Bgc Group Inc (BGC) 2025 Q3 法說會逐字稿

Greetings and welcome to the BGC Group Incorporated third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this concert is being recorded. It is now my pleasure to introduce your host, Jason Chryssicas, Head of Investor Relations. Thank you, sir. You may begin.

各位來賓，歡迎參加 BGC 集團 2025 年第三季業績電話會議。（操作說明）提醒：本次音樂會正在錄製。現在，我很高興向大家介紹主持人，投資者關係主管傑森·克里西卡斯。謝謝您，先生。你可以開始了。

Thank you and hello everyone. This morning we issued BGC's third quarter 2025 financial results which can be found at ir.bgcg.com.

謝謝大家，大家好。今天上午，我們發布了 BGC 2025 年第三季財務業績，詳情請瀏覽 ir.bgcg.com。

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

除非另有說明，本次電話會議提供的任何歷史業績僅將 2025 年第三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.

今天電話會議上所有提及的歷史和創紀錄業績均指 BGC 的獨立財務業績，不包括 2018 年 11 月分拆前的 Newmark。

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

我們將以非GAAP準則來描述我們的業績，其中包括調整後收益和調整後EBITDA等術語。

Please refer to today's investor materials on our website for additional details on our financial results and for a complete and updated definitions of any non-GAAP terms reconciliations of these items to GAAP results and how, when and why management uses them, as well as relevant industry and economic statistics. 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. Information on this call contains forward-looking statements, including without limitation, statements about our economic outlook and business.

有關我們財務表現的更多詳情，請參閱我們網站上今天的投資者資料，以了解所有非GAAP術語的完整和最新定義、這些項目與GAAP結果的調節表以及管理層如何、何時以及為何使用這些術語，以及相關的行業和經濟統計數據。今天討論的展望假設沒有重大收購或處置。我們的預期會根據各種宏觀經濟、社會、政治或其他因素而改變。本次電話會議包含前瞻性陳述，包括但不限於有關我們經濟前景和業務的陳述。

These statements are subject to risks and uncertainties which could cause actual results to differ from expectations 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 the SEC documents. With that, I'm now happy to turn the call over to John Abularrage, co-Chief Executive Officer of BGC Group.

這些聲明存在風險和不確定性，可能導致實際結果與預期有差異。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。有關可能導致實際結果與前瞻性陳述存在差異的因素的信息，以及對可能影響這些前瞻性陳述的風險和其他因素的完整討論，請參閱我們向美國證券交易委員會提交的文件，包括但不限於美國證券交易委員會文件中的風險因素和披露信息。接下來，我很高興將電話交給 BGC 集團聯席執行長 John Abularrage。

Thank you, Jason.

謝謝你，傑森。

Good morning and welcome to our third quarter 2025 conference call.

早上好，歡迎參加我們2025年第三季電話會議。

With me today are my fellow co-chief executive Officers, Sean Windeatt and JP Aubin, along with our Chief Financial Officer, Jason Hauf.

今天與我一同出席的還有我的兩位聯合執行長肖恩·溫德特和JP·奧賓，以及我們的財務長傑森·豪夫。

We delivered another outstanding quarter with record third quarter revenues of $737 million up 31% from $561 million a year ago, and revenues of $628 million up 12% excluding OTC, was also a record.

我們又取得了一個出色的季度業績，第三季營收創下歷史新高，達到 7.37 億美元，比去年同期的 5.61 億美元增長了 31%；如果不包括場外交易，營收也創下歷史新高，達到 6.28 億美元，增長了 12%。

This was driven by growth across every asset class in geography.

這是由全球所有資產類別在各個地區的成長所驅動的。

Our ability to deliver strong growth in a mixed macro environment demonstrates the strength and scale of our global platform.

我們在宏觀經濟環境複雜多變的情況下仍能實現強勁成長，這充分體現了我們全球平台的實力和規模。

FMX continues to outperform, setting new records and SOFR futures and US Treasuries.

FMX持續跑贏大盤，屢創新高，SOFR期貨和美國公債均創下新紀錄。

SOFR futures saw both ADV and open interest increase more than threefold versus the previous quarter.

SOFR期貨的每日成交量和未平倉合約量均比上一季增加了三倍多。

This momentum continued into October, where we set multiple new daily volume and open interest records. Our US Treasury market share grew to an all-time high of 37%, significantly outpacing the market.

這一勢頭延續到了 10 月份，我們在 10 月份創下了多項新的每日交易量和未平倉合約記錄。我們的美國國債市佔率成長至歷史新高 37%，顯著超過了市場平均。

Our $25 million cost reduction program will be completed by year end.

我們2500萬美元的成本削減計劃將於年底前完成。

This program will enhance our profitability and margins as we continue to focus on delivering long-term shareholder value.

該計劃將提高我們的獲利能力和利潤率，我們將繼續專注於為股東創造長期價值。

With that, I'd like to turn the call over to Sean to go over the quarterly results of the business in more detail.

接下來，我想把電話交給肖恩，讓他更詳細地介紹公司的季度表現。

Thank you, John.

謝謝你，約翰。

We delivered record third quarter revenues and adjusted earnings. Our ECS revenues grew by 114% to $241.6 million driven by OTC and strong organic growth across the broader energy complex.

我們第三季營收和調整後收益均創歷史新高。受場外交易和整個能源產業的強勁內生成長推動，我們的 ECS 營收成長了 114%，達到 2.416 億美元。

Excluding OTC, ECS revenues grew by 21.8% versus last year.

剔除場外交易業務後，ECS 營收較去年成長 21.8%。

Rates revenues increased 12.1% to $195.3 million reflecting higher volumes across all major interest rate products, including strong double-digit growth in interest rate swaps, emerging market rates, and repo products. Foreign exchange revenues were up 15.9% to $106.7 million primarily due to strong growth in emerging market currencies and FX option volumes.

利率營收成長 12.1% 至 1.953 億美元，反映出所有主要利率產品的交易量均有所增加，其中利率互換、新興市場利率和回購產品均實現了強勁的兩位數成長。外匯收入成長 15.9% 至 1.067 億美元，主要原因是新興市場貨幣和外匯選擇權交易量的強勁成長。

Credit revenues increased by 1.6% to $69.1 million driven by a higher credit derivative and structured credit volumes.

受信貸衍生性商品及結構化信貸交易量增加的推動，信貸收入成長1.6%至6,910萬美元。

Equities revenues grew by 13.2% to $60.4 million reflecting strong European and US equity volumes and continued market share gains in these geographies.

股票收入成長 13.2% 至 6,040 萬美元，反映出歐洲和美國股票交易量強勁，以及在這些地區市佔率持續成長。

Data, network, and post-trade revenues grew by 11.9% to $34.3 million excluding Capitalab, which we sold in the fourth quarter of 2024.

數據、網路和交易後收入成長了 11.9%，達到 3,430 萬美元（不包括我們在 2024 年第四季出售的 Capitalab）。

This growth was driven by Phoenix market data and Lucera, including Capitalabb, data network and post-trade revenues grew by 5.2%. Now turning to Phoenix. In the third quarter, Phoenix revenues increased by 12.7% to a third quarter record of $160 million.

這一增長得益於 Phoenix 市場數據和 Lucera，包括 Capitalabb 在內的數據網路和交易後收入增長了 5.2%。現在轉向鳳凰城。第三季度，Phoenix 的營收成長了 12.7%，達到創紀錄的 1.6 億美元。

Fenwick Markets reported revenues of $134.1 million an increase of 12.5%. This growth was primarily driven by higher electronic trading volumes across rates and foreign exchange products and increased phoenix market data revenues.

芬威克市場公佈營收為 1.341 億美元，成長 12.5%。這一成長主要得益於利率和外匯產品電子交易量的增加以及鳳凰城市場數據收入的成長。

Fenics's growth platforms generated revenues of $25.9 million a 24.2% increase excluding Capital A, driven by strong double-digit revenue growth in FMX and portfolio match.

Fenics 的成長平台創造了 2,590 萬美元的收入，成長了 24.2%（不包括 Capital A），主要得益於 FMX 和投資組合匹配業務強勁的兩位數收入成長。

Including Capital Ab, Phoenix growth platforms grew by 13.5%. FMX UST generated record third quarter average daily volume of $59.4 billion more than 12% higher compared to last year, outpacing all electronic US Treasury platforms.

包括 Capital Ab 在內，Phoenix 的成長平台成長了 13.5%。FMX UST 第三季日均交易量創下 594 億美元的紀錄，比去年同期成長超過 12%，超過了所有美國國債電子交易平台。

This strong growth drove market share to a record 37% for the third quarter, up from 35% last quarter and 29% a year ago.

這一強勁成長推動市佔率在第三季達到創紀錄的 37%，高於上一季的 35% 和一年前的 29%。

FMX Futures Exchange continued to scale its SOFR Futures ADV and open interest to record levels during the third quarter.

第三季度，FMX期貨交易所的SOFR期貨日均成交量和未平倉合約量持續成長至歷史新高。

SOFR ADV and open interest, each increased sequentially by more than threefold.

SOFR 的 ADV 和未平倉合約均連續成長超過三倍。

FMX along with its partners, continues to prioritize growing soR ADB and open interest, and we expect to see similar adoption in our US Treasury futures offering in 2026.

FMX 及其合作夥伴將繼續優先考慮增加 soR ADB 和未平倉合約，我們預計 2026 年美國國債期貨產品也將採用類似的策略。

FMX FX ADV increased by 44% to a third quarter record $13.1 billion driven by continued support from FMX's equity partners, as well as the addition of new products and participants.

FMX 外匯日交易金額成長 44%，達到創紀錄的第三季 131 億美元，主要得益於 FMX 股權合作夥伴的持續支持，以及新產品和參與者的增加。

Portfolio match ADV more than doubled, reflecting strong growth in the US and in me credit markets.

投資組合匹配 ADV 翻了一番多，反映出美國和中東信貸市場的強勁成長。

Portfolio match continues to gain market share in this fast growing segment of the credit market and has rapidly expanded its non-US volumes and client base.

Portfolio match 在信貸市場這一快速成長的細分領域中持續獲得市場份額，並迅速擴大了其在美國以外的業務量和客戶群。

Momentum is being driven by the greater adoption of algorithmic trading and larger average trade size, which reached record levels in the third quarter, with US investment grade average trade size up nearly 50% year over year.

推動這一趨勢的因素包括演算法交易的廣泛應用和平均交易規模的擴大，第三季平均交易規模達到創紀錄水平，其中美國投資級債券的平均交易規模同比增長近 50%。

Lucera, Fenics network business providing critical real-time trading infrastructure to the capital markets, once again registered double-digit revenue growth. Lucera is rapidly growing its client pipeline for its newer rates products and continues its global expansion into Am and Asia.

Lucera旗下Fenics網路業務為資本市場提供關鍵的即時交易基礎設施，再次實現了兩位數的營收成長。Lucera 正在迅速擴大其新費率產品的客戶管道，並繼續向美洲和亞洲進行全球擴張。

And with that, I'd now like to turn the call over to Jason.

那麼，現在我想把電話交給傑森。

Thank you, Sean, and hello everyone.

謝謝你，肖恩，大家好。

BGC generated record third quarter revenues of $736.8 million reflecting growth across all of our geographies.

BGC第三季營收創歷史新高，達到7.368億美元，反映出公司所有地區的業務均實現成長。

AMA revenues increased by 37.4%, America's revenues increased by 28.1%, and Asia Pacific revenues increased by 17.4%. Turning to expenses, compensation and employee benefits under GAAP and for adjusted earnings increased by 47.5% and 42.1% respectively, due to higher commissionable revenues and the acquisition of OTC.

AMA 收入增長了 37.4%，美洲的收入增長了 28.1%，亞太地區的收入增長了 17.4%。就費用而言，根據 GAAP 和調整後的收益，薪酬和員工福利分別增加了 47.5% 和 42.1%，這是由於佣金收入增加和收購了 OTC。

Non-compensation expenses under GAAP and for adjusted earnings increased by 20.9% and 19.2% respectively, primarily driven by the acquisition of OTC.

根據 GAAP 和調整後收益計算的非薪資支出分別增加了 20.9% 和 19.2%，主要原因是收購了 OTC。

Excluding OTC, non-compensation expenses under GAAP and for adjusted earnings increased by 10.3% and 7.1% respectively.

剔除場外交易，根據美國通用會計準則和調整後收益計算的非薪資支出分別增加了 10.3% 和 7.1%。

BGC's $25 million cost reduction program launched in the third quarter and will be completed by year end 2025.

BGC 的 2,500 萬美元成本削減計劃於第三季啟動，將於 2025 年底完成。

We look forward to providing more detail on the program on our 4th quarter earnings call.

我們期待在第四季度財報電話會議上提供有關該計劃的更多細節。

Moving on to our record third quarter adjusted earnings, our pre-tax adjusted earnings grew by 22.4% to $155.1 million.

接下來看看我們創紀錄的第三季調整後收益，我們的稅前調整後收益增加了 22.4%，達到 1.551 億美元。

Post-tax adjusted earnings increased by 11.5% to $141.1 million resulting in post-tax adjusted earnings per share of $0.29. And our adjusted EBITDA increased by 10.7% to $167.6 million.

稅後調整後的收益成長了11.5%，達到1.411億美元，稅後經調整後的每股盈餘為0.29美元。調整後的EBITDA成長了10.7%，達到1.676億美元。

Turning to share count.

轉向分享數。

BGC's fully diluted weighted average share count for adjusted earnings was 494.2 million shares during the period, a 1.2% decrease compared to the second quarter of 2025 and a 0.1% decrease compared to a year ago.

本期BGC調整後收益的完全稀釋加權平均股數為4.942億股，較2025年第二季減少1.2%，較上年同期減少0.1%。

We remain committed to repurchasing our shares, and on November 5, 2025, BDC's board and Audit Committee reapproved our share repurchase authorization for up to $400 million.

我們仍然致力於回購我們的股份，並且在 2025 年 11 月 5 日，BDC 董事會和審計委員會再次批准了我們高達 4 億美元的股份回購授權。

We anticipate reducing our full year share count further in the fourth quarter of 2025, in addition to repaying our $300 million senior notes due December 15th.

我們預計在 2025 年第四季進一步減少全年股份數量，此外還將償還 12 月 15 日到期的 3 億美元高級票據。

As of September 30th, our liquidity was $924.7 million compared to $897.8 million as of year end 2024.

截至 9 月 30 日，我們的流動資金為 9.247 億美元，而截至 2024 年底，流動資金為 8.978 億美元。

With that, I'd like to turn the call back to John to go over our 4th quarter.

接下來，我想把電話轉回給約翰，讓他來回顧我們第四季的情況。

Outlook.

前景。

Thanks, Jason.

謝謝你，傑森。

I'm pleased to provide the following guidance for the 4th quarter of 2025.

我很高興為大家提供以下2025年第四季的指導。

We expect to generate revenues of between $720 and $770 million as compared to $572.3 million in the fourth quarter of 2024, which at the midpoint of our guidance would represent approximately 30% revenue growth.

我們預計營收將在 7.2 億美元至 7.7 億美元之間，而 2024 年第四季的營收為 5.723 億美元，以我們預期中位數計算，營收將成長約 30%。

Excluding OTC, we expect 4th quarter revenues to grow around 11% at the midpoint.

剔除場外交易業務，我們預期第四季營收將成長約 11%（取中間值）。

We anticipate pre-tax adjusted earnings to be in the range of $152.5 million to $167.5 million versus $129.5 million last year, which at the midpoint of guidance would represent approximately 24% earnings growth.

我們預計稅前調整後收益將在 1.525 億美元至 1.675 億美元之間，而去年為 1.295 億美元，按預期中位數計算，收益將增長約 24%。

And we expect our adjusted earnings tax rate to between 10% and 12% for the full year 2025.

我們預計 2025 年全年調整後的收益稅率將在 10% 至 12% 之間。

With that operator I'd like to turn to open the call for questions.

接下來，我想透過這位接線生開始接受提問。

(Operator Instructions)

（操作說明）

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, good morning. Thanks for taking the question. So I wanted to start off kind of broad. In the third quarter we saw on exchange volumes and some of the asset classes you're active in slow down significantly. Your results though, were quite strong. So could you help us better understand what allowed BGC to kind of outperform some of those industry proxies?

是的，早安。感謝您回答這個問題。所以我一開始想從比較廣泛的角度入手。第三季度，我們看到交易所交易量以及您活躍的一些資產類別的交易量顯著放緩。不過，你的成績相當不錯。那麼，您能否幫助我們更了解是什麼讓 BGC 的表現優於某些產業代表？

Thanks.

謝謝。

Yeah, morning Patrick, thanks for that. So I think, look, twofold. Number one is, as we've targeted growth within the ECS sector and even excluding the acquisition you saw growth of 21% excluding OTC, but it was broader than that, you also saw good growth in both rates and foreign exchange and equities. And that's been very much because of the hiring that that we've been doing, over the last 18 months where we've added, 150 and around 150, new brokers, obviously generating great revenues on a revenue per head basis, so that's enabled us to take market share, targeted growth in certain geographies and asset classes, and of course the growth of ECS.

早上好，派崔克，謝謝你。所以我覺得，有兩方面。第一，由於我們已將目標鎖定在 ECS 領域，即使不計收購，在不計場外交易的情況下，我們也看到了 21% 的增長，但增長範圍更廣，利率、外匯和股票也都實現了良好的增長。這很大程度上要歸功於我們在過去 18 個月裡進行的招聘工作，我們新增了 150 多名經紀人，顯然，這在人均收入方面創造了巨大的收益，因此，這使我們能夠獲得市場份額，在某些地區和資產類別中實現有針對性的增長，當然還有 ECS 的增長。

Great. And then just as a follow-up, you highlighted the strong growth you've seen in FMX. Could you help us kind of get a better sense for what's going on behind the scenes there? What are your expectations for FCM on boardings in the coming quarters? And then Sean, could you maybe elaborate on the comment you made in your prepared remarks about UST futures growing in in 2026? What needs to happen between now and then, to really get that going? Thanks.

偉大的。然後，作為後續補充，您重點提到了FMX領域的強勁成長。您能否幫助我們更了解幕後發生的事情？您對未來幾季FCM的入駐有何預期？那麼肖恩，你能否詳細解釋一下你在準備好的演講稿中提到的關於美國國債期貨在 2026 年上漲的評論？從現在到那時，需要發生什麼才能真正啟動這個計畫？謝謝。

Yeah, hi Patrick, so look, we just, handing your one of FMX, right? We're starting year two. So three points about your 11, everything we said we would do in year one we have done. We launched.

是的，嗨，派崔克，你看，我們只是把FMX的其中一份交給你，對吧？我們進入第二年了。關於你們11歲那年，有三點需要說明：我們在第一年承諾要做的事情，我們都做到了。我們上線了。

We have record open to rest in ADV and unbodied 11 FCMs.

我們有記錄可以休息 ADV 和未成型的 11 FCM。

We are in line with where we were with cash US Treasuries at the same time after lunch.

午餐後，我們持有的現金美國公債價格與當時持倉價格一致。

Two, SOFR futures ADV and open interest both increased by more than threefold from the second quarter.

第二季度，SOFR期貨的每日成交量和未平倉合約量均比第二季度增加了三倍多。

Three, we are encouraged by the steady board of open interest which signals that FMX clients are really happy to keep their position open at FMX and cleared at ACH.

第三，我們受到未平倉合約數量穩定成長的鼓舞，這表明 FMX 客戶非常樂意在 FMX 保持其持倉，並透過 ACH 進行清算。

Thanks JP, yeah, and sorry, Patrick just to add on it's John You know what's going on behind the scenes now as we've discussed with you before is you know taking that integration and deepening it right so you know we told you that the 11.

謝謝 JP，是的，還有，抱歉，Patrick，補充一下，我是 John。你知道，正如我們之前和你討論過的，現在幕後正在發生的事情是，你知道，我們正在進行整合並加深整合，對吧？所以你知道，我們告訴過你，11。

FCMs are on board. We will certainly get to that 12 number that we talked about, but this is just becoming BAU, and integrated into aggregators and the smart order routers and making sure that, so far becomes BAU and then in, 2026 there is not, there's nothing necessarily that needs to be done to address your question other than getting ourselves the position that we said we would get to and so forth and then shifting that attention with our partners over to US Treasury.

FCM（流量行銷商）已加入。我們肯定會達到我們之前提到的 12 這個數字，但這只是日常營運的一部分，並整合到聚合器和智慧訂單路由中，確保到目前為止一切都能正常進行。到 2026 年，除了讓我們自己達到我們所說的目標之外，沒有什麼特別需要做的事情來回答你的問題，然後與我們的合作夥伴一起將注意力轉移到美國財政部。

Okay great that's it for me thanks guys and congrats on the on the strong quarter.

好的，太好了，我的情況就這些了，謝謝大家，祝賀你們取得了強勁的季度業績。

Thank you. Thank.

謝謝。感謝。

You.

你。

Elias Abboud, Bank of America.

Elias Abboud，美國銀行。

Good morning. Thanks for taking the question. Can you walk us through the strong share growth in your FMX cash markets? What would you attribute that to? How much of this is coming from those strategic partners, and then specifically on the treasury platform? I know you have a couple of different protocols there a public club and then a private club, which one of those would be driving the share gains?

早安.感謝您回答這個問題。您能為我們詳細介紹一下貴公司FMX現金市場強勁的市佔率成長嗎？你認為這是什麼原因造成的？其中有多少資金來自策略夥伴，又有多少資金來自財務平台？我知道你們那裡有兩種不同的協議，一種是公共俱樂部，另一種是私人俱樂部，那麼是哪一種協議推動了股份收益的成長呢？

Why don't I start by.

我先從這裡開始吧。

In terms of the overall market share growth in treasuries, I think that is, there was a sort of monopoly, okay, sort of monopoly if you like, with CME, and really, yeah, that's why we got back into the marketplace on cash treasury, so what you've seen, Eli, is you've seen that the hard work of that go on for a number of years now. Now it's just further adoption, yes, by our FMX partners, but also because it's a, it's the most viable, second choice for want of a better phrase, and one would almost say equal first choice now, so that's why you've seen the growth, I think, up to 37%.

就國債整體市場份額增長而言，我認為，芝加哥商品交易所（CME）曾經佔據某種壟斷地位，好吧，如果你願意的話，可以說是某種程度上的壟斷。的確，是的，這就是我們重返現金國債市場的原因。所以，伊萊，你已經看到了，這項艱苦的工作已經持續好幾年了。現在，它只是被我們的 FMX 合作夥伴進一步採用，而且也因為它是最可行的第二選擇（暫且這麼說吧），現在幾乎可以說它與第一選擇並駕齊驅了，所以這就是為什麼你會看到增長，我認為高達 37%。

And what was the second part of the question?

問題的第二部分是什麼？

I know you have a couple of different protocols in the treasury platform. I think there's a public club and then a private club. Were either of those an outsized contributor to the share gains?

我知道你們的財務平台有幾種不同的協議。我認為俱樂部分為公共俱樂部和私人俱樂部。這兩者中哪一個對股價上漲做出了過大的貢獻？

So, as Sean said, we're seeing it mainly across the board and as we get, as you get more participants on both the P club and your regular club, you're seeing both partners and other participants come into it, so there's not an outlier, there's nothing, major that is.

所以，正如肖恩所說，我們看到這種情況主要普遍存在，隨著 P 俱樂部和常規俱樂部的參與者越來越多，你會看到合作夥伴和其他參與者加入進來，所以沒有例外，沒有什麼重大的例外情況。

Different than you know kind of the underlying onboarding of our, new participants and our partners leaning in.

與我們新參與者和合作夥伴的入職流程有所不同，我們正在積極推動這項流程。

Got it. And for my follow-up, how much leverage does your energy segment have to higher adoption of cloud and artificial intelligence going forward? Are data centers a meaningful client channel for you today? Is there anything you can share to help us quantify the extent to which higher electricity demand from these users moves the needle on your energy revenues?

知道了。那麼，我的後續問題是：貴公司的能源部門在未來多大程度上能夠利用雲端運算和人工智慧實現更高程度的採用？如今，資料中心對您來說是一個重要的客戶管道嗎？您能否提供一些信息，幫助我們量化這些用戶更高的用電需求對貴公司能源收入的影響程度？

On the revenue side, probably not. On the story, the answer is we are very fortunate to have once been, combined with Newmark. So you will have seen publicly that Newmark has done a lot on the data center side and the hyperscaler side, and that affects us because part of Amorex is energy procurement. And so, we've got a great business on the energy procurement side, and Newmark has been kind enough to. Introduce us to some of the people that they are in contact with, and that spills over to us on the energy side and so, the short answer, and I apologize for the long winded one, is that, yes, we are involved, we continue to be more involved, and the way that it affects us is by procuring energy for those data centers.

從收入方面來看，可能不會。關於這個故事，答案是我們非常幸運曾經與 Newmark 合作過。所以大家應該已經看到，Newmark 在資料中心和超大規模資料中心方面做了很多工作，這影響到了我們，因為 Amorex 的部分業務是能源採購。因此，我們在能源採購方面取得了巨大的成功，而 Newmark 也給予了我們很大的幫助。請介紹一下他們接觸的一些人，這也會波及到我們的能源領域。簡而言之（很抱歉說了這麼多），是的，我們參與其中，並且會繼續加大參與力度，它對我們的影響體現在我們為這些資料中心採購能源上。

Got it. And maybe just the last one for you here. Electronic credit revenues are flattish year-to-date. I think they're up 1%. Can you talk about what you're seeing in that business, any headwinds, and then maybe stepping back, is this a business that you think can grow at a similar pace as Trade Web or market access longer-term, or are there structural differences that that would likely cause, a delta in growth?

知道了。也許這是你在這裡看到的最後一個了。今年迄今為止，電子信貸收入基本上持平。我認為他們上漲了1%。您能否談談您在該業務中觀察到的情況，是否存在任何不利因素？然後，從更宏觀的角度來看，您認為這項業務能否像 Trade Web 或市場准入一樣實現長期成長，還是存在一些結構性差異，導致成長速度出現差異？

To take the last part first, the answer is yes, we can grow at those rates, and when it comes to electronic credit, I think it's growing a bit faster than that, and certainly, faster than the average that you will see, but as we said to you last time, we are launching new electronic protocols all the time, and we are, gaining market share as you see in the sweep which we, pull out for our portfolio match. And you will see other products of ours start to gain market share and as the electronic offering becomes a greater percentage of our own credit business proportionately, you will see the overall credit start to move at a faster rate. And actually JP, why don't you talk about our new offering?

先說最後一部分，答案是肯定的，我們可以以這樣的速度成長。就電子信貸而言，我認為它的成長速度比這還要快一些，當然也比你看到的平均水平要快。但正如我們上次所說，我們一直在推出新的電子協議，正如你從我們為投資組合匹配而進行的調查中看到的那樣，我們正在獲得市場份額。你會看到我們的其他產品開始獲得市場份額，隨著電子信貸產品在我們自身信貸業務中所佔比例越來越大，你會看到整體信貸業務開始以更快的速度成長。JP，不如你來談談我們的新產品吧？

Yeah, hi, so look, we do recognize the shift towards more electronic and institutional credit markets.

是的，你好，我們確實注意到信貸市場正在朝著更電子化和機構化的方向轉變。

So we launched a new fully electronic global credit platform for byside institutional clients. It will allow us to continue to move our business more electronic, and I can say this platform is already live globally.

因此，我們為機構客戶推出了一個全新的全電子化全球信貸平台。這將使我們能夠繼續推進業務的電子化進程，我可以告訴大家，這個平台已經在全球範圍內上線了。

Got it thanks guys.

明白了，謝謝各位。

Thank you.

謝謝。

There are no further questions, thank you, at this time. I would like to turn the call back over to Mr. Abularrage for closing comments.

目前沒有其他問題了，謝謝。我謹將電話交還給阿布拉拉格先生，請他作總結發言。

Guys thank you very much appreciate it.

各位，非常感謝，感激不盡。