Interactive Brokers Group Inc (IBKR) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Interactive Brokers Group Second Quarter 2022 Earnings Call. (Operator Instructions) As a reminder, today's program may be recorded. I would now like to introduce your host for today's program, Nancy Stuebe, Director of Investor Relations. Please go ahead.

感謝您的支持，歡迎參加盈透證券集團 2022 年第二季度財報電話會議。 （操作員說明）提醒一下，今天的節目可能會被錄製。我現在想介紹一下今天的節目主持人 Nancy Stuebe，投資者關係總監。請繼續。

Thank you. Good afternoon, and thank you for joining us for our second quarter 2022 earnings conference call. Once again, Thomas is on the call but has asked me to present his comments on the business. Also joining us today are Milan Galik, our CEO; and Paul Brody, our CFO. After prepared remarks, we will have a Q&A.

謝謝你。下午好，感謝您參加我們的 2022 年第二季度收益電話會議。再一次，Thomas 正在接聽電話，但要求我發表他對業務的評論。今天加入我們的還有我們的首席執行官 Milan Galik；和我們的首席財務官 Paul Brody。準備好評論後，我們將進行問答。

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. Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to disclaimers in our press release. You should also review a description of risk factors contained in our financial reports filed with the SEC.

提醒一下，今天的電話可能包括前瞻性陳述，這些陳述代表了公司對未來事件的看法，這些事件就其性質而言是不確定的，並且超出了公司的控制範圍。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。我們要求您在我們的新聞稿中提及免責聲明。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 will start today's call with the bad news. In the first half of 2022, circumstances did not evolve in our favor. First, starting at the end of last year, activity diminished in Asia because of China's crackdown on large privately owned companies and many of our clients from that region suffered outsized losses. Then late in the first quarter, the impact of the war in Ukraine began to be felt on the European economy, showing the mood of our customers in that region. Finally, early in the second quarter, the delayed response by the Fed to inflationary pressures created fears of a recession in the U.S., sending prices into bear market territory.

我將從壞消息開始今天的通話。在 2022 年上半年，情況並沒有向我們有利的方向發展。首先，從去年底開始，由於中國對大型私營企業的打擊，亞洲的活動減少了，我們在該地區的許多客戶遭受了巨大的損失。然後在第一季度末，烏克蘭戰爭的影響開始對歐洲經濟產生影響，顯示出我們該地區客戶的情緒。最後，在第二季度初，美聯儲對通脹壓力的反應遲緩引發了人們對美國經濟衰退的擔憂，將價格推向熊市區域。

Deficit spending in the U.S. has limited the government's ability to respond to rising inflation with increasingly higher interest rates. As for each 1% hike, interest on U.S. debt increases by $300 billion as it gets refinanced. So inflation is likely to stay with us, the same difficulty in raising rates in the face of higher inflation and the same causes are also occurring in Europe. Customer losses in their accounts in the markets were substantial. Adding to that, the impact of the withdrawal of all funded accounts by Futu to their own new clearing firm and an introducing broker using a custodial bank while still executing with us, our customers' funds diminished by about $80 billion over the past 2 quarters. In addition, our net new account openings plummeted by about 40% by the end of the quarter.

美國的赤字支出限制了政府以越來越高的利率應對通脹上升的能力。至於每加息 1%，美國債務的利息會隨著再融資而增加 3000 億美元。所以通脹可能會一直伴隨著我們，面對更高的通脹，加息的同樣困難，同樣的原因也發生在歐洲。客戶在市場上的賬戶損失慘重。此外，富途將所有入金賬戶撤回到他們自己的新清算公司和使用託管銀行的介紹經紀人同時仍與我們一起執行的影響，我們客戶的資金在過去兩個季度減少了約 800 億美元。此外，截至本季度末，我們的新開戶淨額下降了約 40%。

On a brighter note, now for the good news. It seems that many large global financial institutions are looking at the other side of this market valley and are beginning to focus on their clients' trading needs. These clients more and more often want to run globally diversified portfolios heavily weighted towards U.S. equities no matter where they live. Satisfying that demand would necessitate that they consolidate worldwide, they're often separately and locally developed technology and operations. Several such institutions believe that they can get there sooner by putting their clients in IBKR's platform now and begin working on developing the tools to serve their unique specific client financial needs better. IBKR has reached a positive conclusion in several such discussions. These institutions will onboard their clients gradually and separately by type and location, beginning later in the third quarter, while others will start later this year and next.

在一個更明亮的音符上，現在是好消息。似乎許多大型全球金融機構正在尋找這個市場谷的另一邊，並開始關注其客戶的交易需求。這些客戶越來越多地希望經營全球多元化的投資組合，無論他們身在何處，都以美國股票為重。為了滿足這種需求，它們必須在全球範圍內進行整合，它們通常是單獨和本地開發的技術和運營。幾家這樣的機構相信，他們現在可以通過將他們的客戶放在 IBKR 的平台上來更快地實現這一目標，並開始著手開發工具來更好地滿足他們獨特的特定客戶金融需求。 IBKR 在多次此類討論中得出了積極的結論。這些機構將從第三季度晚些時候開始，按類型和地點逐步和分別地為其客戶提供服務，而其他機構將在今年晚些時候和明年開始。

These will be introducing broker accounts and thus they will add to our number of accounts. It is for this reason that in spite of our number of net new account openings having declined by 40% by the end of the quarter, I expect this drop to be temporary as the new introducing brokers accounts will begin to show up. Accordingly, I still project long-term account growth of 30%. Most of our technology development capacity in the near future will be devoted to building systems that make our introducing broker and worldwide RIA platform even more compelling.

這些將引入經紀人賬戶，因此它們將增加我們的賬戶數量。正是出於這個原因，儘管我們的淨新開戶數量在本季度末下降了 40%，但我預計這種下降是暫時的，因為新的介紹經紀人賬戶將開始出現。因此，我仍然預計長期賬戶增長率為 30%。在不久的將來，我們的大部分技術開發能力將用於構建系統，使我們的介紹經紀人和全球 RIA 平台更加引人注目。

With this backdrop, we are pleased with how our business performed. We ended the quarter with a record 1,923,000 accounts, a net increase of 36% from last June. We saw account growth in all client segments in all geographic regions, with particular strength 49% and 38% in Europe and Asia, which together represent the majority of our accounts. As our client base grows, DARTs have risen as well. Second quarter total DARTs were strong at over 2.1 million. While trading in the U.S. seems to be holding steady, we began seeing some easing of trading activity in Europe and Asia due to declining markets. Commission per DART rose due to product mix as volumes continue to be strong in futures and options, which carry a higher commission. While in equities, higher commissions per DART were from more active trading and higher-priced stocks, which helped boost commissions over the last year. Higher futures commissions include very high exchange and regulatory fees, which in part explain our higher execution and clearing direct expense.

在此背景下，我們對我們的業務表現感到滿意。我們在本季度結束時擁有創紀錄的 1,923,000 個賬戶，比去年 6 月淨增長 36%。我們在所有地理區域的所有客戶群中都看到了賬戶增長，特別是在歐洲和亞洲分別增長了 49% 和 38%，這兩個地區共同代表了我們的大部分賬戶。隨著我們客戶群的增長，DARTs 也在增加。第二季度 DART 總數超過 210 萬。雖然美國的交易似乎保持穩定，但由於市場下滑，我們開始看到歐洲和亞洲的交易活動有所緩解。由於期貨和期權的交易量繼續強勁，佣金較高，產品組合導致每 DART 的佣金增加。在股票方面，每 DART 更高的佣金來自更活躍的交易和更高價格的股票，這有助於提高去年的佣金。更高的期貨佣金包括非常高的交易所和監管費用，這部分解釋了我們更高的執行和清算直接費用。

Higher DARTs and commission per trade led to our total commission revenues rising to $322 million, the third highest in company history and behind only the unusually active trading periods in the first quarters of this year and last. Options and futures volumes continue to be strong. In the second quarter, in the U.S., listed options volume for the industry saw average daily volume of nearly 40 million contracts, one of the highest on record and up 8%. Interactive Brokers options volumes were even stronger, up 11%. Our future business was even better with our contract volumes up 46% over last year, nearly twice the 25% increase in industry volumes. As inflation can lead to higher commodities prices, investors often use commodity futures to participate, especially when there's also volatility in the market.

更高的 DART 和每筆交易佣金使我們的總佣金收入上升至 3.22 億美元，是公司歷史上的第三高，僅次於今年第一季度和去年第一季度異常活躍的交易期。期權和期貨交易量繼續強勁。第二季度，在美國，該行業的上市期權交易量日均交易量接近 4000 萬份合約，是有記錄以來最高的合約之一，增長了 8%。盈透證券的期權交易量甚至更強勁，增長了 11%。我們未來的業務甚至更好，我們的合同量比去年增長了 46%，幾乎是行業量增長 25% 的兩倍。由於通貨膨脹會導致商品價格上漲，投資者經常使用商品期貨來參與，尤其是在市場也存在波動的情況下。

Interactive Brokers has become better at offering our customers new and innovative products, while also enabling them to navigate through our many high-quality features at ever greater efficiency, helping them to establish their own personalized work environments and tools. Superior customer experience our platform offers continues to be spread by word of mouth as well as by our institutional sales team. In uncertain markets, the quality of our capital base matters. Our capital base grew even stronger during this period with total equity reaching $10.6 billion this quarter. This base funds our business in countries around the world, helps us to attract larger customers, and reassures clients looking to participate in the markets. We saw account growth once again in all 5 of the client types that we service.

盈透證券在為我們的客戶提供新的和創新的產品方面做得越來越好，同時也使他們能夠以更高的效率瀏覽我們的許多高質量功能，幫助他們建立自己的個性化工作環境和工具。我們的平台提供的卓越客戶體驗繼續通過口耳相傳以及我們的機構銷售團隊傳播。在不確定的市場中，我們資本基礎的質量很重要。在此期間，我們的資本基礎更加強勁，本季度總股本達到 106 億美元。該基地為我們在世界各國的業務提供資金，幫助我們吸引更大的客戶，並讓希望參與市場的客戶放心。在我們服務的所有 5 種客戶類型中，我們再次看到了賬戶增長。

Individual account growth was fastest at 44% followed by proprietary traders of 32%, introducing brokers at 24%, financial advisers at 15% and hedge funds at 10%. We are always looking to find opportunities and grow our business. We continue to place enhanced focus on our marketing efforts, and we have increased spending in this area from last year. We are letting investors know that Interactive Brokers pays its clients over 1.08% on their cash balances. And if the Federal Reserve raises rates by 75 basis points, then their rate will also rise by 75 basis points to 1.83%.

個人賬戶增長最快，為 44%，其次是自營交易員，為 32%，介紹經紀人為 24%，財務顧問為 15%，對沖基金為 10%。我們一直在尋找機會並發展我們的業務。我們繼續將重點放在我們的營銷工作上，並且與去年相比，我們在這一領域的支出有所增加。我們讓投資者知道，盈透證券向客戶支付超過 1.08% 的現金餘額。如果美聯儲將利率提高 75 個基點，那麼他們的利率也將上升 75 個基點至 1.83%。

We recently introduced fractional trading in European stocks, so our clients can purchase as little as $1 of almost any U.S. or European stock. And in the U.K., you can now open a stocks and shares ISA. We continue to add to the functionality of our IMPACT app. We recently added the ability to offset a selection of specific carbon emitting activities, giving clients the ability to offset their footprint and keep track in their statements, all from their IBKR account. We still see higher inflation as a catalyst that convinces more people that holding on to their money as cash is a losing proposition. Investing in equities worldwide will be necessary to earn a return and Interactive Brokers will be there with our innovative platform and educational materials. We aim to be the platform of choice for the best informed, most successful investors, and we look forward to welcoming our 2 millionth customer in the next few months.

我們最近推出了歐洲股票的部分交易，因此我們的客戶可以購買幾乎任何美國或歐洲股票的低至 1 美元。在英國，您現在可以開設股票和股票 ISA。我們將繼續添加 IMPACT 應用程序的功能。我們最近增加了抵消一系列特定碳排放活動的能力，使客戶能夠抵消他們的足跡並在他們的報表中跟踪，所有這些都來自他們的 IBKR 賬戶。我們仍將較高的通脹視為一種催化劑，它讓更多人相信，將他們的錢作為現金持有是一種失敗的主張。投資全球股票是獲得回報的必要條件，盈透證券將提供我們的創新平台和教育材料。我們的目標是成為最有見識、最成功的投資者的首選平台，我們期待在未來幾個月內迎來我們的第 200 萬客戶。

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

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

Thanks, Nancy. Thanks, everyone, for joining the call. I will review the second quarter operating results, and then we'll open it up for questions. Starting with our revenue items on Page 3 of the release. We recorded another strong quarter with increases in net revenues and pretax income on an adjusted basis.

謝謝，南希。謝謝大家加入電話會議。我將回顧第二季度的經營業績，然後我們將開放提問。從新聞稿第 3 頁上的收入項目開始。我們記錄了另一個強勁的季度，經調整後的淨收入和稅前收入增加。

With customer account growth at 36% year-over-year, we are expanding our potential for both commission and interest revenues in the future. Commissions were strong, reaching their third highest quarterly revenue ever, at $322 million. Options and futures volumes outpaced the second quarter of 2021, and while stock share volumes declined from last year's quarter, notional value of stock trades actually rose. Net interest income of $348 million reflected higher margin loan interest despite relatively unchanged balances, thanks to increases in benchmark rates and higher interest earned on our segregated cash portfolio as U.S. rates have moved from an average effective rate of 7 basis points last year to 77 in this year's quarter. These gains were partially offset by higher interest we paid on customer credit balances as we pass through rate hikes above 50 basis points to our customers on their qualified funds.

隨著客戶賬戶同比增長 36%，我們正在擴大未來佣金和利息收入的潛力。佣金強勁，達到有史以來第三高的季度收入，達到 3.22 億美元。期權和期貨交易量超過了 2021 年第二季度，雖然股票交易量較去年同期有所下降，但股票交易的名義價值實際上有所上升。 3.48 億美元的淨利息收入反映了較高的保證金貸款利息，儘管餘額相對不變，這要歸功於基準利率的提高以及隨著美國利率從去年的平均有效利率 7 個基點上升到 77今年的季度。這些收益被我們為客戶信貸餘額支付的更高利息所部分抵消，因為我們將其合格資金的利率提高了 50 個基點以上。

Other fees and services generated $43 million with market data fees of $19 million, down 5% and risk exposure fee revenue of $6 million, down 14%. Options exchange liquidity payments $9 million were even with the prior year. Declines in IPO fees and especially in account activity fees which were discontinued after the second quarter of 2021, reduce the total in this line item. Other income includes gains and losses on our investments, our currency diversification strategy and principal transactions. Note that many of these non-core items are excluded in our adjusted earnings. And without these excluded items, other income was positive $4 million for the quarter.

其他費用和服務產生了 4300 萬美元，其中市場數據費用為 1900 萬美元，下降了 5%，風險敞口費收入為 600 萬美元，下降了 14%。期權交易所流動性支付 900 萬美元與上一年持平。 IPO 費用的下降，尤其是 2021 年第二季度後停止的賬戶活動費用的下降，減少了該項目的總額。其他收入包括我們的投資收益和損失、我們的貨幣多元化戰略和主要交易。請注意，我們調整後的收益中不包括許多這些非核心項目。如果沒有這些排除項目，本季度的其他收入為正 400 萬美元。

Turning to expenses. Execution, clearing and distribution costs rose 43% from last year led by strong futures volumes, which carry higher fees, lower exchange liquidity rebates and a smaller clearing fee rebate than in last year's second quarter. As a percent of commission revenues, execution and clearing costs, which are driven by a combination of trading volume, exchange rebates and changing fee schedules were 18% this quarter, meaning 82% of incremental commission revenue dropped to the bottom line. While this cost ratio fluctuates over time with product mix and trading volumes, the factors that tend to drive it lower over time remain in place with the exchanges offering liquidity rebates and competing on costs, which gives our Smart Router the opportunity to improve on execution quality for our IBKR Pro clients.

轉向開支。執行、清算和分銷成本比去年增加了 43%，這主要是由於期貨交易量強勁，與去年第二季度相比，期貨交易的費用更高，交易所流動性回扣更低，清算費用回扣也更小。本季度佣金收入、執行和清算成本佔佣金收入的百分比為 18%，這由交易量、交易所回扣和更改的費用表共同推動，這意味著 82% 的增量佣金收入下降到了底線。雖然該成本比率會隨著產品組合和交易量的變化而波動，但隨著時間的推移往往會導致其降低的因素仍然存在，因為交易所提供流動性回扣和成本競爭，這使我們的智能路由器有機會提高執行質量對於我們的 IBKR Pro 客戶。

Compensation and benefits expense, while up in dollar terms for the quarter as we continued to expand hiring to support our strong growth was 16% of our adjusted net revenues, consistent with the historical level. Our head count at quarter end was 2,780. G&A expenses were up $7 million versus last year on increases in advertising, legal expenses and administrative fees. Our adjusted pretax margin was a robust 63%. Automation remains our key means of maintaining high margins as well as continued expense control while we hire talented people and invest in the future of our business. $32 million of income taxes reflect the sum of the operating company's $16 million and the public company's $16 million.

由於我們繼續擴大招聘以支持我們的強勁增長，本季度的薪酬和福利費用佔調整後淨收入的 16%，與歷史水平一致。我們在季度末的人數為 2,780。由於廣告、法律費用和行政費用的增加，G&A 費用比去年增加了 700 萬美元。我們調整後的稅前利潤率高達 63%。自動化仍然是我們保持高利潤和持續費用控制的關鍵手段，同時我們僱傭人才並投資於我們業務的未來。 3200 萬美元的所得稅是運營公司 1600 萬美元和上市公司 1600 萬美元的總和。

Moving to our balance sheet on Page 5 of the release. Our total assets were $113 billion at the end of the quarter with growth over the last year, driven by increases in our segregated cash and securities partially offset by a reduction in customer margin loans. Our consolidated equity capital was $10.6 billion, and we have no long-term debt.

轉到新聞稿第 5 頁上的資產負債表。截至本季度末，我們的總資產為 1130 億美元，比去年有所增長，這主要是由於我們的隔離現金和證券增加，部分被客戶保證金貸款的減少所抵消。我們的合併股本為 106 億美元，我們沒有長期債務。

In our operating data, on pages 6 and 7, our contract volumes for all customers were strong, up 11% on the year in options and the second highest ever in futures, up 46%. Stock share volume was down significantly versus last year's active second quarter, and the drop-off was largely attributable to trading in pink sheet and other very low-priced stocks. Of note, the notional value of shares traded actually increased over the prior year, reflecting a shift towards trading higher-priced stocks, which tends to raise the average commission per order.

在我們第 6 頁和第 7 頁的運營數據中，我們為所有客戶提供的合約量都很強勁，期權合約量同比增長 11%，期貨合約量創歷史第二高，增長 46%。與去年活躍的第二季度相比，股票交易量顯著下降，下降主要歸因於粉單和其他低價股票的交易。值得注意的是，交易股票的名義價值實際上比上一年有所增加，反映了向交易高價股票的轉變，這往往會提高每筆訂單的平均佣金。

On Page 7, you can see that our account growth remains robust with over 114,000 net accounts added in the quarter and total accounts reaching 1.9 million, up 36% over the prior year. Total customer DARTs were just under 2.2 million trades per day, down 6% from the strong prior year quarter. Our cleared IBKR Pro customers paid an average of $2.74 commission per cleared commissionable order, up 15% from last year as our clients' volume mix included higher per order contributions from stocks and options.

在第 7 頁，您可以看到我們的賬戶增長依然強勁，本季度新增淨賬戶超過 114,000 個，總賬戶達到 190 萬個，比上年增長 36%。總客戶 DART 每天交易量略低於 220 萬次，比去年同期強勁的季度下降 6%。我們結算的 IBKR Pro 客戶每結算可佣金訂單平均支付 2.74 美元的佣金，比去年增長 15%，因為我們客戶的交易量組合包括更高的股票和期權訂單貢獻。

Page 8 of the release presents our net interest margin numbers. Total GAAP net interest income was $348 million for the quarter, up 27% on the year ago quarter, reflecting stronger margin loan and segregated cash interest, partially offset by higher interest expense on customer cash balances. The Federal Reserve raised interest rates twice in the quarter by 50 basis points in early May and by a further 75 points in June with about 2 weeks left in the quarter. The latter raise had a minor positive impact in a 12-week quarter, but of course, we'll have a full positive impact in the third quarter. Other regions also raised rates this quarter. This group includes the U.K., Canada, Australia and Hong Kong. Margin loan interest was up 54% to $197 million despite average margin loan balances relatively unchanged from last year's second quarter. Higher rates in the U.S. and internationally bode well for our margin interest income.

新聞稿的第 8 頁介紹了我們的淨息差數字。本季度 GAAP 淨利息收入總額為 3.48 億美元，比去年同期增長 27%，反映了更強的保證金貸款和獨立現金利息，部分被客戶現金餘額的利息支出增加所抵消。美聯儲在本季度兩次加息，5 月初加息 50 個基點，6 月又加息 75 個基點，本季度還剩約 2 週。後一次加薪在 12 週的季度中產生了輕微的積極影響，但當然，我們將在第三季度產生全面的積極影響。本季度其他地區也提高了利率。該組包括英國、加拿大、澳大利亞和香港。儘管平均保證金貸款餘額與去年第二季度基本持平，但保證金貸款利息增加了 54% 至 1.97 億美元。美國和國際上較高的利率對我們的保證金利息收入來說是個好兆頭。

Net interest on segregated cash turned positive in the first quarter. And in the second quarter, we earned $53 million on these balances, primarily due to the 2 Federal Reserve rate hikes but also to our managing to short duration on invested funds. At June 30, our U.S. portfolio duration was 45 days, so the investments roll over into new higher rates with a fairly short lag time. Securities lending net interest was $116 million, down from the $136 million in the active year ago quarter, although revenue opportunities on hard-to-borrow stocks trended up during the quarter. It's worth noting that while securities lending opportunities maintain a strong pace, it is also the case that as benchmark rates rise, a greater portion of the revenue generated by securities lending is reflected in interest on segregated cash because the cash collateral received is invested as segregated funds. We estimate this impact to be about $10 million for the quarter.

隔離現金的淨利息在第一季度轉為正數。在第二季度，我們從這些餘額中賺取了 5300 萬美元，這主要是由於美聯儲兩次加息，而且我們設法縮短了投資資金的期限。 6 月 30 日，我們的美國投資組合久期為 45 天，因此投資以相當短的滯後時間轉入新的更高利率。證券借貸淨利息為 1.16 億美元，低於去年同期活躍季度的 1.36 億美元，儘管難以藉入股票的收入機會在本季度呈上升趨勢。值得注意的是，雖然證券借貸機會保持強勁步伐，但隨著基準利率的上升，證券借貸產生的大部分收入反映在隔離現金的利息上，因為收到的現金抵押品是作為隔離投資的資金。我們估計本季度的影響約為 1000 萬美元。

Interest on customer credit balances or the interest we pay our customers is returning to its historical norm as higher rates in many currencies result in our paying interest as we pass through rate increases. We paid $37 million to our customers on these balances in the second quarter. Now for our estimates of the impact of increases in rates, given market expectations of more rate hikes to come, we estimate the effects of increases in the Fed funds rate to produce additional annual net interest income as follows: at 25 basis points, an increase of $57 million annually; at 50 basis points, an increase of $115 million; at 75 basis points, an increase of $172 million; and at 100 basis points, an increase of $229 million.

客戶信用餘額的利息或我們支付給客戶的利息正在恢復到其歷史常態，因為許多貨幣的較高利率導致我們在通過加息時支付利息。我們在第二季度就這些餘額向客戶支付了 3700 萬美元。現在，對於我們對加息影響的估計，鑑於市場預期還會有更多加息，我們估計聯邦基金利率上調對產生額外年度淨利息收入的影響如下：在 25 個基點時，加息每年5700萬美元；按 50 個基點計算，增加 1.15 億美元；按 75 個基點計算，增加 1.72 億美元；按 100 個基點計算，增加 2.29 億美元。

Note that our starting point for these estimates is June 30, with the Fed funds effective rate at 1.58% and also based on balances at that date. These estimates do not take into account any change in how we may adjust our investment strategy or take advantage of newly higher rates or any change in our assets. About 21% of our customer segregated cash is not in U.S. dollar. So estimates of U.S. rate change impact exclude those currencies. We estimate a 25 basis point increase in all the relevant non-USD benchmark rates would produce additional annual net interest income of about $10 million and that rising to about $40 million at a full 100 basis point increase.

請注意，我們對這些估計的起點是 6 月 30 日，聯邦基金有效利率為 1.58%，也是基於該日期的餘額。這些估計沒有考慮到我們如何調整投資策略或利用新的更高利率或我們資產的任何變化的任何變化。大約 21% 的客戶隔離現金不是美元。因此，對美國利率變化影響的估計不包括這些貨幣。我們估計，所有相關的非美元基準利率上調 25 個基點，將產生約 1000 萬美元的額外年度淨利息收入，如果上調 100 個基點，則將增至約 4000 萬美元。

In conclusion, we put forward another solid performance in the second quarter, reflecting our continued ability to grow our customer base, deliver on our core services to customers while continuously adding new features and products and manage the business effectively with strong expense control.

總而言之，我們在第二季度再次取得了穩健的業績，這反映了我們持續擴大客戶群、為客戶提供核心服務的能力，同時不斷增加新功能和產品，並通過強大的費用控制有效地管理業務。

With that, we'll now open up the line for questions.

有了這個，我們現在將打開問題線。

(Operator Instructions) Our first question comes from the line of Rich Repetto from Piper Sandler.

（操作員說明）我們的第一個問題來自 Piper Sandler 的 Rich Repetto。

My question is a follow-up on the prepared remarks and the account growth that you expect in the back half of the year, I guess, Thomas, could you give us some more detail on the arrangements that you have? And how will that -- will it -- will we still see the same -- how will that run through, I guess? I'm trying to figure out like we normally model close to your 30%, but if it's going to come in chunks or what do you foresee for the more detail on the account growth?

我的問題是對準備好的評論和您預計下半年的賬戶增長的後續行動，我想，Thomas，您能否詳細介紹一下您的安排？那將如何 - 它會 - 我們仍然會看到相同的 - 我猜這將如何運行？我想像我們通常模擬的那樣接近你的 30%，但是如果它會分塊出現，或者你對賬戶增長的更多細節有什麼預見？

So as I said, the current account growth is roughly 40% below our average growth over, say, the last year. And this new type of accounts will start kicking in very, very late this quarter and then gradually more and more of them through the first quarter of next year.

正如我所說，與去年相比，經常賬戶增長比我們的平均增長低大約 40%。這種新型賬戶將在本季度非常非常晚的時候開始出現，然後到明年第一季度逐漸增加。

So do you think that it will sort of bridge a little bit of that gap towards the...

那麼，您是否認為它會在某種程度上彌合與...的差距？

What happened was that when the market collapsed in June, it was, right? Yes. So -- or late May, I don't know when they're terrible (inaudible). Since that time, the new account fundings are way down, right? And that seems to be continuing strangely. And so I can't really say what will happen with the existing type of business other than to project forward. But what is going on right now, which is a lower level of account fundings of, say, about 15% growth, and I expect these new type of accounts to -- as I said, to begin coming in very late this quarter and then continuing and gaining speed as we go into next year.

發生的事情是，當市場在 6 月份崩盤時，是這樣的，對吧？是的。所以 - 或五月下旬，我不知道他們什麼時候很糟糕（聽不清）。從那時起，新賬戶的資金就下降了，對吧？這似乎奇怪地繼續著。所以我真的不能說除了向前推進之外，現有的業務類型會發生什麼。但現在發生的情況是賬戶資金水平較低，例如增長約 15%，我預計這些新型賬戶將——正如我所說的，將在本季度末開始出現，然後隨著我們進入明年，繼續並加快速度。

Got it. Okay. And then my follow-up question would be, you have brought on a lot of accounts over the past 1.5 years to 2 years. And I'm just trying to -- do you see -- we see the average trades per comp down, but we also see the commission rising because the trades that I've done, there's more of a mix of futures and options. So I guess the question is, these accounts, the large number you brought in, how do you view the quality of the account? And do you expect -- do you still expect like the season and to mature and trade more actively over time? Or are there different type that's been brought on?

知道了。好的。然後我的後續問題是，在過去的 1.5 年到 2 年裡，你帶來了很多客戶。我只是想 - 你看到了嗎 - 我們看到每個組合的平均交易量下降，但我們也看到佣金上升，因為我所做的交易更多是期貨和期權的組合。所以我想問題是，這些賬號，你帶進來的這麼多，你怎麼看待這個賬號的質量？你是否期望——你是否仍然期望像本賽季一樣，隨著時間的推移變得更加成熟和更積極地交易？或者是否有不同的類型被帶來？

So as you know, we have basically 5 types of accounts. And the newer individual accounts tend to be smaller, but the other accounts -- and then your introducing broker accounts tend to be smaller and less productive, but as far as hedge funds, stock traders and financial advisers are concerned, they are basically the same. So to the extent that our growth is more pronounced among individual accounts and introducing brokers, yes, overall, the new accounts are less productive than the old ones.

如您所知，我們基本上有 5 種類型的帳戶。而且較新的個人賬戶往往更小，但其他賬戶——然後你的介紹經紀人賬戶往往更小，效率更低，但就對沖基金、股票交易員和財務顧問而言，它們基本相同.因此，就個人賬戶和介紹經紀人的增長而言，是的，總體而言，新賬戶的生產力低於舊賬戶。

(Operator Instructions) And our next question comes from the line of Daniel Fannon from Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 Daniel Fannon。

This is actually (inaudible) subbing in for Dan. I just wanted to ask with the recent hike in interest rates and the prospect of sort of more to come, how are you guys thinking about sort of the duration and the makeup of your investment portfolio and to kind of generate higher returns?

這實際上是（聽不清）為丹代言。我只是想問一下最近加息的前景以及未來的更多前景，你們如何考慮投資組合的持續時間和構成以及產生更高的回報？

No, we are not. That's the kind of risk that we do not want to take. We will continue to invest in T-bills and repos.

不，我們不是。這是我們不想承擔的風險。我們將繼續投資於國庫券和回購協議。

Understood. Okay. And then just to confirm, the sort of 21% cash that oversees the investment philosophy on that front is pretty consistent with the U.S. counterpart. Is that right?

明白了。好的。然後只是為了確認，監督這方面投資理念的 21% 現金與美國同行相當一致。那正確嗎？

Yes, in particular, outside the U.S., we are more -- even more constrained to putting client money in banks. We use very large -- the largest of the international banks. But primarily, those are the only investments we're permitted to make currently.

是的，特別是在美國以外，我們更多——甚至更受限制於將客戶資金存入銀行。我們使用非常大的——最大的國際銀行。但首先，這些是我們目前被允許進行的唯一投資。

(Operator Instructions) Our next question comes from the line of Kyle Voigt from KBW.

（操作員說明）我們的下一個問題來自 KBW 的 Kyle Voigt。

So with 79% of the cash balances in U.S. dollar, I would have expected a bit higher yield on your said cash balances in the quarter. I just want to confirm whether there's some lag effect from rising U.S. rates, given that 45-day duration that you disclosed. Paul, if you just could confirm that or not if we're kind of yet to see some of the benefit from the 2Q rate hikes come through maybe in the third quarter?

因此，由於 79% 的現金餘額為美元，我預計本季度您所說的現金餘額的收益率會更高。鑑於您披露的 45 天期限，我只想確認美國利率上升是否存在滯後效應。保羅，如果我們還沒有看到第二季度加息帶來的一些好處可能在第三季度出現，你能否證實這一點？

Yes, sure. I mean that is the 45-day lag, which is why we try to put it out there, so you have the proper expectation of the rollover rate. But yes, given that rates most recently increased in May and June, the full effect has not been (inaudible). We have not recorded the full effect yet. And then, of course, the market is projecting further rate increases. And so you can probably assume that our lag time will stay relatively constant.

是的，當然。我的意思是那是 45 天的延遲，這就是為什麼我們試圖把它放在那裡，所以你對展期率有正確的期望。但是，是的，鑑於最近一次上漲是在 5 月和 6 月，因此還沒有完全發揮作用（聽不清）。我們還沒有記錄完整的效果。然後，當然，市場預計會進一步加息。因此，您可能可以假設我們的延遲時間將保持相對恆定。

And just to -- maybe I'm oversimplifying it, but if you were at a zero-day duration or investing just in overnight, you mentioned average Fed funds in the U.S. was 77 basis points in the second quarter. If we assume that 79% of those cash balances were earned at 77 basis points, you get to something like a 60 basis point yield for 2Q. So it's a pretty big variance. So that entire variance between kind of the math that I just ran through, that 60 basis points in the 42, it's just that 45-day duration kind of mismatch with the math that I just ran through. Is that fair? Just want to make sure that we're kind of modeling that set cash yield correctly on a go-forward basis.

只是為了 - 也許我過於簡單化了，但如果你處於零日期限或只是隔夜投資，你提到第二季度美國的平均聯邦基金為 77 個基點。如果我們假設這些現金餘額中有 79% 是在 77 個基點時賺取的，那麼第二季度的收益率就會達到 60 個基點。所以這是一個相當大的差異。因此，我剛剛完成的數學運算之間的整體差異，即 42 個基點中的 60 個基點，只是 45 天的持續時間與我剛剛完成的數學運算不匹配。這公平嗎？只是想確保我們是一種在前進的基礎上正確設定現金收益的模型。

Yes. But you have to include what we're paying to the customers, right? You're including that, right?

是的。但是您必須包括我們支付給客戶的費用，對嗎？你包括那個，對吧？

Yes. I'm just talking about the Fed cash yield specifically, so not the credit.

是的。我只是在談論美聯儲的現金收益率，而不是信貸。

Yes. But if you look at the total balance, we also pay to customers. So that reduces the rate (inaudible).

是的。但是，如果您查看總餘額，我們也會向客戶付款。這樣可以降低速率（聽不清）。

So about 20-something percent low 20s are actually fully interest rate sensitive, meaning that we fall into categories or account sizes that we don't pay interest on. So we get the full benefit of the rate increases on that portion. Now the interest rates are sufficiently positive in the U.S., we passed through all of the additional rate increases, except on those small balance.

因此，大約 20% 的低 20 歲實際上對利率完全敏感，這意味著我們屬於不支付利息的類別或賬戶規模。因此，我們從該部分的加息中獲得了全部好處。現在美國的利率已經足夠正了，我們通過了所有額外的加息，除了那些小的餘額。

Okay. And sorry if I missed an explanation on this in the prepared remarks, but just the other fees and services revenues, I think, were down in the quarter sequentially and year-over-year. So I don't know if you could provide a bit more color on that. I know there's a lot of things that go into that line like risk exposure fees and order flow income account -- market data fees, et cetera. So just want to know if this is kind of a new run rate or whether or not we should see a bounce back heading into the third quarter?

好的。抱歉，如果我在準備好的評論中錯過了對此的解釋，但我認為，只有其他費用和服務收入在本季度環比和同比下降。所以我不知道你是否可以提供更多的顏色。我知道有很多東西會涉及到風險敞口費和訂單流收入賬戶——市場數據費等等。所以只想知道這是否是一種新的運行速度，或者我們是否應該看到反彈進入第三季度？

Right. So the primary factor that went down was where the account activity fees because we discontinued them mid-last year. So you would not expect to see those. Those were $9 million in the last year quarter and $1 million in this quarter. That's a policy change. I don't expect that to bounce back. The other changes were quite a bit smaller, small changes in market data, small changes in exposure fees.

正確的。所以下降的主要因素是賬戶活動費用，因為我們在去年年中停止了它們。所以你不會期望看到那些。上一季度為 900 萬美元，本季度為 100 萬美元。那是政策變化。我不指望這會反彈。其他變化要小得多，市場數據的小變化，曝光費用的小變化。

But I guess the -- I think the line declined about $10 million sequentially from $53 million to $43 million. And I guess that is related to -- related to more...

但我猜——我認為這條線從 5300 萬美元下降到 4300 萬美元，連續下降了大約 1000 萬美元。而且我想這與 - 與更多...有關

Right. Sequentially, the largest factor was actually a drop in the exposure fees. But remember how we think about exposure fees, they're there to help us influence the customers to take less risk in specific ways. We run lots of stress tests that look at different scenarios. And when we find certain kinds of risk that we feel that the standard margin amounts requirements may not be covering in a stress scenario, our system automatically charges exposure fees which the customer can then decide either to keep the position on and pay the exposure fees to us either on overnight position or trim the risk on the position and avoid the exposure fee. So we're not unhappy to see the exposure fees go down because that means we're taking somewhat less risk, and that makes us more comfortable.

正確的。其次，最大的因素實際上是曝光費用的下降。但是請記住我們如何看待曝光費用，它們可以幫助我們影響客戶以特定方式降低風險。我們進行了大量壓力測試，著眼於不同的場景。當我們發現某些風險，我們認為在壓力情況下標准保證金金額要求可能無法涵蓋時，我們的系統會自動收取風險敞口費用，然後客戶可以決定保留頭寸並向其支付風險承擔費用我們要么在隔夜頭寸上，要么降低頭寸上的風險並避免風險敞口。所以我們並不高興看到曝光費用下降，因為這意味著我們承擔的風險有所減少，這讓我們更舒服。

Understood. And last question for me, and I'll jump back in the queue, was just really around the execution and clearing fees. They were up 8% sequentially, while your commission revenues were down (inaudible) sequentially. Just wondering if you could elaborate a bit more on that. I know you gave some explanations in the prepared remarks, but any more color you could kind of provide there given those diverging trends on the revenue expense side?

明白了。對我來說，最後一個問題，我會跳回隊列，只是關於執行和清算費用。它們環比增長 8%，而您的佣金收入環比下降（聽不清）。只是想知道你是否可以詳細說明一下。我知道您在準備好的評論中給出了一些解釋，但是鑑於收入支出方面的這些不同趨勢，您可以提供更多顏色嗎？

The general factors that I cited, greater proportion of futures volume, which has a higher fee base and options as well as opposed to stocks somewhat lower exchange liquidity rebates. These all combined cause the aggregate number to not necessarily go hand-in-hand with the volume change or even the commission change. Generally speaking, the larger trends, they do go hand in hand. But from quarter-to-quarter, we see a different product mix and that can cause these sort of (inaudible) anomalies.

我提到的一般因素是期貨交易量的比例更大，它具有更高的費用基礎和期權以及與股票相比較低的交易所流動性回扣。所有這些加在一起導致總數不一定與交易量變化甚至佣金變化密切相關。一般來說，更大的趨勢，它們確實齊頭並進。但是從一個季度到另一個季度，我們看到了不同的產品組合，這可能會導致這些（聽不清）異常。

(Operator Instructions) And our next question comes from the line of Craig Siegenthaler from Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Craig Siegenthaler。

So we had a follow-up to Rich's first question. And we're obviously not looking for any names, but can you provide any additional color on these global financial institutions, where are they and their clients based? And what exactly will they be using IBKR for?

所以我們對 Rich 的第一個問題進行了跟進。而且我們顯然不是在尋找任何名稱，但是您能否為這些全球金融機構提供任何額外的顏色，它們及其客戶位於哪裡？他們究竟將使用IBKR做什麼？

Thanks for your question. So we have a number of larger introducing brokers that we are integrating with right now. They are of the larger size. There are 3 of them. I would not -- I would rather not tell you who they are. They have not publicized the partnership with us either. So we just have to wait for that announcement. All I can tell you is that these are international organizations catering to clients from more than just 1 country.

謝謝你的問題。因此，我們現在正在整合一些更大的介紹經紀人。它們的尺寸更大。其中有 3 個。我不會——我寧願不告訴你他們是誰。他們也沒有公開與我們的合作關係。所以我們只需要等待那個公告。我只能告訴你，這些國際組織為來自不止一個國家的客戶提供服務。

And just for my follow-up, in the month of May, you lost an omnibus introducing broker (inaudible) relationship to a trust bank. I was just wondering if you could provide perspective on this outflow. And also, how could a trust bank win that business from IBKR?

就我的後續行動而言，在 5 月份，你失去了與一家信託銀行的綜合介紹經紀人（聽不清）關係。我只是想知道您是否可以提供有關此流出的觀點。此外，信託銀行如何從 IBKR 贏得這項業務？

So this was 1 large Japanese introducing broker. We love them because they realized that they concentrated too much of their business in a single custodian. They decided to diversify. I think it was a prudent step for them, looking at it from their perspective. So that is what they have done. They currently custody with a provider that is offering them the solution of the trust bank. So that's what they're going for.

所以這是1家大型日本介紹經紀人。我們愛他們，因為他們意識到他們將過多的業務集中在一個託管人身上。他們決定多元化。從他們的角度來看，我認為這對他們來說是一個謹慎的步驟。這就是他們所做的。他們目前與為他們提供信託銀行解決方案的供應商託管。所以這就是他們想要的。

(Operator Instructions) And our next question comes from the line of Ryan Bailey from Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Ryan Bailey。

(inaudible) some of the account growth slowdown. I was wondering if you could give us some color on the GlobalTrader side. If there's been any difference in the accounts or the uses of the GlobalTrader App? And then maybe just as my follow-up, I'll sort of put it through that. Any color on the typical account sizes or the cash balances for those types of accounts?

（聽不清）一些賬戶增長放緩。我想知道您是否可以在 GlobalTrader 方面給我們一些顏色。賬戶或 GlobalTrader 應用程序的使用是否有任何差異？然後也許就像我的後續行動一樣，我會完成它。典型賬戶規模或這些類型賬戶的現金餘額有什麼顏色嗎？

We started marketing the GlobalTrader not that long ago. We have more than 1,000 accounts. We have a lot of downloads. We would like those downloads to turn into more funded accounts, of course, but the adoption rate is picking up. we are advertising the GlobalTrader to despite the fact that it's a simple trading app that currently allows trading of stocks in cryptocurrencies, you would think that it really benefits the most of the retail clients as you can imagine. We are advertising it to larger account holders in the way that we try to appeal to the fact that despite that most of the (inaudible) investors' finances are managed by financial advisers, we believe that they should be willing to do an occasional trade themselves, and that is what we are advertising to them. But the GlobalTrader is a very simple way for them to trade quickly without contacting their financial advisers and executing the trade they want in the moment. Whether we're going to be successful with this marketing campaign and manage to attract larger accounts, I think only time will tell.

不久前，我們開始營銷 GlobalTrader。我們有 1,000 多個帳戶。我們有很多下載。當然，我們希望這些下載變成更多資金賬戶，但採用率正在上升。我們正在向 GlobalTrader 做廣告，儘管事實上它是一個簡單的交易應用程序，目前允許以加密貨幣交易股票，但您會認為它確實使您可以想像的大多數零售客戶受益。我們正在向更大的賬戶持有人宣傳它，我們試圖吸引這樣一個事實，即儘管大多數（聽不清）投資者的財務是由財務顧問管理的，但我們認為他們應該願意自己偶爾進行交易，這就是我們向他們宣傳的內容。但是 GlobalTrader 是一種非常簡單的方式，可以讓他們快速交易，無需聯繫他們的財務顧問並立即執行他們想要的交易。我們是否會在這次營銷活動中取得成功並設法吸引更大的客戶，我認為只有時間會證明一切。

And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Nancy Stuebe for any further remarks.

這確實結束了今天節目的問答環節。我想把程序交還給 Nancy Stuebe 以作進一步評論。

Thank you, everyone, for participating today. As a reminder, this call will be available for replay on our website, and we will also be posting a clean version of our transcript on our site tomorrow. Thank you again, and we will talk to you next quarter end.

謝謝大家今天的參與。提醒一下，這個電話將在我們的網站上進行重播，我們明天還將在我們的網站上發布我們的成績單的干淨版本。再次感謝您，我們將在下個季度末與您交談。

This does conclude the program of today's conference. Thank you for your participation. You may now disconnect. Good day.

今天的會議議程到此結束。感謝您的參與。您現在可以斷開連接。再會。