CME Group Inc.

Welcome to the CME Group first quarter 2026 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-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. Earlier this morning, we released our earnings commentary, which provides extensive details on the first quarter 2026, which we will be discussing on this call. 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, 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 our Chairman and CEO, Terry Duffy.

Thanks, Adam, and thank you all for joining us this morning. I'll make a few brief comments about our record quarter before turning it over to Lynn to provide an overview of our financial results. In addition to Lynn, we have other members of our management team present to answer questions after prepared remarks. I'm proud to announce that CME Group has achieved a record-breaking start to 2026. Our outstanding performance in the first quarter reflects the essential role we play in the global economy and the trust our clients place in our markets to manage risk during periods of significant economic transition. The first quarter average daily volume of 36.2 million contracts was the highest quarterly average daily volume in CME Group's history and represented an increase of 22% compared to the same period last year and 6 million contracts a day higher than any previous quarter. For the first time in our history, we achieved simultaneously record volume across every one of our six asset classes. Great scale. equities, energy, agricultural products, metals, and foreign exchange. In aggregate, our commodity sector volume grew by 38%, and our financial products volume grew by 18%. Building on the momentum of our record 2025, our global expansion continues to accelerate. International average daily volume reached a record 11.4 million contracts, a stunning 30% increase from 2025. the EMEA, APAC, and Latin American regions all posted record highs. Remarkably, our international business also saw record volume in all six asset classes simultaneously, proving that our value proposition is resonating globally. We aren't just growing volume, we're growing client value. We delivered record levels of capital efficiency saving our customers an average of over $85 billion in margin per day. Additionally, open interest ended the quarter up 11% over the past year and up 19% since the beginning of 2026. During the quarter, U.S. Treasury open interest reached an all-time high of 36.3 million contracts, driven by unprecedented demand for U.S. Treasury futures and options. This growth reinforces CME Group's role as the deepest and most efficient liquidity pool in the world. We continue to innovate and provide the tools our clients need in an environment that is always risk-on. These include last week's CME FICC, or Fixed Income Clearing Corporation, cross-margining agreements received approval from both the SEC and CFTC to expand to our end-user clients beginning on April 30th. 24-7 crypto trading scheduled to go live on May 29th. Also, we're excited to announce that we will be filing to change our micro-equity index options to be financially settled to better serve the users of those products. Our new environment in Dallas is on track to open this summer, and we will provide a critical testing ground for our clients in advance. of two of our agricultural products migrating to the cloud by the end of the year. As we look to the rest of 2026, we are confident in our ability to continue to deliver value to our clients and shareholders. Our strong performance coupled with our ongoing investments in technology and product innovation provides a solid foundation for future growth. With that, I'll now turn the call over to Lynn to review our financial results in more detail.