期货行业应"以合规为基，以创新为翼" 9月12日，中国证监会发布修订后的《期货公司分类评价规定》（下称《规定》）。《规定》的出台， 旨在引导期货行业转向高质量发展。《规定》在指标设计上显著强化了对服务产业客户、服务国家战略 目标的引导。本次修订将标题由《期货公司分类监管规定》调整为《期货公司分类评价规定》，标志着 监管核心从刚性的外部约束转向科学的综合评价与正向激励，其目的是推动期货公司由"被动守规"的底 线思维转变为"主动争优"的价值创造思维，将监管要求内化为提升综合竞争力的自觉行动。 扣分机制更清晰、更合理。《规定》明确了扣分原则上以生效的监管措施等法律文件为依据，减少了主 观判断空间，使扣分标准更加客观、透明。同时，消除了重复扣分的情形，对于因同一违规事项分别对 期货公司和人员采取监管措施的，《规定》将"择其重者扣分"，而非叠加扣分。此外，还合理设置了扣 分梯度，并根据监管措施的轻重程度赋予不同分值。这些调整使得合规监管的标准更为统一，减轻了期 货公司的合规负担。 《规定》对加分体系进行了结构性重塑。其中，突出服务实体经济本源，显著增强了服务实体经济能力 的指标权重，特别是新增了"产业客户日均持仓"指标 ...

Financial Data and Key Metrics Changes - The energy business has seen revenues nearly double over the last three years, with a year-over-year volume increase of 18% [3][4]. - The company has experienced a healthy double-digit growth despite a perceived slowdown since May [4]. Business Line Data and Key Metrics Changes - The energy market is undergoing significant changes due to trade policies and energy transition discussions, impacting risk management and trading volumes [5][6]. - The mortgage business has seen a decline in new loan volumes due to high interest rates, but the total addressable market (TAM) is believed to have grown due to acquisitions like Black Knight [34][35]. Market Data and Key Metrics Changes - The company has adapted to changes in the energy ecosystem, including shifts in LNG trade routes and OPEC+ volatility, which could impact long-term business [17][19]. - The bond business grew by 30%, indicating a strong performance compared to peers, which remained flat [66]. Company Strategy and Development Direction - The company is focused on building a network for mortgage services, emphasizing the importance of connectivity among market participants rather than just software solutions [46][50]. - The company aims to leverage its existing infrastructure to enhance efficiency and reduce costs in the mortgage process, potentially leading to increased pricing power [51]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the energy business's resilience despite geopolitical uncertainties, noting that the risk management framework can accommodate various outcomes [10][28]. - There is a positive outlook for the data business, with increased demand and engagement from clients, indicating a shift from previous hesitance [78][80]. Other Important Information - The company is training internal successors for leadership roles, aiming for continuity in management and strategic direction [86][88]. - The company has initiated share buybacks as part of its capital allocation strategy, indicating confidence in its valuation and future growth prospects [75]. Q&A Session Summary Question: Is retail trading a priority for ICE? - Management indicated that while there was initial concern about retail trading competition, the company has shifted focus to empowering its B2B clients through technology [58][60]. Question: Is ICE still ambitious about the analog to digital conversion in fixed income trading? - Management acknowledged being late to the conversion but noted that the bond business has grown significantly due to the development of a high-value ecosystem [63][66]. Question: What is the pipeline for new mortgage deals with large banks? - There is ongoing competition between non-bank and traditional banks, with discussions about potential regulatory changes that could benefit large banks and increase their investment in digital platforms [71][72].