芝加哥商業交易所 (CME) 2025 Q1 法說會逐字稿

Welcome to the CME Group first quarter 2025 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 2025 年第一季財報電話會議。（操作員指示）現在我想將電話轉給 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 first quarter 2025, 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. Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements.

早安.我希望你們今天一切都好。我們今天早上發布了高管評論，其中提供了有關 2025 年第一季度的詳細信息，我們將在本次電話會議上進行討論。我將從安全港語言開始，然後將其交給特里。本次電話會議以及我們網站上其他參考文件中所作的非歷史事實的陳述均為前瞻性陳述。

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

這些聲明並不能保證未來的表現。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表達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，請參閱我們網站上提交給美國證券交易委員會 (SEC) 的文件。。

Lastly, in the earnings release, you will see a reconciliation between GAAP and non-GAAP measures following the financial statements.

最後，在收益報告中，您將看到財務報表之後的 GAAP 和非 GAAP 指標之間的對帳。

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

說完這些，我會把電話轉給特里。

Thanks, Adam, and thank you all for joining us this morning. I'm going to make a few brief comments about our record quarter and the current business environment. And then I'm going to ask Suzanne and Sunil to comment on our market operations during this high volatility environment. Following that, Lynne will provide an overview of our first quarter results. In addition to Suzanne, Sunil and Lynne, we have other members of our management team present to answer questions after the prepared remarks.

謝謝，亞當，也謝謝大家今天早上加入我們。我將對我們創紀錄的季度和當前的商業環境發表一些簡短的評論。然後，我將請蘇珊娜和蘇尼爾評論我們在這種高波動環境下的市場運作。接下來，Lynne 將概述我們的第一季業績。除了蘇珊娜 (Suzanne)、蘇尼爾 (Sunil) 和琳恩 (Lynne) 之外，我們還有其他管理團隊成員出席，在準備好的發言後回答問題。

This quarter represented the highest volume revenue, operating income and diluted earnings per share in the history of CME Group. Our quarterly revenue crossed $1.6 billion for the first time, and we also exceeded $1 billion in adjusted net income. Our record-breaking performance in the first quarter demonstrated the growing need for risk management globally. The first quarter average daily volume of 29.8 million contracts, not only was the highest quarterly ADV and CME Group's history, it also increased 13% compared to the same period last year.

本季的成交量收入、營業收入和每股攤薄收益均創下了芝商所歷史上的最高紀錄。我們的季度營收首次突破 16 億美元，調整後淨收入也突破 10 億美元。我們第一季破紀錄的業績顯示全球對風險管理的需求日益增長。第一季日均交易量達2,980萬份合約，不僅是芝商所史上最高的季度日均交易量，也比去年同期成長了13%。

This strong growth was broad-based with year-over-year volume growth in all 6 asset classes, including all-time quarterly volume records in interest rates, equities, agricultural commodities and foreign exchange. In aggregate, our commodity sector volumes grew by 19%, and our financial products grew by 12%. This quarter highlighted the strength of our product diversity and the ability to customers or customers to manage risk and times of uncertainty.

這一強勁成長具有廣泛的基礎，所有 6 個資產類別的交易量均較去年同期成長，其中利率、股票、農產品和外匯的季度交易量均創下歷史新高。整體而言，我們的商品部門交易量成長了 19%，我們的金融產品交易量增加了 12%。本季凸顯了我們產品多樣性的優勢以及幫助客戶管理風險和應對不確定時期的能力。

It also reinforces our past comments about the importance of deep liquidity, especially in times of market stress. This was also a record quarter for our international business, which averaged 8.8 million contracts per day, up 19% from the prior year. This strength was driven by growth across all asset classes and including quarterly volume records in both EMEA and APAC. We also continue to innovate and evolve our product offerings to meet risk management needs for our clients. We recently announced several new offerings that will create opportunities for stronger links between cash and futures markets.

這也強化了我們過去關於深度流動性重要性的評論，尤其是在市場壓力時期。本季我們的國際業務也創下了歷史新高，平均每天簽訂 880 萬份合同，比上年增長 19%。這一強勁勢頭得益於所有資產類別的成長，包括歐洲、中東和非洲地區以及亞太地區的季度交易量記錄。我們也不斷創新和改進我們的產品，以滿足客戶的風險管理需求。我們最近宣布了幾項新產品，這將為現貨市場和期貨市場之間建立更緊密的聯繫創造機會。

Later this year, we plan to launch BrokerTec Chicago, a central limit order book for cash US treasuries that will be co-located next to our US Treasury futures and options markets. Thus last week we launched FX Spot Plus, which enables spot FX participants to tap in the CME FX future liquidity and gives FX futures users broader access to OTC liquidity.

今年晚些時候，我們計劃推出 BrokerTec Chicago，這是現金美國國債的中央限價訂單簿，將與我們的美國國債期貨和選擇權市場位於同一地點。因此，我們上週推出了 FX Spot Plus，它使現貨外匯參與者能夠利用 CME 外匯期貨流動性，並為外匯期貨用戶提供更廣泛的場外交易流動性管道。

Looking forward, we continue to see very strong volumes to start the second quarter as market participants look to hedge exposures to tariff policies and geopolitical dynamics. Our open interest today is 7% higher than at the same point last year with strong open interest growth and our interest rate energy and agricultural complexes. This strong open interest trends tend to indicate that despite the high level of volatility market participants are not leaving the market or rather continuing to use our products to manage their risk exposures.

展望未來，由於市場參與者尋求對沖關稅政策和地緣政治動態的風險，我們將繼續看到第二季初的交易量非常強勁。我們今天的未平倉合約比去年同期高出 7%，未平倉合約成長強勁，我們的利率是能源和農業綜合體。這種強勁的未平倉合約趨勢表明，儘管市場波動性很大，但市場參與者並沒有離開市場，而是繼續使用我們的產品來管理他們的風險敞口。

Risk management and resiliency is paramount at CME Group. With record activity this past quarter leading into April, I'm going to ask Suzanne Sprague to give you an update on margins and Sunil Cutinho to give you some color on our resiliency during some of the most unprecedented times that we have seen.

風險管理和彈性對於芝商所集團至關重要。由於上個季度至 4 月的業務活動創下了紀錄，我將請 Suzanne Sprague 向您介紹利潤率的最新情況，並請 Sunil Cutinho 向您介紹我們在一些前所未有的時期的韌性。

With that, I'm going to turn the call over to Suzanne.

說完這些，我要把電話轉給蘇珊娜。

Thanks, Terry. In response to the heightened levels of volatility earlier this month, we proactively increased margin requirements in various products across all asset classes and incremental steps over the course of April to ensure adequate collateral coverage. Liquidity demand due to margin increases are typically a fraction of the size of mark-to-market cycles attributed to daily price moves. We've set a new single day record for moving cash associated with mark-to-market on April 9, collecting $32 million from firms of losses that day and panning out $32 billion to firms with to firms with gains that day. This far exceeded our previous record of $22 billion.

謝謝，特里。為了應對本月稍早波動性的加劇，我們主動提高了所有資產類別中各種產品的保證金要求，並在 4 月逐步提高，以確保有足夠的抵押品覆蓋率。由於保證金增加而產生的流動性需求通常只是由於每日價格變動而產生的按市價週期的一小部分。4 月 9 日，我們創下了與市價相關的現金轉移單日新高，當天從虧損公司籌集了 3,200 萬美元，而當天向盈利公司轉移了 320 億美元。這遠遠超過了我們之前220億美元的紀錄。

In comparison, increased collateral requirements due to margin increases on April 9 totaled [77]

相比之下，4 月 9 日因保證金上調而增加的抵押品要求總計[77]

Sharing members and settlement banks have been performing well given the increased volatility and liquidity. Risk management is of utmost importance to our business, and we are monitoring risk on a real-time basis every day regardless of --

在波動性和流動性增加的情況下，共享會員和結算銀行表現良好。風險管理對我們的業務至關重要，我們每天都在即時監控風險，無論--

Thanks, Suzanne. I'm going to ask Sunil Cutinho now to comment on the technology and the resiliency of our markets

謝謝，蘇珊娜。我現在要請 Sunil Cutinho 對我們市場的技術和彈性進行評論

Thanks, Terry. Despite the high volatility and record activity in our markets, including 7 straight days, over 40 million contracts, our systems functioned as designed, ensuring market continuity during a period of extreme volatility. During the period -- during the week of April 7, we saw record order entry volumes on Globex exceeding 13 billion messages over the course of the week. The system's ability to handle record volumes underscores its resilience.

謝謝，特里。儘管我們的市場波動很大，交易量創歷史新高，包括連續 7 天成交量超過 4000 萬份合約，但我們的系統仍按設計運行，確保了市場在極端波動時期的連續性。在此期間——4 月 7 日當週，我們看到 Globex 上的訂單輸入量創下了歷史新高，一周內超過了 130 億條訊息。該系統處理創紀錄數量的能力凸顯了它的彈性。

Thank you, Sunil. I asked both Sunil and Suzanne comment because I think it's critically important for analysts and investors understand what we do here on a daily basis. Sometimes it doesn't get quite as, but I think during the unprecedented times that we have seen, especially over the last 6 to 8 weeks, I want to give you just a little bit of a flavor of how we are operating at CME Group. I think it's really important for you to understand that. And we look forward to your further questions during the part of the the presentation this morning.

謝謝你，蘇尼爾。我請 Sunil 和 Suzanne 都發表評論，因為我認為讓分析師和投資者了解我們每天在這裡做什麼至關重要。有時情況並非如此，但我認為，在我們所經歷的前所未有的時期，特別是過去 6 到 8 週，我想讓您稍微了解一下芝加哥商品交易所集團的運作情況。我認為你理解這一點非常重要。我們期待您在今天早上的演講中提出進一步的問題。

So thank you both to Suzanne and Sunil. Now I'm going to turn the call over to Lynne to review our financial results in more in detail.

所以感謝 Suzanne 和 Sunil。現在我將把電話轉給 Lynne，讓她更詳細地回顧我們的財務結果。

Thanks, Terry, and thank you all for joining us this morning. As Terry mentioned, during the first quarter, CME Group generated revenue over $1.6 billion for the first time, up 10% from the first quarter in 2024. The average rate per contract for the quarter was strong at $0.686, down 1% from the prior year on 13% volume growth, resulting in the highest quarterly clearing and transaction fees in our history of $1.3 billion, up 11% year-over-year. . Market data revenue also reached a record level, up 11% to $195 million.

謝謝，特里，也謝謝大家今天早上加入我們。正如Terry所提到的，第一季，芝商所的營收首次超過16億美元，較2024年第一季成長10%。本季每份合約的平均費率強勁，為 0.686 美元，較上年下降 1%，交易量成長 13%，導致季度清算和交易費用達到我們歷史上最高的 13 億美元，年增 11%。。市場數據收入也創下新高，成長 11%，達到 1.95 億美元。

Continued strong cost discipline led to adjusted expenses of $455 million for the quarter and $378 million, excluding license fees. Our adjusted operating income came in at a record $1.2 billion, up 14% year-over-year. Our adjusted operating margin for the quarter was 71.1%, up from 68.9% in the same period last year.

持續嚴格的成本控制導致本季調整後支出為 4.55 億美元，不包括許可費為 3.78 億美元。我們的調整後營業收入達到創紀錄的 12 億美元，年增 14%。本季調整後的營業利益率為 71.1%，高於去年同期的 68.9%。

CME Group had an adjusted effective tax rate of 23.1%. Driven by the strong demand for our risk management products, we delivered the highest quarterly adjusted net income and adjusted diluted earnings per share in our history at $1 billion and $2.80 per share, respectively, both up 12% from the first quarter last year. This represents an adjusted net income margin for the quarter of over 62%. Capital expenditures for the first quarter were approximately $12 million, and cash at the end of the quarter was $1.6 billion. CME Group paid dividends during the quarter of approximately $2.6 billion and $3.8 billion over the past year.

芝商所集團的調整後有效稅率為23.1%。受風險管理產品強勁需求的推動，我們實現了歷史上最高的季度調整後淨收入和調整後每股攤薄收益，分別為 10 億美元和 2.80 美元，均比去年第一季增長 12%。這意味著本季調整後的淨收入利潤率超過 62%。第一季的資本支出約為1,200萬美元，季末現金為16億美元。芝加哥商品交易所集團在本季支付的股息約為 26 億美元，去年同期支付的股息為 38 億美元。

We're very proud to deliver the best quarterly earnings in our history and pleased see a strong start continuing into the second quarter with year-to-date volumes up 20% versus 2024. At CME Group, we continue to focus on providing the risk management products needed by our clients and driving earnings growth for our shareholders.

我們非常自豪能夠實現歷史上最好的季度收益，並很高興看到強勁的開局延續到第二季​​度，年初至今的銷量與 2024 年相比增長了 20％。在芝商所，我們持續專注於提供客戶所需的風險管理產品，並推動股東的獲利成長。

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

我們現在想開始回答你們的提問。

(Operator Instructions)

（操作員指示）

Kyle Voigt with KBW.

KBW 的 Kyle Voigt。

Maybe if I could just start by asking 1 on the operating environment. In some prior periods of extreme volatility and increasing margin requirements, we've seen deleveraging occur by market participants. As you kind of just mentioned in your prepared remarks, it doesn't seem like the open interest data really supports that there's any type of significant deleveraging occurring. I think open interest total OI is up since the start of April. However, there does seem to be some pockets with OI down meaningfully in April, particularly in ag's futures.

也許我可以從詢問 1 有關操作環境的問題開始。在先前一些極端波動和保證金要求增加的時期，我們看到市場參與者出現了去槓桿現象。正如您在準備好的演講中提到的那樣，未平倉合約資料似乎並沒有真正支持任何類型的重大去槓桿現象。我認為未平倉合約總量自 4 月初以來有所上升。不過，4 月確實有一些市場的未平倉部位大幅下降，尤其是農產品期貨。

I was just wondering if you could talk about what you're seeing and hearing from market participants in terms of health, why you think we haven't seen any broad-based deleveraging and what is happening in some of the small pockets where you are seeing OI decline a bit in April.

我只是想知道您是否可以談談您從市場參與者那裡看到和聽到的健康狀況，為什麼您認為我們沒有看到任何廣泛的去槓桿，以及在 4 月份您看到 OI 略有下降的一些小領域中發生了什麼。

Thanks, Kyle. So the question is, what are we hearing from clients or why they're not deleveraging during this time period. And what are we seeing with some of the smaller contracts or really on culture products that have some -- seen some open interest drop. Is that a fair way to categorize your question?

謝謝，凱爾。所以問題是，我們從客戶那裡聽到了什麼，或者為什麼他們在這段時間內沒有去槓桿。我們看到一些較小的合約或文化產品上的未平倉合約有所下降。這是對您的問題進行分類的公平方法嗎？

Yes.

是的。

Thanks, Kyle. When you look at the overall ags, it came off a record year of just under $600 million generated in ags last year. When you look at the first quarter of this year, we set another ADV record, not just in futures, but in options overall, the business up 23%. You look at the OI trends overall. We've set multiple records in OI, not just in options, but the aggregate options plus futures.

謝謝，凱爾。從農業整體來看，去年農業收入創下了近 6 億美元的紀錄。回顧今年第一季度，我們創造了另一個日均交易量記錄，不僅在期貨方面，而且在整個選擇領域，業務增長了 23%。您可以整體查看 OI 趨勢。我們在 OI 方面創下了多項記錄，不僅是選擇權，還包括選擇權加期貨的總記錄。

In fact, we just set a record 5.1 million open interest and options just last week on the 21st of April. So you look at the aggregate story, options plus futures, we're actually seeing record levels of open on track to exceed the record that we set in February with another record, assuming we continue the trends over the next couple of days. . When you look at the pockets that you're talking about, yes, we have seen some trailing off in futures, but we've seen that more than offset the pickup in open interest and options. Hence, to overall record levels.

事實上，就在上週，也就是 4 月 21 日，我們剛剛創下了 510 萬份未平倉合約和選擇權的紀錄。因此，從總體情況來看，選擇權加期貨，我們實際上看到開盤價創下新高，預計將超過我們在二月份創下的紀錄，假設我們在接下來的幾天內繼續保持這種趨勢。。當你查看你談論的口袋時，是的，我們看到期貨有所下降，但我們看到這足以抵消未平倉合約和選擇權的回升。因此，達到了整體創紀錄的水平。

We did see some pullback in livestock, particularly feeder cattle, in the future side, options grew, but overall in aggregate. This is very much a risk-on environment in ags. And that's the benefit that happen in a market where we've got the grains and oilseeds, we've got the dairy, you've got the lumber and we got the livestock in ag markets overall. We're coming off a record quarter, record OI options record, and we're seeing record levels of non-US activity.

我們確實看到牲畜，特別是肉牛的數量有所回落，未來選擇增加，但總體而言。這對農業來說是一個風險很大的環境。這就是我們在擁有穀物和油籽、乳製品、木材和牲畜的農業市場上所獲得的好處。我們剛剛經歷了一個創紀錄的季度，創下了 OI 期權的記錄，我們也看到了非美國活動的創紀錄水平。

So I would say the deleveraging is not something we're seeing in aggregate across ags, in fact, very much the opposite ensarisk-on environment. They are seeing some shift between products inside the ag market overall.

因此，我想說，我們在農業領域總體上並沒有看到去槓桿現象，事實上，風險環境恰恰相反。他們看到農業市場內部的產品總體上發生了一些轉變。

So Kyle, let me address some of the other questions about the broader markets and just talk about some of the fundamentals that we're seeing that I don't know -- I've been in this business for probably as long as anybody, and I have not seen some of the fundamental factors that we're seeing today. So our open interest, as Derek referenced, is up 7% across the board in total. So I think that's an important factor. You're also looking at the reason why people may not be deleveraging. It's very difficult to take risk off or deleverage your hedges when probably the most uncertain times we've ever seen in our history.

所以凱爾，讓我來回答一些關於更廣泛市場的其他問題，並談談我們看到的一些基本面，我不知道——我從事這個行業的時間可能和任何人一樣長，但我還沒有看到我們今天看到的一些基本面因素。因此，正如 Derek 所提到的，我們的未平倉合約總體上漲了 7%。所以我認為這是一個重要因素。您還在尋找人們可能不會去槓桿的原因。當我們面臨歷史上最不確定的時期時，要消除風險或降低避險的槓桿率是非常困難的。

. No one's ever traded through these tariffs in the marketplaces to any extent over the last 30-plus years. We never had $38 trillion of debt on the book. So the United States of America. There's debt on books of countries all around the world.

。過去 30 多年來，從來沒有人在市場上透過這些關稅進行任何程度的交易。我們的帳面債務從未達到 38 兆美元。所以是美利堅合眾國。世界各國的帳簿上都有債務。

There is so much risk out there associated with margins being massively thin that if you do not participate, I don't think you have the luxury of not participating in this volatile time. just because if you do not participate, you could be out of a business to next day. That's how quick these markets are moving, and that's the size of the moves associated with them. So I think that's a big part of the reason why we're not seeing deleveraging like you may have seen like I've seen 25, 30 years ago, when the markets got very volatile and people just kind of put their hands in their pocket and try to wait to see when there's some clarity.

由於利潤率極低，存在著很大的風險，如果您不參與，我認為您就沒有資格在這個動盪的時期不參與。因為如果不參加，您第二天就可能失去生意。這些市場變化的速度就是如此之快，與之相關的變動規模也如此之大。所以我認為這在很大程度上解釋了為什麼我們沒有看到像 25 或 30 年前我所看到的那樣的去槓桿化，當時市場非常不穩定，人們只是把手放在口袋裡，試圖等待情況明朗。

You don't have that luxury today because of the fundamentals that are not only here in the United States, but globally. So I think that's a big part of why we're not seeing the deleveraging. And I think that's why our products are critically important for our user base today.

如今，你不再擁有這樣的奢侈，因為不僅在美國，而且在全球範圍內，都存在著這樣的基本面。所以我認為這是我們沒有看到去槓桿的一個重要原因。我認為這就是為什麼我們的產品對於當今的用戶群至關重要。

Dan Fannon with Jefferies

傑富瑞的丹‧範農

Thanks. Good morning. Was hoping for some historical context, can you talk to what happens historically when you guys have raised margin requirements and then ultimately volumes thereafter? I know this period is pretty unique. But we focus on maybe the largest asset classes, is it reasonable to assume some level of slowdown after the raise in margin requirements? And also if you could provide just kind of where those challenges on the collateral side currently?

謝謝。早安.希望了解一些歷史背景，您能否談談歷史上當您們提高保證金要求並最終提高交易量時會發生什麼情況？我知道這個時期非常特殊。但我們關注的可能是最大的資產類別，在保證金要求提高後，假設一定程度的放緩是否合理？另外，您能否提供一下目前抵押品面臨的挑戰有哪些？

So Dan, I think it's really important. It's hard to give you 1 answer on that because every situation is different with margins. So if you want to talk about margins during the '08, '09 crisis, that's a fundamental issue why you might move margins up or down. While you're moving margins up or down in 2025 going on with the geopolitical events of boots underground wars in Russia Ukraine, the issues going on in the Middle East and the tariff conversations that have been going on are completely different than what was going on in '08 with the housing crisis. So it's harder to pinpoint what exactly can or cannot happen.

所以丹，我認為這非常重要。很難給你一個答案，因為每種情況的利潤都不同。因此，如果您想談論 2008 年、2009 年危機期間的利潤率，這就是您可能提高或降低利潤率的根本問題。雖然 2025 年的利潤率會隨著俄羅斯和烏克蘭地下戰爭等地緣政治事件而上升或下降，但中東問題和關稅談判與 2008 年住房危機的情況完全不同。因此，很難準確地指出什麼事情可能發生或不可能發生。

I will say on margins, though, and it's one of the reasons I pay a lot of attention to what Suzanne and Sunil are doing because it's really important that when we talk about margins and when we work with our clients on margins, we want to make sure we do it in a very judicious way that we're not just being reactive on margins because I think that can be disruptive to markets, and that's what puts people on the sidelines when you're disruptive. I think when you're deliberate we have been and proactive like we have been, you lessen the chance of the reactionary activity of people walking away from your marketplace because not understanding what margins mean to it.

不過，我要說的是利潤率，這也是我非常關注蘇珊娜和蘇尼爾所做的事情的原因之一，因為當我們談論利潤率以及當我們與客戶就利潤率進行合作時，這一點非常重要，我們要確保以非常明智的方式進行，而不僅僅是對利潤率做出反應，因為我認為這可能會擾亂市場，而當你造成擾亂時，這就是讓人們放在袖手旁的原因。我認為，當你像我們一樣深思熟慮並採取主動時，你就會減少人們離開你的市場而採取反應行動的機會，因為人們不了解利潤對市場意味著什麼。

So I believe, Dan, there's no 1 simple answer, and I promise you I'm not dodging you know me better than that. I just think that fundamentally, the markets are different today than they were in historical trends. that we've seen when we move margins up or down and Suzanne, if you want to comment, you're happy to.

所以我相信，丹，沒有一個簡單的答案，我向你保證我不會迴避你對我的了解。我只是認為，從根本上來說，當今的市場與歷史趨勢不同。當我們提高或降低利潤率時，我們已經看到了這一點，蘇珊娜，如果你想發表評論，你很樂意。

Yes, I would agree. I think every situation is different, but in periods of increased volatility, people are looking for central counterparties to be in place to come to manage their risk in a safe manner and relying upon the collateralization that happens in our ecosystem. So we have seen record levels of overall margin requirements in collateral in the system. That seems to be consistent with the activity increases that we've seen over the past couple of weeks as well. So again, we can't speculate what's going to happen in the future, but it seems in this case that people appreciate the level of safety that you got from margin collateralization and the clearing complex CME.

是的，我同意。我認為每種情況都是不同的，但在波動性加劇的時期，人們正在尋求中央交易對手以安全的方式管理風險，並依賴我們生態系統中發生的抵押品。因此，我們看到系統中抵押品的整體保證金要求達到了創紀錄的水平。這似乎與我們過去幾週看到的活動增加一致。所以，我們無法推測未來會發生什麼，但在這種情況下，人們似乎很欣賞保證金抵押和清算綜合體 CME 所帶來的安全水平。

And again, Dan, I think that's one of the reasons why we invested the way we did and expand 2 technology. It helps allow us to make some of these decisions but again, these are -- it's not a science all the time, and we do work with market participants to make sure that everybody is comfortable with a mutualized system, and it's critically important to all market participants that we are doing our job correctly. So we take it very seriously. And as Suzanne said earlier, this is real-time risk management. This is in T1 or T2, this is real-time risk management.

丹，我再說一次，我認為這就是我們以那種方式投資和擴展兩項技術的原因之一。它幫助我們做出一些決定，但同樣，這些決定——它並不總是一門科學，我們確實與市場參與者合作，以確保每個人都對互助系統感到滿意，對於所有市場參與者來說，正確地完成我們的工作至關重要。因此我們對此非常重視。正如蘇珊娜之前所說，這是即時風險管理。這是在 T1 或 T2 中，這是即時風險管理。

So I appreciate your question, Dan. Hopefully, that answers it for you.

所以我很感謝你的提問，丹。希望這能解答您的疑問。

Patrick Moley with Piper Sandler

派崔克·莫利與派珀·桑德勒

So you recently announced that you're going to be selling the Ostra JV with S&P Global for $3.1 billion of which I assume you are going to receive about half of. So I was just hoping maybe you could comment on what you plan to do with the proceeds from that sale and how that informs your capital allocation priorities for the rest of this year and into next year?

所以您最近宣布將以 31 億美元的價格出售與標準普爾全球的 Ostra 合資企業，我估計您將獲得其中的一半左右。所以我只是希望您能評論一下您計劃如何處理此次出售所得，以及這將如何影響您今年剩餘時間和明年的資本配置重點？

Thanks, Patrick. Go ahead, Lynne.

謝謝，派崔克。繼續吧，琳恩。

Yes. Thanks, Patrick. So you're right. It is a 50-50 joint venture. So we would be splitting the proceeds of that I would that they expect to close is probably about 6 months out.

是的。謝謝，派崔克。所以你是對的。這是一家各佔50%股份的合資企業。因此，我們將分割收益，我預計他們大概會在 6 個月後完成。

We have to go through the regulatory review. So that does take some time. So on the use of proceeds, we're going to hold off on kind of making any statements on that just given the amount of time between now and the close. But certainly, we'll keep you updated as we get closer to that point on those proceeds.

我們必須經過監管審查。所以這確實需要一些時間。因此，關於收益的使用，考慮到從現在到結束之間的時間，我們將暫時不發表任何聲明。但當然，當我們接近收益時，我們會及時向您通報最新情況。

Let me just add 1 thing, Patrick, on the regulatory approval, we are not anticipating, we've not been advised that we -- there's any hurdles that cannot be cost. So we're not anticipating any regulatory hurdles on closing this transaction. It's just a time-consuming process.

派崔克，我只想補充一點，關於監管部門的批准，我們沒有預料到，也沒有被告知──有任何無法克服的障礙。因此，我們預計完成這筆交易不會遇到任何監管障礙。這只是一個耗時的過程。

Okay, great. Thank you.

好的，太好了。謝謝。

Ken Worthington with JPMorgan

摩根大通的肯‧沃辛頓

Hi, good morning. Thanks for the question. I'd actually like to follow up on OSTTRA. Can you talk about the decision why you decided to sell OSTTRA and maybe what your thoughts are on post-trade going forward after the sale.

嗨，早安。謝謝你的提問。我實際上想跟進 OSTTRA。您能否談談您決定出售 OSTTRA 的原因以及您對出售後後續交易的看法。

So Ken, let me just say a couple of things. When we acquired that business back in 2018 the business -- it's an interesting back office business, it's a decent business. It became much more attractive when we were able to do partnerships with then IHS Markit and then ultimately, when the S&P acquired them, have another JV with S&P. So we're -- as Lynne said, we're only 1 side of that trade. So it's a decision process in these JVs about how you want to go about them.

肯，請容許我講幾件事。當我們在 2018 年收購該業務時，這是一項有趣的後台業務，是一項不錯的業務。當我們能夠與 IHS Markit 建立合作夥伴關係，並且最終當標準普爾收購它們時，我們與標準普爾成立了一家合資企業，這變得更具吸引力。所以，正如 Lynne 所說，我們只是這筆交易的一方。因此，這些合資企業都需要有一個決策過程，決定如何開展業務。

Listen, I think it became very lucrative for CME as we put these properties together, and we thought it was a good opportunity for us to monetize those gains on behalf of our shareholders, and we would not be putting ourselves at any disadvantage whatsoever by not owning them if, in fact, we still wanted to use some of these services. instead of running them. So I think it was a very smart business decision and that's what we did with it.

聽著，我認為當我們將這些資產整合在一起時，CME 的利潤非常豐厚，我們認為這是一個很好的機會，讓我們代表股東將這些收益貨幣化，如果我們仍然想使用其中一些服務，那麼不擁有這些資產並不會讓我們處於任何不利地位。而不是運行它們。所以我認為這是一個非常明智的商業決策，我們也確實這麼做了。

Ben Budish with Barclays.

巴克萊銀行的 Ben Budish。

Hi, good morning and thanks for taking the question. I just wanted to follow up on some of the margin questions. Just curious with the pricing change going into effect at the beginning of April, any early reads on, the sort of shift from cash to non-cash or non-cash to cash collateral, or is it perhaps like too volatile to to really see what the longer term decisions of your clients will be?

大家好，早安，謝謝您回答這個問題。我只是想跟進一些邊緣問題。只是好奇，隨著四月初價格變化的生效，有任何早期解讀嗎，從現金到非現金或從非現金到現金抵押品的轉變，或者可能太不穩定而無法真正了解客戶的長期決策是什麼？

Yes. Thanks, Ben. Lynne?

是的。謝謝，本。琳恩？

Yes. So just to give you a few data points, Ben. For the quarter, our average cash balances were $79 billion, and We had average noncash collateral of $173 billion. In April, the month to date, our average cash balance is up to $131 billion and the feasible noncash is $140 billion. Now I would note, as Suzanne talked about the overall level of activity and margin is up in April.

是的。所以，本，我只想提供你一些數據點。本季度，我們的平均現金餘額為 790 億美元，平均非現金抵押品為 1,730 億美元。截至目前，四月我們的平均現金餘額高達 1,310 億美元，可行的非現金餘額為 1,400 億美元。現在我想指出，正如蘇珊娜所說，四月份整體活動水平和利潤率有所上升。

And we're also very early days in terms of the new soft minimum being in place. So this is an item that we do report on, on a monthly basis in our volume tracker. So I would keep an eye on that as we're putting out that data over the next few months because we need to see when people are more used to the cash minimum. And as as we look at levels of activity as we go through the year, we could see some changes there. But to date, we're seeing the vast majority of participants meet that 30% soft minimum in cash.

而且，就新的軟最低標準而言，我們還處於早期階段。因此，這是我們在交易量追蹤器中每月報告的一項內容。因此，當我們在接下來的幾個月內發布這些數據時，我會密切關注這一點，因為我們需要了解人們何時會更習慣最低現金限額。當我們回顧這一年的活動水平時，我們可以看到一些變化。但到目前為止，我們看到絕大多數參與者都以現金形式滿足了 30% 的最低軟額度。

Very helpful, thanks so much.

非常有幫助，非常感謝。

Bill Katz with TD Cowen

TD Cowen 的 Bill Katz

Okay, thank you very much for taking the question. Maybe shift gears a little bit, Steve, the non-US opportunities continues to grow rather nicely year-on-year, quarter-on-quarter and across the different regions to which you're participating wondering if you could unpack some of the drivers for that growth, how much of that might be sort of onboarding new users versus maybe penetration of that user base and how to think about the outlook going forward?

好的，非常感謝您回答這個問題。史蒂夫，也許稍​​微換個話題，美國以外的機會在逐年、逐季度以及在您所參與的不同地區繼續保持良好的增長勢頭，您是否可以解釋一下這種增長的一些驅動因素，其中有多少可能是新用戶的加入，有多少可能是該用戶群的滲透，以及如何看待未來的前景？

Thank you.

謝謝。

Thanks, Bill. It's a great question. And we have been very pleased with our growth internationally, and I'm asked Julie Winkler, who heads up that division to give some color on that way.

謝謝，比爾。這是一個很好的問題。我們對公司在國際上的發展感到非常滿意，我請該部門的負責人朱莉溫克勒對此做出一些說明。

Yes. Thanks for the question. The certainly, Q1 was another record in terms of average daily volume of 8.8 million contracts. That was -- what was great to see is that we saw double-digit growth across all asset classes, in particular, energy eggs and foreign exchange products were extremely strong. What I also like to see is that the growth came from every international customer segment, which is -- speaks to the growth and also the need for our products and for our clients to be able to risk manage here at CME Group.

是的。謝謝你的提問。毫無疑問，第一季每日平均交易量再創紀錄，達到 880 萬份合約。令人高興的是，我們看到所有資產類別都實現了兩位數成長，特別是能源蛋和外匯產品表現非常強勁。我還希望看到的是，成長來自每個國際客戶群體，這不僅顯示了我們的產品的成長，也顯示了我們的客戶需要在芝加哥商品交易所集團進行風險管理。

That was led by commercial participants that were up almost 30% and so we often speak about the health and diversity of our client base and how critical those hedges are to our marketplace that is a great trend that we've continued to see. I also just point out, it was a record quarter for non-US options growth, contracts in ADV. That was up over 20% year-on-year. So this has been another strategic initiative that we've talked about is increasing that penetration in options.

這是由商業參與者推動的，其成長了近 30%，因此我們經常談論客戶群的健康和多樣性，以及這些對沖對我們的市場有多重要，這是我們一直看到的一個很好的趨勢。我還想指出的是，這是非美國選擇權成長、日均交易量合約創紀錄的一個季度。與去年同期相比，成長了 20% 以上。因此，這是我們討論的另一項策略舉措，即提高選擇權的滲透率。

All APAC was strong. EMEA was strong. I think the other trend that we're seeing is certainly from the buy-side community that was strong in both EMEA as well as APAC. What we're seeing is the quad funds and APAC they're continuing to further expand their trading strategies. And so things like that, we have a lot of resources across the world to really engage with our customers and help to drive that trading activity and work with our customers.

整個亞太地區表現強勁。歐洲、中東和非洲地區表現強勁。我認為我們看到的另一個趨勢肯定來自買方群體，該群體在歐洲、中東和非洲地區以及亞太地區都很強大。我們看到的是四方基金和 APAC 正在繼續進一步擴大其交易策略。因此，我們在全球擁有大量資源，可以真正與我們的客戶互動，幫助推動交易活動並與我們的客戶合作。

So we have a good outlook going forward and are happy with the performance in Q1.

因此，我們對未來抱持良好的展望，並對第一季的表現感到滿意。

Thanks, Bill.

謝謝，比爾。

Owen Lau with Oppenheimer.

歐文劉 (Owen Lau) 與奧本海默 (Oppenheimer) 在一起。

So on retail, your micro equity index and micro FX ADV went up quite a lot in the first quarter. Could you please talk about how much of it is driven by your partnership with Robin Hood and how much more you can do with them and launch more products through that platform. Thanks a lot.

因此，就零售而言，您的微型股票指數和微型外匯 ADV 在第一季上漲了不少。您能否談談這在多大程度上得益於您與羅賓漢的合作，以及您可以與他們開展哪些合作並透過該平台推出更多產品。多謝。

Yes. Let me just speak a little thanks for the question on about the retail performance, and I'll address to your point on micros and also our new to futures, brokers, partners, which are important. Q1 in general was a record quarter for our Retail segment. we saw growth across a number of key metrics. So certainly, revenue was up -- that's a key metric for us.

是的。我只想對零售業績的問題表示感謝，然後我會回答您關於微型企業以及我們的新期貨、經紀人、合作夥伴的問題，這些都很重要。整體而言，第一季是我們零售部門創紀錄的一個季度。我們看到許多關鍵指標都實現了成長。因此，收入肯定會增加——這是我們的關鍵指標。

But also, we've spoken about the importance of new client acquisition or NCA. This surged by an impressive 44% to over 83,000 new traders in Q1. So this is the fourth consecutive quarter of that double-digit NCA growth. We also saw a 17% increase in total participation. So reaching over 350,000 traders globally.

但我們也談到了獲取新客戶或 NCA 的重要性。第一季度，新增交易員數量激增 44%，達到 83,000 多名。這是 NCA 連續第四個季度實現兩位數成長。我們也看到總參與率增加了 17%。因此覆蓋全球超過 35 萬名交易者。

The good news as well is that we saw that growth across all 3 regions.

好消息是，我們在所有三個地區都看到了成長。

And so I think that continues to speak to the global nature of our partnerships and the importance of our micro suite. So total micro volumes, $3.8 billion in average daily volume in Q1. This was up 13%. And we're excited to see that that's happened in the micro equities, as you pointed out. And also, we saw a really robust demand for our micro metal and also our micro cryptocurrencies.

因此我認為這繼續說明了我們的合作夥伴關係的全球性以及我們的微型套件的重要性。因此，第一季的微交易總量為日均 38 億美元。這一數字上漲了 13%。正如您所指出的，我們很高興看到微型股票市場也出現了這種情況。此外，我們也看到對微金屬和微加密貨幣的需求非常強勁。

So that continue to speak to the diversity of our product base and also the fact that we're continuing to educate these retail customers and cross-sell across equities into these other more diverse asset classes. Market environment that we talked a lot about on this call was part of creating those opportunities for retail engagement. And we've also talked about the new strategic partners, including Robin Hood plus 500. We've always -- these partners are critical for us to be able to go out and seek new customers. They are educating customers, they are onboarding them quickly.

因此，這繼續說明了我們產品基礎的多樣性，也說明了我們正在繼續教育這些零售客戶，並將股票交叉銷售到其他更多樣化的資產類別中。我們在這次電話會議上討論的市場環境是創造零售參與機會的一部分。我們也談到了新的策略合作夥伴，包括羅賓漢等 500 家公司。我們始終—這些合作夥伴對於我們走出去尋找新客戶至關重要。他們正在教育客戶，並快速讓他們加入。

And also dishing up to them market opportunities, which there were a lot of them in terms of trading opportunities in Q1. So positive about that going forward, and we'll continue to work with them as well as we see a need for product innovation in the future. And lastly, we launched new things like micro ag as well. So this is about combining the partnerships with also the product innovation to continue to fuel this growth going forward.

並向他們提供市場機會，第一季有很多交易機會。我們對未來的發展持非常樂觀的態度，我們將繼續與他們合作，因為我們看到未來對產品創新的需求。最後，我們也推出了微型農業等新產品。因此，這就是將合作夥伴關係與產品創新結合起來，並繼續推動未來的成長。

Thanks John.

謝謝約翰。

Alex Kramm with UBS

瑞銀集團的亞歷克斯·克拉姆

Yes, good morning, everyone. A quick 1 from me on Market Data. Really strong revenue performance. I know you gave the audit numbers already in the prepared remarks, but can you maybe break down the remainder of the growth between some of the price increases, but also core subscription growth and any other onetime as you would point out on the subscription growth, of course, maybe talk about where you see new subscribers come from in particular?

是的，大家早安。我快速介紹一下市場數據。收入表現確實強勁。我知道您已經在準備好的評論中給出了審計數字，但您能否將剩餘的增長分解為部分價格上漲、核心訂閱增長以及您在訂閱增長中指出的任何其他一次性增長，當然，也許可以談談您認為新訂閱者來自哪裡？

Thank you.

謝謝。

Okay. I'm going to ask both Lynne and Julie to comment. Lynne? .

好的。我將請 Lynne 和 Julie 來發表評論。琳恩？。

Yes. So a reminder, Alex, on the market data front, we did have a 3.5% pricing increase that went into effect in January. So that is going to be part of that. We also saw strong subscriber growth. And maybe, Julie, you can comment on some of those retail participants and how that has been impacting the overall growth as well.

是的。因此，亞歷克斯，提醒一下，在市場數據方面，我們確實在 1 月實施了 3.5% 的價格上漲。所以這將成為其中的一部分。我們也看到用戶數量強勁成長。朱莉，也許您可以對一些零售參與者以及他們對整體成長的影響發表評論。

Yes. I think to the question, Alex, as Lynne pointed out, the biggest move, I'd say, was among our professional subscribers to our real-time market data. And so that was both -- we see -- we saw an uptick in demand. So we saw more users. And then we also have that price increase of 3.5% that took effect on Jan 1.

是的。我認為對於這個問題，亞歷克斯，正如琳恩指出的那樣，我想說，最大的舉措是我們的即時市場數據的專業訂閱者。所以，我們看到需求上升。因此我們看到了更多的用戶。此外，我們也將從 1 月 1 日起調高 3.5% 的價格。

The other major trend was outperformance from the nonprofessional. And so these are retail users needing access to our market data and also saw some growth in our drive data instruments as well. And so that was combined with that. I'd say on the nonrecurring revenue side, it was an uptick in increase over Q1 and as 2024 and also up over Q4.

另一個主要趨勢是非專業人士的表現優異。因此，這些零售用戶需要存取我們的市場數據，也看到了我們的驅動數據工具的一些成長。所以這與那個結合在一起了。我想說，就非經常性收入方面而言，它比第一季和 2024 年有所成長，也比第四季有所成長。

There were about $3.5 million in audit and some other additional true-ups. But as we've stated in the past, those are pretty difficult to predict and are just a timing element from our side based on how we work with our clients on that front. So I'd say the biggest kind of new trend is this continued demand from retail and that nonprofessional subscriber usage, which is tends to grow relatively significantly. And I think coincides with what we're seeing on the volume side with our retail business.

其中審計費用約為 350 萬美元，還有一些其他額外的調整費用。但正如我們過去所說的那樣，這些很難預測，而且只是基於我們與客戶在這方面的合作方式而確定的時間因素。所以我認為最大的新趨勢是來自零售和非專業用戶的持續需求，而這兩者往往會出現相對顯著的成長。我認為這與我們零售業務銷售的情況一致。

Thanks, Julia.

謝謝，朱莉婭。

Craig Siegenthaler with Bank of America

克雷格·西根塔勒 (Craig Siegenthaler) 與美國銀行

Everyone. I hope you're all doing well. I have a big picture question. So in the quarter, you generated about 30% of your ADV from international customers. And we wanted an update on how these businesses compete with the non-US

每個人。我希望你們一切都好。我有一個宏觀問題。因此，在本季度，您的 ADV 中約有 30% 來自國際客戶。我們想了解這些企業如何與非美國企業競爭

futures exchanges especially given the emerging trade conflict. So how do you think of the risk of share losses versus the potential for gains from domestic exchanges in these markets?

期貨交易所尤其在新興貿易衝突的背景下。那麼您如何看待這些市場中股票損失的風險與國內交易所帶來的潛在收益？

So, Craig, just want to understand your question. You're saying where do we compare against the foreign exchanges on a percent basis?

所以，克雷格，我只是想了解你的問題。您是說，以百分比計算，我們與外匯的比較結果如何？

So it's about 30% of your total EV. But I just wanted to generally on your -- on how you compete with the international futures exchanges. For example, there's 5 in Mainland China. .

所以它大約佔你總期望值的 30%。但我只是想大致了解你們如何與國際期貨交易所競爭。例如，中國大陸有5家。。

Yes, we got it. Thanks, Craig.

是的，我們明白了。謝謝，克雷格。

I can start and then others, Juan others can jump in. So thanks, Craig, it's Lynne. I think as we look at it, we have a unique product offering, kind of the breadth of our offering contracts that our customers are able to come to us to risk manage. So not just the places where we have IP protection over those contracts and they are not offered on the local exchange, but also the depth of liquidity that you can get in our market on a 24-hour day basis. So getting access to the major US

我可以開始，然後其他人、胡安等人可以加入。所以謝謝你，克雷格，我是琳恩。我認為，從我們的角度來看，我們提供的產品是獨特的，我們提供的合約範圍很廣，客戶可以來找我們進行風險管理。因此，我們不僅在對這些合約實施智慧財產權保護且這些合約未在當地交易所提供，而且您還可以在我們的市場上全天 24 小時獲得流動性深度。因此，獲得美國主要

indices or trading on the whole treasury curve or the full US rate curve our energy products. These are unique to CME and you have not only that product diversity, but the depth of book, where our customers around the globe can be trading in those markets and have the same trading experiences during our US hours.

指數或在整個國債曲線或整個美國利率曲線上交易我們的能源產品。這些都是 CME 獨有的，您不僅可以擁有產品的多樣性，還可以擁有帳簿的深度，我們遍布全球的客戶可以在這些市場上進行交易，並在美國交易時間內獲得相同的交易體驗。

Julie, do you want to add to that?

朱莉，你想補充一下嗎？

Yes. I think just to put some data behind Lynn's point on the the benchmarks, I mean, particularly in equities internationally, we saw outsized volume growth 33% year-on-year, and that was largely driven by the buy side in EMEA, APAC props and retail business and also LatAm on the sell side and buy side. So users are continuing to come to our markets. The depth of liquidity is unparalleled, and they feel as Suzanne correctly pointed out earlier, right, safe in training in this environment and with CME Group. We've just -- I just returned from the Middle East.

是的。我認為，只需用一些數據來支持 Lynn 關於基準的觀點，我的意思是，特別是在國際股票市場，我們看到交易量同比增長 33%，這主要是由歐洲、中東和非洲地區的買方、亞太地區的道具和零售業務以及拉美地區的賣方和買方推動的。因此用戶不斷湧入我們的市場。流動性的深度是無與倫比的，正如蘇珊娜先前正確指出的那樣，他們覺得在這種環境下以及在芝加哥商品交易所集團進行培訓是安全的。我們剛剛——我剛從中東回來。

My head of sales was just over in Asia over the last week as well. And the sentiment is that even among this market volatility and the tariff turmoil, clients are reiterating the importance of really that trusted partnership they have with CME Group to access our liquidity and manage risk. So we feel strong about the relationships that we've built with our customers and the fact that we have such a diverse product suite that they're able to take advantage of.

我的銷售主管上周也剛去過亞洲。而且人們的看法是，即使在市場波動和關稅動盪的情況下，客戶仍在重申與芝商所建立的值得信賴的合作夥伴關係對於獲取流動性和管理風險的重要性。因此，我們對與客戶建立的關係以及我們擁有可供他們利用的多樣化產品套件感到非常高興。

And Craig, I would just add that the 1 measuring stick that you have to look at is we as we announced earlier, the record volume coming from outside the US is really the measuring stick how we look at ourselves versus other entities. So at 8.9 million contracts a day, that is a record for CME Group. And I think that's something that we're very proud of, and we're continuing to build on.

克雷格，我只想補充一點，你必須看的一個衡量標準是我們之前宣布的，來自美國以外的創紀錄數量實際上是我們如何看待自己與其他實體的衡量標準。每天 890 萬份合約，這對芝加哥商品交易所集團來說是一個紀錄。我認為這是我們非常自豪的事情，我們將繼續為此努力。

Thanks Greg.

謝謝格雷格。

Brian Bedell with Deutsche Bank.

德意志銀行的 Brian Bedell。

Oh great, thanks. Good morning. Thanks for taking my question. Maybe just to come back to retail. If we think about the surge that we've been seeing in micro futures. Can you comment on to what extent retail users may use other contracts outside of Micro, like how good of a proxy is micro for retail. And as we think about volume tiers as well, that you called out in the commentary, should we be thinking of that mostly in interest rates? Or is that quite diversified by product line, including equities, of course, since we've seen the volume surge in April there really pick up?

噢，太好了，謝謝。早安.感謝您回答我的問題。也許只是為了回歸零售業。如果我們考慮一下微型期貨的激增。您能否評論一下零售用戶在多大程度上可能會使用 Micro 以外的其他合約，例如 Micro 作為零售代理有多好。當我們考慮您在評論中提到的交易量層級時，我們是否應該主要考慮利率？或者說，產品線相當多樣化，當然包括股票，因為我們已經看到 4 月份交易量激增，確實有所回升？

Thanks, Brian. So I'm going to ask Lynne to comment on the volume tiers, and that was if I have the impact on the RPC. And then on the micros, I'll ask Julie to comment is it a proxy as it relates from the retail going forward. And then I have -- and then on that as well. So go ahead.

謝謝，布萊恩。因此，我將請 Lynne 對音量等級進行評論，如果我對 RPC 有影響的話。然後在微觀方面，我會請朱莉評論一下它是否與未來零售業相關的代理商。然後我有--然後也是那樣。所以繼續吧。

Yes. So volume tiering, Brian, you will see in the individual asset classes in the individual products. So those are separate. It's not across the board, where it's the total volume over our complex, you would need to look at the volume within each asset class. And for instance, there will be volume tiers for treasuries.

是的。因此，布萊恩，您將在各個產品的各個資產類別中看到交易量分層。所以它們是分開的。它不是全面的，而是我們整個綜合體的總交易量，您需要查看每個資產類別中的交易量。例如，國債的交易量會有等級。

So you would need to look at the performance of both various sorts of the asset classes. So when we have not only record overall volumes, our highest quarter in history, but we also had our highest quarter for interest rates, equities, ags and FX you will see more of the impact of tiering when you're at those high levels of volume.

因此，您需要查看各種資產類別的表現。因此，當我們不僅創下了總體交易量的歷史新高，而且創下了利率、股票、農業和外匯交易量最高的一個季度時，您將在交易量處於如此高的水平時看到分層的更多影響。

That is intentional. We want to make sure in the high periods of volatility that our customers can continue to manage that exposure and make it cost effective for them to do so and continue to trade, and it's obviously highly profitable for us as we see that increase in volume coming across the system. We have very high operating leverage and get high incremental margin on that trade.

這是故意的。我們希望確保在市場波動較大的時候，我們的客戶能夠繼續管理風險敞口，並使他們能夠以具有成本效益的方式繼續交易，而當我們看到整個系統的交易量增加時，這顯然會給我們帶來豐厚的利潤。我們的經營槓桿非常高，並從該交易中獲得了高額的增量利潤。

So it is something that we've built into the system to make sure that we are capturing a maximum velocity of trade.

因此，我們在系統中建立了此功能，以確保我們能夠實現最大的貿易速度。

I think in terms of the micro question, I mean, it was a very deliberate provision on our behalf to introduce those products. And the thinking at the time is the same as it is today, we wanted to find a product that had the correct size for the retail customer. And clearly, there is a spectrum of retail customers in terms of those trading with the smaller account size where Micros very much fit into their portfolio in just the right size. There are also retail accounts that are much larger than that, and people are hedging relatively large stock portfolios where they may be able to get into our E-mini and have actively traded at in the past. So we monitor this and are certainly seen as well that as new to futures brokers come into marketplace and even our existing partners, there is more product diversity in what they are trading.

我認為就微觀問題而言，我們推出這些產品是經過深思熟慮的。當時的想法與今天是一樣的，我們希望找到適合零售客戶尺寸的產品。顯然，就那些使用較小帳戶規模進行交易的零售客戶而言，微型帳戶非常適合他們的投資組合。還有一些零售帳戶的規模比這大得多，人們正在對沖相對較大的股票投資組合，他們可能能夠進入我們的 E-mini，並且過去曾積極交易。因此，我們對此進行監控，當然也看到，隨著新的期貨經紀商進入市場，甚至我們現有的合作夥伴，他們交易的產品更加多樣化。

So I think micros are a good proxy. However, retail traders are not limited to just trading micro equities. And I think that's where -- we do see -- we saw that in Q1, they're training the full-size gold contract. They are in trading full-size cryptocurrency contracts. And so again, I think it speaks to the breadth of our product portfolio but it also is heavily dependent on the size of that individual trader who is accessing our marketplace.

所以我認為微型是一個很好的代理。然而，散戶交易者並不僅限於交易微型股票。我認為這就是我們在第一季看到的情況，他們正在培訓全尺寸黃金合約。他們正在進行全尺寸加密貨幣合約的交易。因此，我認為這不僅反映了我們產品組合的廣度，而且也很大程度上取決於進入我們市場的個人交易者的規模。

And just to add to that a little bit.

再補充一點。

I do think when you look historically at micros and you look back at the equity markets going back 25 years ago when the multiplier of the S&P 500, was cut to 250, that was a smaller contract and the e-Mini came out of that. Now the eMini is the large contract. The value of a contract sometimes determines where the may or may not go to Julie's point. They can go in different sized contracts, and I think that's very important. So to say it's a proxy would be a bit of a stretch, I believe. And right now you're seeing institutions trade micros and you're seeing institutions trade the large contracts depending on what their needs are. And again we're trying to Have a structure to allow all participants to participate at their comfort level, but you've got to remember that a lot of this is depending on the price of the actual product to determine the risk associated with that product. So gold's at $3500 an ounce versus $1000 an ounce, obviously the contract's much more expensive than it was at $1000 an ounce.

我確實認為，當你回顧微型股票的歷史並回顧 25 年前的股票市場時，當標準普爾 500 指數的乘數被削減到 250 時，這是一個較小的合約，而電子迷你合約就是從那時產生的。現在 eMini 是大型合約。合約的價值有時決定了朱莉的觀點是否能被認同。他們可以簽訂不同規模的合同，我認為這非常重要。所以我認為，說它是一種代理有點牽強。現在，您可以看到機構根據自己的需求進行微型交易，也可以看到機構進行大型合約交易。我們再次嘗試建立一個結構，讓所有參與者都能以自己舒適的程度參與，但你必須記住，這在很大程度上取決於實際產品的價格，以確定與該產品相關的風險。因此，黃金價格為每盎司 3500 美元，而當時為每盎司 1000 美元，顯然合約價格比每盎司 1000 美元時要貴得多。

Yes. I was just going to say, when we look at what the uptake is on the micro gold side that we talked about, that's actually a market to Terry's point, we had some go from (inaudible)

是的。我只是想說，當我們看看我們談到的微型黃金方面的吸收情況時，這實際上是一個市場，正如特里所說，我們已經從（聽不清楚）

that's a market that has tracked a lot of not just retail but small institutional participation. That is such an important product right now that we've actually exercised on pricing power, increased fees on those starting February 1

這個市場不僅追蹤了大量零售投資者，也追蹤了大量小型機構投資者的參與。這是目前非常重要的產品，我們實際上已經行使了定價權，從 2 月 1 日起提高了費用

And that is a very important point. So on these smaller products that may be larger participants are trading, we are adjusting the pricing associated with them just like we did with the equity market over the last 25 years as the emini became the dominant size contract for the equity market. So we're very aware of that, and we don't price them on notional value like we did when they first came out, we priced them on what we believe the participant is using them for.

這是非常重要的一點。因此，對於這些可能有較大參與者交易的較小產品，我們正在調整與它們相關的定價，就像過去 25 年我們對股票市場所做的那樣，因為 Emini 已成為股票市場的主導規模合約。因此，我們非常清楚這一點，我們不會像它們剛推出時那樣根據名義價值來定價，而是根據我們認為參與者使用它們的目的來定價。

Alex Blostein with Goldman Sachs

高盛的 Alex Blostein

Hey everybody, good morning. I actually had another quick follow-up on retail for you guys. You talked about retail in the context of just kind of volume contribution in the business. Can you help break down the composition of retail in terms of just revenues were that stands now both on the trading side as well as the market data. And if you look at the market environment in April, obviously, a lot more it sounds like retail continues to be fairly engaged. But as you sort of assess the health of retail and why this time around might be different from other drawdowns.

大家好，早安。事實上，我為你們就零售業進行了另一次快速跟進。您談論零售時，只是從業務量貢獻的角度來考慮。您能否協助從收入角度分析零售業的組成，包括目前的交易面向和市場數據。如果你看一下四月的市場環境，顯然，零售業似乎繼續保持相當活躍的狀態。但是，當你評估零售業的健康狀況時，你會發現這次的衰退可能與其他衰退不同。

So I'd love to get your perspective on what's sort of been driving a bit more durability in retail trading so far in April, which again seems to be still engaged.

因此，我很想聽聽您對四月份迄今為止推動零售交易持久性增強的因素的看法，目前看來零售交易仍然保持活躍。

Yes, Alex, thank you. I appreciate it. First, we don't give up the information of the breakdown of the participants, whether on the revenue of market data or their trade. But let me comment as it relates to why I think the retail is different today than it may have been a year ago or 10 years ago. The retail today has many more tools to allow their participation into our marketplace as much as well as many others that they did not have just a few years back.

是的，亞歷克斯，謝謝你。我很感激。首先，我們不會洩露參與者的細分信息，無論是市場數據的收入還是他們的交易。但請容許我評論為什麼我認為今天的零售業與一年前或十年前有所不同。如今，零售業擁有更多的工具來讓他們盡可能多地參與我們的市場以及幾年前他們所沒有的許多其他市場。

. So when you look at retail brokers today offering futures, we didn't see that before. There was a comment earlier about Robin Hood now offering futures contracts of CME. That was not around a few years ago. So the size of the retail market is so much bigger and diverse than it was years ago.

。因此，當您看到當今零售經紀商提供期貨時，我們以前從未見過這種情況。之前有一條評論稱羅賓漢現在提供 CME 的期貨合約。幾年前，這種情況還不存在。因此，零售市場的規模比幾年前更大、更多樣化。

I think that's 1 of the reasons why we're seeing not the take down in retail and why we still see the uptick continuing. And it's just a distribution of that product, the technology that allows people to participate people have access to it. They want access to it. And I think that's the big difference that we're seeing today than we just saw in recent times.

我認為這是我們看到零售業沒有下滑並且仍然看到上漲趨勢持續的原因之一。這只是該產品的一種分發，是一種允許人們參與並可以存取它的技術。他們想要訪問它。我認為這是我們今天所看到的與最近所看到的巨大差異。

And I don't see that going away. I see that only continuing because of the way technology allows people to participate in different markets around the world, including CMEs.

我不認為這種情況會消失。我認為這種情況會持續下去，因為科技讓人們參與世界各地的不同市場，包括 CME。

Ashish Sabadra with RBC Capital Markets

加拿大皇家銀行資本市場的 Ashish Sabadra

Thanks for taking my question.I wanted to drill down further on the energy, similar to other asset classes. We saw some really strong volumes in April. How do you think about the puts and takes going forward. And then maybe just on the same topic of energy, how do you think about any updated thoughts on WTI versus Brent and the same on nat gas?

感謝您回答我的問題。我想進一步深入研究能源，類似其他資產類別。四月份我們的交易量確實非常強勁。您如何看待未來的收益和利弊？然後也許只是在同一個能源主題上，您如何看待 WTI 與布蘭特原油以及天然氣的最新看法？

Derek, do you want to comment on that?

德里克，你想對此發表評論嗎？

Yes. We think you -- looking back in 2024, we put up a record year occurring. I think it generated in excess of $200 million of rent last year. We started strong this quarter. So your first quarter volume up 20%, led by options of 34%.

是的。我們認為—回顧 2024 年，我們創造了創紀錄的一年。我認為它去年的租金收入超過 2 億美元。本季我們開局強勁。因此，第一季的交易量增加了 20%，其中期權交易量增加了 34%。

We're seeing record individual months and for options overall. In terms of open interest overall in the Henry Hub complex. We've seen volume records and options and futures open interest levels, we haven't seen over 10 years.

我們看到個別月份和總體期權的創紀錄水平。就亨利中心綜合大樓的整體未平倉合約而言。我們看到了交易量記錄以及選擇權和期貨未平倉合約水平，這是我們 10 年來從未見過的。

So we see multiple records over the course of Q1, that is carried over into 39% growth in April as well. When you look at where and how that business is scaling. When you look at the client segment perspective, every single client inside our portfolio or banks buy side, commercial customers all up double digits. When you look at where the business growth is happening, as you heard on care at the top of the call and Julie earlier, energy contributed to record revenues outside the US and non-US

因此，我們在第一季看到了多項記錄，這也延續到了 4 月 39% 的成長。當你觀察該業務在哪裡以及如何擴展。從客戶細分的角度來看，我們投資組合中的每個客戶或銀行買方、商業客戶都成長了兩位數。當你觀察業務成長發生在哪裡時，正如你在電話會議開頭和朱莉之前聽到的那樣，能源貢獻了美國以外和美國以外的創紀錄收入。

business. That's a new all-time record for energy contributing as it was for ags as well.

商業。這對能源貢獻來說是一個全新的歷史紀錄，對農業也是如此。

When you look at the kind of positioning of both Henry Hub and WTI. I think everything we've been talking about for the last 2 to 3 years has been a structural shift positively positioning both Henry have and WTI as global benchmarks. We see that in our client participation numbers. We see that in the regional growth. question was asked before about regional participation.

當你觀察亨利港和 WTI 的定位。我認為，過去 2 到 3 年我們一直在談論的一切都是一種結構性轉變，將亨利原油和 WTI 定位為全球基準。我們從客戶參與人數中看到了這一點。我們從區域增長中看到了這一點。之前有人問過有關區域參與的問題。

We're seeing net new energy customers in Europe and Asia, expand participation into our WTI and Henry Health products as the US continues to produce and export these products at record levels.

隨著美國繼續以創紀錄的水平生產和出口這些產品，我們看到歐洲和亞洲的新能源客戶正在擴大對我們 WTI 和 Henry Health 產品的參與。

So when we look at our position going forward, we think very firmly CME is in the right position with benchmark products. When you look at the growth, it's a risk-on environment right now. When you look at the competitive metrics, I would say that our WTI share relative to Q1 was about static about 73% based on the unchanged from last year. Henry have about the same in the future, 77%, 78%. We did see our share actually grow in WTI options relative to ICE up 91% of and we saw an increase in Henry Hub options share up to 71% from 66%.

因此，當我們展望未來的地位時，我們堅信芝加哥商品交易所 (CME) 在基準產品方面處於正確的地位。當你觀察成長時，你會發現現在是一個充滿風險的環境。當您查看競爭指標時，我會說，基於與去年相同的情況，我們的 WTI 份額相對於第一季大致保持不變，約為 73%。亨利的未來也是如此，分別為77%、78%。我們確實看到我們在 WTI 期權中的份額相對於 ICE 增長了 91%，並且我們看到亨利港期權中的份額從 66% 增加到了 71%。

So we think to the points made earlier, global benchmarks adopted given the liquidity, given the infrastructure, all the conversations we've been having about the benefits of what CME presents to our customers. That is totally the story of global client adoption, we think a strong positioning going forward through what is an unbelievably difficult challenging environment for our markets where our job is to help customers manage that risk, but the products and tools we give them daily.

因此，我們考慮先前提出的觀點，考慮到流動性、考慮到基礎設施而採用的全球基準，以及我們一直在討論的有關 CME 為客戶帶來的好處。這完全是全球客戶採用的故事，我們認為，在我們的市場面臨難以置信的困難和挑戰的環境中，我們將保持強大的定位，我們的工作是幫助客戶管理風險，但我們每天都會為他們提供產品和工具。

Chris Allen with Citi.

花旗銀行的克里斯艾倫 (Chris Allen)。

Most stuff has been covered. But 1 question we've been getting is how to think about the implications for resolution of Ukraine and Russia, specifically in the energy complex. And I also wonder if there are any other implications for other areas at CME, maybe ag as well. So any color there would be helpful.

大部分內容都已涵蓋。但我們一直面臨的一個問題是如何看待烏克蘭和俄羅斯問題解決的影響，特別是在能源領域。我還想知道這對 CME 的其他領域是否有其他影響，也許對 ag 也是如此。所以任何顏色都會有幫助。

So the resolution between you say, Russia and Ukraine? .

那你說的解決方案是俄羅斯和烏克蘭之間的解決方案嗎？。

If there is a resident obviously.

如果有居民的話顯然是如此。

Yes. And what does that mean for the energy market? Is that what you said, Chris?

是的。這對能源市場意味著什麼？克里斯，你是這麼說的嗎？

Yes.

是的。

Yes. Again, I'll let Derek comment, but I think that the resolution of that is not for anybody in this room to try to figure out. There's a lot of people internationally that work for governments that are trying to deal with that issue. All we can say is we hope that it comes to a resolution soon because we don't like -- no 1 likes to see what's going on, on the blood side in these regions. So as far as the price of the product, I think that it could take some time before the Russian market gets back into the world market, if in fact it does.

是的。再次，我會讓德里克發表評論，但我認為這個問題的解決方案不需要這個房間裡的任何人去弄清楚。國際上有許多為政府工作的人士正在努力解決這個問題。我們只能說，我們希望這個問題能盡快解決，因為我們不喜歡──沒有人喜歡看到這些地區發生血案。因此就產品價格而言，我認為俄羅斯市場重返世界市場可能需要一段時間，即使它確實如此。

I don't know that, but that would be my political take on it that it would take a little bit of time for them to be more accepted back into the world global marketplace. . So what does that mean for the price, I don't know. I guess we have to see what the supply is going to look like and also the demand, and that will help us more with that. I think that there's many parts of the world that are producing energy today, especially the US

我不知道，但這是我的政治觀點，他們需要一點時間才能重新被全球市場所接受。。那麼這對於價格來說意味著什麼呢，我不知道。我想我們必須看看供應情況和需求情況，這將對我們更有幫助。我認為當今世界有很多地方都在生產能源，尤其是美國

can help facilitate what's going on in Russia. And Derek, I'll let you comment more on it, but that is my take on it. I don't know if it's going to have a massive impact on the price of energy once that's resolved, I just hope in (inaudible).

可以幫助促進俄羅斯正在發生的事情。德里克，我會讓你對此發表更多評論，但這是我的看法。我不知道這個問題解決後是否會對能源價格產生巨大影響，我只是希望（聽不清楚）。

Yes. I think, Chris, you raised a good question. I think, to Terry's point, we don't actually know, but it is talking to our customers and seeing how they have basically redeployed supply chains, physical supply chains to physical commodities is something we've seen been reworked over the last 2 years. That's 1 of the reasons why we set an all-time record last year in our commodities complex portfolio of almost $1.7 billion of revenue, and we're seeing the same thing a record first quarter revenue across ags, energy and metals.

是的。我認為，克里斯，你提出了一個很好的問題。我認為，正如特里所說，我們實際上並不知道，但我們正在與客戶交談，看看他們如何重新部署供應鏈，從實體供應鏈到實體商品，這是我們在過去兩年中看到的重新設計。這就是為什麼我們去年的大宗商品綜合投資組合創下了近 17 億美元收入的歷史新高，而且我們也看到農業、能源和金屬第一季的收入也創下了歷史新高。

I think what we can say is that we've seen customers in this environment of uncertainty, to Terry's point, move to pools of known liquidity and pools where the US has already restructured its export market for both WTI and natural gas using the US just place every other country has now been the largest exporter of these products. So we think as customers have reconfigured their supply chains, they are following their risk management tools along with where they're actually being supplied with the social product from. So our job is to continue to leverage Julie's team globally, mentioned growth in the Middle East and Europe and Asia, the areas where we're seeing fastest growth across energy on almost 30% between both APAC and EMEA, and that's been a trend for the last 2 years.

我想我們可以說的是，正如特里所說，在這種不確定的環境下，我們已經看到客戶轉向已知的流動性池和美國已經重組其 WTI 和天然氣出口市場的池子，美國取代了其他所有國家，現在成為這些產品的最大出口國。因此，我們認為，隨著客戶重新配置其供應鏈，他們會遵循風險管理工具以及實際供應社交產品的地點。因此，我們的工作是繼續在全球範圍內利用朱莉的團隊，提到中東、歐洲和亞洲的成長，我們看到這些地區的能源成長最快，亞太地區和歐洲、中東和非洲地區的能源成長接近 30%，這是過去 2 年的趨勢。

So I think it's a risk on environment. Customers don't know where this is going to land, and that's why they're actively using our products to risk manage.

所以我認為這對環境來說是一個風險。客戶不知道這會導致什麼後果，這就是為什麼他們積極使用我們的產品進行風險管理的原因。

Thanks. Thanks Chris.

謝謝。謝謝克里斯。

Michael Cyprys with Morgan Stanley.

摩根士丹利的 Michael Cyprys。

Hey, good morning. This is Stephanie on for Mike. Maybe just turning to cross margining. Can you just on the benefits you're providing customers today? What further steps can you take to enhance those efficiencies over the next 12 months? And maybe just looking out a few years, which products and asset classes do you think could be -- could these savings be most impactful?

嘿，早安。我是史蒂芬妮，代替麥克。也許只是轉向交叉保證金。您能否介紹一下今天您為客戶提供的利益？在接下來的 12 個月內，您可以採取哪些進一步措施來提高效率？也許只是展望幾年，您認為哪些產品和資產類別可能—這些節省可能最具影響力？

Thank you.

謝謝。

Thanks Stephanie. Suzanne?.

謝謝斯蒂芬妮。蘇珊娜？ 。

Yes, happy to take the question, Stephanie. So in our cross margin program with the Fixed Income Clearing Corporation, we continue to onboard new participants. We're up to 15 health accounts now at this point in time. And we also continue working together to be able to expand that to end user customers. So our plan is to be operationally ready to support that by the end of this year.

是的，很高興回答這個問題，史蒂芬妮。因此，在我們與固定收益清算公司的交叉保證金計畫中，我們持續吸收新的參與者。目前，我們的健康帳戶已達 15 個。我們也將繼續合作，以便將其擴展到最終用戶客戶。因此，我們的計劃是在今年年底前做好營運準備來支持這一目標。

Of course, we can't opine on regulatory approval time line, but we have heard a decent amount of interest from clients is being able to take advantage of those offsets. We've also seen an increase in clearing membership to be able to take advantage of the current house program. So we continue to deliver upwards of $1 billion in savings for that house program and are committed to being able to expand that to the customer by the end of the year.

當然，我們無法對監管部門的批准時間表發表意見，但我們聽說客戶對能夠利用這些抵消措施表現出了相當濃厚的興趣。我們也看到清算會員數量增加，以便能夠利用目前的房屋計劃。因此，我們繼續為該房屋計劃節省超過 10 億美元，並致力於在今年年底前將該計劃擴展到客戶。

Stephanie, just to add to that, it is important for us to remind everybody, and I know you are to say this a lot, but we are at $60 billion a day in total offsets on efficiencies today as it relates to all of our asset classes, $20-some-odd billion in rates alone, I believe, is the number. The fixed income, the FICC number with FICC is probably the smallest of that $60 billion. So we are creating massive efficiencies for our participants and savings on gross margin, and we want to continue to create efficiencies across the board through all of our asset classes. So even though that the relationship with FICC is massively important to CME, we're going to continue to build on it. we are still creating immense savings for our clients so they can manage their risk, the most cost-effective way across all 6 major asset classes or CME.

史蒂芬妮，我還要補充一點，我們必須提醒大家，我知道你會經常這麼說，但今天我們每天在效率方面的總抵消額為 600 億美元，因為這與我們所有的資產類別有關，我相信僅利率一項就有 200 多億美元。固定收益、FICC 的 FICC 數字可能是這 600 億美元中最小的。因此，我們正在為參與者創造巨大的效率並節省毛利率，我們希望透過所有資產類別繼續全面提高效率。因此，儘管與 FICC 的關係對 CME 至關重要，但我們仍將繼續加強這種關係。我們仍在為客戶創造巨大的節省，以便他們能夠以最具成本效益的方式管理所有 6 個主要資產類別或 CME 的風險。

Thanks.

謝謝。

Simon Clinch with Redburn Atlantic.

Redburn Atlantic 的 Simon Clinch。

Most of my question has been answered, so I'll stick with a housekeeping 1 here. in, could you just walk us through the very good expense control we saw this quarter and how we should expect that to ramp through the year and also break out what the Google spend was and any other factors you think are worth calling out?

我的大部分問題都已得到解答，因此我將在這裡堅持使用家務 1。您能否向我們介紹本季我們看到的非常好的費用控制，以及我們應該如何預期這種控制在全年將如何進行，並詳細列出谷歌的支出以及您認為值得一提的其他因素？

Sure, Simon. Thank you. So if you look at the expenses for the quarter, obviously, quite strong expense discipline. Would you expect over the course of the year that there will be a few factors that will continue to grow. So if you look at the trend last year in technology, we're seeing increases in the technology spend as we migrate more to the Google Cloud environment.

當然，西蒙。謝謝。因此，如果你看一下本季的支出，顯然會發現支出紀律相當嚴格。您是否預計今年內會有一些因素繼續成長？因此，如果你看看去年的技術趨勢，我們會發現，隨著我們更多地遷移到 Google Cloud 環境，技術支出也在增加。

So quarter-over-quarter, we were seeing that increase. We would expect to see that again over the course of this year as we get more applications into that cloud environment. I would also say that the professional fees this quarter were a bit light. Those do tend to follow larger scale projects, and that's just a little bit of the timing on when those kick off. So I would expect to see that ramp up over the course of the year as well.

因此，我們看到季度環比增長。隨著我們將更多的應用程式引入雲端環境，我們預計今年會再次看到這種情況。我還想說，本季的專業費用有點低。這些確實傾向於遵循更大規模的項目，而這只是它們啟動的一點時間。因此我預計這數字在今年內也會上升。

We also typically have much higher spend in the marketing area in Q4 related to some of our large-scale events. So you will see that towards the tail end of the year. The last thing I would point out is on the merit increases for staff, you get about half of that impact in Q1, and you'll see the full impact running through the remainder of the year. . In terms of Google, the total spend in Q1 was just under $20 million.

我們在第四季通常也會在與一些大型活動相關的行銷領域投入更高的支出。因此，您將在年底看到這一點。我最後要指出的是，關於員工績效加薪，你會在第一季看到大約一半的影響，而全部影響將持續到今年剩餘時間。。就谷歌而言，第一季的總支出略低於 2000 萬美元。

We'll see about $19 million of that coming through the technology line and a little under $1 million of that was in professional base.

我們將看到其中約 1900 萬美元來自技術線，而其中略低於 100 萬美元來自專業基礎。

Great. Thanks very much.

偉大的。非常感謝。

Ben Budish with Barclays

巴克萊銀行的 Ben Budish

Hi, thanks for taking my follow up, Terry, I was wondering if you could talk a little bit more about the launch of BrokerTec in Chicago. So what are your ambitions there? What's the anticipated customer type? What are your kind of thoughts on how it improves your competitive positioning? Any color there would be helpful.

你好，感謝 Terry 接受我的採訪，我想知道你是否可以再多談談 BrokerTec 在芝加哥的推出情況。那你的目標是什麼？預期的客戶類型是什麼？您認為它如何提高您的競爭地位？任何顏色都會有幫助。

Yes. Thanks, Ben. I'll ask Mike Dennis to give a little color on BrokerTec Chicago, and then I'll comment on our time, Mike.

是的。謝謝，本。我將請邁克·丹尼斯 (Mike Dennis) 對 BrokerTec Chicago 做一點介紹，然後我會對我們的時間發表評論，邁克。

Yes. Thanks, Garry. Brokers in Chicago, this is a project we're very excited about. It's a second central limit order book that will be uniquely located right next to our core futures and options markets in the Aurora data center where clients have a lot of connectivity already. As the futurization trend has grown over the past several years, clients have come to us looking for solutions to help better manage trading between cash and futures.

是的。謝謝，加里。芝加哥的經紀人，這是一個讓我們非常興奮的項目。這是第二個中央限價訂單簿，其位置獨特，緊鄰 Aurora 資料中心的核心期貨和選擇權市場，客戶在此已經擁有大量連線。隨著過去幾年期貨化趨勢的不斷增長，客戶紛紛向我們尋求解決方案，以幫助更好地管理現貨和期貨之間的交易。

So we have received overwhelmingly positive feedback from the dealer community as well as from clients that are very active in relative value strategies, trading both treasury futures and so for futures for US cash treasuries. This new central limit order book will help drive new client acquisition as well as allow us to be more creative on thinking about new trading modalities within our interest rate complex.

因此，我們收到了來自交易商社群以及在相對價值策略中非常活躍的客戶的非常積極的回饋，他們既交易國債期貨，也交易美國現金國債期貨。這個新的中央限價訂單簿將有助於推動新客戶的獲取，並使我們能夠更有創意地思考利率綜合體中的新交易模式。

So launch is scheduled for Q3 2025 and client testing will be available shortly, probably at the end of April. Our New York Cloud will continue to be the main venue for risk transfer and price discovery One thing to say is that different traders need different execution tools and different execution types offering both access models will allow us to capture a broader set of clients. So if you think about the treasury cash on the run market in 2 segments, you have risk transfer trades, clients seeking larger stacks of liquidity, which the BrokerTec New York Cloud continues to address and then relative value trades, cash resutured trades, which prototypically seek inside prices and transact in smaller size. So we're very excited for it, and I'll turn it over to Terry to have some follow-up comments.

因此，發佈時間定於 2025 年第三季度，客戶端測試將很快進行，大概在 4 月底。我們的紐約雲將繼續成為風險轉移和價格發現的主要場所。有一點要說的是，不同的交易者需要不同的執行工具和不同的執行類型，提供兩種存取模式將使我們能夠吸引更廣泛的客戶。因此，如果您將國庫現金流通市場分為兩個部分，那麼您就會發現，風險轉移交易，客戶尋求更大的流動性，BrokerTec 紐約雲將繼續解決這些問題，然後是相對價值交易，現金重組交易，其原型尋求內部價格並以較小的規模進行交易。因此我們對此感到非常興奮，我將把它交給特里來聽取一些後續評論。

Yes. No, I think you said it all correctly, Mike. I think what's important here is we're trying to make sure, as Mike said, that we can make sure that every client is being having the ability to have the market to where they believe is in their best interest. And the dealer community believes that having -- they're one of the constituents among others, that having it side-by-side against the treasury futures complex is the right place to be. And we've analyzed this every way to Sunday, and we don't disagree.

是的。不，我認為你說的都正確，麥克。我認為這裡重要的是，正如麥克所說，我們正在努力確保每個客戶都有能力將市場推向他們認為最符合他們利益的領域。而交易商群體相信，他們是眾多參與者之一，將其與國債期貨綜合體並駕齊驅是正確的做法。截至週日，我們已經對此事進行了全方位的分析，並且我們並無異議。

So I think it's really important that we look at all constituencies and see what's in the best interest of the market. I think what Mike said is really important, and the reason I hesitate because I want to focus on this, the futurization of that marketplace is critically important. And it has been my focus for a number of years, of futurization of some of these cash markets. And I think we're continuing to see that especially in the rates business. So having that set up in Chicago makes a ton of sense for CME going forward, and I'm very excited about the future of our futures franchise, no pun intended to move that and grow that business exponentially.

因此我認為，我們必須考慮所有選區，看看什麼最符合市場的利益，這一點非常重要。我認為麥克所說的非常重要，我猶豫的原因是我想專注於此，該市場的未來化至關重要。多年來，我一直關註一些現金市場的未來化。我認為我們會繼續看到這種情況，尤其是在利率業務方面。因此，在芝加哥設立該機構對於 CME 的未來發展意義重大，我對我們的期貨特許經營權的未來感到非常興奮，這並不是雙關語，而是要推動並成倍地發展該業務。

. We have seen BrokerTec grow a little bit over the last quarter. But again, I think we're looking at this for the long run, and we want to make sure that all participants have access to the marketplace where they feel comfortable in. And that's 1 of the constituent season it does. So Long winded way of saying we want to make sure we have both.

。我們看到 BrokerTec 在上個季度略有成長。但我再次認為，我們正在從長遠角度考慮這個問題，我們希望確保所有參與者都能進入他們感到舒適的市場。這就是它所構成的季節之一。所以，我們要用冗長的方式說，確保我們兩者兼得。

Brian Bedell with Deutsche Bank.

德意志銀行的 Brian Bedell。

I actually just want to -- on that very last question. If you could just comment around to what extent is this designed for basis trading between treasuries and futures because you mentioned the relative value. So are you attempting to optimize practices around basis trading and maybe just your overall view on how that's trending with very high volumes in April versus sort of what's happened more recently. And then I did have a housekeeping question on just the contribution from OSTTRA in 1Q and then the rates -- the spread that you're keeping on the collateral balances, is that still the $0.35 on the cash, and I think $0.10 on noncash/

我其實只是想——回答最後一個問題。由於您提到了相對價值，因此如果您可以評論這在多大程度上是為國債和期貨之間的基礎交易而設計的。那麼，您是否試圖優化基礎交易的實踐，也許只是您對 4 月份交易量非常高的趨勢與最近發生的情況的總體看法。然後我確實有一個關於 OSTTRA 在第一季的貢獻以及利率的內部問題——你們在抵押品餘額上保持的利差，現金仍然是 0.35 美元，非現金是 0.10 美元嗎？

Thanks, Brian. So on the base of trade, I wouldn't say that the decision had any bearing of putting BrokerTec Chicago in Aurora at all as it relates to the basis trade. The basis trade, we all know how that works. And having the store Protect Chicago, I don't think that's -- that was not our intent at all. It was more for to give participants the choice of where they want to execute on their cap side versus in their futures, both in Chicago and in New York.

謝謝，布萊恩。因此，從交易基礎來看，我不會說該決定與將 BrokerTec Chicago 納入 Aurora 有任何關係，因為它與基礎交易有關。基礎交易，我們都知道它是如何運作的。而開設「保護芝加哥」商店，我認為這根本不是我們的本意。這更多的是為了讓參與者選擇在芝加哥和紐約執行他們的上限或未來。

And that was really the genesis of bringing Broker Tech, Chicago to Aurora, nothing to do with the basis trade. As it relates to OSTTRA, I'll let Lynne make your comment.

這就是將芝加哥 Broker Tech 引入奧羅拉的真正起源，與基礎交易無關。由於它與 OSTTRA 相關，我會讓 Lynne 發表您的評論。

Yes. So Brian, the contribution of OSTTRA in 2024 was $89 million in earnings to CME. It's typically in the range of 20 to 22 per quarter, somewhere in that area. S&P doesn't report for a couple more weeks. So I won't give 2 great other specifics on this quarter, but it was -- I think that's a pretty safe range to use looking at last year and kind of the range that we typically see.

是的。因此，布萊恩，OSTTRA 在 2024 年為 CME 貢獻了 8,900 萬美元的收益。通常每季在 20 到 22 之間，大概在這個範圍內。標準普爾還要幾週才會發布報告。因此，我不會給出關於本季的其他兩個細節，但我認為，從去年的情況來看，這是一個相當安全的範圍，也是我們通常看到的範圍。

And then on the spread on collateral, it was 35 basis points this quarter, similar to Q4. That's on the cash side. .

就抵押品利差而言，本季為 35 個基點，與第四季相似。這是現金方面。。

Is it $10 million on the noncash?

非現金部分是 1000 萬美元嗎？

Thank you all for participating in our call this quarter. We look forward to following up with any questions you have. Obviously, we'll be reaching out or you can reach out to us. Have a good day. Thank you very much.

感謝大家參加我們本季的電話會議。我們期待解答您的任何問題。顯然，我們會聯絡您，或者您也可以聯絡我們。祝你有美好的一天。非常感謝。

Thank you for participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。