CME gave a YTD update at the Barclays Financial Services conference last week, and their surprisingly detailed presentation has some good insight into management's thinking going into Q3 earnings. Some details below:
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CME is trying to show that 2020 volumes look good on a YTD basis, but this includes a crazy active Q1 and a so far quiet Q2 & Q3:pic.twitter.com/tD7YplMBzb
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CME's pitch on interest rate futures optimism despite a low-rate environment: Huge treasury issuance means more outstanding debt to hedge with futures, even if prices aren't expected to move for a while:pic.twitter.com/t0hh0sH5ps
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Longer dated issuance means futures add incremental value to lock in prices for more time:pic.twitter.com/2InPngcB7v
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Even with rates volatility low, CME can still launch new products and find demand. 3 Year Treasury futures failed in 2009, but were re-launched in 2020 and have been successful so far:pic.twitter.com/0RiSYGlIkr
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The Treasury futures market is now larger than the cash market, and has been for a few years:pic.twitter.com/ZWvAlF8Nv4
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Exchanges are like venture capital funds - spread your bets across many investments, and if one pans out it pays for all the others. Below a list of CME's recent product launches & improvements (their "bets"):pic.twitter.com/2VXnrgF5FR
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CME arguing that in many cases its cheaper to replicate the S&P 500 with futures than with ETFs:pic.twitter.com/SU7Rr3AFoe
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Here's an interesting chart showing crude futures market share - comparing CME's WTI futures to ICE's Brent futures:pic.twitter.com/gRhg4vymqq
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A good explanation of natural gas's global future. This benefits ICE more than CME imo:pic.twitter.com/tPYw6CuExm
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CME processes close to 1 billion messages per day through its platforms:pic.twitter.com/5wXEzA06X3
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Source (would highly recommend looking through): http://investor.cmegroup.com/static-files/81d521ae-aa00-41cb-b15f-70dc140364e7 …
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