芝加哥商業交易所 (CME) 2026 Q2 法說會逐字稿

Welcome to the CME Group second-quarter 2026 earnings call. (Operator Instructions)

歡迎參加 CME Group 2026 年第二季財報電話會議。(接線員指示)

I will now turn the call over to Adam Minick. Please go ahead.

我現在把電話交給 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 second quarter 2026, which we will be discussing on this call. I'll start with the Safe Harbor language, and then I'll turn it over to Terry.

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，提供 2026 年第二季的詳細資訊，我們將在本次電話會議中加以討論。我先宣讀「安全港」聲明，接著把時間交給 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. 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.

本次電話會議以及我們網站上其他參考文件中，凡非歷史事實之陳述均屬前瞻性陳述。這些陳述不保證未來表現。其中涉及難以預測的風險、不確定性與假設。因此，實際結果可能與任何陳述中明示或暗示的內容存在重大差異。有關可能影響我們表現之因素的詳細資訊，請參閱我們向 SEC 提交並刊載於網站上的文件。

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

最後，在新聞稿中，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。

Thank you, Adam. And thank you all for joining us this morning. I'll make a few comments about our strong quarter and then -- before I turn 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。在我把時間交給 Lynne 概述我們的財務結果之前，我先就本季的強勁表現做幾點說明。除了 Lynne 之外，我們的管理團隊其他成員也在場，將在事先準備的發言結束後回答問題。

The second quarter average daily volume of 29.8 million contracts represented the second highest Q2 in our history and was within 1% of our record second quarter a year ago with May and June, particularly strong following the tough April comparison. Open interest ended the quarter up 8% over the past year and up 16% since the beginning of this year. Additionally, we delivered a record level of capital efficiencies, saving our customers an average of over $95 billion in margin per day.

第二季日均成交量為 2,980 萬口合約，為我們歷史上第二高的第二季表現，且僅較去年創紀錄的第二季低 1%；在艱難的 4 月比較基期之後，5 月與 6 月表現尤其強勁。未平倉量在季末較去年同期成長 8%，並較今年年初成長 16%。此外，我們創下資本效率新高，平均每日為客戶節省超過 950 億美元的保證金。

Recently, this strong business performance has been overshadowed by discussions surrounding perpetual futures. While this product may be do the futures, they function much more like leverage spot products. They may appeal to certain retail traders seeking high leverage, but they are not appropriate for the institutional risk managers who comprise the vast majority of our business.

近期，這項強勁的業務表現被圍繞永續期貨的討論所掩蓋。雖然此產品可能被稱為期貨，但其運作方式更像槓桿現貨產品。它們可能吸引尋求高槓桿的部分零售交易者，但並不適合構成我們業務絕大多數的機構風險管理人。

Perpetual futures are highly engineered instruments that rely on frequent funding rate adjustments that revert the decision back to the spot price. They are known for high leverage and automated liquidations. They offer limited investor protections and introduce heightened market risk, particularly for retail participants. These products do not appeal to our core customers.

永續期貨是高度工程化的工具，依賴頻繁的資金費率調整，使價格回歸現貨價格。其以高槓桿與自動強制平倉而聞名。它們提供的投資人保護有限，並引入更高的市場風險，尤其對零售參與者而言。這些產品對我們的核心客戶沒有吸引力。

Through the first half of 2026, 94% of our volume originated from institutional customers. Perpetual futures are in no way substitutes for the institutional hedging tools that these customers rely on. Perpetuals do not provide price or time certainty to necessary components for hedging exposures.

2026 年上半年，我們 94% 的交易量來自機構客戶。永續期貨絕非這些客戶所依賴之機構避險工具的替代品。永續合約無法提供避險曝險所必需的價格確定性或時間確定性。

Furthermore, when taking into an account both of the transaction fee and the daily funding costs, the total cost to trade perpetual futures is typically orders of magnitude more expensive than our highly efficient futures contracts. We have the full technical and operational capabilities to launch perpetual futures. In fact, we have contract specifications and are prepared to bring these products to market should evolving demand or structural shifts make it appropriate to do so. However, we have not heard demand from our customers for these products.

此外，若同時考量交易手續費與每日資金成本，交易永續期貨的總成本通常比我們高效率的期貨合約高出數個數量級。我們具備推出永續期貨的完整技術與營運能力。事實上，我們已擬定合約規格，並已準備好在需求演變或結構性變化使其適當時將這些產品推向市場。然而，我們尚未聽到客戶對這些產品的需求。

Crypto perpetuals are not new and existed before we even launched our crypto futures complex in 2017. We have built that business over the past -- last nine years because our futures fill a market need that was not met by traditional crypto products, including perpetuals. Our crypto futures volume is up over sevenfold in the past three years despite the existence of crypto perpetuals. We remain deeply committed to ensuring market integrity, and we'll never sacrifice core protections in the name of innovation. Instead, we continue to launch innovative products while preserving the safety and soundness of our marketplace.

加密貨幣永續合約並非新事物，在我們於 2017 年推出加密貨幣期貨產品群之前就已存在。過去九年我們之所以能建立這項業務，是因為我們的期貨滿足了傳統加密產品（包括永續合約）未能滿足的市場需求。儘管加密永續合約一直存在，我們的加密期貨交易量在過去三年仍成長逾七倍。我們仍然堅定致力於確保市場完整性，絕不會為了創新而犧牲核心保護機制。相反地，我們將在維持市場安全與穩健的同時，持續推出創新產品。

In the second quarter, we successfully introduced 24/7 trading of crypto futures. And this weekend, we are launching 24/7 trading of our 1-ounce gold contract. Next week, we will be launching single stock futures, which will simplify directional trading with exceptional capital efficiency.

在第二季，我們成功推出加密期貨的 24/7 交易。而在本週末，我們將推出 1 盎司黃金合約的 24/7 交易。下週，我們將推出單一股票期貨，將以卓越的資本效率簡化方向性交易。

In the fourth quarter, we plan to launch Treasury Link to link our US treasury futures and cash treasury liquidity pools. We're also partnering with silicon data to launch a pioneering compute futures market later this year. We expect our innovation -- we expect our innovative new offerings to further accelerate our growth as we build on our record-breaking performance in the first half of 2026. Our robust product pipeline and ongoing investments in our technology evolution position us well to drive continued value for both clients and shareholders.

在第四季，我們計畫推出 Treasury Link，以連結我們的美國公債期貨與現貨公債的流動性池。我們也正與 silicon data 合作，預計於今年稍晚推出開創性的運算（compute）期貨市場。我們預期創新——我們預期這些創新新產品將在 2026 年上半年創紀錄表現的基礎上，進一步加速成長。我們強健的產品管線以及對技術演進的持續投資，使我們具備良好條件，為客戶與股東持續創造價值。

With that, I will turn the call over to Lynne to review our financials, and I look forward to your questions.

接下來，我把電話交給 Lynne 來回顧我們的財務狀況，也期待各位的提問。

Thanks, Jerry. And thank you all for joining us this morning. As Terry mentioned, CME Group delivered strong financial results in the second quarter. Our revenue of over $1.7 billion was up 1% from the second quarter in 2025. This marks a record for second quarter revenue and the second highest all-time quarterly revenue behind Q1 of this year. The average rate per contract for the quarter was $0.678, a $0.026 increase from Q1.

謝謝你，Jerry。也感謝各位今天早上加入我們。如 Terry 所提到，CME Group 在第二季交出強勁的財務成果。我們營收超過 17 億美元，較 2025 年第二季成長 1%。這創下第二季營收新高，亦為歷來單季營收第二高，僅次於今年第一季。本季每口合約平均費率為 0.678 美元，較第一季增加 0.026 美元。

Market Data revenue achieved another record quarter, up 20% to $238 million, continuing our trend of 33 consecutive quarters of year-over-year market data revenue growth and our eighth consecutive quarter of record revenue.

市場數據（Market Data）營收再創單季新高，年增 20% 至 2.38 億美元，延續我們連續 33 季市場數據營收年增的趨勢，並達成連續第 8 季創紀錄營收。

Adjusted expenses were $521 million for the quarter and $412 million, excluding license fees. Our adjusted operating income was $1.2 billion or 69.5% adjusted operating margin. Adjusted net income and adjusted diluted earnings per share were $1.1 billion and $2.99 per share, 1% higher than Q2 2025. This represents an adjusted net income margin for the quarter of 63.4%. We returned $1.2 billion to shareholders during the quarter with $468 million in regular quarterly dividends and $695 million in shares repurchased.

本季調整後費用為 5.21 億美元；若排除授權費，為 4.12 億美元。調整後營業利益為 12 億美元，或 69.5% 的調整後營業利益率。調整後淨利與調整後稀釋每股盈餘分別為 11 億美元與每股 2.99 美元，較 2025 年第二季高 1%。這代表本季調整後淨利率為 63.4%。本季我們向股東返還 12 億美元，其中 4.68 億美元為例行季度股利，6.95 億美元用於庫藏股回購。

CME Group continued to build on its record 2025 performance through the first half of 2016. Volume through the first half was 10% ahead of last year with open interest growing 8%. Revenue increased 8% and adjusted diluted earnings per share come 10% in the first half of the year.

CME Group 在 2016 年上半年持續延續其 2025 年創紀錄的表現。上半年交易量較去年同期高出 10%，未平倉量成長 8%。營收增加 8%，調整後稀釋每股盈餘在上半年成長 10%。

Further, we set new records for our large open interest holders in interest rates, equity index and FX since the start of this year. Third quarter volume has started out strong with July to date, tracking 18% ahead of last year. Our strong financial performance this year reflects CME Group's established role as the world's severe risk management destination in times of uncertainty, our robust market infrastructure and deep liquidity pools allow participants to manage exposure with confidence.

此外，自今年年初以來，我們在利率、股票指數與外匯等領域的大型未平倉部位持有人方面也創下新紀錄。第三季的成交量開局強勁，截至目前7月的表現較去年同期高出18%。我們今年強勁的財務表現，反映出CME Group在不確定時期作為全球首屈一指的風險管理首選場所之既有地位；我們穩健的市場基礎設施與深厚的流動性池，使參與者能夠有信心地管理曝險。

As the market landscape continues to evolve, we remain committed to driving innovation and delivering the capital efficiencies that our clients rely on. With continued strong demand for our risk management products, we look forward to continuing this momentum in the second half.

隨著市場格局持續演變，我們仍致力於推動創新，並提供客戶所倚賴的資本效率。在我們風險管理產品需求持續強勁的帶動下，我們期待在下半年延續這股動能。

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

接下來我們想開放電話會議進入提問時間。

(Operator Instructions) Dan Fannon, Jefferies.

(接線員指示) Jefferies 的 Dan Fannon。

Terry, I was hoping you could expand upon your comments on perpetuals. Clearly, the market is focused on this topic. Can you expand upon what you're hearing from customers, if anything, around the potential innovation that might be coming from perpetuals?

Terry，我希望你能進一步說明你對永續合約（perpetuals）的評論。顯然，市場目前非常關注這個議題。你能否談談你從客戶那邊聽到的情況（如果有的話），以及永續合約可能帶來的潛在創新？

Yes, Dan, it's a great question. I've spent a lot of time over the last several weeks going through each and every one of our asset classes talking to the highest levels of those institutions who participate in our business under the great benefits of being in my role for the last 30 years as I've booked a lot of good relationships, and they put me in the right direction with the participants.

是的，Dan，這是個很好的問題。過去幾週我花了很多時間，逐一檢視我們每一個資產類別，並與參與我們業務的機構最高層進行交流；我在這個職位上30年來建立了許多良好關係，這些關係也讓我能與相關參與者取得正確的連結。

So I'll give you an example, the largest -- second largest energy participant in the world of commercial participation. So there's been a lot of talk about oil as it relates to perks and other -- and of course, it's in the headlines today as it relates to the Iranian war.

我舉個例子：全球商業參與者中最大的——第二大的能源參與者。因此，市場上一直有很多關於原油與永續合約等的討論——當然，今天也因伊朗戰爭相關議題而登上新聞頭條。

I have had conversations with the CEO of this firm and his derivative participants from different parts of the world, and they reassured me 19 times I ask them that they want to meet with this product. They do not want this product. They do not know how they would possibly risk manage the exposures that they have on their books with a perpetual contract. It does not work for them. They made it quite clear to me that this product that we have today and other energy products that are available to them, whether it's at ICE or somewhere else are critically important to what they do to manage their business. So that is one example.

我曾與該公司的執行長以及其來自世界各地的衍生品參與者交流；我問了他們19次，他們都向我再三保證，他們不希望推出這個產品。他們不想要這個產品。他們不知道要如何用永續合約來管理其帳上曝險的風險。這對他們行不通。他們也非常清楚地告訴我，我們目前的產品以及其他可供他們使用的能源產品（無論是在ICE或其他地方）對他們管理業務至關重要。這是一個例子。

And I've also know the same thing as it relates to our other products such as rates and equities and have had very similar conversations. So when these products have end dates associated with them on the cash market side and you have a product as I said in my opening comments, that trade around a leverage spot price that does absolutely nothing for them in order to risk manage their product. Now it might do something for the retail participant who wants to just trade back and forth. And -- but it does nothing for the 94% of the business that I outlined earlier in my comments.

而且我也了解到，在我們其他產品（例如利率與股票）方面也是同樣的情況，我也進行過非常類似的對話。因此，當這些產品在現貨市場端都有對應的到期日，而你卻提供一個如我在開場所說、圍繞槓桿現貨價格交易的產品時，對他們的風險管理完全沒有幫助。現在，這或許對只想來回交易的零售參與者有些作用。但對我先前提到的、占我們業務94%的部分而言，毫無作用。

And I think anybody on this call knows me. I'm pretty forward straight shooter, and I even mentioned that in my opening comments, if I thought we needed to list these, we would do so. And I said that we were prepared to do it if we needed to do it. But that's not what we are hearing. We are hearing quite the contrary to how business and commerce gets done by the institutional participants.

我想在座各位都了解我。我一向直來直往、講話很直接；我在開場也提到過，如果我認為我們需要掛牌這些產品，我們就會去做。我也說過，如果有需要，我們已準備好推出。但我們目前聽到的並非如此。我們聽到的情況，與機構參與者實際如何完成業務與商業運作，恰恰相反。

And I want to be careful about the names that I use, but I will tell you that these are significant players. These are not third or fourth tier players. These are top-tier players who are the open interest in CME.

我必須小心我提到的名稱，但我可以告訴你，這些都是重要的玩家。不是第三、第四線的參與者。而是CME未平倉量中的頂級參與者。

Alex Kramm, UBS.

UBS 的 Alex Kramm。

I guess I'll stay on the same topic, even though you brought it up twice already, Terry, that if there's demand, you would meet it. So maybe just talk a little bit more philosophical why on the retail side, you don't think there's demand yet because clearly, you've been expanding into retail aggressively.

我想我會延續同一個主題，儘管你已經提過兩次了，Terry：如果有需求，你們就會滿足。所以也許可以更偏哲學層面談談，為什麼你認為在零售端目前還沒有需求，因為你們顯然一直在積極擴展零售業務。

And I know that's not your core market, but it's been a nice growth area. And clearly, it seems like there is interest from retail. So just maybe can you give us some more detail what the retail participation is saying and why you're not ready -- or why you're not willing to do this right now? Or -- and what really has to change for you to expand there on the retail side?

我知道那不是你們的核心市場，但它一直是個不錯的成長領域。而且看起來零售端確實有興趣。所以你能否提供更多細節，說明零售參與者在說什麼，以及為什麼你們現在還沒準備好——或為什麼你們目前不願意這麼做？或者，零售端要出現什麼變化，你們才會擴展到那一塊？

I'm going to ask -- so the comparison, Alex, and thank you for the question. Comparison for the retail right now in the United States would be the crypto franchise because that's the only other perps that are out there competing with our products today. So Tim is going to walk through some of the statistics around what the retail is doing in that particular asset class.

我先請——所以這個比較，Alex，謝謝你的問題。目前在美國，零售端可對照的案例會是加密貨幣業務，因為那是目前唯一存在、且以永續合約與我們現有產品競爭的其他市場。所以Tim會說明一些統計數據，談談零售在該資產類別中的行為。

But I want to make a point, and I think this is really important as it relates to perpetuals. I want to ask anybody or it's a rhetorical question. How many people have been talking about the funding rate and the cost of the funding rate as it relates to a perpetual? And how many people have been talking about the auto liquidation, risk management model on the back end of the market? The answer to that because it was rhetorical is zero.

但我想強調一點，我認為這對永續合約而言非常重要。我想問大家——這是一個反問。有多少人一直在談資金費率（funding rate）以及永續合約的資金費率成本？又有多少人在談市場後端的自動強制平倉（auto liquidation）風險管理模型？這個反問的答案是：零。

The only thing we're talking about, about a perpetual is there is no exploration data associated with it. I will tell you that we are not seeing anybody nor do we hardly ever see anybody in the retail division hold on to these products long enough to ever go to an expiration. So that is not the issue.

我們談永續合約時，唯一在談的就是它沒有到期日。我可以告訴你，我們沒有看到任何人——或者我們幾乎從未看到零售部門的任何人持有這些產品久到真的走到到期。所以問題不在這裡。

And then I clearly outlined, if they did, the cost associated with going to roll the product versus paying the funding rate and the cost to trade the product, which is sevenfold higher than CME's execution cost would way overshadow the cost that it would be to roll your position. So that demand is still not there. But just to reinforce that, I'm going to ask Tim to walk through an apples-to-apples comparison on the crypto side because that's what we've seen to date that's been approved. Tim?

而且我也清楚說明過：即便他們真的持有到那個程度，展期（roll）部位的成本，相較於支付資金費率以及交易該產品的成本——其交易成本是CME執行成本的7倍——後者的成本會遠遠蓋過展期部位所需的成本。因此，那樣的需求仍然不存在。不過為了再次強化這點，我會請Tim以加密貨幣端做一個同類比較（apples-to-apples），因為那是我們目前看到已獲核准的案例。Tim？

Thanks, Terry, and thanks, Alex, for the question. As Terry said in his opening remarks, our cryptocurrency business at CME Group has continued to grow year-over-year in nine years we've been in it along aside thesis perpetuals in the crypto-native ecosystem outside the US. And when we look at the growth we had, if we look at the suite of crypto products at CME Group, that grew 32% compared to Q2 2025. Our suite of cryptocurrency futures and options is up 44% for H1 '26 versus H1 '25, and is up 76% in June versus June of 2025, despite slightly more muted volatility environment we're seeing to and that is in place with perpetuals being introduced the last two weeks.

謝謝你，Terry，也謝謝你，Alex，提出這個問題。如Terry在開場所說，CME Group的加密貨幣業務持續年增；我們投入這個領域已經9年，同時在美國以外的加密原生（crypto-native）生態系中，也一直存在永續合約。而當我們看我們的成長時，如果看CME Group的加密產品組合，較2025年第二季成長了32%。我們的加密貨幣期貨與選擇權產品組合，在2026年上半年相較2025年上半年成長44%，且6月相較2025年6月成長76%，儘管我們看到的波動環境略為趨緩，而且永續合約是在過去兩週才剛被引入。

Now as Terry said, if we look at some of the numbers at CME Group, we're doing between $4.5 billion and $6.5 billion per day of trading in our Cryptocurrency complex versus about $270 million at the Bitcoin Perk introduced by [Kalshi] in the month of July. And then if you look at open interest, again, which as Terry is saying, is a proxy for risk management and access to these markets, we have between $9 billion and $10 billion of average daily open interest for June and July versus $10 million of open interest in the perpetual product that was introduced at the end of May beginning.

正如 Terry 所說，如果我們看 CME Group 的一些數據，我們在加密貨幣產品組合的日均交易量介於 45 億至 65 億美元之間；相較之下，[Kalshi] 在 7 月推出的 Bitcoin Perk 月度交易量約為 2.7 億美元。再看未平倉量（open interest），同樣如 Terry 所言，這可作為風險管理與進入這些市場的替代指標，我們在 6 月與 7 月的平均每日未平倉量介於 90 億至 100 億美元之間；而 5 月底、6 月初推出的永續產品未平倉量約為 1,000 萬美元。

So I think these numbers speak for themselves and are long year -- almost nine-year growth trajectory of serving this community, along with the introduction of additional cryptocurrency futures, the introduction of 24/7 trading, where we've seen over $1.5 billion traded over the first eight weekends with a significant participation of retail we think the retail community in cryptocurrency is adequately served alongside the institutional community of clients at CME.

所以我認為這些數字不言自明，也反映了我們服務這個社群長達近九年的成長軌跡；再加上推出更多加密貨幣期貨、導入 24/7 交易，我們在前八個週末的成交金額已超過 15 億美元，且我們認為散戶參與度相當顯著。我們認為，在 CME，散戶加密貨幣社群與機構客戶社群都已獲得充分服務。

Thanks, Tim. Lynne, do you want to add?

謝謝你，Tim。Lynne，你要補充嗎？

Yes, if I could just add one thing. Tim highlighted at the end, the launch of the 24/7 crypto. We have those metals products also going live this began, and we've talked about the single stock features so in line as well. So we continue to innovate our products and add what we are seeing as demand coming from that retail customer. So we're certainly hearing interest in our products and continuing to expand our suite both in terms of availability and product to meet that need.

是的，如果我可以再補充一點。Tim 在最後提到 24/7 加密貨幣的上線。我們的金屬產品也同步上線、已經開始運作；我們也談到單一股票期貨（single stock futures）同樣在規劃中。因此，我們持續依據散戶客戶所展現的需求來創新並新增產品。我們確實聽到市場對我們產品的興趣，並持續在可得性與產品面擴充我們的產品組合，以滿足這項需求。

So Alex, hopefully that gives you some more color about what we are really seeing versus what is being written upon or potentially propaganda coming out of other entities or what they are may or may not be doing.

所以 Alex，希望這能讓你更清楚我們實際看到的情況，相較於外界文章所寫的，或其他機構可能釋出的宣傳內容，或他們可能在做、也可能沒在做的事情。

Chris Allen, KBW.

KBW 的 Chris Allen。

Maybe if you could switch gears a little bit and talk about compute futures. It seems like a really interesting product opportunity. I wonder if you could give us any color on customer demand here? And how do you think CME as part of the construction will be differentiated versus other competing launches?

或許我們可以稍微換個話題，談談算力期貨（compute futures）。這看起來是一個非常有趣的產品機會。想請問你能否分享一些客戶需求面的觀察？以及你認為 CME 在這項產品建構中，將如何與其他競爭性發行有所區隔？

That's a great question, Chris, and thank you for that. when this was originally introduced I found it fascinating that this market was really underserved as far as a risk management asset for the growth of not only data centers but just compute in general. And working with some of our -- and this is the beauty of CME Group having the business partners with our FCMs and our clients and working together to bring products together to go forward and serve the interest of many, many participants.

這是個很好的問題，Chris，也謝謝你。當這項產品最初被提出時，我覺得很有意思的是：就資料中心的成長、乃至於整體算力需求的成長而言，市場在「風險管理資產」這一塊其實相當缺乏服務。而與我們的一些——這也是 CME Group 的優勢：我們與 FCM（期貨佣金商）及客戶等業務夥伴合作，大家一起把產品推向市場，去服務非常、非常多的參與者之共同利益。

So compute futures, whether you're a believer in AI or not or whether you're a believer in the proliferation of data centers or not, some things have just become undeniable, and I think this might be one of those scenarios because the artificial intelligence serves so many different industries outside of finance and the benefits there it can derive. So -- but you need to have the risk because you've seen some of these compute stocks or AI stocks, the volatility that can be inherent in them, the multiples they trade at. So I think this will give them a massive risk management tool to use going forward. And I am really excited by the growth of this product, and we're going to do it and do it properly with our partners.

所以算力期貨，不論你是否相信 AI，或是否相信資料中心的擴張，有些事情已經變得無可否認，我認為這可能就是其中之一；因為人工智慧服務的產業非常多，遠不只金融，且能帶來相當多的效益。但是你需要風險管理工具，因為你已經看到一些算力概念股或 AI 概念股的波動性可能很高，以及它們的交易倍數。因此我認為這將為他們提供一個非常強大的風險管理工具，供未來使用。我對這項產品的成長非常興奮，我們會與合作夥伴一起把它做好、做對。

And for me, I think this is another innovative concept idea as the world continues to evolve. We're reintroducing single stock futures, as we said in our earlier comments. I'm probably the only one that's old enough to remember that when we first introduced in the first time they failed measurably. Sometimes, timing is really important when you list products. And I will say timing is massively critical right now when we get ready to list future. So just as I do with single stock futures, the time is right for that product as well.

就我而言，我認為這也是在世界持續演進下的另一個創新概念。我們正如先前所說，將重新推出單一股票期貨。我可能是唯一年紀夠大、還記得我們第一次推出時，結果相當失敗的人。有時候，產品上市的時機非常重要。我也要說，當我們準備推出期貨產品時，現在的時機極其關鍵。因此，就像單一股票期貨一樣，這項產品的時機也已經成熟。

So I'm going to ask Derek Sammann, who's kind of falls under his business line a little bit and can we make a comment as well. Derek?

所以我想請 Derek Sammann 來補充一下，這項產品在他的業務線之下。Derek？

Yes. I think as Terry and Lynne both mentioned, we continue to innovate products based on client demand and client need and those continue to evolve every single day despite the headlines of what the flavor of the month is in retail. When we look at the compute future specifically, there is certainly an unmet need in the world in which we operate where data centers are front and center of driving economic growth in AI is in the middle of every conversation right now.

好的。我想如 Terry 與 Lynne 都提到的，我們會依據客戶需求與客戶需要持續創新產品，而這些需求每天都在演變，不會因為散戶市場「本月流行什麼」的新聞標題而改變。就算力期貨而言，在我們所處的世界裡確實存在尚未被滿足的需求：資料中心正站在推動經濟成長的核心位置，而 AI 也正處於每一場對話的中心。

We are going to be the first daily benchmark tracking to spot out the rental cost as in video, each one that are GPUs. And what that means is that we're going to be partnering with silicon data as the price reported agency, as Jerry referenced, for these rental indices. And what this means is it allows customers to be able to manage the risk and price certainty and price curves around the input cost in managing their data center business is going to provide a mechanism for financing for a lot of these companies.

我們將成為第一個以每日基準（daily benchmark）追蹤 GPU 租用成本的產品。這表示我們將與 Silicon Data 合作，由其擔任如 Jerry 所提到的價格報告機構（price reporting agency），用於這些租賃指數。而這代表什麼？它讓客戶能夠管理風險、取得價格確定性，並建立圍繞投入成本的價格曲線；在管理其資料中心業務時，這也將為許多公司提供一種融資機制。

There's no real price discovery mechanism today, that's the business that we are in, whether it's ag, whether it's equities, whether it's energy, this falls right under our price discovery mechanism. It allows customers to manage the procurement planning process, which they can't do now with a forward curve and allows for clear budgeting as well.

目前並沒有真正的價格發現機制（price discovery mechanism），而這正是我們的本業——不論是農產品、股票、或能源；這項產品完全符合我們的價格發現定位。它讓客戶能夠管理採購規劃流程——目前他們無法透過遠期曲線做到——並且也能進行更清晰的預算編列。

When you think about how we think the users of these products are, it's not just the commercial end users, AI labs, cloud providers, asset managers looking to get exposure to growth drivers of the AI economy, banks, energy firms, hedge funds and professional trading houses -- and when you take a step back, this actually sits vessels well inside our commodities portfolio because when you think about what this allows us to do, it allows customers to effectively hedge a data center. Think about that for a minute. We've got our copper contract. We've got our aluminum contract. We've got our nat gas, which is typically the energy it in the most data centers.

當你思考我們認為這些產品的使用者會是誰時，不僅是商業終端用戶，還包括 AI 實驗室、雲端服務供應商、希望取得 AI 經濟成長驅動因子曝險的資產管理公司、銀行、能源公司、避險基金與專業交易機構——而當你退一步看，這其實非常適合納入我們的大宗商品產品組合；因為它讓我們能做的是：讓客戶有效地對沖一座資料中心。請想一下這件事。我們有銅合約。我們有鋁合約。我們有天然氣（nat gas），而天然氣通常是多數資料中心使用的能源。

We've got a power business. We've got compute futures. So we think about what that portfolio product means to our commercial end users as well as asset managers and bioscience firms and loan exposure. This is the next evolutionary step in product innovation that continues to expand our portfolio based on customer need and our ability to innovate in a rapidly change the environment.

我們有電力業務。我們有算力期貨。因此我們會思考，這樣的產品組合對我們的商業終端用戶、資產管理公司，以及生物科學公司與貸款曝險等意味著什麼。這是產品創新的下一個演進步驟：在快速變動的環境中，持續依據客戶需求擴大我們的產品版圖，並展現我們的創新能力。

Ken, hopefully, that gives you a little bit of -- Chris, a little bit of color on the compute futures.

Ken——希望這能讓你——Chris，對算力期貨有更多一些了解。

Ken Worthington, JPMorgan.

JPMorgan 的 Ken Worthington。

So Trump has launched a project fault in minerals and metals with copper, silver, aluminum, lithium and some others on the list. Are there positive implications for Comex from Project Vault or other Trump metals and neural initiatives?

川普推出了一個名為 Project Vault 的礦產與金屬專案，清單包含銅、白銀、鋁、鋰以及其他一些品項。Project Vault 或其他川普的金屬與「神經」相關倡議，對 Comex 是否有正面影響？

Thanks, Ken. Appreciate the question. Derek, do you want to address that?

謝謝你，Ken。感謝你的提問。Derek，你想回應一下嗎？

Yes. And I can appreciate the question. There's certainly a lot of discussion around what it means for reinforcing US missile supply chains. I think -- let me take a step back, Project Vault is out in the market alongside a lot of other growth drivers that have led to our record first half revenues and volumes in our metals business and our second best second quarter ever in our metals business.

是的。我也理解這個問題。關於強化美國飛彈供應鏈究竟意味著什麼，確實有很多討論。我想——讓我先退一步看，Project Vault 在市場上推出的同時，還有許多其他成長動能，帶動我們金屬業務上半年營收與成交量創下紀錄，並使我們金屬業務第二季成為歷來第二佳的第二季。

When you look at what Project Vault is focused on, it's really about reinforcing US supply chains. And that means is reinforcing the value of US benchmark which exactly what CME Group is all about, whether it's our copper business, whether it's our battery metals business, where we are single largest venue for risk management and price discovery in battery metals.

當你看 Project Vault 的重點時，它其實就是在強化美國供應鏈。而這意味著強化美國基準（US benchmark）的價值，這正是 CME Group 的核心所在——不論是我們的銅業務，或是我們的電池金屬業務；在電池金屬領域，我們是風險管理與價格發現的全球最大交易場所。

This is contributing all to the focus on US benchmarks, the products we run. And if you follow that value, what's happening, we see our copper volumes up 4% this year, we see record amounts of physical copper in COMEX warehouses just under 700,000 short tons of copper in US warehouses directly responding to the focus on US supply chains and onshoring the ability for customers and US infrastructure to enable access to this critical minerals and battery metals. That is exactly the business that we are in the middle of. We are the number one exchange for battery metals globally, and this is bringing new interest into this part of the industry from buy side and banks alongside commercials, which is the original driver for our entry into the battery metals business.

這些都在促進市場對美國基準、以及我們所營運產品的聚焦。而如果你沿著這個價值脈絡看正在發生的事，我們看到今年銅的交易量成長 4%；我們也看到 COMEX 倉庫中的實物銅庫存創下紀錄——美國倉庫中的銅接近 70 萬短噸，這是對聚焦美國供應鏈、以及在岸化（onshoring）能力的直接回應，讓客戶與美國基礎建設能取得這些關鍵礦物與電池金屬。這正是我們正在深耕的業務。我們是全球電池金屬的第一大交易所，而這也為產業這一環帶來新的興趣，除了商業客戶（commercials）之外，買方與銀行也加入——而商業客戶正是我們當初進入電池金屬業務的原始驅動力。

And the last data point I'd tell you is that we're seeing record open interest in our steel context right now. That is directly tied to focus on US supply chain. So overall, I think we're well positioned for this. We continue to innovate in this space.

最後一個數據點是，我們目前在鋼鐵合約上的未平倉量也創下紀錄。這與聚焦美國供應鏈直接相關。所以整體而言，我認為我們在這方面具備很好的定位。我們也會持續在這個領域創新。

And as I mentioned before, we continue to respond to customer need. And as those needs evolve, we'll continue to grow this business.

而如我先前提到的，我們會持續回應客戶需求。隨著這些需求演進，我們也會持續擴大這項業務。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

So Terry, earlier this month, the CFTC stayed your 24/7 crude oil contract the day before launch, while the 24/7 gold contract went forward and Chairman Selig was fairly pointed about the self-certification timing. So what do you make of the commission drawing the line between those two products? And do you see any read through there on how they're maybe approaching the perpetual futures question and allowing 24/7 trading in those products potentially?

Terry，本月稍早，CFTC 在你們 24/7 原油合約上市前一天對其下達暫緩（stay），但 24/7 黃金合約則照常推進，而且 Selig 主席對自我認證（self-certification）的時點相當直言不諱。你如何看待委員會在這兩個產品之間劃線的做法？你是否從中看出他們可能如何看待永續期貨（perpetual futures）議題，以及未來可能允許這些產品進行 24/7 交易的態度？

Yes. Thanks, Patrick. I appreciate the question. I think that when you look at the stay on our 40.2 is what Patrick is referring to, there's two ways to certify contracts, 40.2 is cell certification, 40.3 as a full review. We actually filed both as everybody may know.

是的。謝謝你，Patrick。感謝你的提問。我認為，當你看我們 40.2 的暫緩——也就是 Patrick 所指的——合約認證有兩種方式：40.2 是自我認證，40.3 則是完整審查。實際上我們兩種都送件了，大家應該都知道。

But the contract we filed was not novel or complex. It was an existing contract, there's sort of smaller size to it. So we felt -- we announced the date the 40.2 was the right approach for us to do, which, by long, we have the ability to file either one. We're not compelled to file of 40.3 or 40.2, but we did file the multiple.

但我們送件的合約並不新奇或複雜。它是既有合約，只是規模較小。所以我們認為——我們也宣布了日期——採用 40.2 對我們而言是正確作法；而且長久以來，我們本來就有權選擇送 40.2 或 40.3。我們並非被迫一定要送 40.3 或 40.2，但我們確實兩種都送了。

So my read on that is that they stayed the contract. I guess that's their priority to do so. I guess I don't want to give in too much of the idiosyncrasies of some of the products they have not stayed, but it is kind of interesting how some of the 40.2 filings that have gone through the agency.

所以我對此的解讀是，他們選擇暫緩這個合約。我想那是他們的優先事項。我想我不想過度評論他們對於其他未被暫緩產品的各種特殊考量，但確實有點耐人尋味：有些 40.2 送件卻能在機關內通過。

And I guess I can go through an example of the ridiculous and others, but let's just talk about the fourth of July contract that they did not stay in a 40.2, which was Kalshi Nathan's Hotdog Eating Contest that was actually a contract that went through. And I guess that had an economic interest to somebody, I'm not sure who, but 24/7 needs to be stayed on his existing contract.

我可以舉一些荒謬的例子等等，但我們就談談他們在 40.2 下沒有暫緩的 7 月 4 日合約——Kalshi 的 Nathan 熱狗大胃王比賽——那其實是一個通過的合約。我想那對某些人可能有經濟利益，我不確定是誰；但我們這個既有合約的 24/7 需求卻必須被暫緩。

So that, to me, is a little concerning about readily benefit, susceptible to manipulation under core principle 3, which we have been very adamant about of these contracts. So we didn't see anything novel or complex as it relates to our small oil contract. We have talked to, as I said earlier in my comments, some of the largest producers in the commercial side of the energy they understood what we were trying to effectuate.

所以在我看來，這讓人有點擔心：就核心原則 3 而言，哪些合約具有可被操縱的風險、以及是否容易被操縱；我們一直對這類合約非常堅持。因此，就我們的小型原油合約而言，我們看不出有任何新奇或複雜之處。正如我先前評論所說，我們也與能源商業端一些最大的生產商溝通過，他們理解我們想要促成的事情。

We have 24/7 oil being traded today by entities that are supposedly not allowed to have US participants into it, but yet we've yet to see how the federal government is policing US participants from not participating in these 24/7 markets or how they're not having an influence on the weekends certain markets, I'm not suggesting they are, but how they're not.

我們今天也看到有 24/7 原油在交易，交易方據稱不允許美國參與者加入，但我們至今仍未看到聯邦政府如何執法、以防止美國參與者參與這些 24/7 市場，或如何確保他們不會在週末對某些市場產生影響——我不是在暗示他們有，但我是在問如何確保他們沒有。

So -- then we also have prediction markets that have prices of oil that trade 24/7. So I was a little surprised by that, but I guess I shouldn't be because there's certain other contracts that take priority when you're in the hot dog business. So there's a lot of things going on right now, Patrick, and surprised by it. And I'm not trying to be too flippant about it, but I am trying to point out that we are trying to run contracts here that are meaningful for commerce that we think are critical for commerce.

此外，我們也有預測市場（prediction markets），其原油價格是 24/7 交易的。所以我對此有點驚訝，但我想我也不該驚訝，因為當你在熱狗生意裡時，有些其他合約會被優先處理。所以現在有很多事情正在發生，Patrick，我對此感到意外。我不是想太輕佻，但我想指出的是：我們在這裡試圖運作的是對商業活動有意義、且我們認為對商業至關重要的合約。

And there are other participants that are listing this, and we are being held up by the agency, but they are not telling us or the world how they are policing US participants from not participating in 24/7 oil today or how they can square up that predictions on oil prices were down the road that trade 24/7 are any different from our small contracts. So a little surprised by it, but not really.

而其他參與者正在掛牌這些產品，我們卻被主管機關卡住；但他們並未告訴我們或外界，他們如何在今天防止美國參與者參與 24/7 原油交易，或他們如何自圓其說：那些 24/7 交易、對未來原油價格的預測，與我們的小型合約究竟有何不同。所以我有點驚訝，但也不完全意外。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just to switch back to perpetuals and really focusing on the retail side and maybe a futuristic scenario. And that would be, Terry, what would your view be on any potential, down the road, CFTC approval of equity perps, particularly S&P? What kind of process do you think that ought to go through given that market is multiples? Many multiple sites of the crypto market and could have systemic issues. So if you could talk about that.

也許再把話題切回永續合約（perpetuals），並更聚焦在零售端以及一個偏未來的情境。Terry，你如何看待未來某個時間點 CFTC 可能核准股票永續合約（equity perps），尤其是 S&P 相關？鑑於該市場規模是倍數級——遠大於加密市場的多個交易場所——且可能帶來系統性問題，你認為應該走什麼樣的流程？如果可以，請談談你的看法。

And then if you were to launch those, I would assume they would not be risk margin with your existing clearinghouse. They would be separate. So I mean, could you theoretically launch those for retail at lower leverage? And would you view yourself as having the exclusive right to the S&P license in a perp future -- or I shouldn't say future, but a perp contract, which I guess is a CFTC-regulated swap as opposed to the future?

另外，如果你們要推出這類產品，我猜它們不會與你們現有清算所進行風險保證金的合併計算（risk margin）。它們會是分開的。那麼理論上，你們是否可以以較低槓桿向零售推出？以及你是否認為自己對 S&P 授權在永續合約——我不該說期貨（future），而是永續合約——上擁有排他權？我想那應該是 CFTC 監管的交換（swap），而不是期貨？

Ryan, great question. A lot in here to unpack. Let me unpack it. First of all, your last comment was the right comment. We still believe and our litigation will show that these are swaps not futures.

Ryan，問得很好。這裡面有很多內容需要拆解。我來拆解一下。首先，你最後那個評論是正確的評論。我們仍然相信，而且我們的訴訟將會證明，這些是掉期（swaps）而不是期貨（futures）。

Anytime two parties exchange payments as they do in the funding rate, under the Dodd-Frank Tech, which I had the distinct pleasure of testifying 20 to 30 times on in 2010, long before anybody at the CFTC was up there, I know what Dodd-Frank says. That is a swap contract. So we feel very confident that, that is a swap contractor start.

只要兩方像資金費率（funding rate）那樣互相交換付款，依據《多德—弗蘭克法案》（Dodd-Frank）的技術性規定——我在2010年就此作證了20到30次，遠在CFTC那邊有人上台之前——我很清楚多德—弗蘭克怎麼寫。那就是一份掉期合約。因此我們非常有信心，那是一份掉期合約（或至少是掉期合約的起點）。

Let's fast forward though, you asked another question. would we lift those contracts on equities, I believe, as you said, in a separate entity. No, we would never -- we would not need to list them in a separate entity of clearing. We can list them in our existing clearing because it doesn't mean if you list a perp that you have to have in other liquidation margin methodology in order to have a perpetual. So we would not need to do that if, in fact, you went down that path. But that's a long way from even having a discussion.

不過我們快轉一下，你還問了另一個問題：我們是否會把那些股票相關的合約（如你所說）放到一個獨立的實體去掛牌。不，我們絕不會——我們不需要在一個獨立的清算實體裡掛牌它們。我們可以在既有的清算體系中掛牌，因為掛牌一個永續合約（perp）並不代表你就必須採用另一套不同的強平與保證金方法論才能有永續合約。所以如果你真的走那條路，我們也不需要那麼做。但這離真正開始討論都還很遠。

Your third question was as it relates to our relationship with S&P Global. Anything that is considered a future and cleared by our agreement is the exclusive right under the index of CME Group. So no one else could be able to list that contract. That is the intellectual property that is owned in partnership with S&P Global. So we would be the only ones that could list a perpetual.

你的第三個問題是關於我們與S&P Global的關係。任何被視為期貨、且依我們協議進行清算的產品，在該指數下都屬於CME Group的專屬權利。所以其他人都不能掛牌那個合約。那是與S&P Global共同擁有的智慧財產權。因此只有我們能夠掛牌永續合約。

If we went down that path, on equities on the indices of the S&P of the Dow Jones, and we have the agreements with Nasdaq and with Russell that they have the understanding that those are intellectual property products if they're deemed futures, they are -- they fall under the scope of our agreement. So we're the only ones that could participate in that particular asset class on the indices. I don't know if I touched on three of the four or all four?

如果我們走那條路，在股票、在S&P與道瓊指數上，而且我們也與Nasdaq與Russell有協議；他們也理解，若這些被認定為期貨，它們就是智慧財產權產品——並且落在我們協議的範圍之內。所以在指數這個特定資產類別上，只有我們能參與。我不確定我是否回答到四個問題中的三個，還是四個都回答了？

Is it just the systemic risk of potentially approving in equity perp given that market equities are obviously massively larger than crypto about --

是否主要是因為潛在核准股票永續合約（equity perp）的系統性風險，畢竟股票市場顯然比加密市場大得多，大約--

Yes, Brian, I'm sorry, I don't mean to cut it off, but the systemic risk of an equity perp, if you were to try to list an equity per the way they are designed today and listed today in crypto, I think it could be a systemic issue for the marketplace because of no one understands full well how that funding rate would work and how it would be calculated because as we said earlier, it's technically not a future. It's a spot leverage product. So that right away has a problem for that particular asset class.

是的，Brian，抱歉，我不是要打斷你，但股票永續合約的系統性風險——如果你試圖用今天加密市場那種設計與掛牌方式去掛牌股票永續合約——我認為對市場可能會是系統性問題，因為沒有人能完全理解那個資金費率會如何運作、如何計算；因為如我們先前所說，從技術上它不是期貨。它是一種現貨槓桿產品。所以這對那個資產類別立刻就會構成問題。

And secondly, on the auto liquidation of a market the size of the US equity, other equity markets and the participants thereof could be very systemically risky as they auto liquidate on a whole host of mathematical equations and how they liquidate those products, how much percent does each entity want to preserve, to liquidate and what would happen in a cascading market up or down on liquidation on both sides of the market. And would they have to introduce tariffs as their first line of defense, not their last line of defense? And that, to me, would be a systemic risk, not just to the participants, that would be a systemic risk to the US equity market.

第二，在像美國股票這麼大規模的市場上做自動強制平倉（auto liquidation），以及其他股票市場與其參與者，可能會帶來非常高的系統性風險，因為它們會依一整套數學方程式自動平倉：這些產品如何被平倉、每個實體想保留多少比例、要平倉多少，以及在市場上漲或下跌時，雙邊同時觸發平倉會發生什麼樣的連鎖反應。而且他們是否必須把「關稅／費率（tariffs）」作為第一道防線，而不是最後一道防線？而在我看來，那會是系統性風險，不只是對參與者，而是對美國股票市場的系統性風險。

And if we have a systemic risk to the US equity market, there's a systemic risk to the world. Yes.

而如果美國股票市場存在系統性風險，全球就會有系統性風險。是的。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Terry, I was hoping to go back to the point you were making around single stock features and the fact, obviously, that's been tried before. You think the time is sort of right now for us to be more successful. Why now, I guess, what makes it different? And maybe talk through how you're planning to partner with various retail distribution platforms to perhaps make this a more successful product now? And again, ultimately, competition from some of those platforms directly to launch other of sort of leverage bets on underlying equities?

Terry，我想回到你剛才提到的單一股票期貨（single stock futures）這點，顯然以前有人嘗試過。你認為現在時機大致成熟、我們會更成功。為什麼是現在？我想問，差異在哪裡？另外也請談談，你們打算如何與各種零售分銷平台合作，讓這個產品現在更成功？以及最終，來自其中一些平台的競爭——它們可能會直接推出其他類似對標的股票進行槓桿押注的產品？

Yes. Thanks, Alex. Interesting question. So why timing now? I've been around, like I said earlier, a long time, and I've seen a lot of products come and go.

是的。謝謝你，Alex。很有意思的問題。那為什麼是現在這個時點？我在這個行業待了很久，就像我先前說的，我看過很多產品起起落落。

And I like to tell people that when you've seen a lot of things, you're seeing a lot of people make money being wrong and you're seeing a lot of people losing money being right, and it's all about timing.

我常跟大家說，當你看過很多事情，你會看到很多人「判斷錯卻賺到錢」，也會看到很多人「判斷對卻賠了錢」，一切都取決於時機。

Right now, the world has evolved since 2000 when the single stock futures on Chicago joint venture was put forward with three separate entities with three separate agendas under two separate regulators being in the SEC and CFTC. It was destined kind of for failure because of the timing and where we're at the evolution of finance. That doesn't mean that the product is not a good concept or an idea for risk management protocols as we continue to evolve. And it's not too dissimilar to where T-bills were dead forever, and all of a sudden when the rates started to do what they did, T-bills actually became in favor again throughout a process, and we relisted T-bills for and we did quite well with them. And that can happen in different times in the world of economic finance.

現在，世界相較於2000年已經演進了；當時芝加哥的單一股票期貨合資案，是由三個不同實體、三套不同目標，在SEC與CFTC兩個不同監管機構之下推動。由於時機與金融演進所處階段的關係，它某種程度上注定會失敗。但這不代表這個產品概念不好，或它不是一個隨著我們持續演進、可用於風險管理機制的好想法。這也不太不同於國庫券（T-bills）曾經長期乏人問津，但當利率開始出現那樣的變化後，國庫券又在一段過程中重新受到青睞；我們重新掛牌國庫券，表現也相當不錯。在經濟金融世界的不同時期，這種情況都可能發生。

I think that single stock futures with proliferation the markets itself. And I'm not suggesting markets are going higher or lower, but when you see that the appreciation in the equity markets today, I think people are now looking for other tools on how to hedge out that product, where they may not be looking at that with the valuation of the S&P then 50 much lower as it was in 2000 or the Dow it was at and the Russell and Nasdaq. So now of these different levels, I think people are looking at different tools in order to efficiently hedge certain stocks, and you don't need to read the daily paper to know that people like to talk about the MAG 7, the MAG 9, whatever the MAG is of the day, what is invoked.

我認為單一股票期貨會隨著市場本身的擴張而發展。我不是在暗示市場會上漲或下跌，但當你看到當前股票市場的漲幅，我認為人們現在正在尋找其他工具來對沖該部位；而在2000年時，S&P 50（應為S&P 500）估值低得多、道瓊、Russell與Nasdaq也在不同水準，當時人們可能不會這樣看待。所以在如今這些不同水準之下，我認為人們正在尋找不同工具，以更有效率地對沖特定股票；你不需要看每日新聞也知道，大家喜歡談所謂的「MAG 7」、「MAG 9」，或今天流行的任何MAG，討論焦點是什麼。

So there's people that are looking to hedge out those risks in a liquid marketplace where they feel comfortable doing so. We think CME is the right place for that. We think with the products that we're going to offer them will be the right products for them to mitigate and manage that risk. And the reason why I feel so compelled about it is because of the participation levels, not only the institutions, but all the different cohorts and the valuation of the indexes in of themselves need to have tools to manage risk, and this is just another tool for them to do so, and we think it's efficient.

因此有人希望在一個流動性充足、且他們覺得安心的市場中對沖那些風險。我們認為CME是最適合的地方。我們認為我們將提供的產品會是他們用來降低與管理風險的合適產品。我之所以如此堅信，是因為參與程度不僅來自機構，也來自各種不同族群；而指數本身的估值也需要工具來管理風險。這只是他們可用來達成目的的另一項工具，我們認為它很有效率。

You asked another question, which I'm going to ask Tim and then Julie Winkler on the retail partner side or the partner side in general, how we're going to move that forward? So Tim, do you want to make a comment or touch on that?

你又問了另一個問題，我會先問 Tim，接著再請零售合作夥伴端、或更廣義的合作夥伴端的 Julie Winkler 回答：我們打算如何推動這件事往前走？所以 Tim，你要不要發表一下看法或回應一下？

Yes. Thanks, Terry, and thanks, Alex, for the question. I think also when we look at the timing of introducing single stock futures at CME Group next Monday is if we look at the momentum we're seeing in the equity complex at CME, where for Q2, an $8.6 million ADV, which is up 13% year-over-year, June delivering 10.1 million contracts, up 54% year-over-year.

好的。謝謝你，Terry，也謝謝你，Alex，提出這個問題。我想另外，當我們看 CME Group 下週一推出單一股票期貨的時點時，如果我們看 CME 股權產品群目前看到的動能，第二季日均量（ADV）為 860 萬口，年增 13%；6 月交出 1,010 萬口合約，年增 54%。

And if we look through where we are in July, about 7.8 million contracts per day, which is up about 40% -- between 40% and 50% versus July of 2025. And it's clear that the market needs and wants more risk management and access to equities. So offering single stocks alongside the natural home of risk transfer and price discovery that we offer our equity index contracts makes a ton of sense.

再看 7 月截至目前，我們大約是每天 780 萬口合約，較 2025 年 7 月增加約 40%——介於 40% 到 50% 之間。很明顯，市場需要、也想要更多的風險管理工具以及進入股票市場的管道。因此，在我們提供的股權指數合約這個風險轉移與價格發現的天然主場旁邊，提供單一股票產品非常合理。

It's also worth noting that these single stock futures will be financially settled against the closing print of the name, which is a different innovation and different structure versus the prior product making them not only more accessible to institutional and retail traders in the US but makes it much more approachable and accessible to the global customer base of CME Group and easier to plug and play to all of our distribution partners across the globe.

另外也值得一提的是，這些單一股票期貨將以該標的的收盤成交價作為結算基準進行現金結算；相較於先前的產品，這是一項不同的創新與不同的結構，使其不僅對美國的機構與零售交易者更容易使用，也讓 CME Group 的全球客戶群更容易上手，並且更容易與我們遍布全球的所有通路合作夥伴進行即插即用式的整合。

And when you couple that with the near 24 access, Sunday night through Friday of our traditional equity complex at CME Group, alongside the nearly $45 billion per capital savings per day that our equity complex delivers to the market, that is what we think is different about it right now. And that's why I think Terry is absolutely right where timing matters, and we're optimistic about the timing of the market and the gravity of the compliant CME and look forward to the launch on Monday.

再加上 CME Group 傳統股權產品群幾乎 24 小時可交易（週日晚上到週五），以及我們的股權產品群每天為市場帶來近 450 億美元的資本節省，我們認為這就是目前的差異所在。也因此我認為 Terry 說得完全正確：時點很重要；我們對市場時機與合規的 CME 所帶來的吸引力感到樂觀，並期待週一正式上市。

Alex, such a good question, and I don't want to work too long on it, but Julie, I do think it's important because it's such a good question and we talk about the distribution in our partners.

Alex，這是個非常好的問題。我不想在這題上講太久，但 Julie，我確實認為這很重要，因為這問題真的很好，而且我們也一直在談合作夥伴的通路分銷。

Yes. So our retail brokers globally are extremely excited about this new product innovation. They are seeing it as the single biggest retail growth catalyst of the year. This is been working on for some time. And also, we've been working with them and see them very actively in testing this within their systems.

是的。我們全球的零售券商對這項新的產品創新非常興奮。他們把它視為今年零售成長最大的催化劑。這項工作已經推進了一段時間。同時，我們也一直與他們合作，並看到他們非常積極地在其系統內進行測試。

This product is a very straight forward wave for both single stock and single stock options traders to add futures to their training portfolios. And we believe this is going to continue to introduce a broader retail audience and attract them to CME Group markets.

對於單一股票與單一股票選擇權交易者而言，這個產品是一個非常直接的途徑，讓他們把期貨加入其交易投資組合。我們相信，這將持續把更廣泛的零售受眾引入並吸引到 CME Group 的市場。

So with the 22 biggest names, those are certainly going to be very appealing to retail traders. And we have over 35 retail partners that are targeting the readiness for day one kind of on activity. So we do believe this is going to build over time, but we feel very good about the retail brokers as well as the liquidity providers that we have ready to go for Monday.

因此，涵蓋最大的 22 檔標的，對零售交易者當然會非常有吸引力。而且我們有超過 35 家零售合作夥伴，正以第一天即可上線交易的準備度為目標在推進。所以我們確實相信這會隨時間逐步成長，但我們對零售券商以及已準備好在週一上線的流動性提供者都非常有信心。

Ben Budish, Barclays.

Ben Budish，巴克萊。

So wondering if you could unpack the strength in market data growth this quarter, even better than last quarter, it looks like a pretty big sequential step up again. You called out pricing, which I think went into effect in January. You called out new products. I assume there's some new broker partners and things like that. But just curious if you can unpack that a little bit and how should we think about the next couple of quarters, given we have the pricing, but what else to think through in the near term?

我想請教你們能否拆解一下本季市場數據（market data）成長的強勁表現；看起來甚至比上季更好，序列上又出現一次相當大的跳升。你們提到定價調整，我理解是 1 月生效。你們也提到新產品。我猜也有一些新的券商合作夥伴之類的因素。但我想了解你們能否更細緻地拆解一下；以及展望接下來幾季，考量已經有定價因素之外，短期內還應該思考哪些驅動因素？

Great question. Julie?

好問題。Julie？

Certainly, this has been our -- Q2 was again a strong -- very strong quarter on record, $230 million in revenue, we saw an increase of 20%, as Lynne pointed out earlier, and this was a 6.2% sequential growth over last quarter. it's really coming down to a few main factors. The price increase that you mentioned. But a lot of other things as well.

當然。本季——第二季再次是我們紀錄上非常強勁的一季，營收 2.30 億美元；如 Lynne 先前指出，我們看到 20% 的成長，且較上季序列成長 6.2%。這主要歸因於幾個關鍵因素。包括你提到的價格調升。但也還有很多其他因素。

We saw strong growth of 3.5% quarter-on-quarter growth for our professional subscribers. And this is just reinforcing the points that we've made throughout this call of having access to such a wide array of benchmarks. This real-time data is extremely important, and that is happening across all of our asset classes.

我們看到專業訂戶（professional subscribers）季增 3.5% 的強勁成長。這也再次印證我們在本次電話會議中反覆提到的重點：能夠取得如此廣泛的基準（benchmarks）。即時數據非常重要，而這種需求正在我們所有資產類別中發生。

We've seen continued revenue expansion in our derived data business. That team is working through the sales pipeline. And there's also a variable component of many of these agreements, which is going to drive additional revenue as other performance-based measures kick in. And as we've discussed a bit with you last quarter, these performance-based simulation trading device accounts are really starting to grow rather significantly. Those were up year-over-year.

我們也看到衍生數據（derived data）業務持續擴張營收。該團隊正在推進銷售管線。此外，許多協議包含可變動的組成部分，隨著其他以績效為基礎的衡量指標開始生效，將帶動額外營收。而且如同我們上季與你們稍作討論的，這些以績效為基礎的模擬交易裝置帳戶（simulation trading device accounts）確實開始相當顯著地成長。這些年增表現是上升的。

And really what these simulated trading environments are doing is they're acting as an incubator for both our market data business as well as our transaction-based retail business. So what we see is a robust pipeline of traders that graduate from the simulation environments after they get education, after they get exposure of how to trade and they then become professional data subscribers in their own right. So it's really a great catalyst for that type of revenue growth.

而這些模擬交易環境實際上扮演的角色，是同時作為我們市場數據業務與以交易為基礎的零售業務的孵化器。因此我們看到一條強健的交易者管線：他們在模擬環境中完成教育、接觸並學會如何交易後，會從模擬環境「畢業」，接著本身就成為專業數據訂戶。所以這確實是推動該類營收成長的一個很好的催化劑。

And additionally, it's just worth noting this quarter included approximately $7 million in audit and catch-up payments for prior periods. That was compared to $3.8 million in Q1. These are nonrecurring. So we expect those payments are going to fluctuate quarter-on-quarter I'd say this performance is a single tailwind, but a deliberate part of our multipronged strategy really across the data offerings, building demand and expanding that use also of our benchmark pricing with things like term so far.

另外也值得注意的是，本季包含約 700 萬美元的稽核與前期補收款（catch-up payments）。相較之下，第一季為 380 萬美元。這些屬於非經常性項目。因此我們預期這些款項會在各季之間波動。我會說這樣的表現是一個單一的順風因素，但同時也是我們多管齊下策略中刻意的一部分——涵蓋整體數據產品供給、建立需求並擴大使用，以及透過例如期限（term）等方式擴展我們的基準定價應用。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Just a question on prediction markets. I was hoping you could update us on the traction that you're seeing, particularly outside of sports? And if you could talk to some of the steps that you're taking to drive greater engagement and connectivity, what's on the product road map? And more broadly, can you speak to the market data opportunity ahead with prediction markets?

我有一個關於預測市場（prediction markets）的问题。我想請你們更新一下目前看到的牽引力（traction），特別是在體育以外的領域？以及你們為了提升參與度與連結性正在採取哪些步驟，產品路線圖（product road map）上有哪些規劃？更廣泛地說，你們能否談談預測市場在市場數據方面的機會？

Yes. Thanks, Mike. Prediction markets, interesting, there seems to be a lot of activity. But I want to ask Lynne to talk a little bit about how the revenue kicks out on top of those and the way they are structured. And we'll try to keep the sports out of it because I've been pretty public about this.

好的。謝謝你，Mike。預測市場很有意思，看起來活動量相當多。不過我想先請 Lynne 談一下這些產品在營收端是如何反映出來的，以及它們的結構設計方式。我們會盡量不談體育，因為我在這方面已經相當公開地表達過。

A lot of these prediction markets on sports are gambling. And I think that, that is going to find its way to the Supreme Court, and that is not something that we want to be a part of participating in right now.

許多這些體育類的預測市場其實就是賭博。而我認為，這件事很可能會一路打到最高法院，而這不是我們現在想要參與其中的事情。

As I said earlier, I think a lot of these contracts are susceptible to manipulation when they list some of these small parleys and things of that nature. And those are not markets. Those are gambling. So we'll talk more about the predictions on economic outcomes and things of that nature and give you some stats on that. We've broken some of those out, and we can give you those.

如我先前所說，我認為當他們掛出一些小型串關之類的東西時，很多這類合約很容易受到操縱。而那些不是市場。那些是賭博。所以我們會再多談一些關於經濟結果等性質的預測，並提供一些相關統計數據。我們已經把其中一些拆分出來，也可以提供給你。

Yes. Thanks for the question. So a couple of points there. So if we look in launched, we've done about $525 million of that contract. That includes about $48 million contracts related to markets of that.

是的。謝謝你的問題。所以這裡有幾點。如果我們看已上線的部分，我們大約做了5.25億美元的該類合約。其中包含約4,800萬美元與該類市場相關的合約。

So about 9% of the total. That does tend to fluctuate depending on what is going on in the markets themselves. So things like large events like World Cup, you tend to see a bit of a shift.

所以大約占總量的9%。這確實會隨著市場本身發生的事情而波動。因此像世界盃這種大型事件，你通常會看到一些轉移。

As Terry mentioned, our product set is much more narrow than some of what you might see on some of these other platforms, and that is intentional because we want to be very careful with what we are putting out for trade to make sure that it meets all the requirements that we see from our regulator.

如Terry提到的，我們的產品組合比你在其他一些平台上看到的要更為聚焦、範圍更窄，而這是刻意為之，因為我們希望對我們推出供交易的內容非常謹慎，以確保它符合我們從監管機構所看到的所有要求。

A couple of other points I would note, we had over 140,000 accounts that were trading at contracts this quarter. That was up about 13% from last quarter. And we also saw some good growth in the average daily volume traded. So we are up over 4 million a day. That was up about 40% versus what we saw in Q1.

我還想補充幾點：本季有超過140,000個帳戶在交易合約。較上季增加約13%。我們也看到平均每日交易量有不錯的成長。所以我們現在每天超過400萬。相較於我們在第一季看到的水準，增加約40%。

So I can let Tim add a little bit more there. I guess one thing before I do, the market data question. I think that's still a bit of a ways off in terms of monetizing anything related to these markets given the level of volume, we'd want to see that really have a lot more seasoning before we would start talking about that. Tim?

我可以讓Tim再補充一些。在我這麼做之前，先回到市場數據的問題。我認為就這些市場相關的任何變現而言，距離現在還有一段路要走；以目前的成交量水準，我們希望在開始談這件事之前，先看到它有更多時間的沉澱與成熟。Tim？

Yes. Thanks, Lynne. I think just maybe one thing to add is as we continue to see sort of consecutive months of growth in our ADV in the totality of the complex, we are also pleased to see when we are seeing some of these major events happening like the World Cup that Lynne mentioned, that on some of those days, we are seeing our market volume participate alongside upwards of 20% of the volume that we're seeing. So it just reinforces this hypothesis of getting these traders into our market, continuing to work to attract the next generation of traders.

是的。謝謝，Lynne。我想補充的一點是，隨著我們在整個產品複合體的ADV連續數月成長，我們也很高興看到，當Lynne提到的世界盃這類重大事件發生時，在其中一些日子，我們看到我們的市場成交量參與度可達我們所看到總成交量的20%以上。所以這再次強化了這個假設：把這些交易者帶進我們的市場，並持續努力吸引下一代交易者。

So we're pleased to see that we're seeing balanced growth both in terms of the markets as well as the sports, but very pleased with the progress today. I appreciate the question.

因此我們很高興看到，無論是在市場面或體育面都呈現均衡成長，但也對目前的進展感到非常滿意。謝謝你的提問。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Just a two-part for me. Lynne, congratulations on the promotion. I'm wondering, I know it's a little bit ways off yet. I'm wondering if you can maybe talk about early views of strategically what are the top two or three priorities as you're ready for the new role. And then, Terry, just sort of curious, where do you stand in terms of time line you think on the case with the CFTC, which district do you think might have an opportunity to take a look at this? And any timing on milestones or pacing would be very helpful.

我這邊有兩個問題。Lynne，恭喜升遷。我想問，我知道可能還要一段時間。我想請你談談，從策略角度來看，當你準備接任新職務時，初步認為最重要的兩到三項優先事項是什麼。另外，Terry，我也想了解你對與CFTC案件的時間線目前的看法，你認為哪個司法轄區的法院可能有機會審視這件事？以及任何里程碑或進度節奏的時間點，都會很有幫助。

Yes. Thanks, Bill. And I appreciate you reaching out and congratulating Lynne because that's the right thing to do. So in tell us all about your strategic bent. So we can all have it going forward. So we've been working on that.

是的。謝謝你，Bill。也謝謝你主動聯繫並恭喜Lynne，因為這樣做是對的。那就請你把你的策略取向都告訴我們。讓我們之後都能依此推進。所以我們一直在做這件事。

Yes. Well, thank you, Bill. I appreciate it. So I guess what I would say in terms of the strategy, as you know, I've been with the firm for about 20 years now, so a long time. And during my time here, I have been involved in kind of all of the strategic side of the business.

是的。嗯，謝謝你，Bill。我很感謝。就策略而言，我想我會這麼說：如你所知，我在公司大約20年了，時間很長。在這段期間，我幾乎參與了業務各個面向的策略工作。

So the M&A transactions, the partnerships we've done over time, working very closely with Terry and the team those. So my vision for the firm is not a strong departure from what we've delivered over the last 20 years. So I think we have done well in terms of staying with what we are good at, really running kind of the world-class exchange that we do and looking for ways to bring on more product, bring on more customers and create more capital efficiencies for those clients.

包括併購交易、我們多年來做過的合作夥伴關係，也一直與Terry及團隊密切合作。因此我對公司的願景，不會與我們過去20年所交付的成果有很大的偏離。我認為我們在堅持自身所長方面做得很好：真正把我們的世界級交易所營運好，並尋找方法引入更多產品、帶來更多客戶，並為這些客戶創造更高的資本效率。

So my focus is going to be to continue that, build on what we have and continue that momentum to make sure we're delivering for those clients. So I wouldn't expect a large scale departure in that way going forward.

所以我的重點會是延續這些、在既有基礎上再加以建構，並延續這股動能，確保我們能為這些客戶持續交付成果。因此我不預期未來在這方面會有大規模的轉向。

Yes. Thanks, Phil, and thanks, Lynne, for giving us some update. Bill, on the CFTC and the litigation, it is just the process. What we filed -- the agency has 60 days in order to respond to that filing. So that will come out in August. And then I believe they have the ability to push it a little further before anything else can happen. So that's just when you are in litigation with the government agency, there's a time line associated with.

是的。謝謝你，Phil，也謝謝Lynne給我們一些更新。Bill，關於CFTC與訴訟，這就是流程問題。我們所提出的——該機構有60天可以對該提交文件作出回應。所以會在8月出來。然後我相信他們也有能力在其他事情發生之前再往後延一點。所以當你與政府機構進行訴訟時，會有一套相關的時間線。

It's not strictly a traditional sued against another party for [Carex] and are something that you have to go through a process with the government. And again, at 60 days and again, that could be continued. There has been a judge sign to the case. So that will move forward.

這不完全像傳統上對另一方提告的那種情況，對於[Carex]之類的——你必須走一個與政府相關的程序。而且同樣是60天，而且也可能再延長。目前已有法官指派到本案。所以接下來會往前推進。

But I think we'll know more at the end of August as it relates to what the CFTC's response is to the court to our case. And then we'll have more report out. But right now, that's the process that we are aware of to date, Bill, and we don't have much more information than that. Wish we did, but that's just a process that happens when you go with the government.

但我想，等到8月底，我們會更清楚CFTC向法院對我們案件的回應內容是什麼。然後我們會再做更多對外說明。但就目前而言，Bill，這就是我們截至目前所了解的流程，我們沒有比這更多的資訊。希望我們有，但跟政府打官司就是會有這樣的程序。

Simon Clinch, Rothschild & Redburn.

Simon Clinch，Rothschild & Redburn。

Apologies. I'm going to bring it back to perpetual futures again, Terry. But I was just curious to tell the market is really focused on sort of the competitive threat to derivatives franchises from perpetual futures. But I'm interested in your perspective of whether you see any actual sort of adjacent opportunities of symbiotic opportunities between the futures and perpetual futures in the long run should they become a more substantial market for speculatory retail?

抱歉。我又要把話題拉回到永續期貨（perpetual futures）了，Terry。但我只是好奇，市場其實非常關注永續期貨對衍生品業務版圖所帶來的競爭威脅。不過我更想聽聽你的觀點：從長期來看，如果永續期貨成為更具規模、面向投機型散戶的市場，你是否看到期貨與永續期貨之間存在任何實際的相鄰機會或共生機會？

Interesting, interesting question, my friend, Simon, because I do. I do see opportunities as people continue to introduce these products that I believe are swaps. And when they're classified as swaps, as you know, Simon, swaps would need to be margins for five days, you need to become a spot dealer. This is not something a retail participant is prepared to do. We talked about how retail participants activity normally is.

有意思、有意思的問題，我的朋友 Simon，因為我確實看到了。隨著人們持續推出這些我認為屬於掉期（swaps）的產品，我確實看到了機會。而當它們被歸類為掉期時，如你所知，Simon，掉期需要連續五天繳納保證金，你也需要成為現貨交易商（spot dealer）。這不是一般零售參與者準備好要做的事情。我們也談過零售參與者的活動通常是怎麼運作的。

But I also think it lends to an opportunity for them to be looking at our markets and our retail products as it goes forward. So some of these entities that are listing some of these products, whether they're purpose or other type of products on retail, I think directly or indirectly could benefit CME greatly as time continues to move forward.

但我也認為，這也帶來一個機會：讓他們在未來更關注我們的市場與我們的零售產品。因此，一些正在零售端上架這些產品的機構，不論是 Purpose 或其他類型的零售產品，我認為隨著時間推進，無論直接或間接，都可能讓 CME 大幅受益。

So again, it's like an incubator system that I'm not paying for and they are. So we are working our retail business like we have in a very judicious, educational way to make sure we have sustainable clients going forward. There's other people that I would suggest that maybe are not doing the same, some are that could potentially be a part of CME Group going forward. I'm a big believer that large commercial institutions drive the marketplace. They drive the price discovery function and then it trickles down from there and other participants will participate in those products.

所以再說一次，這就像一個我不用付錢、但他們在付錢的孵化器系統。因此，我們以一種非常審慎、教育導向的方式經營零售業務，就像我們一直以來所做的，確保未來擁有可持續的客戶群。我會建議，還有其他人可能沒有用同樣方式在做；也有一些人有在做，而他們未來可能會成為 CME Group 的一部分。我一直深信大型商業機構驅動市場。他們驅動價格發現功能，然後影響會由此向下擴散，其他參與者也會參與那些產品。

The question is at what size meets their needs? And we have shown that we have done and catered to the institution by taking -- and I mentioned this earlier, in S&P 500 from the year 2001 or '02 to a multiple of 250 to a minute to a micro to something smaller than that to meet the needs of different participants.

問題在於，什麼樣的合約規模才能滿足他們的需求？而我們已經證明，我們能透過調整產品來服務機構——我先前也提過，在 S&P 500 方面，從 2001 或 2002 年的 250 倍乘數，到迷你（mini）、微型（micro），再到更小的規模，以滿足不同參與者的需求。

So I think that some of these new online offerings could feed right into the growth of CME's retail business with the products that we have and the cohort of institutions that we have, the 130 million open positions that we have today, the $95 billion of efficiencies at that 130 million open interest receives on a daily basis. That's very attractive.

因此我認為，這些新的線上產品供給，可能會直接帶動 CME 零售業務的成長，結合我們現有的產品與我們的機構客群——我們目前有 1.3 億口未平倉部位（open positions），而這 1.3 億口未平倉量每天可獲得 950 億美元的效率效益。這非常有吸引力。

Now the question is, can we create smaller products for the -- of those products for the institutions to trade that are potentially trading at another venue right now in an incubator type system? I work with some of our retail partners today. And I will mention a few, Ninja being one of the top step being another. These are people that are very committed to bringing their client base into CME in the right way, the right form.

現在問題是：我們能否為機構打造更小規模的產品，讓那些目前可能在另一個交易場所、以孵化器式系統交易的機構來交易？我今天也和一些零售合作夥伴合作。我會提幾個例子，Ninja 是其中之一，Topstep 是另一個。他們非常致力於以正確的方式、正確的形式，把他們的客戶群帶進 CME。

There are many, many others, and I maybe shouldn't have called out, too, because there's multiples, but I happen to meet with both of those recently. So they're top of mind. And they are looking at new ways and how to bring their client base into our retail products. And to me, that is very exciting. So I look at the competition and the landscape of this world as it relates to retail, and I can actually see a benefit of them coming into our markets ultimately.

還有很多很多其他夥伴，我或許也不該只點名，因為其實有很多家；但我最近剛好分別和這兩家見面。所以他們就在我腦海中最優先浮現。而他們正在尋找新的方式，思考如何把他們的客戶群帶進我們的零售產品。對我而言，這非常令人振奮。所以我看待零售相關的競爭與整體版圖時，我其實能看到：他們最終進入我們市場，反而可能帶來好處。

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. Maybe just a question more on market data and the trends there. With the growing usage of AI and get tools within financial market participants, have you seen that as a meaningful demand driver for CME's data solutions just around the factors?

我是代 Ashish Sabadra 提問的 Will Qi。感謝你們把時間安排給我們。我想問一個更偏市場數據與相關趨勢的問題。隨著 AI 的使用增加，以及金融市場參與者採用相關工具，你們是否看到這成為 CME 數據解決方案在需求端的重要驅動因素，特別是就這些因素而言？

That's a good question. Well, thank you very much. Julie?

這是個好問題。非常感謝。Julie？

Yes. I would say it's still relatively early days of trying to both think about what is coming next with the data. The primary means of which we distribute our data today is certainly from a real-time basis and through our market data channel, yet again, the way that consumption is happening in the future, is changing. And so we have been actively in this space also working on our policies as well to ensure that we are going to meet people where they're going to be consuming dates data in the future as well as continuing to offer the feeds that we do today.

是的。我會說，現在仍屬於相對早期的階段，大家都在思考數據接下來會如何發展。我們目前分發數據的主要方式，當然是以即時（real-time）為主，透過我們的市場數據通道；但同樣地，未來的使用/消費方式正在改變。因此我們也一直積極投入這個領域，同時也在調整我們的政策，以確保我們能在未來人們消費市場數據的方式與場景中與他們接軌，同時也持續提供我們今天所提供的各種數據饋送（feeds）。

And so, again, I think a lot of it is we've got a lot of very valuable intellectual property, and we want to make sure that we continue to protect that. And as we've demonstrated, we are in a great period of growth. And so it's both the defend as well as the grow mentality that we have to take with that.

因此，再次強調，我認為很大一部分在於：我們擁有非常有價值的智慧財產，我們希望確保能持續保護它。而且如我們所展現的，我們正處於一個很好的成長期。所以我們必須同時採取「防守」以及「成長」的心態來面對這件事。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，Morgan Stanley。

Thanks so much for taking the follow-up. Just coming back to this perp discussion. If you step back from it for a moment, one of the broader trends across crypto and prediction markets as this move to a more vertically integrated direct-to-customer marketplaces with firms owning both customer relationship as well as the trading venue. So I guess, how do you see this as a competitive threat to CME here or maybe even longer term? Talk about how you're thinking and approaching that some of the steps you might take?

非常感謝讓我追問。我想回到這個永續合約（perp）的討論。如果你先退一步看，整個加密與預測市場的一個更大趨勢，是走向更垂直整合、直接面向客戶（direct-to-customer）的市場平台，也就是公司同時擁有客戶關係以及交易場所。所以我想問，你如何看待這對 CME 形成競爭威脅，或甚至是更長期的影響？也請談談你們的思考方式與應對作法，以及你們可能會採取的一些步驟？

I know you do have your own FCM that you've started to use on the prediction market. Just curious how you're thinking about that and as market structures continue to evolve.

我知道你們也有自己成立的 FCM，並且已開始在預測市場上使用。我也很好奇你們如何看待這件事，以及在市場結構持續演變之下，你們的想法是什麼。

Yes. Mike, that's a great question. And I think when you talk about virally integrated, and that's basically the same as talking about disintermediation of participants in the marketplace today. So we have a whole list of FCMs. We've got our own FCM, which we do not compete with our existing FCMs on. We believe in that model, we think that, that is a good marketplace.

是的。Mike，這是個很好的問題。我認為你談到垂直整合，本質上也就是在談今天市場參與者的去中介化（disintermediation）。我們有一整份 FCM 名單。我們也有自己的 FCM，但我們不會與現有的 FCM 客戶競爭。我們相信這個模式，也認為那是一個良好的市場架構。

I also believe in the neutral facilitator risk management, which is critically important, and that's what CME provides today. We don't participate in the markets. And I think that lends to the credibility of all participants, whether it's the smallest sale of retail participants to the largest institutional trader. So when they start to look at vertically integrated entities that are maybe participating in the market, managing that risk and doing other things on behalf of the client, there could be a bit of -- no, I don't want to say confusion, but people might be a little concerned about conflicts is the word, I guess I was looking for. And I'm not suggesting there would be, but the appearance of Calix could be there.

我也相信中立的促成者式風險管理（neutral facilitator risk management），這點至關重要，而這正是 CME 今天所提供的。我們不參與市場交易。我認為這也提升了所有參與者的可信度，無論是最小規模的零售參與者，或是最大的機構交易者。因此，當他們開始看那些可能參與市場、同時替客戶管理風險並代表客戶做其他事情的垂直整合實體時，可能會有一點——不，我不想說是混淆，但人們可能會對利益衝突有所擔憂，這大概是我在找的詞。我不是在暗示一定會有，但可能會出現利益衝突的觀感。

So I think that participants are savvy today. They're smart today. I think that they're looking for efficiencies that's being proven by our offering today -- and I think when you look at vertically integrated institutions, you have to see what is vertically integrated. And if it's the food chain of creating efficiencies for marketplace, yes, I think that continues. If it's participation in the market in itself, I think that lends to a certain credibility issues for that entity.

所以我認為，今天的參與者很精明。他們也很聰明。我認為他們在尋找效率，而我們今天的產品已經證明了這一點——而當你看垂直整合的機構時，你必須看它到底垂直整合了什麼。如果它是在整個價值鏈上為市場創造效率，是的，我認為這個趨勢會持續。但如果它本身也參與市場交易，我認為那會讓該實體在可信度上出現某些疑慮。

That's kind of how I look at it from a risk perspective. Maybe Suzanne, do you want to comment at all how that could potentially have an effect or not?

從風險的角度來看，我大概就是這樣看待的。也許 Suzanne，你想不想評論一下，這可能會或不會產生什麼影響？

No, I think that covers it.

不，我覺得這已經涵蓋了。

Okay. And I don't know if anybody else has anything to reference on that. But Mike, I hear what you're saying and there might be a day when that happens with CME to, right? But that's the reason why when I put forward that we are going to have our own FCM a couple of years ago, it was due to as you would call at the time, FTX and what they were trying to accomplish.

好的。我不知道是否還有其他人對此有什麼可以補充參考的。不過 Mike，我理解你在說什麼，而且也許有一天 CME 也會發生那種情況，對吧？但這就是為什麼我在幾年前提出我們要有自己的 FCM，原因在於當時你所說的 FTX，以及他們試圖達成的事情。

And I was not going to be unprepared for whatever the scenario may or may not be in the future to have a structure in place for CME to compete in the world that you outlined. But I assure you, I don't want to be a leader in that, but I will be prepared for that.

我不會讓自己在未來可能或不可能出現的任何情境下毫無準備；我會建立一套架構，讓 CME 能在你所描述的世界中競爭。但我向你保證，我不想成為那方面的領導者，但我會為此做好準備。

Showing no further questions, I will now hand the call back over to management.

若沒有進一步的問題，我現在把電話交回給管理層。

Before we wrap up, I just -- we talked about a lot of different things here today, but one of the largest asset classes we have is rates. And we are continuing to create efficiencies. And I just want to touch real quick if the question didn't come up on it and I thought it should is on the Treasury Link. Mike, can you just give a quick explanation on how that's going to work and the benefits for in?

在我們結束之前，我只是——今天我們談了很多不同的事情，但我們最大的資產類別之一是利率。而我們也在持續創造效率。我想很快提一下，如果剛才沒有被問到、但我覺得應該要提的，就是 Treasury Link。Mike，你能不能簡要說明一下它會如何運作，以及對我們的好處？

Yes, sure. Thanks, Terry. Appreciate you calling out Treasurer link. We're excited to announce Treasury Link. It's really an industry-first treasury functionality that will enable transparent centralized spread trading between treasury futures and broker-type cash treasuries on CME Globex.

好的，當然可以。謝謝你，Terry。感謝你特別提到 Treasury Link。我們很興奮宣布 Treasury Link。這確實是業界首創的國債功能，將在 CME Globex 上，讓國債期貨與經紀商型的現券國債之間，能進行透明、集中化的價差交易。

We're leveraging proven FX-linked technology. It's expected to launch in Q4 2026. So this new offering connects the two leading US treasury liquidity pools, bringing unique innovation by enabling a common execution of cash for future spread transactions and eliminating lagging risk in the process.

我們將運用已被驗證的 FX-linked 技術。預計在 2026 年第四季上線。因此，這項新產品把兩個領先的美國國債流動性池連結起來，透過讓現券與期貨價差交易能以共同方式執行，並在過程中消除滯後風險，帶來獨特的創新。

The team and I have been out front of clients, and we see strong demand for both existing and prospective new participants who are interested in realizing execution efficiencies between cash and futures. Notably, the lag of various relative value trades takes place away from BrokerTec, and this offering will be highly complementary to the existing BrokerTec liquidity and expensive to total BrokerTec trading activity.

我和團隊一直在第一線與客戶交流，我們看到現有參與者以及潛在的新參與者都有強勁需求，他們希望在現券與期貨之間實現執行效率。值得注意的是，各種相對價值交易的滯後通常發生在 BrokerTec 之外，而這項產品將與既有的 BrokerTec 流動性高度互補，並可望提升整體 BrokerTec 的交易活動。

Treasury Link really represents the next stage in our initiative to bring our cash and futures markets closely together, delivering unique efficiencies while enhancing liquidity and price discovery the broader US treasury market. Look, it's really an evolving time in the treasury landscape. We have a new side chair who is committed to overhaul in their communication style. We continue to see record debt levels in this country and we will see the treasury and repo clearing mandate phased in over the next year.

Treasury Link 代表我們推動現券與期貨市場更緊密結合的下一階段，在提升更廣泛美國國債市場的流動性與價格發現的同時，提供獨特的效率。坦白說，國債市場正處於演變中的時期。我們有一位新的副主席，致力於徹底改革其溝通風格。我們持續看到本國債務水準創新高，而國債與回購清算的強制規定將在未來一年分階段導入。

So Treasury Link is just another example of how the CME Group continues to innovate and deliver efficiencies for our clients alongside the $27 billion a day in margin savings across futures options, swaps and cash. We're very excited to announce Treasury Link, and I appreciate, Terry, you calling it out.

因此，Treasury Link 只是另一個例子，展現 CME Group 如何持續創新，並在期貨、選擇權、掉期與現券合計每日 270 億美元的保證金節省之外，為客戶提供效率。我們非常興奮宣布 Treasury Link，也感謝你，Terry，把它提出來。

Thanks, Mike. I appreciate the explanation. It is important. We could caught up a little bit on soup du jour. And I want to thank everybody on this call.

謝謝你，Mike。感謝你的說明。這很重要。我們可能有點被每日話題帶著走了。也要感謝今天參與這通電話的各位。

This gave us an opportunity to hopefully set the record straight on where our business is at, where we feel from a competitive standpoint. And what exactly are the products that are supposedly competing with our core business and what our core business looks like today.

這讓我們有機會希望能釐清事實，說明我們的業務目前處於什麼位置、我們從競爭角度的感受如何。以及究竟有哪些產品據稱在與我們的核心業務競爭，而我們今天的核心業務實際上是什麼樣貌。

I can't thank each and every one of you enough for your very pointed questions and I think they're all great, and we are excited about the new offerings we have going forward. We're exciting about the new cohorts and clients that will be coming into our marketplace.

我非常感謝你們每一位提出非常尖銳的問題，我認為這些問題都很棒；我們也對未來推出的新產品感到興奮。我們也很期待將有新的族群與客戶進入我們的市場。

And again, I think that we look at the $95 billion of efficiencies when you look at we are accomplishing here the 94% of our trade being institutional and how we think that could add and grow to our retail business down the road and do it in a thoughtful educational way that's sustainable for a long time to come. We appreciate your questions, and we wish you a good day, and thank you very much for your interest in CME Group. Thank you.

再一次，我想我們看到 950 億美元的效率提升——當你看到我們在這裡所達成的成果、我們 94% 的交易來自機構客戶，以及我們如何認為未來能以審慎、教育性的方式，讓零售業務逐步增加並成長，而且能長期可持續。感謝各位的提問，祝各位有美好的一天，也非常感謝各位對 CME Group 的關注。謝謝。

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。