芝加哥商業交易所 (CME) 2025 Q2 法說會逐字稿

Welcome to the CME Group second-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 年第二季財報電話會議。（操作員指令）。現在我想把電話轉給亞當米尼克 (Adam Minick)。請繼續。

Good morning, and I hope you're all doing well today. We released our executive commentary earlier this morning, which provides extensive details on the second-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.

早安，希望大家今天一切順利。我們今天早上發布了高管評論，其中提供了有關 2025 年第二季度的詳細信息，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。

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所作的非歷史事實的陳述均為前瞻性陳述。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。

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

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。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 quarter and the overall environment. Following that, Lynne will provide an overview of our second-quarter results. In addition to Lynne, as usual, 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。我將對我們的季度和整體環境做一些簡短的評論。隨後，Lynne 將概述我們的第二季業績。除了 Lynne 之外，與往常一樣，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。

Our record-breaking performance in the second quarter demonstrated the growing need for risk management globally. For the first time in CME Group's history, average daily volume exceeded 30 million contracts for this quarter.

我們第二季破紀錄的業績顯示全球對風險管理的需求日益增長。本季度，芝商所集團史上首次日均交易量超過 3,000 萬份合約。

Second-quarter average daily volume of 30.2 million contracts represented an increase of 16% compared to the same period last year and included all-time records in each month of the quarter. In an environment of heightened headline risk and macro uncertainties, clients are increasingly choosing the transparency and capital efficiency of our essentially cleared benchmark products as they look to manage and mitigate risk.

第二季日均交易量為 3,020 萬份合約，比去年同期成長 16%，本季每個月都創下了歷史新高。在整體風險和宏觀不確定性加劇的環境下，客戶越來越多地選擇我們基本清算的基準產品的透明度和資本效率來管理和降低風險。

The strong growth this quarter was broad-based with year-over-year volume growth in all six asset classes, including all-time quarterly volume records in Interest Rates, Agricultural commodities, and Metals. In aggregate, our financial products volume grew by 17% and our commodity sector volume grew by 15%.

本季的強勁成長是廣泛的，所有六種資產類別的交易量均同比增長，其中利率、農產品和金屬的季度交易量創下了歷史新高。整體而言，我們的金融產品交易量成長了 17%，大宗商品交易量成長了 15%。

This continues to be a risk-on environment as evidenced by the continued growth in open interest or positions open on the books at CME, up by 7% from the end of Q2 2024 and 10% from year-end 2024. We are also seeing strong levels of large open interest holders, with new records in both Interest Rates and crypto futures set earlier this month.

這仍然是一種風險偏好環境，芝加哥商品交易所 (CME) 帳面未平倉合約或持倉持續成長就是明證，較 2024 年第二季末成長 7%，較 2024 年底成長 10%。我們也看到大量未平倉合約持有者的數量強勁，本月稍早利率和加密貨幣期貨均創下了新高。

We had our highest-ever quarterly volume from our international business, which averaged 9.2 million contracts per day, up 18% from the prior year. This was led by a record 6.7 million average daily volume from EMEA, which was up 15%; and a record 2.2 million contracts per day from APAC or up 30%. This record international volume was driven by growth across all asset classes and customer segments, and reflects our deep integration into global markets.

我們的國際業務季度交易量創歷史新高，平均每天 920 萬份合同，比上一年增長 18%。其中，歐洲、中東和非洲地區日均交易量達到創紀錄的 670 萬份，成長了 15%；亞太地區日均交易量達到創紀錄的 220 萬份，成長了 30%。這項創紀錄的國際交易量是由所有資產類別和客戶群的成長所推動的，反映了我們與全球市場的深度融合。

In recent quarters, we've talked extensively about our growing focus on retail traders and highlighted some of the large retail broker partners that have joined our multi-asset class marketplace to meet the increasing demand from this particular segment.

在最近幾個季度，我們廣泛討論了我們對零售交易商日益增長的關注，並重點介紹了一些加入我們的多資產類別市場的大型零售經紀合作夥伴，以滿足這一特定領域日益增長的需求。

In the second quarter, over 90,000 new retail traders participated in our markets for the first time, a 56% increase versus same period last year. These new customers contributed to our micro's ADV record of 4.1 million contracts in Q2 and demonstrated the appeal of our products to a broader base of users.

第二季度，超過9萬名新散戶首次加入市場，較去年同期成長56%。這些新客戶為我們第二季度微型企業 410 萬份合約的日均交易量記錄做出了貢獻，並向更廣泛的用戶群體展示了我們產品對用戶的吸引力。

The Micro E-Mini Nasdaq 100 futures contributed 1.7 million of those 4.1 million contracts. Year to date, Nasdaq 100 futures and options trading volume at CME Group has climbed to more than 2.5 million contracts per day or up 22% versus last year.

微型 E-迷你納斯達克 100 期貨佔這 410 萬份合約中的 170 萬份。今年迄今，芝加哥商品交易所集團的納斯達克 100 期貨和選擇權交易量已攀升至每天 250 多萬份合約，較去年增長 22%。

Also, we're pleased yesterday, we were able to announce a 10-year extension of CME Group's exclusive license to offer futures and options on futures based on the Nasdaq 100 and other Nasdaq indexes. This license will go through 2039.

此外，我們很高興昨天宣布將芝加哥商品交易所集團 (CME Group) 的獨家許可延長 10 年，以提供基於納斯達克 100 指數和其他納斯達克指數的期貨和期貨選擇權。該許可證將有效期至 2039 年。

This extension ensures that our customers will continue to have the ability to trade Nasdaq Equity Index products alongside our S&P, Dow Jones, and FTSE Russell products; and benefit from the related capital and operational efficiencies for years to come. In addition to the impressive volume records, we delivered record financial results for the second consecutive quarter.

此次延期確保我們的客戶將繼續有能力交易納斯達克股票指數產品以及我們的標準普爾、道瓊斯和富時羅素產品；並在未來幾年受益於相關的資本和營運效率。除了令人印象深刻的銷售記錄外，我們還連續第二季創下了創紀錄的財務表現。

I'll now turn the call over to Lynne to review our financial results in more detail, and look forward to your questions.

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，並期待您的提問。

Thanks, Terry, and thank you, all, for joining us this morning. During the second quarter, CME Group generated revenue of $1.7 billion, up 10% from the second quarter in 2024. The average rate per contract for the quarter was $0.69, resulting in the highest quarterly clearing and transaction fees in our history of $1.4 billion, up 11% year over year.

謝謝，特里，也謝謝大家今天早上加入我們。第二季度，芝商所集團營收17億美元，較2024年第二季成長10%。本季每份合約的平均費率為 0.69 美元，季度清算和交易費用達到我們歷史上的最高水平，達到 14 億美元，年增 11%。

Market data revenue also reached a record level of 13% to $198 million. Continued strong cost discipline led to adjusted expenses of $491 million for the quarter and $395 million, excluding license fees. Our adjusted operating income came in at a record $1.2 billion, up 14% year over year.

市場數據收入也達到了創紀錄的 13%，達到 1.98 億美元。持續嚴格的成本控制導致本季調整後支出為 4.91 億美元，不包括許可費為 3.95 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%。

Our adjusted operating margin for the quarter was 71%, up from 69.1% in the same period last year. CME Group had an adjusted effective tax rate of 23.3%. 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 $1.1 billion and $2.96 per share, respectively, both up 16% from the second quarter last year.

本季調整後的營業利益率為 71%，高於去年同期的 69.1%。芝商所集團的調整後有效稅率為23.3%。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 11 億美元和 2.96 美元，均比去年第二季度增長 16%。

This represents an adjusted net income margin for the quarter of 64%. Capital expenditures for the second quarter were approximately $19 million, and cash at the end of the quarter was $2.2 billion. CME Group paid dividends of $455 million in the second quarter and approximately $3 billion over the first half of the year.

這意味著本季調整後的淨收入利潤率為 64%。第二季資本支出約1,900萬美元，季末現金為22億美元。 CME該集團第二季支付了 4.55 億美元的股息，今年上半年支付了約 30 億美元的股息。

Turning to guidance, we now expect total adjusted operating expenses for the year, excluding license fees, to be approximately $1.635 billion. That is $15 million below our prior guidance and represents 3% growth from last year's adjusted expense levels, although the guidance remains unchanged.

談到指導，我們現在預計今年調整後的營運費用總額（不包括許可費）約為 16.35 億美元。這比我們之前的指導方針低了 1500 萬美元，比去年調整後的費用水平增長了 3%，儘管指導保持不變。

We're very proud to deliver the highest quarterly volume, revenue, operating income, and diluted earnings per share in our history. These strong results are the continuation of the growth and demand for our products over the last several years. Following three consecutive years of record annual earnings and double-digit earnings growth, the need for our products has driven 14% earnings growth in the first half of 2025.

我們非常自豪能夠實現公司歷史上最高的季度銷售、收入、營業收入和每股攤薄收益。這些強勁的業績反映了過去幾年來我們產品的成長和需求。在連續三年創下年度獲利記錄並實現兩位數獲利成長之後，我們產品的需求推動了 2025 年上半年獲利成長 14%。

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

我們現在想開始回答你們的提問。謝謝。

(Operator Instructions) Owen Lau, Oppenheimer.

（操作員指示）Owen Lau，Oppenheimer。

Hi. Good morning. Thank you for taking my question. So trading volume and hedging activities were very strong in the first half. CME had a record quarter again.

你好。早安.感謝您回答我的問題。因此，上半年交易量和對沖活動非常強勁。CME 本季再次創下紀錄。

But could you please talk about the macro backdrop for the second half? What are the key drivers that can sustain these strong hedging activities going into the second half? Is it going to be Interest Rates, commodities, crypto, or something else? Thanks a lot.

但您能談談下半年的宏觀背景嗎？哪些關鍵驅動因素能夠支撐下半年強勁的避險活動？它會是利率、商品、加密貨幣還是其他？多謝。

Owen, this is Terry Duffy. Your question is about the second half of the year, I assume, right, in total, not this quarter?

歐文，這是特里·達菲。我猜你的問題是關於下半年的，對吧，是總體情況，而不是本季的情況？

Correct. Second half, correct.

正確的。下半場，正確。

Yeah. And so it's -- obviously, it's really hard to predict volumes. We've always said that since the day we took this company public, it's difficult to predict. But we have seen, without a doubt, many things going around globally that need to be managed and mitigated through risk management.

是的。所以，顯然，預測產量確實非常困難。我們一直說，自從我們將這家公司上市的那一天起，就很難預測。但毫無疑問，我們已經看到全球範圍內發生的許多事情需要透過風險管理來管理和緩解。

The markets have been massively resilient through a lot of the policies that have been going through, whether it's on tariffs or other issues in the United States. But it doesn't negate the fact that we're sitting at record levels of debt, not only here in the United States. We're sitting at increasing levels of debt throughout Europe now.

在許多政策實施的過程中，市場都展現了極大的彈性，無論是關稅還是美國的其他問題。但這並不能否定我們的債務水平處於創紀錄水平的事實，不僅僅是在美國。目前整個歐洲的債務水準都在不斷上升。

I just -- you just saw the other day where the UK government had to issue more debt to continue to run its country. It is at levels that, I think, they're obviously unprecedented. And I think that people are going to need to manage and mitigate that risk.

我只是——你前幾天就看到英國政府必須發行更多債務才能繼續管理國家。我認為，從水平上看，它們顯然是前所未有的。我認為人們需要管理和減輕這種風險。

The question is, well, how does that transition into volume? It's really hard to predict. But I think that unless I missed something in the news, there's still massive unrest between Russia and Ukraine. There's still massive unrest between Israel and Palestine in the West Bank there.

問題是，它如何轉化為音量？這確實很難預測。但我認為，除非我錯過了新聞中的某些內容，否則俄羅斯和烏克蘭之間仍然存在著大規模的動盪。約旦河西岸地區以色列和巴勒斯坦之間仍然存在大規模騷亂。

And so there is so many different things going on right now politically that could have impacts on multiple different asset classes. We feel very strongly that we can be here to help mitigate and manage that risk.

目前政治上發生的許多事情可能會對多種不同的資產類別產生影響。我們強烈感覺到我們可以在這裡幫助減輕和管理這種風險。

Now we're not hoping for any disasters. I'm only pointing out factual things that are in the news and that are fundamentally math problems such as debt and issuance going on right now. So I don't know how that translates into volume, but I don't know how it does (technical difficulty) --

現在我們不希望發生任何災難。我只是指出新聞中的事實，這些事實從根本上來說都是數學問題，例如目前正在發生的債務和發行。所以我不知道這如何轉化為音量，但我不知道它如何（技術難度）——

Thanks a lot, Terry.

非常感謝，特里。

Thanks, Owen.

謝謝，歐文。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Great. Thanks. Good morning, folks. Thanks for taking my question. If I can just put -- bundle two into one, so a two-parter, and focus mostly on retail and then the crypto ecosystem.

偉大的。謝謝。大家早安。感謝您回答我的問題。如果我可以將兩者合併為一個，那麼就分為兩部分，主要專注於零售，然後是加密生態系統。

So, Terry, you've talked a lot about retail emergence and your bullish views on how this is becoming a much bigger client base. Can you just talk about the recent take-up? You said 90,000 customers -- new traders. How are you measuring that? And are you seeing that from new online brokers -- new research traders from online brokers coming in, and maybe how you expect them to trade different asset classes within the CME ecosystem? I think mostly equity and crypto.

特里，您談了很多關於零售業的興起以及您對其如何成為更大的客戶群的樂觀看法。能談談最近的情況嗎？您說的是 90,000 名客戶——新交易者。你如何衡量這一點？您是否從新的線上經紀商——來自線上經紀商的新研究交易員那裡看到了這一點，也許您預計他們會如何在 CME 生態系統內交易不同的資產類別？我認為主要是股票和加密貨幣。

And then the second question is around the crypto ecosystem broadly, how you see that unfolding over the next several years? What would CME's role be in that? Could that include listing perpetual futures or doing some acquisitions potentially on the tokenized front or establishing a tokenized capability at CME, if that's something you believe in?

第二個問題是關於加密生態系統的廣泛問題，您認為它在未來幾年將如何發展？CME 在其中扮演什麼角色？如果您相信的話，這是否包括上市永久期貨或在代幣化方面進行一些收購或在 CME 建立代幣化能力？

Brian, thank you for that two-part question. Much appreciate it. It seemed like a little more parts than two, but that's okay. So let me try to address it. And I'll ask my team to join in where -- I think they're all vigorously taking some notes on some of your points. So Julie and Tim McCourt will both join in as well and maybe others.

布萊恩，謝謝你提出這兩個問題。非常感謝。看起來好像有兩個以上的部分，但沒關係。因此，讓我嘗試解決這個問題。我會讓我的團隊加入進來——我想他們都在認真記錄你的一些觀點。因此，朱莉和蒂姆·麥考特也會加入，也許還有其他人也會加入。

So let me say a couple of things. One, in my prepared remarks, I referenced 90,000 new users for the first time, which I think is something that -- I've been here a long time. It's really not -- it's very unprecedented to see that type of growth. I think it's up 56%, is what I referenced.

因此，請允許我說幾件事。首先，在我準備好的發言中，我第一次提到了 90,000 名新用戶，我認為這是我在這裡已經很久的事情了。事實並非如此——這種增長是前所未有的。我認為它上漲了 56%，這就是我提到的。

So to me, that is very, very exciting from the retail perspective and the growth. I don't believe that's going away. I've said just to you, Brian, and the rest of the analysts and others that cover us, these people want access to markets. And we're going to make certain we give it to them. And I'm very, very optimistic about this segment.

所以對我來說，從零售角度和成長來看，這是非常非常令人興奮的。我不相信它會消失。布萊恩，我剛才對你和其他分析師以及報道我們的其他人說了，這些人想要進入市場。我們一定會把這個機會交給他們。我對這個領域非常非常樂觀。

I'm never trying to predict direction of markets, so I will never do that. But I will say that people have access to markets they never had before, and I don't see that slowing down. I think it only accelerates for many more years to come as people start to participate in different markets.

我從來沒有試圖預測市場的方向，所以我永遠不會這樣做。但我要說的是，人們可以進入以前從未進入過的市場，我認為這種趨勢不會放緩。我認為，隨著人們開始參與不同的市場，未來幾年這種趨勢只會加速。

As far as the different asset classes, I think, Brian, was part of your question, do they go from trading crypto to maybe gold or other asset classes here at CME? I think as people evolve, people always seem to evolve into different asset classes. And as you know, Brian, very well, when one asset class seems to be getting a lot of attention, a lot of people follow it.

至於不同的資產類別，我認為，布萊恩，這是你問題的一部分，他們是否從在芝加哥商品交易所交易加密貨幣轉向黃金或其他資產類別？我認為隨著人們的進化，人們似乎總是進化成不同的資產類別。布萊恩，正如你所知，當一種資產類別似乎受到很多關注時，就會有很多人關注它。

Right now, we're seeing a lot of people follow the crypto. We can talk about some of the legislation that has passed and reasons why they're following crypto. So we've seen a massive uptick in the crypto markets as has others; so not a surprise.

現在，我們看到很多人都在關注加密貨幣。我們可以討論一些已經通過的立法以及他們關注加密貨幣的原因。因此，我們和其他市場一樣，看到了加密貨幣市場的大幅上漲；所以這並不奇怪。

We saw a lot of people attracted to gold when gold hit $3,500 an ounce just a few months back. So that is not a surprise. When crude oil traded up to $125 a barrel, you see a lot of people -- this was several years ago -- going after that trade.

幾個月前，當金價達到每盎司 3,500 美元時，我們看到很多人被黃金所吸引。所以這並不奇怪。當原油交易價格達到每桶 125 美元時，你會看到很多人——這是幾年前的事了——追逐這種交易。

So I think that there is not any one particular asset class; that's the beauty of CME. We have multiple different asset classes that people will follow. But they also follow things that are -- that have attention to them at that given moment in time. And they have the ability to do that now, where maybe 10, 20 years ago, they did not.

所以我認為不存在任何一種特定的資產類別；這就是 CME 的魅力所在。我們有多種不同的資產類別供人們關注。但他們也會注意那些在特定時刻引起他們注意的事物。他們現在有能力做到這一點，而 10 到 20 年前他們可能還沒有能力做到這一點。

So they can move from asset class to asset class relatively, quickly, and seamlessly. That was one of your questions. So I think they participate in all of our assets, depending on what's going on fundamentally. Your other question was around crypto, I believe, as it relates to what we continue to accelerate our entry into crypto.

因此他們可以相對、快速、無縫地從一個資產類別轉移到另一個資產類別。這是你的一個問題。所以我認為他們會參與我們所有的資產，這取決於根本情況。我相信，您的另一個問題與加密貨幣有關，因為它與我們繼續加速進入加密貨幣領域有關。

From my standpoint, right now, we are hardly a first mover in crypto. I think that we are a fast follower, to say the least. And we have a lot to offer in our crypto franchise. I think there's a lot of people that like to have the regulated platform on crypto, and it gives them confidence.

從我的角度來看，目前我們幾乎還不是加密貨幣領域的先驅。我認為，至少可以說，我們是一個快速的跟隨者。我們的加密特許經營權有很多可提供的。我認為很多人喜歡在加密貨幣上擁有受監管的平台，這給了他們信心。

I think that's one of the reasons we've seen massive growth in people that are more mainstream in today's financial system trading it. Because they're using CME's reference prices to do that and are based off of our futures contracts. So we will continue to participate in that venue.

我認為這就是我們看到當今金融體系中從事金融交易的主流人群大幅增長的原因之一。因為他們使用 CME 的參考價格來做到這一點，並且以我們的期貨合約為基礎。因此我們將繼續參加該活動。

As far as perpetuals go, Brian, I think, is one of your other questions, I thought, I heard you say. Perpetuals are something that are illegal in the United States of America. They do have them in Europe. So the question is we will have to wait and see how the regulations shake out on perpetuals.

就永動機而言，布萊恩，我想，這是你的另一個問題，我想，我聽到你說過。永久產權在美國是非法的。歐洲確實有。所以問題是，我們必須拭目以待，看看法規對永續債將如何實施。

There are certain products that are not conducive to perpetuals, mainly deliverable products are not conducive to perpetuals. So cash settled maybe more so, such as the crypto markets could be more of a perpetual-type contract. But there are many products that just would not be efficient as a perpetual as it relates to risk management that are deliverable.

有些產品不利於永續合約，主要是可交割產品不利於永續合約。因此現金結算可能更多，例如加密貨幣市場可能更像是一種永久合約。但在可交付風險管理方面，許多產品的效率不如永久性產品。

So when you look at Energy, you look at rates, you look at all these products that are extensively delivered and people are counting on that delivery mechanism in order to manage the risk to take delivery or make delivery, perpetuals do not work. So I think it will go back and forth, and we'll see how the regs shake out. That's about what I heard. Maybe the team has to pick up more, Julie or --

因此，當您查看能源、查看利率、查看所有這些廣泛交付的產品時，人們都依賴該交付機制來管理收貨或交付的風險，但永續合約不起作用。所以我認為它會來回反复，我們將看看規則如何變化。我聽到的差不多就是這樣。也許球隊需要接手更多，朱莉或--

Yeah. I mean, Brain, thanks for the call out on the Retail business. I think I'll just double-click a little bit with some additional stats to support the points that Terry was making earlier.

是的。我的意思是，布萊恩，感謝你對零售業務的關注。我想我只需雙擊一下並提供一些額外的統計數據來支持 Terry 之前提出的觀點。

This was another record for the Retail segment. We certainly did see an extremely robust entry of new traders to that 90,000 that we talked about earlier. And this is now our fifth consecutive quarter of double-digit Retail client acquisition growth.

這是零售領域的另一項紀錄。我們確實看到大量新交易員加入，達到了我們之前提到的 90,000 名交易員的水平。這是我們連續第五個季度實現兩位數的零售客戶獲取成長。

And what has been fundamental across is just that three-pillar strategy that we've talked about on previous calls, which is partnering with those new-to-futures brokers that you referenced, expanding market access and that is because of our diverse product speed, and also enhancing our trader education.

而最根本的就是我們在之前的電話會議上討論過的三大支柱戰略，即與您提到的那些新進入期貨市場的經紀商合作，擴大市場准入，這是因為我們擁有多樣化的產品速度，同時也加強了我們的交易員教育。

So a few other things. I mean, total participation across our marketplace for Retail saw significant 16% increase this quarter as well. And what was also great to see was overall growth across all major regions. So we saw North American leading that, with a 19% increase in total participants, a very healthy growth coming out of EMEA as well as APAC.

還有一些其他的事情。我的意思是，本季我們零售市場的總參與度也顯著成長了 16%。同樣令人高興的是，所有主要地區都實現了整體成長。因此，我們看到北美處於領先地位，總參與人數增加了 19%，歐洲、中東和非洲地區以及亞太地區都出現了非常健康的成長。

So those strategic partnerships with those new-to-future brokers have been driving, I would say, instrumental and instrumental in driving growth as well. Yet if we look across our top 25 partners, we are seeing strong performance throughout all those partners. They are a key part of how we are able to continue to grow the complex and reach retail traders.

因此，我想說，與這些新經紀商建立的策略夥伴關係對推動成長也起到了重要作用。然而，如果我們看看我們的前 25 名合作夥伴，我們會看到所有這些合作夥伴都表現強勁。它們是我們能夠繼續發展綜合體並接觸零售商的關鍵部分。

And on the product side, we've mentioned the micro records earlier, certainly, 4.1 million across the whole suite. 3.6 million of that in ADV was from equities. But I will also call out gold, which was up over 37% among retail crypto with micro bitcoin up 94%, micro ether up 212%. So we're seeing that retail traders are accessing far more than just our micro equity suite, which is great.

在產品方面，我們之前提到微型記錄，整個套件當然有 410 萬份。其中 360 萬份 ADV 來自股票。但我還要提到黃金，在零售加密貨幣中，黃金上漲了 37% 以上，其中微型比特幣上漲了 94%，微型以太幣上漲了 212%。因此，我們看到散戶交易者所能訪問的遠不止我們的微型股票套件，這很好。

And we also saw a nice jump in our rate per contract. We were up 7% from Q1 to 34.9%. So we're happy with where things are at and clearly highly focused on the educational aspects of what we're doing with our brokers as well. We held over 100 client events just in Q2 to help educate traders. So we feel pretty good about the outlook going forward in the second half of the year.

我們也看到每份合約的費率大幅增加。與第一季相比，我們的成長率為 7%，達到 34.9%。因此，我們對目前的情況感到滿意，顯然也高度重視我們與經紀人合作的教育方面。僅在第二季度，我們就舉辦了 100 多場客戶活動來幫助教育交易員。因此，我們對下半年的前景感到十分樂觀。

Thanks, Julie. I'm going to ask, Tim, real quick to comment on crypto or anything else that Brian referenced. And then we'll get on to the next question.

謝謝，朱莉。我要快速詢問蒂姆，對加密或布萊恩提到的任何其他內容發表評論。然後我們再討論下一個問題。

Great. Thanks, Terry, and thanks, Brian, for the question. I think the one thing just to add to (technical difficulty) was about 190,000 contracts traded, up over 130% year over year. Just want to point out that momentum continues here in July.

偉大的。謝謝 Terry 和 Brian 提出的問題。我認為唯一增加（技術難度）的是交易的合約約為 190,000 份，年增超過 130%。我只是想指出，7 月這一勢頭仍在繼續。

We're -- through sort of end of last week, we're doing almost 260,000 contracts per day in our crypto complex, which is over $12 billion of notional OI [as] the complex continues to grow. It's now over $26 billion of notional, about 232,000 contracts here in July.

截至上週末，我們的加密貨幣綜合體每天處理近 26 萬份合約，名目未平倉合約超過 120 億美元，而該綜合體仍在持續成長。目前名目金額已超過 260 億美元，7 月合約數量約 23.2 萬份。

And just to reinforce Terry's earlier comment, with our new record large open interest holder in the complex of almost 800 large traders, the great momentum is continuing here in July. And we look forward to continuing to serve the needs of our clients in the cryptocurrency complex as one of the most trusted exchanges doing so.

為了支持特里先前的評論，我們在近 800 個大型交易商中創下了新的未平倉合約持有者記錄，7 月的強勁勢頭仍在繼續。作為最值得信賴的交易所之一，我們期待繼續滿足加密貨幣領域客戶的需求。

Thanks, Tim, and thank you, Brian.

謝謝，提姆，謝謝你，布萊恩。

Thank you.

謝謝。

Chris Allen, Citi.

花旗銀行的克里斯艾倫。

Good morning, everyone. Thanks for taking the question. I wanted to ask how you guys are thinking about capital deployment here, just given the level of cash balances sitting on the balance sheet right now and then the closing last year in the back half of the year? How are you thinking about prioritizing buybacks versus dividends, just given where the stock is? Any thoughts on inorganic growth opportunities in the current environment?

大家早安。感謝您回答這個問題。我想問一下，考慮到目前資產負債表上的現金餘額水準以及去年下半年的收盤情況，你們是如何考慮資本配置的？考慮到股票的現狀，您如何考慮優先考慮回購還是分紅？對當前環境下的無機成長機會有何看法？

Thanks, Chris. I got a little siren in the background here in Chicago. Sorry about that. But I think we caught your question. I'll ask Lynne, if you heard it, to go ahead and respond.

謝謝，克里斯。我在芝加哥聽到了背景中傳來的警報聲。很抱歉。但我想我們已經了解你的問題了。如果你聽到了，我會請 Lynne 繼續回答。

Yeah, of course. Thanks, Chris. I think the way we're thinking about capital deployment has not changed, really since we announced the buyback program. We've discussed that that's going to be an opportunistic program.

是的，當然。謝謝，克里斯。我認為，自從我們宣布回購計畫以來，我們對資本配置的思考方式並沒有改變。我們已經討論過這將是一個機會主義計劃。

So we still have our variable dividend structure and the ability to return cash through that valve. And we have the addition of the share repurchase that we can look to utilize if we see some disconnects in terms of trading versus performance. So I think that's going to be our approach when we think of that mix, and it will be dependent on market activity.

因此，我們仍然擁有可變的股息結構和透過該閥門返還現金的能力。而且，如果我們發現交易與業績之間存在一些脫節，我們可以考慮利用股票回購。因此，我認為這將是我們考慮組合時所採取的方法，並且它將取決於市場活動。

On the inorganic side, as you know, we get approached, just given our capital structure and our size, kind of ability to participate in those type of activities. It is always difficult in the exchange space, particularly in kind of international M&A. I would say we look as much as we always have.

在無機方面，如您所知，我們之所以受到關注，是因為考慮到我們的資本結構和規模，我們有能力參與此類活動。交易領域總是很困難，特別是在國際併購方面。我想說我們看的次數和往常一樣多。

We just tend to be a bit more choosy in terms of when we pull that trigger. But we may look at other ways to execute on growth initiatives, things like the joint ventures we've executed or things like our commercial agreement and the extension with Nasdaq yesterday that you saw. So we look at growth opportunities, not just in the M&A lens but all different types of structures.

我們只是在選擇扣下板機的時間時更加挑剔一些。但我們可能會考慮其他方式來執行成長計劃，例如我們已經執行的合資企業，或者像您昨天看到的我們的商業協議和與納斯達克的延期。因此，我們不僅從併購的角度來看待成長機會，也從各種不同類型的結構來看成長機會。

Thank you.

謝謝。

Thanks, Chris.

謝謝，克里斯。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning. This is Eli Abboud, on for Craig. Thanks for taking the question. Can you discuss the impact of tariffs on your physical commodities business? Specifically, has the growing basis between your products and some of the European alternatives affected trading, particularly in the commercial channel?

早安.這是伊萊·阿布德 (Eli Abboud)，代替克雷格 (Craig)。感謝您回答這個問題。您能討論一下關稅對你們實體商品業務的影響嗎？具體來說，你們的產品與一些歐洲替代品之間的基礎日益擴大是否影響了貿易，特別是在商業管道？

Yeah. Thank you for the question. I'll ask Derek Sammann, who heads up that part of our business for us (technical difficulty) what are you seeing in over there?

是的。謝謝你的提問。我會問負責我們這部分業務（技術難題）的 Derek Sammann，您在那裡看到了什麼？

Yeah. Thanks, Eli. I appreciate the question. When you look at the uncertainty across the globe right now, whether it's tariff-related specific question or geopolitical uncertainties, ongoing Middle East unrest and Ukraine-Russia tensions that Terry referenced, trade disputes, all of this is leading to a realignment of a number of the global physical supply chains.

是的。謝謝，伊萊。我很感謝你提出這個問題。看看現在全球的不確定性，無論是與關稅相關的具體問題還是地緣政治的不確定性、特里提到的持續的中東動亂和烏克蘭與俄羅斯的緊張局勢、貿易爭端，所有這些都導致了許多全球實體供應鏈的重新調整。

With the benchmark markets we run and the fact that US is now exporting record amounts of energy, we're seeing that that is leading to the record results, not just for the first half of this year across the commodities complex, Ags, Energy, and Metals, on the volume side, but also record revenues there as well.

透過我們運行的基準市場以及美國目前出口創紀錄數量的能源這一事實，我們看到這正在帶來創紀錄的業績，不僅是今年上半年大宗商品綜合體、農業、能源和金屬在數量方面，而且在收入方面也創下了紀錄。

When you specifically drill down into the tariff impacts themselves, it's leading to two effective impacts. On one side, the tariff impacts are creating both short- and long-term dislocations in markets. It creates a cost base of differential. That all needs to be risk management.

當你深入研究關稅本身的影響時，它會產生兩種有效影響。一方面，關稅影響正在造成市場短期和長期混亂。它創建了差異的成本基礎。這一切都需要風險管理。

We're seeing our volume and activity increase across all of our client segments. And we're seeing record activity across both APAC, up almost 40%; and EMEA, up over 22% this year. So we're seeing global participation increase.

我們發現所有客戶群的業務量和活動都在增加。我們看到，今年亞太地區的活動均創下了歷史新高，成長了近 40%；歐洲、中東和非洲地區的活動也成長了 22% 以上。因此，我們看到全球參與度正在增加。

Not only did you see record activity in April when a number of these tariffs were announced, but we actually saw that perpetuate through into records in Metals and Energy in June. We're seeing that particularly express itself in options.

我們不僅在 4 月宣布一系列關稅時看到了創紀錄的活動，而且我們實際上還看到這種情況延續到了 6 月金屬和能源領域的創紀錄水平。我們看到這一點在選擇上尤其明顯。

But specifically to the question of the tariffs themselves, that's leading to a differential in price between our futures markets and the cash market that's known as a basis and that we're seeing that reflected in increases in levels of, what's called, the EFPs or exchange of physical.

但具體到關稅本身的問題，這導致了我們的期貨市場和現貨市場之間的價格差異，即所謂的基礎，我們看到這反映在所謂的 EFP 或實物交換水平的上升上。

And that means that managing the price between spot, physically delivered contracts and futures, moves around. We've seen volatility in that. And that is what is leading to our record activity and particularly on the option side across each of our asset classes.

這意味著現貨、實物交割合約和期貨之間的價格管理會有所變動。我們已經看到了其中的波動。這就是導致我們創紀錄的活動的原因，特別是在我們每個資產類別的選擇權方面。

So we're seeing that both on the institutional side with the commercial business at record levels. We're also seeing that create opportunities for folks that are looking to gain access to that price activity.

因此，我們看到機構方面和商業業務都達到了創紀錄的水平。我們也看到，這為那些希望參與該價格活動的人創造了機會。

You heard Julie mention that before, record activity in gold, as Terry mentioned, but record activity in our gold micros through the retail community. So it's a risk for some, and they come to CME Group to manage that basis risk. And it's an opportunity for others, and we see that in activity from the speculative side as well.

您之前聽過朱莉提到過，正如特里提到的，記錄黃金的活動，但透過零售社區記錄我們的黃金微交易的活動。因此，對某些人來說，這是一種風險，他們來到芝加哥商品交易所集團來管理這種基礎風險。這對其他人來說也是一個機會，我們也從投機的活動中看到了這一點。

So to Terry's point, we're here to solve customer risk no matter what side of the trade they're on. And our focus is on [lit] markets across geographies, across client segments. And in each one of these markets, some physical commodities, it's a risk-on environment. And we see that record activity this quarter and first half of this year.

所以正如 Terry 所說，無論客戶處於交易的哪一方，我們都會幫助他們解決風險。我們的重點是跨地域、跨客戶群的市場。在每個市場中，對於一些實體商品來說，都是一種風險環境。我們看到本季和今年上半年的活動創下了紀錄。

Thanks, Derek. Thanks, Eli.

謝謝，德里克。謝謝，伊萊。

Thank you.

謝謝。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Thanks. Good morning. So given all the records that you guys have had in the first half of the year, curious what drove the expense guide takedown? So in terms of priorities, Lynne, is this just timing in terms of spend? Or are there other changes in terms of expense outlook that you guys are making proactively?

謝謝。早安.那麼，考慮到你們今年上半年的所有記錄，好奇是什麼導致了費用指南的撤下？那麼，就優先事項而言，Lynne，這只是支出方面的時機嗎？或者你們在費用前景方面是否正在主動做出其他改變？

Yeah. Thanks, Dan. I would say there's a couple of things that led to the change in guidance. One was the refinement of our views on the spending on the Google migration. So we have been looking to optimize that spend. And as we're getting kind of more applications into that environment, we're finding ways to minimize the incremental spend.

是的。謝謝，丹。我想說有幾件事導致了指導方針的改變。一是完善了我們對 Google 遷移支出的看法。因此，我們一直在尋求優化支出的方法。隨著我們在該環境中引入越來越多的應用程序，我們正在尋找減少增量支出的方法。

So certainly, just a refinement on kind of the additional expense load from new applications moving, and also a refinement of the model in terms of timing and level of increased spend from new things that we expect to come on over the course of the year.

因此，當然，這只是對新應用程式遷移帶來的額外費用負擔進行改進，也是對我們預計在一年內出現的新事物帶來的支出增加的時間和水平模型進行改進。

The other area I would point out is we are coming in a bit later on the professional services thus far this year. So we're using a bit less of consulting help, not just on the migration product, but overall across the firm. So those two items are leading to that $15 million change in guidance.

我想指出的另一個方面是，今年到目前為止，我們在專業服務方面的進展稍晚。因此，我們使用的諮詢幫助減少，不僅是在遷移產品方面，而是在整個公司範圍內。因此，這兩項因素導致了 1500 萬美元的指導變化。

Anything else, Dan?

還有什麼嗎，丹？

Nope, that's it. Thank you.

不，就是這樣。謝謝。

Thank you.

謝謝。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Yes. Hey, good morning, everyone. Two of the, I guess, newer buzzwords or topics over the last few months has been stablecoins and tokenization. I think Brian actually mentioned tokenization in his question. I don't think you really responded to that.

是的。嘿，大家早安。我認為，過去幾個月裡最流行的兩個詞或話題是穩定幣和代幣化。我認為 Brian 實際上在他的問題中提到了標記化。我認為你並沒有真正回應這一點。

But not sure if I have a really smart question on the topics. But just wondering from your perspective, where you're spending your time? Where do you see opportunities on both of those issues? And are there any potential risks as well that you see here -- any efficiencies you could gain as well, sorry? Thank you.

但不確定我是否對這些主題提出了真正聰明的問題。但我只是想知道從你的角度來看，你的時間都花在哪裡了？您認為這兩個問題上有哪些機會？您認為這裡是否有任何潛在風險？您是否還能獲得任何效率？謝謝。

Yeah. Alex, thank you. The risks and benefits, we'll be cautious not to speculate on those. But I do want to give you an update where we're at. As you know, we put out a press release as it relates to some of the stablecoins that we're looking to implement.

是的。亞歷克斯，謝謝你。對於風險和利益，我們會謹慎，不去猜測。但我確實想向你們通報我們目前的情況。如您所知，我們發布了一份新聞稿，涉及我們正在尋求實施的一些穩定幣。

So I'll ask Suzanne Sprague, who's been spearheading that on behalf of the company, where we're at and how it's progressing? So Suzanne?

因此，我想問一下代表公司帶頭進行這項工作的蘇珊娜·斯普拉格 (Suzanne Sprague)，我們現在處於什麼階段，進展如何？那麼蘇珊娜？

Yeah. Thanks, Terry. And thanks for the question, Alex. So we are primarily focused on our partnership with Google. We did announce, as Terry mentioned, earlier this year, the Google Cloud Universal ledger partnership initiative that we're progressing with Google to be able to bring to market tokenization technology to enable 24/7 movement of value.

是的。謝謝，特里。謝謝你的提問，亞歷克斯。因此，我們主要關注與Google的合作。正如 Terry 所提到的，我們今年稍早宣布了 Google Cloud Universal 分類帳合作計劃，我們正在與 Google 合作推進該計劃，以便將標記化技術推向市場，實現全天候的價值流動。

So for us, we're starting -- we're thinking about tokenizing cash and other noncash assets for our current ecosystem, really looking at the clearing space to start. And we've now entered the second phase of testing efforts, focusing on our relationship with settlement banks and then eventually extending that to clearing members and clients.

因此對我們來說，我們正在開始——我們正在考慮為我們當前的生態系統將現金和其他非現金資產代幣化，真正著眼於清算空間。現在我們已經進入測試工作的第二階段，重點是與結算銀行的關係，最終將其擴展到清算會員和客戶。

So we are very optimistic about our ability to bring to market a solution in 2026. We haven't necessarily refined the use case that we'll launch at this point in time. But I recognize there is a lot of momentum with tokenization overall and that the movement of value on a 24/7 basis can really bring increased efficiencies into our ecosystem, which we always focus on anyways.

因此，我們對在 2026 年將解決方案推向市場的能力感到非常樂觀。我們目前還未完善將要推出的用例。但我意識到，整體而言，代幣化有著很大的發展勢頭，而且全天候的價值流動確實可以提高我們生態系統的效率，而這也是我們始終關注的重點。

Yeah. And, Alex, just to add -- and not that I need to because Suzanne said it, but I don't want it to be overlooked. The word efficiency is critical as it relates to our efforts here on stablecoins and tokenization if we go down that path for us to create additional efficiencies.

是的。而且，亞歷克斯，我還要補充一點──並不是因為蘇珊娜這麼說，所以我才需要補充，只是我不想被忽視。「效率」這個詞至關重要，因為它與我們在穩定幣和代幣化方面的努力有關，如果我們沿著這條路走下去，我們就能創造額外的效率。

As you know, we've created capital efficiencies. But we also need to create other efficiencies, and we will continue to do so. And we believe with our multi-asset class exchange, with the benefits that we have already, this could increase our value to our clients on a stablecoin, especially as it relates to risk management and tokenizing some of the cash. So we're very excited about this. But we will do it in a way that makes sense and for the long run, not just to get something pushed out there for the short term.

如您所知，我們已經實現了資本效率。但我們也需要創造其他效率，我們將繼續這樣做。我們相信，憑藉我們的多元資產類別交易所以及我們已有的優勢，這可以提高我們穩定幣對客戶的價值，特別是在風險管理和部分現金代幣化方面。所以我們對此感到非常興奮。但我們會採取一種合理且具有長遠意義的方式來做這件事，而不是僅僅為了在短期內推出某些東西。

Makes sense. Thanks, guys.

有道理。謝謝大家。

Thanks, Alex.

謝謝，亞歷克斯。

Ken Worthington, JP Morgan.

肯‧沃辛頓，摩根大通。

Hi, good morning, and thanks for taking the question. CME introduced new cash collateral requirements in the quarter, or that got implemented early in the quarter. To what extent did the new requirements contribute to results this quarter?

大家好，早安，謝謝您回答這個問題。CME 在本季推出了新的現金抵押要求，或在本季初就已實施。新要求對本季業績有多少貢獻？

And I believe there was an extra 10-basis-point charge for noncash collateral if certain minimums weren't maintained. To what extent the 10 basis points contribute as well? And then can you just give us average cash and noncash collateral balances for the quarter, please?

我相信，如果沒有達到某些最低標準，非現金抵押品將被收取額外 10 個基點的費用。這 10 個基點在多大程度上也有貢獻？那麼，您能否告訴我們本季的平均現金和非現金抵押品餘額？

Thanks, Ken. Lynne and Suzanne, you want (inaudible)?

謝謝，肯。Lynne 和 Suzanne，你們想要（聽不清楚）？

Yeah. So, Ken, you're right. The new soft minimum went into effect in April, April 1. One thing to keep in mind, obviously, at the beginning of April and coming into this quarter, there's also a lot of volatility coming into effect at the same time that the new policy went into place.

是的。所以，肯，你是對的。新的軟最低工資標準於 4 月 1 日生效。顯然，需要記住的一點是，在 4 月初以及進入本季時，新政策實施的同時，也會出現許多波動。

So we've seen a couple of things. One, the overall level of collateral that's been posted increased pretty significantly between first quarter and second quarter. So our total collateral posted this quarter averaged $316 billion. That was up from about $290 billion last quarter.

我們看到了一些事情。首先，第一季和第二季相比，已提供的抵押品總體水準大幅增加。因此，本季我們的抵押品總額平均為 3,160 億美元。這一數字高於上一季的約 2900 億美元。

Of that, about $133 billion was in cash and $145 billion was in noncash collateral. So of the required amount, you had almost 48% posted in cash. I would note that the floor or the soft minimum was placed at 30%. And we obviously saw a lot higher than that this quarter. In times of high volatility, it's not unusual -- and Suzanne can comment on this maybe a bit more -- for us to see more cash posted at the clearinghouse.

其中約 1,330 億美元為現金，1,450 億美元為非現金抵押品。因此，在所需金額中，您幾乎有 48% 是以現金支付的。我要指出的是，最低標準或軟最低標準設定為 30%。顯然，本季我們看到的增幅要高得多。在市場高度波動的時期，我們看到清算所存入更多現金的情況並不罕見——蘇珊娜可以對此發表更多評論。

So some of the shift that we saw and that increase in cash balance likely was the result of that volatility. And as we progress through the year, as our customers get more accustomed to that soft minimum, we may see more of a rightsizing closer to that 30% target.

因此，我們看到的一些變化以及現金餘額的增加可能是這種波動的結果。隨著一年的進展，隨著我們的客戶越來越習慣這個軟最低限度，我們可能會看到更接近 30% 目標的合理規模。

Yeah. I think it's hard to anticipate for the remainder of the year, given all the variables we've talked about already that contribute to uncertainty in the environment. But generally, in period of higher volatility and more uncertainty, people do stay more liquid. So I think that does explain why we continue to see those elevated levels even now that we've backed off some of the earlier volatility in April.

是的。考慮到我們已經討論過的所有導致環境不確定性的變量，我認為很難預測今年剩餘時間的情況。但一般來說，在波動性較大、不確定性較大的時期，人們確實會保持更高的流動性。所以我認為這確實解釋了為什麼即使我們已經回落了 4 月早些時候的一些波動，我們仍然繼續看到這些高水平。

Great. Thank you.

偉大的。謝謝。

Thanks for your question. Appreciate it.

謝謝你的提問。非常感謝。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

Yes. Good morning. Thanks for taking the question. So I had one on the trial that's currently ongoing with your former floor traders. The damages that the claims are seeking at least in the media seem to be rather large, $1 billion to $2 billion-plus.

是的。早安.感謝您回答這個問題。因此，我與您之前的場內交易員一起參加了目前正在進行的審判。至少在媒體上，索賠金額似乎相當大，達到 10 億美元至 20 億美元以上。

So to the extent that you're able to comment on it, how are you thinking about this trial, your ability to win? And how should investors think about your reserving for any potential damages and whether that's had any impact on your capital return appetite in the near term? Thanks.

那麼，就您能夠評論的程度而言，您如何看待這次審判以及您獲勝的能力？投資者應該如何看待您對任何潛在損失的準備金，以及這是否會對您近期的資本回報意願產生影響？謝謝。

Patrick, thanks for the question. And I don't mean to be short with you, but I'm just going to say, we cannot comment on pending litigation. We are -- as you just noted, we are in the middle of this trial now, so it's way too early to speculate what we would or would not do.

派崔克，謝謝你的提問。我並不是想對你不耐煩，我只是想說，我們不能對未決訴訟發表評論。正如您剛才所說，我們現在正處於試驗階段，因此現在推測我們會做什麼或不會做什麼還為時過早。

We have said from the beginning that we have not accrued anything to date for this. And that's all we can say that we've already said publicly. But I'm not going to say anything further on the trial.

我們從一開始就說過，迄今為止我們還沒有為此累積任何東西。這就是我們能說的，我們已經公開說過了。但我不會就審判進一步發表任何評論。

Okay, understood. Thanks for that.

好的，明白了。謝謝。

Thanks, Patrick.

謝謝，派崔克。

Michael Cyprus, Morgan Stanley.

麥可‧塞浦路斯，摩根士丹利。

Great. Thank you. Good morning. Maybe just a question here on 24/7 trading. Just curious to hear your views on what you see as the major hurdles and roadblocks today for bringing that to the marketplace. Maybe talk about some of the steps you might take to overcome that, including even with stablecoins, I think, you were alluding to before. Maybe elaborate on the role, how you see that perhaps helping catalyze 24/7 trading.

偉大的。謝謝。早安.也許這只是關於全天候交易的一個問題。我只是好奇地想聽聽您對目前將其推向市場的主要障礙和阻礙的看法。也許可以談談您可能採取的一些措施來克服這個問題，包括使用穩定幣，我想，您之前曾提到過。也許可以詳細說明一下這個角色，您認為這可能有助於促進全天候交易。

And then what ultimately might be the timeframe that you think that could bring to the marketplace? And then just remind us with extended trading or global trading hours today, just how meaningful that is as we think about -- maybe thinking about the size and the demand that you might ultimately see over time for that. I'm just curious any views around how you might see that demand and use cases shaping up for 24/7. Thank you.

那麼，您認為這最終會為市場帶來什麼樣的時間呢？然後提醒我們，今天延長交易或全球交易時間，當我們思考時，這有多有意義 - 也許考慮一下你最終可能會看到的規模和需求。我只是好奇，您對 24/7 的需求和用例有何看法。謝謝。

Michael, it's Terry Duffy. Let me just, again, make a couple of comments. But again, we're speculating a little bit here on the 24/7 about what the demand may or not be on the hours that are -- the markets are not open today because you don't know.

邁克爾，我是特里·達菲。請容許我再次發表幾點評論。但是，我們再次對全天候開放的市場需求進行了一些推測，因為您不知道今天市場沒有開放。

First of all, there is a cost associated with the firms in order to staff up for these 24/7 type of trading that -- especially on margin products, you have to be staffed up if you don't have a fully funded type of a contract. So I think it's going to be a difficult lift for the firms, and so they're going to have to make a decision.

首先，公司需要花費成本來為這些全天候交易配備人員，特別是保證金產品，如果你沒有完全融資的合同，你就必須配備人員。所以我認為這對公司來說將是一個艱難的挑戰，所以他們必須做出決定。

Is it worth paying their staff, or to your point, is the demand there for it? So I personally believe that 24/7 trading will eventually happen globally. I just don't know what asset classes and when. It could be 10 years down the road, 20 years down the road, or 2 years down the road. I don't know.

他們的僱員的薪水是否值得，或者就你的觀點而言，是否有這樣的需求？因此我個人相信，24/7交易最終將在全球範圍內實現。我只是不知道是什麼資產類別以及何時。這可能是 10 年後，20 年後，或 2 年後。我不知道。

I think the way that you look at the evolution of markets, you would think that it would have to come there. Certain products may not be conducive to certain governments that they oversee that they would allow a 24/7 trading on. So you might see more like we do today with the crypto markets being more in that realm.

我認為，從你看待市場演變的角度來看，你會認為它必然會發生。某些產品可能不利於其監管的某些政府允許其全天候交易。因此，您可能會看到更多像我們今天所看到的那樣的加密市場，它們更多地處於這個領域。

But I don't know about some of the other -- like Interest Rate products, how central banks would feel about that. Foreign exchange, how central banks would feel about that; how certain Energy companies would feel about that. There's a whole host of constituents that have to have an input into what they believe is in the best interest going forward.

但我不知道其他一些產品，例如利率產品，中央銀行對此有何看法。外匯，各國央行對此有何感想；某些能源公司對此有何感想。一大批選民必須對他們認為最符合未來利益的事情提出意見。

So I think it's a difficult question to answer, other than I think certain products will, certain ones won't, and the timing is yet to be determined. And anybody on my team, you're not -- if you have a different viewpoint, I'd be interested in myself to hear it.

所以我認為這是個很難回答的問題，除了我認為某些產品會，某些產品不會，而且時間尚未確定。我團隊中的任何人，如果你有不同的觀點，我很樂意聽聽。

So that's kind of how we see it, Michael. So I don't know. I think you're right about the demand, but the cost for the demand is going to be something that people are going to have to analyze. And if the demand is there, it will support the cost and I assume people will do it. If it's not, I assume they will not. But I think it will be asset-class-by-asset-class-driven more than anything else is the way I see it.

這就是我們的看法，麥可。所以我不知道。我認為你對需求的看法是正確的，但需求的成本是人們必須分析的東西。如果有需求，它將支持成本，我認為人們會這樣做。如果不是，我認為他們不會。但我認為，這將主要由資產類別驅動，而不是其他任何因素，這是我的看法。

Any particular asset classes you think this could be more conducive for, and any other hurdles beyond the demand side?

您認為這對哪些特定資產類別更有利？除了需求方面之外還有其他什麼障礙？

Yeah. I think I said it already. I think crypto will be the asset class that's already basically there today. The question is, do crypto futures on a regulated platform, do they go there or not?

是的。我想我已經說過了。我認為加密貨幣將成為當今基本存在的資產類別。問題是，加密貨幣期貨在受監管的平台上進行交易，他們會去那裡嗎？

Again, I don't know the answer to that. But right now, the cash market, as we all know, it goes 24/7 today. So again, that would be the asset class that appears headed in that direction.

再說一遍，我不知道這個問題的答案。但目前，眾所周知，現貨市場是全天候運作的。所以，這再次顯示資產類別正朝著這個方向發展。

Thank you.

謝謝。

Thank you.

謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Hey, good morning, everyone. Just curious if we could get an update on FX Spot+ and how the client uptake has been since it launched in early second quarter? I know early days, but any sizing of how additive it's been to the broader FX franchise thus far and how you'd frame the opportunity from here?

嘿，大家早安。我只是好奇我們是否可以獲得有關 FX Spot+ 的最新消息，以及自第二季初推出以來客戶的接受度如何？我知道還處於早期階段，但到目前為止，它對更廣泛的外匯特許經營有多大的影響，以及您將如何建立現在的機會？

Thanks, Kyle. I would ask Mr. McCourt to make comment on FX Spot+. Tim?

謝謝，凱爾。我想請麥考特先生對 FX Spot+ 做出評論。提姆？

Yeah. Thanks, Terry. And, Kyle, thanks for the question. FX Spot+ is something that we introduced back in April. That is the combination from a technology perspective of spot and futures FX market. And it's really gone exceedingly well in the rollout.

是的。謝謝，特里。凱爾，謝謝你的提問。FX Spot+ 是我們在四月推出的產品。這是從技術角度來看現貨和期貨外匯市場的結合。而且它的推出確實進展得非常順利。

So when we look at some of the notable metrics of the Spot+ offering, we see single-day volume of $2.7 billion, which is great for contract that's only about three months old or an offer only three months old. But I think what's more impressively noted is that nearly 50 entities have actively traded on this new marketplace including a few dozen banks that have not previously interacted with our FX futures market.

因此，當我們查看 Spot+ 產品的一些值得注意的指標時，我們發現單日交易量為 27 億美元，對於僅有三個月的合約或僅有三個月的報價來說，這是一個非常好的結果。但我認為更令人印象深刻的是，近 50 家實體已在這個新市場上積極交易，其中包括幾十家以前從未與我們的外匯期貨市場互動的銀行。

So that remains a central hypothesis of this offering that we can bring new participants through FX Spot+ to enjoy the benefit of both liquidity pools on the spot and futures side, and avail futures-based liquidity where CME Group continues to be a leader alongside our primary market designation in the spot market. That's a powerful combination for the marketplace and our clients.

因此，這仍然是該產品的核心假設，我們可以透過 FX Spot+ 吸引新的參與者，享受現貨和期貨流動性池的好處，並利用基於期貨的流動性，其中芝商所集團繼續在現貨市場中保持領先地位，同時保持我們的一級市場地位。對於市場和我們的客戶來說，這是一個強大的組合。

And something that we also think to point out, while still early days, we're very pleased with the market quality this has been able to deliver, where we have been able to improve the competitiveness and the market quality of a few of our spot-based currency pairs that historically CME through our EBS and FX Spot offerings have not been the leader. So we're very pleased that we're seeing new participants, better market quality, and significantly added volume to our complex, all as a function of rolling out Spot+.

我們還想指出的是，雖然仍處於早期階段，但我們對已經能夠實現的市場質量感到非常滿意，我們已經能夠提高一些現貨貨幣對的競爭力和市場質量，而歷史上 CME 通過我們的 EBS 和 FX Spot 產品並沒有處於領先地位。因此，我們很高興看到新的參與者、更好的市場品質以及綜合體交易量的顯著增加，這一切都歸功於 Spot+ 的推出。

Thanks, Tim.

謝謝，蒂姆。

Thanks, Kyle.

謝謝，凱爾。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hi. Good morning, and thank you for taking the question. I was wondering if you could comment on your cash treasury trading business. It looks like your market share of overall treasury trading volume has stepped down a bit in the last couple of months. Curious if this is a function of competitive intensity, if you see more trading moving to voice. Any thoughts there on sort of competitive dynamics and what you're seeing in that market? Thank you.

你好。早上好，感謝您回答這個問題。我想知道您是否可以評論一下您的現金資金交易業務。看起來你們在整體國債交易量中的市佔率在過去幾個月裡有所下降。好奇這是否是競爭強度的函數，如果你看到更多的交易轉向語音。對於競爭動態以及您在該市場看到的情況，您有何看法？謝謝。

Yeah. Thanks, Ben, for your question. I'll ask Mike Dennis to respond to that. Mike?

是的。謝謝本的提問。我會請麥克·丹尼斯對此作出回應。麥克風？

Yeah. Ben, appreciate the question. Just to start off, BrokerTec had an exceptional Q2. Our average daily notional volume of 949 billion was up 24%. In April, we saw one of the highest volume months since February 22 up -- of ADV about 151 billion, which was up 39% year over year.

是的。本，我很感謝你的提問。首先，BrokerTec 的第二季表現非常出色。我們的每日平均名目交易量為 9,490 億美元，成長了 24%。4 月是自 2 月 22 日以來交易量最高的月份之一，日均交易量約為 1,510 億美元，較去年同期成長 39%。

And furthermore, on April 7, BrokerTec had one of its highest volume days, reaching 322 billion in US Treasury actives traded on our platform, which proves our theory that BrokerTec is the primary venue for liquidity, price discovery, and risk transfer.

此外，4 月 7 日，BrokerTec 的交易量達到歷史最高水平，平台上美國國債的交易量達到 3,220 億美元，證明了我們的理論，即 BrokerTec 是流動性、價格發現和風險轉移的主要場所。

Now when we compare ourselves to others in the marketplace, we look to compare ourselves to like central limit order books that offer US Treasury on-the-run actives. There's a lot of different ways to look at cash government security trading.

現在，當我們與市場上的其他人進行比較時，我們希望將自己與提供美國國債現貨的中央限價訂單簿進行比較。有很多不同的方式來看待現金政府證券交易。

Our platform, again, only has on-the-run US Treasury actives. You don't do off-the-runs. You don't do bills. And so when we look at competitors in that space, we think our market share is flat from the first half of this year versus last year.

再次強調，我們的平台僅包含正在發行的美國國債。你不會做這種偷跑的事。你不做賬單。因此，當我們觀察該領域的競爭對手時，我們認為今年上半年我們的市佔率與去年同期持平。

So it's also important to just understand that BrokerTec is more than just US Treasuries. We have a strong repo offering, and we saw another record quarter of 362.9 billion ADV. And we also have RV Curve, which had a second consecutive record quarter at 2.7 billion. So some of the things that we're looking at relating to competition as BrokerTec Chicago.

因此，了解 BrokerTec 不僅僅是美國國債也很重要。我們的回購業務表現強勁，本季日均交易量再創紀錄，達到 3,629 億。我們還有 RV Curve，連續第二季創下紀錄，達到 27 億美元。因此，我們正在關注與 BrokerTec Chicago 競爭相關的一些事情。

We've obviously announced BrokerTec Chicago, which is a second matching engine that will sit next to our futures in the Aurora data center. Launch is scheduled for September 15. We're very excited about it. We've had a lot of clients already reach out to connect to the new API and start testing.

我們顯然已經宣布了 BrokerTec Chicago，這是第二個匹配引擎，它將位於 Aurora 資料中心，與我們的期貨並列。發射時間定於 9 月 15 日。我們對此感到非常興奮。我們已經有很多客戶聯繫我們，希望連接到新的 API 並開始測試。

And we do think that this can help with new client acquisition, where clients are trading in -- [share particular comments] on other platforms. And we do think it will bring new participants into the cash markets.

我們確實認為這有助於獲取新客戶，客戶正在其他平台上進行交易 - [分享具體評論]。我們確實認為它將為現金市場帶來新的參與者。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thanks, Ben.

謝謝，本。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, everybody. Good morning. Thanks for the question. I was wondering if you guys could comment on changes in bank capital requirements following CCAR and potentially other changes related to SLR, and a couple of other things that could perhaps allow banks to expand balance sheet size?

嘿，大家好。早安.謝謝你的提問。我想知道你們能否評論一下 CCAR 之後銀行資本要求的變化以及與 SLR 相關的其他潛在變化，以及其他一些可能允許銀行擴大資產負債表規模的事情？

And just curious how you could see your ecosystem impacted by this, whether it's in the REITs business or any other products could potentially benefit from that? Thanks.

我很好奇您認為您的生態系統會受到怎樣的影響，無論是房地產投資信託基金 (REIT) 業務還是其他任何可能從中受益的產品？謝謝。

Thanks, Alex. As you know -- I'm sure you do know, Alex -- we've been very vocal that the SLR requirements and some of the other requirements on banks has been onerous. And we believe that the capital that was originally deployed and continues to be deployed for risk management [post-Dodd-Frank] is adequate.

謝謝，亞歷克斯。正如你所知——我相信你知道，亞歷克斯——我們一直直言不諱，SLR 要求以及對銀行的一些其他要求非常繁重。我們相信，最初部署的以及繼續部署用於風險管理的資本（多德-弗蘭克法案之後）是充足的。

And to be adding to something on top of that seemed like doubling up on something you didn't need to have done. So actually, I was quite pleased to hear some of the recent announcements coming forward, especially on the supplemental leverage ratio, as you commented on.

而在此基礎上添加一些東西似乎就像是重複做一些你不需要做的事情。因此，實際上，我很高興聽到最近發布的一些公告，特別是有關補充槓桿率的公告，正如您所評論的那樣。

And how does that translate into us? Hopefully, it frees up your balance sheet and others. So you can continue to do more risk management in a more prudent way and not have as much capital tied up for issues that is probably unnecessary.

這對我們來說意味著什麼？希望它能釋放你的資產負債表和其他資產負債表。因此，您可以繼續以更謹慎的方式進行更多的風險管理，而不會將太多的資本用於可能不必要的問題。

But again, I think what's important is making sure the system is safe and sound, and that is the overriding opinion. But I think that from our standpoint, the way we look at it, if there are changes, I see it as a net positive for us.

但我再次認為，重要的是確保系統安全穩健，這是最重要的意見。但我認為，從我們的角度來看，如果有變化，我認為這對我們來說是有利的。

Mike, do you want to comment any further?

麥克，你還想發表進一步的評論嗎？

Yeah. I think, just to add to what Terry said, there's been no formalization yet on SLR. It's currently in a public comment period. But we do think that SLR relief could provide some balance sheet flexibility for bank clients. But the actual impact is going to depend on the bank and how the final rule is calibrated.

是的。我認為，補充一下 Terry 所說的，SLR 尚未正式化。目前正處於公眾評論期。但我們確實認為 SLR 減免可以為銀行客戶提供一些資產負債表彈性。但實際影響將取決於銀行以及最終規則如何調整。

Great. Thank you.

偉大的。謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Simon Clinch, Rothchild & Co.

西蒙·克林奇，羅斯柴爾德公司

Hi, everyone. Thanks for taking my question. I wanted to jump back to the retail investors that your -- retail traders that you're signing on. And perhaps, Terry, could -- just give us a sense of how big the base of retail traders you have on the platform.

大家好。感謝您回答我的問題。我想回到您所簽約的散戶投資者—散戶交易員。特里，也許您可以讓我們了解你們平台上的零售交易商群體有多大。

And as you're bringing on like these 90,000 new traders this quarter, do you typically see those traders come on and trade very, very actively straight away? Or is there some level of graduation before these kind of retail traders reach some level of maturity in activity? Thanks.

當您本季引進 90,000 名新交易員時，您是否通常會看到這些交易員立即開始非常活躍地進行交易？或者在這些零售交易商的活動達到一定成熟度之前，是否需要一定程度的畢業？謝謝。

Yeah. Thanks, Simon. It's a great question. It's almost unanswerable, though. Because when you look at a new participant to say that they have hit their stride of their peak in the first week of trading is kind of -- that's not possible, right?

是的。謝謝，西蒙。這是一個很好的問題。但這幾乎是無法回答的。因為當你看到一個新參與者說他們在交易的第一周就達到了巔峰狀態時，這是不可能的，對吧？

I mean, you do -- there is a curve for everybody that's new into any market. Whether it's your foray into equity, equity options, futures, ETFs, whatever you're participating in, you're not going to go all in to begin with.

我的意思是，對於任何市場的新人來說，都有一條曲線。無論您涉足股票、股票選擇權、期貨、ETF，或是您參與的任何領域，您都不會全力以赴。

So when we talk about 90,000 new participants, we want to make certain that we participate with our clients to have a very good educational system, so they understand. And we want to preserve and help them grow into whatever they're going to eventually be. But to say that they're mature enough on day one to maximize their value, it'd be a bit of a stretch.

因此，當我們談到 90,000 名新參與者時，我們希望確保我們與客戶一起參與，建立一個非常好的教育體系，以便他們理解。我們希望保護他們並幫助他們成長，無論他們最終會成為什麼樣子。但要說他們在第一天就夠成熟，能夠最大化他們的價值，那就有點誇張了。

And from someone who participated in the market -- and when I started in 1981, I assure you, I was trading a lot smaller in '81 than I was in 2001 before I became Chairman of CME. So it's just attrition of a trader and how they go forward and depending on what they are used to trading. So I think that's really important to have longevity in this client base. It's a massive client base.

作為一個參與市場的人——當我在 1981 年剛開始工作時，我向你們保證，1981 年我的交易規模比我在 2001 年擔任 CME 主席之前要小得多。因此，這只是交易員的損耗以及他們如何前進，取決於他們習慣進行什麼交易。所以我認為保持客戶群的長久性非常重要。這是一個龐大的客戶群。

But I want to make sure they're educated and they have a good understanding of what they're getting into. So I would hope they're not going all in to begin with because I don't think that's a good thing for the future. I think what's good is they continue to participate for a longer period of time, which will be beneficial for them and will be beneficial for CME.

但我想確保他們受過教育，並且充分了解他們所做的事情。所以我希望他們一開始就不要全力以赴，因為我認為這對未來不是一件好事。我認為好處是他們能夠繼續參與更長時間，這對他們有利，對 CME 也有利。

So I'll ask Julie Winkler to comment further.

因此我會請朱莉溫克勒進一步評論。

I think Terry said it well. I think traders come to us with different journeys. A critical part for us as well as our retail broker partners is that education point. I think what we've seen in the last five years is that the traders that do come to our doorstep are far more sophisticated and educated on products in general than what they were pre-COVID.

我認為特里說得很好。我認為交易者來到我們這裡有著不同的經驗。對於我們以及我們的零售經紀合作夥伴來說，一個關鍵部分就是教育點。我認為，我們在過去五年中看到的是，來到我們家門口的商家比新冠疫情之前更加老練，對產品的了解也更加深入。

And some of that has come from the growth of simulation environment, the use of better technology within those environments, trading simulators like the one that we just launched a new one on July 12. All of these tools are just equipping these retail traders with more data, more analytics, so that when they do start and fund their accounts, they are more ready to trade.

其中一些來自模擬環境的成長，在這些環境中使用更好的技術，交易模擬器，例如我們剛剛在 7 月 12 日推出的新模擬器。所有這些工具只是為這些零售交易者提供了更多的數據和分析，以便當他們開始並為他們的帳戶注資時，他們就能更好地進行交易。

And as Terry pointed out, we also are highly focused on client retention. And for us, that means making sure they continue to get exposure to new products, they understand the content. We have an extensive client education defense process that I talked about earlier, as well as we work with like 85 different external traders in -- that speak 13 different languages, so that we make sure we're meeting these retail traders where they are and helping to bring them along in that journey.

正如特里指出的那樣，我們也高度重視客戶保留。對我們來說，這意味著確保他們繼續接觸新產品，並了解其內容。我們有一個我之前談到的廣泛的客戶教育防禦流程，同時我們也與 85 位不同的外部交易員合作——他們使用 13 種不同的語言，因此我們確保能夠在這些零售交易員所在的地方與他們會面，並幫助他們踏上這段旅程。

I think you can also say, like with most things, the traders that are the largest, that is probably the 80/20 rule, where they are making up a large percentage of that day-to-day activity. And yet again, I think the goal is to help those traders mature along their journey.

我認為你也可以說，就像大多數事情一樣，最大的交易者可能是 80/20 規則，他們佔日常活動的很大比例。我再次認為，目標是幫助這些交易者在交易過程中持續成熟。

And for us, a lot of that is about product introduction. And I think you're already seeing that in the Q2 results, where they may come to us first from a micro-equity perspective. But our partners in CME have been highly effective at getting them and cross-selling them into other products like crypto and Metals.

對我們來說，其中很大一部分都是關於產品介紹。我認為您已經在第二季的業績中看到了這一點，從微觀股權的角度來看，它們可能首先出現在我們面前。但我們在 CME 的合作夥伴非常有效地獲取了這些產品，並將它們交叉銷售到加密貨幣和金屬等其他產品中。

Simon, hopefully, that gives you a little flavor and color about how we're looking at the retail today and going forward.

西蒙，希望這能讓你對我們如何看待當今和未來的零售業有所了解。

That's great. Thanks very much.

那太棒了。非常感謝。

Thank you.

謝謝。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Okay. Thank you for taking the question this morning. Just maybe a bit of a tough question to answer. But I'm sort of curious, just given the interplay of sort of a rising non-US, rising retail opportunity set relative to the base business and sort of the volume growth, how are you thinking about maybe the projection for RPC looking ahead? Thank you.

好的。感謝您今天上午回答這個問題。這個問題可能有點難回答。但我有點好奇，考慮到非美國市場、零售機會相對於基礎業務和銷售成長的相互作用，您如何看待 RPC 未來的預測？謝謝。

Yeah. So those are, I would say, kind of two competing factors there, Bill. I think you need to think about as we continue to expand our international presence, that does tend to be nonmember activity. So that does tend to be at a bit higher RPC.

是的。所以，我想說，這是兩個相互競爭的因素，比爾。我認為你需要考慮的是，隨著我們繼續擴大我們的國際影響力，這確實傾向於非會員活動。因此這確實傾向於 RPC 稍高一些。

On the flip side, when you're talking about the retail activity, they may be participating in more of the smaller contracts, some of the micros, which does have a dampening effect on the average rate per contract.

另一方面，當你談論零售活動時，他們可能會參與更多較小的合約，一些微型合約，這確實對每份合約的平均利率產生抑製作用。

So for us, we are not focused on growing RPC. We're focused on growing that revenue base and growing kind of the opportunities that our clients have to trade. So I would focus more on that overall revenue picture than the RPC growth per se.

因此對我們來說，我們並不專注於發展 RPC。我們專注於擴大收入基礎並增加客戶的交易機會。因此，我會更關注整體營收狀況，而不是 RPC 成長本身。

Okay, Bill. Thank you.

好的，比爾。謝謝。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

Hey, good morning, guys. This is Linli Chee, on for Ashish Sabadra. I appreciate you taking our question today. Maybe I just wanted to double-click on the international markets there, continue to see great momentum. I'm wondering if you guys can provide a little bit more color on the drivers from geographic segments, maybe also how that sales coverage and efforts are progressing on those major geographies as well.

嘿，大家早安。我是 Linli Chee，取代 Ashish Sabadra。感謝您今天回答我們的問題。也許我只是想雙擊那裡的國際市場，繼續看到巨大的勢頭。我想知道你們是否可以從地理區域的角度提供更多關於驅動因素的詳細信息，以及銷售覆蓋範圍和努力在這些主要地區的進展情況。

Thank you for that question. Julie, you want to talk a little bit about the sales in the international business real quick?

謝謝你的提問。朱莉，你想快速談談國際業務的銷售情況嗎？

Sure. Yeah. I mean, I think the record quarter of 9.2 million contracts, 18% increase, as Terry mentioned earlier. And what was great was the fact that we saw international records really across nearly every single asset class. Rates up 14%; Equity Indices up 38%; Energy 23%; Ags 3%; and Metals 14%. So I would say solid performance across all of the diverse asset classes and across our key customer segments as well.

當然。是的。我的意思是，我認為本季合約數量創歷史新高，達到 920 萬份，成長了 18%，正如 Terry 之前提到的。令人高興的是，我們看到幾乎每個資產類別都創下了國際紀錄。利率上漲 14%；股票指數上漲 38%；能源上漲 23%；農業上漲 3%；金屬上漲 14%。因此，我想說，我們所有不同資產類別以及主要客戶群的表現都十分穩健。

So we saw EMEA leading the charge there with that PDV up 15%. And what we saw similar to Q1 is significant growth from all of those Tier 1 countries. So those areas where we have our sales resources most focused on sales execution, so countries such as France, the UK, Switzerland, UAE, and the Netherlands. But also, I think in APAC, a great second quarter of volume, up 30%; and significant increases there from Singapore, India, and China.

因此，我們看到 EMEA 地區處於領先地位，PDV 成長了 15%。與第一季類似的是，我們看到所有一線國家都實現了顯著成長。因此，我們的銷售資源主要集中在銷售執行的地區，例如法國、英國、瑞士、阿聯酋和荷蘭等國家。但同時，我認為亞太地區第二季的銷售表現不錯，成長了 30%；新加坡、印度和中國的銷售也出現了顯著成長。

In terms of what are the drivers behind some of that, Derek mentioned it a little bit earlier in his answer. It definitely is commercial participants continuing to diversify their commodity hedging. We're seeing the sell side that are seeking global benchmarks, the ones that we offer, and the liquidity that we are able to provide around the clock; and also really some strong performance from the buy side who, I think, are seeking the capital efficiency offering that we have here, particularly after the tariff announcement.

至於背後的驅動因素是什麼，德里克在回答中稍早提到。這肯定是商業參與者持續實現商品對沖的多樣化。我們看到賣方正在尋求全球基準，即我們提供的基準，以及我們能夠全天候提供的流動性；而且買方也確實表現強勁，我認為他們正在尋求我們提供的資本效率產品，特別是在關稅公告之後。

So we see a lot of growth initiatives still on the horizon. Certainly, Retail is a key aspect of our international volume, but also just the investments that we're making in other key strategic markets and leveraging things like other incentive programs to acquire new clients and continuing to offer regionally relevant products and expanding our data services. So a continued focus on that going forward. And we believe that that will help to continue to fuel that international growth.

因此，我們看到許多成長計劃仍處於萌芽階段。當然，零售是我們國際業務的關鍵方面，但也包括我們在其他關鍵策略市場的投資，以及利用其他激勵計劃等來獲取新客戶、繼續提供區域相關產品和擴展我們的數據服務。因此，我們將繼續關注這一未來的發展。我們相信這將有助於繼續推動國際成長。

And just to add to what Julie said, what Julie and her team do is no different than what they do here in the US as far as doing the sales, getting out there. She has a sales team that's global. It's just not a US-based sales team. The education is critically important, especially internationally.

補充朱莉所說的，就銷售和推廣而言，朱莉和她的團隊所做的工作與她們在美國所做的工作沒有什麼不同。她擁有一支全球性的銷售團隊。這不是一個美國的銷售團隊。教育至關重要，尤其是在國際上。

And when you look at -- when you go out there with your teams on sales and education and you show them the deep pools of liquidity, that's very attractive for any participant anywhere in the world. And again, what we talk about all the time is people see the market efficiencies that they can achieve by trading CME's products is, again, a very attractive component for our international clients. And you're seeing more and more of it on a daily basis because of Julie and her team.

當你帶著你的團隊去進行銷售和教育並向他們展示深厚的流動性池時，這對世界上任何地方的任何參與者都非常有吸引力。而且，我們一直在談論的是，人們看到透過交易 CME 產品可以實現的市場效率，這對我們的國際客戶來說是一個非常有吸引力的因素。由於朱莉和她的團隊的努力，你每天都會看到越來越多這樣的情況。

So thank you for your question.

感謝您的提問。

Thank you. Appreciate it.

謝謝。非常感謝。

Craig Siegenthaler (sic - Eli Abboud), Bank of America.

克雷格·西根塔勒（原文如此 - 伊萊·阿布德），美國銀行。

Hi, thanks for taking the follow-up. I was wondering if you could elaborate on the Nasdaq licensing agreement? Do the economics of the agreement change after yesterday's renewal?

你好，感謝您的跟進。我想知道您是否可以詳細說明納斯達克許可協議？昨天續簽後，協議的經濟效益是否改變了？

There's no changes to the economic structure, Eli, just the extension (technical difficulty) --

經濟結構沒有變化，Eli，只是延長（技術難度）——

No, it's Craig.

不，是克雷格。

Just out to 2039, but at the same economics.

只是到 2039 年，但經濟狀況相同。

Thanks.

謝謝。

Thank you.

謝謝。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hi. Thanks for taking my follow-up as well. I just wanted to circle back on the collateral balances. And curious if you could unpack a little bit how cash versus noncash traded month over month?

你好。也感謝您關注我的後續行動。我只是想重新討論抵押品餘額。我很好奇，您是否可以稍微解釋一下現金和非現金交易的月環比情況？

I think you mentioned in the prepared remarks or perhaps earlier in the Q&A that given the higher volatility in April, you saw a bigger influx of cash. What does the exit rate sort of look like into Q3, just as we're trying to calibrate our models for the next quarter? Thank you.

我想您在準備好的發言中或在早些時候的問答中提到過，鑑於 4 月份波動性較大，您看到了更多的現金流入。當我們試圖校準下一季的模型時，第三季的退出率會是什麼樣的？謝謝。

Yeah. So it's still early, Ben. But so far in July, the average cash balance has held relatively steady at about $132 billion versus the $133 billion I mentioned for Q2. We have seen a bit of an increase in the noncash collateral. That's up to $153 billion so far in July, and the total collateral average is at $321 billion.

是的。所以現在還早，本。但截至目前，7 月的平均現金餘額保持相對穩定，約 1,320 億美元，而我提到的第二季為 1,330 億美元。我們看到非現金抵押品略有增加。截至 7 月份，這一數字已達到 1,530 億美元，平均總抵押品金額為 3,210 億美元。

Very helpful. Thank you so much.

非常有幫助。太感謝了。

Thanks, Ben.

謝謝，本。

Thank you. We have no further questions. I would like to hand the call back to management for closing remarks.

謝謝。我們沒有其他問題了。我想將電話交還給管理階層，請他們作最後發言。

Thank you, all, again for joining us this quarter. We appreciate it very much. We're very excited by the results we were able to produce, again, record a quarter. We will continue to stay focused on creating efficiencies, bringing new clients to our marketplace, and all the other initiatives that we discussed today.

再次感謝大家本季加入我們。我們非常感激。我們對於我們能夠取得的成果感到非常興奮，再次創下了季度記錄。我們將繼續專注於提高效率、為我們的市場帶來新客戶以及我們今天討論的所有其他措施。

So thank you again, and have a great day. Be safe.

再次感謝您，祝您有美好的一天。注意安全。

Thank you for participating in today's conference. You may disconnect at this time.

感謝大家參加今天的會議。您現在可以斷開連線。