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 · 2026-10-23 vs the prior 10-Q · 2026-07-24
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +21 | −26 | ~26 | 24 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| 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 · 2026-10-23
Overall market volatility remained high in 2026. Interest rate, equity and foreign exchange markets experienced persistent inflationary pressure which we believe resulted in the Federal Reserve raising interest rates for the first time in over three years. In addition, certain equity indices saw inc…
Interest rate contract volumes increased in the third quarter and first nine months of 2026 when compared with the same periods in 2025. This growth was primarily driven by persistent inflationary pressures, which prompted the Federal Reserve to implement its first interest rate hike in over three y…
The following table summarizes average daily contract volume for our key equity index and cryptocurrency products. The figures below include Micro E-mini and E-nano contract volumes.
Equity index contract volumes increased in the third quarter and first nine months of 2026 when compared with the same periods in 2025. We believe these increases were due to market skepticism surrounding AI related spending which resulted in additional volumes within the Nasdaq-100 product suite. I…
Our cryptocurrency contract volumes decreased in the third quarter of 2026 when compared with the same period in 2025. We believe this decrease was attributed to higher volatility periods in 2025 which generated higher levels of activity compared to 2026.
Text removed vs the prior filing · source: 10-Q · 2026-07-24
Net increase (decrease) in clearing and transaction fees$(38.5)$159.2
Overall market volatility was high in early 2026 due to the heightened geopolitical conflict in the Middle East, which has caused a ripple effect throughout the world economy. In addition, uncertainty remained high within the energy and metals markets as the Middle East conflict caused significant s…
In the second quarter of 2026, interest rate contract volume was lower compared with the same period in 2025 due to a decrease in market volatility. We believe this was due to more certainty surrounding the Federal Reserve's future interest rate policy decisions.
Overall interest rate contract volume increased in the first six months of 2026 when compared with same period in 2025 due to periods of high market volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which led to initial uncertainty surrounding the Federa…
The following table summarizes average daily contract volume for our key equity index and cryptocurrency products.
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-23
During the quarter ended September 30, 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.
Text removed 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,…
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