
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 report
Energy contract volume decreased in the third quarter 2025 when compared with the same period in 2024, which we believe was due to lower overall market volatility. Crude oil volatility subsided as a result of easing geopolitical tensions in the Middle East as well as more clarity surrounding global trade negotiations.
Previous report
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 report
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 report
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 report
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 report
•Legal fees were higher primarily due to the class action lawsuit litigation in the second and third quarter of 2025.
Previous report
•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 report
•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.
Reworded paragraphs (21)
Previous wording
The following table summarizes our total contract volume, revenue and average rate per contract for futures and options. Total contract volume includes contracts that are traded on our exchange and cleared through our clearing house and certain cleared-only contracts. Volume is measured in round turns, which is considered a completed transaction that involves a purchase and an offsetting sale of a contract. Average rate per contract is determined by dividing total clearing and transaction fees by total contract volume. Contract volume and average rate per contract disclosures exclude trading volume for the cash markets business and interest rate swaps volume.
Current wording
The following table summarizes our total contract volume, revenue and average rate per contract for futures and options. Total contract volume includes contracts that are traded on our exchange and cleared through our clearing house and certain cleared-only contracts. Volume is measured in round turns, which is considered a completed transaction that involves a purchase and an offsetting sale of a contract. Average rate per contract is determined by dividing total clearing and transaction fees by total contract volume. Contract volume and average rate per contract disclosures below exclude trading volume for event contracts, the cash markets business as well as interest rate swaps.
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 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 volume and the change in average rate per contract for futures and options during the first quarter of 2026 when compared with the same period in 2025.
Previous 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.
Current wording
In the first quarter of 2026, interest rate contract volume was higher compared with the same period in 2025 due to an increase in market volatility. We believe this was due to the heightened geopolitical conflict in the Middle East. This led to uncertainty surrounding the Federal Reserve's future interest rate policy decisions. We believe these factors contributed to higher overall interest rate volume in the first quarter of 2026 when compared with the same period in 2025.
Previous 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.
Current wording
Total clearing and transaction fees revenues in the first quarter of 2026 include $76.6 million of transaction fees attributable to the cash markets business, compared with $71.0 million in the first quarter of 2025. 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 and first nine months of 2025 and 2024 were as follows:
Current wording
The related average daily notional value for the first quarter of 2026 and 2025 were as follows:
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 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.
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 quarter of 2026. 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 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 first quarter of 2026, overall market data and information services revenues increased when compared with the same period in 2025, largely due to higher usage of certain products, increased demand by new customer segments, and price increases for certain products.
Previous 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.
Current wording
The two largest resellers of our market data represented approximately 26% of our market data and information services revenue in the first quarter of 2026. 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 $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:
Current wording
Operating expenses increased by $36.1 million in the first quarter of 2026 when compared with the same periods in 2025. 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 2025 when compared with the same periods in 2024 were as follows:
Current wording
Increases in operating expenses in the first quarter of 2026 when compared with the same period in 2025 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 2025, which was primarily attributable to additional headcount in the company's international locations.
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 2026 as well as an increase in headcount, which was primarily attributable to additional headcount in the company's international locations.
Previous wording
•The increases in technology support services expenses 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 third party services to support the ongoing Google Cloud transformation project.
Previous wording
Decreases in operating expense in the third quarter and first nine months when compared with the same periods in 2024 were as follows:
Current wording
Decreases in operating expense in the first quarter of 2026 when compared with the same period in 2025 were as follows:
Previous 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.
Current wording
Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested increased in the first quarter of 2026 when compared with the same period in 2025 due to higher reinvestment balances despite decreases in the average rate of return on the reinvestment balances. In the first quarter of 2026 and 2025, earnings from cash performance bond and guaranty fund contributions were $1,371.1 million and $873.6 million, respectively. The increase was partially offset by higher net unrealized losses in the first quarter of 2026.
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 third quarter and first nine 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 first quarter of 2026 when compared with 2025.
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 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.
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 first quarter of 2026 when compared with the same period in 2025. In the first quarter of 2026 and 2025, expenses related to the distribution of interest earned on collateral reinvestments were $1,249.2 million and $804.8 million, respectively.
Previous wording
The overall effective tax rates remained relatively consistent in the third quarter and first nine months of 2025 when compared with the same periods in 2024.
Current wording
The overall effective tax rates remained relatively consistent in thefirst quarter of 2026 when compared with the same period in 2025.
Previous 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.
Current wording
Sources and Uses of Cash. Net cash provided by operating activities increased in the first quarter of 2026 when compared with the same period in 2025, 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 quarter of 2026 when compared with the same period in 2025. Cash provided by financing activities was lower during the first quarter of 2026 when compared with the same period in 2025 due to a smaller increase in cash performance bonds and guaranty fund contributions.
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, 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.
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, 2026, guaranty fund contributions available to collateralize the facility totaled $10.8 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
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.
Current wording
Liquidity and Cash Management. Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, totaled $2.4 billion and $4.4 billion at March 31, 2026 and December 31, 2025, 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. Cash performance bonds and guarantee fund contribution assets are deemed to be restricted cash and restricted cash equivalents.
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 $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.
Current wording
We maintain 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 March 31, 2026, the maximum remaining value of shares to be repurchased was$2.2 billion.