26 July 2012

Co-Authors

Akhil Bhatia

Vice President

Justin Schack

Managing Director

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

TRADING TALK
CME: Key Takeaways From 2Q12 Earnings

Below are what we believe to be the key takeaways from CME’s 2Q12 earnings announcement this morning. As always, please contact us with any questions.

Reported non-GAAP EPS of $0.89, up 1% y/y (+11% q/q). CME reported total average daily volume (ADV) of 12.4m in 2Q12, down 9% y/y (+1% q/q). Interest Rate volumes fell 20% y/y (-8% q/q), offset by an 11% y/y rise in Commodities volumes (+15% q/q). Rate per contract (RPC) was +1% y/y and flat q/q. Total revenues for 2Q12 were $796m, down 5% y/y (+3% q/q). This is the third consecutive quarter of relatively weak volumes for CME, amid low volatility and a difficult macro environment.