CME Group’s Q2 2026 earnings call drew remarks from CEO Terrence Duffy and CFO Lynne Fitzpatrick, with other executives joining for Q&A.
Duffy pushed back on “perpetual futures,” calling them leveraged spot-like products with funding-rate resets, high leverage, automated liquidations, and limited protections.
He said institutional clients drive 94% of first-half volume, making perpetuals unsuitable hedges due to lacking price and time certainty, and higher all-in costs.
Duffy said CME can launch perpetual futures and has specifications ready, but has not heard customer demand; crypto futures volume rose more than sevenfold in three years.
Fitzpatrick reported Q2 revenue of USD 1.7 billion, market data revenue of USD 238 million, and adjusted EPS of USD 2.99; July volume is tracking 18% above last year.
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