CME (CME) 10-Q 6 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	Sep. 30, 2009	Dec. 31, 2008
Current Assets:
Cash and cash equivalents	204.1	297.9
Collateral from securities lending, at fair value	0	426.9
Marketable securities, including pledged securities of $50.0 and $283.8	93.7	310.1
Accounts receivable, net of allowance of $2.0 and $1.8	264	234
Other current assets	119.6	189.1
Cash performance bonds and security deposits	6824.8	17653.5
Total current assets	7506.2	19111.5
Property, net of accumulated depreciation and amortization of $525.8 and $479.5	726.9	707.2
Intangible assets - trading products	16,982	16,982
Intangible assets - other, net	3277.1	3369.4
Goodwill	7549.3	7519.2
Other assets	478.1	469.4
Total Assets	36519.6	48158.7
Current Liabilities:
Accounts payable	36.1	71
Payable under securities lending agreements	0	456.8
Short-term debt	299.7	249.9
Other current liabilities	157.8	211.8
Cash performance bonds and security deposits	6824.8	17653.5
Total current liabilities	7318.4	18,643
Long-term debt	2239.3	2966.1
Deferred tax liabilities, net	7669.9	7728.3
Other liabilities	161.7	132.7
Total Liabilities	17389.3	29470.1
Shareholders' Equity:
Additional paid-in capital	17144.4	17128.5
Retained earnings	2113.9	1719.7
Accumulated other comprehensive income (loss)	-128.7	-160.3
Total Shareholders' Equity	19130.3	18688.6
Total Liabilities and Shareholders' Equity	36519.6	48158.7
Preferred stock
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	Sep. 30, 2009	Dec. 31, 2008
Marketable securities, pledged securities	$50	283.8
Accounts receivable, allowance	2	1.8
Property, accumulated depreciation and amortization	525.8	479.5
Preferred stock
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	9,860,000	9,860,000
Preferred stock, issued	0	0
Preferred stock, 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, issued	0	0
Preferred stock, 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	66,400,000	66,417,000
Common stock, shares outstanding	66,400,000	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 Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenues
Clearing and transaction fees	540.6	558.7	1605.2	1542.3
Quotation data fees	81.4	75.7	249	192.3
Processing services	0.1	17.9	0.3	53.9
Access and communication fees	11.4	10.9	34.5	32.2
Other	16.9	17.7	56.3	48.5
Total Revenues	650.4	680.9	1945.3	1869.2
Expenses
Compensation and benefits	87.3	84.5	262	231.4
Communications	11.5	11.5	35.5	39.1
Technology support services	11.3	11.9	34.7	47
Professional fees and outside services	17.9	17	61.9	47.8
Amortization of purchased intangibles	30.7	29.1	94.5	63.2
Depreciation and amortization	32.3	34.1	93.4	102.9
Occupancy and building operations	19.1	18.9	57.3	52.9
Licensing and other fee agreements	21.2	19.3	67.5	44.8
Restructuring	0.6	0.1	5.2	2.1
Other	17.1	33.8	46.7	73.7
Total Expenses	249	260.2	758.7	704.9
Operating Income	401.4	420.7	1186.6	1164.3
Non-Operating Income (Expense)
Investment income	10.5	18	22.4	41.4
Impairment of long-term investment	-22.4	0	-22.4	0
Gains (losses) on derivative investments	0	7.4	0	-7.8
Securities lending interest income	0	8.6	2.8	32.2
Securities lending interest and other costs	0	-28.9	-0.1	-48.2
Interest and other borrowing costs	-32.1	-17.9	-103.2	-21.6
Guarantee of exercise right privileges	0	8	0	12.8
Equity in losses of unconsolidated subsidiaries	-1.6	(20)	-4.5	-27.9
Other income (expense)	0	0.1	-0.4	-8.4
Total Non-Operating Income (Expense)	-45.6	-24.7	-105.4	-27.5
Income before Income Taxes	355.8	396	1081.2	1136.8
Income tax provision	153.5	227.3	458	483.4
Net Income	202.3	168.7	623.2	653.4
Earnings per Common Share:
Basic	3.05	2.82	9.39	11.66
Diluted	3.04	2.81	9.37	11.61
Weighted Average Number of Common Shares:
Basic	66,384	59,870	66,339	56,054
Diluted	66,573	60,086	66,514	56,302

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 (Loss)	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		653.4				653.4
Change in net unrealized loss/gain on securities, net of tax of $16.3 in 2009 and $7.7 in 2008			-10.9			-10.9
Change in net actuarial loss on defined benefit plans, net of tax of $0.9 in 2009 and $0.2 in 2008			0.4			0.4
Change in net unrealized loss on derivatives, net of tax of $2.8 in 2009 and $0.5 in 2008			-0.8			-0.8
Change in foreign currency translation adjustment, net of tax of $2.2 in 2009 and $4.1 in 2008			-6.1			-6.1
Cash dividends on common stock of $3.45 per share in 2009 and $8.45 per share in 2008		-538.4				-538.4
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
Class A common stock issued in NYMEX Holdings merger, including vested stock options, restricted stock units and issuance costs				12,566,000
Class A common stock issued in NYMEX Holdings merger, including vested stock options, restricted stock units and issuance costs	5963.3					5963.3
Tax benefit of stock issuance costs related to CBOT Holdings merger	6.4					6.4
Repurchase of Class A common stock				(62,000)
Repurchase of Class A common stock	(24)					(24)
Exercise of stock options				106,000
Exercise of stock options	11.4					11.4
Excess tax benefits from option exercises and restricted stock vesting	7.6					7.6
Vesting of issued restricted Class A common stock				6,000
Shares issued to Board of Directors				5,000
Shares issued to Board of Directors	2.5					2.5
Shares issued under Employee Stock Purchase Plan				2,000
Shares issued under Employee Stock Purchase Plan	0.7					0.7
Stock-based compensation	26.3					26.3
Ending Balance at Sep. 30, 2008				67,090,000	3,000
Ending Balance at Sep. 30, 2008	17314.9	1734.4	-20.5			19028.8
Beginning Balance at Jun. 30, 2008					3,000
Comprehensive income:
Ending Balance at Sep. 30, 2008					3,000
Beginning Balance at Dec. 31, 2008	17129.2	1719.7	-160.3			18688.6
Comprehensive income:
Net income		623.2				623.2
Change in net unrealized loss/gain on securities, net of tax of $16.3 in 2009 and $7.7 in 2008			25.2			25.2
Change in net actuarial loss on defined benefit plans, net of tax of $0.9 in 2009 and $0.2 in 2008			-1.4			-1.4
Change in net unrealized loss on derivatives, net of tax of $2.8 in 2009 and $0.5 in 2008			4.4			4.4
Change in foreign currency translation adjustment, net of tax of $2.2 in 2009 and $4.1 in 2008			3.4			3.4
Cash dividends on common stock of $3.45 per share in 2009 and $8.45 per share in 2008		(229)				(229)
Repurchase of Class A common stock				(139,000)
Repurchase of Class A common stock	(27)					(27)
Exercise of stock options				92,000
Exercise of stock options	15.2					15.2
Excess tax benefits from option exercises and restricted stock vesting	1					1
Vesting of issued restricted Class A common stock				16,000
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	23.6					23.6
Ending Balance at Sep. 30, 2009	17145.1	2113.9	-128.7			19130.3

2_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $)
In Millions, except Per Share data	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Change in net unrealized loss/gain on securities, tax	16.3	7.7
Change in net actuarial loss on defined benefit plans, tax	0.9	0.2
Change in net unrealized loss on derivatives, tax	2.8	0.5
Change in foreign currency translation adjustment, tax	2.2	4.1
Cash dividends on common stock, per share	3.45	8.45

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect Securities Based Operations (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Cash Flows from Operating Activities
Net income	623.2	653.4
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	23.6	26.3
Amortization of shares issued to Board of Directors	1.9	1.7
Amortization of purchased intangibles	94.5	63.2
Depreciation and amortization	93.4	102.9
Recognition of in-process research and development acquired from Credit Market Analysis Limited	0	3.7
Allowance for doubtful accounts	0.2	0.6
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	11.6	2.2
Loss on sale of metals trading products	0	2.8
Net loss on derivative investments	0	7.8
Impairment of securities lending assets	0	21.7
Impairment of goodwill and intangible assets	0	14.1
Impairment of long-term investment	22.4	0
Guarantee of exercise right privileges	0	-12.8
Equity in losses of unconsolidated subsidiaries	4.5	27.9
Deferred income taxes	-28.9	-32.2
Change in assets and liabilities:
Accounts receivable	-30.2	-25.9
Other current assets	-8.4	60.1
Other assets	-7.6	-16.7
Accounts payable	-34.9	6.1
Income taxes payable	1.7	22.9
Other current liabilities	-56.2	-91.3
Other liabilities	29.6	24.4
Net Cash Provided by Operating Activities	737.8	862.7
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities	389.1	254.1
Purchases of available-for-sale marketable securities	-159.9	-168.4
Net change in NYMEX securities lending program investments	425.9	119.3
Purchases of property, net	-112.9	-119.4
Acquisition of Credit Market Analysis Limited, net of cash received	0	-94.2
Acquisition of NYMEX Holdings, Inc., net of cash received	0	-2769.9
NYMEX membership rights payments	0	(612)
Merger-related transaction costs	0	-17.5
Purchase of derivative related to BM&FBovespa SA investment	0	-45.2
Proceeds from sale of metals trading products	0	15
Capital contributions to FXMarketSpace Limited	-2.8	-7.2
Net Cash Provided by (Used in) Investing Activities	539.4	-3445.4
Cash Flows from Financing Activities
Proceeds (repayments) of commercial paper, net	-1168.8	1,035
Proceeds from other borrowings, net of issuance costs	743.5	2883.9
Repayment of other borrowings	(250)	-1282.9
Net change in NYMEX securities lending program liabilities	-456.8	-119.3
Cash dividends	(229)	-202.7
Repurchase of Class A common stock, including costs	(27)	-14.2
Proceeds from exercise of stock options	15.2	11.4
Excess tax benefits from option exercises and restricted stock vesting	1.2	7.9
Proceeds from Employee Stock Purchase Plan	0.7	0.7
Net Cash Provided by (Used in) Financing Activities	(1,371)	2319.8
Net change in cash and cash equivalents	-93.8	-262.9
Cash and cash equivalents, beginning of period	297.9	845.3
Cash and Cash Equivalents, End of Period	204.1	582.4
Supplemental Disclosure of Cash Flow Information
Income taxes paid	469.6	459.6
Interest paid (excluding securities lending program)	88.2	6.9
Non-cash investing activities:
Change in net unrealized securities gains (losses)	41.5	-18.6
Change in net unrealized derivatives gains (losses)	7.2	-1.3
Non-cash financing activities:
Fair value of Class A common stock, stock options and restricted stock units issued in connection with NYMEX Holdings merger	0	5963.3
Fair value of Class A common stock issued in exchange for BM&FBovespa SA stock	0	631.4
Dividends declared but unpaid on Class A common stock	$0	335.7

1. Basis of Presentation

1. Basis of Presentation
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
1. Basis of Presentation	1. Basis of Presentation CME Group Inc. (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 September30, 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 (SEC) on March2, 2009.

2. Business Combinations

2. Business Combinations
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
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 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 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 was allocated to deferred stock-based compensation and is still 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. Final purchase price allocation. The purchase price has been allocated to NYMEX Holdings net tangible and identifiable intangible assets based on their estimated fair values as of August22, 2008. (in millions) Cash and cash equivalents $ 642.7 Other current assets 794.6 Property and equipment

3. Performance Bonds and Securi

3. Performance Bonds and Security Deposits
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
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, shares of specific U.S. equity securities or gold. 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 contract settlement in accordance with current accounting guidance. 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 approximately 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 nine months of 2009, CME transferred an average of approximately $3.1 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 and mandatory security deposits. The company believes that the guarantee liability is immaterial and therefore has not recorded any liability at Septem

4. Intangible Assets and Goodwi

4. Intangible Assets and Goodwill
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
4. Intangible Assets and Goodwill	4. Intangible Assets and Goodwill Intangible assets consisted of the following at September30, 2009 and December31, 2008: September30, 2009 December31, 2008 (in millions) Cost Accumulated Amortization NetBook Value Cost Accumulated Amortization NetBook Value Amortizable Intangible Assets: Clearing firm, market data and other customer relationships $ 2,842.5 $ (161.9 ) $ 2,680.6 $ 2,842.5 $ (90.3 ) $ 2,752.2 Lease-related intangibles 83.2 (18.7 ) 64.5 83.2 (9.9 ) 73.3 Dow Jones licensing agreement 74.0 (14.9 ) 59.1 74.0 (9.9 ) 64.1 Technology-related intellectual property 28.4 (7.4 ) 21.0 28.4 (3.9 ) 24.5 Open interest 12.3 (12.3 ) 12.3 (9.5 ) 2.8 Market maker agreement 9.7 (5.5 ) 4.2 9.7 (4.3 ) 5.4 Other (a) 3.6 (2.3 ) 1.3 3.9 (1.8 ) 2.1 3,053.7 (223.0 ) 2,830.7 3,054.0 (129.6 ) 2,924.4 Foreign currency translation adjustments (7.1 ) (0.8 ) (7.9 ) (9.4 ) 0.3 (9.1 ) Total Amortizable Intangible Assets $ 3,046.6 $ (223.8 ) $ 2,822.8 $ 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 (0.4 ) (0.6 ) Total Indefinite-Lived Intangible Assets 17,436.3 17,436.1 Total Intangible Assets $ 20,259.1 $ 20,351.4 (a) At September30, 2009, other amortizable intangible assets consist of non-compete and service agreements. At December31, 2008, other amortizable intangible assets consist primarily of non-compete and service agreements and trade names with limited lives. (b) At September30, 2009, other indefinite-lived intangible assets consist of products in development. At December 31, 2008, other indefinite-lived intangible assets consist of products in development and a regulatory license. Total amortization expense for intangible assets was $30.7 million and $29.1 million for the quarters ended September30, 2009 and 2008, respectively. Total amortization expense for intangible assets was $94.5 million and $63.2 million for the nine months ended September30, 2009 and 2008, respectively. As of September30, 2009, the future estimated amortization expense related to amortizable intangible assets is expected to be: (in millions) R

5. Long-Term Investments

5. Long-Term Investments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
5. Long-Term Investments	5. Long-Term Investments As part of its merger with NYMEX Holdings in August 2008, the company acquired an approximately 15% ownership interest in IMAREX ASA (IMAREX). The investment in IMAREX is accounted for as available for sale and is included in other assets in the consolidated balance sheets. At September30, 2009, the company assessed its investment in IMAREX for other-than-temporary impairment and recognized an impairment charge of $22.4 million due to an extended and significant decline in the market value of IMAREXs stock. At September30, 2009, the carrying value of the investment after recognizing impairment was $19.0 million.

6. Debt

6. Debt
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
6. Debt	6. Debt Debt consisted of the following: (in millions) September30, 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) $ $ 249.9 $300 million floating rate notes due August 2010, interest equal to 3-month LIBOR plus 0.65%, reset quarterly(2) 299.7 Total short-term debt $ 299.7 $ 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) $ $ 299.5 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% 747.9 747.5 $750 million fixed rate notes due February 2014, interest equal to 5.75% 746.0 Commercial paper (4) 324.9 1,498.6 Total long-term debt $ 2,239.3 $ 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 September30, 2009, this represented commercial paper backed by the three-year senior credit facility. Commercial paper notes with an aggregate par value of $6.0 billion and maturities ranging from 1 to 94 days were issued during the nine months ended September30, 2009. The weighted average discount rates for commercial paper outstanding at September30, 2009 and December31, 2008 were 0.22% and 2.61%, respectively. During the first nine months of 2009 and 2008, the weighted average balance, at par value, of commercial paper outstanding was $677.4 million and $271.0 million, respectively. Long-term debt maturities, at par value, were as follows as of September30, 2009: (in millions) 2011 $ 745.5 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,

7. Restructuring

7. Restructuring
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
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 $29.6 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 from its inception. Through September30, 2009, the company recorded restructuring expense of $11.2 million under this plan from 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 $47.3 million consist primarily of severance and transitional payments and contract termination payments. Payments for restructuring costs related to the merger with NYMEX Holdings were substantially complete by August 2009. Costs of $39.1 million were recognized as a liability in the 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 $8.2 million have been or are expected to be recognized as restructuring expense over the service period required from transitional employees. Through September30, 2009, the company recorded restructuring expense of $7.8 million under this plan from its inception. The following is a summary of restructuring activity (in millions): Planned Restructuring Costs Intereston Deferred Payments Accrued toDate Total Cash Payments Liabilityat September30, 2009 Total Expected Payments Severance and related costs - CBOT $ 21.2 $ 0.1 $ 21.3 $ (21.1 ) $ 0.2 $ 21.4 Severance and related costs - NYMEX 36.7 36.7 (33.9 ) 2.8 37.1 Contract terminations - CBOT 7.9 0.3 8.2 (8.2 ) 8.2 Contract terminations- NYMEX 10.2 10.2 (10.2 ) 10.2 Total Restructuring $ 76.0 $ 0.4 $ 76.4 $ (73.4 ) $ 3.0 $ 76.9 Restructuring expense may change as the company executes its approved plans. Future increases in estimates will be recorded as an adjustment to operating expenses. Future decreases in estimates that were recognized as liabilities through the allocation of purchase price will continue to be recorded as adjustments to goodwill.

8. Contingencies

8. Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
8. Contingencies	8. Contingencies Legal Matters. There were 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. One of the class actions was brought on behalf of the former NYMEX Holdings shareholders and the second class action was brought on behalf of the NYMEX ClassA members. On September30, 2009, the Delaware Court of Chancery granted the defendants motions to dismiss the shareholders and the NYMEX ClassA members complaints. The courts decision remains subject to appeal. On October14, 2003, the U.S. Futures Exchange, L.L.C. (Eurex U.S.) and U.S. Exchange Holdings, Inc., filed suit against CBOT and CME in the United States District Court for the District of Columbia. The suit alleges that CBOT and CME violated the antitrust laws and tortiously interfered with the business relationship and contract between Eurex U.S. and The Clearing Corporation. Eurex U.S. and U.S. Exchange Holdings, Inc. are seeking a preliminary injunction and treble damages. On December12, 2003, CBOT and CME filed separate motions to dismiss or, in the event the motion to dismiss is denied, to move the venue to the United States District Court for the Northern District of Illinois. On September2, 2004, the judge granted CBOTs and CMEs motions to transfer venue to the Northern District of Illinois. In light of that decision, the judge did not rule on the motions to dismiss. On March25, 2005, Eurex U.S. filed a second amended complaint in the United States District Court for the Northern District of Illinois. On June6, 2005, CME and CBOT filed a motion to dismiss the complaint. On August25, 2005, the judge denied the joint CME/CBOT motion to dismiss. On April9, 2007, CME and CBOT filed two joint motions for summary judgment. The parties continue to engage in discovery. Based on its investigation to date and advice from legal counsel, the company believes this suit is without merit and intends to defend itself vigorously against these charges. On August19, 2008, Fifth Market filed a complaint against CME Group and CME seeking a permanent injunction against CMEs Globex system and enhanced damages for what the plaintiff alleges is willful infringement, in addition to costs, expenses and attorneys fees. The suit alleges that CME infringes two U.S. patents. Based on its investigation to date and advice from legal counsel, the company believes this suit is without merit and intends to defend itself vigorously against these charges. In addition, the company is a defendant in, and has potential for, various other legal proceedings arising from its regular business activities. While the ultimate results of such proceedings against the company cannot be predicted with certainty, the company believes that the resolution of any of these matters will not have a material adverse effect on its consolidated financial position or results of operations. Employment Agreements. On August5, 2009, the compensation committee and the board of directors of CME Group approved a revised employment agreement for Craig S. Dono

9. Guarantees

9. Guarantees
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
9. Guarantees	9. Guarantees Guarantee of Exercise Rights Privileges. On August23, 2006, CBOT Holdings and CBOT, along with a class consisting of certain CBOT full members,filed a lawsuit in the Court of Chancery of the State of Delaware against the Chicago Board Options Exchange, Inc. (CBOE). The lawsuit seeks to enforce and protect the exercise right privileges (ERP). The lawsuit alleges that these ERPs allow CBOTs full members who hold them to become full members of CBOE and to participate on an equal basis with other members of CBOE in CBOEs announced plans to demutualize. In July 2009, the court issued its final order approving the terms of the settlement. Pursuant to the terms of the settlement, holders of ERPs could submit a claim to participate in the settlement as a ClassA or Class B settlement participant until October14, 2008. Participating ClassA members will share in an equity pool equal to 18% of the total common stock issued by CBOE in its demutualization and will share in a cash pool of up to $300.0 million, subject to a cap of $600,000 per individual. Participating Class B members would be paid $250,000 per ERP. The settlement is in the process of being appealed. In connection with the CBOT Holdings merger, the company provided holders of ERPs the option of tendering their ERP to the company for $250,000 payable following the closing of the merger or to participate in the CBOE lawsuit with a guaranteed payment of up to $250,000 from the company if the lawsuit results in a recovery of less than that amount. The maximum possible aggregate payment under the companys guarantee, assuming that all outstanding ERPs are paid $250,000 by the company, is $293.0 million. The liability under the guarantee, which is recorded at fair value in other liabilities in the consolidated balance sheets, was estimated at $1.2 million at September30, 2009. Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) have a mutual offset agreement. The original term of the renewed agreement was through October 2009. The term of the agreement will be successively renewed for one-year periods unless terminated in advance by either party. Pursuant to such renewals, the current term is through October 2010. Under this agreement, CME can maintain collateral in the form of U.S. Treasury securities or irrevocable letters of credit. At September30, 2009, CME was contingently liable to SGX on irrevocable letters of credit totaling $33.0 million and had pledged securities with a fair value of $50.0 million. Regardless of the collateral, CME guarantees all cleared transactions submitted through SGX and would initiate procedures designed to satisfy these financial obligations in the event of a default, such as the use of performance bonds and security deposits of the defaulting clearing firm.

10. Stock-Based Payments

10. Stock-Based Payments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
10. Stock-Based Payments	10. Stock-Based Payments Total expense for stock-based payments, including shares issued to the board of directors, converted CBOT Holdings options and converted NYMEX Holdings options, was $25.5 million and $28.0 million for the nine months ended September30, 2009 and 2008, respectively. The total income tax benefit recognized in the consolidated statements of income for stock-based payment arrangements was $10.2 million and $11.3 million for the nine months ended September30, 2009 and 2008, respectively. In the first nine months of 2009, the company granted employees stock options totaling 173,040 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 prices on the dates of grant. The fair value of these options totaled $20.2 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 ranging from 6.2 to 6.5 years. The grant date weighted average fair value of options granted during the first nine months of 2009 was $117 per share. In the first nine months of 2009, the company also granted 81,629 shares of restricted ClassA common stock which generally have a vesting period of two to five years. The fair value of these grants was $23.2 million, which is recognized as compensation expense on an accelerated basis over the vesting period.

11. Fair Value Measurements

11. Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
11. Fair Value Measurements	11. Fair Value Measurements Accounting guidance on fair value measurements and related disclosures provides direction for using fair value to measure assets and liabilities by defining fair value and establishing a framework for measuring fair value. The guidance 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, 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 September30, 2009 are classified in their entirety based on the lowest level of input that is significant to each 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 $ 55.1 $ $ $ 55.1 Mutual funds 22.5 22.5 Corporate bonds 0.1 0.1 Municipal bonds 5.0 5.0 Asset-backed securities 4.0 4.0

12. Earnings Per Common Share

12. Earnings Per Common Share
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
12. Earnings Per Common Share	12. 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 613,000 and 750,000 were anti-dilutive for the quarter and nine months ended September30, 2009, respectively. Outstanding stock options of approximately 525,000 and 395,000 were anti-dilutive for the quarter and nine months ended September30, 2008, respectively. There were no anti-dilutive restricted stock awards for the quarter and nine months ended September30, 2008. These anti-dilutive shares were not included in the diluted earnings per common share calculations. Beginning January1, 2009, a change in accounting 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. QuarterEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 Net Income (in millions) $ 202.3 $ 168.7 $ 623.2 $ 653.4 Weighted Average Number of Common Shares (in thousands): Basic 66,384 59,870 66,339 56,054 Effect of stock options 163 208 150 240 Effect of restricted stock awards 26 8 25 8 Diluted 66,573 60,086 66,514 56,302 Earnings per Common Share: Basic $ 3.05 $ 2.82 $ 9.39 $ 11.66 Diluted 3.04 2.81 9.37 11.61

13. Subsequent Events

13. Subsequent Events
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
13. Subsequent Events	13. Subsequent Events The company has evaluated subsequent events through November6, 2009, the date the financial statements were issued, and has determined that there are no subsequent events that require disclosure other than the following event: On October9, 2009, CME amended its 364-day revolving line of credit, which may be used by its clearing house in certain situations. The amended credit agreement extends the termination date from October9, 2009 to December9, 2009.

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Oct. 21, 2009
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 Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		66,519,078
Class B common stock, Class B-1
Entity [Text Block]
Entity Common Stock, Shares Outstanding		625
Class B common stock, Class B-2
Entity [Text Block]
Entity Common Stock, Shares Outstanding		813
Class B common stock, Class B-3
Entity [Text Block]
Entity Common Stock, Shares Outstanding		1,287
Class B common stock, Class B-4
Entity [Text Block]
Entity Common Stock, Shares Outstanding		413