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what capabilities Cboe brings to the SPX complex that you feel other options exchanges cannot replicate?
Any sense of the contribution of these new brokers to the strong SPX volumes in 2025? And then, what does the pipeline look like for further broker adds in 2026?
How are international users consuming your data? Is the growth concentrated in one particular channel?
What has changed that's going to allow you to get north of that? And then do you expect you can hit that target even in years when volumes and capacity fees are down?
How material are you anticipating that event to be? And in particular, do you think the margining changes will affect the growth trajectory of 0DTE?
When 0DTE starts to reach maturity whenever that may be, what new themes, geographies or products you have the most conviction can provide that next leg of growth?
I was wondering if you could elaborate on the NASDAQ licensing agreement? Do the economics of the agreement change after yesterday's renewal?
has the growing basis between your products and some of the European alternatives affected trading, particularly in the commercial channel?
How many of your clients are already taking the 24/7 version of your solution across Regulatory and Capital Markets
To what extent are you seeing new trading firms come into your data center versus existing clients
if you can speak to the extent to which the release poses risks or creates liability for Nasdaq
If the rules do indeed change at the SEC, is there an opportunity for Nasdaq to do M&A in the off-exchange space? Or do you think Nasdaq can compete organically with these off-exchange venues?
To what extent is the BioCatch announcement a one-off partnership versus an adjustment in your strategy at Verafin?