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CME Group Inc. (CME) Presents at Piper Sandler Global Exchange and Fintech Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

CME Group Inc. (CME) Piper Sandler Global Exchange and Fintech Conference June 4, 2026 2:00 PM EDT

Company Participants

Terrence Duffy – Chairman & CEO

Conference Call Participants

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Patrick Moley – Piper Sandler & Co., Research Division

Presentation

Patrick Moley
Piper Sandler & Co., Research Division

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All right, everyone. Welcome to — I think the session everyone in this room has been looking forward to most. It’s my pleasure to welcome Terry Duffy, Chairman and CEO of CME Group. CME is the world’s largest futures exchange. Terry has led CME, I think, for over 2 decades now, around 2 decades, been a staple of this conference for many, many years. Always appreciate your support and you making the trip up here.

Terrence Duffy
Chairman & CEO

My pleasure, Patrick. Thank you.

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Question-and-Answer Session

Patrick Moley
Piper Sandler & Co., Research Division

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Yes. Thanks for coming. All right. So I want to start off, let’s just address the elephant in the room. On Friday, the CFTC moved to approve the Bitcoin perpetual futures contract for Kalshi. I know you went on CNBC yesterday. I thought you laid out your case. Can you just maybe for everyone in this audience, what do you think of that ruling and what it means for your business?

Terrence Duffy
Chairman & CEO

Well, first of all, I think the ruling — can you guys hear me okay? Okay. Thanks. It was called in our world was a 40.3. So a 40.3 ruling means it goes up for a full review, meaning that if there is something there that the industry should comment on that’s new or novel or complex, the CFTC does what’s called a full review. They did a review in less than what’s called a self-certification, which is a 40.2. So a self-certification means if there’s no objection in 24 hours, you can go ahead and list

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Earnings call transcript: Argan’s Q1 2027 earnings surpass forecasts with 78% EPS surprise

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Earnings call transcript: Argan’s Q1 2027 earnings surpass forecasts with 78% EPS surprise

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LARRY KUDLOW: Iran doesn’t have a War Powers Act

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LARRY KUDLOW: Hormuz will not stop history

Not being a lawyer, I don’t know if the House passage yesterday to end the war in Iran is constitutional or not. And if it ever passes the Senate, President Trump will veto it, and he’ll be right to do so. 

Here’s what I do know: it’s stupid. It’s also unpatriotic. It also interferes with Mr. Trump’s commander in chief responsibilities to destroy a radical Islamist regime that has spent the last 47 years developing nuclear weapons and sponsoring terrorism in order to bring “death to America.” Also “death to Israel.”

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Here’s what Mr. Trump said on Truth Social this morning: “Yesterday, in a meaningless vote, the House voted, 4 bad Republicans and all of the Dumocrats, to limit my War Powers, right in the middle of my final negotiations to end the War with the Islamic Republic of Iran. Who would do such an unpatriotic thing. They know where the negotiations stand. The Democrats are fueled by Trump Derangement Syndrome. They would rather have our Country fail than give me another, of many, victories…”

Again for me, not being a lawyer, when you add up the days of actual kinetic military bombing, the United States hasn’t nearly hit 60 days, which is in the War Powers Act. The bombing was 37 days from March 1 to April 7. The ceasefire has gone from April 8 to today June 4, which is 57 days. So when you actually look at the numbers, Mr. Trump has 20 days in the bank. He never hit 60, not even close. But who’s counting?

Democrats don’t care about Iran’s nuclear capabilities or their Nazi-like inhuman government that directly sponsored the slaughter of 1,200 Israelis and others, and reportedly over 40,000 of their own Iranian citizens this year alone.

And as the New York Sun points out, implementing the War Powers Resolution applies only to one side. It doesn’t prohibit the Iranians from attacking us or attacking Israel or any of our gulf state allies in the region. Iran doesn’t have a War Powers Act.  

The Democrats don’t think Iran is our enemy.

Having said all of that, I’m sure Mr. Trump will just continue to bury Iran, he’ll make a good deal. His red lines are holding and that’s terribly important. Yet I will say this: many Trumpian supporters, both military and non-military alike, including myself, wish we would open up the Strait of Hormuz. This would generate more public confidence in the war, it would lower gasoline prices, and it would tell Iran that they cannot control this key waterway.

Last evening I spoke to a retired Navy Seal, Mike Sarraille, about this whole issue of opening up the Strait and here’s what he said: I explained to him that “a lot of people are waiting for a return to Project Freedom to open up the strait, because we’re promised this. We have the military capabilities to do it, but we haven’t quite followed through. Perhaps there are important reasons for that, but I thought you could help us out on it.” 

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Mr. Sarraille replied: “It would be a priority of mine,” adding, “But hit the coastal offensive capabilities of Iran. That’s their drones, their missiles, as well as the Mosquito, or if you want to call it the fast attack fleet. Remove the problem while those negotiations are going on with Iran and keep the blockade in place.”

So a retired Navy SEAL, like many military people, believes we can do it. And let’s go back to Project Freedom, let’s open it up. And one point I’ll make again, repeat this, not only just to get energy and gasoline prices down, but to show and tell Iran, you cannot control the Strait, period, full stop.

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Honeywell’s Quantinuum valued at $17.6 billion as shares rise in Nasdaq debut

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Honeywell’s Quantinuum valued at $17.6 billion as shares rise in Nasdaq debut


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Trump CFPB to tell banks immigration status may be considered in mortgage, credit decisions

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Trump CFPB to tell banks immigration status may be considered in mortgage, credit decisions

The Trump administration is planning to release a policy statement that will tell banks they may consider a client’s immigration status as part of their ability to repay when offering mortgages and credit cards, FOX Business has learned.

The Consumer Financial Protection Bureau (CFPB) is planning to issue a policy statement on Friday in the Federal Register that serves as a guidance for financial institutions in considering a consumer’s ability to legally work and earn income in the U.S. when making lending decisions, particularly when considering mortgage and credit card applications.

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The policy statement, which was viewed exclusively by FOX Business, notes that it doesn’t have the force of law and isn’t legally binding and instead serves as a guidance to remind lenders of factors including immigration status that they may consider when extending credit to consumers.

“The Truth in Lending Act and its implementing Regulation Z require creditors to assess consumers’ ability to repay before offering mortgages and certain open-end credit products,” the CFPB’s policy statement said. “This statement emphasizes to creditors that these requirements may obligate consideration of a consumer’s immigration status, especially where removal from the U.S. may disrupt the consumer’s income.”

TRUMP EYES BANK CITIZENSHIP CHECKS AMID IMMIGRATION CRACKDOWN: REPORTS

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The CFPB’s statement reminds banks that they may be obligated to consider immigration status in lending decisions if it may affect a borrower’s ability to repay. (David Paul Morris/Bloomberg via Getty Images)

“The obligation arises if documentation in the consumer’s application or other records indicates that the consumer’s repayment ability will change on account of their immigration status,” the CFPB said. 

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“In such a circumstance, a creditor must consider that information, just as they must consider anything else in the application or records at or before consummation indicating that there will be a change in a consumer’s repayment ability after consummation.”

“A failure to do so would overlook key information regarding the consumer’s income, and may risk the creditor failing to reasonably assess the consumer’s ability to repay the credit sought,” it added.

TRUMP ADMIN ENDING TAXPAYER SUPPORT FOR ILLEGAL IMMIGRANTS IN POSTSECONDARY EDUCATION

Woman fills out job application

Financial institutions may consider immigration status as a factor in the ability to repay a mortgage loan or a line of credit for a credit card, the CFPB’s statement emphasized. (iStock)

The CFPB’s policy statement noted as an example that a financial lender may regard a credit applicant who doesn’t have legal authorization to be present in the U.S. or work in the country as “being subject to removal, in light of the Administration’s stated policy of removing any person unlawfully present in the U.S.”

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That information can be derived from either a direct inquiry or from the consumer’s reliance on “atypical identification methods, such as an Individual Taxpayer Identification Number (ITIN), typically issued to taxpayers… who lack proof of legal residency.”

SOCIAL SECURITY INSOLVENCY COULD SPEED UP WITH ILLEGAL IMMIGRATION CRACKDOWN

The CFPB's logo

The policy statement issued by the Consumer Financial Protection Bureau (CFPB) doesn’t have the force of law. (Anna Moneymaker/Getty Images)

CFPB said in the document that it “expects compliance with the law and failure to account for such a reasonably expected change in income may not comply with a creditor’s obligation to reasonably assess a borrower’s ability to repay the loan or line of credit sought.”

It also noted that there are a range of lawful immigration statuses under U.S. law and added, “Assessing how each status might bear on a lender’s reasonable expectation that a consumer has the ability to repay an obligation with U.S.-based employment income is varied, and it cannot be assumed that consumers with different lawful statuses have identical abilities to repay.”

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As a result, the CFPB isn’t providing a comprehensive analysis of how the reasonable expectation of a consumer’s ability to repay may vary based on immigration status, and instead reminds creditors of when future changes in borrower income must be considered under Regulation Z.

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Twitter’s India policy head, Mahima Kaul, to step down; will transition in March

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The Economic Times
NEW DELHI: Twitter‘s Public Policy Director for India and South Asia has resigned to pursue other interests, the micro-blogging site confirmed in a statement. The company has also advertised a position for public policy director – India last week.

This comes as the San-Francisco based firm is at the receiving end of the Indian government over an issue of blocking and unblocking certain handles tweeting about farmer protests.

Sources said that the executive — who continues to lead the conversations with the government — Mahima Kaul’s stepping down is not related to the recent controversy.

Monique Meche, VP, Public Policy, Twitter said in a statement “At the start of this year, Mahima Kaul decided to step down from her role as Twitter Public Policy Director for India and South Asia to take a well-deserved break. It’s a loss for all of us at Twitter, but after more than five years in the role we respect her desire to focus on the most important people and relationships in her personal life.” Kaul will continue in her role till the end of March and will support the transition, Meche added.

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“The Public Policy team acts as Twitter’s ambassadors to government policymakers, regulators, and civil society groups on public policy issues. We focus on addressing issues such as advocating for an Open Internet, freedom of expression, privacy, online safety, net neutrality, and data protection to advance the interests of Twitter and our customers. In addition, we serve as the #TwitterForGood team and provide guidance, resources, and support for Twitter’s Corporate Social Responsibility mission,” the company said in its job description on LinkedIn.

“As Twitter’s public policy lead based in India, this you’ll drive and assist development and advocacy of public policy solutions to pressing high technology issues. Specifically, you will manage and build a team of public policy and philanthropy specialists to protect and advance Twitter’s interests in India, it added among other key performing areas.