Bgc Group Inc (BGC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, please stand by. Our conference will begin momentarily.

女士們、先生們，請稍候。我們的會議馬上就開始了。

Greetings and welcome to the BGC Group Incorporated Second quarter 2025 earnings call. (Operator Instruction) It is my pleasure to introduce your host, Jason Chryssicas, Head of Investor Relations.

問候並歡迎參加 BGC Group Incorporated 2025 年第二季財報電話會議。（操作員指示）我很高興向您介紹您的主持人、投資者關係主管 Jason Chryssicas。

Thank you.

謝謝。

Thank you and hello, everyone. This morning, we issued BGC Second quarter 2025 financial results which we found at ir.bgcg.com.

謝謝大家，大家好。今天早上，我們發布了 BGC 2025 年第二季財務業績，可在 ir.bgcg.com 上找到。

Any historical results provided on today's call compare only the Second 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 年第二季與去年同期進行比較。

All references on today's call to historic and record results are to BGC standalone financial results, excluding Newmark prior to the spin-off in November 2018. We'll be referring to our results on a non-GAAP basis which include the terms adjusted earnings and adjusted EBITDA.

今天電話會議中提到的所有歷史和創紀錄業績均指 BGC 獨立財務業績，不包括 2018 年 11 月分拆前的 Newmark。我們將參考非公認會計準則 (non-GAAP) 的結果，其中包括調整後收益和調整後 EBITDA。

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

請參閱我們網站上今天的投資資料，以了解有關我們業績的更多詳細資訊以及任何非 GAAP 術語的完整和更新定義、這些項目與相應 GAAP 結果的對賬，以及管理層如何、何時以及為何使用它們。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, and 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 different 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. With that, I'm now happy to turn the call over to Sean Windeatt Co-Chief Executive Officer of BGC Group.

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，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。有關可能導致不同前瞻性陳述的實際結果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 SEC 文件，包括但不限於這些 SEC 文件中的風險因素和揭露。現在我很高興將電話轉給 BGC 集團聯席執行長 Sean Windeatt。

Thank you, Jason. Good morning and welcome to our Second quarter 2025 conference call. With me today are my fellow Co-Chief Executive Officers, John Abularrage and JP Aubin, along with our Chief Financial Officer Jason W. Hauf

謝謝你，傑森。早上好，歡迎參加我們的 2025 年第二季電話會議。今天與我一起出席的還有我們的聯合執行長 John Abularrage 和 JP Aubin，以及我們的財務長 Jason W. Hauf

We delivered historic results generating record revenues of $784 million a 42% increase versus last year.

我們取得了歷史性的成果，營收達到創紀錄的 7.84 億美元，比去年成長 42%。

Excluding OTC, revenues grew by 21%, surpassing last quarter's record revenues.

不包括場外交易，收入成長了 21%，超過了上個季度創紀錄的收入。

We continue to gain market share in the ECS and financial markets, with strong growth across all asset classes and geographies.

我們繼續在 ECS 和金融市場中獲得市場份額，所有資產類別和地區均實現強勁成長。

BGC is now the world's largest ECS broker.

BGC目前是全球最大的ECS經紀商。

FMX had its best ever quarter with record volumes and market share across both FMX UST and FX platforms.

FMX 迎來了有史以來最好的一個季度，其 FMX UST 和 FX 平台的交易量和市場份額均創下歷史新高。

Total FENICS revenues grew by 19%, with FENICS growth platforms increasing by 30%, driven by strong double-digit growth from FMX, Portfolio Match, and LUCERA.

FENICS 總營收成長了 19%，其中 FENICS 成長平台成長了 30%，這得益於 FMX、Portfolio Match 和 LUCERA 的強勁兩位數成長。

Following our most recent acquisition, we launched the cost reduction program, which we expect will be completed by year end and deliver at least $25 million in annualized savings through expense synergies.

在我們最近的收購之後，我們啟動了成本削減計劃，預計該計劃將在年底前完成，並透過費用協同效應實現至少 2500 萬美元的年度節省。

These savings will enhance our profitability, drive margins higher, and we expect them to deliver long term shareholder value.

這些節省將提高我們的獲利能力，提高利潤率，我們預計它們將為股東帶來長期價值。

These savings will close the GAAP between OTC's current low 10s margin and BGC's current margin.

這些節省將使 OTC 目前的低 10 秒利潤率與 BGC 目前的利潤率之間的 GAAP 差距縮小。

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.

說到這裡，我想把電話轉給約翰，讓他更詳細地介紹公司的季度表現。

Thank you. As Sean mentioned, we registered record quarterly results, reflecting significant growth across every region and all asset classes.

謝謝。正如肖恩所提到的，我們取得了創紀錄的季度業績，反映出每個地區和所有資產類別的顯著成長。

ECS revenues grew by 122.2% to a record $261.6 million driven by OTC and strong organic growth across the energy complex.

在場外交易和整個能源綜合體強勁有機成長的推動下，ECS 收入成長了 122.2%，達到創紀錄的 2.616 億美元。

Excluding OTC, ECS revenues grew by 27% versus last year.

不包括 OTC，ECS 營收較去年同期成長了 27%。

Our rates revenues increased by 20.8% to $200.6 million reflecting higher volumes across all major interest rate products.

我們的利率收入成長了 20.8%，達到 2.006 億美元，這反映了所有主要利率產品的交易量都有所增加。

Foreign exchange revenues were up 21.9% to $108.5 million due to strong growth in FX options and emerging market currencies.

由於外匯選擇權和新興市場貨幣的強勁成長，外匯收入成長 21.9%，達到 1.085 億美元。

Credit revenues increased by 8.5% to $75.3 million driven by higher US and emerging market credit volumes.

受美國和新興市場信貸量增加的推動，信貸收入成長 8.5%，達到 7,530 萬美元。

Our equities revenues grew by 43.8% to $73.9 million driven by all major equities products with particular strength across EMIA and Americas due to higher volatility and market share gains.

我們的股票收入增長了 43.8%，達到 7,390 萬美元，這得益於所有主要股票產品的增長，尤其是 EMIA 和美洲地區由於波動性增加和市場份額增長而表現尤為強勁。

Data network and post-trade revenues increased by 15.1% to $35.5 million.

數據網路和交易後營收成長 15.1%，達到 3,550 萬美元。

This growth was primarily driven by LUCERA and FENICS market data, partly offset by lower post-trade revenues due to the sale of our capital lab business in the Fourth quarter.

這一增長主要受到 LUCERA 和 FENICS 市場數據的推動，但由於第四季度出售資本實驗室業務導致交易後收入下降，部分抵消了這一增長。

Excluding capital labs, revenues grew by more than 20%.

不包括資本實驗室，收入成長了 20% 以上。

Now turning to FENICS.

現在轉向 FENICS。

In the second quarter, FENICS revenues improved by 18.6% to $162.9 million.

第二季度，FENICS 營收成長 18.6%，達到 1.629 億美元。

FENICS Markets reported revenues of $134.1 million an increase of 16.5%. This growth is primarily driven by higher electronic trading volumes and FENICS market data.

FENICS Markets 報告營收為 1.341 億美元，成長 16.5%。這一成長主要得益於更高的電子交易量和 FENICS 市場數據。

FENICS growth platforms generated revenues of $28.7 million a 29.6% increase, primarily driven by FMX, Portfolio Match, and LUCERA. Excluding Capital lab, FENICS growth platforms grew by approximately 38%.

FENICS 成長平台創造了 2,870 萬美元的收入，成長 29.6%，主要得益於 FMX、Portfolio Match 和 LUCERA。不包括 Capital lab，FENICS 成長平台成長了約 38%。

FMX UST generated record average daily volume of $68 billion in the second quarter, a 45% increase compared to last year.

FMX UST 在第二季日均交易量創下 680 億美元的紀錄，比去年同期成長了 45%。

FMX continues to see strong support from its equity partners who have helped drive market share to more than 35% for the second quarter, up from 33% last quarter and 30% a year ago.

FMX 繼續獲得其股權合作夥伴的大力支持，這些合作夥伴幫助其第二季的市佔率達到 35% 以上，高於上一季的 33% 和一年前的 30%。

FMX FX nearly doubled its ADV to a record $15.6 billion in the second quarter, driven by support from FMX's equity partners, as well as the addition of new products and participants.

由於 FMX 股權合作夥伴的支持以及新產品和參與者的加入，FMX FX 第二季度的日均交易量 (ADV) 幾乎翻了一番，達到創紀錄的 156 億美元。

FMX Futures Exchange successfully launched US Treasury Futures in May 2025 and continued to scale its sour futures ADV and open interest to record levels during the quarter.

FMX 期貨交易所於 2025 年 5 月成功推出美國國債期貨，並在本季度繼續將其酸性期貨日均交易量 (ADV) 和未平倉合約規模擴大至創紀錄水平。

So for average daily open interest increased sequentially by 73% in the second quarter, and July's open interest has more than doubled from those levels.

因此，第二季日均未平倉合約量較上季成長了 73%，而 7 月的未平倉合約量較這一水準成長了一倍多。

Portfolio match ADV nearly doubled, reflecting market share gains across the US and EMIA credit markets.

投資組合匹配日均交易量幾乎翻了一番，反映了美國和 EMIA 信貸市場的市佔率成長。

Portfolio matches strong growth was driven by new clients, increased distribution, and deepening connectivity with large systematic traders.

投資組合匹配的強勁成長得益於新客戶、分銷的增加以及與大型系統交易商的深化聯繫。

LUCERA revenues grew by more than 40%, driven by new clients and product launches, and with that, I'd now like to turn the call over to Jason.

在新客戶和產品發布的推動下，LUCERA 的收入成長了 40% 以上，現在我想將電話交給 Jason。

Thank you, John, and hello everyone.

謝謝你，約翰，大家好。

BGC generatedSecond quarter revenues of $784 million reflecting growth across all of our geographies.

BGC 第二季度的營收為 7.84 億美元，反映了我們所有地區的成長。

EMIA revenues increased by 50.3%, America's revenues increased by 40.3%, and Asia Pacific revenues increased by 17.4%. Turning to expenses.

EMIA 營收成長 50.3%，美洲營收成長 40.3%，亞太地區營收成長 17.4%。談到費用。

Compensation and employee benefits under GAAP and for adjusted earnings increased by 53.1% and 51.4% respectively, due to the acquisition of OTC and higher commissionable revenues during the period.

由於收購 OTC 以及本期間佣金收入增加，根據 GAAP 計算的薪酬和員工福利以及調整後收益分別增長了 53.1% 和 51.4%。

Non-compensation expenses under GAAP and adjusted earnings increased by 30.5% and 29% respectively, also driven by the acquisition of OTC.

受收購 OTC 的推動，以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 30.5% 和 29%。

Moving on to earnings.

繼續討論收益。

Our pre-tax adjusted earnings grew by 38% to a record $173.6 million.

我們的稅前調整後收益成長了 38%，達到創紀錄的 1.736 億美元。

Post-tax adjusted earnings increased by 34% to a record $153.7 million. Post-tax adjusted earnings per share improved by 34.8% to an all-time high of $0.31 per share, and our adjusted EBITDA increased by 31.4% to $213.3 million.

稅後調整後收益成長 34%，達到創紀錄的 1.537 億美元。稅後調整後每股盈餘成長 34.8%，達到每股 0.31 美元的歷史新高，調整後 EBITDA 成長 31.4%，達到 2.133 億美元。

Turning the share account.

轉股帳戶。

BGC's fully diluted weighted average share account for adjusted earnings was 500.1 million shares during the period, a 0.3% decrease compared to the first quarter of 2025 and a 0.7% increase compared to a year ago.

期內，BGC 的調整後收益完全稀釋加權平均股本為 5.001 億股，較 2025 年第一季下降 0.3%，較去年同期成長 0.7%。

During the quarter, we repurchased more than 16 million shares, of which 8 million are reflected in our weighted average share count this quarter. The full impact of this share repurchases will be captured in the Third quarter.

本季度，我們回購了超過 1,600 萬股，其中 800 萬股反映在本季的加權平均股數中。此次股票回購的全部影響將在第三季顯現。

We expect our share counts to be lower in the Third quarter and at year end, assuming no extraordinary transactions or events.

假設沒有特別交易或事件，我們預期第三季和年底的股票數量將會減少。

As of June 30th, our liquidity was $965.9 million compared with $897.8 million at year end 2024.

截至 6 月 30 日，我們的流動資金為 9.659 億美元，而 2024 年底為 8.978 億美元。

With that, I'd like to confirm the call back to Sean to go over our Third quarter outlook.

有了這一點，我想確認是否會回電給肖恩，並討論我們對第三季的展望。

Thank you, Jason. Please provide the following guidance for the Third quarter, 2025.

謝謝你，傑森。請提供 2025 年第三季的以下指引。

We expect to generate total revenues of between$715million and $765 million as compared to $561.1 million in the third quarter of 2024, which at the midpoint of our guidance would represent approximately 32% 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 年第三季的總營收為 5.611 億美元，按照我們預期的中間值計算，這將代表營收成長約 32%。

Excluding OTC, we expect Third quarter revenues to grow around 12% at the midpoint.

不包括場外交易，我們預計第三季營收中位數將成長 12% 左右。

We anticipate pre-tax adjusted earnings to be in the range of $150million to $165 million versus $126.7 million last year, which at the midpoint of guidance would represent an approximately 24% earnings growth, and we expect our adjusted earnings tax rate to be between 10% and 12% for the full year 2025.

我們預計稅前調整後收益將在 1.5 億美元至 1.65 億美元之間，而去年為 1.267 億美元，按照指引中位數計算，這將代表收益增長約 24%，我們預計 2025 年全年調整後收益稅率將在 10% 至 12% 之間。

Just before I hand over operator for questions, I'd like to pass back over to John for a few comments.

在我把問題交給操作員之前，我想把問題轉回給約翰，讓他發表一些評論。

Thanks Sean.

謝謝肖恩。

Before we begin the Q&A, we just want to take a moment to acknowledge the tragic shooting that occurred in Midtown Manhattan on Monday night, just a few blocks from one of our offices.

在開始問答之前，我們想花一點時間來了解週一晚上在曼哈頓中城發生的悲慘槍擊事件，距離我們的一個辦公室只有幾個街區。

On behalf of my Co-CEOs and our entire BGC family and as a native New Yorker myself, I want to express our deepest sympathies to the victims' families and all those affected by this senseless act of violence.

我謹代表我的聯合執行長和整個 BGC 大家庭，同時也作為一名土生土長的紐約人，向受害者家屬和所有受到這一無謂暴力行為影響的人們表示最深切的同情。

We also want to thank the NYPD first responders, and the building security and staff who work hard every day to keep us all safe. Thank You.

我們也要感謝紐約警察局的急救人員、大樓保全和工作人員，他們每天都在努力工作，保護我們所有人的安全。謝謝。

Thanks John. And the operator with that, we'd like to open the call for questions.

謝謝約翰。接線員，我們想開始回答問題。

(Operator Instruction) Patrick Moley, Piper Sandler.

（操作員指示）派崔克·莫利、派珀·桑德勒。

Yes, good morning. Thanks for taking the question and congrats on a strong quarter. So revenue growth.

是的，早安。感謝您回答這個問題，並祝賀本季業績強勁。因此收入增長。

Pretty impressive over 21% year over year organic, you're integrated this acquisition.

相當令人印象深刻的是，年成長超過 21%，您整合了這項收購。

Maybe just, thinking about the whole business and where things shake out, how do you view the growth algorithm from here? You said that the Third quarter revenues are expected to grow 12% organic. You're putting in this expense reduction program that's going to finish up in the back half of the year. How should we think about the growth algorithm of the company and the margin trajectory from here? Thanks.

也許只是，考慮整個業務以及事情的發展，您如何看待這裡的成長演算法？您說第三季營收預計將有機成長 12%。您正在實施的這項費用削減計劃將於今年下半年完成。我們該如何思考公司的成長演算法和利潤軌跡？謝謝。

Good morning, Patrick. So, I think the easiest way to describe it is, so we acquired OTC, we've owned it now for three months, or just over three months now, but we said that it had margins of in the low 10s. So, if you actually take out, if you take out the OTC acquisition, nothing changed. Great gearing, revenue growth of 21%, and there and pre-tax A at 26%, 27%. So nothing has changed there. But only 3. 5 months into into the transaction, what we said we would do last quarter is we said we will, we'll shrink that margin, we'll shrink the GAAP, should I say, between BGC's margin and OTC's margin. And we've we've embarked on our cost reduction program, $25 million cost reduction program, which will have completed by the end of the year. So you'll see that benefit in 2026. So that's just nine months after acquisition. And if you think about it, Patrick, if you took $6.25 million.01 quarter of that 25 million, you would bridge the GAAP. In earnings from the group's earnings to that of OTC from all13 the way up to 19 and close to 20, right, so it is simply the fact that we bought the Second largest acquisition this company has ever done and we're 3.5 months into it. We'll integrate it within those in those nine months and generate those synergies.

早上好，派崔克。所以，我認為最簡單的描述方式是，我們收購了 OTC，我們現在已經擁有它三個月了，或者說剛剛超過三個月，但我們說它的利潤率在 10% 以下。因此，如果你真的拿出來，如果你拿出場外交易收購，就什麼都不會改變。槓桿率高，營收成長 21%，稅前利潤成長 26%、27%。所以那裡什麼都沒有改變。但交易才進行了 3.5 個月，我們上個季度就說過我們會縮小利潤率，我們會縮小 GAAP 利潤率，應該說是縮小 BGC 利潤率和 OTC 利潤率之間的差距。我們已經開始實施成本削減計劃，2,500 萬美元的成本削減計劃將於今年底完成。因此您將在 2026 年看到這項好處。這只是收購後的九個月。如果你考慮一下，帕特里克，如果你拿出 2500 萬美元中的 625 萬美元 0.1 四分之一，你就可以彌補 GAAP。從集團收益到場外交易收益，從 13% 一路上漲到 19%，接近 20%，對吧，事實上，我們收購了這家公司有史以來第二大收購，而且我們已經進行了 3.5 個月。我們將在這九個月內將其整合在一起並產生協同效應。

Alright, thanks for that color and then just as a follow up you spoke in your prepared remarks about the strength that you're seeing across FMX maybe on the futures side of it in particular, could you just elaborate on how you're feeling about that business traction you're seeing there and where you're at in terms of some of the FCM and partner on boards that you're still waiting for. Thanks.

好的，感謝您的提問，然後作為後續問題，您在準備好的發言中談到了您在 FMX 中看到的實力，特別是在期貨方面，您能否詳細說明您對在那裡看到的業務吸引力的感受，以及您在一些 FCM 和董事會合作夥伴方面仍在等待什麼。謝謝。

Hey Patrick, JP here, we are very happy where we are today.

嘿，派崔克，我是 JP，我們對現在的狀況非常滿意。

As John mentioned earlier, we have record volume on sulfur and increasing open interest ahead with our expectations.

正如約翰之前提到的，我們的硫磺交易量創下了歷史新高，並且未平倉合約的數量也符合我們的預期。

Also, along with growing software products, volumes and and open interest, we work every day with our clients.

此外，隨著軟體產品、交易量和未平倉合約的不斷增長，我們每天都在與客戶合作。

It remains our it's our main priority. We're nearly the end of the connectivity process with our equity partners which will allow them to engage with the platform in a meaningful way, successfully.

這仍然是我們的首要任務。我們與股權合作夥伴的連結過程即將結束，這將使他們能夠以有意義的方式成功地與該平台互動。

I would like to come back on two footprints we have on futures volumes.

我想回顧一下我們在期貨交易量方面的兩個足跡。

Our UST market share is now 35% from 33% and 30% two quarters ago. Success number one.

我們的 UST 市佔率目前為 35%，而兩季前分別為 33% 和 30%。成功第一。

Or volume and I just talk about it up number two.

或者音量，我剛剛談論的是第二點。

So as UST and sulfur volume and continue to scale, we do expect attention to shift.

因此，隨著 UST 和硫磺數量的不斷增加，我們確實預期焦點會轉移。

To UST futures.

對於 UST 期貨。

Hey Patrick, it's John. Just really quickly on the SCM, so we're at the nine that we had mentioned before, and I think, I'm pretty comfortable staying at 12 for the year. By year end we'll have 12 on which will give us, the vast majority of customer assets, once that's done. It's just a timing issue.

嘿，派崔克，我是約翰。關於 SCM 的介紹非常快，我們現在處於之前提到的 9 個階段，我認為，我很放心地將今年的 SCM 保持在 12 個階段。到年底，我們將擁有 12 個客戶，一旦完成，這將為我們提供絕大多數客戶資產。這只是一個時間問題。

And again we'll have the 12 by the end of the year, which will give us the vast majority of the market, so completely comfortable with where we are with the FCMs as well.

到今年年底，我們將擁有 12 家這樣的客戶，這將使我們佔據絕大多數的市場份額，因此，我們對 FCM 的現狀也非常滿意。

Okay, thanks for that. That's that's it for me and congrats on the quarter again.

好的，謝謝。對我來說就是這樣，再次恭喜本季。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instruction) Eli Abboud, Bank of America.

（操作員指示）美國銀行的 Eli Abboud。

Good morning. Thanks for taking the question. So, it seems like the ramp of the 2- and 5-year Treasury features has been tracking a little bit slower than the ramp for Sofer back in September.

早安.感謝您回答這個問題。因此，看起來 2 年期和 5 年期公債利率的上升速度比 9 月 Sofer 利率的上升速度要慢一些。

So I was wondering if there are any additional complexities or challenges with Treasury features that you did not have to grapple with with Sofer that are worth highlighting.

因此，我想知道財政部功能是否存在任何額外的複雜性或挑戰，而使用 Sofer 時則無需應對這些複雜性或挑戰，值得強調。

Hey, Eli, it's John. No is the answer, I think.

嘿，Eli，我是約翰。我認為答案是否定的。

So for launch first, so for got up and running to where you know it is now with nearly 40,000 open interest a day we're happy with that. We're happy with how, the interest in UST Futures is going. We obviously get to benefit from seeing the work that's going on in the background there's no additional impediments or speed bumps, and I think you know you'll see US Treasury futures, follow the success of Sofer which followed the success of the cash platform, so. Very comfortable with where we are.

因此，首先從啟動到運行，現在每天有近 40,000 個未平倉合約，我們對此感到滿意。我們對 UST 期貨的興趣發展感到滿意。我們顯然可以從幕後工作中受益，沒有任何額外的障礙或減速帶，我想你會看到美國國債期貨跟隨 Sofer 的成功而發展，而 Sofer 的成功又跟隨現金平台的成功而發展。我們對現在的處境感到非常滿意。

Got it. And I think you just mentioned that there are nine FCMs connected to FMX today. Can you give us any insight into how many have open interest on the platform and for those that are connected but not actively trading, what's the cause of the hold up?

知道了。我記得您剛才提到過，目前有 9 個 FCM 連接到 FMX。您能否告訴我們平台上有多少未平倉合約，以及對於那些已連接但沒有積極交易的合約，是什麼原因導致了交易延遲？

Right, so I can't break them out for obvious reasons, but I guess what I would say to that is that you can assume that, all or nearly all, are there and have open interest on the platform and there is no hold up, it's just a matter of, growing it, as we go forward.

是的，由於顯而易見的原因，我不能把它們分開，但我想我要說的是，你可以假設，所有或幾乎所有人，都在那裡，並且在平台上有未平倉的興趣，並且沒有任何阻礙，這只是一個隨著我們前進而增長的問題。

Got it. And your FX business has been a success story from the first half of the year.

知道了。從今年上半年開始，你們的外匯業務就成功了。

Obviously there's been some strong cyclical tailwinds there related to the global trade disputes. I was wondering if you could peel back some of those temporary tailwinds and and give us any color on to what degree you're seeing structural growth in that complex.

顯然，全球貿易爭端帶來了一些強勁的周期性順風。我想知道您是否可以揭開一些暫時的順風，並告訴我們您在多大程度上看到了該綜合體的結構性增長。

Yeah, look, I think, thanks, I think really it's it's part of the market healing, it started with rates and then it goes to FX, and now for the first time this quarter you've seen growth in in all of our asset classes. Remember our FX business historically is an option business, and options were lower, the.

是的，看，我想，謝謝，我認為這確實是市場復甦的一部分，它始於利率，然後是外匯，現在是本季第一次看到我們所有資產類別的成長。請記住，我們的外匯業務從歷史上看是一種選擇權業務，而選擇權價格較低。

Volumes were lower in the in the early 2020s. Actually they've just they've now come back to normalized levels, I would say. Yes, you had you had a spike in volatility in April, but there's been nothing nothing special about the other months of this year. So it's our strong multi-brand platform starting in Asia, going into the into. In the UK and then and then into the US and maybe in addition, we've obviously seen, volumes in our FMX FX platform grow, and they've grown, 4times to 5 times the growth of our peer platforms.

2020 年代初期的交易量較低。實際上我想說他們現在已經恢復正常水平了。是的，四月波動性確實大幅上升，但今年其他月份並沒有什麼特別的情況。因此，這是我們強大的多品牌平台，始於亞洲，並進入亞洲。在英國，然後是美國，或許除此之外，我們明顯看到，我們的 FMX FX 平台的交易量正在成長，而且成長速度是我們同行平台的 4 倍到 5 倍。

We probably don't call that out enough, but incredibly happy with both the voice hybrid and the FMX piece of the FX business.

我們可能沒有充分地強調這一點，但是我們對 FX 業務中的語音混合和 FMX 部分感到非常滿意。

Got it. And then the last one for me sticking on your FX business, it looks like there's been several quarters here where the voice portion of that business has outperformed your electronic franchise. I know the long-term vision for all of your businesses is for them to consist of a higher proportion of electronic revenues over time. So, can you help us make sense of some of those recent trends?

知道了。然後，最後一個問題是關於您的外匯業務，看起來這裡已經有幾個季度了，該業務的語音部分的表現已經超過了您的電子特許經營。我知道，你們所有企業的長期願景都是隨著時間的推移，電子收入佔比越來越大。那麼，您能幫助我們理解一些最近的趨勢嗎？

Definitely. So, remember, outside of equities and ECS, in terms of rates, credit, and foreign exchange, our clients have the choice to trade either voice or electronic, and we have the platforms that they could do if they wanted to, virtually all of their business electronically, but the key is, it's their choice. And I think as I just mentioned, for example, in the options in the auctions space. As we've been returning to what I would call normal levels of volatility, clients clients have opted during this significant growth period again back to normality to execute more voice than.

確實。因此，請記住，除了股票和 ECS 之外，在利率、信貸和外匯方面，我們的客戶可以選擇語音交易或電子交易，並且我們有平台，如果他們願意，他們可以進行幾乎所有的電子業務，但關鍵是，這是他們的選擇。我認為，正如我剛才提到的，例如在拍賣領域的選擇。隨著我們逐漸恢復到我所說的正常波動水平，客戶客戶選擇在這個重要的成長時期再次恢復正常，以執行更多的聲音。

Electronic, my or our gut feeling is, we're happy for our clients to trade in whichever whichever method they choose. I would expect I would expect that trend to go slightly more electronic again over time now that the market has stabilized.

電子，我或我們的直覺是，我們很高興我們的客戶能夠以他們選擇的任何方式進行交易。我預計，隨著市場逐漸穩定，這一趨勢將再次變得更加電子化。

Got it, thanks for taking the questions.

明白了，感謝您回答問題。

Thank you. At this time, I would like to turn the call back to Mr. Windeatt after closing remarks.

謝謝。現在，我想在結束發言後將電話轉回給溫迪特先生。

I just like to say thanks everybody for taking part in our conference call and have a great summer and speak to you all again very soon.

我只想感謝大家參加我們的電話會議，祝大家度過一個愉快的夏天，並很快再次與大家交談。

Thank you.

謝謝。

This does concludes today's teleconference. We may disconnect your lines at this time.

今天的電話會議到此結束。我們此時可能會斷開您的線路。

Thank you for your participation and have a great day.

感謝您的參與並祝您有個愉快的一天。