But you’ll also start to see that impact our pricing and reference data end-of-day business because you will start to see new fund families emerge, new asset funds emerge, which you’ve not really seen over the last year. In contrast, over the last year, you’ve seen – where it’s been particularly tough for the fixed income asset managers, you’ve seen the number of funds decline. We’re starting to see green shoots for the reemergence of new funds being created. So I think you’ll see a positive impact on a variety of our line items. But again, this is why we’ve set up the business in the Fixed Income and Data Services segment, in particular, to be an all-weather name to benefit from a variety of macro trends. So treasuries do well. That’s going to impact the segment in one way.
If munis do well, it’s going to impact the segment in another way.
Operator: Thank you. The next question today comes from the line of Brian Bedell from Deutsche Bank. Please go ahead, Brian. Your line is now open.
Brian Bedell: Great. Thanks very much for taking my question. Maybe just to come back to the ICE Chat offering and the proprietary large language models. And particularly in energy, I think you mentioned it was helpful in stimulating volumes so far this year. Maybe if you could just talk a little bit more about what’s actually driving that, how does the Chat offering add volume. Is it bringing new customers into the mix such as market makers? And then where would you think you are on this journey? It sounds like it’s relatively new, but do you think you’ve already sort of enhanced the volumes with this or there’s a lot more to come in the future?
Lynn Martin: Yes. This is Lynn again. That’s a great question. It’s actually a topic we love talking about. So we’ve had the existence of large language models in our ICE Chat offering for quite some time now. We started with the early stages of it, I’d probably say about a decade ago. But it’s really been refined over the last, call it, five years. It’s become a contributor though to the energy markets across asset classes, across oil, across gas and across – starting to impact the utilities as well. Effectively, what it does is it allows for automation. It knows if you and I are talking about the fact that today is Thursday or it knows if we’re talking about a trade idea through those models. If it detects a trade idea, it will allow for the seamless transmission of that trade to our clearinghouses and our trading platforms.
Additionally, it will give you some fair value analytics and additional metrics around it to allow you to perform that trade with confidence that you’re getting a good price. So it’s really helping the trader to automate the workflow. It’s why it’s gained popularity, particularly over the last couple of years as those models have gotten smarter as the technology has improved, quite honestly. But I think we’re still in the early stages of this. It’s still a small contributor to our volumes, but it’s something we’re incredibly excited about the potential for not just in energy, but if you think about the rest of the Fixed Income and Data Services segment for fixed income where fixed income markets are desperately requiring automation. So we think this – the concept has applicability pretty much across all of the markets that we operate, but we’re seeing the early-stage benefits in the energy markets, as Warren mentioned in his prepared remarks.
Operator: Thank you. Our next question today comes from the line of Patrick Moley from Piper Sandler. Please go ahead. Your line is now open.
Patrick Moley: Yes. Good morning. Thanks for taking my question. So I just wanted to go back to energy. As you mentioned earlier, you’re seeing strong volumes, strong open interest growth. I think even though you’ve had some easier comps, I think it was still the strongest 2Q in your history. So just when we look at the macro landscape, I was hoping you could maybe give us your outlook for the back half of this year in energy. And I think my predecessor asked this on the last call, but is there anything out there right now that maybe you’re keeping an eye on that could derail the strong momentum you’re seeing in energy? Thanks.
Benjamin Jackson: Thanks, Patrick. This is Ben. So it’s clear to us that you got several underlying trends going on in the industry. You continue to have well-publicized underinvestment in legacy energy infrastructure that can cause supply shocks. You’ve got overall and broadly, electronification, and energy markets continues to take hold. But each of the energy markets and the new innovations that we continue to launch are at various ends of the spectrum of how mature they are in adopting electronification. The energy markets are becoming more global. As supply chains continue to evolve and change, those markets are becoming global, and natural gas is now freely transported around the world in terms of LNG. You also have a trend around precision and risk management.
