Interactive Brokers Group Inc (IBKR) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the Interactive Brokers Group fourth quarter 2024 earnings conference call.

歡迎參加盈透證券集團 2024 年第四季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today, Nancy Stuebe.

現在，我想將會議交給今天的發言人 Nancy Stuebe。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon and thank you for joining us for our fourth quarter 2024 earnings call.

下午好，感謝您參加我們的 2024 年第四季財報電話會議。

Joining us today are Thomas Peterffy, our founder and Chairman; Milan Galik, our President and CEO; and Paul Brody, our CFO.

今天與我們一起參加的是我們的創辦人兼董事長 Thomas Peterffy；我們的總裁兼執行長米蘭·加利克 (Milan Galik)；以及我們的財務長 Paul Brody。

I will be presenting Milan's comments on the business and all three will be available at our Q&A.

我將介紹米蘭對該業務的評論，這三點都可以在我們的問答環節中找到。

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

提醒一下，今天的電話會議可能包含前瞻性陳述，這些陳述代表了公司對未來事件的看法，而這些事件本質上並不確定，也超出了公司的控制範圍。

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

我們的實際結果和財務狀況可能與這些前瞻性陳述所示的存在重大差異。

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

請您參閱我們新聞稿中的免責聲明。

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

您還應該查看我們向美國證券交易委員會提交的財務報告中包含的風險因素描述。

In the fourth quarter, Interactive Brokers clearly demonstrated the power and leverage of a diversified fully automated global platform.

第四季度，盈透證券清楚地展現了多元化全自動全球平台的威力和影響力。

The international interest in securities markets continues.

國際社會對證券市場的關注持續不斷。

We added 775,000 accounts in 2024, a record number of annual adds. 217,000 came on board in the fourth quarter alone.

我們在 2024 年新增了 775,000 個帳戶，創下了年度新增帳戶數的新高。光是第四季就有 217,000 人加入。

Our client equity was up 33% to $568 billion an increase of $142 billion from last year.

我們的客戶權益成長了 33%，達到 5,680 億美元，比去年增加了 1,420 億美元。

And the first time we finished the year with over $0.5 trillion.

今年我們的年收入首次超過 0.5 兆美元。

Rising markets and the anticipation of lower rates led clients to actively trade securities and to be comfortable with taking on risk.

市場上漲和利率下降的預期促使客戶積極交易證券並願意承擔風險。

In addition to increasing their exposure to various markets, they chose to take on more leverage using margin loans and to take on more assertive positions which increased our exposure fee revenue.

除了增加對各個市場的曝險外，他們還選擇利用保證金貸款來承擔更多的槓桿，並採取更積極的立場，從而增加了我們的風險敞口費收入。

This translated to strengthen our financials.

這意味著我們的財務實力將得到增強。

Our quarterly pretax income was a record reaching over $1 billion for the first time.

我們的季度稅前收入首次創下10億美元以上的紀錄。

While our GAAP pretax margin rose to 75% for the quarter.

本季我們的 GAAP 稅前利潤率上升至 75%。

For the full year, we earned over $5 billion in net revenues for the first time and achieved a 71% pretax margin, by far the highest in the brokerage industry.

全年我們淨收入首次超過50億美元，稅前利潤率達到71%，是經紀業最高的。

Over the past several quarters, we have added multiple new products and enhancements worldwide.

在過去的幾個季度中，我們在全球範圍內增加了多種新產品和增強功能。

We have spent a great deal of time to understand the needs of our various client types.

我們花了大量的時間來了解不同類型客戶的需求。

For financial adviser clients, we enhanced our adviser portal with features that improve portfolio management and client communication.

對於財務顧問客戶，我們增強了顧問入口網站的功能，以改善投資組合管理和客戶溝通。

We added a multi stock tax loss harvesting tool that helps reduce clients' tax burdens.

我們增加了多股票稅損失收集工具，幫助減輕客戶的稅負。

We added models and model rebalance tools that simplify applying consistent strategies across multiple accounts.

我們加入了模型和模型再平衡工具，簡化了在多個帳戶中應用一致策略的流程。

We integrated a generative AI powered commentary builder feature which automates the creation of personalized performance summaries and is integrated with our portfolio analyst tool, allowing FAs to generate reports showing clear detailed portfolio data and commentary.

我們集成了生成式人工智慧評論建立器功能，可以自動建立個人化的績效摘要，並與我們的投資組合分析師工具集成，讓財務顧問能夠產生顯示清晰詳細的投資組合數據和評論的報告。

To date, thousands of our users have generated commentaries.

到目前為止，已有數千名用戶發表了評論。

There will be more to come here in 2025.

到 2025 年，還會有更多這樣的事發生。

For our clients who trade options, we have added four new liquidity providers to our options ATS increasing its steps and capability to achieve better pricing.

對於交易選擇權的客戶，我們為選擇權 ATS 增加了四個新的流動性提供者，從而增強了其實現更好定價的步驟和能力。

For after-hours traders, our stock scanners now support price movement in the overnight trading session, so our clients can see top gainers and losers and other groupings during the session.

對於盤後交易者，我們的股票掃描器現在支援隔夜交易時段的價格變動，因此我們的客戶可以看到交易時段內漲幅最大的股票、跌幅最大的股票以及其他分組。

For international individual accounts, we have previously introduced an Alphabet Soup of popular savings products like ISA accounts in the UK and TPSC accounts in Hungary and this year, we added PEA accounts in France and we are the first non-French brokers to do so.

對於國際個人帳戶，我們之前已經推出了包括流行儲蓄產品的字母湯，例如英國的 ISA 帳戶和匈牙利的 TPSC 帳戶，今年，我們在法國增加了 PEA 帳戶，我們是第一家這樣做的非法國經紀商。

More will be coming.

還會有更多內容。

Broken down by geography, the majority of our accounts are based outside of the United States.

按地理位置分佈，我們的帳戶大多位於美國境外。

To make it easier for prospective clients to come on board, we have translated our account application into more languages including French, Italian, Arabic, Hebrew and Hungarian opening doors for investors who may not be as comfortable with English.

為了讓潛在客戶更容易加入，我們將我們的帳戶申請翻譯成更多語言，包括法語、義大利語、阿拉伯語、希伯來語和匈牙利語，為那些可能不太熟悉英語的投資者打開了大門。

Our application is now available in 13 languages, facilitating global outreach for potential customers.

我們的應用程式目前提供 13 種語言版本，方便潛在客戶進行全球推廣。

By client geography in the fourth quarter, our accounts and client equity once again grew fastest in Asia followed by Europe as growing numbers of investors worldwide want access to international and in particular US markets.

從第四季的客戶地理位置來看，由於全球越來越多的投資者希望進入國際市場，特別是美國市場，我們的帳戶和客戶權益在亞洲再次成長最快，其次是歐洲。

Over our five client segments, the fastest account growth was again seen with individuals with introducing brokers a close second.

在我們的五個客戶群中，個人客戶的帳戶成長速度再次位居第二，而引薦經紀人的帳戶成長速度則位居第二。

On the client equity side, individuals again grew the fastest followed by financial advisers and Ibrokers.

在客戶權益方面，個人再次成長最快，其次是金融顧問和 Ibrokers。

Commission growth was fastest for proprietary traders, while net interest income growth was led by individuals followed by financial advisers.

佣金成長最快的是自營交易商，而淨利息收入成長最快的是個人，其次是理財顧問。

Overall, we experienced another productive quarter.

總體而言，我們經歷了又一個富有成效的季度。

We launched trading on the Saudi Exchange which follows our launch in Malaysia last quarter.

繼上個季度在馬來西亞推出交易後，我們也在沙烏地阿拉伯交易所推出了這筆交易。

We added IB algorithms for hong kong exchange options.

我們添加了香港交易所期權的 IB 演算法。

As a note, we began offering cryptocurrencies in Hong Kong also this year back in May.

值得注意的是，我們今年 5 月也開始在香港提供加密貨幣。

We have focused on making it easier for clients to fund accounts.

我們致力於讓客戶更輕鬆地為帳戶注資。

And this quarter began to offer eDDA for Hong Kong dollars and offshore Chinese Yuan deposits.

本季開始為港元和離岸人民幣存款提供 eDDA。

Open banking for Euro deposits and Plaid for Euro and British Pound account funding.

開放銀行業務以提供歐元存款，而 Plaid 則提供歐元和英鎊帳戶融資。

Our clients around the world, particularly younger ones are used to the convenience of trading crypto 24/7 and we will expect the same from other asset classes.

我們在世界各地的客戶，特別是年輕客戶，已經習慣了全天候加密貨幣交易的便利，我們也期望其他資產類別也能如此。

We consider meeting these expectations vital.

我們認為滿足這些期望至關重要。

We already offer over 10,000 US stocks and ETFs during overnight hours.

我們已經在隔夜時段提供超過 10,000 隻美國股票和 ETF。

And in 2024, we expanded hours to 24/5 for corporate and government bonds in US Dollar, Euro, British pound and Swiss Franc denomination and expanded them for US stock contracts for difference.

2024 年，我們將美元、歐元、英鎊和瑞士法郎面額的公司債和政府公債的交易時間延長至 24/5，並延長美國股票差價合約的交易時間。

This quarter, we also expanded our order types and introduced a new one called Overnight Plus Smart to specifically cover overnight trading hours.

本季度，我們還擴展了訂單類型，並推出了名為「Overnight Plus Smart」的新訂單類型，專門涵蓋隔夜交易時間。

For other products like options and futures which trade only on exchanges, we await only the willingness of the exchanges to extend trading hours.

對於選擇權和期貨等僅在交易所交易的其他產品，我們只等待交易所願意延長交易時間。

We'll be ready when they are.

當他們做好準備時，我們也會做好準備。

There are at least eight different regulatory projects we are programming for around the world as the many numerous jurisdictions we operate in create, add to and update the regulations.

由於我們營運所在的眾多司法管轄區會制定、增加和更新法規，因此我們正在為全球至少八個不同的監管項目進行程式設計。

We are on time or more often, well ahead of schedule on all of them.

我們總是按時完成任務，甚至經常提前完成。

Our close ties to over 20 very different regulatory regimes in multiple languages and our ability to react to and program or reprogram our systems to comply on a continuous basis is one of our advantages that we take extremely seriously with employees on the ground and programmers dedicated to these tasks.

我們與 20 多個非常不同的多種語言的監管制度保持著密切聯繫，並且我們能夠對系統做出反應並進行編程或重新編程以持續遵守規定，這是我們的優勢之一，我們對這一優勢非常重視，並聘請了實地員工和專門負責這些任務的程式設計師。

And finally, a special note on ForecastEx, we created this exchange which is regulated by the CFTC and allows trading on predictions that have measurable third-party verified outcomes.

最後，特別說明 ForecastEx，我們創建了這個受 CFTC 監管的交易所，允許對具有可衡量的第三方驗證結果的預測進行交易。

This is an entirely new asset class, one that provides a market driven way to quantify realworld expectations on measures like economic, political and climate outcomes.

這是一種全新的資產類別，它以一種市場驅動的方式量化經濟、政治和氣候結果等指標的現實預期。

Another significant broker now offers access to our exchange.

另一家重要的經紀商現已提供進入我們交易所的權限。

We were ready with election trading when it became permissible.

當選舉交易獲得允許時，我們就做好了準備。

We believe the greater ambition ForecastEx becoming the most accurate marketplace for predicting significant events will occur over time.

我們相信，隨著時間的推移，ForecastEx 將會實現更大的目標，即成為預測重大事件最準確的市場。

Our pipeline of new business and new initiatives remains as strong as ever and our products that clearly has resonated with people around the globe.

我們的新業務和新舉措管道依然一如既往地強勁，我們的產品顯然引起了全球人們的共鳴。

We are not stopping here to rest on our achievements.

我們不會就此止步於我們所取得的成就。

We have many projects to work on, goals to achieve and together with the Interactive Broker's team.

我們有許多專案要開展，許多目標要實現，還要與 Interactive Broker 團隊齊心協力。

We look forward to executing on them in 2025.

我們期待在 2025 年實現這些目標。

We are eager to share our new products and enhancements as we introduce them.

我們熱切地希望與大家分享我們推出的新產品和增強功能。

With that, I will turn the call over to our CFO, Paul Brody.

說完這些，我將把電話轉給我們的財務長保羅‧布羅迪 (Paul Brody)。

Paul?

保羅？

Thanks very much, Nancy.

非常感謝，南希。

Thank you everybody for joining the call.

感謝大家參加電話會議。

We're going to start with our revenue items on page 3 of the release.

我們將從新聞稿第 3 頁的收入項目開始。

We're pleased with our financial results this quarter as we again produced record net revenues and pretax income for the quarter and also for the year.

我們對本季的財務表現感到滿意，因為我們再次創造了本季乃至全年創紀錄的淨收入和稅前收入。

Commission revenues rose to a record $477 million this quarter.

本季佣金收入增至創紀錄的 4.77 億美元。

For the full year, commissions were $1.7 billion, up 25% from last year.

全年佣金收入為 17 億美元，比去年增長 25%。

In 2024 we saw higher trading volumes across the major product categories as well as 24% higher DARTs per account.

2024 年，我們看到主要產品類別的交易量更高，同時每個帳戶的 DART 也增加了 24%。

Net interest income also reached a quarterly record of $807 million and a yearly record of $3.1 billion despite multiple rate cuts in nearly all the major currencies.

儘管幾乎所有主要貨幣都多次下調利率，但淨利息收入仍創下了季度新高 8.07 億美元，年度新高 31 億美元。

A continued risk on environment in the quarter led to a significant increase in margin borrowing and strong net customer deposits led to higher segregated funds balances.

本季持續的環境風險導致保證金借款大幅增加，強勁的淨客戶存款導致獨立基金餘額更高。

These revenues were partially offset by the interest paid to our customers on their cash balances.

這些收入部分被我們向客戶支付的現金餘額利息所抵銷。

Other fees and services generated $81 million for the quarter and $280 million for the year, up 47% and 42% respectively.

其他費用和服務本季創造了 8,100 萬美元的收入，全年創造了 2.8 億美元收入，分別成長 47% 和 42%。

This was primarily driven by the continued risk on positioning of customers which has been reflected in rising risk exposure fees over the course of 2024.

這主要是由於客戶定位風險持續存在，這反映在 2024 年風險敞口費用上升。

And to a lesser extent, by both higher FDIC Sweep fees and by higher payments for order flow from options exchange mandated programs.

在較小程度上，FDIC 清算費用的提高以及期權交易所強制計劃的訂單流支付的提高也導致了這一現象。

Other income includes gains and losses on our investments.

其他收入包括我們的投資收益和損失。

Our currency diversification strategy and principal transactions.

我們的貨幣多元化策略和主要交易。

The primary factor here was our previously reported October sale of a portion of our interest in Tiger Brokers which led to a one-time realized gain of $34 million.

這裡的主要因素是我們先前報告的10月份出售了我們在老虎證券的部分股權，從而實現了3,400萬美元的一次性收益。

Together with the $10 million mark to market unrealized loss for the quarter, the Tiger investment contributed a net gain of $24 million to other income.

加上本季 1,000 萬美元的市值未實現損失，老虎基金的投資為其他收入貢獻了 2,400 萬美元的淨收益。

Several of the items in this line are considered non-core and therefore excluded in our adjusted earnings.

此行中的幾個項目被視為非核心項目，因此不計入我們的調整後收益中。

Without these excluded items, other income was a $59 million gain for the quarter and $132 million for the year.

如果不計算這些排除項目，本季的其他收入為 5,900 萬美元，全年的其他收入為 1.32 億美元。

Turning to expenses, execution, clearing and distribution costs were $115 million in the quarter and $447 million for the year, up versus last year due to higher trade volumes and stocks and options.

談到費用，本季的執行、清算和分銷成本為 1.15 億美元，全年為 4.47 億美元，由於交易量和股票及選擇權增加，與去年相比有所上升。

Overall, commissions rose faster than execution costs.

整體而言，佣金的上漲速度快於執行成本的上漲速度。

However, thanks to higher rebates earned from the exchanges that pay for liquidity enhancing orders.

然而，得益於交易所支付增強流動性的訂單而獲得的更高回扣。

Execution and clearing costs were 19% of commission revenues in the fourth quarter for a gross transactional profit margin of 81%.

執行和清算成本佔第四季佣金收入的 19%，毛交易利潤率為 81%。

We calculate this by excluding from execution, clearing and distribution. $21 million of non-transaction based costs, mainly market data fees which do not have a direct commission revenue component.

我們透過排除執行、清算和分配來計算這一點。 2,100萬美元的非交易成本，主要是不含直接佣金收入成分的市場數據費用。

Compensation and benefits expense was $138 million for the quarter, up slightly from the year ago quarter.

本季薪資和福利支出為 1.38 億美元，較去年同期略有成長。

Due to the capitalization rather than expensing under GAAP of some software development this quarter, compensation expense is about $5 million lower than usual.

由於本季部分軟體開發依照 GAAP 進行資本化而非費用化，薪資支出比平時低約 500 萬美元。

Adjustments of this nature may be made periodically.

此類調整可能會定期進行。

For the quarter, the ratio of compensation expense to net revenue was 10% and would have been 10.3% had that $5 million of capitalized software been included as comp expense.

本季度，薪酬費用與淨收入之比為 10%，如果將 500 萬美元的資本化軟體計入薪酬費用，則該比率為 10.3%。

For the year, this ratio was 11% down from 12% in 2023.

今年這一比例較 2023 年的 12% 下降了 11%。

Our head count at December 31st was 2,998, up 2% for the year.

截至 12 月 31 日，我們的員工總數為 2,998 人，年增 2%。

G&A expenses were $59 million up from the year ago quarter.

一般及行政開支較去年同期增加了 5,900 萬美元。

For the full year G&A was $314 million, up 49% primarily due to a onetime litigation expense in the third quarter.

全年一般及行政開支為 3.14 億美元，成長 49%，主要由於第三季的一次性訴訟費用。

Excluding this, G&A for the year was $236 million, up 12% primarily on higher advertising expense.

除此之外，全年的 G&A 費用為 2.36 億美元，成長 12%，主要由於廣告費用增加。

Our pretax margin was a record 75% for the quarter as reported and 76% as adjusted.

報告顯示，本季我們的稅前利潤率達到創紀錄的 75%，調整後利潤率達到創紀錄的 76%。

Income taxes of $71 million reflects the sum of the public companies, $34 million and the operating company $37 million.

7,100 萬美元的所得稅反映了上市公司 3,400 萬美元和營運公司 3,700 萬美元的總和。

Public company's effective tax rate was 14% below its typical range, primarily due to a benefit from the annual revaluation of our deferred tax asset.

上市公司的有效稅率比其正常範圍低 14％，這主要得益於我們遞延所得稅資產的年度重估。

Moving to our balance sheet on page 5 of the release, our total assets ended the year 17% higher than last year at $150 billion driven by strong growth in margin lending.

查看新聞稿第 5 頁的資產負債表，受保證金貸款強勁增長的推動，今年我們的總資產比去年增長了 17%，達到 1500 億美元。

New account growth also helped propel our customer credit balances by 14% to a new record level.

新帳戶的成長也幫助我們的客戶信用餘額增加了14%，達到了新的歷史水準。

We believe that our strong financial standing and competitive interest rates provide customers with an attractive place to hold their uninvested cash.

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存放未投資現金的有吸引力的地方。

We continue to have no long-term debt and healthy profitability drove our firm equity up 18% to $16.6 billion.

我們繼續沒有長期債務，健康的獲利能力推動我們公司的股本上漲 18%，達到 166 億美元。

In recognition of this growth, we allocated capital to a dividend increase in the second quarter of 2024.

為了實現這一成長，我們在 2024 年第二季分配了資本以增加股息。

We maintain 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.

我們保持資產負債表致力於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 six and seven, we had record customer volume in options with our contract volumes up 32% over the prior year and also up 32% for the full year well ahead of industry volumes.

在第六頁和第七頁的營運數據中，我們的選擇權客戶量創下了歷史新高，其中合約量比上一年增長了 32%，全年增長了 32%，遠遠超過行業量。

Futures contract volumes declined 3% for the quarter but rose 4% for the full year.

本季期貨合約交易量下降 3%，但全年成長 4%。

While stock share volumes rose 65% for the quarter and 22% for the full year.

本季股票交易量上漲了 65%，全年上漲了 22%。

Stock share volume generally increased versus last year as clients gravitated to larger higher quality names and traded relatively less in pink sheet and some other very low-priced stocks.

由於客戶傾向於購買規模較大、品質較高的股票，而粉紅單市場和其他一些低價股票的交易相對較少，因此股票交易量與去年同期相比總體有所增加。

Growth in a notional dollar value of shares traded in the quarter was about even with the growth in our share volumes overall.

本季交易股票的名目美元價值的成長與我們整體股票交易量的成長率大致相同。

On page seven, you can see that total customer DARTs were 3.1 million trades per day in the quarter, up 61% from the prior year and commission per cleared commissionable order of $2.72 was down from last year.

在第七頁，您可以看到本季度客戶 DART 交易總量為每天 310 萬筆，比上年增長 61%，每筆已清算可佣金訂單的佣金為 2.72 美元，比去年有所下降。

Primarily due to smaller average order sizes across all product classes and a shift to proportionally more trading in stocks versus options and futures from last year.

主要是由於所有產品類別的平均訂單規模較小，以及從去年起股票交易相對於選擇權和期貨交易的比例增加。

Page eight shows our net interest margin numbers.

第八頁顯示了我們的淨利差數字。

Total GAAP net interest income was $807 million for the quarter, up $77 million or 11% from the prior year.

本季 GAAP 淨利息總收入為 8.07 億美元，較上年增加 7,700 萬美元，增幅 11%。

While our net interest income was $830 million or $91 million higher.

而我們的淨利息收入則增加了 8.3 億美元或 9,100 萬美元。

In the NIM computation, we include some income that is classified as other fees or other income on our income statement but we believe is more appropriately considered interest.

在 NIM 計算中，我們包括了一些在損益表中歸類為其他費用或其他收入的收入，但我們認為更適合視為利息。

Our net interest income reflects strength and margin loan interest partially offset by lower segregated cash interest and higher interest expense on customer cash balances.

我們的淨利息收入反映了保證金貸款利息的強勁增長，但被較低的獨立現金利息和較高的客戶現金餘額利息支出部分抵消。

Many central banks made cuts to their benchmark rates this quarter including the US, Europe, the UK, Switzerland, Canada and Hong kong reflecting multiple rate cuts in most benchmark rates this year.

本季度，許多央行下調了基準利率，其中包括美國、歐洲、英國、瑞士、加拿大和香港，反映出今年大多數基準利率均多次下調。

Our overall segregated cash interest income declined at 2% despite a 10% increase in average balances while margin loan interest rose by 26% on a 41% increase in average balances.

儘管平均餘額增加了 10%，但我們的整體獨立現金利息收入卻下降了 2%，而平均餘額增加了 41%，保證金貸款利息卻增加了 26%。

The average duration of our US Treasury portfolio remains at under 30 days.

我們的美國國債投資組合的平均期限仍維持在30天以下。

With the US Dollar yield curve continuing to be inverted during the first part of the quarter, though flattening somewhat in the medium term by quarter end, we continue to maximize what we earn by focusing on higher short term yields rather than accepting the lower yields and added risk of longer maturities.

美元殖利率曲線在本季前半段繼續倒掛，但到季度末中期會有所趨於平緩，我們將繼續透過專注於更高的短期殖利率來實現收益最大化，而不是接受較低的殖利率和較長期限的額外風險。

This strategy allows us to maintain a relatively tight maturity match between our assets and liabilities.

這項策略使我們能夠保持資產和負債之間相對緊密的期限匹配。

Securities lending net interest does not appear as strong as in prior years for three main reasons.

證券借貸淨利息表現不如前幾年強勁，主要原因有三。

First, as benchmark interest rates rose from near zero beginning in 2022, more of what we earned from securities lending became classified as interest on segregated cash.

首先，隨著基準利率從 2022 年開始從接近零上升，我們從證券借貸中獲得的更多收益被歸類為獨立現金的利息。

We estimate that, if the additional interest earned and paid on cash collateral were included under securities borrowed and loaned, then securities lending net revenue would have been about $182 million this quarter versus $156 million in last year's fourth quarter on the same basis.

我們估計，如果將現金抵押品所賺取和支付的額外利息計入借入和借出的證券，那麼本季證券借貸淨收入將約為 1.82 億美元，而去年第四季的淨收入為 1.56 億美元。

Second, we've seen strong stock market performance with the S&P up over 20% in each of the past two years, which tends to reflect a smaller proportion of clients looking to put on short.

其次，我們看到股市表現強勁，標準普爾指數在過去兩年中每年都上漲超過 20％，這往往反映出希望做空的客戶比例減少。

Third, there are fewer hard to borrow names industry wide both because the overall market is rising sharply and due to weakness in some of the typical drivers of securities lending including IPOs, market volatility and merger and acquisition activity.

第三，由於整個市場正在大幅上漲，而且一些典型的證券借貸驅動因素（包括IPO、市場波動和併購活動）出現疲軟，整個行業難以藉貸的公司數量正在減少。

Despite this trend, we were successful in raising the total notional value of what we loaned out.

儘管有這種趨勢，我們仍然成功提高了貸款的總名義價值。

Interest on customer credit balances, the interest we pay to our customers on the cash in their accounts rose on higher balances from new account growth.

客戶信用餘額的利息，即我們向客戶支付的帳戶現金利息，隨著新帳戶增長導致餘額增加而增加。

As we have noted in the past, the high interest rates we pay on customer cash, currently 3.83% on qualified US Dollar balances is a significant attraction to new customers.

正如我們過去所指出的，我們為客戶現金支付的高利率（目前合格美元餘額的利率為 3.83%）對新客戶具有很大的吸引力。

Fully rate sensitive customer balances ended the current quarter at $19.1 billion versus $17.8 billion in the year ago quarter.

本季末，完全利率敏感型客戶餘額為 191 億美元，而去年同期為 178 億美元。

Now, for our estimates of the impact of changes in rates, given market expectations of further rate cuts in the future, we estimate the effect of a 25 basis points decrease in the benchmark fed funds rate to be a $64 million reduction in annual net interest income.

現在，對於利率變動影響的估計，考慮到市場對未來進一步降息的預期，我們估計基準聯邦基金利率下降 25 個基點將導致年度淨利息收入減少 6,400 萬美元。

Note that our starting point for this estimate is December 31 with the fed funds effective rate at 4.33% and balances as of that date.

請注意，我們對此估計的起點是 12 月 31 日，聯邦基金有效利率為 4.33%，餘額截至該日期。

Any growth in our balance sheet and interest earning assets would reduce this impact.

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.

我們客戶的現金餘額中約有 25% 不是美元。

So estimates of the US rate change exclude those currencies.

因此，美國利率變化的估計不包括這些貨幣。

We estimate the effect of decreases in all the relevant non-USD benchmark rates would reduce annual net interest income by about $22 million for each 25 basis points decrease in those benchmarks.

我們估計，所有相關非美元基準利率每下降 25 個基點，將導致年度淨利息收入減少約 2,200 萬美元。

At a high level, a full 1% decrease in all benchmark rates would decrease our annual net interest income by about $339 million.

從高點來看，所有基準利率每下降 1%，我們的年度淨利息收入就會減少約 3.39 億美元。

This takes into account rate sensitive customer balances and also firm equity.

這考慮到了對利率敏感的客戶餘額以及公司權益。

In conclusion, we posted another financially strong quarter in net revenues and pretax margin leading to a record year.

總而言之，我們又一個季度的淨收入和稅前利潤表現強勁，創造了創紀錄的一年。

This reflects our continued ability to grow our customer base and deliver on our core value proposition to customers while simultaneously scaling the business.

這反映了我們持續擴大客戶群、在擴大業務規模的同時向客戶實現核心價值主張的能力。

Our business strategy continues to be effective.

我們的經營策略持續有效。

Automating as much of the brokerage business as possible, continuously improving and expanding on what we offer while minimizing what we charge.

盡可能地實現經紀業務的自動化，不斷改進和擴大我們提供的服務，同時盡量降低我們的收費。

And with that, we will open up the line for questions.

現在，我們將開放問答熱線。

Thank you as a reminder.

謝謝你的提醒。

(Operator Instructions)

（操作員指令）

Craig Siegenthaler, Bank of America.

美國銀行的克雷格·西根塔勒（Craig Siegenthaler）。

Good morning or good evening, everyone.

大家早安或晚上好。

I hope you're all doing well.

我希望你們一切都好。

First, when I have a modeling one on expenses.

首先，當我對費用進行建模時。

So execution, clearing and distribution fees, as you pointed out in your prepared remarks, they did grow a lot slower than DARTs and commissions.

因此，正如您在準備好的發言中指出的那樣，執行、清算和分銷費用的成長速度確實比 DART 和佣金慢得多。

In the press release, you kind of called out would look like a few negatives.

在新聞稿中，你指出了一些負面因素。

In the prepared remarks, you called out rebates.

在準備好的發言中，您大聲喊出了回扣。

But how should we think about this line item heading into 1Q?

但是，我們該如何看待第一季的這一項呢？

And then any high-level thoughts on modeling it because a lot of us model it relative to commissions or DARTs.

然後是關於建模的任何高層次的想法，因為我們許多人相對於佣金或 DART 對其進行建模。

Yes.

是的。

So I'll take that one.

所以我會選擇那個。

Generally, yes, it's driven by volume.

一般來說，是的，它是由數量驅動的。

Obviously, those are all the variable costs, they're per share or per contract.

顯然，這些都是變動成本，是每股或每份合約的成本。

But within that, there are things like order routing changes so that our systems that provide smart routing of, say, stock orders, can have many different venues to route in order to, to get the best price for the customer.

但在其中，還有諸如訂單路由變化之類的事情，以便我們提供智慧路由（例如股票訂單）的系統可以有許多不同的地點進行路由，以便為客戶提供最優惠的價格。

And it can do that while maximizing the rebates, which are provided by some of the venues on liquidity-enhancing orders.

並且可以在做到這一點的同時，最大限度地提高一些場所針對增強流動性的訂單提供的回扣。

And then we generally pass those rebates through to the customers, and that would show up in reducing commission revenue.

然後我們通常會將這些回扣轉嫁給客戶，這會減少佣金收入。

So they're somewhat paired.

因此，它們在某種程度上是配對的。

But therefore, if you only look at the expense side, is it doesn't tell you the whole picture.

但因此，如果你只看費用方面，它並不能告訴你全貌。

Got it.

知道了。

And then just for my follow-up, we keep watching equity build.

然後，作為我的後續行動，我們將繼續關注股權的建設。

It's almost at $17 billion now.

現在已接近170億美元。

I just wanted your thoughts on how fast we should expect this capital balance into new building?

我只是想知道，對於我們應該多快將資本餘額投入到新建築中，您有什麼看法？

And is this really helping your hedge fund prime marketing efforts given the size?

考慮到規模，這真的能幫助您的對沖基金進行主要行銷工作嗎？

And any updated thoughts on share repurchases in the future?

對於未來的股票回購您有什麼最新的想法嗎？

Well, there is no plan to do any type of share repurchasing.

嗯，沒有進行任何類型的股票回購的計劃。

We will, in the future, consider increasing the dividend, but that, of course, assume that the stock price will be about $200,000, it will remain there.

我們將來會考慮增加股息，但當然，假設股價約為 20 萬美元，股息將保持在這個水平。

As far as the strong capital, we like it that way for a couple of different reasons.

就雄厚的資本而言，我們出於幾個不同的原因喜歡這樣。

For headcount clients for institutional clients to compete with large banks that have been in business for more than 100 years.

針對機構客戶的員工數量客戶，與營業超過 100 年的大型銀行競爭。

They obviously have an established reputation.

他們顯然已經享有盛譽。

And by many managers, they're considered to be safe choice.

許多經理認為它們是安全的選擇。

They will never be blamed if something were to go wrong with a barge bracket competing bank.

如果駁船支架競爭銀行出現問題，他們絕對不會受到指責。

We have to work hard to earn our reputation.

我們必須努力工作才能贏得聲譽。

We have been consistently growing the company and our capital base. it's visible.

我們一直在穩步發展公司和資本基礎。它是可見的。

Our balance sheet is strong.

我們的資產負債表強勁。

That is one way where we signal to the marketplace that we are a serious player and they should consider us for custodying their assets.

這是我們向市場發出信號的一種方式，表明我們是認真的參與者，他們應該考慮讓我們保管他們的資產。

The other way, the very high capital base is benefiting us is that unlike in the United States, where we can fund the margin loans using other customers' uninvested cash.

另一方面，非常高的資本基礎使我們受益，因為與美國不同，我們可以使用其他客戶未投資的現金來為保證金貸款提供資金。

All the banks are able to do so outside of the United States.

所有美國境外的銀行都可以這樣做。

So we fund a large portion of those loans by on our own capital.

因此，我們用自有資本為這些貸款提供很大一部分資金。

Those are the two reasons why we like the number to be ever growing.

這就是我們希望這個數字不斷成長的兩個原因。

Thank you, Milan.

謝謝你，米蘭。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hi, good evening and thanks for taking the question.

大家好，晚上好，感謝您回答這個問題。

Maybe first, just I was curious to get your thoughts on what account growth could look like in 2025.

首先，我只是好奇，想知道您對 2025 年帳戶成長的看法。

I know you tend not to kind of give guidance on a per year basis, but it's just kind of remarkable of the momentum we've seen over the course of the year and kind of accelerating as you're growing larger.

我知道您傾向於不提供每年的指引，但我們看到這一年來的勢頭非常驚人，而且隨著您規模的擴大，這種勢頭還在加速。

So just curious, what do you think are the key factors in '25?

所以只是好奇，您認為 25 年的關鍵因素是什麼？

Can you maybe talk about the word of math momentum you're seeing maybe unpack a little bit of kind of where you're leading?

您能否談談您所看到的數學動量這個詞，或稍微解釋一下您所領導的方向？

And I think you -- in the prepared remarks and in the press or you called out a bit of a pickup in advertising spend.

我認為您在準備好的發言中和在新聞發布會上提到了廣告支出略有增加。

So just curious what your thoughts there are on what account growth could look like this year.

所以我很好奇，您對今年的帳戶成長有何看法。

Well, our marketing spend will be slowly increasing.

嗯，我們的行銷支出將會緩慢增加。

Obviously, it's necessary to attract the individual accounts.

顯然，吸引個人帳戶是必要的。

So that's why it's going to go up.

這就是它會上漲的原因。

We expect a steady growth in the number of accounts.

我們預計帳戶數量將穩定成長。

As you could see, this past quarter, we really enjoyed a high number.

正如您所看到的，過去一個季度，我們確實取得了很高的成績。

There is a lot of enthusiasm in the market, partially related to the ever-increasing prices in the market, stock prices in the market, partially related to the change of the administration that is largely considered to be pro business and the U.S. markets as a result, are expected to continue to do well.

市場熱情高漲，部分原因在於市場價格、股票價格不斷上漲，部分原因在於政府更迭被普遍認為有利於企業，因此美國市場預計將繼續表現良好。

So there are a lot of accounts, new accounts being opened, some investors who were sitting on the sidelines decided to open an account and start investing, so we are bullish on the continued growth of the accounts.

因此有許多帳戶，新帳戶被開設，一些觀望的投資者決定開設帳戶並開始投資，因此我們看好帳戶數量的持續增長。

Got it.

知道了。

Maybe 1 quick modeling follow-up for Paul.

也許是為保羅 (Paul) 進行 1 次快速建模跟進。

I think for the employee comp and benefits line, you called out a capitalized expense.

我認為，對於員工補償和福利項目，您提到了一項資本化費用。

Just curious, in Q1 and kind of going into the year, should we think about the level kind of the first couple of quarters of 2024 as the starting point?

只是好奇，在第一季以及進入今年的時候，我們是否應該將 2024 年前幾季的水平作為起點？

Or does it kind of reset lower?

或者它會以某種方式重置得更低嗎？

Just any guidance you could give there would be helpful.

您提供的任何指導都會有所幫助。

Right.

正確的。

Well, it does go along with our hiring, which was only 2% higher than prior year.

嗯，這確實與我們的招募情況相符，招募人數僅比前一年高出 2%。

I think the best way to look at it is on the full year because the capitalization is measured only periodically and can be added in a given quarter.

我認為最好的觀察方式是全年觀察，因為資本化只能定期測量，並且可以在特定季度添加。

Our average for 2024 was $143 million a quarter, and that's probably your best starting point for going forward.

我們 2024 年的平均季度收入為 1.43 億美元，這可能是您未來前進的最佳起點。

Okay.

好的。

All right, great.

好的，太好了。

Thanks so much.

非常感謝。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅 (James Yaro)。

Milan and Paul, for taking the questions here.

米蘭和保羅，感謝你們在這裡回答問題。

Maybe just starting on aspirations in the high-touch part of the prime brokerage offering, which you've obviously expanded in 2024.

或許你們才剛開始對主要經紀業務的高接觸部分抱有期望，而你們顯然已經在 2024 年擴大了這一部分。

If there's deregulation of the bulge prime brokers, which the market clearly expects, could this present a more meaningful threat to growth of the business?

如果對大型經紀商的監管放鬆（這是市場明顯預期的），這是否會對業務成長構成更嚴重的威脅？

And then just what are you -- is on the product road map for this business in 2025?

那麼，您 2025 年針對該業務的產品路線圖是什麼？

I would not expect the regulation to really have an impact as I explained a bit earlier, the -- what we're dealing with is competing with very large established banks, Goldman Sachs, Morgan Stanley.

正如我之前解釋的那樣，我不認為該法規會真正產生影響，我們所面臨的是與高盛、摩根士丹利等大型老牌銀行的競爭。

I cannot see how a small newcomer would really be able to make a significant dent in our business.

我看不出一個新來的小公司能對我們的業務造成多大的影響。

So the regulation, I do not think would impact our business that way.

因此，我認為該法規不會對我們的業務產生那樣的影響。

As far as the product, did you mean within this white glove offering for the hedge funds?

就產品而言，您是指為對沖基金提供的白手套產品嗎？

That's right.

這是正確的。

Well, I can tell you that one of the things that we have done is we have revamped the way we do the capital introduction events in the past quarter.

嗯，我可以告訴你，我們所做的事情之一就是，我們在上個季度改進了開展資本引入活動的方式。

We do those events approximately 13 months.

我們舉辦這些活動大約需要 13 個月。

We changed the name of the event.

我們更改了活動的名稱。

We changed the way it's organized, we advertise in that.

我們改變了它的組織方式，並在其中做廣告。

And the result of that was that the last event we had doubled the number of participants, instead of 120, we had 240 accredited investors participating in the capital introduction event.

結果是，上一次活動的參與人數增加了一倍，有 240 名合格投資者參加了資本引入活動，而不是 120 人。

Otherwise, we are pleased with how the white glove offering is going.

除此之外，我們對白手套服務的進展感到滿意。

We have hedge funds onboarded with the average assets of $160 million.

我們已進駐對沖基金，平均資產規模為 1.6 億美元。

The goal here is to provide them with better service they all appreciate direct access to the subject matter experts.

這裡的目標是為他們提供更好的服務，他們都欣賞直接聯繫主題專家的能力。

They like talking to us.

他們喜歡和我們交談。

We handle approximately 50 different issues on a particular week.

我們每週處理大約 50 個不同的問題。

And as we talk to them more, we make adjustments.

隨著我們與他們交流增多，我們就會做出調整。

For example, just recently, we have started offering algorithms. [indiscernible] and similar algorithms for stocks in APAC region, and that was directly due to the fact that the hedge funds that are now more openly talking to us, we're requesting that feature.

例如，就在最近，我們已經開始提供演算法。 [音訊不清晰] 以及針對亞太地區股票的類似演算法，這直接歸因於對沖基金現在更公開地與我們交談，我們要求提供該功能。

We're pleased with the way it's going so far.

我們對目前的進展感到滿意。

Excellent.

出色的。

That's very clear.

這非常清楚。

Maybe just turning to the margins.

或許只是轉向邊緣。

Your adjusted margin did rise to best-in-class 75.6%.

您的調整後利潤率確實上升到了一流的 75.6%。

Can it continue to rise off of these levels?

它還能從這些水準繼續上漲嗎？

Is there an efficient horizon that you see for the margin?

您是否認為利潤率有一個有效的範圍？

Well, I would not expect that number to go up.

嗯，我並不認為這個數字會上升。

That is not the number that we're optimizing for.

這並不是我們想要優化的數字。

What we're trying to do is delivering value to our clients.

我們正在努力為客戶創造價值。

We obviously have to pay attention to not just automating everything we can so that we can offer our services at the lowest prices.

顯然，我們必須注意不要只實現一切自動化，以便能夠以最低的價格提供我們的服務。

But we also have to make sure that when our clients need help we have sufficient personnel to answer their questions to help them on the customer service line.

但我們也必須確保當我們的客戶需要幫助時，我們有足夠的人員在客戶服務熱線上回答他們的問題並為他們提供幫助。

And they are obviously the ongoing costs of the compliance, which are ever increasing, given the very large number of jurisdictions where we operate.

而且顯然這是合規的持續成本，考慮到我們營運所在的司法管轄區數量眾多，這些成本還在增加。

So I would not expect that number to go higher.

所以我預計這個數字不會更高。

Okay.

好的。

That's very clear.

這非常清楚。

Thank you.

謝謝。

Brennan Hawken, UBS.

瑞銀的布倫南‧霍肯 (Brennan Hawken)。

Good afternoon.

午安.

Thanks for taking my question.

感謝您回答我的問題。

Margin balances have really shown very, very solid growth despite the volatility in the market.

儘管市場波動，但保證金餘額確實顯示出非常非常穩健的成長。

So how should we be thinking about that on a go-forward basis?

那我們今後該如何考慮這個問題呢？

What trends have you seen quarter-to-date?

本季度迄今為止您看到了哪些趨勢？

And maybe taking a step back, -- when you think about how your customer base has changed in recent years, how should we be thinking about margin penetration for you versus history?

也許退一步來說，當您思考近年來您的客戶群是如何變化的時候，我們應該如何看待您的利潤滲透率與歷史相比？

Margin balances have been increasing.

保證金餘額一直在增加。

That's due to the Eskom appetite of our clients, their positions have been more assertive not only by trading stocks on margin, but by putting on aggressive positions in the derivatives.

這是由於我們的客戶對 Eskom 的興趣，他們的頭寸不僅透過保證金交易股票變得更加自信，而且還在衍生品中建立了積極的頭寸。

We feel -- remember, back in August of last year, there was a rather sharp sell-off and we quickly saw our clients reducing their risk positions.

我們認為——記得，去年 8 月出現了相當大幅的拋售，我們很快就看到我們的客戶減少了風險頭寸。

But as the stock market turns and things come down, they quickly came back home.

但隨著股市轉向、情況惡化，他們很快就回到了國內。

So I would expect some amount of correlation with what the stock market is doing.

因此我預期這與股票市場的走勢有一定程度的相關性。

But for now, we seem to be in the scan mode because of the change of the administration, for example.

但就目前而言，由於政府變動等原因，我們似乎處於掃描模式。

So margin balance, all being equal, I think will be maintained at this level or slightly go higher.

因此，我認為在所有其他條件相同的情況下，保證金餘額將維持在這個水平或略有上升。

And when you think about some of the different cohorts of your customer base, advisers are a larger portion.

當你考慮你的客戶群中的不同群體時，顧問佔了很大一部分。

When we think about penetration versus prior cycles and we compare margin balances, maybe decline equity, what impact do you expect that could have on those metrics?

當我們考慮滲透率與先前的週期，並比較保證金餘額，也許會下降股權時，您預計這會對這些指標產生什麼影響？

Well, financial advisers -- some of them, obviously, trade on margin, a majority of them do not.

嗯，財務顧問——其中有些人顯然進行保證金交易，但大多數人並不這樣做。

We have the top traders, I would expect them to continue to trade aggressively.

我們擁有頂尖的交易員，我希望他們能夠繼續積極地交易。

We have all sorts of individual accounts, small ones, large ones, more sophisticated ones, less sophisticated ones.

我們有各種各樣的個人帳戶，有小型的，有大型的，有複雜的，也有不太複雜的。

So obviously, the more sophisticated ones, I would expect to continue to deploy leverage.

因此顯然，我預計更成熟的企業將繼續利用槓桿。

And then you have the hedge funds, which, again, I would expect to continue addressing.

然後你有對沖基金，同樣地，我希望繼續解決這個問題。

Thanks for taking my questions.

感謝您回答我的問題。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Thanks, good evening.

謝謝，晚上好。

So just following up on areas of investment in product development, as you think about 2025, you've talked a bit about the prime brokerage as well as some of the things that were in -- that you've come to market with here in the fourth quarter.

因此，在跟進產品開發投資領域時，當您想到 2025 年時，您已經談到了一些關於主要經紀業務以及您在第四季度推向市場的一些事情。

So curious just about the areas of investment and really on that product development side for the individual that you see or focused on into 2025?

那麼，您是否好奇您所看到或關注的個人在 2025 年的投資領域和產品開發方面的情況？

Well, all the time, we look at all the segments that we -- all the client segments that we service.

嗯，我們始終關注我們服務的所有客戶群。

We carefully listen to the feedback we're receiving from them, what is it that they're looking for.

我們仔細聽取他們的回饋，了解他們正在尋找什麼。

And we continuously pass that feedback and ask ourselves the question, how is it that we can improve our offering.

我們不斷地傳遞這些回饋，並問自己問題，如何才能改善我們的服務。

So that is what really a bulk of the work goes into when we are discussing the client-facing investments.

所以當我們討論面向客戶的投資時，這才是真正重要的工作。

And then there is obviously a lot of work that we're doing on the back end.

顯然我們在後端還做了很多工作。

The number of accounts is increasing fast, the trading activity is going up fast.

帳戶數量快速增加，交易活躍度快速上升。

We have to make sure that our systems can handle the load spiking, which can be very often in spikes.

我們必須確保我們的系統能夠處理經常出現的負載峰值。

You can have a normal day and all of a sudden, you got really busy day when all the computers are on in hot, so to speak.

您可能過著正常的一天，但突然間，您就變得非常忙碌，所有的計算機都處於繁忙狀態，可以這麼說。

We have to pay attention to making sure that our systems are reliable, that we have no outages that we have very significant backups.

我們必須注意確保我們的系統是可靠的，不會中斷，並且我們擁有非常重要的備份。

And then we have to work on systems that our operators is more the client service and our compliance departments, significant number of employees work in those departments.

然後，我們必須在系統上開展工作，我們的運營商更多的是客戶服務和合規部門，大量員工在這些部門工作。

And so that we do not have to hire as many of them as a less automated competing front of world, we have to give them the right tools.

為了避免像自動化程度較低的世界競爭陣線那樣僱用那麼多人，我們必須為他們提供合適的工具。

So that is sort of where the attention is being paid to all these different reactions.

這就是人們對所有這些不同反應給予關注的地方。

Understood.

明白了。

And then as a follow-up on, you've talked at previous periods about M&A and kind of inorganic growth.

然後作為後續，您在之前談到併購和無機成長。

Can you give us an update on your thoughts today?

您今天可以向我們更新您的想法嗎？

And maybe kind of the current market opportunity for inorganic potential combinations?

這也許是無機潛在組合的當前市場機會？

We remain open to M&A so far.

到目前為止，我們仍然對併購持開放態度。

As you know, we have not been really successful.

如你所知，我們並沒有取得真正的成功。

There was 1 significant competitor.

有 1 個重要競爭對手。

We were looking at in the last quarter of last year.

我們正在研究去年最後一個季度的情況。

We did not succeed in completing a transaction, but we remain open to it, we will consider any opportunity that comes our way.

我們未能成功完成交易，但我們對此持開放態度，我們會考慮遇到的任何機會。

Understood.

明白了。

Thank you.

謝謝。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, good evening.

是的，晚上好。

Thanks for taking the question.

感謝您回答這個問題。

So I had one on the just prediction markets and the forecast x platform.

所以我在預測市場和預測 x 平台都有一個。

It seemed like the election brought a lot of people into the prediction market.

這次選舉似乎吸引了許多人進入預測市場。

So I just was hoping you could give us an update on kind of the traction that you're seeing there, your outlook for next year and whether there's any kind of milestones or things we should be looking out for on the product road map there?

所以我只是希望您能向我們介紹一下您在那裡看到的進展、您對明年的展望，以及在產品路線圖上是否有任何里程碑或我們應該關注的事情？

Well, the prediction markets are going slowly.

嗯，預測市場進展緩慢。

We are being very careful not to step on their own foot.

我們非常小心，以免踩到他們的腳。

And we believe that this is going to be a huge market, but we want to do it slowly and carefully and build out our personnel and our systems so that we can do it in a really, really big way.

我們相信這將是一個巨大的市場，但我們希望緩慢而謹慎地進行，並建立我們的人員和系統，以便我們以真正大規模的方式做到這一點。

And that's what we are.

這就是我們。

That's what I'm devoting my time to.

這就是我投入時間去做的事情。

All right.

好的。

Great.

偉大的。

And then maybe just a follow-up on Crypto.

然後可能只是對 Crypto 的後續關注。

There's a lot of excitement around crypto here.

人們對加密貨幣非常感興趣。

It seems like the incoming administration, the change in leadership in the SEC is going to foster a new kind of era more favorable to the crypto trading firms, I guess, if you will.

我想，如果你願意的話，新政府和美國證券交易委員會領導層的變化似乎將會催生一個對加密貨幣交易公司更有利的新時代。

Your offering right now is relatively robust compared to some of the others.

與其他一些產品相比，您現在的產品相對來說比較強勁。

How are you feeling right now about that offering?

您現在對於該捐贈有何感想？

And if there was to be more comprehensive legislation, what areas, if at all, would you look to expand the offering?

如果要製定更全面的立法，您希望在哪些領域擴大立法範圍？

Thanks.

謝謝。

Well, what our immediate plan is to offer a cryptocurrency trading to the customers in the European Union, but that's obviously not affected by the changes in the administration.

嗯，我們目前的計劃是向歐盟客戶提供加密貨幣交易，但這顯然不會受到政府變化的影響。

I'm cautiously optimistic about what's going to happen next.

我對接下來發生的事情持謹慎樂觀的態度。

I think the regulations in this area need to be firmed up.

我認為需要加強這方面的規定。

And the task force was announced today.

今天，工作小組已經宣布成立。

And I think they will work hard to make sure that the rules are clear, and that will obviously improve the area for the investors as well as the companies that service them like ours.

我認為他們會努力確保規則明確，這顯然會為投資者以及為我們這樣的投資者提供服務的公司改善這一環境。

There are obviously things that are somewhat concerning.

顯然有些事情令人擔憂。

There are these mean coins, for example.

例如，有這些卑鄙的硬幣。

There have been 2 of them issued just last few days, I'm not really pleased with that development.

僅在過去幾天就已發布了兩份此類聲明，我對這種發展感到非常不滿。

I think it looks under strange.

我覺得它看起來有點奇怪。

It may give the cryptocurrency industry, somewhat of a bad name, if in fact that continues to happen.

如果這種情況繼續發生，可能會給加密貨幣行業帶來一些壞名聲。

But overall, I'm optimistic about the regulation that is going to be clarified and firmed up.

但整體而言，我對即將明確和完善的規定感到樂觀。

All right, thanks for that.

好的，謝謝你。

That's it for me.

對我來說就是這樣了。

Chris Allen, Citi.

花旗銀行的克里斯艾倫 (Chris Allen)。

Oh, apologies, my, my headphone (inaudible) evening, everyone. maybe I can just follow up on the crypto question.

哦，抱歉，我的耳機（聽不清楚）晚上好，大家好。也許我可以跟進加密問題。

Any color you could provide in terms of your customer base, how like any percent -- rough percentage that are actually trading crypto on your platform currently?

您能否提供客戶群的具體信息，目前在您的平台上實際交易加密貨幣的客戶大致佔多少比例？

And if there was a regulation, where would be the opportunity set to expand in the U.S., maybe from a product offering perspective?

如果有法規，那麼從產品供應的角度來看，在美國擴張的機會在哪裡？

At the moment, they are for clients that are really heavily traded on our platform, if I can call it heavily.

目前，它們是為在我們的平台上交易非常頻繁的客戶服務的，如果我可以稱之為頻繁的話。

It's the Bitcoin, Ethereum and stable coin and Bitcoin Cash.

它是比特幣、以太坊、穩定幣和比特幣現金。

I would expect us to increase the number of tokens we would make available on the platform, which would make our platform more attractive to the run of the mill cryptocurrency traders.

我希望我們能夠增加平台上提供的代幣數量，這將使我們的平台對普通加密貨幣交易者更具吸引力。

They have interest in trading, for example, Solana, which we are currently not able to offer because there wasn't sufficient regulatory clarity as to whether that would be considered a security or not.

他們對交易感興趣，例如 Solana，但我們目前無法提供該服務，因為監管機構還沒有足夠的明確性來確定這是否會被視為證券。

So those kinds of questions will be -- will get clarified.

所以這些問題都會被澄清。

So as a result, I expect us to be able to list more tokens in the future and attract critocurrency traders who really focus on trading cyto currencies.

因此，我希望我們將來能夠列出更多的代幣並吸引真正專注於交易細胞貨幣的標準貨幣交易者。

Another thing that I would expect is for us to be able to increase the percentage of assets we allow a single account to invest in the crypto assets.

我期望的另一件事是，我們能夠增加允許單一帳戶投資加密資產的資產百分比。

At the moment, that number is set to 1%.

目前，該數字設定為1%。

It's a very conservative figure.

這是一個非常保守的數字。

But as the crypto assets become more widely accepted, we would raise that number higher.

但隨著加密資產被越來越廣泛接受，我們會提高這個數字。

And then just as a follow-up, on SEC lending, recognized the headwinds from lower levels of IPO and M&A activity.

然後，作為後續行動，關於美國證券交易委員會 (SEC) 的貸款，我們認識到 IPO 和 M&A 活動水平較低所帶來的阻力。

Just kind of curious, how is your capacity to lend -- for (inaudible) lending compare now versus the end of '23 [in '22]?

只是有點好奇，您現在的放款能力（聽不清楚）與 23 年底 [22 年] 相比如何？

Has it expanded with the account growth I'm just trying to think about what the potential could look like in a better environment, which many you expect as we move through 2025 and it's '26?

它是否隨著帳戶的增長而擴大了？ 我只是想知道在更好的環境下它的潛力會是什麼樣子，當我們進入 2025 年和 2026 年時，你們許多人預計會是這樣？

Yes.

是的。

It absolutely expands with our account growth and simply more participation in the markets by our clients who tend to go long and hold the stocks that are attractive for lending out, primarily on two other broker-dealers and banks.

它絕對會隨著我們帳戶的成長而擴大，並且隨著我們客戶更多地參與市場而擴大，這些客戶傾向於做多並持有那些適合借貸的股票，主要是在另外兩家經紀交易商和銀行。

And yes, we would expect that to continue to rise because our customer base is simply going to hold more of those positions.

是的，我們預計這一數字將繼續上升，因為我們的客戶群將持有更多此類頭寸。

Kyle Voigt, KBW.

凱爾·沃格特（Kyle Voigt），KBW。

Hi, good evening.

嗨，晚上好。

So I know you gave some commentary on pretax margin and investments for 2025.

所以我知道您對 2025 年的稅前利潤和投資發表了一些評論。

But maybe if I could just ask a question specifically on fixed expense growth.

但也許我可以專門問一個關於固定支出成長的問題。

If we exclude some of the onetime items that you had in the third quarter and even the $5 million of 4Q comp that you noted earlier in the call, we're kind of calculating fixed expense growth of roughly 12% for the full year 2024.

如果我們排除您在第三季產生的一些一次性項目，甚至排除您在電話會議早些時候提到的第四季度 500 萬美元的補償，我們計算出 2024 年全年的固定費用增長約為 12%。

So I think that's generally in line with that low double-digit expense growth rate you posted historically.

所以我認為這與您歷史上公佈的低兩位數費用增長率基本一致。

I guess relative to that bogey, is there any way to frame whether core fixed expense growth should accelerate or decelerate versus that low double-digit level as we look out into 2025?

我想，相對於這個恐懼，當我們展望 2025 年時，有沒有什麼方法可以確定核心固定支出成長相對於低兩位數水準是應該加速還是減速？

I would not expect it to accelerate.

我並不期望它會加速。

I think if you are likely to see in next year, what you have just seen.

我想您可能在明年就看到您剛才看到的一切。

That obviously assumes that the inflation doesn't kick in and we will have to pay more for the human resources than before, we will obviously remain competitive.

這顯然假設通貨膨脹不會出現，我們將不得不為人力資源支付比以前更多的費用，但我們顯然仍將保持競爭力。

It is our job to attract the best talent that we can.

我們的職責是吸引最優秀的人才。

We pay attention to the market rates, and we either pay market rates or above.

我們關注市場價格，我們支付的是市場價格或更高的價格。

We attract the best talent, and we will continue to do that.

我們吸引最優秀的人才，我們將繼續這樣做。

Given our focus on automation, we do not have a choice just to do that.

鑑於我們對自動化的關注，我們別無選擇，只能這樣做。

I might just add to that, that advertising is a component of that.

我只想補充一點，廣告是其中的一個組成部分。

And so to the extent that we expect to do more, that will be somewhat of a driver.

因此，如果我們期望做更多的事情，這將在某種程度上成為一種驅動力。

And for my follow-up, and I know this was asked last quarter as well, but the stock continues to perform very strongly even since then.

至於我的後續問題，我知道上個季度也問過這個問題，但從那時起，該股表現仍然非常強勁。

But for Thomas, just curious as to whether you would consider any stock sales to help increase the public float.

但是對於托馬斯來說，我只是好奇您是否會考慮出售股票以幫助增加公眾流通股。

And if so, would that still only be in blocks and not in open market transactions.

如果是這樣，那是否仍然只能以區塊形式進行，而不是在公開市場交易中？

I do not see.

我沒看見。

Thomas

湯瑪斯

(inaudible)

（聽不清楚）

It would be in blocked, and I will do that when the price reaches what I believe is the right price.

它會被阻止，當價格達到我認為合適的價格時，我會這樣做。

Understood.

明白了。

Thank you.

謝謝。

Thank you.

謝謝。

And that does conclude today's question-and-answer session.

今天的問答環節到此結束。

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

我想將電話轉回給南希，請她作最後發言。

Please go ahead.

請繼續。

Thank you, everyone, for participating today.

感謝大家今天的參加。

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.

提醒一下，本次通話將在我們的網站上重播，我們也將於明天在網站上發布乾淨版本的記錄。

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

再次感謝您，我們將在下個季度末與您交談。

Thank you for joining today's conference call.

感謝您參加今天的電話會議。

You may now disconnect.

您現在可以斷開連線。

Have a good evening.

祝你晚上愉快。