Chris Allen

Galik said crypto perpetuals already account for roughly one-third of crypto trading and IBKR offers instruments where it sees volume and interest.

Milan identified two gaps: geographic coverage (Singapore in progress) and staking for proof-of-stake currencies, which partner Zero Hash is developing.

Milan confirmed early inflows from crypto transfers, mostly US but also international. Also mentioned the EEA crypto launch with Zero Hash is still in soft release.

Paul explained the full impact of Q4 Fed rate cuts was felt in Q1, and foreign benchmarks like the euro fell from 3% to 2.5%, though customer cash interest expense also declined as an offset.

Milan noted most options trading is US-listed but significant volumes come from Asian options traded by Asian clients. Speculated about potential European defense stock momentum.

Milan did not provide the requested percentage but noted only four coins are actively traded and the 1% portfolio allocation limit is conservative, with plans to add tokens and raise limits.

Paul confirmed lending capacity naturally expands with growing customer base and increasing long positions, expecting continued growth.

Derek Sammann detailed the H100 GPU rental-cost benchmark, the Silicon Data partnership, and how it nests into the commodities portfolio.

Lynne explained the increase is driven by deploying $1.55B OSTTRA sale proceeds into repurchases. About half completed so far with $758 million remaining in cash from OSTTRA at end of Q1.

Lynne confirmed ~$1.5B net proceeds. Terry noted lowest debt-to-EBITDA in sector. Board recommendation on use of proceeds expected in coming weeks.

Lynne described buyback as opportunistic, noting they look at growth broadly including JVs and commercial agreements like the NASDAQ extension, not just traditional M&A.

Terry suggested Russia's reintegration would take time. Derek noted customers have already reconfigured physical supply chains toward US exports, a structural shift that supports CME benchmarks.

Suzanne Sprague confirmed the application is published in the Federal Register. Expanding cross-margining with FICC for client accounts. Terry emphasized $60 billion in margin efficiencies.

Edmonds conceded ICE is not starting from a lead position in U.S. rates and described assembling competitive pieces over coming years, without a timeline or target.

Management provided comprehensive evidence of market health through OI data, record participation, options OI up 40%, and long-term structural demand arguments.

Warren said Flagstar is ~1% of total revenue in early Q4. Minimum reset discounts narrowing vs prior year. Revenue synergies at $80M but only 1/5 in run rate. Recurring revenue will grow this year.

Jeff Sprecher highlighted increased U.S. production benefiting Houston WTI export contract, plus sanctions and tariffs potentially reshuffling global energy supply chains.

Prashant explained data sales aren't driven by local exchange presence. APAC demand driven by salespeople, marketing, and connectivity with brokers. No expected impact on data growth from exiting local exchanges.

Cathy outlined challenges: corporate actions processing, earnings announcement safety. Industry working through proper adoption. Cboe will list on day 1 when they come to life. Sees retail migration to index as net positive.

Fred noted strong balance sheet, disciplined capital allocation, and Craig's interest in Cboe's position. Will focus on strategic/financial sense and long-term shareholder value creation.

Jason confirmed strong April engagement throughout the month with broad-based deposit and trading strength. Vlad noted active trader focus makes business more resilient through volatility.

Youngwood confirmed price increases consistent with historical levels, noting they vary by division and in FCMT reflect value-based upsells rather than pure price.