EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

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  Media Contacts    Investor Contact
  Anita Liskey, 312 .466.4613    John Peschier, 312.930.8491
  William Parke, 312.930.3467    CME-E
 

news@cmegroup.com

http://cmegroup.mediaroom.com

  

FOR IMMEDIATE RELESE

CME Group Inc. Reports Solid Second Quarter 2009 Financial Results

 

   

GAAP diluted EPS of $3.33

 

   

Pro Forma diluted EPS of $3.37

 

   

GAAP operating margin of 62 percent

 

   

Pro forma operating margin of 63 percent

CHICAGO, July 23, 2009 – CME Group Inc. (NASDAQ: CME) today reported that second-quarter GAAP total revenues increased 15 percent to $648 million, and GAAP operating income increased 16 percent to $399 million. For the second quarter, net income on a GAAP basis was $222 million and diluted earnings per share on a GAAP basis were $3.33. The 2009 GAAP results reflect the operations of Chicago Mercantile Exchange (CME), Board of Trade of the City of Chicago (CBOT), and New York Mercantile Exchange (NYMEX), and include costs of $2.6 million for merger-related items. The 2008 GAAP results reflect the operations of CME and CBOT only.

Second-quarter pro forma non-GAAP diluted earnings per share were $3.37, down 14 percent compared with the prior year period. All pro forma results reflect the operations of both CME Group and NYMEX as if they were combined for all periods reported, and second-quarter 2009 pro forma non-GAAP results exclude $2.6 million of merger-related items mentioned above.

Total pro forma revenues decreased 14 percent from the prior year to $648 million, which was in line with first-quarter 2009 revenues. Pro forma operating expenses decreased 13 percent to $243 million, compared with the same period last year. Second-quarter pro forma operating income was $405 million, a decrease of 15 percent from $479 million for the year-ago period.

The company’s significant focus on expense management during ongoing challenging market conditions helped drive a strong pro forma operating margin of 63 percent, up from 61 percent in first-quarter 2009, and in line with the same period a year ago. Operating margin is defined as operating income as a percentage of total revenues. Second-quarter 2009 pro forma net income decreased 15 percent to $224 million, compared with second-quarter 2008.

Pro forma measures do not replace and are not a substitute for GAAP financial results. They are provided to improve overall understanding of current financial performance and to provide a meaningful comparison with prior periods. A full reconciliation of these second-quarter and first-half 2009 pro forma results to GAAP results is included with the attached financial statements.

All references to volume and rate per contract information in the text of this document exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, Swapstream, and HuRLO products.

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“As the economy showed signs of stability, we saw increased volumes in June, particularly in interest rates, foreign exchange and agricultural markets” said CME Group Executive Chairman Terry Duffy. “We continued to effectively manage expenses and generate significant free cash flow, while extending our product innovation through both exchange-traded and over-the-counter initiatives. Going forward, we anticipate that gradual economic improvement will provide further opportunities to serve existing and new customers around the world with our product mix, which covers all major asset classes, as well as with our superb clearing services and technological resources.”

“Improvements in the economy, and continued rigor in expense discipline, contributed to CME Group’s solid results in the second quarter,” said CME Group Chief Executive Officer Craig Donohue. “Second quarter over first quarter, we saw increased volume and open interest in our interest rate, FX and commodities product lines, as well as strong open interest growth in our energy and metals businesses. We also continued to leverage our CME ClearPort platform, providing a centrally cleared solution for the over-the-counter (OTC) market in an expanding range of product areas. Most recently, we announced the upcoming launch of clearing services for the OTC London gold forwards market beginning in August.”

CME Group Inc. Second-Quarter and First-Half 2009 Results

Financial Highlights:

GAAP

 

($s in millions, except per share)    Q2 FY09     Q2 FY08     Y/Y     1H09     1H08     Y/Y  

Revenues

   $ 648      $ 563      15   $ 1,295      $ 1,188      9

Expenses

   $ 249      $ 220      13   $ 510      $ 445      15

Operating Income

   $ 399      $ 344      16   $ 785      $ 744      6

Operating Margin %

     61.6     61.0       60.6     62.6  

Net Income

   $ 222      $ 201      10   $ 421      $ 485      -13

Diluted EPS

   $ 3.33      $ 3.67      -9   $ 6.33      $ 8.91      -29

Pro Forma Non-GAAP

 

($s in millions, except per share)    Q2 FY09     Q2 FY08     Y/Y     1H09     1H08     Y/Y  

Revenues

   $ 648      $ 756      -14   $ 1,295      $ 1,573      -18

Expenses

   $ 243      $ 277      -13   $ 496      $ 556      -11

Operating Income

   $ 405      $ 479      -15   $ 799      $ 1,017      -21

Operating Margin %

     62.6     63.3       61.7     64.7  

Net Income

   $ 224      $ 264      -15   $ 437      $ 566      -23

Diluted EPS

   $ 3.37      $ 3.93      -14   $ 6.57      $ 8.46      -22

NOTE: See the CME Group Inc. Reconciliation of GAAP to Pro Forma Non-GAAP Measures for detail related to the adjustments made to reach the pro forma results.

Second-quarter 2009 average daily volume was 10.4 million contracts, down 19 percent compared with second-quarter 2008, but in line with first-quarter 2009 volume. Pro forma clearing and transaction fee revenue was $537 million, down from $639 million in second-quarter 2008, but up two percent from first-quarter 2009. Quotation data fees were down five percent to $82 million in the second quarter due to a decrease in screen counts associated with layoffs across the financial sector. The total pro forma average rate

 

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per contract for CME Group increased five percent from second-quarter 2008 to 82 cents, but decreased two percent compared with 83 cents in first-quarter 2009. Both of these variances were primarily due to a shift in product mix.

Second-quarter 2009 pro forma non-operating expense was $26 million, driven primarily by interest expense and borrowing costs of $33 million related to the NYMEX acquisition, which was offset by $8 million of investment income. Additionally, the second-quarter 2009 effective tax rate was 40.8 percent, relatively unchanged from 41.3 percent in second-quarter 2008.

As of June 30, the company had $554 million of cash and marketable securities and $3.0 billion of debt. During the quarter, the company paid down approximately $110 million in debt.

CME Group will hold a conference call to discuss second-quarter 2009 results at 8:30 a.m. Eastern Time today. A live audio Webcast of the call will be available on the Investor Relations section of CME Group’s Web site at www.cmegroup.com. An archived recording will be available for up to two months after the call.

CME Group (www.cmegroup.com) is the world’s largest and most diverse derivatives exchange. Building on the heritage of CME, CBOT and NYMEX, CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on trading floors in Chicago and New York. By acting as the buyer to every seller and the seller to every buyer, CME Clearing virtually eliminates counterparty credit risk. CME Clearing also offers financial safeguards to help mitigate systemic risk, providing the security and confidence market participants need to operate, invest and grow. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, and alternative investment products such as weather and real estate. CME Group is listed on NASDAQ under the symbol “CME.”

The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade, Inc. are trademarks of the Board of Trade of the City of Chicago. NYMEX and New York Mercantile Exchange are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at www.cmegroup.com.

Statements in this press release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Among the factors that might affect our performance are: our ability to realize the benefits and control the costs of our merger with NYMEX Holdings, Inc. and our ability to successfully integrate the businesses of CME Group and NYMEX Holdings, including the fact that such integration may be more difficult, time consuming or costly than expected and revenues following the merger may be lower than expected and expected cost savings from the merger may not be fully realized within the expected time frames or at all; increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development and implementation of the enhanced functionality required by our customers; our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to continue to generate revenues from our processing services; our ability to maintain existing customers, develop strategic relationships and attract new customers; our ability to expand and offer our products in foreign jurisdictions; changes in domestic and foreign regulations; changes in government policy, including policies relating to common or directed clearing, changes as a result of a combination of the Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission, or changes relating to the recently enacted or proposed legislation relating to the current economic crisis; the costs associated with

 

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protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; our ability to generate revenue from our market data that may be reduced or eliminated by the growth of electronic trading or declines in subscriptions; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our financial safeguards package to adequately protect us from the credit risks of clearing members; the ability of our compliance and risk management methods to effectively monitor and manage our risks; changes in price levels and volatility in the derivatives markets and in underlying fixed income, equity, foreign exchange and commodities markets; economic, political and market conditions, including the recent volatility of the capital and credit markets and the impact of current economic conditions on the trading activity of our current and potential customers; our ability to accommodate increases in trading volume and order transaction traffic without failure or degradation of performance of our systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks and control the costs associated with our acquisition, investment and alliance strategy; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry and customer consolidation; decreases in trading and clearing activity; the imposition of a transaction tax on futures and options on futures transactions; the unfavorable resolution of material legal proceedings, the seasonality of the futures business; and changes in the regulation of our industry with respect to speculative trading in commodity interests and derivatives contracts. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent periodic reports filed on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the CME Group Web site. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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09-126

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CME Group Inc. and Subsidiaries

Consolidated Balance Sheets

(dollars in millions)

 

     June 30, 2009    December 31, 2008

ASSETS

     

Current Assets:

     

Cash and cash equivalents

   $ 448.7    $ 297.9

Collateral from securities lending

     —        426.9

Marketable securities, including pledged securities

     105.4      310.1

Accounts receivable, net of allowance

     282.4      234.0

Other current assets

     137.0      189.1

Cash performance bonds and security deposits

     8,538.9      17,653.5
             

Total current assets

     9,512.4      19,111.5

Property, net of accumulated depreciation and amortization

     725.3      707.2

Intangible assets - trading products

     16,982.0      16,982.0

Intangible assets - other, net of accumulated amortization

     3,308.9      3,369.4

Goodwill

     7,523.1      7,519.2

Other assets

     479.5      469.4
             

Total Assets

   $ 38,531.2    $ 48,158.7
             

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Current Liabilities:

     

Accounts payable

   $ 38.5    $ 71.0

Payable under securities lending agreements

     —        456.8

Short-term debt

     250.0      249.9

Other current liabilities

     179.3      211.8

Cash performance bonds and security deposits

     8,538.9      17,653.5
             

Total current liabilities

     9,006.7      18,643.0

Long-term debt

     2,738.6      2,966.1

Deferred tax liabilities

     7,662.3      7,728.3

Other liabilities

     142.3      132.7
             

Total Liabilities

     19,549.9      29,470.1

Shareholders’ equity

     18,981.3      18,688.6
             

Total Liabilities and Shareholders’ Equity

   $ 38,531.2    $ 48,158.7
             


CME Group Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in millions, except per share amounts, and sharecounts in thousands)

 

     Quarter Ended
June 30,
    Six Months Ended
June 30,
 
     2009     2008     2009     2008  

Revenues

        

Clearing and transaction fees

   $ 536.8      $ 458.5      $ 1,064.6      $ 983.6   

Quotation data fees

     82.1        59.8        167.6        116.6   

Processing services

     0.1        18.5        0.2        36.0   

Access and communication fees

     11.5        10.8        23.1        21.3   

Other

     17.3        15.6        39.4        30.8   
                                

Total Revenues

     647.8        563.2        1,294.9        1,188.3   

Expenses

        

Compensation and benefits

     88.0        73.6        174.7        146.9   

Communications

     11.6        12.8        24.0        27.6   

Technology support services

     11.6        18.1        23.4        35.1   

Professional fees and outside services

     22.4        16.0        44.0        30.8   

Amortization of purchased intangibles

     30.5        17.9        63.8        34.1   

Depreciation and amortization

     30.1        34.5        61.1        68.8   

Occupancy and building operations

     18.1        17.3        38.2        34.0   

Licensing and other fee agreements

     21.7        12.0        46.3        25.5   

Restructuring

     1.4        0.2        4.6        2.0   

Other

     13.6        17.1        29.6        39.9   
                                

Total Expenses

     249.0        219.5        509.7        444.7   

Operating Income

     398.8        343.7        785.2        743.6   

Non-Operating Income and Expense

        

Investment income

     10.1        12.0        11.9        23.4   

Gains (losses) on derivative investments

     —          (13.0     —          (15.2

Securities lending interest income

     0.4        —          2.8        23.6   

Securities lending interest and other costs

     0.3        —          (0.1     (19.3

Interest and other borrowing costs

     (32.6     (1.4     (71.1     (3.7

Guarantee of exercise right privileges

     —          (3.6     —          4.8   

Equity in losses of unconsolidated subsidiaries

     (1.7     (4.0     (2.9     (7.9

Other non-operating expense

     (0.4     (0.1     (0.4     (8.5
                                

Total Non-Operating

     (23.9     (10.1     (59.8     (2.8

Income Before Income Taxes

     374.9        333.6        725.4        740.8   

Income tax provision

     (153.1     (132.4     (304.5     (256.1
                                

Net Income

   $ 221.8      $ 201.2      $ 420.9      $ 484.7   
                                

Earnings per Common Share:

        

Basic

   $ 3.34      $ 3.69      $ 6.35      $ 8.96   

Diluted

     3.33        3.67        6.33        8.91   

Weighted Average Number of Common Shares:

        

Basic

     66,329        54,500        66,316        54,125   

Diluted

     66,526        54,752        66,470        54,390   


CME Group Inc. and Subsidiaries

Pro Forma Non-GAAP Consolidated Statements of Income

(dollars in millions, except per share amounts, and sharecounts in thousands)

 

     Quarter Ended
June 30,
    Six Months Ended
June 30,
 
     2009     2008     2009     2008  

Revenues

        

Clearing and transaction fees

   $ 536.8      $ 638.9      $ 1,064.6      $ 1,343.0   

Quotation data fees

     82.1        86.8        167.6        169.8   

Processing services

     0.1        0.5        0.2        1.0   

Access and communication fees

     11.5        11.1        23.1        21.9   

Other

     17.3        18.7        39.4        37.3   
                                

Total Revenues

     647.8        756.0        1,294.9        1,573.0   

Expenses

        

Compensation and benefits

     85.4        91.2        173.4        184.1   

Communications

     11.6        14.2        24.0        30.2   

Technology support services

     11.6        20.5        23.4        39.5   

Professional fees and outside services

     20.4        20.8        39.8        37.8   

Amortization of purchased intangibles

     30.5        31.4        60.9        61.1   

Depreciation and amortization

     30.1        35.4        61.1        70.7   

Occupancy and building operations

     18.1        21.6        38.2        42.7   

Licensing and other fee agreements

     21.7        20.9        46.3        45.5   

Other

     13.1        21.2        28.7        44.0   
                                

Total Expenses

     242.5        277.2        495.8        555.6   

Operating Income

     405.3        478.8        799.1        1,017.4   

Non-Operating Income and Expense

        

Investment income

     7.5        15.3        10.6        32.3   

Gains (losses) on derivative investments

     —          0.1        —          0.1   

Securities lending interest income

     0.4        4.8        2.8        36.2   

Securities lending interest and other costs

     0.3        (4.3     (0.1     (29.7

Interest and other borrowing costs

     (32.6     (38.1     (71.1     (76.2

Equity in losses of unconsolidated subsidiaries

     (1.7     (6.0     (2.9     (12.1
                                

Total Non-Operating

     (26.1     (28.2     (60.7     (49.4

Income Before Income Taxes

     379.2        450.6        738.4        968.0   

Income tax provision

     (154.8     (186.2     (301.5     (401.7
                                

Net Income

   $ 224.4      $ 264.4      $ 436.9      $ 566.3   
                                

Earnings per Diluted Common Share

   $ 3.37      $ 3.93      $ 6.57      $ 8.46   

Weighted Average Number of Diluted Common Shares*

     66,526        67,292        66,470        66,929   

Note: All pro forma results for CME Group assume the merger with the CBOT and the acquisition of NYMEX were completed as of the beginning of the period presented. See CME Group Inc. Reconciliation of GAAP to Pro Forma Non-GAAP Measures for detail on all of the adjustments made to reach the pro forma results.

 

* Weighted average number of diluted common shares includes merger-related shares converted or issued for the entire period reported.


CME Group Inc. and Subsidiaries

Reconciliation of GAAP to Pro Forma Non-GAAP Measures

(in millions)

 

     Quarter Ended
June 30,
    Six Months Ended
June 30,
 
     2009     2008     2009     2008  

GAAP Results

        

Revenues

   $ 647.8      $ 563.2      $ 1,294.9      $ 1,188.3   

Expenses

     249.0        219.5        509.7        444.7   
                                

Operating income

     398.8        343.7        785.2        743.6   

Non-operating income and expense

     (23.9     (10.1     (59.8     (2.8
                                

Income before income taxes

     374.9        333.6        725.4        740.8   

Income tax provision

     (153.1     (132.4     (304.5     (256.1
                                

Net Income

   $ 221.8      $ 201.2      $ 420.9      $ 484.7   
                                

Pro Forma Adjustments

        

Revenues:

        

NYMEX pre-merger revenue

   $ —        $ 210.8      $ —        $ 419.7   

Intercompany revenue elimination(1)

     —          (18.0     —          (35.0

FXMarketSpace write down

     —            —          —     
                                

Total Pro Forma Revenue Adjustment

     —          192.8        —          384.7   

Expenses:

        

NYMEX pre-merger expense

     —          71.6        —          147.7   

Intercompany expense elimination (1)

     —          (18.0     —          (35.0

Deferred compensation gain/loss reclass(2)

     (2.6     (0.2     (1.3     1.6   

Amortization of intangibles (3)

     —          13.5        (2.8     27.0   

Depreciation adjustment from building life change (4)

     —          1.5        —          3.0   

Other (5)

     (3.9     (10.7     (9.8     (33.4
                                

Total Pro Forma Expense Adjustment

     (6.5     57.7        (13.9     110.9   
                                

Adjustment to operating income

     6.5        135.1        13.9        273.8   

Non-operating income and expense:

        

NYMEX premerger non-operating income

     —          31.0        —          32.7   

Interest on debt acquired for NYMEX deal

     —          (35.1     —          (69.3

Deferred compensation gain/loss reclass(2)

     (2.6     (0.2     (1.3     1.6   

Equity investment unusual gain/loss(6)

     —          (30.6     —          (30.6

ERP Guarantee (7)

     —          3.6        —          (4.8

BM&F Bovespa (8)

     —          13.2        —          23.8   

Green Exchange(9)

     0.4        —          0.4     
                                

Total Pro Forma Non-Operating Income and Expense Adjustment

     (2.2     (18.1     (0.9     (46.6
                                

Adjustment to income before income taxes

     4.3        117.0        13.0        227.2   

Adjustment to income tax provision

     (1.7     (53.8     3.0        (145.6
                                

Adjustment to net income

   $ 2.6        63.2      $ 16.0      $ 81.6   
                                

Pro Forma Non-GAAP Results

        

Revenues

   $ 647.8      $ 756.0      $ 1,294.9      $ 1,573.0   

Expenses

   $ 242.5      $ 277.2      $ 495.8      $ 555.6   
                                

Operating income

   $ 405.3      $ 478.8      $ 799.1      $ 1,017.4   

Non-operating income and expense

     (26.1   $ (28.2     (60.7     (49.4
                                

Income before income taxes

     379.2      $ 450.6        738.4        968.0   

Income tax provision(10)

     (154.8   $ (186.2     (301.5     (401.7
                                

Net Income

     224.4      $ 264.4        436.9        566.3   
                                

 

Notes:

 

(1) Eliminate processing services provided prior to the NYMEX acquisition.
(2) Remove gains and losses related to a deferred compensation plan that are recorded in compensation with a corresponding offset in investment income.
(3) Add amortization of intangible assets recorded in purchase of NYMEX.
(4) Adjust depreciation for changes in value and useful life of building acquired from NYMEX.
(5) Reverse effect of restructuring, accelerated depreciation, integration and legal expenses related to the merger with CBOT and the acquisition of NYMEX. Also removes other merger-related transaction costs that were expensed and transaction costs related to the acquisition of CMA.
(6) Write-down of Optionable as well as a gain related to TSX Group.
(7) Reverse impact of exercise right privilege guarantee.
(8) Reverse transaction costs related to the BM&F/Bovespa investment.
(9) Reverse transaction costs related to the investment in Green Exchange.
(10) Pro forma adjustments are tax effected at CME Group’s estimated statutory tax rate.


CME Group Inc.

Quarterly Operating Statistics

 

     2Q 2008    3Q 2008    4Q 2008    1Q 2009    2Q 2009

Trading Days

     64      64      64      61      63

 

Quarterly Average Daily Volume (ADV)

 

CME Group Pro Forma ADV (Legacy CME Group and NYMEX combined, in thousands)

 

     2Q 2008    3Q 2008    4Q 2008    1Q 2009    2Q 2009

Total

     12,876      13,236      10,441      10,389      10,438

 

CME Group ADV (Legacy CME and CBOT combined, in thousands)

 

     2Q 2008    3Q 2008    4Q 2008    1Q 2009    2Q 2009

Product Line

              

Interest rates

     6,467      6,030      3,692      3,843      4,389

Equity E-mini

     2,833      3,638      3,799      3,378      2,867

Equity standard-size

     161      204      194      159      121

Foreign exchange

     665      710      481      507      568

Commodities & alternative investments

     933      822      691      685      818
                                  

Total

     11,060      11,404      8,857      8,572      8,762

Venue

              

Open outcry

     1,836      1,602      1,275      1,188      1,294

Electronic (excluding TRAKRS)

     9,054      9,641      7,447      7,255      7,331

Privately negotiated

     170      161      136      130      137
                                  

Total

     11,060      11,404      8,857      8,572      8,762

 

NYMEX/COMEX ADV (in thousands)

 

     2Q 2008    3Q 2008    4Q 2008    1Q 2009    2Q 2009

NYMEX floor

     238      193      166      135      126

NYMEX electronic

     865      831      682      798      785

COMEX floor

     38      36      29      30      28

COMEX electronic

     172      214      144      170      149

NYMEX ClearPort

     418      492      489      629      537

Other

     85      65      75      54      49
                                  

Total

     1,816      1,831      1,584      1,816      1,675

 

Average Rate Per Contract (RPC)

 

CME Group Pro Forma Average RPC (Legacy CME Group and NYMEX combined)

 

     2Q 2008    3Q 2008    4Q 2008    1Q 2009    2Q 2009

Total

   $ 0.775    $ 0.785    $ 0.858    $ 0.833    $ 0.816

 

CME Group RPC (Legacy CME and CBOT combined)

 

     2Q 2008    3Q 2008    4Q 2008    1Q 2009    2Q 2009

Product Line

              

Interest rates

   $ 0.522    $ 0.521    $ 0.569    $ 0.532    $ 0.525

Equity E-mini

     0.668      0.677      0.706      0.677      0.676

Equity standard-size

     1.453      1.486      1.582      1.543      1.570

Foreign exchange

     0.907      0.936      0.894      0.918      0.901

Commodities & alternative investments

     1.134      1.154      1.154      1.108      1.130
                                  

Average RPC (excluding TRAKRS)

   $ 0.648    $ 0.659    $ 0.713    $ 0.677    $ 0.670

Venue

              

Open outcry

   $ 0.572    $ 0.607    $ 0.663    $ 0.607    $ 0.625

Electronic (excluding TRAKRS)

     0.629      0.637      0.691      0.659      0.648

Privately negotiated

     2.427      2.526      2.558      2.460      2.500

 

NYMEX/COMEX RPC

 

     2Q 2008    3Q 2008    4Q 2008    1Q 2009    2Q 2009

NYMEX floor

   $ 1.607    $ 1.386    $ 1.600    $ 1.375    $ 1.396

NYMEX electronic

     1.304      1.315      1.308      1.347      1.365

COMEX floor

     1.712      1.626      1.801      1.776      1.485

COMEX electronic

     1.706      1.719      1.781      1.797      1.738

ClearPort

     1.905      1.933      2.099      1.745      1.806

Other

     1.854      1.928      2.038      2.460      2.676
                                  

Total Pro Forma Average Gross Rate

   $ 1.556    $ 1.567    $ 1.671    $ 1.569    $ 1.582

Total Pro Forma Average Net Rate

   $ 1.479    $ 1.488    $ 1.569    $ 1.466    $ 1.480

Note: All CME Group volume and rate per contract data is based upon pro forma results, including the operations of CME Group and NYMEX as if they were combined for the entire period reported. All data excludes our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products. Additionally, all data excludes Swapstream and HuRLO products.