Marketaxess Holdings Inc (MKTX) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded on October 19, 2022.

女士們，先生們，謝謝你們的支持。歡迎參加 MarketAxess 2022 年第三季度收益電話會議。 （操作員說明）提醒一下，本次電話會議將於 2022 年 10 月 19 日錄製。

I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

我現在想把電話轉給 MarketAxess 投資者關係主管史蒂夫戴維森。請繼續，先生。

Thank you, Brendan. Good morning, and welcome to the MarketAxess Third 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，布倫丹。早上好，歡迎來到 MarketAxess 2022 年第三季度收益電話會議。在電話會議上，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 將回顧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. 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.

在我將電話轉給里克之前，讓我提醒您，今天的電話可能包含前瞻性陳述。這些陳述代表了公司對未來事件的看法，這些事件本質上是不確定的。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。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報告中的前瞻性聲明免責聲明，現在可以在我們的網站上找到。

Now let me turn the call over to Rick.

現在讓我把電話轉給里克。

Good morning, and thank you for joining us to review our third quarter results. We continue to execute our growth strategy and delivered the second consecutive quarter of record market share gains across nearly all of our products. Strong increases in trading volumes, and significant execution cost savings for clients through our unique all-to-all trading protocol Open Trading. Our dealer and institutional investor clients are facing very challenging credit market trading conditions and our focus is delivering value for them to help navigate through elevated market volatility. And through these challenging markets, our leadership position in global credit continues to expand beyond just U.S. high grade with record estimated market share in high yield and municipal bonds in the U.S., record share in eurobonds and accelerating share gains in emerging markets. The breadth of our global market share gains continues to expand in this volatile market.

早上好，感謝您加入我們回顧我們的第三季度業績。我們繼續執行我們的增長戰略，並在幾乎所有產品中連續第二個季度實現創紀錄的市場份額增長。通過我們獨特的全對全交易協議 Open Trading，交易量大幅增加，並為客戶顯著節省執行成本。我們的交易商和機構投資者客戶正面臨著極具挑戰性的信貸市場交易條件，我們的重點是為他們創造價值，幫助他們渡過加劇的市場波動。通過這些充滿挑戰的市場，我們在全球信貸領域的領導地位繼續擴大，不僅限於美國高等級債券，在美國高收益債券和市政債券中的估計市場份額創歷史新高，在歐洲債券中的份額創歷史新高，並在新興市場中加速增長。在這個動蕩的市場中，我們的全球市場份額增長幅度繼續擴大。

Engagement of institutional investors and dealers on our platform continues to increase with a record of nearly 2,000 active client firms and a record number of active traders. We have seen especially strong growth in our international business with nearly 1,000 client firms now active including strong growth in Asia. As traditional sources of liquidity have become scarce, the importance of our diversified liquidity pool increases, and further enhances our leading market position. It is encouraging to see institutional clients and dealers leaning into MarketAxess across so many products during a period of challenging liquidity.

機構投資者和交易商在我們平台上的參與度持續增加，活躍客戶公司數量創歷史新高，接近 2,000 家，活躍交易員數量也創歷史新高。我們的國際業務增長尤為強勁，目前有近 1,000 家客戶公司活躍，其中包括在亞洲的強勁增長。隨著傳統流動性來源變得稀缺，我們多元化流動性池的重要性增加，並進一步提升我們的市場領先地位。在流動性充滿挑戰的時期，看到機構客戶和交易商在如此多的產品上傾向於使用 MarketAxess，這令人鼓舞。

We are also making excellent strides in developing new growth cylinders with another record quarter in municipal bond trading volume and a record quarter in portfolio trading volume. In U.S. Treasuries, there were 226 active client firms trading on the platform, up from 122 in the prior year as we continue to gain traction with investors in our unique all-to-all treasury solution. U.S. corporate and emerging markets debt outstanding in the market has been growing at 3-year compound growth rates of approximately 4% and 9%, respectively, which, when combined with higher rates, sets a strong foundation for trading growth in the institutional client e-trading space. In summary, the breadth of our business has never been stronger with accelerating growth in trading volume, new market share records, increasing momentum in new product areas and a growing addressable market opportunity.

我們還在開發新的增長圓柱方面取得了長足的進步，市政債券交易量和投資組合交易量的季度創紀錄。在美國國債方面，有 226 家活躍的客戶公司在該平台上進行交易，高於去年的 122 家，因為我們繼續通過我們獨特的全方位資金解決方案吸引投資者。市場上未償付的美國公司債和新興市場債的 3 年復合增長率分別約為 4% 和 9%，再加上更高的利率，為機構客戶的交易增長奠定了堅實的基礎。 -交易空間。總而言之，隨著交易量的加速增長、新的市場份額記錄、新產品領域的增長勢頭以及不斷增長的可尋址市場機會，我們的業務範圍從未像現在這樣強大。

Slide 4 provides an update on market conditions. Just 1 year ago on our earnings call, we stated that Central Bank tapering would lead to a more normalized yield levels and volatility in the bond markets around the world, and that is exactly what has happened. In a very short 10-month period, we have moved from massive Central Bank quantitative easing to the current state of Central Bank quantitative tightening due to the elevated levels of inflation. We have seen a rapid increase in yields around the world. And investment-grade bond indices are down a remarkable 22% year-to-date. While current trading conditions are extremely volatile, we believe higher bond yields create a better investing and trading environment. We maintain our view that bond trading velocity will grow in the years ahead due to growing bond market participation and increased adoption of trading automation. What we did not predict was historically rapid rise in interest rates, driving one of the steepest declines in corporate bond duration dropping 18% year-over-year. This reduction in duration has had a negative impact on our high-grade fee capture which is the only bond product that institutional investors trade in yield instead of price. At the same time, the U.S. dollar index moved to 20-year highs in a short period of time. Despite these short-term revenue headwinds, our overall revenue growth trends have improved materially in the last few quarters, and we would expect both the duration and FX revenue headwinds to diminish in the future as market conditions stabilize. In the very early weeks of Q4, total credit and rates, average daily volume is running similar to September levels and well above last October.

幻燈片 4 提供了市場狀況的最新信息。就在 1 年前，在我們的財報電話會議上，我們表示央行的縮減將導致全球債券市場的收益率水平和波動更加正常化，而這正是發生的事情。在非常短的 10 個月內，由於通脹水平升高，我們已經從央行大規模量化寬鬆政策轉變為目前央行量化緊縮的狀態。我們已經看到世界各地的收益率迅速增加。投資級債券指數今年迄今已大幅下跌 22%。雖然當前的交易條件極度不穩定，但我們相信更高的債券收益率會創造更好的投資和交易環境。我們仍然認為，由於債券市場參與度的提高和交易自動化的採用率提高，未來幾年債券交易速度將會增長。我們沒有預料到的是歷史上利率的快速上升，導致公司債券久期出現最大幅度的下降，同比下降 18%。持續時間的縮短對我們的高級費用捕獲產生了負面影響，這是機構投資者以收益率而非價格進行交易的唯一債券產品。與此同時，美元指數短時間內升至20年高位。儘管存在這些短期收入逆風，但我們的整體收入增長趨勢在過去幾個季度有了顯著改善，我們預計隨著市場狀況的穩定，久期和外匯收入的逆風在未來都會減少。在第 4 季度的最初幾週，總信貸和利率、日均交易量與 9 月份的水平相似，遠高於去年 10 月份的水平。

Slide 5 shows the strong year-over-year increases in estimated market share and the magnitude of our share gains since the pre-pandemic period. This is the second consecutive quarter of top quartile market share gains as compared to our long-term average year-over-year share gains. All but one of our primary products were in the top quartile of historical data for year-over-year quarterly growth versus the past 10 years. We focus on the longer-term trends, and as illustrated on this slide, we have grown market share by almost 550 basis points per product since the third quarter of 2019, which equates to an annual increase of approximately 180 basis points across products. These growth rates reflect the strength of our franchise and underpin our confidence in our ability to capture the market opportunity in front of us.

幻燈片 5 顯示了自大流行前時期以來估計市場份額的同比強勁增長以及我們的份額增長幅度。與我們的長期平均同比份額增長相比，這是連續第二個季度獲得前四分之一的市場份額增長。與過去 10 年相比，我們所有的主要產品都處於歷史數據的前四分之一，與過去 10 年相比，季度同比增長。我們關注長期趨勢，如本幻燈片所示，自 2019 年第三季度以來，我們每種產品的市場份額增長了近 550 個基點，這相當於各產品每年增長約 180 個基點。這些增長率反映了我們特許經營權的實力，並鞏固了我們對抓住擺在我們面前的市場機會的能力的信心。

Slide 6 illustrates the tremendous growth opportunity that is driving our approach to investing. The strong market share gains we delivered this quarter only served to reinforce the sizable revenue and earnings opportunity that we have ahead of us. We have a unique position in large and growing global debt markets. We are leveraging our global client network and technology to grow share in existing products and add new product areas to the platform. And as we grow market share, our data and content become even more valuable which makes us even more excited about the many ways that we are pursuing the data and ETF opportunity. We believe we can capture this opportunity and deliver superior returns to our shareholders.

幻燈片 6 說明了推動我們投資方法的巨大增長機會。我們本季度取得的強勁市場份額增長只會加強我們面前的可觀收入和盈利機會。我們在龐大且不斷增長的全球債務市場中擁有獨特的地位。我們正在利用我們的全球客戶網絡和技術來增加現有產品的份額並向平台添加新的產品領域。隨著我們市場份額的增長，我們的數據和內容變得更加有價值，這讓我們對我們追求數據和 ETF 機會的多種方式更加興奮。我們相信我們可以抓住這個機會並為我們的股東帶來豐厚的回報。

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

現在讓我將電話轉給 Chris Concannon，詳細介紹我們在新計劃投資方面取得的重大進展。

Thanks, Rick. Slide 8 provides an update on Open Trading. The benefits of Open Trading are coming through in the form of significant increases in execution cost savings for our clients. The importance of all-to-all trading is clearly shown in the record percentage of our global trade volumes benefiting from price improvement.

謝謝，里克。幻燈片 8 提供了公開交易的更新。公開交易的好處體現在為我們的客戶節省的執行成本顯著增加。受益於價格改善的全球貿易量創紀錄的百分比清楚地表明了全對全貿易的重要性。

Open Trading price improvement generated $260 million in estimated transaction cost savings delivered to our clients in Q3, double the savings levels from 1 year ago. We believe that the market is moving in our direction because of the benefits of all-to-all trading. We are also innovating and bringing this model to the U.S. Treasury and municipal bond space. One of the largest fixed income asset managers in the world, PIMCO, recently released a viewpoint piece suggesting that the entire U.S. Treasury market would benefit from a shift to all-to-all trading. We agree with their view. A record 1,800 unique firms or over 90% of our active client base executed at least one trade through our Open Trading network during the quarter. This dynamic is clearly shown by the data with record overall Open Trading penetration of 37% and record high-yield Open Trading penetration of 53%.

公開交易價格的改善在第三季度為我們的客戶帶來了 2.6 億美元的估計交易成本節約，是一年前的兩倍。我們相信，由於全對全交易的好處，市場正在朝著我們的方向發展。我們也在創新並將這種模式引入美國國債和市政債券領域。 PIMCO 是世界上最大的固定收益資產管理公司之一，最近發布了一篇觀點文章，表明整個美國國債市場將受益於向全對全交易的轉變。我們同意他們的觀點。創紀錄的 1,800 家獨特公司或超過 90% 的活躍客戶群在本季度通過我們的開放交易網絡執行了至少一筆交易。數據清楚地顯示了這種動態，公開交易的整體滲透率達到創紀錄的 37%，高收益公開交易滲透率達到 53%。

Slide 9 highlights the increasing momentum we are seeing with automation in credit trading. Automated trading increased to $52 billion in volume and over 290,000 trades in Q3, reflecting continued strong adoption during a period of heightened volatility. This speaks to the increasing comfort that dealers and investor clients have using our tools and their confidence in our CP+ data feed.

幻燈片 9 強調了我們在信用交易自動化方面看到的增長勢頭。自動交易量在第三季度增加到 520 億美元，交易量超過 290,000 筆，反映出在波動加劇期間的持續強勁採用。這表明交易商和投資者客戶對使用我們的工具越來越放心，並且對我們的 CP+ 數據饋送充滿信心。

Today, Auto-X represents 18% of total trade count and 7% of our credit trading volume. We are also seeing record Auto-Responder trading volume where our clients are optimizing their execution quality. Additionally, the use of dealer algorithms is continuing to grow on the platform with approximately 6 million algo responses in the third quarter, up 33% from the same period last year. The impressive 3-year CAGR shown on this slide reflect the strong long-term growth of our trade automation suite. As the use of automation tools increases, we believe we will see an impact on trading velocity over time.

今天，Auto-X 佔總交易量的 18% 和我們信貸交易量的 7%。我們還看到創紀錄的自動回復交易量，我們的客戶正在優化他們的執行質量。此外，經銷商算法的使用在平台上持續增長，第三季度約有 600 萬個算法響應，比去年同期增長 33%。這張幻燈片中令人印象深刻的 3 年復合年增長率反映了我們貿易自動化套件的強勁長期增長。隨著自動化工具使用的增加，我們相信我們會隨著時間的推移看到對交易速度的影響。

Slide 10 illustrates our growth in portfolio trading. The third quarter was another record for portfolio trading with total volume of $25 billion. We delivered this strong performance through continued international diversification. Eurobond's portfolio trading volume doubled in the quarter and EM portfolio trading volume was up over 20% sequentially. EMEA-based clients executed approximately 30% of our portfolio trading volume in the quarter. Estimated high-grade and high-yield portfolio trading market volumes have remained relatively flat at around 5% to 6% of secondary trading over the last several quarters.

幻燈片 10 說明了我們在投資組合交易方面的增長。第三季度的投資組合交易量達到 250 億美元，再創歷史新高。我們通過持續的國際多元化實現了這一強勁業績。歐洲債券的投資組合交易量在本季度翻了一番，新興市場投資組合的交易量環比增長了 20% 以上。本季度，歐洲、中東和非洲地區的客戶執行了我們投資組合交易量的大約 30%。在過去幾個季度中，估計高品位和高收益投資組合交易市場交易量保持相對平穩，約為二級交易的 5% 至 6%。

Slide 11 is an update on emerging markets where we continue to see strong growth in local markets and market share. We achieved 8% growth in emerging markets trading volume during the quarter, 12% growth on a constant currency basis. Local markets trading volume of $60 billion increased 33% on a reported basis and 47% on a constant currency basis. We continue to onboard new clients with record 1,376 active clients trading EM on the platform, and we traded in 28 of our 30 local markets. 80% of the emerging market opportunity is in local markets, which is a huge and growing market for us.

幻燈片 11 是新興市場的更新，我們繼續看到當地市場和市場份額的強勁增長。本季度我們在新興市場的交易量實現了 8% 的增長，按固定匯率計算增長了 12%。本地市場交易量為 600 億美元，按報告基準增長 33%，按固定匯率計算增長 47%。我們繼續吸引新客戶，有 1,376 名活躍客戶在平台上交易新興市場，我們在 30 個本地市場中的 28 個進行交易。 80% 的新興市場機會都在本地市場，這對我們來說是一個巨大且不斷增長的市場。

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

現在讓我將電話轉給 Chris Gerosa，以提供我們財務狀況的最新信息。

Thank you, Chris. On Slide 13, we provide a summary of our quarterly financials. Third quarter revenue was $172 million, up 6% driven by strong growth in trading volume and record market share gains, but was negatively impacted by the lower duration of U.S. high-grade bonds traded and a strengthening U.S. dollar. Excluding the impact of foreign currency fluctuations, revenues would have increased approximately 9%. All else equal, and assuming the same level of trading volume, we estimate that the change in U.S. high-grade duration lowered our third quarter revenue by approximately $8 million.

謝謝你，克里斯。在幻燈片 13 上，我們提供了季度財務摘要。第三季度收入為 1.72 億美元，增長 6%，受交易量強勁增長和創紀錄的市場份額增長的推動，但受到美國高等級債券交易期限縮短和美元走強的負面影響。排除外匯波動的影響，收入將增長約 9%。在其他條件相同的情況下，假設交易量水平相同，我們估計美國高等級期限的變化使我們第三季度的收入減少了約 800 萬美元。

Information Services revenue was up 1% or 10% excluding the impact of FX. We continue to expect our full year 2022 information services revenue growth rate to hit our historical growth levels of around 10% on a constant currency basis. Third quarter post-trade revenue included the negative impact of approximately $1.7 million on a strengthening U.S. dollar compared to the prior year quarter. Excluding the impact of FX and onetime revenue activity in the quarter, the year-over-year growth rate would have been approximately 8%. The increase in other income was principally due to higher investment income of $1.3 million as we are benefiting from a more attractive interest rate environment and a $900,000 gain on our equity investment.

排除外匯影響，信息服務收入增長 1% 或 10%。我們繼續預計我們 2022 年全年的信息服務收入增長率將達到 10% 左右的歷史增長率（按固定匯率計算）。第三季度交易後收入包括約 170 萬美元對美元較上年同期走強的負面影響。排除本季度外彙和一次性收入活動的影響，同比增長率約為 8%。其他收入的增加主要是由於我們受益於更具吸引力的利率環境和 900,000 美元的股權投資收益，因此投資收入增加了 130 萬美元。

We expect other income in the next few quarters to increase slightly as we plan to benefit from higher investment yields on our cash and deposit balances. The effective tax rate was 24.8%, and we are reconfirming that we expect the full year effective tax rate to be at the upper end of the previously stated range of 24% to 26%.

我們預計未來幾個季度的其他收入將略有增加，因為我們計劃從現金和存款餘額的更高投資收益率中獲益。有效稅率為 24.8%，我們再次確認，我們預計全年有效稅率將處於先前所述 24% 至 26% 範圍的上限。

On Slide 14, we provide more detail on our commission revenue and our fees per million. Total commission revenue increased 7%. Our growth in total credit and total 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 U.S. high grade. The lower high-grade fee capture was driven principally by higher bond yields. The weighted average years to maturity of bonds traded in U.S. high grade has remained stable year-over-year on the platform.

在幻燈片 14 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 7%。我們的總信貸和總利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，但部分被美國高等級的平均收費較低所抵消。較低的高級費用捕獲主要是由較高的債券收益率推動的。平台上交易的美國高等級債券的加權平均到期年限同比保持穩定。

On Slide 15, we provide you with our expense detail. Third quarter expenses increased 9% driven principally by investments to enhance the trading system and our data product offering. Excluding the impact of FX, expenses would have increased 13%. Employee compensation and benefits increased $4 million on an increase in head count mainly in technology and customer-facing roles to support revenue growth initiatives. Technology and communications expense increased $4 million on higher software subscriptions, cloud hosting expense and technology licensing fees. Professional and consulting expenses decreased $3 million driven by lower acquisition-related consulting expenses and lower recruiting fees. Given the progression of operating expenses and the impact of FX fluctuations year-to-date, we are refining our full year 2022 expense guidance range to $390 million to $398 million from the previously stated range of $385 million to $415 million. The new midpoint would imply 9% growth year-over-year.

在幻燈片 15 上，我們為您提供了我們的費用明細。第三季度支出增長 9%，主要是受增強交易系統和數據產品供應的投資推動。排除外彙的影響，費用將增加 13%。員工薪酬和福利增加了 400 萬美元，主要是因為增加了技術和麵向客戶的職位以支持收入增長計劃。由於更高的軟件訂閱、雲託管費用和技術許可費用，技術和通信費用增加了 400 萬美元。專業和諮詢費用減少了 300 萬美元，原因是收購相關的諮詢費用和招聘費用減少。考慮到運營費用的進展和年初至今外匯波動的影響，我們將 2022 年全年的費用指導範圍從之前規定的 3.85 億美元至 4.15 億美元細化至 3.9 億美元至 3.98 億美元。新的中點意味著同比增長 9%。

On Slide 16, we provide an update on cash flow and capital management. As of September 30, our cash and investments were $352 million, and our trailing 12-month free cash flow was $239 million. We are refining our full year 2022 CapEx guidance range of $58 million to $62 million to a range of $48 million to $52 million mainly due to a transition from purchasing to leasing fixed assets and the FX impact on our international investments. During the third quarter, we paid out $26 million in quarterly dividends to our shareholders. And year-to-date, we have repurchased 280,000 shares for a total of $88 million, $100 million remains on the outstanding repurchase authorization.

在幻燈片 16 上，我們提供了現金流和資本管理的最新信息。截至 9 月 30 日，我們的現金和投資為 3.52 億美元，過去 12 個月的自由現金流為 2.39 億美元。我們正在將我們的 2022 年全年資本支出指導範圍從 5800 萬美元至 6200 萬美元調整為 4800 萬美元至 5200 萬美元，這主要是由於固定資產從購買到租賃的轉變以及外匯對我們國際投資的影響。第三季度，我們向股東支付了 2600 萬美元的季度股息。今年迄今，我們已經回購了 280,000 股股票，總額為 8800 萬美元，未完成的回購授權仍有 1 億美元。

Our Board of Directors declared a regular quarterly cash dividend of $0.70, which was based on the financial performance of the company.

我們的董事會宣布定期派發 0.70 美元的季度現金股息，這是基於公司的財務業績。

Now let me turn the call back to Rick.

現在讓我把電話轉回給瑞克。

Thank you, Chris. In summary, we continue to execute very well against our growth strategy and are pulling all the levers within our control. We delivered record levels of market share and enhanced our competitive position in the institutional client e-trading space, both in the U.S. and on the international front. Our global footprint continues to broaden and deepen as we diversify our product offering and achieve record growth in active clients.

謝謝你，克里斯。總而言之，我們繼續很好地執行我們的增長戰略，並正在拉動我們控制範圍內的所有槓桿。我們創造了創紀錄的市場份額，並增強了我們在美國和國際機構客戶電子交易領域的競爭地位。隨著我們提供的產品多樣化並在活躍客戶中實現創紀錄的增長，我們的全球足跡不斷擴大和深化。

The market is increasingly turning to our unique Open Trading solution for liquidity and significant price improvement. And the market opportunity before us continues to expand.

市場越來越多地轉向我們獨特的公開交易解決方案以獲得流動性和顯著的價格改善。而擺在我們面前的市場機會還在不斷擴大。

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

現在我很樂意為您提問。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Rich Repetto with Piper Sandler.

你的第一個問題來自 Rich Repetto 和 Piper Sandler 的台詞。

I guess the first question is on the market share gains in U.S. high yield. There was some significant gains, really starting probably last quarter. But I guess, Rick, the question is, can you characterize what's driving that? And is it similar to the U.S. high-grade market volatility and market share gains you saw like early in the pandemic? Is it a similar situation of liquidity demand?

我想第一個問題是關於美國高收益債券市場份額的增長。有一些顯著的收益，真正可能從上個季度開始。但我想，里克，問題是，你能描述一下是什麼驅動了它嗎？它是否類似於您在大流行初期看到的美國高級市場波動和市場份額增長？是不是類似流動性需求的情況？

It certainly is, Rich. And if you look at our high-grade and high-yield bid-ask indices, they are a -- they are approximately double where we were a year ago. and already at about 80% to 85% of where they were in March of '20. So the liquidity conditions are incredibly challenging. And as a result, clients are leaning on the all-to-all trading model that we have developed in high yield for diversified sources of liquidity and price improvement. So it's obviously a completely different model that we run in all-to-all trading. And the consistency of delivering price improvement is what's driving high-yield clients and dealers to execute more of their volume with us on the platform.

確實如此，里奇。如果你看看我們的高級和高收益買賣指數，它們是——它們大約是一年前的兩倍。並且已經達到了 20 世紀 3 月的 80% 到 85%。因此，流動性條件極具挑戰性。因此，客戶依賴於我們以高收益開發的全方位交易模式，以獲得多樣化的流動性和價格改善來源。所以這顯然是我們在全對全交易中運行的一個完全不同的模型。提供價格改進的一致性是推動高收益客戶和經銷商在平台上與我們一起執行更多交易量的原因。

Got it. And one follow-up, Rick. This is on the treasury market and regulatory proposed changes to clearing -- central clearing. So if I had to sum up, and you can correct me if I'm wrong, but the proposed rules from the SEC would require central clearing of treasuries from a wider audience, including proprietary traders and hedge funds. And what do you see as the impact on the -- I guess, the treasury marketplace if that was to occur? And do I have it correct, I guess, to sum up the proposal?

知道了。還有一個後續行動，瑞克。這是對資金市場和監管機構提出的對清算——中央清算的改變。因此，如果我不得不總結一下，如果我錯了你可以糾正我，但美國證券交易委員會提議的規則將要求從更廣泛的受眾（包括自營交易員和對沖基金）集中清算國庫券。如果發生這種情況，您認為對國債市場的影響是什麼？我想我對提案的總結是否正確？

Chris, do you want to take the first cut at that?

克里斯，你想搶先一步嗎？

Sure, Rich. And I have to say you're reading the proposal like a lawyer. That was an accurate summary. The way we view the SEC's proposal is the policy goals of the proposal are sound. The market will benefit from centralizing clearing at DTC of treasury activity because of the net settlement benefits that DTC provides and the guaranteed settlement that DTC provides. So organizing the market to have more centralized clearing is favorable to the overall market. I think the key piece of the proposal is how we get there. And there are steps, the way that proposal is structured because it's really a rule change to -- that supports the clearing agencies proposed rule changes.

當然，里奇。我不得不說你正在像律師一樣閱讀提案。這是一個準確的總結。我們看待 SEC 提案的方式是該提案的政策目標是合理的。由於 DTC 提供的淨結算收益和 DTC 提供的保證結算，市場將受益於資金活動在 DTC 的集中清算。所以組織市場進行更集中的清算對整體市場是有利的。我認為提案的關鍵部分是我們如何實現目標。並且有一些步驟，該提案的結構方式，因為它實際上是一個規則更改 - 支持清算機構提議的規則更改。

There are some benefits embedded in the customer protection rules that the SEC are proposing for clearing firms to allow them to have more favorable capital treatment if they're clearing on behalf of other broker dealers, particularly the proprietary trading firms. So I do think we're at least a year or 2 away from the final implementation of the clearing agency rules. Remember, the SEC has to approve the rules and then the clearing agencies have to file their own rules to comply with the proposed rule. So a few steps away. There's still obviously some discussion around the repo proposal that the SEC incorporated into the overall clearing proposal. Again, the policy benefits are sound. It's really the steps that we get -- that we use to get to the final outcome. So there are some impacts, but I do think we are ways away from the final implementation of the goals of the proposal.

美國證券交易委員會為清算公司提議的客戶保護規則中包含一些好處，如果他們代表其他經紀交易商，特別是自營交易公司進行清算，則允許他們獲得更優惠的資本待遇。所以我確實認為我們距離清算機構規則的最終實施至少還有一兩年的時間。請記住，SEC 必須批准規則，然後清算機構必須提交自己的規則以遵守提議的規則。就這麼走了幾步。顯然，圍繞 SEC 納入整體清算提案的回購提案仍有一些討論。再次，政策利好。這實際上是我們獲得的步驟——我們用來獲得最終結果的步驟。所以會有一些影響，但我確實認為我們離最終實施提案的目標還有很長的路要走。

Your next question is from the line of Chris Allen.

你的下一個問題來自 Chris Allen。

I wanted to talk a little bit about fee per million, which has been obviously a bit of an overhang on the stock. I wonder if you could maybe give us some color just in terms of how fee per million progressed over the course of the quarter, specifically around high grade, you're starting to see some stability there. Any other dynamics, whether it's an EM that's going on, local versus hard currencies? And also what was the thought process, I'm pulling back on the disclosure there in terms of breaking it out between the different products.

我想談一談每百萬的費用，這顯然對股票造成了一些影響。我想知道你是否可以就本季度每百萬費用的進展情況給我們一些顏色，特別是在高等級附近，你開始看到那裡有一些穩定性。任何其他動態，無論是正在發生的新興市場，本地貨幣還是硬通貨？還有什麼是思考過程，我在不同產品之間打破它的披露方面撤回了。

Chris, so I'll get into the technical discussion of the sequential I should say, it was stable, relatively speaking, for total credit. And then the charts that we provide in the deck, I mean, we provide the view of what the years to maturity and bond yields look like from a 3Q perspective. And on Slide 4 of the deck, there was some pressure on high-grade fee capture, given the movement in the years to maturity was down slightly, and bond yields were up slightly. But just to remind you, the technical merit to that it's -- every 100 basis point move in bond yields is around a $4 impact on fee capture, and every 1 year to maturity is around $14 to $15. So there were movements and there was a slight pressure on high-grade fee capture. But relatively speaking, it was stable to the Q2 exit levels. And what we're seeing so far in October is around the same.

克里斯，所以我將進入順序的技術討論，我應該說，相對而言，它對於總信用來說是穩定的。然後我們在甲板上提供的圖表，我的意思是，我們提供了從第三季度的角度來看到期年限和債券收益率的觀點。在幻燈片 4 上，由於到期年限略有下降，債券收益率略有上升，因此高等級費用捕獲存在一定壓力。但提醒您，它的技術優點是——債券收益率每變動 100 個基點對費用收取產生約 4 美元的影響，而每 1 年到期約產生 14 至 15 美元的影響。所以有動靜，對高等級的收費有輕微的壓力。但相對而言，它穩定到 Q2 的退出水平。到目前為止，我們在 10 月份看到的情況大致相同。

Of the $16 decline in total credit fee capture, roughly 60% of that was due to the duration impact from high grade and the balance of the 40% was due to product and protocol mix. So high grade was a bigger impact, but there were other variables that were contributing to that as well. And that was a year-over-year comparison, Chris. I know you asked about the sequential, but I just wanted to hit the year-over-year decline.

在總信用費用下降 16 美元中，大約 60% 是由於高等級的持續時間影響，其餘 40% 是由於產品和協議組合。所以高等級的影響更大，但還有其他變量也對此有所貢獻。這是一個同比比較，克里斯。我知道你問的是連續的，但我只是想了解同比下降。

And on the second half of your question, Chris, a couple of thoughts and responses there. One, in one way, we've increased transparency on fee capture because we have started to provide the total credit fee capture on a monthly basis rather than quarterly. So we think that will be well received by investors. Secondly, it's one of many examples where we were providing a lot more granularity on fee capture than the rest of the market. So we think by going to total credit fee capture, we've aligned ourselves with what we see elsewhere in the industry. And thirdly, as we've said, the vast majority of the high-grade fee capture change was all due to the increase in rates and duration. And there is a publicly available data point that I would point all of you to that will show you what's going on with duration in corporate bonds, and that's the corporate bond index duration.

克里斯，關於你問題的後半部分，有一些想法和回應。一，在某種程度上，我們提高了費用收取的透明度，因為我們已經開始按月而不是按季度提供總信貸費用。所以我們認為這將受到投資者的歡迎。其次，這是我們提供比其他市場更多的費用獲取粒度的眾多例子之一。因此，我們認為通過獲取總信貸費用，我們已經與我們在行業其他地方看到的保持一致。第三，正如我們所說，絕大多數高級費用捕獲變化都是由於費率和持續時間的增加。並且有一個公開可用的數據點，我會向大家指出，這將向您展示公司債券持續時間的變化，這就是公司債券指數持續時間。

So anyone that wants to follow it more than monthly or try to dissect high-grade versus other products. There is a way to do that with the public data on the corporate bond index. So all 3 of those factors drove the decision to shift to monthly and go to a full credit fee capture per million.

所以任何想要超過每月關注它或嘗試剖析高檔產品與其他產品的人。有一種方法可以利用公司債券指數的公開數據來做到這一點。因此，所有這 3 個因素都促使我們決定轉向按月收取，並採用每百萬的完整信貸費用。

And Chris, you mentioned EM. So I have to obviously answer that question as well. Our EM volume in the quarter is up about 17 point -- 7.7% over Q3 last year. And that's in the face of market volumes being down. But as you mentioned, local market ADV is up 32% year-over-year. So obviously, super exciting for us to tap into that local market. It obviously has a slight impact on capture as you noticed. But overall, EM volumes continue to grow, and we're super excited about that local market piece because it's up so large year-over-year.

克里斯，你提到了新興市場。所以我顯然也必須回答這個問題。我們本季度的新興市場交易量比去年第三季度增長了約 17 個百分點，增長了 7.7%。這是在市場交易量下降的情況下。但正如您提到的，本地市場 ADV 同比增長 32%。很明顯，我們非常興奮能夠進入當地市場。正如您所注意到的，它顯然對捕獲有輕微影響。但總的來說，新興市場交易量繼續增長，我們對本地市場感到非常興奮，因為它的同比增長如此之大。

Got it. Appreciate the color there. And then I guess I just wanted to follow-up a little bit kind of on the environment. You gave some color just on high yield just in terms of some of the liquidity challenges there. But maybe more so on high grade, the commentary we've kind of heard is spreads are widening out, why isn't trading activity better. This is a function of clients waiting for from a picture of the economy? Are there other factors involved? Is there outflows impacting activities? I'm just trying to think about what's the potential catalysts ahead to improve the environment from -- specifically on the high-grade side.

知道了。欣賞那裡的顏色。然後我想我只是想對環境進行一些跟進。就那裡的一些流動性挑戰而言，你只是在高收益方面給出了一些顏色。但也許在高等級上更是如此，我們聽到的評論是價差正在擴大，為什麼交易活動沒有更好。這是一個客戶等待的功能，從一個經濟的畫面？是否涉及其他因素？是否存在影響活動的流出？我只是想想想未來改善環境的潛在催化劑是什麼——特別是在高檔方面。

Yes. The high-grade market volumes are actually holding up reasonably well year-to-date given the extreme volatility in the market and the challenges with liquidity. You actually see the market volume challenges more clearly in the international products, and a huge part of that is just the FX translation back into dollars in our reporting. But there -- in EM, in particular, you have a risk-off environment, you clearly have had outflows in bond funds. I don't think most investors are used to these kind of price changes in corporate bond mutual funds and ETFs. It's not anything I've ever seen in my career. And in fact, in the last 20 years, if you look at the high-grade index, the worst year we've had was down about 4%, and here we are down 22% year-to-date. So it has driven some outflows as well.

是的。鑑於市場的極端波動和流動性的挑戰，今年迄今為止，高檔市場的交易量實際上保持得相當好。實際上，您在國際產品中更清楚地看到了市場容量挑戰，其中很大一部分只是在我們的報告中將外匯轉換回美元。但在那裡 - 特別是在新興市場，你有一個避險環境，你顯然已經在債券基金中流出。我認為大多數投資者不習慣公司債券共同基金和 ETF 的這種價格變化。這不是我職業生涯中見過的任何事情。事實上，在過去 20 年裡，如果你看一下高級指數，我們經歷的最糟糕的一年下跌了約 4%，而今年迄今我們下跌了 22%。因此，它也推動了一些資金外流。

So I think all of those factors are at work. We still feel very strongly that debt in the world is going to continue to grow as it has been. And we really feel that the increase in participation in automation over time will increase velocity, but there are a number of factors that are contributing to some challenges in the very near term on market volume growth.

所以我認為所有這些因素都在起作用。我們仍然非常強烈地認為，世界債務將繼續像過去一樣增長。我們確實認為，隨著時間的推移，自動化參與度的增加會提高速度，但有許多因素在短期內對市場容量增長造成了一些挑戰。

Your next question is from the line of Gautam Sawant with Credit Suisse.

你的下一個問題來自瑞士信貸的 Gautam Sawant。

One of the key differentiators of the MarketAxess platform is value-added data. Can you speak to recent enhancements to your data and analytics capabilities? And if there's been any pricing changes to your offering?

MarketAxess 平台的主要差異化因素之一是增值數據。您能談談最近對您的數據和分析能力的增強嗎？如果您的產品有任何定價變化？

Sure. So on the data front, obviously, we have our premier product, CP+ and Axess All, 2 products that are obviously used by a large community of both dealers and clients. We continue to see high demand for both products but particularly in CP+ because we've rolled out additional product for CP+. So not only do we have CP+ for U.S. corporates, but we also have it for eurobonds, EM. We've now launched a CP+ for treasuries and EGBs as well.

當然。因此，在數據方面，顯然，我們擁有我們的首要產品 CP+ 和 Axess All，這 2 種產品顯然被大量經銷商和客戶所使用。我們繼續看到對這兩種產品的高需求，尤其是在 CP+ 中，因為我們已經為 CP+ 推出了額外的產品。因此，我們不僅為美國公司提供 CP+，而且為歐洲債券和新興市場提供 CP+。我們現在也為國債和 EGB 推出了 CP+。

So we see growing demand as we as we grow market share as well as we roll out additional products. We're looking at future launches in municipals as an opportunity as well, and working on that. The other area that has been growing interest from a data perspective by our clients are what I'll call portfolio construction data. And that's really how we help our clients to select the right bonds based on liquidity and activity in the market when they're constructing their portfolio. An example of this is used in our MarketAxess 400 Index where we select bonds -- 400 bonds in the investment grade space. That are the most liquid bonds across our platform. So we use that data to construct the investment-grade index, the MarketAxess 400. It's now been launched into an ETF LQIG in partnership with State Street. So we're super excited about being able to take our data on our platform and to convert it into portfolio construction. And we're seeing higher and higher demand from our clients around that unique data that they can use on a daily basis to help construct the most liquid portfolio, particularly given the liquidity challenges that we're seeing in the market in this time.

因此，隨著我們擴大市場份額以及推出更多產品，我們看到需求不斷增長。我們也將未來在市政當局的發布視為一個機會，並為此而努力。從數據的角度來看，我們的客戶越來越感興趣的另一個領域是我稱之為投資組合構建數據的領域。這就是我們幫助客戶在構建投資組合時根據市場流動性和活動選擇正確債券的方式。我們的 MarketAxess 400 指數中使用了這方面的一個例子，我們在其中選擇債券——投資級空間中的 400 種債券。這是我們平台上流動性最強的債券。因此，我們使用該數據構建投資級指數 MarketAxess 400。它現已與 State Street 合作推出 ETF LQIG。因此，我們對能夠在我們的平台上獲取數據並將其轉化為投資組合構建感到非常興奮。我們看到客戶對獨特數據的需求越來越高，他們可以每天使用這些數據來幫助構建最具流動性的投資組合，特別是考慮到我們目前在市場上看到的流動性挑戰。

Got it. And just as a follow-up, as you consider the narrowed expense range, excluding some of the FX benefits, where are expenses coming in below your initial estimates? And could you expect to see any of those expense benefits carry into next year?

知道了。作為後續行動，當你考慮縮小的費用範圍時，不包括一些外匯收益，哪些費用低於你的初步估計？您能否期望看到這些費用收益中的任何一項都帶入明年？

Yes. The rationale behind tightening the range was really driven by the FX impact. And we provide good disclosure in our 10-Qs on the market risk liquidity section, where every 10% move in exchange rates, particularly around the sterling and the euro is going to be around a $10 million impact on operating expenses. So it's not as if we've pulled back the investment strategy. We're continuing to invest in the platform and changing our investment philosophy from leasing as compared to purchasing. But all that's doing is just shifting our spend across the income statement. But the FX was a headwind for us, and we just felt it was appropriate to tighten the range for the investment community.

是的。收緊範圍背後的理由實際上是由外匯影響驅動的。我們在市場風險流動性部分的 10-Q 中提供了很好的披露，匯率每變動 10%，尤其是圍繞英鎊和歐元，將對運營支出產生約 1000 萬美元的影響。所以這並不是說我們已經撤回了投資策略。我們將繼續對該平台進行投資，並將我們的投資理念從租賃轉變為購買。但所做的只是將我們的支出轉移到損益表中。但外匯對我們來說是一個不利因素，我們只是覺得收緊投資界的範圍是合適的。

Your next question is from the line of Alex Blostein with Goldman Sachs.

你的下一個問題來自高盛的 Alex Blostein。

This is Michael on for Alex. Maybe just following up on that. There was a meaningful step up in tech and communication spend this quarter. And I think the press release referenced enhancements of trading systems as well as higher subscription and licensing costs. Where are you guys making incremental investments? And should we still think about 10% to 12% over the next few years? Or -- and what extra investment are required to support that growth range?

這是 Alex 的 Michael。也許只是跟進。本季度技術和通信支出顯著增加。而且我認為新聞稿提到了交易系統的增強以及更高的訂閱和許可成本。你們在哪裡進行增量投資？我們還應該考慮在未來幾年內增加 10% 到 12% 嗎？或者 - 支持該增長范圍需要哪些額外投資？

Yes. So we called it out. It's around our cloud investing, licensing for our platforms that support our U.S. Treasury business. IT security is a big investment area for us. And as we think about the 2023 expense guidance, we're in the early days of our budget planning, but the preliminary outlook is that we're going to see around 10% year-over-year growth in operating expenses. And that's assuming, of course, that we're looking at an exchange rate around today's levels. So that's subject to change depending on where the foreign currency markets take us.

是的。所以我們叫出來了。它圍繞著我們的雲投資、支持我們美國財政部業務的平台許可。 IT 安全是我們的一大投資領域。當我們考慮 2023 年的費用指南時，我們還處於預算規劃的早期階段，但初步展望是我們將看到運營費用同比增長 10% 左右。當然，這是假設我們正在關註今天水平附近的匯率。因此，這可能會根據外匯市場將我們帶到何處而發生變化。

I would just say in terms of our -- what's driving our desire to continue investing is the -- what we see in client behavior and adoption of all the new products and protocols that we're delivering to the market. And in addition to our core business market share gains being well above average, we're really encouraged with the progress that we're making in municipal bonds and government bonds, and clearly now have a competitive offering and portfolio trading as well.

我只想說，就我們而言——推動我們繼續投資的願望是——我們在客戶行為和採用我們向市場提供的所有新產品和協議方面所看到的。除了我們的核心業務市場份額增長遠高於平均水平外，我們對我們在市政債券和政府債券方面取得的進展感到非常鼓舞，而且現在顯然也擁有有競爭力的產品和投資組合交易。

And we're super excited about the share gains that we see internationally, and how big the emerging markets and euro opportunity is. So our view is that we're getting all the right signals that our clients want to automate more of their fixed income trading around the world. And we have an opportunity to continue to do more with existing products and also add additional products in the years ahead.

我們對我們在國際上看到的份額增長以及新興市場和歐元區的機會有多大感到非常興奮。因此，我們的觀點是，我們收到了所有正確的信號，表明我們的客戶希望在全球範圍內實現更多固定收益交易的自動化。我們有機會繼續使用現有產品做更多事情，並在未來幾年添加更多產品。

Great. That's helpful. Maybe shifting gears a little bit. Can you help us understand how much of the high-yield revenue might be coming from ETF market makers, specifically in the quarter, and maybe how that's changed versus 2021?

偉大的。這很有幫助。也許換檔一點點。您能否幫助我們了解有多少高收益收入可能來自 ETF 做市商，特別是在本季度，以及與 2021 年相比有何變化？

So obviously, ETF market makers are an important part of our overall market across all of our products, not just high yield. Our Open Trading -- our record Open Trading market share of penetration of 53% is certainly reflective of seeing alternative liquidity providers stepping up and filling the gaps of liquidity in the market as other traditional liquidity providers are more challenged from a balance sheet perspective.

很明顯，ETF 做市商是我們所有產品整體市場的重要組成部分，而不僅僅是高收益產品。我們的公開交易——我們創紀錄的 53% 的公開交易市場份額滲透率肯定反映了看到替代流動性提供者加緊填補市場流動性缺口，因為其他傳統流動性提供者從資產負債表的角度來看面臨更大的挑戰。

We don't give out overall statistics on any one segment, particularly our ETF market makers, but they are a strong partner to us and strong partners in the liquidity that they provide to our clients. So I would expect ETF market makers to continue to grow on the platform. If you look at the growth of the ETF market and the new product offerings being delivered to that market, we would expect higher correlations. As more products come into market, we would expect higher correlations of ETF market makers being part of our market. The other thing to point out is all of the large investment banks have sizable ETF market-making presence. So there's really no way to discern what is ETF market-making anymore and what is separate type of investment bank, traditional client to deal with business. So it's -- everybody is in the ETF space, including some of our hedge fund clients. So to try and triangulate what that really is, is quite difficult to do.

我們不會給出任何一個細分市場的總體統計數據，尤其是我們的 ETF 做市商，但他們是我們的強大合作夥伴，也是他們為我們客戶提供的流動性方面的強大合作夥伴。因此，我預計 ETF 做市商將繼續在該平台上發展壯大。如果您觀察 ETF 市場的增長以及向該市場交付的新產品，我們會發現相關性更高。隨著更多產品進入市場，我們預計 ETF 做市商成為我們市場一部分的相關性更高。另一件需要指出的事情是，所有大型投資銀行都擁有相當大的 ETF 做市業務。所以真的沒有辦法再分辨什麼是ETF做市，什麼是獨立類型的投行，傳統客戶來處理業務。所以它 - 每個人都在 ETF 領域，包括我們的一些對沖基金客戶。所以要嘗試三角測量那到底是什麼，是相當困難的。

And I just would remind you, and you see in high yield that over half the volume is going through open trading. There are 3 main sources of that liquidity, and they are all growing. One is what we call the alternative market-making community, and a lot of those are ETF market-making participants. The second is just allowing more dealers to compete for order flow efficiently. And those are dealers anywhere in the world that have market-making businesses that may not have counterparty relationships with clients that are utilizing our platform, but they can compete for order flow here. The third, and I think the most interesting long term is that in environments like this, when liquidity is challenging, we're seeing more opportunistic investors leading with price and being the price and liquidity provider. And all 3 of those different segments are contributing to the diversification of liquidity that we see. And the best example of that, as you point out, is in our high-yield marketplace.

我只想提醒你，你會看到高收益中超過一半的交易量是通過公開交易進行的。這種流動性有 3 個主要來源，而且它們都在增長。一個是我們所說的另類做市商社區，其中很多是 ETF 做市商參與者。二是讓更多的經銷商有效地爭奪訂單流。這些是世界各地擁有做市業務的交易商，他們可能與使用我們平台的客戶沒有交易對手關係，但他們可以在這裡競爭訂單流。第三，我認為最有趣的長期是，在這樣的環境中，當流動性面臨挑戰時，我們看到更多的機會主義投資者以價格領先，並成為價格和流動性提供者。所有這 3 個不同的部分都在為我們所看到的流動性多樣化做出貢獻。正如您所指出的，最好的例子就是我們的高收益市場。

Your next question is from the line of Dan Fannon with Jefferies.

你的下一個問題來自 Jefferies 的 Dan Fannon。

Just wanted to follow-up again on high yield. Just thinking about sustainability of some of the share gains and what you were just talking about with some of the momentum. But looking at the comparison to the beginning of the pandemic with high grade and the benefits of your platform sees and that normalizes as spreads come back to a more normal territory. Would you anticipate some normalization in your market share, if and when kind of activity in the high yield kind of slows down and spreads tighten a bit?

只是想再次跟進高收益。只是考慮一些股票收益的可持續性以及你剛才談論的一些勢頭。但是看看與高等級大流行開始的比較以及你的平台的好處，隨著傳播回到更正常的領域，這種情況會正常化。如果高收益債券的活動放緩並且利差收緊一點，您是否預計您的市場份額會正常化？

I do think you see fluctuations depending on the liquidity conditions in the market. But the overall trend. And (inaudible) actually why we provided a 3-year view on share. So you can see even though we went through that extremely volatile period in '20 with the spike up and then some reversion in '21 when market conditions were very stable. When you look at 3-year growth, the trend is pretty darn clear. And so I do think the direction of travel on share overall is positive. But in the short term, quarter-to-quarter, we will certainly see impact based on market conditions.

我確實認為你會看到波動取決於市場的流動性狀況。但總體趨勢。而且（聽不清）實際上為什麼我們提供了 3 年的份額觀點。所以你可以看到，即使我們經歷了 20 年的那個極度動蕩的時期，隨著市場狀況的飆升，然後在 21 年市場狀況非常穩定時出現了一些逆轉。當您查看 3 年的增長時，趨勢非常明顯。因此，我確實認為整體股票的發展方向是積極的。但在短期內，按季度來看，我們肯定會看到基於市場狀況的影響。

Quite honestly, when I look out to '23, my own expectation is that it's likely that volatility is going to remain high. This is a very delicate balance for central banks around the world to try to control inflation without sending the economy into recession in a significant way. It sure looks to me like they're going to be dealing with that challenge all of next year. So our outlook on volatility is that it's likely to favor our model going into '23.

老實說，當我展望 23 年時，我自己的預期是波動性可能會保持在高位。對於世界各地的中央銀行來說，這是一個非常微妙的平衡，以試圖控制通貨膨脹而不會使經濟以顯著方式陷入衰退。在我看來，他們肯定會在明年全年應對這一挑戰。因此，我們對波動性的看法是，它可能有利於我們進入 23 年的模型。

Okay. I appreciate that. And then just a follow-up on capital return, it looks like buybacks were kind of halted this quarter after 3 quarters of relatively stable levels. Just curious on your outlook for share repurchases here.

好的。我很感激。然後只是資本回報的後續行動，在 3 個季度的相對穩定水平之後，本季度似乎停止了回購。只是想知道你在這裡回購股票的前景。

Yes. So our capital management strategies around share repurchases has been to offset dilution from employee equity grants. And we spent a lot of money this year, almost $90 million repurchasing 280,000 shares, which essentially accomplished 2 years of offsetting equity dilution, from the awards we give to the employees. And what's different today, Dan, is we're in a much more attractive investment-yielding environment. So when we're thinking about deploying cash, returning value to our shareholders through higher returns on our cash balances is something that we think about as we think about our capital management strategy going forward.

是的。因此，我們圍繞股票回購的資本管理策略一直是為了抵消員工股權贈款的稀釋作用。今年我們花了很多錢，將近 9000 萬美元回購了 280,000 股股票，這基本上完成了 2 年的抵消股權稀釋，來自我們給員工的獎勵。丹，今天的不同之處在於我們處於一個更具吸引力的投資收益環境中。因此，當我們考慮部署現金時，我們在考慮未來的資本管理戰略時會考慮通過現金餘額的更高回報來為股東回報價值。

Your next question is from the line of Michael Cyprys with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Michael Cyprys。

Just wanted to circle back to some of the commentary around trading automation. I think you mentioned the automated trades are about 18% of trades, but 7% of volumes. So I was hoping you could talk a little bit about some of the initiatives to expand automated trading to larger trade sizes and expand usage across your customer base. Maybe you could talk about some of the hurdles, and how you're working to overcome them.

只是想回到關於交易自動化的一些評論。我想你提到過自動交易大約佔交易的 18%，但佔交易量的 7%。所以我希望你能談談一些將自動交易擴展到更大交易規模和擴大客戶群使用的舉措。也許你可以談談一些障礙，以及你是如何努力克服這些障礙的。

Sure. I'm happy to answer that. So obviously, as we mentioned, automation continues to grow across the platform. If you take a step back and look at the macro challenges of our clients, particularly in '22 with falling AUM, which obviously cuts their revenue, there's a need to outsource trading solutions. And so there -- we're feeling that demand from our clients to help them solve automation solutions that they need for their trading, and we're seeing that obviously in the growth with seeing record automation at $52 billion in the quarter, up 36% over the year.

當然。我很樂意回答這個問題。很明顯，正如我們提到的，自動化在整個平台上繼續增長。如果你退後一步，看看我們客戶面臨的宏觀挑戰，尤其是在 22 世紀 AUM 下降，這顯然會削減他們的收入，那麼就需要外包交易解決方案。因此——我們感覺到客戶的需求是幫助他們解決他們交易所需的自動化解決方案，我們看到這一點在增長中很明顯，本季度自動化達到創紀錄的 520 億美元，增長了 36 ％ 一年下來。

So the demand continues. The areas where we're seeing heightened interest, it's really 2 areas. It's the basic workflow, small execution sizes continue to grow and then also the no-touch region, which is really an API solution where there is no trader involved, the orders come in directly and they're processed. I would say Auto-Responder, and I mentioned this in my remarks, Auto-Responder where clients are able to capture spread through an automated solution and be working in order in the market. That's where we're seeing heightened demand, particularly given the spread levels in this current market.

所以需求還在繼續。我們看到興趣增加的領域，實際上是 2 個領域。這是基本的工作流程，小的執行規模繼續增長，然後是非接觸區域，這實際上是一個沒有交易員參與的 API 解決方案，訂單直接進入並得到處理。我會說 Auto-Responder，我在我的評論中提到了這一點，Auto-Responder 客戶能夠通過自動化解決方案捕獲價差並在市場上有序工作。這就是我們看到需求增加的地方，特別是考慮到當前市場的價差水平。

They're all very comfortable with our data feed. It's controlled by CP+. And obviously, the adoption rates even in this volatile market has been high. The other exciting area of growth for us is in the muni space. In the quarter, we executed our first Auto-X in municipal bonds, and we see heightened demand in that area. Again, very small ticket sizes in munis, and a lot of workflow associated with the muni market. So we're super excited about what we can do not only in high-grade, high-yield eurobonds and EM, but also in the muni space.

他們對我們的數據提要都非常滿意。它由 CP+ 控制。顯然，即使在這個動蕩的市場中，採用率也一直很高。對我們來說，另一個令人興奮的增長領域是市政空間。本季度，我們執行了第一筆市政債券 Auto-X，我們看到該領域的需求增加。同樣，市政債券的票證規模非常小，並且與市政債券市場相關的工作流程很多。因此，我們對我們不僅在高等級、高收益的歐洲債券和新興市場，而且在市政債券領域都能做的事情感到非常興奮。

Great. And just a follow-up with the -- on the balance sheet side, $325 million cash position. How do you think about deploying that here, prioritizing maybe buybacks, but -- or investing organically in the business, but also M&A? Where might that be helpful in terms of filling any gaps or accelerating growth in certain areas?

偉大的。只是跟進 - 在資產負債表方面，3.25 億美元的現金頭寸。你如何考慮在這裡部署它，優先考慮回購，但是 - 或者對業務進行有機投資，還有併購？這對填補某些領域的空白或加速增長有何幫助？

Yes. So the -- I'll just repeat the investment priorities, invest in the platform, potentially some opportunistic M&A and return capital to the shareholders. And of that $350 million, when we think about cash, we also think about the investment line item. So round numbers, it's $350 million. And roughly $250 million is supporting our Open Trading business and $100 million is balanced for our working capital investment needs. But that $350 million today is earning around 3%, which is representative of Fed funds.

是的。所以——我將重複投資重點，投資平台，可能進行一些機會主義的併購，並將資本返還給股東。在這 3.5 億美元中，當我們考慮現金時，我們也會考慮投資項目。所以四捨五入的數字是 3.5 億美元。大約 2.5 億美元用於支持我們的公開交易業務，1 億美元用於平衡我們的營運資本投資需求。但今天這 3.5 億美元的收益率約為 3%，這代表了聯邦基金。

So as we are working through our capital management strategy for 2023 in connection with our budget, we're recognizing the opportunities we have on the investment yield front and balancing that with how we're going to return capital to our shareholders through dividend and repurchase programs.

因此，當我們根據預算制定 2023 年的資本管理戰略時，我們認識到我們在投資收益方面的機會，並平衡我們將如何通過股息和回購向股東返還資本程式。

So if I just follow-up, just really quickly there. Does that imply about $100 million of excess cash then, cash and investments?

所以如果我只是跟進，真的很快就到了。這是否意味著大約 1 億美元的多餘現金，現金和投資？

Yes, as of 9/30.

是的，截至 9 月 30 日。

Your next question is from the line of Simon Clinch with Atlantic Equity (sic) [Equities].

你的下一個問題來自 Simon Clinch with Atlantic Equity (sic) [Equities]。

I was wondering if you could circle back to the high-grade market. And just help me understand sort of the market share trends. I mean this is the one area where, obviously, the market share trends haven't been as robust as other segments for you. And just wondering how to think about why that should be the case, given the volatility we've seen of late? What's it going to take for that to really accelerate?

我想知道你是否可以繞回高檔市場。並幫助我了解某種市場份額趨勢。我的意思是，很明顯，這是一個市場份額趨勢不如其他細分市場強勁的領域。考慮到我們最近看到的波動，只是想知道為什麼會出現這種情況？要真正加速它需要什麼？

Yes. I think if you look at it, a lot of it is the market shocked at investor clients have gone through this year with a significant drop in corporate bond price values and indices and the outflows that they are experiencing. I do think, if you still look at the institutional client space, we have a meaningful lead on our competitors there. But we have lots of interesting things going to add to what we've done so successfully around RFQ. The growth in portfolio trading is clearly very relevant to us. We have not historically been competitive in the D2D space that's actually growing as dealers use electronic trading more, to move inventory more quickly through the market.

是的。我認為，如果你看一下，很多是市場對今年投資者客戶經歷的公司債券價格和指數大幅下跌以及他們正在經歷的資金外流感到震驚。我確實認為，如果你仍然關注機構客戶領域，我們在那裡的競爭對手有一個有意義的領先優勢。但是我們有很多有趣的事情要添加到我們圍繞 RFQ 所做的如此成功的事情中。投資組合交易的增長顯然與我們息息相關。我們在 D2D 領域歷來沒有競爭力，隨著經銷商更多地使用電子交易，在市場上更快地移動庫存，該領域實際上正在增長。

We have some ideas there that we think could be successful around how to compete more effectively in D2D. And as I said, the automation tools in our mind are likely to increase both usage and velocity for trading on the platform. So it's a strong leadership position in the institutional space today, and we think we have many ideas to continue the market share gains in the years ahead.

我們在那裡有一些我們認為可以成功圍繞如何在 D2D 中更有效地競爭的想法。正如我所說，我們心目中的自動化工具可能會提高平台交易的使用率和速度。因此，它在當今的機構領域處於強大的領導地位，我們認為我們有很多想法可以在未來幾年繼續擴大市場份額。

Okay. And just as a follow-up on the portfolio trading side. I know you said that the share of portfolio trading is sort of flatlined at about 5% to 6%. But actually, if you look at the numbers, it's still creeping higher. And I was kind of expecting portfolio trading to maybe retract a bit from share of volumes in a higher volatility environment given that it just becomes much harder and much riskier price for participants there. So should we just expect that figure to keep creeping high regardless of the volatility environment?

好的。就像投資組合交易方面的後續行動一樣。我知道你說過投資組合交易的份額持平在 5% 到 6% 左右。但實際上，如果你看一下這些數字，它仍然在攀升。而且我有點期待投資組合交易可能會在波動性較高的環境中從交易量份額中略微縮減，因為對於那裡的參與者來說，價格變得更加困難和風險更大。那麼，我們是否應該期望無論波動環境如何，該數字都會繼續攀升？

Creeping higher is, I think, a good explanation of the trends in portfolio trading this year. And the growth rates in the prior 2 years were significantly higher. So some of the analyst expectations on growth were much higher than what we've observed this year. So yes, we think it's going to be used selectively for situations where large portfolios can be moved mostly through the dealer community. But I think you will see that volatility does impact pricing and portfolio trading, and it's becoming more concentrated too, and there was no volatility in the market.

我認為，爬高是對今年投資組合交易趨勢的一個很好的解釋。並且前兩年的增長率明顯更高。因此，一些分析師對增長的預期遠高於我們今年觀察到的水平。所以是的，我們認為它將有選擇地用於大型投資組合主要通過經銷商社區轉移的情況。但我想你會看到波動確實影響定價和投資組合交易，而且它也變得更加集中，市場上沒有波動。

We observed more dealer market makers winning portfolio trades on MarketAxess a year ago than we do today where that liquidity has become concentrated around 3 or 4 dealers that do portfolio trading very well. So yes, our expectation would be exactly that, that it will probably creep higher in the years ahead. And we think we have continued opportunities to continue to take share.

我們觀察到，一年前在 MarketAxess 上贏得投資組合交易的交易商做市商比今天更多，在今天，流動性已集中在 3 或 4 家進行投資組合交易的交易商周圍。所以是的，我們的預期就是這樣，未來幾年它可能會爬高。我們認為我們有繼續分享的機會。

Your next question is from the line of Rich Repetto with Piper Sandler.

你的下一個問題來自 Rich Repetto 和 Piper Sandler 的系列。

Yes, I just have a follow-up on -- 2 follow-ups on questions that were asked earlier. Chris, on this treasury regulation, central clearing is good for a number of reasons, but it also requires margin. And I know it's not going to be until whenever. You said, it was another year plus down the road. But could it impact trading of these proprietary traders or hedge funds, if they're required to put up margin in a centrally cleared environment?

是的，我只是跟進了 - 對之前提出的問題進行了 2 次跟進。克里斯，根據這項財政部規定，中央清算有很多好處，但它也需要保證金。而且我知道它不會直到任何時候。你說，又過了一年多。但是，如果這些自營交易商或對沖基金被要求在中央清算環境中提供保證金，這會影響他們的交易嗎？

So the way -- obviously, they're trading today, they have favorable margin treatment as they're clearing outside of the central clearing house. Two things I would think would happen as you organize more volume in the central clearinghouse. Obviously, margin offsets to get created as you're netting down more of the activity that's cleared away. But also the fees that are charged, if you grow that clearing volume dramatically, and there's a sizable portion that clears outside the central clearing house, I would expect fees to be reflective of the overall volume coming into the central clearing. But it's not clear that the margin impact will be dramatic for all of the proprietary traders. There's -- one of the key elements, as I mentioned, is we've seen a number of clearing firms, firms that clear on behalf of others step out of the market over the years because of the challenges around capital treatment for that clearing of treasury business. They're really trying to create a benefit for those clearing firms. So we'd see more clearing firms step in to clear on behalf of others, clear on behalf of those proprietary trading firms that you mentioned.

所以方式 - 顯然，他們今天正在交易，他們在中央清算所之外進行清算時享有優惠的保證金待遇。當您在中央票據交換所組織更多交易量時，我認為會發生兩件事。顯然，當您淨減更多已清除的活動時，就會創建保證金抵消。還有收取的費用，如果你大幅增加清算量，並且有相當一部分在中央清算所之外清算，我希望費用能夠反映進入中央清算的總交易量。但尚不清楚利潤率的影響是否會對所有自營交易商產生巨大影響。正如我所提到的，其中一個關鍵因素是我們已經看到許多清算公司，由於清算的資本處理方面的挑戰，多年來代表其他人清算的公司退出市場資金業務。他們真的在努力為那些清算公司創造利益。因此，我們會看到更多的清算公司介入，代表其他人進行清算，代表您提到的那些自營交易公司進行清算。

So there are solutions. And the SEC is well aware of some of the capital impacts for bringing that volume back into central clearing. Again, there's a lot more detail that has to be worked out, both at the -- on the proposed rules as well as when we see the clearing agencies actually draft their rules that comply with the SEC's rules. So it's a complicated step-by-step process, and there's a number of opportunities to create favorable capital treatment for the proprietary trading firms.

所以有解決辦法。美國證券交易委員會非常清楚將這些交易量重新納入中央清算所帶來的一些資本影響。同樣，還有很多細節需要解決，無論是關於擬議的規則，還是當我們看到清算機構實際起草符合 SEC 規則的規則時。所以這是一個複雜的循序漸進的過程，並且有很多機會為自營交易公司創造有利的資本待遇。

Got it. And then Rick, I guess the last question is, I understand the pros and cons of the disclosure and comparing to what your peers doing what you've done. But I guess the question surrounds like as market share in U.S. high grade has been more stagnant lately as well as the pressure on the fee capture that -- is U.S. high grade the more mature market? Is that any proxy for way other credit markets can go over time? And therefore, investors don't have the disclosure or like I think you're still pretty positive on the opportunities in U.S. high grade as well that you spoke about on the call. So I guess the...

知道了。然後里克，我想最後一個問題是，我了解披露的利弊，並與您的同行所做的事情進行比較。但我想這個問題圍繞著美國高檔的市場份額最近停滯不前以及收取費用的壓力——美國高檔是更成熟的市場嗎？這是否可以代表其他信貸市場隨時間推移的方式？因此，投資者沒有披露，或者我認為你仍然對美國高品位的機會以及你在電話中談到的機會非常樂觀。所以我猜...

(inaudible) positive on the market environment, the market opportunity and our transparency. And I haven't had anyone challenge our view that we're the most transparent e-trading platform in the space in terms of the granularity of detail that we provide to analysts and investors. And we think we've added some important information with the monthly disclosures, and we're happy to point you to the duration factors that you need to see shifts in duration that are impacting fee capture in that product.

（聽不清）對市場環境、市場機會和我們的透明度持積極態度。而且我沒有人質疑我們的觀點，即就我們提供給分析師和投資者的細節粒度而言，我們是該領域最透明的電子交易平台。我們認為我們已經在月度披露中添加了一些重要信息，我們很高興向您指出持續時間因素，您需要這些因素才能看到影響該產品費用收取的持續時間變化。

But I -- we continue to have a view that fixed income is going to follow other asset classes. I think the demand for automation with investors, Rich, are noticeably higher today than they were a year ago because of the drop in asset values across asset classes. And so our expectation is that our investment in automation and the clients' need for it will continue to drive the share levels across all fixed income product areas in electronic trading higher in the years ahead. And I think when it's -- when we look back 5 to 10 years from now, we're going to see, it's landed in a similar place to other asset classes with 70% to 80% of the volume taking place electronically.

但我——我們仍然認為固定收益將跟隨其他資產類別。我認為投資者 Rich 對自動化的需求今天明顯高於一年前，因為資產類別的資產價值下降。因此，我們的預期是，我們對自動化的投資和客戶對自動化的需求將在未來幾年繼續推動電子交易中所有固定收益產品領域的份額水平走高。我認為，當我們回顧 5 到 10 年後，我們將會看到，它與其他資產類別處於相似的位置，其中 70% 到 80% 的交易量是通過電子方式進行的。

And Rich, I would just add, if you really think about the growth of MarketAxess today and in the years to come, it is breadth of product that we are growing. There's not one product we're putting up records across our product categories. And we want our disclosure, which is, as Rick mentioned, far more than most of the platforms in the space. And we want that disclosure to recognize the breadth of product that we're offering, not just in investment grade capture rate. And so we've made this adjustment. We've actually become more transparent on a monthly basis than most platforms in the space. But if you look at the overall records across the product categories, we want to make sure our disclosure reflects that breadth of products, not just one category.

Rich，我只想補充一點，如果你真的考慮 MarketAxess 今天和未來幾年的增長，我們正在增長的是產品的廣度。我們沒有一種產品在我們的產品類別中創下紀錄。我們希望我們的披露，正如 Rick 提到的那樣，遠遠超過該領域的大多數平台。我們希望這種披露能夠認識到我們提供的產品的廣度，而不僅僅是投資級捕獲率。所以我們做了這個調整。實際上，我們每月比該領域的大多數平台都變得更加透明。但是，如果您查看產品類別的總體記錄，我們希望確保我們的披露反映了產品的廣度，而不僅僅是一個類別。

Your next question comes from the line of Kyle Voigt with KBW.

您的下一個問題來自 Kyle Voigt 與 KBW 的對話。

Maybe if I could just ask a question on the eurobond business and the significant share gains there. Can you just give us an update on how much of that total market you estimate to be electronic? And from a competitive perspective, we can obviously see your share in Tradeweb share. I guess the question is, do you believe that Bloomberg is still seeing significant share in that market? And how much electronic shares left on their platform? And then I'll ask my follow-up with this one is, are you seeing Bloomberg do anything strategically to catch up in terms of investing in their offering or developing protocols in that market, or should this kind of continuation of seeding share should investors expect that to kind of continue near term?

也許我可以問一個關於歐洲債券業務和那裡的顯著份額增長的問題。你能告訴我們你估計整個市場中有多少是電子的嗎？從競爭的角度來看，我們可以清楚地看到您在 Tradeweb 份額中的份額。我想問題是，您是否認為彭博社在該市場仍佔有重要份額？他們的平台上還剩下多少電子股票？然後我會問我的後續問題是，你是否看到彭博在戰略上採取任何措施來投資他們的產品或在該市場開發協議，或者如果投資者應該繼續這種播種份額預計這種情況會在短期內持續下去嗎？

Yes. I'd happy to comment. And of course, I think the environment has been favorable for us given the all-to-all trading benefits that we drive to eurobonds and also EM for CEMEA market participants in a very challenging market environment. So I think that is the core competitive advantage that we have that you see coming through in our eurobond and EM market share. Unfortunately, Kyle, it's hard to get at the number of what the true electronic share is in Europe today because I believe I'm correct in saying that both of our competitors include pure processing volume in their e-trading numbers. And so when dealers get their reports, they're seeing the processing volume mixed in, and that's the way we see the public reports coming out. And we've decided to stay true to providing only our fully electronic volume in Europe and elsewhere around the world. But when we look at it, we think that the electronic share in eurobonds is probably around 45% of the total market. So there's plenty of room yet to grow. And I think when you look closely at the trends, and you include just the fully electronic volume, you'll see that we're not only gaining share on an absolute basis, we're gaining share from competitors.

是的。我很樂意發表評論。當然，我認為環境對我們有利，因為我們在極具挑戰性的市場環境中為歐洲債券和 CEMEA 市場參與者帶來了全面的交易利益。所以我認為這是我們在歐洲債券和新興市場市場份額中看到的核心競爭優勢。不幸的是，Kyle，很難知道今天歐洲真正的電子交易量是多少，因為我相信我說我們的兩個競爭對手在他們的電子交易數據中都包含了純處理量是正確的。因此，當經銷商收到他們的報告時，他們會看到處理量混雜在一起，這就是我們看到公開報告的方式。我們決定堅持只在歐洲和世界其他地方提供我們的全電子版。但當我們審視它時，我們認為歐洲債券的電子份額可能佔整個市場的 45% 左右。所以還有很大的增長空間。我認為當你仔細觀察趨勢時，如果你只包括全電子卷，你會發現我們不僅在絕對基礎上獲得了份額，而且我們正在從競爭對手那裡獲得份額。

I would just mention that there's a sizable opportunity in the eurobond market in terms of electronic block trading. We continue to see, obviously, our record share average trade sizes are still small relative to the block market. But we are gaining block market share as well. So I think there's a huge opportunity in the eurobond market to increase the electronic trading of blocks. Obviously, the dealers are quite comfortable of providing price for large-sized trades. And we think that opportunity is quite sizable in the eurobond market.

我只想提一下，就電子大宗交易而言，歐洲債券市場存在相當大的機會。顯然，我們繼續看到，相對於大宗市場，我們創紀錄的平均交易規模仍然很小。但我們也在獲得大宗市場份額。因此，我認為歐洲債券市場存在著增加大宗電子交易的巨大機會。顯然，交易商很樂意為大宗交易提供價格。我們認為歐洲債券市場的機會相當可觀。

And if I could just squeeze in one more question. Call is running a little bit long here. But just in terms of the Mid-X protocol, I think it launched at the end of last year in the U.S. And there was some enthusiasm, I think, around what that uptake would be throughout this year given the kind of pure all-to-all nature of that protocol. I guess are you still seeing good levels or high levels of client interest around utilizing that in the U.S., and maybe just kind of an update on the uptake there.

如果我可以再問一個問題。這裡的通話時間有點長。但就 Mid-X 協議而言，我認為它是去年年底在美國推出的。而且我認為，鑑於這種純粹的全對，人們對今年全年的採用情況充滿了熱情- 該協議的所有性質。我猜你是否仍然看到在美國使用它的良好水平或高水平的客戶興趣，也許只是對那裡吸收的一種更新。

Yes. I think, the way we approach the dealer-to-dealer business -- and Mid-X is really a dealer-to-dealer offering. We have that offering live in Europe, and we continue to see demand for it. In the U.S., we're seeing higher demand for our dealer RFQ platform. where dealers can come in and use Open Trading anonymously and request price from other dealers. And we continue to see growth in the dealer-to-dealer business, both globally in terms of Mid-X as well as the dealer-to-dealer RFQ business across U.S. and eurobond market. So I think the offerings that we are certainly growing is that dealer-to-dealer business. They look at things like live markets, RFQs as well as a mid-market session-based trading. In this environment with heightened volatility, those mid-market sessions are a little bit more difficult to manage because dealers are typically looking to move out of their inventory more rapidly than waiting around for a mid-market section. So we see heightened demand for dealer RFQ over any of those mid-market solutions.

是的。我認為，我們處理經銷商對經銷商業務的方式——而 Mid-X 確實是經銷商對經銷商的產品。我們在歐洲提供該產品，並且我們繼續看到對它的需求。在美國，我們看到對我們的經銷商 RFQ 平台的需求更高。交易商可以匿名進入並使用 Open Trading 並向其他交易商索取價格。我們繼續看到交易商對交易商業務的增長，無論是在全球範圍內的 Mid-X 還是美國和歐洲債券市場的交易商對交易商 RFQ 業務。所以我認為我們肯定正在增長的產品是經銷商對經銷商的業務。他們關注實時市場、RFQ 以及基於交易時段的中間市場交易。在這種波動性加劇的環境中，那些中端市場交易時段更難管理，因為經銷商通常希望更快地清空庫存，而不是等待中端市場。因此，我們看到對經銷商 RFQ 的需求超過了任何這些中端市場解決方案。

(Operator Instructions)

（操作員說明）

There are no further questions at this time. I will turn the call back over to Mr. Rick McVey.

目前沒有其他問題。我會將電話轉回 Rick McVey 先生。

Thank you for joining us this morning, and we look forward to catching up with you again next quarter.

感謝您今天早上加入我們，我們期待下個季度再次與您見面。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。