Dan Rohinton Chicago Mercantile Exchange CME-N PARTIAL BUY Jan 03, 2025

In times of volatility, exchanges actually do very well because the trading goes up. Derivatives exchanges tend to be higher margin, as their products are usually proprietary.

Gold benefits from fears of inflation and central bank's concern over the USD. Since tariffs started, the price has been rocky with a slight decline. The problem isn't gold itself, but people owning gold maybe deleveraging across the board during this steep sell-off. If tariffs are long-term and therefore inflationary, gold prices will rise. He owns no gold. He buys dividend stocks. CME yields 2% + special dividends, which avoids exposure to the underlying commodity. Rather, CME takes a cut whenever there's a trade in commodities like gold, like now.

Put this on your list. All the exchanges are trading well.