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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“when we look at some of the institutional products offered at CME and ICE, we tend to see very, very large notional amounts and larger, you know, fees per contract, but less relative to the size to the notional amount of exposure.”
An analyst benchmarks IBKR's ForecastX prediction-market ambitions against the institutional derivatives products at CME, framing CME as a reference point for large-notional institutional contracts.
“Earlier this week, we were pleased to announce that Nasdaq and CME Group signed an extension through 2039 of CME Group's exclusive contract to offer futures and options on futures based on the Nasdaq 100 and other Nasdaq indices, reflecting the companies shared commitment to delivering value through trusted benchmark products.”
Nasdaq extended its exclusive licensing arrangement with CME Group through 2039 for futures and options on the Nasdaq 100 and other Nasdaq indices, locking in a long-term revenue relationship between the two exchanges.
“we surpassed the revenue share threshold we have in place with our partner CME in March”
Nasdaq's index business crossed its revenue-share threshold with partner CME earlier in the year than historically, reflecting strong index derivatives volume flowing through the Nasdaq-CME partnership.
“Craig handled $20 billion of deals for CME.”
An analyst notes incoming CEO Craig Donahoe's M&A track record of $20 billion in deals at rival exchange CME Group, asking how that experience might shape Cboe's own inorganic growth strategy.
“Many of you know Craig from his days at CME, where his track record speaks for itself.”
Cboe's outgoing CEO introduces incoming CEO Craig Donahoe by referencing his prior tenure and strong track record at rival exchange operator CME Group.
“But the true value that we see right now and today is what DTCC and the FICC Clearing Organization.”
CME emphasizes that its cross-margining arrangement with DTCC/FICC is a growing, critically important source of capital-efficiency value for its rates franchise.
“We also have DraftKings predictions that are connected.”
CME cites DraftKings as a live distribution partner for its prediction-market event contracts, a positive signal for DraftKings' prediction-market ambitions.
“We have a great relationship with FanDuel. They are in the sports business. They are an online gaming company, as you know.”
CME frames FanDuel as a key distribution partner (via the FanDuel Predict app) for its new prediction-market event contracts, a positive read-through for FanDuel's expansion into event/prediction distribution.
“the purpose-built Chicago region by Google is coming up to plan. It is low latency technology in Google Cloud. It is very novel.”
CME's cloud migration to Google Cloud is progressing to plan, with a purpose-built low-latency Chicago region being readied for client testing, underscoring Google Cloud's role as CME's infrastructure provider.
“I do think you saw in the press release, dealers that are excited about the launch. We mentioned Morgan Stanley. We mentioned Citi. We mentioned JPMorgan.”
JPMorgan is cited as one of the dealers publicly excited about and connecting to CME's newly launched BrokerTec Chicago cash-fixed-income venue.
“I do think you saw in the press release, dealers that are excited about the launch. We mentioned Morgan Stanley. We mentioned Citi. We mentioned JPMorgan.”
Citi is cited as one of the dealers publicly excited about and connecting to CME's newly launched BrokerTec Chicago cash-fixed-income venue.
“I do think you saw in the press release, dealers that are excited about the launch. We mentioned Morgan Stanley. We mentioned Citi. We mentioned JPMorgan.”
Morgan Stanley is cited as one of the dealers publicly excited about and connecting to CME's newly launched BrokerTec Chicago cash-fixed-income venue.
“I wanted to ask about the OSTTRA sale. What are the proceeds after tax?”
CME sold its stake in the OSTTRA joint venture for about $1.5 billion, with capital-deployment plans to be brought to its board.
“we've been fortunate to be partnering with Google over the past few years towards that initiative.”
CME is partnering with Google Cloud to tokenize cash on the Google Cloud Universal Ledger, targeting go-live in 2026 to support 24/7 trading and collateral.
“Finally, we announced a partnership with FanDuel to develop and distribute event-based contracts beginning later this year, which we look forward to talking to you about today.”
CME formed a JV with FanDuel (Flutter) to develop and distribute event-based contracts, giving CME access to ~13 million FanDuel retail accounts as a distribution channel.
“We are also pleased to announce the extension of our FTSE Russell Index derivatives license through 2037.”
CME extended its FTSE Russell index derivatives licensing agreement through 2037, securing continuity of its equity index product suite.
“we announced the upcoming extension of our cross-margin agreement with DTCC to enable increased margin savings to end user clients.”
CME is extending its cross-margin agreement with DTCC to give end-user clients greater margin savings across cleared products.
CME Group capped its fifth consecutive record volume year with Q4 revenue of $1.65 billion, up 8%, while full-year ADV grew 6% to 28.1 million contracts. Event contracts launched with promising early traction, crypto trading hit records up 92% with 24/7 trading imminent, and market data revenue surpassed $800 million for the first time. The SEC approved CME Securities Clearing, and OSTTRA sale proceeds were directed to share repurchases, though GAAP EPS was inflated by the OSTTRA gain to mask flat adjusted performance.
Demand | Product Launch | Competitive Dynamics | Pricing | Subscriber Growth | Regulation Policy | Revenue Growth | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 3 | 6 | 6 | 4 | 5 | 3 | 3 |
| 2025Q1 | 5 | 3 | 3 | 3 | 4 | 2 | ||
| 2025Q2 | 8 | 3 | 2 | 4 | 2 | 3 | 2 | 2 |
| 2025Q3 | 4 | 7 | 4 | 3 | 2 | 2 | 1 | 1 |
| 2025Q4 | 1 | 3 | 1 | 2 | 1 | 2 | 2 | 3 |
| 2026Q1 | 3 | 6 | 6 | 2 | 3 | 3 | 3 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 5 | 8 | 4 | 1 | 3 |
| Product Launch | 3 | 3 | 3 | 7 | 3 | 6 |
| Competitive Dynamics | 6 | 3 | 2 | 4 | 1 | 6 |
| Pricing | 6 | 3 | 4 | 3 | 2 | 2 |
| Subscriber Growth | 4 | 4 | 2 | 2 | 1 | 3 |
| Regulation Policy | 5 | 3 | 2 | 2 | 3 | |
| Revenue Growth | 3 | 2 | 2 | 1 | 2 | 3 |
| Innovation & R&D | 3 | 2 | 1 | 3 | 4 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ben Budish | Barclays | 10 (10%) |
| Brian Bedell | Deutsche Bank | 10 (0%) |
| Patrick Moley | Piper Sandler |
| Mike Cyprys | Morgan Stanley | 8 (0%) |
| Dan Fannon | Jefferies | 7 (0%) |
| Will Katz | TD Cowen | 7 (0%) |
| Simon Clinch | Redburn Atlantic | 7 (0%) |
| Craig Siegenthaler | Bank of America | 6 (0%) |
| Kyle Voigt | KBW | 5 (0%) |
| Ken Worthington | JPMorgan | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| KBW | 2 | 10 (0%) |
| Barclays | 1 | 10 (10%) |
| Deutsche Bank | 1 | 10 (0%) |
| Piper Sandler | 1 | 9 (0%) |
| Bank of America | 2 | 8 (0%) |
| Morgan Stanley | 1 | 8 (0%) |
| Redburn Atlantic | 1 | 7 (0%) |
| Jefferies | 1 | 7 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CME CME Group | 7 | +14.5% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| COIN Coinbase Global | 1 | -30.5% | |
| FDS FactSet | 5 | +6.4% | |
| ICE Intercontinental Exchange | 9 | +13.5% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| SPGI S&P Global | 8 | +10.4% |