CME Group’s third quarter net income of $202m was 20% up on 2008’s level, while earnings a share rose 8% – but those advances were entirely due to a lower income tax bill, $73.8m smaller at $153.5m.
Otherwise, at every level of the profit and loss account, things had deteriorated for CME Group, as the financial crisis hit demand for its products and it paid the cost of acquisitions at the top of the market.
Revenue fell from $680.9m in July-September 2008 to $650.4m in the same period this year, even though CME had...