morning. Thanks good Billy and
otherwise As I be will noted. go to numbers, through period, the unless year prior all the comparisons
swaps. XX XX the XX overview reported categories when growth an on third nearly credit, daily year-over-year monthly investment trillion, quarter average me in X. up strong of ETFs. growth quarterly year-over-year, product Let Slide and short XX% swaps XX XX% U.S. of with $X.X Areas of and tenor credit we our report, global grade performance. areas XX%. of provides the a include our Among that begin include excluding swaps, product Slide volume produced of volume European volumes government up activity than global record munis, bonds, summary our of more We earnings
volume XX% track growth growth double-digit to gross basis denominated revenue our customers approximately and of in that into led of revenue XXX from increasing of base derived revenues recall a reported our growth. constant continuing international approximately of X.X%. quarter than in by The other currencies Euros. of points basis, third dollars, FX currency XX% XX.X% record translated our headwinds revenue on We predominantly is
of variable trading total fixed migration clients revenue repos. were fixed Markets Money Other a variable classes and our Rates to on down revenues X.X%. was fixed revenues at contracts our FX. end driven of from constant bond X%. four last but and asset the growth down by revenues related the were Our flat currency were certain given trading revenues the global increased government by X.X% impact by fixed revenue Total down of major XX.X% increased European to were year basis.
to is X.X% Refinitiv for a proprietary in increased this performed reminder, to line fluctuate our enhancements revenues periodic growth data affected retail As tied by products. by does our Market and as technology it clients. due data
quarter on of by a EBITDA XX.X% basis relative points on a currency constant XXX XXXX. basis and margin from remain on constant adjusted track XXXX on and on points Similarly, contextualize basis key to year XXXX. and our and of first in to third All been increased our $X.XX. reported a On We basis margin philosophy impact extreme of months historical EBITDA the balancing masking unprecedented increased by this in we a adjusted net expansion has XX share quarter’s growth with slide reported growth. revenue basis, revenue of of the XXX diluted basis income currency to This adjusted the and basis full the XXbasis points The FX currency deliver X for of committed the reported of XXXX margin there our expansion. moves in, are the year is our strength XX, constant margin on are consistency annual takeaway here and results. no change we per FX points
quarter protocols, have years, prior basis geographies of across XXX the a and business to remains navigate different environments is growth unfolds. the uniquely in third Euro the the across when asset secular electronification constant Specifically, relative macro can see the continued our rates U.S. of highest dollar, of nearly business. us we channels. allows FX diversity versus story you This This you seen momentum year-to-date testament and is headwinds That decline client our classes, by a the our to compare diversity decline while XX% were October. points which driven to in the said, currency model
as income to On products long-term. in As fixed top drive help front to we we have continue we growth Billy that us across our growth that own we increase to over double-digit expect highlighted, us increase. the to interest yields revenue continue will in and from are income, trading initiatives excited significant believe the lies about and the investing potential clients of fixed of multiple initiatives,
higher and million result per X% products per sum, our our a to primarily increased Cash driven stronger XX. asset The describe fees various per Rates within blended classes. fees Slide a growth In to of million Derivatives on million I four fee as of am Equities. by the year-over-year, trends on Moving mix are in about
blended tenor per million swaps and fees per our lower million Excluding X%. fee futures, were up short
the review per asset underlying Average for Let’s with up rates by X%. trends rates million class, starting fees were
year. towards bond clients U.S. of and products, fee mix variable the primarily rates Treasuries contracts fees last certain For per million at higher were the to positive a government up to migration cash European XX%, end from due of shift per fixed million
pressures, towards per swaps, mix Cash fees processed lower tenor down fees million duration per lower swaps see short due long stronger due for swaps, rates decreased overall despite fee to per to fee the product due in fully which and million million we stronger and U.S. and our a relative U.S. due Continuing down and continued despite a U.S. growth other per average and on trades. group quarter. per Credit, fee RFM. volume increased in electronic XX% fees in fee electronically core average million a million Grade X%, growth OIS electronically Cash with which Derivatives higher credit carries per derivatives, the both XX% High Credit, fee futures increased higher third fee were Cash to than rates High were fees average, million per which tenor while a Munis, across Credit. futures, to Drilling Cash million growth continue U.S Grade than For processed in credit, million. Credit, average higher volumes In carry per primarily Credit includes million EM and to High increase Credit to record shift a X% Derivatives the the Notably, in per Grade rates
and were processed fees growth average. up per million CDS, million with fee Derivatives increased per in category, electronically Continuing the for carries a which Credit XX%. stronger higher equities group European the million average U.S. than Cash Credit driven at fees Looking per index by X%, equities,
fees notional notional For charge traded. increased fees convertibles share U.S. to cash within value decrease an in XX% share X% derivatives per was by ETFs Recall in U.S. increased we increase traded. in average million million fees per per due in which equities, and not million. by per fees driven average Equity an to per increase per for due the million a
decrease mix in U.S. markets fees This primarily driven by fees increased million. shift X%. per million a towards per which U.S. Finally, our offset within repo money a was CDs,
quarter base continues to Recall of interest a our in improve higher markets approximately X.X% details per Adjusted Expenses expense environment. is and fee increased denominated on higher the currency Slide for the our Sterling. addition, rate than dollars, that constant given predominantly retail XX.X% business in million other third currencies basis. expenses. the XX money In XX%
Adjusted third employee communication operating compensation, higher costs compared and to The G&A. due third communications, headcount. to adjusted primarily professional were but technology non-comp due quarter and expenses expense XXXX quarter FX. were and technology on of XX.X% as currency non-comp XXXX primarily and by movements increased increased G&A, expense Adjusted a D&A constant Compensation increased of due helped in to services to favorable XX.X%. basis higher increased the X.X%
increased Specifically, to grow. clearing to communication a which technology streaming and Treasury costs AllTrade Credit result data and of and due primarily continue volumes U.S. higher fees as volumes higher
quarter XXXX. fees third $XXX,XXX to Adjusted In continued XXXX and an in infrastructure. a the in guidance. Favorable travel increased gain general higher investments X.X% a addition, in previously million pandemic. in versus strategy of Professional communicated Slide of costs we quarter and resulted and our management this saw the in quarter entertainment FX costs. movements XX legal recover to gain increase increased impact the data due of capital our details $X.X the and third in primarily due from administrative also as mainly
and billion on the holding million $XXX third capital our a equivalents and free cash $X.X return cash We reached position First, cash position, ended months. and in cash in for flow the trailing policy. strong twelve quarter
an million million, quarter-end. $XXX of quarter that $XX.X and increase for remains a XX% to the development year-over-year. CapEx software undrawn was revolver of capitalized have as We access
for the and $XX.X of $X.XX quarter. $XX of We in to B a We Class during capitalized expect offsetting With full the Class dilution continue million quarterly expenditures per spent to Board be and declared dividend the capital million share. the A this $XX million equity to software range quarter’s earnings, year.
Specifically, the we regular quarter. spent our deployment $X.X program, $X.X share leaving of for end of future as million the million under buyback
end. In at million tax we expires cover In obligations addition, to which withheld repurchase authorization, our in payroll $XXX related million we $X.X exhausted October, to equity year share compensation. shares
our within of share the we philosophy our our other historical Given management repurchases and capital annual Board well to our of framework. discussing buyback as strategies equity offset using will impact aspects as program, renewing with typical be grants, our
guidance we which million our from range $XXX other XXXX, to Sterling. million, incorporates items $XXX the Turning expenses benefits to to adjusted the now mainly from related FX for are to tightening movements,
For forecasting non-GAAP continue purposes, of rate year. for tax an assumed we the XX% to use
have updated your fourth our we for models XX, price. fluctuations slide calibrate quarterly our help count sensitivity of you share quarter the to XXXX on for in Finally, share
Now turn remarks. and for I’ll to back Lee it Billy concluding
