Bgc Group Inc (BGC) 2026 Q1 法說會逐字稿

Greetings, and welcome to the BGC Group first-quarter 2026 earnings call.(Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 BGC Group 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

I would now like to turn the call over to your host, Jason Chryssicas, Head of Investor Relations. Thank you. You may begin.

現在我想把電話會議交給本次主持人、投資人關係主管 Jason Chryssicas。謝謝。您可以開始了。

Hello, everyone. This morning, we issued BGC's first-quarter 2026 financial results, which can be found at ir.bgcg.com. Any historical results provided on today's call compare only the first quarter of 2026 with the prior year period unless otherwise specified. All references on today's call to historic record and strongest results are to BGC stand-alone financial results, excluding Newmark prior to the spin-off in November 2018.

各位好。今天早上，我們已發布 BGC 2026 年第一季財務結果，可於 ir.bgcg.com 查閱。除非另有說明，今天電話會議中提供的任何歷史結果，僅比較 2026 年第一季與去年同期。今天電話會議中提及的歷史新高與最強勁結果，均指 BGC 單獨的財務結果，不包含 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. 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-GAAP terms, reconciliations of these items to the corresponding 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.

我們將以非 GAAP 基礎說明我們的業績，其中包含調整後盈餘與調整後 EBITDA 等項目。請參閱我們網站上今日的投資人資料，以取得更多財務結果細節，以及任何非 GAAP 名詞的完整與最新定義、這些項目與相對應 GAAP 結果的調節表、管理層如何、何時以及為何使用它們，並包含相關產業與經濟統計資料。今日所討論的展望假設不會發生任何重大收購或處分。我們的預期可能因各種總體經濟、社會、政治及／或其他因素而改變。

Information on this call contains forward-looking statements, including, without limitation, statements about our economic outlook and business. These statements are subject to risks and uncertainties, which could cause our actual results to differ from expectations. Except as required by law, we undertake no obligation to update any forward-looking statements.

本次電話會議所含資訊包含前瞻性陳述，包括但不限於關於我們經濟展望與業務的陳述。這些陳述受風險與不確定性影響，可能導致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陳述的義務。

For information on factors that could cause actual results to differ from the 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.

關於可能導致實際結果與前瞻性陳述不同的因素，以及可能影響這些前瞻性陳述之風險與其他因素的完整討論，請參閱我們向 SEC 提交的文件，包括但不限於這些 SEC 文件中的風險因素與相關揭露。

With that, I'm now happy to turn the call over to John Abularrage, Chief Executive Officer of BGC Group.

接下來，我很高興把電話會議交給 BGC Group 執行長 John Abularrage。

Thank you, Jason. Good morning, and welcome to our first-quarter 2026 conference call. With me today are my fellow Co-Chief Executive Officers, Sean Windeatt; and JP Aubin, along with our Chief Financial Officer, Jason Hauf.

謝謝你，Jason。各位早安，歡迎參加我們 2026 年第一季電話會議。今天與我一同出席的有共同執行長 Sean Windeatt 與 JP Aubin，以及我們的財務長 Jason Hauf。

BGC delivered another record quarter. Revenues increased 44% to $955 million, with growth across every asset class and geography. Excluding OTC, revenues grew 23% to $817 million, which was also a record. Pretax earnings hit an all-time high, up more than 44%. Our ECS revenues more than doubled to $330 million, reinforcing our position as the world's largest energy broker.

BGC 再次交出創紀錄的一季。營收成長 44% 至 9.55 億美元，所有資產類別與各地區皆呈現成長。若排除 OTC，營收成長 23% 至 8.17 億美元，同樣創下新高。稅前盈餘創歷史新高，成長超過 44%。我們的 ECS 營收較去年同期成長逾一倍至 3.30 億美元，進一步鞏固我們作為全球最大能源經紀商的地位。

FMX posted its best ever quarter, setting ADV records for US Treasuries, FX and Futures. FMX UST ADV grew 51% in the first quarter to a record $90 billion, representing 41% market share. We built on last year's $25 million cost reduction program, which is now expected to result in $35 million of annualized cost savings. We will continue to identify and execute cost savings throughout 2026 to drive further margin expansion.

FMX 創下史上最佳單季表現，美國公債、外匯與期貨的日均交易量（ADV）皆刷新紀錄。FMX 的美國公債（UST）ADV 在第一季成長 51% 至創紀錄的 900 億美元，市占率達 41%。我們在去年 2,500 萬美元的成本削減計畫基礎上持續推進，目前預期可帶來 3,500 萬美元的年化成本節省。我們將在 2026 年持續辨識並執行成本節省措施，以推動利潤率進一步擴張。

A final point on the macro backdrop. The Iran conflict, which began on February 28, drove elevated volatility across energy, rates and FX through the final month of the quarter. Through February 27, before the conflict began, revenues were tracking up 41%. Finishing the full quarter up 44% reinforces that our record results this quarter were driven primarily by our underlying business with the conflict serving only as an incremental contributor.

最後談一下總體背景。2 月 28 日開始的伊朗衝突，使能源、利率與外匯市場在本季最後一個月出現較高波動。在衝突開始前的 2 月 27 日之前，營收成長軌跡為年增 41%。全季最終年增 44%，進一步證明本季創紀錄的表現主要來自我們的核心業務，衝突僅屬額外的增量貢獻。

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，我想把電話會議交給 Sean，更詳細說明本季的業務表現。

Thank you, John. We delivered record revenues of $955.5 million, a 43.8% increase versus last year. Our total brokerage revenues grew by 46.7% to $895.8 million, driven by growth across all asset classes. ECS revenues grew by 120.1% to $330 million, driven by the acquisition of OTC and strong organic growth across our broader energy complex and shipping businesses.

謝謝你，John。我們創下 9.555 億美元的營收新高，較去年成長 43.8%。我們的經紀業務總營收成長 46.7% 至 8.958 億美元，成長動能來自所有資產類別。ECS 營收成長 120.1% 至 3.30 億美元，主要受惠於收購 OTC，以及我們更廣泛的能源綜合體與航運業務的強勁內生成長。

Rates revenues increased 27.5% to $256.2 million, reflecting strong growth across listed futures and options, interest rate swaps and government bonds, supported by continued FMX UST market share gains. Foreign exchange revenues were up 19.1% to $131 million, primarily due to strong volume growth in emerging markets and G10 products.

利率業務營收成長 27.5% 至 2.562 億美元，反映上市期貨與選擇權、利率交換與政府公債等領域的強勁成長，並受持續提升的 FMX UST 市占率所支撐。外匯業務營收成長 19.1% 至 1.31 億美元，主要來自新興市場與 G10 產品的交易量強勁成長。

Credit revenues increased by 8.2% to $94.1 million, driven by higher emerging market credit, portfolio match and structured credit volumes. Equities grew by 34.3% to $84.5 million, reflecting strong market share gains across all major geographies and global equity volatility.

信用業務營收成長 8.2% 至 9,410 萬美元，主要由新興市場信用、投組撮合（portfolio match）與結構性信用的交易量提升所帶動。股票業務成長 34.3% 至 8,450 萬美元，反映我們在所有主要地區的市占率顯著提升，以及全球股市波動。

Data network and post-trade revenues grew by 23.2% to $34.5 million, excluding kACE, which we sold in the fourth quarter of 2025. This growth was driven by Lucera and Fenics Market Data. Including kACE, data network and post-trade revenues grew by 6.1%.

資料網路與後交易（post-trade）營收成長 23.2% 至 3,450 萬美元（不含我們於 2025 年第四季出售的 kACE）。此成長主要由 Lucera 與 Fenics Market Data 所帶動。若包含 kACE，資料網路與後交易營收成長 6.1%。

Now turning to Fenics. Fenics revenues increased by 19.8% to a first quarter record of $206.9 million. Fenics Markets generated revenues of $176.7 million, an increase of 20.3%. This growth was driven by higher electronic trading volumes across rates, credit, foreign exchange and increased Fenics Market Data revenues. On December 31, 2025, we completed the sale of our kACE Financial business for up to $119 million. Excluding kACE, Fenics Markets grew by 24.1%.

接著談 Fenics。Fenics 營收成長 19.8% 至 2.069 億美元，創第一季新高。Fenics Markets 產生 1.767 億美元營收，成長 20.3%。此成長由利率、信用與外匯等領域更高的電子交易量，以及 Fenics Market Data 營收增加所帶動。2025 年 12 月 31 日，我們完成出售 kACE Financial 業務，交易價款最高可達 1.19 億美元。若排除 kACE，Fenics Markets 成長 24.1%。

Fenics Growth Platforms revenues grew to $30.2 million, a 17.4% increase, primarily driven by FMX Portfolio Match and Lucera. FMX UST generated record quarterly ADV of $89.7 billion, 51% higher compared to last year. FMX UST grew its first quarter market share to 41%, up from 39% last quarter and 33% a year ago. In March, ADV reached $107 billion, the single highest month in the platform's history.

Fenics Growth Platforms 營收成長至 3,020 萬美元，年增 17.4%，主要由 FMX Portfolio Match 與 Lucera 所帶動。FMX UST 創下單季 ADV 新高 897 億美元，較去年成長 51%。FMX UST 第一季市占率提升至 41%，高於上季的 39% 與一年前的 33%。3 月 ADV 達到 1,070 億美元，為該平台史上單月最高。

FMX Futures Exchange delivered another quarter of significant growth. SOFR ADV climbed to more than 39,000 contracts in the first quarter of 2026, up from 2,200 contracts a year ago, while quarter end open interest reached approximately 143,000 contracts compared to 8,000 in the prior year period. FMX's US Treasury futures developed momentum in April with volume building throughout the month to a new high of approximately 30,000 contracts on April 29, 2026.

FMX 期貨交易所再度交出一季顯著成長的成績。SOFR 日均成交量（ADV）於 2026 年第一季攀升至逾 39,000 口合約，高於一年前的 2,200 口；而季末未平倉量約達 143,000 口合約，相較去年同期的 8,000 口。FMX 的美國公債期貨於 4 月動能增強，整月成交量持續攀升，並於 2026 年 4 月 29 日創下約 30,000 口合約的新高。

FMX FX average daily volumes increased by 42% to a record $20.5 billion, driven by strong growth across spot FX and NDF volumes, resulting in continued market share gains. Portfolio Match ADV grew by 42% in the first quarter, setting a new all-time high. Growth was driven by higher client activity across US and EMEA corporate credit, reflecting new and deepening customer relationships and broad-based adoption of recently launched trading functionalities.

FMX 外匯日均成交量成長 42%，創下 205 億美元的新高，主要受現貨外匯與 NDF 成交量強勁成長帶動，因而持續提升市占率。Portfolio Match 的日均成交量（ADV）在第一季成長 42%，創下歷史新高。成長動能來自美國與 EMEA 企業信用客戶活動提升，反映新客戶關係的建立與既有關係的深化，以及市場對近期推出交易功能的廣泛採用。

Average trade size grew to record levels, supported by an increase in the platform's global maximum trade size. Portfolio Match continues to capture market share in this critically important part of the credit market.

平均單筆交易規模成長至創紀錄水準，主要受平台全球最大可交易規模上調所支撐。Portfolio Match 持續在信用市場這個極為關鍵的領域中擴大市占率。

Lucera, Fenics network business providing critical real-time trading infrastructure to the capital markets grew revenues by 22.8% in the first quarter. Growth was led by continued momentum in its FX offering and increasing client adoption across fixed income solutions, including US Treasuries and the Futures. Looking ahead, a pipeline of new products across both FX and Fixed Income is set to come online, which is expected to provide meaningful sources of new incremental growth.

Lucera（Fenics 網路業務）為資本市場提供關鍵的即時交易基礎設施，第一季營收成長 22.8%。成長主要由其外匯產品的持續動能，以及客戶在固定收益解決方案（包括美國公債與期貨）上的採用增加所帶動。展望未來，外匯與固定收益兩大領域的一系列新產品即將上線，預期將帶來具意義的新增增量成長來源。

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

接下來，我想把電話會議交給 Jason。

Thank you, Sean. Hello, everyone. BGC generated record revenues of $955.5 million during the quarter, reflecting growth across all of our geographies. EMEA revenues increased by 56.7% Americas revenues increased by 29.9% and Asia Pacific revenues increased by 31.1%.

謝謝你，Sean。各位好。BGC 本季創下 9.555 億美元的營收新高，反映我們所有地區皆有成長。EMEA 營收成長 56.7%，美洲營收成長 29.9%，亞太營收成長 31.1%。

Turning to expenses. Compensation and employee benefits under GAAP and for adjusted earnings increased by 57.3% and 51.5%, respectively. The increase in compensation and employee benefits under GAAP was related to the acquisition of OTC, higher commissionable revenues, charges incurred as part of the cost reduction program and the weaker US dollar. The increase in compensation and employee benefits for adjusted earnings was driven by OTC, higher commissionable revenues and the weaker US dollar.

接著談費用。依 GAAP 以及用於調整後盈餘（adjusted earnings）的口徑，薪酬與員工福利分別增加 57.3% 與 51.5%。GAAP 口徑下薪酬與員工福利的增加，與收購 OTC、可計佣收入增加、成本削減計畫相關費用，以及美元走弱有關。調整後盈餘口徑下薪酬與員工福利的增加，主要由 OTC、可計佣收入增加及美元走弱所帶動。

Non-compensation expenses under GAAP and for adjusted earnings increased by 33.4% and 27.4%, respectively, primarily driven by the acquisition of OTC. Excluding OTC, non-compensation expenses under GAAP and for adjusted earnings increased by 19.3% and 12.7%, respectively.

依 GAAP 以及調整後盈餘口徑，非薪酬費用分別增加 33.4% 與 27.4%，主要由收購 OTC 所驅動。排除 OTC 影響後，依 GAAP 以及調整後盈餘口徑，非薪酬費用分別增加 19.3% 與 12.7%。

During the quarter, we realized an additional $10 million of savings and now expect our cost reduction plan to result in $35 million of annualized savings. We remain committed to continuing our cost reduction initiatives throughout 2026 with the goal of achieving further margin expansion.

本季我們額外實現 1,000 萬美元的節省，目前預期成本削減計畫將帶來每年年化 3,500 萬美元的節省。我們仍致力於在 2026 年持續推動成本削減措施，目標是進一步擴大利潤率。

Moving on to our record adjusted earnings. Our pretax adjusted earnings grew by 44.9% to $232.1 million, representing a pretax margin of 24.3%. Post-tax adjusted earnings increased by 40.6% to $201.1 million, resulting in a post-tax adjusted earnings per share of $0.41, 41.4% higher versus last year. Our adjusted EBITDA increased by 26.7% to $253.2 million.

接著談我們創紀錄的調整後盈餘。稅前調整後盈餘成長 44.9% 至 2.321 億美元，稅前利潤率為 24.3%。稅後調整後盈餘增加 40.6% 至 2.011 億美元，使得稅後調整後每股盈餘為 0.41 美元，較去年提高 41.4%。調整後 EBITDA 增加 26.7% 至 2.532 億美元。

Turning to share count. BGC's fully diluted weighted average share count for adjusted earnings was 495.2 million shares during the period, a 1% increase compared to the last quarter and a 1.3% decrease compared to last year. As of March 31, our liquidity was $878.4 million compared with $979.1 million as of year-end 2025. The change in our liquidity reflects payments for year-end bonuses, tax payments and timing differences between commissions earned in the seasonally busier first quarter and commissions collected from the seasonally slower fourth quarter.

接著談股數。本期間 BGC 用於調整後盈餘計算的完全稀釋加權平均股數為 4.952 億股，較上季增加 1%，較去年減少 1.3%。截至 3 月 31 日，我們的流動性為 8.784 億美元，較 2025 年底的 9.791 億美元下降。流動性變動反映年終獎金支付、稅款支付，以及在季節性較繁忙的第一季所賺取的佣金與在季節性較慢的第四季所收取佣金之間的時間差。

As cash uses are generally the greatest in the first quarter, we typically repurchased fewer shares during this period, and we expect share repurchases to increase throughout the remainder of the year.

由於現金用途通常在第一季最大，我們一般在此期間回購較少股份，並預期在今年剩餘期間回購將會增加。

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

接下來，我想把電話會議交回 John，請他說明我們對第二季的展望。

Thank you, Jason. I'm pleased to provide the following guidance for the second quarter of 2026. We expect to generate revenues of between $785 million and $845 million compared to $784 million in the second quarter of 2025, which at the midpoint of our guidance would represent a 4% revenue growth increase for the second quarter and 22% revenue growth for the first half of the year or 13% organically.

謝謝你，Jason。我很高興提供以下 2026 年第二季指引。我們預期營收介於 7.85 億至 8.45 億美元，相較 2025 年第二季的 7.84 億美元；以指引中位數計算，代表第二季營收成長 4%，上半年營收成長 22%，或有機成長 13%。

We anticipate pretax adjusted earnings to be in the range of $178 million to $196 million versus $173.6 million last year, which at the midpoint of guidance would represent 8% earnings growth for the second quarter and 26% earnings growth for the first half of the year. We expect our adjusted earnings tax rate to be between 11% and 14% for the full year 2026.

我們預期稅前調整後盈餘介於 1.78 億至 1.96 億美元，相較去年為 1.736 億美元；以指引中位數計算，代表第二季盈餘成長 8%，上半年盈餘成長 26%。我們預期 2026 年全年調整後盈餘有效稅率介於 11% 至 14%。

With that, operator, we would like to open the call for questions.

接下來，接線員，我們希望開放提問。

(Operator Instructions) Patrick Moley, Piper Sandler.

(接線員指示) Patrick Moley，Piper Sandler。

Congrats on the record quarter. So I wanted to ask about energy commodity and shipping revenues. They were very strong this quarter. In the release, you noted that total revenues though were already tracking up 41% year-over-year before the Iran conflict broke out. finished at 44% increase in the quarter year-over-year. So how much of that growth do you view as structural versus cyclical?

恭喜創下創紀錄的一季。我想詢問能源商品與航運收入。本季表現非常強勁。在新聞稿中，你們提到即使在伊朗衝突爆發之前，總營收年增率就已經在追蹤到 41%；本季最終年增 44%。那麼，你們認為這些成長有多少屬於結構性、又有多少屬於循環性？

And then I'm just curious, how do you think investors should think about the ECS revenue run rate from here as you lap the OTC Global Holdings acquisition in April of last year and as we think about maybe some of the geopolitical driven volatility normalizing from here?

另外我也想了解，當我們在今年 4 月滿一年（lap）OTC Global Holdings 的收購案，以及從現在起可能由地緣政治驅動的波動逐步正常化時，你們認為投資人應該如何看待 ECS 營收的後續運行水準（run rate）？

Patrick, -- so I think in terms of structural, as John said in his prepared remarks, we pointed out that the business was up 41% pre the start of the conflict and ended up 44%. If you just -- if you do the math on that, you'll see our opinion is that around about, call it, $20 million of incremental revenue, one could ascribe to the conflict, but the balance of that -- but most of the growth in Q1 was part of our normal business. So that's incredibly positive.

Patrick，-- 所以我認為從結構性角度來看，正如 John 在其事先準備的發言中所說，我們指出在衝突開始之前，業務年增 41%，最終達到 44%。如果你只是 -- 你把這個算一算，你會看到我們的看法是，大約可以說有約 2,000 萬美元的增量營收可歸因於這場衝突，但其餘的 -- 不過 Q1 的大部分成長仍屬於我們正常業務的一部分。所以這非常正面。

I think with ECS in particular, I don't think anything has changed between Q1 and Q2 and therefore, the rest of the year. We've now owned OTC for one year. And the integration of that business is virtually complete. And therefore, I think we will continue -- what you'll now see is you'll see growth across the ECS spectrum for our multi-brands, and we won't be breaking it out between OTC and our core business.

我認為就 ECS 而言，尤其是，我不覺得 Q1 和 Q2 之間，以及因此今年剩餘期間，有任何改變。我們現在已擁有 OTC 一年。而該業務的整合幾乎已完成。因此，我認為我們將會持續 -- 你現在會看到的是，我們多品牌在整個 ECS 範疇都會呈現成長，而我們不會再把 OTC 與核心業務拆開揭露。

Okay. That's helpful. And then as a follow-up, you expanded the cost reduction program this quarter. In the press release, I think you said that you were going to continue to identify and execute cost savings throughout 2026 to drive further margin expansion. So could you walk us through what's driving that incremental $10 million? How much additional runway you see beyond the $35 million now? And how should we just think about the pace of margin expansion flowing through the P&L over the remainder of the year?

好的。這很有幫助。接著追問，你們本季擴大了成本削減計畫。在新聞稿中，我想你們提到將持續在 2026 年前辨識並執行節省成本措施，以推動進一步的利潤率擴張。所以你能帶我們了解一下，是什麼驅動了額外的 1,000 萬美元嗎？在目前 3,500 萬美元之外，你們還看到多少額外空間（runway）？以及我們應該如何看待今年剩餘期間，利潤率擴張在損益表（P&L）中的落地節奏？

Yes, I like that. We increased our cost reduction program in the Q1 by 40%, and you asked for what we're going to do next after that. I like that. So I think as you know, having covered us for a while, as a result of the OTC acquisition, we identified that we should be able to save $25 million in cost reduction. Once we started on that journey, of course, we wanted to exceed that. And we found an additional $10 million now at $35 million. The bulk of that is within the compensation lines. There are some infrastructure lines as well.

是的，我喜歡這個問題。我們在 Q1 將成本削減計畫提高了 40%，而你問的是接下來我們在此之後要做什麼。我喜歡這個問題。所以我想你也知道，既然你追蹤我們一段時間了，因為 OTC 的收購，我們辨識出我們應該能夠節省 2,500 萬美元的成本。一旦我們開始這段旅程，當然，我們希望能超越這個目標。而我們現在又找到額外的 1,000 萬美元，使總額達到 3,500 萬美元。其中大部分是在薪酬相關科目。也有一些是在基礎設施相關科目。

And for example, we closed one of the non-profit-making businesses that OTC had in its logistics business, which resulted in decreases in compensation and a small amount of non-com as well. I think once you do these exercises, we will continue to do that across the business. Will we expect to get more than the $35 million-- of course, that's why we said it in our prepared remarks. But I think having just done that incremental 40%, we'll perhaps update you on what we think and an updated thing in the next quarter.

例如，我們關閉了 OTC 物流業務中一個不具獲利性的業務，這使得薪酬支出下降，非薪酬（non-com）也小幅下降。我認為一旦你做了這些作業，我們會持續在整個業務中推進。我們是否預期能超過 3,500 萬美元 -- 當然，這也是我們在事先準備的發言中提到的原因。但我想在剛完成這次額外 40% 的提升之後，我們可能會在下個季度向你更新我們的看法與最新進展。

Eli Abboud, Bank of America.

Eli Abboud，美國銀行（Bank of America）。

You pointed out a moment ago to Patrick, the revenues are tracking 41% higher year-on-year before the Iran war even began. So my question is, if the Iran war was not a major tailwind for you guys in 1Q '26, how do I bridge the 31% organic revenue growth in 1Q '26 with the 4% revenue growth implied by the guide for 2Q '26?

你剛才對 Patrick 提到，在伊朗戰爭甚至開始之前，營收年增就已經高出 41%。所以我的問題是，如果伊朗戰爭在 26 年第一季並不是你們的主要順風，那我該如何把 26 年第一季 31% 的有機營收成長，與 26 年第二季指引所暗示的 4% 營收成長連結起來？

Thanks, Eli. So why don't I take that one? It was interesting actually, John, JP and I when doing guidance, I'd probably say it was one of the more challenging times to give you guidance. And that's really for two reasons. Firstly, -- as we pointed out in Q1 this year, around $20 million of incremental revenue was there in Q1 in our estimate as part of the -- as a result of the Iran conflict. And last year, you, of course, remember that April is an interesting month in the US because April 25 was -- I think it was called Liberation Day.

謝謝你，Eli。那這題我來回答吧。其實很有意思，John、JP 和我在做指引時，我大概會說這是較具挑戰的時刻之一來給你們指引。主要有兩個原因。第一，-- 正如我們在今年 Q1 指出的，依我們估計，Q1 約有 2,000 萬美元的增量營收，是 -- 作為伊朗衝突的結果而產生。而去年，你當然記得，4 月在美國是一個有趣的月份，因為 4 月 25 日是 -- 我想那天被稱為「解放日」。

And therefore, it was the introduction of the tariffs, which had significant increases in volumes and trading in the month of April. So if you put the $20 million of Q1 this year and circa $20 million of Q1 or Q2 last year, that will help you bridge.

因此，當時引入了關稅，導致 4 月份的交易量與成交顯著增加。所以如果你把今年 Q1 的 2,000 萬美元，以及去年 Q1 或 Q2 約 2,000 萬美元放在一起看，這將有助於你做出銜接。

And I think also, look, we didn't mention it in our numbers, in our prepared remarks, I apologize. But we did sell the kACE business, and we did also close down the logistics business. Now that's $10 million of quarterly revenue. So, but if you add those three things together, that's $50 million difference.

另外我想說，我們在數字與事先準備的發言中沒有提到，抱歉。但我們確實出售了 kACE 業務，也關閉了物流業務。那部分是每季 1,000 萬美元的營收。所以，如果你把這三件事加總起來，就是 5,000 萬美元的差異。

And that's why also we gave you the six monthly in John's prepared remarks, he gave you the six month numbers, which said that organically, we're growing at 12.7%, assuming mid guidance organically. April was -- in giving our guidance, April, of course, therefore, was challenged by comparison to last year. But what we've seen, and of course, today is May 7, what we've seen is we've started to see trading levels return back to what I would call normality and try to reflect that in our guidance.

這也是為什麼我們在 John 的事先準備發言中提供了六個月的數字，他給了你六個月的數據，表示若以指引中位數計算，有機成長為 12.7%。在給出指引時，4 月當然因為與去年相比而面臨較高的比較基期挑戰。但我們看到的是，而且今天是 5 月 7 日，我們看到交易水準已開始回到我所稱的正常狀態，並嘗試在指引中反映這點。

Got it. And then, in the deck, you gave us some new data that shows your listed revenues are actually outpacing exchange volumes. I think conventional wisdom is that electronification is a one-way trend and that your business, which is primarily Voice, should be actually slower growth than that of the exchanges.

了解。另外，在簡報中，你們提供了一些新數據，顯示你們的上市（listed）營收其實正在超越交易所的成交量。我想一般共識是電子化（electronification）是一個單向趨勢，而你們的業務主要是語音（Voice），理應比交易所成長更慢。

These numbers, obviously, they suggest that maybe that isn't true. So I was hoping you could help us understand why. Why does it make sense for the high-touch flow that BGC does to be higher growth than the Fully Electronic low-touch flow that comprises the majority of listed volume?

但這些數字顯然暗示，也許並非如此。所以我希望你能幫我們理解原因。為什麼 BGC 所做的高接觸（high-touch）流量，會比構成大多數上市成交量的全電子、低接觸（Fully Electronic low-touch）流量成長更快，這樣的邏輯是合理的？

Okay. So I think two things. As my co-CEO JP pointed out in last quarter, what we were trying to explain is we are an exchange. We act like an exchange except for -- we do it not just for electronic marketplace, but for Voice, for hybrid and for electronic. And the interesting point was when there's volatility in the marketplace, we couldn't understand why the exchanges, of course, the exchange share prices would do well and ours not so much. And we're pointing out that we act like an exchange.

好的。我想有兩點。正如我的共同 CEO JP 在上一季指出的，我們想要解釋的是：我們是一家交易所。我們的運作方式像交易所，只是 -- 我們不僅針對電子市場，也涵蓋語音（Voice）、混合（hybrid）以及電子。有趣的一點是，當市場出現波動時，我們無法理解為什麼交易所的股價當然會表現良好，而我們的卻沒有那麼好。而我們要指出的是，我們的運作方式就像交易所。

So the difference is the clients can come to us and execute their business in one of three ways. So it shouldn't be surprising, therefore, that when electronic volumes, at for example, CME and ICE are up, of course, the trading that's going to be happening in both voice, voice/ hybrid and electronic with the intermediaries like BGC, that's going to be positive as well. So that's why there is a correlation between the two.

所以差異在於，客戶可以來找我們，並以三種方式之一來執行他們的業務。因此，當例如 CME 和 ICE 的電子交易量上升時，當然，透過像 BGC 這樣的中介機構進行的語音、語音/混合以及電子交易也會增加，這並不令人意外，這同樣會是正面的。所以這就是兩者之間存在相關性的原因。

And again, you've seen that very much in April, where the -- where the exchange volumes were lower, we still grew. And why are we outperforming them? I think we're outperforming them for two reasons. Number one is because of, from a strategy of -- what's led to our market share gains in multiple asset classes, number one, obviously, our acquisitions; and secondly, just overall increased volume. So I think that's why we continue to outperform the market.

而且你在四月也很明顯地看到了這一點：當交易所成交量較低時，我們仍然成長。那我們為什麼能跑贏他們？我認為我們跑贏有兩個原因。第一，從策略面來看——推動我們在多個資產類別市占率提升的因素，首先當然是我們的併購；其次則是整體成交量的增加。所以我認為這就是我們持續跑贏市場的原因。

Got it. And I'll squeeze one more in here before I hand it back to Patrick. Could you help us understand the decline in FMX futures open interest quarter-to-date versus 1Q? What can be done to course correct there?

了解。在我把問題交回給 Patrick 之前，我再塞一個問題。你能幫我們理解一下，FMX 期貨的未平倉量（open interest）在本季迄今相較於第一季為何下降嗎？有什麼可以做來加以修正、把方向拉回來？

It's John. So drop in OI on the futures is just simply a reflection of a risk-off mentality in terms of what's going on in the market. And so OI, as you know, is just standing orders. And so that is something that we would expect to happen as the conflict starts and something that we are seeing now start to recover in the same way that you're seeing those volumes start to recover.

我是 John。期貨未平倉量（OI）的下滑，純粹反映了市場目前的避險（risk-off）心態。而且如你所知，OI 只是尚未平倉的部位/掛單。因此，這是我們在衝突開始時就預期會發生的情況；而我們現在也看到它開始回升，就像你看到那些成交量開始回升一樣。

So I guess the way that we think of it is it kind of in general in nascent exchange is that it. Of course, we're always looking at -- you never want to see volumes go down for any reason, but this is exactly what we saw in the UST cash platform when that was a nascent exchange. And obviously, now it's not. And so you saw our cash platform perform beautifully when the conflict started. And I think that this is what we would have expected.

所以我想我們的看法是，一般來說在一個仍屬新興的交易所就是如此。當然，我們總是在關注——你永遠不希望因任何原因看到成交量下滑，但這正是我們在美國公債（UST）現貨平台仍屬新興交易所時所看到的情況。而顯然，現在它已不再是新興平台了。因此，當衝突開始時，你也看到我們的現貨平台表現非常出色。我認為這正是我們所預期會發生的。

And clearly, if there was ever an opportunity where the climb back to the market share that we had before, and we're virtually there now, and you'll see that the next time we speak, we believe we'll be there and above, proves what the participants in the market and the partners have been telling us, which is you need a second player in this market.

而且很明顯，如果說曾經有一個機會能讓我們回升到先前的市占率——我們現在幾乎已經回到那個水準了——而且你會在我們下次通話時看到，我們相信會回到那個水準並且更高，這也證明了市場參與者與合作夥伴一直告訴我們的話：這個市場需要第二個玩家。

And we are that second player. And that's why we believe that we're seeing our market share and volumes climb back to where they were, and it will be higher than that. We're quite confident of the next time we speak. So the risk parameters in the market are changing, but our place in the market has only been reinforced by the recovery in our volumes and our OI that you're starting to see.

而我們就是那第二個玩家。這也是為什麼我們相信，我們的市占率與成交量正在回升到先前的水準，而且會高於那個水準。我們對於下次通話時的情況相當有信心。所以市場的風險參數正在改變，但我們在市場中的地位，反而因為你開始看到的成交量與未平倉量（OI）回升而更加被強化。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Just a quick one. I don't have the live transcript in front of me, but in your prepared remarks, you said something about new products that you were looking forward to launching. I think you might have said FX. Could you just elaborate on what those are? And then any way to quantify maybe from a revenue or top line perspective, what sort of impact that could have and the timing of those launches?

我快速問一個。我手邊沒有即時逐字稿，但在你們的事先準備發言中，你提到一些你們期待推出的新產品。我想你可能提到了外匯（FX）。你能否再多說明一下那些是什麼？另外，有沒有辦法從營收或收入（top line）的角度量化一下，這些產品可能帶來的影響，以及推出的時間點？

Yes. As you and I have discussed, Lucera is a gem within the BGC portfolio. I think in terms of quantifying that, you'll continue to see it grow around the rates that it has grown historically despite the larger revenue size. So it grows at 20%-plus.

好的。如同你我討論過的，Lucera 是 BGC 投資組合中的一顆寶石。就量化而言，即使在營收規模變大之後，你仍會看到它以歷史上那樣的成長速度持續成長。也就是說，它的成長率在 20% 以上。

In terms of new products, the single thing that is most important in the Lucera world and growing importance in our world is connectivity. And so Lucera is constantly rolling out other products within asset classes. So the way to think about it is, yes, Lucera is dominant in FX and to a slightly lesser extent, but growing in rates, but there are other parts of a rates complex where Lucera is growing in and getting more buy-in from existing and from new customers.

就新產品而言，在 Lucera 的世界裡、以及在我們的世界裡日益重要的最關鍵一件事就是連線能力（connectivity）。因此，Lucera 持續在各資產類別中推出其他產品。所以可以這樣理解：是的，Lucera 在外匯（FX）領域具主導地位；在利率（rates）方面則略遜一些但正在成長；同時，在利率複合體（rates complex）的其他部分，Lucera 也正在擴張，並從既有客戶與新客戶那裡獲得更多認同與採用。

And as Lucera's connectivity within big clients continues to grow, it continues to expand in other asset classes and the TrustFactor and white-glove service that come along with Lucera is really genuinely taking hold, and we're pleased to see that they're doing a great job.

而隨著 Lucera 在大型客戶中的連線能力持續提升，它也持續擴展到其他資產類別；Lucera 所帶來的信任因素（TrustFactor）與白手套式服務（white-glove service）確實正在真正落地並發揮效果，我們也很高興看到他們做得非常出色。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Abularrage for final comments.

各位女士先生，我們的問答環節到此結束。我將把時間交回給 Abularrage 先生作最後評論。

Thanks very much, everyone. As always, we appreciate your time and look forward to speaking to you next quarter.

非常感謝各位。一如既往，我們感謝你們撥冗參與，也期待在下個季度再與各位交流。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與。