By Greg Burns | As federal legislation reforming the financial system inches closer to a vote on Capitol Hill, Chicago’s CME Group is gaining ground in the stock market, as investors see gold in the back-office clearing of over-the-counter derivatives.

A Democrat-backed measure in the Senate would push leading U.S. banks to spin off their lucrative derivatives trading desks and introduce new clearing requirements in the vast market for swaps. CME, which runs one of the world’s top derivatives clearinghouses, saw its stock rise Monday to $346.88 per share as of midday, up $12. CME shares briefly dipped below $270 apiece in mid-February.

The Chicago-based operator of futures exchanges is slated to report its earnings Thursday morning. A CME spokesman declined to comment on the legislation, saying, “We continue to review the proposals.”