芝加哥商業交易所 (CME) 2026 Q3 法說會逐字稿

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

歡迎參加 CME Group 2026 年第三季財報電話會議。(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 third quarter 2026, which we will be discussing on this call.

各位早安，希望大家今天都一切順利。今天稍早，我們已發布財報評論稿，內容就 2026 年第三季提供了相當詳盡的資訊，我們也將在本次電話會議中加以討論。

I'll start with the Safe Harbor language, and 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. 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.

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相關文件中所提及、非屬歷史事實的陳述，均為前瞻性陳述。這些陳述並非對未來績效的保證。其中涉及難以預測的風險、不確定性與假設。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，請參閱我們網站上向美國證券交易委員會（SEC）提交的申報文件。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。

Thanks, Adam, and thank you all for joining us this morning. I'll make a few comments about our exceptional third quarter performance 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. Against the backdrop of shifting Central Bank policies, geopolitical uncertainty and persistent market volatility, global participants continue to turn to CME Group in record numbers.

謝謝你，Adam，也感謝各位今天早上加入我們。在把電話交給 Lynne、請她概述我們的財務結果之前，我先就我們第三季的卓越表現做幾點說明。除了 Lynne 之外，我們的管理團隊其他成員也在場，將在預先準備的發言結束後回答問題。在各國央行政策轉變、地緣政治不確定性以及市場波動持續的背景下，全球參與者持續以創紀錄的規模轉向 CME Group。

The third quarter average daily volume of 29.4 million contracts was the highest third quarter average daily volume in CME Group's history, and increased 16% compared to the same period last year. This strong growth was broad-based as we achieved double-digit year-over-year volume growth in all six asset classes.

第三季日均成交量達 2,940 萬口合約，為 CME Group 歷史上第三季最高日均成交量，較去年同期成長 16%。這波強勁成長具備廣泛基礎，我們在六大資產類別全部實現兩位數的年增成交量成長。

Our Financial and Commodity products volume each grew by 16%. Beyond the strong volume growth, the underlying health of the business is perhaps best reflected in the strength of our open interest and the significant capital efficiencies we provide to our customers. Quarter-end open interest reached 128 million contracts, and today, it's over 133 million, the highest open interest at the end of September in our history. As I said, this open interest continues to grow in October. We also set a record for a number of large open interest holders in both our interest rates and foreign exchange complexes in September.

我們的金融與商品產品成交量各自成長 16%。除了成交量的強勁成長之外，業務的基本健康狀況或許最能體現在未平倉量的強勢，以及我們為客戶提供的顯著資本效率。季末未平倉量達 1.28 億口合約，而截至今日已超過 1.33 億口，創下我們歷史上 9 月底未平倉量新高。如我所述，10 月份未平倉量仍持續成長。我們也在 9 月於利率與外匯產品群中，創下大型未平倉持有人數量的紀錄。

Additionally, we delivered record levels of capital efficiency in the third quarter, saving our customers an average of over $100 billion a day in margin savings. This was a record third quarter for our International business as well, where average daily volume reached 9 million contracts, up 22% versus last year. This was led by 6.5 million average daily volume from EMEA, which was up 20% and 2.1 million contracts per day from APAC, up 28%.

此外，我們在第三季創下資本效率的歷史新高，平均每天為客戶節省超過 1,000 億美元的保證金。第三季同時也是我們國際業務的創紀錄季度，日均成交量達 900 萬口合約，較去年成長 22%。其中，EMEA 日均成交量 650 萬口、成長 20%；APAC 每日 210 萬口、成長 28%。

The record International volume was driven by growth in energy products, up 40%, agricultural products were up 28% and equity index products were up 24% to support our customers. Product innovation remains central to our strategy. During the quarter, we launched several new products, including Single Stock Futures and E-nano Equity Index futures. We also expanded 24/7 trading to both our 1-ounce gold and 100-ounce silver contracts, building on the strong traction of our 24/7 cryptocurrency products launched earlier this year.

國際成交量創新高主要由能源產品成長 40% 所帶動；農產品成長 28%，股權指數產品成長 24%，以支援我們的客戶。產品創新仍是我們策略的核心。本季我們推出多項新產品，包括單一股票期貨（Single Stock Futures）與 E-nano 股權指數期貨。我們也將 24/7 交易擴展至 1 盎司黃金與 100 盎司白銀合約，延續我們今年稍早推出之 24/7 加密貨幣產品所獲得的強勁動能。

Looking ahead, we are on track for our December 7 launch of CME Securities Clearing in advance of the SEC's Treasury clearing mandate. Innovation will continue to be a key driver of our performance and our ability to serve our clients effectively. However, true innovations must always be anchored in market integrity, financial safeguards and client protection. Innovation without real risk management isn't progress. It has the potential to create systemic risk.

展望未來，我們正按計畫於 12 月 7 日推出 CME Securities Clearing，以因應 SEC 的美國公債清算強制規定。創新將持續成為推動我們績效與有效服務客戶能力的關鍵驅動力。然而，真正的創新必須始終以市場完整性、金融保障與客戶保護為根基。沒有真正風險管理的創新，不是進步。它可能造成系統性風險。

CME Group remains committed to ensuring market integrity and will 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. Technology innovation will also be responsive to client needs. As part of our ongoing cloud migration with Google Cloud, we opened the Dallas disaster recovery facility for client testing in June.

CME Group 仍致力於確保市場完整性，絕不會以創新之名犧牲核心保護機制。相反地，我們持續推出創新產品，同時維持市場的安全與穩健。科技創新也將回應客戶需求。作為我們與 Google Cloud 持續進行雲端遷移的一部分，我們已於 6 月開放達拉斯災難復原設施供客戶測試。

The performance of that infrastructure has been positive with latency and consistency as good or better than our on-premises offering. The primary Chicago region continues to progress to plan, and we expect to begin this cloud migration of our markets in late 2027. Given this time line and the positive testing to date, we have determined that in the interim, relocation of our livestock markets to Dallas is no longer necessary.

該基礎設施的表現令人滿意，其延遲與一致性與我們的自建機房方案相當，甚至更佳。主要的芝加哥區域仍依計畫推進，我們預期將於 2027 年底開始把市場遷移至雲端。基於此時間表以及迄今為止的正面測試結果，我們已決定在過渡期間，將畜牧市場遷移至達拉斯已不再必要。

Next-generation market participants require premier technology optionality. CME Group is uniquely positioned as the only global exchange offering clients the dual advantage of Google Cloud Managed Services alongside ultra-low latency colocation. It's clear that market participants continue to turn to CME Group to navigate a complex and rapidly evolving global economy. I'm incredibly proud of what we have achieved this quarter, and I'm highly confident in the opportunities ahead of us.

新一代市場參與者需要一流的技術選擇彈性。CME Group 具備獨特優勢，作為唯一的全球交易所，能同時為客戶提供 Google Cloud 代管服務與超低延遲共置（colocation）的雙重優勢。很明顯，市場參與者持續轉向 CME Group，以因應複雜且快速演變的全球經濟。我對我們本季所達成的成果感到無比自豪，也對未來的機會充滿信心。

With that, I will hand the call over to Lynne to discuss our financial performance in more detail.

接下來，我把電話交給 Lynne，請她更詳細地說明我們的財務表現。

Thanks, Terry, and thank you all for joining us this morning. As Terry mentioned, CME Group generated impressive third quarter financial growth. Revenue of $1.7 billion was up 13% from the third quarter in 2025. This marks a record for third quarter revenue in aggregate and included a new all-time quarterly record for Market Data at $243 million. Market Data revenues were up 20% and delivered the 34 consecutive quarter of year-over-year revenue growth.

謝謝你，Terry，也感謝各位今天早上加入我們。如 Terry 所提到，CME Group 在第三季實現亮眼的財務成長。營收 17 億美元，較 2025 年第三季成長 13%。這創下第三季合計營收新高，並包含市場數據（Market Data）單季 2.43 億美元的歷史新高紀錄。市場數據營收成長 20%，並達成連續第 34 季的年增營收成長。

Adjusted expenses were $532 million for the quarter and $428 million, excluding license fees. The strong growth in volume this quarter, led by our equity complex up 23%, resulted in an increase in license fees, which are primarily related to equity activities. Our revenue growth and operating leverage resulted in adjusted operating income of $1.2 billion, up 15% year-over-year or 69.4% adjusted operating margin.

本季調整後費用為 5.32 億美元；若排除授權費，則為 4.28 億美元。本季成交量強勁成長，其中以我們股權產品群成長 23% 為首，帶動授權費增加；授權費主要與股權相關活動有關。我們的營收成長與營運槓桿效益，使調整後營業利益達 12 億美元，年增 15%，或調整後營業利益率 69.4%。

Adjusted net income was $1.1 billion, resulting in adjusted diluted earnings per share of $3.02, up 13% from Q3 2025. Our adjusted net income margin for the quarter was 62.4%. Reinforcing our commitment to disciplined capital return, we returned nearly $1 billion to shareholders during the quarter with $465 million in regular quarterly dividends and $524 million in share repurchases.

調整後淨利為 11 億美元，調整後稀釋每股盈餘為 3.02 美元，較 2025 年第三季成長 13%。本季調整後淨利率為 62.4%。為強化我們對嚴謹資本回饋的承諾，本季我們向股東回饋近 10 億美元，其中包括 4.65 億美元的例行季度股利，以及 5.24 億美元的庫藏股回購。

The third quarter results underscore CME Group's position as the primary destination for global risk management, delivering double-digit volume growth across every single asset class, drove double-digit gains in both revenue and earnings resulting in the second highest revenue, adjusted net income and earnings per share of any quarter in our history.

第三季結果凸顯 CME Group 作為全球風險管理首選平台的地位：我們在每一個資產類別皆實現兩位數成交量成長，並帶動營收與獲利雙雙兩位數成長，使本季成為我們歷史上營收、調整後淨利與每股盈餘皆排名第二高的季度。

Through the first three quarters of this year, our revenues have grown by 9% and our adjusted earnings per share by 11%. Our strong year-to-date momentum reflects robust client demand across our global benchmark products and continued innovation to best serve our clients.

今年前三季，我們的營收成長 9%，調整後每股盈餘成長 11%。我們年初至今的強勁動能，反映客戶對我們全球基準產品的穩健需求，以及我們持續創新以更好地服務客戶。

As we enter the fourth quarter, volume is surpassing last year's record fourth quarter by 17% and we are tracking 12% ahead of last year's record volume year-to-date as we remain firmly on track to deliver another record year. Our focus remains on delivering deep liquid markets and maximizing capital efficiencies for our clients and strong earnings for our shareholders.

隨著我們進入第四季，成交量較去年創紀錄的第四季高出17%，而在年初至今的累計成交量方面，我們也較去年創紀錄的同期高出12%；我們仍穩健地朝著再創紀錄的一年邁進。我們的重點仍是為客戶提供深度且具流動性的市場、最大化資本效率，並為股東帶來強勁的獲利。

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

現在我們想開放電話會議讓各位提問。

(Operator Instructions) Chris Allen, KBW.

(接線員指示) Chris Allen，KBW。

I wanted to ask on compute futures. I know the CFTC extended the comment period. Just wondering if you see any hurdles to launching this product. Judging by our review of the comments, it doesn't seem like any real pushback there. Maybe any update on client feedback, appetite for compute futures? And then whether you're seeing any incremental impact from hyperscale’s and data centers within the energy product complex?

我想問一下關於算力期貨（compute futures）。我知道 CFTC 延長了徵詢意見期。想請教你們是否看到推出這項產品有任何障礙。從我們對意見的檢視來看，似乎沒有真正的反對聲浪。能否更新一下客戶回饋、對算力期貨的興趣與需求？另外，你們是否看到超大規模業者（hyperscalers）與資料中心在能源產品複合體中帶來任何額外的增量影響？

Thanks, Chris. Chris, it's Terry Duffy. I'm going to start, and I'll let Derek make some comments as well. On the client development, Derek can touch on, because Derek and I and -- we all have been working with clients on the street as it relates to compute futures and what they mean for their portfolios and their businesses. As far as the timing of the agency goes, that is still unknown.

謝謝你，Chris。Chris，我是 Terry Duffy。我先說幾句，之後也會讓 Derek 補充一些看法。在客戶開發方面，Derek 可以談談，因為 Derek、我以及——我們大家一直在和華爾街的客戶合作，討論算力期貨以及它們對客戶投資組合與業務的意義。至於主管機關的時程，目前仍不明朗。

As you know, they extended the comment period another 45 days, which ends, I believe, on November 9. So then they have to make a decision on what they want to do. We think this is a product that needs to get out. When you look at all the conversation around data centers, AI, hyperscalers, chips, we have people contacting us that are looking and Julie Winkler can reference it about how they need to manage this risk in this ever-changing landscape that they're in.

如各位所知，他們把徵詢意見期再延長45天，我相信會在11月9日結束。之後他們就必須決定要怎麼做。我們認為這是一個需要推出的產品。當你看到圍繞資料中心、AI、超大規模業者、晶片的所有討論，我們也有人主動聯繫我們；Julie Winkler 也可以提到，他們在這個不斷變動的環境中需要如何管理這類風險。

So I would hope that the government would allow this product to move forward sooner rather than later. But again, it's in their hands right now and there's not much more we can do until we get the approval from the government. As you know, this was filed under a 40.3, which is a full review of the process and we respect the processes. So we look forward to that going forward. And again, I think this is -- we're playing the long game as it relates to compute futures, but we wanted to make sure we get this product up launched so people can manage the risk. And Derek, I'll let you talk a little bit more about the client set.

因此我希望政府能讓這項產品儘早推進，而不是拖延。但再說一次，現在決定權在他們手上，在取得政府核准之前我們能做的不多。如各位所知，這是依 40.3 條款提交，屬於完整審查流程，我們尊重這些程序。所以我們期待後續進展。另外，我認為——就算力期貨而言，我們是在打長期戰，但我們也希望確保把這項產品推出上線，讓大家能管理風險。Derek，我讓你再多談一些客戶面向。

Yes. Thanks, Chris. I think this has been a tremendous source of client engagement. If you think about how we've been working on this. We've seen this opportunity talking to our customers. We've been working on compute for almost two years now. Given the nature and the scale of our energy franchise where this fits so nicely in connection to our nat gas franchise and the rest of our hedging tools, we're the natural partner for customers to partner with to develop new products.

好的。謝謝你，Chris。我認為這一直是客戶高度互動的一個重要來源。如果你回想我們是如何推進這件事的。我們是在與客戶對話中看到這個機會。我們在算力領域已經投入將近兩年。考量我們能源業務的性質與規模——它與我們的天然氣業務以及其他避險工具能非常自然地銜接——我們是客戶共同開發新產品的理想合作夥伴。

So looking at this over the last two years, we spent a lot of time looking at different indexes and PRAs and providers. We landed on Silicon Data as what we think the most robust provider of data. We see them providing data observation at huge scale across dozens of platforms and thousands of data points in all types of transactions.

因此在過去兩年裡，我們花了很多時間研究不同的指數、PRA 與資料供應商。我們最後選定 Silicon Data，因為我們認為它是最健全、最具韌性的資料供應商。我們看到他們能在數十個平台、數千個資料點、各類交易中，以極大規模提供資料觀測。

We also see them having a robust data set out across the forward curve, and that's crucial for developing an index that is going to be the basis for futures contract. Another important point is the Silicon Data's index is already IOSCO-compliant, meaning it's globally ready to be adopted by the community for the benchmark product itself.

我們也看到他們在遠期曲線上擁有完整且強健的資料集，而這對於建立將作為期貨合約基礎的指數至關重要。另一個重點是，Silicon Data 的指數已符合 IOSCO 規範，代表它在全球範圍內已具備被市場採用、作為基準產品的條件。

In terms of the client participation base, we're seeing really early adoption coming from the neocloud players, data center operators, banks. If you think about the banks, they're significantly exposed to the AI infrastructure on their leveraged portfolios and where they're lending for the growth there. So their exposure to the AI sector creates an unhedgeable risk, this is the solution for that.

就客戶參與基礎而言，我們看到非常早期的採用主要來自新型雲端（neocloud）業者、資料中心營運商與銀行。如果你看銀行端，他們在槓桿投資組合中，對 AI 基礎設施以及相關成長放款有相當大的曝險。因此他們對 AI 產業的曝險形成一種難以避險的風險，而這就是解決方案。

We've also seen a lot of interest from funds and props. And as it relates to potential cross-sell opportunities, much like we saw when we built out battery metals. This is bringing new commercial customers into our orbit that previously hadn't used our products to manage the risk in their portfolios. So this is opening new opportunities with chip providers and different kinds of participants that we can actually cross-sell opportunities into. So I think it's early days as Terry said, we're ready to go. We're waiting for regulatory review. But I can say definitively, this product has a significant amount of client demand and the Street is eager to be able to access these.

我們也看到基金與自營交易商（props）有很高的興趣。至於潛在的交叉銷售機會，就像我們當初建立電池金屬產品時所看到的那樣。這會把過去未曾使用我們產品來管理其投資組合風險的新商業客戶帶進我們的生態圈。因此，這也為我們與晶片供應商及不同類型的參與者開啟新的機會，讓我們能實際進行交叉銷售。所以我認為如 Terry 所說，現在仍是早期階段，我們已準備就緒。我們正在等待監管審查。但我可以明確地說，這項產品有相當可觀的客戶需求，而市場也迫切希望能取得並交易這些產品。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

So I had one on 24/7 trading. Gold and silver are now trading around the clock. And I think in the deck, you said weekend volumes were at about 20% to 30% of those contracts to ADV. So there's clearly demand there. But you did withdraw the 10-barrel WTI filing after the CFTC stay and the industry pushback that you cited.

我有一題關於 24/7 交易。黃金與白銀現在已經是全天候交易。而我記得在簡報裡你們提到，週末成交量約為這些合約日均量（ADV）的 20% 到 30%。所以顯然是有需求的。但在 CFTC 暫緩（stay）以及你們提到的產業反彈之後，你們撤回了 10 桶 WTI 的申報。

So can you just walk us through maybe what the key constituents' concerns actually were there and what the path and time line is to maybe bringing 24/7 energy back? And then maybe more broadly, just how are you thinking about which asset classes you could potentially bring 24/7 next?

能否請你們說明一下，當時主要利害關係人的核心疑慮到底是什麼，以及未來可能把能源產品的 24/7 交易帶回來的路徑與時間表？另外更廣泛地問，你們如何思考接下來哪些資產類別可能也能推進 24/7 交易？

Thanks, Patrick, and you highlighted the success we've had with both the gold, silver and the cryptocurrency trading 24/7. As we move forward and listed our -- put forth an application for our 24/7 small 10 barrel oil contract. We're trying to give a place -- the marketplace with an opportunity to hedge over the weekend, as they are doing today, even though participants are trading on what is called a VPN, and they're trading overseas on markets that our US participants are not supposed to be participating on.

謝謝你，Patrick。你也點出了我們在黃金、白銀以及加密貨幣 24/7 交易方面取得的成功。當我們往前推進並提出 24/7 的小型 10 桶原油合約申請時，我們是想為市場提供一個在週末也能避險的場所；因為即使在今天，參與者也正在透過所謂的 VPN 進行交易，並在海外市場交易，而美國參與者按規定是不應該參與那些市場的。

But yet we have not seen any evidence of any policing of that activity. So I'm very surprised by that, to be honest with you. So I'm surprised our 24/7 oil got held up, but let's talk about that for a second why? From the commercial side, commercials are looking to make sure that they have the big contract where they want it, and we support that. They did not want to staff up another desk. We respect that.

但我們至今沒有看到任何對那類活動進行稽查或取締的證據。所以坦白說，我對此非常驚訝。因此我也很意外我們的 24/7 原油會被卡住；但我們先談談為什麼會這樣。從商業客戶（commercials）的角度，他們希望確保大型合約維持在他們想要的狀態，我們也支持這點。他們不希望為此再增設另一個交易台的人力配置。我們尊重這點。

We respect that there's cost of moving to 24/7 on any product and this one in particular as well. So we wanted to be mindful, respectful of the commercial participants and what they're hearing to date. But I think the bigger question is what is the agency doing and what are others doing to make certain that US participants are adhering to US law. So for now, we heed the advice of the commercial participants, and we will hold off on listing that contract until people are more comfortable. As far as other products go, did you say, Patrick?

我們也理解，任何產品轉向 24/7 都會產生成本，這個產品尤其如此。因此我們希望審慎行事，並尊重商業參與者目前所反映的意見。但我認為更大的問題是：主管機關在做什麼？其他人又在做什麼？以確保美國參與者遵守美國法律。所以就目前而言，我們採納商業參與者的建議，會暫緩掛牌該合約，直到大家更能接受為止。至於其他產品方面，你剛剛是問這個嗎，Patrick？

Yes. Just how do you think about which asset classes to bring 24/7 next? What makes sense?

是的。那你們接下來打算把哪些資產類別帶入 24/7 交易，你是怎麼思考的？什麼樣的安排才合理？

I'm a big believer. I've said this publicly, too, Patrick, as you know. When you go to 24/7, I think the market is ultimately going to 24/7 on all products, but you need to have the infrastructure to support 24/7. As I've said, the US equity market alone is $76 trillion, nobody can prefund that on a Friday. It's really important that we have an infrastructure in the United States that set up to handle 24/7 markets, not just for crypto, not just for maybe a small silver, gold or oil contract but for our primary products.

我非常相信這一點。我也公開說過，Patrick，你也知道。當你走向 24/7，我認為市場最終會在所有產品上都走向 24/7，但你必須具備支撐 24/7 的基礎設施。正如我說過的，光是美國股票市場就有 76 兆美元，沒有人能在週五就把那麼多資金預先備妥。因此，我們必須在美國建立能夠處理 24/7 市場的基礎設施，這不只是為了加密貨幣，也不只是可能是小型的白銀、黃金或原油合約，而是為了我們的核心主要產品。

So it's going to be harder and harder for anybody to list a primary product till the infrastructure of the banking system goes 24/7, because that's what lends credibility to the participant and make certain that we have the liquidity and the back office support in order to run those markets.

所以在銀行體系的基礎設施尚未做到 24/7 之前，任何人要上市一個主要產品都會變得越來越困難，因為那才是賦予參與者可信度的關鍵，也能確保我們具備流動性與後台作業支援，來運行這些市場。

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

Actually, just a quick numbers question, if I can. On the below-the-line items, the interest income on a net basis kind of surprised me a bit. I think the clearinghouse assets went down, I think, a couple of percent quarter-over-quarter, but I think the net interest went down 8%. I know there's a few other things that go in there in terms of your own cash and obviously, rates environment so just -- maybe you can just give us a detailed view quarter-over-quarter what exactly happened there so we can maybe model it a little bit better.

其實我想快速問一個數字問題，如果可以的話。在線下項目（below-the-line items）方面，淨額口徑的利息收入有點讓我意外。我記得清算所資產季對季下降了大概幾個百分點，但淨利息似乎下降了 8%。我知道那一行還包含一些其他因素，例如你們自有現金，當然也有利率環境的影響，所以——能否請你們更詳細地說明一下，季對季到底發生了什麼，讓我們可以把模型做得更精準一些。

Lynne?

Lynne？

Sure, Alex. So if you look at the cash at the clearinghouse, the average balances for the quarter were $147 billion in Q3. That was down from about $150 billion in Q2 with a similar return of about 33 basis points that we earned. We did have an increase in our corporate cash. We had about $27 million in earnings on that in the quarter. You obviously then have the JV income that is rolling through that line. Interest expense was relatively flat. So it was really the balance changes that you're seeing roll through there.

當然，Alex。如果你看清算所的現金，第三季的季度平均餘額是 1,470 億美元。相較第二季約 1,500 億美元有所下降，而我們取得的報酬率大致相同，約 33 個基點。我們的公司自有現金則有所增加。該部分本季大約貢獻了 2,700 萬美元的收益。此外，合資企業（JV）收入也會流經那一行。利息費用則相對持平。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I was hoping to talk about pricing. If you could talk to the changes that went into effect here in early October in more detail, as well as the potential implications to you from any of the -- from the changes in the Cboe S&P licensing deal through your JV ownership?

我想談談定價。能否更詳細說明一下 10 月初生效的變更內容，以及透過你們持有 JV 股權，Cboe 與 S&P 授權協議變更可能對你們造成的影響？

Thanks, Dan. Good question. I'll let Lynne go ahead and start on the pricing, and I might touch on the Cboe one as well.

謝謝，Dan。問得很好。我先請 Lynne 來談定價部分，我也可能會補充一下 Cboe 那邊。

So on the pricing side, we did have some impacts that were implemented here on October 1. We're expecting, if you look at an annualized basis, those to have an impact of somewhere in the range of 0.5% to 1% of the clearing and transaction fees. So say, the lines where you're seeing those changes, they're going to be in crypto, some in our grains complex. We did adjust some of the tiers in interest rates and then the micro equities as well.

在定價方面，我們確實在 10 月 1 日實施了一些影響。以年化來看，我們預期對清算與交易費的影響大約落在 0.5% 到 1% 的區間。也就是說，你看到變更的項目主要會在加密貨幣，以及我們部分穀物產品群。我們也調整了部分利率的級距（tiers），以及微型股票指數（micro equities）相關項目。

So just to keep in mind, we did have some pricing changes in April. We are moving away from having that annual price increase, and we are looking at doing -- more spread out over the course of the year when we see changes in marketplaces when we see value creation at that point. So that's what this is reflective of.

另外提醒一下，我們在 4 月也做過一些定價調整。我們正逐步不再採用每年一次的固定漲價方式，而是改為在一年當中更分散地進行——當我們看到市場環境變化、或在那個時間點創造了價值時再做調整。這次的變更就是反映這樣的做法。

Dan, on the Cboe licensing agreement, obviously, we all know it's a 25 year extension they put forward. There's a couple of interesting points in that. As you know, we're a partner in the JV. So we benefit from that licensing agreement with Cboe. What's really interesting about that is we benefit starting in 2027 on potential increases, not 2032 because their agreement, the escalation of the pricing starts in '27.

Dan，關於 Cboe 的授權協議，顯然大家都知道他們提出了 25 年的延長。其中有幾個有意思的點。如你所知，我們是該合資企業（JV）的合作夥伴，所以我們會從與 Cboe 的授權協議中受益。

What those are exactly is yet to be disclosed from both Cboe and S&P Global. But we know that we've been working with our partner at S&P Global, and we know they do escalate. So whatever they are, we'll wait and see like everybody else. But we know we're in a much better situation economically with the S&P deal going forward, and we're there actually five years ahead of time in getting paid at a higher rate. So we'll wait and see until they report on what exactly the nuance of the numbers are.

至於具體會是多少，Cboe 與 S&P Global 目前都尚未揭露。但我們知道我們一直在與 S&P Global 的合作夥伴共同推進，也知道費率確實會遞增。所以不管最後數字是多少，我們會跟大家一樣拭目以待。但我們知道，從經濟條件來看，未來在 S&P 這筆交易上我們處於更有利的位置，而且我們能提前五年以更高的費率取得收益。因此，我們會等他們披露，看看數字細節到底有哪些微妙之處。

But largely, it's very much a winning proposal from CME's perspective and our shareholders.

但整體而言，從 CME 以及我們股東的角度來看，這基本上是一個非常成功的提案。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

I wanted to ask about single stock futures. I was hoping you could talk about the distribution strategy as you're working with retail brokers on the product, what the feedback has been? And then related to that, given you already have a prediction market today, I guess, what's the scope to potentially introduce prediction markets on single stocks kind of equivalent to maybe a single stock future, but more of a prediction market contract. Do you think there might be appetite for that? And what might be the required build there?

我想問一下單一股票期貨。我希望你們能談談在與零售券商合作推廣這個產品時的通路策略，以及目前收到的回饋如何？另外相關地，既然你們今天已經有預測市場，我想問的是，是否有空間在單一股票上推出預測市場，某種程度上類似單一股票期貨，但以預測市場合約的形式呈現。你們覺得市場會有需求嗎？而所需的建置工作大概會是什麼？

So three questions that you asked there, Michael and I'm going to ask Tim McCourt and maybe Julie Winkler to chime in as far as the distribution, the clients, and then I'll talk a little bit about the prediction side of your question.

Michael，你這裡問了三個問題。我會請 Tim McCourt，或許也請 Julie Winkler，就通路、客戶等面向補充一下，然後我再談談你問題中關於預測市場的部分。

So Tim, I'll start with you.

Tim，我先從你開始。

Yes, Michael. I appreciate the question. So we've launched single stock futures and off to a good and strong start for that product. We've done a little bit over 350,000 contracts since launch, which is about $3.5 billion of notional. And I think what's important to note, when we look at the distribution, we have two size products.

好的，Michael。謝謝你的提問。我們已經推出單一股票期貨，且這個產品的起步表現良好且強勁。自推出以來，我們的成交合約數略高於 35 萬口，名目金額（notional）約 35 億美元。我認為值得注意的是，從通路角度來看，我們有兩種規格的產品。

We have the 100 share multiplier across 55 of the largest names in the US, and we have the 10 share multiplier across 22 names of a subset of that 55. So when we look at the distribution strategy, it's really a continuation of making sure that all market participants, whether they're institutional or individual traders have the products they need to access these markets and manage the risk.

我們針對美國最大型的 55 檔股票提供 100 股乘數（multiplier），同時也針對這 55 檔中的 22 檔提供 10 股乘數。因此在通路策略上，核心就是延續我們一貫的方向：確保所有市場參與者，不論是機構或個人交易者，都能擁有所需的產品來參與市場並管理風險。

When we look at the distribution, I think the one thing that we're encouraged by is we do have global participation in these products. When we look at the European and APAC market, we've also seen strong uptake but they are more familiar with the product regionally, and this is something that is relatively reintroduced in the US perspective.

就通路來看，我認為讓我們感到鼓舞的一點是，這些產品確實有全球參與。當我們看歐洲與亞太（APAC）市場時，也看到強勁的採用度；他們在區域市場本來就更熟悉這類產品，而從美國的角度來看，這算是相對重新引入的產品。

So when we look at the partnerships, the tapping into 130-plus retail firms that we work with alongside of the several dozen FCMs that we have on the institutional side, we're encouraged by the growth we've seen. But with any new product, we're reintroducing and introducing new market structure for that financially settled single stock future. It does take time to work with our FCMs, to work with our vendors as we head into the last quarter here of 2026. We're encouraged by what we see. And then we look forward to continuing to have it grow from here, but strong performance on this product out of the gate.

因此在合作夥伴方面，我們一方面透過與 130 家以上的零售券商合作，另一方面也透過機構端數十家期貨佣金商（FCMs），我們對目前看到的成長感到鼓舞。但任何新產品都一樣，我們是在重新引入、也在引入一種新的市場結構——也就是現金結算的單一股票期貨。因此，當我們進入 2026 年最後一季時，與 FCM、以及與供應商的合作確實需要時間。我們對目前看到的情況感到樂觀。也期待它能從這裡持續成長；這個產品一推出就有很強的表現。

Thanks, Tim. Julie, do you want to add a little bit?

謝謝，Tim。Julie，你要不要再補充幾句？

As Tim pointed out, we've had commercial momentum across over 50 countries globally. So the interest is definitely there. Just from a perspective of like what's most interesting to clients, certainly on the institutional side, this is a capital and margin efficiency play. We have said this is a core tenet of our strategy across all of our asset classes. But I think particularly for this product, right, the ability to cross margin single stock futures against the robust CME equity index products and it's helping them unlock additional equity financing capacity.

如 Tim 所指出的，我們在全球超過 50 個國家都看到商業動能。所以市場興趣確實存在。從客戶最感興趣的角度來看，尤其在機構端，這是一個資本與保證金效率的策略。我們一直說，這是我們在所有資產類別策略中的核心原則。但我認為特別是對這個產品而言，能夠將單一股票期貨與強健的 CME 股票指數產品進行跨品種保證金抵扣，正幫助他們釋放額外的股票融資能力。

The buy-side firms that we are speaking with are also actively embedding single stock futures into their QIS strategies and long-short equity models. So that's certainly positive. And when we look on the retail side, we've got distribution to 25 of our top retail broker partners today. And this is -- the value proposition for them is really it's an options alternative and we're looking at it as our clients and brokers as a key differentiator across leverage, static delta, zero option Greeks and it doesn't have any time decay.

我們正在交流的買方機構，也在積極把單一股票期貨嵌入他們的 QIS 策略與多空股票模型中。所以這當然是正面的。而在零售端，我們目前已經覆蓋到 25 家主要零售券商合作夥伴的通路。對他們而言，這個價值主張其實是期權的替代方案；我們把它視為客戶與券商在槓桿、靜態 Delta、零期權 Greeks、且沒有時間價值耗損等方面的一項關鍵差異化。

So for us, the focus has very much been on building of that liquidity. And as Tim pointed out, we have some additional FCMs that are coming live here in Q4. So we think we've got some great momentum going into the end of the year.

因此對我們來說，重點一直非常放在流動性的建置上。而如 Tim 所提到的，我們在第四季還會有一些額外的 FCM 上線。所以我們認為，在年底前我們有很好的動能。

And Michael, on your question as it relates to predictions on single stocks. You got to remember, we listed single stock futures going way back in 2,000. The product did not get off the ground very well because of a whole host of reasons, and I don't need to go through them right now. But we've been working hard, Tim and his team they have been working hard, Julie and her team have been working hard to make sure that we can have a successful single-stock futures contract moving forward because we do believe it's an important instrument for participants from the retail to the largest institutions to use.

Michael，關於你提到與單一股票相關的預測問題。你要記得，我們早在 2000 年就已經上市單一股票期貨。由於一連串原因，該產品當時並沒有很順利地起飛，我現在也不需要逐一細講。但我們一直很努力，Tim 和他的團隊一直很努力，Julie 和她的團隊也一直很努力，確保我們未來能推出成功的單一股票期貨合約，因為我們確實相信，這對從零售到最大型機構的參與者而言，都是一項重要的工具。

But I don't think you can draw the conclusion that every single market, it has to have a prediction market associated with it. And I think that you're getting a narrative right now where people believe that every market should have a prediction market associated with it. It doesn't make it right to do that. So I'm not suggesting that we would not want to go down to have a prediction market on single stock futures. What I think is critically important is single stock futures get off the ground, the way they've been doing, methodically working -- looking at this at the long game.

但我不認為你可以因此下結論說，每一個市場都必須搭配一個預測市場。我認為目前有一種敘事，讓人覺得每個市場都應該有一個預測市場與之相連。但這麼做不代表就是正確的。所以我不是在說我們不會在單一股票期貨上推出預測市場。我認為最關鍵的是，單一股票期貨要先像現在這樣把基礎打好，以有條不紊的方式推進——用長期視角來看待這件事。

And then if we want to introduce another version of it with a prediction market, we will do so at that time once we get a better sample of the client base and how they are participating. But right now, this is really important for this product, which has been duly regulated. There's been a whole host of concerns going forward that we need to analyze and make a decision on how we're going to do that going forward. This contract will go forward without prediction to start with for sure.

然後如果我們想引入另一個版本、加入預測市場，我們會在那個時點再做，等我們對客戶基礎以及他們如何參與有更充分的樣本之後再說。但就目前而言，對這個產品來說非常重要的是，它已經受到適當的監管。未來還有一整套疑慮需要我們分析，並決定接下來要如何推進。這份合約一開始肯定會在沒有預測機制的情況下先行推出。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Our question is on the CFTC perpetuals suit. How should we weigh the perpetuals lawsuit against your earlier comments that clients aren't asking for perpetuals? And if the case is dismissed and perps are deemed futures in the US would CME list its own perpetuals given its exclusivity in equity index futures?

我們的問題是關於 CFTC 的永續合約訴訟。你們先前提到客戶並沒有在要求永續合約，那我們應該如何權衡這起永續合約訴訟？如果案件被駁回，而且在美國永續合約被認定為期貨，考量到 CME 在股票指數期貨上的排他性，CME 會不會推出自家的永續合約？

Yes, Craig, thank you for the question. And our new General Counsel, John Marchese, he is on the line. John, I'll let you go ahead and start and then I'll go from there.

是的，Craig，謝謝你的問題。我們的新任總法律顧問 John Marchese 也在線上。John，我先請你開始回答，然後我再接著補充。

Yes. So in terms of the lawsuit itself, as you know, a motion to dismiss has been filed. We've opposed it. We are very confident in our position, and we are also going to brief the substance of the case and expect it to be fully before the judge in December. So we are confident in our position, and we are awaiting the court's decision and are eager to get a decision. We think it will fall in our favor.

好的。就訴訟本身而言，如你所知，對方已提出駁回動議。我們已提出反對。我們對自身立場非常有信心；我們也會就案件實體內容提交書狀，預期在 12 月讓法官完整審理。因此我們對自身立場有信心，正在等待法院裁決，也希望盡快得到裁決。我們認為結果會對我們有利。

And I'll kick it back to you, Terry, on the sort of question strategically about what that means going forward.

Terry，關於你提到的策略面、也就是這對未來意味著什麼的問題，我把問題交回給你。

So Craig, your question is, if we're not being harmed. Did you say something to that effect? Can you repeat that last part?

Craig，你的問題是，如果我們沒有受到損害——你是這個意思嗎？你可以把最後那一段再重複一次嗎？

Yes. So if the case is dismissed or essentially, if you guys lose it, and the perp is deemed a future in the US, I believe you have exclusivity with equity index. You could have a monopoly in that business, would you then turn around and launch perpetuals in that category where there might be strong demand and you could sort of own it?

好的。如果案件被駁回，或者基本上如果你們輸了，而永續合約在美國被認定為期貨，我相信你們在股票指數方面具有排他性。你們可能在那個業務上形成壟斷；那你們是否會反過來在那個類別推出永續合約，因為可能有很強的需求，而你們也可以某種程度上把它做成你們的主場？

Yes. Again, Craig, I think I'll go back to my earlier answer around prediction markets. We'll make that decision if and when the time comes, whatever the court decides, we will abide by the court's decisions and we will move forward. The question is, would we list perps or not? That question has yet to be asked and answered yet publicly.

是的。Craig，我想我會回到我先前對預測市場的回答。無論法院怎麼裁定，我們都會遵循法院的決定並向前推進；至於是否要做，我們會在時間點到來時再做決定。問題在於，我們會不會上市永續合約？這個問題目前還沒有在公開場合被提出並得到答案。

So I will tell you that for now the question of is it a perp, or is it a future, is it a swap? I mean, all you have to do is Google the definition of a swap, and it's no different than a fixed versus floating rate, when you look at a swap today. And when you look at a swap on perpetuals under Dodd-Frank, it suggests that swap is defined as two people exchanging payments for that similar product that is called the funding rate of the perp and that is deemed a swap.

所以我可以告訴你的是，就目前而言，這到底是永續合約、還是期貨、還是掉期？其實你只要 Google 一下掉期的定義，它和你今天看到的固定利率對浮動利率的掉期並沒有不同。而在《多德-法蘭克法案》下看永續合約的掉期，它暗示掉期被定義為兩方就類似產品交換付款；這個產品被稱為永續合約的資金費率（funding rate），因此被視為掉期。

So we're fairly confident in our position on that. But again, we'll cross that bridge when we get to it, and not until. So I would not make a decision one way or another if we would go forward with perps or not. But again, we feel very strongly about our case as our General Counsel said.

所以我們對自身在這方面的立場相當有信心。但同樣地，我們會等到真的走到那一步再處理，而不是提前。因此我不會現在就對我們是否會推進永續合約做出任何一邊的決定。但如我們的總法律顧問所說，我們對這個案子仍然非常有信心。

Simon Clinch, Rothschild & Co Redburn.

Simon Clinch，Rothschild & Co Redburn。

I was wondering if we could just jump to the Market Data business. Obviously, it's been a couple of quarters now of 20% growth, if not more. And I was wondering if you could just walk through again the kind of secular drivers here and how we should think about the normal kind of growth rate from this business going forward?

我想我們能否跳到市場數據（Market Data）業務。很明顯，已經連續幾個季度有 20% 甚至更高的成長。我想請你再帶我們梳理一下這裡的長期結構性驅動因素，以及我們應該如何看待這項業務未來的常態成長率？

Yes. So thanks for the question, Simon. It was another record quarter, up 20% to $243 million. And how I'll break that down for you is that we're really seeing an incredibly diverse mix of drivers across the entire ecosystem. And the growth is really broken down into three main buckets.

好的，謝謝你的問題，Simon。這又是一個創紀錄的季度，成長 20%，達到 2.43 億美元。我會這樣拆解：我們確實看到整個生態系中有非常多元的驅動因素組合。而這個成長主要可以分成三大類。

One-third has been from our expanding professional subscriber base, and that's for our real-time market data, one-third coming from our retail and SIM platforms, so that's our nonprofessional subscribers. And the remainder in that last category is really driven by a combination of increased data feed demand, the term SOFR, some of the pricing adjustments that we've made and a few more policy changes.

其中三分之一來自我們持續擴大的專業訂閱戶基礎，主要是即時市場數據；另三分之一來自我們的零售與 SIM 平台，也就是非專業訂閱戶。剩下的那一部分，主要是由資料饋送需求增加、SOFR 期限結構、我們做的一些價格調整，以及另外幾項政策變更共同驅動。

So really, what we're seeing is that this demand for CME Data has been increasing as clients need access to our prices for trading, for research and product creation. And that's really right in the mid of a really dynamic macroeconomic environment and characterized by a lot of sustained global volatility. I heard this firsthand when I was -- attended the Global Market Data Conference in Copenhagen last week and was engaging with many of our Market Data partners and our clients.

所以我們真正看到的是，隨著客戶需要取得我們的價格用於交易、研究以及產品創建，對 CME 數據的需求一直在增加。而這正發生在一個非常動態的總體經濟環境之中，其特徵是全球波動性在相當長一段時間內維持在高位。我上週在哥本哈根參加全球市場數據大會，並與我們許多市場數據合作夥伴及客戶交流時，第一手聽到了這一點。

The last part, we had $4.7 million in audits this quarter and some catch-up payments for prior period use. So that was a little below what we saw in Q2. And I would just say data continues to be a critical input, and it is a leading indicator for our market. We're continuing to invest in this growing business. And also keep in mind that a lot of our Market Data business is driven outside the US.

最後一部分，本季我們在稽核方面有 470 萬美元，並且有一些針對前期使用的補繳款。因此這略低於我們在第二季看到的水準。我想說的是，數據仍然是關鍵投入，而且是我們市場的領先指標。我們持續投資於這項成長中的業務。另外也請記住，我們相當大一部分的市場數據業務是由美國以外地區所驅動。

And so a demand over 50% comes from outside the US. The Data business is almost always a first to customer asset for us and solution for them. And so we're continuing to listen to our customers, improve the client experience, but we don't share specific expectations about future growth.

因此，超過 50% 的需求來自美國以外。對我們而言，數據業務幾乎總是我們提供給客戶的第一個資產與解決方案。因此我們會持續傾聽客戶、改善客戶體驗，但我們不會分享對未來成長的具體預期。

Dan Welden, Wells Fargo.

Dan Welden，富國銀行。

I have a question about innovation speed. If I look at slide 8 from this morning, you've got 15 new announcements or launches, and I go back a few quarters and that was more like single digits. So am I right to think that the cadence is increasing here? And you've historically framed like roughly 2% of your growth algorithm coming from new products. But with the things like compute, single stock futures, other things we talked about today, does that 2% feel conservative at this moment?

我有一個關於創新速度的問題。如果我看今天早上的第 8 張投影片，你們有 15 項新公告或新上線；而我回看幾個季度前，當時大概是個位數。所以我是否可以理解為，你們的推出節奏正在加快？而你們過去通常將成長模型中約 2% 的成長歸因於新產品。但以今天談到的運算（compute）、單一股票期貨以及其他事項來看，現在這個 2% 是否顯得偏保守？

Julie? Thank you, Dan. Appreciate it.

Julie？謝謝你，Dan。很感謝。

Yes. I mean I'll start out, Lynne can fill in. Certainly, it has been a busy year for product launches. You're correct in that. We've had 368 new products year-to-date. And that is in addition to advances, right, that we're making in our execution technology where we're looking to introduce things like Treasury Link. And these are things where we've proven we have the technology to be able to do this work, but we also have the throughput from being able to quickly launch these new products on both the institutional as well as the retail side.

是的。我先開始，Lynne 可以補充。確實，今年產品上線非常忙碌。你說得沒錯。我們今年迄今已推出 368 個新產品。此外，我們也在執行技術方面持續推進，例如我們正著手導入像 Treasury Link 這樣的功能。這些都是我們已證明具備技術能力可以完成的工作；同時，我們也具備足夠的產能，能夠在機構端與零售端快速推出這些新產品。

And that means a lot of partnership with our distribution networks as well as with our Market Data network to make that successful. So I think it proves that we can move quickly as well as we are the only TradFi exchange that is offering 24/7 products and that doesn't just happen because we will it to be done. It takes a lot of work and technical agility on our part, and we've proven we can do that. Lynne, do you have anything to add?

而這也意味著需要與我們的分銷網路以及市場數據網路進行大量合作，才能成功。所以我認為這證明了我們能夠快速行動；同時，我們也是唯一提供 24/7 產品的傳統金融（TradFi）交易所，而這並不是我們想做就能做到的。這需要我們投入大量工作與技術敏捷性，而我們已證明我們做得到。Lynne，你有要補充的嗎？

Thanks, Julie. Dan, to your question, I don't know if there's a fundamental change in the outlook. We typically don't break down a percent of what's coming from new products going forward. I think we're in an environment now where there are many new risks that are coming forward that we are looking to address for our client base. I think the beauty of having the broad products that we have is that when we do go to launch new products, typically in a space where those clients are already connected.

謝謝，Julie。Dan，針對你的問題，我不確定展望是否出現根本性的改變。我們通常不會拆分未來有多少百分比的成長來自新產品。我認為我們現在所處的環境中，正出現許多新的風險，我們希望為客戶群解決這些問題。我們擁有廣泛產品線的優勢在於，當我們推出新產品時，通常是在那些客戶已經連線接入的領域。

So we're meeting that need, that additional risk for clients that are already connected to CME. So we'll continue to look at areas that new risks are evolving and looks to meet that need with new products. But it's hard to forecast what the years ahead will bring, but we certainly feel that we are in a good position to continue to grow into new products as those needs arise.

因此，我們是在滿足那些已連線接入 CME 的客戶所面臨的需求與新增風險。我們會持續關注新風險演變的領域，並以新產品來滿足需求。但很難預測未來幾年會帶來什麼；不過我們確實認為，隨著需求出現，我們處於非常有利的位置，能持續透過新產品擴張成長。

Yes. And thank you for your question. I think I referred to you as -- so I apologize. I know it's Dan, so welcome. I know you're a newer analyst to CME. So thank you for your question. Appreciate it.

是的，也謝謝你的提問。我想我剛才稱呼你時——所以我道歉。我知道你是 Dan，歡迎你。我知道你是剛開始覆蓋 CME 的新分析師。謝謝你的問題。很感謝。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Maybe to mix up the topics a little bit. I was wondering if you can talk a little about capital priorities from here. It's great to see the continued buyback, if you will, there's been a fair amount of industry consolidation, maybe more in the cash markets and the futures market. But how are you thinking about sort of priorities from your, maybe buyback versus anything on the inorganic side?

也許換個話題。我想請你們談談接下來的資本配置優先順序。很高興看到你們持續回購；同時產業整併也相當多，可能更多發生在現貨市場以及期貨市場。但你們如何思考資本配置的優先順序，例如回購相對於任何非有機（inorganic）的機會？

Thanks, Bill, and it's a great question. I'll let Lynne start and then I will chime in as well.

謝謝，Bill，這是個很好的問題。我先請 Lynne 開始，之後我也會補充。

Yes. So Bill, I would point out, obviously, we had the OSTTRA funds that we were looking to return through the repurchase program, and we have now completed the redeploy of that, but we want to make sure that was noted. What we like about our capital return policy is the flexibility. So whether that's our variable dividend structure or the repurchase, we have the ability to be flexible. So we have opportunities were to come up on the inorganic side.

好的。Bill，我想先指出，顯然我們之前有 OSTTRA 的資金，原本計畫透過回購計畫返還，而我們現在已完成該資金的重新部署，但我們希望這點能被注意到。我們喜歡我們資本回饋政策的一點是其彈性。無論是我們的可變股利結構或回購，我們都有能力保持彈性。因此若在非有機方面出現機會，

We have that ability to flex. We also have a very low debt load. So we set up our capital structure in a way that gives us a lot of optionality. That being said, we have tended over time to be a lot, I'd say more choosy when it comes down to M&A. We're not active in that market at all times, what we tend to look for are things where we're bringing additional clients or additional products or driving additional capital efficiencies for our customer base. So we tend to be a bit more focused within our lane when it comes to M&A. But I think we've got a unique capital structure that gives us a lot of ability to pivot -- .

我們也有能力彈性調整。此外，我們的負債水準非常低。因此我們以一種能提供高度選擇權的方式來建立資本結構。話雖如此，長期以來我們在併購（M&A）上往往更為謹慎。我們並非任何時候都活躍於該市場；我們通常尋找的是能帶來更多客戶、更多產品，或為客戶群帶來更多資本效率的機會。因此在併購方面，我們通常更聚焦於自己的主航道。但我認為我們擁有獨特的資本結構，使我們具備很強的轉向能力——。

And just to add to what Lynne said, Bill, I mean, we have been very disciplined. Our debt load is probably the lowest in most -- in our sector for sure, and other companies of our size. So that does put us in a very advantageous situation if we were to do something.

再補充 Lynne 的說法，Bill，我們一直非常自律。我們的負債水準可能是我們產業中最低的之一，當然在我們這個領域，以及其他同等規模公司中也是如此。因此，如果我們要做任何事情，這確實讓我們處於非常有利的位置。

Also, I think when you look at our mixture of return of capital going as a dividend paying stock since 2002 through today and returning capital that way and now with the share repurchase, I just want to emphasize how important that is to different constituents of people who own CME and how they like to have that capital return to them, whether it's through buybacks, whether it's through the special or whether it's through the quarterly dividend. But we are in a very, very strong position to do a lot of different things that we so choose.

另外，我認為當你看我們資本回饋的組合——自 2002 年以來我們一直是配息股票，透過股利返還資本；而現在也透過股份回購返還資本——我想強調，這對持有 CME 的不同利害關係人而言非常重要，他們希望以不同方式獲得資本回饋：無論是回購、特別股利，或是季度股利。但我們確實處於非常、非常強勢的位置，可以依我們的選擇去做很多不同的事情。

And again, I think what Lynne said, it's right, we just don't go out taking and shopping for things that we don't think we need, just to buy to buy. So we're very focused. And I think the reason why we stay focused is because when you look at that $100 billion of efficiencies that Lynne referenced a moment ago, that was just $40 billion, not too long ago. And these are things that we have been able to accomplish, not only with the growth of our business, but some of the plug-and-play technology and other things that we have to enhance the volume of our business. So that to us is how we grow the business.

再一次，我認為 Lynne 說得對，我們不會為了買而買，跑出去拿取、逛街買那些我們不覺得需要的東西。所以我們非常聚焦。而我認為我們之所以能保持聚焦，是因為當你看 Lynne 剛才提到的那 1,000 億美元效率提升時，不久之前那其實只有 400 億美元。而這些是我們能夠達成的成果，不僅來自我們業務的成長，也來自一些即插即用的技術以及其他能讓我們提升業務量能的措施。所以對我們而言，這就是我們擴大業務的方式。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

I wanted to ask about the trends in open interest and how you see the relative importance of the data as you think about the volume outlook? So as of September 30, 2026, versus September 30, 2025, equity open interest was up 0.2%. Interest rate OI was up 1.2% and energy OI was down 3.6%.

我想請教未平倉量（open interest）的趨勢，以及在思考成交量展望時，你們如何看待這些數據的相對重要性？以 2026 年 9 月 30 日相較於 2025 年 9 月 30 日，股票未平倉量上升 0.2%；利率未平倉量上升 1.2%；能源未平倉量下降 3.6%。

So it appeared to be a very strong environment for all three asset classes and volumes were up low to mid-teens across the board in 3Q, as you highlighted. But it's velocity that's driving volume, not OI. So the question is, why didn't OI really grow in the quarter in these products? And how big a factor is this in the outlook for volumes as we start to think about 2027?

看起來三大資產類別的環境都非常強勁，而你們也如先前所強調，第三季整體各類別成交量普遍年增低到中十位數。但推動成交量的是周轉速度（velocity），而不是未平倉量（OI）。所以問題是：為什麼這一季這些產品的未平倉量並沒有真正成長？而當我們開始思考 2027 年時，這會在成交量展望中扮演多大的因素？

So, I am very much of the mindset and that we talk about open interest because it shows the people that are parking their positions on CME's books to manage risk. I referenced a number of 133 million open positions as of this morning. Our open interest has been sitting at very lofty levels for a long time. And the reason why I think that is more impressive today than it was as little as five years ago is because we didn't have some of these option products that expire on a short-term basis is like we do today. We didn't have weekly options expirations.

所以，我的想法是：我們之所以談未平倉量，是因為它顯示有多少人把部位停放在 CME 的帳簿上以管理風險。我提到截至今天早上有 1.33 億個未平倉部位。我們的未平倉量長期維持在非常高的水準。而我認為今天這件事比五年前更令人印象深刻的原因是，因為當時我們沒有像現在這樣一些短天期到期的選擇權產品。我們當時沒有每週到期的選擇權。

We had quarterly options expirations, semi-quarterly that we had different types of products with different instruments where you would see the open interest build up significantly. So as impressive as the open interest has been, and I will talk about it all the time. I think you have to look at it in the light that we do have many different expirations that we did not have just a couple of years ago. So that's why you're seeing the numbers that you cited a moment ago.

我們有的是季到期的選擇權、半季到期；我們有不同類型的產品與不同工具，你會看到未平倉量顯著累積。所以未平倉量確實很亮眼，我也會一直談它。但你必須在這樣的背景下看待：我們現在有許多不同的到期週期，而這在幾年前並不存在。所以這就是你剛才引用那些數字的原因。

But again, I think that is a good problem to have to maintain levels in the single digits when you're having expirations on a weekly basis versus either a monthly or quarterly basis. That's the big difference.

但再說一次，我認為這是一個「好問題」：當到期頻率從每月或每季變成每週到期時，仍能把變動維持在個位數水準。這就是最大的差異。

Ben Budish, Barclays.

Ben Budish，巴克萊。

I was wondering, if you could spend a minute on Treasury Link. It looks like that's now live in testing. Could you maybe talk about any kind of early reads or feedback? And then maybe remind us about how you're thinking about the market opportunity, the sort of potential size of the market that you're thinking about going after and the economic model? Is this simply collateral balances and BrokerTec revenues? Or what else should we be thinking about there?

我想請你花一點時間談談 Treasury Link。看起來它現在已經在測試中上線。你能否分享一些早期觀察或回饋？另外也請提醒我們，你們如何看待市場機會：你們鎖定的市場潛在規模大概是多少，以及經濟模型是什麼？這是否只是擔保品餘額與 BrokerTec 收入？或是我們還應該考量其他面向？

Yes. Thanks, Ben. I'll let Mike go ahead and talk a little bit about that. It's been a little bonkers, going on as it relates to some of the Treasury Link stuff. So I'll let Mike go ahead and touch on it.

好的。謝謝你，Ben。我先請 Mike 來談一下。最近跟 Treasury Link 相關的事情有點瘋狂。所以我先讓 Mike 來說明一下。

Yes. No. Thanks, Terry. It has been an interesting time in the rates landscape. Obviously, no shortage of things going on in the interest rate complex. But to get to your question, Ben, on Treasury Link, it's an industry-first Treasury functionality that will enable transparent centralized spread trading between Treasury futures and BrokerTec cash treasuries on CME Globex. This new offering really connects to two leading US Treasury liquidity pools, bringing unique innovation and it will enable guaranteed execution of anybody trading cash versus futures spread transactions and eliminate legging risk in the process.

是的。不。謝謝你，Terry。利率市場這段時間確實很有意思。顯然，利率領域發生的事情非常多。但回到你的問題，Ben，關於 Treasury Link：這是一項業界首創的美國公債功能，將在 CME Globex 上，實現美國公債期貨與 BrokerTec 現貨公債之間透明、集中化的價差交易。這個新產品真正把兩個領先的美國公債流動性池連結起來，帶來獨特創新；它將讓任何進行現貨對期貨價差交易的人都能獲得保證成交，並在過程中消除分腿成交風險（legging risk）。

Happy to say that over the weekend, Treasury Link is live now in our new release environment and clients have been testing the functionality this week. And we've seen a lot of strong demand from both existing and prospective new participants who are interested in realizing execution efficiencies between cash and futures, and Treasury Link really just represents the next stage in an initiative to bring our cash and futures markets closer together.

很高興地說，這個週末 Treasury Link 已在我們新的版本環境中正式上線，客戶本週已在測試這項功能。我們看到既有參與者以及潛在的新參與者都有很強的需求，他們希望在現貨與期貨之間實現執行效率；而 Treasury Link 其實代表的是一項倡議的下一階段，目標是讓我們的現貨與期貨市場更緊密地結合。

We're looking at, aside from Treasury futures versus cash, what are some other things that we can do to link products together. This is an evolving time in the Treasury landscape. We have a new Fed chair who is committed to overhauling their communication strategy. We continue to see record debt levels, we see Treasury intervention in our markets, and we're fastly approaching the treasury and repo clearing mandate. So it's just another example of how the CME Group continues to evolve and innovate, deliver efficiencies to our clients alongside the $30 billion in margin savings across futures options, swaps and cash.

我們也在思考：除了公債期貨對現貨之外，還有哪些事情可以把產品彼此連結起來。這是公債市場版圖正在演變的時期。我們有一位新的聯準會主席，致力於改革其溝通策略。我們持續看到債務水準創新高，也看到財政部對我們市場的介入，而且我們正快速接近公債與回購（repo）清算強制令。因此，這只是另一個例子，說明 CME Group 如何持續演進與創新，為客戶帶來效率，同時也帶來跨期貨選擇權、交換（swaps）與現貨合計 300 億美元的保證金節省。

So I appreciate the question. More to come. But thanks, Ben.

所以我很感謝這個問題。後續還會有更多消息。但謝謝你，Ben。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Terry, one for you, just to maybe come back to perpetuals and retail more broadly. So you did talk about systemic risk. Just maybe if you can just update us on your view on if equity index perpetual futures were to be approved in the US, how are you viewing that as a systemic risk potential? And I guess, do you see that potential approval ever coming to fruition? Or do you think there'll be enough industry resistance?

Terry，有一題想問你，回到永續合約（perpetuals）以及更廣泛的零售議題。你確實談到了系統性風險。如果美國批准股票指數永續期貨，你能否更新一下你對其潛在系統性風險的看法？另外，你認為這種批准有可能真的實現嗎？還是你覺得產業界會有足夠的反對力量？

And then combined with that, you've seen, obviously, very good growth in the equity index micros. And so maybe just talk about how you view retail being able to trade equity indices and single stocks, of course. And do you think there's literally enough tools for them to do that now without the need for perpetuals?

再把這點結合起來，你們也看到股票指數微型合約（micros）顯然成長非常好。所以也請談談你如何看待零售投資人交易股票指數，當然也包括單一股票。你是否認為他們現在其實已經有足夠的工具可以做到這些，而不需要永續合約？

Yes, Brian, again, as I said earlier, I don't want to expand too much further on the argument of perpetuals if they are swaps or futures. So again, as I said earlier, I'll let the courts make that decision. As far as systemic risk that you're referring to and I made that comment, I made that comment in reference to the leverage part of perpetuals that have been traded overseas.

是的，Brian，如我先前所說，我不想再把永續合約究竟是交換（swaps）還是期貨（futures）的爭論延伸太多。所以同樣地，如我先前所說，我會讓法院來做這個決定。至於你提到的系統性風險，以及我做的那個評論，我的評論是針對海外交易的永續合約槓桿部分而言。

I made the comment when the amount of leverage was anywhere from 25%, 50% to 250% leverage that are being traded on some of these overseas platforms, not here in the US That's what I said there's a systemic risk. I think that's what you're referring to. As far as single stock futures, what was your question on that one, Brian?

我之所以那樣說，是因為在某些海外平台上交易的槓桿倍數介於 25%、50% 到 250% 的槓桿，而不是在美國這裡。這就是我所說存在系統性風險的地方。我想你指的就是這一點。至於單一股票期貨，你那題的問題是什麼，Brian？

Just as a -- I guess, two-parter there. Just another tool, obviously, for retail to trade this, and that's good to see. But also there, I guess, do you have the same view on perpetuals for single stocks. And I guess, since you mentioned leverage, if the leverage was contained dramatically, say, less than 10 times or I'm just thinking that number up, it's something very low, would that change your view on the systemic riskiness of the product?

就像是——我想，這裡有兩個部分。顯然，這只是讓散戶交易這個產品的另一個工具，看到這點是好事。但另外我想問的是，你對於單一股票的永續合約（perpetuals）是否也持相同看法？以及既然你提到槓桿，如果槓桿被大幅限制，例如低於 10 倍——我只是隨口舉個很低的數字——這會改變你對該產品系統性風險程度的看法嗎？

Yes, Brian, I don't ever give an opinion on changing my view until I actually see something in writing that suggests what it's going to be. So a lot of people can make a lot of comments about what they think it's going to be. So what about you disagree with? I don't operate that way, I never have. So I will wait until I see what they are proposing, if they propose something as it relates to leverage caps or things of that nature. But I've not seen anything so it's really difficult for me to make a comment to you on that product.

是的，Brian，我在真正看到書面內容、知道它會是什麼之前，從不對「是否改變我的看法」發表意見。很多人可以對他們認為會是什麼樣子發表很多評論。那你不同意的是哪一點？我不是那樣做事的，我從來都不是。所以我會等到我看到他們提出的內容——如果他們提出與槓桿上限或類似事項相關的提案。但我目前什麼都沒看到，所以我很難就那個產品對你做出評論。

As it relates to the opportunity for retail on single stock futures, I said it earlier, and I truly believe it, I think this is a product that is going to be widely accepted from the retail participant to the institutional participants. And I think it's going to be something that is well overdue and needed. So I think our client base is looking for it. When you have the last, say, five to seven years, with the MAG 7, MAG 9, whatever you want to call it any single day, for people to have single stock futures on some of these products that trade a big portion of some of these indices, I think will be very attractive for both constituents of retail and institutional.

至於散戶參與單一股票期貨的機會，我之前就說過，而且我確實相信：我認為這會是一個從散戶參與者到機構參與者都會廣泛接受的產品。我也認為這是早就該有、而且市場需要的東西。所以我認為我們的客戶群正在尋找它。回顧過去大概五到七年，所謂 MAG 7、MAG 9——你想怎麼稱呼都行——在任何一天，若人們能針對其中一些在指數中占比很大的成分股交易單一股票期貨，我認為對散戶與機構兩類參與者都會非常有吸引力。

Julie or Tim, do you want to comment further?

Julie 或 Tim，你們想再補充評論嗎？

Yes. I mean I'll just add, Brian, it's certainly -- we are highly focused on just evolving our product suite to be positioned to capture retail demand. We saw -- delivered on the retail business, the 10 consecutive quarter of double-digit retail client acquisition growth. We welcomed well over 100,000 new retail traders into our markets in this past quarter, and that was a 40% increase of where we were a year ago. We are doing that through this product innovation that we talked about on this call.

是的。我補充一下，Brian，我們確實——高度專注於持續演進我們的產品組合，以便能夠掌握散戶需求。我們看到——在散戶業務方面交出成果，連續第 10 個季度散戶客戶新增數維持雙位數成長。在上一季度，我們迎來了遠超過 100,000 名新的散戶交易者進入我們的市場，較一年前提升了 40%。我們正是透過這通電話中談到的產品創新來做到這一點。

We had a new record in our E-nano suite yesterday of over 121,000 contracts traded. We spoke to the single-stock futures success earlier being available 24/7. This is what our clients are demanding and working closely with our retail partner to continue to ramp those education and those marketing efforts through the remainder of the year.

我們的 E-nano 產品組合昨天創下新紀錄，成交合約數超過 121,000 口。我們先前也談到單一股票期貨成功的一點在於可 24/7 交易。這正是我們客戶所要求的；我們也正與我們的散戶合作夥伴緊密合作，在今年剩餘時間持續加大教育與行銷推廣力道。

We believe, right, this growth is going to be achieved by upholding our rigorous risk management frameworks and that structural integrity that we've talked about on this call, and that is what's helping to define and really grow our retail business here.

我們相信，對吧，這樣的成長將透過維持我們嚴謹的風險管理架構，以及我們在本次電話中談到的結構性完整性來實現，而這也正是幫助我們界定並真正擴大散戶業務的關鍵。

Thanks, Julie. Brian, hopefully that addresses some of your questions. And again, I don't duck any questions. So hopefully, that gives you some -- .

謝謝你，Julie。Brian，希望這回答了你的一些問題。再說一次，我不會迴避任何問題。所以希望這能給你一些——。

Ashish Sabadra, RBC Capital Markets.

RBC Capital Markets 的 Ashish Sabadra。

This is Will Qi on for Ashish Sabadra. Maybe a quick question on the newly launched NHL FutureSports indices and their corresponding futures instruments. Seems to be kind of an interesting position to step away from kind of the sports betting that you guys don't want to get involved in. It's kind of aligned with the IOSCO framework for benchmarks.

我是代 Ashish Sabadra 發言的 Will Qi。我想快速問一下新推出的 NHL FutureSports 指數及其對應的期貨工具。看起來這是一個挺有意思的定位：你們選擇遠離你們不想涉入的體育博彩。而且它也與 IOSCO 的基準指數框架相一致。

But with the early days about a month in, what's the kind of early traction you're seeing with that product. Is it coming from institutional demand? Is there any retail demand? What's the kind of, I guess, runway you expect for that?

但在推出約一個月的早期階段，你們看到這個產品有哪些初步的市場反應？需求是來自機構嗎？有任何散戶需求嗎？以及你們預期它的成長跑道大概會是怎樣？

That's a good question, William. Thank you. It is a new product. So we don't want to judge it too early in the season. I'll let Tim go ahead and make a comment as it relates to the overseas businesses.

這是個好問題，William。謝謝。這是一個新產品。所以我們不想在賽季初期就太早下定論。我先請 Tim 就海外業務相關部分做個評論。

Tim?

Tim？

Thanks, Terry, and thanks, Will, for your question. I think what's interesting about this opportunity and partnering with FutureSports and trying to bring risk management and access to professional sports industry and economy in the US, is that this is different in the sense this is based on the statistical performance of the teams that, as you point out, are indexed in accordance with IOSCO principles and guidelines.

謝謝，Terry，也謝謝 Will 的提問。我認為這個機會有趣之處在於：我們與 FutureSports 合作，嘗試把風險管理與進入美國職業運動產業與經濟的管道帶進來；而它不同之處在於，這是以球隊的統計表現為基礎——如你所指出——並依照 IOSCO 的原則與指引來編製成指數。

And when we look at building new risk management capabilities, one of the first things to do is work with the market to ascribe that transparent, trusted real-time price of what that risk is valued at, at any given moment and then build the product ecosystem around it. And that's why we're excited about the opportunity.

當我們著手建立新的風險管理能力時，第一步之一就是與市場合作，為該風險在任何時點的價值建立透明、可信、即時的價格，然後再圍繞它建立產品生態系。這也是我們對這個機會感到興奮的原因。

And then when we look at how this can be used, it is very attractive on the institutional grade front. When you think about the -- if you read some of the reports, the $650 billion US sports value per year, that, that community largely has an unmet need to manage those associated risks, to hedge that related to the operation of venues to the performance of that team.

再來，當我們看它可以如何被使用時，在機構級別的面向上非常有吸引力。想想看——如果你讀過一些報告——美國體育每年的價值約 6,500 億美元；而那個社群在管理相關風險方面，長期存在未被滿足的需求，無論是對場館營運的避險，或是對球隊表現相關風險的避險。

So it's really interesting to be able to introduce these products. But like a lot of products, it's really about bringing that diversified participant mix to it so we are also working on the individual size contracts and working with our retail partners to make sure that those smaller-sized individuals can access these markets and also hedge their needs. So we're excited about the opportunity. It's early days, just a few weeks in, but we're excited and look forward to continuing to work with FutureSports to bring risk management to the sports industry here in the US.

因此，能夠推出這些產品確實很有意思。但就像很多產品一樣，關鍵在於引入多元化的參與者組合；因此我們也在推動較小合約規模，並與我們的散戶合作夥伴合作，確保那些較小規模的個人也能進入這些市場並滿足其避險需求。所以我們對這個機會感到興奮。目前仍在早期階段，才幾週而已，但我們很期待並將持續與 FutureSports 合作，把風險管理帶進美國的體育產業。

William, thank you for the question and Tim, thanks for your response.

William，謝謝你的提問；Tim，也謝謝你的回覆。

Michael Cyprys, Morgan Stanley.

Morgan Stanley 的 Michael Cyprys。

I just wanted to ask about the $100 billion of margin efficiencies that you mentioned that seems to be up quite a bit from a year or even two years ago. I was hoping you could elaborate on the drivers of that expansion over the past year. How much of that relates to simply more activity on the platform versus the impact of newer initiatives like the FICC cross-margining? And as you look out over the next couple of years, like what new initiatives do you think could be most meaningful to take that higher at say, flat volumes?

我想問一下你們提到的 1,000 億美元保證金效率（margin efficiencies），看起來比一年前甚至兩年前高出不少。我希望你們能說明一下過去一年擴張的驅動因素。其中有多少只是因為平台上的活動量增加， versus 像 FICC 跨保證金（cross-margining）這類新措施的影響？另外展望未來幾年，在例如成交量持平的情況下，你們認為哪些新措施最可能對把這個數字推得更高最有意義？

To go higher. I like that one, Mike. Go ahead, Lynne.

推得更高。我喜歡這個問題，Mike。Lynne，你來回答。

Yes. So it's really broad-based, Mike, which is what's important. So you're going to have the increased level of activity, the increased level of open interest. You're seeing growth across all the different asset classes. You did mention some of the specific extensions to cross margining, which Mike can touch on, we're definitely seeing good success on the FICC cross-margining as well as the swap offsets in rates. But we're seeing growth in the equities complex. We're seeing growth in the energy offset as well as the rate component. So it's really across the base.

好的。所以這其實是非常廣泛、全面性的成長，Mike，這點很重要。你會看到活動水準提高、未平倉量提高。你也看到所有不同資產類別都在成長。你提到一些跨保證金的特定延伸項目，Mike 也可以補充；我們確實看到 FICC 跨保證金，以及利率方面的掉期抵銷（swap offsets）都有不錯的成效。但我們也看到股票複合體（equities complex）的成長。我們看到能源抵銷（energy offset）以及利率組成部分的成長。所以這真的是全面性的。

But Mike, why don't you comment on the specific rates?

但是 Mike，你為什麼不針對具體的利率水準做些評論呢？

Yes. I appreciate it, Lynne. And Michael, thanks for the question. I'm going to touch a little bit on portfolio margins related to our swap business, and then I'll also talk about some growth trends that we're seeing in our CME FICC cross-margin program now that FCM partners are taking advantage of the savings with cascading that down to client accounts. So if you look at portfolio margining in our swaps business, Q3 resulted in a new record.

好的。Lynne，謝謝你，我很感激。Michael，也謝謝你的提問。我會先稍微談一下與我們掉期業務相關的投資組合保證金，接著也會談談我們在 CME FICC 跨品種保證金計畫中看到的一些成長趨勢，因為現在 FCM 夥伴正利用這些節省，並透過層層傳導把效益下放到客戶帳戶。所以如果你看我們掉期業務的投資組合保證金，第三季創下新的紀錄。

We saw a new daily savings of $14 billion occurring on September 30. That was a record. I would say, if we look at savings in September, that averaged $13.2 billion, and that was up 58% versus September of 2025. The new clients joining our portfolio margining program, have really contributed to that savings. And just to put that into perspective, in 2024, that swap savings number was around $7.2 billion, $7.3 billion per day.

我們在 9 月 30 日看到新的每日節省金額達到 140 億美元。那是個紀錄。我會說，如果看 9 月的節省金額，平均為 132 億美元，較 2025 年 9 月成長 58%。加入我們投資組合保證金計畫的新客戶，確實對這些節省貢獻良多。為了讓大家有個概念，2024 年時，那個掉期節省數字大約是每天 72 億到 73 億美元。

It's closer to $14 billion. So we've seen a lot of growth there. If we look at our CME FICC cross-margining program, we have about 24 clearing members currently registered for the program, and we expect there to be a ramp-up period as FCMs complete operational readiness. Firms are very engaged. They're meeting with us.

現在更接近 140 億美元。所以我們在那裡看到很大的成長。如果看我們的 CME FICC 跨品種保證金計畫，目前約有 24 家清算會員已註冊參與，我們也預期在 FCM 完成作業準備的過程中會有一段爬坡期。各家公司參與度很高。他們正在與我們會面。

Many of them are targeting Q4 to be fully up and running for that cross-margining program prior to the treasury and repo clearing mandate. But we're seeing strong growth there. September average daily savings in the program was $2.3 billion a day, and we saw a record day in Q3 of $2.7 billion. So that's kind of come off that $1 billion and $1.5 billion number that we've talked about in the beginning of the year. So just want to highlight where we've seen growth, particularly in the rates environment.

其中許多公司以第四季為目標，希望在國債與回購清算強制規定生效之前，讓該跨品種保證金計畫全面上線運作。但我們在那裡看到強勁成長。9 月該計畫的平均每日節省為 23 億美元，而我們在第三季也看到單日紀錄達 27 億美元。所以這已經從年初我們談到的 10 億到 15 億美元水準往上提升。因此我只是想強調我們看到的成長所在，特別是在利率環境之下。

And let me just touch for a second because I think we talk a lot about the rates, but I think the equities is such a huge part of that $100 billion. Tim, maybe you can give us a little color on that as well.

另外我也想稍微提一下，因為我知道我們談了很多利率，但我認為股票其實也是那 1,000 億美元中非常重要的一部分。Tim，也許你也可以就這部分補充一些看法。

Yes. Thanks, Terry. And Michael, thanks for the question. I think when we look at the equity savings almost coming in just under $47 billion for Q3, that's up substantially versus the levels put up in the prior quarters and in 2025. And that comes from two main things.

好的，謝謝你，Terry。Michael，也謝謝你的提問。我想如果我們看第三季股票相關的節省金額，接近但略低於 470 億美元，這相較於前幾季以及 2025 年的水準都有顯著提升。而這主要來自兩個因素。

One is the base offset that we have in our base F&O at CME Group, which is just under $42 billion. And we also have the CME OCC cross-market agreement which delivered a little over $5 billion this quarter. And I think what's interesting, Michael, to your question is when we look at in the equity complex, where some of those savings are coming from.

第一個是我們在 CME Group 基礎 F&O（期貨與選擇權）中的基礎抵銷（base offset），金額略低於 420 億美元。第二個是 CME 與 OCC 的跨市場協議，本季帶來略高於 50 億美元的效益。而我認為有趣的是，Michael，回到你的問題，當我們看股票產品群（equity complex）時，這些節省究竟是從哪裡來的。

If we look at all of 2026, about 60% of the increase is coming from new positions established at CME Group and about 40% from rising index levels or rising asset levels and margin being posted at CME. So it's really encouraging to see that coming from that organic new activity and risk being moved to CME Group to capture and take advantage of these capital efficiencies.

如果看整個 2026 年，約 60% 的增量來自於在 CME Group 建立的新部位，約 40% 則來自指數水準上升或資產水準上升，以及在 CME 提繳的保證金增加。因此，看到這些節省主要來自有機的新活動，以及風險移轉到 CME Group 以捕捉並利用這些資本效率，確實令人鼓舞。

And to give a little bit more color on that. One prime example of how the clients and the marketplace is taking advantage if we look at the growth of our OTC swap alternative products of CME Group, that average daily open interest in Q3 of products like our dividend futures, dividend options and our Adjusted Interest Rate Total Return futures, that OI grew 30% year-over-year to 2.6 million contracts worth about just under $500 billion of additional open interest or contract value in open interest being moved to CME.

再多補充一些細節。一個很典型的例子是，若我們看 CME Group 的 OTC 掉期替代產品的成長，第三季像是股利期貨、股利選擇權，以及我們的「調整後利率總報酬期貨」（Adjusted Interest Rate Total Return futures）等產品，其平均每日未平倉量（OI）年增 30% 至 260 萬口，約相當於接近 5,000 億美元的新增未平倉量，或以合約價值計算的未平倉量被移轉到 CME。

And this is a continuation of a long-standing trend at CME Group of futurizing swap market and bringing new flow and new participants to the equity complex at CME Group to take advantage of these capital efficiencies.

這也延續了 CME Group 長期以來將掉期市場「期貨化」（futurizing）的趨勢，並把新的交易流量與新的參與者帶入 CME Group 的股票產品群，以利用這些資本效率。

Simon Clinch, Rothschild & Co Redburn.

Simon Clinch，Rothschild & Co Redburn。

Terry, a bit of a sort of broader question here. As we think about the retail platform and perhaps some FCMs, eventually moving to explore launching products in their own right, be it prediction market, perpetuals or even other options perhaps. But as that happens, how do you expect the relationship between CME and those partners develop where the economic incentive becomes more prevalent for them to steer volume towards their in-house products where they earn more of the economics? Just kind of curious as your view on that?

Terry，我這裡有個比較宏觀的問題。當我們思考零售平台，以及或許一些 FCM，最終可能會開始探索推出自有產品，不論是預測市場、永續合約，甚至其他選擇權等。但隨著這種情況發生，你預期 CME 與這些合作夥伴之間的關係會如何發展？因為對他們而言，經濟誘因可能會更強，促使他們把交易量導向自家產品，從而賺取更多經濟利益。想請教你對此的看法？

Yes. Thanks, Simon, for your question. I'd be speculating at best. But when we just got done speaking about $100 billion-plus of efficiencies, that's really difficult to replicate with a lot of the things that we have done. Retail traditionally does not carry much open interest.

好的，Simon，謝謝你的提問。我最多只能算是推測。但我們剛剛談到超過 1,000 億美元的效率提升，這種成果要用其他方式複製是非常困難的，因為這背後是我們做了很多事情才達成。零售交易傳統上並不會持有太多未平倉量。

As you know, we've said this historically, 94% of CME's business is institutional driven. So again, I think when you're looking at -- what you're suggesting is platforms listing their own products, is that more attractive than coming to CME. You need to have an ecosystem of liquidity from the biggest institutions in the world that are at CME. We've cited that through our open interest that retail needs to participate with.

如你所知，我們過去也一直這麼說，CME 94% 的業務是由機構驅動。所以我認為，當你在看——你所提到的平台上架自有產品——是否比來 CME 更有吸引力時，你必須擁有一個由全球最大型機構所提供的流動性生態系，而這些機構就在 CME。

Retail trading with just retail and props is not a long-term solution for any particular product. So you need to have the -- all the different participants coming in. So I think our value proposition is strong and those same participants that you're referring to are very, very large clients of CME. And I think they benefit immensely by being here at CME, participating in those liquidity pools, generating those efficiencies and for themselves benefiting their own bottom line.

零售只跟零售以及自營交易商（prop）互相交易，對任何特定產品而言都不是長期解決方案。所以你需要——需要所有不同類型的參與者都進來。因此我認為我們的價值主張很強，而你所提到的那些參與者本身也是 CME 非常、非常大的客戶。我認為他們在 CME 這裡受益匪淺：參與這些流動性池、產生這些效率，並且讓他們自己在財務表現上獲益。

So again, I think what we are doing is a value-added proposition. And again, it's very difficult to replicate, and it's moves that we have made historically. But again, I think you can't stress enough the ecosystem, how important it is. And just to think that retail trading against retail with a prop is a long-term proposition for a successful market. I have not seen one in my 46 years in the business.

所以再說一次，我認為我們正在做的是一個增值的主張。而且這確實非常難以複製，這也是我們歷史上一路走來所做的布局。但我認為你再怎麼強調生態系的重要性都不為過。如果只是想像零售對零售、再加上一些自營交易商，就能形成一個成功市場的長期命題——在我 46 年的從業生涯中，我從未見過。

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

若沒有其他問題，我現在把電話交回管理層作結語。

Thank you very much. We appreciate everyone participating in the call, we are very proud of our record quarter today. It's a very dangerous world out there. We see risk management continuing to be a big part of it. I hope everyone stays safe and healthy, and thank you very much for participating in today's call.

非常感謝。感謝各位參與本次電話會議，我們對今天創下的季度紀錄感到非常自豪。外部世界非常危險。我們看到風險管理仍將是其中非常重要的一環。希望大家都能平安健康，也非常感謝各位參與今天的電話會議。

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。感謝您的參與。您現在可以掛線。