芝加哥商業交易所 (CME) 2023 Q1 法說會逐字稿

Greetings, and welcome to the CME Group First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded today, Wednesday, April 26, 2023.

您好，歡迎來到芝商所 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，本次會議將於今天（2023 年 4 月 26 日，星期三）錄製。

It is now my pleasure to turn the conference over to Adam Minick, Senior Director, Investor Relations. Please go ahead, sir.

現在我很高興將會議轉交給投資者關係高級總監 Adam Minick。請繼續，先生。

Good morning, and I hope you're all doing well today. We will be discussing CME Group's first quarter 2023 financial results. I will start with the safe harbor language, and then I'll turn it over to Terry.

早上好，我希望你們今天一切都好。我們將討論芝商所 2023 年第一季度的財務業績。我將從安全港語言開始，然後將其交給特里。

Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statement. Detailed information about factors that may affect our performance can be found in the filings with the SEC, which are on our website.

關於此次電話會議和我們網站上其他參考文件的非歷史事實的陳述是前瞻性陳述。這些陳述不是對未來表現的保證。它們涉及難以預測的風險、不確定性和假設。因此，實際結果和結果可能與任何聲明中明示或暗示的內容存在重大差異。有關可能影響我們業績的因素的詳細信息，請參閱我們網站上向美國證券交易委員會提交的文件。

Lastly, on the final page of the earnings release, you will see a reconciliation between GAAP and non-GAAP measures.

最後，在收益發布的最後一頁，您將看到 GAAP 和非 GAAP 指標之間的對賬。

With that, I'll turn the call over to Terry.

有了這個，我會把電話轉給特里。

Thank you, Adam, and thank you all for joining us this morning. We released our executive commentary earlier today, which provides details on the first quarter of '23. I'll make a few brief comments on the quarter and current outlook, and Lynne will summarize our financial results. In addition to Lynne, we have other members of our management team present to answer questions after the prepared remarks.

謝謝你，亞當，感謝大家今天早上加入我們。我們今天早些時候發布了我們的執行評論，其中提供了 23 年第一季度的詳細信息。我對本季度和當前前景做一些簡短的評論，Lynne 將總結我們的財務業績。除了 Lynne 之外，我們還有管理團隊的其他成員在準備好的發言後回答問題。

John Pietrowicz is also on the call with us this morning. John will be staying on with CME through at least the end of the year as a Special Advisor to the company. Among other things, John's responsibilities will continue to be to work with Investor Relations activities. But this is the first for John to be on the call not in the CFO role. So John, please don't jump in when Lynne is speaking.

John Pietrowicz 今天早上也在和我們通話。約翰將作為公司的特別顧問至少在今年年底之前繼續留在芝商所。除其他事項外，約翰的職責將繼續是與投資者關係活動合作。但這是約翰第一次不擔任首席財務官的職務。所以 John，請不要在 Lynne 發言時插話。

I'd like to thank you, John, for your over 8 years as CFO as well as your important work at CME prior to that. John has been a key part of every major milestone our company has achieved over the last 20 years. And we thank him for his many contributions to our business, and we look forward to continually working with John throughout the balance of the year.

約翰，我要感謝你擔任首席財務官 8 年多，以及在此之前你在 CME 所做的重要工作。 John 是我們公司在過去 20 年中取得的每一個重要里程碑的關鍵部分。我們感謝他為我們的業務做出的許多貢獻，我們期待在今年餘下的時間裡繼續與約翰合作。

With that, I will turn to a few comments regarding the first quarter, which was continued evidence of this new era of uncertainty. As I said in my Financial Times op-ed from February, risk management has been elevated from a supporting player to the star attraction as investors are managing portfolios with near constant market challenges.

說到這裡，我將談談關於第一季度的一些評論，這是這個新時代不確定性的持續證據。正如我在 2 月份的《金融時報》專欄文章中所說，風險管理已從支持者提升為明星吸引力，因為投資者正在管理幾乎持續存在的市場挑戰的投資組合。

Following the best year in CME Group's history, first quarter 2023 average daily volume increased 4% from an extremely strong first quarter 2022 to 26.9 million contracts and was just short of our all-time quarterly record average daily volume in the first quarter of 2020 of 27 million contracts. This quarter included our all-time highest single-day volume of 66.3 million contracts on March 13. All of this and other things have led us to the highest adjusted diluted EPS in the history of CME Group.

繼 CME 集團歷史上最好的一年之後，2023 年第一季度的平均每日交易量從 2022 年第一季度的極其強勁增長 4% 至 2690 萬份合約，僅次於我們在 2020 年第一季度的歷史季度平均每日交易量2700萬份合同。本季度包括我們在 3 月 13 日的歷史最高單日成交量 6630 萬份合約。所有這些和其他因素使我們獲得了 CME Group 歷史上最高的調整後攤薄每股收益。

Throughout the entire quarter, there were shifting perceptions about the Fed's near-term rate path as well as significant banking concerns in March, and the continued development of the SOFR market led to the increasing need for the management of interest rate risk. This drove 16% growth in our interest rate ADV to the record 14.5 million contracts.

在整個季度中，人們對美聯儲近期利率路徑的看法發生了轉變，3 月份銀行業也出現了重大擔憂，而 SOFR 市場的持續發展導致對利率風險管理的需求不斷增加。這推動我們的利率 ADV 增長 16%，達到創紀錄的 1450 萬份合約。

Record March SOFR futures ADV of 5.2 million contracts exceeded previous record seen in Eurodollar futures. And since quarter end, we successfully completed the migration of our Eurodollar open interest to SOFR without issue on April 15.

創紀錄的 3 月 SOFR 期貨 ADV 達到 520 萬份合約，超過了歐洲美元期貨之前的記錄。自季度末以來，我們於 4 月 15 日順利完成了將歐洲美元未平倉合約遷移至 SOFR 的工作。

In addition, our past investments in building out our options franchises are paying off. With such turbulent macroeconomic backdrop, options are an increasingly important risk management tool. First quarter options ADV grew 26% year-over-year to a record 5.8 million contracts, including double-digit growth across interest rates, equities and metals, and 30% growth in non-U.S. trading activity. First quarter options revenue grew 12% to a record $218 million.

此外，我們過去在建立期權特許經營權方面的投資正在取得回報。在如此動蕩的宏觀經濟背景下，期權成為越來越重要的風險管理工具。第一季度期權 ADV 同比增長 26% 至創紀錄的 580 萬份合約，其中包括利率、股票和金屬的兩位數增長，以及非美國交易活動增長 30%。第一季度期權收入增長 12%，達到創紀錄的 2.18 億美元。

The first quarter was a great example of CME Group seamlessly doing what we are designed to do. The significant volatility spikes and associated turmoil affecting the banking sector in March further highlighted the systemic importance of sound risk management practices by institutional participants. There are no guarantees, but hedging can provide certainty. And the significant first quarter activity highlighted that some of today's most important trades are to manage risk.

第一季度是芝商所無縫完成我們設計目標的一個很好的例子。 3 月份影響銀行業的大幅波動性飆升和相關動盪進一步凸顯了機構參與者健全的風險管理實踐的系統重要性。沒有任何保證，但對沖可以提供確定性。第一季度的重大活動突顯出，當今一些最重要的交易是為了管理風險。

The future is more uncertain than ever, but we know we can expect a whirlwind of geopolitical and economic hurdles to persist. And we will continue to focus on innovating and offering market participants meaningful capital and operational efficiencies across a diverse and global relevant product set to manage their risk.

未來比以往任何時候都更加不確定，但我們知道地緣政治和經濟障礙的旋風將持續存在。我們將繼續專注於創新，並為市場參與者提供有意義的資本和運營效率，涵蓋多元化和全球相關的產品集，以管理他們的風險。

With that, I will turn the call over to our new CFO, Lynne Fitzpatrick, to cover the first quarter financial results.

有了這個，我將把電話轉給我們的新首席財務官林恩菲茨帕特里克，以報導第一季度的財務業績。

Thanks, Terry. CME had the best quarterly results in our history. During the first quarter, CME generated over $1.4 billion in revenue, up 7% compared with a strong first quarter in 2022. Overall revenue growth outpaced volume growth of 4%. Market data had a record revenue quarter, up 9% versus Q1 '22 to $166 million. The need for our products and data to manage risk in an uncertain market environment continued to build on the strength seen last year.

謝謝，特里。 CME 取得了我們歷史上最好的季度業績。第一季度，芝商所創造了超過 14 億美元的收入，與 2022 年第一季度的強勁增長相比增長了 7%。總體收入增長超過了 4% 的銷量增長。市場數據的季度收入創歷史新高，比 22 年第一季度增長 9%，達到 1.66 億美元。我們的產品和數據在不確定的市場環境中管理風險的需求繼續建立在去年的實力之上。

Expenses on an adjusted basis were $459 million for the quarter and $362 million excluding license fees and approximately $12 million towards our cloud migration. CME had an adjusted effective tax rate of 23.4%, which resulted in an adjusted net income of $882 million, up 15% from the first quarter last year, and adjusted diluted earnings per share to common shareholders of $2.42, the highest adjusted quarterly net income and EPS in our history.

本季度調整後的費用為 4.59 億美元，不包括許可費的費用為 3.62 億美元，我們的雲遷移費用約為 1200 萬美元。 CME 調整後的有效稅率為 23.4%，導致調整後的淨收入為 8.82 億美元，比去年第一季度增長 15%，調整後的普通股股東攤薄每股收益為 2.42 美元，為調整後的最高季度淨收入和 EPS 在我們的歷史上。

Capital expenditures for the first quarter were approximately $16 million. CME paid dividends during the quarter of over $2 billion, and our ending cash balance was approximately $1.7 billion. The team at CME Group remains focused on providing the risk management products needed by our clients and driving earnings growth for our shareholders.

第一季度的資本支出約為 1600 萬美元。 CME 在本季度支付了超過 20 億美元的股息，我們的期末現金餘額約為 17 億美元。 CME Group 的團隊仍然專注於為我們的客戶提供所需的風險管理產品，並為我們的股東推動收益增長。

Before we open up the call for your questions, I'm going to briefly hand it back to Terry.

在我們開始徵求您的問題之前，我將簡要地把它交還給特里。

Thanks, Lynne. And before we get to your questions, as Lynne said, I want to take a few -- just a moment to acknowledge Sean Tully, who announced his decision to retire from CME Group in June of this year.

謝謝，琳恩。正如 Lynne 所說，在我們回答您的問題之前，我想花點時間來感謝 Sean Tully，他於今年 6 月宣布決定從 CME Group 退休。

Since joining us in 2012, Sean has been a strong leader for our financial products business and continuing to grow that through the period of tremendous growth and transformation. I especially want to recognize Sean for his outstanding job that he and his team did in the interest rates to facilitate the successful transition from LIBOR to SOFR. This was no small feat.

自 2012 年加入我們以來，肖恩一直是我們金融產品業務的強有力領導者，並在巨大的增長和轉型時期繼續發展壯大。我特別想表彰 Sean 和他的團隊在利率方面所做的出色工作，以促進從 LIBOR 到 SOFR 的成功過渡。這是一個不小的壯舉。

As many people on this call remember, we had many conversations prior to the transition about were we going to be able to transition or were others are going to do. Sean and Agha and others did an amazing job of bringing 99.99% of the SOFR business here to CME Group. And now it's the largest contract in the world, supplanting what Eurodollar futures used to be. It's really an amazing accomplishment.

正如本次電話會議中的許多人所記得的那樣，在過渡之前我們進行了多次對話，討論的是我們是否能夠過渡，或者其他人是否會這樣做。 Sean 和 Agha 以及其他人在將 99.99% 的 SOFR 業務帶到 CME Group 方面做得非常出色。現在它是世界上最大的合約，取代了過去的歐洲美元期貨。這真是一個了不起的成就。

Following Sean's retirement in June, Tim McCourt, who has been overseeing our equity index and foreign exchange cryptocurrency businesses, will assume Sean's responsibilities and lead the organization covering our financial and OTC products as well. I have the utmost confidence in Tim's ability to manage this broader portfolio.

在 Sean 於 6 月退休後，一直負責監督我們的股票指數和外匯加密貨幣業務的 Tim McCourt 將接管 Sean 的職責，並領導該組織涵蓋我們的金融和場外交易產品。我對蒂姆管理這個更廣泛的投資組合的能力充滿信心。

So Sean, on behalf of everybody here, we'll have more accolades with you off the call, but thank you for everything you've done. And maybe you could say a few words to people that you've been talking to for so many years.

所以肖恩，代表在座的每一個人，我們會在電話會議結束後獲得更多讚譽，但感謝你所做的一切。也許你可以對你已經交談了這麼多年的人說幾句話。

Yes. Thank you so much, Terry. It has been an honor to work at CME Group these past 11 years to work with you, Terry, and the entire outstanding team at CME with all of our customers, with our investors, with our analysts and with our regulators. Together, we delivered enormous value to market participants, including several billion per day in margin efficiencies and many new products, including many new options, many new currencies in OTC swap clearing, Ultra 10-Year Futures, SOFR Futures and Options, and CME Term SOFR.

是的。非常感謝你，特里。在過去的 11 年裡，我很榮幸能在 CME Group 工作，與你、Terry 和 CME 的整個優秀團隊一起工作，與我們所有的客戶、我們的投資者、我們的分析師和我們的監管機構一起工作。我們共同為市場參與者提供了巨大的價值，包括每天數十億美元的保證金效率和許多新產品，包括許多新期權、場外掉期清算中的許多新貨幣、超 10 年期期貨、SOFR 期貨和期權以及 CME 期限SOFR。

And for investors, in the first quarter of 2023, we delivered all-time record revenue for our rates business with SOFR Futures and Options ADV exceeding the best-ever quarter for Eurodollar futures and options ADV historically as well as delivering a 9.8% compounded annual growth rate in revenue for the rates business since the first quarter of 2012.

對於投資者而言，在 2023 年第一季度，我們的利率業務收入創歷史新高，SOFR 期貨和期權 ADV 超過了歐洲美元期貨和期權 ADV 歷史上最好的季度，並實現了 9.8% 的複合年增長率自 2012 年第一季度以來利率業務的收入增長率。

Last, having worked closely with Tim McCourt and Agha Mirza over the last several years, I am very confident that the financials business is in extremely capable hands going forward.

最後，在過去幾年中與 Tim McCourt 和 Agha Mirza 密切合作，我非常有信心未來金融業務將掌握在非常有能力的手中。

Thank you to all of our customers. Thank you to all of my colleagues. And thank you again, Terry.

感謝我們所有的客戶。感謝我所有的同事。再次感謝你，特里。

Thank you, Sean. Appreciate it very much.

謝謝你，肖恩。非常感謝。

With that being said, we're going to get into your questions now, and Sean will be participating in that. So I'm sure you will enjoy his answers as always.

話雖如此，我們現在要回答您的問題，Sean 將參與其中。所以我相信您會一如既往地喜歡他的回答。

So with that, we'll turn it over to you for your questions.

因此，我們將把它交給你來回答你的問題。

(Operator Instructions) Our first question is from the line of Rich Repetto with Piper Sandler.

（操作員說明）我們的第一個問題來自 Rich Repetto 和 Piper Sandler 的系列。

And first, I'd just like to echo your comments and congrats, John P. and Sean as well on their transitions.

首先，我想重複你們的評論和祝賀，John P. 和 Sean 以及他們的過渡。

Anyway, so Terry, you brought up that risk management focus that you -- in your editorial pretty timely with the banking crisis 2 weeks afterwards. But down at the FIA, we talked about sort of the longer-term impact that it could have on risk management and utilization of the CME product. So I was just trying to get an update after what time has passed and just get some insight, I guess, from Terry and Sean about the conversations you have with risk management focus on these mid-tier banks, what might change and what might it mean to the CME going forward?

無論如何，特里，你在兩週後的銀行業危機中非常及時地在你的社論中提出了風險管理重點。但在 FIA，我們討論了它可能對 CME 產品的風險管理和利用產生的長期影響。所以我只是想在時間過去後獲得更新，我想從特里和肖恩那裡得到一些見解，關於你與風險管理部門的對話，重點是這些中型銀行，可能會發生什麼變化，以及可能會發生什麼對 CME 的未來意味著什麼？

It's hard to predict the future, Rich, but we did say down at the conference you're referring to on Boca, because of what's going on and because of, if you look at history, some of the things that have gone on and then return, you've seen our business grow because people understand that they need to manage risk in order to continue to stay in business for themselves. So some of these second-, third-tier banks who did not hedge some of their portfolios, this is a big push by not only Sean and Tim McCourt and their teams, but also by Julie Winkler and her sales team to cross-sell.

很難預測未來，里奇，但我們確實在你提到的博卡會議上說了下來，因為正在發生的事情，如果你回顧歷史，一些已經發生的事情，然後返回，您已經看到我們的業務增長，因為人們明白他們需要管理風險才能繼續為自己經營業務。因此，其中一些沒有對沖其部分投資組合的二三線銀行，這不僅是 Sean 和 Tim McCourt 及其團隊，也是 Julie Winkler 和她的銷售團隊大力推動的交叉銷售。

But again, I think what's important here, as we talked about, some of these second- and third-tier banks mostly will be doing swaps, which we think is actually fine for us because they're normally going to be doing a swap against a larger bank, and that larger bank will be doing the layoff with CME Group. So we see that as a net positive, and that's kind of how we've been going through this internally with our own folks here, Rich, since we saw each other probably down in Boca and putting more work into that.

但同樣，我認為這裡重要的是，正如我們所討論的，這些二線和三線銀行中的一些大多會進行掉期，我們認為這對我們來說實際上很好，因為他們通常會進行掉期一家更大的銀行，那家更大的銀行將與 CME 集團一起裁員。所以我們認為這是一個淨積極因素，這就是我們在內部與我們自己的人一起經歷這個問題的方式，里奇，因為我們可能在博卡看到了對方，並為此付出了更多的努力。

So Julie and her team have been doing that along with Sean and Tim, and I'll let them comment. But that is a big push that we're looking at to show people the benefits even if you're doing a swap, we think there's a benefit to the liquidity that we provide for the banks to lay out that risk on the spot. John or Tim or Julie, do you want to talk about that?

所以 Julie 和她的團隊一直在與 Sean 和 Tim 一起這樣做，我會讓他們發表評論。但這是一個很大的推動力，我們正在尋求向人們展示好處，即使你正在進行掉期交易，我們認為我們為銀行提供的流動性是有好處的，可以讓銀行當場承擔風險。約翰或蒂姆或朱莉，你想談談這個嗎？

I'll just say that we have initiated a sales campaign specifically focused on regional banks across the firm. And we are very focused on providing them with the interest rate swaps and other products that they need in order to better manage their risk. We are very excited about offering them that, especially with our OTC interest swap clearing.

我只想說，我們已經發起了一項專門針對整個公司區域銀行的銷售活動。我們非常專注於為他們提供利率互換和其他他們需要的產品，以便更好地管理他們的風險。我們很高興能為他們提供這些服務，尤其是我們的場外交易利息互換清算服務。

And as Terry said, whatever swaps they do in addition to potentially increasing our OTC swap clearing business, the back side of those swaps will be hedged by larger banks either using our futures or the BrokerTec U.S. treasury platform. So the better people manage risk, the better it is for themselves and the better it is for CME and CME shareholders.

正如特里所說，除了可能增加我們的場外掉期掉期清算業務之外，無論他們做什麼掉期交易，這些掉期交易的背面都將由大型銀行使用我們的期貨或 BrokerTec 美國國債平台進行對沖。因此，人們更好地管理風險，對他們自己就越好，對 CME 和 CME 股東也越好。

Tim or Julie, anything else to add?

蒂姆或朱莉，還有什麼要補充的嗎？

I would just add, I think the relationships with a lot of these regional banks has definitely been something we've been working on as we've got the term SOFR benchmark here at CME Group. This was a key asset of which these individuals, these firms needed access to this rate. And so getting out, licensing those firms up was an activity that we've been doing over the last 1.5 years.

我只想補充一點，我認為與許多這些地區性銀行的關係肯定是我們一直在努力的事情，因為我們在 CME Group 獲得了 SOFR 基準這一術語。這是這些個人、這些公司需要獲得此利率的關鍵資產。所以出去，授權這些公司是我們在過去 1.5 年裡一直在做的一項活動。

And so those relationships are not -- I mean, are still relatively new, but the fact that we have them within our clients' outreach is a key part of this. And a lot of it is education, and this is something that CME Group has a very long history of doing very well and something that we'll continue to do with these firms.

因此，這些關係不是——我的意思是，仍然相對較新，但我們在客戶的外展範圍內擁有它們這一事實是其中的關鍵部分。其中很多是教育，這是芝商所長期以來一直做得很好的事情，我們將繼續與這些公司合作。

Rich, does that give you a little bit of color on where we're at?

Rich，這會讓你對我們所處的位置有所了解嗎？

Yes, definitely. And the focus on risk management couldn't have been more timely. It's been great working with both Sean and John.

當然是。對風險管理的關注再及時不過了。與 Sean 和 John 的合作非常愉快。

Thanks a lot, Rich. Really appreciate it.

非常感謝，里奇。真的很感激。

Thank you, Rich.

謝謝你，里奇。

Our next question is from Dan Fannon with Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

Congrats to both Sean and John as well. Our question is on market data. Obviously, the price increase that went into effect drove some of the sequential growth and, I guess, record revenue. But you talk about also increasing subscribers. So just curious about this is a good starting-off or jumping-off point here for revenue. And then ultimately, where these subscribers are coming from? Is it mostly retail? Or how we can think about momentum in the market data business?

也祝賀肖恩和約翰。我們的問題是關於市場數據。顯然，生效的價格上漲推動了一些連續增長，我猜，創紀錄的收入。但是你也談到了增加訂閱者。因此，對此感到好奇是一個很好的收入起點或起點。最後，這些訂戶來自哪裡？主要是零售嗎？或者我們如何看待市場數據業務的發展勢頭？

Why don't I have Lynne start, and then we'll go to Julie?

為什麼我不讓 Lynne 開始，然後我們去找 Julie？

Sure. Thanks, Dan. So if you look at that market data revenue this year, we did grow 9% off of the first quarter last year. You have the impact of the price increase, which went into effect in January. As a reminder, that was about a 4% increase for market data.

當然。謝謝，丹。所以如果你看看今年的市場數據收入，我們確實比去年第一季度增長了 9%。你受到了 1 月份生效的價格上漲的影響。提醒一下，市場數據大約增加了 4%。

Also within this line, you do have about $4 million in audit fees and catch-up payments for prior period activity. These do tend to be more episodic. For comparison, there was about $1 million in these type of fees in Q4. So it's a combination of that pricing increase as well as the increased subscriber count, which I can turn to Julie to talk about what she's seeing there.

同樣在這一行中，您確實有大約 400 萬美元的審計費用和前期活動的追加付款。這些確實往往更偶發。相比之下，第四季度此類費用約為 100 萬美元。因此，這是價格上漲和訂戶數量增加的結合，我可以求助於朱莉，談談她在那裡看到的情況。

Yes. So thanks for the question, Dan. Certainly, last year, throughout 2022, we also saw continued strong demand for our professional devices and our real-time data. We offer the largest suite of proprietary data of anyone. And I think people, especially post-pandemic, have seen the value in that and the fact that we've continued to invest in the data sets that we offer and the technology and how they are receiving that data.

是的。所以謝謝你的問題，丹。當然，去年，整個 2022 年，我們也看到了對我們的專業設備和實時數據的持續強勁需求。我們提供最大的專有數據套件。我認為人們，尤其是在大流行後，已經看到了其中的價值，以及我們繼續投資於我們提供的數據集和技術以及他們如何接收這些數據的事實。

So Q1, we saw just a continuation of that trend. And also, there's other aspects of the business, particularly as we think about organic growth under our non-display licensing. So this is where people have needs to utilize our data and other algorithms and trading applications. And so this is another part of the business, up almost 9%.

所以第一季度，我們看到了這種趨勢的延續。而且，還有業務的其他方面，特別是當我們考慮非顯示許可下的有機增長時。所以這就是人們需要利用我們的數據和其他算法和交易應用程序的地方。所以這是業務的另一部分，增長了近 9%。

And alongside all of this, we've set up in the last 2 years this dedicated sales team. And I'd be remiss without saying that is having an impact on the results, right? We are in a position where historically, we had not been out there selling market data and explaining to people what was actually available. And I think we're starting to see some uplift from that as well. So it is institutional users, to your question. This is not coming from new retail participants.

除了所有這些，我們在過去 2 年中還建立了這個專門的銷售團隊。如果我不說這對結果有影響，我會失職，對吧？從歷史上看，我們處於一個位置，我們沒有在那裡出售市場數據並向人們解釋實際可用的數據。而且我認為我們也開始從中看到一些提升。所以這是機構用戶，你的問題。這不是來自新的零售參與者。

Our next question is from Alex Kramm with UBS.

我們的下一個問題來自瑞銀的 Alex Kramm。

I feel like this is a throwaway question that we ask every time after we have a big quarter like we had in the first quarter, but I guess it has to be asked every time, obviously, with April off to a slow start. I know we see this, again, time and time again, you have a lot of volatility, a lot of changes in the environment, and then things get a little bit quiet when people have to lick their wounds a little bit.

我覺得這是一個一次性的問題，我們每次在我們有一個像第一季度那樣的大季度之後都會問，但我想每次都必須問這個問題，很明顯，4 月份開局緩慢。我知道我們一次又一次地看到這一點，你有很多波動，環境發生了很多變化，然後當人們不得不稍微舔舐傷口時，事情變得有點平靜。

But curious, Terry, if there's anything you would point to that speak to the underlying fundamentals of the market, any particular slowdown in any particular client types or anything that would make you think differently around what you're seeing so far this quarter. I know it's hard to predict, but it's got to be asked.

但好奇的是，特里，如果有什麼你會指出市場的基本面，任何特定客戶類型的任何特定放緩或任何會讓你對本季度到目前為止所看到的事情有不同看法的事情。我知道這很難預測，但必須要問。

No, and I appreciate that, Alex, and it does need to be asked. And I think a couple of different things here at play in April. April is historically one of the slowest months in the industry. And for whatever reason, it's been that way for a number of years. Don't have the reason why that is the case. One of them, I guess, would be that we don't have a roll in April. So that's one thing of interest.

不，我很感激，亞歷克斯，這確實需要被問到。我認為 4 月份這裡有幾件不同的事情在起作用。從歷史上看，4 月是該行業最慢的月份之一。無論出於何種原因，多年來一直如此。不知道為什麼會這樣。我猜，其中之一是我們沒有四月份的捲。所以這是一件有趣的事情。

But one of the things I look at is really not just only our company. I look at the broader industry across the board. And if I thought that we were the only one suffering in a lower volume environment in the month of April while everybody else was gaining, I'd be a little bit more concerned. And I'm talking apples-to-apples in the futures world. So that is not the case. Everybody is kind of on the same pace in April as they've been historically. So this is nothing new, and it's a phenomenon that's going on for years.

但我關注的其中一件事實際上不僅僅是我們公司。我全面關注更廣泛的行業。如果我認為我們是 4 月份唯一一個在低產量環境中受苦的人，而其他人都在獲利，我會更加擔心。我說的是期貨世界中的蘋果對蘋果。所以事實並非如此。每個人在 4 月份的步伐都與歷史上相同。所以這不是什麼新鮮事，而且是一種持續多年的現象。

When I was younger, we saw the month of August being traditionally a slower one because of European holiday, shutting down and things of that nature. Things just kind of moved around a bit. For whatever reason, this happens to be the slower month that we've seen over the last several years. But what's interesting about April is we've had our metals complex has been up. Our ag complex is up. And our energy, say, 33%, and metals ag running around 15%, energy up still over 3% for the month of April. So that is a bright sign.

在我年輕的時候，我們看到 8 月份傳統上是一個較慢的月份，因為歐洲假期、停工和類似的事情。事情有點變動。無論出於何種原因，這恰好是我們在過去幾年中看到的最緩慢的一個月。但有趣的是 4 月我們的金屬綜合體已經上漲。我們的 ag 複合體已經啟動。而我們的能源，比如說，33%，金屬 ag 運行在 15% 左右，4 月份的能源增長仍然超過 3%。所以這是一個光明的跡象。

So the beauty of CME Group, Alex, as you know, we're not just one asset class. We're a multi-asset class organization. So when we do see slowdowns, we, I've said, historically see pickups in others, and I think this is an example of that, maybe not for the volume of 66.3 million, but we are definitely seeing an uptick in other asset classes when others are down.

所以 CME Group 的美麗，亞歷克斯，正如你所知，我們不僅僅是一個資產類別。我們是一個多資產類別的組織。因此，當我們確實看到經濟放緩時，我說過，從歷史上看，其他資產有所回升，我認為這就是一個例子，也許不是 6630 萬的交易量，但我們肯定會看到其他資產類別的回升當別人情緒低落時。

Our next question is from Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

And also congrats to John and Sean and Lynne as well. A question on -- 2-part question, but mostly focused on the debt ceiling negotiations. And the 2-parters are: number one, how do you see the negotiations as well as just the continued debate on the Fed cycle and the volatility that could occur in the 10-year and the long end of the curve impacting volumes? Maybe just some commentary around that. And then I guess -- and maybe that's for Sean.

還要祝賀 John、Sean 和 Lynne。一個由兩部分組成的問題，但主要集中在債務上限談判上。 2 方是：第一，你如何看待談判以及關於美聯儲周期的持續辯論以及 10 年期和長期曲線影響交易量的波動？也許只是一些評論。然後我猜——也許那是給肖恩的。

And then on the debt ceiling negotiations, maybe Terry, just your view of whether this time is similar to past negotiations? Do you think things will be reconciled well? Or is this time different? And then I guess, if we do have a default scenario, what -- how would that impact the treasury futures?

然後關於債務上限談判，也許特里，只是你對這次談判是否與過去的談判相似的看法？你覺得事情會和好嗎？還是這次不一樣？然後我想，如果我們確實有默認情況，那將如何影響國債期貨？

So this is purely a speculation question at best, as you can imagine, Brian, because I've been around long enough to watch the 2011 debt negotiation literally go down to the last hour before the clock ran out on government spending. And there was a negotiation between then Speaker Boehner and then President Barack Obama. So you never know what's going to happen.

所以這充其量只是一個猜測問題，正如你想像的那樣，布賴恩，因為我已經待了足夠長的時間來觀察 2011 年的債務談判，直到政府支出時間用完之前的最後一個小時。當時的議長博納和當時的總統巴拉克奧巴馬進行了談判。所以你永遠不知道會發生什麼。

I can only tell you a few things. And one of the things I'm saying to my folks here in the organization is when you look at the setup today in Congress, one of the things I look at as far as where this may or may not go, you can only see so much, right, so the Speaker is going to propose a piece of legislation that's got massive cuts associated with it over the next 10 years. The President is not going to like that. And in return, the Speaker is offering up $1.5 trillion in lifting to the debt ceiling. That's going to be the legislation.

我只能告訴你幾件事。我要對組織中的同事們說的其中一件事是，當您查看今天國會的設置時，我所關注的其中一件事是它可能會或可能不會去的地方，您只能看到很多，對，所以議長將提出一項立法，在未來 10 年內與之相關的大規模削減。總統不會喜歡那樣的。作為回報，議長將提供 1.5 萬億美元以提高債務上限。這將是立法。

That may pass the House. But if they lose 5 votes, then it doesn't pass the House. So pretty interesting dynamic right now. That probably won't go anywhere in the Senate or it probably won't go anywhere with the administration. So then we go on to the next round of negotiations.

這可能會通過眾議院。但如果他們失去 5 票，那麼它就不會通過眾議院。現在非常有趣的動態。這可能不會在參議院取得任何進展，也可能不會在政府中取得任何進展。那麼我們將繼續進行下一輪談判。

So let's think a little bit about how the negotiations are working in Washington right now. As you recall, if anybody is a student of politics, you saw that there's 15 rounds of votes going for the Speaker of the House. And in those 15 rounds, there was a handful of people that were trying to extract certain things for their benefit, maybe holding the Speaker's feet to the fire on certain things. I was not part of it, but you can only assume what was going on because the votes finally got to a place, which means there was a negotiation going on.

因此，讓我們稍微考慮一下目前華盛頓的談判進展情況。您還記得，如果有人是政治專業的學生，您會看到眾議院議長有 15 輪投票。在這 15 個回合中，有一小撮人試圖為自己謀取某些東西，也許是在某些事情上對議長持反對態度。我沒有參與其中，但你只能假設發生了什麼，因為選票終於到了一個地方，這意味著正在進行談判。

So I'm assuming that negotiation will continue on, but the difference this time is you're dealing with a much different Congress with Republicans holding the majority, obviously, in the House side and then looking to extract a lot of cuts. Whether you agree with it or not, it's not for me to make that decision. I'm just telling you what I see. So I wouldn't be surprised if they don't get something passed out of the gate. And -- but then we'll have to see where it goes.

所以我假設談判將繼續進行，但這次的不同之處在於你正在與一個截然不同的國會打交道，共和黨顯然在眾議院方面佔多數，然後尋求大量削減。不管你是否同意，這不是我能做的決定。我只是告訴你我所看到的。因此，如果他們沒有讓某些東西通過大門，我不會感到驚訝。而且 - 但我們必須看看它的去向。

Historically, people never want to go back to their districts and be the person who did not vote for a debt ceiling lift, which could hurt the U.S. economy or hurt the U.S. [stance]. We had a downgrade in this country before. I'm not saying it's happening again, but there are people that -- they have firm beliefs that you have to look at the long picture, and the government spending is out of control. These are not my words, these are theirs. So I just want to make sure I say that.

從歷史上看，人們永遠不想回到自己的選區，成為沒有投票支持提高債務上限的人，這可能會傷害美國經濟或傷害美國[立場]。我們之前在這個國家降級了。我並不是說它會再次發生，但有些人 - 他們堅信你必須從長遠來看，而且政府支出已經失控。這些不是我的話，這是他們的話。所以我只想確保我這麼說。

So I think it's going to be a little bit more tricky than historical debt ceiling that we've seen. And as far as the Fed cycle goes, I'll let Sean comment on that, what it means to it; and then maybe Sunil can comment about the treasuries, what it means, if anything, to us.

所以我認為這將比我們所看到的歷史債務上限更棘手一些。就美聯儲周期而言，我會讓肖恩對此發表評論，這意味著什麼；然後也許 Sunil 可以評論一下國庫券，它對我們意味著什麼（如果有的話）。

Yes. Thanks very much for the question. Thank you, Terry. In terms of the Fed, just looking at our futures markets, it's expected that the Fed will tighten by 25 basis points at the upcoming FOMC meeting, likely; and then over the next 1.5 years, reduce rates by 200 basis points. So obviously, there's huge uncertainty built into that yield curve that people are going to need to manage.

是的。非常感謝你的提問。謝謝你，特里。就美聯儲而言，僅看我們的期貨市場，預計美聯儲將在即將舉行的 FOMC 會議上收緊 25 個基點；然後在接下來的 1.5 年內，將利率降低 200 個基點。很明顯，人們需要管理的收益率曲線存在巨大的不確定性。

Going from this extraordinary cycle -- tightening cycle, excuse me, to a very quick, large easing cycle and the exact timing of that, it creates an incredibly uncertain environment where people are going to need to hedge risks. So I think that, that cycle will continue to be positive for us.

從這個非同尋常的周期——對不起，緊縮週期，到一個非常快速、大規模的寬鬆週期及其確切時間，它創造了一個令人難以置信的不確定環境，人們將需要對沖風險。所以我認為，這個週期將繼續對我們有利。

Bigger picture in terms of treasury issuance in regards to the debt ceiling, in the first quarter of this year, the U.S. Treasury only issued $64 billion net of coupons. So with a $1.4 trillion deficit, the treasury is not issuing a lot of coupons. And obviously, $64 billion in new issuance is unsustainable. They've been driving down the treasury general account in order to be able to do that. So I would expect a very large increase going forward in U.S. Treasury issuance in order to cover that very large deficit and that, that would, at some point, provide a very nice tailwind for our business.

就債務上限的國債發行而言，今年第一季度，美國財政部僅發行了 640 億美元的票息淨額。因此，在 1.4 萬億美元的赤字下，財政部不會發行大量的票息。顯然，640 億美元的新發行是不可持續的。為了能夠做到這一點，他們一直在壓低國庫總賬戶。因此，我預計未來美國國債發行量將大幅增加，以彌補巨大的赤字，這將在某個時候為我們的業務提供非常好的順風。

And with that, I'll hand it over to Sunil.

然後，我將把它交給 Sunil。

I'll cover 2 areas: one is operational and the other is risk. From an operational perspective, the Treasury Market Practitioners (sic) [Practices] Group has put out a document on best practices on handling maturing securities and coupons. CME works with SIFMA and other industry bodies to actually align itself on the operational side. On the risk side, we have handled these scenarios, similar scenarios in the past. We don't take it lightly. And as Terry pointed out, we are also taking into account a different environment, a political environment.

我將涵蓋兩個方面：一個是運營方面的，另一個是風險方面的。從操作的角度來看，財政部市場從業者 (sic) [實踐] 小組發布了一份關於處理到期證券和息票的最佳實踐的文件。 CME 與 SIFMA 和其他行業機構合作，在運營方面實際調整自己。在風險方面，我們已經處理過這些情況，過去類似的情況。我們不會掉以輕心。正如特里指出的那樣，我們也在考慮一個不同的環境，一個政治環境。

So taking all of those into account, we manage risk with respect to our collateral and as well as our interest rate market, both long end and the short end. And as an example, you can see that in March, it was one of the most stressful periods for rates. And the clearinghouse -- the CME clearinghouse and its clearing members really managed that very well. So I have no doubt they'll do the same.

因此，考慮到所有這些因素，我們管理與我們的抵押品以及我們的利率市場（包括長期和短期）相關的風險。舉個例子，你可以看到 3 月份是利率壓力最大的時期之一。清算所——CME 清算所及其清算成員確實管理得很好。所以我毫不懷疑他們也會這樣做。

So Brian, I think your question is very relevant. And because there is a lot of attention, we can only do what we can do here. We're here to manage risk for people who are analyzing these situations day in and day out. My comments as it relates to the 15 rounds to elect a Speaker, could that play into the debt ceiling? People might say, well, that is nothing -- one has nothing to do with the other. You can only analyze what's -- the amount of information you have. And that's the limited amount of information we have right now.

所以布賴恩，我認為你的問題非常相關。又因為關注度高，我們只能在這裡做能做的。我們在這里為日復一日分析這些情況的人們管理風險。我對 15 輪選舉議長的評論是否會影響債務上限？人們可能會說，嗯，那沒什麼——一個與另一個無關。你只能分析你擁有的信息量。這是我們目前掌握的有限信息。

So we are preparing, as Sunil and Sean have said, to make sure that we are prepared for our clients to manage risk. And I agree with Sean, I think it creates a tailwind for us irrespectively on the outcome of how the government settles this one way or another. So thank you for your question.

因此，正如 Sunil 和 Sean 所說，我們正在做準備，以確保我們為客戶管理風險做好準備。我同意肖恩的觀點，我認為無論政府如何以這種或另一種方式解決這個問題的結果如何，它都會為我們創造順風。謝謝你的問題。

Our next question is from Kyle Voigt with KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

I just want to make sure I'm understanding the dynamics around the LIBOR transition correctly because as you noted earlier in April, we did see a material step down in Eurodollar futures open interest as the product transitioned. But we didn't really see a commensurate step-up in SOFR futures open interest at that time. So if we look at aggregate futures OI for the rates complex, it's not down year-on-year.

我只是想確保我正確理解 LIBOR 過渡的動態，因為正如你在 4 月初指出的那樣，我們確實看到隨著產品過渡，歐洲美元期貨未平倉合約出現實質性下降。但我們當時並沒有真正看到 SOFR 期貨未平倉合約相應增加。因此，如果我們看一下利率綜合體的總期貨 OI，它並沒有同比下降。

I'm just trying to understand whether to interpret that change in OI trend over the past couple of months as more related to a short-term dynamic around the LIBOR transition or whether this is a result of the extreme interest rate volatility we saw in March and if that caused any deleveraging more broadly across your user base. So any additional color helping us understand what's kind of driving some of the OI changes in rates specifically given the moving pieces here would be very helpful.

我只是想了解是否將過去幾個月 OI 趨勢的變化解釋為與 LIBOR 過渡的短期動態更相關，或者這是否是我們在 3 月份看到的極端利率波動的結果如果這會導致您的用戶群更廣泛地去槓桿化。因此，任何其他顏色都可以幫助我們了解是什麼推動了一些 OI 的變化，特別是考慮到這裡的移動部分，這將非常有幫助。

Thanks, Kyle. Sean, do you want to start, and then I'll comment...

謝謝，凱爾。肖恩，你想開始嗎，然後我會評論...

Yes, it's a very good question. Thanks, Kyle. The interest rate business just went through what's arguably the single largest transition in its entire history. And Kyle, I'm very glad to say that if you look at the year-over-year open interest for the interest rate futures and options complex, it's up 2%. Yes, it's only up 2%, but it is up 2% having gone through that transition.

是的，這是一個很好的問題。謝謝，凱爾。利率業務剛剛經歷了可以說是其整個歷史上最大的一次轉型。凱爾，我很高興地說，如果你看一下利率期貨和期權綜合體的同比未平倉合約，它上漲了 2%。是的，它只上漲了 2%，但在經歷了這一轉變之後上漲了 2%。

You are correct, we saw a small uplift in the overall open interest, but only small. If you look at what we did on April 15 is we converted each and every Eurodollar future and each and every Eurodollar option into its respective SOFR future and SOFR options. As you can imagine, there are participants who would have had offsetting positions between those 2 different instruments. And therefore, those trades would have compressed.

你是對的，我們看到整體持倉量略有上升，但幅度很小。如果你看看我們在 4 月 15 日所做的事情，我們將每一個歐洲美元期貨和每一個歐洲美元期權轉換為各自的 SOFR 期貨和 SOFR 期權。正如您所想像的，有些參與者可能會在這兩種不同的工具之間持有抵消頭寸。因此，這些交易會被壓縮。

If you look at the first quarter, another question we've gotten a lot historically is what was the basis trading or the spread trading between SOFR futures and Eurodollar futures? And that was, in the first quarter, about 150,000 contracts a day. So we saw a compression. It was very uncertain from my perspective. And at my level, we do not see the individual accounts and the individual account positions. They are confidential inside the FCMs. So we would not have known what level of compression we would have gotten through that process. And you can see the results. Again, I am heartened that overall, open interest in listed futures and options is up year-over-year.

如果你看一下第一季度，我們從歷史上得到很多的另一個問題是 SOFR 期貨和歐洲美元期貨之間的基差交易或價差交易是多少？那是在第一季度，每天約有 150,000 份合約。所以我們看到了壓縮。從我的角度來看，這是非常不確定的。在我的級別，我們看不到個人賬戶和個人賬戶頭寸。它們在 FCM 內部是機密的。所以我們不知道通過這個過程我們會得到什麼級別的壓縮。你可以看到結果。同樣，令我感到鼓舞的是，上市期貨和期權的總體未平倉頭寸同比增長。

And Kyle, I think some of the things you got to look at is also, if you had a concern, did anybody else pick up open interest in a listed product such as SOFR and why we didn't get it? And as I said in my earlier comments, 99.99% of all open interest is here at CME Group.

凱爾，我認為你還需要關注的一些事情是，如果你有顧慮，是否有其他人對 SOFR 等上市產品產生了公開興趣，為什麼我們沒有得到它？正如我在之前的評論中所說，99.99% 的未平倉合約都在芝商所。

So we didn't see that. And for whatever reason people take down risk or add risk, that is their decision. As we said earlier, we're here to manage it. So open interest fluctuations up and down are something that we've all seen historically in this business forever.

所以我們沒有看到。無論出於何種原因，人們降低風險或增加風險，都是他們的決定。正如我們之前所說，我們是來管理它的。因此，未平倉合約的上下波動是我們在這個行業中永遠看到的歷史。

Our next question is from Owen Lau with Oppenheimer.

我們的下一個問題來自 Owen Lau 和 Oppenheimer。

So CME has a strong balance sheet. Could you please give us an update on the M&A strategy? And any gaps that you would like to fill both locally and internationally given that the valuation of many companies have come down quite a bit?

因此，CME 擁有強大的資產負債表。您能否向我們介紹一下併購戰略的最新情況？考慮到許多公司的估值已經下降了很多，你想填補本地和國際上的任何空白嗎？

Sure. Thanks, Owen. So certainly, M&A is something that we are comfortable with, and we've used a number of different tools over the years from large-scale M&A to creation of joint ventures to our most recent investment in the index joint venture with S&P last year. We're always looking at what is out in the market and looking for opportunities for us to create value for our shareholders.

當然。謝謝，歐文。因此，當然，併購是我們樂於接受的事情，多年來，我們使用了多種不同的工具，從大規模併購到創建合資企業，再到我們去年與標準普爾對指數合資企業的最新投資。我們一直在關注市場上的情況，並尋找機會為我們的股東創造價值。

We do feel that we are coming from a position of strength though, given some of our past transactions. So we don't feel a pressure to act unless we see something where we really can create that value. So I would say that nothing has changed in that regard. It's something that is part of our tool chest that we are happy to use when we see the right opportunity come up.

考慮到我們過去的一些交易，我們確實覺得我們處於有利地位。因此，除非我們看到我們真正可以創造價值的東西，否則我們不會感到採取行動的壓力。所以我想說在這方面沒有任何改變。這是我們工具箱的一部分，當我們看到合適的機會出現時，我們很樂意使用它。

Our next question is from the line of Alex Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

I was hoping you could spend a minute on competitive dynamics in the equity derivative space. Obviously, SPX options at [CBO] have seen really nice growth, and a lot of it came from the dailies. Understanding that it's a different product set than E-mini and Micro E-mini futures for you guys, but are you seeing any evidence of substitution away from your complex? And if so, what sort of customer group is that mostly prevalent in?

我希望您能花一點時間了解股票衍生品領域的競爭動態。顯然，[CBO] 的 SPX 期權增長非常好，其中很多來自日報。了解它與你們的 E-mini 和 Micro E-mini 期貨不同的產品集，但你們是否看到任何證據表明你們的綜合體有替代品？如果是這樣，哪種客戶群最普遍？

Thanks, Alex. Tim, do you want to go ahead and address that?

謝謝，亞歷克斯。蒂姆，你想繼續解決這個問題嗎？

Yes. Thank you, Alex, for the question. I think when we look at the option growth in the equity complex, it's certainly a growth versus growth story, and we're seeing very strong growth here at CME.

是的。亞歷克斯，謝謝你提出這個問題。我認為，當我們審視股票綜合體中的期權增長時，這肯定是一個增長與增長的故事，我們在 CME 看到了非常強勁的增長。

When we look at the equity options complex at CME for options on futures, we've had a record Q1 ADV of over 1.3 million contracts, which is up 7% versus '22 full year and up 11% versus Q1 of '22. When we look at some of this growth, you can't ignore the multiyear trend of increasingly short-dated options coming to market as a result of the market wanting more precise risk management.

當我們查看 CME 的股票期權綜合體的期貨期權時，我們的第一季度 ADV 超過 130 萬份合約，創下歷史新高，比 22 年全年增長 7%，與 22 年第一季度相比增長 11%。當我們審視其中的一些增長時，您不能忽視由於市場需要更精確的風險管理而導致越來越多的短期期權進入市場的多年趨勢。

The same-day expiring options or 0 DTEs is the latest step in that trend, where CME also has 0 DTEs every day of the week in the S&P out for 5 weeks. We continue to introduce products that are important to our customers, and we've seen very strong growth in those same-day expiring options. They're up over 41% in Q1 versus the 2022 full year volume.

當天到期的期權或 0 DTE 是該趨勢的最新一步，其中 CME 在標準普爾一周中的每一天也有 0 DTE，持續 5 週。我們繼續推出對我們的客戶很重要的產品，我們已經看到那些當日到期的選擇非常強勁的增長。與 2022 年全年銷量相比，它們在第一季度增長了 41% 以上。

But when we look at these expirations, it's important to note at CME that we also have over 50% growth in Q1 versus '22 full year in our options that are longer than 1 week in expiration. The story at CME is not just the same-day expiring option. We have very strong growth and growing open interest in our complex with the Q1 average open interest for equity options being 5.2 million contracts, up about 8% year-over-year.

但是，當我們查看這些到期時，重要的是要注意 CME 的期權在第一季度也有超過 50% 的增長，而我們的期權到期時間超過 1 週的全年增長超過 22%。 CME 的故事不僅僅是當天到期的選項。我們的綜合體增長非常強勁，未平倉合約也在增加，第一季度股票期權的平均未平倉合約為 520 萬份合約，同比增長約 8%。

But also let's look more broadly at CME. This is not just an equity option story. We have very strong options offering at CME with a record Q1 ADV of 5.8 million contracts with 26% growth versus Q1 of '22 across all of our options and also set quarterly records not only in equity, but also interest rate options at CME.

但也讓我們更廣泛地了解 CME。這不僅僅是一個股票期權的故事。我們在 CME 提供了非常強大的期權，第一季度 ADV 達到創紀錄的 580 萬份合約，與我們所有期權的 22 年第一季度相比增長了 26%，並且不僅在股票方面，而且在 CME 的利率期權方面也創下了季度記錄。

We've also had very strong growth in our metal complex options, up about 24%. And our non-U.S. option ADV is up about 30% over the same period last year. So not only are we growing, we're not -- certainly not seeing our participants turn to other markets because they can manage all of their option-related risk here at CME.

我們的金屬綜合期權也有非常強勁的增長，增長了約 24%。我們的非美國期權 ADV 比去年同期增長了約 30%。因此，我們不僅在增長，而且我們沒有——當然不會看到我們的參與者轉向其他市場，因為他們可以在 CME 管理所有與期權相關的風險。

Derek?

德里克？

Yes, I'd just add, Tim talked more broadly, I mean, this is such a differentiating factor for CME Group where we've got core benchmark liquidity in every major asset class, not just in the futures, but more importantly, in the options. Options are critical because options actually create a stickier futures environment for customers because of the capital and operational efficiencies of the offsets in our clearinghouse.

是的，我只想補充一點，蒂姆談得更廣泛，我的意思是，這對芝商所來說是一個與眾不同的因素，我們在每個主要資產類別中都有核心基準流動性，不僅僅是期貨，更重要的是，在選項。期權是至關重要的，因為期權實際上為客戶創造了一個更具粘性的期貨環境，因為我們清算所中抵消的資本和運營效率。

Tim mentioned the success that we've had across the franchise as a whole. And just to repeat what Terry said at the top of the call, we set a record revenue quarter of $218 million in Q1 of this year, and that was broad growth across the entire franchise. And as it relates to the sticky value proposition, customers are using the story, particularly as it relates to options as a broader part of their overall set of risk management tools.

蒂姆提到了我們在整個特許經營中取得的成功。重複一下特里在電話會議上所說的話，我們在今年第一季度創下了創紀錄的 2.18 億美元的季度收入，這是整個特許經營權的廣泛增長。由於它與粘性價值主張相關，客戶正在使用這個故事，特別是因為它與期權相關，作為他們整套風險管理工具中更廣泛的一部分。

And yes, we're seeing a shift to short-dated options. We ourselves set a record in our weekly options across the franchise as a whole of 1.4 million contracts, but that actually was not what drove that record 5.8 million. That actually represented about 25% of our options complex down from 30% last quarter. So our growth is in term risk management tools out across the curve. End users, open interest holders, our biggest client segment growth driver for the entire franchise was buy side. That tells you who is using our products.

是的，我們看到了向短期期權的轉變。我們自己在整個特許經營權中創造了每週 140 萬份合同的記錄，但這實際上並不是推動創紀錄的 580 萬份的原因。這實際上占我們期權綜合體的 25%，低於上一季度的 30%。因此，我們的增長是通過長期風險管理工具實現的。最終用戶，未平倉合約持有人，我們整個特許經營的最大客戶群增長驅動力是買方。這會告訴您誰在使用我們的產品。

And particularly, we saw that true -- ring true particularly strongly in our energy complex and Henry Hub natural gas franchise. Not only did we see our natural gas options business up 16% against really difficult comps of last year, but we're seeing that business up again in April, as Terry referenced, energy up as a whole about 3% this year, in large part due to what we're seeing in Henry Hub gas options and futures.

特別是，我們看到了這一點——在我們的能源綜合體和 Henry Hub 天然氣專營權中尤為明顯。我們不僅看到我們的天然氣期權業務比去年真正困難的公司增長了 16%，而且我們看到該業務在 4 月份再次增長，正如特里所提到的那樣，今年整體能源增長約 3%，總體而言部分原因是我們在 Henry Hub 天然氣期權和期貨中看到的情況。

So it's a broad-based story. It's one that differentiates us from our competitors. It's term open interest, and you know what open interest means to transactional revenues and volume and client capture. So we're excited about that. We've had great success in building our front end. We'll continue to serve the needs of customers globally. And I think the data points we shared today speak to a strong strengthening franchise for futures and options.

所以這是一個基礎廣泛的故事。這是我們與競爭對手的區別。這是術語未平倉合約，您知道未平倉合約對交易收入、交易量和客戶捕獲意味著什麼。所以我們對此感到興奮。我們在構建前端方面取得了巨大成功。我們將繼續滿足全球客戶的需求。而且我認為我們今天分享的數據點說明了期貨和期權的強大實力。

Okay. But just to be clear, you're announcing substitution with competitive products and equity options?

好的。但需要說明的是，你們是在宣布用有競爭力的產品和股權期權進行替代？

That is correct.

那是對的。

Right.

正確的。

Our next question is from Chris Allen with Citi.

我們的下一個問題來自花旗銀行的克里斯艾倫。

Maybe you could just talk a little bit about pricing and rate per contract. I was wondering if you could give any color what the price might look like on a full quarter basis if the price increases had been there.

也許你可以談談每份合同的定價和費率。我想知道如果價格上漲的話，你是否可以給出任何顏色，說明整個季度的價格會是什麼樣子。

And on the member mix shifting, is this just something you're seeing in the first quarter of this year? Or has it been a longer-term trend? I know you've had new sales efforts in different asset classes, too, whether it's regional banks or other players on FX and things like that. So just trying to get a better sense of pricing trajectory moving forward.

關於成員組合的變化，這只是您在今年第一季度看到的嗎？或者這是一個長期趨勢？我知道你在不同的資產類別中也進行了新的銷售工作，無論是區域銀行還是外匯等其他參與者。因此，只是想更好地了解未來的定價軌跡。

Sure. Chris, this is Lynne. I'll start on that. If you look at the pricing increases overall, we saw a $0.013 increase on 23% increase in volumes sequentially. So we saw a real strong capture there.

當然。克里斯，這是琳恩。我會開始的。如果你看一下整體價格上漲，我們看到價格上漲了 0.013 美元，銷量環比增長了 23%。所以我們在那裡看到了真正強大的捕獲。

What we're seeing if we look year-over-year, where volume levels are a bit more similar going from about 26 million contracts a day last Q1 to nearly 27 million contracts a day this year, we saw a 3% uplift in RPC. So if we take a step back and look overall, we still feel comfortable with that guidance we provided at the 4% to 5% increase based on the full year, assuming similar volume to 2022. We feel like that has really pulled through. What we're most excited about is we are seeing continued strong liquidity and tight bid-ask spreads across the products. And we're not seeing an impact to our markets based on these changes.

與去年同期相比，我們看到的情況是，交易量水平從去年第一季度的每天約 2600 萬份合同增加到今年的每天近 2700 萬份合同，我們看到 RPC 提高了 3% .因此，如果我們退後一步，從整體上看，我們仍然對我們提供的全年增長 4% 至 5% 的指導感到滿意，假設與 2022 年的銷量相似。我們覺得這真的已經實現了。最令我們興奮的是，我們看到產品的流動性持續強勁，買賣價差收窄。我們沒有看到這些變化對我們的市場產生影響。

In terms of the changes on the member mix, that is going to ebb and flow. It depends on the product, and it depends on the time. I don't see an overall long-term trend on that.

就成員組合的變化而言，這將潮起潮落。這取決於產品，也取決於時間。我沒有看到整體的長期趨勢。

Chris, you only saw 2 months out of a full quarter impact. So you'll see a full quarter impact in Q2.

克里斯，你只看到了整個季度影響的 2 個月。所以你會在第二季度看到整個季度的影響。

Our next question is from Ken Worthington with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

I wanted to follow up on Alex's question on 0 date options. We're hearing more market makers are using them to delta hedge. Is there any pricing advantage that you see in 0 date options versus futures? If so, why wouldn't this trend sort of continue? And do you have an estimate of how much of the E-mini business is really used to delta hedge by your institutional investors?

我想跟進亞歷克斯關於 0 日期選項的問題。我們聽說越來越多的做市商正在使用它們進行 delta 對沖。您認為 0 日期期權與期貨相比有什麼定價優勢嗎？如果是這樣，為什麼這種趨勢不會繼續下去？您是否估計過有多少 E-mini 業務真正被您的機構投資者用於 delta 對沖？

Yes. Thanks, Ken. So I think it's an interesting question, right? One, I don't necessarily agree with the concept that 0 DTE options are a replacement for futures. I mean, fundamentally, options are nonlinear products that have very dramatically different risk profiles intraday that do not line up with the one-form movement of the index that a future does. So I don't think it's replacing because I think that is not necessarily a fit-for-purpose hedge in replace of E-mini options.

是的。謝謝，肯。所以我認為這是一個有趣的問題，對吧？第一，我不一定同意 0 DTE 期權可以替代期貨的概念。我的意思是，從根本上說，期權是非線性產品，它們在日內具有截然不同的風險狀況，與期貨的單一形式的指數變動不一致。所以我不認為它正在替代，因為我認為這不一定是替代 E-mini 期權的適合目的的對沖。

The one thing that I will say that's great is when we look at the totality of the equity ecosystem, our E-mini complex at CME is the leading price formation for equity index products across the globe. As such, we are also the preferred hedge vehicle for the totality of index trading that goes on, whether that's hedging SPX options, whether that's hedging OTC swaps, whether that's hedging ETF activity. So these are things that we all see that risk recycling into our market as the primary venue for equities.

我要說的一件很棒的事情是，當我們審視整個股票生態系統時，我們在 CME 的 E-mini 綜合體是全球股票指數產品的主要價格形成。因此，我們也是所有正在進行的指數交易的首選對沖工具，無論是對沖 SPX 期權、對沖場外掉期交易，還是對沖 ETF 活動。因此，這些都是我們都認為有風險回收到我們作為股票主要場所的市場的東西。

When we look though also at the market maker activity, relating to your question, from just what's publicly available as a function of RPC, trading those options in lieu of E-minis is not a cost-effective strategy for market makers or members in CME. And I don't necessarily think that is happening from the fundamental economics available at CME versus other venues.

當我們也從 RPC 的功能公開獲得的內容來看與您的問題相關的做市商活動時，交易這些期權代替 E-minis 對做市商或 CME 會員而言並不是一種具有成本效益的策略.而且我不一定認為 CME 與其他場所的基本經濟學相比會發生這種情況。

So Ken, we appreciate your question, appreciate your hearing, but I think there's some talking in their book. But I think Tim gave a pretty specific example about true risk management and what it is. So thank you for that question, though.

所以 Ken，我們感謝你的提問，感謝你的傾聽，但我認為他們的書中有一些談話。但我認為蒂姆給出了一個關於真正的風險管理及其含義的非常具體的例子。不過，謝謝你提出這個問題。

Our next question is from Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Continuing with the options theme, but a different question here, coming back to the strong and record options activity that you guys are seeing, can you just talk about the sustainability of this level of activity? How broad-based is that across your customer set? And what would you say is the opportunity for continued options usage across your customer set? And maybe you could talk about some of the steps that you're planning to take over the next 12 to 18 months around product development to drive continued growth and options from here?

繼續期權主題，但這裡有一個不同的問題，回到你們看到的強勁和創紀錄的期權活動，你能談談這種活動水平的可持續性嗎？您的客戶群的基礎有多廣泛？您認為在您的客戶群中持續使用期權的機會是什麼？也許你可以談談你計劃在未來 12 到 18 個月內圍繞產品開發採取的一些步驟，以推動持續增長和選擇？

Derek?

德里克？

Yes, great question. The reality is the growth of our options is accelerating growth in our futures. As we mentioned before, it's a sticky value proposition for customers that are using options in their portfolio hedging and the cross-margin efficiencies they can't get anywhere else.

是的，很好的問題。事實上，我們選擇的增加正在加速我們未來的增長。正如我們之前提到的，對於在其投資組合對沖中使用期權的客戶來說，這是一個粘性的價值主張，以及他們在其他任何地方都無法獲得的交叉保證金效率。

To your question on the kind of spread of participation across our client segments, this is a broad set of participants that's driving growth. We -- as I mentioned before, our buy side, in a record quarter for us, our buy side participation in options was up over 40%. Props are up in kind of the mid-20%. We saw growth in retail. We saw commercials and banks participate. So this is broad-based participation.

對於您關於我們客戶群的參與程度的問題，這是推動增長的廣泛參與者。我們——正如我之前提到的，我們的買方，在創紀錄的一個季度裡，我們對期權的買方參與度增加了 40% 以上。道具上漲了 20% 左右。我們看到了零售業的增長。我們看到商業廣告和銀行參與其中。所以這是廣泛的參與。

As I mentioned before, I can't stress enough that the reason the customers are using options here is because they're adding increasing amounts of that to their portfolios out across the curve. So Tim mentioned the position that we have in open interest in the equity side of the business. We're seeing that growth across all asset classes as well.

正如我之前提到的，我不能過分強調客戶在這裡使用期權的原因是因為他們在整個曲線上將越來越多的期權添加到他們的投資組合中。所以蒂姆提到了我們在業務股權方面的未平倉合約。我們也看到了所有資產類別的增長。

What I think was mentioned briefly before that with the overall franchise being up at record levels, our non-U.S. growth is even faster than our growth inside the U.S., growing at 30%. So we see growth across client segments. We see growth across geographies. When you actually look at the rates of growth out across the board, we saw our EMEA options business up 41%, our LatAm options customer business up 29% and our Asia Pacific business up 16%.

我認為之前曾簡要提到過，隨著整體特許經營權達到創紀錄水平，我們在美國以外的增長速度甚至快於我們在美國境內的增長，增長率為 30%。因此，我們看到了各個客戶群的增長。我們看到了跨地區的增長。當您實際查看全面的增長率時，我們看到我們的 EMEA 期權業務增長了 41%，我們的 LatAm 期權客戶業務增長了 29%，我們的亞太地區業務增長了 16%。

So as it relates to the sustainability, it relates to the client efforts, it relates to the front-end work we've done in CME Direct, which is our own front end. We've got record participation and record revenue generation through our own front end, which is expanding access to client base, either directly through our connection to us or for our partners as well.

因此，因為它涉及可持續性，它涉及客戶的努力，它涉及我們在 CME Direct 中所做的前端工作，這是我們自己的前端。我們通過我們自己的前端獲得了創紀錄的參與和創紀錄的收入，這正在擴大對客戶群的訪問，無論是直接通過我們與我們的聯繫，還是通過我們的合作夥伴。

On top of that, we've been continuing to build option-specific sales assets in our regions in Europe and Asia. We're seeing the fruits of that. Julie can speak to the sales campaigns that we execute in any given year and the staff that we have that's out not only training customers on how to access our front end, but with a significant amount of educational resources that we're putting in place in Europe and Asia to draw more customers U.S. to increase their participation in options across the board.

最重要的是，我們一直在繼續在歐洲和亞洲的地區建立特定於期權的銷售資產。我們正在看到它的成果。 Julie 可以談論我們在任何特定年份執行的銷售活動，我們的員工不僅培訓客戶如何訪問我們的前端，而且還提供大量我們正在部署的教育資源歐洲和亞洲吸引更多客戶 美國全線增加他們對期權的參與。

So hopefully, that addresses the kind of the growth and scale of the opportunity set. We continue to see outsized growth outside the U.S. And we'll continue to grow and develop those products that suit customer needs.

因此，希望這能解決機會集的增長和規模問題。我們繼續看到美國以外的巨大增長，我們將繼續發展和開發滿足客戶需求的產品。

Our next question is from the line of Simon Clinch with Atlantic Equities.

我們的下一個問題來自 Simon Clinch 與 Atlantic Equities 的合作。

I was wondering if I could just get some housekeeping numbers for you from -- in terms of the cash collateral versus noncash and sort of what the earned rate was on the cash collateral as well, please?

我想知道我是否可以從現金抵押品與非現金以及現金抵押品的收益率方面為您提供一些內務管理數據，好嗎？

Lynne?

琳恩？

Yes, sure. So if we look at the cash collateral for this quarter, we earned $93 million on those balances. The average balances were down a bit from last quarter, but our return did increase from 32 basis points to 33 basis points. So if we look at the averages, if we look at Q1, we were at $109.6 million in average balances in cash. That compares to $117.6 million that we saw in Q4.

是的，當然。因此，如果我們查看本季度的現金抵押品，我們會從這些餘額中賺取 9300 萬美元。平均餘額比上一季度略有下降，但我們的回報確實從 32 個基點增加到 33 個基點。因此，如果我們看一下平均值，如果我們看一下第一季度，我們的平均現金餘額為 1.096 億美元。相比之下，我們在第四季度看到了 1.176 億美元。

On the noncash collateral side, which may be helpful as well, we had average balances for Q1 of $99.2 billion. That's up from $89.7 billion that we saw in Q4. And a reminder that those -- the earnings on the noncash collateral comes through in our other revenue line.

在可能也有幫助的非現金抵押品方面，我們第一季度的平均餘額為 992 億美元。這高於我們在第四季度看到的 897 億美元。並提醒那些 - 非現金抵押品的收益來自我們的其他收入線。

Our next question is from Craig Siegenthaler with Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

I have a follow-up to Chris' question, but wanted to really focus in on the rates business. The rates RPC was down 1% quarter-on-quarter despite the 1Q hike. So I'm wondering if you can comment on the underlying organic trends which impacted the blended RPC and explain why revenues per contract trended lower despite the hikes.

我對 Chris 的問題進行了跟進，但我想真正關注利率業務。儘管第一季度上調，但 RPC 利率環比下降 1%。所以我想知道您是否可以對影響混合 RPC 的潛在有機趨勢發表評論，並解釋為什麼每份合同的收入在上漲的情況下仍呈下降趨勢。

Sean?

肖恩？

Yes, sure, very happy to do that. If you look at the first quarter, and actually, if you look at the year-to-date, our treasury futures overall year-to-date are only up 1% in terms of their volumes. So the huge growth that we saw in the first quarter was driven by the short-term interest rate futures. And as you know and as we have reported many times, the RPC on our STIRs complex is about $0.10 below our LTIRs complex. So that massive increase that we saw on the short end driven by the SOFR futures and options as well as the huge growth where we do have some volume tiers, right, led to a somewhat lower RPC.

是的，當然，很高興這樣做。如果你看看第一季度，實際上，如果你看看年初至今，我們今年迄今的國債期貨總體交易量僅增長了 1%。因此，我們在第一季度看到的巨大增長是由短期利率期貨推動的。正如您所知，正如我們多次報導的那樣，我們 STIR 綜合設施的 RPC 比我們的 LTIR 綜合設施低約 0.10 美元。因此，我們在 SOFR 期貨和期權的推動下看到的短期大幅增長，以及我們確實有一些交易量等級的巨大增長，導致 RPC 有所降低。

If you look at the RPC for SOFR futures and options, post the February 1 increase, SOFR futures and options RPC are now matching the historic levels of Eurodollar futures and options. So we have delivered the volumes and the RPCs for those products. And that drop in RPC relative to the much stronger growth in STIRs is not a surprise. It's as expected.

如果您查看 SOFR 期貨和期權的 RPC，在 2 月 1 日增加後，SOFR 期貨和期權 RPC 現在與歐洲美元期貨和期權的歷史水平相匹配。因此，我們已經交付了這些產品的體積和可循環塑料箱。相對於 STIR 的強勁增長，RPC 的下降並不令人意外。不出所料。

Yes. And if I could just take it to the higher level, Craig, if you look at the growth in volume versus Q4, our rates business was up 47%. So that 1% decrease that you're seeing in RPC really shows that the changes in pricing, including the roll-off of some of the SOFR incentives, all of that is offsetting higher-volume tiers that you would see with that really strong growth in volume. So that RPC result was particularly strong in rates.

是的。如果我能把它提升到更高的水平，克雷格，如果你看看與第四季度相比的銷量增長，我們的利率業務增長了 47%。因此，您在 RPC 中看到的 1% 的下降確實表明定價的變化，包括一些 SOFR 激勵措施的取消，所有這些都抵消了您將看到的真正強勁增長的更高容量層級在體積。因此，RPC 結果在速率方面特別強勁。

Our next question is a follow-up question from Rich Repetto with Piper Sandler.

我們的下一個問題是 Rich Repetto 和 Piper Sandler 的後續問題。

Just a follow-up for my friend, Derek, in energy. And you got to be breathing a little sigh of relief as the year-over-year comps dramatically go down from 1Q to 2Q. I think last year, energy after the Ukraine crisis settled out -- or didn't settle out, but the impact sort of settled out, the volumes went down 23%.

只是我的朋友德里克在能源方面的後續行動。隨著同比收入從第一季度急劇下降到第二季度，您一定會鬆一口氣。我認為去年，烏克蘭危機解決後的能源 - 或者沒有解決，但影響已經解決，數量下降了 23%。

So I guess the question is, Derek, is can you just give us an update on energy overall with the health of the energy complex? And you've seen 2 million-or-so ADV. But again, it will be much easier comps 2Q going forward.

所以我想問題是，Derek，你能否向我們介紹一下能源綜合體的整體健康狀況？你已經看到了 200 萬左右的 ADV。但同樣，未來的 2Q 會更容易。

Yes. Thanks, Rich. That's a great point. If you look at actually the first quarter energy ADV, yes, it's just below 2.1 million. When you compare that to the full year of '22 that had that huge bump in that tough comp that we're facing in Q1 of this year, that's actually up 3% versus full year '22, and it's up 14% sequentially versus Q4. So the trend is very much what we expected to see.

是的。謝謝，里奇。這是一個很好的觀點。如果您實際查看第一季度的能源 ADV，是的，它略低於 210 萬。當你將它與 22 年全年相比，我們在今年第一季度面臨的艱難競爭中出現了巨大的增長，實際上比 22 年全年增長了 3%，與第四季度相比連續增長了 14% .因此，趨勢非常符合我們的預期。

Not only -- and this is actually more important, if you look at the rebuild and restacking of our open interest, we're up about 1.9 million contracts open interest in our WTI futures that based -- and Brent followed that same trend to kind of drift it down. Over the course of the year, it came back up. So we're seeing a nice resumption of participation from financial players, ETFs, financial players, hedge funds, asset managers. And we're seeing that reflected in the open interest trends.

不僅 - 這實際上更重要，如果你看看我們未平倉合約的重建和重新堆疊，我們的 WTI 期貨的未平倉合約增加了大約 190 萬份合約 - 布倫特也遵循同樣的趨勢把它漂下來。在過去的一年裡，它又回來了。因此，我們看到金融參與者、ETF、金融參與者、對沖基金、資產管理公司的參與恢復良好。我們看到這反映在未平倉合約趨勢中。

So once we saw the kind of the deleveraging impact of higher margins begin to recede, that brought some financial players back in. We're seeing more ETF participation, broadening the complex as a whole. I think 2 of the things we're most excited about in our energy business, you've heard us talk a lot about the centrality of WTI as the global benchmark for the crude oil market. We've seen that certainly in the record levels of exports. I think Q4, U.S. exported just over 4 million barrels a day. That puts WTI squarely in the middle of global energy markets.

因此，一旦我們看到更高利潤率的那種去槓桿化影響開始消退，就會讓一些金融參與者重新加入。我們看到更多的 ETF 參與，從而擴大了整個綜合體。我認為我們在能源業務中最興奮的事情有 2 個，你已經聽到我們談論了很多關於 WTI 作為原油市場全球基準的中心地位。我們已經在創紀錄的出口水平上看到了這一點。我認為第四季度，美國每天出口超過 400 萬桶。這使 WTI 完全處於全球能源市場的中間位置。

So what are we doing about that? Well, not only are we seeing a resumption of activity in WTI, but we have, about 5 years ago, seen the structural shift in the energy market. We recognized that WTI being a global benchmark needed to be explicitly connected to the export community. So back in 2018, we built a suite of products we call our crude grades contracts that are basis contracts that trade primarily in Houston and Permian and the Midland contract as a basis to our WTI contract.

那麼我們在做什麼呢？好吧，我們不僅看到 WTI 活動恢復，而且大約 5 年前，我們看到能源市場發生結構性轉變。我們認識到 WTI 作為全球基準需要與出口界明確聯繫。因此，早在 2018 年，我們就建立了一套我們稱之為原油等級合約的產品，這些產品是主要在休斯頓和二疊紀進行交易的基礎合約，以及作為我們 WTI 合約基礎的米德蘭合約。

So customers that are involved in either domestic or, more importantly, the export market are increasing their activity in those grades contracts. The reason I mentioned that is because we just -- we're just sitting below -- we just hit a recent record open interest in those contracts of 490,000 contracts open. Again, those trade as a basis to our WTI contract. So it both reinforces WTI and explicitly connects WTI to the global export market. We set an individual day of volume trading record on the 8th of February at 57,000 contracts. And the last point that I'd make on that is the significant participation is coming from commercial and physical players.

因此，涉及國內市場或更重要的是出口市場的客戶正在增加他們在這些等級合同中的活動。我之所以提到這一點，是因為我們剛剛——我們只是坐在下面——我們剛剛創下了 490,000 份未平倉合約的近期未平倉合約記錄。同樣，這些交易是我們 WTI 合約的基礎。因此，它既加強了 WTI，又明確地將 WTI 與全球出口市場聯繫起來。我們在 2 月 8 日創下了 57,000 份合約的單日交易量記錄。我要說的最後一點是，重要的參與來自商業和實體玩家。

The last point that I think we wouldn't want to be remiss and not speaking to is the Henry Hub franchise, similar story there. With LNG facilities coming online in the U.S. and the success that we're seeing in the low price gas development here in the U.S., our Henry Hub franchise actually saw an increase on the futures side and market share back up above 80% in a competitive market. And we're seeing that serve as the primary basis point for trading and the pricing of LNG cargoes leaving the U.S. and increasingly replacing lost Russian gas to Europe and Asia.

最後一點，我認為我們不想疏忽和不談的是亨利中心特許經營權，那裡有類似的故事。隨著液化天然氣設施在美國上線以及我們在美國低價天然氣開發中取得的成功，我們的亨利中心特許經營權實際上在期貨方面有所增長，市場份額在競爭激烈的市場中回升至 80% 以上市場。我們看到，這是離開美國的液化天然氣貨物交易和定價的主要基點，並越來越多地取代失去的俄羅斯天然氣到歐洲和亞洲。

So we think the volume trends are solid. Terry mentioned a little bit earlier in answering a separate question that our volumes in the commodity side generally are up in the second quarter. And we're seeing energy follow that trend as well with energy volumes so far month-to-date Q2 in April up 3%, really led by Henry Hub. So a lot to like in what's going on. Happy to take more of those questions off-line. There's a lot of detail there, but we like the global basis position we have in both the natural gas market and crude oil market.

所以我們認為銷量趨勢是穩固的。特里早些時候在回答一個單獨的問題時提到，我們在商品方面的交易量在第二季度普遍上升。我們看到能源也遵循這一趨勢，到目前為止，4 月份第二季度的能源量增長了 3%，這主要由 Henry Hub 引領。正在發生的事情有很多值得喜歡的地方。很高興在線下提出更多這些問題。那裡有很多細節，但我們喜歡我們在天然氣市場和原油市場的全球基礎地位。

And our next question is also a follow-up from Alex Kramm with UBS.

我們的下一個問題也是瑞銀集團 Alex Kramm 的跟進。

Just wanted to squeeze in a couple of follow-ups on the SOFR-LIBOR transition. One, I know this was a huge lift for both you guys but then also the industry. So a lot of resources went into that. So now that it's basically behind us, just wondering what's next, I guess, when it comes to SOFR. I mean is -- do you think SOFR is being used like LIBOR in the past? What's different? Is there still a lot of education that you maybe need to do to fully educate about how SOFR is different? Or do you think it's all done? I guess the question is, can the SOFR flourish even more in the future?

只是想在 SOFR-LIBOR 過渡中加入一些後續行動。第一，我知道這對你們以及整個行業來說都是一個巨大的提升。因此，大量資源投入其中。所以現在它基本上已經過去了，只是想知道接下來會發生什麼，我想，當涉及到 SOFR 時。我的意思是——你認為 SOFR 過去像 LIBOR 一樣被使用嗎？有什麼不同？您可能還需要做很多教育來充分了解 SOFR 的不同之處嗎？或者你認為這一切都完成了嗎？我想問題是，SOFR 能否在未來更加繁榮？

Then secondly, just a quick one, I think the OTC transition went on Friday. I think huge clearing volumes that we observed. I think you actually were charging for that. Maybe you can just clarify because I'm just wondering if we need to expect a huge OTC revenue number in the second quarter. Maybe you can compare to maybe what we saw in the first quarter in terms of run rate so we're not too surprised there. It seems like it may have been a good revenue day for you.

其次，只是一個快速的，我認為 OTC 過渡是在周五進行的。我認為我們觀察到的巨大清算量。我認為你實際上是在為此收費。也許你可以澄清一下，因為我只是想知道我們是否需要在第二季度期待一個巨大的 OTC 收入數字。也許你可以將運行率與我們在第一季度看到的進行比較，所以我們在那裡並不太驚訝。對您來說，這似乎是收入豐厚的一天。

Yes, Alex. So really good questions. Really appreciate you pointing those out. So 2 questions there. In terms of answering the first one in SOFR replacing Eurodollars or LIBOR, it's very clear from the first quarter with SOFR futures and options beating the all-time best quarter in the 40-year history of Eurodollar futures and options. And SOFR futures and options are being used just as intensively and just as extensively as Eurodollar futures and options ever were. So that's a very positive sign.

是的，亞歷克斯。非常好的問題。非常感謝您指出這些。所以有 2 個問題。在回答 SOFR 取代歐洲美元或 LIBOR 的第一個問題時，從第一季度開始就很明顯，SOFR 期貨和期權超過了歐洲美元期貨和期權 40 年曆史上的歷史最佳季度。與歐洲美元期貨和期權一樣，SOFR 期貨和期權的使用也同樣密集和廣泛。所以這是一個非常積極的信號。

In addition to that, in terms of the long-term strategic positioning of the business, the interest rates business is better positioned today than it ever has been before, I would argue, in its entire history. And part of the reason there is the global banking system has turned to CME Term SOFR for lending.

除此之外，就業務的長期戰略定位而言，我認為利率業務在其整個歷史上的定位比以往任何時候都更好。部分原因是全球銀行系統已轉向 CME Term SOFR 進行貸款。

There are now more than $3.7 trillion worth of loans across the world and I think now nearly 90 different countries that are based on CME Term SOFR that are based on CME's SOFR futures. So $3.7 trillion worth of loans, more than 2,400 individual institutions that have been licensed, which Julie mentioned earlier, gives us a huge opportunity relative to cross-selling opportunities and to increase our penetration of folks like regional banks where they have had to license our CME Term SOFR and create that relationship with us through that.

現在全世界有超過 3.7 萬億美元的貸款，我認為現在有近 90 個不同的國家基於 CME 的 SOFR 期貨。因此，價值 3.7 萬億美元的貸款，超過 2,400 家獲得許可的個體機構，正如朱莉之前提到的，為我們提供了與交叉銷售機會相關的巨大機會，並增加我們對人們的滲透，例如他們必須許可我們的區域銀行CME Term SOFR 並通過它與我們建立這種關係。

So I think that that's been a very positive for us, especially again, you know, everyone knows, U.S. dollar LIBOR owned by ICE Benchmark Administration and under U.S. law, under the LIBOR Act, and recently selected by the FCA in the U.K., CME Term SOFR is the safe harbor. So CME Term SOFR will be used by ICE Benchmark Administration starting on July 1 in their U.S. dollar synthetic LIBOR in order to manage tough legacy contracts. So we have replaced U.S. dollar LIBOR. That's a huge opportunity for us and, again, strategically better positioned.

所以我認為這對我們來說是非常積極的，尤其是，眾所周知，美元 LIBOR 由 ICE 基準管理局根據美國法律根據 LIBOR 法案擁有，最近由英國 FCA 選擇，CME術語 SOFR 是安全港。因此，從 7 月 1 日起，ICE 基準管理局將在其美元合成 LIBOR 中使用 CME 術語 SOFR，以管理艱難的遺留合同。所以我們已經取代了美元 LIBOR。這對我們來說是一個巨大的機會，而且在戰略上也處於更好的位置。

In terms of future growth, I'm hugely excited as I always am, as you've heard me on many years on this call. We redesigned when we launched SOFR futures and options, particularly we redesigned the way it packs and bundles. It's a technical issue, but we redesigned how packs and bundles are quoted in the market and traded. That's going to make it much easier for us to launch, hopefully later this year, options on SOFR packs and bundles. Those options on SOFR packs and bundles, you've heard me say this before so many times, we love to have listed cleared and standardized contracts that are lower total cost than the OTC equivalent.

就未來的增長而言，我一如既往地感到非常興奮，正如你多年來在這次電話會議上聽到的那樣。我們在推出 SOFR 期貨和期權時進行了重新設計，特別是我們重新設計了它的打包和捆綁方式。這是一個技術問題，但我們重新設計了包裝和捆綁包在市場上的報價和交易方式。這將使我們更容易推出 SOFR 包和捆綁包選項，希望在今年晚些時候推出。 SOFR 包和捆綁包上的那些選項，你已經聽我說過很多次了，我們喜歡列出總成本低於 OTC 等效物的清算和標準化合約。

Well, options on packs and bundles are going to be listed, cleared, standardized, lower total cost alternative to the swaptions market. The swaptions market isn't clear. So I'm massively excited about that opportunity for the SOFR business that we didn't have with Eurodollars because Eurodollars weren't originally designed with that in mind. When we designed the SOFR futures and options, we had that in mind from day 1.

好吧，包裝和捆綁的期權將被列出、清算、標準化、總成本更低的替代市場。掉期期權市場並不明朗。因此，我對 SOFR 業務的機會感到非常興奮，而我們在歐洲美元中沒有這種機會，因為歐洲美元最初設計時並沒有考慮到這一點。當我們設計 SOFR 期貨和期權時，我們從第一天起就牢記這一點。

In addition to that, we're very excited about €STR. Our €STR futures is the most liquid European short-term, risk-free rate contract in the world. And we're very excited about our TBA futures and other futures that we've launched. So the pipeline that we have in front of us for further development is very strong, and I would say it's the strongest it's ever been.

除此之外，我們對 €STR 感到非常興奮。我們的 €STR 期貨是世界上最具流動性的歐洲短期無風險利率合約。我們對我們推出的 TBA 期貨和其他期貨感到非常興奮。因此，我們面前的進一步發展管道非常強大，我想說這是有史以來最強大的。

So just to put a -- finishing up on Sean's points, and I would never try to repeat them because -- go ahead.

所以只是為了結束 Sean 的觀點，我永遠不會嘗試重複它們，因為 - 繼續。

Sorry, OTC conversion and fees, I did miss that question, sorry. So we did charge. You are correct, we did charge for that conversion. And it was a much lower charge than we normally charge. And I think we posted $10, so it's $10 per swap. That is the published fee. So yes, we did charge for that event.

抱歉，場外交易轉換和費用，我確實錯過了那個問題，抱歉。所以我們確實收費了。你是對的，我們確實對這種轉換收費。這比我們通常收取的費用要低得多。我想我們發布了 10 美元，所以每次掉期 10 美元。那是公佈的費用。所以是的，我們確實為該活動收費。

But Alex, you were right to point out about the conversion into our futures market and the growth there. But as you just heard from Sean, we believe that this is obviously an ongoing marathon, and we will continue to build on to this franchise. But we are excited for the future. And the distraction of moving Eurodollars to SOFR is over, which allows us to do the other things that Sean referenced. That's the exciting part from my standpoint where I look at this. So the growth is a very exciting perspective going forward. So thank you for your question.

但是亞歷克斯，你指出我們期貨市場的轉變和那裡的增長是正確的。但正如你剛剛從肖恩那裡聽到的那樣，我們相信這顯然是一場持續不斷的馬拉鬆比賽，我們將繼續鞏固這個特許經營權。但我們對未來感到興奮。將歐洲美元轉移到 SOFR 的分心已經結束，這讓我們可以做 Sean 提到的其他事情。從我的角度來看，這是令人興奮的部分。因此，增長是一個非常令人興奮的前景。謝謝你的問題。

And it appears we have no further questions at this time. I'll turn the call back to management for closing remarks.

看來我們現在沒有其他問題了。我將把電話轉回管理層以作結束語。

Well, I want to thank all of you for participating in today's call. And I especially want to thank my entire team at CME Group. The global employee base all throughout the world has been able to deliver the results that we were able to present to you today. And I think it's massively important to continue to drive opportunities and efficiencies to your customers because as we do that, we will drive value to our shareholders. That's the equation we live by.

好吧，我要感謝大家參加今天的電話會議。我特別要感謝我在芝商所的整個團隊。遍布世界各地的全球員工基地已經能夠提供我們今天能夠向您展示的成果。而且我認為繼續為您的客戶帶來機會和效率非常重要，因為當我們這樣做時，我們將為我們的股東創造價值。這就是我們賴以生存的方程式。

We thank you all very much. I want to thank again my entire team. Thank you.

我們非常感謝你們。我要再次感謝我的整個團隊。謝謝。

And that does conclude the conference call for today. We thank you all for your participation and kindly ask that you please disconnect your lines. Have a great day, everyone.

這確實結束了今天的電話會議。我們感謝大家的參與，並懇請您斷開線路。祝大家有個美好的一天。