芝加哥商業交易所 (CME) 2026 Q1 法說會逐字稿

Welcome to the CME Group first-quarter 2026 earnings call. (Operator Instructions) I would now like to turn the call over to Adam Minick. Please go ahead.

歡迎參加 CME Group 2026 年第一季財報電話會議。(接線員指示) 現在我想把電話交給 Adam Minick。請開始。

Good morning, and I hope you're all doing well today. Earlier this morning, we released our earnings commentary, which provides extensive details on the first-quarter 2026, which we will be discussing on this call.

各位早安，祝大家今天一切順利。今天稍早，我們發布了財報評論稿，當中提供了關於 2026 年第一季的詳盡資訊，我們將在本次電話會議中加以討論。

I'll 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. They involve risks, uncertainties, and assumptions that are difficult to predict.

我先宣讀「安全港」聲明，接著把電話交給 Terry。本次電話會議以及我們網站上其他參考文件中所提及、非歷史事實的陳述，均屬前瞻性陳述。這些陳述不保證未來績效。其中涉及難以預測的風險、不確定性與假設。

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

因此，實際結果與成果可能與任何陳述中明示或暗示的內容存在重大差異。有關可能影響我們績效之因素的詳細資訊，請參閱我們向 SEC 提交的文件，相關文件已刊載於我們的網站。最後，在財報新聞稿中，您將在財務報表之後看到 GAAP 與非 GAAP 指標之間的調節表。

With that, I'll turn the call over to our Chairman and CEO, Terry Duffy.

接下來，我把電話交給我們的董事長兼執行長 Terry Duffy。

Thanks, Adam, and thank you all for joining us this morning. I'll make a few brief comments about our record quarter before turning it over to Lynne to provide an overview of our financial results. In addition to Lynne, we have other members of our management team present to answer questions after the prepared remarks.

謝謝你，Adam，也感謝各位今天早上加入我們。在把電話交給 Lynne 概述我們的財務結果之前，我先就我們創紀錄的一季做幾點簡短說明。除 Lynne 之外，我們管理團隊的其他成員也在場，將在預備發言後回答問題。

I'm proud to announce that CME Group has achieved a record-breaking start to 2026. Our outstanding performance in the first quarter reflects the essential role we play in the global economy and the trust our clients place in our markets to manage risk during periods of significant economic transition.

我很自豪地宣布，CME Group 在 2026 年取得破紀錄的開局。我們第一季的卓越表現，反映出我們在全球經濟中扮演的關鍵角色，以及客戶在重大經濟轉型期間，信任我們的市場來管理風險。

The first-quarter average daily volume of 36.2 million contracts was the highest quarterly average daily volume in CME Group's history and represented an increase of 22% compared to the same period last year and 6 million contracts a day higher than any previous quarter. For the first time in our history, we achieved simultaneously record volume across every one of our six asset classes: rates, equities, energy, agricultural products, metals, and foreign exchange. In aggregate, our commodity sector volume grew by 38% and our financial products volume grew by 18%.

第一季日均交易量達 3,620 萬口合約，為 CME Group 歷史上最高的單季日均交易量，較去年同期成長 22%，且比任何過往季度的日均交易量高出每日 600 萬口合約。我們史上首次在六大資產類別同時創下成交量新高：利率、股票、能源、農產品、金屬與外匯。整體而言，我們的大宗商品板塊成交量成長 38%，金融產品成交量成長 18%。

Building on the momentum of our record 2025, our global expansion continues to accelerate. International average daily volume reached a record 11.4 million contracts, a stunning 30% increase in 2025. The EMEA, APAC, and Latin American regions all posted record highs. Remarkably, our international business also saw a record volume in all six asset classes simultaneously, proving that our value proposition is resonating globally.

在 2025 年創紀錄表現的動能之上，我們的全球擴張持續加速。國際日均交易量達到創紀錄的 1,140 萬口合約，較 2025 年大幅成長 30%。EMEA、APAC 與拉丁美洲地區皆創下歷史新高。值得注意的是，我們的國際業務也在六大資產類別同時創下成交量新高，證明我們的價值主張正在全球引起共鳴。

We aren't just growing volume, we're growing client value. We delivered record levels of capital efficiency, saving our customers an average of over $85 billion in margin per day. Additionally, open interest ended the quarter up 11% over the past year and up 19% since the beginning of 2026.

我們不僅在提升成交量，也在提升客戶價值。我們創下資本效率新高，平均每天為客戶節省超過 850 億美元的保證金。此外，未平倉量在季末較去年同期增加 11%，並較 2026 年初增加 19%。

During the quarter, US treasury open interest reached an all-time high of 36.3 million contracts, driven by unprecedented demand for US treasury futures and options. This growth reinforces CME Group's role as the deepest and most efficient liquidity pool in the world.

本季期間，美國公債未平倉量達到史上新高的 3,630 萬口合約，主要受美國公債期貨與選擇權前所未見的需求所帶動。此一成長進一步鞏固 CME Group 作為全球最深且最有效率流動性池的角色。

We continue to innovate and provide the tools our clients need, and in an environment that is always risk on. These include last week's CME FICC, or Fixed Income Clearing Corporation, cross-margining agreements received approval from both the SEC and CFTC to expand to our end user clients beginning on April 30. 24/7 crypto trading scheduled to go live on May 29.

我們持續創新並提供客戶所需的工具，在一個始終處於「風險偏好開啟」（risk on）的環境中亦然。其中包括上週 CME FICC（Fixed Income Clearing Corporation，固定收益清算公司）的跨保證金（cross-margining）協議，已獲 SEC 與 CFTC 核准，自 4 月 30 日起擴大至我們的終端用戶客戶。24/7 加密貨幣交易預計於 5 月 29 日上線。

Also, we're excited to announce that we will be filing to change our Micro Equity Index options to be financially settled to better serve the users of those products. Our new environment in Dallas is on track to open this summer, and we will provide a critical testing ground for our clients in advance of two of our agricultural products migrating to the cloud by the end of the year.

另外，我們很高興宣布，我們將提出申請，把 Micro Equity Index 選擇權改為現金結算，以更好地服務這些產品的使用者。我們位於達拉斯的新環境按計畫將於今年夏天啟用；在年底前我們有兩項農產品遷移至雲端之前，該環境將為客戶提供關鍵的測試場域。

As we look to the rest of 2026, we are confident in our ability to continue to deliver value to our clients and shareholders. Our strong performance, coupled with our ongoing investments in technology and product innovation, provides a solid foundation for future growth.

展望 2026 年剩餘時間，我們對持續為客戶與股東創造價值的能力充滿信心。我們強勁的表現，加上對科技與產品創新的持續投資，為未來成長奠定堅實基礎。

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

接下來，我把電話交給 Lynne，更詳細地說明我們的財務結果。

Thanks, Terry, and thank you all for joining us this morning. As Terry mentioned, the first quarter was record-breaking across the board. This included growth in our clearing and transaction fee revenue of 15% year-over-year. The average rate per contract for the quarter was $0.652. Our pricing strategy includes volume tiering, which results in decreasing rate for contracts at higher levels of volume.

謝謝你，Terry，也感謝各位今天早上加入我們。如 Terry 所提到的，第一季各方面都創下紀錄。其中包括我們的清算與交易手續費收入年增 15%。本季每口合約平均費率為 0.652 美元。我們的定價策略包含依成交量分級（volume tiering），使得在較高成交量水準下的合約費率會下降。

With volume records in every single asset class this quarter, this volume tiering encouraged incremental trading, providing risk management benefits to our customers and driving highly profitable incremental volume to the exchange.

本季每一個資產類別都創下成交量紀錄，這種成交量分級定價鼓勵增量交易，為客戶帶來風險管理效益，並為交易所帶來高獲利的增量成交量。

The combination of our volume growth and pricing structure resulted in an increase of $205 million in clearing and transaction fees for the quarter. Market data revenue also reached a record level, up 15% to $224 million, marking 32 consecutive quarters of year-over-year market data revenue growth.

我們的成交量成長與定價結構相結合，使本季清算與交易手續費增加 2.05 億美元。市場數據收入亦創下新高，年增 15% 至 2.24 億美元，並連續 32 個季度實現市場數據收入年增。

In aggregate, CME Group generated record revenue of $1.9 billion, up $238 million or 14% from the first quarter of 2025. Adjusted expenses were $512 million for the quarter and $405 million excluding license fees. Our adjusted operating income was $1.4 billion, or a 72.8% adjusted operating margin, the highest in our history.

整體而言，CME Group 創下 19 億美元的營收新高，較 2025 年第一季增加 2.38 億美元（或 14%）。本季調整後費用為 5.12 億美元；若排除授權費，則為 4.05 億美元。我們的調整後營業利益為 14 億美元，或 72.8% 的調整後營業利益率，為我們歷史最高。

Adjusted net income and adjusted diluted earnings per share came in at a record-setting $1.2 billion and $3.36 per share, 20% higher than Q1 2025. This represents an adjusted net income margin for the quarter of 64.9%, with $200 million of the $238 million increase in revenue accruing to adjusted net income. We returned $3.2 billion to shareholders during the quarter, with $2.7 billion in variable and regular quarterly dividends, and $536 million in shares repurchased.

調整後淨利與調整後稀釋每股盈餘分別創下 12 億美元與每股 3.36 美元的紀錄，較 2025 年第一季高出 20%。這代表本季調整後淨利率為 64.9%，而營收增加的 2.38 億美元中，有 2.00 億美元歸屬於調整後淨利。本季我們向股東返還 32 億美元，其中 27 億美元為變動與例行季度股利，另有 5.36 億美元用於庫藏股回購。

This quarter delivered the highest volume, revenue, operating income, adjusted net income, and diluted earnings per share in the history of CME Group. These results are a reflection of our position as the world's premier risk management destination. As our clients continue to navigate uncertain times, we remain fully committed to meeting their evolving needs through continued innovation and deep liquidity.

本季創下 CME Group 歷史上最高的成交量、營收、營業利益、調整後淨利與稀釋每股盈餘。這些成果反映我們作為全球首屈一指風險管理目的地的地位。在客戶持續因應不確定環境之際，我們仍將全力投入，透過持續創新與深厚流動性來滿足其不斷演進的需求。

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

現在我們想開放電話，接受各位提問。

(Operator Instructions) Patrick Moley, Piper Sandler.

(接線員指示) Patrick Moley，Piper Sandler。

Terry, you mentioned that you've received regulatory approval to expand the DTCC cross-margining agreement to end user clients. At the same time, the DTCC has been running a pilot program to tokenize US treasuries as collateral.

Terry，你提到你們已獲得監管核准，將 DTCC 的跨保證金（cross-margining）協議擴大至終端用戶客戶。同時，DTCC 一直在運行一項試點計畫，將美國國債代幣化作為抵押品。

So as you think about the intersection of these two initiatives, I'm curious how you see enhanced collateral mobility impacting CME's clearing business? And then more specifically, with customers having the ability to move tokenized treasury collateral in real time, just what that could mean for the industry writ large?

因此，當你思考這兩項倡議的交會點時，我很好奇你如何看待更強的抵押品流動性（collateral mobility）對 CME 清算業務的影響？更具體地說，當客戶能夠即時移轉代幣化的國債抵押品時，這對整個產業可能意味著什麼？

Thanks, Patrick. Suzanne Sprague is here, and she's been working very closely with both FICC and folks at DTCC and the regulator. So I'm going to ask her to opine on that question to start, and then I'll go.

謝謝你，Patrick。Suzanne Sprague 也在現場，她一直與 FICC、DTCC 的同仁以及監管機構非常密切地合作。所以我先請她就這個問題發表看法，然後我再補充。

Yeah. Thanks, Patrick. We are continuing to work with FICC as well as internally on various tokenization efforts. So we think that there is a benefit for the industry to be able to reduce friction in moving collateral, especially for collateral that does not settle naturally same day. Treasuries is a good example of that.

是的。謝謝你，Patrick。我們持續與 FICC 合作，也在內部推進各種代幣化的工作。因此我們認為，讓產業能夠降低移轉抵押品的摩擦是有好處的，特別是對於那些本來就無法自然做到當日交割的抵押品而言。國債就是一個很好的例子。

So we will continue to explore what we could do together with FICC as well as other initiatives that we're pursuing at CME, including the tokenization of cash and our partnership with Google, as well as looking at other assets that might be of interest in the ecosystem today to be able to reduce some of those frictions and free up liquidity by moving those assets on digital technology.

因此，我們會持續探索能與 FICC 一起做些什麼，同時也會推進 CME 正在進行的其他倡議，包括現金的代幣化以及我們與 Google 的合作；並且也會評估在當前生態系中可能受關注的其他資產，藉由數位技術移轉這些資產，以降低部分摩擦並釋放流動性。

Patrick, just to add on to that, I have said and the team has said, we're looking at potentially our own stablecoin here. We're looking at multiple different ways to make that $85 billion a day of margin efficiencies continue to grow, and not only just the margin efficiencies, but the capital efficiencies about how we move money back and forth each and every day and what's the best interest of every single client.

Patrick，我再補充一下：我以及團隊都曾提到，我們正在評估推出我們自己的穩定幣。我們也在研究多種不同方式，讓每天 850 億美元的保證金效率持續提升；而且不只是保證金效率，還包括資本效率——也就是我們每天如何在資金之間來回調度，以及什麼才符合每一位客戶的最佳利益。

So whether it's through tokenization, stable, using cash and treasuries, other forms of margin that they use with us today, we want to make it as effectively for them and efficiently for them. So I think it's an exciting time for us, and we look forward to informing you more as we continue to roll out these proposals.

因此，不論是透過代幣化、穩定幣、使用現金與國債，或是他們今天在我們這裡使用的其他形式的保證金，我們都希望讓客戶用起來更有效、更有效率。所以我認為這對我們而言是個令人振奮的時刻，我們也期待在持續推出這些提案的過程中，向各位提供更多資訊。

Okay. That's great color. And as a quick follow-up, we've seen some pretty interesting developments in the perpetual future space this year. The S&P Dow Jones JV recently granted an exclusive license for the S&P 500 perpetual futures to a relatively lesser-known company on the hyperliquid blockchain. And on that platform, we've seen volumes explode in commodity perps.

好的。這些補充很有幫助。再快速追問一下：今年在永續期貨（perpetual futures）領域我們看到一些相當有趣的發展。S&P Dow Jones 的合資公司（JV）最近把 S&P 500 永續期貨的獨家授權，給了一家在 Hyperliquid 區塊鏈上、相對不那麼知名的公司。而在那個平台上，我們也看到商品永續合約（commodity perps）的成交量爆發式成長。

So just with your goal to try and attract more and more retail eyeballs to CME's product suite, I'm curious how you're thinking about perpetual futures as a product structure that could eventually become a more meaningful driver of retail engagement? And then just if you could maybe talk about some of the regulatory or market structure hurdles that I guess would need to be cleared before we get there?

因此，考量到你們希望吸引越來越多散戶關注 CME 產品組合的目標，我很好奇你們如何看待永續期貨這種產品結構，是否最終可能成為推動散戶參與更有意義的驅動因素？另外，也請你談談在我們走到那一步之前，可能需要克服哪些監管或市場結構上的障礙？

So thanks, Patrick, and I'm glad you raised that. There's a couple of things I want to unpack there. First, we'll talk about the JV venture, then I want to talk about some of the commodities, and Derek can address that, and what the true volumes are associated with that.

謝謝你，Patrick，我也很高興你提到這點。這裡有幾件事我想拆開來談。首先，我們先談那個 JV 合資案；接著我想談一些商品的情況，Derek 可以就此回應，以及與之相關的實際成交量到底是多少。

It looks very large in the way they're trading, but remember, those are in notional value, not in contract terms the way we calculate our business. So -- and who's on those platforms, how those platforms work, what's the risk management associated with it, and why would that institution potentially want to participate in something the way those are structured?

以他們的交易呈現方式來看，數字似乎非常大，但請記得，那些是名目價值（notional value），不是我們用來計算業務的合約口徑。所以——還包括那些平台上有哪些參與者、平台如何運作、相關的風險管理是什麼，以及為什麼某些機構可能會想以那種結構去參與。

First of all, perpetuals are against the law in the United States of America. That's first and foremost. That is where it's at today. They are not allowed under the Commodity Exchange Act of 2000. The centerpiece of that act was how do you define what a futures contract is.

首先，永續合約在美國是違法的。這是最重要、最優先的一點。這就是目前的現況。依據《2000 年商品交易法》（Commodity Exchange Act of 2000），它們是不被允許的。該法的核心在於：你如何定義什麼是期貨合約。

It wasn't a bunch of other things in the act. The centerpiece was what is a futures contract. And it was defined as a contract for future delivery. It was not designed as a contract that never ended.

那部法案裡不是一堆其他事項。核心就是：什麼是期貨合約。而它被定義為「未來交割」的合約。它並不是被設計成一種永遠不結束的合約。

So I really believe that for perpetuals, I think convergence is massively important to the commercial producers and other participants that these contracts are designed for. Contracts are not designed, not, I repeat, not designed for speculators or hedgers or not to design for speculators or just a pure retail.

因此我確實相信，對永續合約而言，我認為「收斂」（convergence）對於商業生產者以及其他這些合約所服務的參與者極其重要。合約不是為投機者設計的，不是——我再重申一次——不是為投機者設計的，也不是為了只做純散戶而設計。

They're designed for hedgers, commercials and producers. That's the way they -- you have to have a natural buyer, a natural seller. And they need to have convergence between cash and futures in order to run their business, which benefits the participants, not only in the United States, but globally. You need to have these markets.

它們是為避險者、商業客戶與生產者設計的。這就是它們的運作方式——你必須有自然的買方、自然的賣方。而且他們需要現貨與期貨之間的收斂，才能經營其業務，這會讓參與者受益，不僅在美國，也在全球。你需要有這些市場。

As the great Dr. Milton Friedman said to me in 2002, if we did not have futures contracts today, we would need to invent them in order to move forward and progress. But that -- the way the market works between cash and futures is critically important.

正如偉大的 Milton Friedman 博士在 2002 年對我說的：如果今天我們沒有期貨合約，我們也必須發明它們，才能繼續向前並取得進步。但——現貨與期貨之間的市場運作方式至關重要。

So the decisions that people want on perpetuals, they seem to me more of they're trying to create a contract for the speculator. That's not the mission of the Commodity Exchange Act. That's not the definition of it. So I -- that's something that I'm very much involved with as it relates to perpetuals.

所以，人們對永續合約所做的那些決策，在我看來更像是在試圖為投機者創造一種合約。那不是《商品交易法》的使命。那也不是它的定義。所以我——在永續合約相關議題上，我非常投入。

Your other part about the volume going into some of these products, I assume you're referring to some on silver, some on oil, and so let's talk about that for a second. When they listed those on XYZ on hyperliquid, as you know, the way that market works, if in fact they were to have a tip-over in the auto liquidation, they've been very fortunate to have an orderly market for the most part, but if in fact, you had an auto liquidation, the money from the losers, it comes from the winners.

你提到的另一部分是資金流入某些產品的成交量，我猜你指的是白銀的一些產品、原油的一些產品，所以我們先談一下這點。當他們在 Hyperliquid 上的 XYZ 上架那些產品時，如你所知，那個市場的運作方式是：如果真的在自動清算（auto liquidation）上出現「翻車」，他們大多時候很幸運地維持了相對有序的市場，但如果真的發生自動清算，輸家的錢，是從贏家那邊來的。

It's a very difficult proposal for any institutional hedger to use a product such as that where if they're due $1 and they get $0.45 back because the other side of the trade just got beat up and so that's where they got the money from. So I am concerned about some of those rules, and those are done on a perpetual basis.

對任何機構型避險者而言，使用那樣的產品結構是非常困難的提案：例如他本來應該拿到 1 美元，結果只拿回 0.45 美元，因為交易的另一邊被打爆了，所以錢就從那裡被拿走。因此我對其中一些規則感到擔憂，而那些又是以永續的方式在運作。

I think the agricultural communities, the energy communities and others are not completely pleased with some of the pricing of those products. But I'll let Derek talk about that. But what's important, before he mentions it, we have to think about the timing of when those products were listed. You got to remember, silver went from $50 to $118, I believe -- Derek, is that about right? -- to a high, and then back to $86.

我認為農業社群、能源社群以及其他群體，對那些產品的一些定價並不是完全滿意。但我會讓 Derek 來談這部分。不過在他提到之前，重要的是我們必須思考那些產品上架的時間點。你得記得，白銀從 50 漲到 118，我記得是這樣——Derek，差不多是這樣嗎？——到達高點，然後又回落到 86。

Oil went from $50 a barrel for almost four years to north of $100, and then back down $86. So that was where that activity kind of caught. Now the question will be, is that sustainable? So I'll let Derek comment on those particular products.

油價在將近四年的時間裡從每桶 50 美元漲到 100 美元以上，之後又回落到 86 美元。所以那項活動大概就是在那個位置被卡住了。現在的問題是，這是否具有可持續性？所以我讓 Derek 來評論那些特定產品。

Yeah. I appreciate it, Terry. I think if you look at the results of this last Q1 and even continuing into Q2 of this year, you're seeing exactly what Terry talked about. The purpose of futures contracts are to enable hedgers to be able to know that they can identify the forward curve. These products then converge to physical delivery and physical markets, whether it's corn, whether it's livestock, whether it's oil, whether it's gold, all come to physical use.

是的。謝謝你，Terry。我認為如果你看今年第一季（Q1）的結果，甚至延續到今年第二季（Q2），你會看到正如 Terry 所談到的情況。期貨合約的目的，是讓避險者能夠確定他們可以辨識遠期曲線。這些產品之後會收斂到實物交割與實體市場，不論是玉米、不論是畜牧、不論是原油、不論是黃金，最終都會回到實體用途。

So we look at the end-user commercial need of these customers. When you look at the growth and record activity in our commodities portfolio as a whole, you'll see that every single portion of our client segments grew with double-digit growth in every single group led by commercial, corporate banks buy side and prop firm. So retail is a part of that, but financial customers will follow where the end user manages and hedges their underlying risk, and that's in our futures market.

因此我們會看這些客戶的終端使用者（end-user）之商業需求。當你看我們整體商品投資組合的成長與創紀錄的活躍度時，你會看到我們每一個客戶分群的每一個部分都出現雙位數成長，每一個群組都在成長，其中以商業客戶、企業、銀行買方以及自營交易公司領先。所以零售也是其中一部分，但金融客戶會跟隨終端使用者在哪裡管理並對沖其基礎風險，而那就在我們的期貨市場。

And so on the first part of your question with the S&P listing on that, we were not made aware of that, even though we own 27% of the index business. We were not made aware of that decision. We got made aware once they listed it, literally several hours before their press release went out.

至於你問題的第一部分，關於 S&P 在那上面的掛牌，我們事先並未被告知，儘管我們擁有指數業務 27% 的股權。我們並未被告知那項決定。我們是在他們掛牌之後才得知的，真的就是在他們新聞稿發出前幾個小時。

Their press release went out, and which coincided with the opening of that market. We've been engaged with conversations, as you can imagine, with our partners. We both have a deep respect for intellectual property. We've made our points very aggressively on that, and I think they understand that now. And so we are continuing to work with our partners at S&P to make certain that, as we go forward, we're all on the same page.

他們的新聞稿發出，時間點正好與該市場開盤一致。如你所想，我們一直在與我們的合作夥伴進行溝通。我們雙方都非常尊重智慧財產權。我們在這點上非常強硬地表達了立場，我認為他們現在也理解了。因此我們會持續與 S&P 的合作夥伴合作，確保未來推進時，我們大家都在同一頁上。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

So Terry, I wanted to follow up on your comments about the Micro Equity Index option to change. I think you finally are making to be more financially settled. So just wanted to talk about why now and what you see is the opportunity going forward with that?

Terry，我想追問你關於微型股票指數（Micro Equity Index）選擇權變更的評論。我想你們終於要讓它更偏向以現金結算（financially settled）。所以想請教為什麼是現在，以及你們往前看認為這帶來的機會是什麼？

I'll let Tim chime in, but I will tell you why now is -- maybe we should have done it a little bit sooner, but why now is because the client base continues to go across multiple different versions of the equity complex, whether it's the larger E-mini, whether it's the micro, or something smaller, and how they participate.

我先讓 Tim 補充，但我可以告訴你為什麼是現在——也許我們應該更早一點做，但之所以是現在，是因為客戶群持續在股票產品複合體的多種不同版本之間移動，不論是較大的 E-mini、不論是微型（micro），或是更小的產品，以及他們如何參與。

This client base in the micros seem to be more of a retail focus. They really don't want to deliver their options into a future where the people that are trading the larger clients do want to deliver their options into the future. So we felt very strongly that the micro contract would make more sense for that constituency.

微型產品的這個客戶群看起來更偏向零售。他們其實不太想把他們的選擇權交割成期貨；而交易較大合約的那些客戶則確實想把他們的選擇權交割成期貨。所以我們非常強烈地認為，微型合約對那個客群會更合理。

But at the same breadth, we didn't think it made sense to change all of our equity contracts to deliver into cash settled. Basically, we'll keep them as deliverable into a future. But Tim, you can add to that.

但同時，我們也不認為把我們所有的股票合約都改成現金結算是合理的。基本上，我們會維持它們可交割成期貨。不過 Tim，你可以補充。

Great. Thanks, Terry, and thanks, Dan. And I think part of it is, as Terry said, as CME Group is the comprehensive leader in risk transfer for the S&P 500 and the Nasdaq complexes. It's important for us to continue to evolve our products to meet the risk management and market access needs of our customers. And that's the feedback that we're receiving.

好的。謝謝你，Terry，也謝謝你，Dan。我想其中一部分原因是，如 Terry 所說，CME Group 是 S&P 500 與納斯達克（Nasdaq）產品複合體風險轉移的綜合領導者。對我們而言，持續演進產品以滿足客戶的風險管理與市場進入需求非常重要。而這正是我們收到的回饋。

When we look at the micro-size products and how those strategies are deployed, to hedge other parts of their either stock portfolios or ETF portfolios, or looking to access the market, that they prefer the financially settled mechanisms where they could have the options expire against the futures daily settlement price. And that is the change we're looking to file.

當我們看微型規模產品以及這些策略如何被部署，用來對沖他們股票投資組合或 ETF 投資組合的其他部分，或是想要進入市場時，他們偏好以現金結算的機制，讓選擇權到期時可以對應期貨的每日結算價。這就是我們打算申報的變更。

It will then, as Terry said, be different than the institutional-grade E-mini offerings and options on those products, which serve a very specific and highly utilized function of the market of delivering the underlying futures, which is a benefit to the institutional community and the hedgers out there, particularly when they're looking to access the almost $40 billion per day of capital efficiencies in our equity complex at CME Group.

如 Terry 所說，這將不同於機構等級的 E-mini 產品與其選擇權；後者在市場上扮演非常特定且被高度使用的功能，也就是交割標的期貨，這對機構社群與避險者而言是一項好處，特別是當他們希望在 CME Group 的股票產品複合體中取得每天接近 400 億美元的資本效率時。

We've actually seen continued adoption of our E-mini products by clients where several large buy-side clients are also switching some of their structured product strategies to utilize the efficiencies and the benefits of trading futures-based options at CME Group on the S&P 500. So we think this will further grow the complex as we remove some of the barriers to entry for clients and give them a better tool that serves the risk management needs of their portfolio.

我們其實已經看到客戶持續採用我們的 E-mini 產品，有幾家大型買方客戶也正在把部分結構型產品策略改為使用 CME Group 上、以 S&P 500 為基礎的期貨選擇權交易所帶來的效率與好處。因此我們認為，當我們移除客戶進入門檻並提供更好的工具、以滿足其投資組合的風險管理需求時，這將進一步帶動整個產品複合體的成長。

And just so you're not think I'm talking out of both sides of my mouth, in this particular contract, we didn't design it as a financially settled in the micro because it's just for retail or speculation. It's not. You have to look at the value of the S&P 500 and who uses that contract today.

另外，為了避免你覺得我前後說法不一致，在這個特定合約上，我們當初在微型產品中沒有把它設計成現金結算，並不是因為它只是給零售或投機用。不是。你必須看 S&P 500 的價值，以及今天是誰在使用那個合約。

For you historians that may or may not know this, we started with an S&P 500. And then we cut the multiplier of the 250. As the contract continues to go up and value, participants, even the large ones, need to trade a smaller contract or they need to trade a bigger contract, depending on what their needs are.

給可能知道也可能不知道的歷史愛好者，我們一開始是從 S&P 500（合約）開始的。然後我們把 250 的乘數切分（調降）。隨著合約持續上漲、價值提高，參與者——即便是大型參與者——也需要交易更小的合約或更大的合約，取決於他們的需求。

So we are trying to take these pools of liquidity for the constituents to across the entire spectrum of CME's equity products. And it's basically the decisions are being made for the value of the index itself, not for just the constituents who are trading it. So I think that's a really important distinction.

所以我們試圖把這些流動性池帶給整個 CME 股票產品光譜中的各類參與者。而基本上，這些決策是基於指數本身的價值，而不只是基於交易它的參與者。所以我認為這是一個非常重要的區別。

Ken Worthington, JPMorgan.

Ken Worthington，JPMorgan。

Can you talk a bit about the evolution of WTI and how you see the ongoing growth of US Gulf oil playing into the dominance of the Cushing's settled product? And secondly, how do you see the changes in Venezuela and the conflict in Iran changing global supply chains? And how might this feedback into CME energy activity and CME oil market share?

你能談談 WTI 的演進，以及你如何看待美國墨西哥灣原油持續成長，對以庫欣（Cushing）結算產品主導地位的影響嗎？第二，你如何看待委內瑞拉的變化與伊朗的衝突改變全球供應鏈？這可能如何回饋到 CME 的能源交易活動與 CME 的原油市場占有率？

Ken, that's a really good question. I think a lot of people like to have the answer to that one, especially in the industry for sure. I'll let Derek talk a little bit about the TI because I think it's important. But when we get into geopolitical, like what it means for Venezuela, I mean, we know what has been said publicly by the administration, but we don't ultimately know what's going to happen. So I think we'll stick with what we think on TI right now, Derek.

Ken，這是個非常好的問題。我想很多人都希望知道答案，尤其是在這個產業裡更是如此。我先讓 Derek 談一點 TI，因為我認為這很重要。但當我們談到地緣政治，例如這對委內瑞拉意味著什麼，我們知道政府已在公開場合說了什麼，但我們最終並不知道會發生什麼。所以我想我們先聚焦在我們目前對 TI 的看法，Derek。

Yeah. I think that's a great question, Ken. It's certainly timely in light of what we've been seeing in terms of restrictions and constrictions of typical supply. 20% of the crude oil market, as you know, comes from the Middle East, flows out in the global network. That has been disrupted.

是的。Ken，我覺得這是個很好的問題。鑑於我們在典型供給受限與收縮方面所看到的情況，這個問題確實很切題。你也知道，原油市場約有20%來自中東，並透過全球網路流向各地。而這已經受到干擾。

We've been talking for years about the ways in which we have continued to evolve WTI as a global benchmark. Ever since the export ban was lifted in 2014, US-produced WTI, and nat gas, in fact, have been flowing out into global markets.

我們多年來一直在談，我們如何持續把WTI演進成全球基準。自從2014年出口禁令解除以來，美國生產的WTI，事實上還有天然氣，都已流向全球市場。

So I think that to us, this is just another confirmation point of the absolute essential nature of US-produced energy products, both WTI and Henry Hub, that is now being produced and exported at record levels outside the US. And this is just another marker of adoption globally of the -- what these markets mean and what these products mean to risk management across the board.

所以我認為，對我們而言，這只是再次印證美國生產的能源產品（WTI與Henry Hub）絕對不可或缺；而且目前在美國以外的地區，正以創紀錄的水準生產並出口。這也再次顯示全球對於——這些市場代表什麼、這些產品對全面風險管理意味著什麼——的採用程度正在提升。

We have seen outsized growth for four years in a row now of global adoption of commercial end-user customers in Europe and Asia as both the Russian conflict with Ukraine disrupted supplies. This is another supply disruption, meaning a greater reliance on another provider of last resort. And that is the US right now.

我們已連續四年看到歐洲與亞洲的商業終端用戶客戶在全球採用上出現超常成長，因為俄烏衝突打亂了供應。這又是一次供應中斷，意味著對另一個「最後供應者」的依賴更高。而現在那就是美國。

As it relates to your specific question on the crude grades, we launched these contracts back in 2018, 2019, fully expecting a global adoption of WTI. When you have a physical contract that delivers in Cushing as we see record amounts flowing out into the US, we needed to provide a risk management tool to get physical in Cushing down to the Gulf Coast enter the export market.

就你針對特定原油等級的問題而言，我們在2018、2019年推出這些合約，當時就完全預期WTI會在全球被採用。當你有一個在庫欣（Cushing）交割的實物合約，而我們看到創紀錄的數量流出美國時，我們需要提供一個風險管理工具，讓在庫欣的實物能一路管理到墨西哥灣沿岸並進入出口市場。

I think what you're seeing in the record volume in open interest and our crude grade contracts, it's really solidifying WTI as a dependable supplier of oil to the world. We think that continues to reinforce WTI's importance globally. And you look at the dependability of physical deliveries, we continue to dependently deliver those barrels month after month.

我認為你在未平倉量與我們原油等級合約上看到的創紀錄成交量，正在真正鞏固WTI作為全球可靠的石油供應來源。我們認為這會持續強化WTI在全球的重要性。再看實物交割的可靠性，我們持續、穩定地在每個月交割那些桶數。

In fact, our GME -- our state in the GME, Global Mercantile Exchange, in Dubai, which delivers the Omadi crude contract, also physically delivered outside the Strait of Hormuz, has been uninterrupted in delivering 15 million to 20 million barrels a day as well. So the market needs to find dependability of supply.

事實上，我們的GME——也就是我們在杜拜的GME（Global Mercantile Exchange，全球商品交易所）——交割Omani原油合約，也是在荷姆茲海峽以外進行實物交割，交割一直未曾中斷，同樣每天交割1,500萬到2,000萬桶。所以市場需要找到供應的可靠性。

They found that in WTI. That's the reason why we're exporting not only record amounts of WTI and Henry Hub, but also RBOB gasoline and HO, our diesel contract, as well. So it confirms the importance of that in global products for global customers that we are the dependable provider, and we continue to ramp up exports. And that further solidifies US energy products in the portfolios of global customers.

他們在WTI上找到了。這就是為什麼我們不僅出口創紀錄數量的WTI與Henry Hub，還包括RBOB汽油以及HO（我們的柴油合約）。因此，這也證實了：對全球客戶而言，在全球產品上我們是可靠的供應者，而且我們持續擴大出口。而這也進一步鞏固美國能源產品在全球客戶投資組合中的地位。

And Ken, I don't want to be dismissive, so I want to go back to the beginning of your question on Venezuela. Can you ask that question now separately so maybe I can address it? But I may not be able to.

Ken，我不想顯得在敷衍，所以我想回到你問題一開始提到的委內瑞拉。你能不能把那個問題現在單獨再問一次，這樣我也許可以回應？但我可能也不一定能回答。

So it was just about how the changes in Venezuela impact global supply chains and what it means for CME activity and share?

所以就是關於委內瑞拉的變化如何影響全球供應鏈，以及這對CME的活動與市占意味著什麼？

So I think for -- not quite sure what that's ultimately going to mean with Venezuela. I think that the verdict is still out about how that country is going to run. As everybody knows, I think that their production got run way down. Their infrastructure in Venezuela was not doing what it was at peak. So those are all issues that they need to have addressed going forward. And then there's going to be a lot of politics and other people trying to deal with that particular issue.

所以我認為——目前還不太確定委內瑞拉最終會變成什麼樣。我想對於那個國家將如何運作，結論仍未定。如大家所知，我認為他們的產量已被拉得很低。委內瑞拉的基礎設施也不像高峰期那樣運作。所以這些都是他們未來需要解決的問題。此外，還會有很多政治因素，以及其他人試圖處理那個特定議題。

So as far as our share goes, I think what is important, and Derek touched on it, WTI is no different than Brent, another one, these are global markets. Whether it's produced in the United States or it's produced in Saudi Arabia or UAE or Qatar, these are global markets and people are going to sell to the highest bidder. And that's just how the oil market has worked.

至於我們的市占，我認為重要的是——Derek也提到了——WTI和Brent一樣，這些都是全球市場。不論是在美國生產，或是在沙烏地阿拉伯、阿聯、卡達生產，這些都是全球市場，人們會賣給出價最高的人。而這就是石油市場一向的運作方式。

So I think sometimes people here in the United States think that we have this massive supply of WTI so our gas prices should be a lot lower. Our producers sell all over the world. And that's the way this market is, it's global. But the good news is, I think what Derek is saying, is the benchmark at WTI is getting a much higher visibility, and I think that will continue, which will bode well for CME's risk management goals. Derek?

所以我認為，有時候美國這邊的人會覺得我們有這麼龐大的WTI供應，所以汽油價格應該低很多。但我們的生產商是賣到全世界。而這個市場就是這樣，它是全球性的。不過好消息是，我認為Derek的意思是，WTI這個基準正獲得更高的能見度，而且我認為這會持續下去，這將有利於CME的風險管理目標。Derek？

I think one little last piece that's worth noting on the share piece here is that Venezuelan crude is extremely heavy. It's going to take a long time to rebuild the infrastructure in Venezuela, import that, and then actually resource some of the refineries in the US to adopt that. So we think that's a term impact. If you look at the forward curve of the oil market, you'll see a backwardation, lower prices, farther out as expecting more US flow in.

我想在市占這部分，還有最後一個小點值得注意：委內瑞拉原油非常重質。要重建委內瑞拉的基礎設施、把它進口進來，然後再讓美國部分煉油廠調整以適應那種原油，會需要很長時間。所以我們認為那是中長期的影響。如果你看石油市場的遠期曲線，你會看到逆價差（backwardation），遠期價格更低，因為市場預期會有更多美國供應流入。

The last point I want to note is on the share piece of that. I think if you've seen record amounts of activity in global energy markets, we have seen share increases back in CME WTI north of 79%, 80%. And that's just confirmation that when markets are going through times of undue stress, market retrenches to core liquidity on the home exchange. We've seen that in WTI futures and options over this last three to four months.

我想補充的最後一點也與市占有關。我認為，如果你看到全球能源市場出現創紀錄的活動量，我們也看到CME的WTI市占回升到79%、80%以上。這再次證實：當市場處於過度壓力時，市場會回撤到本土交易所的核心流動性。在過去三到四個月裡，我們在WTI期貨與選擇權上都看到了這點。

Ben Budish, Barclays.

Barclays的Ben Budish。

I wanted to maybe start with market data. It looked like this quarter's recurring revenue growth was the fastest I think you've seen in several years. I'm just curious if there's anything you can share there. To what extent are these contracts volume based? To what extent are these from new FCMs kind of joining the platform? And how sustainable do you think this growth is over the near term?

我想也許先從市場數據談起。看起來本季經常性收入成長是我認為你們好幾年來最快的一次。我很好奇你們是否能分享一些細節。這些合約在多大程度上是以成交量為基礎？又有多大程度是來自新的FCM（期貨佣金商）加入平台？你們認為這種成長在短期內有多可持續？

Thanks, Ben. We'll turn it over to Julie Winkler, who heads up this area for CME. Julie?

謝謝你，Ben。我們把問題交給CME負責這個領域的Julie Winkler。Julie？

Thanks for the question, Ben. Yeah, it was a great quarter. We had record $224 million in revenue. So we are up 15% from Q1 of 2025. And I'd say one of the biggest shifts that we've seen is really a surge in the simulated trading environment. So what's happening there is really strong growth, and I would say maturity among these platforms.

謝謝你的提問，Ben。是的，這是一個很棒的季度。我們的營收創下2.24億美元的紀錄。因此，相較於2025年第一季，我們成長了15%。我想我們看到的最大變化之一，確實是模擬交易環境的激增。那裡正在發生的是非常強勁的成長，我也會說這些平台正在走向成熟。

And so these environments are really allowing new traders access to our market data. They're learning how futures products work. And they're taking advantage of the educational resources provided within these platforms. And really using it as part of the customer journey become successful new active retail traders.

因此，這些環境確實讓新交易者得以接觸我們的市場數據。他們正在學習期貨產品如何運作。他們也在善用這些平台內提供的教育資源。並且真正把它作為客戶旅程的一部分，成為成功的新進活躍零售交易者。

And so we've seen very strong year-over-year growth in these participants utilizing these SIEM environments to begin their trading journey in futures, that we believe is really going to be additive over the long term to the retail ecosystem. So SIEM participation was up significantly. And so that is really kind of driving that retail or non-professional participation in our market data business.

因此，我們看到這些參與者使用這些 SIEM 環境來開啟其期貨交易旅程，年增成長非常強勁；我們相信長期而言，這將為零售生態系帶來增量貢獻。所以 SIEM 的參與度顯著上升。而這確實在推動我們市場數據業務中的零售或非專業參與。

We've also made -- we continue to make policy changes, right, in thinking about data feed licensing and how that all needs to work. That has contributed to some of that recurring revenue growth that you're seeing.

我們也做了——而且持續在做——政策調整，對吧，特別是在思考數據饋送授權以及整體需要如何運作。這也促成了你所看到的部分經常性收入成長。

And then lastly, subscriber growth has continued on the professional side as well. We were up about 1% from Q4 and up about 2.45% from the number of professional subscribers we had a year ago. So I'd say it's a number of fronts. A lot of this is relatively sticky revenue in that sense. And we continue to work with our customers to ensure that our benchmark data is provided and they're getting the data in the way that they want it.

最後，專業端的訂戶成長也持續進行。我們較第四季約成長 1%，較一年前的專業訂戶數約成長 2.45%。所以我會說是多個面向共同作用。就這個意義而言，其中很多屬於相對黏著的收入。我們也持續與客戶合作，確保我們的基準數據能被提供，且他們能以他們想要的方式取得數據。

If I could just reinforce a little bit of what Julie said, I mean I think what we're really pleased with is kind of broad-based growth. So we're seeing that subscriber growth. We're seeing the new product growth as well as some of the changes just with pricing. But this is a really healthy ecosystem that we're seeing across the market data business.

如果我可以再稍微強化 Julie 所說的，我的意思是，我們真正感到滿意的是這種相當廣泛的成長。所以我們看到訂戶成長。我們也看到新產品成長，以及一些僅與定價相關的變動。但我們在市場數據業務上看到的是一個非常健康的生態系。

All very helpful. Maybe just a follow-up, maybe sticking with the retail team. You mentioned in the earnings commentary that on the prediction market side, you've now seen it looks like about 15% of volumes are kind of markets related.

都非常有幫助。也許再追問一下，可能還是聚焦在零售團隊。你在財報評論中提到，在預測市場方面，你們現在看到看起來大約有 15% 的成交量是偏市場相關的。

So curious if there's any further details you can share. What, if you have any visibility on, what types of customers are trading those contracts rather than sports? I would imagine all this is happening within your two current FCMs. But just curious what that customer base looks like? And maybe any color you can share in terms of the pipeline of potential additional FCMs would be helpful.

所以想了解是否有更多細節可以分享。如果你們有任何能見度的話，哪些類型的客戶在交易那些合約，而不是運動類？我猜想這些都發生在你們目前的兩家 FCM 之內。但只是好奇那個客群長什麼樣子？另外，若能分享一些關於潛在新增 FCM 的管線進展，也會很有幫助。

Thanks, Ben. Tim, do you want to address that?

謝謝，Ben。Tim，你要回應這個嗎？

Yeah. Thanks, Ben. So when we went live with our prediction markets and event contracts offering back in December, we've seen strong growth both in terms of adoption and volume where we recently surpassed the $220 million contract mark. And then when we look at the participation across those contracts, we started a marketing effort in the middle of March with our partners at FanDuel.

好。謝謝，Ben。所以自從我們在 12 月推出預測市場與事件合約產品以來，我們在採用度與成交量方面都看到強勁成長，近期合約名目金額已突破 2.2 億美元的里程碑。接著，當我們看這些合約的參與情況時，我們在 3 月中旬與 FanDuel 的合作夥伴啟動了一項行銷活動。

And since then, the actual participation or the distribution of volume towards the market-based contracts across equity, crypto, energy, and metals actually exceeded 30%. That's a shift that we're pleased with. And I think it speaks to the attractiveness of the offering where we're looking at attracting these next-generation traders to our markets.

自那之後，實際參與度或成交量分布轉向以市場為基礎的合約（涵蓋股票、加密貨幣、能源與金屬）實際上已超過 30%。這是一個我們樂見的轉變。我認為這也反映出該產品的吸引力，因為我們希望吸引下一代交易者進入我們的市場。

They're coming in through the apps through our FCM partners, and they're trading all types of the event contracts, both sports and the market space contracts. And that's something I think that reinforces the value prop of CME, that we have some of the world's leading benchmark products at CME Group and now we're making them more approachable and more accessible to the individual and next-generation trader through the fully funded or fully collateralized event contracts and prediction markets offering at CME.

他們透過我們 FCM 合作夥伴的 App 進來，交易各類事件合約，包括運動類以及市場類合約。我認為這也再次強化了 CME 的價值主張：CME Group 擁有全球領先的一些基準產品，而現在我們透過在 CME 推出的全額資金／全額擔保的事件合約與預測市場產品，讓個人與下一代交易者更容易接觸、也更容易使用。

And the other thing that we're pleased to see is since December, we've had over 150,000 new accounts trade at CME Group in these products, which is off to a fantastic start. We're continuing to work with our partners that are currently trading, and we have a pipeline of FCMs we're still working to get on board and offer these products to their end users. So optimistic about the future, but a first few good months here out at CME Group in our prediction market offering.

另外一點我們也很高興看到的是，自 12 月以來，已有超過 150,000 個新帳戶在 CME Group 交易這些產品，開局非常亮眼。我們持續與目前正在交易的合作夥伴合作，同時也有一個 FCM 的管線正在推進，希望讓他們加入並把這些產品提供給其終端用戶。所以我們對未來保持樂觀；在 CME Group 的預測市場產品上，前幾個月表現相當不錯。

So Ben, just to emphasize a little something, when we originally negotiated this deal with FanDuel, our goal and objective was it had nothing to do with sports. Our goal and objective was to do with markets and distribution. And that is exactly what we're starting to see happen.

Ben，我再稍微強調一點：當初我們與 FanDuel 談成這筆合作時，我們的目標與目的其實與運動無關。我們的目標與目的在於市場與通路分發。而這正是我們開始看到正在發生的事情。

Even though it's very, very early innings, to say the least, for baseball season, Tim is absolutely right, what's going on here. And that's exactly what we were hoping to see. And if, in fact, both our partner -- if FanDuel wanted to have sports so we were accommodating to them, but that was never our goal and objective. Our goal and objective were markets, on events, on markets, for their participants and ours. And that's what we're starting to see. And for me, that's exactly what we wanted to see happen.

即便現在還非常、非常早期——至少可以這麼說——就棒球賽季而言，Tim 完全說對了，這裡正在發生的就是那件事。而這正是我們希望看到的。而且如果事實上，我們的合作夥伴——如果 FanDuel 想要有運動類，我們也配合他們，但那從來不是我們的目標與目的。我們的目標與目的是市場，是事件，是市場，為了他們的參與者以及我們的參與者。而這正是我們開始看到的。對我而言，這正是我們想看到發生的結果。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I had a follow-up on the energy markets. And just curious to get your thoughts on the health of the underlying customer. Obviously, we've seen extreme volatility, which feels like it might continue for some time.

我想追問能源市場。也想請教你們對於底層客戶健康狀況的看法。顯然我們看到極端波動，感覺可能還會持續一段時間。

There's always a debate about good vol, bad vol. This doesn't feel like great vol. So if you think about what's happening with the underlying users and the durability perhaps of the customer base on the go-forward basis, I'd love to hear your comments on that.

一直都有「好波動、壞波動」的討論。這看起來不像是很好的波動。所以如果你從底層使用者正在發生什麼、以及未來客群基礎可能的耐久性來思考，我很想聽聽你們的評論。

Derek?

Derek？

Yeah, it's a great question. I think that when you look at markets in times of stress, as I mentioned before, you're going to see liquidity retrench back to home markets. And we've absolutely seen that. When we think about healthy markets, we think about a couple of different markets. Number one, we want to see health across the entire breadth of the portfolio.

是的，這是個很好的問題。我認為當你在壓力時期觀察市場時，如同我先前提到的，你會看到流動性回縮、回到本土市場。我們確實看到了這一點。當我們思考健康的市場時，我們會從幾個不同面向來看。第一，我們希望看到整個產品組合的廣度都維持健康。

So we saw record activity not just in WTI futures, but options. We saw record activity and open interest being held in the crude grade contract, as I mentioned before. We're seeing record uptake and actually fastest uptake in Europe and Asia. And we're seeing options set records, particularly in the short-dated part of the curve as well. So broad-based activity across all products. We're not seeing activity spikes in one.

因此，我們看到的不只是 WTI 期貨，期權也出現創紀錄的活動量。如我先前提到的，我們也看到原油等級合約的活動量與未平倉量都創下紀錄。我們看到在歐洲與亞洲的採用度創紀錄，且實際上是最快的採用速度。我們也看到期權創下紀錄，特別是在曲線的短天期區段。所以各項產品都呈現廣泛的活動。我們沒有看到活動只在單一產品上出現尖峰。

We're also seeing, despite the fact that we're seeing some pretty unprecedented volatility times and uncertainty, open interest in energy has been extremely resilient. If you look at open interest since the deck 31, our open interest in energy is up 14%. Even on a year-on-year basis, open interest is up 1%. So open interest is a marker of the sustainability and health of activity, and that is still holding in well.

我們也看到，儘管目前出現一些前所未有的波動與不確定性，能源的未平倉量仍展現出極強的韌性。如果你看自 12 月 31 日以來的未平倉量，我們能源的未平倉量上升了 14%。即使以年對年來看，未平倉量也上升了 1%。因此，未平倉量是衡量活動可持續性與健康狀況的指標，而目前仍維持得相當不錯。

One of the other markers we look at is the breadth of activity across client segments, and every one of our client segments continues to perform up double digits across the board, led by our commercial customers, not surprisingly, in markets like this. Retail has returned over this last quarter as we saw in the metals markets as well, very much wanted to be actively involved in our micro contracts.

我們觀察的另一個指標，是各客戶分群的活動廣度；而我們每一個客戶分群的表現仍全面維持雙位數成長，其中以商業客戶領先，在這樣的市場環境下並不令人意外。零售客戶在上一季也回來了，就像我們在金屬市場看到的一樣，他們非常希望能積極參與我們的微型合約。

But I would say the growth and the sustainability in the open interest holdings continue to be -- show positive trends. And we're seeing sustained activity. We are not seeing activity that we saw immediately following COVID, which was a spike in activity closing open interest, and reduction in activity across client segments.

但我會說，未平倉持倉的成長與可持續性仍在——呈現正向趨勢。而且我們看到活動是持續的。我們沒有看到 COVID 之後緊接著出現的那種活動型態——當時是活動量暴衝、未平倉被平掉，以及各客戶分群的活動下降。

So we are seeing a healthy amount of activity. I would attribute at least a portion of that strength in these markets to the growth in our options business, particularly with the short-dated options business that are giving customers the ability to discretely manage event risk like we're seeing right now. And that's why we're seeing records in weekly options that I think customers are using to manage short-dated risk around longer-term core exposure. So at this point, we're seeing into April a strong participation, open interest holding there, and good participation across clients.

所以我們看到的是相當健康的活動水準。我會把這些市場的強勁表現，至少部分歸因於我們選擇權業務的成長，特別是短天期選擇權，讓客戶能夠更精準地管理像目前這樣的事件風險。這也是為什麼我們在每週選擇權看到創紀錄的表現；我認為客戶正用它來管理短天期風險，同時維持較長期的核心曝險。因此截至目前，我們看到進入 4 月仍有強勁的參與度，未平倉也維持在那裡，且各類客戶的參與都很不錯。

And just to add to that, Alex, I think you got to look at the entire industry, and it's not just oil, it's the shipping industry. These are billion-dollar ships that are sitting out there that need to be insured. Insurance companies are very nervous about extending insurance to some of these billion-dollar ships that could be blown up in a heartbeat.

另外補充一下，Alex，我覺得你得看整個產業，不只是石油，還包括航運業。這些是停在外面的數十億美元等級船舶，需要投保。保險公司對於是否要延伸保險給其中一些可能在瞬間就被炸毀的數十億美元船舶，感到非常緊張。

So they are looking to offset some of their risk on the insurance side, whether they're creating a swap or trading futures against it. So I think the client base will continue to expand because this -- even though, whenever this gets resolved, people are still going to be very concerned.

所以他們希望在保險端對沖部分風險，不論是建立一筆掉期，或是用期貨來對沖。因此我認為客戶基礎會持續擴大，因為——即使未來某個時點問題獲得解決，人們仍會非常擔憂。

So I think we'll get a new constituency of participants, not too dissimilar from the mortgage industry and others, from insurers and reinsurers from the energy business using our products and others in order to manage that risk going forward. These are very expensive vessels that they cannot afford to have being sunk in the Strait of Hormuz or anywhere else. So I think it's a very interesting what's going on.

所以我認為我們會迎來一批新的參與者群體，與房貸產業等並不太不同——能源業的保險公司與再保險公司會使用我們以及其他人的產品，來管理未來的風險。這些船舶非常昂貴，他們無法承受船隻在荷姆茲海峽或其他地方被擊沉。所以我覺得目前發生的事情非常有意思。

You mentioned good vol and bad vol, Alex. I want to touch on that for a second. So good vol is the volatility that market kind of goes orderly in a direction and it maybe goes into a different direction. When you see pockets of volatility with not much trade, that to me is bad volatility.

你提到好的波動與壞的波動，Alex。我想稍微談一下。所謂好的波動，是市場以有秩序的方式朝某個方向走，之後也可能轉向另一個方向。當你看到某些波動區段但成交不多，對我來說那就是壞的波動。

But that's headline volatility. And headline volatility can be very disruptive to the marketplace. And there's a lot to that, but that normally is short-lasting as well on the bad volatility. So we'll see how that continues to proceed going forward.

但那屬於新聞標題式的波動。而新聞標題式波動可能會對市場造成很大的干擾。這裡面有很多因素，但通常這種壞波動的持續時間也比較短。所以我們就看看接下來會如何發展。

Got it. Yeah. No, super helpful. One quick follow-up just on the numbers. Obviously, with a lot of volumes coming through, RPCs came down a bit. And I was hoping you could maybe frame how to think about near-term RPC across, particularly the energy markets where we're seeing the bigger decline?

了解。是的。非常有幫助。就數字方面我有個快速追問。顯然在大量成交量湧入的情況下，RPC 下降了一些。我想請你協助說明一下，短期內該如何看待 RPC，特別是在我們看到降幅較大的能源市場？

Thank you, Alex. Lynne?

謝謝你，Alex。Lynne？

Yeah. So I would keep in mind a few things when you look at the energy volume and the RPC in this quarter. First, as Derek touched on, we obviously had record volume there. But you also had some real spikes in short periods of time. So March, the level of activity we saw there is certainly impacting the numbers.

好的。所以當你看本季能源成交量與 RPC 時，我會提醒你記住幾件事。第一，如 Derek 提到的，我們那邊的成交量顯然創下紀錄。但你也看到在很短的時間內出現一些明顯的尖峰。因此，3 月我們看到的活動水準，確實正在影響這些數字。

So if you look at the total volume growth, you would expect additional usage of volume tiering. You also saw a mix shift towards crude, which tends to be lower priced than things like our nat gas. And Derek also touched on one other thing, the micro business really grew significantly.

所以如果你看總成交量的成長，你會預期會更多使用到量階梯（volume tiering）。你也看到產品組合轉向原油，而原油的定價通常比像我們的天然氣更低。另外 Derek 也提到另一件事：微型業務確實大幅成長。

So we saw about 315,000 micro energy contracts a day this quarter. That was up from about 80,000 contracts a day in the same quarter last year. So that is going to have a dampening effect on the weighted average. Those are at about $0.52 a contract. So I think those three factors really are what weighed in on the energy RPC.

所以本季我們每天大約看到 31.5 萬口微型能源合約。相較於去年同季每天約 8 萬口，明顯增加。因此這會對加權平均造成壓抑效果。這些合約每口大約是 0.52 美元。所以我認為這三個因素，確實是拖累能源 RPC 的主因。

The last one that's a little bit harder to see is just the shift towards more member trading. So that's really where we saw that impact. So going forward, I would look at that overall level of volume in terms of volume tiering. And then I would look at those mixes in terms of crude versus nat gas, and then the micro versus full-sized products.

最後一個比較不容易看出來的因素，是交易更多轉向會員自營交易。所以我們主要是在那裡看到影響。因此往前看，我會從整體成交量水準來看量階梯（volume tiering）的影響。接著再看產品組合：原油相對於天然氣，以及微型相對於標準規格產品。

Michael Cyprys, Morgan Stanley.

摩根士丹利 Michael Cyprys。

I was just hoping you could update us on your partnership with Google, including tokenizing cash, what the timeframe and key milestones are there, how you see this playing out? And if you could also update us on the prospects for CME stablecoin as well.

我想請你更新一下你們與 Google 的合作，包括現金代幣化；相關時程與關鍵里程碑是什麼？你們認為會如何推進？另外也請更新一下 CME 穩定幣的前景。

Yeah. Thanks, Michael. I'll have Suzanne and Lynne touch on both, because they're both working on those projects. So Suzanne, why don't you talk a little bit about the tokenized Google and timing and things of that nature?

好的。謝謝你，Michael。我請 Suzanne 和 Lynne 兩位都談一下，因為她們都在做這些專案。Suzanne，你先談談 Google 的代幣化以及時程等相關事項，好嗎？

Yeah, thanks for the question. So we are working with the settlement banks in our ecosystem as well as clearing members to be able to advance the stages of tokenizing cash. You may have seen a press release from Bank of Montreal in the last few weeks, announcing publicly that they have been working with us and Google on the tokenization project.

好的，謝謝你的提問。所以我們正與我們生態系中的結算銀行以及清算會員合作，以推進現金代幣化的各個階段。你可能在過去幾週看到蒙特婁銀行（Bank of Montreal）的一則新聞稿，公開宣布他們一直在與我們及 Google 合作進行代幣化專案。

And so the goal there really is to be able to increase the testing capabilities within the settlement bank ecosystem as well as start integrating clearing members into that testing process this year, with the goal of being able to go live by the end of this year.

因此那裡的目標，主要是提升在結算銀行生態系內的測試能力，同時在今年開始把清算會員納入該測試流程，目標是在今年底前能夠上線。

And again, the tokenization of cash really for us enables movement of value outside of traditional banking hours, especially looking at 24/7 trading activity, as Terry mentioned in his opening remarks. It's a key component to being able to enable the movement of value in the off hours, as well as allow us to build upon other tokenized assets using the Google Cloud Universal Ledger.

再者，對我們而言，現金代幣化能讓價值在傳統銀行營業時間之外移轉，特別是考量到 Terry 在開場談到的 24/7 交易活動。這是讓價值能在非營業時間移轉的關鍵組成，也讓我們能在 Google Cloud Universal Ledger 上，進一步建構其他代幣化資產。

On stablecoin, we also continue progressing that effort with regulatory engagement. And as Terry mentioned there, we are looking to be able to seek a license to be able to issue stablecoin. And we're exploring technology partners that can help us do that as well. We plan to be able to advance that effort this year, although we can't opine on the regulatory engagement timeline.

關於穩定幣，我們也持續透過與監管機關的互動來推進這項工作。正如 Terry 在那裡提到的，我們希望能夠申請到一張可用於發行穩定幣的牌照。我們也在探索能協助我們做到這點的技術合作夥伴。我們計畫在今年推進這項工作，不過我們無法對監管互動的時間表發表意見。

Happy to have Lynne add anything else as well for stablecoin.

也很歡迎 Lynne 就穩定幣再補充任何內容。

Yeah. I'll actually add two things that are a little further afield related to Google. So first, you heard Terry mentioned that we are getting close to opening our Dallas facility for testing with our clients with the goal of ultimately operating markets in the cloud. So we're excited about that progress that we've made with Google. That was something that has been several years in the making.

是的。我其實想補充兩點，和 Google 相關、但稍微更延伸一些。首先，你們聽到 Terry 提到，我們距離開放達拉斯設施、讓客戶進行測試已經很接近了，目標是最終在雲端上營運市場。所以我們對與 Google 合作所取得的進展感到很振奮。這件事其實已經醞釀了好幾年。

We're also -- that was a big part of the investment that Google originally made in CME. So I just want to make sure you all noted that the Google shares, which were preferred shares, the only difference between those shares and common was that they did not have voting rights. Those did convert into common during this quarter.

另外——這也是 Google 當初投資 CME 的一大部分。所以我想確認大家都有注意到：Google 的持股是優先股，這些股份與普通股唯一的差別是沒有表決權。這些優先股在本季已轉換為普通股。

So you will see that in the basic and diluted share count rather than seeing that separate class of preferred stock. So going forward, you will also see just that earnings that was allocated to the preferred stock, it will show up just in the basic and diluted. So you won't see that differentiation going forward. I just want to make sure you captured that.

因此，你們會在基本與稀釋後股數中看到這個變化，而不會再看到那個獨立的優先股類別。所以往後，你們也會看到原本分配給優先股的那部分盈餘，將直接反映在基本與稀釋後數字中。因此未來不會再看到那樣的區分。我只是想確保你們有把這點記下來。

Do you have anything else on stablecoin? We'll get -- Michael, hopefully that addresses your question?

你還有其他關於穩定幣的問題嗎？我們會——Michael，希望這回答了你的問題？

Yes. Just a quick follow-up, if I could, on the cloud. So with the ag contracts migrating to the cloud, I was hoping you could maybe elaborate on the benefits that you see? The steps that you're taking to help facilitate that? How do you see the scope and path for migrating other contracts eventually to the cloud or what that might look like and how you evaluate that and what the benefits could be?

有的。如果可以的話，我想就雲端再快速追問一下。關於農產品合約遷移到雲端，我希望你們能更詳細說明你們看到的效益是什麼？你們正在採取哪些步驟來協助推動？你們如何看待未來把其他合約逐步遷移到雲端的範圍與路徑，或可能會是什麼樣子；你們又如何評估這件事，以及可能帶來的效益？

Well, I'm a big believer that this is the future. And I think if you were to start an exchange or any other business today, you would be in the cloud. We are 175 years, 200 years old at this stage of our proceedings. I think this is the future of markets, having access to be in the cloud. I think the efficiencies that a hyperscaler like Google will be able to provide to CME and its clients will be second to none.

我非常相信這就是未來。我認為如果你今天要成立一家交易所或任何其他企業，你會直接在雲端上運作。我們在目前這個階段已經有 175 年、甚至 200 年的歷史。我認為市場的未來就是能夠在雲端上存取與運作。我認為像 Google 這樣的超大規模雲端服務商（hyperscaler）能為 CME 及其客戶提供的效率將是無可比擬的。

And I think that is really exciting. You have to start somewhere. We wanted to start with our less latency-sensitive products, which are the agricultural complex and that commodity side. So I think this will be the catalyst that show people how the benefits of having markets in the cloud and the redundancy that they will have with 20 other centers just in the United States alone, if in fact we needed to go there.

而我覺得這真的非常令人興奮。你必須從某個地方開始。我們希望先從對延遲敏感度較低的產品開始，也就是農產品複合體以及那一側的商品產品。所以我認為這將成為催化劑，讓大家看到把市場放到雲端的好處，以及它們所具備的備援能力——光是在美國境內就有另外 20 個中心可用，如果我們真的需要啟用的話。

So it's pretty exciting from my standpoint. This was our vision going way back during the pandemic in '20 and '21 to do this with a big partner like Google. And I think the future, not only it was looked at, is starting to be realized. So I think it's exciting and I'm looking forward to this progressing forward, and I'm looking forward to every single product being in the cloud, as long as, and I'll say it again, as long as Google's technology and facilities are better than what we have right now. And I believe they will be.

所以以我的角度來看，這相當令人振奮。這是我們在 2020、2021 年疫情期間很早就提出的願景：與像 Google 這樣的大型夥伴一起推動。而我認為未來不僅僅是被想像，它也正開始被實現。所以我覺得很令人興奮，我期待這項工作持續推進；我也期待每一個產品最終都能在雲端上——前提是，我再說一次，前提是 Google 的技術與設施要比我們目前的更好。而我相信它們會更好。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Maybe, Terry, one for you. if you can update us on your thinking on capital allocation at this point in time? Obviously, you have the dividend, but I'm curious of what your thinking is on M&A. In particular, it seems like there's a lot of different vectors of growth in the industry, both de novo and inorganic, and how that might shape your views on priorities.

Terry，也許有一題想請教你：你能否更新一下你目前對資本配置的想法？顯然你們有股利，但我想了解你對併購（M&A）的看法。尤其看起來產業裡有很多不同的成長向量，包含從零開始（de novo）以及非有機成長，你如何看待這些因素對你們優先順序的影響？

I missed the latter part. But on the capital allocation, Bill, I think is what your question was, the first one, and I'll let you take the second one. But on capital allocation, I think from the beginning, Bill, going back to '02, I was a big proponent of paying a dividend at CME when everybody else said you shouldn't do that. But I thought it served our interest really well.

你後半段我沒聽清楚。不過關於資本配置，Bill，我想那是你第一個問題，我先回答；第二個部分我再請你重複一下。就資本配置而言，Bill，從一開始回到 2002 年，我就是 CME 發放股利的強力支持者，當時其他人都說不該這麼做。但我認為這非常符合我們的利益。

I still think it does, and I think returning capital to shareholders is really important. But at the same time, I don't want to be stuck in a situation where we're afraid to do something that we think can grow the business, whether it's through M&A or something else, if the opportunity presents itself.

我現在仍然這麼認為，而且我認為把資本回饋給股東非常重要。但同時，我也不希望我們陷入一種情況：因為害怕而不敢做我們認為能讓業務成長的事情——不論是透過併購或其他方式——只要機會出現。

So I think instead of putting myself in a box or the company in a box about capital allocation, right now, we are in a really strong position with our dividend. We're in a strong position on repurchasing shares, as you heard Lynne talk about earlier.

所以我認為，與其把我自己或公司框在一個資本配置的框架裡，目前我們在股利方面處於非常強勁的位置。我們在庫藏股回購方面也很有力，正如你先前聽到 Lynne 提到的。

But again, if there's an opportunity that we see that makes sense for our shareholders, without going out too far outside of the scope of what we do, we will be evaluating those, and that might change our capital allocation at that time. But right now, we're pretty committed to where we're at on the allocation of dividend and share repurchase for now.

但同樣地，如果我們看到某個機會，對股東而言是合理的，而且不會偏離我們業務範疇太遠，我們就會評估；而在那個時點，這可能會改變我們的資本配置。但就目前而言，我們相當致力於維持現階段的配置，也就是股利與股票回購的配置，至少短期內是如此。

And what was that the latter part of your question?

那你問題的後半段是什麼？

It was all the same question. And then maybe just a quick follow-up, one for Lynne. If I look at your adjusted expenses, excluding licensing fees, it looks like it was up about 7% year-on-year, if I did the math correctly. I think the -- I think you affirmed your guidance for $1.695 billion for the year. Can you sort of unpack what the growth was in Q1 and how we should think about maybe the -- just sort of the pacing as we look through the rest of the year?

其實都是同一個問題。然後再快速追問一題給 Lynne。如果我看你們調整後的費用（排除授權費），看起來年增大約 7%，如果我算得沒錯的話。我想——我想你們也重申了全年 16.95 億美元的指引。你能否拆解一下 Q1 的成長主要來自哪裡，以及我們在看今年剩餘期間時，應該如何理解費用的節奏／步調？

Yeah. So certainly, and your numbers are correct, so we saw about a 7% growth rate in Q1. Obviously, with a high level of activity, you saw some of the variable expenses come in a bit higher. So you'll see that in compensation. You will also see that in technology where we did see more activity going across the system.

好的。當然，你的數字是對的，我們在 Q1 的確看到大約 7% 的成長率。很明顯地，在高活動量的情況下，你會看到一些變動性費用略高一些。所以你會在薪酬中看到這點。你也會在科技費用中看到，因為系統上的活動量確實增加了。

So we'll continue to monitor as we go forward. We sometimes see these spikes in activity. We're seeing a little bit of softer activity so far here in April, but it tends to be different periods of time over the course of the year. So we'll continue to look at that guidance as we move forward. But at this point, we're comfortable with where we're at.

所以我們會在接下來持續監控。我們有時會看到活動量出現這種尖峰。到目前為止，我們在 4 月看到活動稍微偏軟一些，但一年當中不同時期往往會有所不同。因此我們會在往前推進時持續檢視該指引。但就目前而言，我們對現況感到放心。

I would point out that we do expect the occupancy cost to continue to grow over the course of the year as we do things like opening the Dallas facility. You will expect technology to continue to grow as we move more into the cloud environment. The others don't have as many specific drivers that I'd call out.

我想指出的是，我們確實預期在今年接下來的期間，隨著我們進行例如啟用達拉斯設施等事項，場地占用成本將持續上升。隨著我們進一步轉向雲端環境，你們也會預期科技相關支出將持續成長。其他項目則沒有那麼多我會特別點出的具體驅動因素。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

We were looking for an update on your prediction markets FCM JV with FanDuel, just given FanDuel's announcement earlier this month that they will launch a new FCM. So I assume they're going to favor the new venture where they can keep 100% of profit. So are there any major differences in the offering?

我們想請你們更新一下與 FanDuel 的預測市場 FCM 合資企業（JV）的進展，因為 FanDuel 本月稍早宣布他們將推出一家新的 FCM。所以我猜他們會更偏好新的事業，因為那樣他們可以保留 100% 的利潤。那麼在產品提供上是否有任何重大差異？

Yeah. Thanks for the question, Craig. And I think there's a bit of confusion on what they can and cannot do with that potential application process. I'll let Lynne describe it to you so we're all on the same page.

是的。謝謝你的提問，Craig。我想大家對於他們在那個潛在申請流程中能做與不能做的事情，確實有一些混淆。我先請 Lynne 跟你說明，讓我們大家都在同一個理解基礎上。

Yeah. So certainly, this is something that we were aware of, that they were going to make this application. I think it's important to note the difference between an application and a launch. So similar to the way we started an application process, and it took several years to get that approval, they want to be prepared for any future changes and registration requirements or the like.

好的。這當然是我們已經知道的事情，也就是他們將提出這項申請。我認為重要的是要注意「申請」與「上線／推出」之間的差異。就像我們當初啟動申請流程一樣，取得核准花了好幾年；他們是希望為未來可能的變動、註冊要求或類似事項預作準備。

So this actually doesn't signify any change in our relationship or the partnership going forward. And as Terry mentioned, and as you would expect, there are some contractual restrictions in terms of operating alternative venues during our partnership.

因此，這其實不代表我們的關係或未來合作夥伴關係有任何改變。而且如 Terry 提到、也如你所預期的，在我們合作期間，合約上對於經營替代性平台確實有一些限制。

And I think that's really important, Craig, they can't just get an FCM license, apply for one or buy one and compete with the JV that we put together with them. That is obviously contractually against what we originally stated with them. So I think it was a bit confusing to begin with at best.

而且我認為這點非常重要，Craig——他們不能只是取得一張 FCM 執照、申請一張或買一張，然後就與我們和他們共同成立的合資企業競爭。這顯然在合約上違反了我們最初與他們所約定的內容。所以我認為一開始充其量就是有點令人困惑。

That's helpful. And just one follow-up on prediction markets. Any update on the DCM side and volumes where there's multiple entities hooked up to, including DraftKings?

這很有幫助。另外再追問一個關於預測市場的問題。DCM 端以及成交量方面有沒有更新？目前有多個實體已經接上，包括 DraftKings？

Is there any volume up there with DraftKings?

DraftKings 那邊有任何成交量嗎？

No, I think, Craig, just to my earlier comments when we were speaking about prediction markets, we just recently crossed the $220 million contract volume threshold since going live back in December of 2025. I think the notable thing from volumes is, again, as we were covering, is that the percentage of volume in market-based contracts across the CME Group benchmark products in equities, cryptocurrencies, energy, and metals is in excess of 30% since mid-March when we -- with our partner at FanDuel increased the marketing efforts.

沒有。Craig，我想回到我先前在談預測市場時的評論：自從 2025 年 12 月上線以來，我們最近剛跨過 2.2 億美元的合約成交量門檻。我認為成交量方面值得注意的是——如同我們剛才提到的——自 3 月中旬起，在我們與 FanDuel 的合作夥伴加大行銷力道後，CME Group 基準產品（涵蓋股票、加密貨幣、能源與金屬）中，以市場為基礎的合約成交量占比已超過 30%。

And we've had 150,000 accounts trade at CME Group. So those are the numbers-based updates for prediction markets. And we would say off to a great start and optimistic about the continued growth from here.

而且已有 15 萬個帳戶在 CME Group 進行交易。以上就是預測市場的數據更新。我們會說目前開局非常好，並且對接下來的持續成長抱持樂觀。

Craig, what I think is also important is there's a lot of activity, for lack of a better term, going on around the sports prediction markets between the states and the providers. Where there's not a lot of noise, and nor should there be, is around the market event contracts or prediction markets on financial products.

Craig，我認為同樣重要的是，在體育預測市場方面，各州與供應商之間正出現大量活動——姑且這麼說。但相對地，關於市場事件合約，或是以金融產品為標的的預測市場，外界並沒有太多雜音，而且也不應該有太多雜音。

And I think that's why we're seeing them grow. And I think that's a very good sign for the future. And I think you're going to start to see other people probably leaning that direction more than just looking at the pure sports itself.

我想這也是我們看到它們成長的原因。我認為這對未來是非常好的訊號。而且我想你將開始看到其他人可能更傾向往這個方向走，而不只是單純看體育本身。

So we'll have to wait and see, but I think that bodes very well for CME if in fact that goes there because potentially the offsets you can be looking at against our multiple asset classes that we have here at CME Group that others don't. So I'm pretty interested to see how this all plays out in the future investments going into prediction markets on the sports side of the equation.

所以我們還得拭目以待，但我認為如果事情真的往那個方向發展，這對 CME 來說非常有利，因為你可能會看到可用於對沖的組合，能對應我們在 CME Group 所擁有的多元資產類別，而這是其他人所沒有的。因此，我很有興趣看看，未來在體育端的預測市場投資，整體會如何發展。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just staying with that very line of your answer on the prediction markets. Good to see that market side rising as a mix of the percentage of volume. What is your view on potentially creating company KPI types of contracts, like financial KPI contracts?

也許就沿著你剛才對預測市場回答的那條思路繼續問。很高興看到市場端的占比在成交量結構中上升。你們如何看待可能創設公司 KPI 類型的合約，例如金融 KPI 合約？

And I know -- I believe, maybe you can weigh in on this, but I believe they most likely would need to be SEC regulated. So maybe your view on any timeline of that, if that is something that is -- that you're interested in developing? And then also if you could just confirm, I think the rate capture on the contracts for you guys is about $0.01 a contract. I just wanted to confirm that.

我知道——我相信——也許你可以評論一下，但我認為這類產品很可能需要由 SEC 監管。所以想請教你對於可能的時間表有何看法：如果這是你們有興趣開發的方向？另外也請你確認一下，我想你們在這些合約上的費率捕捉（rate capture）大約是每份合約 0.01 美元。我只是想確認這點。

Okay. Thanks, Brian. So do you want to address the first on that?

好的。謝謝，Brian。那你要先回應第一個問題嗎？

Yeah. Sure. Brian, and thanks for the question, we're certainly seeing a lot of interest in other economic or market-based contracts where we've seen good growth in the economic indicators as well as the benchmark products at CME Group. I think with respect to anything that is financial or KPI or individual stock related, that is something that we continue to engage with customers on.

好的。當然。Brian，謝謝你的提問。我們確實看到市場對其他經濟或以市場為基礎的合約有很高的興趣；在經濟指標以及 CME Group 的基準產品方面，我們也看到不錯的成長。至於任何屬於金融、KPI 或與個股相關的內容，我們仍持續與客戶就此交流。

But as you noted, there are some regulatory questions and clarity required about how those products would be brought to market and what the security versus commodities-based offering might be. So that's something we continue just to engage with the regulators. So I'd say stay tuned on that, but no imminent plans or a path forward for those just yet.

但如你所指出的，這裡面存在一些監管問題，且需要釐清這些產品要如何推向市場，以及其屬性究竟是證券型（security）還是商品型（commodities-based）的提供。因此，這部分我們會持續與監管機關溝通。所以我會說請持續關注，但目前還沒有迫在眉睫的計畫或明確的推進路徑。

And in terms of pricing, we don't break out entirely. There's obviously different pieces depending on where the volume comes from either through the various channels. Obviously, the clearing and transaction fee is transparent. But again, for us, this is about getting the traction with the potential customer base and getting the eyeballs in that distribution and getting that community exposure to our products, which we're seeing good uptake on that right now.

至於定價方面，我們不會完全拆分揭露。顯然會因成交量來源不同、透過不同通路而有不同組成。當然，清算與交易費用是透明的。但對我們而言，重點在於取得潛在客群的動能、在分銷端獲得更多關注度，並讓社群更多接觸我們的產品；而我們目前確實看到不錯的採用情況。

Great. And then maybe if I can ask Lynne, if you could just talk about the April collateral balances that you're seeing so far and if that's -- if you're still managing about a 30-basis-point spread in those balances? I said 30 basis points -- 10 basis points on the non-cash, I think, and 30 on the other, on the cash.

很好。另外如果可以的話，我想請 Lynne 談談你們目前看到的 4 月抵押品餘額（collateral balances）狀況，以及你們是否仍大致管理在約 30 個基點的利差。我說 30 個基點——我記得非現金部分大概是 10 個基點，其他、也就是現金部分是 30 個基點。

Yeah. Sure, Brian. So in Q1, we did show an average of balances for cash of about $149 billion. That is up a bit so far here in April at $153 billion. In Q1, we averaged about 33 basis points on the cash. I don't -- we typically don't disclose for the partial period how we're doing so far in April, but that held steady at about 33% versus last quarter.

好的。當然，Brian。在第一季，我們揭露的現金平均餘額約為 1,490 億美元。到目前為止，4 月略有上升，來到 1,530 億美元。第一季現金部分我們平均約為 33 個基點。我們通常不會在月內的部分期間揭露 4 月目前的表現，但相較上一季大致維持在約 33%。

Then on the noncash in Q1, we had $171 billion on average at that 10 basis points. So far in April, we're averaging $174 billion. So both up slightly in terms of the average balances.

接著談到第一季的非現金部分，我們的平均金額為1,710億美元，按10個基點計算。截至目前四月，我們平均為1,740億美元。因此，就平均餘額而言兩者都略有上升。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC Capital Markets。

This is Will Qi on for Ashish Sabadra. I appreciate you guys squeezing us in. Just wanted to maybe follow up on some of the comments around market data and information services. I think last year, you guys had some data license changes in regards to the introduction of the end-of-day data category versus real-time delayed and historical.

我是Will Qi，代替Ashish Sabadra出席。感謝你們把我們安排進來。我想就你們對市場數據與資訊服務的一些評論再追問一下。我記得去年你們在資料授權方面做了一些變更，包含引入「日終數據」類別，相對於即時延遲與歷史數據。

It seems like clients are still generally building out the infrastructure to track that data and they've been back-billed for that charge. How much of a contributor is that license change to the market data and information services growth? And are there any other policies that we should be aware of that are notable as well?

看起來客戶整體上仍在建置用來追蹤該數據的基礎設施，並且已被追溯補收該項費用。這項授權變更對市場數據與資訊服務的成長貢獻有多大？另外，還有沒有其他我們也應該留意、同樣值得注意的政策？

Julie?

Julie？

Yeah. Thank you for the question. Certainly, that was a change in policy. And part of it, right, is just to protect what we believe is a strong intellectual property of our data assets and just changing business practices within the space. So it has in the past and will continue to be of real-time professional subscribers being the core of that market data revenue line.

是的。謝謝你的提問。確實，那是一項政策變更。其中一部分原因是為了保護我們認為屬於我們數據資產的強大智慧財產權，以及因應這個領域內商業作法的變化。因此，過去以及未來，市場數據收入線的核心一直會是即時專業訂閱用戶。

And so while data licensing such a end of day is adding to the growth of the business, it is not a significant driver of that revenue that we talk about each quarter. That continues to be that real-time professional subscriber. I'd say policies in general though, I mean, this is where -- and Lynne mentioned it earlier, right, there's this blend of utilizing policies, introducing things like enterprise pricing with our core partners, simulated trading environments, things like that, that we are going to continue to do.

因此，雖然像日終這類的資料授權確實在推動業務成長，但它並不是我們每季談到的那條收入的主要驅動因素。主要驅動因素仍然是即時專業訂閱用戶。不過就政策而言，我的意思是——Lynne先前也提到——我們會混合運用各種政策，像是與核心合作夥伴導入企業定價、模擬交易環境等等，我們會持續推進這些作法。

Term SOFR is another great example of our build-out of our benchmark space. So these are all things that the team is actively working on as this space continues to evolve and change. And I think it's working given the 32 consecutive quarters of year-on-year growth. So we'll continue to update you on that. But I think, again, strategic and pricing-related initiatives as well as new product development is going to be a core of us continuing to drive this growth going forward.

Term SOFR也是我們在基準（benchmark）領域擴建的一個很好的例子。因此，隨著這個領域持續演進與改變，這些都是團隊正在積極推動的事項。而且我認為它正在奏效，因為我們已連續32個季度實現年對年成長。所以我們會持續向各位更新。但我想再次強調，策略與定價相關的舉措，以及新產品開發，將會是我們未來持續推動成長的核心。

Simon Clinch, Rothschild & Co. Redburn.

Simon Clinch，Rothschild & Co. Redburn。

I was wondering if I could just ask about BrokerTec and BrokerTec Chicago in particular. I was wondering if you give us an update on how that's progressing? Any benefits you're seeing? Also what kind of behavioral changes you're seeing across that treasury complex? And I guess, how we might think that could impact the overall treasury performance of BrokerTec in the future?

我想請教一下BrokerTec，特別是BrokerTec Chicago。想請你們更新一下目前進展如何？你們看到哪些效益？另外，在整個美國公債交易生態（treasury complex）中，你們觀察到哪些行為上的變化？以及我們應該如何看待這可能對未來BrokerTec整體美國公債業務表現的影響？

Thanks, Simon. Mike?

謝謝你，Simon。Mike？

Yeah, Simon, thanks for the question. While still early innings, adoption of BrokerTec Chicago is expanding as clients leverage the platform's value proposition of smaller tick sizes, and co-location alongside our core futures and options markets in Aurora. What I like about BrokerTec Chicago is it gives our clients choice and execution venue, depending on their trading strategy and market conditions.

好的，Simon，謝謝你的提問。雖然仍在早期階段，BrokerTec Chicago的採用正在擴大，因為客戶正在運用該平台的價值主張：更小的最小跳動單位（tick size），以及與我們位於Aurora的核心期貨與選擇權市場同地機房（co-location）。我喜歡BrokerTec Chicago的一點是，它能依客戶的交易策略與市場狀況，提供選擇與執行場域。

We have over 35 clients connected to the platform already. And that includes several participants from the derivative space who exclusively trade US cash treasuries on BrokerTec Chicago. ADV grew 93% month-over-month in March, and we saw a record day of $1.2 billion on April 8.

目前已有超過35家客戶連接到該平台。其中包括數家來自衍生品領域的參與者，他們在BrokerTec Chicago上專門交易美國現券公債。3月的日均成交量（ADV）月增93%，而我們在4月8日看到單日1.2十億美元的紀錄。

So additionally, we view BrokerTec Chicago as an important foundation in a larger effort to deliver unique, new trading efficiencies by bringing our cash and futures markets closer together. So we're pleased with BrokerTec Chicago so far, and we'll keep you updated on new features as it progresses.

此外，我們將BrokerTec Chicago視為更大計畫中的重要基礎，該計畫旨在透過讓現券與期貨市場更緊密結合，帶來獨特且新的交易效率。因此，到目前為止我們對BrokerTec Chicago的表現感到滿意，並會在其推進過程中持續向各位更新新功能。

Great. And just a follow-up on prediction markets. Terry, could you expand a little bit more about on the -- I think you said 150,000 new contract -- new accounts that started trading on CME's platform, having come through that predicting market funnel. I was wondering if you could talk about just what you're seeing, the early behaviors of those kinds of accounts, what -- how you think it might evolve as you try and graduate those kind of customers across the actual traditional futures market?

很好。另外再追問一下預測市場（prediction markets）。Terry，你能否再多談一點——我想你提到有15萬個新合約——新帳戶是透過預測市場的漏斗（funnel）而開始在CME平台上交易的。我想請你談談你們目前看到這類帳戶的早期行為，以及當你們嘗試把這些客戶逐步引導到傳統期貨市場時，你認為它可能會如何演變？

So I'll let Tim comment, Simon. But I think when you look at those new accounts coming in to trade that particular product, it's really difficult to predict what the next six months or a year is going to look like with that constituency. It could be a whole new group of them.

Simon，我先請Tim來補充。但我認為，當你看這些新帳戶進來交易那個特定產品時，要預測接下來六個月或一年這個族群會呈現什麼樣子，真的很困難。也可能會是全新的一批人。

The market can get a little bit stale or could get exciting. You just don't know what's going to happen that would drive the growth of those new accounts or take it away from it. So I hate to try to make a prediction on that. I would rather try to create efficiencies for each and every client and build the business that way. But I'll let Tim talk more about it.

市場可能會變得有點沉悶，也可能會變得很熱絡。你無法知道會發生什麼，進而推動這些新帳戶的成長，或讓成長消退。所以我不太想在這件事上做預測。我更願意為每一位客戶創造效率，並以此方式來建立業務。不過我讓Tim再多談一些。

As I said earlier, when we originally did this deal with FanDuel, it was about distribution and having people look at our products and then participating, and then hopefully they would be graduating into the other parts of our industry, which we think they are and they will. So to me, that's the long game here, and we are going to continue to stay focused on the new client acquisition, as we talked about for many, many years. And this is just an extension of the new client acquisition through our FanDuel partnership.

如我先前所說，當初我們與FanDuel做這筆合作，重點在於通路分發，讓更多人看到我們的產品、參與其中，並希望他們能逐步「升級」到我們產業的其他部分；我們認為他們正在這麼做，也會持續如此。所以對我而言，這是一場長期戰，我們會持續聚焦於新客戶獲取，正如我們多年來一直在談的。而這只是透過我們與FanDuel的合作，延伸新客戶獲取的一種方式。

Tim, do you want to expand?

Tim，你要補充嗎？

Yeah. Thanks, Terry. I think the one thing I would expand on that is when we think about the original thesis of why we're trying to attract the next generation of trader to our markets, it's because we want to get our benchmark products and these benefits and the value prop of CME Group into the traders earlier in their life cycle as a market participant.

好的。謝謝你，Terry。我想我會補充的一點是，當我們思考為什麼要吸引下一代交易者進入我們的市場，原始論點在於：我們希望在交易者作為市場參與者的生命週期更早期，就讓他們接觸到我們的基準產品、這些優勢，以及CME Group的價值主張。

So when we think about what is exciting about the prediction market is prior to the introduction of the full-value margin of event contracts that make it easier to access some of these markets at CME Group, we were on the life cycle of perhaps a trader started in other markets, whether it was single stocks or ETFs or options and then eventually cross over to CME Group to open a futures account, work with our futures brokers, and start trading either full size or micro-sized contracts at CME Group.

因此，當我們思考預測市場令人興奮之處時，在我們推出事件合約（event contracts）的全額價值保證金（full-value margin）之前——這讓在CME Group進入某些市場變得更容易——交易者的生命週期可能是先從其他市場開始，不論是個股、ETF或選擇權，然後最終才轉到CME Group開立期貨帳戶、與我們的期貨經紀商合作，並開始在CME Group交易全尺寸或微型合約。

What's exciting though, we don't know the exact motivation of all those 150,000 traders at CME Group is with the smaller-sized, full value margin contract, we now have the opportunity to perhaps be their first trade in the financial markets. And that is something that is evolving and transformational for our opportunity here at CME Group, that we can meet these clients earlier in their journey.

但令人興奮的是，雖然我們不知道在CME Group的那15萬名交易者各自的確切動機是什麼，隨著較小規模、全額價值保證金合約的推出，我們現在有機會讓它成為他們在金融市場的第一筆交易。而這對我們CME Group在此的機會而言，是一個正在演進且具轉型意義的變化：我們可以在客戶旅程更早期就與他們相遇。

And then as you noted, Simon, once they are then in the ecosystem at the CME Group, we're optimistic they will look at other products. But hard to say exactly what that graduation or life cycle will look like. But capturing them earlier in that journey is one of the things that we find attractive about this opportunity. And it's great to see that bear fruit this early on in the endeavor.

然後如你所指出的，Simon，一旦他們進入 CME Group 的生態系統，我們樂觀地認為他們會去看其他產品。但很難確切說明那個「畢業」或生命週期會是什麼樣子。不過，在那段旅程更早期就把他們吸引進來，是我們覺得這個機會很有吸引力的原因之一。而且很高興看到在這項努力的早期就開始開花結果。

Chris Allen, KBW.

Chris Allen，KBW。

Just a quick one following up on the capital discussion from earlier. I just want to ask about the buyback philosophy. So the buyback level doubled this quarter versus the prior quarter, even with the stock improving materially this quarter. So I'm just kind of curious how you're thinking about it from a -- you view it as opportunistic buyback or is it -- is there anything related to the preferred conversion to common shares? Any color there would be helpful.

我想就先前資本議題的討論再追問一個很快的問題。我想問一下庫藏股回購的理念。所以本季的回購水準相較前一季翻倍，即使本季股價已經明顯上漲。所以我有點好奇你們怎麼看待這件事——你們把它視為機會型回購，還是——是否與特別股轉換為普通股有任何關聯？如果能提供一些說明會很有幫助。

Thanks, Chris. Lynne?

謝謝你，Chris。Lynne？

Yeah, sure. So Chris, one thing that you are saying is we did comment that we will be using the OSTTRA proceeds and putting those to work in the repurchase. So we will continue to be opportunistic with repurchases, but we also will be using that $1.55 billion that we received from the OSTTRA sale and putting that towards repurchases. So between last quarter and this quarter, we've completed about half of that. So we had about $758 million remaining in cash from the OSTTRA proceeds at the end of Q1.

好的，當然。所以 Chris，你提到的一點是，我們確實有說過會把 OSTTRA 的出售所得拿來運用在回購上。因此我們會持續以機會型方式進行回購，但同時也會把我們從 OSTTRA 出售中收到的 15.5 億美元用於回購。所以在上一季到這一季之間，我們大約已完成其中的一半。因此在第一季末，我們來自 OSTTRA 所得的現金仍約有 7.58 億美元。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，Morgan Stanley。

I was just hoping to circle back to the cross margining where you see the regulatory approval to launch the expanded treasury cross-margining to end clients in the coming weeks. So I was hoping you could help quantify the impact of that in terms of added margin and collateral efficiency for customers? How you see the scope for expanded client engagement, velocity, and what that path might look like?

我想回到交叉保證金（cross margining）這個議題：你們提到在未來幾週內可望取得監管核准，向終端客戶推出擴大的美國公債交叉保證金。所以我希望你們能協助量化其影響，例如對客戶而言新增的保證金與抵押品效率提升有多少？你們如何看待客戶參與度、交易周轉（velocity）擴大的空間，以及可能的發展路徑？

That's a good question, Mike. And I don't know if we're going to have complete visibility into what it's going to look like ultimately. But we are excited by the beginning of it. I'll let Suzanne talk about from her end, what she's seeing.

這是個好問題，Mike。我不確定我們是否能完全看清最終會是什麼樣子。但我們對於它的起步感到很興奮。我讓 Suzanne 從她那邊談談她所看到的情況。

Yeah. Thanks for the question. We are excited to be bringing those two big liquidity pools together in the interest rate space. We think that just as we've seen in the House program, we do have the ability to offer a pretty compelling savings the two clearing houses.

好的。謝謝你的提問。我們很期待能在利率領域把這兩個大型流動性池結合起來。我們認為，就像我們在 House 計畫中看到的那樣，我們確實有能力在兩個清算所之間提供相當具吸引力的節省。

We anticipate the savings can be upward of 80% for the client book just like we've seen on the House side of the program today. We are at about 22 clearing members today that have signed the agreements for the House program. And although we've just announced the approval, we do already have one clearing member that signed the agreement for the customer program scheduled to go live at the end of this month, and are engaging with a number of other clearing members to offer the client program as well.

我們預期，對於客戶部位（client book）的節省幅度最高可達 80%，就像我們目前在該計畫的 House 端所看到的一樣。目前大約有 22 家清算會員已簽署 House 計畫的協議。雖然我們才剛宣布核准，但我們已經有一家清算會員簽署了客戶計畫的協議，預計在本月底上線，並且也正與多家其他清算會員洽談，以提供客戶計畫。

So hard to speculate on the dollar savings, but we do anticipate the ramp-up will be similar to what we saw on the health side. And that we'll be able to deliver significant savings for customers, just like we have so far on the House program.

所以很難推測以美元計的節省金額，但我們確實預期其爬坡速度會與我們在 House 端看到的類似。而且我們將能為客戶帶來顯著的節省，就像我們迄今在 House 計畫上所做到的一樣。

And I would just add that this is a unique benefit that they're able to get those offsets between their activity at CME and at FICC. So it does help reinforce the value proposition of our offering.

我再補充一點：這是一項獨特的好處，因為他們能在 CME 與 FICC 的活動之間取得那些抵銷（offset）。因此這也有助於強化我們方案的價值主張。

And what were the savings on the House side?

那 House 端的節省是多少？

Max savings have been about $1.5 billion. Average daily is closer to just over $1 billion.

最高節省大約是 15 億美元。日均則更接近略高於 10 億美元。

And showing no further questions. I will now turn the call back over to management.

看起來沒有進一步的問題。我現在把電話會議交回給管理層。

Well, thank you. Our record-breaking start to 2026 underscores the importance of our risk management ecosystem. I want to harp on one thing that Lynne talked about earlier. We have continued to grow this business, exponentially grow the client base globally, and bring more participants in here to mitigate and manage risk.

好的，謝謝。我們在 2026 年創紀錄的開局，凸顯了我們風險管理生態系統的重要性。我想再強調 Lynne 先前提到的一點。我們持續擴張這項業務、在全球以指數型態擴大客戶基礎，並引入更多參與者來降低並管理風險。

The rate per contract is always something that's difficult to figure out. And I think when you look at that, you need to focus on that just a little bit more as we continue to grow our business because we actually think this is a really good thing as we continue to grow.

每份合約的費率一直是很難釐清的事情。我認為當你看這個指標時，隨著我們持續擴張業務，你需要更聚焦在這上面一些，因為我們其實認為，隨著我們持續成長，這是一件非常好的事。

So this is not new. We're growing the business and we're really excited about that because it allows multiple participants to continue to grow their business here at CME and pay a price that makes sense for them and for us and for more importantly for you.

所以這不是新鮮事。我們正在成長，而且我們對此非常興奮，因為這讓多方參與者能在 CME 持續擴展他們的業務，並以對他們、對我們、以及更重要的是對你們都合理的價格來參與。

And we're seeing unprecedented engagement across all of our global asset classes today. We remain focused on disciplined execution and delivering superior value to our shareholders. Once again, I want to thank you all for joining this call today.

而且我們目前在所有全球資產類別上都看到前所未有的參與度。我們仍專注於有紀律的執行，並為股東創造更優異的價值。再次感謝各位今天參與這通電話會議。

This concludes today's call. Thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。