The company faces credit risk from customers, counterparties, and clearing agents potentially defaulting. Market volatility, particularly in foreign currencies, impacts reported results and investments. Interest rate fluctuations affect debt obligations and investments. Legal challenges, like the CAT Funding Model Order litigation, and regulatory changes (e.g., climate disclosure rules) pose significant risks. The company's digital asset business, now closed, presented valuation and credit risks. Contingent liabilities from past acquisitions are a concern.

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Increased revenues, particularly from transaction and clearing fees, and regulatory fees (Section 31) are noted. Strong performance year-to-date led to increased compensation and benefits. Interest income from investments, including those of Cboe Clear Europe, is a positive factor. The company's share repurchase program, with remaining authorization, presents a potential for further value creation. Acquisitions, like the minority stake in Japannext, offer potential growth opportunities.

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