News Release

CME Group to Acquire Credit Market Analysis

Tue Mar 25 2008

CHICAGO, March 25 /PRNewswire-FirstCall/ -- CME Group, the world's largest and most diverse derivatives exchange, today announced that it has acquired Credit Market Analysis Limited (CMA), a leading provider of credit derivatives market data. This move will provide CME Group with greater exposure to the rapidly growing $46 trillion in notional outstanding credit derivatives market. It offers the potential to leverage CME Group's clearing and trade execution capabilities, enhancing CMA's products to create greater value and efficiencies for its customers.

As a wholly owned subsidiary of CME Group, CMA will remain headquartered in London and will continue to operate under the CMA name. Laurent Paulhac will continue in his role as the company's Chief Executive Officer and the existing CMA management team is expected to remain in place.

CMA currently offers two products to over-the-counter (OTC) credit derivative market participants, primarily focused on asset managers, hedge funds and other buyside participants. The company's innovative flagship CMA QuoteVision™ price discovery tool provides a clear structured view of live indicative quotes. QuoteVision capitalizes on the email-based quoting model prevalent in the credit default swap market and enables traders to view, organize and store quotes that they receive in real time, regardless of format. The CMA DataVision™ end-of-day pricing service, another key product offering, provides objective buy-side consensus price verification data, enabling organizations to have a true market view and more accurately evaluate their end-of-day positions.

"When we think of diversification at CME Group, we look beyond asset class diversity and think more strategically in terms of products and services where we believe we can deliver innovation and create new value for the market," said Terry Duffy, CME Group Executive Chairman. "We are pleased to add CMA's data products to the services we provide and believe that we can help them enhance their offerings, creating a higher level of market efficiencies and transparency. We will continue to look for strategic opportunities through alliances, joint ventures and acquisitions, which can further our continued growth and our ability to deliver value to our customers and shareholders."

"Today's announcement of our acquisition of CMA reflects our ongoing commitment to expand our existing core businesses while seeking innovative and substantial new growth opportunities in today's rapidly evolving markets. CME Group's OTC strategy has focused on identifying opportunities where we can leverage our strengths in technology and clearing services, which will create greater efficiencies and opportunities for market participants," said CME Chief Executive Officer Craig Donohue. "It's impossible to overestimate the importance of accurate, timely and reliable sources of market data to the smooth functioning of financial markets, especially in today's environment. Working together, we believe that we can expand CMA's existing services in the credit derivatives markets, as well as to additional asset classes that would benefit from additional transparency or central counterparty clearing services."

"CMA promotes transparency in the credit derivatives market with innovative products and services," said Laurent Paulhac, CMA's Chief Executive Officer. "With CME Group's support, we can further enhance the effectiveness of OTC credit market professionals. This move will take CMA's business to new levels, enabling us to expand our product line and explore opportunities within and beyond the credit derivatives market. Taking the longer view, we will leverage synergies between CMA's products and CME Group's market data and trading-related capabilities to provide greater market transparency and to better serve the industry."

Under the agreement, CME Group, through its subsidiary CME Swaps Marketplace Ltd., will purchase 100 percent of the share capital of CMA, all of its operating assets and intellectual property. Further terms of the sale were not disclosed. Lehman Brothers is acting as financial advisor to CME Group, and Skadden, Arps, Slate, Meagher & Flom, LLP is acting as CME Group's legal advisor. Jefferies & Company is acting as financial advisor to CMA, and Gibson, Dunn and Crutcher, LLP and Duncan Cotterill are acting as CMA's legal advisors.

About CME Group

CME Group ( is the world's largest and most diverse derivatives exchange. Formed by the 2007 merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on its trading floors. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities, and alternative investment products such as weather and real estate. CME Group is traded on the New York Stock Exchange and NASDAQ under the symbol "CME."

The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex and E-mini, are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at

Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. Detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which is available on the Investor Relations section of the CME Group Web site. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

About CMA

CMA pioneers ways to boost the effectiveness of OTC credit market professionals. CMA's real-time pricing services (CMA QuoteVision™) and data (CMA DataVision™) are used by investment professionals in over 130 leading Investment Banks, Hedge Funds and Asset Managers worldwide to improve trading performance and provide valuable information not only for the front-office but also risk, finance and research groups. CMA DataVision is available to more than 260,000 users around the world via Bloomberg Professional® (CMA < GO >). Founded in 2001 by credit specialists, CMA ( has offices in London and New York. QuoteVision and DataVision are trademarks of CMA.



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