Financial Data and Key Metrics Changes - The company reported record third quarter revenues of $737 million, a 31% increase from $561 million a year ago [4] - Adjusted earnings grew by 22.4% to $155.1 million, with post-tax adjusted earnings increasing by 11.5% to $141.1 million, resulting in post-tax adjusted earnings per share of $0.29 [12] - Adjusted EBITDA increased by 10.7% to $167.6 million [12] Business Line Data and Key Metrics Changes - ECS revenues grew by 114% to $241.6 million, driven by OTC and strong organic growth [6] - Rates revenues increased by 12.1% to $195.3 million, reflecting higher volumes across major interest rate products [7] - Foreign exchange revenues were up 15.9% to $106.7 million, primarily due to strong growth in emerging market currencies [7] - Credit revenues increased by 1.6% to $69.1 million, driven by higher credit derivative and structured credit volumes [7] - Equities revenues grew by 13.2% to $60.4 million, reflecting strong European and U.S. equity volumes [7] - Data, network, and post-trade revenues grew by 11.9% to $34.3 million, excluding Capital Lab [8] Market Data and Key Metrics Changes - EMEA revenues increased by 37.4%, Americas revenues increased by 28.1%, and Asia-Pacific revenues increased by 17.4% [11] - The U.S. Treasury market share grew to an all-time high of 37%, significantly outpacing the market [5] - FMX UST generated record third quarter average daily volume of $59.4 billion, more than 12% higher compared to last year [9] Company Strategy and Development Direction - The company is focused on enhancing profitability and margins through a $25 million cost reduction program, expected to be completed by year-end [5] - The company aims to continue growing SOFR ADV and open interest, with expectations for similar adoption in U.S. Treasury Futures offerings in 2026 [9][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong growth in a mixed macro environment, highlighting the strength and scale of its global platform [4] - The company anticipates generating revenues of between $720 million and $770 million in the fourth quarter of 2025, representing approximately 30% revenue growth at the midpoint [13] Other Important Information - The company’s liquidity was reported at $924.7 million as of September 30, compared to $897.8 million at year-end 2024 [12] - The board reapproved a share repurchase authorization for up to $400 million [12] Q&A Session Summary Question: What allowed BGC to outperform some of the industry proxies despite a slowdown in on-exchange volumes? - Management attributed the strong performance to targeted growth within the ECS sector and the hiring of around 150 new brokers, which enabled market share gains [16] Question: Can you elaborate on the strong growth in FMX and expectations for FCM onboardings? - Management noted that FMX has successfully onboarded 11 FCMs and achieved significant growth in SOFR futures ADV and open interest, with expectations for continued growth in U.S. Treasuries [18][20] Question: What contributed to the strong share growth in FMX cash markets? - Management indicated that the growth was due to the hard work over several years and the viability of FMX as a second choice in the market, leading to a market share increase to 37% [23] Question: How much leverage does the energy segment have to higher adoption of cloud and AI? - Management acknowledged involvement in energy procurement for data centers, benefiting from relationships established through Newmark [25] Question: Can electronic credit revenues grow at a similar pace as Tradeweb or MarketAxess? - Management expressed confidence that electronic credit revenues can grow at competitive rates, with ongoing launches of new electronic protocols [27]

Financial Data and Key Metrics Changes - The company reported record third quarter revenues of $737 million, a 31% increase from $561 million a year ago [4] - Adjusted earnings grew by 22.4% to $155.1 million, with post-tax adjusted earnings increasing by 11.5% to $141.1 million, resulting in post-tax adjusted earnings per share of $0.29 [12] - Adjusted EBITDA increased by 10.7% to $167.6 million [12] - Liquidity as of September 30 was $924.7 million, up from $897.8 million at year-end 2024 [12] Business Line Data and Key Metrics Changes - ECS revenues grew by 114% to $241.6 million, driven by OTC and strong organic growth [6] - Rates revenues increased by 12.1% to $195.3 million, reflecting higher volumes across major interest rate products [7] - Foreign exchange revenues rose by 15.9% to $106.7 million, primarily due to growth in emerging market currencies [7] - Credit revenues increased by 1.6% to $69.1 million, driven by higher credit derivative volumes [7] - Equities revenues grew by 13.2% to $60.4 million, reflecting strong volumes in European and US equity markets [7] - Data, network, and post-trade revenues grew by 11.9% to $34.3 million, excluding Capital Lab [8] Market Data and Key Metrics Changes - EMEA revenues increased by 37.4%, Americas revenues by 28.1%, and Asia-Pacific revenues by 17.4% [11] - The US Treasury market share grew to an all-time high of 37%, significantly outpacing the market [5] - FMX UST generated record average daily volume of $59.4 billion, more than 12% higher compared to last year [9] Company Strategy and Development Direction - The company is focused on enhancing profitability and margins through a $25 million cost reduction program, expected to be completed by year-end [5] - The company aims to continue growing SOFR ADV and open interest, with expectations for similar adoption in US Treasury Futures offerings in 2026 [9][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong growth despite a mixed macro environment, highlighting the strength and scale of its global platform [4] - The company anticipates fourth quarter revenues between $720 million and $770 million, representing approximately 30% growth at the midpoint [13] - Pre-tax adjusted earnings are expected to be in the range of $152.5 million to $167.5 million, indicating approximately 24% earnings growth at the midpoint [13] Other Important Information - The company has reapproved a share repurchase authorization for up to $400 million [12] - The fully diluted weighted average share count for adjusted earnings was 494.2 million shares, a slight decrease compared to previous periods [12] Q&A Session Summary Question: What allowed BGC to outperform some industry proxies despite a slowdown in on-exchange volumes? - Management attributed the strong performance to targeted growth within the ECS sector and the hiring of around 150 new brokers, which helped generate significant revenues [16] Question: Can you elaborate on the strong growth in FMX and expectations for FCM onboardings? - Management noted that FMX has successfully onboarded 11 FCMs and achieved significant growth in SOFR futures ADV and open interest, with expectations for continued growth in US Treasury futures [18][20] Question: What contributed to the strong share growth in FMX cash markets? - Management indicated that the growth was due to increased adoption by FMX partners and the platform becoming a viable alternative to existing market options [23] Question: How much leverage does the energy segment have to higher adoption of cloud and AI? - Management acknowledged involvement in energy procurement for data centers, indicating a growing relationship with clients in that sector [25] Question: Can electronic credit revenues grow at a similar pace as Tradeweb or MarketAxess? - Management expressed confidence that electronic credit revenues can grow at competitive rates, with ongoing launches of new electronic protocols [27][28]

Financial Data and Key Metrics Changes - BGC Group reported record third quarter revenues of $737 million, a 31% increase from $561 million a year ago [4] - Adjusted earnings grew by 22.4% to $155.1 million, with post-tax adjusted earnings increasing by 11.5% to $141.1 million, resulting in post-tax adjusted earnings per share of $0.29 [11] - Adjusted EBITDA increased by 10.7% to $167.6 million [11] - The company’s liquidity was $924.7 million as of September 30, compared to $897.8 million at year-end 2024 [11] Business Line Data and Key Metrics Changes - ECS revenues grew by 114% to $241.6 million, driven by OTC and strong organic growth [6] - Rates revenues increased by 12.1% to $195.3 million, reflecting higher volumes across major interest rate products [6] - Foreign exchange revenues rose by 15.9% to $106.7 million, primarily due to growth in emerging market currencies [6] - Credit revenues increased by 1.6% to $69.1 million, while equities revenues grew by 13.2% to $60.4 million [6] - Data, network, and post-trade revenues grew by 11.9% to $34.3 million, excluding Capital Lab [7] Market Data and Key Metrics Changes - EMEA revenues increased by 37.4%, Americas revenues by 28.1%, and Asia-Pacific revenues by 17.4% [10] - FMX UST generated record third quarter average daily volume of $59.4 billion, up more than 12% year-over-year, with market share reaching a record 37% [8] - SOFR Futures saw both average daily volume and open interest increase more than threefold compared to the previous quarter [8] Company Strategy and Development Direction - The company is focused on enhancing profitability and margins through a $25 million cost reduction program, expected to be completed by year-end [5] - BGC Group aims to continue growing its market share in various asset classes and geographies, leveraging its global platform [4] - The company is prioritizing the growth of SOFR ADV and open interest, with expectations for similar adoption in US Treasury Futures offerings in 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong growth despite a mixed macro environment, highlighting the strength and scale of its global platform [4] - The outlook for the fourth quarter of 2025 anticipates revenues between $720 million and $770 million, representing approximately 30% growth at the midpoint [13] - Pre-tax adjusted earnings are expected to be in the range of $152.5 million to $167.5 million, indicating approximately 24% earnings growth at the midpoint [14] Other Important Information - The company’s fully diluted weighted average share count for adjusted earnings was 494.2 million shares, a slight decrease compared to the previous year [11] - BGC Group's board reapproved a share repurchase authorization for up to $400 million [11] Q&A Session Summary Question: What allowed BGC to outperform some industry proxies despite a slowdown in on-exchange volumes? - Management attributed the strong performance to targeted growth within the ECS sector and the hiring of around 150 new brokers, which helped gain market share [17] Question: Can you elaborate on the strong growth in FMX and expectations for FCM onboardings? - Management noted that FMX is in its second year, with significant growth in SOFR futures and onboarding of 11 FCMs, indicating a positive trajectory for future growth [19][20] Question: What contributed to the strong share growth in FMX cash markets? - The growth was attributed to the hard work over several years and further adoption by FMX partners, positioning it as a viable alternative to existing market leaders [25] Question: How does the energy segment leverage higher adoption of cloud and AI? - Management indicated that while direct revenue impact may be limited, there is involvement in energy procurement for data centers, benefiting from relationships established through Newmark [27] Question: What is the outlook for electronic credit revenues? - Management expressed confidence in the growth potential of electronic credit, highlighting the launch of new electronic protocols and the shift towards more electronic markets [29][30]

Core Insights - CME Group has achieved record open interest (OI) in interest rate futures, reaching 40,031,688 contracts on August 13, 2025, with U.S. Treasury futures and options OI at 31,615,333 contracts and SOFR futures OI at 13,738,220 contracts [1][3] Group 1: Market Demand and Trends - The increase in open interest records in interest rate, U.S. Treasury, and SOFR contracts indicates a growing market need for risk management and price discovery across the yield curve [3] - CME Group's interest rate futures have reached a record of 3,526 large open interest holders (LOIH) as per the CFTC's report [2] Group 2: Client Benefits and Features - Clients can access $20 billion in daily margin savings across CME Group's interest rate products, enhancing capital efficiency [4] - U.S. Treasury and SOFR futures are eligible for portfolio margining with other cleared interest rate swaps and futures, as well as cross-margining with FICC-cleared cash U.S. Treasury notes, bonds, and certain Repo transactions [4] Group 3: Company Overview - CME Group is recognized as the world's leading derivatives marketplace, offering a wide range of global benchmark products across major asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals [5]