Marketaxess Holdings Inc (MKTX) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded on January 25, 2023. The I'd now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

女士們，先生們，謝謝你們的支持。歡迎參加 MarketAxess 2022 年第四季度和全年收益電話會議。 （操作員說明）提醒一下，該電話會議將於 2023 年 1 月 25 日進行錄製。我現在想將電話轉給 MarketAxess 投資者關係主管史蒂夫戴維森。請繼續，先生。

Thank you, Chris. Good morning, and welcome to the MarketAxess Fourth Quarter and Full Year 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 key business trends; and then Chris Gerosa, Chief Financial Officer, will walk you through the financial results for the quarter.

謝謝你，克里斯。早上好，歡迎來到 MarketAxess 第四季度和 2022 年全年收益電話會議。在電話會議上，董事長兼首席執行官里克·麥克維 (Rick McVey) 將為公司提供戰略更新；總裁兼首席運營官 Chris Concannon 將審查主要業務趨勢；然後，首席財務官 Chris Gerosa 將向您介紹本季度的財務結果。

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.

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。

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.

我還建議您閱讀我們的季度收益報告中的前瞻性聲明免責聲明，該聲明於今天上午早些時候發布，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 fourth quarter and full year results. We continue to execute our growth strategy and delivered the third consecutive quarter of record market share gains across nearly all our product areas, strong increases in trading volumes, and significant price improvement for clients through our unique all-to-all trading protocol, Open Trading.

早上好，感謝您加入我們回顧我們的第四季度和全年業績。我們繼續執行我們的增長戰略，並通過我們獨特的全方位交易協議 Open Trading 連續第三個季度在幾乎所有產品領域實現創紀錄的市場份額增長，交易量強勁增長，並為客戶顯著改善價格.

Our underlying revenue growth trends improved materially in the quarter despite near-term bond duration and FX revenue headwinds. We delivered 8% revenue growth, 10% adjusted for currency, EBITDA growth of 10% and EPS growth of 15%.

儘管近期債券期限和外匯收入逆風，但我們的基本收入增長趨勢在本季度顯著改善。我們實現了 8% 的收入增長，10% 的貨幣調整，EBITDA 增長 10%，EPS 增長 15%。

With this strong finish to the year, we delivered our 14th straight year of record annual revenue.

憑藉今年的強勁表現，我們連續 14 年實現了創紀錄的年收入。

Slide 4 highlights the key areas of our growth strategy. Our leadership position in Global Credit continues to expand beyond just U.S. high grade, with record estimated market share in high yield and municipals, record share in Euro Bonds and accelerating share gains of almost 300 basis points in emerging markets, reflecting our increasing global diversification. The deep pool of liquidity on our platform continues to expand with a record of nearly 2,100 active client firms and a record number of active traders. We have seen especially strong growth in our international business with over 1,000 active client firms and nearly 6,000 active traders.

幻燈片 4 突出了我們增長戰略的關鍵領域。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，在歐元債券中的份額創歷史新高，並在新興市場中加速增長近 300 個基點，反映出我們日益全球化的多元化。我們平台上的流動資金池不斷擴大，活躍客戶公司數量創歷史新高，接近 2,100 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，擁有超過 1,000 家活躍的客戶公司和近 6,000 名活躍的交易員。

As traditional sources of liquidity have become scarce, the importance of our all-to-all liquidity increases and a record 38% of our credit volume was executed through Open Trading. This has been a key driver of our estimated market share gains and a source of valuable price improvement for our clients.

由於傳統的流動性來源變得稀缺，我們所有流動性的重要性增加，我們創紀錄的 38% 的信貸量是通過公開交易執行的。這一直是我們估計市場份額增長的關鍵驅動力，也是我們客戶寶貴的價格改善來源。

For the full year 2022, an astonishing 1,300 client firms provided liquidity on the MarketAxess platform.

2022 年全年，多達 1,300 家客戶公司在 MarketAxess 平台上提供了流動性。

In summary, the foundation of our business has never been better, with accelerating growth in trading volume, new market share records, increasing momentum in new product areas and a substantial addressable market opportunity. With this strong financial performance as backdrop, earlier this month, we announced that Chris Concannon, a proven leader deeply experienced in electronic markets, will assume the CEO role in April, and I will take on the new role of Executive Chairman.

總而言之，我們的業務基礎從未像現在這樣好過，交易量增長加速，市場份額創歷史新高，新產品領域增長勢頭強勁，市場機會巨大。以強勁的財務業績為背景，本月早些時候，我們宣佈在電子市場領域經驗豐富的公認領導者 Chris Concannon 將於 4 月擔任首席執行官一職，而我將擔任執行董事長的新職務。

I would like to congratulate Chris on the promotion as CEO. It is well deserved, and given his strengths in automation, e-trading protocols, data product delivery and ETFs, Chris is the right person to lead the company. And now is the right time to make this transition because we have never been in a better position. I am excited about my new role as Executive Chairman, where I will continue to work with Chris and our Board of Directors on long-term strategy, key client relationships, regulatory affairs and investor communications.

我要祝賀克里斯晉升為首席執行官。這是當之無愧的，鑑於他在自動化、電子交易協議、數據產品交付和 ETF 方面的優勢，Chris 是領導公司的合適人選。現在是進行這種轉變的最佳時機，因為我們處於前所未有的有利位置。我對擔任執行主席的新角色感到興奮，我將繼續與克里斯和我們的董事會在長期戰略、主要客戶關係、監管事務和投資者溝通方面合作。

We will continue to invest actively in our business by developing new trading and data capabilities, adding new product areas and expanding internationally. We believe we have an outstanding opportunity set for the next decade and beyond and many reasons to believe the fixed income market environment will be favorable for e-trading and data revenue growth.

我們將繼續通過開發新的交易和數據功能、增加新的產品領域和國際擴張來積極投資於我們的業務。我們相信我們在未來十年及以後擁有絕佳的機會，並且有很多理由相信固定收益市場環境將有利於電子交易和數據收入的增長。

Slide 5 provides an update on market conditions in U.S. credit. In 2022, the Fed raised the fed funds rate a total of 425 basis points, making it the fastest rate hike cycle since 1980 to '81. This shock to the fixed income markets, especially with the initial moves in the first half of the year, drove an unprecedented 14% decline in investment-grade indices for the year, the largest negative return I have seen in my career.

幻燈片 5 提供了美國信貸市場狀況的最新情況。 2022年美聯儲共上調聯邦基金利率425個基點，成為1980年至81年以來最快的加息週期。這種對固定收益市場的衝擊，尤其是今年上半年的初步走勢，導致今年投資級指數空前下跌 14%，這是我職業生涯中見過的最大負回報。

Along with these price declines, duration declined approximately 20% from year-end '21 levels to the lows in October, directly impacting high-grade fee capture for institutional client e-trading activity. With some measures of inflation and economic growth trending down, interest rates have moved lower in the recent months, increasing bond index duration about 6% from the lows in October. Higher bond yields around the world compared to 1 year ago create a better fixed income investing environment. We are already seeing the benefits of that with trace investment-grade bond volumes up 23% in Q4 versus 1 year ago. Investment-grade trace ticket count in Q4 grew a remarkable 93% as investors reenter the market and use trading automation to find liquidity. TRACE average trade size is down 38% year-over-year, another trend that is favorable for market access. Smaller tickets require greater trading automation and, at the margin, add to high-grade fee capture.

隨著這些價格下跌，持續時間從 21 年底的水平下降了約 20% 至 10 月份的低點，直接影響了機構客戶電子交易活動的高等級費用獲取。隨著一些通脹和經濟增長指標呈下降趨勢，近幾個月利率走低，債券指數久期較 10 月份的低點增加了約 6%。與一年前相比，全球更高的債券收益率創造了更好的固定收益投資環境。我們已經看到了第四季度跟踪投資級債券交易量比一年前增長 23% 的好處。隨著投資者重新進入市場並使用交易自動化來尋找流動性，第四季度投資級追踪票數量顯著增長了 93%。 TRACE 平均貿易規模同比下降 38%，這是有利於市場准入的另一個趨勢。更小的票需要更高的交易自動化，並且在邊際上增加了高等級的費用獲取。

I expect market volumes in high-yield, emerging markets and eurobonds to improve this year as well. We remain optimistic on growth in trading velocity due to the improved fixed income investing environment, increase in trading automation and growth in market participation due to all-to-all trading opportunities.

我預計今年高收益、新興市場和歐元債券的市場交易量也會有所改善。由於固定收益投資環境的改善、交易自動化的增加以及由於全面交易機會導致的市場參與度的增加，我們對交易速度的增長保持樂觀。

Slide 6 shows the strong multiyear gains in estimated market share from the prepandemic period in 2019. This is the third consecutive quarter of top quartile market share gains for the company. In Q4 '22, 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. Strong market share gains across our global product set, combined with improving market volume and bond duration trends, position the company well for revenue growth in 2023.

幻燈片 6 顯示了自 2019 年大流行前以來估計市場份額的多年強勁增長。這是該公司連續第三個季度獲得前四分之一的市場份額增長。在 22 年第四季度，與過去 10 年相比，我們的主要產品中除一個以外的所有產品都處於歷史數據的前四分之一。我們全球產品系列的強勁市場份額增長，加上市場容量和債券久期趨勢的改善，使公司在 2023 年的收入增長中處於有利地位。

Now let me turn the call over to Chris for more details on business trends.

現在讓我將電話轉給克里斯，了解有關業務趨勢的更多詳細信息。

Thank you, Rick, and thank you for the kind remarks. The last several years have been an incredible experience, leveraging your deep fixed income market knowledge and working with you as a trusted partner and executive. The track record that you have established is unparallel, and I am deeply grateful to you and the Board for having their confidence to pass the CEO reins to me for the next phase of the growth trajectory for MarketAxess.

謝謝你，里克，也謝謝你的客氣話。過去幾年是一次令人難以置信的經歷，利用您深厚的固定收益市場知識，並作為值得信賴的合作夥伴和高管與您一起工作。你所建立的業績記錄是無與倫比的，我非常感謝你和董事會有信心將 CEO 的職位交給我，以實現 MarketAxess 下一階段的增長軌跡。

This is truly an honor, so thank you for all your support, and I'm looking forward to working with our clients, with you and with the Board on our many strategic initiatives that we will continue to unlock shareholder value for years to come. The team that we have assembled here is world-class, and we are well positioned to capitalize on the growth opportunities ahead.

這真的是一種榮幸，因此感謝您的所有支持，我期待著與我們的客戶、您和董事會一起制定我們將在未來幾年繼續釋放股東價值的許多戰略舉措。我們在這裡組建的團隊是世界一流的，我們有能力利用未來的增長機會。

Slide 8 illustrates some of those tremendous growth opportunities. As we begin [2023], the strength of our franchise in terms of product and geographic breadth has never been stronger. Our leadership in global credit is expanding, reflected in the strong market share gains that we achieved over the last several quarters. These gains only serve to reinforce the sizable revenue opportunity that we have ahead of us. We believe the product opportunities that we have are further enhanced by the current market conditions. Higher yields typically lead to higher velocity of trading, which will increase the demand for electronic trading solutions.

幻燈片 8 說明了其中一些巨大的增長機會。當我們開始 [2023] 時，我們的特許經營權在產品和地理範圍方面的實力從未如此強大。我們在全球信貸領域的領導地位正在擴大，這反映在我們在過去幾個季度取得的強勁市場份額增長上。這些收益只會加強我們面前的可觀收入機會。我們相信，當前的市場狀況進一步增強了我們擁有的產品機會。更高的收益率通常會導致更高的交易速度，這將增加對電子交易解決方案的需求。

January month-to-date has seen strong new issue activity, which reduces market share in the short term, but increases outstanding debt. Our total credit ADV month-to-date is showing solid double-digit growth year-over-year and sequentially.

1 月至今，新發行活動強勁，這在短期內減少了市場份額，但增加了未償債務。我們本月迄今的總信貸 ADV 同比和環比均呈現穩健的兩位數增長。

Slide 9 provides an update on Open Trading. The diversity of our liquidity pool has made a significant difference in the quality of execution for our clients. We delivered price improvement of $945 million in Open Trading for the full year, well in excess of our annual revenue of $718 million. We believe that the price improvement opportunity, we deliver to clients provides us with additional flexibility to fine-tune our pricing over time particularly when we are delivering such high levels of execution quality to the client transactions.

幻燈片 9 提供了公開交易的更新。我們流動資金池的多樣性對我們客戶的執行質量產生了重大影響。我們全年在公開交易中實現了 9.45 億美元的價格改善，遠遠超過我們 7.18 億美元的年收入。我們相信，我們向客戶提供的價格改善機會為我們提供了額外的靈活性，可以隨著時間的推移微調我們的定價，特別是當我們為客戶交易提供如此高水平的執行質量時。

Open Trading is able to deliver these levels of price improvement because it increases market participation by bringing a multitude of investment banks, systematic and alternative funds, ETF market makers and institutional investor clients into 1 unique pool of liquidity. This unique liquidity pool is good for market participants, and more recently, regulators have become more focused on these types of protocols that support liquidity and market resiliency. This is a particular focus in the rate space where we believe our all-to-all solution in U.S. treasuries is very well positioned with a record 244 active client firms now on the treasury platform, up from 192 in the prior year.

Open Trading 能夠實現這些水平的價格改善，因為它通過將眾多投資銀行、系統和另類基金、ETF 做市商和機構投資者客戶納入一個獨特的流動性池中來增加市場參與度。這種獨特的流動性池有利於市場參與者，最近，監管機構更加關注支持流動性和市場彈性的此類協議。這是利率領域的一個特別關注點，我們認為我們在美國國債領域的全方位解決方案處於非常有利的地位，目前在國債平台上有創紀錄的 244 家活躍客戶公司，高於去年的 192 家。

Slide 10 highlights the increasing momentum we are seeing with automation and credit trading. Automation tools are critical to solving for the pain points facing our clients.

幻燈片 10 突出顯示了我們在自動化和信用交易方面看到的增長勢頭。自動化工具對於解決客戶面臨的痛點至關重要。

Clients are facing increasing cost constraints and need to find more efficient workflow solutions. Our automation suite of tools will be critical to helping our clients solve for these cost pressures while delivering high-quality execution. Automated trading increased to a record $62 billion in volume and a record 383,000 no-touch trades, reflecting continued strong adoption. Today, Auto-X represents 20% of total trade count and 8% of our credit trading volume. We also saw increased adoption of our Auto-X responder solution during the fourth quarter.

客戶面臨越來越多的成本限制，需要找到更高效的工作流程解決方案。我們的自動化工具套件對於幫助我們的客戶解決這些成本壓力，同時提供高質量的執行至關重要。自動化交易量增加到創紀錄的 620 億美元，非接觸交易達到創紀錄的 383,000 筆，反映出持續的強勁採用。今天，Auto-X 佔總交易量的 20% 和我們信貸交易量的 8%。在第四季度，我們還看到越來越多地採用我們的 Auto-X 響應器解決方案。

Additionally, the use of dealer algorithms continues to grow across our platform. Clients are increasingly facing higher ticket counts and smaller trade sizes while trying to manage their technology costs. Our automation tools are increasingly in demand to help address these growing challenges.

此外，經銷商算法的使用在我們的平台上繼續增長。在試圖管理其技術成本時，客戶越來越多地面臨更高的票數和更小的交易規模。人們越來越需要我們的自動化工具來幫助應對這些日益嚴峻的挑戰。

Lastly, in the first half of this year, we will have an initial launch of our Adaptive Auto-X solution, which will provide algorithmic workflows for clients to systematically access broader liquidity across multiple trading protocols. This new service is expected to unlock additional cost savings for clients while simplifying client workflow.

最後，在今年上半年，我們將首次推出 Adaptive Auto-X 解決方案，該解決方案將為客戶提供算法工作流程，以跨多種交易協議系統地獲取更廣泛的流動性。這項新服務有望在簡化客戶工作流程的同時為客戶節省更多成本。

Slide 11 illustrates the growth we are continuing to drive in portfolio trading. Fourth quarter was another record for portfolio trading, with total volume of $31 billion, up 135% year-over-year. Estimated high-grade and high-yield portfolio trading market volumes have remained relatively flat at around 5% to 6% of secondary TRACE volume over the last several quarters. We believe approximately 65% to 70% of portfolio trading activity is currently using electronic trading venues, and based on that, we estimate that we had an estimated 31% share of the electronic portfolio trading market, up from 17% in the prior year.

幻燈片 11 說明了我們繼續推動投資組合交易的增長。第四季度的投資組合交易量再創新高，總交易量達 310 億美元，同比增長 135%。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 TRACE 交易量的 5% 至 6%。我們認為，目前約有 65% 至 70% 的投資組合交易活動正在使用電子交易場所，據此，我們估計我們在電子投資組合交易市場的份額估計為 31%，高於去年的 17%。

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. For the quarter, we delivered revenue of $178 million, up 8%, which was our best fourth quarter ever, driven by record market share gains across most products. Excluding the impact of FX, revenue would have increased approximately 10%. These strong results include the negative impact of a 9% decline in total credit fee capture, driven principally by the lower duration of U.S. high-grade bonds traded over the platform.

謝謝你，克里斯。在幻燈片 13 上，我們提供了季度財務摘要。本季度，我們實現了 1.78 億美元的收入，增長 8%，這是我們有史以來最好的第四季度，這主要得益於大多數產品創紀錄的市場份額增長。排除外彙的影響，收入將增長約 10%。這些強勁的業績包括信貸費用總額下降 9% 的負面影響，這主要是由於平台上交易的美國高等級債券的久期較短所致。

Record Information services revenue was up 9% or 17% excluding the impact of FX. The full year effect of the contract signed in the fourth quarter is a positive driver as we move into 2023. Fourth quarter post-trade revenue included a negative impact of approximately $1.1 million on the strength in U.S. dollar compared to the prior year quarter.

除去外彙的影響，記錄信息服務收入增長了 9% 或 17%。隨著我們進入 2023 年，第四季度簽署的合同的全年影響是一個積極的推動力。與去年同期相比，第四季度交易後收入對美元走強產生了約 110 萬美元的負面影響。

Excluding the impact of FX, the year-over-year growth rate would have been approximately 8%. The increase [net income] was principally due to higher interest income of $3.2 million, driven by higher rates. The effective tax rate was 25.4%, slightly below the prior year period, which included the negative impact of return to provision adjustments.

排除外彙的影響，同比增長率約為 8%。 [淨收入] 的增加主要是由於較高的利率推動了 320 萬美元的利息收入增加。有效稅率為 25.4%，略低於上年同期，其中包括了準備金調整的負面影響。

On Slide 14, we provide more detail on our commission revenue and fee capture. Total commission revenue increased 9%. Our growth in total credit commission revenue was driven by record increases in estimated market share and healthy increases in our trading volume, but was partially offset by lower fee capture across U.S. high grade. The lower high-grade fee capture was driven principally by higher bond yields and slightly lower years to maturity of bonds traded on the platform. All else equal, and assuming the same level of trading volume, we estimate that the change in U.S. high-grade duration lowered our fourth quarter commission revenue by approximately $10 million.

在幻燈片 14 上，我們提供了有關佣金收入和費用獲取的更多詳細信息。總佣金收入增長了 9%。我們的信貸佣金總收入增長是由估計市場份額創紀錄的增長和我們交易量的健康增長推動的，但部分被美國高等級的較低費用捕獲所抵消。較低的高級費用捕獲主要是由於較高的債券收益率和平台上交易的債券的到期年限略低。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四季度的佣金收入減少了約 1000 萬美元。

While the U.S. high-grade fee capture declined year-over-year, and was down slightly from 3Q '22 levels, duration did move higher intra-quarter as reflected in the corporate bond index duration, which is well below the low set in October 2022.

雖然美國高等級費用收入同比下降，並且略低於 22 年第三季度的水平，但持續時間確實在季度內走高，這反映在公司債券指數持續時間上，遠低於 10 月份創下的低點2022.

On Slide 15, we provide you with our expense detail. Fourth quarter expenses increased 8%, driven principally by investments to enhance the trading system and our data product offering. Excluding the impact of FX, expenses would have increased 12%. Employee compensation and benefits increased $3 million on an increase in head count, mainly in technology and customer-facing roles to support revenue growth initiatives. The increase in clearing fees was due to the strong increase in credit Open Trading volume.

在幻燈片 15 上，我們為您提供了我們的費用明細。第四季度支出增長 8%，主要是受增強交易系統和我們的數據產品供應的投資推動。排除外彙的影響，費用將增加 12%。由於員工人數增加，員工薪酬和福利增加了 300 萬美元，主要是在技術和麵向客戶的職位上，以支持收入增長計劃。清算費用的增加是由於信貸公開交易量的強勁增長。

On Slide 16, we provide an update on cash flow and capital management. As of December 31, our cash and investments were $515 million, and we had no outstanding debt. Our trailing 12-month free cash flow came in at $261 million. During the year, we paid out $106 million in quarterly dividends to our shareholders. And for 2022, we repurchased 280,000 shares for a total of $88 million. $100 million remains on the outstanding repurchase authorization. Our Board of Directors declared a regular quarterly cash dividend of $0.70, which was based on the financial performance of the company.

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 12 月 31 日，我們的現金和投資為 5.15 億美元，沒有未償債務。我們過去 12 個月的自由現金流為 2.61 億美元。年內，我們向股東支付了 1.06 億美元的季度股息。到 2022 年，我們回購了 280,000 股股票，總計 8,800 萬美元。未完成的回購授權仍有 1 億美元。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。

On Slide 17, we have our 2023 guidance for expenses, the effective tax rate and CapEx. We expect that total 2023 expenses will be in the range of $418 million to $446 million. Approximately 65% of the increase is due to our continued investments in trading system and personnel to support our product and geographical expansion. We expect that the effective tax rate for full year 2023 will be in the range of 25% to 26%, and 2023 CapEx is expected to range from $52 million to $58 million, of which the majority relates to capitalized software development costs resulting from the investments we are making in new protocols and trading platform enhancements. Our full year expense and CapEx guidance is based on foreign currency exchange rates as of December 31, 2022.

在幻燈片 17 上，我們有 2023 年的支出指南、有效稅率和資本支出。我們預計 2023 年的總支出將在 4.18 億美元至 4.46 億美元之間。大約 65% 的增長是由於我們對交易系統和人員的持續投資，以支持我們的產品和地域擴張。我們預計 2023 年全年的有效稅率將在 25% 至 26% 之間，2023 年資本支出預計在 5200 萬美元至 5800 萬美元之間，其中大部分與資本化軟件開發成本有關我們正在對新協議和交易平台增強功能進行投資。我們的全年費用和資本支出指南基於截至 2022 年 12 月 31 日的外幣匯率。

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. 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. The market is increasingly turning to our unique Open Trading solution for liquidity and significant price improvement. Market volumes have improved, and we are currently seeing positive trends in fee capture and FX.

謝謝你，克里斯。總之，我們繼續很好地執行我們的增長戰略。我們創造了創紀錄的市場份額，並增強了我們在美國和國際前沿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。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。市場交易量有所改善，我們目前看到收費和外匯方面的積極趨勢。

And lastly, the improved macro backdrop for fixed income markets is creating a very attractive operating environment for market access in 2023.

最後，固定收益市場改善的宏觀背景正在為 2023 年的市場准入創造一個非常有吸引力的運營環境。

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

現在我很樂意為您提問。

(Operator Instructions) The first question is from Rich Repetto with Piper Sandler.

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

Yes. Rick and Chris and Chris.

是的。瑞克和克里斯還有克里斯。

First, Rick, congratulations on the transition to the Chairman role. It's very well deserved and very -- we thank you very much for mentoring that proven leader in the new asset class.

首先，Rick，祝賀您過渡到主席一職。這是當之無愧的，非常 - 我們非常感謝您指導新資產類別中這位久經考驗的領導者。

Thanks, Rich. I needed some extra mentoring, Rich.

謝謝，里奇。我需要一些額外的指導，Rich。

You stuck with it and congrats, Rick. So you're very bullish on the outlook for volumes. U.S. high grade, I think, is already starting at a record level in January and it appears that the stars are lining up. I guess my question, Rick, is there anything that we should be -- like how can this get derailed the outlook on volumes because we've seen it happen in commodity volumes when you people expected energy, oil, but financial products generally have performed as expected, I guess, but is there anything that you're watching that could potentially be unexpected and impact volumes?

你堅持了下來，恭喜你，瑞克。所以你非常看好銷量前景。我認為，美國高等級在 1 月份已經開始創下歷史新高，而且似乎眾星雲集。我想我的問題是，里克，有什麼我們應該做的——比如這怎麼會破壞交易量的前景，因為我們已經看到它發生在大宗商品交易量中，而人們預期能源、石油，但金融產品通常表現良好正如預期的那樣，我猜，但是你正在觀察的有什麼可能是意想不到的並且會影響數量嗎？

Not currently. But of course, it's a full year ahead and markets are full of surprises. I will say it's encouraging to see that the mutual fund outflows that took place most of '22 have started to turn into inflows, which is opening up the new issue calendar for the high-grade market as we start the year. And who knows? The expectation right now is that we can have a soft landing and the inflation numbers will continue to come down, but nothing is certain.

不是現在。但當然，現在已經整整一年了，市場充滿了驚喜。我要說的是，看到 22 年大部分時間發生的共同基金流出已開始轉為流入，這令人鼓舞，這在我們年初時為高檔市場開闢了新的發行日曆。誰知道呢？現在的預期是我們可以實現軟著陸，通脹數據將繼續下降，但沒有什麼是確定的。

And there is a possibility that we get a negative surprise (inaudible) and the Fed has to continue to move rates higher in the near term, but that's not the expectation right now. And I will say, while the high-grade market is wide open, we are still not seeing anywhere near normal levels of activity in markets like high-yield and emerging markets and even euros. So it's a good sign that high grade is leading the way. We're having robust levels of new issue activity this month.

我們有可能會出現負面意外（聽不清），美聯儲必須在短期內繼續加息，但這不是目前的預期。我要說的是，雖然高檔市場是敞開的，但我們仍然沒有看到高收益和新興市場甚至歐元等市場接近正常活動水平的任何地方。因此，高品位引領潮流是一個好兆頭。本月我們的新發行活動水平很高。

But what I would expect to happen is this improving environment will work its way into the high-yield and emerging markets as well. And EM, in particular, volumes were greatly depressed in '22 with some of the market challenges and FX challenges throughout the course of last year. So there's a huge opportunity there if the market environment does continue to improve, and we have China reopening, that EM market volumes may follow the path of high-grade and improved. They have not done that yet, but that would be something to watch, I think, in the quarters ahead.

但我預計會發生的是，這種不斷改善的環境也將影響到高收益市場和新興市場。尤其是新興市場，在整個 22 年期間，由於一些市場挑戰和外匯挑戰，22 年的交易量大幅下降。因此，如果市場環境確實繼續改善，並且我們讓中國重新開放，那麼新興市場市場交易量可能會沿著高檔和改善的道路發展，這將是一個巨大的機會。他們還沒有這樣做，但我認為這將是未來幾個季度值得關注的事情。

Got it. Got it. And I was just looking at -- this is for Chris Gerosa The cash levels seem like they went up substantially, like over $150 million quarter-to-quarter cash and cash equivalents. Any explanation or color behind that?

知道了。知道了。我只是在看——這是給 Chris Gerosa 的現金水平似乎大幅上升，比如超過 1.5 億美元的季度現金和現金等價物。這背後有什麼解釋或顏色嗎？

Yes, Rich. It's a seasonality effect with our clearing operations. We have to put capital into DTC to support our sales activity. So at the end of September, you have elevated sales, which takes on some of the cash and the seasonality impact as you get into December, there's less trading volume, lower sales, which reduces in more cash on the balance sheet that we don't have to hold at D2C.

是的，里奇。這是我們清算業務的季節性影響。我們必須將資金投入 DTC 以支持我們的銷售活動。所以在 9 月底，你的銷售額增加了，這會帶來一些現金和季節性影響，當你進入 12 月時，交易量減少，銷售額減少，這會減少資產負債表上我們沒有的更多現金。不必停留在 D2C。

Got it. Got it. And 1 last thing, Rick. The seasonality here, usually, and you mentioned the higher new issue -- so just -- so I guess we can -- I don't know what it's brace, but people won't be -- I guess, is it fair to expect that the market share numbers in January are likely to come down? Seasonally, it seem like they do that all the time because our issuance is low in December than higher in January. So they had to assume that market share is likely to come down due to that seasonal effect%?

知道了。知道了。最後一件事，里克。這裡的季節性，通常，你提到了更高的新問題——所以只是——所以我想我們可以——我不知道它是什麼，但人們不會——我想，這公平嗎預計 1 月份的市場份額數字可能會下降？從季節性上看，他們似乎一直都在這樣做，因為我們 12 月的發行量低於 1 月。所以他們不得不假設由於季節性影響，市場份額可能會下降%？

Note that is, you're exactly right, Rich. That is the normal month-to-month seasonal pattern because new issue is at the lowest level in December and often the highest in January. But we're taking a holistic view of our credit market opportunity and the guidance that Chris gave in Credit ADV month-to-date in January puts us at or around record credit ADV level. So we see robust trading activity when we look more broadly across all products that we're involved in, in credit.

請注意，你完全正確，Rich。這是正常的逐月季節性模式，因為新發行量在 12 月處於最低水平，通常在 1 月達到最高水平。但我們正在全面審視我們的信貸市場機會，而克里斯在 1 月份至今的信貸 ADV 中給出的指導使我們處於或接近創紀錄的信貸 ADV 水平。因此，當我們更廣泛地審視我們涉及的所有信貸產品時，我們會看到強勁的交易活動。

The next question is from Chris Allen with Citi.

下一個問題來自花旗銀行的克里斯艾倫。

I wanted to follow up a little bit on the high-grade side. One of the -- basically, the one pushback we're getting on the stock now is just that the market share in high grade has been pretty static. If you kind of look at over the last 3 years, we're right around 20%, 22%. I was wondering if you could provide any color there Particularly in the context of recent quarters, you've seen the average trade size coming down, which should be helpful for your market share at high grade. I'm just wondering if there's any dealer activity in terms of balancing share on the high grade versus high yield where you're seeing good gains there. There are some other factors to put?

我想在高檔方面跟進一點。其中一個 - 基本上，我們現在對股票的一個阻力就是高等級的市場份額一直非常穩定。如果你看一下過去 3 年的情況，我們大約是 20%、22%。我想知道你是否可以在那裡提供任何顏色特別是在最近幾個季度的背景下，你已經看到平均交易規模下降，這應該有助於你在高等級的市場份額。我只是想知道在平衡高品位和高收益的份額方面是否有任何經銷商活動，在那裡你會看到很好的收益。還有一些其他的因素嗎？

Yes, Chris, I'm happy to take that one. And I think the way to think about high grade is we are seeing record levels of activity even in the fourth quarter in our Open Trading, all-to-all solution. So we are seeing gains in terms of Open Trading hit 33% of our total volume in Q4. So we are seeing gains there. We are also seeing gains in our portfolio trading solution in high grade. We had a record volume in PT, in high grade of $17 billion, up close to over 90%. So we're making gains. Obviously, direct dealer RFQ has been running flat for us. We also made gains in our dealer RFQ sorry, was up 23%. But when I look at high-grade and high-yield full U.S. corporate credit, the overall activity from our clients is still positive. And you're obviously seeing those big gains in high yield.

是的，克里斯，我很樂意接受那個。而且我認為考慮高等級的方式是我們甚至在第四季度在我們的公開交易，所有解決方案中看到創紀錄的活動水平。因此，我們看到第四季度公開交易量的增長達到了我們總交易量的 33%。所以我們在那裡看到了收益。我們也看到了我們的高級投資組合交易解決方案的收益。我們在 PT 的交易量創下歷史新高，達到 170 億美元，漲幅接近 90% 以上。所以我們正在取得進展。顯然，直接經銷商 RFQ 對我們來說一直運行平穩。對不起，我們的經銷商 RFQ 也取得了收益，上漲了 23%。但當我查看高等級和高收益的美國公司信貸時，我們客戶的整體活動仍然是積極的。你顯然看到了高收益的巨大收益。

Again, the high yield gains are driven by our Open Trading volume, which ADV grew by 43% in the Q4. So overall, credit activity on the platform is showing signs of substantial growth, particularly driven by Open Trading.

同樣，高收益收益是由我們的公開交易量推動的，其 ADV 在第四季度增長了 43%。因此，總體而言，平台上的信貸活動顯示出大幅增長的跡象，尤其是在公開交易的推動下。

Got it. And then I just wanted to ask, I mean, obviously, the environment looks like it's trending positively in a number of different areas, and I agree with Rick in terms of the opportunity to get better. But when we think about things under your control, just automation tools has been a key focus for you. Where are we at in the rollout of products capabilities around automation tools and the new things on the horizon, comers are more just blocking and tackling around existing products, and where are you from the customer penetration, particularly in the buy side there?

知道了。然後我只想問，我的意思是，很明顯，環境在許多不同領域看起來都呈積極趨勢，我同意里克關於改善機會的觀點。但是，當我們考慮您可以控制的事情時，自動化工具一直是您關注的重點。在圍繞自動化工具和即將出現的新事物推出產品功能方面，我們處於什麼位置，來者更多地只是阻止和解決現有產品，您從客戶滲透到哪裡，特別是在買方方面？

Sure. Automation continues to be a driver of activity on the platform. It had nothing, but records across the board in Q4. Record volume of $62 billion in our Auto-X solution, and then overall trades on the platform was automation accounted for 20% of total trades on our platform. So we -- not only did we see heightened growth in Q4, but overall, the year of '22 sort of record volumes of a total of $220 billion in automated volumes.

當然。自動化仍然是平台上活動的驅動力。它什麼都沒有，但在第四季度全面記錄。我們的 Auto-X 解決方案的交易量達到創紀錄的 620 億美元，然後平台上的整體交易是自動化的，占我們平台總交易的 20%。所以我們 - 我們不僅看到第四季度的增長加快，而且總體而言，22 年的自動交易量達到創紀錄的 2200 億美元。

As we look forward, in 2023, we continue to hear from our largest clients around their cost controls that they are facing particularly given the AUM performance of 2022. So they are facing bigger and bigger tech challenges and looking to us to help outsource some of those challenges in workflow solutions like our automation tools.

展望未來，在 2023 年，我們繼續從我們最大的客戶那裡聽到他們面臨的成本控制問題，特別是考慮到 2022 年的 AUM 表現。因此他們面臨越來越大的技術挑戰，並希望我們幫助外包一些工作流解決方案中的那些挑戰，例如我們的自動化工具。

As I mentioned in our opening remarks, we are launching, in the first half of this year, what we're calling Adaptive Auto-X, which is a true client algorithm, which adapts to market conditions as it trades. So it's a unique solution that's being rolled out for the first time in credit trading in the U.S.

正如我在開場白中提到的，我們將在今年上半年推出我們稱之為 Adaptive Auto-X 的產品，這是一種真正的客戶端算法，可以在交易時適應市場條件。因此，這是一個獨特的解決方案，首次在美國的信貸交易中推出。

Just a couple of comments to add to Chris' point, is that, quantitive easing caused significant changes in client asset allocation over the last 3 or 4 years. And the net result was underweight fixed income because of the 0 interest rate policies around the world. That has now changed. So I think what you're seeing is the very beginning stages of people starting to reallocate into fixed income. And you see it with the mutual fund inflows kicking off the year, the retail numbers are way up, the ETF assets are growing.

只需補充幾條評論即可補充克里斯的觀點，即量化寬鬆政策在過去 3 或 4 年中導致客戶資產配置發生重大變化。由於全球實行零利率政策，最終結果是減持固定收益。現在已經改變了。所以我認為你所看到的是人們開始重新分配到固定收益的最開始階段。你會看到今年伊始就有共同基金流入，零售數據一路攀升，ETF 資產也在增長。

And a lot of this is driving small ticket. Some of that retail money is coming into SMA accounts, some of it into ETFs, but all of it with just this massive growth in tickets. So it's not an option to automate, it's a requirement.

其中很多都是在開小票。一些零售資金進入 SMA 賬戶，一些進入 ETF，但所有這些都伴隨著門票的大幅增長。因此，這不是自動化的選項，而是一項要求。

And I think we're going to continue to invest in tools to help our clients with that, and I would expect a very robust year of automation growth this year.

而且我認為我們將繼續投資工具來幫助我們的客戶，我預計今年自動化增長將非常強勁。

On the institutional side, the other thing I would add, Chris, is that we are still seeing, as a result of the massive amount of trading opportunity that's now in our Open Trading order books, significant increases in market participants, both in market makers as well as systematic credit funds. So all of this points to the fact that fixed income is a better investing and trading environment now than it was for years due to quantitative easing. And that's one of the reasons that we're excited about 2023.

在機構方面，克里斯，我要補充的另一件事是，由於我們的公開交易訂單簿中現在存在大量交易機會，我們仍然看到市場參與者顯著增加，包括做市商以及系統的信貸資金。因此，所有這些都表明，由於量化寬鬆政策，固定收益現在是一個比多年來更好的投資和交易環境。這就是我們對 2023 年感到興奮的原因之一。

The next question is from Kyle Voigt with KBW.

下一個問題來自 KBW 的 Kyle Voigt。

Chris Concannon. You mentioned a comment about flexibility to fine-tune your pricing over time. in relation to Open Trading right now where you're adding the most value to clients. I guess how much room do you think there might be to fine-tune that pricing over time? And how do you kind of balance potentially making pricing changes with maintaining pricing and trying to incentivize as much flow as possible to move in that direction?

克里斯康坎農。您提到了關於隨時間微調定價的靈活性的評論。關於您現在為客戶增加最大價值的公開交易。我猜你認為隨著時間的推移可能會有多少空間來微調定價？您如何平衡潛在的定價變化與維持定價並試圖激勵盡可能多的流量朝那個方向發展？

Well, first of all, we're very careful about how we adjust pricing historically and over time. We do want to continue to deliver that high-value execution quality that you see in Open Trading. The value of Open Trading gets sizable across product. We saw the value being delivered in high yield in particular, which increased the demand for our high-yield Open Trading offering, given the growth rates in high yield and OT of over 40% and the overall growth rate of our high-yield offering.

好吧，首先，我們非常注意我們如何根據歷史和時間調整定價。我們確實希望繼續提供您在公開交易中看到的高價值執行質量。開放交易的價值在整個產品中變得相當大。鑑於高收益和 OT 的增長率超過 40% 以及我們高收益產品的整體增長率，我們特別看到了高收益交付的價值，這增加了對我們高收益公開交易產品的需求。

I would say we're very careful about fine-tuning pricing, particularly around OT, but we're confident in the flexibility that we have, given the sizable savings that we talked about in the opening remarks.

我會說我們對微調定價非常謹慎，特別是圍繞 OT，但鑑於我們在開場白中談到的可觀的節省，我們對我們擁有的靈活性充滿信心。

And to be clear, were pricing adjustments made already? Or are they planned for 2023?

需要明確的是，是否已經進行了定價調整？或者他們計劃在 2023 年推出？

We have not announced any pricing plans for 2023. We're quite comfortable with the current dynamic of our capture rate because as behaviors change, and we saw that the behaviors change, obviously in 2022 to our detriment and capture and high grade. But as those behaviors change in '23, we're confident that the pricing opportunity that we have in '23 is quite positive given the behavioral changes that we're already seeing.

我們尚未宣布 2023 年的任何定價計劃。我們對捕獲率的當前動態感到非常滿意，因為隨著行為的變化，我們看到行為發生了變化，顯然在 2022 年對我們的損害和捕獲率和高等級造成了損害。但隨著這些行為在 23 年發生變化，鑑於我們已經看到的行為變化，我們相信我們在 23 年擁有的定價機會是非常積極的。

Okay. And then just for a follow-up. Just taking a step back, if we were going to kind of rewind maybe 5 years ago and think about the opportunity that you had in high grade and high yield from a market share standpoint, I don't think anyone would have guessed that you would have effectively had the same market share in both as we sit here today.

好的。然後只是為了跟進。退一步說，如果我們回到 5 年前，從市場份額的角度考慮你在高品位和高收益方面的機會，我認為沒有人會猜到你會與我們今天坐在這裡的市場份額實際上相同。

So I guess the first part of the question is, just given the different liquidity dynamics in these 2 markets, do you still think that high grade total electronic share will ultimately settle at a higher level than high yield over the long term?

所以我想問題的第一部分是，考慮到這兩個市場的不同流動性動態，您是否仍然認為從長遠來看，高等級的總電子股票最終會穩定在比高收益更高的水平？

And just a follow up on Chris Allen's earlier question. Is there some level of market share where it just gets harder for a single player to gain incremental share? Is that playing into anything that's happening in high grade at all because obviously, the high yield dynamics seem much different right now with the momentum there?

只是跟進 Chris Allen 之前的問題。是否存在某種程度的市場份額，使單個玩家更難獲得增量份額？這是否影響了高品位正在發生的任何事情，因為顯然，高收益動態現在似乎與那裡的勢頭大不相同？

So first on electronic share and electronic adoption across the fixed income market. I do see that -- we'll see differences in adoption across the various products that we offer. So obviously, investment grade is seeing the highest adoption of electronic trading. High yield is growing rapidly, particularly on our platform. If you look at emerging markets, the opportunity is one of the largest opportunities globally, but we're seeing higher adoption rates there, particularly in '22, where we had record shares -- record share in both TRACE and global EM market share, estimated market share.

首先是固定收益市場的電子份額和電子採用。我確實看到了——我們將看到我們提供的各種產品在採用方面的差異。很明顯，投資級別的電子交易採用率最高。高收益正在迅速增長，特別是在我們的平台上。如果你看看新興市場，這個機會是全球最大的機會之一，但我們在那裡看到了更高的採用率，特別是在 22 世紀，我們在 TRACE 和全球 EM 市場份額中擁有創紀錄的份額，估計的市場份額。

I think Muni is probably one of the most product for electronic market share. It's probably in the most need of electronic adoption, particularly given the size of the average ticket in Muni. And we've seen -- we had a record year of adoption in Muni, both record market share and record ADV. I would say that we look at it holistically across the entire fixed income landscape, not just 1 product. Our clients don't trade just high grade, they trade across the entire fixed income landscape. So when they -- we think about electronic adoption, it certainly can achieve, in my view, the 90% rate that we see in other asset classes because, at 1 point in the electronic adoption evolution, you get to a point where you have to go all the way, not just part of the way. And your workflows become fully automated and fully electronic.

我認為 Muni 可能是電子市場份額最高的產品之一。它可能是最需要採用電子方式的地方，特別是考慮到 Muni 的平均票價。我們已經看到——我們在 Muni 的採用創紀錄的一年，市場份額和 ADV 都創紀錄。我會說我們在整個固定收益領域從整體上看待它，而不僅僅是一種產品。我們的客戶不僅僅交易高等級產品，他們還交易整個固定收益領域。因此，當他們——我們考慮電子採用時，在我看來，它肯定可以實現我們在其他資產類別中看到的 90% 的比率，因為在電子採用演變的某個時刻，你會達到一個你擁有的點一路走下去，而不僅僅是一部分。您的工作流程變得完全自動化和完全電子化。

So I predict very much higher levels of electronic adoption across high-grade, high-yield, emerging markets and in particularly, Muni. And obviously, we think we'll play a key role in that. When our clients are outsourcing trading solutions, they're not studying market share by product like we all do, they are studying that solution and the quality of execution that's being delivered on the other side. Hopefully, that answers your question.

因此，我預測在高檔、高收益的新興市場，尤其是 Muni，電子產品的採用率會更高。顯然，我們認為我們將在其中發揮關鍵作用。當我們的客戶外包交易解決方案時，他們不會像我們所有人一樣按產品研究市場份額，他們正在研究該解決方案以及另一方交付的執行質量。希望這能回答您的問題。

Just 1 add on too, Kyle. I think with high yield in particular, the liquidity challenges in the U.S. credit markets were most pronounced in high yield. And that plays right to our favor. And what I think it's showing you is that, when liquidity is challenging, Open Trading is significantly differentiated from any other way of conducting trades in the high-yield market or elsewhere. And anecdotally, you hear stories of challenges in inventory, in the leveraged loan market, in the high-yield market that creates constraints around balance sheet for secondary trading.

凱爾，也只有 1 個附加項。我認為特別是高收益，美國信貸市場的流動性挑戰在高收益中最為明顯。這對我們有利。我認為它向您展示的是，當流動性面臨挑戰時，公開交易與在高收益市場或其他地方進行交易的任何其他方式都有很大區別。有趣的是，您會聽到有關庫存、槓桿貸款市場和高收益市場挑戰的故事，這些挑戰對二級交易的資產負債表造成了限制。

And the high-yield market, I just think is another data point that shows that we have a unique solution for liquidity through Open Trading that people are not able to find elsewhere. And I think that just positions us great for market share gains for many years to come because of the investments that we have made there.

而高收益市場，我認為是另一個數據點，表明我們通過公開交易擁有獨特的流動性解決方案，人們在其他地方找不到。而且我認為，由於我們在那裡進行的投資，這使我們在未來許多年內都能獲得很好的市場份額。

The next question is from Gautam Sawant with Credit Suisse.

下一個問題來自瑞士信貸的 Gautam Sawant。

I had a quick question on RFQ hub. Can you provide us an update on the build-out of that platform, and how we should think about incremental future volume contributions from the ETF channel?

我有一個關於 RFQ 中心的快速問題。您能否向我們提供有關該平台構建的最新信息，以及我們應該如何考慮 ETF 渠道的增量未來交易量貢獻？

Sure. Happy to take that one. So RFQ Hub, just a reminder, it is owned and operated by Virtu, and I don't want to jump ahead of their earnings call on activity levels for RFQ Hub. We are excited about what we've seen thus far from RFQ Hub and our investment in RFQ Hub and the year that it had in 2022, just in terms of client activity, client engagement and the work we've been doing with the partners in RFQ Hub, both our dealer partners and obviously, our BlackRock as a key partner as well.

當然。很高興接受那個。所以 RFQ Hub，提醒一下，它由 Virtu 擁有和運營，我不想在他們關於 RFQ Hub 活動水平的收益電話會議之前跳到前面。我們對迄今為止從 RFQ Hub 看到的情況以及我們對 RFQ Hub 的投資以及 2022 年的投資感到興奮，僅就客戶活動、客戶參與度以及我們與合作夥伴在RFQ Hub，我們的經銷商合作夥伴，顯然，我們的貝萊德也是重要合作夥伴。

We do think the demand for fixed income ETFs by our institutional clients is climbing. It's a wonderful vehicle for dealing with capital flows to get exposure to the overall credit markets quickly and through a liquid instrument. So we're seeing heightened levels and heightened demand from our client base on fixed income ETFs and expect that to continue, particularly given the activities in 2023 and the attractiveness of the fixed income market as an investment vehicle going forward.

我們確實認為我們的機構客戶對固定收益 ETF 的需求正在攀升。這是處理資本流動的絕佳工具，可以通過流動性工具快速接觸整個信貸市場。因此，我們看到我們的客戶群對固定收益 ETF 的水平和需求增加，並預計這種情況將繼續下去，特別是考慮到 2023 年的活動以及固定收益市場作為未來投資工具的吸引力。

So we're very happy about the overall opportunity that the ETF market provides us through our investment in RFQ Hub.

因此，我們對 ETF 市場通過我們對 RFQ Hub 的投資為我們提供的整體機會感到非常高興。

And just as a follow-up question, I wanted to circle back to the commentary on fee per million. You've said that in the deck, it's up -- corporate bond index duration is up 6% from the lows of October. Have you seen that trend kind of continue into January with some of the new issuance changes in the marketplace and some of the trading dynamics changing?

作為後續問題，我想回到關於每百萬費用的評論。你說過，在甲板上，它在上升——公司債券指數的持續時間比 10 月份的低點上升了 6%。您是否看到這種趨勢一直持續到 1 月份，市場上的一些新發行發生變化，一些交易動態發生變化？

No, the index itself has been relatively stable to the exit rate that we saw in December.

不，該指數本身相對於我們在 12 月份看到的退出率相對穩定。

The next question is from Alex Blostein with Goldman Sachs.

下一個問題來自高盛的 Alex Blostein。

I had a bit of a market structure question for you guys. So as you look at the accelerating shift from active bond mutual funds into ETFs, which, again, continues to accelerate here even year-to-date, I think, over 70% of flows into fixed income are going into ETF, how do you think that impacts turnover rates for the credit markets? And the reason why I ask is naturally, that create secondary degree of liquidity in the kind of the ETF wrapper, but I wonder if that also impact positively or negatively turnover in the underlying bonds, especially when the flows are still concentrated with the handful of players, particularly with BlackRock?

我有一個市場結構問題要問你們。因此，當你看到從主動債券共同基金向 ETF 的加速轉變時，即使今年迄今為止，它再次在這裡繼續加速，我認為，超過 70% 的流入固定收益的資金都進入了 ETF，你如何看待認為這會影響信貸市場的周轉率？我問的原因自然是，這會在 ETF 包裝類型中創造二級流動性，但我想知道這是否也會對基礎債券的營業額產生積極或消極的影響，尤其是當流量仍然集中在少數玩家，尤其是貝萊德？

Great question, Alex. And we obviously are well positioned as we think about inflows into the fixed income market. As you point out, we're seeing inflows into the ETF fixed income market, in particular. We're also seeing inflows into SMA products as well across the fixed income landscape. Both of those inflows, both ETFs and SMA products, leave us well positioned for 2023 as we see continued attractiveness in the fixed income products as investment vehicles. In particular around ETF inflows, it's a wonderful situation for us given our position with ETF market makers, some of the largest ETF market makers are very strong clients of MarketAxess and, in particular, play a major role in our Open Trading offering.

好問題，亞歷克斯。當我們考慮資金流入固定收益市場時，我們顯然處於有利地位。正如您所指出的，我們看到資金特別流入 ETF 固定收益市場。我們還看到資金流入 SMA 產品以及整個固定收益領域。這些資金流入，包括 ETF 和 SMA 產品，都讓我們在 2023 年處於有利地位，因為我們看到固定收益產品作為投資工具的持續吸引力。特別是在 ETF 流入方面，鑑於我們在 ETF 做市商中的地位，這對我們來說是一個很好的情況，一些最大的 ETF 做市商是 MarketAxess 非常強大的客戶，尤其是在我們的公開交易產品中發揮著重要作用。

So we're -- we feel like we're well positioned to take advantage of inflows into the fixed income ETF market. It also justifies our investment in RFQ Hub that we were talking earlier and the attractiveness of having an ETF execution solution as a part of our overall offering. But again, turning to the SMA opportunity, these are -- SMAs are growing. We saw growth in '22 despite some of the challenges in the fixed income market. And as we go into 2023, we'd expect the SMA account to grow as well.

所以我們 - 我們覺得我們處於有利地位，可以利用流入固定收益 ETF 市場的資金。這也證明了我們之前談到的對 RFQ Hub 的投資以及將 ETF 執行解決方案作為我們整體產品的一部分的吸引力。但再次轉向 SMA 機會，這些是 - SMA 正在增長。儘管固定收益市場面臨一些挑戰，但我們在 22 年看到了增長。隨著我們進入 2023 年，我們預計 SMA 賬戶也會增長。

Those deliver very small tickets in terms of the workflow that comes through institutional clients and that heightens the demand for our automation solutions. So we're excited about the overall market environment in fixed income as an investment vehicle and the growth in AUM back into fixed income are coming into those 2 main products where we think we're well positioned.

就來自機構客戶的工作流程而言，它們提供的票非常少，這增加了對我們自動化解決方案的需求。因此，我們對固定收益作為投資工具的整體市場環境感到興奮，AUM 的增長回到固定收益正在進入我們認為我們處於有利位置的這兩個主要產品。

And Alex, I'll just add on to that, too, is that while stand-alone, the turnover of an ETF portfolio is likely to be lower than an actively managed portfolio, that's only really part of the story because the ETF share liquidity is adding to the overall liquidity of the fixed income market and giving dealers and investors another way to transfer risk quickly. So I view it as very positive for overall liquidity and activity because of that tool as a way to quickly transfer risk. But don't forget, there are a whole group of industry participants that are now actively trading the shares versus the underlying bonds, which is additive to velocity.

亞歷克斯，我還要補充一點，雖然是獨立的，但 ETF 投資組合的周轉率可能低於主動管理的投資組合，這只是故事的一部分，因為 ETF 共享流動性正在增加固定收益市場的整體流動性，並為交易商和投資者提供另一種快速轉移風險的方式。因此，我認為它對整體流動性和活動非常有利，因為該工具是一種快速轉移風險的方式。但不要忘記，現在有一大群行業參與者正在積極交易股票與基礎債券，這增加了速度。

So I think you have to take a holistic view as how that -- how the growth in ETFs is adding to the fixed income ecosystem in order to get a valid outlook in terms of what it means for velocity.

因此，我認為您必須全面了解 ETF 的增長如何增加固定收益生態系統，以便就其對速度的意義有一個有效的展望。

Yes, that all makes sense. My second question was just a quick follow-up, I think, to the last question around the fee capture rate. So I think I heard you guys say that you continue to see positive trends in fee capture into January. Could you dissect that a bit between IG and the rest of the business? So in other words, like is this a function of a mix where maybe high yield is quite active, and that's what's driving your comments around positive fee capture? Or are you actually starting to see an improvement in the underlying IG capture rate as well?

是的，這一切都是有道理的。我認為我的第二個問題只是對關於費用捕獲率的最後一個問題的快速跟進。所以我想我聽到你們說你們在 1 月份繼續看到收費的積極趨勢。您能否在 IG 和其他業務之間進行一些剖析？因此，換句話說，這是否是一種組合的功能，其中高收益可能非常活躍，這就是推動您對積極收取費用發表評論的原因？還是您實際上也開始看到潛在的 IG 捕獲率有所提高？

Yes. No, I think it's the latter. It's really the high-grade fee capture is directly impacted by the market conditions. And when we talk about developments. We're going back to October when Rick pointed out that the corporate bond index duration was at a low, and we've seen a strong recovery going through November and December. And I sized up the math of a year-over-year comparison. But when you look at the bond yield movement and years to maturity, so far in January that we put on the chart relative to December, the high-grade fee capture is more or less at the same level we saw the exit rate as of December.

是的。不，我認為是後者。確實，高端費用的獲取直接受到市場狀況的影響。當我們談論發展時。我們要回到 10 月份，當時 Rick 指出公司債券指數的持續時間很低，而且我們已經看到 11 月和 12 月的強勁復甦。我評估了年度比較的數學。但是，當您查看債券收益率變動和到期年限時，到目前為止，我們在圖表上相對於 12 月的 1 月，高等級費用捕獲或多或少與我們看到的截至 12 月的退出率處於同一水平.

The next question is from Dan Fannon with Jefferies.

下一個問題來自 Jefferies 的 Dan Fannon。

Wanted to follow up on just the nontransactional revenue. Just thinking about 2023 and what -- as you think about infoservices and post trade, what are the kind of good growth rates or appropriate growth rate to think about for the next 12 months or beyond?

只想跟進非交易收入。想想 2023 年，當你考慮信息服務和交易後時，未來 12 個月或更長時間要考慮什麼樣的良好增長率或適當增長率？

Yes, Dan, great question. I'm glad you asked it because we mentioned in our prepared remarks that some of the data contracts that we signed were towards the back end of Q4. And I mentioned in the last call that our target was to hit an FX-adjusted growth rate of 10%. We fell just short of that, and a lot of that was due to the timing of when we signed those contracts. But the good news for the 2023 outlook, we think that the growth rates will be in the 10% to 12% range for information services on a constant currency basis, and we hope to do better than that.

是的，丹，好問題。很高興你提出這個問題，因為我們在準備好的評論中提到，我們簽署的一些數據合同是在第四季度末簽訂的。我在上次電話會議中提到，我們的目標是實現 10% 的外匯調整後增長率。我們沒有做到這一點，這在很大程度上是由於我們簽署這些合同的時間。但對於 2023 年的前景來說，好消息是，我們認為按固定匯率計算，信息服務的增長率將在 10% 到 12% 的範圍內，我們希望做得更好。

And with respect to the post trade, that continues to be a mid-single-digit growth rate. We're not expecting any significant upside as you've seen in the past due to the acquisition of Reg Reporting Hub.

就後交易而言，這仍然是中個位數的增長率。由於收購了 Reg Reporting Hub，我們預計不會像您過去看到的那樣有任何顯著的上行空間。

And I'll just add, we're continuing to see demand for our CP+ products, particularly across high grade, high yield and now EM, where CP+ provides a level of transparency that is hard to achieve with any other product out there on the market. We're also excitingly rolling out CP+ for treasuries, and my personal favorite CP+ for Muni is a market that needs more real-time transparency, and we're excited for those 2 products to be out in the market during 2023. So some exciting new products where we're seeing a lot of the growth of our market data revenue in the suite of CP+ products.

我只想補充一點，我們繼續看到對我們的 CP+ 產品的需求，特別是在高品位、高產量和現在的 EM 領域，其中 CP+ 提供的透明度水平是市場上任何其他產品都難以達到的市場。我們還激動地推出了國債 CP+，我個人最喜歡的 Muni CP+ 是一個需要更多實時透明度的市場，我們很高興這兩種產品將在 2023 年上市。所以一些令人興奮的我們在 CP+ 產品套件中看到市場數據收入大幅增長的新產品。

Great. That's helpful. And then just on the expense guidance in the context of what you guys are characterizing as certainly an improving environment from a revenue perspective. So the midpoint at 10%, maybe dissect that a little bit in terms of where those incremental dollars are going? And if we're going to -- if revenues come in maybe above what your base case is, is that just flow through to compensation? Or are there other areas where you would spend more if the environment is constructive from a revenue perspective?

偉大的。這很有幫助。然後只是在你們所描述的從收入角度來看肯定是改善環境的背景下的費用指導。所以 10% 的中點可能會根據這些增量美元的去向進行一些剖析？如果我們要 - 如果收入可能高於您的基本情況，那是否只是流向補償？或者，如果從收入的角度來看環境是建設性的，您是否會在其他領域花費更多？

Yes. So our operating expenses, we've always talked about the fixed variable mix being 16% to 17% variable, and what contributes to variable expense, it's really line items. It's our cash incentive bonus pool. We have some treasury licensing fees that are directly pegged to the treasury business, and we have our self-clearing line item. And I'm happy to say that we've employed a very disciplined approach with a challenging operating environment in 2022. We're continuing to manage that disciplined approach in '23.

是的。因此，我們的運營費用，我們一直在談論固定變量組合是 16% 到 17% 的變量，而導致可變費用的因素實際上是訂單項。這是我們的現金激勵獎金池。我們有一些直接與資金業務掛鉤的資金許可費，並且我們有自我清算項目。我很高興地說，在 2022 年充滿挑戰的運營環境下，我們採用了一種非常有紀律的方法。我們將在 23 年繼續管理這種有紀律的方法。

And we've had some success with lowering some variable fees directly correlated to the clearing business. So I think as you see the Open Trading business grow, we're going to see operating leverage come through on that line item. So just to help size up the math on 16% to 17% of that total operating expense base is variable with the balance being fixed.

我們在降低與清算業務直接相關的一些可變費用方面取得了一些成功。所以我認為，當你看到公開交易業務增長時，我們將看到該行項目的運營槓桿。因此，只是為了幫助確定總運營費用基數的 16% 到 17% 的數學是可變的，而餘額是固定的。

And to the question on which line items are that 10% being attributed to? Compensation is going to be the biggest uplift year-over-year, which is around mid-teens growth rate. Then you have your T&E resuming to more normalized levels, which is about a mid-teens growth rate. On the page, we put directly what the depreciation and amortization is, 10% of $40 million and it's $4 million. And in the balance, and across it is 1% to 2% across all the other line items on the income statement with the exception of clearing, that will be pegged to our growth in Open Trading. I hope it helps you dissect where you need to allocate that $40 million across the income statement.

關於這 10% 歸因於哪些行項目的問題？薪酬將是同比增幅最大的，大約是十幾歲左右的增長率。然後你的 T&E 恢復到更正常的水平，大約是十幾歲左右的增長率。在頁面上，我們直接把折舊和攤銷是多少，4000萬美元的10%就是400萬美元。在餘額中，除清算外，損益表上所有其他項目的餘額為 1% 至 2%，這將與我們在公開交易中的增長掛鉤。我希望它能幫助您剖析需要在損益表中分配 4000 萬美元的位置。

The next question is from Michael Cyprus with Morgan Stanley.

下一個問題來自摩根士丹利的邁克爾塞浦路斯。

So I wanted to ask about the regulatory backdrop. Late last year, SEC put out a bunch of market structure reforms, largely geared towards the equity markets, but there were some aspects, I believe, including BestX that do sort of rope in aspects of fixed income. So just curious your views on that, how that might impact the market in fixed income and the industry at large.

所以我想問一下監管背景。去年年底，SEC 推出了一系列市場結構改革，主要針對股票市場，但我相信，包括 BestX 在內的某些方面在固定收益方面起到了某種作用。所以只是好奇你對此的看法，這將如何影響固定收益市場和整個行業。

And then just more broadly on the regulatory backdrop, what are some of the key regulations, proposals -- proposals perhaps that are maybe on the horizon that you guys are tracking and that could be impactful for your business? I know, in the past, we've talked about all-to-all trading and rates as well as potential treasury clearing.

然後更廣泛地說，在監管背景下，有哪些關鍵法規、提案——你們可能正在跟踪的可能對您的業務有影響的提案？我知道，過去我們討論過所有交易和利率以及潛在的國庫清算。

Sure. Thanks, Michael. I would say nothing meaningful in terms of what has come out from the SEC so far. I think I'm right in saying that a lot of the best execution revisions were focused on dealer obligations as fiduciary and agency trading so not quite as relevant around the world of fixed income. But we do expect something much more material at some point during '23, which is what I would view is long overdue revisions to the fixed income electronic trading and ATS rules, and something that I was directly involved in promoting and supporting as part of FIMSAC at the SEC when the industry participants were helping the commission think through that.

當然。謝謝，邁克爾。到目前為止，我不會說任何有意義的來自美國證券交易委員會的消息。我認為我說得對，很多最佳執行修訂都集中在作為受託和代理交易的交易商義務上，因此在固定收益領域不太相關。但我們確實期待在 23 年的某個時候會有更多實質性的東西，我認為這是對固定收益電子交易和 ATS 規則的早該修訂，以及我作為 FIMSAC 的一部分直接參與推廣和支持的東西在美國證券交易委員會，當時行業參與者正在幫助委員會思考這個問題。

So what I'm looking forward to is really a level playing field with standardized e-trading rules across the ATS community. The staff continues to do their work on that. So we're not exactly sure what the timing will be. But I would expect that those fixed income ATS rules will be out sometime during calendar year '23.

因此，我真正期待的是在整個 ATS 社區擁有一個具有標準化電子交易規則的公平競爭環境。工作人員繼續就此開展工作。所以我們不確定具體時間是什麼時候。但我預計這些固定收益 ATS 規則將在 23 年日曆年的某個時候出台。

Great. And just a follow-up question. Just curious your latest thoughts on M&A here, just given the rising cash balance, where that might be most additive to the platform? And how you think about enhancing connectivity to clients, including retail clients now that fixed income, in particular, retail fixed income is becoming more invoked?

偉大的。只是一個後續問題。只是好奇你對併購的最新想法，考慮到不斷增加的現金餘額，這可能對平台最有利？您如何考慮加強與客戶的聯繫，包括現在固定收益，特別是零售固定收益越來越多地被調用的零售客戶？

So we obviously look at the coming 2023 as an opportunity given the repricing of many financial assets, a number of small companies. When we look at the marketplace, there is, what I call, a scarcity of assets. So we're really talking about an M&A strategy that involves much smaller size, bolt-on type of product offerings. The fintech space has clearly been repriced. So there's an opportunity. And there are a number of fintech providers in the market that will start facing capital challenges in the year ahead.

因此，鑑於許多金融資產和許多小公司的重新定價，我們顯然將即將到來的 2023 年視為一個機會。當我們審視市場時，我稱之為資產稀缺。因此，我們真正談論的是一種涉及更小規模、螺栓固定式產品供應的併購戰略。金融科技領域顯然已經重新定價。所以有機會。市場上有許多金融科技提供商將在未來一年開始面臨資本挑戰。

So with a very strong balance sheet, we feel well positioned to take advantage of a repriced market with a number of fintech players that may be in need of capital. So excited about what's ahead. But again, there's nothing material out there given the scarcity of assets that we look at.

因此，憑藉非常強勁的資產負債表，我們覺得可以利用重新定價的市場以及許多可能需要資金的金融科技公司。對即將發生的事情感到非常興奮。但同樣，鑑於我們所看到的資產稀缺性，那裡沒有任何實質性的東西。

The next question is from Brian Bedell with Deutsche Bank.

下一個問題來自德意志銀行的 Brian Bedell。

Just wanted to ask about execution quality and the price improvement that you're getting for your clients, and particularly with regards to portfolio trading versus some of your more legacy protocols like list trading. I guess, first of all, to what extent do you think the price improvement is better in some of the other protocols outside of portfolio trading, and that will limit PT's share? Or is that not really an issue and the clients are more focused on getting the trade execution done?

只是想問一下您為客戶獲得的執行質量和價格改善，特別是關於投資組合交易與您的一些更傳統的協議（如列表交易）的比較。我想，首先，您認為在投資組合交易之外的其他一些協議中，價格改善在多大程度上更好，這將限制 PT 的份額？或者這不是真正的問題，客戶更專注於完成交易執行？

So it's a great question, Brian. I view portfolio trading as really a demand for liquidity and capital because these are very sizable trades that our clients are in need of. So they're demanding higher levels of capital commitment from our dealer partners. And so I do think that portfolio trading done in comp or in dealer competition, which is what our electronic solution offers our clients does result in a better execution quality across the full portfolio. We also rolled out analytics, and we'll continue to roll out analytics that help our clients judge how portfolios are being priced relative to either an individual or a list trade, however you want to call it. So we think clients are being given all the proper tools to evaluate portfolio trading as a large block trade or as an individual list trade where they get the participation of additional market participants.

所以這是一個很好的問題，布賴恩。我認為投資組合交易確實是對流動性和資本的需求，因為我們的客戶需要這些規模非常大的交易。因此，他們要求我們的經銷商合作夥伴提供更高水平的資本承諾。因此，我確實認為，在 comp 或經銷商競爭中進行的投資組合交易（這是我們的電子解決方案為我們的客戶提供的）確實會在整個投資組合中帶來更好的執行質量。我們還推出了分析功能，並將繼續推出分析功能，幫助我們的客戶判斷投資組合相對於個人交易或列表交易的定價方式，無論您如何稱呼它。因此，我們認為客戶正在獲得所有適當的工具來評估投資組合交易作為大型大宗交易或作為單獨的清單交易，他們可以獲得更多市場參與者的參與。

So right now, portfolio trading, we see it -- it has grown. It has grown over the last couple of years. We do see that growth rate flattening at some point depending on market dynamics. More importantly, what we're seeing in the first quarter is obviously smaller trade sizes. So the demand for more trading activity at smaller size is probably going to be a theme that we see in 2023. And that's where many of the other list trading and other alternative protocols that we offer come into demand.

所以現在，投資組合交易，我們看到它 - 它已經增長。它在過去幾年中有所增長。我們確實看到增長率在某個時候趨於平緩，具體取決於市場動態。更重要的是，我們在第一季度看到的是交易規模明顯縮小。因此，對更小規模的更多交易活動的需求可能會成為我們在 2023 年看到的主題。這就是我們提供的許多其他列表交易和其他替代協議的需求所在。

So while we do see strength in portfolio trading, as inflows come in, many times our clients are using the portfolio trade as a way to get instant exposure and they pay for that capital utilization from very large dealers.

因此，雖然我們確實看到了投資組合交易的優勢，但隨著資金流入，很多時候我們的客戶將投資組合交易作為獲得即時風險敞口的一種方式，他們為非常大的交易商的資本利用付費。

That's great color. And just ...

那是很棒的顏色。只是...

Brian, if I could just add. We're -- one, we're really pleased with the growth in PT we've seen on market access and the ability to give clients their choice depending on the risk that they're trying to move. I will say that we previewed this a year ago that as volatility has picked up, don't forget the dealer side, it's become much more difficult to manage the risk of large portfolios from the dealer side.

布賴恩，如果我可以補充一下。我們 - 一，我們對我們在市場准入方面看到的 PT 增長以及根據客戶試圖轉移的風險為客戶提供選擇的能力感到非常滿意。我要說的是，我們在一年前就預測過，隨著波動性的加劇，不要忘記交易商方面，從交易商方面管理大型投資組合的風險變得更加困難。

And I think there have been 2 outcomes to that in '22. One is that the growth rate of portfolio trading volume has slowed dramatically. And if you look at the last 12 months, it's been right around 5.5% of secondary TRACE volume over the last year, and it's been even slower than that in high yield where the liquidity challenges are more severe.

我認為在 22 年有兩個結果。一是投資組合交易量增速大幅放緩。如果你看看過去 12 個月，它在去年的次級 TRACE 交易量中大約佔 5.5%，而且比流動性挑戰更為嚴峻的高收益債券的交易量還要慢。

So the growth rates of PT volume are down, but also we see greater concentration in terms of the dealers that are printing portfolio trades than we did a year ago. And I think that's just -- the level of sophistication that's required to manage that risk is way up because of volatility. So all those factors weigh in, in terms of the quality of the pricing that comes through in PT and, as a result, client behavior on where they think they're going to get best execution.

因此，PT 銷量的增長率有所下降，但我們也看到，與一年前相比，印刷投資組合交易的經銷商更加集中。而且我認為這只是 - 由於波動性，管理該風險所需的複雜程度正在上升。因此，就 PT 的定價質量而言，所有這些因素都會產生影響，因此，客戶在他們認為他們將獲得最佳執行的地方的行為。

That's very interesting. Thanks for the color. And then just 1 follow-up on the ETF substitution. A number of questions were asked on that. Obviously, definitely improves velocity. But how do you think about the nature of the client base that's using that in terms of, I guess, revenue capture. So the punch line of the question is, does the greater velocity more than offset any domination of revenue capture? Or is the revenue capture pretty similar to your overall fixed income trading in investment grade?

這很有趣。謝謝你的顏色。然後僅對 ETF 替代進行 1 次跟進。就此提出了一些問題。顯然，肯定會提高速度。但是你如何看待使用它的客戶群的性質，我想，在收入獲取方面。所以問題的重點是，更高的速度是否足以抵消收入獲取的主導地位？或者收入獲取與您在投資級別的整體固定收益交易非常相似？

Well, I'd start by thinking about the velocity first. I mean when you think about ETF activities on the equity markets, fixed income ETF activities on the equity markets, there is a direct correlation to activity in Open Trading, but across the overall fixed income market. And so, as you mentioned, velocity does increase with the level of inflows into fixed income ETFs. The other important point is, and it goes back to the levels of electronic trading in the fixed income market. As ETFs become a dominant product of choice by investors, the demand for electronic trading goes up because those ETF market makers need to hedge in an electronic capacity.

好吧，我會首先考慮速度。我的意思是，當你考慮股票市場上的 ETF 活動、股票市場上的固定收益 ETF 活動時，它們與公開交易中的活動直接相關，但在整個固定收益市場中。因此，正如您所提到的，速度確實隨著流入固定收益 ETF 的水平而增加。另一個重要的一點是，它可以追溯到固定收益市場的電子交易水平。隨著 ETF 成為投資者選擇的主要產品，對電子交易的需求上升，因為這些 ETF 做市商需要以電子方式進行對沖。

They are executing electronically in the equity market. The transfer of that risk is best done in electronic form in the fixed income or the underlying market.

他們在股票市場上以電子方式執行。該風險的轉移最好在固定收益或基礎市場以電子形式完成。

So we do see a very strong connection between velocity and ETFs and velocity and electronic trading in the fixed income market. We also see a number of new participants in the ETF market that are leveraging our Open Trading solution from systematic hedge funds, alternative hedge funds and the ETF market makers see huge benefits of leveraging a broader network in the fixed income market, a broader network than they are -- they typically have access to.

因此，我們確實看到了固定收益市場中速度和 ETF 以及速度和電子交易之間非常緊密的聯繫。我們還看到 ETF 市場的許多新參與者正在利用我們來自系統對沖基金、另類對沖基金和 ETF 做市商的公開交易解決方案，他們看到了利用固定收益市場更廣泛網絡的巨大好處，比更廣泛的網絡他們是 - 他們通常可以訪問。

So Again, Open Trading is certainly a wonderful tool for the average ETF market maker and any systematic hedge fund that's using ETFs as an investment vehicle.

因此，對於普通 ETF 做市商和任何使用 ETF 作為投資工具的系統對沖基金來說，Open Trading 無疑是一個很好的工具。

And congrats to you, Chris and Rick as well.

也祝賀你，克里斯和瑞克。

That concludes our question-and-answer session. I'll turn it over to Mr. McVey for any closing remarks.

我們的問答環節到此結束。我會把它交給 McVey 先生作任何結束語。

Thanks for joining us this morning, and we look forward to updating you on business trends next quarter.

感謝您今天早上加入我們，我們期待著為您更新下個季度的業務趨勢。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。