Average Daily Clearing Settlement

[Table of Contents](#i8b61521b6679450490d14f6570be754a_7)  
The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters and six months ended June 30, 2022 and 2021:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  | Quarter Ended June 30, |  | Six Months Ended June 30, |
| (in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Interest rates |  | $ | 324.6  |  |  | $ | 265.5  |  |  | $ | 699.5  |  |  | $ | 565.2  |  |
| Equity indexes |  | 255.9  |  |  | 172.3  |  |  | 515.0  |  |  | 370.8  |  |
| Foreign exchange |  | 45.2  |  |  | 39.0  |  |  | 90.0  |  |  | 79.5  |  |
| Agricultural commodities |  | 114.3  |  |  | 138.0  |  |  | 240.3  |  |  | 258.5  |  |
| Energy |  | 140.2  |  |  | 141.0  |  |  | 315.4  |  |  | 299.1  |  |
| Metals |  | 45.2  |  |  | 51.5  |  |  | 99.6  |  |  | 109.8  |  |
| BrokerTec fixed income |  | 42.1  |  |  | 42.8  |  |  | 86.4  |  |  | 88.3  |  |
| EBS foreign exchange |  | 39.8  |  |  | 41.4  |  |  | 82.2  |  |  | 86.7  |  |
| Optimization  |  | —  |  |  | 21.5  |  |  | —  |  |  | 45.9  |  |
| Interest rate swap |  | 17.3  |  |  | 16.9  |  |  | 34.3  |  |  | 33.1  |  |
| Total clearing and transaction fees |  | 1,024.6  |  |  | 929.9  |  |  | 2,162.7  |  |  | 1,936.9  |  |
| Market data and information services |  | 151.7  |  |  | 145.2  |  |  | 303.4  |  |  | 289.4  |  |
| Other  |  | 60.9  |  |  | 104.1  |  |  | 117.7  |  |  | 206.2  |  |
| Total revenues |  | $ | 1,237.2  |  |  | $ | 1,179.2  |  |  | $ | 2,583.8  |  |  | $ | 2,432.5  |  |
|  |  |  |  |  |  |  |  |  |
| Timing of Revenue Recognition |  |  |  |  |  |  |  |  |
| Services transferred at a point in time |  | $ | 965.8  |  |  | $ | 870.1  |  |  | $ | 2,043.1  |  |  | $ | 1,815.4  |  |
| Services transferred over time |  | 266.6  |  |  | 303.7  |  |  | 531.3  |  |  | 609.8  |  |
| One-time charges and miscellaneous revenues |  | 4.8  |  |  | 5.4  |  |  | 9.4  |  |  | 7.3  |  |
| Total revenues |  | $ | 1,237.2  |  |  | $ | 1,179.2  |  |  | $ | 2,583.8  |  |  | $ | 2,432.5  |  |

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 six months ended June 30, 2022 were not materially impacted by any other factors. The balance of contract liabilities was $35.6 million and $15.2 million as of June 30, 2022 and December 31, 2021, respectively.4. Performance Bonds and Guaranty Fund ContributionsPerformance 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 June 30, 2022, CME maintained $128.6 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 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 six months of 2022, the clearing house transferred an average of approximately $6.2 billion a day through its clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained 16
