Record profits but shares fall on missed targets
Speaking at the exchange's AGM last week, Chicago Mercantile
Exchange (CME) executives told shareholders that the exchange
has taken top spot in global futures market share and revealed
new plans to expand further in Asia.
Meanwhile, the exchange's cash reserves continued to grow,
remaining significantly over $1bn. CME has come under pressure
from analysts to use its cash pile for growth, likely through
acquisition, or return it to shareholders. There has, however,
been little activity to date.
In a cordial meeting, CME executives touted the exchange's
accomplishments including its 34% market share among the top
four exchanges, ranking it ahead of Eurex at 31%, Chicago Board
of Trade at 21% and Euronext Liffe at 14%. Collectively, the
average daily volume from the four exchanges during the first
quarter was 15m contracts.
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