CME Group Inc.

Welcome to the CME Group second 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, and I hope you're all doing well today. We released our executive commentary earlier this morning, which provides extensive details on the second 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 of 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 statements. 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 quarter and the overall environment. Following that, Lynn will provide an overview of our second quarter results. In addition to Lynn, as usual, we have other members of our management team present to answer questions after the prepared remarks. Our record-breaking performance in the second quarter demonstrated the growing need for risk management globally. For the first time in CME Group's history, average daily volume exceeded 30 million contracts for this quarter. Second quarter, average daily volume of 30.2 million contracts represented an increase of 16%. compared to the same period last year, and included all-time records in each month of the quarter. In an environment of heightened headline risk and macro uncertainties, clients are increasingly choosing the transparency and capital efficiency of our essentially cleared benchmark products as they look to manage and mitigate risk. The strong growth this quarter was broad-based with year-over-year volume growth in all six asset classes, including all-time quarterly volume records in interest rates, agricultural commodities, and metals. In aggregate, our financial products volume grew by 17%, and our commodity sector volume grew by 15%. This continues to be a risk-on environment as evidenced by the continued growth in open interest or positions open on the books at CME, up by 7% from the end of Q2 2024 and 10% from year-end 2024. We are also seeing strong levels of large open interest holders with new records in both interest rates and crypto futures set earlier this month. We had our highest ever quarterly volume from our international business, which averaged 9.2 million contracts per day, up 18% from the prior year. This was led by a record 6.7 million average daily volume from EMEA, which was up 15%, and a record 2.2 million contracts per day from APAC, or up 30%. This record international volume was driven by growth across all asset classes and customer segments and reflects our deep integration into global markets. In recent quarters, we've talked extensively about our growing focus on retail traders and highlighted some of the large retail broker partners that have joined our multi-asset class marketplace to meet the increasing demand from this particular segment. In the second quarter, over 90,000 new retail traders participated in our markets for the first time, a 56% increase versus the same period last year. These new customers contributed to our micros ADV record of 4.1 million contracts in Q2 and demonstrated the appeal of our products to a broader base of users. The micro E-mini NASDAQ 100 futures contributed 1.7 million of those 4.1 million contracts. Year to date, NASDAQ 100 futures and options trading volume at CME Group has climbed to more than 2.5 million contracts per day or up 22% versus last year. Also, we're pleased yesterday we were able to announce a 10-year extension a CME Group's exclusive license to offer futures and options on futures based on the NASDAQ 100 and other NASDAQ indexes. This license will go through 2039. This extension ensures that our customers will continue to have the ability to trade NASDAQ equity index products alongside our S&P, Dow Jones, and FTSE Russell products and benefit from the related capital and operational efficiencies for years to come. in addition to the impressive volume records. We delivered record financial results for the second consecutive quarter. I'll now turn the call over to Lynn to review our financial results in more detail and look forward to your questions.