Interactive Brokers Group Inc (IBKR) 2024 Q2 法說會逐字稿

Hello and thank you for standing by. Welcome to Interactive Brokers Group second-quarter 2024 earnings call. (Operator Instructions) I would now like to turn the call over to Nancy Stuebe. You may begin.

您好，感謝您的支持。歡迎參加盈透證券集團 2024 年第二季財報電話會議。 （接線生指示）我現在想將電話轉給 Nancy Stuebe。你可以開始了。

Thank you. Good afternoon and thank you for joining us for our second-quarter 2024 earnings call. Joining us today are Thomas Peterffy, our Founder and Chairman; Milan Galik, our President and CEO; and Paul Brody, our CFO. I will be presenting Milan's comments on the business, and all three will be available on the Q&A.

謝謝。下午好，感謝您參加我們的 2024 年第二季財報電話會議。今天加入我們的是我們的創辦人兼董事長 Thomas Peterffy； Milan Galik，我們的總裁兼執行長；和我們的財務長保羅·布羅迪。我將介紹米蘭對這項業務的評論，這三點都將在問答中提供。

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 our 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 the 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，今天的電話會議可能包括前瞻性陳述，這些陳述代表了公司對未來事件的信念，這些事件本質上是不確定的，並且不在公司的控制範圍內。我們的實際結果和財務狀況可能與這些前瞻性陳述中所示的內容有重大差異。我們要求您參閱我們新聞稿中的免責聲明。您還應該查看我們向 SEC 提交的財務報告中包含的風險因素描述。

This quarter, world markets began to move and divergent ways as stock markets, central banks, and geopolitical cross currents played out. The S&P 500 rose this quarter, while other previously strong markets such as Europe, Canada, Japan, China, and Australia, all declined after positive first quarter market results.

本季，隨著股市、央行和地緣政治交叉流的上演，世界市場開始分化。標準普爾 500 指數本季上漲，而歐洲、加拿大、日本、中國和澳洲等其他先前強勁的市場在第一季市場業績積極後均出現下跌。

Further differences were seeing on the Central Bank front. The US Federal Reserve chose to maintain benchmark rates this quarter, while in other developed countries like Canada, Europe, and Switzerland, Central Bank started to cut rates, beginning with 25 basis points.

央行方面出現了進一步的分歧。聯準會本季選擇維持基準利率不變，而加拿大、歐洲、瑞士等其他已開發國家央行開始降息，降息幅度為25個基點。

One ongoing facts that has not changed, however, is the popularity of investing with global interest from investors who increasingly want broad portfolios and international access. The secular global investment trend remains that investors allocate some of their portfolio to securities in their home markets but a more significant portion to overseas securities, particularly in the US.

然而，一個尚未改變的事實是，越來越需要廣泛的投資組合和國際准入的投資者越來越希望進行具有全球興趣的投資。全球長期投資趨勢仍是，投資人將部分投資組合配置到本國市場的證券，但更大部分配置到海外證券，尤其是美國的證券。

Product-wise industry options contract volumes were ahead of last year. They're down against a blistering industry record of first quarter. Similar to options, CME futures volumes go up 14% versus last year, were down 2% in the quarter for the industry, primarily on investors trading less actively using interest rate futures on the direction of interest rates and they had in the first quarter.

從產品角度來看，產業選擇權合約量領先去年。他們的業績低於第一季的行業紀錄。與選擇權類似，芝商所期貨交易量較去年增長14%，本季該行業下降2%，主要是因為投資者在利率方向上使用利率期貨的交易較不活躍，而他們在第一季的情況是這樣。

On the equities front, US industry volumes go up versus last year, were down a fraction of 1% in the quarter. In equities, the Magnificent Seven once again were the main drivers of US market performance, contributing nearly all of the S&P's gain this quarter and with just two stocks Nvidia and Apple, responsible for three quarters.

在股票方面，美國工業成交量較去年有所增長，本季下降了 1%。在股市方面，七大巨頭再次成為美國市場表現的主要推動力，幾乎貢獻了本季標準普爾指數的全部漲幅，而僅英偉達和蘋果這兩隻股票就貢獻了三個季度的表現。

As in prior recent quarters, we see investors holding onto their positions and not looking to make changes like selling them and buying new names. Industry equities volumes were flat to down again as a result. Against this backdrop, all our volumes are up for both the quarter and the year as our clients remained active in all product categories.

與最近幾季一樣，我們看到投資者堅持持有自己的頭寸，而不是尋求做出諸如出售和購買新名稱之類的改變。因此，產業股票交易量持平甚至再次下降。在此背景下，我們的所有銷售量在本季度和本年度均有所成長，因為我們的客戶在所有產品類別中仍然保持活躍。

The continuing trend towards global investing across countries and product type by all kinds of clients continues to show up in our numbers. We saw strong account growth as we added more investors to our platform, both institutional and individual across all geographies.

各種客戶跨國家和產品類型進行全球投資的持續趨勢持續體現在我們的數據中。隨著更多投資者（包括所有地區的機構和個人）加入我們的平台，我們看到了強勁的帳戶成長。

We added 178,000 new accounts this quarter behind only the mean stock days of the first quarter 2021 and the first quarter of this year. New accounts met more cash in those accounts, which helped to raise our client credit balances to a record $107.1 billion, even as our volumes show that our clients put their money to work in the markets. Our client equity was up 36% over last year to $497 billion, which was just shy of $0.5 trillion in total client assets, a figure we ended up exceeding this month.

本季我們新增了 178,000 個新帳戶，僅落後於 2021 年第一季和今年第一季的平均股票天數。新帳戶在這些帳戶中遇到了更多現金，這有助於將我們的客戶信貸餘額提高到創紀錄的 1071 億美元，儘管我們的交易量表明我們的客戶將資金投入市場。我們的客戶資產比去年增長了 36%，達到 4,970 億美元，略低於客戶總資產 0.5 兆美元，這個數字最終超過了本月。

Rising equity markets and the anticipation of lower rates have led clients to feel more comfortable with taking on risk. So they took on more assertive positions, which increased our exposure fee revenue and took on more leverage to bolster their positions, increasing both our margin loans, which reached a record $55 billion this quarter and our margin interest income, all of which translated into strong financial results.

股市上漲和利率下降的預期使客戶更願意承擔風險。因此，他們採取了更自信的立場，這增加了我們的風險敞口費收入，並採取了更多槓桿來支撐他們的立場，增加了我們的保證金貸款（本季度達到創紀錄的550 億美元）和我們的保證金利息收入，所有這些都轉化為強勁的收入。

Commission revenue was second only to the mean stock spike of the first quarter of 2021, and net interest income reached a record as the total net revenues. We maintained our focus on expenses, meaning our pretax income also reached a record, and our reported pre-tax profit margin reached an industry-leading 72% with adjusted pretax margin of 73%.

佣金收入僅次於2021年第一季的平均股票漲幅，淨利息收入佔淨收入總額創歷史新高。我們保持對費用的關注，這意味著我們的稅前收入也創歷史新高，報告的稅前利潤率達到行業領先的72%，調整後的稅前利潤率為73%。

In terms of how the business looked on the client front, our accounts and client equity once again grew fastest in Europe and Asia, similar to what I mentioned earlier, growing numbers of investors worldwide wanting access to international and particularly US markets. Of our five client segments, the fastest account growth we've seen with individuals with introducing brokers and proprietary traders not far behind on the client equity side, financial advisors once again grew the fastest followed by i-brokers and individuals.

就業務在客戶方面的表現而言，我們的帳戶和客戶資產在歐洲和亞洲再次增長最快，與我之前提到的類似，全球越來越多的投資者希望進入國際市場，尤其是美國市場。在我們的五個客戶群中，我們看到帳戶增長最快的是擁有介紹經紀人和自營交易者的個人，在客戶權益方面緊隨其後，財務顧問再次增長最快，其次是網絡經紀人和個人。

Commission growth was fastest for our proprietary traders, while net interest income growth was led by hedge funds, followed by introducing brokers and individuals. Speaking of introducing brokers, our pipeline of potential clients remains healthy. We were pleased that HSBC publicly announced their HSBC WorldTrader offering powered by Interactive Brokers in June.

我們的自營交易商的佣金成長最快，而淨利息收入成長則由對沖基金帶動，其次是介紹經紀商和個人。說到介紹經紀人，我們的潛在客戶管道仍然健康。我們很高興匯豐銀行於 6 月公開宣布了由盈透證券提供支援的匯豐世界交易平台 (HSBC WorldTrader) 產品。

There are several other opportunities, about a couple of dozen of them, at various stages. Some are in the testing stage. Others have started onboarding, so called, friends and family accounts where they test the waters and make sure that everything is working, while others are in the prospect stage to figure out what the optimal way for them to interface with us.

在不同的階段還有其他幾個機會，大約有幾十個。有些正處於測試階段。其他人已經開始加入所謂的朋友和家人帳戶，在那裡他們進行測試並確保一切正常，而其他人則處於前景階段，以找出他們與我們互動的最佳方式。

As you mentioned, and as bears repeating, this can take time, since we offer a variety of ways for an introducing broker to come onto our platform, some quicker than others and all dependent on what the broker wants. So while we expect growth to continue in this area, predicting the timing of it is not something we can do.

正如您所提到的，並且值得重申的是，這可能需要時間，因為我們為介紹經紀人進入我們的平台提供了多種方式，有些方式比其他方式更快，並且全部取決於經紀人的需求。因此，雖然我們預計該領域將繼續成長，但我們無法預測其成長的時間。

In terms of new product introductions, we had a busy quarter. We strengthened our ATS by adding new liquidity providers and order types. Each quarter, we are executing more trades on our ATS, connecting our client orders with liquidity providers and helping them save on execution costs.

在新產品推出方面，我們度過了一個忙碌的季度。我們透過增加新的流動性提供者和訂單類型來增強我們的 ATS。每個季度，我們都會在 ATS 上執行更多交易，將我們的客戶訂單與流動性提供者連結起來，以幫助他們節省執行成本。

IBKR Trader Workstation remains our premier product for professional clients. Yet, we understand that different client types have different needs. We see that many financial advisors find their needs met by a more streamlined targeted web platform.

IBKR 交易者工作站仍然是我們為專業客戶提供的首要產品。然而，我們了解不同的客戶類型有不同的需求。我們看到許多財務顧問發現更精簡的目標網路平台可以滿足他們的需求。

The IBKR financial Advisor Portal has been enhanced with the new portfolio summary screen and a specialized order allocation tool. Further, our portfolio analyst online performance analysis tool added a retirement planner for FAs as well as for individuals and introducing brokers to better serve our clients long term plans. We added several trading venues, including Korean derivatives trading on Eurex, Cboe Europe Derivatives, and overnight trading in US corporate and government bonds.

IBKR 財務顧問入口網站已透過新的投資組合摘要畫面和專門的訂單分配工具得到增強。此外，我們的投資組合分析師線上績效分析工具還為 FA 以及個人和介紹經紀人添加了退休規劃師，以更好地為我們客戶的長期規劃服務。我們增加了多個交易場所，包括歐洲期貨交易所的韓國衍生性商品交易、芝加哥選擇權交易所歐洲衍生性商品交易以及美國公司和政府債券的隔夜交易。

We launched securities lending for Swedish stocks, made our crypto offering available in the UK, and launched recurring investment in Canada. We also introduced conditional orders on our mobile platform, a much requested feature that can be set to initiate or cancel an order based on a variety of triggers.

我們推出了瑞典股票的證券借貸服務，在英國推出了加密貨幣產品，並在加拿大推出了經常性投資。我們還在行動平台上引入了條件訂單，這是一項備受期待的功能，可以設定為根據各種觸發器啟動或取消訂單。

Auto FX is now the default setting for clients with cash accounts wishing to trade securities in a currency different from their accounts. With Auto FX clients can place an order for security without manually performing a foreign currency conversion. We handle the FX transaction automatically. Although we are not the only broker offering this feature, IBKR's implementation offers significant advantages for cost-conscious and active traders.

對於擁有現金帳戶並希望以與其帳戶不同的貨幣進行證券交易的客戶來說，自動外匯現在是預設設定。透過 Auto FX，客戶可以下安全訂單，而無需手動執行外幣兌換。我們自動處理外匯交易。儘管我們並不是唯一提供此功能的經紀商，但 IBKR 的實施為具有成本意識和活躍的交易者提供了顯著的優勢。

First, we only charge 3 basis points compared to up to a full percent by our competitors. And second, we charge only if I trade that a client makes results in a negative currency balance. This means that clients who trade multiple times daily can significantly reduce their costs because IBKR does not charge FX conversion on every trade, while other brokers do.

首先，我們只收取 3 個基點，而我們的競爭對手則收取高達百分之一的費用。其次，只有當我的交易導致客戶出現負貨幣餘額時，我們才會收費。這意味著每天進行多次交易的客戶可以大幅降低成本，因為 IBKR 不會對每筆交易收取外匯兌換費用，而其他經紀商則收取費用。

Our high-touch prime brokerage service, which we announced last quarter has also gotten off to a good start. Clients benefiting from this service have commented that they have an easier time interfacing with us and appreciate having their own point person and specialized attention to their particular issues. As one of our new high touch clients said this service makes the decision to disregard pitches from other prime brokers easier. We are considering other improvements to make our prime brokerage offering even more compelling.

我們上季宣布的高接觸性主經紀商服務也取得了良好的開端。受益於這項服務的客戶表示，他們與我們的溝通更加輕鬆，並且很高興擁有自己的負責人以及對他們的特定問題的特別關注。正如我們的一位新的高接觸客戶所說，這項服務使我們更容易做出忽視其他主要經紀商推廣的決定。我們正在考慮其他改進，以使我們的大宗經紀服務更具吸引力。

I look forward to continuing the work on the many projects we have lined up, much as planned for the rest of 2024 and beyond, which we are eager to develop, test, and introduce. We have a healthy pipeline of new business and new initiatives and are eager to share these with you as they come to fruition. With that, I will turn the call over to Paul Brody. Paul?

我期待繼續進行我們已安排的許多項目，就像 2024 年剩餘時間及以後的計劃一樣，我們渴望開發、測試和推出這些項目。我們擁有健康的新業務和新舉措管道，並渴望在它們取得成果時與您分享。這樣，我會將電話轉給保羅·布羅迪。保羅？

Thank you, Nancy, and welcome, everyone, to the call. Thanks for joining. Starting with our revenue items. On page 3 of the release, we're pleased with our financial results this quarter as we again produced record net revenues and pretax income. Commissions rose versus last year's second quarter, reaching $406 million. Second, only to that of the pandemic era first quarter of 2021, this quarter, we saw higher trading volumes from our growing base of active customers with options setting a new quarterly volume record and futures reaching their second highest volumes ever been.

謝謝你，南希，歡迎大家來電。感謝您的加入。從我們的收入項目開始。在新聞稿的第 3 頁，我們對本季的財務表現感到滿意，因為我們再次創造了創紀錄的淨收入和稅前收入。佣金較去年第二季上升，達 4.06 億美元。其次，僅次於大流行時期的2021 年第一季度，本季度我們看到不斷增長的活躍客戶群帶來了更高的交易量，其中期權創下了新的季度交易量記錄，期貨交易量達到了歷史第二高。

Net interest income also reached a quarterly record at $792 million, despite only modestly higher benchmark rates in most major currencies and a recent rate cuts in a few others. A more pronounced risk-on environment in the quarter led to a significant increase in margin borrowing and higher yields on our margin loans and segregated cash portfolio on a year-over-year basis provided tailwinds to these results. These increases were partially offset by the higher interest paid to our customers on their cash balance.

儘管大多數主要貨幣的基準利率僅小幅上漲，而且最近其他一些貨幣的利率也有所下調，但淨利息收入也創下了 7.92 億美元的季度紀錄。本季更明顯的風險環境導致保證金借款大幅增加，保證金貸款和獨立現金投資組合的收益率同比上升，為這些業績提供了推動力。這些增長被支付給客戶現金餘額的較高利息部分抵消。

Interactive Brokers passes through to them all rate hikes above the first 50 basis points on their qualified funds, which makes us attractive compared to other brokers and banks and competitive with money market funds. Other fees and services generated $68 million, up 45% from the prior year driven by the risk-on positioning of customers in the quarter.

盈透證券將其合格基金的前 50 個基點以上的所有加息轉嫁給他們，這使我們與其他經紀商和銀行相比具有吸引力，並且與貨幣市場基金相比具有競爭力。由於本季客戶的風險定位，其他費用和服務產生了 6,800 萬美元，比上年增長 45%。

As we report in the financial highlights on page 1 of our earnings release, the primary factor was an increase in risk exposure fees with contributions from payments for order flow from exchange mandated programs and FDIC sweep fees as well.

正如我們在收益報告第一頁的財務摘要中所報告的那樣，主要因素是風險敞口費用的增加，其中包括來自交易所強制計劃的訂單流支付和 FDIC 清算費用的貢獻。

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. Without these excluded items, our other income was $24 million for the quarter.

其他收入包括我們的投資、貨幣多元化策略和主要交易的損益。請注意，許多非核心項目不包括在我們的調整後收益中。如果沒有這些排除項目，我們本季的其他收入為 2400 萬美元。

Turning to expenses, execution, clearing and distribution costs were $115 million in the quarter, up 24% over the year-ago, predominantly from a $9 million increase in the SEC regulatory fee rate that began on May 22 and on higher volumes in options and futures which carry higher fees. The SEC fee is a pass-through to customers, so it does not impact our profitability.

就費用而言，本季的執行、清算和分銷成本為 1.15 億美元，比去年同期增長 24%，主要來自 5 月 22 日開始的 SEC 監管費率增加 900 萬美元以及期權和交易量增加。較高的期貨。 SEC 費用是轉嫁給客戶的，因此不會影響我們的獲利能力。

As a percent of commission revenues, execution and clearing costs were 23% in the second quarter for a gross transactional profit margin of 77%. We calculate this by excluding from execution, clearing, and distribution, $20 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component.

第二季的執行和清算成本佔佣金收入的百分比為 23%，交易毛利率為 77%。我們透過從執行、清算和分配中排除 2000 萬美元的非交易成本（主要是市場數據費）來計算這一費用，這些費用沒有直接的佣金收入組成部分。

Compensation benefit -- the compensation and benefits expense was $146 million for the quarter or a ratio of compensation expense to adjusted net revenues of 11%, down from 13% in last year's quarter. We remain focused on expense discipline as reflected in our slowing the staff increase to 1% over the prior year. The year-over-year increase included a decrease in compliance staff as we went into full operational mode with our in-house developed compliance system, offset by increases in client facing and software development roles. Our headcount at June 30 was 2,951.

薪資福利－本季薪資與福利費用為 1.46 億美元，薪資費用與調整後淨收入的比率為 11%，低於去年同期的 13%。我們仍然關注費用紀律，這反映在我們將員工增幅較前一年放緩至 1%。同比增長包括合規人員的減少，因為我們進入了內部開發的合規系統的全面運營模式，但被面向客戶和軟體開發角色的增加所抵消。截至 6 月 30 日，我們的員工人數為 2,951 人。

G&A expenses were $52 million, down from the year ago quarter. Without last year's unusual legal reserve, G&A was up 33% or $13 million, primarily on higher advertising and partly on legal expenses. Our pretax margin was 72% for the quarter as reported and 73% as adjusted.

一般管理費用為 5,200 萬美元，較去年同期下降。如果沒有去年異常的法律儲備金，G&A 增加了 33%，即 1,300 萬美元，主要是因為廣告費用增加，部分是因為法律費用。本季報告的稅前利潤率為 72%，調整後的稅前利潤率為 73%。

Income Taxes of $71 million reflects the sum of the public company's $36 million and the operating companies' $35 million. The public company's adjusted effective tax rate was 16.5%, slightly below its usual range.

7,100 萬美元的所得稅是上市公司 3,600 萬美元和營運公司 3,500 萬美元的總和。該上市公司調整後的有效稅率為 16.5%，略低於通常的範圍。

Moving to our balance sheet on page 5 of the release, our total assets ended the quarter 13% higher than the prior year quarter end at $137 billion, with growth driven by margin lending to both new and existing customers. New account growth also helped drive our record customer credit balances, and we believe that our strong financial standing and competitive interest rates provide customers with an attractive place to hold their idle cash.

轉到本新聞稿第 5 頁的資產負債表，本季末我們的總資產達到 1,370 億美元，比去年同期高出 13%，成長是由向新客戶和現有客戶提供的保證金貸款推動的。新帳戶的成長也有助於推動我們創紀錄的客戶信貸餘額，我們相信，我們強大的財務狀況和有競爭力的利率為客戶提供了一個有吸引力的地方來持有閒置現金。

We continue to have no long-term debt. Healthy profitability drove our 20% increase in firm equity over the prior year. We maintained a balance sheet geared towards supporting growth in our existing business and helping us win new business by demonstrating our strength to prospective clients and partners.

我們仍然沒有長期債務。健康的獲利能力推動我們的公司股本比上一年增長了 20%。我們維持資產負債表，旨在支持現有業務的成長，並透過向潛在客戶和合作夥伴展示我們的實力來幫助我們贏得新業務。

In our operating data, on pages 6 and 7, our customer contract volumes in options rose 35% over the prior-year quarter, well above industry growth and reached a new record high for IBKR. Futures contract volumes rose by 10%, reflecting our second highest volume ever; and stock share volumes rose by 26% as they did across the industry.

在第 6 頁和第 7 頁的營運數據中，我們的客戶選擇權合約量比去年同期成長了 35%，遠高於產業成長率，並創下了 IBKR 的新高。期貨合約交易量成長 10%，創下史上第二高交易量；與整個行業一樣，股票交易量增長了 26%。

Stock share volume generally increased in tandem with clients gravitating to larger higher-quality names with relatively lower trading in pink sheet and other very low-priced stocks in our largest markets. On page 7, you can see that total customer DARTs were 2.4 million trades per day, up 28% from the prior year and especially strong in options, followed by stocks and futures.

隨著客戶傾向於購買粉紅單交易量相對較低的較大優質公司以及我們最大市場中其他價格極低的股票，股票交易量普遍增加。在第 7 頁上，您可以看到客戶 DART 交易總數為每天 240 萬筆交易，比上一年增長 28%，其中期權尤其強勁，其次是股票和期貨。

Commission per cleared commissionable order of $3.1 was down from last year due to a mix of smaller average order sizes in stocks and futures and lower average commission per contract and options. Volume and aggregate commissions were higher in all product classes, but the specific contracts traded by our customers have different size and commission characteristics.

由於股票和期貨的平均訂單規模較小以及每份合約和選擇權的平均佣金較低，每筆清算佣金訂單的佣金為 3.1 美元，較去年有所下降。所有產品類別的交易量和總佣金均較高，但我們客戶交易的特定合約具有不同的規模和佣金特徵。

Page 8 shows our net interest margin numbers. Total GAAP net interest income was$ 792 million for the quarter, up 14% on the prior year, while our net interest margin -- net interest income was $805 million or $13 million higher.

第 8 頁顯示了我們的淨利差數字。本季 GAAP 淨利息收入總額為 7.92 億美元，比上年同期增長 14%，而我們的淨息差——淨利息收入為 8.05 億美元，比上一年增加了 1,300 萬美元。

In the NIM computation, we include some income that for GAAP purposes is classified as other fees or other income, but we believe is more appropriately considered interest. Our net interest income reflects strength in margin loan and segregated cash interest, partially offset by higher interest expense on customer cash balance.

在淨利差計算中，我們包括了一些按照公認會計原則分類為其他費用或其他收入的收入，但我們認為將其視為利息更合適。我們的淨利息收入反映了保證金貸款和獨立現金利息的實力，部分被客戶現金餘額利息支出的增加所抵銷。

Only recently, a few central banks made 25 basis point cuts to their benchmark rates, including Europe and Canada. Switzerland cut its rate both this quarter and last. Others, including the Federal Reserve, had held interest rates steady. Reflecting a modest rise in benchmark rates over the year, our segregated cash interest income rose 6% despite a 2% decrease in average balances, while margin loan interest rose by 38% on a 31% increase in average balances.

就在最近，包括歐洲和加拿大在內的一些央行將基準利率下調了 25 個基點。瑞士本季和上季均降息。包括聯準會在內的其他機構則維持利率穩定。儘管平均餘額下降 2%，但我們的獨立現金利息收入仍增長 6%，反映出基準利率年內小幅上升；而保證金貸款利息則因平均餘額增加 31% 而上升 38%。

The average duration of our US Treasury portfolio remained at about 30 days. With the US dollar yield curve continuing to be inverted, we have been maximizing what we earn by focusing on higher short-term yields rather than accept the significantly lower yields of longer maturities. This strategy allows us to maintain a relatively tight maturity match between our assets and liabilities.

我們美國國債投資組合的平均久期維持在30天左右。隨著美元殖利率曲線繼續倒掛，我們一直透過專注於更高的短期收益率而不是接受期限較長的收益率大幅降低來最大化我們的收益。這項策略使我們能夠在資產和負債之間保持相對緊密的期限匹配。

Securities lending net interest has not been as strong as in prior quarters for three main reasons. First, throughout the industry, overall, demand for shorting stocks has fallen and extremely strong stock market up in the US well over 20% in the past year, means fewer people are looking to put on shorts and the overall market trend is so soundly upward.

證券借貸淨利息沒有前幾季那麼強勁主要有以下三個原因。首先，整個產業，整體來說，做空股票的需求有所下降，而美國股市在過去一年裡上漲了20％以上，這意味著做空股票的人越來越少，整體市場趨勢是健康向上的。

Second, there are fewer hard-to-borrow names industry-wide, not only because the overall market is rising sharply, but also due to a weakness in some of the drivers relevant to securities lending, including significantly fewer IPOs, low market volatility, and static merger and acquisition activity.

其次，全產業難藉名股減少，不僅是因為整體市場大幅上漲，也因為一些與融券相關的驅動因素疲軟，包括IPO大幅減少、市場波動性較低、以及靜態併購活動。

Finally, as noted on previous calls, higher average interest rates versus prior year periods means more of what we earn from securities lending is classified as interest on segregated cash. To more accurately reflect all the income we earned from our securities lending business, we estimate that if the additional interest earned and paid on cash collateral were included under securities borrowed and loans, then total net revenue related to our securities lending business would have been about $194 million for the quarter versus $190 million in the year ago quarter and $167 million in the first quarter of 2024. This additional revenue would be reclassified from interest on segregated cash and interest paid on customer credit balances. So it would have no effect on our overall NIM.

最後，正如先前的電話會議所指出的，與去年同期相比，平均利率較高，這意味著我們從證券借貸中賺取的更多收入被歸類為獨立現金利息。為了更準確地反映我們從融券業務中賺取的所有收入，我們估計，如果將現金抵押品賺取和支付的額外利息計入證券借入和貸款項下，那麼與我們的融券業務相關的總淨收入約為本季營收為 1.94 億美元，去年同期為 1.90 億美元，2024 年第一季為 1.67 億美元。所以這不會對我們的整體淨利差產生影響。

Interest on customer credit balances, the interest we pay to our customers on the cash in their accounts rose on both higher rates in many currencies versus last year and higher balances for new account growth. As we have noted in the past, the high interest rates we pay on customer cash, currently 4.83% on qualified US dollar balances is a significant driver of new customers.

客戶信貸餘額的利息，即我們向客戶帳戶中的現金支付的利息，由於許多貨幣的利率較去年提高以及新帳戶增長的餘額增加而增加。正如我們過去所指出的，我們對客戶現金支付的高利率（目前合格美元餘額的利率為 4.83%）是新客戶的重要推動力。

Highly rate-sensitive customer balances were about $18.6 billion this quarter versus $17.3 billion in the year ago quarter. Together with firm equity, most of which consists of interest earning assets, total fully rate-sensitive balances were approximately $30.7 billion.

本季對利率高度敏感的客戶餘額約為 186 億美元，而去年同期為 173 億美元。加上公司股本（大部分由生息資產組成），完全利率敏感的餘額總額約為 307 億美元。

Now, for our estimates of the impact of changes in rates, given market expectations of rate cuts sometime in 2024, we estimate the effect of a 25 basis point decrease in the benchmark Fed Funds rate to be a $59 million reduction in an annual net interest income. Note that our starting point for this estimate is March 31, with the Fed Funds effective rate at 5.33%, and balances as of that date. Any growth in our balance sheet and interest-earning assets would reduce this impact.

現在，對於我們對利率變化影響的估計，考慮到市場對 2024 年某個時候降息的預期，我們估計基準聯邦基金利率下降 25 個基點的影響是年度淨利息減少 5,900 萬美元收入。請注意，我們這項估計的起點是 3 月 31 日，聯邦基金有效利率為 5.33%，截至該日的餘額。我們的資產負債表和生息資產的任何成長都會減少這種影響。

About 25% of our customer cash balances is not in US dollars, so estimates of a US rate change exclude those currencies. We estimate the effect of decreases in all the relevant non-USD benchmark rates would reduce annual net interest income by $18 million for each 25-basis point decrease in those benchmarks.

我們大約 25% 的客戶現金餘額不是美元，因此對美國匯率變動的估計不包括這些貨幣。我們估計，所有相關非美元基準利率每下降 25 個基點，年度淨利息收入就會減少 1,800 萬美元。

At a high level, a full 1% decrease in all benchmark rates would decrease our annual net interest income by about $307 million. This takes into account rate-sensitive customer balances and firm equity.

從較高水準來看，所有基準利率下降 1% 將使我們的年度淨利息收入減少約 3.07 億美元。這考慮到了對利率敏感的客戶餘額和公司資產。

In conclusion, we posted another financially strong quarter in net revenues and pretax margin, reflecting our continued ability to grow our customer base and deliver on our core value proposition to customers while scaling the business. Our business strategy continues to be effective, automating as much of the brokerage business as possible, continuously improving and expanding what we offer while minimizing what we charge. And with that, we will now open up the line for questions.

總而言之，我們在淨收入和稅前利潤率方面又發布了財務強勁的季度，反映了我們在擴大業務的同時不斷擴大客戶群並為客戶提供核心價值主張的能力。我們的業務策略仍然有效，盡可能實現經紀業務的自動化，不斷改進和擴展我們提供的服務，同時最大限度地減少我們的收費。現在，我們將開放提問熱線。

(Operator Instructions) Ben Budish.

（操作員指示）Ben Budish。

Hi, good afternoon and thanks for taking the questions. I was wondering if you could unpack the year-to-date account growth a little bit more. You gave some color on the faster-growing customer segments. But in terms of like the individuals, can you maybe talk a little bit about what the average customer looks like? How do they compare to the back book of customers?

你好，下午好，感謝您提出問題。我想知道您是否可以進一步了解今年迄今為止的帳戶增長情況。您對成長較快的客戶群進行了一些闡述。但就個人而言，您能否談談普通客戶是什麼樣的？與客戶的舊帳相比，它們如何？

It sounds like they're bringing over ample new cash while still deploying into the markets. I was just curious if you could talk about the average size, what the activity levels are like. And then maybe similarly on the hedge fund side, talk a little bit about your progress there and what your expectations are over the rest of the year and into '25?

聽起來他們正在帶來充足的新現金，同時仍在部署到市場。我只是很好奇你能否談談平均尺寸以及活動量。然後也許在對沖基金方面也類似，談談您在這方面的進展以及您對今年剩餘時間和 25 年的期望是什麼？

Hi, thank you for your question. So it's usually the new accounts that we get in each quarter. They take a little while to bring on all the assets that they intended to bring. So it takes a little while for us to see the entire impact.

你好，謝謝你的提問。所以通常是我們每季獲得的新帳戶。他們需要一段時間才能帶來他們打算帶來的所有資產。因此，我們需要一段時間才能看到整體影響。

But what can give you some idea is the fact that the new accounts went up by 28%, commissions by 11%, net interest income by 18%, DARTs by 28%, and the assets by 36%. So if you look at the S&P 500, year over year is up 23%. Q-q is up by 29%. So if you look at all these numbers together, that will give you some idea as to how much assets, how much cash they brought.

但可以給你一些想法的是，新帳戶增加了 28%，佣金增加了 11%，淨利息收入增加了 18%，DART 增加了 28%，資產增加了 36%。因此，如果你看看標準普爾 500 指數，你會發現比去年同期上漲了 23%。 Q-q 成長了 29%。因此，如果你把所有這些數字放在一起，你就會知道他們帶來了多少資產、多少現金。

That's helpful. And if I could ask a follow-up. Just on a comment you made, Paul, I think you mentioned something about $18.6 billion of rate-sensitive cash, but total fully rate-sensitive balances were a little over $30 billion. Could you could you clarify what you meant there? (multiple speakers)

這很有幫助。如果我可以問後續情況。保羅，就您發表的評論而言，我想您提到了大約 186 億美元的利率敏感現金，但完全利率敏感的餘額總額略高於 300 億美元。您能澄清一下您的意思嗎？ （多個發言者）

The rest is rate-sensitive firm equity. So our equity is $15 billion-plus, of which certain amount of it is sensitive to interest rates. And that makes up the rest.

其餘的則是對利率敏感的公司股權。所以我們的股本有150億美元以上，其中一部分對利率敏感。這就是剩下的部分。

I got it. Helpful. Thank you.

我得到了它。有幫助。謝謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thank you and good evening, everyone. And congrats on the first HSBC launch in the UAE. So let me just start there. I had a mechanical question on the launch. When this white-labeled offering is launched in a specific region, are you replacing an existing HSB offering so there's a large inflow of client equity and client cash with a large number of accounts on day one or is it smaller with the product being cross sell to existing clients with a longer ramp process?

謝謝大家，晚上好。並祝賀匯豐銀行在阿聯酋首次開幕。那麼就讓我從這裡開始吧。我對發射有一個機械問題。當此白標產品在特定區域推出時，您是否會替換現有的HSB 產品，以便在第一天就擁有大量帳戶，從而帶來大量客戶資產和客戶現金流入，或者是否因產品交叉銷售而規模較小對於具有較長斜坡流程的現有客戶？

The answer for the UAE is that we are going to be onboarding their existing business from perishing. The migration should be happening sometime in August if everything goes well. We're talking approximately around 10,000 accounts.

阿聯酋的答案是，我們將幫助他們現有的業務免於滅亡。如果一切順利的話，遷移應該會在八月的某個時候進行。我們談論的是大約 10,000 個帳戶。

The other countries that HSBC is going to be onboarding with us, they do not result in immediate inflow of new accounts. HSBC, as you know, has significant banking presence in a lot of countries, and their vision is to offer to those banking clients, Interactive Brokers powered platform. So these are greenfield businesses. So 10,000 coming from UAE existing migration and then going up gradually. Other countries going gradually up from zero.

匯豐銀行將與我們合作的其他國家，並不會導致新帳戶立即流入。如您所知，匯豐銀行在許多國家擁有重要的銀行業務，他們的願景是為這些銀行客戶提供盈透證券支援的平台。所以這些都是綠地業務。目前已有 1 萬名來自阿聯酋的移民，然後逐漸增加。其他國家則從零逐漸上升。

Thank you, Milan. And just as my follow-up on the same topic. Nancy, referenced that there's a couple of dozen regions that are currently testing or onboarding friends and family. I was curious, what percentage of the total accounts that you expect to win does this first batch that includes a couple of dozen regions it represents? Or does this couple of dozen regions, is that the total account package that you expect to win through this HSBC relationship?

謝謝你，米蘭。正如我對同一主題的後續行動一樣。南希提到，目前有幾十個地區正在測試或讓朋友和家人加入。我很好奇，您希望贏得的第一批帳戶佔其代表的幾十個地區的帳戶總數的百分比是多少？或者這幾十個地區是您希望透過與匯豐銀行的關係贏得的總帳戶套餐嗎？

So Nancy was talking about the couple of dozen introducing broker prospects and she explained how they are all in various stages. It's probably a handful, maybe a little more prospect than some have already opened accounts and are doing test, connectivity tests, others are in this friends and employees stage.

南希談論的是幾十個介紹經紀人的前景，她解釋了他們是如何處於不同階段的。這可能是少數，也許比一些已經開設帳戶並正在進行測試、連接測試的人更有前景，其他人正處於朋友和員工階段。

I would expect us to win most of the prospects. We have been normally very successful in winning them. The conversations that we have progressed well. They're typically about the methodology that is going to be used to onboard them. Are they going to be fully disclosed or one way disclosed. This is going to be an omnibus. So the ones that we count in this funnel, those are already serious conversations. Maybe one or two will not materialize, but most of them will.

我預計我們會贏得大部分潛在客戶。我們通常非常成功地贏得了他們。我們的對話進展順利。它們通常是關於用於培訓他們的方法。它們是要完全披露還是以一種方式披露。這將是一輛綜合巴士。因此，我們在這個管道中計算的那些已經是嚴肅的對話。也許一兩個不會實現，但大多數都會實現。

Thank you, Milan.

謝謝你，米蘭。

James Yaro, Goldman Sachs.

詹姆斯·亞羅，高盛。

Good afternoon and thanks for taking my questions. I just wanted to touch on the enhanced offerings for hedge funds. I think in April you announced the high touch prime and global outsource trading. Maybe you could just touch on how those initiatives have gone, the early readings from that. Has that accelerated your growth rate with hedge funds so far?

下午好，感謝您提出我的問題。我只想談談對沖基金的增強型產品。我想你們在四月宣布了高接觸優質和全球外包交易。也許你可以談談這些舉措的進展以及早期的解讀。到目前為止，這是否加速了您在對沖基金領域的成長速度？

And then when you talk about other enhancements to your prime brokerage offering, would these be more high touch offerings or would they be tech enabled or mix of both? And should we think about any sort of ramifications from those to your margin?

然後，當您談論大宗經紀服務的其他增強功能時，這些是更具高接觸性的產品還是技術支援或兩者的結合？我們是否應該考慮這些對您的利潤的任何影響？

So the enhancement was very well received. We have onboarded approximately 30, no exactly 30 hedge funds onto this white gloves enhanced service. The feedback is good. The hedge funds really enjoy having a point person that they can talk to.

因此，這項增強功能非常受歡迎。我們已經讓大約 30 家（不完全是 30 家）對沖基金加入了這項白手套增強服務。反饋很好。對沖基金真的很喜歡有一個可以與之交談的重要人物。

They get access to various experts within our organizations through this single point of contact. So they really do like the experience. We cannot see any change in the numbers, and we did not expect to see one.

他們可以透過這個單一聯繫點聯繫我們組織內的各種專家。所以他們真的很喜歡這種體驗。我們看不到數字有任何變化，我們也沒想到會看到變化。

You may recall that the reason why we did this was to increase the likelihood that the hedge funds as they cross the $100 million threshold, the what seems to be the magical number when the large primes become interested in them, we wanted to increase the likelihood that they will stay with us. So time will tell whether this was a good bet. I'm hopeful that it was.

您可能還記得，我們​​這樣做的原因是為了增加對沖基金突破 1 億美元門檻的可能性，當大質數對它們感興趣時，這似乎是一個神奇的數字，我們希望增加可能性他們會和我們在一起。所以時間會證明這是否是一個好的選擇。我希望確實如此。

As to further enhancements, we are talking to the -- we continue the discussions with the hedge funds. Obviously, the order desk is online. It's a global desk. We take orders from the hedge funds so that they do not have to sit at their desks and maybe execute orders in the middle of the night.

至於進一步的增強，我們正在與對沖基金進行討論。顯然，訂單台是在線的。這是一張全球辦公桌。我們接受對沖基金的訂單，這樣他們就不必坐在辦公桌前，也許在半夜執行訂單。

There is still a discussions about the capital introduction. We have had our own capital introduction program online for a long time. There is demand or there are requests for us to make improvements to it, that is the current state.

關於引資目前還在討論中。我們很早就有自己的線上引資計劃。有需求或有要求我們改進它，這就是目前的狀態。

Okay, great. That's very, very clear. Maybe just one other as a follow-up related to hedge funds. I think prime brokerage net leverage at the very largest banks is up substantially. But securities lending for you and certain other retail skewed brokers has remained fairly soft.

好的，太好了。這非常非常清楚。也許只是另一個作為與對沖基金相關的後續行動。我認為最大銀行的大宗經紀淨槓桿率大幅上升。但為您和某些其他偏向零售的經紀商提供的證券借貸仍然相當疲軟。

Just any views on perhaps why there is that dichotomy? Is it that retail short selling activity is light, whereas large hedge funds are perhaps adding to shorts? And maybe if you don't have a view on that one, maybe just when do you look at your hedge fund business, your prime brokerage business, has there been increased short selling activity for those clients?

只是對為什麼會有這種二分法有什麼看法嗎？是不是零售賣空活動較少，而大型避險基金可能正在增加賣空？也許如果你對此沒有看法，也許你什麼時候審視你的對沖基金業務、你的大宗經紀業務，這些客戶的賣空活動是否增加？

Well, I do not personally look at this broken down. Maybe Paul has some color that he can share with you. What I can tell you is that the hedge funds on our platform increase the leverage. They borrow a larger amount of money from us and that is partially the reason why the net interest income is up and obviously the balances increased to $55 billion this quarter.

好吧，我個人不看這個細分。也許保羅有一些可以與你分享的色彩。我可以告訴你的是，我們平台上的對沖基金增加了槓桿。他們從我們這裡借了更多的錢，這也是淨利息收入上升的部分原因，顯然本季餘額增加到 550 億美元。

Okay. Thanks a lot.

好的。多謝。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Hi thanks. Good afternoon. Just another question on the backlog with the introducing brokers, a couple of dozen that was cited. I guess, how would that compare to say a year ago? And then generally, who are you competing with to win this business? Is it just internal offerings or are there other peers that you are typically going up against?

你好謝謝。午安.這只是關於介紹經紀商積壓的另一個問題，被引用了幾十個。我想，與一年前相比會怎麼樣？一般來說，你在與誰競爭來贏得這項業務？只是內部產品還是您通常會遇到的其他同行？

The pipeline looks pretty much the same size. I think a year ago it was roughly the same number. As to whom we are competing with, well our offering is very unique. As you know, we cover the world in terms of access to the exchanges in various countries. So the introducing brokers or introducing broker prospects, they like that.

管道看起來大小幾乎相同。我認為一年前這個數字大致相同。至於我們的競爭對手，我們的產品非常獨特。如您所知，我們在訪問各個國家的交易所方面覆蓋了全球。所以介紹經紀人或介紹經紀人前景，他們喜歡這樣。

They like the fact that we can offer them access to local markets, to regional markets, to overseas, and especially United States. There are some competitors in this space, especially in Asia and in Europe. Those are our competitors. Those are the firms that we compete with.

他們喜歡我們可以提供他們進入本地市場、區域市場、海外市場，尤其是美國市場的機會。這個領域有一些競爭對手，特別是在亞洲和歐洲。這些都是我們的競爭對手。這些都是我們的競爭公司。

Okay, that's helpful. And then a couple of quarters ago, Thomas talked about declining interest rates maybe being pro-growth of your business in terms of utilization of things like margin and account growth and trading.

好的，這很有幫助。幾個季度前，托馬斯談到，利率下降可能有利於您的業務在保證金利用率、帳戶成長和交易等方面的成長。

But given the run we've had this year in the market, the growth in accounts, growth in margin balances, do we -- does that view still hold if we do get some Fed cuts going forward or have we maybe overshot here in the context of how your client base is performing currently?

但考慮到今年我們在市場上的表現、帳戶的成長、保證金餘額的成長，如果我們確實讓聯準會繼續降息，或者我們可能在這方面做得太過頭了，我們的觀點是否仍然成立？目前的表現如何？

It's difficult to tell what will happen. What I can tell you is that if the Fed lowers the interest rates by 25 basis points as widely expected at this point, our annual net interest income will decrease by $77 million. So that is going to be the impact.

很難說會發生什麼事。我可以告訴你的是，如果聯準會按照目前普遍預期降息25個基點，我們的年度淨利息收入將減少7,700萬美元。這就是影響。

The lower interest rates obviously spur economic growth, but there is going to be a lot of uncertainty. We still have two wars that are in the Middle East and in Europe. There is election season. We are going to have a new administration.

較低的利率顯然會刺激經濟成長，但也會存在許多不確定性。我們仍然有兩場戰爭，分別在中東和歐洲。有選舉季節。我們將有一個新的政府。

There is a lot of uncertainty as to how that is going to play out or what exactly that's going to mean. Even if the Trump ticket wins the election, it's unclear exactly what the impact is going to be because there is a chatter about increased tariffs which can in turn increase inflation.

至於這將如何發生或這到底意味著什麼，存在著許多不確定性。即使川普贏得選舉，也不清楚具體會產生什麼影響，因為有傳言稱增加關稅可能反過來加劇通貨膨脹。

So there is a lot of uncertainty out there. Uncertainty usually results in volatility and higher trading volumes as customers want to put on risky positions or they want to do hedges or sell out their winners. So it's really difficult to tell, but I do not see a good reason to believe that the trading activity will dramatically slow down.

所以存在著很多不確定性。不確定性通常會導致波動和更高的交易量，因為客戶想要建立有風險的頭寸，或者他們想要對沖或賣出他們的贏家。所以這確實很難說，但我認為沒有充分的理由相信交易活動會急劇放緩。

Understood. Thank you.

明白了。謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hi, good morning -- sorry, good evening. First one just on ForecastEx. I know that received CFTC approval last month, but I think there were some subsequent press around saying the launch may be delayed. Just wondering any update on the timing of a launch there? And then maybe just speak about the opportunity you see for forecast contracts more broadly and size and opportunity a bit for us.

嗨，早安——抱歉，晚上好。第一個是 ForecastEx 上的。我知道上個月獲得了美國商品期貨交易委員會 (CFTC) 的批准，但我認為隨後有一些媒體稱發布可能會被推遲。只是想知道那裡的發佈時間有什麼更新嗎？然後也許只是談談您在更廣泛的預測合約中看到的機會以及我們的規模和機會。

So yes, there is a slight delay. We realized that there is a little bit more work that we need to do, bookkeeping work that has to do with booking of swaps. That is the license that the CFTC granted to ForecastEx. So there is a bit more work that we need to do. We're hoping to launch in the middle of August.

所以是的，有一點延遲。我們意識到我們需要做更多的工作，即與掉期預訂有關的簿記工作。這是 CFTC 授予 ForecastEx 的授權。所以我們還需要做一些工作。我們希望在八月中旬推出。

As to the opportunity, we are hopeful that similar thing is going to happen to what we witnessed in the area of security -- equity options. Remember, when it started in back 40 or more years ago, it was something brand new. And today it is a really, really big industry.

至於機會，我們希望類似的事情會發生在我們在證券——股票選擇權領域所目睹的情況。請記住，當它在 40 年前或更早開始時，它是全新的東西。今天，它是一個非常非常大的行業。

Betting on economic indicators on climate events, in general, events that can affect the performance of your portfolio and events that our customers may want to hedge themselves against. We believe that, that is going to become over time, very popular, and growing area.

押注於氣候事件的經濟指標，一般來說，這些事件會影響您的投資組合的表現，以及我們的客戶可能想要對沖的事件。我們相信，隨著時間的推移，這將成為一個非常受歡迎且不斷增長的領域。

Great. Thank you for that. And then I just had one follow-up for Paul. Just to be super clear about the new securities lending disclosures that you provided today. So hypothetically, if we retroactively applied a 0% benchmark rate globally to the entirety of the second quarter, I just want (technical difficulty) the securities (inaudible) revenues that you would have reported would have been $194 million instead of 25 million. Is that correct?

偉大的。謝謝你。然後我只對保羅進行了一次跟進。只是為了非常清楚您今天提供的新證券借貸披露資訊。因此，假設，如果我們在整個第二季度在全球範圍內追溯應用0% 基準利率，我只想（技術難度）您報告的證券（聽不清楚）收入將為1.94 億美元，而不是2500 萬美元。那是對的嗎？

Or formulaically is that how the pricing methodology would have worked, just would have shifted the bucket into sec lending from said cash revenue?

或者從公式上講，定價方法將如何運作，只是將桶從所述現金收入轉移到證券貸款？

Yeah. It's a slightly more complicated question. But if you assume zero benchmark, then all of the securities lending trading itself becomes just the borrow fee, which is high for a hard to borrow stock and low for a general collateral stuff.

是的。這是一個稍微複雜一點的問題。但如果你假設基準為零，那麼所有的證券借貸交易本身就變成了借貸費用，對於難以藉入的股票來說，借貸費用很高，而對於一般的抵押品來說，借貸費用很低。

Likewise, as we used to have when the rates are almost zero, if we were to lend to stop taking the cash collateral and then reinvest the cash collateral in a very low interest rate environment, that cash draw collateral earns very little.

同樣，正如我們過去在利率幾乎為零時所做的那樣，如果我們放貸以停止獲取現金抵押品，然後在非常低的利率環境下將現金抵押品再投資，那麼現金提取抵押品的收益就會非常少。

Right.

正確的。

So one of the reasons why we have decided to offer this presentation is because it didn't make any difference when the rates were near zero.

因此，我們決定提供此演示的原因之一是，當利率接近零時，它沒有任何區別。

Didn't make much difference.

沒有太大差別。

But now the rates are 5% plus, it's more helpful to see all sides of the equation that are related to securities lending, right? The simplest example being we lend a customer stock. We take in the cash collateral. Now when we reinvest it, it's at more like 540% -- 5.4%, and that obviously plays a role.

但現在利率是 5% 以上，了解與證券借貸相關的等式的各個方面會更有幫助，對吧？最簡單的例子是我們借出客戶庫存。我們接受現金抵押品。現在，當我們再投資時，它的利率更像是 540% - 5.4%，這顯然發揮了作用。

Up until now, we have been and in our net interest margin presentation that shows up in segregated cash and securities. But one could think of it as being related to securities lending. And so all we're talking about here is reclassifying that just from a management perspective. It's a different way to look at it.

到目前為止，我們的淨利差演示中一直以現金和證券的形式單獨顯示。但人們可以認為它與證券借貸有關。因此，我們在這裡討論的只是從管理角度重新分類。這是一種不同的看待它的方式。

Understood. Okay. Thank you very much.

明白了。好的。非常感謝。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, hello. Thanks for taking the question. So I had one on options. Options volumes for you were up 36% year over year in the second quarter, I think. Can you just speak through the growth you're seeing there and maybe break it out and help us understand, looking across geographies where that growth is coming from? And I think Thomas has spoken in the past about expecting higher derivatives volume growth overseas.

是的你好。感謝您提出問題。所以我有一個選擇。我認為第二季的期權交易量比去年同期增長了 36%。您能否談談您所看到的成長情況，也許將其分解並幫助我們理解，看看成長來自哪些地區？我認為托馬斯過去曾說過預計海外衍生性商品交易量將出現更高成長。

How big of a driver do you think that can be for your business and what kind of advantage you think you have over some of your publicly traded peers here in the US who have recently spoke about being more deliberate with their efforts overseas.

您認為這對您的業務有多大的推動力？

So obviously, the zero day to exploration option, that is where a lot of volume has been happening. Weekly option, that's where a lot of volume was taking place as far as the zero day options is the cash settled index options.

顯然，零日探索選項是大量交易發生的地方。每週選擇權，這是大量交易量發生的地方，因為零日期權是現金結算的指數選擇權。

We had Eurex adding shorter term options and I think other exchanges will follow. So this phenomenon is going to increase in other regions, not only in the United States. As far as geography is the US option volumes that there are dominant, there is obviously training in Asia and Europe, but the US still dominates. Even our foreign overseas investors gravitate towards these instruments.

我們讓歐洲期貨交易所增加了短期選擇權，我認為其他交易所也會跟進。因此，這種現像不僅在美國，在其他地區也會增加。就地理位置而言，美國期權交易量占主導地位，亞洲和歐洲顯然有培訓，但美國仍然占主導地位。甚至我們的海外投資者也被這些工具所吸引。

It is to some extent the job of the regional exchanges to make the contracts popular and increase the offering and the volumes. But our technology is there, we have the connectivity, we have the access to the clients, so we are making them available to the clients. I guess that is how I would answer your question.

在某種程度上，區域交易所的工作是使合約受歡迎並增加發行量和交易量。但我們的技術已經存在，我們有連接性，我們可以接觸到客戶，所以我們將它們提供給客戶。我想這就是我回答你問題的方式。

As to what -- yes, you asked about what the advantages are. So our platform is originally designed for professional and active traders. It is the platform is superb. It delivers results. The very active traders on our platform attest to it. We have since then implemented very good screens on the mobile trader as well as on the web platform.

至於什麼——是的，你問的是優點是什麼。所以我們的平台最初是為專業和活躍的交易者設計的。就是這個平台非常棒。它提供結果。我們平台上非常活躍的交易者證明了這一點。從那時起，我們在行動交易平台和網路平台上實現了非常好的螢幕。

So we cover in terms of the platform all the entire spectrum of clientele, from the active trader all the way to the beginner. We have tools that help our clients initiate positions. We have a wizard. We have had the wizard for a very long time.

因此，我們的平台涵蓋了所有客戶群，從活躍交易者一直到初學者。我們擁有幫助客戶建立職位的工具。我們有一個巫師。我們已經擁有這個嚮導很久了。

For someone who is not yet accustomed to what the possibilities of options trading are, they can enter their forecast. For example, by this date, I expect the NVIDIA stock to be up by 10%. What are the trading strategies I could consider. And wizard responds with (technical difficulty) So I think we're very well positioned to take advantage of the increased popularity of options trading overseas.

對於那些還不熟悉期權交易可能性的人來說，他們可以輸入他們的預測。例如，到今天為止，我預計 NVIDIA 的股票將上漲 10%。我可以考慮哪些交易策略？嚮導的回應是（技術難度），所以我認為我們處於非常有利的位置，可以利用海外選擇權交易日益普及的優勢。

All right. That's great color. And then just a quick follow up on the NYSE loss. Can you speak -- was there any impact on the tax rate this quarter from that? And then just looking forward, is there any possibility at all that any of that could be recovered? Thanks.

好的。那顏色真棒。然後是對紐約證券交易所損失的快速跟進。您能說一下—這對本季的稅率有什麼影響嗎？然後展望未來，是否有可能恢復這些？謝謝。

As far as the recovery, the answer is unfortunately, no. We have looked at what can be done. When the mishap took place, we immediately contacted the exchange and we requested that the purchase is at extremely high price, be busted -- we have that those trades be busted.

就恢復而言，不幸的是，答案是否定的。我們已經研究了可以做什麼。事故發生後，我們立即聯繫了交易所，要求以極高的價格購買，並予以終止——我們要求終止這些交易。

Unfortunately, the industry rules are written in such a way that New York Stock Exchange was not able to bust those trades. And we have also pursued for the opportunity to ask for a compensation payment under the Rule 18. Rule 18 has also very significant limitations including how much can be paid in terms of compensation.

不幸的是，產業規則的製定方式使得紐約證券交易所無法破壞這些交易。我們也尋求根據第18條規定要求賠償的機會。

We looked at other avenues. We have decided that we are not -- we are very unlikely to be successful in recovering the money that we have lost here. What we are going to do is we are going to be proposing changes to how such events should be handled in the future.

我們研究了其他途徑。我們已經決定不——我們不太可能成功地收回我們在這裡損失的錢。我們要做的是提議改變未來處理此類事件的方式。

Because it is our strong belief that not only New York Stock Exchange, but also the lead market maker, the specialists handling the Berkshire Hathaway did not do an adequate job here and some rule changes need to be done.

因為我們堅信，不僅是紐約證券交易所，而且是主要的做市商、處理伯克希爾哈撒韋公司的專家在這裡都沒有做得足夠好，需要進行一些規則改變。

And we are in the process of writing a letter to the SEC proposing a very concrete modifications to the rules that would benefit not only us but the entire industry. And when the letter is written, we will post it on our website.

我們正在寫信給美國證券交易委員會，提議對規則進行非常具體的修改，這不僅有利於我們，而且有利於整個產業。當這封信寫完後，我們會將其發佈在我們的網站上。

As far as the tax implications. Paul maybe you can reply to that one.

至於稅務影響。保羅也許你可以回覆一下。

Yeah. Could you repeat the question on the taxes?

是的。您能重複一下關於稅收的問題嗎？

Yeah. Just if there was any tax implications from the loss or anything that's worth calling out this quarter going forward?

是的。只是虧損是否會產生任何稅務影響，或者本季是否有任何值得關注的事情？

I say, well, it just flows into gains and losses. And so there's nothing about it that would not be taxable as a general expense, it is. And there were no other real notable items. Every quarter, there are some tax items that may not apply directly to the current quarter like tax credits, things like that. So these come and go, that primarily as what causes minor fluctuations in our overall effective tax rate.

我說，好吧，它只是流入收益和損失。因此，沒有什麼是不能作為一般費用徵稅的，確實如此。並且沒有其他真正值得注意的項目。每個季度，都有一些稅收項目可能不會直接適用於當前季度，例如稅收抵免等。因此，這些來來去去，這主要是導致我們整體有效稅率出現微小波動的原因。

Macrae Sykes, GAMCO.

麥克雷·賽克斯，GAMCO。

Oh great. Thank you. I have two questions about the IBDs, and I'll just ask them together. I was wondering if you could kind of give us an update on the TAM around the IBDs, whether you know how many IBDs are out there globally, how much they cost you? Anything to kind of point to the opportunity there, and I know it's evolving?

哦，太好了。謝謝。我有兩個關於IBD的問題，就一起問吧。我想知道您能否向我們介紹有關 IBD 的 TAM 的最新情況，您是否知道全球有多少 IBD，它們花費了多少費用？有什麼可以指出那裡的機會，而且我知道它正在發展嗎？

And then the second thing is with respect to working with these new relationship, is there any difference as you set up a white label operation with an individual company such as HSBC in terms of the costs associated or the economics. So is there a difference between handling a 10,000 account IBD or is one that's 50,000? And just are there any dissynergies with your platform in terms of having to handle kind of more bespoke operation? Thank you.

第二件事是關於與這些新關係的合作，當您與匯豐銀行等個別公司建立白標業務時，在相關成本或經濟方面有什麼不同嗎？那麼，處理 10,000 個 IBD 帳戶和 50,000 個 IBD 帳戶之間有區別嗎？在必須處理更多客製化操作方面，您的平台是否存在任何不協同作用？謝謝。

So there are -- I believe there are a lot of prospects out there introducing broker prospect. They are investment companies, especially banks that have very large number of clients and they are pursuing the opportunity to offer brokerage services to them.

所以我相信有很多潛在客戶介紹經紀人前景。他們是投資公司，尤其是擁有大量客戶的銀行，他們正在尋求機會向他們提供經紀服務。

Some of them tried to go it alone. Some of them small number succeed, some give up when they realize that the undertaking is greater than they expected, and then they turn to Interactive Brokers and maybe another competitor for help. That is what we see.

他們中的一些人試圖單幹。他們中的一些人成功了，其他人在意識到任務比他們預期的更大時放棄了，然後他們向盈透證券甚至其他競爭對手尋求幫助。這就是我們所看到的。

Another thing that we see is that they are brokers that just start from zero, they realize that there is an opportunity to offer localized service to the clientele in a specific country. They think that they can do a good job advertising, running customer service, and serve the local clientele. That is something that we also see. There is going to continue to be a large number of these, I believe.

我們看到的另一件事是，他們是從零開始的經紀人，他們意識到有機會為特定國家的客戶提供在地化服務。他們認為他們可以做好廣告、經營客戶服務以及服務當地客戶。這也是我們所看到的。我相信這樣的情況還會繼續存在。

As to the economics and scalability that varies. We onboard some introducing brokers as an omnibus account relationship, which means it's the same single account or let's say, up to 10 different accounts because they like to separated by the residents of the clientele, whether it's a margin account or a cash account. So it's a very small number of accounts, handful up to 10, covering many thousands of individual accounts on their platform. So that's sort of one extreme.

至於經濟性和可擴展性則各不相同。我們以綜合帳戶關係的形式加入一些介紹經紀商，這意味著它是同一個帳戶，或者說，最多 10 個不同的帳戶，因為他們喜歡按客戶的居民分開，無論是保證金帳戶還是現金帳戶。因此，帳戶數量極少，最多 10 個，覆蓋其平台上數千個個人帳戶。所以這有點極端。

The other extreme is that we carry one specific account per end client, and we have both of these relationships. The economics are different. The omnibus accounts obviously tax our infrastructure much less. We do not have to deal with the KYC and AML of the individual clients.

另一個極端是我們為每個最終客戶擁有一個特定帳戶，並且我們擁有這兩種關係。經濟學是不同的。綜合帳戶顯然對我們的基礎設施造成的負擔要少得多。我們無需處理個人客戶的 KYC 和 AML。

On the other hand, the relationships where we carry sub-accounts for individual clients, the economics are a little better. But with cost of more computing power, our customer service gets involved to an extent. And we have to deal with the KYC and AML. But we are open to take both and we are usually providing a helping hand to the prospect deciding what type of setup would suit them the best.

另一方面，我們為個人客戶開設子帳戶的關係，經濟效益要好一些。但隨著更多運算能力的成本，我們的客戶服務在一定程度上參與其中。我們必須處理 KYC 和 AML。但我們願意同時採用這兩種方式，我們通常會幫助潛在客戶決定哪種類型的設定最適合他們。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Yeah, evening everyone. A little bit of a cleanup question. Just on the NII sensitivity to rate cuts. I believe, Paul, it's a $59 million reduction, but Milan noted it was $77 million. So just wondering which is correct. Maybe $77 million includes all global rates or the $59 million US? Just any color there would be helpful.

是的，大家晚上好。有點清理問題。就 NII 對降息的敏感度而言。保羅，我相信減少了 5900 萬美元，但米蘭指出減少了 7700 萬美元。所以只是想知道哪個才是正確的。也許 7700 萬美元包括所有全球費率或 5900 萬美元？任何顏色都會有幫助。

Yeah, that's exactly right, Chris. So the $59 million is an assumption that only the Fed moves the US dollar rate and the $77 million it makes a very broad assumption that all currency rates or rates in all currencies are reduced.

是的，完全正確，克里斯。因此，5,900 萬美元是一個假設，即只有聯準會調整美元利率，而 7,700 萬美元則是一個非常廣泛的假設，即所有貨幣利率或所有貨幣的利率都會降低。

Just a quick one on expenses. Noted the decrease in compliance staff as you (inaudible) operational mode with new compliance system. Just wondering like how much efficiencies something like that would generate or realize you're redeploying that into other investment areas. But then what are the other incremental opportunities you're working on to reduce efficiencies moving forward?

只是簡單介紹一下費用。注意到隨著您（聽不清楚）採用新合規系統的營運模式，合規人員有所減少。只是想知道這樣的事情會產生多少效率，或者意識到您正在將其重新部署到其他投資領域。但是，您正在努力降低效率的其他增量機會是什麼？

So if you look at our overall headcount, you'll see that it didn't change compared to a year ago. We are at 2,950 employees. There are small changes as to the individual departments, but we're not talking large numbers.

因此，如果您查看我們的整體員工人數，您會發現與一年前相比沒有變化。我們有 2,950 名員工。各部門都有一些細微的變化，但我們談論的並不是很大的數字。

Our goal is to be able to use technology to the maximum extent possible. Ideally we would be able to onboard new accounts without adding additional staff. We were quite successful I would say in that over the last year because we did not add any employees and yet we had a very significant growth in the number of accounts, but it won't always be like this.

我們的目標是能夠最大程度地利用科技。理想情況下，我們能夠在不增加額外員工的情況下加入新帳戶。我想說，去年我們非常成功，因為我們沒有增加任何員工，但我們的帳戶數量卻有了非常顯著的成長，但情況不會總是如此。

We are very closely monitoring the metrics on the customer service side. We see how long the wait times are. And if they cross a certain threshold, we make a decision to increase the number of customer service representatives as we have just done.

我們正在非常密切地監控客戶服務方面的指標。我們看到等待時間有多長。如果他們超過一定的閾值，我們就會決定增加客戶服務代表的數量，就像我們剛才所做的那樣。

But again, we're not talking large numbers here, we're talking several dozens of new customer service representatives in the lower -- employed in the lower cost countries. So that's the way it is. With the advances in the AI, it should be easier to achieve our goal of scalability without adding new personnel, but it's not easy to do.

但同樣，我們在這裡談論的並不是大量的數字，我們談論的是低收入國家的數十名新客戶服務代表——受僱於低成本國家。事情就是這樣。隨著人工智慧的進步，在不增加新人員的情況下應該更容易實現我們的可擴展性目標，但這並不容易做到。

Got it. Thanks, guys.

知道了。多謝你們。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Nancy for closing remarks.

謝謝。女士們先生們，我不會在隊列中顯示任何其他問題。我現在想將電話轉回給南希，讓其致閉幕詞。

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，這次電話會議將在我們的網站上重播，明天我們也會在網站上發布乾淨版本的文字記錄。再次感謝您，我們將在下個季度末與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。