CME Group Inc. Reports Strong Fourth-Quarter and Full-Year Revenues and Operating Income
CHICAGO, Feb 03, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- CME Group Inc. (Nasdaq: CME) today reported that total fourth-quarter GAAP revenues increased 31 percent to $692 million, and GAAP operating income increased 33 percent to $418 million. The company has taken a pre-tax, non-cash impairment charge of $275 million on its cross-equity investment in BM&F Bovespa SA, due to the decline in BM&F Bovespa's current share price relative to original investment value. On a relative equity swap exchange basis, the economic value of CME Group's equity stake in BM&F Bovespa has actually increased since the effective date of the agreement. While management of the company has determined that an impairment charge is appropriate under GAAP standards, management believes BM&F Bovespa's stock price reflects current cyclical factors in the public company exchange sector and continues to present attractive long-term financial and strategic opportunities for CME Group. Additionally, CME Group and BM&F Bovespa are on track with the implementation of reciprocal order routing arrangements to facilitate increased customer transaction flow to their respective trading platforms.
As a result of the impairment charge, GAAP net income for the fourth quarter was $62 million and diluted earnings per share on a GAAP basis were $0.93. In conjunction with this charge, stockholders' equity was reduced by $94 million due to unfavorable movements in the Brazilian real compared with the U.S. dollar. Aside from the BM&F Bovespa impairment charge, the fourth- quarter GAAP results also include $17.5 million of merger-related items. The 2008 GAAP results reflect the operations of both Chicago Mercantile Exchange (CME) and Board of Trade of the City of Chicago (CBOT), as well as the results of New York Mercantile Exchange, Inc. (NYMEX) after August 22, 2008 when the acquisition closed.
Pro forma non-GAAP diluted earnings per share in the fourth quarter were $3.58, the same as the prior year period. All pro forma results reflect the operations of both CME Group Inc. and NYMEX, as if they were combined for all periods reported. Additionally, fourth-quarter 2008 pro forma non-GAAP results exclude the impairment charge related to BM&F Bovespa and the merger- related items listed above. Total revenues increased one percent to $692 million, and the combined average rate per contract increased to 86 cents, up from 75 cents in fourth quarter 2007, primarily due to an increased proportion of higher priced contracts. Pro forma total operating expenses decreased three percent to $258 million, compared with the same period last year. A higher rate per contract and continued focus on expense discipline helped the company reach fourth-quarter operating income of $433 million, an increase of three percent from $419 million for the year-ago period, and operating margin of 63 percent, compared with 61 percent for fourth-quarter 2007. Operating margin is defined as operating income as a percentage of total revenues. Pro forma net income increased one percent to $239 million for fourth-quarter 2008. Pro forma measures do not replace and are not a substitute for GAAP financial results. They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods. A full reconciliation of these fourth-quarter and full-year 2008 pro forma results is included with the attached financial statements.
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.
Full-year 2008 pro forma non-GAAP revenues increased 11 percent to $3.1 billion and operating income increased 20 percent to $2.0 billion compared with 2007. Pro forma operating margin grew to 65 percent in 2008, compared with 60 percent in 2007. Full-year pro forma net income and diluted earnings per share both increased 16 percent, compared with the prior year, to $1.1 billion and $16.17 respectively.
"CME Group's revenue growth at a time of global recession highlights the value of our product diversity -- which includes benchmark contracts in every asset class -- to address customer needs under a variety of market conditions," said CME Group Executive Chairman Terry Duffy. "Given the recent market dislocations, we see opportunities to reach out to non-traditional users of futures products, extend our technology and sales efforts globally and cross-sell our products. While we are aware of the challenges still facing financial markets, we also are confident that our long-term growth prospects are strong and we will continue to execute our strategy to build on the opportunities ahead."
"Despite the very challenging economic and financial market conditions in the fourth quarter, CME Group's overall performance compared favorably with other financial sector leaders," said CME Group Chief Executive Officer Craig Donohue. "We grew revenues, reduced expenses, and increased margins, while making significant progress and remaining on track with synergy achievement in our CBOT and NYMEX integrations. Although dislocations in credit and lending markets have significantly impacted our interest rate complex, our other product lines, especially equity indexes, showed solid volume growth. In addition, the volume of business done on our over-the-counter ClearPort platform increased dramatically as we further expanded the range of products we offer to OTC market participants. Looking forward, we will continue to focus on expense discipline while providing customers with the best ways to manage risk at a time of economic uncertainty."
CME Group Inc. Fourth-Quarter and Full-Year 2008 Results Financial Highlights: GAAP ($s in millions, except per share) Q4 FY08 Q4 FY07 Y/Y FY08 FY07 Y/Y Revenues $692 $530 31% $2,561 $1,756 46% Expenses $274 $216 27% $979 $704 39% Operating Income $418 $313 33% $1,582 $1,052 50% Operating Margin % 60.4% 59.2% 61.8% 59.9% Net Income $62 $201 -69% $715 $659 9% Diluted EPS $0.93 $3.75 -75% $12.13 $14.93 -19% Pro Forma Non-GAAP ($s in millions, except per share) Q4 FY08 Q4 FY07 Y/Y FY08 FY07 Y/Y Revenues $692 $687 1% $3,051 $2,740 11% Expenses $258 $268 -3% $1,081 $1,102 -2% Operating Income $433 $419 3% $1,970 $1,638 20% Operating Margin % 62.6% 61.0% 64.6% 59.8% Net Income $239 $236 1% $1,084 $935 16% Diluted EPS $3.58 $3.58 0% $16.17 $13.93 16%
NOTE: See the CME Group Inc. Reconciliation of GAAP to Pro Forma Non-GAAP Measures for detail related to the adjustments made to reach the pro forma results.
Pro Forma Non-GAAP Fourth-Quarter 2008 Financial Results
Fourth-quarter 2008 average daily volume of 10.4 million contracts drove $573 million in clearing and transaction fee revenue, down slightly from $583 million in fourth-quarter 2007. Fourth-quarter 2008 quotation data fees were up 17 percent to $87 million. The average rate per contract for CME Group, excluding NYMEX for the entire period, was $0.713 for the quarter, up 10 percent compared with the average rate per contract of $0.648 in fourth- quarter 2007. The total pro forma average gross rate per contract for the NYMEX business was $1.671 for the quarter, up 14 percent compared with $1.471 in fourth-quarter 2007.
Fourth-quarter 2008 pro forma non-operating expense was $30 million, driven primarily by interest expense and borrowing costs of $35 million. Additionally, the fourth-quarter 2008 effective tax rate was 40.7 percent.
As of December 31, the company had $608 million of cash and marketable securities and $3.2 billion of debt. Since the $1.1 billion share buyback program was announced in June, the company has purchased shares with an approximate aggregate value of $250 million. The share buyback authorization remains in place, however the company has stopped purchasing shares in the near-term and is focused on paying down debt.
CME Group will hold a conference call to discuss fourth-quarter and full- year 2008 results at 8:30 a.m. Eastern Time today. A live audio Webcast of the call will be available on the Investor Relations section of CME Group's Web site at http://www.cmegroup.com. An archived recording will be available for up to two months after the call.
CME Group (http://www.cmegroup.com) is the world's largest and most diverse derivatives exchange. Building on the heritage of CME, CBOT and NYMEX, 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 trading floors in Chicago and New York. By acting as the buyer to every seller and the seller to every buyer, CME Clearing virtually eliminates counterparty credit risk. CME Clearing also offers $7 billion in financial safeguards to help mitigate systemic risk, providing the security and confidence market participants need to operate, invest and grow. 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, energy, agricultural commodities, metals, and alternative investment products such as weather and real estate. CME Group is listed on NASDAQ under the symbol "CME."
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E- mini and CME ClearPort 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. NYMEX and New York Mercantile Exchange are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. 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 press 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 realize the benefits and control the costs of our merger with NYMEX Holdings, Inc. and our ability to successfully integrate the businesses of CME Group and NYMEX Holdings, including the fact that such integration may be more difficult, time consuming or costly than expected and revenues following the merger may be lower than expected and expected cost savings from the merger may not be fully realized within the expected time frames or at all; increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; 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 generate future revenues from processing services; 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, changes as a result of a combination of the Securities and Exchange Commission and the Commodity Futures Trading Commission, or changes relating to the recently enacted Emergency Economic Stabilization Act of 2008; 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 decreased demand or the growth of electronic trading or declines in subscriptions; 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; the ability of our financial safeguards package to adequately protect us from the credit risks of clearing members; the ability of our compliance and risk management methods to effectively monitor and manage our risks; changes in price levels and volatility in the derivatives markets and in underlying fixed income, equity, foreign exchange and commodities markets; economic, political, geopolitical and market conditions, including the recent volatility of the capital and credit markets; natural disasters and other catastrophes, our ability to accommodate increases in trading volume and order transaction traffic 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; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry and customer consolidation; decreases in trading and clearing activity; the imposition of a transaction tax on futures and options on futures transactions; the unfavorable resolution of material legal proceedings, the seasonality of the futures business; and changes in the regulation of our industry with respect to speculative trading in commodity interests and derivatives contracts. 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 periodic reports filed on Form 10-K and Form 10-Q and our Current Report on Form 8-K, filed on October 29, 2008, which are 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.
CME-E CME Group Inc. and Subsidiaries Consolidated Balance Sheets (dollars in thousands) December 31, December 31, 2008 2007 ASSETS Current Assets: Cash and cash equivalents $297,895 $845,312 Collateral from securities lending 426,958 2,862,026 Marketable securities, including pledged securities 310,077 203,308 Accounts receivable, net of allowance 234,001 187,487 Other current assets 170,122 55,900 Cash performance bonds and security deposits 17,653,513 833,022 Total current assets 19,092,566 4,987,055 Property, net of accumulated depreciation and amortization 707,215 377,452 Intangible assets - trading products 16,982,000 7,987,000 Intangible assets - other, net of accumulated amortization 3,370,961 1,796,789 Goodwill 7,502,805 5,049,211 Other assets 477,265 108,690 Total Assets $48,132,812 $20,306,197 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $71,012 $58,965 Payable under securities lending agreements 456,833 2,862,026 Short-term debt 802,900 164,435 Other current liabilities 184,337 157,615 Cash performance bonds and security deposits 17,653,513 833,022 Total current liabilities 19,168,595 4,076,063 Long-term debt 2,413,029 - Deferred tax liabilities 7,728,286 3,848,240 Other liabilities 134,333 76,257 Total Liabilities 29,444,243 8,000,560 Shareholders' equity 18,688,569 12,305,637 Total Liabilities and Shareholders' Equity $48,132,812 $20,306,197 CME Group Inc. and Subsidiaries Consolidated Statements of Income (in thousands, except per share amounts) Quarter Ended Year Ended December 31, December 31, 2008 2007 2008 2007 Revenues Clearing and transaction fees $573,086 $438,517 $2,115,366 $1,427,320 Quotation data fees 87,252 49,891 279,533 145,054 Processing services 129 16,104 54,073 106,404 Access and communication fees 11,424 10,649 43,618 36,511 Other 19,878 14,378 68,429 40,812 Total Revenues 691,769 529,539 2,561,019 1,756,101 Expenses Compensation and benefits 86,096 71,756 317,554 263,347 Communications 13,221 13,498 52,339 43,471 Technology support services 12,570 17,196 59,611 50,480 Professional fees and outside services 24,161 16,814 71,944 53,142 Amortization of purchased intangibles 35,524 17,286 98,682 33,878 Depreciation and amortization 34,472 32,992 137,341 105,653 Occupancy and building operations 18,484 15,368 71,388 48,203 Licensing and other fee agreements 25,467 10,351 70,259 35,651 Restructuring 2,774 4,380 4,839 8,892 Other 21,145 16,551 94,867 61,476 Total Expenses 273,914 216,192 978,824 704,193 Operating Income 417,855 313,347 1,582,195 1,051,908 Non-Operating Income and Expense Investment income 4,105 15,430 45,514 73,157 Impairment of long- term investment (274,507) (274,507) Gains (losses) on derivative investments (390) (158) (8,148) (98) Securities lending interest income 6,176 29,934 38,323 121,494 Securities lending interest and other costs (3,511) (27,067) (51,722) (115,868) Interest and other borrowing costs (34,911) (2,185) (56,501) (3,629) Guarantee of exercise right privileges 35 11,332 12,824 (17,167) Equity in losses of unconsolidated subsidiaries (3,629) (3,941) (31,556) (13,995) Other non-operating expense (60) - (8,458) - Total Non-Operating (306,692) 23,345 (334,231) 43,894 Income Before Income Taxes 111,163 336,692 1,247,964 1,095,802 Income tax provision (49,098) (135,634) (532,478) (437,269) Net Income $62,065 $201,058 $715,486 $658,533 Earnings per Common Share: Basic $0.93 $3.78 $12.18 $15.05 Diluted $0.93 $3.75 $12.13 $14.93 Weighted Average Number of Common Shares: Basic 66,731 53,245 58,738 43,754 Diluted 66,904 53,564 58,967 44,107 CME Group Inc. and Subsidiaries Pro Forma Non-GAAP Consolidated Statements of Income (in thousands, except per share amounts) Quarter Ended Year Ended December 31, December 31, 2008 2007 2008 2007 Revenues Clearing and transaction fees $573,086 $583,447 $2,581,255 $2,332,636 Quotation data fees 87,252 74,449 348,631 293,495 Processing services 129 672 1,748 2,174 Access and communication fees 11,424 10,885 44,389 40,750 Other 19,878 17,235 75,470 71,304 Total Revenues 691,769 686,688 3,051,493 2,740,359 Expenses Compensation and benefits 83,443 92,436 356,427 388,377 Communications 13,221 14,774 55,576 57,210 Technology support services 12,570 19,448 65,245 75,430 Professional fees and outside services 20,159 18,770 76,403 71,596 Amortization of purchased intangibles 30,523 30,805 122,993 122,836 Depreciation and amortization 34,472 34,161 139,931 142,476 Occupancy and building operations 18,484 19,483 82,303 75,252 Licensing and other fee agreements 25,467 18,634 96,110 83,081 Other 20,135 19,218 86,357 86,056 Total Expenses 258,474 267,729 1,081,345 1,102,314 Operating Income 433,295 418,959 1,970,148 1,638,045 Non-Operating Income and Expense Investment income 4,105 21,224 54,312 106,857 Gains (losses) on derivative investments (390) (158) (261) (98) Securities lending interest income 6,176 41,394 52,925 213,402 Securities lending interest and other costs (971) (37,449) (45,653) (204,112) Interest and other borrowing costs (34,911) (38,081) (149,154) (152,324) Equity in losses of unconsolidated subsidiaries (3,717) (6,705) (20,929) (24,174) Total Non-Operating (29,708) (19,775) (108,760) (60,449) Income Before Income Taxes 403,587 399,184 1,861,388 1,577,596 Income tax provision (164,102) (162,780) (777,760) (642,125) Net Income $239,485 $236,404 $1,083,628 $935,471 Earnings per Diluted Common Share $3.58 $3.58 $16.17 $13.93 Weighted Average Number of Diluted Common Shares* 66,904 66,104 67,022 67,139 Note: All pro forma results for CME Group assume the merger with CBOT and the acquisition of NYMEX were completed as of the beginning of the period presented. Pro Forma Non-GAAP results exclude the impairment charge related to BM&F. See CME Group Inc. Reconciliation of GAAP to Pro Forma Non-GAAP Measures for detail on all of the adjustments made to reach the pro forma results. * Weighted average number of diluted common shares includes merger-related shares converted or issued for the entire period reported. CME Group Inc. and Subsidiaries Reconciliation of GAAP to Pro Forma Non-GAAP Measures (in thousands) Quarter Ended Year Ended December 31, December 31, 2008 2007 2008 2007 GAAP Results Revenues $691,769 $529,539 $2,561,019 $1,756,101 Expenses 273,914 216,192 978,824 704,193 Operating income 417,855 313,347 1,582,195 1,051,908 Non-operating income and expense (306,692) 23,345 (334,231) 43,894 Income before income taxes 111,163 336,692 1,247,964 1,095,802 Income tax provision (49,098) (135,634) (532,478) (437,269) Net Income $62,065 $201,058 $715,486 $658,533 Pro Forma Adjustments Revenues: CBOT pre-merger revenue $- $- $- $414,881 NYMEX pre-merger revenue - 172,581 543,949 673,607 Intercompany revenue elimination(1) - (15,432) (45,724) (104,230) FXMarketSpace write down - (7,751) - Total Pro Forma Revenue Adjustment - 157,149 490,474 984,258 Expenses: CBOT pre-merger expense - - - 219,296 NYMEX pre-merger expense - 64,461 229,242 264,422 Intercompany expense elimination (1) - (15,432) (45,724) (104,230) Amortization of intangibles (2) (5,001) 13,518 27,588 88,897 Depreciation adjustment from building life change (3) - 1,476 3,923 5,904 Swapstream writeoff - - (14,315) - Loss on sale of metals 22 - (2,758) - FXMS writeoff - - (2,616) - Other (4) (10,461) (12,486) (92,819) (76,168) Total Pro Forma Expense Adjustment (15,440) 51,537 102,521 398,121 Adjustment to operating income 15,440 105,612 387,953 586,137 Non-operating income and expense: CBOT premerger non-operating income - - - 13,146 NYMEX premerger non-operating income - 2,522 32,425 (14,403) Interest on debt acquired for NYMEX deal - (34,310) (88,576) (146,215) Equity investment unusual gain or loss(5) - - (14,699) 25,962 Securities lending writedown 2,540 - 18,286 - ERP Guarantee (6) (35) (11,332) (12,824) 17,167 BM&F Bovespa (7) 274,479 - 290,859 - Total Pro Forma Non-Operating Income and Expense Adjustment 276,984 (43,120) 225,471 (104,343) Adjustment to income before income taxes 292,424 62,492 613,424 481,794 Adjustment to income tax provision (115,004) (27,146) (245,282) (204,856) Adjustment to net income $177,420 $35,346 $368,142 $276,938 Pro Forma Non-GAAP Results Revenues $691,769 $686,688 $3,051,493 $2,740,359 Expenses 258,474 267,729 1,081,345 1,102,314 Operating income 433,295 418,959 1,970,148 1,638,045 Non-operating income and expense (29,708) (19,775) (108,760) (60,449) Income before income taxes 403,587 399,184 1,861,388 1,577,596 Income tax provision (8) (164,102) (162,780) (777,760) (642,125) Net Income $239,485 $236,404 $1,083,628 $935,471 Notes: (1) Eliminate clearing services provided to CBOT prior to the merger and processing services provided prior to the NYMEX acquisition. (2) Add amortization of intangible assets recorded in purchase of CBOT and NYMEX. (3) Adjust depreciation for changes in value and useful life of building acquired from NYMEX. (4) Reverse effect of restructuring, accelerated depreciation, integration and legal expenses related to the merger with CBOT and acquisition of NYMEX. Also removes other merger-related transaction costs that were expensed and transaction costs related to the acquisition of CMA. (5) Write-down of FXMarketSpace and Optionable as well as a gain related to TSX Group. (6) Reverse impact of exercise right privilege guarantee. (7) Reverse transaction costs related to the BM&F/Bovespa investment, including a pre-tax impairment charge of that investment in Q4 2008. (8) Pro forma adjustments through September 30, 2008 are tax affected at 41.5%, the mid point of CME Group's estimated effective tax rate. Pro forma adjustments in the fourth quarter 2008 related to BM&F Bovespa are based on the tax benefit recorded. Also, a first quarter 2008 tax benefit of $38.6 million due to a change in Illinois state tax treatment for apportionment of revenues sourced within the state has been removed for proforma purposes. Finally, a third quarter 2008 non-cash tax expense of $48.3 million due to adjusting deferred taxes related to the NYMEX acquisition has also been removed for proforma purposes. CME Group Inc. Quarterly Operating Statistics 4Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 Trading Days 64 61 64 64 64 Quarterly Average Daily Volume (ADV) CME Group Pro Forma ADV (Legacy CME, CBOT and NYMEX combined, in thousands) 4Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 Total 12,113 15,540 12,876 13,236 10,441 CME Group ADV (Legacy CME and CBOT combined for periods prior to 4Q07, in thousands) 4Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 Product Line Interest rates 6,290 8,251 6,467 6,030 3,692 Equity E-mini 2,817 3,628 2,833 3,638 3,799 Equity standard- size 166 201 161 204 194 Foreign exchange 561 640 665 710 481 Commodities & alternative investments 740 949 933 822 691 Total 10,574 13,669 11,060 11,404 8,857 Venue Open outcry 1,876 2,336 1,836 1,602 1,275 Electronic (excluding TRAKRS) 8,528 11,097 9,054 9,641 7,447 Privately negotiated 169 236 170 161 136 Total 10,574 13,669 11,060 11,404 8,857 NYMEX/COMEX ADV (in thousands) 4Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 NYMEX floor 229 257 238 193 166 NYMEX electronic 704 814 865 831 682 COMEX floor 42 47 38 36 29 COMEX electronic 147 205 172 214 144 NYMEX ClearPort 310 473 418 492 489 Other 107 75 85 65 75 Total 1,539 1,870 1,816 1,831 1,584 Average Rate Per Contract (RPC) CME Group Pro Forma Average RPC (Legacy CME, CBOT and NYMEX combined) 4Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 Total $0.753 $0.743 $0.775 $0.785 $0.858 CME Group RPC (Legacy CME and CBOT combined for entire periods reported) 4Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 Product Line Interest rates $0.530 $0.505 $0.522 $0.521 $0.569 Equity E-mini 0.687 0.684 0.668 0.677 0.706 Equity standard- size 1.427 1.506 1.453 1.486 1.582 Foreign exchange 0.985 0.927 0.907 0.936 0.894 Commodities & alternative investments 1.074 1.119 1.134 1.154 1.154 Average RPC (excluding TRAKRS) $0.648 $0.630 $0.648 $0.659 $0.713 Venue Open outcry $0.517 $0.553 $0.572 $0.607 $0.663 Electronic (excluding TRAKRS) 0.629 0.609 0.629 0.637 0.691 Privately negotiated 3.057 2.345 2.427 2.526 2.558 NYMEX/COMEX RPC 4Q 2007 1Q 2008 2Q 2008 3Q 2008 4Q 2008 NYMEX floor $1.470 $1.594 $1.607 $1.386 $1.600 NYMEX electronic 1.204 1.324 1.304 1.315 1.308 COMEX floor 1.466 1.641 1.712 1.626 1.801 COMEX electronic 1.549 1.630 1.706 1.719 1.781 NYMEX ClearPort 1.925 1.875 1.905 0.933 2.099 Other 1.809 1.923 1.854 1.928 2.038 Total Pro Forma Average Gross Rate $1.471 $1.570 $1.556 $1.567 $1.671 Total Pro Forma Average Net Rate $1.388 $1.472 $1.479 $1.488 $1.569 Note: All CME Group volume and rate per contract data is based upon pro forma results, including the operations of CME Group and NYMEX as if they were combined for the entire period reported. All data excludes our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products. Additionally, all data excludes Swapstream products.
SOURCE CME Group Inc.
http://www.cmegroup.com
Copyright © 2009 PR Newswire. All rights reserved