Q3 2025 CME Group Inc Earnings Call Transcript
Key Points
- CME Group Inc (CME) reported the second highest third quarter average daily volume in its history, with 25.3 million contracts.
- The company set records in large open interest holders and interest rates, equity indices, and cryptocurrencies, despite a general pullback in volatility.
- CME Group Inc (CME) saw significant growth in its crypto complex, with a record 340,000 contracts traded per day, up over 225% from the previous year.
- Market data revenue reached a record level, delivering over $200 million in quarterly revenue for the first time, up 14% to $203 million.
- The company announced a partnership with FanDuel to develop and distribute event-based contracts, expanding its retail strategy and distribution reach.
- Revenue for the third quarter was $1.5 billion, down 3% from the strong third quarter in 2024.
- The average rate per contract decreased, impacting clearing and transaction fees, which totaled $1.2 billion.
- Energy volumes were down this quarter after a long period of strong growth, with geopolitical risks stabilizing.
- The company faces challenges in expanding 24/7 trading beyond cryptocurrency markets due to operational and client demand considerations.
- CME Group Inc (CME) is still working on the economic model for its partnership with FanDuel and the broader prediction markets, indicating uncertainty in future revenue streams.
Welcome to the CME Group. Third quarter 2025 earnest call. (Operator Instructions) I would now like to turn the call over to Adam Minick. Please go ahead.
Good morning, and I hope you're all doing well today. We released our executive commentary earlier this morning which provides extensive details on the third quarter of 2025, which we will be discussing on this call. I'll start with the Safe Harbor language and then I'll turn it over to Terry.
Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They 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 statement.
Detailed information about factors that may affect our performance can be found in the filings with the SEC, which are on our website. Lastly
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