What changed in your business over the past year, and what was your biggest achievement?
Markets like certainty, and what we saw in 2025 was anything but. Economic and geopolitical shifts were not anomalies, but rather the norm. On a seemingly daily basis, market participants were dealing with the unexpected. As a result, our clients relied on our markets more than ever to manage risk and pursue opportunities in an ever-changing environment. We reached our all-time highest volume day in February, with 67.1 million contracts traded. In April, we hit a monthly average daily volume record of 35.9 million contracts. Throughout 2025, we saw an average daily volume of 28.1 million contracts, a 6% increase over an already record-setting 2024.
That said, for me, our biggest achievement isn’t just about growth in numbers. While offering the essential products our clients need to manage this market environment is crucial, what truly stands out is the unparalleled value we deliver through margin efficiencies. We’re providing nearly $80 billion a day in margin efficiencies across asset classes, with $20 billion in interest rates alone. That level of savings is a testament to our commitment to client success and a critical differentiator in today’s markets.
What is your most important project in 2026 (regulatory or otherwise)?
It’s always challenging to pinpoint just one, as we’re constantly innovating to meet diverse client needs. However, a truly transformative initiative for us is our ongoing effort to move our markets to the cloud. This isn’t just a technology upgrade; it’s a strategic imperative that will redefine how our clients access and interact with our markets. Looking ahead, we are making significant strides towards this goal. We’re also partnering with Google Cloud on tokenised cash services for collateral, margin, and settlement through their Universal Cloud Ledger. In addition, we’re constructing a new cloud region specifically designed to operate these markets with ultra-low latency. Together, these efforts promise to dramatically expand access for our clients.
What are you most excited for in 2026?
I’m incredibly bullish on the continued expansion of our retail business. For more than a decade, retail has been our fastest-growing client segment, reflecting an increasingly sophisticated group of participants with professional-grade data and analytics. Our micro-sized products have really resonated with this client base. Now, we have a significant distribution opportunity through our FanDuel partnership, which introduces our markets to 12 million potential U.S. traders who are already active on FanDuel’s platform. We are working with a range of retail partners to broaden access to our markets for new participants. That isn’t just beneficial for CME Group; it’s a meaningful step forward in attracting new traders to the industry as a whole.
What are your biggest opportunities?
Our industry is evolving, and we are focused on meeting our clients’ needs today and in the future. In addition to the opportunities already mentioned, market data remains a strong growth engine for CME Group. We’re creating new benchmarks, building on the success of rates such as Term SOFR, and seeing institutional clients use our data to construct innovative new products and indices.
Another significant opportunity is our 24/7 cryptocurrency offering, which is set to launch early this year. While around-the-clock markets may not be suitable for every asset class, crypto inherently trades non-stop. Our goal is to provide robust risk management opportunities that align with the continuous nature of that market.
What do you see as the key themes and trends for your exchange and market infrastructure in 2026?
The dominant theme remains managing uncertainty, but it has reached a different pitch. This environment only amplifies the critical need for regulated marketplaces with deep liquidity that are available to clients when and how they want to access them. We’re also seeing a continued blurring of the lines between retail and institutional participants. Central banks are moving at different speeds, and geopolitical friction isn’t going away. Neither are the capital constraints that come with managing risk. As a result, efficiencies will continue to be key.
Structurally, the biggest trend we are adapting to is the U.S. Treasury clearing mandate. We aren’t waiting for that deadline to help our clients; we are creating savings today. For example, we have collaborated with our partners at FICC to extend cross-margining to both clients and house accounts. Likewise, we registered as a securities clearing house to provide Treasury clearing services directly. We also continue to offer a range of U.S. Treasury futures and cash markets and, last year, launched BrokerTec Chicago to bring the ecosystem for U.S. Treasury cash and derivatives closer together. All of these efforts are designed to drive further efficiencies in the market – particularly critical amid record levels of debt issuance.