Marketaxess Holdings Inc (MKTX) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess First Quarter 2024 Earnings Conference Call.

女士們先生們，謝謝你們的支持。歡迎參加 MarketAxess 2024 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded on May 7, 2024. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

（操作員說明）謹此提醒，本次電話會議於 2024 年 5 月 7 日錄製。請繼續，先生。

Good morning, and welcome to the MarketAxess First Quarter 2024 Earnings Conference Call. For the call, Chris Concannon, Chief Executive Officer, will provide you with a strategic update on the company. Rich Schiffman, Global Head of Trading Solutions, will update you on the performance of our markets this quarter, and then I will review the financial results.

早安，歡迎參加 MarketAxess 2024 年第一季財報電話會議。在電話會議中，執行長 Chris Concannon 將為您提供公司的最新策略資訊。交易解決方案全球主管 Rich Schiffman 將向您介紹本季市場表現的最新情況，然後我將回顧財務表現。

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

在將電話轉給克里斯之前，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。本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有重大差異。

For a discussion of some of the risks and factors that could affect the company's future results, please see the description of risk factors in our annual report on Form 10-K for the year ended December 31, 2023. I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued earlier this morning and is now available on our website.

有關可能影響公司未來業績的一些風險和因素的討論，請參閱我們截至 2023 年 12 月 31 日的年度報告 10-K 表格中對風險因素的描述。前瞻性聲明免責聲明已於今天早上早些時候發布，現已在我們的網站上發布。

Now let me turn the call over to Chris.

現在讓我把電話轉給克里斯。

Good morning, and thank you for joining us to review our first quarter results. Turning to Slide 3 of my strategic update. We delivered 4% total revenue growth, including the benefit of our Pragma acquisition and earnings per share was $1.92. While we are not happy with recent trends in our estimated market share in U.S. credit, we recognize the importance of being equally strong in the faster-growing areas of the market and we have a quick strategy to return to higher levels of share growth.

早安，感謝您與我們一起回顧我們第一季的業績。轉向我的策略更新的幻燈片 3。我們實現了 4% 的總收入成長，其中包括收購 Pragma 的收益，每股收益為 1.92 美元。雖然我們對美國信貸估計市場份額的近期趨勢並不滿意，但我們認識到在市場增長較快的領域同樣強大的重要性，並且我們有一個快速戰略來恢復更高水平的份額增長。

We are attacking these faster-growing areas of the market while maintaining and building on our leadership in the institutional investor RFQ market. Our strength in this segment of the market is underpinned by our leading global client franchise and the largest single source of liquidity in the credit markets, Open Trading.

我們正在進入這些成長較快的市場領域，同時維持並鞏固我們在機構投資人詢價市場的領導地位。我們在這一市場領域的優勢得益於我們領先的全球客戶特許經營權和信貸市場最大的單一流動性來源—開放交易。

First, in the quarter, our global client franchise continued to expand. We had a record 2,100 active client firms. Next, we delivered record commission revenues across several credit product areas. U.S. high-grade commission revenue grew 8%, and we delivered record levels of commission revenue in emerging markets, Eurobonds and municipal bonds, helping to offset the impact of lower U.S. high-yield activity.

首先，本季我們的全球客戶範圍持續擴大。我們擁有創紀錄的 2,100 家活躍客戶公司。接下來，我們在多個信貸產品領域實現了創紀錄的佣金收入。美國高等級佣金收入成長了 8%，我們在新興市場、歐洲債券和市政債券方面實現了創紀錄水平的佣金收入，有助於抵消美國高收益債券活動下降的影響。

The benefits of our geographic and product diversification continue to pay dividends. Non-U.S. credit revenue was a record $92 million in the quarter, representing a record 44% of total revenue. Last, we continue to be disciplined around our expense management with total operating expenses increasing only 9%, including the impact of Pragma.

我們的地域和產品多元化帶來的好處持續帶來紅利。非美國該季度信貸收入達到創紀錄的 9,200 萬美元，佔總收入的 44%，創歷史新高。最後，我們繼續嚴格支出管理，總營運支出僅成長 9%，其中包括 Pragma 的影響。

We delivered these results against a market backdrop of historically low levels of credit spread volatility, which has created the ideal conditions for growth of portfolio trading and dealer-centered protocols. These low levels of volatility have also impacted ETF market participants and hedge funds, decreasing activity in our U.S. high-yield business.

我們在信用利差波動性處於歷史低水平的市場背景下得出了這些結果，這為投資組合交易和以交易商為中心的協議的成長創造了理想的條件。這些低水平的波動性也影響了 ETF 市場參與者和對沖基金，減少了我們美國高收益業務的活動。

We believe, however, that our estimated share will recover with more normal levels of spread volatility due to the diversified liquidity on our platform. We were pleased to see an improvement in estimated high-yield share in the back half of April.

然而，我們相信，由於我們平台上的多元化流動性，我們的估計份額將隨著價差波動更正常水平而恢復。我們很高興看到 4 月下半月預計高收益份額有所改善。

We are encouraged by the strong new issuance calendar to the start of the year as well as the increase in trading velocity. Strong new issuance is an indicator of healthy growth in our market and increased trading velocity means that dealers are trading more with much smaller balance sheets.

我們對年初強勁的新發行日曆以及交易速度的增加感到鼓舞。強勁的新發行量是我們市場健康成長的指標，交易速度的提高意味著交易商可以用更小的資產負債表進行更多的交易。

This trend should only continue with significantly higher bond yields making fixed income a very attractive asset class. This is a key attribute of our market today. All our clients need to do more with less, and we are very well positioned to address this need.

只有當債券殖利率大幅上升，使固定收益成為非常有吸引力的資產類別時，這種趨勢才會持續下去。這是我們當今市場的關鍵屬性。我們所有的客戶都需要事半功倍，而我們完全有能力滿足這項需求。

Slide 4 illustrates how portfolio trading and dealer-initiated trading significantly expanded the overall market in April. Since 2019, portfolio trading and dealer-initiated flow have grown at 4-year CAGRs of 38% and 10%, respectively, compared to 2% for client initiated flow. The growth of these segments is closely linked because dealers typically recycle the risk from a portfolio trade in the interdealer market.

投影片 4 說明了投資組合交易和交易商發起的交易如何顯著擴大了 4 月的整體市場。自 2019 年以來，投資組合交易和交易商發起的流量的 4 年複合年增長率分別為 38% 和 10%，而客戶發起的流量僅為 2%。這些細分市場的成長密切相關，因為交易商通常會從交易商間市場的投資組合交易中回收風險。

For portfolio trading, we have made substantial investments in our PT solution and the share gains we saw at the end of April indicate that we have designed a very competitive trading solution for our clients. We will continue to rapidly deploy enhancements to our platform as we are still in the early stages of PT innovation.

對於投資組合交易，我們對 PT 解決方案進行了大量投資，我們在 4 月底看到的份額收益表明我們為客戶設計了非常有競爭力的交易解決方案。由於我們仍處於 PT 創新的早期階段，我們將繼續快速部署我們平台的增強功能。

For dealer-initiated flow, we are now delivering the same trading automation tools to dealers seeking liquidity that have been rapidly growing with investor clients. These tools improve dealers' trading efficiency and help solve their need to rapidly exit inventory risk. Approximately 30% of the liquidity we provide to dealers comes from our investor client firms.

對於交易商所啟動的流程，我們現在向尋求流動性的交易商提供相同的交易自動化工具，這些流動性隨著投資者客戶的成長而迅速成長。這些工具提高了經銷商的交易效率，並幫助解決他們快速退出庫存風險的需求。我們向交易商提供的大約 30% 的流動性來自我們的投資者客戶公司。

Accompanying the electronification of larger-sized portfolio trades is the explosion in ticket count as shown on the right-hand side of this slide. X-Pro, our new platform designed to make trading more efficient, is now handling 55% of U.S. credit trade count for our 22 largest clients.

伴隨著較大規模投資組合交易的電子化的是票據數量的爆炸式增長，如本投影片右側所示。 X-Pro 是我們旨在提高交易效率的新平台，目前正在為我們 22 個最大的客戶處理 55% 的美國信貸交易量。

Slide 5 illustrates key trends in portfolio trading. The growth of PT is a very important step in the evolution of the market. Portfolio trading is a protocol of immediacy, which has helped accelerate the electronification of larger-size trades, representing approximately 10% of the high-grade and high-yield TRACE market in April.

投影片 5 說明了投資組合交易的主要趨勢。 PT的成長是市場演變中非常重要的一步。投資組合交易是一種即時性協議，有助於加速較大規模交易的電子化，約佔 4 月高等級高收益 TRACE 市場的 10%。

Portfolio trading has also allowed traders to do more, more efficiently and with a streamlined workflow. The impressive growth of portfolio trading shows us the sizable demand our clients have for immediacy and efficiency, with the average notional per line item of a PT trending lower.

投資組合交易也使交易者能夠透過簡化的工作流程做得更多、更有效率。投資組合交易的驚人成長向我們表明，客戶對即時性和效率的巨大需求，PT 每行項目的平均名目金額呈下降趨勢。

We believe we must address that demand for immediacy and efficiency in all products and across all types of market environments. This is a great trend for the market overall, and it is a strong indicator of future e-trading demand for trades of all sizes. But we do believe that historically low credit spread volatility has created very supportive market conditions for the recent growth in portfolio trading.

我們相信，我們必須滿足所有產品和所有類型的市場環境中對即時性和效率的需求。這對整個市場來說是一個很好的趨勢，也是未來各種規模交易電子交易需求的強大指標。但我們確實相信，歷史上較低的信用利差波動性為近期投資組合交易的成長創造了非常有利的市場條件。

Slide 6 frames the U.S. high-grade market opportunity. While portfolio trading and dealer-initiated trading have been growing faster, we are also continuing our investments in higher-margin, high-quality areas of the market. Our launch of credit algorithms and block training solutions on X-Pro are targeting the more challenging parts of the market that have not migrated to electronic trading solutions.

幻燈片 6 描繪了美國高檔市場機會。雖然投資組合交易和交易商發起的交易成長更快，但我們也持續投資於利潤率更高、高品質的市場領域。我們在 X-Pro 上推出的信用演算法和區塊訓練解決方案針對的是市場中尚未遷移到電子交易解決方案的更具挑戰性的部分。

The client-initiated segment of the market excluding PT is an estimated $620 million revenue opportunity, representing approximately 58% of the total estimated e-trading opportunity in U.S. high grade. And as trade sizes greater than $5 million are broken down into smaller trades, we believe that the higher fee per million, combined with an increase in velocity can drive this revenue opportunity significantly higher. We believe that the market opportunity over the long term is actually moving into our sweet spot, not away from it.

不包括 PT 在內的客戶發起的市場部分預計收入機會為 6.2 億美元，約占美國高級電子交易機會總額的 58%。隨著超過 500 萬美元的交易規模被分解為較小的交易，我們相信每百萬美元的費用更高，再加上交易速度的提高，可以顯著提高這一收入機會。我們相信，從長遠來看，市場機會實際上正在進入我們的最佳點，而不是遠離它。

In summary, we are attacking the higher growth areas like portfolio trading and dealer-initiated execution while we are keeping our focus on building solutions for the largest, most attractive parts of the credit markets.

總而言之，我們正在攻擊投資組合交易和交易商發起的執行等更高成長的領域，同時我們繼續專注於為信貸市場中最大、最具吸引力的部分建立解決方案。

Slide 7, we highlight the client toolkit we are building for the future. MarketAxess is a global network with a privileged position in the credit markets. The unique tools that we are building for traders are being delivered by X-Pro, getting traders a portal to access our powerful data and analytics, our automation and algorithmic trading tools and the single largest source of liquidity in the credit markets.

在投影片 7 中，我們重點介紹了我們正在為未來建置的客戶端工具包。 MarketAxess 是一個在信貸市場享有特權地位的全球網路。我們為交易者構建的獨特工具由 X-Pro 提供，為交易者提供了一個訪問我們強大的數據和分析、自動化和演算法交易工具以及信貸市場單一最大流動性來源的入口網站。

We are an increasingly integrated ecosystem focused on making life easier for traders while solving for our clients' need to do more with less. Now let me turn the call over to Rich to provide you with an update on our markets.

我們是一個日益一體化的生態系統，致力於讓交易者的生活更輕鬆，同時滿足客戶事半功倍的需求。現在讓我將電話轉接給 Rich，為您提供我們市場的最新資訊。

Thanks, Chris. Slide 9 highlights the continued strong expansion of our client network. We had a record 2,118 active client firms trading on our platforms in the first quarter, which included 1,619 client firms active in U.S. credit and a record 1,066 active international firms.

謝謝，克里斯。投影片 9 強調了我們客戶網路的持續強勁擴張。第一季度，我們的平台上有創紀錄的 2,118 家活躍客戶公司進行交易，其中包括 1,619 家活躍於美國信貸領域的客戶公司和創紀錄的 1,066 家活躍國際公司。

Trading volume from hedge fund and private bank clients increased 23% year-over-year and represented 18% of total credit volume, up from 16% in the prior year. Adoption of our automation suite of products continues to grow, as shown on Slide 10.

來自對沖基金和私人銀行客戶的交易量年增 23%，佔信貸總量的 18%，高於上年的 16%。我們的自動化產品套件的採用率持續成長，如投影片 10 所示。

We experienced another quarter of record automation trade volume and count with 3-year CAGRs of 34% and 40%, respectively, and a record 231 active automation client firms. Automation trade volume now represents 10% of our total credit volume and a record 25% of our total credit trades. There were a record 11 million algo responses from dealers, an increase of 50% year-over-year.

我們的自動化交易量又創歷史新高，三年複合年增長率分別為 34% 和 40%，活躍自動化客戶公司達到創紀錄的 231 家。自動化交易量目前占我們信貸總量的 10%，佔信貸交易總量的 25%，創歷史新高。經銷商的演算法回覆達到創紀錄的 1,100 萬條，年增 50%。

On Slide 11, we highlight the expansion of our trading business across geographies and products. Continuing the theme of strength in our international businesses, we generated record international client trade volume and trade count in the first quarter. Trade volume was up 13% versus last year with a 3-year CAGR of 10%. Trade count was up 10% versus last year with a 3-year CAGR of 19%.

在投影片 11 中，我們強調了我們跨地域和產品的貿易業務的擴展。持續加強國際業務的主題，我們在第一季創造了創紀錄的國際客戶交易量和交易數量。貿易量較去年增長 13%，三年複合年增長率為 10%。貿易數量較去年增長 10%，3 年複合年增長率為 19%。

A key driver of this strength was record total emerging markets trading volume, up 15% year-over-year driven by a 28% increase in local currency trading volumes. Our LATAM and APAC clients generated record levels of emerging markets ADV in the quarter, up 11% and 55%, respectively. We were pleased to see a strong increase in EM volumes in the first quarter, and that strength has continued into April. Emerging markets continues to be a very attractive growth opportunity for the company.

這一強勁勢頭的關鍵驅動因素是新興市場總交易量創紀錄，在本幣交易量增長 28% 的推動下，年增 15%。我們的拉丁美洲和亞太地區客戶在本季的新興市場日均交易量創歷史新高，分別成長 11% 和 55%。我們很高興看到第一季新興市場交易量強勁成長，並且這種強勁勢頭一直持續到四月。新興市場仍然是該公司非常有吸引力的成長機會。

Last week, we announced that Dan Burke has joined the company as Global Head of Emerging Markets. We're excited to have Dan's experienced leadership in this important and growing business. Axess IQ, our front end for private banking clients, generated ADV of $140 million, an increase of 22% and record trade count of 62,000, up 54% compared to the prior year. We are also seeing strong product diversification in municipal bonds with record estimated market share of 6.5%, up from 5.7% in the prior year.

上週，我們宣布 Dan Burke 已加入公司，擔任新興市場全球主管。我們很高興丹在這項重要且不斷發展的業務中擁有經驗豐富的領導力。我們為私人銀行客戶提供的前端 Axess IQ 產生了 1.4 億美元的日均交易額，增長了 22%，交易數量達到創紀錄的 62,000 筆，比上一年增長了 54%。我們也看到市政債券的產品多元化程度很高，估計市佔率達到創紀錄的 6.5%，高於前一年的 5.7%。

Slide 12 provides an update on Open Trading, our market-leading all-to-all liquidity pool. Open Trading ADV was $4.4 billion and share of total credit volume was 34%, down from 37% in the prior year. Hedge fund trade activity has continued to expand on our platform, with record ADV of $1.9 billion in the quarter, up 30% from the prior year. A total of 202 hedge funds provided liquidity through Open Trading in the quarter, a 6% increase from the prior year.

投影片 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。開放交易 ADV 為 44 億美元，佔信貸總量的份額為 34%，低於前一年的 37%。我們平台上的對沖基金交易活動持續擴大，本季每日平均交易量達到創紀錄的 19 億美元，比上一年增長 30%。本季共有 202 家對沖基金透過公開交易提供流動性，較前一年增加 6%。

Lower volatility and lower price dispersion in the market reduces the price improvement opportunity in OT as shown on the lower left of this slide. And it has also impacted our high-yield product area, as shown in the chart on the lower right as ETF market maker activity has declined. Open Trading continues to be the largest single source of secondary liquidity in the U.S. credit markets, driven by our diverse liquidity pool.

市場中較低的波動性和較低的價格分散性減少了 OT 的價格改善機會，如本投影片左下角所示。如右下圖所示，隨著 ETF 做市商活動的減少，我們的高收益產品領域也受到了影響。在我們多樣化的流動性池的推動下，開放交易仍然是美國信貸市場最大的二級流動性來源。

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

現在讓我將電話轉給史蒂夫，以審查我們的財務表現。

Thank you, Rich. On Slide 14, we provide a summary of our first quarter financials. We delivered revenue of $210 million, up 4% from the prior year. These results include $8 million from the Pragma acquisition. Foreign currency was a $1 million benefit in the quarter. Information services revenue of $12 million was up 8%, including a $200,000 benefit from currency fluctuations. The increase was driven by new contracts as we continue to experience strong adoption across our data product suite, especially CP+.

謝謝你，里奇。在投影片 14 上，我們提供了第一季財務狀況的摘要。我們實現營收 2.1 億美元，比上年成長 4%。這些業績包括 Pragma 收購帶來的 800 萬美元。本季外匯收益為 100 萬美元。資訊服務收入為 1,200 萬美元，成長 8%，其中包括匯率波動帶來的 20 萬美元收益。這一增長是由新合約推動的，因為我們的數據產品套件（尤其是 CP+）繼續被廣泛採用。

Post-trade services revenue of $11 million was up 8%, including a $200,000 benefit from currency fluctuations. The favorable interest rate environment contributed $6 million of interest income, up from $4 million. The effective tax rate was 24.9%, and we reported diluted EPS of $1.92 per share.

交易後服務收入達 1,100 萬美元，成長 8%，其中包括因貨幣波動帶來的 20 萬美元收益。有利的利率環境貢獻了 600 萬美元的利息收入，高於 400 萬美元。有效稅率為 24.9%，我們報告的稀釋後每股收益為 1.92 美元。

On Slide 15, we provide more detail on our commission revenue and our fee capture. Total commission revenue increased $3 million or 2% in the quarter. The increase in credit commission revenue was due to stronger estimated market volume across several product areas, mostly offset by lower estimated market share in high yield on lower credit spread volatility.

在幻燈片 15 上，我們提供了有關佣金收入和費用獲取的更多詳細資訊。本季佣金總收入增加了 300 萬美元，即 2%。信貸佣金收入的增加是由於多個產品領域的估計市場容量增加，但大部分被信用利差波動性較低導致高收益債券估計市場份額下降所抵消。

The reduction in total credit fee capture from the prior year was driven principally by product mix, specifically lower high-yield activity. The decline in fixed distribution fees was driven principally by the consolidation of 2 global bank trading desk operations.

信貸費用總額較前一年減少的主要原因是產品組合，特別是高收益活動的減少。固定分銷費用的下降主要是由於兩家全球銀行交易櫃檯業務的合併所致。

On Slide 16, we provide a summary of our operating expenses. First quarter operating expenses of $118 million included $8 million from Pragma and a $600,000 negative impact from foreign currency fluctuations. Based on the progression of expenses in the first quarter, operating expenses for full year 2024 are tracking to the low end of the previously stated guidance range of $480 million to $500 million.

在投影片 16 上，我們提供了營運費用摘要。第一季營運費用為 1.18 億美元，其中包括 Pragma 的 800 萬美元和外匯波動造成的 60 萬美元的負面影響。根據第一季費用進展情況，2024 年全年營運費用將降至先前規定的 4.8 億至 5 億美元指引範圍的下限。

On Slide 17, 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 $513 million as of March 31, and we had no outstanding borrowings under the credit facilities. We repurchased 47,000 shares in the quarter for a total of $10 million and a total of $90 million remains on the current Board authorization.

在投影片 17 中，我們提供了資產負債表、現金流量和資本管理的最新資訊。我們的資產負債表仍然穩健，截至 3 月 31 日，現金和投資總額為 5.13 億美元，且我們在信貸安排下沒有未償還的借款。我們在本季回購了 47,000 股股票，總金額為 1,000 萬美元，目前董事會授權仍有 9,000 萬美元。

During the trailing 12-months, we paid out approximately $110 million in quarterly dividends to our shareholders. Our Board of Directors declared a regular quarterly cash dividend of $0.74 per share based on the financial performance of the company.

在過去 12 個月中，我們向股東支付了約 1.1 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每股 0.74 美元的季度現金股利。

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。

Thanks, Steve. In summary, on Slide 18, we continue to execute very well against our growth strategy in the first quarter. The increase in new issuance, higher rates and an increase in velocity of trading all point to a healthy and growing fixed income market.

謝謝，史蒂夫。總而言之，在投影片 18 上，我們繼續很好地執行第一季的成長策略。新發行量的增加、利率的提高和交易速度的加快都表明固定收益市場健康且不斷增長。

We are disappointed with our market share in U.S. credit, and we've recognized the importance of being equally strong in the faster-growing segments of the market. We have a clear strategy to attack these areas, leveraging X-Pro as our delivery mechanism for the retooling of our trading offering.

我們對我們在美國信貸市場的份額感到失望，並且我們認識到在成長較快的市場領域保持同樣強大的重要性。我們有明確的策略來攻擊這些領域，並利用 X-Pro 作為我們的交易產品重組的交付機制。

While we continue to drive adoption of X-Pro with clients, we are maintaining our leadership position in the investor client e-trading space. And our focus continues to be on the largest, most attractive order flow in the credit markets and building the client toolkit of the future and to help our clients do more with less.

在我們繼續推動客戶採用 X-Pro 的同時，我們保持了在投資者客戶電子交易領域的領導地位。我們的重點仍然是信貸市場上最大、最具吸引力的訂單流，建立未來的客戶工具包，幫助我們的客戶事半功倍。

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

現在我們很高興開通您的提問專線。

(Operator Instructions) And our first question comes from the line of Chris Allen from Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Chris Allen。

I wanted to follow up on portfolio trading. You talked in the past about making inroads into the traders who control portfolio trading, who are also the key market participants for block trading. So I wonder if you could give us an update on what kind of progress you have made there adding any new clients? And also the 40% share noted in the last day of April, was that due to one large trade, new clients turning on or some other factors?

我想跟進投資組合交易。您過去曾談到要進軍控制投資組合交易的交易員，他們也是大宗交易的主要市場參與者。所以我想知道您能否向我們介紹一下您在增加新客戶方面取得了哪些進展？還有 4 月最後一天提到的 40% 的份額，是由於一筆大交易、新客戶的出現還是其他一些因素？

Sure, Chris. Thanks for the question. Obviously, we've had a great deal of focus on portfolio trading more recently. As you know, we recently launched our new platform, X-Pro, just last year. And obviously, we launched X-Pro specifically for portfolio trading with an embedded portfolio trading solution just 9 months ago. We've been ramping up features, functionality on that platform as well, and we've seen some of the benefits of that.

當然，克里斯。謝謝你的提問。顯然，我們最近非常關注投資組合交易。如您所知，我們去年剛推出了新平台 X-Pro。顯然，就在 9 個月前，我們推出了專門針對投資組合交易的 X-Pro，並附帶嵌入式投資組合交易解決方案。我們也一直在增強該平台上的特性和功能，並且我們已經看到了其中的一些好處。

More importantly, we do see that pre-trade analytics, particularly with our proprietary data, is a critical part of that strategy, providing traders with those pre-trade analytics, helps them with not only how to trade the portfolio but also how to construct the portfolio and optimize that portfolio. So that's been an area of positive feedback that we've been getting from the portfolio traders in the space.

更重要的是，我們確實看到交易前分析，特別是我們的專有數據，是該策略的關鍵部分，為交易者提供這些交易前分析，不僅幫助他們如何交易投資組合，還幫助他們建立投資組合併優化該投資組合。因此，這是我們從該領域的投資組合交易員那裡得到的積極回饋的一個領域。

Again, remember, portfolio trading is quite concentrated somewhere between 30 to 40 traders in the U.S. really drive the largest market share of PT trading and with the largest clients driving the largest share of PT trading. So more recently, particularly in April, we saw benefits of the rollout of X-Pro portfolio trading. In April, it now makes up -- X-Pro makes up about 60% of the volume -- PT volume that we see on the platform.

再次請記住，在美國，投資組合交易相當集中在 30 至 40 名交易者之間，真正推動了 PT 交易的最大市場份額，而最大的客戶則推動了 PT 交易的最大份額。因此，最近，特別是在 4 月份，我們看到了推出 X-Pro 投資組合交易的好處。 4月份，它現在彌補了——X-Pro約占我們在平台上看到的PT交易量的60%。

And then with regard to your question around that end of month statistic. End of month is a unique time for us in the market, there's quite high volumes where people are repositioning their portfolio. So you do tend to see a higher number of portfolios. It was not 1 or 2 portfolios. There was a series of portfolios that we saw that day.

然後關於你關於月末統計的問題。月底對我們來說是市場上一個獨特的時間，人們重新定位投資組合的交易量相當大。所以你確實會看到更多的投資組合。這不是一兩個投資組合。那天我們看到了一系列的投資組合。

Rich, anything to add on portfolio trading?

Rich，關於投資組合交易還有什麼要補充的嗎？

Just the chunky nature of it, and you can have a lot of spikes up and down, Chris, I mean, with adoption on any given day. As Chris pointed out, it's a targeted group. It's a relatively small number of PTs that we're all after. We estimate about 20 to 40 per day of substantial size, call it, $50 million and above. And we're all going after those.

克里斯，我的意思是，它的本質是厚實的，在任何一天的收養中，你都會有很多的上下波動。正如克里斯所指出的，這是一個目標群體。我們所追求的只是相對較少的 PT。我們估計每天大約有 20 到 40 個規模較大的項目，稱為 5000 萬美元及以上。我們都在追求這些。

So on the days where we can capture it and we had a great day on month end, you see a number like that, 40%. That gives us a lot of confidence that we can carry that on to -- throughout the entire month. So clients are open to using different platforms. And with being the same across, it's a matter of coming up with the best workflows and unique features that are going to attract the traders to our solution.

因此，在我們可以捕捉到它的日子裡，我們在月底度過了美好的一天，你會看到這樣的數字，40%。這給了我們很大的信心，我們可以在整個月內繼續這樣做。因此，客戶願意使用不同的平台。由於保持一致，問題在於提出最佳的工作流程和獨特的功能，以吸引交易者使用我們的解決方案。

And just on my follow-up, I just wanted to ask about X-Pro. You gave us the metric around the top 20 clients, but I'm wondering where you guys stand in rolling it out to your overall client base. And then specifically, where are you in the process for signing up with dealers for dealer access to X-Pro?

在我的後續行動中，我只是想問一下 X-Pro 的情況。您向我們提供了前 20 名客戶的指標，但我想知道你們在將其推廣到整個客戶群方面的立場如何。然後具體來說，您在與經銷商簽約以獲得經銷商訪問 X-Pro 的過程中處於什麼階段？

Sure. Again, just to remind everyone, X-Pro is our new platform, it comes with new features and offerings. It really allows clients to trade bonds of any size or complexity, like things like portfolio trading. It also is a cockpit for traders to start their day. So it is a unique offering from market access. We rolled out X-Pro for RFQ, traditional RFQ last year. We were targeting our largest clients.

當然。再次提醒大家，X-Pro 是我們的新平台，它有新的功能和產品。它確實允許客戶交易任何規模或複雜程度的債券，例如投資組合交易。它也是交易者開始新一天的駕駛艙。因此，它是市場准入方面的獨特產品。去年我們推出了 RFQ（傳統 RFQ）的 X-Pro。我們的目標是我們最大的客戶。

And within our largest clients, what we call our power users, these are traders that trade higher volumes in ticket count. We've seen, since that rollout, very positive trends as a result of X-Pro use. At the trader level, anecdotally, we've seen somewhere around 20% increase in ticket handling so that there is great efficiency embedded in X-Pro.

在我們最大的客戶（我們稱之為高級用戶）中，這些交易者的交易量更高。自推出以來，我們已經看到 X-Pro 使用帶來的非常積極的趨勢。據傳聞，在交易者層面，我們發現票據處理量增加了 20% 左右，因此 X-Pro 中嵌入了很高的效率。

Currently, with regard to the rollout, Chris, only about 16% of our total U.S. credit volume is going through X-Pro at this point. So we still have a long way to go to accelerate the rollout of X-Pro. And again, as I mentioned earlier, we only launched the PT solution on X-Pro just 9 months ago and continue to add additional features, functionality and obviously, pre-trade analytics.

Chris，目前，就推出而言，我們美國信貸總量中只有約 16% 是透過 X-Pro 進行的。因此，要加速 X-Pro 的推出，我們還有很長的路要走。再次強調，正如我之前提到的，我們僅在 9 個月前才在 X-Pro 上推出了 PT 解決方案，並繼續添加其他特性、功能，當然還有交易前分析。

We do have an important phase of X-Pro coming this summer. It's our first phase of X-Pro for what we call high touch or block trading, and that's regarding your question around dealer content. We are onboarding dealer content as we speak. We're quite encouraged by the dealer feedback around providing content to our platform.

今年夏天，我們確實迎來了 X-Pro 的一個重要階段。這是我們所謂的高接觸或大宗交易的 X-Pro 的第一階段，這是關於您關於經銷商內容的問題。正如我們所說，我們正在載入經銷商內容。經銷商關於向我們的平台提供內容的反饋讓我們深受鼓舞。

Remember, our high-touch solution, our block trading solution is very dealer-friendly. It allows dealers to be in comp without all-to-all. So it allows them to price clients based on a smaller universe of competition.

請記住，我們的高接觸解決方案，我們的大宗交易解決方案非常適合交易商。它允許經銷商在沒有全部的情況下進行競爭。因此，這使得他們能夠根據較小的競爭範圍為客戶定價。

We are also adding to X-Pro what we call unique proprietary data, AI Dealer Select, which helps the clients select the preferred dealer in a given CUSIP or a given bond. So these are all proprietary solutions that we're seeing should be rolled out starting in late summer. We'll start seeing additional phases of our X-Pro rollout for what we're calling high touch or block trading solution.

我們還在 X-Pro 中添加了我們稱為獨特專有數據的 AI Dealer Select，它可以幫助客戶在給定的 CUSIP 或給定的債券中選擇首選經銷商。因此，這些都是我們認為應該在夏末開始推出的專有解決方案。我們將開始看到 X-Pro 推出的其他階段，即我們所謂的高接觸或大宗交易解決方案。

Our next question comes from the line of Alex Kramm from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的 Alex Kramm。

I know there's a lot of focus on portfolio trading. But if I look at your TAM chart, you clearly think that dealer-initiated opportunities is bigger. So maybe you can give us an update there. It's a very crowded space, and you obviously have admitted that you're kind of late to it. So just seeing where you stand today, any inroads you've made, any feedback you've gotten? And how pricing may be a differentiator there in particular?

我知道人們非常關注投資組合交易。但如果我看一下您的 TAM 圖表，您顯然會認為經銷商發起的機會更大。也許您可以向我們提供最新情況。這是一個非常擁擠的空間，而你顯然已經承認你來得太晚了。那麼，看看您今天的立場、取得的任何進展、收到的任何回饋？定價如何成為其中的差異化因素？

Yes. Alex, it's Rich. And we feel really good about our dealer business. It's something that we've been in for a number of years. And we lead there with our flagship protocol, which is RFQ. And we've offered that to dealers for over a dozen years now. And its adoption rate is pretty wide.

是的。亞歷克斯，我是里奇。我們對我們的經銷商業務感覺非常好。這是我們多年來一直從事的事情。我們透過我們的旗艦協議 RFQ 來引領這一趨勢。我們向經銷商提供這種服務已經有十幾年了。而且它的採用率相當廣泛。

Where we have work to do is on single price auctions or matching protocols, which have become pretty attractive over the past several years in the market now. That is a protocol where network effects really matter and you need critical mass and we have a solution in the market, and now we're actively working on building up the adoption for it. We're doing that in both London for the Eurobond market, and we're doing it here for investment grade and high-yield markets. And it's an onboarding process and getting the adoption built up. And we're confident we'll be competitive in that space as well.

我們要做的工作是單一價格拍賣或匹配協議，這在過去幾年中在市場上變得相當有吸引力。這是一個網路效應非常重要的協議，您需要足夠的規模，我們在市場上有一個解決方案，現在我們正在積極努力建立它的採用。我們在倫敦為歐洲債券市場這樣做，在這裡為投資級和高收益市場這樣做。這是一個入職流程並逐步建立採用。我們相信我們在該領域也將具有競爭力。

We are working on delivering new tools for dealers, similar to the way that we're rolling out X-Pro for buy-side traders, we're going to be doing similar for the sell-side traders so that they can more productively access these protocols. So it's a combination of traders who use it from a front-end tool, and also via APIs for the firms that have their own internal trading systems and they want to connect through there in a more efficient manner.

我們正在努力為交易商提供新工具，類似於我們為買方交易者推出 X-Pro 的方式，我們將為賣方交易者做類似的事情，以便他們能夠更有效率地存取這些協議。因此，它是交易者的組合，他們從前端工具使用它，也透過 API 為擁有自己的內部交易系統並且希望以更有效的方式透過該系統進行連接的公司使用。

So investments in interfaces, investments in protocols, and then also tying those protocols together is something we're focused on, so that someone can try, I'm going to be matching at a mid, if I don't get that available, maybe I want to leave a resting order in an order book or then I ultimately want to tap in, I have to sell or have to buy, I'm going to hit the bid or lift the offer using RFQ.

因此，對介面的投資，對協議的投資，然後將這些協議捆綁在一起是我們關注的重點，以便有人可以嘗試，如果我沒有可用的話，我將在中間進行匹配，也許我想在訂單簿中留下休息訂單，或者然後我最終想要進入，我必須出售或必須購買，我將使用詢問價格來達到出價或提高報價。

So it's combining these pieces that we have right now, which are kind of operating independently. We believe that's going to be really attractive to the sell-side traders.

所以它結合了我們現在擁有的這些部分，這些部分是獨立運作的。我們相信這對賣方交易者來說確實很有吸引力。

And Alex, I'd just add, as Rich was mentioning, some of the new protocols and offerings that we're providing the dealers, one important one, which only rolled out in December of last year is our automation suite. It's quite a popular suite of solutions for our clients. We now provided that automation suite to dealers.

Alex，我想補充一點，正如 Rich 提到的，我們為經銷商提供的一些新協議和產品，其中一個重要的協議和產品是我們的自動化套件，於去年 12 月才推出。對於我們的客戶來說，這是一套非常受歡迎的解決方案。我們現在向經銷商提供自動化套件。

It is now about between 17% to 20% of our dealer RFQ that allows dealers to price quite effectively across the spread using an automated RFQ tool. So that's well received among the dealers and continues to ramp up and we're seeing positive benefits in our deal RFQ volumes as a result.

現在大約占我們經銷商詢價的 17% 到 20%，經銷商可以使用自動詢價工具在價差範圍內相當有效地定價。因此，這受到了經銷商的好評，並且持續增加，我們看到我們的交易詢價量因此得到了積極的好處。

All right. Very good. And then just maybe just a super quick housekeeping question. On FPM, maybe for the first quarter or April. Can you give us a little bit of a breakdown where we stand on the different product types, high yield versus high grades, Eurobonds, et cetera?

好的。非常好。然後也許只是一個超級快速的內務問題。在 FPM 上，可能是第一季或四月。您能給我們詳細介紹一下我們對不同產品類型、高收益與高等級、歐洲債券等的看法嗎？

Alex, it's Steve here. In terms of the fee per million in April, we've mostly seen pretty stable pricing across the products. What you've seen in April was the impact of higher PT, which definitely dampened it a bit. We were down overall about $2 per million. So a lot of that was PT. But I think that the Eurobonds piece was a little bit better if you think about it year-over-year.

亞歷克斯，我是史蒂夫。就 4 月每百萬用戶的費用而言，我們大部分產品的定價都相當穩定。你在四月看到的是更高的 PT 的影響，這肯定會稍微削弱它。我們總體下降了大約每百萬美元 2 美元。所以很多都是 PT。但我認為，如果你逐年考慮的話，歐洲債券的表現要好一些。

Last year, remember, we had those crossing trades, which depressed the fee per million, and it came back this year in April back to more normal levels around 120. So overall, I think pricing is pretty stable. It's just that, that PT increase in April was outsized.

請記住，去年我們進行了交叉交易，這降低了每百萬美元的費用，今年 4 月份又回到了 120 左右的正常水平。只是，4月的PT漲幅過大。

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

我們的下一個問題來自 Piper Sandler 的 Patrick Moley。

I just -- not to hammer on portfolio trading, but appreciate the disclosure around market share in the last day of April being 40%. I was hoping you could just maybe frame -- help us frame that, like how did that compare to the rest of the month and maybe where you've been year-to-date?

我只是——不是為了強調投資組合交易，而是欣賞 4 月最後一天關於 40% 市場份額的披露。我希望你能幫助我們框架一下，例如與這個月剩下的時間相比怎麼樣，也許你今年迄今為止在哪裡？

And then given that this is going to be a big focus area moving forward, is there anything you can give us in terms of guidepost for kind of measuring how you guys are performing from a market share standpoint in portfolio trading?

鑑於這將成為未來的重點領域，您是否可以為我們提供任何指導，以衡量您從市場份額的角度在投資組合交易中的表現？

Yes, Patrick. And obviously, we expected a focus on portfolio trading today, and we've obviously been focused on portfolio trading for some time, particularly with rollout of new solutions to solve the portfolio trading market. We do think the portfolio of trade is an important tool for our largest clients.

是的，派崔克。顯然，我們預計今天的重點是投資組合交易，而且我們顯然已經關注投資組合交易已經有一段時間了，特別是推出了解決投資組合交易市場的新解決方案。我們確實認為貿易組合對我們最大的客戶來說是一個重要的工具。

Obviously, it's a tool for immediacy and efficiency of trading. In this credit environment where we're seeing high levels of demand for fixed income products, that's a benefit to our client franchise, and we're seeing them convert those -- that demand for fixed income into large portfolio trades.

顯然，它是一種保證交易即時性和效率的工具。在這種信貸環境中，我們看到對固定收益產品的高需求，這對我們的客戶特許經營權是有利的，我們看到他們將對固定收益的需求轉化為大型投資組合交易。

I think the month of April was what I'd call an unusual month for portfolio trading. We saw a number of very large portfolio trades during the month, somewhere around $10 billion and $7 billion in size. So those are quite sizable portfolio trades that we haven't seen, almost record size. We expect portfolio trading to continue to be a vibrant part of the credit market, and that's why we're so focused on delivering a solution.

我認為四月是我所說的投資組合交易不尋常的月份。本月我們看到了許多非常大規模的投資組合交易，規模約為 100 億美元和 70 億美元。因此，這些是我們從未見過的相當大的投資組合交易，幾乎達到創紀錄的規模。我們預期投資組合交易將繼續成為信貸市場充滿活力的一部分，這就是我們如此專注於提供解決方案的原因。

As we mentioned, just a number of trades, a handful of trades can swing market share in the PT market. But it's such an important part of our clients' demand for immediacy that we're trying to deliver an enhanced solution through X-Pro to solve the PT. We do think that those pre-trade analytics are a critical part of our traders, and we get positive feedback.

正如我們所提到的，只需一些交易，少數交易就可以改變 PT 市場的市場份額。但這是我們客戶對即時性需求的重要組成部分，因此我們正在嘗試透過 X-Pro 提供增強的解決方案來解決 PT。我們確實認為這些交易前分析是我們交易者的重要組成部分，並且我們得到了正面的回饋。

We've added things like tradability that help you really analyze your portfolio and make decisions around what should and shouldn't be in the portfolio. We've added other portfolio construction tools as well. And we've also increased the line item capacity. So our clients can trade very large line items, over 2,000 line items is part of the demand we're seeing from the largest clients.

我們添加了可交易性等內容，幫助您真正分析您的投資組合，並就投資組合中應該包含什麼和不應該包含什麼做出決策。我們還添加了其他投資組合建構工具。我們也增加了訂單項容量。因此，我們的客戶可以交易非常大的訂單項，超過 2,000 個訂單項目是我們從最大客戶看到的需求的一部分。

So we do see it as a critical tool kit in our clients' tool kit, and we will continue to report. Obviously, we have our monthly reports where we share our PT volume regularly and the overall TRACE PT volume in the market. So hopefully, you could just look out for our monthly reports and you'll see greater progress throughout the course of the year in our PT volume.

因此，我們確實將其視為客戶工具包中的關鍵工具包，我們將繼續報告。顯然，我們有月度報告，定期分享我們的 PT 交易量以及市場上 TRACE PT 的整體交易量。因此，希望您只需關注我們的月度報告，您就會看到我們的 PT 卷在這一年中取得了更大的進展。

Okay. And then you repurchased 10.1 million worth of shares this quarter. I think that was the first or the most significant repurchase you did since the middle of 2022. Can you just -- can you talk about that decision and maybe what we should expect in terms of the size and pace of buybacks from here?

好的。然後您在本季度回購了價值 1010 萬股的股票。我認為這是自 2022 年中期以來你們進行的第一次或最重要的回購。

Yes. Patrick, it's Steve here. So there's really been no change to our approach with capital. I think we're still focused on the dividend. And our buyback activity is really still focused on just offsetting dilution. And I think that we basically front-loaded some repurchases about 2 years ago. So we almost put like 2 years of repurchases a couple of years ago. So I think we'll be opportunistic going forward in terms of repurchases and -- but no change overall in terms of the philosophy for capital.

是的。派崔克，我是史蒂夫。所以我們的資本方法確實沒有改變。我認為我們仍然關注股息。我們的回購活動實際上仍然集中在抵消稀釋上。我認為我們基本上是在大約兩年前提前進行了一些回購。因此，幾年前我們幾乎進行了兩年的回購。因此，我認為我們將在回購方面採取機會主義態度，但在資本理念方面總體上不會改變。

Our next question comes from the line of Kyle Voigt from KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

Maybe just first on the high-yield side. The share has been a bit volatile month to month this year. I guess a question on April with the uptick in share, was that primarily from higher pure ETF market maker flow given some of the elevated high-yield ETF volumes we saw in the month, but the systematic traders have remained disengaged? Or are you really starting to see in April some of those systematic traders or hedge funds reengage in that market yet that you had called out earlier this year that had kind of pulled back?

也許首先是高收益方面。今年以來，該股逐月波動較大。我想4 月份份額上升的一個問題是，考慮到本月我們看到的一些高收益ETF 交易量有所增加，這主要是來自更高的純ETF 做市商流量，但係統交易者仍然不參與？或者你是否真的在四月開始看到一些系統性交易者或對沖基金重新參與該市場，而你今年早些時候曾呼籲的市場有所回落？

Kyle, it's Rich. It's a combination. I mean we were happy to see a little bit of a pickup back from March, 13.9 versus 12.7 from March. We've still got a way to come back, but we're seeing the signs that the market conditions are becoming more favorable. It's a combination of activity from both real money and from the ETF community. So it's definitely trending in the right way here, so.

凱爾，我是里奇。這是一個組合。我的意思是，我們很高興看到 3 月有所回升，分別為 13.9 和 3 月的 12.7。我們還有回來的路，但我們看到了市場狀況變得更加有利的跡象。這是真實資金和 ETF 社群活動的結合。所以這裡的趨勢肯定是正確的，所以。

Okay. And then just maybe one more follow-up on PT. You noted some of the added functionality there. But can you remind us of differences in fee structures in your PT offering versus your competitors? I recall there was maybe something you were evaluating in terms of changing the fee structure of the billing for the product.

好的。然後也許只是 PT 的另一個後續行動。您注意到其中的一些附加功能。但您能否提醒我們，您的 PT 產品與競爭對手的費用結構有何不同？我記得您可能正在評估改變產品計費的費用結構。

I guess, have any final decisions been made on that? And do you think that could make a difference in positioning the offering competitively in addition to what you're doing in terms of adding functionality to the product?

我想，最終的決定已經做出了嗎？您認為除了您在產品中添加功能之外，這是否會對產品的競爭定位產生影響？

Yes, Kyle, it's definitely a competitive space on PTs. And we've talked about it in the past that the PT fee capture is at a lower rate than income business and substantially lower than, say, all-to-all Open Trading business. And there are different ways to levy the fees. We know there are competitors out there that are trying to make a name for themselves and break into this market even going sometimes without any fees on it.

是的，凱爾，這絕對是 PT 上的競賽空間。我們過去曾討論過，PT 費用取得率低於收入業務，且遠低於全對全開放交易業務。徵收費用的方式也有多種。我們知道有些競爭對手正試圖為自己贏得聲譽並打入這個市場，甚至有時不收取任何費用。

We are shifting to a model where it's a levying of the fee on the dealer. It's consistent with the way others in the market are charging and we didn't want to have a fee model that was standing out and putting us in an adverse position. So I'd say competitive on the fees and consistent in the manner of charging fees with others who are levying fees on these trades.

我們正在轉向向經銷商收取費用的模式。這與市場上其他人的收費方式是一致的，我們不希望收費模式脫穎而出並使我們處於不利地位。因此，我想說的是，在費用上具有競爭力，並且在收費方式上與其他對這些交易徵收費用的人保持一致。

And so is that already in place? You said the move to build the dealers or...

那麼這已經到位了嗎？你說建立經銷商的舉措還是...

That's going to come in place with our next major release, which is coming in the next few weeks.

這將在我們的下一個主要版本中實現，該版本將在接下來的幾週內發布。

Our next question comes from the line of Dan Fannon from Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

Sticking with the topic of PT. I was hoping you could just talk about what you think the normal steady state of this protocol is as a percentage of volume or where it could get to? I think you put out some numbers previously, but the market has continued to evolve. So I was hoping to get your updated thoughts on kind of what you think that protocol can ultimately be on a consistent basis?

繼續聊PT的話題。我希望你能談談你認為協議的正常穩定狀態是體積的百分比，或者它可以達到什麼程度？我認為您之前公佈了一些數字，但市場正在不斷發展。所以我希望得到您的最新想法，您認為該協議最終可以在一致的基礎上實現什麼？

Sure. I'll take that. And look, we certainly are at a fairly historically low levels of credit spreads and credit spread volatility. That certainly creates a ripe environment for not only in portfolio trading, but also the dealer-to-dealer mid-market match solutions. So we certainly see at these levels of volatility that we've witnessed here in 2024 and certainly, at times during 2023, higher levels of PT and higher levels of mid-market matching solutions.

當然。我會接受的。看，我們的信用利差和信用利差波動性確實處於歷史較低水準。這無疑不僅為投資組合交易創造了一個成熟的環境，也為交易商之間的中間市場匹配解決方案創造了一個成熟的環境。因此，我們當然會看到 2024 年以及 2023 年期間所見證的波動水平，更高水平的 PT 和更高水平的中端市場匹配解決方案。

So we -- as credit spread volatility can increase, we do see it impacting levels of PT. Certainly, in April, we had some spikes of volatility. During those periods, we saw slight decreases in PT during the trade day but we continue to see a high level of PT throughout the month of April as volatility decline. So we are not -- certainly not predicting that these levels, historically low levels of credit spread volatility will remain for the continued period of time. They typically go through cycles.

因此，隨著信用利差波動性的增加，我們確實看到它會影響 PT 水準。當然，四月我們經歷了一些波動高峰。在此期間，我們看到交易日的 PT 略有下降，但隨著波動性下降，我們在 4 月繼續看到 PT 處於高水平。因此，我們當然不會預測信用利差波動性的歷史低水準將持續一段時間。它們通常會經歷一個週期。

We do think portfolio trading -- that said, portfolio trading will be an important tool for our clients, and they will continue to remain at levels that we're seeing today. And we don't expect massive growth of the PT market over time. We do think it'll probably stabilize at a certain level and be just another important part of the market ecosystem.

我們確實認為投資組合交易——也就是說，投資組合交易將成為我們客戶的重要工具，並且它們將繼續保持在我們今天看到的水平。我們預計 PT 市場不會隨著時間的推移而大幅成長。我們確實認為它可能會穩定在一定水平，並成為市場生態系統的另一個重要組成部分。

Yes, Dan, I'll just add to that. I mean it's definitely here to stay. It provides a lot of benefits to clients in terms of the workflow. It's going to be interesting to see what happens when the market environment changes and volatility increases and the PT becomes a relatively more expensive trade, whether it's still going to maintain the kind of percent of the market right now, we're seeing roughly around 10%. Whether that number goes down, stays the same, I would not think that that's a number that's going to rise in a high vol environment when it becomes relatively more expensive versus doing trades in comp. So something to consider.

是的，丹，我補充一下。我的意思是它肯定會留在這裡。它在工作流程方面為客戶提供了許多好處。看看當市場環境發生變化、波動性增加、PT 成為相對更昂貴的交易時會發生什麼將會很有趣，無論它是否仍會保持目前的市場百分比，我們看到大約 10 左右%。無論這個數字下降還是保持不變，我不認為這個數字會在高波動環境中上升，因為與進行比較交易相比，它變得相對更加昂貴。所以需要考慮一些事情。

Great. And then just as a follow-up on expenses. I know it's early in the year, but you're already tracking towards the low end of the guidance for this year. So I guess, first, kind of what has changed since the initial guidance a couple of months ago? And then as we think about the rest of the year and the factors are going to take you to the lower than the low end or back towards the midpoint or higher? What are those? Is that just volumes? Is it market share? What are the other factors?

偉大的。然後作為費用的後續行動。我知道現在還為時過早，但您已經在朝著今年指導的低端邁進。所以我想，首先，自幾個月前的最初指導以來發生了什麼變化？然後，當我們考慮今年剩餘的時間時，這些因素將帶你到低於低端的水平，還是回到中點或更高的水平？那些是什麼？這只是數量嗎？是市佔率嗎？還有哪些因素？

Dan, it's Steve here. I think if you step back, I think we're exiting a period of some pretty substantial investments that we've made with X-Pro, our proprietary data ADX. So I think we've come out of that period. In the fourth quarter, we achieved some significant efficiencies coming out of the year.

丹，我是史蒂夫。我想如果你退後一步，我認為我們正在退出一段時期的一些相當大的投資，我們對 X-Pro（我們的專有數據 ADX）進行了一些相當大的投資。所以我認為我們已經走出了那個時期。在第四季度，我們取得了今年以來的一些顯著效率。

And I think what's going on in the organization is that we're more disciplined as we look at the expense base coming out of that spending. And we're looking for opportunities to really be more efficient across the board, but at the same time, ensure that we're really maximizing our investments for the future because we do have that huge runway.

我認為組織中正在發生的事情是，當我們考慮這些支出的費用基礎時，我們更加自律。我們正在尋找真正全面提高效率的機會，但同時，確保我們真正最大化未來的投資，因為我們確實擁有巨大的跑道。

So I think that as we went through the first quarter, I think we saw some opportunities to achieve incremental efficiencies. I think that as we move through the year, you'll probably see a bit of a bump up in terms of incremental new hires given the normal seasonality. But I think that the first quarter run rate in terms of comp is probably a pretty good place to be, $61 million or $62 million, and that reflects the incremental hires that we should be making throughout the remainder of the year.

因此，我認為，在第一季的過程中，我們看到了一些提高效率的機會。我認為，隨著今年的進展，考慮到正常的季節性，您可能會看到新員工的增量增加。但我認為，就薪酬而言，第一季的運行率可能是一個相當不錯的水平，為 6100 萬美元或 6200 萬美元，這反映了我們在今年剩餘時間內應該進行的增量招聘。

But just remember that there is that seasonality in terms of our hiring through the year. So I think we feel pretty good coming in at the end -- at the bottom of the range right now. And obviously, we'll continue to monitor that and update you as we progress through the year.

但請記住，我們全年的招聘存在季節性。所以我認為我們在最後——現在處於範圍的底部——感覺非常好。顯然，我們將繼續關注這一情況，並在今年的進展中向您通報最新情況。

And I would just remind you that 18% of our expenses are variable. So that's the piece that can move up or down with volumes. So that's an important component to how we think about our guidance. And as we mentioned earlier in the call, we're tracking to the lower end of our guidance, and it's just too early to update where we think we'll end up being in the year.

我只想提醒您，我們 18% 的費用是可變的。所以這就是可以隨成交量上下移動的部分。因此，這是我們如何思考我們的指導的重要組成部分。正如我們之前在電話會議中提到的，我們正在追蹤指導的下限，現在更新我們認為今年的最終結果還為時過早。

Our next question comes from the line of Jeff Schmitt from William Blair.

我們的下一個問題來自威廉·布萊爾的傑夫·施密特。

On X-Pro, thinking how does it execute portfolio trades differently than what you were doing sort of prior to its rollout? And I guess importantly, though, like how does it compare to competitors now? Do you have any edge there?

在 X-Pro 上，想想它執行投資組合交易的方式與您在推出之前的做法有何不同？但我想重要的是，它與現在的競爭對手相比如何？你有什麼優勢嗎？

Jeff, it's Rich. As you note, so from an execution perspective, it's consistent, and we have the back end of the trading system that's managing this. The real productivity gain and the difference maker is on the front end and how traders interact with our capabilities, okay?

傑夫，我是里奇。正如您所指出的，從執行的角度來看，它是一致的，我們有交易系統的後端來管理它。真正的生產力提升和差異製造者在於前端以及交易者如何與我們的能力互動，好嗎？

So think of X-Pro, it's a modern interface. It's designed to better handle large lists and be able to manipulate them more readily, which is something that was more challenging, let's say, to do in our legacy application.

所以想想 X-Pro，它是一個現代化的介面。它的設計目的是更好地處理大型列表，並能夠更輕鬆地操作它們，比方說，在我們的遺留應用程式中，這是更具挑戰性的事情。

So the back end, it's leveraging all of the capabilities that we have in terms of how we process trades and how we send them through post-trade and downstream to the parties. But it's that interaction at the front level, at the user interface that is really making a difference. And that is where we're going to be doing all of our new front-end development is in this new tool.

因此，在後端，它利用了我們在如何處理交易以及如何透過交易後和下游將交易發送給各方方面所擁有的所有功能。但真正發揮作用的是前端使用者介面上的互動。這就是我們將在這個新工具中進行所有新前端開發的地方。

So we're saying earlier, it's not just isolated to PTs, although that's where our major focus is at the moment, but it's also going to be the front end that traders use for the high-touch initiative, and it's already actively used today by traders who need to manage large lists, for example, so it can do several hundred line items in comp, RFQ in comp much more easily than we can do in the old interface. So that's going to be the area of significant investment for us and we believe that's going to be well received by the traders and will lead to more business.

所以我們之前說過，它不僅僅與 PT 隔離，儘管這是我們目前的主要關注點，但它也將成為交易者用於高接觸主動性的前端，並且今天已經被積極使用例如，由需要管理大型清單的交易者使用，因此它可以比我們在舊介面中更輕鬆地在comp 中執行數百個行項目，在comp 中執行RFQ。因此，這將成為我們重大投資的領域，我們相信這將受到貿易商的好評，並將帶來更多業務。

And Jeff, I'd just add that X-Pro, both the portfolio trading tool and X-Pro for RFQ are all built in cloud-based technology. So it's all new tech that we've rolled out here. It also allows us to make changes and introduce new features and functionality in a more rapid development environment. So we've seen changes rolled out from -- really from trader feedback back out into production within weeks rather than within quarters and months.

Jeff，我想補充一點，X-Pro、投資組合交易工具和 RFQ 的 X-Pro 都是基於雲端技術建構的。所以我們在這裡推出的都是新技術。它還允許我們在更快速的開發環境中進行更改並引入新的功能和功能。因此，我們看到了從貿易商反饋中推出的變化在幾週內而不是在幾個季度和幾個月內重新投入生產。

So it's a very powerful tool, not just from the proprietary data that we can embed in it and all the pre-trade functionality that we can offer a trader, but it's also -- it speeds up our delivery to market, any new features, functionality or data that we're providing. So that makes it highly competitive for us in an already competitive environment.

因此，它是一個非常強大的工具，不僅來自我們可以嵌入其中的專有數據以及我們可以為交易者提供的所有交易前功能，而且它還加快了我們向市場的交付速度，任何新功能，我們提供的功能或數據。因此，這使得我們在競爭激烈的環境中具有強大的競爭力。

Great. And then a question on your high-grade market share. Could you discuss how institutional RFQ share is trending? I mean, is that a part of -- in the drop at all?

偉大的。然後是關於你們的高端市場份額的問題。能討論一下機構詢價份額的趨勢嗎？我的意思是，這是下降的一部分嗎？

Yes. On the share, I mean, we did see a bit of a decline. We are -- upon analyzing that, it's definitely due to the pickup in portfolio trading that occurred and also on the dealer business. We attribute it mostly to those 2 factors. And hence, the extra effort that we're making in both of those areas. Those are the 2 significant investment areas for us to regain share.

是的。我的意思是，就份額而言，我們確實看到了一些下降。經過分析，我們發現，這肯定是由於投資組合交易以及經銷商業務的回升所致。我們主要將其歸因於這兩個因素。因此，我們在這兩個領域都做出了額外的努力。這是我們重新奪回市場佔有率的兩個重要投資領域。

We think in terms of our in-comp client dealer RFQ business, on very solid grounds with that and Open Trading being the difference maker in terms of the liquidity pool and our ability to do all of the in-comp activity very efficiently for clients. So it is largely due to the challenges in PT right now and dealer business, dealer-initiated business.

我們認為，就我們的公司內客戶經銷商詢價業務而言，有非常堅實的基礎，而開放交易在流動性池以及我們為客戶非常有效地開展所有公司內活動的能力方面是差異化因素。所以這很大程度是由於目前PT以及經銷商業務、經銷商發起的業務所面臨的挑戰。

I would just add that our high-grade market volumes did increase in Q1 by 18%. Our block trading ADV increased as well. And more importantly, our automation continues to grow within the high-grade market. That's one area where we're highly penetrated throughout that area, and we continue to see more automation ramping up.

我想補充一點，我們的高檔市場銷量在第一季確實成長了 18%。我們的大宗交易日均交易量也有所增加。更重要的是，我們的自動化在高檔市場中持續成長。這是我們在整個領域高度滲透的一個領域，我們繼續看到更多的自動化程度不斷提高。

And Q1 automation was up 40% and that automation volume is quite sticky. We see people moving into automation and remaining at those levels. So across the high-grade market, we've seen growth, we've seen records and more importantly, we've seen sizable penetration with our automation solution.

第一季自動化量成長了 40%，而且自動化量相當黏。我們看到人們進入自動化並保持在這些水平。因此，在整個高端市場，我們看到了成長，看到了記錄，更重要的是，我們看到了自動化解決方案的大規模滲透。

Our next question comes from the line of Brian Bedell from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Maybe just sticking with X-Pro. I think you quoted about 16% of your volume now is running through X-Pro and it's accounting for 60% or nearly 60% of your portfolio trades. Just maybe if you can just comment on where you ultimately want to get that to or you think you can get X-Pro to in terms of your overall volume.

也許只是堅持使用 X-Pro。我認為您現在大約 16% 的交易量是透過 X-Pro 運行的，它佔您投資組合交易的 60% 或接近 60%。也許你可以評論一下你最終想要達到的目標，或者你認為你可以在總體體積方面達到 X-Pro 的目標。

And then to what extent is portfolio trading a big part of that process or if we -- if the market does shift back away from portfolio trading over time because of higher credit spread volatility, how do you see that algorithm working within X-Pro of getting more of your volume on and having that expand your overall market share?

然後，投資組合交易在多大程度上是該過程的重要組成部分，或者如果我們——如果由於信用利差波動性較高，隨著時間的推移，市場確實從投資組合交易中回歸，您如何看待X-Pro 中的演算法增加銷售量並擴大整體市場份額？

Great question. And obviously, X-Pro is designed to replace our legacy user interface for our clients. So we intend to put X-Pro in front of all traders and all clients globally. X-Pro, you'll see X-Pro rolling out in Europe and throughout the international client base this summer. So we're excited to continue the rollout of X-Pro not just for traditional RFQ, but more importantly, for portfolio trading.

很好的問題。顯然，X-Pro 旨在取代我們客戶的舊版使用者介面。因此，我們打算將 X-Pro 呈現在全球所有交易者和所有客戶面前。 X-Pro，今年夏天您將看到 X-Pro 在歐洲和整個國際客戶群中推出。因此，我們很高興繼續推出 X-Pro，不僅適用於傳統詢價，更重要的是適用於投資組合交易。

As I mentioned, we started that rollout for what we call power users. That's where we see the biggest benefit. The workflow efficiency designed in X-Pro does help those users. And we do think that the portfolio trading tool is also a benefit. Rich mentioned some of the features and the benefits of longer -- larger line item capacity on X-Pro. We do see -- the biggest opportunity for X-Pro is really this summer and the quarters ahead around the block trading solution.

正如我所提到的，我們開始為所謂的高級用戶推出這項服務。這就是我們看到的最大好處。 X-Pro 中設計的工作流程效率確實對這些使用者有所幫助。我們確實認為投資組合交易工具也是一個好處。 Rich 提到了 X-Pro 上更長、更大行項目容量的一些功能和好處。我們確實看到，X-Pro 最大的機會實際上是在今年夏天和未來幾季圍繞大宗交易解決方案。

One of the biggest feedback that we hear from our clients and traders are information leakage with regard to all-to-all and X-Pro allows our clients to easily engage dealers directly, either one-on-one or multidealers in an RFQ. That's being rolled out and should -- really, we're targeting to, call it, the $3 million to $10 million size bucket, which is a very large part of the TRACE market here in the U.S.

我們從客戶和交易商那裡聽到的最大反饋之一是有關多對多的信息洩露，X-Pro 使我們的客戶能夠輕鬆地直接與經銷商進行一對一或多經銷商的詢價。它正在推出，實際上，我們的目標是 300 萬到 1000 萬美元的規模，這是美國 TRACE 市場的很大一部分。

And so really X-Pro is designed to touch every trader, every client and across all our products when we're done with the overall rollout. More importantly, as I mentioned, X-Pro does allow us to move at a quicker pace from a development and delivery standpoint. And that's the most exciting part about this new technology and as we roll out across the client base.

因此，當我們完成整體推出後，X-Pro 的設計確實是為了觸及每個交易​​者、每個客戶以及我們所有的產品。更重要的是，正如我所提到的，從開發和交付的角度來看，X-Pro 確實使我們能夠更快地前進。這是這項新技術最令人興奮的部分，也是我們在客戶群中推廣的過程。

That's great. Actually, that leads into the second follow-up question on that, and that's the large block sizes. So I think you quoted that last time like [30% to 60%] of the market is trade sizes over $5 million. That's obviously been the area where more has been done with voice over time, and it's been tougher to crack.

那太棒了。實際上，這引出了第二個後續問題，那就是大塊大小。所以我認為您上次引用過，大約 [30% 到 60%] 的市場交易規模超過 500 萬美元。顯然，隨著時間的推移，語音技術在這一領域得到了更多的應用，也更難攻克。

So I guess, what is your view on that part of the market electronifying over, say, the next, call it, 3 years or so as sort of the next leg of the electronification of the market?

所以我想，您對市場電子化的那部分，比如說未來三年左右的市場電子化的下一個階段有何看法？

Yes, Brian, it's Rich. I mean we think it's going to increase. And I've said before, we're going to see a high penetration rate across all sizes. Some of that might just be trade processing and more efficient ways to do a bilateral trade with a known dealer. And that's fine. That's part of what this portion of X-Pro is designed to do very efficiently.

是的，布萊恩，我是里奇。我的意思是我們認為它會增加。我之前說過，我們將看到各種規模的高滲透率。其中一些可能只是貿易處理以及與知名經銷商進行雙邊貿易的更有效方式。那很好。這就是 X-Pro 這一部分的設計目的之一，即非常有效率。

But we want to make sure that we've got a way to -- when a trader puts their orders into our system that they have a variety of ways that they can trade that, whether it's going to be recommending to them who the likely dealers are to engage, whether it's just processing a trade bilaterally with a trade that's been executed maybe on the phone, let's say, or it might be engaging in Open Trading in some way with clients that we're able to identify who are likely to engage with that party on the trade.

但我們希望確保我們有辦法——當交易者將訂單輸入我們的系統時，他們可以通過多種方式進行交易，是否會向他們推薦可能的交易商參與，無論是只是與可能在電話上執行的交易進行雙邊交易，還是可能以某種方式與我們能夠識別誰可能參與的客戶進行公開交易與該方進行交易。

So think of it as a central point where that trader can access all of the tools that MarketAxess has available, the different ways of trading across our variety of protocols, all from one place where they manage their order.

因此，可以將其視為一個中心點，交易者可以在其中訪問 MarketAxess 提供的所有工具、跨我們各種協議的不同交易方式，所有這些都可以從一個管理訂單的地方進行。

And that's the key part of it is once their order is in X-Pro, they can kind of launch off in these different directions, depending upon what's available, what's best recommended for that, how they want to operate, all from one point, which is a little bit different than the way our legacy system works, which is a bit more siloed in the capabilities and making the trader work a little harder to tap into the capabilities. With X-Pro, it's all central and available right from their order.

這就是關鍵部分，一旦他們的訂單進入X-Pro，他們就可以在這些不同的方向上啟動，這取決於可用的內容、最佳推薦的內容、他們想要的操作方式，所有這些都從一個點開始，這與我們的舊系統的工作方式有點不同，舊系統的功能更加孤立，使得交易者需要更加努力地利用這些功能。對於 X-Pro，這一切都是集中的，可以直接從訂單中取得。

Brian, I would just add that we hear regularly from our clients that they obviously want to do more with less. They're not hiring traders on their desks. That's a trend that we've seen. And this area of the market is a fairly inefficient area from just a workflow perspective. You can imagine using phones and chat has not been the end result of this market evolution.

布萊恩，我想補充一點，我們經常從客戶那裡聽到他們顯然希望用更少的錢做更多的事情。他們不會在辦公桌上僱用交易員。這是我們看到的趨勢。僅從工作流程的角度來看，這個市場領域是一個相當低效率的領域。您可以想像使用電話和聊天並不是這一市場演變的最終結果。

What we're trying to do is replicate their experience on phone and chat, minimizing information leakage to just the right important dealers in that CUSIP with both the data and the pre-trade analytics and the content that we're collecting and pumping through X-Pro will help those traders, one, identifying the size of their order that the market can consume; and two, the best dealers to interact with for that specific order.

我們正在嘗試做的是複製他們在電話和聊天中的體驗，透過資料和交易前分析以及我們透過 X 收集和輸送的內容，最大限度地減少資訊洩露給 CUSIP 中正確的重要交易商-Pro 將幫助這些交易者，第一，確定市場可以消耗的訂單規模；第二，針對該特定訂單與之互動的最佳經銷商。

So we're pretty excited about the opportunity to convert a sizable portion of what is today phone and chat market onto the electronic platform. And it's definitely -- one thing we see from portfolio trading and the demand for portfolio trading is the need for immediacy, certainty and efficiency of workflow is high, at an all-time high among our clients as they see more capital flowing into their own platforms, they are not hiring traders to solve that influx of capital.

因此，我們對有機會將當今電話和聊天市場的很大一部分轉換到電子平台感到非常興奮。我們從投資組合交易和投資組合交易的需求中看到的一件事是，我們的客戶對工作流程的即時性、確定性和效率的需求很高，達到歷史最高水平，因為他們看到更多的資金流入自己的市場平台上，他們不會僱用交易員來解決資本湧入的問題。

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

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

I have a question on Pragma. Maybe changing topics away from PT. I was hoping you could update us on the progress there with Pragma. Maybe you can elaborate on the contribution of the business, how you see the growth path ahead. And strategically, maybe you could update us on how you see this being strategically additive to the firm?

我有一個關於 Pragma 的問題。也許可以把話題從 PT 轉移開。我希望您能向我們介紹 Pragma 的最新進展。也許您可以詳細說明該業務的貢獻，以及您如何看待未來的成長道路。從策略上講，也許您可以向我們介紹您如何看待這對公司具有戰略意義的補充？

Sure. Obviously, we closed on the Pragma transaction in the fourth quarter, and we're quickly integrating Pragma into the broader MarketAxess technology framework. We're excited about some of the technology synergies that we're seeing. Obviously, Pragma has been a key ingredient to the launch of the first credit algo in the credit space. So we're excited to see that algo and the demand that -- and the feedback that we're getting from clients on the algo.

當然。顯然，我們在第四季度完成了 Pragma 交易，我們正在迅速將 Pragma 整合到更廣泛的 MarketAxess 技術框架中。我們對所看到的一些技術協同效應感到興奮。顯然，Pragma 是在信貸領域推出第一個信貸演算法的關鍵因素。因此，我們很高興看到該演算法和需求，以及我們從客戶那裡得到的關於該演算法的回饋。

More importantly, Pragma, we're seeing opportunities to use Pragma technology throughout our technology footprint. Right now, Pragma, is consuming some of our automation suite. So what we want to do, the goal of the current integration is to have both algos and automation all be part of one suite of offering, so you can get basic auto RFQ, basic auto responder and a suite of algos all within the same API or the same suite of selection of products. So pretty excited about the integration of Pragma in automation.

更重要的是，Pragma，我們看到了在整個技術足跡中使用 Pragma 技術的機會。現在，Pragma 正在使用我們的一些自動化套件。所以我們想要做的，目前整合的目標是讓演算法和自動化都成為一套產品的一部分，這樣您就可以在同一個 API 中獲得基本的自動詢價、基本的自動回覆器和一套演算法或同套精選商品。對於 Pragma 在自動化中的整合感到非常興奮。

The next piece of integration that we see playing out is the Pragma EMS solution, it is able to maintain order state and control orders and connect multiple destinations. Obviously, we're using the various protocols within MarketAxess, but we do see an opportunity for that EMS technology to be deployed further in the market.

我們看到的下一個整合是 Pragma EMS 解決方案，它能夠維護訂單狀態和控制訂單並連接多個目的地。顯然，我們正在 MarketAxess 中使用各種協議，但我們確實看到了 EMS 技術在市場上進一步部署的機會。

So we see further integration of Pragma. It's an important technology acquisition for us. And we're actually seeing higher benefits of the synergy of that technology. We also plan on using Pragma in our dealer-to-dealer business. We think there's interesting solutions, not only automation that we're rolling out for dealers, but new protocols in that dealer suite of products as well, particularly around the mid-matching solutions that we see in that market.

所以我們看到 Pragma 的進一步整合。這對我們來說是一項重要的技術收購。我們實際上看到了該技術的協同作用帶來的更大好處。我們也計劃在我們的經銷商對經銷商業務中使用 Pragma。我們認為有一些有趣的解決方案，不僅是我們為經銷商推出的自動化，還有經銷商產品套件中的新協議，特別是圍繞我們在該市場看到的中間匹配解決方案。

So it's still early days for our excitement around the Pragma acquisition, but we definitely see it becoming a more important footprint in the overall technology footprint of MarketAxess.

因此，我們對 Pragma 收購的興奮還為時過早，但我們肯定會看到它成為 MarketAxess 整體技術足跡中更重要的足跡。

Great. And just a follow-up question, if I could, on emerging markets. Great to see the renewed strength, particularly in local markets, EM, particularly in April. Just curious what you're seeing there. Maybe you can elaborate a bit more broadly on the EM initiatives that you have and any other regions that you're particularly more focused on? And where do you see scope for more innovation ahead in EM?

偉大的。如果可以的話，我想問一個關於新興市場的後續問題。很高興看到新的強勢，特別是在本地市場、新興市場，尤其是在四月。只是好奇你在那裡看到了什麼。也許您可以更廣泛地闡述您所採取的新興市場計劃以及您特別關注的任何其他地區？您認為新興市場未來的更多創新空間在哪裡？

Sure. On the EM front, pretty excited about the growth that we've seen in EM in Q1. Obviously, we were seeing lower volumes in 2023. And we weren't expecting that to change, but it did change and obviously saw record volumes, record ADV and obviously, record commission revenue up almost 11% in Q1.

當然。在新興市場方面，我們對第一季新興市場的成長感到非常興奮。顯然，我們看到2023 年的交易量有所下降。營收在第一季成長了近11%。

One interesting area that we've seen growth, and it's really as a result of growth of protocol, and that is our block trading ADV is up almost 34% year-over-year in the first quarter. So we're excited about that block trading growth, certainly a predictor of hopefully further block trading growth across all our products.

我們看到了一個有趣的成長領域，這實際上是協議成長的結果，那就是我們的大宗交易 ADV 在第一季同比增長了近 34%。因此，我們對大宗交易的成長感到興奮，這當然是我們所有產品的大宗交易有望進一步成長的預測因素。

The other area of sizable growth was our local markets. Obviously, they are up 30% in Q1 year-over-year. The local market is obviously the bigger market opportunity in the EM market, close to 80% of the overall volume is estimated to be within the local markets.

另一個大幅成長的領域是我們的本地市場。顯然，第一季同比增長了 30%。本地市場顯然是新興市場中更大的市場機會，估計接近 80% 的總量位於本地市場。

And then areas of excitement, obviously, we've seen our APAC volumes grow year-over-year. APAC was up 33% in Q1, and APAC was up even further in April, almost up about 40%.

然後是令人興奮的領域，顯然，我們已經看到我們的亞太地區銷量逐年增長。亞太地區第一季上漲了 33%，四月漲幅更大，幾乎上漲了 40% 左右。

Out of APAC, we're seeing APAC as a key driver of our EM volume. Our local market volume, in particular, was up from APAC almost 60%. So that international growth and our international expansion is reaping benefits across our EM market, particularly the APAC growth rates that we were seeing in Q1, and then that continued into April.

在亞太地區之外，我們將亞太地區視為新興市場銷售的關鍵驅動力。尤其是我們的本地市場銷售比亞太地區成長了近 60%。因此，國際成長和我們的國際擴張正在整個新興市場中獲益，特別是我們在第一季看到的亞太地區成長率，然後這種情況一直持續到四月。

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

我們的下一個問題來自高盛的 Alex Blostein。

Just one for me. You spoke extensively today and just over the last couple of quarters that the path towards more of sort of bridging the gap in IG with some of the market share is likely going to come from PT and dealer-initiated RFQ. Can you talk a little bit about the pricing and the fee per million in both of those?

只給我一個。您今天和過去幾季廣泛談到，透過 PT 和經銷商發起的詢價，可以更多地彌補 IG 與部分市場份額之間的差距。您能談談這兩者的定價和每百萬的費用嗎？

I think you kind of hit on the PT a little bit. But just how does that compare to the kind of $150, $160 that you're running at a credit right now? And do you expect that your initiative there to put more pricing pressure on that part of the market as a whole for other competitors as well?

我覺得你對 PT 有點有興趣。但這與您現在使用的 150 美元、160 美元信用額度相比如何？您是否期望您的舉措也會為其他競爭對手的整個市場部分帶來更大的定價壓力？

Sure, Alex. It's Rich. And yes, I did mention about the fee capture in PT being lower. With dealer business, which tends to be -- it's an Open Trading, it's an all-to-all type of business, where we're delivering more value, our fee capture is relatively higher there.

當然，亞歷克斯。這是富有的。是的，我確實提到 PT 的費用收取較低。對於經銷商業務來說，它往往是一種開放式交易，是一種全方位的業務，我們在其中提供更多的價值，我們在那裡收取的費用相對較高。

And one of the things I should note is when we deliver liquidity to dealers, about 30% of the time, that comes from buy-side firms, not just other dealers. And that's some of the most valuable connections that we can make and allows us to charge a relatively higher fee for that. So I think the prospects for fee capture in the dealer-initiated side of the business is quite promising.

我應該注意的一件事是，當我們向經銷商提供流動性時，大約 30% 的情況是來自買方公司，而不僅僅是其他經銷商。這是我們可以建立的一些最有價值的聯繫，並允許我們為此收取相對較高的費用。因此，我認為經銷商發起的業務中收取費用的前景非常有希望。

We should note, and as pointed out during the prepared remarks, that we see plenty of opportunity for growth in the traditional client-to-dealer in comp business, leveraging Open Trading and being able to make those connections between clients directly with each other, into other dealers and things. And that remains also attractive from a fee capture perspective.

我們應該注意到，正如在準備好的發言中指出的那樣，我們看到傳統的客戶對交易商在比較業務中存在大量的增長機會，利用開放交易並能夠在客戶之間直接建立這些聯繫，進入其他經銷商和事物。從費用獲取的角度來看，這仍然具有吸引力。

So the most challenging area, the lowest fee capture is definitely on the PT. It is very much a workflow solution and less about the benefits that we can deliver as a marketplace. And it's when we're operating as a marketplace and connecting the thousands of participants in it, that gives us the opportunity for richer fee capture.

所以最具挑戰性的領域，收取最低費用的肯定是PT。它在很大程度上是一個工作流程解決方案，而不是我們作為市場可以提供的好處。當我們作為一個市場運作並連接其中的數千名參與者時，我們就有機會獲得更豐富的費用。

Our next question comes from the line of Ben Budish from Barclays.

我們的下一個問題來自巴克萊銀行的 Ben Budish。

I just wanted to double check on the dealer initiated segment. I don't think you talked about how much of your business that comprises today. So can you maybe talk about that and where it's been in the past? And then looking forward, if you think about how much of that piece can electronify versus the broader market in IG? How do you think about the potential there versus client to dealer and some of the other trade types?

我只是想仔細檢查經銷商發起的細分市場。我認為您沒有談論過您今天的業務有多少。那麼您能談談這件事以及它過去的情況嗎？然後展望未來，如果你想一下，與 IG 的更廣泛市場相比，這一部分可以電子化多少？與客戶到經銷商以及其他一些交易類型相比，您如何看待那裡的潛力？

Yes. Ben, it's Rich again. And no, we definitely feel strongly about our opportunities there. And you can say, roughly speaking, it's about 30% of our RFQ activity is coming from dealers initiating on the RFQ side. So that has room to grow. And again, as I was just saying, it's a promising area of fee capture. That's, right now, using our RFQ protocols. As we introduce our matching solutions in the market, which we know has been very attractive to firms and also our order book live markets is another area that we think is going to be attractive to that user base, it's pretty significant.

是的。本，又是里奇。不，我們確實對我們在那裡的機會有強烈的感覺。粗略地說，我們大約 30% 的詢價活動來自經銷商發起的詢價。所以它還有成長的空間。再次強調，正如我剛才所說，這是一個很有前景的收費領域。現在，就是使用我們的詢價協議。當我們在市場上推出我們的配對解決方案時，我們知道這對公司非常有吸引力，而且我們的訂單簿即時市場是我們認為對用戶群有吸引力的另一個領域，這是非常重要的。

Our next question comes from the line of Eli Abboud from Bank of America.

我們的下一個問題來自美國銀行的 Eli Abboud。

Can we have a little bit more of an update on Adaptive Auto-X? I think last quarter, you mentioned that 13 clients were using it. How has penetration progressed? And what can you share about the early feedback?

我們可以對 Adaptive Auto-X 進行更多更新嗎？我想上個季度，您提到有 13 個客戶正在使用它。滲透進展如何？關於早期回饋，您有什麼可以分享的嗎？

Sure, Eli. Yes, we're pretty excited about the innovation of Adaptive Auto-X, as I mentioned earlier, it's the first client algorithm launched in the credit space. Right now, we have 25 clients live on Adaptive Auto-X. There's about 30 clients approved, still waiting to be onboarded. And then there's more, obviously, in the pipeline. We also are excited about a new launch of an algo this summer, really a dynamic liquidity-taking solution.

當然，伊萊。是的，我們對 Adaptive Auto-X 的創新感到非常興奮，正如我之前提到的，它是信用領域推出的第一個客戶端演算法。目前，我們有 25 位客戶使用 Adaptive Auto-X。大約有 30 個客戶已獲得批准，仍在等待加入。顯然，還有更多的事情正在醞釀中。我們也對今年夏天新推出的演算法感到興奮，這確實是一個動態的流動性吸收解決方案。

The feedback has been quite positive, the feedback from clients. We have some very large clients waiting in the queue in the pipeline. We've obviously been showing demos of the product to all our clients, and the feedback has been quite positive.

來自客戶的反饋非常積極。我們有一些非常大的客戶在管道隊列中等待。顯然，我們一直在向所有客戶展示該產品的演示，並且反饋非常積極。

Again, it's still early days with this product rollout, but we're just seeing a healthy outcome in terms of execution quality, both in terms of avoiding spread as well as with some of the larger blocks being sliced into smaller sizes. We're also seeing better trade execution quality as a result of eliminating -- limiting market impact from executing larger block sizes.

同樣，該產品的推出還處於早期階段，但我們只是在執行品質方面看到了健康的結果，無論是在避免擴散方面還是在一些較大的塊被切成較小的尺寸方面。我們還看到，由於消除了執行較大區塊規模而限制了市場影響，因此交易執行品質得到了改善。

So again, early days with the product, but pretty exciting feedback. And obviously, the demand is quite high given the size of the client onboarding that we're dealing with right now.

再說一次，雖然是產品的早期階段，但回饋非常令人興奮。顯然，考慮到我們目前正在處理的客戶入職規模，需求相當高。

Got it. And you mentioned the block trading had a particularly strong quarter earlier. How much of this is attributable to this early progress on Adaptive Auto-X? Or is it other technologies and protocols that are driving that progress so far?

知道了。您提到大宗交易早期的季度表現尤其強勁。這在多大程度上歸功於 Adaptive Auto-X 的早期進展？或者是其他技術和協議推動了迄今為止的進步？

Really, the block trading that we're seeing the success in, particularly in EM, we offer a request for market that has been an offering, a protocol that we launched quite some time ago, and that's really been driving some of our block trading experience here.

事實上，我們在大宗交易中看到了成功，特別是在新興市場，我們提供了一個市場請求，這是我們很久以前推出的一項協議，這確實推動了我們的一些大宗交易在這裡體驗。

And as I mentioned, in EM, block trading was up 34%. The other areas, obviously, in EM is local markets. We're seeing larger block size in local markets as well. So it's -- and then I also mentioned in investment grade, block size running through our current platform is where we're seeing an increase in block trading.

正如我所提到的，在新興市場，大宗交易成長了 34%。顯然，新興市場的其他領域是本地市場。我們在當地市場也看到了更大的區塊規模。所以，然後我還提到，在投資等級中，透過我們目前平台運行的區塊大小是我們看到大宗交易增加的地方。

We also mentioned that our intent is to roll out X-Pro for a high touch. Again, that's targeting the block size market, and that's still to come in the coming quarters. So a lot of opportunity around the block size solution, both from algorithms breaking down blocks as well as solving blocks for electronic trading by just reducing information leakage for those size trades.

我們也提到，我們的目的是推出 X-Pro 以實現高觸感。同樣，這是針對區塊大小市場的，而且這仍將在未來幾季出現。因此，圍繞區塊大小解決方案有很多機會，既來自分解區塊的演算法，也來自透過減少這些大小交易的資訊洩漏來解決電子交易區塊的問題。

That concludes our Q&A session. I will now turn the conference back over to Chris Concannon for closing remarks.

我們的問答環節到此結束。現在我將把會議轉回克里斯康坎農 (Chris Concannon) 致閉幕詞。

Great. Well, thank you for joining us today. We're exceptionally excited about the things that we're building and rolling out this summer, and we look forward to updating you on our progress at our next quarter call. Thanks, everyone, for joining.

偉大的。好的，謝謝您今天加入我們。我們對今年夏天正在建立和推出的產品感到非常興奮，我們期待在下個季度的電話會議上向您通報我們的最新進展。謝謝大家的加入。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。