{
  "report_rows": [
    {
      "kpi": "Total Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.705B vs. cons $1.71B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$3.02 vs. cons $2.98",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Average Daily Volume (ADV, contracts)",
      "prediction": "MISS",
      "answer": "pred ~29.8M vs. cons ~30.5M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted Opex ex-license fees",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.70B vs. cons $1.695B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Market data revenue growth outlook",
      "prediction": "LOWER",
      "answer": "guide ~13% vs. cons 14.6% (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Rate-per-contract (RPC) trend",
      "prediction": "LOWER",
      "answer": "guide ~$0.65 vs. cons $0.66 (Q3 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 3.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Bar was already lowered into the print (30-day downward EPS revisions, Zacks #4 Sell, tough Q2'25 comp), so an EPS beat plus documented May/June ADV reacceleration (33.2M and 30.6M records) gives sell-side (KBW, Redburn, Piper already bullish at ~$313-320 PT) ammunition to raise H2 volume/EPS estimates even as RPC mix compression and litigation overhang persist; oversold bounce (stock -28-30% off highs) plus new product catalysts (Single Stock Futures July 27) support continued drift higher over the week rather than a fade, though unresolved CFTC/perpetuals litigation caps upside and could truncate follow-through if commentary disappoints.",
  "day5_confidence": "MEDIUM"
}