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cme earnings call transcript

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One of things we've done over the last year is massively reduced the across-the-board minimum price increments in our foreign exchange futures. Our next question comes from Christian Bolu with Autonomous. We believe the 10% to 15% of the treasury market is probably done in Curve trades, although today on BrokerTec they are done as legged individual trades. In terms of the Federal Reserve and its longer term intend to increase inflation, we are starting to see green shoots further out the curve. We are excited by that -- potential of that contract. When you look at dividend paying companies, these are stocks that are traditionally held by the base of people who voted these people into office. The one observation I would say is that we learned a lot in the first quarter about the importance of these businesses, and they performed well. Call Participants. Yeah, Sean, Julie will and I will as well. So, I think it's largely driven by this work-from-home environment, but still continues to be strong. Good day, and welcome to the CME Group first-quarter 2018 earnings call. That’s trading a little bit below third month. And having that regionally based with sales leader and personnel on the ground means that we have that trust with our customers and the need for face to face meetings is less important when we build those relationships. In April rates are accounted for about 38% of the activity. Got it [Speech Overlap]. And then, on the revenue side, obviously, a big initiative of this has been potential revenue synergies. I just wanted to ask on expenses, you had some nice control here in the first quarter. We would like to now open up the call for your questions. Another relevant example is cross-selling across a number of customers that were legacy BrokerTec clients and introducing them to Silver futures. In April, there’s no rule. But we are — as we have — as the entire organization has obliged several years we’ve been managing our expenses well. Hey, thanks, Alex. Read full article. Yeah, so it’s tough because the predicate is where the market’s going to go. And in terms of the back half of the year, depending on how the crisis plays out there could be some timing related to some of our spending. CME Group Inc. Class A Common Stock (CME) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Client engagement was up about 145% versus the same period last year. Thank you. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. So I think it’s about — between a $5 and $7 disconnect right now. So you are correct that there are customer facing events that we normally have in the fourth quarter have -- had been postponed some of -- but some of that spend that we have in marketing is contractual and is -- got pushed into the latter half of the year. So we do expect to see the same activity we’ve always seen with the increased treasury issuance. And just the timing of the cutover, is that November or December? With that, I would like to turn the call over to Terry. Our systems and processes performed extremely well with peak order traffic during the quarter and we saw very consistent response times. Our retail business was up more than 70% growth with considerable strength in the US, Europe and Asia. So I think we already know massive increase in treasury issuance this year by the U.S. Treasury relative to the increased funding needs in the $3 trillion deficit this year, record -- all-time record deficit, all-time record debt, and we're approaching all-time record debt-to-GDP. Overall, the WTI futures market performed as they were designed in a challenging market environment. Dow Jones Industrial Average retreated from the 30,000-mark mid-week as the impasse over the stimulus bill continued and jobless claims climbed to a three-month high. I have 54 employees that have to be down there to staff those and then we have hundreds of traders and clerks that are down there and we have an obligation to do the right thing and not overreact either way. First of all, we got the new technology, greater determinism, and new trade types that will be available on that new technology which we're very excited about. In addition to significantly reducing the execution costs to trade by things like changing minimum price increments we’ve massively improved the capital margin and total cost efficiencies through things like portfolio margining against the freight swaps. So, thanks Christian. And there is a different fundamentals in today’s market than there was a year ago, as we all know. The options on futures, none of the products meet the threshold today except for one, to my knowledge and that is Eurodollar options. As you know, trading floors or trading environments are very closed environments and very difficult to — with this virus to continue and to keep everybody safe. So that part has been great. Lastly, the final page of our earnings release, you will find a reconciliation between GAAP and non-GAAP measures. Great. I think in addition, right, to the water contract, this fits within this broader context of ESG products. And having acquired NEX 18 months ago and working through the integration, I think we can sit here and say, coming out of the Q1 that these services are in high demand from our customers and they’re even better positioned based on their performance during this difficult time coming out of the first quarter. I’m not sure Sean is going to get back on but he’ll give you — elaborate more in a second. Now, just to point out, the average cash balances through the month of April is about $89 billion in the month of April. Now, the amount that we would realize in 2021 we're still in the process of determining through our budgeting process, but we have a very -- as Terry indicated, a very strong focus on our expenses going into next year and we'll be looking to accelerate synergy capture where we can in 2021. So very excited about that in terms of our cross-sell. We're going to be offering new analytical tools, which will show the benefits of trading both cash markets and derivatives markets and we're adjusting some of the existing products in order to make them more attractive, all in regards to creating greater efficiencies. We’ve obviously invested in innovation. I mentioned earlier that we are in the process of rolling out something called QDM 2.0 or Quote-Driven Markets 2.0 for the EBS platform and particularly for EBS Direct. All right. So, ended the year last year at $64 million, end the year this year at $110 million, so a $46 million increase in terms of what we realized in our income statement. Thank you. Thanks. But behaviorally, I think that the participants are excited about having this single point of contact to manage that risk. April 30, 2020 April 30, 2020. And I believe and I think the team believes that the opportunity for market data is going to be critically important in order for risk management whether it’s derived or historical. Now, that could change as Washington always does. I’ll give you an example. It may, as you know, the treasury will be issuing for the first time in many years a 20-year bond issue. Looking ahead, we do not know yet what the long-term impact of COVID-19 will be, but we do know that financial markets are an important part of maintaining our economy and ultimately recovering from this tragedy. Just quick one on the expense side. Yeah. So even though the rates, as we have discussed, are in a very disappointing place as far as the Fed policies go, it doesn't mean that people will stop managing their rates. Thanks. Apparently Sean is on the line, but we can’t hear him. We also anticipate additional expenses associated with systems being put into production associated with the migration onto Globex and with the data center consolidation efforts and the build out of our New York-New Jersey datacenter. Our sales, product management, clearing and operation teams have worked closely together to handle client engagement during this pandemic, with client interactions at record high. Thank you. At the end of March, our total collateral was $255.4 billion being relatively stable through the end of April and approximately $240 billion to $250 billion range. So quite frankly the contango in the market right now is an opportunity for folks and we think the market’s going to be responding to that and finding smart ways to take that oil, transport it, and that’s one of the differences that you’re seeing. So, in terms of your two specific questions, when you look at the long end of the curve versus the short end of the curve; generally speaking, the short end of the curve or the Eurodollars tend to be about 14% lower than the average for interest rates and treasuries tend to be about the same higher than average in the interest rate quadrant, so -- or asset class. WTI is the market’s choice for managing crude oil exposure and we believe that is because optimal commodity benchmarks are based on physically delivered products. Good morning, and thank you all for joining us today. Good morning. So simultaneously buying and selling different securities such as two-5s, five-tens, tens-bonds. Sure. Great question. We targeted $15 million, we're going to achieve $25 million. So we do expect to see increased activity in hedging across the treasury curve with respect to the increased issuance. Thank you. And so we need to just look at the COVID uncertainty on top of the election uncertainty that’s keeping people in the market. I will tell you, every one of our physical delivered products have converged because they operate effectively to serve the end user needs of those participants. We’re in daily contact with our regulators to ensure the health of our markets during these unprecedented peaks of volatility. Thank you. Just remind us of the dynamics here on that line item, kind of what drove the spike, is that sustainable, and more importantly, how do we think about any P&L impacts? And given the fact that that’s likely to decline over the coming year to bring the markets back into balance, obviously the demand side of the equation is kind of difficult to predict right now. Thank you. Also, on the last page of the earnings release you will find a reconciliation between GAAP and non-GAAP measures. How that might have happened historically and how you'd expect that going forwards in terms of spreading that across -- into other areas of your business? CME Group Inc. (CME) CEO Terrence Duffy on Q3 2020 Results - Earnings Call Transcript 3:36PM ET 10/28/2020 Seeking Alpha A Dip In CME Shares Before Election Day- New CME Products To Add To Your Trading And Investing Toolbox One of the things actually that we're very excited about that we're starting this week is, we're starting to test portfolio margining of Eurodollar options against interest rate swaps. And I hope everybody is -- good morning. In terms of our volumes, the short end of the yield curve, in particular, the very fund contracts, let’s say the Fed funds contracts, for example, do become less interesting during a time of zero interest rate policy. Nonetheless, we do believe that municipalities, farmers, industrial firms will be, in some cases new customers, for these -- or potential new customers for these products. So triple digit growth out of Asia, 50% to 48% growth in Europe is indicative of the way in which WTI has become a global benchmark and that is the physical risk that people are facing. Thank you. ET. Go ahead, Julie. I think it was as high as $8 last week. Thank you. So, you're effectively looking at a market that's trading in the $4 band, I'm talking about global crude. Obviously, the timing is uncertain, but any -- how should we think about kind of like savings that you had that will not recur next year because of COVID? In response to increased volatility, we raised margins on many products across most asset classes. Hey, Brian, let me just add to that story that I think we’ve heard for years now with the rates going down to where they’re at, where are the participants going to come from. Thanks for taking the question. As a reminder, we over-achieved our run rate synergy capture last year when we targeted $50 million and achieved $64 million. And then I guess related, in 2012 you brought the payment of your annual recurring dividend to the fourth quarter when there were concerns over changes to the tax code. We recently let our employees know that we are deferring promotions for now, freezing wages going into next year and we are looking at other opportunities to reduce discretionary spending. I mean the gold market has been probably one of our fastest growing markets this year. can you talk about how your customers are acting? Yeah, I apologize. Based on the number of analysts covering us, please limit yourself to one question and then feel free to jump back into the queue. In fact in the first quarter it was half of what we spent in the fourth quarter of 2019 and I would imagine in this quarter it will be near zero. Thanks, Derek. You’re seeing the dated Brent traded at a significant discount to Ice Brent futures right now for exactly the same reasons. Hellenic Telecommunications Organization S.A. (OTCPK:HLTOY) Q3 2020 Earnings Conference Call November 12, 2020 10:00 AM ET Company Participants Michael … Thank you, guys. Our WTI contract reflected these challenging underlying dynamics on Monday as the cash and futures markets were converging going into Tuesday’s final settlement of our WTI physically delivered contract. Obviously the farmers already are customers of our products. Thanks very much. That’s why our customers are using our products. I think that Chris you had asked us before kind of what that spread is, I can’t give you a percent, I can’t give you names, but what I can tell you is when you look at the growth in the participation of our energy market overall and certainly crude is a strong reflection of that, it is a big part of our overall franchise. Going forward, it’s too early to tell in terms of how the crisis plays out. So I have nothing but kudos for the entire Clearing House, its staff. Mike, it’s Terry Duffy. Thank you. We like I mentioned in the prepared remarks, we’ve achieved our one times debt to EBITDA target. How do you see this decline in oil production impacting utilization of WTI? Thank you. At this point, we continue to expect our operating expense for the year excluding license fees to be in the $1.64 billion to $1.65 billion range. So that's where you're going to see the costs go up into next year. And so, it's down dramatically just over 14 months, 16 months ago. Our options business is up 56%. Commercial and end-user customers who participate in physical oil markets need the certainty that convergence provides so that they can optimally manage their underlying risk. That’s actually priced at about a $6 or $7 premium, I believe, right now, the dated Brent, which is the physical cargoes. Let me just add to what John said, as you race [Phonetic] COVID and what do you -- how much we save for 2020 through COVID and what do we think 2021 is going to look like, I think that is still to be decided, because we're only one side of that trade. So we are going to definitely remain close to them. 57 mins SPX FLOW, Inc. (FLOW) CEO Marcus Michael on Q3 2020 Results – Earnings Call Transcript Seeking Alpha 57 mins Monro, Inc. (MNRO) CEO Robert Mellor on Q2 2021 Results – Earnings Call Transcript Seeking Alpha 1 hour Naturgy Energy Group, S.A. (GASNF) presents Q3 2020 Results – Earnings Call Transcript Seeking Alpha Hi, good morning. So on all I will tell you, and I don’t know if it’s Sunil’s call or not but the Clearing House is operated at the highest level. And ultimately the utility of the products going forward if you could kind of walk through that again as to why you still view WTI as the most relevant benchmark within that asset class? But we do have to measure this over a long period. And that’s where the volatility in our market, that’s why we’re still doing 3.5 million contracts even in April in this environment to help customers navigate this. CME Group Inc (CME) Q2 2019 Earnings Call Transcript CME earnings call for the period ending June 30, 2019. And I'm assuming some of the Republican colleagues will remind our Democratic friends about who did this and why it's important to the sanctity and safety of the United States of America. Subsequently, we closed them several years after they did not meet the thresholds. If you look at the world of market share of CME, WTI plus ICE Brent, we continue to maintain roughly 55% of that traded volume. And I guess I would challenge it to some degree and say well, just because the percentage is unchanged doesn’t mean the pie hasn’t shrunk, right. And Sean, you talked about the value curve. As a result clients continued to be able to manage their risk across all products in all time zones. And again, that's a historical perspective but it's really hard for us to quantify on a day-to-day basis of how they're deploying that capital. So, I do think on the rate story, there is something here that people need to be cautious about and I'm not predicting that it's going to change dramatically. The face rates don't generally go down. As I said earlier, we spent an enormous amount of money, effort on product innovation that has, for example made our tertiary complex much more attractive. So we do believe that that is very optimistic for that business. Sure. We think that the timing is right on this because of some of the things that Julie referenced. I’m very glad to say that we believe that around 200,000 contracts a day of our two-year note futures today are attributable to the decline in that pricing. We also earn based upon the non-cash collateral as well and that flows through our revenue line. I do want to hit on something that Sean touched on before and that's the impacts that we're seeing on the NASDAQ trading. Our next question comes from Ken Worthington with J.P. Morgan. When you look at what's going on in the oil market, effectively for the last 4.5 months what we've been looking at is the market finding a short-term equilibrium between supply and demand. So, I think, Alex, we can come back when Sean gets on. I got it. We will be working closely with our customers during the next several months while we navigate the added complexity of remote working environments, but at this time we continue to target the fourth quarter. As I mentioned previously we are averaging in terms of cash that’s put up the Clearing House in terms of what’s available for investments on behalf of our clients, it was $88.7 billion through the month of April. Yeah, we heard it, Sean is working to get back on the line. We do see that they are probably leading the world in terms of coming back now. I’d also mention some of the innovations that we had launched and we’re continuing to work on have gotten greater traction. Prepared Remarks: Operator. Normally, you see a bump in marketing and other, but that's driven by your conference, which is not occurring. See you at the top! Secondly, by putting in a spread order type, we're going to have that spread order type at a much tighter minimum price increment than outright contracts. So we think temporarily these dislocations based on the pandemic have been worked through and we think that’s a testament to the investments we’ve made in terms of education in the area, marketing, technology and infrastructure and importantly, our sales team and the work they’ve done there and seamlessly transitioned into a more digital outreach. And I think, more importantly, how should investors think about your variable dividend policy this year? You made it almost seem like closing the floor hasn’t had an impact because the percentage between futures and options has remained stable. We are making several adjustments to the offering. The COVID-19 pandemic has taken a devastating toll and human life and created unprecedented uncertainty around the world. The heroes in this crisis are clear, our sincere thanks go out to the entire medical community fighting this disease on the front-lines and aggressively working towards a vaccine. Most importantly, you would have seen at the end of last week, the Congressional Budget Office did announce their estimated $3.7 trillion deficit for the federal government this year. Thanks for taking the question. Yeah, Q4 has a historically higher level of spending. It is the for capacity to improve the storage so that it doesn’t get that wide again? CME Group (NASDAQ: CME) Q1 2018 Earnings Conference Call April 26, 2018 8:30 a.m. So I think in terms of monetizing that, clients continue to point out to us just the attentiveness, responsiveness that the team has shown throughout this environment and a lot of these ongoing initiatives are there to deliver not just innovative new products but also efficiencies. So just any more in-depth color for things that we may not be seeing happening underneath the surface? Questions and Answers. Market data powered by FactSet and Web Financial Group. Okay. I'm very excited about the Globex technology, customers are very excited about the Globex technology and the significant increase in determinism that it offers to our client base. Now what comes out is going to be the synergies that we have targeted for 2021 and we've got the majority of the synergies in terms of run rate synergies impacting next year. So you can see how there will be plenty of ammo for people who want to support energy production in the United States to have arguments against their Democratic colleagues. Please limit yourself to one question. China is an example, we saw that up just 7% year-over-year, last year was a tough year given some of the trade wars that were going on that dampened volume, but we do see ADV growth there for the first time since Q4 of 2018. As you know that had a significant positive impact on Tier notes when we did it both on the cash platform as well as on the futures platform now almost two years ago. I was hoping to switch gears to interest rates for a second, obviously, lot of debate about a zero interest rate environment and what that means for you guys. Rich, thanks for your question. Yeah, thanks. ... CME Group is the world's leading and most diverse derivatives marketplace. Terrence A. Duffy -- Chairman and Chief Executive Officer. Thanks, Terry. So based on the current forecast, I would see -- I would expect to see depreciation in the other cost line as the biggest changes from Q3. And as you can see, the Democratic nominee is having a little bit of trouble with some of his past comments versus his current comments as it relates to fracking on some of the Eastern seaboard states. Our employees adapted to the challenges of this environment and worked relentlessly on behalf of market participants. So what you see in our rate per contracts really is a mix issues. Remember who lifted the ban on the oil export business. 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