TAKING THE PULSE: Exchanges could be hurt by a plan proposed by U.S. commodities regulators that would impose sweeping trading limits on energy, and possibly other, commodities in an effort to crack down on speculation. If the regulators decide to set such limits, it would be a major change from the current policy, which passes much of that authority to exchanges.

Meanwhile, the Securities and Exchange Commission is expected to tighten U.S. stock-market listing rules starting next month after relaxing the requirements in the wake of the global financial crisis. Exchanges could feel revenue pressure if companies can't meet the increased standards.

The major exchanges have been facing pressure from smaller, alternative trading venues, such as BATS Exchange and Direct Edge, which have been taking market share amid their quick execution times. BATS also will launch a U.S. options exchange in direct competition to markets run by NYSE Euronext (NYX) and Nasdaq OMX Group Inc. (NDAQ) by early next year, it said this month.

COMPANIES TO WATCH:

CME Group Inc. (CME) - reports July 23

Wall Street Expectations: Analysts surveyed by Thomson Reuters expect earnings of $3.24 a share on revenue of $652 million, compared with year-earlier earnings of $3.67 a share and revenue of $563.2 million.

Key Issues: The company is looking for ways to stop an eight-month slide in average daily trading volume, recently launching four new futures and options contracts designed to reduce the global output of greenhouse gases. Officials have pointed to customers' shifting product focus as the reason for the volume declines.

NYSE Euronext (NYX) - reports July 30

Wall Street Expectations: Analysts forecast earnings of 45 cents a share and revenue of $1.15 billion. A year earlier, the company posted earnings of 73 cents a share and revenue of $1.11 billion, excluding so-called Section 31 fees.

Key Issues: The company has slashed order-execution times twenty-fold at the New York Stock Exchange as part of an effort to catch up to competitors that have taken market share. NYSE Euronext reported a rise in U.S. and European derivatives trading in June, though its share of U.S. stock trading continued to erode from a year earlier.

IntercontinentalExchange Inc. (ICE) - reports Aug. 4

Wall Street Expectations: The company is projected to earn $1.13 a share on revenue of $242 million, compared with $1.19 a share and $197.2 million, respectively, a year earlier.

Key Issues: The exchange said June average daily volume rose 14%, reaching a new high, as the futures-exchange operator continues to pick up market share amid slowing trading at larger rival CME. The firm is mostly energy-focused, but is attempting to attract business to its clearinghouse for over-the-counter credit derivatives.

Nasdaq OMX Group Inc. (NDAQ) - reports Aug. 6

Wall Street Expectations: Analysts see earnings of 48 cents a share and revenue of $373 million, compared with 48 cents a share and $380.2 million a year earlier.

Key Issues: The company has still been losing share of matched-trading volume as alternative trading venues build their presences. Nasdaq OMX also has been pitching its line of client services to private companies to court potential IPO candidates, offering tools that were previously available only to its listed clients.

(The Thomson Reuters estimates and year-earlier results may not be comparable due to one-time items and other adjustments.)

-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com