Marketaxess Holdings Inc (MKTX) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Marketaxess second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded on August 6, 2024. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at Marketaxess. Please go ahead, sir.

女士們先生們，謝謝你們的支持。歡迎參加 Marketaxess 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，本次電話會議於 2024 年 8 月 6 日錄製。請繼續，先生。

Good morning, and welcome to the Marketaxess second 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 Ilene Fiszel Bieler, Chief Financial Officer, will review the financial results.

早安，歡迎參加 Marketaxess 2024 年第二季財報電話會議。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 將為您介紹我們市場的最新表現。本季度，財務長艾琳·菲澤爾·比勒 (Ilene Fiszel Bieler) 將審查財務業績。

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本質上不確定的未來事件的信念。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.

討論可能影響公司未來業績的一些風險和因素。請參閱我們截至 2023 年 12 月 31 日止年度的 10-K 表格年度報告中的風險因素描述。

I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued earlier this morning and is now available on our website.

我還建議您閱讀我們的季度收益報告中的前瞻性聲明免責聲明，該聲明於今天早上早些時候發布，現已在我們的網站上提供。

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 second quarter results Turning to slide 3 of my strategic update. We delivered 10% total revenue growth, including the benefit of the Pragma acquisition and diluted earnings per share was $1.72. We continued to execute our strategy this quarter and delivered solid growth in commission revenue across most credit products with strong revenue growth in our international product areas.

早安，感謝您與我們一起回顧我們的第二季度業績。我們實現了 10% 的總收入成長，其中包括 Pragma 收購帶來的收益，稀釋後每股收益為 1.72 美元。本季我們繼續執行我們的策略，大多數信貸產品的佣金收入實現了穩健成長，國際產品領域的收入成長強勁。

We continue to be disciplined around our expense management, with total operating expenses increasing 12%, including the impact of Pragma. We released our July trading metrics yesterday, which reflected continued solid growth in our credit complex across most product areas. While our US credit estimated market share continues to disappoint, we believe that our core [ADV] business, underpinned by our differentiated liquidity and Open Trading reflects our continued leadership in the institutional client-to-dealer e-trading space.

我們繼續嚴格執行費用管理，總營運費用增加了 12%，其中包括 Pragma 的影響。我們昨天發布了 7 月的交易指標，這反映了我們在大多數產品領域的信貸綜合體的持續穩健成長。雖然我們的美國信貸估計市場份額繼續令人失望，但我們相信，我們的核心[ADV] 業務以我們差異化的流動性和開放交易為基礎，反映了我們在機構客戶到交易商電子交易領域的持續領先地位。

We have a clear strategy to return to market share growth through our global rollout of X-Pro. We are also pleased that we are continuing to grow our market share in the global credit e-trading space outside of US credit. So I'd like to welcome Ilene, to our first earnings call as CFO in the short time that she has been here, she has already made a significant impact on the business.

我們制定了明確的策略，透過在全球推出 X-Pro 來恢復市場份額的成長。我們也很高興我們在美國信貸以外的全球信貸電子交易領域的市佔率持續成長。因此，我歡迎艾琳 (Ilene) 作為財務長參加我們的第一次財報電話會議，她來的時間很短，她已經對業務產生了重大影響。

And more broadly, we have made several key hires recently, including a new Head of US Sales, a new Head of Global Emerging Markets and a new Head of Client Solutions, all great hires that significantly enhance the already deep bench strength at Marketaxess.

更廣泛地說，我們最近招募了幾位關鍵員工，包括一位新的美國銷售主管、一位新的全球新興市場主管和一位新的客戶解決方案主管，所有這些出色的招募都顯著增強了Marketaxess 已經深厚的後備力量。

We have always guided investors to look at long term trends and not read too much into the month to month [gyrations] in our estimated market share as we saw in July. Slide 4 lays out our strategic priorities to grow market share. The fastest growing segments of US high-grade trades year to date have been portfolio trading and dealer-to-dealer trading up 94% and 31%, respectively.

我們一直引導投資者著眼於長期趨勢，而不是像 7 月那樣過度解讀我們估計的市場份額的月度波動。幻燈片 4 列出了我們擴大市場份額的策略重點。今年迄今為止，美國高級交易中成長最快的部分是投資組合交易和交易商間交易，分別成長了 94% 和 31%。

Prior to dealer trading is only up 13%. Our estimated share in the dealer to dealer segment is down slightly and we are allocating more resources to attack this segment with expanded dealer trading solutions. While our client to dealer segment performs much better in periods of volatility as we have seen over the last few days.

此前經銷商交易僅上漲13%。我們在經銷商對經銷商細分市場中的估計份額略有下降，我們正在分配更多資源，透過擴展經銷商交易解決方案來攻擊這一細分市場。正如我們在過去幾天所看到的那樣，我們的客戶對經銷商細分市場在波動時期的表現要好得多。

We have a clear strategy to reignite growth in our client to dealer business by capturing more share in portfolio trading and larger trade sizes. This strategy will be executed through our modernized easy to navigate user interface X-Pro, which we have been rolling out in stages across products and protocols for our clients. X-Pro is enabled by our proprietary pre-trade data and analytics designed to help traders achieve better trading outcome.

我們有明確的策略，透過在投資組合交易中獲得更多份額和擴大交易規模來重新激發客戶對經銷商業務的成長。這項策略將透過我們現代化的易於導航的使用者介面 X-Pro 來執行，我們已經為客戶的產品和協議分階段推出了該介面。 X-Pro 由我們專有的交易前數據和分析支持，旨在幫助交易者實現更好的交易結果。

X-Pro is built on cloud-based technology. So it is easy to make changes and introduce new features and functionality in a matter of weeks. With X-Pro, we are enhancing our portfolio trading solution, giving clients access to our full suite of automation and algos tools to improve workflows and building out our high-touch strategy to attack larger trade sizes with unique AI powered data.

X-Pro 基於雲端技術建置。因此，在幾週內就可以輕鬆進行更改並引入新的功能和功能。透過X-Pro，我們正在增強我們的投資組合交易解決方案，讓客戶能夠使用我們的全套自動化和演算法工具來改善工作流程，並製定我們的高接觸策略，以利用獨特的人工智慧驅動的數據來攻擊更大的交易規模。

As you can see on the slide, we have already completed a number of important steps in our X-Pro rollout over the last several quarters. The next step for our high-touch strategy is to enhance our PT offering with the launch of our global multiproduct portfolio trading solution.

正如您在幻燈片中看到的那樣，我們在過去幾個季度中已經完成了 X-Pro 推出中的許多重要步驟。我們高接觸策略的下一步是透過推出我們的全球多產品投資組合交易解決方案來增強我們的 PT 產品。

We are also launching our AI dealer selection tool which is a smart counterparty selection tool that predicts which counterparty is most likely to win a trade. Last, we are rounding out our custom algos with the launch of our new take algos, which will be available to both clients and dealers. Our announcement yesterday with ICE is a great example of how we are connecting to external platforms to aggregate available liquidity leveraging the deep liquidity across both platforms.

我們還推出了人工智慧交易商選擇工具，這是一種智慧交易對手選擇工具，可以預測哪個交易對手最有可能贏得交易。最後，我們透過推出新的獲取演算法來完善我們的客製化演算法，該演算法將可供客戶和經銷商使用。我們昨天與 ICE 的聲明是一個很好的例子，說明我們如何連接外部平台，利用兩個平台的深度流動性來聚合可用流動性。

We are opening up our network for clients in order to provide them with the tools and trading options they need to achieve their trading objectives. Our goal is to create an interoperable marketplace that provides our clients access to robust liquidity through protocol agnostic solution.

我們正在為客戶開放我們的網絡，以便為他們提供實現交易目標所需的工具和交易選項。我們的目標是創建一個可互通的市場，透過與協議無關的解決方案為我們的客戶提供強大的流動性。

Slide 5 highlights the multiple cylinders that drive our growth across regions and across products. While our US credit volumes have not been where we would like, we truly are a multi-dimensional growth story as the largest global network for e-trading. Emerging markets is a perfect example of this multidimensional growth story with growth across all regions as shown on this slide.

投影片 5 重點介紹了推動我們跨地區和跨產品成長的多個圓柱體。雖然我們的美國信貸量並未達到我們想要的水平，但作為最大的全球電子交易網絡，我們確實實現了多維成長。新興市場是這種多維成長故事的完美例子，如這張投影片所示，所有地區都實現了成長。

Slide 6 provides more detail on the strength of our expanding emerging markets franchise. Our emerging markets commission revenue increased 22% with EM TRACE eligible estimated market share of 26%. And we are seeing strong growth in emerging markets trading activity across regions with record LATAM and APAC.

幻燈片 6 詳細介紹了我們不斷擴大的新興市場業務的實力。我們的新興市場佣金收入成長了 22%，符合 EM TRACE 資格的預期市佔率為 26%。我們看到拉丁美洲和亞太地區新興市場交易活動強勁成長。

Emerging markets trading volume up 27% and 35%, respectively. Over the past year, we have experienced a significant expansion of activity across local markets trading. DM local markets are the largest opportunity in EM from an addressable market perspective and involve larger trade sizes because these markets are mostly rates focused.

新興市場交易量分別成長27%和35%。在過去的一年裡，我們在當地市場的交易活動顯著擴大。從可尋址市場的角度來看，DM 本地市場是新興市場中最大的機會，並且涉及更大的交易規模，因為這些市場主要以利率為重點。

The top five local currencies represented 58% of local markets trading volume on a constant currency basis, down from 63%, reflecting the increasing breadth of local currencies traded on the platform. One of our fastest growing protocols is request for market or RFM, which is perfectly suited for local markets trading where our clients are trading in larger sizes with limited trading data.

以固定匯率計算，前五的本幣交易量佔當地市場交易量的比例從 63% 下降至 58%，反映出平台上交易的本幣交易範圍不斷擴大。我們發展最快的協議之一是市場請求或 RFM，它非常適合本地市場交易，在這些市場中，我們的客戶以有限的交易資料進行較大規模的交易。

We generated record local markets RFM activity in the quarter, up 45%, which also drove our growth in block trading in local markets. We are very excited about the emerging markets opportunity ahead of us, which we believe is still in very early stages of electronification.

我們在本季創造了創紀錄的本地市場 RFM 活動，成長了 45%，這也推動了我們在當地市場大宗交易的成長。我們對擺在我們面前的新興市場機會感到非常興奮，我們認為新興市場仍處於電子化的早期階段。

Slide 7 highlights our strategic priorities that will drive our future success. We are focused on growing our fixed income trading revenue, enhancing our client network experience, delivering innovative technology and data solutions and driving a high performance team culture.

幻燈片 7 重點介紹了我們將推動未來成功的策略重點。我們專注於增加固定收益交易收入、增強客戶網路體驗、提供創新技術和數據解決方案以及推動高績效團隊文化。

It is important to note that our use of AI is a key ingredient across these strategic priorities. In our data business, for example, a high-powered CP+ enabling our automation and algos solutions. In addition, AI also helps to power our global platform, which was part of our Pragma acquisitions. Our AI enabled trade ability, data designed to provide investors with indicative market depth is integral to our portfolio trading tool that helps clients make portfolio selection decisions.

值得注意的是，我們對人工智慧的使用是這些策略重點的關鍵要素。例如，在我們的資料業務中，高效能 CP+ 支援我們的自動化和演算法解決方案。此外，人工智慧還有助於為我們的全球平台提供動力，這是我們收購 Pragma 的一部分。我們的人工智慧支援交易能力，旨在為投資者提供指示性市場深度的數據是我們的投資組合交易工具不可或缺的一部分，可協助客戶做出投資組合選擇決策。

And finally, our AI-driven dealer selection tool is a key component of our high touch strategy that targets block size trading with dealers.

最後，我們的人工智慧驅動的交易商選擇工具是我們針對與交易商進行大宗交易的高接觸策略的關鍵組成部分。

Now let me turn the call over to Rich, to provide you with an update on our markets.

現在讓我將電話轉接給 Rich，為您提供我們市場的最新情況。

Thanks, Chris. On slide 9, we highlight the expansion of our trading business across geographies, products and protocols. We generated strong growth in international client trade volume and trade counts in the second quarter. Trade volume was up 12% versus last year with a three-year CAGR of 12%. Trade count was up 14% versus last year with a three year CAGR of 22%.

謝謝，克里斯。在投影片 9 中，我們強調了我們的貿易業務在地域、產品和協定方面的擴展。第二季度我們的國際客戶交易量和交易數量實現了強勁成長。貿易量較去年增長 12%，三年複合年增長率為 12%。貿易數量較去年增長 14%，三年複合年增長率為 22%。

A key driver of this strength was strong growth in emerging markets Trading ADV up 23% year over year, driven by a 26% increase in hard currency and a 17% increase in local currency Trading ADVs. We are also seeing strong contributions from growing client segments, including hedge funds, systematic funds, dealer initiated flow and private banks.

這一優勢的關鍵驅動力是新興市場的強勁增長，在硬通貨增長 26% 和本幣交易日均價增長 17% 的推動下，日均交易量同比增長 23%。我們也看到不斷成長的客戶群做出了巨大貢獻，包括對沖基金、系統基金、交易商發起的資金流和私人銀行。

We generated $230 billion in trading volume, up 25% from these important client segments, which now represent 26% of our total credit trading volume up from 24%. We are also seeing strong product diversification in municipal bonds with record estimated market share of 7.4%, up from 5.4% in the prior year. We expect the soon to be available additional liquidity from ICE TMC to support further market share growth.

這些重要客戶群的交易量達到了 2,300 億美元，成長了 25%，占我們信用交易總額的比例從 24% 上升到了 26%。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 7.4%，高於前一年的 5.4%。我們預計 ICE TMC 很快將提供額外流動性，以支持市場份額的進一步成長。

We now have the top 10 largest municipal dealers signed up for tax-exempt and taxable trading on our platform. Slide 10 provides an update on open trade. Our market-leading all-to-all liquidity pool. Open Trading ADV was $4 billion and share of total credit volume was 34% in line with the prior year. Open Trading generated strong growth in trade count, up 18% from the prior year.

目前，我們平台上已簽約前 10 名最大的市政經銷商進行免稅和應稅交易。投影片 10 提供了開放貿易的最新情況。我們市場領先的全方位流動性池。開放交易 ADV 為 40 億美元，佔信貸總量的份額為 34%，與前一年持平。開放交易帶來了交易數量的強勁增長，比上一年增長了 18%。

Hedge fund trade activity has continued to expand on our platform with ADV of $1.6 billion in the quarter, up 28% from the prior year. A record 204 hedge funds provided liquidity through Open Trading in the quarter a 5% increase from the prior year. Lower volatility and lower price dispersion in the market continues to reduce the price improvement opportunity in open trade, as shown on the lower left of this slide.

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 16 億美元，比上年成長 28%。本季有創紀錄的 204 家對沖基金透過公開交易提供流動性，比前一年增加 5%。市場波動性降低和價格分散度降低繼續減少公開交易中的價格改善機會，如本投影片左下角所示。

Open Trading continues to be the largest single source of secondary liquidity in the US credit markets, driven by our diverse liquidity pool. Adoption of our automation suite of products continues to grow as shown on slide 11, we experienced another quarter of strong growth in automation, trade volume and record trade count with three-year CAGR of 29% and 39% respectively, and a record 248 active automation client firms.

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單一二級流動性來源。我們的自動化產品套件的採用率持續成長，如投影片11 所示，我們在自動化、交易量和創紀錄的交易數量方面又經歷了一個季度的強勁增長，三年複合年增長率分別為29%和39%，活躍數量達到創紀錄的248 家自動化客戶公司。

Automation trade volume now represents 10% of our total credit volume and a record 27% of total credit trade count, there were 10 million algos responses from dealers, an increase of 38% year-over-year.

自動化交易量目前占我們信貸總量的 10%，佔總信貸量的 27%，創歷史新高，來自經銷商的演算法回應達 1,000 萬條，較去年同期成長 38%。

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

現在讓我把電話轉給艾琳，回顧一下我們的財務表現。

Thank you, Rich, and thank you, Chris for kind remarks. I cannot be more excited about the opportunity ahead for Marketaxess. Turning to our results on slide 13, we provide a summary of our second quarter financials. We delivered revenue of $198 million, up 10% from the prior year. These results include $8 million from the Pragma acquisition.

謝謝里奇，也謝謝克里斯的善意評論。我對 Marketaxess 未來的機會感到非常興奮。轉向投影片 13 上的結果，我們提供了第二季財務狀況的摘要。我們營收 1.98 億美元，比上年成長 10%。這些業績包括 Pragma 收購帶來的 800 萬美元。

Looking at each of our revenue lines in terms, this was the second highest level of quarterly commission revenue generation with only 1Q '24 being higher for commission revenue. Record information services revenue of $13 million was up 8%. The increase was driven by new contracts as we continued to experience strong adoption across our data product suite, especially CP+.

從我們的每條收入線來看，這是季度佣金收入產生的第二高水平，只有 24 年第一季的佣金收入更高。記錄資訊服務收入達 1,300 萬美元，成長 8%。這一成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 $10 million was up 10%. The largest driver of other income was an increase in interest income due to the favorable interest rate environment, which contributed $6 million of interest income across our investment portfolio and cash holdings up from $5 million. This was partially offset by a $1 million net foreign currency transaction loss effective tax rate was 24.8%, and we reported diluted earnings per share of $1.72.

交易後服務收入達 1,000 萬美元，成長 10%。其他收入的最大動力是有利的利率環境帶來的利息收入增加，這為我們的投資組合和現金持有量貢獻了 600 萬美元的利息收入，從 500 萬美元增加到了。這被 100 萬美元的淨外幣交易損失部分抵消，有效稅率為 24.8%，我們報告的稀釋後每股收益為 1.72 美元。

On slide 14, we provide more detail on our commission revenue and our fee capture. Total commission revenue was $172 million, representing an increase of $13 million or 8% for the quarter. The increase in credit commission revenue was due to solid growth across emerging markets of 22%. US high-grade up 4%, and Eurobonds up 11%. Gross across these product areas was partially offset by lower estimated market share in high yield.

在幻燈片 14 上，我們提供了有關佣金收入和費用獲取的更多詳細資訊。佣金總收入為 1.72 億美元，本季增加 1,300 萬美元，即 8%。信貸佣金收入的成長歸因於新興市場 22% 的穩健成長。美國高等級債券上漲 4%，歐洲債券上漲 11%。這些產品領域的總收入被高收益產品預計市場佔有率較低所部分抵銷。

The reduction in total credit fee capture from the prior year was driven principally by product and protocol mix, specifically lower high yield activity and increased portfolio trading. The decline in fixed distribution fees was driven principally by the consolidation of two global bank trading desk operation and migration to variable fees plans, partially offset by the addition of new dealer fixed fee plans.

信貸費用總額較前一年減少的主要原因是產品和協議組合，特別是高收益活動的減少和投資組合交易的增加。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以及向可變費用計劃的遷移，部分被新交易商固定費用計劃的增加所抵消。

Turning to slide 15, we provide a summary of our operating expenses. Second quarter operating expenses of $116 million included $8 million from Pragma. We are well underway integrating the high-performing private technologists into the DNA of our organization, and we are leveraging our expertise to drive many of our strategic priorities that Chris highlighted earlier. Based on the timing of expenses through the first half of the year and the incremental costs we are expecting in the back half of the year.

轉向投影片 15，我們提供了營運費用摘要。第二季營運費用為 1.16 億美元，其中 800 萬美元來自 Pragma。我們正在順利地將高績效的私人技術人員融入我們組織的 DNA 中，我們正在利用我們的專業知識來推動克里斯之前強調的許多策略重點。根據上半年的支出時間表以及我們預計下半年的增量成本。

We now expect our full year 2024 expenses to come in slightly below the low end of the previously stated range of $480 million to $500 million.

我們現在預計 2024 年全年支出將略低於先前規定的 4.8 億至 5 億美元範圍的下限。

On slide 16, we provide an update on our capital management and cash flow. Today, we are announcing that our Board has approved a new share repurchase program of $200 million. This is in addition to the $50 million that remains under our existing share repurchase program for a total current aggregate outstanding authorization of $250 million.

在投影片 16 中，我們提供了有關資本管理和現金流的最新資訊。今天，我們宣布董事會已批准一項 2 億美元的新股票回購計畫。這還不包括我們現有股票回購計畫中剩餘的 5,000 萬美元，目前未授權授權總額為 2.5 億美元。

We repurchased 243,000 shares for a total of $50 million year to date through July 2024. The new Board authorization reflects the Board's confidence in the performance and outlook of the company and is a clear indicator of the company's willingness to repurchase shares more opportunistically going beyond just offsetting annual dilution from stock-based compensation.

年初至今，截至2024 年7 月，我們回購了243,000 股股票，總金額為5,000 萬美元。股票，而不僅僅是回購股票。

During the trailing 12 months as of second quarter 2024, we paid out approximately 59% of our net income through quarterly dividends and share repurchases. We have no outstanding borrowings under the credit facility. R&D continues to be strong with cash, cash equivalents and corporate bond and US treasury investments totaling $559 million as of June 30.

截至 2024 年第二季的過去 12 個月中，我們透過季度股利和股票回購支付了約 59% 的淨利。我們在信貸安排下沒有未償還的借款。截至 6 月 30 日，研發持續強勁，現金、現金等價物、公司債和美國公債投資總額達 5.59 億美元。

We generated $298 million in free cash flow over the trailing 12 months, an increase of about 21% over last quarter. We believe we are striking the right balance of investing to drive future growth while at the same time being disciplined stewards of capital.

過去 12 個月，我們產生了 2.98 億美元的自由現金流，比上個季度增長了約 21%。我們相信，我們正在實現投資的適當平衡，以推動未來的成長，同時成為紀律嚴明的資本管理者。

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, Ilene. In summary, on slide 17, we continued to execute our growth strategy and delivered solid financial performance in the second quarter. We have seen an increase in market volumes and the velocity of trading is trending up. These factors, combined with the increased potential for rate cuts in 2024 and the recent increase in volatility are all indicators of an improving macro backdrop for us.

謝謝，艾琳。總之，在投影片 17 中，我們繼續執行成長策略，並在第二季實現了穩健的財務表現。我們看到市場交易量增加，交易速度呈現上升趨勢。這些因素，加上 2024 年降息可能性的增加以及近期波動性的增加，都是我們宏觀背景改善的指標。

We are continuing the rollout of X-Pro by extending the platform to our global client base and across most products. We are executing our plan to grow market share. Our client franchise continues to expand, and our strong geographic product and protocol diversification continues to drive growth. Last, we are well positioned to deliver higher levels of growth in the coming quarters.

我們正在繼續推出 X-Pro，將該平台擴展到我們的全球客戶群和大多數產品。我們正在執行擴大市場份額的計劃。我們的客戶範圍不斷擴大，我們強大的地理產品和協議多元化繼續推動成長。最後，我們有能力在未來幾季實現更高水準的成長。

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)

（操作員說明）

Chris Allen, Citigroup.

克里斯艾倫，花旗集團。

Good morning, everyone, and thanks for taking the question. I wanted to dig in a little bit on the ICE? Just the probably surprising encouraged in terms of how it came about any color on the benefits of connecting towards larger retail oriented liquidity pulling the other side?

大家早安，感謝您提出問題。我想深入了解一下 ICE？只是可能令人驚訝的是，就連接更大的零售導向流動性拉動另一方的好處而言，它是如何產生任何色彩的？

And then you, Chris, you refer to a connected to other liquidity pools of your algos suite is that necessary to really flourish and how? Any update just in terms of the opportunity to connect, there's really a possibility moving forward?

然後你，克里斯，你提到連接到你的演算法套件的其他流動性池是真正蓬勃發展所必需的，如何實現？關於連接機會的任何更新，真的有可能向前推進嗎？

Sure. Thanks, Chris. On first -- yeah, we're very excited about the ICE announcement, just a little bit of backdrop. We have a long-standing relationship with ICE around data. We purchase data from ICE and we sell some data to ICE separately with the recent acquisition of Pragma. Pragma had an existing a technology relationship with the NYC owned by ICE. So again, just to a very strong relationship there and really -- the design of this partnership came out at the request of clients, clients that see liquidity in both our destination in RFQ, but also on the ICE platform.

當然。謝謝，克里斯。首先，是的，我們對 ICE 的宣布感到非常興奮，只是一些背景知識。我們與 ICE 在數據方面有著長期的合作關係。我們從 ICE 購買數據，並透過最近收購 Pragma 單獨向 ICE 出售一些數據。 Pragma 與 ICE 旗下的 NYC 建立了現有的技術關係。再說一次，只是為了在那裡建立非常牢固的關係，而且實際上- 這種合作夥伴關係的設計是應客戶的要求而設計的，客戶在我們的詢價目的地和ICE 平台上都看到了流動性。

You have two leading platforms on that are connecting their liquidity to the benefit of clients. So it's a very exciting from really response to client needs. As you mentioned, it is a shift in strategy here at Marketaxess. We are opening up our network to external destinations, which is a unique shift in strategy. As we have said in the opening remarks and on prior calls that we are protocol agnostic, we want to find the right protocols, both internally and externally for our clients' needs.

您擁有兩個領先的平台，將其流動性與客戶的利益聯繫起來。因此，對客戶需求的真正回應是非常令人興奮的。正如您所提到的，這是 Marketaxess 的策略轉變。我們正在向外部目的地開放我們的網絡，這是策略上的獨特轉變。正如我們在開場白和之前的電話會議中所說的那樣，我們與協議無關，我們希望找到適合客戶需求的內部和外部協議。

And that's really what we're answering here. We are leveraging our institutional distribution and we see the benefits of ICE's very strong retail and private client distribution. So putting those two liquidity pools together is really an important benefit for both our clients as well as ICE has strong distribution. Rich, do you want to add?

這正是我們在這裡要回答的問題。我們正在利用我們的機構分銷，並且我們看到了 ICE 強大的零售和私人客戶分銷的優勢。因此，將這兩個流動性池放在一起對我們的客戶來說確實是一個重要的好處，而且 ICE 擁有強大的分銷能力。豐富，要補充嗎？

Yeah. Thank you, Chris. And so yes, we're really excited about this one because it's complementary liquidity pools. So it's a great way for us to bring some of that more odd-lot liquidity, that's a specialty for ICE TMC to our institutional clients. And as Chris said, we heard from them that our clients that they love our institutional workflow, the ability to RFQ and do lists and have a process very efficiently back into their systems, but they wanted to get the odd lot of what we call micro lot liquidity, especially under 100 bonds in size that TMC is really a specialist in.

是的。謝謝你，克里斯。是的，我們對此感到非常興奮，因為它是互補的流動性池。因此，這是我們為機構客戶帶來更多零星流動性的好方法，這是 ICE TMC 的專長。正如克里斯所說，我們從他們那裡聽說，我們的客戶喜歡我們的機構工作流程、詢問和做清單的能力，以及非常有效地回到他們的系統中的流程，但他們希望獲得我們所說的微服務的零散部分。

So this allows us to bring it all together for our clients through Open Trading. So they don't have to do anything different. They don't have to go anywhere else. They just put their inquiries into our system, their orders the way they always have, but now they get access to this expanded liquidity pool.

因此，這使我們能夠透過開放交易為我們的客戶提供一切。所以他們不需要做任何不同的事情。他們不必去其他任何地方。他們只是將查詢輸入我們的系統，按照以往的方式下訂單，但現在他們可以使用這個擴大的流動性池。

So it's a great combination. It will be interesting incorporates as well. I mean, that's, of course, a much stronger area for us. But as we have introduced investment grade trading on price, which is very attractive to private banks. This is another area where some of that retail liquidity can flow through to our institutional clients.

所以這是一個很棒的組合。這也會很有趣。我的意思是，這對我們來說當然是一個更強大的領域。但由於我們推出了投資等級價格交易，這對私人銀行來說非常有吸引力。這是一些零售流動性可以流向我們的機構客戶的另一個領域。

And Chris, just to respond to the second half of your question around algos solutions and in accessing additional liquidity destinations on feeder with the acquisition of Pragma, we now have the technology and the wherewithal to add to algos of both our internal destinations and internal protocols as well as external. So this does open up that opportunity to have available for our clients. A variety of protocols and have a variety of both internal and external destinations through the algo technology.

Chris，為了回答您關於演算法解決方案的問題的後半部分，以及透過收購Pragma 來訪問支線上的額外流動性目的地，我們現在擁有技術和資金來添加到我們的內部目的地和內部協議的演算法中以及外部的。因此，這確實為我們的客戶提供了機會。透過演算法技術，有多種協定並具有多種內部和外部目的地。

Thanks, guys. I'll get back in the queue.

謝謝，夥計們。我會回到隊列中。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Good morning. Thanks for taking the question. So you touched on it a little bit in the call -- in your opening remarks, but in the last few days, we've seen spreads widen out and yield curve dynamics look like they're becoming a little more favorable for you guys.

早安.感謝您提出問題。所以你在電話會議的開場白中稍微提到了這一點，但在過去的幾天裡，我們看到利差擴大，殖利率曲線動態看起來對你們來說變得更加有利。

So could you maybe just talk about what you've seen over the last few days in terms of client engagement, protocol utilization and any expectations you have about whether this is sustainable and on how it's expected impact you? Thanks.

那麼，您能否談談過去幾天您在客戶參與度、協議利用率方面所看到的情況，以及您對這是否可持續以及預期對您有何影響的任何期望？謝謝。

Sure. Well, I'll start by saying when you walk through the desert and you see in an oasis of volatility or suddenly very excited. But three days is some still a little bit too early to predict a trend. We have seen certainly positive trends across the platform during the three days. So we are excited about that. There's obviously we've seen positive activity among certain participants, particularly our ETF market makers.

當然。好吧，我首先要說的是，當你走過沙漠時，你會看到一片波動的綠洲，或者突然感到非常興奮。但三天來預測趨勢還為時過早。在這三天裡，我們確實看到了整個平台的正面趨勢。所以我們對此感到興奮。顯然，我們已經看到某些參與者，特別是我們的 ETF 做市商的積極活動。

We've seen their activities pick up, if you look at just the overall activity of the fixed income ETFs in the market on you saw HYG. go from an average of 30 million shares a day to over 100 million shares a day. So certainly positive trends and LQD also went from an average of, call it 25 million shares a day to just over 50 million shares a day.

如果你只看一下 HYG 市場上固定收益 ETF 的整體活動，我們就會看到他們的活動增加。從平均每天3000萬股增加到每天超過1億股。當然，正面的趨勢和 LQD 也從平均每天 2500 萬股上升到每天 5,000 萬股以上。

So many of the positive attributes of volatility are playing out on our platform and we're seeing the macro backdrop improve. I would say the question is, is this sustained volatility or is it more short term volatility that we've seen in spikes of volatility in the past. I'm encouraged that these are economic events driving this volatility and you tend to have more longer term volatility play out versus something like a geopolitical and driven volatility of that.

波動性的許多積極因素正在我們的平台上發揮作用，我們看到宏觀背景正在改善。我想說的問題是，這種波動是持續的波動還是我們過去在波動高峰中看到的短期波動。令我感到鼓舞的是，這些是推動這種波動的經濟事件，而且與地緣政治和驅動波動等因素相比，往往會出現更長期的波動。

So certainly the rate backdrop is encouraging and the overall macro environment is encouraging. But again, we have only seen three days of this volatility. Rich, anything to add?

因此，利率背景和整體宏觀環境當然令人鼓舞。但同樣，我們只看到了這種波動三天。豐富，還有什麼要補充的嗎？

Yeah, caveat has comment also with three days and of course, we looked closely yesterday about what was going on when you see the market getting that choppy. That's where the relative importance of liquidity versus workflow starts to tip the balance.

是的，警告也對三天進行了評論，當然，昨天我們仔細觀察了當你看到市場變得如此波動時發生了什麼。這就是流動性與工作流程的相對重要性開始打破平衡的地方。

And unsurprisingly, when we looked at [OT] numbers for yesterday, just to give some color on a day like yesterday, we see OT up around 50% of liquidity provision in comp activity, IG and high-yield. That's well above averages that we typically see. And I'm not going to say that that's sustainable throughout a month, but it is indicative about what happens when you get into a higher vol environment and our clients start to think a lot more about how do I get the best pricing on this trade?

不出所料，當我們查看昨天的 [OT] 數據時，只是為了給昨天這樣的一天提供一些色彩，我們看到 OT 增加了比較活動、投資級和高收益債券中流動性供應的 50% 左右。這遠高於我們通常看到的平均水平。我不會說這在一個月內都是可持續的，但它表明當您進入更高的交易量環境並且我們的客戶開始更多地思考如何在這筆交易中獲得最佳定價時會發生什麼？

How do I make sure I get responses for what I need to trade versus am I in the most efficient workflow and doing a PT for example, it doesn't mean PTs go away, obviously. But on a relative basis, you see this shift back to a protocol where the pricing matters a lot more then in calm waters.

我如何確保我得到我需要交易的回复，以及我是否處於最有效的工作流程中並進行 PT，例如，顯然，這並不意味著 PT 消失。但相對而言，你會看到這種回到協議的轉變，其中定價比平靜的水域更重要。

Great. Thanks for the call. That's it for me.

偉大的。感謝您的來電。對我來說就是這樣。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. I was hoping you could expand on the rollout of X-Pro and how behavior has changed. You've been rolling it out selectively to certain subsets of clients. So just curious as to what the change in behavior increase in velocity and or activity has been post adoption?

謝謝。早安.我希望您能詳細介紹 X-Pro 的推出以及行為的改變。您已經有選擇地向某些客戶子集推出了它。那麼只是好奇採用後速度和/或活動的行為增加發生了什麼變化？

Thanks. I'm sure we're pretty excited about the rollout of X Pro. Again, we started this on over a year ago, really targeting our most active traders among our largest clients, where we saw a high ticket count and they saw the need -- they had a need for the benefit of the new technology and the workflow that it presents.

謝謝。我確信我們對 X Pro 的推出感到非常興奮。同樣，我們在一年前就開始了這項工作，真正針對的是我們最大的客戶中最活躍的交易者，我們看到了很高的票數，他們也看到了需求——他們需要新技術和工作流程的好處它所呈現的。

We're now seeing over 60% of the trade activity from our largest clients coming through X-Pro. So a very successful rollout across just traditional RFQ. And the second phase of the X-Pro rollout was really targeting portfolio trading starting in the third quarter of last year. And now I'm happy to report that X-Pro is seeing it just in the second quarter, about 56% of the portfolio trades came through X-Pro. Again, an encouraging stat and overall, our portfolio trading volumes, it's up in the second quarter and continues on certainly here into July.

現在我們看到超過 60% 的貿易活動來自我們最大的客戶透過 X-Pro。因此，僅針對傳統詢價的推出就非常成功。 X-Pro 推出的第二階段實際上是從去年第三季開始針對投資組合交易。現在我很高興地報告 X-Pro 在第二季就看到了這一點，大約 56% 的投資組合交易來自 X-Pro。再次，這是一個令人鼓舞的統計數據，總體而言，我們的投資組合交易量在第二季度有所上升，並且肯定會持續到七月。

The X-Pro rollout is now headed to Europe, we're launching our what we call our global PT solution, which allows clients to trade on global product across the platform. And it's exciting to finally have X-Pro in Europe and available in EM, where we're also seeing growing demand for portfolio trading across both the Euro market as well as the EM market.

X-Pro 的推出現在正在歐洲進行，我們正在推出我們所謂的全球 PT 解決方案，該解決方案允許客戶跨平台交易全球產品。令人興奮的是 X-Pro 最終在歐洲推出並在新興市場推出，我們也看到歐洲市場和新興市場對投資組合交易的需求不斷增長。

So still early days for the global rollout of X-Pro, but some very encouraging signs of what X-Pro is capable of. More importantly, the development cycle around the new tech is quite rapid, certainly more rapid than our legacy platform. And we're able to deliver new tech and new functionality in a much more rapid delivery of particularly given that it's a cloud-based technology with obviously additional capacity. But the turnaround for development is quite high, which allows us to address clients' needs in a much more rapid pace. So all the benefits of experts that we have predicted are our play out as we roll out across

雖然 X-Pro 在全球的推出還處於早期階段，但一些非常令人鼓舞的跡象表明了 X-Pro 的能力。更重要的是，圍繞新技術的開發週期非常快，肯定比我們的傳統平台更快。我們能夠以更快的速度提供新技術和新功能，特別是考慮到它是基於雲端的技術，具有明顯的附加容量。但開發週轉率相當高，這使我們能夠以更快的速度滿足客戶的需求。因此，我們預測的專家的所有好處都會隨著我們的推廣而發揮出來。

the globe.

地球儀。

Great. Thank you.

偉大的。謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hey, good morning. Maybe just a question on the concept of moving into larger trade sizes. You have two newer initiatives here with Adaptive Auto-X, which may help chopping up those blocks into smaller trade sizes and then the high-touch offering that you've been speaking about for the past quarter or so. I guess what do you see as the bigger opportunity for helping move that block market electronic between those two initiatives near term? And how does that compare to how you view the block market evolving over the long run?

嘿，早安。也許只是關於進入更大交易規模的概念的問題。您在這裡有兩個新的舉措，即 Adaptive Auto-X，這可能有助於將這些區塊切成更小的交易規模，然後是您在過去一個季度左右一直在談論的高接觸產品。我想您認為近期幫助在這兩項舉措之間實現大宗市場電子化的更大機會是什麼？這與您對大宗市場長期發展的看法相比如何？

Sure. On the block market, first of all, I'll just put it into context. Over 40% of TRACE market is greater than $5 million in trade size. So it's the largest segment of the market, it is still largely non-electronic. And so solving the transition from phone and chat to an electronic solution is our goal as we set out to roll out new tech and new products for our clients.

當然。首先，在大宗市場上，我將把它放在上下文中。超過 40% 的 TRACE 市場交易規模超過 500 萬美元。所以它是最大的市場部分，但它仍然很大程度上是非電子的。因此，解決從電話和聊天到電子解決方案的過渡是我們的目標，因為我們著手為客戶推出新技術和新產品。

There is actually an acceptance of moving blocks to an electronic form, but provided they replicate the current foam-based market. So protecting information -- protecting from information leakage is probably the key ingredient that we hear from our clients. Our high-touch solution that we're rolling out in X-Pro, really the first leg of high-touch was portfolio trading with the additional pre-trade analytics that we embedded in our portfolio trading solution, but also carrying those pre-trade analytics into our high-touch solution for block trade sizes.

實際上，人們已經接受將區塊轉移到電子形式，但前提是它們複製了當前基於泡沫的市場。因此，保護資訊－防止資訊外洩可能是我們從客戶那裡聽到的關鍵因素。我們在 X-Pro 中推出的高接觸解決方案，實際上高接觸的第一站是投資組合交易，以及我們嵌入在投資組合交易解決方案中的額外交易前分析，但也攜帶這些交易前分析分析我們針對大宗交易規模的高接觸解決方案。

It's a much more targeted solution where you can target one or several dealers. And what we do is we enrich the platform with unique proprietary data to key data elements that I'd point out are one is our AI based dealer selection tool, which really is looking at dealer activity on our platform, dealer access information, helping a trader decide who is more likely to not only respond but win your request for price.

這是一種更有針對性的解決方案，您可以針對一個或多個經銷商。我們所做的就是用獨特的專有數據和關鍵數據元素來豐富平台，我指出的是我們基於人工智慧的經銷商選擇工具，它實際上是在查看我們平台上的經銷商活動、經銷商訪問訊息，幫助交易者決定誰更有可能不僅回應而且贏得您的價格請求。

The other piece of the puzzle is a new data product called CP inquiry, which is really designed for both the size and the direction that the traders trading, it gives real-time price information and predict price for both your direction as well as your size. So it's a critical ingredient to traders that are trading block size liquidity and in need of block size liquidity.

另一個難題是名為 CP 查詢的新資料產品，它實際上是針對交易者交易的規模和方向而設計的，它提供即時價格資訊並預測您的方向和規模的價格。因此，對於進行大宗規模流動性交易和需要大宗規模流動性的交易者來說，這是一個關鍵因素。

Those elements are rolling out in X-Pro in the third quarter. So we're excited about that new entry to attack that 40% market. That is what I'd say underserved by the electronic solutions separately. And similar in the target is our algos launches. And we're now up to about 40 clients using our Adaptive Auto-X algos solution. And you are correct, it is designed to not only help clients of trade without crossing spread, but also seek liquidity in a more quiet, less market impact method by slicing your sizes down into smaller trade sizes that is out in the market and as you suggested, does target that block market.

這些元素將於第三季在 X-Pro 中推出。因此，我們對進軍 40% 市場的新產品感到興奮。我想說的是，電子解決方案單獨提供的服務不足。類似的目標是我們的演算法發布。現在，我們有大約 40 位客戶在使用我們的 Adaptive Auto-X 演算法解決方案。你是對的，它的設計不僅是為了幫助交易客戶在不交叉點差的情況下進行交易，而且還通過將你的規模切成市場上較小的交易規模，以一種更安靜、更小的市場影響的方式尋求流動性。

Rich, anything you want to add.

豐富，有什麼想補充的都可以。

Yes, Kyle. And I was just going to add to this because you asked which one is -- it's really important that we pursue both of these strategies. I think what clients gravitate to is going to be a function of what's going on in the market. So if the markets are relatively calm and dealers are flushed with capital and they're making markets in large size and taking down risks in our high-touch solutions through X-Pro, where we're giving advice on where a client should go with those orders is a great way to trade it.

是的，凱爾。我只是想補充這一點，因為你問的是哪一個 - 我們追求這兩個策略非常重要。我認為客戶所關注的將取決於市場上正在發生的事情。因此，如果市場相對平靜，經銷商資金充足，他們正在大規模開拓市場，並透過 X-Pro 降低我們的高接觸解決方案中的風險，我們會在 X-Pro 中就客戶應該選擇的方向提供建議這些訂單是一種很好的交易方式。

But if we end up in a much choppier market and we've seen this time and again in the past with the dealers have tended to back off in terms of liquidity positioning and risk positioning, I should say. And that's a great opportunity then for clients to use our algos solutions and it makes it very easy for them to leave a resting order in the market and wait till others, other clients and other risk takers in the market come to them, whether that's through responding to RFQs or someone engaging directly with that party.

但如果我們最終陷入一個更波動的市場，而且我們過去一次又一次地看到，交易商往往會在流動性定位和風險定位方面有所退縮，我應該說。對於客戶來說，這是一個使用我們的演算法解決方案的絕佳機會，他們可以輕鬆地在市場上留下靜息訂單，然後等待市場上的其他人、其他客戶和其他風險承擔者來找他們，無論是透過什麼方式回應詢價或直接與該方接觸的人。

So both solutions are being pursued and we're kind of positioning ourselves to be successful with this regardless of what the market conditions are.

因此，我們正在尋求這兩種解決方案，無論市場條件如何，我們都將自己定位為取得成功。

Thank you.

謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, good morning, everybody. Thanks for the question. Ilene, welcome to the call. I wanted to go back to the ICE partnership again, a little bit unusual. So I was hoping to get maybe a little more details around it. So can you maybe talk about sort of the goals that you think this could achieve for both of your combined platforms and how economics will be split either in terms of revenue share or where else is structured?

嘿，大家早安。謝謝你的提問。艾琳，歡迎您的來電。我想再次回到 ICE 合作夥伴關係，這有點不尋常。所以我希望能得到更多關於它的細節。那麼，您能否談談您認為這可以為您的兩個合併平台實現的目標，以及經濟將如何在收入份額或其他結構方面進行分配？

And I guess bigger picture, Muni is still fairly small part of the market. But are you seeing a push from clients asking you to break down the silos with any other larger liquidity pools, particularly in corporate bonds? Thanks.

我想從更大的角度來看，Muni 仍然只佔市場的一小部分。但您是否看到客戶要求您打破與任何其他更大的流動性池（尤其是公司債）之間的隔閡？謝謝。

Yeah Thanks, Alex, its Rich. And yeah, this was really about putting out the liquidity to make sure that clients stay with us and keep their orders here. As I mentioned earlier, they like the workflow. It's very effective for an institutional investor to come in. But the requests we are getting is like well, we don't want to have to go to another platform to get liquidity, especially on the smallest trades.

是的，謝謝，亞歷克斯，它很有錢。是的，這實際上是為了提供流動性，以確保客戶留在我們這裡並保留他們的訂單。正如我之前提到的，他們喜歡工作流程。對於機構投資者來說，介入非常有效。

And that's where ICE TMC comes in now they can just come to Marketaxess and they can get all of their trades done. So for us, it was very attractive in being able to keep clients on our platform regardless of the size that they're looking to trade.

這就是 ICE TMC 發揮作用的地方，他們現在只需來到 Marketaxess 就可以完成所有交易。因此，對我們來說，能夠讓客戶留在我們的平台上，無論他們想要交易的規模有多大，都是非常有吸引力的。

With regards to the economics, it's pretty straightforward in each of our platforms. We make money on the trades, Open Trading transaction fees and ICE has their fee model for when for their trading and the respective platforms are able to collect the revenue themselves. So there's not a payment going one way or the other.

就經濟性而言，我們每個平台都非常簡單。我們透過交易賺錢，開放交易交易費用，ICE 有其交易時間的費用模型，各自的平台能夠自行收取收入。因此，不存在任何一種付款方式。

It's taken out of a markup and best price wins if the level that comes back, net of the fees coming across from TMC into market access and that that will be at the top of the stack. And that's where the investor will trade. And otherwise, it might be coming directly from one of our liquidity providers on the system.

如果扣除 TMC 進入市場准入的費用，並且該水平恢復正常，則它會從加價中扣除，並且最佳價格獲勝，這將位於堆疊的頂部。這就是投資者進行交易的地方。否則，它可能直接來自我們系統上的流動性提供者之一。

So it's pretty straightforward when it comes to the economics. The last part was about you asked about connecting two other venues that say we're always open to connecting when there is unique liquidity available that we can bring to our clients. That's really the driver for this.

因此，從經濟學角度來看，這是非常簡單的。最後一部分是關於您詢問有關連接其他兩個場所的問題，這兩個場所表示，當我們可以為客戶帶來獨特的流動性時，我們始終願意連接。這確實是這個的驅動因素。

Is it going to be additive to the platform if there's another venue that has the same liquidity sources that we already have, and there's not really much to add in that way.

如果有另一個場所具有與我們已經擁有的相同的流動性來源，並且實際上沒有太多可以添加的內容，那麼它是否會對平台有所補充？

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the question. Just one for Ilene, welcome to the call. Just wondering how you're sort of thinking about balancing growth and margins? It sounds like there's a lot of growth initiatives at the same time you're trending towards the low end of your target range for OpEx, you're buying back more shares opportunistically. So how are you thinking about the priorities there? And any like longer-term philosophical thoughts on growth versus margin expansion? Thank you.

你好，早上好，感謝您提出問題。僅供艾琳使用，歡迎來電。只是想知道您如何考慮平衡成長和利潤？聽起來好像有很多成長計劃，同時您正趨向營運支出目標範圍的低端，您正在機會主義地回購更多股票。那麼您如何考慮那裡的優先事項？還有成長與利潤擴張的長期哲學思考嗎？謝謝。

Sure. Thanks so much for the question, Benjamin. If we really look to strike the right balance, right between everything that you're saying, obviously, growth is incredibly important to us, and you've seen us really invest for growth rates seen that over the course of the last two years.

當然。非常感謝你的提問，班傑明。如果我們真的希望在你所說的一切之間取得正確的平衡，顯然，成長對我們來說非常重要，而且你已經看到我們在過去兩年中確實為成長率進行了投資。

And I think you're starting to see some of the success from those investments and some of that success actually -- these are not mutually exclusive in terms of concept, right. If you think about what happened with expenses, for instance, to your point this quarter, I would put those into two different categories, different pockets of success, right?

我認為你開始看到這些投資的一些成功，以及實際上的一些成功——這些在概念上並不互相排斥，對吧。例如，如果您考慮一下費用方面發生的情況，例如，就您本季的觀點而言，我會將其分為兩個不同的類別，不同的成功領域，對吧？

One of them is that we've seen some efficiencies coming through from some of those investments. And you can really see that with the a good example is the Pragma acquisition, right? So that's something where that we did for both growth and efficiency and really being able to leverage that technology. If we go into sort of expenses again, I'm happy to kind of go into more detail here.

其中之一是我們已經看到其中一些投資帶來了一些效率。你確實可以看到 Pragma 收購就是一個很好的例子，對吧？因此，這就是我們為成長和效率所做的事情，並且真正能夠利用該技術。如果我們再次討論費用問題，我很樂意在這裡詳細介紹。

I'm sure some folks have some questions about this as well. But if you look at sort of Chris also talked about some really important hires, right that have not yet come on and they're not yet in our run rate from an expense perspective. We expect -- you know, if you think about sort of other things to drive growth in the back half of the year is that we would see maybe another $10 million in timing of expenses that are not in the current run rate.

相信有些人對此也有一些疑問。但如果你看看克里斯還談到了一些非常重要的招聘，對吧，這些招聘還沒有開始，從費用的角度來看，他們還沒有進入我們的運行率。我們預計——你知道，如果你考慮到下半年推動成長的其他因素，我們可能會看到另外 1000 萬美元的支出，而這些費用不在當前的運行速度之內。

And so that includes things like marketing expense, [T&E] things like that. And so those are -- as well as more technology expense. So you can see in the way, I'm answering this that these are not mutually exclusive concepts, right? You can run a disciplined, efficient organization while you are investing and driving growth. And I think that that's really our focus and our plan.

這包括行銷費用、[T&E] 之類的事情。這些都是——以及更多的技術費用。所以你可以看到，當我回答這個問題時，這些並不是互相排斥的概念，對吧？您可以在投資和推動成長的同時經營一個紀律嚴明、高效的組織。我認為這確實是我們的重點和計劃。

That's helpful. I'll jump back in the queue.

這很有幫助。我會跳回到隊列中。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Good morning. Emerging market volumes continue to be a real bright spot. What's your growth outlook for EM over the next three to five years since electronic penetration is still fairly low there? And is the opportunity it seems to be in local currency volumes?

早安.新興市場的成交量仍然是一個真正的亮點。由於電子設備滲透率仍然相當低，您對新興市場未來三到五年的成長前景有何看法？機會是否體現在當地貨幣數量？

Yeah. Great question. Obviously, we had a lot of focus on the EM market opportunity in our opening remarks. Obviously, this is one of the largest markets outside the US credit market and a market that we are fully engaged in and continue to see signs of growth across our platform and across regions. And in particular week, we've been adding local markets to our platform.

是的。很好的問題。顯然，我們在開場白中重點關注了新興市場的機會。顯然，這是美國信貸市場之外最大的市場之一，也是我們全力參與的市場，我們的平台和跨地區繼續看到成長的跡象。特別是在這一周，我們一直在為我們的平台添加本地市場。

And as you mentioned, seeing sizable growth in that local market arena. And in fact, our overall local market revenue was up 22% in the quarter, and we're still seeing engagement from our clients across the local markets and there's been changes in the index.

正如您所提到的，當地市場領域出現了可觀的成長。事實上，本季我們本地市場的整體營收成長了 22%，我們仍然看到本地市場客戶的參與度，而且指數也發生了變化。

The large indexes that are followed by many of our investors and one key ingredient is India being added to the index. So we do see that broad EM market still being a very attractive asset across the broader investment arena and having access to all those local markets is a creating a key ingredient for our platform.

我們的許多投資者都關注大型指數，其中一個關鍵因素是將印度添加到該指數中。因此，我們確實看到，在更廣泛的投資領域，廣闊的新興市場仍然是非常有吸引力的資產，進入所有這些本地市場是創建我們平台的關鍵要素。

And what one driver that we've seen is a growth of portfolio trading across the end markets. So not at the levels that we see in high-grade right now. But certainly there's higher demand for access to portfolio liquidity in that EM market. And certainly, we're seeing some benefits across our portfolio trading tool in EM.

我們看到的推動因素之一是終端市場投資組合交易的成長。所以還沒有達到我們現在看到的高等級。但可以肯定的是，新興市場對獲得投資組合流動性的需求更高。當然，我們在新興市場的投資組合交易工具中看到了一些好處。

The other area that we're seeing growth in block size, liquidity on the platform. We saw record of block trading in EM on the platform, largely driven from the local markets and the rates nature of those local markets. So again, on some very positive factors playing out in that EM market and obviously still highly in demand across our global investors.

我們看到區塊大小成長的另一個領域是平台上的流動性。我們在平台上看到了新興市場的大宗交易記錄，這主要是由當地市場和當地市場的利率性質所推動的。再說一次，新興市場出現了一些非常積極的因素，而且我們的全球投資者顯然仍然有很高的需求。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great. Thanks. Good morning. Thanks for taking my questions, and welcome Ilene to the call as well. Maybe just to go back to the ICE agreement. Can you just talk about just how we think about market share in the space? Does this does this change that dynamic in terms of how you're thinking about your overall liquidity pool within the confines of looking at market share and realize that the revenue will happen where it gets executed. Does that change your reporting in any way in terms of something coming through, let's say, Marketaxess getting executed at ICE or vice versa?

偉大的。謝謝。早安.感謝您回答我的問題，也歡迎艾琳參加電話會議。也許只是為了回到 ICE 協議。您能談談我們如何看待該領域的市場佔有率嗎？這是否會改變您在考慮市場份額的範圍內考慮整體流動性池的動態，並意識到收入將在執行時發生。這是否會以任何方式改變您的報告，例如 Marketaxess 在 ICE 執行，反之亦然？

Thanks for the question. And it's an area that I've said many a year. When it comes to routing and both external and internal liquidity, I will be very transparent around both our market share. It's really based on where the trade reports of flow from. So certainly, look, you have two leading liquidity pools, particularly in Muni's. We hit a record 8.5% of the Muni market in July. So we're very excited about the levels of liquidity that we're hitting on our own platform.

謝謝你的提問。這是我一年來已經說過很多次的領域。當談到路由以及外部和內部流動性時，我將對我們的市場份額非常透明。它實際上是基於貿易報告的來源。所以，當然，你看，你有兩個領先的流動性池，特別是在市政的流動性池中。 7 月份，我們在市政市場的佔有率達到創紀錄的 8.5%。因此，我們對自己平台上所達到的流動性水平感到非常興奮。

We also have seen the rise of ICE bonds and the growth that they've seen in the retail segment of the market. And we think connecting those to leading liquidity pools, it really solves the need for clients, which is access to liquidity just more broadly across the market. The structure of this is unique in the bond market, but it's a structure that we've seen in other markets play out quite successfully.

我們也看到了 ICE 債券的崛起以及它們在市場零售領域的成長。我們認為，將這些與領先的流動性池連接起來，它確實解決了客戶的需求，即在整個市場上更廣泛地獲得流動性。這種結構在債券市場中是獨一無二的，但我們已經看到這種結構在其他市場中表現得相當成功。

And when I look at our client needs. We are there areas of resources are being dedicated. It's largely being dedicated to collection of assets and not really a technology solutions for trading assets and so we're helping solve those resource needs. Our large institutional investors are able to access our platform and now we'll be able to access both our platform and another leading pool of liquidity through the ICE bonds relationship. So it's really solving client needs, which is the focus, obviously will be very transparent on where transactions take place and who's the beneficiary of those of that of revenue getting executed.

當我了解客戶需求。我們正在投入資源的領域。它主要致力於資產收集，而不是真正的資產交易技術解決方案，因此我們正在幫助解決這些資源需求。我們的大型機構投資者能夠訪問我們的平台，現在我們將能夠透過 ICE 債券關係存取我們的平台和另一個領先的流動性池。因此，它真正解決的是客戶需求，這是重點，顯然，交易發生的地點以及誰是執行收入的受益者將非常透明。

Yes, that's great color. And then maybe just on the pricing realized to a lot of this is due to the mix certainly between high yield and investment grade. But as portfolio trading or if you're more successful in portfolio trading going forward, do you expect that to be a headwind on pricing and also this the high touch strategy in contrast within X-Pro is, do you view that as a counter to potential pricing pressure from more portfolio trading?

是的，那是很棒的顏色。然後，也許只是在定價上意識到，這在很大程度上是由於高收益和投資等級之間的混合。但是，作為投資組合交易，或者如果您在未來的投資組合交易中更加成功，您是否認為這會成為定價的逆風，並且與 X-Pro 相比，這是高接觸策略，您是否認為這是對更多投資組合交易帶來的潛在定價壓力？

Hey, Brian, it's Ilene. Nice to talk to you and let me start on that and then Chris might want to come in with some of his views as well. Yeah, I would say the first thing to think about when you when you look at sort of the fee capture and fees per million is overall -- how is pricing. What is it looking like and how are we seeing our fee cards and they've really been stable.

嘿，布萊恩，我是艾琳。很高興與您交談，讓我開始討論這一點，然後克里斯可能也想發表一些他的觀點。是的，我想說，當你查看費用獲取和每百萬費用時，首先要考慮的事情是整體 - 定價如何。它是什麼樣子，我們如何看待我們的費用卡，它們確實很穩定。

And so we're not seeing moves or changes really in terms of the overall fee pricing mechanism. And it really is protocol and product mix and which you commented on, right? And we do know -- the portfolio trading, obviously, we were really quite happy to see our share at 17.2% in July and obviously that had some impact.

因此，就整體費用定價機製而言，我們並沒有看到真正的變動或變化。這確實是協議和產品組合，您對此發表了評論，對吧？我們確實知道——顯然，在投資組合交易中，我們真的很高興看到 7 月我們的份額達到 17.2%，這顯然產生了一些影響。

And one of the other things I would note though, is our Muni business. We also saw good share there as well and we saw increasing share there. And we had some dealers come on that were part of the Muni brokers acquisition, and they're on some legacy plans, right? And so there are different puts and takes here. And I think we also have to remember how this model works in terms of is as well. And so if you think of hybrid brand stands and you think of duration.

我要指出的另一件事是我們的市政業務。我們也看到了那裡的良好份額，我們看到那裡的份額不斷增加。我們有一些經銷商參與了 Muni 經紀商收購的一部分，他們正在進行一些遺留計劃，對嗎？因此這裡有不同的投入和獲取。我認為我們也必須記住這個模型是如何運作的。因此，如果您想到混合品牌展位並想到持續時間。

And I think we talked a little bit just -- both Rich and Chris have talked about the environment and obviously it's early days. And so we need to see how this all plays out in the macro. But I'm sure I don't have to tell you I know how closely you follow what's going on in the macro, but we've seen, for instance, if you think about the curve, right. We're at a point right now where we see as just yesterday, a normalizing, albeit for a moment of twos and tens.

我認為我們只是聊了一點——里奇和克里斯都談到了環境問題，顯然現在還處於早期階段。因此，我們需要看看這一切在宏觀上如何發揮作用。但我確信我不必告訴你我知道你對宏觀上正在發生的事情有多密切，但我們已經看到，例如，如果你考慮曲線，對吧。我們現在正處於一個正常化的階段，儘管只是短暫的兩到十分鐘，但我們看到的就像昨天一樣。

And we're seeing really the least inverted relationship over the I call it, what, two years in terms of the steepening, a possibility for steepening of the curve. When you mix that with if you think about what we're seeing in the rate environment, right, the forward curve now -- as of yesterday, it was pricing in [$4] or even [$5].

我們確實看到了最不倒掛的關係，我稱之為，就陡峭而言，兩年的時間，曲線陡峭的可能性。當你將其與我們在利率環境中看到的情況結合起來時，對吧，現在的遠期曲線——截至昨天，它的定價為[4美元]甚至[5美元]。

Great cuts and we know that just -- a few weeks ago that certainly wasn't what we were seeing in the forward. So when you put those macro factors together and again, you are going to have to see how this all plays out. But when you put this together and you think about duration for us, we know for instance, that you know, those are those are positive signals for us in terms of how our pricing works there for high grades.

大幅削減，我們知道就在幾週前，這肯定不是我們在前鋒中看到的。因此，當你一次又一次地將這些宏觀因素放在一起時，你將不得不看看這一切會如何發揮作用。但是，當你把這些放在一起並考慮我們的持續時間時，我們知道，你知道，這些對我們來說是積極的信號，就我們的定價如何在高等級中發揮作用而言。

And so if we remind about the sensitivity there rate every one year increase in weighted average years to maturity traded on the platform is a benefit of approximately, call it, $15 in high-grade, right. And then there's also the sensitivity to yield rates. If we think about the yield currently at the first 100 basis points of the lower end of that high-grade fee capture of approximately [$3 per million] to [$5 per million].

因此，如果我們提醒一下敏感性，那麼在平台上交易的加權平均到期年數每年增加的收益約為 15 美元，對吧。此外還有對收益率的敏感性。如果我們考慮目前高等級費用捕獲下限的前 100 個基點的收益率，約為 [每百萬美元 3 美元] 至 [每百萬美元 5 美元]。

So when you put them together -- depending on what goes on, that's $15 to $20 in high grade that you to see in terms of fee capture. So I think there's lots of puts and takes here to think about in terms of the model. And but I would just say overall, keeping in mind that we have not seen differences to the stability of our [cards]. And if you wanted to add anything.

因此，當你把它們放在一起時，根據所發生的情況，你會在費用捕獲方面看到 15 到 20 美元的高等級。所以我認為這裡有很多關於模型的考慮。但我只想說總體而言，請記住，我們沒有看到[卡]的穩定性有差異。如果您想添加任何內容。

Brian, I'll just add on the high-touch solution that we're rolling out, it is targeting, obviously larger trade sizes that come with our traditional capture. There's there are embedded costs of certain trade fees. But what's exciting about that opportunity is because it's direct to dealer and much more targeted to a dealer. We don't have variable costs associated with clearing that that trade. And so our it scales from a margin perspective, quite attractively at the traditional capture rate that we enjoy on the platform, but the variable costs aren't there. So the margin for those trades are technically higher just given the size of the trade, the capture and the underlying cost on the platform course costs.

布萊恩，我只想補充我們正在推出的高接觸解決方案，它的目標是我們傳統捕獲帶來的明顯更大的交易規模。某些交易費用是隱含成本。但這個機會的令人興奮之處在於它是直接面向經銷商的，而且更有針對性。我們沒有與清算該交易相關的變動成本。因此，我們的規模從利潤角度來看，以我們在平台上享有的傳統捕獲率相當有吸引力，但不存在可變成本。因此，考慮到交易規模、捕獲量以及平台課程成本的基本成本，從技術上講，這些交易的保證金更高。

That's great color. Thank you both.

那顏色真棒。謝謝你們倆。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇，《雷德本大西洋月刊》。

Hi, everyone. Thanks for taking my call. And I was wondering if you could just going back to the comments you're making about the unit for three days and a short term, but a lot of things moving in the direction that you would hope to see. I was wondering if you could comment on what the similar dynamics would be and see portfolio trading in terms of overall penetration in the market and the liquidity provided for that protocol in a period of heightened volatility, have you seen any sort of real change in dynamic there? That we'll useful?

大家好。感謝您接聽我的電話。我想知道你是否可以回到三天和短期內對該單位所做的評論，但很多事情都在朝著你希望看到的方向發展。我想知道您是否可以評論一下類似的動態是什麼，並從市場的整體滲透率和在波動性加劇時期為該協議提供的流動性方面看待投資組合交易，您是否看到了動態方面的任何真正變化那裡？那我們有用嗎？

Again, it's three days. So I do want to caveat on what we're seeing in just three days. I do think portfolio trading is a key tool adopted by our clients and will remain a tool for our clients to use both in times of high-vol and low-vol. It's really a question of cost as it spreads gap out in this type of environment, both spreads in the single bond as well as a portfolio trade do. And we've seen evidence of these gaps and spread.

又是三天。因此，我確實想對我們在短短三天內所看到的情況提出警告。我確實認為投資組合交易是我們的客戶採用的關鍵工具，並且仍然是我們的客戶在高波動率和低波動率時期使用的工具。這其實是一個成本問題，因為在這種環境下，它會擴大缺口，單一債券和投資組合交易的利差都是如此。我們已經看到了這些差距和蔓延的證據。

They do gap out in this environment. So it just becomes a different trade from what it was just four days ago. So we have seen and it's again three days, but on lower levels of PT activity. That said, our clients are when they have either capital inflows or capital outflows, depending on the market environment. They may use portfolio trades to enter and exit more quickly in an environment like this where there's certainty of execution.

在這種環境下，他們確實出現了缺口。因此，這只是與四天前不同的交易。所以我們看到又是三天，但 PT 活動量較低。也就是說，我們的客戶在資本流入或資本流出時會出現這種情況，這取決於市場環境。在這樣有執行確定性的環境中，他們可能會使用投資組合交易更快地進入和退出。

But obviously, over the long period of time, we've seen some portfolio trading, mid-market trading like those session-based trading. Those are harder to execute in heightened volatility versus the low volatility that we've been experiencing for the literally the last several quarters and tightened spreads over the last several quarters.

但顯然，在很長一段時間內，我們看到了一些投資組合交易、中期市場交易，例如基於會話的交易。與我們在過去幾季經歷的低波動性以及過去幾個季度利差收緊的情況相比，在波動性加劇的情況下執行這些措施更加困難。

So again, three days does not predict the trend of. But what we certainly thought would happen in higher volatility we're seeing playing out in the market.

所以還是那句話，三天不能預測走勢。但我們確實認為在更高的波動性下會發生的事情我們正在市場上看到。

Great. Thanks. And I guess just to follow up on that. Could. You just give us a sense of sort of how you think about capital allocation going forward, your free cash flow? You've clearly you've got $200 million of a buyback authorization here. So I'm here how you think about putting that to work. But generally speaking, longer term, is there any change to how you're looking at the balance sheet, et cetera? Thanks.

偉大的。謝謝。我想只是為了跟進此事。可以。您只是讓我們了解您如何看待未來的資本配置，您的自由現金流？很明顯，您已經獲得了 2 億美元的回購授權。所以我在這裡告訴你如何將其付諸實踐。但一般來說，從長遠來看，您對資產負債表等的看法是否有任何變化？謝謝。

Thanks so much for the question. I would say that if you think about capital optimization, right and how we look at it and really driving value for our shareholders with capital optimization. I don't know that I would say that there's a change necessarily, and I would start by saying that the new authorization really does reflect, as I said in my comments, the Board's confidence in the future performance of the company and our ability to generate cash, right as we continue to execute on the strategy that Chris and the team have been talking about.

非常感謝您的提問。我想說，如果你考慮資本優化，正確的以及我們如何看待它，並透過資本優化真正為我們的股東帶來價值。我不知道我是否會說一定會有改變，我首先要說的是，正如我在評論中所說，新的授權確實反映了董事會對公司未來業績的信心以及我們的能力。我們繼續執行克里斯和團隊一直在談論的戰略一樣。

And we really are a very strong cash generative model, and that does allow us to continue to fund growth rate, self-fund growth, make investments et cetera. And really what this is about a flexibility, right? There's no expiration on the authorization. So it gives us the ability to opportunistically prune the market and buy back when it makes the most sense for our shareholders.

我們確實是一個非常強大的現金產生模式，這確實使我們能夠繼續為成長率、自籌資金成長、進行投資等提供資金。這實際上是關於靈活性的，對吧？授權沒有期限。因此，它使我們能夠機會主義地修剪市場，並在對股東最有意義的時候回購股票。

Right, in terms of we're going to obviously continue to return capital to shareholders through dividends, buybacks, opportunistically and but if you think about kind of the overall hierarchy our focus continues to be to reinvest in the business, right? We really want to drive that long-term opportunity that we see in the fixed income markets.

是的，就我們顯然將繼續透過股利、回購等機會主義方式向股東返還資本而言，但如果你考慮整體層級結構，我們的重點仍然是對業務進行再投資，對嗎？我們確實希望推動我們在固定收益市場中看到的長期機會。

And you know, we're going to continue to look at bolt-on acquisitions similar to the partner that we've been talking about that allow us to take technology and leverage it across the tech stack, which is going to enhance our capabilities, add to efficiency. And then we would -- and I would say it's really important and one thing I would say about utilizing that cash and balance sheet in that way is that it's really important to do. With the expected amount of rigor and discipline in that and that's really important. And third, we'll continue to return capital to shareholders through dividends and buybacks and be opportunistic with that. And really what this is about it. We just have that additional flexibility now.

你知道，我們將繼續考慮類似於我們一直在談論的合作夥伴的補強收購，這使我們能夠採用技術並在整個技術堆疊中利用它，這將增強我們的能力，增加效率。然後我們會——我會說這非常重要，關於以這種方式利用現金和資產負債表，我想說的一件事是，這確實很重要。具有預期的嚴格性和紀律性，這非常重要。第三，我們將繼續透過股利和回購向股東返還資本，並把握機會。這到底是怎麼回事。我們現在有了額外的靈活性。

Great. Thanks so much.

偉大的。非常感謝。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great. Thank you. Good morning. I just had a question on information services. I was hoping maybe you could elaborate on some of your key initiatives to drive growth with the information services and technology -- services businesses that you have -- I know in the past you've mentioned some opportunities around indexing and end-of-day pricing. Just curious where those initiatives stand, what are some of the steps you're looking to take over the next 12 to 24 months and as sort of look at the contribution of revenues in those line items today, I guess, how do you think about that mix changing as you look out over the three to five years? Thank you.

偉大的。謝謝。早安.我剛才有一個關於資訊服務的問題。我希望您能詳細說明您透過資訊服務和技術（您擁有的服務業務）推動成長的一些關鍵舉措，我知道您過去曾提到一些有關索引和日終的機會定價。只是好奇這些舉措的立場，您希望在未來 12 到 24 個月內採取哪些步驟，以及看看今天這些項目的收入貢獻，我猜，您如何看待當你展望未來三到五年時，這種組合會發生變化嗎？謝謝。

Sure. Thanks, Michael. Really, we're pretty excited about our information services business line, and we're excited about the pipeline of products that we're bringing. Again, first, we're bringing some product to the platform to help traders determine how to trade, when to trade. And many times in the context of a portfolio trade some of that can portfolio construction and what to trade.

當然。謝謝，麥可。確實，我們對我們的資訊服務業務線感到非常興奮，我們對我們帶來的產品線感到興奮。同樣，首先，我們將一些產品引入平台，以幫助交易者確定如何交易、何時交易。很多時候，在投資組合交易的背景下，其中一些可以建立投資組合和交易什麼。

So there's key ingredients of our data is making its way of first to the platform, and it's exclusive on our platform we obviously have some very successful data products like our CP+ data across high-grade, high-yield Eurobonds and more importantly, EM.

因此，我們數據的關鍵要素是首先進入該平台，並且在我們的平台上是獨一無二的，我們顯然擁有一些非常成功的數據產品，例如我們的CP+ 數據，涉及高等級、高收益歐洲債券，更重要的是，新興市場。

I do think our opportunities in the international sector are quite exciting, particularly those local markets that we've talked about today. Our CP+ for EM is in a backdrop of a market where there's no trade, no last sale, these are dark markets, generally a brokered and drip broker driven market. So having a real-time feed, it is a very important component to being a deal or being a client in that market.

我確實認為我們在國際領域的機會非常令人興奮，特別是我們今天討論的那些本地市場。我們針對新興市場的 CP+ 所處的市場背景是沒有交易、沒有最後一次銷售，這些都是黑暗市場，通常是經紀和點滴經紀驅動的市場。因此，擁有即時資訊對於在該市場達成交易或成為客戶來說是非常重要的組成部分。

So we do see a great opportunity for real-time data feed across the international sector and certainly seeing opportunities as we offer that data feed in in APAC in LATAM and throughout Europe. Many of the products that we're putting on the platform like trade ability on AI dealer selection, CP inquiry. These are designed for on both how traders engage the market. That's why they are exclusively on X-Pro product platform.

因此，我們確實看到了跨國際領域即時數據饋送的絕佳機會，並且當我們在亞太地區、拉丁美洲和整個歐洲提供數據饋送時，我們當然也看到了機會。我們在平台上推出的許多產品，例如人工智慧經銷商選擇的交易能力、CP查詢。這些是針對交易者如何參與市場而設計的。這就是為什麼它們只出現在 X-Pro 產品平台上。

But also they can be can help portfolio managers construct portfolios on any given day. So we see an opportunity of pipeline opportunity, not just at the trader level, but also at the portfolio construction level. Separately mentioned our index opportunities. Obviously, we announced a partnership with MSCI. We're excited about the index that the indexes that we have crafted with MSCI as part of that partnership.

但它們也可以幫助投資組合經理在任何一天建立投資組合。因此，我們看到了管道機會的機會，不僅在交易者層面，而且在投資組合建構層面。單獨提到我們的指數機會。顯然，我們宣布與 MSCI 建立合作夥伴關係。作為合作關係的一部分，我們與 MSCI 共同製定的指數讓我們感到非常興奮。

And we think there's a bigger opportunity in that fixed income index market as more and more products and more and more investors move to passive strategies across the fixed income landscape and not just manage strategy so.

我們認為，隨著越來越多的產品和越來越多的投資者在固定收益領域轉向被動策略，而不僅僅是管理策略，固定收益指數市場存在更大的機會。

And then finally, we haven't talked about it in a while, but the launch of CP+ for Muni's is very exciting for us. Not only does it help power our automation suite in the Muni market, which is growing rapidly, but it's a new data product, a new real-time data product in the Muni market and something that is certainly needed in that market.

最後，我們已經有一段時間沒有談論它了，但 Muni's 的 CP+ 的推出對我們來說非常令人興奮。它不僅有助於為我們在快速成長的市政市場中的自動化套件提供動力，而且它是一種新的數據產品，是市政市場中的一種新的即時數據產品，並且是該市場肯定需要的東西。

So we see a really heightened opportunity as we roll out CP+ for Muni's as well. So again, strong product in the current mix and opportunities for growth, but very excited about the pipeline and the opportunity behind the pipeline of growth as well.

因此，當我們為 Muni's 推出 CP+ 時，我們看到了一個真正更大的機會。再說一次，目前組合中的強大產品和成長機會，但對管道和成長管道背後的機會也非常興奮。

Thank you.

謝謝。

Elias Abboud, Bank of America.

埃利亞斯·阿布德，美國銀行。

Good morning. Thanks for taking the question. You mentioned that you're connecting to TMCs specifically. So I was wondering if there's an opportunity to grow this partnership with ICE. Could you enable connectivity TMCs other execution assets, BondPoint and ICE bonds. Is the next step or maybe is there a way to leverage your overlap and fixed income data?

早安.感謝您提出問題。您提到您正在專門連接到 TMC。所以我想知道是否有機會發展與 ICE 的合作關係。您能否啟用 TMC 其他執行資產、BondPoint 和 ICE 債券的連線。下一步是或有沒有辦法利用您的重疊和固定收益數據？

Hi, Elias. It's Rich. Yeah. I mean, it's really up to them to our friends over at ICE. We're connecting in right now. I believe that they have not combined there to a retail entity and the other one was BondPoint. So it's possible we could connect directly into that one as well.

嗨，埃利亞斯。這是富有的。是的。我的意思是，這真的取決於我們 ICE 的朋友。我們現在正在連接。我相信他們還沒有合併為零售實體，另一個是 BondPoint。所以我們也可以直接連接到那個。

But ultimately, I think that will be coming together and will connect via the existing pipes that we have. So it's definitely going to be something we're going to be doing. Again, it's not just for Muni's is for corporates as well. So if they've got the additional liquidity on their other venue. I'm sure that's one that will tee up in the near future.

但最終，我認為這將融合在一起，並透過我們現有的管道進行連接。所以這肯定是我們要做的事情。再次強調，這不僅適用於 Muni，也適用於企業。因此，如果他們在其他場所獲得了額外的流動性。我確信這將在不久的將來推出。

And Elias, I'd just add to those comments. I mean we are excited about the ICE relationship and more importantly, the on the retail opportunity that we see in the overall market. We see SMAs growing rapidly there at [$2 trillion] today expected to go to [$5 trillion], foreseeing a great deal of SMA activity on our platform because they traditionally come through the institutional execution -- you know, areas of large investors, but they also on execute on a platform like ICE.

Elias，我只是補充一下這些評論。我的意思是，我們對 ICE 的關係感到興奮，更重要的是，對我們在整個市場中看到的零售機會感到興奮。我們看到SMA 快速成長，目前已達到[2 兆美元]，預計將達到[5 兆美元]，預計我們平台上會有大量SMA 活動，因為它們傳統上是透過機構執行來實現的——你知道，是大投資者的領域，但是他們還在 ICE 等平台上執行。

So I think both parties are coming together in this unique partnership, leverages the growth of the overall retail market on whether it comes through traditional retail or if it comes through SMA like we're seeing on our platform.

因此，我認為雙方將透過這種獨特的合作夥伴關係，利用整個零售市場的成長，無論是透過傳統零售還是透過 SMA，就像我們在我們的平台上看到的那樣。

So yeah, a lot of excitement around this this partnership and really what it says about our view of market and market structure going forward in the fixed income market. Perfect.

所以，是的，這種合作關係令人興奮，它真正說明了我們對固定收益市場未來市場和市場結構的看法。完美的。

Got it. And do you foresee any regulatory risks of arrangement given the overlap of meaning execution?

知道了。鑑於意義執行的重疊，您是否預見到安排的任何監管風險？

No, in fact, these are two connectivity points where their liquidity is there. Liquidity, it's represented on our platform and our liquidity will be represented on their platform as well. So it's a way for our clients to benefit through a technical connection and a commercial relationship. So we would not expect any regulatory concerns around how we structure the partnership.

不，事實上，這是兩個具有流動性的連接點。流動性，它體現在我們的平台上，我們的流動性也將體現在他們的平台上。因此，這是我們的客戶透過技術聯繫和商業關係受益的一種方式。因此，我們預計不會出現任何關於我們如何建立合作關係的監管問題。

Got it Appreciate the color. Thanks.

明白了，欣賞一下顏色。謝謝。

This will conclude our question-and-answer session. I will now turn the call back to Chris Concannon for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給克里斯康坎農 (Chris Concannon)，讓其致閉幕詞。

Thank you for joining us today. Obviously, we're excited about the macro backdrop in the market and recent volatility and looking forward to update you at the next quarter. So thanks for joining us today.

感謝您今天加入我們。顯然，我們對市場的宏觀背景和近期的波動感到興奮，並期待在下個季度向您通報最新情況。感謝您今天加入我們。

Concludes today's conference call. You may now disconnect.

今天的電話會議結束。您現在可以斷開連線。