CME Group (Nasdaq: CME) today announced that its board of directors has authorized a return of capital to shareholders through a share buyback program of up to $750 million of CME Group Class A common stock, subject to market conditions. The buyback program will take place over a period of up to 12 months.
"CME Group is strongly committed to driving growth, and this share buyback program underscores our continued belief and optimism in CME Group's long-term growth prospects," said Chief Financial Officer Jamie Parisi. "We have reached the debt and cash levels outlined in our capital structure guiding principles and remain well positioned to continue to invest in multiple organic growth avenues, while also returning excess capital to shareholders."
Under SEC rules, CME Group will not be able to repurchase shares during certain restricted time periods. The share repurchase plan does not obligate CME Group to repurchase any specific dollar amount or number of shares of its Class A common stock. CME Group intends to conduct any such repurchases in compliance with the applicable provisions of Rules 10b-5 and 10b-18 and Regulation M of the Securities Exchange Act of 1934, as amended, and any other applicable laws and regulations.