CME · Earnings call · 2026Q3T · Full report
Morningstar Index Licensing
CME GROUP INC. · 2026-10-21 · Importance 34 · Surprise 42 · In source text
CME Group is a partner in the JV that benefits from the extended Cboe–S&P Global licensing agreement. Management said the agreement’s pricing escalations begin in 2027, five years earlier than the 2032 timing referenced for the prior arrangement. The escalation amounts had not yet been disclosed, but CME said the revised economics would benefit the company and shareholders.
Key facts
- CME Group is a partner in the S&P Global licensing joint venture and expected to benefit from Cboe agreement pricing escalations starting in 2027, rather than 2032.
- The Cboe licensing agreement extension was 25 years, and the exact amount of pricing increases had not yet been disclosed by Cboe and S&P Global.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | probable | — | CME Group is a partner in the S&P Global licensing joint venture and expected to benefit from Cboe agreement pricing escalations starting… |