Interactive Brokers Group Inc (IBKR) 2018 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Interactive Brokers Group first quarter financial results conference call.

女士們，先生們，美好的一天，歡迎參加盈透證券集團第一季度財務業績電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's conference, Director of Investor Relations, Ms. Nancy Stuebe.

我現在想介紹一下今天會議的主持人，投資者關係總監 Nancy Stuebe 女士。

Ms. Stuebe, you may begin.

Stuebe 女士，你可以開始了。

Thank you, operator, and welcome, everyone, to our first quarter earnings call.

謝謝運營商，歡迎大家參加我們的第一季度財報電話會議。

Our earnings were released today after the market closed and are also available on our website.

我們的收益今天在市場收盤後發布，也可以在我們的網站上找到。

Our speakers today are Thomas Peterffy, our Chairman and CEO; and Paul Brody, our group CFO.

我們今天的演講者是我們的董事長兼首席執行官 Thomas Peterffy；和我們集團首席財務官 Paul Brody。

As a reminder, today's call may include forward-looking statements which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control.

提醒一下，今天的電話會議可能包括代表公司對未來事件的信念的前瞻性陳述，這些事件本質上是不確定的，並且超出了公司的控制範圍。

Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements.

我們的實際結果和財務狀況可能與這些前瞻性陳述中的內容存在重大差異。

We ask that you refer to the disclaimers in our press release.

我們要求您參考我們新聞稿中的免責聲明。

You should also review a description of risk factors contained in our financial reports filed with the SEC.

您還應該查看我們提交給 SEC 的財務報告中對風險因素的描述。

I'd now like to turn the call over to Thomas Peterffy.

我現在想把電話轉給 Thomas Peterffy。

Thomas?

托馬斯?

Good afternoon, and thank you for your attention today.

下午好，感謝您今天的關注。

Even though I know it is hard to follow the accent and on every occasion, it takes a long time for us to correct the record.

儘管我知道很難跟上口音，而且在任何情況下，我們都需要很長時間才能糾正記錄。

Therefore, to make this process easier on you, starting this quarter, we are going to do something new.

因此，為了讓您更輕鬆地完成此過程，從本季度開始，我們將做一些新的事情。

My script, which is the result of a joint effort between myself and our able representative for shareholder -- for Investor Relations, Nancy Stuebe, I am asking Nancy to read the script.

我的劇本是我和我們能幹的股東代表——投資者關係南希·斯圖貝（Nancy Stuebe）共同努力的結果，我要求南希閱讀劇本。

As in the past, I will remain on the call and attempt to answer any questions addressed to me.

和過去一樣，我將繼續接聽電話並嘗試回答向我提出的任何問題。

Nancy?

南希？

Good afternoon, and thank you for joining us for our first quarter 2018 earnings conference call.

下午好，感謝您參加我們的 2018 年第一季度財報電話會議。

This quarter saw the long-awaited return of volatility to world markets.

本季度，世界市場期待已久的波動性回歸。

We have said for several quarters that our strategy has been to grow our business in all segments, to get as many accounts on our platform as possible so we could take advantage of volatility when it returned.

幾個季度以來，我們一直在說我們的戰略是在所有領域發展我們的業務，在我們的平台上獲得盡可能多的賬戶，這樣我們就可以在波動性回歸時利用它。

And this quarter, it did.

而本季度，它做到了。

The VIX volatility index rose to an average of 17.2 this quarter, up from 11.7 last year.

VIX 波動率指數本季度平均升至 17.2，高於去年的 11.7。

Volume in our brokerage business rose 48% in options and 53% in futures over the last year.

去年，我們經紀業務的期權交易量和期貨交易量分別增長了 48% 和 53%。

This compares with overall options clearing corporation volume growth of 33%.

相比之下，期權清算公司的整體交易量增長了 33%。

Our stock share volume rose 28%.

我們的股票交易量上漲了 28%。

The strength and scale of our platform, which we designed to handle trading volumes many multiples of what we have currently, helped us take advantage of this activity.

我們平台的實力和規模，我們設計用於處理我們目前的交易量的許多倍，幫助我們利用這項活動。

This also explains why, while many of our peers had service interruptions during the busiest times in February, our customers had no such issues on our platform.

這也解釋了為什麼我們的許多同行在 2 月份最繁忙的時候服務中斷，而我們的客戶在我們的平台上沒有這樣的問題。

Our cleared DARTs rose to a record 876,000 this quarter, up 44% over last year.

本季度，我們清算的 DART 達到創紀錄的 876,000，比去年增長 44%。

DARTs per account were also up to the highest levels in 2 years.

每個帳戶的 DART 也達到了 2 年來的最高水平。

Yes, the market started moving again.

是的，市場再次開始波動。

The absolute numbers reminded us of the '87 and '08 crashes but percentage-wise, of course, these daily changes in market prices were much closer to the long-term norm than anything unusual.

絕對數字讓我們想起了 87 年和 08 年的崩盤，但從百分比來看，當然，市場價格的這些每日變化比任何異常情況都更接近長期常態。

Towards the latter part of 2017, the higher the market climbed, even though we thought this was a well justified move in view of the prospects for economic revival, and the lower the volatility in the VIX trended, the more concerned we became about a sudden potential explosion of volatility.

接近 2017 年下半年，市場攀升得越高，儘管鑑於經濟復甦的前景我們認為這是一個非常合理的舉動，而 VIX 的波動性趨勢越低，我們就越擔心突然潛在的波動性爆炸。

As opposed to other folks, we tend to expect sudden large moves when things become very calm and always in the opposite direction from what is currently taking place.

與其他人相反，當事情變得非常平靜並且總是與當前發生的事情相反的方向時，我們傾向於期待突然的大動作。

This is also a good time to try to cajole people to reign in position because they are liquidating large winners rather than large losers.

這也是試圖哄騙人們佔據主導地位的好時機，因為他們正在清算大贏家而不是大輸家。

For this reason, we increased margin requirements above exchange minimums and increased the exposure fees we charge to those accounts that carry short volatility positions that, under certain scenarios, would suffer losses substantially above the amount of equity in those accounts.

出於這個原因，我們將保證金要求提高到交易所最低限額以上，並增加了我們對那些持有空頭波動頭寸的賬戶收取的風險敞口費用，在某些情況下，這些賬戶的損失將大大高於這些賬戶的權益金額。

We calculate these exposures continuously, and we provide our customers the means to view them and to study hypothetical position with the trades that they could potentially enter into to diminish such exposures and thereby, reduce or eliminate the exposure fees.

我們不斷計算這些風險敞口，並為客戶提供查看它們的方法，並研究他們可能進行的交易的假設頭寸，以減少此類風險敞口，從而減少或消除風險承擔費用。

We also provide a mechanism to study various what-if scenarios.

我們還提供了一種機制來研究各種假設情景。

By imposing these so-called exposure fees, our goal is not to collect the fees but rather to incentivize our customers to minimize their and, indirectly, our exposure to potential market moves.

通過徵收這些所謂的曝光費，我們的目標不是收取費用，而是激勵我們的客戶盡量減少他們以及間接地減少我們對潛在市場變動的風險。

This strategy paid off for us during the first quarter.

這一策略在第一季度為我們帶來了回報。

Our customers' losses were smaller than they otherwise would have been and, in spite of our large margin loans, our losses were limited to $3 million across 15 accounts due to the wild market gyrations.

我們客戶的損失比其他情況下的損失要小，儘管我們有大量保證金貸款，但由於市場劇烈波動，我們在 15 個賬戶中的損失限制在 300 萬美元。

As expected, with the high volatility, volumes spiked up.

正如預期的那樣，隨著高波動性，交易量飆升。

In February, our DARTs exceeded 1 million per day, which is a new record for us.

2 月，我們的 DART 每天超過 100 萬，這對我們來說是一個新的記錄。

On last quarter's call, we said the big question for 2018 would be if we can keep our accounts and customer equity growing at the rate we did in the fourth quarter.

在上一季度的電話會議上，我們表示 2018 年的最大問題是我們能否保持我們的賬戶和客戶資產以第四季度的速度增長。

So far, the answer appears to be yes.

到目前為止，答案似乎是肯定的。

Our accounts grew 27% to 517,000 and customer equity grew 33% to $129 billion.

我們的賬戶增長 27% 至 517,000，客戶資產增長 33% 至 1290 億美元。

And interactive brokers' growth comes from signing up new customers in addition to existing customers adding additional assets and not from acquiring other brokers.

互動經紀商的增長來自於新客戶的簽約以及現有客戶增加額外資產，而不是來自收購其他經紀商。

We attract new customers for several reasons: our superior technology, our low cost, the interest we pay to our customers on their cash and positive word of mouth.

我們吸引新客戶有幾個原因：我們卓越的技術、我們的低成本、我們向客戶支付的現金利息和積極的口碑。

We are also introducing new products and services such as IBot, which is our resident order desk robot to whom you can ask questions and give orders.

我們還推出了新的產品和服務，例如 IBot，這是我們的常駐訂單台機器人，您可以向其提問和下訂單。

We believe all this will increase the ease and attraction of our customer interface and the number and kinds of transactions customers can do on our platform.

我們相信這一切都會增加我們客戶界面的易用性和吸引力，以及客戶可以在我們平台上進行的交易的數量和種類。

You can see our business' scalability in our margins.

您可以從我們的利潤中看到我們業務的可擴展性。

Compared to last year's first quarter, our reported pretax income for brokerage this quarter was $291 million, up 57%, raising our pretax margin in brokerage from 59% to 63%.

與去年第一季度相比，我們本季度報告的經紀業務稅前收入為 2.91 億美元，增長 57%，將我們在經紀業務的稅前利潤率從 59% 提高到 63%。

The factors driving brokerage were commissions of $220 million, up 43%; and net interest income of $210 million, up 56%.

推動經紀業務的因素是佣金 2.2 億美元，增長 43%；淨利息收入 2.1 億美元，增長 56%。

Interest rates rose again in March.

3月份利率再次上漲。

For those of you who pay attention to what interest you earn on the cash in your brokerage account, and you should, Interactive Brokers now pays 1.19% on customer cash in U.S. dollars.

對於那些關注您從經紀賬戶中的現金賺取多少利息的人來說，盈透證券現在以美元支付客戶現金的 1.19%。

That is interest on the cash sitting in your brokerage account that you can access immediately, not cash you have to move to another account or cash you have to use to buy a money market fund and spend several hours or days to free up in case you want to buy a stock or a car.

這是您可以立即訪問的經紀賬戶中現金的利息，而不是您必須轉移到另一個賬戶的現金或您必須用來購買貨幣市場基金並花費幾個小時或幾天來釋放的現金以防萬一想買股票或汽車。

Net interest income rose on increased assets and higher average benchmark rates.

淨利息收入因資產增加和平均基準利率上升而上升。

In addition to credit balances moving higher, our customers' average margin loans for the quarter reached a high of over $29 billion as our customers capitalized on our low margin rates.

除了信貸餘額上升之外，我們的客戶在本季度的平均保證金貸款達到了超過 290 億美元的高位，因為我們的客戶利用了我們的低保證金率。

By paying the highest rates we know of on customer cash and charging the lowest rates we know of for margins loans, we are attracting more takers on both sides.

通過對客戶現金支付我們所知的最高利率並為保證金貸款收取我們所知的最低利率，我們在雙方都吸引了更多的接受者。

Finally, our total equity reached $6.7 billion in the first quarter, our highest to date.

最後，我們的總股本在第一季度達到了 67 億美元，是我們迄今為止的最高水平。

As we grow larger, our equity capital helps us attract larger customers.

隨著我們的規模越來越大，我們的股權資本幫助我們吸引更大的客戶。

We saw growth in all 5 of the client types that we service.

我們看到我們服務的所有 5 種客戶類型都有增長。

I'll now go over our 5 client segments.

我現在將介紹我們的 5 個客戶群。

We saw particular strength once again in our introducing brokers segment, which had first quarter account growth of 64%, client equity growth of 69% and commission growth of 48%.

我們的介紹經紀人業務再次表現強勁，第一季度賬戶增長 64%，客戶資產增長 69%，佣金增長 48%。

Operating and regulatory costs to buying a brokerage firm go up every year as regulation grows worldwide.

隨著全球監管的加強，購買經紀公司的運營和監管成本每年都在上升。

Smaller and mid-size brokers eventually reach a point where it is difficult, if not impossible, to justify maintaining their own technology.

中小型經紀商最終會達到一個難以（如果不是不可能）證明維護自己的技術的地步。

So they come to us to white label our platform, which gives them the benefit of Interactive Brokers' low cost while also giving our customers access to our state-of-the-art technology.

所以他們來找我們為我們的平台貼上白標，這讓他們受益於盈透證券的低成本，同時也讓我們的客戶能夠使用我們最先進的技術。

The introducing broker is charged our lowest commission rates, which they can then mark up.

介紹經紀人收取我們最低的佣金率，然後他們可以加價。

Every account, no matter what the size, is charged on the same commission schedule.

每個帳戶，無論大小，都按相同的佣金計劃收取費用。

A benefit for us is that many of these accounts are below IBKR's $100,000 equity threshold for interest payments, and we can therefore capture that net interest revenue while providing the lowest commissions and best execution.

對我們而言，其中許多賬戶的利息支付低於 IBKR 的 100,000 美元權益門檻，因此我們可以在提供最低佣金和最佳執行的同時獲得淨利息收入。

The introducing broker handles the customer service for and manages the relationship with its clients.

介紹經紀人為其客戶處理客戶服務並管理與客戶的關係。

We provide the execution and back office, the trading, reporting, clearing, custody and regulatory tasks.

我們提供執行和後台、交易、報告、清算、託管和監管任務。

This symbiotic relationship works well for both sides.

這種共生關係對雙方都很有效。

There is something for everybody.

每個人都有一些東西。

We continue to see good growth in the hedge fund customer segment.

我們繼續看到對沖基金客戶群的良好增長。

For the first quarter, we saw 15% hedge fund account growth, 40% customer equity growth and 30% commission growth.

第一季度，我們看到對沖基金賬戶增長 15%，客戶資產增長 40%，佣金增長 30%。

As our word-of-mouth grows, more potential hedge fund clients try Interactive Brokers and see the quality of our platform and the strength of our balance sheet.

隨著我們口碑的增長，越來越多的潛在對沖基金客戶嘗試使用盈透證券，並了解我們平台的質量和資產負債表的實力。

Because hedge funds like and trade on volatility, commission growth was particularly strong in the quarter for this segment.

由於對沖基金喜歡波動性並進行交易，因此該細分市場的佣金增長在本季度尤為強勁。

Individual customers, which make up 51% of our accounts, 35% of our client equity and 49% of our commissions had account growth of 18% for the quarter while client equity grew 31% and commissions were up 15%.

個人客戶占我們賬戶的 51%、客戶資產的 35% 和佣金的 49%，本季度的賬戶增長了 18%，而客戶資產增長了 31%，佣金增長了 15%。

The more active trading environment meant that commissions for this segment finally started to keep pace with account growth.

更活躍的交易環境意味著該細分市場的佣金終於開始跟上賬戶增長的步伐。

Proprietary trading firms are 3% of our accounts, 10% of client equity and 17% of commissions.

自營交易公司占我們賬戶的 3%、客戶資產的 10% 和佣金的 17%。

For the quarter, this group grew by 10% on accounts, 6% in customer equity and 18% in commissions.

本季度，這一群體的賬戶增長了 10%，客戶資產增長了 6%，佣金增長了 18%。

Like hedge funds, prop trading firms are sensitive to volatility and trade more when volatility rises.

與對沖基金一樣，自營交易公司對波動性很敏感，並且會在波動性上升時進行更多交易。

Our final category is financial advisers.

我們的最後一類是財務顧問。

They are 17% of our accounts, 23% of our customer equity and 17% of our commissions.

它們占我們賬戶的 17%、客戶資產的 23% 和佣金的 17%。

This group grew accounts by 16%, customer equity by 24% and commissions by 15%.

這個群體的賬戶增長了 16%，客戶資產增長了 24%，佣金增長了 15%。

As was the case with individual customers, a better trading environment meant that commissions kept up with account growth.

與個人客戶的情況一樣，更好的交易環境意味著佣金可以跟上賬戶的增長。

Also, Greenwich Compliance, our in-house team that assists advisers with the legal and regulatory process of setting up their own RIA business, has been very helpful to the segment's growth.

此外，我們的內部團隊格林威治合規部協助顧問處理建立自己的 RIA 業務的法律和監管流程，對該部門的增長非常有幫助。

Greenwich Compliance is our group of legal experts that take an RIA through state or SEC registration, get them set up in business and onto our platform.

Greenwich Compliance 是我們的法律專家小組，他們通過州或 SEC 註冊進行 RIA，讓他們在業務中建立並進入我們的平台。

By leveraging our expertise and ability to provide services and technology, RIAs can focus on their business and their start-up phase and on through their operational phase.

通過利用我們提供服務和技術的專業知識和能力，RIA 可以專注於他們的業務和啟動階段以及整個運營階段。

In addition to the constant improvement of our trading platform, you will see us continue to introduce new initiatives like the FDIC-insured bank sweep program and Interactive Brokers Debit Mastercard in the fourth quarter of 2017.

除了不斷改進我們的交易平台外，您還將看到我們在 2017 年第四季度繼續推出新的舉措，如 FDIC 保險銀行清掃計劃和盈透證券借記萬事達卡。

We will also offer a bill pay function and payroll direct deposits, both of which are being rolled out shortly.

我們還將提供賬單支付功能和工資單直接存款，這兩者都將很快推出。

These features are designed to give our customers the most flexibility in their Interactive Brokers account and not coincidentally to give them little reason to leave our platform.

這些功能旨在為我們的客戶在其盈透證券賬戶中提供最大的靈活性，而不是巧合地讓他們沒有理由離開我們的平台。

There are many of you on this call who are investors in our company but not customers.

本次電話會議中有很多人是我們公司的投資者，但不是客戶。

We prefer investors who are customers with whom we are happy to share our success.

我們更喜歡那些願意與我們分享成功的客戶的投資者。

Our success depends on feedback from and working with our users.

我們的成功取決於用戶的反饋和與用戶的合作。

We believe that we may not be the right investment for those who are not willing to use our platform.

我們認為，對於那些不願意使用我們平台的人來說，我們可能不是正確的投資。

We ask that you join us, seriously explore and experiment with what we provide and give your suggestions to help us get even better.

我們要求您加入我們，認真探索和試驗我們提供的內容，並提出您的建議，以幫助我們變得更好。

With that, I will turn the call over to our CFO, Paul Brody, who will go through the numbers for the quarter.

有了這個，我將把電話轉給我們的首席財務官 Paul Brody，他將檢查本季度的數據。

Thank you, Nancy.

謝謝你，南希。

Welcome, everyone, to the call.

歡迎大家來電。

As usual, I'll first review our summary results and then give segment highlights, including some additional color on the winding down of our market maker before opening it up to questions.

像往常一樣，我將首先回顧我們的總結結果，然後給出細分亮點，包括在我們的做市商結束之前添加一些額外的顏色，然後再提出問題。

First quarter operating results reflected a solid performance in brokerage, led by gains in net interest income and commission revenue.

第一季度的經營業績反映了經紀業務的穩健表現，這主要得益於淨利息收入和佣金收入的增長。

These were supplemented by currency translation gains and a continued low level of trading gains produced in the Market Making segment.

貨幣換算收益和做市部門產生的持續低水平的交易收益補充了這些收益。

Operating metrics reflected a stronger trading environment with greater volatility as measured by the average VIX.

運營指標反映了以平均 VIX 衡量的更強勁的交易環境和更大的波動性。

Volatility rose 47% from the year ago quarter to 17.2% this quarter.

波動率較去年同期上升 47%，本季度升至 17.2%。

Higher volatility typically gives rise to more trading opportunities for our customers worldwide.

較高的波動性通常會為我們的全球客戶帶來更多的交易機會。

And with the added tailwind from new account growth, our quarterly total DARTs were up 43% year-over-year and our cleared DARTs per account rose 14% and our average net revenue per cleared account grew 19%.

隨著新賬戶增長帶來的額外順風，我們的季度總 DART 同比增長 43%，每個賬戶的清算 DART 增長 14%，每個清算賬戶的平均淨收入增長 19%。

We continued to see strength this quarter in asset gathering and margin balances in brokerage, as I will describe further in my comments on the debt segment's performance.

我們在本季度繼續看到經紀業務的資產收集和保證金餘額表現強勁，我將在我對債務部門業績的評論中進一步描述。

First quarter reported net revenues for the company rose 41% against the lukewarm low volatility quarter last year.

第一季度公司報告的淨收入與去年溫和的低波動季度相比增長了 41%。

Pretax income was up 60% for a pretax margin of 65%, excluding extraordinary items like our treasury marks, currency translation effects and market maker exit costs from last year.

稅前收入增長 60%，稅前利潤率為 65%，不包括去年的國庫券、貨幣換算效應和做市商退出成本等特殊項目。

Consolidated net revenues were up 51% versus last year while pretax income rose 85% for a pretax margin of 62%.

綜合淨收入與去年相比增長了 51%，而稅前收入增長了 85%，稅前利潤率為 62%。

And for the brokerage segment, excluding treasury marks, pretax income was up 58% for a pretax margin of 63%.

對於經紀業務，不包括國庫券，稅前收入增長 58%，稅前利潤率為 63%。

Discussing the main factors, stronger market environment, firstly, the average VIX, as I said, rose 47% year-over-year and volatility rose steadily beginning in February after a year's long period of historically low readings.

討論主要因素，更強的市場環境，首先，正如我所說，平均 VIX 同比上漲 47%，波動性在經歷了一年的長期歷史低位讀數後，從 2 月份開始穩步上升。

Generally, a higher VIX enhances trading volume and therefore, brokerage revenues.

通常，較高的 VIX 會提高交易量，從而提高經紀收入。

Next, the U.S. dollar weakened versus other major currencies.

其次，美元兌其他主要貨幣走弱。

As a result, the currency basket in which we keep our equity, which we call the GLOBAL, rose 0.7% against the dollar for the quarter, resulting in a gain of $46 million.

結果，我們持有股票的貨幣籃子（我們稱之為全球貨幣）在本季度兌美元匯率上漲了 0.7%，從而獲得了 4600 萬美元的收益。

This includes a gain of $38 million reported in Other Income and a gain of $8 million in Other Comprehensive Income or OCI.

這包括在其他收入中報告的 3800 萬美元的收益和在其他綜合收入或 OCI 中報告的 800 萬美元的收益。

We estimate the total impact to comprehensive earnings per share from the GLOBAL to be a gain of $0.09 for the quarter with $0.07 reported as other income and $0.02 as OCI.

我們估計全球對每股綜合收益的總影響為本季度收益 0.09 美元，其中 0.07 美元作為其他收入報告，0.02 美元作為 OCI 報告。

Finally, short- to medium-term interest rates rose again in the quarter as the Federal Reserve continued to raise its target rate with another 25-basis point increase.

最後，隨著美聯儲繼續上調目標利率，本季度中短期利率再次上升 25 個基點。

As a result of our short duration portfolio, which we managed to reduce our yield curve exposure, we recorded a modest mark-to-market loss of $3 million on our holdings of U.S. treasuries.

由於我們的短期投資組合，我們設法減少了我們的收益率曲線敞口，我們持有的美國國債錄得 300 萬美元的適度損失。

Although we plan to hold these securities to maturity, we must, as brokers, unlike banks, mark them to market in our financial reporting.

儘管我們計劃將這些證券持有至到期，但作為經紀人，與銀行不同，我們必須在我們的財務報告中將它們標記為市價。

I'll summarize the quarter's revenues, adjustments and pretax results as follows.

我將本季度的收入、調整和稅前結果總結如下。

Reported net revenues for the quarter were $527 million, deducting the $38 million gain on our currency strategy and adding back the $3 million loss from marking our treasury portfolio to market results in adjusted net revenues of $492 million for the quarter.

本季度報告的淨收入為 5.27 億美元，扣除了我們貨幣策略的 3800 萬美元收益，並將我們的資金投資組合標記為市場造成的 300 萬美元損失加回，調整後的本季度淨收入為 4.92 億美元。

That's an increase of 51% from adjusted net revenues of $326 million in the year ago quarter.

這比去年同期調整後的淨收入 3.26 億美元增加了 51%。

Reported pretax income was $340 million.

報告的稅前收入為 3.4 億美元。

And adjusted for these factors, pretax income was $305 million.

並針對這些因素進行調整後，稅前收入為 3.05 億美元。

That's an increase of 85% over adjusted pretax income of $165 million in the year ago quarter.

這比去年同期調整後的稅前收入 1.65 億美元增加了 85%。

Pretax margin in the latest quarter was 65% as reported and 62% as adjusted.

最近一個季度的稅前利潤率為報告的 65% 和調整後的 62%。

Turning to the income statement line items.

轉向損益表行項目。

Commissions and execution fees were $220 million, up 43%, driven by increased volume across product types.

佣金和執行費用為 2.2 億美元，增長 43%，主要受產品類型數量增加的推動。

Net interest income was $217 million, up 53%.

淨利息收入為 2.17 億美元，增長 53%。

Brokerage produced $210 million; Market Making, $6 million; and corporate, the remainder.

經紀業務產生了 2.1 億美元；做市，600萬美元；和公司，其餘的。

While the December Federal Reserve rate hike helped us this quarter, the benefit of the March hike will be reflected in our numbers going forward.

雖然 12 月美聯儲加息在本季度幫助了我們，但 3 月加息的好處將反映在我們未來的數據中。

Trading Gains were $13 million, up from $2 million in the year ago quarter.

交易收益為 1300 萬美元，高於去年同期的 200 萬美元。

The increased volatility has helped the small remaining Market Making operations.

波動性的增加幫助了剩餘的小型做市業務。

Other income, which, as I described earlier, included the effects of our currency diversification strategy and also treasury portfolio marks, was a gain of $77 million, about even with the prior year quarter.

其他收入，如我之前所述，包括我們的貨幣多元化戰略和國庫投資組合標記的影響，是 7700 萬美元的收益，與去年同期持平。

Noninterest expenses were $187 million for the quarter, up 16% from the same quarter last year.

本季度非利息支出為 1.87 億美元，比去年同期增長 16%。

The rise in expenses reflects higher execution and clearing costs on strong trading volume as well as higher compensation and benefit and G&A expenses.

費用的增加反映了強勁的交易量導致更高的執行和清算成本，以及更高的薪酬和福利以及 G&A 費用。

At March 31, 2018, our total headcount stood at 1,252, an increase of 3% over the year ago quarter.

截至 2018 年 3 月 31 日，我們的總員工人數為 1,252 人，比去年同期增長 3%。

As the modest increase shows, we have been moderating the pace of hiring while transferring some employees, mostly software developers, from Market Making to brokerage operations.

正如適度增長所顯示的那樣，我們一直在放慢招聘步伐，同時將一些員工（主要是軟件開發人員）從做市商轉移到經紀業務。

We continue to build our customer service and legal and compliance capabilities.

我們將繼續建立我們的客戶服務以及法律和合規能力。

Compensation and benefits expenses somewhat outpaced the increase in headcount this quarter, reflecting primarily accruals for higher bonuses.

本季度的薪酬和福利支出在一定程度上超過了員工人數的增長，主要反映了更高獎金的應計。

Comprehensive diluted earnings per share were $0.65 for the quarter as compared to $0.40 for the first quarter of 2017.

本季度綜合攤薄後每股收益為 0.65 美元，而 2017 年第一季度為 0.40 美元。

On a noncomprehensive basis, which excludes the OCI, diluted earnings per share and net income were $0.63 for the quarter as compared to $0.34 for the same period in 2017.

在不包括 OCI 的非綜合基礎上，本季度攤薄後每股收益和淨收益為 0.63 美元，而 2017 年同期為 0.34 美元。

Excluding the impact of noncore items, comprehensive diluted earnings per share were $0.57 for the current quarter versus $0.27 for the year ago quarter on the same basis.

排除非核心項目的影響，本季度綜合攤薄後每股收益為 0.57 美元，而去年同期為 0.27 美元。

Now to help investors better understand our earnings, the split between the public shareholders and the noncontrolling interests is as follows.

現在為了幫助投資者更好地了解我們的收益，公眾股東和非控股股東之間的分配如下。

Starting with income before income taxes of $340 million.

從 3.4 億美元的所得稅前收入開始。

We deduct $10 million for income taxes paid by our operating companies, which are predominantly foreign taxes.

我們從運營公司支付的所得稅中扣除 1000 萬美元，其中主要是外國稅收。

That leaves us with $330 million, of which $82.6 million, or that $273 million reported on our income statement, is attributable to the noncontrolling interest.

這給我們留下了 3.3 億美元，其中 8260 萬美元，即我們損益表中報告的 2.73 億美元，歸因於非控制性權益。

17.4%, the remainder, or $57 million is available to the public company stockholders.

17.4%，剩餘的 5700 萬美元可供上市公司股東使用。

GAAP accounting prevents us from putting this $57 million number on our income statement because the public company results are reported after taxes.

GAAP 會計使我們無法將這 5700 萬美元的數字放在損益表上，因為上市公司的業績是在稅後報告的。

After we expense the remaining taxes of $11 million owed on that $57 million, the public company's net income is the $46 million reported on our income statement.

在我們將這 5700 萬美元的剩餘稅款扣除 1100 萬美元後，這家上市公司的淨收入就是我們損益表上報告的 4600 萬美元。

The total income tax expense of $21 million consists of this $11 million plus the $10 million paid by the operating companies.

2100 萬美元的總所得稅費用包括這 1100 萬美元加上運營公司支付的 1000 萬美元。

Turning to the balance sheet.

轉向資產負債表。

It remains highly liquid with low leverage.

它仍然具有高流動性和低杠桿率。

As a general practice, we hold an amount of cash on hand that provides us with a buffer should we need immediately available funds for any reason.

作為一般慣例，我們手頭有一定數量的現金，可以在我們出於任何原因需要立即可用的資金時提供緩衝。

We are extremely well capitalized from a regulatory standpoint and continue to deploy our capital with a growing brokerage business.

從監管的角度來看，我們資本充足，並繼續將我們的資本用於不斷增長的經紀業務。

We elect to hold excess capital to take advantage of opportunities as well as to convey the strength and depth of our balance sheet.

我們選擇持有過剩資本以利用機會並傳達我們資產負債表的實力和深度。

We continue to carry no long-term debt.

我們繼續不承擔長期債務。

And our consolidated equity capital at March 31, 2018, reached $6.7 billion, of which approximately $5.1 billion was held in brokerage, $1.3 billion in Market Making and the remainder in the Corporate segment.

截至 2018 年 3 月 31 日，我們的合併股本達到 67 億美元，其中約 51 億美元用於經紀業務，13 億美元用於做市業務，其餘則用於企業部門。

As the market makers wound down, capital is being used to support our brokerage business.

隨著做市商的減少，資金被用於支持我們的經紀業務。

Both the broker's financial credibility facilitates customer orders and products such as CFDs and ETFs that also allows us to take advantage of greater customer financing opportunities.

經紀商的財務信譽促進了客戶訂單和 CFD 和 ETF 等產品，這也使我們能夠利用更多的客戶融資機會。

In addition, we're evaluating our policy of funding quarterly dividends from the subsidiaries that have accumulated Market Making earnings over the years, and we expect to begin sourcing these funds from accumulated brokerage earnings over the coming quarters.

此外，我們正在評估我們從多年來累積做市收益的子公司提供季度股息的政策，我們預計將在未來幾個季度開始從累積的經紀收益中獲取這些資金。

Turning to the segments, beginning with Electronic Brokerage.

轉向細分市場，從電子經紀業務開始。

This quarter, we saw a rise in trading volume largely driven by increased volatility, which had long been absent in the world and especially U.S. markets.

本季度，我們看到交易量的增加主要是由於波動性增加，而這在世界，尤其是美國市場長期以來一直不存在。

Customer trade volumes rose 28% in stocks, 48% in options, and 53% in futures.

股票的客戶交易量增加了 28%，期權交易量增加了 48%，期貨交易量增加了 53%。

Foreign exchange dollar volume was also up.

外匯美元交易量也有所上升。

Commission revenue rose 43% on a product mix that featured smaller average trade sizes in stocks and futures and larger in options and ForEx.

由於股票和期貨的平均交易規模較小，而期權和外彙的平均交易規模較大，佣金收入增長了 43%。

This mix resulted in an overall average cleared commission per DART of $4.04 for the quarter, up 1% from the year ago quarter.

這種組合導致本季度每 DART 的總體平均清算佣金為 4.04 美元，比去年同期增長 1%。

Customer equity grew to $129.2 billion, up 33% from last year and 4% sequentially.

客戶權益增長至 1292 億美元，比去年增長 33%，環比增長 4%。

The source of this growth continues to be a strong inflow of new accounts and customer assets.

這種增長的來源仍然是新賬戶和客戶資產的強勁流入。

We continue to have success in attracting increasingly larger customers, including hedge funds as well as financial advisers and introducing brokers that, while large overall, manage groups of smaller accounts.

我們在吸引越來越大的客戶方面繼續取得成功，包括對沖基金以及財務顧問和介紹經紀人，儘管總體規模很大，但管理著較小的賬戶組。

In particular, large introducing brokers who bring their business to us on either an Omnibus or fully disclosed basis continue to sign up with greater frequency.

特別是，以綜合或完全披露的方式向我們提供業務的大型介紹經紀人繼續以更高的頻率註冊。

Our average account equity rose 5% year-on-year to $250,000.

我們的平均賬戶淨值同比增長 5% 至 250,000 美元。

In addition to the larger accounts that we attract with financing and short sale support, we hope to persuade customers of all sizes to deposit more of their cash with us by offering an expanded suite of cash management tools such as our Interactive Brokers Debit Mastercard, our FDIC-insured bank deposit sweep program, bill pay and payroll direct deposit services and our strong mobile offerings.

除了通過融資和賣空支持吸引更大的賬戶外，我們還希望通過提供擴展的現金管理工具套件來說服各種規模的客戶在我們這裡存入更多現金，例如盈透證券借記萬事達卡、我們的FDIC 保險的銀行存款清掃計劃、賬單支付和工資單直接存款服務以及我們強大的移動產品。

Margin debits rose 40% year-over-year, reaching $29.3 billion.

保證金借方同比增長 40%，達到 293 億美元。

Our compelling margin rate, the lending rates, especially in a rising interest rate environment, along with customers' appetite for increased risk in our expanded prime broker financing, drove increases in margin lending across large and small accounts.

我們令人信服的保證金率、貸款利率，尤其是在利率上升的環境下，以及客戶對我們擴大的主要經紀人融資的風險偏好增加，推動了大型和小型賬戶的保證金貸款增加。

Customer credit balances continued their steady growth, rising 7% over the year ago quarter.

客戶信貸餘額繼續穩步增長，同比增長 7%。

Net interest income rose to $210 million, up 56% from the first quarter of 2017, and our net interest margin widened to 1.55% from 1.12% in the year ago quarter.

淨利息收入增至 2.1 億美元，較 2017 年第一季度增長 56%，我們的淨息差從去年同期的 1.12% 擴大至 1.55%。

The Federal Reserve's floor increases and the Fed funds target rate since March of 2017, together with increased customer balances, generated more net interest income on cash balances.

自 2017 年 3 月以來，美聯儲的下限和聯邦基金目標利率的提高，以及客戶餘額的增加，產生了更多的現金餘額淨利息收入。

Our continued success in asset gathering should lead to larger revenue contributions from interest-sensitive assets going forward.

我們在資產收集方面的持續成功應該會導致未來對利率敏感的資產產生更大的收入貢獻。

Our bank sweep program introduced last year has seen increased acceptance.

我們去年推出的銀行清掃計劃得到了越來越多的接受。

Though, it's not yet contributing meaningfully to net interest margin.

不過，它尚未對淨息差做出有意義的貢獻。

And finally, our stock yield enhancement program, where we share revenue from lending out fully paid securities with our customers, continues to expand providing an additional source of interest revenue on securities assets.

最後，我們的股票收益率提升計劃（我們與客戶分享借出全額支付證券的收入）繼續擴大，為證券資產提供額外的利息收入來源。

Margin lending and our segregated cash management were the largest contributors to the improvement in net interest margin.

保證金貸款和我們的獨立現金管理是淨息差改善的最大貢獻者。

Given the opportunities presented by the market, our new product introductions and a growing customer asset base, we continue to believe we are well positioned to maximize our net interest income.

鑑於市場提供的機會、我們的新產品推出和不斷增長的客戶資產基礎，我們仍然相信我們有能力最大化我們的淨利息收入。

In this environment, expectations over further rate increases are baked into the yields on instruments in which we invest.

在這種環境下，對進一步加息的預期被納入我們投資工具的收益率中。

Isolated from these expectations and based on current balances, we estimate that an unanticipated single rise in overnight interest rates of 25 basis points would produce an additional $9 million in net interest income over the immediately following 4 quarters and $15 million as a yearly run rate, which includes reinvestment of all current holdings at higher rates.

脫離這些預期並根據當前餘額，我們估計隔夜利率單次意外上升 25 個基點將在接下來的 4 個季度產生額外的 900 萬美元淨利息收入和 1500 萬美元的年利率，其中包括以更高的利率對所有當前持有的資產進行再投資。

Further increases in rates will be reflected to a lesser degree in our net interest margin.

利率的進一步上升將在較小程度上反映在我們的淨息差中。

We would realize part of any increase in the interest we earn on our segregated cash and our margin lending, offset somewhat by the interest we pay to our customers, which is pegged to benchmark rate less a narrow spread.

我們將意識到我們從隔離現金和保證金貸款中獲得的任何利息增加的一部分，在一定程度上被我們支付給客戶的利息所抵消，該利息與基準利率減去狹窄的利差掛鉤。

Fixed expenses in brokerage were $103 million, up 30% over the year ago quarter.

經紀業務的固定費用為 1.03 億美元，比去年同期增長 30%。

The primary component of this increase was higher general and administrative costs, driven by the expected transfer of staff from Market Making and increased legal and compliance expenses and reserves.

這一增長的主要部分是更高的一般和行政成本，這是由於預期的做市人員調動以及法律和合規費用及儲備金增加所致。

Customer bad debt expense was $3 million, higher than in prior quarters but a reflection of the success of our robust risk management systems in limiting customer defaults during highly volatile periods.

客戶壞賬費用為 300 萬美元，高於前幾個季度，但反映了我們強大的風險管理系統在高度波動期間限制客戶違約方面的成功。

Our risk committee continues to enhance our scenario-based risk models in order to reduce exposures to world events.

我們的風險委員會繼續加強我們基於情景的風險模型，以減少對世界事件的影響。

Pretax income from Electronic Brokerage was $291 million, up 57% from the prior year quarter for a 63% pretax margin.

電子經紀業務的稅前收入為 2.91 億美元，比去年同期增長 57%，稅前利潤率為 63%。

Excluding treasury marks, core pretax income was $294 million, up 58% from the prior year quarter on the same basis.

不包括國庫券，核心稅前收入為 2.94 億美元，同比增長 58%。

I'll now give a few brief remarks here about the Market Making business as we have wound the majority of it down.

我現在將在這裡就做市業務做一些簡短的評論，因為我們已經完成了大部分業務。

This segment today consists of the customer facilitation business we will retain in products such as CFDs, ETFs and single stock futures as well as a few profitable international markets that we will continue to operate and evaluate for a period of time.

今天的這一細分市場包括我們將在 CFD、ETF 和個股期貨等產品中保留的客戶便利業務，以及我們將在一段時間內繼續運營和評估的一些有利可圖的國際市場。

Earnings from these operations have and are continued -- are expected to continue to defray the $25 million of exit costs we incurred in 2017.

這些業務的收益已經並將繼續——預計將繼續支付我們在 2017 年產生的 2500 萬美元的退出成本。

As expected, Market Making trade volume generally declined year-over-year.

正如預期的那樣，做市商交易量普遍同比下降。

Options and futures contract volumes fell 75% and 63%, respectively, while stock share volume was up.

期權和期貨合約交易量分別下降 75% 和 63%，而股票交易量則上升。

That stock volume reflects an increase in market activity in Hong Kong and our ongoing customer facilitation activity.

該庫存量反映了香港市場活動的增加以及我們正在進行的客戶便利活動。

Trading gains for Market Making for the first quarter were $13 million, up from $2 million in the low volatility quarter last year and about even with the $14 million reported for the fourth quarter.

第一季度做市商的交易收益為 1300 萬美元，高於去年低波動季度的 200 萬美元，與第四季度報告的 1400 萬美元持平。

Pretax income was $9 million in the quarter, up from a pretax loss of $22 million in the year ago quarter.

本季度的稅前收入為 900 萬美元，高於去年同期的 2200 萬美元的稅前虧損。

And on the cost side, execution and clearing fees expenses were down 62% on lower trading volumes, fixed expenses decreased $7 million, down 59% from the year ago quarter, as the majority of Market Making employees who are staying with us have been transferred to brokerage.

在成本方面，由於交易量下降，執行和清算費用下降了 62%，固定費用下降了 700 萬美元，比去年同期下降了 59%，因為留在我們的大多數做市員工已經被調動到經紀。

As we had said, we expect our brokerage operations to absorb approximately $40 million of expenses or about $0.08 per share annually going forward.

正如我們所說，我們預計我們的經紀業務將在未來每年吸收約 4000 萬美元或每股約 0.08 美元的費用。

The added costs consist primarily of personnel and certain technology infrastructure.

增加的成本主要包括人員和某些技術基礎設施。

On a run rate basis, the brokerage business has now absorbed about 95% of that $40 million annual amount, and we expect the migration of these expenses to continue over the coming quarters until the full amount is absorbed sometime in 2018.

在運行率的基礎上，經紀業務現在已經吸收了每年 4000 萬美元的約 95%，我們預計這些費用將在未來幾個季度繼續轉移，直到 2018 年某個時候全部吸收。

Finally, the earnings reported for the Corporate segment reflect the effects of our currency diversification strategy.

最後，企業部門報告的收益反映了我們貨幣多元化戰略的影響。

Our overall equity, as measured in U.S. dollars, increased as the U.S. dollar weakened against most other major currencies.

隨著美元兌大多數其他主要貨幣走弱，我們以美元衡量的整體權益有所增加。

We estimate the overall gains from our strategy of carrying our equity in proportion to the GLOBAL to be about $46 million for the first quarter of 2018, as I described earlier, because $8 million of a GLOBAL gain is reported as Other Comprehensive Income.

正如我之前所描述的，我們估計 2018 年第一季度，我們按全球比例持有股權的戰略的總體收益約為 4600 萬美元，因為 800 萬美元的全球收益報告為其他綜合收益。

This leaves a gain of $38 million to be included in reported earnings.

剩下的 3,800 萬美元的收益將計入報告的收益中。

Now I'd like to turn the call back over to the moderator, and we can take some questions.

現在我想把電話轉給主持人，我們可以回答一些問題。

(Operator Instructions) And our first question comes from Rich Repetto with Sandler O'Neill.

（操作員說明）我們的第一個問題來自 Rich Repetto 和 Sandler O'Neill。

And the first thing I want to say is I enjoy listening to you, Thomas, so I'm going to ask questions to you.

我想說的第一件事是我喜歡聽你講話，Thomas，所以我要問你一些問題。

Anyway, so the first question for you, Thomas, is congrats on the brokerage growing tremendously, both trading and net interest.

無論如何，Thomas，你的第一個問題是祝賀經紀業務在交易和淨利息方面的巨大增長。

And I'm just trying to get a feel for how it looks.

我只是想感受一下它的外觀。

I know we're only a little bit past half in April.

我知道我們四月才剛剛過半。

But you got high volatility or volatility that's still comparable to 1Q but you see volumes a lot lower as far as the industry volumes go.

但是您的波動性很高或仍可與第一季度相媲美，但就行業交易量而言，您看到交易量要低得多。

And I'm just trying to see, just get a feel, given -- what's the overall more of an impact, the volatility or the lower volume so far?

我只是想看看，只是感受一下——到目前為止，總體影響更大，波動性還是較低的交易量是什麼？

You see it correctly.

你看對了。

People get used to the higher volatility, they adjust their positions accordingly and fee illustrating subsides.

人們習慣了更高的波動性，他們相應地調整自己的頭寸並收取說明費用。

So what we see is what you see industry buying.

所以我們看到的就是你看到的行業購買的東西。

Okay.

好的。

And then the other thing was on the overall environment with a much -- with higher volatility in 1Q.

然後另一件事是整體環境，第一季度波動性更大。

And you've gone through -- or Nancy did the different customer segments.

你已經經歷了——或者南希做了不同的客戶群。

Did anything jump out of you as different as -- did the higher volatility give more opportunities in certain customer segments than others?

是否有什麼與您一樣不同的東西 - 較高的波動性是否在某些客戶群中提供了比其他客戶更多的機會？

Or was it pretty hard to decipher or any comments that you might have on...

還是很難破譯或您可能有任何評論...

It's obvious that the people who are engaged in volatility is having -- have to substantially retract their positions.

很明顯，參與波動的人正在——不得不大幅縮回頭寸。

And that activity did not come back to the extent that it was there before.

而且這種活動並沒有恢復到以前的程度。

So that is basically the big change that has happened.

所以這基本上是已經發生的重大變化。

Got it, okay.

明白了，好吧。

And the very last thing.

最後一件事。

I will ask Paul a question.

我會問保羅一個問題。

The constant questions on taxes.

關於稅收的不斷問題。

So when you actually look at your tax rate for IBG Inc., it looked like it was a little bit below the 22.5, sort of like 19 -- in the low 19%.

因此，當您實際查看 IBG Inc. 的稅率時，它看起來略低於 22.5，有點像 19，處於 19% 的低位。

Is that -- are you -- not that it's a big amount overall to the bottom line but is this probably a -- is that a better number, the 19% range, than the 22.5% you talked about before?

這 - 你是 - 不是說這對底線來說總體上是一個很大的數額，但這可能是一個 - 這是一個比你之前談到的 22.5% 更好的數字，即 19% 的範圍？

Right.

正確的。

So the way to think about it, the 22 and change that we talked about is kind of a statutory rate absent any other factors if we just had a standard amount of income flowing through that gets taxed to the public company.

因此，考慮它的方式，我們談到的 22 和變化是一種法定稅率，沒有任何其他因素，如果我們只是有一個標準的收入流過並被徵稅給上市公司。

So the effective rate this quarter was in the high 19%, a little bit under 20%, actually.

所以本季度的有效率高達 19%，實際上略低於 20%。

And that comes about because in any particular quarter, we may be able to take advantage of some foreign tax credits.

這是因為在任何特定季度，我們都可以利用一些外國稅收抵免。

It depends where the income is earned.

這取決於收入的來源。

There might be certain deductions, R&D.

可能會有一定的扣除，研發。

Whatever they are that do vary quarter-to-quarter, those factors tend to reduce that statutory rate to something lower.

無論它們是什麼，每個季度都會有所不同，這些因素往往會將法定稅率降低到更低的水平。

This time, they reduced it to a little bit under 20%.

這一次，他們將其降低到略低於 20%。

And our next question comes from Kyle Voigt with KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

Just a first question on introducing brokers segment, just the 64% account growth still looks really strong.

只是介紹經紀人部分的第一個問題，僅 64% 的賬戶增長看起來仍然非常強勁。

I'm just wondering if you could talk to the pipeline here in terms of potential brokers looking to outsource their technology to IB maybe compared to a year ago.

我只是想知道你是否可以在這裡就潛在經紀人與一年前的技術外包他們的技術進行討論。

And then the second part of that second question, Thomas, I'm just wondering, is there a way to help us frame the potential runway that's left in that segment specifically in terms of framing the aggregate side of these smaller brokers you think that could look to partner with IB?

然後是第二個問題的第二部分，Thomas，我只是想知道，有沒有一種方法可以幫助我們構建該細分市場中留下的潛在跑道，特別是在構建您認為可能的這些較小經紀人的總體方面希望與 IB 合作？

I do not see this revenue stream as it will be ever exhausted because new brokerage firms pop up all the time especially since our platform is there.

我看不到這種收入來源，因為它將永遠耗盡，因為新的經紀公司一直在湧現，特別是因為我們的平台在那裡。

It takes very little effort to enter into the business.

進入這個行業需要很少的努力。

So I think that this line of business will continue to expand for a very long time.

所以我認為這個業務線會在很長一段時間內繼續擴大。

As far as the pipeline, yes, it takes some existing brokerage firm, especially if they are larger, a long time to make up their minds.

就管道而言，是的，一些現有的經紀公司需要很長時間才能下定決心，尤其是如果它們規模較大的話。

And once they do make up their minds and decide to come over, and it takes them 3 to 6 months to get their pipes together.

一旦他們下定決心並決定過來，他們需要 3 到 6 個月的時間才能將管道組裝在一起。

So we do have several ones that we are waiting to onboard, and that's all I can tell you about it.

所以我們確實有幾個我們正在等待加入，這就是我能告訴你的全部內容。

Okay, fair enough.

好吧，夠公平的。

Then the second question will be on the duration of the securities book.

那麼第二個問題是關於證券賬簿的期限。

I think from the beginning of 2016 through the middle of 2017, you kind of significantly shortened the duration of the securities book.

我認為從 2016 年年初到 2017 年年中，你們大大縮短了證券賬簿的期限。

And from the disclosures that we have, it looks like during the back half of 2017, specifically in the fourth quarter, you began to re-extend that duration slightly.

從我們掌握的披露來看，看起來在 2017 年下半年，特別是在第四季度，您開始略微重新延長該持續時間。

I was just wondering if you could help us understand how we should think about IB's investment decisions in terms of that duration over the next maybe 12 months.

我只是想知道您是否可以幫助我們了解我們應該如何考慮 IB 在未來 12 個月內的投資決策。

You're talking about treasury specifically, yes?

你說的是國庫，是嗎？

Yes, yes.

是的是的。

Yes.

是的。

So yes, we have to maintain a position in treasury bills because the future's exchange, mainly the CME, will take original margin only in the form of cash or treasury bills.

所以是的，我們必須維持國庫券頭寸，因為未來的交易所，主要是芝加哥商品交易所，只會以現金或國庫券的形式收取原始保證金。

And so to that extent, we have about $4 billion in treasuries that we tend to roll over whenever they come due for about a 2-year period so that the weighted maturity of that is about a year forward.

因此，在這個程度上，我們有大約 40 億美元的國債，我們傾向於在大約 2 年期限內到期時將其展期，因此其加權到期時間大約提前一年。

Otherwise, we keep our customer's funds in repos, and the repos are within 3 months.

否則，我們將客戶的資金保留在回購中，並且回購在 3 個月內。

Okay.

好的。

So the increase in the U.S. government securities from $3.5 billion to $4.5 billion in the fourth quarter, that wasn't -- that was mostly to do with equity levels at futures exchanges?

那麼第四季度美國政府證券從 35 億美元增加到 45 億美元，這不是——這主要與期貨交易所的股票水平有關嗎？

Or was that an investment decision to invest those?

或者那是投資那些的投資決定？

It's an investment decision.

這是一個投資決定。

We actively manage these positions.

我們積極管理這些職位。

Yes, okay.

是的，好的。

All right, fair enough.

好吧，夠公平的。

Last one for me is just really on the other income.

對我來說，最後一個真的是其他收入。

I think we back out the FX impact in the treasury marks and the other income line.

我認為我們迴避了對國庫馬克和其他收入線的外匯影響。

The kind of core other income numbers have been growing quite strongly.

這類核心其他收入數字一直在強勁增長。

Just wondering if you could help us understand what's driving that growth.

只是想知道您是否可以幫助我們了解推動這種增長的因素。

So it's -- you have heard, we talked a little bit about exposure fees we charge to accounts who, in certain scenarios, appear to potentially lose more money than they had with us and we try to discourage them, to try to reign in their positions.

所以它 - 你已經聽說了，我們談到了我們向賬戶收取的風險暴露費用，在某些情況下，這些賬戶似乎可能損失的錢比他們在我們這裡的錢要多，我們試圖阻止他們，試圖控制他們職位。

We ask them to and it's -- and if they don't want to, we charge them this fee.

我們要求他們這樣做 - 如果他們不想這樣做，我們會向他們收取這筆費用。

And that amounted to, I believe, $8 million for the quarter.

我相信，這相當於本季度的 800 萬美元。

And our next question comes from Doug Mewhirter with SunTrust.

我們的下一個問題來自 SunTrust 的 Doug Mewhirter。

A question about your introducing broker business, which is growing quite nicely.

關於您的介紹經紀人業務的問題，該業務發展良好。

Give me an idea of the new customers, IB customers, either banks or brokerage affiliates of banks or brokers that you signed, what's the average accounts per brokerage client that you signed up?

告訴我您簽約的新客戶、IB 客戶、銀行或銀行或經紀商的經紀分支機構，您簽約的每個經紀客戶的平均賬戶數是多少？

Just get an idea of how big a bite you take every time you sign up one of these IB clients.

只需了解您每次註冊其中一個 IB 客戶時所花費的金額。

By account, you mean how many accounts they have?

帳戶，您的意思是他們有多少個帳戶？

Correct.

正確的。

That would be move over to your platform once you sign the agreement.

一旦您簽署協議，這將轉移到您的平台。

On average, they have a few thousand.

平均而言，他們有幾千個。

A few thousand.

幾千。

Okay, that's helpful.

好的，這很有幫助。

And Paul, on the expenses, you alluded to some bonus accruals, which certainly would be well-deserved with your performance.

保羅，關於費用，你提到了一些應計獎金，這當然是你的表現當之無愧的。

Can you give me idea of maybe how much that was above the trend this quarter or what the dollar amount -- absolute dollar amount was?

你能告訴我這個季度可能高於趨勢多少或美元金額 - 絕對美元金額是多少？

Yes.

是的。

I can't be too specific.

我不能太具體。

I can tell you that -- I mean, what you're after, I guess, is trying to estimate a better run rate.

我可以告訴你——我的意思是，你所追求的，我猜，是試圖估計一個更好的運行率。

And the run rate is closer to this quarter than the last year's quarter because of some additional accruals.

由於一些額外的應計項目，本季度的運行率比去年的季度更接近。

I can also tell you that there was some adjusting in the fourth quarter because it was -- that number was a little lower than normal because we did the best we could accruing bonuses towards the end of the year with all that was going on with Market Making and moving employees and you have a lot of unknowns.

我還可以告訴你，第四季度進行了一些調整，因為這個數字比正常水平略低，因為我們盡了最大努力在年底前累積獎金，而市場正在發生的一切製造和調動員工，你有很多未知數。

So we were slightly over accrued going into the fourth quarter.

因此，我們在進入第四季度時略微超額。

So that, if you're comparing on a sequential basis, that number was slightly depressed.

因此，如果您按順序進行比較，則該數字略有下降。

Other than that, I can tell you we're close to run rate, probably a little bit over because of period-to-period do you have certain adjustments that are always going in.

除此之外，我可以告訴你，我們接近運行速度，可能有點結束，因為你有一些總是在進行的調整。

If I just may correct the record a bit.

如果我可以稍微糾正一下記錄。

On average, the introducing brokers who had a few thousand but we have 2 large ones, one of them has over 40,000 and the other one has nearly 20,000.

平均而言，介紹經紀人有幾千人，而我們有2家大的，其中一個超過40,000，另一個有近20,000。

Otherwise, they have a few thousand.

否則，他們有幾千個。

Great.

偉大的。

That's very helpful.

這很有幫助。

And my last question, Thomas, the -- could you characterize how the growth rates in either accounts or equity, or however you want to define it, was different between international versus United States-based clients or segments?

我的最後一個問題，Thomas，您能否描述國際客戶或美國客戶或部門之間的賬戶或股權增長率，或者您想如何定義它的不同之處？

Well, obviously, in Asia, it's the highest and Europe is the second highest and the United States is the lowest.

嗯，很明顯，在亞洲，它是最高的，歐洲是第二高的，美國是最低的。

Okay.

好的。

And I guess, that makes sense given the definite increase in activity over in Asia and your franchise there and especially in Hong Kong.

而且我想，考慮到亞洲的活動明顯增加以及您在那裡的特許經營權，尤其是在香港，這是有道理的。

And our next question comes from Mac Sykes with Gabelli & Company.

我們的下一個問題來自 Mac Sykes 和 Gabelli & Company。

Just had 2. First, I would just highlight again what a terrific job you've done with growth.

剛剛有 2 個。首先，我想再次強調一下您在增長方面所做的出色工作。

But given the last quarter in terms of volatility, are there any areas where you may want to increase resources more dramatically to support that growth in terms of client support, data centers, et cetera?

但鑑於上個季度的波動性，您是否希望在任何領域更大幅度地增加資源以支持客戶支持、數據中心等方面的增長？

Well, we are piping quite of few resources into Asia.

好吧，我們向亞洲輸送的資源很少。

Yes, that's where we're growing the fastest, yes.

是的，那是我們發展最快的地方，是的。

Okay.

好的。

And then the margin balance cost or the rates around 1.9% to 2% the last quarter.

然後是保證金餘額成本或上個季度大約 1.9% 到 2% 的費率。

And it's been a while since we've seen materially higher rates.

自從我們看到大幅上漲的利率以來已經有一段時間了。

Is there a point where that level of cost to the consumer may slow down demand for margin balances?

消費者的這種成本水平是否會減緩對保證金餘額的需求？

Could you rephrase the question, please?

請你改述一下這個問題好嗎？

So if I take out a margin balance, the cost is almost 2% at this point.

因此，如果我取出保證金餘額，此時成本幾乎是 2%。

Is there an absolute level of rates where there will be pressure to reduce margin balances just simply because of the cost of carry?

是否存在一個絕對水平的利率，僅僅因為持有成本，就會有減少保證金餘額的壓力？

Well, it's hard for me to tell because I've never been in this business at the time when margin -- when interest rates are very high.

嗯，這對我來說很難說，因為在利潤率非常高的時候，我從來沒有從事過這個行業。

But you see, I think that most of the accounts we get, we get from other brokers.

但是你看，我認為我們獲得的大部分賬戶都是從其他經紀人那裡獲得的。

And as long as our margin loans are so much less expensive than our brokers' margin loans, I think that we do not have to worry about that.

只要我們的保證金貸款比我們經紀人的保證金貸款便宜得多，我認為我們不必擔心這一點。

And our next question comes from Conor Fitzgerald with Goldman Sachs.

我們的下一個問題來自高盛的 Conor Fitzgerald。

Just wanted to ask one on deposit cost, which I think were up 6 basis points quarter-over-quarter.

只是想問一個關於存款成本的問題，我認為該成本環比上升了 6 個基點。

I mean, you passed, I think, roughly 25 -- versus the 25 basis points we saw hedge funds rise.

我的意思是，你通過了大約 25 個基點——而我們看到對沖基金上漲了 25 個基點。

So 2 questions on that.

所以有2個問題。

Can you just give us a little more color of how much of your deposits are tied to U.S. dollar?

您能否再給我們一點關於您的存款與美元掛鉤的顏色？

And then of the deposits that are tied to the U.S. dollar, can you help us understand what the pass-through rate on future Fed increases should be on those balances?

然後在與美元掛鉤的存款中，您能否幫助我們了解這些餘額中未來美聯儲加息的傳遞率應該是多少？

It's mostly U.S. dollars, roughly around 90%.

主要是美元，大約 90% 左右。

And the pass-through rates are [1 41] for roughly 95% of the money.

大約 95% 的資金的通過率是 [1 41]。

Okay, that's helpful.

好的，這很有幫助。

I guess, my question is if it's a one form pass-through on the majority of your deposits, just trying to understand why that cost would be only up 6 basis points quarter-over-quarter.

我想，我的問題是，如果它是您大部分存款的單一形式，只是想了解為什麼該成本只會比上一季度增加 6 個基點。

And just the reason I'm asking is just trying to think about the go-forward, how sustainable the lower pass-through rates are.

我問的原因只是想考慮一下前進，較低的通過率是多麼可持續。

That's a tough question.

這是一個棘手的問題。

I -- well, when was the rate increase?

我——嗯，什麼時候加息？

The rate increase was --?

加息是——？

Mid-December.

十二月中旬。

Mid-December.

十二月中旬。

Paul, you have any idea why that would be the case?

保羅，你知道為什麼會這樣嗎？

Conor, repeat the last question coming from...

康納，重複最後一個問題來自...

He says the Fed increased the rates by 25%.

他說美聯儲將利率提高了 25%。

Our customer interest expense only went up by about 6% (inaudible).

我們的客戶利息支出僅增加了約 6%（聽不清）。

And just to further clarify.

只是為了進一步澄清。

Just looking on the customer credit balances, 42 basis points this quarter.

僅查看客戶信用餘額，本季度為 42 個基點。

Just trying to understand how to think about that number tracking going forward.

只是想了解如何考慮未來的號碼跟踪。

Right.

正確的。

Well, there is a -- there's absolutely a more significant portion of the credit balances.

嗯，有一個 - 絕對有一個更重要的部分信貸餘額。

I think Thomas was referring to invested cash but understand that credit balances fund debit balances.

我認為托馬斯指的是投資現金，但理解貸方餘額為藉方餘額提供資金。

And then they attract interest on their own to the extent that -- of the gross amount of the credit balance.

然後，它們會自行吸引利息，以達到信貸餘額總額的程度。

So approximately, I want to say, 20% of the credit balances are not earning interest to the customer, meaning that we are capturing any rate increases there.

因此，我想說，大約 20% 的貸方餘額沒有為客戶賺取利息，這意味著我們正在捕捉那裡的任何利率增長。

And so if you're looking at increased expense paid on credit balances, they're only paid on the remainder, right?

因此，如果您正在查看為貸方餘額支付的增加的費用，它們只會支付剩餘的費用，對嗎？

They're paid on the larger balances, balances on equity -- accounts with equity more than $100,000, on cash balances more than $10,000, et cetera.

他們以較大的餘額、權益餘額（權益超過 100,000 美元的賬戶、現金餘額超過 10,000 美元等）支付。

So that's not the total, right?

所以這不是總數，對吧？

That's 70% to 80% of the total.

這佔總數的 70% 到 80%。

Yes, 80% of the total.

是的，佔總數的 80%。

So if the Fed rate is 25, it should go up 20, right?

所以如果美聯儲的利率是 25，它應該上升 20，對吧？

Right, right.

是的是的。

And just fair to think about the 6-basis point increase this quarter as a good proxy for what we could expect with future hikes.

公平地考慮本季度增加 6 個基點可以很好地代表我們對未來加息的預期。

Are you sure you're right about the 6 basis points?

你確定你對 6 個基點是正確的嗎？

Just from a GAAP income perspective, Thomas.

僅從 GAAP 收入的角度來看，Thomas。

I understand the dynamics of what you're actually passing on to customers are higher.

我了解您實際傳遞給客戶的動態更高。

Just want to understand from a go-forward modeling perspective on that line if this is a...

如果這是一個...

I think you should use 80%.

我認為你應該使用 80%。

Got it.

知道了。

Okay, that's helpful.

好的，這很有幫助。

And then just last question from me on the margin balances.

然後是我關於保證金餘額的最後一個問題。

I know you had increased pricing to try and slow down some of the growth in January.

我知道你們提高了定價，試圖減緩 1 月份的一些增長。

Just wondering what you learned from that experience and if it gave you any indication about how price-sensitive some of your customers are and maybe if you do you have pricing power in these parts of your businesses.

只是想知道你從那次經歷中學到了什麼，它是否讓你知道你的一些客戶對價格有多敏感，也許你是否在這些業務領域擁有定價權。

So to tell you frankly, I did not follow this very closely.

所以坦率地告訴你，我沒有密切關注這一點。

I expect that there are some loans we did not make.

我預計會有一些我們沒有提供的貸款。

But generally, we are so much lower for large amounts of monies than anybody else that we do not believe that there are many other outlets that compete with us.

但總的來說，我們的大筆資金比其他任何人都低得多，以至於我們不相信有很多其他渠道可以與我們競爭。

And our next question comes from Chris Harris with Wells Fargo.

我們的下一個問題來自富國銀行的克里斯哈里斯。

As a follow-up to those last series of questions.

作為最後一系列問題的後續行動。

The credit balances that are not paying any interest to customers, why is that?

沒有向客戶支付任何利息的貸方餘額，這是為什麼呢？

And is it a certain type of customer, certain type of account?

它是某種類型的客戶，某種類型的帳戶嗎？

So we do not pay interest on cash in accounts where the total assets amount to less than $100,000, number one.

因此，我們不會為總資產少於 100,000 美元的賬戶支付現金利息，第一。

Number two, the interest we pay on cash for other accounts, we do not pay interest on the first $10,000 of cash.

第二，我們為其他賬戶支付的現金利息，我們不支付前 10,000 美元現金的利息。

Okay, got it.

好，知道了。

And then in terms of your expenses, any thoughts that you guys might want to share on the trajectory of these expenses maybe throughout the course of this year?

然後就你的開支而言，你們可能想在今年的整個過程中分享這些開支的軌跡嗎？

We're trying to expand as fast as we can, and we do not expect that expense growth will moderate.

我們正在努力盡可能快地擴張，我們預計支出增長不會放緩。

(Operator Instructions) Our next question comes from Peter Binas with Schooner Capital.

（操作員說明）我們的下一個問題來自 Schooner Capital 的 Peter Binas。

Just a brief question on our Asia performance and exposure.

只是一個關於我們亞洲表現和曝光率的簡短問題。

Given concerns around possible adjustment coming from debt levels in China, I'm wondering how you think about the exposure of the business to that part of the world and how a major correction or exchange rate correction in that part of the world would affect the business overall.

鑑於對中國債務水平可能進行調整的擔憂，我想知道您如何看待該業務在該地區的風險敞口，以及該地區的重大調整或匯率調整將如何影響該業務全面的。

Well, these accounts are not very huge.

好吧，這些帳戶不是很大。

So I do not really think that they would be substantially impacted by any of those forces that you mentioned.

所以我真的不認為他們會受到你提到的任何力量的實質性影響。

Meaning that they make up a smaller part of the total than I would suspect or because they're small in the (inaudible)...

這意味著它們在總數中所佔的比例比我想像的要小，或者因為它們在（聽不清）中很小……

No, the accounts themselves are not very large.

不，帳戶本身並不是很大。

So I wouldn't think that they will be very sensitive.

所以我認為他們不會很敏感。

Got it.

知道了。

And they're, for the most part -- if I understand correctly, they are dollar-denominated?

大多數情況下，如果我理解正確的話，它們是以美元計價的？

Mostly, yes.

大多數情況下，是的。

And our next question comes from [Khalim Green] with Deutsche Asset.

我們的下一個問題來自德意志資產的 [Khalim Green]。

Thomas, I had a question specifically about the minority interest and if you saw any potential to change that in the future to consolidate that with the public interest?

托馬斯，我有一個關於少數人利益的問題，您是否認為將來有可能改變這種情況以將其與公共利益相結合？

That's a question that I have -- basically have already looking at, so I can't answer that question right now.

這是我的一個問題——基本上已經看過了，所以我現在無法回答這個問題。

But I do not think that from the point of your -- the current public interest that would make any difference.

但我不認為從你的角度來看 - 當前的公共利益會產生任何影響。

In other words, if the -- if our shares there -- if my shares were registered but I kept on sitting on them, I don't think it would make any difference for the public shareholders.

換句話說，如果 - 如果我們的股票在那裡 - 如果我的股票已註冊但我繼續持有它們，我認為這不會對公眾股東產生任何影響。

Well, currently, it's an S&P 400 component, correct?

好吧，目前，它是標準普爾 400 指數成分股，對嗎？

And the...

而且...

It would remain such because closely, our shares do not figure into the S&P rating.

它將保持這種狀態，因為我們的股票並未計入標準普爾評級。

I did look at that.

我確實看過那個。

I did look at that and that's the answer.

我確實看過，這就是答案。

And I'm not showing any further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn the call back over to Nancy Stuebe for any closing remarks.

我現在想將電話轉回給 Nancy Stuebe 以發表任何結束語。

Thank you, everyone, for participating today.

謝謝大家今天的參與。

As a reminder, this call will be available for replay on our website.

提醒一下，此電話將在我們的網站上重播。

We will also be posting a clean version of our transcript on our site tomorrow.

明天我們還將在我們的網站上發布我們的成績單的干淨版本。

Thank you again, and we will talk to you next quarter end.

再次感謝您，我們將在下個季度末與您交談。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This does conclude today's program.

今天的節目到此結束。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a wonderful day.

大家，有一個美好的一天。