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CME Group (NYSE, Nasdaq: CME) today reported Chicago Mercantile Exchange Holdings Inc. (CME) second quarter results. Total revenues increased 17 percent to $329 million and net income increased 15 percent to $126 million for second-quarter 2007 compared with second-quarter 2006. Diluted earnings per share on a GAAP basis rose 14 percent to $3.57 from $3.12. Excluding merger-related expenses of $7.0 million, diluted earnings per share would have been $3.69.
A summary of financial results for CBOT Holdings, Inc. (CBOT) is included later in this release and reflects a full quarter's activity prior to the company's merger with CME on July 12, 2007. CME Group results for the third quarter ended September 30, 2007 will include CBOT results from July 13, 2007.
"We are pleased to have completed the historic merger of CME and CBOT, which we believe will deliver significant value for the shareholders and customers of CME Group," said CME Group Executive Chairman Terry Duffy. "Together, CME and CBOT had combined revenues of more than $500 million in second-quarter 2007, which underscores the ability of our combined enterprise to deliver organic growth as well as be positioned to compete better globally for expanded business in regulated and over-the-counter derivatives markets. We look forward to building on our shared legacies of product innovation, technological expertise and superior customer service to capitalize on the tremendous growth opportunities we see in this global marketplace."
"In addition to delivering another solid quarter and closing the merger, we focused intensely on integration planning and new growth initiatives over the last few months," said CME Group Chief Executive Officer Craig Donohue. "Our hard work has put us in a position to accelerate many of our merger integration milestones. This includes completing the transition of CME and CBOT products onto a single electronic platform in January 2008, and beginning to combine our trading floors in March 2008, both ahead of our initial schedule. In addition, we continue to execute on our growth strategy -- our electronic options volume reached record levels, we delivered record transaction processing services revenue, FXMarketSpace has progressed significantly in a short amount of time, and last week we announced the addition of centralized clearing to our over-the-counter interest rate swaps offering."
All references to volume and rate per contract information in the text of this document exclude our non-traditional TRAKRS products, for which CME Group receives significantly lower clearing fees than other CME Group products, CME Group Auction Markets products and Swapstream products.
CME Holdings Second-Quarter 2007 Results
Financial Highlights:
GAAP
($s in millions, Q2 Q2 Y/Y YTD YTD Y/Y
except per share) FY07 FY06 FY07 FY06
Revenues $329 $282 17% $661 $534 24%
Expenses $137 $115 19% $269 $228 18%
Operating Income $192 $167 15% $393 $306 29%
Operating Margin % 58.4% 59.1% 59.4% 57.2%
Net Income $126 $110 15% $256 $201 27%
Diluted EPS $3.57 $3.12 14% $7.26 $5.73 27%
Non-GAAP (excluding merger-related expenses)
($s in millions, Q2 Q2 Y/Y YTD YTD Y/Y
except per share) FY07 FY06 FY07 FY06
Revenues $329 $282 17% $661 $534 24%
Expenses $130 $115 12% $260 $228 14%
Operating Income $199 $167 19% $401 $306 31%
Operating Margin % 60.5% 59.1% 60.7% 57.2%
Net Income $130 $110 19% $261 $201 30%
Diluted EPS $3.69 $3.12 18% $7.41 $5.73 29%
NOTE: The non-GAAP financial measures of operating performance exclude merger-related expenses of $7.0 million for the second quarter 2007 and $8.7 million for the six months ended June 30, 2007. Non-GAAP measures do not replace and are not a substitute for GAAP financial results but are provided to improve overall understanding of current financial performance.
After a slow start in April, stronger May and June volumes drove a CME clearing and transaction fee increase of 11 percent to $253 million, up from $229 million for second-quarter 2006. In addition, CME generated record revenue from processing services, increasing 86 percent from the same period a year ago to reach $38 million. CME Clearing handled record CBOT volumes of 4.0 million contracts per day, resulting in revenue of $24 million, up 20 percent from last year's second quarter. NYMEX volume on CME Globex averaged a record 710,000 contracts per day, resulting in revenue of $14 million. Additionally, quotation data fees were up 18 percent to $24 million.
The average rate per contract was $0.624 for the quarter compared with $0.632 in the second quarter of 2006. The slight rate decrease was primarily driven by a higher proportion of the volume coming from members, who have lower average fees.
Total expenses increased 19 percent to $137 million. The incremental expense in the second quarter for CME-CBOT merger-related expenses was $7.0 million, driven primarily by legal, marketing and branding, and integration consulting costs. Excluding this, expenses would have been $130 million, up 12 percent compared with the prior year and in line with historical growth rates. Capital expenditures were $26 million in second-quarter 2007, excluding leasehold improvement allowances.
Second-quarter income before income taxes was $209 million, an increase of 16 percent from $180 million for the year-ago period. The company's operating margin was 58 percent on a GAAP basis, or 61 percent excluding merger-related costs of $7.0 million, compared with 59 percent for the same period last year. Operating margin is defined as operating income as a percentage of total revenues.
CME's working capital increased by approximately $97 million during the second quarter, to $1.5 billion at June 30, 2007.
CME Holdings Six-Month Results
Average daily volume was 6.4 million contracts for the first half of 2007, up 19 percent from 5.3 million contracts in the same period in 2006. Volume on the CME Globex electronic platform increased 28 percent year over year, to an average of 4.8 million contracts per day.
For the first six months of 2007, total revenues increased 24 percent to $661 million from $534 million for the first half of 2006. Clearing and transaction fees improved 19 percent to $511 million from $429 million a year ago, benefiting from higher trading volume. Processing services increased 89 percent to $72 million, from $38 million a year ago, driven primarily by increased revenue from our trade-matching services for NYMEX, which began in June 2006.
Total expenses were $269 million for the first half of 2007, an increase of 18 percent from $228 million for the comparable period in 2006. The incremental expense for CME-CBOT merger-related expenses in the first half of 2007 was $8.7 million. Excluding this, expenses would have been $260 million, up 14 percent compared to the prior year.
Capital expenditures were $42 million for the first six months of 2007, excluding leasehold improvement allowances.
Income before taxes was $425 million for the first half of 2007, up 29 percent versus the same period a year ago. The operating margin was 59 percent, on a GAAP basis, for the first six months of 2007, or 61 percent excluding merger-related costs of $8.7 million, compared with 57 percent for the year-earlier period.
The company reported record net income of $256 million, or $7.26 per diluted share, for the first six months of this year, compared with $201 million, or $5.73 per diluted share, for the first half of 2006.
CME Group will hold a conference call to discuss second-quarter results at 8:30 a.m. Eastern Time today. A live audio Webcast of the call will be available on the Investor Relations section of CME Group's Web site at http://www.cmegroup.com. An archived recording will be available for up to two months after the call.
CME Group (http://www.cmegroup.com/) is the world's largest and most diverse exchange. Formed by the 2007 merger of the Chicago Mercantile Exchange Holdings Inc. (CME) and the CBOT Holdings, Inc. (CBOT), CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities, and alternative investment products such as weather and real estate. CME Group is traded on the New York Stock Exchange and NASDAQ under the symbol "CME".
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex and E-mini, are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. TRAKRS and Total Return Asset Contracts are trademarks of Merrill Lynch & Co., Inc. These trademarks are used herein under license. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at http://www.cmegroup.com/.
Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Among the factors that might affect our performance are: our ability to successfully integrate the businesses of CME Holdings and CBOT Holdings, including the fact that such integration may be more difficult, time consuming or costly than expected; revenues following the merger may be lower than expected; increasing competition by foreign and domestic competitors, including new entrants into our markets; our ability to keep pace with rapid technological developments, including our ability to complete the development and implementation of the enhanced functionality required by our customers; our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to continue to realize the benefits of our transaction processing services provided to third parties; our ability to maintain existing customers and attract new ones; our ability to expand and offer our products in foreign jurisdictions; changes in domestic and foreign regulations; changes in government policy, including policies relating to common or directed clearing; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; our ability to generate revenue from our market data that may be reduced or eliminated by the growth of electronic trading and the redundancies in the market data offerings of Chicago Mercantile Exchange Inc. and Board of Trade of the City of Chicago, Inc.; changes in the rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of tiered pricing; the ability of our financial safeguards package to adequately protect us from the credit risk of clearing firms; changes in price levels and volatility in the derivatives markets and in underlying fixed income, equity, foreign exchange and commodities markets; economic, political and market conditions; our ability to accommodate increases in trading volume without failure or degradation of performance of our systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks and control the costs associated with our acquisition, investment and alliance strategy; industry and customer consolidation; decreases in trading and clearing activity; the imposition of a transaction tax on futures and options on futures transactions; and seasonality of the derivatives business. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q, which is available in the Investor Relations section of the CME Group Web site. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Chicago Mercantile Exchange Holdings Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands)
June 30, December 31,
2007 2006
ASSETS
Current Assets:
Cash and cash equivalents $1,174,947 $969,504
Collateral from securities lending 2,435,851 2,130,156
Marketable securities, including pledged
securities 203,159 269,516
Accounts receivable, net of allowance 158,301 121,128
Other current assets 43,064 37,566
Cash performance bonds and security deposits 974,603 521,180
Total current assets 4,989,925 4,049,050
Property, net of accumulated depreciation and
amortization 179,453 168,755
Other assets 134,355 88,700
Total Assets $5,303,733 $4,306,505
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $25,824 $25,552
Payable under securities lending agreements 2,435,851 2,130,156
Other current liabilities 76,479 78,466
Cash performance bonds and security deposits 974,603 521,180
Total current liabilities 3,512,757 2,755,354
Other liabilities 50,220 32,059
Total liabilities 3,562,977 2,787,413
Shareholders' equity 1,740,756 1,519,092
Total Liabilities and Shareholders' Equity $5,303,733 $4,306,505
Chicago Mercantile Exchange Holdings Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per share amounts)
Quarter Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Revenues
Clearing and transaction
fees $252,723 $228,519 $510,964 $429,316
Processing services 37,560 20,184 72,319 38,309
Quotation data fees 24,326 20,579 49,342 40,679
Access fees 5,519 4,875 10,980 9,753
Communication fees 2,024 2,173 4,040 4,399
Other 6,857 5,879 13,695 11,470
Total Revenues 329,009 282,209 661,340 533,926
Expenses
Compensation and benefits 56,729 48,055 113,129 97,892
Communications 8,850 7,945 17,929 15,793
Technology support
services 8,645 7,656 17,537 14,918
Professional fees and
outside services 12,110 9,622 21,282 17,753
Depreciation and
amortization 20,428 17,596 40,417 34,983
Occupancy 9,361 7,223 18,188 14,471
Licensing and other fee
agreements 6,794 6,929 13,829 12,861
Marketing, advertising and
public relations 7,116 3,987 13,099 7,083
Other 6,755 6,400 13,102 12,534
Total Expenses 136,788 115,413 268,512 228,288
Operating Income 192,221 166,796 392,828 305,638
Non-Operating Income and
Expense
Investment income 19,394 12,726 36,699 24,135
Securities lending
interest income 35,520 23,360 68,410 51,096
Securities lending
interest expense (34,331) (22,769) (66,756) (49,866)
Equity in losses of
unconsolidated
subsidiaries (3,371) (219) (6,391) (608)
Total Non-Operating 17,212 13,098 31,962 24,757
Income Before Income Taxes 209,433 179,894 424,790 330,395
Income tax provision (83,558) (70,361) (168,887) (129,449)
Net Income $125,875 $109,533 $255,903 $200,946
Earnings per Common Share:
Basic $3.61 $3.16 $7.34 $5.81
Diluted 3.57 3.12 7.26 5.73
Weighted Average Number of
Common Shares:
Basic 34,882 34,639 34,867 34,610
Diluted 35,242 35,096 35,236 35,070
CME Holdings
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Trading Days 63 63 63 62 64
Average Daily Volume (Round Turns, in Thousands)*
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Interest rates 3,255 3,148 2,990 3,639 3,560
Equity E-mini 1,748 1,564 1,596 1,977 1,988
Equity standard-size 173 154 147 190 173
Foreign exchange 471 423 508 555 527
Commodities 81 78 72 93 75
Subtotal 5,728 5,367 5,313 6,454 6,323
TRAKRS 419 117 294 143 98
Total 6,147 5,484 5,607 6,597 6,421
Open outcry 1,657 1,517 1,293 1,578 1,562
Electronic
(including TRAKRS) 4,441 3,917 4,261 4,958 4,802
Privately negotiated 49 50 53 61 57
Total 6,147 5,484 5,607 6,597 6,421
Transaction Fees (in Thousands)*
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Interest rates $97,768 $98,306 $95,741 $110,950 $107,464
Equity E-mini 76,889 70,194 71,111 86,571 88,247
Equity standard-size 15,493 12,947 13,271 16,631 15,014
Foreign exchange 33,212 30,576 34,752 38,176 36,768
Commodities 4,673 4,597 4,257 5,417 4,895
Subtotal 228,035 216,620 219,132 257,745 252,388
TRAKRS 384 244 344 180 176
Total $228,419 $216,864 $219,476 $257,925 $252,564
Open outcry $50,067 $45,429 $41,710 $47,841 $47,271
Electronic
(including TRAKRS) 166,741 160,295 165,399 196,377 192,067
Privately negotiated 11,611 11,140 12,367 13,707 13,226
Total $228,419 $216,864 $219,476 $257,925 $252,564
Average Rate Per Contract (RPC)*
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Interest rates $0.477 $0.496 $0.508 $0.492 $0.472
Equity E-mini 0.698 0.712 0.707 0.706 0.693
Equity standard-size 1.421 1.338 1.430 1.414 1.356
Foreign exchange 1.119 1.146 1.085 1.109 1.090
Commodities 0.921 0.939 0.942 0.944 1.021
Average
(excluding TRAKRS) $0.632 $0.641 $0.655 $0.644 $0.624
TRAKRS 0.015 0.033 0.019 0.020 0.028
Open outcry $0.480 $0.475 $0.512 $0.489 $0.473
Electronic
(excluding TRAKRS) 0.657 0.668 0.660 0.657 0.637
Privately negotiated 3.785 3.545 3.713 3.650 3.625
*Note: All volume, transaction fee data, and rate per contract information exclude CME Group Auction Markets products and Swapstream products.
CBOT Holdings Second-Quarter 2007 Results
For the second quarter ended June 30, 2007, CBOT reported a 33 percent increase in revenue, reaching a record $204 million, which reflects growth in trading volume and a higher average rate per contract. Net income for the quarter also hit record levels, increasing 34 percent to $58 million, or $1.10 per diluted share, for the second quarter. Excluding merger-related expenses, net income would have been $72 million, or $1.35 per diluted share, a 65 percent increase from second-quarter 2006. In last year's second quarter, CBOT reported net income of $43 million, or $0.82 per diluted share.
Revenue growth combined with curtailed spending in advance of the merger resulted in higher operating margins in the second quarter for CBOT. The operating margin for the quarter expanded to 46 percent from 45 percent in the same period last year. Excluding merger-related expenses, the operating margin for the quarter would have been 56 percent.
Included in second-quarter 2007 results are $20.1 million in merger- related expenses. These expenses consist primarily of legal and advisory fees incurred in connection with CBOT's merger with CME and the unsolicited proposal from IntercontinentalExchange, Inc.
Financial Highlights:
GAAP
($s in millions,
except per share) Q2 FY07 Q2 FY06 Y/Y YTD FY07 YTD FY06 Y/Y
Revenues $204 $154 33% $392 $294 33%
Expenses $110 $85 29% $208 $170 23%
Operating Income $95 $69 37% $184 $124 48%
Operating Margin % 46.3% 44.7% 47.0% 42.3%
Net Income $58 $43 34% $114 $79 45%
Diluted EPS $1.10 $0.82 34% $2.15 $1.49 44%
Non-GAAP (excluding merger-related expenses)
($s in millions,
except per share) Q2 FY07 Q2 FY06 Y/Y YTD FY07 YTD FY06 Y/Y
Revenues $204 $154 33% $392 $294 33%
Expenses $90 $85 5% $175 $170 3%
Operating Income $115 $69 67% $217 $124 75%
Operating Margin % 56.1% 44.7% 55.4% 42.3%
Net Income $72 $43 65% $140 $79 78%
Diluted EPS $1.35 $0.82 65% $2.64 $1.49 77%
NOTE: The non-GAAP financial measures of operating performance exclude merger-related expenses of $20.1 million for the second quarter 2007 and $33.1 million for the six months ended June 30, 2007. The CME merger-related expenses have been treated as non-deductible for tax purposes. Non-GAAP measures do not replace and are not a substitute for GAAP financial results but are provided to improve overall understanding of current financial performance.
Revenue growth for the quarter was primarily driven by higher exchange and clearing fees, which increased $52 million, or 45 percent. This growth was fueled by a 23 percent increase in total trading volume and a 17 percent increase in the average rate per contract in second-quarter 2007 compared with 2006.
CBOT achieved record trading volume for the second quarter with 256 million contracts traded, a 23 percent increase from the comparable prior year period. Average daily volume for the quarter reached a record 4.0 million contracts, up 21 percent compared with the same period last year. Additionally, electronic trading grew 41 percent to 3.1 million contracts per day in the second quarter of 2007 from 2.2 million contracts per day in the prior year's second quarter.
The average rate per contract was $0.662 for the quarter compared with $0.564 in the second quarter of 2006. The rate increase resulted primarily from changes in trading fees implemented in 2006. The average rate per contract also benefited from increased electronic trading of agricultural contracts following the August 1, 2006, introduction of electronic trading of agricultural futures during daytime trading hours.
Total operating expenses for the second quarter were $110 million, up 29 percent over the prior year's second quarter. Excluding merger-related expenses of $20.1 million for the quarter, operating expenses increased 5 percent compared with the prior-year period. Volume-based expenses were $26 million, up 20 percent, which is in line with the growth in trading volume. Baseline and other costs, or non-volume based expenses, were $84 million this quarter compared with $64 million in second-quarter 2006, a 32 percent increase. Excluding second-quarter 2007 merger-related expenses, non-volume based expenses were relatively flat compared with last year's second quarter.
CBOT Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollars in thousands)
June 30, December 31,
2007 2006
ASSETS
Current Assets:
Cash and cash equivalents:
Unrestricted $200,609 $177,664
Held under deposit and
membership transfers 11,219 1,503
Total cash and cash equivalents 211,828 179,167
Restricted cash -- 975
Short term investments 372,615 312,411
Accounts receivable, net of allowance 90,922 62,451
Deferred income taxes 6,019 --
Prepaid expenses 12,160 9,492
Total current assets 693,544 564,496
Property and Equipment:
Land 34,234 34,234
Buildings and equipment 329,560 343,271
Furnishings and fixtures 161,313 184,913
Computer software and systems 89,541 93,942
Construction in progress 2,158 1,906
Total property and equipment 616,806 658,266
Less accumulated depreciation and
amortization 410,127 433,989
Property and equipment, net 206,679 224,277
Other assets 21,629 22,557
Total Assets $921,852 $811,330
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $21,486 $11,149
Accrued clearing services 20,459 16,226
Accrued liabilities 25,278 29,638
Funds held for deposit and membership transfers 11,219 1,562
Current portion of long-term debt -- 10,716
Income tax payable 466 10,428
Other current liabilities 148 562
Total current liabilities 79,056 80,281
Long-term Liabilities:
Deferred income tax liabilities -- 2,984
Other liabilities 16,830 19,645
Total long-term liabilities 16,830 22,629
Total Liabilities $95,886 $102,910
Stockholders' Equity:
Common stock 53 53
Additional paid-in capital 494,125 489,817
Retained earnings 339,085 226,961
Accumulated other comprehensive
income (loss) (7,297) (8,411)
Total stockholders' equity 825,966 708,420
Total Liabilities and Stockholders' Equity $921,852 $811,330
CBOT Holdings, Inc. and Subsidiaries
Consolidated Statements of Income
(in thousands, except per share amounts)
Quarter Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
Revenues
Exchange fees $132,800 $91,855 $250,480 $174,975
Clearing fees 36,754 25,366 70,727 48,597
Market data 24,176 26,286 49,258 49,929
Building 6,188 5,910 12,103 11,415
Services 3,869 4,299 8,103 8,535
Other 638 407 1,491 758
Total Revenues 204,425 154,123 392,162 294,209
Expenses
Clearing services 23,460 19,490 45,256 37,513
Contracted license fees 2,214 1,914 4,333 3,652
Salaries and benefits 18,450 19,028 38,937 38,130
Depreciation and
amortization 11,851 14,789 23,371 28,875
Professional services 26,025 4,558 42,679 8,497
General and
administrative expenses 4,056 4,546 8,533 9,622
Building operating costs 5,940 6,002 12,360 12,605
Information technology 11,357 11,885 23,129 24,115
services Programs 2,759 3,086 5,750 5,713
Severance and related costs 3,718 (22) 3,700 1,014
Total Operating Expenses 109,830 85,276 208,048 169,736
Income From Operations 94,595 68,847 184,114 124,473
Non-Operating Income and
Expense
Interest income 7,002 4,363 13,378 7,846
Interest expense (23) (388) (239) (973)
Total Non-Operating 6,979 3,975 13,139 6,873
Income Before Income Taxes 101,574 72,822 197,253 131,346
Income tax provision 43,031 29,126 82,901 52,301
Income Before Equity in
Unconsolidated Subsidiary 58,543 43,696 114,352 79,045
Equity in loss of
unconsolidated subsidiary,
net of tax (267) (237) (685) (483)
Net Income $58,276 $43,459 $113,667 $78,562
Earnings per Common Share:
Basic $1.10 $0.82 $2.15 $1.49
Diluted 1.10 0.82 2.15 1.49
Weighted Average Number of
Common Shares:
Basic 52,803 52,792 52,801 52,789
Diluted 52,923 52,848 52,911 52,844
Note: At December 31, 2006, the company changed the format of its income statement. The company reclassified interest income and interest expense from revenue and operating expense, respectively, to a non-operating income and expense section in the consolidated statements of income. Accordingly, prior period amounts have been reclassified to conform to current period presentation.
CBOT Holdings
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Trading Days 63 63 63 62 64
Average Daily Volume (Round Turns, in Thousands)
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Interest Rates 2,588 2,507 2,480 3,032 3,110
Agriculture 529 490 611 631 701
Equity Index 131 110 112 138 146
Metals, Energy & Other 54 56 65 65 42
Total 3,302 3,163 3,269 3,866 3,999
Open-Auction 990 850 813 733 734
Electronic 2,220 2232 2,375 3,031 3,133
Off-Exchange 91 81 81 102 132
Total 3,302 3,163 3,269 3,866 3,999
Transaction Fees (in Thousands)
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Interest Rates $85,339 $89,673 $88,894 $103,697 $112,952
Agriculture 22,664 24,378 35,821 37,818 47,192
Equity Index 5,859 5,416 5,677 6,815 7,385
Metals, Energy
& Other 3,360 3,699 4,116 3,323 2,025
Total $117,221 $123,166 $134,509 $151,653 $169,554
Open-Auction $32,136 $28,060 $26,730 $23,468 $25,053
Electronic 70,341 79,000 91,570 110,345 122,108
Off-Exchange 14,745 16,106 16,209 17,840 22,393
Total $117,221 $123,166 $134,509 $151,653 $169,554
Average Rate Per Contract (RPC)
2Q 3Q 4Q 1Q 2Q
2006 2006 2006 2007 2007
Interest Rates $0.523 $0.568 $0.569 $0.552 $0.567
Agriculture 0.680 0.790 0.931 0.966 1.051
Equity Index 0.712 0.779 0.803 0.799 0.792
Metals, Energy &
Other 0.986 1.048 1.001 0.822 0.758
Total $0.564 $0.618 $0.653 $0.633 $0.662
Open-Auction $0.515 $0.524 $0.522 $0.516 $0.533
Electronic 0.503 0.562 0.612 0.587 0.609
Off-Exchange 2.564 3.172 3.179 2.821 2.655
Total $0.564 $0.618 $0.653 $0.633 $0.662
