We sort of — we plumbed that path with equities. We’ve incrementally rolled out asset classes. And I think over time, we found our customers have adopted those more broadly. Those are additive to the OI pool. Those have created more opportunities for spreading across maturities, but I would also note that our record options growth is accelerating, not just on the front end of the curve but across the entire maturity curve. So we’re seeing growth there where the short-dated pieces are additive to the growth, but it’s actually being led by farther out across the curve. So we see those as additional tools and nice additive pieces of growth, but not the primary source of growth.
Owen Lau: Got it. Thank you very much.
Terrence Duffy: Thanks, Owen. Thank you, Derek.
Operator: Thank you. The next question is a last question from — a follow-up from Craig Siegenthaler with Bank of America. Please go ahead. Your line is open.
Elias Abboud: Hi. This is Eli from Craig’s team. Thanks for taking my question. I was wondering if…
Terrence Duffy: Can you speak up just a little bit, Eli? I think it was Eli, not Craig on the phone.
Elias Abboud: Yes. This is Eli from Craig’s team. Thanks for taking the question. I was wondering if you could give us a sense of the potential impact of approval of the spot crypto ETFs on your crypto complex. What proportion of volumes in the — futures-based ETF managers contribute to that complex today? And if we see like a migration from the future-based vehicles to spot, would that threaten the viability of that complex?
Terrence Duffy: Yes. Good question, Eli. Thank you. Tim?
Tim McCourt: Thanks, Eli. Thanks, Terry. Certainly, a pressing question, given the recent moves that we’ve seen in Bitcoin. I think one thing to note is that before we dive into the nuances of the ETF, we’ve also seen tremendous volume in OI growth here in the third quarter for our crypto complex. Just this week, we saw over 130,000 contracts trade, worth about $7.6 billion. That’s our largest day in the crypto complex since the wake of the FTX collapse in a little over a year ago. So when we saw also a record OI in our Bitcoin futures over 20,000 contracts, which is equivalent to more than 100,000 Bitcoin. And this really speaks to the fact that we are an institutional-grade offering for the crypto community. So it is not surprising that we’re the underlying for a lot of the futures-based ETFs, which has done phenomenally well in terms of serving the marketplace to date.
Certainly, there’s a belief that some of the uploading of price to almost 35,000, 36,000 we’ve seen this week is on the belief of spot-based ETF approvals. I’m not necessarily here to comment on whether that’s going to happen. But what I can tell you is that we do see the introduction of additional structured products, whether it be spot or other underlying base in the crypto community will be additive to our complex at CME on two fronts. One, these markets are highly interrelated, where futures will not only be the underlying for some of these products, they will also be the hedge mechanism for market makers as well as market participants looking to hedge their digital or ETF-based holdings. And the second thing to always keep in mind is we also have the CME CF Bitcoin reference rate, which is the underlying for a lot of these ETFs coming to market.
So not only will be additive to our futures-based volume as we’ve seen in other asset classes such as equity, it’s also to keep in mind as these products take root and grow in the market, there will be additional revenue generation opportunities from the licensing front as a function of AUM and derived license fees here at CME as the IP owner of the underlying index.
Elias Abboud: Got it. Thanks guys.
Terrence Duffy: Thanks, Eli.
Operator: Thank you. And there are no further questions. I’ll turn it back over to management for closing remarks.
Terrence Duffy: I want to thank you all very much. Excellent questions today. We appreciate it very much and we wish you a good day, and everybody stay safe. Thank you.
Operator: Thank you. Ladies and gentlemen, that does conclude today’s call. We thank you for your participation and ask that you please disconnect your lines. Have a good day.
