芝加哥商業交易所 (CME) 2023 Q4 法說會逐字稿

Greetings, and welcome to the CME Group Fourth Quarter and Year-End 2023 Earnings Call. (Operator Instructions) I would now like to turn the conference over to Adam Minick. Please go ahead.

您好，歡迎參加芝商所 2023 年第四季和年終財報電話會議。 （操作員指示）我現在想將會議轉交給 Adam Minick。請繼續。

Good morning, and I hope you're all doing well today. We released our executive commentary earlier today, which provides extensive details on the fourth quarter and full year of 2023, which we will be discussing on this call. I will start with the safe harbor language and then I'll turn it over to Terry.

早安，希望你們今天一切順利。我們今天早些時候發布了執行評論，其中提供了 2023 年第四季度和全年的詳細信息，我們將在本次電話會議上討論這些細節。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 risk, 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。

Thank you, Adam. And as Adam said, thank you all for joining us this morning. I'm going to start by giving a little color on the broader environment. Following that, Lynne will provide an overview of our financial results and our 2024 guidance. In addition to Lynne, we have other members of our management team here to answer questions after the prepared remarks.

謝謝你，亞當。正如亞當所說，感謝大家今天早上加入我們。我將首先對更廣泛的環境進行一些介紹。隨後，Lynne 將概述我們的財務表現和 2024 年指引。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。

2023 was the best year in CME Group's history with a record average daily volume of 24.4 million contracts, up 5% from 2022. This growth was led by records in both agriculture and interest rate products, which for the year were up 17% and 16%, respectively. Options average daily volume across all asset classes also set a record with ADV of 5.1 million contracts, up 23% versus last year. Lastly, our non-U.S. average daily volume increased to a record 6.8 million contracts.

2023 年是芝商所歷史上表現最好的一年，日均成交量達到創紀錄的2,440 萬份合約，較2022 年增長5%。這一增長得益於農業和利率產品的創紀錄增長，全年分別成長17% 和16% ％， 分別。所有資產類別的選擇權每日平均交易量也創下了記錄，ADV 為 510 萬份合約，比去年增長 23%。最後，我們的非美國日均成交量增加至創紀錄的 680 萬份合約。

Last year, I referred to 2023 as a new age of uncertainty, and that uncertainty extended throughout the year. We experienced continued inflation, rising cost of capital, increasing geopolitical tensions and shifting perceptions around the Fed's interest rate policy. All of these factors contributed to our customers' growing need for risk management, capital efficiencies and demand for our products.

去年，我將 2023 年稱為一個充滿不確定性的新時代，而這種不確定性貫穿全年。我們經歷了持續的通貨膨脹、資本成本上升、地緣政治緊張局勢加劇以及人們對聯準會利率政策的看法轉變。所有這些因素都促使我們的客戶對風險管理、資本效率和對我們產品的需求不斷增長。

Following the very strong performance of our business in 2022 and 2023, we have seen the speculation that our interest rate business could face headwinds based on the expectation that the Fed will start to lower interest rates this year.

繼我們的業務在 2022 年和 2023 年表現強勁後，我們看到基於聯準會今年將開始降息的預期，我們的利率業務可能面臨阻力。

In my 40-plus years in the industry, I have observed that regardless of whether rates are going up or down, our volumes are typically higher during periods when the change of rates is uncertain, as is the case today. I've never seen such a disparity in opinions on what the Fed may or may not do. And I believe that is a tailwind for CME Group and our rates products.

在我從事該行業 40 多年的時間裡，我觀察到，無論利率上升還是下降，在利率變化不確定的時期，我們的交易量通常會更高，就像今天的情況一樣。我從未見過對於聯準會可以做什麼或不可以做什麼的觀點存在如此大的差異。我相信這對芝商所和我們的利率產品來說是一個順風車。

I mentioned earlier that our interest rate volume was up 16% in 2023 with 4 Fed rate hikes during the first half of the year, building off record volume levels of 2022. In contrast to the view that a rising rate environment is optimal for our interest rate complex, our volume actually grew and accelerated since the Fed stopped raising rates in July of last year. In the 6 months from August of '23 to January of '24, our rates volume is up 24% year-over-year.

我之前提到，隨著聯準會在上半年升息4 次，我們的利率量在2023 年增長了16%，在2022 年創紀錄的利率水準基礎上進一步發展。與利率上升環境對我們的利益最有利的觀點相反地自去年 7 月聯準會停止升息以來，我們的交易量實際上有所增長並加速。從2023年8月到24年1月的6個月裡，我們的費率量年增了24%。

I would also like to comment on the dynamics in the crude oil marketplace, following the Russian-Ukraine war and other geopolitical factors that influenced the price of energy. WTI, or West Texas Intermediate, has become even more relevant to our customers in Europe and Asia and cemented its position as a primary reference price for crude oil globally. As the primary market for WTI trading, we continue to generate growth and expanded end-user client participation through developing and investing in new contracts, such as CME Group's Argus Gulf Coast contract.

我還想評論一下俄羅斯-烏克蘭戰爭和其他影響能源價格的地緣政治因素之後原油市場的動態。 WTI（即西德克薩斯中質原油）與我們歐洲和亞洲的客戶變得更加相關，並鞏固了其作為全球原油主要參考價格的地位。作為 WTI 交易的主要市場，我們透過開發和投資新合約（例如芝商所的阿格斯墨西哥灣沿岸合約），繼續實現成長並擴大最終用戶客戶的參與度。

In a very short period of time, these contracts have generated significant commercial participation with current open interest over 500,000 contracts. As indicated by the open interest, it's clear that the commercial participants prefer CME Group's Argus Gulf Coast contract. We continue to remain focused on the growth of these contracts, along with creating capital and technological efficiencies in the entire suite of CME Group's energy complex. This anchors CME Group as the global leader in West Texas intermediate.

在很短的時間內，這些合約吸引了大量的商業參與，目前未平倉合約超過 50 萬份。從未平倉合約來看，商業參與者顯然更青睞芝商所的阿格斯墨西哥灣沿岸合約。我們將繼續專注於這些合約的成長，以及在芝商所整個能源綜合體中創造資本和技術效率。這奠定了芝商所集團作為西德克薩斯中間體行業全球領導者的地位。

Moving into 2024, we continue to see a wide range of views as it relates to the health of the global economy, whether it's inflation, unemployment or monetary policy. Also, there are ongoing geopolitical tensions and supply chain disruptions continue in certain parts of the world. Additionally, we're approaching political elections in over 60 countries this year. The uncertainty of those elections and the policies that could come from that are basically unknown to all, which only leads to market participants continuing to manage risk.

進入 2024 年，我們繼續看到與全球經濟健康相關的廣泛觀點，無論是通膨、失業還是貨幣政策。此外，世界某些地區地緣政治緊張局勢持續存在，供應鏈中斷仍在持續。此外，今年我們即將在 60 多個國家舉行政治選舉。這些選舉的不確定性以及由此可能產生的政策基本上是所有人都不知道的，這只會導致市場參與者繼續管理風險。

All that being said, 2024 is still very much the age of uncertainty and our products remain critical risk management tools for our clients. We have seen this reflected in our strong start to 2024, where we delivered our highest January average daily volume in our history of 25.2 million contracts, which is up 16% relative to last year.

話雖如此，2024 年仍然是一個充滿不確定性的時代，我們的產品仍然是客戶的關鍵風險管理工具。我們已經在 2024 年的強勁開局中看到了這一點，我們在 2024 年實現了歷史上最高的 1 月份日均交易量，達到 2520 萬份合約，比去年增長了 16%。

With that being said, I'm going to turn the call over to Lynne, and we look forward to taking your questions.

話雖如此，我將把電話轉給 Lynne，我們期待回答您的問題。

Thanks, Terry. In addition to the volume records Terry discussed, we delivered record financial results in 2023.

謝謝，特里。除了 Terry 討論的銷售記錄外，我們還在 2023 年實現了創紀錄的財務業績。

Our revenue of $5.6 billion grew 11% compared to 2022. Our annual adjusted expenses, excluding license fees, were approximately $1.526 billion, including $56 million related to our cloud migration. In aggregate, our adjusted operating expenses were $9 million below our annual guidance. Our adjusted operating margins for the year expanded to 66.9%, up over 200 basis points from 2022. We delivered $3.4 billion in adjusted net income, resulting in 17% earnings per share growth for the year.

我們的收入為 56 億美元，與 2022 年相比增長了 11%。我們的年度調整後費用（不包括許可費）約為 15.26 億美元，其中包括與雲端遷移相關的 5,600 萬美元。總的來說，我們調整後的營運費用比我們的年度指引低了 900 萬美元。我們今年調整後的營業利潤率擴大到 66.9%，比 2022 年增長了 200 個基點。我們實現了 34 億美元的調整後淨利潤，全年每股收益增長了 17%。

During the fourth quarter, CME Group generated more than $1.4 billion in revenue, a 19% increase from Q4 2022 with average daily volume up 17%. Market data revenue grew 9% from last year to $167 million. Expenses were very carefully managed and, on an adjusted basis, were $490 million for the quarter and $393 million, excluding license fees and $16 million in cloud migration costs.

第四季度，芝商所創造了超過 14 億美元的收入，較 2022 年第四季成長 19%，每日平均交易量成長 17%。市場數據收入較去年增長 9%，達到 1.67 億美元。費用管理非常謹慎，經調整後，本季費用為 4.9 億美元，不包括許可費和 1,600 萬美元的雲端遷移成本，費用為 3.93 億美元。

CME Group had an adjusted effective tax rate of 21.7%, which resulted in adjusted net income of $865 million. Our adjusted EPS was $2.37, up 23% from the fourth quarter last year and represented our 10th consecutive quarter of double-digit earnings growth. Capital expenditures for the fourth quarter were approximately $23 million and cash at the end of the year was $3.1 billion. CME Group declared over $3.5 billion of dividends during 2023, including the annual variable dividend of $1.9 billion, which was paid in January.

芝商所調整後的有效稅率為 21.7%，調整後淨利為 8.65 億美元。調整後每股收益為 2.37 美元，比去年第四季成長 23%，連續 10 個季度實現兩位數獲利成長。第四季的資本支出約為 2,300 萬美元，年底現金為 31 億美元。芝商所宣布 2023 年股息超過 35 億美元，其中包括 1 月支付的 19 億美元年度可變股息。

Turning to 2024 guidance. We expect total adjusted operating expenses, excluding license fees but including cloud migration expenses, to be approximately $1.585 billion. Total capital expenditures, net of leasehold improvement allowances, are expected to be approximately $85 million and the adjusted effective tax rate should come in between 23% and 24%.

轉向 2024 年指導。我們預計調整後的營運支出總額（不包括授權費但包括雲端遷移費用）約為 15.85 億美元。扣除租賃改良津貼後的總資本支出預計約為 8,500 萬美元，調整後的有效稅率應在 23% 至 24% 之間。

Finally, in November, we announced transaction fee adjustments, which became effective February 1. Assuming similar trading patterns as 2023, the fee adjustments would increase futures and options transaction revenue approximately 1.5% to 2%. Taken in aggregate with the fee changes for market data and noncash collateral, which took effect January 1, the fee adjustments would increase total revenue by approximately 2.5% to 3% on similar activity to 2023.

最後，我們在 11 月宣布了交易費用調整，並於 2 月 1 日生效。假設交易模式與 2023 年類似，費用調整將使期貨和選擇權交易收入增加約 1.5% 至 2%。考慮到 1 月 1 日生效的市場數據和非現金抵押品的費用變化，與 2023 年類似的活動相比，費用調整將使總收入增加約 2.5% 至 3%。

In summary, we're very proud of the results we were able to deliver as a firm this year, driving 11% revenue growth and 17% adjusted earnings growth from our previous record year of 2022.

總而言之，我們對今年作為一家公司能夠取得的成果感到非常自豪，與上一個創紀錄的 2022 年相比，收入增長了 11%，調整後的盈利增長了 17%。

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

我們現在想打開電話詢問您的問題。謝謝。

(Operator Instructions) Our first question is coming 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。

Maybe, Lynne, just to start on expenses, can you talk about what the areas are for investment in 2024 and how that might be different than what we saw last year, where dollars went last year? And then also just on the Google partnership, can you update us on the progress there and maybe what you are expecting in terms of contribution as we think about 2024 and 2025 from that relationship?

Lynne，首先從支出開始，您能否談談 2024 年的投資領域以及這與我們去年看到的情況（去年美元的去向）有何不同？然後，關於與 Google 的合作夥伴關係，您能否向我們介紹一下該領域的最新進展，以及在我們考慮 2024 年和 2025 年這種關係時您對貢獻的期望？

Okay, sure. I'll start on the investment fee. So if you look at the guidance, we are expecting expenses to increase by $60 million year-over-year. That is inclusive of the migration spend. So of that $60 million, about $15 million is an increase in the migration expense.

好吧，當然。我將從投資費開始。因此，如果您查看指南，我們預計費用將比去年增加 6000 萬美元。這包括移民支出。因此，在這 6000 萬美元中，大約有 1500 萬美元是遷移費用的增加。

As a reminder, we do expect to have incremental migration expenses this year and next year before we get to cash breakeven and ultimately cash flow positive. The remaining $45 million in increase is related to core expense growth. And that's in the 3% range, very similar to what we've seen historically. In terms of Google, I'll let some of my...

提醒一下，我們確實預計今年和明年的遷移費用會增加，然後才能實現現金收支平衡並最終實現正現金流。其餘 4,500 萬美元的成長與核心費用成長有關。這在 3% 的範圍內，與我們歷史上看到的非常相似。就 Google 而言，我會讓我的一些...

Dan, Sunil and Julie will...

丹、蘇尼爾和朱莉將...

In terms of progress on Google migration, we intend on making substantial progress with migrating clearing, business information systems and market regulatory systems to the cloud platform. Some of these regulated workloads are, of course, subject to a no objection approval from regulators. But we intend on making significant progress even on the data side. I'll now hand over to my colleague, Julie Winkler, who will talk about data and data products.

從Google遷移進展來看，我們打算在清算、業務資訊系統、市場監管系統遷移到雲端平台方面取得實質進展。當然，其中一些受監管的工作負載需要獲得監管機構的無異議批准。但我們打算在數據方面取得重大進展。現在我將把主題交給我的同事 Julie Winkler，她將討論數據和數據產品。

Thanks for the question, Dan. And on the client side with Google, we've really been focused on areas that we believe are going to enhance our clients' abilities to really engage in our market and utilize these offerings. The technology with Google Cloud is something that we're able to leverage. And so our -- we've been really focused on where we can enhance our data services business, things like performing the trade execution analytics that we've talked about, which is something very unique in terms of our ability to use proprietary data and benchmarking.

謝謝你的提問，丹。在 Google 的客戶端方面，我們確實專注於我們認為能夠增強客戶真正參與我們的市場並利用這些產品的能力的領域。我們可以利用 Google Cloud 的技術。因此，我們一直非常關注可以增強我們的數據服務業務的地方，例如執行我們已經討論過的交易執行分析，這在我們使用專有數據和數據的能力方面非常獨特。基準測試。

And we expect to be rolling that out here in 2024. And also, a lot of interest from our clients around supporting them to help them better manage their risk, and so looking at how we do that both with data and analytics that we are providing with them. So we're on track. We've continued to roll out a number of new data services products throughout the year. And as Sunil pointed out, the speed and velocity of which we're able to deliver has certainly increased now that our core data is in the cloud.

我們預計將在 2024 年推出這項服務。此外，我們的客戶對支持他們以幫助他們更好地管理風險非常感興趣，因此看看我們如何利用我們提供的數據和分析來做到這一點跟他們。所以我們步入正軌。我們全年持續推出許多新的數據服務產品。正如 Sunil 指出的那樣，由於我們的核心數據位於雲端，因此我們能夠提供的速度和速度肯定有所提高。

Our next question is coming 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 wanted to come back to the pricing comments you made at the end of your prepared remarks there, I think 1.5% to 2% on the futures side. I think that's kind of back to pre-inflation, a high inflation environment, maybe even on the lower side.

只是想回到您在準備好的評論結束時發表的定價評論，我認為期貨方面為 1.5% 到 2%。我認為這有點回到了通膨前的高通膨環境，甚至可能處於較低水平。

So can you maybe just talk about how you thought about the price increases here? It seems like inflation is still somewhat elevated, but then obviously curious if -- to what degree client feedback, competitive dynamics are impacting that, if at all.

那麼您能否談談您對這裡漲價的看法？通貨膨脹似乎仍然有所上升，但顯然很好奇客戶回饋、競爭動態是否會影響這一點（如果有的話）。

Alex, thanks. I think we've looked at it in several pieces. One is the clearing and transaction fee, which did increase in the 1.5% to 2% range. But keep in mind, we do think about the different levers of pricing and how they impact different parts of our customer base. So we did increase the collateral fees this year, going from 7 basis points to 10 basis points. And we did increase the market data fees as well.

亞歷克斯，謝謝。我想我們已經把它分成幾個部分來研究了。一是清算和交易費用，確實上漲了1.5%至2%。但請記住，我們確實考慮了不同的定價槓桿以及它們如何影響我們客戶群的不同部分。所以我們今年確實提高了抵押品費用，從 7 個基點增加到 10 個基點。我們也確實提高了市場數據費用。

So in aggregate, the total fee change will result in about 2.5% to 3% in total increase in revenue. We want to make sure we're taking that balanced approach because different fee changes like the transaction fees will impact certain segments whereas collateral fees will impact different segments. We're always looking to balance that impact and make sure we're not overly burdening one part of our customer base.

因此，總的來說，總費用變化將導致總收入增加約 2.5% 至 3%。我們希望確保採取平衡的方法，因為不同的費用變化（例如交易費用）將影響某些細分市場，而抵押品費用將影響不同的細分市場。我們一直在尋求平衡這種影響，並確保我們不會給部分客戶群帶來太多負擔。

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

我們的下一個問題來自 Owen Lau 和 Oppenheimer 的對話。

So CME and DTCC just launched the enhanced cross-margining arrangement. Could you please talk about the initial feedback from your clients? And please remind us the implication to your clients and to CME longer term about this initiative.

因此，CME 和 DTCC 剛剛推出了增強型交叉保證金安排。您能談談客戶的初步回饋嗎？請提醒我們這項措施對您的客戶和 CME 的長期影響。

Thanks, Owen. and I'm going to turn it to my colleague, Suzanne Sprague, the President of our clearinghouse and heads up our clearing and risk. And she can give you some fairly good color as it relates to the DTCC arrangement.

謝謝，歐文。我將把它交給我的同事蘇珊娜·斯普拉格（Suzanne Sprague），她是我們清算所的總裁，負責我們的清算和風險。她可以給你一些相當好的顏色，因為它與 DTCC 安排有關。

Yes. Thanks, Terry, and thanks for the question. Although it is early days of the program since the launch just a few weeks ago, we do have eight clearing members that are live with the programs. And some portfolios are already seeing consistent savings of 75% to 80%. So we're happy with the uptake of the program that we've seen so far, although it is early days and we continue engaging with those clearing members to increase the onboarding and the efficiencies that they're able to achieve through their portfolio savings.

是的。謝謝特里，也謝謝你的提問。儘管自幾週前啟動以來，該計劃還處於早期階段，但我們確實有八名清算會員參與了該計劃。一些投資組合已經實現了 75% 到 80% 的持續節省。因此，我們對迄今為止看到的該計劃的採用感到滿意，儘管現在還處於早期階段，我們將繼續與這些清算會員合作，以提高他們透過投資組合儲蓄能夠實現的入職率和效率。

And Owen, I think just to add to what Suzanne said, as you know and others on the line know, over the last year or so, our former colleague that headed up that business, Sean Tully, talked about the efficiencies that would go along with getting us into the offsets with DTCC in the ranges of anywhere from 40% to 80%. And so Suzanne's numbers of 75% to 80% are on the high end of what we were originally looking for. So this is a very exciting opportunity for us and, more importantly, our client base.

歐文，我想補充一下蘇珊所說的內容，正如您和其他在線人員所知，在過去一年左右的時間裡，我們負責該業務的前同事肖恩·塔利(Sean Tully) 談到了隨之而來的效率讓我們了解 DTCC 的補償範圍在 40% 到 80% 之間。因此，Suzanne 的 75% 到 80% 的數字處於我們最初尋找的上限。因此，這對我們來說是一個非常令人興奮的機會，更重要的是對我們的客戶群來說。

Our next question is coming 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。

I wanted to dig further into your comments, Terry, on energy and market share and sort of business shifts in that market. You called out Argus as sort of a preferred crude contract. I was hoping to get more color on crude more broadly and also what you're seeing in gas.

特里，我想進一步深入了解您對能源和市場份額以及該市場的業務轉變的評論。您稱阿格斯為首選原油合約。我希望能夠更廣泛地了解原油以及天然氣中的情況。

So for crude, what are you seeing in terms of share and participation? And to what degree is the addition of Midland to the Brent marker altering behavior? And in natural gas, it seems like options and globalization seem to be the story here. I was hoping you could provide some perspective.

那麼對於原油來說，您對份額和參與度有何看法？米德蘭加入布蘭特原油市場在多大程度上改變了行為？在天然氣領域，選擇和全球化似乎就是這裡的故事。我希望你能提供一些觀點。

Sure, Ken. There's a little bit to unpack there. So I'm going to take part of it. I'm going to take some of it and ask Mr. Sammann to comment on the gas and the back part of your energy question.

當然，肯。那裡有一些東西需要解壓。所以我要參與其中。我將採取一些措施並請薩曼先生對天然氣和能源問題的後面部分發表評論。

But when we talk about our Argus contract, we're talking about a contract that is based out of the same region that there's a competitive contract trading as well. We're just pointing out that our contract is very much attracted by the large commercial participation with a reflection of over 0.5 million open positions compared to others in the same region that have the same risk characterizations as ours. So we think that's very much a net positive for us.

但是，當我們談論阿格斯合約時，我們談論的是基於同一地區的合約，該地區也存在競爭性合約交易。我們只是指出，與同一地區具有與我們相同風險特徵的其他合約相比，我們的合約非常受大型商業參與的吸引，反映出超過 50 萬個未平倉部位。所以我們認為這對我們來說是非常積極的。

As far as market share goes, Ken, being around a long time, like unfortunately I said earlier, when you look at markets that are in a 10-month range of less than $10 a barrel in energy, you will see shifts in behavior -- shifts of percentage points here or there going back and forth depending on what's going on, on any given day. So that doesn't surprise us. We've seen that historically since we acquired the New York Mercantile Exchange.

就市場佔有率而言，肯，已經存在很久了，不幸的是，正如我之前所說，當你觀察能源價格在10 個月內低於每桶10 美元的市場時，你會看到行為的轉變 - - 根據特定日期發生的情況，在這裡或那裡來回移動百分點。所以這並不讓我們感到驚訝。自從我們收購紐約商品交易所以來，我們已經看到了這一點。

So those are things that I'm not surprised by in this low-vol environment. So that being said, let me -- that gives you an understanding of what we're talking about in the Midland area and also about the percent changes going back and forth in low-vol times. And then I'll ask Derek to comment on the gas and on the options as well, I think, was the other part of the question.

因此，在這個低波動的環境中，我對這些事情並不感到驚訝。話雖這麼說，讓我——這讓您了解我們在米德蘭地區談論的內容，以及低成交量時期來回的百分比變化。然後我會請德里克對天然氣和選項發表評論，我認為這是問題的另一部分。

Yes. Thank you. Let me take a step back a little bit. And I think important to note that our WTI franchise is bigger than just our CL contracts. So I want to point out a couple of ways that we continue to invest and innovate and grow our overall WTI portfolio in this range-bound and quiet volatility market.

是的。謝謝。讓我退後一步。我認為值得注意的是，我們的 WTI 特許經營權不僅僅是我們的 CL 合約。因此，我想指出我們在這個區間波動且平靜的市場中繼續投資和創新以及擴大我們的整體 WTI 投資組合的幾種方法。

Terry mentioned one of those, which is the crude grades contracts. And that's a growth story with a significant participation in the commercial end-user base. And that's reflective of WTI now being part of the Brent assessment. And that just means that further cements WTI as a global benchmark.

特里提到了其中之一，即原油等級合約。這是一個商業最終用戶群大量參與的成長故事。這反映出 WTI 現在已成為布蘭特原油評估的一部分。這僅僅意味著進一步鞏固 WTI 作為全球基準的地位。

Secondly, we continue to expand our WTI options franchise. We added expanded weekly expirations, Mondays and Wednesdays. That's driving 35% growth in our crude and refined options business so far this year. Third, we continue to invest in our micro contracts. We have ADV of around 100,000 contracts, 50,000 unique traders in that market. And products overall have been a great entry point for new client acquisition.

其次，我們繼續擴大我們的 WTI 選擇權特許經營權。我們增加了每周到期時間（週一和週三）。今年迄今為止，這推動我們的原油和精煉選擇權業務成長了 35%。第三，我們繼續投資微型合約。我們擁有約 100,000 個合約的 ADV，該市場上有 50,000 個獨特的交易者。整體而言，產品一直是獲取新客戶的絕佳切入點。

A lot of these customers have never traded in energy contract before. So we continue to onboard new clients through that. So all these products in our broader WTI portfolio reinforce WTI as the main benchmark globally to contribute stronger to the overall energy franchise growth we've seen into 2024 with overall energy up 21% and our options growth particularly up 87%.

其中許多客戶以前從未進行過能源合約交易。因此，我們繼續透過這種方式吸引新客戶。因此，我們更廣泛的WTI 產品組合中的所有這些產品都鞏固了WTI 作為全球主要基準的地位，為我們看到的2024 年整體能源特許經營增長作出更大貢獻，整體能源增長21%，我們的期權增長尤其增長87%。

Moving it over to natural gas, Ken, you're right, that's -- it's a significant story. And I think when you look at the fact that the U.S. has now become a significant both producer and exporter of natural gas, that really has positioned Henry Hub as a central benchmark globally for LNG as natural gas continues to be consumed globally.

把它轉向天然氣，肯，你是對的，這是一個重要的故事。我認為，當你看到美國現在已成為重要的天然氣生產國和出口國這一事實時，隨著天然氣在全球範圍內的持續消費，這確實使亨利中心成為全球液化天然氣的中心基準。

When you look at that business over the course of the last year, you've seen significant growth. Globalization, you're absolutely right, when you continue to see the growth that we've seen in 2023, we saw our European nat gas volumes up almost 50%. And we're seeing that business up almost 100% so far in the first 6 to 7 weeks of 2024.

當你回顧過去一年的業務時，你會看到顯著的成長。全球化，你說得完全正確，當你繼續看到我們在 2023 年看到的成長時，我們看到歐洲天然氣產量增加了近 50%。到目前為止，我們看到該業務在 2024 年的前 6 到 7 週內成長了近 100%。

When you look at both the commercial participation, natural gas was up 30% with our commercial participants last year. It's up 50% so far this year. And the buy-side clients was up 50% last year and 80% this year. So it's a global story. It's a story that's been adopted by buy-side and commercial participants. And it's a global story for us.

當你看一下商業參與者時，你會發現去年我們的商業參與者的天然氣增加了 30%。今年迄今已上漲 50%。買方客戶去年成長了50%，今年成長了80%。所以這是一個全球性的故事。這個故事已被買方和商業參與者採納。這對我們來說是一個全球性的故事。

I think the last piece of that is the central role that options continues to play. In markets as volatile as we have seen in natural gas options, we're the optimal tool for the way customers interact with this business. So when you look at our nat gas options business set a record last year of over 150,000 contracts, up over 40%, and the vast proportion of that was onscreen. And 2024 has started extremely strong with almost 300,000 contracts so far and nat gas options up over 100%. So overall, it's a globalized story. It's one we continue to engage and one that's true to our story.

我認為最後一點是選擇權繼續發揮的核心作用。在天然氣選擇權如此波動的市場中，我們是客戶與該業務互動的最佳工具。因此，如果你看看我們的天然氣選擇權業務，去年創下了超過 150,000 份合約的記錄，成長了 40% 以上，其中很大一部分是在螢幕上顯示的。 2024 年開局非常強勁，迄今已簽訂近 30 萬份合同，天然氣選擇權上漲超過 100%。總的來說，這是一個全球化的故事。這是我們繼續參與的一項工作，也是一項忠於我們的故事的工作。

Ken, hopefully, that gives you a little bit of color on the energy markets in the Gulf Coast and other places.

肯，希望這能讓您對墨西哥灣沿岸和其他地方的能源市場有所了解。

That was excellent.

那太好了。

Next question is coming from the line of Brian Bedell with Deutsche Bank.

下一個問題來自德意志銀行的 Brian Bedell。

If I could just ask a two-parter, just one on -- a little bit of a clarification on the market data price increase that's coming into that 2.5% to 3%. If I back out the collateral increase in 7 to 10, it looks like the market data increase is maybe less than the increase for the RPC. Just wanted to gauge that.

如果我能請兩位人士，請一位人士對即將進入 2.5% 至 3% 的市場數據價格上漲進行一點澄清。如果我取消 7 到 10 的抵押品增加，看起來市場數據的增加可能小於 RPC 的增加。只是想衡量一下。

And then just secondarily, maybe just if you can talk about the development of incremental trading volume from the DTCC arrangement, just your views on to what extent that capacity increase for the clients will make its way into more trading volume and the rates come off.

其次，也許您可以談談 DTCC 安排中增量交易量的發展，您對客戶容量增加將在多大程度上帶來更多交易量和費率下降的看法。

Okay. Thanks, Brian. Lynne will touch on the data as the market data pricing changes that you referenced. And then I'll have Tim McCourt and probably myself touch a little bit on the trading volume as it relates to DTCC and the arrangement associated with it. Lynne?

好的。謝謝，布萊恩。當您引用的市場數據定價發生變化時，林恩將觸及這些數據。然後我會讓 Tim McCourt 和我自己稍微談談交易量，因為它與 DTCC 以及與之相關的安排有關。琳恩？

Yes. So the pricing changes that went into market data were in the range of 3% to 5% across the majority of our data products. The total impact is going to come down to subscriber count, customer and product mix, just like we see on the transaction side. But most of the products went up in that 3% to 5% range.

是的。因此，我們大多數數據產品的市場數據定價變化在 3% 到 5% 之間。整體影響將取決於訂閱者數量、客戶和產品組合，就像我們在交易方面看到的那樣。但大多數產品的漲幅都在 3% 到 5% 的範圍內。

Does that get to your question on the data, Brian?

布萊恩，這是否解答了你對數據的疑問？

Yes, that answers it.

是的，這就是答案。

So on the trading volume question that you had as it relates to the DTCC arrangement, was that the second part?

那麼，關於您提出的與 DTCC 安排相關的交易量問題，這是第二部分嗎？

Yes, yes, in terms of the -- your expectations for volume improvement, given the capacity improvement from the client base that's trading rate futures.

是的，是的，就您對交易量改善的預期而言，考慮到交易利率期貨的客戶群能力的改善。

Yes, we're always cautious on expectations, but let me go ahead and have Tim start a little bit with the client base on how they're reacting to it. And I think you've got a little bit of a flavor for it on the previous answer that Ms. Sprague gave as it relates to the clients that are using it already, getting the 75% to 80% efficiencies with their margin portfolios. But Tim, let me turn to you for some comments.

是的，我們總是對期望持謹慎態度，但讓我繼續讓提姆向客戶群介紹他們對此的反應。我認為您對斯普拉格女士之前給出的答案有所了解，因為它與已經使用它的客戶有關，他們的保證金投資組合獲得了 75% 到 80% 的效率。但是提姆，讓我向你徵求一些意見。

Thanks, Terry, and thanks, Brian. As Terry said, it's very difficult, almost impossible, to forecast the impact on trading volumes going forward. But if we look back over the years, increasing capital savings and delivering capital efficiencies to clients has been a strong tailwind for our business in terms of increasing the ability of our clients to manage risk at CME by unlocking those capital efficiencies.

謝謝特里，謝謝布萊恩。正如特里所說，預測對未來交易量的影響非常困難，幾乎不可能。但如果我們回顧這些年來，增加資本節約和為客戶提供資本效率一直是我們業務的強勁推動力，因為透過釋放資本效率來提高客戶在 CME 管理風險的能力。

And if we look at an analog perhaps is when we look at the portfolio margin savings on our futures and options complex against the cleared interest rate swap business, that has grown over the last several years to about $7 billion to $8 billion of savings per day. And we've seen commensurate growth in volume NOI.

如果我們看一個類比，也許是當我們看看我們的期貨和選擇權綜合體與清算利率掉期業務的投資組合保證金節省時，在過去幾年中，這一點已增長到每天約70 億至80 億美元的節省。我們也看到 NOI 量的相應增長。

Hard to draw a strict relationship, but tried and true increasing capital efficiencies, increase the ability of our clients to efficiently manage their risk, provide enormous volume benefits in terms of the offsets available. And we'll continue to watch it developing, but hard to give an exact number at this point in time.

很難建立嚴格的關係，但經過嘗試，確實可以提高資本效率，提高客戶有效管理風險的能力，在可用抵銷方面提供巨大的收益。我們將繼續關注它的發展，但目前很難給出確切的數字。

And Brian, the only thing I would add to that, you have to look at what we talked about earlier today and you see the entire 2023, especially going into the end of Q3 and the beginning of Q4 of '23. We saw the record open interest in our treasury complex across the curve, which is very encouraging for us. So from our standpoint, owning a cash platform and owning the largest listed business in the world, this is very exciting for us.

Brian，我唯一要補充的是，你必須看看我們今天早些時候討論的內容，你會看到整個 2023 年，特別是進入 23 年第三季末和第四季初。我們看到我們的金庫綜合體的未平倉合約創歷史新高，這對我們來說非常令人鼓舞。因此，從我們的角度來看，擁有現金平台並擁有全球最大的上市企業，這對我們來說非常令人興奮。

We've talked all along about futurization of products. You're seeing that more and more every single day, the electronification of different products. And with the growth in our rates business going into last year, I think it was just another example that with a record open interest in trade coming into our treasury complex. So from the growth, it's hard to say what the growth is coming from or what's driving it. But by owning both platforms, we can -- we get the benefits either way. And we saw the benefits really materialize on the futures side in 2023, especially in Q4.

我們一直在談論產品的未來化。您每天都會看到越來越多的不同產品的電子化。隨著去年我們利率業務的成長，我認為這只是另一個例子，我們的財務綜合體的貿易未平倉合約創紀錄。所以從成長來看，很難說成長來自於什麼，或是驅動力是什麼。但透過擁有這兩個平台，我們可以——無論哪種方式，我們都能獲得好處。我們看到 2023 年期貨方面的好處真正顯現出來，尤其是在第四季。

That's great perspective.

這是一個很棒的觀點。

Our next question is coming 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 prepared remarks, you talked about expanding end-user client participation. I was wondering if you could expand upon that a little bit, both in the energy complex. And on the rate side, are you seeing sort of more activity from your existing client base? Are you seeing more participation from maybe new institutions that are increasingly engaging in the sort of risk management behavior?

特里，在您準備好的演講中，您談到了擴大最終用戶客戶的參與。我想知道你是否可以在能源複合體方面對此進行一些擴展。在利率方面，您是否看到現有客戶群有更多活動？您是否看到越來越多的新機構參與這種風險管理行為？

Yes. Thanks, Benjamin. And I'll start with the rates just for a minute and my colleagues can jump in if they'd like, especially Julie Winkler, who's in charge of our new client acquisition. But on the rate side, I think a lot of it goes to what I just said on the futurization of the marketplace and people trading more and more futures contracts versus maybe particular other venues.

是的。謝謝，本傑明。我先簡單介紹一下費率，如果我的同事願意，他們也可以加入進來，尤其是負責我們新客戶獲取的朱莉·溫克勒 (Julie Winkler)。但在利率方面，我認為這很大程度上取決於我剛才所說的市場的未來化，以及人們交易越來越多的期貨合約（而不是特定的其他場所）。

And that's an ebb and flow situation. So I'm not saying it's going to continue at the pace it continued in '23. And I'm not saying it's not either though. So I like the way the trajectory is. And I think a lot of the clients, when you look at what happened with the duration risk through 2023 for a lot of different participants, they are now looking at using the marketplace, which are most deep liquid markets which are ours, to mitigate and manage that risk. So I think we're seeing it from them.

這就是潮起潮落的情況。所以我並不是說它會繼續以 23 年的速度繼續下去。但我並不是說也不是。所以我喜歡軌跡的方式。我認為很多客戶，當你觀察到 2023 年許多不同參與者的久期風險發生了什麼時，他們現在正在考慮利用市場（我們的流動性最深的市場）來減輕和管理該風險。所以我認為我們從他們身上看到了這一點。

As you know, the direct clients, we can see, but some of them are coming through our major banks, so we don't know exactly who the client is to the person or the entity. But you can definitely see that people are looking at the fundamentals that are going on around the world and using our marketplace to use it. So I think that's part of the new clients.

如您所知，我們可以看到直接客戶，但其中一些是透過我們的主要銀行提供的，因此我們不確切知道個人或實體的客戶是誰。但你絕對可以看到人們正在關注世界各地正在發生的基本面，並利用我們的市場來使用它。所以我認為這是新客戶的一部分。

On the energy side, I think when you look at the new clients, I think you'd have to be exceptionally excited by the commercial energy participants that Derek referenced, especially in the Gulf Coast contracts. We're looking at close to 80 different commercial participants that are trading in those Argus contracts that we referenced earlier. So that's a growth for us on the energy side.

在能源方面，我認為當你看到新客戶時，我想你一定會對德里克提到的商業能源參與者感到異常興奮，特別是在墨西哥灣沿岸合約中。我們正在研究近 80 個不同的商業參與者，他們正在我們之前提到的阿格斯合約中進行交易。所以這對我們來說是能源方面的成長。

So this is all part of it. So we're not just looking at retail or other proprietary trading. We're looking at true commercial participation, which is a reflection of the health of anyone's marketplace. So I think that's what's really exciting for us as we look at the new clients coming into our marketplace. And I'll ask my colleague, Ms. Winkler, to make some further comments.

所以這就是其中的一部分。因此，我們不僅僅關注零售或其他自營交易。我們正在關注真正的商業參與，這反映了任何人市場的健康狀況。因此，我認為當我們看到新客戶進入我們的市場時，這才是真正令我們興奮的地方。我將請我的同事溫克勒女士發表進一步的評論。

Yes. I think Terry is absolutely right. And the two segments that I would just hone in on, Benjamin, that we saw particularly double-digit growth from last year was really the buy side and the commodities -- or sorry, the commercial segment as well. And so when we look at that, we saw really strong ADVs from asset managers, again double-digit, the buy-side clients that really are looking at our products because of the regulatory environment, the liquidity and also the capital efficiencies that we offer.

是的。我認為特里是絕對正確的。班傑明，我要重點關注的兩個細分市場，我們去年看到的兩位數成長實際上是買方和大宗商品——或者抱歉，還有商業細分市場。因此，當我們看到這一點時，我們看到資產管理公司的日均交易量非常強勁，再次達到兩位數，買方客戶真正專注於我們的產品，因為我們提供的監管環境、流動性和資本效率。

And so the products that I'd say they were most interested in and what we saw, almost half of that growth was coming from interest rates with all of the volatility and movement that we saw last year but also a lot of interest in our commodity suite, so hedge funds, managed funds that are really looking at CME's agricultural portfolio and also more esoteric products, things that we offer like milk and lumber, because they're looking to diversify their risk profiles and also access those uncorrelated markets. And so it's another sign of our really diverse product portfolio meeting customer needs.

因此，我想說他們最感興趣的產品以及我們所看到的，幾乎一半的增長來自利率，我們去年看到了所有的波動和變動，但也對我們的商品產生了很大的興趣套件，所以對沖基金，管理基金真正關注芝商所的農業投資組合以及更深奧的產品，我們提供牛奶和木材等產品，因為他們希望分散風險狀況並進入那些不相關的市場。因此，這是我們真正多樣化的產品組合滿足客戶需求的另一個標誌。

On the commercial side, double-digit growth both in terms of revenue and ADV last year. And that was really as they were looking to hedge their physical positions, manage that risk exposure, saw good uptake in some of our new industrial metals, the energy companies that we talked about before. And I think this trend is -- speaks to the transparency, the efficiencies and the well-regulated futures markets that we offer. And then internationally, I think particularly in Europe, on the short-term interest rate side, we saw some really strong performance and also interest across our commodities and FX suite. So I think we have a lot to build on as we look into 2024 but very strong performance in those areas last year.

在商業方面，去年的營收和日均銷售額均達到兩位數成長。這確實是因為他們希望對沖其實物頭寸，管理風險敞口，看到我們的一些新工業金屬（我們之前討論過的能源公司）得到了良好的採用。我認為這種趨勢說明了我們提供的期貨市場的透明度、效率和監管良好。然後在國際上，我認為特別是在歐洲，在短期利率方面，我們看到了一些非常強勁的表現以及對我們的大宗商品和外匯套件的興趣。因此，我認為在展望 2024 年時，我們還有很多需要繼續努力的地方，但去年在這些領域的表現非常強勁。

Thanks, Julie. And Benjamin, let me end on this note as it relates to that. I think it's really important, and we don't state it enough. As it relates to our rates business especially, you look at some of the largest participants who I referenced earlier. Between their activity in swaps and futures, and futures is a critically important point here, they're saving roughly $8 billion -- $7 billion to $8 billion a day in margin efficiencies where they could deploy that capital in other activities, whether it's trading or other parts of their business.

謝謝，朱莉。本傑明，讓我以與此相關的說明結束。我認為這確實很重要，但我們表達得還不夠。由於它特別與我們的費率業務相關，您可以看看我之前提到的一些最大的參與者。在他們的掉期和期貨活動之間，期貨是一個至關重要的點，他們在保證金效率方面節省了大約80 億美元——每天70 億到80 億美元，他們可以將這些資本部署到其他活動中，無論是交易還是其他活動。他們業務的其他部分。

That's hard to replicate. And that is a benefit to the largest clients in the world that can use that money to be deployed elsewhere. So that has grown substantially since 2015. So that's been a big growth driver for us over the last 8.5 to 9 years as well.

這很難複製。這對世界上最大的客戶來說是一個好處，他們可以利用這些資金部署到其他地方。自 2015 年以來，這一數字已大幅增長。因此，這也是我們過去 8.5 至 9 年的巨大成長動力。

Our next question is coming 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 we could dig into the equity business a little more and specifically just talk about the competitive dynamics between you guys and Cboe's contracts. We've seen the divergence in kind of volumes and market share for a couple of quarters now. So just curious to hear what you're seeing with respect to underlying clients. And what do you have in the works to narrow that gap?

我希望我們能更深入地探討股權業務，並具體談談你們和芝加哥期權交易所合約之間的競爭動態。我們已經看到幾個季度銷售和市場份額的差異。所以只是想聽聽您對潛在客戶的看法。您正在採取哪些措施來縮小這一差距？

Yes, that's a good question, Alex. I'll turn it over to Mr. McCourt. He'll start and I'm going to jump in as well and maybe Ms. Winkler also. So go ahead, Tim.

是的，這是一個好問題，亞歷克斯。我會把它交給麥考特先生。他會開始，我也會加入，也許溫克勒女士也會加入。所以，繼續吧，提姆。

Thanks, Alex. I think before we get to the market share point, it's important to note that equity options on futures here at CME had a record 2023, doing over 1.4 million contracts and had consecutive record months in Q4 as we headed into the end of the year. And also important to note here in January on the recent activity, up over 1.5 million contracts per day. So our equity options franchise at CME is continuing to grow.

謝謝，亞歷克斯。我認為，在我們討論市場份額之前，需要注意的是，芝商所(CME) 的期貨股票期權在2023 年創下了歷史新高，成交量超過140 萬份合約，並且在進入年底時在第四季度連續創紀錄月份。同樣重要的是要注意 1 月的近期活動，每天的合約數量增加超過 150 萬份。因此，我們在芝商所的股票選擇權業務正在持續成長。

But there are certainly dynamics in the marketplace around the same-day expiring or 0 DTE options that are changing the dynamics. But it's important to know that it is a growth versus growth story. Here at CME, our same-day expiring options on the S&P 500 E-mini futures are up 70% in Q4 2023 versus 2022. But it's also interesting to note, they only make up about 26% of our volume in Q4 of 2023. And our open interest is up between 20% to 24% outside of 0 DTE, when we look over 2023 and 2024.

但市場上肯定存在一些關於當天到期或 0 DTE 選項的動態正在改變這種動態。但重要的是要知道這是一個成長與成長的故事。在CME，我們的標普500 E-mini 期貨當日到期期權在2023 年第四季度比2022 年增長了70%。但值得注意的是，它們僅占我們2023 年第四季度交易量的26%左右。當我們展望 2023 年和 2024 年時，我們的未平倉合約在 0 DTE 之外增加了 20% 到 24%。

So it's a very strong growth story here at CME. It's not only a 0 DTE story. And when we look at the relative participation of our markets, it is important to note that we have gained share since the load that we observed over the summer at the peak of some of the 0 DTE trading, trading picking up several percentage points of share back.

所以這是 CME 的一個非常強勁的成長故事。這不僅僅是一個 0 DTE 的故事。當我們查看市場的相對參與度時，我們需要注意的是，自從我們在夏季觀察到一些 0 DTE 交易高峰時的負載以來，我們的份額有所增加，交易份額上升了幾個百分點後退。

It's also important to note, when we look at our global offering nearly 24 hours a day, we remain the leader across the globe, particularly in non-U.S. trading hours, where that relationship is practically inverted against SPX. And E-mini options remain the product of choice for those investors outside the U.S. and outside of the normal U.S. trading day. So you really have to look at all the facets of our business which continue to grow and continue to serve a vital part of risk management for our clients and the marketplace.

同樣重要的是要注意，當我們每天近 24 小時查看我們的全球產品時，我們仍然是全球領先者，特別是在美國以外的交易時間，這種關係實際上與 SPX 是相反的。 E-迷你選擇權仍然是美國以外和美國正常交易日以外的投資者的首選產品。因此，您確實必須專注於我們業務的所有方面，這些方面不斷增長，並繼續為我們的客戶和市場的風險管理提供重要的組成部分。

And I think just to add to what my colleague said, Alex, I think it's really important that when we reference the risk management of these, we're a risk management institution, and we're looking at massive amounts of open interest that have portfolio margining associated with them that cannot be replicated at other entities, so we -- to the degree we can.

我想補充我的同事亞歷克斯所說的，我認為當我們參考這些風險管理時，我們是一個風險管理機構，我們正在考慮大量的未平倉合約，這一點非常重要與它們相關的投資組合保證金無法在其他實體複製，所以我們——在我們可以的範圍內。

So we are really excited about our equity franchise. We do recognize, so we're not saying we don't recognize the growth that there's been in 0 DTEs. As you know, our 0 DTEs expire into futures and theirs expire into cash. That has been a difference that it seems that the retail participants seem to like a little bit more than the professional participant. So we are obviously looking at different things as this continues to evolve.

因此，我們對我們的股權特許經營權感到非常興奮。我們確實認識到這一點，所以我們並不是說我們沒有認識到 0 DTE 的成長。如您所知，我們的 0 DTE 到期為期貨，而他們的 0 DTE 到期為現金。這是一個區別，零售參與者似乎比專業參與者更喜歡一點。因此，隨著情況的不斷發展，我們顯然正在關注不同的事情。

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

我們的下一個問題來自 KBW 的 Kyle Voigt。

So last week, you announced that you'll be rolling out U.S. corporate bond index futures this summer. I think other venues have attempted to launch credit index futures in the past. And historically, it's proven difficult for those products to gain sufficient adoption.

上週，你們宣布將於今年夏天推出美國公司債指數期貨。我認為其他場所過去也曾嘗試推出信用指數期貨。從歷史上看，這些產品很難獲得足夠的採用。

Just wondering if you could go into some detail about why you think the time is right for this product, why your effort may be different here and then also provide some color on customer demand that you're seeing for the product as well.

只是想知道您是否可以詳細說明為什麼您認為該產品的時機成熟，為什麼您的努力可能會有所不同，然後還提供一些您對該產品的客戶需求的資訊。

Thanks, Kyle. Tim?

謝謝，凱爾。提姆？

Thanks, Terry, and thanks, Kyle. Great question. We're pleased to announce earlier this month that we entered into the IP arrangement with Bloomberg to offer futures on their corporate bond futures for both high yield and investment grade with futures coming online summer of 2024. Still all the details that are coming, but it's important to note, I think when we look at credit, is in this market with the increasing rate environment and the increasing dynamics and relationships diverging between equities and rates market, introducing credit products to market makes complete sense to offer another tool to our clients to manage the risk as it manifests in all parts of their portfolio, whether it be equity, rates or single-name credit.

謝謝特里，謝謝凱爾。很好的問題。我們很高興地在本月稍早宣布，我們與彭博社達成了 IP 安排，為其提供高收益和投資等級的公司債期貨，期貨將於 2024 年夏季上線。所有細節仍在公佈中，但值得注意的是，我認為，當我們考慮信貸時，在這個利率環境不斷提高、股票和利率市場之間的動態和關係日益分化的市場中，向市場引入信貸產品是完全有意義的，為我們的客戶提供另一種工具管理其投資組合所有部分所反映的風險，無論是股權、利率或單一名稱信貸。

I think it's also interesting to note is that when we look at this universe in general and partner with Bloomberg, we are also tapping into a well-established ecosystem around these indices around other exchange-traded products, structured products that are available. So this is a very welcome tool for clients.

我認為還值得注意的是，當我們總體審視這個領域並與彭博社合作時，我們也在利用圍繞這些指數以及其他可用的交易所交易產品和結構性產品的完善的生態系統。所以這是一個深受顧客歡迎的工具。

We've heard overwhelming feedback over the last several months during the validation process that this will be additive. It will help them in other parts of the credit market. And we're looking forward to bringing these products to market and work with our participants to make sure that they continue to grow. And I would just encourage you to stay tuned for more details as we approach the summer.

在過去幾個月的驗證過程中，我們聽到了壓倒性的回饋，表明這將是附加的。這將有助於他們在信貸市場的其他領域。我們期待將這些產品推向市場，並與我們的參與者合作，確保它們繼續成長。我只是鼓勵您在夏季臨近時繼續關注更多細節。

And so Kyle, let me make a few more points on this. I think you said it at the -- in your question, timing. Timing is everything as it relates to certain products and certain product launches. So I don't think a lot of people would have believed that the short end of the curve was going to continue to be the attraction point for as long as it has been to date.

凱爾，讓我對此再強調幾點。我想你在你的問題中說過，時間安排。時機就是一切，因為它與某些產品和某些產品的發布有關。因此，我認為沒有多少人會相信曲線的短端將繼續成為迄今為止的吸引力點。

We listed a T-bill contract, where someone said, "Geez, I haven't had that since 1980 or '81. Why did you bring that back out?" Well, the cost to us to do that is very de minimis. And we can get these contracts out there quickly. And if people need to manage risk, even if it's small at that current period of time, it's a good thing for CME. So I think when you look at the corporate bond market, timing is everything.

我們列出了一份國庫券合同，有人說：“天哪，我從 1980 年或 81 年起就沒有了。你為什麼把它帶回來？”嗯，我們這樣做的成本是非常微不足道的。我們可以快速簽訂這些合約。如果人們需要管理風險，即使目前風險很小，這對 CME 來說也是一件好事。所以我認為，當你審視公司債市場時，時機就是一切。

And we're not trying to nail the timing perfectly, but we want to make sure that these products are available if, in fact, people need to manage their risk more closely today than they did when others prior listed these contracts. So you never know. And again, these are not big lifts for CME. We can continue to do it. But we also have other value-added propositions that some others don't when we list new contracts.

我們並不是想完美地確定時機，但我們希望確保這些產品是可用的，如果人們實際上需要比其他人之前列出這些合約時更密切地管理他們的風險。所以你永遠不知道。再說一次，這些對 CME 來說並不是很大的提升。我們可以繼續做下去。但當我們列出新合約時，我們還有其他一些其他人沒有的增值主張。

Our next question is coming 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)。

I wanted to ask on post-trade services, the JV that you have with S&P, OSTTRA. It's been nearly 3 years since the OSTTRA JV was created. I was hoping you could speak to the growth that you've seen, how well penetrated is the offering today and speak to where you see some of the biggest growth opportunities ahead in post-trade services and some of the stuff you guys are taking to accelerate growth. And then also if you could touch on the competitive backdrop, that would just be interesting to hear, some others are looking to take share in processing and risk management.

我想詢問有關交易後服務的問題，即你們與 S&P、OSTTRA 的合資企業。 OSTTRA JV 創建已經近 3 年了。我希望您能談談您所看到的增長，今天的產品的滲透程度，並談談您在交易後服務中看到的一些最大的增長機會以及您正在採取的一些東西加速增長。然後，如果您能談談競爭背景，那麼聽到這一點很有趣，其他一些人正在尋求在處理和風險管理方面分享份額。

That's a great question, Michael. We haven't talked too much about that. So I appreciate the opportunity to discuss it real quick on the call. I'm going to turn it to Lynne, but I'm going to make a few comments as it relates to it as well. Because I think it goes into the strategy when we originally acquired NEX in the cash markets and also the post-trade services that came with it and what our thought process was. So I'll save those comments and I'll let Lynne go first.

這是一個很好的問題，邁克爾。我們還沒有談論太多。因此，我很高興有機會在電話中快速討論這個問題。我會把它轉給 Lynne，但我也會發表一些與之相關的評論。因為我認為這涉及到我們最初在現貨市場收購 NEX 時的策略以及隨之而來的交易後服務以及我們的思維過程。所以我會保存這些評論，然後讓林恩先走。

Yes. So thanks, Mike. I think one of the things that we've been excited about is the JV that we were able to establish with originally IHS and now S&P. It was bringing together additional assets in the space to bring scale to that joint venture. So being able to cover multiple asset classes from FX interest rates, credit, being able to have the services span across that back office of the customer base has been really important and is a good foundation to grow from. So I think we've been excited about the prospects there.

是的。謝謝，麥克。我認為我們一直感到興奮的事情之一是我們能夠與最初的 IHS 和現在的 S&P 建立合資企業。它正在整合該領域的額外資產，以擴大該合資企業的規模。因此，能夠涵蓋外匯利率、信貸等多種資產類別，能夠在客戶群的後台提供服務，這一點非常重要，也是成長的良好基礎。所以我認為我們對那裡的前景感到興奮。

There certainly are always competitors in that space and people looking at that space. It's one that continues to need improvement in terms of where banks are looking for efficiencies. We've talked a lot about capital efficiencies. This is an area where it is important to the customers to have that service and have consistent approach there. So I think it's one where we continue to look for opportunities to expand the reach of that joint venture, now that it's a trusted provider across a lot of the major asset classes.

這個領域肯定總是有競爭對手，人們也在關注這個領域。在銀行尋求效率方面，這一點仍有待改進。我們已經討論了很多關於資本效率的問題。在這個領域，客戶獲得該服務並採取一致的方法非常重要。因此，我認為我們將繼續尋找機會擴大該合資企業的影響力，因為它是許多主要資產類別中值得信賴的提供者。

I have nothing more to add than that because I think Lynne summed it up. That's where I was going to go with the benefits of. Once we acquired the business, getting focused on the cash markets to complement our futures markets was something we're really excited about with NEX. And then when you look at the post-trade services and now having the JV, I think that was nothing but a bonus for us to be able to do that with IHS and then ultimately with our partner at S&P Global. So I think Lynne summed it up quite well.

除此之外，我沒有什麼要補充的，因為我認為林恩總結了這一點。這就是我要去的地方的好處。收購該業務後，我們對 NEX 感到非常興奮，專注於現貨市場以補充我們的期貨市場。然後，當你看看交易後服務以及現在擁有的合資企業時，我認為這對於我們能夠與 IHS 以及最終與我們的合作夥伴 S&P Global 一起做到這一點來說只不過是一個額外的好處。所以我認為林恩總結得很好。

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

我們的下一個問題來自雷德伯恩大西洋公司的西蒙·克林奇。

There's quite a bit been written about the hedge fund basis trade recently. And I was wondering if you could talk a little bit more about, I guess, how you think that particular trade has scaled, how it impacts your business and what you would expect if or when it starts to unwind as the Fed shifts from QT to QE at some point. Just some thoughts on that would be really useful.

最近有很多關於對沖基金基差交易的文章。我想知道你是否可以多談談，我想，你認為特定的貿易規模是如何擴大的，它如何影響你的業務，以及當美聯儲從量化寬鬆政策轉向量化寬鬆政策時，如果或何時開始放鬆你會期望什麼？在某個時候實行量化寬鬆。對此的一些想法將非常有用。

Thanks, Simon. Tim?

謝謝，西蒙。提姆？

Thanks, Simon. As we've talked about over the last several months, the basis trade remains an important part of keeping these markets in line and the efficient transfer of risk between the related markets of cash and futures. It's something that gets a lot of talk, I think, just given the increase in the size of that trade, but it's also important to remember when we look at how that trade has grown and the participants on that trade with respect to increasing the size over the last several months and years is it is proportionate to the debt outstanding and the debt issuance of the market.

謝謝，西蒙。正如我們在過去幾個月中所討論的那樣，基差交易仍然是保持這些市場一致以及現貨和期貨相關市場之間風險有效轉移的重要組成部分。我認為，考慮到該交易規模的增加，這一點引起了很多討論，但當我們了解該交易的增長方式以及該交易的參與者在增加規模方面的情況時，記住這一點也很重要過去幾個月和幾年裡，它與未償債務和市場債務發行量成正比。

So it's scaling in sort of a linear fashion to that. And it's important to put it in context. You just can't discretely look at the size of the trade and compare it to something over a decade ago without the larger context of what's going on with respect to the debt market issuance in the treasury markets themselves. So it's something that remains efficient for the marketplace. It's an important part of the risk management tool.

所以它是以某種線性方式擴展的。將其放在上下文中很重要。如果沒有國債市場本身債務市場發行的大背景，你就無法謹慎地觀察交易規模並將其與十多年前的情況進行比較。所以這對市場來說仍然是有效的。它是風險管理工具的重要組成部分。

And something also important to remind folks in this discourse on this topic is that we do have our own margin and risk management system with respect to the treasury futures side that remains as it is regardless if you're trading it against the basis or trading it outright. We have all our risk management in place. So I think it's just important for people to understand when they're looking at the basis trade to really understand the benefits it provides to the market and make sure we're accurately talking about the futures side and the cash side. But I think it's something that will continue.

同樣重要的是要提醒人們在這個主題的討論中，我們確實有自己的國債期貨方面的保證金和風險管理系統，無論您是根據基差進行交易還是進行交易，該系統都保持原樣直截了當。我們所有的風險管理都已到位。因此，我認為人們在研究基差交易時了解它為市場帶來的好處並確保我們準確地談論期貨方面和現金方面非常重要。但我認為這將會持續下去。

And it's, as similar to my other comments, very hard to speculate on what might happen in the event of an unwind or as we continue to move further into the QT cycle in the rates environment. That's something that, as Terry said in his opening remarks, it's more important that in these uncertain times that we are here to help clients manage that risk. And we'll do that regardless of what's happening in any of the one specific asset classes. But it's something that we'll have to make sure we're continuing to serve our clients' needs. And that's what's important going forward rather than necessarily trying to quantify an impact from a volume perspective.

與我的其他評論類似，很難推測如果放鬆或我們在利率環境中繼續進一步進入 QT 週期時可能會發生什麼。正如特里在開場白中所說，在這個不確定的時期，更重要的是我們在這裡幫助客戶管理風險。無論任何一種特定資產類別發生什麼情況，我們都會這樣做。但這是我們必須確保繼續滿足客戶需求的事。這才是未來重要的事情，而不是試圖從數量的角度來量化影響。

Our next question is coming 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 wanted to ask on energy, which obviously globalization is having a positive impact here, and I think longer-term, energy transition will be a structural catalyst. Kind of curious how you're thinking about energy transition impacting other asset classes, namely whether there's an impact you see in ags and metals and then growth opportunity moving forward.

我想問關於能源的問題，顯然全球化正在產生正面影響，我認為從長遠來看，能源轉型將成為結構性催化劑。有點好奇您如何看待能源轉型對其他資產類別的影響，即您是否看到了對農業和金屬的影響，以及未來的成長機會。

You got it, Derek?

你明白了嗎，德瑞克？

Yes. Yes, so I think we've talked about this in the past. We're seeing the lines of distinction blurring between energy traders, ag traders and metal traders. So when you look at kind of the growth of the commodities portfolio, and Julie touched on this a little bit earlier, overall, the portfolio grew very strongly last year, metals, up 15%, ag, 17%. So it's not just a function of crossing asset class lines, it's functionalizing adoption of our benchmarks as well.

是的。是的，所以我想我們過去已經討論過這個問題。我們發現能源交易商、農業交易商和金屬交易商之間的界線正在變得模糊。因此，當你觀察大宗商品投資組合的增長情況時，朱莉早些時候就談到了這一點，總體而言，去年投資組合增長非常強勁，金屬增長了 15%，ag 增長了 17%。因此，這不僅僅是跨越資產類別界限的功能，它還使我們的基準的採用發揮作用。

We're seeing our biggest grains traders move into energy. We're seeing our biggest energy producers move out into things like soybean oil and voluntary credit market. So that's the benefit of having a single platform, where we have been able to put up record volumes in participation in our commodities portfolio as a whole. Julie also referenced earlier the strong participation we've seen from buy-side and commercial customers across ag, energy and metals.

我們看到我們最大的穀物貿易商轉向能源領域。我們看到我們最大的能源生產商進入豆油和自願信貸市場等領域。這就是擁有單一平台的好處，我們能夠在整個大宗商品投資組合中創造創紀錄的參與量。朱莉早些時候也提到了我們看到農業、能源和金屬領域的買方和商業客戶的強烈參與。

We saw buy-side client growth last year, up 30%. Commercials across all energy, ags and metals were up 15%. So I think it's a story of making sure, Terry mentioned this point earlier, having the right products and the right market circumstances. We have the benchmarks. We have the liquidity, futures and options, leading technology, best-in-class capital efficiencies across these asset classes. And I think it's generated the results that we put forward.

去年我們看到買方客戶成長了 30%。所有能源、農業和金屬的商業價格上漲了 15%。所以我認為這是一個確保特里之前提到的這一點的故事，擁有正確的產品和正確的市場環境。我們有基準。我們在這些資產類別中擁有流動性、期貨和選擇權、領先的技術以及一流的資本效率。我認為它產生了我們提出的結果。

Lynne? Thanks, Derek. Lynne?

琳恩？謝謝，德里克。琳恩？

One part I just wanted to highlight that Derek said, we do have the customer bases and the network across these asset classes, so energy, ags, metals. And when those lines are blurring, we already have that network. So we're making sure that we have those products available for those customers to trade. As this transition develops, we can be that natural home for those customers that are already here at CME.

我只是想強調德瑞克所說的，我們確實擁有跨這些資產類別的客戶群和網絡，例如能源、農業、金屬。當這些界線變得模糊時，我們就已經擁有了這個網路。因此，我們確保這些產品可供這些客戶進行交易。隨著這一轉變的發展，我們可以成為那些已經在 CME 的客戶的自然家園。

Our next question is coming 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)。

My question is on the November pricing schedule update. You didn't increase pricing on rate. So we're curious as to why you didn't touch rate.

我的問題是關於 11 月定價表更新。您沒有提高費率定價。所以我們很好奇你為什麼不接觸利率。

Let me just touch on that a little bit, Craig, because I don't want you to read any more into it than where it's at. You've got to remember, we just came off of the biggest transition of a benchmark from LIBOR to SOFR. And we thought it was really important to let the market continue to mature, even though we've become the natural home for SOFR, I think we're just at 100% of the market. There's a handful -- is that fair? 99.9% of the market is now at CME.

讓我稍微談一下，克雷格，因為我不想讓你讀到更多的內容。您必須記住，我們剛剛經歷了從倫敦銀行同業拆借利率 (LIBOR) 到 SOFR 基準的最大轉變。我們認為讓市場繼續成熟非常重要，儘管我們已經成為 SOFR 的天然家園，但我認為我們只佔據 100% 的市場份額。有少數——這公平嗎？現在99.9%的市場都在CME。

From my standpoint, as I look at the pricing with my team and I look at some of the rates businesses, I really believe it was important to let that benchmark continue to mature. And I didn't think it was appropriate to raise them on the mature products right now as we're going through a cycle where risk management continues to be critical.

從我的角度來看，當我與我的團隊一起研究定價以及一些費率業務時，我真的相信讓這個基準繼續成熟非常重要。我認為現在就成熟產品進行融資是不合適的，因為我們正在經歷一個風險管理仍然至關重要的週期。

We had a great expansion, as I said earlier, on what I believe is a movement a little bit from cash into futures. And I don't want to ruin that momentum. I want it to continue to flow. But again, it was basically around the maturity of the SOFR futures contract and the options associated with it. So that was really my thinking with my team when we did the pricing on the rates. Lynne?

正如我之前所說，我們進行了巨大的擴張，我認為這是從現金到期貨的一點轉變。我不想破壞這種勢頭。我希望它繼續流動。但同樣，這基本上是圍繞著 SOFR 期貨合約及其相關選擇權的到期日進行的。因此，當我們對費率進行定價時，這確實是我和我的團隊的想法。琳恩？

Yes, the only thing I would add to that is keep in mind, Craig, because we were incenting the SOFR product over the last couple of years, as those have rolled off, we have had some pricing -- natural pricing increases as the incentives have rolled off. So they weren't necessarily on the exact pricing change, but they were related to those incentives that have rolled off over time as it's matured.

是的，我唯一要補充的是，請記住，克雷格，因為我們在過去幾年中一直在激勵SOFR 產品，隨著這些產品的推出，我們進行了一些定價——自然定價隨著激勵措施的增加而增加已經滾下來了。因此，它們不一定與確切的定價變化有關，但它們與隨著時間的推移而成熟的激勵措施有關。

Does that give you a little color why we did it, Craig?

克雷格，這讓你明白我們為什麼這麼做了嗎？

No, that's perfect.

不，那是完美的。

And our next question is a follow-up question. It's coming from the line of Alex Kramm with UBS.

我們的下一個問題是後續問題。它來自瑞銀集團的亞歷克斯·克拉姆 (Alex Kramm)。

I think we have a little bit extra time. Just a couple of modeling clean-up questions here. One, just to come back to the pricing question from Craig, can you actually, from a modeling perspective, help us where we would see the biggest impact on RPC? I know we can probably look at your pricing schedule, but it's thousands of lines. And then I have another one after that.

我想我們還有一點額外的時間。這裡只是幾個建模清理問題。第一，回到 Craig 提出的定價問題，您實際上能否從建模的角度幫助我們了解 RPC 的最大影響？我知道我們可以查看您的定價表，但它有數千行。之後我還有另一張。

Okay. Lynne?

好的。琳恩？

Yes, it's fairly well spread. I would say equities and agriculture probably were a bit higher than some of the other asset classes. But it's fairly well spread with the exception of rates, which we just discussed.

是的，它的傳播相當好。我想說股票和農業可能比其他一些資​​產類別要高一些。但除了我們剛剛討論過的利率之外，它的分佈相當廣泛。

Great. And then my other one, I don't think anybody has asked yet, but can you just give us an update on balances in the clearinghouse cash and then obviously noncash collateral, the return you had? And maybe related to that, when I look at some of the data that we track on that, it seems like the cash balances have been super consistent over the last 1, 2 quarters. So just wondering if there's anything you would point to why we may have found a floor to those declines that we had seen in cash balances over the last couple of years.

偉大的。然後是我的另一個問題，我認為還沒有人問過，但是您能否向我們提供清算所現金餘額的最新信息，然後顯然是非現金抵押品，即您獲得的回報？也許與此相關，當我查看我們追蹤的一些數據時，現金餘額似乎在過去一兩個季度非常穩定。因此，我想知道您是否能指出為什麼我們可能找到了過去幾年現金餘額下降的底線。

I'm going to jump in before Lynne does, and I'm going to ask Suzanne, too, also, you can go ahead. But I think what's interesting is, Alex, on that point, we've seen some really massive fluctuations in that cash balances that go up and down in a very short period of time. I mean, I'm talking about days. So it's really hard to say if there's a floor on that or not or if there's a ceiling on that or not because it does fluctuate.

我會先於琳恩插話，我也會問蘇珊娜，你可以繼續。但我認為有趣的是，亞歷克斯，在這一點上，我們已經看到現金餘額在很短的時間內出現了一些非常大的波動。我的意思是，我說的是幾天。因此，很難說是否有下限，或者是否有上限，因為它確實會波動。

And I think after you saw some of just the recent numbers as of yesterday, I think it caught some people offsides a little bit. And we don't know what that means to our cash balance at the Fed or not. So I think it's quite fascinating what's going on right now. And I think that's going to be a bit of a pattern this year. So I don't want to draw too much conclusions on where that balance is going to be at or not. But it's really going to be hard for us to predict what our floor could possibly be on it. Go ahead, Lynne.

我想在你看到昨天的一些最新數據之後，我認為有些人有點越位了。我們不知道這對我們在美聯儲的現金餘額意味著什麼。所以我認為現在發生的事情非常有趣。我認為這將成為今年的一種模式。因此，我不想對這種平衡將在哪裡或不在哪裡得出太多結論。但我們真的很難預測我們的地板可能是什麼。繼續吧，琳恩。

Yes. And just to provide you a little more of the data, Alex, so for Q3, our average cash balances were $91 billion. In Q4, the average was $75 billion. And we've seen that $75 billion continue in the early parts of Q1. The earnings on the cash balance was consistent with last quarter at about 36 basis points.

是的。 Alex，為了向您提供更多數據，第三季我們的平均現金餘額為 910 億美元。第四季度，平均金額為 750 億美元。我們已經看到，第一季初期的銷售額繼續達到 750 億美元。現金餘額收益與上季一致，約 36 個基點。

On the noncash side, in Q3, we were at $137 billion on average. In Q4, that went up to $153 billion. Just a reminder, that was at 7 basis points in Q4 and increased 10 basis points here in Q1. In the early part of Q1 through February 6, our average is $160 billion on that fee-eligible noncash.

在非現金方面，第三季我們的平均資產為 1,370 億美元。第四季度，這一數字達到 1,530 億美元。提醒一下，第四季為 7 個基點，第一季增加了 10 個基點。從第一季初期到 2 月 6 日，我們的收費非現金平均金額為 1,600 億美元。

And our last question in queue is a follow-up. It's coming from Owen Lau with Oppenheimer.

我們隊列中的最後一個問題是後續問題。它來自 Owen Lau 和 Oppenheimer。

So it has been more than 1 month after the launch of spot Bitcoin ETF. Could you please talk about how it has impacted CME Bitcoin futures and futures ETF? Do you think it's a net positive for CME? Just want to get your thoughts on this space.

距離現貨比特幣ETF推出已經過去1個多月了。您能談談它對 CME 比特幣期貨和期貨 ETF 有何影響嗎？您認為這對 CME 來說是淨利好嗎？只是想了解您對這個空間的想法。

Thanks, Owen. Tim can comment. And I won't be able to help myself, I'll make a comment as well.

謝謝，歐文。蒂姆可以發表評論。我也無法控制自己，我也會發表評論。

Thanks, Owen, for the question. Certainly, we've seen finally the long-awaited approval of the spot-based ETFs on Bitcoin. And it's certainly an interesting and positive development for the ecosystem more broadly. We're hearing from customers, our futures remain a central tool for the market makers of that ETF for those who are looking to create or redeem again the futures instead of the cash process. So it's something that we've also seen strong growth, both on open interest and in volume of our complex in response to the run-up has also remained here into February.

謝謝歐文提出這個問題。當然，我們終於看到了期待已久的比特幣現貨 ETF 的批准。對於更廣泛的生態系統來說，這無疑是一個有趣且積極的發展。我們從客戶那裡得知，對於那些希望再次創建或贖回期貨而不是現金流程的人來說，我們的期貨仍然是該 ETF 做市商的核心工具。因此，我們也看到了強勁的成長，無論是未平倉合約還是我們綜合體的交易量，以應對上漲，也一直維持到二月。

To put that in perspective, January was our best month ever in terms of average daily open interest capping 4 consecutive months of average daily open interest all-time highs, where the average daily open interest reached a record of almost 23,600 contracts, which is the equivalent of about USD 5.1 billion. But also on the volume side, the futures suite reached an all-time high of about 67,000 contracts or almost $6 billion per day in January.

從角度來看，1 月份是我們有史以來平均每日持倉量最高的月份，連續 4 個月創下平均每日持倉量歷史新高，平均每日持倉量達到創紀錄的近 23,600 份合約，這是相當於約51億美元。但在交易量方面，該期貨系列在一月份達到了約 67,000 份合約的歷史新高，即每天近 60 億美元。

And our micro suite for the crypto products grew 4x, a fourfold increase in September, all in response to the market dynamics around the ramp to launch and the subsequent trading activity of the launch of spot Bitcoin ETF. We also remain the top Bitcoin futures exchange by open interest. And we expect this ecosystem to continue to grow as we see the interrelated products be adopted by the market. And CME Bitcoin futures and our Bitcoin reference rate will remain at the center of price discovery for this continuing growing ecosystem.

我們的加密產品微型套件增長了 4 倍，即 9 月增長了四倍，這一切都是為了響應推出現貨比特幣 ETF 的市場動態以及隨後推出的交易活動。以持倉量計算，我們仍然是頂級的比特幣期貨交易所。隨著我們看到相關產品被市場採用，我們預計這個生態系統將繼續發展。對於這個持續發展的生態系統，芝商所比特幣期貨和我們的比特幣參考利率將仍然是價格發現的中心。

And Owen, the only thing I would add to that, we've heard for a lot of years, what does it mean when an ETF versus a future? Are they competitive in certain asset classes? All we have seen is that futures continue to grow as they list ETFs as people need to do risk management, as people -- other people are taking passive interest in some of these ETFs. So I think it's -- the ecosystem is good as it continues to grow. Tim just outlined some of the numbers. So I don't see this any different than some of the growth of our other products. I actually am very encouraged by this.

歐文，我唯一要補充的是，我們多年來一直聽說，ETF 與期貨意味著什麼？他們在某些資產類別上是否具有競爭力？我們所看到的是，隨著人們需要進行風險管理，期貨繼續增長，因為人們需要進行風險管理，因為人們 - 其他人對其中一些 ETF 產生了被動興趣。所以我認為，隨著生態系統的不斷發展，它是好的。蒂姆剛剛概述了一些數字。因此，我認為這與我們其他產品的成長沒有任何不同。事實上我對此感到非常鼓舞。

We have no further questions. I'd like to turn it back over to management for closing remarks.

我們沒有其他問題了。我想將其轉回管理層以供結束語。

We want to thank you all very much for covering CME. We're excited by the quarter. We look forward to talking with you next quarter. We think it's going to be a busy year. And we look forward to answering any other questions you have for us on follow-ups as we go forward. Thank you.

我們非常感謝大家對 CME 的報導。我們對這個季度感到興奮。我們期待下個季度與您交談。我們認為這將是忙碌的一年。我們期待在後續工作中回答您提出的任何其他問題。謝謝。

That concludes the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

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。