CME Group Inc.

Welcome to the CME Group third 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 third 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 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 the quarter and the overall environment. Following that, Lynn will provide an overview of our third quarter results. In addition to Lynn, we have other members of our management team present to answer questions after the prepared remarks. The third quarter average daily volume of 25.3 million contracts represented the second highest third quarter average daily volume in our history. Following the record quarter a year ago, customers continue to turn to our markets to manage their risk exposures as demonstrated by quarter end open year end open interest of 126 million contracts. The highest open interest at the end of September in the last five years and continuing to grow in October. We also set records in large open interest holders and interest rates, equity indices, and cryptocurrencies in September, despite a general pullback in volatility across asset classes during the quarter. Our team remains focused on future growth and innovation, including the extension of our product offerings. Our crypto complex traded a record 340,000 contracts per day in the third quarter and was up over 225% relative to a year ago. This growth was aided by the early success of Solana and XRP Futures, which were launched earlier this year. Other new products with record volume in the third quarter include credit futures, one-ounce gold futures, and agricultural weekly options. We also introduce trading opportunities that facilitate stronger links between cash and futures markets. FX Spot Plus, which was launched earlier this year and provides the benefits of futures capital efficiencies to spot market participants, set new volume records in every month in the third quarter. BrokerTech Chicago, launched just two weeks ago, is also off to a strong start and enables participants to trade futures and cash products side by side at our facility here in Chicago. Going forward, innovation will continue to be a key driver of our performance and our ability to serve clients in an increasingly complex and volatile global market. During the quarter, we announced the upcoming extension of our cross-margin agreement with DTCC to enable increased margin savings to end-user clients. We are also pleased to announce the extension of our Putsch Russell Index derivative license through 2037. This announcement will ensure the continuity, efficiency, and value to our clients along with our other suite of equity products. Additionally, we announced our intention to offer 24-7 trading of cryptocurrency futures and options beginning early next year. Finally, we announced a partnership with FanDuel to develop and distribute event-based contracts beginning later this year, which we look forward to talking to you about today. While we are proud of our record results we have delivered the last several years, our focus will always be on the future needs of our customers and how we can continue to evolve to meet those needs. With that, I'll now turn the call over to Lynn to review our financial results in more detail.