Отчётный звонок Cboe Global Markets, Inc.

… start with international demand. You know, we still see very strong demand coming from the APAC and EMEA region. And the biggest reason being is the liquidity of our core products. When you think of SPX, when you think of VIX, and they want access to that liquidity and want to be able to trade and transact in that liquidity and we've been slowly adding more and more brokers. Korea has been a great success story that we've talked about in the past where, you know, as of Q1 of 2024, we had really zero brokers online and now we continue to expand and have, you know, I would call the vast majority of retail brokers in Korea online. So we're going to continue to, I would say, expand in those channels because the demand's coming in for our core product set. On a different front and going in a slightly different direction, I just want to use kind of the pattern day trader rule removal as an example of just how we're seeing, you know, things like that affect the demand in our products. So across the top nine retail brokers, average daily volume increased following that rule change with SPX up almost 3.5%, XSP ADV was up over 36%, and multi-list options ADV and many more. and Multilist was just under 20%, signaling that kind of higher churn rate in retail participation and the demand to trade more frequently. And so at the same time, average order sizes generally declined. So that suggested growth is really being driven by a large number of smaller customer orders rather than this narrow set of just large trades. And so the largest changes were concentrated at zero to low cost retail broker platforms, especially platforms like you had mentioned, you know, Robinhood, Webull's another one. So using their publicly available data, Robinhood's June options ADV increased over 30% from May and almost 80% year over year, while Webull's increased 36% month over month and 100% year over year. So this is encouraging data. We're seeing people that want to interact with the products, want to interact with the platform much more frequently. And, you know, we've talked about it before. Liquidity grows liquidity. Demand grows demand. You see that as people rush into the products and want to transact. It only gets stronger. The spreads only tighten. And we're very, very encouraged by how the market is evolving. All of these data points and kind of a continued growth on the horizons.