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CME Group Q3 2013 Earnings Conference Call Transcript

In the new world it is far more efficient to represent that trade as CME cleared interest rates swap against the CME interest rate future. So our way of representing it represents nearly the same risk, but you can get up to 85% margin savings relative to the portfolio margin that we talked about earlier. In terms of EFRs, if you look at volumes in 2013 overall year to date volumes in 2013 versus 2012, average daily volume in 2012 was about 19,000 a day and 2013 was about 48,000 a day so far. So we are seeing a very large increase in people beginning to look at ways to use our unique value proposition I think for the portfolio margin with interest rates swaps, plus our interest complex to represent strategies that have been in place for a long time but a much more efficient manner.

Jamie Parisi – CFO

Just a couple of things to add that, the member, non-member mix has trended positively over the last few months. In interest rates we have seen a pick up of about 1% non-member mix there in this quarter versus last year. And then finally as we noted in the prepared remarks the interest rate revenue was up 40% in total versus last year. So I think all those are supportive of what Sean was pointing out.

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Operator

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Thank you. I think at this time I will turn the call back over to the speakers.

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Phupinder Gill – Chief Executive Officer

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Thank you everyone for joining us this morning. And we look forward to talking to you in the next quarter. Thanks very much.

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Operator

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Thank you. And this does conclude today’s conference. We thank you for your participation. At this time you may disconnect your lines.

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