10-Q 1 cme-20210930.htm 10-Q cme-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________________________________________
FORM 10-Q
_________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
- OR -
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
Commission file number 001-31553
CME GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware 36-4459170
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
20 South Wacker DriveChicagoIllinois 60606
(Address of principal executive offices) (Zip Code)
(312) 930-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act:    
Title of each classTrading symbolName of each exchange on which registered
Class A Common StockCMEThe Nasdaq Stock Market
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.            Yes      No  
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                       Yes      No  
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
                                                 Yes       No  
The number of shares outstanding of each of the registrant’s classes of common stock as of October 13, 2021 was as follows: 359,396,169 shares of Class A common stock, $0.01 par value; 625 shares of Class B-1 common stock, $0.01 par value; 813 shares of Class B-2 common stock, $0.01 par value; 1,287 shares of Class B-3 common stock, $0.01 par value; and 413 shares of Class B-4 common stock, $0.01 par value.
1

 CME GROUP INC.
FORM 10-Q
INDEX
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.
2

PART I. FINANCIAL INFORMATION
Certain Terms
All references to “options” or “options contracts” in the text of this document refer to options on futures contracts.
Further information about CME Group and its products can be found at http://www.cmegroup.com. Information made available on our website does not constitute a part of this Quarterly Report on Form 10-Q.
Information about Contract Volume and Average Rate per Contract
All amounts regarding contract volume and average rate per contract are for CME Group's listed futures and options on futures contracts unless otherwise noted.
Trademark Information
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. NEX, BrokerTec, and EBS are trademarks of various entities of NEX Group Limited (NEX). Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
From time to time, in this Quarterly Report on Form 10-Q as well as in other written reports and verbal statements, we discuss our expectations regarding future performance. These forward-looking statements are identified by their use of terms and phrases such as "believe," "anticipate," "could," "estimate," "intend," "may," "plan," "expect" and similar expressions, including references to assumptions. These forward-looking statements are based on currently available competitive, financial and economic data, current expectations, estimates, forecasts and projections about the industries in which we operate and management's beliefs and assumptions. 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. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are:
increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities;
our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks;
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, including our ability to provide effective services to the swaps market;
our ability to adjust our fixed costs and expenses if our revenues decline;
our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers;
our ability to expand and globally offer our products and services;
changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers;
the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others;
decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions;
changes in our 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 our tiered pricing structure;
3

the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business;
the ability of our compliance and risk management methods to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets;
our dependence on third-party providers and exposure to risk through third parties, including risks related to the performance, reliability and security of technology used by our third-party providers;
volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, fixed income instruments and foreign exchange rates;
economic, social, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers;
the impact of the COVID-19 pandemic and response by governments and other third parties;
our ability to accommodate increases in contract volume and order transaction traffic and to implement enhancements without failure or degradation of the performance of our trading and clearing systems;
our ability to execute our growth strategy and maintain our growth effectively;
our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments and alliances, including those associated with NEX;
our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business;
industry and customer consolidation;
decreases in trading and clearing activity;
the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions;
our ability to maintain our brand and reputation; and
the unfavorable resolution of material legal proceedings.
For a detailed discussion of these and other factors that might affect our performance, see Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on February 26, 2021 and Item 1A. in Part II of this Quarterly Report on Form 10-Q.
4

ITEM 1.FINANCIAL STATEMENTS
CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except par value data; shares in thousands)
September 30, 2021December 31, 2020
(unaudited)
Assets
Current Assets:
Cash and cash equivalents$1,459.4 $1,633.2 
Marketable securities110.3 100.9 
Accounts receivable, net of allowance of $5.3 and $5.4470.4 461.3 
Other current assets (includes $4.8 and $4.7 in restricted cash)362.7 306.7 
Performance bonds and guaranty fund contributions149,191.6 86,781.8 
Total current assets151,594.4 89,283.9 
Property, net of accumulated depreciation and amortization of $1,046.0 and $961.2521.3 579.2 
Intangible assets—trading products17,175.3 17,175.3 
Intangible assets—other, net3,592.6 4,865.3 
Goodwill10,529.0 10,798.8 
Other assets (includes $2.8 and $0.6 in restricted cash)3,361.7 1,957.1 
Total Assets$186,774.3 $124,659.6 
Liabilities and Equity
Current Liabilities:
Accounts payable$71.0 $69.3 
Short-term debt749.2  
Other current liabilities405.3 1,346.8 
Performance bonds and guaranty fund contributions149,191.6 86,781.8 
Total current liabilities150,417.1 88,197.9 
Long-term debt2,695.7 3,443.8 
Deferred income tax liabilities, net5,392.4 5,607.0 
Other liabilities987.0 1,059.4 
Total Liabilities159,492.2 98,308.1 
Shareholders’ Equity:
Preferred stock, $0.01 par value, 10,000 shares authorized at September 30, 2021 and December 31, 2020; none issued  
Class A common stock, $0.01 par value, 1,000,000 shares authorized at September 30, 2021 and December 31, 2020; 358,574 and 358,110 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively3.6 3.6 
Class B common stock, $0.01 par value, 3 shares authorized, issued and outstanding as of September 30, 2021 and December 31, 2020  
Additional paid-in capital21,203.8 21,185.5 
Retained earnings6,037.4 4,995.9 
Accumulated other comprehensive income (loss)37.3 134.9 
Total CME Group Shareholders’ Equity27,282.1 26,319.9 
Non-controlling interests 31.6 
Total Equity27,282.1 26,351.5 
Total Liabilities and Equity$186,774.3 $124,659.6 
See accompanying notes to unaudited consolidated financial statements.
5

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data; shares in thousands)
(unaudited)
 
Quarter EndedNine Months Ended
 September 30,September 30,
 2021202020212020
Revenues
Clearing and transaction fees$878.9 $835.4 $2,815.8 $3,054.4 
Market data and information services145.4 139.4 434.8 405.6 
Other85.6 105.9 291.8 325.1 
Total Revenues1,109.9 1,080.7 3,542.4 3,785.1 
Expenses
Compensation and benefits198.6 216.4 635.3 640.9 
Technology49.3 48.1 146.8 144.9 
Professional fees and outside services45.2 48.4 119.4 141.3 
Amortization of purchased intangibles59.0 78.3 179.0 232.2 
Depreciation and amortization37.2 39.7 111.9 111.7 
Licensing and other fee agreements57.6 57.7 176.5 187.0 
Other49.3 67.1 160.0 204.7 
Total Expenses496.2 555.7 1,528.9 1,662.7 
Operating Income613.7 525.0 2,013.5 2,122.4 
Non-Operating Income (Expense)
Investment income145.8 23.6 239.1 151.6 
Interest and other borrowing costs(41.8)(41.7)(125.0)(124.5)
Equity in net earnings of unconsolidated subsidiaries66.4 44.0 178.3 144.0 
Other non-operating income (expense)311.8 (14.4)268.4 (106.4)
Total Non-Operating Income (Expense)482.2 11.5 560.8 64.7 
Income before Income Taxes1,095.9 536.5 2,574.3 2,187.1 
Income tax provision169.6 125.0 562.6 505.5 
Net Income926.3 411.5 2,011.7 1,681.6 
Less: net (income) loss attributable to non-controlling interests0.2 0.2 (0.5)(0.4)
Net Income Attributable to CME Group$926.5 $411.7 $2,011.2 $1,681.2 
Earnings per Common Share Attributable to CME Group:
Basic$2.59 $1.15 $5.61 $4.70 
Diluted2.58 1.15 5.60 4.69 
Weighted Average Number of Common Shares:
Basic358,363 357,791 358,258 357,669 
Diluted358,988 358,590 358,894 358,492 
See accompanying notes to unaudited consolidated financial statements.
6

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
Quarter EndedNine Months Ended
September 30,September 30,
2021202020212020
Net income$926.3 $411.5 $2,011.7 $1,681.6 
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized holding gains (losses) arising during the period(0.2) (0.9)0.8 
Reclassification of net (gains) losses on sales included in investment income0.2  0.2  
Income tax benefit (expense)  0.2 (0.2)
Investment securities, net  (0.5)0.6 
Defined benefit plans:
Net change in defined benefit plans arising during the period   (2.0)
Amortization of net actuarial (gains) losses included in compensation and benefits expense1.1 1.2 3.3 3.5 
Income tax benefit (expense)(0.2)(0.3)(0.8)(0.4)
Defined benefit plans, net0.9 0.9 2.5 1.1 
Derivative investments:
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense)(0.3)(0.3)(0.9)(2.4)
Income tax benefit (expense) 0.2 0.2 0.6 
Derivative investments, net(0.3)(0.1)(0.7)(1.8)
Foreign currency translation:
Foreign currency translation adjustments(29.0)56.0 (58.6)39.8 
Reclassification of net currency (gains) losses from foreign entities to other non-operating (income) and expense(40.3) (40.3)0.6 
Foreign currency translation, net(69.3)56.0 (98.9)40.4 
Other comprehensive income (loss), net of tax(68.7)56.8 (97.6)40.3 
Comprehensive income857.6 468.3 1,914.1 1,721.9 
Less: comprehensive (income) loss attributable to non-controlling interests0.2 0.2 (0.5)(0.4)
Comprehensive income attributable to CME Group$857.8 $468.5 $1,913.6 $1,721.5 
See accompanying notes to unaudited consolidated financial statements.
7

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(dollars in millions, except per share data; shares in thousands)
(unaudited) 
Nine Months Ended, September 30, 2021
Class A
Common
Stock
(Shares)
Class B
Common
Stock
(Shares)
Common
Stock and
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total CME Group Shareholders' EquityNon-controlling InterestTotal
Equity
Balance at December 31, 2020358,110 3 $21,189.1 $4,995.9 $134.9 $26,319.9 $31.6 $26,351.5 
Net income2,011.2 2,011.2 0.5 2,011.7 
Other comprehensive income (loss)(97.6)(97.6)(97.6)
Dividends on common stock of $2.70 per share(969.7)(969.7)(969.7)
Purchase of non-controlling interest(19.9)(19.9)(32.1)(52.0)
Exercise of stock options102 5.5 5.5 5.5 
Vesting of issued restricted Class A common stock329 (31.2)(31.2)(31.2)
Shares issued to Board of Directors13 2.9 2.9 2.9 
Shares issued under Employee Stock Purchase Plan20 4.4 4.4 4.4 
Stock-based compensation56.6 56.6 56.6 
Balance at September 30, 2021358,574 3 $21,207.4 $6,037.4 $37.3 $27,282.1 $ $27,282.1 















8

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(dollars in millions, except per share data; shares in thousands)
(unaudited) 
Quarter Ended, September 30, 2021
Class A
Common
Stock
(Shares)
Class B
Common
Stock
(Shares)
Common
Stock and
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total CME Group Shareholders' EquityNon-controlling InterestTotal
Equity
Balance at June 30, 2021358,305 3 $21,222.7 $5,434.5 $106.0 $26,763.2 $24.2 $26,787.4 
Net income926.5 926.5 (0.2)926.3 
Other comprehensive income (loss)(68.7)(68.7)(68.7)
Dividends on common stock of $0.90 per share(323.6)(323.6)(323.6)
Purchase of non-controlling interest(15.5)(15.5)(24.0)(39.5)
Exercise of stock options43 2.3 2.3 2.3 
Vesting of issued restricted Class A common stock226 (17.7)(17.7)(17.7)
Stock-based compensation15.6 15.6 15.6 
Balance at September 30, 2021358,574 3 $21,207.4 $6,037.4 $37.3 $27,282.1 $ $27,282.1 























9

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(dollars in millions, except per share data; shares in thousands)
(unaudited)
 
Nine Months Ended, September 30, 2020
Class A
Common
Stock
(Shares)
Class B
Common
Stock
(Shares)
Common
Stock and
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total CME Group Shareholders' EquityNon-controlling InterestTotal
Equity
Balance at December 31, 2019357,469 3 $21,116.8 $5,008.7 $3.4 $26,128.9 $30.4 $26,159.3 
Net income 1,681.2 1,681.2 0.4 1,681.6 
Other comprehensive income (loss)40.3 40.3 40.3 
Dividends on common stock of $2.55 per share(914.5)(914.5)(914.5)
Impact of adoption of accounting standards updates on credit losses(0.3)(0.3)(0.3)
Exercise of stock options108 6.0 6.0 6.0 
Vesting of issued restricted Class A common stock419 (37.1)(37.1)(37.1)
Shares issued to Board of Directors172.9 2.9 2.9 
Shares issued under Employee Stock Purchase Plan172.9 2.9 2.9 
Stock-based compensation69.3 69.3 69.3 
Balance at September 30, 2020358,030 3 $21,160.8 $5,775.1 $43.7 $26,979.6 $30.8 $27,010.4 














10

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(dollars in millions, except per share data; shares in thousands)
(unaudited)
Quarter Ended, September 30, 2020
Class A Common Stock (Shares)Class B Common Stock (Shares)Common Stock and Additional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total CME Group Shareholders' EquityNon-controlling InterestTotal Equity
Balance at June 30, 2020357,727 3 $21,152.5 $5,668.5 $(13.1)$26,807.9 $31.0 $26,838.9 
Net income411.7 411.7 (0.2)411.5 
Other comprehensive income (loss)56.8 56.8 56.8 
Dividends on common stock of $0.85 per share(305.1)(305.1)(305.1)
Exercise of stock options41 2.2 2.2 2.2 
Vesting of issued restricted Class A common stock262 (17.7)(17.7)(17.7)
Stock-based compensation23.8 23.8 23.8 
Balance at September 30, 2020358,030 3 $21,160.8 $5,775.1 $43.7 $26,979.6 $30.8 $27,010.4 
See accompanying notes to unaudited consolidated financial statements.







11

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited) 
 Nine Months Ended
September 30,
 20212020
Cash Flows from Operating Activities
Net income$2,011.7 $1,681.6 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation56.6 69.3 
Amortization of purchased intangibles179.0 232.2 
Depreciation and amortization111.9 111.7 
Net losses on impaired assets 27.4 
Net (gain) on derivative contracts (1.5)
Gain on deconsolidation of optimization business(343.5) 
Net realized and unrealized (gains) losses on investments(112.0)4.9 
Undistributed net earnings of unconsolidated subsidiaries(13.9)(9.7)
Deferred income taxes13.8 (18.6)
Change in:
Accounts receivable(81.8)(0.8)
Other current assets(41.0)(37.7)
Other assets41.6 45.1 
Accounts payable3.6 37.6 
Income taxes payable(88.3)(27.0)
Other current liabilities20.0 (39.6)
Other liabilities(26.9)(26.2)
Other3.3 6.6 
Net Cash Provided by Operating Activities1,734.1 2,055.3 
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities7.4 9.4 
Purchases of available-for-sale marketable securities(6.2)(8.7)
Purchases of property, net
(99.9)(127.5)
Net cash proceeds from OSTTRA joint venture transaction43.7  
Investments in privately-held equity investments(1.5)(5.5)
Purchase of non-controlling interest(52.0) 
Proceeds from sales of investments99.3 8.9 
Net Cash Used in Investing Activities(9.2)(123.4)
Cash Flows from Financing Activities
Repayment of commercial paper, net (304.6)
Cash dividends(1,862.5)(1,805.7)
Employee taxes paid on restricted stock vesting(31.2)(37.1)
Other(2.7)(3.8)
Net Cash Used in Financing Activities(1,896.4)(2,151.2)



12

CME GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in millions)
(unaudited) 
Nine Months Ended
September 30,
20212020
Net change in cash, cash equivalents and restricted cash$(171.5)$(219.3)
Cash, cash equivalents and restricted cash, beginning of period1,638.5 1,556.6 
Cash, Cash Equivalents and Restricted Cash, End of Period$1,467.0 $1,337.3 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$1,459.4 $1,332.1 
Short-term restricted cash4.8 4.5 
Long-term restricted cash2.8 0.7 
Total$1,467.0 $1,337.3 
Supplemental Disclosure of Cash Flow Information
Income taxes paid$612.5 $553.2 
Interest paid109.4 109.4 

See accompanying notes to unaudited consolidated financial statements.
13

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presentation
The consolidated financial statements consist of CME Group Inc. (CME Group) and its subsidiaries (collectively, the company), including Chicago Mercantile Exchange Inc. (CME), Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), Commodity Exchange, Inc. (COMEX) and NEX Group Limited (NEX). The clearing house is operated by CME.
The accompanying interim consolidated financial statements have been prepared by CME Group without audit. Certain notes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial position of the company at September 30, 2021 and December 31, 2020 and the results of operations and cash flows for the periods indicated. Quarterly results are not necessarily indicative of results for any subsequent period.
The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in CME Group’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (SEC) on February 26, 2021.
2. Business Transactions
In January 2021, the company announced that it agreed with IHS Markit to combine their post-trade services into a new joint venture, OSTTRA. The joint venture was launched in September 2021. OSTTRA will perform trade processing and risk mitigation services. The company contributed the net assets of its optimization business, which includes Traiana, TriOptima and Reset, to the new joint venture in exchange for $112.5 million in cash and a 50% equity interest in OSTTRA.
In September 2021, the company deconsolidated its optimization business and recognized a net gain on the transaction of $343.5 million in other non-operating income on the consolidated statements of net income. The deconsolidation primarily included $1.1 billion of intangible assets, $0.2 billion of goodwill and $0.2 billion of deferred tax liabilities. The company's investment in OSTTRA was $1.4 billion at September 30, 2021. The company accounts for its investment using the equity method of accounting.
3. Revenue Recognition
The company generates revenue from customers from the following sources:
Clearing and transaction fees. Clearing and transaction fees include electronic trading fees and brokerage commissions, surcharges for privately-negotiated transactions, portfolio reconciliation and compression services, risk mitigation and other volume-related charges for trade contracts. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue related to settlement activities performed after trade execution is recognized over the short-term period that the contract is outstanding, based on management’s estimates of the average contract lifecycle. These estimates are based on various assumptions to approximate the amount of fee revenue to be attributed to services performed through contract settlement, expiration, or termination. For cleared trades, these assumptions include the average number of days that a contract remains in open interest, contract turnover, average revenue per day, and revenue remaining in open interest at the end of each period.
The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee reduction. These estimates are based on historical experience, anticipated performance, and best judgment at the time. Because of the company's certainty in estimating these amounts, they are included in the transaction price of contracts.
Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly basis as the customers receive and consume the benefit of the market data services. However, the company also maintains certain annual license arrangements with one-time upfront fees. The fees for annual licenses are initially recorded as a contract liability and recognized as revenue monthly over the term of the annual period.
Other. Other revenues include certain access and communication fees, fees for collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charges to customers that utilize various telecommunications networks and communications services.
14

Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are charged to clearing firms that have collateral on deposit with the clearing house to meet their minimum performance bond and guaranty fund obligations on the exchange. These fees are calculated based on daily collateral balances and are billed monthly. This fee revenue is recognized monthly as billed as the customers receive and consume the benefits of the services. The company also has an equity membership program which provides equity members the option to substitute a monthly subscription fee for their existing requirement to hold CME Group Class A common stock. Choosing to pay this fee in lieu of holding Class A shares is entirely voluntary and the client's choice. Fee revenue under this program is earned monthly as billed over the contractual term. Pricing for strategic relationships may be driven by customer levels and activity. There are fee arrangements which provide for monthly as well as quarterly payments in arrears. Revenue is recognized monthly for strategic relationship arrangements as the customers receive and consume the benefits of the services.
The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters and nine months ended September 30, 2021 and 2020:
 Quarter Ended
September 30,
Nine Months Ended
September 30,
(in millions)2021202020212020
Interest rates$251.0 $172.0 $816.2 $811.5 
Equity indexes181.1 181.8 551.9 631.4 
Foreign exchange39.8 40.5 119.3 124.6 
Agricultural commodities96.3 112.8 354.8 339.2 
Energy157.1 138.8 456.2 554.6 
Metals45.0 69.1 154.8 197.5 
Cash markets business93.5 105.6 314.4 342.4 
Interest rate swap15.1 14.8 48.2 53.2 
Total clearing and transaction fees878.9 835.4 2,815.8 3,054.4 
Market data and information services145.4 139.4 434.8 405.6 
Other 85.6 105.9 291.8 325.1 
Total revenues$1,109.9 $1,080.7 $3,542.4 $3,785.1 
Timing of Revenue Recognition
Services transferred at a point in time$821.5 $827.3 $2,636.9 $2,919.8 
Services transferred over time286.2 250.3 896.0 856.6 
One-time charges and miscellaneous revenues2.2 3.1 9.5 8.7 
Total revenues$1,109.9 $1,080.7 $3,542.4 $3,785.1 
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Certain fees for transactions, annual licenses, and other revenue arrangements are billed upfront before revenue is recognized, which results in the recognition of contract liabilities. These liabilities are recognized on the consolidated balance sheets on a contract-by-contract basis upon commencement of services under the customer contract. These upfront customer payments are recognized as revenue over time as the obligations under the contracts are satisfied. Changes in the contract liability balances during the nine months ended September 30, 2021 were not materially impacted by any other factors. The balance of contract liabilities was $25.7 million and $37.3 million as of September 30, 2021 and December 31, 2020, respectively.
4. Performance Bonds and Guaranty Fund Contributions
Performance Bonds and Guaranty Fund Contributions. CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to maintain cash accounts at the Federal Reserve Bank of Chicago. At September 30, 2021, CME maintained $139.3 billion within the cash account at the Federal Reserve Bank of Chicago. The cash deposit at the Federal Reserve Bank of Chicago is included within performance bonds and guaranty fund contributions on the consolidated balance sheets.
Clearing House Contract Settlement. The clearing house marks-to-market open positions for all futures and options contracts twice a day (once a day for CME's cleared-only interest rate swap contracts). Based on values derived from the mark-to-market process, the clearing house requires payments from clearing firms whose positions have lost value and makes payments to clearing firms whose positions have gained value. Under the extremely unlikely scenario of simultaneous default by every
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clearing firm who has open positions with unrealized losses, the maximum exposure related to positions other than cleared-only interest rate swap contracts would be one half day of changes in fair value of all open positions, before considering the clearing house's ability to access defaulting clearing firms' collateral deposits.
For CME's cleared-only interest rate swap contracts, the maximum exposure related to CME's guarantee would be one full day of changes in fair value of all open positions, before considering CME's ability to access defaulting clearing firms' collateral.
During the first nine months of 2021, the clearing house transferred an average of approximately $3.9 billion a day through its clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. The clearing house reduces its guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions. Management has assessed the fair value of the company's settlement guarantee liability by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard packages in place, historical evidence of default by a clearing member and the estimated probability of potential payouts by the clearing house. Based on the assessment performed, management estimates the guarantee liability to be nominal and therefore has not recorded any liability at September 30, 2021 and December 31, 2020. The company does not have a history of significant losses recognized on performance bond collateral as posted by our clearing members, and management currently does not anticipate any future credit losses on its performance bond assets. Accordingly, the company has not provided an allowance for credit losses on these performance bond deposits, nor has it recorded any liabilities to reflect an allowance for credit losses related to our off-balance sheet credit exposures and guarantees.
5. Intangible Assets and Goodwill
In September 2021, the net assets for CME Group's optimization businesses were contributed to OSTTRA, a joint venture with IHS Markit. As a result, $1.1 billion of amortizable intangible assets and $0.2 billion of goodwill were deconsolidated as part of the contribution of the optimization businesses to OSTTRA. In January 2021, the net assets that would be contributed to the joint venture were classified as held for sale following approval of the transaction by the company's Board of Directors. Amortization expense is no longer taken on intangible assets once reclassified to assets held for sale.
Intangible assets consisted of the following at September 30, 2021 and December 31, 2020:
 
 September 30, 2021December 31, 2020
(in millions)Assigned ValueAccumulated
Amortization
Deconsolidation(2)
Net Book
Value
Assigned ValueAccumulated
Amortization
Net Book
Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships$5,820.8 $(1,793.8)$(950.0)$3,077.0 $5,858.0 $(1,632.5)$