CME Group (NASDAQ: CME) delivered record Q3 2024 revenue of $1.6 billion and adjusted earnings of $2.68 per share, with growth across all asset classes. Interest rate products led performance with a 36% volume surge, while FX trading showed steady growth at 15.6%.

CME’s Strong Performance Across Core Business

The derivatives exchange operator posted a net income of $912.8 million ($2.50 per diluted share), up from $750.2 million ($2.06 per share).

The company's overall average daily volume hit a record 28.3 million contracts in the third quarter, with interest rate products leading the surge. Interest rate trading volumes jumped 36% to 14.9 million contracts per day, driven by robust activity in SOFR futures and Treasury products.

“Q3 2024 was the best quarter in CME Group history, with records across volume, revenue, adjusted operating income, adjusted net income and adjusted earnings per share,” said Terry Duffy, Chairman and Chief Executive Officer at CME Group. “This marks the second consecutive quarter of volume, and open interest increases across every asset class.”

CME Group maintained a strong balance sheet with $2.6 billion in cash as of September 30, 2024. The company distributed approximately $419 million in dividends during the quarter, continuing its commitment to shareholder returns.

Forex Trading Also Up

Foreign exchange trading volumes increased to 1,089,000 contracts per day in Q3 2024, up from 942,000 contracts in the same period last year.

“Our financial product volumes rose 28%, reflecting a 36% jump in interest rates to a record ADV of 14.9 million contracts. This was driven by a 35% rise in SOFR futures to a record ADV of 4.1 million contracts and a 31% growth in Treasuries to a record ADV of 8.4 million contracts. In addition, our commodities volume was up 20%, options increased 27% and international ADV was a record 8.4 million contracts,” added Duffy.

Global Growth showed particular strength, with EMEA volumes rising 30% and Asia up 28% compared to the previous year. The company achieved record non-U.S. average daily volume during the quarter.

Record International Trading Volume

The world’s largest derivatives exchange also reported a record international ADV of 8.4 million contracts for the third quarter of 2024, reflecting a 29% increase compared to the same period last year. FX trading also reached new highs, contributing significantly to the overall growth across various asset classes.

“Our record Q3 international ADV was driven by significant increases in volume across all asset classes in EMEA and APAC, demonstrating how our clients turned to the breadth of our products to navigate unpredictability and volatility,” said Julie Winkler, Senior Managing Director and Chief Commercial Officer at CME Group. “Going forward, we remain focused on partnering with our clients to help them manage risk, pursue opportunities and expand their businesses internationally.”

The Chicago-based exchange highlighted widespread growth in international trading activity, with interest rate and equity products driving the bulk of the volume increase. Interest rate products saw notable demand, rising 32% year-over-year, with SOFR futures up 38% and Treasury contracts increasing by 25%. Energy products grew by 30%, equity products by 25%, and foreign exchange volumes by 14%, setting new records.

This follows the company's second-quarter trend of reporting volumes of $1.5 billion and a 20% year-over-year increase in FX ADV.