CME - CME Group (CME) Q1 2024 Earnings Call Transcript
2024-04-24 12:30:02 ET
CME Group Inc. (CME)
Q1 2024 Earnings Conference Call
April 24, 2024 8:30 am ET
Company Participants
Terrence Duffy - Chairman, Chief Executive Officer
Lynne Fitzpatrick - Chief Financial Officer
Suzanne Sprague - Senior Managing Director, Global Head of Clearing
Tim McCourt - Senior Managing Director, Global Head of Financial
Derek Sammann - Senior Managing Director, Global Head of Commodities
Julie Winkler - Chief Commercial Officer
Sunil Cutinho - Chief Information Officer
Adam Minick - Head of Investor Relations
Conference Call Participants
Chris Allen - Citi
Dan Fannon - Jefferies
Patrick Moley - Piper Sandler
Alex Kramm - UBS
Craig Siegenthaler - Bank of America
Kyle Voigt - KBW
Brian Bedell - Deutsche Bank
Alex Blostein - Goldman Sachs
Ken Worthington - JP Morgan
Owen Lau - Oppenheimer
Michael Cyprys - Morgan Stanley
Simon Clinch - Redburn Atlantic
Benjamin Budish - Barclays
Eli Abboud - Bank of America
Presentation
Operator
Welcome to the CME Group first quarter 2024 earnings call.
At this time, all participants are in a listen-only mode. During the Q&A session, if you’d like to ask a question, you may press star, one on your phone.
I’ll now turn the conference over to Adam Minick. Please go ahead.
Adam Minick
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 first quarter 2024, 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 our filings with the SEC, which are on our website.
Lastly, on the final page of the earnings release is a reconciliation between GAAP and non-GAAP measures.
With that, I’ll turn the call over to Terry.
Terrence Duffy
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, Lynne will provide an overview of our first quarter financial results. In addition to Lynne, we have other members of our management team present to answer questions after the prepared remarks.
Our performance in the first quarter was strong evidence of the ever-growing need for risk management globally. First quarter average daily volume of 24.6 million contracts was the third highest quarterly ADV in CME Group’s history. The only higher quarters were the first quarter of 2020 at the onset of the pandemic, and the first quarter last year, which was impacted by the significant bank turmoil in March and created a much tougher comparison for March of 2024.
Despite not specific macro event or change in Federal Reserve rates occurring in Q1, we had the highest January ADV to date, up 16% year-over-year, and a February that included the highest monthly interest rate ADV in our history of 17.2 million contracts, or up 6%. We achieved quarterly ADV records for both treasuries of 7.8 million contracts and the overall options of 5.9 million contracts. Both equity index and energy options reached all-time high levels....
CME Group (CME) Q1 2024 Earnings Call Transcript