芝加哥商業交易所 (CME) 2025 Q4 法說會逐字稿

Welcome to the CME Group Fourth Quarter 2025 Earnings Call. (Operator Instructions) I would now like to turn the call over to Adam Minick. Please go ahead.

歡迎參加芝加哥商品交易所集團2025年第四季財報電話會議。（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 earnings commentary earlier this morning, which provides extensive details on the fourth quarter and full year results for 2025. I will start with the safe harbor language, then I'll turn it over to Terry. Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance.

早安，希望你們今天一切都好。今天早些時候，我們發布了盈利報告，其中詳細介紹了 2025 年第四季度和全年業績。我先從安全港條款開始，然後交給特里。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。

They involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statement. Detailed information about factors that may affect our performance can be found in the filings with the SEC, which are on our website. Lastly, in the earnings release, you will see a reconciliation between GAAP and non-GAAP measures following the financial statements.

它們涉及難以預測的風險、不確定性和假設。因此，實際結果可能與任何聲明中明示或暗示的內容有重大差異。有關可能影響我們業績的因素的詳細信息，請參閱我們網站上向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 指標與非 GAAP 指標之間的調整表。

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

這樣，我就把電話交給特里了。

Thanks, Adam, and thank you all for joining us this morning. I'll keep my opening remarks brief to highlight what was quite simply the most successful year in CME Group's history. Following that, Lynne will provide an overview of our financial results and our 2026 guidance. In addition to Lynne, we have other members of our management team present to answer questions after the prepared remarks. 2025 marked our fifth consecutive year of record volume, with average daily volume increasing 6% to 28.1 million contracts.

謝謝亞當，也謝謝各位今天早上收看我們的節目。我的開場白將盡量簡短，重點介紹芝加哥商品交易所集團史上最成功的一年。接下來，琳恩將概述我們的財務表現和 2026 年業績展望。除了琳恩之外，我們管理團隊的其他成員也將出席，並在事先準備好的演講結束後回答問題。 2025年是我們連續第五年創下交易量紀錄，日均交易量成長6%，達到2,810萬份合約。

This growth was broad-based, including all-time record in our interest rate, energy, metals, agricultural and crypto complexes. It was also a record year for our international business, which averaged 8.4 million contracts per day, up 8% from the previous record set in 2024.

這一增長是全面性的，包括利率、能源、金屬、農業和加密貨幣板塊均創歷史新高。對於我們的國際業務而言，這也是創紀錄的一年，平均每天簽訂 840 萬份合同，比 2024 年創下的前一個紀錄增長了 8%。

Global participants continue to choose the deep and liquid markets at CME Group to manage their risk. In addition to our record volume results, we continue to deliver unmatched capital efficiencies for our customers. In the most recent quarter, our customers' average daily margin savings reached $80 billion across all 6 asset classes, representing an increase of approximately $20 billion over the past year.

全球參與者繼續選擇芝加哥商品交易所集團（CME Group）的深度和流動性市場來管理風險。除了創紀錄的銷售量之外，我們還繼續為客戶提供無與倫比的資本效率。在最近一個季度，我們的客戶在所有 6 個資產類別中平均每日節省的保證金達到 800 億美元，比前一年增加了約 200 億美元。

The ability to offset margin across asset classes isn't just a nice benefit. It's a necessity for our clients. Due to the diversity of our asset classes, this offering is a unique benefit for our market participants. In December, we received approval from the U.S. Securities and Exchange Commission for CME Securities Clearing.

能夠跨資產類別抵銷保證金不僅僅是一個不錯的優勢。這是我們的客戶所需要的。由於我們資產類別的多樣性，這項服務對我們的市場參與者來說是一項獨特的優勢。12 月，我們獲得了美國證券交易委員會對 CME 證券清算業務的批准。

We are on track to launch this new clearing house later this year in advance of the SEC's U.S. Treasury clearing mandate. This, combined with our work to extend CME FICC cross-margining to end-user clients in early 2026, will unlock even more capital efficiencies for the industry. Innovation continues to accelerate our growth. And in Q4, we expanded our retail footprint throughout the launch of event contracts on financial and commodity products, economic indicators and sports.

我們正按計畫推進，將於今年稍後推出這個新的清算所，趕在SEC美國財政部清算指令生效前。這一點，再加上我們計劃在 2026 年初將 CME FICC 交叉保證金擴展到終端用戶客戶，將為該行業釋放更大的資本效率。創新持續加速我們的發展。第四季度，我們透過推出金融和商品產品、經濟指標和體育賽事相關的活動合約，擴大了零售業務範圍。

This initiative represents the next step in our multiyear strategy to expand our customer base by providing greater access to markets for the next generation of traders. While still early days, these products are delivering promising initial results and generated traction with previously untapped customer segments. Over 68 million of these event contracts have traded in the six weeks since launch, including over 7 million markets-related contracts.

這項舉措是我們多年策略的下一步，旨在透過為下一代交易者提供更多進入市場的管道來擴大我們的客戶群。雖然還處於早期階段，但這些產品已經取得了令人鼓舞的初步成果，並在以前未開發的客戶群中獲得了認可。自推出以來的六週內，已有超過 6,800 萬份此類事件合約完成交易，其中包括超過 700 萬份市場相關合約。

Our retail-focused products also drove strong performance in 2025 with micro products up 59% in Q4 to a record 4.4 million contracts per day. The 1-ounce gold contract that we launched last year has been successful with Q4 volume of 66,000 per day.

2025 年，我們以零售為中心的產品也取得了強勁的業績，其中微型產品在第四季度增長了 59%，達到創紀錄的每天 440 萬份合約。我們去年推出的1盎司黃金合約取得了成功，第四季日成交量達到66,000手。

Next week, we will be launching a 100-ounce silver contract, which will help the retail community manage exposure or invest in that commodity at a time when the precious metals markets are very active. Finally, in 2025, was a record-breaking year for CME cryptocurrency trading at CME Group. In the fourth quarter, average daily volume across the complex of $379,000 was up 92% and represented over $13 billion in notional value traded per day. This strength has continued into 2026. And next week, we will be expanding our cryptocurrency offering with the launch of Cardano, Chainlink and Stellar futures on February 9.

下週，我們將推出 100 盎司白銀合約，這將有助於零售客戶在貴金屬市場非常活躍的時期管理風險敞口或投資該商品。最後，2025 年是芝加哥商品交易所集團 (CME Group) 加密貨幣交易創紀錄的一年。第四季度，該綜合市場的平均每日交易量為 37.9 萬美元，成長了 92%，相當於每天交易的名目價值超過 130 億美元。這種強勁勢頭一直延續到2026年。下週，我們將擴大加密貨幣產品範圍，於 2 月 9 日推出 Cardano、Chainlink 和 Stellar 期貨。

We'll begin offering 24/7 trading for our entire crypto suite next quarter to enable our customers to hedge exposure to the underlying cash markets for these products, which currently trade throughout the weekend. As markets continue to evolve, we will strategically evaluate whether other asset classes would also benefit from 24/7.

下個季度，我們將開始為所有加密貨幣產品提供全天候交易服務，以便我們的客戶能夠對沖這些產品的基礎現金市場風險，這些產品目前在周末也進行交易。隨著市場不斷發展，我們將從策略角度評估其他資產類別是否也能從全天候服務中受益。

We've carried the momentum from a record-setting year in 2026 with new volume records in January. While the macro landscape grows increasingly complex, we remain focused on providing the premier risk management tools our clients need to navigate market shifts. With that, I'll turn the call over to Lynne to review the financial results in more detail.

我們延續了 2026 年創紀錄的勢頭，1 月又創下了新的銷售紀錄。儘管宏觀環境日益複雜，但我們仍專注於為客戶提供應對市場變化所需的頂級風險管理工具。接下來，我將把電話交給琳恩，讓她更詳細地分析財務表現。

Thanks, Terry, and thank you all for joining us this morning. In addition to the volume records Terry discussed, we delivered our fourth consecutive year of record revenues and adjusted net income in 2025. Our revenue of $6.5 billion grew 6% compared to 2024 and included annual revenue records in five out of our six asset classes.

謝謝特里，也謝謝各位今天早上收看我們的節目。除了 Terry 提到的銷售記錄外，我們在 2025 年實現了連續第四年創紀錄的收入和調整後淨收入。我們 2024 年的營收為 65 億美元，比 2024 年成長了 6%，其中六大資產類別中有五大類別的年度收入創下歷史新高。

Our market data revenue surpassed $800 million for the first time, up 13% from 2024. Adjusted annual expenses, excluding license fees, were approximately $1.625 billion, and our adjusted operating margin for the year was 69.4%, up 110 basis points from 2024.

我們的市場數據收入首次突破 8 億美元，比 2024 年成長 13%。經調整的年度支出（不含許可費）約為 16.25 億美元，我們本年度的經調整營業利潤率為 69.4%，比 2024 年增長了 110 個基點。

We delivered $4.1 billion in adjusted net income, resulting in 9% adjusted earnings per share growth for the year. During the fourth quarter, CME Group generated revenue of $1.65 billion, an 8% increase from Q4 '24. The average rate per contract for the quarter was $0.707, driving clearing and transaction fees of $1.3 billion, up 8% from last year. Market data reached a new record level, up 15% to $208 million. Adjusted expenses were $543 million for the quarter and $447 million, excluding license fees.

我們實現了 41 億美元的調整後淨收入，使全年調整後每股收益成長了 9%。第四季度，芝加哥商品交易所集團（CME Group）實現營收16.5億美元，比2024年第四季成長8%。本季每份合約的平均費率為 0.707 美元，推動清算和交易費用達到 13 億美元，比去年增長 8%。市場數據創下新紀錄，成長15%至2.08億美元。調整後的季度支出為 5.43 億美元，不包括許可費則為 4.47 億美元。

Our adjusted operating income was $1.1 billion or a 67% operating margin for the quarter. CME Group had an adjusted effective tax rate of 23.7%. Adjusted net income and adjusted diluted earnings per share came in at $1 billion and $2.77 per share, 10% higher than Q4 2024. Cash at the end of the quarter was approximately $4.6 billion, including $1.3 billion in remaining OSTTRA proceeds. Our Board has approved the use of these proceeds towards share repurchases over time.

本季調整後的營業收入為 11 億美元，營業利益率為 67%。芝加哥商品交易所集團的調整後實際稅率為 23.7%。經調整後的淨收入和經調整後的稀釋每股收益分別為 10 億美元和 2.77 美元，比 2024 年第四季成長 10%。截至季末，現金約為 46 億美元，其中包括剩餘的 OSTTRA 收益 13 億美元。董事會已批准將這些收益用於分階段回購股票。

We repurchased $256 million in shares during the fourth quarter, an additional 276 million in shares thus far in 2026. CME Group paid dividends of $455 million in the fourth quarter and approximately $3.9 billion in 2025. As announced last year, the annual variable dividend declaration and payment dates have been aligned with our Q1 regular dividend and will be declared next week. Earlier this week, we published transaction fee changes, which will be effective April 1.

我們在第四季回購了價值 2.56 億美元的股票，2026 年至今已回購了 2.76 億股股票。芝加哥商品交易所集團第四季派發股息 4.55 億美元，預計 2025 年將派發約 39 億美元股利。正如去年宣布的那樣，年度可變股息的宣告和支付日期已與我們第一季的常規股息保持一致，將於下週宣告。本週早些時候，我們公佈了交易費用變更方案，該方案將於4月1日生效。

Taken in aggregate with the market data fee change, which took effect January 1 and incentive program revisions, the fee adjustments would increase total revenue by approximately 1% to 1.5% on similar activity to 2025.

結合 1 月 1 日生效的市場數據費用變更和激勵計劃修訂，這些費用調整將使 2025 年類似業務活動的總收入增加約 1% 至 1.5%。

We will be evaluating transaction fees on a regular basis going forward and may make changes as conditions warrant versus aggregating in December as in past years. For 2026 guidance, we expect total adjusted operating expenses, excluding license fees, to be approximately $1.695 billion.

今後我們將定期評估交易費用，並可能根據情況做出調整，而不是像往年那樣在 12 月匯總計算。對於 2026 年的業績指引，我們預計不包括許可費在內的調整後營運總支出約為 16.95 億美元。

This includes our typical core expense growth as well as reinvestment related to the new initiatives ramping up this year, including 24/7 crypto trading, securities clearing and event contracts. We are dedicated to continuously evolving our product set and offerings, a commitment that requires strategic investment for growth. Total capital expenditures are expected to be approximately $85 million, and the adjusted effective tax rate should come in between 23.5% and 24.5%.

這包括我們典型的核心支出成長，以及與今年正在加速推進的新措施相關的再投資，包括全天候加密貨幣交易、證券清算和活動合約。我們致力於不斷改進我們的產品組合和服務，而這項承諾需要策略性投資才能實現成長。預計總資本支出約為 8,500 萬美元，調整後的實際稅率應在 23.5% 至 24.5% 之間。

We are proud of the record-breaking results the firm has delivered this year, driving 6% revenue growth and 9% adjusted earnings growth on top of the record set in 2024. We are encouraged by the strong activity to date in 2026 and remain focused on helping our clients navigate this complex environment.

我們為公司今年取得的破紀錄業績感到自豪，在 2024 年創下的紀錄基礎上，實現了 6% 的收入成長和 9% 的調整後收益成長。2026 年至今的強勁勢頭令我們倍感鼓舞，我們將繼續專注於幫助客戶應對這一複雜的環境。

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

現在我們來聽聽大家的問題。謝謝。

(Operator Instructions)

（操作說明）

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

I wanted to talk about just the current environment and activity, the health of your customer base in aggregate as well. Just given some of the volatility, you guys have raised margin requirements, I think, in the metals complex a few times. We've seen really large swings in the underlying. So I was hoping to just get a little bit more context around how you think the customer base is performing through these kind of elevated periods of volatility.

我想談談目前的市場環境和市場活動，以及你們客戶群的整體健康狀況。鑑於目前的市場波動性，我認為你們已經多次提高了金屬產業的保證金要求。我們已經看到基礎資產價格出現了非常大的波動。所以，我希望能更詳細地了解一下，您認為在這種波動性較大的時期，客戶群的表現如何。

Yes, it's Terry Duffy. Thank you for your question. And I think there's a couple of interesting examples to how the customer is looking at. One, it can be a reflection of open positions, as we talk about constantly with the analysts, investors and others. I think we're sitting around 125 million open positions today.

是的，他是特里·達菲。謝謝你的提問。我認為有幾個有趣的例子可以說明客戶是如何看待這個問題的。第一，它可以反映空缺職位，正如我們經常與分析師、投資者和其他人討論的那樣。我認為目前我們大約有 1.25 億個空缺職位。

But let's specifically talk about one product which you mentioned, which is silver, and I'll ask Derek to chime in. But when we changed the margins on silver, some thought that the market would sell off. We went to a notional margin regime because of the activity related to silver and just on that particular product. That didn't affect the customer base or the product at all because it went and made a new historic high, not went down the other way.

但我們不妨具體談談你提到的銀製品，我請德瑞克也說說他的看法。但當我們調整白銀價格時，有些人認為市場會拋售。由於與白銀相關的交易活動，以及僅針對白銀這一特定產品的交易活動，我們採用了名義保證金制度。這完全沒有影響客戶群或產品，因為產品價格不僅沒有下跌，反而創下了歷史新高。

So I would say the customer is healthy because of the market direction in which it went, which would tell you that some of the retail participants, which are traditionally long people and others set new highs in lieu of the way the margins were going forward.

因此，我認為客戶是健康的，因為市場朝著正確的方向發展，這表明一些傳統上做多的零售參與者，以及其他一些參與者，由於利潤率的持續增長，創下了新的紀錄。

So I would say, overall, the customer is very healthy throughout all the different asset classes, but I wanted to call out your example of silver. Do you want to add to that, Derek?

所以總的來說，客戶在所有不同資產類別中都表現得非常健康，但我還是想特別提一下你舉的白銀例子。德瑞克，你還有什麼要補充的嗎？

Yes. I think Terry made some good points there. I mean the important part about the health of that market right now is we're seeing all our client segments grow. Yes, retail is growing, but our institutional base is growing double digits right now. I think, Dan, you also look at the quality of the market in terms of open interest.

是的。我覺得特里說的很有道理。我的意思是，目前這個市場健康狀況最重要的方面是，我們看到所有客戶群都在成長。是的，零售業正在成長，但我們的機構客戶群目前正以兩位數的速度成長。丹，我認為你還要從未平倉合約量的角度來觀察市場品質。

Open interest is steady to increasing. we're seeing volume increases across all regions as well as futures and options. So those are kind of indicators of a risk-on environment. I think price up and price down, but we're seeing a healthy ecosystem. I think risk management is one of the reasons why customers choose an institutional customer, specifically to do their business at CME Group.

未平倉合約量穩定成長。我們看到所有地區的交易量以及期貨和選擇權交易量都在增加。所以這些都是風險偏好環境的指標。我認為價格會有上漲和下跌，但我們看到的是一個健康的生態系統。我認為風險管理是客戶選擇機構客戶，特別是選擇在芝加哥商品交易所集團 (CME Group) 開展業務的原因之一。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Congrats on the launch of the prediction market offering and the JV with FanDuel. I was hoping you could talk about what you've seen to date in terms of engagement and inbounds from market makers and institutions who are looking at the prediction market space, both in sports and non-sport contracts. And then as a second part to that, Terry, would love to get your updated thoughts just on the legal and regulatory landscape around prediction markets and some of the comments that have come out of the CFTC recently, kind of pledging to create clear rules of the road and defend their jurisdiction there.

祝賀預測市場產品正式上線，以及與 FanDuel 成立合資企業。我希望您能談談到目前為止，您在預測市場領域（包括體育和非體育合約）的參與度和市場參與者及機構方面所看到的進展。其次，Terry，我很想聽聽你對預測市場的法律和監管環境的最新看法，以及美國商品期貨交易委員會（CFTC）最近發表的一些評論，他們承諾制定明確的規則並​​捍衛其在該領域的管轄權。

Patrick, thank you. I'm going to ask Tim to touch a little bit on the market makers as it relates to the prediction markets and sports and the other things you referenced. I'll touch on the legal and the regulatory. I just met with the new Chairman of the CFTC, which I'll update you on, but I'll let Tim go first.

派崔克，謝謝你。我想請提姆稍微談談做市商與預測市場、運動以及你提到的其他面向之間的關係。我將簡要介紹法律和監管方面的內容。我剛剛會見了美國商品期貨交易委員會的新任主席，我稍後會向你們報告情況，但先讓提姆說吧。

Thanks, Terry, and thanks, Patrick, for the question. I think what's been interesting as we've launched the prediction markets at CME Group, we've not only seen new individual participants come to our market as we look to attract that next generation of trader and get more people to trade all products at CME Group across the traditional markets, the futures-based event contracts or sports, we're also seeing new institutional and market makers reach out to CME Group that are new to CME Group.

謝謝特里，也謝謝派崔克提出的問題。我認為，隨著芝加哥商品交易所集團推出預測市場，有趣的是，我們不僅看到新的個人參與者加入我們的市場，以吸引下一代交易員，並讓更多的人在芝加哥商品交易所集團交易所有產品，包括傳統市場、期貨合約或體育賽事，我們還看到新的機構和做市商聯繫芝加哥商品交易所集團，他們是芝加哥商品交易所集團的新客戶。

So I think when we look at the innovation of the product design, we are pulling market participants from other parts of the ecosystem where they may be more traditionally sports-based, and they're also coming to our market to reach out how they could market make the event contracts at CME Group, how they can take advantage of the liquidity that is existing at CME Group early days here since we launched in December.

所以我認為，當我們審視產品設計的創新時，我們正在吸引來自生態系統其他部分的市場參與者，他們可能更傳統地以體育為基礎，他們也來到我們的市場，了解他們如何在芝加哥商品交易所集團 (CME Group) 進行賽事合約交易，如何利用自去年 12 月我們推出以來芝加哥商品交易所集團 (CME Group) 早期存在的流動性。

So we've been pleased with not only the market maker performance that we've seen on screen in providing liquidity to the marketplace, but the number of clients and new clients reaching out, asking how they can get involved. That's a great thing to see for a new market, but also great to see new participants being attracted to our long-standing benchmark products and markets at CME Group as well.

因此，我們不僅對螢幕上顯示的做市商為市場提供流動性的表現感到滿意，而且對前來諮詢如何參與的現有客戶和新客戶的數量也感到滿意。對於一個新興市場來說，這當然是一件好事；同時，我們也很高興看到新的參與者被芝加哥商品交易所集團（CME Group）長期以來的基準產品和市場所吸引。

So Patrick, on the regulatory and legal side of this, first, I'll touch on the legal side. The last thing I'm going to have CME Group do is get tied up in a bunch of legal battles in court over sports. That's not traditionally our business. We are very focused on the market side of this. We have a great relationship with FanDuel.

那麼派崔克，關於監管和法律方面，首先，我將談談法律方面。我絕不會讓芝加哥商品交易所集團捲入體育相關的各種法庭訴訟。那不是我們傳統的業務範圍。我們非常關注市場方面。我們與 FanDuel 保持著良好的合作關係。

They are in the sports business. They're an online gaming company, as you know. So we thought it was a good marriage. We still believe it's a massively good marriage to distribute our product through FanDuel to touch a whole new customer base to trade our products, which I outlined in my opening remarks about the amount of contracts that are being traded on markets, not sports. So I think that's a very healthy sign for that particular marketplace.

他們從事體育產業。如你所知，他們是一家網路遊戲公司。所以我們認為這是一樁美滿的婚姻。我們仍然認為，透過 FanDuel 分銷我們的產品，接觸到全新的客戶群來交易我們的產品，這是一個非常好的結合。我在開場白中概述了市場上（而不是體育界）交易的合約數量。所以我認為這對那個特定市場來說是一個非常健康的跡象。

So I really don't want to get involved in the legal battles in court between the states, the tribes, the casinos and others about what if it is gaming or not. I think that's not our fight. So on the regulatory side, I will tell you that I believe that the CFTC looks as these contracts as swaps, as you know, and they are very much wanting to regulate that. I did meet with Chairman Selig. He felt very passionate about that.

所以我真的不想捲入各州、部落、賭場和其他機構之間關於這是否屬於博彩的法律訴訟。我認為這不是我們應該爭論的問題。所以從監管方面來說，我認為美國商品期貨交易委員會（CFTC）將這些合約視為互換合約，正如你們所知，他們非常希望對其進行監管。我確實與塞利格主席會面了。他對此充滿熱情。

I -- passionate is my word, not his. I would say that he is committed to overseeing this product. And I do believe he thinks that they are legal swaps under the CFTC's regulation. So that's what I can tell you to date. But again, let me emphasize this.

我——熱情——這是我的用詞，不是他的。我認為他會盡心盡力監督這款產品的生產。而且我相信他認為這些互換交易符合美國商品期貨交易委員會（CFTC）的規定。這就是我目前能告訴你的全部內容。但我要再次強調這一點。

We are not going to get bogged down in a bunch of litigation over whether this is sports gambling or swaps markets. Today, they are called swaps markets, which we participate in, and we will do so. But if, in fact, there's some litigation that we don't like, we will not pursue that particular asset class and tie up our shareholders and others in court cases over this because I think there's enough people in that fight. But we will remain in the business as long as it's overseen by the Commodity Futures Trading Commission, and they deem it to be a legal swap.

我們不會陷入關於這究竟是體育博彩還是互換市場的一系列訴訟。如今，它們被稱為互換市場，我們參與其中，我們將繼續參與。但如果真的出現了我們不喜歡的訴訟，我們不會追究該特定資產類別，也不會讓我們的股東和其他人因此捲入訴訟，因為我認為已經有足夠多的人參與這場鬥爭了。但只要商品期貨交易委員會對其進行監管，並認定為合法互換交易，我們就會繼續從事這項業務。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

I was wondering if you could address the pricing changes made. I think there was an announcement quite recently. I know market data pricing went into effect earlier in the year. Just curious if there's any other puts and takes by asset class. Obviously, from the release, we saw that the rates -- asset class is not seeing any other changes.

我想請您談談價格變動的問題。我認為不久前應該會有相關公告。我知道市場數據定價機制已於今年稍早生效。只是好奇是否有其他以資產類別劃分的買賣交易。顯然，從發布的信息來看，利率——資產類別沒有出現任何其他變化。

But just curious if there's any other context, anything else you could share around the thought process for this year.

但我很好奇，關於今年的思考過程，您是否還有其他背景資訊或想分享的內容。

Yes, Ben, thank you. I'm going to ask Julie Winkler, my Chief Commercial Officer, to comment on the market data, not only the pricing, but the business itself, which gives her an opportunity to talk about that because I think it's a really important component of the CME, and then Lynne can address the other part of your question. Julie?

是的，本，謝謝你。我將請我的首席商務官 Julie Winkler 對市場數據發表評論，不僅是定價，還有業務本身，這讓她有機會談談這方面，因為我認為這是 CME 的一個非常重要的組成部分，然後 Lynne 可以回答你問題的另一部分。朱莉？

Yes. Thanks for your question, Benjamin. We did in January 1, institute a 3.5% rack rate increase across most of our market data products. And this was really a continuation of our price-to-value adjustments in ensuring that our data business certainly remains resilient. And we have proven, given the record $800 million in annual revenue that was referenced earlier in our call.

是的。謝謝你的提問，班傑明。1 月 1 日，我們對大部分市場數據產品實施了 3.5% 的價格上漲。這實際上是我們持續進行價格價值調整，以確保我們的數據業務保持穩健發展。而我們已經證明了這一點，正如我們在電話會議前面所提到的，我們創紀錄的 8 億美元年收入就是最好的證明。

This marks the 31st consecutive quarter of growth for our data business. So Q4, we saw revenue up 15% to $208 million. And just to dig into that a little bit more of talking about the quality of that growth. So our nonrecurring revenue items like the audit and the cash payments were actually lower than the previous quarters, which really just demonstrates that our core subscription revenue is accelerating. And our growth drivers are really kind of balanced across three main pillars.

這標誌著我們的數據業務連續第31個季度實現成長。所以第四季度，我們的營收成長了15%，達到2.08億美元。接下來，我們再深入探討一下這種成長的品質。因此，像審計和現金支付這樣的非經常性收入項目實際上低於前幾季度，這確實表明我們的核心訂閱收入正在加速成長。我們的成長動力主要體現在三大支柱上，兩者之間保持著相當的平衡。

We saw 50% of this revenue growth coming from new user expansion, and we have been successful in really monetizing both the retail growth that you heard us reference, as well as institutional participation in our data products. The second pillar of really around 25% of our growth being driven by product innovation. So our ability to deliver new data sets, our new cloud-based delivery models are really helping us to create more sticky recurring revenue.

我們發現，50% 的營收成長來自新用戶的拓展，而且我們已經成功地將您剛才提到的零售成長以及機構用戶對我們資料產品的參與都轉化為實際收益。第二個支柱是產品創新，它推動了我們約 25% 的成長。因此，我們交付新資料集的能力，以及我們新的基於雲端的交付模式，確實幫助我們創造了更多穩定的經常性收入。

And lastly is that pricing integrity that I referenced earlier of that's the remaining 25% of our growth in revenue, where we're able to really capture the value of CME data, particularly given our strong benchmark products and liquid products. These really have become the golden source for futures and options and is a huge contributor to that record revenue that we saw this year.

最後一點就是我之前提到的定價完整性，這占我們營收成長的剩餘 25%，我們能夠真正掌握 CME 資料的價值，尤其是在我們強大的基準產品和流動性產品方面。這些產品確實已成為期貨和選擇權的黃金來源，並為我們今年看到的創紀錄收入做出了巨大貢獻。

Lynne?

琳恩？

Yes. So Ben, when it comes to the transaction fee changes that we announced, the most impacted for those fee changes would be in the metals complex, particularly around precious metals and the micro complex as well. We also had some changes on the crude oil side. And finally, in the grains complex. I would say those are the three areas you will see the most meaningful impact.

是的。所以本，關於我們宣布的交易費用變更，受影響最大的將是金屬板塊，特別是貴金屬板塊和微型板塊。原油方面也出現了一些變化。最後，在穀物複合體中。我認為這三個領域的影響最為顯著。

You did mention rates, though. One thing to keep in mind, those changes that you saw in that announcement was related to the rack rate fee schedule changes. We also are always looking at our incentive programs. We did make some changes in various programs, including some incentive programs related to the rates complex. We felt those were more appropriate than needing to change the fee schedule rates at this point.

不過，你確實提到了利率。要記住的一點是，你在公告中看到的那些變化與市場價格收費表的變化有關。我們也不斷審視我們的激勵計畫。我們對各種項目進行了一些調整，包括一些與費率體系相關的激勵項目。我們認為這些措施比現在更改收費標準更為合適。

So overall, this increase is similar to what we've seen in the past years. One other last note, I did mention this in the opening remarks, but we are going to move away from consolidating these type of transaction fee changes in the December time frame. With the number of new initiatives we have launching and the like, we want to make sure that we are being thoughtful in when we are making these changes. So we may do them at different times during the year versus that consolidated change in the December time frame going forward.

總體而言，這一增長與我們過去幾年看到的增長情況類似。最後還有一點需要說明，我在開場白中提到過，我們將不再在 12 月集中處理這類交易費用變更。鑑於我們即將推出的許多新舉措等等，我們希望確保在做出這些改變時，我們能夠深思熟慮。因此，我們可能會在一年中的不同時間進行這些更改，而不是像以前那樣在 12 月集中進行更改。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

So we have a follow-up question to Ben's last question on your pricing strategy. We're all programmed to look for an announcement in 4Q, see the changes in 1Q. But going forward, it looks like we're not going to get that same transparency from the CME. So curious what drove the change? And does this mean that increases will be smaller in the future?

所以，對於 Ben 剛才提出的關於你們定價策略的問題，我們還有一個後續問題。我們都習慣在第四季度關注公告，並在第一季觀察變化。但展望未來，我們似乎無法從芝加哥商品交易所（CME）獲得同樣的透明度。很好奇是什麼促成了這種改變？這是否意味著未來增幅會縮小？

Because I thought the old method worked pretty well, and it provided transparency into CME's long-term revenue growth rate.

因為我認為舊方法效果很好，而且能夠讓 CME 的長期收入成長率變得透明。

Yes, Craig, it's Terry Duffy. Listen, we think that we need to do pricing changes as we continue to deliver value, and we don't necessarily need to do that in December every year. And so we make changes based on how we're running the business and how we think we can continue to grow that business and where the value is added. So that comes in different parts of the year. Some increases may be smaller, some increases may be larger, some may not be there at all.

是的，克雷格，是特里·達菲。聽著，我們認為隨著我們不斷提供價值，我們需要進行價格調整，但我們不一定需要每年 12 月都這樣做。因此，我們會根據公司的運作方式、我們認為如何繼續發展業務以及價值創造點來做出改變。所以這種情況會在一年中的不同時期出現。有些成長幅度可能較小，有些成長幅度可能較大，有些則根本沒有成長。

I think what you're hearing us say is we're running this business on a real-time basis, and we are going to continue to do what's in the best interest of our clients and our shareholders going forward to grow the business. So I don't think there's a pattern that we need to follow in order to facilitate pricing moves one way or another.

我想你們聽到的意思是，我們正在即時經營這項業務，我們將繼續做對我們的客戶和股東最有利的事情，以發展業務。所以我認為，我們不需要遵循某種模式來促進價格變動。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just back to prediction markets. Can you talk about conversations that you're having with other distribution partners? I think you've got a total of like 130 retail partners all in. Maybe just characterize the interest from other potential partners to engage with prediction markets, other retail partners to engage with prediction markets on the CME platform? And then also how you're thinking about future product rollout, the potential for you to really broaden the range of the types of contracts.

或許我們應該回歸預測市場。您能談談您與其他經銷合作夥伴的洽談內容嗎？我想你們總共有大約 130 家零售合作夥伴。或許可以描述一下其他潛在合作夥伴參與預測市場的興趣，以及其他零售合作夥伴參與芝加哥商品交易所 (CME) 平台上的預測市場的興趣？此外，也要考慮您如何看待未來的產品推廣，以及您是否有可能真正擴大合約類型的範圍。

I know you don't want to get into obviously political or culture, but more deeply into, say, financial and company-specific KPIs, something along the lines of fundamental investing, whether you're seeing any demand for that? Or is there any interest in launching those types of contracts?

我知道您不想涉足政治或文化領域，但更深入地探討一下，例如財務和公司特定的關鍵績效指標，類似於基本面投資之類的話題，您是否看到這方面有任何需求？或者，有人對推出這類合約感興趣？

Thanks, Brian. Let me touch on a couple of things. You did say something, I'm going to turn it to Tim McCourt in a second, but you touched on political. We're not suggesting that we would not list political contracts. We are suggesting that we would not list certain political contracts.

謝謝你，布萊恩。讓我簡單提幾件事。你剛才確實提到了政治，我馬上會把話題轉給提姆·麥考特。我們並非暗示我們不會列出政治合約。我們的建議是，我們不會將某些政治合約列入清單。

And I think there's a big difference there. When you have a presidential election or who's going to potentially win the House or the Senate, those are large contracts that are very diverse in nature that multiple participants can take an opinion on versus maybe a small congressional race in a district or a state race or something like that.

我認為這裡存在著很大的差異。當舉行總統選舉，或決定誰將贏得眾議院或參議院席位時，這些都是涉及範圍很廣、性質非常複雜的大事，許多參與者都可以發表意見，而像國會選區或州級選舉這樣的小事則不同。

Those are the ones we want to stay away from. But the larger ones, we are not suggesting that we would not take a look at them. But I just want to make sure you understand that we do and are looking at some of the political contracts on the larger scale, but not the smaller scale.

這些是我們想要避開的。但對於規模較大的項目，我們並不是說我們不會去關注它們。但我只是想確保你明白，我們確實在研究一些規模較大的政治合同，但不是規模較小的。

On the culture ones, those are a little bit different depending on how you define what the culture of the prediction is. So I would have to see what is being referred to as. If it's around some of the award shows and things like that, entertainment, some of those are a little -- I don't know if I want to get too much involved in those. But the political contracts on the larger scale are fine. There are some unique business contracts that we talk about PPI, CPI, things like that, where we're already doing.

至於文化方面的問題，情況就略有不同了，這取決於你如何定義預測的文化。所以我需要看看他們指的是什麼。如果是一些頒獎典禮之類的娛樂活動，有些事情我不太想過度參與。但從更宏觀的角度來看，政治契約是沒問題的。我們談到了一些獨特的商業合同，例如 PPI、CPI 等等，我們已經在做這些了。

Tim?

提姆？

Yes. Thanks, Terry. And Brian, thanks for the question. We do have a few current distribution partners also live where Terry had mentioned the FanDuel Predicts app is up and running. We also have DraftKings Predictions that are connected.

是的。謝謝你，特里。布萊恩，謝謝你的提問。我們目前也有一些經銷合作夥伴，他們所在的地區，Terry 也提到 FanDuel Predicts 應用程式已經上線運行。我們還有相關的 DraftKings 預測。

And we have a handful of other distribution platforms also offering our event contracts across all the types of products that we have, the traditional futures-based markets, economic indicators, cryptocurrency as well as the sports-based event contracts. We are working with our other 120 to 130 retail distribution partners to understand what it will take for them to be ready to offer this contract. We did turn these contracts on back in December.

我們還有一些其他的分銷平台，它們也提供我們所有類型產品的活動合約，包括傳統的期貨市場、經濟指標、加密貨幣以及體育賽事合約。我們正在與另外 120 至 130 家零售分銷合作夥伴合作，以了解他們需要做哪些準備才能提供這份合約。我們早在去年12月就啟用了這些合約。

So we still are early days in working with those partners and making sure they have the technological capabilities to connect, offer and the front end they need to offer these type of swap-based and futures-based event contracts to their participants. I would characterize that pipeline as robust, and we're actively engaged with continuing to onboard those participants.

因此，我們與這些合作夥伴的合作仍處於早期階段，我們需要確保他們擁有連接、提供和前端所需的技術能力，以便向其參與者提供此類基於互換和期貨的事件合約。我認為這條人才輸送管道非常暢通，我們正在積極推動這些參與者的加入。

Just to further Terry's comments about the future product pipeline at CME Group, this is something that we approach in a similar way to all of our product development. We'll continue to listen to the marketplace, our clients, our distribution partners and our market makers and liquidity providers to figure out what does make sense in terms of rounding out the event contract offering. But it is important to us that this is more than just the trade of the day or what might be happening in the marketplace.

就 Terry 關於 CME 集團未來產品線的評論而言，我們對待所有產品開發的態度都與對待未來產品線的態度類似。我們將繼續傾聽市場、客戶、分銷合作夥伴、做市商和流動性提供者的意見，以找出在完善事件合約產品方面哪些措施是合理的。但對我們來說，重要的是這不僅僅是關於當天的交易或市場可能正在發生的事情。

We're really focused on getting these new users to our markets and into the known risk-based contracts of events as a way they could enter markets, and we want to make sure they're also having access to things like event contracts on gold, event contracts on NASDAQ, S&P, economic indicators as well as some of the stuff that we're seeing in the sports and cultural side of the offering. We'll continue to work with them to make sure it makes sense.

我們真正關注的是讓這些新用戶進入我們的市場，並讓他們透過已知的基於風險的事件合約進入市場，同時我們也希望確保他們能夠獲得諸如黃金事件合約、納斯達克事件合約、標準普爾事件合約、經濟指標以及我們在體育和文化領域看到的一些產品。我們將繼續與他們合作，確保事情合理可行。

I think, Brian, about your question around some of the other financial aspects or KPIs, I think those are things that we're hearing from folks, but we have no commitment to look at those products at this time. We'll continue to engage with them. But I think as Terry's comments also suggested, we do need to make sure and make sure everyone is aware that these meet the standards at CME and are also part of the CFTC regulatory framework.

布萊恩，關於你提出的其他一些財務方面或關鍵績效指標的問題，我認為這些都是我們從一些人那裡聽到的，但我們目前還沒有承諾會研究這些產品。我們將繼續與他們保持溝通。但我認為，正如 Terry 的評論也表明的那樣，我們確實需要確保並確保每個人都意識到這些符合 CME 的標準，也是 CFTC 監管框架的一部分。

Those are the things that we look at to make sure that the contracts we do bring to market, we have the comfort and confidence to make sure that the clients trade them have the consistent experience of trading at CME Group that they've been accustomed over the years.

這些都是我們關注的重點，以確保我們推向市場的合約能夠讓客戶感到安心和有信心，從而確保他們在交易這些合約時，能夠獲得與多年來在芝加哥商品交易所集團 (CME Group) 所習慣的一致的交易體驗。

So Brian, let me just finish the prediction comment with one other thing that I said earlier. We are committed to listing these contracts that are deemed swaps. And if they're sports event-related swaps, we will list them. When I said that we don't want to get tied up in legal battles, it doesn't mean that we're going to run away. As long as the federal government calls these swaps, we will participate in them.

布萊恩，讓我用我之前說過的一件事來結束你的預測評論。我們致力於將這些被視為互換合約列入上市清單。如果是與體育賽事相關的交換，我們會列出來。我說我們不想捲入法律糾紛，並不代表我們會逃避。只要聯邦政府要求這些貨幣互換，我們就會參與。

That's our regulator. And if the states and others have issues with it, they should take it up with the federal government, not that the entities that they approve for these contracts to be traded under DCMs. So that's what I meant about the legal battles.

那是我們的監管機構。如果各州和其他國家對此有異議，他們應該向聯邦政府提出，而不是向他們批准在DCM下交易這些合約的實體提出。這就是我之前說的法律訴訟的意思。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Maybe if I could sneak a two part question in somewhat disparate, so I apologize in advance. But first, it's great to see you buy back some stock in the fourth quarter and early here into the new year. How do we think about maybe the prospective approach to capital and how much like sort of related to the OSTTRA proceeds and so forth as we should think about maybe the go-forward payout dynamic? And then within your market data and information services, it was nice to see the rise quarter-on-quarter. I posit that's probably more of the activity levels.

或許我可以偷偷問一個有點不相關的兩部分問題，所以先提前道個歉。但首先，很高興看到你在第四季和新年伊始回購了一些股票。我們應該如何考慮未來的資本運作方式，以及與 OSTTRA 收益等相關的因素，以及我們應該如何考慮未來的支付動態？此外，在市場數據和資訊服務方面，令人欣喜的是，我們看到了季度環比成長。我認為這可能更多地反映了活動水平。

But could you speak to the durability of that given what seems to be a very frenetic change in expectation around sort of subscription and data packages given AI disintermediation risk?

但鑑於人工智慧可能導致的去中介化風險，人們對訂閱和資料包的預期似乎發生了非常劇烈的變化，您能否談談這種模式的持久性？

Thanks, Bill. Yes, we'll talk about that in -- the AI disintermediation risk is an interesting question. We'll get to that in a second because I think that was your last one. So let's talk about the capital. I'll let Lynne discuss that.

謝謝你，比爾。是的，我們會討論這個問題──人工智慧去中介化的風險是一個有趣的問題。我們馬上就講到這個問題，因為我覺得那是你最後一個問題了。那我們來談談資本吧。這個問題就讓琳恩來討論吧。

And on the market data, was that tied to the AI part of your question? Is that a fair way to assess it?

至於市場數據，這是否與您問題中的人工智慧部分有關？這種評估方式公平嗎？

Yes, correct.

是的，沒錯。

Bill, this is Lynne. So your question on the buyback, we have discussed with our Board, and we'll be using the OSTTRA proceeds towards repurchases. So you've seen us start along that path, and we will continue to be deploying those -- that capital towards repurchases over time. And then, Julie, if you maybe want to address some of the market data questions?

比爾，這位是琳恩。關於回購的問題，我們已經和董事會討論過了，我們將使用 OSTTRA 的收益進行回購。所以你們已經看到我們開始走上這條道路，我們將繼續把這些資金用於回購。那麼，朱莉，你是否願意回答一些關於市場數據的問題呢？

Yes. I think the importance of certainly all of 2025 performance was really speaking to the recurring subscription revenue that this business generates. So the uptick in both retail participation and institutional demand for our clients serves as good momentum going into 2026, and that is something that we've seen with the historic growth of the business, up 31 consecutive quarters. In terms of AI, we have been on top of that from the beginning.

是的。我認為，2025 年所有業績的重要性都體現在該業務產生的經常性訂閱收入上。因此，零售參與度和機構客戶需求的上升為 2026 年的發展提供了良好的勢頭，而我們也從公司連續 31 個季度的歷史性成長中看到了這一點。在人工智慧領域，我們從一開始就處於領先地位。

And I think a key part of thinking about data versus how our clients use data is this is a critical input for them as they back test their trading strategies and deploy those within our marketplace to both provide proper hedging as well as liquidity into our market space.

我認為，思考數據與客戶如何使用數據之間的一個關鍵點在於，數據是客戶回測交易策略並將其部署到我們市場中的關鍵輸入，從而為我們的市場空間提供適當的對沖和流動性。

And so while AI is, and the use of data is important there, it does not change how that data is being used by our trading entities. We are very much talking with our customers about how they are using AI to enhance a lot of their trading algorithms, but they still need that core source data, and we do and have been adjusting our policies accordingly as the AI has continued to develop.

因此，雖然人工智慧很重要，而且資料的使用也很重要，但這並不會改變我們的交易實體使用這些資料的方式。我們正在與客戶深入探討他們如何使用人工智慧來增強許多交易演算法，但他們仍然需要核心來源數據，而我們也一直在隨著人工智慧的不斷發展而相應地調整我們的政策。

So Bill, I assume your question was related to around some of our competitors as it relates to mortgage businesses and some of the surveillance businesses that could be potentially disrupted by artificial intelligence. We are not in that situation today, as Julie described. This is proprietary data that people need for risk management protocols and everything else that they do.

所以比爾，我猜你的問題與我們的一些競爭對手有關，特別是那些可能受到人工智慧衝擊的抵押貸款業務和監控業務。我們今天的情況與朱莉所描述的情況並不相同。這是人們在風險管理規程以及其他所有工作中都需要的專有資料。

So we're not in some of those other ancillary businesses that could be potentially disrupted by AI. We actually believe we're in a situation where AI could enhance our customer and enhance our business going forward, not disintermediate or disrupt it.

因此，我們並未涉足其他一些可能受到人工智慧衝擊的輔助業務。我們真心認為，人工智慧目前能夠提升我們的客戶體驗，並促進我們未來的業務發展，而不是取代或顛覆它。

Does that make sense? I think that's where your question was going, even though you didn't ask it that way.

這樣說得通嗎？我覺得你的問題其實是這個意思，雖然你沒這樣問。

Well, I was trying to be a little bit more neutral on it, but thank you. Yes, appreciate it.

我本來想盡量保持中立，但還是謝謝你。是的，謝謝。

Bill, you know me, I'm very -- I kind of get to the point.

比爾，你知道我的，我說話很直截了當。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場。

I just wanted to ask a question on the progress on the Google Cloud migration, and if you can quantify the expense in the fourth quarter and expect it for 2026.

我只是想問一下關於 Google Cloud 遷移的進展情況，以及您能否量化第四季度的支出並預測 2026 年的支出。

So why don't we talk for a second on the migration with Sunil, and then we'll talk real quick on the expenses with Lynne. So Sunil, give a quick update on the migration.

那麼，我們先和 Sunil 談談遷移事宜，然後再和 Lynne 快速談談費用問題。Sunil，請你簡單報告遷移進度。

Our migration is going very well to plan. We'll complete our non- ultra-low latency migration in early this year. As far as our ultra-low latency markets are concerned, the purpose-built Chicago region by Google is coming up to plan. It is low latency technology in Google Cloud. It's very novel.

我們的遷移工作進展非常順利，完全符合計畫。我們將於今年初完成非超低延遲遷移。就我們的超低延遲市場而言，Google專門為芝加哥地區打造的區域正在按計劃推進。這是谷歌雲端中的低延遲技術。這非常新穎。

So we'll be making that available to clients for testing in 2027. I'll pass it on to Lynne.

因此，我們將在 2027 年向客戶提供該功能進行測試。我會把它轉交給琳恩。

Yes. So on the -- in the fourth quarter, we had about $29 million in spending related to the cloud environment. The majority of that was in our tech line related to the consumption charges. So our total for the year was right around $100 million related to Google. It's getting harder and harder as we go forward, though, to disaggregate the Google-related charges and our base charges because we've seen so many of the on-premises expenses start to roll off.

是的。因此，在第四季度，我們在雲端環境方面的支出約為 2,900 萬美元。其中大部分都與我們的技術支援部門的消費費用有關。因此，我們全年與Google相關的總收入約為 1 億美元。但隨著時間的推移，要將與 Google 相關的費用和我們的基本費用分開變得越來越困難，因為我們看到許多本地支出開始減少。

So I would say going forward, that expense is built into our overall guidance, but it's becoming, I think, less meaningful to separate it out just because you've taken out a lot of those on-premises expenses. So I would just start counting that in the overall expense growth, Ashish, that we guided to, the $1.695 billion, that is inclusive of all the tech-related spend, both Google and the remaining on-premises.

因此，我認為，展望未來，這筆費用已經納入我們的整體指導方針中，但將其單獨列出意義不大，因為我們已經剔除了許多現場費用。所以，阿什什，我會把這部分支出計入我們預期的16.95億美元的總支出成長中，這其中包括所有與科技相關的支出，包括Google的支出和剩餘的內部支出。

Michael Cyprys , Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Just curious how you see the role of tokenized collateral and potential benefits there? And more specifically, how do you think about some of the advantages or even disadvantages of stablecoin as collateral versus tokenized deposits versus, say, a tokenized money fund. I guess would you accept all 3? Would you treat any of them differently? Curious how you think about that?

我很好奇您如何看待代幣化抵押品的作用及其潛在優勢？更具體地說，您如何看待穩定幣作為抵押品與代幣化存款以及代幣化貨幣基金相比的優勢甚至劣勢？我想你會接受這三個嗎？你會區別對待他們中的任何一個嗎？很好奇你對此有何看法？

And if you can elaborate more broadly on the steps that you're taking this year to tokenize collateral.

如果您能更詳細地闡述您今年為實現抵押品代幣化所採取的步驟，那就太好了。

Michael, thank you, and it's a great question. I don't know if we have enough time to answer all of it because it's pretty deep, but I will try to summarize it for you. As it relates to the tokenized cash, we have an initiative that we're rolling out with Google that will be coming out this year on tokenized cash. And that will be with another depository bank that will help facilitate those transactions. On the tokens and what would we accept going forward, that all depends on who is issuing the token and giving it to us.

邁克爾，謝謝你，這是一個很好的問題。我不知道我們是否有足夠的時間回答所有問題，因為這個問題比較複雜，但我會盡量為你總結。關於代幣化現金，我們正在與Google合作推出一項關於代幣化現金的計劃，該計劃將於今年推出。屆時將透過另一家存款銀行來協助完成這些交易。至於代幣以及我們未來會接受什麼，這完全取決於誰發行代幣並將其交付給我們。

And it would depend also based on the risk associated with that token, would we haircut it to a point where it's even worth taken or not? And what's the entity that's issuing the token to give us for margin. So right now, we are looking at different forms of margin, but we are not going to put the enterprise at risk by taking something that we can't get our arms around on a token.

這還要取決於該代幣的風險，我們會不會大幅削減其價值，使其變得不值得接受？發行代幣給我們作為保證金的實體是哪一個？所以現在，我們正在研究不同形式的保證金，但我們不會為了獲得我們無法掌控的代幣而讓企業面臨風險。

So if you were to give me a token from a systemically important financial institution, I would probably be more comfortable than maybe a third or fourth tier bank trying to issue a token for margin. That's probably something I would not accept.

所以，如果你給我的是一家具有系統重要性的金融機構發行的代幣，我可能會比給一家三四級銀行發行的用於保證金交易的代幣更放心。那大概是我無法接受的。

So that's kind of how we're looking at what we'd accept and how we distribute. So not only are we looking at tokenized cash, obviously, we're looking at different initiatives with our own coin that we could potentially put on a decentralized network for other of our industry participants to use. So there's multiple different ways that we're approaching this to create efficiencies for our clients going forward without introducing any additional risk to the system.

所以，這就是我們考慮接受什麼以及如何分配的方式。因此，我們不僅在關注代幣化現金，顯然，我們還在關注不同的舉措，例如發行我們自己的代幣，並將其部署到去中心化網路上，供我們行業的其他參與者使用。因此，我們正在採用多種不同的方法來提高客戶未來的效率，同時不會為系統帶來任何額外的風險。

Ken Worthington of JPMorgan.

摩根大通的肯‧沃辛頓。

You mentioned that the CFTC approved cross-margining for client accounts you'll be launching shortly. What sort of cross-margining programs are you launching? And what sort of adoptions do you anticipate? And along the same lines, you also got approval to launch treasury and repo clearing. How would you expect these two initiatives to impact collateral balances over time?

您提到美國商品期貨交易委員會 (CFTC) 已批准您即將推出的客戶帳戶交叉保證金交易。你們正在推出哪些類型的交叉保證金計畫？您預計會有哪些類型的收養？同樣，你們也獲得了啟動國庫和回購清算業務的批准。您認為這兩項舉措會對抵押品餘額產生怎樣的長期影響？

Great question, Ken. So I'll ask Sunil to comment on the first part of it. And maybe, Mike, you can touch on the second.

問得好，肯。所以我請蘇尼爾對第一部分發表評論。或許，麥克，你可以談談第二個問題。

So the CME FICC cross-margining program for clients is operationally ready. That program has been running since 2024. We have 18 firms participating. We generated record savings for those firms of about $1 billion, $1.5 billion. In terms of expanding to clients, while we are operationally ready, we are dependent on the approval from the SEC, which is expected sometime this year.

因此，CME FICC 客戶的交叉保證金計劃已準備就緒。該項目自 2024 年以來一直在運行。共有18家公司參與。我們為這些公司節省了創紀錄的約 10 億美元至 15 億美元。在拓展客戶方面，雖然我們在營運上已經準備就緒，但我們仍需獲得美國證券交易委員會的批准，預計今年內會獲得批准。

In terms of -- generally, the -- our portfolio margin savings, we are generating about $25 billion in the interest rate complex that includes the $1.5 billion, which includes future swaps and cash products.

就我們的投資組合保證金節省而言，我們總體上在利率組合中產生了約 250 億美元的收益，其中包括 15 億美元的期貨互換和現金產品。

So Ken, just to be clear, you were referring to our treasury clearing offering and what it could do to deliver value versus what we have today with others. Is that -- just so I'm clear so we can answer it correctly.

所以肯，為了確認一下，你指的是我們的國庫清算服務，以及它與我們目前與其他公司合作的服務相比，能夠帶來哪些價值。是這樣嗎？ ——我確認一下，這樣我們才能正確回答這個問題。

Yes. There was two parts to it. One is, I thought you just got approval for client accounts from the CFTC. I know you were waiting for that for a while. I thought that was just approved and that you will be sort of launching those programs sort of imminently.

是的。它分為兩部分。第一，我以為你們剛剛獲得了美國商品期貨交易委員會 (CFTC) 的客戶帳戶批准。我知道你等這一刻很久了。我以為這些項目剛剛獲得批准，你們很快就會啟動這些項目。

And then the second part was just on the treasury repo side...

第二部分則只涉及國庫回購交易…

Yes, that's one that Sunil just referenced. We are still waiting from the SEC to approve. The CFTC has, the SEC has not yet. We're hoping that comes shortly.

是的，那正是蘇尼爾剛才提到的那件事。我們仍在等待美國證券交易委員會的批准。美國商品期貨交易委員會（CFTC）已經採取行動，而美國證券交易委員會（SEC）尚未採取行動。我們希望這種情況能盡快發生。

Got it. Okay.

知道了。好的。

And then the other part of your question was around the benefits of CME treasury clearing. Is that right?

然後，您問題的另一部分是關於 CME 國庫清算的優勢。是這樣嗎？

Yes. Like just on your collateral balances, what are you kind of anticipating there? When is the big deal?

是的。就你的抵押品餘額而言，你對此有何預期？什麼時候才是大事？

Yes. So it's a little hard to forecast at this point, Ken. But certainly, with things like the mandates potentially coming for broader inclusion in need for clearing of some of these securities going forward, so some of the new types of clients that might need to clear going forward, that could be additive to the -- to that amount of collateral. But I think what's unique and what is important to remember is Sunil talked about these offsets we had within our complex, so the $25 billion a day, that's inclusive of all of our futures and options, the swaps that we're clearing here at CME as well as the offsets with FICC.

是的。所以，肯，現在很難預測。但可以肯定的是，隨著未來可能需要更廣泛地納入某些證券的清算要求，一些新的客戶類型可能需要進行清算，這可能會增加抵押品的數量。但我認為獨特之處和需要記住的重要一點是，Sunil 談到了我們綜合體內的這些抵消交易，所以每天 250 億美元的交易額，包括我們所有的期貨和期權，我們在 CME 清算的互換交易，以及與 FICC 的抵消交易。

When we have our treasury clearing offering added to that and potentially the ability to offer additional cross-margining, we are bringing more into that pool of capital and the efficiencies that can be created for clients by using these different pieces of the stool.

當我們把國庫清算服務添加到現有服務中，並有可能提供額外的交叉保證金服務時，我們將把更多的資金引入到這個資金池中，並透過使用這些不同的服務組合，為客戶創造更高的效率。

So it is just further reinforcing the value proposition for clients and freeing up their capital for potentially other uses. So we think it's important that we're addressing all these different pieces.

因此，這進一步強化了對客戶的價值主張，並釋放了他們的資金用於其他潛在用途。所以我們認為，解決所有這些不同的問題非常重要。

The interesting part about all this, Ken, is our arrangement with FICC, which is critically important to the growth of this company, especially when it comes to clearing and giving offsets going forward in the rates business to make sure that we are the dominant participant to bring your business to. That has upticked at FICC in recent months with new participants coming into it.

肯，這一切中最有趣的部分是我們與FICC的合作安排，這對公司的發展至關重要，尤其是在清算和提供匯率抵消方面，以確保我們成為引領您業務的主導參與者。近幾個月來，隨著新參與者的加入，FICC的情況增加。

So we were around $1 billion, I believe, a day with just the FICC offsets. That's uptick several hundred million over the last $500 million or so in the last couple of months, and we see that continuing to grow. So the agreement we have with FICC is growing by the day.

所以，我相信，光是固定收益、外匯和大宗商品抵銷項，我們每天的收入就達到了10億美元左右。在過去幾個月裡，這一數字比之前的 5 億美元左右增長了數億美元，而且我們看到這種成長勢頭還在繼續。因此，我們與FICC達成的協議正在日益完善。

That is really the important part of this. Our treasury clearing offering is a nice-to-have. We will continue to roll it out in a methodical way, but the true value that we see right now and today is with DTCC and the FICC clearing organization. That's where the value is at, and that's where we're keeping our minds focused on.

這才是這件事的關鍵。我們的資金清算服務是一項錦上添花的服務。我們將繼續有條不紊地推出這項服務，但我們目前看到的真正價值在於DTCC和FICC清算組織。這就是價值所在，也是我們關注的重點。

And at this time, I will turn the call over to Terry Duffy for closing remarks.

現在，我將把電話交給特里·達菲，請他作總結發言。

Thank you. And while 2025 was a landmark year for CME Group, our record performance in January provides a solid foundation as we move into 2026. We are delivering on our strategic road map, launching CME Securities Clearing, expanding our event contracts and introducing 24/7 trading to meet the evolving needs of our clients. These investments reinforce our leadership as the world's premier risk management destination and will drive substantial growth for years to come. Once again, thank you for joining us on our call today.

謝謝。雖然 2025 年是芝加哥商品交易所集團具有里程碑意義的一年，但我們在 1 月份創紀錄的業績為我們邁入 2026 年奠定了堅實的基礎。我們正在落實策略路線圖，推出 CME 證券清算服務，擴大活動合同，並引入 24/7 全天候交易，以滿足客戶不斷變化的需求。這些投資鞏固了我們作為全球首屈一指的風險管理目的地的領先地位，並將推動未來幾年的顯著成長。再次感謝您今天參加我們的電話會議。

Thank you.

謝謝。

This concludes today's conference call. You may all disconnect at this time.

今天的電話會議到此結束。現在你們都可以斷開連結了。