CME reports record earnings

Net revenues increased 32% to a record $142.4 million for the second quarter of 2003, compared with $107.5 million for the year-earlier period. Net income rose 67% to a record $35.0 million, versus $21.0 million for the same period in 2002

Average daily volume increased 23% to nearly 2.7 million contracts for the second quarter of 2003 versus the same period of 2002.

In a release, CME chairman Terry Duffy said all three of its product lines saw record growth, but especially interest rates, where increasing mortgage hedging activity and activity on the back of the Federal Reserve’s quarter-point interest rate cut in June drove business.