芝加哥商業交易所 (CME) 2023 Q2 法說會逐字稿

Greetings, and welcome to the CME Group Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

您好，歡迎參加芝商所 2023 年第二季度收益電話會議。 （操作員說明）

It's my pleasure to turn the conference over to Adam Minick. Please go ahead.

我很高興將會議交給 Adam Minick。請繼續。

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

早上好。我希望你們今天一切順利。我們將討論芝商所 2023 年第二季度的財務業績。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.

本次電話會議以及我們網站上其他參考文件中的非歷史事實的陳述均為前瞻性陳述。這些陳述並不是對未來業績的保證。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 SEC 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 指標之間的調節表。

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

這樣，我就把電話轉給特里。

Thank you, Adam, and thank you all for joining us this morning. As Adam said, we released our executive commentary earlier today, which provides details on the second quarter of 2023. I will 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.

謝謝亞當，也謝謝大家今天早上加入我們。正如 Adam 所說，我們今天早些時候發布了執行評論，其中提供了 2023 年第二季度的詳細信息。我將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。

As we mentioned last quarter, 2023 is setting up to be an extremely favorable backdrop for risk management. The continued geopolitical uncertainty and the increasing cost of capital for businesses are just a couple of the things that have helped us deliver our financial results for the quarter. The benefit of CME Group's diverse product portfolio, spanning 6 asset classes, was on display. ADV across our commodities asset classes increased 20%, with 34% growth in agricultural products, 27% growth in metals and 9% in energy.

正如我們上季度提到的，2023 年將成為風險管理極其有利的背景。持續的地緣政治不確定性和企業資本成本的增加只是幫助我們交付本季度財務業績的幾個因素。芝商所涵蓋 6 個資產類別的多元化產品組合的優勢得到了體現。我們的大宗商品資產類別的日均交易量增長了 20%，其中農產品增長了 34%，金屬增長了 27%，能源增長了 9%。

Interest rates. Average daily volume of 11.3 million was up 6% for the quarter and is up 11% compared with the first half of 2022. Despite a substantial decline in equity market volatility, our equity class delivered average daily volume of 6.2 million contracts during Q2. Our non-U.S. ADV was 6.3 million contracts for the quarter, including double-digit year-over-year growth in ags, metals and energy.

利率。本季度日均成交量為 1,130 萬份合約，較 2022 年上半年增長 11%。儘管股市波動性大幅下降，但我們的股票類別在第二季度的日均成交量為 620 萬份合約。本季度我們的非美國日均交易量為 630 萬份合約，其中農業、金屬和能源領域的同比增長達到兩位數。

Options again played a critical role in Q2 with ADV growth of 20% to 4.7 million contracts, including the highest quarterly agricultural options ADV on record, up 32% from Q2 last year. Our product innovation in this area has driven strong growth with new participants and more product choice to more precisely match risk, as clients continued to look for ways to protect their portfolios in these uncertain times.

期權在第二季度再次發揮了關鍵作用，ADV 增長了 20%，達到 470 萬份合約，其中包括有記錄以來最高的季度農業期權 ADV，比去年第二季度增長 32%。我們在這一領域的產品創新推動了強勁的增長，新的參與者和更多的產品選擇可以更精確地匹配風險，因為客戶不斷尋找在這些不確定時期保護其投資組合的方法。

As it relates to our rates market. Expectations of short-term rate changes, up or down, and the divergent economic data continued to drive risk management. As we saw with the recent resolution of the debt ceiling, the treasury bill issuance increased dramatically. Over time, we expect a more coupon issuance -- we expect that more coupon issuance and ongoing debt financing will contribute to greater hedging needs for years to come.

因為它與我們的利率市場有關。對短期利率變化（無論上漲還是下跌）的預期以及不同的經濟數據繼續推動風險管理。正如我們最近解決債務上限所看到的那樣，國庫券發行量急劇增加。隨著時間的推移，我們預計會有更多的息票發行——我們預計更多的息票發行和持續的債務融資將有助於在未來幾年增加對沖需求。

On the commodity side, exports are increasing the demand for risk management using our benchmark, agriculture and energy products. With this favorable backdrop, we will continue to focus on opportunities to accelerate growth, including our recent announcement with DTCC to increase cross-margining opportunities for the treasury markets.

在大宗商品方面，出口增加了使用我們的基準農產品和能源產品進行風險管理的需求。在此有利的背景下，我們將繼續關注加速增長的機會，包括我們最近與 DTCC 宣布增加資金市場的交叉保證金機會。

Additionally, our ongoing focus on product innovation and data services continues to enhance trading opportunities for our clients. We believe the strong underlying environment, combined with our strategic execution across growth initiatives, positions us for accelerated growth in coming years.

此外，我們對產品創新和數據服務的持續關注將繼續增加客戶的交易機會。我們相信，強大的基礎環境，加上我們在增長計劃中的戰略執行力，將使我們在未來幾年加速增長。

With that, I'll turn the call over to Lynne for the second quarter financial results.

接下來，我將把電話轉給 Lynne，詢問第二季度的財務業績。

Thanks, Terry. During the quarter, CME Group generated $1.4 billion in revenue, up about 10% compared with a strong second quarter last year. Clearing and transaction fees grew over 9%, while market data revenue increased 8% versus Q2 '22. Expenses on an adjusted basis were $452 million for the quarter, and flat versus the first quarter at $374 million, excluding license fees. This quarter, our investment in the cloud migration was approximately $15 million.

謝謝，特里。本季度，芝商所創造了 14 億美元的收入，與去年第二季度的強勁表現相比增長了約 10%。與 2022 年第二季度相比，清算和交易費用增長了 9% 以上，而市場數據收入增長了 8%。該季度調整後的費用為 4.52 億美元，與第一季度持平，為 3.74 億美元，不包括許可費。本季度，我們在雲遷移方面的投資約為 1500 萬美元。

Our adjusted operating margin for the quarter expanded to 66.8%, up over 250 basis points compared to the same period last year. CME Group had an adjusted effective tax rate of 23.3%, which resulted in adjusted net income of $836 million, driving diluted earnings per share of $2.30, both up 17% from the second quarter last year.

本季度調整後營業利潤率擴大至 66.8%，比去年同期增長超過 250 個基點。芝商所調整後有效稅率為 23.3%，調整後淨利潤為 8.36 億美元，稀釋後每股收益為 2.30 美元，均較去年第二季度增長 17%。

In addition to our expanding margins, the strength of our operating model was evident this quarter as we delivered an increase of approximately $120 million in both revenue and adjusted net income compared to last year. Capital expenditures were approximately $22 million, and CME Group paid dividends during the quarter of $400 million. Our ending cash balance was approximately $2 billion.

除了不斷擴大的利潤率之外，本季度我們運營模式的優勢也顯而易見，與去年相比，我們的收入和調整後淨利潤均增加了約 1.2 億美元。資本支出約為 2200 萬美元，芝商所集團在本季度支付了 4 億美元的股息。我們的期末現金餘額約為 20 億美元。

As you can see with the current results, the entire team at CME Group is focused on growing the business. We have delivered double-digit adjusted earnings growth in each of the last 8 quarters. Although it is challenging to predict volumes or market conditions over the short term, when you look at the last 5-, 7- or 10-year period, we have grown our earnings by a compound annual growth rate of 10% to 12% per year despite multiple periods of 0 interest rate policy and the impact of the pandemic on the global economy.

正如您從當前業績中看到的，芝商所整個團隊都專注於發展業務。我們在過去 8 個季度中每個季度都實現了兩位數的調整後盈利增長。儘管預測短期內的銷量或市場狀況具有挑戰性，但當你回顧過去 5 年、7 年或 10 年期間時，我們的收入以每年 10% 至 12% 的複合年增長率增長。儘管經歷了多期零利率政策以及疫情對全球經濟的影響，

As Terry mentioned, we're in a favorable environment for risk management. And we're taking a number of actions designed to accelerate our growth going forward through customer expansion, new product and service innovation and enhancing capital efficiency. Given this, our goal as a management team is to deliver growth in the coming decade above these historical averages.

正如特里提到的，我們處於一個有利於風險管理的環境中。我們正在採取一系列行動，旨在通過客戶擴張、新產品和服務創新以及提高資本效率來加速我們的未來增長。鑑於此，我們作為管理團隊的目標是在未來十年實現高於歷史平均水平的增長。

Terry, I'll turn the call back to you.

特里，我會把電話轉給你。

Thank you, Lynne. We are very pleased with the continued strong financial performance of the company. Before I open the call for questions, I'd like to ask Tim McCourt and Derek Sammann to comment briefly on the recent trends that we are seeing in short-dated options products.

謝謝你，琳恩。我們對公司持續強勁的財務業績感到非常滿意。在開始提問之前，我想請 Tim McCourt 和 Derek Sammann 簡要評論一下我們在短期期權產品中看到的最新趨勢。

And I'll go to Tim first. Tim?

我會先去找蒂姆。蒂姆？

Thanks, Terry. We were pleased with the performance of our equity options on futures, which year-to-date drove 1.3 million contracts per day. Short-dated options, including 0 days to expiry, or 0 DTE options, remain a strong driver of our multiyear growth.

謝謝，特里。我們對期貨股票期權的表現感到滿意，今年迄今每天成交 130 萬份合約。短期期權，包括 0 天到期期權或 0 DTE 期權，仍然是我們多年增長的強大推動力。

Volume in our same-day expiring options is up 33% from last year and up 220% since 2021, and now make up 27% of our equity options volume. It is important to also note we are seeing volume and open interest growing across the entire maturity curve. Year-to-date equity options are up 6% compared to a record year in 2022, with particular strength in NASDAQ options and Russell 2000 options, which are both up double digits.

我們的當日到期期權交易量比去年增長了 33%，自 2021 年以來增長了 220%，目前占我們股票期權交易量的 27%。還需要注意的是，我們看到整個期限曲線上的交易量和未平倉合約都在增長。與創紀錄的 2022 年相比，今年迄今為止的股票期權上漲了 6%，其中納斯達剋期權和羅素 2000 期權的表現尤其強勁，兩者均上漲了兩位數。

This strong growth story further demonstrates that value customers continue to derive from trading products in the most important equity indices at CME Group. And while short-dated options have been largely an equity story to date, we're beginning to see expansion to other parts of the portfolio, which Derek will speak to now.

這一強勁增長的故事進一步表明，價值客戶繼續從芝商所最重要股票指數的交易產品中獲得收益。雖然迄今為止短期期權主要是股票故事，但我們開始看到投資組合其他部分的擴張，德里克現在將談到這一點。

Thanks, Tim. As we discussed in recent quarters, options have become a larger part of our global customers' risk management and trading strategies. Year-to-date, average daily volume in our options franchise across all asset classes is up 26%, driven by interest rates, metals and equities. And our non-U.S. options business is up 33% through June. Within this larger growth story, we've seen growing demand for weekly options expirations across all asset classes, with weekly options volume up 21% year-to-date and growing to 26% of total options trading.

謝謝，蒂姆。正如我們在最近幾個季度所討論的，期權已成為我們全球客戶風險管理和交易策略的重要組成部分。今年迄今為止，在利率、金屬和股票的推動下，我們所有資產類別的期權專營權日均交易量增長了 26%。截至 6 月份，我們的非美國期權業務增長了 33%。在這個更大的增長故事中，我們看到所有資產類別對每週期權到期的需求不斷增長，年初至今每週期權交易量增長了 21%，佔期權交易總量的 26%。

In addition to equities, commodities traders have similarly embraced shorter-dated expirations, which allow our global customers to hedge specific event risks such as crop reports and OPEC meetings. Agricultural weekly options were up 168% in the second quarter, which contributed to a record quarter for agricultural products overall. In energy, our WTI weekly options grew 126% versus second quarter last year, while our gold weekly options were up 33% year-over-year.

除了股票之外，大宗商品交易商也同樣接受較短的到期日，這使我們的全球客戶能夠對沖作物報告和歐佩克會議等特定事件風險。第二季度農產品每週期權上漲 168%，帶動農產品季度整體創歷史新高。在能源方面，我們的 WTI 每週期權較去年第二季度增長了 126%，而我們的黃金每週期權則同比增長 33%。

The strength of our options franchise allows CME Group to uniquely deliver significant capital and operational efficiencies and meets our customers' needs for short-dated options to help them most effectively manage risk across their entire portfolio.

我們期權專營權的優勢使芝商所能夠以獨特的方式提供顯著的資本和運營效率，並滿足客戶對短期期權的需求，幫助他們最有效地管理整個投資組合的風險。

And with that, we can now open the call for questions.

至此，我們現在可以開始提問了。

(Operator Instructions) Our first question comes from the line of Benjamin Budish with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的本傑明·布迪什（Benjamin Budish）。

I wanted to go back to a comment that you made, Lynne, in your prepared remarks, just about sort of positioning the business to kind of grow faster than the historical average over the next decade. If you could maybe unpack that a little bit. What are sort of like the key elements that you see? Is it sort of a global increase in just need to manage risk? Is it more customers? Is it sort of increasing RPC? More volatility? How do you kind of think about what that looks like over the next decade, as you indicated?

林恩，我想回顧一下您在準備好的講話中所做的評論，就是將業務定位為在未來十年內以高於歷史平均水平的速度增長。如果你能稍微解開一下的話。您看到的關鍵要素有哪些？這是全球範圍內管理風險的需求增加嗎？是不是顧客多了？這是一種增加 RPC 的方式嗎？波動性更大？正如您所說，您如何看待未來十年的情況？

Sure. I'll start, and I think that a number of my colleagues will want to jump in here. I think the growth story is one that we've been talking about for a while. It's the number of the levers that we look at. If that's new customer expansion, if that's international growth, new product innovation has been certainly a big focus, looking at the OTC alternative products, as well as looking at capital efficiencies.

當然。我先開始，我想我的一些同事會想加入進來。我認為成長故事是我們已經談論了一段時間的故事。這是我們看到的槓桿數量。如果這是新客戶的擴張，如果這是國際增長，那麼新產品創新肯定是一個重點，關注非處方藥替代產品，以及資本效率。

But I don't know if, Julie, if you want to comment on a few of those initiatives that are underway?

但朱莉，我不知道您是否想對其中一些正在進行的舉措發表評論？

Yes. I mean, the -- certainly, the cross-margining initiative is one that our clients are quite excited about and one that we have talked about for a number of years. Delivering that is going to be an important thing. Capital efficiencies continues to be at the top of their list and a very important thing in order to deploy more capital and do more trading at CME Group.

是的。我的意思是，當然，跨保證金計劃是我們的客戶非常興奮的一項計劃，也是我們多年來一直談論的一項計劃。實現這一點將是一件重要的事情。資本效率仍然是他們的首要任務，對於在芝商所部署更多資本並進行更多交易來說，這非常重要。

I think the macroeconomic environment is quite positive across a number of our asset classes. And feedback from our clients is that they are using our markets to hedge those growing risks, as well as a need has been seen that, the increased treasury issuance on the horizon, that's going to mean more hedging from broker-dealers as well.

我認為我們許多資產類別的宏觀經濟環境都相當積極。我們客戶的反饋是，他們正在利用我們的市場來對沖這些日益增長的風險，而且我們已經看到，即將增加的國債發行量也意味著經紀自營商將進行更多的對沖。

Buy side. Again, I think across the segments, we're sensing quite a bit of positivity. And as we continue to roll out more products, the options that Derek and Tim talked about earlier, also another highlight that we're giving our clients a lot of different instruments to be able to express their forward expectations about the marketplace. And we feel we're very well positioned from our team being able to support them globally. And that is certainly part of the international growth that we have commented on, and believe it still suits us quite well for the future.

買方。同樣，我認為在各個細分市場中，我們都感受到了相當多的積極性。隨著我們繼續推出更多產品，德里克和蒂姆之前談到的選擇也是另一個亮點，我們為客戶提供了許多不同的工具，以便能夠表達他們對市場的前瞻性期望。我們認為我們的團隊處於非常有利的位置，能夠在全球範圍內為他們提供支持。這當然是我們評論過的國際增長的一部分，並相信它仍然非常適合我們的未來。

We also feel real good about our data services business, delivering the 8% growth. And the number of new products, services and analytics that the team is working hard to deliver, in some cases, things that we had not previously rolled out to our customer based on our data. So I think all of those things give us a positive outlook for the future.

我們對數據服務業務也感到非常滿意，實現了 8% 的增長。以及團隊正在努力提供的新產品、服務和分析的數量，在某些情況下，我們之前沒有根據我們的數據向客戶推出過這些東西。所以我認為所有這些事情都讓我們對未來抱有積極的前景。

Thanks, Julie, and thanks, Lynne. Ben, hopefully, that gave you some color on what we're thinking here with the expansions.

謝謝，朱莉，謝謝，林恩。 Ben，希望這能讓您了解我們對擴展包的想法。

Yes, very helpful.

是的，非常有幫助。

Our next question comes from the line of Dan Fannon with Jefferies.

我們的下一個問題來自丹·範農 (Dan Fannon) 和杰弗里斯 (Jefferies) 的對話。

I guess a little bit of a follow-up on that. Just you've had good volumes in the first half of the year, but the investor comments and concerns continues to be about sustainability of that and potentially the worst -- or I'm sorry, the best being behind you. So as you think about kind of all the growth opportunities you see and you highlighted already, maybe pick the 1 or 2 that you could -- that you would highlight here in the short term.

我想對此有一些後續行動。只是你在今年上半年取得了不錯的交易量，但投資者的評論和擔憂仍然是關於其可持續性以及可能最糟糕的情況 - 或者我很抱歉，最好的事情已經過去了。因此，當您思考您看到並已經強調的所有增長機會時，也許可以選擇您可以在短期內強調的 1 或 2 個增長機會。

And then maybe expand a bit upon the DTCC partnership and what we should think about in terms of how that gets rolled out, and maybe the timing and the potential implications of that agreement.

然後也許會擴展一下 DTCC 合作夥伴關係，以及我們應該考慮如何推出該合作夥伴關係，以及該協議的時機和潛在影響。

So Dan, thank you for your question. You've got a couple of questions in there. So the DTCC, we did put out the release with DTCC just a couple of weeks back. And we're hoping -- we're waiting on regulatory approval, which we are expecting. And hopefully, we will have that implemented going into the first quarter of 2024. We feel fairly confident about that now. So otherwise, we wouldn't have put out the release. So we are looking at that.

丹，謝謝你的提問。你有幾個問題。因此，DTCC，幾週前我們確實與 DTCC 一起發布了該版本。我們希望 - 我們正在等待監管部門的批准，我們對此表示期待。希望我們能夠在 2024 年第一季度實施這一計劃。我們現在對此充滿信心。否則，我們就不會發布該版本。所以我們正在研究這個。

And again, I think you recall going back many quarters, a couple of years back, when Sean Tully gave you some figures in about what he expected as far as the efficiencies of what that agreement could mean once we acquired NEX, which we thought would be somewhere, today, around 20%, and we thought it could be 70%-plus. We still feel very confident that, that is going to be the case once this gets fully implemented and put forward. So that's the DTCC question.

再說一次，我想你還記得很多個季度，幾年前，當時 Sean Tully 向你提供了一些數據，說明他對我們收購 NEX 後該協議可能意味著什麼的效率的預期，我們認為這將今天，大約是 20%，我們認為可能會超過 70%。我們仍然非常有信心，一旦這個全面實施並提出來，情況就會如此。這就是 DTCC 的問題。

The other question was on a couple of drivers for the business, I think, is what you asked on the out years. And I'll ask Tim to make a couple of comments as it relates to his business, and Derek as well.

我認為，另一個問題是關於業務的幾個驅動因素，這就是您在過去幾年中提出的問題。我會請蒂姆和德里克發表一些與他的業務相關的評論。

Sure. Thanks, Terry. As Terry mentioned in the opening remarks, there's certainly a continued period of uncertainty in front of us which will provide a continued tailwind for CME as we continue to offer risk management solutions to our clients.

當然。謝謝，特里。正如特里在開場白中提到的那樣，我們面前肯定存在一段持續的不確定性，這將為芝商所提供持續的推動力，因為我們將繼續為客戶提供風險管理解決方案。

I think drilling down a little bit, if we think about some of the various asset classes, if we look at the rates complex, where we successfully completed the transition from LIBOR to SOFR, that's not the end of the journey, but it's really the beginning of what's in front of us. If -- to Julie's comments, if you think about coupling that with the macroeconomic backdrop, quantitative tightening and the resolution of the debt ceiling, we're only in the early days of seeing some of those drivers factor into the risk management needs of our clients.

我認為深入一點，如果我們考慮一些不同的資產類別，如果我們看看複雜的利率，我們成功地完成了從 LIBOR 到 SOFR 的過渡，這並不是旅程的終點，但它確實是我們面前的事情的開始。如果 - 對於朱莉的評論，如果你考慮將其與宏觀經濟背景、量化緊縮和債務上限的解決結合起來，我們只是處於早期階段，看到其中一些驅動因素影響了我們的風險管理需求。客戶。

And what I mean by that is, if we look at the recent treasury issuance, most of the analysts are expecting $1.2 trillion to be issued through now, from June and year-end. Most of that issuance is going into T-bills at present instead of coupons. We look at the product offering of CME at present, that is not something that we currently offer with respect to the risk management for accessing the T-bills market. So as that issuance moves from T-bills to coupon, that will be buttressing our treasury complex, both within our futures and options as well as BrokerTec.

我的意思是，如果我們看看最近的國債發行情況，大多數分析師預計從 6 月到年底，截至目前將發行 1.2 萬億美元。目前，大部分發行量都進入國庫券而不是優惠券。我們看看芝商所目前提供的產品，這不是我們目前提供的與進入國債市場的風險管理有關的產品。因此，隨著發行從國庫券轉向息票，這將支撐我們的財務綜合體，包括我們的期貨和期權以及 BrokerTec。

I think then, when you also look at the uncertainty in the rates market, with the FOMC meeting today, there's over a 99% chance of another 25 basis point increase. But if you look further out, they're expected to be somewhat range-bound for the rest of the year with possibly one more 25 basis point increase in 2023.

我認為，當你同時考慮利率市場的不確定性時，隨著今天的 FOMC 會議，利率市場有超過 99% 的機會再次加息 25 個基點。但如果你看得更遠，預計今年剩餘時間將在一定範圍內波動，2023 年可能會再上漲 25 個基點。

But then, you're seeing the FedWatch Tool at CME predict a 51% chance of a reduction before March of 2024. So sort of this consensus view that rates will go up, stay the same or go down, is going to be a tremendous backdrop for our clients' need to manage that uncertainty and have all the products to do so at CME across the various asset classes, across futures, options, swaps and the cash market.

但是，你會看到 CME 的 FedWatch 工具預測 2024 年 3 月之前降息的可能性為 51%。因此，這種利率將上升、保持不變或下降的共識觀點將是一個巨大的影響。我們的客戶需要管理這種不確定性，並在芝商所擁有跨不同資產類別、期貨、期權、掉期和現貨市場的所有產品來管理這種不確定性。

So let me make a couple of comments too, Dan, because I think it's an important question that you asked, and it's really tough for us to predict the future.

丹，讓我也發表一些評論，因為我認為這是您提出的一個重要問題，而且我們很難預測未來。

But as you recall, at the beginning of 2022, I said it was going to be in a very exciting year because a lot of things are setting up in favor of risk management. We think this is exactly the environment that we've been talking about for several years that we see going out for several more to come. So that's why we're really excited about some of these out years, some of the things that Tim just referenced.

但正如您所記得的那樣，在 2022 年初，我說過這將是非常令人興奮的一年，因為很多事情都在有利於風險管理。我們認為這正是我們多年來一直在談論的環境，我們預計未來幾年還會出現這樣的環境。這就是為什麼我們對這些年來的一些事情以及蒂姆剛才提到的一些事情感到非常興奮。

Risk management cannot be neglected for one moment for any business. We have multiple examples of failure, whether it's in small bank failures and others that continue to not manage risk, that they're going to be -- we think potentially have to manage that risk if they're going to stay in business. There's a whole host of factors that are coming to fruition that we think are a tailwind for CME Group.

對於任何企業來說，風險管理一刻都不能忽視。我們有很多失敗的例子，無論是小型銀行倒閉還是其他繼續不管理風險的銀行，我們認為如果他們想繼續經營下去，就必須管理這種風險。我們認為，有很多因素正在顯現，這些因素對芝商所來說是有利的。

I'm going to let Derek make a few comments on his asset classes because. I think this is an important question, not only that you're asking, but for all the analysts and investors to listen to. Derek.

我將讓德里克對他的資產類別發表一些評論，因為。我認為這是一個重要的問題，不僅是你要問的問題，也是所有分析師和投資者都應該傾聽的問題。德里克.

Yes, I think that we've already heard from Terry on the options and commodities growth. Just a couple of data points that I think underscore the breadth and the scale of the options growth.

是的，我認為我們已經從特里那裡聽到了關於期權和大宗商品增長的消息。我認為只有幾個數據點強調了期權增長的廣度和規模。

Not only is our non-U.S. options growing faster than our U.S. options, options are growing faster than the franchise overall. But also if you look at the first half year volumes, every single asset class with our client segment, with the exception of banks, is up. This business is up 24% year-to-date.

我們的非美國期權增長速度不僅快於美國期權，而且期權增長速度也快於特許經營權的整體增長速度。但如果你看看上半年的交易量，我們客戶群的每一個資產類別（銀行除外）都在上漲。今年迄今為止，該業務增長了 24%。

And what's most important is our buy-side client volume in options is up 38% year-to-date. So it speaks to the breadth and the scale and, I think, the attractiveness of our option solutions across the entire customer range. So this is not led by one asset class, not led by one client segment. So it's really grown in scale across a lot of client segments.

最重要的是，今年迄今為止，我們的買方客戶期權數量增長了 38%。因此，它說明了我們的期權解決方案在整個客戶範圍內的廣度和規模，以及我認為的吸引力。因此，這不是由一種資產類別主導，也不是由一種客戶群主導。因此，它在許多客戶群中的規模確實在增長。

And then on the commodity side, you heard Terry talk a lot about the benchmark status of our products. We have built long and hard into expanding our portfolio of products. If you look at what we've done in our energy franchise, building up the crudes grades contracts to both defend but also expand the success and the validity of our WTI market with that crude grades contracts. We set an all-time record of open interest in over 500,000 contracts, open interest in those products.

然後在商品方面，你聽到特里談論了很多關於我們產品的基準狀態。我們經過長期努力來擴大我們的產品組合。如果你看看我們在能源專營權方面所做的事情，建立原油等級合約，既可以捍衛我們的 WTI 市場，又可以利用該原油等級合約擴大 WTI 市場的成功和有效性。我們創下了超過 500,000 份合約的未平倉合約和這些產品的未平倉合約的歷史記錄。

So as the world evolves, this has been a multiyear story of expansion of our benchmarks serving our clients as the world globalizes, in some cases, the world fragments. We have products for each of those scenarios. So that's what we do, we solve client need and we fill in parts of their portfolio that they need risk management, and we become their solution provider.

因此，隨著世界的發展，隨著世界的全球化，在某些情況下，世界的碎片化，我們服務客戶的基準不斷擴展，這是一個多年的故事。我們針對每種場景都有產品。這就是我們所做的，我們解決客戶的需求，我們填寫他們的投資組合中他們需要風險管理的部分，然後我們成為他們的解決方案提供商。

And as we said, Dan, we can't predict volumes. But as I said in my prepared remarks earlier, when you're looking at the largest asset class, the U.S. equity markets and equity markets around the world in basically a 0-vol environment right now, and we still traded at 6.2 million contracts a day. I think that goes to show you what can happen even when there's no vol. When people say, "Where are the future volumes are?" I think we're just kind of giving you an example where we see they're at, even in low-vol situations.

正如我們所說，丹，我們無法預測數量。但正如我之前在準備好的發言中所說，當你關注最大的資產類別時，美國股市和全球股市目前基本上處於 0 波動環境中，而我們的交易量仍然為 620 萬份合約。天。我認為這會向您展示即使沒有捲也會發生什麼。當人們問：“未來的書在哪裡？”我認為我們只是給您提供一個我們看到的例子，即使在低波動情況下也是如此。

Coming up next, we have a question from the line of Kyle Voigt with KBW.

接下來，我們有一個來自 KBW 的 Kyle Voigt 的問題。

Maybe a question for Terry. I mean, since early last year, you sounded more open to executing on M&A if the right opportunity presented itself. I guess given M&A announcements we're seeing from some of your peers domestically and internationally, can you just provide an update on the M&A environment? And given that you've not executed or announced any deals, are you not seeing the right opportunities in terms of checking the right boxes? Or has that been more price-driven?

也許有個問題要問特里。我的意思是，自去年初以來，如果有合適的機會出現，您聽起來對執行併購持更開放的態度。我想鑑於我們從國內外一些同行那裡看到的併購公告，您能否提供有關併購環境的最新信息？鑑於您尚未執行或宣布任何交易，您是否在勾選正確的方框方面沒有看到正確的機會？或者說這更多是由價格驅動的？

And then also maybe a question for Lynne or you, Terry. Do you think in terms of the next 10 years, as you mentioned, kind of accelerating the growth, should we think about M&A as being a larger driver of accelerating that growth over the next 10 years versus what we saw over the last 10 years?

然後也許還有一個問題要問琳恩或你，特里。正如您所提到的，您是否認為未來 10 年會加速增長，與過去 10 年相比，我們是否應該將併購視為未來 10 年加速增長的更大推動力？

Kyle, it's a great question. I think when you're looking out several years in the future, there's a lot of things that can happen. And one of the things that I see happening shape CME in the future is the technology growth that we have with our Google transaction that will allow us to do certain things that maybe our competitors can't. But we don't need to do M&A in order to accomplish those goals of growth going forward. So I think we're in a very strong position from that standpoint.

凱爾，這是一個很好的問題。我認為當你展望未來幾年時，會發生很多事情。我認為 CME 未來發生的事情之一是我們通過 Google 交易獲得的技術增長，這將使我們能夠做某些競爭對手可能做不到的事情。但我們不需要通過併購來實現未來的增長目標。所以我認為從這個角度來看我們處於非常有利的地位。

As far as M&A and what my competitors are doing, I don't like to comment on what they're doing. I'm not in the room thinking -- talking to them about what strategic analysis they did and why they're doing those type of transactions. As I've said, we will only do things that we think are strategically benefit to our investors and into our clients. And again, right now, we are focused on the growth of this company through many different avenues.

至於併購和我的競爭對手正在做什麼，我不想評論他們正在做什麼。我並沒有在房間裡思考——與他們談論他們做了什麼戰略分析以及他們為什麼要做這些類型的交易。正如我所說，我們只會做我們認為對我們的投資者和客戶有戰略利益的事情。再說一遍，現在我們正通過許多不同的途徑專注於這家公司的發展。

And if, in fact, there was a transaction, I am still open to it, but it's not going to be out from left field. I assure you. That's something that we've been very focused on. And I'm not saying my competitors are, they're just doing different things.

如果事實上有一筆交易，我仍然持開放態度，但它不會被排除在外。我向你保證。這是我們一直非常關注的事情。我並不是說我的競爭對手是這樣，他們只是在做不同的事情。

So we have a strong franchise. We're going to continue to build on it. Tim made reference to early innings in risk management in some of these products. We truly believe that, in the distribution of our products, the technology that -- in the market data that Julie is working on, what we're doing with Google, we think, is really exciting going forward. So we don't necessarily need to do M&A, but we're not going to shy away from it if in fact we see it's a benefit to our investors.

所以我們擁有強大的特許經營權。我們將繼續在此基礎上繼續發展。蒂姆提到了其中一些產品的風險管理的早期階段。我們堅信，在我們的產品分銷中，我們認為，根據朱莉正在研究的市場數據，我們與穀歌合作的技術，未來確實令人興奮。因此，我們不一定需要進行併購，但如果事實上我們認為這對我們的投資者有利，我們就不會迴避它。

And Lynne, if you want to comment further.

Lynne，如果你想進一步評論的話。

Yes. I think Terry covered it well. We're looking at the organic growth. And if there were opportunities out there, it's certainly something we'd look at. But we've been very disciplined in our approach to M&A, as you've seen over the years.

是的。我認為特里很好地涵蓋了這一點。我們正在關注有機增長。如果那裡有機會，我們肯定會考慮。但正如您多年來看到的那樣，我們在併購方面一直非常嚴格。

And Kyle, I will make one more reference. And I think I said this on the prior call. We are in a very strong capital position if in fact there was an M&A transaction to come our way. Where some of our so-called peers, as you referenced, they are getting heavily levered right now. And when assets get shopped, they're going to get shopped at people that can afford to pay for them no matter what they are. It doesn't mean that we're going to acquire them, but we're in a strong position to look at a lot of things strategically that may or may not benefit our business, and we'll make the decisions based on that.

凱爾，我將再提一個參考。我想我在之前的電話會議上說過這一點。如果我們確實有併購交易，那麼我們的資本狀況就非常強大。正如您提到的，我們的一些所謂的同行現在的槓桿率很高。當資產被購買時，它們會被那些有能力支付的人購買，無論他們是什麼。這並不意味著我們將收購它們，但我們處於有利地位，可以從戰略角度看待許多可能對我們的業務有利或不利的事情，我們將據此做出決策。

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

我們的下一個問題來自大西洋股票公司的西蒙·克林奇 (Simon Clinch)。

If we could just run -- go back to what -- Lynne, what you were talking about in terms of the -- I guess, the expanding product opportunities and the pipeline for market data. Or maybe it was who Julie was talking about this. But could you expand on sort of, I guess, how influenced that has been or accelerated that has been by the Google partnership? Or if that has yet to come? And perhaps give us just a flavor of the, I guess, the pace of this innovation over the next several years.

如果我們可以繼續——回到林恩，你所說的——我想，不斷擴大的產品機會和市場數據的渠道。或者也許朱莉就是在談論這件事。但我想，您能否詳細說明一下，谷歌合作夥伴關係對這一影響或加速程度有多大？或者如果那還沒有到來？我想，或許可以讓我們大致了解一下未來幾年這種創新的步伐。

Sunil or Julie, you want to touch on the opportunity on the market data, then the Google partnership.

蘇尼爾或朱莉，你們想談談市場數據的機會，然後是谷歌的合作夥伴關係。

I'll kick off, Terry, and then I'll have Julie speak to the commercial side. In terms of data platform, we have finally built it. And it's available with about 24 petabytes of date. We have developed a set of services that we are working on releasing to our clients.

特里，我先開始，然後我會讓朱莉談談商業方面的問題。數據平台方面，我們終於建成了。它可提供大約 24 PB 的數據。我們已經開發了一套服務，正在努力向客戶發布。

I will let Julie speak a little bit about the commercial opportunity in that area.

我會讓朱莉談談該領域的商業機會。

Yes, Simon, why don't I just start for a minute just talking about the data services performance and then just quickly go into some of the product build-outs that we've been working on with Google. As I mentioned earlier, this quarter, we were up 8% versus where we were a year ago. And that is driven from high demand from our professional user bases as well as our retail clients. We're seeing a steady increase in the number of those professional traders that are accessing our real-time exchange content and really seeing growth across all of those subscriber segments, positive.

是的，西蒙，我為什麼不先花一分鐘討論一下數據服務性能，然後快速討論我們一直在與穀歌合作的一些產品構建。正如我之前提到的，本季度我們比一年前增長了 8%。這是由我們的專業用戶群以及零售客戶的高需求推動的。我們看到訪問我們實時交易內容的專業交易者數量穩步增加，並且所有這些訂閱者群體都在增長，這是積極的。

In Q2, we did not see as many of those one-time true-ups as we saw in the first quarter. So we definitely still had positive growth. But if you remember, back to Q1, Lynne had mentioned some of those onetime payments. So those can come from everything, from audits, true-ups and derived data audit fees, even true-ups to real-time subscribers from accruals. So I just wanted to call that out as well. We continue to say those are sporadic revenue items, but it's worth calling that out this quarter. And again, we're feeling quite positive about where the device usage is as well as the new products that we've been able to introduce.

在第二季度，我們沒有看到像第一季度那樣多的一次性調整。所以我們肯定仍然有積極的增長。但如果你還記得的話，回到第一季度，林恩提到了其中一些一次性付款。因此，這些可以來自一切，從審計、真實數據和派生數據審計費用，甚至是應計費用的真實數據和實時訂閱者。所以我也想大聲疾呼。我們仍然說這些是零星的收入項目，但值得在本季度指出這一點。再說一遍，我們對設備的使用情況以及我們能夠推出的新產品感到非常積極。

As Sunil pointed out, and for us being able to really get our data into Google Cloud at the magnitude that we're sitting at now, has allowed us to accelerate the development of new products for our data business, including new analytics products as well.

正如 Sunil 指出的那樣，對於我們來說，能夠以目前的規模真正將數據導入 Google Cloud，使我們能夠加快數據業務新產品的開發，包括新的分析產品。

So we've been highly focused on how we're going to enhance the business. And then that is through making our data more available through APIs, increasing the flexibility in how we can package our data, how we distribute our data, how we're going to be able to price our data. All of this is just much better enabled once this is accessible through the cloud, as well as, we believe, making it much more easy for clients that don't access CME data today, to be able to use these new services.

因此，我們一直高度關注如何增強業務。然後就是通過 API 使我們的數據更容易獲得，提高我們如何打包數據、如何分發數據以及如何對數據定價的靈活性。一旦可以通過雲訪問，所有這一切都將得到更好的實現，而且我們相信，這將使目前無法訪問 CME 數據的客戶能夠更輕鬆地使用這些新服務。

The computation that you can do is just far enhanced from what we are doing in an on-prem environment. And so that's allowing us to create as well some new compelling trade execution analytics. We've been able to put that into production this quarter and we'll be sharing that with our clients shortly. And so this is really us being able to leverage our own proprietary data and giving our clients this benchmarking activity and allowing them to really take action on that data and providing them with insights.

您可以執行的計算比我們在本地環境中執行的計算大大增強。因此，這使我們能夠創建一些新的引人注目的交易執行分析。我們已經能夠在本季度將其投入生產，並將很快與我們的客戶分享。因此，我們確實能夠利用我們自己的專有數據，為我們的客戶提供基準測試活動，並允許他們真正對這些數據採取行動，並為他們提供見解。

And all of this just leads into how are we helping our clients better manage their risk. So we're also looking at some new opportunities on the clearing and the risk side. So we'll be seeing more of that roll out. And it's just the speed and efficiency which the cloud puts behind us is allowing that new product production that we otherwise had not seen specifically within the data business. Hope that helps.

所有這些都導致​​我們如何幫助客戶更好地管理風險。因此，我們也在清算和風險方面尋找一些新的機會。因此，我們將看到更多此類產品的推出。正是雲為我們帶來的速度和效率讓我們能夠生產出我們在數據業務中從未見過的新產品。希望有幫助。

Thanks, Julie. Simon, hopefully, that gave you some color on that.

謝謝，朱莉。西蒙，希望這能給你一些啟發。

That's really thorough, yes.

確實很徹底，是的。

Next question comes from the line of Alex Kramm with UBS.

下一個問題來自瑞銀集團的 Alex Kramm。

Thanks for the proactive comments on some of the equity franchise, the 0 DTE. And it's clearly, some investors are comparing your trends versus some of your competitors out there. I guess the other thing that stands out when I look at that franchise is that the micro percentage has come really down a lot. I don't want to just simplify that as saying retail is off. But just wondering if you could comment on what's going on there. Do you see those volumes going elsewhere? Or is this -- when you talk to maybe your retail brokerage partners, is that just a drying up of REIT activity post COVID?

感謝您對某些股權特許經營權 0 DTE 的積極評論。很明顯，一些投資者正在將您的趨勢與您的一些競爭對手進行比較。我想當我看到這支球隊時，另一件突出的事情是微觀百分比確實下降了很多。我不想簡單地說零售業已關閉。但只是想知道你是否可以對那裡發生的事情發表評論。您認為這些卷會流向其他地方嗎？或者，當您與您的零售經紀合作夥伴交談時，這是否只是新冠疫情后房地產投資信託基金活動的枯竭？

And then related to that, as you talk about the growth acceleration over the next decade or so, I mean, is retail still a component of that? Or was that just an interesting story opportunity over the last couple of years? But now really, it's about much bigger on other things again?

與此相關的是，當您談論未來十年左右的增長加速時，我的意思是，零售業仍然是其中的一個組成部分嗎？或者這只是過去幾年裡一個有趣的故事機會？但現在真的，它又在其他事情上變得更大了嗎？

Alex, thank you. Appreciate your question. I'm going to let -- there's a lot of people kind of chomping at the bit to take that question. But I'm going to let Tim start, and then I'm going to join in with the rest of the team. Go ahead, Tim.

亞歷克斯，謝謝你。感謝你的問題。我想說——有很多人都在急切地回答這個問題。但我會讓蒂姆先開始，然後我會和​​團隊的其他成員一起加入。繼續吧，蒂姆。

Great. Thanks, Alex. Thanks for the question. When we look at the Micro and E-mini complex at CME, certainly, we've seen some mean reversion in volume, which is not surprising, given, as Terry mentioned in his comments, the volatility coming inbound from the equity markets as well as upward price trends in all the major indices. When those things couple together, it tends to be a less attractive trade to the more active individual client that we see that prefers the micro over some other products available, not only in CME, but in the ecosystem more broadly.

偉大的。謝謝，亞歷克斯。謝謝你的提問。當我們觀察 CME 的 Micro 和 E-mini 綜合體時，我們確實看到了成交量的一些均值回歸，這並不奇怪，因為正如特里在評論中提到的那樣，波動性也來自股票市場所有主要指數的價格趨勢均呈上升趨勢。當這些因素結合在一起時，對於更活躍的個人客戶來說，這往往是一項不太有吸引力的交易，我們發現，他們更喜歡微型產品，而不是其他一些可用的產品，不僅在芝商所，而且在更廣泛的生態系統中。

But it's important to note, this is micro volumes coming off of a phenomenal record 2022. If we look at the Micro S&P 500 as an example, the Q2 volume that we've seen this quarter, while down, is still on par with what we saw in 2020 and 2021 and actually is higher than that. And the same holds true for the Micro NASDAQ. So it's a tough relative comp, but it's certainly a very strong product with respect to its risk management and trading needs that it provides.

但值得注意的是，這是 2022 年驚人記錄之後的微觀成交量。如果我們以微型標準普爾 500 指數為例，我們本季度看到的第二季度成交量雖然有所下降，但仍與去年同期持平。我們在 2020 年和 2021 年看到過，實際上比這個數字還要高。對於微型納斯達克來說也是如此。因此，它是一個相對艱難的產品，但就其提供的風險管理和交易需求而言，它無疑是一個非常強大的產品。

The other thing that's interesting to note is the Micro launched in 2019, now a few years old, is really starting to mature as a product. And what I mean by that is, even though some of the volumes have come down, from a revenue perspective, it is actually flat to last year or slightly up through H1. And that's a result of 2 things.

另一件有趣的事情是 2019 年推出的 Micro，現在已經有幾年了，作為一個產品確實開始成熟。我的意思是，儘管部分銷量有所下降，但從收入角度來看，實際上與去年持平，或者在上半年略有上升。這是兩件事的結果。

One, the pricing actions we've taken with respect to the Micro E-minis, which continues to be at a premium versus the other risk-adjusted regular E-minis. But the other is the member mix. So even in a lower-volume environment, we're seeing larger nonmember proportionality of that customer mix, which has increased the RPC about $0.10 since this time last year for Micro E-mini. So that is something that is important to remind people of, is the revenue performance of Micro E-minis is different than the volume performance through H1 of 2023.

第一，我們對微型 E-mini 採取的定價行動，與其他風險調整後的常規 E-mini 相比，它的價格仍然較高。但另一個是成員組合。因此，即使在交易量較低的環境中，我們也看到該客戶組合中非會員比例較大，這使得 Micro E-mini 的 RPC 自去年同期以來增加了約 0.10 美元。因此，需要提醒人們的是，Micro E-mini 的收入表現與 2023 年上半年的銷量表現不同。

And with respect to maturation, the other point is look at the open interest of Micro E-minis. If we look at the top 10 open interest days for the Micro E-mini complex at CME, all 10 are in June of 2023, with single-day open interest records in several of the Micro E-mini contracts. This is a statement that the Micro E-mini is becoming a risk management tool alongside a trading tool, where more and more clients are holding them versus just intraday trading, which is a very positive development for the overall health of the market.

至於成熟度，另一點是看 Micro E-minis 的未平倉合約。如果我們查看 CME Micro E-mini 綜合體的前 10 個未平倉合約日，就會發現所有 10 個合約都發生在 2023 年 6 月，其中多個 Micro E-mini 合約都有單日未平倉合約記錄。這表明 Micro E-mini 正在成為一種風險管理工具和交易工具，越來越多的客戶持有它們，而不是僅僅進行日內交易，這對於市場的整體健康狀況來說是一個非常積極的發展。

The last point that I'll make on this is we can't look at Micro E-minis in isolation. They go hand-in-hand with their older sibling, the E-mini contracts. And when you look at the combined performance and the resilience of the E-minis, the futures conflict at CME for equity indices remains very strong to its most analogous product choice, and that is the ETF.

我要指出的最後一點是，我們不能孤立地看待微型 E-mini。他們與他們的老兄弟 E-mini 合同齊頭並進。當你觀察 E-mini 的綜合表現和彈性時，就會發現 CME 的股指期貨衝突與其最相似的產品選擇（即 ETF）相比仍然非常嚴重。

And what I mean by that, if we look at the S&P, we outtrade the top 3 S&P ETFs by a factor of 10.7:1. That is for Q2 of 2023. That is up from a factor of 9.4 1 year ago in Q2 of 2022. Same thing for the NASDAQ. This quarter, we outtraded the ETFs in our combined futures 9.7:1 versus 7.3 in 2022. And similar to the Dow, this quarter, we outtraded the ETFs 23.3x to that of 16.2x last year. So despite the slowing growth in Micro E-minis off of a record year, still a very strong equity futures offering here at CME.

我的意思是，如果我們看看標準普爾指數，我們的交易量比前 3 名標準普爾 ETF 的比率高出 10.7:1。這是 2023 年第二季度的數據。比一年前 2022 年第二季度的 9.4 倍有所上升。納斯達克指數也是如此。本季度，我們綜合期貨中 ETF 的交易額為 9.7:1，而 2022 年為 7.3。與道瓊斯指數類似，本季度我們的 ETF 交易額為 23.3 倍，去年為 16.2 倍。因此，儘管 Micro E-minis 的增長在創紀錄的一年中放緩，但 CME 的股票期貨產品仍然非常強勁。

Julie? Thanks, Tim.

朱麗葉？謝謝，蒂姆。

Yes. And as Tim pointed out, certainly, our equity portion of our retail business is the majority of that. But with equity vol hitting 2-year lows, we would expect there to be some softness in the volume. However, our overall retail business remains extremely strong. We had a record-setting year last year, and we're looking at just revenue being down slightly this year, which is very, very strong performance.

是的。正如蒂姆指出的，當然，我們零售業務的股權部分佔其中的大部分。但隨著股票波動率觸及兩年低點，我們預計交易量將出現一些疲軟。然而，我們的整體零售業務仍然非常強勁。去年我們創下了創紀錄的一年，今年我們的收入略有下降，這是非常非常強勁的表現。

We saw positive growth in both Europe, Greater LATAM and also China in the second quarter. And one of the real barometers that we often mention on this call, and for us, is a key sign of the health of this marketplace for retail participation, is the total number of retail traders, which was up 7% in Q2 over Q2 of 2022, and also just the number of new traders. So our firm's ability and CME's ability to continue to attract new people to CME markets, that was also up 4% in Q2 of 2023.

第二季度我們在歐洲、大拉丁美洲和中國都看到了積極的增長。我們在這次電話會議上經常提到的真正晴雨表之一，對我們來說，是零售參與市場健康狀況的一個關鍵標誌，即零售交易者總數，第二季度比去年第二季度增長了 7%。 2022 年，也只是新交易者的數量。因此，我們公司和 CME 繼續吸引新人才進入 CME 市場的能力，在 2023 年第二季度也增長了 4%。

So I think from our signs, we certainly see the equity vol had some impact on things. But the fact that we have a diverse asset class, we saw increased activity in some of the other asset classes via retail participants, and feel we're still very well positioned for future growth quarters.

因此，我認為從我們的跡象來看，我們當然看到股票波動率對事情產生了一些影響。但事實上，我們擁有多元化的資產類別，我們通過散戶參與者看到了其他一些資​​產類別的活動有所增加，並且感覺我們仍然為未來的增長季度做好了準備。

And just to add a couple of data points to what Julie said specifically. When you look at retail in our metals complex, for example, retail volumes year-to-date are up 21%. And as you know, metals is our highest rate per contract business at $1.50. Also, options growth has benefited from retail participation, up 8% this year.

只是為了在朱莉具體所說的基礎上添加一些數據點。例如，當您觀察我們金屬綜合體的零售情況時，您會發現今年迄今為止的零售量增長了 21%。如您所知，金屬是我們每項合約業務的最高費率，為 1.50 美元。此外，期權的增長也受益於散戶參與，今年增長了 8%。

So the benefit of being able to walk into a customer, any customer or distribution partner, and offer every major benchmark liquidity product to them means, that when sector rotation happens, we're going to be the beneficiary of that. So we see strength in certain asset classes. When they start to rotate, whether because you've got normalization of volatility over cost of capital, we're going to benefit from that. And we see that. That's the benefit of the story and the growth behind the franchise.

因此，能夠走進客戶（任何客戶或分銷合作夥伴）並向他們提供每種主要基準流動性產品的好處意味著，當行業輪換發生時，我們將成為受益者。因此，我們看到某些資產類別的實力。當它們開始輪換時，無論是因為資本成本的波動性已經正常化，我們都將從中受益。我們看到了這一點。這就是故事的好處和特許經營背後的成長。

So Alex, you've heard a few comments. And I think, hopefully, you find them all salient. And one of the things that we talk about in retail, and we always have, it's an ebb and flow situation for a lot of people. Our retail is described a little bit different as more professional-type participants as Ms. Winkler was pointing out.

亞歷克斯，你已經聽到了一些評論。我想，希望你能發現它們都很突出。我們在零售業經常談論的一件事是，對於很多人來說，這是一種潮起潮落的情況。正如溫克勒女士指出的那樣，我們的零售業被描述為有點不同，因為參與者更加專業。

So when you talk about COVID and you talk about other factors, yes, that was in there. But our retail is classified as different than the average person trading on maybe a Robinhood platform or something of that nature. And what Tim had to say about how the competitors are performing against CME, you can clearly see that our volume share is not only not decreasing, but increasing against the lookalike or competitive type products. So hopefully, those questions are been answered properly for you.

所以當你談論新冠病毒並談論其他因素時，是的，這些因素就在那裡。但我們的零售業被歸類為不同於在 Robinhood 平台或類似平台上進行交易的普通人。蒂姆所說的關於競爭對手在與 CME 的競爭中表現如何，您可以清楚地看到，與相似或競爭型產品相比，我們的銷量份額不僅沒有減少，反而增加了。希望這些問題能夠得到正確的解答。

Yes. Lots of great color.

是的。很多很棒的顏色。

Our next question comes from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩·比德爾 (Brian Bedell)。

Maybe if I can just go back to the options story. Obviously, that's been improving nicely. The numbers I'm looking at, I think options as a percentage of total ADV was in the mid- to high teens over the last couple of years now. You've sort of vectored above 20%. So I just wanted to sort of try to understand your confidence of that type of trend improving over the next year.

也許我可以回到期權的故事。顯然，情況已經有了很大改善。從我看到的數字來看，我認為在過去幾年裡，期權佔總日交易量的百分比處於中高水平。你的向量已經超過了 20%。所以我只是想嘗試了解一下您對明年這種趨勢改善的信心。

And then maybe just talk about the RPC dynamics of the options business first into the future in terms of whether you think that's potentially accretive to RPC.

然後也許首先討論一下期權業務未來的 RPC 動態，看看您是否認為這可能會增加 RPC。

And then you also mentioned on Page 3 of the quarterly earnings commentary about the direct front-end platform helping stimulate trading of electronic options. Is that just in the energy complex? Or is that set across the business?

然後您還在季度收益評論的第3頁提到了直接前端平台有助於刺激電子期權交易。那隻是在能源綜合體內嗎？還是整個企業都這樣規定？

Thanks, Brian. Derek and Tim, do you want to start? And then I'm going to...

謝謝，布萊恩。德里克和蒂姆，你們想開始嗎？然後我要.​​..

Yes. In reverse order, I'll actually start with your last question, Brian. So yes, you've heard us talk on previous calls about CME Direct. That is our proprietary front-end that we provide to our customers that gives them all the functionality, all the analytics, all the capabilities and all the connectivity, including API access to our markets for both futures and options.

是的。按照相反的順序，我實際上將從你的最後一個問題開始，布萊恩。是的，您已經在之前的電話會議中聽到我們談論過有關 CME Direct 的內容。這是我們向客戶提供的專有前端，為他們提供所有功能、所有分析、所有功能和所有連接，包括對我們期貨和期權市場的 API 訪問。

That really started as a mechanism to make sure that we were able to provide the full breadth of capabilities and services to our global customer base seamlessly, connecting to everything that we had to offer. That's now extended itself. So this is across asset class, not just limited to energy. And the growth that we've seen there has been substantial. It's actually rapidly evolved to become the single-largest ISV provider or link into our options business with the highest rates of penetration on the interest rate side. So it's an integral part to our growth story.

這實際上是一種機制，旨在確保我們能夠無縫地向我們的全球客戶群提供全面的功能和服務，並連接到我們必須提供的一切。現在它已經擴展了。因此，這是跨資​​產類別的，而不僅限於能源。我們在那裡看到了巨大的增長。實際上，它已經迅速發展成為單一最大的 ISV 提供商，或者與我們的期權業務掛鉤，在利率方面具有最高的滲透率。因此，這是我們成長故事中不可或缺的一部分。

In the options analytics space, we've developed a whole suite of capabilities, whether it's pre-trade analytics or post-trade tools, to help customers look at, vet positions and strategies they want to implement. That's new capability we developed over the last 4 to 5 years. And it's just -- as we continue to expand the tools and capabilities, it just brings more customers that are willing and able to trade options, and creates a seamless experience, one single front end into all of our asset classes with a full suite of functional and analytical tools.

在期權分析領域，我們開發了一整套功能，無論是交易前分析還是交易後工具，以幫助客戶查看、審查他們想要實施的頭寸和策略。這是我們在過去 4 到 5 年裡開發的新功能。隨著我們不斷擴展工具和功能，它只會帶來更多願意並且能夠交易期權的客戶，並創造一種無縫的體驗，一個單一的前端進入我們所有的資產類別，並提供一整套功能和分析工具。

We think we're still in the early innings of developing those capabilities in partnership with QuickStrike, and we're very happy with the growth that we're seeing there. That's actually becoming a critical part of our futures delivery as well as all of our blocks are reported through there.

我們認為我們仍處於與 QuickStrike 合作開發這些功能的早期階段，我們對所看到的增長感到非常滿意。這實際上正在成為我們期貨交割的關鍵部分，並且我們所有的區塊都通過那裡進行報告。

The last piece I'd note on the front end there is that we're seeing the largest uptake in growth there, is from some of our buy-side participants and brokers as well. So this is a platform that brings customers to our market, provides a full suite of services and introduces them to everything we have to offer.

我要在前端指出的最後一點是，我們看到最大的增長也來自我們的一些買方參與者和經紀人。因此，這是一個將客戶引入我們的市場、提供全套服務並向他們介紹我們所提供的一切的平台。

The last piece is the -- when you referenced the overall percent of options as a percent of total volume, there's 2 parts to that. Not only are we seeing options continue to outpace futures, which is positive for the franchise in that more options business brings more embedded futures, hedging associated with it, but as I mentioned at the top of the call, with our options business year-to-date up about 24%, our non-U.S. options business is growing even faster, up 33% for the first full half year.

最後一部分是——當您將選項的總體百分比稱為總數量的百分比時，有兩部分。我們不僅看到期權繼續超過期貨，這對特許經營權是積極的，因為更多的期權業務帶來了更多的嵌入式期貨和與之相關的對沖，而且正如我在電話會議頂部提到的，我們的期權業務每年到截至目前增長約 24%，我們的非美國期權業務增長更快，上半年增長了 33%。

So when we think about growth levers and opportunities, the way our sales force is out there specifically educating clients on options use, how to access those tools at CME Group and the growth that we're seeing, we think we've got still a good deal of penetration yet ahead of us when you look at the footprint that we have in options in Europe and Asia versus the U.S. So a lot to like in the story.

因此，當我們考慮增長槓桿和機會、我們的銷售人員專門向客戶提供有關期權使用的教育方式、如何使用芝商所的這些工具以及我們所看到的增長時，我們認為我們仍然有當你看看我們在歐洲和亞洲與美國的選擇足跡時，我們還有很大的滲透力​​，所以這個故事有很多值得喜歡的地方。

So let me just accentuate a couple of points here, Brian, because I think it's really important. We're the largest futures exchange in the world. Our futures franchise is massive. One of the reasons it is what it is, is because of the growth of options. But the real growth is in the future for the out years. So if our options business continues to be here or better, it only bolsters our futures and hedging business going forward. That's, to me, a real story for the futures franchise of CME Group.

布萊恩，讓我在這裡強調幾點，因為我認為這非常重要。我們是世界上最大的期貨交易所。我們的期貨業務規模龐大。之所以如此，原因之一是選擇的增加。但真正的增長是在未來幾年。因此，如果我們的期權業務繼續保持不變或更好，它只會支持我們未來的期貨和對沖業務。對我來說，這是芝商所期貨業務的真實故事。

So it's not just an option story like some people are talking about it. They're different firms that they represent. We are a futures exchange with options, and the options grow the futures as well. And that point cannot be missed. I don't want you to think we're only growing options and futures or not. So that's a very important point that we have to go forward.

所以這不僅僅是一些人談論的那樣的期權故事。他們代表的是不同的公司。我們是一個有期權的期貨交易所，期權也促進了期貨的發展。這一點不容忽視。我不想讓你認為我們只是在增加選擇和未來。所以這是我們必須前進的非常重要的一點。

That's super helpful. And just the RPC dynamics, I guess, of the options versus the futures?

這非常有幫助。我想，只是期權與期貨的 RPC 動態？

Say that again?

再說一次？

The RPC dynamic [of options versus] the futures.

[期權與]期貨的 RPC 動態。

Yes.

是的。

Yes. So the total RPC this quarter across our options complex was $0.666, so slightly down from what we saw overall. It does depend on asset class, how that will compare and what is trading, in terms of those options.

是的。因此，本季度我們期權綜合體的 RPC 總額為 0.666 美元，略低於我們的總體情況。它確實取決於資產類別、比較方式以及交易內容，就這些期權而言。

And up next, we have a question from Craig Siegenthaler with Bank of America.

接下來，美國銀行的克雷格·西根塔勒向我們提出了一個問題。

Our question's on pricing. Given your success with the larger-than-usual price hikes earlier this year, could we start to see larger price hikes again next year in 1Q '24 and then again in 1Q '25?

我們的問題是關於定價。鑑於你們今年早些時候成功地實現了比平常更大的價格上漲，我們是否可以在明年 24 年第一季度再次看到更大幅度的價格上漲，然後在 25 年第一季度再次出現更大的價格上漲？

Sure, Craig, it's Terry Duffy. Let me make a comment on that. Price hikes are part of the business, but we're -- it's not the strategy in how we grow the business. So we look -- everybody has got costs that they have, are incurring, and we're no different. But that's not our strategy to grow the revenue of the company. Our strategy is to grow the business, not grow what we charge. So again, we will continue to look at that on a month-by-month basis and make decisions as we see fit. But we're not prepared to say right now what our pricing will or will not be in the next couple of years, on the out years.

當然，克雷格，我是特里·達菲。讓我對此發表評論。價格上漲是業務的一部分，但這不是我們發展業務的策略。所以我們看——每個人都有他們所擁有的、正在產生的成本，我們也不例外。但這不是我們增加公司收入的策略。我們的策略是發展業務，而不是增加我們收取的費用。因此，我們將繼續逐月審視這一情況，並做出我們認為合適的決定。但我們現在還不准備透露未來幾年、未來幾年我們的定價會或不會。

Lynne?

琳恩？

And just to add to that. Craig, as you know, we do have a very bottoms-up build on that pricing strategy. This is not an approach where we have a target that we are looking to hit. It's really market by market, product by product, customer type. And we will determine what we think is the right adjustment, if any, for that market. So it's something that we evaluate in that time period. And we don't look at a multiyear pricing strategy. It really depends on the market environment, the health of the market.

只是為了補充這一點。克雷格，如您所知，我們確實在定價策略的基礎上製定了非常自下而上的策略。這不是一種我們希望達到的目標的方法。這實際上是一個市場一個市場、一個產品一個產品、一個客戶類型的問題。我們將確定我們認為適合該市場的正確調整（如果有）。所以這是我們在那個時期評估的事情。我們不考慮多年定價策略。這實際上取決於市場環境、市場的健康程度。

And what we ultimately are trying never to do is impact volumes because we want to see that velocity of trade moving through our systems given the high level of incremental margins that we earn on that trading.

我們最終試圖永遠不要做的是影響交易量，因為考慮到我們在交易中賺取的高額增量利潤，我們希望看到交易在我們的系統中移動的速度。

And our next question comes from the line of Owen Lau with Oppenheimer.

我們的下一個問題來自劉歐文和奧本海默的台詞。

So I have a quick two-part question. The first one is a follow-up to the market data question. It was up year-over-year, but down sequentially. How much was the onetime payment in the first quarter?

我有一個由兩部分組成的簡短問題。第一個是市場數據問題的後續。同比有所上升，但環比有所下降。第一季度一次性付款是多少？

And then the second one is about digital assets. I think CME will launch an Ether-Bitcoin ratio future soon. Could you please give us an update on the digital assets trading and institutional participation in CME? And how could the summary judgment from Judge Torres on the Ripple case potentially impact CME?

第二個是關於數字資產的。我認為芝商所很快就會推出以太幣與比特幣比率的未來。您能給我們介紹一下CME數字資產交易和機構參與的最新情況嗎？托雷斯法官對 Ripple 案的簡易判決會對 CME 產生怎樣的潛在影響？

So thanks, Owen. I'm going to ask Lynne to give you the first one on the market data question. Then Tim will touch on the digital assets.

所以謝謝，歐文。我將請 Lynne 向您提出第一個有關市場數據的問題。然後蒂姆將談到數字資產。

Yes. So Owen, in the first quarter, we saw about $4 million in onetime audit fee and catch-up payments that we didn't see in Q2. This quarter, we saw about $0.5 million in audit fees. So that really explains that differential Q1 to Q2.

是的。因此，歐文，在第一季度，我們看到了約 400 萬美元的一次性審計費用和追加付款，這是我們在第二季度沒有看到的。本季度，我們收到了約 50 萬美元的審計費用。這確實解釋了 Q1 與 Q2 之間的差異。

Great, and thanks, Owen. When we look at the cryptocurrency complex at CME, you're correct, we recently announced, which I think is an innovative and interesting product, and that is the Bitcoin-Ether ratio spread contract that will go live the weekend of July 29. That's interesting where it's effectively the price of Ether divided by the price of Bitcoin in one contract. That will trade alongside the other cryptocurrency products, including offsets for clearing at CME.

太好了，謝謝歐文。當我們看看 CME 的加密貨幣綜合體時，你是對的，我們最近宣布了，我認為這是一個創新且有趣的產品，那就是比特幣-以太幣比例價差合約，將於 7 月 29 日週末上線。有趣的是，它實際上是一份合約中以太幣的價格除以比特幣的價格。這將與其他加密貨幣產品一起交易，包括在芝商所清算的抵消。

When we look at the crypto composite, CME remains strong. Our value proposition remains salient with our institutional client base. We've seen continued adoption of our products in terms of both traders in the OTC space as well as futures traders as well as the growing importance of our contracts as the underlying of some of the most popular ETFs out there in this space, which are continuing to grow both trading volume and open interest.

當我們觀察加密貨幣組合時，CME 仍然強勁。我們的價值主張在我們的機構客戶群中仍然很突出。我們看到我們的產品在場外交易領域的交易者和期貨交易者中持續採用，並且我們的合約作為該領域一些最受歡迎的 ETF 的基礎，其重要性日益增長，這些交易量和持倉量持續增長。

When we look at the volume that we're doing in the larger size Bitcoin and Ether contracts, that is up about 6% versus this period, H1 through 2022, and on pace for another strong year in crypto here at CME. When we look at our product development, we do stay currently in the Bitcoin and Ether lane for tradable products. We do have a multitude of reference rates.

當我們觀察較大規模的比特幣和以太坊合約的交易量時，我們會發現，從上半年到 2022 年，該交易量較同期增長了約 6%，並且有望在 CME 的加密領域迎來又一個強勁的一年。當我們審視我們的產品開發時，我們目前確實停留在比特幣和以太幣的可交易產品領域。我們確實有大量的參考費率。

But with regards to your question about the Ripple case, it's really not in our position to comment on that case. Our mantra and the philosophy that we use is we will continue to only deploy products as the regulated venue, offering regulated products. And we'll wait for further regulatory clarity from the SEC and the CFTC before we introduce additional product.

但關於你提到的關於瑞波幣案的問題，我們確實不便對此案發表評論。我們的口號和我們使用的理念是我們將繼續僅將產品部署為受監管的場所，提供受監管的產品。在推出其他產品之前，我們將等待 SEC 和 CFTC 進一步明確監管規定。

And our next question comes from the line of Ken Worthington with JPMorgan.

我們的下一個問題來自肯·沃辛頓與摩根大通的對話。

The SEC has a number of proposals for centralized clearing in the rates markets for treasuries and repo, so a couple of questions here. I guess, first, Terry, which of the major parts of the clearing proposals are most likely to make their way into the final rules?

美國證券交易委員會有許多關於國債和回購利率市場集中清算的提案，因此這裡有幾個問題。我想，首先，特里，清算提案的哪些主要部分最有可能進入最終規則？

Maybe second, how do you think these rules could impact rate liquidity and volatility and ultimately flow through CME rate activity?

其次，您認為這些規則會如何影響利率流動性和波動性，並最終影響芝商所的利率活動？

And then lastly, to what extent is participating directly in a clearing platform for treasuries and repo important or even a priority for CME?

最後，直接參與國債和回購清算平台對於芝商所來說有多重要甚至是優先事項？

Okay. Ken, there's a lot to unpack there and a lot that I don't have the answers for, because these proposals that you're referring to at the SEC on the treasury market, I think there's a lot to be done yet before they're finalized to a point where we see how they're going to be implemented.

好的。肯，有很多東西需要解開，還有很多我沒有答案，因為你在美國證券交易委員會提到的關於國債市場的這些提議，我認為在它們之前還有很多工作要做。我們最終確定了它們將如何實施。

As far as the trading on the repo, Tim, if you want to comment on that. But on the SEC proposals, Ken, I don't see anything in there that's a negative for CME, for starters. I want to make sure I say that, if in fact, it was to go through as proposed. And I see it only as a net positive for CME.

至於回購交易，蒂姆，如果你想對此發表評論的話。但就 SEC 的提議而言，Ken，首先，我不認為其中有任何對 CME 不利的內容。我想確保我說的是，如果事實上是按照提議進行的話。我認為這對 CME 來說只是一個淨積極因素。

So what that is, I don't want to make predictions on what it could or could not be. It reminds me a lot of -- and I don't want to put the same analysis on it, but during 2010 Dodd-Frank, when they said that swaps clearing was going to be worth $1 billion to everybody that had a clearinghouse, it was a bit of a misdirect because that was made up by some government officials, not us.

那麼這是什麼，我不想預測它可能是什麼或不可能是什麼。這讓我想起了很多——我不想對此進行同樣的分析，但在 2010 年多德弗蘭克法案期間，當他們說掉期清算對於每個擁有清算所的人來說將價值 10 億美元時，有點誤導，因為這是一些政府官員編造的，而不是我們。

So I want to be careful on that, Ken, about how do we make any predictions where it's going. But I will say there, I don't see any negatives in any of the proposals for CME as I've gone through them.

因此，肯，我想謹慎對待我們如何預測它的發展方向。但我要說的是，在我瀏覽過的 CME 提案中，我沒有看到任何負面影響。

But Tim, do you want to make a comment on it?

但是蒂姆，你想對此發表評論嗎？

Sure. I think the one thing I would add is, while we continue to evaluate the proposals and the various suggestions and regulatory reforms that may be discussed, we're certainly looking to participate in those conversations with our clients and with the regulators to see what makes sense from a risk management and a clearing perspective for our customers.

當然。我想我要補充的一件事是，在我們繼續評估這些提案以及可能討論的各種建議和監管改革的同時，我們當然希望參與與客戶和監管機構的對話，看看是什麼讓從風險管理和清算角度為我們的客戶帶來意義。

As Terry said, very hard to predict what the final rules may look like. But I think broadly speaking, when we look at the totality and the gravity of the interest rate complex at CME across futures and options, cash market or BrokerTec and OTC clearing, we certainly are already in a position of strength with the ability to unlock capital efficiencies for our clients. We are averaging about $7.5 billion of savings across the portfolio margining the rates complex today.

正如特里所說，很難預測最終規則會是什麼樣子。但我認為，從廣義上講，當我們審視 CME 跨期貨和期權、現貨市場或 BrokerTec 和場外清算的利率綜合體的整體性和嚴重性時，我們肯定已經處於有利地位，有能力釋放資本為我們的客戶提高效率。我們整個投資組合平均節省約 75 億美元，保證金目前的利率複雜。

So anything that would increase the velocity or the benefits of central clearing is certainly will be something that we're looking to engage. But it's important to note, not only with our portfolio margining, as Terry said earlier, with FICC cross-margining on the horizon, with the expanded suite of products available to the client across SOFR, the Ultra 10 notes, the Ultra 10 bonds, is that we're already providing a lot of capital savings to clients, where these may be additive. But we'll have to wait and see how the final rules shake out.

因此，任何能夠提高中央清算速度或好處的事情肯定都是我們希望參與的事情。但值得注意的是，不僅是我們的投資組合保證金，正如 Terry 之前所說，FICC 交叉保證金即將出現，客戶可以使用 SOFR、Ultra 10 票據、Ultra 10 債券、是我們已經為客戶提供了大量的資本節省，這些可能是附加的。但我們必須等待，看看最終規則如何制定。

And up next, we have a question from the line of Michael Cyprys with Morgan Stanley.

接下來，我們有來自摩根士丹利的 Michael Cyprys 的提問。

I wanted to ask about capital management. If we look back over the past decade, you guys have returned a tremendous amount of capital through the dividend and primarily the special dividend. A lot of that was during a 0 rate backdrop. But with meaningfully higher rates today, over 5%, just curious how the rate backdrop is impacting your calculus and thought process around capital management. And to what extent might you think about evolving, shifting the policy and considering buybacks?

我想問一下資本管理的問題。如果我們回顧過去十年，你們通過股息，主要是特別股息，返還了大量資本。其中很多都是在零利率背景下發生的。但如今利率顯著升高，超過 5%，只是好奇利率背景如何影響您圍繞資本管理的計算和思維過程。您會在多大程度上考慮發展、改變政策並考慮回購？

Thanks, Mike. I'll let Lynne comment, and I will as well.

謝謝，邁克。我會讓林恩發表評論，我也會的。

Yes. So as you know, Michael, we've had that policy in place with our variable dividend since 2012. We've returned over $21.5 billion to shareholders in the form of dividends during that time. We do think a lot of our shareholders appreciate the transparency of that approach and the ability to track progress towards it as we move through the year. So we do like both the flexibility and that transparency.

是的。正如你所知，邁克爾，我們自 2012 年以來就制定了可變股息政策。在此期間，我們以股息的形式向股東返還了超過 215 億美元。我們確實認為，我們的許多股東都讚賞這種方法的透明度以及在我們一年中跟踪其進展的能力。所以我們確實喜歡靈活性和透明度。

That being said, we always do look at alternatives to make sure that the way we are returning capital is the most attractive form for our investor base. And to date, we have found that, that dividend policy has been preferred.

話雖這麼說，我們總是在尋找替代方案，以確保我們返還資本的方式對我們的投資者群體來說是最具吸引力的形式。迄今為止，我們發現股息政策已受到青睞。

And Michael, just so you know, I mean, as far as share repurchases, we've talked about that. We continue to talk about it. And as Lynne just referenced, we will do what we believe is in the best of the shareholders at that time. So we're not taking anything off the table, but right now, our dividend policy has proven out to be the right one for now.

邁克爾，正如你所知，我的意思是，就股票回購而言，我們已經討論過。我們繼續討論它。正如林恩剛才提到的，我們將做我們認為股東當時最好的事情。因此，我們不會放棄任何建議，但現在，我們的股息政策已被證明是目前正確的政策。

Our next question comes from the line of Patrick Moley with Piper Sandler.

我們的下一個問題來自帕特里克·莫利和派珀·桑德勒的對話。

So I wanted to go back to the expanded cross-margining opportunities with the DTCC. Terry, I know this is something that's been in the works for a little while now. So just wondering what maybe caused this to come to fruition now. And then assuming you do receive regulatory approval and launch in the first quarter, how quickly would you expect that to maybe ramp in terms of client utilization?

因此，我想回到 DTCC 擴大的交叉保證金機會。特里，我知道這件事已經醞釀了一段時間了。所以只是想知道是什麼導致了現在的結果。然後假設您確實獲得了監管部門的批准並在第一季度推出，您預計客戶利用率會以多快的速度上升？

Yes. Thanks, Patrick. Congratulations on your new role there at the firm. I will say a couple of things. The agreement with DTCC has been in the works for a long time. So you're exactly right, a little frustrating on that part.

是的。謝謝，帕特里克。祝賀您在公司擔任新職務。我會說幾件事。與 DTCC 的協議已經醞釀了很長時間。所以你是完全正確的，在這方面有點令人沮喪。

Why now? I think that when you look at where -- listen, we're only one part of the equation. We needed DTCC to be prepared to do this as well. They had some other projects in the works they had to finish up. And everything takes a little bit longer than you anticipate. So we couldn't control their side of what they needed to do for this agreement.

為什麼現在？我認為，當你仔細觀察時，聽著，我們只是等式的一部分。我們也需要 DTCC 做好準備來做到這一點。他們還有一些其他項目正在進行中，必須完成。一切都比你預期的要長一些。因此，我們無法控制他們為達成該協議而需要做的事情。

We have now come to a finalization on this with them. And like I said earlier, we're looking to have this as soon as it's approved, hopefully being implemented by Q1 of next year. And again, extremely excited about what this could do for the marketplace because of what Tim and others have said, what we see in the out years as far as risk management goes and how necessary it's going to be for all products.

我們現在已經與他們達成了最終協議。正如我之前所說，我們希望在獲得批准後立即實施，並希望在明年第一季度實施。再次，由於蒂姆和其他人的言論、我們在未來幾年所看到的風險管理進展以及它對所有產品的必要性，我們對這對市場的影響感到非常興奮。

So if you're going to have that, capital efficiencies amongst products is key in order to grow these businesses and make it more efficient for each and every client. So we do believe that this cross-margining agreement will be extremely beneficial to the clients and make their capital more efficient, which, in return, should benefit CME immensely.

因此，如果您想實現這一點，產品之間的資本效率是發展這些業務並提高每個客戶效率的關鍵。因此，我們確實相信，這項跨保證金協議將對客戶極為有利，並提高他們的資本效率，而這反過來將使芝商所受益匪淺。

Tim, I'll let you comment more on the agreement under what Patrick has raised.

蒂姆，我會讓你對帕特里克提出的協議進行更多評論。

Yes. Thanks, Terry. So again, when we look at this announcement, we're excited, one, that we're finally able to bring this to market early next year. But it's also sort of when we look at the benefit to clients and we look at the immediate benefits or the near-term benefit. And certainly, the expansions of the products that are now available for the cross-margin agreement.

是的。謝謝，特里。因此，當我們看到這一公告時，我們再次感到興奮，我們終於能夠在明年初將其推向市場。但當我們考慮對客戶的利益以及眼前的利益或近期的利益時，這也是如此。當然，還有現在可用於跨保證金協議的產品的擴展。

Again, like I was saying earlier, that includes our SOFR futures, the Ultra 10-year U.S. Treasury note futures, the Ultra treasury bond futures. The FICC cleared treasury notes and bonds and repo transactions that have a time to maturity of greater than 1 year will also be eligible. So this is exciting in terms of trying to unlock those benefits. And as we've said previously on the earnings calls and certainly before, we think our present clients are taking advantage of them, but typically more to the order of 20% or 30%. We do expect to get those offset percentages closer to 70% or slightly higher.

再次，就像我之前所說的，這包括我們的 SOFR 期貨、超 10 年期美國國債期貨、超國債期貨。 FICC 清算的國庫券和債券以及到期時間超過 1 年的回購交易也符合資格。因此，就嘗試釋放這些好處而言，這是令人興奮的。正如我們之前在財報電話會議上以及之前所說的那樣，我們認為我們現有的客戶正在利用它們，但通常會達到 20% 或 30% 左右。我們確實希望這些抵消百分比接近 70% 或略高。

But this is the first step, right? The part of -- important part of entering into these agreements is that we will continue to work with the client to try and avail even more capital efficiencies after this initial rollout. This is something that we're engaging with clients about, and we'd look to further expand the program to allow clients to avail these efficiencies, in addition to the common clearing member proprietary account. So lots of things on the horizon that we continue to explore years down the road beyond just the initial rollout of early next year.

但這是第一步，對吧？簽訂這些協議的重要部分是，我們將繼續與客戶合作，在首次推出後嘗試提高資本效率。這是我們正在與客戶接觸的事情，我們希望進一步擴大該計劃，讓客戶除了公共清算會員自營賬戶之外還可以利用這些效率。除了明年初的首次推出之外，我們還將繼續探索未來數年的許多事情。

And we now have a question from the line of Chris Allen with Citi.

現在我們有一個來自花旗銀行克里斯艾倫的問題。

I was wondering if we could get an update on the collateral balances, both cash and noncash, during the quarter; related revenues you generate during the quarter; where they currently stand for July.

我想知道我們是否可以獲得本季度抵押品餘額（包括現金和非現金）的最新信息；您在本季度產生的相關收入；目前代表的是七月。

Thanks, Chris. Lynne?

謝謝，克里斯。琳恩？

Sure. If we look at the quarter, the average balance for cash was $120.1 billion. That was up from $109.6 billion last quarter. For the noncash balances, we saw $109.4 billion on average, up from $99.2 billion in the first quarter. So we earned $107 million on the cash balances this quarter and just under $20 million on the noncash balances this quarter. Again, that noncash amount rolls through the other revenue line.

當然。如果我們看一下這個季度，平均現金餘額為 1,201 億美元。這一數字高於上季度的 1096 億美元。對於非現金餘額，平均為 1094 億美元，高於第一季度的 992 億美元。因此，本季度我們的現金餘額收入為 1.07 億美元，本季度的非現金餘額收入略低於 2000 萬美元。同樣，該非現金金額通過其他收入線滾動。

If you look at year-to-date -- month-to-date so far in July, the balances in cash have come down. We're seeing about $100.9 billion in cash on average so far in July. And the noncash balances so far this month are running at $127.9 billion.

如果你看看 7 月份迄今為止的年初至今，現金餘額已經下降。 7 月份到目前為止，我們平均看到約 1009 億美元的現金。本月迄今為止，非現金餘額已達 1,279 億美元。

And we now have a question from the line of Andrew Bond with Rosenblatt Securities.

現在我們有一個來自羅森布拉特證券的安德魯·邦德的問題。

So energy open interest is beginning to trend upward from the longer-term decline. Can you talk a little bit about the overall health of the energy business? The drivers here structurally? And if the geopolitical environment is still impacting current trends in natural gas and oil?

因此，能源未平倉合約開始從長期下降趨勢上升。您能談談能源業務的整體健康狀況嗎？這裡的驅動因素在結構上？地緣政治環境是否仍在影響當前天然氣和石油的趨勢？

Thanks, Andrew. Good question. And Derek?

謝謝，安德魯。好問題。德里克呢？

Yes. It's -- I think we've seen a really nice return to, I would say, normalized levels of volatility and therefore normalized levels of margin required to trade. As we saw some of that business shift up, particularly financial players step out of the energy business last year, we're seeing that business return significantly. You pointed to the trend, not just in the open interest, but volumes as well.

是的。我認為我們已經看到波動性正常化水平以及交易所需保證金正常化水平的非常好的回歸。當我們看到其中一些業務發生轉變時，特別是金融企業去年退出能源業務時，我們看到該業務顯著回報。您指出了趨勢，不僅是未平倉合約的趨勢，還有交易量的趨勢。

When you look at the primary drivers, there are some cyclical, some structural. The cyclicals, we certainly put ourselves in the position to be the biggest beneficiaries of those. And you look at particularly the strength of a globalizing natural gas franchise that is really globally centered around Henry Hub, natural gas continues to be exported at record amounts out of the U.S. through the LNG facilities. That's at max capacity right now. There are more facilities coming on board over the next 5 years.

當你觀察主要驅動因素時，你會發現有些是周期性的，有些是結構性的。對於週期性股票，我們當然使自己成為其中的最大受益者。尤其是全球化天然氣特許經營權的實力，該特許經營權實際上以亨利中心為中心，在全球範圍內通過液化天然氣設施繼續以創紀錄的數量出口美國。目前已達到最大容量。未來 5 年將會有更多設施投入使用。

So from a term perspective, CME Group's Henry Hub franchise is the central pricing point for global natural gas. When you look at growth across the client segments there, we're seeing significant growth. And actually, new client acquisition is happening the fastest in natural gas with our European customer base. That shouldn't surprise given some of the challenges that the Ukraine War has posed in terms of disruption to fuel supplies of both crude and natural gas. So when we look at that global growth, that's particularly strong in natural gas out of Europe. And we're seeing significant growth in options there as well.

因此，從長遠來看，芝商所的亨利中心特許經營權是全球天然氣的中心定價點。當你觀察那裡的客戶群的增長時，我們會看到顯著的增長。事實上，我們的歐洲客戶群在天然氣領域的新客戶獲取速度最快。考慮到烏克蘭戰爭對原油和天然氣燃料供應造成的一些挑戰，這不足為奇。因此，當我們觀察全球增長時，歐洲天然氣的增長尤其強勁。我們也看到那裡的選擇也顯著增長。

It's a similar structural story that's taking place in crude oil. As you know, in June, Platts implemented a Midland WTI marker into the Brent basket, and that has actually just further reinforced WTI as the primary global benchmark setting the price of oil in terms of the outsized footprint WTI has in the pricing of oil.

原油領域也發生了類似的結構性故事。如您所知，普氏能源資訊 (Platts) 在 6 月將米德蘭 WTI 納入布倫特原油籃子，這實​​際上進一步鞏固了 WTI 作為設定石油價格的主要全球基準的地位，因為 WTI 在石油定價中所佔的份額巨大。

Seeing this shift, and as I talked about on last call, that over time, WTI would be that global physical benchmark of reference, that position has only strengthened. And we have taken a significant work to build out, as I mentioned before, the Gulf Coast crudes grades contracts, that connect specifically our physically delivered WTI contract out to the export market as the U.S. is now exporting over 4 million barrels a day, a record clip as well.

看到這種轉變，正如我在上次電話會議中談到的那樣，隨著時間的推移，WTI 將成為全球實物參考基準，這一地位只會得到加強。正如我之前提到的，我們已經開展了大量工作來建立墨西哥灣沿岸原油等級合約，這些合約將我們的實物交割 WTI 合約特別連接到出口市場，因為美國現在每天出口超過 400 萬桶，也錄製剪輯。

So those contracts themselves have over 500,000 of open interest. That complements the growth of just under 2 million contracts open interest in WTI. So the structural shifts for both Henry Hub, a market that we own 82% market share of; and WTI, a market we own 90% market share of, will continue to be central to not just the energy transition, but growth in the franchise overall across client segments.

因此，這些合約本身有超過 500,000 份未平倉合約。這補充了 WTI 近 200 萬份未平倉合約的增長。因此，亨利港 (Henry Hub) 的結構性轉變（我們擁有 82% 的市場份額）；我們擁有 90% 市場份額的 WTI 市場，不僅將繼續成為能源轉型的核心，而且還將繼續成為跨客戶細分市場特許經營權整體增長的核心。

Andrew, let me just say one more thing because you referenced it, and I talk about this a lot, too, is geopolitical. I think geopolitical has got a factor in every single trade and every single asset class going forward. I mean, the tensions around the world are just amazing when you look at, not only with the -- what's going on between Ukraine and Russia and the rest of the world being involved and the potential of what's going on between China and Taiwan. I mean, the tensions are so high all over the world that geopolitical has a factor in every one of these markets, and risk management is critical to it. So I think you're spot on for raising the geopolitical risk, but it's not only associated with LNG, it's across the board.

安德魯，讓我再多說一件事，因為你提到了它，我也經常談論這一點，就是地緣政治。我認為地緣政治在未來的每筆交易和每一種資產類別中都有影響。我的意思是，當你看一下，世界各地的緊張局勢是驚人的，不僅是烏克蘭和俄羅斯之間正在發生的事情以及世界其他地區所涉及的事情，還有中國和台灣之間發生的事情的潛力。我的意思是，世界各地的緊張局勢如此之高，以至於地緣政治在每個市場中都有影響，而風險管理對其至關重要。所以我認為你提出地緣政治風險是正確的，但這不僅與液化天然氣有關，而且是全面的。

And our final question comes from the line of Brian Bedell with Deutsche Bank.

我們的最後一個問題來自德意志銀行的布萊恩·比德爾 (Brian Bedell)。

Great. My questions have been answered. Just one clarification. The rate paid -- or I'm sorry, the rate earned on the cash collateral balances in the second quarter, and the rate that you're paying out to the clients?

偉大的。我的問題已經得到解答。只是一處澄清。支付的利率——或者對不起，第二季度現金抵押品餘額賺取的利率，以及您支付給客戶的利率？

Yes. So the rate on the Fed accounts remains at the 25 basis points. It's been at that level for the last 8 rate hikes. We are earning -- we earned in the second quarter about 34 basis points, up just slightly from what we had seen in Q1.

是的。因此，美聯儲賬戶利率仍維持在 25 個基點。過去8次加息一直處於這個水平。我們正在盈利——我們在第二季度盈利了約 34 個基點，僅比第一季度略有上升。

Thank you. I will now turn the call back to the management for their closing remarks. Please go ahead.

謝謝。我現在將把電話轉回給管理層，讓他們發表結束語。請繼續。

Let me thank all of you for participating in the call today. We appreciate your questions and the opportunity to answer them. Have a nice day, and we look forward to speaking to you soon. Thank you.

讓我感謝大家參加今天的電話會議。我們感謝您提出問題並有機會回答這些問題。祝您有美好的一天，我們期待很快與您交談。謝謝。

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

謝謝。今天的電話會議到此結束。我們感謝大家的參與，並請您斷開線路。再一次感謝你。祝你有美好的一天。