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Kyle Voit

Managing Director and Senior Equity Research Analyst at KBW

Kyle Voigt is a Managing Director and Senior Equity Research Analyst at Keefe, Bruyette & Woods (KBW), specializing in brokers, alternative asset managers, and global exchanges within the financial sector. He covers major companies such as Nasdaq, Intercontinental Exchange, CME Group, LPL Financial, and Marex Group, consistently delivering investment calls with a 59% success rate and an average return of 6.3% per rating, including notable returns such as 129% on Marex Group. Voigt joined KBW in 2012, previously worked at NYSE Euronext in its capital markets group, and holds a BSBA in Finance and a BS in Economics from Villanova University. He has received multiple accolades, including being named to Institutional Investor’s All-America Research Team 'Rising Stars' for several years and Business Insider's 'Rising Stars of Equity Research' in 2021, and is professionally registered with FINRA.

Kyle Voit's questions to CME GROUP (CME) leadership

Question · Q3 2025

Kyle Voit requested an update on Google-related investment spend for 2025 and projections for 2026, along with any other notable expense puts and takes for 2026.

Answer

Lynne Fitzpatrick, CFO, stated that Google-related expenses were $27 million in Q3, totaling $71 million year-to-date, with full-year guidance embedding about $100 million (down from an initial $115 million due to savings). She attributed savings to better cloud management and increased internal support. For 2026, she indicated that this year's lower cost growth would serve as a baseline, but some savings opportunities were one-off.

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