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CME Group Inc. (CME)

  • Oct. 30, 2014, 7:10 AM
    • CME (NASDAQ:CME): Q3 EPS of $0.84 beats by $0.01.
    • Revenue of $762.4M (+6.7% Y/Y) misses by $2.59M.
    • Press Release
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  • Oct. 29, 2014, 5:30 PM
  • Oct. 28, 2014, 6:46 AM
    • CME (NASDAQ:CME) Chief Executive Phupinder Gill has expressed interest in buying a stake in South Korea's main exchange operator if it offered to sell some of its shares.
    • Korea Exchange spokesman Noh Byung-soo announced that he was aware of the remarks but said the exchange had no plan to sell shares.
    • Korea Exchange is owned by a group comprising dozens of local financial companies but is designated as a public enterprise.
    • Separately, Korea Exchange and CME announced that the Korea Exchange's U.S. Dollar Futures contract would be hosted AH on the CME Globex electronic trading platform from Dec. 8. The two have been in a partnership agreement since 2009.
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  • Oct. 23, 2014, 8:03 AM
    • The special committee of GFI's (NYSE:GFIG) board intends to offer its recommendation on BGC Partners' (NASDAQ:BGCP) unsolicited $5.25 cash per share tender by November 4.
    • At this time, the board's position is in support of CME Group's $4.55 all-stock bid.
    • Source: Press Release
  • Oct. 22, 2014, 6:49 AM
    • BGC Partners (NASDAQ:BGCP) went ahead with its $675M bid for rival GFI Group (NYSE:GFIG) after talks between the two companies reached a deadlock.
    • "Despite our best efforts to engage with GFI regarding a negotiated transaction, we have been met with only unreasonable demands and delay tactics," says BGC Chief Executive Howard Lutnick.
    • Talks hit a roadblock over negotiations relating to a confidentiality agreement that would give BGC access to inside information about GFI's energy-trading platform Trayport and its pricing-and-data business known as Fenics. In return for the information, GFI had sought a pledge from BGC not to recruit its key employees.
    • The terms of the bid remain unchanged from BGC's Sept. 9 proposal of an all-cash tender offer of $5.25 per share that topped exchange-operator CME Group's (NASDAQ:CME) $4.55 per share all-stock bid.
    | 1 Comment
  • Oct. 16, 2014, 11:11 AM
    • One of the more volatile days in memory yesterday had the CME Group (CME -0.4%) in high cotton as volume on its family of exchanges hit an all-time single-day high of 39.6M contracts traded, shattering the previous record of 26.9M.
    • Interest rate futures contracts of 25M contracts vs. the previous record of 19.4M, with Eurodollar futures of 11.5M contracts nearly doubling the previous record.
    • Source: Press Release
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  • Oct. 14, 2014, 9:39 AM
    • "Our industry has transformed significantly over the past five years, with the advent of OTC Clearing and other changes," says Executive Chairman and President Terry Duffy. "These staffing changes and other expense control measures we have taken internally will result in decreased costs and reduced management layers, and will help ensure the company's long-term continued growth."
    • The move to shave 150 jobs follows September's reorganization of CME Group's (CME +1.8%) management structure.
    • Source: Press Release
    | 1 Comment
  • Oct. 13, 2014, 8:30 AM
    • Calling the valuation fair, but not expecting multiple expansion, analyst Christopher Harris downgrades CME Group to Market Perform from Outperform, with price target range cut to $75-$85 from $85-$95.
    • Shares -0.5% premarket
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  • Oct. 2, 2014, 10:24 AM
    • "We are constructive on Nasdaq OMX's (NDAQ +0.3%) progress over many years in creating a lower-risk, high-recurring revenue business model with solid execution, especially in cost management," says analyst Brian Bedell, upgrading to a Buy with price target lifted to $49 from $46. "We see the story as increasingly gaining traction among investors and improving NDAQ's P/E from subdued levels."
    • Also boosted to a Buy is IntercontinentalExchange (ICE +1.5%), with price target lifted to $219 from $202.
    • CME Group (CME +1.5%), however, is Bedell's top pick in the exchange sector, and he lifts the price target to $95.
    • Previously: Brisk September business at CME
    | 1 Comment
  • Oct. 2, 2014, 7:39 AM
    • September 2014 volume of 15.3M contracts per day grew 17% from a year ago, with open interest of 104.1M contacts up 24% YTD.
    • A good month for interest rate volatility was behind the big move, with CME Group interest rate volume of 8.1M contacts per day up 23% Y/Y. Eurodollar futures volume of 3.2M contracts rose 26%, and Treasury futures volume of 2.9M contacts gained 17%.
    • For Q3 as a whole, volume averaged 13.5M contacts per day, up 12% from Q3 in 2013.
    • Source: Press Release
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  • Sep. 29, 2014, 11:38 AM
    • The China Financial Futures Exchange is the sole financial derivatives exchange in mainland China, and CME Group has agreed to license and distribute CFFEX market data to CME customers outside of the mainland.
    • "Through this relationship, CME Group establishes itself as a critical component for global customers that want access to Chinese markets," says CME CEO Phupinder Gill.
    • Press release
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  • Sep. 16, 2014, 3:34 PM
    • "[The] plaintiffs today are acknowledging what CME has said all along: The claims are meritless and should have never been brought in the first place," says CME Group in a statement, noting the plaintiffs will not be receiving any money in exchange for pulling the suit.
    • At issue was CME's (the owner of the CBOT) move to include electronic transactions to determine closing grain prices, a decision the traders claim was made with getting proper approval from members, and one that would put them out of business.
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  • Sep. 15, 2014, 2:58 PM
    • CME Clearing chief since 2004, Kim Taylor will become President , Global Operations, Technology & Risk. She'll be replaced as head of CME Clearing by her current deputy, Sunil Cutinho.
    • Chief Commercial Officer Bryan Durkin will take on a newly created role designed to serve and support "our global client base by ensuring the development, delivery and maintenance of industry leading products, platforms and services."
    • Sean Tully will be in charge of CME Group Interest rate, Equity, Foreign exchange, and OTC businesses. He previously led the Interest rate and OTC businesses.
    • Also with expanded roles are Derek Sammann and Robert Zagotta.
    • Source: Press Release
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  • Sep. 11, 2014, 8:05 AM
    • Cess Vermaas - who had been CEO of NYSE Euronext Amsterdam since June 2010 - has been charged with growing CME Group's European business as managing director and CEO of CME Europe, effective January 2. He'll report to William Knottenbelt, the senior managing director for EMEA.
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  • Sep. 9, 2014, 3:18 AM
    • BGC Partners (NASDAQ:BGCP), the second-largest broker by market capitalization, is looking to bolster its business through a $675M unsolicited offer for rival GFI Group (NYSE:GFIG).
    • The takeover proposal would not be the first from BGC, having had all of its previous buyout offers rejected by GFI.
    • The new bid could also throw into doubt GFI's recent agreement to sell itself to CME Group (NASDAQ:CME) for $580M in stock.
    | 1 Comment
  • Sep. 5, 2014, 12:04 PM
    • CME Group and Thomson Reutoers (NYSE:TRI) recently won the rights to handle the silver fix and appear ready to be tapped to do the same for gold. The four banks currently in charge of the gold fix together with the London Bullion Market Association yesterday called for interested firms to submit proposals to replace the current telephone-based system, and the winning bid will be announced in October.
    • Most in the business believe CME/Thomson Reuters to be the clear favorites, partly due to their winning the silver business. As the sliver process could be scaled to gold, one close to the process wonders whether any other companies will even bother trying to beat out the duo.
    | 1 Comment
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Company Description
CME Group Inc, through its futures exchanges & clearing houses, serves the risk management & investment needs of customers. It offers products like futures & options, foreign exchange, energy, agricultural commodities, weather derivatives & real estate.