Interactive Brokers Group Inc (IBKR) 2022 Q3 法說會逐字稿

Hello. Thank you for standing by, and welcome to the Interactive Brokers Group Third Quarter Earnings Call.

你好。感謝您的支持，歡迎參加盈透證券集團第三季度財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference may be recorded. I would now like to hand the conference over to your speaker today, Nancy Stuebe, Director of Investor Relations. Please go ahead. Thank you.

請注意，今天的會議可能會被錄製。我現在想把會議交給你今天的演講者，投資者關係總監 Nancy Stuebe。請繼續。謝謝你。

Thank you. Good afternoon, and thank you for joining us for our third quarter 2022 earnings conference call. Once again, Thomas is on the call, but asked me to present his comments on the business. Also joining us today are Milan Galik, our CEO; and Paul Brody, our CFO.

謝謝你。下午好，感謝您加入我們的 2022 年第三季度收益電話會議。再一次，Thomas 正在接聽電話，但要求我介紹他對業務的評論。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。

After prepared remarks, we will have a Q&A. 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.

準備好評論後，我們將進行問答。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，這些事件本質上是不確定的，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。

We ask that you refer to the disclaimers in our press release. You should also review a description of risk factors contained in our financial reports filed with the SEC.

我們要求您參考我們新聞稿中的免責聲明。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。

This quarter showed the strength of the Interactive Brokers business model, automating substantial parts of the brokerage business in order to keep costs low and global product offerings and opportunities high even as unfavorable market conditions continued to extend into this quarter and beyond. While we were able to maintain our commission income just barely, it is understandable that in these mostly one-way markets, only very few retail clients feel any urge to open new brokerage accounts.

本季度顯示了盈透證券業務模式的優勢，將大部分經紀業務自動化，以保持低成本和全球產品供應和高機會，即使不利的市場條件繼續延伸到本季度及以後。雖然我們只能勉強維持佣金收入，但可以理解的是，在這些主要是單向市場中，只有極少數零售客戶有開設新經紀賬戶的衝動。

This is a large and unfavorable implication for the growth of our business and we expect this to continue into the early part of next year. In spite of that, by this time next year, we expect that our accounts will be about 30% higher than today due to some new larger introducing broker relationships we have mentioned earlier. Preparing to onboard these accounts is a very slow process. It is unlikely that any sign of these will show before the spring.

這對我們的業務增長是一個巨大而不利的影響，我們預計這種情況將持續到明年年初。儘管如此，到明年這個時候，由於我們之前提到的一些新的更大的介紹經紀人關係，我們預計我們的賬戶將比今天高出約 30%。準備加入這些帳戶是一個非常緩慢的過程。在春天之前，這些跡像不太可能出現。

Account number growth comes on the retail end from direct and introducing broker customers. Much of our commission income comes from hedge funds and proprietary trading groups. An average hedge fund account generates 67x as much revenue as an average individual account. And for prop trading accounts, this multiplier is around 10. Hedge funds and proprietary trading accounts are less affected by the direction of the markets and are, therefore, our emphasis has turned more in their direction lately.

帳戶數量的增長來自零售端的直接和介紹經紀人客戶。我們的大部分佣金收入來自對沖基金和自營交易集團。一個普通的對沖基金賬戶產生的收入是普通個人賬戶的 67 倍。對於自營交易賬戶，這個乘數約為 10。對沖基金和自營交易賬戶受市場方向的影響較小，因此，我們最近的重點更多地轉向了它們的方向。

As most recent Kraken statistics illustrate, for the past 3 consecutive years, the number of hedge funds on our platform has grown faster than any other leading bank or broker. IBKR is now the sixth largest provider of prime brokerage services by number of funds, and we feel fairly confident about moving to be #4 in the current year, right behind Morgan Stanley, Goldman and JPMorgan.

正如最新的 Kraken 統計數據所示，在過去 3 年中，我們平台上的對沖基金數量增長速度超過任何其他領先銀行或經紀商。 IBKR 現在是按基金數量計算的第六大大宗經紀服務提供商，我們對在今年躍居第 4 位充滿信心，僅次於摩根士丹利、高盛和摩根大通。

This growth in hedge fund accounts is happening even though we still do not provide some of the products hedge funds use, like non-exchange listed products outside of cash ForEx or firsthand research and organization of meetings and introductions to corporate CEOs or CFOs. Our reversion toward non-exchange listed products is due to our fear of taking on counterparty credit risk that often turns out to be the source for existential difficulties in the business. But these products also create opportunities for outsized trading gains as they are usually exchange-listed options dressed in different cloth, i.e., different custom-made terms that they are always ultimately hedged by exchange-listed products.

儘管我們仍然不提供對沖基金使用的某些產品，例如現金外匯以外的非交易所上市產品或第一手研究和組織會議以及向公司 CEO 或 CFO 介紹，但對沖基金賬戶的這種增長仍在發生。我們轉向非交易所上市產品是因為我們害怕承擔交易對手信用風險，而這往往是業務存在困難的根源。但這些產品也為巨大的交易收益創造了機會，因為它們通常是穿著不同衣服的交易所上市期權，即不同的定制條款，它們最終總是被交易所上市產品對沖。

Since their terms are unique, they cannot be directly compared to anything to ensure reasonable pricing. While we are not going to change our stance with respect to OTC products, we do not feel the same way about other products like research and corporate introductions. And as we continue to grow in this business, that is something we may consider in the future.

由於它們的條款是獨一無二的，它們不能直接與任何東西進行比較以確保合理的定價。雖然我們不會改變對 OTC 產品的立場，但我們對其他產品（如研究和公司介紹）的看法並不相同。隨著我們在這項業務中的不斷發展，這是我們未來可能會考慮的事情。

The point is that ever since we started in the brokerage business, we said that we will build our platform for the most demanding investors and we automate it so that we can easily make it available for anyone who may care to use it. We were often told that, that was not a realistic approach. You must choose your target audience. Relying on our growing hedge fund customer base, we are now able to turn this logic around and market the platform to the more sophisticated individual investors by saying to them to get better results, get a better platform. The best informed investors choose Interactive Brokers. We are planning to use this as our tagline in our branding efforts.

關鍵是，自從我們開始從事經紀業務以來，我們就說過我們將為最苛刻的投資者建立我們的平台，並將其自動化，以便我們可以輕鬆地將其提供給任何可能願意使用它的人。我們經常被告知，這不是一個現實的方法。您必須選擇您的目標受眾。依靠我們不斷增長的對沖基金客戶群，我們現在能夠扭轉這種邏輯，向更成熟的個人投資者推銷平台，讓他們獲得更好的結果，獲得更好的平台。最知情的投資者選擇盈透證券。我們計劃將此作為我們品牌推廣工作的標語。

Another welcome development during the quarter was the growth of our bond platform. For many years, this platform has been growing very slowly, recording about 1,000 trades a day. Suddenly, with more active bond market volumes, this now reaches 3,000 transactions a day. Given the relevance of bonds, our bonds marketplace has a search tool where you can scan by maturity date, yield to worst and duration to analyze and compare issuers and save your scan to run again at any time. Many of our customers realize that they can achieve better execution prices by sending us limit orders between the prevailing bids and offers. We go out to numerous other platforms to show these orders, but if no trade occurs, and we get an offsetting order, we match the 2.

本季度另一個受歡迎的發展是我們的債券平台的增長。多年來，該平台的增長非常緩慢，每天記錄約 1,000 筆交易。突然之間，隨著債券市場交易量的增加，現在每天達到 3,000 筆交易。鑑於債券的相關性，我們的債券市場有一個搜索工具，您可以在其中按到期日、最差收益率和持續時間進行掃描，以分析和比較發行人，並保存您的掃描以隨時再次運行。我們的許多客戶意識到，他們可以通過向我們發送當前買入價和賣出價之間的限價單來獲得更好的執行價格。我們去許多其他平台顯示這些訂單，但如果沒有交易發生，我們得到一個抵消訂單，我們匹配 2。

We also have order types that instruct us to keep the order internally and wait for a match. This way, the client is not driving the quote in the market against yourself. Despite the slower growth in accounts, we welcomed our 2 millionth customer in September, less than 2 years after adding our 1 millionth customer and ended the quarter with a record 2,012,000 accounts, an increase of 31% from last year.

我們還有訂單類型，指示我們在內部保留訂單並等待匹配。這樣，客戶就不會在市場上對自己不利。儘管賬戶增長放緩，但我們在 9 月迎來了第 200 萬客戶，距離增加第 100 萬客戶不到 2 年，並在本季度末以創紀錄的 2,012,000 個賬戶，比去年增長 31%。

We saw account growth in all client segments in all geographic regions, with particular strength, 43% and 31% in Europe and Asia, which together represent the majority of our accounts. Account growth once again occurred in all 5 of the client types that we service. Individual account growth was fastest at 38% and followed by proprietary traders at 28%, introducing brokers at 20%, financial advisers at 14% and hedge funds at 13%.

我們在所有地理區域的所有客戶群中都看到了賬戶增長，尤其是在歐洲和亞洲分別增長了 43% 和 31%，這兩個地區共同代表了我們的大部分賬戶。我們服務的所有 5 種客戶類型再次出現帳戶增長。個人賬戶增長最快，為 38%，其次是自營交易員，為 28%，介紹經紀人為 20%，財務顧問為 14%，對沖基金為 13%。

Commission per DART continues to rise as our clients continue to be active in options and especially in futures, which carry a higher commission, although the bulk of that goes to exchange fees. In equities, higher commission per DART was driven by a mix with fewer penny stock orders where we limit our commissions not to exceed 1% of trade value. Higher futures commissions include very high exchange and regulatory fees, which in part explain our higher execution and clearing direct expense.

每 DART 的佣金繼續上漲，因為我們的客戶繼續活躍於期權，尤其是期貨，佣金更高，儘管其中大部分用於交易費用。在股票方面，每 DART 更高的佣金是由較低的低價股訂單推動的，我們將佣金限制在不超過交易價值的 1%。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。

An advantage of providing many product types to worldwide customers is the ability to capture opportunities when one product or another becomes active. This quarter, while stock share volumes were below those of last year, options and particularly futures volumes remain strong.

向全球客戶提供多種產品類型的一個優勢是能夠在一種產品或另一種產品變得活躍時抓住機會。本季度，儘管股票交易量低於去年，但期權，尤其是期貨交易量依然強勁。

We are always looking to find opportunities to grow our business. We have been letting investors know that Interactive Brokers pays its clients 2.58% on their cash balances. And if the Federal Reserve raises rates again by 75 basis points, then their rate will also rise by 75 basis points to 3.33%. We recently introduced our options wizard, a tool where you can enter your outlook about the future of the underlying price movement and the wizard will provide some standard strategies that can be filtered by aggressiveness or by probability of profit or you can set up your own strategy.

我們一直在尋找發展業務的機會。我們一直在讓投資者知道，盈透證券向客戶支付 2.58% 的現金餘額。如果美聯儲再次加息 75 個基點，那麼他們的利率也將上升 75 個基點至 3.33%。我們最近推出了我們的期權嚮導，這是一個工具，您可以在其中輸入您對標的價格走勢未來的展望，該嚮導將提供一些標準策略，這些策略可以通過激進性或盈利概率進行過濾，或者您可以設置自己的策略.

Continuing high inflation is a catalyst that convinces people that holding on to their money as cash will not earn them any return. Investing in securities worldwide will be necessary for a chance to earn a positive rate of return, which is why we have focused on investor educational materials like our traders academy courses, our webinars, podcasts and blogs to inform our customers and make our platform the platform of choice for successful investors, the $2 million we have and the millions more we hope to have.

持續的高通脹是一種催化劑，它使人們相信，把錢當作現金持有不會為他們帶來任何回報。投資全球證券對於獲得正回報率是必要的，這就是為什麼我們專注於投資者教育材料，如我們的交易員學院課程、我們的網絡研討會、播客和博客，以告知我們的客戶並使我們的平台成為平台對於成功的投資者來說，我們擁有的 200 萬美元和我們希望擁有的更多的數百萬美元。

With that, I will turn the call over to our CFO, Paul Brody, who will go through the 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，他將檢查本季度的數據。保羅?

Thank you, Nancy, and thanks, everyone, as usual, for joining the call. We'll review the third 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 record net revenues and pretax income on an adjusted basis. With customer account growth of 31% year-over-year, we continued to expand our potential for both commission and interest revenues in the future. Commissions were strong, reaching $320 million despite weak equity markets worldwide. Futures volume outpaced the third quarter of 2021. Options volume was roughly unchanged, and while stock share volumes declined from the last year's quarter, the drop in notional dollar value of stock trades was generally in line with the drop in regional equity indices around the world.

謝謝你，南希，也謝謝大家像往常一樣加入電話會議。我們將審查第三季度的經營業績，然後我們將提出問題。從新聞稿第 3 頁上的收入項目開始。我們錄得另一個強勁的季度，經調整後的淨收入和稅前收入創歷史新高。隨著客戶賬戶同比增長 31%，我們在未來繼續擴大佣金和利息收入的潛力。儘管全球股市疲軟，但佣金仍然強勁，達到 3.2 億美元。期貨交易量超過了 2021 年第三季度。期權交易量基本保持不變，雖然股票交易量較去年同期有所下降，但股票交易的美元名義價值下降與全球區域股票指數的下降基本一致.

Net interest income of $473 million reflected higher margin loan interest despite lower 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 9 basis points last year to 218 basis points 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 front.

4.73 億美元的淨利息收入反映了較高的保證金貸款利息，儘管餘額較低，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 9 個基點上升到 218 個基點，我們的隔離現金投資組合賺取的利息增加在今年的季度。這些收益部分被我們為客戶信貸餘額支付的更高利息所抵消，因為我們將超過 50 個基點的加息傳遞給合格的客戶。

Other fees and services generated $45 million with biggest contributors being market data fees of $19 million unchanged and options exchange liquidity payments of $9 million, down 18% from the prior year.

其他費用和服務產生了 4500 萬美元，其中最大的貢獻者是 1900 萬美元的市場數據費用和 900 萬美元的期權交易所流動性支付，比去年下降了 18%。

Risk exposure fee revenues was worth $5 million, down 38% in the current risk-off environment. Other income includes the gains and losses on our investments, our currency diversification strategy and principal transactions. Note that many of these noncore items are excluded in our adjusted earnings. And without these excluded items, other income was $9 million for the quarter.

風險敞口費收入為 500 萬美元，在當前的避險環境中下降了 38%。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 900 萬美元。

Turning to expenses. Execution, clearing and distribution costs rose 41% from last year, led by lower liquidity rebates, higher futures volumes, which carry higher fees and an increase in the SEC fee rate on U.S. stocks and options. 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 or 21% this quarter versus 18% in the second quarter. Note that market data expense, a pass-through item, is included in execution, clearing and distribution fees, while the corresponding market data revenue is reported in other fees and services rather than in commission.

轉向開支。執行、清算和分銷成本比去年增加了 41%，這主要是由於流動性回扣減少、期貨交易量增加（費用較高）以及美國證券交易委員會對美國股票和期權的收費率提高。作為佣金收入的百分比，執行和清算成本是由交易量、交易所回扣和不斷變化的收費表共同推動的，本季度為 21%，而第二季度為 18%。請注意，市場數據費用是一種傳遞項目，包含在執行、清算和分銷費用中，而相應的市場數據收入則在其他費用和服務中報告，而不是在佣金中。

So to align the volume-driven expenses with commissions, we look at pure execution and clearing costs, excluding market data expense. Compensation and benefits expense rose $14 million or 14% over the prior year, in line with hiring. While up in dollar terms for the quarter, comp and benefits expense fell to 13% of our adjusted net revenues, somewhat below its historical level. Our headcount at quarter end was 2,752. G&A expenses were down $7 million or 16% versus last year's third quarter on lower legal expenses from a higher than typical number last year. Our adjusted pretax margin was a record 68%. Automation remains our key means maintaining high margins as well as continued expense control while we hire talented people and invest in the future of our business.

因此，為了使交易量驅動的費用與佣金保持一致，我們著眼於純粹的執行和清算成本，不包括市場數據費用。薪酬和福利費用比上一年增加了 1400 萬美元或 14%，與招聘情況一致。雖然本季度以美元計算，薪酬和福利費用下降到我們調整後淨收入的 13%，略低於歷史水平。我們在季度末的員工人數為 2,752。與去年第三季度相比，G&A 費用下降了 700 萬美元或 16%，原因是法律費用低於去年的典型數字。我們調整後的稅前利潤率達到創紀錄的 68%。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。

Income taxes of $40 million reflects the sum of the public company's $23 million and the operating company's $17 million.

4000 萬美元的所得稅反映了上市公司 2300 萬美元和運營公司 1700 萬美元的總和。

Moving to our balance sheet on Page 5 of the release, our total assets were $115 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. We maintain a balance sheet aimed at supporting our growing business and providing ample financial resources during volatile markets. We have no long-term debt.

轉到新聞稿第 5 頁的資產負債表，在本季度末，我們的總資產為 1150 億美元，比去年有所增長，這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.我們維持資產負債表，旨在支持我們不斷發展的業務並在動蕩的市場中提供充足的財務資源。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, about even with the strong prior year quarter in options and the third highest ever in futures, up 37%. Stock share volume was down significantly versus last year's active third quarter, and the drop-off is largely attributable to trading in pink sheet and other very low price stock. Of note, the notional dollar value of shares traded dropped less than a number of shares traded, reflecting the shift away from low-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同量都非常強勁，與去年同期強勁的期權交易量和有史以來第三高的期貨交易量相同，增長了 37%。與去年活躍的第三季度相比，股票交易量大幅下降，下降主要歸因於粉單和其他價格非常低的股票的交易。值得注意的是，交易股票的名義美元價值下降幅度小於交易股票的數量，這反映了從低價股票的轉變，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 nearly 90,000 net account adds in the quarter and total accounts exceeding $2 million, up 31% over the prior year. Total customer DARTs were 1.9 million trades per day, down 15% from the strong prior year quarter. Our cleared IBKR Pro customers paid an average of $2.96 commissioned per cleared commissionable order, up 20% from the last year as our clients volume mix included higher preorder 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，本季度淨賬戶新增近 90,000 個，總賬戶超過 200 萬美元，比上年增長 31%。客戶 DART 的總交易量為每天 190 萬筆交易，比去年同期強勁的季度下降了 15%。我們清算的 IBKR Pro 客戶平均為每個清算的佣金訂單支付了 2.96 美元的佣金，比去年增長 20%，因為我們的客戶數量組合包括來自股票和期權的更高預購貢獻。

Page 8 presents our net interest margin numbers. Total GAAP net interest income was $473 million for the quarter, up 73% in 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 75 basis points in late July, by a further 75 points in late September with about a week left in the quarter. The latter raised had a minor positive impact in a 12-week quarter, but will have a fuller positive impact in the third quarter.

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 4.73 億美元，比去年同期增長 73%，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 75 個基點在 7 月下旬，在 9 月下旬進一步加息 75 個基點，本季度還剩約一周時間。後者在 12 週的季度中產生了輕微的積極影響，但將在第三季度產生更全面的積極影響。

Many other central banks also raised rates this quarter. This group includes the U.K., Canada, Australia and Hong Kong as well as the Eurozone and Switzerland, which are now out of negative rate territory for the first time since 2014. Margin loan interest was up 125% to $317 million, despite average margin loan balances that were down 9% from last year's third quarter. Higher rates in the U.S. and internationally continue to bode well for our margin interest income. Net interest on segregated cash was $228 million, primarily due to federal reserve rate hikes, but also to our managing to short duration on invested funds, which has allowed us to pick up benchmark rate increases quickly.

許多其他央行也在本季度提高了利率。這組包括英國、加拿大、澳大利亞和香港以及歐元區和瑞士，這些國家自 2014 年以來首次脫離負利率區域。儘管平均保證金貸款，但保證金貸款利息上升了 125% 至 3.17 億美元餘額比去年第三季度下降了 9%。美國和國際上較高的利率繼續對我們的保證金利息收入有利。隔離現金的淨利息為 2.28 億美元，主要是由於美聯儲加息，但也由於我們設法縮短投資資金的期限，這使我們能夠迅速加快基準利率的增長。

At September 30, our U.S. portfolio duration was 42 days, so the investments roll over into new higher rates with fairly short lag time. Securities lending net interest was $114 million, down 7% from the year ago quarter. It's worth noting that while securities lending opportunities maintained a relatively 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 $24 million for the quarter versus the year ago quarter.

截至 9 月 30 日，我們的美國投資組合久期為 42 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 1.14 億美元，較去年同期下降 7%。值得注意的是，雖然證券借貸機會保持了相對強勁的步伐，但隨著基準利率的上升，證券借貸產生的收入中有很大一部分反映在隔離現金的利息上，因為收到的現金抵押品被投資為隔離資金。我們估計，與去年同期相比，本季度的影響約為 2400 萬美元。

Interest on customer credit balances or the interest we pay our customers grew as higher rates in many currencies led to our paying interest on qualifying accounts as we pass through rate increases. We paid $248 million to our customers on these balances in the third quarter.

客戶信貸餘額的利息或我們支付給客戶的利息增加，因為許多貨幣的利率較高導致我們在通過加息時支付合格賬戶的利息。我們在第三季度就這些餘額向客戶支付了 2.48 億美元。

Now for our estimates of the impact of increases in rates, given market expectations of more rates -- rate hikes to come, we estimate the effects of increases in the Fed funds rate to produce an additional annual net interest income as follows: at 25 basis points, an increase of $55 million; at 50 basis points, an increase of $110 million; at 75 basis points, an increase of $166 million; and at 100 basis points, an increase of $221 million. Note that our starting point for these estimates is September 30, with the Fed funds effective rate at 3.08% and based on balances at that date.

現在對於我們對加息影響的估計，鑑於市場預期會有更多加息——加息即將到來，我們估計聯邦基金利率上調產生額外的年度淨利息收入的影響如下：以 25 個基點計算積分，增加5500萬美元；按 50 個基點計算，增加 1.1 億美元；按 75 個基點計算，增加 1.66 億美元；按 100 個基點計算，增加 2.21 億美元。請注意，我們對這些估計的起點是 9 月 30 日，聯邦基金有效利率為 3.08%，基於該日的餘額。

These estimates don't take into account any change in how we may adjust our investment strategy to take advantage of newly higher rates or any change in our assets. About 20% of our customer segregated cash is not in U.S. dollars. So estimates that U.S. rate change impact excludes those currencies.

這些估計沒有考慮到我們如何調整投資策略以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 20% 的客戶隔離現金不是美元。因此估計美國利率變化的影響不包括這些貨幣。

We estimate a 25 basis point increase in all the relevant non-USD benchmark rates, would produce an additional annual net interest income of $14 million and rising to about $56 million at a 100 basis point rate increase.

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 1400 萬美元的額外年度淨利息收入，如果利率上調 100 個基點，將增至約 5600 萬美元。

In conclusion, the company generated another solid performance in the third quarter, reflecting our continued ability to grow our customer base, deliver on our core services to customers while continuously adding new features and products all at a low cost and managing the business effectively with strong expense control.

總而言之，公司在第三季度又取得了穩健的業績，反映了我們持續擴大客戶群、為客戶提供核心服務、同時不斷以低成本添加新功能和產品以及以強大的業務有效管理業務的能力。費用控制。

And with that, we will open it up for questions.

有了這個，我們將打開它的問題。

(Operator Instructions) Our first question comes from Richard Repetto with Piper Sandler.

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

I guess the question -- first question is on account growth. You -- Thomas, you had sort of warned that you're starting to feel or -- a slowdown, but if you look at the quarter, you had a couple of months at about 20,000 -- 25,000 then on August 1, -- excuse me, 38,000. So can you give us what you feel like is a run rate going forward? And what happened? Why August, it seemed like it was 35% to 50% higher than the other months. And just a little bit of color on, I guess, the delay, I guess, just administrative delays with these introducing brokers.

我猜是這個問題——第一個問題是關於賬戶增長的。你 - 托馬斯，你已經警告過你開始感覺到或 - 放緩，但如果你看一下這個季度，你有幾個月的時間大約在 20,000 - 25,000 然後在 8 月 1 日， -對不起，38,000。那麼你能告訴我們你覺得未來的運行速度嗎？發生什麼了？為什麼是 8 月，它似乎比其他月份高 35% 到 50%。我猜，我猜，延遲，我猜，只是這些介紹經紀人的行政延遲。

So look, the account growth is very lumpy. Sometimes, we get introducing brokers or larger RIAs who bunch up and all come to us in the same months. And other months, we have much fewer of those. But you generally understand that in these markets, people are not adventurous to open account with -- new account in the brokerage firms as there are enough markets, right? So that's -- I think that's pretty clear to everybody. And so -- and things I expect the market to continue to go down for a while, I expect the new account openings to become even slower going forward. But as we have said, indicated before that we have 2 large introducing broker accounts that we are going to onboard probably early next year. And to tell you, frankly, I am -- maybe Milan could talk a little bit about all the complexities are why they take such a long time.

所以看，賬戶增長非常不穩定。有時，我們會遇到介紹經紀人或更大的 RIA，他們會在同一個月內聚集到我們這裡來。而其他月份，我們的數量要少得多。但你一般都明白，在這些市場上，人們不敢冒險開戶——在經紀公司開新賬戶，因為市場足夠多，對吧？這就是——我認為這對每個人來說都很清楚。所以——我預計市場會繼續下跌一段時間，我預計新開戶的速度會變得更慢。但正如我們之前所說，我們有 2 個大型介紹經紀人賬戶，我們可能會在明年初加入。坦率地說，我是——也許米蘭可以談談所有的複雜性，這就是為什麼他們需要這麼長時間。

Sure. So there are really 2 different things going on. One of them has to do with the fact that we are dealing with larger organizations and to just to arrive in an agreement that we can both live with, takes a while. They are -- there is an army of lawyers involved on their end. There is a smaller group of lawyers involved on our end, and we have to hammer out the contract in a way that is acceptable to both of us, what the liabilities are, what the economics are, et cetera, et cetera. So that's on the legal side.

當然。所以真的有兩種不同的事情發生。其中之一與我們正在與更大的組織打交道這一事實有關，並且只是達成一項我們都可以接受的協議，需要一段時間。他們是——有一大群律師參與其中。我們這邊有一小部分律師，我們必須以我們雙方都能接受的方式敲定合同，責任是什麼，經濟條件是什麼，等等。所以這是在法律方面。

On the technology side, 2 things have to happen. First, the eye broker has to choose the way they're going to interact with us, how they're going to integrate? Are the clients going to use our platform? Or is the other going to provide theirs? Is there going to be fixed connectivity involved? How are the accounts going to be opened? All these details first have to be figured out, they have to choose the right solution for them. And then the integration work starts. We have to do some software customization for them. They have to do a lot of interfacing work on their end. And this typically takes a while.

在技術方面，有兩件事必鬚髮生。首先，眼睛經紀人必須選擇他們與我們互動的方式，他們將如何整合？客戶會使用我們的平台嗎？還是其他人會提供他們的？是否會涉及固定連接？賬戶將如何開立？首先必須弄清楚所有這些細節，他們必須為他們選擇正確的解決方案。然後開始整合工作。我們必須為他們做一些軟件定制。他們必須做大量的接口工作。這通常需要一段時間。

Got it. It is very helpful, Milan and Thomas. And I guess a follow-up question for Paul would be on this stock loan, like I'm trying to understand what you meant, the $24 million that was paid on segregated cash, is that really a subtraction of what would be revenue allocated to securities lending? Is that what you're trying to communicate?

知道了。這是非常有幫助的，米蘭和托馬斯。我想保羅的後續問題將是關於這筆股票貸款，就像我試圖理解你的意思一樣，以隔離現金支付的 2400 萬美元，這真的是分配給的收入的減法證券借貸？這就是你想要交流的嗎？

It's just -- it's purely a matter of which line item the income is reported on. So as the rates go up, when you lend stock and take in cash collateral, on behalf of the customer, that cash gets put into segregated bank accounts and treasury and so forth. And so that simply gets the interest earned is reported as segregated cash interest. And as the rates go up, more interest goes there and a stable amount of securities lending revenue stays in securities lending.

這只是 - 這純粹是收入報告在哪個項目上的問題。因此，隨著利率上升，當您代表客戶借出股票並收取現金抵押品時，這些現金將被存入獨立的銀行賬戶和國庫等。因此，只需將所賺取的利息報告為單獨的現金利息。隨著利率上升，更多的利息會流向那裡，而證券借貸收入的穩定數額將留在證券借貸中。

Okay. So it actually would be -- if you just had to net out the revenue from securities lending, what it would be paid in interest on surrogate cash. It would probably be -- it's not up $114 million compared to -- I think it was pretty flat year-over-year. It would be down. Is that what you said? I mean it makes some difference. Can you...

好的。所以它實際上是——如果你只需要從證券借貸中扣除收入，它將以替代現金的利息支付。可能是——與去年相比，它沒有增加 1.14 億美元——我認為它與去年同期相比相當平緩。它會下降。是你說的嗎？我的意思是它有一些不同。你能...

Yes. Think of it this way. When you lend stock and take in cash collateral, there's a base interest rate, a benchmark rate to call it federal funds rate, right? There's a fee for borrowing the stock that the borrower pays to the lender, we are the lender. The fee is always reflected as securities lending. In the U.S., however, the fee is embedded into an all-in rate that includes interest paid on the cash collateral and the fee charge to the lender. But only the fees should show up in securities lending, it's an accounting convention, if you will. But in reality, because the cash side of the transaction must go into segregated cash, as the rates go up, the interest income in a sense, migrate from the securities lending reporting line to the segregated cash reporting line.

是的。這樣想吧。當你借出股票並接受現金抵押品時，有一個基準利率，一個稱為聯邦基金利率的基準利率，對嗎？借入股票需要支付費用，借款人支付給貸方，我們是貸方。該費用始終反映為證券借貸。然而，在美國，該費用包含在包括支付現金抵押品的利息和向貸方收取的費用在內的全部費率中。但是只有費用應該出現在證券借貸中，如果你願意的話，這是一個會計慣例。但在現實中，由於交易的現金端必須進入現金分列，隨著利率的上升，某種意義上的利息收入，從融券申報線遷移到現金分列線。

Got it. Understood. It's really -- your net interest income definitely showed the sensitivities that you've put out. So it's not really material, I guess. Thank you.

知道了。明白了。真的——你的淨利息收入肯定顯示了你已經提出的敏感性。所以我猜這不是很重要。謝謝你。

(Operator Instructions)

（操作員說明）

Our next question comes from Craig Siegenthaler with Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

Congratulations on eclipsing 2 million accounts. So for the 30% account growth target over the next 12 months, roughly, how much of that do you see coming from the 3 large introducing broker wins? Are they driving 75% of that?

恭喜您超過 200 萬個帳戶。因此，對於未來 12 個月 30% 的賬戶增長目標，您認為其中有多少來自 3 家大型介紹經紀人的勝利？他們駕駛了其中的 75% 嗎？

Thank you. 65% to 75%, yes.

謝謝你。 65% 到 75%，是的。

Got it. And then just to confirm, I think Nancy said no account inflows from those before the spring, so April. So I'm guessing we'll see none of the...

知道了。然後只是為了確認，我認為南希說春季之前沒有賬戶流入，所以是四月。所以我猜我們不會看到...

We're not sure about April. I mean maybe -- so at the beginning, maybe that will open some accounts for the employees themselves to -- and then one of these banks is going to bring up accounts, country by country, and we don't exactly know in what order that is going to take place. So what I would say is the earlier maybe February and the latest maybe April.

我們不確定四月。我的意思是也許——所以一開始，也許這會為員工自己開設一些賬戶——然後其中一家銀行會逐個國家地開設賬戶，我們不知道按什麼順序這將會發生。所以我要說的是較早的可能是二月和最晚的可能是四月。

(Operator Instructions)

（操作員說明）

Our next question comes from Ben Budish with Barclays.

我們的下一個問題來自巴克萊銀行的 Ben Budish。

I wanted to kind of follow up on the introducing broker topic, but maybe instead of talking about kind of the pipeline of new accounts. Could you perhaps talk a little bit about the pipeline of introducing brokers. So you mentioned that retail investors may be reluctant to open a new account in this environment, but are you finding the same sort of sentiment from potential new partners, banks and other financial institutions that may be, a year from now, you may be telling us about the next wave of introducing progress. So I guess the question is how is the sentiment with that customer group?

我想跟進介紹經紀人的話題，但也許不是談論新賬戶的管道。您能否談談介紹經紀人的流程。所以你提到散戶投資者可能不願意在這種環境下開設新賬戶，但你是否從潛在的新合作夥伴、銀行和其他金融機構那裡發現了同樣的情緒，一年後你可能會告訴我們關於下一波引進的進展。所以我想問題是該客戶群的情緒如何？

So obviously, the sentiment is probably very similar across different brokers. And then we are talking about onboarding large introducing brokers, we're basically talking about the existing accounts.

很明顯，不同經紀人的情緒可能非常相似。然後我們正在談論入職大型介紹經紀人，我們基本上是在談論現有賬戶。

Okay. Makes sense. Maybe one more -- one follow-up, if I could. Could you maybe talk a little bit about the hedge fund business since that seems to be where you're going to be a little bit more focused kind of in the near term? Maybe just kind of help us understand a little bit the cost structure. I think you gave some helpful stats around the average revenue for your hedge fund and market banking clients. But is it in terms of the kind of net margin there? Is it more costly to serve? Or is it kind of a higher margin group just given the individual...

好的。說得通。如果可以的話，也許還有一個 - 一個後續。您能否談談對沖基金業務，因為這似乎是您近期將更加專注的領域？也許只是幫助我們了解一點成本結構。我認為您針對對沖基金和市場銀行客戶的平均收入提供了一些有用的統計數據。但就那裡的淨利潤率而言？服務成本更高嗎？或者只是給個人一個更高的利潤組......

I was not talking about the cost. I was talking about revenues. So I took the revenues and coming from hedge funds and took the revenues coming from individual customers, it's true that 67 individual accounts generate as much revenue as an average hedge fund account in our case, right? And in our case, among the individual accounts, they are small accounts and large accounts and along the hedge funds accounts, there are also smaller accounts and large accounts. But so I'm just working with the averages here.

我不是在談論成本。我說的是收入。所以我拿了來自對沖基金的收入和來自個人客戶的收入，確實，在我們的案例中，67 個個人賬戶產生的收入與平均對沖基金賬戶一樣多，對吧？而在我們的例子中，個人賬戶中有小賬戶和大賬戶，而對沖基金賬戶也有小賬戶和大賬戶。但所以我只是在這裡使用平均值。

(Operator Instructions)

（操作員說明）

Our next question comes from Daniel Fannon with Jefferies.

我們的下一個問題來自 Jefferies 的 Daniel Fannon。

We can't hear you.

我們聽不見你的聲音。

Daniel Fannon, if your line is on mute, please unmute. Our next question comes from Craig Siegenthaler with Bank of America.

Daniel Fannon，如果您的線路處於靜音狀態，請取消靜音。我們的下一個問題來自美國銀行的 Craig Siegenthaler。

Great. I had a follow-up on the hedge fund prime commentary that you gave earlier in the call. Are you starting to win business more from larger hedge funds or is the growth mostly from kind of smaller funds where I believe most of your business sit? And also where are you stealing this share from within the prime industry. And also, can you just comment on -- in terms of how this is going to drive earnings growth longer term, just given the size differential?

偉大的。我對你早些時候在電話會議中給出的對沖基金主要評論進行了跟進。您是否開始從較大的對沖基金中贏得更多業務，或者增長主要來自我認為您的大部分業務所在的小型基金？還有你在哪裡從主要行業中竊取了這一份額。此外，您能否評論一下——考慮到規模差異，這將如何推動長期盈利增長？

So yes, we have almost all smaller hedge funds come to us now and as far as we believe. And larger hedge funds are beginning to look at us and they usually work with 2, 3, maybe even 4 different custodians or at least executing brokers. And these larger funds are talking to us more seriously and are giving us a little bit of their business. But we're very happy to take a little bit because we figured that as they begin to use us, they will see the advantages that we can offer relative to the custodian -- other custodians they are using.

所以，是的，據我們所知，現在幾乎所有小型對沖基金都來找我們了。更大的對沖基金開始關注我們，他們通常與 2、3 甚至 4 個不同的託管人或至少執行經紀人合作。這些較大的基金正在更認真地與我們交談，並為我們提供了一點他們的業務。但我們很高興能花一點時間，因為我們認為，當他們開始使用我們時，他們會看到我們相對於託管人（他們正在使用的其他託管人）可以提供的優勢。

Thomas, and it sounds like since you're very focused on growing this business, I believe that they're somewhat sensitive to the amount of capital you have. So maybe can you talk about when you'll feel more comfortable? No, probably not buying back stock just given the stock liquidity, but maybe raising the dividend or returning more capital to shareholders just because I believe a lot of those hedge funds are sensitive to how much capital you have.

托馬斯，聽起來你非常專注於發展這項業務，我相信他們對你擁有的資本數量有些敏感。所以也許你能談談什麼時候你會感覺更舒服？不，考慮到股票的流動性，可能不會回購股票，而是可能會提高股息或向股東返還更多資本，因為我相信很多對沖基金對你擁有多少資本很敏感。

I completely agree with you, and we are not going to increase the dividend. We are just going to grow the capital.

我完全同意你的看法，我們不會增加股息。我們只是要增加資本。

Our next question comes from Ryan Bailey with Goldman Sachs.

我們的下一個問題來自高盛的 Ryan Bailey。

Paul, in the right guidance for a few quarters now, you've mentioned that the guide is based on no change in strategy to take advantage of higher rates. I was wondering, is there a consideration to change some of the strategy around rate sensitivity?

保羅，在現在幾個季度的正確指導中，你提到該指導基於沒有改變利用更高利率的策略。我想知道，是否考慮改變一些圍繞利率敏感性的策略？

We don't have any immediate plans. We have stayed short term because of the uncertainty in the market. And certainly, with rates going up, we're able to capture that the upswing much quicker than had we been invested further out. If there wasn't a yield curve for a long time, it's sort of developing, but it's still only developing out through a year. So I think we're unlikely to make any meaningful changes there. Thomas, if you'd like to add anything to that, please feel free.

我們沒有任何即時計劃。由於市場的不確定性，我們一直在短期內。當然，隨著利率的上升，我們能夠比我們進一步投資時更快地捕捉到這種上升趨勢。如果很長一段時間沒有收益率曲線，它在某種程度上正在發展，但它仍然只發展了一年。所以我認為我們不太可能在那裡做出任何有意義的改變。托馬斯，如果您想對此添加任何內容，請隨意。

Yes, I'd like to point out that we pay our customer interest on the idle cash of our customers more than anybody else that we know. And so we have -- we basically have that 50 basis point spread that we earn on customers' idle cash. So that puts us into a position that -- where we have to be extremely careful about how we invest this cash because when interest rates go up, we immediately raise the amount that we pay to our customers. So if we were to invest at, say, 2 year forward -- 2 years forward and suddenly interest rates went up, we would immediately have to increase the cash we pay out, but the amounts we taking would not increase immediately, right? So we cannot put ourselves into a position where we are very much mismatched, right?

是的，我想指出的是，我們向客戶支付的利息比我們所知道的任何其他人都多。所以我們有 - 我們基本上有我們從客戶閒置現金中賺取的 50 個基點的利差。因此，這使我們處於這樣一個境地——我們必須非常謹慎地投資這些現金，因為當利率上升時，我們會立即提高支付給客戶的金額。因此，如果我們要在未來 2 年進行投資 - 2 年之後突然利率上升，我們將立即增加支付的現金，但我們獲取的金額不會立即增加，對吧？所以我們不能把自己置於一個非常不匹配的位置，對吧？

Understood. Maybe sort of taking that last point. I apologize if I missed it, but can you give us an update on, where the sort of non-rate-sensitive cash sits today, what that balance looks like? And as we get through some of these introducing brokers, does that have any impact on what those cash balances could look like?

明白了。也許有點拿最後一點。如果我錯過了，我深表歉意，但您能否告訴我們最新情況，今天這種非利率敏感的現金在哪裡，餘額是什麼樣的？當我們通過其中一些介紹經紀人時，這對這些現金餘額的樣子有什麼影響嗎？

I don't know if any of you understand, please answer it, I do not.

不知道大家有沒有看懂，請回答，我看不懂。

So Ryan, you're asking about the fully sensitive balances?

所以瑞安，你問的是完全敏感的天平嗎？

The other side of it. So the balances were, I think it's below $10,000 in cash per account that you're not paying rates on.

它的另一面。所以餘額是，我認為每個賬戶的現金低於 10,000 美元，您沒有支付利率。

Right. So that's certainly the bulk of it, and there are a few other categories there totaling about $20 billion out of our total, which allows us the earn rate increases. And on the rest, we are locked into our spreads. So the net interest income increases will come from growing balances, but not from growing spreads.

正確的。所以這肯定是其中的大部分，還有一些其他類別在我們的總數中總計約 200 億美元，這使我們的收入率提高了。在其他方面，我們被鎖定在我們的價差中。因此，淨利息收入的增加將來自不斷增長的餘額，而不是來自不斷增長的利差。

Our next question comes from Chris Allen with Citi.

我們的下一個問題來自花旗的 Chris Allen。

I guess just following up a little bit on the introducing broker, the ones that are coming over next year. Are these going to be fully disclosed or omnibus, I'm assuming fully disclosed, given the account impact?

我想只是對介紹經紀人進行一些跟進，即明年即將到來的經紀人。考慮到賬戶影響，這些是完全披露還是綜合，我假設完全披露？

Yes. So they are going to be bringing us individual accounts. So it's going to be a structure with a master account at the top and lots of subaccounts underneath. As to fully disclosed, it's not going to be a fully disclosed relationship. So the end client will not know unless they try to research it who the ultimate provider of the services is. They will have the contract with their introducing broker. But to answer your question most directly, it's going to be lots of accounts, not an omnibus.

是的。所以他們將給我們帶來個人賬戶。所以它將是一個結構，頂部有一個主賬戶，下面有很多子賬戶。至於完全披露，它不會是完全披露的關係。因此，除非他們嘗試研究最終服務的提供者是誰，否則最終客戶不會知道。他們將與他們的介紹經紀人簽訂合同。但是要最直接地回答您的問題，這將是很多帳戶，而不是綜合。

Understood. And just on the outlook for hedge funds moving up to number 4. Is that some analysis that you've done? Or is this based on kind of industry stats. Just trying to understand, just to dig a little deeper, it seems to be a real nice opportunity moving forward.

明白了。就對沖基金上升到第 4 位的前景而言。這是你做過的一些分析嗎？或者這是基於某種行業統計數據。只是試圖理解，只是為了更深入地挖掘，這似乎是一個前進的好機會。

Yes, it's industry stats, and we see our -- the rate at which we're getting in new funds. We're doing very well, getting in new funds currently.

是的，這是行業統計數據，我們看到了我們獲得新基金的速度。我們做得很好，目前正在獲得新資金。

Our next question comes from Daniel Fannon with Jefferies.

我們的下一個問題來自 Jefferies 的 Daniel Fannon。

Great. So a question just on expenses came in a little bit better in this quarter and thinking about the fourth quarter and into next year, just the progression of spend, if there's -- as you bring on some of these larger introducing brokers, should we anticipate some additional expenses for that process and/or any change in priority as you think about spend into next year that you're contemplating at this point?

偉大的。因此，本季度關於費用的問題稍微好一點，考慮到第四季度和明年，只是支出的進展，如果有的話 - 當你帶來一些更大的介紹經紀人時，我們是否應該預期該過程的一些額外費用和/或您考慮到明年的支出時優先級的任何變化，您現在正在考慮嗎？

So no, these introducing brokers are not -- can you hear me?

所以不，這些介紹經紀人不是——你能聽到我說的嗎？

Yes.

是的。

These introducing brokers are not expecting to lag at a terrible equity -- I'm sorry. So I will try to remove my headphone so that I do not hear myself. What I was going to say is that we do not expect to hire a large number of people to service these eye brokers. We are going to use the technology that we have been developing over the past few decades to the extent that we have a very large number of subaccounts that we have to service. The number of customer service representatives will have to increase a little bit, but we expect the eye brokers to provide the customer service themselves.

這些介紹經紀人不希望落後於可怕的股票——我很抱歉。所以我會試著摘下耳機，這樣我就听不到自己的聲音了。我要說的是，我們不希望僱傭大量的人來為這些眼睛經紀人提供服務。我們將使用過去幾十年來一直在開發的技術，以使我們擁有大量必須服務的子賬戶。客戶服務代表的數量將不得不增加一點，但我們希望眼部經紀人自己提供客戶服務。

On the compliance side, the situation is a little different because we are responsible for doing the surveillance of their money moves as well as the trading activity. So there is going to be some number of surveillance analysts that we will have to hire. But that number of analysts would be required, whether we grow the number of accounts as direct accounts of our clients or eye broker clients.

在合規方面，情況略有不同，因為我們負責監控他們的資金流動以及交易活動。因此，我們將不得不聘請一些監控分析師。但是，無論我們是增加客戶的直接賬戶還是眼睛經紀人客戶的賬戶數量，都需要這麼多的分析師。

And as far as expenses, I would like to add the fact that you are aware of the high rate of inflation and we have to increase our compensation [adherence] in line with inflation rates.

至於費用，我想補充一點，你知道通貨膨脹率很高，我們必鬚根據通貨膨脹率增加我們的補償[遵守]。

Great. And then just in terms of broadly account growth in the regions, you mentioned the subsegments of your customer base. Is this from a geographic perspective, are there areas that you are having greater success? Or you're seeing more pullback, understanding that broadly, as you said earlier, the sentiment isn't great for new account growth.

偉大的。然後就該地區的廣泛客戶增長而言，您提到了客戶群的細分。這是從地理角度來看，您在哪些領域取得了更大的成功？或者你看到更多的回調，從廣義上理解，正如你之前所說，這種情緒不利於新賬戶的增長。

So yes, I mean Asia fell off the cliffs about a year ago. And Europe joined soon after Russia went into the Ukraine. So yes, the slowdown is -- and as we go along, the European slowdown is becoming more and more apparent. And so in the United States, in the Americas, in general, the slowdown is less apparent than in Europe and Asia.

所以，是的，我的意思是大約一年前亞洲跌落懸崖。俄羅斯進入烏克蘭後不久，歐洲也加入了進來。所以是的，經濟放緩是——隨著我們的進展，歐洲經濟放緩變得越來越明顯。因此，在美國，在美洲，總體而言，經濟放緩不像歐洲和亞洲那麼明顯。

Our next question comes from Kyle Voigt with KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

Maybe just one for Paul. And sorry if this was addressed earlier, I dropped off. The other net interest income increased to $65 million in the quarter. Was just the majority of that increase driven by higher interest on corporate cash balances. I know there's some other items in there, too, including the FDIC suite. So I just wanted to get some clarity there.

也許只有一個給保羅。很抱歉，如果早先解決了這個問題，我就下車了。本季度其他淨利息收入增至 6500 萬美元。只是公司現金餘額利息增加導致的大部分增長。我知道裡面還有其他一些東西，包括 FDIC 套件。所以我只是想弄清楚那裡。

Yes, that's right, Kyle. It's primarily the corporate cash, which as you know, with rates near 0, it was earning near 0. So therefore, we're now earning commensurate with the current benchmarks.

是的，沒錯，凱爾。它主要是企業現金，正如你所知，利率接近 0，它的收益接近 0。因此，我們現在的收益與當前的基準相當。

Got it. And then the -- is there just any update you can give us on the percentage of your balances or is it just absolute level of the cash balances that are -- or the credit balances that are non-rate sensitive or, I guess, noninterest-bearing?

知道了。然後--您是否可以向我們提供有關餘額百分比的任何更新，或者只是現金餘額的絕對水平--或非利率敏感的貸方餘額，或者我猜是非利息-軸承？

Yes. Actually, we did mention that before. It's about $20 billion out of the total.

是的。實際上，我們之前確實提到過。總額中約有 200 億美元。

Okay. Perfect.

好的。完美的。

That's a connotation of fully rate-sensitive and partially rate-sensitive.

這是完全速率敏感和部分速率敏感的內涵。

Perfect. And then I just wanted to ask a clarification question regarding the introducing broker onboardings. I think last quarter, you mentioned several relationships that you expect to begin onboarding and Thomas, I think you mentioned 2 large IB specifically. I just wanted to clarify, was there any potential introducing broker clients that decided not to move forward with the relationship? Or is this just purely a timing issue and the pipeline hasn't changed at all in terms of number of clients?

完美的。然後我只想問一個關於介紹經紀人入職的澄清問題。我認為上個季度，您提到了您希望開始入職的幾個關係，Thomas，我認為您特別提到了 2 個大型 IB。我只是想澄清一下，是否有任何潛在的介紹經紀人客戶決定不推進這種關係？或者這只是純粹的時間問題，就客戶數量而言，管道根本沒有改變？

There is no change in terms of number of clients.

客戶數量沒有變化。

Our next question comes from Richard Repetto with Piper Sandler.

我們的下一個問題來自 Richard Repetto 和 Piper Sandler。

Yes. Thomas, I was just going to quickly follow up. I know you're very conservative on the account growth. And if -- I just did the math and if the introducing brokers of 65% to 75% of your goal of 30% account growth overall. It just puts your -- I don't know what you would call it, your organic account growth at numbers that's certainly lower than what we've seen in the -- since the pandemic started. And I guess the question is, is that how you see the sort of a near-term year to next year or 2 account growth slowing back to 2019 levels and introducing...

是的。托馬斯，我只是要快速跟進。我知道您對帳戶增長非常保守。如果——我只是做了數學計算，如果介紹經紀人的目標是 30% 的整體賬戶增長目標的 65% 到 75%。它只是讓你的——我不知道你會怎麼稱呼它，你的有機賬戶增長的數字肯定低於我們在大流行開始以來看到的數字。我想問題是，您如何看待到明年或 2 個賬戶增長放緩至 2019 年的水平並引入...

Yes. And I think that because, as I said, I expect the market not to be very buoyant. So I think that individual clients are going to dry up more and more and more as we go into next year.

是的。我認為這是因為，正如我所說，我預計市場不會很活躍。所以我認為隨著我們進入明年，個人客戶將越來越枯竭。

Thank you. And I'm not showing any further questions at this time. I would now like to turn the call back over to Nancy Stuebe for any further remarks.

謝謝你。我目前沒有提出任何進一步的問題。我現在想將電話轉回給 Nancy Stuebe 以徵求任何進一步的意見。

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 the 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。再次感謝您，我們將在下個季度末與您交談。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。