芝加哥商業交易所 (CME) 2025 Q3 法說會逐字稿

Welcome to the CME Group. Third quarter 2025 earnest call. (Operator Instructions) I would now like to turn the call over to Adam Minick. Please go ahead.

歡迎來到芝商所集團。2025年第三季誠意投資電話會議。（操作員指示）現在我想把電話轉給亞當·米尼克。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 third quarter of 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，希望你們今天一切都好。今天早些時候，我們發布了執行評論，其中詳細介紹了 2025 年第三季的情況，我們將在本次電話會議上討論這些內容。我先從「安全港」條款開始，然後交給特里。

Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statement.

本次電話會議以及我們網站上的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。這些聲明並不構成對未來業績的保證。它們涉及難以預測的風險、不確定性和假設。因此，實際結果可能與任何聲明中明示或暗示的內容有重大差異。

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

有關可能影響我們業績的因素的詳細信息，請參閱我們網站上向美國證券交易委員會提交的文件。最後，在獲利報告中，您將在財務報表之後看到 GAAP 和非 GAAP 指標之間的調整表。這樣，我就把電話交給特里了。

Thanks, Adam, and thank you all for joining us this morning. I'm going to make a few brief comments about the quarter, and the overall environment. Following that, Lynne will provide an overview of our third quarter results. In addition to Lynne, we have other members of our management team present to answer questions after the prepared remarks.

謝謝亞當，也謝謝各位今天早上收看我們的節目。我謹就本季及整體環境作幾點簡要評論。接下來，琳恩將概述我們第三季的業績。除了琳恩之外，我們管理團隊的其他成員也將在場，在準備好的演講結束後回答問題。

The third quarter average daily volume of 25.3 million contracts represented the second highest third quarter average daily volume in our history, following the record quarter a year ago. Customers continue to turn to our markets to manage their risk exposures as demonstrated by quarter and year-end open interest of 126 million contracts, the highest open interest at the end of September in the last five years, and continuing to grow in October.

第三季平均每日成交量為 2,530 萬份合約，是公司史上第三季平均每日成交量第二高，僅次於去年同期創紀錄的季度。客戶繼續利用我們的市場來管理他們的風險敞口，季度末和年末未平倉合約量達到 1.26 億份，這是過去五年中 9 月底的最高未平倉合約量，並且在 10 月份繼續增長，這證明了這一點。

We also set records in large open interest holders and interest rates, equity indices, and cryptocurrencies in September, despite a general pullback in volatility across asset classes during the quarter. Our team remains focused on future growth and innovation, including the extension of our product offerings.

儘管本季各類資產的波動性普遍有所回落，但9月份我們仍創下了未平倉合約持有者數量、利率、股票指數和加密貨幣的紀錄。我們的團隊將繼續專注於未來的成長和創新，包括擴展我們的產品線。

Our crypto complex traded a record 340,000 contracts per day in the third quarter, and was up over 225% relative to a year ago. This growth was aided by the early success of Solana and XRP Futures, which were launched earlier this year.

我們的加密貨幣交易平台第三季日均交易量達到創紀錄的 34 萬份合約，比一年前成長超過 225%。Solana 和 XRP 期貨在今年稍早推出，它們的早期成功促進了這一增長。

Other new products with record volume in the third quarter include credit futures, one ounce gold futures, and agricultural weekly options. We also introduced trading opportunities that facilitate stronger links between cash and futures markets.

第三季成交量創紀錄的其他新產品包括信用期貨、一盎司黃金期貨和農產品週期權。我們還引入了交易機會，以促進現貨市場和期貨市場之間更緊密的聯繫。

FX Spot+, which was launched earlier this year and provides the benefits of future capital efficiencies to spot market participants, set new volume records in every month in the third quarter. Broker Tech Chicago launched just two weeks ago, is also off to a strong start and enables participants to trade futures and cash products side by side at our facility here in Chicago.

FX Spot+於今年稍早推出，為現貨市場參與者提供未來資本效率的益處，在第三季的每個月都創下了新的交易量記錄。Broker Tech Chicago 於兩週前推出，目前也取得了強勁的開局，使參與者能夠在我們位於芝加哥的設施內並排交易期貨和現貨產品。

Going forward, innovation will continue to be a key driver of our performance and our ability to serve clients in an increasingly complex and volatile global market. During the quarter, we announced the upcoming extension of our cross-margin agreement with DTCC to enable increased margin savings to end user clients.

展望未來，創新將繼續成為我們業績的關鍵驅動力，以及我們在日益複雜和動盪的全球市場中服務客戶的能力的關鍵驅動力。本季度，我們宣布即將延長與 DTCC 的交叉利潤協議，以便為終端用戶客戶節省更多利潤。

We are also pleased to announce the extension of our FTSE Russell index derivatives license through 2037. This announcement will ensure the continuity, efficiency, and value to our clients, along with our other suite of equity products. Additionally, we announced our intention to offer 24/7 trading of cryptocurrency futures and options beginning early next year.

我們也很高興地宣布，我們的 FTSE Russell 指數衍生性商品授權將延長至 2037 年。這項公告將確保我們及其他股權產品系列的連續性、效率和價值，從而更好地服務我們的客戶。此外，我們宣布計劃從明年年初開始提供全天候24小時加密貨幣期貨和選擇權交易服務。

Finally, we announced a partnership with FanDuel to develop and distribute event-based contracts, beginning later this year, which we look forward to talking to you about today. While we are proud of our record results, we have delivered the last the last several years, our focus will always be on the future needs of our customers and how we can continue to evolve to meet those needs.

最後，我們宣布與 FanDuel 建立合作夥伴關係，共同開發和分發基於賽事的合約，該合約將於今年晚些時候開始發行，我們期待今天與您討論此事。雖然我們為過去幾年取得的創紀錄成績感到自豪，但我們始終會關注客戶未來的需求，以及我們如何持續發展以滿足這些需求。

With that, I'll now turn the call over to Lynne to review our financial results in more detail.

接下來，我將把電話交給琳恩，讓她更詳細地回顧我們的財務表現。

Thanks Terry, and thank you all for joining us this morning. During the third quarter, CME Group generated revenue of $1.5 billion, down 3% from the very strong third quarter in 2024. The average rate per contract for the quarter was $70.02, resulting in clearing and transaction fees of $1.2 billion. Market data reached a record level, delivering over $200 million in quarterly revenue for the first time, up 14% to $203 million.

謝謝特里，也謝謝各位今天早上收看我們的節目。第三季度，芝加哥商品交易所集團 (CME Group) 的營收為 15 億美元，比 2024 年第三季強勁的業績下降了 3%。本季每份合約的平均費率為 70.02 美元，清算和交易費用為 12 億美元。市場數據達到創紀錄水平，季度營收首次超過 2 億美元，成長 14% 至 2.03 億美元。

Continued strong cost discipline led to an adjusted expenses of $487 million for the quarter, and $405 million excluding license fees. Our adjusted operating income was $1.1 billion or 68.4% operating margin for the quarter. CME Group had an adjusted effective tax rate of 22.6%.

持續嚴格的成本控制使得本季調整後支出為 4.87 億美元，若不計入許可費，則為 4.05 億美元。本季調整後的營業收入為 11 億美元，營業利益率為 68.4%。芝加哥商品交易所集團的調整後實際稅率為 22.6%。

Adjusted net income and adjusted diluted earnings per share came in at $978 million, and $2.68 per share, both slightly above the extraordinarily strong third quarter last year and represented the third highest quarter of any in our history. Capital expenditures for the third quarter were approximately $19 million, and cash at the end of the quarter was approximately $2.6 billion.

經調整後的淨收入和經調整後的稀釋每股收益分別為 9.78 億美元和 2.68 美元，均略高於去年異常強勁的第三季度，也是我們歷史上第三高的季度業績。第三季資本支出約 1,900 萬美元，季末現金約 26 億美元。

CME Group pay dividends of $455 million in the third quarter, and approximately $3.5 billion over the first nine months of the year. Turning to guidance, we expect total adjusted operating expenses for the year, excluding license fees, to be approximately $1.625 billion. That's $10 million below our prior guidance, and a total of $25 million below our expectation to start the year. All other guidelines remain unchanged.

芝加哥商品交易所集團第三季​​派發股利 4.55 億美元，今年前九個月派發股利約 35 億美元。展望未來，我們預計本年度調整後營運支出總額（不含許可費）約為 16.25 億美元。這比我們之前的預期低了 1000 萬美元，比我們年初的預期總共低了 2500 萬美元。其他所有準則保持不變。

We're proud of the continued strong results the firm has delivered during the quarter. During the first three quarters of 2025, CME Group reported the three highest quarterly adjusted net income and adjusted diluted earnings per share in our history. Year-to-date 2025, we have grown adjusted earnings per share by 9% over a record 2024.

我們為公司在本季取得的持續強勁業績感到自豪。2025 年前三個季度，芝商所集團公佈了公司歷史上最高的三個季度調整後淨收入和調整後攤薄每股收益。截至 2025 年，我們的調整後每股收益比 2024 年創紀錄的水平增長了 9%。

We continue to see strong customer demand for our products, as demonstrated by growing open interest and new records in large open interest holders. Our focus remains on driving earnings growth for our shareholders by expanding our customer base, serving the needs of our clients through innovative products, and providing unmatched capital efficiencies. We'd now like to open up the call for your questions.

我們持續看到客戶對我們產品的強勁需求，未平倉合約數量的成長和大型未平倉合約持有者數量的新紀錄都證明了這一點。我們將繼續專注於透過擴大客戶群、透過創新產品滿足客戶需求以及提供無與倫比的資本效率來推動股東的獲利成長。現在我們來聽聽大家的問題。

(Operator Instructions)

（操作說明）

Dan Fannon, Jefferies LLC

丹‧範農，傑富瑞有限責任公司

Thanks. Good morning. Terry, can you talk about your long-term retail strategy? This quarter you announced the partnership with FanDuel. You obviously have your microcom complex. As you think about your offering today, do you think you can scale this offering organically to where you want it to be, or is this an area where we could see potential M&A?

謝謝。早安.特里，你能談談你的長期零售策略嗎？本季您宣布了與 FanDuel 的合作關係。你顯然有微電腦情結。當您思考當前產品/服務時，您認為您可以自然地將產品/服務擴展到您想要的規模，還是說這是一個可能需要併購的領域？

It's a good question, Dan, and I will tell you that the strategy evolves. I don't think that a lot of people would have seen what we saw happen over the last five to seven weeks as it relates to prediction markets in the NFL with retail and they had that penciled into their analysis a year ago. So my point being is this market is ebbing and flowing every single day.

丹，你問得好，我會告訴你，策略是會不斷演變的。我認為很多人可能都沒預料到過去五到七週內 NFL 零售預測市場的變化，而他們早在一年多前就將此納入了分析之中。我的意思是，這個市場每天都在漲跌。

Our strategy is one, and I've talked a lot about it, is distribution and efficiencies. I think that the announcement with FanDuel is very important for CME. We're looking at 13 million potential accounts that will have access to CME's products, but more importantly, have access to have a view of CME and our distribution of our product lines for the future.

我們的策略只有一個，我也多次談過，那就是分銷和效率。我認為與 FanDuel 的合作公告對 CME 來說非常重要。我們正在關注 1300 萬個潛在帳戶，這些帳戶將能夠存取 CME 的產品，但更重要的是，這些帳戶將能夠了解 CME 以及我們未來產品線的分銷情況。

As we work with our retail brokers today, who have continued to grow, and if they didn't, you'd have to wonder why certain people's valuations are going up dramatically. So you look at the sale of like a ninja trader to cracking for a very large sum, that goes to show you that the retail business seems to be doing quite well in our industry with the evaluations being put on them.

如今，我們與零售經紀人合作，他們不斷發展壯大；如果他們沒有發展壯大，你肯定會好奇為什麼某些人的估值會大幅上升。所以，看看像忍者交易員這樣的玩家以巨額資金出售破解遊戲，這說明零售業在我們這個行業似乎發展得相當不錯，而且他們的估值也很高。

We are in a very strong position. I will say this, and I'll say it again. I haven't said it in a while, but in 2017 when we went forward with Bitcoin, a lot of people thought, well, what are we doing? I think that our credibility of our institution, which we protect very mightily, is very important to the institutional participant who wants to also participate with retail in some of these newer asset classes, and that's something I think that we can work with and partner with, some of the new retail entrants coming in, whether they're in the prediction market side, whether they're in the gaming side with our partner of FanDuel, or whether they're Robin Hood or others that are opening up futures accounts by the second.

我們處於非常有利的地位。我再說一次。我已經很久沒說過這句話了，但在 2017 年我們開始發展比特幣的時候，很多人都在想，我們到底在做什麼？我認為，我們機構的信譽（我們非常重視維護它）對於希望與散戶一起參與一些新興資產類別的機構參與者來說非常重要。我認為我們可以與一些新進入市場的散戶合作，無論他們是在預測市場方面，還是在遊戲方面（例如與我們的合作夥伴 FanDuel 合作），也或是像 Robinhood 或其他每秒都在開設期貨帳戶的公司。

So our future, our retail strategy is vast, its global, and it's going to -- I think it's going to continue to grow. It doesn't necessarily mean that you have to do an acquisition to grow that strategy. I think with the -- what we have in place and we've put in place over the years, is what others are looking to utilize in order to grow their business.

因此，我們的未來，我們的零售策略是廣闊的，是全球性的，我認為它會繼續成長。這並不一定意味著你必須透過收購來發展這種策略。我認為，我們多年來建立和完善的體系，正是其他人希望利用的，以發展他們的業務。

I will say that credibility is absolutely paramount in markets and CME is a very credible institution that's looking at different asset classes with the retail participants, and I'm excited about the future. So I don't think there's anything off the table, Dan, I don't want to say, but I think we're in a strong position to grow our retail business, with or without having to do M&A, and I would suggest right now we would probably be more inclined to do it without M&A.

我想說，信譽在市場中至關重要，而芝加哥商品交易所（CME）是一家信譽卓著的機構，它與零售參與者一起關注不同的資產類別，我對它的未來感到興奮。所以我覺得沒有什麼是不可能的，丹，我不想妄下斷言，但我認為無論是否進行併購，我們都處於發展零售業務的有利地位，而且我認為目前我們可能更傾向於不通過併購來實現這一目標。

Great. Thank you.

偉大的。謝謝。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, good morning. Thanks for taking the question. So we've, we have, like you said, seen pretty explosive growth in event contracts. A lot of that growths come from sports-related event contracts. I think in the initial press release that you put out with FanDuel, there was no mention of sports contracts, but there's maybe been some media reports that suggest that you're looking at sports.

是的，早安。感謝您回答這個問題。正如你所說，我們已經看到活動合約出現了相當爆炸性的增長。這些增長很大程度上來自體育賽事相關的合約。我認為在你最初與 FanDuel 聯合發布的新聞稿中，並沒有提到體育合同，但可能有一些媒體報告暗示你正在關注體育領域。

So to the extent you could comment on whether that's in the cards, would be much appreciated. Thanks.

所以，如果您能就此事是否有可能發表一下看法，我們將不勝感激。謝謝。

Thanks, Patrick. Yeah, and I will comment on that because I think sometimes unfortunately headlines can be very deceiving and you need to read the entire article to understand what was being said. I think you're referring to the Bloomberg article that came out recently that CME is going to list sports events in their headline, and then if you go on to read it, you will see that I have said numerous times on podcasts, publicly on television to you, to others that my partner, FanDuel, and they are prepared to move forward with events on sports, I would be prepared on day one in order to offer that to them on my DCM.

謝謝，派崔克。是的，我會對此發表評論，因為我認為有時很不幸，標題會非常具有欺騙性，你需要閱讀整篇文章才能理解文章的內容。我想你指的是彭博社最近發表的一篇文章，文章說芝加哥商品交易所（CME）將在其標題中列出體育賽事。如果你繼續閱讀這篇文章，你會發現我已經在播客、電視上公開對你和其他人說過很多次，我的合作夥伴 FanDuel 已經準備好推進體育賽事，我會在第一天就做好準備，在我的動態商品交易平台（DCM）上向他們提供這些賽事。

As long as the United States government is not going to object to the self-certification of these and consider these swaps and not gaming, well, it doesn't matter what my opinion or anybody else's, that's the government's opinion, and we will proceed accordingly.

只要美國政府不反對這些交易的自我認證，並且認為這些交易是互換而不是賭博，那麼我的意見或其他人的意見都無關緊要，因為那是政府的意見，我們將據此行事。

So, that is yet to be decided, Patrick. That will be a big decision for my partners in the JB at FanDuel to decide how they want to proceed, but I think it's undeniable. As I stated earlier that no one saw this coming, and how this might be a football phenomenon because there's a lot of eyes on football, so we'll have to wait and see how the sports prediction markets play out post football.

所以，這個問題還沒有定論，派崔克。對於我在 FanDuel 的 JB 合作夥伴來說，這將是一個重大的決定，他們需要決定如何繼續推進，但我認為這是無可否認的。正如我之前所說，沒有人預料到這種情況，而且這可能是一種足球現象，因為足球吸引了很多人的目光，所以我們只能拭目以待，看看足球比賽結束後體育預測市場會如何發展。

There's certain event contracts that I'm not very enamored with. When you look at some of these predictions on political events, I think those can be very dangerous to participate in. I do understand the size of a Presidential election that maybe you can say that's okay, but some of these smaller elections I get concerned about, and some of these other events that are out there, that to me just are nothing more than readily manipulable markets, which is against the Commodity Exchange Act.

有些活動合約我不太喜歡。當你看到一些關於政治事件的預測時，我認為參與其中可能非常危險。我理解總統選舉的規模，也許可以說這沒問題，但有些規模較小的選舉，以及其他一些事件，讓我感到擔憂，在我看來，這些只不過是容易被操縱的市場，這違反了《商品交易法》。

And so I think you have to really be eyes wide open when you're looking at this. But you're correct, Patrick. Most of these are sports events contracts, and for us to say that we're going to list them or not is a decision yet to be made and I'll make it in connection with my partner at FanDuel, which would that has not been resolved just yet.

所以我覺得你在看待這件事的時候一定要睜大眼睛仔細看。但你說得對，派崔克。這些大多是體育賽事合同，至於我們是否會列出這些合同，目前還沒有決定，我會和我在 FanDuel 的合作夥伴一起決定，但這個問題還沒有最終確定。

And Patrick, just to add one thing, as you noted in our release and we just put out some more information to our clients about the products that focused on markets, as Terry mentioned before for us this is really about distribution and getting our products, in front of that retail community so that that has been and continues to be our focus.

帕特里克，我還要補充一點，正如你在我們的新聞稿中提到的，我們也剛剛向客戶發布了更多關於專注於市場的產品信息，正如特里之前提到的，對我們來說，這實際上是關於分銷，以及如何將我們的產品送到零售社區面前，這一直是並將繼續是我們的重點。

Okay. That's great color. And then if I could just squeeze a quick follow-up in, given that a significant amount of the user volume on some of these traditional sports books is being done in parlays, do you think it's feasible to offer parlays on a large scale in prediction markets considering that the venue doesn't act as the house, and then what are some of the considerations that would be necessary to facilitate parlays?

好的。顏色真好看。如果我可以再補充一個問題，鑑於一些傳統體育博彩網站的大部分用戶都是透過串關投注進行的，考慮到博彩公司不作為莊家，您認為在預測市場大規模提供串關投注是否可行？如果可行，那麼為了方便串關投注，需要考慮哪些因素？

So, before I get into the operational, issues of how you would run a parlay, I guess we'd have to say these have not been out very long. They've been out a couple of weeks, I think right now on these parlays. I don't know how much uptake they're getting. I haven't followed that market on the prediction markets, but I will say this, a swap is categorized or defined as something that's commercially or economically benefited.

所以，在我深入探討如何進行串關投注的具體操作問題之前，我想我們必須指出，這些投注方式推出時間並不長。我認為他們已經缺席兩週了，就目前這些串關投注而言。我不知道他們的產品有多少人採用。我沒有關注預測市場上的那個市場，但我可以說，互換交易被歸類或定義為在商業或經濟上有利可圖的事情。

So, when you start getting into parlays on prediction on sports, I think, sometimes you might be crossing that line. Is this legitimate or not? Is this a sports gambling contract or is this an economically beneficial and has the exposure for the client that is commercially concerning, which is the definition of a swap contract today? It has to have an economic benefit to it.

所以，當你開始進行體育預測的串關投注時，我認為，有時你可能就越界了。這是真的嗎？這是一份體育博彩合同，還是一份對客戶有利但具有商業風險的合同（即如今的互換合同的定義）？它必須能帶來經濟利益。

So I'm not sure how they're looking at these parlays at the agency. I have not spoken to them. The government's been closed. The government's been closed for three out of the four weeks, I believe, since these parlays have come out.

所以我不太清楚這家機構是如何看待這些串謀投注的。我沒有和他們交談過。政府部門已經關閉。我相信，自從這些串關遊戲推出以來，政府已經關閉了四周中的三週。

So I don't know if they've had an opportunity to open, not to my knowledge. So Patrick, to be honest with you. I don't know from an operational standpoint. I'm not going to even ask my team to speculate because this is something that we are not taking a big look at on the parley side.

所以我不知道他們是否有機會開業，據我所知還沒有。所以派崔克，說實話吧。我不了解具體操作流程。我甚至不會讓我的團隊去猜測，因為這是我們談判方面沒有重點考慮的事情。

Okay. Thanks guys.

好的。謝謝大家。

Benjamin Budish, Barclays Services Corp

班傑明‧布迪什，巴克萊服務公司

Hey, good morning and thanks for taking the question. Maybe just one more follow-up on the prediction market side pardon me, just as you think about the range of contracts you might offer over the next several years, it does seem like there's some differences to your traditional product suite, more frequent events that might require different kinds of data feeds.

嗨，早上好，謝謝你回答這個問題。恕我冒昧，關於預測市場方面，我再補充一點。正如您在考慮未來幾年可能提供的合約範圍時，似乎與您傳統的產品組合存在一些差異，更頻繁的事件可能需要不同類型的資料來源。

Is there anything structurally different about this market that might necessitate like a higher or lower operating margin, higher spend. Does it require more advertising to reach retail customers? Does it require more frequent listing of new contracts that aren't as long tenured as like things like your WTI contract, and so for contracts? I'm just curious how you're thinking about those other sort of operational aspects?

這個市場在結構上是否有任何不同之處，可能會導致更高的或更低的營業利潤率，以及更高的支出？是否需要加大廣告投入才能接觸到零售客戶？是否需要更頻繁地列出期限較短的新合同，例如像 WTI 合約這樣的長期合約？我只是好奇您是如何考慮其他營運方面的？

Thanks, Ben. And you're only strictly speaking about events on markets, not on sports, correct?

謝謝，本。而且你指的只是市場事件，而不是體育賽事，對嗎？

Yes, really any event contract, I mean I think sports are the obvious example because there's so many different events like the frequency is much higher, but more generally about event contracts and then. So I guess --

是的，任何活動合約都適用，我的意思是，我認為體育賽事是最明顯的例子，因為體育賽事種類繁多，舉辦頻率也更高，但更一般地說，關於活動合約等等。所以我想--

So I'm going to, yeah, and I get your question, but I want to be cautious about making sure that when we answered the questions from you and others that we are defining a market prediction market on markets and a prediction market on sports because those are two different things that are obviously some are in the courts. There's some objections to others.

所以，是的，我明白你的問題，但我想謹慎地確保，當我們回答你和其他人的問題時，我們定義了市場預測市場和體育預測市場，因為這是兩件不同的事情，顯然有些事情正在法庭上。對另一些人來說，則存在一些反對意見。

Prediction markets on markets is allowed in all states and is not being contested in any states or opposed, I should say. So Tim, I'll let you talk about that and on the operational side and on the sales side in the promotion of I'll ask Julie when could a comment.

在所有州，市場預測交易都是允許的，而且沒有任何州對此提出異議或反對。提姆，這部分就交給你來說吧。關於營運方面、銷售方面以及推廣方面，我會問朱莉什麼時候能發表一下評論。

Great, thanks Terry, and thanks Ben for the question. So I think even when we look at the product announcement we put out the last few days with respect to the event contract offering at CME Group on our traditional benchmark products, we are introducing things such as hourly event contracts. We're introducing multiple events throughout the day across our traditional markets, as well as Bitcoin and Ether.

太好了，謝謝特里，也謝謝本的提問。所以我覺得，即使我們回顧一下最近幾天芝加哥商品交易所集團發布的關於傳統基準產品的事件合約產品公告，我們也在推出諸如按小時計費的事件合約之類的產品。我們將在當天於傳統市場以及比特幣和以太坊市場推出多項活動。

So when we look at what makes CME Group a very useful tool for our clients across all customers is we have a tremendous amount of scale both on the operational and technological front that we have the capabilities to list these event contracts intraday. We scale very well in terms of whether you look at our existing option complex where we have options in every asset class on every day of the week.

因此，當我們審視 CME 集團為何能成為我們所有客戶非常有用的工具時，我們發現，無論在營運方面還是技術方面，我們都擁有巨大的規模，我們有能力在日內上市這些事件合約。從規模化角度來看，我們做得非常好，看看我們現有的選擇權組合就知道了，我們每週每天都有各種資產類別的選擇權。

The ability to meet the customer demand for where they want to trade these events throughout the day is something that we're well established at doing at CME Group, and I think frankly differentiates us in the marketplace and why customers come to us.

芝加哥商品交易所集團 (CME Group) 非常擅長滿足客戶對全天交易這些事件的需求，坦白說，我認為這使我們在市場上脫穎而出，也是客戶選擇我們的原因。

And then when you look at the scale that we have both from the operational aspect, the clearing aspect, as well as the distribution we have with over 100, over 130 retail partners, this is something we tap into with every new product launch that we do, whether it's an event contract, or an institutional grade new equity index contract.

然後，當你看到我們在營運、清算以及分銷方面所擁有的規模時，你會發現，無論是在活動合約還是機構級新股票指數合約方面，我們每次推出新產品時都會利用這一點。

So the way we approach building markets is to leverage the scale we've built over the last several decades, and this would be no exception with respect to that contracts.

因此，我們建構市場的方式是利用我們在過去幾十年中累積的規模，而對於這些合約來說，這也不例外。

Julie wanted to comment about how the cost of going forward promoting these products.

Julie想就繼續推廣這些產品的成本發表一些看法。

Thanks for the question, Ben. You know what, how we think about this? I mean, we have 130 of these critical distribution partners that Terry referenced earlier, and when you think about that customer journey, those partners are the ones that are responsible for opening the accounts for those retail accounts, on boarding them, doing the KYC, and so for us, we certainly have cooperative marketing agreements with them to help, particularly with what Tim was referring to, new product launches, but in general, those firms are going to continue to spend money, well above that in order to attract new clients to their platform.

謝謝你的提問，本。你知道我們是怎麼看待這件事的嗎？我的意思是，我們有 130 家像 Terry 之前提到的那樣重要的分銷合作夥伴。當你考慮到客戶旅程時，這些合作夥伴負責為零售客戶開戶、引導他們註冊、進行 KYC 驗證。因此，我們當然與他們簽訂了合作行銷協議來提供協助，尤其是在 Tim 提到的新產品發布方面。但總的來說，這些公司會繼續投入資金，而且投入遠超於此，以吸引新客戶加入他們的平台。

So we don't see a demonstrable change in that spend going forward to be able to offer these products.

因此，我們預計未來在提供這些產品方面，支出不會有明顯變化。

Thanks, Julie. Thanks, Tim. Ben and also to Dan and Patrick, I want to be perfectly clear when it comes to sports events, CME Group is not opposed to listing sports events on our contracts, on our DCM. What is critically important is that the federal government has to make certain that they approve these contracts. I won't sit on the sidelines. It doesn't matter what my opinion is, if what these are or not, they are.

謝謝你，朱莉。謝謝，蒂姆。Ben，還有 Dan 和 Patrick，我想非常明確地說明，關於體育賽事，芝商所集團並不反對在我們的合約和 DCM 上列出體育賽事。至關重要的是，聯邦政府必須確保批准這些合約。我不會袖手旁觀。我的意見並不重要，不管這些東西是什麼，它們就是東西。

If they are allowed, CME will participate in some way if we think it's the right thing to do for our clients, and our ecosystem as it goes into what Dan was referring to earlier, our total retail strategy. So I just don't want you to think I'm dancing around the question. I'm not. We will be prepared. We're operationally ready to do this stuff.

如果允許的話，如果我們認為這對我們的客戶和我們的生態系統（正如丹之前提到的，這是我們整體零售策略的一部分）來說是正確的做法，那麼 CME 將以某種方式參與其中。所以我不想讓你覺得我是在迴避這個問題。我不是。我們將做好準備。我們已經做好執行這些任務的準備。

The question is, we want to make sure that our partners are good to go and this is the right thing for us. So we don't have an opinion to a point where we're not going to do it because we think they're gambling or we're not going to do it because certain people didn't ask us. If the federal government allows it, we will be taking a strong look at listing these markets. I just want to make sure we're clear on that that we're not shying away from that.

問題是，我們希望確保我們的合作夥伴一切就緒，並且這對我們來說是正確的做法。所以，我們不會因為認為他們在賭博就拒絕去做，也不會因為某些人沒有問過我們就拒絕去做。如果聯邦政府允許，我們將認真考慮將這些市場上市。我只是想確保我們明確一點，我們不會迴避這個問題。

Alright. I understood. That was all thank you.

好吧。我明白了。就這些了，謝謝。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great, thanks. Good morning, folks. Sorry to, stick with prediction markets here, but, maybe just to focus on the financial contracts only, that are quarter CME, can you talk about, just the structure of this arrangement of -- first of all, is this essentially, is this cleared in a cloud fashion?

太好了，謝謝。各位早安。抱歉，這裡還是討論預測市場吧，但是，也許只關注季度 CME 金融合約，您能談談這種安排的結構嗎——首先，這本質上是以雲方式清算的嗎？

And in the -- with the FCM that you're cooperating here with FanDuel, just to clarify this, would this then be open to all other retail platforms to connect into. So I guess, would you be listing these prediction contracts on CME, and therefore your 130 retail partners can also link into these and trade them and is that the financial arrangement around that is that you would -- that flow directly to CME for those other retail partners or is that move, part of the joint venture with FanDuel.

還有——關於您與 FanDuel 合作的 FCM，為了澄清這一點，這是否意味著所有其他零售平台都可以接入？所以我想問的是，你們是否會在 CME 上列出這些預測合約，這樣你們的 130 家零售合作夥伴也可以連結到這些合約並進行交易？相關的財務安排是，這些資金直接流入 CME 供其他零售合作夥伴使用，還是說這是與 FanDuel 合資企業的一部分？

So the answer to your latter part of your question is absolutely everybody will have access to our contracts, regardless of the relationship that we have with FanDuel. It relates to the economics with FanDuel, we've, I don't know how much we've disclosed, but when if you want to comment any further on that, but we have a relationship with them in the ownership of the FCM, our non-clearing FCM I should say, and that's about that.

所以對於你問題的後半部分，答案是絕對所有人都可以查閱我們的合同，無論我們與 FanDuel 之間是什麼關係。這與 FanDuel 的經濟合作有關，我不知道我們已經披露了多少，但如果您想就此發表更多評論，我們與他們之間存在著一種關係，即我們擁有 FCM（我們的非清算 FCM），應該說就是這樣。

Yes, so thanks Brian. As Terry mentioned, our FCM would be one of many potential participants. Just like any other contract on CME, this is open to any of our FCMs that choose to offer that product once they meet the requirements, so this is not an exclusive relationship. Our FCM will provide access to clients that want to come through that entity, but there could be several others that provide that service to clients as well.

是的，謝謝你，布萊恩。正如 Terry 所提到的，我們的 FCM 將是眾多潛在參與者之一。就像 CME 上的任何其他合約一樣，任何滿足要求的期貨佣金商 (FCM) 都可以選擇提供該產品，因此這不是排他性關係。我們的 FCM 將為希望透過該實體進入的客戶提供服務，但可能還有其他一些實體也向客戶提供該服務。

And Brian, as far as if you're asking how we looking at the economics going forward, I think that is something that's still a work in progress. And we have to see, as always, how new markets, how they grow, what they look like, how we structure them, and then how we price them.

布萊恩，如果你問的是我們如何看待未來的經濟狀況，我認為這仍然是一個正在進行的工作。我們必須像以往一樣，觀察新市場的發展、發展模式、市場結構以及定價策略。

But we have many different models, as you can imagine, depending on how this moves forward on the market side, and potentially on the sports side. There's the entertainment side; there's the political side. These things, it may not be a size fits all type of pricing model either, but we don't have the answer to that question yet.

但正如你所想，我們有很多不同的模型，這取決於市場方面以及體育方面可能的發展。它既有娛樂的一面，也有政治的一面。這些產品可能也不適用統一的定價模式，但我們目前還沒有這個問題的答案。

And maybe just to clarify, so the -- if the clients are coming through FanDuel, like if they're any clients or they're coming through that FCM, I would imagine obviously then that's going, the economics of that are consistent with the joint venture arrangement, but if it's coming through a different online broker, coming directly to your markets, would that still be part of this JV, or that would be just going right to?

或許為了澄清一下，如果客戶是透過 FanDuel 進入市場，例如他們是 FanDuel 的客戶，或者他們是透過 FanDuel 進入市場，我想很明顯，那麼這在經濟上是符合合資安排的，但如果客戶是透過其他線上經紀商直接進入你們的市場，這是否仍然屬於合資企業的一部分，還是會直接退出？

You summarized it yourself properly, Brian, but I'll let Lynne summarize.

布萊恩，你已經總結得很好了，不過我還是讓琳恩來總結一下吧。

Yeah. So, I think the thing you need to think about is our GCM, and GCO fees are consistent just like they are for all of our products. That's something that's available to all participants. The FCM would be no different than any of our other FCM participants. There would be just like the current market, the FCMs will have a fee, a commission that they charge the clients that come through their entity.

是的。所以，我認為你需要考慮的是我們的 GCM 和 GCO 費用，它們與我們所有產品的 GCM 和 GCO 費用一樣，都是一致的。這是所有參與者都可以享受的。FCM 與其他 FCM 參與者並無不同。就像目前的市場一樣，期貨佣金商（FCM）會向透過其平台進行交易的客戶收取費用或佣金。

So that piece will flow through the FCM, but what ends up being charged to the clients and the FCM is going to be consistent across the board because it's a requirement, that's just part of how we need to operate. So that nothing is different about this arrangement that changes how those clearing and trading fees will be charged to the market.

所以這部分費用會透過 FCM 處理，但最終向客戶和 FCM 收取的費用將保持一致，因為這是必須的，這是我們運作方式的一部分。因此，這項安排並沒有任何改變市場收取清算費和交易費方式的改變。

Great. That's a good color.

偉大的。這個顏色真好看。

Thanks, Brian.

謝謝你，布萊恩。

Kenneth Worthington, JPMorgan Chase & Co.

Kenneth Worthington，摩根大通公司

Hi, good morning. Thanks for taking the question. I'm not going to ask unpredictive markets. .

您好，早安。感謝您回答這個問題。我不會去問那些無法預測的市場。。

Come on you got one.

加油，你有一個。

Energy volumes were down this quarter after a long run of really strong growth like more than a year. With geopolitical risks stabilizing, moderating, I guess what is the outlook for growth for energy, particularly in the context of particularly strong volumes you had earlier this year, and then, what are the factors that might be driving share shifts in oil and gas markets because we've seen share move around more recently. Thanks.

在經歷了長達一年多的強勁成長之後，本季能源銷量有所下降。隨著地緣政治風險趨於穩定和緩和，我想請問能源產業的成長前景如何？尤其是在今年稍早銷售特別強勁的情況下。此外，有哪些因素可能會推動石油和天然氣市場份額的變化？因為我們最近看到市場份額出現了更多波動。謝謝。

Yeah. Hey, Kenneth, Derek. Thank you. We are certainly seeing a market that over, let's be honest, over the last two and a half, three years we've seen WTI trade in effectively $10 range. I think we had done a lot to develop and grow and expand participation in our energy markets overall, particularly in crude. You've seen us push out growth in our options complex, shorter dated options in low volatility environments.

是的。嘿，肯尼斯，德里克。謝謝。坦白說，過去兩年半到三年裡，我們看到WTI原油價格實際上一直在10美元左右波動。我認為我們已經做了很多工作來發展壯大我們的能源市場，特別是原油市場。您已經看到我們在低波動環境下，透過推出選擇權組合複雜、期限較短的選擇權來推動成長。

Those have proven to be very successful tools for adapting to a different volatility environment. We actually set some new records in volume and short printed options over the course of WTI earlier this year. We've also seen us push out very successfully our record growth in our crude scares contracts, which actually put a moat around our physical WTI business.

事實證明，這些工具對於適應不同的波動環境非常有效。今年早些時候，在 WTI 原油期貨交易期間，我們實際上在交易量和空頭選擇權方面都創下了一些新紀錄。我們也非常成功地推動了原油短缺合約的創紀錄成長，這實際上為我們的 WTI 現貨業務建構了一道護城河。

As WTI continues to globalize, where you see growth in our complex year-to-date in crude oil specifically, we've seen that most effectively in Europe and Asia, where we continue to see double-digit growth there as US crude and refined hits boats, hits the shores of Europe and APAC, and more customers in those are trading our products.

隨著 WTI 原油持續全球化，我們今年迄今的原油業務整體呈現成長態勢，其中歐洲和亞洲的成長最為顯著，美國原油和成品油裝船運抵歐洲和亞太地區，越來越多的客戶開始交易我們的產品，這些地區也持續保持兩位數的成長。

When you look at the share shifts this quarter, we've actually seen WTI futures shift back to CME, I think we're at 76% for Q3. That's up from 74% last quarter. We are maintaining our roughly 91% share in our WTI options markets we continue to innovate there. When you step back, and look at the broader drivers, yeah, there were very much some the geopolitical tensions earlier this year that drove activity.

從本季的份額變化來看，我們實際上已經看到 WTI 期貨回到了 CME，我認為第三季的份額已經達到了 76%。比上季的74%有所上升。我們在WTI選擇權市場保持約91%的市場份額，並將繼續在該領域進行創新。當你退後一步，從更廣泛的角度來看，是的，今年早些時候的一些地緣政治緊張局勢確實推動了經濟活動。

When you look at the year-to-date business in both crude and refined as well as natural gas, both those complexes are up about 10% or 11%. When we look at Q3 specifically, while WTI drifted a little bit lower, that sequentially saw some decrease in growth, lower volumes across the board for everybody, we saw share shifts back into CME where we're really focused right now is the natural gas business.

從原油、成品油和天然氣今年迄今的業務來看，這兩個領域的業務都成長了約 10% 或 11%。具體來看第三季度，雖然 WTI 原油價格略有下跌，但環比來看，成長放緩，所有產品的成交量都下降了。我們看到市場份額重新回到了 CME，而我們目前真正關注的是天然氣業務。

Even in Q3, we saw our natural gas complex grow 2%, led by [Nagas] options up 12%. When you look at the continued record amounts of liquefaction, and export of US LNG today, at 15 or 16 DCF, that will go to almost 25 the next three years. That means more US gas, priced and indexed directly to Henry Hubb, the market that we've got 79% share of continuing to globalize. So, we see very much, a part of the overall picture.

即使在第三季度，我們的天然氣業務也成長了 2%，其中 [Nagas] 選擇權成長了 12%。從目前美國液化天然氣出口量持續創紀錄的水平來看，如今的液化量為每立方英尺 15 或 16 立方英尺，未來三年將接近每立方英尺 25 立方英尺。這意味著更多的美國天然氣將直接與亨利哈伯天然氣價格掛鉤，而我們在這個市場中擁有 79% 的份額，這意味著美國將繼續走向全球化。所以，我們看到的只是整體圖像的一部分。

Natural gas is not just a transition fuel, it's a fuel for the future. So, whether you look at the strong growth in our OI this year, continued growth in the innovative part of the curve that we've built and developed on crude, and the continued push of natural gas, we think we're answering customer needing and growing globally. I'm confident that we can continue to do that as the world consumes more US energy products.

天然氣不僅僅是一種過渡燃料，它更是未來的燃料。因此，無論是從我們今年的OI強勁增長來看，還是從我們基於原油建立和開發的創新曲線的持續增長來看，以及從天然氣的持續推進來看，我們認為我們正在滿足客戶的需求，並在全球範圍內不斷發展。我相信，隨著世界對美國能源產品的消費量不斷增長，我們能夠繼續做到這一點。

Thank you very much.

非常感謝。

Thanks, Ken.

謝謝，肯。

Christopher Allen, Citibank Cameroon SA.

克里斯多福艾倫 (Christopher Allen)，喀麥隆花旗銀行。

Yeah, morning everyone. Wanted to ask about the ultra-sale. What are the proceeds after tax, and then how are you thinking about capital deployment here, giving you your buyback flexibility, current stock price and balancing that with the fifth dividend?

是的，大家早安。想問一下超值促銷活動的狀況。稅後收益是多少？您打算如何進行資本部署？考慮到您的股票回購彈性、目前股價以及第五次分紅，您打算如何平衡這些收益？

Thanks Chris. I'll let Lynn come and start and then I'll join in when she's finished.

謝謝克里斯。我先讓琳恩來開始，等她結束之後再加入。

Yes, so the proceeds from the sale were about $1.55 billion. The net proceeds are going to be very similar. We were able to bring back some cash from the as well, so I would use that as your starting point. In terms of the use of those proceeds, we are bringing a recommendation to our Board in the coming weeks.

是的，所以此次出售所得約為 15.5 億美元。淨收益將非常接近。我們也從那裡帶回了一些現金，所以我建議你以此為起點。至於這些收益的用途，我們將在未來幾週內向董事會提出建議。

We certainly have a number of valves in place that we can use, but we want to get in the current environment, make sure we've done a full review with our Board on the on the potential uses of that capital.

我們當然有很多可用的管道，但我們希望在當前環境下，確保我們已經與董事會就這筆資金的潛在用途進行了全面審查。

Because I think it's really important that -- I think everybody understands our debt is, the lowest in the sector. We have been very disciplined, making sure that we don't have a lot of debt. We've been able to grow organically. We've been able to do things whether it's to JBS, whether it's through partnerships that are not multibillion dollar investments.

因為我認為這一點非常重要——我認為每個人都明白，我們的債務是業界最低的。我們一直非常自律，確保沒有太多債務。我們一直保持著有機成長。無論是與 JBS 合作，還是透過並非數十億美元的投資，我們都能夠做一些事情。

So we've been very blessed to grow our business with that respect. The examples being one with obviously Google, the other with FanDuel, and some of the other things that we're continuing to focus on. So we understand that we don't need to be sitting on mountains of cash like this.

因此，我們非常幸運能夠憑藉這種尊重發展壯大我們的業務。例如，一個是谷歌的例子，另一個是 FanDuel 的例子，以及我們正在繼續關注的其他一些例子。所以我們明白，我們不需要這樣坐擁巨額現金。

So, we -- I don't want to front run my board by any stretch of the imagination, so we will be looking forward to bringing a proposal that how we return that capital very shortly to you and the rest of the team. Thanks.

所以，我絕對不會搶在董事會前面做決定，因此我們期待盡快向您和團隊其他成員提出一份關於如何返還這筆資金的提案。謝謝。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Hey, good morning. Thanks for taking the question. Wanted to focus on 24/7 trading, understand in crypto markets, you're going to be enabling that early next year. I was hoping you could elaborate on some of the hurdles you've had to overcome, and what could be the scope to enable 24/7 trading for other products?

嘿，早安。感謝您回答這個問題。想專注於全天候交易，了解加密貨幣市場，你們將在明年初啟用這項功能。我希望您能詳細說明您克服的一些障礙，以及實現其他產品全天候交易的可能性有多大？

What could make sense next, the time frame around that? And then just more broadly, how do you think about the role of tokenization as a catalyst to support 24/7 trading over time? How are you experimenting with that today, or May, over the next year or so?

接下來可能出現的情況是什麼？時間框架又是如何安排的？更廣泛地說，您如何看待代幣化作為催化劑，在長期支援全天候交易方面所發揮的作用？在您今天、五月以及未來一年左右的時間裡，打算如何進行這方面的實驗？

Michael, thank you. All three of those are very good questions, and I'm going to take them in reverse order because in order to get 24/7 and do some of the things that you referenced, you need to have potentially a tokenization of tokenized cash in order to facilitate.

邁克爾，謝謝你。這三個問題都很好，我會倒序回答，因為為了實現全天候服務並完成你提到的一些事情，你可能需要對代幣化現金進行代幣化才能實現。

So I will ask Ms. Sprague to give you a little update as our project with Google on tokenized cash is looking, how we're going with that, and then she can even go into the 24/7 from a risk management standpoint. We'll save the other products for myself. And I'll talk about that at the end, but Suzanne, and Sunil can comment on the operational and then the token of cash. Yeah.

所以我請 Sprague 女士向大家簡要介紹一下我們與 Google 合作的代幣化現金專案的最新進展，以及我們目前的進展情況，然後她還可以從風險管理的角度進行 24/7 全天候分析。其他產品就留給我自己用吧。最後我會談到這一點，但 Suzanne 和 Sunil 可以就營運和現金像徵意義發表意見。是的。

Sure, thanks for the question. So as Terry mentioned, we do know that tokenization is a hot topic, and we've been fortunate to be partnering with Google, over the past few years towards that initiative. So we do continue to progress our efforts with them, starting with tokenizing cash to begin with.

當然，謝謝你的提問。正如 Terry 所提到的，我們知道代幣化是一個熱門話題，而且在過去的幾年裡，我們很幸運能與 Google 合作推進這項計畫。因此，我們將繼續推進與他們合作，首先從現金代幣化開始。

The technology that they bring to the table through the Google Cloud Universal ledger does enable tokenization of other types of assets, both on the product side and the collateral side. So we plan to continue progressing with our initial phase, tokenizing cash through the end of this year and enabling that for go live in 2026, that will allow the value outside traditional banking hours, starting with cash and then other assets in the future.

他們透過 Google Cloud Universal ledger 帶來的技術，確實能夠實現其他類型資產的代幣化，無論是在產品方面還是抵押品方面。因此，我們計劃繼續推進初始階段的工作，在今年年底前將現金代幣化，並使其在 2026 年上線，這將使現金的價值在傳統銀行營業時間之外得以體現，首先從現金開始，未來擴展到其他資產。

It is an important element for risk management, Terry mentioned. On the general risk management side, we also think it's prudent to make sure that our collateralization support those exposures that can accumulate especially over the weekend, and so our approach will be to make sure that collateralization in the system is consistent with the risk that participants can bring over the weekends, just how we monitor that activity today knowing that markets are open on Sundays, for example.

特里提到，這是風險管理的重要因素。在一般風險管理方面，我們也認為謹慎的做法是確保我們的抵押品能夠支持那些可能在周末累積的風險敞口，因此我們的方法是確保系統中的抵押品與參與者在周末可能帶來的風險相一致，就像我們今天監控市場活動一樣，例如，我們知道市場在周日也開放。

So we look forward to the offering, building in many phases, and think that the tokenization efforts we have on the way with Google are timely and being able to roll it out for 2026 as well.

因此，我們期待分階段推出該產品，並認為我們與Google正在進行的代幣化工作是及時的，並且能夠在 2026 年也將其推出。

On the operational side, I think the -- we were the first exchange to operate 23 hours every day of the week. Here, we're just adding additional sessions over the weekend. We are well positioned to do so, especially because of our investment in our Google transformation.

在營運方面，我認為——我們是第一家每週七天、每天營運 23 小時的交易所。我們只是在周末增加了一些課程。我們具備這樣的優勢，尤其得益於我們對Google轉型的投資。

This gives us the ability to actually give our clients access to our markets and our clearing services while also continuing to do maintenance and upgrades. So, that's the challenge that not just us but our industry has to overcome to provide 24/7 services across markets and clearing.

這使我們能夠在繼續進行維護和升級的同時，真正為客戶提供進入我們市場和使用我們清算服務的管道。所以，這不僅是我們，也是我們整個產業必須克服的挑戰，才能在各個市場和清算領域提供全天候服務。

And Michael, as it relates to other asset classes, I have said this for a while now that I think 24/7 is coming across the world whether we like it or not, and again this is not something that we're leading. I think going forward, crypto makes a ton of sense for CME Group because they do have a market that goes seven days a week today, we do have the reference rate pricing associated with it.

邁克爾，就其他資產類別而言，我已經說過一段時間了，我認為 24/7 全天候服務模式正在席捲全球，不管我們喜歡與否，而且這也不是我們引領的潮流。我認為展望未來，加密貨幣對芝加哥商品交易所集團來說意義重大，因為他們現在擁有一個每週七天都會進行交易的市場，而我們也有與之相關的參考價格。

There's cash markets that are facilitating seven days a week. Some of these other asset classes, there's not been a huge conversation or a demand coming from them to go 24/7. It doesn't mean that won't change. I think we'll have to do a wait and see how it comes out with crypto to begin with.

現金市場每週七天都在運作。其他一些資​​產類別，並沒有出現大規模的討論或需求，要求全天候營運。但這並不意味著情況不會改變。我認為我們首先需要靜觀其變，看看加密貨幣的發展如何。

Again, I don't know if we'll be a leader or a fast follower on other asset classes on 24/7. We'll analyze that as time goes on, but I will tell you there has not been a big demand coming from my other asset classes to trade on seven days a week.

再說一遍，我不知道我們能否在其他資產類別上成為 24/7 領域的領導者或快速追隨者。我們會隨著時間的推移對此進行分析，但我可以告訴你，我的其他資產類別並沒有出現每週七天進行交易的大需求。

There's a cost associated to the FCMs, there's a cost associated to many different entities that they're not quite sure if the squeeze is worth the juice, as they say. So we're waiting to see how all that plays out. So we're not saying that's not going to happen, but we're not leading with that, obviously, and we'll keep a close watch on that. Well, I will tell you what, we will always be prepared if in fact that's where the market's going.

FCM（前端行銷人員）會產生費用，許多不同的實體也會產生費用，他們不太確定這種榨取是否值得，正如他們所說。所以我們正在等待事情的發展。所以我們並不是說這種情況不會發生，但我們顯然不會以此為首要考慮因素，我們會密切關注此事。好吧，我告訴你，如果市場真的朝著那個方向發展，我們總是會做好準備。

Got it. Thanks for all the callers. It sounds like you're preparing for 24/7 to be in the position for that. Would that be for next year but seems like you're waiting maybe for client interest before you pull the trigger on that?

知道了。感謝所有來電者。聽起來你好像在為全天候待命做準備。那是明年的計劃嗎？但看起來你們似乎在等客戶有興趣後再做決定？

We're preparing for 24/7 for crypto for 2026. I would say that internally we've looked at other asset classes if in fact we needed to go there or wanted to go there or there's a demand to go there. I think operationally, Sunil said it right, where we're 23.5 hours a day, five and a half days a week now, six days a week I guess for Sunday.

我們正在為2026年加密貨幣的全天候服務做準備。我想說，我們內部已經考慮過其他資產類別，如果真的需要或想要，或有這方面的需求的話。我認為從營運角度來看，Sunil 說得對，我們現在每天工作 23.5 小時，每週工作五天半，週日大概是每週六天。

So, we are basically there if we wanted to go there, so we have to add in Saturday, and it's just adding in a couple sessions. The question is what's the cost associated with the client. And what's the demand for the clients?

所以，如果我們想去那裡，基本上已經到了，所以我們只需要把星期六也算進去，也就是增加幾個場次。問題是，與該客戶相關的成本是多少。客戶的需求是什麼？

So, I don't see a big hurdle with talking to my team if in fact we want to go to these other asset classes. But again, there's other factors that are taking place. The US Treasury market might be different than the ag market and the ag market might be different than the equity market. You have to align with different associations, different cash markets. What they want to do, not to do with the crypto market is pretty much a natural right now because of the structure it has in place.

所以，如果我們真的想涉足其他資產類別，我認為與我的團隊溝通不會有什麼大障礙。但除此之外，還有其他因素在起作用。美國國債市場可能與農產品市場不同，而農產品市場可能與股票市場不同。你必須與不同的協會、不同的現金市場保持一致。他們現在不想涉足加密貨幣市場，這幾乎是順理成章的，因為加密貨幣市場已經形成了這樣的結構。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Alexander Blostein, Goldman Sachs Group Inc.

Alexander Blostein，高盛集團

Hi, good morning. This is, Anthony on for Alex. I wanted to hit on collateral balances and to what extent maybe you're seeing the 30% cash minimum, affecting client allocation decisions. And if you could give an update on what that looked like in the third quarter and what that stands out -- what that stands at now?

您好，早安。這是安東尼替補亞歷克斯上場。我想談談抵押品餘額，以及您可能看到的 30% 現金最低要求在多大程度上影響了客戶的資產配置決策。您能否介紹一下第三季的情況以及有哪些突出之處——目前的情況如何？

Thanks, Anthony, and I'll let Lynne come in.

謝謝你，安東尼，我這就讓琳恩進來。

Sure. So our averages in the third quarter for cash, we averaged $135 billion, and we earned 33 basis points on that. On non-cash collateral, we averaged $156 billion earning 10 basis points. So far in the first half of October, the cash balance has been fairly steady. We're at $134 billion on average, and the non-cash has ticked up a bit. We're at $164 billion on average.

當然。因此，我們第三季的平均現金流為 1,350 億美元，收益率為 33 個基點。對於非現金抵押品，我們平均獲得了 1560 億美元的收益，收益率為 10 個基點。截至10月上半月，現金餘額一直相當穩定。目前平均為 1,340 億美元，非現金部分略有上升。我們的平均是1640億美元。

So if you look at the percentage, the 30% minimum, we are still seeing a bit more in cash. So this third quarter, we're at about 46% in cash. That's obviously a customer decision on how they want to allocate their collateral. We also have seen in past volatile times where we might see more cash up front and it might kind of normalize over time.

所以，如果你看一下百分比，即使最低比例為 30%，我們仍然可以看到更多的是現金。所以第三季度，我們的現金持有率約為 46%。這顯然是客戶自行決定如何分配抵押品。我們也看到，在過去的動盪時期，可能會出現更多的前期現金流，但隨著時間的推移，這種情況可能會逐漸恢復正常。

So, I wouldn't be surprised if there's a little bit more optimization going forward, but it helps pretty steady at that mid-40% last quarter in this quarter.

所以，如果未來還有一些優化措施，我不會感到驚訝，但上個季度到本季度，40%左右的成長率相當穩定。

Okay Anthony.

好的，安東尼。

That's helpful thanks.

謝謝，這很有幫助。

Thanks, Anthony.

謝謝你，安東尼。

Kyle Voigt, Keefe Bruyette & Woods Inc.

Kyle Voigt，Keefe Bruyette & Woods Inc.

Hey, good morning everyone. Maybe a follow-up on the Google partnership, but more related to the Google related investment spend. You just give us an update on where you expect that to ultimately shake out in 2025, and then remind us how you expect that component trend into 2026, as we're thinking about the building blocks for 2026 expense growth.

嘿，大家早安。或許是對Google合作關係的後續報導，但更著重於與Google相關的投資支出。您只需向我們更新您預計到 2025 年最終結果會如何，然後提醒我們您預計該組成部分到 2026 年的趨勢如何，因為我們正在考慮 2026 年支出增長的基礎要素。

And Lynne, outside of the Google spend any other notable puts and takes on the expense side we should be aware of as we look out into the 2026?

琳恩，除了Google的支出之外，在展望2026年時，還有其他值得我們注意的支出方面的投資和投資機會嗎？

Lynne?

琳恩？

Yeah, so expenses related to Google this quarter were about $27 million. The vast majority of that $26 million, you'll see in the technology fees with about $1 million in professional fees. So year-to-date, we're running at about $71 million in total spend related to Google. Our guidance embeds within that about $100 million in total expense, that is down and that's part of the reason why we did cut our guidance.

是的，本季與Google相關的支出約為 2700 萬美元。這 2,600 萬美元中的絕大部分是技術費用，大約有 100 萬美元是專業服務費。今年迄今為止，我們在谷歌相關的總支出約為 7,100 萬美元。我們的預期中包含了約 1 億美元的總支出，這有所下降，這也是我們下調預期的部分原因。

At the beginning of the year we were expecting more like $115 million. So we were able to identify a number of savings opportunities working closely between the technology and finance team. We've really been managing that spend in the cloud as we're getting more facile with some of the different tools we have. So we've generated a fair bit of savings there and also we've been really moving a lot more towards internal support.

年初時，我們預計的營收將達到 1.15 億美元左右。因此，透過技術團隊和財務團隊的緊密合作，我們發現了許多節省成本的機會。隨著我們對各種工具的運用越來越熟練，我們一直有效管理雲端支出。因此，我們在這方面省了不少錢，而且我們也一直在大力轉向內部支援。

So those profit numbers last year were more in the $4 million to $5 million per quarter and they're now down to about $1 million. So that is where you're seeing some of those savings come through on the expense side. In terms of 2026, we'll certainly provide detail on that. It will be part of our overall guidance. I would say with our changes to expenses this year, some of these savings we've been able to generate not just on the profit and the cloud expenses, but also we've seen our depreciation and our occupancy expenses come down pretty meaningfully over the course of the year.

所以去年這些季度的利潤數字在 400 萬到 500 萬美元之間，現在已經下降到大約 100 萬美元。所以，這就是你在支出方面看到一些節省的原因。至於 2026 年的情況，我們一定會提供詳細資訊。這將是我們整體指導方針的一部分。我想說，透過今年的支出調整，我們不僅在利潤和雲端費用方面節省了一些開支，而且在折舊和占用費用方面也實現了相當大的下降。

So, our cost growth this year is relatively low when you look at that versus our historical levels. I would view this as kind of the baseline that we will be building off, but just some of these opportunities are more ones that we were able to find and take advantage of, but these aren't necessarily annual type events where we'll have that level of cost offset.

因此，與我們歷史水準相比，我們今年的成本成長相對較低。我認為這可以看作是我們未來發展的基準，但其中一些機會是我們能夠發現並利用的，但這並非每年都會發生的事件，因此我們無法獲得相應的成本抵消。

So, we'll provide more guidance in February, but I would say this cost growth being lower is more the ability to take advantage of some of those opportunities that we had.

因此，我們將在二月提供更多指導，但我認為成本成長放緩更多是因為我們能夠抓住一些機會。

Thank you, Kyle.

謝謝你，凱爾。

Simon Clinch, Redburn Partners LLP

西蒙‧克林奇，雷德伯恩合夥律師事務所

Hi, everyone. Thanks for taking my question. I was wondering, maybe, if you could talk about the broker to Chicago, and just give us a sense of -- I guess what -- how this strategy might actually change the fortunes of broker tech within the context of US treasuries, and actually from a competitive standpoint between all the different protocols, is this something that can actually revive the fortunes of say club versus streaming, etc. etc.?

大家好。感謝您回答我的問題。我想問一下，您能否談談芝加哥的經紀商，並讓我們了解一下——我想是這樣的——這種策略究竟會如何改變美國國債經紀技術的命運，以及從所有不同協議之間的競爭角度來看，這是否真的能夠重振俱樂部與串流媒體等協議的命運？

Thanks. Yeah, that's a great question, Simon. I'm going to ask Mike Den to chime in and then I'll make a comment when he's finished, but I'll ask Mike chime in since he's been leading this initiative. Mike?

謝謝。是的，西蒙，你問得好。我打算請麥克·登發表一下意見，等他說完後我再發表看法。不過，我會請麥克發表意見，因為他一直在領導這項倡議。麥克風？

Yeah. Thanks, Terry and Simon, good morning. I appreciate the question. Broker Tech Chicago went live on October 6, and it's very exciting. This is the first time in CME Group history that we have our cash fixed income markets with our core futures and options markets. We had a very successful market at open, and we experienced two-sided markets in all seven of our cash instruments.

是的。謝謝Terry和Simon，早安。我很感謝你提出這個問題。Broker Tech Chicago 於 10 月 6 日正式上線，非常令人興奮。這是芝商所集團史上第一次將現金固定收益市場與核心期貨和選擇權市場結合。開盤時市場非常成功，我們七種現金工具都出現了雙邊市場。

We had trades happen in the overnight session on Sunday and into the first day of trading. And over 1 billion of notional has traded since launch across all seven tenors, and we launched about 2.5 weeks ago. The full curve is being quoted more than 90% of the trading day. What's also exciting is that over 25 firms have connected to the new central limit order book, including banks, props, and brokers.

我們在周日夜間交易時段以及交易日的第一天都進行了交易。自推出以來，所有七個期限的名義交易已超過 10 億美元，而我們推出至今大約是 2.5 週前。全曲線報價佔交易日的90%以上。令人興奮的是，已有超過 25 家公司接入了新的中央限價訂單簿，其中包括銀行、自營交易商和經紀商。

To kind of answer a little bit of your question, 66% of the volume has traded at price points, not available on the Broker tech New York Cloud, which gives clients choice depending on their trading strategy, and market conditions. And we've also seen some new to broker tech clients continue to -- we've also seen some new to broker tech clients connect to the new club and place trades already.

為了稍微回答你的問題，66% 的交易量是在經紀商技術紐約雲端平台上無法找到的價格點上進行的，這讓客戶可以根據他們的交易策略和市場情況進行選擇。我們也看到一些新加入經紀商技術的客戶繼續進行——我們也看到一些新加入經紀商技術的客戶連接到新俱樂部並已經開始進行交易。

So we're pretty excited about new client exit on and also what we can do next with Broker Tech Chicago on different trading modalities, product enhancements, etc.

所以我們對新客戶的退出感到非常興奮，也很期待接下來能與 Broker Tech Chicago 合作，探索不同的交易模式、產品改進等等。

So, just to add to that, I think what's really important, and I don't want to gloss over it, Simon, is that when you looked at our press release on BrokerTexch Chicago, and you had dealers in there being quoted about how important this offering was to them, they were a driver of that with Mike and his team about putting these side by side for the efficiencies thereof.

所以，我還要補充一點，我認為真正重要的是，西蒙，我不想輕描淡寫地帶過，那就是，當你看到我們關於 BrokerTexch Chicago 的新聞稿時，你會發現其中引用了交易員的話，他們談到了這項服務對他們的重要性，而這正是他們與邁克和他的團隊一起推動的，目的是將這些服務並排展示，以提高效率。

As you know you referenced it in your question, the treasury market can go to multiple different places, but when you have some of the just participants in the world looking for this type of offering from CME Group, which we gave them. It does attract other participants, which Mike reference from the props to the hedge funds.

正如您在問題中提到的，國債市場可以走向多個不同的地方，但當世界上一些最頂尖的參與者都在尋求芝加哥商品交易所集團提供的這類產品時，我們就滿足了他們的需求。它確實吸引了其他參與者，麥克提到了從道具到對沖基金的各方人士。

So we think this could continue to grow, and we're excited by the leadership of the dealers pushing this going forward. So, we're excited by BrokerTex Chicago and what we think it can do for our cash franchise, which and then return will help grow our futures franchise.

所以我們認為這種趨勢可能會繼續發展，我們對經銷商們推動這一趨勢的領導力感到興奮。所以，我們對 BrokerTex Chicago 以及我們認為它能為我們的現金業務帶來的好處感到興奮，而這種回報將有助於發展我們的期貨業務。

Right. Thank you very much.

正確的。非常感謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, everyone. Thanks for taking our question. So, market data revenues were strong and up 14% in the quarter. Can you provide any context behind the good quarterly result, and also can you talk about opportunities to raise pricing in data next year?

各位早安。感謝您回答我們的問題。因此，市場數據收入表現強勁，本季成長了 14%。您能否解釋一下季度業績良好的背景，以及明年提高數據定價的機會？

Thanks, Greg.

謝謝，格雷格。

Julie?

朱莉？

So it was our 30th consecutive quarter of revenue growth, a quarter at a record, so we're very excited about that, up over 14%. Really what we're seeing, Craig, is increased growth across, nearly all of the segments of the business, both on the professional and the non-professional subscriber side, and I think it just speaks to the depth of our product offering.

這是我們連續第 30 個季度實現營收成長，而且創下季度紀錄，我們對此感到非常興奮，成長超過 14%。克雷格，我們實際上看到的是，幾乎所有業務板塊，包括專業用戶和非專業用戶，都實現了成長，我認為這恰恰說明了我們產品供應的深度。

I particularly, point out this quarter of just the growth overseas of subscribers, and so our market data business is significantly based on our international customer base and so seeing, really good signs and APAC and EMEA, of demand for our market data which typically then leads us to see transaction-based revenue to come at a later point in time.

我特別指出，本季海外用戶數量的成長尤為顯著，因此我們的市場數據業務很大程度上依賴我們的國際客戶群。我們看到亞太地區和歐洲、中東及非洲地區對我們的市場數據有非常好的需求，這通常會讓我們在稍後看到以交易為基礎的收入。

So, I think in terms of pricing we have already announced, and did so in August about the price increases for next year of 3.5%, and that will be across many of our data products across the rack rates. So that will that change will take effect on January 1 of 2026.

所以，我認為在定價方面，我們已經宣布了，並且在 8 月宣布了明年價格上漲 3.5%，這將適用於我們許多數據產品的所有價格等級。因此，該變更將於2026年1月1日生效。

Craig, just to emphasize what Julie said, not be directly to your question, but when you look at the value of market data, especially CME's market data, what it can do to help some of our clients grow through risk management through other protocols that they use our data for.

Craig，我只是想強調一下 Julie 所說的，雖然這並非直接回答你的問題，但當你審視市場數據的價值，特別是 CME 的市場數據時，你會發現它能幫助我們的一些客戶透過風險管理和其他使用我們數據的協議實現增長。

It's very exciting about the growth of that business along with our product lines that are tradable. So, we're excited by the growth of this business, and you got to remember just 10,12 years ago, we were charging zero for market data. So we've come a long way growing this business. 15 years ago now, but we've come a long way growing this business, and again I think it's been a very prudent strategy for us.

這項業務的成長以及我們可交易的產品線的發展都令人非常興奮。所以，我們對這項業務的成長感到興奮，而且你要記住，就在 10、12 年前，我們對市場數據是完全免費的。所以，我們一路走來，發展壯大了這項業務。雖然已經過去了15年，但我們一路走來，發展壯大了這項業務，而且我認為，這對我們來說一直是一個非常明智的策略。

Thanks Terry. We also had a follow-up on Broker Tech, Chicago to Simon's question.

謝謝特里。我們也針對 Simon 提出的問題，對芝加哥的 Broker Tech 公司進行了後續跟進。

Go ahead.

前進。

Hey, I was curious, where do you expect the volume mix to end up, balancing or normalizing between Broker Tech Chicago, and Broker Tea caucus? And I know we're very early innings here. I think you launched on October 6, but roughly what percent of the volumes have been from new clients to Broker Tech? Could you just highlighted that in Simon's question?

嘿，我很好奇，你預計芝加哥經紀科技公司和經紀茶黨之間的交易量最終會達到平衡還是趨於正常？我知道現在還只是比賽的開始階段。我認為你們是在 10 月 6 日上線的，但是 Broker Tech 的新客戶大約佔總交易量的百分之多少呢？你能在西蒙的問題中強調一下這一點嗎？

And now are you referencing Secaucus or Chicago or both or combined?

那麼，您指的是錫考克斯、芝加哥，還是兩者都有，還是兩者兼有？

So the yeah -- two set kind of two part there but what is the -- what do you think the mix ends up between Broker tech Chicago, and Broker Tech Secaucus like 80, like 2080?

所以，是的——兩部分組成了兩組，但是——你認為芝加哥 Broker Tech 和錫考克斯 Broker Tech 最終會融合成什麼樣子，比如 80 或 2080？

I got I got it Craig. Mike, I mean it's speculative answer.

我明白了，我明白了，克雷格。麥克，我的意思是，這只是推測性的回答。

But no, I appreciate the question, Craig. It's hard to say, it's been about two weeks since we launched Broker Chicago. I think, forecasting how volumes are going to be split it or you know how volumes are going to be, how volumes are going to look is very difficult. I do think, you saw in the press release, dealers that are excited about the launch.

不過，克雷格，我很感謝你的提問。很難說，Broker Chicago 上線至今才兩週左右。我認為，預測銷售量將如何分配，或者說，預測銷售量將如何變化，銷售量將呈現怎樣的趨勢，是非常困難的。正如你在新聞稿中看到的那樣，我認為經銷商們對這次發布感到非常興奮。

We mentioned Morgan Stanley, we mentioned Citi, we mentioned JPMorgan. I think it's going to be dependent on market conditions. There could be times when people point to the Chicago Club just because they might be trading a relative value strategy or the market might be a little quieter and they can trade in 16s.

我們提到了摩根士丹利，我們提到了花旗集團，我們提到了摩根大通。我認為這將取決於市場狀況。有時人們可能會提到芝加哥俱樂部，只是因為他們可能正在交易相對價值策略，或者市場可能比較平靜，他們可以進行 16 手交易。

I think people will continue to trade on the New York club, especially in terms of heightened volatility, where they want to move large stacks of liquidity. So early days hard to speculate, but we're excited to see it live. We're excited to have these products sit side by side with our core futures and options product, and we're excited to attract new clients to the venue. Like I said earlier, we've seen some new clients who have never traded on Broker Tech trade on Broker Tech already, so we're excited about new client acquisition as well.

我認為人們會繼續在紐約俱樂部進行交易，尤其是在波動性加劇的情況下，他們希望轉移大量的流動性。現在下結論還為時過早，但我們很期待現場觀看。我們很高興這些產品能與我們的核心期貨和選擇權產品並肩銷售，我們也期待吸引新客戶來到這個交易場所。正如我之前所說，我們已經看到一些以前從未在 Broker Tech 上進行過交易的新客戶開始在 Broker Tech 上進行交易，因此我們也對獲得新客戶感到興奮。

Craig. Thanks. Thanks I appreciate it.

克雷格。謝謝。謝謝，我很感激。

Thank you. Go ahead.

謝謝。前進。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

Hey, good morning, guys. This is Will G on for Sabadra. Thank you guys for taking our question. Maybe if you could just provide a little bit of commentary on RBC. I know there's a lot of moving parts there, but I think at the summary you guys mentioned that, it was kind of a lower proportion of micros, and decreased volunteering.

嘿，大家早安。這裡是威爾·G為您帶來薩巴德拉的報道。謝謝你們回答我們的問題。或許您能對RBC做一些評論就好了。我知道這裡面有很多變數，但我覺得你們在總結中提到的一點是，微型企業的比例有所下降，志工人數也有所減少。

Could you give us a sense of maybe the impacts of those two effects and does the shift in micros have any shifts in retail trading behavior?

您能否簡單介紹一下這兩種效應的影響，以及微觀層面的轉變是否對零售交易行為產生了任何影響？

Lynne?

琳恩？

Yeah, so we're going to see the largest impact on the shift in micros, that's really going to impact the equity, portion of our RBC. We saw kind of a similar contribution in metals from micros, so it's about 36% of micros volume in equities, it went from 47% last quarter down to about 43% this quarter.

是的，所以我們將看到微型股的轉變產生最大的影響，這將真正影響我們RBC的權益部分。我們看到金屬板塊也受到了微型股的類似影響，約佔股票中微型股交易量的 36%，從上季度的 47% 下降到本季的 43% 左右。

So you saw an uplift in our equity RBC, largely due to that shift from micros to towards full size in the mix. So it's hard to disaggregate entirely these shifts of which were the pieces that impacted that rise in our RBC, because it's going to get into not just that shift but also the customer mix between member and non-member.

因此，我們看到我們的股票 RBC 有所提升，這主要是由於投資組合中微型企業向大型企業轉變所致。因此，很難完全分解這些變化中哪些因素影響了我們的 RBC 成長，因為這不僅涉及到這種變化，還涉及會員和非會員之間的客戶組成。

Got it. Thank you very much.

知道了。非常感謝。

Thank you.

謝謝。

Michael Cyrus, Morgan Stanley.

麥可‧賽勒斯，摩根士丹利。

Hi. Thanks for taking the follow-up. I just wanted to ask about credit futures, hoping you could elaborate on the progress there, how you see the use cases versus other alternatives in the marketplace, and if you could elaborate on some of the steps that you're taking to broaden out user engagement and credit futures?

你好。感謝您跟進。我只是想問一下關於信用期貨的問題，希望您能詳細介紹一下這方面的進展，您如何看待信用期貨與其他市場替代方案的用例，以及您為擴大用戶參與度和信用期貨業務而採取的一些措施？

And then more broadly as you facilitate a stronger link between cash and futures markets, and rates and FXs. I guess to what extent might connectivity with cash credit markets make sense to enhance client value and support growth?

更廣泛地說，隨著你促進現金市場和期貨市場、利率和外匯市場之間更緊密的聯繫。我想，與現金信貸市場建立聯繫在多大程度上能夠提升客戶價值並支持成長？

Thanks, Mike. Mike Dennis Miller.

謝謝你，麥克。麥克·丹尼斯·米勒。

Yeah, Mike, it's a great question. I'll talk a little bit about credit futures and kind of some things we're thinking about in the cash markets. We highlighted a cash market initiative, Broker Tech Chicago. I'll ask Tim McCourt to talk about another cash market initiative we had this year, FX Spot+. For Credit Futures, we saw strong growth this quarter in Credit Futures. OI hit a record in September.

是的，麥克，這是一個很好的問題。我將簡單談談信用期貨以及我們在現貨市場正在考慮的一些事情。我們重點介紹了現金市場計劃—芝加哥經紀商科技公司 (Broker Tech Chicago)。我將請 Tim McCourt 談談我們今年推出的另一個現貨市場計劃——FX Spot+。本季信用期貨業務實現了強勁成長。9月OI值創下紀錄。

The outreach, with Julie's team, the CDNS team, has been very strong. There is a great mix of clients that are reaching out to the CME, who we're reaching out to talk about credit futures, many asset managers, hedge funds, banks, and props. What we're hearing from the customer base is that our central limit order book for credit futures is very liquid and there's tight bids spreads.

與 Julie 的團隊以及 CDNS 團隊的合作，對外宣傳工作非常出色。聯繫芝加哥商品交易所 (CME) 的客戶類型非常廣泛，我們與他們聯繫是為了討論信用期貨，其中包括許多資產管理公司、對沖基金、銀行和自營交易商。我們從客戶那裡了解到，我們的信用期貨中央限價訂單簿流動性非常好，買賣價差也很小。

And credit futures are just an extremely valuable product for the fixed income markets place because it allows asset managers greater flexibility in managing credit exposure, and these products are unique. We have margin offsets for Treasury futures as well as S&P 500 futures. So we're excited to see this product growing, and feedback from our clients has been very positive.

信用期貨對於固定收益市場來說是一種極其有價值的產品，因為它使資產管理公司在管理信用風險敞口方面擁有更大的靈活性，而且這些產品是獨一無二的。我們有國債期貨和標普500指數期貨的保證金對沖。所以我們很高興看到這款產品不斷發展壯大，而且我們客戶的回饋也非常正面。

We have about 300 sales opportunities in the pipeline for Credit Futures, so those 300 opportunities are across all different client types. It takes time for folks to on board often for products, but we're very happy about the directory and Tim, I don't know if you want to share a little bit on FX Spot+ .

我們目前有大約 300 個信用期貨銷售機會正在籌備中，這 300 個機會涵蓋了所有不同類型的客戶。人們通常需要時間來適應產品，但我們對目錄非常滿意。提姆，我不知道你是否願意分享一下關於 FX Spot+ 的一些資訊。

Sure, thanks, Mike. I think a consistent theme that you've heard in our opening remarks is around continued product innovation, and meeting customers where they are to make sure they have the risk management tools they need, to access our markets and manage the risks, and I think certainly Credit Futures is a great example of that.

當然，謝謝你，麥克。我認為，我們在開場白中反覆強調的一個主題是持續的產品創新，以及滿足客戶的需求，確保他們擁有所需的風險管理工具，從而進入我們的市場並管理風險。我認為信用期貨就是一個很好的例子。

And another one we mentioned where it's really about bringing these markets together and offering new transactional handshakes to allow clients to access our market is FX Spot+ . That is something we launched back in April, and since its launch, over 70 entities have traded on FX Spot+, including 40 banks, the majority of which have not previously interacted with the FX futures market.

我們提到的另一個平台是 FX Spot+，它真正旨在將這些市場聚集在一起，並提供新的交易方式，讓客戶進入我們的市場。這是我們四月推出的服務，自推出以來，已有超過 70 家機構在 FX Spot+ 上進行交易，其中包括 40 家銀行，其中大多數此前從未涉足外匯期貨市場。

As Terry mentioned, off to a great start, where we had a single day record of over $5.6 billion on September 11. We've had single day volumes exceeding $5 billion for Spot+ over four days throughout September, continue to grow from here. When you look at the innovations we've rolled out over CME, we continue to introduce new products, new offerings, and combining cash and futures markets, to make sure our clients can access all the liquid they need during these continued uncertain times when they might need it the most.

正如特里所提到的那樣，開局非常順利，9 月 11 日單日創下了超過 56 億美元的紀錄。9 月有四天 Spot+ 單日交易量超過 50 億美元，而且這數字還會持續成長。縱觀我們在芝加哥商品交易所 (CME) 推出的創新舉措，我們不斷推出新產品、新服務，並將現貨市場和期貨市場相結合，以確保我們的客戶在當前持續不確定的時期，在他們最需要的時候，能夠獲得所需的全部流動性。

And Mike, I think it's interesting is when you look at the US corporate, or the US debt today at $37.5 trillion, $38 trillion going to God knows what. And that market versus the corporate market, people are deciding where they want to participate. Do they feel more comfortable in a corporate bond versus the US government? Okay, I'm not so sure they do, but because there's such leverage in both right now or such debt in bulk, it's a very interesting dynamic the way I look at it.

麥克，我覺得有趣的是，當你看看美國企業，或者說看看如今美國高達 37.5 兆美元、38 兆美元的債務，天知道這些錢都去了哪裡。人們正在決定他們是想參與個人市場還是企業市場。他們是否覺得投資公司債比投資美國公債更放心？好吧，我不太確定他們是否真的如此，但由於目前雙方都擁有如此高的槓桿率或如此巨額的債務，在我看來，這是一個非常有趣的動態。

So I think both of these different markets between the cash US Treasury market and the corporate, for the credit markets will be very active over the next several years as we continue to go through these cycles of high valuations of corporation on the stock market, and then the demand for people needing to sell debt.

所以我認為，未來幾年，隨著股市中公司估值持續走高，以及人們需要出售債務，美國現金國債市場和公司信貸市場這兩個不同的市場都將非常活躍。

So it'll be quite fascinating to see how this all plays out.

所以，看看這一切最終會如何發展，將會非常有趣。

Great. Thank you.

偉大的。謝謝。

Thank you, I would like to have a call back to management for closing remarks.

謝謝，我希望管理階層能給我回電話，做最後的總結發言。

Well, thank you all very much. We appreciate your interest in seeing me and have a great holiday season. Be safe. Thank you.

非常感謝大家。感謝您對我的關注，祝您假期愉快。注意安全。謝謝。

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

感謝您參加今天的會議。您現在可以斷開連線。