Interactive Brokers Group Inc (IBKR) 2018 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Interactive Brokers Group Second 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二季度財務業績電話會議。

(Operator Instructions) As a reminder, this conference may be recorded.

（操作員說明）作為提醒，本次會議可能會被錄音。

I would now like to turn the conference over to Ms. Nancy Stuebe, Director of Investor Relations.

我現在想將會議轉交給投資者關係總監 Nancy Stuebe 女士。

Ma'am, you may begin.

女士，您可以開始了。

Good afternoon, everyone.

大家下午好。

Thomas is on the call but he has asked me to present his comments on the business.

托馬斯正在接聽電話，但他要求我發表他對業務的評論。

Thank you for joining us to review our 2018 second quarter performance.

感謝您加入我們，回顧我們 2018 年第二季度的業績。

Once again, in this quarter, we set new records in our brokerage business.

在本季度，我們再次創下了經紀業務的新紀錄。

Just 1 year after we passed the $100 billion mark in customer equity for the first time, we ended the quarter with $134.7 billion.

在我們的客戶資產首次突破 1000 億美元大關僅一年後，我們以 1347 億美元結束了本季度。

We also hit an all-time high in customer accounts, up 27% to over 542,000.

我們的客戶賬戶也創下歷史新高，增長 27% 至超過 542,000 個。

Margin lending, at over $28 billion outstanding, was also up 27% from the year-ago quarter although it did moderate somewhat sequentially.

未償還的保證金貸款超過 280 億美元，也比去年同期增長了 27%，儘管環比有所放緩。

Our growth and momentum continued to increase.

我們的增長和動力不斷增強。

The pretax margin in our brokerage business reached 64% for the quarter.

本季度，我們經紀業務的稅前利潤率達到 64%。

DARTs this quarter were 797,000, up 19% over last year, so they were down from the very active first quarter as market volatility slowed from the high levels earlier this year.

本季度的 DART 為 797,000，比去年增長 19%，因此由於市場波動性從今年早些時候的高位放緩，因此與非常活躍的第一季度相比有所下降。

The 19% DARTs increase comes from account growth and not from making acquisitions.

19% 的 DART 增長來自賬戶增長，而不是收購。

It is not that we have some fundamental objection to acquisitions, but whenever we look at an opportunity, we encounter the barrier of our own extremely low pricing.

並不是我們對收購有一些根本的反對，而是每當我們看到機會時，我們都會遇到自己極低的定價障礙。

Sellers hope to receive a multiple of revenues, but after transferring those accounts to our platform and our pricing, they would generate substantially lower revenues, so that we cannot justify paying for them based on the sellers' pricing.

賣家希望獲得成倍的收入，但是在將這些賬戶轉移到我們的平台和我們的定價之後，他們的收入會大大降低，因此我們不能根據賣家的定價來證明支付他們的費用是合理的。

It is ultimately those customers who had realized those savings who'll eventually transfer those accounts to us anyway, we hope.

我們希望，最終還是那些意識到這些儲蓄的客戶最終會將這些賬戶轉移給我們。

Commissions per DART were $3.86, down slightly from last year.

每個 DART 的佣金為 3.86 美元，比去年略有下降。

Commissions per DART will probably continue to decline slowly as we sign up more and more introducing broker accounts, with the brokers' payoffs based on their customers' combined volume and charge their customers the price we would charge them as an individual account or possibly even more.

隨著我們註冊越來越多的介紹經紀人賬戶，每個 DART 的佣金可能會繼續緩慢下降，經紀人的收益基於其客戶的總交易量並向他們的客戶收取我們作為個人賬戶收取的價格，甚至可能更高.

As it is our goal to become the largest broker in the world, we are happy with this outcome and want more and more introducing broker accounts.

由於我們的目標是成為世界上最大的經紀商，我們對這一結果感到滿意，並希望有越來越多的介紹經紀商賬戶。

On the interest income side, our low margin rates continue to attract new customers.

在利息收入方面，我們的低保證金率繼續吸引新客戶。

The Federal Reserve raised interest rates 25 basis points again in June, which will benefit our net interest income in the quarters to come and also serves another benefit for Interactive Brokers.

美聯儲在 6 月再次加息 25 個基點，這將有利於我們未來幾個季度的淨利息收入，也為盈透證券提供了另一個好處。

To highlight the difference between what we pay on idle cash and what we charge for margin loans and what our competitors charge, our U.S. rates range from 2.2% for the largest loans to 3.4% as the maximum rate on small amounts.

為了突出我們為閒置現金支付的費用與我們對保證金貸款收取的費用以及我們的競爭對手收取的費用之間的差異，我們的美國利率從最大貸款的 2.2% 到小額貸款的最高利率 3.4% 不等。

Our competitors charge 5% as their minimum, all the way up to 10%.

我們的競爭對手最低收取 5%，最高收取 10%。

That is 50% to 200% more than our maximum rate.

這比我們的最高費率高出 50% 到 200%。

Although we are being told by some helpful would-have-been customers that in some cases, our competitors are willing to negotiate and come close to our rates, but they cannot do that across the board because it would seriously impact their income.

儘管一些可能會提供幫助的客戶告訴我們，在某些情況下，我們的競爭對手願意談判並接近我們的費率，但他們不能全面這樣做，因為這會嚴重影響他們的收入。

Yet while our rates are, by far, the lowest in the industry, they are still quite profitable and they attract new customers and more institutions to us.

然而，儘管到目前為止，我們的費率是業內最低的，但它們仍然非常有利可圖，並且吸引了新客戶和更多機構到我們這裡來。

Our prices are available to everyone on our platform.

我們平台上的每個人都可以使用我們的價格。

We believe in transparency, so we do not have negotiated rates.

我們相信透明度，因此我們沒有協商價格。

The prices you see on our site are what you will pay.

您在我們網站上看到的價格就是您將要支付的價格。

Your performance is going to be better with us because you are not overpaying for your margin loans.

有了我們，您的表現會更好，因為您不會為保證金貸款多付。

We are equally transparent about what we pay to our customers on our cash balances.

對於我們向客戶支付的現金餘額，我們同樣透明。

For qualified accounts, we pay benchmark Fed funds, less 50 basis points on U.S. dollars and comparable on other currencies relative to the rates of the relevant central banks and money markets.

對於符合條件的賬戶，我們支付基準聯邦基金，相對於相關中央銀行和貨幣市場的利率，美元支付低於 50 個基點，其他貨幣可比。

Our clients earn 1.41% on their qualified U.S. dollar cash.

我們的客戶通過合格的美元現金賺取 1.41%。

Each future interest rate increase gets passed on fully to our customers.

未來的每次加息都會完全轉嫁給我們的客戶。

That is real money on cash that gets automatically credited to your account, not cash that has to be moved to and from a different account or invested into a money market fund that must be sold before the cash becomes available for investment or to reduce margin loans or for withdrawal.

這是自動記入您賬戶的現金，而不是必須從不同賬戶轉移或投資到貨幣市場基金的現金，在現金可用於投資或減少保證金貸款之前必須出售或退出。

Our commitment to low rates on borrowing and high rates on cash has helped grow our overall business.

我們對低借貸利率和高現金利率的承諾幫助我們發展了整體業務。

We are frequently asked why we feel the need to be priced so much better than our competitors.

我們經常被問到為什麼我們覺得需要比我們的競爭對手更好的定價。

Customer accounts are very sticky, and we must be able to make an overwhelmingly compelling case to our prospective customers to get them to move their accounts.

客戶帳戶非常具有粘性，我們必須能夠向我們的潛在客戶提出極具說服力的案例，讓他們轉移帳戶。

Our pretax profit for the quarter was $271 million.

我們本季度的稅前利潤為 2.71 億美元。

Adding back the $18 million for this quarter's unfavorable currency impact, net of treasury mark gain, gives us $289 million for a 62% pretax margin.

加上本季度不利貨幣影響的 1800 萬美元，扣除國庫券收益後，我們的稅前利潤率為 2.89 億美元，稅前利潤率為 62%。

Brokerage was $280 million of this and achieved a 64% pretax margin.

其中經紀業務為 2.8 億美元，稅前利潤率為 64%。

Our public competitors have pretax margins that are 10%, 20% or even 30% below ours.

我們的公開競爭對手的稅前利潤率比我們低 10%、20% 甚至 30%。

Now for the breakdown by customer of how our brokerage business is evolving.

現在按客戶細分我們的經紀業務如何發展。

Once again, in all our customer segments, we saw strong growth in accounts, client equity and commissions.

在我們所有的客戶群中，我們再次看到賬戶、客戶資產和佣金的強勁增長。

For the second quarter, hedge funds and proprietary trading firms were 4% of our accounts, 20% of our client equity and 26% of our commission.

第二季度，對沖基金和自營交易公司占我們賬戶的 4%、客戶資產的 20% 和佣金的 26%。

Our hedge fund business alone saw a 35% jump in customer equity as our low margin rates and high cash interest give more institutions reasons to move their assets to us to improve their return.

僅我們的對沖基金業務就見證了客戶資產的 35% 增長，因為我們的低保證金率和高現金利息讓更多機構有理由將資產轉移給我們以提高回報。

For individual customers, accounts grew 18% and represent 50% of our total accounts.

對於個人客戶，賬戶增長了 18%，占我們總賬戶的 50%。

Individuals are 36% of our customer equity, up 29%; and 49% of our commission, up 19% for this customer segment.

個人占我們客戶資產的 36%，增長 29%；和我們佣金的 49%，這個客戶群增加了 19%。

Commissions benefited from higher volatility in this year's second quarter versus 2017, especially internationally.

佣金受益於今年第二季度與 2017 年相比波動性增加，尤其是在國際上。

Also, investors are becoming more aware of the practice of brokers selling their customers' orders to high-frequency traders, a practice that gives investors lower prices on their sell orders and forces them to pay higher prices on their buys.

此外，投資者越來越意識到經紀人將客戶訂單出售給高頻交易者的做法，這種做法使投資者的賣出訂單價格更低，並迫使他們在買入時支付更高的價格。

These customers are increasingly attracted to a brokerage platform that dynamically seeks out the potentially best prices at any moment among the many different trading venues as these prices, not wanting to push this market away, are often hidden.

這些客戶越來越多地被經紀平台所吸引，該平台可以隨時在許多不同的交易場所中動態尋找潛在的最佳價格，因為這些價格通常是隱藏的，不想推開這個市場。

Registered investment advisers and introducing brokers are the other 2 client segments.

註冊投資顧問和介紹經紀人是另外兩個客戶群。

They represent 17% and 29% of our customer accounts, 23% and 21% of our customer equity and 17% and 8% of our commission income.

它們占我們客戶賬戶的 17% 和 29%，我們的客戶資產的 23% 和 21%，以及我們佣金收入的 17% 和 8%。

Our introducing brokers segment continues to benefit from 2 major trends, the increasing regulatory burden worldwide and the growth of a new investor class in developing countries.

我們的介紹經紀人部門繼續受益於兩大趨勢，即全球日益增加的監管負擔和發展中國家新投資者類別的增長。

First, in developed and developing markets around the world, there are thousands of brokerage firms, some just being newly formed.

首先，在全球發達和發展中市場，有數千家經紀公司，其中一些剛剛成立。

For a new firm, it is almost impossible in terms of time, knowledge and money to create the compliance processes and technology needed to be in business.

對於一家新公司而言，創建業務所需的合規流程和技術在時間、知識和金錢方面幾乎是不可能的。

For an existing firm, new, more onerous regulations constantly come up, so an existing broker must either increase its personnel and regulatory costs significantly to comply or come to us.

對於現有公司而言，新的、更繁重的法規不斷出現，因此現有經紀人必須顯著增加其人員和監管成本才能遵守或來找我們。

In both cases, the broker's optimal choice is to outsource their account opening, order routing and back-office functions to us.

在這兩種情況下，經紀商的最佳選擇是將他們的開戶、訂單路由和後台功能外包給我們。

That means our platform will be used for the introducing broker's trading, clearing and custody, so what the broker's customers see is a front end with the broker's logo.

這意味著我們的平台將用於介紹經紀人的交易，清算和託管，因此經紀人的客戶看到的是帶有經紀人徽標的前端。

Second, in developing countries, investors new to the securities markets prefer to use a local broker for investment guidance.

其次，在發展中國家，剛接觸證券市場的投資者更願意使用當地經紀人進行投資指導。

That broker will white brand our platform so he can focus on marketing and building his business and not spend time on processing and compliance.

該經紀人將為我們的平台貼上白標，這樣他就可以專注於營銷和建立自己的業務，而不必花時間在處理和合規上。

The broker does what he does best, customer acquisition and client service, while we do what we do best, provide state-of-the-art technology, trade processing and detailed billing and reporting, all at low cost.

經紀人做他最擅長的事情，客戶獲取和客戶服務，而我們做我們最擅長的事情，以低成本提供最先進的技術、交易處理和詳細的計費和報告。

We continue to roll out new products and services this quarter.

本季度我們將繼續推出新產品和服務。

We released our new integrated cash management, which adds the variety of financial transactions you can do, including trading multiple products in multiple currencies from a single Interactive Brokers account.

我們發布了新的集成現金管理，增加了您可以進行的各種金融交易，包括從一個盈透證券賬戶以多種貨幣交易多種產品。

We now offer our recently introduced Debit Mastercard, our new bill pay function and will soon be introducing payroll direct deposits.

我們現在提供我們最近推出的借記萬事達卡、新的賬單支付功能，並將很快推出工資單直接存款。

This means our customers will have less and less reason to leave our platform to transact any of their financial business.

這意味著我們的客戶將越來越沒有理由離開我們的平台來處理他們的任何金融業務。

Another recently introduced feature, our Insured Bank Deposit Sweep Program, gives our customers up to $2.75 million in SIPC and FDIC-insured deposits.

最近推出的另一個功能，我們的受保銀行存款轉存計劃，為我們的客戶提供高達 275 萬美元的 SIPC 和 FDIC 保險存款。

Participation continues to grow and passed $1 billion this quarter.

參與度繼續增長，本季度超過 10 億美元。

We have the opportunity to accelerate our growth even more.

我們有機會進一步加速我們的增長。

Interactive Brokers' success comes not from maintaining our platform, it comes from what we do all day long, create additional capabilities.

盈透證券的成功不是來自於維護我們的平台，而是來自於我們整天所做的事情，創造了額外的能力。

We want to remain in the forefront as the best broker with the best technology.

我們希望保持領先地位，成為擁有最佳技術的最佳經紀商。

This is what we will continue to do to maintain our edge and our growth.

這是我們將繼續做的事情，以保持我們的優勢和增長。

Our growth comes from existing customers adding to their accounts and from new customers.

我們的增長來自現有客戶增加賬戶和新客戶。

New customers come to us from big banks and wire houses and from the large online brokers, who, in turn, may get those customers from the wire houses as well before these move on to us and from people opening brokerage accounts for the first time.

新客戶來自大型銀行和電匯公司以及大型在線經紀人，而這些客戶反過來可能會在這些客戶轉移到我們之前從電匯公司以及首次開設經紀賬戶的人那裡獲得。

More than half of our new accounts come from international customers who appreciate the GLOBAL access, seamless trading in multiple product classes across multiple currencies and our best-in-class pricing.

我們一半以上的新賬戶來自國際客戶，他們欣賞全球訪問、跨多種貨幣的多種產品類別的無縫交易以及我們一流的定價。

In the U.S., new accounts often come from sophisticated individuals and institutions who recognize the technology we offer at low cost and our superior trade execution.

在美國，新賬戶通常來自成熟的個人和機構，他們認可我們以低成本提供的技術和我們卓越的交易執行。

Finally, good word-of-mouth is an important source of new accounts.

最後，良好的口碑是新賬戶的重要來源。

Because our pricing is the lowest in the industry, the only reasons potential clients may not have an account with us are that they either do not know of us, do not believe that our pricing is for real or they do not trust our offering.

因為我們的定價是業內最低的，潛在客戶可能沒有我們賬戶的唯一原因是他們不了解我們，不相信我們的定價是真實的，或者他們不信任我們的產品。

As more and more people come on to and trust our platform though, they spread the word that our company and pricing are for real, which contributes to stronger account growth.

不過，隨著越來越多的人加入並信任我們的平台，他們傳播了我們的公司和定價是真實的，這有助於更強勁的賬戶增長。

Now Thomas would like to say a few words.

現在托馬斯想說幾句話。

Thomas?

托馬斯?

As you are well aware, the stock price has come down substantially in recent weeks, and people often ask me why that is.

如您所知，最近幾週股價大幅下跌，人們經常問我為什麼會這樣。

I can think of 2 reasons.

我能想到2個原因。

First, people may think that the tariff negotiations may have an unfavorable impact due to our international client base, especially in China.

首先，由於我們的國際客戶群，特別是在中國，人們可能認為關稅談判可能會產生不利影響。

This is very possible, although so far, we have not experienced any change.

這是很有可能的，儘管到目前為止，我們還沒有經歷任何變化。

Approximately 16% of our accounts come from China.

我們大約 16% 的客戶來自中國。

Second, our currency exposures.

第二，我們的貨幣敞口。

Shareholders often ask why we carry foreign currency balances.

股東經常問我們為什麼要持有外幣餘額。

When the dollar goes down, our reported earnings rise, but we do not get rewarded for it.

當美元貶值時，我們報告的收益會上升，但我們不會因此而得到回報。

While when it goes up, the earnings fall and we get penalized.

當它上升時，收益下降，我們受到懲罰。

To answer for this question, I would like to take this opportunity to once again explain our business model.

為了回答這個問題，我想藉此機會再次解釋一下我們的商業模式。

IBKR is a highly automated global electronic broker.

IBKR是高度自動化的全球電子經紀商。

Wherever you are, whether you are a hedge fund, a proprietary trading firm, a financial adviser, a broker or an individual investor or trader, wherever you want to invest around the world, in whatever product, using whatever currency, you can do so on the IBKR platform at any time of the day or night and custody your assets with us at lower cost than any of your alternatives.

無論您身在何處，無論您是對沖基金、自營交易公司、財務顧問、經紀人還是個人投資者或交易員，無論您想在世界各地投資什麼產品，使用任何貨幣，您都可以做到在白天或晚上的任何時間在 IBKR 平台上，並以比您的任何替代方案更低的成本在我們這裡保管您的資產。

This is the concept we started out with, and this is the technology we have been building for at least 25 years.

這是我們一開始的概念，也是我們至少 25 年來一直在構建的技術。

Electronic exchanges, so-called fintech companies, and many new regulations have grown up in our tracks all around us.

電子交易所、所謂的金融科技公司和許多新法規在我們周圍的軌道上成長起來。

What this meant for us is that we had to set up locally registered, wholly owned brokerage entities in addition to the U.S., in the U.K., Hong Kong, Japan, India, Australia, Canada and the continental exchange members in many other countries in Europe, the Middle East, Latin America and Asia, wherever we execute our custody, our customers' positions.

這對我們來說意味著，我們必須在美國之外，在英國、香港、日本、印度、澳大利亞、加拿大和歐洲許多其他國家的大陸交易所會員建立本地註冊的全資經紀實體，中東，拉丁美洲和亞洲，無論我們在哪裡執行我們的託管，我們的客戶的位置。

This build-out is still in process and it will continue for quite a while until our customers will have immediate access to any trading anywhere around the world, no matter how minor.

這種擴展仍在進行中，並將持續相當長一段時間，直到我們的客戶可以立即訪問世界各地的任何交易，無論多麼小。

All these different entities, our subsidiaries are running on IBKR technology, but they must comply with local regulations that are often very different than U.S. regulations.

所有這些不同的實體，我們的子公司都在使用 IBKR 技術，但它們必須遵守通常與美國法規大不相同的當地法規。

These include the requirement to maintain customer funds and regulatory capital in local currencies, so that we must have those currencies on hand.

其中包括以當地貨幣維持客戶資金和監管資本的要求，因此我們必須手頭有這些貨幣。

This is the season for maintaining 30% of all capital in a basket of different non-U.

這是將所有資本的 30% 保持在一籃子不同的非美國資產中的季節。

S. currencies.

S. 貨幣。

It also had the side benefit that if in the very remote case the U.S. dollar ever went to 0, we will still remain a viable enterprise.

它還有一個附帶的好處，即如果在非常遙遠的情況下美元曾經跌至 0，我們仍將是一家可行的企業。

Even before and ever since we went public 11 years ago, this has been our business model.

甚至在我們 11 年前上市之前和之後，這一直是我們的商業模式。

We keep on building it and automating it, competing on technology and price and expecting to continue to grow at double-digit rates.

我們繼續構建它並使其自動化，在技術和價格上進行競爭，並期望繼續以兩位數的速度增長。

Nothing has changed, and if anything does, we will let you know.

一切都沒有改變，如果有任何改變，我們會通知您。

And now Paul Brody will take you through the numbers.

現在保羅布羅迪將帶您了解這些數字。

Paul?

保羅?

Thank you, Thomas, and thanks, everyone, for joining the call.

謝謝你，Thomas，謝謝大家加入電話會議。

As usual, I'll review our results, put our numbers into context within the current environment.

像往常一樣，我將回顧我們的結果，將我們的數字放入當前環境中的上下文中。

You may be happy to know that this quarter, my comments will follow the format of the earnings release and hopefully leave more time for Q&A.

您可能會很高興知道，本季度，我的評論將遵循收益發布的格式，並希望留出更多時間進行問答。

Operating metrics reflected reasonably active trading in a moderate volatility environment.

運營指標反映了適度波動環境中合理活躍的交易。

Volatility is measured by the average, VIX, rose to 15.4 this quarter or 34% from 11.5 last year.

波動性以平均值衡量，VIX 本季度升至 15.4，或從去年的 11.5 上升 34%。

While this quarter's average is closer to the historical norm, it represents meaningful increase over last year's VIX's retreat to lower levels after an unusually volatile February and March.

雖然本季度的平均值更接近歷史常態，但與去年波動率指數在經歷了異常波動的 2 月和 3 月後回落至較低水平相比，這是有意義的增長。

This increased volatility led to a rise in derivatives trading volumes.

波動性增加導致衍生品交易量增加。

Customer trade volumes rose 13% in options and 21% in futures, while falling 5% in stocks.

客戶的期權交易量增加了 13%，期貨交易量增加了 21%，而股票交易量下降了 5%。

Foreign exchange dollar volume is down as well.

外匯美元交易量也有所下降。

Total accounts reached 542,000, up 27%, which contributed to customer equity growth of 29% to $134.7 billion at quarter end.

總賬戶達到 542,000 個，增長 27%，這導致季度末客戶資產增長 29% 至 1,347 億美元。

The trend toward attracting larger customers including hedge funds and financial advisers has continued.

吸引更大客戶（包括對沖基金和財務顧問）的趨勢仍在繼續。

This has led to our average account size growing to $249,000, up 2% over 1 year and up 21% from 2 years ago.

這導致我們的平均賬戶規模增長到 249,000 美元，比 1 年增長 2%，比 2 年前增長 21%。

Growth in introducing broker accounts has also been robust, and though these -- and although these accounts are of a smaller average size, we're happy to take them on in bulk.

介紹經紀人賬戶的增長也很強勁，儘管這些賬戶 - 儘管這些賬戶的平均規模較小，但我們很樂意大量接受它們。

With the continued tailwind from new account growth, our quarterly total DARTs were up 19% versus last year, and our overall average cleared commission per DART fell 4% versus last year to $3.86 on a product mix that featured smaller average trade sizes across the board.

隨著新賬戶增長的持續順風，我們的季度總 DART 與去年相比增長了 19%，我們每個 DART 的整體平均清算佣金與去年相比下降了 4%，至 3.86 美元，產品組合具有更小的平均交易規模.

Moving to our net interest margin table.

轉到我們的淨息差表。

Our net interest margin widened to 1.61% from 1.17% in the second quarter last year.

我們的淨息差從去年第二季度的 1.17% 擴大至 1.61%。

Federal Reserve raised rates again this quarter in late June, making a total of 4 increases in the Fed funds target rate during the preceding 12 months.

美聯儲本季度在 6 月下旬再次加息，在過去 12 個月中總共上調了 4 次聯邦基金目標利率。

Due to careful management of our short duration portfolio, we recorded a modest mark-to-market gain of $3 million on our holdings with U.S. treasuries.

由於我們對短期投資組合的謹慎管理，我們在美國國債的持有量中錄得 300 萬美元的適度市值收益。

As always, we plan to hold these securities to maturity, but as brokers, unlike banks, GAAP rules require us to mark them to market in our financial reporting.

與往常一樣，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，GAAP 規則要求我們在財務報告中將其標記為市場。

These rate increases, together with increased customer balances, generated more net interest income on cash balances.

這些利率上調以及客戶餘額的增加，產生了更多的現金餘額淨利息收入。

We believe our continued success in asset gathering should lead to larger contributions from interest-sensitive assets going forward.

我們相信，我們在資產收集方面的持續成功應該會導致未來對利息敏感的資產做出更大的貢獻。

Our FDIC-Insured Bank Sweep -- the Bank Deposit Sweep Program, introduced late last year, has grown steadily to over $1 billion.

我們的 FDIC 保險銀行清掃——去年底推出的銀行存款清掃計劃，已穩步增長到超過 10 億美元。

Margin lending and segregated cash management were the most significant contributors to our net interest margin.

保證金貸款和獨立現金管理是我們淨息差的最重要貢獻者。

Average margin loan balances grew 35% versus last year, which combined with higher interest rates, led to margin interest growth of 84%.

平均保證金貸款餘額與去年相比增長了 35%，再加上更高的利率，導致保證金利息增長了 84%。

Our segregated cash interest income rose 60%, primarily on the Fed hikes to U.S. interest rates.

我們的獨立現金利息收入增長了 60%，主要是由於美聯儲上調美國利率。

Two factors caused the yields on our segregated cash to lag the increases in Fed funds rates.

有兩個因素導致我們隔離現金的收益率落後於聯邦基金利率的增長。

First, currently about 15% is held in other currencies; and second, given an average duration of investment in treasuries of about 90 days, roughly 1/3 is not reinvested in every -- in any given quarter.

首先，目前約有 15% 以其他貨幣持有；其次，考慮到對國債的平均投資期限約為 90 天，在任何給定的季度中，大約 1/3 不會被再投資。

So these amounts would not be expected to follow a Fed hike immediately.

因此，預計這些金額不會在美聯儲加息後立即出現。

The decline in segregated cash is a function of both the increase in margin loans and customers' appetite to put more of their cash to work in the securities markets.

隔離現金的減少是保證金貸款增加和客戶將更多現金投入證券市場的意願的共同作用。

Note also that the FDIC Sweep Program removes funds that would otherwise be included in our segregated cash balances from our balance sheet for accounting purposes.

另請注意，出於會計目的，FDIC 清償計劃會從我們的資產負債表中刪除本應包含在我們的隔離現金餘額中的資金。

Securities lending interest income was lower this quarter as there were fewer hard-to-borrow names that investors were looking to borrow.

本季度證券借貸利息收入較低，因為投資者希望藉入的難以藉入的名字較少。

And now for our estimate of the impact of the next 25 basis point increase in rates, given the growth in our customer assets, the investment opportunities available to us at new product introductions were well positioned to maximize their net interest income.

現在，鑑於我們客戶資產的增長，我們對未來 25 個基點利率上調的影響的估計，我們在新產品推出時可用的投資機會處於有利位置，可以最大限度地提高他們的淨利息收入。

Expectations of further rate increases are typically already reflected in the yields of the instruments in which we invest.

對進一步加息的預期通常已經反映在我們投資的工具的收益率中。

Therefore, in our calculation, we attempt to isolate the impact of an unexpected rise in rates, separate from the impact of rate hikes that have already been baked into the prices of these instruments.

因此，在我們的計算中，我們試圖將意外加息的影響與已經納入這些工具價格的加息的影響區分開來。

With that assumption, we would expect the next 25 basis point unanticipated rise in rates to produce an additional $14 million in net interest income over the next 4 quarters and $16 million as the yearly run rate.

有了這個假設，我們預計未來 25 個基點的利率意外上漲將在未來 4 個季度產生額外的 1400 萬美元的淨利息收入和 1600 萬美元的年度運行率。

That run rate includes the reinvestment of all of our present holdings at the new higher rate.

該運行率包括以新的更高利率對我們所有現有資產進行再投資。

Turning to the segments.

轉向細分市場。

Electronic Brokerage turned in a solid performance with gains in both commissions and net interest income.

電子經紀業務表現穩健，佣金和淨利息收入均有所增長。

Net revenues were $443 million for the quarter, up 33%.

本季度淨收入為 4.43 億美元，增長 33%。

Pretax income was $283 million, up 43% for a 64% margin.

稅前收入為 2.83 億美元，增長 43%，利潤率為 64%。

Excluding treasury marks, pretax income was $280 million, up 39%, with pretax margin also at 64%.

不包括國庫券，稅前收入為 2.8 億美元，增長 39%，稅前利潤率也為 64%。

Fixed expenses in brokerage were $97 million, up 20%, and the primary reason for this increase was the transfer of staff from Market Making, with increased legal and compliance expenses and reserves as a secondary factor.

經紀業務的固定費用為 9700 萬美元，增長 20%，這一增長的主要原因是從做市商調動員工，法律和合規費用以及儲備金增加是次要因素。

Customer bad debt expense was immaterial this quarter, a reflection of the continued effectiveness of our risk management systems which limit customer default.

本季度的客戶壞賬費用並不重要，這反映了我們限制客戶違約的風險管理系統的持續有效性。

Market Making today consists of the customer facilitation business that we will retain as well as a few profitable markets outside the U.S. which we continue to evaluate.

今天的做市包括我們將保留的客戶促進業務以及我們繼續評估的美國以外的一些有利可圖的市場。

Net revenues were $22 million, of which $11 million were Trading Gains and the bulk of the remainder was net interest income.

淨收入為 2200 萬美元，其中 1100 萬美元是交易收益，其餘大部分是淨利息收入。

Market Making pretax income was $9 million, and we remain at about 95% absorption of the $40 million of expenses that were projected to migrate to brokerage.

做市商的稅前收入為 900 萬美元，我們仍將吸收預計將轉移到經紀業務的 4000 萬美元費用的約 95%。

The Corporate segment reflects the effects of our currency diversification strategy.

企業部門反映了我們貨幣多元化戰略的影響。

We carry our equity in proportion to a basket of 14 currencies we call the GLOBAL, to best reflect the international scope of our business.

我們按照我們稱為全球的一籃子 14 種貨幣的比例持有我們的股權，以最好地反映我們業務的國際範圍。

As the U.S. dollar strengthened against most other major currencies in this quarter, we incurred an overall loss from our strategy of about $100 million, of which $79 million is reported as other comprehensive income and $21 million is included in earnings.

由於本季度美元兌大多數其他主要貨幣走強，我們的戰略整體虧損約 1 億美元，其中 7900 萬美元報告為其他綜合收益，2100 萬美元計入收益。

We estimate the total decrease in comprehensive earnings per share from currency effects to be $0.21, with $0.02 reported in other income and $0.19 as other comprehensive income.

我們估計因匯率影響而導致的每股綜合收益減少總額為 0.21 美元，其中 0.02 美元計入其他收入，0.19 美元計入其他綜合收益。

Turning to the income statement.

轉向損益表。

Net revenues were $445 million, up 15% over the year-ago quarter.

淨收入為 4.45 億美元，比去年同期增長 15%。

Adding back the $21 million loss on our currency strategy and deducting the $3 million gain from marking our Treasury portfolio to market results in adjusted net revenues of $463 million for the quarter, up 28% over last year's $361 million on the same basis.

加上我們貨幣策略的 2100 萬美元損失，並扣除將我們的國債投資組合標為市場的 300 萬美元收益，本季度調整後的淨收入為 4.63 億美元，比去年同期的 3.61 億美元增長 28%。

Commission revenue rose 16% on higher volume in options and futures, which tend to carry higher per unit cost than stocks, partially offset by lower average trade sizes.

由於期權和期貨交易量的增加，佣金收入增長了 16%，這些交易的單位成本往往高於股票，但部分被平均交易規模的減少所抵消。

As we noted earlier, the decline in -- of our overall average cleared commission per DART to $3.86 reflected this mix.

正如我們之前提到的，我們每個 DART 的整體平均清算佣金下降到 3.86 美元反映了這種組合。

Of our $225 million net interest income, brokerage produced $217 million, Market Making $7 and Corporate, the remainder.

在我們 2.25 億美元的淨利息收入中，經紀業務產生了 2.17 億美元，做市產生了 7 美元，其餘收入來自企業。

Other income, which includes our GLOBAL currency strategy, treasury marks and other fees and income we received, was $23 million.

其他收入，包括我們的全球貨幣策略、國庫券和其他費用以及我們收到的收入，為 2300 萬美元。

And aside from the GLOBAL, all areas of other income, gains and fees and treasury marks, showed modest increases.

除全球以外，所有其他收入、收益和費用以及國庫券均出現小幅增長。

Noninterest expenses were $174 million for the quarter, down 5% from last year.

本季度非利息支出為 1.74 億美元，比去年下降 5%。

The decline in expenses is due to lower G&A than last year when we took an impairment charge on our U.S. Market Making business in preparation for its transfer.

費用下降的原因是 G&A 低於去年，當時我們對我們的美國做市商業務進行了減值費用以準備其轉讓。

Higher execution and clearing costs were due to stronger trading volume, and compensation and benefits increased modestly.

更高的執行和清算成本是由於交易量增加，薪酬和福利略有增加。

At quarter end, our total headcount stood at 1,310, an 8% increase over last year.

在季度末，我們的總人數為 1,310，比去年增加了 8%。

We have been hiring most aggressively in the areas of client services, legal and compliance, and software development, and to this end, we have been building up our operations in India.

我們一直在客戶服務、法律和合規以及軟件開發領域進行最積極的招聘，為此，我們一直在印度建立我們的業務。

Pretax income of $271 million was up 33% and represented a 61% pretax margin.

稅前收入為 2.71 億美元，增長 33%，稅前利潤率為 61%。

Adjusted for the noncore items I mentioned previously, pretax income was $289 million, up 45% over last year's pretax income of $200 million on the same basis, representing an adjusted pretax margin of 62%.

對我之前提到的非核心項目進行調整後，稅前收入為 2.89 億美元，比去年同期的 2 億美元稅前收入增長 45%，調整後的稅前利潤率為 62%。

Diluted earnings per share were $0.58 for the quarter versus $0.32 for the same period in 2017.

本季度每股攤薄收益為 0.58 美元，而 2017 年同期為 0.32 美元。

Comprehensive diluted earnings per share, which includes all currency effects, were $0.39 for the quarter versus $0.41 last year.

本季度綜合攤薄每股收益（包括所有貨幣影響）為 0.39 美元，而去年同期為 0.41 美元。

Without the impact from currencies and treasury marks, diluted earnings per share would have been $0.59, $0.01 higher than the reported EPS for the quarter.

如果沒有貨幣和國庫券的影響，稀釋後的每股收益將為 0.59 美元，比報告的季度每股收益高 0.01 美元。

Now to help investors better understand our earnings, the split between the public shareholders and the noncontrolling interest is as follows: Starting with income before income taxes of $271 million, we deduct $8 million for income taxes paid by our operating companies, which are mostly foreign taxes.

現在，為了幫助投資者更好地了解我們的收益，公眾股東和非控股權益之間的分配如下：從 2.71 億美元的所得稅前收入開始，我們扣除 800 萬美元用於我們的運營公司支付的所得稅，這些公司大多是外國公司稅收。

This leaves $263 million, of which 82.4%, or that $217 million reported on our income statement, is attributable to noncontrolling interest.

剩下 2.63 億美元，其中 82.4%，即我們損益表中報告的 2.17 億美元，可歸因於非控制性權益。

The remaining 17.6% or $46 million is available for the public company shareholders, but as this is a non-GAAP measure, it's not reported on our income statement.

剩餘的 17.6% 或 4600 萬美元可供上市公司股東使用，但由於這是非 GAAP 衡量標準，因此未在我們的損益表中報告。

After we expense remaining taxes of $4 million owed on that $46 million, the public company's net income available for common stockholders is the $42 million you see reported on our income statement.

在我們將這 4600 萬美元的剩餘稅款扣除 400 萬美元後，這家上市公司可用於普通股股東的淨收入就是您在我們的損益表上看到的 4200 萬美元。

Our income tax expense of $12 million consists of this $4 million, plus the $8 million of taxes paid by the operating companies.

我們 1200 萬美元的所得稅費用包括這 400 萬美元，加上運營公司支付的 800 萬美元稅款。

Finally, the $4 million tax to the public company is relatively low this quarter due to a deduction for the annual vesting of our Stock Incentive Plan shares at a higher stock price, which resulted in tax deduction but no effect on book income.

最後，本季度對上市公司徵收的 400 萬美元稅款相對較低，因為我們的股票激勵計劃股票的年度歸屬以較高的股價進行了扣除，這導致了稅收減免，但對賬面收入沒有影響。

Turning to the balance sheet, remains consistently highly liquid with low leverage.

轉向資產負債表，始終保持高流動性和低杠桿率。

We're extremely well capitalized from a regulatory standpoint and continue to deploy our equity capital in the growing brokerage business.

從監管的角度來看，我們資本充足，並繼續在不斷增長的經紀業務中部署我們的股權資本。

We hold excess capital in order to take advantage of opportunities as well as to emphasize the strength and depth of our balance sheet.

我們持有過剩資本是為了利用機會，並強調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 on June 30, margin debits were $28.8 billion, an increase of 27% over last year.

6 月 30 日，保證金借方為 288 億美元，比去年增長 27%。

Our compelling margin lending rates, especially noticeable versus our peers in a rising interest rate environment, plus our customers' willingness to take on leverage and Interactive Brokers' capacity to satisfy it, have contributed to this growth.

我們引人注目的保證金貸款利率，尤其是在利率上升的環境中與我們的同行相比尤為明顯，加上我們的客戶願意承擔槓桿作用和盈透證券滿足它的能力，促成了這一增長。

This figure may show more swings than in past years due to our success in attracting institutional hedge fund customers, who are more opportunistic in taking on leverage.

由於我們成功吸引了機構對沖基金客戶，而這些客戶更傾向於利用槓桿，這一數字可能顯示出比過去幾年更多的波動。

Our conservative balance sheet management supports the growing margin lending business.

我們保守的資產負債表管理支持不斷增長的保證金借貸業務。

Our consolidated equity capital at June 30, 2018, was $6.7 billion.

截至 2018 年 6 月 30 日，我們的合併股本為 67 億美元。

$5.2 billion of that was held in brokerage, $1.2 billion in Market Making and customer facilitation activities, and the remainder in Corporate.

其中 52 億美元用於經紀業務，12 億美元用於做市和客戶促進活動，其餘用於企業。

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

現在我想把電話轉給主持人，我們很樂意回答一些問題。

(Operator Instructions) And our first question will come from the line of Rich Repetto with Sandler O'Neill.

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

I guess the first question is on, actually, the shares that the brokerage customers traded.

我想第一個問題實際上是關於經紀客戶交易的股票。

We know the DARTs and you preannounced them and we've already done the accounting, but I think it was about 49 million shares traded in the quarter.

我們知道 DART，您預先宣布了它們，我們已經完成了會計處理，但我認為本季度交易量約為 4900 萬股。

And that seems like it's the lowest it's been in a year plus.

這似乎是一年多以來的最低水平。

And I know I've talked to you a little bit about this, Thomas, but could you just go in -- is that less of the trading of low-priced stocks reflected because -- can you just give us some color?

我知道我已經和你談了一點，托馬斯，但你能不能進去 - 低價股票的交易反映得更少，因為 - 你能給我們一些顏色嗎？

So that's correct.

所以這是正確的。

The SEC does not like the newly registered shares or -- which are generally low-priced shares.

美國證券交易委員會不喜歡新註冊的股票或——通常是低價股。

So yes, that's that.

所以是的，就是這樣。

While our higher-priced shares, those, so to say, the volume increased, the low-priced shares decreased much more substantially.

雖然我們的高價股，可以說是成交量增加，但低價股的跌幅要大得多。

And was that just market conditions or what?

那隻是市場條件還是什麼？

I'm trying to see whether that was something regulatory or not.

我想看看這是否是監管規定。

Well, it's -- so we are scared to have -- as you remember, at the conference when Chairman Clayton goes on, I asked him about that because we are getting more and more pushback from the SEC on taking down orders in these low-priced shares.

嗯，這是 - 所以我們害怕 - 正如你所記得的，在克萊頓主席繼續進行的會議上，我問過他這個問題，因為我們越來越多地來自美國證券交易委員會的反對，要求取消這些低 -定價的股票。

And if you remember, he said that there is a great deal of up-and-down activity and other bad stuff going on.

如果你還記得的話，他說有很多上下活動和其他不好的事情正在發生。

And so we have to -- even though we don't know of any that came through us, but we had to curtail the activity.

所以我們必須——即使我們不知道任何通過我們發生的事情，但我們必須減少活動。

Understood.

明白了。

And then another question, you talked -- the prepared remarks that Nancy did was -- talked about where another broker -- a potential acquisition of another broker sort of hits a stumbling block because of the price of your highly competitive pricing.

然後是另一個問題，你談到了 - 南希所做的準備好的評論是 - 談到了另一家經紀人 - 由於您極具競爭力的定價價格，潛在收購另一家經紀人會遇到絆腳石。

And I guess, is this from scenarios you went through more recently with companies that are out there?

我猜，這是你最近與外面的公司一起經歷的場景嗎？

Or is -- just trying to see what is -- whether there's been activity in the space.

或者是——只是想看看是什麼——空間中是否有活動。

Is this something that's occurred over the last...

這是上次發生的事情嗎……

So yes.

所以是的。

Since we have looked at 2 opportunities, and when we tried to model what the thing would look like if we try to incorporate those customers into ours, they were not as profitable to be able to justify the price the seller was asking, even though based on value pricing, they are reasonable.

由於我們已經研究了 2 個機會，並且當我們試圖模擬如果我們嘗試將這些客戶納入我們的產品會是什麼樣子時，即使基於在價值定價上，它們是合理的。

And would this be more sizable acquisitions for you or small?

這對您來說是更大規模的收購還是較小的收購？

We're not talking about that, but it's a good try.

我們不是在談論這個，但這是一個很好的嘗試。

One last question is, the margin loan balances, Thomas, would you expect them to continue to grow?

最後一個問題是，Thomas 的保證金貸款餘額，您認為它們會繼續增長嗎？

Or to read them, they were down a little bit quarter-over-quarter, but still outpacing everyone else year-over-year.

或者從他們的角度來看，他們的季度環比下降了一點，但同比仍然超過其他所有人。

Would you expect that growth rate -- anything more to what might occur this quarter?

您是否預計增長率 - 本季度可能會發生什麼？

Would you expect the margin loan balance to rebound?

您預計孖展貸款餘額會反彈嗎？

We're thinking the margin loans in the industry hold steady.

我們認為該行業的保證金貸款保持穩定。

Ours will grow because they are charging so much to that, it's about 1/3 of what other people charge.

我們的會增長，因為他們收取的費用太多了，大約是其他人收取的費用的 1/3。

And if it grows in this industry, then our margin loan balances will grow even faster.

如果它在這個行業中增長，那麼我們的保證金貸款餘額將增長得更快。

So unless margin -- unless the market crashes and the people who trade on margin, we will substantially shrink their margins, ours will grow.

因此，除非保證金——除非市場崩盤和保證金交易的人，否則我們將大幅縮減他們的保證金，我們的保證金將會增長。

I think I'll just add a little color to that, if I could.

如果可以的話，我想我會為此添加一點顏色。

So you -- when you look at the period-end balances, sequentially they were down a little bit.

所以你 - 當你查看期末餘額時，它們依次下降了一點。

The average debit balances for the quarter actually increased, and that's what we are on -- are based on.

該季度的平均借方餘額實際上增加了，這就是我們所基於的。

It increased about 4%, but you don't see that because the average is not there.

它增加了大約 4%，但你看不到，因為平均值不存在。

And then the other relevant thing is we talked about opportunistic larger clients who put on yield-based positions.

然後另一個相關的事情是我們談到了投機取巧的大客戶，他們建立了基於收益的頭寸。

And with the yield curve flattening and so forth, those opportunities fluctuate.

隨著收益率曲線趨於平緩等，這些機會會波動。

And so by the end of the second quarter, they were simply lower than they were at the end of the first quarter.

所以到第二季度末，他們只是比第一季度末要低。

Without that reduction, our base margin debits actually increased a few percent.

如果沒有減少，我們的基本保證金借方實際上增加了幾個百分點。

And the next question will come from the line of Doug Mewhirter with SunTrust.

下一個問題將來自 SunTrust 的 Doug Mewhirter。

I just have one question.

我只有一個問題。

I heard you talk in the opening remarks about hiring in India.

我聽到你在開場白中談到在印度招聘。

I know that in the past, on past calls, you had said that India had not been growing as fast as other Asian countries like China or Hong Kong or Singapore, and so have you made sort of a breakthrough in India?

我知道過去，在過去的電話會議上，您曾說印度的增長速度不如中國、香港或新加坡等其他亞洲國家，那麼您在印度取得了某種突破嗎？

Do you expect growth would improve there?

您預計那裡的增長會有所改善嗎？

So our hiring in India has nothing to do with the location of the growth in the business.

因此，我們在印度的招聘與業務增長的位置無關。

We hire in India because we get relatively well-trained, well-educated people at a relatively low cost.

我們在印度招聘是因為我們以相對較低的成本獲得了訓練有素、受過良好教育的人才。

Okay.

好的。

I see.

我懂了。

So it's more of a -- the technology customer service than direct brokerage in India.

因此，它更像是一種技術客戶服務，而不是印度的直接經紀業務。

I get it.

我得到它。

That's right.

這是正確的。

That's right.

這是正確的。

The next question will come from the line of Chris Allen with Compass Point.

下一個問題將來自 Chris Allen 與 Compass Point 的對話。

In the prepared remarks that Nancy read, she mentioned opportunities to accelerate growth.

在南希閱讀的準備好的評論中，她提到了加速增長的機會。

I wonder if you could just give any incremental details around that, if there's any specific opportunities you're pointing to.

我想知道您是否可以就此提供任何增量細節，如果您指出有任何具體機會。

Or is this more just continuing the same story, blocking and tackling from here.

或者這只是繼續同樣的故事，從這裡阻止和解決。

It's generally the same going forward than we have been doing until now.

與我們迄今為止所做的大致相同。

Okay.

好的。

And then at the Sandler Conference, Thomas, you had mentioned that you saw the potential for competition in China, specifically a year or 2 from now.

然後在桑德勒會議上，托馬斯，你提到你看到了中國競爭的潛力，特別是一兩年後。

Your comments around the -- around trade, the impact there, are positive.

您對圍繞貿易及其影響的評論是積極的。

Just what -- like when you're thinking about the competition, is it larger U.S. competitors that are moving overseas or is it domestic competitors?

究竟是什麼——比如當你考慮競爭時，是大型美國競爭對手正在向海外轉移，還是國內競爭對手？

Any color on that?

上面有什麼顏色嗎？

No, I was mostly talking about domestic competitors.

不，我主要是在談論國內競爭對手。

So there are more and more firms -- more and more new firms that are getting into the electronic brokerage business in relatively complex ways because the number of brokers that are authorized by the mainland Chinese authorities are fixed, that's something like 290-something.

所以有越來越多的公司——越來越多的新公司以相對複雜的方式涉足電子經紀業務，因為中國大陸當局授權的經紀商數量是固定的，大約有 290 家。

I don't know the exact number.

我不知道確切的數字。

But it is -- so these companies are trying to do -- basically compete without a brokerage license, just like we do not have ourselves.

但它是——所以這些公司正在努力做——基本上沒有經紀執照就競爭，就像我們沒有自己一樣。

We do not have a brokerage license in Mainland China, so we are not there.

我們在中國大陸沒有經紀牌照，所以我們不在那裡。

But to the extent we get customers from there, that's what's happening.

但就我們從那裡獲得客戶而言，這就是正在發生的事情。

And the next question comes from line of Chris Harris with Wells Fargo.

下一個問題來自富國銀行的克里斯哈里斯。

Yes, with respect to your introducing brokerage relationships, when you guys onboard a new broker to your platform, is there a specific screening process that's involved?

是的，關於您的介紹經紀關係，當你們將新經紀人加入您的平台時，是否涉及特定的篩選過程？

Of course, there is a screening process for all customers.

當然，所有客戶都有一個篩選過程。

Yes, can you talk a little bit about...

是的，你能談談...

I mean, introducing brokers have to be registered and licensed in the credible locality as a broker.

我的意思是，介紹經紀人必須在可靠的地方作為經紀人進行註冊和許可。

Okay.

好的。

And so...

所以...

You have to be a licensed credible broker in order to come onto our platform as an introducing broker.

您必須是獲得許可的可靠經紀人才能作為介紹經紀人進入我們的平台。

Got it.

知道了。

No, I totally understand.

不，我完全明白。

And we don't have to get into exact numbers.

而且我們不必進入確切的數字。

I'm just wondering qualitatively, when you think about the growth you've had in this channel, what percentage of those relationships do you think are coming from brokers that were formed, I don't know, within the last, like, 5 or 10 years?

我只是想知道定性，當您考慮您在此渠道中的增長時，您認為這些關係中有多少來自已形成的經紀人，我不知道，在最後，例如，5還是10年？

So I really -- I...

所以我真的——我...

Is it a high number, you think?

你覺得這個數字很高嗎？

Or...

或者...

I really don't know.

我真的不知道。

(Operator Instructions) And the next question will come from the line of Kyle Voigt with KBW.

（操作員說明）下一個問題將來自 Kyle Voigt 和 KBW 的一行。

Just a couple for Paul.

只是一對保羅。

Just one on the customer credit balances and the yield paid there, it looks like the yield increased from 42 bps to 53 bps, so roughly 11 basis point difference sequentially.

只是客戶信用餘額和那裡支付的收益率，看起來收益率從 42 個基點增加到 53 個基點，因此依次相差大約 11 個基點。

I think the average Fed fund rate increased 25 bps sequentially, I -- and I know you're above that kind of 50 bps hurdle.

我認為聯邦基金的平均利率環比上漲了 25 個基點，我知道你已經超過了 50 個基點的門檻。

I'm just wondering, is that a good ratio to use as assumption going forward if we're modeling in Fed increases?

我只是想知道，如果我們在美聯儲加息中建模，那麼這個比率是否可以用作未來的假設？

I guess I'm trying to get to -- like, do you have a percentage of the credit balances that are held in U.S. dollar?

我想我想知道——比如，你有一定比例的美元貸方餘額嗎？

And then I know that some of the balances are obviously not being paid rates and we can kind of back into that, but I just wanted to make sure that, that kind of ratio, that 11 bps for every 25 bps increase, is that a good ratio to use?

然後我知道有些餘額顯然不是按利率支付的，我們可以回到那個，但我只是想確保這種比率，每增加 25 個基點就增加 11 個基點，是使用比例好？

That -- it will slowly diminish.

那——它會慢慢減少。

Right.

正確的。

You've identified the right components, Kyle, as far as the non-U.

凱爾，就非 U 而言，你已經確定了正確的組件。

S. dollar and the interest tiers that don't earn interest and things.

美元和不賺取利息的利息等級和東西。

I mean, the balance tiers that don't earn interest.

我的意思是，不賺取利息的餘額等級。

Do you have an approximate breakdown of the percentage of the credit balances that are held in U.S. dollar?

您是否有以美元持有的貸方餘額百分比的大致細分？

We do, but we haven't published that information specifically.

我們有，但我們沒有具體公佈這些信息。

But you can sort of -- you can backtrack it from seeing -- I mean, there's a number of factors, but those are the major factors.

但是你可以——你可以從看到的角度回溯——我的意思是，有很多因素，但這些是主要因素。

The portion that won't follow along with the -- with Fed funds increases because they're either on foreign currency or they're not earning interest to begin with.

不會跟隨聯邦基金的部分增加，因為它們要么是外幣，要么一開始就沒有賺取利息。

Okay.

好的。

And I guess just one on the low tax rate in the quarter.

我猜只有一個關於本季度的低稅率。

I guess, should we just look at 1Q as kind of a more normalized tax rate, is that fair?

我想，我們是否應該將 1Q 視為一種更正常化的稅率，這公平嗎？

That's probably fair, yes.

這可能是公平的，是的。

The second quarter -- generally, each year will have a tax deduction when our Stock Incentive Plan shares vest, as it has in the past, but it is a function, obviously, of what the current stock price is because the more relative difference between the current price and the historical price at which those shares are granted, then the bigger the tax deduction.

第二季度——一般來說，每年我們的股票激勵計劃股票歸屬時都會有稅收減免，就像過去一樣，但很明顯，它是當前股價的一個函數，因為兩者之間的相對差異更大授予這些股票的當前價格和歷史價格，則稅收減免越大。

Okay.

好的。

And then probably the last one for me is actually just on the market maker profitability in revenue.

然後可能對我來說最後一個實際上只是關於做市商收入的盈利能力。

I think it's the second quarter with similar revenue and profit dynamics.

我認為這是第二季度的收入和利潤動態相似。

Is this a good run rate for that business?

這對那家企業來說是一個很好的運行率嗎？

Or is there remaining kind of further pullback that's yet to come?

或者還有沒有進一步的回調？

That probably -- it will probably -- it certainly will not become higher.

那可能——它可能——它肯定不會變得更高。

It's more likely to become lower.

它更有可能變得更低。

In other words, there are certain localities that we still carry on doing these, but it's not -- so we'll keep constantly looking at those and get done.

換句話說，有些地方我們仍然在做這些，但事實並非如此——所以我們會不斷地關注這些並完成。

Okay.

好的。

And then one more, I guess, on -- just on the hiring comments and the headcount growth.

我猜還有一個關於招聘評論和員工人數增長的問題。

Can you just talk about specifically what specific function you're trying to improve?

您能具體談談您要改進的具體功能嗎？

Is it mostly customer service for the financial adviser community?

主要是為財務顧問社區提供客戶服務嗎？

Is that a lot of the headcount that you're adding is to support growth in that area?

您增加的大量員工人數是為了支持該領域的增長嗎？

Or is there some other segment that you're...

或者有沒有其他的部分，你...

Well, we're hiring -- we're trying to hire in 3 areas: customer service, compliance and technology development.

好吧，我們正在招聘——我們正在嘗試在 3 個領域招聘：客戶服務、合規性和技術開發。

And is the technology hiring picking back up now?

技術招聘現在正在回升嗎？

I remember you had said that as you migrated some of the technology folks from the market maker to the broker, headcount would maybe flatline for a few quarters, but is that starting to pick back up again now?

我記得您曾說過，當您將一些技術人員從做市商轉移到經紀人時，員工人數可能會在幾個季度內持平，但現在又開始回升了嗎？

Yes, it's back up again, and our dreams are greater than our abilities to get them done.

是的，它又回來了，我們的夢想比我們完成它們的能力更大。

And the next question will come from the line of [Reinhard Schmitz] with...

下一個問題將來自 [Reinhard Schmitz] 的台詞...

My name is [Reinhard Schmitz].

我的名字是[萊因哈德·施密茨]。

I'm German, located in Luxembourg.

我是德國人，位於盧森堡。

We met 2 years ago at the annual shareholder meeting.

我們兩年前在年度股東大會上見過面。

So I bring in a more European point of view.

所以我引入了一個更歐洲的觀點。

First of all, let me say, I love the ads, what you are currently running.

首先，讓我說，我喜歡你目前正在運行的廣告。

I think this is high-impact advertisement, and I would like to actually see that in Europe if this plan is to show that people can get 1.42% on cash in Europe.

我認為這是一個高影響力的廣告，如果這個計劃是為了表明人們可以在歐洲獲得 1.42% 的現金，我希望在歐洲看到這一點。

I mean, they get nothing or negative.

我的意思是，他們一無所獲或消極。

What currency are you talking about?

你說的是什麼貨幣？

Yes, okay.

是的，好的。

I know it.

我知道。

I know that it is dollars, but euro is not so strong.

我知道是美元，但歐元沒那麼強。

People might think about it.

人們可能會考慮一下。

Yes, but you can -- if you deposit the dollar or you convert your euros to dollar, yes, you can get 1.41%.

是的，但你可以——如果你存入美元或將歐元兌換成美元，是的，你可以獲得 1.41%。

But on euros, we cannot give that to you.

但在歐元上，我們不能給你。

I know that, but I think people should know in Europe that this is existing.

我知道這一點，但我認為歐洲的人們應該知道這是存在的。

I did -- would think make a high-impact, I guess.

我做了——我猜想會產生很大的影響。

So I do my best to bring people to IB and to the platform, and they are astonished to see what is possible, Europeans, I mean.

所以我盡我所能把人們帶到 IB 和這個平台上，他們很驚訝地看到什麼是可能的，歐洲人，我的意思是。

So that is the one thing.

所以這是一件事。

The other thing is what I actually have a problem with, is 1 month ago, we got a new regulation, this PRIIP, yes?

另一件事是我實際上有一個問題，是 1 個月前，我們有一個新規定，這個 PRIIP，是嗎？

And this -- although I trade at broad-based market ETFs for more than 10 years, now I cannot do that because I'm European, and the European authorities want to protect me.

而這一點——儘管我在廣泛市場的 ETF 交易了 10 多年，但現在我不能這樣做，因為我是歐洲人，而歐洲當局想要保護我。

That's right.

這是正確的。

Thanks.

謝謝。

Thanks to the Europeans.

感謝歐洲人。

The funny thing is, it is -- in my understanding, please, you can give me some explanation maybe, it depends on this KID, this KIDs document, yes?

有趣的是，它是——在我的理解中，請你給我一些解釋，這取決於這個 KID，這個 KIDs 文件，是嗎？

And...

和...

That's correct.

這是正確的。

As long as you're not an institutional investor.

只要你不是機構投資者。

So if you have more money and put it into the account that is with us, maybe you rise to the level of an institutional investor and you can take whatever you want.

所以如果你有更多的錢，把它存入我們的賬戶，也許你上升到機構投資者的水平，你可以拿走你想要的任何東西。

Yes, I opened a ticket and I got papers and I signed them and I fulfilled all 3 criteria and so on, but still I cannot do that, what I did 10 years ago, for more than 10 years.

是的，我開了一張票，我拿到了文件，我簽署了它們，我滿足了所有 3 個標準等等，但我仍然無法做到這一點，就像我 10 年前所做的那樣，超過 10 年。

And the funny thing is, my local bank, which is a bank, let me say, a size of 20 billion, they let me trade SPY ETFs.

有趣的是，我當地的銀行是一家規模為 200 億的銀行，他們讓我交易 SPY ETF。

I mean, I will not do that because the commission is too high, yes?

我的意思是，我不會那樣做，因為佣金太高了，是嗎？

I cannot trade with such a bank, but it is possible.

我無法與這樣的銀行進行交易，但這是可能的。

They have these papers.

他們有這些文件。

And the question is, is there a difficulty that IB have not these papers?

而問題是，IB沒有這些論文有困難嗎？

Well, you see, we all -- we can choose what laws we abide by.

好吧，你看，我們所有人——我們可以選擇我們遵守的法律。

We are more stringent than most other folks, apparently more stringent than your local bank.

我們比大多數其他人更嚴格，顯然比您當地的銀行更嚴格。

Well, are you -- I do not understand the answer correctly because of the line.

好吧，你是不是 - 因為這條線，我沒有正確理解答案。

Are you in process to get these papers available?

您是否正在準備這些文件？

No, there is nothing we can do about this situation.

不，對於這種情況，我們無能為力。

Sorry.

對不起。

It's your laws, and we have to abide by them.

這是你的法律，我們必須遵守。

Yes, I understand fully that it is -- the ball is not in your -- on your side in this issue.

是的，我完全理解，在這個問題上，球不在你身邊。

The -- can you say about something that -- it happened very surprisingly 4 weeks ago.

- 你能說一下 - 它發生在 4 週前，非常令人驚訝。

Yes, I'm very sorry about this.

是的，對此我感到非常抱歉。

So maybe you can send me an e-mail, but I don't want to hold everybody up -- else up with this issue.

所以也許你可以給我發一封電子郵件，但我不想阻止每個人——否則就解決這個問題。

Please send me an e-mail, okay?

請給我發電子郵件，好嗎？

Thank you.

謝謝你。

And I'm showing no further questions at this time.

我現在沒有再提出任何問題。

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

我現在想將電話轉回給 Nancy Stuebe 女士，以徵求任何進一步的意見。

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, and we will be also posting a clean version of our transcript on the site tomorrow.

提醒一下，這個電話將在我們的網站上重播，我們明天還將在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。

Thank you.

謝謝你。

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 concludes the program.

程序到此結束。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a great day.

大家，有一個美好的一天。