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Analyst
Anthony Corbin
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q3 (4 quarters; questions recorded in 3).
- Questions
- 5on tracked calls
- Challenge rate
- 20%1 of 5 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 3with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 5 of 5 questions from 2 companies
CBOECboe Global Markets4 questions · 3 reporting periods · 1 of 4 challenging
Calendar 2025 Q3
how are you thinking about M&A versus a less capital-intensive partnership? And do you see any risk of cannibalization to your existing short-dated product suite?
Show response
Craig said primary focus is organic leveraging existing capabilities. Will look at inorganic if it makes sense but nothing needed today.
how you're thinking about the net impact to expense growth over time from the cost savings from today's announcement
Show response
Jill said 2026 guidance coming in February. Committed to striking right balance between discipline and growth investment. Not ready to share specifics yet.
Calendar 2025 Q1
How do you view the competitive landscape evolving in the index option suite from products like prediction markets and levered ETFs?
Show response
Dave emphasized depth/richness of liquidity, $15T+ institutional assets benchmarked to S&P 500, decades of ecosystem innovation, diversity of use cases, and balance between buyer/seller types as structural moat.
Calendar 2024 Q4
What are you seeing in terms of customer trends that can maybe reaccelerate growth from here? And maybe I missed it from earlier on the call, but what would you expect the volume contribution from ...
Show response
Dave referred to earlier Robinhood answer, then detailed Jan '25 strength: second-highest SPX month on record, VIX at 925K ADV (+12% vs 2024 record), 11% 0DTE growth, options-based ETFs pulling volumes.
CMECME Group1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q3
to what extent maybe you're seeing the 30% cash minimum affecting client allocation decisions?
Show response
Lynne reported Q3 cash $135B at 33bp, noncash $156B at 10bp. Cash at 46% of total vs 30% minimum. October cash steady at $134B, noncash up to $164B.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| CBOE Cboe Global Markets | 4 | 25%1 of 4 questions |
| CME CME Group | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 1 | 100%1 of 1 question | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 3 | 0%none of 3 questions | 2 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q11 question · challenge rate 100% (1 of 1 question) · 1 company
- 2025 Q2No questions recorded
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Demand2
- Product Launch1
- M&A1
- Cost Pressure1
- Margin1
- Pricing1
- Competitive Dynamics1
- Subscriber Growth1