Interactive Brokers Group Inc (IBKR) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Interactive Brokers Group third-quarter 2025 earnings call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加盈透證券集團2025年第三季財報電話會議。（操作說明）提醒各位，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Nancy Stuebe, Director of Investor Relations. Please go ahead.

現在，我謹向大家介紹今天節目的主持人，投資者關係總監南希·斯圖貝。請繼續。

Good afternoon, and thank you for joining us for our third-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.

下午好，感謝各位參加我們2025年第三季財報電話會議。今天與我們一同出席的有：我們的創辦人兼董事長 Thomas Peterffy；我們的總裁兼執行長 Milan Galik；以及我們的財務長 Paul Brody。我將介紹米蘭對這項業務的評論，三位嘉賓都將在我們的問答環節中發言。

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.

提醒各位，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，但這些事件本質上是不確定的，並且超出了公司的控制範圍。我們的實際業績和財務狀況可能與這些前瞻性聲明中所示的情況有所不同，甚至可能存在重大差異。請您參閱新聞稿中的免責聲明。您也應該查看我們向美國證券交易委員會提交的財務報告中所載的風險因素描述。

During the third quarter, the market climbed a huge wall of worry with little pause. There is no shortage of traditional reasons for investors to be concerned about the economy or the markets. But as they cropped up, they are treated either as a positive, like the huge sums of money being spent on AI or a minor impediment like the government shutdown.

第三季度，市場幾乎沒有停頓，便一路攀升，克服了巨大的擔憂。投資人擔憂經濟或市場的原因很多，而且這些原因都是老生常談。但當這些問題出現時，人們要麼將其視為積極的因素，例如在人工智慧領域投入的大量資金；要麼將其視為輕微的障礙，例如政府停擺。

The Federal Reserve cut interest rates this quarter for the first time since late last year. With a less restrictive regulatory environment and steady to declining interest rates, market sentiment in the third quarter was positive overall with the S&P 500 Index rising 8% and showing strong positive returns in each month. Investors bought dips of the market declined and participated in rallies as they occurred, showing the continued comfort with the current economic backdrop.

聯準會本季降息，這是自去年年底以來的首次降息。由於監管環境限制較少，利率持續下降，第三季市場情緒整體積極，標普 500 指數上漲 8%，每個月都取得了強勁的正回報。投資者在市場下跌時逢低買入，並在市場反彈時積極參與，這表明他們對當前的經濟狀況仍然充滿信心。

At IBKR, in any given week this quarter, the most active names showed a preponderance of buying overselling. Our strong net new account growth came from all regions and all client types. This is organic account growth. We attract clients without temporary bonuses or incentives. Our products, pricing and execution quality speak compellingly for themselves.

在本季的任何一周，IBKR 最活躍的股票都表現出買盤遠超賣盤的現象。我們強勁的新增客戶淨成長來自所有地區和所有類型的客戶。這是自然增長的帳戶數量。我們無需提供臨時獎金或激勵措施就能吸引客戶。我們的產品、價格和執行品質本身就極具說服力。

During the quarter, we added our 4 millionth customer and reached $150 billion in client cash balances, both up over 30% from last year. For client equity, it took us from 2020 to 2024 to advance from $250 billion to $500 billion. It took just over one year to add the next $250 billion. This quarter, our client equity surpassed $0.75 trillion, up 40% from last year versus 16% for the S&P. The 790,000 net new accounts we've added through the third quarter already exceeded what we added in all of last year.

本季度，我們新增了第 400 萬名客戶，客戶現金餘額達到 1,500 億美元，這兩項數據均比去年增長了 30% 以上。對客戶權益而言，我們從 2020 年到 2024 年才從 2,500 億美元成長到 5,000 億美元。短短一年多一點的時間，就新增了 2500 億美元。本季度，我們的客戶權益超過 0.75 兆美元，比去年同期成長 40%，而標普 500 指數同期成長 16%。第三季新增淨帳戶數已達 79 萬個，超過了去年全年新增帳戶數。

More accounts meant more activity, which helped expand client trading volumes this quarter, especially in stocks and options. Our commission revenue increased by 23% compared to last year, which is slightly understated since the SEC fee rate which is included within our commission revenue was reduced to zero in May.

帳戶數量增多意味著交易活動增多，這有助於擴大本季的客戶交易量，尤其是在股票和選擇權交易方面。與去年相比，我們的佣金收入增長了 23%，但由於包含在我們佣金收入中的美國證券交易委員會 (SEC) 費用率在 5 月降至零，因此這一數字略有低估。

Net interest income was up 21% on a combination of larger balances and securities lending opportunities from a greater number of accounts. Our total net revenues were up 21%. Volumes rose to a record $418 million in options contracts and were up 67% in equities, as more people globally continue to participate in the markets.

由於帳戶餘額增加以及更多帳戶帶來的證券借貸機會，淨利息收入增加了 21%。我們的總淨收入成長了 21%。隨著全球越來越多的人繼續參與市場，期權合約交易量飆升至創紀錄的 4.18 億美元，股票交易量也增長了 67%。

In terms of newer products, we are seeing increasing activity by our clients in crypto, forecast contracts and overnight trading hours. We now offer a wide variety of over 8,200 open forecast contracts, 27% more than last quarter and contract volumes traded grew 165% in the second quarter. In crypto, our trade volumes rose 87% from last quarter and are up over 5 times versus last year. While this is from a base we want to grow much bigger, it is a sign of the growing strength of our offering. In addition, we introduced recurring buy orders for cryptocurrency and added Solana to our Hong Kong crypto offering.

就新產品而言，我們看到客戶在加密貨幣、預測合約和隔夜交易方面的活動日益增加。我們現在提供超過 8,200 種未平倉預測合約，比上一季成長了 27%，第二季合約交易量成長了 165%。在加密貨幣領域，我們的交易量比上一季成長了 87%，比去年同期成長了 5 倍以上。雖然我們目前的規模還很小，希望能夠發展得更大，但這標誌著我們的產品和服務實力正在不斷增強。此外，我們推出了加密貨幣的定期購買訂單，並將 Solana 添加到我們在香港的加密貨幣產品中。

Overnight trading, where we offer over 10,000 US stocks and ETFs as well as equity index futures and options and global corporate and government bonds, was up 90% in 2024, which itself had seen higher volumes surrounding the first Fed funds rate cut in years. As we've noted for our global client base, US overnight hours are their daytime trading hours. So this offering, in particular, resonates with them.

隔夜交易（我們提供超過 10,000 種美國股票和 ETF，以及股票指數期貨和選擇權，以及全球公司和政府債券）在 2024 年上漲了 90%，而 2024 年本身也因聯準會多年來首次降息而出現了更高的交易量。正如我們向全球客戶群所指出的，美國隔夜交易時間相當於他們的日間交易時間。因此，這項措施尤其能引起他們的共鳴。

We are continually making additions and enhancements to our platform as well as infrastructure upgrades. We added new liquidity providers: for options, US stocks and our Lite program; and for US treasuries, corporate and international bonds, further enhancing execution quality for our active trading clients. Our pipeline of potential introducing broker clients remains healthy, with a steady stream of new prospects entering as we onboard the IBrokers who have previously signed up to offer the platform. Demand continues steadily around the world for our global introducing broker offering.

我們不斷對平台進行新增功能和改進，並升級基礎架構。我們新增了流動性提供者：選擇權、美國股票和我們的 Lite 計劃；以及美國國債、公司債和國際債券，進一步提高了我們活躍交易客戶的執行品質。我們的潛在介紹經紀人客戶管道依然健康，隨著我們不斷吸收先前已註冊提供該平台的介紹經紀人，新的潛在客戶源源不斷地湧入。全球對我們全球介紹經紀服務的需求持續穩定成長。

In terms of new efforts and product introductions, we again had a busy quarter. We work continually to innovate and give our clients the products they ask for. We added both NISA's tax-advantage savings accounts for Japan and ISK's tax-advantaged accounts in Sweden to our growing offering of country-specific savings plans.

在新產品推出和上市方面，我們又度過了一個忙碌的季度。我們不斷努力創新，為客戶提供所需的產品。我們新增了 NISA 的日本稅收優惠儲蓄帳戶和 ISK 的瑞典稅收優惠帳戶，進一步豐富了我們針對特定國家的儲蓄計畫產品。

We introduced our proprietary Connections feature, where clients can discover multiple investment relationships connected to any one company. These include stocks, ETFs, forecast contracts, options and economic indicators as well as competitor data-related products and option strategies.

我們推出了專有的「關聯關係」功能，客戶可以透過該功能發現與任何一家公司相關的多個投資關係。這些產品包括股票、ETF、預測合約、選擇權和經濟指標，以及競爭對手資料相關產品和選擇權策略。

As an example, investors holding long positions in sectors like homebuilding can use Connections to explore related businesses like mortgage financing, review forecast contracts linked to new home sales or housing starts and gain insight into option strategies that could help reduce their exposure to economic fluctuations in the housing market. Decades of work expanding our product offering and geographic reach is what makes Connections possible, helping clients uncover opportunities other platforms can't.

例如，持有房屋建造等行業多頭頭寸的投資者可以使用 Connections 來探索抵押貸款融資等相關業務，審查與新房銷售或房屋開工相關的預測合同，並深入了解可以幫助他們降低受住房市場經濟波動影響的期權策略。Connections之所以能夠成功，是因為我們數十年來不斷拓展產品範圍和地理覆蓋面，幫助客戶發現其他平台無法提供的機會。

We have so far been averaging about 20,000 unique daily users. So it's a feature that has resonated with our clients. Connections complements the investment teams feature we debuted last quarter where clients can use natural language prompts like quantum computing or artificial intelligence to find actionable investment opportunities.

目前我們平均每天大約有 2 萬名獨立用戶。所以這項功能引起了我們客戶的共鳴。Connections 功能是我們上個季度推出的投資團隊功能的補充，客戶可以使用量子運算或人工智慧等自然語言提示來尋找可行的投資機會。

In recognition that our prime brokerage offering and its many features benefit our clients, giving them a competitive edge, the latest annual Preqin hedge fund rankings showed that Interactive Brokers rose to rank number four for a number of hedge funds serviced behind only Goldman Sachs, Morgan Stanley, and JPMorgan, and ahead of all the other historically better-known names in the funds industry. This should serve as evidence that we must be doing something better than some of the entrenched players and that potential clients may benefit from adding us as an additional prime broker.

鑑於我們的主經紀商服務及其眾多功能使我們的客戶受益，並賦予他們競爭優勢，最新的 Preqin 年度對沖基金排名顯示，盈透證券在眾多對沖基金服務中排名第四，僅次於高盛、摩根士丹利和摩根大通，領先於基金行業所有其他歷來更知名的公司。這應該可以證明，我們一定比一些根深蒂固的參與者做得更好，潛在客戶可能會因為將我們作為額外的主要經紀商而受益。

We have much on our plate for the remainder of the year and even more to come in 2026. I look forward to sharing these developments with you as they are introduced. The trend towards more global investing across multiple client types and across jurisdictions and our ability to give investors the tools to invest in the companies and products they want, paying for them in currencies they wish around the clock continues. This trend and our ability to serve our clients' needs with a 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.

今年剩下的時間裡，我們有很多事情要做，2026年更是難上加難。我期待在這些進展公佈後與您分享。全球投資的趨勢日益增強，涵蓋多種客戶類型和不同司法管轄區，我們能夠為投資者提供工具，讓他們投資於自己想要的公司和產品，並以他們想要的貨幣全天候支付，這種趨勢仍在繼續。這一趨勢，以及我們以更低的成本結構和更廣泛的產品及工具集來滿足客戶需求的能力，使我們脫穎而出，並且在未來幾年也將繼續保持這一優勢。

I want to thank our team and especially our founder, Thomas Peterffy, for the hard work and dedication it took to bring Interactive Brokers from its humble beginnings all the way into the S&P 500 Index this quarter. It is an achievement in which we all rightfully take pride.

我要感謝我們的團隊，特別是我們的創始人托馬斯·彼得菲，感謝他付出的辛勤努力和奉獻精神，使盈透證券從最初的默默無聞發展到本季度躋身標普500指數。這是一項值得我們所有人引以為傲的成就。

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

接下來，我將把電話交給保羅‧布羅迪。保羅？

Thank you, Nancy. Good afternoon, everyone. I will review our third-quarter results, and then we'll open it up for questions. Starting with our revenue items on page 3 of the release. We're pleased with our financial results this quarter, as we again produced record net revenues and pretax income.

謝謝你，南希。大家下午好。我將回顧我們第三季的業績，然後我們將開放提問環節。首先從新聞稿第 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淨收入和稅前利潤的新紀錄。

Commissions rose to a record $537 million, 23% above last year's third quarter. We continue to see higher trading volumes from our growing base of active customers, outpacing industry volumes across major product classes. Our options volume rose 27% and set a new quarterly volume record and equity volumes were up 67% from last year.

佣金收入增至創紀錄的 5.37 億美元，比去年第三季成長 23%。我們看到，不斷增長的活躍客戶群帶來了更高的交易量，在主要產品類別中均超過了行業平均交易量。我們的期權交易量增加了 27%，創下新的季度交易量紀錄；股票交易量比去年增長了 67%。

Net interest income also reached a quarterly record of $967 million despite lower benchmark rates in most major currencies. Higher segregated cash and margin loan balances and significantly stronger securities lending contributed to these results. Net interest income also received a benefit from lower benchmark rates on the interest we pay our customer cash balances.

儘管大多數主要貨幣的基準利率走低，但淨利息收入仍創下季度新高，達到 9.67 億美元。較高的獨立現金和保證金貸款餘額以及顯著增強的證券借貸促成了這些結果。淨利息收入也受惠於我們向客戶現金餘額支付的利息基準利率下降。

Other fees and services generated $66 million, down 8% 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 FDIC sweep and market data fees. Other income includes gains and losses on our investments, our currency diversification strategy and principal transactions. Note that many of these non-core items are excluded in our adjusted earnings. Other income was $85 million as reported and $40 million as adjusted, primarily driven by a gain on a long-held investment.

其他費用和服務收入為 6,600 萬美元，比前一年下降 8%，原因是客戶採取了更為謹慎的風險承擔措施，導致風險敞口費用降低，但部分被更高的 FDIC 保險費和市場數據費的積極貢獻所抵消。其他收入包括我們的投資收益和損失、貨幣多元化策略和自營交易。請注意，我們調整後的收益中已排除許多此類非核心項目。其他收入按報告為 8,500 萬美元，經調整後為 4,000 萬美元，主要來自一項長期投資的收益。

Turning to expenses, execution clearing and distribution costs were $92 million in the quarter, down 21% from the year ago quarter, primarily due to two factors. First, we had a full-quarter effect of the SEC reducing its fee rate to zero after it was cut midway through the second quarter. SEC fees were $20 million in the third quarter last year, and $24 million in the first quarter of 2025.

就支出而言，本季執行清算和分銷成本為 9,200 萬美元，比去年同期下降 21%，主要原因是兩個因素。首先，美國證券交易委員會在第二季中期將收費標準下調至零，這項措施產生了整整一個季​​度的影響。去年第三季美國證券交易委員會（SEC）費用為 2,000 萬美元，2025 年第一季為 2,400 萬美元。

And second, we achieved higher [rig] dates and lower costs and exchanges resulting from our smart order routing optimization. These costs and rebates are largely passed through to customers. So these reductions don't have much impact on our profitability, but they are components of our clients' profitability and one of the reasons they execute through us.

其次，透過智慧訂單路由優化，我們實現了更高的鑽井日期和更低的成本和交換次數。這些成本和折扣大部分都轉嫁給了消費者。因此，這些削減對我們的獲利能力影響不大，但它們是我們客戶獲利能力的組成部分，也是他們選擇透過我們執行專案的原因之一。

As a percent of commission revenues, execution and clearing costs were 13% in the third quarter for a gross transactional profit margin of 87%. We calculate this by excluding from execution, clearing and distribution, $21 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component.

第三季度，執行和清算成本佔佣金收入的 13%，毛交易利潤率為 87%。我們計算得出，執行、清算和分銷費用中不包括 2,100 萬美元的非交易成本，主要是市場數據費用，這些費用沒有直接的佣金收入成分。

Compensation and benefits expense was $156 million for the quarter for a ratio of compensation expense to adjusted net revenues of 10%, down from last year's quarter. As always, we remain focused on expense discipline as reflected in our moderate staff increase of 5% over the prior year. Our head count at September 30 was 3,131.

本季薪資福利支出為 1.56 億美元，薪資支出佔調整後淨收入的 10%，低於去年同期水準。一如既往，我們仍然注重控製成本，這體現在我們員工人數較上年僅增加了 5%。截至9月30日，我們的員工人數為3,131人。

G&A expenses were $62 million, down from the year ago quarter, which included a legal settlement that added $78 million and a onetime charge of $12 million to consolidate our European operations. Without those items, last year's G&A expense would have been $63 million, about level with the current quarter.

一般及行政費用為 6,200 萬美元，低於去年同期水平，其中包括一筆 7,800 萬美元的法律和解金以及一筆 1,200 萬美元的一次性費用，用於整合我們的歐洲業務。除去這些項目，去年的管理費用為 6,300 萬美元，與本季大致持平。

G&A was also driven by an increase of $10 million in advertising expenses. Our pretax margin was 79% for the quarter, both as reported and as adjusted. Income taxes of $126 million reflects the sum of the public company's $64 million and the operating company's $62 million. The public company's effective tax rate was 19.4% within its usual range.

一般及行政費用也受到廣告支出增加 1,000 萬美元的影響。本季我們的稅前利潤率為 79%，無論是按報告資料或調整後資料計算。1.26 億美元的所得稅反映了上市公司的 6,400 萬美元和營運公司的 6,200 萬美元之和。這家上市公司的實際稅率為 19.4%，處於其通常的稅率範圍內。

Moving to our balance sheet on page 5 of the release, our total assets ended the quarter 35% higher than the prior-year quarter end at $200 billion, with growth driven by higher margin lending and segregated cash balances. New account growth also helped drive our record customer credit balances. The numbers seem to be supporting our long-held view as our strong financial standing and competitive interest rates provide customers with an attractive place to hold their idle cash.

翻到新聞稿第 5 頁的資產負債表，我們的總資產在本季末比去年同期成長了 35%，達到 2,000 億美元，成長主要得益於高利潤貸款和獨立現金餘額。新帳戶的成長也推動了我們客戶信用餘額創下新高。各項數據似乎都印證了我們長期以來的觀點，即我們穩健的財務狀況和具有競爭力的利率為客戶提供了一個存放閒置資金的理想場所。

We have no long-term debt. Profit growth [our] firm equity up 22% over the prior year quarter to $19.5 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.

我們沒有長期債務。在獲利成長方面，公司權益較上年同期成長 22%，達到 195 億美元。我們維持著一個旨在支持現有業務成長並幫助我們贏得新業務的資產負債表，透過向潛在客戶和合作夥伴展示我們的實力，同時兼顧整體資本配置。

In our operating data on pages 6 and 7. Our customer trading volume surpassed industry growth over the prior year quarter in our three major product classes. Options contract and share volumes rose 27% and 67%, respectively. Futures volumes declined 7% in an environment of weaker industry activity. Stock volumes were driven both by increased activity levels overall and by relatively higher trading and low-priced stocks.

請參閱我們第 6 頁和第 7 頁的營運資料。在三大主要產品類別中，我們的客戶交易量均超過了去年同期的產業成長。選擇權合約和股票交易量分別成長了 27% 和 67%。在產業活動疲軟的環境下，期貨交易量下降了7%。該股成交量的成長既得益於整體交易活動的增加，也得益於相對較高的交易量和低價股票的湧現。

On page 7, you can see that total customer DARTs were 3.6 million trades per day, up 34% from the prior year, strong in options and stocks. Commission per clear commissionable order of $2.70 was down from last year, primarily due to the elimination of the SEC fee and the performance of our smart order router leading to the capture of higher exchange rebates and minimizing exchange costs, which, as pass-throughs, serve to lower both our commission revenues and our execution and clearing costs.

從第 7 頁可以看出，客戶每日交易量 (DART) 總計為 360 萬筆，比前一年增長了 34%，期權和股票交易表現強勁。每筆可結算佣金訂單的佣金為 2.70 美元，較去年有所下降，這主要是由於取消了美國證券交易委員會 (SEC) 的費用，以及我們智能訂單路由的出色表現，從而獲得了更高的交易所返利並最大限度地降低了交易所成本，這些返利作為轉嫁成本，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 numbers. Total GAAP net interest income was up 21% from the year ago quarter to $967 million. Adjusted for the net interest margin presentation, net interest income was $999 million. We 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. Our net interest income reflects strength in segregated cash interest, margin loan interest and securities lending, partially offset by a modest increase in interest expense that was moderated by lower benchmark interest rates on customer cash balances.

第 8 頁顯示了我們的淨利差數據。GAAP淨利息收入總額較去年同期成長21%，達9.67億美元。經淨利差調整後，淨利息收入為 9.99 億美元。為計算淨利差，我們計入某些收入，這些收入更恰當地被視為利息收入，但按照公認會計原則，這些收入被歸類為其他費用和服務或其他收入。我們的淨利息收入反映了隔離現金利息、保證金貸款利息和證券借貸的強勁增長，部分被利息支出的小幅增長所抵消，但客戶現金餘額的基準利率下降緩解了利息支出的增加。

Most central banks, including the UK, Canada, Australia, Hong Kong and the US, reduced rates this quarter, while others, including Europe, Switzerland and Japan, held steady. Year on year, the average US Fed funds rate fell 96 basis points or by 18%. Despite this decline, our segregated cash interest income was up 3% on higher balances, while margin loan interest was up 4%, bolstered by higher lending balances.

包括英國、加拿大、澳洲、香港和美國在內的大多數中央銀行在本季降低了利率，而包括歐洲、瑞士和日本在內的其他一些中央銀行則保持利率不變。與去年同期相比，美國聯邦基金平均利率下降了96個基點，即18%。儘管出現這種下降，但由於餘額增加，我們的獨立現金利息收入增加了 3%，而保證金貸款利息增加了 4%，這得益於貸款餘額的增加。

The average duration on 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.

我們投資組合的平均久期維持在30天以下。美元殖利率曲線短期至中期仍處於倒掛狀態。因此，我們繼續專注於短期收益，而不是接受長期債券較低的收益和較高的久期風險，尤其是在不可預測的經濟環境下，以最大化我們的收益。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. We saw a higher level of short activity and a significant rise in the total notional dollar value of securities we lend. Contributors to this growth include several factors. As our account base has grown, our inventory of attractive stocks to lend has grown with it, including international securities around the world.

本季證券借貸淨利息收入成長強勁。我們看到空頭交易活動增加，並且我們借出的證券名目總價值（以美元計）大幅上升。促成這一成長的因素有很多。隨著我們客戶群的成長，我們可供借貸的優質股票庫存也隨之成長，其中包括世界各地的國際證券。

We pay interest on short cash balances, which makes us attractive to investors (technical difficulty) short selling. Our fully paid lending program generally shares proceeds with clients on a 50-50 basis, which appeals to investors looking to maximize the return on their portfolios. And activity has picked up in some of the typical drivers of securities lending, including IPOs and merger and acquisition activity.

我們為短期現金餘額支付利息，這使得我們對賣空投資者（技術難度）很有吸引力。我們的全額還款貸款計劃通常與客戶五五分成，這吸引了希望最大化投資組合回報的投資者。證券借貸的一些典型驅動因素，包括首次公開發行 (IPO) 和併購活動，都出現了成長。

As most benchmark interest rates are now [officially] above zero, the portion of what we earn from securities lending is classified as interest on segregated cash. We estimate that if the additional interest earned and paid on cash collateral were included under securities borrowed and loaned, then total net revenue related to securities lending would have been $314 million this quarter, double the $156 million we earned in the prior year quarter.

由於大多數基準利率現在（官方）都高於零，我們從證券借貸中獲得的收益被歸類為隔離現金的利息。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證券借貸，那麼本季與證券借貸相關的淨收入總額將達到 3.14 億美元，是去年同期 1.56 億美元的兩倍。

Interest on customer credit balances, the interest we pay to our customers on the cash and their accounts, rose slightly on the combination of 33% higher client cash balances from new account growth and from lower benchmark rates. As we have noted in the past, the higher interest rates we pay on customer cash, currently 3.59%, unqualified US dollar balances is a significant attraction to new customers. Fully rate-sensitive customer balances ended the current quarter at $25 billion versus $19.5 billion in the year ago quarter.

由於新帳戶成長導致客戶現金餘額增加 33%，以及基準利率下降，客戶信用餘額利息（即我們向客戶支付的現金和帳戶利息）略有上升。正如我們過去所指出的，我們為客戶現金（目前為 3.59%）支付的較高利率，以及不符合條件的美元餘額，對新客戶來說具有很大的吸引力。完全利率敏感型客戶餘額在本季末為 250 億美元，而去年同期為 195 億美元。

Now for our estimates of the impact of changes in rates. Given the market expectations of further rate cuts in 2025, we estimate the effect of a 25-basis point decrease in the benchmark Fed funds rate to be a $77 million reduction in annual net interest income. Note that our starting point for this estimate is September 30, with the Fed funds effective rate at 4.09% in balances as of that date. Any growth in our balance sheet and interest-earning assets would reduce this impact.

接下來，我們將估算利率變動的影響。鑑於市場預期2025年將進一步降息，我們估計聯邦基金基準利率下降25個基點將導致年度淨利息收入減少7,700萬美元。請注意，我們此次估算的起點是 9 月 30 日，截至該日，聯邦基金有效利率為 4.09%。資產負債表和生息資產的任何成長都會減輕這種影響。

About 29% of our customer interest-sensitive balances is not in US dollars. So estimates of the US rate change exclude those currencies. We estimate the effect of decrease in all the relevant non-USD benchmark rates would reduce annual net interest income by $35 million or 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 $417 million. This takes into account rate sensitive customer balances and firm equity.

我們客戶對利率敏感的餘額中，約有 29% 不是美元。因此，對美國匯率變動的估算不包括這些貨幣。我們估計，所有相關的非美元基準利率下降將導致年度淨利息收入減少 3,500 萬美元，相當於這些基準利率下降 25 個基點。從宏觀層面來看，所有基準利率下降 1% 將使我們的年度淨利息收入減少 4.17 億美元。這考慮到了對利率敏感的客戶餘額和公司權益。

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.

總之，我們本季淨收入和稅前利潤率均表現強勁，這反映了我們不斷擴大客戶群、在擴大業務規模的同時履行對客戶的核心價值主張的能力。我們的商業策略仍然有效，盡可能實現經紀業務的自動化，不斷改進和擴展我們提供的服務，同時最大限度地降低我們的收費。

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

接下來，我們將開放提問環節。

(Operator Instructions) Brennan Hawken, BMO.

（操作說明）Brennan Hawken，BMO。

Paul, you spoke a bit in the beginning about how you're starting to see hard-to-borrow specials come back on the back of capital markets activity ramping. Could you talk about how the trajectory of that played out in the quarter? What impact we could expect if we continue to see capital markets activity ramp as is broadly expected? And what kind of benefits we could expect from that?

保羅，你一開始提到，隨著資本市場活動的增加，你開始看到難以藉貸的特殊債券重新出現。您能否談談這一趨勢在本季是如何發展的？如果資本市場活動繼續如預期般加速成長，我們可能會看到哪些影響？我們能從中獲得哪些好處？

Yes, I wouldn't exactly call it cyclical. However, as we know, the securities lending revenue is based on a general increase in our customer balances and shorting. And then on top of that, we see these specials, hard-to-borrow stocks that come up from time to time. And as a general statement, we might say that those specialists tend to come up more in an environment of more IPOs and M&A activity. So it's not predictable, but we have spent a lot of time building out our systems to optimize and take advantage when these opportunities present themselves.

是的，我不會把它稱作週期性的。但是，正如我們所知，證券借貸收入是基於客戶餘額和賣空交易的普遍成長。除此之外，我們還會不時看到一些特殊的、難以藉款的股票。總的來說，我們可以說，在IPO和併購活動較多的環境下，這類專家往往會更頻繁地出現。所以這無法預測，但我們已經投入大量時間來完善我們的系統，以便在這些機會出現時進行最佳化和利用。

Okay. And then a couple of years ago, I seem to remember Thomas making comments that he was bullish on prospective AI leading to more velocity in trading and turnover. You can sort of see chatter around this in some of the various websites and blogs and whatnot. Are you actually seeing evidence of this in your business yet? Or is that still something that has yet to play out?

好的。然後，我記得幾年前，托馬斯曾發表過評論，表示他看好人工智慧的未來發展，認為這將加快交易速度並提高交易週轉率。你可以在一些網站、部落格等等地方看到一些關於這方面的討論。你的業務中是否已經出現了這方面的證據？或者，這仍然是尚未發生的事情？

I'm sorry, are you asking whether we can see evidence in the trading volumes of AI? Is that what the question was?

抱歉，您是想問我們能否從人工智慧的交易量中看到證據嗎？這就是問題所在嗎？

Yes. Several years ago, Thomas had suggested that AI would lead to higher trading volumes. So I don't know whether or not you have any visibility or any idea about whether or not that thesis is actually playing out, now that we see AI become much more broadly integrated into people's everyday lives.

是的。幾年前，托馬斯曾提出人工智慧將導致交易量增加。所以，我不知道你是否了解或知道這個論點是否真的正在實現，尤其是在我們看到人工智慧越來越廣泛地融入人們的日常生活之後。

Unfortunately, we have no visibility into that. Obviously, you can see the increased volumes on our platform just like in the industry overall. I think the anticipation of AI permeating the financial industry causing higher volumes, I think that thesis in the long run should become real.

很遺憾，我們對此一無所知。顯然，您可以看到我們平台上的交易量有所增加，就像整個行業一樣。我認為，人工智慧滲透到金融業並導致交易量增加的預期，長遠來看應該會成為現實。

Because if you think about it, you give a trader tools through which we can more easily research that [sparks is position] evaluating the news, we will be able to more quickly react to what's happening in the marketplace, how this portfolio is being affected. We will be able to make quicker decisions and we will be able to make them with greater confidence.

仔細想想，如果你給交易員提供工具，讓他們能夠更輕鬆地研究[Sparks 的部位]並評估新聞，我們就能更快地對市場動態以及該投資組合受到的影響做出反應。我們將能夠更快地做出決策，並且能夠更有信心地做出決策。

So I think if Thomas was anticipating that a couple of years ago, I'm not surprised that you would make a statement like that. But to repeat, we do not have an ability to see whether that's the reason behind the volumes or what percentage of those volumes would be attributable to that.

所以我覺得，如果托馬斯幾年前就預料到了這一點，那麼你發表這樣的聲明我就不會感到驚訝了。但需要重申的是，我們無法確定這是否是銷量成長背後的原因，也無法確定這些銷量中有多少百分比是由這種情況造成的。

So Milan, you're absolutely right, but I do not recall ever saying that.

米蘭，你說得完全正確，但我確實不記得我說過那樣的話。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Maybe just first on the interest rate sensitivity to non-US balances. It looks like that stepped up a little bit from what you had disclosed last quarter. It also looks like for the last several quarters, the percentage of balances that are not in US dollars is going up. Just curious if you could unpack a little bit what's going on there. Any particular trends to be aware of and what is impacting that sensitivity going forward?

或許應該先研究利率對非美國帳戶餘額的敏感度。看起來比你上個季度披露的數據有所提升。近幾個季度以來，非美元餘額的比例似乎也在上升。我只是好奇你能不能稍微解釋一下那裡發生了什麼事。有哪些需要特別注意的趨勢？未來哪些因素會影響這種敏感度？

Yes, Ben, fairly straightforward. As this business grows for us, we take on more clients, we get bigger balances. Bigger balances also mean more balances that are fully interest rate sensitive. And therefore, it looks like the sensitivity goes up, but that's good news for us because it means the baseline is a lot higher than it was before.

是的，本，很簡單。隨著我們業務的成長，我們接納了更多客戶，我們的收入也越來越高。更大的餘額也意味著更多餘額完全受利率敏感。因此，看起來靈敏度提高了，但這對我們來說是好消息，因為這意味著基線比以前高得多。

Got it. But nothing specific this quarter to the non-USD balances other than platform growth?

知道了。但本季除了平台成長之外，非美元餘額方面沒有其他具體變化嗎？

Yes. There was a bit of a change from the second quarter. There are several non-US dollar currencies that had low rates that actually had approached zero again. And there's a bit of a nonlinearity there as you project rates to go down from there in terms of whether we're passing through negative rates or not. So this quarter was a bit of a more normal-looking environment.

是的。與第二季相比，情況略有變化。有好幾種非美元貨幣的匯率都很低，實際上已經再次接近零。而且，在預測利率從目前水準下降的過程中，利率是否會降至負值，這其中存在一些非線性關係。所以本季市場環境看起來比較正常一些。

Understood. Thank you for that. Maybe just a follow up. I was wondering if you could give us a little bit more color on ForecastEx. There's been some press suggesting that you've made a filing preparing to launch contracts on sports. I'm curious if you can comment to that. But maybe otherwise, it sounds like there's a lot of momentum there. Given the international customer base versus maybe what we see is a lot of headline noise in the US, what sort of products are seeing the most traction? And how are you thinking about the pace of product rollout from here? Thank you.

明白了。謝謝。或許只是個後續問題。我想請您詳細介紹一下ForecastEx。有媒體報告稱，您已提交文件，準備推出體育賽事合約。我很想知道您是否對此有何看法。但或許並非如此，聽起來這方面勢頭強勁。考慮到國際客戶群與美國可能存在的大量新聞噪音相比，哪些類型的產品最受歡迎？那麼，您如何看待接下來的產品推廣速度呢？謝謝。

So at this point, we're waiting for the states -- for the courts to decide if the states have an exclusive right to regulate sports betting or not. But as far as Interactive Brokers is concerned, we are not currently contemplating to get into sports betting. We are focusing on election contracts, economic indicators and climate indicators and we are taking that global. And so that's where our focus currently is. And however, the exchange will be available for other brokers to carry sports contract. So introducing brokers can come to ForecastEx and carry sports contracts provided that the states will let us do that.

所以目前，我們正在等待各州——等待法院——決定各州是否擁有監管體育博彩的專屬權利。但就盈透證券而言，我們目前沒有考慮進軍運動博彩領域。我們關注選舉合約、經濟指標和氣候指標，並將這些指標推廣到全球。所以，這就是我們目前關注的重點。但是，其他經紀商也可以透過該交易所進行體育合約交易。因此，只要各州允許，介紹經紀商就可以在 ForecastEx 上進行體育賽事合約交易。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Maybe just following up on the prediction markets and ForecastEx. Could you just maybe speak a little bit more to your strategy for growing that business, whether it's adding more broker partners? We've seen a number of JVs get announced in the space. What are your thoughts on how you're going to grow the number of users on that platform? Thanks.

或許只是在關注預測市場和ForecastEx。能否再詳細談談您拓展業務的策略，例如是否增加經紀合作夥伴？我們已經看到該領域宣布成立多家合資企業。您認為應該如何增加該平台的使用者數量？謝謝。

We are focusing on adding broker partners, but we're also focusing on our own Interactive Brokers, dear customers participating more and more in forecast contracts.

我們正致力於增加經紀合作夥伴，但我們也同樣重視我們自己的盈透證券客戶，他們越來越多地參與預測合約。

Okay, thanks for that. And then just a follow up, margin loans were up 20% quarter over quarter. Could you maybe just provide a little color on the breakout of the types of customers that drove that growth? Was it retail? Was it hedge funds? And then given some of the choppiness we've seen here month-to-date, what are your expectations around margin loan growth from here? Do you think it's sustainable? Thanks.

好的，謝謝。另外，保證金貸款較上季成長了 20%。能否簡單介紹一下推動成長的客戶類型細分？是零售業嗎？是對沖基金嗎？鑑於本月至今市場波動較大，您對未來保證金貸款的成長有何預期？你認為這種做法可持續嗎？謝謝。

We do not look at the breakdown of where the margin loans are coming from. However we do have some internal measures that, obviously, we understand what they are. We're not comfortable talking about it in public as to how exactly it happens. I think I could state in general that the appetite for risk has grown. That's what typically happens when the markets are going up when they are momentum driven, that is what we have seen.

我們不關注保證金貸款的來源構成。但是我們確實有一些內部措施，顯然，我們明白這些措施是什麼。我們不願公開談論這件事的具體經過。我認為整體而言，人們對風險的偏好有所提高。當市場受動能驅動而上漲時，通常就會出現這種情況，我們也看到了這種情況。

Our margin balances are at their all-time high. Should there be a sudden dislocation in the market, I would expect that it is taking to decrease what we like. And what we see is that our customers have been trading stock on leverage. They are not making as much bets with being short cheap options as perhaps in some quarters in the previous year.

我們的利潤餘額處於歷史最高水準。如果市場突然出現動盪，我預期我們喜歡的東西會減少。我們看到的是，我們的客戶一直在利用槓桿進行股票交易。他們做空廉價選擇權的賭注可能不如去年某些領域那麼大了。

We see that in the reduced income due to the exposure fees that we collect. So when we see the margin balance is going up, that's fantastic, we directly benefit from that to the bottom line. When we see the exposure fees increasing, that's somewhat of a mixed feeling for us because, on the one hand, we like to see that revenue, but we are conscious that it's coming from the fact that the clients are making cheap option that can go bad. So high-margin numbers, we like them a lot.

我們從收取曝光費導致的收入減少可以看出這一點。所以當我們看到利潤率上升時，這真是太好了，我們能直接從中受益，提高利潤。看到曝光費上漲，我們心情很複雜，因為一方面我們樂見收入增加，但另一方面我們也意識到，這是因為客戶選擇了可能帶來損失的廉價方案。所以，我們很喜歡高利潤率的數字。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Just another quarter of strong account growth. Curious about the mix. Any changes from either the profile of that customer and/or geographies where you're sourcing those accounts from?

又一個季度帳戶增長強勁。對這種混合方式很好奇。該客戶的資料和/或客戶來源地理是否有任何變化？

It pretty much looks the same as in the previous quarters. The different geographies are equally represented different mix of clients. We still like all the segments that we have been growing whether it's direct clients, introducing brokers, prop trading firms, financial advisers. It's all growing well, [net] of course.

看起來和前幾季基本上一樣。不同地區的客戶群組成各不相同，且代表性均衡。我們仍然喜歡我們一直在發展的各個細分市場，無論是直接客戶、介紹經紀人、自營交易公司還是財務顧問。當然，一切都在順利發展。

Okay, thank you. And then as a follow up, Paul, I was hoping as you think about 2026 and expenses and investments you're making, any preliminary thoughts on expense growth and where those areas of investment might be directed if anywhere different than what you've been doing more recently?

好的，謝謝。保羅，作為後續問題，我希望你在考慮 2026 年的支出和投資時，對於支出成長以及投資方向（如果與你最近的投資方向不同的話）是否有任何初步想法？

We don't really [look] forward-looking statements, as you know. I would say that this quarter is a typical run rate, I think, for most of the expense categories.

如您所知，我們並不重視前瞻性聲明。我認為，就大多數支出類別而言，本季的支出水準屬於正常水準。

Milan, you might want to add to that. We had a 5% growth in headcount.

米蘭，你或許想補充一些內容。我們員工人數增加了5%。

Of course. So the way we look at things is we have always run our business in the way that we do not allocate budgets to certain activities. There are some ideas that we have. There are certain ways we like to grow our business. There are opportunities that we see, and we work on them. When we see that we fell behind in terms of our staffing, be it either technology box or on the operational side, we adjust. That is how we have been running the business.

當然。所以我們看待問題的方式是，我們一直以來都是這樣經營業務的，我們不會為某些活動分配預算。我們有一些想法。我們喜歡用某些特定的方式來發展業務。我們看到了機會，並努力抓住它們。當我們發現人員配備方面落後於人時，無論是技術方面還是營運方面，我們都會進行調整。我們一直都是這樣經營公司的。

So we should not think of that as we are allocating $25 million to a certain project. If we want to do something, we're fully in. We're obviously paying attention to make sure that we do not build our technology too expensively. But that has been the modus operandi since Thomas started this firm decades ago, and that approach has worked for as well, and that is what we're going to be continuing.

所以，我們不應該把這看成是把 2500 萬美元分配給某個特定項目。如果我們想做某事，我們會全力以赴。我們顯然會密切關注，確保我們的技術研發成本不會過高。但自從托馬斯幾十年前創辦這家公司以來，這一直是公司的運作方式，而這種方法也取得了成功，我們將繼續這樣做。

James Yaro, Goldman Sachs.

James Yaro，高盛集團。

You've seen a smaller percentage of US clients over time. Could you just walk us through recent geographic client acquisition trends in your view? And then specifically, whether the regulatory environment in China around account opening has weighed on and will continue to impact your growth in this region.

隨著時間的推移，您看到的美國客戶比例越來越小。您能否簡單介紹一下您認為近期在地域上獲取客戶的趨勢？具體而言，中國帳戶開立方面的監管環境是否已經並將繼續對您在該地區的業務成長產生影響。

Yes, there was a change. You noticed that Chinese regulators clamp down on foreign brokers acquiring accounts in Mainland China. We have been getting some number of them. What basically changed was we now have to ask the account applicants to prove to us that they have residents outside of the Mainland. And many have been doing that, and we are still getting clients in China as a result. It is a smaller number than before, but it is not something that would materially impact our figures.

是的，情況有所改變。你注意到中國監管機構正在嚴厲打擊外國經紀商在中國大陸開設帳戶的行為。我們收到了一些。根本性的變化是，我們現在必須要求帳戶申請人向我們證明他們在大陸以外有居民。很多人都這麼做了，因此我們仍然在中國獲得客戶。雖然數量比以前少，但這不會對我們的數據產生實質影響。

Great, thank you. You recently led a new funding round for HashNote. Could you just update us, to the extent there's anything new, on your aspirations in digital assets? And especially any update on the 30% limit as regards to what percentage of crypto customers can have in their accounts?

太好了，謝謝。你最近領投了 HashNote 的新一輪融資。能否請您簡單介紹一下您在數位資產領域的規劃和願景，如果有任何新的進展？特別是關於加密貨幣帳戶持有比例上限（30%）的任何更新信息，即客戶帳戶中加密貨幣的持有比例上限是多少？

You meant funding out in Zero Hash?

你是說向 Zero Hash 投資嗎？

Sorry, yes. Sorry.

抱歉，是的。對不起。

Right. So the funding round was concluded. We have upped the dollar value of our investment. We have kept the percentage of the investment in roughly 30%. Zero Hash have been a good partner with us. We are working with them on a significant project together. They're going to be the provider we're going to use for our European offering. They're going to be getting their license.

正確的。至此，本輪融資結束了。我們提高了投資的美元價值。我們將投資比例維持在30%左右。Zero Hash一直是我們的好合作夥伴。我們正在與他們合作一個重要專案。他們將成為我們歐洲業務的供應商。他們即將拿到駕照。

We anticipated basis sometime at the end of October or beginning of November of this year, they will receive a Dutch license, and they will be authorized to offer crypto services on the European continent, and that is what we will do. We will offer cryptocurrency trading to our European clients through Zero Hash.

我們預計，在今年十月底或十一月初，他們將獲得荷蘭牌照，並被授權在歐洲大陸提供加密貨幣服務，而這正是我們將要做的事情。我們將透過 Zero Hash 為歐洲客戶提供加密貨幣交易服務。

As far as other aspirations in the area, we are working on stable growing deposits and the ability for account holders to fund their accounts with stablecoin. That's something that should be going online at the end of October. We're working on the crypto asset transfers, which I'm cautiously optimistic about. And the reason for that is very simple. And if you look at our pricing, despite the fact that we are latecomers to the crypto industry, our pricing is very good.

至於該領域的其他目標，我們正在努力實現存款的穩定成長，並讓帳戶持有人能夠使用穩定幣為其帳戶充值。這項服務應該會在十月底上線。我們正在研究加密資產轉移，對此我持謹慎樂觀態度。原因很簡單。如果你看一下我們的定價，儘管我們進入加密貨幣行業的時間較晚，但我們的定價非常優惠。

We are significantly less expensive than our bigger competitors. Yet, we do not see an inflow of accounts. And part of the reasons could be that if somebody wanted to switch their providers, let's say, they wanted to come to us from Coinbase or from Robinhood or whatever. If they already have cryptocurrency positions with embedded tax gains -- unrealized tax gains, the only way for them to come to us now would be to sell their investments and realize those games.

我們的價格比規模更大的競爭對手要低得多。然而，我們並沒有看到帳戶流入。部分原因可能是，如果有人想更換服務供應商，比如說，他們想從 Coinbase 或 Robinhood 或其他平台轉到我們這裡。如果他們已經持有加密貨幣頭寸，而其中蘊含了稅收收益——尚未實現的稅收收益，那麼他們現在來找我們的唯一方法就是賣掉他們的投資，實現這些收益。

With the asset transfer, they will not have to do that. So when we put online the crypto asset transfers, I would hope to see increase in the activity. Another thing that we have in the plan is to offer staking. Obviously, we are relying on Zero Hash to do their work first. Once they are ready to offer staking, then we will offer it to our clients.

透過資產轉移，他們就不必再這樣做了。所以，當我們把加密資產轉帳上線後，我希望看到交易活躍度有所提高。我們計劃中還有一項內容是提供質押服務。顯然，我們首先要依靠 Zero Hash 來完成他們的工作。一旦他們準備好提供質押服務，我們就會向我們的客戶提供這項服務。

(Operator Instructions) Craig Siegenthaler, BofA.

（操作員說明）Craig Siegenthaler，美國銀行。

So my question is on total account growth. I'm actually going to ask a similar question to last quarter. So at a May conference, Thomas talked about a potential deceleration account growth as -- and my question is, where is it? Because account growth is again showing no signs of slowing down through September.

所以我的問題是關於帳戶總成長情況的。我其實想問一個和上季類似的問題。所以在五月的一次會議上，湯瑪斯談到了帳戶成長可能放緩的問題——我的問題是，這種情況在哪裡？因為帳戶成長在9月份仍然沒有放緩的跡象。

We have not seen any deceleration. As a matter of fact, so exactly the opposite and we expect that to continue.

我們沒有看到任何減速的跡象。事實上，情況恰恰相反，我們預期這種情況還會持續下去。

Got it. Thank you, Thomas. My thought is on crypto. More specifically with timing. So when will clients be able to transfer tokens in and out of their [IV care accounts]? And how will the rollout work by geography? Will some regions move faster? And I believe IBKR will end up offering a non-custodial wallet, just like some of the crypto exchanges offer today.

知道了。謝謝你，托馬斯。我的想法是關於加密貨幣的。更具體地說，是關於時機。那麼，客戶何時才能在他們的帳戶中進行代幣的轉入和轉出呢？[靜脈輸液護理帳戶]？按地區劃分，推廣工作將如何進行？某些地區進展會更快嗎？我相信 IBKR 最終會提供非託管錢包，就像現在一些加密貨幣交易所提供的那樣。

So the rollout is going to be very -- at the moment, we are able to offer cryptocurrency trading to our US clients and Hong Kong clients. And hopefully, soon, we will be able to offer it to our European clients as well. The rollout schedule will be funding with stablecoin end of October, crypto asset transfers by the end of the year, taking maybe the beginning of next year. That is roughly the schedule. It depends somewhat on our partner, Zero Hash. They have to complete their work first, and then obviously, we have to integrate the feature into our platform. So unfortunately, I cannot give you better estimates than that.

因此，推廣工作將會非常緩慢——目前，我們能夠為美國客戶和香港客戶提供加密貨幣交易服務。希望不久之後，我們也能為歐洲客戶提供這項服務。該計畫的推出時間表是：10 月底開始使用穩定幣進行融資，年底前完成加密資產轉移，可能要到明年年初才能完成。大致行程就是這樣。這在一定程度上取決於我們的合作夥伴 Zero Hash。他們必須先完成他們的工作，然後我們顯然需要將該功能整合到我們的平台中。所以很遺憾，我無法給出比這更準確的估計。

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

今天的問答環節到此結束。我想把發言權交還給南希·斯圖貝，請她再補充一些內容。

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

謝謝大家今天的參與。再次提醒大家，本次通話的錄音將在我們的網站上提供回放，我們也將在明天在網站上發布一份清晰版的通話記錄。再次感謝，我們將在下個季度末與您聯繫。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參加今天的會議。節目到此結束。您現在可以斷開連線了。再會。