Sean Windeatt: Well, Rich, maybe I’ll start that, Rich, it’s Sean. You’re right to say, so last year, last year rates for us was up in constant currency, 4.3%. As we said last year, last year, as you’re going into the rising interest rate environment, you get a bit of choppiness and lumpiness in terms of — in some of the businesses. You can remember, we pointed out in Q3 and Q4, who would have thought that inflation business would actually be — have lower volumes during Q3 and Q4 of ’22 at a time and rates are rising. That piece is behind us now. And hence, the fact that I spent all of my prepared remarks talking about what’s happened in Q1. And in Q1, you noticed that all of the asset classes are performing, are increasing.
Yes, up 8% overall, 10% on constant currency, but that’s actually across the board. And albeit that at the start of — it started in December and its continued favorably into Jan and Feb. And I think as Howard pointed out before, it takes — the lag between going into the interest rate — rising interest rate environment, now we are there. And that’s where trading — that’s why trading volumes are increasing for us, starting in December and continued strongly into Q1.
Howard Lutnick: So the CME had — is very pure in short-term rates and you saw last year, they had volume growth and short-term rates. They had less volume growth and long-term rates. You were going to watch the volume just smoothly go out across the curve, across products, across our entire product mix. So I don’t think it matters which product it is. It’s not going to be — smooth was the wrong word. It’s going to be relentless would be the right word. I think, volumes will go to the long end. I think volumes will go again, up in the short end, where the Fed is moving things, where market perception is, will change volumes up or down. But the answer is going to be the vast issuance of treasuries, the vast issuance of credit, the vast issuance that’s coming will not be met with the government buying it.
It will be met by trading volume happening. And that velocity will go through the business as we return to the traditional volume. So I would think you’re going to see it now. I told you this in the — right, in the middle of the year, I said, we’re going to be choppy. There are going to be many of our businesses that are going to be up big and some will be down illogically, but that will end by beginning of this year. It ended by December. But the answer is, we are growth business now and you’re going to see it across our businesses, some stronger than others, right, in one quarter or another. But you are going to feel the path relentlessly move forward in a positive way as these relationships return.
Rich Repetto: Got it. It’s going to be fun to watch, Howard. So the next — my follow-up question would be on FMX. In the earnings release, you talked about it being on track, but you didn’t mention that the launch date or the soft launch date to be reaffirmed in the second quarter. Could you talk about what contract means for FMX?
Howard Lutnick: Yeah. That means, nothing has really changed, sorry. I mean, our perceptions are that we are — we finished — we will finish this quarter. The regulatory answers to their questions, we will get approval. Soon after when the government chooses to give us those approvals, we will then announce our soft launch date, and we will begin. So these processes are just we’re moving forward. We’re excited about it. Imagine being able to open a US rates futures platform competing with the $67 billion Chicago Mercantile Exchange into the greatest reemergence of rates of volume in more than a decade. I mean, timing is — you can’t be more excited around this firm these days. It is so exciting. It is so exciting by the clients. They are ready for it. They want it. And this is the greatest timing for it. Volumes are here, volumes are going to grow. $67 billion monopoly ready for a little competition. This is going to be fine.
