they are learning to do this since terry duffy, head of the cme, he revealed it yesterday. i think you averaged in december, what, 21.7 million contracts per day. that was up 21% year over year. what are you seeing now in december? is it more volatile per day? >> it has been fairly active for december. liz: more than november? >> just on the several days we're into december, we have been doing 25 to 30 million contracts a day and when you put the notional values associated with that, you are talking about trillions of dollars a day of notional value going in and out of the doors of cme. that's the risk we're managing today. liz: unbelievable numbers but as everyone focuses on the news vortex, what's gotten lost in the shuffle? who's buying what? to the floor show. i will start with you, phil flynn. which sectors have you seen grab the lead and which are falling off? >> well, energy today was a real big one. for the past couple weeks, everything was defensive. consumer staples, you know, looked to buy into lower risk type of things, utilities. they have been doing very good.

he focuses on it, management is great, terry duffy running the place a genius, has been on the show aes he steered them through rocky times. i believe right now they're in their soweto spot. although the stock is rich, it has rallied i think the chicago mercantile exchange has more room to the upside. >> guy, pete here and i agree with all three points. very good as a matter of fact terry duffy as good as it gets here is the question does the valuation level of name i know you mention to do but does it bother you but do you say i look past because of the three factors. >> that's one thing. 26 times is expensive. you look at other exchanges it's the most expensive exchange out there. and in my opinion -- i know we are tenants of the nasdaq which is also a great company abgreat stock. it might be in this environment the most valuable exchange out there. so i think in the times that we find ourselves in, 26 times can you justify it you don't have to be comfortable with it but can you justify it. >> all right no more questions. it's time to vote. are you buying guy's pitch and i mean you,

>>> plus cme group chair terry duffy on volatility and the one-year anniversary of the launch of bitcoin futures on the cme. charlie breaks it on the move to redemption. less than an hour to the closing bell. let's start the "countdown." liz: i told you we have multiple headlines breaking. i will pick them out one at a time. breaking news, it appears uber has crowned morgan stanley as the bank to lead its potential $120 billion ipo next year. this according to people familiar with the matter. what does that mean? morgan stanley beat out goldman sachs and jpmorgan for the coveted top job. yes, goldman and some of the other banks are expected to play a secondary or tertiary role. it is off the lows of the session certainly but up just a fraction at the moment for morgan stanley. >>> let me get to this headline. the state department deputy spokesperson robert palladino is holding a briefing at this moment, that's a live picture of it, and according to sources, the u.s. state department is now considering a travel advisory for china, meaning to caution u.s. citizens about travel to china fol