CME Group delivered all-time quarterly records across key financial metrics in Q3 2024, underpinned by broad-based volume growth and sustained pricing discipline. Reported quarterly revenue reached $1.584B, up 18% year over year, with net income of $912.8M and diluted EPS of $2.50 (non-GAAP adjusted EPS of $2.68, tied to an adjusted net income of $977M). The quarter featured a record average daily volume (ADV) of 28.3 million contracts (up 27% YoY) and a robust international performance, with international ADV of 8.4M contracts (up 29% YoY) led by EMEA and APAC strengths. The earnings call emphasized the enduring need for risk management, operating leverage from pricing tiers, and continued demand for CME’s broad product suite. Management highlighted the benefit of portfolio margining and cross-margining programs, which together generated substantial daily savings for clearing members (approximately $7B in average daily savings for US dollar swap activity, and over $1B daily savings in cross-margining for eligible participants), contributing to the firm’s historically high operating margin (adjusted ~69.1%). The company also underscored a shift toward international growth and new customer acquisition as a core driver of ongoing revenue and margin expansion. Despite near-term headwinds from competition (notably in rates) and a heightened investment cycle (cloud migration), CME maintains a strong balance sheet, ample liquidity, and sizable free cash flow, underpinning a constructive longer-term investment outlook.