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Will Chi

Research Analyst at RBC Capital Markets, LLC

Will Chi is an analyst at RBC Capital Markets, specializing in emerging markets equities with a strong focus on supporting portfolio management through both top-down and bottom-up research. He covers specific companies within emerging markets, working closely with investment professionals to inform strategic investment decisions, though quantitative performance metrics and detailed company coverage are not publicly available. Chi began his investment career in 2015 as an analyst at an asset management research firm, moved to a client relations role at a UK pension pool, and joined RBC in 2019 where he advanced from client relations to an analyst position on the Emerging Markets Equity team in 2022. His professional credentials include significant buy-side research experience and demonstrated expertise in investment analysis, though details about securities licenses or formal FINRA registration are not disclosed.

Will Chi's questions to CME GROUP (CME) leadership

Question · Q3 2025

Will Chi asked for commentary on Rate Per Contract (RPC), specifically the impact of a lower proportion of micros and decreased volume tiering, and whether the shift in micros indicates changes in retail trading behavior.

Answer

Lynne Fitzpatrick, CFO, explained that the largest impact on RPC came from the shift in micros, particularly in equities, where the proportion of micros decreased from 47% to 43% of volume, leading to an uplift in equity RPC. She noted that it's challenging to fully disaggregate the impacts of these shifts from other factors like customer mix.

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Question · Q3 2025

Will Chi asked for commentary on Rate Per Contract (RPC), specifically the impact of a lower proportion of micros and decreased volume tiering, and whether the shift in micros indicates changes in retail trading behavior.

Answer

Lynne Fitzpatrick, CFO, CME Group, explained that the largest impact on RPC came from the shift in micros, particularly in equities, where the proportion of micros decreased from 47% to 43% of volume, leading to an uplift in equity RPC. She noted similar contributions in metals but stated it's challenging to fully disaggregate these shifts due to the complexity of customer mix.

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Will Chi's questions to PAYCHEX (PAYX) leadership

Question · Q3 2025

Will Chi, on for Ashish Sabadra, asked for comments on the competitive landscape and an update on the company's capital allocation strategy.

Answer

CEO John Gibson stated that the competitive market has not seen any major shifts and remains competitive. Executive Robert Schrader confirmed there is no change to the capital allocation strategy, which prioritizes investing in the business, maintaining the dividend, and pursuing M&A. He added that the near-term focus will be on successfully integrating Paycor, with no other significant M&A expected.

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