Derek Sammann: Yes. Thanks. I appreciate it. I think you are right. We do have different products that’s in our energy franchise. When you look at our Henry Hub franchise and ICE’s LD-1, for example, those results have not been markedly differently in terms of performance over the last couple of years. Certainly, ICE has the basis market here and the TTF complex, which I think is under significant strain right now, in terms of what that means going forward as a long-term marker given some of the physical challenges where those gas flows are going to come from and what that now represents. But I won’t try to tell you otherwise, that TTF market has been on a good run for the last 2 years or 3 years. So, they are in product sets that we are not.
We are in product sets that they or not. I would point to our global missions offsets contracts in the voluntary carbon markets, as an example, of a market that we are in that they are not in right now. They are in the compliance markets or in the voluntary market. So, when you break down the pieces on the like-for-like businesses, those results have not been markedly differently where the different results are. Some of their asset €“ some of their products are there in where we are not have been contributors to the bottom line growth. So, from our perspective, we €“ as I said, we look at the structural benefits and the positioning of our core complex in WTI in global crude, which looks very positive as well as the Henry Hub complex, both of those being the biggest markets, now the biggest export markets for those respective products.
So, we just €“ as a going forward, we like what we have done. We have globalized our business. We expanded our options complex. But that outperformance, Alex, as I said, it’s really a function of they have been lucky to be in products where they have franchises that we are not operating in. And that’s, you got to be both good and lucky to be successful in this business, and we like our position going forward.
Alex Kramm: Very. Helpful. Appreciate it.
Terrence Duffy: Thanks Alex.
Operator: And our last question in queue is coming from the line of Kyle Voigt with KBW. Please go ahead.
Kyle Voigt: Hi. Good morning. Maybe a question for Terry, I know you agreed to an extension on your employment contract last year. But with that, I believe, set to end next year. I am wondering if you would be able to or will be willing to share whether you are open to extending your employment contract again? And also if you could address or provide any color as to how the Board views succession planning more broadly?
Terrence Duffy: Yes. Thanks Kyle. And obviously, there is some confidentiality into the conversations that I have had with my Board, but I will just give you a general take on it. My contract goes to the end of 2024. I am committed to my Board that I will be here through 2024. At the same time, we will be looking at €“ we are looking at succession. And if in fact, the Board is not comfortable with that process, I told them I would say until they are. So, that’s kind of how we are leaving it. So, a lot could happen between now and then, obviously, but my commitment is to a company, it has been all these years, and it will not deviate from that. So, the Board knows that, but we all have a job ahead of us to make sure that we do the right succession planning and make sure it’s a seamless one.
And that has the attributes to do multiple things from Washington to M&A and everything else. There is a lot goes on in these businesses. And there is not too many exchanges as we know in the world that people know how to operate. So, we got to find the right person, but we got €“ we have a lot of talent in not only in this room, but through the organization. And if in fact, the Board is in-comfortable with where we are at, then I will extend until they are.
Kyle Voigt: It’s very helpful. Thank you very much.
Operator: And that is all the questions we have. I would now like to turn the call back over to management.
Terrence Duffy: Well, thank you all for taking time out this morning and we hope you have a good day and be safe.
Operator: That does conclude the conference call for today. We thank you for your participation. Ask that you please disconnect your lines.
