洲際交易所 (ICE) 2024 Q3 法說會逐字稿

Hello, everyone, and welcome to the ICE third-quarter 2024 earnings conference call and webcast. My name is Lydia, and I'll be your operator today. (Operator Instructions)

大家好，歡迎參加 ICE 2024 年第三季財報電話會議和網路直播。我叫莉迪亞，今天我將成為您的接線生。（操作員說明）

I'll now hand you over to Katia Gonzalez, Manager of Investor Relations, to begin. Please go ahead.

現在我將把您交給投資者關係經理 Katia Gonzalez 開始。請繼續。

Good morning. ICE's third-quarter 2024 earnings release and presentation can be found in the Investors section of ice.com. These items will be archived, and our call will be available for replay.

早安.ICE 2024 年第三季收益發布和演示可在ice.com 的投資者部分找到。這些項目將被存檔，我們的通話將可供重播。

Today's call may contain forward-looking statements. These statements, which we undertake no obligation to update, represent our current judgment and are subject to risks, assumptions, and uncertainties. For a description of the risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2023 Form 10-K, 2024 third quarter Form 10-Q, and other filings with the SEC.

今天的電話會議可能包含前瞻性陳述。我們不承擔更新義務的這些陳述代表了我們目前的判斷，並受到風險、假設和不確定性的影響。有關可能導致我們的結果與前瞻性陳述中所述的結果有重大差異的風險的描述，請參閱我們向 SEC 提交的 2023 年表格 10-K、2024 年第三季表格 10-Q 以及其他文件。

In our earnings supplement, we refer to certain non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance. You'll find a reconciliation to the prevailing GAAP terms in the earnings materials. When used on this call, net revenue refers to revenue net of transaction-based expenses and adjusted earnings refers to adjusted diluted earnings per share. Throughout this presentation, unless otherwise indicated, references to revenue growth are on a constant currency basis. Please see the explanatory notes on the second page of the earnings supplement for additional details regarding the definition of certain items.

在我們的收益補充中，我們參考了某些非公認會計準則衡量標準。我們相信我們的非公認會計準則指標更能反映我們的現金營運和核心業務績效。您將在收益資料中找到與現行 GAAP 條款的調整表。用於此電話會議時，淨收入是指扣除交易費用後的收入，調整後的收益是指調整後的稀釋每股收益。在本簡報中，除非另有說明，否則提及的收入成長均以固定匯率為基礎。有關某些項目定義的更多詳細信息，請參閱收入補充表第二頁上的解釋性說明。

With us on the call today are Jeff Sprecher, Chair and CEO; Warren Gardiner, Chief Financial Officer; Stuart Williams, Chief Operating Officer; Lynn Martin, President of the NYSE; and Chris Edmonds, President of Fixed Income and Data Services.

今天與我們一起參加電話會議的是董事長兼執行長 Jeff Sprecher；華倫‧加德納，財務長；斯圖爾特威廉斯，營運長；林恩馬丁 (Lynn Martin)，紐約證券交易所總裁；克里斯·埃德蒙茲（Chris Edmonds），固定收益和數據服務總裁。

I'll now turn the call over to Jeff.

我現在將電話轉給傑夫。

Thank you, Katia. Good morning, everyone, and thank you for joining us. Ben Jackson is not able to join today's call as he's recovering from successful knee surgery. Our Chief Operating Officer, Stuart Williams, is in the room with us today. Ben plans to be back in a few days' time.

謝謝你，卡蒂亞。大家早安，感謝您加入我們。本傑克森無法參加今天的電話會議，因為他正在從成功的膝蓋手術中恢復。我們的首席營運長斯圖爾特威廉斯今天也在場。本計劃幾天後回來。

Let's start by turning our call over to Warren.

讓我們先將電話轉給沃倫。

Thanks, Jeff. Good morning, everyone, and thank you for joining us today. I'll begin on slide 4 with a summary of our record third quarter results. Third quarter net revenues totaled a record $2.3 billion, including record transaction revenues of $1.1 billion and record recurring revenues of $1.2 billion. Pro forma for the acquisition of Black Knight, total revenue increased by 7% versus last year and is up 6% through the first three quarters of 2024.

謝謝，傑夫。大家早安，感謝您今天加入我們。我將從第四張投影片開始，總結我們創紀錄的第三季業績。第三季淨收入總額達到創紀錄的 23 億美元，其中交易收入創紀錄的 11 億美元，經常性收入創紀錄的 12 億美元。預計收購 Black Knight 後，總營收將較去年成長 7%，到 2024 年前第三季將成長 6%。

Third quarter adjusted operating expenses totaled $960 million, up 1% year-over-year on a pro forma basis. As a result of this strong performance, adjusted pro forma operating income increased by 12% versus the prior year, reaching a record $1.4 billion with adjusted earnings per share totaling a record $1.55.

第三季調整後營運費用總計 9.6 億美元，預計年增 1%。由於業績強勁，調整後預計營業收入將較上年增長 12%，達到創紀錄的 14 億美元，調整後每股收益總計創紀錄的 1.55 美元。

Moving to the balance sheet. We reduced debt outstanding by approximately $600 million during the quarter, ending the period with adjusted leverage of approximately 3.5 times EBITDA.

轉向資產負債表。本季度，我們減少了約 6 億美元的未償債務，調整後的槓桿比率約為 EBITDA 的 3.5 倍。

Before I move to our segment results, I will note a few guidance items. As we look to the fourth quarter, we expect OTC and other revenue to be in the range of $75 million to $80 million as the third quarter benefited from several items we do not anticipate will repeat. In addition, and similar to last year, in light of the strong performance in our cash equities business, where revenues are up 15% year-to-date, we are providing customers with a regulatory fee holiday, which we expect will reduce OTC and other revenues by $15 million to $20 million in the fourth quarter.

在討論我們的細分結果之前，我將指出一些指導性項目。展望第四季度，我們預計 OTC 和其他收入將在 7500 萬美元至 8000 萬美元之間，因為第三季度受益於我們預計不會重複的幾個項目。此外，與去年類似，鑑於我們現金股票業務的強勁表現（今年迄今收入增長了 15%），我們為客戶提供監管費用豁免，我們預計這將減少場外交易和第四季度其他收入增加1500 萬至2000 萬美元。

Shifting to expenses. We expect fourth quarter adjusted operating expenses to be in the range of $977 million to $987 million, including approximately $10 million to $15 million of items that we also do not expect will repeat.

轉向支出。我們預計第四季度調整後的營運支出將在 9.77 億美元至 9.87 億美元之間，其中包括約 1,000 萬美元至 1,500 萬美元的項目，我們預計這些項目也不會重複。

Lastly, full year CapEx is now expected to be in the range of $700 million to $740 million, largely driven by key data center investments originally planned for 2025. We expect these investments will yield expense efficiencies upon project completion in 2026.

最後，預計全年資本支出將在 7 億至 7.4 億美元之間，這主要是由原計劃於 2025 年進行的關鍵資料中心投資推動的。我們預計這些投資將在 2026 年專案完成後產生費用效率。

Now let's move to slide 5, where I'll provide an overview of the performance of our exchange segment. Third quarter net revenues totaled a record $1.3 billion, up 12% year-over-year. Record transaction revenues of $890 million were up 17% driven by a 34% increase in our interest rate business and record energy revenues, which grew 23% year-over-year. This strong energy performance was on top of 42% growth in last year's third quarter, and included a 16% increase in our oil complex, 24% growth in global natural gas revenues and 60% growth in our environmental business. In addition, towards the end of October, open interest is up 23% year-over-year, including 32% growth in global interest rates and 26% growth in our energy markets.

現在讓我們轉到投影片 5，我將在其中概述我們的交換部門的績效。第三季淨收入總額達到創紀錄的 13 億美元，年增 12%。利率業務成長 34%，能源收入年增 23%，創紀錄的交易收入成長 17%，達到創紀錄的 8.9 億美元。這一強勁的能源業績是在去年第三季 42% 的成長基礎上實現的，其中包括我們的石油綜合體成長 16%、全球天然氣收入成長 24% 以及環境業務成長 60%。此外，截至 10 月底，未平倉合約年增 23%，其中全球利率成長 32%，能源市場成長 26%。

Shifting to recurring revenues, which include our exchange data services and our NYC listings business, revenue totaled $364 million, which included a few million dollars related to auto recoveries. Underpinning growth in our recurring revenues was our broader exchange data services, which was once again led by the continued expansion of our global energy and environmental network.

轉向經常性收入，包括我們的交換數據服務和紐約上市業務，收入總計 3.64 億美元，其中包括與汽車回收相關的數百萬美元。更廣泛的交換數據服務支撐了我們經常性收入的成長，這再次受到我們全球能源和環境網路的持續擴張的推動。

In our listings business, while less than half of global IPOs have met the standards to list so far in 2024, the NYSE has helped to raise $14 billion in new proceeds, welcoming 43 new operating companies, representing seven of the top 10 IPOs and eight of the top 10 performing IPOs year-to-date. In addition, NYSE continued its leadership on transfers welcoming 10 operating companies year-to-date.

在我們的上市業務中，雖然迄今為止全球IPO 中只有不到一半達到了2024 年上市標準，但紐約證券交易所已經幫助籌集了140 億美元的新收益，迎來了43 家新運營公司，代表了10 家IPO 中的7 家和8 家。此外，紐約證券交易所繼續在轉讓方面保持領先地位，今年迄今已迎來 10 家營運公司。

Turning now to slide 6. I'll discuss our fixed income and data services segment. Third quarter revenues totaled a record $586 million, including transaction revenues of $125 million. On a year-over-year basis, growth in munis, corporates, as well as CD clearing activity was offset by lower treasury trading at ICE bonds and slightly lower member interest revenues. Record recurring revenues totaled $461 million and grew by 6% year-over-year.

現在轉到投影片 6。我將討論我們的固定收益和數據服務部門。第三季營收總計達到創紀錄的 5.86 億美元，其中交易收入為 1.25 億美元。與去年同期相比，市政債券、企業以及存款證清算活動的成長被 ICE 債券國庫交易的減少和會員利息收入的小幅下降所抵消。經常性收入總額達到創紀錄的 4.61 億美元，較去年同期成長 6%。

In our fixed income, data, and analytics business, revenues also increased by 6% year-over-year to a record $295 million driven by growth in pricing and reference data and nearly 30% growth in our index business, which benefited from both rising markets and fund flows into ETFs that track ICE indices. Importantly, ETF AUM tracking ICE indices ended the third quarter at a record [$674 billion].

在我們的固定收益、數據和分析業務中，在定價和參考資料增長以及指數業務增長近 30% 的推動下，收入也同比增長 6%，達到創紀錄的 2.95 億美元。指數的ETF。重要的是，追蹤 ICE 指數的 ETF 資產管理規模在第三季結束時創歷史新高[6,740 億美元]。

Other data and network services revenues increased by 5% in the third quarter. Growth was driven by our ICE global network as recent data center investments have come online, growth in our consolidated feeds business, and continued strength in our desktop solutions, driven in part by adoption of our energy desktop by both commercial customers and traders. These are just a few examples of investments we have made following our 2015 acquisition of IDC to continuously increase and enhance the content on our network as well as our underlying technology to drive growth.

第三季其他數據和網路服務收入成長了5%。成長的推動因素包括我們的ICE 全球網路（最近的資料中心投資已上線）、我們的綜合資料來源業務的成長以及我們的桌面解決方案的持續實力，部分原因是商業客戶和貿易商採用我們的能源桌面。這些只是我們在 2015 年收購 IDC 後進行的投資的幾個例子，這些投資旨在不斷增加和增強我們網路上的內容以及我們的基礎技術以推動成長。

Please flip to slide 7, where I'll discuss our mortgage technology results. Third quarter revenues totaled $509 million. Recurring revenues totaled $387 million. While recurring revenues declined year-over-year, as expected, they stabilized relative to the second quarter driven by an improvement in data and analytics and offset by the semi-annual removal of retired loans on our servicing platform as well as lower minimums on Encompass.

請翻到幻燈片 7，我將在其中討論我們的抵押貸款技術成果。第三季營收總計 5.09 億美元。經常性收入總計 3.87 億美元。雖然經常性收入如預期同比下降，但由於數據和分析的改進，其相對於第二季度趨於穩定，並被我們服務平台上每半年取消的已退休貸款以及 Encompass 最低限額的降低所抵消。

Similar to the last several quarters, while the majority of Encompass customers renewed at higher minimums, we also had customers renew at lower minimums. Importantly, lower minimums at renewal are also paired with a higher price per closed loan or transaction fee, a dynamic that will provide a more material tailwind to revenues as the origination market normalizes.

與過去幾季類似，雖然大多數 Encompass 客戶以較高的最低金額續訂，但我們也有客戶以較低的最低金額續約。重要的是，較低的續約最低限額也伴隨著每筆已結貸款或交易費用的較高價格，隨著原始市場的正常化，這種動態將為收入提供更實質的推動力。

Transaction revenues totaled $122 million, up slightly year-over-year and relative to the second quarter driven by revenue related to Encompass closed loans and applications as well as an increase in MERS registrations.

交易收入總計 1.22 億美元，較去年同期略有成長，相對於第二季而言，受 Encompass 已結束貸款和申請相關收入以及 MERS 註冊量增加的推動。

Looking at the quarter, we expect total IMT revenues to be between $495 million and $505 million with the delta relative to the third quarter, largely driven by purchase market seasonality and related traction revenue. While mortgage origination volumes appear to have stabilized and seem likely to trend around these levels in the near term, we will continue to invest in developing new products, enhancing our technology and our existing product suite as well as expanding our network, all of which will further position our end-to-end platform to generate growth when market conditions normalize.

展望本季度，我們預計 IMT 總營收將在 4.95 億美元至 5.05 億美元之間，與第三季度相比有所增加，這主要是受到採購市場季節性和相關牽引收入的推動。雖然抵押貸款發放似乎已經穩定，並且短期內可能會圍繞這些水平發展，但我們將繼續投資開發新產品、增強我們的技術和現有產品套件以及擴大我們的網絡，所有這些都將進一步定位我們的端到端平台，以便在市場狀況正常化時產生成長。

In summary, we delivered record third quarter results, including record revenues, operating income, and adjusted EPS, building upon our record first half results and representing the best year-to-date performance in our company's history. As we look to the balance of the year, we remain focused on meeting the needs of our customers, continue to drive growth and creating value for our shareholders.

總而言之，我們在上半年創紀錄的業績基礎上實現了創紀錄的第三季度業績，包括創紀錄的收入、營業收入和調整後每股收益，代表了我們公司歷史上迄今為止最好的業績。展望今年剩餘時間，我們將繼續專注於滿足客戶的需求，繼續推動成長並為股東創造價值。

I'll be happy to take your questions during Q&A. But for now, I'll hand it over to Stuart.

我很樂意在問答環節回答您的問題。但現在我會把它交給史都華。

Thank you, Warren, and thank you all for joining us this morning. Please turn to slide 8. For over two decades, we've worked closely with our customers to develop a network of diverse liquid and globally interconnected energy markets. This network provides the critical feedback loop required to solve near-term supply and demand imbalances and the long-term price signals needed to efficiently allocate capital investment to meet forward-looking demand.

謝謝沃倫，也謝謝大家今天早上加入我們。請翻到幻燈片 8。二十多年來，我們與客戶密切合作，開發了多元化液體和全球互聯能源市場網路。此網路提供了解決短期供需失衡所需的關鍵回饋迴路，以及有效分配資本投資以滿足前瞻性需求所需的長期價格訊號。

Today, our customers across the globe leverage our markets to help balance the demands of energy security, affordability, and sustainability while allocating the capital necessary to meet rising energy demands critical to economic growth and managing the risks associated with a complex geopolitical environment. The breadth and depth of our global platform not only drove another record quarter across our energy complex, but importantly, it positions us to capture secular tailwinds, including the globalization of natural gas and the clean energy transition, trends we began investing in over a decade ago.

如今，我們全球的客戶利用我們的市場來幫助平衡能源安全、可負擔性和可持續性的需求，同時分配必要的資本來滿足對經濟成長至關重要的不斷增長的能源需求，並管理與複雜的地緣政治環境相關的風險。我們全球平台的廣度和深度不僅推動我們的能源綜合體再創歷史新季度，而且重要的是，它使我們能夠抓住長期順風，包括天然氣全球化和清潔能源轉型，這是我們十多年來開始投資的趨勢前。

Through constant reinvention and innovation, Brent has firmly established itself as the global benchmark for crude oil, pricing roughly three-quarters of the world's internationally traded crude and from which prices are discovered in the US Gulf Coast via ICE's Midland WTI futures market and in the Middle East and Asia via ICE's Murban and Dubai futures markets.

透過不斷的改造和創新，布蘭特原油已牢牢確立了自己作為全球原油基準的地位，為全球國際貿易原油的約四分之三定價，並透過ICE 的米德蘭WTI 期貨市場在美國墨西哥灣沿岸發現價格。

Reflecting this dynamic, volume in our global oil complex increased 17% year-over-year. This strong performance includes records across Brent, WTI, Midland WTI, and Murban and contributed to record oil revenues, which grew 16% in the quarter. These strong trends have continued into October with record total oil open interest up 28% and Brent options up 68 -- 86% year-over-year.

我們的全球石油綜合體的產量年增了 17%，反映了這一動態。這一強勁表現包括布蘭特原油、WTI、米德蘭 WTI 和穆爾班原油的創紀錄表現，並促成了創紀錄的石油收入，該季度增長了 16%。這些強勁趨勢持續到 10 月份，石油未平倉合約總量創歷史新高，較去年同期成長 28%，布蘭特原油選擇權年增 68% 至 86%。

These critical pricing relationships extend to refined oil products, where ICE's low sulfur gas oil markets similarly anchors price discovery for refined products globally with markets such as ICE's heating oil futures and ICE Singapore gas oil, reflecting regional dynamics in the US and Asia, respectively.

這些關鍵的定價關係延伸至成品油，其中ICE的低硫輕柴油市場與ICE的取暖油期貨和ICE新加坡輕油等市場類似地錨定了全球成品油的價格發現，分別反映了美國和亞洲的區域動態。

We continue to see strong growth across refined products with gas oil open interest up 63% year-over-year, supporting double-digit growth across the refined products complex, including growth in cleaner fuels such as ICE's global marine fuel and biofuel markets.

我們繼續看到煉油產品的強勁成長，瓦斯油未平倉合約年增 63%，支持整個煉油產品複合體的兩位數成長，包括清潔燃料的成長，例如 ICE 的全球船用燃料和生物燃料市場。

Today, cleaner energy sources, including global natural gas and environmental markets account for roughly 45% of our energy revenues, up from one-third a decade ago, and have grown 21% on average over the past five years, including 34% growth year-to-date. This strong performance has been a key contributor to the 13% average growth rate in our energy platform over that time frame, including 29% growth year-to-date.

如今，包括全球天然氣和環境市場在內的清潔能源約占我們能源收入的45%，高於十年前的三分之一，並且在過去五年中平均增長了21%，其中增長34% 的年份-迄今。這一強勁的業績是我們能源平台在此期間實現 13% 平均成長率（包括今年迄今 29%）的關鍵因素。

The globalization of natural gas through liquefied natural gas or LNG has created virtual pipelines across oceans, removing the dependency on fixed pipeline infrastructure and storage. This, together with the ongoing liberalization of the natural gas market, and buyers increasingly favoring short-term contracts and spot market procurement, has put the more natural gas in motion over longer distances with a greater number of touch points along the value chain from production to consumption, creating a truly global commodity. Furthermore, given its abundance, lower emissions, and lower switching costs, we expect natural gas to continue to benefit from increasing energy demand particularly in the developing world and the ongoing focus on decarbonization.

透過液化天然氣或液化天然氣實現的天然氣全球化創造了跨越海洋的虛擬管道，消除了對固定管道基礎設施和儲存的依賴。再加上天然氣市場的持續自由化，以及買家越來越青睞短期合約和現貨市場採購，使得更多的天然氣在更遠的距離上流動，從生產到價值鏈的接觸點數量越來越多。此外，鑑於其豐富性、較低的排放量和較低的轉換成本，我們預計天然氣將繼續受益於不斷增長的能源需求，特別是在發展中國家，以及對脫碳的持續關注。

Since the year 2000, energy consumption in non-OECD countries has more than doubled with much of this growth coming in the form of coal. Last year, global coal consumption hit an all-time high, primarily supported by Asia, where coal still accounts for nearly 50% of the region's energy supply. According to statistics published by the Energy Institute, the coal switching opportunity in Asia alone represents more energy than the total energy consumption in North America across all primary energy sources.

自 2000 年以來，非經合組織國家的能源消耗量增加了一倍多，其中大部分成長來自煤炭。去年，全球煤炭消費量創下歷史新高，主要受到亞洲的推動，煤炭仍佔該地區能源供應的近50%。根據能源研究所發布的統計數據，光是亞洲的煤炭轉換機會就比北美所有一次能源的能源消耗總量還要多。

In addition, the power demands of accelerating innovation, including artificial intelligence, are expected to require significant new generation capacity boosting demand for natural gas. These factors have caused markets across Europe, Asia, and North America to become increasingly interconnected, accelerating demand for deep, liquid, and global risk management tools.

此外，包括人工智慧在內的加速創新的電力需求預計將需要大量的新一代發電能力，從而刺激對天然氣的需求。這些因素導致歐洲、亞洲和北美市場之間的聯繫日益緊密，加速了對深度、流動性和全球風險管理工具的需求。

This evolution has driven the development of new trading relationships as illustrated by record participation in our natural gas portfolio in the third quarter. This has been accompanied by volume and revenue growth with each growing double digits on average over the past five years, including 34% and 32% growth year-to-date, respectively. In addition, open interest trends remained strong through October, up 27% year-over-year, including a 51% increase in our TTF complex, a 53% increase in our Asian JKM market, and a 24% increase in our North American gas business.

這種演變推動了新貿易關係的發展，第三季我們的天然氣投資組合創紀錄的參與就說明了這一點。過去五年中，銷量和收入均以兩位數的速度成長，今年迄今分別成長了 34% 和 32%。此外，截至 10 月份，未平倉合約趨勢依然強勁，年成長 27%，其中 TTF 綜合體成長 51%，亞洲 JKM 市場成長 53%，北美天然氣成長 24%商業。

As the Brents of natural gas, our total transfer facility benchmark or TTF, continues to be relied upon by an increasing number of market participants with market participation growing 15% on average over the past 5 years. In the third quarter, volumes in our TTF complex increased 16% year-over-year driving revenue growth of 19% versus 2023.

隨著天然氣布蘭特原油價格（我們的總傳輸設施基準或 TTF）繼續受到越來越多的市場參與者的依賴，過去 5 年市場參與度平均成長了 15%。第三季度，我們的 TTF 綜合體銷量年增 16%，推動營收比 2023 年成長 19%。

In Asia, underpinned by surging economic growth and a focus towards cleaner forms of energy, our Japan and Korea market, or JKM, continues to reach important milestones, setting records across key liquidity indicators in the third quarter, including participation, volume and open interest. Importantly, the extent to which -- gas markets are interconnected was once again reinforced by JKM execution patterns with over 60% of JKM volumes executed via the JKM TTF spread.

在亞洲，在經濟高速成長和對清潔能源形式的關注的支撐下，我們的日本和韓國市場（JKM）繼續達到重要的里程碑，在第三季度的關鍵流動性指標（包括參與度、交易量和未平倉合約）中創下了記錄。重要的是，JKM 執行模式再次強化了天然氣市場相互關聯的程度，超過 60% 的 JKM 交易量是透過 JKM TTF 價差執行的。

In North America, market participants seeking to manage exposure to US natural gas pricing dynamics continue to gravitate towards ICE's Henry Hub contracts for the liquidity ICE offers in longer-dated tenants, along with the linkage to our exclusive regional basis markets which spans 70 trading hubs across North America. In the third quarter, volume in our North American gas complex increased 39% year-over-year.

在北美，尋求管理美國天然氣定價動態風險的市場參與者繼續傾向於 ICE 的亨利中心合約，以獲得 ICE 為長期租戶提供的流動性，以及與我們涵蓋 70 個交易中心的獨家區域基礎市場的聯繫橫跨北美。第三季度，我們北美天然氣綜合體的銷量較去年同期成長 39%。

Finally, with Canada expected to significantly ramp up its LNG export capacity from 2025, increased exports from the West Coast of North America to Asia should add a further dimension to the supply equation. ICE's Calgary-based Natural Gas Exchange, or ICE NGX, has operated in the Alberta natural gas and electricity futures market for 30 years, developing the AECO Hub into one of North America's most liquid spot and forward energy markets.

最後，預計加拿大將從 2025 年起大幅提高其液化天然氣出口能力，北美西海岸向亞洲的出口量增加應該會進一步增加供應方程式。ICE 位於卡加利的天然氣交易所 (ICE NGX) 在艾伯塔省天然氣和電力期貨市場運營了 30 年，將 AECO Hub 發展成為北美流動性最強的現貨和遠期能源市場之一。

ICE offers liquid markets in TTF, JKM, Henry Hub, and the North American basis markets such as AECO, offering a broad range of natural gas benchmarks with trading hubs across Europe, Asia, and North America. As the global landscape of LNG exports, geopolitical forces and shift towards cleaner energy all continue to evolve, we see these dynamics continuing to favor our growing global gas complex well into the future.

ICE 在 TTF、JKM、Henry Hub 和北美基礎市場（如 AECO）提供流動性市場，透過歐洲、亞洲和北美的交易中心提供廣泛的天然氣基準。隨著液化天然氣出口、地緣政治力量和向清潔能源轉變的全球格局不斷發展，我們認為這些動態在未來將繼續有利於我們不斷增長的全球天然氣綜合體。

As policy discussions on how best to deliver global sustainability objectives continue to evolve, our liquid and transparent environmental markets, first launched almost two decades ago, continue to see growth, providing transparent, market-based pricing for both positive and negative externalities. Here, we have seen the number of active market participants grow double digits on average over the past five years, including record participation in the third quarter, up 14% year-over-year. At the same time, our North American environmental complex reached record volumes in the quarter, increasing 70% versus prior year. While volumes in our European emission allowance futures and options increased 45%, this strong performance has contributed to the 49% growth in our environmental revenues year-to-date including 60% growth in the third quarter.

隨著關於如何最好地實現全球永續發展目標的政策討論不斷發展，我們大約二十年前首次推出的流動且透明的環境市場繼續增長，為正外部性和負外部性提供透明的、基於市場的定價。在這裡，我們看到活躍市場參與者的數量在過去五年中平均增長了兩位數，其中第三季度的參與度創歷史新高，同比增長 14%。同時，我們的北美環境綜合體在本季達到了創紀錄的交易量，比去年同期成長了 70%。雖然我們的歐洲排放配額期貨和選擇權交易量成長了 45%，但這一強勁表現推動我們的環境收入今年迄今成長了 49%，其中第三季成長了 60%。

In summary, as the confluence of increasing energy demand, evolving supply chains and the energy transition continues to introduce new complexities, uncertainties and volatility into energy markets, our global environmental markets, alongside our global gas, oil, coal and power markets, provide the critical price transparency and risk management tools that will enable participants to navigate this multilayered and nonlinear transition.

總之，隨著不斷增長的能源需求、不斷發展的供應鏈和能源轉型不斷為能源市場帶來新的複雜性、不確定性和波動性，我們的全球環境市場以及全球天然氣、石油、煤炭和電力市場為我們提供了關鍵的價格透明度和風險管理工具將使參與者能夠駕馭這種多層次和非線性的轉變。

Before I hand over to Jeff, I wanted to briefly touch on our interest rate markets, which hit record volume during the quarter, increasing 50% year-over-year. A mixed inflation picture, low unemployment, weaker economic data, and ongoing geopolitical uncertainty continue to drive demand for interest rate risk management. ICE's liquid multicurrency, short-term interest rate complex includes the key benchmark Euribor, SONIA, and SARON markets used to manage short-term interest rate risk in euros, pound sterling, and Swiss francs, respectively.

在向 Jeff 報告之前，我想先簡單介紹一下我們的利率市場，該市場交易量在本季創下歷史新高，年增 50%。通膨情況好壞參半、失業率低、經濟數據疲軟以及持續的地緣政治不確定性繼續推動利率風險管理的需求。ICE 的流動性多貨幣短期利率綜合體包括主要基準 Euribor、SONIA 和 SARON 市場，分別用於管理歐元、英鎊和瑞士法郎的短期利率風險。

As the benchmark for managing short-term euro interest rate risk, ICE's Euribor volume increased 47% year-over-year in the third quarter with open interest up 15% in October. The latest addition to ICE's multicurrency -- complex, the euro short-term rate, or ESTER, continues to break records across all liquidity metrics, including open interest hitting a record 681,000 contracts during October. ICE SONIA market, the benchmark for managing UK interest rate risk, traded a record 14 million contracts in September, contributing to a 53% growth year-to-date. Trends towards the end of October remained robust with open interest up 71%. ICE also hosts the Gilt futures market, the benchmark for the UK government bond yield curve, where volume is up 30% year-to-date, including 42% growth in the third quarter with open interest up 92% year-over-year.

作為管理短期歐元利率風險的基準，ICE第三季Euribor交易量年增47%，10月未平倉合約成長15%。ICE 多貨幣複合貨幣的最新成員歐元短期利率 (ESTER) 繼續打破所有流動性指標的記錄，包括 10 月未平倉合約達到創紀錄的 681,000 份合約。管理英國利率風險的基準 ICE SONIA 市場 9 月成交量達到創紀錄的 1,400 萬份合約，今年迄今成長了 53%。十月底的趨勢依然強勁，未平倉合約增加了 71%。ICE 也主辦英國政府債券殖利率曲線基準的金邊債券期貨市場，今年迄今成長了 30%，其中第三季成長了 42%，未平倉合約年增了 92%。

The disparity between the expected relative parts for the Central Banks has been a consistence theme over the last year. This has been beneficial for our rates franchise, both in terms of volume and open interest and looks set to continue as our customers rely on the deep liquidity and capital efficiencies at ICE.

各國央行預期相對部分之間的差異一直是去年的一致主題。無論是在交易量還是未平倉合約方面，這對我們的利率特許經營都是有利的，並且隨著我們的客戶依賴 ICE 的深度流動性和資本效率，這一趨勢將會持續下去。

With that, I'll hand it over to Jeff.

這樣，我就把它交給傑夫。

Thank you, Stuart. Please now turn to slide 9. Operating marketplaces with strong network effects is a core expertise at ICE. Today, we do so across an array of asset classes, geographies, and customer types.

謝謝你，斯圖爾特。現在請翻到投影片 9。營運具有強大網路效應的市場是 ICE 的核心專長。如今，我們在一系列資產類別、地理和客戶類型中都這樣做。

In the US home mortgage market, we're following the proven playbook that we've applied across other asset classes. We're leveraging leading technology, mission-critical data, and our network expertise to build innovative solutions that improve workflow efficiencies and connect market participants to one another. With a touch point to nearly every market participant in the US mortgage space, we have connectivity to a customer base in need of the automation that our digital network provides for.

在美國房屋抵押貸款市場，我們正在遵循已在其他資產類別中應用的行之有效的策略。我們正在利用領先的技術、關鍵任務數據和我們的網路專業知識來建立創新的解決方案，以提高工作流程效率並將市場參與者相互連結。透過與美國抵押貸款領域幾乎所有市場參與者的接觸點，我們可以連接到需要我們的數位網路提供的自動化的客戶群。

September marked our one-year anniversary since we closed on the acquisition of Black Knight. So I thought it would be appropriate to give you an update on how this company and its technologies have been integrated into our network. By adding Black Knight's servicing technology, with its over 100 servicing clients and robust data and analytics to our network, ICE assembled a true life-of-loan offering that spans from the point of consumer acquisition all the way through to the secondary capital markets. We organized once disparate assets into a unified network that communicates seamlessly from end to end.

九月是我們完成收購 Black Knight 一週年紀念。因此，我認為向您提供有關該公司及其技術如何整合到我們網路中的最新資訊是合適的。透過將 Black Knight 的服務技術及其超過 100 個服務客戶以及強大的數據和分析添加到我們的網路中，ICE 整合了真正的貸款期限產品，涵蓋從消費者購買點一直到二級資本市場。我們將曾經分散的資產組織成一個統一的網絡，實現端到端的無縫通訊。

The construction of a mortgage can begin with our industry-leading customer engagement suite. We brought together Ellie Mae's Velocify and Consumer Connect platforms and married them to Black Knight's marketing automation solution called SureFire, tying together the pieces required for a complete customer engagement suite. SureFire leverages data to create effective marketing campaigns, nurtures them to the mortgage application and educates and informs borrowers throughout the funding process. Additionally, this platform provides direct channel outreach after the loan closing to help capture repeat business.

抵押貸款的建構可以從我們行業領先的客戶參與套件開始。我們將 Ellie Mae 的 Velocify 和 Consumer Connect 平台結合在一起，並將它們與 Black Knight 的名為 SureFire 的營銷自動化解決方案結合起來，將完整的客戶參與套件所需的各個部分結合在一起。SureFire 利用數據進行有效的行銷活動，培養他們進行抵押貸款申請，並在整個融資過程中向借款人提供教育和資訊。此外，該平台在貸款結束後提供直接管道外展，以協助捕獲重複業務。

Velocify is a sales automation solution that enables loan officers to capture missed opportunities and communicate with borrowers to close loans faster. And Consumer Connect provides a state-of-the-art digital mortgage experience to the consumer for the home buying process. We've unified these systems, which now seamlessly operate as one to feed the Encompass loan underwriting platform.

Velocify 是一種銷售自動化解決方案，可讓信貸員抓住錯失的機會並與借款人溝通以更快地結清貸款。Consumer Connect 為消費者的購屋流程提供最先進的數位抵押貸款體驗。我們已經統一了這些系統，現在它們可以作為一個系統無縫運行，為 Encompass 貸款承銷平台提供服務。

With Encompass, we successfully added a browser-based run-in or loan underwriting and integrated new automation tools. And we added more ways to partner and extend the platform by increasing network APIs. Lenders can take advantage of products that are integrated via our partner network while partners are able to build and release distributed products just one time. And once released, lenders can use a partner product across all of ICE Mortgage Technologies, lender-facing applications.

透過 Encompass，我們成功新增了基於瀏覽器的磨合或貸款承銷，並整合了新的自動化工具。我們還透過增加網路 API 增加了更多合作和擴展平台的方法。貸款人可以利用透過我們的合作夥伴網路整合的產品，而合作夥伴則可以一次建立和發布分散式產品。一旦發布，貸款人就可以在所有 ICE 抵押技術、貸款人導向的應用程式中使用合作夥伴產品。

In addition, we connected data assets from Black Knight, including property tax, flood, and closing fee information into Encompass. We also moved AllRegs, our market-leading rule for compliance-related information into the ICE Cloud, and we deeply integrated it into Encompass. We enhanced this offering by incorporating a generative AI model so that natural language inquiries generate loan program information and guideline summaries from the most comprehensive compliance library available in the industry, covering nearly 1 million pages.

此外，我們還將 Black Knight 的數據資產（包括財產稅、洪水和成交費資訊）連接到 Encompass。我們還將市場領先的合規相關資訊規則 AllRegs 移至 ICE 雲，並將其深度整合到 Encompass 中。我們透過整合生成式人工智慧模式增強了這項服務，以便自然語言查詢可以從業界最全面的合規庫（涵蓋近 100 萬頁）中產生貸款計畫資訊和指南摘要。

We previously mentioned that we took a product formally called AIQ, extended its capabilities to further automate data extraction and integrated it into Encompass. This product, now known as ICE Data and Document Automation, or DDA, captures the information provided by a borrower. Whether a document was shared by a portal, e-mail, fax, or scan, DDA normalizes it, standardizes its naming, and puts everything in the correct order. This creates consistency, uniformity, and efficiency.

我們之前提到過，我們採用了一款正式名稱為 AIQ 的產品，擴展了其功能以進一步自動化資料提取，並將其整合到 Encompass 中。該產品現在稱為 ICE 資料和文件自動化 (DDA)，捕獲借款人提供的資訊。無論文件是透過入口網站、電子郵件、傳真或掃描共享的，DDA 都會對其進行規範化、標準化其命名，並將所有內容按正確的順序排列。這創造了一致性、統一性和效率。

A team of about 200 of our technologists have further expanded the capabilities of DDA by building sophisticated income and credit analyzers to deploy one of the most important new technologies to be offered in the US mortgage space. These sophisticated analyzers transform formerly manual operations into automated exception-based workflows. Key steps in the underwriting process are accelerated, including investigation to determine the creditworthiness of a wide range of borrowers for GSE guaranteed loan eligibility or for HUDs affordable loan program, or a given metropolitan statistical area. This comes at a time when prospective homebuyers are facing the most daunting affordability challenges in four decades and at a time when many borrowers have nontraditional income streams that don't neatly fit on a Form W-2. These new analyzers drive greater operational efficiency to help lower mortgage origination costs for lenders and ultimately, borrowers.

我們由約 200 名技術人員組成的團隊透過建立複雜的收入和信用分析器來部署美國抵押貸款領域提供的最重要的新技術之一，進一步擴展了 DDA 的功能。這些複雜的分析器將先前的手動操作轉變為基於異常的自動化工作流程。核保過程中的關鍵步驟已加快，包括調查以確定廣泛借款人的信用度，以獲得 GSE 擔保貸款資格或 HUD 負擔得起的貸款計劃，或給定的大都會統計區域。在此背景下，潛在購屋者面臨著四十年來最嚴峻的負擔能力挑戰，而且許多藉款人擁有與 W-2 表格不完全相符的非傳統收入流。這些新的分析器提高了營運效率，有助於降低貸方以及最終借款人的抵押貸款發放成本。

We continue to invest in our product and pricing engine by providing additional options to lenders, servicers and their funding partners. We've connected our network directly to Fannie, Freddie, and Ginnie Mae for seamless pricing inquiries. As a result, we went live with 32 new price engine clients this year accompanied by a strong pipeline of 19 others that are currently in the implementation phase.

我們透過向貸方、服務商及其融資合作夥伴提供更多選擇，繼續投資於我們的產品和定價引擎。我們已將我們的網路直接連接到房利美、房地美和吉利美，以實現無縫定價查詢。因此，我們今年與 32 個新的價格引擎客戶一起上線，同時還有其他 19 個目前正處於實施階段的強大管道。

We also deployed our team to bring Black Knight's loan servicing onto our network, recently announcing the integration of Encompass underwriting system with the MSP servicing system with documents now moving straight from origination through to servicing. Taking it a step further, we also incorporated DDA into MSP so that servicers can quickly identify any critical information that may be missing from a loan file as the documents progress. And we cemented this integration milestone with the signing of JPMorgan Chase to also utilize this platform for their servicing business.

我們還部署了我們的團隊，將 Black Knight 的貸款服務引入我們的網絡，最近宣布將 Encompass 承保系統與 MSP 服務系統集成，文件現在直接從起始到服務。更進一步，我們也將 DDA 納入 MSP，以便服務人員可以隨著文件的進展快速識別貸款文件中可能遺失的任何關鍵資訊。我們與摩根大通簽署協議，將此平台用於其服務業務，從而鞏固了這個整合里程碑。

We continue to enhance the MSP loan servicing technology since our acquisition of Black Knight by investing in a new user interface called MSP DX. This interface monetizes access and control of the legacy loan servicing platform and streamlines key tasks across loan onboarding, investor reporting and customer service. It allows users to seamlessly retrieve data and evoke servicing actions through a conversational user interface. And with its expanded capability, facilitates loan triage providing users with an efficient view of relevant information when working on loan exceptions. We've also further automated the credit dispute processes to help mortgage servicers meet their 30-day reporting obligations under the Fair Credit Reporting Act.

自從收購 Black Knight 以來，我們透過投資名為 MSP DX 的新使用者介面，持續增強 MSP 貸款服務技術。此介面可將舊貸款服務平台的存取和控制貨幣化，並簡化貸款啟動、投資者報告和客戶服務方面的關鍵任務。它允許用戶透過對話式使用者介面無縫檢索資料並引發服務操作。憑藉其擴展的功能，可以促進貸款分類，為用戶在處理貸款例外情況時提供相關資訊的有效視圖。我們也進一步實現了信用糾紛流程的自動化，以幫助抵押貸款服務機構履行《公平信用報告法》規定的 30 天報告義務。

Our expertise at digitization has led to continued innovation for the secondary market for home mortgages. In the third quarter, we went live with our MBS mortality indicator, which leverages data sets across ICE Mortgage Technology and ICE Data Services to produce daily trading signals for agency, residential MBS pools. We believe these signals are significantly more accurate at predicting near-term prepayments than the legacy products in the market.

我們在數位化方面的專業知識推動了房屋抵押貸款二級市場的持續創新。第三季度，我們推出了 MBS 死亡率指標，該指標利用 ICE 抵押技術和 ICE 資料服務的資料集，為機構、住宅 MBS 池產生每日交易訊號。我們相信，這些訊號在預測近期預付款方面比市場上的傳統產品更準確。

In summary, we've assembled and expanded a leading customer engagement suite, underwriting tools, pricing systems, closing tools, registration tools, servicing systems, and the resulting data and integrated them into ICE's network for the US mortgage industry. ICE brings together the key industry stakeholders from origination to final settlement in a single network ecosystem. That's roughly 85% of all US home mortgages connected to more than 3,000 lenders, 48,000 settlement agents and closing attorneys, 2,500 county governments, the GSEs, 80,000 notaries, 100 loan servicing companies, 1,000 mortgage-backed security investment firms, and thousands of third-party data and service providers who can now communicate with one another via a common data standard on a robust network operated under ISIS cyber overlay.

總而言之，我們組裝並擴展了領先的客戶參與套件、承保工具、定價系統、結帳工具、註冊工具、服務系統以及產生的數據，並將它們整合到 ICE 的美國抵押貸款行業網絡中。ICE 將從發起到最終結算的主要產業利害關係人聚集在一個網路生態系統中。大約85% 的美國住房抵押貸款與3,000 多家貸款人、48,000 名結算代理人和結帳律師、2,500 個縣政府、GSE、80,000 名公證人、100 家貸款服務公司、1,000 家抵押貸款支持證券投資公司以及數千家第三方機構相關。

We believe that we've created a platform where every new participant who joins this network makes the platform increasingly more valuable to its other users. Essentially, we've moved ICE from selling software to offering a growing network for the management of the home mortgage life cycle.

我們相信，我們已經創建了一個平台，加入該網路的每個新參與者都會使該平台對其其他用戶變得越來越有價值。從本質上講，我們已經將 ICE 從銷售軟體轉變為提供不斷發展的網路來管理房屋抵押貸款生命週期。

Throughout this journey, and consistent with our approach across other asset classes, we remain focused on executing on our strategy of relieving pain points across the mortgage workflow while investing ahead of secular growth to enhance the value proposition of our network.

在整個過程中，與我們在其他資產類別中採取的方法一致，我們仍然專注於執行緩解整個抵押貸款工作流程痛點的策略，同時在長期增長之前進行投資，以增強我們網絡的價值主張。

Turning now to slide 10. Since our founding, ICE has operated with a strategy to build tools and markets for institutions and consumers which operate in the white space of the inefficiencies of legacy markets. We seek to do so in a manner that enables us to grow our earnings in all economic conditions so that ICE is truly an all-weather growth story.

現在翻到投影片 10。自成立以來，ICE 的營運策略是為在傳統市場效率低下的空白區域運作的機構和消費者建立工具和市場。我們力求以一種能夠在所有經濟條件下增加收入的方式來實現這一目標，從而使 ICE 成為真正的全天候成長故事。

Our record third quarter following up on our unsurpassed first half results are a testament to the execution of this strategy, the business model that we've intentionally built, and the value of our strategic capital allocation. It's how we've grown our adjusted earnings per share every year that we've been a public company.

繼上半年無與倫比的業績之後，我們第三季創紀錄的業績證明了這項策略的執行、我們有意建立的業務模式以及我們策略資本配置的價值。這就是我們成為上市公司以來每年調整後每股盈餘成長的方式。

And finally, I'd like to retell you that a decade ago, I sought to expand in the global financial markets by merging LIFFE, the London International Financial Futures Exchange, with our London-based commodity exchange and clearinghouse in order to create a global risk management powerhouse. With great respect, I'd like to end my prepared remarks by acknowledging the contributions of Sir Brian Williamson and Hugh Freedberg, who built, saved, and nurtured that LIFFE exchange. This world recently lost both gentlemen. And I hope that as they look down upon us, they regard my colleagues, and I as worthy stewards of their vision. And I hope they smile along with us at our record interest rate derivative activity in the third quarter, up 50% year-over-year.

最後，我想再告訴你們，十年前，我試圖透過將LIFFE（倫敦國際金融期貨交易所）與我們位於倫敦的商品交易所和清算所合併來擴大全球金融市場，以創造一個全球性的金融市場。懷著崇高的敬意，我想在結束我準備好的演講時感謝布萊恩·威廉森爵士和休·弗里德伯格爵士的貢獻，他們建立、拯救和培育了 LIFFE 交易所。這個世界最近失去了兩位先生。我希望當他們看不起我們時，他們會認為我和我的同事是他們願景的有價值的管理者。我希望他們和我們一樣對我們第三季創紀錄的利率衍生性商品活動（年增 50%）感到滿意。

Let me now turn the call back to our moderator, Lydia, and we'll conduct a question-and-answer session until 9:30 Eastern Time.

現在讓我將電話轉回給我們的主持人 Lydia，我們將進行問答會議，直至東部時間 9:30。

(Operator Instructions) Alex Kramm, UBS.

（操作員說明）Alex Kramm，UBS。

Yeah. Good morning, everyone. I'm going to start with an unanswerable question, I think, as I think about the energy business as we think about the end of the year and into 2025. Obviously, a lot of detail here in terms of the structural opportunities and clearly, that's reflected in the open interest. We've seen in, obviously, volumes this year, too. But look, clearly, it's been a solid environment as well from a trading perspective, in particular, in the fourth quarter with some of the volatility we've seen from the Middle East. So clearly, there's been some beta help you as well.

是的。大家早安。我想，當我思考能源業務時，就像我們思考年底和 2025 年一樣，我將從一個無法回答的問題開始。顯然，這裡有很多關於結構性機會的細節，並且顯然，這反映在未平倉合約中。顯然，今年我們也看到了大量的這類產品。但顯然，從交易角度來看，這也是一個堅實的環境，特別是在第四季度，我們在中東看到了一些波動。顯然，還有一些測試版可以幫助您。

So I'm just wondering, I know it's very difficult, if you can separate the alpha and the beta a little bit and how you think about that heading into 2025. What's repeatable and where are you a little bit worried that the trading environment may not be as good? Thank you. I know it's a lengthy question.

所以我只是想知道，我知道這非常困難，如果你能將 alpha 和 beta 分開一點，以及你如何看待進入 2025 年的情況。什麼是可重複的？謝謝。我知道這是一個很長的問題。

Alex, this is Jeff. And since that's an unanswerable question, let's put the new guy on it and ask Stuart, if he can handle it. (laughter)

亞歷克斯，這是傑夫。既然這是一個無法回答的問題，我們就讓新人來問斯圖爾特，他是否能處理好。（笑聲）

Thanks, Jeff, and thanks, Alex, for the question. It is a great question. Best way to think about this, and I think you picked up on a really important point there, Alex, when you referenced open interest. So as unanswerable as it might be, open interest is always a good indicator of future volume because this is -- these are positions being placed by real market participants. And those positions will need to be managed in the future as markets evolve.

謝謝傑夫，也謝謝亞歷克斯提出的問題。這是一個很好的問題。考慮這個問題的最佳方式，我認為你在提到未平倉合約時抓住了一個非常重要的觀點，亞歷克斯。因此，儘管可能無法回答，但未平倉合約始終是未來交易量的良好指標，因為這些是真實市場參與者所放置的部位。隨著市場的發展，未來需要對這些部位進行管理。

But the other way we think about this is that there is a linkage between the geopolitical events, which you referenced in your question, which do create short-term volatility, but which also creates often new supply chains, which then will leverage other parts of that matrix product setup that we've got, which spans energy types and geography and the environmental markets.

但我們思考這個問題的另一種方式是，你在問題中提到的地緣政治事件之間存在聯繫，這些事件確實造成了短期波動，但也經常創造了新的供應鏈，然後這些供應鏈將利用其他部分我們擁有的矩陣產品設置，涵蓋能源類型、地理位置和環境市場。

So just giving you an example of that. One of the things we saw after Europe's efforts to remove Russian hydrocarbons from its supply chain, we saw new supply routes coming from the Middle East up into Europe, which we've never foreseen when we first set up ICE futures Abu Dhabi, but that's what happened. And so what we find is a lot of these geopolitical events create different slide chain opportunities, which continue to drive growth in different parts of our energy markets.

所以只是給你舉個例子。在歐洲努力將俄羅斯碳氫化合物從其供應鏈中移除之後，我們看到的一件事是，我們看到了從中東進入歐洲的新供應路線，這是我們第一次在阿布達比建立ICE期貨時從未預見的，但這就是發生了什麼事。因此，我們發現許多地緣政治事件創造了不同的滑鏈機會，這些機會繼續推動我們能源市場不同部分的成長。

The focus that we've had over the last 20 years though has been to create that network of markets that provides a pricing point at each geography, energy type, and environmental touch points so that whatever happens, whether it's geopolitical, whether it's supply chain changes, however the market evolves, we have the opportunity to provide that tool to our customers and can benefit off the back of that.

不過，過去 20 年我們的重點是創建市場網絡，為每個地理位置、能源類型和環境接觸點提供定價點，以便無論發生什麼，無論是地緣政治還是供應鏈無論市場如何發展，我們都有機會向客戶提供該工具，並從中受益。

The other point I would make, just in closing the answer, is we're very clearly at an inflection point where the growth we've seen over the last 20 years in absolute energy consumption is set to continue. About 80% of the world's population lives in non-OECD countries which, on average, on a per capita basis, only uses one-third of the energy of the equivalent people living in OECD countries. Put differently, energy consumption will double over the next 25 years according to many economists. And a lot of that is going to be in places in the developing world where contracts like JKM and TTF and Brent and Dubai and Murban are critical in managing price risk around those areas. So we feel pretty good about the opportunity ahead of us. But as you say, it's pretty difficult to quantify that.

在結束這個答案時，我要說的另一點是，我們非常清楚地處於一個拐點，過去 20 年絕對能源消耗的成長將繼續下去。全球約80%的人口居住在非經合組織國家，這些國家的人均能源消耗僅為經合組織國家同等人口的三分之一。換句話說，許多經濟學家認為，未來 25 年能源消耗將翻倍。其中很大一部分將發生在發展中國家的地方，JKM、TTF、布倫特、杜拜和穆爾班等合約對於管理這些地區的價格風險至關重要。因此，我們對擺在我們面前的機會感到非常滿意。但正如你所說，很難量化這一點。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hey. Good morning, everyone. We had a question on the new partnership between ICE bonds and MarketAxess. So how will this partnership enhance your liquidity pool and client value proposition? And will we see it translate into stronger market share trends?

嘿。大家早安。我們對 ICE 債券和 MarketAxess 之間的新合作夥伴關係有疑問。那麼，這種合作關係將如何增強您的流動性池和客戶價值主張？我們會看到它轉化為更強勁的市場佔有率趨勢嗎？

If I could just squeeze one more in. Could this lead down the road to a closer relationship with MarketAxess ranging from a full acquisition or strategic minority equity investment?

如果我能再擠一個進去就好了。這是否會導致與 MarketAxess 建立更緊密的關係（從全面收購到策略性少數股權投資）？

Craig, it's Chris Edmonds. Thanks for the question. Probably we'll -- the second when you asked. But look, the partnership with MarketAxess, it really gives us an opportunity where we have a very unique client base that is different than the MarketAxess traditional client base. But there are different pools of liquidity because of what they represent. And so this gives -- this combination gives us the ability for all of our clients to make sure they have access to the liquidity they're looking for.

克雷格，我是克里斯‧艾德蒙茲。謝謝你的提問。也許我們會——你問的第二個。但看，與 MarketAxess 的合作確實給了我們一個機會，我們擁有非常獨特的客戶群，與 MarketAxess 傳統客戶群不同。但由於流動性池所代表的意義不同，因此存在不同的流動性池。因此，這種組合使我們能夠為所有客戶確保他們能夠獲得他們正在尋找的流動性。

It's still early days, but it has gone very well for both of us. We're both happy with it. I spoke with him yesterday. Things continue to progress in a positive way there. And we will look to add other instruments along the way as the market continues to evolve into the future. But like I said, I'll probably avoid the last question you asked there. Thanks.

現在還為時過早，但對我們倆來說一切都進展順利。我們都很高興。我昨天和他談過。那裡的事情繼續以積極的方式進展。隨著市場不斷發展到未來，我們將尋求添加其他工具。但就像我說的，我可能會避免你在那裡問的最後一個問題。謝謝。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi. Good morning. Thanks for taking the question. I just wanted to dig in a little deeper to the fourth quarter IMT guidance. It looks like, at least I know you tend to be a little bit more conservative than the MBA forecast, but they show sort of an expected pick up between refis and purchases together. So just curious if you could kind of comment on that.

你好。早安.感謝您提出問題。我只是想更深入地了解第四季度 IMT 指導。看起來，至少我知道你傾向於比 MBA 的預測更保守一點，但它們顯示出翻新和購買之間的預期回升。所以只是好奇你是否可以對此發表評論。

And then maybe could you perhaps remind us, how should we be thinking about your overall sensitivity to pick up in transactions given there's a minimum component? Like how would you describe the current level of activity? Are most of your customers below that minimum level such that incremental transactions don't add as much? Like how should we sort of be thinking about that in Q4 and into next year? Thank you very much.

然後也許您可以提醒我們，考慮到有一個最小的組成部分，我們應該如何考慮您對交易的整體敏感度？您如何描述目前的活動水平？您的大多數客戶是否都低於最低水平，以致增量交易不會增加那麼多？例如我們應該如何在第四季和明年考慮這個問題？非常感謝。

Yes, Ben, it's a good question. And thank you for it. So in terms of the first part of that question. So the fourth quarter guidance, as I said, it does assume some -- a slower purchase market. And when we see that in every fourth quarter, generally speaking, that trends off and that change happens in the first quarter as well for what it's worth just the weather, frankly, at the end of the day and to people looking at houses and buying houses. So that's a typical pattern that we see.

是的，本，這是個好問題。謝謝你。就該問題的第一部分而言。因此，正如我所說，第四季度的指導確實做出了一些假設——購買市場放緩。當我們看到，一般來說，在每個第四季度，這種趨勢都會減弱，而這種變化也會發生在第一季度，坦白說，對於天氣而言，最終對於看房和購買的人們來說也是如此房屋。這就是我們看到的典型模式。

I think in terms of how that compares to what the MBA may be expecting, I don't know that that has really captured the sharper, higher in interest rates and mortgage rates over the last few weeks. So there may be a little bit more of an aggressive assumption on what refinancing may be looking like in that particular period. And so we base -- what we're looking at is really what we're seeing on the application front and we're seeing on the closed loan front in terms of what we can see in the next quarter or so. So I think it's a pretty good guide in terms of what one would expect for the quarter given where we're a month through here and it generally takes sort of 30, 60 days to close a loan. So those application volumes can be pretty indicative of what this quarter will look like.

我認為，與 MBA 的預期相比，我不知道這是否真正反映了過去幾週利率和抵押貸款利率的急劇上升。因此，對於該特定時期的再融資可能會是什麼樣子，可能會有更激進的假設。因此，我們所看到的實際上是我們在申請方面看到的情況，以及我們在下個季度左右可以看到的關閉貸款方面看到的情況。因此，我認為，考慮到我們已經過去一個月了，而且通常需要 30 到 60 天才能結清貸款，因此對於人們對本季的預期而言，這是一個非常好的指南。因此，這些申請量可以很好地說明本季的情況。

On your second question, yes, look, we still have a significant portion of the customers that are under their minimums today. But each quarter, that's getting better. And in fact, the third quarter was the best in two years or so, over two years, and that's been steadily improving throughout this year. So not only does it improving loan market help that, but so does the fact that we have actually been renewing some of these customers towards lower minimums as well and so the bar, if you will, is a little bit lower.

關於你的第二個問題，是的，你看，我們今天仍然有很大一部分客戶低於最低標準。但每個季度，情況都在好轉。事實上，第三季度是兩年左右、兩年多以來最好的季度，而且今年以來一直在穩步改善。因此，改善貸款市場不僅有助於這一點，而且事實上我們也一直在為其中一些客戶續約，以降低最低限額，因此，如果您願意的話，門檻會低一點。

And so we've seen that transaction getting better the last few quarters, albeit still small and customers are crossing over their minimums with that being a big reason why it's improving. But we are -- that is a big reason why we are actually outperforming in terms of our transaction revenue relative to the market is some of those customers crossing over that minimum, not paying transaction fees in the prior period and now paying transaction fees. And I think as that market normalizes, you're going to see that continue.

因此，我們看到過去幾季的交易量有所改善，儘管規模仍然很小，而且客戶正在跨越最低限度，這是交易量改善的一個重要原因。但我們確實——這就是我們的交易收入相對於市場而言實際上表現出色的一個重要原因，因為有些客戶跨越了最低限度，在前期不支付交易費，現在卻支付交易費。我認為隨著市場正常化，你會看到這種情況繼續下去。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. So Warren, another question for you, just expenses. Curious about the step-up into 4Q, kind of what's driving that. And then I know it's early, but thinking about the building blocks for '25, if you can kind of give us the framework, I think about maybe versus previous years.

謝謝。早安.華倫，另一個問題要問你，只是費用。對進入 4Q 的升級感到好奇，是什麼推動了這一進程。然後我知道現在還為時過早，但考慮到 25 年的構建模組，如果你能給我們一個框架，我想也許與前幾年相比。

And also in the cost of the mortgage business, if we do see a pickup in activity, the incremental margin of that business as we think about volumes starting to pick up more materially with rates changing as we go into next year.

此外，在抵押貸款業務的成本方面，如果我們確實看到活動回升，那麼該業務的增量利潤率就會隨著我們進入明年的利率變化而開始大幅回升。

Thanks, Dan. Good question. So as I noted, in terms of the fourth quarter, there's about $10 million to $15 million of onetime expenses that you'll want to take out of that in terms of thinking about a core run rate. Those one-times were several items really across different areas of the business unrelated that kind of hail towards -- we incurred, if you will, or realize we were going to incur towards the end of this quarter.

謝謝，丹。好問題。正如我所指出的，就第四季度而言，考慮到核心運行率，您需要從中扣除大約 1000 萬至 1500 萬美元的一次性費用。這些一次性的項目確實跨越了業務的不同領域，與這種冰雹無關——如果你願意的話，我們發生了，或者意識到我們將在本季度末發生。

So I think if you take that, you're probably down to $970 million or so versus the $960 million we had this quarter. And the difference there is going to be on the SG&A side. To a degree, we did have a little bit lower marketing and consumer acquisition costs in the third quarter that should pick up a bit in the fourth quarter, a little bit higher professional services fees as well that will come in next quarter -- or in the fourth quarter, I should say.

所以我認為，如果你這樣計算，你的收入可能會減少到 9.7 億美元左右，而我們本季的營收為 9.6 億美元。差異將出現在SG&A 方面。在某種程度上，我們第三季的行銷和消費者獲取成本確實有所下降，第四季度應該會有所回升，專業服務費用也會更高一些，這將在下個季度或在我應該說是第四季。

So I think as you're thinking about next year, the $970 million, that's probably a good jumping off point. And to annualize that, of course, and then think about a similar framework that we've used in the past. We're going to invest in our people, we'll invest in the business, the technology and continue to do that as you've seen us do in the last number of years. So I think it's -- that will be a fair way to be thinking about it as we move into next year. We'll, of course, give you more granular guidance when we get there.

所以我認為，當你考慮明年的 9.7 億美元時，這可能是一個很好的起點。當然，要按年計算，然後考慮我們過去使用過的類似框架。我們將投資我們的員工，我們將投資於業務和技術，並繼續這樣做，就像您在過去幾年中看到的那樣。所以我認為，當我們進入明年時，這將是一個公平的思考方式。當然，當我們到達那裡時，我們會為您提供更詳細的指導。

On your second question on the incremental margins, you're 100% right. As the transaction backdrop improves and the market backdrop improves for loan originations, those are somewhat similar, if not entirely similar to what you would expect and see in our futures business or the New York Stock Exchange, where the transaction revenues have pretty high incremental margins on them. So that will certainly be a benefit to the segment margin and to the overall margin as that loan market normalizes.

關於增量利潤的第二個問題，你是100%正確的。隨著交易背景的改善以及貸款發放的市場背景的改善，這些與您在我們的期貨業務或紐約證券交易所中所期望和看到的情況即使不完全相似，也有些相似，其中交易收入具有相當高的增量利潤在他們身上。因此，隨著貸款市場正常化，這肯定會對分部利潤率和整體利潤率帶來好處。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Yeah. Morning, everyone. Thanks for taking the question. I wanted to circle back a little bit on energy. Kind of curious where you see pockets of opportunity from a customer perspective, whether it's customers overseas or the US benchmarks or natural gas moving into the crude markets?

是的。早安，大家。感謝您提出問題。我想稍微回顧一下能源。有點好奇，從客戶的角度來看，您在哪裡看到了一些機會，無論是海外客戶、美國基準還是進入原油市場的天然氣？

And then I also wanted to ask about the sustainable aviation fuel market. There's been reports about energy majors investing in Brazil. And just given ICE's positioning in sugar and energy, it seems like a great opportunity. So wondering how you think about that from a market development opportunity set?

然後我還想問一下永續航空燃油市場。有報道稱能源巨頭正在巴西投資。考慮到 ICE 在糖和能源領域的定位，這似乎是一個絕佳的機會。那麼想知道您如何從市場開發機會集角度考慮這一點？

Hi, Chris. This is Stuart here. Thank you for the question. Starting with your question on the customer base, we're seeing -- as you heard in my prepared remarks, we're seeing a significant increase and continued growth in our customer base. The participation in our markets, that's really two factors. We're seeing net new participants coming into our marketplace, particularly out in Asia as hedging strategies continue to mature out there. But we're also seeing participants pivot from markets they've been active in historically into new markets. So for example, people that have historically been trading a lot of Henry Hub on our very regular in our TTF market and getting involved there.

嗨，克里斯。這是斯圖爾特。謝謝你的提問。從你關於客戶群的問題開始，我們看到——正如你在我準備好的發言中聽到的那樣，我們看到我們的客戶群顯著增加並持續增長。對我們市場的參與，這其實是兩個因素。隨著對沖策略的不斷成熟，我們看到淨新參與者進入我們的市場，特別是在亞洲。但我們也看到參與者從他們歷史上一直活躍的市場轉向新市場。例如，歷史上一直在我們的 TTF 市場上經常交易大量 Henry Hub 並參與其中的人。

In terms of how that mix evolves, more and more customers are having global exposures. One of the side effects of the globalization of gas is that gas players globally and particularly, in the US now that the US is a major export of LNG, need to be cognizant of and have risks to manage in respect of prices, not just in the US, but globally. So we've got a lot of global producers in the US that are now looking at both TTF numbers as well as Henry Hub numbers. And indeed some of our basis numbers to figure out whether it's best to pipe that gas internally to -- whether it's for data center usage or other power usage in the US or to export that in the form of LNG to whether it's Europe or Asia. So we're seeing a lot of our US participants now actively trading and holding positions in markets like TTF and JKM.

就這種組合的演變而言，越來越多的客戶擁有全球業務。天然氣全球化的副作用之一是，全球的天然氣參與者，尤其是美國的天然氣參與者，因為美國是液化天然氣的主要出口國，需要認識到並管理價格方面的風險，而不僅僅是價格方面的風險。因此，美國有很多全球生產商現在正在關注 TTF 數據和 Henry Hub 數據。事實上，我們的一些基本數據可以確定是否最好將天然氣透過內部管道輸送到美國的資料中心或其他電力用途，或以液化天然氣的形式出口到歐洲或亞洲。因此，我們看到許多美國參與者現在在 TTF 和 JKM 等市場積極交易並持有部位。

I think the other trend, just pivoting quickly to oil, which has been very interesting. You'll recall that a few years ago, we set up a new market in the US Gulf Coast to better reflect the export price of Permian WTI coming out of the US Gulf Coast. And again, as the US continues to export more and more Permian grade WTI, and as that grade is now linked into Brent, we're seeing a lot more physical participants in the US Permian producers using our numbers to price their exports out of the US Gulf Coast. You might have seen just this last week, the shale producer Continental Resources announced that it was switching its Permian pricing to ICE's HOU contract, which is replacing a differential to WTI Cushing. So that's all pointing in a direction at the increased participation.

我認為另一個趨勢是迅速轉向石油，這非常有趣。您可能還記得，幾年前，我們在美國墨西哥灣沿岸建立了一個新市場，以便更好地反映美國墨西哥灣沿岸二疊紀 WTI 的出口價格。再說一次，隨著美國繼續出口越來越多的二疊紀級WTI，並且該等級現在與布倫特原油掛鉤，我們看到美國二疊紀生產商中有更多的實際參與者使用我們的數據來為其出口定價。您可能上週已經看到，頁岩油生產商大陸資源公司宣布將其二疊紀定價轉向 ICE 的 HOU 合約，該合約取代了 WTI 庫欣的差價。所以這一切都指向了增加參與的方向。

Just pivoting then to your second question around sustainable aviation fuel or SAF, it is definitely a market we're looking at. What I referenced in my prepared remarks around our biofuels markets, which ICE is very active in, we're seeing strong growth there. So that will be the area that SAF plays into. And as again, you alluded to, we're seeing increasing correlation between the sugar markets and the energy markets as a decent chunk of that sugar supply ends up in energy. So you're quite right. This is an opportunity. It's early days in the SAF market. The market structure is still evolving in that space. But we continue to monitor that as time goes on.

接下來轉向關於永續航空燃料或 SAF 的第二個問題，這絕對是我們正在關注的市場。我在關於我們的生物燃料市場的準備好的評論中提到了這一點，ICE 非常活躍，我們看到了那裡的強勁增長。這將是 SAF 涉足的領域。您再次提到，我們看到食糖市場和能源市場之間的相關性日益增強，因為食糖供應的很大一部分最終轉化為能源。所以你說得很對。這是一個機會。SAF 市場尚處於早期階段。該領域的市場結構仍在不斷發展。但隨著時間的推移，我們將繼續監控這種情況。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey. Good morning, everyone. Thank you for the question. Jeff, a little bit of a maybe bigger picture mortgage question for you guys. Obviously, you talked a lot about the progress you're making in sort of integrating various parts of the mortgage network. It's always been an important part of the thesis for you guys. Lots of work behind the themes, sorry, despite the fact that the environment obviously hasn't been particularly helpful here.

嘿。大家早安。謝謝你的提問。傑夫，給你們一個可能更大的房貸問題。顯然，您談到了在整合抵押貸款網絡各個部分方面所取得的進展。對你們來說，它一直是論文的重要組成部分。抱歉，主題背後有很多工作，儘管這裡的環境顯然沒有特別有幫助。

So when do you expect all these efforts to show up in better revenue growth? So in other words, do we need to see a much better, broader industry volumes to sort of kind of like beta help? Or do you think some of these things could actually show up in better revenue trajectory into 2025 regardless of what industry volumes look like?

那麼，您預計所有這些努力何時會帶來更好的收入成長？換句話說，我們是否需要看到更好、更廣泛的產業規模來提供類似測試版的幫助？或者您認為，無論行業規模如何，其中一些實際上可能會在 2025 年出現更好的收入軌跡？

That's a good question. I tried to make a point in my prepared remarks that we really have moved to operating a network. And I made the point that every new market participant that joins the network makes the network more valuable to all the existing participants. And so that phenomenon is not really volume related. It's really helping others take costs out. And our expectation is that as we help reduce the cost of underwriting and placing a mortgage into the capital markets that we'll participate in some of that benefit.

這是個好問題。我試圖在準備好的發言中指出，我們確實已經轉向營運網絡。我指出，每個加入網路的新市場參與者都會使網路對所有現有參與者更有價值。因此，這種現象實際上與數量無關。這確實可以幫助其他人降低成本。我們的期望是，當我們幫助降低承銷成本並將抵押貸款投入資本市場時，我們將分享其中的一些好處。

Separately, Warren talks a lot about normalizing transaction volumes. And when you look at that, you can simply look over a decade before the COVID crisis or even back to year 2022, and you can see volumes that had they run through our platform, would have contributed substantially to both the top and bottom line.

另外，沃倫談到了很多關於交易量正常化的問題。當你看到這一點時，你可以簡單地回顧一下新冠危機之前的十多年，甚至回到2022 年，你可以看到，如果他們透過我們的平台運行，將對收入和利潤做出重大貢獻。

So we do feel like there will be a mean reversion that we'll get to transactions. Obviously, it's hard to predict. But in the meantime, we're going to just keep driving that efficiency through the network.

所以我們確實覺得交易將會出現均值回歸。顯然，這很難預測。但同時，我們將繼續透過網路提高效率。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇，《雷德本大西洋月刊》。

Hi. Thanks for taking my question. I wanted to actually ask a longer-term question just about the environmental markets, please. Perhaps you could -- could you frame the growth that we're seeing in terms of what the stages we're in, in terms of the emissions coverage of the schemes such as the European ETFs? And then ultimately, how to think about the cadence of that growth as we move through the next five years? And then in the very long term, what -- how do we think about that market opportunity or that market existing and the point that we eventually get to net zero? Thanks.

你好。感謝您提出我的問題。我實際上想問一個關於環境市場的長期問題。也許你可以——你能根據我們所處的階段、歐洲ETF等計劃的排放覆蓋範圍來描述我們所看到的增長嗎？最終，當我們度過未來五年時，如何思考這種成長的節奏？然後，從長遠來看，我們如何看待這個市場機會或現有市場以及我們最終實現淨零的目標？謝謝。

Thanks, Simon. Good question. The -- I think the way we're thinking about this from a macro perspective, and I'll drill down into your specific question on the European ETFs. Carbon pricing, our view, as market operators, is that carbon pricing is going to be the most effective way to help channel investments that are needed in order to drive the complete reduction of carbon. And we've seen this very effectively play out in the UK as the UK drove coal out of its merit order using carbon pricing. The European Union on a similar kind of trajectory.

謝謝，西蒙。好問題。我認為我們從宏觀角度思考這個問題的方式，我將深入探討您關於歐洲 ETF 的具體問題。身為市場經營者，我們認為碳定價將是幫助引導推動碳徹底減排所需投資的最有效方式。我們已經看到這種情況在英國非常有效地發揮作用，英國利用碳定價將煤炭排除在優先順序之外。歐盟也走著類似的軌跡。

So what we're seeing over the last couple of years is the dialogue around the importance of pricing carbon and more broadly environmental externalities is evolving. More governments, more policymakers are engaging with the subject and seeing the benefits of cap-and-trade systems, which have been so successful in Europe and the UK and also in certain areas of the US. And so we are seeing more discussions around more coverage of carbon markets.

因此，過去幾年我們看到，圍繞碳定價重要性和更廣泛的環境外部性的對話正在不斷發展。越來越多的政府、越來越多的政策制定者正在參與這個主題，並看到限額與交易體系的好處，該體系在歐洲、英國以及美國的某些地區都非常成功。因此，我們看到更多關於擴大碳市場覆蓋範圍的討論。

And then within existing carbon markets, touching on your question on the European ETFs, we're seeing the broadening of the coverage of those carbon markets. So only about 40% of the European emissions was covered under the EU ETS. That is now being extended to 80% as the ETS extends to other parts of the industry like shipping and that sort of thing. So the underlying market, if you like, is expanding, which is also driving additional volume there.

然後在現有的碳市場中，談到您關於歐洲 ETF 的問題，我們看到這些碳市場的覆蓋範圍正在擴大。因此，歐盟排放交易體系僅涵蓋了約 40% 的歐洲排放量。隨著 ETS 擴展到航運業等行業的其他部分，這一比例現在已擴大到 80%。因此，如果你願意的話，基礎市場正在擴張，這也推動了那裡的交易量增加。

And then, of course, the other nascent market in the space, if you think of the compliance markets as the one end of the spectrum, on the other end, the so-called voluntary carbon markets, or the carbon credit markets is another area where we continue to see discussions. Market structure there, again, is still very nascent. But what we've been working on in the meantime is putting in place a number of the building blocks that will be required at markets to scale if it is ever going to scale, things like reference data.

當然，如果您將合規市場視為該範圍的一端，那麼該領域的另一個新興市場，在另一端，所謂的自願碳市場或碳信用市場是另一個領域我們繼續看到討論。那裡的市場結構仍然非常新生。但同時，我們一直在努力建立市場規模擴大所需的一些建構模組，例如參考資料。

So we've got a product called ICE Cred, which normalizes and standardize all of the reference data that's available across the carbon credit landscape. That reference data is now available in ICE checks where we're seeing a lot of the transaction activity, really OTC bilateral trading activity of carbon credits, referencing that reference data. And we've also got a futures -- a number of futures contracts, including the core futures contract, which we launched recently, which is really the credit market used by the aviation industry.

因此，我們有一個名為 ICE Cred 的產品，它可以規範和標準化整個碳信用領域的所有可用參考資料。現在，這些參考資料可以在 ICE 檢查中找到，我們可以看到大量交易活動，實際上是碳信用的場外雙邊交易活動，都引用了該參考資料。我們還有一個期貨——許多期貨合約，包括我們最近推出的核心期貨合約，這實際上是航空業使用的信貸市場。

So again, that's the second part of the market, which is much less mature, but we are seeing increasing interest as participants start to engage with our reference data and the nice chat transactions on that front.

再說一次，這是市場的第二部分，它不太成熟，但隨著參與者開始參與我們的參考資料和這方面的良好聊天交易，我們看到越來越多的興趣。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi. Good morning. Thanks for taking the question. Stuart, more for you, trial by fire. If we think about the globalization of gas driving your TTF and JKM contracts, we're seeing the growth of TTF far exceed the LNG capacity that has come online in recent years. There's some sort of multiplier or maybe it's speculators following hedgers. So how do you think about this relationship between molecules in motion, the need to hedge and what ends up ultimately is, I guess, I'll call it, normalized volume? And if LNG capacity is going to double over the next three years, what is reasonable to expect for this LNG relationship with TTF and JKM, which you called out as sort of a nonlinear relationship?

你好。早安.感謝您提出問題。斯圖爾特，給你更多的，火的審判。如果我們考慮推動 TTF 和 JKM 合約的天然氣全球化，我們會發現 TTF 的成長遠遠超過近年來上線的液化天然氣產能。存在某種乘數，或者可能是投機者追隨避險者。那麼，您如何看待運動中的分子之間的這種關係、對沖的需要以及最終的結果，我想，我會稱之為標準化體積？如果液化天然氣產能在未來三年內翻一番，那麼液化天然氣與 TTF 和 JKM 的關係（您稱之為非線性關係）的合理預期是什麼？

Yeah. Thanks for the question, Ken. I think the other dynamic to keep in mind when you're thinking about the volume on a futures contract versus the underlying market is the length of the curve. So we've got liquid pricing in TTF now going out 10 years. And so that's 10 years' worth of supply is the thing you need to be thinking about as you think about the hedging volumes on the exchange.

是的。謝謝你的提問，肯。我認為，當您考慮期貨合約與基礎市場的交易量時，要記住的另一個動態是曲線的長度。因此，我們的 TTF 流動性定價將持續 10 年。因此，當您考慮交易所的對沖交易量時，您需要考慮 10 年的供應量。

But look, it's -- the thing that we -- the dynamic we're seeing is, as you said in your question, the demand for LNG is growing significantly, and we see that as being a significant part of both the Asian growth story, but also the Asian move to cleaner energies. So there's no question in our mind that LNG supply is going to need to increase significantly.

但是，我們看到的動態是，正如您在問題中所說，對液化天然氣的需求正在顯著增長，我們認為這是亞洲成長故事的重要組成部分，也是亞洲轉向清潔能源的舉措。因此，毫無疑問，液化天然氣供應將需要大幅增加。

The other dynamic here is because there is more liquid pricing in the marketplace, looking at the likes of TTF and JKM, more and more buyers and sellers referencing TTF and JKM in the physical contracts. And so what that means is you're seeing less fixed price and more indexed transactions in the physical market, which provides the optionality not just of taking LNG from point of production to point of demand, but also you can, as you see in the oil market, have shifts on route changing direction because odds have opened up.

這裡的另一個動態是因為市場上的定價更具流動性，例如 TTF 和 JKM，越來越多的買家和賣家在實體合約中引用 TTF 和 JKM。因此，這意味著您在實體市場上看到的固定價格越來越少，指數化交易越來越多，這不僅提供了將液化天然氣從生產點轉移到需求點的選擇，而且您還可以，正如您在石油市場的路線發生了變化，因為賠率已經打開。

So what we're seeing in the gas market as part of this globalization story is a real modernization of the market structure where physical molecules are going to the best price. And as those prices evolve with greater transparency, those physical movements move with them. So net-net, what that means is there are more participants needing to hedge more molecules along more supply chain routes and we see that overall growing. And then again, to my earlier comments, liquidity down the curve is getting really strong. So we're seeing longer-dated hedging coming into the TTF contract as well.

因此，作為全球化故事的一部分，我們在天然氣市場中看到的是市場結構的真正現代化，其中物理分子將達到最優惠的價格。隨著這些價格的透明度不斷提高，這些實體走勢也會隨之改變。因此，網絡，這意味著有更多的參與者需要沿著更多的供應鏈路線對沖更多的分子，並且我們看到這種整體增長。話又說回來，根據我之前的評論，曲線下方的流動性變得非常強勁。因此，我們看到 TTF 合約中也出現了較長期的避險。

Thank you. We're out of time for further questions. So I'll now hand you back to Jeff Sprecher, Chair and CEO, for any closing comments.

謝謝。我們沒有時間進一步提問了。現在，我將把您交還給董事長兼執行長傑夫‧斯普雷徹 (Jeff Sprecher)，請您發表最後評論。

Well, thank you, Lydia, and thank you all for joining us this morning. We look forward to updating you again soon as we continue to innovate for our customers and continue our momentum to drive growth with an all-weather business model. And I hope that today you avoid the witches and zombies and have a safe Halloween.

好吧，謝謝你，莉迪亞，也謝謝大家今天早上加入我們。我們期待盡快再次為您提供最新消息，我們將繼續為客戶進行創新，並繼續以全天候業務模式推動成長。我希望今天你能避開女巫和殭屍，度過一個安全的萬聖節。

This concludes our call. Thank you for joining. You may now disconnect your lines.

我們的通話到此結束。感謝您的加入。現在您可以斷開線路。