Marketaxess Holdings Inc (MKTX) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the market access Third Quarter 2024 earnings conference call.

女士們、先生們，感謝大家的支持，歡迎參加市場進入 2024 年第三季財報電話會議。

At this time, all participants are in listen only mode.

此時，所有參與者都處於僅聽模式。

Later, we will conduct a question-and-answer session.

隨後，我們將進行問答環節。

If you'd like to ask a question.

如果你想問一個問題。

During that time, please press star and number one on your telephone key pad.

在此期間，請按下電話鍵盤上的星號和數字一。

As a reminder, this conference is being recorded on November sixth, 2024.

謹此提醒，本次會議的錄音日期為 2024 年 11 月 6 日。

I would like to turn the call over to Stephen Davidson, Head of Investor Relations at MarketAxess.

我想將電話轉給 MarketAxess 投資者關係主管 Stephen Davidson。

Please go ahead, sir.

請繼續，先生。

Good morning, and welcome to the MarketAxess Third Quarter 2020 Earnings Conference Call.

早安，歡迎參加 MarketAxess 2020 年第三季財報電話會議。

For the whole Chris Concannon, Chief Executive Officer, will provide you with a strategic update.

執行長 Chris Concannon 將為您提供整個策略的最新資訊。

Richard Goodman, Global Head of Trading Solutions, will update you on the performance of our markets, and then I leave his alveolar Chief Financial Officer, will review the financial results.

交易解決方案全球主管理查德·古德曼（Richard Goodman）將向您介紹我們市場的最新表現，然後我離開他的首席財務官，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.

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。

These statements represent the Company's belief regarding future events that by their nature are uncertain.

這些陳述代表了公司對本質上不確定的未來事件的信念。

The Company's operating results and financial condition may differ materially from what is indicated in those forward-looking statements

本公司的經營績效和財務狀況可能與這些前瞻性陳述中所示的內容有重大差異

.

。

For a discussion of some of the risks and factors that could affect the Company's future results.

討論可能影響公司未來業績的一些風險和因素。

Please see the description of risk factors in our annual report on Form 10 K for the year ended December 31st.

請參閱我們截至 12 月 31 日的年度 10 K 表格年度報告中對風險因素的描述。

The forward statement disclaimer in our quarterly earnings release, which was issued earlier this morning.

我們今天早上早些時候發布的季度收益報告中的前瞻性聲明免責聲明。

It is now available on our website.

現在可以在我們的網站上找到。

Now let me turn the call over to Chris Premier and thank you for joining us to review our third quarter results.

現在讓我將電話轉給 Chris Premier，感謝您與我們一起回顧我們的第三季業績。

As announced earlier today, Rick McVey, our Founder and Executive Chairman, has informed our Board of Directors that he will be retiring from the Board at the end of the year to spend more time with is growing family and his philanthropic endeavors.

正如今天早些時候宣布的那樣，我們的創始人兼執行主席 Rick McVey 已告知董事會，他將於今年年底從董事會退休，以便將更多時間花在不斷壯大的家庭和慈善事業上。

Richard, the pioneer in the electronic trading arena, and he is the reason why I came to market access his vision, his innovation and his tenacity or why market access is the company.

理查德，電子交易領域的先驅，他是我來到市場的原因，他的願景、他的創新和他的堅韌，或者說為什麼市場准入是公司的原因。

It is today for six years of fixed income experience has been an extraordinary resource for me and the Board.

時至今日，六年的固定收益經驗對我和董事會來說都是非凡的資源。

Well, Rick is retiring from the Board.

好吧，里克將從董事會退休。

We were very lucky to still have him as the Chairman of our International Board.

我們非常幸運，他仍然擔任我們國際董事會的主席。

I would also like to congratulate Carlos Hernandez on his appointment as our next Chairman of the Board, Carlos rejoined our Board in 2023.

我還要祝賀 Carlos Hernandez 被任命為我們的下一任董事會主席，Carlos 於 2023 年重新加入我們的董事會。

After concluding a highly distinguished career, JP Morgan.

在結束了高度傑出的職業生涯後，摩根大通。

Throughout his career, Carlos has been passionate about electronic trading solutions and financial market structure by encumbered by what Rick has built, and I'm looking forward to continuing his work with Carlos in his role.

在卡洛斯的整個職業生涯中，由於受到 Rick 所構建的內容的阻礙，卡洛斯一直對電子交易解決方案和金融市場結構充滿熱情，我期待著繼續與卡洛斯一起工作。

As Chairman said, let's turn to the third quarter results.

正如董事長所說，我們來看看第三季的業績。

Turning to Slide 3 of my strategic update.

轉向我的策略更新的幻燈片 3。

We continued to execute our strategy this quarter and deliver 20% growth in revenue, driven principally by strong growth in market volumes.

本季我們繼續執行我們的策略，在市場容量強勁成長的推動下，營收成長了 20%。

We continue to be disciplined around our expense management, which helped to unlock the curve upward operating leverage in our model and drove a 30% increase in diluted earnings per share.

我們繼續嚴格執行費用管理，這有助於釋放我們模型中營運槓桿曲線向上的趨勢，並推動稀釋每股收益成長 30%。

We released our October trading metrics yesterday, which reflect continued strong growth in market volumes year over year.

我們昨天發布了 10 月的交易指標，反映出市場交易量較去年同期持續強勁成長。

We have always guided investors to look at the longer-term trends and not read too much into the month-to-month fluctuations in our market share.

我們一直引導投資人關注長期趨勢，不要過度解讀市場佔有率的逐月波動。

As we experienced in October, we believe the decline in our U.S. high-grade market share was driven by lower portfolio trading at a cost shift to large block trading in the market.

正如我們在 10 月所經歷的那樣，我們認為美國高品級市場份額的下降是由於投資組合交易減少而導致成本轉向市場上的大宗交易。

As we have mentioned before, large portfolio trades in the market and changes in the mix of client activity can generate significant short-term swings in market share without materially impacting revenue generation.

正如我們之前提到的，市場上的大型投資組合交易和客戶活動組合的變化可能會導致市場份額出現顯著的短期波動，而不會嚴重影響收入的產生。

We have a clear strategy to return to market share growth in US credit.

我們有明確的策略來恢復美國信貸市場份額的成長。

While we continue to deliver growth across the global fixed income market, we continue to enhance our global portfolio trading solution, and we are pleased with the early returns we are seeing in terms of market share gains, we have now launched the key elements of our targeted block trading capability to attack the highest value client order flow, representing 40% of the U.S. high-grade market.

在我們繼續在全球固定收益市場實現成長的同時，我們繼續增強我們的全球投資組合交易解決方案，並且我們對市場份額增長方面所看到的早期回報感到滿意，我們現在推出了我們的關鍵要素有針對性的大宗交易能力，可攻擊最高價值的客戶訂單流，占美國高端市場的40%。

We are on track to deliver traditional RFQ on that's Pro to our European clients in the first quarter of 2025.

我們預計在 2025 年第一季向歐洲客戶提供基於 that's Pro 的傳統詢價。

Last, we continue to see momentum in our emerging market offering with a block trading solution rolling out to clients.

最後，我們持續看到新興市場產品的勢頭，向客戶推出大宗交易解決方案。

This quarter, we are pleased to announce a strategic fixed income data partnership with S&P Global last week.

本季度，我們很高興上周宣布與 S&P Global 建立策略性固定收益數據合作關係。

With this partnership, we are combining our CP. plus market data with S & P's global evaluated bond pricing solution.

透過這次合作，我們將合併我們的 CP。加上標普全球評估債券定價解決方案的市場數據。

Slide 4 highlights the power of our product and geography, Epic diversification across global credit and rates.

幻燈片 4 強調了我們產品和地理位置的力量，以及全球信貸和利率方面的史詩般的多元化。

As illustrated by our strong third quarter trading data commission revenue generated outside of US credit represented 37% of total commission revenue, up from just 25% in first quarter of 2019.

正如我們強勁的第三季交易數據所示，美國信貸以外產生的佣金收入佔佣金總收入的 37%，而 2019 年第一季僅為 25%。

Our Emerging Markets franchise is a key growth cylinder of this powerful diversification story.

我們的新興市場特許經營權是這個強大的多元化故事的關鍵成長動力。

Slide 5 provides more detail on the strength of our expanding Emerging Markets franchise.

投影片 5 詳細介紹了我們不斷擴大的新興市場特許經營權的實力。

We are seeing strong growth in emerging markets trading activity across regions with record last him and A-Pac.

我們看到各地區新興市場交易活動強勁成長，其中他和亞太地區的交易活動創下歷史新高。

Emerging markets trading volume up 51% and 30%, respectively.

新興市場交易量分別成長51%和30%。

The EM local markets are the largest opportunity in EM from an addressable market perspective, one of our fastest growing protocols and local markets is requests for market or RFM, which is helping to drive record levels of block trading in local markets.

從可尋址市場的角度來看，新興市場本地市場是新興市場中最大的機會，我們成長最快的協議和本地市場之一是對市場或RFM 的需求，這有助於推動本地市場大宗交易的創紀錄水平。

Dealer RFQ across hard and local currency is also showing strong growth of 47%.

硬通貨和本國貨幣的經銷商詢價也顯示 47% 的強勁成長。

We're very excited about the emerging market opportunity ahead of us, which we believe is still in very early stages of electronification.

我們對擺在我們面前的新興市場機會感到非常興奮，我們相信新興市場仍處於電子化的早期階段。

Slide 6 lays out our strategic priorities to grow market share.

幻燈片 6 列出了我們擴大市場份額的策略重點。

In terms of our high-touch strategy, we recently completed the initial rollout of our global PT. solution in Europe, and I'm also pleased to report that we just completed an update to X Pro to create a more intuitive interface for clients focus on portfolio trading at our proprietary trading analytics, the client feedback has been strong with record portfolio trading 80 day in September.

就我們的高接觸策略而言，我們最近完成了全球 PT 的初步部署。解決方案在歐洲，我也很高興地報告，我們剛剛完成了X Pro 的更新，為客戶在我們的專有交易分析中專注於投資組合交易創建了一個更直觀的介面，客戶反饋非常強烈，投資組合交易創紀錄的80九月的一天。

We delivered third quarter estimated market share of US credit portfolio trading of 20%, several hundred basis points higher than second quarter levels.

我們預計第三季美國信貸投資組合交易市佔率為 20%，比第二季水準高出數百個基點。

We believe that the investments we have made in our new platform that supports client portfolio trading, traditional RFQ and automation are beginning to pay dividends.

我們相信，我們在支援客戶投資組合交易、傳統詢價和自動化的新平台上所做的投資正在開始帶來回報。

In the coming months, we will begin the initial rollout of traditional RFQ On-X prior to our European clients.

在接下來的幾個月中，我們將在歐洲客戶之前開始首次推出傳統 RFQ On-X。

While the initial focus of escrow and our high touch strategy was portfolio trading, we are now leveraging the deep enriched content and pre-trade analytics we have in X proud for block trade sizes.

雖然託管和我們的高接觸策略的最初重點是投資組合交易，但我們現在正在利用我們在 X 中為大宗交易規模而自豪的深度豐富的內容和交易前分析。

This targeted solution for clients streamlines the transition of block size trace from phone and chat to electronic solution while reducing information leakage.

這項針對客戶的有針對性的解決方案簡化了區塊大小追蹤從電話和聊天到電子解決方案的過渡，同時減少了資訊洩漏。

The two key elements of our block strategy is RAI. driven dealer selection tool and are now new proprietary data sets TP. plus for blocks last in the dealer to dealer segment, we are seeing green shoots in that important segment as we look to expand Auto-X for dealer RFQ to emerging markets Eurobonds immunities, we generated 28% growth in dealer RFQ you and then 11 fold increase in mid-August in euro bonds in the third quarter.

我們區塊策略的兩個關鍵要素是 RAI。驅動經銷商選擇工具，現在是新的專有資料集 TP。另外，對於經銷商到經銷商細分市場的最後一個區塊，我們看到了這個重要細分市場的萌芽，因為我們希望將經銷商詢價的Auto-X 擴展到新興市場歐洲債券豁免權，我們在經銷商詢價方面實現了28% 的成長，然後成長了11 倍8月中旬第三季歐元債券增加。

Slide 7 highlights select macro factors that we believe indicate we are moving into a more constructive operating environment.

投影片 7 重點介紹了我們認為表明我們正在進入更具建設性的營運環境的精選宏觀因素。

The new issue calendar has been very robust in 2024, with US high grade, up 27% in US high yield, up 86% year to date.

2024 年的新發行日曆非常強勁，美國高收益債券今年迄今上漲了 27%，美國高收益債券則上漲了 86%。

The velocity of trading in U.S. high-grade was above 80% in the third quarter with an exit rate of 91% in September.

第三季美國高等級原油的交易率超過80%，9月的退出率高達91%。

Yields have come down with the recent rate cuts but remain attractive.

隨著最近的降息，收益率有所下降，但仍具有吸引力。

As a result, fund flows into hybrid ETFs and mutual funds are up 158% from the prior year.

因此，流入混合 ETF 和共同基金的資金比上年增長了 158%。

Fund flows have been one of the factors keeping credit spreads tight, but we do believe that volatility should pick up in the coming months.

資金流向是導致信貸利差收緊的因素之一，但我們確實認為未來幾個月波動性應該會加劇。

Lastly, in advance of the rate cuts in September, client activity on the platform and high-grade reflected an uptick in trading and higher duration bonds, which benefited U.S. high-grade fee has continued into October as well.

最後，在 9 月降息之前，平台和高等級債券上的客戶活動反映出交易和較長期限債券的增加，這有利於美國高等級費用也持續到 10 月。

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資訊。

Thanks, Chris.

謝謝，克里斯。

On Slide 9, we highlight the expansion of our trading business across geographies, products and workflows.

在投影片 9 中，我們重點介紹了我們的貿易業務在地理、產品和工作流程方面的擴展。

We generated strong growth in international client trade volume and trade count.

我們的國際客戶貿易量和貿易數量實現了強勁成長。

In the third quarter, trade volume was up 23% versus last year with a three year CAGR of 17%.

第三季貿易量較去年成長 23%，三年複合年增率為 17%。

Trade count was up 16% versus last year for the three year CAGR of 24%.

貿易數量較去年增長 16%，三年複合年增長率為 24%。

We are also seeing strong contributions from growing client segments, including hedge funds, systematic trading firms, dealers and the private banks.

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、系統性貿易公司、交易商和私人銀行。

We generated 254 billion in trading volume, up 41% from these important client segments, which now represents 1098% of our total credit trading volume, up from 26%.

這些重要客戶群的交易量達到 2,540 億美元，成長了 41%，目前占我們信用交易總額的 1098%，高於 26%。

Dealer initiated trading volume, which includes dealer RFQ and mix on this chart, was over $80 billion in the quarter, representing a 34% increase over the prior year and included an 11,000 fold increase in Eurobonds Medex trading volume.

本季交易商發起的交易量（包括交易商詢價和組合）超過 800 億美元，比前一年增長 34%，其中歐洲債券 Medex 交易量增長了 11,000 倍。

While we are in the early innings of our expanded Dealer Services strategy, we are encouraged by the improvement we are seeing in mid ex activity in Europe.

雖然我們正處於擴大經銷商服務策略的早期階段，但我們對歐洲中期交易活動的改善感到鼓舞。

Access IQ, our order and execution workflow solution designed for wealth management and private banking clients delivered a 32% increase in ADV. year over year.

Access IQ 是我們專為財富管理和私人銀行客戶設計的訂單和執行工作流程解決方案，ADV 增加了 32%。年復一年。

We recently onboarded one of the largest U.S. banks to access IQ as we seek to grow our private banking business.

最近，當我們尋求發展私人銀行業務時，我們與美國最大的銀行之一合作獲取 IQ。

Beyond Europe, we are also seeing strong product diversification and municipal bonds with record estimated market share of 8.7%, up from 5.8% in the prior year.

在歐洲以外，我們還看到強勁的產品多元化和市政債券，預計市佔率達到創紀錄的 8.7%，高於前一年的 5.8%。

We launched connectivity with ICE bonds the first week of September for Moody's and then corporates a week later.

我們在 9 月的第一周為穆迪推出了與 ICE 債券的連接，一周後為企業推出了連接。

The feedback we have received from clients has been very positive, and we believe ice bonds, complementary liquidity will support further market share growth.

我們從客戶收到的回饋非常積極，我們相信冰債券、補充流動性將支持市場份額的進一步成長。

We are also very pleased with the growth of portfolio trading for muni's, which we launched in the second quarter of 24.

我們對 24 月第二季推出的市政投資組合交易的成長也感到非常滿意。

Year to date, through October, we have executed over EUR500 million in trading volume.

今年迄今為止，截至 10 月份，我們的交易量已超過 5 億歐元。

Lastly, on muni's, we are expecting to launch CP plus for annuities in December with full integration with our protocols in the first quarter of 25.

最後，在市政方面，我們預計於 12 月推出年金 CP plus，並於 25 年第一季與我們的協議完全整合。

Slide 10 provides an update on Open Trading.

投影片 10 提供了開放交易的最新情況。

Our market leading all liquidity pool Open Trading ADV was $4 billion and share of total credit volume was 35%, up from 34% in the prior year.

我們市場領先的所有流動性池公開交易 ADV 為 40 億美元，佔總信貸量的份額為 35%，高於前一年的 34%。

Open Trading generated record trade count, up 27% from the prior year.

Open Trading 創造了創紀錄的交易數量，比去年增加 27%。

Hedge fund trade activity has continued to expand on our platform with record ADV of 1.9 billion in the quarter, up 57% from the prior year.

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 57%。

A record 206 hedge funds provided liquidity through Open Trading in the quarter, a 2% increase from the prior year.

本季有 206 家對沖基金透過公開交易提供流動性，數量創歷史新高，較前一年增加 2%。

The price improvement opportunity in Open Trading, as shown on the lower left side of this slide ticked up in the quarter on slightly higher levels of credit spread volatility.

如本投影片左下角所示，本季信用利差波動性略有上升，公開交易的價格改善機會增加。

Open Trading continues to be the largest single source of secondary liquidity in the US credit markets, driven by by our diverse liquidity pools.

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。

Adoption of our automation suite of products continues to grow.

我們的自動化產品套件的採用率持續成長。

As shown on slide 11, we experienced another quarter of strong growth in automation, trade volume and record trade count with three-year caterers of 31% and 40% respectively, and a record 249 active automation client firms.

如幻燈片11 所示，我們經歷了又一個季度的自動化、貿易量和創紀錄的貿易數量強勁增長，三年餐飲服務商分別增長了31% 和40%，活躍的自動化客戶公司達到創紀錄的249 家。

Automation.

自動化。

Trade volume now represents a lot 7% of our total credit volume and a record 27% of our total credit trade count.

目前，貿易量占我們信貸總量的 7%，佔信貸貿易總量的創紀錄的 27%。

There were over 10 million algo responses from dealers, an increase of 24% year over year.

經銷商的演算法回覆超過 1000 萬條，年增 24%。

We are increasingly leveraging the technology that we obtained through the plasma acquisition with our entire automation suite moving into its tech stack, which will allow us to launch the next generation of Auto-X based on pragmatic algorithms.

我們越來越多地利用透過等離子收購獲得的技術，將整個自動化套件轉移到其技術堆疊中，這將使我們能夠推出基於實用演算法的下一代 Auto-X。

Our Adaptive Auto-X provide algo is a great example of a workflow that allows clients to respond to other clients and dealers RFQs further supporting our Open Trading all to all model.

我們的自適應 Auto-X 提供演算法是工作流程的一個很好的例子，它允許客戶回應其他客戶和經銷商的詢價，進一步支援我們的開放交易模型。

Now let me turn the call over to Eileen 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.

謝謝你，里奇。

Turning to our results on slide 13, leases at Emory and our third quarter financials.

轉向幻燈片 13 上的結果，埃默里大學的租賃情況和我們第三季度的財務狀況。

We delivered revenue of $270 million, up 20% from the prior year.

我們營收 2.7 億美元，比上年成長 20%。

Strong top line growth, driven by robust market line, combined with continued cost discipline adopted in the first quarter of positive operating leverage in the fourth quarter at 2020, that incremental margin of approximately 60%.

強勁的市場線推動了營收的強勁成長，加上第一季採取的持續成本控制以及 2020 年第四季的正營運槓桿，增量利潤率約為 60%。

Looking at each of our revenue line, churn commission revenue increased 20% on strong broad-based strength across most product areas, more than offset and a decrease in US high yield information services revenue of $13 million was up 10% and included a $300,000 benefit of that act.

縱觀我們的每條收入線，由於大多數產品領域廣泛的強大實力，客戶流失佣金收入增長了20%，遠遠抵消了美國高收益信息服務收入1300 萬美元的下降，增長了10%，其中包括300,000 美元的收益該行為的。

The increase was driven by new contracts as we continue to experience strong adoption of our data privacy, especially in place.

這一增長是由新合約推動的，因為我們繼續大力採用資料隱私，尤其是在適當的地方。

Post-trade services revenue was $10 million was up 6% and included a $200,000 and an attack.

交易後服務收入為 1,000 萬美元，成長 6%，其中包括 20 萬美元和一次攻擊。

Total other income increased approximately 1 million, principally to mark to market gains on our U.S. Treasury portfolio effective tax rate of 23%, and we reported diluted earnings per share of $1.19, representing an increase of 30% and 14.

其他收入總額增加了約 100 萬美元，主要是因為我們的美國國債投資組合有效稅率為 23%，按市場收益計算，我們報告的稀釋每股收益為 1.19 美元，分別增長了 30% 和 14%。

We provide more detail on our commission revenue and our fee capture.

我們提供有關佣金收入和費用收取的更多詳細資訊。

Total commission revenue was $180 million, representing an increase of 30 million or 20% for the quarter.

佣金總收入為 1.8 億美元，本季增加 3,000 萬美元，即 20%。

The increase in credit conditions, revenue with strong breadth of U.S. tax rate of 24% in emerging markets, up 18%, Urovant at 28% and municipals at 28.

信貸條件的提高，營收大幅成長，美國稅率為24%，新興市場成長18%，Urovant為28%，市政為28%。

The reduction in total Tennessee content in the prior year was driven principally by type and kind of On-X, specifically lower higher activity and increased portfolio training.

上一年田納西州內容總量的減少主要是由 On-X 的類型和種類驅動的，特別是較高活動的減少和組合培訓的增加。

Total added a capture was slightly up from 2Q 2014 level, declining six distribution ages, driven principally by the consolidation of key global bank trading desk operation accretions to variable eight plan and lower unused minimizes any timeframe.

道達爾補充說，捕獲量較2014 年第二季度的水平略有上升，下降了6 個分配期限，這主要是由於全球主要銀行交易櫃檯業務增加到可變八計劃的整合以及較低的未使用期限最大限度地縮短了任何時間範圍。

Thank you.

謝謝。

Kindly provide a summary of our operating expenses.

請提供我們的營運費用摘要。

Third quarter.

第三季。

Operating expenses of 120 million increased 14% compared to the prior year and include the impact of tax, which will anniversary in the fourth quarter with a higher than anticipated.

營運支出為 1.2 億美元，較上年同期成長 14%，其中包括稅收的影響，該支出將在第四季度週年，高於預期。

Variable contracts from increased trading activity has lost about 40% of the 10 million in additional expenses that were not previously included in the second quarter earnings call.

交易活動增加帶來的可變合約損失了約 40% 的額外費用，其中 1,000 萬美元先前未計入第二季財報電話會議。

As you know, there are always it can take a country mix and pricing.

如您所知，總有可能需要不同的國家組合和定價。

And at this time, we expect M&A, we anticipated expenses will shift each period.

此時，我們預期併購，我們預期每個期間的費用都會有所變動。

As such, we expect to absorb the increase in variable and fit within the original an incremental 10 million.

因此，我們預計會吸收變數的增加並適應原始增量 1000 萬。

Keeping in mind that variable costs can always change and market conditions.

請記住，變動成本和市場條件總是會改變。

We expect our full year 2020 fourth at the same, more or less in line with our previous guidance of slightly below a low end and our range 480 million to 500 million.

我們預計 2020 年全年第四季的銷售量將保持不變，或多或少與我們之前略低於下限的指引以及 4.8 億至 5 億的範圍一致。

On slide 16, we provide an update on our capital management and cash flow.

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。

Our balance sheet continues to be strong with cash, cash equivalents and corporate bonds and U.S. Treasury investments totaling 610 million as of September 30th, up from 559 million at the end of last quarter.

截至 9 月 30 日，我們的資產負債表依然強勁，現金、現金等價物、公司債和美國公債投資總額為 6.1 億美元，高於上季末的 5.59 億美元。

We generated $310 million in free cash plan of an accounting top nine, an increase of 4% over last quarter.

我們在會計前九名中產生了 3.1 億美元的自由現金計劃，比上季度增長了 4%。

Peter touched 297,000 shares year to gain share count for 2024 for a total of 54 million, a 66,000 shares repurchased during the third quarter at a cost of 15 million kids content and $36 million remaining on the current authorization.

Peter 全年購買了 297,000 股，到 2024 年股票總數達到 5,400 萬股，第三季度回購了 66,000 股，購買了 1,500 萬份兒童內容，目前授權剩餘 3,600 萬美元。

We believe we are setting the right time and investing to drive future growth while at the same time a disciplined stewards of capital.

我們相信，我們正在設定正確的時間和投資來推動未來的成長，同時也是紀律嚴明的資本管理者。

Now let me turn the call back to press for any closing comments.

現在讓我將電話轉回給媒體以徵求結束意見。

Finally, in summary, on slide 17, we continued to execute our growth strategy.

最後，總而言之，在投影片 17 中，我們繼續執行我們的成長策略。

In the third quarter, we delivered significantly improved financial results, driven by very strong market volumes.

在非常強勁的市場容量的推動下，第三季我們的財務表現顯著改善。

A robust new issue calendar and an increase in the velocity of trading are all contributing to a more constructive macro backdrop for us, we are continuing the rollout of Tax Pro by extending the platform to our global client base and across most products, and we are executing our plan to grow market share.

強勁的新發行日曆和交易速度的提高都為我們帶來了更具建設性的宏觀背景，我們正在透過將該平台擴展到我們的全球客戶群和大多數產品來繼續推出 Tax Pro，我們正在執行我們擴大市場佔有率的計劃。

We are seeing early signs of success with portfolio trading and our dealer solutions product in Europe.

我們看到投資組合交易和我們的經銷商解決方案產品在歐洲取得成功的早期跡象。

The next phase is to extend share gain to block size trades in the US credit market with the recent launch of our targeted block trades solution.

下一階段是透過我們最近推出的有針對性的大宗交易解決方案，將份額收益擴大到美國信貸市場的大宗規模交易。

Given the strong market volumes, more constructive market backdrop and our focus on our strategic priorities, we believe we are well positioned to deliver continued growth in the coming quarters.

鑑於強勁的市場容量、更具建設性的市場背景以及我們對策略重點的關注，我們相信我們有能力在未來幾季實現持續成長。

Now would be happy to open the line for questions.

現在很樂意開通提問專線。

From here.

從這裡開始。

We are now opening the floor for question and answer session.

我們現在開始問答環節。

If you'd like to ask a question, please press star one on your first question comes from costs are known as holiday line small cell phone.

如果您想提出問題，請在您的第一個問題上按星號，該問題來自所謂的假日線小型手機的費用。

Good morning, everyone.

大家早安。

Call personal once the Congress to look on the lead time and also hope you enjoyed our two wanted to dive a little bit on until October and block Palm on for over the course of the recall, you are calling our BOP activities, an impediment to stare and noted that you block solution is now in the March because he brought some details on.

國會打電話給我，看看交貨時間，也希望你喜歡我們的兩個想要在十月之前稍微潛水一下，並阻止 Palm 在召回過程中，你稱我們的 BOP 活動為盯著的障礙並指出您阻止解決方案現在是在三月份，因為他帶來了一些細節。

And just in terms of what's the game plan on accelerating penetration of the solution move forward?

就加速解決方案的滲透而言，未來的計畫是什麼？

And what does the current level of client uptake on solution runoff?

目前客戶對解決方案的接受程度如何？

Sure.

當然。

Great.

偉大的。

Thanks, pressing on up and take that question.

謝謝，請繼續回答這個問題。

First, just putting October and perspective on, we did have record overall volumes in the month of October.

首先，從 10 月的角度來看，我們確實在 10 月創造了創紀錄的總成交量。

It was the 1st month that we crossed over 1 trillion in volume traded on the platform, which is quite exciting.

這是我們平台交易量首次突破1兆大關，非常令人興奮。

Total credit of volume.

總信用量。

We set a record.

我們創造了記錄。

We set records in our rates average daily volumes.

我們的平均每日交易量創下了記錄。

We set a record in emerging market volumes in October when we set a record in our Eurobonds total volumes in October.

當我們在 10 月創下歐洲債券總成交量紀錄時，我們也在 10 月創下了新興市場成交量紀錄。

So overall, when I look across the platform, a very strong month, we also saw an increase in US high yield market share and as we reported an increase in U.S. high-grade fee capture.

因此，總的來說，當我縱觀整個平台時，這是一個非常強勁的月份，我們也看到美國高收益市場份額的增加，並且我們報告了美國高等級費用捕獲的增加。

So a lot of all good stories are throughout the month of October.

所以很多好故事都集中在十月。

We did see in the overall market a slow the decline from September in portfolio trading across the overall market.

我們確實看到整個市場的投資組合交易自 9 月以來下降速度放緩。

I think that did impact not just us, but some of the other competitors in this space that have a portfolio offer.

我認為這不僅影響了我們，還影響了該領域提供產品組合的其他一些競爭對手。

We do think that's a natural level that October delivered around 10% of the total market was portfolio trading of September was at all actually a spike up to that 13% level.

我們確實認為這是一個自然水平，10 月的交易量佔整個市場的 10% 左右，而 9 月的投資組合交易實際上飆升至 13% 的水平。

So I think the 10% number right now is a more natural number on that.

所以我認為現在 10% 的數字是一個更自然的數字。

We'll see in the market.

我們將在市場上看到。

What was, as you mentioned, what was out of the norm that we haven't seen at these levels.

正如您所提到的，我們在這些水平上沒有看到什麼是不正常的。

Our overall block trading some trades, a larger than 5 million in size, increased pretty dramatically up to a close to 40% of the entire market.

我們的整體大宗交易（部分交易規模超過 500 萬筆）大幅成長，佔整個市場的近 40%。

And that's up from August.

這是從八月開始的。

There was somewhere around 36%.

大約有 36% 左右。

So we it was a sizable move in overall block volume.

所以我們認為整體區塊體積發生了相當大的變化。

I think we saw something similar to that in April of this year where we saw on close to that same levels above 40% of traits.

我認為我們看到了與今年 4 月類似的情況，當時我們看到超過 40% 的特徵接近相同的水平。

And we did we did experience a depressed our high-grade market share during that period as well.

在此期間，我們確實經歷了高端市場份額的低迷。

And so the so the bad news is that that those those large blocks moved to the phone into chat on the good news is that that's still very market that we're attacking with the recent launch of our high-touch strategy and X Pro, we refer to this is a targeted Bob off trading solution, and it was only launched just about two weeks ago.

因此，壞消息是，這些大塊轉移到手機上進行聊天，好消息是，這仍然是我們最近推出的高觸控策略和 X Pro 所攻擊的市場，我們這是一個有針對性的鮑勃關閉交易解決方案，大約兩週前才推出。

So it's still early days, but it's the exact part of the market that we've been talking about targeting for some time.

所以現在還處於早期階段，但這正是我們一段時間以來一直在討論的目標市場部分。

And we feel very good about the fact that we're on offense now and not playing defense anymore.

我們對現在處於進攻狀態而不是防守這一事實感到非常高興。

We're going after the phone market.

我們正在瞄準手機市場。

It's a powerful part of the market.

它是市場的重要組成部分。

It can be anywhere from 30% to 40% of the overall market, and we have now an offering in the market.

它可以佔整個市場的 30% 到 40%，我們現在已經在市場上提供了產品。

The key ingredient to that offering on is really the of the pre-trade analytics that we're providing.

該產品的關鍵要素實際上是我們提供的交易前分析。

When you think about fault blocks of traders or point sensitive about information leakage and providing tools that the protect that inflammation, the information around the block and reduce that inflammation leakage and a key ingredient to some of the data that we're providing.

當您考慮交易者的故障區塊或對資訊外洩敏感的點並提供保護發炎的工具時，區塊周圍的資訊並減少發炎洩漏以及我們提供的一些資料的關鍵成分。

Obviously, DealerAxess is an important tool for our clients to pick their counterparties.

顯然，DealerAxess 是我們的客戶選擇交易對手的重要工具。

But we are also offering a I drew Robin dealer selection data, which really that's the feedback we've been getting that, that selection tool has been quite powerful for clients to select dealers that on increased their likelihood of response.

但我們也提供了我畫的羅賓經銷商選擇數據，這確實是我們得到的反饋，該選擇工​​具對於客戶選擇經銷商來說非常強大，這增加了他們做出反應的可能性。

So you're sharing that large block inflammation want to have certainty that the dealer will be responsive to that blocking that AI. selection tool and some just getting feedback from clients point powerful.

因此，您正在分享大塊炎症，希望確定經銷商會對阻止 AI 做出反應。選擇工具和一些剛從客戶那裡獲得回饋的工具點功能強大。

So again, some very early days.

再說一次，一些非常早期的日子。

We just have it out with a few pilot clients, but the feedback is quite positive.

我們剛剛與一些試點客戶進行了合作，但回饋非常積極。

And again, we're well on our strategy.

再說一次，我們的策略進展順利。

There is replicate what has gone on phone and chat, either inflammation and fewer clicks for the for the trader to get to trade down on and off and reduce overall information leakage for the trade are so early days, but I'm very excited about the market opportunity that sits in front of us.

電話和聊天中發生的事情是重複的，要么是炎症，要么是交易者進行交易的點擊次數減少，減少了交易的整體信息洩露，但我對此感到非常興奮擺在我們面前的市場機會。

And just a quick follow-up on that.

對此進行快速跟進。

So we should be thinking about time for India more than 2025 or maybe even later 25 opportunity.

所以我們應該考慮印度2025年以上甚至25年後的機會。

This could be a client of trying to buy to enter into a type of rollout.

這可能是試圖購買以進入某種推廣的客戶。

You need to educate them on the tools?

您需要對他們進行工具的教育嗎？

Definitely, it's a 2025.

毫無疑問，這是 2025 年。

We have a series of enhancements in before the end of this year to the platform.

我們在今年年底前對該平台進行了一系列增強。

And then we continue those enhancements in the first quarter.

然後我們在第一季繼續進行這些改進。

We're still on, again, as part of our high-touch strategy.

作為我們高接觸策略的一部分，我們仍然繼續前進。

We have both block trading as well as portrayed folio trading.

我們既有大宗交易，也有對開交易。

We include both of those in the high-touch strategy, and we continue to roll out enhancements in both categories.

我們將這兩者納入高接觸策略中，並持續在這兩個類別中推出增強功能。

But as you mentioned, it is a trader by trader on targeting that we're doing the key ingredient and you see this in portfolio trading on its larger size.

但正如您所提到的，這是一個逐個交易者的目標，我們正在做關鍵的組成部分，您可以在規模更大的投資組合交易中看到這一點。

So share moves with those larger sizes.

因此，請與那些較大尺寸的人分享動作。

So we we are hopeful that the offering well will attract larger block sizes as well as additional portfolio trading sizes.

因此，我們希望該產品能夠吸引更大的區塊規模以及更多的投資組合交易規模。

And as I mentioned, the key ingredient is our proprietary data.

正如我所提到的，關鍵要素是我們的專有數據。

This is data that comes from the size and breadth of our platform.

這些數據來自我們平台的規模和廣度。

And we just think it's unique to the marketplace.

我們只是認為它是市場上獨一無二的。

And it's really providing traders with insights on how to trade the volume and who to trade with and that some something that can only be on glean from our proprietary data that we have, as said, something like that, Chris.

它確實為交易者提供了有關如何進行交易量以及與誰進行交易的見解，以及一些只能從我們擁有的專有數據中收集到的東西，正如克里斯所說的那樣。

And then yes, just one extra comment.

然後是的，只有一條額外的評論。

It's Richard is going to make about that is that depending upon the Hermes, Chris is talking about traded a trader behavior changes.

理查德要說的是，根據愛馬仕，克里斯正在談論交易者行為的改變。

There is some shops where these kind of high touch large block trades or maybe being done by someone who's not as involved in electronic trading, not doing the typical flow trades with and taking advantage of our automation solutions and things.

有一些商店進行這種高接觸性的大宗交易，或者可能是由不參與電子交易的人完成的，不進行典型的流程交易並利用我們的自動化解決方案和東西。

We do a meaningful amount of blood business.

我們從事大量的血液業務。

Now the numbers ran in the 23% or so of our volume and in blocks in IGT, much of that has had happening from from traders that are using our solutions across the range of sizes and activity they have to do so.

現在，這些數字占我們交易量的 23% 左右，並且以 IGT 的區塊為單位，其中大部分是來自使用我們的解決方案的交易者，他們的規模和活動範圍都不同。

A big part of our focus with the high-touch effort is getting to these traders that are not the most active electronic traders at this time in the market.

我們高接觸性工作的一個重點是吸引這些目前還不是市場上最活躍的電子交易者的交易者。

Thanks comes from Alex Kramm from UBS.

感謝來自瑞銀 (UBS) 的 Alex Kramm。

Your line is now open.

您的線路現已開通。

Yes, yes, hey, good morning, everyone.

是的，是的，嘿，大家早安。

Want to shift gears quickly to a portfolio training.

想要快速轉向組合訓練。

Obviously very nice gains in the quarter and good to see that the market has kind of in line with the overall market share for you guys now.

顯然，本季的收益非常可觀，很高興看到市場與你們現在的整體市佔率一致。

But obviously, curious why why the gains and what would we go from here?

但顯然，我們很好奇為什麼會達到這樣的成果，以及我們將何去何從？

So just maybe specifically in June, see as a clot and science basically now thinking that you are on par with your primary competitor and giving you may be, you know, 20% of the share, or do you think your products actually superior to hearing from clients that there's still more to come?

因此，也許具體到6 月份，你會看到凝塊和科學，基本上現在認為你與你的主要競爭對手處於同一水平，並給你可能是，你知道，20% 的份額，或者你認為你的產品實際上優於聽力從客戶那裡得知還有更多的事情要做？

And yes, we are at different client types when it comes to having fully embraced your portfolio training offerings so far, sir, grayed out on our own portfolio training on, I'll be candid, we're coming from behind in our offering.

是的，到目前為止，我們在完全接受您的投資組合培訓產品方面處於不同的客戶類型，先生，我們自己的投資組合培訓處於灰色狀態，我坦白地說，我們在我們的產品中後來居上。

So we are continuing to deliver more and more on solutions around portfolio trading.

因此，我們將繼續提供越來越多的有關投資組合交易的解決方案。

We just rolled out of two weeks ago, an enhancement to our portfolio trading tools to make it seamless for what we call benchmark trading trading relative to a benchmark on plus or minus a benchmark is an important feature in the portfolio trading market at some widely used in Europe and widely used used across the high yield market.

我們兩週前剛推出了對我們的投資組合交易工具的增強功能，使我們所說的基準交易能夠無縫地進行相對於基準的加減基準交易，這是投資組合交易市場中一些廣泛使用的一個重要功能。

So we do see that we're adding on components that are critical to both high yield and obviously our opportunities in glove with our global PT. offering and in Europe in Europe.

因此，我們確實看到，我們正在添加對高產量至關重要的組件，而且顯然對我們與全球 PT 的合作機會也至關重要。在歐洲提供和在歐洲。

In EM, I would say we are not on par on the honesty.

在新興市場，我想說我們在誠實方面沒有達到同等水準。

And sir, we have more work to do to be on par.

先生，我們還有更多工作要做才能達到同等程度。

That's the exciting part of we are growing share, despite not being on par with the competition.

這是令人興奮的部分，儘管我們未能與競爭對手相提並論，但我們的份額正在不斷增長。

We feel really good about first quarter releases in our portfolio through training tool, where we will probably add in our perspective, crossover in the offering and the benefits that we provide again on clients and traders are asking for unique on data and analytics on how to address their portfolio, what to put in their portfolio and then how to manage their portfolio once the deal or provides price thing.

我們對透過培訓工具在我們的投資組合中發布的第一季感到非常滿意，我們可能會在其中添加我們的觀點、產品中的交叉以及我們再次為客戶和交易者提供的好處，他們要求提供獨特的數據和分析，以了解如何解決他們的投資組合，在他們的投資組合中放入什麼，然後在交易或提供價格的事情后如何管理他們的投資組合。

And that's an area that we continue to Accel at given the data and the analytics that we have.

鑑於我們擁有的數據和分析，這是我們繼續加速的領域。

But I'm very encouraged by the growth, as you mentioned, that we've seen in portfolio trading, but I'm excited about the additional features that we're adding in the first quarter and coming at that market with a fully enhanced product offering by ended the first quarter.

但正如您所提到的，我們在投資組合交易中看到的成長令我感到非常鼓舞，但我對我們在第一季度添加的附加功能以及以全面增強的方式進入該市場感到興奮第一季末的產品供應。

And so as I mentioned earlier, we are moving from defense to offense across these protocols and pretty excited about what's being delivered just two weeks ago and what we're going to delivering the first quarter fund.

正如我之前提到的，我們正在透過這些協議從防禦轉向進攻，並對兩週前交付的內容以及我們將交付第一季資金的內容感到非常興奮。

And since you were just talking about data analytics that the and a little bit, can you maybe just quickly touch upon on the the new S and P partnership that PRA., what's the revenue and costs kind of direction on?

既然您剛剛談論了數據分析，那麼您能否快速談談 PRA 的新 S 和 P 合作夥伴關係。

Because I think that getting a lot of data from you, but obviously getting something from them to and then in and what you're getting from them, to what degree is it going to help your pre-trade analytics and hopefully help enable clients in mind?

因為我認為從你那裡獲取大量數據，但顯然從他們那裡獲取一些數據，然後你從他們那裡得到什麼，這將在多大程度上幫助你的交易前分析，並希望幫助客戶頭腦？

And when would that be coming?

那什麼時候會發生呢？

Thanks.

謝謝。

Sure.

當然。

On both mobile on a great partnership, S&P Global as a firm that we've partnered with in the past, and we all know quite well from their index.

在行動裝置上，我們建立了良好的合作夥伴關係，S&P Global 作為我們過去合作過的公司，我們從他們的指數中都非常了解。

Own footprint is a substantial not only in equities, but across the fixed income arena.

自己的足跡不僅在股票領域，在固定收益領域也很重要。

They do run indices.

他們確實運行指數。

The iBoxx index powers some of the largest fixed income ETFs on the planet.

iBoxx 指數為全球一些最大的固定收益 ETF 提供支援。

And here in the US, a key ingredient to the partnership is of were supplying them with our CP plus data to help them power there end-of-day evaluated pricing tool.

在美國，合作的一個關鍵因素是向他們提供我們的 CP plus 數據，以幫助他們使用日終評估定價工具。

That tool does a price of these large ETS. given their index relationship.

該工具對這些大型 ETS 進行定價。給出它們的索引關係。

And that's an important component.

這是一個重要的組成部分。

When you look at our overall market share of particularly in U.S. high-grade in US high yield, it's heavily on tilted toward it's components of large ETFs.

當你看看我們的整體市場份額，特別是美國高收益債券的市場份額時，就會發現它很大程度上偏向於大型 ETF 的組成部分。

And so we feel like we fit in the ETF arbitrage point nicely and having our data integrated with them, how ETFs are priced at the end of day is an important component to complete the relationship with S&P with regard to the data they're providing on their providing a reference data.

因此，我們覺得我們很好地融入了 ETF 套利點，並將我們的數據與其集成，ETF 在日終時的定價方式是完善與標準普爾在其提供的數據方面的關係的重要組成部分他們提供了參考數據。

And that's exciting, and we'll be rolling out that reference data at the end of the quarter.

這令人興奮，我們將在本季末推出這些參考資料。

So just thing really going live at the end of Q1, early Q2.

所以，事情會在第一季末、第二季初真正上線。

So on, but excited that we're expanding our data footprint through this partnership.

等等，但我們很高興透過這種合作關係擴大了我們的數據足跡。

Hi.

你好。

Thank you, guys.

謝謝你們，夥計們。

Your next.

你的下一個。

Your next question comes from Benjamin Reitzes from Barclays.

您的下一個問題來自巴克萊銀行的本傑明·雷茨 (Benjamin Reitzes)。

Your line is now open.

您的線路現已開通。

Hi, good morning and thanks for taking the questions.

你好，早上好，感謝您提出問題。

I wanted to follow back up on the block trading discussion.

我想跟進大宗交易的討論。

Just curious if you could give any color on the RPM impact.

只是好奇您是否可以對 RPM 影響給出任何顏色。

Should you see that that share really pick up?

您是否應該看到該份額確實有所回升？

It sounds like that's sort of feeds the biggest chunk of remaining non electronified share.

聽起來這似乎是剩餘非電子化份額中最大的一部分。

I understand with portfolio trading, it comes in at a lower than average FPM.

據我所知，投資組合交易的 FPM 低於平均值。

And then it sounds like it all the or the out of the dollars, but just curious how we should think about the trade-off between volume and what the associated revenues might be if you're successful in this endeavor.

然後，聽起來這一切都是不划算的，但只是好奇我們應該如何考慮銷售和相關收入之間的權衡，如果你在這項努力中取得成功的話。

Sure.

當然。

Right now as set on any in top of large trades would fall under our regular pricing fee schedule on there are scenarios on, for example, single dealer trades where they would be at a discount or at a free level, similar to our PTR. single all deal or PT. solution.

目前，任何大型交易的頂部設定都將屬於我們的常規定價費用表，例如，在某些情況下，單一交易商交易將處於折扣或免費水平，類似於我們的 PTR。單筆全部交易或 PT。解決方案。

We also are offering process trading and doing that for free.

我們也免費提供流程交易。

I think some of the competition charge for process trading, we want to make that trade or the buy-side trader feel the full breadth of workflow from trading over the phone.

我認為一些競爭對流程交易收費，我們希望讓該交易或買方交易者感受到電話交易的完整工作流程。

They're able to process made up of Crosstex Pro trading with a single dealer being able to deliver in fewer clicks than chat on a single block trade to a dealer.

他們能夠處理由單一交易商進行的 Crosstex Pro 交易，與向交易商進行單一大宗交易的聊天相比，點擊次數更少。

And then if they choose, they can select a shortlist of dealers where they can quietly request price and interact with though the winner of that pie private RFQ while protecting market information.

然後，如果他們願意，他們可以選擇經銷商的候選名單，在那裡他們可以悄悄地詢問價格，並透過私人詢價的獲勝者進行互動，同時保護市場資訊。

So components of that high-touch strategy, our at our traditional fee capture and other components will be at a far reduced fee capture, particularly things like port from process trading and single dealer trades.

因此，高接觸策略的組成部分，我們傳統的費用取得和其他組成部分的費用取得將大大減少，特別是流程交易和單一經銷商交易的移植。

Yes.

是的。

I would just add one thing, Benjamin on that.

我只想補充一件事，本傑明。

Again, as I said in previous calls, how the fee capture is definitely a function of the value add that we can we can bring to the trade.

再次，正如我在之前的電話會議中所說，費用獲取絕對是我們可以為交易帶來的增值的函數。

So one of the reasons we're so excited about Adaptive Auto-X.

這就是我們對 Adaptive Auto-X 如此興奮的原因之一。

And when we can bring in some of those capabilities for breaking blocks into smaller trades, it means that we can capture higher fee relative to the trader, getting that block done just as a liquidity taker going to the market, right?

當我們能夠引入其中一些功能來將區塊分解為較小的交易時，這意味著我們可以相對於交易者獲得更高的費用，就像流動性接受者進入市場一樣完成該區塊，對嗎？

So if you think about it, they go kind of narrow and the narrowest as if they've got directly negotiated trade with the dealer and we're processing at that belief, East value add and leased fee capture, it might be at a courtesy that we offer.

因此，如果你仔細想想，他們的範圍很窄，而且是最窄的，就好像他們與經銷商直接談判貿易一樣，我們正在按照這種信念進行處理，東方增值和租賃費捕獲，這可能是一種禮貌我們提供的。

But then as they go in greater competition, including if they're choosing to go with Open Trading as a as liquidity taker, that raises our fee capture opportunity.

但隨著他們進入更激烈的競爭，包括如果他們選擇開放交易作為流動性接受者，這會增加我們的費用捕獲機會。

And then the the best cases where they're acting more as the provider than taking a bit more time.

然後是最好的情況，他們更多地充當提供者的角色，而不是花費更多的時間。

And they're working say that 20 million block in pieces of ones and twos.

他們正在努力將 2000 萬塊分成幾塊。

And then we will benefit from that from those smaller trades in the higher capture.

然後我們將從更高捕獲量的較小交易中受益。

So it's kind of a spectrum.

所以這是一個頻譜。

And it really depends on the urgency the trader has and how they are choosing to operate in market information leakage concerns come in.

這實際上取決於交易者的緊迫性以及他們在市場資訊外洩問題出現時選擇如何操作。

There's a lot of factors that they're going to weigh in on how they choose to execute that trade.

他們會考慮很多因素來決定如何執行交易。

We want to be there for every one of those different ways.

我們希望以每一種不同的方式參與其中。

They trade with different fee capture again, depending upon the value we add.

他們再次以不同的費用收取進行交易，具體取決於我們增加的價值。

Got it.

知道了。

Thank you.

謝謝。

That's all from me.

這就是我的全部。

I'll jump back in queue.

我會插回隊列。

Your next question comes from Patrick Foley from Piper Sandler lines.

您的下一個問題來自 Piper Sandler 系列的 Patrick Foley。

Follow-up.

後續行動。

Good morning.

早安.

Thanks for taking the questions.

感謝您提出問題。

Just going back to the fee per million I want on total credit fee per million.

回到每百萬人的費用，我想要每百萬人的總信用費用。

It's starting to trend upward again, last I checked the Bloomberg duration, and that's the key points in the past and the directional proxy somewhere in the seven year range.

它又開始呈現上升趨勢，上次我檢查了彭博久期，這是過去的關鍵點和七年範圍內某個方向的代理。

I think in 2020 and 2021, our numbers was closer to 8.5 or nine years.

我認為在 2020 年和 2021 年，我們的數字接近 8.5 年或 9 年。

So just broadly speaking, we think will happen to get that average duration document 8.5 to 9 range.

因此，從廣義上講，我們認為平均文件持續時間將會達到 8.5 到 9 的範圍。

And how quickly do you think we can get for Oman?

你認為我們能多快到達阿曼？

Just as a follow-up last quarter, you said you expect to see the $15 million increase in hiring team for every one year increase in duration and then 3 to five nine for every hundred basis point decline rates.

就像上個季度的後續行動一樣，您表示，您預計工期每增加一年，招募團隊就會增加 1500 萬美元，而每下降 100 個基點，招募團隊就會增加 3 到 5 個 9。

Is that still how we should kind of think about the dynamic there?

我們仍然應該這樣思考那裡的動態嗎？

Thanks.

謝謝。

Hi, thanks so much for the question.

你好，非常感謝你的提問。

Yes, I mean, we actually are at about that nine year level that you mentioned for the third quarter, and that was up from that 8.6 years that we saw in terms of the weighted average years to maturity in the second quarter.

是的，我的意思是，我們實際上處於您提到的第三季度的 9 年水平，這比我們在第二季度的加權平均到期期限方面看到的 8.6 年有所增長。

And so if you think about what you just saw in October, right, we were at about 9.1 in weighted average years to maturity, which was roughly in line with September than we are consistently seeing our weighted average maturity on the platform above the Bloomberg numbers that you just talked about.

因此，如果你想想你剛剛在10 月看到的情況，對吧，我們的加權平均到期年數約為9.1，這與9 月份大致一致，而我們在平台上一直看到我們的加權平均到期日高於彭博社的數字你剛才談到的。

In terms of the sensitivity, you're right, the first and we think about it this way, right?

就敏感性而言，你是對的，第一個，我們是這樣考慮的，對吧？

It's about duration.

這是關於持續時間的。

And so there are pieces to it that the weighted average years to maturity that we talked about, and that is still that's still remain tight for every one year increase in the weighted average years to maturity trading on that platform, we expect to see a benefit of approximately $15 or sales per million and high graded.

因此，我們談到的加權平均到期年數仍然很緊張，因為該平台上的加權平均到期年數交易每年都會增加，我們預計會看到好處約 15 美元或每百萬銷售額且高等級。

But the other component of that, right, when you think about duration is yield.

但當你考慮久期時，另一個組成部分就是收益率。

And so if you look at yield in terms of the sensitivity in the first 100 basis points lower in terms of yield is likely to be a benefit to high-grade fee capture of about three to $5 per million.

因此，如果你從前 100 個基點的敏感性角度來看待收益率，那麼收益率下降可能有利於每百萬人約 3 至 5 美元的高等級費用捕獲。

So when you think about duration, we think about both of those pieces, weighted average maturity is also really important.

因此，當您考慮久期時，我們會考慮這兩部分，加權平均成熟度也非常重要。

But just to run round out that discussion on the sensitivity, I wanted to bring that other point out that as well.

但為了完善關於敏感度的討論，我還想提出另一點。

All right.

好的。

That's it for me.

對我來說就是這樣。

Thanks.

謝謝。

Your next question comes from Jeff Schmitt from William Blair.

您的下一個問題來自威廉布萊爾的傑夫施密特。

Your line is now open.

您的線路現已開通。

Morning hub.

早間樞紐。

So growth in emerging markets continued to be really strong sense on how much your market share is increasing there.

因此，新興市場的成長對於您在那裡的市場份額的成長程度仍然具有很強的意義。

And what does the competitive landscape look like in places like Latin America and Asia Pac, which are for your time growing at a high rate and Sure, happy to take that one in emerging markets, obviously, there's a lot of excitement around our emerging markets growth.

拉丁美洲和亞太地區的競爭格局是什麼樣的，這些地區正在高速成長，當然，很高興在新興市場中佔據這一地位，顯然，我們的新興市場有很多令人興奮的事情生長。

Just looking at our Q3 numbers, up 19% year over year.

看看我們第三季的數據，年增 19%。

one area of growth that's exciting is our block trading.

令人興奮的成長領域之一是我們的大宗交易。

We did hit a record in volume and block trading that was up 24%.

我們確實創下了交易量和大宗交易的紀錄，成長了 24%。

And another area that we rarely talk about is our portfolio trading solution in EM.

我們很少談論的另一個領域是我們在新興市場的投資組合交易解決方案。

We're seeing growth in our portfolio trading solution as well.

我們也看到了我們的投資組合交易解決方案的成長。

I would say there on what's exciting about EM. is both our harbor dollar position on So dollar denominated EMI. bonds and then our growth in local market.

我想說的是 EM 令人興奮的地方。是我們以美元計價的 EMI 的港幣部位。債券，然後是我們在當地市場的成長。

Obviously, it's a process point of 50 50 split, but a lot of our growth is in those local markets.

顯然，這是一個 50 50 分割的流程點，但我們的大部分成長都來自這些本地市場。

When I look at the competitive landscape on, it's quite clear, the phone is the number one competitor, um, we see in those local markets a heavily brokered market where electronic trading has not really penetrated those markets.

當我觀察競爭格局時，很明顯，手機是頭號競爭對手，嗯，我們在這些本地市場中看到了一個高度經紀化的市場，而電子交易尚未真正滲透到這些市場。

And so we from a competitive landscape, we're quite a trust solutions coming to market, not not just some additional competitors in this space.

因此，從競爭格局來看，我們是一個相當值得信賴的進入市場的解決方案，而不僅僅是這個領域的一些其他競爭對手。

And then the on the other area that we're seeing great growth in EM is a new protocol.

然後，我們在 EM 中看到巨大成長的另一個領域是新協定。

Our request for a market which is really driving some of our block trading success.

我們對市場的要求確實推動了我們大宗交易的成功。

Again request for market is it reduces the amount of information a client provides to the dealer community when they requests for price because they're just they're just asking they're not showing their on their side or direction.

再次對市場的要求是，它減少了客戶在詢問價格時向經銷商社區提供的資訊量，因為他們只是詢問，沒有表明自己的立場或方向。

So it's a very powerful tool and trading blocks, and that's an area where we're seeing on a great deal of growth is Jeff, it's Rich.

所以它是一個非常強大的工具和交易區塊，這是我們看到大量成長的一個領域，傑夫，它是里奇。

I'll just add one more one more thing.

我再補充一件事。

To that when one of the reasons we feel really strongly about this business in the mode that we are building around it and increasing our competitive position here, and that's with Open Trading in emerging markets.

對此，我們對這項業務的感覺非常強烈，我們正在圍繞它建立並提高我們在這裡的競爭地位，這就是新興市場的開放交易。

So we've spent years building up a global network of participants, especially in the emerging markets areas in LatAm.

因此，我們花了數年時間建立了一個全球參與者網絡，特別是在拉丁美洲的新興市場地區。

Them in the A-Pac region are really pleased to see that Open Trading now now is representing almost 45% of the liquidity that we're providing to our clients that are taking there.

亞太地區的他們非常高興地看到，開放交易現在占我們向該地區客戶提供的流動性的近 45%。

That's up over 600 basis points year on year in the third quarter.

第三季年增超過 600 個基點。

So that's a really difficult thing to build up.

所以這是一件非常困難的事。

And it's a big differentiator is drawn and clients to trade electronically to get that extra liquidity and that improved pricing.

這是一個很大的差異化因素，客戶可以透過電子方式進行交易以獲得額外的流動性和改進的定價。

So and that's and that's in the hard currency area.

這就是硬通貨領域的情況。

We've recently introduced it also in select local markets as well, which allows international investors to tap into live liquidity providers from in those local markets.

我們最近也在選定的當地市場推出了它，這使得國際投資者能夠利用這些當地市場的即時流動性提供者。

So that's something else that's not so easy to do on the phone, and it's drawing people to the platform.

因此，這是在手機上不太容易做到的事情，但它吸引了人們來到這個平台。

So feeling really good about the OEM business.

所以對 OEM 業務感覺非常好。

And then in the dealer to dealer channel, could you discuss kind of some of the things you're doing to increase share there?

然後，在經銷商到經銷商通路中，您能否討論一下您正在採取哪些措施來增加那裡的份額？

I mean, it seems to be, I guess, largely focused on kind of extending automated services.

我的意思是，我猜，它似乎主要集中在擴展自動化服務上。

But could you discuss that in more of that opportunity more detailers?

但你能在更多的機會中更多地討論這個問題嗎？

Or is there other things you plan on the sort of narrow over time?

或者隨著時間的推移，您還計劃做其他類似的事情嗎？

Yes.

是的。

The dealer business is definitely one area of significant investment for us.

經銷商業務絕對是我們重要投資的領域之一。

We know there's a lot of activity.

我們知道有很多活動。

Typically 20 doses as high as 30% of any of the given markets that we're in is is coming from business dealers, looking for liquidity, looking to moving out of their books more quickly and they can't sell bonds to their clients, they want to move it and electronic trading and the services software we think is a great a great option for that.

通常，我們所在的任何給定市場中，高達 30% 的 20 劑來自商業經銷商，他們尋求流動性，希望更快地擺脫賬簿，但他們無法向客戶出售債券，他們想要移動它，電子交易和服務軟體我們認為是一個很好的選擇。

So it starts with our flagship protocol, which is our FQ.

因此，它從我們的旗艦協議開始，即我們的 FQ。

And we continue to invest and make that more productive for the sales traders to use at the same capabilities as our buy-side clients in terms of their ability to seek liquidity that way.

我們繼續進行投資，使銷售交易者能夠以與我們的買方客戶相同的能力使用這種方式來尋求流動性，從而提高其生產力。

We've brought our automation solutions into these for the traders on the sell side so they can operate more efficiently.

我們為賣方交易者引入了自動化解決方案，以便他們能夠更有效地運作。

And importantly, the automation is tied into the ability to elevate the awareness of particular inquiries so that if they have a target of, let's say, they want to trade at made or they want to trade at side that will that will raise the awareness of those increase to the liquidity providers on the other side and serves to get them better responses.

重要的是，自動化與提高特定查詢的意識的能力聯繫在一起，因此，如果他們有一個目標，比如說，他們想要進行交易，或者他們想要進行交易，那麼這將提高他們的意識這些增加了另一方的流動性提供者，並有助於讓他們做出更好的反應。

So that's another key thing.

這是另一個關鍵的事情。

We recently announced a protocol called Work Cup, which is it's always been kind of prevalent in the interdealer broker space going by voice.

我們最近宣布了一項名為 Work Cup 的協議，該協議在交易商間經紀商領域透過語音一直很流行。

And it allows us to bring in parties who want to trade at a level that's been established in the market from a trade that begins on our FQ.

它使我們能夠引入那些想要在市場上建立的水平上進行交易的各方，這些水平是從我們的 FQ 開始的交易中開始的。

So for example, someone might they go out for liquidity on 1 million bonds.

例如，有人可能會購買 100 萬張債券來尋求流動性。

They execute that trade and they have more behind that.

他們執行該交易，並且背後有更多的東西。

They might have another EUR9 million, let's say they didn't want to show the market the full amount and now they can work up that trade into a larger size.

他們可能還有另外 900 萬歐元，假設他們不想向市場展示全部金額，現在他們可以將交易擴大到更大的規模。

And we've been getting great initial reception.

我們的初步反應非常好。

We just went out with this a few weeks ago, and we're really pleased with the attraction on it.

幾週前我們剛出去玩，我們對它的吸引力非常滿意。

Then lastly, we are investing also in the single price options or the matching space with our products that we called Mid-Tex and dumb.

最後，我們也投資於單一價格選項或與我們稱為「Mid-Tex」和「dumb」的產品的匹配空間。

We've been getting really nice responses to that in Europe, especially in the Eurobond market where we're running daily sessions and and we're getting good traction there.

我們在歐洲得到了非常好的回應，特別是在歐洲債券市場，我們每天都在進行交易，並且我們在那裡獲得了良好的牽引力。

We're bringing that to the U.S. as well and expect to to get good results going into into 25.

我們也將其引入美國，並期望在 25 年內取得良好成果。

So major areas of investment for us in the dealer business, given given how significant a portion of the market it is.

鑑於經銷商業務所佔的市場佔有率有多大，我們的主要投資領域是經銷商業務。

Great.

偉大的。

Thank you.

謝謝。

Your next question comes from Dan Fannon from Jefferies.

您的下一個問題來自 Jefferies 的 Dan Fannon。

Your line is now open.

您的線路現已開通。

Thanks, and good morning.

謝謝，早安。

I wanted to follow up on some comments around I think you said deferred fixed investments here as you exit 24.

我想跟進一些評論，我想你說過，當你退出 24 時，這裡推遲了固定投資。

So curious if you could talk about what the priorities of spend and then maybe how that informs.

很好奇您是否可以談談支出的優先事項是什麼，然後也許這會產生什麼影響。

I know it's really kind of a 2025 expense build based upon the actions this year.

我知道這確實是基於今年行動的 2025 年支出。

Sure.

當然。

Thanks to the question.

感謝提問。

And yes, if you remember last quarter, when we touch about that, as we talked about at the time, that was about 10 million that were not in the run rate in the first half of the year and how we categorize those fixed costs.

是的，如果你還記得上個季度，當我們談到這個問題時，正如我們當時所說，大約有 1000 萬美元不在上半年的運行率中，以及我們如何對這些固定成本進行分類。

At the time we things like tech investments, marketing, teeny and new hires.

當時我們關注的是技術投資、行銷、青少年和新員工。

And so about 40% of those came in in the quarter.

因此，其中大約 40% 是在本季產生的。

And at the same time, however, you heard me talk in the prepared remarks about the fact that we saw an increase in variable costs, right?

然而，與此同時，你聽到我在準備好的發言中談到了我們看到可變成本增加的事實，對嗎？

And that was about call it, nine and a half or sell it increased variable costs that we had otherwise anticipated.

這就是說，九個半，或者賣掉它，增加了我們原本預期的變動成本。

Judah, the increase in volumes and activity on the platform that you heard Crescent and Rich talked about.

Judah，您聽到 Crescent 和 Rich 談到的平台上交易量和活動的增加。

And so what I was saying in my prepared remarks is we still think that we're going to be within that envelope, let's call it of the 10 million we talked about, but there's a little bit of shift strike some of those fixed costs that I just explained to you.

因此，我在準備好的發言中所說的是，我們仍然認為我們將在這個範圍內，我們稱之為我們談論的 1000 萬，但其中一些固定成本存在一些轉變。

We expect are going to move out a little.

我們預計會稍微搬出去。

So for instance, maybe not all of those hires are coming in.

舉例來說，也許並非所有這些員工都會加入。

And within 2020, for having said that, we saw an increase in variable.

話雖如此，2020 年我們看到變數有所增加。

So we still think we're going to be right there at the same guidance, right?

所以我們仍然認為我們會遵循同樣的指導，對吧？

And again, variable costs can have swings and roundabouts, but that's what I was talking about when I when I made that statement.

再說一次，可變成本可能會有波動和迂迴，但這就是我在發表該聲明時所談論的內容。

And in terms of 2025, you know, to be honest, it's really a bit early for that.

就 2025 年而言，說實話，現在確實有點早。

We are right in the middle of our planning and budgeting process for 2025.

我們正處於 2025 年的規劃和預算過程中。

And what I can tell you, and you probably know that having covered the stage for a while is that over the last two years, you've really seen us deploy significant resources to those two investments, right?

我可以告訴你的是，你可能知道，在過去的兩年裡，你確實看到我們為這兩項投資部署了大量資源，對嗎？

We've seen all the development Expro building out proprietary data to help our clients.

我們已經看到 Expro 的所有開發都建立了專有數據來幫助我們的客戶。

That's really a big focus for the firm.

這確實是該公司關注的重點。

But you've also seen us really instill a culture of expense discipline.

但您也看到我們真正灌輸了一種費用紀律文化。

And I was very pleased to see the positive operating leverage that you saw this quarter, our rate.

我很高興看到本季我們看到的積極的營運槓桿。

And so you know, you've seen in we had on the slide in our presentation, I believe it was on Slide 6.

所以你知道，你已經在我們簡報的幻燈片中看到了，我相信它在幻燈片 6 上。

Chris talk through a number of a very excited and exciting initiatives that we have, obviously, the additional technology in our investment in the pipeline, different things that are expected.

克里斯談到了我們所擁有的一些非常令人興奮和令人興奮的舉措，顯然，我們在管道投資中的額外技術，以及預期的不同事物。

So to wrap this up, I would say we're super focused on ensuring the right balance between investing for growth as well as keeping us very laser focused on disciplined expense management.

因此，總而言之，我想說，我們非常注重確保成長投資與嚴格遵守費用管理之間的適當平衡。

Great.

偉大的。

That's helpful.

這很有幫助。

And then just a quick question for Chris or maybe not so quick, but curious, change in White House as we think about competition and maybe the dealers being less regulatory constraints, you think this changes, anything behavior or the electronification process on the.

然後向克里斯提一個簡單的問題，或者也許不是那麼快，但很好奇，白宮的變化，因為我們考慮競爭，也許經銷商受到更少的監管限制，你認為這種變化，任何行為或電子化過程。

Tom, as you know, there's this and potentially less restrictions around some of the financial institutions as a result of the new president.

湯姆，如你所知，由於新總統的上任，一些金融機構受到了這樣的限制，而且可能會減少一些限制。

Thanks for that very short.

謝謝你這麼短。

Simple question.

簡單的問題。

On a what I really the way I look at our business and just more broadly regulation across the market, we are in a very favorable position where both clients and most dealers are adopting electronic trading at increasing rates, not because of regulation, but because of commercial reasons.

根據我對我們業務以及整個市場更廣泛監管的看法，我們處於非常有利的地位，客戶和大多數交易商都在以越來越高的速度採用電子交易，這不是因為監管，而是因為商業原因。

And so if you look at the large institutional asset manager, while they are growing AUM in the fixed income market, given the rate levels that we're seeing, they are doing it at a lower on a per million of revenue capture just given the expense ratios that are they are running and where they are attracting those assets.

因此，如果你看看大型機構資產管理公司，雖然他們在固定收益市場上的資產管理規模不斷增長，但考慮到我們所看到的利率水平，他們的每百萬收入捕獲率較低，考慮到他們正在運行的費用比率以及他們吸引這些資產的地方。

So they are all on very focused on on expenses and electronic trading.

所以他們都非常關注費用和電子交易。

And as I think about our business, we provide the large institution investors around the world with technology solutions that simplify their life and reduce their overall fixed costs.

當我想到我們的業務時，我們為世界各地的大型機構投資者提供技術解決方案，以簡化他們的生活並降低他們的整體固定成本。

And so sitting in that environment right now, regardless of what changes from a regulatory perspective or a political perspective, we're in a good position globally.

因此，在目前的環境中，無論監管角度或政治角度發生什麼變化，我們在全球都處於有利地位。

The good news is we had a hedge on the election of both parties like to like debt and like to spend government money.

好消息是，我們對選舉中的兩黨都喜歡債務和花政府資金進行了對沖。

And so sitting in the fixed income market, we felt well positioned going into the the election last night presenters, and thank you.

因此，坐在固定收益市場上，我們在昨晚的選舉主持人中感覺處於有利地位，謝謝你們。

Question comes from Alex Blostein from Goldman Sachs.

問題來自高盛的 Alex Blostein。

Your line is now open.

您的線路現已開通。

Hey, good morning and thanks for the question.

嘿，早上好，謝謝你的提問。

I was hoping you guys could expand a little more on your partnership with ICE.

我希望你們能進一步擴大與 ICE 的合作關係。

Um, I think you mentioned it in the prepared remarks.

嗯，我想你在準備好的發言中提到了這一點。

And now does this offering was originally announced maybe last quarter, but hasn't gone so far.

現在，這項服務最初可能是在上個季度宣布的，但到目前為止還沒有進展。

How are you thinking about the benefits to both of you guys?

您如何看待這對你們倆的好處？

And are there other areas you can collaborate?

你們還有其他可以合作的領域嗎？

And as you kind of get deeper into that into that endeavor.

當你更深入地投入這項努力。

Yes, hi, Alex.

是的，嗨，亞歷克斯。

It's Rich.

這是富有的。

And thanks for that question.

謝謝你提出這個問題。

We've had a long-standing relationship with with ICE and it goes back years on the on the data side in terms of US consuming some of their data and then we sell them some of ours.

我們與 ICE 有著長期的合作關係，在數據方面，可以追溯到多年前，美國消費了他們的一些數據，然後我們向他們出售我們的部分數據。

So we've worked with them for a while.

所以我們已經和他們合作了一段時間。

And then to our acquisition of plasma.

然後是我們收購血漿。

They've been a technology provider to the NYSE for some time.

他們作為紐約證券交易所的技術提供者已有一段時間了。

So we have we have worked with them closely in terms of the the initial aspects of our partnership on trading with them.

因此，我們在與他們的貿易夥伴關係的最初方面與他們密切合作。

It's been off to a great start.

這是一個很好的開始。

We're really happy with the liquidity that we are getting them from them.

我們對從他們那裡獲得的流動性感到非常滿意。

It started with muni's in terms of responding to have a trader's on our side who were looking for liquidity and having a nice response through Open Trading and it expanded into credit with in the high-yield space, they are focused more in small sizes.

它始於市政當局的回應，我們這邊有一位交易員正在尋找流動性，並透過開放交易獲得了良好的回應，並擴展到高收益領域的信貸領域，他們更專注於小規模。

We often call it might plus, although we've been surprised to see them than winning some larger trades as well.

我們經常稱其為“可能加”，儘管我們驚訝地看到它們也贏得了一些較大的交易。

And they've immunities, especially they've kind of quickly become one of the top Open Trading liquidity pressure.

而且它們具有免疫力，特別是它們很快就成為開放交易流動性壓力最大的國家之一。

Yes.

是的。

So that's really positive for our investor participation side, traders.

因此，這對我們的投資者參與者、交易員來說確實是正面的。

Looking for liquidity, you know, it's interesting that the in the retail a bid, they're connecting that with institutional investors looking for liquidity can be can be quite promising.

尋找流動性，你知道，有趣的是，在散戶出價中，他們將其與尋求流動性的機構投資者聯繫起來，這可能是相當有前途的。

So it's just the start, I think of our work with them.

所以這只是一個開始，我想到了我們與他們的合作。

We have other things I know in the roadmap in terms of connecting our Adaptive Auto-X so that our traders using that tool can tap into the liquidity available in ICE, including even the ability to leave resting orders out there as well.

我在路線圖中還有其他一些事情，包括連接我們的 Adaptive Auto-X，以便我們使用該工具的交易者可以利用 ICE 中可用的流動性，甚至包括將剩餘訂單留在那裡的能力。

And um, you know, it's an example of something we're trying to do to serve our clients and get them liquidity anywhere that we can find it was, I should say, unique liquidity where it where it is supplemental to the what we already provides, who are pretty vast network.

嗯，你知道，這是我們試圖為我們的客戶提供服務並為他們在我們能找到的任何地方提供流動性的一個例子，我應該說，這是一種獨特的流動性，它是對我們已經提供的流動性的補充。

So in this case with ICE, that was something they brought that we didn't have.

所以在 ICE 的例子中，他們帶來了我們沒有的東西。

And it's a win for our for our traders is that are on the system.

對於系統上的交易者來說，這是一個勝利。

Looking for liquidity.

尋找流動性。

And Alex, I'll just add it's an important partnership for us.

亞歷克斯，我只想補充一點，這對我們來說是一個重要的合作關係。

I was on I was pleased and quite amazed at how quickly their tech team worked with our tech team to get data back of the announcements.

我對他們的技術團隊與我們的技術團隊合作以獲取公告數據的速度感到高興和驚訝。

So is quite impressive from their side.

從他們的角度來看，這是相當令人印象深刻的。

We have long-standing partnerships, as Rich mentioned, from the data side on.

正如 Rich 所提到的，我們在數據方面有著長期的合作關係。

But there are no ICE is doing fairly unique things around both data and now on potentially clearing treasuries, which is another area that we will stay close to them on any opportunities for treasury clearing in the near future.

但洲際交易所並沒有在數據和潛在的國庫清算方面做相當獨特的事情，這是我們將在不久的將來任何國庫清算機會上與他們保持密切聯繫的另一個領域。

But as Rich mentioned today, on the bond partnership is off to a great start.

但正如里奇今天提到的，債券合作關係有了一個好的開始。

There's connections that we are building Entyce bonds as well.

我們也在建立 Entyce 債券。

So it is a quite a cool reciprocal relationship across the board.

因此，這是一種非常酷的互惠關係。

That's great color.

那顏色真棒。

Thank you, guys.

謝謝你們，夥計們。

Your next question comes from Kyle Voigt from KBW.

您的下一個問題來自 KBW 的 Kyle Voigt。

Your line is now open.

您的線路現已開通。

Hi, good morning, everyone.

嗨，大家早安。

My name, just a question from me on the velocity of trade.

我的名字，只是我提出的一個關於貿易速度的問題。

You've noted in the prepared remarks that we see this increase in 2020 for this has continued into October.

您在準備好的發言中指出，我們看到 2020 年出現這種增長，因為這種情況一直持續到 10 月。

I mean hybrid industry volumes are up 30% year on year.

我的意思是混合產業的銷量年增了 30%。

Is there any way to frame how much of this increase and velocity in 2024 has been driven by the stronger new issuance environment and the flow-through impact of that to the secondary market versus more secular factors?

有什麼方法可以確定 2024 年的成長和速度有多少是由更強勁的新發行環境及其對二級市場的流通影響（與更長期的因素相比）推動的？

And if you had identified kind of the main secular drivers that have helped velocity this year and could continue to help velocity in 2025, what would those be?

如果您已經確定了今年推動速度成長並可能在 2025 年繼續推動速度成長的主要長期驅動因素，那麼這些驅動因素會是什麼？

Sure.

當然。

And look, we're thrilled with the increase in velocity.

看，我們對速度的增加感到興奮。

We're still not at historic levels of turnover, but we've certainly started to achieve a record levels relative to recent history.

我們的營業額仍然沒有達到歷史水平，但我們肯定已經開始達到相對於近期歷史的創紀錄水平。

So it's exciting to see that level of velocity.

所以看到這樣的速度是令人興奮的。

I think there are a number of factors that are leading to this higher velocity.

我認為有很多因素導致了這種更高的速度。

Some of the basic factors are just where yields are in our fixed income market there at attractive levels relative to recent history.

一些基本因素是我們的固定收益市場的收益率相對於近期歷史而言處於有吸引力的水平。

And you see that in the data with just the inflows into ETFs and mutual funds.

您可以從 ETF 和共同基金的流入數據中看到這一點。

So we continue to see in 2020 for high levels of inflows, which are clearly attracted by the higher levels of the yield.

因此，我們在 2020 年繼續看到大量資金流入，這顯然是受到較高收益率的吸引。

And we don't see an end in that site, right?

我們在該網站上看不到盡頭，對嗎？

The CPO driver that money has to be invested.

CPO 司機認為資金必須用於投資。

We're seeing tools that allow them them to invest to allow our clients to invest quicker.

我們看到了一些工具可以讓他們進行投資，讓我們的客戶更快進行投資。

So our portfolio trading at 10% of the overall market is part of the velocity.

因此，我們的投資組合交易佔整個市場的 10% 是速度的一部分。

It allows faster exposure to the fixed income market.

它允許更快地接觸固定收益市場。

It also allows changes in portfolio faster so that electronic solution isn't impacting of velocity.

它還允許更快地更改產品組合，以便電子解決方案不會影響速度。

The overall macro market is also of interest on.

整體宏觀市場也值得關注。

We're pretty excited about not only where rates are, but some that new issue market that you've mentioned.

我們不僅對利率水準感到非常興奮，而且對您提到的一些新發行市場也感到非常興奮。

While numerous, you can have impacts to our market share.

儘管數量眾多，但您可以對我們的市場份額產生影響。

It does lead to higher levels of turnover, higher levels of velocity.

它確實會導致更高的營業額和更高的速度。

And so we've seen a record new issue volume in 2024.

因此，我們在 2024 年看到了創紀錄的新發行量。

And certainly, when we look out further into 2025 and look at where some of the large corporations have did that are doing maturity levels coming, do expect new issue to continue into 2025 to help overall market volumes.

當然，當我們進一步展望 2025 年，看看一些大公司所做的事情正在達到成熟度水平時，我們確實預計新發行將持續到 2025 年，以幫助整體市場銷售。

So I would say it's one part macro market driven by higher rate environment.

所以我想說，宏觀市場的一部分是由較高利率環境所驅動的。

one part on where we are in that rate adjustment, we're going to hear more about rates tomorrow, and that will impact a portfolio management and turnover.

關於我們在利率調整方面的進展，我們明天將聽到更多有關利率的信息，這將影響投資組合管理和周轉率。

So as rates are moving, we'd expect higher levels of velocity.

因此，隨著利率的變化，我們預期速度會更高。

The last remaining piece in the macro market that we think we are so waiting for volatility and we're starting to see some level of credit issues show itself and reveal itself in the market.

宏觀市場中最後剩下的一塊，我們認為我們正在等待波動，我們開始看到一定程度的信貸問題在市場上顯現出來。

Talking about downgrades from high-grade high-yield.

談高等級高收益債券的評等下調。

We've seen some of that as we face a more difficult economic time as you can actually predict higher levels of downgrades in the market.

當我們面臨更困難的經濟時期時，我們已經看到了其中的一些情況，因為您實際上可以預測市場評級下調的幅度更大。

And that leads to a two things, higher spreads, wider spreads in the market and wider and higher levels of spread volatility to things that are quite helpful to our overall economics here.

這會導致兩件事，即更高的利差、市場上更廣泛的利差以及更廣泛和更高的利差波動，這對我們這裡的整體經濟非常有幫助。

So other macro backdrop right now is actually quite exciting for us.

因此，目前的其他宏觀背景實際上對我們來說非常令人興奮。

We see that as a wind at our back and we're really not through the full cycle where you start to see those higher levels of volatility.

我們認為這是我們背後的一股風，我們實際上還沒有經歷完整的周期，你開始看到更高的波動性。

Right now, we're seeing point high levels of volatility in the rates market.

目前，我們看到利率市場出現高度波動。

That's why we're seeing record rates volume, particularly in the month of October, but we're still not seeing that bleed into other credit market, but it's still early days for that.

這就是為什麼我們看到創紀錄的利率量，特別是在 10 月份，但我們仍然沒有看到這種情況滲透到其他信貸市場，但現在還處於早期階段。

Great.

偉大的。

Thank you.

謝謝。

Yes.

是的。

Your next question comes from Simon French from Ready-Frame Atlantic in line is now open.

您的下一個問題來自 Ready-Frame Atlantic 的 Simon French，排隊現已開放。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

I was wondering if we could just go back to a fee per million.

我想知道我們是否可以回到按百萬收費。

And I guess the question about the changes to the White House right now, but just in terms of the environment that we might now see with potentially a high high bond yields from here, the mix that we announced and portfolio trading and some of the other protocols, could you talk about, I guess, the longer term, the way we should think about the longer-term normalized level of total credit fee per million and sort of where that can go?

我猜想問題是關於白宮現在的變化，但就我們現在可能看到的環境而言，這裡的債券收益率可能很高，我們宣布的組合和投資組合交易以及其他一些協議，我想，您能談談到從長遠來看，我們應該如何考慮每百萬人總信用費用的長期標準化水平以及它可以走向何方嗎？

I know we've got the sensitivity to movements in yields and so on right now, but it feels to me like, yes, potential upside might be limited by some of these other factors like on Nielsen and the mix.

我知道我們現在對收益率的變動等很敏感，但在我看來，是的，潛在的上行空間可能會受到尼爾森等其他一些因素的限制。

Yes, sure.

是的，當然。

Good question.

好問題。

And I mean, obviously, we know there are so many different things that go into 8 million and that impact our fee capture rate.

我的意思是，顯然，我們知道 800 萬美元中有很多不同的因素會影響我們的費用獲取率。

And so some of that, I think you just mentioned when you talk about if we see a greater or and Christian talked about this a little bit, we were talking about the environment that we see a greater percentage of high yield, obviously, which is our highest average in if the product area, that's helpful for capture rate.

所以，我想你剛才提到，當你談論我們是否看到更大的或克里斯蒂安談到這一點時，我們談論的是我們看到更高比例的高收益的環境，顯然，這是我們在產品領域的最高平均值，這對捕獲率很有幫助。

And so that's part of what he was just mentioning.

這就是他剛才提到的一部分。

On the other hand, as you see growth and PT., that has a negative impact on capture add to that.

另一方面，正如你所看到的增長和 PT，這對捕獲量產生了負面影響。

Another thing that you balance and I looked back over ours but say called the last five years, right?

另一件你平衡的事情，我回顧了我們的事情，但說是過去五年，對嗎？

And you had an average of about $173 per million when you talk about like certain collapse of blood level.

當你談論血液水平的某種崩潰時，你的平均收入約為每百萬美元 173 美元。

And if you recognize that, that included capture of about $241 8 million during COVID, which we would not expect to see, again, given all of the factors that happened during that time period, that will likely run rate for better capture than than what we are seeing a number of things happen, right.

如果你認識到這一點，其中包括在新冠疫情期間捕獲了約2.418 億美元，考慮到該時期發生的所有因素，我們預計不會再看到這種情況，那麼這可能會比之前捕獲的數據更好。

And so we saw, for example, the improvement of $154 in October, which was up from 150 in September.

例如，我們看到 10 月的漲幅為 154 美元，高於 9 月的 150 美元。

So when you see an increase in duration, which we talked a little bit about in high-grade debt, how straight Another thing to keep in mind is what Rich mentioned a moment ago about Open Trading right now are premium priced liquidity.

因此，當你看到久期的增加（我們在高等級債務中對此進行了一些討論）時，要記住的另一件事是，里奇剛才提到的開放交易現在是溢價流動性。

Any.

任何。

So an increase in Ball, we believe, but also enhanced 8 million because of the increase in activity that could be expected through Open Trading right now, what we most likely would not get back in that sort of average fees per million price range that I just talked about was the impact of portfolio trading in that's been running at, let's call it, a net headwind of, call it five to $6 up eight point.

因此，我們相信 Ball 的增加，但也增加了 800 萬，因為現在可以透過開放交易預計活動的增加，我們很可能不會在我所認為的每百萬平均費用價格範圍內得到回報。的是投資組合交易的影響，我們稱之為淨逆風，即上漲8 點5 至6 美元。

So I just spent a lot of different things, right?

所以我只是花了很多不同的東西，對嗎？

And but net-net, when you do a combination of, let's say, a lower rate environment, an upward sloping yield curve for high grade, higher mix of high yield, increased activity in Open Trading.

但淨淨而言，當你結合較低的利率環境、向上傾斜的高品位殖利率曲線、更高的高收益組合以及開放交易活動的增加。

All of those things can healthy levels.

所有這些都可以達到健康水平。

And that should make us in a place that is slightly higher than what you're seeing right now.

這應該會讓我們處於比你現在看到的稍高的位置。

But again, there's a lot said about moving pieces to that and we'll have to see where it all turns now.

但同樣，有許多關於移動部分的說法，我們必須看看現在一切會轉向何處。

Great.

偉大的。

Thank you very much.

非常感謝。

That's all from me.

這就是我的全部。

Your next question comes from Brian Bedell from Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Bedell。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Most of it and have been asked and answered.

其中大部分已被詢問和回答。

Maybe just one big picture.

也許只是一張大圖。

one for you, Chris, you said before, I think the high-grade market you think will eventually become some 90% electronified, and that's the that's up from like 50% today.

克里斯，你之前說過，我認為你認為的高端市場最終將實現 90% 的電子化，而這比今天的 50% 有所提高。

I'm just looking back, obviously, over the last 25 years, it's been a long journey, call it, 2% of share gains per per annum.

我只是回顧過去，顯然，在過去 25 年裡，這是一段漫長的旅程，可以稱之為每年 2% 的股票收益。

And that piece is kind of slowed in the last few years.

在過去的幾年裡，這件事的進展有點緩慢。

Do you see that turning around, given everything you've been saying about tackling into the block trade and the behavior on the dealer side, do you see that pace inflecting upward in the near term?

考慮到您一直在談論的有關應對大宗交易以及經銷商方面的行為，您是否認為這種情況會出現轉變？

Or do you still think this will become a bit this last 40%?

還是你仍然認為這會變成最後的40%？

It's just something to be kind of kind of a grind and if you could just compare versus that first, 25 years?

這只是一種磨難，你是否可以與最初的 25 年進行比較？

And to what extent would that be a faster and electronification from the prior 25?

與之前的 25 個相比，這會在多大程度上實現更快的電子化？

Sure.

當然。

I'd like to say on it will be quicker than the last 25 fabric for hard through the first to accept the pace, given all the work.

我想說的是，它會比最後 25 個布料更快地通過第一個接受的步伐，考慮到所有的工作。

He's done a really I when I look at the market and the electronic conversion in the base of that change, I think that the first part of that change was more of a network effect, getting everyone on the network getting people used to at Trader by trader, um, I see a higher level of what I call electronic capitulation.

當我觀察市場和在這一變化的基礎上的電子轉換時，他做了一個真正的我，我認為該變化的第一部分更多的是網絡效應，讓網絡上的每個人都讓人們習慣了Trader交易員，嗯，我看到了我所說的電子投降的更高水平。

Both dealer and clients are embracing electronic trading.

交易商和客戶都在擁抱電子交易。

They have made necessary investments to adopt it at a faster rate.

他們已經進行了必要的投資以更快地採用它。

And the reason why I am encouraged by the current adoption is if you look at portfolio trading just three years ago, a portfolio trading by definition is an electronic solution.

我對目前的採用感到鼓舞的原因是，如果你看看三年前的投資組合交易，你會發現投資組合交易的定義是一種電子解決方案。

It has now reached a 10 and sometimes 30% of the market.

現在它的市佔率已達到 10%，有時甚至達到 30%。

It has accelerated.

它已經加速了。

The velocity of trading clients have benefited from that solution, and they are embracing electronification at the trader level on the more manual traders are tend to lead the portfolio trading tool.

交易客戶的速度已從該解決方案中受益，並且他們正在交易者層面上擁抱電子化，而更多的手動交易者往往會主導投資組合交易工具。

They are the block traders, the high-touch traders at our various clients.

他們是大宗交易員，也是我們各個客戶的高接觸交易員。

So they have made the conversion.

所以他們已經進行了轉換。

And so that's why we think it's a very the right time to start delivering similar efficiencies in the block trading area where they they will not change how they price bonds.

因此，這就是為什麼我們認為現在是開始在大宗交易領域提供類似效率的最佳時機，他們不會改變債券的定價方式。

They will just convert from chat to electronic click to trade solution with dealers.

他們只需從聊天轉換為電子點擊即可與經銷商進行交易解決方案。

Their information will be protected.

他們的資訊將受到保護。

They're the dealers will be protected when trading with those clients, which is important component.

他們是交易商，在與這些客戶進行交易時將受到保護，這是重要的組成部分。

And more importantly, they will have access to data that they haven't seen before as part of that trade.

更重要的是，作為交易的一部分，他們將能夠存取他們以前從未見過的資料。

So I am encouraged by what we're seeing in the adoption of our early days of block trading, but more employ currently, how fast a trader's adopted portfolio trading and portfolio trading tools and moved electronically quite quickly because of the ease of use.

因此，我對我們在早期大宗交易的採用中所看到的情況感到鼓舞，但目前更多的是，交易者採用投資組合交易和投資組合交易工具的速度有多快，並且由於易於使用而以電子方式移動得相當快。

And more importantly, the overall pressure that we're seeing from our clients to reduce costs and reduce and bring in more and more efficiencies.

更重要的是，我們從客戶那裡看到了降低成本、降低成本和提高效率的整體壓力。

If you just look at the growth of our automation solution growing at 30% to 40% a year, it's now to adapt the same pressure on that.

如果您只看我們的自動化解決方案以每年 30% 到 40% 的速度成長，那麼現在我們要適應相同的壓力。

We're through that we think will lead to success in electronic adoption of block trades.

我們認為這將導致大宗交易電子化的成功。

So we're quite excited about the commercial pressures to move to electronic trading, and we're more excited about the offering that we're putting in front of the clients right now.

因此，我們對轉向電子交易的商業壓力感到非常興奮，並且對我們現在向客戶提供的產品感到更加興奮。

That's great perspective.

這是一個很棒的觀點。

Thank you.

謝謝。

Your next question comes from Michael Cyprys from Morgan Stanley.

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

Your line is now up.

您的線路現已接通。

Hey, good morning.

嘿，早安。

Thanks for squeezing inherent.

感謝擠壓固有的。

Just a question on the automation suite, exciting to see representing 11% of volumes today.

只是關於自動化套件的問題，很高興看到自動化套件佔今天銷量的 11%。

Just curious, do you see that progressing over the next couple of years?

只是好奇，您認為未來幾年會取得進展嗎？

What hurdles do you see that limit that from moving higher?

您認為哪些障礙限制了其進一步發展？

Maybe talk about some of the steps you're taking to overcome that?

也許可以談談您為克服這個問題而採取的一些步驟？

And in particular, if you can elaborate on the next generation of the adaptive automatically, what might that look like, how you see that offering evolving?

特別是，如果您可以詳細說明下一代自適應自動技術，它會是什麼樣子，您如何看待該產品的發展？

And how do you see that progressing as we look out over the next 12 months?

展望未來 12 個月，您如何看待這項進展？

Sure home automation has been a high area of interest among our clients.

當然，家庭自動化一直是我們客戶高度關注的領域。

On some encouraging data.

一些令人鼓舞的數據。

Not only are we growing automation grew in the third quarter to a record level on at 32% year over year.

我們不僅在不斷發展自動化，第三季的年成長率也達到了創紀錄的 32%。

So exciting growth rates in that area.

該領域的成長率非常令人興奮。

But what I am encouraged by is the differentiation for the different penetrations of our clients, agents in the automation area, not all clients look the same.

但令我感到鼓舞的是我們的客戶、自動化領域代理商的不同滲透率的差異化，並非所有客戶看起來都一樣。

We have very high penetration users of automation, both in terms of the breadth of product that they put on automation, but also the size.

我們擁有非常高的自動化滲透率用戶，無論是在自動化產品的廣度上，還是在規模上。

We are seeing clients using larger and larger trade sizes in their automation suite lead.

我們看到客戶在其自動化套件中使用越來越大的交易規模。

And in fact, in the quarter, we had some record science trades flowing through automation.

事實上，在本季度，我們透過自動化實現了一些創紀錄的科學交易。

Oxides.

氧化物。

Trades in automation is quite an encouraging set of facts on the automation suite is across all products, which is also exciting.

自動化產業是一個非常令人鼓舞的事實，自動化套件適用於所有產品，這也令人興奮。

So it's it's in EM that's in euro bonds and across high-grade and high-yield.

因此，新興市場的歐元債券以及高等級和高收益債券都是如此。

So it's a cross product solution that we're seeing adopted, not just here in the U.S. but across the globe.

因此，這是一種跨產品解決方案，我們不僅在美國，而且在全球範圍內都得到了採用。

High demand for automation.

對自動化的要求很高。

With regard to next gen automation, I'm happy to report we've just rolled out our new take solution, which is a leveraging our fragment technology.

關於下一代自動化，我很高興地報告我們剛剛推出了新的拍攝解決方案，該解決方案利用了我們的片段技術。

It really replicates our very successful AutoWeb solution.

它確實複製了我們非常成功的 AutoWeb 解決方案。

But in prior months, just a technology and onto fragments footprint, it allows what would be a traditional auto XRQ. to see other alternative liquidity on its path to going into an RFQ.

但在前幾個月，僅僅一項技術和碎片足跡，它就可以實現傳統的汽車 XRQ。查看其他替代流動性進入詢價的路徑。

So it really manages order smartly while allowing the client to choose to very aggressive at the request metal.

因此，它確實可以智慧地管理訂單，同時允許客戶選擇非常積極的金屬請求。

And it's seamless, no touch solution.

而且它是無縫的、無觸摸的解決方案。

So we're excited about the new, the new enhancements that we're putting in our Adaptive Auto-X tool.

因此，我們對自適應 Auto-X 工具中的新增強功能感到非常興奮。

But we're wildly excited about the success that the whole automation suite is having on.

但我們對整個自動化套件所取得的成功感到非常興奮。

If you look at new needs, which was the last launch of auto automation, we're continuing to see growth in our muni's automation tool, an area where it's it's really prime, given the very small trade sizes in our muni market.

如果你看看新的需求，這是最後一次推出的汽車自動化，我們將繼續看到我們的市政自動化工具的成長，考慮到我們的市政市場的貿易規模非常小，這是一個真正重要的領域。

Things like automation are perfectly positioned to reduce workflow for the buy side.

自動化等技術非常適合減少買方的工作流程。

Great.

偉大的。

Thanks much.

非常感謝。

Your next question comes from Eli, a boost from Bank of America.

你的下一個問題來自美國銀行 (Bank of America) 的支持者 Eli。

Your line is now up.

您的線路現已接通。

Good morning, everyone, and thanks for taking the question.

大家早安，感謝您提出問題。

Quick one on EM., how much of your emerging markets business is coming from US-domiciled asset managers?

關於新興市場，您的新興市場業務有多少來自美國註冊的資產管理公司？

And if we get higher tariffs next year and U.S. managers reduced allocations to emerging markets, how material should we expect that to be for your credit business?

如果明年我們提高關稅，而美國管理者減少對新興市場的配置，我們預期這對你們的信貸業務會有多大影響？

First, a great question, Chris.

首先，這是一個很好的問題，克里斯。

Our EM business is quite diversified across clients.

我們的新興市場業務在客戶方面相當多元化。

In the U.S., it's probably about a third closer to 30% of clients engaged in EM.

在美國，約有三分之一（接近 30%）的客戶從事新興市場業務。

Next and larger size is about 40% comes from our Amir based clients.

接下來更大的規模大約 40% 來自我們基於 Amir 的客戶。

So most large institutions will trade there.

所以大多數大型機構都會在那裡交易。

Em business from Europe and the UK.

來自歐洲和英國的業務。

And then the remainder is split between our own new clients in A-Pac, which has been growing.

然後剩下的部分分配給我們在亞太地區的新客戶，該客戶一直在成長。

So a pack is a big investor across the the the EM landscape and our clients in Lat-Am, another area.

因此，一個群體是整個新興市場的大投資者，也是我們在拉丁美洲（另一個地區）的客戶。

So it's really diversified across region.

所以它確實跨區多元化。

And if you think about LatAm and A-Pac, that's where we continue to add clients where we're growing and onboarding clients, and they have some interest in not only trading EM, but also on it's very helpful because they're trading US, high-grade and high-yield as well.

如果您考慮拉丁美洲和亞太地區，那就是我們不斷增加客戶的地方，我們正在成長和吸引客戶，他們不僅對新興市場交易感興趣，而且因為他們在美國交易，所以這非常有幫助，品味高、產量高。

But really a diversified motocross when it when you look at that diversified book of clients and from where it comes to U.S. tariffs, some less of an impact from their investment perspective, they are looking at the globe from from their unique lens and making investments more around and the rate of return and the attractiveness of the sovereign debt, which is a big key part of the local market.

但真正多元化的越野摩托車當你看到多元化的客戶名錄以及美國關稅的情況時，從他們的投資角度來看，有些關稅的影響較小，他們正在從他們獨特的視角看待全球，並進行更多的投資主權債務的回報率和吸引力，這是當地市場的一個重要組成部分。

So we feel quite comfortable with them.

所以我們和他們在一起感覺很舒服。

The ECM market where rates end up in and really where on the EM economies and up those macro issues will pop Dr. Dr. investment investor appetite in the EM markets in the EM regions across the board.

ECM 市場的利率最終會出現在新興市場經濟體中，並且會加劇這些宏觀問題，這將全面激發投資者對新興市場地區新興市場的投資興趣。

But the good news is our clients are quite diversified across region.

但好消息是我們的客戶在各個地區相當多元化。

And more importantly, the product of the M is quite diversified across regions.

更重要的是，M的產品跨區相當多元化。

So there's lots of different investment strategies deployed across all the different regional bonds that we offer in our OEM products.

因此，我們在 OEM 產品中提供的所有不同區域債券都部署了許多不同的投資策略。

Great.

偉大的。

Thanks, guys.

謝謝，夥計們。

I'd now like to hand back over to Chris King Kong for furniture very much.

我現在非常想把家具交還給 Chris King Kong。

Great.

偉大的。

Thanks.

謝謝。

Thanks for joining us this quarter.

感謝您本季加入我們。

Obviously, I want to thank Rick for his 25 years and has the confidence in me in taking on the company going forward.

顯然，我要感謝 Rick 25 年來的貢獻，並對我帶領公司向前發展充滿信心。

I certainly want to thank our Carlos Fernandez for agreeing to be our new Chair.

我當然要感謝我們的卡洛斯·費爾南德斯同意擔任我們的新主席。

And I especially want to thank Nancy Altobello, our Lead Director.

我特別要感謝我們的首席導演 Nancy Altobello。

She has worked tirelessly to make us a better company.

她孜孜不倦地努力使我們成為更好的公司。

I joke with Nancy, that we might be violating some of the New York state minimum wage rules given the number of hours that she has worked.

我和南希開玩笑說，考慮到她的工作時間，我們可能違反了紐約州的一些最低工資規定。

And lastly, Rick is a very important investor of ours.

最後，里克是我們非常重要的投資者。

So you should expect to see him somewhere in the queue next quarter.

所以你應該期待在下個季度在隊列中的某個地方看到他。

I'm asking some of the hardest question.

我正在問一些最難的問題。

So with that, we look forward to talking to you next quarter.

因此，我們期待下個季度與您交談。

Thank you.

謝謝。

Thank you for attending today's call.

感謝您參加今天的電話會議。

You may now disconnect.

您現在可以斷開連線。

Have a wonderful day.

祝你有美好的一天。