CMCMEEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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CME earnings call: The primary Chicago region continues to progress to plan, and we expect to begin this cloud migration of our markets in late 2027.芝商所 (CME) 电话会：芝加哥主要区域仍按计划推进，我们预计将于2027年末启动我们各市场的云迁移工作。
Management remarks
Call period: 2026 Q3 · 2026-10-21
Guidance: Terry Duffy: The primary Chicago region continues to progress to plan, and we expect to begin this cloud migration of our markets in late 2027.
Demand and orders: Terry Duffy: The third quarter average daily volume of 29.4 million contracts was the highest third-quarter average daily volume in CME Group's history and increased 16% compared to the same period last year.
Margins: Lynne Fitzpatrick: Our revenue growth and operating leverage resulted in an adjusted operating income of $1.2 billion, up 15% year-over-year, or 69.4% adjusted operating margin.
Analyst Q&A
Analyst Ken Worthington asked: It appeared to be a very strong environment for all 3 asset classes, and volumes were up low to mid-teens across the board in 3Q, as you highlighted, but it is velocity that is driving volume, not OI. The question is, why didn't OI really grow in the quarter in these products, and how big a factor is this in the outlook for volumes as we start to think about 2027? Management Terry Duffy answered: I am very much of the mindset, Ken, that we talk about open interest because it shows the people that are parking their positions on CME's books to manage risk. I referenced a number of 133 million open positions as of this morning. Our open interest has been sitting at very lofty levels for a long time, and the reason why I think that is more impressive today than it was as little as 5 years ago is because we didn't have some of these option products that expire in short-term basis like we do today.
