The first-quarter earnings season is in high gear with more than 900 companies coming up with their results this week. Of the 132 index members that have already reported, total earnings declined 7.9% on 1.1% lower revenues as per our report (Read more: Making Sense of the Q1 Earnings Reports). The beat ratio seems strong with 77.3% beating the bottom line expectation and 56.1% beating on top line.About 36.4% of the companies in the Finance sector have already reported their results. Total earnings for these companies have declined 15.3% on 4.7% lower revenues. While the earnings beat ratio (68.8%) compares unfavorably with the S&P 500 index, the beat ratio for revenues (56.3%) managed to better the S&P 500 index.The securities exchange industry is part of the broader Finance sector. Let’s see how the first quarter turned up for the securities exchanges.The exchanges witnessed solid trading volume. A well-diversified product offering, expense management, operating leverage, higher listing and strategic acquisitions should have favored their performance. However, a soft derivative market and competition were the likely dampeners.With more than 183 index members releasing results from Apr 25–29, let’s find out what’s in store for two securities exchanges that will report this week.CME Group CME is the largest futures exchange in the world in terms of trading volume as well as notional value traded. The company delivered a 2.22% positive surprise last quarter. CME has an Earnings ESP of 0.00% and a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for the quarter is pegged at $1.15.CME Group should benefit from its robust trading volume. The exchange had a record first-quarter average daily volume of 16.9 million contracts per day, up 13% year over year. Also, transaction fee revenues and market data revenues are likely to drive the top line. Global expansion initiatives with a rise in revenues from electronic options should also favor quarterly results. But perhaps even all the positives put together will not be enough to offset a soft derivative markets and an increase in expenses. (Read more: Will CME Group Pull a Surprise This Earnings Season?)With respect to the surprise trend, CME Group surpassed expectations in each of the last four quarters, with an average beat of 3.18%.Nasdaq, Inc. NDAQ provides trading, exchange technology, securities listing and public company services. The company’s earnings were in line with the expectation last quarter. For the first quarter of 2016, Nasdaq has an Earnings ESP of 0.00%. It currently carries a Zacks Rank #3. The Zacks Consensus Estimate for the quarter is pegged at 89 cents.Nasdaq is expected to have benefitted from better performing non-trading segments and market technology. Prudent business management should drive operating leverage. However, increase in expenses, lower access and broker services likely weighed on results. (Read more: Will Q1 Earnings Hold a Surprise for Nasdaq Stock?)With respect to the surprise trend, Nasdaq surpassed expectations in three of the last four quarters, with an average beat of 2.50%.Keep an eye on our full earnings articles to see how these S&P 500 members finally fared. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CME GROUP INC (CME): Free Stock Analysis Report NASDAQ INC (NDAQ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research