10:30PM New York – CME Group fell 7.5% after it reported quarterly earnings rise of 118%.

CME Group Inc. operator of commodities exchange today reported first quarter 2008 total revenues rise of 88% to $625 million compared with $332 million in the same quarter a year-ago.

First-quarter net income increased 118% to $284 million or diluted earnings per share increased 42% to $5.25 per share compared with $130 million, or $3.69 per share, a year earlier.

These results reflect the operations of both Chicago Mercantile Exchange and Board of Trade of the City of Chicago. The combined group expenses include $8.7 million of CBOT merger-related operating expenses, $8.4 million of transaction costs related to the cross holding agreement with the Brazilian Mercantile & Futures Exchange, $3.8 million related to the acquisition of Credit Market Analysis Limited closed during the first quarter; and an $8.4 million reduction to non-operating expenses associated with the guarantee for holders of the Chicago Board Options Exchange (CBOE) exercise right privilege.

CME Group Executive Chairman Terry Duffy said, ""During what was a challenging environment for many financial services companies, CME Group achieved volume growth of 32 % in the first quarter, reflecting strength from all product areas.”

He further added, ""We saw healthy trading activity from algorithmic oriented firms, hedge funds, and proprietary trading desks of investment banks, and from both members and non-member customers.""

First-quarter trading volume averaged a record 13.7 million contracts per day, up 32% from the same period in 2007. This strong volume drove $525 million in clearing and transaction fee revenue, an increase of 28% from $410 million in first-quarter 2007.

CME Group processing services revenue for the combined company increased 35% to $17 million for first-quarter 2008 from $13 million a year ago.

Operating income in the first quarter was $411 million, an increase of 43% from $288 million for the year-ago period.

Non-operating income in first-quarter declined 58% from a year ago.

CME Group Inc. (CME: chart) fell $40.00 or 7.6% to $483.50.