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Statement Of Financial Position Classified - USD ($) $ in Millions	Dec. 31, 2009	Dec. 31, 2008
Current Assets:
Cash and cash equivalents	$ 260.6	$ 297.9
Collateral from securities lending, at fair value	0.0	426.9
Marketable securities, including pledged securities of $- and $283.8	42.6	310.1
Accounts receivable, net of allowance of $1.9 and $1.8	248.3	234.0
Other current assets	165.6	189.1
Cash performance bonds and security deposits	5,981.9	17,653.5
Total current assets	6,699.0	19,111.5
Property, net	738.5	707.2
Intangible assets-trading products	16,982.0	16,982.0
Intangible assets-other, net	3,246.5	3,369.4
Goodwill	7,549.2	7,519.2
Other assets	435.8	469.4
Total Assets	35,651.0	48,158.7
Current Liabilities:
Accounts payable	46.7	71.0
Payable under securities lending agreements	0.0	456.8
Short-term debt	299.8	249.9
Other current liabilities	195.2	211.8
Cash performance bonds and security deposits	5,981.9	17,653.5
Total current liabilities	6,523.6	18,643.0
Long-term debt	2,014.7	2,966.1
Deferred tax liabilities, net	7,645.9	7,728.3
Other liabilities	165.8	132.7
Total Liabilities	16,350.0	29,470.1
Shareholders' Equity:
Additional paid-in capital	17,186.6	17,128.5
Retained earnings	2,239.9	1,719.7
Accumulated other comprehensive income (loss)	(126.2)	(160.3)
Total Shareholders' Equity	19,301.0	18,688.6
Total Liabilities and Shareholders' Equity	35,651.0	48,158.7
Preferred stock
Shareholders' Equity:
Preferred stock	0.0	0.0
Series A junior participating preferred stock
Shareholders' Equity:
Preferred stock	0.0	0.0
Class A common stock
Shareholders' Equity:
Common stock	0.7	0.7
Class B common stock
Shareholders' Equity:
Common stock	$ 0.0	$ 0.0

Statement Of Income Securities Based Income - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Revenues
Clearing and transaction fees	$ 2,161.9	$ 2,115.4	$ 1,427.3
Quotation data fees	331.1	279.5	145.1
Processing services	0.5	54.1	106.4
Access and communication fees	45.6	43.6	36.5
Other	73.7	68.4	40.8
Total Revenues	2,612.8	2,561.0	1,756.1
Expenses
Compensation and benefits	351.0	317.6	263.3
Communications	47.0	52.3	43.5
Technology support services	46.2	59.6	50.5
Professional fees and outside services	85.1	71.9	53.1
Amortization of purchased intangibles	125.1	98.7	33.9
Depreciation and amortization	126.3	137.3	105.7
Occupancy and building operations	76.3	71.4	48.2
Licensing and other fee agreements	89.2	70.3	35.6
Restructuring	5.3	4.8	8.9
Other	72.2	94.9	61.5
Total Expenses	1,023.7	978.8	704.2
Operating Income	1,589.1	1,582.2	1,051.9
Non-Operating Income (Expense)
Investment income	28.5	45.5	73.2
Impairment of long-term investments	(46.0)	(274.5)	0.0
Gains (losses) on derivative investments	0.0	(8.1)	(0.1)
Securities lending interest income	2.8	38.3	121.5
Securities lending interest and other costs	(0.1)	(51.7)	(115.9)
Interest and other borrowing costs	(133.9)	(56.5)	(3.6)
Guarantee of exercise right privileges	4.3	12.8	(17.2)
Equity in losses of unconsolidated subsidiaries	(6.8)	(31.5)	(14.0)
Other income (expense)	(0.4)	(8.5)	0.0
Total Non-Operating	(151.6)	(334.2)	43.9
Income before Income Taxes	1,437.5	1,248.0	1,095.8
Income tax provision	611.7	532.5	437.3
Net Income	$ 825.8	$ 715.5	$ 658.5
Earnings per Common Share:
Basic	$ 12.44	$ 12.18	$ 15.05
Diluted	$ 12.41	$ 12.13	$ 14.93
Weighted Average Number of Common Shares:
Basic	66,366	58,738	43,754
Diluted	66,548	58,967	44,107

Statement Of Shareholders Equity And Other Comprehensive Income - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Statement [Line Items]
Beginning Balance	$ 18,688.6	$ 12,305.6	$ 1,519.1
Cumulative effect of adopting accounting guidance on uncertain tax positions			(3.7)
Restated Balance			1,515.4
Comprehensive income:
Net income	825.8	715.5	658.5
Change in net unrealized gain (loss) on securities, net of tax of $16.5 in 2009, $16.4 in 2008 and $1.2 in 2007	25.4	(25.3)	1.9
Change in net actuarial loss on defined benefit plans, net of tax of $0.9 in 2009, $10.4 in 2008 and $1.6 in 2007	(1.4)	(15.4)	(2.4)
Change in net unrealized gain (loss) on derivatives, net of tax of $4.7 in 2009 and $13.5 in 2008	7.5	(20.8)
Change in foreign currency translation adjustment, net of tax of $1.7 in 2009, $21.3 in 2008 and $0.3 in 2007	2.6	(95.7)	0.4
Total comprehensive income	859.9	558.3	658.4
Cash dividend on common stock of $4.60 per share in 2009, $9.60 per share in 2008 and $3.44 per share in 2007	(305.6)	(615.2)	(151.6)
Common stock and stock options issued to complete CBOT Holdings merger in 2007 and NYMEX Holdings merger in 2008, including stock issuance costs		5,955.1	11,126.1
Class A common stock issued in exchange for investment in Bursa Derivatives in 2009 and BM&FBOVESPA SA stock in 2008	25.1	631.4
Tax benefit of stock issuance costs related to CBOT Holdings merger		6.4
Repurchase of Class A common stock	(27.0)	(224.0)	(950.6)
Exercise of stock options	20.4	20.5	39.1
Excess tax benefits from option exercises and restricted stock vesting	2.3	9.0	42.5
Shares issued to Board of Directors	2.4	2.5	2.1
Shares issued under Employee Stock Purchase Plan	1.5	1.4	1.3
Stock-based compensation	33.4	37.6	22.9
Ending Balance	$ 19,301.0	$ 18,688.6	$ 12,305.6
Class A Common Stock (Shares)
Statement [Line Items]
Beginning Balance (in shares)	66,417	53,278	34,836
Restated Balance (in shares)			34,836
Comprehensive income:
Common stock and stock options issued to complete CBOT Holdings merger in 2007 and NYMEX Holdings merger in 2008, including stock issuance costs (in shares)		12,566	19,816
Class A common stock issued in exchange for investment in Bursa Derivatives in 2009 and BM&FBOVESPA SA stock in 2008 (in shares)	76	1,189
Repurchase of Class A common stock (in shares)	(139)	(783)	(1,695)
Exercise of stock options (in shares)	125	149	309
Vesting of issued restricted Class A common stock (in shares)	16	6	6
Shares issued to Board of Directors (in shares)	12	6	4
Shares issued under Employee Stock Purchase Plan (in shares)	4	6	2
Ending Balance (in shares)	66,511	66,417	53,278
Class B Common Stock (Shares)
Statement [Line Items]
Beginning Balance (in shares)	3	3	3
Restated Balance (in shares)			3
Comprehensive income:
Ending Balance (in shares)	3	3	3
Common Stock and Additional Paid-in Capital
Statement [Line Items]
Beginning Balance	$ 17,129.2	$ 10,689.3	$ 405.9
Restated Balance			405.9
Comprehensive income:
Common stock and stock options issued to complete CBOT Holdings merger in 2007 and NYMEX Holdings merger in 2008, including stock issuance costs		5,955.1	11,126.1
Class A common stock issued in exchange for investment in Bursa Derivatives in 2009 and BM&FBOVESPA SA stock in 2008	25.1	631.4
Tax benefit of stock issuance costs related to CBOT Holdings merger		6.4
Repurchase of Class A common stock	(27.0)	(224.0)	(950.6)
Exercise of stock options	20.4	20.5	39.1
Excess tax benefits from option exercises and restricted stock vesting	2.3	9.0	42.5
Shares issued to Board of Directors	2.4	2.5	2.1
Shares issued under Employee Stock Purchase Plan	1.5	1.4	1.3
Stock-based compensation	33.4	37.6	22.9
Ending Balance	17,187.3	17,129.2	10,689.3
Retained Earnings
Statement [Line Items]
Beginning Balance	1,719.7	1,619.4	1,116.2
Cumulative effect of adopting accounting guidance on uncertain tax positions			(3.7)
Restated Balance			1,112.5
Comprehensive income:
Net income	825.8	715.5	658.5
Cash dividend on common stock of $4.60 per share in 2009, $9.60 per share in 2008 and $3.44 per share in 2007	(305.6)	(615.2)	(151.6)
Ending Balance	2,239.9	1,719.7	1,619.4
Accumulated Other Comprehensive Income (Loss)
Statement [Line Items]
Beginning Balance	(160.3)	(3.1)	(3.0)
Restated Balance			(3.0)
Comprehensive income:
Change in net unrealized gain (loss) on securities, net of tax of $16.5 in 2009, $16.4 in 2008 and $1.2 in 2007	25.4	(25.3)	1.9
Change in net actuarial loss on defined benefit plans, net of tax of $0.9 in 2009, $10.4 in 2008 and $1.6 in 2007	(1.4)	(15.4)	(2.4)
Change in net unrealized gain (loss) on derivatives, net of tax of $4.7 in 2009 and $13.5 in 2008	7.5	(20.8)
Change in foreign currency translation adjustment, net of tax of $1.7 in 2009, $21.3 in 2008 and $0.3 in 2007	2.6	(95.7)	0.4
Ending Balance	$ (126.2)	$ (160.3)	$ (3.1)

Statement Of Cash Flows Indirect Securities Based Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Cash Flows from Operating Activities
Net income	$ 825.8	$ 715.5	$ 658.5
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	33.4	37.6	22.9
Amortization of shares issued to Board of Directors	2.5	2.4	1.8
Amortization of purchased intangibles	125.1	98.7	33.9
Depreciation and amortization	126.3	137.3	105.7
Recognition of in-process research and development acquired from Credit Market Analysis Limited	0.0	3.7	0.0
Allowance for doubtful accounts	0.1	(0.1)	0.3
Net accretion of discounts and amortization of premiums on marketable securities	(2.6)	(4.4)	(1.1)
Net accretion of discounts and amortization of debt financing costs	12.7	9.7	1.4
Loss on sale of metals trading products	0.0	2.3	0.0
Net loss on derivative investments	0.0	8.1	0.1
Impairment of securities lending assets	0.0	24.3	0.0
Impairment of goodwill and intangible assets	0.0	14.1	0.0
Impairment of long-term investments	46.0	274.5	0.0
Guarantee of exercise right privileges	(4.3)	(12.8)	17.2
Equity in losses of unconsolidated subsidiaries	6.8	31.5	14.0
Deferred income taxes	(56.9)	(115.1)	(50.6)
Change in assets and liabilities:
Accounts receivable	(14.4)	81.3	(49.9)
Other current assets	(7.4)	6.4	8.0
Other assets	(6.9)	(48.6)	(1.3)
Accounts payable	(24.3)	24.0	4.6
Income tax payable	13.8	(22.8)	23.6
Other current liabilities	(23.3)	(96.3)	14.0
Other liabilities	30.7	25.9	11.3
Net Cash Provided by Operating Activities	1,083.1	1,197.2	814.4
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities	439.8	265.1	203.8
Purchases of available-for-sale marketable securities	(159.9)	(367.6)	(129.1)
Net change in NYMEX securities lending program investments	425.9	110.1	0.0
Purchases of property, net	(157.9)	(200.1)	(163.7)
Purchase of exercise right privileges	0.0	0.0	(39.8)
Cash acquired in merger with CBOT Holdings	0.0	0.0	116.0
Acquisition of Credit Market Analysis Limited, net of cash received	0.0	(94.1)	0.0
Acquisition of NYMEX Holdings, net of cash received	0.0	(2,769.9)	0.0
NYMEX membership rights payment	0.0	(612.0)	0.0
Merger-related transaction costs	0.0	(50.9)	(43.9)
Purchase of derivative related to BM&FBOVESPA SA investment	0.0	(45.2)	0.0
Proceeds from sale of metals trading products	0.0	25.7	0.0
Capital contributions to FXMarketSpace Limited	(3.1)	(10.2)	(19.0)
Contingent consideration for Liquidity Direct Technology, LLC assets	0.0	0.0	(3.0)
Net Cash Provided by (Used in) Investing Activities	544.8	(3,749.1)	(78.7)
Cash Flows from Financing Activities
Proceeds (repayments) of commercial paper, net	(1,393.6)	1,330.3	162.9
Proceeds from other borrowings, net of issuance costs	743.5	2,881.9	0.0
Repayment of other borrowings	(250.0)	(1,282.9)	0.0
Net change in NYMEX securities lending program liabilities	(456.8)	(110.1)	0.0
Cash dividends	(305.6)	(615.2)	(151.6)
Stock issuance costs in mergers with NYMEX Holdings and CBOT Holdings	0.0	(9.1)	(16.0)
Repurchase of common stock, including costs	(27.0)	(224.0)	(949.3)
Proceeds from exercise of stock options	20.4	20.5	39.1
Excess tax benefits related to employee option exercises and restricted stock vesting	2.5	11.6	53.7
Proceeds from Employee Stock Purchase Plan	1.4	1.5	1.3
Net Cash Provided by (Used in) Financing Activities	(1,665.2)	2,004.5	(859.9)
Net change in cash and cash equivalents	(37.3)	(547.4)	(124.2)
Cash and cash equivalents, beginning of period	297.9	845.3	969.5
Cash and Cash Equivalents, End of Period	260.6	297.9	845.3
Supplemental Disclosure of Cash Flow Information
Income taxes paid	629.7	665.4	413.7
Interest paid (excluding securities lending program)	90.8	21.1	2.0
Non-cash investing activities:
Change in net unrealized securities gains (losses)	41.9	(41.7)	3.1
Change in net unrealized derivatives gains (losses)	12.2	(34.3)	0.0
Non-cash financing activities:
Fair value of Class A common stock, stock options and restricted stock units issued in connection with NYMEX Holdings merger	0.0	5,963.3	0.0
Fair value of Class A common stock issued in exchange for BM&FBOVESPA SA stock	0.0	631.4	0.0
Fair value of Class A common stock and stock options issued in connection with CBOT Holdings merger	$ 0.0	$ 0.0	$ 11,144.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business. Effective July 12, 2007, Chicago Mercantile Exchange Holdings Inc. (CME Holdings) merged with CBOT Holdings, Inc. (CBOT Holdings). In connection with the merger, the combined company was renamed CME Group Inc. (CME Group). CME Group and its subsidiaries are referred to collectively as “the company” in the notes to the consolidated financial statements.

CME Group acquired Credit Market Analysis Limited, a private company incorporated in the United Kingdom, and its three subsidiaries (collectively, CMA) on March 23, 2008. The financial statements and accompanying notes presented in this report include the financial results of CMA beginning on March 24, 2008.

On August 22, 2008, CME Group completed its merger with NYMEX Holdings, Inc. (NYMEX Holdings). The financial statements and accompanying notes presented in this report include the financial results of NYMEX Holdings and its subsidiaries beginning on August 23, 2008.

Chicago Mercantile Exchange Inc. (CME), the Board of Trade of the City of Chicago, Inc. (CBOT), and New York Mercantile Exchange, Inc. (NYMEX), wholly-owned subsidiaries of CME Group, are designated contract markets for the trading of futures and options on futures contracts. CME Group offers a wide range of products including those based on interest rates, equities, foreign exchange, commodities, energy and metals. Trades are executed through CME Group’s electronic trading platforms, open outcry and privately negotiated transactions. Our clearing house clears, settles and guarantees every futures and options contract traded through our exchange, in addition to over-the-counter products cleared through CME ClearPort and credit default swap contracts. CME, CBOT, NYMEX and their subsidiaries are referred to collectively as “the exchange” in the notes to the consolidated financial statements.

Principles of Consolidation. The financial statements and accompanying notes presented in this report include the consolidated financial results of the former CME Holdings and its subsidiaries for the period January 1, 2007 through July 12, 2007. The financial results of the former CME Holdings and CBOT Holdings are included in the consolidated financial results of CME Group beginning on July 13, 2007. The financial results of the former NYMEX Holdings are included in the consolidated financial results of CME Group beginning on August 23, 2008. All intercompany transactions have been eliminated in consolidation.

The assets of CME Group consist primarily of cash; investments in its subsidiaries; intercompany loans, receivables and payables; current deferred taxes and exercise right privileges with the Chicago Board Options Exchange, Inc. (CBOE). CME Group’s liabilities consist primarily of debt and deferred tax liabilities.

Reclassifications. Certain reclassifications have been made to the prior years’ financial statements to conform to the presentation in 2009.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements, as well as the amounts of revenues and expenses reported during the period, and to disclose contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates.

Cash and Cash Equivalents. Cash equivalents consist of money market mutual funds and highly liquid investments with maturities of three months or less at the time of purchase.

Marketable Securities. Certain marketable securities have been classified as available for sale and are carried at fair value based on quoted market prices, with net unrealized gains and losses reported net of tax in accumulated other comprehensive income (loss). Interest on marketable securities is recognized as income when earned and includes accreted discount less amortized premium. Realized gains and losses are calculated using specific identification. Additional securities held in connection with non-qualified deferred compensation plans have been classified as trading securities. These securities are included in marketable securities in the accompanying consolidated balance sheets at fair value, and net realized and unrealized gains and losses as well as dividend income are reflected in investment income.

Fair Value of Financial Instruments. Accounting guidance on fair value measurements requires disclosure of the fair value of financial instruments. The carrying values of financial instruments included in assets and liabilities in the accompanying consolidated balance sheets are reasonable estimates of their fair values.

The accounting guidance defines “fair value” as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, or an exit price. The standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect the company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

The company has categorized its financial instruments measured at fair value into a three-level classification in accordance with the accounting guidance on fair value measurements. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

•

Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Assets and liabilities carried at level 1 fair value generally include U.S. Treasury and Government agency securities, equity securities listed in active markets, and investments in publicly traded mutual funds with quoted market prices.

•

Level 2—Inputs are either directly or indirectly observable and corroborated by market data or are based on quoted prices in markets that are not active. Assets and liabilities carried at level 2 fair value generally include municipal bonds, corporate debt and certain derivatives.

•

Level 3—Inputs are unobservable and reflect management’s best estimate of what market participants would use in pricing the asset or liability. Generally, assets and liabilities at fair value utilizing level 3 inputs include certain complex over-the-counter derivative contracts and certain other assets and liabilities with inputs that require management’s judgment.

For further discussion regarding the fair value of financial assets and liabilities, see notes 15 and 24.

Derivative Investments. The company may use derivative financial instruments for the purpose of hedging exposures to fluctuations in interest rates and foreign currency exchange rates. Derivatives are recorded at fair value in the consolidated balance sheets in accordance with accounting guidance on derivative instruments and hedging activities. The accounting guidance also requires that changes in derivatives’ fair values be recognized in earnings immediately, unless the instruments are accounted for as hedges. For a derivative designated as a fair value hedge, any gain or loss on the derivative is recognized in earnings in the period of change, to the extent the hedge is effective, together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The company records the effective portions of its derivative financial instruments that are designated as cash flow hedges in accumulated other comprehensive income (loss) in the accompanying consolidated balance sheets. Any ineffective or excluded portion of a hedge is recognized in earnings immediately. Any realized gains and losses from hedges are classified in the consolidated statements of income consistent with the accounting treatment of the items being hedged.

Accounts Receivable. In the ordinary course of business, a significant portion of accounts receivable and revenues are from clearing firms that are also required to be shareholders of the company. Exposure to losses on receivables for clearing and transaction fees and other amounts owed by clearing firms is dependent on each clearing firm’s financial condition, the Class A and Class B shares as well as the memberships that collateralize fees owed to the exchange. The exchange retains the right to liquidate shares to satisfy a clearing firm’s receivable.

Performance Bonds and Security Deposits. Performance bonds and security deposits held by the exchange for clearing firms may be in the form of cash, securities or deposits in one of the Interest Earning Facilities (IEFs). Cash performance bonds and security deposits are reflected in the consolidated balance sheets. Cash received may be invested by CME. These investments are primarily overnight transactions in U.S. Government securities acquired through and held by a broker-dealer subsidiary of a bank or through CME’s IEF program. Any interest earned on these investments accrues to CME and is included in investment income in the consolidated statements of income.

Securities deposited by clearing firms consist primarily of short-term U.S. Treasury and U.S. Government agency securities and are not reflected in the accompanying consolidated balance sheets. These securities are held in safekeeping, although a portion of the clearing firms’ proprietary performance bond deposits may be utilized in securities lending transactions. Interest and gain or loss on securities deposited to satisfy performance bond and security deposit requirements accrues to the clearing firm.

Property. Property and equipment, excluding land, are reported at historical cost, net of accumulated depreciation and amortization. Land is reported at cost. Building and improvements are recorded at cost less accumulated depreciation and amortization since acquisition. Computer software and systems include purchased software and systems, external costs specifically identifiable to the implementation of new systems and certain payroll and payroll-related costs for employees who are directly associated with and devote time to developing computer software for internal use.

Depreciation and amortization expense results from the depreciation of property purchased, as well as the amortization of purchased and internally developed software. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, as follows:


Land improvements		20 years
Buildings		39 years
Building improvements and equipment		5 to 20 years
Furniture and fixtures		7 years
Computer hardware and software		2 to 4 years

Leasehold improvements are amortized over the lesser of their estimated useful lives or the remaining term of the applicable leases. Leasehold improvements funded by landlord allowances are capitalized in the consolidated balance sheets. Maintenance and repair items as well as certain minor purchases are charged to expense as incurred. All leases in which the company is the tenant are accounted for as operating leases under the accounting guidance for leases. Landlord allowances are recorded as a reduction to rent expense on a straight-line basis over the term of the lease.

Software. The company capitalizes certain costs of developing internal use software in accordance with the accounting guidance on software development costs. Capitalized costs generally are amortized over three years, commencing when the software is placed in service. Purchased software is amortized over four years. Multi-year software licenses are amortized over the life of the contract, which is generally three to seven years.

Impairment of Long-Lived and Intangible Assets. The company reviews its long-lived assets and amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable based on an examination of undiscounted cash flows. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds the fair value of the assets. Goodwill and indefinite-lived intangible assets are reviewed for impairment on an annual basis and whenever events or circumstances indicate that their carrying values may not be recoverable. Impairment is recorded if the carrying amount exceeds fair value.

Acquisitions. The company accounts for acquisitions using the purchase method as required by the accounting guidance for business combinations. Under the accounting guidance, the acquiring company allocates the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of the acquisition, including identifiable intangible assets. The purchase price in excess of the fair value of the net assets and liabilities is recorded as goodwill. Among other sources, the company uses independent valuation services to assist in determining the estimated fair values of the assets and liabilities.

Employee Benefit Plans. The accounting guidance on employers’ accounting for defined benefit pension and other postretirement plans requires that the funded status of a defined benefit postretirement plan be recognized in the consolidated balance sheets and changes in that funded status be recognized in the year of change in other comprehensive income (loss). The accounting guidance also requires that plan assets and obligations be measured at year end. The company recognizes future changes in actuarial gains and losses and prior service costs in the year in which the changes occur through other comprehensive income (loss).

Foreign Currency Translation. Revenues and expenses of foreign subsidiaries are translated from their functional currencies into U.S. dollars using weighted-average exchange rates while their assets and liabilities are translated into U.S. dollars using period-end exchange rates. Gains or losses resulting from foreign currency translations are charged or credited to other comprehensive income (loss).

Revenue Recognition. The company’s revenue recognition policies comply with accounting guidance on revenue recognition. On occasion, customers will pay for services in a lump sum payment. When these circumstances occur, revenue is recognized as services are provided. Revenue recognition policies for specific sources of revenue are discussed below.

Clearing and Transaction Fees. Clearing and transaction fees include per contract charges for trade execution, clearing, trading on the electronic trading platforms and other fees. Fees are charged at various rates based on the product traded, the method of trade and the exchange trading privileges of the customer making the trade. Clearing and transaction fees are recognized as revenue when a buy and sell order are matched and the trade is cleared. Therefore, unfilled or cancelled buy and sell orders have no impact on revenue. On occasion, the customer’s exchange trading privileges may not be properly entered by the clearing firm and incorrect fees are charged for the transactions. When this information is corrected within the time period allowed by the exchange, a fee adjustment is provided to the clearing firm. A reserve is established for estimated fee adjustments to reflect corrections to customer exchange trading privileges. The reserve is based on the historical pattern of adjustments processed as well as specific adjustment requests. The company believes the allowances are adequate to cover estimated adjustments.

Quotation Data Fees. Quotation data fees represent revenue earned for the dissemination of market information. Revenues are accrued each month based on the number of devices reported by vendors. The exchange conducts periodic audits of the number of devices reported and assesses additional fees as necessary. An allowance is established to cover uncollectible receivables from market data vendors.

Processing Services. Processing services includes primarily revenues from clearing and settlement services provided to CBOT through the closing of the merger on July 12, 2007 and trade matching services provided to NYMEX Holdings through the closing of the merger on August 22, 2008.

Access and Communication Fees. Access fees are the connectivity charges to customers of the company’s electronic trading platform that are also used by market data vendors and customers. They include line charges, access fees for electronic trading platforms and hardware rental charges. The fees vary depending on the type of connection provided. An additional installation fee may be charged depending on the type of service requested and a disconnection fee may also be charged if certain conditions are met. Revenue is recognized monthly as the service is provided. An allowance is established to cover uncollectible receivables relating to access fees.

Communication fees consist of equipment rental and usage charges to customers and firms that utilize the various telecommunications networks and services in the Chicago and New York City facilities. Revenue is billed and recognized on a monthly basis.

Building Revenue. Revenues from the rental of commercial space are recognized over the lease term, using the straight-line method as required under accounting guidance on leases. Under this method, revenue is recorded evenly over the entire term of occupancy for leases with scheduled rent increases or rent abatements. Also included in revenue are ancillary charges for parking, utilities, and miscellaneous services provided to tenants. Allowances for construction and other tenant costs are considered lease incentives and are recorded as a reduction to rental income on a straight-line basis over the term of the lease.

Concentration of Revenue. At December 31, 2009, there were approximately 140 clearing firms. One firm represented 11% and one firm represented 10% of our clearing and transaction fees revenue in 2009. One firm represented 12% and one firm represented 10% of our clearing and transaction fee revenue in 2008. In 2007, one firm represented approximately 11% of clearing and transaction fees revenue. Should a clearing firm withdraw from the exchange, management believes the customer portion of that firm’s trading activity would likely transfer to another clearing firm. Therefore, management does not believe the company is exposed to significant risk from the loss of revenue received from a particular clearing firm.

The two largest resellers of market data represented approximately 55% of quotation data fees revenue in 2009, 56% in 2008, and 67% in 2007. Should one of these vendors no longer subscribe to the company’s market data, management believes the majority of that firm’s customers would likely subscribe to the market data through another reseller. Therefore, management does not believe the company is exposed to significant risk from a loss of revenue received from any particular market data reseller.

Share-Based Payments. The company accounts for share-based payments under the fair value recognition provisions of the accounting guidance on share-based payments. The company recognizes expense relating to stock-based compensation on an accelerated basis. As a result, the expense associated with each vesting date within a stock grant is recognized over the period of time that each portion of that grant vests. The company estimates expected forfeitures of stock grants.

Marketing Costs. Marketing costs are incurred for the production and communication of advertising as well as other marketing activities. These costs are expensed when incurred, except for costs related to the production of broadcast advertising, which are expensed when the first broadcast occurs.

Income Taxes. Deferred income taxes are determined in accordance with the accounting guidance on income taxes, and arise from temporary differences between the tax basis and book basis of assets and liabilities. A valuation allowance is recognized if it is anticipated that some or all of a deferred tax asset may not be realized. The company accounts for uncertainty in income taxes recognized in its consolidated financial statements by using a more-likely-than-not recognition threshold based on the technical merits of the tax position taken or expected to be taken. As of January 1, 2007, the company adopted guidance on accounting for uncertain tax positions and recorded an increase to current liabilities and a corresponding decrease to retained earnings as a result of a reassessment of its tax positions. The company classifies interest and penalties related to uncertain tax positions in income tax expense.

Segment Reporting. Based on materiality, GFX Corporation (GFX), CMA, Swapstream and the company’s real estate operations are not reportable segments and, as a result, there is no disclosure of segment information.

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

MARKETABLE SECURITIES

3. MARKETABLE SECURITIES

Available-for-Sale Securities. Certain marketable securities have been classified as available-for-sale. The amortized cost and fair value of these securities at December 31 were as follows:


	2009				2008
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
U.S. Government agency	$	6.0	$	5.9	$	2.7	$	2.8
U.S. Treasury		5.1		5.1		283.9		284.8
Municipal bonds		4.6		4.7		5.3		5.3
Asset-back securities		3.8		3.4		—		—
Corporate bonds		0.1		0.1		—		—

Total	$	19.6	$	19.2	$	291.9	$	292.9

Net unrealized gains (losses) on marketable securities classified as available-for-sale are reported as a component of other comprehensive income (loss) and included in the accompanying consolidated statements of shareholders’ equity. The fair value and continuous duration of gross unrealized losses on marketable securities with unrealized losses that are not deemed to be other-than-temporarily impaired, at December 31 were as follows:


	2009
	Less than 12 Months					12 Months or Greater					Total
(in millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Government agency	$	3.6	$	(0.1	)	$	—	$	—		$	3.6	$	(0.1	)
Asset-back securities		—		—			3.4		(0.4	)		3.4		(0.4	)

Total	$	3.6	$	(0.1	)	$	3.4	$	(0.4	)	$	7.0	$	(0.5	)

The company has the ability and intent to hold these marketable securities until a recovery of fair value, which may be maturity and, therefore, does not consider these investments to be other-than-temporarily impaired at December 31, 2009 or 2008. Unrealized gains on marketable securities totaled $0.1 million at December 31, 2009 and $1.0 million at December 31, 2008.

The amortized cost and fair value of marketable securities at December 31, 2009, by contractual maturity, were as follows:


(in millions)	Amortized Cost		Fair Value
Maturity of one year or less	$	5.5	$	5.5
Maturity between one and five years		3.5		3.5
Maturity between five and ten years		4.6		4.6
Maturity greater than ten years		6.0		5.6

Total	$	19.6	$	19.2

CME’s policy allows it to pledge U.S. Treasury securities as performance bond collateral in lieu of, or in combination with, irrevocable letters of credit for the mutual offset agreement with Singapore Exchange Limited (SGX) (note 19). CME retains the earnings on the securities and may substitute letters of credit for these securities at its discretion. The aggregate fair value of pledged securities was $283.8 million at December 31, 2008. There were no securities pledged at December 31, 2009. Pledged securities are included within marketable securities in the consolidated balance sheets.

Trading Securities. CME maintains additional investments in a diverse portfolio of mutual funds related to its non-qualified deferred compensation plan (note 15). The fair value of these securities was $23.4 million and $17.2 million at December 31, 2009 and 2008, respectively.

PERFORMANCE BONDS AND SECURITY DEPOSITS

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

PERFORMANCE BONDS AND SECURITY DEPOSITS

5. PERFORMANCE BONDS AND SECURITY DEPOSITS

CME clears and guarantees the settlement of CME, CBOT and NYMEX contracts traded in their respective markets. In its guarantor role, CME has precisely equal and offsetting claims to and from clearing firms on opposite sides of each contract, standing as an intermediary on every contract cleared. Clearing firm positions are combined to create a single portfolio for each clearing firm’s regulated and non-regulated accounts with CME for which performance bond and security deposit requirements are calculated. To the extent that funds are not otherwise available to CME to satisfy an obligation under the applicable contract, CME bears counterparty credit risk in the event that future market movements create conditions that could lead to clearing firms failing to meet their obligations to CME. CME reduces its exposure through a risk management program that includes initial and ongoing financial standards for designation as a clearing firm, initial and maintenance performance bond requirements and mandatory security deposits. Each clearing firm is required to deposit and maintain balances in the form of cash, U.S. Government securities, bank letters of credit or other approved investments to satisfy performance bond and security deposit requirements. All obligations and non-cash deposits are marked to market on a daily basis.

In addition, the rules and regulations of CBOT require certain minimum financial requirements for delivery of physical commodities, maintenance of capital requirements and deposits on pending arbitration matters. To satisfy these requirements, CBOT clearing firms have deposited cash, U.S. Treasury securities and letters of credit.

CME accounts for its guarantee of settlement of contracts in accordance with current accounting guidance on guarantees. CME marks-to-market all open positions at least twice a day, and requires payment from clearing firms whose positions have lost value and makes payments to clearing firms whose positions have gained value. In select circumstances where CME has introduced clearing services to newer markets, positions are marked-to-market daily, with the capability to mark-to-market more frequently as market conditions warrant. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure related to CME’s guarantee would be one half day of changes in fair value of all open positions, before considering CME’s ability to access defaulting clearing firms’ performance bond and security deposit balances as well as other available resources. During 2009, CME transferred an average of approximately $3.0 billion a day through its clearing system for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. CME reduces its guarantee exposure through initial and maintenance performance bond requirements and mandatory security deposits. The company believes that the guarantee liability in accordance with the accounting guidance is immaterial and therefore has not recorded any liability at December 31, 2009.

Cash performance bonds and security deposits are included in the consolidated balance sheets, and these balances may fluctuate significantly over time due to investment choices available to clearing firms and any change in the amount of deposits required. Securities are not reflected in the consolidated financial statements and CME does not earn any interest on these deposits.

Clearing firms, at their option, may instruct CME to deposit the cash held by CME into one of four IEF programs. The total principal in all IEF programs was $20.6 billion at December 31, 2009 and $19.7 billion at December 31, 2008. The security deposits held in one of the IEF programs may be used as collateral for CME’s $1.0 billion revolving line of credit. The consolidated statements of income reflect management fees earned under the IEF programs of $12.5 million, $11.8 million and $8.4 million during 2009, 2008 and 2007, respectively. These fees are included in other revenues.

CME and Options Clearing Corporation (OCC) have a cross-margin arrangement, whereby a common clearing firm may maintain a cross-margin account in which the clearing firm’s positions in certain CME futures and options are combined with certain positions cleared by OCC for purposes of calculating performance bond requirements. The performance bond deposits are held jointly by CME and OCC (note 19). Cross-margin cash, securities and letters of credit jointly held with OCC under the cross-margin agreement are reflected at 50% of the total, or CME’s proportionate share per that agreement. In addition, CME has cross-margin agreements with LCH. Clearnet Group (LCH) and Fixed Income Clearing Corporation (FICC) whereby the clearing firms’ offsetting positions with CME and LCH or CME and FICC, as applicable, are subject to reduced performance bond requirements. Clearing firms maintain separate performance bond deposits with each clearing house, but depending on the net offsetting positions between CME and LCH or CME and FICC, as applicable, each clearing house may reduce that firm’s performance bond requirements. The arrangement with LCH was terminated in February 2010.

Each clearing firm is also required to deposit and maintain specified security deposits in the form of cash or approved securities. In the event that performance bonds, security deposits, and other assets required to support clearing membership of a defaulting clearing firm are inadequate to fulfill that clearing firm’s outstanding financial obligation, the entire security deposit fund is available to cover potential losses after first utilizing operating funds of CME in excess of amounts needed for normal operations (surplus funds). Surplus funds totaled $354.6 million at December 31, 2009. The company’s target for surplus funds is $100.0 million with amounts in excess of this target generally paid as a dividend from CME to CME Group on a quarterly basis based on prior quarter-end balances.

CME maintains a secured line of credit with a consortium of banks to provide liquidity and capacity to pay settlement variation to all clearing firms, even if a clearing firm may have failed to meet its financial obligations to CME, or in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between the CME and the clearing firms (note 11). The amount available under the line of credit totaled $1.0 billion as of December 2009. Additionally, CME has an option to request an increase in the credit facility to $1.5 billion. Clearing firm security deposits received in the form of U.S. Treasury or Government agency securities, or in money market mutual funds purchased through one of the IEFs, as well as the performance bond assets of any firm that may default on its obligations to CME, can be used to collateralize the secured line of credit.

CME is required under the Commodity Exchange Act to segregate cash and securities deposited by clearing firms on behalf of their customers. In addition, CME rules require a segregation of all funds deposited by clearing firms from its operating funds.

Cash and securities held as performance bonds and security deposits at fair value at December 31 were as follows:


	2009				2008
(in millions)	Cash		Securities and IEF Funds		Cash		Securities and IEF Funds
Performance bonds	$	5,834.6	$	70,511.5	$	17,296.1	$	96,220.5
Security deposits		102.6		2,652.2		152.3		1,997.9
Cross-margin arrangements		10.6		220.5		204.4		188.3
Performance collateral for delivery		34.1		2.6		0.7		3.6

Total	$	5,981.9	$	73,386.8	$	17,653.5	$	98,410.3

Cash performance bonds may include intraday settlement, if any, that is owed to the clearing firms and paid the following business day. The balance of intraday settlements was $123.5 million at December 31, 2009 and $179.6 million at December 31, 2008. These amounts are invested on an overnight basis and are offset by an equal liability owed to clearing firms.

In addition to cash and securities, irrevocable letters of credit may be used as performance bond deposits and security deposits. At December 31, these letters of credit, which are not included in the accompanying consolidated balance sheets, were as follows:


(in millions)	2009		2008
Performance bonds	$	4,000.9	$	4,755.8
Security deposits		18.5		61.0
Performance collateral for delivery		262.1		325.8

Total Letters of Credit	$	4,281.5	$	5,142.6

All cash, securities and letters of credit posted as performance bonds are only available to meet the financial obligations of that clearing firm to CME.

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

INTANGIBLE ASSETS AND GOODWILL

7. INTANGIBLE ASSETS AND GOODWILL

Intangible assets consisted of the following at December 31:


	2009									2008
(in millions)	Cost			Accumulated Amortization			Net Book Value			Cost			Accumulated Amortization			Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships	$	2,842.5		$	(186.8	)	$	2,655.7		$	2,842.5		$	(90.3	)	$	2,752.2
Lease-related intangibles		83.2			(21.7	)		61.5			83.2			(9.9	)		73.3
Dow Jones licensing agreement		74.0			(16.6	)		57.4			74.0			(9.9	)		64.1
Technology-related intellectual property		28.4			(10.3	)		18.1			28.4			(3.9	)		24.5
Open interest		12.3			(12.3	)		—			12.3			(9.5	)		2.8
Market maker agreement		9.7			(5.8	)		3.9			9.7			(4.3	)		5.4
Other^(a)		3.6			(2.7	)		0.9			7.5			(5.4	)		2.1

		3,053.7			(256.2	)		2,797.5			3,057.6			(133.2	)		2,924.4
Foreign currency translation adjustments		(7.8	)		2.5			(5.3	)		(11.5	)		2.4			(9.1	)

Total Amortizable Intangible Assets	$	3,045.9		$	(253.7	)	$	2,792.2		$	3,046.1		$	(130.8	)	$	2,915.3

Indefinite-Lived Intangible Assets:
Trading products							$	16,982.0								$	16,982.0
Trade names								452.1									452.1
Other^(b)								2.6									2.6

								17,436.7									17,436.7
Foreign currency translation adjustments								(0.4	)								(0.6	)

Total Indefinite-Lived Intangible Assets								17,436.3									17,436.1

Total Intangible Assets							$	20,228.5								$	20,351.4

(a)	At December 31, 2009, other amortizable intangible assets consisted of non-compete and service agreements. At December 31, 2008, other amortizable intangible assets consisted primarily of non-compete and service agreements and trade names with limited lives.

(b)	At December 31, 2009 and 2008, other indefinite-lived intangible assets consisted of products in development.

Total amortization expense for intangible assets was $125.1 million, $98.7 million and $33.9 million for the years ended December 31, 2009, 2008 and 2007, respectively. As of December 31, 2009, the future estimated amortization expense related to amortizable intangible assets is expected to be:


(in millions)
2010	$	121.8
2011		121.6
2012		116.5
2013		110.8
2014		109.2
Thereafter		2,212.3

Goodwill activity consisted of the following for the years ended December 31, 2009 and 2008:


(in millions)	Balance at December 31, 2008		Acquisitions		Impairment Adjustment		Other Activity^(c)			Balance at December 31, 2009
CBOT Holdings	$	5,036.1	$	—	$	—	$	(0.4	)	$	5,035.7
NYMEX Holdings		2,436.7		—		—		26.4			2,463.1
CMA		46.4		—		—		4.0			50.4

Total Goodwill	$	7,519.2	$	—	$	—	$	30.0		$	7,549.2


(in millions)	Balance at December 31, 2007		Acquisitions		Impairment Adjustment			Other Activity(c)			Balance at December 31, 2008
CBOT Holdings	$	5,037.3	$	—	$	—		$	(1.2	)	$	5,036.1
NYMEX Holdings		—		2,438.9		—			(2.2	)		2,436.7
CMA		—		60.7		—			(14.3	)		46.4
Swapstream		11.9		—		(11.9	)		—			—

Total Goodwill	$	5,049.2	$	2,499.6	$	(11.9	)	$	(17.7	)	$	7,519.2

(c)

Other activity consisted primarily of adjustments to restructuring costs and tax contingencies for CBOT Holdings and NYMEX Holdings, the recognition of excess tax benefits upon exercise of stock options assumed for CBOT Holdings and NYMEX Holdings, and foreign currency translation adjustments for CMA.

In 2008, the company recorded a $3.2 million and $11.9 million impairment charge to reduce the carrying amounts of Swapstream intangible assets and goodwill, respectively, to their estimated fair values based on the results of an annual impairment test.

The company conducts goodwill and indefinite-lived intangible asset impairment testing at least annually. The company is required to consider a market participant’s perspective when developing the assumptions used to estimate fair value for its impairment tests. It may be possible that the estimated fair value of certain intangible assets and goodwill may be less than net book value when impairment testing is performed in the future. As a result, the company would be required to record an impairment charge at that time.

LONG-TERM INVESTMENTS	12 Months Ended
LONG-TERM INVESTMENTS	Dec. 31, 2009
Statement [Line Items]
LONG-TERM INVESTMENTS	8. LONG-TERM INVESTMENTS The company maintains various long-term investments as described below. In connection with CME Group’s merger with NYMEX Holdings in August 2008, the company acquired investments in DME Holdings Limited (DME Holdings), Green Exchange Holdings LLC (GX Holdings), IMAREX ASA (IMAREX), and TMX Group Inc. The investments are recorded in other assets in the consolidated balance sheets. BM&FBOVESPA SA. In February 2008, CME Group purchased an interest in Bolsa de Mercadorias & Futuros S.A. through the issuance of CME Group common stock valued at $631.4 million. Subsequent to this investment, Bolsa de Mercadorias & Futuros S.A. merged with Bovespa Holdings S.A. to become BM&FBOVESPA S.A. (BM&FBOVESPA). The company owns approximately 5% of BM&FBOVESPA and accounts for its investment using the cost method of accounting in accordance with accounting guidance regarding investments in debt and equity securities. BM&FBOVESPA is not a variable interest entity as defined under accounting guidance for variable interest entities. In December 2008, the company reduced its investment in BM&FBOVESPA by $368.4 million consisting of $274.5 million of impairment expense due to a decline in BM&FBOVESPA’s market value and $93.9 million of unrealized losses in accumulated other comprehensive income (loss) due to unfavorable changes in foreign exchange rates between the U.S. dollar and Brazilian real. The company may not sell its shares in BM&FBOVESPA for four years after the purchase date. As a result, BM&FBOVESPA stock will be carried at cost until within twelve months of the restriction lapsing, after which time the stock will be accounted for as an available-for-sale security. Bursa Malaysia Derivatives Berhad. In November 2009, CME Group acquired a 25% interest in Bursa Malaysia Derivatives Berhad (Bursa Derivatives) for $25.1 million. CME Group accounts for its investment in Bursa Derivatives using the equity method of accounting. Bursa Derivatives is not considered a variable interest entity under accounting guidance for variable interest entities. DME Holdings. CME Group acquired an approximate 28% interest in Dubai Mercantile Exchange Limited (DME) which was valued at $38.0 million upon CME Group’s acquisition of NYMEX Holdings. CME Group accounts for the investment in DME Holdings using the equity method of accounting. DME Holdings is not considered a variable interest entity under accounting guidance for variable interest entities. At December 31, 2009, the company determined that its investment in DME Holdings was impaired due to the excess of its carrying value over the estimated fair value. As a result, the company recognized an impairment charge of $23.6 million. FXMarketSpace Limited. In May 2006, CME Group entered into an agreement with Thompson Reuters Group PLC and its wholly-owned subsidiaries, Reuters Holdings Limited and Reuters Limited (Reuters, collectively), to create FXMarketSpace Limited (FXMS), the world’s first centrally-cleared, global foreign exchange marketplace, through a joint venture owned 50% each. The company’s investment in FXMS was recorded using the equity method of accounting. FXMS is not a variable interest entity under accounting guidance for variable interest entities. In the fourth quarter of 2008, FXMS terminated its operations. As a result, the company recognized $15.9 million of expense in equity in losses of unconsolidated subsidiaries in the consolidated statements of income. GX Holdings. The company owned 100% of GX Holdings until June 2009, when GX Holdings issued additional shares to third-party investors reducing the company’s equity interest to 34%. In conjunction with the reduction in its equity interest, the company received reimbursement for its start-up costs. The company contributed $7.5 million to GX Holdings in the second quarter of 2009 and accounts for its investment under the equity method. GX Holdings is considered a variable interest entity under accounting guidance for variable interest entities. However, CME Group is not considered the primary beneficiary and therefore consolidation of this investment is not required. IMAREX. CME Group acquired approximately 15% of IMAREX, headquartered in Oslo, Norway. The investment in IMAREX is accounted for as available-for-sale in accordance with accounting guidance regarding investments in debt and equity securities. In September 2009, CME Group determined that the investment in IMAREX was impaired due to an extended and significant decline in the market price of its stock. As a result, CME Group recognized an impairment charge of $22.4 million. TMX Group Inc. CME Group acquired approximately 2% of TMX Group Inc., headquartered in Toronto, Ontario. The investment in TMX Group Inc. is accounted for as available-for-sale in accordance with accounting guidance regarding investments in debt and equity securities.

DEBT

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

DEBT

11. DEBT

On February 10, 2009, CME Group completed a public offering of $750.0 million of 5.75% fixed rate notes due in 2014. Net proceeds from the offering were used to repay commercial paper borrowings backstopped by a 364-day revolving bridge facility.

Debt consisted of the following at December 31:


(in millions)	2009		2008
Short-term debt:
$250 million floating rate notes due August 2009, interest equal to 3-month LIBOR plus 0.20%, reset quarterly⁽¹⁾	$	—	$	249.9
$300 million floating rate notes due August 2010, interest equal to 3-month LIBOR plus 0.65%, reset quarterly⁽²⁾		299.8		—

Total Short-Term Debt	$	299.8	$	249.9

Long-term debt:
$300 million floating rate notes due August 2010, interest equal to 3-month LIBOR plus 0.65%, reset quarterly⁽²⁾	$	—	$	299.5
Term loan due 2011, interest equal to 3-month LIBOR plus 1.00%, reset quarterly ⁽³⁾		420.5		420.5
$750 million fixed rate notes due August 2013, interest equal to 5.40%		748.0		747.5
$750 million fixed rate notes due February 2014, interest equal to 5.75%		746.2		—
Commercial paper ⁽⁴⁾		100.0		1,498.6

Total Long-Term Debt	$	2,014.7	$	2,966.1

(1)	In October 2008, the company entered into an interest-rate swap agreement that modified the variable interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.12% beginning with the interest accrued after November 6, 2008.

(2)	In September 2008, the company entered into an interest-rate swap agreement that modified the variable interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.92% beginning with the interest accrued after November 6, 2008.

(3)	In September 2008, the company entered into an interest-rate swap agreement that modified the variable interest obligation associated with this facility so that the interest payable effectively became fixed at a rate of 4.72% beginning with the interest accrued after October 22, 2008.

(4)	At December 31, 2008, this was the portion of commercial paper backed by a three-year senior credit facility and the 364-day revolving bridge facility. At December 31, 2009, this represented commercial paper backed by the three-year senior credit facility.

Commercial paper notes with an aggregate par value of $6.6 billion and maturities ranging from 1 to 94 days were issued during 2009. The weighted average discount rates for commercial paper outstanding at December 31, 2009 and December 31, 2008 were 0.24% and 2.61%, respectively. The weighted average balance, at par value, of commercial paper outstanding during 2009 and 2008 was $554.2 million and $604.7 million, respectively.

Long-term debt maturities, at par value, were as follows as of December 31, 2009:


(in millions)
2011	$	520.5
2012		—
2013		750.0
2014		750.0

Commercial paper is considered to mature in 2011 because it is backed by the three-year senior credit facility, which expires in 2011.

On September 30, 2009, the three-year senior credit facility was amended, at the company’s request, to reduce the aggregate amount of revolving commitments available from $995.0 million to $945.5 million and to reduce the minimum required amount of each request for an increase in revolving commitments from $25.0 million to $10.0 million.

At December 31, 2009, the fair values of the $750.0 million fixed rate notes due 2013 and the $750.0 million fixed rate notes due 2014 were approximately $818.1 million and $819.8 million, respectively. Fair value was estimated using quoted market prices.

INCOME TAXES

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

INCOME TAXES

14. INCOME TAXES

Income before income taxes and the income tax provision consisted of the following for the years ended December 31, 2009, 2008 and 2007:


(in millions)	2009			2008			2007
Income before income taxes:
Domestic	$	1,438.0		$	1,589.3		$	1,119.5
Foreign		(0.5	)		(341.3	)		(23.7	)

Total	$	1,437.5		$	1,248.0		$	1,095.8

Income tax provision:
Current:
Federal	$	536.9		$	555.2		$	396.3
State		126.5			92.6			91.6
Foreign		5.2			(0.2	)		—

Total		668.6			647.6			487.9

Deferred:
Federal		9.3			(117.1	)		(40.7	)
State		(58.4	)		3.3			(9.9	)
Foreign		(7.8	)		(1.3	)		—

Total		(56.9	)		(115.1	)		(50.6	)

Total Income Tax Provision	$	611.7		$	532.5		$	437.3

Reconciliation of the statutory U.S. federal income tax rate to the effective tax rate is as follows:


	2009		2008		2007
Statutory U.S. federal tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal benefit	5.7		5.7		4.8
Impact of NYMEX acquisition on existing deferred taxes	—		3.9		—
Impact of Illinois tax law change	—		(3.1	)	—
Impact of New York City tax law change	(2.7	)	—		—
Increase in domestic valuation allowance	4.5		—		—
Other, net	0.1		1.2		0.1

Effective Tax Rate	42.6	%	42.7	%	39.9	%

At December 31, deferred tax assets (liabilities) consisted of the following:


(in millions)	2009			2008
Net Current Deferred Tax Assets:
Unrealized loss on investments	$	10.0		$	49.9
Stock-based compensation		4.8			30.4
Accrued expenses and other		9.0			15.2

Net Current Deferred Tax Assets	$	23.8		$	95.5

Net Non-Current Deferred Tax Assets:
Domestic unrealized loss on investment in BM&FBOVESPA	$	145.9		$	144.9
Foreign losses		152.0			143.6
Stock-based compensation		32.0			—
Deferred compensation		11.3			10.9
Unrealized loss on securities		54.0			10.4
Accrued expenses and other		51.5			24.0

Subtotal		446.7			333.8
Valuation allowance		(264.4	)		(168.3	)

Total non-current deferred tax assets		182.3			165.5

Non-Current Deferred Tax Liabilities:
Purchase intangible assets		(7,773.2	)		(7,833.7	)
Property		(55.0	)		(60.1	)

Total non-current deferred tax liabilities		(7,828.2	)		(7,893.8	)

Net Non-Current Deferred Tax Liabilities	$	(7,645.9	)	$	(7,728.3	)

A valuation allowance is recorded when it is more-likely-than-not that some portion or all of the deferred tax assets may not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. A valuation allowance has been provided as of December 31, 2009 and 2008 for net operating loss carryforwards obtained through the acquisition of Swapstream and for net operating losses generated by those operations subsequent to the acquisition. In addition, a valuation allowance has been provided as of December 31, 2009 and 2008 for the unrealized capital losses incurred in Brazil. During the years ended December 31, 2009 and 2008, the company also recorded a partial valuation allowance on its domestic unrealized capital losses. The valuation allowance was recorded for the excess of the unrealized capital losses over the unrealized capital gains of the company.

At December 31, 2009, 2008 and 2007, the company had gross unrecognized tax benefits of $42.6 million, $21.5 million and $9.7 million, respectively. Net of the tax impact in other jurisdictions, these unrecognized tax benefits were $33.5 million, $14.7 million and $6.7 million, respectively, and would be recorded as a net reduction to income tax expense if recognized in the future. Total interest and penalties related to uncertain tax positions were $8.7 million, $6.7 million and $2.8 million at December 31, 2009, 2008 and 2007, respectively. During the years ended December 31, 2009, 2008 and 2007, interest and penalties of $2.4 million, $2.2 million and $1.5 million, respectively, were recognized in the consolidated statements of income. Given the current status of the various examinations in progress, the company does not believe that it is reasonably possible that its unrecognized tax benefits will change significantly within the next twelve months.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in millions)	2009			2008			2007
Balance as of January 1	$	21.5		$	9.7		$	5.4
Unrecognized tax benefits acquired at dates of mergers		9.7			1.6			2.3
Additions based on tax positions related to the current year		6.7			5.9			2.5
Additions for tax positions of prior years		8.1			7.2			0.5
Reductions for tax positions of prior years		(1.2	)		(1.7	)		(1.0	)
Settlements with taxing authorities		(2.2	)		(1.2	)		—

Balance as of December 31	$	42.6		$	21.5		$	9.7

The company is subject to U.S. federal income tax as well as income taxes in Illinois and multiple other state, local and foreign jurisdictions. Substantially all federal and state income tax matters have been concluded through 2005 and 2004, respectively.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

EMPLOYEE BENEFIT PLANS

15. EMPLOYEE BENEFIT PLANS

Pension Plans. CME Group maintains a non-contributory defined benefit cash balance pension plan for eligible employees. CME’s plan provides for a contribution to the cash balance account based on age and earnings and includes salary and cash bonuses in the definition of earnings. Employees who have completed a continuous 12-month period of employment and have reached the age of 21 are eligible to participate. Participant cash balance accounts receive an interest credit equal to the greater of the one-year constant maturity yield for U.S. Treasury notes or 4.0%. Participants become vested in their accounts after three years of service. Prior to December 31, 2008, CME Group also maintained a non-contributory defined benefit pension plan for the former CBOT employees. The benefits payable under the CBOT pension plan were based primarily on years of service and the employees’ average compensation levels. Effective December 31, 2008, the CBOT plan was merged into the CME plan. In addition, NYMEX employees are eligible to participate in the combined plan effective January 1, 2009. The measurement date used for the plan is December 31.

Information regarding the aggregate status and activity of the plans is indicated below:


(in millions)	2009			2008
Change in Project Benefit Obligation:
Benefit obligation at the beginning of the year	$	88.4		$	90.0
Service cost		9.7			8.2
Interest cost		5.9			5.6
Actuarial gain (loss)		8.8			0.2
Benefits paid		(5.3	)		(15.6	)

Project Benefit Obligation at End of Year	$	107.5		$	88.4

The aggregate accumulated benefit obligation at December 31, 2009 and 2008 was $93.1 million and $74.2 million, respectively.


(in millions)	2009			2008			2007
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	93.8		$	97.9		$	50.5
Fair value of CBOT’s plan assets at July 12, 2007		—			—			43.4
Actual return on plan assets		10.7			(19.5	)		0.7
Employer contributions		8.5			31.0			9.2
Benefits paid		(5.3	)		(15.6	)		(5.9	)

Fair Value of Plan Assets at End of Year	$	107.7		$	93.8		$	97.9

The fair value of each major category of plan assets as of December 31 is indicated below. According to the hierarchy defined by the accounting guidance on fair value measurement, the assets are classified in their entirety based on the lowest level of input that is significant to each asset or liability’s fair value measurement. Level 1 assets are valued using unadjusted market prices for identical assets in active markets based on the valuation date. Valuation techniques for level 2 assets use significant observable inputs such as quoted prices for similar assets, quoted market prices in inactive markets and other inputs that are observable or can be supported by observable market data.


(in millions)	2009		2008
Level 1:
Mutual Funds:
Fixed income	$	6.1	$	5.7
Level 2:
Money market funds		40.5		55.1
Mutual funds:
U.S. equity		27.4		16.1
Foreign equity		10.8		6.1
Fixed income		19.5		8.7
Commodity		3.4		2.1

Total	$	107.7	$	93.8

At December 31, 2009 and 2008, the fair value of pension plan assets exceeded the projected benefit obligation by $0.2 million and $5.4 million, respectively. This excess was recorded as a non-current pension asset.

The funding goal for the exchange is to have its pension plan 100% funded at each year end on a projected benefit obligation basis, while also satisfying any minimum required contribution and obtaining the maximum tax deduction. Year-end 2009 assumptions have been used to project the liabilities and assets from December 31, 2009 to December 31, 2010. The result of this projection is that estimated liabilities would exceed the fair value of the plan assets at December 31, 2010 by approximately $14.3 million. Accordingly, it is estimated that a $14.3 million contribution in 2010 will allow the company to meet its funding goal.

The components of net pension expense and the assumptions used to determine the end-of-year projected benefit obligation and net pension expense in aggregate are indicated below:


(in millions)	2009			2008			2007
Components of Net Pension Expense:
Service cost	$	9.7		$	8.2		$	6.9
Interest cost		5.9			5.6			4.3
Expected return on plan assets		(7.0	)		(7.0	)		(5.2	)
Recognized net actuarial loss		2.7			0.4			0.1

Net Pension Expense	$	11.3		$	7.2		$	6.1

Assumptions Used to Determine End-of-Year Benefit Obligation:
Discount rate		5.70	%		6.10	%		6.10	%
Rate of compensation increase		5.00			5.00			5.00
Cash balance interest crediting rate		4.00			4.10			4.10
Assumptions Used to Determine Net Pension Expense:
Discount rate		6.10	%		6.10	%		6.20	%
Rate of compensation increase		5.00			5.00			5.00
Expected return on plan assets		8.00			8.00			8.00
Interest crediting rate		4.00			4.10			4.10

The discount rate for the plan is determined based on an interest rate yield curve. The yield curve is comprised of bonds with a rating of Aaa and Aa and maturities between zero and thirty years. The expected annual benefit cash flows for the plan are discounted to develop a single-point discount rate by matching the plan’s expected payout structure to such yield curve.

The basis for determining the expected rate of return on plan assets for the plan is comprised of three components: historical returns, industry peers and forecasted return. The plan’s total return is expected to equal the composite performance of the security markets over the long term. The security markets are represented by the returns on various domestic and international stock, bond and commodity indexes. These returns are weighted according to the allocation of plan assets to each market and measured individually.

The overall objective of the plan is to meet required long-term rates of return in order to meet future benefit payments. The component of the investment policy for the plan that has the most significant impact on returns is the asset mix. The asset mix has a minimum and maximum range depending on asset class. The plan assets are diversified to minimize the risk of large losses by any one or more individual assets. Such diversification is accomplished, in part, through the selection of asset mix and investment management. The asset allocation for the plan, by asset category, at December 31 was as follows:


	2009		2008
Money market funds	37.6	%	58.7	%
U.S. equity	25.4		17.2
Fixed income	23.8		15.4
Foreign equity	10.0		6.5
Commodity	3.2		2.2

As the company reassessed its investment allocation, it held a higher than normal balance in money market funds beginning at the end of 2008 through 2009. As of December 31, 2009, the money market balance remained in the portfolio as the company was still in the process of finalizing its target asset allocation for 2010.

According to the plan’s investment policy, the plan is not allowed to invest in securities that compromise independence, short sales of securities directly owned by the plan, securities purchased on margin or other uses of borrowed funds, derivatives not used for hedging purposes, restricted stock or illiquid securities or any other transaction prohibited by employment laws. If the plan directly invests in short-term and long-term debt obligations, the investments are limited to obligations rated at the highest rating category by Standard & Poor’s (S&P) or Moody’s.

A modification to the plan’s target investment allocation was approved in the fourth quarter of 2009 and will be implemented during 2010. This modification was the result of an asset allocation review that was performed to determine the target mix that would best support the plan’s funding goals and resulted in a revised investment policy. During 2010, the company will migrate its investment mix toward the target allocation. The range of target allocation percentages to be implemented in 2010 is as follows:


	Minimum		Maximum
U.S. equity	23.5	%	35.0	%
Foreign equity	23.5		35.0
Fixed income	33.0		45.0
Commodity	2.0		8.0

The balance and activity of the prior service costs and actuarial losses, which are included in accumulated other comprehensive income (loss), are as follows:


(in millions)	Prior Service Costs		Actuarial Loss
Balance at January 1, 2009	$	0.2	$	33.1
Unrecognized loss		—		5.1
Recognized as a component of net pension expense		—		(2.7	)

Balance at December 31, 2009	$	0.2	$	35.5

The company expects to amortize $2.3 million of actuarial loss from accumulated other comprehensive income (loss) into net periodic benefit costs in 2010.

At December 31, 2009, anticipated benefit payments from the plan in future years are as follows:


(in millions)	Year
2010	$	7.2
2011		8.0
2012		9.0
2013		9.5
2014		10.5
2015-2019		65.0

Other Post-Retirement Benefit Plan. In conjunction with the NYMEX Holdings merger, CME Group assumed the obligation for the post-employment and post-retirement benefit plans for legacy and former NYMEX employees. The post-employment plan offers benefits to employees after employment but before retirement. Post-employment benefits include both short-term disability income benefits and long-term disability related health benefits. CME Group accrues for these future post-employment benefits, which are funded as payments become due. The post-retirement plan offers certain health care and life insurance benefits for qualifying retired employees of NYMEX. Certain legacy employees of NYMEX who met the specified age and years of service criteria by December 31, 2008, or who met the criteria before their transitional assignment was completed, were grandfathered into the post-retirement plan. The plan has been closed to new participants. CME Group funds the benefit costs as payments become due. At December 31, 2009 and 2008, the projected benefit obligation of these plans was $4.4 million and $4.3 million, respectively. The plan’s net periodic benefit cost was $0.3 million in 2009 and $0.1 million for the period August 23 through December 31, 2008.

CME Group also maintains a post-retirement benefit plan for legacy and former CBOT employees. Employees retiring from CBOT on or after age 55, who have at least ten years of service, or after 65 with five years of service, are entitled to post-retirement medical benefits. Effective January 1, 2008, the plan was closed to new participants. CME Group funds benefit costs as payments become due. The measurement date of plan obligations is December 31. At December 31, 2009 and 2008, the projected benefit obligation of the plan was $4.6 million and $4.7 million, respectively. The plan’s net periodic benefit cost was $0.3 million in 2009, $0.2 million in 2008 and $0.2 million for the period July 13 through December 31, 2007.

Savings Plan. CME maintains a savings plan pursuant to Section 401(k) of the Internal Revenue Code, whereby all U.S. employees are participants and have the option to contribute to this plan. CME matches employee contributions up to 3% of the employee’s base salary and may make additional discretionary contributions of up to 2% of base salary. Effective January 1, 2008, the qualified savings plan for CBOT employees was merged into the CME plan. Aggregate expense for the savings plans amounted to $4.5 million, $4.3 million and $3.7 million in 2009, 2008 and 2007, respectively.

NYMEX maintained a defined contribution plan that incorporated a deferred salary arrangement under Section 401(k) of the Internal Revenue Code to all eligible legacy NYMEX domestic employees. Employee contributions were matched up to a maximum of 3% of salary. In addition, annual contributions ranging from 2% to 7% were made based upon tenure for each eligible plan member. The cost of these contributions totaled $0.8 million for the period August 23 through December 31, 2008. As of January 1, 2009, NYMEX’s plan was merged with CME’s plan for U.S. employees. No further contributions were made to the NYMEX plan after that date.

CME London-based employees are eligible to participate in a defined contribution plan. The plan provides for company contributions of 10% of earnings and does not have any vesting requirements. Salary and cash bonuses paid are included in the definition of earnings. Total expense for the London defined contribution benefit plan was $0.7 million, $0.7 million and $0.6 million in 2009, 2008 and 2007, respectively.

CME Non-Qualified Plans. The following non-qualified plans, under which participants may make assumed investment choices with respect to amounts contributed on their behalf, are maintained by CME. Although not required to do so, CME invests such contributions in assets that mirror the assumed investment choices. The balances in these plans are subject to the claims of general creditors of the exchange and totaled $23.4 million and $17.2 million at December 31, 2009 and 2008, respectively. Although the value of the plans is recorded as an asset in the consolidated balance sheets, there is an equal and offsetting liability. The investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both investment income and compensation and benefits expense.

Supplemental Savings Plan—CME maintains a supplemental savings plan to provide benefits for employees who have been impacted by statutory limits under the provisions of the qualified pension and savings plans. All CME employees hired prior to January 1, 2007 are immediately vested in their supplemental plan benefits. All CME employees hired on or after January 1, 2007 are subject to the vesting requirements of the underlying qualified plans. Total expense for the supplemental plan was $0.7 million, $1.3 million and $0.9 million for 2009, 2008 and 2007, respectively.

Deferred Compensation Plan—A deferred compensation plan is maintained by CME, under which eligible officers and members of the board of directors may contribute a percentage of their compensation and defer income taxes thereon until the time of distribution.

CBOT Supplemental Retirement Plan. CME Group maintains a non-qualified supplemental retirement plan for former officers of CBOT Holdings who elected to participate in the plan. The liability for this plan, which amounted to $1.1 million and $1.4 million as of December 31, 2009 and 2008, respectively, is funded by life insurance policies on the lives of the participating employees. There is a trust established for the purpose of administering this non-qualified plan.

NYMEX Non-Qualified Plans. As part of the merger with NYMEX Holdings, CME Group assumed the obligation for the non-qualified deferred compensation plan for key employees of NYMEX. The plan allowed for matching and regular year-end contributions to the deferred plan. Matching and year-end contribution percentages followed the same guidelines as the NYMEX defined contribution plan. It is intended to be unfunded and, therefore, all compensation deferred under the deferred plan is held by CME Group. At December 31, 2009 and 2008, the liability for the deferred plan was $2.2 million and $1.9 million, respectively. The total assets for the plan, which are subject to the claims of general creditors, were $2.2 million and $1.9 million at December 31, 2009 and 2008, respectively. This plan was frozen as of December 31, 2008 to new participant contributions or employer contributions.

NYMEX Members’ Retirement Plan and Benefits. NYMEX maintained a retirement and benefit plan under the Commodities Exchange, Inc. (COMEX) Members’ Recognition and Retention Plan (MRRP). This plan provides benefits to certain members of the COMEX division based on long-term membership, and participation is limited to individuals who were COMEX division members prior to NYMEX’s acquisition of COMEX in 1994. No new participants were permitted into the plan after the date of this acquisition. Under the terms of the MRRP, the company is required to fund the plan with a minimum annual contribution of $400,000 until it is fully funded. All benefits to be paid under the MRRP are based on reasonable actuarial assumptions which are based upon the amounts that are available and are expected to be available to pay benefits. Total contributions to the plan were $0.8 million in 2009 and $0.8 million for the period August 23 through December 31, 2008. At December 31, 2009 and 2008, the total obligation for the MRRP totaled $20.5 million and $20.1 million, respectively. Assets with a fair value of $14.4 million and $13.1 million have been allocated to this plan at December 31, 2009 and 2008. respectively.

COMMITMENTS

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

COMMITMENTS

17. COMMITMENTS

Operating Leases. CME Group has commitments under operating leases for certain facilities that are accounted for in accordance with accounting guidance on leases. In July 2008, the company renegotiated the operating lease for its headquarters at 20 South Wacker Drive in Chicago. The lease, which has an initial term ending on November 30, 2022, contains two consecutive renewal options for seven and ten years and a contraction option which allows the company to reduce its occupied space after November 30, 2018. In addition, the company may exercise a lease expansion option in December 2012 and in December 2017. Annual minimum rental payments under the headquarters operating lease range from $5.1 million to $12.9 million.

In August 2006, CME Group entered into an operating lease for additional office space in Chicago. The initial lease term, which became effective on August 10, 2006, terminates on November 30, 2023. The lease contains two 5-year renewal options beginning in 2023. Annual minimum rental payments for this lease range from $3.8 million to $5.6 million.

CME Group maintains two operating leases for office space in London. The first lease became effective on August 4, 2004 and will terminate on August 1, 2014. Annual minimum rental payments range from $0.6 million to $1.1 million. The second lease became effective on October 19, 2006 and will terminate on March 1, 2019. However, CME Group has an option to terminate the lease without penalty on December 25, 2011. Annual minimum rental payments are $1.0 million.

In August 2008, CME Group began to maintain the NYMEX Holdings lease agreement due to the NYMEX merger. In May 1995, NYMEX Holdings signed a ground lease (expiring June 2069, with an option to terminate without penalty on June 2012) with Battery Park City Authority (BPCA) for the site where it constructed its headquarters and trading facility. Annual minimum rental payments range from $0.5 million to $2.5 million. The lease establishes payments in lieu of taxes (PILOTs) due to New York City. PILOTs are entirely abated until May 17, 2015 for the trading floor of the facility.

Leases for other locations where CME Group maintains space expire at various times from 2012 to 2014 with annual minimum rentals that will not exceed $4.2 million in any year.

Total rental expense, including equipment rental, was $33.7 million in 2009, $36.2 million in 2008 and $31.4 million in 2007.

Other Commitments. Commitments include contractual obligations as well as other liabilities that are non-cancelable. Contractual obligations totaled $48.7 million at December 31, 2009 and relate primarily to software licenses, hardware and maintenance as well as telecommunication services. Other liabilities totaled $39.0 million at December 31, 2009 and primarily include security deposits and derivative contracts.

Future minimum obligations under non-cancelable operating leases, contractual obligations and other liabilities in effect at December 31, 2009 are payable as follows (in millions):


Year	Operating Leases		Contractual Obligations		Other Liabilities		Total
2010	$	20.0	$	19.9	$	39.0	$	78.9
2011		21.6		12.7		—		34.3
2012		20.7		8.1		—		28.8
2013		20.0		4.0		—		24.0
2014		19.0		4.0		—		23.0
Thereafter		133.7		—		—		133.7

Total	$	235.0	$	48.7	$	39.0	$	322.7

Licensing Agreements. CME Group has various licensing agreements including agreements with S&P, NASDAQ OMX Group, Inc. (NASDAQ OMX) and Dow Jones relating to certain equity index products. The license agreement with S&P provides that the S&P 500 Index futures and options will be exclusive through December 31, 2016 as long as certain volume requirements are met. In 2008, the company extended its license agreement with NASDAQ OMX, which is exclusive with respect to futures and options on futures contracts based on certain NASDAQ OMX indexes through October 9, 2019.

On September 11, 2007, CME Group renewed its product licensing agreement with Dow Jones. The agreement enables the exchange to continue to exclusively offer futures and options on futures products based on the Dow Jones Industrial Average and other Dow Jones indexes. The new agreement is effective January 1, 2008 through December 31, 2014 and included an upfront payment as well as minimum annual payments. The agreement also includes a provision for a five year renewal term and successive annual renewal terms after the initial five year renewal term until cancelled by either party six months prior to the annual renewal date.

Other Agreements. In 1994, NYMEX entered into a letter of intent with BPCA, New York Economic Development Corporation (EDC) and Empire State Development Corporation (ESDC) to construct a new trading facility and office building on a site in Battery Park City. By agreement dated May 18, 1995, the EDC and ESDC agreed to provide funding of $128.7 million to construct the facility. NYMEX is liable for liquidated damages on a declining scale if it violates terms of the occupancy agreement at any time prior to 15 years from the date of occupancy, July 7, 1997. Such a violation could also potentially trigger a cross default under the ground lease described in operating leases.

In 2002, NYMEX entered into an agreement and received a $5.0 million grant from ESDC. This agreement requires NYMEX to maintain certain annual employment levels, and the grant is subject to recapture amounts, on a declining scale, through January 1, 2012.

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

DERIVATIVE INSTRUMENTS

20. DERIVATIVE INSTRUMENTS

The company mitigates certain financial exposures to interest rate risk and foreign currency exchange rate risk through the use of derivative financial instruments as part of its risk management program. The company does not use derivative instruments for trading purposes. All derivatives have been designated as cash flow hedges.

The fair value of derivative instruments and their location in the consolidated balance sheets at December 31 were as follows:


		Fair Value
(in millions)	Location	2009		2008
Interest rate contracts	Other current liabilities	$	19.3	$	7.2
Interest rate contracts	Other liabilities		7.0		25.9

Total Derivatives		$	26.3	$	33.1

The effect of derivative instruments on the consolidated statements of income and consolidated statements of shareholders’ equity for the years ended December 31 were as follows:


	Gains (Losses) Recognized in OCI		Gains (Losses) Reclassified from Accumulated OCI			Gains (Losses) Recognized in Income
(in millions)	2009	2008	Location	2009	2008	Location	2009	2008
Interest rate contracts	$12.2	$(34.3)	Interest and other borrowing costs	$(21.0)	$1.1	Gains (losses) on derivative investments	$ —	$ —
Foreign exchange contracts	—	—	Gains (losses) on derivative investments	—	—	Gains (losses) on derivative investments	—	(5.9)

Total Derivatives	$12.2	$(34.3)		$(21.0)	$1.1		$ —	$(5.9)

Interest Rate Derivatives. In connection with the issuance of floating rate debt in August and October 2008, the company entered into three interest rate swap contracts, designated as cash flow hedges, for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate. These swaps are highly effective.

To mitigate counterparty credit risk, the interest rate swap contracts require collateralization by both counterparties for the swaps’ aggregate net fair value. Collateral, which is maintained in the form of cash, is adjusted and transferred on a daily basis.

Foreign Currency Derivatives. In connection with its purchase of BM&FBOVESPA stock in February 2008, CME Group purchased a put option to hedge against changes in the fair value of BM&FBOVESPA stock resulting from foreign currency rate fluctuations between the U.S. dollar and the Brazilian real (BRL) beyond the option’s exercise price. Lehman Brothers Special Financing Inc. (LBSF) was the sole counterparty to this option contract. On September 15, 2008, Lehman Brothers Holdings Inc. (Lehman) filed for protection under Chapter 11 of the United States Bankruptcy Code. The bankruptcy filing of Lehman was an event of default that gave the company the right to immediately terminate the put option agreement with LBSF. To mitigate credit risk, the derivative agreement required CME Group’s counterparty to collateralize substantially all of the option’s fair value with cash or U.S. Treasury securities. Upon termination of the option agreement, the company recognized a loss of $2.0 million due to the shortfall in collateralization.

The BM&FBOVESPA stock is currently carried at cost due to restrictions on CME Group’s ability to sell the stock. The company has not re-established a hedge against changes in fair value of the stock resulting from foreign currency exchange rate fluctuations.

During 2008, the company recognized a loss of $5.9 million due to the changes in the fair value of this option contract.

CAPITAL STOCK

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

CAPITAL STOCK

21. CAPITAL STOCK

Shares Outstanding. The following table presents information regarding capital stock:


	December 31,
(in thousands)	2009	2008
Shares authorized	1,000,000	1,000,000
Class A common stock	66,511	66,417
Class B-1 common stock	0.6	0.6
Class B-2 common stock	0.8	0.8
Class B-3 common stock	1.3	1.3
Class B-4 common stock	0.4	0.4

CME Group has no shares of preferred stock issued and outstanding.

On August 1, 2007, CME Group commenced a fixed price tender offer for up to 6.3 million shares of its Class A common stock (including the associated preferred stock purchase rights) at a price of $560 per share. The tender offer was completed on September 5, 2007 and CME Group accepted for purchase 1.7 million shares of its Class A common stock (including associated preferred stock purchase rights), representing approximately 3% of the Class A common stock outstanding at the time of purchase.

Associated Trading Rights. Members of CME, CBOT, NYMEX and COMEX own or lease trading rights which entitle them access to the trading floors, discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and CME Group’s or the subsidiaries’ organizational documents. Each class of CME Group Class B common stock is associated with a membership in a specific division for trading at CME. A CME trading right is a separate asset that is not part of or evidenced by the associated share of Class B common stock of CME Group. The Class B common stock of CME Group is intended only to ensure that the Class B shareholders of CME Group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below.

Trading rights at CBOT are evidenced by Class B memberships in CBOT, at NYMEX by Class A memberships in NYMEX and at COMEX by COMEX Division Memberships in COMEX. Members of the CBOT, NYMEX and COMEX exchanges do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships. The company is, however, required to have at least 10 CBOT directors (as defined by its bylaws) until its 2012 annual meeting.

Core Rights. Holders of CME Group Class B common shares have the right to approve changes in specified rights relating to the trading privileges at CME associated with those shares. These core rights include allocation of products that a holder of trading rights is permitted to trade through the exchange; the trading floor access rights and privileges of members; the number of memberships in each membership class and the number of authorized and issued shares of Class B common stock associated with that class; and eligibility requirements to exercise trading rights associated with Class B shares. Votes on changes to these core rights are weighted by class. Each class of Class B common stock has the following number of votes on matters relating to core rights: Class B-1, six votes per share; Class B-2, two votes per share; Class B-3, one vote per share; and Class B-4, 1/6th of one vote per share. The approval of a majority of the votes cast by the holders of shares of Class B common stock is required in order to approve any changes to core rights. Holders of shares of Class A common stock do not have the right to vote on changes to core rights.

Voting Rights. With the exception of the matters reserved to holders of CME Group Class B common stock, holders of common stock vote together on all matters for which a vote of common shareholders is required. In these votes, each holder of shares of Class A or Class B common stock of CME Group has one vote per share.

Transfer Restrictions. Each class of CME Group Class B common stock is subject to transfer restrictions contained in the Certificate of Incorporation of CME Group. These transfer restrictions prohibit the sale or transfer of any shares of Class B common stock separate from the sale of the associated trading rights.

Election of Directors. The CME Group Board of Directors is currently comprised of 32 members, including 10 CBOT directors (as defined by its bylaws). Until CME Group’s 2012 annual meeting, its board must include at least 10 CBOT directors. Holders of Class A and Class B common stock have the right to vote together in the election of 26 directors. Holders of Class B-1, Class B-2 and Class B-3 common stock have the right to elect six directors, of which three are elected by Class B-1 shareholders, two are elected by Class B-2 shareholders and one is elected by Class B-3 shareholders.

Dividends. Holders of Class A and Class B common stock of CME Group are entitled to receive proportionately such dividends, if any, as may be declared by the CME Group board of directors.

Ownership Requirements. As of December 31, 2009, each clearing firm clearing only CME, CBOT or NYMEX products was required to own 8,000 shares of Class A common stock in addition to the requisite number of exchange memberships at the exchange in which the firm is seeking status as a clearing firm. For firms clearing products at two exchanges, the Class A common stock ownership requirement was 12,000 shares and for firms clearing at all exchanges, the requirement was 16,000 shares. The total Class A common stock held by our clearing firms pursuant to this requirement was 1.4 million shares at December 31, 2009.

Shareholder Rights Provisions. The board of directors of CME Group has adopted a plan creating rights that entitle CME Group’s shareholders to purchase shares of CME Group stock in the event that a third party initiates a transaction designed to take over the company. This rights plan is intended to encourage persons seeking to acquire control of CME Group to engage in arms-length negotiations with the board of directors and management. The rights are attached to all outstanding shares of CME Group common stock, and each right entitles the shareholder to purchase one one-thousandth of a share of Series A junior participating preferred stock at a purchase price of $1,000 per unit. The rights should not interfere with any merger or other business combination approved by the board of directors since the rights may be amended to permit such acquisition or redeemed by the company under the terms of the plan. In the event the rights become exercisable, each holder of a right shall receive, upon exercise, Class A common stock having a value equal to two times the exercise price of the right.

CME Group Omnibus Stock Plan. CME Group has adopted an Omnibus Stock Plan under which stock-based awards may be made to employees. A total of 8.0 million Class A shares have been reserved for awards under the plan. Awards totaling 3.6 million shares have been granted and are outstanding or have been exercised under this plan at December 31, 2009 (note 22).

CBOT Holdings Long-Term Equity Incentive Plan. In connection with the merger with CBOT Holdings, CME Group assumed CBOT Holdings’ 2005 Long-Term Equity Incentive Plan. Under the plan, stock-based awards may be made to certain directors, officers and other key employees or individuals. A total of 0.4 million shares have been reserved for awards under the plan. In connection with receiving shareholder approval to increase the amount of authorized shares under the Omnibus Stock Plan in May 2009, the company undertook to freeze future awards under this plan. As a result, 0.3 million shares that remained authorized for future awards under this plan were frozen.

NYMEX Holdings Omnibus Long-Term Incentive Plan. In connection with the merger with NYMEX Holdings, CME Group assumed NYMEX Holdings’ 2006 Omnibus Long-Term Incentive Plan. Under the plan, stock-based awards may be made to any director, officer or employee of the company and other key individuals providing services to the company. A total of 1.0 million shares have been reserved for awards under the plan. In connection with receiving shareholder approval to increase the amount of authorized shares under the Omnibus Stock Plan in May 2009, the company undertook to freeze future awards under this plan. As a result, 0.7 million shares that remained authorized for future awards under this plan were frozen.

Director Stock Plan. CME Group has adopted a Director Stock Plan under which awards are made to non-executive directors as part of their annual compensation. A total of 125,000 Class A shares have been reserved under this plan, and approximately 27,000 shares have been awarded through December 31, 2009.

Employee Stock Purchase Plan. CME Group has adopted an Employee Stock Purchase Plan (ESPP) under which employees may purchase Class A shares at 90% of the market value of the shares using after-tax payroll deductions. A total of 40,000 Class A shares have been reserved under this plan, of which approximately 15,000 shares have been purchased through December 31, 2009 (note 22).

Share Repurchases. In June 2008, CME Group was authorized by its board of directors to pursue new initiatives to return capital to shareholders. The initiatives included a share buyback program of up to $1.1 billion of CME Group Class A common stock, subject to market conditions through December 2009. The board’s authorization permitted the repurchase of shares through the open market, an accelerated program, a tender offer or privately negotiated transactions. The company repurchased shares pursuant to a plan under Rule 10b5-1 of the Securities Exchange Act of 1934. The share repurchase plan did not obligate CME Group to repurchase any specific dollar amount or number of shares of its Class A common stock.

In January 2009, the company purchased approximately 139,000 shares at an average price of $195 per share for a total cost of $27.0 million. Subsequently, the company suspended its share repurchase program. The number of shares purchased under the program since inception was 922,000 shares at an average price per share of $272 for a total cost of $250.8 million.

STOCK-BASED PAYMENTS

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

STOCK-BASED PAYMENTS

22. STOCK-BASED PAYMENTS

CME Group adopted an Omnibus Stock Plan under which stock-based awards may be made to employees. A total of 8.0 million Class A shares have been reserved for awards under the plan. Awards totaling 3.6 million shares have been granted and are outstanding or have been exercised under the plan as of December 31, 2009. Awards granted since 2003 until 2009 generally vest over a five-year period, with 20% vesting one year after the grant date and on that same date in each of the following four years. Beginning in 2009, awards granted generally vest over a four-year period, with 25% vesting one year after the grant date and on that same date in each of the following three years.

Total compensation expense for stock-based payments was $33.4 million for the year ended December 31, 2009, $37.6 million for the year ended December 31, 2008, and $22.9 million for the year ended December 31, 2007. The total income tax benefit recognized in the consolidated statements of income for stock-based payment arrangements was $13.4 million, $15.1 million and $9.1 million for the years ended December 31, 2009, 2008 and 2007, respectively.

Excluding estimates of future forfeitures, at December 31, 2009, there was $64.9 million of total unrecognized compensation expense related to employee stock-based compensation arrangements that had not yet vested. That expense is expected to be recognized over a weighted average period of 2.2 years.

In 2009, the company granted employees stock options totaling 175,980 shares under the Omnibus Stock Plan. The options have a ten-year term with exercise prices ranging from $195 to $332, the closing market prices on the grant dates. The fair value of these options totaled $20.6 million, measured at the grant dates using the Black-Scholes valuation model, which is recognized as compensation expense on an accelerated basis over the vesting period.

The Black-Scholes fair value of each option grant was calculated using the following assumptions:


	Grant Date
	2009	2008	2007
Dividend yield	1.4% - 2.4%	1.0% - 2.3%	0.5% - 0.7%
Expected volatility	44.8% - 48.8%	43.6% - 50.2%	25.4% - 32.9%
Risk-free interest rate	2.4% - 3.2%	1.6% - 3.9%	3.9% - 5.1%
Expected life	6.2 to 6.5 years	6.5 years	6.5 years

The dividend yield was calculated by dividing that year’s expected quarterly dividends by the market price of the stock at the dates of grant. Until December 2008, expected volatility was determined using a weighted-average implied volatility of traded options on the company’s stock. Historical volatility was evaluated, but it was determined that implied volatility was a better measure of expected future volatility. Beginning December 2008, a weighting of implied and historical volatility was used to estimate expected future volatility. The risk-free rate was based on the U.S. Treasury yield in effect at the time of each grant. The expected life of options granted has been determined using the simplified method as outlined in guidance from the Securities and Exchange Commission.

The following table summarizes stock option activity for 2009:


	Number of Shares		Weighted Average Exercise Price
Outstanding at December 31, 2008	1,131,985		$	300
Granted	175,980			281
Exercised	(124,486	)		177
Cancelled	(112,266	)		353

Outstanding at December 31, 2009	1,071,213			305

Exercisable at December 31, 2009	584,376			250

The weighted average grant date fair value of options granted during the years 2009, 2008, and 2007 was $117, $174 and $197 per share, respectively. The total intrinsic value of options exercised during the years ended December 31, 2009, 2008 and 2007, was $14.6 million, $31.9 million and $140.9 million, respectively.

Stock options outstanding at December 31, 2009 had a weighted average remaining contractual life of 7 years and an aggregate intrinsic value of $91.6 million. Stock options exercisable at December 31, 2009 had a weighted average remaining contractual life of 5 years and an aggregate intrinsic value of $76.6 million.

In 2009, the company granted 83,641 shares of restricted Class A common stock which generally have a vesting period of 1 to 5 years. The fair value related to these grants was $23.9 million, which is recognized as compensation expense on an accelerated basis over the vesting period. On December 15, 2009, the company granted 1,974 performance shares. The vesting of these shares is contingent on meeting stated goals over a performance period.

The following table summarizes restricted stock activity for 2009:


	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2008	54,235		$	316
Granted	83,641			286
Vested	(15,609	)		451
Cancelled	(7,564	)		379

Outstanding at December 31, 2009	114,703			279

The total fair value of restricted stock that vested during the years ended December 31, 2009, 2008 and 2007, was $6.2 million, $2.5 million and $3.8 million, respectively.

Eligible employees may acquire shares of CME Group’s Class A common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration. Shares are purchased at the end of each offering period at a price of 90% of the closing price of the Class A common stock as reported on the NASDAQ. Compensation expense is recognized on the date of purchase for the discount from the closing price. In 2009, 2008 and 2007, a total of 4,402, 5,600 and 2,103 shares, respectively, of Class A common stock were issued to participating employees. These shares are subject to a six-month holding period. Annual expense of $0.1 million for the purchase discount was recognized in 2009, 2008 and 2007, respectively.

Non-executive directors receive an annual award of Class A common stock with a value equal to $75,000. Non-executive directors may also elect to receive some or all of the cash portion of their annual stipend in shares of stock based on the closing price at the date of distribution up to $25,000. As a result, 11,674, 5,509 and 4,072 shares of Class A common stock were issued to non-executive directors during 2009, 2008 and 2007, respectively. These shares are not subject to any vesting restrictions. Expense of $2.5 million, $2.4 million and $1.8 million related to these stock-based payments was recognized for the years ended December 31, 2009, 2008 and 2007, respectively.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2009

Statement [Line Items]

FAIR VALUE MEASUREMENTS

24. FAIR VALUE MEASUREMENTS

Accounting guidance on fair value measurements and related disclosures provides direction for using fair value to measure assets and liabilities by defining fair value and establishing a framework for measuring fair value. The guidance creates a three-level hierarchy that establishes classification of fair value measurements for disclosure purposes.

•

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, other than level 1 inputs, 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.

In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities, securities lending collateral and equity investments. Level 1 assets generally include U.S. Treasury securities and exchange-traded mutual funds, and publicly-traded equity securities. If quoted prices are not available to determine fair value, the company uses other inputs that are observable either directly or indirectly. Assets included in level 2 consist primarily of U.S. Government agency securities, municipal bonds, asset-backed securities and certain corporate bonds. Level 3 assets generally include certain corporate bonds and asset-backed securities. There were no level 3 assets that were valued on a recurring basis as of December 31, 2009. These assets are typically valued using valuation models with inputs that are both observable and unobservable. The unobservable inputs used in these models are significant to the fair value of the assets and require management’s judgment.

The company determined the fair value of its interest rate swap contracts, considered level 2 assets, using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves.

The fair value of the liability for the guarantee of ERPs was derived using probability-weighted Black-Scholes option values for various scenarios. The liability was included in level 3 because management used significant unobservable inputs including probability, expected return and volatility factors to determine the fair value.

Financial assets and liabilities recorded in the consolidated balance sheet as of December 31, 2009 were classified in their entirety based on the lowest level of input that was significant to each asset or liability’s fair value measurement.

Financial Instruments Measured at Fair Value on a Recurring Basis:


	As of December 31, 2009
(in millions)	Level 1		Level 2		Level 3		Total
Assets at Fair Value:
Marketable securities:
U.S. Treasury securities	$	5.1	$	—	$	—	$	5.1
Mutual funds		23.4		—		—		23.4
Corporate bonds		—		0.1		—		0.1
Municipal bonds		—		4.7		—		4.7
Asset-backed securities		—		3.4		—		3.4
U.S. Government agency securities		—		5.9		—		5.9

Total		28.5		14.1		—		42.6
Equity investments		66.2		—		—		66.2

Total Assets at Fair Value	$	94.7	$	14.1	$	—	$	108.8

Liabilities at Fair Value:
Interest rate swap contracts	$	—	$	26.3	$	—	$	26.3

Total Liabilities at Fair Value	$	—	$	26.3	$	—	$	26.3


	As of December 31, 2008
(in millions)	Level 1		Level 2		Level 3		Total
Assets at Fair Value:
Marketable securities:
U.S. Treasury securities	$	284.8	$	—	$	—	$	284.8
Mutual funds		17.2		—		—		17.2
Municipal bonds		—		5.3		—		5.3
U.S. Government agency securities		—		2.8		—		2.8

Total		302.0		8.1		—		310.1
Securities lending collateral:
Corporate bonds		—		400.6		—		400.6
Asset-backed securities		—		6.5		1.5		8.0
Repurchase agreements		18.3		—		—		18.3

Total		18.3		407.1		1.5		426.9
Equity investments		47.7		—		—		47.7

Total Assets at Fair Value	$	368.0	$	415.2	$	1.5	$	784.7

Liabilities at Fair Value:
Interest rate swap contracts	$	—	$	33.1	$	—	$	33.1
Guarantee of CBOE exercise right privileges		—		—		1.2		1.2

Total Liabilities at Fair Value	$	—	$	33.1	$	1.2	$	34.3

The following is a reconciliation of assets and liabilities valued at fair value on a recurring basis using significant unobservable inputs (level 3) during 2009.


(in millions)	Asset- Backed Security ⁽¹⁾			Guarantee of CBOE ERP Liability
Fair value of assets (liabilities) at January 1, 2009	$	1.5		$	(1.2	)
Realized and unrealized gains (losses):
Included in non-operating income (expense)		1.0			1.2
Settlements		(2.5	)		—

Fair value of assets (liabilities) at December 31, 2009	$	—		$	—

Total unrealized gains (losses) related to financial assets and liabilities in the consolidated balance sheet at December 31, 2009	$	—		$	—

(1)	This asset-backed security was transferred from the securities lending program investment portfolio to the marketable securities portfolio during June 2009.

The following is a reconciliation of assets and liabilities valued at fair value on a recurring basis using significant unobservable inputs (level 3) during 2008.


(in millions)	Securities Lending Collateral			Foreign Currency Option			Guarantee of CBOE ERP Liability
Fair value of assets (liabilities) at January 1, 2008	$	—		$	—		$	(14.0	)
Purchases and issuances		22.5			45.2			—
Transfers in (out) of level 3		6.0			—			—
Realized and unrealized gains (losses):
Included in non-operating income (expense)		(24.4	)		(7.9	)		12.8
Included in other comprehensive income (loss)		(0.6	)		—
Settlements		(2.0	)		(37.3	)		—

Fair value of assets (liabilities) at December 31, 2008	$	1.5		$	—		$	(1.2	)

Total unrealized gains (losses) related to financial assets and liabilities in the consolidated balance sheet at December 31, 2008	$	(0.6	)	$	—		$	12.8

During 2009, CME Group revalued its investment in DME to fair value as a result of an other-than-temporary impairment. Prior to the revaluation, the investment in DME was accounted for using the equity method of accounting. The investment is classified as level 3 as it was valued using a discounted cash flow model which was based on both observable and unobservable inputs.

The following is a reconciliation of the asset valued at fair value on a non-recurring basis using significant unobservable inputs (level 3) during 2009.


(in millions)	Investment in DME
Fair value of the asset at January 1, 2009	$	—
Transfers into level 3		29.9
Realized and unrealized gains (losses):
Included in non-operating income (expense)		(23.6	)

Fair value of asset at December 31, 2009	$	6.3

Total unrealized gains (losses) related to financial assets and liabilities in the consolidated balance sheet at December 31, 2009	$	—

Entity Information - USD ($)	12 Months Ended
Entity Information - USD ($)	Dec. 31, 2009	Feb. 17, 2010	Jun. 30, 2009
Statement [Line Items]
Trading Symbol	CME
Entity Registrant Name	CME GROUP INC.
Entity Central Index Key	0001156375
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		66,643,583
Entity Public Float			$ 20,600,000,000
Class B common stock, Class B-1
Statement [Line Items]
Entity Common Stock, Shares Outstanding		625
Class B common stock, Class B-2
Statement [Line Items]
Entity Common Stock, Shares Outstanding		813
Class B common stock, Class B-3
Statement [Line Items]
Entity Common Stock, Shares Outstanding		1,287
Class B common stock, Class B-4
Statement [Line Items]
Entity Common Stock, Shares Outstanding		413

Statement Of Financial Position Classified (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2009	Dec. 31, 2008
Statement [Line Items]
Marketable securities, pledged securities	$ 0.0	$ 283.8
Accounts receivable, allowance	$ 1.9	$ 1.8
Preferred stock
Statement [Line Items]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	9,860,000	9,860,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Series A junior participating preferred stock
Statement [Line Items]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	140,000	140,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Class A common stock
Statement [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	66,511,000	66,417,000
Common stock, shares outstanding	66,511,000	66,417,000
Class B common stock
Statement [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000	3,000
Common stock, shares issued	3,000	3,000
Common stock, shares outstanding	3,000	3,000

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Statement [Line Items]
Change in net unrealized gain (loss) on securities, tax	$ 16.5	$ 16.4	$ 1.2
Change in net actuarial loss on defined benefit plans, tax	0.9	10.4	1.6
Change in net unrealized gain (loss) on derivatives, tax	4.7	13.5
Change in foreign currency translation adjustment, tax	$ 1.7	$ 21.3	$ 0.3
Cash dividends on common stock, per share	$ 4.60	$ 9.60	$ 3.44

CONTINGENCIES	12 Months Ended
CONTINGENCIES	Dec. 31, 2009
Statement [Line Items]
CONTINGENCIES	18. CONTINGENCIES Legal Matters. On October 14, 2003, the U.S. Futures Exchange, L.L.C. (Eurex U.S.) and U.S. Exchange Holdings, Inc. filed suit against CBOT and CME in the United States District Court for the District of Columbia. The suit alleges that CBOT and CME violated the antitrust laws and tortiously interfered with the business relationship and contract between Eurex U.S. and The Clearing Corporation. Eurex U.S. and U.S. Exchange Holdings, Inc. are seeking a preliminary injunction and treble damages. In December 2003, CBOT and CME filed separate motions to dismiss or, in the event the motion to dismiss is denied, to move the venue to the United States District Court for the Northern District of Illinois. In September 2004, the judge granted CBOT’s and CME’s motions to transfer venue to the Northern District of Illinois. In light of that decision, the judge did not rule on the motions to dismiss. In March, 2005, Eurex U.S. filed a second amended complaint in the United States District Court for the Northern District of Illinois. On June 6, 2005, CME and CBOT filed a motion to dismiss the complaint. On August 25, 2005, the judge denied the joint CME/CBOT motion to dismiss. In April 2007, CME and CBOT filed two joint motions for summary judgment. The company is currently awaiting the court’s decision on the motions. Based on its investigation to date and advice from legal counsel, the company believes this suit is without merit and intends to defend itself vigorously against these charges. On August 19, 2008, Fifth Market filed a complaint against CME Group and CME seeking a permanent injunction against CME’s Globex system and enhanced damages for what the plaintiff alleges is willful infringement, in addition to costs, expenses and attorneys’ fees. The suit alleges that CME infringes two U.S. patents. Based on its investigation to date and advice from legal counsel, the company believes this suit is without merit and intends to defend itself vigorously against these charges. In addition, the company is a defendant in, and has potential for, various other legal proceedings arising from its regular business activities. While the ultimate results of such proceedings against the company cannot be predicted with certainty, the company believes that the resolution of any of these matters will not have a material adverse affect on its consolidated financial position or results of operations. Intellectual Property Indemnifications. Certain agreements with customers and other third parties related to accessing the CME Globex platform, the CME ClearPort platform, and/or the Clearing 21 platform; utilizing market data services, and licensing CME SPAN software may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable products and/or services. The potential future claims relating to these indemnifications cannot be estimated and, therefore, no liability has been recorded.

GUARANTEES	12 Months Ended
GUARANTEES	Dec. 31, 2009
Statement [Line Items]
GUARANTEES	19. GUARANTEES Mutual Offset Agreement. CME and SGX have a mutual offset agreement with a current term through October 2010. The term of the agreement will automatically renew for a one year period unless either party provides advance notice of their intent to terminate. CME can maintain collateral in the form of U.S. Treasury securities or irrevocable letters of credit. At December 31, 2009, CME was contingently liable to SGX on irrevocable letters of credit totaling $83.0 million. Regardless of the collateral, CME guarantees all cleared transactions submitted through SGX and would initiate procedures designed to satisfy these financial obligations in the event of a default, such as the use of performance bonds and security deposits of the defaulting clearing firm. Cross-Margin Agreements. CME and OCC have a cross-margin arrangement, whereby a common clearing firm may maintain a cross-margin account in which the clearing firm’s positions in certain CME futures and options on futures contracts are combined with certain positions cleared by OCC for purposes of calculating performance bond requirements. The performance bond deposits are held jointly by CME and OCC. If a participating firm defaults, the gain or loss on the liquidation of the firm’s open position and the proceeds from the liquidation of the cross-margin account are allocated 50% each to CME and OCC. Cross-margin agreements exist with CME and FICC and LCH whereby the clearing firms’ offsetting positions with CME are subject to reduced margin requirements. Clearing firms maintain separate performance bond deposits with each clearing house, but depending on the net offsetting positions between CME and FICC or CME and LCH, as applicable, each clearing house may reduce the firm’s performance bond requirement. In the event of a firm default, the total liquidation net gain or loss on the firm’s offsetting open positions and the proceeds from the liquidation of the performance bond collateral held by each clearing house’s supporting offsetting positions are divided evenly between CME and the applicable clearing house. Effective February 2010, the LCH agreement was terminated. Additionally, for the FICC and LCH cross-margin agreements, if, after liquidation of all the positions and collateral of the defaulting firm at each respective clearing organization, and taking into account any cross- margining loss sharing payments, any of the participating clearing organizations has a remaining liquidating surplus, and any other participating clearing organization has a remaining liquidating deficit, any additional surplus from the liquidation will be shared with the other clearing houses to the extent that they have a remaining liquidating deficit. Any remaining surplus funds will be passed to the bankruptcy trustee. GFX Letter of Credit. CME guarantees a $5.0 million standby letter of credit for GFX. The beneficiary of the letter of credit is the clearing firm that is used by GFX to execute and maintain its futures positions. Per exchange requirements, GFX is required to place performance bond deposits with its clearing firm. The letter of credit, utilized as performance bond, will be drawn on in the event that GFX defaults in meeting requirements to its clearing firm. In the unlikely event of a payment default by GFX, if GFX’s performance bond is not sufficient to cover the deficit, CME would guarantee the remaining deficit, if any.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2009
Statement [Line Items]
SUBSEQUENT EVENTS	27. SUBSEQUENT EVENTS The company has evaluated subsequent events through February 26, 2010, the date the financial statements were issued, and has determined that there are no subsequent events that require disclosure other than the following events: In February 2010, the company announced a global strategic alliance with BM&FBOVESPA to jointly develop a new multi-asset class electronic trading platform, subject to regulatory approval. The new trading system is expected to launch in early 2011. As part of the expanded partnership, BM&FBOVESPA will increase its ownership interest in the company to 5%. In February 2010, the company announced that its board of directors had authorized a plan to repurchase up to 2.35 million shares of its Class A common stock. The company also announced in February 2010 that it will take a 90 percent ownership interest and Dow Jones will take a 10 percent ownership interest in a new joint venture that will own the Dow Jones Indexes. Pending regulatory approval and completion of customary closing conditions, the transaction is expected to close during the first quarter of 2010.

Document Information	12 Months Ended
Document Information	Dec. 31, 2009
Statement [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2009