Financial Data and Key Metrics Changes - The company reported a normalized EPS of $1.3 and total adjusted net trading income per day of $8,300,000, with quarterly EBITDA at $320,000,000 and an EBITDA margin of 64% [5][22]. - Adjusted net trading income totaled $497,000,000 for Q1 2025, with market making adjusted net trading income at $382,000,000 and execution services adjusted net trading income at $115,000,000 [22]. Business Line Data and Key Metrics Changes - Market Making had its best quarter since Q1 2021, with strong performance in noncustomer Global Equities, digital assets, and ETF block market making franchises [6][7]. - The Execution Services segment reported its seventh consecutive quarter of increasing net trading income, indicating a strong growth trajectory [9]. Market Data and Key Metrics Changes - Retail participation, as measured by retail shares and quoted spread, was significantly higher than in 2024 and Q1 2025, with levels comparable to the pandemic days of 2020 [15][16]. - The company noted a secular uptrend in retail engagement, supported by strong new account openings from retail brokers [16][59]. Company Strategy and Development Direction - The company aims to sharpen its edge in existing businesses, extend into new products and markets, and benefit from rising market volumes and volatility [17]. - The strategic focus includes enhancing the Execution Services business, with a target of achieving a $2,000,000 per day run rate [20][45]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of retail engagement, citing data that indicates continued healthy levels of retail participation [57]. - The company highlighted the resilience of market infrastructure during recent volatility, with no significant operational issues reported [13][14]. Other Important Information - The company repurchased 1,300,000 shares at an average price of $36.44 per share, totaling $48,000,000, and has repurchased over 52,000,000 shares since the initiation of the program [24]. - The company remains committed to a $0.24 reported dividend, demonstrating a commitment to return capital to shareholders [24]. Q&A Session Summary Question: Can you help us think about the balance between the wholesale business and the on-exchange business? - Management indicated that the increase from Q4 to Q1 was evenly allocated between customer and noncustomer businesses, with strong performance across various segments including precious metals and options [30][31]. Question: What gives you confidence in the $2,000,000 per day target for the VES business? - Confidence stems from significant improvements in technology, product enhancements, and a strong customer-facing approach, with a focus on cross-selling and distribution partnerships [45][49]. Question: Is there any indication that retail engagement is slowing? - Management noted that retail engagement remains healthy and sustainable, with data showing continued growth in account openings among key retail brokers [57][59]. Question: Can you provide an update on the product roadmap for your crypto business? - The company is expanding its crypto offerings, providing liquidity for a growing number of coins and establishing partnerships with various exchanges [73][76].