Last €55.09 EUR
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Company Description

Contact Info

20 South Wacker Drive

Chicago, IL 60606

United States

Phone: 312-930-1000

Fax:

CME Group Inc. provides a range of global benchmark products across various major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather, and real estate. The company’s products include both exchange-traded and over-the-counter derivatives. The company brings buyers and sellers together through its CME Globex electronic trading platform across the globe and its open outcry trading facilities in Chicago and New York City, and provides hosting, connectivity and customer support for electronic trading through its co-location services. The company’s CME Direct technology offers side-by-side trading of exchange-listed and over-the-counter markets. It also provides clearing and settlement services for exchange-traded contracts, as well as for cleared over-the-counter derivatives transactions, and provides regulatory reporting solutions for market participants through its global repository services in the United States and the United Kingdom. The company also offers a range of market data services, including live quotes, delayed quotes, market reports and a comprehensive historical data service — and continue to expand into the index services business. The company distributes its market data over the CME market data platform directly to its electronic trading customers as part of their access to its markets, as well as to quote vendors who consolidate its market data with data from other exchanges, other third-party data providers and news sources, and then resell their consolidated data. The company’s U.S. clearing house is operated within its CME exchange. The company, through its futures exchanges and clearing houses, serves the risk management and investment needs of customers around the globe. The company owns The Board of Trade of Kansas City, Missouri, Inc. and its hard red winter wheat product line. In 2013, the company purchased the non-controlling interest in CME Group Index Services from Dow Jones & Company (Dow Jones) resulting in an increase in its ownership to 27% of the S&P/Dow Jones Indices LLC (S&P/DJI) joint venture with The McGraw-Hill Companies Inc., originally established in 2012. As part of the formation of S&P/DJI, McGraw-Hill acquired the company’s credit derivatives market data business. The company’s products are traded through the CME Globex electronic trading platform, its open outcry auction markets in Chicago and New York City, and through privately negotiated transactions that it clears. It distributes its market data over the CME market data platform directly to its electronic trading customers as part of their access to its markets, as well as to quote vendors who consolidate its market data with data from other exchanges, other third-party data providers and news sources, and then resell their consolidated data. Customers The company’s customer base includes professional traders, financial institutions, institutional and individual investors, major corporations, manufacturers, producers, governments, and central banks. Competition The company’s competitors include exchanges, such as IntercontinentalExchange Group, Inc. (ICE Group); the Hong Kong Exchanges and Clearing Limited; and Deutsche Börse AG. Its competitors in the clearing services space include companies, such as ICE Group, LCH.SwapClear, and Deutsche Börse AG. Strategic Initiatives The company’s strategic initiatives include core business innovation; globalizing the company and its business; expanding its existing customer base and improving its product and services offerings to meet their risk management needs; extending its capabilities and business in the over-the-counter markets; and establishing itselves as the leading exchange company provider of information products and index services and improving its intellectual property portfolio. Patents, Trademarks and Licenses The company owns the rights to a large number of trademarks, service marks, domain names and trade names in the United States, Europe and other parts of the world. It has registered many of its major trademarks in the United States and other countries. The company holds the rights to various patents and has made various patent applications. The company offers equity index futures and options on key benchmarks, including S&P, NASDAQ, Dow Jones, and Nikkei indexes. The company has a license agreement for certain NASDAQ indexes through 2019. Copies of its S&P, Dow Jones and NASDAQ license arrangements have been filed as material contracts. CME Group is a trademark of the company. Seasonality During 2013, 25% of the company’s consolidated revenues were recognized in the first quarter (year end December 31, 2013), 28% in the second quarter, 24% in the third quarter and 23% in the fourth quarter. Regulatory Matters The company’s operation of futures exchanges and its U.S. clearing house is subject to extensive regulation by the CFTC. The company’s U.S. swap data repository service and swap execution facility are also subject to the requirements of the Commodity Exchange Act and the regulations of the CFTC. In the United Kingdom, the company’s operations are subject to multiple regulators: the Bank of England; the Financial Conduct Authority (FCA) and the European Securities Market Authority (ESMA). CME Clearing (its U.S. clearing house) would be subject to certain conditions and reporting obligations as a result of its recognition by ESMA. The European Union also is undergoing similar change, establishing multiple supervisory authorities for financial services, including ESMA. Multiple directives and regulations, such as the amendments to Markets in Financial Instruments Directive (MiFID II) and changes to the Markets in Financial Instruments Regulation (MiFIR); the Capital Requirements Regulations IV and the Market Abuse Directive, have been proposed with provisions similar to those contained in Dodd-Frank. History The company was founded in 1898 as a not-for-profit corporation. It was formerly known as Chicago Mercantile Exchange Holdings Inc. and changed its name to CME Group Inc. in 2007.

 

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Price/Sales 8.3x
Price/Book 1.2x
Price/Cash Flow 20.1x
TEV/Sales 7.3x
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