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CME Group reported its highest Q3 revenue on record after total futures and options activity increased from Q2, even as the daily average fell. Q3 had 64 trading days, two more than Q2, lifting the estimated contract total to approximately 1.88 billion from around 1.85 billion.
Session count widened the quarter's total
Clearing and transaction fees, CME's main revenue source, advanced nearly 2% to $1.38 billion. That figure also includes cash-market activity through EBS and BrokerTec, so it does not map directly to futures and options contract volume.
The average rate per contract edged up to $0.679 from $0.678, but remained below the $0.702 recorded in Q3 2025. CME attributed the small sequential increase to volume-based discount changes and a lower share of micro contracts.
Mix shifts mattered more than price
Activity moved in different directions across asset classes. Interest-rate ADV rose from 14.5 million to 15.1 million contracts, while equity-index ADV fell from 8.6 million to 7.7 million. Daily volumes in FX, energy, agriculture and metals were broadly steady or slightly lower.
Revenue from data and information services rose by $5 million from Q2, reaching a record $243 million, 20% above Q3 2025. CME's 24 August launch added contracts tracking the Nasdaq-100, Dow Jones, S&P 500 and Russell 2000. Called E-nano futures, they cover four US equity indices, with each contract set at one-tenth of the size of Micro E-minis.
On 14 September, CME began trading futures tied to the S&P UBS USD Liquid Leveraged Loan Index. The exchange presented them as an exchange-traded way for institutions to manage leveraged-loan exposure, with potential margin offsets against other CME-cleared positions. Open interest in CME's wider credit futures suite exceeded $2 billion in September.
CME plans to start clearing cash Treasury transactions and repos on 7 December, ahead of the SEC's central-clearing mandate. Most new contracts arrived late in Q3, and their revenue contribution has not been disclosed. Fee changes effective 1 October are forecast by CME to lift clearing and transaction fees by 0.5% to 1% on a full-year basis at similar activity levels. Their impact will first be visible in Q4 results, as Finance Magnates reported.
| Measure | Reported figures |
|---|---|
| Trading sessions | Q3: 64; two more than Q2 |
| Estimated futures and options contracts | Q3: approximately 1.88 billion; Q2: around 1.85 billion |
| Clearing and transaction fees | Q3: $1.38 billion; nearly 2% higher |
| Average rate per contract | Q3: $0.679; Q2: $0.678; Q3 2025: $0.702 |
| Interest-rate ADV | Q2: 14.5 million; Q3: 15.1 million |
| Equity-index ADV | Q2: 8.6 million; Q3: 7.7 million |
| Data and information services revenue | Q3: $243 million; $5 million higher than Q2; 20% above Q3 2025 |
| Credit futures open interest | More than $2 billion in September |
| Estimated full-year fee increase | 0.5% to 1% at similar activity levels |
Where this lands in the stack
For clearing and operations teams, the Treasury and repo service raises practical questions ahead of 7 December: which trade-capture, reconciliation, collateral and reporting workflows will change, and what connectivity will CME require? The report does not specify implementation details, so firms will need to confirm the scope with the exchange rather than assume existing processes will cover it.
Teams assessing the loan contracts should check which positions can qualify for the potential margin offsets CME describes. For cost planning, the 0.5% to 1% full-year estimate is conditional on similar activity. Keep that fee change distinct from contract mix and the number of trading days when reviewing Q4 results.
