CME Group reported higher-than-expected quarterly earnings this week, a reality aided dramatically by recent waves of market volatility and a flurry of trading activity in the exchange operator's futures contracts.

"We have a very bullish view of our growth opportunity organically in our core business," CME Group CEO Craig Donohue said. "We do not foresee the need for additional large scale M&A transactions to drive growth."

Donohue, as reported by Reuters, indicated that the company, which generates at least $1 billion in revenue each year, "will start returning excess cash to shareholders through dividends, share buybacks and other means as early as next year."

Second-quarter net income rose 22 percent to $271 million, or $4.11 per share, from $222 million, or $3.33 a share, a year earlier according to the Reuters report.

"There were strong volumes across the products, equity indexes in particular, because of the volatility in May," said Diego Perfumo, analyst at advisory firm Equity Research Desk. "Now the question is what will happen over the summer. The first month so far the volumes are weak."

CME expects to start clearing interest rate swaps (the largest chunk of the OTC derivatives market) by the end of 2010.