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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

CME GROUP INC.

Delaware

36-4459170

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

20 South Wacker Drive

Chicago

Illinois

60606

(Address of principal executive offices)

(Zip Code)

Title of each class			Trading symbol			Name of each exchange on which registered
Class A Common Stock			CME			The Nasdaq Stock Market

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

						Page
PART I. FINANCIAL INFORMATION						3
Item 1.			Financial Statements			5
			Consolidated Balance Sheets at March 31, 2022 and December 31, 2021			5
			Consolidated Statements of Income for the Quarters Ended March 31, 2022 and 2021			6
			Consolidated Statements of Comprehensive Income for the Quarters Ended March 31, 2022 and 2021			7
			Consolidated Statements of Equity for the Quarters Ended March 31, 2022 and 2021			8
			Consolidated Statements of Cash Flows for the Quarters Ended March 31, 2022 and 2021			10
			Notes to Unaudited Consolidated Financial Statements			12
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			23
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			31
Item 4.			Controls and Procedures			31
PART II. OTHER INFORMATION						32
Item 1.			Legal Proceedings			32
Item 1A.			Risk Factors			32
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			32
Item 6.			Exhibits			33
SIGNATURES						34

•increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities;

•our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks;

•our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services, including our ability to provide effective services to the swaps market;

•our ability to adjust our fixed costs and expenses if our revenues decline;

•our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers;

•our ability to expand and globally offer our products and services;

•changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers;

•the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others;

•decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions;

•changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure;

•the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business;

•the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets;

•our dependence on third-party providers and exposure to risk through third parties, including risks related to the performance, reliability and security of technology used by our third-party providers;

•volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, fixed income instruments and foreign exchange rates;

•economic, social, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers;

•the impact of the COVID-19 pandemic and response by governments and other third parties;

•our ability to accommodate increases in contract volume and order transaction traffic and to implement enhancements without failure or degradation of the performance of our trading and clearing systems;

•our ability to execute our growth strategy and maintain our growth effectively;

•our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments and alliances, including those associated with our joint venture with IHS Markit and our partnership with Google Cloud;

•uncertainty related to the transition from LIBOR;

•our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business;

•industry and customer consolidation;

•decreases in trading and clearing activity;

•the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions;

•our ability to maintain our brand and reputation; and

•the unfavorable resolution of material legal proceedings.

ITEM 1.			FINANCIAL STATEMENTS

						March 31, 2022						December 31, 2021
						(unaudited)
Assets
Current Assets:
Cash and cash equivalents						$	2,045.7					$	2,834.9
Marketable securities						109.6						115.0
Accounts receivable, net of allowance of $5.2 and $5.6						608.9						434.5
Other current assets (includes $4.8 and $4.8 in restricted cash)						503.4						427.8
Performance bonds and guaranty fund contributions						167,736.7						157,949.6
Total current assets						171,004.3						161,761.8
Property, net of accumulated depreciation and amortization of $1,070.5 and $1,039.4						493.9						505.3
Intangible assets—trading products						17,175.3						17,175.3
Intangible assets—other, net						3,463.2						3,532.0
Goodwill						10,515.8						10,528.0
Other assets (includes $0.5 and $0.5 in restricted cash)						3,265.2						3,277.9
Total Assets						$	205,917.7					$	196,780.3
Liabilities and Equity
Current Liabilities:
Accounts payable						$	80.8					$	48.8
Short-term debt						—						749.4
Other current liabilities						641.1						1,650.6
Performance bonds and guaranty fund contributions						167,736.7						157,949.6
Total current liabilities						168,458.6						160,398.4
Long-term debt						3,437.1						2,695.7
Deferred income tax liabilities, net						5,381.7						5,390.4
Other liabilities						903.5						896.5
Total Liabilities						178,180.9						169,381.0
Shareholders’ Equity:
Preferred stock, $0.01 par value, 10,000 shares authorized as of March 31, 2022 and 2021; 4,584 issued and outstanding as of March 31, 2022 and December 31, 2021						—						—
Class A common stock, $0.01 par value, 1,000,000 shares authorized at March 31, 2022 and December 31, 2021; 358,631 and 358,599 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively						3.6						3.6
Class B common stock, $0.01 par value, 3 shares authorized, issued and outstanding as of March 31, 2022 and December 31, 2021						—						—
Additional paid-in capital						22,206.3						22,190.3
Retained earnings						5,498.9						5,151.9
Accumulated other comprehensive income (loss)						28.0						53.5
Total CME Group Shareholders’ Equity						27,736.8						27,399.3
Total Liabilities and Equity						$	205,917.7					$	196,780.3

												Quarter Ended
												March 31,
																		2022						2021
Revenues
Clearing and transaction fees																		$	1,138.1					$	1,007.0
Market data and information services																		151.7						144.2
Other																		56.8						102.1
Total Revenues																		1,346.6						1,253.3
Expenses
Compensation and benefits																		185.2						225.0
Technology																		45.9						48.2
Professional fees and outside services																		31.8						37.4
Amortization of purchased intangibles																		58.4						60.6
Depreciation and amortization																		33.5						37.6
Licensing and other fee agreements																		80.9						64.7
Other																		51.8						54.7
Total Expenses																		487.5						528.2
Operating Income																		859.1						725.1
Non-Operating Income (Expense)
Investment income																		73.1						30.9
Interest and other borrowing costs																		(42.5)						(41.5)
Equity in net earnings of unconsolidated subsidiaries																		73.3						56.2
Other non-operating income (expense)																		(46.7)						(18.4)
Total Non-Operating Income (Expense)																		57.2						27.2
Income before Income Taxes																		916.3						752.3
Income tax provision																		205.3						177.5
Net Income																		711.0						574.8
Less: net (income) loss attributable to non-controlling interests																		—						(0.4)
Net Income Attributable to CME Group																		711.0						574.4
Net Income Attributable to Common Shareholders of CME Group																		$	702.0					$	574.4
Earnings per Share Attributable to Common Shareholders of CME Group:
Basic																		$	1.96					$	1.60
Diluted																		1.95						1.60
Weighted Average Number of Common Shares:
Basic																		358,609						358,147
Diluted																		359,180						358,817

												Quarter Ended
												March 31,
																		2022						2021
Net income																		$	711.0					$	574.8
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized holding gains (losses) arising during the period																		(1.3)						(1.1)
Income tax benefit (expense)																		0.3						0.3
Investment securities, net																		(1.0)						(0.8)
Defined benefit plans:
Net change in defined benefit plans arising during the period																		(3.7)						—
Amortization of net actuarial (gains) losses included in compensation and benefits expense																		0.3						1.1
Income tax benefit (expense)																		0.9						(0.3)
Defined benefit plans, net																		(2.5)						0.8
Derivative investments:
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense)																		0.8						(0.3)
Income tax benefit (expense)																		(0.2)						0.1
Derivative investments, net																		0.6						(0.2)
Foreign currency translation:
Foreign currency translation adjustments																		(22.6)						(51.2)
Foreign currency translation, net																		(22.6)						(51.2)
Other comprehensive income (loss), net of tax																		(25.5)						(51.4)
Comprehensive income																		685.5						523.4
Less: comprehensive (income) loss attributable to non-controlling interests																		—						(0.4)
Comprehensive income attributable to CME Group																		$	685.5					$	523.0

			Preferred Stock (Shares)						Class A Common Stock (Shares)						Class B Common Stock (Shares)						Preferred Stock, Common Stock and Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total CME Group Shareholders' Equity
Balance at December 31, 2021			4,584						358,599						3						$	22,193.9					$	5,151.9					$	53.5					$	27,399.3
Net income																											711.0												711.0
Other comprehensive income (loss)																																	(25.5)						(25.5)
Dividends on common and preferred stock of $1.00 per share																											(364.0)												(364.0)
Vesting of issued restricted Class A common stock									31												(4.3)																		(4.3)
Shares issued to Board of Directors									1												0.3																		0.3
Stock-based compensation																					20.0																		20.0
Balance at March 31, 2022			4,584						358,631						3						$	22,209.9					$	5,498.9					$	28.0					$	27,736.8

CONSOLIDATED STATEMENTS OF EQUITY (continued)

			Class A Common Stock (Shares)						Class B Common Stock (Shares)						Common Stock and Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Total CME Group Shareholders' Equity						Non-controlling Interest						Total Equity
Balance at December 31, 2020			358,110						3						$	21,189.1					$	4,995.9					$	134.9					$	26,319.9					$	31.6					$	26,351.5
Net income																					574.4												574.4						0.4						574.8
Other comprehensive income (loss)																											(51.4)						(51.4)												(51.4)
Dividends on common stock of $0.90 per share																					(323.0)												(323.0)												(323.0)
Purchase of non-controlling interest															(2.2)																		(2.2)						(4.0)						(6.2)
Exercise of stock options			31												1.7																		1.7												1.7
Vesting of issued restricted Class A common stock			99												(13.1)																		(13.1)												(13.1)
Stock-based compensation															21.6																		21.6												21.6
Balance at March 31, 2021			358,240						3						$	21,197.1					$	5,247.3					$	83.5					$	26,527.9					$	28.0					$	26,555.9

						Quarter Ended March 31,
						2022						2021
Cash Flows from Operating Activities
Net income						$	711.0					$	574.8
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation						20.0						21.6
Amortization of purchased intangibles						58.4						60.6
Depreciation and amortization						33.5						37.6
Net realized and unrealized (gains) losses on investments						(3.5)						(0.8)
Cash dividends in excess of earnings of unconsolidated subsidiaries						11.9						13.1
Deferred income taxes						(5.1)						(7.8)
Change in:
Accounts receivable						(174.0)						(146.2)
Other current assets						(69.7)						(30.5)
Other assets						19.0						12.3
Accounts payable						32.0						(8.7)
Income taxes payable						165.9						115.7
Other current liabilities						6.3						(32.3)
Other liabilities						(14.7)						(8.6)
Other						8.1						1.9
Net Cash Provided by Operating Activities						799.1						602.7
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities						2.7						2.2
Purchases of available-for-sale marketable securities						(2.2)						(1.5)
Purchases of property, net						(23.4)						(28.5)
Purchase of non-controlling interest						—						(6.2)
Net Cash Used in Investing Activities						(22.9)						(34.0)
Cash Flows from Financing Activities
Proceeds from debt, net of issuance costs						742.7						—
Repayment of debt, including call premium						(756.1)						—
Cash dividends						(1,543.5)						(1,217.5)
Change in performance bond and guaranty fund contributions						9,787.1						36,632.2
Employee taxes paid on restricted stock vesting						(4.3)						(13.1)
Other						(4.3)						(2.6)
Net Cash Provided by Financing Activities						8,221.6						35,399.0

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

						Quarter Ended March 31,
						2022						2021
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents						$	8,997.8					$	35,967.7
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period						160,789.9						88,420.3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period						$	169,787.7					$	124,388.0
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents:
Cash and cash equivalents						$	2,045.7					$	936.4
Cash classified as assets held for sale						—						30.0
Short-term restricted cash						4.8						4.5
Long-term restricted cash						0.5						3.1
Restricted cash and restricted cash equivalents (performance bonds and guaranty fund contributions)						167,736.7						123,414.0
Total						$	169,787.7					$	124,388.0
Supplemental Disclosure of Cash Flow Information
Income taxes paid						$	44.6					$	65.8
Interest paid						43.4						42.4

(in millions)						As Previously Reported						Adjustments						Revised
Net cash provided by (used in) financing activities						$	(1,233.2)					$	36,632.2					$	35,399.0
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents						(664.5)						36,632.2						35,967.7

Newly Adopted Accounting Policies. The company adopted the following accounting policies during 2022:

Clearing and transaction fees. Clearing and transaction fees include electronic trading fees and brokerage commissions, surcharges for privately-negotiated transactions, portfolio reconciliation and compression services, risk mitigation and other volume-related charges for trade contracts. Clearing and transaction fees are assessed upfront at the time of trade execution. As

Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly basis as the customers receive and consume the benefit of the market data services. However, the company also maintains certain annual license arrangements with one-time upfront fees. The fees for annual licenses are initially recorded as a contract liability and recognized as revenue monthly over the term of the annual period.

Other. Other revenues include certain access and communication fees, fees for collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charges to customers that utilize various telecommunications networks and communications services. Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are charged to clearing firms that have collateral on deposit with the clearing house to meet their minimum performance bond and guaranty fund obligations on the exchange. These fees are calculated based on daily collateral balances and are billed monthly. This fee revenue is recognized monthly as billed as the customers receive and consume the benefits of the services. The company also has an equity membership program which provides equity members the option to substitute a monthly subscription fee for their existing requirement to hold CME Group Class A common stock. Choosing to pay this fee in lieu of holding Class A shares is entirely voluntary and the client's choice. Fee revenue under this program is earned monthly as billed over the contractual term. Pricing for strategic relationships may be driven by customer levels and activity. There are fee arrangements which provide for monthly as well as quarterly payments in arrears. Revenue is recognized monthly for strategic relationship arrangements as the customers receive and consume the benefits of the services.

												Quarter Ended March 31,
(in millions)																		2022						2021
Interest rates																		$	374.8					$	299.7
Equity indexes																		259.1						198.5
Foreign exchange																		44.8						40.5
Agricultural commodities																		126.0						120.5
Energy																		175.2						158.1
Metals																		54.4						58.3
BrokerTec fixed income																		44.4						45.5
EBS foreign exchange																		42.3						45.3
Optimization																		—						24.3
Interest rate swap																		17.1						16.3
Total clearing and transaction fees																		1,138.1						1,007.0
Market data and information services																		151.7						144.2
Other																		56.8						102.1
Total revenues																		$	1,346.6					$	1,253.3
Timing of Revenue Recognition
Services transferred at a point in time																		$	1,077.3					$	945.1
Services transferred over time																		264.7						305.2
One-time charges and miscellaneous revenues																		4.6						3.0
Total revenues																		$	1,346.6					$	1,253.3

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Certain fees for transactions, annual licenses, and other revenue arrangements are billed upfront before revenue is recognized, which results in the recognition of contract liabilities. These liabilities are recognized on the consolidated balance sheets on a contract-by-contract basis upon commencement of services under the customer contract. These upfront customer payments are recognized as revenue over time as the obligations under the contracts are satisfied. Changes in the contract liability balances during the quarter ended March 31, 2022 were not materially impacted by any other factors. The balance of contract liabilities was $46.1 million and $15.2 million as of March 31, 2022 and December 31, 2021, respectively.

Performance Bonds and Guaranty Fund Contributions. CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to maintain cash accounts at the Federal Reserve Bank of Chicago. At March 31, 2022, CME maintained $158.2 billion within the cash account at the Federal Reserve Bank of Chicago. The cash deposit at the Federal Reserve Bank of Chicago is included within performance bonds and guaranty fund contributions on the consolidated balance sheets.

Clearing House Contract Settlement. The clearing house marks-to-market open positions for all futures and options contracts twice a day (once a day for CME's cleared-only interest rate swap contracts). Based on values derived from the mark-to-market process, the clearing house requires payments 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 positions other than cleared-only interest rate swap contracts would be one half day of changes in fair value of all open positions, before considering the clearing house's ability to access defaulting clearing firms' collateral deposits.

						March 31, 2022																		December 31, 2021
(in millions)						Assigned Value						Accumulated Amortization												Net Book Value						Assigned Value						Accumulated Amortization						Deconsolidation(2)						Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships						$	4,714.0					$	(1,757.5)											$	2,956.5					$	5,818.2					$	(1,847.7)					(950.0)						$	3,020.5
Technology-related intellectual property						62.5						(50.2)												12.3						175.3						(76.3)						(84.6)						14.4
Other						72.8						(28.4)												44.4						105.7						(35.5)						(23.1)						47.1
Total amortizable intangible assets						$	4,849.3					$	(1,836.1)											$	3,013.2					$	6,099.2					$	(1,959.5)					$	(1,057.7)					3,082.0
Indefinite-Lived Intangible Assets:
Trade names																								450.0																								450.0
Total intangible assets – other, net																								$	3,463.2																							$	3,532.0
Trading products (1)																								$	17,175.3																							$	17,175.3

(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.

(2)The activity from deconsolidation includes intangible assets as part of the contribution of the net assets of the optimization business to OSTTRA.

(in millions)			Amortization Expense
Remainder of 2022			$	173.3
2023			229.7
2024			223.2
2025			223.2
2026			223.2
2027			221.9
Thereafter			1,718.7

(in millions)						Balance at December 31, 2021						Deconsolidation (1)												Other Activity (2)						Balance at March 31, 2022
CBOT Holdings						$	5,066.4					$	—											$	—					$	5,066.4
NYMEX Holdings						2,462.2						—												—						2,462.2
NEX						2,959.0						—												(12.2)						2,946.8
Other						40.4						—												—						40.4
Total Goodwill						$	10,528.0					$	—											$	(12.2)					$	10,515.8
(in millions)						Balance at December 31, 2020						Deconsolidation (1)												Other Activity (2)						Balance at December 31, 2021
CBOT Holdings						$	5,066.4					$	—											$	—					$	5,066.4
NYMEX Holdings						2,462.2						—												—						2,462.2
NEX						3,229.8						(246.2)												(24.6)						2,959.0
Other						40.4						—												—						40.4
Total Goodwill						$	10,798.8					$	(246.2)											$	(24.6)					$	10,528.0

(in millions)						March 31, 2022						December 31, 2021
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1)						—						749.4
Total short-term debt						$	—					$	749.4

(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32%.

(in millions)						March 31, 2022						December 31, 2021
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%						16.6						16.8
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1)						747.9						747.7
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%						497.3						497.2
$750.0 million fixed rate notes due March 2032, stated rate of 2.65%						741.2						—
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (2)						743.4						743.4
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%						690.7						690.6
Total long-term debt						$	3,437.1					$	2,695.7

(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.

(2)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%.

Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at March 31, 2022:  

(in millions)			Par Value
2023			$	16.7
2024			—
2025			750.0
2026			—
2027			—
Thereafter			2,700.0

Legal and Regulatory Matters. In the normal course of business, the company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry and oversight. These matters could result in censures, fines, penalties or other sanctions. Management believes the outcome of any resulting actions will not have a material impact on its consolidated financial position or results of operations. However, the company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters.

No accrual was required for legal and regulatory matters as none were probable and estimable as of March 31, 2022 and December 31, 2021.

									Quarter Ended March 31,
(in millions)															2022						2021
Operating lease expense:
Operating lease cost															$	14.7					$	16.8
Short-term lease cost															0.1						0.2
Total operating lease expense included in other expense															$	14.8					$	17.0
Finance lease expense:
Interest expense															$	0.7					$	0.8
Depreciation expense															2.2						2.2
Total finance lease expense															$	2.9					$	3.0
Sublease revenue included in other revenue															$	2.7					$	2.5

									Quarter Ended March 31,
(in millions)															2022						2021
Cash outflows for operating leases															$	16.9					$	15.3
Cash outflows for finance leases															4.3						4.2

(in millions)			March 31, 2022						December 31, 2021
Operating lease right-of-use assets			$	338.8					$	345.3
Operating lease liabilities:
Other current liabilities			$	47.4					$	47.3
Other liabilities			433.7						449.4
Total operating lease liabilities			$	481.1					$	496.7
Weighted average remaining lease term (in months)			129						132
Weighted average discount rate			3.9		%				3.9		%

(in millions)			March 31, 2022						December 31, 2021
Finance lease right-of-use assets			$	78.0					$	80.2
Finance lease liabilities:
Other current liabilities			$	8.0					$	7.9
Other liabilities			73.9						75.9
Total finance lease liabilities			$	81.9					$	83.8
Weighted average remaining lease term (in months)			108						111
Weighted average discount rate			3.5		%				3.5		%

(in millions)						Operating Leases
Remainder of 2022						$	49.0
2023						65.9
2024						61.3
2025						58.3
2026						54.0
2027						51.7
Thereafter						252.1
Total lease payments						592.3
Less: imputed interest						(111.2)
Present value of lease liability						$	481.1

(in millions)						Finance Leases
Remainder of 2022						$	12.8
2023						17.2
2024						17.4
2025						17.5
2026						17.6
2027						17.8
Thereafter						58.9
Total lease payments						159.2
Less: imputed interest						(77.3)
Present value of lease liability						$	81.9

Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) maintain a mutual offset agreement with a current term through May 2023. This agreement enables market participants to open a futures position on one exchange and liquidate it on the other. The term of the agreement will automatically renew for a one-year period after May 2023 unless either party provides advance notice of their intent to terminate. CME can maintain collateral in the form of irrevocable, standby letters of credit. At March 31, 2022, CME was contingently liable to SGX on letters of credit totaling $330.0 million. CME also maintains a $350.0 million line of credit to meet its obligations under this agreement. 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 guaranty fund contributions of the defaulting clearing firm. Management has assessed the fair value of the company's guarantee liability under this mutual offset agreement by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard packages in place, historical evidence of default by a clearing member and the estimated probability of

Family Farmer and Rancher Protection Fund. In 2012, the company established the Family Farmer and Rancher Protection Fund (the Fund). The Fund is designed to provide payments, up to certain maximum levels, to family farmers, ranchers and other agricultural industry participants who use the company's agricultural commodity products and who suffer losses to their segregated account balances due to their CME clearing member becoming insolvent. Under the terms of the Fund, farmers and ranchers are eligible for up to $25,000 per participant. Farming and ranching cooperatives are eligible for up to $100,000 per cooperative. The Fund was established with a maximum of $100.0 million available for distribution to participants. Since its establishment, the Fund has made payments of approximately $2.0 million, which leaves $98.0 million available for future claims. If, at any time, payments due to participants were to exceed the amount remaining in the fund, payments would be pro-rated. Clearing members and customers must register with the company in advance and provide certain documentation in order to substantiate their eligibility. The company believes that its guarantee liability is nominal and therefore has not recorded any liability at March 31, 2022 and December 31, 2021.

(in millions)			Investment Securities						Defined Benefit Plans						Derivative Investments						Foreign Currency Translation						Total
Balance at December 31, 2021			$	1.1					$	(34.8)					$	66.1					$	21.1					$	53.5
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			(1.3)						(3.7)						—						(22.6)						(27.6)
Amounts reclassified from accumulated other comprehensive income (loss)			—						0.3						0.8						—						1.1
Income tax benefit (expense)			0.3						0.9						(0.2)						—						1.0
Net current period other comprehensive income (loss)			(1.0)						(2.5)						0.6						(22.6)						(25.5)
Balance at March 31, 2022			$	0.1					$	(37.3)					$	66.7					$	(1.5)					$	28.0

(in millions)			Investment Securities						Defined Benefit Plans						Derivative Investments						Foreign Currency Translation						Total
Balance at December 31, 2020			$	1.6					$	(57.1)					$	67.0					$	123.4					$	134.9
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			(1.1)						—						—						(51.2)						(52.3)
Amounts reclassified from accumulated other comprehensive income (loss)			—						1.1						(0.3)						—						0.8
Income tax benefit (expense)			0.3						(0.3)						0.1						—						0.1
Net current period other comprehensive income (loss)			(0.8)						0.8						(0.2)						(51.2)						(51.4)
Balance at March 31, 2021			$	0.8					$	(56.3)					$	66.8					$	72.2					$	83.5

•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, 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.

Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of March 31, 2022 were classified in their entirety based on the lowest level of input that was significant to each asset and liability's fair value measurement. The following table presents financial instruments measured at fair value on a recurring basis:

						March 31, 2022
(in millions)						Level 1						Level 2						Level 3						Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities						$	14.2					$	—					$	—					$	14.2
Mutual funds						95.2						—						—						95.2
Equity securities						0.2						—						—						0.2
Total Marketable Securities						109.6						—						—						109.6
Total Assets at Fair Value						$	109.6					$	—					$	—					$	109.6

Non-Recurring Fair Value Measurements. During the first quarter of 2022, the company recognized a net unrealized gain on tan investment of $1.0 million on an equity investment without readily determinable fair value. The fair value of the investment was estimated to be $7.3 million at March 31, 2022. The assessment was based on quantitative and qualitative indicators of fair value. The fair value measurement of the investment is considered level 3 and non-recurring.

Fair Values of Long-Term Debt Notes. The following presents the estimated fair values of long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values below are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets.

(in millions)			Fair Value						Level
€15.0 million fixed rate notes due May 2023			17.4						Level 2
$750.0 million fixed rate notes due March 2025			755.1						Level 2
$500.0 million fixed rate notes due June 2028			511.9						Level 2
$750.0 million fixed rate notes due March 2032			718.7						Level 2
$750.0 million fixed rate notes due September 2043			914.4						Level 2
$700.0 million fixed rate notes due June 2048			738.2						Level 2

									Quarter Ended March 31,
(in thousands)															2022						2021
Stock awards															78						154
Total															78						154

												Quarter Ended March 31,
																		2022						2021
Net Income Attributable to CME Group (in millions)																		$	711.0					$	574.4
Less: preferred stock dividends																		(4.6)						—
Less: undistributed earnings allocated to preferred stock																		(4.4)						—
Net Income Attributable to Common Shareholders of CME Group																		$	702.0					$	574.4
Weighted Average Number of Common Shares (in thousands):
Basic																		358,609						358,147
Effect of stock options, restricted stock and performance shares																		571						670
Diluted																		359,180						358,817
Earnings per Common Share Attributable to Common Shareholders of CME Group:
Basic																		$	1.96					$	1.60
Diluted																		1.95						1.60

ITEM 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

																		Quarter Ended March 31,
(dollars in millions, except per share data)																								2022						2021						Change
Total revenues																								$	1,346.6					$	1,253.3					7		%
Total expenses																								487.5						528.2						(8)
Operating margin																								63.8		%				57.9		%
Non-operating income (expense)																								$	57.2					$	27.2					110
Effective tax rate																								22.4		%				23.6		%
Net income attributable to CME Group																								$	711.0					$	574.4					24
Diluted earnings per common share attributable to CME Group																								1.95						1.60						22
Cash flows from operating activities																								799.1						602.7						33

																		Quarter Ended March 31,
(dollars in millions)																								2022						2021						Change
Clearing and transaction fees																								$	1,138.1					$	1,007.0					13		%
Market data and information services																								151.7						144.2						5
Other																								56.8						102.1						(44)
Total Revenues																								$	1,346.6					$	1,253.3					7