CME (CME) 10-Q/A 4 Sep 09 2009 Q2 Quarterly report (amended) Financial data

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	Jun. 30, 2009	Dec. 31, 2008
Current Assets:
Cash and cash equivalents	448.7	297.9
Collateral from securities lending, at fair value	0	426.9
Marketable securities, including pledged securities of $64.6 and $283.8	105.4	310.1
Accounts receivable, net of allowance of $1.7 and $1.8	282.4	234
Other current assets	137	189.1
Cash performance bonds and security deposits	8538.9	17653.5
Total current assets	9512.4	19111.5
Property, net of accumulated depreciation and amortization of $506.0 and $479.5	725.3	707.2
Intangible assets - trading products	16,982	16,982
Intangible assets - other, net	3308.9	3369.4
Goodwill	7523.1	7519.2
Other assets	479.5	469.4
Total Assets	38531.2	48158.7
Current Liabilities:
Accounts payable	38.5	71
Payable under securities lending agreements	0	456.8
Short-term debt	250	249.9
Other current liabilities	179.3	211.8
Cash performance bonds and security deposits	8538.9	17653.5
Total current liabilities	9006.7	18,643
Long-term debt	2738.6	2966.1
Deferred tax liabilities	7662.3	7728.3
Other liabilities	142.3	132.7
Total Liabilities	19549.9	29470.1
Shareholders' Equity:
Additional paid-in capital	17136.5	17128.5
Retained earnings	1,988	1719.7
Accumulated other comprehensive loss	-143.9	-160.3
Total Shareholders' Equity	18981.3	18688.6
Total Liabilities and Shareholders' Equity	38531.2	48158.7
Preferred Stock [Member]
Shareholders' Equity:
Preferred stock	0	0
Series A junior participating preferred stock
Shareholders' Equity:
Preferred stock	0	0
Class A common stock
Shareholders' Equity:
Common stock	0.7	0.7
Class B common stock
Shareholders' Equity:
Common stock	$0	$0

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions, except Share data	Jun. 30, 2009	Dec. 31, 2008
Marketable securities, pledged securities	64.6	283.8
Accounts receivable, allowance	1.7	1.8
Property, accumulated depreciation and amortization	$506	479.5
Preferred Stock [Member]
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	9,860,000	9,860,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A junior participating preferred stock
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	140,000	140,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock
Common stock, par value	0.01	0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	66,370,000	66,417,000
Common stock, shares outstanding	66,370,000	66,417,000
Class B common stock
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 Income Securities

Statement Of Income Securities Based Income (USD $)
In Millions, except Share data in Thousands	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Revenues
Clearing and transaction fees	536.8	458.5	1064.6	983.6
Quotation data fees	82.1	59.8	167.6	116.6
Processing services	0.1	18.5	0.2	36
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	1294.9	1188.3
Expenses
Compensation and benefits	88	73.6	174.7	146.9
Communications	11.6	12.8	24	27.6
Technology support services	11.6	18.1	23.4	35.1
Professional fees and outside services	22.4	16	44	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
Licensing and other fee agreements	21.7	12	46.3	25.5
Restructuring	1.4	0.2	4.6	2
Other	13.6	17.1	29.6	39.9
Total Expenses	249	219.5	509.7	444.7
Operating Income	398.8	343.7	785.2	743.6
Non-Operating Income (Expense)
Investment income	10.1	12	11.9	23.4
Gains (losses) on derivative investments	0	(13)	0	-15.2
Securities lending interest income	0.4	0	2.8	23.6
Securities lending interest and other costs	0.3	0	-0.1	-19.3
Interest and other borrowing costs	-32.6	-1.4	-71.1	-3.7
Guarantee of exercise right privileges	0	-3.6	0	4.8
Equity in losses of unconsolidated subsidiaries	-1.7	(4)	-2.9	-7.9
Other income (expense)	-0.4	-0.1	-0.4	-8.5
Total Non-Operating Income (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
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

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Millions, except Share data	Common Stock and Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income [Member]	Class A common stock	Class B common stock	Total
Beginning Balance at Dec. 31, 2007	10689.3	1619.4	-3.1			12305.6
Beginning Balance at Dec. 31, 2007				53,278,000	3,000
Comprehensive income:
Net income		484.7				484.7
Change in net actuarial loss on defined benefit plans, net of tax of $0.9 in 2009 and $0.2 in 2008			0.3			0.3
Change in foreign currency translation adjustment, net of tax of $2.6 in 2009 and $0.3 in 2008			0.5			0.5
Cash dividends on common stock of $2.30 per share		-125.3				-125.3
Class A common stock issued in exchange for BM&FBovespa SA stock				1,189,000
Class A common stock issued in exchange for BM&FBovespa SA stock	631.4					631.4
Tax benefit of stock issuance costs related to CBOT Holdings merger	6.4					6.4
Costs in connection with prior year repurchase of Class A common stock	-0.2					-0.2
Exercise of stock options				36,000
Exercise of stock options	4.5					4.5
Excess tax benefits from option exercises and restricted stock vesting	4.9					4.9
Vesting of issued restricted Class A common stock				5,000
Shares issued to Board of Directors				5,000
Shares issued to Board of Directors	2.3					2.3
Shares issued under Employee Stock Purchase Plan				2,000
Shares issued under Employee Stock Purchase Plan	0.6					0.6
Stock-based compensation	12.7					12.7
Ending Balance at Jun. 30, 2008				54,515,000	3,000
Ending Balance at Jun. 30, 2008	11351.9	1978.8	-2.3			13328.4
Beginning Balance at Mar. 31, 2008					3,000
Comprehensive income:
Ending Balance at Jun. 30, 2008					3,000
Beginning Balance at Dec. 31, 2008	17129.2	1719.7	-160.3			18688.6
Comprehensive income:
Net income		420.9				420.9
Change in net unrealized loss on securities, net of tax of $6.0			9.2			9.2
Change in net actuarial loss on defined benefit plans, net of tax of $0.9 in 2009 and $0.2 in 2008			-1.3			-1.3
Change in net unrealized loss on derivatives, net of tax of $2.8			4.4			4.4
Change in foreign currency translation adjustment, net of tax of $2.6 in 2009 and $0.3 in 2008			4.1			4.1
Cash dividends on common stock of $2.30 per share		-152.6				-152.6
Repurchase of Class A common stock				(139,000)
Repurchase of Class A common stock	(27)					(27)
Exercise of stock options				74,000
Exercise of stock options	13.7					13.7
Excess tax benefits from option exercises and restricted stock vesting	1.3					1.3
Vesting of issued restricted Class A common stock				4,000
Shares issued to Board of Directors				12,000
Shares issued to Board of Directors	2.4					2.4
Shares issued under Employee Stock Purchase Plan				2,000
Shares issued under Employee Stock Purchase Plan	0.7					0.7
Stock-based compensation	16.9					16.9
Ending Balance at Jun. 30, 2009	17137.2	$1,988	-143.9			18981.3

2_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $)
In Millions, except Per Share data	Retained Earnings	Accumulated Other Comprehensive Income [Member]	Total
Change in net actuarial loss on defined benefit plans, tax		0.2	0.2
Change in foreign currency translation adjustment, tax		0.3	0.3
Cash dividends on common stock, per share	2.3		2.3
Change in net unrealized loss on securities, tax		6	6
Change in net actuarial loss on defined benefit plans, tax		0.9	0.9
Change in net unrealized loss on derivatives, tax		2.8	2.8
Change in foreign currency translation adjustment, tax		2.6	2.6
Cash dividends on common stock, per share	2.3		2.3

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect Securities Based Operations (USD $)
In Millions	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Cash Flows from Operating Activities
Net income	420.9	484.7
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	16.9	12.7
Amortization of shares issued to Board of Directors	1.3	1.1
Amortization of purchased intangibles	63.8	34.1
Depreciation and amortization	61.1	68.8
Recognition of in-process research and development acquired from Credit Market Analysis Limited	0	3.7
Allowance for doubtful accounts	-0.1	0
Net accretion of discounts and amortization of premiums on marketable securities	-2.6	-0.2
Net accretion of discounts and amortization of debt financing costs	10.4	-0.5
Guarantee of exercise right privileges	0	-4.8
Net loss on derivative instruments	0	15.2
Equity in losses of unconsolidated subsidiaries	2.9	7.9
Deferred income taxes	(13)	-47.3
Change in assets and liabilities:
Accounts receivable	-48.3	-41.8
Other current assets	-9.6	1.6
Other assets	(12)	-19.5
Accounts payable	-32.5	4
Income tax payable	1.4	-30.6
Other current liabilities	-44.2	10.8
Other liabilities	22	4.8
Net Cash Provided by Operating Activities	438.4	504.7
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities	368.7	116.2
Purchases of available-for-sale marketable securities	-154.8	-50.5
Net change in NYMEX securities lending program investments	425.9	0
Purchases of property, net	(79)	-77.3
Acquisition of Credit Market Analysis Limited, net of cash received	0	-93.7
Merger-related transaction costs	0	-13.6
Purchase of derivative related to BM&FBovespa SA investment	0	-45.2
Capital contributions to FXMarketSpace Limited	-2.9	-4.6
Net Cash Provided by (Used in) Investing Activities	557.9	-168.7
Cash Flows from Financing Activities
Proceeds (repayments) of commercial paper, net	-968.9	1.3
Proceeds from other borrowings, net of issuance costs	743.8	0
Net change in NYMEX securities lending program liabilities	-456.8	0
Cash dividends	-152.6	-125.3
Repurchase of Class A common stock, including costs	(27)	0
Proceeds from exercise of stock options	13.7	4.5
Excess tax benefits from option exercises and restricted stock vesting	1.6	5.2
Proceeds from Employee Stock Purchase Plan	0.7	0.6
Net Cash Used in Financing Activities	-845.5	-113.7
Net change in cash and cash equivalents	150.8	222.3
Cash and cash equivalents, beginning of period	297.9	845.3
Cash and Cash Equivalents, End of Period	448.7	1067.6
Supplemental Disclosure of Cash Flow Information
Income taxes paid	329.6	328.5
Interest paid (excluding securities lending program)	41	3.8
Non-cash investing activities:
Change in net unrealized securities gains (losses)	15.2	0
Change in net unrealized derivatives gains (losses)	7.2	0
Non-cash financing activities:
Fair value of Class A common stock issued in exchange for BM&FBovespa SA stock	$0	631.4

Notes to Financial Statements

Notes to Financial Statements
	6 Months Ended Jun. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
1. Basis of Presentation	1. Basis of Presentation CME Group acquired Credit Market Analysis Limited, a private company incorporated in the United Kingdom, and its three subsidiaries (collectively, CMA) on March23, 2008. The financial statements and accompanying notes presented in this report include the financial results of CMA beginning on March24, 2008. On August22, 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 the former NYMEX Holdings and its subsidiaries beginning on August23, 2008. The accompanying interim consolidated financial statements have been prepared by CME Group without audit. Certain notes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. The consolidated financial statements consist of CME Group and its subsidiaries (collectively, the company), including Chicago Mercantile Exchange Inc. (CME), Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX) and their respective subsidiaries (collectively, the exchange). In the opinion of management, the accompanying consolidated financial statements include all normal recurring adjustments considered necessary to present fairly the financial position of the company at June30, 2009 and December31, 2008 and the results of operations and cash flows for the periods indicated. Quarterly results are not necessarily indicative of results for any subsequent period. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in CME Groups Annual Report on Form 10-K for the year ended December31, 2008, filed with the Securities and Exchange Commission on March2, 2009. Certain reclassifications have been made to the 2008 financial statements to conform to the presentation in 2009.
2. Business Combinations	2. Business Combinations Effective August22, 2008, CME Group completed its merger with NYMEX Holdings. The company entered into this merger primarily as a means to expand its product base, further leverage its existing operating model, extend its presence in the over-the-counter market and better position itself to compete on a global scale. Under purchase accounting, CME Group is considered the acquirer of NYMEX Holdings. The preliminary purchase price consists of the following (in millions): Acquisition of NYMEX Holdings outstanding common stock: In exchange for CME Groups ClassA common stock $ 5,931.2 In exchange for cash 3,412.6 Fair value of NYMEX Holdings stock options and restricted stock units assumed 43.7 Merger-related transaction costs 51.8 Total Preliminary Purchase Price $ 9,439.3 Acquisition of common stock. Pursuant to the merger agreement, NYMEX Holdings shareholders elected to receive cash, stock or a combination thereof as consideration for their shares. The aggregate consideration included a mandatory cash component equal to the product of NYMEX Holdings common stock outstanding at August22, 2008 and $36.00 per share. Based on the election for cash and stock as subject to the mandatory cash requirement, CME Group issued 12.5million shares of ClassA common stock to NYMEX Holdings shareholders. The share price of $473 used to calculate the fair value of stock issued was based on the average closing price of CME Groups ClassA common stock for the five-day period beginning two trading days before and ending two trading days after March17, 2008 (the merger announcement date). Fair value of stock options and restricted stock units assumed. At the close of the merger, NYMEX Holdings had 1,412,000 stock options and 188,700 restricted stock units outstanding. Each stock option and restricted stock unit was converted using an exchange ratio of 0.2378 derived from the allocation of cash and stock consideration to the shareholders in accordance with the merger agreement. The fair value of the stock options was determined using a share price of $342, the closing price of CME Groups ClassA common stock on August21, 2008. The fair value of stock options was calculated using a Black-Scholes valuation model with the following assumptions: expected lives of 0.1 to 4.9 years; risk-free interest rates of 1.7% to 3.0%; expected volatility of 45%; and a dividend yield of 1.3%. The portion of the fair value of unvested stock options related to future service has been allocated to deferred stock-based compensation and is being amortized over the remaining vesting period. Merger-related transaction costs. These include costs incurred by CME Group for investment banking fees, legal and accounting fees, and other external costs directly related to the merger. Preliminary purchase price allocation. In accordance with Statement of Financial Accounting Standards (SFAS) No.141, Business Combinations, the preliminary purchase price has been allocated to the former NYMEX Holdings net tangible and identifiable intangible assets based on their estimated fair values as of A
3. Performance Bonds and Security Deposits	3. Performance Bonds and Security Deposits CME maintains performance bond and security deposit requirements for futures and options traded on or cleared through CME, CBOT, NYMEX or other exchange marketplaces, as well as for over-the-counter (OTC) products listed for clearing only. Each firm that clears futures, options and OTC products is required to deposit acceptable collateral and maintain specified performance bonds and security deposits principally in the form of cash, funds deposited in the various Interest Earning Facility programs, U.S. government and certain foreign government securities, bank letters of credit or shares of specific U.S. equity securities. Clearing firm positions executed in CME, CBOT and NYMEX exchange marketplaces and cleared-only contracts are subject to the guarantee of CME. Each clearing firms positions are separately accounted for in regulated and non-regulated accounts, for which performance bond and security deposit requirements are calculated. Performance bonds and security deposits are available to meet the financial obligations of that clearing firm to CME. In the event that performance bonds and security deposits of a defaulting clearing firm are inadequate to fulfill that clearing firms 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. Cash performance bonds and security deposits may fluctuate due to the investment choices available to clearing firms and the change in the amount of deposit required. As a result, these offsetting liabilities may vary significantly over time. In addition, the rules and regulations of CBOT require certain minimum financial requirements for delivery of physical commodities. To satisfy these requirements, CBOT clearing firms must deposit collateral with CME in the form of cash, U.S. Treasury securities or letters of credit. CME accounts for its guarantee of settlement of contracts in accordance with Financial Accounting Standards Board (FASB) Interpretation (FIN) No.45, Guarantors Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others. 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. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure related to CMEs guarantee would be one half day of changes in fair value of all open positions, before considering CMEs ability to access defaulting firms performance bond and security deposit balances as well as other available resources. During the first six months of 2009, CME transferred an average of approximately $3.4 billion a day through its clearing system for settlement from clearing firms whose positions have lost value to clearing firms whose positions have gained value. CME reduces its guarantee exposure through initial and maintenance performance bond requirements an
4. Intangible Assets and Goodwill	4. Intangible Assets and Goodwill Intangible assets consisted of the following at June30, 2009 and December31, 2008: June30, 2009 December31, 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 $ (138.5 ) $ 2,704.0 $ 2,842.5 $ (90.3 ) $ 2,752.2 Lease-related intangibles 83.2 (15.8 ) 67.4 83.2 (9.9 ) 73.3 Dow Jones licensing agreement 74.0 (13.2 ) 60.8 74.0 (9.9 ) 64.1 Technology-related intellectual property 28.4 (7.1 ) 21.3 28.4 (3.9 ) 24.5 Open interest 12.3 (12.3 ) 12.3 (9.5 ) 2.8 Market maker agreement 9.7 (5.1 ) 4.6 9.7 (4.3 ) 5.4 Other (a) 4.2 (2.6 ) 1.6 3.9 (1.8 ) 2.1 3,054.3 (194.6 ) 2,859.7 3,054.0 (129.6 ) 2,924.4 Foreign currency translation adjustments (6.7 ) 1.5 (5.2 ) (9.4 ) 0.3 (9.1 ) Total Amortizable Intangible Assets $ 3,047.6 $ (193.1 ) $ 2,854.5 $ 3,044.6 $ (129.3 ) $ 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 (0.3 ) (0.6 ) Total Indefinite-Lived Intangible Assets 17,436.4 17,436.1 Total Intangible Assets $ 20,290.9 $ 20,351.4 (a) Other amortizable intangible assets consist primarily of non-compete and service agreements and trade names with limited lives. (b) Other indefinite-lived intangible assets consist of products in development and a regulatory license. Total amortization expense for intangible assets was $30.5 million and $17.9 million for the quarters ended June30, 2009 and 2008, respectively. Total amortization expense for intangible assets was $63.8 million and $34.1 million for the six months ended June30, 2009 and 2008, respectively. As of June30, 2009, the future estimated amortization expense related to amortizable intangible assets is expected to be: (in millions) Remainder of 2009 $ 61.2 2010 122.1 2011 121.9 2012 116.6 2013 110.9 2014 109.3 Thereafter 2,212.5 The Dow Jones Co
5. Long-Term Investments	5. Long-Term Investments As part of its merger with NYMEX Holdings in August 2008, the company acquired Green Exchange Holdings LLC (GX Holdings) and its wholly-owned subsidiary, Green Exchange LLC, an exchange that lists carbon-related contracts. In June 2009, GX Holdings issued additional shares to third-party investors reducing the companys 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. The investment is recorded in other assets in the consolidated balance sheets. Income and losses from the investment are recorded in equity in losses of unconsolidated subsidiaries in the consolidated statements of income.
6. Debt	6. Debt Debt consisted of the following: (in millions) June30, 2009 December31, 2008 Short-term debt: $250 million floating rate notes due August 2009, interest equal to 3-month LIBOR plus 0.20%, reset quarterly(1) $ 250.0 $ 249.9 Total short-term debt $ 250.0 $ 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) $ 299.7 $ 299.5 Term loan due 2011, interest equal to 3-month LIBOR plus 1%, reset quarterly (3) 420.5 420.5 $750 million fixed rate notes due August 2013, interest equal to 5.40% 747.8 747.5 $750 million fixed rate notes due February 2014, interest equal to 5.75% 745.7 Commercial paper (4) 524.9 1,498.6 Total long-term debt $ 2,738.6 $ 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 November6, 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 November6, 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 October22, 2008. (4) At December31, 2008, this was the portion of commercial paper backed by the three-year senior credit facility and the 364-day revolving bridge facility. Commercial paper backed by the revolving bridge facility was repaid in February 2009 with the net proceeds from the 5.75% fixed rate notes due February 2014. At June30, 2009, this represented commercial paper backed by the three-year senior credit facility. Commercial paper notes with an aggregate par value of $4.8 billion and maturities ranging from 1 to 94 days were issued during the six months ended June30, 2009. The weighted average discount rate for commercial paper outstanding at June30, 2009 and December31, 2008 was 0.37% and 2.61%, respectively. During the first half of 2009 and 2008, the weighted average balance, at par, of commercial paper outstanding was $807.5 million and $184.3 million, respectively. Long-term debt maturities, at par value, were as follows as of June30, 2009: (in millions) 2010 $ 300.0 2011 945.5 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. At June30, 2009, the fair values of the $750.0 million fixed rate notes due 2013 and 2014 are approximatel
7. Restructuring	7. Restructuring CBOT In August 2007, subsequent to its merger with CBOT Holdings, the company approved and initiated plans to restructure its operations in order to eliminate redundant costs and improve operational efficiencies. Restructuring efforts include reductions in employee positions, the closure of duplicate facilities and consolidation of trading and other technologies. Total estimated restructuring costs of $30.3 million consist primarily of severance and transitional payments and contract termination penalties. Payments for restructuring costs related to the merger with CBOT Holdings were substantially complete by July 2008. Through June30, 2009, the company recorded restructuring expense of $11.2 million under this plan since its inception. NYMEX In October 2008, subsequent to its merger with NYMEX Holdings, the company approved and initiated plans to restructure its operations in order to eliminate redundant costs and improve operational efficiencies. Restructuring efforts include reductions in employee positions and consolidation of trading and other technologies. Total estimated restructuring costs of $37.6 million consist primarily of severance and transitional payments. Payments for restructuring costs related to the merger with NYMEX Holdings are expected to be substantially complete by August 2009. Costs of $28.9 million were recognized as a liability in the preliminary allocation of NYMEX Holdings purchase price, and accordingly, have resulted in an increase to goodwill. In addition to costs recognized in purchase accounting, costs of $8.7 million have been or are expected to be recognized as restructuring expense over the service period required from transitional employees. Through June30, 2009, the company recorded restructuring expense of $7.1 million under this plan since its inception. The following is a summary of restructuring activity (in millions): Planned Restructuring Costs Interest on Deferred Payments Accrued to Date Total Cash Payments Liability at June30, 2009 Total Expected Payments Severance and related costs - CBOT $ 21.3 $ 0.1 $ 21.4 $ (20.8 ) $ 0.6 $ 21.4 Severance and related costs - NYMEX 35.9 35.9 (31.3 ) 4.6 37.6 Contract terminations - CBOT 8.6 0.3 8.9 (8.2 ) 0.7 8.9 Total Restructuring $ 65.8 $ 0.4 $ 66.2 $ (60.3 ) $ 5.9 $ 67.9 Restructuring expense may change as the company executes its approved plans. Future increases in estimates will be recorded as an adjustment to goodwill during the purchase accounting allocation period and as an adjustment to operating expenses thereafter. Future decreases in estimates will be recorded as an adjustment to goodwill regardless of the date of the decrease.
8. Contingencies and Guarantees	8. Contingencies and Guarantees Legal Matters. There are two purported class action complaints pending against the former NYMEX Holdings, the former NYMEX Holdings board of directors and CME Group in the Delaware Court of Chancery related to the merger between CME Group and NYMEX Holdings. The first complaint, amended as of October6, 2008, is a purported consolidated class action on behalf of former NYMEX Holdings shareholders (the shareholder complaint) which alleges, among other things, that the NYMEX Holdings board of directors breached their fiduciary duties in approving the merger agreement by exclusively negotiating a transaction with CME Group without regard to the fairness of the transaction to the NYMEX Holdings shareholders, failing to take steps to maximize shareholder value, capping the minimum price of NYMEX Holdings stock, failing to properly value NYMEX Holdings, making changes to NYMEX Holdings change of control severance plan weeks before announcing that it was engaged in discussions with CME Group, requiring the ClassA members to execute a waiver and release that allegedly is coercive because it is intended to deprive them of their rights to participate in this lawsuit as well as their rights to past, present and future royalty payments under Section311(G) of the former bylaws of NYMEX, and failing to fully disclose material information related to the merger, including financial information and information necessary to prevent statements contained in the preliminary proxy from being misleading. The shareholder complaint further alleges that CME Group aided and abetted the alleged breach of fiduciary duties. The shareholder plaintiffs initially sought to enjoin the merger; however, they pulled the preliminary injunction hearing from the courts calendar on August5, 2008 after becoming satisfied that there had been adequate disclosures by NYMEX Holdings and CME Group. The shareholder plaintiffs now seek damages for the alleged breaches of fiduciary duties and a declaration that the waiver and release is invalid and unenforceable. On October24, 2008, CME Group moved to dismiss the shareholder plaintiffs complaint. The second complaint, amended as of September18, 2008, is a purported consolidated class action on behalf of NYMEX ClassA members (the member complaint) which alleges claims substantially similar to those raised in the shareholder complaint. The member plaintiff initially sought to enjoin the merger; however, she pulled the preliminary injunction hearing from the courts calendar on August5, 2008 after becoming satisfied that there had been adequate disclosures by NYMEX Holdings and CME Group. The member plaintiff now seeks damages for the alleged breaches of fiduciary duties and a declaration that the waiver and release is invalid and unenforceable. On September22, 2008, CME Group filed a motion to dismiss and stay discovery. On September26, 2008, the member plaintiff, jointly with the shareholder plaintiffs, filed a motion for declaratory judgment and requested an expedited hearing on their motions. On October2, 2008, the court denied the plaintiffs request for expedition and granted CME Groups request to
9. Stock-Based Payments	9. Stock-Based Payments Total expense for stock-based payments, including shares issued to the board of directors, converted CBOT options and converted NYMEX options, was $18.2 million and $14.0 million for the six months ended June30, 2009 and 2008, respectively. The total income tax benefit recognized in the consolidated statements of income for stock-based payment arrangements was $7.3 million and $5.5 million for the six months ended June30, 2009 and 2008, respectively. In the first six months of 2009, the company granted employees stock options totaling 11,460 shares under the CME Group Omnibus Stock Plan. The options have a ten-year term with an exercise price ranging from $195 to $332 per share, the closing market price on the dates of grant. The fair value of these options totaled $1.0 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 the option grant was calculated using the following assumptions: dividend yield ranging from 1.4% to 2.4%; expected volatility ranging from 47% to 49%; risk-free interest rate ranging from 2.4% to 3.2% and expected life of 6.5 years. The grant date weighted average fair value of options granted during the first six months of 2009 was $87 per share.
10. Fair Value Measurements	10. Fair Value Measurements SFAS No.157, Fair Value Measurements provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing a framework for measuring fair value. The standard 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, exchange-traded mutual funds, repurchase agreements 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, corporate bonds, municipal bonds, asset-backed securities and certain corporate bonds. Level 3 assets generally include certain corporate bonds and asset-backed securities. These assets have been 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 managements 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 is derived using probability-weighted Black-Scholes option values for various scenarios. The liability is included in Level 3 because management uses 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 June30, 2009 are classified in their entirety based on the lowest level of input that is significant to the asset or liabilitys fair value measurement. Financial Instruments Measured at Fair Value on a Recurring Basis: (in millions) Level1 Level2 Level3 Total Assets at Fair Value: Marketable securities: U.S. Treasury securities $ 69.7 $ $ $ 69.7 Mutual funds 19.9 19.9 Corporate bonds 3.3 3.3 Municipal bonds 5.9 5.9 Asset-backed securities 1.4 0.2 1.6 U.S. Govern
11. Earnings Per Common Share	11. Earnings Per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of shares of all classes of common stock outstanding for each reporting period. Diluted earnings per common share reflects the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares of common stock if stock options were exercised and restricted stock awards were converted into common stock. Outstanding stock options and restricted stock awards of approximately 463,000 and 680,000 were anti-dilutive for the quarter and six months ended June30, 2009, respectively. Outstanding stock options of approximately 297,000 and 295,000 were anti-dilutive for the quarter and six months ended June30, 2008, respectively. There were no anti-dilutive restricted stock awards for the quarter and six months ended June30, 2008. These anti-dilutive shares were not included in the diluted earnings per common share calculations. FASB issued FASB Staff Position (FSP) No. EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, for fiscal years beginning after December31, 2008. This guidance requires the use of a two-class method to determine the impact of outstanding stock options and restricted stock awards on diluted earnings per common share. The company determined that the impact of using the two-class method is immaterial. If the impact becomes material, the company will change its application of the guidance. Quarter Ended June30, Six Months Ended June30, 2009 2008 2009 2008 Net Income (in millions) $ 221.8 $ 201.2 $ 420.9 $ 484.7 Weighted Average Number of Common Shares (in thousands): Basic 66,329 54,500 66,316 54,125 Effect of stock options 169 242 131 255 Effect of restricted stock awards 28 10 23 10 Diluted 66,526 54,752 66,470 54,390 Earnings per Common Share: Basic $ 3.34 $ 3.69 $ 6.35 $ 8.96 Diluted 3.33 3.67 6.33 8.91
12. Subsequent Events	12. Subsequent Events The company has evaluated subsequent events through August6, 2009, the date the financial statements were issued, and has determined that there are no subsequent events that require disclosure.

Document Information

Document Information
	6 Months Ended Jun. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Amendment Description	N.A.
Document Period End Date	2009-06-30

Entity Information

Entity Information (USD $)
	6 Months Ended Jun. 30, 2009	Jul. 22, 2009 Class A common stock	Class B common stock, Class B-1 7/22/2009	Class B common stock, Class B-2 7/22/2009	Class B common stock, Class B-3 7/22/2009	Class B common stock, Class B-4 7/22/2009	Jun. 30, 2008 Class A common stock
Entity [Text Block]
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		66,424,136	625	813	1,287	413
Entity Public Float							$20,900,000,000