ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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36-4459170
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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20 South Wacker Drive, Chicago, Illinois
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60606
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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Emerging growth company
o
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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Class A Common Stock
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CME
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Nasdaq
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Page
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 6.
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•
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increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities;
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•
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our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks;
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•
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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, including our ability to provide effective services to the swaps market;
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•
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our ability to adjust our fixed costs and expenses if our revenues decline;
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•
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our ability to maintain existing customers, develop strategic relationships and attract new customers;
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•
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our ability to expand and globally offer our products and services;
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•
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changes in regulations, including the impact of any changes in laws or government policy with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers;
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•
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the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others;
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•
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decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions;
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•
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changes in our 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 our tiered pricing structure;
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•
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the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business;
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•
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the ability of our compliance and risk management methods to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets;
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•
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volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, fixed income instruments and foreign exchange rates;
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•
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economic, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers;
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•
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our ability to accommodate increases in contract volume and order transaction traffic and to implement enhancements without failure or degradation of the performance of our trading and clearing systems;
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•
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our ability to execute our growth strategy and maintain our growth effectively;
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•
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our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments and alliances, including those associated with the acquisition of NEX;
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•
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our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business;
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•
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industry and customer consolidation;
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•
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decreases in trading and clearing activity;
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•
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the imposition of a transaction tax or user fee on futures and options on futures transactions and/or repeal of the 60/40 tax treatment of such transactions;
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•
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our ability to maintain our reputation; and
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•
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the unfavorable resolution of material legal proceedings.
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ITEM 1.
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FINANCIAL STATEMENTS
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March 31, 2019
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December 31, 2018
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(unaudited)
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Assets
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Current Assets:
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Cash and cash equivalents
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$
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997.4
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$
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1,374.5
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Marketable securities
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82.4
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72.9
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Accounts receivable, net of allowance of $2.0 and $2.7
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559.5
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553.3
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Other current assets (includes $1.6 and $1.5 in restricted cash)
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345.7
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430.5
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Performance bonds and guaranty fund contributions
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33,620.2
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39,455.5
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Total current assets
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35,605.2
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41,886.7
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Property, net of accumulated depreciation and amortization of $789.8 and $761.1
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467.7
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448.7
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Intangible assets—trading products
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17,175.3
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17,175.3
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Intangible assets—other, net
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5,380.6
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5,500.1
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Goodwill
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10,850.3
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10,805.3
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Other assets (includes $1.1 and $1.2 in restricted cash)
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2,135.4
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1,659.6
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Total Assets
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$
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71,614.5
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$
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77,475.7
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Liabilities and Equity
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Current Liabilities:
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Accounts payable
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$
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65.3
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$
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116.0
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Short-term debt
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—
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574.2
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Other current liabilities
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592.5
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1,126.9
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Performance bonds and guaranty fund contributions
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33,614.6
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39,455.5
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Total current liabilities
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34,272.4
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41,272.6
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Long-term debt
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4,292.0
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3,826.8
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Deferred income tax liabilities, net
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5,662.7
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5,665.9
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Other liabilities
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1,200.9
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745.1
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Total Liabilities
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45,428.0
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51,510.4
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Shareholders’ Equity:
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Preferred stock, $0.01 par value, 10,000 shares authorized at March 31, 2019 and December 31, 2018; none issued
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—
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—
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Class A common stock, $0.01 par value, 1,000,000 shares authorized at March 31, 2019 and December 31, 2018; 357,013 and 356,824 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively
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3.6
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3.6
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Class B common stock, $0.01 par value, 3 shares authorized, issued and outstanding as of March 31, 2019 and December 31, 2018
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—
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—
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Additional paid-in capital
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21,062.1
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21,054.3
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Retained earnings
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5,091.1
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4,855.3
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Accumulated other comprehensive income (loss)
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0.8
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5.3
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Total CME Group Shareholders’ Equity
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26,157.6
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25,918.5
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Non-controlling interests
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28.9
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46.8
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Total Equity
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26,186.5
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25,965.3
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Total Liabilities and Equity
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$
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71,614.5
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$
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77,475.7
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Quarter Ended
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March 31,
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2019
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2018
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Revenues
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Clearing and transaction fees
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$
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952.6
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$
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973.6
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Market data and information services
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130.1
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94.9
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Other
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96.9
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40.5
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Total Revenues
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1,179.6
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1,109.0
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Expenses
|
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Compensation and benefits
|
230.3
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152.7
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Technology
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47.1
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25.5
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Professional fees and outside services
|
39.4
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42.6
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Amortization of purchased intangibles
|
80.7
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23.7
|
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Depreciation and amortization
|
32.9
|
|
|
28.1
|
|
||
Licensing and other fee agreements
|
40.5
|
|
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49.5
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Other
|
77.7
|
|
|
46.0
|
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Total Expenses
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548.6
|
|
|
368.1
|
|
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Operating Income
|
631.0
|
|
|
740.9
|
|
||
|
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|
||||
Non-Operating Income (Expense)
|
|
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|
||||
Investment income
|
178.7
|
|
|
156.4
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Interest and other borrowing costs
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(48.1
|
)
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(30.1
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)
|
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Equity in net earnings of unconsolidated subsidiaries
|
40.5
|
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40.1
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Other non-operating income (expense)
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(161.9
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)
|
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(118.6
|
)
|
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Total Non-Operating Income (Expense)
|
9.2
|
|
|
47.8
|
|
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Income before Income Taxes
|
640.2
|
|
|
788.7
|
|
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Income tax provision
|
144.3
|
|
|
189.9
|
|
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Net Income
|
495.9
|
|
|
598.8
|
|
||
Less: net (income) loss attributable to non-controlling interests
|
1.0
|
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—
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|
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Net Income Attributable to CME Group
|
$
|
496.9
|
|
|
$
|
598.8
|
|
|
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|
||||
Earnings per Common Share Attributable to CME Group:
|
|
|
|
||||
Basic
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$
|
1.39
|
|
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$
|
1.76
|
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Diluted
|
1.39
|
|
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1.76
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|
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Weighted Average Number of Common Shares:
|
|
|
|
||||
Basic
|
356,886
|
|
|
339,305
|
|
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Diluted
|
358,047
|
|
|
340,747
|
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Quarter Ended
|
||||||
|
March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net income
|
$
|
495.9
|
|
|
$
|
598.8
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Investment securities:
|
|
|
|
||||
Net unrealized holding gains (losses) arising during the period
|
0.8
|
|
|
(0.9
|
)
|
||
Income tax benefit (expense)
|
(0.2
|
)
|
|
0.2
|
|
||
Investment securities, net
|
0.6
|
|
|
(0.7
|
)
|
||
Defined benefit plans:
|
|
|
|
||||
Net change in defined benefit plans arising during the period
|
(2.7
|
)
|
|
1.7
|
|
||
Amortization of net actuarial (gains) losses included in compensation and benefits expense
|
1.2
|
|
|
0.7
|
|
||
Income tax benefit (expense)
|
0.4
|
|
|
(0.6
|
)
|
||
Defined benefit plans, net
|
(1.1
|
)
|
|
1.8
|
|
||
Derivative investments:
|
|
|
|
||||
Net unrealized holding gains (losses) arising during the period
|
0.3
|
|
|
—
|
|
||
Amortization of effective portion of net (gains) losses on cash flow hedges included in interest expense
|
(0.3
|
)
|
|
(0.3
|
)
|
||
Income tax benefit (expense)
|
—
|
|
|
0.1
|
|
||
Derivative investments, net
|
—
|
|
|
(0.2
|
)
|
||
Foreign currency translation:
|
|
|
|
||||
Foreign currency translation adjustments
|
(4.0
|
)
|
|
0.9
|
|
||
Foreign currency translation, net
|
(4.0
|
)
|
|
0.9
|
|
||
Other comprehensive income (loss), net of tax
|
(4.5
|
)
|
|
1.8
|
|
||
Comprehensive Income
|
491.4
|
|
|
600.6
|
|
||
Less: comprehensive (income) loss attributable to non-controlling interests
|
1.0
|
|
|
—
|
|
||
Comprehensive income attributable to CME Group
|
$
|
492.4
|
|
|
$
|
600.6
|
|
|
Class A
Common
Stock
(Shares)
|
|
Class B
Common
Stock
(Shares)
|
|
Common
Stock and
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total CME Group Shareholders' Equity
|
|
Non-controlling Interest
|
|
Total
Shareholders’
Equity
|
||||||||||||||
Balance at December 31, 2018
|
356,824
|
|
|
3
|
|
|
$
|
21,057.9
|
|
|
$
|
4,855.3
|
|
|
$
|
5.3
|
|
|
$
|
25,918.5
|
|
|
$
|
46.8
|
|
|
$
|
25,965.3
|
|
Net income
|
|
|
|
|
|
|
496.9
|
|
|
|
|
496.9
|
|
|
(1.0
|
)
|
|
495.9
|
|
||||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
(4.5
|
)
|
|
(4.5
|
)
|
|
—
|
|
|
(4.5
|
)
|
||||||||||
Dividends on common stock of $0.75 per share
|
|
|
|
|
|
|
(268.0
|
)
|
|
|
|
(268.0
|
)
|
|
|
|
(268.0
|
)
|
|||||||||||
Impact of adoption of standards updates on leasing
|
|
|
|
|
|
|
|
6.9
|
|
|
|
|
6.9
|
|
|
|
|
6.9
|
|
||||||||||
Changes in non-controlling interest due to measurement period adjustments
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(16.9
|
)
|
|
(16.9
|
)
|
|||||||||||
Exercise of stock options
|
64
|
|
|
|
|
3.3
|
|
|
|
|
|
|
3.3
|
|
|
|
|
3.3
|
|
||||||||||
Vesting of issued restricted Class A common stock
|
125
|
|
|
|
|
(13.8
|
)
|
|
|
|
|
|
(13.8
|
)
|
|
|
|
(13.8
|
)
|
||||||||||
Stock-based compensation
|
|
|
|
|
18.3
|
|
|
|
|
|
|
18.3
|
|
|
|
|
18.3
|
|
|||||||||||
Balance at March 31, 2019
|
357,013
|
|
|
3
|
|
|
$
|
21,065.7
|
|
|
$
|
5,091.1
|
|
|
$
|
0.8
|
|
|
$
|
26,157.6
|
|
|
$
|
28.9
|
|
|
$
|
26,186.5
|
|
|
Class A
Common
Stock
(Shares)
|
|
Class B
Common
Stock
(Shares)
|
|
Common
Stock and
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders’ Equity |
||||||||||
Balance at December 31, 2017
|
339,235
|
|
|
3
|
|
|
$
|
17,900.3
|
|
|
$
|
4,497.2
|
|
|
$
|
14.3
|
|
|
$
|
22,411.8
|
|
Net income
|
|
|
|
|
|
|
598.8
|
|
|
|
|
598.8
|
|
||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
1.8
|
|
|
1.8
|
|
||||||||
Dividends on common stock of $0.70 per share
|
|
|
|
|
|
|
(238.1
|
)
|
|
|
|
(238.1
|
)
|
||||||||
Impact of adoption of standards update on tax effects related to accumulated other comprehensive income and revenue recognition
|
|
|
|
|
|
|
(12.5
|
)
|
|
3.8
|
|
|
(8.7
|
)
|
|||||||
Exercise of stock options
|
59
|
|
|
|
|
4.2
|
|
|
|
|
|
|
4.2
|
|
|||||||
Vesting of issued restricted Class A common stock
|
141
|
|
|
|
|
(14.7
|
)
|
|
|
|
|
|
(14.7
|
)
|
|||||||
Stock-based compensation
|
|
|
|
|
17.7
|
|
|
|
|
|
|
17.7
|
|
||||||||
Balance at March 31, 2018
|
339,435
|
|
|
3
|
|
|
$
|
17,907.5
|
|
|
$
|
4,845.4
|
|
|
$
|
19.9
|
|
|
$
|
22,772.8
|
|
|
|
Quarter Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Cash Flows from Operating Activities
|
|
|
|
|
||||
Net income
|
|
$
|
495.9
|
|
|
$
|
598.8
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Stock-based compensation
|
|
18.3
|
|
|
17.7
|
|
||
Amortization of purchased intangibles
|
|
80.7
|
|
|
23.7
|
|
||
Depreciation and amortization
|
|
32.9
|
|
|
28.1
|
|
||
Net loss on derivative contracts
|
|
14.4
|
|
|
—
|
|
||
Net realized and unrealized gains on privately-held equity investments
|
|
3.4
|
|
|
—
|
|
||
Undistributed earnings, net of losses, of unconsolidated subsidiaries
|
|
(22.6
|
)
|
|
10.9
|
|
||
Deferred income taxes
|
|
(0.6
|
)
|
|
(11.7
|
)
|
||
Change in:
|
|
|
|
|
||||
Accounts receivable
|
|
(5.5
|
)
|
|
(85.0
|
)
|
||
Other current assets
|
|
45.4
|
|
|
(12.9
|
)
|
||
Other assets
|
|
(9.8
|
)
|
|
(3.8
|
)
|
||
Accounts payable
|
|
(50.6
|
)
|
|
(6.4
|
)
|
||
Income taxes payable
|
|
141.3
|
|
|
264.8
|
|
||
Other current liabilities
|
|
(73.1
|
)
|
|
0.3
|
|
||
Other liabilities
|
|
0.3
|
|
|
(0.3
|
)
|
||
Other
|
|
(1.2
|
)
|
|
0.8
|
|
||
Net Cash Provided by Operating Activities
|
|
669.2
|
|
|
825.0
|
|
||
|
|
|
|
|
||||
Cash Flows from Investing Activities
|
|
|
|
|
||||
Proceeds from maturities of available-for-sale marketable securities
|
|
6.1
|
|
|
1.6
|
|
||
Purchases of available-for-sale marketable securities
|
|
(5.6
|
)
|
|
(0.8
|
)
|
||
Purchases of property, net
|
|
(49.1
|
)
|
|
(18.2
|
)
|
||
Net Cash Used in Investing Activities
|
|
(48.6
|
)
|
|
(17.4
|
)
|
||
|
|
|
|
|
||||
Cash Flows from Financing Activities
|
|
|
|
|
||||
Issuance of commercial paper, net of maturities
|
|
462.3
|
|
|
—
|
|
||
Repayment of debt
|
|
(569.2
|
)
|
|
—
|
|
||
Cash dividends
|
|
(892.1
|
)
|
|
(1,424.8
|
)
|
||
Settlement of derivative contracts
|
|
16.0
|
|
|
—
|
|
||
Employee taxes paid on restricted stock vesting
|
|
(13.8
|
)
|
|
(14.7
|
)
|
||
Other
|
|
(0.9
|
)
|
|
4.2
|
|
||
Net Cash Used in Financing Activities
|
|
(997.7
|
)
|
|
(1,435.3
|
)
|
|
|
Quarter Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Net change in cash, cash equivalents and restricted cash
|
|
$
|
(377.1
|
)
|
|
$
|
(627.7
|
)
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
1,377.2
|
|
|
1,906.0
|
|
||
Cash, Cash Equivalents and Restricted Cash, End of Period
|
|
$
|
1,000.1
|
|
|
$
|
1,278.3
|
|
|
|
|
|
|
||||
Reconciliation of cash, cash equivalents and restricted cash:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
997.4
|
|
|
$
|
784.6
|
|
Short-term restricted cash
|
|
1.6
|
|
|
492.3
|
|
||
Long-term restricted cash
|
|
1.1
|
|
|
1.4
|
|
||
Total
|
|
$
|
1,000.1
|
|
|
$
|
1,278.3
|
|
|
|
|
|
|
||||
Supplemental Disclosure of Cash Flow Information
|
|
|
|
|
||||
Income taxes paid
|
|
$
|
—
|
|
|
$
|
8.8
|
|
Interest paid
|
|
55.4
|
|
|
42.4
|
|
|
|
Quarters Ended
March 31, |
||||||
(in millions)
|
|
2019
|
|
2018
|
||||
Interest rates
|
|
$
|
302.8
|
|
|
$
|
338.4
|
|
Equity indexes
|
|
145.9
|
|
|
195.0
|
|
||
Foreign exchange
|
|
41.2
|
|
|
51.1
|
|
||
Agricultural commodities
|
|
105.0
|
|
|
121.1
|
|
||
Energy
|
|
165.0
|
|
|
191.5
|
|
||
Metals
|
|
51.0
|
|
|
59.4
|
|
||
Cash markets business
|
|
122.9
|
|
|
—
|
|
||
Interest rate swap
|
|
18.8
|
|
|
17.1
|
|
||
Total clearing and transaction fees
|
|
952.6
|
|
|
973.6
|
|
||
Market data and information services
|
|
130.1
|
|
|
94.9
|
|
||
Other
|
|
96.9
|
|
|
40.5
|
|
||
Total revenues
|
|
$
|
1,179.6
|
|
|
$
|
1,109.0
|
|
|
|
|
|
|
||||
Timing of Revenue Recognition
|
|
|
|
|
||||
Services transferred at a point in time
|
|
$
|
892.9
|
|
|
$
|
957.7
|
|
Services transferred over time
|
|
277.7
|
|
|
148.8
|
|
||
One-time charges and miscellaneous revenues
|
|
9.0
|
|
|
2.5
|
|
||
Total revenues
|
|
$
|
1,179.6
|
|
|
$
|
1,109.0
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(in millions)
|
|
Assigned Value
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
|
Assigned Value
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
||||||||||||
Amortizable Intangible Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Clearing firm, market data and other customer relationships
|
|
$
|
5,823.5
|
|
|
$
|
(1,137.2
|
)
|
|
$
|
4,686.3
|
|
|
$
|
5,862.5
|
|
|
$
|
(1,065.6
|
)
|
|
$
|
4,796.9
|
|
Technology-related intellectual property
|
|
177.7
|
|
|
(31.2
|
)
|
|
146.5
|
|
|
179.1
|
|
|
(25.6
|
)
|
|
153.5
|
|
||||||
Other
|
|
104.0
|
|
|
(6.2
|
)
|
|
97.8
|
|
|
102.8
|
|
|
(3.1
|
)
|
|
99.7
|
|
||||||
Total amortizable intangible assets
|
|
$
|
6,105.2
|
|
|
$
|
(1,174.6
|
)
|
|
4,930.6
|
|
|
$
|
6,144.4
|
|
|
$
|
(1,094.3
|
)
|
|
5,050.1
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Indefinite-Lived Intangible Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trade names
|
|
|
|
|
|
450.0
|
|
|
|
|
|
|
450.0
|
|
||||||||||
Total intangible assets – other, net
|
|
|
|
|
|
$
|
5,380.6
|
|
|
|
|
|
|
$
|
5,500.1
|
|
||||||||
Trading products
(1)
|
|
|
|
|
|
$
|
17,175.3
|
|
|
|
|
|
|
$
|
17,175.3
|
|
(1)
|
Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.
|
(in millions)
|
Amortization Expense
|
||
Remainder of 2019
|
$
|
236.3
|
|
2020
|
315.1
|
|
|
2021
|
315.0
|
|
|
2022
|
314.5
|
|
|
2023
|
313.2
|
|
|
2024
|
306.5
|
|
|
Thereafter
|
3,130.0
|
|
(in millions)
|
|
Balance at December 31, 2018
|
|
Business
Combinations
|
|
Other
Activity
(1)
|
|
Balance at March 31, 2019
|
||||||||
CBOT Holdings
|
|
$
|
5,066.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,066.4
|
|
NYMEX Holdings
|
|
2,462.2
|
|
|
—
|
|
|
—
|
|
|
2,462.2
|
|
||||
NEX
|
|
3,236.3
|
|
|
—
|
|
|
45.0
|
|
|
3,281.3
|
|
||||
Other
|
|
40.4
|
|
|
—
|
|
|
—
|
|
|
40.4
|
|
||||
Total Goodwill
|
|
$
|
10,805.3
|
|
|
$
|
—
|
|
|
$
|
45.0
|
|
|
$
|
10,850.3
|
|
(in millions)
|
|
Balance at December 31, 2017
|
|
Business
Combinations |
|
Other
Activity |
|
Balance at December 31, 2018
|
||||||||
CBOT Holdings
|
|
$
|
5,066.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,066.4
|
|
NYMEX Holdings
|
|
2,462.2
|
|
|
—
|
|
|
—
|
|
|
2,462.2
|
|
||||
NEX
|
|
—
|
|
|
3,236.3
|
|
|
—
|
|
|
3,236.3
|
|
||||
Other
|
|
40.4
|
|
|
—
|
|
|
—
|
|
|
40.4
|
|
||||
Total Goodwill
|
|
$
|
7,569.0
|
|
|
$
|
3,236.3
|
|
|
$
|
—
|
|
|
$
|
10,805.3
|
|
(in millions)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
€350.0 million fixed rate notes due March 2019, stated rate of 3.13%
|
|
$
|
—
|
|
|
$
|
400.7
|
|
¥19.1 billion term loan due March 2019, stated rate of 0.81%
|
|
—
|
|
|
173.5
|
|
||
Total short-term debt
|
|
$
|
—
|
|
|
$
|
574.2
|
|
(in millions)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00%
(1)
|
|
$
|
747.1
|
|
|
$
|
746.9
|
|
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%
|
|
16.3
|
|
|
16.6
|
|
||
$750.0 million fixed rate notes due March 2025, stated rate of 3.00%
(2)
|
|
745.8
|
|
|
745.6
|
|
||
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%
|
|
496.0
|
|
|
495.9
|
|
||
$750.0 million fixed rate notes due September 2043, stated rate of 5.30%
(3)
|
|
742.5
|
|
|
742.4
|
|
||
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%
|
|
689.6
|
|
|
689.5
|
|
||
Commercial paper
(4)
|
|
854.7
|
|
|
389.9
|
|
||
Total long-term debt
|
|
$
|
4,292.0
|
|
|
$
|
3,826.8
|
|
(1)
|
The company 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
3.32%
.
|
(2)
|
The company 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%
.
|
(3)
|
The company 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
4.73%
.
|
(4)
|
The commercial paper is backed by the five-year multi-currency revolving credit facility.
|
(in millions)
|
Par Value
|
||
2020
|
$
|
—
|
|
2021
|
—
|
|
|
2022
|
1,605.0
|
|
|
2023
|
16.8
|
|
|
2024
|
—
|
|
|
Thereafter
|
2,700.0
|
|
(in millions)
|
Quarter Ended
March 31, 2019
|
||
Operating lease expense:
|
|
||
Operating lease cost
|
$
|
18.4
|
|
Short-term lease cost
|
3.4
|
|
|
Total operating lease expense included in other expense
|
$
|
21.8
|
|
|
|
||
Finance lease expense:
|
|
||
Interest expense associated with finance lease
|
$
|
0.9
|
|
Depreciation on building
|
2.2
|
|
|
Total finance lease expense
|
$
|
3.1
|
|
|
|
||
Sublease revenue included in other revenue
|
$
|
3.3
|
|
(in millions)
|
Quarter Ended
March 31, 2019 |
||
Cash flows from operating leases
|
$
|
15.2
|
|
Cash flows from finance lease
|
4.2
|
|
(in millions)
|
March 31, 2019
|
||
Operating lease right-of-use assets
|
$
|
430.1
|
|
|
|
||
Operating lease liabilities:
|
|
||
Other current liabilities
|
$
|
39.5
|
|
Other liabilities
|
521.5
|
|
|
Total operating lease liabilities
|
$
|
561.0
|
|
|
|
||
(Gains) losses on sale and leaseback transactions, net
|
—
|
|
|
|
|
||
Weighted average remaining lease term (in months)
|
154
|
|
|
Weighted average discount rate
|
4.0
|
%
|
(in millions)
|
Investment Securities
|
|
Defined Benefit Plans
|
|
Derivative Investments
|
|
Foreign Currency Translation
|
|
Total
|
||||||||||
Balance at December 31, 2018
|
$
|
0.1
|
|
|
$
|
(53.8
|
)
|
|
$
|
69.7
|
|
|
$
|
(10.7
|
)
|
|
$
|
5.3
|
|
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)
|
0.8
|
|
|
(2.7
|
)
|
|
0.3
|
|
|
(4.0
|
)
|
|
(5.6
|
)
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
1.2
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.9
|
|
|||||
Income tax benefit (expense)
|
(0.2
|
)
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||||
Net current period other comprehensive income (loss)
|
0.6
|
|
|
(1.1
|
)
|
|
—
|
|
|
(4.0
|
)
|
|
(4.5
|
)
|
|||||
Balance at March 31, 2019
|
$
|
0.7
|
|
|
$
|
(54.9
|
)
|
|
$
|
69.7
|
|
|
$
|
(14.7
|
)
|
|
$
|
0.8
|
|
(in millions)
|
Investment Securities
|
|
Defined Benefit Plans
|
|
Derivative Investments
|
|
Foreign Currency Translation
|
|
Total
|
||||||||||
Balance at December 31, 2017
|
$
|
0.6
|
|
|
$
|
(36.1
|
)
|
|
$
|
58.0
|
|
|
$
|
(8.2
|
)
|
|
$
|
14.3
|
|
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)
|
(0.9
|
)
|
|
1.7
|
|
|
—
|
|
|
0.9
|
|
|
1.7
|
|
|||||
Amounts reclassified from accumulated other comprehensive income (loss)
|
—
|
|
|
0.7
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.4
|
|
|||||
Income tax benefit (expense)
|
0.2
|
|
|
(0.6
|
)
|
|
0.1
|
|
|
—
|
|
|
(0.3
|
)
|
|||||
Net current period other comprehensive income (loss)
|
(0.7
|
)
|
|
1.8
|
|
|
(0.2
|
)
|
|
0.9
|
|
|
1.8
|
|
|||||
Impact of adoption of standards update on tax effects related to accumulated other comprehensive income
|
0.1
|
|
|
(8.2
|
)
|
|
11.9
|
|
|
—
|
|
|
3.8
|
|
|||||
Balance at March 31, 2018
|
$
|
—
|
|
|
$
|
(42.5
|
)
|
|
$
|
69.7
|
|
|
$
|
(7.3
|
)
|
|
$
|
19.9
|
|
•
|
Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable.
|
•
|
Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs.
|
|
|
March 31, 2019
|
||||||||||||||
(in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets at Fair Value:
|
|
|
|
|
|
|
|
|
||||||||
Marketable securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate debt securities
|
|
$
|
18.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18.7
|
|
Municipal bonds
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
||||
Mutual funds
|
|
61.8
|
|
|
—
|
|
|
—
|
|
|
61.8
|
|
||||
Equity securities
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Asset-backed securities
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||
Total Marketable Securities
|
|
82.1
|
|
|
0.3
|
|
|
—
|
|
|
82.4
|
|
||||
Performance bonds and guaranty fund contributions
(1)
:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
1,895.6
|
|
|
—
|
|
|
—
|
|
|
1,895.6
|
|
||||
U.S. government agency securities
|
|
1,129.9
|
|
|
—
|
|
|
—
|
|
|
1,129.9
|
|
||||
Derivative contracts
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
||||
Total Assets at Fair Value
|
|
$
|
3,107.6
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
3,108.7
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities at Fair Value:
|
|
|
|
|
|
|
|
|
||||||||
Derivative contracts
|
|
$
|
—
|
|
|
$
|
2.7
|
|
|
$
|
—
|
|
|
$
|
2.7
|
|
Contingent consideration
|
|
—
|
|
|
—
|
|
|
6.9
|
|
|
6.9
|
|
||||
Total Liabilities at Fair Value
|
|
$
|
—
|
|
|
$
|
2.7
|
|
|
$
|
6.9
|
|
|
$
|
9.6
|
|
(in millions)
|
Contingent Consideration
|
||
Fair value of liability at December 31, 2018
|
$
|
6.7
|
|
Unrealized gains (losses) included in operating expense
|
0.2
|
|
|
Fair Value of Liability at March 31, 2019
|
$
|
6.9
|
|
(in millions)
|
Fair Value
|
|
Level
|
||
$750.0 million fixed rate notes due September 2022
|
$
|
762.3
|
|
|
Level 2
|
€15.0 million fixed rate notes due May 2023
|
18.7
|
|
|
Level 2
|
|
$750.0 million fixed rate notes due March 2025
|
753.8
|
|
|
Level 2
|
|
$500.0 million fixed rate notes due June 2028
|
527.2
|
|
|
Level 2
|
|
$750.0 million fixed rate notes due September 2043
|
921.8
|
|
|
Level 2
|
|
$700.0 million fixed rate notes due June 2048
|
741.3
|
|
|
Level 2
|
|
Commercial paper
|
854.7
|
|
|
Level 3
|
|
Quarter Ended
March 31, |
||||
(in thousands)
|
2019
|
|
2018
|
||
Restricted stock and performance shares
|
76
|
|
|
49
|
|
Total
|
76
|
|
|
49
|
|
|
Quarter Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Net Income Attributable to CME Group (in millions)
|
$
|
496.9
|
|
|
$
|
598.8
|
|
Weighted Average Number of Common Shares (in thousands):
|
|
|
|
||||
Basic
|
356,886
|
|
|
339,305
|
|
||
Effect of stock options, restricted stock and performance shares
|
1,161
|
|
|
1,442
|
|
||
Diluted
|
358,047
|
|
|
340,747
|
|
||
Earnings per Common Share Attributable to CME Group:
|
|
|
|
||||
Basic
|
$
|
1.39
|
|
|
$
|
1.76
|
|
Diluted
|
1.39
|
|
|
1.76
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Quarter Ended
March 31, |
|
|
|||||||
(dollars in millions, except per share data)
|
2019
|
|
2018
|
|
Change
|
|||||
Total revenues
|
$
|
1,179.6
|
|
|
$
|
1,109.0
|
|
|
6
|
%
|
Total expenses
|
548.6
|
|
|
368.1
|
|
|
49
|
|
||
Operating margin
|
53.5
|
%
|
|
66.8
|
%
|
|
|
|||
Non-operating income (expense)
|
$
|
9.2
|
|
|
$
|
47.8
|
|
|
(81
|
)
|
Effective tax rate
|
22.5
|
%
|
|
24.1
|
%
|
|
|
|||
Net income attributable to CME Group
|
$
|
496.9
|
|
|
$
|
598.8
|
|
|
(17
|
)
|
Diluted earnings per common share attributable to CME Group
|
1.39
|
|
|
1.76
|
|
|
(21
|
)
|
||
Cash flows from operating activities
|
669.2
|
|
|
825.0
|
|
|
(19
|
)
|
|
Quarter Ended
March 31, |
|
|
|||||||
(dollars in millions)
|
2019
|
|
2018
|
|
Change
|
|||||
Clearing and transaction fees
|
$
|
952.6
|
|
|
$
|
973.6
|
|
|
(2
|
)%
|
Market data and information services
|
130.1
|
|
|
94.9
|
|
|
37
|
|
||
Other
|
96.9
|
|
|
40.5
|
|
|
139
|
|
||
Total Revenues
|
$
|
1,179.6
|
|
|
$
|
1,109.0
|
|
|
6
|
|
|
|
Quarter Ended
March 31, |
|
|
|||||||
|
|
2019
|
|
2018
|
|
Change
|
|||||
Total contract volume (in millions)
|
|
1,136.6
|
|
|
1,354.4
|
|
|
(16
|
)%
|
||
Clearing and transaction fees (in millions)
|
|
$
|
810.9
|
|
|
$
|
956.4
|
|
|
(15
|
)
|
Average rate per contract
|
|
$
|
0.713
|
|
|
$
|
0.706
|
|
|
1
|
|
(in millions)
|
Quarter Ended
|
||
Decrease due to change in total contract volume
|
$
|
(155.4
|
)
|
Increase due to change in average rate per contract
|
9.9
|
|
|
Net decrease in clearing and transaction fees
|
$
|
(145.5
|
)
|
|
Quarter Ended
March 31, |
|
|
|||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Change
|
|||
Average Daily Volume by Product Line:
|
|
|
|
|
|
|||
Interest rates
|
10,314
|
|
|
11,948
|
|
|
(14
|
)%
|
Equity indexes
|
3,161
|
|
|
4,096
|
|
|
(23
|
)
|
Foreign exchange
|
885
|
|
|
1,100
|
|
|
(20
|
)
|
Agricultural commodities
|
1,381
|
|
|
1,593
|
|
|
(13
|
)
|
Energy
|
2,331
|
|
|
2,754
|
|
|
(15
|
)
|
Metals
|
561
|
|
|
713
|
|
|
(21
|
)
|
Aggregate average daily volume
|
18,633
|
|
|
22,204
|
|
|
(16
|
)
|
Average Daily Volume by Venue:
|
|
|
|
|
|
|||
CME Globex
|
16,576
|
|
|
19,797
|
|
|
(16
|
)
|
Open outcry
|
1,284
|
|
|
1,556
|
|
|
(18
|
)
|
Privately negotiated
|
773
|
|
|
851
|
|
|
(9
|
)
|
Aggregate average daily volume
|
18,633
|
|
|
22,204
|
|
|
(16
|
)
|
Electronic Volume as a Percentage of Total Volume
|
89
|
%
|
|
89
|
%
|
|
|
|
Quarter Ended
March 31, |
|
|
|||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Change
|
|||
Eurodollar futures and options:
|
|
|
|
|
|
|||
Front 8 futures
|
2,099
|
|
|
2,802
|
|
|
(25
|
)%
|
Back 32 futures
|
720
|
|
|
1,171
|
|
|
(38
|
)
|
Options
|
1,720
|
|
|
1,988
|
|
|
(13
|
)
|
U.S. Treasury futures and options:
|
|
|
|
|
|
|||
10-Year
|
2,269
|
|
|
2,537
|
|
|
(11
|
)
|
5-Year
|
1,373
|
|
|
1,370
|
|
|
—
|
|
2-Year
|
694
|
|
|
632
|
|
|
10
|
|
Treasury bond
|
459
|
|
|
503
|
|
|
(9
|
)
|
Federal Funds futures and options
|
274
|
|
|
283
|
|
|
(3
|
)
|
|
Quarter Ended
March 31, |
|
|
|||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Change
|
|||
E-mini S&P 500 futures and options
|
2,166
|
|
|
2,957
|
|
|
(27
|
)%
|
E-mini NASDAQ 100 futures and options
|
491
|
|
|
495
|
|
|
(1
|
)
|
E-mini Russell 2000 futures and options
|
150
|
|
|
154
|
|
|
(3
|
)
|
|
Quarter Ended
March 31, |
|
|
|||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Change
|
|||
Euro
|
239
|
|
|
330
|
|
|
(28
|
)%
|
British pound
|
140
|
|
|
156
|
|
|
(10
|
)
|
Japanese yen
|
133
|
|
|
187
|
|
|
(28
|
)
|
Australian dollar
|
111
|
|
|
133
|
|
|
(16
|
)
|
|
Quarter Ended
March 31, |
|
|
|||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Change
|
|||
Corn
|
484
|
|
|
515
|
|
|
(6
|
)%
|
Wheat
|
234
|
|
|
274
|
|
|
(15
|
)
|
Soybean
|
231
|
|
|
341
|
|
|
(32
|
)
|
|
Quarter Ended
March 31, |
|
|
|||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Change
|
|||
WTI crude oil
|
1,346
|
|
|
1,542
|
|
|
(13
|
)%
|
Natural gas
|
485
|
|
|
665
|
|
|
(27
|
)
|
Refined products
|
382
|
|
|
419
|
|
|
(9
|
)
|
|
Quarter Ended
March 31, |
|
|
|||||
(amounts in thousands)
|
2019
|
|
2018
|
|
Change
|
|||
Gold
|
340
|
|
|
437
|
|
|
(22
|
)%
|
Copper
|
105
|
|
|
137
|
|
|
(23
|
)
|
Silver
|
85
|
|
|
109
|
|
|
(22
|
)
|
(amounts in billions)
|
|
Average Daily Notional Value
|
||
U.S. Treasury
|
|
$
|
172.4
|
|
European Repo (in euros)
|
|
271.4
|
|
|
Spot FX
|
|
81.5
|
|
|
Quarter Ended
March 31, |
|
|
|||||||
(dollars in millions)
|
2019
|
|
2018
|
|
Change
|
|||||
Compensation and benefits
|
$
|
230.3
|
|
|
$
|
152.7
|
|
|
51
|
%
|
Technology
|
47.1
|
|
|
25.5
|
|
|
85
|
%
|
||
Professional fees and outside services
|
39.4
|
|
|
42.6
|
|
|
(7
|
)%
|
||
Amortization of purchased intangibles
|
80.7
|
|
|
23.7
|
|
|
n.m.
|
|
||
Depreciation and amortization
|
32.9
|
|
|
28.1
|
|
|
17
|
%
|
||
Licensing and other fee agreements
|
40.5
|
|
|
49.5
|
|
|
(18
|
)%
|
||
Other
|
77.7
|
|
|
46.0
|
|
|
69
|
%
|
||
Total Expenses
|
$
|
548.6
|
|
|
$
|
368.1
|
|
|
49
|
%
|
|
Quarter Ended March 31, 2019
|
|||||
|
Amount of
Change
|
|
Change as a
Percentage of Total Expenses |
|||
(dollars in millions)
|
||||||
Salaries, benefits and employer taxes
|
$
|
61.5
|
|
|
17
|
%
|
Amortization of purchased intangibles
|
57.0
|
|
|
15
|
|
|
Technology
|
21.7
|
|
|
6
|
|
|
Occupancy and building operations
|
17.5
|
|
|
5
|
|
|
Bonus expense
|
13.2
|
|
|
4
|
|
|
Licensing and other fee agreements
|
(9.0
|
)
|
|
(2
|
)
|
|
Other expenses, net
|
18.6
|
|
|
4
|
|
|
Total increase
|
$
|
180.5
|
|
|
49
|
%
|
•
|
Compensation and benefits expense increased as a result of headcount added from the NEX acquisition in the fourth quarter of 2018.
|
•
|
Amortization of purchased intangibles related to the NEX acquisition contributed to the additional expense.
|
•
|
Technology expense, specifically hardware and software maintenance expense, was higher largely due to the addition of our NEX operations.
|
•
|
Bonus expense increased compared with the same period in 2018 largely due to the headcount added as part of the NEX acquisition.
|
•
|
Occupancy and building operations expense increased due to the inclusion of leases for our NEX operations.
|
•
|
Licensing and other fee sharing agreements expense decreased due to lower volume on certain equity products during the first quarter of 2019 compared to the same period in 2018, as well as decreased costs related to revenue sharing agreements for certain licensed products.
|
|
Quarter Ended
March 31, |
|
|
|||||||
(dollars in millions)
|
2019
|
|
2018
|
|
Change
|
|||||
Investment income
|
$
|
178.7
|
|
|
$
|
156.4
|
|
|
14
|
%
|
Interest and other borrowing costs
|
(48.1
|
)
|
|
(30.1
|
)
|
|
60
|
|
||
Equity in net earnings (losses) of unconsolidated subsidiaries
|
40.5
|
|
|
40.1
|
|
|
1
|
|
||
Other non-operating income (expense)
|
(161.9
|
)
|
|
(118.6
|
)
|
|
37
|
|
||
Total Non-Operating
|
$
|
9.2
|
|
|
$
|
47.8
|
|
|
(81
|
)
|
|
|
2019
|
|
2018
|
||
Quarter ended March 31
|
|
22.5
|
%
|
|
24.1
|
%
|
|
|
||
(in millions)
|
Par Value
|
||
Fixed rate notes due September 2022, stated rate of 3.00%
(1)
|
$
|
750.0
|
|
Fixed rate notes due May 2023, stated rate of 4.30%
|
€
|
15.0
|
|
Fixed rate notes due March 2025, stated rate of 3.00%
(2)
|
$
|
750.0
|
|
Fixed rate notes due June 2028, stated rate of 3.75%
|
$
|
500.0
|
|
Fixed rate notes due September 2043, stated rate of 5.30%
(3)
|
$
|
750.0
|
|
Fixed rate notes due June 2048, stated rate of 4.15%
|
$
|
700.0
|
|
Commercial Paper
|
$
|
855.0
|
|
(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 3.32%.
|
(2)
|
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%.
|
(3)
|
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%.
|
|
|
Short-Term
|
|
Long-Term
|
|
|
Rating Agency
|
|
Debt Rating
|
|
Debt Rating
|
|
Outlook
|
Standard & Poor’s
|
|
A1+
|
|
AA-
|
|
Stable
|
Moody’s Investors Service
|
|
P1
|
|
Aa3
|
|
Stable
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
|
(a) Total Number of
Class A
Shares Purchased (1)
|
|
(b) Average Price
Paid Per Share
|
|
(c) Total Number of Class A Shares Purchased as
Part of Publicly Announced Plans or Programs
|
|
(d) Maximum Number (or Approximate Value) that
May Yet Be Purchased
Under the Plans or Programs
(in millions)
|
||||||
January 1 to January 31
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
February 1 to February 28
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
March 1 to March 31
|
|
81,167
|
|
|
170.14
|
|
|
—
|
|
|
—
|
|
||
Total
|
|
81,167
|
|
|
$
|
170.14
|
|
|
—
|
|
|
|
(1)
|
Shares purchased consist of an aggregate of
81,167
shares of Class A common stock surrendered in the first quarter of
2019
to satisfy employees’ tax obligations upon the vesting of restricted stock.
|
ITEM 6.
|
EXHIBITS
|
10.1
|
|
|
|
|
|
31.1
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31.2
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32.1
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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CME Group Inc.
(Registrant)
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Dated: May 8, 2019
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By:
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/s/ John W. Pietrowicz
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Chief Financial Officer & Senior Managing
Director Finance
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Dated: May 8, 2019
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/s/ Terrence A. Duffy
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Name: Terrence A. Duffy
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Title: Chief Executive Officer
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Dated: May 8, 2019
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/s/ John W. Pietrowicz
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Name: John W. Pietrowicz
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Title: Chief Financial Officer
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/s/ Terrence A. Duffy
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Name: Terrence A. Duffy
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Title: Chief Executive Officer
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/s/ John W. Pietrowicz
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Name: John W. Pietrowicz
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Title: Chief Financial Officer
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