The two largest contract categories - which together account for two-thirds of consolidated sales - are interest-rate and commodity hedging products.

The arrival of new competition - still modest at this stage - with the launch of FMX and the end of the rate hike sequence by the US central bank, has had a downward impact on analysts' forecasts and CME's valuation, which has returned to its low of twenty times earnings.

In the opinion of MarketScreener- a long-standing familiarity with the company, which recently added the stock to its US portfolio - this disenchantment will be temporary, and the low moment offers an interesting entry opportunity.

Commodity markets will remain volatile, and with the US Treasury running a chronic deficit and issuing more debt than ever before, investor demand for protection against interest rate risk is likely to remain strong.

CME is a company of exceptional quality, in fact almost monopolistic, resulting in phenomenal margins and returns on capital. Its specialist positioning enables it to concentrate on trading activities, whereas other marketplaces have to invest in diversification to offset fierce competition and structurally declining commissions.

Even if FMX were to gain strength in the futures segment, it would be difficult for it to compete with CME's network effect. In a financial market, this network effect translates into optimal liquidity - exactly what investors are looking for.