So very optimistic for the future and further buttressed by our efforts on the CME term SOFR front with respect to licensing and the IP and the gravity that we’re lending to that complex. These are all great things that continue to position not only SOFR, but the rest of our rates complex, given the interrelatedness and the spread strategies that exist as we head into next year.
Alex Kramm: Excellent. Good to hear. Thanks.
Terrence Duffy: Thanks, Alex.
Operator: Thank you. Our next question is a follow-up question from the line of Brian Bedell with Deutsche Bank. Please go ahead. Your line is open.
Brian Bedell: Great. Thanks for taking my follow-up. It’s on RPC. Just some of the drivers in the third quarter that you mentioned were member mix and product mix. I think that was mostly on the product mix side between asset classes. I was wondering if you could comment a little bit about were there any outliers within the asset classes that significantly impacted the RPC? And then it looks like geography-wise or non-U.S. was actually up a little bit sequentially, and I thought that was — usually it’s typically the higher RPC. So maybe just some comments on that. And then also just on options versus futures if you can remind us on the differentials there. I think, Derek, you mentioned the options volumes in energy, in particular, were up nicely in October?
Terrence Duffy: Yes, Brian, two parts to your question. So I’m going to ask Lynne to comment on the RPC and then ask Derek to comment on the international business, which you’re correct, does carry a higher RPC than the traditional — some of the stuff here in the U.S., but go ahead, Lynne.
Lynne Fitzpatrick: Yes. So if you look at the overall RPC of $0.707 versus the prior quarter of $0.724, so down $0.017. The drivers for that were really lower proportion coming from commodities products was about 18% this quarter, down from about 19.5% last quarter. We did also see a slight increase in member mix and the contribution from micros overall. In terms of the specific asset classes, I wouldn’t call anything out as unusual per se. I would just point you to if you look at the year-over-year basis, on very similar volume, we saw a 12% uplift on RPC. That’s driven by a couple of things. You do have a lower proportion coming from micro. You have an increase in the commodities as we’ve seen that rebound in this year, and you are seeing the impact of that pricing change rolling through.
Terrence Duffy: Thanks, Lynne. Derek, do you want to talk a little bit about the non-U.S. business as it relates to the RPC?
Derek Sammann: Yes. Thanks, Brian. We’ve seen some continued really strong growth and building on the back of what was a record 2022 for non-U.S. business. We’re building on that. Again, our Q3 international volume was up 7% this year, and that was led by some of the higher RPC products. Our ag non-U.S. business is up 32%, energy up 30%, rates were up 16%, metals up 10%. Also, what you saw and I think you might have mentioned this, our non-U.S. options continues to grow extremely strongly as well. So our non-U.S. options volumes up 31% and while the overall options is up 21%. So a good strong story within a good strong story. So we saw EMEA be a particular standout there relative to the volumes. And I think we’re — the efforts we put in the place, boots on the ground, you heard us talk about the investment we’re making in the majority of our sales force now being outside the U.S. is accelerating both our new clients acquisition opportunities as well as reinforcing and cross-selling into our existing customer base.
So our non-U.S. business continues to be a source of strength and new client growth for us. And I think we’ll see that we’re on track for another record year for that side of the business across asset classes, and we like our position going into 2024.
Terrence Duffy: So just to sum that up Brian, because I think, it’s a really important question. Not a particular asset class where there’s degradation in the RPC so much. It was more the mix of member versus non. And then we have some of these really outlier, not outliers, but some higher rate RPCs and some of the energies as Lynne referenced. And it’s a very sensitive tool. So that can move it a little bit, and that’s what you saw.
Brian Bedell: That’s great. And then just can you remind us on the RPC of options versus futures in general?
Terrence Duffy: Yes.
Lynne Fitzpatrick: Yes. So the total RPC for options this quarter were $0.658.
Brian Bedell: Got it. Okay. Perfect. Thank you so much for that really complete answer. Thank you.
Terrence Duffy: Thanks, Brian.
Operator: Thank you. Our next question is from the line of Owen Lau with Oppenheimer. Please go ahead. Your line is open.
Owen Lau: Thank you for taking my follow-up question. I think CME recently launched the WTI Crude Oil Monday and Wednesday Weekly options. I’m just wondering how much incremental opportunity and demand for these kind of 0DTE products, not just in energy but in the whole CME platform? Thank you.
Terrence Duffy: Thanks, Owen. Derek?
Derek Sammann: Yes. So on the weekly stuff, yes, we have had really great success across the entire franchise of launching additional points on the maturity curve. We’ve recently launched Mondays and Wednesdays in energy, particularly in WTI. We’ve actually set a number of records there. We had an old day record ADV about 43,000 contracts on the first of September. And that was after the addition of the Mondays and Wednesdays, we set a single day record on the same day of about 15,000 contracts. When you look at that opportunity for us, we’ve talked about this before, certainly in a world with as much risk as we see on any given day on any particular asset class, adding additional maturity points and a granular levels of risk management have proven to be successful.
