芝加哥商業交易所 (CME) 2023 Q3 法說會逐字稿

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

您好，歡迎參加芝商所 2023 年第三季財報電話會議。 （操作員說明）

I would now like to turn the conference over to Adam Minick. Please go ahead.

我現在想把會議交給亞當·米尼克。請繼續。

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

早安.我希望你們今天一切順利。我們將討論芝商所 2023 年第三季的財務表現。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有重大差異。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 指標之間的調整表。

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

這樣，我就把電話轉給特里。

Thanks, Adam, and thank you all for joining us this morning. We released our executive commentary earlier today, which provides details on the third quarter of 2023. 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.

謝謝亞當，也謝謝大家今天早上加入我們。今天早些時候，我們發布了執行評論，其中提供了 2023 年第三季度的詳細資訊。我將對本季度和當前前景進行一些簡短評論，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。

Turning to the most recent quarter. Average daily volume of 22.3 million contracts was less than 1% off the record Q3 high set in Q3 2022, while our revenue grew 9% to $1.34 billion, which is the highest Q3 revenue in CME Group's history.

轉向最近一個季度。日均合約成交量為2,230 萬份合約，與2022 年第三季創紀錄的第三季高點相比，下降了不到1%，而我們的營收成長了9%，達到13.4 億美元，這是芝商所史上最高的第三季營收。

As we've mentioned throughout this year, we are operating in an environment that unquestionably requires risk management. With so much uncertainty in the world we live in, we're continuing to work closely with our clients to help them navigate uncertainty and manage their risks.

正如我們今年所提到的，我們的營運環境無疑需要風險管理。由於我們所處的世界存在如此多的不確定性，我們將繼續與客戶密切合作，幫助他們應對不確定性並管理風險。

This is particularly true in the interest rate markets today. We see divergent market views around inflation, unemployment, monetary policy and ongoing geopolitical tensions, all impacting future interest rate expectations. Regardless of whether rates rise, fall or hold steady, the shape of the yield curve and interest rate views continue to shift, and our customers need to manage that risk.

在當今的利率市場上尤其如此。我們看到市場對通膨、失業、貨幣政策和持續的地緣政治緊張局勢有不同看法，所有這些都影響著未來的利率預期。無論利率上升、下降或保持穩定，殖利率曲線的形狀和利率觀點都會不斷變化，我們的客戶需要管理這種風險。

As a result, we have continued to see growth on top of the record year in 2022 for our interest rate business. This was our highest Q3 for our interest rates complex, up 6% from the same quarter last year. We saw particular strength in the treasury complex, which was up 16% in the quarter and is off to a strong start in Q4 as well.

因此，我們的利率業務在 2022 年創紀錄的基礎上繼續實現成長。這是我們利率綜合體第三季的最高水平，比去年同期成長了 6%。我們看到了財資綜合體的特別強勁，本季上漲了 16%，在第四季也有強勁的開局。

Completing the successful migration of Eurodollars to SOFR, we continue to list other products to complement our interest rate complex today. Our European short-term rate, or ESTR contracts, traded a record 10,000 contracts per day in September.

在成功完成歐洲美元向 SOFR 的遷移後，我們今天繼續推出其他產品來補充我們的利率複合體。我們的歐洲短期利率（ESTR）合約在 9 月每天交易量達到創紀錄的 10,000 份合約。

Our newly listed treasury bill futures launched on October 2, and we have traded over 15,000 contracts in the first 3 weeks. This is one of the most successful launches of a [rates] product ever. Our broad product offering and focus on capital efficiencies, such as the enhanced cost-margining agreement with DTCC going live in January of 2024, continue to enhance the value proposition for our customers using our products to manage their interest rate exposure.

我們新上市的國債期貨於 10 月 2 日推出，前 3 週交易量超過 15,000 張合約。這是有史以​​來最成功的[費率]產品發布之一。我們提供廣泛的產品並專注於資本效率，例如與 DTCC 於 2024 年 1 月生效的增強成本邊際協議，繼續增強使用我們的產品管理利率風險的客戶的價值主張。

On the commodity side, third quarter 2023 volume was up 15% in total and included the highest-ever Q3 volume for our agricultural products. Our energy complex also performed well, with volume increasing 16% from last year. We believe the current environment for this asset class will continue to bring new clients as well as existing ones to manage their exposure in our global benchmark.

在大宗商品方面，2023 年第三季的成交量總計成長了 15%，其中農產品第三季的成交量創下歷史新高。我們的能源綜合體也表現良好，成交量比去年增長了 16%。我們相信，該資產類別的當前環境將繼續吸引新客戶和現有客戶來管理他們在我們全球基準中的風險敞口。

We believe the strong macro environment, combined with our diverse set of asset classes and strategic execution across our growth initiatives, positions us well for continued growth in 2023 and beyond.

我們相信，強勁的宏觀環境，加上我們多樣化的資產類別以及整個成長計畫的策略執行力，使我們能夠在 2023 年及以後實現持續成長。

With that, I'll turn it over to Lynne to cover the third quarter financial results.

這樣，我將把第三季的財務表現交給 Lynne。

Thanks, Terry. During the third quarter, CME generated $1.34 billion in revenue, up 9% compared with a strong third quarter of last year. Clearing and transaction fees and market data revenue each grew 9% versus Q3 '22. Expenses continue to be very carefully managed, and on an adjusted basis, were $448 million for the quarter and $369 million excluding license fees, both lower than the second quarter this year. This quarter, our investment in the cloud migration was approximately $13 million.

謝謝，特里。第三季度，芝商所創造了 13.4 億美元的收入，與去年第三季的強勁表現相比成長了 9%。與 22 年第三季相比，清算和交易費用以及市場數據收入均成長了 9%。我們繼續非常謹慎地管理費用，經調整後，本季費用為 4.48 億美元，不包括許可費為 3.69 億美元，均低於今年第二季。本季度，我們在雲端遷移的投資約為 1,300 萬美元。

Our adjusted operating margin for the quarter expanded to 66.5%, up approximately 240 basis points compared with the same period last year. CME Group had an adjusted effective tax rate of 22.8%, which resulted in net income of $818 million and adjusted diluted earnings per share of $2.25, each up 14% from the third quarter last year. Of the $110 million increase in revenues versus last year, we were able to drive 90% to the bottom line with adjusted net income up $99 million.

本季調整後營業利潤率擴大至 66.5%，比去年同期成長約 240 個基點。芝商所調整後有效稅率為22.8%，淨利為8.18億美元，調整後稀釋每股收益為2.25美元，均較去年第三季成長14%。與去年相比，收入增加了 1.1 億美元，其中 90% 達到了淨利潤，調整後淨利潤增加了 9,900 萬美元。

As a result of the strong expense discipline throughout the firm, we are lowering our core expense guidance, excluding license fees, to $1.475 billion, a $15 million decrease from our original guidance of $1.49 billion. We are maintaining our guidance of $60 million for our cloud migration expense for a total expense guidance of $1.535 billion excluding license fees.

由於整個公司嚴格的費用紀律，我們將不包括許可費的核心費用指引降低至 14.75 億美元，比最初的 14.9 億美元指引減少了 1,500 萬美元。我們維持 6,000 萬美元的雲端遷移費用指導，不包括許可費的總費用指導為 15.35 億美元。

We continue to manage our capital expenditures effectively with an eye towards our move to the cloud. As a result, we are lowering our CapEx guidance [to] $85 million. For the quarter, our capital expenditures were approximately $18 million. CME paid out $2.8 billion of dividends so far this year, and cash at the end of the quarter was approximately $2.5 billion.

我們繼續有效地管理我們的資本支出，並專注於向雲端的遷移。因此，我們將資本支出指導下調至 8,500 萬美元。本季度，我們的資本支出約為 1800 萬美元。 CME 今年迄今已支付 28 億美元股息，季度末現金約 25 億美元。

Our strong financial results this quarter continued to build on the strength achieved in the first half of the year. This quarter, we delivered our ninth consecutive quarter of double-digit adjusted earnings growth. Our global benchmarks, data and strong focus on innovation and execution continue to address the needs of our clients and deliver results for our shareholders. Please refer to the last page of our executive commentary for additional financial highlights and details.

我們本季強勁的財務業績持續建立在上半年取得的優勢之上。本季度，我們連續第九個季度實現兩位數的調整後獲利成長。我們的全球基準、數據以及對創新和執行的高度重視繼續滿足客戶的需求並為股東帶來成果。請參閱我們執行評論的最後一頁，以了解更多財務亮點和詳細資訊。

We'd now like to open up the call for your questions. (Operator Instructions) Thank you.

我們現在想打開電話詢問您的問題。 （操作員說明）謝謝。

(Operator Instructions) Our first question is from the line of Dan Fannon with Jefferies.

（操作員說明）我們的第一個問題來自 Dan Fannon 和 Jefferies 的線。

Terry, a question for you on M&A. You've been vocal about your financial capacity to do additional transactions. I was hoping you could talk about kind of the scope and what you're looking at.

特里，問你一個關於併購的問題。您一直直言不諱地表達了您進行額外交易的財務能力。我希望你能談談範圍和你正在關注的內容。

And also, in the context of the current environment, why now? Have valuations come in? Are your competitors distracted with other deals or other tasks? So curious about the current backdrop of what you're looking -- what you're thinking about and really the scope and what that may look like.

而且，在當前環境的背景下，為什麼是現在？估值進來了嗎？您的競爭對手是否因其他交易或其他任務而分心？對您正在尋找的內容的當前背景感到非常好奇 - 您正在考慮什麼以及真正的範圍以及它可能會是什麼樣子。

Yes. Thanks, Dan. I think that's the reason why people sometimes need to read the whole story and not just the headline. Because if you read the whole story, I haven't said anything different than what I've said for several years, is I was only stating facts to the point where our capacity is much greater than everybody else's because we've stayed very disciplined and very focused as it relates to our M&A transactions that we've done. I was only referring to our EBITDA being lower than 1x compared to some of our competitors who were at multiples of that.

是的。謝謝，丹。我認為這就是為什麼人們有時需要閱讀整個故事而不僅僅是標題的原因。因為如果你讀了整個故事，我沒有說任何與我多年來所說的不同的話，我只是在陳述事實，我們的能力比其他人大得多，因為我們一直保持非常自律。並且非常專注，因為這與我們已經完成的併購交易有關。我只是指與我們的一些競爭對手相比，我們的 EBITDA 低於 1 倍，而我們的 EBITDA 是該數字的數倍。

When asked the question, if deals are to be offered, I made the reference to the comment that where else would you want to shop something but the CME? It doesn't mean that CME is interested, but that's all I was referencing. So my appetite for this hasn't changed a bit. We have not looked at anything that I -- to a point where I said, "Okay, we want to do a deal." I was only referencing what I've been saying for a number of years.

當被問及是否要提供優惠時，我提到了這樣的評論：除了 CME 之外，您還想在哪裡購物？這並不意味著 CME 感興趣，但這就是我所引用的全部內容。所以我對這個的胃口沒有一點改變。我們還沒有考慮過任何事情，以至於我說：“好吧，我們想達成協議。”我只是引用我多年來所說的話。

And unfortunately, the headlines say what they're going to say. So there's not much more I can say about it than that, Dan. But again, nothing has changed from our discipline. And again, if I -- we see something -- and I said this publicly and I believe this. If we see something that benefits our users and benefits our shareholders, we will take a very strong look at it to build and grow this great company. That's all I was saying.

不幸的是，頭條新聞已經說出了他們要說的話。所以我對此無話可說，丹。但同樣，我們的紀律沒有任何改變。再說一遍，如果我——我們看到了什麼——我公開說過這一點，並且我相信這一點。如果我們看到一些有利於我們的用戶和股東的事情，我們將認真對待它，以建立和發展這家偉大的公司。我就是這麼說的。

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

我們的下一個問題來自派崔克·莫利和派珀·桑德勒。

So Terry, I was hoping you can maybe just give us your updated thoughts on the outlook for volumes heading into year end, just given some of the evolving yield curve dynamics we've seen in this kind of heightened geopolitical uncertainty.

所以特里，我希望你能為我們提供你對年底銷量前景的最新想法，考慮到我們在這種地緣政治不確定性加劇的情況下看到的一些不斷變化的收益率曲線動態。

And then coming into this year, you talked a lot about how great the setup was for CME's business. So maybe if you could just talk about how that maybe compares now to -- or how it's played out relative to your expectations, and how it maybe compares to the setup we're now looking at heading into 2024.

進入今年，您談到了很多有關 CME 業務的設置有多出色。因此，也許您可以談談現在的情況與您的期望相比如何，或者與我們現在考慮的 2024 年的情況相比如何。

Yes. I think the good -- and thank you, Patrick. I appreciate it. I think it's really hard to predict the future, and I try to be careful. But the setups that we saw in 2022, which you're referring to, and 2023, were something so glaring that you had to call it out because of the geopolitical events, what was going on with inflation where people were calling it transitory versus you sprinkle $3 trillion into the American public's hands, you know that it's not going to be transitory.

是的。我認為好的——謝謝你，派崔克。我很感激。我認為預測未來真的很難，所以我會盡量小心。但我們在2022 年（您所指的）和2023 年看到的情況是如此引人注目，以至於您不得不大聲疾呼，因為地緣政治事件，以及通貨膨脹的情況，人們稱之為暫時性的，而不是您的將 3 兆美元撒到美國公眾手中，你知道這不會是暫時的。

So I was only sprinkling out the favorable events that we were seeing fundamentally that I thought was good for every single one of our asset classes. And it was actually very good for us. As you know, with a record year in 2022 and an amazing quarter this quarter in 2023, and as Lynne said, our ninth consecutive quarter of double-digit revenue growth.

因此，我只是簡單地列出了我們從根本上看到的有利事件，我認為這些事件對我們的每個資產類別都有好處。這實際上對我們來說非常好。如你所知，2022 年是創紀錄的一年，2023 年本季的業績令人驚嘆，正如 Lynne 所說，我們連續第九個季度實現兩位數收入成長。

So those are all very impressive numbers. We will -- I don't think the setup has changed, Patrick, when you look at what's going on right now, that's going to be much different for 2024. I think we're going to see a little bit of the same, but who knows? It's hard to predict what the volumes would be associated with that. But there is a massive amount of uncertainty out there.

所以這些都是非常令人印象深刻的數字。我們會——帕特里克，我認為情況沒有改變，當你看看現在發生的事情時，2024 年將會有很大不同。我認為我們會看到一些相同的情況，但誰知道呢？很難預測與此相關的數量。但存在大量的不確定性。

When we made comments like we did in '22 and '23, we also didn't have the unfortunate situation we're seeing in the Middle East today. So there's another added component going on to that. And then we also have other situations, as I said earlier as it relates to our energy complex, where people are looking for more production coming out of the U.S., and Derek can touch more about that throughout the Q&A. But again, I think that bodes well for CME's products. But I'll -- beyond that, I'll be careful what I say.

當我們像22年和23年那樣發表評論時，我們也沒有出現今天在中東看到的不幸情況。因此，還有另一個附加元件。然後我們還有其他情況，正如我之前所說，因為它與我們的能源綜合體有關，人們正在尋找更多來自美國的生產，德里克可以在整個問答過程中更多地談論這一點。但我再次認為這對 CME 的產品來說是個好兆頭。但除此之外，我會小心我所說的話。

Our next question is from the line of Alex Kramm with UBS.

我們的下一個問題來自瑞銀集團的 Alex Kramm。

Just quickly on the regulatory side. Seems like the SEC is getting closer to mandating treasury clearing on the cash side. Obviously, you have your arrangement with DTCC now in place starting in January. So a good position there, I guess.

只是在監管方面很快。美國證券交易委員會似乎越來越接近要求在現金方面進行國庫清算。顯然，您與 DTCC 的安排現已從 1 月開始落實到位。我想這是一個很好的位置。

But like more broadly, just wondering how you think treasury clearing would change the marketplace, both on the cash side and maybe even on the futures side, customer behavior, new customers. Anything -- I assume you have some thoughts on it. So anything would be helpful, how market structure may change if that happens.

但更廣泛地說，只是想知道您認為國庫清算將如何改變市場，無論是在現金方面，甚至在期貨方面、客戶行為、新客戶方面。任何事情——我想你對此有一些想法。因此，如果發生這種情況，市場結構可能會如何變化，任何事情都會有所幫助。

Yes. No, thank you very much. And it's a great question because it's a great unknown, too, what's going on out there. And what is being proposed and what may happen is still being hammered out.

是的。不，非常感謝。這是一個很好的問題，因為外面發生的事情也是一個很大的未知數。正在提議的內容和可能發生的內容仍在敲定中。

I'm going to ask Suzanne Sprague, who is the president of my clearinghouse, to give you some comments on the reg side of it. She's working closely with her team as they're watching this. And then I'm going to turn it over to Tim McCourt from an opportunity perspective, what he's seeing as it relates to the complex if, in fact, some of these things happen or even if they don't.

我將請我的票據交換所總裁蘇珊娜·斯普拉格（Suzanne Sprague）就其監管方面給您一些評論。她正在與她的團隊密切合作，他們正在關注此事。然後我將從機會的角度將其交給蒂姆·麥考特（Tim McCourt），他所看到的與復雜的情況有關，如果事實上其中一些事情發生了，或者即使它們沒有發生。

So maybe we'll give you a little 2-part answer here, Alex, if you don't mind.

所以，如果您不介意的話，亞歷克斯，也許我們會在這裡給您一個由兩部分組成的小答案。

Yes. Thanks, Terry. We do think generally the benefits of central clearings will bring the marketplace into a strong position for things like our cross-margining program with the Fixed Income Clearing Corporation. So you are correct to put those dots together, that it will potentially enable higher participation in that program.

是的。謝謝，特里。我們確實認為，總體而言，中央清算的好處將使市場在我們與固定收益清算公司的交叉保證金計劃等方面處於有利地位。因此，您將這些點放在一起是正確的，這可能會提高該計劃的參與度。

We do today have the program that's eligible for common clearing members. And so the enhancements will benefit those common clearing members within the program. And therefore, increased activity through clearing of treasuries generally should translate to more eligible activity that could benefit from cross-margining between CME and the Fixed Income Corporation.

我們今天確實有適合普通清算會員的計劃。因此，這些增強功能將使該計劃內的普通清算會員受益。因此，透過國債清算增加的活動通常應轉化為更多合格的活動，這些活動可以從芝商所和固定收益公司之間的交叉保證金中受益。

So we generally believe the benefits of central clearing, plus those enhancements to the cross-margin program, will position us and the industry well for taking advantage of more capital efficiencies in this space.

因此，我們普遍認為，中央清算的好處，加上跨保證金計劃的增強，將使我們和整個行業處於有利地位，以便在該領域充分利用更高的資本效率。

I'll turn it over to Tim McCourt to add anything else as well.

我會將其交給 Tim McCourt 來添加其他內容。

Sure. And thanks, Alex, for the question. I think when we think about the opportunity, why we remain excited and very optimistic that the cross-margin agreement is finally coming online in January of next year, is because this is something that we've seen before in our other markets. When you unlock the capital efficiencies of related products, it significantly increases the risk management capabilities of the marketplace and can lead to increased trading velocity in the product.

當然。謝謝亞歷克斯提出的問題。我認為，當我們想到這個機會時，為什麼我們對跨保證金協議最終將於明年 1 月上線感到興奮和樂觀，因為這是我們之前在其他市場看到的情況。當您釋放相關產品的資本效率時，它會顯著提高市場的風險管理能力，並可能導致產品的交易速度提高。

While, as Terry said, it's hard to predict the future, if we look at some of the other areas we've unlocked capital historically, portfolio margining of futures versus swaps is probably a pretty good analog to look at, and that's been in place since 2012. Since that's been put in place, the average daily savings have grown from $1 billion in 2013 to a little over $7.5 billion today in 2023. And at that same time, our rates volume grew 109% and open interest doubled in the complex. And our cash market participation went from about 54% over 100%.

雖然，正如特里所說，很難預測未來，但如果我們看看我們歷史上釋放資本的其他一些領域，期貨與掉期的投資組合保證金可能是一個很好的類比，而且這已經到位了自2012 年以來。自實施以來，平均每日儲蓄已從2013 年的10 億美元增長到2023 年的今天略高於75 億美元。同時，我們的利率量增長了109%，未平倉合約翻了一番。 。我們的現貨市場參與度從 54% 左右上升到 100%。

So certainly, unlocking capital is beneficial to the volume and the velocity of the complex. And we're optimistic about what we can do once this comes online early next year.

因此，釋放資本當然有利於綜合體的數量和速度。我們對明年初上線後能做的事情感到樂觀。

Hopefully that gives you a little color to your question, Alex.

希望這能為你的問題帶來一些色彩，亞歷克斯。

Our next question is from the line of Owen Lau with Oppenheimer.

我們的下一個問題來自 Owen Lau 和 Oppenheimer。

So it's somehow related to the last question, but I think you talked about government budget deficit in the past leading to more treasury issuance, which could increase like more hedging activities. Could you please unpack a little bit more on that relationship? Are you saying, when we see more treasury issuance, that should like kind of induce higher trading activity? I think any more color would be helpful.

所以這在某種程度上與最後一個問題有關，但我認為你過去談到了政府預算赤字導致更多的國債發行，這可能會像更多的對沖活動一樣增加。您能否進一步解釋一下這種關係？您是說，當我們看到更多國債發行時，這應該會引發更高的交易活動嗎？我認為更多的顏色會有幫助。

Yes, Owen, it's Terry Duffy here. And one of the things that we have said historically, and if you recall some of the comments that our former colleague, Mr. Sean Tully, made over the years that, when the Fed no longer is acquiring some of these treasuries, that the demand for them will have to go somewhere else.

是的，歐文，我是特里·達菲。我們歷史上說過的一件事，如果你還記得我們的前同事肖恩·塔利先生多年來發表的一些評論，即當美聯儲不再購買其中一些國債時，需求因為他們將不得不去別的地方。

The Fed does not hedge their treasury portfolio, as you know. The other people that acquire the issuances coming out from the government need to hedge those. So it's hard to predict what the issuance is going to be. But again, those -- the parties that will be taking the issuance, if it's not the Fed, are traditionally people that hedge those in our marketplace. So that should benefit CME.

如您所知，聯準會不會對其國債投資組合進行對沖。獲得政府發行債券的其他人需要對沖這些債券。因此很難預測發行的內容。但同樣，那些將接受發行的各方，如果不是美聯儲，傳統上是對沖我們市場上的那些人。所以這應該有利於芝商所。

So Tim, maybe you want to add anything more to that?

提姆，也許你還想補充點什麼？

Yes. Sure. Thanks, Owen. When we look at the net issuance of treasury securities, they increased significantly in Q3 compared to Q2, up almost 80%. And that's not surprising. If you remember, this is really looking at the replenishment of the treasury general account, which reached a record low of just under $50 billion prior to the debt ceiling. And at the end of September, that balance stood about $672 billion.

是的。當然。謝謝，歐文。從公債淨發行情況來看，第三季公債淨發行量較第二季大幅成長，成長接近80%。這並不奇怪。如果你還記得的話，這實際上是在關注財政部一般帳戶的補充，在債務上限之前，該帳戶的補充額達到了近 500 億美元的歷史新低。截至 9 月底，該餘額約為 6,720 億美元。

Now it's important, to Terry's point, to look at where that debt is being issued. And comments made previously, a lot of the issuance is going into T-bills on the short end of the curve. That's what we saw in Q1, Q2, and that pattern has not changed here in Q3.

在特里看來，現在重要的是要看看債務是在哪裡發行的。先前的評論指出，大量發行都進入了曲線短端的國庫券。這就是我們在第一季、第二季看到的情況，而這種模式在第三季沒有改變。

So with respect to how that can impact our complex in treasuries, one would assume that, if we look back over historical distributions of how the treasury has looked to issue debt, there's only so much that can go into the front end of the curve. It was perhaps a little bit below the historical norms the last several years where the treasury has taken advantage of the lower rates further out the curve.

因此，關於這如何影響我們的國債綜合體，人們會認為，如果我們回顧財政部如何發行債務的歷史分佈，就會發現只有這麼多可以進入曲線的前端。它可能略低於過去幾年的歷史標準，財政部利用了曲線之外的較低利率。

So one can reasonably conclude, going forward, they would look further out the curve to be more in line with their traditional or historical allocation, where that's where our complex at CME has all the historical products. As Terry noted, the growing treasury complex from both a volume and an OI perspective, we would expect that issuance further out the curve in the coupons and bonds to increase the velocity as the marketplace looks to digest that issuance, hedge the related trading activity of it.

因此，人們可以合理地得出結論，展望未來，他們會進一步關注曲線，以使其更符合其傳統或歷史配置，而這正是我們芝商所的綜合體擁有所有歷史產品的地方。正如特里指出的那樣，從數量和 OI 的角度來看，國債綜合體不斷增長，我們預計，隨著市場尋求消化這些發行、對沖相關交易活動，票息和債券的發行將進一步提高速度。它。

And with the introduction of our T-bills earlier this year that's off to a great start, we now also have tradable products across the entirety of the curve, and even better suited for that risk management needs of the marketplace as they find ways to absorb this increasing debt being issued to the market.

隨著今年稍早我們推出國債，這是一個良好的開端，我們現在還擁有貫穿整個曲線的可交易產品，甚至更適合市場的風險管理需求，因為他們找到了吸收風險的方法。向市場發行的債務不斷增加。

Our next question is 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 Brian Bedell。

Great. I have a couple of questions. I'll get back in the queue for the second one. The first question I have is on just on the -- I guess there's some talk of more regulatory -- or potentially more regulatory scrutiny around basis trading within futures and treasuries.

偉大的。我有一些問題。我會回到隊列中等待第二次。我的第一個問題是——我想有人談論更多的監管——或者可能對期貨和國債基差交易進行更多的監管審查。

And just wanted to get your perspective on how you view any potential scrutiny there, or the merits of that trade. And I don't know if you're able to potentially size the impact on volumes. I know it can be -- can change quite dramatically over cycles, so maybe it's tough to do. But just wanted to get a sense.

只是想了解您如何看待任何潛在的審查，或該交易的優點。我不知道您是否能夠評估對數量的潛在影響。我知道它可能會在周期內發生巨大的變化，所以也許很難做到。但只是想感受一下。

Yes. And Brian, it's Terry. I'm going to turn it over to Tim. But sometimes, there's problems looking for solutions, as they say, or solutions looking for problems. And this is government at its finest trying to introduce new legislation where there is no problem. With the basis trade, it's something that will continue to move as well as it should, and the basis trade is actually what keeps the markets in line.

是的。布萊恩，是特里。我要把它交給提姆。但有時，正如人們所說，有問題在尋找解決方案，或有解決方案在尋找問題。這是政府最好的嘗試，在沒有問題的情況下引入新的立法。有了基差貿易，它就會繼續按照其應有的方式變化，而基差貿易實際上是讓市場保持一致的。

So we feel very strongly that this is going to continue to keep the market efficient. And the more you explain that to regulators to show them what kind of potential chaos you could introduce if, in fact, you have additional regulation that takes people out of that trade, which widens the basis, they may not like that outcome.

因此，我們強烈認為這將繼續保持市場效率。你向監管機構解釋得越多，向他們展示如果事實上你有額外的監管措施讓人們退出該行業，從而擴大了基礎，那麼你可能會帶來什麼樣的潛在混亂，他們可能不喜歡這個結果。

So let me turn it over to Tim to give you a little bit more color. But I would be cautious to draw the conclusion that any kind of pending regulation is coming down the pike in any time soon. Tim?

所以讓我把它交給提姆來給你更多的色彩。但我會謹慎地得出這樣的結論：任何懸而未決的監管措施都會很快出台。提姆？

That's correct, Terry. I think the one thing I would add is that the existence of basis between cash and futures market is not an isolated phenom to the treasury market. We see this in almost all of our asset classes here at CME.

沒錯，特里。我想我要補充的一件事是，現貨和期貨市場之間基礎的存在對國債市場來說並不是一個孤立的現象。我們在芝商所的幾乎所有資產類別中都看到了這一點。

And the fact that you can independently trade the basis as a stand-alone risk parameter is an important key element to keep these markets aligned and arbitrage-free. It's something that we've seen as vital to the marketplace for this purpose, and it's something that we also see remaining in this market. It's not surprising, with rates traversing the range that they have, that you're going to see different behavior of the basis than we have in previous decades when we've seen similar activity. And it's something that we engage with the market.

事實上，您可以將基差作為獨立風險參數進行獨立交易，這是保持這些市場一致且無套利的重要關鍵因素。為此，我們認為這對市場至關重要，我們也認為它會留在這個市場中。毫不奇怪，隨著利率穿越現有的範圍，您將看到與過去幾十年類似活動不同的基礎行為。這是我們與市場互動的東西。

And the one thing I would note is that it's also important that CME also has the ability to trade cash treasuries on BrokerTec, and the futures, which is also both leading price discovery mechanism. So we are the natural home for this trade to take place, and we continue to work with the marketplace. Now we can increase the efficiency of this trade going forward and work even more closely with market participants to make sure we unlock the value that still exists between bringing the BrokerTec and our futures business together at CME.

我要指出的一件事是，同樣重要的是，CME 還能夠在 BrokerTec 上交易現金國庫券和期貨，這也是領先的價格發現機制。因此，我們是進行這種貿易的天然家園，我們將繼續與市場合作。現在，我們可以提高未來交易的效率，並與市場參與者更密切合作，以確保我們釋放 BrokerTec 與 CME 期貨業務之間仍然存在的價值。

Our next question is from the line of Kyle Voigt with KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

Maybe just a question on expenses. Good to see the lower expense guide today. But just given the slightly higher kind of inflationary environment and still relatively tight labor market, just wondering if you could remind us how you think about steady-state organic expense growth on a medium-term basis for this business within the current macro backdrop.

也許只是一個關於費用的問題。很高興今天看到較低的費用指南。但鑑於通膨環境略高，勞動市場仍然相對緊張，我想知道您是否能提醒我們，在當前宏觀背景下，您如何看待該業務的中期穩態有機支出成長。

And then second part of that question, as we're approaching the end of the year here, can you also just remind us how the Google-related expenses are expected to unfold into 2024 versus 2023 level? So I think there was spend for the first 4 years, but just maybe give us an update on where you stand with that spend today and when that starts to wind down.

然後這個問題的第二部分，隨著我們即將迎來今年年底，您能否提醒我們，與 Google 相關的支出預計將如何發展到 2024 年與 2023 年的水平？因此，我認為前 4 年是有支出的，但也許請告訴我們您今天的支出狀況以及何時開始減少的最新情況。

Thank you, Kyle. Lynne, do you want to address both of those issues?

謝謝你，凱爾。 Lynne，你想解決這兩個問題嗎？

Yes, sure. So overall expense guidance, if you look at our estimate for this year, that's up about 3.6% on our core expenses despite the inflationary environment. So I think what you've seen from us over the years is really tight expense discipline and expense control. We're always looking for ways to minimize the -- run the business expense to become more efficient so that we can have more of our expense base going through -- to growth initiatives and helping to grow the bottom line.

是的，當然。因此，如果您查看我們對今年的估計，整體支出指導會發現，儘管存在通膨環境，但我們的核心支出仍增加了約 3.6%。因此，我認為您多年來從我們身上看到的是非常嚴格的費用紀律和費用控制。我們一直在尋找方法來最大限度地減少業務支出，提高效率，以便我們可以有更多的支出基礎用於成長計劃並幫助提高利潤。

So I think we have a strong track record there. If you look back in history, it averaged between that 3% to 3.5% over the last several years. Certainly, as we look forward, we'll continue that same type of discipline, and we'll look to provide guidance as we get closer to year-end.

所以我認為我們在那裡擁有良好的記錄。如果回顧歷史，過去幾年的平均成長率在 3% 到 3.5% 之間。當然，展望未來，我們將繼續遵循同樣類型的紀律，並且在接近年底時我們將尋求指導。

On the Google front, we did guide that we would have 4 years of incremental cash costs in the range of $30 million per year on average. So our expense guidance for this year, this is our second year, is $60 million in expense, offset by $20 million in CapEx savings, to get to a net $40 million. We had $30 million in net expenses last year. So we have 2 more years where we think there will be an incremental expense associated with the Google migration before we see -- start to see breakeven and ultimately cash flow positive.

在 Google 方面，我們確實預期 4 年內每年平均增加 3,000 萬美元的現金成本。因此，我們今年（這是我們的第二年）的支出指導是 6000 萬美元的支出，抵消 2000 萬美元的資本支出節省，達到淨 4000 萬美元。去年我們的淨支出為 3000 萬美元。因此，我們認為，在我們開始看到損益平衡並最終實現正現金流之前，我們認為還會有兩年與Google遷移相關的增量費用。

Our next question is from the line of Benjamin Budish with Barclays.

我們的下一個問題來自巴克萊銀行的本傑明·布迪什。

Terry, in your comments, you talked about the kind of uncertain rate environment and ongoing need for participants to manage risk. Earlier in the year, you talked about the opportunity with regional banks. But maybe just at a high level, how do you see that opportunity more broadly? Is it kind of new participants that haven't been on CME's platform before? Is it more involved hedging from existing participants? How do you see kind of like the medium-term TAM coming from that environmental need that you see?

特里，在您的評論中，您談到了不確定的利率環境以及參與者管理風險的持續需求。今年早些時候，您談到了與地區銀行合作的機會。但也許只是在較高的層面上，您如何更廣泛地看待這個機會？是以前沒有上過CME平台的新參與者嗎？是否更多地涉及對現有參與者的對沖？您如何看待來自您所看到的環境需求的中期 TAM？

Yes. I think it's hard to -- for us to describe if it's the regional banks or the bigger banks hedging. I mean, Suzanne can help me with more color on that as who the exact participants are because they come in to -- only the bigger banks anyway, even the smaller ones do. So we're not quite sure which one is laying out the risk.

是的。我認為我們很難描述是地區銀行還是大型銀行進行對沖。我的意思是，蘇珊娜可以幫助我更多地了解確切的參與者是誰，因為他們參與其中——無論如何，只有較大的銀行，即使是較小的銀行也是如此。所以我們不太確定是哪一個造成了風險。

Yes, I would agree with that. It's generally appealing, I would say, for both of those groups of folks to engage with us on an ongoing basis, especially now with the uncertainty in the rate environment, to think through the offerings that we have from a capital efficiency standpoint as well as a general risk management standpoint for ensuring that there aren't additional micro or macro events that will, I guess, circulate in the industry.

是的，我同意這一點。我想說，對於這兩類人來說，持續與我們接觸是很有吸引力的，尤其是在利率環境存在不確定性的情況下，從資本效率的角度考慮我們提供的產品和服務。我認為，這是一種總體風險管理觀點，旨在確保產業中不會出現額外的微觀或宏觀事件。

SVB is one example of a lot of engagement that we've had, leading up to and afterwards, with clients about the way that we provide services and clearing solutions to allow people to manage risk as well as the product side. So I think it is hard to specifically identify what portion of those participants might be new and existing, but we have been engaging pretty broadly in the marketplace around those events to make sure that the products and services, as well as the way that the clearinghouse offers risk management services, are accounted for and available for market participants more broadly to get ahead of any other events that might be circulating in the industry.

SVB 是我們在事前和事後與客戶進行的大量互動的一個例子，內容涉及我們提供服務和清算解決方案的方式，以幫助人們管理風險以及產品方面。因此，我認為很難具體確定這些參與者中的哪些部分可能是新的和現有的，但我們一直在圍繞這些活動廣泛參與市場，以確保產品和服務以及清算所的方式提供風險管理服務，並為更廣泛的市場參與者提供服務，以領先於行業中可能發生的任何其他事件。

And just to add to that, Ben. Thank you, Suzanne, that's a great answer. But just to add to that, Ben, the duration risk that we saw take down SVB has not gone away. As we talked about earlier in our comments, the issuance that is coming out from the government seems quite large in order to run and pay our bills in this government, and the demand has been a little bit lighter. So in return, whether we like it or not, rates are continuing to be very stubborn regardless of what the Fed does or does not do.

補充一點，本。謝謝你，蘇珊娜，這是一個很好的答案。但補充一點，Ben，我們看到 SVB 垮台的久期風險並沒有消失。正如我們之前在評論中談到的，為了在本屆政府中運作和支付我們的帳單，政府發行的債券似乎相當大，而需求卻稍微少了一些。因此，無論我們喜歡與否，無論聯準會做什麼或不做什麼，利率都將繼續非常頑固。

So I think that we're not suggesting there will be more duration risk. But what I am suggesting is that people are going to have to manage that. And so whether it's the biggest of banks or the mid-tier banks, the risk management associated with duration, not only is it not going away, in my opinion, it's increasing because of the fundamentals of the overall treasury market in general. So from our standpoint, we think that will lend to more people mitigating and managing risk through our treasury complex from all different sizes of the banking world.

所以我認為我們並不是說會有更多的久期風險。但我的建議是，人們必須對此進行管理。因此，無論是最大的銀行還是中型銀行，與久期相關的風險管理不僅不會消失，在我看來，由於整個國債市場的基本面，它不僅沒有消失，而且還在增加。因此，從我們的角度來看，我們認為這將向更多的人提供貸款，透過我們的金庫綜合體，來自不同規模的銀行業來減輕和管理風險。

Our next question is from the line of Chris Allen with Citi.

我們的下一個問題來自花旗銀行的克里斯艾倫 (Chris Allen)。

I was wondering if you could provide color on the average collateral balances for cash, noncash in the quarter. And then with respect to the yields and then where they stand at present.

我想知道您是否可以提供本季現金和非現金平均抵押品餘額的顏色。然後是收益率以及目前的情況。

Lynne?

琳恩？

Sure, Chris. Happy to. So if you look at quarter 3, the average cash balances were $91 billion. The yield on that averaged 36 basis points. For noncash, we averaged $137 billion yielding 7 basis points.

當然，克里斯。高興。因此，如果你看一下第三季度，平均現金餘額為 910 億美元。其收益率平均為 36 個基點。對於非現金，我們平均為 1,370 億美元，收益率為 7 個基點。

If you look at October to date, the cash balance has trended down. We're seeing average cash balances of $71 billion and a shift into the noncash collateral, which is up to $152 billion. I would point out that on the noncash collateral side, we did announce a fee change that takes effect in January where the charge on the noncash collateral will be increasing from a blended 7 basis points up to 10 basis points.

如果你看看十月至今，現金餘額呈現下降趨勢。我們看到平均現金餘額為 710 億美元，並轉向非現金抵押品，金額高達 1,520 億美元。我想指出的是，在非現金抵押品方面，我們確實宣布了一項將於 1 月份生效的費用變更，其中非現金抵押品的費用將從混合 7 個基點增加到 10 個基點。

Just to give that a little sizing. If you apply that change to this quarter's average volume, that would have added $10 million to the revenue associated with the noncash collateral, which rolls through other revenue.

只是為了給它一點尺寸。如果將此變更應用於本季度的平均交易量，則與非現金抵押品相關的收入將增加 1,000 萬美元，該收入將計入其他收入。

Our next question is from the line of Ken Worthington with JPMorgan.

我們的下一個問題來自摩根大通的肯‧沃辛頓。

As we go into year-end, maybe could you talk about how you're thinking about price increases in data and trading for 2024, particularly in the context of the fairly sizable changes you made in 2023?

當我們進入年底時，也許您可以談談您如何看待 2024 年數據和交易的價格上漲，特別是在您在 2023 年做出相當大的變化的背景下？

Okay. Ken, thank you. I'm going to ask Lynne to start. And then Julie Winkler, who heads up our data organization as our Chief Commercial Officer, will participate as well. So Lynne?

好的。肯，謝謝你。我要請琳恩開始。然後，擔任我們數據組織首席商務官的朱莉·溫克勒 (Julie Winkler) 也將參與其中。那麼琳恩？

Yes. So as you know, on the clearing and transaction fee side, we typically announce any changes there later in the year. It's typically around the late November time frame. Our approach is the same as it's always been. It will be a bottoms-up approach looking at all the different markets, looking at health of the market, the value we've created, the health of our customers and the total cost of trade, including not only clearing and transaction fees, market data fees, but also the cost of collateral and making sure that we don't do anything from a fee perspective that would impact volume or liquidity given our high incremental margin.

是的。如您所知，在清算和交易費用方面，我們通常會在今年稍後宣布任何變更。通常是在 11 月下旬左右。我們的方法與以往一樣。這將是一種自下而上的方法，著眼於所有不同的市場，著眼於市場的健康狀況、我們創造的價值、客戶的健康狀況以及交易的總成本，不僅包括清算和交易費用、市場數據費用，還有抵押品成本，並確保我們不會從費用角度做任何會影響交易量或流動性的事情，因為我們的增量利潤很高。

So as I mentioned, we have increased that noncash collateral fee effective in January that runs through other revenue. And Julie has announced some market data fee changes, which take effect in January as well. Julie, do you want to walk through those?

正如我所提到的，我們增加了自一月份起生效的非現金抵押品費用，該費用計入其他收入。朱莉宣布了一些市場數據費用的變化，這些變化也將於一月份生效。朱莉，你想看一下這些嗎？

Yes. I mean, Q3 was another record quarter of $167 million in data revenue, so up another 9% year-on-year. And I think the strong growth also is something that, as we look into 2024, yes, there will be some fee adjustments, but we also are looking for continued new product development, active sales efforts, continued education and also our enforcement efforts. So it should be noted, even in this quarter, we saw about $4.9 million in nonrecurring revenue that was reflective of both those prior period activities from subscriber adjustments as well as that audit revenue that we sometimes talk about.

是的。我的意思是，第三季的數據收入再次創紀錄，達到 1.67 億美元，比去年同期成長 9%。我認為，當我們展望 2024 年時，強勁的成長也是如此，是的，將會有一些費用調整，但我們也在尋求持續的新產品開發、積極的銷售努力、繼續教育以及我們的執法工作。因此應該指出的是，即使在本季度，我們也看到了約 490 萬美元的非經常性收入，這不僅反映了訂戶調整帶來的前期活動，也反映了我們有時談論的審計收入。

And so similarly with the transaction-based business that Lynne just referenced, we're continually evaluating the pricing of these data offerings. We have a very large and diverse set of offerings. So it's difficult to really specify a specific increase to forecast for 2024. Many of our data products, however, will see price increases next year ranging from 3% to 5%, kind of reflecting that price-to-value approach. However, again, this is dependent on both subscribers as well as that nonrecurring revenue that occurs in most quarters. So hope that's helpful.

因此，與 Lynne 剛才提到的基於交易的業務類似，我們正在不斷評估這些數據產品的定價。我們擁有大量且多樣化的產品。因此，很難真正指定 2024 年的具體成長預測。然而，我們的許多數據產品明年的價格漲幅將在 3% 到 5% 之間，這在一定程度上反映了價格與價值的關係。然而，這又取決於訂閱者以及大多數季度發生的非經常性收入。希望這對您有所幫助。

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 can opine on some of the potential new competitive dynamics and developments in interest rate futures markets with FMX Futures potentially entering the space and partnering with LCH.

我希望您能就 FMX Futures 可能進入該領域並與 LCH 合作的利率期貨市場的一些潛在的新競爭動態和發展發表意見。

Now we've seen this movie before, right, multiple times, and all these kind of attempts have been unsuccessful. So wonder whether or not this might feel different given LCH position as the largest pool of clearing in the swaps market. Maybe just a reminder of sort of the benefits that customers get by keeping everything in futures and the savings across the portfolio they can get versus the alternative of trying to kind of cross margin between futures and swaps.

現在我們已經看過這部電影了，對吧，很多次了，所有這些嘗試都沒有成功。因此，考慮到 LCH 作為掉期市場最大清算池的地位，這是否會讓人感覺有所不同。也許只是提醒客戶透過將所有東西都保留在期貨中可以獲得的好處以及他們可以在整個投資組合中獲得的節省，而不是嘗試在期貨和掉期之間進行交叉保證金。

Thanks, Alex. And I'm going to ask Tim and maybe some of my other colleagues around the table to comment as well.

謝謝，亞歷克斯。我也會請提姆以及我在座的其他一些同事發表評論。

But when we're looking at the FMX proposal, it's -- we haven't seen all their details. And I think -- so it's really hard to comment on exactly what the competitive offering is going to be, other than what you just referenced. I understand what you said.

但當我們查看 FMX 提案時，我們還沒有看到其所有細節。我認為，除了您剛才提到的內容之外，很難準確地評論競爭產品將會是什麼。我明白你說的。

I think with the announcement of DTCC and the offsets that we are going to be able to supply to the users, is going to be an extremely powerful benefit to the participants of the marketplace. And you also have to remember that FMX is coming from a position of 0 futures trading today.

我認為，隨著 DTCC 的發布以及我們將能夠向用戶提供的補償，這將為市場參與者帶來極其強大的好處。您還必須記住，FMX 今天的期貨交易部位為 0。

And where we are sitting on, as Tim has referenced, record open interest in treasury complex, listing new products and listing the benefits thereof. We are ready and able to compete with anybody. And competition is something that has made CME what it is today.

正如蒂姆所提到的，我們正在坐鎮，記錄了財務綜合體的未平倉合約，列出了新產品並列出了其好處。我們已經準備好並且能夠與任何人競爭。競爭造就了 CME 的今天。

But the benefits that we continue to work on. You've heard me say this for years, that we are going to continue to look for capital efficiencies in each and every one of our asset classes. We are delivering on every one of those asset classes to deliver capital efficiencies. That does not go lost on the participants in a capital-intensive world. So when you're talking about new offerings with LSE and what they could potentially offer versus what we have, we think we have a massive compelling offering for our clients that saves them additional funds.

但我們繼續努力的好處。多年來你一直聽我這麼說，我們將繼續在每個資產類別中尋求資本效率。我們正在提供每一種資產類別以提高資本效率。資本密集型世界的參與者並沒有忽略這一點。因此，當您談論倫敦證券交易所的新產品以及他們可能提供的產品與我們現有的產品時，我們認為我們為客戶提供了大量引人注目的產品，可以為他們節省額外的資金。

So I like our position, and I think we are in a position of strength. Again, I think a lot of people, Alex, as you know very well, when the LIBOR was going away and everybody was going to convert from Eurodollars, us, to SOFR, that people thought it was a jump ball. And we felt we were in a very strong position to transition 100% of that business into CME SOFR products, which we did, because of efficiencies to everything we have to offer. And those go from the back office to my sales team right across the entire organization that creates those benefits.

所以我喜歡我們的立場，我認為我們處於優勢。再說一次，我認為很多人，亞歷克斯，正如你所知道的，當倫敦銀行間同業拆借利率（LIBOR）取消，每個人都將從歐洲美元（我們）轉換為SOFR 時，人們認為這是一個跳球。我們認為我們處於非常有利的地位，可以將 100% 的業務轉變為 CME SOFR 產品，我們做到了，因為我們所提供的一切都非常有效率。這些從後台到我的銷售團隊，遍布整個組織，創造了這些效益。

So I like our position. Again, I think you said it at the beginning of your question. We've seen this movie before. I don't want to quote you wrong, but I think that's what you said. And we will continue to take every party that wants to compete with us very seriously. But at the same breath, we think we have a very strong, powerful, compelling offering for our clients.

所以我喜歡我們的立場。再說一次，我認為你在問題一開始就說過了。我們以前看過這部電影。我不想錯誤地引用你的話，但我認為這就是你所說的。我們將繼續非常認真地對待每一個想要與我們競爭的各方。但同時，我們認為我們為客戶提供了非常強大、強大且引人注目的產品。

Tim, do you want to add to that?

提姆，你想補充一下嗎？

Sure. Thanks, Terry, and thanks, Alex. I think just to add a little more color on that picture, is when we look at the gravity of the complex at CME, Terry's point, this is unmatched. And the one thing I want to further remind the marketplace about is you can unlock a tremendous amount of capital savings and efficiencies at CME today, and the marketplace is doing it.

當然。謝謝特里，謝謝亞歷克斯。我認為，只要在這張圖片上添加一點色彩，當我們觀察日冕物質拋射場的重力時，特里認為，這是無與倫比的。我想進一步提醒市場的一件事是，今天你可以在芝商所釋放大量的資本節約和效率，而市場正在這樣做。

In addition to the $7.5 billion-plus margin savings from our portfolio -- margining portfolio, let's look at some of the numbers with respect to the open interest, with record average daily open interest in our treasury complex of just under 19 million contracts for the third quarter, a record average daily open interest in our SOFR complex of about 11 million contracts, and with our record large open interest holder population of 3,175 participants.

除了我們的投資組合（保證金投資組合）節省了超過75 億美元的保證金之外，我們還可以看一下未平倉合約的一些數字，我們的資金綜合體的平均每日未平倉合約創歷史新高，接近1,900 萬份合約。第三季度，我們的SOFR 綜合體平均每日未平倉合約數量創歷史新高，約為1,100 萬份合約，而我們的未平倉合約持有者數量創歷史新高，達到3,175 名參與者。

That is an enormous amount of gravity that, although LCH may be the leader with respect to their interest rate swap clearing offering, I like the gravity and the size of the complex that's going to be unmatched about the capital efficiency the can tap into with CME, the sheer function of our position on the future side, which we expect to only be more and more important to the marketplace as we head into 2024.

這是一個巨大的引力，儘管 LCH 可能是其利率掉期清算產品的領導者，但我喜歡這個綜合體的引力和規模，這對於 CME 可以利用的資本效率來說是無與倫比的，這是我們在未來的地位的純粹功能，我們預計，隨著我們進入2024 年，這一點對市場只會變得越來越重要。

Hopefully that gives you a little color on how we're thinking about it, Alex. But again, we take everything seriously. And -- but I think, again, our offering, as Tim has said and I said, is very compelling.

希望這能讓您對我們的想法有所了解，亞歷克斯。但同樣，我們認真對待一切。而且——但我再次認為，正如蒂姆和我所說，我們的產品非常引人注目。

Our next question is from the line of Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

Two-part question. Just following up on the capital efficiencies beyond the cross margining with DTCC. Just curious what other steps you might be able to take as you look out the next 3 years to further enhance that.

兩部分的問題。只是追蹤 DTCC 交叉保證金之外的資本效率。只是好奇，在您展望未來 3 年時，您還可以採取哪些其他措施來進一步增強這一點。

And then the other part of the question is just around the regulators proposing new capital rules for banks that can make some bespoke off-exchange derivatives just more capital-intensive. Just curious of your take on that, where you see the biggest opportunity to bring derivatives from OTC to the exchange-traded marketplace.

問題的另一部分是監管機構為銀行提出新的資本規則，這些規則可以使一些客製化的場外衍生性商品變得更加資本密集。只是好奇您對此的看法，您認為將衍生性商品從場外交易引入交易所交易市場是最大的機會。

Michael, both really good questions. The latter one is we've dealt with in 2017. I'm assuming you're referring to the Basel III, what's being proposed on the second part of your question.

邁克爾，兩個問題都很好。後一個問題是我們在 2017 年處理過的。我假設您指的是巴塞爾 III，也就是您問題第二部分所提議的內容。

Yes.

是的。

Okay. So on the first part, on the capital efficiencies, I'm going to turn it over again to Suzanne Sprague, and she can touch on both. But I'll give you my thought process on the Basel III as well.

好的。因此，關於第一部分，關於資本效率，我將再次將其交給蘇珊娜·斯普拉格（Suzanne Sprague），她可以談到這兩個問題。但我也會向您介紹我對巴塞爾協議 III 的思考過程。

Yes. Thanks, Terry. So we do look forward to extending the enhanced cross-margin program to the client level. We have had quite a bit of conversations with ourselves and the Fixed Income Clearing Corporation, as well as clients, on the importance of continuing to broaden that program.

是的。謝謝，特里。因此，我們確實期待將增強型全倉保證金計畫擴展到客戶層面。我們與我們自己、固定收益清算公司以及客戶進行了大量對話，討論了繼續擴大該計劃的重要性。

So we don't have any timelines to commit to at this point in time, but it is a focus of ours jointly to be able to expand those enhancements to the end client level, which I think will help even more with things we've already covered on the treasury mandate, and needing more capital efficiencies to address things like increased capital costs under the Basel proposal.

因此，我們目前沒有任何時間表可以承諾，但我們共同關注的焦點是能夠將這些增強功能擴展到最終客戶端級別，我認為這將對我們已經完成的事情有更多幫助。已經涵蓋了財政部的任務，並且需要提高資本效率來解決巴塞爾提案中資本成本增加等問題。

I think Terry will hit it at a high level, the Basel proposal.

我認為特里會在高水準上實現巴塞爾提案。

Yes, let me just comment on the practicality, Michael, and I know that you've been there for a little while now at your firm and understand how this works. There is 0 consensus amongst the regulators as it relates to some of these proposals in Basel III. Actually, there's really opposing views to that, which makes it very difficult to move something forward, where you have, internally at a regulator, not the same people supporting the proposal.

是的，讓我簡單評論一下實用性，邁克爾，我知道您已經在您的公司工作了一段時間並了解這是如何運作的。監管機構之間沒有共識，因為它與巴塞爾協議 III 中的一些提案有關。事實上，對此確實存在相反的觀點，這使得推動某些事情變得非常困難，因為監管機構內部沒有支持該提案的人。

The markets need to remain efficient. And I guess, again, another solution looking for a problem with Basel III, we have never had an issue under the margin that we're holding that needs to have a capital hit associated with it. We only think that would add to the lack of liquidity to the overall marketplace and make markets less efficient than they are today. And that's not healthy, especially as we laid out the fundamental places that we are in the world today and with the issuance coming forward.

市場需要保持高效率。我想，再一次，這是尋找巴塞爾協議 III 問題的另一種解決方案，我們從未在我們持有的保證金範圍內遇到過需要與之相關的資本打擊的問題。我們只是認為這會加劇整個市場流動性的缺乏，並使市場效率低於今天。這是不健康的，尤其是當我們闡述了當今世界的基本地位以及即將發行的情況時。

We need to manage this. There's risk in everything we do in this life, including the treasury issuance and who's using it or not. We think we have a very good platform, and we think that the rules that are in place right now makes sense for the users. And if you want to just continue to add capital charges to everything we do, I guess we can constrict it to 0. And we won't have any more risk in the system, but we won't have any economies around the world either.

我們需要對此進行管理。我們這一生所做的一切都存在風險，包括國庫券的發行以及誰在使用它或誰不使用它。我們認為我們有一個非常好的平台，我們認為現在製定的規則對使用者來說是有意義的。如果你想繼續在我們所做的一切中增加資本費用，我想我們可以將其限制為 0。我們的系統不會再有任何風險，但世界各地也不會有任何經濟體。

So I do think it gets to a certain point. Again, like I said earlier, this was proposed in 2017, and it was not agreed upon then. So we'll see where this goes. We are meeting with people in Washington now. My Washington folks are trying to explain the detriment that such a proposal could bring to the overall marketplace.

所以我確實認為事情已經到了一定程度。再說一次，就像我之前說過的，這是在 2017 年提出的，但當時沒有得到同意。所以我們會看看這會發生什麼。我們現在正在華盛頓與人們會面。我的華盛頓同事正在試圖解釋這樣的提議可能會對整個市場造成的傷害。

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

我們的下一個問題來自美國銀行的克雷格·西根塔勒 (Craig Siegenthaler)。

So in the quarter, there was another instance of vertical integration between an exchange -- or actually secondly, a DCM and an FCM. So now we have Coinbase, MIAX with vertically integrated business models.

因此，在本季度，交易所之間出現了另一個垂直整合的實例，或實際上是 DCM 和 FCM 之間的垂直整合。所以現在我們有了 Coinbase、MIAX 以及垂直整合的商業模式。

So first, I want to get your perspective on what this means for the ecosystem. And then -- and also, CME already registered its FCM last year, I think partly in reaction to FTX's move. So what are your updated objectives for that business now?

首先，我想了解您對這對生態系統意味著什麼的看法。然後，CME 去年已經註冊了 FCM，我認為部分原因是對 FTX 此舉的反應。那麼，您現在對該業務的最新目標是什麼？

So Craig, again, I've been also talking a lot about market structure and how market structures always have a shelf life, and we don't know what the next one is going to look like, but we all need to be prepared for it. And that's what CME will always do. We'll be prepared for anything that comes our way. That's one of the reasons we filed for the FCM application, not just because of FTX. But not to say you're wrong because that was part of the reasons why, but it was, again, around market structure.

所以克雷格，我也一直在談論很多關於市場結構以及市場結構如何總是有保質期的問題，我們不知道下一個會是什麼樣子，但我們都需要做好準備它。這就是 CME 總是會做的事情。我們將為發生的任何事情做好準備。這也是我們提交 FCM 申請的原因之一，而不僅僅是因為 FTX。但並不是說你錯了，因為這是部分原因，但這又是圍繞著市場結構的。

I think with these vertically integrated models that is being proposed, such as MIAX, and I think Coinbase is the other one you referenced. The conflict of interest question for the clients is huge. And it would be big for us, too, if we decided to go ahead and deploy an FCM. So we would have to be very careful about that ourselves.

我認為這些垂直整合的模型正在被提議，例如 MIAX，我認為 Coinbase 是你提到的另一個模型。客戶的利益衝突問題是巨大的。如果我們決定繼續部署 FCM，這對我們來說也意義重大。所以我們自己必須非常小心。

But the same breath, I think that if they're going to go down this integrated model, they need to write rules associated with it. This was my entire complaint around FTX, that they were trying to make existing rules fit for their business proposal. So if in fact we're going to have integrated models of what MIAX is proposing today and going into business in the United States, you need to write rules with them. Because the Commodity Exchange Act clearly states, in the year 2000, that those rules were written with intermediaries in mind, not on a direct model. So not saying you couldn't have intermediaries in the direct model, but the rules are not clear on that.

但同樣，我認為如果他們要採用這個整合模型，他們需要編寫與之相關的規則。這是我對 FTX 的全部抱怨，他們試圖使現有規則適合他們的商業提案。因此，如果事實上我們要擁有 MIAX 今天提出的整合模型並在美國開展業務，那麼您需要與它們一起制定規則。因為《商品交易法》在 2000 年就明確規定，這些規則是在考慮中介機構的情況下制定的，而不是直接模型。因此，並不是說直接模式中不能有中介機構，但規則對此並不明確。

So I think there's a long way to go. I think one of the reasons they're not getting much attention today on that is because of their size, which I think is wrong to look at it that way. It shouldn't matter, their size. Who's to say they can't get bigger tomorrow? Who's to say we can't do something different tomorrow as well.

所以我認為還有很長的路要走。我認為他們今天沒有受到太多關注的原因之一是因為他們的規模，我認為這樣看是錯誤的。它們的大小應該不重要。誰敢說他們明天就不能變大？誰說我們明天也不能做一些不同的事情。

So I think there needs to always be rules, and the rules of the road need to be applied so people understand that we do not need situations like '08 and other ones that we could all describe because of people trying to advance businesses that they think is in their best interest without having the public's interest at heart.

所以我認為總是需要有規則，並且需要應用道路規則，以便人們明白我們不需要像 08 年和其他我們都可以描述的情況，因為人們試圖推進他們認為的業務符合他們的最大利益，而不考慮公眾的利益。

So again, we've always been a neutral facilitator of risk management. We will continue to do so. We like the intermediary model. And again, but we don't know what the future is going to hold. But I do -- I am very concerned about some of these existing platforms. And the government needs to look at them and write rules for them if, in fact, they're going to allow them to stay in business.

再說一次，我們一直是風險管理的中立促進者。我們將繼續這樣做。我們喜歡中介模式。再說一遍，但我們不知道未來會怎樣。但我確實——我非常擔心其中一些現有平台。如果政府真的要允許他們繼續經營的話，就需要審視他們並為他們制定規則。

Our next question is from the line of Andrew Bond, Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的安德魯邦德。

One for Derek on the energy business. So energy markets, particularly natural gas markets, have experienced some structural shifts benefiting North American markets following the Russian invasion of Ukraine. And more recently, with the geopolitical events in the Middle East, are you seeing more of a continuation of these dynamics? And can you talk about the potential longer-term impact of the geopolitical events of late on your markets?

德里克 (Derek) 的一份關於能源業務的報告。因此，在俄羅斯入侵烏克蘭之後，能源市場，特別是天然氣市場經歷了一些結構性轉變，這對北美市場有利。最近，隨著中東地緣政治事件的發生，您是否看到這些動態有更多的延續？您能否談談最近的地緣政治事件對您所在市場的潛在長期影響？

Andrew, thank you. We appreciate it. And Derek?

安德魯，謝謝你。我們很感激。德瑞克呢？

Yes. Thanks, Andrew. Yes, I think this is kind of proof positive of what we've been talking about for the last couple of years, that structurally, the U.S. is in an incredibly strong position, given the position we have both in crude oil as well as natural gas. As you know, we're currently exporting record amounts of oil from the U.S. at 4.6 million barrels a day. We're also exporting record levels of natural gas, while based on Henry Hub pricing record levels from our U.S. capacity point of view.

是的。謝謝，安德魯。是的，我認為這證明了我們過去幾年一直在談論的事情，即考慮到我們在原油和天然資源方面的地位，從結構上看，美國處於令人難以置信的強勢地位。氣體。如您所知，我們目前從美國出口的石油數量達到創紀錄的每天 460 萬桶。我們也出口創紀錄水平的天然氣，同時基於亨利中心定價創紀錄水平，從我們美國產能的角度來看。

So as we've talked about, that structurally positions CME's WTI franchise as kind of the leader in that space and certainly positions WTI as a global benchmark as the U.S. continues to export the marginal barrel outside the U.S. with challenges everywhere else.

正如我們所討論的，這在結構上將CME 的WTI 特許經營權定位為該領域的領導者，並且無疑將WTI 定位為全球基準，因為美國繼續將邊際石油出口到美國境外，而其他地方都面臨著挑戰。

Natural gas, as you pointed out, has been a really, really strong point for the energy franchise overall. When you look at what's going on from an uncertainty point of view, options continue to be a significant proportion of our customers' client behavior.

正如您所指出的，天然氣一直是整個能源產業的一個非常非常強大的優勢。當您從不確定性的角度看待正在發生的事情時，選擇仍然是我們客戶的客戶行為的重要組成部分。

So we like our position in both natural gas and crude oil. When you look at the volume and growth of the -- both futures and options, strong in Q3. More importantly, we continue to see that strength in October with our energy options up 81%, overall energy up 26% in October. So really strong year this year, continuing really strong year into Q4. And the position that we have as the swing producer, both in natural gas and crude oil, I think, positions us well long term in what we think is a potentially multigenerational energy shift.

因此，我們看好我們在天然氣和原油領域的地位。當你觀察期貨和選擇權的交易量和成長時，第三季表現強勁。更重要的是，我們在 10 月繼續看到這種強勁勢頭，我們的能源選擇上漲了 81%，10 月整體能源上漲了 26%。今年非常強勁，並將繼續強勁進入第四季。我認為，我們作為天然氣和原油領域的搖擺生產商的地位，使我們在我們認為潛在的多代能源轉變中處於長期有利​​地位。

Our next question is a follow-up from Alex Kramm with UBS.

我們的下一個問題是瑞銀集團亞歷克斯·克拉姆 (Alex Kramm) 的後續問題。

Just a quick one on the interest rate business again. You guys, Terry, mentioned the LIBOR-SOFR transition. Obviously, that's now behind us and successful. But just maybe looking back on that. I think early on, there were some concerns that SOFR would not be the best replacement for Eurodollar and that maybe it won't meet certain trading strategies. So now that we're sitting here, I don't know, 6 months after the real cutoff, is the marketplace different at all? Are you seeing certain strategies not being applied anymore? And is that still room for innovation for you? Or is SOFR and Eurodollar basically now the same thing, as it always was?

再次簡單介紹一下利率業務。特里，你們提到了 LIBOR-SOFR 過渡。顯然，這一切現在已經過去並且成功了。但也許只是回顧一下。我認為早些時候，有人擔心 SOFR 不會是歐洲美元的最佳替代品，而且可能不符合某些交易策略。所以現在我們坐在這裡，我不知道，在真正的截止日期後 6 個月，市場是否有所不同？您是否發現某些策略不再被應用？這對您來說還有創新的空間嗎？或者，SOFR 和歐洲美元現在基本上是同一個東西嗎？

So I'm going to let Tim answer as well, Alex. But I will say the following, that the reason why people believe that SOFR might not be as good as your Eurodollar is because of pure uncertainty. When you know a certain way for so many decades of how you're going to price short-term interest rates, and all of a sudden, the governments say you have to change them, it's the uncertainty of the marketplace, for starters.

所以我也請提姆來回答，亞歷克斯。但我要說的是，人們之所以認為 SOFR 可能不如歐洲美元，純粹是因為不確定性。當你幾十年來一直知道如何為短期利率定價時，政府突然說你必須改變它們，這首先是市場的不確定性。

As far as it goes to the strategies, I think Tim already outlined the open interest in trade and SOFR. So you would have to say the answer to question number two, are people not doing certain strategies? Is no.

就策略而言，我認為 Tim 已經概述了貿易和 SOFR 的未平倉合約。所以你必須回答第二個問題，人們是否沒有採取某些策略？沒有。

So question number three is are -- is there opportunity for people, I think was the last thing you had asked for the SOFR versus what was not in the LIBOR. And I'll turn that to Tim.

第三個問題是——人們是否有機會，我認為這是您對 SOFR 要求的最後一件事，而不是 LIBOR 中沒有的事情。我會把這個問題轉給蒂姆。

Yes. Thanks, Terry, and thanks, Alex, for the question. I think what's interesting is, when we see several months after the transition, we look at the SOFR complex at CME. Year-to-date through Q3, I believe we're already about 14% above the best year in Eurodollar previously. And we still have a whole quarter to go, which is exciting.

是的。謝謝特里，也謝謝亞歷克斯提出的問題。我認為有趣的是，當我們在過渡幾個月後，我們會看到 CME 的 SOFR 綜合體。今年迄今到第三季度，我相信我們已經比之前歐洲美元最好的一年高出約 14%。我們還有整整一個季​​度的時間，這令人興奮。

So certainly adopted, certainly being integrated. We're seeing similar strategies with respect to the various option strategies, the futures, the outrights, the spread. So we're really pleased with how the ecosystem is coming along.

所以肯定被採納，肯定被整合。我們在各種選擇策略、期貨、直接選擇權、價差方面看到了類似的策略。因此，我們對生態系統的發展感到非常滿意。

But the one thing I would add is we also have new additional short-term interest rate products that can be spread against SOFR. When we look at the introductions of T-bills, and as Terry said in his opening comments with respect to us leading and taking really strong roots in the ESTR market overseas, these are all new things that are additive to the ecosystem that didn't exist when Eurodollars were around.

但我要補充的一件事是，我們還有新的額外短期利率產品，可以針對 SOFR 進行利差。當我們看到國庫券的推出時，正如特里在開場白中談到我們在海外ESTR 市場上的領先地位和紮根時所說的那樣，這些都是新事物，是對生態系統的補充，而這些新事物並沒有在我們的生態系統中發揮作用。當歐洲美元出現時就存在了。

So very optimistic for the future, and further buttressed by our efforts on the CME term SOFR front with respect to licensing and the IP and the gravity that we're lending to that complex. These are all great things that continue to position not only SOFR, but the rest of our rates complex, given the interrelatedness and the spread strategies that exist, as we head into next year.

我們對未來非常樂觀，我們在 CME 術語 SOFR 方面所做的努力進一步支撐了我們在許可和智慧財產權方面的努力以及我們向該綜合體提供的重力。考慮到明年的相互關聯性和現有的利差策略，這些都是偉大的事情，不僅繼續定位 SOFR，而且繼續定位我們的利率複合體的其餘部分。

Our next question is a follow-up question from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題是來自德意志銀行的 Brian Bedell 的後續問題。

It's on RPC. Just some of the drivers in the third quarter that you mentioned were member mix and product mix. I think that was mostly on the product mix side between asset classes. I was wondering if you could comment a little bit about were there any outliers within the asset classes that significantly impacted the RPC?

它是在 RPC 上。您提到的第三季的一些驅動因素是成員組合和產品組合。我認為這主要是在資產類別之間的產品組合方面。我想知道您是否可以評論資產類別中是否存在對 RPC 產生重大影響的異常值？

And then it looks like geography-wise, your non-U.S. was actually up a little bit sequentially. And I thought that was -- usually it's typically the higher RPC. So maybe just some comments on that.

然後看起來從地理角度來看，非美國地區實際上是連續上升了一點。我認為這通常是更高的 RPC。所以也許只是對此發表一些評論。

And then also just on options versus futures, if you can remind us on the differentials there. I think, Derek, you mentioned the options volumes in energy in particular were up nicely in October.

然後還有選擇權與期貨，如果你能提醒我們其中的差異的話。我想，德瑞克，你提到十月能源選擇權交易量特別好。

Yes, Brian, 2 parts to your question. So I'm going to ask Lynne to comment on the RPC and then ask Derek to comment on the international business, which you're correct, does carry a higher RPC than the traditional -- some of the stuff here in the U.S. But go ahead, Lynne.

是的，布萊恩，你的問題分為兩個部分。所以我要請林恩對 RPC 發表評論，然後請德里克對國際業務發表評論，你是對的，確實比傳統的 RPC 更高——美國的一些東西。但是去吧前方，琳恩。

Yes. So if you look at the overall RPC of $0.707 versus the prior quarter of $0.724, so down $0.017. The drivers for that were really lower proportion coming from commodities products, so it was about 18% this quarter, down from about 19.5% last quarter. We did also see a slight increase in member mix and the contribution from micros overall.

是的。因此，如果您查看 0.707 美元的整體 RPC，而上一季為 0.724 美元，則下降了 0.017 美元。其驅動因素實際上是來自大宗商品的比例較低，因此本季約為 18%，低於上季的約 19.5%。我們確實也看到成員組合和微型企業整體貢獻略有增加。

In terms of the specific asset classes, I wouldn't call anything out as unusual per se. I would just point you to, if you look at the year-over-year basis, on very similar volume, we saw a 12% uplift on RPC. That's driven by a couple of things. You do have a lower proportion coming from micros. You have an increase in the commodities as we've seen that rebound in this year. And you are seeing the impact of that pricing change rolling through.

就特定資產類別而言，我不會認為任何東西本身都是不尋常的。我只想指出，如果你看一下同比情況，在非常相似的數量上，我們看到 RPC 增加了 12%。這是由幾件事驅動的。來自微型企業的比例確實較低。正如我們今年看到的反彈一樣，大宗商品價格有所增加。您正在看到定價變化的影響正在逐漸顯現。

Thanks, Lynne. Derek, do you want to talk a little bit about the non-U.S. business as it relates to the RPC?

謝謝，琳恩。 Derek，您想談談與 RPC 相關的非美國業務嗎？

Yes. Thanks, Brian. We are seeing some continued really strong growth and building on the back of what was a record 2022 for non-U.S. business, we're building on that. Again, our Q3 international volume was up 7% this year, and that was led by some of the higher-RPC products. Our ag non-U.S. business is up 32%, energy up 30%, rates were up 6%, metals up 10%.

是的。謝謝，布萊恩。我們看到非美國企業在 2022 年創紀錄的業績基礎上持續強勁成長，我們正在此基礎上再接再厲。今年第三季我們的國際銷量再次成長了 7%，這主要是由一些較高的 RPC 產品所帶動。我們的農業非美國業務成長了 32%，能源成長了 30%，利率成長了 6%，金屬成長了 10%。

Also what you saw, and I think you might have mentioned this, our non-U.S. options continues to grow extremely strongly as well. So our non-U.S. options volumes up 31% while the overall options is up 21%. So a good, strong story within a good, strong story.

另外，您所看到的，我想您可能已經提到過，我們的非美國選擇也繼續極其強勁地成長。因此，我們的非美國選擇權交易量成長了 31%，而整體選擇權成長了 21%。所以這是一個精彩、精彩的故事中的精彩、精彩的故事。

So we saw EMEA be a particular standout there relative to the volumes. And I think we're -- the efforts we put into place, boots on the ground, you heard us talk about the investment we're making in the majority of our sales force now being outside the U.S. is accelerating both our new clients acquisition opportunities as well as reinforcing the cross-selling into our existing customer base.

因此，我們發現歐洲、中東和非洲地區的銷售量尤其突出。我認為我們所做的努力，腳踏實地，你聽到我們談論我們對目前在美國境外的大多數銷售人員進行的投資正在加速我們的新客戶獲取機會以及加強對我們現有客戶群的交叉銷售。

So our non-U.S. business continues to be a source of strength and new client growth for us. And I think we'll see that we're on track for another record year for that side of the business across asset classes, and we like our position going into '24.

因此，我們的非美國業務仍然是我們的實力和新客戶成長的來源。我認為我們將看到我們在跨資產類別的業務方面有望再創歷史新高，我們喜歡我們進入 24 年的狀況。

So just to sum that up, Brian, because I think it's a really important question. Not a particular asset class where there's degradation in the RPC so much, it was more the mix of member versus non. And then we have some of these really outlier -- not outliers, but some higher-rate RPCs and some of the energies, as Lynne referenced. And it's a very sensitive tool, so that can move it a little bit, and that's what you saw.

布萊恩，總結一下，因為我認為這是一個非常重要的問題。 RPC 並不是一個特定的資產類別，其退化程度如此之大，而是會員與非會員的混合。然後我們有一些真正的異常值——不是異常值，而是一些更高速率的 RPC 和一些能量，正如 Lynne 所提到的。這是一個非常敏感的工具，所以可以稍微移動它，這就是你所看到的。

That's great. And then just can you remind us on the RPC of options versus futures in general?

那太棒了。那麼您能否提醒我們關於選擇權與期貨的 RPC？

Yes.

是的。

Yes. So the total RPC for options this quarter were $0.658.

是的。因此，本季期權的 RPC 總額為 0.658 美元。

Our next question is from the line of Owen Lau with Oppenheimer.

我們的下一個問題來自 Owen Lau 和 Oppenheimer。

I think CME recently launched the WTI Crude Oil Monday and Wednesday Weekly options. I'm just wondering how much incremental opportunity and demand for these kind of 0DTE products, not just in energy, but in the whole CME platform.

我認為 CME 最近推出了 WTI 原油週一和週三每週期權。我只是想知道這類 0DTE 產品的增量機會和需求有多少，不僅在能源方面，而且在整個 CME 平台方面。

Thanks, Owen. Derek?

謝謝，歐文。德里克？

Yes. So on the weekly stuff, yes, we have had really great success across the entire franchise of launching additional points on the maturity curve. We've recently launched Mondays and Wednesdays in energy, particularly in WTI. We've actually set a number of records there. We had an all day record ADV of about 43,000 contracts on the first of September, and that was after the addition of the Mondays and Wednesdays. We set a single-day record on the same day of about 15,000 contracts.

是的。因此，在每週的事情上，是的，我們在整個系列中在成熟度曲線上推出額外的點方面取得了巨大的成功。我們最近推出了周一和周三的能源交易，特別是 WTI 交易。我們實際上已經在那裡創造了一些記錄。 9 月 1 日，我們的全天日交易量創下了約 43,000 份合約的記錄，而且這是在加上週一和週三之後的結果。我們在同一天創下了約 15,000 份合約的單日記錄。

When you look at that opportunity for us, we've talked about this before. Certainly, in a world with as much risk as we see on any given day, on any particular asset class, adding additional maturity points and a granular levels of risk management have proven to be successful. We sort of -- we plumbed that path with equities. We've incrementally rolled out asset classes. And I think over time, we found our customers have adopted those more broadly. Those are additive to the OI pool. Those have created more opportunities for spreading across maturities.

當您為我們尋找這個機會時，我們之前已經討論過這一點。當然，在一個我們在任何一天、任何特定資產類別上都面臨如此多風險的世界裡，增加額外的成熟度點和細化的風險管理水準已被證明是成功的。我們透過股票探索了這條路。我們逐步推出了資產類別。我認為隨著時間的推移，我們發現我們的客戶已經更廣泛地採用了這些。這些都是 OI 池的附加內容。這些為跨期限的傳播創造了更多機會。

But I would also note that our record options growth is accelerating, not just on the front end of the curve but across the entire maturity curve. So we're seeing growth there where the short-dated pieces are additive to the growth, but it's actually being led by farther out across the curve. So we see those as additional tools and nice additive pieces of growth, but not the primary source of growth.

但我還要指出，我們創紀錄的選擇權成長正在加速，不僅在曲線的前端，而且在整個成熟度曲線上。因此，我們看到了成長，其中短期的部分對成長起到了補充作用，但實際上是由曲線上更遠的部分引領的。因此，我們將這些視為額外的工具和良好的附加成長部分，但不是成長的主要來源。

The next question is a last question from -- a follow-up from Craig Siegenthaler with Bank of America.

下一個問題是美國銀行克雷格·西根塔勒 (Craig Siegenthaler) 的後續問題。

This is Eli from Craig's team. I was wondering if...

這是克雷格團隊的伊萊。我想知道是否...

Can you speak up just a little bit, Eli? I think it was Eli, not Craig on the phone.

你能說一點嗎，伊萊？我認為是伊萊打來的，而不是克雷格。

Yes. This is Eli from Craig's team. I was wondering if you could give us a sense of the potential impact of approval of the spot crypto ETFs on your crypto complex. What proportion of volumes did the futures-based ETF managers contribute to that complex today? And if we see like a migration from the future-based vehicles to spot, would that threaten the viability of that complex?

是的。這是克雷格團隊的伊萊。我想知道您是否可以讓我們了解現貨加密 ETF 的批准對您的加密綜合體的潛在影響。今天基於期貨的 ETF 經理為該綜合體貢獻了多少比例的交易量？如果我們看到從基於未來的車輛遷移到地點，這會威脅到該綜合體的生存能力嗎？

Yes. Good question, Eli. Thank you. Tim?

是的。好問題，伊萊。謝謝。提姆？

Thanks, Eli. Thanks, Terry. Certainly, a pressing question, given the recent moves that we've seen in Bitcoin. And I think one thing to note is that, before we dive into the nuances of the ETF, we've also seen tremendous volume in OI growth here in the third quarter for our crypto complex.

謝謝，伊萊。謝謝，特里。考慮到我們最近在比特幣上看到的走勢，這當然是一個緊迫的問題。我認為需要注意的一件事是，在我們深入探討 ETF 的細微差別之前，我們也看到我們的加密貨幣複合體在第三季的 OI 成長量龐大。

Just this week, we saw over 130,000 contracts trade, worth about $7.6 billion. That's our largest day in the crypto complex since the wake of the FTX collapse in a little over a year ago. So when we saw also a record OI in our Bitcoin futures over 20,000 contracts, which is equivalent to more than 100,000 Bitcoin. And this really speaks to the fact that we are an institutional-grade offering for the crypto community. So it is not surprising that we're the underlying for a lot of the futures-based ETFs, which has done phenomenally well in terms of serving the marketplace to date.

光是本週，我們就有超過 13 萬份合約交易，價值約 76 億美元。這是自一年多前 FTX 崩盤以來加密貨幣市場中最重要的一天。因此，當我們在比特幣期貨中看到創紀錄的持倉量超過 20,000 個合約時，相當於超過 100,000 個比特幣。這確實說明了這樣一個事實：我們是為加密貨幣社群提供的機構級產品。因此，我們成為許多基於期貨的 ETF 的標的也就不足為奇了，迄今為止，這些 ETF 在服務市場方面表現得非常好。

Certainly, there's a belief that some of the upwelling of price to almost $35,000, $36,000 we've seen this week is on the belief of spot-based ETF approvals. I'm not necessarily here to comment on whether that's going to happen. But what I can tell you is that we do see the introduction of additional structured products, whether it be spot or other underlying base in the crypto community, will be additive to our complex at CME on 2 fronts.

當然，人們相信，我們本週看到的價格上漲至近 35,000 美元、36,000 美元的部分原因是基於現貨 ETF 的批准。我不一定在這裡評論這是否會發生。但我可以告訴你的是，我們確實看到額外結構性產品的引入，無論是現貨還是加密社區中的其他基礎產品，都將在兩個方面對我們 CME 的綜合體起到補充作用。

One, these markets are highly interrelated, where futures will not only be the underlying for some of these products, they will also be the hedge mechanism for market makers as well as market participants looking to hedge their digital or ETF-based holdings.

第一，這些市場高度相關，期貨不僅是其中一些產品的標的物，而且還將成為做市商以及希望對沖其數字或 ETF 持倉的市場參與者的對沖機制。

And the second thing to always keep in mind is we also have the CME CF Bitcoin reference rate, which is the underlying for a lot of these ETFs coming to market. So not only will be additive to our futures-based volume as we've seen in other asset classes such as equity, it's also to keep in mind as these products take root and grow in the market, there will be additional revenue-generation opportunities from the licensing front as a function of AUM and derived license fees here at CME as the IP owner of the underlying (inaudible).

第二件事要永遠牢記的是，我們還有 CME CF 比特幣參考利率，這是許多上市 ETF 的基礎。因此，不僅會像我們在股票等其他資產類別中看到的那樣增加我們基於期貨的交易量，而且要記住，隨著這些產品在市場上紮根並發展，將會有額外的創收機會從許可方面看，作為AUM 的函數，以及CME 作為底層IP 所有者所衍生的許可費（聽不清楚）。

And there are no further questions. I'll turn it back over to management for closing remarks.

沒有其他問題了。我會將其轉回管理層以供結束語。

I want to thank you all very much. Excellent questions today. We appreciate it very much, and we wish you a good day, and everybody stay safe. Thank you.

我非常感謝大家。今天的問題非常好。我們非常感謝，祝您有美好的一天，祝大家平安。謝謝。

Thank you, ladies and gentlemen. That does conclude today's call. We thank you for your participation and ask that you please disconnect your lines. Have a good day.

謝謝你們，女士們、先生們。今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝你有美好的一天。