CME Group Annual Report 2009

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FY2009 Annual Report · CME Group

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MARKETS IN ACTION

CME GROUP 2009 ANNUAL REVIEW

CO NTENTS

2 Executive Chairman’s Letter

4 Message from CEO

and President

8 2009 Accomplishments

and Financial Highlights

10 Legislative and

Regulatory Review

12 Markets in Action

20 CFO Report

22 Financial Information

28 Board of Directors

31 Management

32 Company Information

IT’S STILL AN UNCERTAIN WORLD.

For business leaders and investors around the
world, 2009 was a year of profound uncertainty.
To anticipate risk – and manage it more effectively –
they relied on CME Group, as they have for more
than a century.

They rely on our markets because we offer

deep liquidity in good times and in bad. They rely
on us because our central counterparty clearing
model offers the assurance of safety and security,
guaranteeing the soundness of every trade. They
rely on us because we offer diverse benchmark
products plus innovative new products and services
that can help them protect their bottom lines.

THEY RELY ON CME GROUP BECAUSE
OUR MARKETS WORK.

Markets that work demand benchmark products
in every asset class, world-class clearing, and partner-
ships that expand access to market participants
all over the world. That’s what CME Group offers.
These are our markets in action.

CO NTENTS

2 Executive Chairman’s Letter

4 Message from CEO

and President

8 2009 Accomplishments

and Financial Highlights

10 Legislative and

Regulatory Review

12 Markets in Action

20 CFO Report

22 Financial Information

28 Board of Directors

31 Management

32 Company Information

TERRENCE A. DUFFY
Executive Chairman

CME GROUP 2009 ANNUAL REVIEW

The smooth functioning of our markets in 2009
illustrated the benefits of our centrally cleared
model, and we continued to work with legislators
and regulators to foster further security and
efficiency in the marketplace.

DEAR SHAREHOLDERS:

The impact of the economic crisis that began in 2008 continued to be

to more than 85 countries served by the CME Globex network. We also

felt in 2009. While this negative undercurrent held down our volumes for

have an agreement with the Korea Exchange to expand trading of the

the year, I am pleased to report that our business showed resilience, and

KOSPI 200 Index, and a partnership with Bursa Malaysia that will help

improving macroeconomic conditions have led to stronger volumes in

globalize the Malaysian crude palm oil contract.

2010 to date. The fact that no customer lost – or has ever lost – funds

There were a number of developments in 2009 on the regulatory

due to a counterparty failure on our exchange speaks to the proven value

front that are addressed on pages 10-11. This is an area that continues

of our business model and the safety and soundness of our markets.

to evolve post-crisis, and we will remain vigilant as new threats to our

Total company revenues in 2009 were $2.6 billion and net income

industry arise. I will continue to work hard in Washington, D.C. to make

was $826 million, based on lower volume that averaged 10 million con-

sure our voice is heard relative to any initiatives that we believe could

tracts per day. Of this volume, the percent traded electronically was

have a negative effect on our markets and business.

more than 80 percent in 2009. In the fourth quarter, volume traded

We are more confident than ever in the soundness of our centrally-

during non-U.S. hours reached 19 percent. This reflects the further glo-

cleared business model, the prospects for our global growth strategy

balization of our business as the CME Globex electronic trading plat-

and the benefits to the marketplace of our approach to regulation.

form enables customers in both developed and developing economies

Looking ahead, so far in 2010 we have agreed to take a majority inter-

around the world to participate in our vibrant markets.

est in a joint venture with Dow Jones, subject to certain conditions, that

In addition to serving the exchange-traded market, we are extend-

will fuel growth opportunities in our equity index complex. We also plan

ing the safety and soundness of our central-counterparty model to the
over-the-counter (OTC) market, by offering clearing services through
CME ClearPort. We launched more than 330 new products through CME

ClearPort in 2009. We also began clearing trades as part of our credit
default swaps (CDS) initiative with leading buy- and sell-side firms. We
believe our CDS clearing solution offers significant value by providing a

to become a global preferred strategic partner with BM&FBOVESPA

that will enable us to jointly develop a new multi-asset class trading

platform in support of global derivates and equities trading.

Given our strengths – and the dedication of our board of directors,

management team and employees – we are confident in CME Group’s

ability to successfully address the challenges and opportunities that

comprehensive and transparent risk management approach, an indus-

lie ahead.

try leading financial safeguards package and an established regulatory

framework to protect customer collateral and positions.

As global competition continues to escalate, we are extending

our ability to serve customers internationally through partnerships

with leading exchanges. Our relationship with BM&FBOVESPA, Latin

America’s largest exchange, has enabled customers in Brazil to access

our products, and our customers to access BM&FBOVESPA’s. Through

TERRENCE A. DUFFY
Executive Chairman

this order routing agreement, distribution of BM&F derivatives has grown

February 26, 2010

MARKETS IN ACTION

CRAIG S. DONOHUE
Chief Executive Officer

CME GROUP 2009 ANNUAL REVIEW

Despite its challenges, the past year demonstrated
CME Group’s strengths in product innovation, business
integration, cost management, relationship building and
global expansion, setting the stage for further progress
as worldwide economic conditions improve.

TO OUR SHAREHOLDERS:

Our diversified business model was a key asset in the challenging

Last year was a record year for innovation, with more than 350 new

market conditions of 2009, as we again demonstrated our ability,

products launched across all of our asset classes. It is significant to note

despite enormous market stress, to position the company for future

that products available for clearing through CME ClearPort, our OTC

growth in a variety of areas. While volumes were down as a result of

clearing service, accounted for the vast majority of our new product

global financial and economic turmoil, we performed well by signifi-

efforts. We expanded the asset classes available through CME Clear-

cantly reducing expenses and continuing to invest in core business
product development, over-the-counter (OTC) clearing services and
strategic global partnerships.

Port to include agricultural commodities, and a major focus in 2010 is

to continue to broaden the offerings and capabilities.

We extended a key partnership central to our Eurodollar franchise

Given the financial environment, expense reduction was critical.

by signing a 10-year extension of our agreement with the British Bank-

We called upon management and employees to prioritize expenses

ers Association, the creator of the BBA LIBOR benchmark. This helps

and they delivered wholeheartedly. We reduced discretionary spend-

cement our leadership position in short-term interest rate products; it

ing and capital expenditures in excess of $150 million. Our operating

also creates product development opportunities for new short-term

margin of 61 percent compared favorably with that of other exchanges.

interest rate products for the OTC market.

Our NYMEX integration, another priority, was accomplished on

More recently, in February, we signed a definitive agreement in

schedule, with the full clearing integration completed in early October.

which our company will take a 90 percent interest in the Dow Jones

During the year, we reached our goal of $60 million in annualized ex-

In dexes, including The Dow Jones Industrial Average and approxi-

pense synergies. As a combined company, we are emerging from the

mately 130,000 additional index properties. We anticipate closing in

integration and building phase with a highly talented, dedicated staff

first-quarter 2010, subject to certain conditions. This transaction will

that brings vision and execution capabilities to running our core busi-

diversify our global product development capabilities. It also will allow

ness as well as driving our growth initiatives.

us to reach new customers in both retail and institutional markets by

Grow the core business

creating new index benchmarks across complementary asset classes

and extending licensing agreements for products such as exchange

The diversity of our core business, which we strategically assembled

traded funds.

with the addition of the CBOT, NYMEX and COMEX product suites,

has proven to be a key asset. Strong performance in our energy,

Globalize the business

foreign exchange and metals product lines in the fourth quarter

In 2009, we continued to enlarge our global footprint. CME Group

helped offset weakness in other products areas, and energy contrib-

today has offices in London, Singapore, Tokyo and São Paulo; reaches

uted 24 percent of 2009 revenues, the highest contribution of any

customers in more than 85 countries through the CME Globex elec-

asset class. In contrast, our interest rate products were the largest

tronic trading platform; and provides market data to customers

contributor to our 2007 revenues, accounting for 52 percent, versus

in approximately 150 countries. Approximately 19 percent of our

2009, when interest rates accounted for 21 percent.

fourth-quarter volume came during non-U.S. trading hours, up from

MARKETS IN ACTION

approximately 15 percent in fourth-quarter 2008. In spite of this

of sophisticated financial market participants. Ultimately, though

progress, we believe we are still in the early stages of our interna-

we are at early stages of these efforts, our focus is to have the local

tional expansion.

relationships, the geographically relevant products, the superlative

With the addition of the CBOT and NYMEX product suites, we

technology and the name brand recognition to be the financial market

worked to build out a sales force capable of reaching CME Group’s

of choice globally.

diverse customer base around the world. In addition, we simplified

and expanded our various fee incentive programs to provide our

Serve OTC markets

international customers with greater access to CME, CBOT, NYMEX

CME Group has advocated bringing the financial safeguards of

and COMEX products. Several programs were added for Latin Amer-

central counterparty clearing to OTC markets. The credit crisis was

ica, supporting our initiatives in this region. As just one example of

a stark reminder of this message. Throughout 2009, the benefits of

the success of these efforts, when we added NYMEX energy products

central counterparty clearing were recognized by market participants,

to our international incentive program for proprietary trading firms out-

legislators and regulators around the world. Last year marked the

side North America, we saw average daily volume traded through this

first time that the majority of our new products were designed for

program grow from 9,000 in the first month to 54,900 by December.

OTC market participants.

As a global company, CME Group is acutely aware of the impor-

As part of this effort, we launched our clearing solution for the

tance of collaborating with other key exchanges where we believe it

$26 trillion OTC credit derivatives market, and we plan to further ex-

will create long-term value for shareholders and customers.

pand into two of the world’s largest OTC markets – foreign exchange

Our relationship with BM&FBOVESPA, Latin America’s largest

and interest rates.

exchange, enables customers in Brazil to access CME Group prod-

Based on the growing global demand for centrally cleared solu-

ucts via BM&FBOVESPA’s electronic trading platform and CME Group

tions in OTC markets, we announced plans to create CME Clearing

customers to access BM&FBOVESPA products via the CME Globex

Europe, pending Financial Services Authority approval. This venture

platform. Volume routed through CME Globex now accounts for more

is intended to provide greater efficiencies to our European customer

than 25 percent of trading activity in BM&FBOVESPA’s stock index

base during local market hours. As part of our global growth strategy,

futures contracts. In 2009, more than 14.3 million single-side contracts

CME Clearing Europe will help to extend the safety and security of

traded as a result of the partnership.

central counterparty clearing to our European clients, both through

We announced in February 2010 that we plan to become a global

the initial offering of clearing for OTC credit default swaps and addi-

preferred strategic partner with BM&FBOVESPA and to jointly develop

tional products to be offered in the future.

a new multi-asset class electronic trading platform. This proposed

transaction will further expand the breadth of our technology and dis-

Achieve operational excellence

tribution capabilities in the global cash equities and options market,

Our customers continue to reap the rewards of our significant invest-

while enhancing mutual opportunities to invest in and partner with the

ments in technology. Throughout the year, we implemented a num-

world’s leading multi-asset class exchanges.

ber of enhancements to our systems functionality and customer

We continue to progress in our agreement with the Korea
Exchange (KRX) that will expand trading access to futures on the
KOSPI 200 Index, the premier benchmark of the Korean equity mar-

connectivity. Since 2004, the average order volume has increased

50-fold while estimated response time for futures has quickened

from 125 milliseconds to six milliseconds on average.

ket. Under the first phase of this agreement, KRX clearing member

CME Group is well positioned for future growth and diversification.

firms and Korean customers now have nighttime trading access to

We are particularly optimistic about the potential opportunities that

the KOSPI 200 market. The first-phase launch demonstrates our

clearing for the OTC market presents. As the economic recovery gains

commitment to working with KRX to realize the full potential of this

momentum worldwide, we are confident that we will continue to expand

strategic partnership, whose overarching aim is to fully internationalize

our ability to serve customers when, where and how they want.

the Korean markets. In addition, as an outgrowth of our relationship

with KRX, we opened a telecommunications hub in Seoul, our second

in this region.

Our new partnership in Asia with Bursa Malaysia will facilitate

the globalization of the Malaysian crude palm oil contract as well as

the Bursa Malaysia derivatives market. This collaboration will include

trade matching services, product licensing and cross-equity invest-

ments. In terms of equity participation, CME Group acquired a

25 percent stake in Bursa Malaysia Derivatives, a wholly owned

subsidiary of Bursa Malaysia. Additionally, CME Group will obtain a

license to use their settlement prices for the development of a CME-

listed crude palm oil futures contract.

By using our best-in-class technology and market expertise to

partner with premier exchanges around the world, CME Group can

CRAIG S. DONOHUE
Chief Executive Officer

PHUPINDER S. GILL
President

foster the development of emerging markets and create new pools

February 26, 2010

CME GROUP 2009 ANNUAL REVIEW

PHUPINDER S. GILL
President

MARKETS IN ACTION

ACCOMPLISHMENTS IN 2009

Grow the Core Business

• Traded 2.6 billion contracts reflecting $813 trillion in notional value.

• Celebrated 10th anniversary of E-mini NASDAQ-100 contract.

• Launched E-micro Forex contracts.

• Launched Grain and Oilseed Calendar Spread options.

• Launched Long-term U.S. Treasury Bond futures.

• Launched Gulf Coast Sour Crude futures.

• Launched four new Argus Sour Crude Index (ASCI) products.

Globalize the Business

• Launched order routing with BM&FBOVESPA.

• Announced Latin American commercial incentive and fund manager incentive programs.

• Established strategic partnership in derivatives markets with Bursa Malaysia.

• Announced after-hours access to KOSPI 200 futures on CME Globex platform.

• Migrated Dubai Mercantile Exchange contracts to CME Globex platform.

Serve OTC Markets

• Expanded presence in the over-the-counter (OTC) market through CME ClearPort,

a service that extends the benefits of centralized clearing to OTC business.

• Launched clearing services for 330 new products through CME ClearPort,

including Cleared OTC Grain swaps and Cleared OTC London Gold forwards.

• Launched central clearing solution for credit default swaps trading with

eight dealer founding members and six buy-side founding members.

Achieve Operational Excellence

• Continued to maintain high operational/risk management standards

during time of enormous market stress.

• Completed NYMEX and COMEX integration process and combined New York trading floors.

• Realized $60 million in annualized expense savings as a result of merger with NYMEX.

• Constructed new data center which will go live in 2010.

• Launched new state-of-the-art Global Command Center.

CME GROUP 2009 ANNUAL REVIEW

Financial Highlights

Y E A R E N D E D O R AT D ECE M B E R 3 1

(in millions, except per share data and notional value)

INCOME STATEMENT DATA

Total revenues

Operating income

Income before income taxes

Net income

Earnings per share:

Basic

Diluted

BALANCE SHEET DATA

Current assets ¹

Total assets ¹

Current liabilities ¹

Total liabilities ¹

Shareholders’ equity

OTHER DATA

Total trading volume (round turn trades)

Total electronic volume (round turn trades)

Open interest at year end (contracts)

Notional value of trading volume (in trillions)

2009

2008

Change

2,613

2,561

1,589

1,437

826

12.44

12.41

1,582

1,248

715

12.18

12.13

—

2 %

717

1,458

(51) %

29,669

30,505

542

10,368

19,301

2,585

2,089

813

989

11,817

18,689

2,978

2,430

1,227

(3)

(45)

(12)

(13) %

(14)

(34)

1
Amounts exclude cash performance bonds and security deposits, as well as securities lending transactions.

All references to volume, notional value and rate per contract information in the text of this document exclude our non-traditional
TRAKRS, HuRLO and CDS products.

3
1
6

1
6
5

2
6

1
6

0
6

7
5

4
5

8
7
9
2

5
8
5

0
5
2

1
4
3

,
1

8
4
0

,
1

6
5
7

,
1

0
9
0

,
1

0
9
8

6
2
8

5
1
7

9
5
6

7
0
4

7
0
3

06 07 08

TOTAL TRADING VOLUME

(in millions of round turn trades)

TOTAL REVENUES

(in millions of dollars)

OPERATING MARGIN

(in percentages)

NET INCOME

(in millions of dollars)

MARKETS IN ACTION

LEGISLATIVE AND
REGULATORY REVIEW

Beyond our core business and strategic growth initiatives, another

key area of management focus continues to be on the regulation of

derivatives markets – that is, working with regulators to ensure that

derivatives markets retain their hallmarks of effective price discovery,

safety and security.

There are a number of regulatory issues being discussed at the

moment. CME Group appreciates the significance of the credit crisis

and the ensuing focus on market structure, systemic risk and regulatory

reform. We believe many members of Congress and the Administration,

as well as our regulators, fundamentally recognize the value of trans-

parent, centrally cleared markets and that this recognition is reflected

in much of the proposed legislation outstanding. In the aggregate, there

are a few areas of potential risk to our business, and many areas that are

potentially favorable for CME Group.

Focus on financial reform bills

We were able to work with both the House Financial Services Com-
mittee, chaired by Barney Frank (D-MA), and the House Agriculture
Committee, chaired by Collin Peterson (D-MN), on their respective
financial reform bills. The resulting bills addressed needed reform in

the over-the-counter (OTC) markets, while minimizing the potential
for unintended consequences in our industry.

the contention that position limits are necessary in the energy market.

In the event position limits are imposed, we support the equitable appli-

The two bills were combined into a single bill, which was passed

cation of position limits across all markets, including the OTC market.

last December. The focus now has moved to the Senate, as both

the Senate Agriculture and Banking Committees take up their own

financial regulatory reform efforts, including an OTC derivatives piece.

We are continuing to analyze the proposal by the Comm odity Futures
Trading Commission (CFTC) to impose position limits in energy mar-
kets. We will participate in the public comment process with the goal

of ensuring that the recommendations will not push market users into

Other critical issues addressed

less transparent or unregulated markets or to overseas venues.

Regarding another key issue, many agree that implementing a trans-

As always, we will continue to communicate with lawmakers and

action tax could have negative unintended consequences. We have

regulators about the forces that drive our markets and endeavor to

provided a white paper pointing out two examples of a transaction tax

work together to maintain the secure, efficient markets for which

put in place in markets outside the United States, both of which led

CME Group is known.

to negative results, as well as other analysis of the impact of a tax on

futures markets, participants and consumers. We will remain vigilant

During 2009, CME Group extended its successful “Rise Above the Risk“

in monitoring ongoing dialogue regarding this tax as well as the repeal

advertising campaign, designed to communicate the safety and sound-

of 60/40 tax treatment for futures – both of which would create nega-

ness of the company“s business model. This is especially critical during

tive consequences for the users of our markets as well as for the U.S.

times of financial and economic stress. Shown here are four ads in the

futures industry as a whole.

series, which ran in key financial media including The Wall Street Journal,

Further, we have been working tirelessly on the issue of position

Financial Times, Barron’s and The Economist, as well as top-tier industry

limits. CME Group continues to believe there is no evidence to support

publications and selected internet sites.

MARKETS IN ACTION

CME GROUP 2009 ANNUAL REVIEW

In the dynamic and uncertain financial environment
of 2009, our markets remained liquid, safe and
secure. They offered all of our customers – from
major institutions to individual traders – a level
playing field and unparalleled opportunities for
price discovery.

Our markets, clearing methodology and

technology can handle extreme volatility and served
our customers well during the recent economic
crisis. Our systems process more than 155 million
orders per day on average and are able to match
a trade in about 6 milliseconds – approximately 10
times faster than the blink of an eye. These systems
are backed by management and employees with
extensive experience and a deep commitment to
principled, transparent, secure and efficient markets.
To deliver on that commitment in 2009, we
continued to enhance our product offerings, extend
our clearing services and expand our partnerships
around the world.

MARKETS IN ACTION

ELIZABETH GISCH (LEFT)
Managing Director, Global
Account Management,
CME Group

CHARLES WHITMAN (CENTER)
Chief Executive Officer,
Infinium Capital Management

DEREK SAMMANN (RIGHT)
Managing Director, Foreign
Exchange and Interest Rate
Products, CME Group

PRODUCTS
IN ACTION

CME Group’s core business offers leading products across all major asset classes – including

futures and options based on interest rates, equity indexes, foreign exchange, energy,

agricultural commodities, metals, weather and real estate – providing market liquidity

through all economic cycles. Increasing numbers of our customers trade across a range

of these asset classes.

Despite the economic crisis, we continued to work closely with customers on new

product development. Among the new products launched in 2009 were Grain Calendar

Spread options, Dow Jones-UBS Commodity Index swaps, Argus Sour Crude Index

products, a WTI Formula Basis Calendar Month Swap futures contract, OTC Grain swaps,

E-micro Forex contracts and Cleared OTC London Gold forwards. We are especially pleased

with the success of our Long-term U.S. Treasury Bond futures, known as Ultra T-bond

futures. This is one of the most successful introductions of a new interest rate product

in CME Group history, in terms of volume and open interest growth since launch in 2010.

CME GROUP 2009 ANNUAL REVIEW

“Given the breadth of Infinium“s business “ we trade derivatives based on interest

rates, equity indexes, foreign exchange, energy, agricultural commodities and

metals “ we rely on CME Group to provide worldwide access to all these asset

classes on a single, high performance technology platform, CME Globex. Even

though a complex organization like ours has many different groups with varying

needs, we find the Globex account management team to be unfailingly swift and

precise in supporting all our high-speed trading requirements.“

CHARLES WHITMAN
Chief Executive Officer
Infinium Capital Management

350+

New products
in 2009

85+

Countries around
the world

MARKETS IN ACTION

MICHAEL O’NEILL (LEFT)
Director, Products
and Services, CME Group

LARRY LEVERETT (CENTER)
Senior Vice President,
Commercial Operations,
Calpine Corporation

CHRISTOPHER JACKSON (RIGHT)
Director, Energy Products,
CME Group

CLEARING
IN ACTION

CME Group operates CME Clearing, one of the largest central counterparty clearing services

in the world. It brings safety and soundness to our customers through clearing and settlement
services for exchange-traded contracts, as well as for over-the-counter (OTC) derivatives
transactions through CME ClearPort.

CME ClearPort offers flexible clearing services for the global OTC market. Launched

in 2002 to provide centralized clearing services and mitigate risk in the OTC energy market-

place, CME ClearPort today clears transactions across multiple asset classes around the

world. With OTC clearing through CME ClearPort, customers can continue to conduct

business off-exchange but gain security and efficiency.

At year-end 2009, we initiated the pre-launch of our OTC cleared credit default swaps

offering with eight dealer founding members and six buy-side founding members. We are

building a strong foundation for the expansion of clearing to OTC markets in grains, gold

and financial products such as foreign exchange and interest rates.

CME GROUP 2009 ANNUAL REVIEW

“In today“s energy markets, managing both energy price and credit risk is critical.

CME ClearPort allows Calpine the flexibility to hedge our risk in over-the-counter

markets while achieving protection from counterparty credit risk. Our business and

ultimately our diverse mix of customers that use the electricity we produce from

our nationwide fleet of modern, efficient, clean-burning natural gas and geothermal

power plants, benefit from the level of reliability and protection that we have found

through CME ClearPort.“

LARRY LEVERETT
Senior Vice President, Commercial Operations
Calpine Corporation

10K

Registered ClearPort
users globally

330+

New products in
2009 cleared OTC

MARKETS IN ACTION

PARTNERSHIPS
IN ACTION

CME Group works with partner exchanges, intellectual property owners and a global client

base to broaden distribution and serve more customers in developed and developing

markets. We believe these partners help position us to aggressively market the full suite

of CME Group products around the world.

In 2009, we worked on extending our global relevance by increasing the breadth of

products we offer on our CME Globex platform and developing key relationships with local

regulators and market participants in several emerging markets. We continued to strengthen

our BM&FBOVESPA partnership, launched the Korea Exchange’s KOSPI 200 futures on the

CME Globex platform during non-Korean hours, migrated the Dubai Mercantile Exchange’s

electronic trading to CME Globex, and signed an agreement with Bursa Malaysia to provide

order routing and matching services for its derivatives segment, and to provide us with

a license to use their crude palm oil settlement prices for future product development.

CME GROUP 2009 ANNUAL REVIEW

PAULO OLIVEIRA (LEFT)
Executive Director,
Marketing, BM&FBOVESPA

ACHILLES COUTO (CENTER)
Director, Latin America
Products and Services,
CME Group

ALEXSANDRO JACOB (RIGHT)
Trading Manager, Treasury,
Banco Itaú BBA S.A.

“The alliance between CME Group and BM&FBOVESPA is critically important

to expanding the electronic trading capabilities of our banking group, which

is the largest in Latin America. It allows us efficient access to multiple global

markets hosted on the CME Globex platform and, in addition, the proposed

new technology partnership will further enhance access to Brazil“s markets

by international investors.“

ALEXSANDRO JACOB
Trading Manager, Treasury
Banco Itaú BBA S.A.

Equity stake
BM&FBOVESPA

25%

Equity stake
Bursa Malaysia
Derivatives

MARKETS IN ACTION

JAMES E. PARISI
Chief Financial Officer and Managing Director,
Finance and Corporate Development

CME GROUP 2009 ANNUAL REVIEW

FINANCIAL MILESTONES IN 2009

• Completed NYMEX and COMEX integration process and combined New York trading floors.

• Captured $60 million in annualized expense synergies as a result of merger with NYMEX.

• Realized benefits of diversification of CME Group’s business model with strong late-year performance

in energy, foreign exchange and metals asset classes.

,
,

5
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,
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2008

8
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3

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,

5
5
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,
,

0
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8
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1
1

1
1
6
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6
8
8

,
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0
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9
9
2
2
8
8

,
,

2009

4 1

3
3
4
4
3
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8 5
8 5
5
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4
,
4

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8 5

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8

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05
05

06 07 08
06 07 08

09
09

05
05

06 07 08
06 07 08

09
09

PRODUCT LINE REVENUES

(as a percentage of total clearing and transaction fees)

AVERAGE DAILY
AVERAGE DAILY
TRADING VOLUME
TRADING VOLUME

(in thousands)
(in thousands)

AVERAGE DAILY ELECTRONIC
AVERAGE DAILY ELECTRONIC
TRADING VOLUME
TRADING VOLUME

(in thousands)
(in thousands)

Interest Rates

Equities

Energy

Foreign Exchange

Commodities

Metals

06 07 08

AVERAGE DAILY

TRADING VOLUME

(in thousands)

AVERAGE DAILY ELECTRONIC
TRADING VOLUME

(in thousands)

0
6

4
4

2
5

4
8

.
1

7
7
2
2
2
2
,
,
1
1

4
4
3
3
1
1
,
,
1
1

4
4
2
2
8
8

3
3
1
1
8
8

8
8
3
3
6
6

0
0
6
6
4
4

.
.

0
0
6
6
4
4

.
.

4
4
4
4
3
3

.
.

2
2
5
5
2
2

.
.

4
4
8
8
.
.
1
1

2008

2009

05
05

06 07 08
06 07 08

09
09

05
05

06 07 08
06 07 08

09
09

NOTIONAL VALUE
NOTIONAL VALUE
(in trillions of dollars)
(in trillions of dollars)

DIVIDEND PAYOUT
DIVIDEND PAYOUT
(in dollars per share)
(in dollars per share)

PRODUCT LINE REVENUES

(as a percentage of total clearing and transaction fees)

PRODUCT LINE REVENUES

(as a percentage of total clearing and transaction fees)

06 07 08

09
Excludes $5 per share special dividend

NOTIONAL VALUE

(in trillions of dollars)

DIVIDEND PAYOUT

(in dollars per share)

MARKETS IN ACTION

CME Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

(in millions)

ASSETS

Current assets

Property, net

Intangible assets – trading products

Intangible assets – other, net

Goodwill

Other assets

TOTAL ASSETS

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Long-term debt

Deferred tax liabilities, net

Other liabilities

Total Liabilities

Total Shareholders’ Equity

2009

AT D ECE M B E R 3 1

2008

6,699.0

19,111.5

738.5

16,982.0

3,246.5

7,549.2

435.8

707.2

16,982.0

3,369.4

7,519.2

469.4

35,651.0

48,158.7

6,523.6

18,643.0

2,014.7

7,645.9

165.8

16,350.0

19,301.0

2,966.1

7,728.3

132.7

29,470.1

18,688.6

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

35,651.0

48,158.7

CME GROUP 2009 ANNUAL REVIEW

CME Group Inc. and Subsidiaries

Consolidated Statements of Income

(dollars in millions, except per share data; shares in thousands)

2009

2008

2007

Y E A R E N D E D D ECE M B E R 3 1

REVENUES

Clearing and transaction fees

Quotation data fees

Processing services

Access and communication fees

Other

TOTAL REVENUES

EXPENSES

Compensation and benefits

Communications

Technology support services

Professional fees and outside services

Amortization of purchased intangibles

Depreciation and amortization

Occupancy and building operations

Licensing and other fee agreements

Restructuring

Other

TOTAL EXPENSES

OPERATING INCOME

NON-OPERATING INCOME (EXPENSE)

Investment income

Impairment of long-term investments

Gains (losses) on derivative investments

Securities lending interest income

Securities lending interest and other costs

Interest and other borrowing costs

Guarantee of exercise right privileges

Equity in losses of unconsolidated subsidiaries

Other income (expense)

TOTAL NON-OPERATING

INCOME BEFORE INCOME TAXES

Income tax provision

NET INCOME

EARNINGS PER COMMON SHARE:

Basic

Diluted

WEIGHTED AVERAGE NUMBER OF COMMON SHARES:

Basic

Diluted

2,161.9

2,115.4

1,427.3

331.1

0.5

45.6

73.7

2,612.8

351.0

47.0

46.2

85.1

125.1

126.3

76.3

89.2

5.3

72.2

1,023.7

279.5

54.1

43.6

68.4

2,561.0

317.6

52.3

59.6

71.9

98.7

137.3

71.4

70.3

4.8

94.9

978.8

145.1

106.4

36.5

40.8

1,756.1

263.3

43.5

50.5

53.1

33.9

105.7

48.2

35.6

8.9

61.5

704.2

1,589.1

1,582.2

1,051.9

28.5

(46.0)

—

2.8

(0.1)

(133.9)

4.3

(6.8)

(0.4)

(151.6)

1,437.5

611.7

825.8

12.44

12.41

66,366

66,548

45.5

(274.5)

(8.1)

38.3

(51.7)

(56.5)

12.8

(31.5)

(8.5)

(334.2)

1,248.0

532.5

715.5

12.18

12.13

58,738

58,967

73.2

—

(0.1)

121.5

(115.9)

(3.6)

(17.2)

(14.0)

—

43.9

1,095.8

437.3

658.5

15.05

14.93

43,754

44,107

MARKETS IN ACTION

CME Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows

(in millions)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

Adjustments to reconcile net income to net

cash provided by operating activities:

Amortization of purchased intangibles

Depreciation and amortization

Impairment of long-term investments

Deferred income taxes

Other

NET CASH PROVIDED BY OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from maturities of available-for-sale marketable securities

Purchases of available-for-sale marketable securities

Net change in NYMEX securities lending program investments

Purchases of property, net

Cash acquired in merger with CBOT Holdings

Acquisition of Credit Market Analysis Limited, net of cash received

Acquisition of NYMEX Holdings, net of cash received

NYMEX membership rights payment

Other

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds (repayments) of commercial paper, net

Proceeds from other borrowings, net of issuance costs

Repayment of other borrowings

Net change in NYMEX securities lending program liabilities

Cash dividends

Repurchase of common stock, including costs

Other

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES

Net change in cash and cash equivalents

Cash and cash equivalents, beginning of period

2009

2008

2007

Y E A R E N D E D D ECE M B E R 3 1

825.8

715.5

658.5

125.1

126.3

46.0

(56.9)

16.8

1,083.1

439.8

(159.9)

425.9

(157.9)

—

(3.1)

544.8

(1,393.6)

743.5

(250.0)

(456.8)

(305.6)

(27.0)

24.3

(1,665.2)

(37.3)

297.9

98.7

137.3

274.5

(115.1)

86.3

1,197.2

265.1

(367.6)

110.1

(200.1)

—

(94.1)

(2,769.9)

(612.0)

(80.6)

(3,749.1)

1,330.3

2,881.9

(1,282.9)

(110.1)

(615.2)

(224.0)

24.5

2,004.5

(547.4)

845.3

297.9

33.9

105.7

—

(50.6)

66.9

814.4

203.8

(129.1)

—

(163.7)

116.0

—

(105.7)

(78.7)

162.9

—

(151.6)

(949.3)

78.1

(859.9)

(124.2)

969.5

845.3

CASH AND CASH EQUIVALENTS, END OF PERIOD

260.6

CME GROUP 2009 ANNUAL REVIEW

Forward-Looking Statements

From time to time, in oral statements and written reports, including this annual review, we discuss our expectations regarding future performance.

These forward-looking statements are identified by their use of terms and phrases such as “believe,” “anticipate,” “could,” “estimate,” “intend,”

“may,” “plan,” “expect” and similar expressions, including references to assumptions. These forward-looking statements are based on currently

available competitive, financial and economic data, current expectations, estimates, forecasts and projections about the industries in which

we operate and management’s beliefs and assumptions. These statements are not guarantees of future performance and involve risks,

uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed

or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We

undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the factors that might affect our performance are:

• Increasing competition by foreign and domestic entities, including

• The ability of our financial safeguards package to adequately protect

increased competition from new entrants into our markets and

us from the credit risks of clearing members;

consolidation of existing entities;

• The ability of our compliance and risk management methods to

• Our ability to keep pace with rapid technological developments,

effectively monitor and manage our risks;

including our ability to complete the development and implementation

of the enhanced functionality required by our customers;

• Changes in price levels and volatility in the derivatives markets and in

underlying fixed income, equity, foreign exchange and commodities

• Our ability to continue introducing competitive new products

markets;

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;

• Economic, political and market conditions, including the recent

volatility of the capital and credit markets and the impact of recent

economic conditions on the trading activity of our current and poten-

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

tial customers;

• Our ability to generate revenues from our processing services;

• Our ability to accommodate increases in trading volume and order

• Our ability to maintain existing customers, develop strategic rela-

transaction traffic without failure or degradation of the performance

tionships and attract new customers;

of our systems;

• Our ability to expand and offer our products in foreign jurisdictions;

• Our ability to execute our growth strategy and maintain our growth

• Changes in domestic and foreign regulations;

• Changes in government policy, including policies relating to common

or directed clearing and changes as a result of legislation stemming

from the recent financial crisis, including the proposed regulatory

reform of the over-the-counter derivatives and futures markets and

effectively;

• Our ability to manage the risks and control the costs associated with

our acquisition, investment and alliance strategy;

• Our ability to continue to generate funds and/or manage our indebt-

edness to allow us to continue to invest in our business;

any changes in the regulation of our industry with respect to specula-

• Industry and customer consolidation;

tive trading in commodity interests and derivative contracts;

• Decreases in trading and clearing activity;

• The costs associated with protecting our intellectual property rights

and our ability to operate our business without violating the intellec-

• The imposition of a transaction tax on futures and options on futures

transactions and/or repeal of the 60/40 tax treatment of such trans-

tual property rights of others;

actions; and

• Our ability to generate revenue from our market data that may be

reduced or eliminated by the growth of electronic trading, the state

of the overall economy or declines in subscriptions;

• Changes in our rate per contract due to shifts in the mix of the prod-

ucts 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 unfavorable resolution of material legal proceedings; and the

seasonality of the futures business.

MARKETS IN ACTION

Performance Graph

The following graph compares the cumulative five-year total return provided shareholders on our Class A common stock relative to the

cumulative total returns of the S&P 500 index, and a customized peer group that includes IntercontinentalExchange, Inc., NYSE Euronext

and The Nasdaq OMX Group Inc. as of the end of the year. An investment of $100 (with reinvestment of all dividends) is assumed to have

been made in our Class A common stock, in the peer group, and the index on December 31, 2004 and its relative performance is tracked

through December 31, 2009.

CUMUL ATIVE TOTAL RETURN

$600

500

400

300

200

100

C M E G R O U P I N C .

S & P 5 0 0

P E E R G R O U P

* $100 invested on 12/31/04 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.

CME GROUP 2009 ANNUAL REVIEW

Share Information

CL ASS A COMMON STOCK

Our Class A common stock is currently listed on NASDAQ under the ticker symbol “CME.” As of February 17, 2010, there were approximately

3,100 holders of record of our Class A common stock.

The following table sets forth the high and low sales prices per share of our Class A common stock on a quarterly basis, as reported on NASDAQ.

2009

First Quarter

Second Quarter

Third Quarter

Fourth Quarter

CL ASS B COMMON STOCK

High

$ 264.43

346.24

315.00

343.67

Low

2008

$ 155.06

First Quarter

215.30

Second Quarter

255.00

Third Quarter

281.61

Fourth Quarter

High

$ 686.43

526.98

422.24

440.00

Low

$ 399.01

375.38

282.00

155.49

Our Class B common stock is not listed on a national securities exchange or traded in an organized over-the-counter market. Each class of our

Class B common stock is associated with a membership in a specific division of our CME exchange. CME’s rules provide exchange members with

trading rights and the ability to use or lease these trading rights. Each share of our Class B common stock can be transferred only in connection

with the transfer of the associated trading rights. The memberships by class are CME (Chicago Mercantile Exchange), IMM (International Monetary

Market), IOM (Index and Option Market) and GEM (Growth and Emerging Markets).

Class B shares and the associated trading rights are bought and sold through our shareholder relations and membership services department. In

addition, trading rights may be leased through the department. Trading right sales are reported on our Web site. Although our Class B shareholders

have special voting rights, because our Class B shares have the same equitable interest in our earnings and the same dividend payments as our Class

A shares, we expect that the market price of our Class B common stock, if reported separately from the associated trading rights, would be deter-

mined by the value of our Class A common stock. As of February 17, 2010, there were approximately 2,500 holders of record of our Class B common stock.

DIVIDENDS

The following table sets forth the dividends we paid on our Class A and Class B common stock in the last two years:

Record Date

March 10, 2009

June 10, 2009

September 10, 2009

December 10, 2009

Dividend per Share

Record Date

Dividend per Share

1.15

March 10, 2008

June 10, 2008

September 10, 2008

1.15

September 25, 2008

December 10, 2008

1.15

5.00*

1.15

* The September 25, 2008 dividend was a special dividend.

We intend to continue to pay a regular quarterly dividend to our shareholders. The decision to pay a dividend, however, remains within the discretion of

our board of directors and may be affected by various factors, including our earnings, financial condition, capital requirements, levels of indebtedness

and other considerations our board of directors deems relevant. In 2009, our dividend remained at $1.15 per share. For 2010, our quarterly dividend

target is expected to remain at this level. On February 2, 2010, the board of directors declared a regular quarterly dividend of $1.15 per share payable

on March 25, 2010, to shareholders of record on March 10, 2010. Assuming no changes in the number of shares outstanding, the 2010 dividend pay-

ment will total approximately $76.6 million.

The indentures governing our floating and fixed rate notes, our 364-day credit facility for $1.0 billion and our revolving credit and term loan agreement

for $1.4 billion due 2011 do not contain specific covenants that restrict the ability to pay dividends. These documents, however, do contain other cus-

tomary financial and operating covenants that place restrictions on the operations of the company, which could indirectly affect the ability to pay dividends.

For example, under our revolving credit and term loan agreement, we are required to remain in compliance with a consolidated net worth test, defined

as our consolidated shareholders’ equity as of June 30, 2008 on a pro forma basis to give effect to the NYMEX Holdings merger and to give effect to the

share repurchases made and special dividends paid, but only up to the amount of such repurchases and dividends publicly announced and made or paid

within 18 months after August 22, 2008 (and in no event greater than $1.5 billion in the aggregate for such repurchases and dividends), multiplied by 0.65.

In addition, our 364-day revolving line of credit contains a requirement that CME remain in compliance with a consolidated tangible net worth

test, defined as consolidated shareholders’ equity less intangible assets (as defined in the agreement), of not less than $125 million. In the event that

CME elects to increase the facility, the minimum consolidated tangible net worth test will increase ratably up to $187.5 million. CME Group, as a holding

company, has no operations of its own. Instead, it relies on dividends declared and paid to it by its subsidiaries, including CME, in order to provide a

portion of the funds which it uses to pay dividends to its shareholders.

CME Group and its subsidiaries are also required to comply with restrictions contained in the General Corporation Laws of its state of incorpora-

tion which could also limit its (or their) ability to declare and pay dividends. CME Group and its subsidiaries are also required to comply with restrictions

contained in the General Corporation Laws of its state of incorporation which could also limit its (or their) ability to declare and pay dividends.

MARKETS IN ACTION

Board of Directors

TERRENCE A . DUFF Y
Executive Chairman

CHARLES P. CAREY
Vice Chairman

CRAIG S. DONOHUE
Chief Executive Officer

LEO MEL AMED
Chairman Emeritus
Chairman and Chief Executive

Officer, Melamed and Associates,
Inc., Chicago, Ill.

JOHN F. SANDNER
Retired Chairman of the Board
Chairman, E*Trade Futures, LLC,
Chicago, Ill.

CME GROUP 2009 ANNUAL REVIEW

JEFFERY M. BERNACCHI
President, JMB Trading Corp.,

TIMOTHY S. BITSBERGER
Managing Director,

Barrington, Ill.

Managing Member, Celeritas
Capital, LLC, Chicago, Ill.

bancAccess Financial,
Washington, D.C.

Former Senior Vice President
and Treasurer, Freddie Mac,
McLean, Va.
Former Assistant

Secretary, U.S. Treasury,
Washington, D.C.

MARK E . CERMAK
Director, Execution Services,
Fortis Clearing Americas,
Chicago, Ill.

DENNIS H. CHOOK ASZIAN
Chairman, Financial Accounting
Standards Advisory Council,
Norwalk, Conn.

Former Chairman and Chief

Executive Officer, CNA Insurance
Companies, Chicago, Ill.

JACKIE M. CLEGG
Managing Partner,

Clegg International Consultants,
LLC, Washington, D.C.
Former Vice Chair, Board of

Directors of the Export-Import
Bank of the United States,
Washington, D.C.

ROBERT F. CORVINO
Managing Director, Cornerstone
Investment Management,
Chicago, Ill.

JAMES A . DONALDSON
Independent Trader, Chicago, Ill.

MARTIN J. GEPSMAN
Independent Broker and Trader,

L ARRY G. GERDES
Chairman and Chief Executive

DANIEL R. GLICKMAN
Chairman and Chief Executive

Chicago, Ill.

Officer, Transcend Services, Inc.,
Atlanta, Ga.

General Partner, Gerdes Huff
Investments, Atlanta, Ga.

Officer, Motion Picture
Association of America, Inc.,
Washington, D.C.

U.S. Secretary of Agriculture

(1995–2001)

Member of Congress, Kansas

(1977–1995)

J. DENNIS HASTERT
Retired Speaker of the House

BRUCE F. JOHNSON
Independent Trader, Chicago, Ill.

GARY M. K ATLER
Vice President, Fortis Clearing

PATRICK B. LYNCH
Independent Trader, Chicago, Ill.

WILLIAM P. MILLER II
Deputy Chief Investment Officer,

of Representatives

Member of Congress, Illinois

(1987–2007)

Americas, Chicago, Ill.

Ohio Public Employees Retirement
System, Columbus, Ohio

MARKETS IN ACTION

Board of Directors

JAMES E . NEWSOME
Former President, New York
Mercantile Exchange,
New York, N.Y.

JOSEPH NICIFORO
Chief Executive Officer,

C.C. ODOM II
Independent Member/Trader,

JAMES E . OLIFF
President, FILO Corp., Chicago, Ill.

JOHN L . PIETRZAK
Managing Partner, Longwood

Partners, Chicago, Ill.

General Partner, Sparta Group,

Chicago, Ill.

Pia Capital Management,
Chicago, Ill.

San Antonio, Texas
Sole Proprietor, Odom

Former Chairman, Commodity
Futures Trading Commission,

Principal, Henning and Carey

Trading, Chicago, Ill.

Investments and Argent Venture
Capital, San Antonio, Texas

Washington, D.C.
Director, Dubai Mercantile

Exchange, Dubai, United Arab
Emirates, and GAVILON, LLC,
Omaha, Neb.

ALEX J. POLLOCK
Resident Fellow, American
Enterprise Institute,
Washington, D.C.

TERRY L . SAVAGE
Financial Journalist and Author
President, Terry Savage

Productions, Ltd., Chicago, Ill.

HOWARD J. SIEGEL
Independent Trader, Chicago, Ill.

CHRISTOPHER STEWART
Chief Executive Officer,

Gelber Group, LLC, Chicago, Ill.

DENNIS A . SUSKIND
Retired Partner, Goldman, Sachs

& Co., Southampton, N.Y.
(2001-2004)

DAVID J. WESCOT T
President, The Wescott Group

Ltd., Chicago, Ill.

Vice President, MF Global,

Chicago, Ill.

WILLIAM R. SHEPARD (not pictured)
President and Founder,
Shepard International, Inc.

Chicago, Ill.

CME GROUP 2009 ANNUAL REVIEW

Management

Management Team

Managing Directors

CRAIG S. DONOHUE
Chief Executive Officer

PHUPINDER S. GILL
President

K ATHLEEN M. CRONIN
Managing Director, General Counsel

and Corporate Secretary

BRYAN T. DURKIN
Chief Operating Officer and Managing Director,

Products and Services

JULIE HOL ZRICHTER
Managing Director, Global Operations

KEVIN KOMETER
Managing Director and Chief Information Officer

JAMES E . PARISI
Chief Financial Officer and Managing Director,

Finance and Corporate Development

L AURENT PAULHAC
Managing Director, OTC Products and Services

HILDA HARRIS PIELL
Managing Director and Chief Human

Resources Officer

JOHN W. PIETROWICZ
Managing Director, Business Development

and Corporate Finance

DEREK L . SAMMANN
Managing Director, Foreign Exchange

and Interest Rate Products

KIMBERLY S. TAYLOR
Managing Director and President, CME Clearing

KENDAL L . VROMAN
Managing Director, Commodity Products,
OTC Services and Information Products

SCOT E . WARREN
Managing Director, Equity Index Products

and Index Services

TIMOTHY J. ANDRIESEN
Managing Director, Commodity Products

ARTHUR McCOY
Managing Director, NYMEX Clearing

ANNE E . BAGAN
Managing Director, Audits

BRIAN J. McELLIGOT T
Managing Director, Information Products Management

DAVID A . BOBERSKI
Managing Director, OTC Research and Product Development

CHRISTOPHER E . MEAD
Managing Director, Marketing

CHRISTOPHER BOWEN
Managing Director, Chief Regulatory Counsel

DALE A . MICHAELS
Managing Director, Credit and Market Risk Management

FELIX J. CARABELLO
Managing Director, International Energy and Metals

MICHAEL O’CONNELL
Managing Director, Clearing Solutions

SAMUEL J. COADY
Managing Director, Corporate Finance

BRIAN R. OLIVER
Managing Director, Business Development

JOHN F. CURRAN
Managing Director, Product Strategy

JOSEPH A . PANFIL
Managing Director, Operations and Systems Engineering

TIMOTHY J. DOAR
Managing Director, Risk Management

EVANS PAPANIKOL AOU
Managing Director, CME Globex Market Operations

DE’ANA DOW
Managing Director, Government Relations

PHILIP J. PAPESH
Managing Director, Software Engineering

DANIELLE DYCUS
Managing Director, Europe, Middle East and Africa

DEAN P. PAY TON
Managing Director and Deputy Chief Regulatory Officer

JAMES W. FARRELL
Managing Director, Software Engineering

MARK G. FIELDS
Managing Director, Business Development

ELIZABETH C. GISCH
Managing Director, Global Account Management

EDWARD M. GOGOL
Managing Director, Clearing IT Solutions

JILL A . HARLEY
Managing Director, Corporate Finance Services

JOHN K . HART
Managing Director, Technology Engineering

DAVID A . HOAG
Managing Director, Software Engineering

SCOT T R. K AUFMAN
Managing Director, Enterprise Solutions

SEAN KEATING
Managing Director and Head of New York Office

MAT THEW KELLY
Managing Director and Associate General Counsel

RICHARD J. KOKOSZK A
Managing Director, Internal Audit

JOHN W. L ABUSZEWSKI
Managing Director, Research and Product Development

THOMAS L aSAL A
Managing Director and Chief Regulatory Officer

DAVID D. LEHMAN
Managing Director, Commodity Research

and Product Development

JOHN C. PESCHIER
Managing Director, Investor Relations,

Planning and Analysis

JAMES V. PIEPER
Managing Director and Chief Accounting Officer

JOSEPH RAIA
Managing Director, Energy and Metals Products

ROBERT D. RAY
Managing Director, International Products and Services

RICHARD H. REDDING
Managing Director, Products and Services Initiatives

BRIAN REGAN
Managing Director, Regulatory Counsel

CHRISTOPHER RODRIGUEZ
Managing Director, Business Development

ROBIN S. ROSS
Managing Director, Interest Rate Products

JOHN L . SANTANA
Managing Director, Software Engineering

DAVID L . SHULER
Managing Director, Alliance and Venture Management

ANN K . SHUMAN
Managing Director and Deputy General Counsel

TIMOTHY W. SMITH
Managing Director and Associate General Counsel

CARL R. STUMPF
Managing Director and Technology Controller

IAN WALL
Managing Director, Architecture

TINA F. LEMIEUX
Managing Director, Hedge Funds and Broker Services

JASON WELLER
Managing Director, Corporate Strategy

KEVIN W. LENNON
Managing Director, Real Estate

JULIE M. WINKLER
Managing Director, Research and Product Development

ROBERT LEVIN
Managing Director, Energy Research

and Product Development

ANITA S. LISKEY
Managing Director, Corporate Marketing

and Communications

C. F. WONG
Managing Director, Asia

MARKETS IN ACTION