CME Group Market Data Gains Offset Volume Decline
Market data revenue hit a record $238 million in the second quarter as the exchange navigated a dip in average daily volume.
CME Group (CME), the diversified derivatives marketplace, saw record growth in its data business as it offset a contraction in trading activity during the second quarter. Market data revenue increased 20% YoY to $238 million.
Trading volumes retreated from the previous quarter. Average Daily Volume (ADV) decreased to 29.8 million contracts in Q2 2026 from 36.2 million contracts in Q1 2026. Despite the sequential drop, the figure remained the third highest quarterly ADV on record.
Yields per contract provided a partial buffer against the volume decline. Average Rate Per Contract (RPC) expanded to $0.678 in Q2 2026 from $0.652 in Q1 2026. However, these gains were not enough to sustain the primary revenue stream, as clearing and transaction fees revenue decreased to $1.35 billion from $1.39 billion in Q2 2025.
Operating costs rose during the period. Total expenses increased to $599.1 million from $562.7 million in the prior-year quarter. The increase was driven by higher compensation and benefits, which reached $233.5 million, and technology costs, which rose to $83.3 million.
Adjusted operating income decreased slightly to $1.185 billion in Q2 2026 from $1.201 billion in Q2 2025.
Capital return remained a priority for the exchange. The company repurchased $695 million in common shares and paid approximately $468 million in dividends during the quarter.