CME Group Inc.

Welcome to the CME Group first quarter 2025 earnings call. At this time, I would like to inform all participants that your lines have been placed on a listen-only mode until the question and answer session of today's conference. I would now like to turn the call over to Adam Minnick. Please go ahead.

Good morning. I hope you're all doing well today. We released our executive commentary earlier this morning, which provides extensive details on the first quarter 2025, which we will be discussing on this call. I'll start with the Safe Harbor language, and 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, in the earnings release, you will see a reconciliation between GAAP and non-GAAP measures following the financial statement. With that, I'll turn the call over to Terry.

Thanks, Adam, and thank you all for joining us this morning. I'm going to make a few brief comments about our record quarter and the current business environment, and then I'm going to ask Suzanne and Sunil to comment on our market operations during this high volatility environment. Following that, Lynn will provide an overview of our first quarter results. In addition to Suzanne, Sunil, and Lynn, we have other members of our management team present to answer questions after the prepared remarks. This quarter represented the highest volume, revenue, operating income, and diluted earnings per share in the history of CME Group. Our quarterly revenue cost $1.6 billion for the first time, and we also exceeded $1 billion in adjusted net income. Our record-breaking performance in the first quarter demonstrated the growing need for risk management globally. The first quarter averaged a volume of 29.8 million contracts. Not only was the highest quarterly ADV in CME Group's history, it also increased 13% compared to the same period last year. This strong growth was broad-based. with year-over-year volume growth in all six asset classes, including all-time quarterly volume records in interest rates, equities, agricultural commodities, and foreign exchange. In aggregate, our commodity sector volumes grew by 19%, and our financial products grew by 12%. This quarter highlighted the strength of our product diversity and the ability for customers to manage risk in times of uncertainty. It also reinforces our past comments about the importance of deep liquidity, especially in times of market stress. This was also a record quarter for our international business, which averaged 8.8 million contracts per day of 19% from the prior year. This strength was driven by growth across all asset classes, and including quarterly volume records in both EMEA and APAC. We also continue to innovate and evolve our product offerings to meet risk management needs for our clients. We recently announced several new offerings that will create opportunities for stronger links between cash and futures markets. Later this year, we plan to launch BrokerTech Chicago, a central limit order book for cash U.S. treasuries, that will be located, co-located next to our U.S. Treasury futures and options markets. Just last week, we launched FX Spot Plus, which enables Spot FX participants to tap into CME FX futures liquidity and gives FX futures users broader access to OTC liquidity. Looking forward, we continue to see very strong volumes to start the second quarter as market participants look to hedge exposures to terror policies and geopolitical dynamics. Our open interest today is 7% higher than at the same point last year with strong open interest growth in our interest rate, energy, and agricultural complexes. The strong open interest trends tend to indicate that despite the high level of volatility, market participants are not leaving the market, but rather continuing to use our products to manage their risk exposures. Risk management and resiliency is paramount at CME Group. With record activity this past quarter leading into April, I'm going to ask Suzanne Sprague to give you an update on margins and Sunil Coutinho to give you some color on our resiliency during some of the most unprecedented times that we have seen. With that, I'm going to turn the call over to Suzanne.