8 October 2013

Co-Authors

Justin Schack

Managing Director

Akhil Bhatia

Director

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

TRADING TALK
ICE: Key Takeaways From 3Q13 Earnings

Below are what we believe to be the key takeaways from CME’s 3Q13 earnings call this morning. As always, please contact us with any questions.

• Diluted adjusted EPS +7% y/y to $0.75 (-18% q/q). GAAP EPS of $0.71 included a $12mn gain related to corporate FX transactions, $24.9mn in charges related to adverse tax items and a $0.7mn positive adjustment in the market value of the Kansas City Board of Trade building. Revenues of $715mn increased 5% y/y (-12% q/q) and operating expenses were $325mn, up 13% y/y (+6% q/q). Total average daily volume in Q3 of 12mn contracts grew 11% y/y (-16% q/q). 4QTD is off to a softer start, with ADV of 11.2mn contracts (-7% q/q), with the majority of the QTD decline in interest-rate futures (-16% q/q). During Q3, RPC was $0.762, down 7% y/y (+2% q/q) with continued incentives in the energy complex driving the majority of the y/y decline.

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