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Revenue for the year held nearly steady at $380.2 million, versus $381.3 million, with significant increases in trading volume partially offsetting declines associated with revisions made to the Exchange’s trading fee structure in 2004.
In the fourth quarter of 2004, the CBOT reported a net loss of $2.7 million, which includes $3.5 million in costs associated with the settlement of the Minority Member lawsuit and the previously announced return of an assessment of $9.3 million that the Exchange levied on its membership in January 2004.
Fourth quarter revenue was $83.6 million, versus $98.9 million in the same period the prior year, with declines associated with revisions made to the Exchange’s trading fee structure in 2004 and the impact of the return of a membership assessment of $9.3 million contributing to the decline.
CBOT President and CEO Bernard W. Dan said, “Last year was the most successful in CBOT history by multiple standards of measurement – the Exchange posted record financial results, volume in every major complex eclipsed prior all-time highs, and seat prices reached new record levels.” “This performance came against a backdrop of unprecedented competition within the futures industry and is a testimony to the Exchange’s sound and prudent business model. In 2005, the CBOT remains committed to the same efforts and initiatives that contributed to its success of 2004: providing its customers with cutting-edge, premier technology, expanding access to its markets globally, and delivering the highest possible caliber of service to market users.”
Trading volume in 2004 reached the highest annual total ever recorded in Exchange history. Annual volume rose 32 percent over the prior year to 599,994,386 contracts, making 2004 the third consecutive record-breaking year for the CBOT. Average daily volume in 2004 increased to 2.4 million contracts from 1.8 million contracts in 2003.
For more information about the CBOT’s products and markets, please log onto the Exchange Website at www.cbot.com.
