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    Eli Abboud • Bank of America

    Eli Abboud's questions to Marketaxess Holdings Inc (MKTX) leadership

    Eli Abboud's questions to Marketaxess Holdings Inc (MKTX) leadership • Q2 2025

    Question

    Eli Abboud of Bank of America inquired about the drivers behind the strong performance in Europe, where volumes were up 21% year-to-date, asking what was causing the share gains and which protocols or customer channels were particularly strong.

    Answer

    CEO Christopher Concannon attributed the robust European growth to successfully 'firing on all three initiatives.' He cited high client adoption of the new block trading solution, which has rich dealer content, strong growth in portfolio trading with PT volume up 64% in July, and progress in the dealer-to-dealer business following the full rollout of MidX across the Eurobond market.

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    Eli Abboud's questions to Bgc Group Inc (BGC) leadership

    Eli Abboud's questions to Bgc Group Inc (BGC) leadership • Q2 2025

    Question

    Eli Abboud from Bank of America asked about the slower ramp-up of treasury futures compared to SOFR, seeking to understand any additional complexities. He also questioned how many of the nine connected FCMs have open interest on FMX, the drivers of the strong FX business performance, and the reasons for voice trading outperforming electronic trading in FX.

    Answer

    Co-CEO John Abularrage stated there are no additional impediments for treasury futures and expects them to follow SOFR's successful trajectory, adding that nearly all connected FCMs have open interest on the platform. Co-CEO & COO Sean Windeatt attributed the FX strength to a 'healing' market, normalized options volatility, and growth in the FMX FX platform. He explained that the voice outperformance in FX reflects client choice during a period of returning volatility but expects a gradual shift back toward electronic trading as the market stabilizes.

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    Eli Abboud's questions to CME Group Inc (CME) leadership

    Eli Abboud's questions to CME Group Inc (CME) leadership • Q2 2025

    Question

    Eli Abboud, on behalf of Craig Siegenthaler at Bank of America, asked about the impact of tariffs on CME's physical commodities business and whether it has affected trading dynamics relative to European alternatives.

    Answer

    Senior MD & Global Head of Commodities Markets Derek Sammann explained that global uncertainties, including tariffs, are driving a realignment of physical supply chains and record results for CME's commodities complex. He stated that tariffs create price dislocations and basis risk, which in turn increases the need for risk management and drives volume in futures and options. This has led to record activity from both commercial and speculative clients, with notable growth from APAC and EMEA.

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    Eli Abboud's questions to CME Group Inc (CME) leadership • Q2 2025

    Question

    Eli Abboud, on behalf of Craig Siegenthaler at Bank of America, questioned the impact of tariffs on CME's physical commodities business and whether it has affected trading dynamics.

    Answer

    Derek Sammann, Senior MD & Global Head of Commodities Markets, detailed that global uncertainties, including tariffs, are driving a realignment of physical supply chains and record results for CME's commodities complex. He explained that tariffs create price dislocations and basis risk, which directly increases the need for risk management and boosts trading volume, particularly in options, across both commercial and speculative client segments.

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