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CME GROUP INC.

CME · FY2025

ALIGNED

CEO Package

$23.4M

Pay Ratio

—

Terrence A. Duffy

Pay reset -2.3% while TSR improved +7.3 pts

NASDAQ, INC.

NDAQ · FY2025

MISALIGNED

CEO Package

$25.0M

Pay Ratio

—

Adena T. Friedman

Pay rose +16.2% while TSR fell -7.3 pts

Tradeweb Markets Inc.

TW · FY2025

MISALIGNED

CEO Package

$20.6M

Pay Ratio

—

Billy Hult

Pay rose +23.2% while TSR fell -61.9 pts

CEOTotal Compensation — All Companies

CME$23.4MNDAQ$25.0MTW$20.6M

All values are grant-date fair value as reported in proxy statements.

Key Differences

The fastest way to read this comparison before dropping into the tables.

NDAQ carries the largest package at $25.0M, about 1.2x TW.
NDAQ reads misaligned, while CME looks aligned.

Pay Component Breakdown

Latest CEO package mix by company. This stays on the CEO package even if the chart above is showing Top 5 pay.

CME

Terrence A. Duffy

$23.4M

base salary9%
stock awards57%
non-equity incentive compensation30%
other compensation4%

NDAQ

Adena T. Friedman

$25.0M

base salary5%
stock awards70%
non-equity incentive compensation24%
other compensation0%

TW

Billy Hult

$20.6M

base salary5%
stock awards73%
non-equity incentive compensation22%
other compensation0%

Quick Comparison

CompanyCEOLatest YearTotal Comp
CME GROUP INC.(CME)Terrence A. Duffy2025$23.4M
NASDAQ, INC.(NDAQ)Adena T. Friedman2025$25.0M
Tradeweb Markets Inc.(TW)Billy Hult2025$20.6M

Note: All compensation values shown are grant-date fair value as reported in proxy statements. Direct comparisons should account for differences in company size, industry, and compensation structure.

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