我们持有 CME、ICE（即洲际交易所），此外我还持有场外交易市场，即那个小交易所。
We own CME, we own ICE, uh which is Intercontinental Exchange, and then I own as well the OTC markets, which is the the small exchange.
CME 则稍贵一些，但 CME 也拥有某种隐藏资产。他们持有标普全球旗下标普指数业务 27% 的股份。因此，你基本上拥有一个标普 500 指数的看涨期权，这是一个相当不错的版税来源。
我认为这是一种版税和看涨期权的结合，因为如果托比，你刚才谈到的动态持续下去，即人们继续将资金投入标普 500 指数，那么这对 CME 也有利。
Um and then CME is slightly more expensive, but CME also owns kind of this hidden asset. uh they own a 27% stake in the S&P uh index business of S&P Global. So, you essentially own a call option on the S&P 500 um you know index which is a pretty good royalty to own. Um, I would say it's a royalty and a call option because if if the dynamic that you just talked about, Toby, continues, which is people just continue to plow their money in the S&P 500, um, then, you know, that that benefits CME as well.