{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "MISS",
      "answer": "pred ~$2.89 vs. cons $2.96",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total revenue",
      "prediction": "MISS",
      "answer": "pred ~$1.67B vs. cons $1.72B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Clearing and transaction-fee revenue",
      "prediction": "MISS",
      "answer": "pred ~$1.33B vs. cons $1.38B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted operating expense excluding license fees",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.695B vs. cons $1.695B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Implied 2H26 adjusted operating expense excluding license fees",
      "prediction": "LOWER",
      "answer": "guide ~$0.85B vs. cons $0.87B (2H2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "July average daily volume commentary",
      "prediction": "BETTER",
      "answer": "guide ~31.0M contracts vs. cons 30.5M contracts (July 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.6,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest headline revenue/EPS miss is likely to be compounded by lower rate-per-contract and clearing-fee expectations; unchanged full-year expense guidance limits downside but does not offset negative out-period revenue and EPS revisions.",
  "day5_confidence": "MEDIUM"
}