Bgc Group Inc (BGC) 2025 Q1 法說會逐字稿

Greetings and welcome to the BGC Group first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press 0 on your telephone keypad, and as a reminder, this conference is being recorded.

問候並歡迎參加 BGC 集團 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。如果有人需要接線生的幫助，請按電話鍵盤上的 0，提醒一下，本次會議正在錄音。

It is now my pleasure to introduce to you Jason Kraseckis, head of investor relations.

現在我很高興向大家介紹投資者關係主管 Jason Kraseckis。

Thank you, Jason. You may begin.

謝謝你，傑森。你可以開始了。

Thank you and hello everyone. This morning, we issued BGC's first quarter 2025 financial results, which could be found at IR.bgcg.com.

謝謝大家，大家好。今天上午，我們發布了 BGC 2025 年第一季財務業績，可在 IR.bgcg.com 上查看。

Any historical results provided on today's call compare only the first quarter of 2025 with the prior year period unless otherwise specified.

除非另有說明，今天電話會議上提供的任何歷史結果僅將 2025 年第一季與去年同期進行比較。

We will be referring to our results on a non-gap basis which include the terms adjusted earnings and adjusted EBITDA.

我們將以非差距為基礎來參考我們的結果，其中包括調整後的收益和調整後的 EBITDA。

Please refer to today's investor materials on our website for additional details on our financial results and for complete and updated definitions of any non-gap terms, reconciliations of these items to the corresponding GAAP results, and how, when and why management uses them.

請參閱我們網站上今天的投資者資料，以獲取有關我們財務業績的更多詳細資訊以及任何非差距術語的完整和更新定義、這些項目與相應的 GAAP 結果的調節，以及管理層如何、何時和為何使用它們。

The outlook discussed today assumes no material acquisitions or dispositions. Our expectations are subject to change based on various macroeconomic, social, political, and or other factors.

今天討論的前景假設沒有重大收購或處置。我們的預期可能會根據各種宏觀經濟、社會、政治和其他因素而改變。

Information on this call contains forward-looking statements, including without limitation statements about our economic outlook in business.

本次電話會議中的資訊包含前瞻性陳述，包括但不限於有關我們業務的經濟前景的陳述。

These statements are subject to risks and uncertainties which could cause our actual results to differ from expectations.

這些聲明受風險和不確定性的影響，可能導致我們的實際結果與預期不同。

Except as required by law, we undertake no obligation to update any forward-looking statements for information on factors that could cause actual results to differ from forward-looking statements and a complete discussion of the risks and other factors that may impact these forward-looking statements, see our SEC filings, including but not limited to the risk factors and disclosures within these SEC documents.

除法律要求外，我們不承擔更新任何前瞻性陳述的義務，以獲取有關可能導致實際結果與前瞻性陳述不同的因素的資訊以及可能影響這些前瞻性陳述的風險和其他因素的完整討論，請參閱我們的美國證券交易委員會 (SEC) 文件，包括但不限於這些美國證券交易委員會文件中的風險因素和披露。

And with that, I'm now happy to turn the call over to Sean Windiett, Co-Chief Executive Officer of BTC Group.

現在，我很高興將電話轉給 BTC 集團聯席執行長 Sean Windiett。

Thank you, Jason. Good morning and welcome to our first quarter 2025 conference call. With me today are my fellow co-chief executive officers, John Aboularaj and JP Oban along with our Chief Financial Officer, Jason Hoff.

謝謝你，傑森。早上好，歡迎參加我們的 2025 年第一季電話會議。今天與我一起出席的還有我們的聯合執行長 John Aboularaj 和 JP Oban，以及我們的財務長 Jason Hoff。

We delivered record quarterly revenues of more than $664 million a 15% increase versus last year's record first quarter.

我們實現了創紀錄的季度收入，超過 6.64 億美元，比去年創紀錄的第一季成長了 15%。

Our strong results were driven by robust organic growth across both our voice hybrid and Fenix businesses which each achieved new all-time highs.

我們的強勁業績得益於語音混合業務和 Fenix 業務的強勁有機成長，這兩個業務均創下了歷史新高。

FMX had its best ever quarter with record volumes and market share across both our FMX UST and FX platforms, driven by strong support from our FMX equity partners.

在 FMX 股權合作夥伴的大力支持下，FMX 迎來了有史以來最好的一個季度，我們的 FMX UST 和 FX 平台的交易量和市場份額均創下歷史新高。

On April 1st, we completed our transformative acquisition of OTC Global Holdings, that is expected to add over $400 million in annualized revenue, nearly doubling the size of our existing ECS business.

4 月 1 日，我們完成了 OTC Global Holdings 的轉型收購，預計這將增加超過 4 億美元的年化收入，幾乎使我們現有的 ECS 業務規模翻倍。

This positions us as the world's largest ECS broker and makes BGC a more comprehensive and diverse company.

這使我們成為世界上最大的 ECS 經紀商，並使 BGC 成為一家更全面和多樣化的公司。

We expect the acquisition of OTC to be immediately accretive and generate meaningful shareholder value.

我們預計收購 OTC 將立即帶來增值並產生有意義的股東價值。

We're happy to welcome the entire OTC team to BGC. Our respective strengths and complementary businesses enhance our combined value, and we're excited about the benefits of integrating OTC into BGC's global platform.

我們很高興歡迎整個 OTC 團隊加入 BGC。我們各自的優勢和互補的業務提升了我們的綜合價值，我們對將 OTC 整合到 BGC 的全球平台所帶來的好處感到非常興奮。

In the 2nd quarter, we've continued to build on our success with global market volatility leading to broad organic growth across our businesses. As a reminder, volatility benefits BGC by increasing secondary trading volumes as market participants seek to hedge their or risk their capitalize on price fluctuations.

在第二季度，我們繼續在全球市場波動的基礎上取得成功，從而實現了各項業務的廣泛有機成長。提醒一下，由於市場參與者尋求對沖或利用價格波動獲利，波動性透過增加二級交易量使 BGC 受益。

These activities are most efficiently executed. In our wholesale markets, known for their depth and liquidity, and with that, I'd like to turn the call over to John to go over the quarterly results of the business in more detail.

這些活動以最有效的方式執行。在我們的批發市場中，我們以深度和流動性而聞名，因此，我想將電話轉給約翰，讓他更詳細地介紹一下業務的季度業績。

Thank you, Sean. It's an honour to join all of you for the first time as BGC's co-CEO.

謝謝你，肖恩。我很榮幸能夠作為 BGC 的聯合執行長首次與大家一起出席會議。

As Sean mentioned, we registered record quarterly results, reflecting substantial growth across every region in our largest asset classes.

正如肖恩所提到的，我們取得了創紀錄的季度業績，反映出我們最大資產類別在每個地區都實現了大幅成長。

Our rates revenue increased 14.8% to a record $200.9 million reflecting higher volumes across all our major interest rate products. ECS revenue grew by 26.6% to a record $149.9 million driven by strong growth across environmental and energy transition products, as well as our oil and refined products. Foreign exchange revenues were up 31% to a record $110 million reflecting broad-based growth across all FX products.

我們的利率收入成長 14.8%，達到創紀錄的 2.009 億美元，這反映了我們所有主要利率產品的交易量均有所增加。ECS 營收成長 26.6%，達到創紀錄的 1.499 億美元，這得益於環境和能源轉型產品以及石油和精煉產品的強勁成長。外匯收入成長 31%，達到創紀錄的 1.1 億美元，反映出所有外匯產品的廣泛成長。

Credit revenues decreased by 0.7% to $86.9 million due to lower emerging market and European credit volumes, partly offset by record portfolio match volumes and strong US credit activity.

信貸收入下降 0.7% 至 8,690 萬美元，原因是新興市場和歐洲信貸量下降，但創紀錄的投資組合匹配量和強勁的美國信貸活動部分抵消了這一下降。

Equities revenues were flat at $62.9 million as a result of higher European and US equity volumes being offset by lower Asian equity derivative volumes.

由於歐洲和美國股票交易量的增加被亞洲股票衍生性商品交易量的減少所抵消，股票收入持平於 6,290 萬美元。

Data network and post-trade revenues increased by 5.2% to $32.5 million. This growth was primarily driven by FenEx Market Data and Lucera, partly offset by lower post-trade revenues due to the sale of our capital app business in the fourth quarter of 2024.

數據網路和交易後營收成長 5.2%，達到 3,250 萬美元。這一成長主要得益於 FenEx Market Data 和 Lucera 的成長，但由於 2024 年第四季出售資本應用業務導致交易後收入下降，部分抵消了這一成長。

Excluding Capital lab, revenues grew by circa 10% year over year. We expect growth in these businesses to accelerate throughout the year as we work through the large revenue pipelines in place.

不包括 Capital Lab，營收年增約 10%。隨著我們努力實現現有的龐大收入管道，我們預計這些業務的成長將在全年加速。

Now turning to Phoenix.

現在轉向鳳凰。

In the first quarter, FedEx revenues improved by 15.6% to $172.7 million.

第一季度，聯邦快遞營收成長15.6%，達到1.727億美元。

FenEx Markets reported revenues of $145.5 million an increase of 14.2%. This growth was primarily driven by record electronic volumes across rates and foreign exchange.

FenEx Markets 報告營收為 1.455 億美元，成長 14.2%。這一增長主要得益於創紀錄的利率和外匯電子交易量。

Fenex growth platforms grew by 23.7% to $27.1 million. This growth was primarily driven by FMX, Portfolio Match, and Lucera, partly offset by the sale of Capital lab.

Fenex 成長平台成長 23.7%，達到 2,710 萬美元。這一成長主要得益於 FMX、Portfolio Match 和 Lucera，但部分被 Capital lab 的出售所抵消。

Excluding Capital Lab, Fenix Growth Platform's revenues grew by approximately 30% year over year.

不包括 Capital Lab，Fenix Growth Platform 的營收年增約 30%。

FMX UST generated record average daily volume of over $60 billion in the first quarter, a 33% increase compared to last year. This growth was driven by strong support from FMX's equity partners, which drove market share to approximately 33% for the first quarter, up from 30% last quarter and 28% a year ago.

FMX UST 第一季日均交易量創下新高，超過 600 億美元，比去年同期成長 33%。這一成長得益於 FMX 股權合作夥伴的大力支持，推動其第一季的市佔率達到約 33%，高於上一季的 30% 和去年同期的 28%。

Notably, FMX's daily volume exceeded $100 billion for the first time on the 28th of February 2025.

值得注意的是，FMX 的每日交易量於 2025 年 2 月 28 日首次超過 1,000 億美元。

FMX FX more than doubled its ADV to a record $14.5 billion in the first quarter, driven by deepening support from FMX's equity partners, as well as onboarding new participants onto the platform.

由於 FMX 股權合作夥伴的大力支持以及新參與者加入平台，FMX FX 第一季的日均交易量 (ADV) 增長了一倍多，達到創紀錄的 145 億美元。

FMX Futures Exchange continued to make progress connecting new large FCMs while preparing for the launch of US Treasury Futures, which following extreme volatility in April is scheduled for this month.

FMX期貨交易所在連接新的大型期貨佣金商方面繼續取得進展，同時為推出美國國債期貨做準備。繼4月出現劇烈波動之後，美國國債期貨計畫於本月推出。

As FMX continues to integrate more FCMs, ADV and open interest on the exchange are expected to meaningfully accelerate.

隨著 FMX 繼續整合更多 FCM，預計交易所的 ADV 和未平倉合約將顯著加速。

In periods of high volatility, liquidity typically migrates to established trading platforms and the exchanges with the deepest liquidity pools. Our successful work over the past few years to develop FMX UST into a leading Treasury platform enabled us to achieve and seamlessly process record volumes during the recent periods of extreme volatility.

在波動性較高的時期，流動性通常會遷移到成熟的交易平台和流動性池最深的交易所。過去幾年來，我們成功地將 FMX UST 開發成為領先的財政平台，這使我們能夠在近期的極端波動時期實現並無縫處理創紀錄的交易量。

During the 1st and 2nd weeks of April, FMXUST set consecutive daily records, including record daily volume of more than $142 billion on April 9, 2025.

在 4 月的第一周和第二週，FMXUST 連續創下每日記錄，包括 2025 年 4 月 9 日創下的每日交易量超過 1,420 億美元的記錄。

Portfolio Match ADV doubled due to strong growth across both US and European credit volumes. Portfolio Match continues to capture market share in this rapidly growing segment of the credit market.

由於美國和歐洲信貸量的強勁增長，投資組合匹配日均交易量翻了一番。Portfolio Match 繼續在這個快速成長的信貸市場中佔據市場份額。

Lucera, Fenex network business providing critical real-time trading infrastructure to the capital markets, increased its revenue by more than 15% and grew its client pipeline for sustained future growth.

Lucera 是 Fenex 網路業務的一部分，為資本市場提供關鍵的即時交易基礎設施，其收入增長了 15% 以上，並擴大了客戶管道以實現未來的持續成長。

Lucera plans to launch new foreign exchange and rates products throughout 2025, which are expected to drive new growth opportunities. I would now like to turn the call over to Jason.

Lucera 計劃在 2025 年推出新的外匯和利率產品，預計這將帶來新的成長機會。現在我想把電話轉給傑森。

Thank you, John, and hello everyone. BGC generated first quarter revenue of $664.2 million reflecting growth across all of our geographies. America's revenues increased by 23.3%. Europe, Middle East, and Africa revenues increased by 12.2%, and Asia Pacific revenues increased by 2.4%. Turning to expenses.

謝謝你，約翰，大家好。BGC 第一季營收為 6.642 億美元，反映出我們所有地區的成長。美國的收入成長了23.3%。歐洲、中東和非洲營收成長12.2%，亞太地區營收成長2.4%。談到費用。

Compensation and employee benefits under both GAAP and for adjusted earnings increased by 17.5% versus the first quarter of 2024 due to higher commission revenues during the period.

由於本期間佣金收入增加，根據 GAAP 和調整後收益計算的薪酬和員工福利較 2024 年第一季度增長了 17.5%。

Non-compensation expenses under GAAP and adjusted earnings increased by 5.2% and 6.6% respectively.

依照美國通用會計準則計算的非薪資費用和調整後收益分別增加了5.2%和6.6%。

Moving terms, our pre-tax adjusted earnings grew by 18.4% to $160.2 million.

從變化的角度來看，我們的稅前調整後收益增加了 18.4%，達到 1.602 億美元。

Post-tax adjusted earnings increased by 16.1% to $143 million and post-tax adjusted earnings per share improved by 16% to $0.29 per share.

稅後調整後收益成長 16.1% 至 1.43 億美元，稅後調整後每股收益成長 16% 至每股 0.29 美元。

Adjusted EBITDA decreased by 4.1% to $199.8 million due to a $36.6 million dollar mark to mark gain in the prior period related to a firm investment. Excluding this gain from the prior period, adjusted IBITA would have increased by 16.3%. Turning the share count, BGC's fully diluted weighted average share count for the adjusted earnings was 501.5 million shares during the period, a 1.2% increase compared to the fourth quarter of 2024 and a 1.3% increase compared to a year ago.

調整後的 EBITDA 下降 4.1% 至 1.998 億美元，因為上期與一項公司投資相關的收益為 3,660 萬美元。除去前期的這項收益，調整後的 IBITA 將增加 16.3%。從股數來看，BGC 本期間調整後收益的完全稀釋加權平均股數為 5.015 億股，較 2024 年第四季成長 1.2%，較去年同期成長 1.3%。

As a reminder, we repurchased the fewest amount of shares in the first quarter due to seasonal capital requirements. In addition, we acquired OTC Global Holdings on April 1st, 2025.

提醒一下，由於季節性資本需求，我們在第一季回購的股票數量最少。此外，我們於2025年4月1日收購了OTC Global Holdings。

We have significant runway under our share or purchase authorization and buybacks continue to be an integral part of our capital allocation policy.

我們的股票或購買授權擁有龐大的發展空間，回購仍是我們資本配置政策不可或缺的一部分。

We expect our share repurchases to increase throughout the remainder of the year.

我們預計今年剩餘時間內我們的股票回購量將會增加。

As of March 31st, our liquidity was $1146.1 million compared to $897.8 million as of year-end 2024.

截至 3 月 31 日，我們的流動資金為 11.461 億美元，而截至 2024 年底為 8.978 億美元。

With that, I'd like to turn the call back to Sean to go over our 2nd quarter outlook.

說到這裡，我想把電話轉回給肖恩，讓他談談我們對第二季的展望。

Thank you, Jason. Please provide the following guidance for the 2nd quarter of 2025.

謝謝你，傑森。請提供 2025 年第二季的以下指引。

We expect to generate total revenues of between $715 and $765 million as compared to $550.8 million in the second quarter of 2024, which, at the midpoint of our guidance would represent approximately 34% revenue growth.

我們預計總營收將在 7.15 億美元至 7.65 億美元之間，而 2024 年第二季的總營收為 5.508 億美元，按照我們預期的中間值計算，這將代表營收成長約 34%。

Excluding OTC, we expect 2nd quarter revenues to grow between 10% and 17%.

不包括場外交易，我們預計第二季營收將成長 10% 至 17%。

We anticipate pre-tax adjusted earnings to be in the range of $156 to $171 million versus $125.8 million last year, which at the midpoint of guidance would represent 30% earnings growth, and we expect our adjusted earnings tax rate to be between 10 and 12% for the full year 2025. And operators with that would like to open the call for questions.

我們預計稅前調整後收益將在 1.56 億美元至 1.71 億美元之間，而去年為 1.258 億美元，按照指引中位數計算，這將代表收益增長 30%，我們預計 2025 年全年調整後收益稅率將在 10% 至 12% 之間。且操作員願意打開電話回答問題。

Thank you. We will now be conducting the question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate that your line is in the queue. You may press 2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

謝謝。我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的 1。確認音將表示您的線路已在排隊中。您可以按 2 將自己從佇列中移除。對於使用揚聲器裝置的參與者，可能需要先拿起聽筒，然後按星號鍵。

One moment please while we pull for questions.

請稍等片刻，我們正在回答問題。

And the first question comes from the line of Patrick Molley with Piper Sandler. Please proceed with your question.

第一個問題來自派珀‧桑德勒 (Piper Sandler) 的派崔克‧莫利 (Patrick Molley)。請繼續您的問題。

Hey, good morning, guys. So, I wanted to just start off talking about the FMX launch. It's been slightly delayed here. You're still planning to launch this month though, so I was hoping you could just maybe elaborate on what's, driven the delay so far. Is this entirely due to the environment and just not wanting to launch into some of the extreme volatility that we've seen?

嘿，大家早安。因此，我想先談談 FMX 的發布。這裡稍微延遲了一點。不過，您仍然計劃在本月推出，所以我希望您能詳細說明一下導致延遲的原因。這是否完全是由於環境所致，而只是不想陷入我們所看到的一些極端波動？

Are there any other technological. Or specific onboarding issues that have contributed to the delay and then as the second part of that there was an article that came out yesterday citing a source from inside the LCH that said that they were maybe dealing with some settlement or delivery issues on their end so the extent that you're willing to address that, is there any validity to those reports? Thanks.

還有沒有其他技術。或者導致延遲的具體入職問題，然後作為第二部分，昨天發表了一篇文章，引用了 LCH 內部的消息來源，稱他們可能正在處理一些結算或交付問題，因此，如果您願意解決這個問題，這些報告是否有任何有效性？謝謝。

Hello, Patrick JP here. So, you're correct, the extreme volatility in April, created an environment not all for a successful launch.

你好，我是 Patrick JP。所以，您說得對，四月的極端波動創造了一個不利於成功發布的環境。

But the good news is we're launching this month in May. So, to come back to the article, we are aware of this article, and while we don't comment on rumours, we can say that we spoke to our, with our clearing partner LCH and by the way, we spoke to them every day. So, we spoke to LCH as recently as last evening following the release of this article.

但好消息是，我們將在五月推出。因此，回到文章本身，我們知道這篇文章，雖然我們不對謠言發表評論，但我們可以說我們與我們的清算合作夥伴 LCH 進行了交談，順便說一句，我們每天都與他們交談。因此，我們在本文發布後昨晚與 LCH 進行了交談。

And guess what, they are ready. LCH is ready. We are ready and we will be launching in this month period.

你猜怎麼著，他們已經準備好了。LCH 已準備就緒。我們已經做好準備，並將於本月推出。

Oh, okay, thanks for that. And then as a follow up, one more, you closed OTC Global Holdings about a month ago. You've had a little while now to look under the hood.

哦，好的，謝謝你。然後作為後續問題，大約一個月前您關閉了 OTC Global Holdings。現在您已經有了一些時間來查看引擎蓋下方。

So I was hoping to get your updated expectations on, how creative this acquisition could be, what the revenue upside looks like, in terms of, cross sales between the two customer bases, and then on the margins it seemed like the second quarter margins were maybe a little bit softer than we were expecting so any color you can give on kind of how you're expecting margins to trend from here would be great thanks.

因此，我希望了解您的最新預期，包括這次收購的創造性如何，以及就兩個客戶群之間的交叉銷售而言，收入增長情況如何，然後就利潤率而言，第二季度的利潤率似乎可能比我們預期的要低一些，因此，如果您能透露一下您預計利潤率從現在開始的趨勢，那就太好了，謝謝。

Yeah, sure, thanks. I mean, it's good right, we've had a total of, I think, 37 days of owning OTC, so, but rest assured, as Patrick, we're hard at work with the integration and, we're very happy with the, what we've seen.

是的，當然，謝謝。我的意思是，這很好，我想我們總共擁有 OTC 37 天了，所以，請放心，作為帕特里克，我們正在努力進行整合，我們對所看到的結果感到非常滿意。

So far, I mean, look, in the implied guidance, we separated guidance out for you, so you saw at the sort of midpoint of guidance we expect 115 million, which, as you would guess, shows decent growth from the 400 million that we initially expected.

到目前為止，我的意思是，在隱含指引中，我們為您單獨列出了指引，因此您會看到，我們預計指引的中點為 1.15 億，正如您所猜測的，這比我們最初預期的 4 億顯示出了可觀的增長。

Look, in terms of, and in terms of the margin itself, I think we, we'd said on the previous call that BGC as a group has margins in excess of pre-tax margins in excess of 20%. Whereas when you're buying a larger company like OTC, that has, smaller margins, to start with, and as you can see, you can work out the implied margin from our guidance.

就利潤率本身而言，我想我們在上次電話會議上說過，BGC 集團的利潤率超過稅前利潤率 20% 以上。而當您購買像 OTC 這樣的大型公司時，其利潤率一開始就較小，正如您所見，您可以根據我們的指導計算出隱含利潤率。

That's why we did that work for you. But that's immediately, we've done huge amounts of small transactions, and we get the economies of scale. We're also very experienced at the larger transactions such as GFI. And what we, what I would expect is, as I said before, whilst we don't think the OTC business will get up to the BGC margins in the short term, you'll, you will definitely see a growth in those margins by the end of year one, beginning of year two.

這就是我們為您做這項工作的原因。但那是立即的，我們已經完成了大量小額交易，並且獲得了規模經濟。我們在 GFI 等大型交易方面也擁有豐富的經驗。正如我之前所說，我們期望的是，雖然我們認為 OTC 業務的利潤率在短期內不會達到 BGC 的水平，但到第一年末、第二年初，您肯定會看到這些利潤率的增長。

Maybe John you wanted to add something in terms of the business itself and the and the synergy. Yeah.

約翰，也許你想在業務本身和協同效應方面補充一些內容。是的。

Hey Patrick, just you know what I would say is what I think we said last time, we've spent a lot of time and effort mapping, both front office, back office, and the best example I can give you in terms of what synergies look like from the product side is it seems counterintuitive. To broker an underlying product and ship an underlying product and not have those two connected. And so that work has already begun. The people inside OTC are fantastic.

嘿，派崔克，你知道我想說的就像我們上次說的，我們花了很多時間和精力進行規劃，包括前台和後台，而我能給你的最好的例子就是，從產品方面來看，協同效應似乎是違反直覺的。經紀基礎產品並運送基礎產品，但不將兩者連結起來。所以這項工作已經開始了。OTC 裡面的人都很棒。

Everything we've seen is as good or better than we expected, and we expect to generate serious shareholder value, in both the short term and long term.

我們所看到的一切都和我們預期的一樣好，甚至更好，我們預計無論是在短期還是長期，都會為股東帶來巨大的價值。

Okay, great. That's it for me. Thanks guys.

好的，太好了。對我來說就是這樣。謝謝大家。

And the next question comes from the line of Eli Aboud with Bank of America. Please proceed with your question.

下一個問題來自美國銀行的 Eli Aboud。請繼續您的問題。

Good morning, everyone. Thanks for taking the question. After Treasury Futures, what are the next key milestones or product launches that investors should be on the lookout for? When should we expect longer tenure Treasury futures and options on futures to go live?

大家早安。感謝您回答這個問題。繼國債期貨之後，投資人應該關注的下一個關鍵里程碑或產品發布是什麼？長期公債期貨和期貨選擇權何時上市？

Hey, Halai. JP here. Look, as your one is about connectivity with your one, right? And as I mentioned previously, we are launching this month in May or USD futures.

嘿，哈萊。JP 在這裡。你看，你的那個是關於與你的那個的連接性的，對嗎？正如我之前提到的，我們將於本月推出五月美元期貨。

Our bank partners, equity partners are the main users of USD futures. It's great news. We do expect their respective trading desk to become highly active on the exchange which will drive volumes up. It's our target today. Obviously that our plan, right?

我們的銀行夥伴、股權合作夥伴是美元期貨的主要用戶。這是個好消息。我們確實預計他們各自的交易部門將在交易所變得非常活躍，從而推動交易量上升。這就是我們今天的目標。顯然這是我們的計劃，對吧？

As a reminder, you want connectivity, you to deepening client's connectivity and increasing volumes and open interest. And you have 3. Full competition with CME. We stick to our plan. It's a three-year plan, we are one, and for the time being, we, it's matching our expectations.

提醒一下，您需要連接，您需要深化客戶的連接並增加交易量和未平倉合約。你有 3 個。與CME全面競爭。我們堅持我們的計劃。這是一個三年計劃，我們是其中之一，就目前而言，它符合我們的預期。

Got it thanks and based on the non-controlling interest deduction it looks like FMX still hasn't reached profitability. Can you help us quantify the cash burn related to FMX futures and once the futures exchange starts to break even, what do you think the normalized profit margins of FMX should look like?

明白了，謝謝，根據非控制權益扣除，FMX 似乎仍未實現盈利。您能否協助我們量化與 FMX 期貨相關的現金消耗？一旦期貨交易所開始收支平衡，您認為 FMX 的正常利潤率應該是多少？

So, obviously we don't break out FMX, independently. However, to be clear, the cash burn to BGC is zero. So, as part of the deal with our, with FMX's partners, we contributed, the business, and they are funding if you like the future development of futures, how about that?

因此，顯然我們不會獨立突破 FMX。然而，需要明確的是，BGC 的現金消耗為零。因此，作為我們與 FMX 合作夥伴達成的交易的一部分，我們貢獻了業務，如果您看好期貨的未來發展，他們也會提供資金，怎麼樣？

So the cash burn to BGC is zero, and then in terms of, profitability and where the margin will get to. I think in the short term, we get certainly get to break even and slightly beyond and in terms of the medium to long term, I think it's commensurate with other exchanges, yeah, which is around the 40 to 50% level.

因此，BGC 的現金消耗為零，從獲利能力和利潤率來看。我認為在短期內，我們肯定能夠實現收支平衡，甚至略有超出，從中長期來看，我認為這與其他交易所相當，是的，大約在 40% 到 50% 的水平。

Got it. And then just the last one for me, do we have any additional clarity yet on the outcome for Howard shares, the math's right, I think we're getting close to the 90 day mark for divestment.

知道了。然後對我來說最後一個問題是，我們對霍華德股票的結果是否有任何進一步的了解，計算是正確的，我認為我們已經接近撤資的 90 天大關。

I think all as probably as you'd expect, Eli, all we can say is that, Howard will comply with all the Senate Ethics Committee standards, including his, divesting his holdings, the public SEC filings will be required when he does so. And as we've previously stated, we don't expect any sales in the open market, and we expect no changes equally to the corporate structure and on your point of maths is I would agree with you 90 days is fast approaching.

我認為一切可能都如你所料，伊萊，我們只能說，霍華德將遵守參議院道德委員會的所有標準，包括剝離他的持股，當他這樣做時，需要向美國證券交易委員會提交公開文件。正如我們之前所說，我們預計不會在公開市場上進行任何銷售，我們預計公司結構也不會發生任何變化，關於您的數學觀點，我同意您的觀點，90 天很快就要到了。

Got it thanks everyone.

明白了謝謝大家。

And the next question is a follow up from Patrick Molley with Piper Sandler. Please proceed with your question.

下一個問題是 Patrick Molley 和 Piper Sandler 的後續問題。請繼續您的問題。

Yes, thanks for taking the follow up. So, I just have two modelling items, to ask about.

是的，感謝您的跟進。所以，我只想問一下兩個建模專案。

The first is on the tax rate. It came in at 11.9% by my calculation this quarter was the highest it's been in a little while. So, any color you can give on tax rate expectations going forward. And then secondly on the acquisition of OTC Global Holdings, what should we assume in terms of the cash outlay, this quarter for that acquisition?

第一是關於稅率。根據我的計算，本季的比例為 11.9%，是近期的最高水準。那麼，您可以對未來的稅率預期給出任何解釋嗎？其次，關於收購 OTC Global Holdings，我們應該對本季收購的現金支出作何估計？

Thanks Sure, So yeah, look, the reason we added, as we have done before in my prepared remarks, I suggested that the tax rate, our expected tax rate is between 10 and 12%, for 2025.

謝謝，當然，所以，是的，你看，我們補充的原因，正如我們之前在我準備好的發言中所做的那樣，我建議稅率，我們預期的稅率在 2025 年為 10% 到 12% 之間。

In terms of in terms of, cash outlay for OTC it was 325 million so as you know it's now sort of fully disclosed so that was that was paid on April the 1st.

就 OTC 的現金支出而言，它是 3.25 億美元，所以如你所知，它現在已經完全披露，所以這是在 4 月 1 日支付的。

All right, Thank you.

好的，謝謝。

And ladies and gentlemen, there are no further questions at this time. I would like to turn the floor back over to Mr. Windiett at for closing remarks.

女士們、先生們，現在沒有其他問題了。我想把發言權交還給溫迪特先生，請他作最後發言。

Oh, thanks everybody. Thanks for joining us today, on our earnings call, and I just wish you all a great day and look forward to updating you again very soon. Thanks very much.

噢，謝謝大家。感謝您今天參加我們的收益電話會議，我祝大家有個愉快的一天，並期待很快再次向大家更新最新情況。非常感謝。

Thank you this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。