芝加哥商業交易所 (CME) 2024 Q3 法說會逐字稿

Welcome to the CME Group third-quarter 2024 earnings call. (Operator Instructions) I would now like to turn the call over to Adam Minick. Please go ahead.

歡迎參加芝商所 2024 年第三季財報電話會議。（接線生指示）我現在想將電話轉給 Adam Minick。請繼續。

Good morning. I hope you're all doing well today. We released our executive commentary earlier this morning, which provides extensive details on the third-quarter 2024, which we will be discussing on this call. I'll start with the Safe Harbor language, and then I'll turn it over to Terry.

早安.我希望你們今天一切順利。今天早上早些時候，我們發布了執行評論，其中提供了 2024 年第三季度的詳細信息，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 risks, uncertainties, and assumptions that are difficult to predict.

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。

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

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。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. I'm going to make a few brief comments about the quarter and the overall environment. Following that, Lynne will provide an overview of our third-quarter financial results.

謝謝亞當，也謝謝大家今天早上加入我們。我將對本季和整體環境做一些簡短的評論。隨後，林恩將概述我們第三季的財務表現。

In addition to Lynne, we have other members of our management team present to answer questions after the prepared remarks. Our record-breaking performance in the third quarter demonstrated the continued growing need for risk management globally.

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。我們第三季破紀錄的業績顯示全球對風險管理的需求持續成長。

The third-quarter average daily volume of 28.3 million contracts was the highest quarterly ADV in CME Group's history and increased 27% compared to the same period last year. This strong growth was broad-based. We achieved year-over-year growth in both volume and open interest across every asset class for the second consecutive quarter.

第三季日均成交量為2,830萬份合約，是芝商所史上最高的季度ADV，較去年同期成長27%。這種強勁的成長具有廣泛的基礎。我們連續第二季實現了各資產類別的交易量和持倉量年增。

In aggregate, our financial products volume grew by 28%, and our commodity sector volumes grew by 20%. This record volume was aided by the effectiveness of our volume tiers, including a 36% year-over-year growth in our interest rate complex to 14.9 million contracts a day, with all-time record volume levels for both SOFR, futures, and treasuries.

整體而言，我們的金融產品交易量成長了 28%，商品部門交易量增加了 20%。這項創紀錄的交易量得益於我們交易量層級的有效性，包括我們的利率複合體年增 36%，達到每天 1,490 萬份合約，SOFR、期貨和國債交易量均創歷史新高。

We achieved this growth without lowering any fees or introducing any new incentive programs for these products. The lower RPC was driven by increased trading volume and are focused on tiering allowed our incremental earnings growth, given the operating leverage in our model.

我們在沒有降低任何費用或為這些產品引入任何新的激勵計劃的情況下實現了這一增長。考慮到我們模型中的營運槓桿，交易量增加推動了 RPC 的下降，並且專注於分層，這使得我們的收益增量成長。

Our SOFR complex traded over 5.9 million contracts per day in the quarter and 6.9 million per day in September, all while seeing the customer network broaden with large open interest holders reaching a new record high in September. As you know, we often hear the view that a rising Fed rate environment is best for CME's interest rate volumes.

我們的 SOFR 綜合體本季每天交易超過 590 萬份合約，9 月每天交易超過 690 萬份合約，同時客戶網路不斷擴大，大型未平倉合約持有者在 9 月創下新高。如您所知，我們常聽到這樣的觀點：聯準會升息環境最有利於芝商所的利率量。

However, over the last year, there have been no Fed rate hikes and one rate cut. And our interest rate complex grew 17% over the prior year, which had six rate hikes totaling 2.25%. Opposing views of potential and actual Fed rate changes, combined with ongoing levels of issuance and deficit financing, should continue to provide tailwinds for interest rate trading.

然而，去年聯準會沒有升息一次，也沒有降息一次。我們的利率複合體比去年增加了 17%，其中有六次升息，總計 2.25%。對聯準會潛在和實際利率變化的反對意見，加上持續的發行和赤字融資水平，應繼續為利率交易提供動力。

The uncertainty around the US election and geopolitical events around the world also contribute to a growing need for liquid and efficient markets to manage these risks in interest rates and across all of our asset classes. Q3 was also a record quarter for our international business, where average daily volume reached 8.4 million contracts, up 29% versus last year.

美國大選和世界各地地緣政治事件的不確定性也導致對流動性和高效市場的需求日益增長，以管理利率和所有資產類別的這些風險。第三季也是我們國際業務創紀錄的季度，每日平均成交量達到 840 萬份合約，比去年成長 29%。

This was led by a record 6.2 million average daily volume for EMEA, which was up 30%, and 1.9 million contracts per day in APAC or up 28%. The record international volume was driven by growth in all six asset classes in both EMEA and APAC, with the highest volumes coming from interest rates and equity products.

其中，歐洲、中東和非洲地區日均成交量達到創紀錄的 620 萬份，成長 30%；亞太地區日均合約量達 190 萬份，成長 28%。創紀錄的國際交易量是由歐洲、中東和非洲和亞太地區所有六種資產類別的成長所推動的，其中最高的交易量來自利率和股票產品。

In addition to the impressive volume results, we delivered record financial results for the second consecutive quarter. With that short summary, I will now turn the call over to Lynne to review these results in more detail.

除了令人印象深刻的銷售業績外，我們還連續第二個季度實現了創紀錄的財務表現。有了這個簡短的總結，我現在將把電話轉給林恩，以更詳細地審查這些結果。

Thanks, Terry, and thank you, all, for joining us this morning. CME Group set all-time records for quarterly revenue, net income, and earnings per share in the second quarter this year, and immediately surpassed each of those records this quarter, starting with the highest-ever quarterly revenue at nearly $1.6 billion, up 18% from the third quarter in 2023.

謝謝特里，也謝謝大家今天早上加入我們。芝商所今年第二季度創下了季度收入、淨利潤和每股收益的歷史記錄，並在本季度立即超越了所有記錄，季度收入創歷史新高，接近 16 億美元，增長了 18% 2023 年第三季的百分比。

Clearing and transaction fee revenue increased 20% on our record quarterly volume. Market data revenue of $178 million increased 6% from the same quarter last year. And other revenue increased 29% to over $109 million. Our strong cost discipline led to adjusted expenses of $489 million for the quarter and $391 million, excluding license fees.

清算和交易費收入比創紀錄的季度交易量增加了 20%。市場數據收入為 1.78 億美元，較去年同期成長 6%。其他營收成長 29%，達到超過 1.09 億美元。我們嚴格的成本控制導致本季調整後費用為 4.89 億美元，調整後費用為 3.91 億美元（不含許可費）。

The resulting operating income of approximately $1.1 billion set a new quarterly record. Our adjusted operating margin of 69.1% was up 260 basis points from 66.5% in the same period last year. CME Group had an adjusted effective tax rate of 22.3%. Terry talked about the strength of our international business. The strong growth coming from outside the US has resulted in a lower effective tax rate.

由此產生的約 11 億美元的營業收入創下了新的季度記錄。調整後營業利益率為 69.1%，比去年同期的 66.5% 上升了 260 個基點。芝商所的調整後有效稅率為 22.3%。特里談到了我們國際業務的實力。來自美國以外地區的強勁成長導致有效稅率降低。

We expect this trend to continue in Q4, and we're lowering our tax rate guidance for the year to a range of 22.5% to 23% as a result. Driven by the strong revenue growth and operating margin level, we delivered the highest quarterly adjusted net income and earnings per share in our history at $977 million and $2.68 per share, respectively, both up 19% from the third quarter last year.

我們預計這一趨勢將在第四季度繼續下去，因此我們將今年的稅率指引下調至 22.5% 至 23% 的範圍。在強勁的營收成長和營業利潤水準的推動下，我們實現了歷史上最高的季度調整後淨利潤和每股收益，分別為9.77 億美元和每股2.68 美元，均較去年第三季度增長19% 。

This represents an adjusted net income margin for the quarter of 61.7%. Capital expenditures for the third quarter were approximately $30 million, and cash at the end of the period was approximately $2.6 billion. Our continued product innovation, new customer acquisition, and deep liquid markets across the six major asset classes had led to a consistent higher level of demand for our products.

這意味著該季度調整後淨利潤率為 61.7%。第三季資本支出約3,000萬美元，期末現金約26億美元。我們持續的產品創新、新客戶的取得以及六大資產類別的深度流動性市場導致對我們產品的需求持續上升。

CME Group's daily trading volumes surpassed 25 million contracts on 55% of the trading days in the first three quarters of 2024 versus 35% of the days in the same period of 2023. Also, each of the last six months were monthly volume records, helping us deliver our best quarterly financial results in Q2, which were immediately surpassed by new records this quarter.

2024 年前三季度，芝商所 55% 的交易日日交易量超過 2,500 萬份合約，而 2023 年同期這一比例為 35%。此外，過去六個月的月度交易量記錄，幫助我們在第二季度實現了最好的季度財務業績，本季度的新記錄立即超越了這一業績。

We're very proud of the team for their efforts to provide our clients with the technology and products they need for risk management while driving earnings growth for our shareholders. We'd now like to open the call for your questions.

我們為團隊感到非常自豪，他們努力為我們的客戶提供風險管理所需的技術和產品，同時推動股東的收益成長。我們現在想開始電話詢問您的問題。

(Operator Instructions) Dan Fannon, Jefferies.

（操作員說明）Dan Fannon，Jefferies。

Thanks. Good morning. CME has had a long-standing capital return policy. And Terry, you've given some thoughts around M&A.

謝謝。早安.芝商所有著長期的資本回報政策。特里，您對併購提出了一些想法。

But wanted to get your updated thoughts on both of those after you -- as you just highlighted, record quarter after quarter, and also a valuation that continues to compress versus peers. So curious about a buyback in the context of those two other things around the dividend policy as well as potential M&A.

但想了解您對這兩個方面的最新想法——正如您剛才強調的那樣，一個又一個季度創紀錄，而且估值相對於同行持續壓縮。在圍繞股利政策以及潛在併購的另外兩件事的背景下，對回購感到非常好奇。

Thanks, Dan. I think I heard you correctly -- a little soft coming in -- but you asked about buybacks and potential M&A? Did I get it right?

謝謝，丹。我想我沒聽錯——有點軟弱——但你問的是回購和潛在的併購？我做對了嗎？

Yeah, exactly.

是的，完全正確。

I think that's what you asked for. So on the capital return to shareholders, I have said that we will always be monitoring this to see what is in the best interest of our shareholders at any given point in time. Our dividend policy over the last several years has suited the company extremely well in a zero-rate environment.

我想這就是你所要求的。因此，關於股東的資本回報，我說過，我們將始終對此進行監控，以了解在任何特定時間點什麼最符合股東的最佳利益。過去幾年我們的股利政策非常適合公司在零利率環境下的情況。

With the rates changing dramatically and other things happening throughout the world, we always constantly monitor -- and we will continue to do so again with my Board at its upcoming meetings. It doesn't mean we're doing anything. We're just continuing to monitor it.

隨著匯率的急劇變化以及世界各地發生的其他事情，我們始終不斷地進行監控，並且我們將在即將舉行的董事會會議上繼續與我的董事會再次這樣做。這並不意味著我們正在做任何事情。我們只是繼續監視它。

As far as M&A activity goes, Dan, we've been very fortunate to be -- put ourselves in a very strong position to be competitive around the globe. But the transactions we've already done. But at the same time, if there's something there that we think makes sense, we're not afraid to take a look at it. But right now, that's all I'll say about M&A.

丹，就併購活動而言，我們非常幸運，能夠使自己處於非常有利的地位，從而在全球範圍內具有競爭力。但我們已經完成了交易。但同時，如果我們認為其中有一些東西有意義，我們就不會害怕去查看它。但現在，我要說的就是併購。

Great. And then just, I guess, as a follow-up, last quarter, you gave us updates around the efficiencies that you provided to your customers. I think with both the DTCC as well as more broadly, can you update us on the number of customers as well as the dollar amounts around that and ultimately, just the conversations on how those are evolving given the increased potential competitive backdrop that's out there today?

偉大的。然後，我想，作為後續行動，上個季度，您向我們提供了有關您為客戶提供的效率的最新資訊。我認為，對於 DTCC 以及更廣泛的領域，您能否向我們介紹一下客戶數量以及相關金額的最新情況，以及最終，在當今潛在競爭背景日益增強的情況下，這些方面如何發展的對話？

Yeah, Dan, that's great. Well, I appreciate the question. And I'm going to turn it over to Suzanne Sprague, who will give you those -- that data. Suzanne?

是的，丹，那太好了。嗯，我很欣賞這個問題。我將把它交給 Suzanne Sprague，她會給你那些數據。蘇珊娜？

Yeah, thanks for the question. So in terms of our portfolio margining program that you mentioned, where we offer offsets between interest rate futures and options against interest rate swaps, we continue delivering average daily savings of about $7 billion, two clearing members through that program. Most of that is from US dollar swap activity.

是的，謝謝你的提問。因此，就您提到的我們的投資組合保證金計劃而言，我們提供利率期貨和利率掉期選擇權之間的抵消，我們繼續透過該計劃向兩個清算會員提供約 70 億美元的每日平均節省。其中大部分來自美元互換活動。

And then in the cross-margining program with FICC, we continue increasing the number of participants in that program. We currently have 12 clearing members participating in that program and have achieved upwards of $1 billion in average daily savings for that program as well.

然後，在與 FICC 的交叉保證金計劃中，我們繼續增加該計劃的參與者數量。目前，我們有 12 家清算會員參與該計劃，而該計劃的平均每日節省額也超過 10 億美元。

So we are still focused on growing both of those programs. And we do continue working with FICC and engaging with the regulators to be able to expand that cross-margining program to customers as well.

因此，我們仍然專注於發展這兩個項目。我們確實繼續與 FICC 合作並與監管機構合作，以便能夠將跨市場保證金計劃擴展到客戶。

So our efficiencies, Dan, just to make sure we're perfectly clear, still averages between F&O and portfolio margin close to $20 billion a day. So we just want to make sure that you don't think that's changed one way or another.

因此，丹，為了確保我們完全清楚，我們的效率仍然在 F&O 和投資組合利潤之間的平均水平每天接近 200 億美元。所以我們只是想確保您不會認為這種情況發生了任何改變。

Understood. Thank you.

明白了。謝謝。

Thanks, Dan.

謝謝，丹。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Yeah, morning, everyone. I wanted to ask about new customer acquisition, which you called on the deck for the first time. Any color just in terms of how much impact you're seeing in terms of volumes from new customer acquisition, and where are these new clients coming from?

是的，大家早安。我想問一下關於新客戶獲取的問題，這是您第一次在甲板上提出的。任何顏色都取決於您在新客戶獲取量方面看到的影響有多大，這些新客戶來自哪裡？

Thanks, Chris. We appreciate the question. I'm going to turn it over to Ms. Winkler to give you some color on that.

謝謝，克里斯。我們感謝這個問題。我將把它交給溫克勒女士，讓您對此有所了解。

But I think one of the things that I just want to highlight that's really important is the numbers that came from outside of our US, with the record volume. It's a big part of some of the new client acquisition that Julie and her team have been able to do globally. But Julie, I'll return it to you.

但我認為我想強調的非常重要的事情之一是來自美國以外地區的數字，其數量創歷史新高。這是朱莉和她的團隊在全球範圍內獲取新客戶的重要組成部分。但是朱莉，我會把它還給你。

Yeah, thanks for the question, Chris. New client acquisition has certainly been really a core pillar of our commercial model and an area of investment for us over the last few years. We're excited that those efforts are really yielding strong results.

是的，謝謝你的提問，克里斯。新客戶的取得確實是我們商業模式的核心支柱，也是我們過去幾年的投資領域。我們很高興這些努力確實產生了顯著的成果。

And we kind of think about this in two different buckets. One is our retail client base, and one is our institutional client base. We are outpacing our 2023 performance by over 3%. And in the new institutional client growth, we're seeing that up almost 40% this year versus our three-year average, which is great.

我們從兩個不同的角度來思考這個問題。一是我們的零售客戶群，一是我們的機構客戶群。我們的業績比 2023 年成長了 3% 以上。在新的機構客戶成長方面，我們看到今年的成長量比三年平均成長了近 40%，這非常棒。

So I'd say there's a couple of things behind that. Certainly, we've done a lot to build out a new inside sales team. And they're really a dedicated sales team that is focusing on prospecting, lead qualification, and growth around really our medium-sized and high-potential accounts.

所以我想說這背後有幾件事。當然，我們已經做了很多工作來建立一支新的內部銷售團隊。他們確實是一支敬業的銷售團隊，專注於圍繞我們的中型和高潛力客戶進行勘探、潛在客戶資格和成長。

They're leveraging data, they're doing automation, and this low-touch sales model really is helping us to drive greater efficiency and also scale in that outreach. We have seen a lot of launch of new hedge funds and really the rise of commodity focused strategies that are also helping create some significant activities across our client base.

他們正在利用數據，他們正在實現自動化，這種低接觸銷售模式確實幫助我們提高了效率並擴大了外展規模。我們已經看到許多新的對沖基金的推出，以及以大宗商品為中心的策略的興起，這些策略也有助於在我們的客戶群中開展一些重要的活動。

CME Direct continues to attract a record number of new option traders. That was up 30% this quarter. And so we see that all is really critical to the institutional model, as well as a lot of the new products that I'm sure we'll talk about on the call today. Whether it's credit or TBAs, those are really powerful opportunities for us to reach new clients and bring them into the CME ecosystem.

CME Direct 持續吸引創紀錄數量的新選擇交易者。本季成長了 30%。因此，我們看到，所有這些對於制度模式以及我相信我們將在今天的電話會議上討論的許多新產品都非常重要。無論是信貸還是 TBA，這些都是我們接觸新客戶並將他們帶入 CME 生態系統的絕佳機會。

On the retail side, really, what we're focused on, less about ADV and more about really how many accounts we're opening and how many new traders we're bringing into CME through our retail channels. In Q3, we welcomed over 176,000 new traders through our retail channels -- sorry -- year to date and 60,000 in Q3 alone.

在零售方面，實際上，我們關注的不是 ADV，而是更專注於我們開設的帳戶數量以及透過我們的零售管道為 CME 引入的新交易者。抱歉，今年第三季度，我們透過零售通路迎來了超過 176,000 名新交易者，光是第三季度就迎來了 60,000 名新交易者。

And so that's a 30% increase year over year. That is pretty consistent as you -- among previous quarters, what you see in the data that we released this time is really kind of the spread across regions where we saw 53% of that growth coming from the US and 16% within APAC and our (technical difficulty) 31% in EMEA.

較去年同期成長 30%。這與之前幾季中的情況非常一致，您在我們這次發布的數據中看到的確實是跨地區的分佈，我們看到增長的53% 來自美國，16% 來自亞太地區和我們的地區。

And so where we're really focused there is on bringing our new to futures brokers into this ecosystem and also our existing partners. And this is a critical part of how we are continuing to drive NCA in the space, working with them on education, on marketing content.

因此，我們真正關注的是將我們的新期貨經紀商以及我們現有的合作夥伴引入這個生態系統。這是我們繼續推動 NCA 在該領域的發展、與他們在教育和行銷內容方面合作的關鍵部分。

And so where our distribution partners are successful, we have seen that success, too. And that's really what's bringing those new traders to CME. They're attracted by the products that we have, and we expect that to continue in the year ahead.

因此，當我們的分銷合作夥伴取得成功時，我們也看到了這種成功。這正是吸引新交易者來到 CME 的真正原因。他們被我們的產品所吸引，我們預計這種情況將在未來一年繼續下去。

And just a quick follow-up. You noted that Plus500, Webull surpassed expectations. And we -- obviously, Robinhood just launched last week on futures trading. So when we think about Robinhood's account growth, is there any way to frame out how you would expect penetration of -- I think it's like 23 million accounts they have right now, and how they may translate into volumes?

只是快速跟進。您注意到Plus500、微牛超出了預期。顯然，Robinhood 上週剛推出期貨交易。因此，當我們考慮 Robinhood 的帳戶成長時，是否有任何方法可以確定您期望的滲透率——我認為他們現在擁有 2300 萬個帳戶，以及它們如何轉化為交易量？

Yeah. I mean, we're working with all of those firms. I'd say they have their own internal targets about the account openings. And I think with all of this, Robinhood in the one -- in the launch last week, they're going to open up access on still a measured basis, right? And some of these are making sure they are testing these products out. They're working on the content.

是的。我的意思是，我們正在與所有這些公司合作。我想說他們對於開戶有自己的內部目標。我認為，有了這一切，Robinhood 在上週的發布中，他們將在謹慎的基礎上開放訪問，對嗎？其中一些人正在確保他們正在測試這些產品。他們正在研究內容。

So I don't think we're going to see 23 million accounts trading futures immediately. But we really want to work with them to make sure, right, that the products that we are introducing to them and those clients are ready to be trading futures.

因此，我認為我們不會立即看到 2300 萬個帳戶進行期貨交易。但我們確實希望與他們合作，確保我們向他們和這些客戶介紹的產品已經準備好進行期貨交易。

And so what we can see both with Plus500 and Webull is that adoption rate has happened even faster than what those firms have predicted. And so I'd say they're very advanced in their customer journey and analytics. And so that's all providing them as well as us information on how we can kind of support the active trader in their journey.

因此，我們從 Plus500 和 Webull 可以看到，採用率甚至比這些公司的預測還要快。所以我想說他們在客戶旅程和分析方面非常先進。因此，這一切都為他們和我們提供了有關如何在活躍交易者的旅程中提供支援的資訊。

So Chris, just let me add something to that is one of the things we have said, historically, since I took CME public in ['02], it's very difficult to predict future volume. So when you're looking at new client acquisition and what their behavior may or may not be, it's really difficult to pinpoint what that can transition into.

所以克里斯，讓我補充一些內容，這是我們說過的一件事，從歷史上看，自從我在['02]上市 CME 以來，預測未來的交易量是非常困難的。因此，當您關注新客戶的獲取以及他們的行為可能會或可能不會時，很難確定它們會轉變為什麼。

But I do think when you look at the trajectory of our business over the last 20-plus years as being a public company, you could see us up and to the right, growing by customers and of course, the new large open interest holders that I referenced earlier in my comments. So these are all good factors for new client acquisitions. But again, we can't predict future volumes.

但我確實認為，當你回顧我們作為一家上市公司過去20 多年的業務發展軌跡時，你會發現我們不斷向上和向右發展，我們的成長得益於客戶，當然還有新的大型未平倉權益持有者。所以這些都是獲取新客戶的好因素。但同樣，我們無法預測未來的銷售量。

Thanks (inaudible).

謝謝（聽不清楚）。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning. Thanks for taking the question. I wanted to kind of follow up there. I know it's hard to pick new volumes. But just thinking about like what retail trading activity may look like, can you just talk about the sort of P&L implications?

嗨，早安。感謝您提出問題。我想跟進一下。我知道挑選新書很困難。但只要想想零售交易活動可能會是什麼樣子，你能談談損益表的影響嗎？

Presumably, we would see lower rate per contract as people are trading more like the minis and some of the smaller products. But how do you think about what we might sort of be able to expect there? What are the implications from like an RPC and volume perspective?

據推測，我們會看到每份合約的利率較低，因為人們的交易更像是迷你產品和一些較小的產品。但您如何看待我們在那裡可以期待什麼？從 RPC 和卷的角度來看，這意味著什麼？

Again, I know it's hard to predict the volumes themselves. But just how should we think about interpreting results as we start to see a bigger contribution from retail.

再說一次，我知道很難預測數量本身。但當我們開始看到零售業的更大貢獻時，我們應該如何考慮解釋結果。

So Ben, let me make a couple of comments. I guess, it is very difficult to predict. And every constituency that we have here is completely different. So when I talked earlier in my comments about the tiered pricing, how that incremental volume drops to the bottom line is a good thing, and that does take the RPC down a little bit with those higher tiers. That's still a good thing for us because of the increased volume.

Ben，讓我發表幾點評論。我想，這很難預測。我們這裡的每個選區都是完全不同的。因此，當我之前在評論中談到分層定價時，增量數量下降到底線是一件好事，這確實使 RPC 與那些較高層的價格下降了一些。由於數量增加，這對我們來說仍然是一件好事。

So when you're talking about retail in general, you don't automatically have to assume it's going to be a lower rate per contract because we changed the pricing on some of our products. As you may not recall, we didn't price them based off of a notional value in pricing them. So when we did the E-mini -- or the micro or the mini-Bitcoin contract, we didn't take the notional value and decide that's how the price should look.

因此，當您談論一般零售時，您不必自動假設每個合約的費率會較低，因為我們改變了某些產品的定價。您可能不記得了，我們在定價時並未根據名義價值對它們進行定價。因此，當我們製作 E-mini——或微型或迷你比特幣合約時，我們並沒有考慮名義價值並決定價格應該如何。

We priced it on the constituency of the client base and what they're getting for their value-add that they are receiving from CME Group. So we look at pricing in many different lenses, and it doesn't have to be just the retail client constituency or the size of the contract or the institutional or the size of the contract. So I think it's really important that we continue to strike that balance with our client base to build the business.

我們根據客戶群的選區以及他們從芝商所獲得的增值來定價。因此，我們從許多不同的角度來看待定價，它不一定只是零售客戶群或合約規模或機構或合約規模。因此，我認為我們繼續與客戶群保持平衡以發展業務非常重要。

But it's hard to say that it will be a lower rate per contract. It's hard to say it will be a higher rate per contract. So again, I think it's -- it all depends on the constituency that we are attracting. And this new retail business -- I have said it a million times over the last year or two -- I think this is going to become more and more blurred as we move forward with other institutional type trading.

但很難說每份合約的費率會更低。很難說每份合約的費率會更高。再說一次，我認為這完全取決於我們吸引的選民。這個新的零售業務——我在過去一兩年裡已經說過一百萬次了——我認為，隨著我們推進其他機構類型的交易，這一點將變得越來越模糊。

And it's going to be in a very exciting time with the proliferation of artificial intelligence, other technologies, the accessibility into marketplaces, what retail can do. But again, it's really hard to predict what that's going to return to in revenues. Lynne?

隨著人工智慧、其他技術的普及、市場的可及性以及零售業的發展，這將是一個非常令人興奮的時代。但同樣，很難預測收入會恢復多少。琳恩？

Yeah. I would just add, our focus spend is not on growth in RPC. Our focus is on growth in revenue and growth in earnings. So if it's new client acquisition of any type, we're focusing on how we drive that top and bottom line. And we're not focused on that RPC line in particular. It's really the overall picture and growth level.

是的。我想補充一點，我們的重點支出不是 RPC 的成長。我們的重點是收入成長和獲利成長。因此，如果是任何類型的新客戶獲取，我們都會專注於如何推動營收和利潤。我們並沒有特別關注 RPC 線路。這確實是整體情況和成長水準。

So Ben, I guess, I'd like to tell you that we have a special formula, but we don't. And I don't think you would want us to have a special format. Because everybody is different as the market continues to grow.

所以本，我想，我想告訴你我們有一個特別的公式，但我們沒有。我認為您不會希望我們採用特殊的格式。因為隨著市場的不斷成長，每個人都是不同的。

So it's exciting for us. And again, I think the one thing I can truly point to is the pricing change from micros that we did not do based on a notional basis. And that's the trajectory we're going as we look at the constituency.

所以這對我們來說是令人興奮的。再說一遍，我認為我真正可以指出的一件事是微型計算機的定價變化，而我們並沒有基於名義基礎進行定價變化。這就是我們在審視選區時所走的軌跡。

Got it. That makes a lot of sense. Maybe one follow-up, just something kind of a little bit more nitpicky. But just curious, the licensing fees picked up this quarter.

知道了。這很有意義。也許會有一個後續行動，只是有點挑剔。但奇怪的是，本季許可費用有所上升。

I know you exclude those from your core OpEx guidance for the year. But just any color on what we should expect from that line item, the sort of the drivers of the sequential step-up, and how we should think about what that looks like over the next couple of quarters.

我知道您將這些排除在今年的核心營運支出指導之外。但是，我們應該從該行項目中獲得什麼顏色，順序升級的驅動因素是什麼，以及我們應該如何考慮未來幾季的情況。

Lynne?

琳恩？

Yeah. So we did see a step-up in licensing fees, not surprising given the high volume levels and the growth there. As you know, a good portion of that, the majority, comes from our equity complex, which had nice growth, 9% up quarter over quarter and 17% year over year.

是的。因此，我們確實看到了許可費用的上漲，考慮到高銷量水準和成長，這並不奇怪。如您所知，其中很大一部分（大部分）來自我們的股票綜合體，該綜合體增長良好，環比增長 9%，同比增長 17%。

The other item that you're seeing this quarter is we do have some existing OTC clearing programs that have been in place for a number of years. Given the strong growth in that business over the last year, it has an off-cycle measurement period. So the impact of that was seen in Q3.

您在本季看到的另一件事是，我們確實有一些已經實施多年的現有場外交易清算計畫。鑑於該業務去年的強勁成長，它有一個非週期衡量期。因此，其影響已在第三季顯現出來。

I would note, because we did get a couple of questions this morning, there were no new license-fee-related programs in our SOFR or treasury complex. So the two main items are going to be the overall growth in the business and that those programs related to OTC clearing, which again have been in place for many years.

我要指出的是，因為今天早上我們確實收到了幾個問題，所以我們的 SOFR 或財務綜合體中沒有新的與許可費相關的計劃。因此，兩個主要項目將是業務的整體成長以及與場外交易清算相關的計劃，這些計劃也已實施多年。

Mike, do you have anything to add on the OTC side?

麥克，您在場外交易方面還有什麼要補充的嗎？

Yeah. Just one thing to add on overall futures and option growth continues to bolster our OTC IRS business. We saw double-digit volume growth year over year in both LatAm and US dollar swap activity.

是的。整體期貨和選擇權成長的一件事繼續支撐著我們的場外 IRS 業務。我們看到拉丁美洲和美元互換活動的交易量較去年同期成長兩位數。

I think the important figure to highlight, which Suzanne mentioned already today, is that out of the $7 billion to $8 billion in portfolio margin savings that we see in the overall swap complex, over 9% of that is in US dollar swaps. We have about $40 billion in margin collateral for swap activity and 80% of that is being attributed to US dollar swaps. So we've had some considerable buy-side clients and bank clients put true risk with the CME and US dollar swaps, hence, the over $7 billion a day in portfolio margin savings.

我認為要強調的重要數字（蘇珊今天已經提到過）是，在我們在整個掉期綜合體中看到的70 億至80 億美元的投資組合保證金節省中，其中超過9% 是美元掉期。我們有大約 400 億美元的保證金抵押品用於掉期活動，其中 80% 來自美元掉期。因此，我們有一些相當多的買方客戶和銀行客戶透過 CME 和美元互換承擔了真正的風險，因此，每天可以節省超過 70 億美元的投資組合保證金。

I also think it's important to highlight that other CCPs have highlighted the margin and collateral levels. It's important to keep in mind that all of the collateral at other CCPs is not specific to swaps and currencies that would enjoy any material margin savings or SOFR and treasury products. Some of those swaps are related to Swiss, yen, Canada, sterling, and euro.

我還認為重要的是要強調其他 CCP 已經強調了保證金和抵押品水平。重要的是要記住，其他 CCP 的所有抵押品並非特定於掉期和可享受任何實質保證金節省或 SOFR 和國庫產品的貨幣。其中一些掉期與瑞士、日圓、加拿大、英鎊和歐元有關。

And for those of you who were wondering who the hell that was, that's Mike Dennis. He's the new head of our [rates] franchise. So thank you, Mike.

對於那些想知道他到底是誰的人來說，那就是麥克丹尼斯。他是我們[費率]專營權的新負責人。謝謝你，麥克。

Thanks, Terry.

謝謝，特里。

All right, guys. Well, thank you so much for the response. Appreciate it.

好吧，夥計們。嗯，非常感謝您的回覆。欣賞它。

Thanks, Ben.

謝謝，本。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi, good morning. I wanted to ask about the digital business. Can you talk about the launch of Bitcoin and Ethereum ETFs, and the impact that they've had on your futures business? They would appear to have helped a good amount.

嗨，早安。我想問一下數位業務。您能談談比特幣和以太幣 ETF 的推出，以及它們對您的期貨業務的影響嗎？他們似乎幫了很大的忙。

And as you think about the opportunity to further grow the digital platform, the perpetual market still seems to be quite a bit bigger than the calendar market. Does the perpetual market present an opportunity for further growth at CME?

當你考慮進一步發展數位平台的機會時，永久市場似乎仍然比日曆市場大得多。永續市場是否為 CME 提供進一步成長的機會？

Tim?

提姆？

Great. Thanks, Terry, and thanks for the question. Certainly, the development of the ETFs, both in a spot-based and futures-based ETF structure for Bitcoin and Ether, have not only developed the ecosystem further for those products, but also provided an opportunity for the futures complex to grow at CME.

偉大的。謝謝特里，也謝謝你的提問。當然，比特幣和以太坊 ETF 的開發，無論是基於現貨還是基於期貨的 ETF 結構，不僅進一步開發了這些產品的生態系統，而且還為 CME 的期貨綜合體提供了發展的機會。

Like we've seen in a lot of asset classes, futures are at the center of these highly related interrelated ecosystems. And when we see the volumes in our crypto complex, the futures ADV was up almost 285% to a record 102,000 contracts.

就像我們在許多資產類別中看到的那樣，期貨是這些高度相關的相互關聯的生態系統的中心。當我們看到加密貨幣複合體的交易量時，期貨 ADV 上漲了近 285%，達到創紀錄的 102,000 份合約。

And when we look at the micro, they're up even more with Bitcoin up 470% and Ether -- Micro Ether up 641%, respectively. This is because our futures not only enable more common ETF strategies, such as trading ETFs versus futures -- or using futures to source inventory for stock loan in the ETF market.

當我們觀察微觀時，它們的漲幅更大，比特幣上漲了 470%，以太幣上漲了 641%。這是因為我們的期貨不僅支援更常見的 ETF 策略，例如交易 ETF 與期貨，或使用期貨來獲取 ETF 市場股票貸款的庫存。

It's also our futures often provide a better, more efficient way to create and redeem the ETF is our ability to transact these against the underlying index close, the CME CF Bitcoin reference rate, where our reference rates also underlie 7 of the 11 Bitcoin spot ETFs. So this is a growing ecosystem. We are certainly at the center of it here at CME, and we continue to be a leader in the space, offering that regulated, trusted, and transparent futures market.

我們的期貨通常提供了一種更好、更有效的方式來創建和贖回ETF，因為我們有能力根據基礎指數收盤價（CME CF 比特幣參考利率）進行交易，我們的參考利率也是11 個比特幣現貨ETF 中的7 個的基礎。所以這是一個不斷發展的生態系統。我們無疑是芝商所的中心，我們將繼續成為該領域的領導者，提供受監管、值得信賴和透明的期貨市場。

And Ken, going to the perpetual market, it's not necessarily an easy comparison because those perpetual exists on more crypto-native platforms that are not regulated outside of the US. So we continue to engage with customers to make sure we're working with them to design all the tools they need to manage risk in these uncertain times, whether that's in cryptocurrencies or other products, continue to engage them to make sure they have all tools they need.

肯，談到永續市場，這不一定是一個簡單的比較，因為這些永續市場存在於更多加密原生平台上，而這些平台在美國以外不受監管。因此，我們繼續與客戶合作，確保我們正在與他們合作，設計他們在這些不確定時期管理風險所需的所有工具，無論是加密貨幣還是其他產品，繼續與他們合作，以確保他們擁有所有工具他們需要。

But it's critically important that here at CME and for the marketplace, they could do it in a trusted, transparent, and a regulated manner. And that's what we offer with our crypto product here.

但至關重要的是，在芝商所和市場上，他們可以以可信、透明和受監管的方式做到這一點。這就是我們在這裡提供的加密產品。

Can I give you some color on that Ken? Are you good?

我能給你一些關於肯的顏色嗎？你好嗎？

Yeah, that was great. Thank you.

是的，那太好了。謝謝。

Thanks, Ken.

謝謝，肯。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yeah, good morning. Thanks for taking the question. So I had one on the competitive landscape in rates. Today marks the one-month anniversary since FMX launched its SOFR futures contract.

是的，早安。感謝您提出問題。所以我有一篇關於費率競爭格局的文章。今天是 FMX 推出 SOFR 期貨合約一個月週年。

Volumes have been modest, to say the least. So Terry, I was just hoping to get maybe a state of the union on the competitive landscape and just your updated feelings since this competitor exchange launch.

至少可以說，成交量並不大。特里，我只是希望了解一下競爭格局的情況，以及自競爭對手交易所推出以來您的最新感受。

Thanks, Patrick. And again, I think you're right; the volumes have been modest, but it's early. So I'm not drawing any conclusions to -- as it relates to any competitor.

謝謝，派崔克。再說一遍，我認為你是對的；成交量不大，但現在還太早。因此，我不會得出任何結論——因為這與任何競爭對手有關。

We will continue to stay focused on the things that we are doing today, a lot of which, Patrick, you've heard us highlight over the last several months and years. And we highlighted again today, which is the efficiencies that we've been able to create for our clients in those asset classes that people are trying to compete with us in.

我們將繼續專注於我們今天正在做的事情，其中​​很多事情，帕特里克，你在過去幾個月和幾年裡都聽到我們強調過。今天我們再次強調，這就是我們能夠在人們試圖與我們競爭的資產類別中為客戶創造的效率。

So again, I think that's -- we feel very good about our strong performance. I think there was some question about the growth of our interest rate products that we had to put incentive plans in. We clearly stated that we did not and still had a growth. So I think that goes to show you the value of CME's products to its end users.

再說一遍，我認為我們對自己的強勁表現感到非常滿意。我認為我們的利率產品的成長存在一些問題，我們必須將激勵計劃納入其中。我們明確表示，我們沒有成長，但仍然有成長。所以我認為這向您展示了 CME 產品對其最終用戶的價值。

And we also will go to the fact that still the cheapest cost to any participant is the transaction fee. The bid offer is extremely expensive when it gets wider. If you look at some of our competitors -- and Mike can maybe add some more color to this -- on the back end of their offering, their spreads are a lot wider than CMEs, which the cost would be dramatically higher than any incentive program that could possibly pay for a transaction fee associated with this. So Mike, you give a little color. Then I'll come back and finish up.

我們還將認識到這樣一個事實：對於任何參與者來說，最便宜的成本仍然是交易費。當報價範圍擴大時，出價極為昂貴。如果你看看我們的一些競爭對手——邁克也許可以為此添加更多色彩——在他們產品的後端，他們的點差比 CME 寬得多，而 CME 的成本將大大高於任何激勵計劃這可能會支付與此相關的交易費用。所以麥克，你給點顏色。然後我會回來完成。

Yeah, sure. And thanks for the question, Patrick. Good morning. What Terry is referencing, it's still early days. But what we see is our bid-ask spreads are on average a quarter tick tighter in front-month SOFR contracts and almost a half tick tighter as you move out the SOFR curve. As we all know, half tick equates to $12.50 per contract in SOFR futures, which is towards the size of the transaction fee.

是的，當然。謝謝你的提問，派崔克。早安.特里所指的，現在還處於早期階段。但我們看到的是，近月 SOFR 合約的買賣價差平均收窄了四分之一個刻度，而當您移出 SOFR 曲線時，則幾乎收窄了半個刻度。眾所周知，SOFR 期貨中的半個跳動點相當於每張合約 12.50 美元，相當於交易費用的大小。

Or potentially whatever the incentive is to trade that market. So anyway, Patrick, I think that we're keeping a close watch on it. But we're staying really focused on our business and bringing the efficiencies.

或無論出於何種動機進行該市場交易。所以無論如何，派崔克，我認為我們正在密切關注此事。但我們仍然真正專注於我們的業務並提高效率。

Suzanne referenced the $1 billion a day that we were achieving with FICC. We want to make sure we can continue to build and grow on that program. We think it's very beneficial. We've got to get more firms signed up.

Suzanne 提到我們透過 FICC 每天實現 10 億美元的收入。我們希望確保我們能夠繼續在該計劃的基礎上發展和發展。我們認為這非常有益。我們必須讓更多的公司註冊。

There's a lot on firm's plate. So we're hopeful that they get signed up for that, and they're starting to see that they don't want to be left out of that potential $1 billion-plus on a daily basis with the FICC arrangement.

公司有很多事情要做。因此，我們希望他們能夠簽署此協議，並且他們開始意識到，他們不想被排除在 FICC 安排的每日潛在 10 億美元以上的資金之外。

So again, I think that's a -- I like our position there, but I won't comment any further than that. If you're referring to some of the local media that's been put out there as it relates to what I have said about treasuries or are you just referring to SOFR, so I know what you were talking about.

再說一次，我認為這是——我喜歡我們在那裡的立場，但我不會再發表任何評論。如果您指的是一些當地媒體發布的內容，因為它與我所說的有關國債的內容有關，或者您只是指 SOFR，那麼我知道您在說什麼。

Just SOFR, but if there's anything that you have to say on treasuries, I'd be happy to hear your thoughts on that.

只是 SOFR，但如果您對國債有什麼要說的，我很高興聽到您對此的想法。

I've said it pretty loud and clear publicly about how I feel about this. And I know that I keep getting rebuttals that monies from US participants are held in US banks, which is irrelevant. It could be held in Fort Knox; it wouldn't matter.

我已經公開大聲、清楚地表達了我對此的感受。我知道我不斷收到反駁，說美國參與者的資金存放在美國銀行，這是無關緊要的。它可以在諾克斯堡舉行；沒關係。

We are talking about the resolution authority and the authority of who gets to make the decisions over a default. And that would be the Bank of England and the FCA, not the United States of America, if, in fact, those contracts were to be cleared there.

我們談論的是解決權以及誰對違約做出決定的權力。事實上，如果這些合約要在那裡清算的話，那將是英格蘭銀行和英國金融行為監管局，而不是美利堅合眾國。

So that has been our argument, and people keep dodging it. I know that they're a duly regulated clearing entity, but that's got nothing to do with our arguments. So I think that I have been to as many people as I possibly can, will continue to be loud about this, and make sure people understand what could be the detrimental effect of having US treasuries, not only being cleared overseas but at the same time, having the resolution authority being overseen by a foreign regulator and not the United States government.

這就是我們的論點，但人們一直在迴避它。我知道他們是一個受到適當監管的清算實體，但這與我們的論點無關。因此，我認為我已經盡可能多地接觸過人們，將繼續大聲疾呼這一點，並確保人們了解擁有美國國債可能會產生什麼有害影響，不僅在海外清算，而且同時，決議機構由外國監管機構而非美國政府監督。

So I will wait to see on that, but I'm not backing down from that argument because I think it's very legitimate. And if they want to move into the United States of America and compete with us here under our laws, as I've said to many people, I'll pull my chair back and walk out because my argument is over. But that's not the case.

所以我會等著看，但我不會放棄這個論點，因為我認為這是非常合理的。如果他們想進入美利堅合眾國並根據我們的法律與我們競爭，就像我對很多人說過的那樣，我會拉開椅子並走出去，因為我的爭論已經結束了。但事實並非如此。

Okay. That's great color. Thanks for that. And then just a follow-up on pricing, specifically in rates, there's been a lot of speculation recently about what you could potentially do in response to FMX launching, people talking about you possibly cutting rates.

好的。那顏色真棒。謝謝你。然後是定價方面的後續行動，特別是利率方面，最近有很多關於您可能會採取哪些措施來應對 FMX 推出的猜測，人們談論您可能會降低利率。

But given what you've spoken about on this call and the value that you feel that you've provided to your customers, you're coming off -- or you're on track for our third consecutive year of record interest rate ADV, I guess the question is, is it misguided for us to assume that rate -- or possible price increases in the rates complex is off the table at this point? Thanks.

但考慮到您在本次電話會議中所談到的內容以及您認為自己為客戶提供的價值，您正在走下坡路，或者說您有望連續第三年創下 ADV 利率紀錄，我想問題是，我們假設目前不考慮利率或利率複合體中可能的價格上漲，這是否被誤導了？謝謝。

I think it's a misguided for anyone to assume they know what we're thinking about how we're going to run the business going forward on pricing. As I've said, we adjust our tiers all the time. We do a whole host of different things throughout the years. It doesn't have to do anything with competition. It's got all to do with the marketplace.

我認為任何人如果認為他們知道我們對如何在定價方面經營業務的想法，都是一種誤導。正如我所說，我們一直在調整我們的等級。這些年來我們做了很多不同的事情。它與競爭沒有任何關係。這一切都與市場有關。

So Patrick, as I said earlier, I clearly stated that we did not put any new incentive plans in place, and we've had an incremental growth. That's a record in this quarter for both SOFR and treasury. So I think that speaks volumes to where we're at today.

所以派崔克，正如我之前所說，我明確表示我們沒有製定任何新的激勵計劃，而且我們已經實現了增量成長。這對 SOFR 和財政部來說都是本季的記錄。所以我認為這對我們今天的處境很有意義。

Okay. Thanks for that, Terry.

好的。謝謝你，特里。

Thanks, Patrick.

謝謝，派崔克。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Yes, hey, good morning, everyone. Maybe in the context of new customer acquisition and what you focus on a lot, can we maybe go into the energy business in more detail here? I mean, there are clearly a lot of macro changes, structural changes that, quite frankly, from my perspective, seem to be the most interesting asset class in the next couple of years, given energy transition -- everything that's going on.

是的，嘿，大家早安。也許在新客戶獲取以及您非常關注的背景下，我們可以在這裡更詳細地討論能源業務嗎？我的意思是，顯然存在著許多宏觀變化、結構性變化，坦白說，從我的角度來看，考慮到能源轉型——所有正在發生的事情，這些變化似乎是未來幾年最有趣的資產類別。

So you have a very US-focused business, but obviously, some of these changes are global. So just wondering what you're doing to maybe capture some of that structural excitement? And what you're seeing in terms of new customer generation maybe around the world, and what your customers are doing different already and how you're positioned? Thanks.

因此，您的業務非常專注於美國，但顯然，其中一些變化是全球性的。所以只是想知道你正在做什麼來捕捉一些結構性的興奮？您在全球範圍內看到了新客戶的產生，您的客戶已經採取了哪些不同的做法，以及您的定位如何？謝謝。

Thanks for the question. I'm going to turn it to Derek, but I think you raised a really good point about what this asset class could mean over the next couple of years as we either transition out of it or continue to build on top of it. So I think there's a lot of verdicts yet to be read yet. So it's interesting with this asset class. So I think you're right to point it out, Derek.

謝謝你的提問。我會把它轉給德里克，但我認為你提出了一個非常好的觀點，即隨著我們要么擺脫它，要么繼續在它的基礎上繼續發展，這個資產類別在未來幾年可能意味著什麼。所以我認為還有很多判決有待宣讀。所以這個資產類別很有趣。所以我認為你指出這一點是對的，德瑞克。

Yeah. Thanks, Alex. I think you're seeing a lot of things that we're seeing right now. And number one, we are putting up a year-to-date record revenues in our energy business. We put together another extremely strong quarter with our volumes up about 21%. And actually, our options business up 45%. That's a new record for us for the quarter across the energy complex as a whole.

是的。謝謝，亞歷克斯。我想你看到的很多事情我們現在也看到了。第一，我們的能源業務今年迄今的收入創下了紀錄。我們又經歷了一個極其強勁的季度，銷量成長了約 21%。事實上，我們的選擇權業務成長了 45%。對於我們整個能源綜合體來說，這是本季的新紀錄。

You asked a great question. We spent a lot of time digging into where the business growth is coming from, and I'll provide some color as I have on previous calls. When you look at the growth of the business, we look at the record year-to-date results of this business, that business is coming -- we're seeing outsized growth coming from outside the US. That's what we're so excited about.

你問了一個很好的問題。我們花了很多時間來挖掘業務成長的來源，我將像之前的電話會議一樣提供一些資訊。當你觀察該業務的成長時，我們會看到該業務今年迄今創紀錄的業績，該業務即將到來——我們看到來自美國以外地區的超額增長。這就是我們如此興奮的原因。

We talked about the new client acquisition story that Julie talked about, boots on the ground, engaging new customers that for the first time with physical flows of WTI. And Henry Hub hitting the shores of Europe and Asia, that's bringing new commercial and buy-side customers into our market.

我們討論了朱莉談到的新客戶獲取故事，腳踏實地，吸引首次接觸 WTI 實體流動的新客戶。亨利中心到達歐洲和亞洲海岸，為我們的市場帶來了新的商業和買方客戶。

When you look at the numbers that underlie that, you look at our buy-side business is up 26% this year. Our commercial customer business up 16% this year. Our bank business, up 13% this year. When you look at where the growth is coming from, from a geographical point of view, our European business this year is up 37%, our LatAm business is up 30%.

當你查看背後的數字時，你會發現我們的買方業務今年成長了 26%。今年我們的商業客戶業務成長了 16%。我們的銀行業務，今年成長了13%。當你看成長來自哪裡時，從地理角度來看，我們今年的歐洲業務成長了 37%，我們的拉丁美洲業務成長了 30%。

So when we're looking at growth, it shouldn't surprise that when you see physical flows of US benchmarks priced on NYMEX -- and this is true on the ags and metals side as well -- those physical flows hitting the shores of Europe and Asia, that's driving new customer acquisition for us. They're not necessarily new customers to the energy complex. But there are customers that recently had only traded European or Asian products. They are now adding our global benchmark. So that is the import risk they're facing right now.

因此，當我們專注於成長時，當你看到以 NYMEX 定價的美國基準的實物流量（在農業和金屬方面也是如此）時，這些實物流量衝擊歐洲海岸就不足為奇了和亞洲，這正在推動我們獲取新客戶。他們不一定是能源綜合體的新客戶。但有些客戶最近只交易過歐洲或亞洲產品。他們現在正在添加我們的全球基準。這就是他們現在面臨的進口風險。

So when you look at the results of the business, we're seeing that the physical flows are driving global participation. So the other couple of pieces I'd point to is that we're seeing growth across not just WTI, we're seeing significant and even faster growth on the natural gas side of the business. When you look at the business this year, we're at a record level of almost 780,000 contracts in our nat gas business. That's up 33% this year.

因此，當您查看業務結果時，我們會發現實體流動正在推動全球參與。因此，我要指出的其他幾件事是，我們不僅看到了 WTI 的成長，我們還看到天然氣業務方面出現了顯著甚至更快的成長。當你看看今年的業務時，我們的天然氣業務合約數量達到了創紀錄的近 78 萬份。今年成長了 33%。

This is a market where the US is now producing and exporting record amounts of natural gas priced on Henry Hub, which is the market we own roughly 80% of. In a market share perspective, that business is flowing back into CME from European customers, adding Henry Hub pricing exposure to their overall portfolios.

美國現在在這個市場上生產和出口創紀錄數量的天然氣（以亨利中心定價），我們擁有該市場約 80% 的份額。從市場佔有率的角度來看，該業務正從歐洲客戶回流至芝商所，從而將亨利中心的定價風險納入其整體投資組合中。

That's been a big driver of the record activity in our nat gas options growth as well as these markets are extremely difficult to hedge on a flat price basis. So we're seeing increased activity on the option side. So hopefully, that gives you some color from the client perspective, from the regional perspective, and from the underlying product perspective.

這是我們天然氣選擇權成長創紀錄的主要動力，而且這些市場極難在統一價格的基礎上進行避險。因此，我們看到選擇權方面的活動增加。因此，希望這能夠從客戶的角度、區域的角度以及基礎產品的角度為您帶來一些啟發。

Lynne?

琳恩？

Yeah. And just to add a little bit to what Derek was saying, we have seen, with these new supply lines being drawn, the strong growth in both Europe and Asia in our crude business and Henry Hub. I think what we're also seeing as a longer-term trend, one of the limiters on the Henry Hub side is the ability to liquefy natural gas to then export it internationally.

是的。只是為了補充德里克所說的一點，我們已經看到，隨著這些新的供應線的繪製，我們的原油業務和亨利中心在歐洲和亞洲的強勁增長。我認為我們也看到了一個長期趨勢，亨利港方面的限制因素之一是液化天然氣然後將其出口到國際的能力。

We do expect and we do see the build-out in multiple liquefaction facilities that are ongoing. These are multiyear projects, but there are a number that are meant to come online in the next couple of years. So increasing that capacity and that ability to export could also be a tailwind for our business, as more international customers would then look to hedge back to that export point.

我們確實預計並且確實看到多個液化設施的擴建正在進行中。這些都是多年項目，但有一些項目預計在未來幾年內上線。因此，增加產能和出口能力也可能成為我們業務的順風車，因為更多的國際客戶將尋求對沖回到該出口點。

Thanks, Lynne. Thanks, Derek. Alex, did that get to your question?

謝謝，琳恩。謝謝，德里克。亞歷克斯，這回答了你的問題嗎？

I think it did. Great color. And I'll squeeze one quick one here on the tax rate. Clearly, you're suggesting the international growth is really helping that one.

我想確實如此。顏色很棒。我將在此簡要介紹稅率。顯然，您認為國際成長確實對這一點有幫助。

I mean, that's been really a multiyear trend. So if we continue this for 2025, do you think this -- around 23% is a better tax rate to use? Is that in your plans?

我的意思是，這確實是一個多年的趨勢。因此，如果我們在 2025 年繼續這樣做，您認為 23% 左右的稅率是更好的稅率嗎？這在你的計劃之中嗎？

I'm assuming you're referring to energy, Alex, again, on this --?

我假設你指的是能量，亞歷克斯，在這方面——？

No, no. Sorry, tax rates.

不，不。對不起，稅率。

I'm sorry. I thought you -- sorry, we have a bad connection here. It's hard to hear.

對不起。我以為你——抱歉，我們這裡的連結不好。很難聽清楚。

Yeah. So Alex, we did lower it based on the outsized growth that we're seeing internationally. Certainly, we will provide tax guidance as part of our outlook and guidance for the coming years. We have seen that outsized growth for several years, as you noted.

是的。亞歷克斯，我們確實根據我們在國際上看到的巨大增長來降低了它。當然，我們將提供稅務指導，作為我們未來幾年展望和指導的一部分。正如您所指出的，我們多年來已經看到這種巨大的增長。

Obviously, there are a number of factors that will be in play, including things like changes in administration, potentially what's going to be the political dynamic and impact on taxes. So it's a little premature for us to take a position on that go-forward tax rate at this point, but we'll certainly follow up on that.

顯然，有許多因素會發揮作用，包括政府的變化、潛在的政治動態和對稅收的影響等。因此，我們現在就未來稅率採取立場還為時過早，但我們肯定會跟進。

Thanks, Alex. Sorry for the -- couldn't hear you properly on the tax issue.

謝謝，亞歷克斯。抱歉，無法正確聽取您關於稅務問題的意見。

All good.

一切都好。

Thanks.

謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Thanks for taking my question. Maybe just going back to a broader discussion on pricing, over the past few years, you've announced pricing changes in the fourth quarter that go effective in 1Q. For changes that went effective in 2024, I think you guided to 1.5% to 2%, assuming constant volumes of pricing change. And in '23, I think that was 4% to 5%.

感謝您提出我的問題。也許只是回到關於定價的更廣泛的討論，在過去的幾年中，您已經宣布了第四季度的定價變化，並在第一季度生效。對於 2024 年生效的變化，我認為您的指導是 1.5% 到 2%，假設價格變化量恆定。在 23 年，我認為這個比例是 4% 到 5%。

Can you just give us an update on how you're thinking about future pricing over the medium term? And I guess, is there any reason to think that 2024's pricing change levels are not a good baseline assumption for 2025?

您能否向我們介紹一下您對中期內未來定價的最新看法？我想，是否有任何理由認為 2024 年的定價變動水準不是 2025 年的良好基準假設？

Kyle, I think pricing -- we evaluate that throughout the entire year for the next year, and there's a lot that goes into it other than just see if we can increase it by 1% or 2%.

凱爾，我認為定價——我們會在明年全年進行評估，除了看看我們是否可以將其提高 1% 或 2% 之外，還有很多事情要做。

One of the things I've always said -- and I'm sure you've heard me say this -- is there's going to be a good value-add associated to our clients when we change pricing. We invested heavily with our Google transition. We're excited about the future of that, what it means for clients. So that could have an impact on pricing one way or another, maybe to their benefit, obviously.

我一直說的一件事——我相信你已經聽過我這麼說過——是當我們改變定價時，將為我們的客戶帶來良好的增值。我們在 Google 轉型方面投入了大量資金。我們對它的未來感到興奮，它對客戶意味著什麼。因此，這可能會以某種方式對定價產生影響，顯然可能對他們有利。

But again, I think when you look at just blanket pricing increases, that's not something that we do. And I know some suggest that that was becoming a pattern. But it's because of what we were able to deliver to the marketplace over that time period, we were able to do price increases. But again, we evaluate that pricing throughout the entire year before we make any decisions and bring it to my Board.

但同樣，我認為，當你只考慮一攬子價格上漲時，我們並沒有這麼做。我知道有人認為這正在成為一種模式。但正是因為我們能夠在這段時間內向市場交付產品，我們才能夠提高價格。但同樣，我們會在做出任何決定並將其提交給董事會之前評估全年的定價。

Lynne, do you want to comment any further?

林恩，你還想發表進一步的評論嗎？

Yeah. The only thing I would add, Kyle, is that the 1.5% to 2% you quoted, that was on the clearing and transaction fees. Just keep in mind that we do look at different levers as we're thinking about pricing changes.

是的。凱爾，我唯一要補充的是，您引用的 1.5% 到 2% 是清算和交易費用。請記住，當我們考慮定價變化時，我們確實會考慮不同的槓桿。

Those could include changes to the fee schedule. It could include things like incentive programs or other agreements there. There is the data component and also things on collateral, so noncash and cash collateral fees.

這些可能包括費用表的變更。它可能包括激勵計劃或其他協議等內容。有數據部分，也有抵押品，即非現金和現金抵押品費用。

So we did guide to 1.5% to 2% this year on the clearing and transaction fee. We said 2.5% to 3% on total revenue given some of the changes we made on those other fee lines. And we've been tracking towards that throughout the course of this year.

所以我們今年確實將清算和交易費用指導為1.5%到2%。考慮到我們對其他費用項目所做的一些更改，我們表示佔總收入的 2.5% 至 3%。今年我們一直在努力實現這個目標。

Great, thank you. And then maybe a follow-up for Lynne on the expense trajectory. I think in 2023, you had $56 million of cloud migration expenses. That was expected to grow by $15 million this year. I guess, can you confirm whether that level of migration spend is still on track?

太好了，謝謝。然後也許是林恩的支出軌跡的後續行動。我認為到 2023 年，雲端遷移費用將達到 5,600 萬美元。今年預計將成長 1500 萬美元。我想，您能否確認這一遷移支出水準是否仍在正常範圍內？

And then can you remind us how we should think about the cloud migration expenses into '25 and '26? Will there be incremental spend needed in each of those years? And maybe address the interplay of that and the trajectory of D&A over that timeframe, too.

那麼您能否提醒我們應該如何考慮「25」和「26」的雲端遷移費用？每年都需要增量支出嗎？也許還可以解決這一點的相互作用以及 D&A 在這段時間內的軌跡。

Yeah, sure. So if you look at the migration spend for this year, the total spend is on target for our guidance of $90 million. Now the difference between that and the $15 million increase, you do have some roll-off on existing business as usual expenses as we've been migrating to the cloud.

是的，當然。因此，如果您查看今年的遷移支出，您會發現總支出符合我們 9000 萬美元的目標。現在，這與增加的 1500 萬美元之間的差異是，隨著我們遷移到雲，現有業務照常支出確實會減少。

So you see about $25 million in costs that are rolling off, which would get you to that differential or that increase of $15 million year over year. So we are on track with our guidance on that expenditure.

因此，您會看到大約 2500 萬美元的成本正在減少，這將使您達到這一差異或同比增加 1500 萬美元。因此，我們對該支出的指導正步入正軌。

I think what we've also said is that we would expect incremental costs related to our migration for the first four years. We are in year three. So we do expect to still see incremental costs next year related to that migration.

我認為我們也說過，我們預計前四年的遷移相關成本會增加。我們已經第三年了。因此，我們確實預計明年仍會看到與遷移相關的增量成本。

I would note that the Google-related expenses were included in our overall expense guidance. So that 3.9% implied by our expense guidance did include that Google spend. So that has been trending down as we are starting to see some of the benefits of rolling off that on-premises operating expense.

我要指出的是，與Google相關的費用已包含在我們的整體費用指導中。因此，我們的費用指引中隱含的 3.9% 確實包含了 Google 的支出。因此，隨著我們開始看到減少本地營運費用的一些好處，這種趨勢一直在下降。

Great, thank you.

太好了，謝謝。

Thanks, Kyle.

謝謝，凱爾。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great, thanks. Good morning, folks. Thanks for taking my questions. Maybe just one quick one on -- back to the competitor on SOFR. And Terry, thanks very much for the commentary. They're very, very good and very, very detailed.

太好了，謝謝。早安，夥計們。感謝您回答我的問題。也許只是快速介紹一下——回到 SOFR 上的競爭對手。特里，非常感謝您的評論。它們非常非常好而且非常非常詳細。

On the pricing of the SOFR contracts and tiering, is that something you could use in the future? I mean, compared, obviously, with the tick size and the wideness of the bid-ask spread dwarfing that, it would seem like you wouldn't need to do that. But is that something that you could do in the future in terms of pricing to certain members using any incentives on that should the market share increase from the competitor?

關於 SOFR 合約和分級的定價，您將來可以使用嗎？我的意思是，顯然，相比之下，價格變動的大小和買賣價差的廣度相形見絀，你似乎不需要這樣做。但是，如果競爭對手的市場份額增加，您是否可以在未來使用任何激勵措施向某些會員定價？

Yeah, Brian, I appreciate the question. And as you can imagine, I'm not going to comment on that because there's so many different levers that we have here to bring value to our clients, as I continue to say. And I'm not going to predetermine what I should or should not do on this call right now.

是的，布萊恩，我很欣賞這個問題。正如你可以想像的那樣，我不會對此發表評論，因為正如我繼續說的，我們有很多不同的手段可以為我們的客戶帶來價值。我現在不會預先決定在這次電話會議上我應該做什麼或不應該做什麼。

We have to -- we do a lot of theoretical game planning here at my team. And we look at certain things on pricing. We look at certain things on value-add. But as I said, we did not increase -- put any incentives in for the last -- and we had a record quarter. So we're pretty pleased with the way the market has anticipated our offering to date. So it'd be foolish of me to try to suggest that we would do anything different at this moment.

我們必須－我們在我的團隊中做了很多理論遊戲規劃。我們會關注定價方面的某些事情。我們會關注增值方面的某些事情。但正如我所說，我們沒有增加——最後才投入任何激勵措施——而且我們的季度創歷史新高。因此，我們對市場迄今為止對我們產品的預期方式感到非常滿意。因此，如果我試圖建議我們此時採取任何不同的措施，那就太愚蠢了。

Yeah, totally clear. And then maybe just, Lynne, could you review the collateral balances and the rates paid for the quarter and then, I guess, exiting September, given we had the rate cut in the month?

是的，完全清楚。然後，Lynne，您能否審查一下本季的抵押品餘額和支付的利率，然後，我想，考慮到我們在本月降息，9 月結束？

Sure. So in Q3, our average cash balances were $72 billion, which was similar to the $73 billion we saw in the prior quarter. Our rate, we earned on that, remained consistent at 36 basis points.

當然。因此，在第三季度，我們的平均現金餘額為 720 億美元，與上一季的 730 億美元相似。我們由此賺取的利率維持在 36 個基點不變。

On the noncash collateral side, we saw a slight increase to $165 billion for the quarter versus $161 billion last quarter. And we continue to earn 10 basis points on that noncash collateral.

在非現金抵押品方面，我們看到本季略有增加，達到 1,650 億美元，而上季為 1,610 億美元。我們繼續透過非現金抵押品賺取 10 個基點。

So far in October, we've seen slight increases in both of those elements. The US cash balances are averaging $73 billion in months to date, and the noncash collateral is averaging $173 billion.

十月到目前為止，我們已經看到這兩個要素略有增加。迄今為止，美國現金餘額平均為 730 億美元，非現金抵押品平均為 1,730 億美元。

Okay. And is the spread the same given the rate cuts, or is that different coming into 3Q?

好的。考慮到降息，息差是否相同，或進入第三季時是否有所不同？

Continue on the cash collateral, you have the 25 basis points return to clients. The difference between the 36 that we've been earning in the '25 is our ability to optimize our returns using some other vehicles. So that did not change during the quarter.

繼續使用現金抵押品，您將獲得 25 個基點的回報給客戶。我們在 25 年內賺取的 36 美元之間的差異在於我們使用其他一些工具來優化回報的能力。因此，這一點在本季沒有改變。

If rates continue to decrease, an ability to get those outsized returns might be pressured. But the overall rate that we're paying has not changed, and it's been at that same 25 basis points for quite a few rate hikes. Yeah, it's been since the IRB rate was at 1.65%.

如果利率繼續下降，獲得巨額回報的能力可能會受到壓力。但我們支付的整體利率沒有變化，而且在多次升息中，利率都維持在 25 個基點。是的，自從 IRB 利率為 1.65% 以來。

Got it. Okay. I'm sorry. So the spread is still 36 basis points. Is that right?

知道了。好的。對不起。所以利差還是36個基點。是這樣嗎？

The spread is still 25. We're earning more because we're able to optimize those returns.

點差還是25。我們賺取更多收入是因為我們能夠優化這些回報。

Yes, I see what you're saying. Yes, okay. Got it. Yup, thank you.

是的，我明白你在說什麼。是的，好的。知道了。是的，謝謝。

Thanks, Brian. Anything else? You good?

謝謝，布萊恩。還要別的嗎？你好嗎？

Yeah, totally good. Thank you so much for all the answers.

是的，完全好。非常感謝您的所有回答。

Thanks, Brian. Appreciate it.

謝謝，布萊恩。欣賞它。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thank you. Good morning, everyone. Most of my questions were asked, but I wanted to try to ask them in a different way. So I apologize if any repetition.

謝謝。大家早安。我的大部分問題都被問到了，但我想嘗試以不同的方式問他們。因此，如果有任何重複，我深表歉意。

But first one, we have a follow-up on Robinhood's future and index options launched this quarter. I was curious, which products do you expect to see the largest uptick in demand? We're thinking SPY, WTI.

但首先，我們對 Robinhood 的未來和本季推出的指數選擇權進行了跟進。我很好奇，您預期哪些產品的需求增加最大？我們正在考慮 SPY、WTI。

And also, how do you think SPY will compete against its core competition, including SPX, given its tax efficiency? And we are curious what insight Webull's launch was able to inform you on this, just given Robinhood's differentiated clientele.

另外，考慮到 SPY 的稅務效率，您認為 SPY 將如何與其核心競爭對手（包括 SPX）競爭？我們很好奇，鑑於 Robinhood 的客戶群差異化，Webull 的推出能夠為您提供哪些見解。

All right. Thanks, Craig. I appreciate the question. On the Robinhood and the product, I'll let Julie take that. On the SPX versus the (inaudible), I'm going to let Tim talk about that in a moment. So Julie, why don't you start?

好的。謝謝，克雷格。我很欣賞這個問題。關於羅賓漢和產品，我會讓朱莉接受。關於 SPX 與（聽不清楚）的問題，我稍後將讓 Tim 討論這一點。那麼朱莉，為什麼不開始呢？

Yeah. Thanks for the question Craig. What we have typically seen in new retail clients coming to trade CME products is the first entry point is within our micro equity suite. These active traders are up and using this to hedge existing stock portfolios. They have typical experience trading cash and cash equity options.

是的。謝謝克雷格的提問。我們在交易 CME 產品的新零售客戶中通常看到的是，第一個切入點位於我們的微型股票套件內。這些活躍的交易者正在利用這一點來對沖現有的股票投資組合。他們擁有交易現金和現金股票選擇權的典型經驗。

And so this is a natural overlay to move into the derivative space in equities first. What we have seen is, as you mentioned, the diversification that we then are quickly able to follow up on is an important part of our product suite for retail, where we are able to then work with our distribution partners to offer them things like WTI and energy, as well as our metals complex has continued to see a lot of growth, too, with our micro gold.

因此，這是首先進入股票衍生性商品領域的自然疊加。正如您所提到的，我們所看到的是，我們能夠快速跟進的多元化是我們零售產品套件的重要組成部分，我們能夠與我們的分銷合作夥伴合作，向他們提供 WTI 等產品和能源，以及我們的金屬複合體也隨著我們的微金而持續大幅成長。

So I'll turn things over to Tim to talk through a little bit of the competition side of things.

所以我會把事情交給蒂姆來談談競爭方面的一些事情。

Great. Thanks, Craig, and I appreciate the question. When looking at the S&P 500 ecosystem, it is important to note that these are highly interrelated. But just to clarify that when we look at the futures and options on futures products at CME Group, they are also efficient from a tax perspective. They are also a Section 1256 contract that enjoys the blended 60/40 capital gain tax.

偉大的。謝謝克雷格，我很欣賞這個問題。在檢視標準普爾 500 指數生態系統時，需要注意的是，這些生態系統是高度相關的。但需要澄清的是，當我們審視芝商所的期貨和期貨產品選擇權時，從稅收角度來看，它們也是高效率的。它們也是享受 60/40 混合資本利得稅的第 1256 條合約。

That is an index-based determination. That is something that we enjoy other index products are also able to provide; the ETFs are not. And when we look at the way that our contracts will be not only distributed through Robinhood but all of our partners, it continues to be an important tool for traders to manage their risk, to access that market.

這是基於指數的決定。這是我們喜歡的其他指數產品也能夠提供的； ETF則不然。當我們看到我們的合約不僅透過 Robinhood 分發，而且還透過我們所有的合作夥伴分發時，它仍然是交易者管理風險、進入市場的重要工具。

And when we look at how we're doing against ETFs, I'm excited by the fact that more retail distribution partners are coming online. Because even if we look at Q3, we've had very strong performance in terms of our futures versus ETF as a product choice.

當我們看到我們針對 ETF 的表現時，我對越來越多的零售分銷合作夥伴上線這一事實感到興奮。因為即使我們看第三季度，我們的期貨與 ETF 作為產品選擇的表現也非常強勁。

And when we're looking at that, we're at the highest multiple in my 11 years here at CV tracking it. But our S&P 500 futures at CME Group are out-trading the associated S&P ETF by a factor of 15:1 for the third quarter.

當我們看到這一點時，我們的本益比是我 11 年來追蹤它的 CV 中最高的。但第三季度，我們在 CME 集團的標普 500 指數期貨的交易量比相關標普 ETF 的交易量高出 15:1。

So optimistic about what even more distribution platforms offering our products alongside the cash markets and ETFs. We think it will be a great opportunity for the market to take advantage -- not only advantage of the tax efficiencies, but all the capital efficiencies we offer here at CME Group.

我們對更多的分銷平台在現貨市場和 ETF 之外提供我們的產品感到非常樂觀。我們認為這將是市場利用的絕佳機會——不僅可以利用稅收效率，還可以利用我們在芝商所提供的所有資本效率。

Thank you. (multiple speakers) No, that was great. Very comprehensive. Thank you. Just for my follow-up, we have a question on event contracts.

謝謝。（多個發言者）不，那太好了。非常全面。謝謝。作為我的後續行動，我們有一個關於活動合約的問題。

So a large online broker launched a political election and weather contract platform recently. It's been getting a lot of media attention, as I'm sure you're aware, given the upcoming US election. And this is an example of a broker offering contract, so some vertical integration.

因此，一家大型線上經紀商最近推出了政治選舉和天氣合約平台。鑑於即將到來的美國大選，我相信您也知道，它已經引起了許多媒體的關注。這是經紀商提供合約的一個例子，所以有些垂直整合。

I'm wondering if there's an opportunity for CME to play a bigger role in this business and if you think there is a large TAM for event and political election contracts in the United States.

我想知道 CME 是否有機會在這項業務中發揮更大的作用，以及您是否認為美國的活動和政治選舉合約有大量 TAM。

So Craig, thanks for the question. And I will start and then let Tim go ahead, and make a comment or two as well as it relates to that. So we've been asked -- I don't know if your question is being asked in a different way, are we going to list political event contracts? And the answer is, at this moment in time, no. But we never forgo any opportunity that we might see in the future.

克雷格，謝謝你的提問。我將開始，然後讓蒂姆繼續，並發表一兩條與此相關的評論。因此，我們被問到 - 我不知道您的問題是否以不同的方式提出，我們是否要列出政治事件合約？就目前而言，答案是否定的。但我們永遠不會放棄未來可能看到的任何機會。

But at this given moment in time, we do not see that as an avenue that CME wants to partake in. I don't see that too dissimilar, though, to Bitcoin. We did not participate in that for many, many years until we thought it was mature enough for us to list it and make sure that the product was not readily manipulable under the core principles of the CFTC.

但目前，我們並不認為這是 CME 想要參與的途徑。不過，我認為這與比特幣並沒有太大不同。我們已經很多很多年沒有參與該項目，直到我們認為它足夠成熟，我們可以將其上市，並確保該產品在 CFTC 的核心原則下不易被操縱。

I'm not suggesting that the product that's being listed today is, but we need to know more about it and watch some cycles before we decide to jump into something like that. So I don't know if your question was, are we going to get into that or not.

我並不是說今天列出的產品就是這樣，但我們需要更多地了解它並觀察一些週期，然後才能決定進入類似的領域。所以我不知道你的問題是否是我們是否要討論這個問題。

So I want to make sure that was perfectly clear that at this moment in time, no. But we never forgo potential opportunities if we think that they're right. But timing is always everything for me and my team. So we'll see how that works out. On the other part, I'll let Tim address.

所以我想確保目前這一點非常清楚，不。但如果我們認為潛在的機會是正確的，我們絕對不會放棄這些機會。但對我和我的團隊來說，時機始終至關重要。所以我們會看看效果如何。另一方面，我會讓蒂姆講話。

Sure. Thanks, Terry. I think the one thing I would say with respect to our offering of event contracts here at CME Group is it's important for us to offer those products to the market in a way that leverage the other futures contract that we have at CME.

當然。謝謝，特里。我認為，關於我們在芝商所提供的活動合約，我要說的一件事是，我們以利用我們在芝商所擁有的其他期貨合約的方式向市場提供這些產品非常重要。

So our approach to event contracts are they have an underlying associated future that also trades at CME Group, which is a key part to our product offering. Also look at longer-dated year-end event contracts on the equity indices. We'll continue to work with market participants to figure out if there are additional types of products that they want in the marketplace.

因此，我們對活動合約的處理方法是，它們具有潛在的相關未來，也在芝商所交易，這是我們產品供應的關鍵部分。也要看股指上較長期的年終事件合約。我們將繼續與市場參與者合作，以確定市場上是否有他們想要的其他類型的產品。

Like I said earlier, that holds true for all of our asset classes. But for rent contracts, it's key to us right now to focus on transposing the liquidity we have in their sort of older sibling contracts in a new form, offering more ways to trade those same markets. But we'll continue to engage with the market to see what else we should be (technical difficulty)

正如我之前所說，這適用於我們所有的資產類別。但對於租賃合約來說，我們現在的關鍵是專注於以新的形式轉移我們在較舊的兄弟合約中所擁有的流動性，從而提供更多的方式來交易這些相同的市場。但我們將繼續與市場接觸，看看我們還應該做什麼（技術難度）

Thanks, Tim. Craig, did that address your questions?

謝謝，蒂姆。克雷格，這解決了你的問題嗎？

No, that was great. Thank you, guys.

不，那太好了。謝謝你們，夥計們。

Thanks, Craig. Appreciate it.

謝謝，克雷格。欣賞它。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Good morning, and thank you for taking my question. So I have a quick question on your expense guidance. If I look at the first three quarters of last year, your comp ratio was about 14% on average. This year, for the first three quarters, your comp ratio is only about 13.1% based on my math.

早安，感謝您提出我的問題。我對你們的費用指導有一個簡短的問題。如果我看去年前三個季度，你們的平均薪資比率約為 14%。根據我的計算，今年前三個季度，你們的薪資比率僅為 13.1% 左右。

But your revenue this year is much stronger than last year. So is there any change on the full-year comp expense this year versus last year? And should we expect a big true-up of the incentive comp in the fourth quarter? Thanks.

但你們今年的收入比去年強多了。那麼今年全年的補償費用與去年相比有什麼變化嗎？我們是否應該期待第四季度激勵補償的大幅調整？謝謝。

Thanks, Owen. Lynne?

謝謝，歐文。琳恩？

Yeah. So Owen, we do have true-ups for incentive comp throughout the year as we look at incentive-based or performance-based compensation. That will flow through in the various quarters.

是的。因此，歐文，當我們考慮基於激勵或基於績效的薪酬時，我們全年確實對激勵薪酬進行了調整。這將在各個方面流動。

So I would say what you're seeing is some of the operating leverage in our business. So to drive that revenue, it's not a direct relation to us adding additional headcount. So I think you're just seeing the benefits of that model rolling through this year.

所以我想說你看到的是我們業務中的一些營運槓桿。因此，為了增加收入，這與我們增加額外的員工人數沒有直接關係。所以我認為您今年剛剛看到了該模式的好處。

So we should expect like a bigger true-up in the fourth quarter. Is that what we should think about from margin perspective?

因此，我們應該期待第四季度出現更大的調整。這是我們應該從利潤角度來考慮的問題嗎？

No, no. So the true-up happens over the course of the year. So if there is any outperformance or underperformance, you will see that in each of the respective quarters. So it's not a true-up of an incentive comp in the fourth quarter. And our expectations on compensation are built into our expense guidance for the year.

不，不。因此，調整會在一年中發生。因此，如果有任何表現出色或表現不佳的情況，您都會在每個季度看到這一點。因此，這並不是第四季激勵補償的真實情況。我們對薪酬的期望已納入我們今年的費用指導中。

(multiple speakers) We're growing revenue with the same amount of people that we have in place with the same cost expense that we have because of the operating leverage model that we have. So that's why the math is off on yours to our picture.

（多位發言者）由於我們擁有營運槓桿模型，我們在擁有相同數量的人員和相同的成本支出的情況下增加了收入。這就是為什麼你的數學與我們的圖片不符的原因。

All right, got it. That's it for me. Thanks a lot.

好的，明白了。對我來說就是這樣。多謝。

Thanks, Owen.

謝謝，歐文。

Mike Cyprus, Morgan Stanley.

麥克‧塞浦路斯，摩根士丹利。

Hi, good morning. Thanks for taking the question. Maybe one for you, Terry, just coming back to your earlier comments on treasury futures clearing abroad.

嗨，早安。感謝您提出問題。特里，也許適合你，剛剛回到你之前對國外國債期貨清算的評論。

Just curious in your conversations with regulators. What level of receptivity are you hearing to your arguments that treasury features should not be cleared abroad? And what actions might we see, if any, taken?

只是對您與監管機構的對話感到好奇。您對於金庫特徵不應該在國外清算的論點的接受程度如何？如果有的話，我們可能會採取什麼行動？

And then if a competitor were to set up a US clearinghouse to clear treasury futures here in the US, what would be the scope for them to sort of access netting benefits from a related clearinghouse in London?

那麼，如果競爭對手要在美國建立美國清算所來清算美國國債期貨，那麼他們從倫敦相關清算所獲得淨額清算收益的範圍有多大？

That's a great question, Mike. I mean, one of the things that I am going and talking to about treasury futures clearing is, and I'm getting some traction on, is I don't think people realize the size of the derivatives market than it is today, which is 13% larger than the cash market on an annual basis of notional trade.

這是一個很好的問題，麥克。我的意思是，我要討論的有關國債期貨清算的一件事是，我認為人們沒有意識到衍生性商品市場的規模比現在更大，而且我也得到了一些關注。比現貨市場高13%。

So you have a new law on cash treasury clearing. But the exclusivity of that particular law on cash treasuries being cleared under the guidance of and regulation of the SEC, not any joint guidance, I think people start to realize that these products, treasury futures, treasury cash, potentially ETFs, are a huge part of the ecosystem that make that market work. So I think people are realizing that now.

因此，有一項關於現金國庫清算的新法。但是，關於現金國債在 SEC 的指導和監管下清算的特定法律的排他性，而不是任何联合指導，我認為人們開始意識到這些產品，國債期貨，國債現金，潛在的 ETF，是一個重要的組成部分使該市場發揮作用的生態系統。所以我認為人們現在正在意識到這一點。

Again, I don't think people realize the size of the derivatives market. And the importance there of it, I think everybody understands. So I think people are starting to take notice of it. I cannot predict what the outcome is going to be one way or another. But I will tell you that there's been inquiries coming from the Hill to the regulators.

再說一次，我認為人們沒有意識到衍生性商品市場的規模。我想每個人都明白它的重要性。所以我認為人們開始注意到它。我無法預測結果會是這樣還是那樣。但我會告訴你，國會已經向監管機構提出了質詢。

I know there's been responses from the regulator back to the Hill that they're taking this very seriously. And they are trying to analyze what it means for a cross-border clearinghouse to be clearing foreign sovereign debt in futures; and how does that work as it relates to potentially the MOUs that are under -- they have today, which have been amended, which nobody is talking about either.

我知道監管機構已向國會回應，表示他們正在非常認真地對待此事。他們正試圖分析跨國清算所在期貨中清算外國主權債務意味著什麼；以及它是如何運作的，因為它與潛在的諒解備忘錄有關——他們今天已經簽署了諒解備忘錄，這些諒解備忘錄已經被修改，但也沒有人談論。

As you may or may not know, the Bank of England changed their bankruptcy laws. And they no longer have -- US participants no longer have protection under the bankruptcy laws of the UK. The UK is now -- the Bank of England is the default for all bankruptcies as related to systemically important institutions. And that is different from what was in the original MOU with the CFTC, when they became registered in both US and the UK.

您可能知道也可能不知道，英格蘭銀行更改了破產法。美國參與者不再受到英國破產法的保護。英國現在——英格蘭銀行是所有與系統重要性機構相關的破產的違約方。這與它們在美國和英國註冊時與 CFTC 的原始諒解備忘錄中的內容不同。

So I think there's a lot of changes. So people are understanding that. We're explaining that to them, the importance of it, and what does it mean if they were to come open up a clearinghouse in the US as the second part of your question, I believe. And they did have that. LCH under LSE had a US clearing entity, which is now dormie. I don't believe it's up and running at all for any products.

所以我認為有很多變化。所以人們正在理解這一點。我相信，我們正在向他們解釋這一點，解釋它的重要性，以及如果他們在美國開設一個票據交換所作為你問題的第二部分，這意味著什麼。他們確實有這個。倫敦證券交易所旗下的LCH在美國有一個清算實體，現在是dormie。我不相信任何產品都可以正常運作。

And if, in fact, they decided to reconstitute that clearinghouse here in the US, the offsets would not be what they suspect they would be in London. So they would lose the offsets against the portfolio.

事實上，如果他們決定在美國重建清算所，那麼抵銷金額將不會像他們想像的那樣在倫敦。因此他們將失去投資組合的抵銷額。

So I guess, I would have to ask what's the benefit of them doing it and the costs associated for the London Clearing House to reconstitute the clearing house in the United States to do so. So I'll turn it to my colleague, Suzanne Sprague, to clean up anything that I said improperly.

所以我想，我不得不問他們這樣做的好處是什麼，以及倫敦清算所在美國重組清算所的相關成本。因此，我會將其交給我的同事蘇珊·斯普拉格 (Suzanne Sprague)，以糾正我所說的任何不當內容。

Yeah. Just to the second part of your question on the ability to achieve the offset between clearinghouses in different geographies, it's hard to speculate on how the regulators would look at that today. But our own experience in the past has shown that it is very expensive to do so. So the regulators had basically required the clearing houses to hold capital in the amount equal to the margin savings you give your participants.

是的。就您問題的第二部分而言，即能否在不同地區的清算所之間實現抵消，很難推測監管機構今天會如何看待這個問題。但我們過去的經驗表明，這樣做的成本非常高。因此，監管機構基本上要求清算所持有的資本金額等於您為參與者節省的保證金。

So the clearing houses, basically, still have to be fully capitalized in each jurisdiction to recognize the benefit of the margin offsets that you give to customers. And the reason for that, really, has been, back to Terry's point, on the resolution regime, given that the domestic regulator would be the one overseeing the resolution of each clearinghouse.

因此，清算所基本上仍然必須在每個司法管轄區充分資本化，才能認識到您向客戶提供的保證金抵消的好處。回到特里的觀點，原因實際上是關於決議機制，因為國內監管機構將負責監督每個清算所的決議。

The domestic regulators have wanted to be fully capitalized even in spite of any margin efficiencies that you're able to give between clearinghouses. So we hadn't been able to get over that hurdle in the past. I would anticipate that would hold true in the future as well.

儘管清算所之間可以提供保證金效率，但國內監管機構仍希望實現充分資本化。所以我們過去沒能克服這個障礙。我預計這在未來也同樣適用。

Super. Thank you for the comprehensive answer there. Just a follow-up, if I could, on interest rate swap clearing. I thought I heard reference to a $40 billion margin of swap collateral. Just curious, how much of that was on the US interest rate side?

極好的。感謝您的全面回答。如果可以的話，我只是對利率掉期清算進行後續跟進。我想我聽說過 400 億美元的掉期抵押品保證金。只是好奇，其中有多少是美國利率方面的？

And maybe you could just elaborate a bit on, what sort of growth you're seeing across your interest rate swap clearing business? How much of that's contributing overall today? Seems like this could be a growth opportunity for you, given the larger clearing house overseas.

也許您可以詳細說明一下，您在利率掉期清算業務中看到了什麼樣的成長？今天，其中的整體貢獻有多少？鑑於海外清算所規模更大，這對您來說似乎是一個成長機會。

What steps might be able to take to convince customers to move their swap clearing business over to you? How might you increase that appeal and reduce some frictions that make it more seamless for customers to move more activity over?

可以採取哪些步驟來說服客戶將掉期清算業務交給您？您如何增加吸引力並減少一些摩擦，使客戶能夠更無縫地轉移更多活動？

Suzanne and Mike, you guys want to address that?

蘇珊娜和麥克，你們想解決這個問題嗎？

Yeah, sure. Thanks for the question. So in terms of the amount of US dollar swap margin as a percentage of that total, it is the majority. That tends to fluctuate, I think, between about 75% and 80% in terms of the amount of total margin requirement that we have coming from the swap activity.

是的，當然。謝謝你的提問。所以從美元掉期保證金佔總保證金的比例來看，它是佔多數的。我認為，就我們來自掉期活動的總保證金要求而言，這一數字往往在 75% 至 80% 之間波動。

I will reemphasize again, just the point of the efficiencies that are gained in the portfolio margin program, I think that is a primary driver to the level of activity that we see in our swaps offering. Capital efficiencies in that space have been a large focal point really since the onset of the clearing mandate for swap clearing, especially because the regulations require a five-day margin period of risk for those products.

我將再次強調，投資組合保證金計畫中所獲得的效率，我認為這是我們在掉期產品中看到的活動水準的主要驅動力。自從互換清算的清算授權開始以來，該領域的資本效率實際上一直是一個重要的焦點，特別是因為法規要求這些產品有五天的保證金期限。

So there is even more focus on being able to offer efficiencies within the swaps complex and across other asset classes or other complexes within the interest rate asset class like futures and options. So I'll pass it over to Mike for anything else you wanted to add there on the competitive landscape.

因此，人們更加關注能夠在掉期綜合體以及其他資產類別或利率資產類別（如期貨和選擇權）內的其他綜合體中提供效率。因此，我會將其轉交給麥克，以了解您想在競爭格局中添加的任何其他內容。

Yeah, Mike, thanks for the question. Good morning. For me, being here a short period of time, my first order of business was to meet with all the dealers and kind of talk exactly about what you're highlighting is, our margin efficiencies between SOFR futures, treasury futures, and our swap portfolio.

是的，麥克，謝謝你的提問。早安.對我來說，來到這裡的時間很短，我的首要任務是與所有交易商會面，並準確討論您所強調的內容，即我們的SOFR 期貨、國債期貨和掉期投資組合之間的保證金效率。

Obviously, a general theme on the Street right now is Basel III Endgame challenges with capital, tightness of liquidity, and how this is all going to impact the balance sheet. So we're definitely in front of clients. We're definitely explaining this value proposition.

顯然，目前華爾街的一個普遍主題是《巴塞爾協議 III》終局挑戰，包括資本、流動性緊張以及這一切將如何影響資產負債表。所以我們絕對是在客戶面前。我們一定會解釋這個價值主張。

We've seen a little bit of renewed interest in sending portfolios to us to do some what-if scenarios and some portfolio calculations. So we do think, to your point, that it is a good area of growth for us.

我們看到人們重新有興趣向我們發送投資組合，以進行一些假設情境和一些投資組合計算。因此，就您的觀點而言，我們確實認為這對我們來說是一個良好的成長領域。

Great, thank you.

太好了，謝謝。

Thanks, Mike.

謝謝，麥克。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Okay, thank you very much for taking the question this morning. Just maybe on expenses. Just you reiterated your guide of $1.585 billion for the year, which I would assume some seasonal -- a lot of pick-up into the fourth quarter. So how much of that is seasonal versus more structural?

好的，非常感謝您今天早上提出這個問題。也許只是費用。剛才您重申了今年 15.85 億美元的指導方針，我認為這是季節性的——到第四季度會有大量回升。那麼，其中有多少是季節性的，而不是結構性的？

And then as you think about the business conceptually, you're operating at a very high level of profitability, 69% margin. How do we think about that going forward? Is there a natural governor to the margin? Would you let that drop to the bottom line? Thank you.

然後，當您從概念上考慮業務時，您會發現您的獲利水準非常高，利潤率為 69%。我們如何看待未來的發展？是否有一個天生的邊緣管理者？你會讓這個下降到底線嗎？謝謝。

Yeah, Bill, this is Lynne. So on your first question, one thing to keep in mind is we typically have some of our larger marketing events in the fourth quarter. So it's not unusual for us to see an increase in that quarter related to that spend. So you will see, if you look back at 2023, the Q3 to Q4 expense growth was $40 million. That is the same growth that would be implied by our guidance of this Q3 to Q4.

是的，比爾，這是琳恩。因此，關於你的第一個問題，需要記住的一件事是，我們通常會在第四季度舉辦一些大型行銷活動。因此，我們看到該季度與該支出相關的成長並不罕見。所以你會發現，如果你回顧 2023 年，第三季到第四季的費用成長為 4,000 萬美元。這與我們對第三季至第四季的指導所暗示的增長相同。

So the majority of that is going to be that outsized marketing spend. Some of it also will go to things like the joint support for some of the new retail FCMs that have come online, so kind of capitalizing on some of that opportunity for revenue growth.

因此，其中大部分將是巨額行銷支出。其中一些也將用於對一些已上線的新零售 FCM 的聯合支持，因此可以利用一些收入成長的機會。

And then you will continue to see some of that ramp up in our cloud migration expense that grows in the technology line. As we've moved more applications to the cloud, you will see that grow. And we've seen some of the offsetting declines in depreciation rolling through.

然後，您將繼續看到我們的雲端遷移費用在技術領域不斷增長。隨著我們將更多應用程式遷移到雲端中，您將會看到這種成長。我們已經看到一些抵消性的貶值下降正在發生。

But all of that was anticipated in our guidance. As we continue on that migration path, you would see that amount move up. In terms of margin, we don't target an operating margin. Similar to the question on RPC before, we're focused on how we drive that earnings growth.

但所有這些都在我們的指導中預料到了。當我們繼續沿著遷移路徑前進時，您會看到該數量增加。在利潤率方面，我們不以營業利益率為目標。與先前關於 RPC 的問題類似，我們關注的是如何推動獲利成長。

If there are opportunities for us to invest in new opportunities or new growth initiatives, we certainly are going to do that, not focusing instead on what our target operating margin would be. We're focusing on driving growth.

如果我們有機會投資新機會或新成長計劃，我們當然會這樣做，而不是專注於我們的目標營業利潤率。我們專注於推動成長。

So obviously, we have enjoyed very nice margins, and it relates to the ability of us to return a lot of cash to our shareholders. But that is -- that's part of the beauty of our model and the cash-generative nature of the business. But it's not something where we have a specific target in mind for a margin level.

顯然，我們享有非常好的利潤率，這與我們向股東返還大量現金的能力有關。但這是我們模式之美和業務創收本質的一部分。但這並不是我們心中有一個具體的利潤水準目標。

Okay. Thank you. And just as a quick follow-up, just going back to the rise of the retail opportunity broadly, given that sort of an ongoing opportunity, how do you think about the -- for those clients that may be on the platform already, let's say, a year or so or just whatever the appropriate seasoning point would be, what kind of uplift do you tend to see in terms of that volume growth? And is there any way to sort of think about what that is as a percentage of your total ADV? Thank you.

好的。謝謝。作為快速跟進，回到廣泛的零售機會的興起，考慮到這種持續的機會，您如何看待 - 對於那些可能已經在平台上的客戶，讓我們說，一年左右或無論適當的調味點是什麼，您傾向於看到銷售成長方面有什麼樣的提升？有沒有什麼方法可以考慮一下它佔你的總ADV的百分比是多少？謝謝。

Thanks, Bill. I'll let Julie talk a little bit on the retail growth. And I think you did a lot of it already, but maybe you can just add a little bit more to it.

謝謝，比爾。我會讓朱莉談談零售業的成長。我認為你已經做了很多，但也許你可以再添加一點。

Yeah. I mean, as Terry mentioned earlier, difficult to kind of predict revenue. And again, you've got to remember, across our distribution partners, they also have slightly different businesses, right? So we have some of our distribution partners that are futures-only firms. We have others that have a broad product portfolio and are initially coming to us as existing CFD providers.

是的。我的意思是，正如特里之前提到的，很難預測收入。再說一遍，您必須記住，在我們的分銷合作夥伴中，他們的業務也略有不同，對嗎？因此，我們的一些分銷合作夥伴是純期貨公司。我們還有其他擁有廣泛產品組合的公司，最初是作為現有的差價合約提供者來找我們的。

For example, some of these distribution partners that we're working with in Europe, as well as just the account size that each of these different players are targeting as well. And so it's difficult to kind of give a more sweeping or generalized view into what that ADV growth can be, which is really why we're highly focused on bringing that new traders into the marketplace as well as our education and our content opportunities across that.

例如，我們在歐洲合作的一些經銷合作夥伴，以及這些不同參與者的目標帳戶規模。因此，很難對 ADV 成長有一個更全面或更概括的看法，這就是為什麼我們高度關注將新交易者帶入市場以及我們的教育和內容機會。

So we work with each of these distribution partners. We have well over 100 of them around the globe and really try to fine-tune with each of them, what content is most appealing to them and also what else we can be doing in terms of hosting joint events with them, both online and in person.

因此，我們與每個分銷合作夥伴合作。我們在全球擁有超過 100 個這樣的合作夥伴，我們確實努力與他們進行微調，了解哪些內容對他們最有吸引力，以及我們還可以在與他們舉辦線上和線下聯合活動方面做些什麼。人。

This still continues to be a great way of how we see acceleration of their revenue growth is to help educate them and bring in other people that are third-party influencers that also just talk about what some of their trading strategies are in the space. So it is really, I'd say, a multifaceted approach in order to bring volume.

這仍然是我們如何看待他們收入成長加速的一個好方法，即幫助教育他們並引入其他第三方影響者，他們也只是談論他們在該領域的一些交易策略。因此，我想說，這實際上是一種多方面的方法，以增加銷量。

And clearly, right, when I spoke earlier about their initial interest in equity, they're going to trade what also is moving, right? And so we often are making sure that we are working with our partners to provide product information to those contracts that are, at that point in time, seeing higher volatility.

顯然，當我早些時候談到他們最初對股票的興趣時，他們將交易也在變化的東西，對吧？因此，我們經常確保與合作夥伴合作，為當時波動性較高的合約提供產品資訊。

And that's where, again, our diverse product portfolio really plays into that, where if equity vol is down, we can very much switch to talking to them about WTI and micro gold, which is really what we saw with micro volume up, right, 35% year on year already.

這就是我們多樣化的產品組合真正發揮作用的地方，如果股票交易量下降，我們可以轉而與他們談論 WTI 和微型黃金，這確實是我們在微型交易量上升時看到的情況，對吧，年比已經成長了35%。

So this is part of really our strong offering and -- continuing to look at some other new product opportunities in the retail space with our partners for next year, too. So we're excited about that.

因此，這確實是我們強大產品的一部分，明年也將繼續與我們的合作夥伴一起在零售領域尋找其他一些新產品機會。所以我們對此感到興奮。

Thanks Julie. Thanks, Bill. And just to add to what Julie said, the beauty of this quarter, again, as in the last one, all six of our asset classes were up. It wasn't just one that was moving. All six were up at the same time, which is really amazing for us. So thanks for your question, Bill.

謝謝朱莉。謝謝，比爾。補充一下朱莉所說的，本季的美妙之處，與上一季一樣，我們的所有六種資產類別都上漲了。移動的不僅僅是一個。六個人同時起床，這對我們來說真是太神奇了。謝謝你的提問，比爾。

Thank you, all.

謝謝大家。

Thank you, and that was our last question. I'll now turn the call back over to management for any closing remarks.

謝謝，這是我們的最後一個問題。現在，我將把電話轉回給管理階層，讓他們發表結束語。

We thank you, all, for joining us this morning. Appreciate it very much. Look forward to communicating with you throughout the quarter and talking to you again next quarter. So thank you, all. Be safe.

我們感謝大家今天早上加入我們。非常欣賞。期待整個季度與您溝通，並在下個季度再次與您交談。所以謝謝大家。確保安全。

Thank you. That does conclude today's conference. Thank you, all, for participating. You may disconnect at this time.

謝謝。今天的會議到此結束。謝謝大家的參與。此時您可以斷開連線。