Marketaxess Holdings Inc (MKTX) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess Second Quarter 2023 Earnings Conference Call.

女士們先生們，感謝你們的支持。歡迎參加 MarketAxess 2023 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded on July 20, 2023. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

提醒一下，本次電話會議的錄音時間為 2023 年 7 月 20 日。我現在想將電話轉給 MarketAxess 投資者關係主管 Steve Davidson。請繼續，先生。

Thank you, Sarah. Good morning, and welcome to the MarketAxess Second Quarter 2023 Earnings Conference Call. For the call, Chris Concannon, Chief Executive Officer, will provide you with a strategic update on the company and provide color on the market outlook. Rich Schiffman, Global Head of Trading Solutions, will update you on our market and how we executed this quarter. And then Chris Gerosa, Chief Financial Officer, will walk you through the financial results for the quarter.

謝謝你，莎拉。早上好，歡迎參加 MarketAxess 2023 年第二季度收益電話會議。在電話會議中，首席執行官克里斯·康坎農 (Chris Concannon) 將為您提供公司的最新戰略信息並提供有關市場前景的信息。交易解決方案全球主管 Rich Schiffman 將向您介紹我們的市場最新情況以及我們本季度的執行情況。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 Chris Concannon, 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, 2022. I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued this morning and is now available on our website.

在我將電話轉給克里斯·康坎農之前，請允許我提醒您，今天的電話會議可能包含前瞻性陳述。這些陳述代表了公司對未來事件的信念，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 2022 年 12 月 31 日的年度報告 10-K 表格中的風險因素描述。我還建議您閱讀我們今天上午發布的季度收益報告中的前瞻性聲明免責聲明，該聲明現已在我們的網站上提供。

Now let me turn the call over to Chris Concannon.

現在讓我把電話轉給克里斯·康坎農。

Good morning. I'm very pleased to update you on the significant progress we made in the second quarter to enhance our franchise and drive our long-term growth. First, in terms of the quarter, we generated revenue of $180 million, and year-to-date, we generated $383 million, 4% above prior year levels. Earnings per share was $1.59 on net income of $60 million.

早上好。我很高興向您介紹我們在第二季度在增強我們的特許經營權和推動我們的長期增長方面取得的重大進展的最新情況。首先，就本季度而言，我們實現了 1.8 億美元的收入，而今年迄今為止，我們實現了 3.83 億美元的收入，比去年同期增長了 4%。每股收益為 1.59 美元，淨利潤為 6000 萬美元。

We were not immune to the impact of dramatically lower volatility in the quarter, which impacted trading platforms across fixed income and other asset classes after a very strong first quarter. While our quarterly results will ebb and flow with volatility, we are confident that we have the right long-term strategy, we have made substantial progress this quarter in creating the most comprehensive global fixed income market for the future.

我們也未能倖免於本季度波動性大幅下降的影響，在第一季度表現強勁之後，這對固定收益和其他資產類別的交易平台產生了影響。雖然我們的季度業績會隨著波動而起伏，但我們相信我們擁有正確的長期戰略，本季度我們在創建未來最全面的全球固定收益市場方面取得了實質性進展。

Turning to my strategic update. As you can see on Slide 3, we will now be providing quarterly updates based on 3 new focus areas, which is the framework through which we are managing our growth and how we will communicate our results going forward. First, in terms of innovation. We have now developed and launched unique proprietary data solutions and embedded them in our platform that we believe will help our clients make better trading decisions that achieve better outcomes.

轉向我的戰略更新。正如您在幻燈片 3 中看到的，我們現在將根據 3 個新的重點領域提供季度更新，這是我們管理增長以及如何傳達未來結果的框架。首先，在創新方面。我們現在已經開發並推出了獨特的專有數據解決方案，並將其嵌入我們的平台中，我們相信這將幫助我們的客戶做出更好的交易決策，從而取得更好的結果。

We have also launched the first client algorithm, Adaptive Auto-X in the U.S. credit markets, with 8 live pilot clients and plans to increase the number significantly in the coming months. Next, in terms of integration. We successfully launched our new trading platform last quarter, which integrates our unique data products and our various trading protocols in a single platform. Contained in that new trading platform is our enhanced portfolio trading functionality with increased capacity for large portfolios and accompanied by our proprietary data analytics that help our clients optimize their portfolios and protocol selections.

我們還在美國信貸市場推出了第一個客戶端算法 Adaptive Auto-X，擁有 8 個現場試點客戶端，併計劃在未來幾個月內大幅增加數量。其次，在整合方面。上季度我們成功推出了新的交易平台，該平台將我們獨特的數據產品和各種交易協議集成在一個平台中。該新交易平台包含我們增強的投資組合交易功能，增加了大型投資組合的容量，並配有我們專有的數據分析，可幫助我們的客戶優化其投資組合和協議選擇。

And last, in terms of execution. We continue to expand our client franchise with record active clients, record traders and record active clients trading 3 or more products. We continue to grow and set records across various products and new initiatives. And we delivered on our new trading platform, an enhanced portfolio trading solution, and we processed a record single day of trading activity on May 31.

最後，在執行方面。我們繼續擴大我們的客戶範圍，包括創紀錄的活躍客戶、創紀錄的交易者和交易 3 種或更多產品的創紀錄的活躍客戶。我們不斷發展並在各種產品和新舉措方面創造記錄。我們推出了新的交易平台、增強的投資組合交易解決方案，並在 5 月 31 日處理了創紀錄的單日交易活動。

In summary, we continue to execute in the quarter despite the decrease in volatility, which dampened activity on our platform. The initiatives we launched this quarter will be critical in addressing the recent challenges we have faced in growing our estimated market share in U.S. high grade. While we recognize that our high-grade market share can be uniquely impacted by volume and volatility in the ETF markets, we also have felt the impact of new protocols like portfolio trading slowing our market share growth.

總之，儘管波動性下降抑制了我們平台上的活動，但我們仍將在本季度繼續執行。我們本季度推出的舉措對於解決我們最近在增加美國高品質市場份額方面所面臨的挑戰至關重要。雖然我們認識到我們的高等級市場份額可能會受到 ETF 市場交易量和波動性的獨特影響，但我們也感受到了投資組合交易等新協議的影響，減緩了我們的市場份額增長。

Slide 4 illustrates how we are innovating with unique proprietary data that powers our new platform and our automation suite. We sit in a privileged position as a leader of the electronic global credit markets that generates powerful proprietary data. This proprietary data helps inform our clients on what to trade to achieve their portfolio construction objectives by leveraging our liquidity scores, tradability data and our new matchability data. Our unique data like CP inquiry, CP+ responder and tradability also informs clients how to trade and when to trade by recommending the right protocol to get their best price, how to size their trade, how to reduce their market impact and informing them what to expect in terms of price outcome.

幻燈片 4 展示了我們如何利用獨特的專有數據進行創新，為我們的新平台和自動化套件提供動力。作為全球電子信貸市場的領導者，我們享有優越的地位，能夠生成強大的專有數據。這些專有數據可以利用我們的流動性評分、可交易性數據和新的可匹配性數據，幫助我們的客戶了解如何進行交易，以實現其投資組合構建目標。我們獨特的數據（如 CP 查詢、CP+ 響應者和可交易性）還通過推薦正確的協議以獲得最佳價格、如何確定交易規模、如何減少市場影響以及告知他們對價格結果的預期，來告知客戶如何進行交易以及何時進行交易。

And last, our newly released AI Dealer Direct data helps inform our clients who to trade with by leveraging artificial intelligence to determine the best counterparty for a specific trade.

最後，我們新發布的 AI Dealer Direct 數據可利用人工智能確定特定交易的最佳交易對手，從而幫助我們的客戶了解與誰進行交易。

On Slide 5, our new trading platform will drive the gathering and directing of client orders to achieve better trading outcomes for clients. We are delivering a high-touch and low-touch trading solutions through our new order-centric trading platform, powered by our proprietary data and analytics. We started our broad rollout in the first quarter of this year, and early client feedback has been overwhelmingly positive. We have transitioned over 30 of our top investor clients who are now using the platform daily.

在幻燈片 5 中，我們的新交易平台將推動客戶訂單的收集和指導，為客戶實現更好的交易結果。我們通過我們新的以訂單為中心的交易平台提供高接觸和低接觸交易解決方案，並由我們專有的數據和分析提供支持。我們於今年第一季度開始廣泛推廣，早期客戶反饋非常積極。我們已經對 30 多名頂級投資者客戶進行了遷移，他們現在每天都在使用該平台。

Turning to Slide 6. Our unique data and insights are also powering the first client algorithm, Adaptive Auto-X, designed to better link our liquidity pools. Our Adaptive Auto-X algorithms allow clients to build customized trading algorithms and enhance workflows to handle larger size trades. Adaptive Auto-X also leverages smart order routing, so we can seamlessly link our liquidity pools and help our clients achieve unique execution outcomes.

轉向幻燈片 6。我們獨特的數據和見解也為第一個客戶端算法 Adaptive Auto-X 提供支持，該算法旨在更好地連接我們的流動性池。我們的自適應 Auto-X 算法允許客戶構建定制的交易算法並增強工作流程以處理更大規模的交易。 Adaptive Auto-X 還利用智能訂單路由，因此我們可以無縫鏈接我們的流動性池並幫助我們的客戶實現獨特的執行結果。

Slide 7 highlights the expanded addressable market that we have established compared to 2018. The product set that we had in 2018 gave us access to a total addressable market of approximately $4 billion in revenue. The investments that we have made over the last several years have expanded our total addressable market by $3 billion for a total addressable market today of $7 billion. We are continuing to invest to capture the tremendous opportunity before us, while integrating the new initiatives we have acquired or built.

幻燈片 7 重點介紹了我們與 2018 年相比擴大的潛在市場。我們在 2018 年擁有的產品集使我們能夠進入總收入約為 40 億美元的潛在市場。我們過去幾年進行的投資已將我們的潛在市場總額擴大了 30 億美元，目前的潛在市場總額已達到 70 億美元。我們將繼續投資，以抓住擺在我們面前的巨大機遇，同時整合我們已經獲得或建立的新舉措。

Slide 8 provides an update on market conditions and U.S. credit. As shown in the upper half of this slide, volatility in the second quarter was down significantly from the prior year, impacting activity by select client segments on our platform. ETF market maker activity in the second quarter was down 47% from the first quarter, reflecting decreased opportunities to deploy arbitrage strategies.

第 8 張幻燈片提供了市場狀況和美國信貸的最新情況。如本幻燈片上半部分所示，第二季度的波動性較上年大幅下降，影響了我們平台上特定客戶群的活動。第二季度 ETF 做市商活動較第一季度下降 47%，反映出部署套利策略的機會減少。

In the second quarter, notional volumes in high-grade and high-yield ETFs decreased 19% and 33%, respectively, compared to the prior year, reflecting the impact of reduced volatility on U.S. credit. The decrease in volatility was not unique to fixed income with realized volatility on the S&P 500 down 52%, FX volatility down 12% and commodities down 28%.

第二季度，高等級和高收益 ETF 的名義交易量較去年同期分別下降 19% 和 33%，反映出美國信貸波動性下降的影響。波動率下降並非固定收益獨有，標準普爾 500 指數的實際波動率下降了 52%，外匯波動率下降了 12%，大宗商品波動率下降了 28%。

Before I turn the call over to Rich Schiffman, I wanted to provide an update on market trends in July. With 8 important trading days remaining in the month, U.S. high-grade estimated market share is running consistent with mid-June levels. U.S. high-yield estimated market share, however, has rebounded and is now running above June levels and slightly below prior year July levels. Now let me turn the call over to Rich Schiffman to provide you with an update on our market.

在將電話轉給 Rich Schiffman 之前，我想先介紹一下 7 月份市場趨勢的最新情況。本月還剩 8 個重要交易日，美國高品級預估市場份額與 6 月中旬水平一致。然而，美國高收益債券估計市場份額已經反彈，目前高於 6 月份的水平，略低於去年 7 月份的水平。現在讓我將電話轉接給里奇·希夫曼 (Rich Schiffman)，為您提供我們市場的最新情況。

Thanks, Chris. Slide 10 highlights the strength of our growing client franchise. We had a record 2,083 active client firms trading on our market in the second quarter. As an example of our global strength and diversity, active international client firms represent 51% of total active firms and the over 5,000 international investor and dealer traders represent over 40% of total active traders.

謝謝，克里斯。幻燈片 10 強調了我們不斷增長的客戶群的實力。第二季度，我們的市場上有創紀錄的 2,083 家活躍客戶公司進行交易。作為我們全球實力和多樣性的一個例子，活躍的國際客戶公司佔活躍公司總數的 51%，超過 5,000 名國際投資者和交易商佔活躍交易者總數的 40% 以上。

Trading volume from hedge funds and private bank clients increased 36% year-over-year and represented 17% of total credit volume in the current quarter, up from 12% in the prior year period. A record 1,127 active client firms are trading 3 or more products on our market, which reflects the deep partnership that we have with our clients and the power of our liquidity. Once clients make the investment to connect to our platform, they want to do more with us, leveraging the power of our market to achieve superior trading results. This reflects the stickiness of MarketAxess in the workflow of our clients.

來自對沖基金和私人銀行客戶的交易量同比增長 36%，佔本季度信貸總量的 17%，高於去年同期的 12%。創紀錄的 1,127 家活躍客戶公司在我們的市場上交易 3 種或更多產品，這反映了我們與客戶的深厚合作關係以及我們的流動性力量。一旦客戶投資連接我們的平台，他們就會希望與我們一起做更多事情，利用我們市場的力量來實現卓越的交易結果。這反映了 MarketAxess 在我們客戶工作流程中的粘性。

Adoption of our automation suite of products continues to grow, as shown here on Slide 11. What Chris described earlier is playing out exactly as we had expected. Automation tools are only as good as the data that informs and powers the algorithm. Given the breadth of activity on our market, we believe our CP+ data is more accurate than that of our competitors. This is validated by CP+ sales growth over the last several quarters.

我們的自動化產品套件的採用率持續增長，如幻燈片 11 所示。克里斯之前描述的情況完全符合我們的預期。自動化工具的好壞取決於為算法提供信息和支持的數據。鑑於我們市場上的活動廣泛，我們相信我們的 CP+ 數據比競爭對手的數據更準確。過去幾個季度 CP+ 銷售增長證實了這一點。

In the second quarter, there were a record 7.4 million algo responses from dealers, an increase of 31% year-over-year with a 3-year CAGR of 28%. Adoption of automated tools continues to increase with our investor clients. Once again, we saw record Auto-X trade volume and count in the quarter with 3-year CAGRs of 32% and 43%, respectively, and a record 146 active client firms leveraging our automation tools. Of these active clients, 32% our top 100 clients in terms of total credit trading volume.

第二季度，經銷商的算法響應達到創紀錄的 740 萬條，同比增長 31%，三年復合年增長率為 28%。我們的投資者客戶對自動化工具的採用不斷增加。我們再次看到本季度 Auto-X 交易量和數量創歷史新高，三年復合年增長率分別為 32% 和 43%，並且有創紀錄的 146 家活躍客戶公司利用我們的自動化工具。在這些活躍客戶中，按信用交易總額計算，我們的前100名客戶佔32%。

Auto-X inquiry sizes are rising as clients become more comfortable with automation and dealers are increasingly using their algos to handle larger size trades. It's common for us to see clients start out small and then raise their thresholds as they gain confidence in our services. Responding to client interest, we've been steadily raising the maximum automation size which currently sits at $10 million. Auto-X trade volume now represents a record 10% of total credit volume and trade count is a record 23% of total credit trades. We believe that Adaptive Auto-X, our new suite of investor client algorithms will take our automation solutions to a new level by leveraging smart order routing to facilitate access to the entire MarketAxess ecosystem.

隨著客戶對自動化越來越熟悉，並且交易商越來越多地使用他們的算法來處理更大規模的交易，Auto-X 詢價規模正在不斷增加。我們經常看到客戶從小規模開始，然後隨著他們對我們的服務產生信心而提高他們的門檻。為了響應客戶的興趣，我們一直在穩步提高最大自動化規模，目前為 1000 萬美元。 Auto-X 交易量目前佔信貸總量的 10%，創歷史新高，交易數量佔信貸交易總量的 23%，創歷史新高。我們相信，我們新的投資者客戶端算法套件 Adaptive Auto-X 將利用智能訂單路由促進對整個 MarketAxess 生態系統的訪問，從而將我們的自動化解決方案提升到一個新的水平。

Slide 12 provides an update on Open Trading, our market-leading all-to-all liquidity pool. Despite the dramatically lower credit spread volatility in the quarter, which reduced price improvement measures, we continue to expand available liquidity with new alternative providers. A record 195 hedge funds provided liquidity on Open Trading in the quarter, an 18% increase from the prior year. The increased alternative liquidity on Open Trading is being driven by better data, which allows hedge funds and systematic investors to deploy trading strategies they have developed in other asset classes.

幻燈片 12 介紹了 Open Trading（我們市場領先的全方位流動性池）的最新情況。儘管本季度信用利差波動性大幅降低，從而減少了價格改善措施，但我們繼續通過新的替代供應商擴大可用流動性。本季度有 195 家對沖基金在公開交易中提供流動性，數量創歷史新高，較上年增加 18%。開放交易的另類流動性增加是由更好的數據推動的，這使得對沖基金和系統投資者能夠部署他們在其他資產類別中開發的交易策略。

One of the key drivers of our very strong increase in estimated market share for eurobonds is the enhanced liquidity offered through Open Trading. We achieved record eurobond trade volume in the quarter and a record 31% eurobond Open Trading share. In U.S. high grade, no touch trades executed between Auto-X and a dealer algo represented 19% of trade count in high grade on Open Trading, reflecting the increasing usage of automation tools in leveraging our unique liquidity pool.

我們歐洲債券估計市場份額強勁增長的關鍵驅動因素之一是通過開放交易提供的增強的流動性。我們在本季度實現了創紀錄的歐洲債券交易量和創紀錄的 31% 歐元債券公開交易份額。在美國高等級中，Auto-X 和交易商算法之間執行的非接觸交易占開放交易中高等級交易數量的 19%，這反映出自動化工具在利用我們獨特的流動性池方面的使用越來越多。

On Slide 13, we highlight the growing international diversification of our trading business. Second quarter growth in international average daily trade volume and trade count increased 14% and 28%, respectively. This was driven by record eurobond ADV, up 30% and EM local markets volume up 11%. June month end was extremely strong for EM local trading with a record of over USD 5 billion equivalent volume traded. This contributed to our second best day on the platform. It included 2 of our largest trades ever on our market, both around $300 million in size. From a regional perspective, LatAm generated record ADV in the quarter and the second best quarter in terms of revenue.

在幻燈片 13 中，我們強調了我們貿易業務日益增長的國際多元化。第二季度國際日均貿易量和貿易數量分別增長14%和28%。這是由創紀錄的歐元債券日交易量增長 30% 和新興市場本地市場交易量增長 11% 推動的。 6 月末新興市場本地交易極為強勁，交易量創下了超過 50 億美元等值的記錄。這促成了我們在平台上第二好的一天。其中包括我們市場上有史以來最大的兩筆交易，規模均約為 3 億美元。從區域角度來看，拉丁美洲在本季度創造了創紀錄的ADV，並且就收入而言是第二好的季度。

Now let me turn the call over to Chris Gerosa to review our financial performance.

現在讓我將電話轉給克里斯·格羅薩（Chris Gerosa），以審查我們的財務業績。

Thank you, Rich. On Slide 15, we provide a summary of our quarterly financials. For the quarter, we delivered revenue of $180 million, down slightly from the prior year. Record information services revenue of $12 million was up 24%. This strong performance was driven by the healthy pipeline of new contracts signed as we continue to experience strong adoption across our data product suite.

謝謝你，里奇。在幻燈片 15 上，我們提供了季度財務狀況的摘要。本季度，我們實現了 1.8 億美元的收入，比上年略有下降。記錄信息服務收入達 1200 萬美元，增長 24%。這種強勁的業績是由於我們的數據產品套件繼續得到廣泛採用而簽署的新合同的健康發展所推動的。

Based on the year-to-date progression of information services revenue, we expect to achieve full year revenue growth in the mid-teens. The effective tax rate was 24.2%, slightly lower than prior year, and we reported diluted EPS of $1.59 per share. Excluding the impact of foreign exchange losses and unrealized losses on U.S. treasury investments in the quarter, and the impact of foreign exchange gains in the prior year quarter, all of which are included in other income, diluted EPS would have been down 3% versus the reported 11% decline.

根據信息服務收入今年迄今的進展，我們預計全年收入將實現百分之十幾的增長。有效稅率為 24.2%，略低於上年，我們報告的稀釋後每股收益為 1.59 美元。排除本季度外匯損失和未實現損失對美國國債投資的影響，以及去年同期外匯收益的影響（所有這些都包含在其他收入中），稀釋後每股收益將下降 3%，而報告的下降幅度為 11%。

On Slide 16, we provide more detail on our commission revenue and fee capture. Total commission revenue decreased 3% in the quarter and year-to-date, it's running 3% above prior year levels. Total credit commission revenue was impacted by the dramatically low levels of volatility in the quarter, which reduced trading activity negatively impacting our trading volumes and estimated U.S. credit market share. This was partially offset by the revenue generated from strong market share gains in eurobonds, emerging markets and munis.

在幻燈片 16 上，我們提供了有關佣金收入和費用獲取的更多詳細信息。本季度和年初至今，佣金總收入下降了 3%，但比去年同期水平高出 3%。信貸佣金總收入受到本季度波動性極低的影響，交易活動減少，對我們的交易量和估計的美國信貸市場份額產生了負面影響。這部分被歐洲債券、新興市場和市政債券市場份額強勁增長所產生的收入所抵消。

The reduction in total credit fee capture from prior year was driven principally by the lower duration of U.S. high-grade bonds traded over our platform. Product mix shift and other credit products, primarily in U.S. high yield, and client crossing activity in eurobonds, which is executed at a lower fee capture rate. While U.S. high-grade fee capture declined year-over-year, duration has remained relatively stable over the last several months as reflected in the corporate bond duration index.

信貸費用總額較上一年減少的主要原因是在我們平台上交易的美國高等級債券久期較短。產品組合轉變和其他信貸產品（主要是美國高收益債券）以及歐洲債券的客戶交叉活動（以較低的費用捕獲率執行）。儘管美國的高等級費用捕獲量同比下降，但正如公司債券久期指數所反映的那樣，久期在過去幾個月中保持相對穩定。

On Slide 17, we provide a summary of our operating expenses. Second quarter expenses increased 7%, driven principally by continued investments to enhance the trading system and our data product offering. Employee compensation and benefits increased $3 million on a 17% increase in headcount as we continue to add technology and customer-facing roles to support revenue growth initiatives. Tech and communications expenses increased $3 million due to higher SaaS, data center and cloud hosting expenses.

在幻燈片 17 上，我們提供了運營費用摘要。第二季度費用增長了 7%，這主要是由於為增強交易系統和我們的數據產品提供而進行的持續投資。隨著我們繼續增加技術和麵向客戶的角色以支持收入增長計劃，員工薪酬和福利增加了 300 萬美元，員工人數增加了 17%。由於 SaaS、數據中心和雲託管費用增加，技術和通信費用增加了 300 萬美元。

On Slide 18, we provide an update on our balance sheet, cash flow and capital management. Our balance sheet continues to be solid with cash and investments totaling $506 million, and we had no outstanding debt as of June 30. We are actively investing our cash to take advantage of the favorable interest rate environment to continue to deliver strong net interest income in the coming quarters. During the past 12 months, we paid out approximately $107 million in quarterly dividends to our shareholders. Our Board of Directors declared a regularly quarterly cash dividend of $0.72 based on the financial performance of the company.

在幻燈片 18 中，我們提供了資產負債表、現金流和資本管理的最新信息。我們的資產負債表仍然穩健，現金和投資總額為 5.06 億美元，截至 6 月 30 日，我們沒有未償債務。我們正在積極投資現金，以利用有利的利率環境，在未來幾個季度繼續提供強勁的淨利息收入。在過去 12 個月中，我們向股東支付了約 1.07 億美元的季度股息。我們的董事會根據公司的財務業績宣布定期派發 0.72 美元的季度現金股息。

Now let me turn the call back to Chris for his closing comments.

現在讓我把電話轉回給克里斯，聽聽他的結束語。

In summary, on Slide 19, we continue to execute very well against our growth strategy. We have launched unique proprietary data solutions and embedded them in our new platform that we believe will help our clients make better trading decisions that achieve better outcomes. We have launched the first client algorithm, Adaptive Auto-X, in the U.S. credit markets. We successfully developed and launched our new trading platform, which integrates our unique data products and our various trading protocols in a single platform. We continue to expand our global client franchise, and we believe that we are entering a new period of growth in fixed income with higher rates that we expect will make fixed income a very attractive asset class in the years ahead.

總之，在幻燈片 19 上，我們繼續很好地執行我們的增長戰略。我們推出了獨特的專有數據解決方案，並將其嵌入我們的新平台中，我們相信這將幫助我們的客戶做出更好的交易決策，從而取得更好的結果。我們在美國信貸市場推出了第一個客戶端算法 Adaptive Auto-X。我們成功開發並推出了新的交易平台，將我們獨特的數據產品和各種交易協議集成在一個平台中。我們繼續擴大我們的全球客戶業務，我們相信我們正在進入固定收益增長的新時期，利率更高，我們預計這將使固定收益在未來幾年成為非常有吸引力的資產類別。

Now we would be happy to open the line for questions.

現在我們很樂意開通提問熱線。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Chris Allen with Citi.

你的第一個問題來自花旗銀行的克里斯·艾倫 (Chris Allen)。

I wanted to ask about Adaptive Auto-X. Maybe you can give us a rough time on in terms of expectations for a broader rollout of the platform. We know you have 80+ clients and you have your first trade on it. And then maybe you can provide a refresher just in terms of how you think that's going to impact client execution quality and the potential cost savings for clients and how that trends is to improve performance longer term?

我想問一下有關 Adaptive Auto-X 的問題。也許您可以給我們一段艱難的時間，讓我們了解一下對該平台更廣泛推出的期望。我們知道您有 80 多個客戶，並且您進行了第一筆交易。然後，也許您可以回顧一下您認為這將如何影響客戶執行質量和為客戶節省的潛在成本，以及這種趨勢如何提高長期績效？

Great. And Chris, thanks for that question. Obviously, Adaptive Auto-X is in the early stages. As we mentioned, it's still in pilot. It will remain in pilot through the remainder of the summer. And based on early indications, performance is quite attractive and as expected. The key thing about Adaptive is it allows a client to submit a larger parent order, which then breaks into what we call child orders, and those orders can be placed across various different protocols.

偉大的。克里斯，謝謝你提出這個問題。顯然，Adaptive Auto-X 還處於早期階段。正如我們提到的，它仍處於試點階段。它將在夏季剩餘時間內繼續進行試點。根據早期跡象，表現相當有吸引力且符合預期。自適應的關鍵在於它允許客戶提交更大的父訂單，然後將其分解為我們所說的子訂單，並且這些訂單可以跨各種不同的協議下達。

The other unique thing about Adaptive Auto-X is it is pegged to the market, meaning you can choose your relative price and it will remain pegged to the market and reprice as the market moves throughout the morning or the day. As we mentioned, we have 8 clients in pilot with probably another 3 or 4 in the queue, all of various shapes and sizes. Some of them are quite large clients, traditional asset managers and some are a number of smaller hedge funds. So we're trying to do a broad cross-section.

Adaptive Auto-X 的另一個獨特之處是它與市場掛鉤，這意味著您可以選擇相對價格，它將保持與市場掛鉤，並隨著市場整個上午或一天的變化而重新定價。正如我們提到的，我們有 8 名客戶在試點，可能還有 3 或 4 名客戶在排隊，他們的形狀和大小各不相同。其中一些是相當大的客戶、傳統的資產管理公司，還有一些是一些規模較小的對沖基金。所以我們正在嘗試做一個廣泛的橫截面。

Just to complete your question around the performance of Adaptive Auto-X and the goal, it's really to allow clients to outsource their trading strategies into really a very sophisticated AI-driven algorithm. And the unique thing about Adaptive Auto-X and end market access is that it takes advantage of our Open Trading solutions, both our Live Markets order book as well as our all-to-all Open Trading solution in RFQ. So it allows clients to actually not cross spread for some portion of their order, which is a substantial improvement in price given the size of spreads in our market. So it's a very unique offering that leverages our competitive position in all-to-all trading. That's huge liquidity pool that we always talk about Open Trading, Adaptive Auto-X is uniquely designed around that solution.

只是為了完成您關於 Adaptive Auto-X 的性能和目標的問題，它實際上是允許客戶將他們的交易策略外包給一個非常複雜的人工智能驅動的算法。自適應 Auto-X 和終端市場准入的獨特之處在於，它利用了我們的開放交易解決方案，包括我們的實時市場訂單簿以及詢價中的全面開放交易解決方案。因此，它允許客戶實際上不對訂單的某些部分進行交叉點差，考慮到我們市場上的點差規模，這對價格來說是一個重大的改進。因此，這是一個非常獨特的產品，充分利用了我們在全方位交易中的競爭地位。這是我們經常談論的開放交易的巨大流動性池，Adaptive Auto-X 是圍繞該解決方案進行獨特設計的。

And then obviously, we plan to roll that out over the course of the fall and into next year. The client feedback thus far has been very positive. We have a number of clients begging to be in the pilot, but we're trying to keep the pilot at this point, small. The other important thing, and we've rolled out a number of new data products, there's one product in particular when combined with Adaptive Auto-X makes it a much more interesting opportunity, and that's called matchability, and matchability predicts the opportunity of a specific bond to find a matching buyer or seller on our platform. So that, combined with Adaptive Auto-X, increases the clients' likelihood of not crossing spread by being very careful about their bond selection when they're building their portfolio.

顯然，我們計劃在秋季和明年推出這一計劃。迄今為止，客戶的反饋非常積極。我們有許多客戶請求參與試點，但我們目前正在努力保持試點規模較小。另一件重要的事情是，我們推出了許多新的數據產品，其中有一個產品特別是與 Adaptive Auto-X 結合使用時，會帶來更有趣的機會，這就是所謂的可匹配性，可匹配性預測特定債券在我們的平台上找到匹配買家或賣家的機會。因此，與自適應 Auto-X 相結合，客戶在構建投資組合時非常謹慎地選擇債券，從而增加了不交叉利差的可能性。

Chris, just add to this. And Chris, it's Rich Schiffman here. And just to address the question about execution quality and building on what Chris just said here. It's really exciting to see what's going on in the pilot because this was an example of one of the trades, where we had something that would have been a traditional RFQ and a liquidity taker paying bid-ask spread and getting quite competitive execution quality on our system. But because they use Adaptive Auto-X, they were able to leave their order resting in our order book Live Markets when then someone else came along and executed against them.

克里斯，補充一下。克里斯，我是里奇·希夫曼。只是為了解決有關執行質量的問題並以克里斯剛才所說的為基礎。看到試點中發生的事情真的很令人興奮，因為這是其中一個交易的示例，其中我們有傳統的詢價和流動性接受者支付買賣差價，並在我們的系統上獲得相當有競爭力的執行質量。但因為他們使用 Adaptive Auto-X，所以當其他人出現並針對他們執行時，他們能夠將訂單保留在我們的訂單簿實時市場中。

So as Chris pointed out, crossing bid-ask spread, it's tying together the different protocols that we have that historically have kind of sat by themselves and we left it up to traders on the system to have to go manually to each of the different protocols to take advantage of them. So that was really the most exciting thing, seeing this work across the protocols, I think we had 1 execution that was done in 3 different ways, both on Live Markets as a provider of liquidity and then the remainder done as an RFQ, all done automatically through Adaptive Auto-X.

因此，正如克里斯指出的那樣，交叉買賣差價將我們歷史上各自擁有的不同協議聯繫在一起，我們將其留給系統上的交易者，必須手動訪問每個不同的協議才能利用它們。因此，這確實是最令人興奮的事情，看到這項跨協議的工作，我認為我們以 3 種不同的方式完成了 1 次執行，既在實時市場上作為流動性提供者，然後將其餘部分作為詢價完成，所有這些都通過 Adaptive Auto-X 自動完成。

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

您的下一個問題來自 KBW 的 Kyle Voigt。

Just wondering if I could ask a question on recent trends in the high-grade business. It seemed that really from 4Q '21 through May of this year, you had stabilized market share trends versus your largest U.S. competitor, especially as you had fully rolled out a PT offering of your own. However, in June specifically, we've again seen some share loss in U.S. high grade versus that peer.

只是想知道我是否可以提出有關高檔業務最新趨勢的問題。從 2021 年第四季度到今年 5 月，與美國最大的競爭對手相比，你們的市場份額趨勢似乎確實穩定了，特別是當你們全面推出了自己的 PT 產品時。然而，特別是在 6 月份，我們再次看到美國高等級石油公司的份額相對於同行有所下降。

Just wondering what has driven that recently in high grade? And are you hearing anything from clients that would suggest there is any pure customer switching occurring of kind of standard RFQ or even OT activity?

只是想知道最近高年級的原因是什麼？您是否從客戶那裡聽到任何消息表明存在任何純粹的客戶轉換（例如標準詢價甚至加班活動）？

Sure. Happy to address. Thanks for the question. Obviously, across our other competitive products, things like high yield, EM and eurobonds, we continue to see share growth over the quarters and certainly over the years. And those are products that are offered in a competitive environment as well. High grade seems to be a unique area where we've bumped into our share growth challenges and particularly around portfolio trading, as I mentioned in our opening remarks, we've certainly seen portfolio trading grow within the market.

當然。很高興能夠發表講話。謝謝你的提問。顯然，在我們的其他競爭產品中，如高收益債券、新興市場債券和歐洲債券，我們繼續看到份額在各個季度、甚至多年來的增長。這些產品也是在競爭環境中提供的。高等級似乎是一個獨特的領域，我們在其中遇到了股票增長的挑戰，特別是在投資組合交易方面，正如我在開場白中提到的，我們當然看到了投資組合交易在市場內的增長。

It's now somewhere between 5% and 6% of the overall market, and that has grown over the past couple of years. We are hearing from clients that they are using portfolio trading for workflow solutions. So they are able to move large amounts of investment flows in and out of their portfolio through a very seamless onetime trade or one price trade. We see portfolio trading happening direct with dealers even over Excel spreadsheets. We see it happen in the competitive environment. And obviously, we're talking to our clients regularly on what are their needs for portfolio trading on our platform.

目前它佔整個市場的 5% 到 6% 之間，並且在過去幾年中一直在增長。我們從客戶那裡得知，他們正在使用投資組合交易作為工作流程解決方案。因此，他們能夠通過非常無縫的一次性交易或單價交易將大量投資資金流入和流出其投資組合。我們看到投資組合交易甚至可以通過 Excel 電子表格直接與交易商進行。我們看到這種情況發生在競爭環境中。顯然，我們定期與客戶討論他們對我們平台上的投資組合交易的需求。

We are just now rolling out a number of enhancements to our portfolio trading platform. We've rolled out on our new platform that we talked about earlier, a brand-new enhanced portfolio trading tool that expands the number of line items clients can trade. It also, more importantly, embeds our unique data, tradability data, which is an important data product that we rolled out that helps clients not only trade the portfolio and determine price of that portfolio but clients are trying to figure out what should be in their portfolio before they do a portfolio trade.

我們剛剛推出了對我們的投資組合交易平台的多項增強功能。我們在之前討論過的新平台上推出了一種全新的增強型投資組合交易工具，可以擴大客戶可以交易的行項目數量。更重要的是，它還嵌入了我們獨特的數據——可交易性數據，這是我們推出的一個重要的數據產品，它不僅可以幫助客戶交易投資組合併確定該投資組合的價格，而且還可以幫助客戶在進行投資組合交易之前弄清楚他們的投資組合中應該包含什麼。

We see clients more often than not amending their portfolio, adjusting the line adjacent that portfolio to improve price or to choose the right protocol and they're using our tradability data as a line-by-line solution to help them build that portfolio before making that portfolio trade and optimizing price. So we're feeling very good and very positive about our new portfolio trading enhancements, and we have a number of enhancements that are rolling out in August and throughout the course of the fall.

我們經常看到客戶修改他們的投資組合，調整該投資組合附近的行以提高價格或選擇正確的協議，他們使用我們的可交易性數據作為逐行解決方案，幫助他們在進行投資組合交易和優化價格之前構建該投資組合。因此，我們對新的投資組合交易增強功能感到非常好和非常積極，並且我們將在 8 月和整個秋季推出許多增強功能。

Kyle, it's Rich. I was just going to add a couple of things about it also. The current environment, which is pretty low volatility, as Chris pointed out earlier, there's not a big premium being paid to get the PTs done that way. So there's no question, there's been a bit of a shift in some of that activity. We're picking up PT business also, although maybe not growing as fast as the overall amount taking place.

凱爾，我是里奇。我也想補充一些相關內容。正如克里斯之前指出的，當前的環境波動性相當低，因此不需要支付很大的溢價來完成這種 PT。所以毫無疑問，其中一些活動發生了一些變化。我們也在開展 PT 業務，儘管增長速度可能不如總量。

We are fully invested in it and making sure that we've got the most competitive product out there in the market, particularly around the usability in terms of the workflow, making sure it's very easy. The work in our new trading platform is very much geared around the PT workflow and making sure that, that goes smoothly. And in particular, longer term, this is one thing we're quite focused on is looking for ways to more PTs and traditional in comp list business. So that we give traders at the point of execution when they're going out, which is the better way to execute this trade. Should I go in comp list? Should I go PT? It's going to vary depending upon what they're trading, what's going on in the market at that time. But PT, it's a pretty concentrated business in terms of liquidity provision.

我們對此進行了充分投資，並確保我們擁有市場上最具競爭力的產品，特別是在工作流程方面的可用性，確保它非常簡單。我們新交易平台的工作很大程度上圍繞 PT 工作流程進行，並確保其順利進行。特別是，從長遠來看，我們非常關注的一件事是尋找更多 PT 和傳統比較列表業務的方法。這樣我們就可以在交易者外出時為他們提供執行點，這是執行此交易的更好方式。我應該進入補償名單嗎？我應該去PT嗎？它會根據他們交易的內容以及當時市場的情況而有所不同。但就流動性供應而言，PT 是一項相當集中的業務。

I think there's maybe half a dozen or 8 or so firms that are active in it, and it's quite concentrated with half that number, if that. And to forgo all of the broad liquidity in the market from the over 1,000 liquidity providers that we have seems an unfortunate thing to do. So that's kind of on our long-term roadmap with PT is look for ways how we can bring that broad liquidity together with the benefits of the portfolio trading workflow.

我認為可能有六家或八家左右的公司活躍在其中，而且如果是這樣的話，集中度只有這個數字的一半。放棄我們擁有的 1,000 多家流動性提供者提供的市場上所有廣泛的流動性似乎是一件不幸的事情。因此，我們與 PT 的長期路線圖就是尋找如何將廣泛的流動性與投資組合交易工作流程的優勢結合起來的方法。

Your next question comes from the line of Benjamin Budish with Barclays.

你的下一個問題來自巴克萊銀行的本傑明·布迪什。

I wanted to kind of follow back a little bit on Chris' question from earlier, just in terms of the kind of early reads from Adaptive Auto-X and thinking about, Rich, some of your comments on Auto-X thing, the trade sizes increase. I guess for Adaptive Auto-X, do you think this is going to be a kind of a quicker solution to seeing trade sizes increase?

我想稍微回顧一下 Chris 之前提出的問題，只是就 Adaptive Auto-X 的早期閱讀而言，並思考 Rich，您對 Auto-X 事情的一些評論，交易規模增加了。我想對於 Adaptive Auto-X，您認為這會是一種更快的解決方案來增加交易規模嗎？

Or is it perhaps more like what you're seeing with your Auto-X product, you expect traders to kind of get more comfortable and over time, they start putting in larger and larger tickets? So yes, any kind of early reads from the behavior you're seeing from your clients in pilot?

或者它可能更像您在 Auto-X 產品中看到的情況，您希望交易者變得更加舒適，並且隨著時間的推移，他們開始投入越來越大的票據？那麼，是的，您在試點中從客戶那裡看到的行為有什麼早期的解讀嗎？

Yes. I think -- thanks, Benjamin for the question. I think we're going to see larger volumes coming through on it, but it might not necessarily be reflected in larger tickets because part of what the benefit of Adaptive Auto-X is its ability to really easily break up a large inquiry or order into smaller pieces and get quality execution at an average price across those executions. So I think it will be a tool for attracting these larger orders into the system, although the actual executions of them might happen in relatively smaller pieces.

是的。我想——謝謝本傑明提出的問題。我認為我們將會看到更大的交易量，但它可能不一定反映在更大的訂單中，因為 Adaptive Auto-X 的部分好處是它能夠真正輕鬆地將大型詢價或訂單分解為較小的部分，並在這些執行中以平均價格獲得高質量的執行。因此，我認為它將成為吸引這些較大訂單進入系統的工具，儘管它們的實際執行可能會發生在相對較小的部分中。

Your next question comes from the line of Patrick Moley with Piper Sandler.

你的下一個問題來自帕特里克·莫利（Patrick Moley）和派珀·桑德勒（Piper Sandler）的對話。

Chris, earlier this month, there was a -- or maybe late last month, there was a large liquidity provider, market maker out there that was talking about wanting to become more involved in the U.S. credit market. So just wondering what your thoughts are on some of these larger players leaning into credit, maybe what it means for automation and maybe what it means for your Adaptive Auto-X tool more specifically?

克里斯，本月早些時候，或者可能是上個月末，有一家大型流動性提供商、做市商正在談論希望更多地參與美國信貸市場。因此，我想知道您對這些傾向於信貸的大型企業有何看法，也許這對自動化意味著什麼，或者更具體地說，這對您的 Adaptive Auto-X 工具意味著什麼？

Sure. Great question. And obviously, from a macro perspective, it's quite positive that everyone is looking at the fixed income market as an attractive environment for the coming years with yields at these levels. Obviously, the Fed is contemplating another 0.25 point rate hike next week.

當然。很好的問題。顯然，從宏觀角度來看，每個人都將固定收益市場視為未來幾年具有吸引力的環境，收益率達到目前水平，這是非常積極的。顯然，美聯儲正在考慮下週再次加息 0.25 點。

And if obviously, if the Fed halts rate hikes next week, that's certainly going to be very positive for fixed income investing. And even BlackRock recently predicted a surge in fixed income investments once the Fed stops raising rates. So the overall macro environment is quite attractive for the fixed income market and certainly credit, in particular.

顯然，如果美聯儲下週停止加息，這肯定會對固定收益投資非常有利。就連貝萊德最近也預測，一旦美聯儲停止加息，固定收益投資就會激增。因此，整體宏觀環境對固定收益市場尤其是信貸市場相當有吸引力。

The new entrants of the most recent -- and I think there was a story in the FT about Citadel joining the credit markets as a liquidity provider. It's really a trend that we're seeing. Obviously, Citadel is a very large player across many different asset classes and their entrance is a very important sign of things to come. We are also seeing other entrants, particularly out of the ETF market maker groups entering the credit markets as well.

最近的新進入者——我認為《金融時報》上有一篇關於 Citadel 作為流動性提供者加入信貸市場的報導。這確實是我們看到的一種趨勢。顯然，Citadel 是跨越許多不同資產類別的非常大的參與者，他們的進入是未來發展的一個非常重要的標誌。我們還看到其他進入者，特別是 ETF 做市商團體也進入信貸市場。

And we certainly offer a unique offering with all-to-all trading where you can have a new entrant join the market and join a network of 2,000 clients around the globe. So the ability for that new entry to step into the market is quite powerful here. But they all are entering with a strong bend towards electronic trading. Obviously, Citadel is known for its electronic trading prowess, and the other ETF market makers and systematic hedge funds that we're seeing enter our market are all leveraging very advanced trading technology, which makes a very attractive outcome for things like our overall automation suite, including the Adaptive Auto-X launch.

當然，我們還提供獨特的全方位交易服務，您可以讓新進入者加入市場並加入由全球 2,000 名客戶組成的網絡。因此，新進入者進入市場的能力在這裡是相當強大的。但他們都強烈傾向於電子交易。顯然，Citadel 以其電子交易能力而聞名，我們看到進入我們市場的其他 ETF 做市商和系統對沖基金都在利用非常先進的交易技術，這為我們的整體自動化套件（包括 Adaptive Auto-X 的推出）帶來了非常有吸引力的結果。

Your next question comes from the line of Simon Clinch with Atlantic Equities.

您的下一個問題來自大西洋股票公司的西蒙·克林奇 (Simon Clinch)。

I just got a question about the data side and perhaps CP+. Just -- could you expand on the opportunities for monetizing your proprietary data set, which is significant and I think still quite early stage? And just how we should think about the size of that opportunity, the timing of that really flowing through into your business?

我剛剛收到一個關於數據方面的問題，也許還有 CP+ 方面的問題。只是——您能否擴大專有數據集貨幣化的機會，這很重要，我認為仍處於早期階段？我們應該如何考慮這個機會的大小，以及它真正流入您的業務的時機？

Sure. Great question, and we love to talk about our data here at MarketAxess. Just to put it into perspective, the addressable market that I spoke about, about $1 billion of that addressable market is data revenue. So we are very bullish on the opportunity in the data space.

當然。很好的問題，我們喜歡在 MarketAxess 上討論我們的數據。客觀地說，我談到的潛在市場，其中大約 10 億美元是數據收入。因此，我們非常看好數據領域的機會。

Our data revenues have been consistently growing as a result of the demand for CP+, our real-time data. It's a strong data product in the U.S. for U.S. corporate bonds. Obviously, we think it's the benchmark for real-time trading of U.S. corporate bonds. But more importantly, in eurobonds, in EM, we're seeing high demand, particularly in EM, which is a much more difficult market to trade. We see high demand for CP+ across those international markets. And as we grow our footprint -- our trading footprint, and we did grow our trading footprint both in eurobonds and EM that data product becomes that much more valuable. So we're certainly projecting very attractive growth rates for CP+ internationally as well as here.

由於對 CP+（我們的實時數據）的需求，我們的數據收入持續增長。這是美國公司債券的強大數據產品。顯然，我們認為這是美國公司債券實時交易的基準。但更重要的是，在歐洲債券、新興市場，我們看到了很高的需求，特別是在新興市場，這是一個更難交易的市場。我們看到這些國際市場對 CP+ 的需求很高。隨著我們的足跡——我們的交易足蹟的擴大，我們確實擴大了歐洲債券和新興市場的交易足跡，數據產品變得更加有價值。因此，我們當然預計 CP+ 在國際上和國內的增長率都非常有吸引力。

With regard to the proprietary data products, and I named a number of them that are newly into production and being launched over the coming months and quarters. They are all designed to really attract trading volume at this point. What we intend to do is embed them in our new trading platform. And so our clients can only see that data when they load in order on our platform and engage our platform for trading. And we believe it's a very careful -- curated way of attracting more orders on the platform, but also helping our clients determine how best to trade their orders given the size and given the unique liquidity in the market.

關於專有數據產品，我列出了其中一些新投入生產並在未來幾個月和幾個季度推出的產品。它們都是為了真正吸引此時的交易量而設計的。我們打算做的是將它們嵌入到我們的新交易平台中。因此，我們的客戶只有在我們的平台上按順序加載並參與我們的平台進行交易時才能看到這些數據。我們相信，這是一種非常謹慎的策劃方式，可以在平台上吸引更多訂單，同時也可以幫助我們的客戶根據市場的規模和獨特的流動性確定如何最好地交易訂單。

So things like tradability will predict the number of responses that you should get back on a given bond, CP responder will actually predict the likelihood of winning an inquiry based on your unique price and size. And CP inquiry predicts the best price of an inquiry based on the client type and the size of your bonds. So these are very unique, very proprietary data products that we're rolling out. And our latest AI Dealer Direct will actually help you select your dealer counterparty, which is very important when you're trading larger-sized orders in our market.

因此，諸如可交易性之類的因素將預測您應該對給定債券獲得的回複數量，CP 回复者實際上會根據您獨特的價格和規模來預測贏得詢價的可能性。 CP詢價會根據客戶類型和債券規模預測詢價的最佳價格。因此，我們推出的這些是非常獨特、非常專有的數據產品。我們最新的 AI Dealer Direct 實際上會幫助您選擇交易對手，這在您在我們的市場上交易較大訂單時非常重要。

So all of these at the outset will be offered exclusively on the platform with lots of restrictions for use. But we do believe, over time, we'll be able to monetize them into pure data feeds for our clients to use in their own proprietary platforms. So over time, we're excited about the opportunity. But right now, the focus of these data products is growing our market share across all our products.

因此，所有這些一開始都將在平台上獨家提供，並有很多使用限制。但我們確實相信，隨著時間的推移，我們將能夠將它們貨幣化為純數據源，供我們的客戶在他們自己的專有平台中使用。因此，隨著時間的推移，我們對這個機會感到興奮。但目前，這些數據產品的重點是增加我們所有產品的市場份額。

Your next question comes from the line of Daniel Fannon with Jefferies.

你的下一個問題來自丹尼爾·範農 (Daniel Fannon) 和杰弗里斯 (Jefferies) 的對話。

Chris, first, I just wanted to clarify your comments around June. I think you said market share consistent with May -- I'm sorry, July comments, which I think you said were consistent with mid-June. Just curious if that's different than how the end of June ended up?

克里斯，首先，我只是想澄清一下你在六月左右的評論。我認為您所說的市場份額與 5 月一致——對不起，7 月的評論，我認為您所說的與 6 月中旬一致。只是好奇這是否與六月底的結果有所不同？

And then as you think about the current environment, maybe it would be helpful to think about just given how many macro factors have been impacting both market activity as well as client behavior. What is maybe kind of the ideal backdrop for your products, your platforms and protocols to perform?

然後，當您思考當前環境時，考慮一下有多少宏觀因素影響著市場活動和客戶行為，也許會有所幫助。您的產品、平台和協議執行的理想背景是什麼？

Sure. So to be accurate, my comment around June levels were running consistent with mid-June levels. Obviously, we can't predict the next 8 days and I will remind you that there is a Fed -- potential Fed rate hike next week, which, as you can imagine, can impact volatility quite dramatically. And more and more of volumes are moving into the month-end close.

當然。因此，準確地說，我對 6 月水平的評論與 6 月中旬的水平一致。顯然，我們無法預測未來 8 天，我會提醒您，美聯儲下周可能加息，正如您可以想像的那樣，這可能會極大地影響波動性。越來越多的交易量即將進入月末收盤階段。

We've seen that trend building over the last couple of years. And certainly, it's reflective of the indexation of the fixed income market. But -- so again, mid-June levels is what I mentioned. And then just a macro market. We're certainly excited about a potential end to rate hikes because what we've seen over the last quarter is really a lack of investment conviction among our clients. And we heard that directly from our clients as we've gone out to talk to all our clients globally.

我們已經看到這種趨勢在過去幾年中不斷增強。當然，它反映了固定收益市場的指數化。但是，我再說一遍，六月中旬的水平。然後只是宏觀市場。我們當然對加息的可能結束感到興奮，因為我們在上個季度看到客戶確實缺乏投資信念。當我們出去與全球所有客戶交談時，我們直接從客戶那裡聽到了這一點。

Remember, we had a March banking crisis that left investors with a great deal of caution, particularly around bonds, a sizable portion of the bond market is from the banking sector. So there is quite a great deal of concern around that crisis post the March crisis. And then now our clients have really turned to watching Fed moves and the continuation of rate hikes. But as we mentioned earlier, any halt to the Fed rate hikes will leave investors much more attractive towards their potential fixed income investing.

請記住，三月份的銀行業危機讓投資者非常謹慎，特別是在債券方面，債券市場的很大一部分來自銀行業。因此，三月份危機之後，人們對這場危機非常擔憂。現在我們的客戶確實開始關注美聯儲的舉動和加息的繼續。但正如我們之前提到的，美聯儲加息的任何停止都將使投資者對其潛在的固定收益投資更具吸引力。

So we're bullish about the market over the coming quarters and years. The other piece of information, and we've spent the last 6 months going out talking to our clients, as you probably saw in many of their own earnings releases, they've been cutting costs as a result of the revenue challenges that they've had as a result of last year. And those cost cuts come in 2 important pieces. It comes in technology budgets have been cut and headcounts have been cut.

因此，我們看好未來幾個季度和幾年的市場。另一條信息是，我們在過去 6 個月裡一直在與客戶交談，正如您可能在他們自己的許多收益發布中看到的那樣，由於去年面臨的收入挑戰，他們一直在削減成本。這些成本削減分為兩個重要部分。它來自於技術預算被削減和員工人數被削減。

So if you can imagine the environment where rate hikes are halted and there's a surge in investing in fixed income assets, those clients are going to need to outsource their trading solutions and outsource their tech needs to deal with the workflow challenges that they're going to have, particularly the reduction of their traders that we've seen.

因此，如果你可以想像一下加息停止並且固定收益資產投資激增的環境，這些客戶將需要外包他們的交易解決方案並外包他們的技術需求，以應對他們將面臨的工作流程挑戰，特別是我們所看到的交易員的減少。

So we feel exceptionally well positioned around the current market environment, particularly if you see rate hikes halted and the need by all of our clients for technology solutions and better workflow solutions, things like our new trading platform offers very seamless workflow solutions as well as our whole automation suite, which, by the way, continues to grow quarter-over-quarter across high-grade, high-yield EM and eurobonds. So we're quite excited about the position we've put ourselves in, given the potential for the inflows that could come into that fixed income environment.

因此，我們感覺在當前的市場環境中處於非常有利的位置，特別是如果你看到加息停止以及我們所有客戶對技術解決方案和更好的工作流程解決方案的需求，比如我們的新交易平台提供了非常無縫的工作流程解決方案以及我們的整個自動化套件，順便說一句，該套件在高等級、高收益新興市場和歐洲債券方面繼續逐季度增長。因此，考慮到可能流入固定收益環境的資金流入的潛力，我們對自己所處的位置感到非常興奮。

I was just going to add to that, Chris. Daniel, it's also worth looking at the refunding calendar. And I don't have the exact number off hand, but I thought I heard something like next year, it's over $1 trillion of paper that needs to be refunded. And that's going to create a lot of activity in the market, which is definitely favorable for our platform.

我只是想補充一點，克里斯。丹尼爾，退款日曆也值得一看。我手頭沒有確切的數字，但我想我聽說明年會有超過 1 萬億美元的紙張需要退款。這將在市場上創造大量活動，這絕對有利於我們的平台。

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

你的下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

I was hoping you could share your latest thoughts on the regulatory landscape. Is there anything in particular that you guys are watching that could be a helpful tailwind for the business or maybe a little bit of risk on the headwind side that we could see in the coming years?

我希望您能分享您對監管環境的最新想法。你們正在關注的有什麼特別的事情可能對業務有幫助的順風，或者可能是我們在未來幾年可能看到的逆風方面的一點風險？

And then specifically, just curious, the latest you're hearing on last proposal to cut the TRACE reporting time from 15 minutes to 1 minute and what sort of impact that might have?

然後具體來說，只是好奇，您聽到的最新提案是將 TRACE 報告時間從 15 分鐘縮短到 1 分鐘，這可能會產生什麼樣的影響？

Sure. From the regulatory side, and obviously, we have a global footprint, so we are mindful of regulations across the globe. Here in the U.S., obviously, we're still tracking the SEC's proposals around the treasury market. They're obviously very favorable towards all-to-all and we continue to hear support for all-to-all and treasuries by regulators.

當然。從監管方面來看，顯然，我們的業務遍及全球，因此我們關注全球各地的監管。顯然，在美國，我們仍在跟踪美國證券交易委員會有關國債市場的建議。他們顯然非常支持all-to-all，並且我們繼續聽到監管機構對all-to-all和財政部的支持。

T1 is another proposal that we're tracking quite closely. Obviously, the requirement to move settlement to T1 does have an impact on institutional straight-through processing. And many times, that can be favorable to electronic trading more broadly and electronic processing. So T1 is one we look out for. And while it's a lot of work for everybody, it's slightly favorable to the electronic solutions over the long term.

T1 是我們正在密切跟踪的另一個提案。顯然，結算移至T1的要求確實對機構直通處理產生了影響。很多時候，這有利於更廣泛的電子交易和電子處理。所以 T1 是我們關注的一個。雖然這對每個人來說都是一項繁重的工作，但從長遠來看，這對電子解決方案稍微有利。

The TRACE proposal moving to a 1-minute reporting time, if you look at the market, the majority of the market is near that reporting time today. Obviously, manual reports take a little bit longer, but we would expect that to improve, again, similar to T+1 straight-through processing and electronic trading more broadly.

TRACE 提案轉向 1 分鐘報告時間，如果你觀察市場，今天大部分市場都接近該報告時間。顯然，手動報告需要更長的時間，但我們預計這一情況會再次改善，類似於 T+1 直通式處理和更廣泛的電子交易。

In Europe, we continue to hear from the regulators around what is an MTF, the perimeters of an MTF and what needs to be an MTF. And it's certainly having an impact on the regulatory environment where we see potential new entrants in alternative platforms that try to aggregate trading. It's very clear in Europe that MTF regulation is becoming more restrictive based on those trading perimeters. We operate in MTF throughout Europe. So we're quite comfortable in that environment where you need to be an MTF to step into our space. But more broadly, we don't see any regulatory wins that have material detriment really much more positive to support electronic trading across the globe.

在歐洲，我們不斷收到監管機構關於什麼是 MTF、MTF 的範圍以及 MTF 需要什麼的意見。這肯定會對監管環境產生影響，我們看到潛在的新進入者試圖聚合交易的替代平台。很明顯，在歐洲，MTF 監管正在根據這些交易範圍變得更加嚴格。我們在整個歐洲的 MTF 開展業務。因此，我們對那種需要成為 MTF 才能進入我們空間的環境感到非常滿意。但更廣泛地說，我們沒有看到任何監管方面的勝利對支持全球電子交易產生更積極的實質性損害。

Yes. One thing I would just add to that, Michael, if there's any change in bank capital requirements to the tighter side, that's going to be a tailwind for electronic trading, certainly for all-to-all trading because that liquidity has to get made up somewhere else. And if it becomes harder for the banks to be providing, it is going to open the door for a lot more activity in Open Trading.

是的。我想補充的一件事是，邁克爾，如果銀行資本要求有任何變化，變得更加收緊，這將成為電子交易的順風，尤其是全面交易，因為流動性必須在其他地方彌補。如果銀行提供服務變得更加困難，這將為開放交易中更多的活動打開大門。

(Operator Instructions)

（操作員說明）

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

您的下一個問題來自高盛的 Alex Blostein。

So a little bit of a bigger-picture question for you guys, and I appreciate all the discussions around some of the new initiatives. But I guess when we look at Slide 11, where you outlined progress on Auto-X, CP+, Algo trades, et cetera. They're all up into the right, but the high yield or high grade rather than market share has been relatively range-bound as we talked about for the last couple of years.

對於你們來說，這是一個更宏觀的問題，我感謝圍繞一些新舉措的所有討論。但我想當我們看幻燈片 11 時，您概述了 Auto-X、CP+、Algo 交易等方面的進展。它們都是正確的，但正如我們過去幾年所討論的那樣，高產量或高品位而不是市場份額相對范圍有限。

So are they just taking share of the back book, so kind of like the legacy RFQ business and that's kind of the change in client behavior that you're observing, but it doesn't really materialize in higher market share? And what, in your view, will necessarily sort of change that? So as you think about high-grade goals over the next couple of years, what could that look like on the back of these initiatives?

那麼，他們是否只是佔據了後台的份額，有點像傳統的詢價業務，這就是您所觀察到的客戶行為的變化，但它並沒有真正實現更高的市場份額？在您看來，什麼必然會改變這一點？因此，當您考慮未來幾年的高級目標時，這些舉措的背後會是什麼樣子？

Sure. First, obviously, we continue to grow share, as I mentioned, across a number of our key products in the face of competition and high grade, in particular, we are generally impacted by a lower volatility, particularly around the ETF market, given how important we are to the ETF market makers and some of the systematic hedge funds that trade that ETF are.

當然。首先，顯然，正如我所提到的，面對競爭和高等級，我們在一些關鍵產品上的份額繼續增長，特別是，考慮到我們對 ETF 做市商和一些交易 ETF 的系統性對沖基金的重要性，我們普遍受到波動性較低的影響，特別是在 ETF 市場周圍。

So we typically are more impacted than any competitors in that market. With regard to high-grade portfolio trading, while we did grow our portfolio trading in high grade somewhere around 13% year-over-year, it's really not as fast as the market has been growing. So the competitive impact in high grade is largely around the growth of portfolio trading in high grade. We do feel very comfortable about the launch of our enhanced portfolio trading platform and our embedded unique data attributes, and that's what clients are asking us for.

因此，我們通常比該市場的任何競爭對手受到的影響更大。關於高級投資組合交易，雖然我們的高級投資組合交易確實同比增長了 13% 左右，但實際上並沒有市場增長那麼快。因此，高等級的競爭影響很大程度上取決於高等級投資組合交易的增長。我們確實對增強型投資組合交易平台和嵌入式獨特數據屬性的推出感到非常滿意，而這正是客戶對我們的要求。

We've been out talking to clients that are a portfolio traders. And obviously, as Rich mentioned, it's a very concentrated dealer market in the portfolio space but it's certainly also concentrated among the number of traders that trade portfolio -- trades at the various client desks. I will tell you, we are protocol-agnostic. While we obviously have different rates for different protocols, we are delivering protocols that our clients are asking for, and we're delivering unique data to help them decide the appropriate protocol at the appropriate time.

我們一直在與投資組合交易者的客戶進行交談。顯然，正如里奇所提到的，這是一個在投資組合領域非常集中的交易商市場，但它當然也集中在交易投資組合的交易者數量中——在各個客戶櫃檯進行交易。我會告訴你，我們與協議無關。雖然我們顯然對不同的協議有不同的費率，但我們正在提供客戶要求的協議，並且我們正在提供獨特的數據來幫助他們在適當的時間決定適當的協議。

I do think the other patterns that we have recognized that is lower vol, we do see higher levels of portfolio trading in the market because it's just easier to price a portfolio when the market isn't moving or gyrating. So we've also identified that as -- in the second quarter given the lower volatility.

我確實認為我們已經認識到的其他模式是波動率較低，但我們確實看到市場上投資組合交易水平較高，因為當市場不移動或波動時，對投資組合進行定價更容易。因此，鑑於波動性較低，我們也將其確定為第二季度的情況。

About automation what that is going to do here. One thing we learned in the earliest days of the company that when we make things easier, people trade more. So all of this investment that we're making in automation and Adaptive Auto-X and all these capabilities, one nice benefit for all this is the potential for increases in turnover and seeing more activity that way. So we believe as this starts to take hold, we're going to see the benefits come from that, more activity taking place because it's just easier for people to trade.

關於自動化，這將在這裡做什麼。我們在公司成立之初就了解到一件事：當我們讓事情變得更容易時，人們的交易就會更多。因此，我們在自動化和自適應 Auto-X 以及所有這些功能方面進行的所有投資，其中一個很好的好處是有可能增加營業額並以這種方式看到更多的活動。因此，我們相信，隨著這種情況開始流行，我們將看到由此帶來的好處，更多的活動將會發生，因為人們更容易進行交易。

Your next question comes from the line of Patrick O'Shaughnessy with Raymond James.

你的下一個問題來自帕特里克·奧肖內西和雷蒙德·詹姆斯的對話。

For clients to access your platform via the leading order management systems, to what extent do they have access to your entire suite of protocols, data solutions, workflow solutions and algorithms?

對於通過領先的訂單管理系統訪問您的平台的客戶來說，他們在多大程度上可以訪問您的整套協議、數據解決方案、工作流程解決方案和算法？

So yes, there's a number of leading sizable order management systems across the globe that we interact with. We certainly work closely with our partners at those order management system to ensure that our various protocols, our various APIs and our data is available, and we've certainly worked closely with some of the largest.

所以，是的，我們在全球範圍內與許多領先的大型訂單管理系統進行交互。當然，我們與這些訂單管理系統的合作夥伴密切合作，以確保我們的各種協議、各種 API 和數據可用，而且我們當然與一些最大的合作夥伴密切合作。

The nice thing about our design is when the OMS connects to us, they can move orders into our environment. And then within our environment, clients can move those orders across various different protocols. So they become available instantly in our environment to move them from protocol to protocol. As we mentioned, the new platform that we've launched allows clients to load those orders directly from the OMS and we're integrated to really all of the OMSs that are material in our market.

我們設計的好處是，當 OMS 連接到我們時，他們可以將訂單轉移到我們的環境中。然後在我們的環境中，客戶可以跨各種不同的協議轉移這些訂單。因此，它們在我們的環境中立即可用，並將它們從一個協議轉移到另一個協議。正如我們提到的，我們推出的新平台允許客戶直接從 OMS 加載這些訂單，並且我們已集成到市場上真正重要的所有 OMS。

And once they've load those orders onto our platform, they can manage them as high touch, low touch and no touch, which is really delivering them into our automation suite. So it allows a client to really have a centralized cockpit to decide how to trade their various order sizes. And then from that cockpit, they can deliver those orders into each of our protocols. All those protocols are instantly available. But more importantly, we embed that data that I spoke about earlier, that proprietary data side by side with their orders so they can make logical decisions based on data that they've never seen before on what protocol, what dealers and what automation solutions are available to them.

一旦他們將這些訂單加載到我們的平台上，他們就可以將其管理為高接觸、低接觸和無接觸，這實際上是將它們傳送到我們的自動化套件中。因此，它允許客戶真正擁有一個集中的駕駛艙來決定如何交易他們的各種訂單大小。然後從那個駕駛艙，他們可以將這些命令傳遞到我們的每個協議中。所有這些協議都可以立即使用。但更重要的是，我們將我之前談到的數據與他們的訂單並排嵌入專有數據，這樣他們就可以根據他們以前從未見過的數據做出邏輯決策，了解他們可以使用哪些協議、哪些經銷商以及哪些自動化解決方案。

And that's really had an impact. In fact, as we were rolling out our new platform, we embedded it with a number of what we call power users, and we've seen those power users increase their overall activity levels from -- moving from -- migrating from the old platform to the new platform. So the -- to go back to your original question, the integration with the OMS is quite complete and the new platform is showing early signs of higher levels of activity given the seamless interactions that clients now have. And the number of line items they can manage on a single platform.

這確實產生了影響。事實上，當我們推出新平台時，我們在其中嵌入了許多我們所謂的高級用戶，我們已經看到這些高級用戶從舊平台遷移到新平台提高了他們的整體活動水平。因此，回到您最初的問題，與 OMS 的集成已經相當完整，鑑於客戶現在擁有的無縫交互，新平台正在顯示出更高水平活動的早期跡象。以及他們可以在單個平台上管理的訂單項數量。

The other piece of good news with regard to the OMS is our Adaptive Auto-X solution has a number of unique characters in it when it actually fills a larger-sized trade, it can fill it in a series of smaller-sized trades, as Rich mentioned earlier. Those interactions have all been integrated with all the leading OMS providers. And so we're able to access the clients on those platforms can have easy access and seamless access to Adaptive Auto-X. And right now, we have within our pilot, a number of clients that are spread out across the various OMSs that we interact with.

關於 OMS 的另一個好消息是我們的自適應 Auto-X 解決方案具有許多獨特的特徵，當它實際填充較大規模的交易時，它可以填充一系列較小規模的交易，正如 Rich 之前提到的那樣。這些交互已全部與所有領先的 OMS 提供商集成。因此，我們能夠訪問這些平台上的客戶端，可以輕鬆訪問和無縫訪問 Adaptive Auto-X。目前，我們的試點項目中有許多客戶分佈在與我們交互的各個 OMS 中。

Your next question is a follow-up from Michael Cyprys of Morgan Stanley.

您的下一個問題是摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys) 的後續提問。

Question on retail. I was hoping you could just maybe elaborate on how you're interfacing with retail demand. I know you guys are more of an institutional shop, but you do have connectivity to wealth platforms. You also get the benefit from the ETF side. So just any color there you can share? And how do you think about expanding that? How attractive do you view that end market?

關於零售的問題。我希望您能詳細說明一下您如何與零售需求對接。我知道你們更像是一家機構商店，但你們確實與財富平台有聯繫。您還可以從 ETF 方面獲益。那麼你可以分享任何顏色嗎？您如何看待擴大這一範圍？您認為這個終端市場有多大吸引力？

Sure. Great question. And obviously, we have seen retail re-enter the fixed income market, and it's quite exciting to see fixed income assets as an attractive investment for retail. And you see that in the TRACE numbers as the average trade size and TRACE has dropped dramatically over the last 2 quarters and continues to thrive.

當然。很好的問題。顯然，我們已經看到零售業重新進入固定收益市場，看到固定收益資產成為對零售業有吸引力的投資是非常令人興奮的。您可以在 TRACE 數字中看到，平均交易規模和 TRACE 在過去兩個季度中急劇下降，但仍在繼續蓬勃發展。

We touch retail in a number of different ways. We recently launched our Axess IQ platform, which is designed specifically for private wealth firms, and we're seeing a great deal of success on that as we continue to onboard new clients on a regular basis each quarter. And it's hitting record volumes and tapping into a very important part of the retail private wealth sector.

我們以多種不同的方式涉足零售業。我們最近推出了專為私人財富公司設計的 Axess IQ 平台，隨著我們繼續每個季度定期吸引新客戶，我們在這方面取得了巨大的成功。它的交易量創下了歷史新高，並進入了零售私人財富領域的一個非常重要的部分。

The other area that we see retail coming into our market is through the growth of SMA, Separately Managed Accounts. To remind you, these managed accounts are managed by large institutional investors that are using our platform every day. Their tickets come in much smaller size. And so part of the growth of our automation solution that you see quarter-over-quarter is really a reflection of the growth of SMA and the burden of managing small tickets within a large institutional player. Their demand for our automation is growing as the SMA assets are growing.

我們看到零售進入我們市場的另一個領域是通過 SMA（獨立管理賬戶）的增長。提醒您，這些管理賬戶是由每天使用我們平台的大型機構投資者管理的。他們的門票尺寸要小得多。因此，您看到的自動化解決方案季度環比增長的一部分實際上反映了 SMA 的增長以及大型機構參與者管理小票的負擔。隨著 SMA 資產的增長，他們對我們自動化的需求也在增長。

And certainly, the forecast by industry experts on SMA growth particularly around the fixed income arena is quite high for the years to come given where yields are. So we think we're well positioned for supporting the retail market and quite excited about the potential growth of that SMA part of the industry.

當然，考慮到收益率，行業專家對未來幾年 SMA 增長（尤其是固定收益領域）的預測相當高。因此，我們認為我們已經做好了支持零售市場的準備，並且對該行業 SMA 部分的潛在增長感到非常興奮。

Your final question comes from the line of Rich Repetto.

你的最後一個問題來自 Rich Repetto。

I'm a personal investor. And I'd like to ask, what are your mid-June volumes because you're comparing your July volumes to a number that's fictitious and non-disclosed. So just trying to figure out what your June volumes were -- mid-June volumes.

我是個人投資者。我想問一下，你們 6 月中旬的銷量是多少，因為你們將 7 月的銷量與一個虛構的、未披露的數字進行了比較。所以只是想弄清楚你六月份的銷量是多少——六月中旬的銷量。

Okay, Rich, are you with [PEDAL] and associates now?

好的，Rich，你現在在 [PEDAL] 和同事那裡嗎？

That's exactly it. Yes.

就是這樣。是的。

All right. Well, we'll appreciate it if you go back to the golf course and enjoy your retirement. But it's a fair question, Rich. Look, we are looking at our -- we can't predict the next 8 days. So we do want to give some color around the activity levels that we are seeing. And as I mentioned, high-grade market share is running at our mid-month June levels. And we're very excited about next week and month end. So we're not going to forecast those high-grade market share numbers because July has a lot more involved given the Fed rate decision next week. But thank you for your question, and I really appreciate your time today, away from your very busy schedule.

好的。好吧，如果您能回到高爾夫球場並享受您的退休生活，我們將不勝感激。但這是一個公平的問題，里奇。聽著，我們無法預測接下來的 8 天。因此，我們確實想為我們所看到的活動水平提供一些顏色。正如我所提到的，高檔市場份額目前處於 6 月中旬的水平。我們對下周和月底感到非常興奮。因此，我們不會預測這些高級市場份額數據，因為考慮到下周美聯儲的利率決定，7 月份的影響要大得多。但謝謝你的提問，我非常感謝你今天抽出寶貴的時間，遠離繁忙的日程。

There are no further questions at this time. I will turn the call to Chris Concannon.

目前沒有其他問題。我會把電話轉給克里斯·康坎農。

Thank you, and thanks, everyone, for your time today, and we look forward to talking to you next quarter. Thanks again.

謝謝大家，謝謝大家今天抽出寶貴的時間，我們期待下個季度與您交談。再次感謝。

This concludes today's conference call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。