Financial Data and Key Metrics Changes - CME Group generated revenue of $1.5 billion in Q3 2025, down 3% from Q3 2024, with an average rate per contract of $0.702, resulting in clearing and transaction fees of $1.2 billion [9][10] - Market data revenue reached a record $203 million, up 14% year-over-year [9] - Adjusted operating income was $1.1 billion, reflecting a 68.4% operating margin, with adjusted net income at $978 million and adjusted diluted earnings per share at $2.68, both slightly above the previous year's figures [10][11] Business Line Data and Key Metrics Changes - The average daily volume for the quarter was 25.3 million contracts, marking the second highest in CME's history for Q3 [5] - The crypto complex traded a record 340,000 contracts per day, up over 225% compared to the previous year, driven by the success of Solana and XRP futures [6] - New products such as credit futures and one-ounce gold futures also achieved record volumes in Q3 [6][7] Market Data and Key Metrics Changes - Open interest at the end of September reached 126 million contracts, the highest in five years, with continued growth into October [5] - CME maintained a 76% market share in WTI futures, up from 74% in the previous quarter, and 91% in WTI options [61] Company Strategy and Development Direction - CME Group is focused on innovation and expanding product offerings, including the introduction of 24/7 trading for cryptocurrency futures and options starting early next year [8] - The partnership with FanDuel aims to enhance retail strategy, potentially reaching 13 million accounts [14][16] - The company is also extending its FTSE Russell Index derivatives license through 2037 to ensure continuity and value for clients [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth despite a general pullback in volatility across asset classes [5] - The focus remains on driving earnings growth through customer base expansion and innovative products [11] - Management acknowledged the importance of credibility in markets and the potential for growth in retail offerings without necessarily pursuing acquisitions [17] Other Important Information - CME Group's adjusted effective tax rate was 22.6% for the quarter [10] - Capital expenditures for Q3 were approximately $19 million, with cash at the end of the quarter around $2.6 billion [10] Q&A Session Summary Question: Can you talk about your long-term retail strategy? - Management highlighted the importance of the partnership with FanDuel and the potential to access 13 million accounts, emphasizing a strategy focused on distribution and efficiencies [14][16] Question: Is CME considering offering sports event contracts? - Management indicated readiness to offer sports event contracts in collaboration with FanDuel, pending government approval [24][39] Question: What is the outlook for energy volumes? - Management noted a slight decrease in energy volumes but highlighted growth in crude and natural gas markets, particularly in Europe and Asia [61] Question: How are you thinking about capital deployment after the oyster sale? - Management stated that proceeds from the sale were about $1.55 billion, with plans to review potential uses of capital with the board [67][69] Question: Can you elaborate on the 24/7 trading initiative? - Management confirmed plans for 24/7 trading of cryptocurrency futures by 2026, with ongoing assessments for other asset classes based on client demand [80][82]

摘要今日周二（10月21日）亚盘时段，伦敦金目前交投于4320.49美元附近，截至发稿，伦敦金最新报 4322.51美元/盎司，跌幅0.76%，最高上探4374.79美元/盎司，最低触及4318.59美元/盎司。目前来看， 伦敦金短线偏向震荡走势。 今日周二（10月21日）亚盘时段，伦敦金目前交投于4320.49美元附近，截至发稿，伦敦金最新报 4322.51美元/盎司，跌幅0.76%，最高上探4374.79美元/盎司，最低触及4318.59美元/盎司。目前来看， 伦敦金短线偏向震荡走势。 回顾昨日操作，我们在白盘时精准布局了4258与4265两个点的空单；而到了晚间，依据市场变化迅速调 整策略，于4305果断入场做多。此后，黄金价格一路高歌猛进、强势拉升，其涨势之迅猛令人惊叹不 已，日线级别更是接连突破多重压力位，最高触及4381附近。值得一提的是，早盘我们便已分析指出 4380并非本轮行情的顶点，果不其然，晚间价格再度刷新高点。不过，多头未能持续发力，转而形成新 的阶段性顶部，4小时图上呈现出一个显著的大V形态。目前，多头仍在积极博弈，整体的大多头趋势 依旧稳固。 周一，芝加哥商品交易所集团（CME Gr ...