The Spill
Julie Winkler, listed on the filing as Sr MD Chief Commercial Officer at CME Group, sold 10,079 Class A shares on the open market on Nov. 2, out of the 31,561 she held going in, which makes the trade 31.9% of the common stake she held before the trade. No pre-set trading plan (10b5-1) is marked, and the insider filing (Form 4) reached the SEC at 7:59 p.m. ET that evening.
Lag Clock
Zero business days from trade to filing, inside the two-business-day deadline (Rule 16a-3).
Signal Check
The 10b5-1 box is not checked and no footnote names a plan, so the form reports an open-market sale with no disclosed schedule, which says nothing about why.
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Get it freeWhat the filing shows
One row: 10,079 shares sold for $3,075,606.85 at a reported price of $305.15, all on Nov. 2. The $305.15 is a weighted average. Footnote F1 says the shares went out in multiple lots at prices from $305.11 to $305.34, and Winkler will supply the per-price breakdown on request to the company, any shareholder or SEC staff.
After the filing she holds 21,482 Class A shares, all direct. The form lists no indirect lines, no trust, no spouse, and no options or RSUs.
The Other Side
A three-million-dollar sale by a C-suite name reads like a big exit. The count says otherwise: Winkler held 31,561 shares before the trade and 21,482 after, so the sale was 31.9% of the common stake held before the trade and about 68% of the stake stayed put. The whole sale cleared in a 23-cent band, $305.11 to $305.34, on a single day.
What one row can't establish is a pattern. There is no second date and nothing in this form about earlier sales, so a one-day trim and the start of a longer unwind would look identical here.
What it can't tell you
- Why Winkler sold. The form does not say, and footnote F1 covers only the price math.
- The lot sizes. F1 says multiple transactions between $305.11 and $305.34, but the per-price share counts are available only on request.
- Whether more is coming. One Form 4 covers one day; it carries no history and no schedule.
What to watch
- Winkler's next Form 4, and whether the 10b5-1 box is checked on it.
- Any later filing in which the 21,482-share direct holding moves.
Original sources
Drafted with software from the public filing and checked against it before publishing; K. Song is the editor responsible for every story. Educational reporting from public filings, not investment advice. Filings can be late, incomplete or amended; check the original source and dates. Free forever: no paywall, no paid tier. Advertising and sponsors pay for it, and they do not pick the stories. How we work · Corrections: [email protected]