CME Group Inc.

Greetings and welcome to DCME Group third quarter 2023 earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we'll conduct a question and answer session. At that time, if you have a question, please press the one followed by the four on your telephone. If at any time during the conference you need to reach an operator, please press star zero. I would now like to turn the conference over to Adam Minnick. Please go ahead.

Good morning. I hope you're all doing well today. We will be discussing CME Group's third quarter 2023 financial results. I'll start with the safe harbor language, then I'll turn it over to Terry. Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statement. Detailed information about factors that may affect our performance can be found in the filings with the SEC, which are on our website. Lastly, on the final page of the earnings release, you will see a reconciliation between GAAP and non-GAAP measures. With that, I'll turn the call over to Terry.

Thanks, Adam, and thank you all for joining us this morning. We released our executive commentary earlier today, which provides details on the third quarter of 2023. I'll make a few brief comments on the quarter and current outlook, and Lynn will summarize our financial results. In addition to Lynn, we have other members of our management team present to answer questions after the prepared remarks. Turning to the most recent quarter, average daily volume of 22.3 million contracts, was less than 1% off the record Q3 high set in Q3 2022, while our revenue grew 9% to $1.34 billion, which is the highest Q3 revenue in CME Group's history. As we've mentioned throughout this year, we are operating in an environment that unquestionably requires risk management. With so much uncertainty in the world we live in, We're continuing to work closely with our clients to help them navigate uncertainty and manage their risks. This is particularly true in the interest rate markets today. We see divergent market views around inflation, unemployment, monetary policy, and ongoing geopolitical tensions all impacting future interest rate expectations. Regardless of whether rates rise, fall, or hold steady, the shape of the yield curve and interest rate views continue to shift, and our customers need to manage that risk. As a result, we have continued to see growth on top of the record year in 2022 for our interest rate business. This was our highest Q3 for our interest rates complex, up 6% from the same quarter last year. We saw particular strength in the Treasury complex, which was up 16% in the quarter last and is off to a strong start in Q4 as well. Completing the successful migration of euro dollars to SOFR, we continue to list other products to complement our interest rate complex today. Our European short-term rate, or Ester, contracts traded a record 10,000 contracts per day in September. Our newly listed Treasury bill futures launched on October 2nd. and we have traded over 15,000 contracts in the first three weeks. This is one of the most successful launches of a rates product ever. Our broad product offering and focus on capital efficiencies, such as the enhanced cross-margining agreement with DTCC going live in January of 2024, continue to enhance the value proposition for our customers, using our products to manage their interest rate exposure. On the commodity side, third quarter 2023 volume was up 15% in total and included the highest ever Q3 volume for our agricultural products. Our energy complex also performed well with volume increasing 16% from last year. We believe the current environment for this asset class will continue to bring new clients as well as existing ones to manage their exposure in our global benchmarks. We believe the strong macro environment combined with our diverse set of asset classes and strategic execution across our growth initiatives positions us well for continued growth in 2023 and beyond. With that, I'll turn it over to Lynn to cover the third quarter financial results.