The following discussion is provided as a supplement to, and should be read in
conjunction with, the accompanying unaudited consolidated financial statements
and notes in this Quarterly Report on Form 10-Q and our Annual Report on Form
10-K for the year ended December 31, 2021, filed with the SEC on February 25,
2022.

References in this discussion and analysis to "we" and "our" are to CME Group
Inc. (CME Group) and its consolidated subsidiaries, collectively. References to
"exchange" are to Chicago Mercantile Exchange Inc. (CME), the Board of Trade of
the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX),
and Commodity Exchange, Inc. (COMEX), collectively, unless otherwise noted.

RESULTS OF OPERATIONS

Financial Highlights

The following summarizes significant changes in our financial performance for
the periods presented.

                                                                                    Quarter Ended
                                                                                      March 31,
(dollars in millions, except per share data)                                                   2022               2021               Change
Total revenues                                                                             $ 1,346.6          $ 1,253.3                    7  %
Total expenses                                                                                 487.5              528.2                   (8)
Operating margin                                                                                63.8  %            57.9  %
Non-operating income (expense)                                                             $    57.2          $    27.2                  110
Effective tax rate                                                                              22.4  %            23.6  %
Net income attributable to CME Group                                                       $   711.0          $   574.4                   24
Diluted earnings per common share attributable to CME Group                                     1.95               1.60                   22
Cash flows from operating activities                                                           799.1              602.7                   33


Revenues

                                                          Quarter Ended
                                                            March 31,
(dollars in millions)                                              2022           2021         Change
Clearing and transaction fees                                   $ 1,138.1      $ 1,007.0         13  %
Market data and information services                                151.7          144.2          5
Other                                                                56.8          102.1        (44)
Total Revenues                                                  $ 1,346.6      $ 1,253.3          7

Clearing and Transaction Fees

Futures contracts and options contracts

The following table summarizes our total contract volume, revenue and average
rate per contract for futures and options. Total contract volume includes
contracts that are traded on our exchange and cleared through our clearing house
and certain cleared-only contracts. Volume is measured in round turns, which is
considered a completed transaction that involves a purchase and an offsetting
sale of a contract. Average rate per contract is determined by dividing total
clearing and transaction fees by total contract volume. Contract volume and
average rate per contract disclosures exclude trading volume for the cash
markets business and interest rate swaps volume.

                                                                 Quarter Ended
                                                                   March 31,
                                                                          2022           2021        Change
Total contract volume (in millions)                                      1,607.1       1,331.5         21  %
Clearing and transaction fees (in millions)                            $ 1,034.3      $  875.6         18
Average rate per contract                                              $   0.644      $  0.658         (2)




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Contents

We estimate the following net changes in clearing and transaction fees based on
a change in total contract volume and a change in average rate per contract for
futures and options during the first quarter of 2022 when compared with the same
period in 2021.

(in millions)                                                    Quarter Ended
Increase due to changes in total contract volume                $        

177.4

Decrease due to changes in average rate per contract                     

(18.7)

Net increase in clearing and transaction fees                   $        

158.7


Average rate per contract is impacted by our rate structure, including
volume-based incentives; product mix; trading venue, and the percentage of
volume executed by customers who are members compared with non-member customers.
Due to the relationship between average rate per contract and contract volume,
the change in clearing and transaction fees attributable to changes in each is
only an approximation.

Contract Volume

The following table summarizes average daily contract volume. Contract volume
can be influenced by many factors, including political and economic conditions,
the regulatory environment and market competition.

                                                                                      Quarter Ended
                                                                                        March 31,
(amounts in thousands)                                                                             2022                2021             Change
Average Daily Volume by Product Line:
Interest rates                                                                                        12,484             10,349             21  %
Equity indexes                                                                                         7,950              6,117             30
Foreign exchange                                                                                         904                852              6
Agricultural commodities                                                                               1,474              1,471              -
Energy                                                                                                 2,515              2,363              6
Metals                                                                                                   593                675            (12)
Aggregate average daily volume                                                                        25,920             21,827             19
Average Daily Volume by Venue:
CME Globex                                                                                            24,060             20,436             18
Open outcry                                                                                            1,030                678             52
Privately negotiated                                                                                     830                713             16
Aggregate average daily volume                                                                        25,920             21,827             19
Electronic Volume as a Percentage of Total Volume                                                        93%              94  %


Overall market volatility increased throughout the first quarter of 2022
following lower overall volatility in the first quarter of 2021. During the
first quarter of 2022, the Federal Reserve's indication of multiple rate
increases in 2022 as well as its decision to taper bond purchases resulted in
higher volatility within the interest rate market. In addition, equity and
energy contract volume increased in the first quarter 2022 when compared with
the same period in 2021, largely due to the rising tension and geopolitical
uncertainty with Russia and Ukraine. We believe these factors led to the changes
in contract volume during the first quarter of 2022, when compared with the same
period in 2021.



                                       24
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  Table of Contents
Interest Rate Products

The following table summarizes average daily contract volume for our key
interest rate products.

                                                          Quarter Ended
                                                            March 31,
(amounts in thousands)                                                  2022        2021       Change
Eurodollar futures and options:
Futures expiring within two years                                      

1,869 1,262 48%

    Options                                                            1,489       1,106         35
Futures expiring beyond two years                                        811       1,414        (43) %
SOFR futures and options:
Futures expiring within two years                                      1,043         102          n.m.
Futures expiring beyond two years                                        156          10          n.m.
Options                                                                   39           -          n.m.
U.S. Treasury futures and options:
10-Year (1)                                                            2,855       2,941         (3)
5-Year (1)                                                             1,742       1,480         18
2-Year (1)                                                               711         502         41
Treasury Bond (1)                                                        557         688        (19)
Federal Funds futures and options                                        414         100          n.m.


 _______________

(1) U.S. Treasury futures and options now include respective weekly treasury
options that were previously separated under a unique product category. Prior
period amounts have been revised to conform to the current period presentation.

nm not significant

In the first quarter of 2022, overall interest rate contract volume increased
when compared with the same period in 2021. We believe this increase in volume
resulted from higher interest rate volatility as a result of a change in market
expectations regarding the Federal Reserve's interest rate policy, following
indication that it is planning multiple rate increases in 2022 as well as its
decision to taper bond purchases. The increase in Secured Overnight Financing
Rate contract (SOFR) volume is due to more market participants transitioning to
the new reference rate.

Equity Index Products

The following table summarizes average daily contract volume for our key equity
index products.

                                                                   Quarter Ended
                                                                     March 31,
(amounts in thousands)                                                           2022        2021       Change
E-mini S&P 500 futures and options (1)                                          4,477       3,490         28  %
E-mini Nasdaq 100 futures and options (1)                                       2,381       1,725         38
E-mini Russell 2000 futures and options (1)                                       452         416          9


 _______________

(1) S&P 500 and Nasdaq 100 E-mini futures and options now include the respective weekly Micro E-mini options which were previously separated into a single product category. Prior period amounts have been revised to conform to the current period’s presentation.

In the first quarter of 2022, equity index contract volume increased when
compared with the same period in 2021. Volatility within the broad-based indexes
increased as a result of the rising tensions and geopolitical uncertainty with
Russia and Ukraine as well as the Federal Reserve's proposed interest rate
policy changes for 2022. In addition, a market repricing of certain
technology-based stocks contributed to the increase in the E-mini Nasdaq 100
contract volume. We believe these factors led to the overall increase in equity
contract volume.

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Foreign exchange products

The following table summarizes average daily contract volume for our key foreign
exchange products.

                                               Quarter Ended
                                                 March 31,
(amounts in thousands)                                       2022      2021      Change
Euro                                                         249       229          8  %
Japanese Yen                                                 134       112         20
British Pound                                                118       100         18
Australian dollar                                            102       120        (15)


Overall foreign exchange contract volume increased in the first quarter of 2022
when compared with the same period in 2021. Market volatility increased in early
2022 following low foreign exchange volatility in 2021 as a result of the rising
tension and geopolitical uncertainty with Russia and Ukraine as well as the
Federal Reserve's proposed policy changes for 2022. We believe these factors led
to the overall increase in foreign exchange contract volume.

Agricultural commodities

The following table summarizes the average daily volume of contracts for our main agricultural commodities.

                                               Quarter Ended
                                                 March 31,
(amounts in thousands)                                       2022      2021      Change
Corn                                                         487       511         (5) %
Soybean                                                      323       328         (1)
Wheat                                                        224       197         14


Overall commodity contract volume was flat in the first quarter of 2022 when
compared with the same period in 2021. Corn and soybean contract volumes
decreased due to lower volatility as a result of stable prices and demand.
However, wheat volume increased due to higher volatility due to uncertainty
around wheat exports out of the Ukrainian region following the rising tension
and geopolitical uncertainty within that region.

Energy products

The following table summarizes average daily contract volume for our key energy
products.

                                                Quarter Ended
                                                  March 31,
(amounts in thousands)                                        2022        2021       Change
WTI crude oil                                                1,438       1,265         14  %
Natural gas                                                    542         569         (5)
Refined products                                               408         382          7


Overall energy contract volume increased in the first quarter of 2022 when
compared with the same period in 2021, largely due to an increase in volatility
within the crude oil market. We believe the crude oil market exhibited higher
volatility as a result of rising crude oil prices due to rising tensions and
geopolitical uncertainty with Russia and Ukraine. This was partially offset by a
decrease in natural gas volume due to lower volatility as a result of stabilized
prices and market equilibrium. We believe these factors led to the overall
increase in energy contract volume.

metal products

The following table summarizes average daily volume for our key metal products.


                                               Quarter Ended
                                                 March 31,
(amounts in thousands)                                       2022      2021      Change
Gold                                                         390       404         (3) %
Copper                                                        89       120        (25)
Silver                                                        86       128        (33)


In the first quarter of 2022, metal contract volume decreased when compared with
the same period in 2021. We believe the decrease is attributed to lower overall
market volatility within the gold and silver markets. Volatility was higher in
2021, as investors were using gold and other precious metals as safe-haven
investments following the COVID-19 pandemic.


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Average rate per contract

The average rate per contract decreased in the first quarter of 2022 when
compared with the same period in 2021. The decrease in the average rate per
contract was primarily due to a change in product mix. Interest rate and equity
index contract volume increased by 3 percentage points as a percent of total
volume, while all other products collectively decreased by 3 percentage points.
In general, interest rate and equity index products have a lower rate per
contract compared with the remaining contracts. In addition, the average rate
per contract decreased due to higher volume-based incentives and discounts on
our contracts.

Cash Markets Business

Total clearing and transaction fees revenues in the first quarter of 2022
included $86.7 million of transaction fees attributable to the cash markets
business, compared with $115.1 million in the first quarter of 2021. This
revenue primarily includes BrokerTec Americas LLC's fixed income volume and
EBS's foreign exchange volume. In September 2021, we contributed the net assets
of our optimization business to OSTTRA, our new joint venture with IHS Markit,
which contributed to a $24.3 million decrease in transaction fees in the first
quarter of 2022 when compared with the same period in 2021.

                                                 Quarter Ended
                                                   March 31,
(amounts in millions)                          2022         2021       

Switch

BrokerTec Fixed Income Transaction Fees $44.4 $45.5 (2) % EBS FX transaction fee

           42.3        45.3         (7) %
Optimization transaction fees                      -        24.3          n.m.


The related average daily notional value for the first quarter of 2022 were as
follows:

                                                             Quarter Ended
                                                               March 31,
               (amounts in billions)                                   2022         2021        Change
               European Repo (in euros)                              $ 320.8      $ 287.3         12  %
               U.S. Treasury                                           147.4        136.0          8
               Spot FX                                                  68.1         72.7         (6)


Overall average daily notional value for the cash markets business increased in
the first quarter of 2022 compared with the same period in 2021. The increase in
European Repo and U.S. Treasury transactions was largely due to increased
volatility as a result of rising tensions and geopolitical conflicts in Russia
and Ukraine as well as the Federal Reserve's indication of multiple rate
increases in 2022. We believe these factors led to the overall increase in cash
market average daily notional value. Despite the increase in average daily
notional value, transaction revenue decreased slightly due to the tiered pricing
structure and incentive rate programs.

Revenue concentration

We bill a substantial portion of our clearing and transaction fees directly to
our clearing firms. The majority of clearing and transaction fees received from
clearing firms represent charges for trades executed and cleared on behalf of
their customers. One individual firm represented approximately 11% of our
clearing and transaction fees in the first quarter of 2022. Should a clearing
firm withdraw, we believe that the customer portion of the firm's trading
activity would likely transfer to another clearing firm of the exchange.
Therefore, we do not believe we are exposed to significant risk from the ongoing
loss of revenue received from or through a particular clearing firm.

Other sources of income

During the first quarter of 2022, overall market data and information services
revenues increased when compared with the same period in 2021, largely due to a
price increase for certain products and an increase in certain device counts.

The two largest resellers of our market data represented approximately 33% of
our market data and information services revenue in the first quarter of 2022.
Despite this concentration, we consider exposure to significant risk of revenue
loss to be minimal. In the event that one of these vendors no longer subscribes
to our market data, we believe the majority of that vendor's customers would
likely subscribe to our market data through another reseller. Additionally,
several of our largest institutional customers that utilize services from our
two largest resellers report usage and remit payment of their fees directly to
us.

In the first quarter of 2022, the decrease in other revenue when compared with
the same period in 2021 was largely attributable to the deconsolidation of the
optimization business in September 2021 as part of the contribution of the
business's net assets to OSTTRA, our joint venture with IHS Markit. In the first
quarter of 2021, the optimization business generated $42.5 million of other
revenue. The decrease is also due to a decline in custody fees on non-cash
collateral.

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Expenses

                                                            Quarter Ended
                                                              March 31,
(dollars in millions)                                                 2022         2021        Change
Compensation and benefits                                           $ 185.2      $ 225.0        (18) %
Technology                                                             45.9         48.2         (5)
Professional fees and outside services                                 31.8         37.4        (15)
Amortization of purchased intangibles                                  58.4         60.6         (4)
Depreciation and amortization                                          33.5         37.6        (11)
Licensing and other fee agreements                                     80.9         64.7         25
Other                                                                  51.8         54.7         (5)
Total Expenses                                                      $ 487.5      $ 528.2         (8)


Operating expenses decreased by $40.7 million in the first quarter of 2022 when
compared with the same period in 2021. The following table shows the estimated
impacts of key factors resulting in the change in operating expenses:

                                                            Quarter Ended,
                                                            March 31, 2022

                                                                                      Change as  a
                                                 Amount  of       Percentage of
(dollars in millions)                              Change         Total Expenses
Salaries, benefits and employer taxes                              $     (25.0)                (5) %
Employee separation and retention costs                                   (9.5)                (2)
Non-qualified deferred compensation                                       (8.3)                (2)
Foreign currency exchange rate fluctuation                                (6.7)                (1)
Professional fees and outside services                                    (5.6)                (1)
Bonus                                                                      4.6                  1
Licensing and other fee agreements                                        16.2                  3
Other expenses, net                                                       (6.4)                (1)
Total decrease                                                     $     (40.7)                (8) %

The decreases in operating expenses in the first quarter of 2022 compared to the same period in 2021 are as follows:

•Salaries, benefits and employer taxes were lower during the first quarter of
2022 when compared to the same period in 2021 due to a net decrease in headcount
since March 31, 2022, including the contribution of employees from CME Group's
optimization businesses to the new joint venture with IHS Markit in September
2021.

• Employee severance and retention costs were lower in the first quarter of 2022 due to lower headcount reduction compared to the same period in 2021.

•A decrease in our non-qualified deferred compensation liability during the
first quarter of 2022, the impact of which does not affect net income because of
an equal and offsetting change in investment income, contributed to a decrease
in compensation and benefits expense.

•In the first quarter of 2022, we recognized a net gain of $4.3 million,
compared with a net loss of $2.4 million in the same period in 2021, due to
currency exchange rate fluctuations. Gains and losses from exchange rate
fluctuations are recognized in the consolidated statements of net income when
subsidiaries with a U.S. dollar functional currency hold certain monetary assets
and liabilities denominated in foreign currencies.

• Professional fees and expenses for external services decreased due to greater reliance on consultants for platform integrations, information security and system enhancements in the first quarter of 2021, as well as than a reduction in legal fees related to our business activities and product offerings. The decrease in professional fees was partly offset by an increase in
Google-consultation costs related to the follow-up of CME Group
partnership with Google Cloud, which started in November 2021.

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The increases in operating expenses in the first quarter of 2022 compared to the same period in 2021 are as follows:

•Bonus expense increased in the first quarter of 2022 largely due to performance
relative to our 2022 cash earnings target when compared with our first quarter
of 2021 performance relative to our 2021 cash earnings target.

•An increase in licensing and other fee agreements expense was due to higher
volumes for certain equity products in the first quarter of 2022 compared to the
same period in 2021.

Non-operating income (expenses)

                                                                           Quarter Ended
                                                                             March 31,
(dollars in millions)                                                                 2022        2021       Change
Investment income                                                                   $ 73.1      $ 30.9        136  %
Interest and other borrowing costs                                                   (42.5)      (41.5)         2
Equity in net earnings of unconsolidated subsidiaries                                 73.3        56.2         30
Other non-operating income (expense)                                                 (46.7)      (18.4)       155
Total Non-Operating                                                                 $ 57.2      $ 27.2        110


Investment income. In the first quarter of 2022 when compared with the same
period in 2021, there was an increase in earnings from cash performance bond and
guaranty fund contributions that are reinvested due to higher reinvestment
balances as well as higher rates of interest earned in the cash account at the
Federal Reserve Bank of Chicago following an interest rate hike in early 2022.

Equity in net earnings (losses) of unconsolidated subsidiaries. In the first
quarter of 2022, we recognized our share of net earnings on our investment in
OSTTRA, our new joint venture with IHS Markit that was formed in September 2021.
Higher income generated from our S&P/Dow Jones Indices LLC (S&P/DJI) business
venture also contributed to an increase in equity in net earnings of
unconsolidated subsidiaries in the first quarter of 2022 when compared with the
same period in 2021.

Other income (expense). In the first quarter of 2022 when compared with the same
period in 2021, we recognized higher expense related to the distribution of
interest earned on performance bond collateral reinvestments to the clearing
firms caused by higher interest income earned on our reinvestment during the
period due to a higher Federal Funds rate in early 2022.

Provision for income tax

The following table summarizes the effective tax rates for the periods
presented:

                                2022        2021

Quarter ended March 31         22.4  %     23.6  %


The overall effective tax rate decreased in the first quarter of 2022 when
compared with the same period in 2021. The effective tax rate was lower in the
first quarter of 2022 due to a benefit recognized for the settlement of various
tax audits.

Cash and capital resources

Sources and Uses of Cash. Net cash provided by operating activities increased in
the first quarter of 2022 when compared with the same period in 2021 largely due
to an increase in trading volume and revenue. Net cash used in investing
activities was lower during the first quarter of 2022 when compared with the
same period in 2021 largely due to payments made in early 2021 to purchase
non-controlling interests as well as a decrease in purchases of property in the
first quarter of 2022. Cash provided by financing activities was lower during
the first quarter of 2022 when compared with the same period in 2021 due to a
smaller increase in cash performance bonds and guaranty fund contributions.









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Debt instruments. The following table summarizes our outstanding debt as of
March 31, 2022:

(in millions)                                                    Par Value
Fixed rate notes due May 2023, stated rate of 4.30%             €     

15.0

Fixed rate bills due March 2025declared rate of 3.00% (1) $750.0
Fixed rate bills due June 2028declared rate of 3.75%

            $    500.0
Fixed rate notes due March 2032, stated rate of 2.65%           $    750.0

Fixed rate bills due September 2043declared rate of 5.30% (2) $750.0
Fixed rate bills due June 2048declared rate of 4.15%

            $    700.0


_______________

(1)We maintained a forward-starting interest rate swap agreement that modified
the interest obligation associated with these notes so that the interest payable
on the notes effectively became fixed at a rate of 3.11%.

(2)We maintained a forward-starting interest rate swap agreement that modified
the interest obligation associated with these notes so that the interest payable
effectively became fixed at a rate of 4.73%.

We maintain a $2.3 billion multi-currency revolving senior credit facility with
various financial institutions, which matures in November 2026. The proceeds
from this facility can be used for general corporate purposes, which includes
providing liquidity for our clearing house in certain circumstances at CME
Group's discretion and, if necessary, for maturities of commercial paper. As
long as we are not in default under this facility, we have the option to
increase it up to $3.3 billion with the consent of the agent and lenders
providing the additional funds. This facility is voluntarily pre-payable from
time to time without premium or penalty. Under this facility, we are required to
remain in compliance with a consolidated net worth test, which is defined as our
consolidated shareholders' equity at September 30, 2021, giving effect to share
repurchases made and special dividends paid during the term of the agreements
(and in no event greater than $2.0 billion in aggregate), multiplied by 0.65. We
currently do not have any borrowings outstanding under this facility, but any
commercial paper balance if or when outstanding can be backstopped against this
facility.

We maintain a 364-day multi-currency revolving secured credit facility with a
consortium of domestic and international banks to be used in certain situations
by the clearing house. The facility provides for borrowings of up to $7.0
billion. We may use the proceeds to provide temporary liquidity in the unlikely
event a clearing firm fails to promptly discharge an obligation to CME Clearing,
in the event of a liquidity constraint or default by a depositary (custodian for
our collateral), in the event of a temporary disruption with the domestic
payments system that would delay payment of settlement variation between us and
our clearing firms, or in other cases as provided by the CME rulebook. Clearing
firm guaranty fund contributions received in the form of cash or U.S. Treasury
securities as well as the performance bond assets (pursuant to the CME rulebook)
can be used to collateralize the facility. At March 31, 2022, guaranty fund
contributions available to collateralize the facility totaled $8.6 billion. We
have the option to request an increase in the line from $7.0 billion to $10.0
billion. Our 364-day facility contains a requirement that CME remain in
compliance with a consolidated tangible net worth test, defined as CME
consolidated shareholder's equity less intangible assets (as defined in the
agreement), of not less than $800.0 million. We currently do not have any
borrowings outstanding under this facility.

The indentures governing our fixed rate notes, our $2.3 billion multi-currency
revolving senior credit facility and our 364-day multi-currency revolving
secured credit facility for $7.0 billion do not contain specific covenants that
restrict the ability to pay dividends. These documents, however, do contain
other customary financial and operating covenants that place restrictions on the
operations of the company that could indirectly affect the ability to pay
dividends.

To March 31, 2022we have excess borrowing capacity for general corporate purposes of approximately $2.3 billion under our multi-currency revolving senior credit facility.

To March 31, 2022we were in compliance with the various covenants on all of our credit facilities.

CME Group, as a holding company, has no activities of its own. Instead, it relies on dividends declared and paid by its subsidiaries to provide the funds it uses to pay dividends to its shareholders.

To satisfy our performance bond obligation with Singapore Exchange Limited, we
may pledge irrevocable standby letters of credit. At March 31, 2022, the letters
of credit totaled $330.0 million. We also maintain a $350.0 million line of
credit to meet our obligations under this agreement.




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The following table summarizes our credit ratings at March 31, 2022:

                                         Short-Term         Long-Term
Rating Agency                           Debt Rating        Debt Rating      

Outlook

Standard & Poor's Global Ratings            A1+                AA-          

Stable

Moody's Investors Service, Inc.              P1                Aa3          

Stable


Given our cash flow generation, our ability to pay down debt levels and our
ability to refinance existing debt facilities if necessary, we expect to
maintain an investment grade rating. If our ratings are downgraded below
investment grade within certain specified time periods due to a change of
control, we are required to make an offer to repurchase our fixed rate notes at
a price equal to 101% of the principal amount, plus accrued and unpaid interest.
No report of any rating agency is incorporated by reference herein.

Liquidity and Cash Management. Cash and cash equivalents totaled $2.0 billion
and $2.8 billion at March 31, 2022 and December 31, 2021, respectively. The
balance retained in cash and cash equivalents is a function of anticipated or
possible short-term cash needs, prevailing interest rates, our corporate
investment policy and alternative investment choices. A majority of our cash and
cash equivalents balance is invested in money market mutual funds that invest
only in U.S. Treasury securities, U.S. government agency securities and U.S.
Treasury security reverse repurchase agreements and short-term bank deposits.
Our exposure to credit and liquidity risk is minimal given the nature of the
investments. Cash that is not available for general corporate purposes because
of regulatory requirements or other restrictions is classified as restricted
cash and is included in other current assets or other assets in the consolidated
balance sheets.

On May 4, 2022, the board of directors declared a regular quarterly dividend of
$1.00 per share for all outstanding common and preferred shares. The dividend
will be payable on June 27, 2022 to shareholders of record on June 10, 2022.
Assuming no changes in the number of shares outstanding, the second quarter
dividend payment will total approximately $363.0 million.

Regulatory Requirements. CME is regulated by the CFTC as a Derivatives Clearing
Organization (DCO). DCOs are required to maintain capital, as defined by the
CFTC, in an amount at least equal to one year of projected operating expenses as
well as cash, liquid securities, or a line of credit at least equal to six
months of projected operating expenses. CME was designated by the Financial
Stability Oversight Council as a systemically important financial market utility
under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection
Act. As a result, CME must comply with CFTC regulations applicable to a
systemically important DCO for financial resources and liquidity resources. CME
is in compliance with all DCO financial requirements.

CME, CBOT, NYMEX and COMEX are regulated by the CFTC as Designated Contract
Markets (DCM). DCMs are required to maintain capital, as defined by the CFTC, in
an amount at least equal to one year of projected operating expenses as well as
cash, liquid securities or a line of credit at least equal to six months of
projected operating expenses. Our DCMs are in compliance with all DCM financial
requirements.

BrokerTec Americas LLC is required to maintain sufficient net capital under
Securities Exchange Act of 1934, as amended (Exchange Act), Rule 15c3-1 (the Net
Capital Rule). The Net Capital Rule focuses on liquidity and is designed to
protect securities customers, counterparties, and creditors by requiring that
broker-dealers have sufficient liquid resources on hand at all times to satisfy
claims promptly. Rule 15c3-3, or the customer protection rule, which complements
Rule 15c3-1, is designed to ensure that customer property (securities and funds)
in the custody of broker-dealers is adequately safeguarded. By law, both of
these rules apply to the activities of registered broker-dealers, but not to
unregistered affiliates. The firm began operating as a (k)(2)(i) broker dealer
in November 2017 following notification to the Financial Industry Regulatory
Authority and the SEC. A company operating under the (k)(2)(i) exemption is not
required to lock up customer funds as would otherwise be required under Exchange
Act Rule 15c3-3.

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