洲際交易所 (ICE) 2026 Q2 法說會逐字稿

Good morning. Thank you for attending today's ICE second-quarter 2026 earnings conference call and webcast. My name is Makaye and I'll be the moderator for today's call. (Operator Instructions)

早安。感謝各位參加今天 ICE 2026 年第二季財報電話會議與網路直播。我叫 Makaye，將擔任今天會議的主持人。（接線員指示）

At this time, I would like to pass the call over to our host, Steve Eagerton. Steve, you may begin today's call.

此刻，我想把電話交給我們的主持人 Steve Eagerton。Steve，您可以開始今天的會議。

Good morning. ICE's second quarter 2026 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 2026 年第二季財報新聞稿與簡報可在 ice.com 的投資人專區找到。這些資料將會存檔，我們的電話會議也將提供重播。

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 description of risks that could cause our results to differ materially from those described in forward-looking statements, please refer to our 2025 Form 10-K, 2026 second-quarter 10-Q, and other filings with the SEC.

今天的會議可能包含前瞻性陳述。這些陳述（我們不承擔更新義務）代表我們目前的判斷，並受風險、假設與不確定性影響。關於可能導致我們的結果與前瞻性陳述所述內容出現重大差異之風險說明，請參閱我們的 2025 年 Form 10-K、2026 年第二季 10-Q，以及向 SEC 提交的其他文件。

In our earnings supplement, we refer to some non-GAAP measures. We believe our non-GAAP measures are more reflective of our cash operations and core business performance. You will find a reconciliation to the equivalent GAAP term 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.

在我們的財報補充資料中，我們提及一些非 GAAP 指標。我們相信非 GAAP 指標更能反映我們的現金營運與核心業務表現。您可在財報資料中找到與相對應 GAAP 項目的調節表。在本次會議中，淨營收係指扣除以交易為基礎之費用後的營收；調整後盈餘係指調整後稀釋每股盈餘。

Throughout this presentation, unless otherwise indicated, reference is to revenue growth 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.

在本簡報中，除非另有說明，所提及之營收成長皆以固定匯率基礎計算。關於特定項目定義的更多細節，請參閱財報補充資料第二頁的說明附註。

Also, we will be discussing our recently announced acquisition of MarketAxess. ICE MarketAxess and the respective directors and executive officers may be deemed to be participants in the solicitation of proxies from MarketAxess stockholders. These statements today do not constitute an offer to sell or buy or the solicitation of an offer to sell or buy any securities or solicitation of any vote or approval. Investors and stockholders should review the statement and any other documents MarketAxess may file with the SEC in connection with the acquisition.

另外，我們將討論近期宣布的收購 MarketAxess 交易。ICE、MarketAxess 及其各自的董事與執行長官，可能被視為參與向 MarketAxess 股東徵求委託書。今天的陳述不構成出售或購買任何證券之要約或要約之招攬，亦不構成任何投票或核准之徵求。投資人與股東應審閱 MarketAxess 可能就本次收購向 SEC 提交的委託書聲明及任何其他文件。

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

今天與會者包括董事長兼執行長 Jeff Sprecher；財務長 Warren Gardiner；總裁 Ben Jackson；NYSE 總裁 Lynn Martin；以及固定收益與數據服務總裁 Chris Edmonds。

I'll now turn over the call to Jeff.

接下來我把電話交給 Jeff。

Thank you, Steve. Good morning, everyone, and thank you for joining us today. This morning, we reported the best second quarter in our company's history. Warren and Ben will take you through those results shortly. I want to begin on slide 5 with the announcement of our agreement to acquire MarketAxess, a step that will extend our track record of growth into one of the largest addressable markets in the world, the global fixed income market.

謝謝你，Steve。各位早安，感謝今天加入我們。今天早上，我們公布了公司史上最佳的第二季表現。Warren 和 Ben 稍後將帶各位回顧這些結果。我想先從第 5 頁投影片開始，宣布我們已同意收購 MarketAxess。此舉將把我們的成長軌跡延伸至全球最大可服務市場之一——全球固定收益市場。

ICE was built on the conviction that opacity and inefficiency in markets are not permanent conditions. They are challenges that technology can solve. Since our inception, we followed a consistent strategy to bring transparency, efficiency and standardization to markets and to digitize the analog.

ICE 的建立基於一個信念：市場的不透明與低效率並非永久狀態。這些是科技可以解決的挑戰。自成立以來，我們一直遵循一致的策略，為市場帶來透明度、效率與標準化，並將類比流程數位化。

Each market that we've taken on has grown more open and more electronic as a result. Our acquisition of MarketAxess will continue this strategy within one of the largest markets in the world. We've been assembling and building a fixed income franchise.

我們所切入的每一個市場，都因此變得更開放、也更電子化。我們收購 MarketAxess 將在全球最大市場之一延續這項策略。我們一直在整合並打造固定收益版圖。

We've become one of the largest and most trusted providers of fixed income pricing, reference data and indices in the world, providing daily evaluated pricing on over 3 million securities. Our ICE indices serve as a benchmark for the global fixed income market with nearly $1 trillion in ETF assets benchmarked to them.

我們已成為全球最大且最受信賴的固定收益定價、參考數據與指數供應商之一，為超過 300 萬檔證券提供每日估值定價。我們的 ICE 指數作為全球固定收益市場的基準，約有近 1 兆美元的 ETF 資產以其作為追蹤基準。

In clearing, we operate ICE Clear Credit, the industry's leading CDS clearing house, and we run the ICE Global Network, connecting the financial community through our data, analytics and execution. On the execution side, ICE Bonds was built through our combination of BondPoint and TMC, and it serves the trading desks of the largest wealth management firms in the country, names like Charles Schwab, Fidelity, Merrill Lynch and Edward Jones, with deep liquidity and price discovery across municipal bonds, corporates, treasuries and agencies.

在清算方面，我們營運 ICE Clear Credit——業界領先的 CDS 清算機構；同時我們也營運 ICE Global Network，透過我們的數據、分析與執行服務連結金融社群。在交易執行方面，ICE Bonds 由我們整合 BondPoint 與 TMC 所建立，服務全美最大財富管理公司的交易台，例如 Charles Schwab、Fidelity、Merrill Lynch 與 Edward Jones，並在市政債、公司債、國債與機構債上提供深度流動性與價格發現。

Having built strong distribution in the retail and wealth channel, we now see a clear opportunity to extend our reach into the institutional investor segment, where MarketAxess has a leading presence. By bringing these liquidity pools together, the logic is simple; we're building a global fixed income network. First, we connect the full spectrum of liquidity from retail to institution.

在零售與財富通路建立強大分銷能力後，我們現在清楚看到機會可將觸角延伸至機構投資人領域，而 MarketAxess 在該領域具領先地位。把這些流動性池結合起來，邏輯很簡單：我們正在打造一個全球固定收益網路。第一，我們連結從零售到機構的全方位流動性。

Second, we make our clients more efficient, improving their experience with a goal of reducing operating costs over time. And third, we turn the combined network into a compounding data and distribution engine.

第二，我們讓客戶更有效率，改善其使用體驗，目標是隨時間降低營運成本。第三，我們把合併後的網路轉化為可複利成長的數據與分銷引擎。

Please turn now to slide 6. More than 2,100 institutional firms participate on the MarketAxess network using protocols that are recognized industry standards for institutional credit liquidity. Large asset managers, pension funds and insurance companies transact at a different scale and through different protocols than the retail and wealth clients that we serve today.

請翻到第 6 頁投影片。超過 2,100 家機構參與 MarketAxess 網路，並使用被公認為機構信用流動性之業界標準的交易協議。大型資產管理公司、退休基金與保險公司，其交易規模與所採用的協議，與我們目前服務的零售與財富客戶不同。

MarketAxess is a leader in the institutional market with investment-grade and high-yield corporate bonds in emerging markets, across approximately 30 local currency markets and in eurobonds with a growing portfolio. ICE Bonds is a leader in the retail and wealth channel, a complementary liquidity pool with a unique client base, trade sizes and protocols.

MarketAxess 在機構市場居於領先地位，涵蓋投資級與高收益公司債、新興市場，橫跨約 30 個本幣市場，並在歐元債方面擁有持續擴大的產品組合。ICE Bonds 則是零售與財富通路的領導者，作為互補的流動性池，擁有獨特的客戶基礎、交易規模與交易協議。

Putting these two together creates a fully integrated front-to-back ecosystem spanning the fixed income market. Retail and wealth flow long separated from institutional flow will be able to connect into a deep institutional pool and institutional participants will gain access to the diversified order flow that retail and wealth channels bring.

將兩者結合，可打造一個涵蓋固定收益市場、從前台到後台的完整整合生態系。長期與機構流量分離的零售與財富流量，將能連結至深厚的機構流動性池；而機構參與者也將能取得零售與財富通路帶來的多元化訂單流。

You've seen this broadening market trend in the US equity securities markets, which we believe we can now further extend into the fixed income securities market. And our offering of one of the most robust data sets in the world supports efficient price discovery across this broader channel.

您已在美國股票證券市場看到這種市場擴展的趨勢，我們相信現在也能進一步將其延伸至固定收益證券市場。而我們提供的全球最強健數據集之一，能支援在更廣泛通路中進行高效率的價格發現。

With fixed income markets, this matters more than most other asset classes. There are millions of instruments, most of which trade infrequently, and the single greatest challenge to any investor is finding the other side for a true representation of fair value.

在固定收益市場中，這比多數其他資產類別更為重要。市場上有數以百萬計的工具，其中多數交易並不頻繁，而對任何投資人而言最大的挑戰，就是找到交易對手方，以真正反映公允價值。

Connecting these two pools should dramatically increase the probability that a buyer finds a seller, and this price discovery will benefit every market participant. We want to offer our clients a common set of rails, whether a client moves upstream to institutional or downstream to retail, they will operate on the same connected infrastructure, creating real economies of scale.

連結這兩個流動性池，應可大幅提高買方找到賣方的機率，而這種價格發現將使每一位市場參與者受益。我們希望為客戶提供一套共同的「軌道」：無論客戶向上游走向機構，或向下游走向零售，都能在同一套互聯基礎設施上運作，創造真正的規模經濟。

And MarketAxess will bring us a growing treasury rates trading platform, which we plan to connect directly into our newly approved treasury clearing system, extending our credit and fixed income network into the interest rate markets.

此外，MarketAxess 將為我們帶來一個成長中的國債利率交易平台，我們計畫把它直接連結到我們新近獲核准的國債清算系統，將我們的信用與固定收益網路延伸至利率市場。

Our clear treasury futures franchise was our fastest-growing product set in the last quarter, as Ben will discuss shortly. So we look forward to extending these capabilities.

我們的國債期貨清算業務是上一季成長最快的產品組合，Ben 稍後會進一步說明。因此，我們期待擴展這些能力。

Please turn to slide 7. A single connected network does more than deepen liquidity. It will simplify how our clients operate, reduce what cost it takes them to do so over time. We plan to collapse a fragmented stack of execution venues, data vendors and analytics providers into a single integrated workflow. Fewer connections, fewer reconciliations, fewer points of failure.

請翻到第 7 張投影片。單一互聯的網路不僅能加深流動性。它將簡化我們客戶的營運方式，並隨時間推移降低他們為此付出的成本。我們計畫把分散的執行場域、數據供應商與分析服務提供者堆疊，整合收斂為單一的一體化工作流程。更少的連線、更少的對帳、更少的故障點。

The same should be true for our customers' technology spend. Clients will have access to pricing, liquidity, execution and analytics through one platform and one connection. For generating alpha, a deeper, broader pool that means superior fills, tighter spreads and lower market impact.

我們客戶的科技支出也應該如此。客戶將可透過一個平台與一條連線，取得定價、流動性、執行與分析。就創造 alpha 而言，更深、更廣的資金池意味著更優的成交、更緊的價差以及更低的市場衝擊。

Layering ICE's real-time evaluated pricing and analytics into the workflow should lead to improved decisions. The results for our clients is simple: better liquidity plus better data equals better transparency and better returns, achieved at a total lower cost.

將 ICE 的即時評估定價與分析疊加到工作流程中，應可帶來更佳的決策。對我們客戶而言，結果很簡單：更好的流動性加上更好的數據，等於更高的透明度與更好的報酬，且以更低的總成本達成。

Moving to slide 8. The most powerful effect we're building is the classic ICE flywheel. More liquidity generates more transaction data. Combined with our evaluated pricing, this makes ICE analytics more powerful. More powerful analytics attracts more users. More users deepen the pool and a deeper pool generates yet more data. Each turn of that wheel should compound the value of our clients and ICE. This is what produces the compounding cash flows that create value for our shareholders.

接著看第 8 張投影片。我們正在打造的最強大效應，是經典的 ICE 飛輪。更多流動性會產生更多交易數據。結合我們的評估定價，將使 ICE 分析更為強大。更強大的分析會吸引更多使用者。更多使用者會加深資金池，而更深的資金池又會產生更多數據。飛輪每轉一圈，都應能為我們的客戶與 ICE 累積更高價值。這正是產生複利式現金流、為股東創造價值的來源。

An expanded fixed income network is a direct channel to cross-sell ICE's evaluated pricing, reference data and index data, including liquidity scoring, transaction cost analysis and predictive pricing into the workflow of more than 2,100 institutional clients who need exactly these tools to better inform their execution. Today, many of these MarketAxess customers consume ICE data indirectly through third parties or not even at all. And the way our clients consume data is changing.

擴大的固定收益網路，是直接的通路，可將 ICE 的評估定價、參考數據與指數數據（包括流動性評分、交易成本分析與預測定價）交叉銷售並嵌入超過 2,100 家機構客戶的工作流程中；這些客戶正需要這些工具，以更好地支援其執行決策。目前，許多 MarketAxess 客戶是透過第三方間接使用 ICE 數據，甚至完全未使用。而我們客戶消費數據的方式正在改變。

Increasingly, they want data to inform their own models at the point of decision. Reaching them there is what our ICE Model Context Protocol or ICE MCP server was built to do. Our first MCP release opened a new channel for expanding distribution of our nonproprietary data. Our newly expanded ICE MCP offering now offers ICE's proprietary data into our clients' AI workflows. And we didn't simply build an open data pipe. We built a client engagement channel that runs both ways.

他們愈來愈希望在決策當下，讓數據直接為自有模型提供資訊。我們的 ICE Model Context Protocol（ICE 模型情境協定）或 ICE MCP 伺服器，就是為了在那個節點觸達他們而打造。我們首次 MCP 發布，開啟了擴大非專有數據分發的新通路。我們新近擴充的 ICE MCP 方案，現在也能將 ICE 的專有數據導入客戶的 AI 工作流程。而我們並非只是建立一條開放的數據管道。我們建立的是一個雙向運作的客戶互動通道。

The MCP server connection is the easy part. What matters is what sits behind it, organized data that arrives with its own meanings attached and which represents and respects our proprietary rights so that each client model are not left to guess what permissions govern who can see what.

連上 MCP 伺服器其實是最容易的部分。真正重要的是其背後的內容：具備良好組織、並附帶自身語意的數據；同時能呈現並尊重我們的專有權利，讓每個客戶模型不必去猜測哪些權限規範了誰能看見什麼。

We now offer a complete audit trail so that every output can be traced and trusted. In regulated markets, it is this governance and contextual foundation that turns a simple data connection into a resource that institutions can rely upon. The fixed income network that we're designing will not stop at public credit.

我們現在提供完整的稽核軌跡，使每一項輸出都可追溯且可信。在受監管的市場中，正是這套治理與情境基礎，將單純的數據連線轉化為機構可依賴的資源。我們正在設計的固定收益網路不會止步於公開信用市場。

We have a plan to use the same rails to connect private credit clients who we're going to bring in via our initiative with Apollo. So public and private credit will increasingly be accessible on one platform.

我們計畫使用相同的軌道，連結私募信貸客戶；我們將透過與 Apollo 的合作倡議把他們納入。因此，公開與私募信貸將愈來愈能在同一平台上取得。

ICE has spent its history turning fragmented analog markets into connected electronic networks, then growing and compounding these networks. This is how ICE has grown. It's not by chasing one market or one cycle, but by building infrastructure that compounds through every market environment.

ICE 一路走來，致力於把分散的類比市場轉變為互聯的電子化網路，並持續擴張與複利式成長這些網路。這就是 ICE 的成長方式。不是追逐單一市場或單一景氣循環，而是打造能在各種市場環境中持續複利的基礎設施。

MarketAxess will make our network broader and deeper and will advance a strategy that we followed from the start. This deal does not begin a new chapter for ICE. It deepens the story that we've been writing since our inception.

MarketAxess 將使我們的網路更廣、更深，並推進我們自創立以來一直遵循的策略。這筆交易並非為 ICE 開啟新篇章。它加深了我們自成立以來一直書寫的故事。

I'd like to now hand the call over to Warren.

接下來我想把電話交給 Warren。

Thanks, Jeff. Good morning, everyone, and thank you for joining us today. Please turn to slide 9.

謝謝，Jeff。各位早安，感謝今天加入我們。請翻到第 9 張投影片。

As Jeff described, this transaction is a product of deliberate long-term view about where fixed income markets are going and the role ICE is uniquely positioned to play in that evolution. Let me walk you through the financial terms and our path to value creation.

如 Jeff 所述，這筆交易源於我們對固定收益市場走向，以及 ICE 在這一演進中可扮演角色的審慎長期觀點；而 ICE 在其中具備獨特定位。我將帶各位了解財務條款以及我們創造價值的路徑。

Today, we announced we have entered into a definitive agreement to acquire MarketAxess for $167 per share, representing an enterprise value of $5.7 billion. The offer price represents a 33% premium to MarketAxess' closing price as of July 29. And on a fully synergized basis, the transaction represents an EV to adjusted EBITDA multiple of approximately 10.6x.

今天，我們宣布已簽訂最終協議，以每股 167 美元收購 MarketAxess，對應企業價值 57 億美元。該出價相較於 MarketAxess 截至 7 月 29 日的收盤價溢價 33%。在充分實現協同效益的基礎上，本交易對應的企業價值／調整後 EBITDA 倍數約為 10.6 倍。

We anticipate the transaction will be immediately accretive to ICE's adjusted earnings per share in the first year post close, with accretion improving as synergies are realized and the combined platform scales. The transaction value we've announced and intend to underwrite is supported by MarketAxess' recent mid-single-digit growth trajectory.

我們預期交易完成後第一年，將立即增厚 ICE 的調整後每股盈餘，且隨著協同效益落地與合併平台規模擴大，增厚幅度將進一步提升。我們所宣布並擬承擔的交易估值，係以 MarketAxess 近期中個位數成長軌跡作為支撐。

However, we believe that ICE's platform, our data, our network, our client relationships and our track record of deepening engagement over time, when combined with MarketAxess can accelerate that growth trajectory.

然而，我們相信 ICE 的平台、數據、網路、客戶關係，以及我們長期深化客戶互動的實績，與 MarketAxess 結合後可加速其成長軌跡。

Improving growth will take time and investment, but expanding the revenue potential of acquired franchises is a core competency at ICE, and the opportunity here is compelling. We expect to achieve approximately $100 million of annualized expense synergies with one-third realized in year one, two-thirds by year two and the full run rate achieved by year 3. These savings will be driven by the consolidation of corporate functions, real estate rationalization, vendor and technology overlap and more efficient use of shared infrastructure across the combined platform.

提升成長需要時間與投資，但擴大併購業務的營收潛力是 ICE 的核心能力之一，而此處機會相當具吸引力。我們預期可實現約 1 億美元的年度化費用協同效益：第一年實現三分之一、第二年達到三分之二，並於第三年達成完整的穩態水準。這些節省將來自企業職能整併、不動產配置合理化、供應商與技術重疊的消除，以及在合併平台上更有效率地使用共享基礎設施。

The transaction will be financed entirely in cash through a combination of newly issued bonds, a term loan and commercial paper. We expect the transaction to close in the first half of 2027, subject to regulatory approvals and customary closing conditions.

本交易將以現金全額融資，資金來源為新發行債券、定期貸款與商業本票的組合。在取得監管核准及滿足慣常交割條件的前提下，我們預期交易將於 2027 年上半年完成。

Gross leverage is expected to peak temporarily around 3.4x pro forma EBITDA, and we are targeting return to 3x or below within 18 to 24 months, fully consistent with the pace of deleveraging we have demonstrated following prior debt finance transactions. Our commitment to maintaining a strong investment-grade credit rating is unchanged.

總槓桿預期將暫時在約 3.4 倍的備考 EBITDA 附近達到峰值；我們目標在 18 至 24 個月內回到 3 倍或以下，這與我們過往在以債務融資完成交易後所展現的去槓桿速度完全一致。我們維持強健投資級信用評等的承諾不變。

On capital return, alongside our deleveraging program, we expect to increase baseline share repurchases from $350 million to $400 million per quarter. Our Board has recently authorized up to $4 billion of share repurchases, and we intend to deploy that capital in a manner that is disciplined, opportunistic and consistent with our obligations to creditors and our investment-grade rating.

在資本回饋方面，配合我們的去槓桿計畫，我們預期將把基準股票回購額度由每季 3.5 億美元提高至每季 4 億美元。董事會近期已授權最高 40 億美元的股票回購，我們將以審慎、把握時機，並符合對債權人義務及投資級評等要求的方式運用該資本。

We also expect to continue to invest in the organic growth of our business and grow our dividend. The combination of strong free cash flow and a clear capital allocation framework means we do not have to choose between investing in growth and returning capital to shareholders.

我們也預期將持續投資於業務的有機成長，並提高股利。強勁的自由現金流與清晰的資本配置框架，意味著我們不必在投資成長與回饋股東之間二選一。

In closing, this transaction represents the next logical extension of ICE's fixed income strategy. We have spent years building the data, the network and the infrastructure that makes fixed income markets function more efficiently and transparently.

最後，這筆交易代表 ICE 固定收益策略下一個合乎邏輯的延伸。多年來，我們持續建構數據、網路與基礎設施，使固定收益市場運作更有效率且更透明。

MarketAxess will bring the execution layer to that foundation. The result is a platform that serves the full workflow of global fixed income from evaluated pricing and reference data through indices and analytics to electronic execution and post-trade processing. We are building the fixed income market of the future, and we are doing it from a position of financial strength, operational discipline and a proven playbook for integration and value creation.

MarketAxess 將把執行層帶到該基礎之上。其結果是一個平台，涵蓋全球固定收益的完整工作流程——從估值定價與參考數據，延伸至指數與分析，再到電子化執行與交易後處理。我們正在打造未來的固定收益市場，而我們是以財務實力、營運紀律，以及一套經驗證的整合與價值創造方法論來推進。

Now to the quarter. Please turn to slide 10. Our first quarter was exceptional because all three segments fired simultaneously in a high volatility environment. Our second quarter was also exceptional for a different but equally important reason. The platform continued to produce record recurring revenue and strong earnings despite a moderation in episodic volatility. That durability, compounding growth on top of growth in any environment is precisely the model we have built.

現在談到本季度。請翻到第 10 頁投影片。我們第一季表現卓越，因為在高波動環境下三大業務板塊同時發力。我們第二季同樣表現卓越，但原因不同、卻同樣重要。儘管事件性波動有所降溫，平台仍持續創下經常性收入新高並維持強勁獲利。這種韌性——在任何環境下都能在既有成長之上再複利成長——正是我們所打造的模式。

Second quarter adjusted earnings per share were $1.90, a second quarter record and the second best quarter in our history. Net revenues were $2.7 billion, up 5% and adjusted operating income was $1.6 billion. Recurring revenues were a record $1.4 billion, up 8%, underscoring the visibility and resilience of the ICE platform. These results also compound on top of 10% revenue growth in the second quarter of 2025, itself a record at the time.

第二季調整後每股盈餘為 1.90 美元，創第二季新高，亦為公司史上第二佳季度。淨營收為 27 億美元，年增 5%，調整後營業利益為 16 億美元。經常性收入創新高達 14 億美元，年增 8%，凸顯 ICE 平台的可見度與韌性。這些成果也建立在 2025 年第二季 10% 的營收成長之上，而當時本身亦為紀錄。

On expenses, adjusted operating expenses were $1.038 billion, in line with our guidance range. Year-over-year growth was driven by performance-related compensation tied directly to the strength of our results, which is more than offset by revenues, accelerated technology investment in our data center footprint and incremental D&A from product development work across FIDS and mortgage technology. These are capacity building costs funded by the revenues they are generating.

在費用方面，調整後營業費用為 10.38 億美元，符合我們的指引區間。年增主要來自與業績表現直接連動的績效相關薪酬（其增幅已被營收成長所抵銷）、我們在資料中心版圖上的加速科技投資，以及 FIDS 與房貸科技各項產品開發帶來的額外折舊與攤銷。這些都是由其所帶來的營收所支應的產能建置成本。

Looking forward to the third quarter, we expect adjusted operating expenses in the range of $1.063 billion to $1.073 billion, and our full year adjusted operating expenses are now expected to be between $4.190 billion and $4.230 billion, with the increase driven by further crystallization of performance-related compensation, our accelerated data center program and a product development investment, all of which I would characterize as investment in future growth.

展望第三季，我們預期調整後營業費用介於 10.63 億至 10.73 億美元之間；全年調整後營業費用目前預期為 41.90 億至 42.30 億美元，增加主要來自績效相關薪酬的進一步確定、我們加速的資料中心計畫，以及產品開發投資；我會將這些都視為對未來成長的投資。

CapEx totaled $262 million in the second quarter as we accelerated investments in hardware and our real estate footprint. Given our strong free cash flow generation, we elected to pull forward some of our originally planned 2027 CapEx into 2026, and we now anticipate full year CapEx of approximately $850 million.

第二季資本支出（CapEx）合計 2.62 億美元，因我們加速投入硬體與不動產版圖。鑑於我們強勁的自由現金流創造能力，我們決定將原先規劃於 2027 年的部分資本支出提前至 2026 年，並預期全年資本支出約為 8.5 億美元。

This acceleration reflects conviction in the growth trajectory ahead and our desire to be ready to serve incremental demand as it arrives. On capital return, in the second quarter, we repurchased $651 million of stock, including an incremental $300 million executed when our shares again further disconnected from the fundamentals. Including dividends, we returned $945 million to shareholders in this quarter and $1.8 billion in the first half, another record. Our leverage ended the quarter at 2.8 times within our target range.

這項加速反映我們對未來成長軌跡的信心，以及希望在新增需求到來時已做好服務準備。在資本回饋方面，第二季我們回購 6.51 億美元股票，其中包含在股價再次與基本面進一步脫鉤時額外執行的 3 億美元回購。包含股利在內，本季我們向股東回饋 9.45 億美元，上半年合計 18 億美元，再創新高。本季末槓桿倍數為 2.8 倍，位於我們的目標區間內。

Turning to the segments starting on slide 11. In Exchange, net revenue was $1.5 billion, compounding on top of double-digit growth in both 2025 and 2024. Our rates business once again delivered exceptional performance, growing 24% versus the year-ago period, as investors and institutions continue to expand and actively manage their duration exposure.

接著看各業務板塊，從第 11 頁投影片開始。在交易所（Exchange）業務方面，淨營收為 15 億美元，延續 2025 與 2024 連續兩年雙位數成長的基礎再度複利成長。我們的利率業務再次交出卓越表現，較去年同期成長 24%，因投資人與機構持續擴大並積極管理其久期曝險。

Total futures and options open interest was up 20% year over year, signaling the structural engagement we saw in the first quarter is carrying forward and at the NYSE, transaction revenue was a record, up 15% year over year. Record recurring revenue of $416 million grew 10%, with Exchange data and connectivity services growing 12% as customers continue to embed our data into their workflows.

期貨與選擇權未平倉量總計年增 20%，顯示我們在第一季看到的結構性參與度正延續至今；而在紐約證交所（NYSE），交易收入創新高，年增 15%。經常性收入創新高達 4.16 億美元，成長 10%；其中交易所數據與連線服務成長 12%，因客戶持續將我們的數據嵌入其工作流程。

Within listings, the NYSE has led the industry in transfers year to date, with nearly $400 billion in market cap having switched to the Exchange, including the largest transfer in NYSE history, AstraZeneca, and the largest bank transfer in Exchange history, Fifth Third Bank. As a result of this broad-based strength, we now expect Exchange recurring revenues to grow in the high single-digit range for the full year 2026.

在上市業務方面，NYSE 今年迄今在轉板方面領先同業，已有近 4,000 億美元市值轉至本交易所，包括 NYSE 歷史上最大轉板案阿斯特捷利康（AstraZeneca），以及本交易所史上最大銀行轉板案 Fifth Third Bank。基於這種廣泛的強勁表現，我們目前預期 2026 全年交易所經常性收入將以高個位數百分比成長。

Moving now to slide 12. Fixed income and data services net revenue was $645 million, up 8%, with record recurring revenue of $531 million, up 10%. Our CDS clearing business delivered the best non-role quarter in the franchise's history, growing despite difficult year-over-year comparisons.

接著看第 12 頁投影片。固定收益與數據服務（FIDS）淨營收為 6.45 億美元，年增 8%；經常性收入創新高達 5.31 億美元，年增 10%。我們的 CDS 清算業務繳出該業務史上最佳的「非展期」季度表現，在艱難的年對年比較下仍實現成長。

Within fixed income and data services, record revenues were aided by strong net new business and pricing and reference data, deepening consumption of our fixed income data sets, including early signs of engagement by clients building AI-driven workflows, and continued momentum in our index business, which ended the quarter with a record $922 billion in ETF assets under management, up 29% year over year.

在固定收益與數據服務內，創紀錄的營收受惠於強勁的淨新增業務，以及定價與參考數據；客戶對我們固定收益數據集的使用持續加深，亦包括一些客戶在打造 AI 驅動工作流程時的早期參與跡象；同時我們的指數業務動能延續，本季末 ETF 資產管理規模（AUM）創新高達 9,220 億美元，年增 29%。

Results also included approximately $8 million of one-time items. Data & Network Technology revenues grew 11%, reflecting strong demand for our global network from both traditional and AI-driven workflows. As a result, we are raising our full-year FIDS recurring revenue growth guidance to 7% to 8%, up from our prior mid-single-digit guidance.

本季結果亦包含約 800 萬美元的一次性項目。數據與網路技術（Data & Network Technology）營收成長 11%，反映傳統與 AI 驅動工作流程對我們全球網路的強勁需求。因此，我們將全年 FIDS 經常性收入成長指引上調至 7% 至 8%，高於先前的中個位數指引。

As a reminder, second-half growth will likely trend towards the lower end of that 7% to 8% range, driven largely by timing, and specifically the comparison period in the third quarter and fourth quarter of 2025, which benefited from the sell-through of Hall 5 within our MAWA data center. It is worth noting that we have already begun selling Hall 6 and anticipate that revenue will begin to be recognized in early '27, with several additional halls providing further capacity behind it.

提醒一下，下半年成長可能會趨近於 7% 至 8% 區間的較低端，主要由時點因素所致，特別是 2025 年第三季與第四季的比較基期，當時受惠於我們 MAWA 資料中心第 5 廳（Hall 5）的銷售出清。值得注意的是，我們已開始銷售第 6 廳（Hall 6），並預期相關營收將於 2027 年初開始認列，且其後還有數個額外廳別提供進一步產能。

Shifting now to slide 13. In mortgage technology, net revenue was $557 million, up 5%, and on a pro forma basis inclusive of Black Knight represented the strongest quarterly performance since the first half of 2022. Transaction revenue grew 11% driven by encompassed closed loan revenues that continued to outpace industry volumes and growth in closing solutions.

接著看第 13 頁投影片。在房貸科技（mortgage technology）方面，淨營收為 5.57 億美元，年增 5%；若以包含 Black Knight 的擬制（pro forma）基礎計算，這是自 2022 年上半年以來最強的單季表現。交易收入成長 11%，主要由 Encompass 已結案貸款收入持續跑贏產業量能，以及結案解決方案的成長所帶動。

Recurring revenues totaled $406 million reflecting continued product adoption, the normalization of encompassed contract renewals and the early benefits of new clients going live across both our origination and servicing platforms. Recurring revenues also benefited from approximately $3 million of one-time items. Accordingly, we anticipate third quarter recurring revenues will remain around current levels as core growth and the new client ramp continues to build.

經常性收入合計 4.06 億美元，反映產品持續被採用、Encompass 合約續約回歸常態，以及新客戶在我們的承作（origination）與服務（servicing）平台雙線上線所帶來的早期效益。經常性收入亦受惠於約 300 萬美元的一次性項目。因此，我們預期第三季經常性收入將大致維持在目前水準，因核心成長與新客戶爬坡仍在持續累積。

The first half of 2026 has been the strongest in ICE's history. We are returning record capital, accelerating investment, and making an exciting strategic acquisition of MarketAxess to broaden our network. The structural forces driving our business are not fading, they are broadening. We are confident in our trajectory for the balance of 2026 and well beyond.

2026 年上半年是 ICE 歷史上最強的一段期間。我們正回饋創紀錄的資本、加速投資，並進行一項令人振奮的策略性收購——MarketAxess——以擴大我們的網路。推動我們業務的結構性力量並未消退，而是在擴大。我們對 2026 年剩餘期間以及更長遠的發展軌跡充滿信心。

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

接下來我把時間交給 Ben。

Thank you, Warren, and thank you all for joining us this morning. Markets are always evolving, and the breadth and depth of ours positions us to thrive in any economic or geopolitical environment. Our role does not change. We bring transparency and electronic liquidity to markets. And as those rise, participation grows, customers gain precise new data to hedge and trade with and the market deepens.

謝謝你，Warren，也謝謝各位今天早上加入我們。市場總是在演進，而我們市場的廣度與深度使我們能在任何經濟或地緣政治環境中茁壯。我們的角色不會改變。我們為市場帶來透明度與電子化流動性。而當這些提升時，參與度也會增加，客戶能取得精準的新數據用於避險與交易，市場也會更加深化。

You can see it in this quarter's results. Total open interest across our futures and options business was up 20% year over year. Participation continued to broaden and our market data user base grew 10% year over year. Customers are relying on our markets for more, not less.

你可以從本季的業績中看出來。我們期貨與選擇權業務的總未平倉量（OI）年增20%。參與度持續擴大，我們的市場數據用戶基礎年增10%。客戶對我們市場的依賴有增無減。

Financials had an exceptional quarter, driven by European and UK rates. The defining event was the reversal of the global easing cycle. In June, the ECB raised rates for the first time since 2023, and the expectations for rates across major economies repriced sharply higher. When rates move like that, our customers come to us to manage the risk.

金融產品本季表現出色，主要由歐洲與英國利率帶動。關鍵事件是全球寬鬆循環的反轉。6月，歐洲央行（ECB）自2023年以來首次升息，主要經濟體的利率預期大幅上修並重新定價。當利率出現這樣的變動時，我們的客戶就會來找我們管理風險。

In this quarter, you could see how much they leaned on us. In June, open interest in our rates franchise reached a record of 53 million contracts, up over 50% year over year and Euribor options OI set a new all-time high, passing a record that stood since 2010.

本季你可以看到他們對我們的倚重程度。6月，我們利率產品線的未平倉量創下5,300萬口合約的紀錄，年增超過50%；同時，Euribor 選擇權未平倉量也創歷史新高，突破自2010年以來的紀錄。

To put the scale in perspective, the total value of the positions that customers hold across our 3 main European and UK rates contracts, Euribor, SONIA and ESTR reached $62.3 trillion in mid-June. That is roughly triple where it stood three years ago. And it now exceeds the comparable market tied to US dollar rates for the first time.

為了讓大家理解規模，我們三大歐洲與英國利率合約（Euribor、SONIA 與 ESTR）中，客戶持倉的總名目價值在6月中旬達到62.3兆美元。這大約是三年前的三倍。而且這是首次超過與美元利率掛鉤的可比市場。

Simply put, more and more of the world's short-term interest rate risk is being managed in the markets we operate. What makes that durable is that some of the major central banks, the ECB, the Swiss National Bank and the Bank of England are increasingly moving in different directions, and our customers need to manage that risk across all of those currencies in one place.

簡而言之，全球越來越多的短期利率風險正在我們營運的市場中被管理。之所以能長期持續，是因為一些主要央行——歐洲央行、瑞士國家銀行與英格蘭銀行——正日益朝不同方向行動，而我們的客戶需要在同一個地方跨所有這些貨幣管理風險。

Our multicurrency franchise lets them do exactly that in a single liquid market with capital-efficient clearing and no one else can match that breadth. That strength runs across the portfolio. In Q2, SONIA average daily volume was up 39% year over year and Euribor up 12% and the momentum has carried into the third quarter with Financials open interest up 40%.

我們的多幣別產品線讓他們能在單一具流動性的市場中做到這一點，並透過資本效率高的清算；沒有其他人能匹敵這樣的廣度。這項優勢遍及整個產品組合。第二季，SONIA 日均成交量年增39%，Euribor 年增12%；這股動能延續到第三季，金融產品未平倉量上升40%。

Please turn to slide 14. Energy volumes were softer this quarter, but the more important story underneath is structural. Even against a very volatile second quarter last year, total OI across our energy markets was up 8% year to date because customers keep their risk on our books through the cycle rather than stepping away. We are in the middle of another reconfiguration of global supply chain, this time centered on the Middle East, and it coincides with the rewiring of European energy that followed the Russia and Ukraine conflict.

請翻到第14頁投影片。本季能源成交量較為疲弱，但更重要的底層故事是結構性的。即便去年第二季波動非常大，我們能源市場的總未平倉量今年迄今仍成長8%，因為客戶在景氣循環中會把風險留在我們的帳上，而不是退出市場。我們正處於全球供應鏈再配置的另一個階段，這次以中東為中心，並且與俄烏衝突後歐洲能源體系的重塑同時發生。

Over the prior decade, the liberalization of global LNG trade had already turned our TTF contract into the global benchmark for natural gas, following the same path Brent set in crude. Years later, that franchise is still compounding with TTF participation growing double digits on average over the last five years and the number of customers subscribing to our TTF market data up more than 17% year over year in the second quarter. That strength runs beyond TTF.

在過去十年，全球LNG貿易的自由化已使我們的TTF合約成為天然氣的全球基準，走的是布蘭特（Brent）在原油市場所開創的同一路徑。多年後，這項產品線仍在持續累積成長：過去五年TTF參與度平均以雙位數成長，而第二季訂閱我們TTF市場數據的客戶數年增超過17%。這股強勢不僅限於TTF。

Across our energy markets, O-I has grown 9% on average over the last five years, and the energy behind that is options, where OI has grown 18% on average, more than 4x the pace of futures. Options now make up 40% of our energy OI, up from roughly one-fourth in 2021. This options growth matters because it is another sign of how deeply customers rely on us. Options are how they manage complex, longer-dated risk. And once that positioning is on our books, it tends to stay.

在我們的能源市場中，未平倉量在過去五年平均成長9%；其中的主要動能來自選擇權，選擇權未平倉量平均成長18%，速度超過期貨的4倍。選擇權目前占我們能源未平倉量的40%，高於2021年約四分之一的水準。選擇權的成長之所以重要，是因為它再次顯示客戶對我們的深度依賴。選擇權是他們管理複雜、較長天期風險的工具。而一旦這些部位放在我們的帳上，往往就會留存下來。

We have studied the durability of options positions versus futures, and the result was clear that options positions tend to be held for a longer term, often are held to expiry and many clients hedge their delta risk with futures, providing a net benefit to the underlying futures market at the same time.

我們研究過選擇權部位相較於期貨部位的持久性，結果很明確：選擇權部位通常持有時間更長，往往持有至到期；而且許多客戶會用期貨對沖其Delta風險，同時也為標的期貨市場帶來淨效益。

Participation has broadened alongside it with options participation growing 8% on average, double the pace of futures. That is customers building deeper and more sophisticated hedges, representing structural demand. A reconfiguration means more complexity, not less. Trade routes redraw, new regional benchmarks emerge and basis risk multiplies across the system.

參與度也隨之擴大，選擇權參與度平均成長8%，是期貨增速的兩倍。這代表客戶正在建立更深、更精密的避險部位，屬於結構性需求。再配置意味著更高的複雜度，而不是更低。貿易路線被重新繪製，新的區域基準浮現，基差風險在整個系統中倍增。

More complexity means more risk to manage, and that is exactly what a global all-weather benchmark platform is built for from Brent and seaborne crude to TTF and global gas flows to JKM as demand shifts east. The shape of the curve makes the point.

更高的複雜度意味著需要管理更多風險，而這正是全球、全天候基準平台的用武之地——從布蘭特與海運原油，到TTF與全球天然氣流向，再到隨需求東移而受益的JKM。曲線的形狀就說明了一切。

Trading is naturally busiest in the prompt months, but OI, which is where our customers carry risk, sits much further out. Across the energy complex, about 12% of OI sits in the front month and more than half sits beyond six months. That is the signature of a structural long-dated risk transfer, not front of the curve trading.

交易自然在近月最為繁忙，但未平倉量——也就是客戶承載風險的所在——分布在更遠的月份。在整個能源品種中，約12%的未平倉量位於近月，而超過一半位於六個月以後。這是結構性、長天期風險轉移的特徵，而不是曲線前端的短線交易。

The same forces are reshaping how the world prices oil, and it plays to our greatest strength. As trade routes redraw, global participants move to manage their risks in the deepest, most trusted benchmarks. With the backdrop of the Iran war and continued tensions in the Middle East, we have seen a combination of more risks to be managed but concerns around doing so with a physically settled contract as a result of uncertainties with the closure of the Strait of Hormuz.

同樣的力量也正在重塑全球原油定價方式，而這正好發揮我們最大的優勢。隨著貿易路線重畫，全球參與者會轉向在最深、最受信任的基準中管理風險。在伊朗戰爭與中東緊張局勢持續的背景下，我們看到需要管理的風險增加，同時也出現對以實物交割合約進行避險的疑慮，原因是荷姆茲海峽可能關閉的不確定性。

So we've seen a shift to our more liquid Dubai contract from our Murban contract to manage these risks. Brent anchors the global crude market and Dubai, which prices a basket of Middle East grades is growing into the key cash-settled benchmark for the region, trading alongside Brent, with the Brent to Dubai spread pricing the flows of barrels between East and West. We believe that this consolidation of liquidity in one regional Middle East marker may be the result of a permanent shift, providing ICE yet another growing energy benchmark.

因此，我們看到為管理這些風險，市場從我們的Murban合約轉向流動性更高的杜拜（Dubai）合約。布蘭特是全球原油市場的錨定基準；而杜拜用來定價一籃子中東油種，正成長為該區域關鍵的現金結算基準，與布蘭特並行交易，布蘭特對杜拜的價差用來定價東西向原油流動。我們認為，這種流動性向單一中東區域指標集中的現象，可能是永久性轉變的結果，為ICE再添一個持續成長的能源基準。

Those sit within a broader network, we own that prices oil across the globe from Brent to Houston to Western Canadian crude then connected to roughly 800 regional oil, freight and NGL markers where we hold about 90% share. So very little of the world's oil trades without touching our markets.

這些都位於我們所擁有的更廣泛網絡之中：我們為全球原油定價，從布蘭特到休士頓到西加拿大原油，並連結到約800個區域性原油、運費與NGL指標，我們在其中約占90%的市占率。因此，全球幾乎沒有多少原油交易不會觸及我們的市場。

Demand for crude options, in particular, set new highs with our share of that market above 68% and Brent options volume up 46% year to date. And as the energy mix evolves, we do what we've always done, work with our customers to understand what they need and build the market for it.

原油選擇權的需求尤其創下新高，我們在該市場的市占率超過68%，而布蘭特選擇權成交量今年迄今成長46%。隨著能源組合演進，我們一如既往與客戶合作，了解他們的需求並為其建立市場。

That is why the new fuels are landing here, too, with our RINs, futures and options and low carbon fuel standard contracts among our fastest growing. As the world develops alternative fuels, we keep proving we are best positioned to own those markets. The same playbook keeps extending into entirely new kinds of risk.

這也是為什麼新燃料也在這裡落地：我們的RINs、期貨與選擇權，以及低碳燃料標準（LCFS）合約，都是成長最快的產品之一。隨著全球發展替代燃料，我們持續證明自己最有能力掌握這些市場。同一套策略也不斷延伸到全新的風險類型。

This quarter, we announced economic indicator futures on Central Bank rate decisions and US natural gas storage, launching later this quarter and GPU compute futures developed with Orin and NativeX that bring price discovery and hedging to the fast-growing AI-driven compute market.

本季，我們宣布推出以央行利率決策與美國天然氣庫存為標的的經濟指標期貨，將於本季稍晚上市；並推出與Orin與NativeX共同開發的GPU算力期貨，為快速成長、由AI驅動的算力市場帶來價格發現與避險工具。

Please turn to slide 15. The data our markets generate is the foundation of our Fixed Income and Data Services segment, and its value is only increasing. Its strength is its depth, breadth and quality and in an era when models are only as good as the data they are trained and run on, data that cannot be scraped or synthesized and only grows in value.

請翻到第15頁投影片。我們市場產生的數據是我們固定收益與數據服務事業部的基礎，而且其價值只會持續提升。其優勢在於深度、廣度與品質；在一個模型好壞取決於其訓練與運行所用數據的時代，那些無法被抓取或合成、且只會愈來愈有價值的數據尤為關鍵。

We are deliberate about how we license, permission and deliver it so that clients access it through controlled channels and the value of the asset is protected. That combination drove another record quarter for recurring revenue with our fixed income data and analytics business growing 9% year over year. We are also turning that data into new products.

我們在如何授權、許可與交付方面採取審慎作法，讓客戶透過受控管道存取，並保護該資產的價值。這樣的組合推動我們經常性收入再創單季新高，固定收益數據與分析業務年增9%。我們也正將這些數據轉化為新產品。

This quarter, we launched ICE Compass, and it solves a real problem for the buy side. In fixed income, investors have always traded at an informational disadvantage because every time they show interest in a bond, that signal is picked up by potential counterparties and used to shape the price quoted back to them. Compass is an AI-powered pre-trade analytics platform that helps level that field.

本季我們推出了 ICE Compass，解決買方的實際痛點。在固定收益市場中，投資人長期處於資訊劣勢，因為每當他們對某檔債券表達興趣，這個訊號就會被潛在交易對手捕捉，並用來影響回報給他們的報價。Compass 是一個由 AI 驅動的交易前分析平台，有助於拉平這個競爭環境。

Before a trade, it gives an asset manager an estimate of the bid or ask they can expect from each potential counterparty and ranks those counterparties on how competitive they are likely to be, customized to that specific client.

在交易前，它會為資產管理人估算可望從各個潛在交易對手取得的買價或賣價，並依其可能的競爭力對交易對手進行排序，且會針對特定客戶量身定制。

It runs on pricing and transaction data that only we have in T. Rowe Price has signed on as our anchor client. Underpinning all of it is the infrastructure we own and control. We are trusted with some of the most sensitive data in the financial system, and we hold and deliver it in our own secure, governed environment rather than someone else's, which is a large part of why clients are willing to put that data in our hands in the first place.

它運行於只有我們掌握的定價與交易數據之上，而 T. Rowe Price 已簽約成為我們的主力客戶。支撐這一切的是我們自有且可控的基礎設施。我們受託處理金融體系中最敏感的一些數據，並在我們自有的安全、受治理環境中保存與交付，而非在他人的環境中；這也是客戶願意把數據交到我們手上的重要原因之一。

Demand for the ICE Global Network continues to grow on both long-standing secular trends and the new capacity that AI requires, resulting in our data and network technology revenue up 11% year over year. Across this segment, the message is the same. AI is making our data more valuable not less.

ICE Global Network 的需求持續成長，既受長期結構性趨勢推動，也受 AI 所需新增容量帶動，使我們的數據與網路技術收入年增11%。在本事業部中，訊息是一致的。AI 讓我們的數據更有價值，而不是更沒價值。

Please turn to slide 16. Our mortgage business is where we run the data and AI playbook at full scale. ICE Mortgage Technology is the network of record for US housing finance. Roughly 9 in 10 mortgages touch our network at some point and a loan rarely stays in one place. It's packaged into securities, its servicing rights are sold and it passes to the agencies. So the same loan crosses our network many times over its life.

請翻到第16頁投影片。我們的房貸業務是我們以完整規模運行數據與 AI 作戰手冊的地方。ICE Mortgage Technology 是美國住房金融的記錄網路（network of record）。約每10筆房貸就有9筆在某個環節會觸及我們的網路，而且一筆貸款很少會一直停留在同一個地方。它會被打包成證券、其服務權會被出售，並轉交給各機構。因此，同一筆貸款在其生命週期中會多次穿越我們的網路。

What makes this network unique is that at every step, we know who should hold which permission and perform which task because access to data is deliberately segregated by role to protect the consumer. Access to the intelligence layer or agents in our network is governed and controlled with the same security that we have today for data protection to protect the consumer.

這個網路的獨特之處在於，每一步我們都知道誰應該擁有哪些權限、執行哪些任務，因為為了保護消費者，數據存取會依角色刻意分隔。對我們網路中的智慧層或代理（agents）的存取，也以我們現有的數據保護同等安全標準進行治理與控管，以保護消費者。

We have built a semantic or ontology layer on the data assets that we have assembled that maps the interconnected relationships and workflows across the entire industry, including lenders, servicers, investors and partners in our network.

我們在已彙整的數據資產之上建立了語意層或本體（ontology）層，用以映射整個產業中相互連結的關係與工作流程，包括放款機構、服務商、投資人以及我們網路中的合作夥伴。

This provides unique insights for our agents to harvest and thus train and grow the intelligence layer to handle complex tasks and help avoid hallucinations. This intelligence layer has been built on decades of hard-won expertise in one of the most regulated markets in the world and reinforced by the agency's insistence on a trusted auditable data layer beneath any use of AI.

這為我們的代理提供了可擷取的獨特洞見，進而訓練並壯大智慧層以處理複雜任務，並有助於避免幻覺。這個智慧層建立在數十年來在全球監管最嚴格市場之一中累積的來之不易的專業之上，並且在各機構堅持任何 AI 使用都必須有可信、可稽核的底層數據層的要求下得到強化。

We are building that layer based on experience with thousands of lenders already on our network as well as expertise helping clients' workflows and processes comply with federal, state and agency guidelines, a foundation a competitor cannot simply buy or code.

我們基於已在網路上的數千家放款機構的經驗來打造該層，同時也憑藉協助客戶工作流程與作業符合聯邦、州以及機構指引的專業；這樣的基礎不是競爭對手能夠單靠收購或寫程式就取得的。

That foundation is already at work in our products. ICE Aurora embeds this agentic AI directly in Encompass and MSP with governance, audit logs and human approvals built in. AI assists the human in high-risk decisions such as underwriting, pricing and cash movement, escrow and remittance and doesn't autonomously make a call. We have continued to evolve ICE Aurora-powered servicing agents and intelligence layer to add more workflows and exception handling agents that are being actively exercised by customers in production.

這個基礎已在我們的產品中發揮作用。ICE Aurora 將這種代理式 AI 直接嵌入 Encompass 與 MSP，並內建治理、稽核紀錄與人工核准。AI 在承銷、定價與資金移動、託管（escrow）與匯付（remittance）等高風險決策上協助人員，但不會自行做出決定。我們持續演進由 ICE Aurora 驅動的服務代理與智慧層，新增更多工作流程與例外處理代理，且客戶已在生產環境中積極使用。

In Encompass, we have added workflow agents to further automate service ordering, fee calculations, generate disclosures, engage with settlement service providers as well as manage change in circumstances as part of the loan manufacturing lifecycle. In servicing, we have AI agents live with clients handling the highest volume borrower work.

在 Encompass 中，我們新增了工作流程代理，以進一步自動化服務訂購、費用計算、產生揭露文件、與結算服務供應商互動，以及在貸款製造生命週期中管理情況變更。在貸後服務方面，我們的 AI 代理已在客戶端上線，處理量最大的借款人相關工作。

One example is an agent that answers borrower questions on loans and payments on its own. And a second is a voice assistant resolving common inbound calls before they reach a person taking cost out of the call center.

其中一個例子是，有一個代理能自行回答借款人關於貸款與付款的問題。第二個例子是語音助理，可在來電轉接到真人之前解決常見的來電問題，降低客服中心成本。

The results bear this out. We continue to win new logos and take share in a below-normal origination environment. Another clear signal is how deeply clients are building on our core platforms within the network. For example, our servicing business processed 10.7 billion API and web services call in the second quarter, up 39% year over year. That is also the answer to the view that a frontier model will commoditize software like ours.

結果也印證了這一點。在起貸環境低於常態的情況下，我們仍持續贏得新客戶並提升市占。另一個明確訊號是，客戶在網路內的核心平台上建置的深度。例如，我們的貸後服務業務在第二季處理了107億次 API 與網路服務呼叫，年增39%。這也回應了「前沿模型會使我們這類軟體商品化」的觀點。

It has the direction backwards. The model is the commodity. The key is the governed network of record, its role-based permission map and the behavioral data that only it holds, none of which a model owns and all of which it needs to be useful. AI does not shrink that advantage.

那個觀點把方向看反了。模型才是商品。關鍵在於受治理的記錄網路、其以角色為基礎的權限映射，以及只有該網路持有的行為數據；模型本身不擁有這些，但要有用就必須依賴這些。AI 不會削弱這項優勢。

It widens the surface area where our network creates value. The technology will keep evolving, but the network it runs on and the trust and governance embedded in it is ours and it compounds with every cycle.

它反而擴大了我們網路創造價值的觸及面。技術會持續演進，但其運行所依附的網路，以及其中內嵌的信任與治理屬於我們，並會在每一個循環中持續累積與增強。

With that, I'll hand this back over to Jeff.

接下來我把時間交回給 Jeff。

Thank you, Ben. Please turn to slide 17. The through line here, MarketAxess included, is the one that we followed from the start. We find markets held back by friction and opacity. We bring our networks, our data and our clearing to bear, and we earn trust to operate at the center of them.

謝謝你，Ben。請翻到第17頁投影片。這裡的主線（也包括 MarketAxess）是我們從一開始就遵循的路徑。我們找到因摩擦與不透明而受限的市場。我們運用我們的網路、數據與清算能力，並贏得信任，在其核心位置運作。

That discipline is what lets us act on an opportunity like MarketAxess without ever reaching for growth that we've not earned. It's also why forces are reshaping our industry from AI and automation to the changing needs of our customers, and those work in our favor rather than against us. We do not build for a moment in time. We build where our customers are next going. Growth on top of growth, compounding through all conditions.

這種紀律讓我們能把握像 MarketAxess 這樣的機會，而不必追求我們尚未贏得的成長。這也是為什麼從 AI 與自動化到客戶需求變化等力量正在重塑我們的產業，而這些變化對我們有利而非不利。我們不為一時一刻而建。我們建設的是客戶下一步要去的地方。在各種環境下，成長之上再成長，持續複利。

That's what we've built this company to do and how we plan to create lasting value for our shareholders. I'll now turn the call back to our moderator, and we'll conduct a question-and-answer session until 9:30 Eastern Time.

這正是我們打造這家公司的目的，也是我們計畫為股東創造長期價值的方式。我現在把電話會議交回主持人，我們將進行問答環節直到美東時間9:30。

(Operator Instructions) Dan Fannon, Jefferies.

(接線員指示) Dan Fannon，Jefferies。

So I wanted to start with the acquisition. Curious why you are the best owner of this business? And what gives you confidence that you can improve what has been a declining market share and fee per million trends for MarketAxess for the last several years?

我想先從這筆收購談起。想請教為什麼你們會是這項業務的最佳擁有者？以及是什麼讓你們有信心能改善 MarketAxess 過去幾年市占下滑、以及每百萬（交易量）手續費趨勢走低的情況？

Thanks, Dan. This is Jeff. We were late to getting into the execution of fixed income securities. We saw MarketAxess and others that were in that space, and we decided to build around what those players were doing. That's why we built this big fixed income data business. It's why we've recently been expanding into private credit. It's why we built a treasury clearinghouse.

謝謝，Dan。我是 Jeff。我們切入固定收益證券的電子執行相對較晚。我們看到 MarketAxess 以及其他在該領域的業者，於是決定圍繞那些參與者正在做的事情來建構。這就是為什麼我們打造了這個龐大的固定收益數據業務。這也是為什麼我們最近擴展到私募信貸。這也是為什麼我們建立了國庫券清算所。

In other words, we looked for daylight where others weren't moving. But at the core is the actual transaction. And there just was this moment in time when we think the two companies are ripe to come together to get together on one common network.

換句話說，我們尋找的是別人沒有在推進的空檔。但核心仍然是實際交易。而就在某個時間點，我們認為兩家公司已經成熟，適合走到一起，在同一個共同網路上整合。

And we think now with the product suite that they've built and the product suite that we've built and two different pools of liquidity that we both have been targeting, the combination will provide something that will really be unique in the industry. Let me ask Chris, who is going to run the business to answer this question.

我們認為，憑藉他們打造的產品組合與我們打造的產品組合，以及我們雙方一直在鎖定的兩個不同流動性池，合併後將提供在業界真正獨一無二的東西。我請將負責經營這項業務的 Chris 來回答這個問題。

Yeah, Dan. Thanks, Jeff. What I would say is if you look at what's causing the pressure in the market across the entire segment is increasing number of friction points along the way.

好的，Dan。謝謝，Jeff。我想說的是，如果你觀察整個市場、整個板塊造成壓力的原因，是流程中沿途的摩擦點越來越多。

And as we said in the prepared remarks, this gives us an opportunity to consolidate some of those friction points and create greater economies of scale, which we believe will generate more opportunities to capture greater share over time as those economies of scale are realized and the operational cost and efficiency at the client side become a better shot for them to take advantage of.

正如我們在事先準備的發言中所說，這讓我們有機會整合其中一些摩擦點並創造更大的規模經濟；我們相信，隨著這些規模經濟逐步實現，將在時間推移中帶來更多機會以取得更高的市占，同時也讓客戶端的營運成本與效率改善，從而更有把握去善用這些優勢。

Ken Worthington, JPMorgan.

JPMorgan 的 Ken Worthington。

Jeff, you've been particularly enthusiastic about the private credit opportunity and the recent announcement with Apollo and private credit, and I believe the focus has really been on data. To what extent and how does the MarketAxess announcement further your aspirations and opportunities for ICE in private credit? And does the MarketAxess transaction extend what you've talked about as a private credit data opportunity into private credit trading as well?

Jeff，你對私募信貸機會一直特別熱衷，近期也宣布與 Apollo 在私募信貸方面的合作，我相信重點其實一直放在數據上。MarketAxess 的這項公告在多大程度上、以及如何進一步推動你對 ICE 在私募信貸方面的抱負與機會？另外，MarketAxess 這筆交易是否也把你所談到的「私募信貸數據」機會，延伸到「私募信貸交易」上？

That's a good question. So first of all, when we first sat down with MarketAxess -- excuse me, with Apollo, Marc Rowan and I discussed MarketAxess. We discussed how -- if we were to build something together to better serve the private credit markets, how would we, over time, distribute the work product that we were working on.

這是個好問題。首先，當我們一開始與 MarketAxess——抱歉，是與 Apollo——坐下來談時，我和 Marc Rowan 討論了 MarketAxess。我們討論了，如果我們要一起打造一些東西來更好地服務私募信貸市場，隨著時間推移，我們要如何分發我們正在共同產出的成果。

And we felt, boy, if we could involve MarketAxess in these conversations, it would really accelerate where Apollo and Marc Rowan wanted to take their business. And so it was definitely part of our thinking. Let me again ask Chris to give you a little more detail since he's been working with both parties on the transaction.

我們覺得，如果能讓 MarketAxess 也參與這些對話，將能大幅加速 Apollo 與 Marc Rowan 想要推動其業務前進的方向。所以這確實是我們思考的一部分。我再請 Chris 提供更多細節，因為他一直在與雙方就這筆交易合作。

Ken, I think this is a content story at the end of the day. If you look at the opportunities that exist within private credit, not everyone is on the same page as Apollo of where they see that market developing. They're all at different moments in time along the way.

Ken，我認為歸根結底這是一個內容（content）的故事。如果你看私募信貸內部存在的機會，不是每個人都像 Apollo 一樣，對那個市場將如何發展有相同的看法。大家在不同時間點、處於不同階段。

And for us, it doesn't really matter. We have the ability with this distribution channel to serve each of those interested in that greater transparency opportunity within private credit to bring that to market at their timing and not ours.

對我們而言，這其實不太重要。透過這個分發通路，我們有能力服務每一位對私募信貸提升透明度有興趣的參與者，並依照他們的時點、而不是我們的時點，把產品推向市場。

And so that's -- when we said in the prepared remarks and Jeff talked about it in the first answer to Dan's question, what we're talking about is a common set of rails, we're putting that in place as the standard, both on the data side as well as the distribution side in order for everyone to have an opportunity to participate in the market as it continues to grow itself.

因此——正如我們在事先準備的發言中所說，以及 Jeff 在回答 Dan 第一個問題時提到的——我們談的是一套共同的軌道（rails）；我們把它作為標準建置起來，涵蓋數據端與分發端，讓每個人都有機會在市場持續成長的過程中參與其中。

Craig Siegenthaler, Bank of America.

美國銀行的 Craig Siegenthaler。

We wanted to see if you could go a little deeper into how ICE Aurora is embedding Agentic AI in both Encompass with originations and MSP with servicing. So how does agentic AI improve your ability to grow revenues and take share longer term? And is there a benefit on the cost side, too, as ICE Mortgage Tech can potentially run more efficiently with less people?

我們想請你更深入談談 ICE Aurora 如何在 Encompass 的貸款起源（originations）以及 MSP 的貸後服務（servicing）中嵌入 Agentic AI。那麼，agentic AI 如何提升你們長期成長營收、提高市占的能力？另外在成本端是否也有好處，例如 ICE Mortgage Tech 可能以更少的人力更有效率地運作？

Thanks, Craig. It's Ben. I'll take this one. So I alluded to this in the back half of the comments I made in the prepared remarks. But to us, we have embedded directly into the systems of record, the systems of intelligence that we have.

謝謝，Craig。我是 Ben。這題我來回答。我在事先準備的發言後半段有提到這點。對我們而言，我們已把我們的智慧系統直接嵌入到這些記錄系統（systems of record）之中。

We've embedded in a safe way a number of different AI models. And it's become apparent to us that the AI models are really a commodity at the end of the day. And what they need to be successful is the role-based permission map that I outlined in my prepared comments, the govern network of record to do this in a safe, auditable and governed way and then all the behavioral data that is in and around and flows through our systems in order to have a context and then also to meet the evolving guidelines that are coming out.

我們以安全的方式嵌入了多種不同的 AI 模型。而我們也逐漸清楚，AI 模型到頭來其實是商品化的。要讓它們成功，需要的是我在事先準備的發言中概述的「基於角色的權限地圖」、用於以安全、可稽核且受治理方式運作的「受治理的記錄網路（govern network of record）」，以及在我們系統內外、並流經我們系統的所有行為數據，才能提供情境脈絡，同時也能符合不斷演進的相關指引。

The GSEs, as I alluded to in last quarter's call, have come out with pretty strict guidance on how AI should or should not be used. And we have gone through and audited our processes internally, have also hired an external auditor to go through and look at how we use AI, and we're confident that the way that we're doing it is directly in line with that and again, providing it in a full auditable governed way. And that's why at the end of the day, we say that AI widens the surface area where we can create value for our clients at the end of the day.

正如我在上季電話會議中提到的，GSEs 已發布相當嚴格的指引，規範 AI 應該或不應該如何使用。我們已在內部對流程進行稽核，也聘請外部稽核人員檢視我們如何使用 AI；我們有信心，我們的做法完全符合這些指引，並且再次強調，是以完整可稽核、受治理的方式提供。因此歸根結底，我們才會說 AI 擴大了我們能為客戶創造價值的範圍。

And to your revenue question, as we look to drive more and more efficiencies for our clients and how they use our platforms, we will look for areas where we can monetize that. We have started to, as clients have started to engage with some of the AI tools that we have embedded into both Encompass as well as MSP, we are starting to monetize those.

至於你問的營收問題，當我們致力於為客戶提升其使用我們平台的效率時，我們也會尋找可將其變現的領域。隨著客戶開始使用我們嵌入在 Encompass 與 MSP 的部分 AI 工具，我們已開始對這些工具進行變現。

And as clients are engaging with them, onboarding them, we're going to crystallize more and more just what is the actual value that's being driven for the end client, and that will inform going forward how much we can charge for them.

而當客戶持續使用、導入這些工具時，我們會越來越清楚最終客戶實際獲得的價值是什麼，並以此作為未來我們能收取多少費用的依據。

But throughout Encompass, we're automating things like fee or automated service ordering, fee calculations, generating disclosures, engagement with settlement providers. But the magic is knowing when does human need to be in the loop. And when is there a potential for errors or hallucination in the model where a human needs to be in the loop.

在 Encompass 的各個環節，我們正在自動化例如費用或自動化服務下單、費用計算、產生揭露文件、以及與結算服務提供者的互動等事項。但關鍵在於要知道何時需要把人納入流程（human in the loop）。以及何時模型可能出現錯誤或幻覺（hallucination），因此需要人介入。

And then on MSP, I talked about customer service things that we're automating in a number of different calls, but we've also been automating back-office workflows such as escrow, investor reconciliation, HELOC processes, et cetera. So we're very confident going forward on our position here and being able to drive efficiency for our clients.

至於 MSP，我在多次電話會議中談過我們正在自動化的客服事項；此外，我們也在自動化後台工作流程，例如託管（escrow）、投資人對帳（investor reconciliation）、HELOC 流程等等。因此，我們對未來在這方面的定位以及為客戶帶來效率提升的能力非常有信心。

This is Jeff. One other thing I'd mention is Warren mentioned that on CapEx, we've been buying additional GPUs and NVIDIA GPUs and building them into our data centers. So what Ben and his team have been building with AI, we're able to run open source or open weight models against the client's data in our own data center and make sure that there's no data leakage, which we're finding increasingly is becoming important to financial services industry.

我是 Jeff。我還想補充一點：Warren 提到在資本支出（CapEx）方面，我們一直在購買額外的 GPU、也就是 NVIDIA 的 GPU，並把它們建置到我們的資料中心。因此，Ben 和他的團隊在 AI 上所打造的能力，使我們能在自有資料中心以客戶數據運行開源或開放權重（open weight）模型，並確保不會發生資料外洩；我們發現這對金融服務業而言正變得愈來愈重要。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I was hoping to follow up on MarketAxess, and this is more of a longer-term question for you guys. But ICE historically has had a preference to more of a subscription type of businesses. And whenever you would acquire kind of an execution-only model, there was an opportunity to kind of pivot away towards more kind of recurring business model.

我想跟進一下關於 MarketAxess 的問題，這對你們來說比較偏長期。但 ICE 歷來更偏好訂閱型的業務。而每當你們收購某種偏「僅執行」的模式時，往往就有機會把它轉向更偏經常性收入的商業模式。

So as you think about MarketAxess' data, which is quite valuable, and I don't think they monetize it as much today, how are you thinking about the mix and the revenue model evolving over time as you guys integrate this business?

因此，當你們思考 MarketAxess 的數據（相當有價值），而且我認為他們目前對其變現程度不高時，你們如何看待在整合這項業務的過程中，產品組合與營收模式隨時間演進？

Alex, it's Chris. I don't believe this will be any different than the other playbooks that we've run in the past. Certainly, there's an opportunity within the data that we'll be able to not only bring into our models, but also the opportunity for us, as I said earlier, in the distribution channels, we think about things like private credit, certainly lots of opportunity when we think about their treasury franchise and what we're doing on the clearing side of bringing those two together.

Alex，我是 Chris。我不認為這會與我們過去採用的其他作戰手冊有任何不同。當然，數據方面存在機會：我們不僅能把它納入我們的模型；同時，如我先前提到的，在分銷通路上，當我們思考像私募信貸這類領域時也有很多機會；此外，當我們思考他們的國庫券（Treasury）業務版圖，以及我們在清算端所做的事情，把兩者結合起來也有很大空間。

Those are examples of where we're collapsing those points of friction in order to create a better user experience on a go-forward basis, all of which will be on a competitive side, all of which will give us different opportunities on both types of revenue structures as we go forward.

這些都是我們透過消除摩擦點來打造更佳使用者體驗的例子；在競爭層面上，這些都將為我們在未來兩種不同的營收結構上帶來不同的機會。

Alex, it's Warren. I would just add to that from our perspective on -- in terms of the data that we have today, we're a little bit undersized in EMEA and Asia Pacific. And as Jeff mentioned, they bring 2,100 customers. A good portion of those are international.

Alex，我是 Warren。我再補充一點：就我們目前擁有的數據而言，我們在 EMEA 與亞太地區的規模相對偏小。而如 Jeff 提到的，他們帶來 2,100 位客戶。其中相當一部分是國際客戶。

And so there's an opportunity for us with the data we sell today to obviously sell a little bit more into those regions. So that's another component of this that we're excited about.

因此，對於我們今天所銷售的數據而言，顯然有機會在那些地區多賣一些。這也是我們對這筆交易感到興奮的另一個面向。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

A lot of good ones are on the deal so far. So maybe I'll pivot. Jeff, there's been a lot of attention on perpetual futures recently. You've seemingly been much more open to the idea of perps relative to your largest competitor in the US, you, licensed Brent and WTI to OKX during the quarter.

到目前為止，關於這筆交易的好問題已經很多了。所以我可能換個方向。Jeff，最近市場對永續期貨（perpetual futures）的關注度很高。相較於你們在美國最大的競爭對手，你看起來對「perps」的想法開放得多；本季你們也將 Brent 與 WTI 授權給 OKX。

So I would love to get your high-level view on perps as an asset class, the CFTC's push to bring them onshore and how meaningful of a growth opportunity do you think that it could be for ICE on both the retail and institutional side going forward?

因此我很想聽聽你對 perps 作為一種資產類別的高層次看法、CFTC 推動把它們帶回境內（onshore）的作法，以及你認為這對 ICE 未來在零售與機構端可能是多大程度的成長機會？

Sure. It's a good question. So first of all, it's a bit of a misnomer in my mind that they're called perpetual futures. The reality is we're looking at these as if they're really a competitor to leveraged ETFs. And as we've mentioned in the prepared remarks and as Warren talked about, we continue to license our data to those ETFs, and we see an opportunity with perpetual futures to continue that because we honestly think they're a very similar product with a different distribution vehicle.

當然。這是個好問題。首先，在我看來，把它們稱為「永續期貨」有點名不副實。實際上，我們看待它們更像是槓桿型 ETF 的競爭產品。正如我們在事先準備的發言中提到、以及 Warren 談到的，我們持續把數據授權給那些 ETF；而我們也看到永續期貨存在延續這一點的機會，因為我們坦白說認為它們是非常相似的產品，只是分銷載體不同。

In other words, at least in the US, ETFs are distributed through FINRA broker-dealers and perps tend to be distributed through crypto blockchain-oriented companies and particularly widely distributed outside the US. The reason we don't -- we think it's kind of a misnomer that they're called futures is because they don't produce a forward pricing curve. And so there are very little use for hedgers. So they tend to be a match of a speculator to a speculator, which tends to mean somebody wins and somebody loses.

換句話說，至少在美國，ETF 是透過 FINRA 的券商經紀商體系分銷；而 perps 往往透過以加密與區塊鏈為導向的公司分銷，且特別是在美國以外地區廣泛流通。我們之所以認為稱它們為「期貨」有點名不副實，是因為它們不會產生遠期定價曲線。因此對避險者而言用途很小。所以它們往往是投機者對投機者的撮合，通常意味著有人贏、有人輸。

So the long-term success of a speculator to speculator market has to be that people are either enjoying it for entertainment purposes or something else other than our traditional markets where we really lean into commercial hedging.

因此，投機者對投機者市場要能長期成功，必須是人們出於娛樂目的或其他原因而參與；這不同於我們的傳統市場，我們更倚重商業避險需求。

I do think that the CFTC was right to assert jurisdiction. It does appear that the CFTC is very open to perpetual futures for foreign exchange for FX-type contracts. In other words, crypto tokens, Bitcoin and Ether and what have you, potentially gold and silver. But you've now seen a real market pushback for perps moving into real-world assets. Yeahterday, a meeting with the ag industry at the CFTC suggested that they're very uncomfortable.

我確實認為 CFTC 主張其管轄權是正確的。看起來 CFTC 對外匯（FX）類合約的永續期貨非常開放。也就是說，加密代幣、比特幣、以太幣等等，可能還包括黃金與白銀。但你現在也看到，當 perps 進入真實世界資產（real-world assets）時，市場出現了明顯反彈。昨天在 CFTC 與農業產業的一場會議顯示，他們非常不舒服。

You've seen -- and if you look at the public disclosures of meetings that have been happening at the CFTC, you see a lot of energy companies that have been in visiting and the CFTC suggesting that 24/7, particularly weekend trading on small size is something that they want to spend more time thinking about and particularly whether or not these assets bleed into the price discovery of traditional futures.

你也看到——如果你去看 CFTC 公開揭露的會議紀錄，會看到很多能源公司前往拜會；而 CFTC 也表示，24/7（尤其是週末）以小合約規模交易，是他們希望花更多時間思考的事情，特別是這些資產是否會滲透並影響傳統期貨的價格發現。

And then similarly, I would expect -- we're highly regulated by the SEC. I'm sitting here next to Lynn Martin, who's smiling at me. We know them very, very well. We have an opinion that the SEC will assert jurisdiction over securities that are traded as perps because those are very likely security swaps under US regulation.

同樣地，我也預期——我們受到 SEC 的高度監管。我就坐在 Lynn Martin 旁邊，她正對我微笑。我們非常、非常了解他們。我們的看法是，SEC 會對以 perps 形式交易的證券主張管轄權，因為在美國法規下，那些很可能屬於證券交換（security swaps）。

And so it's yet to be seen on how that will evolve. It's hard to imagine pre-IPO perps continuing to trade to US clients unless they follow the same kind of pre-IPO disclosures and policies that exist in the equities markets. Post-IPO lookalikes, like I say, I think they have an allure similar to how leveraged ETFs have been being organized.

因此，這將如何演進仍有待觀察。很難想像 IPO 前的 perps 能持續向美國客戶交易，除非它們遵循與股票市場相同類型的 IPO 前揭露與政策。至於 IPO 後的類似產品（lookalikes），如我所說，我認為它們的吸引力與槓桿型 ETF 的組織方式相近。

So we would expect that potential to grow, particularly with economies that don't have good access to US broker-dealers.

因此我們預期這種潛力會成長，特別是在那些不容易取得美國券商經紀商服務的經濟體。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

I want to come back to MarketAxess. Just more on the deal accretion assumptions in the first year and then the plan over time. I think you said, Warren, you're assuming mid-single-digit growth. Just wanted to confirm, are you looking at consensus expectations for revenue and expenses in your deal accretion analysis? Or do you guys have your own model?

我想回到 MarketAxess。主要想更深入了解交易在第一年的增厚（accretion）假設，以及隨時間推進的規劃。我想你說過，Warren，你們假設中個位數成長。我想確認一下：你們在做交易增厚分析時，是採用市場一致預期（consensus）對營收與費用的預估嗎？還是你們有自己的模型？

And then over the longer term in terms of accelerating that, is that more on just the expense synergy side? Or are you contemplating material revenue synergies to do that? And as you integrate the firms, as you plan to integrate firms, is it -- is the plan to mostly retain what MarketAxess has built and some of the senior management team? Or do you plan on thinking about rearchitecting some of what they've built to try to tackle the market share issue a little bit more aggressively?

另外，長期而言若要加速成長，主要是靠費用協同效益嗎？還是你們也在考慮實質的營收協同效益？以及在整合兩家公司、你們計畫如何整合時——你們的計畫是大致保留 MarketAxess 已建立的東西以及部分高階管理團隊嗎？還是你們打算重新架構他們的一些建置，以更積極地處理市占率問題？

Brian, right. So thanks for the question. So to answer the first one, I think you were asking about the deal accretion on that. So we use consensus EPS as the base for that calculation. So you can think about it that way.

Brian，對。謝謝你的問題。先回答第一個，我想你問的是交易增厚的部分。我們以市場一致預期的 EPS 作為該計算的基礎。所以你可以用這個角度來理解。

We -- for the synergy side in terms of accelerating them or sort of the accelerated growth that I spoke to, that was in reference really to the top line.

我們——就協同效應那一端而言，無論是加速推進，或是我所提到的那種加速成長，其實主要是指營收端（top line）。

I think right now, what I was trying to say there was that in terms of what we paid for MarketAxess, the value that we underwrote, we assumed mid-single-digit growth, which is where they've kind of been a little bit recently. But the target here will be to accelerate that revenue.

我想就目前而言，我當時想表達的是：就我們為 MarketAxess 支付的價格、以及我們承作（underwrite）的價值假設來看，我們假設的是中個位數的成長率，而他們最近的表現也大致落在這個區間。但我們的目標會是加速那個營收成長。

It may take a little bit of time on that front, but the target here will be to accelerate that revenue for -- and we outlined many of the reasons why we think we can do that, but that's the way to think about that. So those will be sort of the revenue synergies you want to come. They're tough to quantify, obviously, given a transaction business.

在這方面可能需要一點時間，但我們的目標就是要加速那個營收——我們也列舉了許多理由，說明為什麼我們認為能做到；大致上就是這樣來理解。因此，這些會是你希望看到逐步實現的營收協同效應。顯然，鑑於這是一門交易型業務，這些協同效應很難量化。

But that's the opportunity, I think, for us to come in and really reinforce the plan that MarketAxess has laid out to you guys. I think that they do have a solid plan in terms of getting to what they've talked to do in terms of the high single digits. But I think a lot of the assets we bring to them will just really help reinforce that and help that growth profile. So hopefully, that helps.

但我認為，這就是我們介入並真正強化 MarketAxess 已經向各位提出之計畫的機會。我認為他們確實有一個扎實的計畫，能夠達到他們所談到的高個位數成長。但我想，我們帶給他們的許多資產，將能進一步強化這個計畫並改善其成長輪廓。希望這樣有幫助。

Ben Budish, Barclays.

Ben Budish，Barclays。

I wanted to ask another one on MarketAxess, thinking maybe about some of the revenue synergies you've talked about. I think earlier in the comments, you said something to the effect of reducing friction, talking about operational scale and efficiencies. Having covered MarketAxess as most of us have for some time, the challenges have been things like new competition, mix shift, challenges in getting into things like portfolio trading. So curious if you could talk about where is the current overlap between ICE bonds and MarketAxess.

我想再問一題關於 MarketAxess 的問題，可能是從你們談到的一些營收協同效應來思考。我記得你在先前的評論中提到，大意是降低摩擦，並談到營運規模與效率。我們多數人追蹤 MarketAxess 一段時間了，他們面臨的挑戰包括新競爭者、產品組合轉移（mix shift）、以及在投組交易（portfolio trading）等領域拓展的挑戰。所以我想了解一下：目前 ICE bonds 與 MarketAxess 之間的重疊（overlap）在哪裡？

You've had a joint venture with them, I think, since last year. Are there any kind of early learnings from that, that you could point to that would sort of indicate where things may be going. If you could unpack a little bit of that, that would be helpful.

我想你們自去年起就與他們有一家合資企業（joint venture）。是否有任何早期的學習（early learnings）可以分享，能夠指向未來可能的走向？如果你能稍微拆解說明一下，會很有幫助。

Ben, it's Chris. I do believe that the relationship we had on the muni side and we were expanding the corporate side gives us confidence in that road map going forward of how we can work together and expand for -- expand the opportunity ultimately for the client, and that is a reduction in the friction points that I made a little bit earlier.

Ben，我是 Chris。我確實相信，我們在市政債（muni）端既有的合作關係，以及我們正在擴展公司債端的合作，讓我們對未來如何共同合作、並擴大——最終為客戶擴大機會的路線圖更有信心；而這也就是我稍早提到的降低摩擦點。

But you also have to add on the other things that we bring to the table, both on the data side that I spoke about a little bit earlier, but on clearing and things of that nature, it provides a much more holistic user experience that we believe can put us in an accelerated form as we make the investments that Warren just spoke to in the last question and to get that right and be at the right place at the right time, which has been our forte for the history of ICE and what we'll continue to drive forward as we integrate the MarketAxess team and expertise here.

但你也必須把我們帶來的其他能力納入考量：包括我稍早提到的資料面，以及清算（clearing）等相關能力；這能提供更全面的一體化使用者體驗。我們相信，隨著我們投入 Warren 在上一題提到的投資，並把事情做對、在對的時間站在對的位置，這將使我們能以更快的速度推進——這一直是 ICE 歷史上的強項；而在我們整合 MarketAxess 團隊與專業之際，我們也會持續推動向前。

And I would also concentrate on the idea of having institutional and the retail and wealth available in a common set of rails opens up a lot of doors that historically in the space haven't been catered to because that's where you see the proliferation of all the different protocols in order to satisfy a specific niche of execution within the marketplace as a whole. So we want to put that together in a common unified user experience and use that as a way to create more value and by creating that value, earn more of that business.

此外，我也會聚焦在這個概念：讓機構端、零售端與財富管理端能在同一套軌道（rails）上運作，會打開許多大門；而過去在這個領域之所以沒有被充分服務，是因為你會看到為了滿足整體市場中某個特定執行利基（niche），而出現各式各樣交易協議（protocols）的繁衍。因此，我們希望把這些整合到一個共同、統一的使用者體驗中，並以此創造更多價值；而透過創造價值，我們就能贏得更多業務。

Alex Kramm, UBS.

Alex Kramm，UBS。

Probably a follow-up to some of the questions here on MarketAxess. But Jeff, you've been asked about MarketAxess and execution in fixed income, cash fixed income for a long time. And I think your answer has consistently been that you thought transaction pricing is heading lower and maybe some of the prior questions were kind of getting at that, but maybe I'll ask it more directly. So just wondering if you think times have changed.

這大概是延續前面一些關於 MarketAxess 的問題。不過 Jeff，你被問到 MarketAxess 以及固定收益、現券固定收益（cash fixed income）的執行（execution）已經很久了。而我覺得你的回答一直都是：你認為交易定價（transaction pricing）會走低；前面一些問題可能也在觸及這點，但我想更直接地問。所以我想知道，你是否覺得情況已經改變了？

And obviously, given all the opportunities you have with this asset now, do you think there's actually some room for stabilization? Or do you think in order to win, given all you bring to the table, you're really going to be a price leader from here in credit?

而且顯然，既然你們現在擁有這項資產並有各種機會，你是否認為其實有一些空間可以讓定價趨於穩定？或者你認為，為了取勝，考量到你們能帶來的一切，你們在信用（credit）領域接下來會真正成為價格領導者（price leader）？

It's a good question. And I think in fairness, it's been you who's asked me over the last decade this question. So you're true to form. Yeah. It just feels like the right moment in time.

這是個好問題。而且公平地說，過去十年一直是你在問我這個問題。所以你一如既往。是的。只是感覺現在正是合適的時間點。

We obviously admire the company. And when Rick McVey started the firm, sat down and tried to figure out how we could work together, and we've had that dialogue going for more than a decade, including with Chris Concannon. And it just feels like the right time. We've got this brand-new treasury clearinghouse that we've built.

我們顯然很欣賞這家公司。當 Rick McVey 創立這家公司時，我們就坐下來嘗試找出我們可以如何合作；而這段對話已經持續了十多年，也包括與 Chris Concannon 的交流。而現在就是感覺時機成熟。我們已經建立了一個全新的國債清算機構（treasury clearinghouse）。

We've really done a good job building out our wealth management and retail channel and have pushed that very far. And now we've got this movement into private credit. Our index businesses and fixed income ecosystem is doing very, very well with now $1 trillion, nearly $1 trillion of ETFs. And so it just felt like we've got this surrounding ecosystem that if we could put MarketAxess into it, that team could do better.

我們在打造財富管理與零售通路方面做得非常好，並且把這塊推進得很深。而現在我們也正朝向私募信貸（private credit）發展。我們的指數業務與固定收益生態系表現非常、非常好，目前已有 1 兆美元、接近 1 兆美元的 ETF 規模。因此，我們覺得我們已經有一個周邊生態系；如果能把 MarketAxess 放進來，那個團隊就能做得更好。

And I would say they've got tough competition and many of their competitors have just been able to work in a larger ecosystem, a broader pool of products that appeals to many of the major institutions and dealers. And I think we can help bring that back in line.

我也會說，他們面臨激烈競爭，而他們的許多競爭對手之所以能做到，是因為能在更大的生態系中運作，擁有更廣泛的產品池，對許多大型機構與交易商（dealers）更具吸引力。我認為我們可以協助把這點拉回到更合理的狀態。

In terms of transaction pricing, Yeah, as was asked earlier on the call, we tend to like compounding subscription-type models. And again, I'm sitting next to Lynn Martin. If you look at her business, we have tried to take what comes out of the equity securities market and find as many opportunities as we can to move into recurring revenues.

就交易定價而言，是的，正如稍早電話會議中有人問到的，我們通常偏好可複利成長的訂閱型（subscription-type）模式。而且我現在就坐在 Lynn Martin 旁邊。如果你看她的業務，我們一直嘗試把股票證券市場產生的收入，盡可能找到機會轉向經常性收入（recurring revenues）。

We can't do it with the current SEC rules on execution itself because executors have an obligation right now to find the best price and can't really consolidate their buying power into a subscription. That may change and certainly is being discussed by the SEC, and that might make its way over into fixed income securities as well over time.

但在目前 SEC 對於執行本身的規則下，我們做不到，因為執行方目前有義務尋找最佳價格，無法真正把其採購力整合成訂閱模式。這可能會改變，SEC 也確實正在討論；而隨著時間推進，這也可能會延伸到固定收益證券。

Chris Allen, KBW.

Chris Allen，KBW。

I think a lot of the questions have been asked and answered already. But maybe when we think about the opportunity to expand MarketAxess' share longer term, one of the things you noted was client relationships. So maybe if you could touch on the opportunity there. And then maybe give us a little bit more details on how you think about the rates franchise from a longer-term perspective in the US.

我想很多問題都已經問過也回答過了。但或許當我們思考長期擴大 MarketAxess 市占的機會時，你提到的一點是客戶關係。所以也許你可以談談那方面的機會。另外，也請你再多給我們一些細節，談談你如何從更長期的角度看待美國的利率業務版圖（rates franchise）。

Yeah, Chris, it's Chris. Thanks for the question. So certainly, between the two of us, we own a number of client relationships at various points of connectivity, various points of opinions in there as the strategic direction of the asset and we think about that strategic direction going forward. So that will be a conversation that we have in the months to come and to get there.

好的，Chris，我是 Chris。謝謝你的問題。所以當然，我們兩家公司在不同的連結點（connectivity）、不同的觀點層面上，都擁有許多客戶關係；而在我們思考這項資產的策略方向、以及未來的策略方向時，這些都會納入考量。因此，這會是我們在接下來幾個月會進行的對話，以推進到那一步。

But if you look at things like what we've talked about with Apollo, like what we've done within the credit default swap business and all of the initiatives that we go through there, if you look at the connectivity, even back to the listing space with the Lynn's business at NYSE, there are points of connectivity or friction points around that, that we should be able to appropriately use in order to create a better, more valued experience by the users, and that's going to start with those relationships that you make reference to.

但如果你看看我們談到的像是與 Apollo 相關的事情，例如我們在信用違約交換（CDS）業務中所做的，以及我們在那裡推動的所有倡議；再看看這些之間的連結性，甚至回到上市領域、也就是紐約證交所（NYSE）Lynn 的業務，你會發現其中存在一些連結點或摩擦點。我們應該能夠適當地加以運用，為使用者創造更好、更有價值的體驗，而這將從你所提到的那些關係開始。

If you look at the rates franchise that Ben touched on in the prepared remarks, we know what we're doing in Europe there. And certainly, no secret, we have -- we're starting from not a lead position here in the US, but one that we have begun to assemble the right points that in order to become a competitive opportunity there. And we look forward to creating that value the right way with leveraging those relationships in order to create competition in that space.

如果你看看 Ben 在事先準備的發言中提到的利率業務版圖（rates franchise），我們知道我們在歐洲那邊正在做什麼。而且當然，這不是秘密：我們——在美國這裡並不是從領先的位置起步，但我們已經開始組裝正確的要素，以便在那裡成為一個具競爭力的機會。我們也期待以正確的方式創造價值，運用這些關係來在該領域形成競爭。

And that will be something that we look forward to doing in the coming weeks, months and years.

而這將是我們在未來幾週、幾個月以及幾年內期待去做的事情。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

So you've spoken about tokenization, Jeff, as an evolution of the market infrastructure rather than a replacement of today's exchanges. So as more securities move on chain, just curious over time, how you see industry profit pools migrating? What's most defensible? What areas might need to be defended more? Where might there be scope for new revenue opportunities for the industry, but also for ICE?

Jeff，你談到代幣化（tokenization）是市場基礎設施的演進，而不是取代當今的交易所。因此，隨著更多證券上鏈，想請教你長期來看，你如何看待產業的利潤池（profit pools）會如何遷移？哪些部分最具防禦性？哪些領域可能需要更積極地防守？哪些地方可能為產業、也為 ICE 帶來新的營收機會？

And then if collateral can just move instantly on chain, how much incremental trading activity or capital efficiency do you think that unlocks? And where might there be givebacks around that? Maybe you can remind us how much do you generate today from collecting interest on collateral?

另外，如果抵押品可以在鏈上即時移動，你認為這會解鎖多少額外的交易活動或資本效率？而在這方面可能會有哪些讓利（givebacks）？也許你可以提醒我們，你們目前從收取抵押品利息中大約產生多少收入？

Yeah. That's a great question. I think we're somewhat thinking about it in two buckets, which is a bit how your question was phrased. The transaction side of the business, in other words, matching a buyer and a seller, the blockchain just doesn't have the capacity or the throughput to, let's say, replace what we have at the pillar system that runs the New York Stock Exchange. I mean we do trillions of transactions a day.

是的。這是個很好的問題。我認為我們大致是用兩個面向來思考，這也有點像你提問的方式。在交易端的業務，也就是撮合買方與賣方，區塊鏈在容量或吞吐量上，坦白說，還不足以取代我們在紐約證交所運行的 Pillar 系統。我們每天處理的是數兆筆交易。

And there's no chain that has that and no second level that anyone has built that can get to that. And it's also the nature of blockchain that people are writing the multiple nodes. So it has a built-in latency before title can transfer, which we don't have in conventional systems.

目前沒有任何鏈具備那樣的能力，也沒有任何人建構的第二層（second level）能達到那個程度。而且區塊鏈的特性在於，多個節點都要寫入。因此在所有權（title）能夠轉移之前，天生就存在延遲（latency），而傳統系統並沒有這個問題。

But in terms of settlement and the way collateral can move, we've been limited -- the industry has been limited by US banking hours, really where the main security markets are. And as we go follow the sun around the world, we're having to figure out how we move collateral to these various banking jurisdictions. And that's what on-chain collateral movement can do. It's a bit scary to regulators and to market participants.

但就結算以及抵押品移動的方式而言，我們一直受限——整個產業一直受限——於美國的銀行營業時間，主要證券市場基本上都在那個時段運作。當我們沿著全球時區「追著太陽走」時，就必須想辦法把抵押品移動到各個不同的銀行司法管轄區。而鏈上抵押品移動就能做到這件事。這對監管機關與市場參與者來說，多少有點令人不安。

Retail has embraced it, obviously, as you've seen. But for our traditional infrastructure, we have to deal with what happens if there's a financial crisis, what happens if there's a bankruptcy? What happens if a Silicon Valley Bank collapses and what is in flight and who has title to it and who -- what regulator can raise the walls to keep that collateral in the ecosystem that against the trades that are in the same ecosystem.

散戶顯然已經接受了它，你也看到了。但對我們的傳統基礎設施而言，我們必須處理：如果發生金融危機怎麼辦？如果發生破產怎麼辦？如果矽谷銀行（Silicon Valley Bank）倒閉，哪些資產正在轉移途中（in flight）、誰擁有其所有權（title）、以及哪個監管機關能夠築起防火牆，把那筆抵押品留在生態系中，用來對應同一生態系內的交易？

And so those are yet to be worked out. But as we've been doing, we've been working very closely with the Securities and Exchange Commission in the US to try to move the New York Stock Exchange listed securities on chain. Obviously, others are doing somewhat look-alike securities around the world, and we think that there's obviously a market for the true securities.

因此，這些問題仍有待解決。但正如我們一直在做的，我們一直與美國證券交易委員會（SEC）非常密切合作，嘗試把紐約證交所上市證券上鏈。顯然，世界各地也有人在做一些外觀相似（look-alike）的證券，而我們認為真正的證券顯然是有市場的。

And I also think that it will open once securities can be on chain, not only will collateral movement be easier, but I think for those that are buyers and holders of securities or on-chain assets, they'll be able to be pledged and lended in ways that the crypto community is already doing with stablecoins and other things that will give better underpinnings to people that loan money. And therefore, I think, unlock more of the economy because there'll be more certainty in the ability to provide capital.

我也認為，一旦證券能上鏈，不僅抵押品移動會更容易，而且對於那些買入並持有證券或鏈上資產的人而言，這些資產將能以加密社群目前對穩定幣與其他資產所做的方式，被質押與出借，從而為放款人提供更好的基礎支撐。因此我認為，這會解鎖更多經濟活動，因為提供資本的能力將更具確定性。

So we're working on it. We're trying to do it within the regulated businesses that we run. We have -- we've mentioned a number of major institutions that we have existing agreements with that are all working together to try to solve some of the institutional problems that I just mentioned. But there's real work going on. And so I think later this year and early next year, you'll start to see some significant entities moving on chain.

所以我們正在推進這件事。我們嘗試在我們所經營的受監管業務框架內來完成。我們——也提到過，我們已與多家大型機構簽有既有協議，大家正共同合作，嘗試解決我剛才提到的一些機構層面的問題。但確實有實質工作正在進行。因此我認為在今年稍晚以及明年初，你將開始看到一些重要的實體上鏈。

At this time, we will now pass the call back over to Jeff for closing remarks.

此時，我們將把電話會議交回給 Jeff 作結語。

Great. Well, thank you, Mikayi, for moderating the call, and I appreciate you all joining us this morning and staying a little long into the market open so that we could answer all your questions. And we look forward to talking more about the exciting transaction and business that we're building in the future.

很好。那麼，謝謝 Mikayi 主持本次電話會議，也感謝各位今天早上加入我們，並在開盤後多留了一會兒，讓我們能回答大家所有的問題。我們也期待未來能進一步分享我們正在打造的令人振奮的交易與業務。

Thank you all. At this time, this will now conclude today's conference call. We appreciate your participation. We hope you have an amazing day, and you may now disconnect your lines.

謝謝各位。此時，今天的電話會議到此結束。感謝各位的參與。祝各位有美好的一天，現在可以掛線。