CME’s October release reports micro equity-index contracts at 50% of category volume and a separate $313.9bn rolling average of customer collateral. Contract counts, economic exposure and collateral are different measures.
CME’s Q3 collateral-earnings line equalled 80% of company revenue, yet a matched $1.269bn distribution expense left an analytical residual of $122.7m. The underlying $139.1bn Federal Reserve balance was clearing collateral, not corporate cash.