CME Group (CME) official guidance

On the pricing side, we did have some impacts that were implemented here on October 1. We are expecting, if you look at an annualized basis, those to have an impact of somewhere in the range of 0.5%-1% of the clearing and transaction fees.

We anticipate the savings can be upward of 80% for the client books, just like we've seen on the house side of the program today. We are at about 22 clearing members today that have signed the agreements for the house program. Although we've just announced the approval, we do already have one clearing member that signed the agreement for the customer program scheduled to go live at the end of this month, and are engaging with a number of other clearing members to offer the client program as well.

I would point out that we do expect the occupancy cost to continue to grow over the course of the year as we do things like opening the Dallas facility.

I think you firmed your guidance for $1.695 billion for the year. Could you sort of unpack what the growth was in Q1 and how we should think about maybe the sort of the pacing as we look through the rest of the year?

Total capital expenditures are expected to be approximately $85 million, and the adjusted effective tax rate should come in between 23.5%-24.5%.

Total capital expenditures are expected to be approximately $85 million, and the adjusted effective tax rate should come in between 23.5%-24.5%.

Turning to guidance, we expect total adjusted operating expenses for the year, excluding license fees, to be approximately $1.625 billion.

Our guidance embeds within that about $100 million in total expense.