Marketaxess Holdings Inc (MKTX) 2022 Q2 法說會逐字稿

Welcome to the Q2 2022 MarketAxess Holdings, Inc. Earnings Conference Call. My name is Vanessa, and I will be your operator for today's call. (Operator Instructions) I will now turn the call over to your host, Mr. Stephen Davidson. You may begin.

歡迎參加 2022 年第二季度 MarketAxess Holdings, Inc. 收益電話會議。我的名字是 Vanessa，今天我將擔任您的接線員。 （操作員說明）我現在將把電話轉給您的主持人 Stephen Davidson 先生。你可以開始了。

Thank you, Vanessa. Good morning, and welcome to the MarketAxess Second Quarter 2022 Earnings Conference Call. For the call, Rick McVey, Chairman and Chief Executive Officer, will provide a strategic update for the company; Chris Concannon, President and COO, will review the progress we are making on our growth initiatives; and then Chris Gerosa, Chief Financial Officer, will walk you through the financial results for the quarter.

謝謝你，瓦妮莎。早上好，歡迎參加 MarketAxess 2022 年第二季度收益電話會議。對於電話會議，董事長兼首席執行官 Rick McVey 將為公司提供戰略更新；總裁兼首席運營官 Chris Concannon 將審查我們在增長計劃方面取得的進展；然後，首席財務官 Chris Gerosa 將向您介紹本季度的財務業績。

Before I turn the call over to Rick, let me remind you that today's call may include forward-looking statements. These statements represent the company's belief regarding future events that by their nature are uncertain. The company's actual results and financial condition may differ materially from what is indicated in those forward-looking statements.

在我將電話轉給 Rick 之前，讓我提醒您，今天的電話可能包括前瞻性陳述。這些陳述代表了公司對本質上不確定的未來事件的信念。公司的實際業績和財務狀況可能與這些前瞻性陳述中的內容存在重大差異。

For a discussion of some of the risks and factors that could affect the company's future results, please see the description of risk factors in our annual report on Form 10-K for the year ended December 31, 2021. I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued earlier this morning and is now available on our website.

有關可能影響公司未來業績的一些風險和因素的討論，請參閱我們截至 2021 年 12 月 31 日止年度的 10-K 表格年度報告中對風險因素的描述。我還建議您閱讀今天上午早些時候發布的季度收益發布中的前瞻性聲明免責聲明，現已在我們的網站上提供。

Let me now turn the call over to Rick.

現在讓我把電話轉給 Rick。

Good morning, and thank you for joining us to review our second quarter results. We continue to execute our growth strategy in the second quarter and delivered strong results across our key operating metrics. Importantly, we have increased our leadership position in the global credit institutional e-trading space versus our primary competitors with strong market share momentum in corporate bonds and emerging markets.

早上好，感謝您加入我們審查我們的第二季度業績。我們在第二季度繼續執行我們的增長戰略，並在我們的關鍵運營指標上取得了強勁的業績。重要的是，與在公司債券和新興市場擁有強勁市場份額勢頭的主要競爭對手相比，我們提高了在全球信用機構電子交易領域的領導地位。

We are now moving back into a much more favorable trading environment, and the investments we have made to expand our foundation for growth are paying off. We achieved record levels of estimated market share across both credit and rates, driving a new quarterly record for global credit trading volume.

我們現在正回到一個更加有利的貿易環境，我們為擴大增長基礎所做的投資正在獲得回報。我們在信貸和利率方面的估計市場份額都達到了創紀錄的水平，推動了全球信貸交易量的新季度記錄。

Specifically, we delivered record quarterly market share in U.S. credit high-yield, emerging markets, Euro bonds and U.S. treasuries. We established a new record for global active clients and traders. The benefits of Open Trading, our differentiated liquidity pool, are coming through with the highest level of transaction cost savings for clients since the pandemic environment in 2020.

具體而言，我們在美國信貸高收益債券、新興市場、歐元債券和美國國債的季度市場份額創下歷史新高。我們為全球活躍的客戶和交易者創造了新的記錄。自 2020 年大流行環境以來，我們的差異化流動資金池 Open Trading 的優勢正在為客戶節省最高水平的交易成本。

Beyond our core business and protocols, we are making excellent strides in new product areas. We achieved another record quarter with $23 billion in total portfolio trading volume. Municipal bond trading ADV was a record $371 million, with a solid mix of tax exempt and taxable muni activity and a record 342 active client firms. And U.S. Treasuries achieved record market share this quarter with 160 active clients trading.

除了我們的核心業務和協議之外，我們還在新產品領域取得了長足的進步。我們實現了另一個創紀錄的季度，總投資組合交易量達到 230 億美元。市政債券交易 ADV 達到創紀錄的 3.71 億美元，其中包括免稅和應稅市政活動以及創紀錄的 342 家活躍客戶公司。美國國債本季度的市場份額創下歷史新高，有 160 家活躍客戶進行交易。

We also made several key announcements this quarter designed to enhance our data and ETF trading capabilities with the launch of an ETF on our MarketAxess investment-grade 400 Index, our strategic collaboration with MSCI, and our minority investment in Virtu Financial's RFQ-hub for ETF share and equity derivative trading.

本季度我們還發布了幾項重要公告，旨在通過在 MarketAxess 投資級 400 指數上推出 ETF、我們與 MSCI 的戰略合作以及我們對 Virtu Financial 的 ETF RFQ-hub 的少數投資來增強我們的數據和 ETF 交易能力股票和股票衍生品交易。

In summary, strong growth in trading volume, broad-based market share gains and increasing momentum in new product areas, including U.S. Treasuries and municipal bonds, are driving significantly improved operating performance.

總而言之，交易量的強勁增長、廣泛的市場份額增長以及包括美國國債和市政債券在內的新產品領域的增長勢頭正在推動經營業績顯著改善。

Slide 4 provides an update on market conditions. Just 8 months ago, we predicted that an end to accommodative central bank policy and quantitative easing would drive a return to wider credit spreads and higher credit spread volatility. That is exactly what is happening today, and we are now in a much more favorable operating environment.

幻燈片 4 提供了有關市場狀況的最新信息。就在 8 個月前，我們預測結束寬鬆的央行政策和量化寬鬆政策將推動信貸利差擴大和信貸利差波動性上升。這正是今天正在發生的事情，我們現在處於一個更加有利的運營環境中。

The median bid-ask spread in high-grade has moved from 2 basis points to 4 basis points in a very short period of time, and this has been accompanied by unusually large price movements in the market, with high-grade and high-yield bond indices down approximately 15% year-to-date.

高品位的買賣差價中值在極短的時間內從2個基點上升到4個基點，伴隨著市場異常大的價格波動，高品位和高收益債券指數今年迄今下跌約 15%。

When liquidity is at a premium as it is today, more diverse sources of liquidity matter, and the price improvement opportunity over Open Trading becomes a key differentiator in the market. We believe that this is a key contributor to our broad-based market share gains across high-grade high-yield, emerging markets, dollar corporates and Eurobonds as reflected in our record composite corporate bond estimated market share of 20.2%, which is up from a pre-pandemic share of 15.6% in Q1 2020.

當流動性像今天這樣處於溢價狀態時，更多樣化的流動性來源很重要，而開放交易的價格改善機會成為市場的關鍵差異化因素。我們認為，這是我們在高等級高收益、新興市場、美元公司和歐洲債券中廣泛市場份額增長的關鍵貢獻者，這反映在我們創紀錄的綜合公司債券估計市場份額為 20.2%，高於2020 年第一季度大流行前的份額為 15.6%。

One thing we did not anticipate was the rapid change in the slope of the yield curve, which has inverted in just 9 months. Central Bank tightening has led to a substantial increase in short maturity yields and a reduction in average maturities traded, which has created a short-term headwind for a high-grade institutional fee capture. Over the last 30 years, the yield curve has only been inverted about 5% of the time. As a result, we expect the yield curve to return to normal when the Fed is comfortable the inflation numbers are trending lower.

我們沒有預料到的一件事是收益率曲線斜率的快速變化，它在短短 9 個月內就倒掛了。央行收緊政策導致短期到期收益率大幅上升，交易平均到期日減少，這為高級別機構費用獲取帶來了短期阻力。在過去的 30 年裡，收益率曲線倒掛的機率只有 5%。因此，我們預計當美聯儲對通脹數字趨於下降感到滿意時，收益率曲線將恢復正常。

Slide 5 illustrates our expanding global client network. The depth and diversity of liquidity on our global platform is clearly shown by the addition of new active clients and traders globally. We set new records with 1,935 total active client firms, with record international active clients increasing to 982 on the platform driven primarily by strong growth in Asia.

幻燈片 5 展示了我們不斷擴大的全球客戶網絡。我們全球平台上流動性的深度和多樣性通過全球新活躍客戶和交易者的增加清楚地體現出來。我們的活躍客戶公司總數達到 1,935 家，創下新紀錄，在亞洲強勁增長的推動下，平台上創紀錄的國際活躍客戶增加到 982 家。

Active investor and dealer traders also increased to new records with over 11,000 active traders on the platform, including a record 5,300 total active international traders. Our large and growing institutional client network is our biggest asset and provides the foundation for long-term growth as we add more products and trading protocols to our global trading platform.

活躍的投資者和交易商交易員也創下新紀錄，平台上有超過 11,000 名活躍交易員，其中包括創紀錄的 5,300 名活躍國際交易員。我們龐大且不斷增長的機構客戶網絡是我們最大的資產，隨著我們向全球交易平台添加更多產品和交易協議，為長期增長奠定了基礎。

Slide 6 illustrates how the improved macro backdrop and our diverse liquidity is delivering significant cost savings for our clients. Wider spreads have created an environment where the benefits of Open Trading are coming through in the form of a significant increase in transaction cost savings for our clients. Liquidity conditions and fixed income trading have become challenging once again, reminding all market participants of the importance of all-to-all trading liquidity.

幻燈片 6 說明了改善的宏觀背景和我們多樣化的流動性如何為我們的客戶節省大量成本。更廣泛的點差創造了一個環境，開放交易的好處以顯著增加的形式為我們的客戶節省交易成本。流動性條件和固定收益交易再次變得充滿挑戰，提醒所有市場參與者全面交易流動性的重要性。

The increased activity of our platform is clearly shown in the record levels of total credit and Open Trading executed trades. In the quarter, we delivered $238 million in estimated cost savings via Open Trading, which equates to an annual run rate savings of approximately $1 billion, well in excess of the total annual commission revenue we currently generate.

我們平台活動的增加清楚地體現在總信用和未結交易執行交易的創紀錄水平上。在本季度，我們通過 Open Trading 節省了 2.38 億美元的估計成本，這相當於每年節省約 10 億美元的運行率，遠遠超過我們目前產生的年度佣金收入總額。

The combination of transaction cost savings and significant improvements in trading and post-trade efficiency creates a strong value proposition for our clients. We believe our substantial first-mover advantage in all-to-all trading will continue to differentiate MarketAxess from our competitors for many years to come.

交易成本節省與交易和交易後效率的顯著提高相結合，為我們的客戶創造了強大的價值主張。我們相信，我們在全盤交易方面的巨大先發優勢將在未來許多年繼續使 MarketAxess 與我們的競爭對手區分開來。

Slide 7 illustrates the strong year-over-year increases in estimated market share. The share gains that we achieved in the second quarter exceed the long-term average gains for the company. We believe this is the most compelling quarter we have ever had for meaningful and comprehensive market share gains across all products and regions. And 92% of our volume is conducted with institutional investor clients.

幻燈片 7 顯示了估計市場份額的強勁同比增長。我們在第二季度實現的股票收益超過了公司的長期平均收益。我們相信這是我們有史以來最引人注目的季度，在所有產品和地區都取得了有意義和全面的市場份額增長。我們 92% 的交易量是與機構投資者客戶進行的。

According to the major global banks we recently surveyed, the MarketAxess lead in institutional client electronic credit trading has widened in all 3 geographic regions. To give you some historical perspective, all but one of our primary products were in the top quartile for year-over-year quarterly growth in estimated market share over the past 10 years, and high-grade was in the second quartile. In the long term, market share gains are the strongest contributor to shareholder value in our DCF model.

根據我們最近調查的主要全球銀行，MarketAxess 在機構客戶電子信用交易方面的領先地位在所有 3 個地理區域都擴大了。為了給您一些歷史視角，在過去 10 年中，除了一種主要產品外，我們所有的主要產品在估計市場份額的同比季度增長中都處於前四分之一，而高檔產品則在第二個四分之一。從長遠來看，在我們的 DCF 模型中，市場份額的增長是股東價值的最大貢獻者。

Slide 8 illustrates the tremendous growth opportunity that is driving our approach to investing. The strong market share gains we delivered this quarter only serve to reinforce the sizable opportunity that we have before us in terms of top line growth potential. All else equal, 1 percentage point increase in market share across all our products generates approximately $50 million in incremental revenue annually.

幻燈片 8 展示了推動我們投資方法的巨大增長機會。我們本季度實現的強勁市場份額增長只會加強我們在頂線增長潛力方面擁有的巨大機會。在其他條件相同的情況下，我們所有產品的市場份額每增加 1 個百分點，每年就會產生大約 5000 萬美元的增量收入。

And the total revenue opportunity in front of us is substantial, with an estimated $9 billion revenue opportunity in the fixed income e-trading sector by 2031, assuming historical market growth rates. If you add some expectation for higher trading velocity in the years ahead as well as a growing data opportunity, the revenue opportunity is even larger.

我們面前的總收入機會是巨大的，假設歷史市場增長率，到 2031 年，固定收益電子交易領域的收入機會估計將達到 90 億美元。如果您對未來幾年更高的交易速度以及不斷增長的數據機會增加一些期望，那麼收入機會就更大了。

Importantly, with our financial model, we can capture this opportunity at very attractive returns with our current return on equity of approximately 25% and our current EBITDA margins north of 50%.

重要的是，通過我們的財務模型，我們可以以非常有吸引力的回報抓住這個機會，我們目前的股本回報率約為 25%，我們目前的 EBITDA 利潤率超過 50%。

Now let me turn the call over to Chris to provide more detail on the significant progress we are making with our investments in new initiatives.

現在讓我把電話轉給克里斯，以提供更多關於我們在新計劃投資方面取得的重大進展的詳細信息。

Thanks, Rick. Slide 10 provides an update on Open Trading and our protocol expansion. In the second quarter, over 38,000 orders and $21 billion in notional value was available daily through our Open Trading marketplace, an increase of 32% and 33%, respectively. A record 1,700 unique firms were active across our Open Trading network during the quarter with approximately 1,000 firms providing liquidity.

謝謝，瑞克。幻燈片 10 提供了關於開放交易和我們的協議擴展的更新。第二季度，每天通過我們的公開交易市場可獲得超過 38,000 份訂單和 210 億美元的名義價值，分別增長 32% 和 33%。本季度有創紀錄的 1,700 家獨立公司活躍在我們的公開交易網絡中，其中大約 1,000 家公司提供流動性。

This diversity of participation continues to drive significant cost savings for our clients as credit spreads widened with a total (inaudible) savings delivered through Open Trading year-to-date. Live Markets rates, our innovative all-to-all solution in U.S. Treasuries, saw trading volume increase 57% year-over-year, with a strong increase in market share as well.

這種參與的多樣性繼續為我們的客戶節省大量成本，因為信用利差擴大，年初至今通過公開交易實現了總（聽不清）節省。 Live Markets 匯率是我們創新的美國國債全方位解決方案，交易量同比增長 57%，市場份額也大幅增長。

We continue to onboard clients and launch new rates products. Live Markets for credit saw total trading volume increase to $3.5 billion in the first half of the year, which is up 76% compared to the second half of 2021, with 71 -- 171 clients active on the platform. Given the recent liquidity challenges in the rate space, we believe that our all-to-all model is increasingly being viewed as a potential solution for liquidity challenges across both the credit and rates markets.

我們繼續吸引客戶並推出新的費率產品。信貸實時市場今年上半年的總交易量增加到 35 億美元，與 2021 年下半年相比增長 76%，平台上有 71 至 171 名活躍客戶。鑑於近期利率空間面臨的流動性挑戰，我們認為我們的全對多模型正越來越多地被視為應對信貸和利率市場流動性挑戰的潛在解決方案。

Municipal bonds also registered record ADV of $371 million. Excluding muni brokers, our organic muni volume grew 84% year-over-year. We continue to build liquidity on the platform with another major municipal bond firm coming online and beginning to trade in the coming days.

市政債券的日均交易量也達到創紀錄的 3.71 億美元。不包括市政經紀人，我們的有機市政交易量同比增長 84%。我們繼續在平台上建立流動性，另一家主要市政債券公司將在未來幾天上線並開始交易。

Slide 7 highlights the increasing momentum we are seeing with automation and credit trading. Automated trading on MarketAxess reached new records in the quarter, growing to $57.6 billion in volume and over 305,000 trades, reflecting very strong adoption despite the increase in volatility.

幻燈片 7 突出了我們在自動化和信用交易方面看到的增長勢頭。 MarketAxess 上的自動交易在本季度創下新紀錄，交易量增長至 576 億美元，交易量超過 305,000 筆，儘管波動性增加，但採用率非常高。

Today, Auto-X represents 19% of total trade count and 8% of our credit trading volume. We also are seeing an increase in Auto-Responder trading volume and automated responses. Adoption in Europe has been particularly strong with Auto-X volume up 53% and trade count up 50%.

如今，Auto-X 佔總交易量的 19% 和我們信用交易量的 8%。我們還看到自動回復交易量和自動回复的增加。歐洲的採用率特別高，Auto-X 的銷量增長了 53%，貿易量增長了 50%。

Additionally, the use of dealer algorithms continues to grow on the platform with approximately 5.7 million algo responses in the second quarter, up 23% from the same period last year. The impressive 3-year CAGR shown on this slide reflect the strong long-term growth we're experiencing across our trade automation suite.

此外，該平台上經銷商算法的使用繼續增長，第二季度約有 570 萬個算法響應，比去年同期增長 23%。這張幻燈片上顯示的令人印象深刻的 3 年復合年增長率反映了我們在貿易自動化套件中所經歷的強勁的長期增長。

Slide 12 illustrates the powerful diversification of our model across products and protocols. The second quarter was a record for portfolio trading, with total PT volume of $23 billion, which represents an increase of 64% from Q1. We delivered this strong performance with estimated portfolio trading market volumes in high-grade and high-yield increasing only 9% sequentially, resulting in very strong estimated market share growth in the second quarter.

幻燈片 12 展示了我們的模型在產品和協議方面的強大多樣化。第二季度是投資組合交易的記錄，PT 總交易量為 230 億美元，比第一季度增長 64%。我們實現瞭如此強勁的表現，估計高等級和高收益的投資組合交易市場量環比僅增長 9%，導致第二季度的市場份額估計增長非常強勁。

Estimated high-grade and high-yield portfolio trading market volume represented approximately 6% of the total high-grade and high-yield TRACE market in Q2, up slightly from the first quarter. Estimated high-grade and high-yield portfolio trading market volumes have remained relatively flat as a percent of total TRACE over the last 4 quarters.

預計第二季度高等級和高收益投資組合交易市場量約佔總高等級和高收益 TRACE 市場的 6%，比第一季度略有上升。在過去 4 個季度中，估計的高等級和高收益投資組合交易市場交易量佔總 TRACE 的百分比保持相對平穩。

In the first half of the year, we had a record 96 active clients and we executed a record 534 trades, driving record portfolio trading volume of $37 billion. Through the first half of July, we have already registered $7.6 billion in portfolio trading volume and are currently trending to a new monthly record.

今年上半年，我們擁有創紀錄的 96 名活躍客戶，我們執行了創紀錄的 534 筆交易，推動了創紀錄的 370 億美元的投資組合交易量。到 7 月上半月，我們的投資組合交易量已經達到 76 億美元，目前正朝著新的月度記錄邁進。

Slide 13 is an update on emerging markets where we continue to see strong growth in local markets and overall market share. We achieved 13% growth in ADV in emerging markets during the second quarter, with record local markets trading volume driving record estimated market share.

幻燈片 13 是對新興市場的更新，我們繼續看到當地市場和整體市場份額的強勁增長。第二季度，我們在新興市場實現了 13% 的 ADV 增長，創紀錄的本地市場交易量推動了創紀錄的估計市場份額。

Local markets trading volume of $68 billion represented a record 39% of total EM volume. The strong performance in local markets was driven in part by strength in EM trading volume across our APAC region. We also continue to onboard new clients with a record 1,370 active clients trading EM on the platform.

本地市場交易量為 680 億美元，佔新興市場總交易量的 39%，創歷史新高。本地市場的強勁表現部分是由於我們亞太地區新興市場交易量的強勁推動。我們還繼續招募新客戶，在平台上交易新興市場的活躍客戶達到創紀錄的 1,370 名。

Slide 14 outlines our data strategy. The 3 pillars of our data strategy are as follows: first, our goal is to create best-in-class front office trading and real-time data solutions that leverage CP+ and our trade automation capabilities.

幻燈片 14 概述了我們的數據策略。我們數據戰略的三大支柱如下：首先，我們的目標是創建一流的前台交易和實時數據解決方案，利用 CP+ 和我們的交易自動化功能。

Next, we are creating data solutions that enhance the portfolio construction process like our recently announced collaboration with MSCI, which leverages our proprietary tradability data and liquidity scores. Last, we want to continue to develop new trading protocols and tradable products for our active and systematic clients like our recently launched MarketAxess 400 liquid bond index. We are in the early stages of implementing this strategy and the announcements that we made this past quarter will be a key catalyst for our success.

接下來，我們正在創建數據解決方案，以增強投資組合構建過程，例如我們最近宣布與 MSCI 的合作，該合作利用了我們專有的可交易性數據和流動性評分。最後，我們希望繼續為我們的活躍和系統客戶開發新的交易協議和可交易產品，例如我們最近推出的 MarketAxess 400 流動債券指數。我們正處於實施這一戰略的早期階段，我們在上個季度發布的公告將成為我們成功的關鍵催化劑。

Now let me turn the call over to Chris to provide an update on our financials.

現在讓我把電話轉給克里斯，提供我們財務狀況的最新信息。

Thank you, Chris. On Slide 16, we provide a summary of our quarterly financials. Second quarter revenue was $182 million, up 3% from the prior year, including the impact of lower U.S. high-grade fee capture and foreign currency fluctuations.

謝謝你，克里斯。在幻燈片 16 上，我們提供了季度財務摘要。第二季度收入為 1.82 億美元，比上年同期增長 3%，其中包括美國高級收費降低和外匯波動的影響。

Strong growth in trading volume and market share gains across credit and rates was partially offset by a 10% decrease in total credit fee capture and lower information services and post-trade revenue. Information services revenue in the quarter were negatively impacted by $600,000 from a strengthening U.S. dollar from a year ago as well as lower data sales due to timing.

信貸和利率方面交易量和市場份額的強勁增長被信貸費用總額下降 10% 以及信息服務和交易後收入下降部分抵消。本季度的信息服務收入受到 600,000 美元的負面影響，原因是美元比一年前走強，以及時間安排導致數據銷售下降。

Considering the new data contract pipeline in the second half of the year, we expect our full year 2022 information services revenue growth rate to hit our historical levels around 10% on a constant currency basis.

考慮到下半年新的數據合同管道，我們預計我們的 2022 年全年信息服務收入增長率將達到我們在固定貨幣基礎上的 10% 左右的歷史水平。

Second quarter post-trade revenue included a negative impact of approximately $1.1 million on the strengthening U.S. dollar compared to the prior year quarter. Adjusting for currency fluctuations, combined information services and post-trade revenue would have increased approximately 3% from the second quarter of 2021.

與去年同期相比，第二季度交易後收入包括對美元走強的約 110 萬美元的負面影響。調整貨幣波動、綜合信息服務和交易後收入將比 2021 年第二季度增長約 3%。

EBITDA was $105 million, and our EBITDA margin was 58%. The increase in other income was due to $5.5 million of foreign currency transaction gains, which benefited EPS by $0.11 per share in the quarter and a small gain from our investment in RFQ-hub. Excluding the impact of foreign currency, we expect other income in the remaining quarters of 2022 to net out to 0 due to estimated gains from RFQ-hub and improved investment yields on our cash balances.

EBITDA 為 1.05 億美元，我們的 EBITDA 利潤率為 58%。其他收入的增加是由於 550 萬美元的外匯交易收益，這使本季度每股收益增加了 0.11 美元，並且我們對 RFQ-hub 的投資獲得了少量收益。排除外幣影響，我們預計 2022 年剩餘季度的其他收入將淨減為 0，因為 RFQ-hub 的估計收益和我們現金餘額的投資收益率提高。

The effective tax rate was 25.3% in the quarter compared to 21.8% in the prior year. Due to lower-than-expected excess tax benefits related to share-based compensation, we now expect the full year effective tax rate to be at the upper end of the previously stated guidance range of 24% to 26%.

本季度的有效稅率為 25.3%，而去年同期為 21.8%。由於與股票薪酬相關的超額稅收優惠低於預期，我們現在預計全年有效稅率將處於先前規定的 24% 至 26% 的指導範圍的上限。

On Slide 17, we provide more detail on our commission revenue and our fees per million. Total commission revenue increased 5%. Our growth in other credit and rates commission revenue was driven by healthy increases in our trading volume and estimated market share, but was partially offset by lower average fee capture across high-grade and other credit.

在幻燈片 17 上，我們提供了有關佣金收入和每百萬費用的更多詳細信息。佣金總收入增長 5%。我們的其他信貸和費率佣金收入的增長是由我們的交易量和估計市場份額的健康增長推動的，但部分被高等級信貸和其他信貸的平均費用降低所抵消。

The lower high-grade fee capture was driven by a combination of higher bond yields and lower years to maturity, which accounted for approximately 85% of a $31 year-over-year decline. The decrease in other credit fee capture was driven principally by product mix shift as a result of the increase in EM local markets trading volume, which has a lower average fee capture as these are rates-focused markets. Higher distribution fees across high-grade and other credit helped offset the impact of lower average fee capture across credit.

較低的高等級費用捕獲是由較高的債券收益率和較低的到期年共同推動的，這佔 31 美元同比下降的約 85%。其他信貸費用的減少主要是由於新興市場本地市場交易量增加導致的產品組合轉變，由於這些市場以利率為中心，平均費用收入較低。高等級信貸和其他信貸較高的分銷費用有助於抵消信貸平均收費較低的影響。

On Slide 18, we provide you with our expense detail. Second quarter expenses increased 9%, driven principally by investments to enhance the trading system and our data product offering. Specifically, employee compensation and benefits increased $5 million on increase in headcount.

在幻燈片 18 上，我們為您提供了我們的費用明細。第二季度支出增長了 9%，主要受投資於增強交易系統和我們的數據產品供應的推動。具體而言，員工薪酬和福利因員工人數增加而增加了 500 萬美元。

Depreciation and amortization expense increased $2 million due to higher software development and acquired intangible amortization expense. Technology and communication expense increased $2 million on higher software subscriptions, market data and technology licensing fees.

由於更高的軟件開發和獲得的無形攤銷費用，折舊和攤銷費用增加了 200 萬美元。由於軟件訂閱、市場數據和技術許可費用增加，技術和通信費用增加了 200 萬美元。

On Slide 19, we provide an update on cash flow and capital management. As of June 30, our cash and investments were $325 million, and our trailing 12-month free cash flow was $274 million. During the second quarter, we paid out $26 million in quarterly dividends to our shareholders and repurchased approximately 179,000 shares for a total cost of $49 million. We have $100 million of capacity remaining on the existing repurchase program. Our Board of Directors declared a regular quarterly cash dividend of $0.70 based on the financial performance of the company.

在幻燈片 19 上，我們提供了有關現金流和資本管理的最新信息。截至 6 月 30 日，我們的現金和投資為 3.25 億美元，過去 12 個月的自由現金流為 2.74 億美元。在第二季度，我們向股東支付了 2600 萬美元的季度股息，並以 4900 萬美元的總成本回購了大約 179,000 股股票。我們現有的回購計劃還有 1 億美元的產能。我們的董事會根據公司的財務業績宣布了 0.70 美元的定期季度現金股息。

Now let me turn the call back to Rick.

現在讓我把電話轉回 Rick。

Thank you, Chris. In summary, we continue to execute very well against our growth strategy. We hit on all cylinders this quarter across most operating metrics within our control, and we believe that high-grade fee capture is likely to move higher in the future as the yield curve returns to normal.

謝謝你，克里斯。總之，我們繼續很好地執行我們的增長戰略。我們本季度在我們控制範圍內的大多數運營指標上都達到了所有指標，我們認為隨著收益率曲線恢復正常，未來高等級的費用捕獲可能會更高。

The record level of market share gains we registered this quarter are a clear indicator that the investments we have made to expand our growth cylinders and increase our product diversification are paying off. Our strong execution, broad-based market share gains, increasing momentum in new products and expansion of our global footprint are setting a very strong foundation for growth in the periods ahead.

我們本季度錄得的創紀錄市場份額增長清楚地表明，我們為擴大增長動力和增加產品多樣化所做的投資正在獲得回報。我們強大的執行力、基礎廣泛的市場份額增長、新產品的增長勢頭以及我們全球業務的擴張為未來時期的增長奠定了非常堅實的基礎。

Now I would be happy to open the line for your questions.

現在我很樂意為您的問題打開熱線。

(Operator Instructions) And we have our first question from Rich Repetto with Piper Sandler.

（操作員說明）我們的第一個問題來自 Rich Repetto 和 Piper Sandler。

Yes. Rick and Chris and Chris, I guess the first question is on the fee capture, Rick, and I know it caught everyone by surprise. But I guess when the yield curve steepens again, we're not in this -- like is it like a spring-loaded effect where there should be no impact to market -- the nice market share gains that you've made, like lower fees in any way -- not in any way impacted market share, I guess, is my point. And would an increase in fee per million not impact market share going forward?

是的。 Rick、Chris 和 Chris，我想第一個問題是關於費用捕獲的，Rick，我知道這讓每個人都感到意外。但我想當收益率曲線再次變陡時，我們不會處於這種狀態——就像彈簧效應一樣，應該不會對市場產生影響——你已經取得了不錯的市場份額增長，比如更低以任何方式收取費用——我想，不會以任何方式影響市場份額，這是我的觀點。每百萬費用的增加不會影響未來的市場份額嗎？

Well, I think the question is about return to normal curve and what that is likely to do for fee capture. There are 2 primary factors that go in. And this is the nature of institutional client trading in high-grade corporate bonds only. There's been very little movement in our fee capture for other credit because those are price-based products.

好吧，我認為問題是關於回歸正常曲線以及這可能會為費用捕獲做些什麼。有兩個主要因素。這只是機構客戶交易高等級公司債券的性質。我們對其他信貸的收費幾乎沒有變動，因為這些是基於價格的產品。

But within high-grade corporate bond institutional client trading, clients trade on a yield spread to treasuries and our transaction fee is also based on a yield spread, which is why duration matters in determining that outcome for high-grade fee capture.

但在高級公司債券機構客戶交易中，客戶根據國債的收益率差進行交易，我們的交易費用也基於收益率差，這就是為什麼久期對於確定高級別費用獲取的結果很重要。

So there are 2 key things that go into that. One is the overall level of yields and the other is the average maturity of bonds traded on the platform. Both of those worked against us in the year-over-year period because, of course, yields are much higher year-over-year, which drives down duration.

所以有兩個關鍵的事情。一個是收益率的整體水平，另一個是平台上交易的債券的平均期限。這兩者在同比期間都對我們不利，因為當然，收益率同比要高得多，這會降低久期。

And the curve has inverted, so you had very unattractive yields in the short end of the curve 1 year ago. You have now have the most attractive yields at the short end of the curve because of the yield curve inversion. So both of those have worked against us.

而且曲線已經倒掛，所以一年前曲線短端的收益率非常不吸引人。由於收益率曲線倒掛，您現在在曲線的短端擁有最有吸引力的收益率。所以這兩個都對我們不利。

So yes, if we get back to the normal shape of the yield curve, which we would expect to over the periods ahead, you should see that the average maturities also return to normal, which, all else equal, will help fee capture.

所以，是的，如果我們回到收益率曲線的正常形狀，我們預計在未來一段時間內會如此，你應該會看到平均到期日也恢復正常，在其他條件相同的情況下，這將有助於捕獲費用。

The other question then is what our overall yield levels in that mix to drive the total fee capture. But as you've seen from long periods of time, we're at the lower end of what we've experienced historically in high-grade fee capture, and that came off of a period when the curve was relatively steep and we've been at the higher end.

另一個問題是我們在該組合中的總體收益率水平如何推動總費用捕獲。但正如你從很長一段時間以來所看到的那樣，我們處於歷史上在高等級費用捕獲方面所經歷的低端，而那是在曲線相對陡峭的時期出現的，我們已經一直處於高端。

So yes, we think over time, this all neutralizes and averages out. But unfortunately, in this particular period, we've had both drivers of fee capture pointing lower even though we've had absolutely no changes in our fee model for high-grade trading.

所以是的，我們認為隨著時間的推移，這一切都會抵消並平均化。但不幸的是，在這個特定時期，儘管我們的高等級交易費用模型完全沒有變化，但我們的兩個費用捕獲驅動因素都指向較低。

And Rich, I would just add, as we see fee capture picking up as that yield curve adjust and our clients start trading across the curve, we don't see that increase in capture impacting our share growth either. Obviously, these fees have been in place for many years and clients aren't sensitive to that type of fee change over time as the yield curve starts to change.

我想補充一下 Rich，因為我們看到隨著收益率曲線的調整以及我們的客戶開始跨曲線交易，費用捕獲量增加，我們也沒有看到捕獲量的增加影響我們的份額增長。顯然，這些費用已經存在多年，隨著收益率曲線開始變化，客戶對這種類型的費用變化並不敏感。

That answered my question. The one follow-up is it looked like your headcount declined quarter-over-quarter. And just trying to understand that and sort of the picture of the guidance for the OpEx going forward and continued investments, so a decline in headcount was sort of surprising. I guess any more color on that?

這回答了我的問題。一個後續行動是，您的員工人數似乎環比下降。只是試圖理解這一點，以及對未來運營支出和持續投資的指導，所以員工人數的下降有點令人驚訝。我猜還有更多顏色嗎？

Yes. Rich, it's really all about timing. When we look at our full year hiring plan, we expect to hit the full year budget by the end of the year. And as of today, we've got just over 50 heads identified as Q3 hires. So it's just the timing when you're looking at sequential headcount impact. But year-over-year, we're up 7%. And we're going to -- we strongly believe we're going to hit our hiring plan. It's just a matter of the timing in the back end of the year.

是的。豐富，這真的是關於時機。當我們查看我們的全年招聘計劃時，我們預計到年底將達到全年預算。截至今天，我們已經確定了 50 多位負責人被確定為第三季度的員工。因此，這只是您查看連續員工人數影響的時機。但與去年同期相比，我們增長了 7%。我們將——我們堅信我們將實現我們的招聘計劃。這只是年底的時間問題。

And it's a good question on the operating expenses because the story line this quarter was definitely FX. It had an impact on our revenue, but it also had a benefit on our operating expense. Our operating expenses would have been just around $2.5 million higher if you adjust it on a constant currency basis. So the level of operating expense of $97.5 million in the second quarter, when you're thinking about the exit rate for Q3 and Q4, consistent with last quarter, it should be like a 3% to 4% growth rate on top of Q2. And of course, that's assuming that the currencies are constant.

這是一個關於運營費用的好問題，因為本季度的故事情節絕對是外匯。它對我們的收入產生了影響，但它也對我們的運營費用產生了好處。如果按固定匯率進行調整，我們的運營費用將增加約 250 萬美元。因此，第二季度的運營費用水平為 9750 萬美元，當您考慮第三季度和第四季度的退出率時，與上一季度一致，它應該比第二季度增長 3% 到 4%。當然，這是假設貨幣是不變的。

Got it. Understood. It's very helpful because I know Chris here wants to build out his team further.

知道了。明白了。這非常有幫助，因為我知道 Chris 想進一步擴大他的團隊。

Yes. Unlike the banks here, we recognize the investment opportunities, so we're not pulling back on our hiring plans. We're trying to accelerate that.

是的。與這裡的銀行不同，我們認識到投資機會，所以我們不會撤回我們的招聘計劃。我們正在努力加快這一進程。

Our next question is from Gautam Sawant with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Gautam Sawant。

I wanted to know what technology and protocols the MarketAxess platform has that could increase primary market corporate bond market share. In that marketplace, we're seeing technology becoming increasingly embedded in the new issue processes, and I wanted to just have you expand on if there's an opportunity for MarketAxess to compete in that primary market the same way you've been able to grow in the secondary market.

我想知道 MarketAxess 平台有哪些技術和協議可以增加一級市場公司債券的市場份額。在那個市場中，我們看到技術越來越多地嵌入到新的發行流程中，如果 MarketAxess 有機會在該主要市場上以與您能夠成長的方式相同的方式競爭，我想讓您擴展二級市場。

Yes. There are a variety of workflow solutions that are active in the primary process. It's not a space that we are currently in. And our focus continues to be almost exclusively around secondary trading and growing out protocols and products and market share there.

是的。有多種工作流解決方案在主要流程中處於活動狀態。這不是我們目前所處的空間。我們的重點仍然幾乎完全集中在二級交易以及在那裡發展協議和產品以及市場份額。

Having said that, Live Markets is focused on the most liquid and their corporate bonds, including newly-issued bonds, so we do think we're providing a new solution with live anonymous trading at the liquid end supported by a number of the leading banks to develop that protocol that we would expect would be very active over time in newly-issued bonds. But the workflow solutions around the new issue process are not currently an investment area for the company.

話雖如此，Live Markets 專注於流動性最強的公司債券及其公司債券，包括新發行的債券，因此我們確實認為我們正在提供一種新的解決方案，在流動性端進行實時匿名交易，並得到許多領先銀行的支持開發我們預計隨著時間的推移在新發行的債券中會非常活躍的協議。但圍繞新發行流程的工作流解決方案目前不是該公司的投資領域。

Got it. And just as a follow-up question. Can you share insights of the type of activity that you're seeing within the fixed income ETF market and how quantitative tightening is impacting the processes that market participants are taking? And does the growth of that fixed income ETF market, how will that affect the velocity of corporate bond trading and I guess the changes of investors holding to maturity versus like trading more?

知道了。就像一個後續問題一樣。您能否分享您在固定收益 ETF 市場中看到的活動類型以及量化緊縮如何影響市場參與者正在採取的流程的見解？固定收益 ETF 市場的增長，這將如何影響公司債券交易的速度，我猜投資者持有至到期與喜歡交易更多的變化？

Yes. We've stated in the past there's been a real transformation of market making and risk transfer and fixed income and especially in credit over the last 3 or 4 years. So you see a variety of new tools that work from portfolio trading to ETF share trading, increased algorithmic trading, increased trading automation with clients, all of which we're participating in actively.

是的。我們過去曾說過，在過去的 3 或 4 年裡，做市、風險轉移和固定收益，尤其是信貸方面發生了真正的轉變。因此，您會看到各種新工具，從投資組合交易到 ETF 股票交易，增加算法交易，增加與客戶的交易自動化，所有這些我們都在積極參與。

ETF shares had a very active quarter for volume this quarter. Part of that was outflows in the sector. But a part of it is because the institutional market, both dealers and investors are using ETFs as another risk transfer tool. And my view is all of this is good for velocity, much in the way that S&P futures accelerated the growth in underlying stock trading.

ETF 股票本季度的交易量非常活躍。其中一部分是該部門的資金外流。但部分原因是機構市場，交易商和投資者都在使用 ETF 作為另一種風險轉移工具。我的觀點是，所有這些都對速度有好處，就像標準普爾期貨加速了基礎股票交易的增長一樣。

I think where we're heading is a model where there are a variety of different tools, there's more automation with both investors and dealers, and you'll see more active trading and more active velocity, and ETF share trading is a welcome addition to that equation because it's just another tool to help clients and dealers transfer risk.

我認為我們前進的方向是一個模型，其中有各種不同的工具，投資者和交易商都有更多的自動化，你會看到更活躍的交易和更活躍的速度，而 ETF 股票交易是一個受歡迎的補充這個等式是因為它只是幫助客戶和經銷商轉移風險的另一種工具。

And Rick, I would just add, as we see rates rise and fixed income assets become more attractive, particularly for retail investors, we would expect fund flows to be quite positive towards fixed income ETFs and -- rather than managed funds over time. Obviously, ETFs provide a more efficient investment strategy given some of the expense ratios, so we would expect ETF flows in the fixed income arena to increase with the more attractive fixed income rate yields that we'll be seeing in the future.

瑞克，我只想補充一點，隨著我們看到利率上升和固定收益資產變得更具吸引力，特別是對於散戶投資者而言，我們預計隨著時間的推移，固定收益 ETF 的資金流動將非常積極，而不是管理基金。顯然，考慮到某些費用比率，ETF 提供了一種更有效的投資策略，因此我們預計固定收益領域的 ETF 流量將隨著我們將來看到的更具吸引力的固定收益收益率而增加。

Yes. And finally, Chris, obviously, our investment in RFQ-hub along with some of the leading market makers is a sign of our expectation to offer ETF share trading through the MarketAxess trading platform. So we're very pleased to be -- to have been able to complete that step in the second quarter with the -- with Virtu and the other market makers. And we will be working towards a strategy to bring those capabilities to our clients on MarketAxess.

是的。最後，克里斯，顯然，我們與一些領先的做市商一起對 RFQ-hub 的投資表明我們希望通過 MarketAxess 交易平台提供 ETF 股票交易。因此，我們很高興能夠在第二季度與 Virtu 和其他做市商一起完成這一步。我們將努力製定一項戰略，將這些能力帶給我們在 MarketAxess 上的客戶。

Our next question is from Alex Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

It's Michael on for Alex. So last couple of quarters, we've kind of seen on the high-yield side the dealers shifting to distribution payment plans. I was wondering if you could help us kind of understand the potential net revenue impact of those moves, and what's been the driver and how much more might still be in the pipeline?

亞歷克斯是邁克爾。因此，在過去的幾個季度中，我們在高收益方面看到了經銷商轉向分銷支付計劃。我想知道您是否可以幫助我們了解這些舉措對淨收入的潛在影響，以及驅動因素是什麼，還有多少可能還在醞釀中？

Yes. Michael, it's -- you're right, we've seen migration for 2 high-yield dealers migrating to a fixed fee plan. And those fixed fee plans are $150,000 a month, so it's $450,000 per quarter that you're seeing a pickup. And it's a good sign for us because it means that those dealers anticipate that they're going to do more on the platform.

是的。邁克爾，這是 - 你是對的，我們已經看到 2 家高收益經銷商遷移到固定費用計劃。這些固定費用計劃是每月 150,000 美元，因此每季度的費用為 450,000 美元。這對我們來說是一個好兆頭，因為這意味著這些經銷商預計他們將在平台上做更多的事情。

We're still charging a transaction fee for those fixed fee plans, but they're not -- they are paying a lower transaction fee as compared to the monthly minimum commitment fee plan they were on previously. But as of today, we haven't identified any additional dealers, so the group of dealers that you're seeing hitting the credit fixed fee distribution is expected to remain the same for the foreseeable future.

我們仍在為這些固定費用計劃收取交易費，但它們不是——與之前的每月最低承諾費計劃相比，他們支付的交易費更低。但截至今天，我們尚未確定任何其他經銷商，因此您看到的達到信用固定費用分配的經銷商群體預計在可預見的未來將保持不變。

Our next question is from Dan Fannon with Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

I wanted to talk about the market backdrop a bit some more. Obviously, spreads have widened. You've continued to talk about automation. But I guess are you surprised that the overall TRACE volumes aren't higher given the backdrop of what some of those factors have created or are presenting?

我想多談談市場背景。顯然，價差已經擴大。你一直在談論自動化。但我想，鑑於其中一些因素已經創造或正在呈現的背景，總體 TRACE 交易量並未更高，您對此感到驚訝嗎？

I'm not terribly surprised. But one of the factors, Dan, as you saw in all of the bank and major dealer second quarter earnings, including your own, is that the new issue calendar is much lower than it had been previously. And that clearly is an important catalyst for overall TRACE volume.

我並不感到非常驚訝。但是，丹，正如您在所有銀行和主要交易商第二季度收益（包括您自己的收益）中看到的那樣，其中一個因素是新發行日曆比以前低得多。這顯然是整個 TRACE 交易量的重要催化劑。

So that factor is certainly in the TRACE volume numbers that you see from the second quarter. And we've had a pretty big shock to the market with a 15% drop in prices. So the overall dollar value at work in corporates is lower than it was at the beginning of the year as well. So I'm not terribly surprised.

因此，您從第二季度看到的 TRACE 數量肯定是這個因素。我們對市場造成了相當大的衝擊，價格下跌了 15%。因此，企業的整體美元價值也低於年初。所以我並不感到非常驚訝。

As you know, we continue to believe that we see lots of reasons for optimism on velocity with the increase in market participation, including lots of new and interesting clients continuing to come online in credit trading and the 40% compound growth rates we're seeing in trading automation with both dealers and investors and the new liquidity tools that we just talked about. So we're optimistic long term, but we're not surprised with some of the short-term headwinds around overall market volumes.

如您所知，我們仍然相信，隨著市場參與度的增加，我們看到了很多對速度持樂觀態度的理由，包括許多新的和有趣的客戶繼續在信用交易中上線，以及我們看到的 40% 的複合增長率與交易商和投資者的交易自動化以及我們剛剛談到的新流動性工具。因此，我們長期保持樂觀，但我們對整體市場交易量的一些短期不利因素並不感到驚訝。

And Dan, I would just add we're hearing from our clients about some of the liquidity challenges. And those liquidity challenges aren't just in treasuries. We're also seeing liquidity challenges in credit. So many times, given challenges around liquidity, it could impact overall volumes. But that's why our OT, our Open Trading alternative liquidity solution did actually see some positive yield in the second quarter and gains across many of the different products in terms of overall volumes, but also penetration within those products.

丹，我只想補充一點，我們從客戶那裡聽到了一些流動性挑戰。這些流動性挑戰不僅僅存在於國債。我們還看到信貸方面的流動性挑戰。很多時候，鑑於流動性方面的挑戰，它可能會影響整體交易量。但這就是為什麼我們的 OT，我們的公開交易替代流動性解決方案在第二季度確實看到了一些積極的收益，並且在總體交易量方面，許多不同產品都有收益，而且這些產品的滲透率也有所提高。

Understood. And then as a follow-up on the nontransactional revenues, I heard the info services outlook of 10%. I want to make sure that's for the full year or the second half of the year.

明白了。然後作為非交易收入的後續行動，我聽說信息服務前景為 10%。我想確保這是全年或下半年。

And then within post-trade, I know there was some anticipated runoff from some clients. Just want to understand the run rate for that portion of the business and thinking about growth maybe either this year, or prospectively, how we should think about that.

然後在交易後，我知道一些客戶會出現一些預期的徑流。只是想了解這部分業務的運行率，並考慮今年或未來的增長，我們應該如何看待這一點。

Sure. I'm happy to tackle both. So for info services, obviously, we have a very strong pipeline, and we saw a number of contracts slip from Q2 into Q3. So it's really just a timing issue. And also Q1 last year saw some onetime revenue items as well that we didn't see this quarter.

當然。我很樂意解決這兩個問題。因此，對於信息服務，顯然，我們有一個非常強大的管道，我們看到許多合同從第二季度滑到第三季度。所以這實際上只是一個時間問題。去年第一季度也看到了一些我們本季度沒有看到的一次性收入項目。

We feel very strong about info services and the product offerings that we have. We continue to see progress in our CP+ product as well as our newly announced Axess All Prints, which is part of the Axess All suite of products. We're confident about achieving those double-digit annual growth rates, and that is an annual growth rate number that was referenced earlier.

我們對我們擁有的信息服務和產品感到非常強烈。我們繼續看到我們的 CP+ 產品以及我們新發布的 Axess All Prints 的進展，它是 Axess All 產品套件的一部分。我們有信心實現兩位數的年增長率，這是前面提到的年增長率。

With regard to post-trade, we were obviously impacted by some of the year-over-year currency changes. But the post-trade business also saw some expected attrition, as you mentioned, clients from the recent acquisition of Reg Reporting Hub as we migrated that platform. We had some targeted attrition.

關於交易後，我們顯然受到了一些同比貨幣變化的影響。但正如您所提到的，隨著我們遷移該平台，最近收購 Reg Reporting Hub 的客戶也出現了一些預期的交易後業務流失。我們有一些有針對性的減員。

We were really pushing to transfer clients that were highly profitable, so we saw some expected attrition of clients on that business. That business also has a very strong pipeline of clients, obviously, much more subscription-based business. So as that pipeline builds, we start to see revenue really show up in the prior quarters for those products.

我們確實在推動轉移高利潤的客戶，因此我們看到該業務的客戶流失了一些預期。該業務還擁有非常強大的客戶渠道，顯然，更多基於訂閱的業務。因此，隨著管道的建立，我們開始看到這些產品在前幾個季度的收入確實出現了。

Now some of the new products on post-trade that we're excited about. We continue to see progress in our repo match service, seeing year-over-year gains and a number of key clients joining that matching service, and then a new product called Sonar, which is part of our post-trade offering for existing clients.

現在我們對交易後的一些新產品感到興奮。我們繼續看到我們的回購匹配服務取得進展，看到同比增長和一些主要客戶加入該匹配服務，然後是一個名為 Sonar 的新產品，這是我們為現有客戶提供的交易後產品的一部分。

It's a wonderful surveillance tool that allows clients to review their own activity. And that's a product that's newly launched, and we would expect to see revenue showing up at the end of the year or early next year.

這是一個很棒的監控工具，可以讓客戶查看他們自己的活動。這是一款新推出的產品，我們預計會在今年年底或明年初看到收入。

Our next question is from Kyle Voigt with KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

Maybe a related question to the prior question on the industry volumes, but more so regarding the idea that entire market velocity of trading will increase as electronification gets higher.

也許與之前關於行業數量的問題相關的問題，但更重要的是，隨著電子化程度的提高，整個市場的交易速度將增加。

I guess given that we've seen high-grade electronic trade move from 20% to near 35% to 40% over the past several years, are you surprised that you really haven't seen turnover rates move higher over that time period? And what do you think the tipping point is that accelerates that velocity of trade?

我想鑑於過去幾年我們看到高檔電子貿易從 20% 上升到近 35% 再到 40%，您是否對在這段時間內真的沒有看到流動率上升感到驚訝？您認為加速貿易速度的臨界點是什麼？

I think the -- we're still in the midst of the transformation of the trading and risk transfer model and global credit, so not terribly surprised that we haven't seen the increase in velocity. But as I mentioned earlier, Kyle, I still see lots of reasons to be optimistic longer term.

我認為 - 我們仍處於交易和風險轉移模式以及全球信貸的轉型之中，所以我們沒有看到速度的增加並不感到非常驚訝。但正如我之前提到的，凱爾，我仍然看到很多長期保持樂觀的理由。

And Rick, I'd just add, during that time period, we saw the overall fixed income market grow dramatically as a result of the massive new issuance that we've seen over the last 2 years. So you have a very large growth in the overall fixed income asset class can, in the short term, impact the turnover rate of that asset class.

瑞克，我想補充一下，在那段時間裡，由於過去兩年我們看到的大量新發行，我們看到整個固定收益市場急劇增長。因此，整體固定收益資產類別的大幅增長可能會在短期內影響該資產類別的周轉率。

More importantly, if you think about electronic trading in fixed income, it's largely driven by RFQ, timed RFQs. So the -- even though the electronic version is more efficient and more trades can get done, it doesn't have that dramatic impact on velocity as you would expect from pure electronic trading.

更重要的是，如果您考慮固定收益的電子交易，它主要是由 RFQ、定時 RFQ 驅動的。因此，即使電子版本更高效並且可以完成更多交易，它也不會像您對純電子交易所期望的那樣對速度產生巨大影響。

I'd pay close attention to some of our products like automation, which really streamlines execution and can actually increase velocity dramatically. And our automation numbers are up sizably, grew 39% from last year, and we're seeing record volumes across both trades and overall volume notional traded. So I would pay close attention to that automation suite of products because that really pushes the accelerant on velocity of trading.

我會密切關注我們的一些產品，比如自動化，它真正簡化了執行，實際上可以顯著提高速度。我們的自動化數量大幅增長，比去年增長了 39%，我們看到交易量和名義交易總量都創下了歷史新高。因此，我會密切關注該自動化產品套件，因為這確實推動了交易速度的加速。

Great. And then maybe just a follow-up regarding revenue capture. Just wondering if you could provide the average years to maturity for high-grade in the quarter and remind us the historical range that you've seen for that high-grade bucket?

偉大的。然後可能只是關於收入獲取的後續行動。只是想知道您是否可以提供本季度高品位的平均到期年限，並提醒我們您所看到的高品位桶的歷史範圍？

Yes. For the second quarter, it was just over 9% for the years to maturity, and it's been hovering around high 8s, low 9s for the last couple of quarters. It peaked out at 10%, Kyle, back in Q1 of '21. But going back longer term, in 2019, it did hit the mid-7s, but we've seen stabilization so far in July of 2022.

是的。對於第二季度，到期年份剛剛超過 9%，並且在過去幾個季度一直徘徊在高 8 和低 9 附近。凱爾，它在 21 年第一季度達到了 10% 的峰值。但從長遠來看，在 2019 年，它確實達到了 7 年代中期，但到目前為止，我們已經看到 2022 年 7 月的穩定。

Understood. So it sounds like most of the movement, I guess, sequentially in the fee capture was mostly related to the yield curve shortening duration rather than mixing the years to maturity.

明白了。因此，我猜，在費用捕獲中，聽起來大部分變動主要與收益率曲線縮短持續時間有關，而不是混合到期年限。

That's -- yes, that's right. I mean if you're looking at sequentially, we actually had a $2 pickup on years to maturity, but we were hit with the bond yield movement.

那是——是的，沒錯。我的意思是，如果你按順序來看，我們實際上在到期年限內上漲了 2 美元，但我們受到債券收益率走勢的打擊。

Our next question is from Patrick O'Shaughnessy with Raymond James.

我們的下一個問題來自 Patrick O'Shaughnessy 和 Raymond James。

To follow up on the last question there. On your prior quarterly earnings call, you guys had indicated that high-grade fee capture had stabilized in April relative to first quarter levels. And then obviously, it was down $12 quarter-over-quarter for the entirety of the second quarter.

跟進最後一個問題。在你們之前的季度財報電話會議上，你們曾表示，與第一季度相比，4 月份的高等級費用捕獲已經穩定下來。然後很明顯，整個第二季度環比下降了 12 美元。

Does that imply that fee capture in May and June was then probably in the $130s? And if so, is that what we should be thinking as we enter the third quarter?

這是否意味著 5 月和 6 月的費用可能在 130 美元左右？如果是這樣，當我們進入第三季度時，我們應該這麼想嗎？

Yes. Patrick, if we go back to last quarter, when we're talking about stabilizing, it was more in the context of the exit rate for Q1. When you go back to December or the fourth quarter, our average fee capture was in the mid-$160s. We averaged out $155 for the first quarter. So each quarter sequentially, during that first quarter, we saw a decline in fee capture that brought us to that $150.

是的。帕特里克，如果我們回到上個季度，當我們談論穩定時，更多的是在第一季度退出率的背景下。當您回到 12 月或第四季度時，我們的平均費用在 160 美元左右。我們第一季度的平均收入為 155 美元。因此，每個季度，在第一季度，我們看到費用捕獲量下降，使我們達到 150 美元。

And then the same thing goes for April, May, June, but we're seeing more stabilization in the last 3 months relative to where we were in April. But the one item that's difficult to predict is years to maturity. As Rick mentioned, we've really taken the hit on bond yields, but it's difficult to predict how the trading behavior is going to push long or short-dated bonds on the platform.

然後在 4 月、5 月和 6 月也是如此，但我們看到過去 3 個月相對於 4 月的情況更加穩定。但難以預測的一項是成熟年限。正如 Rick 所說，我們確實受到了債券收益率的影響，但很難預測交易行為將如何推動平台上的多頭或短期債券。

Got it. That makes sense. And then sticking with the topic of fee per million, as you guys keep growing market share in emerging markets, is it your assumption that you'll probably grow faster in local currency rather than hard currency? And if so, should we think about EM fee per million coming down over time?

知道了。那講得通。然後堅持每百萬費用的話題，隨著你們在新興市場的市場份額不斷增長，您是否假設您可能會以當地貨幣而不是硬通貨更快地增長？如果是這樣，我們是否應該考慮每百萬新興市場的費用會隨著時間的推移而下降？

It's been the case here recently, which we're super excited about, Patrick, because the global-local market opportunity is larger in the aggregate than the hard currency opportunity. So this is a great sign of the evolution of our global EM franchise, which opens up a significant new revenue opportunity.

最近就是這種情況，帕特里克，我們對此感到非常興奮，因為總體而言，全球本地市場機會大於硬通貨機會。因此，這是我們全球新興市場特許經營權發展的一個重要標誌，它開闢了一個重要的新收入機會。

And yes, longer term, we would expect that EM local currency trading will outstrip hard currency trading. And we'll think more about it, but we're happy to provide some granular information there as we go. But all of this is new revenue through the growth in EM local trading, which to us is really good news for shareholders because we're starting to penetrate a very large and important part of the EM market.

是的，從長遠來看，我們預計新興市場本幣交易將超過硬通貨交易。我們會對此進行更多考慮，但我們很樂意在此過程中提供一些詳細信息。但所有這些都是通過新興市場本地交易的增長獲得的新收入，這對我們來說對股東來說確實是個好消息，因為我們開始滲透到新興市場市場的一個非常大而重要的部分。

Our next question is from Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

I wanted to circle back to portfolio trading. I think you mentioned it was coming in about 6% of industry TRACE levels overall. It seems to be holding a bit better perhaps than feared in a tough market backdrop. So just would be curious to hear your thoughts around that.

我想回到投資組合交易。我想你提到它佔整個行業 TRACE 水平的 6% 左右。在艱難的市場背景下，它的表現似乎比人們擔心的要好一些。所以只是很想听聽你對此的想法。

How do you see that value proposition evolving in a tougher market backdrop here? And then more broadly, when you look at your portfolio trading offering and others across the industry, just what sort of enhancements can be made to that offering across the industry and at MarketAxess to drive more usage and uptick in PT broadly?

您如何看待這裡更嚴峻的市場背景下的價值主張？然後更廣泛地說，當您查看您的投資組合交易產品和整個行業的其他產品時，可以對整個行業和 MarketAxess 的產品進行哪些改進，以廣泛推動更多的使用和提升？

Well, I'll start, and I'm sure Rick will have a few thoughts on portfolio trading. Obviously, we had a record quarter and we were able to execute 330 trades over that quarter and saw our market share of electronic PTs grow. We do think that while portfolio trading plays a role in transferring of risk in the marketplace, it's a very expensive trade to perform, both in terms of time while managing the trade, but also in terms of spread that is ultimately paid.

好吧，我將開始，我相信 Rick 會對投資組合交易有一些想法。顯然，我們有一個創紀錄的季度，我們能夠在該季度執行 330 筆交易，並且我們的電子 PT 市場份額有所增長。我們確實認為，雖然投資組合交易在轉移市場風險方面發揮著作用，但無論是在管理交易的時間方面，還是在最終支付的價差方面，這是一項非常昂貴的交易。

So we've seen our clients look and perfect the right portfolios to trade with dealers. And also, we've seen dealers become much better at trading portfolios with their clients. The key, I think, to what we've seen and, again, this is all estimated market share of TRACE, trying to read TRACE and understand what was the portfolio trade, we do see it has flattened out as a percent of overall TRACE volumes.

因此，我們已經看到我們的客戶尋找並完善了與經銷商交易的正確投資組合。而且，我們已經看到交易商在與客戶交易投資組合方面變得更好。我認為，我們所看到的關鍵是 TRACE 的所有估計市場份額，試圖閱讀 TRACE 並了解投資組合交易是什麼，我們確實看到它已經趨於平緩，佔整體 TRACE 的百分比卷。

So we're not seeing any growth even at times when it was less volatile than the second quarter. But despite the volatility in the second quarter, we saw clients still make use of the portfolio trading tools and also use our platform for portfolio trading.

因此，即使在波動性低於第二季度的時候，我們也沒有看到任何增長。但儘管第二季度出現波動，我們看到客戶仍然使用投資組合交易工具，也使用我們的平台進行投資組合交易。

Key differentiators, really, what we're hearing from our clients are the need for analytics around portfolio trading, better data around the liquidity around individual names, estimated what the overall price of a portfolio trade would be, whether or not it would be preferred to trade it as a list instead of a full portfolio trade.

實際上，我們從客戶那裡聽到的關鍵區別是需要圍繞投資組合交易進行分析，圍繞個人名稱的流動性提供更好的數據，估計投資組合交易的總體價格是多少，是否會是首選將其作為列表進行交易，而不是完整的投資組合交易。

So analytics that help clients decide whether or not to put on a portfolio trade and also what parts of their overall list should be traded as a list or as a portfolio, that's really -- we're seeing a lot of demand for both real-time pricing of the portfolio, but also analytics on how to perform the portfolio trade.

因此，分析可以幫助客戶決定是否進行投資組合交易，以及他們的整體清單的哪些部分應該作為清單或投資組合進行交易，這真的是——我們看到對這兩種交易的大量需求——投資組合的時間定價，以及如何執行投資組合交易的分析。

Yes. I would just add, Michael, the path from 0% to 5% share of TRACE was pretty steep. So a year ago, there were a lot of expectations out that it was going to continue along that steep path. And as Chris mentioned earlier, it's been pretty flat for 4 quarters in a row at 5.5% or so of TRACE. So that's a change from where we were a year ago.

是的。我只想補充一點，邁克爾，從 0% 到 5% 的 TRACE 份額的路徑非常陡峭。所以一年前，有很多期望它會沿著這條陡峭的道路繼續前進。正如 Chris 之前提到的，它連續 4 個季度相當平穩，為 TRACE 的 5.5% 左右。所以這與一年前的情況有所不同。

In our conversations with dealers and clients, it's much more difficult to manage the risk in a large portfolio trade today than it was 8 or 9 months ago. And that's reflected in the pricing that's coming through on portfolio trade. So the level of enthusiasm to promote portfolio trading is down in the dealer community, in my opinion, and it's reflected in pricing that's not quite as tight as it might have been when we were in the very low volatility environment last fall.

在我們與交易商和客戶的對話中，如今管理大型投資組合交易的風險比 8 或 9 個月前要困難得多。這反映在投資組合交易的定價中。因此，在我看來，交易商社區對促進投資組合交易的熱情有所下降，這反映在定價上，不像去年秋天波動性非常低的環境中那樣緊張。

But in terms of enhancements, there are lots of different client practices around PT, and we're knocking out a lot of enhancements that are important to them every month. Very focused on the things that they would like to see added. They're also super excited about what we've done to integrate CP+ in our analytics, so it makes them -- it easier for them to track pricing as they're working up a portfolio.

但在增強方面，圍繞 PT 有很多不同的客戶實踐，我們每個月都會淘汰很多對他們很重要的增強。非常專注於他們希望添加的內容。他們還對我們將 CP+ 集成到我們的分析中所做的工作感到非常興奮，因此這使他們能夠更輕鬆地跟踪定價，因為他們正在製定投資組合。

And we're benefiting from the large credit trading footprint that we've had for many years around the world that trades didn't offer list with us all day long. So all of those are working in our favor. I'm pleased to say that our goals for this year around portfolio trading growth are very much on track.

我們受益於我們多年來在全球範圍內擁有的龐大的信用交易足跡，而這些交易並沒有整天與我們一起提供清單。所以所有這些都對我們有利。我很高興地說，我們今年圍繞投資組合交易增長的目標非常順利。

Great. And just a quick cleanup question on the capture rate. Can you just remind us what the impact would be to the high-grade capture rate if interest rates, I guess, it's the back end of the curve, right, 10-year treasury goes up by 100 basis points, and how to think about the impact to capture if we see a 1-year move in years to maturity from here?

偉大的。只是一個關於捕獲率的快速清理問題。你能不能提醒我們，如果利率，我猜，它是曲線的後端，對，10 年期國債上漲 100 個基點，對高等級捕獲率的影響，以及如何思考如果我們看到從這裡到成熟期的 1 年移動，要捕捉到的影響？

Yes. Mike. Where we are in the curve right now, every 100 basis points is $4 to $5, and every 1 year to maturity is around $15.

是的。麥克風。我們現在處於曲線中，每 100 個基點為 4 至 5 美元，每 1 年到期約為 15 美元。

It seems we have a follow-up question from Gautam Sawant with Credit Suisse.

看來我們有一個來自瑞士信貸的 Gautam Sawant 的後續問題。

Can you help us maybe contextualize how July market share is trending so far? And then if the type of trading activity you're seeing in the marketplace, if that's more fundamentally driven or if it's more due to the overall like pickup in credit spread volatility and it's the macroeconomic drivers?

您能否幫助我們了解 7 月份市場份額迄今為止的趨勢？然後，如果您在市場上看到的交易活動類型，是更受基本面驅動，還是更多地是由於信貸利差波動性的整體上升以及宏觀經濟驅動因素？

The share trends in July are very similar to what we saw broadly in Q2. The second half of July market volumes are almost always higher than the first half because of the trading days around the 4th of July holiday, so we have 8 full days of trading that represent a significant part of monthly volumes still in front of us.

7 月份的股票趨勢與我們在第二季度廣泛看到的非常相似。由於 7 月 4 日假期前後的交易日，7 月下半月的市場交易量幾乎總是高於上半年，因此我們有 8 個完整的交易日，佔月交易量的很大一部分仍然擺在我們面前。

On your other question, I don't think that there's anything I could say about the first 2 weeks of trading in terms of any significant differences in client patterns versus the second quarter results we went through.

關於你的另一個問題，我認為關於前兩週交易的客戶模式與我們經歷的第二季度結果的任何顯著差異，我無話可說。

We have no further questions in queue. I will now turn the call over to our presenters for closing remarks.

我們在隊列中沒有其他問題。我現在將把電話轉給我們的演講者，以致閉幕詞。

Thank you for joining us this morning. Enjoy the rest of the summer, and we look forward to talking to you again next quarter.

感謝您今天早上加入我們。享受夏天剩下的時間，我們期待下個季度再次與您交談。

Thank you, ladies and gentlemen. This concludes our conference. We thank you for participating. You may now disconnect.

謝謝你們，女士們，先生們。我們的會議到此結束。我們感謝您的參與。您現在可以斷開連接。