Good morning everyone, and welcome to today's ICE Second Quarter 2024 Earnings Conference Call. My name is Drew and I'll be your operator today. During today's call, there will be a Q&A session. [Operator Instructions] I will now turn the call over to Katia Gonzalez, Manager of Investor Relations to begin. Please go ahead.

Good morning. ICE's second quarter 2024 earnings release and presentation can be found in the Investors section on the ice.com. These items will be archived and our call will be available for replay. Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions and uncertainties. For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2023 Form 10-K, 2024 second quarter Form 10-Q and other filings with the SEC. In our earnings supplement, we refer to certain non-GAAP measures. We believe our non-GAAP measures are reflective of our cash operations and core business performance. You'll find a reconciliation to the goodwill and GAAP terms in our earnings materials. When used on this call, net revenue refers to revenue net of transaction based expenses and adjusted earnings refers to adjusted diluted earnings per share. Throughout this presentation, unless otherwise indicated, references to revenue growth are on a constant currency basis. Please see the explanatory notes on the second page of the earnings supplement for additional details regarding the definition of certain items. With us on the call today are Jeff Sprecher, Chair and CEO; Warren Gardiner, Chief Financial Officer; Ben Jackson, President; Lynn Martin, President of the NYSE; and Chris Edmonds, President of Fixed Income and Data Services. I'll now turn the call over to Warren.

Thanks, Katia. Good morning, everyone, and thank you for joining us today. I'll begin on Slide 4 with a summary of our record quarterly results. Second quarter net revenues totaled a record $2.3 billion. Pro forma for the acquisition of Black Knight, total revenue increased by 7% versus last year and is up 6% through the first half of 2024. Second quarter adjusted operating expenses totaled $947 million, up 1% year-over-year on a pro forma basis. As a result of this strong performance, adjusted pro forma operating income increased by 11% versus the prior year reaching a record $1.4 billion, with record adjusted earnings per share totaling $1.52. Moving to the balance sheet, adjusted leverage ended the second quarter at approximately 3.7 times pro forma EBITDA, a reduction from 3.9 times at the end of the first quarter and 4.3 upon the completion of Black Knight in the third quarter of 2023. Before I move to our segment results, I will note a few third quarter guidance items. We expect third quarter adjusted operating expenses to be in the range of $955 million to $965 million or at the midpoint, an increase of roughly 1% year-over-year on a pro forma basis, with growth across our Exchange and FID segments largely offset by expense synergies, which we now anticipate will exit 2024 at an annualized run rate of over $150 million, up from prior expectations of $135 million. Relative to the second quarter, we expect the sequential increase to be driven by higher occupancy costs, slightly higher compensation, including an accrual for our strong performance year-to-date and higher depreciation expense as revenue related data center investments continue to come online. Moving below the line, adjusted non-operating expense is expected to be between $190 million to $195 million, driven by lower interest…

Thank you, Warren and thank you all for joining us this morning. Please turn to Slide 8. In the more than 20 years ICE has been building its global energy platform. We have strategically positioned our energy business for the globalization of natural gas and the societal demand for a transition to clean energies. Our long-term strategic direction and the value of our diverse, deep and liquid markets contributed to record trading volumes across our energy complex in the second quarter. This was a key driver to another quarter of record energy revenues, up 33% year-over-year and growing double-digits on average over the past five years. This strong performance is a testament to our customers continued confidence in ICE as the global energy hedging venue of choice. And with open interest continuing to set records into July, up 25% year-over-year, our energy complex appears poised for continued strength. As the world evolves, market participants are constantly adjusting and weighing the price impact of an array of macroeconomic, geopolitical and regulatory forces, as well as externalities such as climate risk and the emergence of new renewable fuel sources. In essence, the price formation process is increasingly becoming more complex, and that additional complexity is driving customer demand for more precise risk management tools. It is also driving demand for customers to come to a single place to manage risk across oil, gas, power and environmentals because of the efficiency and deep liquid markets that we provide. Across natural gas, the evolution of a global market is accelerating. This acceleration is underpinned by the rise of liquefied natural gas, market based pricing and more recently, Europe's renewed openness to gas imports after the elimination of Russia as a key supplier and the emergence of North America as a leading natural gas exporter.…

Thank you, Ben. Good morning everyone and thank you for joining us. Please turn to Slide 9. At ICE, our mission for more than 20 years has been to drive transparency and create workflow efficiencies for our customers. We do this by building and operating mission critical digital networks that leverage our technology, data and operating expertise. At the time of our IPO on the New York Stock Exchange in 2005, we were purely an energy exchange offering only a handful of products to a narrow customer base. Since then, our focus has been building a global platform that has the asset class breadth to enable us to pursue growth opportunities quickly and efficiently as they emerge around the world and deliver all weather results. While we're known for some of our larger scale acquisitions, we have also completed a wide range of smaller bolt-on transactions. We reimagine these businesses by leveraging technology and crafting significant product development to drive organic growth, further bolstering the content on our networks and accelerating our broadening into new asset classes. Operating marketplaces with strong network effects is a core expertise at ICE, and today we do so across an array of asset classes, geographies and customer types. Optimizing the operation of financial services databases helps drive market transparency and this transparency attracts additional participant, which in turn improves market liquidity. It's a virtuous cycle that continuously expands the network while strengthening the market. Starting with our commodities business in 2001, we acquired the International Petroleum Exchange, which brought us both proprietary content in the form of the Brent Crude Index, as well as connectivity to a broad network of energy traders and commercial customers. Building on that foundation, we organically developed and grew hundreds of precise hedging instruments to serve the evolving needs of this commercial customer base. Today, the original Brent crude contract trades alongside our Midland WTI, Cushing WTI, Platts Dubai and Middle East Murban grades of crude to additionally support over 800 related commodity products developed by ICE, giving participants the ability to manage the price of energy at the point of consumption or production around the world.

Starting from a simple idea, we have grown it into one of the largest clearinghouses in the world. Our experience in building, trading, clearing and settlement infrastructure highlighted for us the importance of analytics, indices and trade valuation services and in 2015, we broadened our addressable market moving into fixed income with the acquisition of Interactive Data Corporation. IDC's pricing and reference data businesses are key to transparent price formation in the fixed income markets. They laid the foundation for our expansion into the adjacent index business and the development of a comprehensive platform that today we've grown to nearly 500 unique institutional grade data products. Another example of ICE leveraging our technology and infrastructure is our June 24 announcement to apply our proven track record, our expertise in central clearing and our connectivity to the fixed income markets to launch a clearing service for U.S. treasury securities and repurchase agreements. The U.S. treasury and repo markets are critical to the global collateral management infrastructure and we are significant users of these treasury products across our six clearinghouses. A new SEC rule beginning in 2025 sheds light on the fact that no existing clearing offering is compliant with the rule, opening an opportunity for ICE. We look forward to working with our clients and the entire treasury ecosystem to deliver on this innovation. Following the proven playbook we've applied across futures and fixed income markets and by leveraging our expertise in building new technology, we've expanded into the U.S. consumer interest rate markets by developing a digital financing infrastructure for home mortgages. In 2016, we acquired a majority position in the Mortgage Electronic Registry System. We applied ICE's technology expertise to rebuild and modernize its platform and database, allowing us to buy the remaining business stake in 2018. We've since…

Starting from a simple idea, we have grown it into one of the largest clearinghouses in the world. Our experience in building, trading, clearing and settlement infrastructure highlighted for us the importance of analytics, indices and trade valuation services and in 2015, we broadened our addressable market moving into fixed income with the acquisition of Interactive Data Corporation. IDC's pricing and reference data businesses are key to transparent price formation in the fixed income markets. They laid the foundation for our expansion into the adjacent index business and the development of a comprehensive platform that today we've grown to nearly 500 unique institutional grade data products. Another example of ICE leveraging our technology and infrastructure is our June 24 announcement to apply our proven track record, our expertise in central clearing and our connectivity to the fixed income markets to launch a clearing service for U.S. treasury securities and repurchase agreements. The U.S. treasury and repo markets are critical to the global collateral management infrastructure and we are significant users of these treasury products across our six clearinghouses. A new SEC rule beginning in 2025 sheds light on the fact that no existing clearing offering is compliant with the rule, opening an opportunity for ICE. We look forward to working with our clients and the entire treasury ecosystem to deliver on this innovation. Following the proven playbook we've applied across futures and fixed income markets and by leveraging our expertise in building new technology, we've expanded into the U.S. consumer interest rate markets by developing a digital financing infrastructure for home mortgages. In 2016, we acquired a majority position in the Mortgage Electronic Registry System. We applied ICE's technology expertise to rebuild and modernize its platform and database, allowing us to buy the remaining business stake in 2018. We've since…

Thank you. [Operator Instructions] Our first question today comes from Craig Siegenthaler from Bank of America. Your line is now open. Please go ahead.

Thank you. Good morning, everyone. Our question is on the fixed income business. So we've seen a nice acceleration in fixed income ASV this year. What's driving this? Which channels are seeing the most growth and to what extent is the growth stemming from pricing versus cross-sell versus new clients?

Hey, Craig, I'll start that one off. This is Warren. So it's been pretty broad based across the recurring revenue base within that segment and so we've seen some improvements in the PRV [ph] business. As you know, last few years, the fixed income ecosystem has been facing a number of headwinds given the sharp rise in interest rates and so as we've seen that taper off, we've seen a reengagement from that customer base which has helped on the new sales front and we've seen some improvements there, certainly over the last couple of quarters it's helped. The other area that's been helpful as well is on the index side, where the last year or so we had faced some headwinds there, largely just due to markets and things of that nature, where we've seen that now reverse and obviously fund flows into fixed income funds as well has been a helpful component of that from a growth perspective. And then I'd also say within the Other Data Network services, within our desktop business, our fees business, which you heard us highlight, we've seen some really strong trends there as well and that's really a result of some of the investments we've made over the last number of years to get those into better positions. So we've been pretty pleased with that progress. I think we certainly did face some headwinds last year at a macro level and as you've seen those abate, you've seen improvement in the revenue trends and the ASV trends. And I think one thing that ASV doesn't necessarily always pick up or doesn't pick up, I mean, it's a good metric, it's not perfect, is that sales that we've made that have not yet implemented. And so as we mentioned last quarter, we do think on the connectivity side related to some of our data center investments, we'll see some of those sales start to implement in the third and the fourth quarter. That will be a little bit of help as well. So we're encouraged by that as we look into the back half.

Our next question comes from Ken Worthington from JP Morgan. Please go ahead.

Hi, good morning. Thanks for taking the question. You mentioned that you expanded the Chase relationship as another win this quarter. So maybe first, how does the institutional pipeline look for Encompass in MSP? Is it building? Is it stable or is ICE just really working through that existing pipeline? And then second, ICE has a number of larger mortgage wins that you've announced over the last 18 months. What is the magnitude of the impact we should expect as these clients go live on transaction and recurring revenue over the second half of this year or maybe into the first six months of next year as these new larger relationships are launched?

Thanks, Ken. I'll start and then Warren will pick up on the second part of that question. So we're very pleased with the expansion of the relationship with JPMorgan Chase. Obviously, they're been a longtime MSP client. They've added Encompass across all channels and have added DDA for the origination side and now are leveraging DDA as that integration point to automatically onboard loans from Encompass into MSP. So that's a great win for us and it's really in line with the vision of why we put together all these assets is to provide the efficiency that these platforms provide for institutions. And in terms of the funnel behind that, we continue, as you've seen each quarter, announcing new wins. And whether it's MSP wins for clients that have historically been on Encompass, and we've had a great relationship with or the other way around, clients that have been on MSP that are signing on to Encompass, we're very pleased with the success that we've had out of the gate, and we continue to see that funnel building and it's building in a couple of different ways. It's building from clients that realize they don't need to have their own in-house bespoke systems. That's oftentimes what we're replacing in particular on the very large institutional side for this. And really the secret sauce should be how do they cross-sell to their clients and understand more about that overall relationship across the institutional enterprise that those banks have with the clients, as opposed to coming up with some unique way to run a loan origination system or a servicing system. So that funnel continues to build. We feel good about that on both sides, on both MSP and Encompass, and with a number of the wins that we've had and that you've even referenced in your question, we have a lot of those going through implementations, and as you can appreciate, we have a large backlog of those implementations. They're going very well. They just take time. They're very complex. There's a lot of compliance aspects in and around mortgage in fact in most areas that these banks work. Mortgage is probably one of the most heavily compliance -- areas of compliance they have to comply with. So those implementations take time. And I'll hand the second part of it off to Warren.

Yeah. So Ken, on your question around the size of some of the wins and maybe how the cadence of how those will kind of come into the run rate, so I think, look, back in the fourth quarter, we talked about revenue synergies around $30 million. I can tell you that we've continued to add to that number and made progress against that number. That's something I'll probably give more on an annual basis in terms of the actual number, but I can tell you that we have been making progress over the last couple of quarters there. Like I said back then as well, we wouldn't expect, we don't expect a material impact this year from those revenue synergies. MSP products Encompass, they can tend to take six to 18 months, if not longer, particularly for ones that are larger, which is what a lot of these wins that we've talked about are. And so it does take time to implement that technology and that's part of why you're seeing those kind of take some time to get into the run rate. And so we'll expect those to start to come in 2025 and 2026, as obviously those companies come online and that will flow into recurring revenue at that point.

Our next question is from Dan Fannon from Jefferies. Your line is now open. Please go ahead.

Thanks. Good morning. So another question on mortgage. I was hoping you could flush out a little bit of what transpired, I think in the quarter with you talked about a client leaving, so we wanted to get a bit of an update more broadly on the kind of renegotiations and where you are, you think, in the overall customer base for the new minimums. And as you think about the recurring revenue mix, is that, I guess, do you anticipate more kind of fluctuations and/or fits and starts as you kind of go through that process, as we look kind of prospectively from here?

Sure, Dan, this is Ben. I'll take this one. So I'll start with the second part of it on the renegotiations and Warren mentioned it in his prepared remarks as well. We continue on the Encompass side to see the majority of the clients. So the number of clients that are renewing are renewing at higher subscriptions. And when that happens, we have a lower foreclosed loan fee is typically the trade-off there, but we do have a percent that we've seen in similar the last few quarters that are choosing to renew at lower minimums, lower subscription fees. And the trade-off there is higher foreclosed loan fees. And as the market normalizes, the algorithm that we have is the total contract value going to go up and that's what we're consistently targeting and executing against. So we're seeing that trend in terms of renegotiation continue. And it's been very much in line with what we've seen in past quarters. On the attrition that Warren mentioned in his prepared remarks that was on the DDA side. So with that data and document automation platform, this is a platform that Ellie Mae acquired a number of years ago, and there are some legacy clients on that platform that don't utilize the automation capabilities that that platform has in line with Encompass or with MSP. They're using it in isolation and that's where we saw the attrition happened with one client that Warren referenced. The other opportunity that we see here though, is that we had another client that was very similarly situated to that one that we engaged with very deeply and convinced them to change their loan origination provider from where they were in the past to moving over to Encompass and couple that with the DDA platform and we were successful in doing that. And in the second quarter, that's the Citizens Bank win that I had referenced was exactly that. We renegotiated a DDA contract, brought them on to Encompass, and have a much more longer term strategic relationship with the client.

And then Dan, just a comment on recurring revenue. I think that starts to stabilize around here as we move through the back half. Obviously the market environment is weighed versus what we were thinking later last year when we spoke to you guys about or early this year when we spoke to you guys about what we thought the recurring revenue would look like for the year. I noted a few points in my script supporting that. We've seen some stabilization in those fundamentals and actually more directly related to us through the first half of this year, we've seen an increase in loans originated on Encompass. We've seen an increase in apps on Encompass, and that's encouraging. That's the first time we've seen a year-over-year increase since early 2021. Some early signs that things are stabilizing and I think a more stable market is going to give people a little bit more reason to start to think about the future, plan for the future, and start to invest in some of these products, like a DDA, which I said had its best quarter in two years for sales. And so look M&A like we had a few quarters ago or last quarter, cancellations like we had this quarter on the DDA side that can be tough to predict. But for instance, that is, I think, as Ben said, there's a small amount of customers that are on DDA that don't use Encompass or MSP now. So attrition like we saw this quarter in that way, kind of seems less likely to be ahead when moving forward. And also, as I said, we won't expect to see some of those revenue synergies come in until next year. So at this point, it feels like we see some stabilization and looking forward to 2025 as those start to hit.

Our next question comes from Kyle Voigt from KBW. Your line is now open. Please go ahead.

Hey, good morning. Maybe just sticking on mortgage tech, in the past you've spoken about the significant kind of data exhaust that's generated by this combined Mortgage Technology business. I guess with Black Knight now having been closed for, I guess, roughly ten months, can you just speak a bit of more about how your thinking has evolved around the best ways to potentially monetize this mortgage data, whether that's new product launches or other areas of opportunity?

Thanks, Kyle. This is Ben. So we see a number of different opportunities in this area and I'll describe a few. Some that are very near-term and I mentioned this in my script as well, is that we saw an opportunity to take a bunch of data sets that Black Knight's data business had and integrate them onto Encompass. We had that as part of our plan even before we closed as part of the integration strategy. That was one of the first things we were going to do. We executed on that. We just closed last September, got all those data sets onto Encompass for the first time. And in the first half of this year, we've had 200 cross-sells of flood data and fees, data sets that traditionally were not on Encompass to our Encompass customer base. So that's -- and there's a long runway to go on that when you think of 3000 Encompass customers and each of those data sets being cross-sell opportunities, there's a good runway ahead of us on that. The second thing that we executed on and we're very pleased with is, there's a data set within Black Knight that are AVMs, so they're valuations on homes. And with the trend right now with the amount of equity built up in homes, we've built a straight through service around home equity lines of credit that take our AVMs. So you can take the current valuation on a home, the servicer can take that information plus the data they know on the customer, present an offer for a home equity line of credit for a client and then feed that information directly into the origination platform as our Encompass platform handles home equity lines of credit seamlessly and then as those loans are originated,…

Our next question comes from Chris Allen from Citi. Your line is now open. Please go ahead.

Good morning everyone. Thanks for taking the question. I was hoping we could dig into the growth in energy OI seemed really impressive growth since the middle of 2023. Any color, just in terms of whether it's new commercials coming on, hedging by existing market participants taking up maybe impact of macro funds. And also could you dig in a little bit on North American options OI which is up very nicely. What's been driving that? Does that have to, is that factoring into the complexity, increasing complexity, which Ben referenced earlier?

Thanks for the question. So you've heard us over a number of different calls in a number of different years, point to the fact that the major difference that you see in the way that we've developed our energy markets, whether you're talking oil, gas and also the products like power and environmentals, we have focused on the commercial customer at the core. And that's why we've built out and not dependent on just one benchmark for the growth of our business. We've built out thousands of hedging products around the world across oil, gas, power emissions, is that our customers want to be able to hedge at the point of production or consumption, as Jeff referred to even in his prepared remarks today. And it's those customers that we've really been building open interest around our platform. And obviously as open interest builds, as liquidity builds the platform, that's when you start to get also people that are taking more of a directional view on the market start to come in as well. But the leading people are the commercials and when we talk about even the success that we've had in our natural gas markets that started with a heavy, heavy commercial base. Our sweet spot in the U.S. has been the regional basis markets. Customers utilize those. And when they're trading that as a package with Henry Hub, that's what's helped to build out our Henry Hub market, because they want to do both of those trades in the same location. The same is true with the development of TTF and now with U.S natural gas moving around the world in the form of LNG and Europe consuming more U.S. LNG than from any other source and then also that coal switching opportunity that I mentioned in my prepared remarks across Asia being the size of North America itself, all of this is pointed at the commercial market participants that started in JKM and TTF has built up open interest in those products. And then we've obviously had directional traders flow in behind that. So that's a little color on that front. And on the options front, we're pleased with our options growth across the entire portfolio. Today there are a lot of risks that people need to manage. You have geopolitical risk with multiple wars going on. You've got political risks with elections pending and what that's going to mean for energy policy. And you have financial risks around what's going to happen with interest rates and all these have an impact. And options can be a very efficient way to hedge and manage risk in those situations.

Our next question comes from Ben Budish from Barclays. Please go ahead.

Hi, good morning and thanks for taking the question. Ben, I was wondering if you could unpack the Asia opportunity a little bit more and maybe talk about the historical correlation between consumption of electricity and energy and trading volumes. When we look at sort of the European data, it looks like consumption of natural gas is pretty flat over a long period of time, but your volumes are up very meaningfully over a similar period of time. Presumably a pickup in consumption, really anywhere, would be quite positive. But how do you think about the correlation? How much could that drive volumes versus things like price volatility? How much those relative factors matter? Thank you.

Thanks, Ben. Yes, those dynamics definitely matter. When people are looking at and whether you're a power producer or a consumer, the mix of things that you need to think about in trading is not only the power, the price of power itself, but also what's producing it, whether it's coal or switching to natural gas as a much cleaner fuel. And then also the dynamic around the world of also having to put a price on carbon emissions that are also a part of that. So traders that are thinking about this, hedgers that are thinking about their exposure in the energy markets have to think about all four of those dynamics. And we for many years have thought from engaging with our clients that that's the mix of risks that need to be managed. And that's why we've built out a business that includes all of those aspects to enable traders to hedge and manage that risk in one platform. And I'll even use the U.S. as a good example. I mean, if you look at the U.S., there has been a shift towards cleaner sources in gas. It's clear if you talk to any of the analysts out there that power consumption is going to continue to grow in the U.S. And one of the underlying reasons for that is data center demand. It's analysts' estimates that U.S. power is expected to increase. Power demand is going to increase over the next decade. And data center demand alone associated to that is likely 19 gigawatts last year to growing to up to 35 gigawatts by the end of this decade. And then underneath that you have natural gas demand that's linked to power generation. That today is around 35 billion cubic feet is expected from analysts estimates to grow to 45 billion cubic feet by the end of this decade. And then obviously you have markets like our environmental markets that continue to do well. Like our Reggie markets and our California carbon emissions. So I think that's a good story to tell because we see that story developing in Europe. We see that story developing in Asia and the mix of having U.S. basis markets, power, Henry and environmental markets all in one place and enabling customers to hedge and manage this risk in an efficient basis is what enables us to do this and provide those services to clients.

Our next question comes from Alex Kramm from UBS. Please go ahead.

Thanks Alex, I'll start. So in particular in the servicing business you do have mortgage servicing rights that trade and move between clients and we're a beneficiary if those mortgage servicing rights move to servicers that are on MSP and it's the opposite if they're nothing. We -- and I think I've mentioned this on the last call, the first half this year we did see some impact on the servicing side of the business where there was a major bank had been very public about the fact that they were exiting their correspondent business and selling those MSRs. So that had some headwinds to us that hit us the first half of this year.

These tend to ebb and flow on us and off of us. On the Mr. Cooper question that you had, we have a deep relationship with Mr. Cooper. They've been a customer of ours for a number of years on Encompass. They also use our foreclosure and bankruptcy solutions within servicing. So we have a good relationship with them and we look forward to seeing what their plans are in the future. But as it relates to customers leaving us and choosing a different platform, we're not seeing that type of impact.

And then Alex, just to give you on Flagstar our total ICE mortgage technology revenues.

Thank you.

Our next question comes from Alex Blostein from Goldman Sachs. Your line is now open, please go ahead.

Hi, good morning. Thanks for the question. So maybe just zooming out on energy for a second, revenue growth up 30% or something like that this year, OI is trending something similar to that. I think we talked a lot about some of the structural tailwinds that are supporting this growth. But as you guys sort of zoom out and you extrapolate this further out, how do you think about the energy revenue growth algorithm over the next couple of years? And is 2024 a good base in your view, to build off of? I know the market tends to mean revert some of the dynamics and the trading space, but it doesn't feel like that's exactly what's happening here. Thanks.

Hi Alex, it's Ben. Thanks for the question. What we always look at is the health of open interest across our markets as the barometer and really the predictor for future volumes and future volume potential for our markets. And if you look across our marketplace now, overall across all of our futures business, open interest versus last year is up 20%. In energy it's up 25%. So to us those are great indicators that we're doing the right things, partnering with our customers, developing out all of these very new innovations and new products and more precision in the way that customers can manage and hedge their risk around the world. The development of new products in oil have been really exciting for us with what we've innovated with our HOU contract, pricing Midland WTI basis, Houston, which is now flowing into dated Brent. And that market is growing phenomenally for us up 400% in open interest. You look at the development of our Murban contract that we innovated three years ago, pricing Middle Eastern crude going to Asia, ADVs in that contract are up 160%. All of our swaps to futures markets, these are all refined products and base markets continue to grow really nice for us in oil. In natural gas we continue to innovate and continue to introduce new contracts, new LNG contracts. We've talked about the development of JKM, the development of our TTF contract. All of these in our minds create a flywheel effect because anybody that's trading in these energy markets wants to put a price on oil, power, gas emissions, and it's so much more efficient for them to do that all in one place. So I'd point to the innovation that we've had. The open interest growth there has also fed into the growth of our benchmark contracts as well.

That concludes today's Q&A session. I will now hand back over to Jeff Sprecher for closing remarks.

Well, thank you, Drew, for managing the call. And I want to thank you all for joining us this morning. And we look forward to updating you again very soon as we continue to innovate for our customers and build our all-weather business model to continue to drive growth. With that, I hope you'll have a great day.

That concludes today's call. Thank you all for your participation. You may now disconnect your line.