Market Volatility and Trading Activity - US Treasury yields experienced significant fluctuations in April, with the 10-year note rising from 3.87% on April 4 to 4.59% on April 11 following tariff announcements by President Trump [1] - Despite the volatility in Treasury yields, trading in CME's interest rate markets remained stable, with average daily volume (ADV) increasing by 46% to a record 18.4 million contracts [2] Liquidity and Risk Management - CME Group's fixed income markets maintained liquidity during periods of high volatility, with rates markets consistently trading at minimum price increments [3] - The technology and processing systems at CME played a crucial role in sustaining liquidity and managing risk, allowing clients to trade efficiently even during market stress [5] - Liquidity at CME remained robust, with market-makers actively quoting despite tighter and more expensive conditions [5] Performance Metrics - BrokerTec, CME's interdealer platform for US government debt trading, saw ADV more than double from $106.6 billion to $249.2 billion in the week following the tariff announcement, marking a 134% increase [6][7] - CME's extensive portfolio margining program generates $20 billion to $25 billion daily for clearing members, with cross-margining agreements contributing significantly to margin savings [10] Product Innovation and Retail Engagement - CME has expanded its product offerings to attract retail investors, launching e-micro contracts and spot quoted futures, which have seen over four billion micro contracts traded since their introduction [12][13] - Institutional clients are also utilizing CME's retail products for more precise hedging, indicating a crossover appeal [14] - CME is actively seeking feedback from institutional clients to enhance its product offerings, particularly in the competitive crypto market [15]