- Record quarterly E-mini equity index volume was up 83 percent; record quarterly foreign exchange volume was up 50 percent; and record quarterly interest rate volume was up 43 percent
- Record quarterly total options volume was up 37 percent to average 2.4 million contracts per day; total Eurodollar options averaged a record 1.6 million contracts per day and electronic Eurodollar options averaged a record 141,000 contracts per day
- Quarterly volume for NYMEX energy and metals products on CME Globex was up 358 percent, representing fifth consecutive record quarter; September NYMEX volumes on CME Globex averaged a record 889,000 contracts per day, representing the fifth consecutive
- Quarterly CME Group volume was up 48 percent to average 12.2 million contracts per day, using CME standalone volume through July 12, 2007, plus the combined volumes of CME and CBOT for the remainder of the quarter
CME Group, the world's largest and most diverse exchange, today announced September volume averaged 11.6 million contracts per day, up 25 percent from September 2006. Third-quarter 2007 volume averaged a record 12.7 million contracts per day, up 49 percent, assuming combined CME/CBOT volumes for the entire quarter. Total quarterly volume exceeded 798 million contracts, of which 77 percent was traded electronically. Third-quarter 2007 electronic options volume averaged a record 353,000 contracts per day, up 60 percent from the same period a year ago, representing 15 percent of total CME Group options volume.
Third-Quarter Highlights (Assuming CME/CBOT Combined Volumes for Entire Quarter)
CME Group E-mini equity index product volume averaged a record 3.1 million contracts per day in the third quarter, up 83 percent compared with third-quarter 2006. CME Group equity standard volume averaged 202,000 contracts per day, up 26 percent from the same period a year ago. Total equity options volume averaged 187,000 contracts per day, a 53 percent increase from the same period a year ago. Total E-mini index options volume averaged 100,000 contracts per day, up 85 percent from third-quarter 2006.
All references to volume and rate per contract information in the text of this document exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, and Swapstream products.
CME Group foreign exchange product volume averaged a record 635,000 contracts per day in the third quarter, up 50 percent compared with the year-ago period. Electronic foreign exchange volume averaged a record 594,000 contracts per day, up 59 percent compared with third-quarter 2006.
CME Group interest rate product volume averaged a record 8.1 million contracts per day in the third quarter, up 43 percent from third-quarter 2006. CME Group achieved quarterly total volume records in Eurodollars, 10-year, 5-year and 2-year U.S. Treasury Notes, and 30-year U.S. Bonds, of 4.5 million, 1.8 million, 823,000, 327,000 and 514,000 contracts per day, respectively. During the third quarter, electronic Eurodollar options averaged a record 141,000 contracts per day, up 49 percent compared with the same period a year ago.
CME Group commodities and alternative investment products volume averaged 716,000 contracts per day in third-quarter 2007, up 15 percent compared with the same period a year ago. CME Group electronic commodities and alternative investment product volume was 51 percent of total CME Group commodities and alternative investment product volume in the third quarter.
NYMEX energy and metals volume on the CME Globex platform in the third-quarter 2007 averaged a record 801,000 contracts per day, increasing by four times the average daily volume for the same period a year ago.
September Highlights
Total CME Group monthly volume exceeded 220 million contracts, of which 76 percent were traded electronically. Total monthly options volume averaged 2.2 million contracts per day, up 22 percent from September 2006. September electronic options volume averaged 252,000 contracts per day, representing 11 percent of total CME Group options volume.
CME Group E-mini equity index product volume averaged 2.9 million contracts per day in September, up 56 percent compared with September 2006. Total equity options volume averaged 141,000 contracts per day, a 12 percent increase from the same period a year ago. Total E-mini index options volume averaged 72,000 contracts per day, up 28 percent from September 2006.
CME Group foreign exchange product volume averaged 635,000 contracts per day in September, up 22 percent compared with the year-ago period. Electronic foreign exchange product volume averaged 587,000 contracts per day, up 32 percent compared with September 2006. September foreign exchange futures and options product volume represented a notional value of $79 billion.
CME Group interest rate product volume averaged 7.1 million contracts per day in September, up 18 percent from September 2006.
CME GROUP MONTHLY AVERAGE DAILY VOLUME - INTEREST RATES (In thousands, average daily volume combined for entire month) September 2007 ADV % Change vs. September 2006 Eurodollar futures 2,607K 15% 10-year U.S. Treasury Note futures 1,283K 16% 5-year U.S. Treasury Note futures 599K 28% 30-year Bond futures 361K -4% 2-year U.S. Treasury Note futures 252K 82% Eurodollar options 1,460K 29% Treasury and Bond options 449K 5%
CME Group commodities and alternative investment products volume averaged 712,000 contracts per day in September, up 12 percent compared with the same period a year ago. NYMEX energy and metals volume on the CME Globex platform in September averaged a record 889,000 contracts per day, more than tripling the average daily volume for the same period a year ago.
CME GROUP QUARTERLY AVERAGE DAILY VOLUME (In thousands, average daily volume combined for entire quarter) Q3 2007 Q3 2006 Percent Change PRODUCT LINE Interest Rates 8,060 5,655 43% E-Minis 3,057 1,667 83% Equity Standard 202 161 26% Foreign Exchange 635 423 50% *Commodities and Alt. Inv. 716 624 15% Total 12,670 8,530 49% VENUE Open Outcry 2,652 2,367 12% CME Globex and e-CBOT 9,806 6,033 63% Privately Negotiated 212 130 63%
*CME Group Commodities and Alternative Investments product line includes the legacy CME Commodities and Alternative Investments product line and the legacy CBOT Agricultural product line and Metals, Energy and Other product line.
CME GROUP MONTHLY AVERAGE DAILY VOLUME (In thousands, average daily volume combined for entire month) September 2007 September 2006 Percent Change PRODUCT LINE Interest Rates 7,127 6,036 18% E-Minis 2,894 1,853 56% Equity Standard 235 218 8% Foreign Exchange 635 520 22% *Commodities and Alt. Inv. 712 633 12% Total 11,603 9,260 25% VENUE Open Outcry 2,554 2,408 6% CME Globex and e-CBOT 8,846 6,700 32% Privately Negotiated 202 151 34% CME GROUP ROLLING THREE-MONTH AVERAGES Average Rate Per Contract
(In dollars, and calculated from combined average daily volumes for entire period)
By Product Line By Venue Commod- 3-Month Inter- Equity Foreign ities Privately Period est Stan- Ex- and Alt. Open Elec- Nego- Ending Rates E-Minis dard change Inv. Total Outcry tronic tiated Aug-07 0.517 0.677 1.397 0.981 1.040 0.624 0.474 0.612 2.876 Jul-07 0.514 0.686 1.357 1.036 1.021 0.627 0.487 0.611 2.914 Jun-07 0.516 0.700 1.334 1.090 1.034 0.639 0.492 0.626 2.948 May-07 0.515 0.715 1.364 1.080 0.994 0.639 0.492 0.631 3.018 Average Daily Volume (In thousands, average daily volumes combined for entire period) By Product Line By Venue Commod- 3-Month Inter- Equity Foreign ities Privately Period est Stan- Ex- and Alt. Open Elec- Nego- Ending Rates E-Minis dard change Inv. Total Outcry tronic tiated Sep-07 8,060 3,057 202 635 716 12,670 2,652 9,806 212 Aug-07 8,345 3,051 206 645 794 13,041 2,705 10,104 232 Jul-07 7,386 2,482 185 591 790 11,434 2,391 8,835 208 Jun-07 6,670 2,127 180 527 818 10,322 2,297 7,838 188 Methodology for Reporting Third-Quarter Results
Group was formed on July 12, 2007, at the completion of the merger of CME and Chicago Board of Trade. For the purpose of quarterly reporting, third-quarter 2007 volume is calculated using CME standalone volume through July 12, 2007, plus the combined volumes of CME and CBOT for the remainder of the quarter, and is compared with the third-quarter 2006 using the same methodology. This methodology also is the basis for calculating transaction fee revenue for the third quarter. Following is a breakdown of this comparison by product line.
CME GROUP THIRD QUARTER AVERAGE DAILY VOLUME
(In thousands, average daily volume totals reflect CME standalone volume for the first eight trading days and combined volume for the remainder of the quarter)
Q3 2007 Q3 2006 Percent Change PRODUCT LINE Interest Rates 7,684 5,451 41% E-Minis 3,042 1,657 84% Equity Standard 202 161 26% Foreign Exchange 635 423 50% Commodities and Alt. Inv. 629 558 13% Total 12,192 8,250 48% CME GROUP ROLLING THREE-MONTH AVERAGE RATE PER CONTRACT
(In dollars, and calculated using July volume reflecting CME standalone volume for the first eight trading days and combined volume for the remainder of the month)
By Product Line By Venue Commod- 3-Month Inter- Equity Foreign ities Privately Period est Stan- Ex- and Alt. Open Elec- Nego- Ending Rates E-Minis dard change Inv. Total Outcry tronic tiated Aug-07 0.517 0.676 1.398 0.981 1.063 0.624 0.472 0.614 2.894 Jul-07 0.513 0.684 1.359 1.036 1.042 0.628 0.486 0.614 2.937
CME Group (http://www.cmegroup.com/) is the world's largest and most diverse exchange. Formed by the 2007 merger of the Chicago Mercantile Exchange Holdings and CBOT Holdings, CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities and alternative investment products such as weather and real estate. CME Group's Class A common stock is traded on the New York Stock Exchange and the Nasdaq Global Select Market under the symbol "CME."
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex and E-mini, are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at http://www.cmegroup.com/.
Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Among the factors that might affect our performance are: our ability to successfully integrate the businesses of CME Holdings and CBOT Holdings, including the fact that such integration may be more difficult, time consuming or costly than expected; revenues following the merger may be lower than expected; increasing competition by foreign and domestic competitors, including new entrants into our markets; our ability to keep pace with rapid technological developments, including our ability to complete the development and implementation of the enhanced functionality required by our customers; our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to continue to realize the benefits of our transaction processing services provided to third parties; our ability to maintain existing customers and attract new ones; our ability to expand and offer our products in foreign jurisdictions; changes in domestic and foreign regulations; changes in government policy, including policies relating to common or directed clearing; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; our ability to generate revenue from our market data that may be reduced or eliminated by the growth of electronic trading and the redundancies in the market data offerings of Chicago Mercantile Exchange Inc. and Board of Trade of the City of Chicago, Inc.; changes in the rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of tiered pricing; the ability of our financial safeguards package to adequately protect us from the credit risk of clearing firms; changes in price levels and volatility in the derivatives markets and in underlying fixed income, equity, foreign exchange and commodities markets; economic, political and market conditions; our ability to accommodate increases in trading volume without failure or degradation of performance of our systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks and control the costs associated with our acquisition, investment and alliance strategy; industry and customer consolidation; decreases in trading and clearing activity; the imposition of a transaction tax on futures and options on futures transactions; and seasonality of the derivatives business. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q, which is available in the Investor Relations section of the CME Group Web site. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.