CME — what changed in the latest 10-Q
A section-by-section comparison of CME's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-24 vs the prior 10-Q · 2026-04-24
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +31 | −20 | ~20 | 25 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-24
(dollars in millions, except per share data)20262025Change20262025Change
Increase (decrease) due to change in total contract volume$(15.8)$246.5
Decreases due to change in average rate per contract(22.7)(87.3)
Net increase (decrease) in clearing and transaction fees$(38.5)$159.2
Electronic Volume as a Percentage of Total Volume94 %93 %93 %93 %
Text removed vs the prior filing · source: 10-Q · 2026-04-24
Market uncertainty remained high throughout the first quarter of 2026. Each of our asset classes experienced significant volatility as a result of the heightened geopolitical conflict in the Middle East, which has caused a ripple effect throughout the world economy. This resulted in uncertainty surr…
In the first quarter of 2026, interest rate contract volume was higher compared with the same period in 2025 due to an increase in market volatility. We believe this was due to the heightened geopolitical conflict in the Middle East. This led to uncertainty surrounding the Federal Reserve's future i…
We believe these factors contributed to higher overall equity index and cryptocurrency volumes in the first quarter of 2026 when compared with the same period in 2025.
In the first quarter of 2026, overall foreign exchange volume increased when compared with the same period in 2025 mainly due to the heightened geopolitical conflict in the Middle East. This led to higher Australian dollar contract volume due to uncertainty in the commodities and energy markets. In …
Energy contract volume increased in the first quarter of 2026 when compared with the same period in 2025, which we believe was due to the heightened geopolitical conflict in the Middle East. The conflict in the Middle East disrupted crucial supply chain routes, which created higher uncertainty withi…
Other information
Text added vs the prior filing · source: 10-Q · 2026-07-24
On June 1, 2026, Jonathan Marcus, Senior Managing Director and General Counsel, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c). Under the terms of the plan, Mr. Marcus is scheduled to sell an aggregate of up to 1,294 shares of the company's Class A common stock,…
Text removed vs the prior filing · source: 10-Q · 2026-04-24
During the quarter ended March 31, 2026, no director or officer of the company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b-5 trading arrangement" as such terms are defined in Item 408(a) of Regulation S-K.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice