Interactive Brokers Group Inc (IBKR) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Interactive Brokers Group second quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加盈透證券集團 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like to turn the call over to Nancy Stuebe. Please go ahead.

我想將電話轉給 Nancy Stuebe。請繼續。

Thank you. Good afternoon, and thank you for joining us for our second quarter 2025 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 at our Q&A.

謝謝。下午好，感謝您參加我們的 2025 年第二季財報電話會議。今天與我們一起出席的有我們的創辦人兼董事長 Thomas Peterffy、我們的總裁兼執行長 Milan Galik 和我們的財務長 Paul Brody。我將介紹米蘭對這項業務的評論，所有這三點都可以在我們的問答環節中獲得。

As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to 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含前瞻性陳述，這些陳述代表了公司對未來事件的信念，這些事件本質上並不確定且超出了公司的控制範圍。我們的實際結果和財務狀況可能與這些前瞻性陳述中所示的存在重大差異。我們請您參閱我們新聞稿中的免責聲明。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。

What we experienced in the second quarter felt like a rollercoaster in reverse. Instead of the market moving upward, getting to a high level and dropping precipitously to a series of volatile ups and downs. We got the precipitous drop first with the S&P reaching a low on April 8, then a spike of volatility followed by the market grinding upwards towards quarter end.

我們在第二季所經歷的一切就像是反向的雲霄飛車之旅。市場不是一路上漲，達到一個高位，然後又急劇下跌，出現一連串劇烈的波動。我們首先經歷了急劇下跌，標準普爾指數在 4 月 8 日跌至低點，隨後波動性飆升，隨後市場在季度末緩慢回升。

The uncertainty and volatility during the quarter led to an accompanying spike in trade volumes. Also over the quarter, we saw the shrinking life of market dips. Investors whether looking for securities with momentum behind them were simply worried about missing out on a rally, bought the dip.

本季的不確定性和波動性導致貿易量隨之激增。在本季度，我們也看到市場下跌的持續時間正在縮短。投資者無論是尋找具有強勁發展勢頭的證券，還是僅僅擔心錯過反彈，都會逢低買入。

In equities, we saw customers actively using our platform tools to find companies to invest in that met their particular parameters. This included an expansion of the Magnificent Seven to include companies that may be beneficiaries of the world embrace of artificial intelligence as AI is incorporated into more environments.

在股票方面，我們看到客戶積極使用我們的平台工具來尋找符合其特定參數的投資公司。這包括擴大「七巨頭」的範圍，納入那些隨著人工智慧被納入更多環境而可能受益於全球人工智慧浪潮的公司。

By quarter end, the market had recovered to surpass its February peak, closing up over 10%. And since quarter end, it has continued upwards from there. Volatility and uncertainty often spark increased market activity. Combined with our strong net new account growth, this led to our client trading volumes expanding for stocks, options and futures.

到季度末，市場已恢復並超過 2 月份的峰值，收盤上漲超過 10%。自本季末以來，這一數字一直持續上升。波動性和不確定性往往會引發市場活動的增加。加上我們強勁的淨新帳戶成長，這導致我們的客戶股票、選擇權和期貨交易量擴大。

Our commission revenue increased by 27% compared to last year. So this figure may slightly understate the actual growth. The SEC fee rate, which is included within our commission revenue, was reduced to zero halfway through the quarter.

我們的佣金收入比去年增加了27%。因此，這個數字可能略微低估了實際成長。包含在我們的佣金收入中的 SEC 費率在本季中期降至零。

Without this fee, we would have generated an additional $15 million in commission revenue, which would have represented a 3% increase on our total of $516 million. We continue to see increasing activity in our overnight trading hours.

如果沒有這筆費用，我們將額外產生 1500 萬美元的佣金收入，這將使我們的總額 5.16 億美元增加 3%。我們持續看到隔夜交易時段的活動不斷增加。

We offer the most comprehensive overnight product set with over 10,000 US stocks and ETFs, plus US equity index futures and options, and on the fixed income side, global corporate bonds, US treasuries and European and UK government bonds.

我們提供最全面的隔夜產品組合，其中包括 10,000 多種美國股票和 ETF，以及美國股票指數期貨和選擇權，在固定收益方面，還包括全球公司債、美國國債以及歐洲和英國政府債券。

Given our global client base for some customers overnight hours here, are their daytime trading hours that they want to operate in and therefore, are particularly sought after. Our overnight volumes grew over 170% from second quarter 2024 to second quarter of 2025.

鑑於我們的全球客戶群，對於某些客戶來說，這裡的隔夜交易時間是他們想要在白天的交易時間內進行營運的，因此特別受到追捧。從 2024 年第二季到 2025 年第二季度，我們的隔夜交易量增加了 170% 以上。

Given our rapid growth, continuous additions and enhancements to our platforms and periodic volume surges, having a platform that is scalable is critical. We enhanced our ATS this quarter by improving its performance and ability to handle large spikes in volume by up to 20 times on high-volume days, ensuring we're better equipped for market surges and capable of delivering top-tier execution for our clients.

鑑於我們的快速成長、平台的不斷增加和增強以及週期性的流量激增，擁有一個可擴展的平台至關重要。本季度，我們增強了 ATS，提高了其性能，並在交易量大的日子裡將處理交易量激增的能力提高了 20 倍，確保我們能夠更好地應對市場激增，並能夠為客戶提供一流的執行服務。

We also made enhancements to our smart order router, which is designed to provide best execution, which includes price improvement and the possibility of receiving rebates. It is this price execution advantage we offer that keeps our sophisticated customer base engaged on our platform and that encourages new clients.

我們還對智慧訂單路由器進行了改進，旨在提供最佳執行，包括價格改善和獲得回扣的可能性。正是我們提供的這種價格執行優勢，讓我們成熟的客戶群能夠繼續使用我們的平台，並吸引新客戶。

We saw strong account growth as we added more investors to our platform. This quarter, we added 250,000 net new accounts, bringing our year-to-date total to over 528,000, more than we added in all of 2023. Our application processing is highly automated and continually becoming even more so, allowing us to handle surges in new accounts efficiently, without adding significantly to our headcount or cost base.

隨著我們平台的投資者不斷增多，我們的帳戶數量也出現了強勁增長。本季度，我們淨增加 25 萬個新帳戶，使年初至今的帳戶總數超過 52.8 萬個，超過了 2023 年全年新增帳戶的數量。我們的申請處理高度自動化，並且還在不斷提高，這使我們能夠有效地處理激增的新帳戶，而無需大幅增加員工人數或成本基礎。

New accounts meant more cash in those accounts, raising our client credit balances 34% to a record $144 billion. Despite strength in trading volumes indicating our customers are using the cash they deposit to participate in the markets. Our client equity rose 34% to $664 billion, up 16% for the quarter versus 11% for the S&P.

新帳戶意味著這些帳戶中的現金更多，使我們的客戶信用餘額增加 34%，達到創紀錄的 1,440 億美元。儘管交易量強勁，但表明我們的客戶正在使用他們存入的現金參與市場。我們的客戶權益成長 34%，達到 6,640 億美元，本季成長 16%，而標準普爾指數成長 11%。

More accounts and higher volumes translated into strong financial results. Quarterly commissions, net interest, total net revenue and pretax income were all records with our pretax income reaching over $1 billion for the third consecutive quarter. Our expenses remained well controlled, and our pretax profit margin was an industry-leading 75%, a record for us.

更多的帳戶和更高的交易量轉化為強勁的財務表現。季度佣金、淨利息、總淨收入和稅前收入均創歷史新高，其中稅前收入連續第三個季度超過 10 億美元。我們的開支得到很好的控制，稅前利潤率達到業界領先的75%，創下了我們的紀錄。

Finally, on the platform side, automating substantial parts of the brokerage business and using all possible tools and the judicious inclusion of artificial intelligence is the heart of what we do. In the second quarter alone, we rolled out thousands of software releases and product configuration changes around the globe. This is a scale of automation and effort that we handle routinely within highly regulated environments around the globe, to give our clients the global access and edge they demand.

最後，在平台方面，經紀業務大量部分的自動化、使用一切可能的工具以及合理地融入人工智慧是我們工作的核心。僅在第二季度，我們就在全球推出了數千個軟體版本和產品配置變更。這是我們在全球高度監管的環境中定期處理的自動化和努力的規模，旨在為我們的客戶提供所需的全球存取權和優勢。

In terms of how the business looked on the client front, we continue to see growing numbers of investors worldwide wanting access to international and particularly US markets. Regarding introducing brokers, our pipeline of potential (technical difficulty) We continue to onboard eye brokers to the platform and add prospective ones to it at a steady pace with steady demand around the world.

就客戶業務而言，我們繼續看到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。關於介紹經紀人，我們的潛在管道（技術難度）我們繼續將眼經紀人納入平台，並以穩定的速度增加潛在的經紀人，以滿足全球穩定的需求。

In terms of new efforts and product introductions, we had a busy quarter. ForecastEx is now live for retail clients across most of Europe as it is for the US, Canada and Hong Kong. We also expanded into forecast contracts on financial markets including indices like the S&P 500 as well as ForEx and crypto. These have seen strong interest.

就新措施和產品推出而言，我們度過了一個繁忙的季度。ForecastEx 現已為歐洲大部分地區、美國、加拿大和香港的零售客戶提供服務。我們也擴展到金融市場的預測合約，包括標準普爾 500 指數以及外匯和加密貨幣。這些都引起了人們濃厚的興趣。

Yesterday, we introduced investment themes, a powerful new discovery tool designed to help investors quickly turn market trends into actionable trading ideas. With investment themes, clients can begin with broad topics like generative AI or nuclear energy and instantly uncover companies tied to those themes, no ticker symbols or prior research needed.

昨天，我們推出了投資主題，這是一個強大的新發現工具，旨在幫助投資者快速將市場趨勢轉化為可行的交易想法。透過投資主題，客戶可以從產生人工智慧或核能等廣泛的主題開始，並立即發現與這些主題相關的公司，無需股票代碼或事先研究。

Alternatively, they can start with a ticker symbol and view detailed company profiles including insights into competitors, related industries and global revenue sources, helping them assess regional risks and growth opportunities. We believe investment themes will streamline our clients investment process helping them uncover opportunities and make informed decisions faster than ever before.

或者，他們可以從股票代碼開始，查看詳細的公司簡介，包括對競爭對手、相關行業和全球收入來源的洞察，幫助他們評估區域風險和成長機會。我們相信投資主題將簡化客戶的投資流程，幫助他們比以往更快發現機會並做出明智的決策。

With respect to our stock, we completed our four-for-one stock split on June 17, and increased the dividend as announced in the previous quarter. As for capital allocation, while we have not stopped looking at potential acquisitions, we realize there are a few opportunities at a price that makes sense for us.

就我們的股票而言，我們在 6 月 17 日完成了四拆一的股票分割，並按照上一季宣布的方式增加了股息。至於資本配置，雖然我們並沒有停止尋找潛在的收購，但我們意識到有一些價格對我們來說合理的收購機會。

We will keep looking. But as we have been noting, returning capital to shareholders via increases in the dividend makes sense for now. We will be adding our 4 millionth customer in the third quarter, just one year after adding our 3 million.

我們會繼續尋找。但正如我們一直指出的那樣，透過增加股息向股東返還資本目前是合理的。我們將在第三季增加第 400 萬名客戶，而就在一年前，我們又增加了 300 萬名客戶。

While the market may move in any direction in the short run, we are looking to capture the long-term trend towards more global investing across multiple customer types and jurisdictions giving investors the ability to invest in the companies they like, paying in the currencies they have around the clock. This trend and our ability to serve it with a much lower cost structure and a much broader product and tool set is what sets us apart and will continue to do so in the years ahead.

雖然市場在短期內可能朝任何方向發展，但我們希望抓住長期趨勢，即跨多種客戶類型和司法管轄區進行更全球化的投資，讓投資者能夠投資於他們喜歡的公司，並以他們擁有的貨幣全天候支付。這一趨勢以及我們以更低的成本結構和更廣泛的產品和工具集滿足這一趨勢的能力使我們脫穎而出，並將在未來幾年繼續保持這種優勢。

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

說完這些，我將把電話轉給保羅·布羅迪。保羅？

Thank you, Nancy. Thanks, everyone, for joining the call. we'll review the second quarter results, and then, of course, we'll open it up for questions. Starting with our revenue items on page 3 of the release. We are again pleased with our financial results this quarter as we again produced record net revenues and pretax income.

謝謝你，南希。感謝大家參加電話會議。我們將審查第二季度的業績，然後當然，我們將開放提問。從發布版本第 3 頁的收入項目開始。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。

Commissions rose to a record $516 million, 27% above last year's second quarter. We continue to see higher trading volumes from our growing base of active customers with options in futures both setting new quarterly volume records.

佣金增至創紀錄的 5.16 億美元，比去年第二季成長 27%。我們不斷成長的活躍客戶群持續保持較高的交易量，其中期貨選擇權的交易量均創下了新的季度交易量記錄。

Net interest income also reached a quarterly record of $860 million despite lower benchmark rates in some of the major currencies and a risk off posture adopted by investors responding to tariff-driven market uncertainty at the beginning of the quarter. We recognized a onetime credit of $26 million related to recovery of taxes withheld at source, which is reflected in segregated cash interest.

儘管部分主要貨幣的基準利率下降，且投資者在本季初為應對關稅驅動的市場不確定性而採取避險姿態，但淨利息收入仍創下 8.6 億美元的季度新高。我們確認了一筆 2,600 萬美元的一次性抵免，與追回源泉扣繳稅款有關，這筆款項反映在獨立現金利息中。

Without this, our net interest income still reached a record $834 million. Higher segregated cash balances and strong securities lending contributed to these results. Net interest income also received a benefit from lower interest expense on customer cash balances as rates have declined worldwide over the past year.

即使不計這筆費用，我們的淨利息收入仍然達到了創紀錄的8.34億美元。更高的獨立現金餘額和強勁的證券借貸促成了這些結果。由於過去一年全球利率下降，客戶現金餘額的利息支出降低也使淨利息收入受益。

Other fees and services generated $62 million, down 9% from the prior year, driven by more cautious risk taking by clients, leading to lower risk exposure fees, partially offset by positive contributions from higher market data and FDIC sweep fees.

其他費用和服務產生了 6,200 萬美元，比上年下降 9%，這是由於客戶更加謹慎地承擔風險，導致風險敞口費用降低，但部分被更高的市場數據和 FDIC 清掃費用帶來的積極貢獻所抵消。

Other income includes gains and losses on our investments our currency diversification strategy and principal transactions. Note that many of these noncore items are excluded in our adjusted earnings. Our other income was a $42 million gain, both as reported and as adjusted.

其他收入包括我們的投資、貨幣多元化策略和本金交易的收益和損失。請注意，許多非核心項目均未計入我們的調整後收益中。我們的其他收入為 4200 萬美元，包括報告收入和調整收入。

Turning to expenses, execution, clearing and distribution costs, were $116 million in the quarter, up just 1% over the year ago quarter despite significantly higher volumes in options and futures, which carry higher fees.

談到費用，本季的執行、清算和分銷成本為 1.16 億美元，僅比去年同期增加 1%，儘管選擇權和期貨的交易量大幅增加，且費用較高。

Midway through the quarter, the SEC fee rate was cut from $27.80 per million to zero. Had it been in effect the entire quarter commission revenue and execution and clearing expense, but both have been an estimated $15 million higher.

本季中期，美國證券交易委員會的費率從每百萬美元 27.80 美元降至零。如果整個季度的佣金收入和執行及清算費用都有效，但兩者都預計高出 1500 萬美元。

The SEC fee is a pass-through to customers, so it does not impact our profitability. As a percent of commission revenues, execution and clearing costs were 18% in the second quarter for a gross transactional profit margin of 82%.

SEC 費用轉嫁給客戶，因此不會影響我們的獲利能力。作為佣金收入的百分比，第二季的執行和清算成本為 18%，總交易利潤率為 82%。

We calculate this by excluding from execution, clearing and distribution of non-transaction based costs, predominantly market data fees, which do not have a direct commission revenue component. Compensation and benefits expense was $163 million for the quarter for a ratio of compensation expense to adjusted net revenues of 11%, unchanged from last year's quarter.

我們透過從執行、清算和分配非交易成本（主要是市場數據費用，不包含直接佣金收入成分）中排除來計算這一數字。本季薪資與福利支出為 1.63 億美元，薪資支出佔調整後淨收入的比率為 11%，與去年同期相比沒有變化。

IBKR stock incentive plan bonuses, vest in the second quarter, which leads to higher taxes paid for FICA and other social insurance than in other quarters. The total of these extra taxes was $5 million over the year ago quarter. As always, we remain focused on expense discipline as reflected in our moderate staff increase of 5% over the prior year and our headcount at June 30 was [3,087].

IBKR股票激勵計畫獎金在第二季歸屬，這導致支付的FICA和其他社會保險稅高於其他季度。與去年同期相比，這些額外稅款總額達到 500 萬美元。像往常一樣，我們仍然注重費用控制，這反映在我們的員工人數比上一年適度增加 5%，截至 6 月 30 日的員工人數為[3,087]

G&A expenses were $61 million, up from the year ago quarter, mainly on higher advertising expenses. Our pretax margin was 75% for the quarter, both as reported and as adjusted. Income taxes of $98 million reflects the sum of the public company's $50 million and the operating company is $48 million. The public company's effective tax rate was 18.1% within its usual range.

一般及行政開支為 6,100 萬美元，較去年同期增加，主要由於廣告開支增加。本季我們的稅前利潤率為 75%，包括報告利潤和調整後的利潤。9800 萬美元的所得稅反映了上市公司的 5000 萬美元和運營公司的 4800 萬美元的總和。該上市公司的有效稅率為18.1%，在正常範圍內。

Moving to our balance sheet on page 5 of the release. Our total assets ended the quarter 33% higher than in the prior year quarter end at $181 billion with growth driven by higher segregated cash balances and higher margin lending.

前往新聞稿第 5 頁的資產負債表。本季末，我們的總資產比去年同期成長 33%，達到 1,810 億美元，成長主要得益於更高的獨立現金餘額和更高的保證金貸款。

New account growth helped drive our record customer credit balances. We continue to believe that our strong financial standing and competitive interest rates provide customers with an attractive place to hold their idle cash. We have no long-term debt.

新帳戶的成長幫助我們創下了客戶信用餘額的新高。我們始終相信，我們強大的財務狀況和有競爭力的利率可以為客戶提供一個存放閒置現金的有吸引力的地方。我們沒有長期債務。

Profit growth drove our firm equity up 22% to $18.5 billion. We maintain a balance sheet geared towards supporting growth in our existing businesses and helping us win new business by demonstrating our strength to prospective clients and partners while also considering overall capital allocation. The consistent strength of our business and our healthy balance sheet supported our raising the dividend in the second quarter from $1 per year to $1.28 or $0.32 on a split adjusted basis.

獲利成長推動我們公司股本上漲 22%，達到 185 億美元。我們保持資產負債表，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，同時考慮整體資本配置。我們業務的持續強勁和健康的資產負債表支持我們在第二季度將股息從每年 1 美元提高到 1.28 美元或按拆分調整後為 0.32 美元。

In our operating data on pages 6 and 7, our customer trading volumes tracked industry growth over the prior year quarter in our three major product classes. Options and futures contract volumes rose 24% and 18%, respectively, and stock share volumes rose 31%.

在第 6 頁和第 7 頁的營運數據中，我們的客戶交易量追蹤了我們三大產品類別中去年同期的產業成長。選擇權和期貨合約交易量分別成長24％和18％，股票交易量增加31％。

On page 7, you can see that total customer DARTs were 3.6 million trades per day, up 49% from the prior year and strong in all product classes. Commission per cleared commissionable order of $2.65 was down from last year, primarily due to the elimination of the SEC fee mid-quarter and the performance of our smart order router, leading to the capture of higher exchange rebates, which as pass-throughs, served to lower both our commission revenues and our execution and clearing costs.

在第 7 頁，您可以看到客戶 DART 總數為每天 360 萬筆交易，比上年增長 49%，並且所有產品類別都表現強勁。每筆已清算可佣金訂單的佣金為 2.65 美元，較去年有所下降，主要原因是本季度中期取消了 SEC 費用，以及我們的智能訂單路由器的性能提升，從而獲得了更高的交易所回扣，這些回扣作為轉嫁，有助於降低我們的佣金收入以及執行和清算成本。

Page 8 shows our net interest margin or NIM numbers. Total GAAP net interest income was $860 million for the quarter, up 9% on the year ago quarter. And excluding the $26 million recovery of taxes withheld at source it was $834 million, this quarter's NIM is also adjusted by removing this onetime credit of $26 million from segregated cash interest.

第 8 頁顯示了我們的淨利差或 NIM 數字。本季 GAAP 淨利息總收入為 8.6 億美元，比去年同期成長 9%。並且不包括 2600 萬美元的源泉扣繳稅款追回款，其金額為 8.34 億美元，本季度的 NIM 也進行了調整，從獨立現金利息中扣除了這 2600 萬美元的一次性抵免。

The adjusted NIM net interest income was $861 million. We also include for NIM purposes, certain income that is more appropriately considered interest, but that for GAAP purposes is classified as other fees and services or as other income.

調整後的NIM淨利息收入為8.61億美元。出於 NIM 目的，我們還包括某些更適合視為利息的收入，但出於 GAAP 目的，這些收入被歸類為其他費用和服務或其他收入。

Our net interest income reflects strength in segregated cash interest and securities lending as well as a decrease in interest expense, driven by lower benchmark interest rates on customer cash balances. A few central banks the UK, Australia and Europe, reduced rates again this quarter, while others, including the US, Canada, Hong Kong and Switzerland held steady.

我們的淨利息收入反映了獨立現金利息和證券借貸的強勁成長，以及利息支出的減少，這得益於客戶現金餘額基準利率的降低。英國、澳洲和歐洲等一些國家的央行本季再次降息，而美國、加拿大、香港和瑞士等其他國家的央行則保持利率穩定。

Year on year, the average US Fed funds rate fell 100 basis points or 19%. Despite this decline, our segregated cash interest income was up 2% on higher balances, while margin loan interest decreased 6% on lower rates but was bolstered by higher lending balances.

與去年同期相比，美國聯邦基金利率平均下降100個基點，降幅達19%。儘管出現這種下降，但我們的獨立現金利息收入因餘額增加而增加了 2%，而保證金貸款利息因利率降低而下降了 6%，但受到貸款餘額增加的提振。

The average duration of our investment portfolio remained at less than 30 days. The US dollar yield curve remains inverted from the short to medium term, so we continue to maximize what we earn by focusing on short-term yields rather than accept the lower yields and higher duration risk of longer maturities, particularly in an unpredictable economic environment. This strategy also allows us to maintain a relatively tight maturity match between our assets and liabilities.

我們的投資組合平均期限維持在30天以內。美元殖利率曲線在短期到中期仍然處於倒掛狀態，因此我們繼續透過專注於短期收益率來實現收益最大化，而不是接受較長期限的較低收益率和較長期限的較高久期風險，尤其是在不可預測的經濟環境下。這項策略也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 was stronger this quarter after a long period in the industry with a few of the hard to borrow names that typically drive revenue, there was an uptick in hard to borrows that we were able to capitalize on.

證券借貸淨利息在本季度表現強勁，此前該行業經歷了一段較長的時間，一些難以藉貸的公司通常會推動收入增長，而我們能夠利用的難以藉貸的數量有所增加。

What we have mentioned in the past still holds true. Some of the typical drivers of securities lending, including IPOs and merger and acquisition activity are somewhat more active than in 2024, but without a substantial impact on the securities lending market.

我們過去提到的內容仍然適用。一些典型的證券借貸驅動因素，包括IPO和併購活動，比2024年更活躍，但不會對證券借貸市場產生實質影響。

Nevertheless, we have been consistently successful in raising the total notional dollar value of securities we lent. As benchmark interest rates rose from the near zero -- from near zero in 2022, more of what we earned from securities lending became classified as interest on surrogated cash.

儘管如此，我們一直成功地提高所借出證券的名目美元總價值。隨著基準利率從 2022 年的接近零水準上升，我們從證券借貸中獲得的更多收益被歸類為替代現金的利息。

We estimate that at the additional interest earned and paid on cash collateral were included under securities borrowed and loan and securities lending net revenue would have been $251 million this quarter, versus $194 million in the prior year quarter, a 29% increase.

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及證券借貸淨收入，本季將達到 2.51 億美元，而去年同期為 1.94 億美元，增長 29%。

Interest on customer credit balances, the interest we pay to our customers on the cash and their accounts, declined on lower benchmark rates, even though we built up higher cash -- client cash balances from new account growth and from risk-reducing sales resulting in cash balances.

儘管我們透過新帳戶成長和降低風險的銷售累積了更高的現金（客戶現金餘額），從而產生了現金餘額，但客戶信用餘額的利息（即我們向客戶支付的現金及其帳戶的利息）仍因基準利率降低而下降。

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. Fully rate sensitive customer balances ended the current quarter at $22.8 billion versus $18.6 billion in the year ago quarter.

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。本季末，完全利率敏感型客戶餘額為 228 億美元，而去年同期為 186 億美元。

Now for our estimates of the impact of changes in rates, given market expectations of rate cuts sometime in 2025, we estimate the effect of a 25 basis point decrease in the benchmark Fed funds rate to be a $73 million reduction in annual net interest income.

現在，對於利率變化的影響的估計，鑑於市場預期 2025 年某個時候會降息，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 7,300 萬美元。

Note that our starting point for this estimate is June 30, with the Fed funds effective rate at 4.33% and balances as of that date. Any growth in our balance sheet and interest-earning assets would reduce this impact. About 27% of our customer cash balances is not in US dollars.

請注意，我們進行此估算的起點是 6 月 30 日，當時聯邦基金有效利率為 4.33%，餘額為截至該日期的數值。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。我們客戶的現金餘額中約有 27% 不是美元。

So estimates of the US rate change exclude those currencies. We estimate the effect of decreases in all the relevant non-US benchmark rates would reduce annual net interest income by $8 million for a 25 basis point decrease in those benchmarks. At a high level, a full 1% decrease in all benchmark rates would decrease our annual net interest income by $335 million. This takes into account rate sensitive customer balances and firm equity.

因此，對美國利率變化的估計不包括這些貨幣。我們估計，所有相關非美國基準利率的下降將導致年度淨利息收入減少 800 萬美元，而這些基準利率每下降 25 個基點。從高層次來看，所有基準利率下降 1% 將導致我們的年度淨利息收入減少 3.35 億美元。這考慮了對利率敏感的客戶餘額和公司權益。

In the second quarter of 2024, we estimated that a 1% decrease in all benchmark rates would decrease our annual net interest income by $307 million. In the past year, the US Fed funds benchmark did, in fact, fall 1% and other countries' rates for the most part fell about the same. However, this quarter's net interest income represented an annualized increase of $225 million, driven by higher balances.

2024 年第二季度，我們估計所有基準利率下降 1% 將導致我們的年度淨利息收入減少 3.07 億美元。過去一年，美國聯邦基金基準利率確實下降了1%，其他國家的利率也大多出現了大致相同的下降。不過，受餘額增加的推動，本季淨利息收入年化成長 2.25 億美元。

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.

總而言之，我們又一個季度的淨收入和稅前利潤表現強勁，這反映了我們繼續擴大客戶群並在擴大業務規模的同時向客戶實現核心價值主張的能力。我們的業務策略持續有效，盡可能實現經紀業務的自動化，不斷改進和擴大我們提供的服務，同時盡量減少我們的收費。

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

現在，我們將開放式熱線回答您的問題。

(Operator Instructions)

（操作員指示）

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hey, good evening everyone. Hope you're all doing well. So I wanted to follow up with a comment that Thomas made at a conference in May. Actually, I think it was promised. The commentary was regarding decelerating account growth.

嘿，大家晚上好。希望你們一切都好。因此我想跟進托馬斯在五月的一次會議上發表的評論。事實上，我認為這是承諾過的。該評論是關於帳戶增長放緩的。

However, account growth in the quarter was still really strong, 32% clipped in line with last quarter. So I was just -- I was hoping you could help clarify those comments you made. And should we expect somewhat slower growth in the summer months into 4Q as we've seen in previous years?

不過，本季的帳戶成長仍然非常強勁，與上一季持平，為 32%。所以我只是——我希望你能幫助澄清你所發表的那些評論。我們是否應該預期第四季度夏季的成長會有所放緩，就像前幾年一樣？

So I would like -- I always like to overdeliver. That's why I projected lower account growth than I really believed would take place. And I continue to do that for the future.

所以我希望——我總是喜歡超額完成任務。這就是為什麼我預測的帳戶成長會低於我真正認為的水平。而我未來還會繼續這樣做。

Great. Well, Thomas, we like it when you overdeliver, too. Just for my follow-up, so the Genius Act, I think, just passed in the house several minutes ago, says that's pretty much done. The Clarity Act is making its way through Congress. So two digital asset initiatives.

偉大的。好吧，湯瑪斯，我們也喜歡你超額完成任務。只是為了我的後續問題，所以我認為《天才法案》幾分鐘前剛剛在眾議院通過，表明這基本上已經完成了。《清晰度法案》正在國會審議。因此有兩個數位資產計劃。

Thomas, I'm wondering, will broader demand for digital assets. Could this cause you to rethink your current digital asset model, which relies on Paxos partnership but also doesn't allow your clients to use noncustodial wallets with their IBKR accounts. I know -- I think you felt pretty strong in the past about holding crypto on the balance sheet, which is [one issue].

湯瑪斯，我想知道，對數位資產的需求是否會更加廣泛。這是否會讓您重新考慮當前的數位資產模型，該模型依賴 Paxos 合作夥伴關係，但也不允許您的客戶在其 IBKR 帳戶中使用非託管錢包。我知道——我認為你過去對在資產負債表上持有加密貨幣持有強烈的看法，這是[一個問題]。

So I will take this one. This is Milan. Thanks for the question. You might have seen in the news that Interactive Brokers has an investment in a cryptocurrency exchange called Zero Hash. The news was published this week or a week ago that there is a continued capital raise down by Zero Hash, and we obviously, we participated in it in order to keep our percentage ownership steady.

所以我會選擇這個。這就是米蘭。謝謝你的提問。您可能在新聞中看到，盈透證券投資了一家名為 Zero Hash 的加密貨幣交易所。本週或一週前發布的消息稱，Zero Hash 將繼續增資，顯然，我們參與其中是為了保持我們的持股比例穩定。

We have a good partnership with Zero Hash. We work together on a number of items that we're going to be delivering in the next quarters. We have already added several cryptocurrencies in the past quarter, and there are numerous initiatives that we are working on. We are going to be making it possible for the clients to fund their accounts with stable coins. We are working on the asset transfer capability in the crypto space.

我們與 Zero Hash 有著良好的合作關係。我們將就一些將在下個季度交付的項目進行合作。我們在上個季度已經添加了幾種加密貨幣，我們正在進行許多計劃。我們將使客戶能夠使用穩定的貨幣為他們的帳戶提供資金。我們正在致力於加密領域的資產轉移能力。

So we will be able to take in crypto asset transfers. And then later during the year, we will be adding staking. Obviously, at the same time, we're working on expanding our ability to offer cryptocurrency trade and geographically. At the moment, we are focusing on Europe, and we are hopeful that we will be able to add the capability to our European customers in the coming quarters.

因此我們將能夠接受加密資產轉移。今年晚些時候，我們將增加質押。顯然，與此同時，我們正在努力擴大我們提供加密貨幣交易的能力和地理範圍。目前，我們的重點是歐洲，我們希望能夠在未來幾季為我們的歐洲客戶提供此功能。

Great. That sounds exciting. Good to hear Milan, and guys, thanks for taking my questions.

偉大的。聽起來很令人興奮。很高興聽到米蘭的消息，夥伴們，謝謝你們回答我的問題。

James Yaro, Goldman Sachs.

高盛的詹姆斯·亞羅。

Thanks a lot for taking the questions. I just wanted to start with any perspectives that you might have on the tokenized equity products that we're seeing across a variety of broker and crypto firms European customers on US stocks, maybe you could just talk about the advantages and disadvantages of this product in your view, I guess, is it something that you would consider offering and not sure exactly why, but if so, that would be helpful. And then, I guess, your perspective on whether this product represents any sort of additional competition in Europe relative to your business?

非常感謝您回答這些問題。我只是想從您對我們在各種經紀商和加密貨幣公司看到的美國股票的歐洲客戶的代幣化股票產品的任何看法開始，也許您可以談談您認為這種產品的優點和缺點，我想，這是您會考慮提供的產品，不確定具體原因，但如果是這樣，那將會有所幫助。然後，我想，您認為該產品是否代表著相對於您的業務在歐洲的任何額外競爭？

So I will focus on two different stock tokens that are currently available. One was made available to the European clients of Robinhood, I think they may be available at the beginning of July. And I think it's probably best if I contrast our offering to the offering that it has launched. So what they put online in the form of tokens on US stocks it's a fundamentally worse product than what our European clients had access to for years.

因此，我將重點放在目前可用的兩種不同的股票代幣。其中一個已向 Robinhood 的歐洲客戶提供，我認為他們可能會在 7 月初推出。我認為最好將我們提供的產品與它已經推出的產品進行比較。因此，他們以美國股票代幣的形式在網路上發布的產品，從根本上來說，比我們的歐洲客戶多年來所能接觸到的產品更糟糕。

Our clients have access to more than 10,000 real US shares 24 hours a day, 5 days a week. In contrast, the stock tokens that Robinhood made available to the European clients are a derivative on 200 or so symbols, which means that the client does not have ownership interest in the stock. Instead, he or she has an OTC contract against Robinhood Europe. The customer cannot transfer the position to another broker if you wanted to.

我們的客戶可以每週 5 天、每天 24 小時存取超過 10,000 隻真實的美國股票。相比之下，Robinhood 向歐洲客戶提供的股票代幣是 200 個左右符號的衍生品，這意味著客戶對股票沒有所有權。相反，他或她與 Robinhood Europe 簽訂了場外交易合約。如果客戶願意，他不能將頭寸轉讓給另一個經紀人。

You would have to sell the position and chance for the cash. As to the cost, if you look at Robinhood's own key investor information document, which is a document every broker has to offer to their clients about every financial instrument they make available for trading, a hypothetical $10,000 investment cost declined $10 while our clients pay the fraction of that, $1 or so. So that's the Robinhood offering.

您必須出售該職位並獲取現金。至於成本，如果你看一下 Robinhood 自己的關鍵投資者資訊文件（這是每個經紀人必須向其客戶提供的有關他們提供交易的每種金融工具的文件），假設 10,000 美元的投資成本下降了 10 美元，而我們的客戶只支付其中的一小部分，即 1 美元左右。這就是 Robinhood 提供的服務。

There is also Kraken X shares that are available. Kraken, as you know, is a significant cryptocurrency exchange. They made or so tokens available, which are similarly secured notes backed by the underlying in a Jersey entity that they have. The creation and redemption fees for these shares are 0.5% each, and there is a management fee of 0.25% per year.

還有 Kraken X 股票可供使用。眾所周知，Kraken 是一個重要的加密貨幣交易所。他們製作了一些代幣，這些代幣類似於由他們擁有的澤西島實體支持的擔保票據。這些股票的創建和贖回費用分別為 0.5%，並且每年還有 0.25% 的管理費。

Now unlike in case of Robinhood, Kraken lets you withdraw the tokens to your own sales custody wallet and then trade the token of the DeFi network. But that obviously will lead to some problems. There was an article a couple of days ago on Wall Street Journal, which talked about the very significant price differences between the tokens and the underlying shares.

現在與 Robinhood 的情況不同，Kraken 允許您將代幣提取到您自己的銷售託管錢包中，然後交易 DeFi 網路的代幣。但這顯然會導致一些問題。幾天前《華爾街日報》上有一篇文章，談到了代幣和基礎股票之間的非常顯著的價格差異。

And on a consume base, I think specifically on July 5, Amazon was reported to show the price that was 4 times as large as the stock price from the previous closing price. And the same as similarly an Amazon X, which is the token issued by Kraken, suffered even while the dislocation on Jupiter.

從消費角度來看，我認為具體到 7 月 5 日，據報導亞馬遜的股價是前一收盤價的 4 倍。同樣，Kraken 發行的代幣 Amazon X 在木星發生錯置時也遭受了同樣的損失。

There was lack of liquidity available for the client who submitted an order for $500. And briefly, the Amazons token was trading at price 100 times larger than the closing price on the previous day. So all in all, stock tokens at this time seem like a great opportunity to do much worse than buying an ordinary share.

對於提交 500 美元訂單的客戶來說，可用的流動性不足。簡而言之，亞馬遜代幣的交易價格比前一天的收盤價高出 100 倍。總而言之，此時的股票代幣似乎是一個比購買普通股更糟糕的好機會。

Okay. Thank you, Milan. That's really helpful color. Could you just talk a little bit about the execution cost differences that you're seeing on your platform in overnight market versus during markets? I know that's a tough one because I'm generalizing across a variety of products. So maybe you can just talk about stocks today. And then maybe you could just talk about your expectations for how execution costs outside of market hours could evolve over time?

好的。謝謝你，米蘭。這顏色確實很有幫助。您能否簡單談談您在隔夜市場和期間市場中看到的平台執行成本差異？我知道這很難，因為我要對各種產品進行概括。所以今天你也許可以只談股票。然後，也許您可以談談您對市場營業時間以外的執行成本如何隨時間變化的預期？

There's obviously a difference between the stocks and options and futures on the other hand, on the -- between the overnight hours and regular trading hours. So if you look at the exchange traded products like options and futures, the execution costs are the same, whether you trade them overnight or during the day.

另一方面，股票、選擇權和期貨在隔夜交易時間和正常交易時間之間顯然存在差異。因此，如果您查看選擇權和期貨等交易所交易產品，則執行成本是相同的，無論您是隔夜交易還是白天交易。

The execution costs for stocks are very different because the stocks are currently not offered outside of extended trading hours. So every platform that offers them and Interactive Brokers is has a substantial offering in this space has a different price than what one would pay to an exchange. Interactive Brokers has its own ATS, Eos ATS, where overnight stocks are trading.

股票的執行成本差異很大，因為目前股票不在延長交易時間之外提供。因此，每個提供這些服務的平台，以及在這個領域提供大量服務的盈透證券，其價格都與支付給交易所的價格不同。Interactive Brokers 有自己的 ATS，即 Eos ATS，可進行隔夜股票交易。

And it is also connected to a blue ocean that is another significant ATS in the space. So the combination with these two venues allows us to offer thousands and thousands of stocks and ETFs during the overnight trading with a lot of liquidity at a very low cost.

它也與藍海相連，這是該領域另一個重要的 ATS。因此，透過與這兩個場所的結合，我們可以在隔夜交易中以極低的成本提供大量流動性的成千上萬的股票和 ETF。

Okay. Thanks a lot.

好的。多謝。

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. Maybe first, just a high-level question. You've talked a lot about the pickup in international growth quite a bit over the last many years. I'm just curious in terms of overnight trading specifically, it sounds like that is growing much faster than international growth more broadly. Curious, is that sort of a behavior change? Is it sort of more -- stock options being made available?

大家好，晚上好，感謝您回答這個問題。也許首先，只是一個高層次的問題。您多次談到過去幾年國際經濟成長的回升。我只是對隔夜交易特別好奇，聽起來它的成長速度比更廣泛的國際成長速度快得多。好奇，這是一種行為改變嗎？這是否意味著有更多的股票選擇權可用？

It sounds like your offering has been pretty consistent for some time, but just curious if you could unpack what you're seeing there? I know -- I think Thomas mentioned also at a conference earlier that you have an expectation that that's going to be quite meaningful as a percentage of total volumes over the next 10 to 20 years. So for your commentary on sort of the recent drivers of that outsized growth?

聽起來您的產品在一段時間內一直相當穩定，但我好奇您能否解釋一下您在那裡看到的內容？我知道——我認為托馬斯之前在一次會議上也提到過，你預計在未來 10 到 20 年內，這一數字佔總量的比例將相當大。那麼，您對近期推動這種超額成長的因素有何評論？

Well, for us, especially the overnight US stock offering is important because we have significant clientele in Europe and Asia, and our overnight hours correspond to their day during the day hours. So by us offering the US stock trading overnight, we are satisfying the appetite of the overseas clients in these geographies so that they can trade and access US markets during the day.

嗯，對我們來說，隔夜美國股票發行尤其重要，因為我們在歐洲和亞洲擁有大量客戶，我們的隔夜交易時間與他們白天的交易時間相對應。因此，透過提供隔夜美國股票交易服務，我們滿足了這些地區的海外客戶的需求，以便他們可以在白天進行交易並進入美國市場。

Given that we have significant clients of overseas, that part of an offering for us is very important and more and more of our introducing brokers are realizing that and are turning on this offering for their clients. As far as the importance of the overnight trading in the long run in general, I think we will see the same progression as we have seen over the past decade or so.

鑑於我們擁有大量海外客戶，這部分服務對我們來說非常重要，越來越多的介紹經紀人意識到了這一點，並開始為他們的客戶提供此服務。就隔夜交易的長期重要性而言，我認為我們將看到與過去十年左右相同的進展。

You -- I'm sure you remember that the regular trading hours for NYSE stocks or even Nasdaq stocks, those markets opened at 9:30 and close at 4:00 PM and then the so-called extended hours have been added. Those markets now open at 4:00 AM and close at 8:00 PM and the amount of volume we see during those trading sessions is growing as well as the volume we show in the overnight session.

您——我相信您還記得紐約證券交易所股票甚至納斯達克股票的常規交易時間，這些市場於上午 9:30 開市，下午 4:00 收市，然後增加了所謂的延長交易時間。這些市場現在在凌晨 4:00 開市，晚上 8:00 收市，我們在這些交易時段看到的交易量正在增長，我們在隔夜交易時段看到的交易量也在增長。

So over time, the differences between the trading hours will not disappear, but we will diminish for sure. There will still be some special time periods like on open trading at 9:30 and on close trading at 4:00 PM because a lot of ETFs and mutual funds marked the NAV using those prices, but we will see more and more overnight trading in the future.

因此隨著時間的推移，交易時間之間的差異不會消失，但肯定會減少。仍然會有一些特殊時間段，例如 9:30 開盤和下午 4:00 收盤，因為許多 ETF 和共同基金使用這些價格標記資產淨值，但未來我們將看到越來越多的隔夜交易。

Very helpful. Maybe one more sort of in the weeds question perhaps for Paul. Just in terms of your interest rate sensitivity, it looks like this quarter versus last quarter, maybe a slightly higher percentage of cash is not in US dollars, but the sensitivity to a 25 basis point change in rates seems like it's is a much lower dollar number. Just curious is it like a lower absolute starting level of rates? Or what's the driver of that sort of lower sensitivity? Thank you.

非常有幫助。對保羅來說，這也許又是一個難以回答的問題。就利率敏感度而言，與上一季相比，本季的現金中可能非美元部分所佔比例略高，但對 25 個基點利率變化的敏感度似乎是一個低得多的美元數字。只是好奇這是否像是較低的絕對起始利率水準？或是導致這種敏感度降低的原因是什麼？謝謝。

Right. And that's a good question, Ben. So primarily, there are some, once again, low rate, low interest rate currencies. There are several of them out there, that are either nearing or just breach the zero line back into negative territory.

正確的。這是個好問題，本。因此，首先，有一些低利率、低利率的貨幣。其中有幾隻要么接近零線，要么剛剛突破零線，回到負值區域。

So that leads to nonlinearity of the up and down scenarios because when you cross over the zero point our -- we're either passing through or we're not passing through the full spread gets compressed and then it returns. So yes, the -- that overall number was somewhat lower than in the past because those rates are going down.

因此，這會導致上升和下降情景的非線性，因為當你越過零點時 - 我們要么正在通過，要么沒有通過，整個價差會被壓縮，然後它會返回。所以是的，總體數字比過去略低，因為這些比率正在下降。

Okay. Very helpful. Thank you so much.

好的。非常有幫助。太感謝了。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Great. Thank you. I was hoping to expand upon your comments around sec lending, clearly improved this quarter. You talked about an increase in some hard to borrow securities, Curious about how diverse that was. And as we think about an environment where IPOs are picking up? Is it reasonable to assume that, that should be on an upward trajectory, given the kind of current trends?

偉大的。謝謝。我希望進一步闡述您對證券貸款的評論，本季度證券貸款的情況明顯改善。您談到了一些難以藉款的證券的增加，我很好奇這有多麼多樣化。那麼，我們是否考慮過 IPO 正在興起的環境？考慮到目前的趨勢，是否可以合理地假設這應該呈現上升趨勢？

Well, if -- so in terms of how diverse it was, not especially, there are several high flyers in there. But -- so our results are coming from two places, right? We -- generally, with more accounts and more equity and more participation we see a rise in our general level of both customers who are shorting stocks and they're recovering or customers with margin stocks that we're able to lend out or fully paid stocks in our fully paid program to lend out and share the benefits with the customer.

好吧，如果——那麼就其多樣性而言，並不是特別的，其中有幾個高飛者。但是——所以我們的結果來自兩個地方，對嗎？我們 — — 總體而言，隨著帳戶數量的增加、股權的增加和參與度的提高，我們看到做空股票並正在恢復的客戶或持有保證金股票的客戶（我們能夠將這些股票借出）或全額支付的股票（在我們的全額支付計劃中）的總體水平有所上升，我們可以將這些股票借出並與客戶分享收益。

And then, of course, the specials come in on top of that. And as I said, a few high flyers can make a substantial difference in the overall P&L as to what's going to happen in the future, you tell me, it's a general markets for IPOs and M&A activity and so forth leads to more of this and these hot stocks from a stock loan rate standpoint come from a greater proportion of shorts to available stock to cover those shorts.

當然，除此之外，還有特色菜。正如我所說的，少數高飛者會對整體損益產生重大影響，至於未來會發生什麼，你告訴我，這是一個 IPO 和併購活動的一般市場，從股票借貸利率的角度來看，這些熱門股票來自更大比例的空頭和可用股票來彌補這些空頭。

So corporate deals and so forth tend to lead to those kind of conditions. If those pick up then the likelihood is so will some of the hard to borrow stocks.

因此，企業交易等往往會導致這種情況。如果這些股票上漲，那麼一些難以藉款的股票也可能會上漲。

Great. That's helpful. And then I was hoping you could expand upon the introducing broker comments thinking about the size of the partners that are coming on and also the backlog you mentioned also, I think, was reasonably good. Just how you would characterize that versus, say, maybe a year ago and how those conversations have progressed.

偉大的。這很有幫助。然後我希望您能夠擴展介紹經紀人的評論，考慮即將到來的合作夥伴的規模以及您提到的積壓情況，我認為，這是相當不錯的。與一年前相比，您會如何描述這一點，以及這些對話取得了怎樣的進展。

If we look at the number of integrations that will be heard in the second quarter, they increased compared to the Q1 of this year. The pipeline remains very strong. The pipeline includes new entrants to the market, existing firms that broaden their offering in terms of new products or countries or asset classes.

如果我們看第二季聽到的整合數量，就會發現與今年第一季相比，整合數量增加。管道仍然非常強勁。該管道包括新進入市場的公司，以及在新產品、新國家或新資產類別方面擴大其供應範圍的現有公司。

One interesting note I would make is that some terms that we spoke to in the past, who at the time decided not to go with Interactive Brokers, but chose a competitor or chose to do an in-house build are coming back around to us and reengaging. They do realize the own offering is superior. Our cost is superior as well, so they come to us. So I'm very happy with what I see in the pipeline, both in terms of conversion as well as what's in the backlog.

我想指出的一個有趣的現像是，我們過去談過的一些客戶當時決定不與盈透證券合作，而是選擇了競爭對手或選擇內部開發，但現在他們又回到我們這裡並重新與我們合作。他們確實意識到自己的產品更有品質。我們的成本也很優惠，所以他們選擇我們。因此，我對所看到的流程感到非常滿意，無論是轉換情況還是積壓情況。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員指示）

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Hi, good evening. Maybe just a question on client credit balances, which grew, I think, over 6% in the month of June, which is the highest since March of 2020. Can you just speak about the main drivers of what you saw in June specifically. Was it more new cash being deposited into accounts? Was it rebalancing from existing clients or is there something else driving that significant cash increase that we saw in June?

嗨，晚上好。也許只是一個關於客戶信用餘額的問題，我認為 6 月客戶信用餘額增加了 6% 以上，這是自 2020 年 3 月以來的最高水準。您能否具體談談您在六月看到的主要驅動因素？是否有更多新現金存入帳戶？是因為現有客戶的重新平衡，還是有其他因素推動了我們在六月看到的現金大幅增加？

I think it was a combination of those things. New cash coming in was as strong as it has been in the last several months. It does have its ups and downs. April was particularly strong, both in taking a new cash and in that risk-off environment of April when a lot of stocks are being sold that generates cash balances and because clients feel comfortable leaving those cash balances with us, they simply go up and reinvest them. I don't think there was anything else specific to June that was notable.

我認為這是這些因素的綜合作用。新現金流入與過去幾個月一樣強勁。它確實有其優點和缺點。四月份的表現尤其強勁，一方面是因為吸收了新的現金，另一方面是因為四月份的避險環境，大量股票被拋售，產生了現金餘額，而且由於客戶放心將這些現金餘額留給我們，所以他們乾脆買入並進行再投資。我認為六月沒有其他值得注意的事情。

Okay. Just for a follow-up. We've seen a recent reacceleration in 0DTE trading percentages in the broader options market was just curious to hear about whether you have been seeing that in your own customer base in recent months?

好的。只是為了後續跟進。我們最近看到更廣泛的期權市場中 0DTE 交易百分比再次加速，只是好奇想知道您最近幾個月是否在自己的客戶群中看到了這種情況？

And then also curious to hear about your view of rolling out 0DTE on single stocks what else needs to be done from the brokerage industry standpoint in terms of functionality to be able to offer this? And how close are we in terms of being able to see that product hit the market, do you think?

然後，我還好奇地想聽聽您對在單一股票上推出 0DTE 的看法，從經紀行業的角度來看，在功能方面還需要做些什麼才能提供這種服務？您認為我們距離該產品上市還有多遠？

I did not pay a lot of attention to how the 0DTE percentages are changing. They are roughly the same as they were in the previous quarter. I would point out one interesting thing, and that is the 0DTE options trading is doing very well, and those options are very busy, especially the ones on the S&P 500 Index.

我並沒有太關注 0DTE 百分比是如何變化的。它們與上一季的情況大致相同。我想指出一件有趣的事情，那就是 0DTE 選擇權交易表現非常好，而且這些選擇權非常繁忙，尤其是標準普爾 500 指數上的選擇權。

If you look at the ForecastEX, ForecastEX just restate a few weeks ago, contrast the SMO contracts that are, in some sense, similar to the 0DTE options, and we listed those on a number of different indexes, and we see significant engagement from our clients and we are very happy with that. As far as the stocks are concerned, that's a little bit more complicated issue.

如果您查看 ForecastEX，ForecastEX 幾週前剛剛重申，對比一下 SMO 合約，它在某種意義上類似於 0DTE 選擇權，我們在許多不同的指數中列出了這些合約，我們看到客戶的大量參與，我們對此非常滿意。就股票而言，這是一個稍微複雜的問題。

As I mentioned, the popular 0DTE options are the index options they settle in cash. The stock options, they settle into physical. So you get the stock delivered if you exercise a long call. Now you can submit your exercise requests after the stock market is closed after the main session closes at 4:00. You have, I think, half an hour or 60 minutes to submit your exercise instructions.

正如我所提到的，流行的 0DTE 選擇權是以現金結算的指數選擇權。股票選擇權，它們以實物形式結算。因此，如果您行使看漲期權，您將獲得交割的股票。現在您可以在主要交易時段於 4:00 收盤後提交行使請求。我認為您有半小時或 60 分鐘的時間來提交您的運動指示。

So it will -- there will be some amount of extra volatility in the stock on the base when they publish their earnings or when there is a significant news issue. So you may see some unexpected exercise and assignment activity on those days.

因此，當他們公佈收益或出現重大新聞時，股票會出現一定程度的額外波動。因此，您可能會在那些日子看到一些意想不到的運動和作業活動。

And that is an issue that the industry recognizes we ourselves wrote a comment letter about that. So one way to solve that would be to list 0DTE stock options that settle in cash, but that would come with its own type of problems. So we will see what the ultimate decision is going to be, but there are some issues that the cash out of index options did not have.

這是業界認知到的問題，我們自己也對此寫了一封評論信。因此，解決這個問題的一種方法是列出以現金結算的 0DTE 股票選擇權，但這會帶來自身的問題。因此，我們將拭目以待最終的決定，但有一些問題是指數選擇權套現所沒有的。

Great. Thank you.

偉大的。謝謝。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

Yeah, good evening. Thanks for taking the question. Thomas, I had one for you. I caught your interview on CNBC before the call here. You sounded very bullish. I think you said that you don't really see much that could derail this rally here and that you could see this rally continue for the next two or three years. So with that in mind, I'm just hoping you could elaborate on what that could mean for overall retail trading activity if we do see markets continue to growing higher.

是的，晚上好。感謝您回答這個問題。湯瑪斯，我有一個給你。我在通話之前在 CNBC 上聽到了您的採訪。你聽起來非常樂觀。我想您說過，您確實看不到太多因素會破壞反彈，而且您預計這次反彈將在未來兩三年內持續下去。因此，考慮到這一點，我只是希望您能夠詳細說明，如果我們確實看到市場繼續走高，這對整體零售交易活動意味著什麼。

And then in terms of IBKR platform specifically, what are some of the read-throughs there if that is the environment that we're entering into? Thanks.

那麼，具體到 IBKR 平台而言，如果我們正在進入這樣的環境，那麼需要進行哪些解讀呢？謝謝。

Well, as I have said, I expect this environment to be very, very favorable to brokerage firms in general and investment banks in general and specifically for Interactive Brokers. This is a great time for us. And it's a great time for your firm too. All of your firms.

嗯，正如我所說的，我預計這種環境對經紀公司和投資銀行，特別是盈透證券來說非常非常有利。對我們來說這是一個偉大的時刻。對於您的公司來說，這也是一個偉大的時刻。你們所有的公司。

And maybe just a follow-up on crypto. Milan, I think last quarter, you said that you were somewhat surprised at just how much -- how little market share you've taken since beefing out the crypto offering just given how much lower cost the offering was.

也許只是對加密的後續關注。米蘭，我想上個季度你曾說過，自從推出加密貨幣產品以來，考慮到產品成本的降低，你佔據的市場份額如此之小，這讓你感到有些驚訝。

So just curious if that's still what you've seen. Have you seen any market share gains there? And then this push to kind of build out the offering even more, is that a factor of you just recognizing that you think you need to have a more robust offering in order to attract more retail customers to the platform? Any color there on that strategy would be great. Thanks.

所以我只是好奇那是否仍然是你所看到的。您是否看到那裡的市場份額有所增長？然後，這種進一步擴大產品範圍的推動，是否是因為您認識到需要提供更強大的產品來吸引更多零售客戶使用該平台？該策略上的任何顏色都很棒。謝謝。

So my disappointment in terms of how much market share we are getting in the crypto space remains. I'm still disappointed given how much less expensive we make it for our (technical difficulty) to buy cryptos. But I do expect, and I do all for some asset transfers coming our way, which right now is impossible if you already have holdings in cryptocurrencies and you want to switch brokers, you would have to sell those currencies, turn them into cash, and that's what you would have to deposit with us.

因此，對於我們在加密領域獲得的市場份額，我仍然感到失望。考慮到我們因（技術難度）而購買加密貨幣的成本降低了很多，我仍然感到失望。但我確實期望，而且我所做的一切都是為了我們實現一些資產轉移，而這在目前是不可能的，如果你已經持有加密貨幣，並且你想更換經紀人，你就必須出售這些貨幣，把它們變成現金，這就是你必須存入我們這裡的。

So supporting asset transfers should open the doors to some new clients to recognize that our prices are lower, and they should bring our assets to our platform. That is my hope. As to why is that we are paying attention to crypto, we have been paying attention to it for a while, but the environment has changed with the new administration which is significantly friendlier to the crypto space than the previous one.

因此，支援資產轉移應該會為一些新客戶打開大門，讓他們認識到我們的價格更低，並且應該將我們的資產帶到我們的平台上。這是我的希望。至於為什麼我們要關注加密貨幣，我們已經關注它一段時間了，但隨著新政府對加密貨幣領域的友好程度明顯高於前政府，環境發生了變化。

We obviously have to react to that. Our -- in our investors as well as clients, financial advisers, individual clients do expect to have means to enter the space through us, so we need to add it to our offering.

我們顯然必須對此作出反應。我們的投資者、客戶、財務顧問和個人客戶確實希望透過我們進入這個領域，所以我們需要將其添加到我們的產品中。

Okay, great. That's it for me.

好的，太好了。對我來說就是這樣。

Thank you. This does conclude today's Q&A session. I would like to turn the call back over to Nancy for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束。我想將電話轉回給南希，請她做最後發言。請繼續。

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，本次通話將在我們的網站上重播，我們明天也會在網站上發布清晰版本的通話記錄。再次感謝您，我們將在下個季度末與您聯繫。

This concludes today's program. Thank you all for joining. You may now disconnect.

今天的節目到此結束。感謝大家的加入。您現在可以斷開連線。