Guru (on for Owen Lau)

Guru, on behalf of Reina Kumar, asked for further clarification on the expected trajectory of spreads going forward.

Answer

CFO David Bonanno reiterated that spreads are expected to be roughly in line with August numbers, remaining sensitive to volatility. He explained that September's volatility has been lower than August's, which could lead to slightly lower spreads for the month. Bonanno emphasized that monthly disclosures provide real-time clarity and that Bullish optimizes for total adjusted transaction revenue, with new products like options potentially influencing future spread adjustments. He concluded that August serves as a good benchmark for spot spreads.

Guru asked for further clarification on the expected trajectory of spreads going forward, building on the previous question.

Answer

David Bonanno, CFO, reiterated that spreads are expected to be roughly in line with August numbers, remaining sensitive to volatility. He noted that September volatility has been lower than August. Bonanno emphasized that Bullish optimizes for total adjusted transaction revenue and that new product launches like options might lead to further spread adjustments. He concluded that August serves as a good benchmark for spot spreads.

Asked about business momentum in Europe during Q3 and the status of the BaFin license application in Germany.

Answer

The company has deferred its BaFin license application as its current tied-agent structure in Europe is working effectively. The Q3 slowdown in Europe was attributed to normal summer seasonality and pre-election uncertainty, with hopes for a rebound in Q4.