CME Group beats profit estimates as CEO says institutional appetite for perpetual futures remains low

CME Group posted adjusted second‑quarter profit of $2.99 per share, topping Wall Street estimates of $2.91 and surpassing the $2.96 a year earlier. Revenue in its market‑data segment rose 20.2%, while clearing and transaction fees fell 2.6%. The stronger earnings lifted the shares 6.1% after the results, though the stock is down about 8% year‑to‑date.

CEO Terry Duffy, speaking after the earnings call, reiterated that the exchange has not seen demand for perpetual futures (“perps”) from its core institutional customers, who account for roughly 94% of CME’s trading volume. While CME is prepared to launch such contracts if demand materialises, Duffy said the products currently do not appeal to institutional risk managers. The comments come as Kalshi seeks regulatory approval for metal‑linked perpetual contracts and as CME is in a legal dispute with the CFTC over the regulator’s approval of those products.

Overall, the company cited volatile markets driven by the US‑Israel‑Iran conflict as a factor boosting trading activity, especially in equity‑index futures, while volumes in interest‑rate and energy contracts fell.