The following discussion is provided as a supplement to, and should be read in conjunction with, the accompanying unaudited consolidated financial statements and notes in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026. References in this discussion and analysis to “we” and “our” are to CME Group Inc. (CME Group) and its consolidated subsidiaries, collectively. References to “exchange” are to Chicago Mercantile Exchange Inc. (CME), the Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), and Commodity Exchange, Inc. (COMEX), collectively, unless otherwise noted. RESULTS OF OPERATIONS Financial Highlights The following summarizes significant changes in our financial performance for the periods presented. Quarter Ended June 30, Six Months Ended June 30, (dollars in millions, except per share data) 2026 2025 Change 2026 2025 Change Total revenues $ 1,706.2 $ 1,692.0 1 % $ 3,586.3 $ 3,334.3 8 % Total expenses 599.1 562.7 6 1,169.5 1,097.0 7 Operating margin 64.9 % 66.7 % 67.4 % 67.1 % Non-operating income (expense) $ 220.6 $ 201.0 10 $ 421.8 $ 337.8 25 Effective tax rate 21.5 % 22.9 % 22.6 % 23.1 % Net income $ 1,041.8 $ 1,025.1 2 $ 2,196.1 $ 1,981.3 11 Diluted earnings per common share 2.88 2.81 2 6.06 5.43 12 Cash flows from operating activities 2,207.0 2,175.1 1 Revenues Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2026 2025 Change 2026 2025 Change Clearing and transaction fees $ 1,352.5 $ 1,388.0 (3) % $ 2,895.1 $ 2,725.3 6 % Market data and information services 238.1 198.1 20 462.2 392.6 18 Other 115.6 105.9 9 229.0 216.4 6 Total Revenues $ 1,706.2 $ 1,692.0 1 $ 3,586.3 $ 3,334.3 8 Clearing and Transaction Fees Futures and Options Contracts The following table summarizes our total contract volume, revenue and average rate per contract for futures and options. Total contract volume includes contracts that are traded on our exchange and cleared through our clearing house and certain cleared-only contracts. Volume is measured in round turns, which is considered a completed transaction that involves a purchase and an offsetting sale of a contract. Average rate per contract is determined by dividing total clearing and transaction fees by total contract volume. Contract volume and average rate per contract disclosures below exclude trading volume for event contracts, the cash markets business as well as interest rate swaps. Quarter Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Total contract volume (in millions) 1,850.2 1,873.4 (1) % 4,060.3 3,689.3 10 % Clearing and transaction fees (in millions) $ 1,254.3 $ 1,292.8 (3) $ 2,697.5 $ 2,538.3 6 Average rate per contract $ 0.678 $ 0.690 (2) $ 0.664 $ 0.688 (3) 23 Table of Contents We estimate the following net changes in clearing and transaction fees based on the changes in total contract volumes and the changes in average rate per contract for futures and options during the second quarter and first six months of 2026 when compared with the same periods in 2025. (in millions) Quarter Ended Six Months Ended 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 Average rate per contract is impacted by our rate structure, including volume-based incentives; product mix; trading venue; and the percentage of volume executed by customers who are members compared with non-member customers. Due to the relationship between average rate per contract and contract volume, the change in clearing and transaction fees attributable to changes in each is only an approximation. Contract Volume The following table summarizes average daily contract volume. Contract volume can be influenced by many factors, including political and economic conditions, the regulatory environment and market competition. Quarter Ended June 30, Six Months Ended June 30, (amounts in thousands) 2026 2025 Change 2026 2025 Change Average Daily Volume by Product Line: Interest rates 14,532 15,472 (6) % 16,586 15,252 9 % Equity indexes 8,634 7,661 13 8,644 7,827 10 Foreign exchange 989 1,096 (10) 1,091 1,123 (3) Energy 2,667 3,082 (13) 3,320 2,993 11 Agricultural commodities 2,080 1,964 6 2,061 1,961 5 Metals 941 942 — 1,309 838 56 Aggregate average daily volume 29,843 30,217 (1) 33,011 29,994 10 Average Daily Volume by Venue: CME Globex 27,935 28,097 (1) 30,761 27,916 10 Open outcry 830 993 (16) 1,034 938 10 Privately negotiated 1,078 1,127 (4) 1,216 1,140 7 Aggregate average daily volume 29,843 30,217 (1) 33,011 29,994 10 Electronic Volume as a Percentage of Total Volume 94 % 93 % 93 % 93 % 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 supply disruptions and led market participants to turn to precious metals amid this uncertainty. However, in the second quarter of 2026, overall market volatility subsided relative to periods of very high volatility earlier in the year as market uncertainty tapered. We believe these factors contributed to volume remaining relatively flat in the second quarter of 2026 when compared to the same period in 2025 and an increase in volume in the first six months of 2026 when compared with the same period in 2025. 24 Table of Contents Interest Rate Products The following table summarizes average daily contract volume for our key interest rate products. Quarter Ended June 30, Six Months Ended June 30, (amounts in thousands) 2026 2025 Change 2026 2025 Change SOFR futures and options: Futures expiring within two years 3,009 3,357 (10) % 3,501 3,145 11 % Options 1,212 1,464 (17) 1,611 1,403 15 Futures expiring beyond two years 1,018 1,226 (17) 1,231 1,189 4 U.S. Treasury futures and options: 10-Year 3,532 3,392 4 3,869 3,580 8 5-Year 2,078 2,287 (9) 2,320 2,241 4 2-Year 1,292 1,180 10 1,419 1,161 22 Treasury Bond 717 839 (15) 814 821 (1) Ultra T-Note 769 773 (1) 831 795 4 Ultra T-Bond 483 463 4 496 450 10 Federal Funds futures and options 380 443 (14) 452 422 7 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 Federal Reserve's future interest rate policy decisions. Equity Index and Cryptocurrency Products The following table summarizes average daily contract volume for our key equity index and cryptocurrency products. Quarter Ended June 30, Six Months Ended June 30, (amounts in thousands) 2026 2025 Change 2026 2025 Change E-mini S&P 500 futures and options 4,420 4,349 2 % 4,546 4,435 3 % E-mini Nasdaq 100 futures and options 3,191 2,415 32 2,994 2,503 20 E-mini Russell 2000 futures and options 350 330 6 375 315 19 E-mini Dow futures and options 262 252 4 285 256 11 Bitcoin futures and options 116 86 35 142 95 50 Ether futures and options 89 102 (12) 106 98 8 Equity index contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. We believe these increases were due to the geopolitical conflict in the Middle East in early 2026, which caused significant uncertainty throughout the equity markets. In addition, market shifts in the Nasdaq-100 and Russell 2000 resulted in additional volume within both complexes. Our cryptocurrency contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. We believe the increased volatility resulted in a broader cryptocurrency market repricing. 25 Table of Contents Foreign Exchange Products The following table summarizes average daily contract volume for our key foreign exchange products. Quarter Ended June 30, Six Months Ended June 30, (amounts in thousands) 2026 2025 Change 2026 2025 Change Euro 245 281 (13) % 268 291 (8) % Japanese Yen 185 213 (13) 197 210 (6) Australian dollar 122 119 3 143 116 23 British Pound 107 111 (4) 120 119 1 Canadian dollar 87 92 (5) 91 112 (18) In the second quarter and first six months of 2026, overall foreign exchange volumes decreased when compared with the same periods in 2025. Overall market volatility subsided in the second quarter of 2026 following periods of very high volatility in 2025 due to uncertainty surrounding the United State's position on tariffs. However, the geopolitical conflict in the Middle East in early 2026 led to higher Australian dollar contract volumes due to uncertainty in the commodities and energy markets. We believe these factors contributed to lower overall foreign exchange contract volume in the second quarter and first six months of 2026 when compared with the same periods in 2025. Energy Products The following table summarizes average daily contract volume for our key energy products. Quarter Ended June 30, Six Months Ended June 30, (amounts in thousands) 2026 2025 Change 2026 2025 Change WTI crude oil 1,465 1,517 (3) % 1,763 1,372 29 % Natural gas 658 871 (24) 868 970 (11) Refined products 341 437 (22) 428 431 (1) Brent crude oil 186 232 (20) 243 195 25 Energy contract volumes decreased in the second quarter of 2026 when compared with the same period in 2025, which we believe was due to lower overall volatility. Despite the ongoing geopolitical conflict in the Middle East, tensions eased within the region leading to broader price stabilization during the second quarter. The geopolitical conflict in the Middle East in early 2026 disrupted crucial supply chain routes and created higher uncertainty within the crude oil markets. We believe this contributed to higher crude oil volume in the first six months of 2026 when compared with the same period in 2025. Agricultural Commodity Products The following table summarizes average daily contract volume for our key agricultural commodity products. Quarter Ended June 30, Six Months Ended June 30, (amounts in thousands) 2026 2025 Change 2026 2025 Change Corn 673 591 14 % 631 630 — % Soybean 351 391 (10) 384 387 (1) Wheat 326 267 22 312 266 17 Overall commodity contract volumes increased in the second quarter and first six months of 2026 when compared with the same periods in 2025. The heightened geopolitical conflict in the Middle East in early 2026 caused disruptions within the grain market supply routes. The conflict also caused a greater demand for crop-based fuels as a result of crude oil pricing uncertainties. We believe these factors contributed to higher overall commodity volume in the second quarter and first six months of 2026 compared with the same periods in 2025. 26 Table of Contents Metal Products The following table summarizes average daily volume for our key metal products. Quarter Ended June 30, Six Months Ended June 30, (amounts in thousands) 2026 2025 Change 2026 2025 Change Gold 639 667 (4) % 865 569 52 % Silver 167 117 43 285 109 160 Copper 100 99 1 115 105 9 Overall metals contract volumes increased during the second quarter and first six months of 2026, when compared to the same periods in 2025, driven primarily by heightened market volatility. Precious metals volume growth was largely driven by geopolitical tensions in the Middle East early in 2026, which drove market participants to gold and silver. While the demand subsequently eased within the gold market, sustained volume growth was further supported by increased adoption of precious metals micro contracts among our retail client base. Average Rate per Contract The average rate per contract decreased in the second quarter and first six months of 2026 when compared with the same periods in 2025. The decrease was largely due to an increase in micro contract volume, specifically within equities, energy and metals, as well as higher member trading as a percentage of total volume. In the first six months of 2026, the decrease was partially offset by a change in product mix. Energy and metal contract volume increased by 1 percentage point as a percent of total volume, while other products collectively decreased by 1 percentage point. In general, energy and metals products have a higher rate per contract compared with the remaining contracts. In addition, the overall decrease in the second quarter of 2026 was partially offset by an increase in certain clearing and transaction fees which went into effect on April 1, 2026. Cash Markets Business Total clearing and transaction fees revenues in the second quarter and first six months of 2026 include $73.9 million and $150.5 million, respectively, of transaction fees attributable to the cash markets business, compared with $74.6 million and $145.6 million, respectively, in the second quarter and first six months of 2025. This revenue includes BrokerTec Americas LLC's fixed income volume and EBS's foreign exchange volume. Quarter Ended June 30, Six Months Ended June 30, (amounts in millions) 2026 2025 Change 2026 2025 Change BrokerTec fixed income transaction fees $ 40.1 $ 37.1 8 % $ 80.3 $ 72.9 10 % EBS foreign exchange transaction fees 33.8 37.5 (10) 70.2 72.7 (3) The related average daily notional value for the first quarter of 2026 and 2025 were as follows: Quarter Ended June 30, Six Months Ended June 30, (amounts in billions) 2026 2025 Change 2026 2025 Change U.S. Repo $ 397.3 $ 362.9 9 % $ 395.2 $ 347.3 14 % European Repo (in euros) 364.0 310.9 17 366.1 318.4 15 U.S. Treasury 91.4 114.1 (20) 99.6 112.9 (12) Spot FX 67.2 73.7 (9) 71.9 72.3 (1) Overall average daily notional values for the cash markets business were higher in the second quarter and first six months of 2026 when compared with the same periods in 2025 due to higher overall volatility. We believe this was due to the heightened geopolitical conflict in the Middle East, which caused significant macro-economic uncertainty throughout the global economy. However, more certainty surrounding the Federal Reserves interest rate policy decision led to lower overall U.S. Treasury volumes in second quarter and first six months of 2026 when compared with the same periods in 2025. We believe these factors led to higher overall cash market volume in the second quarter and first six months of 2026 compared with the same periods in 2025. 27 Table of Contents Concentration of Revenue We bill a substantial portion of our clearing and transaction fees directly to our clearing firms. The majority of clearing and transaction fees received from clearing firms represent charges for trades executed and cleared on behalf of their customers. One individual firm represented at least 10% of our clearing and transaction fees in the first six months of 2026. Should a clearing firm withdraw, we believe that the customer portion of the firm’s trading activity would likely transfer to another clearing firm of the exchange. Therefore, we do not believe we are exposed to significant risk from the ongoing loss of revenue received from or through a particular clearing firm. Other Sources of Revenue Market data and information services. During the second quarter and first six months of 2026, overall market data and information services revenues increased when compared with the same periods in 2025, largely due to higher usage of certain products, increased demand by new customer segments, and price increases for certain products. The two largest resellers of our market data represented approximately 25% of our market data and information services revenue in the first six months of 2026. Despite this concentration, we consider exposure to significant risk of revenue loss to be minimal. In the event that one of these vendors no longer subscribes to our market data, we believe the majority of that vendor’s customers would likely subscribe to our market data through another reseller. Additionally, several of our largest institutional customers that utilize services from our two largest resellers report usage and remit payment of their fees directly to us. Expenses Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2026 2025 Change 2026 2025 Change Compensation and benefits $ 233.5 $ 221.6 5 % $ 456.5 $ 428.3 7 % Technology 83.3 70.9 18 159.9 136.6 17 Professional fees and outside services 29.1 37.4 (22) 57.3 65.9 (13) Amortization of purchased intangibles 56.0 56.1 — 112.1 111.3 1 Depreciation and amortization 28.2 27.3 3 55.4 54.6 2 Licensing and other fee agreements 109.1 96.2 13 215.9 192.8 12 Other 59.9 53.2 12 112.4 107.5 4 Total Expenses $ 599.1 $ 562.7 6 $ 1,169.5 $ 1,097.0 7 Operating expenses increased by $36.4 million and $72.5 million in the second quarter and first six months of 2026 when compared with the same periods in 2025. The following table shows the estimated impacts of key factors resulting in the changes in operating expenses: Quarter Ended June 30, 2026 Six Months Ended June 30, Amount of Change Change as a Percentage of Total Expenses Amount of Change Change as a Percentage of Total Expenses (dollars in millions) License fees $ 12.9 2 % $ 23.1 2 % Technology support services 11.6 2 21.1 2 Rent expense 9.4 2 11.9 1 Salaries, benefits and employer taxes (0.3) — 10.0 1 Non-qualified deferred compensation 4.7 1 6.2 1 Marketing expenses 2.4 — 5.0 1 Stock-based compensation 4.1 1 4.7 1 Currency fluctuation (3.3) (1) (6.4) (1) Legal fees (6.2) (1) (7.4) (1) Other expenses, net 1.1 — 4.3 — Total increase $ 36.4 6 % $ 72.5 7 % 28 Table of Contents Increases in operating expenses in the second quarter and first six months of 2026 when compared with the same periods in 2025 were as follows: •License fees expenses were higher primarily due to record volumes for certain equity products. •The increases in technology support services expense were primarily driven by higher third party services to support the ongoing Google Cloud transformation project. •Rent expenses were higher primarily due to gains on lease contractions recognized in the first six months of 2025. •Salaries, benefits and employer taxes expenses were higher in the first six months of 2026 as a result of salary increases that went into effect during the first quarter of 2026 as well as an increase in headcount, which was primarily attributable to additional headcount in the company's international locations. •An increase in our non-qualified deferred compensation liability during the first quarter of 2026, the impact of which does not affect net income because of an equal and offsetting change in investment income, contributed to the increases in compensation and benefits expenses. •Marketing expense increased as a result of higher sponsorship, media campaigns and event costs in the first six months of 2026. •Stock-based compensation expenses increased due to higher expense related to performance awards compared to the same period in 2025. Decreases in operating expenses in the second quarter and first six months of 2026 when compared with the same periods in 2025 were as follows: •In the second quarter and first six months of 2026, we recognized a net loss of $0.3 million and a net gain of $0.5 million, respectively, compared with a net losses of $3.6 million and $5.9 million, respectively, during the same periods in 2025, due to currency exchange rate fluctuations. Gains and losses from exchange rate fluctuations are recognized in the consolidated statements of net income when subsidiaries with a U.S. dollar functional currency hold certain monetary assets and liabilities denominated in foreign currencies. •Legal fees decreased primarily as a result of expenses incurred for the class action lawsuit litigation in the second quarter of 2025. Non-Operating Income (Expense) Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2026 2025 Change 2026 2025 Change Investment income $ 1,429.7 $ 1,518.4 (6) % $ 2,819.0 $ 2,411.1 17 % Interest and other borrowing costs (43.6) (44.0) (1) (87.2) (85.7) 2 Equity in net earnings of unconsolidated subsidiaries 97.7 99.0 (1) 200.1 187.2 7 Other non-operating income (expense) (1,263.2) (1,372.4) (8) (2,510.1) (2,174.8) 15 Total Non-Operating $ 220.6 $ 201.0 10 $ 421.8 $ 337.8 25 Investment income. Earnings from cash performance bond and guaranty fund contributions that are reinvested decreased in the second quarter of 2026 when compared with the same period in 2025. This was mainly due to a lower average rate of return despite higher overall reinvestment balances. In the second quarter 2026, earnings from cash performance bond and guaranty fund contributions were $1,388.8 million compared with $1,487.6 million in the second quarter of 2025. Earnings from cash performance bond and guaranty fund contributions that are reinvested increased in the first six months of 2026 when compared with the same period in 2025. This was mainly due to higher reinvestment balances despite a lower average rate of return on the reinvestment balances. In the first six months of 2026, earnings from cash performance bond and guaranty fund contributions were $2,759.8 million compared with $2,361.2 million in first six months of 2025. The increase was partially offset by higher net unrealized losses in the first six months of 2026. Equity in net earnings (losses) of unconsolidated subsidiaries. Higher income generated from our S&P Dow Jones Indices LLC business venture contributed to an increase in equity in net earnings (losses) of unconsolidated subsidiaries in the first six months of 2026 when compared with 2025. However, in the second quarter of 2026, equity in net earnings (losses) of unconsolidated subsidiaries was lower as a result of the sale of our OSTTRA joint venture which occurred in the fourth quarter of 2025. 29 Table of Contents Other non-operating income (expense). We recognized lower expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the second quarter of 2026 when compared with the same period in 2025. This was due to lower interest income earned on our reinvestment balances as a result of a lower Federal Funds rate compared with the same period in 2025. In the second quarter of 2026, expense related to the distribution of interest earned on collateral reinvestments was $1,265.7 million compared with $1,374.5 million the second quarter of 2025. We recognized higher expense related to the distribution of interest earned on performance bond collateral reinvestments to the clearing firms during the first six months of 2026 when compared with the same period in 2025, mainly due to higher overall cash collateral balances. In the first six months of 2026, expense related to the distribution of interest earned on collateral reinvestments was $2,514.9 million, compared with $2,179.3 million in the first six months of 2025. Income Tax Provision The following table summarizes the effective tax rates for the periods presented: 2026 2025 Quarter ended June 30 21.5 % 22.9 % Six months ended June 30 22.6 23.1 In the second quarter of 2026, the overall effective tax rate decreased when compared with the same period in 2025 as a result of favorable settlements from state tax examinations. In the first six months of 2026, the overall effective tax rate remained relatively consistent when compared with the same period in 2025. Liquidity and Capital Resources Sources and Uses of Cash. Net cash provided by operating activities increased in the first six months of 2026 when compared with the same period in 2025, which was largely due to an increase in trading volume and higher interest earned on reinvestment of collateral, net of distributions. Cash used in investing activities remained relatively consistent in the first six months of 2026 when compared with the same period in 2025. Cash used in financing activities was higher during the first six months of 2026 when compared with the same period in 2025 due to an increase in share repurchases. Debt Instruments. The following table summarizes our debt outstanding at June 30, 2026: (in millions) Par Value Fixed rate notes due June 2028, stated rate of 3.75% $ 500.0 Fixed rate notes due March 2030, stated rate of 4.40% 750.0 Fixed rate notes due March 2032, stated rate of 2.65% 750.0 Fixed rate notes due September 2043, stated rate of 5.30% (1) 750.0 Fixed rate notes due June 2048, stated rate of 4.15% 700.0 _______________ (1)We maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73%. We maintain a $2.3 billion multi-currency revolving senior credit facility with various financial institutions, which matures in April 2030. The proceeds from this facility can be used for general corporate purposes, which includes providing liquidity for our clearing house in certain circumstances at CME Group's discretion and, if necessary, for maturities of commercial paper. As long as we are not in default under this facility, we have the option to increase it up to $3.3 billion with the consent of the agent and lenders providing the additional funds. This facility is voluntarily pre-payable from time to time without premium or penalty. Under this facility, we are required to remain in compliance with a consolidated net worth test, which is defined as our consolidated shareholders' equity at December 31, 2024, giving effect to share repurchases made and special dividends paid during the term of the agreement (and in no event greater than $2.0 billion in aggregate), multiplied by 0.65. We currently do not have any borrowings outstanding under this facility, but any commercial paper balance if or when outstanding can be backstopped against this facility. We maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by the clearing house. The facility provides for borrowings of up to $7.0 billion. We may use the proceeds to provide temporary liquidity in the unlikely event a clearing firm fails to promptly discharge an obligation to the clearing house operated by CME, in the event of a liquidity constraint or default by a depositary (custodian for our collateral), in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms, or in other cases as provided by the CME rulebook. Clearing firm guaranty fund contributions received in the form of cash or U.S. Treasury securities as well as the performance bond assets (pursuant to the CME rulebook) can be used to collateralize the facility. At June 30, 2026, guaranty fund contributions available to collateralize 30 Table of Contents the facility totaled $10.3 billion. We have the option to increase the line from $7.0 billion to $10.0 billion with the consent of the agent and lenders providing the additional funds. Our 364-day facility contains a requirement that CME remain in compliance with a consolidated tangible net worth test, defined as CME's consolidated shareholder's equity less intangible assets (as defined in the agreement), of not less than $800.0 million. We currently do not have any borrowings outstanding under this facility. The indentures governing our fixed rate notes, our $2.3 billion multi-currency revolving senior credit facility and our 364-day multi-currency revolving secured credit facility for $7.0 billion do not contain specific covenants that restrict the ability to pay dividends. These documents, however, do contain other customary financial and operating covenants that place restrictions on the operations of the company that could indirectly affect the ability to pay dividends. At June 30, 2026, we have excess borrowing capacity for general corporate purposes of approximately $2.3 billion under our multi-currency revolving senior credit facility. We maintain committed repurchase facility agreements amounting to a total of $1.0 billion. The committed repurchase facilities provide access to cash, secured by non-cash collateral, in the event that one or more of our clearing firms fails to promptly discharge an obligation to the clearing house. The facilities are subject to annual renewal. We currently do not have any borrowings outstanding under these facilities. We maintain a committed facility of up to $750.0 million for foreign currency conversions. The committed foreign currency facility allows the clearing house to convert cash to another currency within generally accepted local market timeframes in the event that one or more of our clearing firms fails to promptly discharge an obligation to the clearing house. The facility is subject to annual renewal. We currently do not have any foreign currency trades outstanding under this facility. At June 30, 2026, we were in compliance with the various covenant requirements of all our debt facilities. CME Group, as a holding company, has no operations of its own. Instead, it relies on dividends declared and paid to it by its subsidiaries in order to provide the funds which it uses to pay dividends to its shareholders. To satisfy our performance bond obligation with Singapore Exchange Limited, we may pledge irrevocable standby letters of credit. At June 30, 2026, the letters of credit totaled $400.0 million. We also maintain a $350.0 million line of credit to meet our obligations under this agreement. The following table summarizes our credit ratings at June 30, 2026: Short-Term Long-Term Rating Agency Debt Rating Debt Rating Outlook Standard & Poor’s Global Ratings A1+ AA- Stable Moody’s Investors Service, Inc. P1 Aa3 Stable Given our cash flow generation, our ability to pay down debt levels and our ability to refinance existing debt facilities if necessary, we expect to maintain an investment grade rating. If our ratings are downgraded below investment grade within certain specified time periods due to a change of control, we are required to make an offer to repurchase our fixed rate notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest. No report of any rating agency is incorporated by reference herein. Liquidity and Cash Management. Cash and cash equivalents, excluding restricted cash and restricted cash equivalents, totaled $2.1 billion and $4.4 billion at June 30, 2026 and December 31, 2025, respectively. The balance retained in cash and cash equivalents is a function of anticipated or possible short-term cash needs, prevailing interest rates, our corporate investment policy and alternative investment choices. A majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in U.S. Treasury securities, U.S. government agency securities and U.S. Treasury security reverse repurchase agreements and short-term bank deposits. Our exposure to credit and liquidity risk is minimal given the nature of the investments. Cash that is not available for general corporate purposes because of regulatory requirements or other restrictions is classified as restricted cash and is included in cash performance bonds and guaranty fund contributions, other current assets or other assets in the consolidated balance sheets. Cash performance bonds and guarantee fund contribution assets are deemed to be restricted cash and restricted cash equivalents. We maintain a share repurchase program under which we are authorized to repurchase up to $3.0 billion of our outstanding Class A common stock, par value $0.01 per share (the common stock), from time to time through open market transactions, block trades, privately negotiated purchase transactions or other purchase techniques and may include purchases effected pursuant to one or more trading plans established pursuant to Rule 10b5-1 under the Exchange Act. The timing of any repurchases and the number of shares repurchased under the share repurchase program are within our discretion and may be affected by various factors, including general market and economic conditions; the market price of the common stock; CME Group’s earnings, financial condition, capital requirements and levels of indebtedness; legal requirements; and other 31 Table of Contents considerations. The share repurchase program has no expiration date, does not obligate us to acquire any particular amount of common stock and may be modified, suspended or terminated at any time. As of June 30, 2026, the maximum remaining value of shares to be repurchased was $1.5 billion. Regulatory Requirements. CME is regulated by the CFTC as a Derivatives Clearing Organization (DCO). DCOs are required to maintain capital, as defined by the CFTC, in an amount at least equal to one year of projected operating expenses as well as cash, liquid securities, or a line of credit at least equal to six months of projected operating expenses. CME was designated by the Financial Stability Oversight Council as a systemically important financial market utility under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As a result, CME must comply with CFTC regulations applicable to a systemically important DCO for financial resources and liquidity resources. CME is in compliance with all DCO financial requirements. CME, CBOT, NYMEX and COMEX are regulated by the CFTC as Designated Contract Markets (DCM). DCMs are required to maintain capital, as defined by the CFTC, in an amount at least equal to one year of projected operating expenses as well as cash, liquid securities or a line of credit at least equal to six months of projected operating expenses. Our DCMs are in compliance with all DCM financial requirements. BrokerTec Americas LLC is required to maintain sufficient net capital under Securities Exchange Act of 1934, as amended (Exchange Act), Rule 15c3-1 (the Net Capital Rule). The Net Capital Rule focuses on liquidity and is designed to protect securities customers, counterparties, and creditors by requiring that broker-dealers have sufficient liquid resources on hand at all times to satisfy claims promptly. Rule 15c3-3, or the customer protection rule, which complements Rule 15c3-1, is designed to ensure that customer property (securities and funds) in the custody of broker-dealers is adequately safeguarded. By law, both of these rules apply to the activities of registered broker-dealers, but not to unregistered affiliates. The firm began operating as a (k)(2)(i) broker dealer in November 2017 following notification to the Financial Industry Regulatory Authority and the SEC. A company operating under the (k)(2)(i) exemption is not required to lock up customer funds as would otherwise be required under Exchange Act Rule 15c3-3.