CME Group: The House Always Wins - [Business Breakdowns, EP.224]

This is Business Breakdowns. Business Breakdowns is a series of conversations with investors and operators diving deep into a single business. For each business, we explore its history, its business model, its competitive advantages, and what makes it tick. We believe every business has lessons and secrets that investors and operators can learn from, and we are here. to bring them to you.

To find more episodes of breakdowns, check out joinccolossus.com. All opinions expressed by hosts and podcast guests are solely their own opinions. Hosts, podcast guests, their employers, or affiliates may maintain positions in the securities discussed in this podcast. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. This is Matt Russell and today we are breaking down the Chicago Mercantile Exchange.

My guest is Adam Chandler, co-PM at Claremont Global, and we get into the nitty-gritty of exchanges. I find financial exchanges and clearinghouses fascinating. They're like stagehands of capitalism where you really don't see them in the spotlight, but without them, the show would stop. And even though we know how critical they are to the system, I don't really think we stop to understand how they operate, how they make the impressive money that they do, and quietly shape the flow of money. As you could tell, I'm pretty interested and intrigued by the top of exchanges and clearinghouses.

We already have this episode, so unlocking it is cheap and permanent: the full transcript (60 minutes, 9,749 words), segment and word-level timestamps, and .txt, .srt, .vtt and word-level JSON downloads, as many times as you like, forever.

No account needed, we create one from your checkout email. With credits it is 1 credit; packs start at 5 episodes for $3.49, and monthly plans are cheaper still.