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

Ladies and gentlemen, thank you for standing by, and welcome to the MarketAxess third quarter 2024 earnings conference call.

女士們、先生們，感謝你們的支持，歡迎參加 MarketAxess 2024 年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded on November 6, 2024.

（操作員說明）謹此提醒，本次會議錄音時間為 2024 年 11 月 6 日。

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

我現在想將電話轉給 MarketAxess 投資者關係主管 Steve Davidson。

Please go ahead, sir.

請繼續，先生。

Good morning, and welcome to the MarketAxess third quarter 2024 earnings conference call.

早安，歡迎參加 MarketAxess 2024 年第三季財報電話會議。

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

在此次電話會議中，執行長 Chris Concannon 將為您提供最新策略資訊。

Rich Schiffman, Global Head of Trading Solutions, will update you on the performance of our markets, and then Ilene Fiszel Bieler, Chief Financial Officer, will review the financial results.

交易解決方案全球主管 Rich Schiffman 將向您介紹我們市場的最新表現，然後財務長 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.

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 actual results and financial condition may differ materially from what is indicated in those forward-looking statements.

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.

有關可能影響公司未來業績的一些風險和因素的討論，請參閱我們截至 2023 年 12 月 31 日止年度的 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 third quarter results.

早安，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 his 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。

Rick is a pioneer in the electronic trading arena, and he is the reason why I came to MarketAxess.

Rick 是電子交易領域的先驅，也是他讓我來到 MarketAxess。

His vision, his innovation and his tenacity are why Marketaxess is the company it is today.

他的遠見、創新和堅韌造就了 Marketaxess 成為今天這樣的公司。

Rick's years of fixed income experience has been an extraordinary resource for me and the Board.

里克（Rick）多年的固定收益經驗對我和董事會來說都是非凡的資源。

While Rick is retiring from the Board, we are very lucky to still have him as the Chairman of our International Board.

雖然 Rick 從董事會退休，但我們很幸運仍然讓他擔任我們的國際董事會主席。

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

我還要祝賀卡洛斯·埃爾南德斯被任命為我們下一任董事會主席。

Carlos rejoined our Board in 2023 after concluding a highly distinguished career at JPMorgan.

卡洛斯在摩根大通結束了極其傑出的職業生涯後，於 2023 年重新加入我們的董事會。

Throughout his career, Carlos has been passionate about electronic trading solutions and financial market structure.

在他的整個職業生涯中，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。

I am humbled by what Rick has built, and I'm looking forward to continuing his work with Carlos in his new role as Chairman.

我對 Rick 所取得的成就感到謙卑，我期待在 Carlos 擔任董事長的新職位上繼續與他合作。

Now let's turn to the third quarter results.

現在讓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 continue 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 20%。

We continue to be disciplined around our expense management, which helped to unlock the powerful 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強大的營運槓桿，並推動稀釋每股收益成長 30%。

We released our October trading metrics yesterday, which reflects 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 as we experienced in October.

我們一直引導投資者關注長期趨勢，不要過度解讀市場份額的月度波動，就像我們在 10 月所經歷的那樣。

We believe the decline in our US high-grade market share was driven by lower portfolio trading and a client shift to large block trading in the market.

我們認為，我們美國高品級市場份額的下降是由於投資組合交易減少以及客戶轉向市場上的大宗交易造成的。

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 while we continue to deliver growth across the global fixed income market.

我們制定了明確的策略，旨在恢復美國信貸市場份額的成長，同時繼續實現全球固定收益市場的成長。

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.

我們繼續增強我們的全球投資組合交易解決方案，我們對市場份額成長方面所看到的早期回報感到滿意。

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 US high-grade market.

我們現在已經推出了有針對性的大宗交易能力的關鍵要素，以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 X-Pro to our European clients in the first quarter of 2025.

我們預計在 2025 年第一季在 X-Pro 上向歐洲客戶提供傳統詢價。

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

最後，我們繼續看到新興市場產品的勢頭，本季向客戶推出了大宗交易解決方案。

We are pleased to announce a strategic fixed income data partnership with S&P Global last week.

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+ market data with S&P's global evaluated bond pricing solution.

透過這種合作關係，我們將 CP+ 市場數據與標準普爾的全球評估債券定價解決方案結合。

Slide 4 highlights the power of our product and geographic diversification across global credit and rates, as illustrated by our strong third quarter trading data.

投影片 4 強調了我們在全球信貸和利率方面的產品和地理多元化的力量，正如我們強勁的第三季交易數據所說明的那樣。

Commission revenue generated outside of US credit represented 37% of total commission revenue, up from just 25% in first quarter of 2019.

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.

幻燈片 5 提供了有關我們不斷擴大的新興市場業務實力的更多詳細資訊。

We are seeing strong growth in emerging markets trading activity across regions with record LatAm and APAC emerging markets trading volume, up 51% and 30% respectively.

我們看到各地區新興市場交易活動強勁成長，拉丁美洲和亞太地區新興市場交易量創紀錄，分別成長 51% 和 30%。

The EM local markets are the largest opportunity in EM from an addressable market perspective.

從潛在市場的角度來看，新興市場本地市場是新興市場最大的機會。

One of our fastest-growing protocols in local markets is request for market or RFM, which is helping to drive record levels of block trading in local markets.

我們在當地市場成長最快的協議之一是市場請求或 RFM，這有助於推動當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, up 47%.

硬通貨和本國貨幣的經銷商詢價也顯示出強勁成長，成長了 47%。

We are 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，我們認為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.

就我們的高接觸策略而言，我們最近在歐洲完成了全球 PT 解決方案的初步部署。

And I'm also pleased to report that we just completed an update to X-Pro to create a more intuitive interface for clients, focused on portfolio trading and our proprietary trading analytics.

我還很高興地報告，我們剛剛完成了 X-Pro 的更新，為客戶創建更直觀的介面，專注於投資組合交易和我們的專有交易分析。

The client feedback has been strong.

客戶的反饋非常強烈。

With record portfolio trading ADV in September, we delivered third quarter estimated market share of US credit portfolio trading of 20%, several hundred basis points higher than second quarter levels.

憑藉 9 月創紀錄的投資組合交易 ADV，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-Pro to our European clients.

在接下來的幾個月中，我們將開始在 X-Pro 上向歐洲客戶首次推出傳統詢價。

While the initial focus of X-Pro and our high-touch strategy was portfolio trading.

X-Pro 和我們的高接觸策略最初的重點是投資組合交易。

We are now leveraging the deep enriched content and pre-trade analytics we have in X-Pro for block trade sizes.

我們現在正在利用 X-Pro 中的深度豐富內容和交易前分析來確定大宗交易規模。

This targeted solution for clients streamlines the transition of block size trades 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大宗交易從電話和聊天到電子解決方案的過渡，同時減少了資訊外洩。

The two key elements of our block strategy is our AI-driven dealer selection tool and our new proprietary data set, CP+ for blocks.

我們的區塊策略的兩個關鍵要素是我們的人工智慧驅動的經銷商選擇工具和我們新的專有資料集 CP+ 區塊。

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 rmerging markets, Eurobonds and munis.

最後，在經銷商對經銷商領域，我們看到了這個重要領域的萌芽，因為我們希望將經銷商詢價的 Auto-X 擴展到合併市場、歐洲債券和市政債券。

We generated 28% growth in DRFQ and an 11-fold increase in Mid-X and Eurobonds in the third quarter.

第三季度，我們的 DRFQ 成長了 28%，Mid-X 和歐洲債券成長了 11 倍。

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% and US high yield up 86% year-to-date.

2024 年的新發行日曆非常強勁，年初至今美國高收益債券上漲了 27%，美國高收益債券上漲了 86%。

The velocity of trading in US 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交易流通率超過80%，9月退出率高達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 high-grade ETFs and mutual funds are up 158% from the prior year.

因此，流入高等級 ETF 和共同基金的資金比前一年增加了 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 in high-grade reflected an uptick in trading and higher duration bonds which benefited US high-grade fee capture in the quarter.

最後，在 9 月降息之前，該平台上的高等級客戶活動反映出交易量和較長期限債券的增加，這有利於本季度美國高等級費用的取得。

That client trend has continued into October as well.

這種客戶趨勢也持續到十月。

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 in the third quarter.

第三季我們的國際客戶交易量和交易數量實現了強勁成長。

Trade volume was up 23% versus last year with a three-year CAGR of 17%.

貿易量較去年增長 23%，三年複合年增長率為 17%。

Trade count was up 16% versus last year with a 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 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、系統化貿易公司、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 28% of our total credit trading volume, up from 26%.

這些重要客戶群的交易量達到了 2,540 億美元，成長了 41%，目前占我們信用交易總額的 28%，高於 26%。

Dealer initiated trading volume which includes dealer RFQ and Mid-X on this chart was over $80 billion in the quarter, representing a 34% increase over the prior year and included an 11-fold increase in Eurobond's Mid-X trading volume.

本季交易商發起的交易量（包括交易商詢價和 Mid-X）超過 800 億美元，比上一年增長 34%，其中歐洲債券 Mid-X 交易量增長了 11 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-X 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 Mid-X 活動的改善感到鼓舞。

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

Axess 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，其 ADV 年成長了 32%。

We recently onboarded one of the largest US banks to Axess IQ as we seek to grow our private banking business beyond Europe.

我們最近將美國最大的銀行之一納入 Axess IQ，因為我們尋求將我們的私人銀行業務發展到歐洲以外的地區。

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

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 8.7%，高於前一年的 5.8%。

We launched connectivity with ICE bonds, the first week of September for munis and then corporates a week later.

我們在 9 月的第一周為市政債券推出了與 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 bond's 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 ICE 債券的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 from munis, which we launched in the second quarter of '24.

我們對 2024 年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 $500 million in trading volume.

今年迄今，截至 10 月份，我們的交易量已超過 5 億美元。

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

最後，在市政設施方面，我們預計將於 12 月推出針對市政設施的 CP+，並在 2025 年第一季與我們的協議完全整合。

Slide 10 provides an update on Open Trading, our market-leading all-to-all liquidity pool.

投影片 10 介紹了 Open Trading（我們市場領先的全方位流動性池）的最新情況。

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

開放交易 ADV 為 40 億美元，佔信貸總量的份額為 35%，高於前一年的 34%。

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

Open Trading 的交易量創下歷史新高，較前一年成長 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, picked up in the quarter on slightly higher levels of credit spread volatility.

如本投影片左下角所示，開放交易的價格改善機會在本季因信貸利差波動性略有上升而增加。

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

在我們多元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, as shown on slide 11.

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。

We experienced another quarter of strong growth in automation trade volume and record trade count with three-year CAGRs of 31% and 40%, respectively and a record 249 active automation client firms.

我們的自動化交易量又經歷了一個季度的強勁成長，交易數量創歷史新高，三年複合年增長率分別為 31% 和 40%，活躍自動化客戶公司達到創紀錄的 249 家。

Automation trade volume now represents 11% of our total credit volume and a record 27% of our total credit trade count.

自動化交易量目前占我們信貸總量的 11%，佔信貸交易總量的 27%，創歷史新高。

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

經銷商的演算法回應超過 [1,000 萬] 條，較去年同期成長 24%。

We are increasingly leveraging the technology that we obtained through the Pragma 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 Pragma algorithms.

我們越來越多地利用透過收購 Pragma 所獲得的技術，我們的整個自動化套件將轉移到其技術堆疊中，這將使我們能夠推出基於 Pragma 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、全方位模型。

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.

謝謝你，里奇。

Turning to our results.

轉向我們的結果。

On slide 13, we provide a summary on our third quarter financials.

在投影片 13 中，我們提供了第三季財務狀況的摘要。

We delivered revenue of $207 million, up 20% from the prior year.

我們實現營收 2.07 億美元，比上年成長 20%。

Strong topline growth driven by robust market volumes, combined with continued cost discipline resulted in the first quarter of positive operating leverage since the fourth quarter of 2020 with incremental margins of approximately 60%.

強勁的市場容量推動了強勁的營收成長，再加上持續的成本控制，自 2020 年第四季以來第一季的營運槓桿率為正，增量利潤率約為 60%。

Looking at each of our revenue lines in turn.

依序查看我們的每條收入線。

Commission revenue increased 20% on strong broad-based growth across most product areas, more than offsetting a decrease in US high yield.

由於大多數產品領域的廣泛強勁增長，佣金收入增長了 20%，足以抵消美國高收益債券的下降。

Information services revenue of $13 million was up 10% and included a $300,000 benefit from FX.

資訊服務收入達 1,300 萬美元，成長 10%，其中包括 30 萬美元的外匯收益。

The increase was driven by new contracts as we continue to experience strong adoption across our data product suite, especially CP+.

這一增長是由新合約推動的，因為我們的數據產品套件（尤其是 CP+）繼續被廣泛採用。

Post-trade services revenue of $10 million was up 6% and included a $200,000 benefit from FX.

交易後服務收入達 1,000 萬美元，成長 6%，其中包括 20 萬美元的外匯收益。

Total other income increased approximately $1 million due principally to mark-to-market gains on our US treasury portfolio.

其他收入總額增加了約 100 萬美元，主要是由於我們的美國國債投資組合按市值計價的收益。

The effective tax rate was 23%, and we reported diluted earnings per share of $1.90, representing an increase of 30%.

有效稅率為 23%，我們報告的稀釋每股收益為 1.90 美元，成長了 30%。

On slide 14, we provide more detail on our commission revenue and our fee capture.

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。

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，本季增加了 3,000 萬美元，即 20%。

The increase in credit commission revenue was due to strong growth across US high-grade, up 24%; emerging markets up 18%, Eurobonds up 25% and municipals, up 28%.

信貸佣金收入的成長歸因於美國高等級信貸的強勁成長，成長了 24%；新興市場上漲 18%，歐洲債券上漲 25%，市政債券上漲 28%。

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.

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。

Total credit fee capture was slightly up from 2Q '24 level.

信貸費用總額較 2024 年第二季的水準略有上升。

The decline in fixed distribution fees was driven principally by the consolidation of two global bank trading desk operations, migrations to variable fee plans and lower unused minimums in US high grade.

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、向可變費用計劃的遷移以及美國高等級未使用最低限額的降低。

On slide 15, we provide a summary of our operating expenses.

在投影片 15 上，我們提供了營運費用摘要。

Third quarter operating expenses of $120 million, increased 14% compared to the prior year and include the impact of Pragma which we will anniversary in the fourth quarter.

第三季營運支出為 1.2 億美元，比去年同期成長 14%，其中包括我們將在第四季度慶祝的 Pragma 的影響。

We saw higher-than-anticipated variable costs from increased trading activity as well as the 40% of the $10 million in additional expenses that were not previously included in the run rate from the first half of the year that I mentioned on the second quarter earnings call.

我們看到交易活動增加帶來的可變成本高於預期，以及我在第二季度收益中提到的上半年運行率中未包含的 1000 萬美元額外費用中的 40%稱呼。

As you know, there are always puts and takes that come through the expense line.

如您所知，費用行中總是存在賣出和賣出。

And at this time, we expect some of our anticipated fixed expenses will shift to future periods.

目前，我們預期一些預期的固定費用將轉移到未來的期間。

At such, we expect to absorb the increase in variable expenses within the original incremental $10 million, keeping in mind that variable costs can always change based on market conditions.

因此，我們預計在最初增加的 1000 萬美元內吸收變動費用的增加，同時記住變動成本總是會根據市場狀況而變化。

So we expect our full year 2024 expenses to be more or less in line with our previous guidance of slightly below the low end of our range of [$480 million] to $500 million.

因此，我們預計 2024 年全年支出將或多或少符合我們先前的指導，略低於我們範圍的下限（4.8 億美元）至 5 億美元。

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 bond and US treasury investments totaling $602 million as of September 30, 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 6.02 億美元，高於上季末的 5.59 億美元。

We generated $310 million in free cash flow over the trailing 12 months, an increase of 4% over last quarter.

過去 12 個月，我們產生了 3.1 億美元的自由現金流，比上季成長 4%。

We repurchased 297,000 shares year-to-date through October 2024 for a total of $64 million, including 66,000 shares repurchased during the third quarter at a cost of [$15 million]. $236 million remains on the current authorization.

年初至今，截至 2024 年 10 月，我們回購了 297,000 股股票，總金額為 6,400 萬美元，其中包括第三季以 [1,500 萬美元] 成本回購的 66,000 股股票。目前授權尚有 2.36 億美元。

We believe we are striking the right balance of investing to drive future growth while at the same time being disciplined towards capital.

我們相信，我們在投資方面取得了適當的平衡，以推動未來的成長，同時對資本保持嚴格的要求。

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.

謝謝，艾琳。

In summary on slide 17, we continue to execute our growth strategy in the third quarter.

投影片 17 總結道，我們在第三季繼續執行成長策略。

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，我們的財務表現顯著改善。

Robust new issue calendar and an increase in the velocity of trading are all contributing to a more constructive macro backdrop for us.

強勁的新股發行日程和交易速度的加快都為我們創造了更具建設性的宏觀背景。

We are continuing the rollout of X-Pro by extending the platform to our global client base and across most products, and we are executing our plan to grow market share.

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，並且我們正在執行擴大市場份額的計劃。

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 gains to block size trades in the US credit market with the recent launch of our targeted block trade 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, we would be happy to open the line for questions.

現在，我們很樂意開通提問專線。

(Operator Instructions) Chris Allen, Citi.

（操作員指令）Chris Allen，花旗銀行。

Good morning, everyone.

大家早安。

First, I want to say congrats to Rick on the retirement.

首先，我要祝賀里克退休。

Hope you enjoy.

希望你喜歡。

Two, wanted to dive a little bit into October block.

第二，想深入了解十月區塊。

October is the first month, I recall you calling out lower block activity is an impediment to share.

十月是第一個月，我記得您指出較低的區塊活動是分享的障礙。

And you noted that your block solution is now in the market, can you provide some details on just in terms of what's the game plan and accelerating the penetration of the solution moving forward?

您注意到您的區塊解決方案現已上市，您能否提供一些有關遊戲計劃和加速解決方案滲透的詳細資訊？

And what is the current level of client uptake on the solution right now?

目前客戶對該解決方案的接受程度如何？

Sure.

當然。

Great.

偉大的。

Thanks, Chris, and happy to take that question.

謝謝克里斯，很高興回答這個問題。

First, just putting October in perspective, 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 first month that we crossed over $1 trillion in volume traded on the platform, which was quite exciting.

這是我們平台交易量首次突破 1 兆美元，這非常令人興奮。

Total credit volume, we set a record.

總信貸量，我們創下了紀錄。

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 and we set a record in Eurobonds total volumes in October.

我們在 10 月創下了新興市場交易量的紀錄，並在 10 月創造了歐洲債券總交易量的紀錄。

So overall, when I look across the platform, very strong month.

總的來說，當我縱觀整個平台時，這是一個非常強大的月份。

We also saw an increase in US high-yield market share and as we reported an increase in US high-grade fee capture.

我們還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 good stories throughout the month of October.

所以整個十月有很多好故事。

We did see in the overall market a slight 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較 9 月略有下降。

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

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.

我們確實認為這是一個自然水平，10 月份投資組合交易占市場總量的 10% 左右。

September was actually a spike up to that 13% level.

9 月實際上飆升至 13% 的水平。

So I think the 10% number right now is a more natural number that we'll see in the market.

所以我認為現在 10% 的數字是我們在市場上看到的更自然的數字。

What was -- as you mentioned, what was out of the norm that we haven't seen at these levels, overall block trading, so trades larger than $5 million in size increased pretty dramatically close to 40% of the entire market.

正如您所提到的，整體大宗交易在這些水平上是我們未曾見過的，因此規模超過 500 萬美元的交易大幅增長，接近整個市場的 40%。

And that's up from August, it was somewhere around 36%.

這個數字比 8 月有所上升，約 36%。

So it was a sizable move in overall block volume.

因此，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 close to the same levels, about 40% of trades.

我認為我們看到了與今年 4 月類似的情況，當時我們看到的水平接近相同，大約 40% 的交易。

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

在此期間，我們也確實經歷了高檔市場份額的低迷。

And so, the bad news is that those large blocks moved to the phone and to chat.

因此，壞消息是這些大部分內容都轉移到了電話和聊天上。

The good news is that's the very market that we're attacking with the recent launch of our high-touch strategy in X-Pro.

好消息是，這正是我們最近在 X-Pro 中推出的高接觸策略所瞄準的市場。

We refer to this as a targeted block trading solution and it was only launched just about two weeks ago.

我們將此稱為有針對性的大宗交易解決方案，它僅在大約兩週前推出。

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.

它可以佔整個市場的 30% 到 40%。

And we have now an offering in the market.

我們現在在市場上有產品。

The key ingredient to that offering is really 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 blocks, traders are quite sensitive about information leakage and providing tools that protect that information, the information around the block and reduce that information leakage is a key ingredient.

當你想到區塊時，交易者對資訊外洩非常敏感，提供保護該資訊、區塊周圍的資訊並減少資訊外洩的工具是一個關鍵因素。

So some of the data that we're providing, obviously, dealer access is an important tool for clients to pick their counterparties.

因此，我們提供的一些數據顯然，經銷商訪問是客戶選擇交易對手的重要工具。

But we are also offering AI-driven dealer selection data, which really -- that's the feedback we've been getting.

但我們也提供人工智慧驅動的經銷商選擇數據，這確實是我們得到的回饋。

That selection tool has been quite powerful for clients to select dealers that increase their likelihood of a response.

該選擇工具對於客戶選擇經銷商來說非常強大，從而增加了他們回應的可能性。

So if you're sharing that large block information, we want to have certainty that the dealer will be responsive to that block.

因此，如果您要分享大量區塊訊息，我們希望確定經銷商會對該區塊做出回應。

And that AI selection tool is just getting feedback from clients quite powerful.

該人工智慧選擇工具剛剛從客戶那裡獲得了非常強大的回饋。

So again, very early days.

再說一遍，很早的時候。

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, our strategy there is replicate what is done on phone and in chat, but do it with better data, better information and fewer clicks for the trader to get the trade done and off and reduce overall information leakage for the trader.

再說一遍，我們的策略是複製在電話和聊天中完成的操作，但使用更好的數據、更好的資訊和更少的點擊次數來幫助交易者完成交易並減少交易者的整體資訊外洩。

So early days, but very excited about the market opportunity that sits in front of us.

雖然還處於早期階段，但對擺在我們面前的市場機會感到非常興奮。

And just a quick follow-up on that.

對此進行快速跟進。

So we should be thinking about time frame here more as a 2025 or maybe even later '25 opportunity.

因此，我們應該將這裡的時間框架更多地視為 2025 年，甚至可能是 25 年後的機會。

Is this going to be a client trader-by-trader type of rollout where you need to educate them on the tools?

這是否會是逐一客戶交易者類型的推出，您需要向他們提供工具的培訓？

Definitely.

確實。

It's a 2025.

這是2025年。

We have a series of enhancements before the end of this year to the platform, and then we continue those enhancements in the first quarter.

我們在今年年底之前對該平台進行了一系列增強，然後我們在第一季繼續這些增強。

We're still, again, as part of our high-touch strategy, we have both block trading as well as portfolio trading.

再次強調，作為我們高接觸策略的一部分，我們同時進行大宗交易和投資組合交易。

We include both of those in the high-touch strategy.

我們將這兩者納入高接觸策略。

And we continue to roll out enhancements in both categories.

我們將繼續在這兩個類別中推出增強功能。

But as you mentioned, it is a trader by trader targeting that we're doing.

但正如您所提到的，我們正在針對不同的交易商進行定位。

The key ingredient, and you see this in portfolio trading, it's larger size, so share moves with those larger sizes.

關鍵因素是，你在投資組合交易中看到這一點，它的規模更大，所以份額隨著那些更大的規模而變化。

So we are hopeful that the offering 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, and we just think it's unique to the marketplace.

這些數據來自我們平台的規模和廣度，我們認為它是市場獨有的。

And it's really providing traders with insights on how to trade the bond and who to trade with.

它確實為交易者提供了有關如何交易債券以及與誰進行交易的見解。

And that's something that can only be gleaned from our proprietary data that we have.

這只能從我們擁有的專有數據中收集到。

I just add something to that, Chris -- yeah, just one extra comment.

我只是補充一些內容，克里斯——是的，只是一個額外的評論。

It's Rich here.

這裡是富人。

I was going to make about that is that depending upon the firm, Chris is talking about trader-to-trader behavior changes.

我要說的是，根據公司的不同，克里斯正在談論交易者之間的行為變化。

There are some shops where these 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 where they're taking advantage of our automation solutions and things.

有一些商店進行這些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，而不是進行典型的流程交易，他們利用我們的自動化解決方案和東西。

We do a meaningful amount of block business now.

我們現在做了大量的區塊業務。

The number is around 23% or so of our volume in blocks and IG, much of that is happening from traders that are using our solutions across the range of sizes and activity they have to do.

這個數字約占我們區塊和 IG 交易量的 23% 左右，其中大部分來自交易者，他們在各種規模和活動範圍內使用我們的解決方案。

So 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.

因此，我們重點關注的高接觸性工作的很大一部分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。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Yes.

是的。

Hey, good morning, everyone.

嘿，大家早安。

I want to shift gears quickly to portfolio trading.

我想快速轉向投資組合交易。

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

顯然，本季的收益非常可觀，很高興看到市場佔有率與你們現在的整體市佔率一致。

But obviously, curious why the gains and where 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, do you see that clients basically now thinking that you are on par with your primary competitor and giving you maybe 20% of the share?

那麼具體來說，您是否發現客戶現在基本上認為您與主要競爭對手處於同一水平，並給了您 20% 的份額？

Or do you think your product is actually superior you're hearing from clients that there's more to come?

或者您認為您的產品實際上很出色？

And yeah, where are different client types when it comes to having fully embraced your portfolio trading offering so far?

是的，到目前為止，不同的客戶類型在完全接受您的投資組合交易產品方面表現如何？

Sure.

當然。

Great, Alex.

太棒了，亞歷克斯。

On portfolio trading, I'll be candid, we're coming from behind in our offering.

關於投資組合交易，我會坦白說，我們的產品後來居上。

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

因此，我們將繼續圍繞投資組合交易提供越來越多的解決方案。

We just rolled out two weeks ago an enhancement to our portfolio trading tool to make it seamless for what we call benchmark trading, trading relative to a benchmark, plus or minus a benchmark is an important feature in the portfolio trading market.

兩週前，我們剛剛推出了投資組合交易工具的增強功能，使其能夠無縫地進行我們所謂的基準交易，相對於基準進行交易，加上或減去基準是投資組合交易市場的一個重要功能。

It's widely used in Europe and widely used across the high-yield market.

它在歐洲廣泛使用，並廣泛應用於整個高收益市場。

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

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，顯然，這對我們在全球 PET 產品以及歐洲和新興市場的機會至關重要。

I would say we are not on par, the honest answer.

我想說，誠實的回答是，我們的水平不高。

We have more work to do to be on par.

我們還有更多工作要做才能達到同等水準。

That's the exciting part.

這是令人興奮的部分。

We are growing share despite not being on par with the competition.

儘管與競爭對手相比，我們的份額仍在不斷增長。

We feel really good about first quarter releases in our portfolio trading tool where we will probably in our perspective, crossover in the offering and the benefits that we provide.

我們對我們的投資組合交易工具第一季的發布感覺非常好，從我們的角度來看，我們可能會在產品和我們提供的好處方面進行交叉。

Again, clients and traders are asking for unique data and analytics on how to address their portfolio, what to put in their portfolio and then how to manage their portfolio once the dealer provides pricing.

同樣，客戶和交易者要求獲得獨特的數據和分析，以了解如何處理他們的投資組合、在他們的投資組合中放入什麼，以及在交易商提供定價後如何管理他們的投資組合。

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

鑑於我們擁有的數據和分析，這是我們繼續擅長的領域。

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 end of 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提供產品。

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 deliver in the first quarter.

因此，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在第一季交付的內容感到非常興奮。

Excellent.

出色的。

And since you were just talking about data and analytics at the end a little bit.

因為你最後只是談了數據和分析。

Can you maybe just quickly touch upon the new S&P partnership here.

您能否快速談談新的標準普爾合作關係？

A, what's the revenue and costs direction because I think they're getting a lot of data from you, but obviously, you're getting something from them too.

答，收入和成本方向是什麼，因為我認為他們從你那裡得到了很多數據，但顯然，你也從他們那裡得到了一些東西。

And then in the -- what you're getting from them to what degree is it going to help your pre-trade analytics and hopefully help enable clients even more?

然後，您從他們那裡得到的資訊將在多大程度上幫助您的交易前分析並希望幫助客戶獲得更多幫助？

And when would that be coming?

那什麼時候會發生呢？

Sure.

當然。

Well, number one, it's a great partnership.

嗯，第一，這是一個很好的合作關係。

S&P Global is a firm that we've partnered with in the past, and we all know quite well.

S&P Global 是一家我們過去合作過的公司，我們都非常了解。

Their index footprint is substantial, not only in equities, but across the fixed income arena.

他們的指數足跡相當大，不僅在股票領域，而且在整個固定收益領域。

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 and here in the US.

iBoxx 指數為全球和美國一些最大的固定收益 ETF 提供支援。

A key ingredient to the partnership is we're supplying them with our CP+ data to help them power their end-of-day evaluated pricing tool.

此次合作的關鍵因素是我們向他們提供 CP+ 數據，以幫助他們支持日終評估定價工具。

That tool does price these large ETFs given their index relationship.

鑑於它們的指數關係，該工具確實對這些大型 ETF 進行了定價。

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, particularly in US high-grade and US high yield, it's heavily tilted towards components of large ETFs.

當你觀察我們的整體市場份額時，特別是在美國高等級和美國高收益債券方面，你會發現它嚴重傾向於大型 ETF 的組成部分。

And so, we feel like we fit in the ETF arbitrage quite nicely and having our data integrated with how ETFs are priced at the end of the day is an important component to complete the relationship with S&P.

因此，我們覺得我們非常適合 ETF 套利，並且將我們的數據與 ETF 最終定價方式結合，是完善與標準普爾關係的重要組成部分。

With regard to the data they're providing, they're providing our reference data, and that's exciting.

關於他們提供的數據，他們正在提供我們的參考數據，這令人興奮。

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

我們將在本季末推出此參考資料。

So just super excited about the partnership.

所以對這次合作感到非常興奮。

Everything is really going live at the end of Q1, early Q2, but excited that we're expanding our data footprint through this partnership.

一切都將在第一季末、第二季初真正上線，但我們很高興透過這種合作關係擴大了我們的數據足跡。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

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 FPM impact.

只是好奇您能否對 FPM 的影響給出任何說明。

Should you see that share really pick up?

您是否應該看到該份額真正回升？

It sounds like that's sort of the biggest chunk of remaining non-electronified share?

聽起來這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.

據我了解，投資組合交易的 FPM 低於平均。

And it sounds like it would be additive 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?

這聽起來像是額外的資金，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 said, any income large trades would fall under our regular pricing fee schedule.

如前所述，目前任何收入較大的交易都將屬於我們的常規定價費用表。

There are scenarios, for example, single dealer trades where they would be at a discount or at a free level similar to our PT, our single dealer PT solution.

例如，在某些情況下，單一經銷商交易會以折扣或免費等級進行，類似於我們的 PT（我們的單一經銷商 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.

我認為有些比賽是對流程交易收費的。

We want to make the trader -- the buy-side trader feel the full breadth of workflow from trading over the phone.

我們希望讓交易者－買方交易者感受到電話交易的完整工作流程。

They're able to process trade across X-Pro, trading with a single dealer, they're able to deliver in fewer clicks than chat, a single block trade to a dealer.

他們能夠在 X-Pro 上處理交易，與單一交易商進行交易，他們能夠以比聊天更少的點擊次數向交易商提供單筆大宗交易。

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

然後，如果他們選擇，他們可以選擇一個簡短的經銷商名單，在那裡他們可以悄悄地詢問價格並與私人詢價的獲勝者互動，同時保護市場資訊。

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

因此，高接觸策略的組成部分採用我們傳統的費用收取方式，而其他組成部分的費用收取方式將大大降低，特別是流程交易和單一交易商交易等。

Yeah.

是的。

I would just add one thing, Benjamin, on that.

班傑明，我只想補充一件事。

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

同樣，我在之前的電話會議中說過，費用捕獲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 and when we can bring in some of those capabilities for breaking blocks into smaller trades.

因此，我們對自適應 Auto-X 如此興奮的原因之一是我們可以引入其中一些功能來將區塊分解為更小的交易。

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?

這意味著，相對於交易者像流動性接受者進入市場一樣完成該區塊，我們可以獲得更高的費用，對吧？

So if you think about it if they go kind of narrow and the narrowest is if they've got a directly negotiated trade with a dealer, and we're processing it.

因此，如果你想一想，他們的範圍是否有點狹窄，最窄的範圍是如果他們與經銷商進行直接談判交易，而我們正在處理它。

That's the least value add and the lease fee capture or it might be a courtesy that we offer.

這是最少的增值和租賃費捕獲，或者這可能是我們提供的一種禮貌。

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

但隨著他們進入更激烈的競爭，包括他們是否選擇開放交易作為流動性接受者，這會增加我們的費用獲取機會。

And then the best case is where they're acting more as a provider.

最好的情況是他們更多地充當提供者的角色。

They're taking a bit more time and they're working, say that $20 million block in pieces of ones and twos, and then we will benefit from that -- from those smaller trades and the higher capture.

他們花了更多的時間，他們正在工作，比如說 2000 萬美元的區塊，我們將從中受益——從那些較小的交易和更高的捕獲中。

So it's kind of a spectrum, and it really depends on the urgency the trader has and how they're choosing to operate in the market, information leakage concerns come in.

所以這是一個範圍，它實際上取決於交易者的緊迫性以及他們選擇如何在市場上運作，資訊外洩問題隨之而來。

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

有很多因素會影響他們選擇如何執行交易。

We want to be there for every one of those different ways they trade with different fee capture, again depending upon the value we add.

我們希望以不同的費用獲取他們的每一種不同的交易方式，這同樣取決於我們增加的價值。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

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 have one on total credit fee per million.

回到[每百萬人的費用]，我有每百萬人的總信用費。

It's starting to trend upward again.

又開始呈上升趨勢。

Last I checked the Bloomberg duration index that you've pointed to in the past as a directional proxy is somewhere in the seven year range.

最後，我檢查了您過去指出的彭博久期指數，作為方向性代理，該指數位於七年範圍內。

I think in 2020, 2021, that number was closer to 8.5 or 9 years.

我認為在 2020 年、2021 年，這個數字接近 8.5 年或 9 年。

So just broadly speaking, what do you think needs to happen to get that average duration back in that 8.5 to 9 year range?

因此，從廣義上講，您認為需要做什麼才能使平均持續時間回到 8.5 至 9 年的範圍內？

And how quickly do you think we could get there?

您認為我們能多快到達那裡？

And then just as a follow-up, last quarter, you said you expect to see, I think, a $15 million increase in high-grade fee per million for every one-year increase in duration and then $3 million to $5 million for every 100 basis point decline in rates.

然後，作為後續行動，上個季度，我認為，您預計每增加一年，每百萬人的高等級費用就會增加 1500 萬美元，然後每增加一年 300 萬到 500 萬美元。個基點。

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.

你好。

Thanks so much for the question.

非常感謝你的提問。

Yeah, 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年數方面看到的 8.6 年有所增長。

And so, if you think about what you just saw in October, we were at about 9.1 in weighted average years to maturity which was roughly in line with September.

因此，如果你想想你剛剛在 10 月看到的情況，我們的加權平均到期年數約為 9.1，這與 9 月大致一致。

So we are consistently seeing our weighted average maturity on the platform above the Bloomberg numbers that you just talked about.

因此，我們一直看到平台上的加權平均成熟度高於您剛才談到的彭博數據。

In terms of the sensitivity, you're right.

就靈敏度而言，你是對的。

The first -- and there's -- think about it this way, it's about duration.

第一個——還有——這樣想，它與持續時間有關。

And so, there are pieces to it.

所以，它是有碎片的。

There's the weighted average years to maturity that we talked about, and that is still -- that still remains, right?

我們談到了加權平均到期年限，而且仍然存在，對嗎？

For every one year increase in the weighted average years to maturity trading on the platform, we expect to see a benefit of approximately $15 or so per million in high grade.

平台上的加權平均到期交易年數每增加一年，我們預計每百萬高品級交易將獲得約 15 美元左右的收益。

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

但當你考慮久期時，另一個組成部分是收益率。

And so, if you look at yields in terms of the sensitivity, the first 100 basis points lower in terms of yield is likely to be a benefit to high-grade fee capture of about $3 to $5 per million.

因此，如果您從敏感度角度考慮收益率，那麼收益率前 100 個基點的降低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 years maturity is also really important.

因此，當您考慮持續時間時，我們會考慮這兩部分，加權平均年成熟度也非常重要。

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

但為了完善有關敏感度的討論，我還想提出另一點。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Good morning.

早安.

So your growth in emerging markets continues to be really strong, a sense on how much your market share is increasing there?

那麼，您在新興市場的成長仍然非常強勁，您知道您在那裡的市場份額增加了多少嗎？

And what does the competitive landscape look like in places like Latin America and APAC, which you're growing at a high rate?

拉丁美洲和亞太地區等你們正在快速成長的地區的競爭格局如何？

Sure.

當然。

Happy to take that one.

很高興接受那個。

In emerging markets, obviously, there's a lot of excitement around our emerging markets growth, just looking at our Q3 numbers, up 19% year-over-year.

顯然，在新興市場，我們的新興市場成長令人興奮，只需看看我們第三季的數據即可，年增 19%。

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

我們的大宗交易是令人興奮的成長領域之一。

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

我們的大宗交易量確實創下了紀錄，成長了 24%。

And another area that we rarely talk about is our portfolio trading solution in EM, we're seeing growth in our portfolio trading solution as well.

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，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, what's exciting about EM is both our hard dollar position so dollar denominated EM bonds and then our growth in local market.

我想說的是，新興市場令人興奮的地方在於我們的硬美元部位（以美元計價的新興市場債券）以及我們在當地市場的成長。

Obviously, it's at this point a [50:50] split, but a lot of our growth is in those local markets.

顯然，目前是 [50:50] 的分裂，但我們的大部分成長都在這些本地市場。

When I look at the competitive landscape, it's quite clear.

當我看到競爭格局時，情況就很清楚了。

The phone is the number one competitor.

手機是第一大競爭對手。

We see in those local markets a heavily brokered market, where electronic trading has not really penetrated those markets.

我們在這些本地市場中看到了一個高度經紀化的市場，電子交易尚未真正滲透到這些市場。

And so, from a competitive landscape, we're quite excited that it's really new electronic solutions coming to market not just additional competitors in the space.

因此，從競爭格局來看，我們非常興奮，因為市場上出現了真正的新電子解決方案，而不僅僅是該領域的其他競爭對手。

And then the other area that we're seeing great growth in EM is a new protocol or request for market which is really driving some of our block trading success.

然後，我們在新興市場看到巨大成長的另一個領域是新協議或市場需求，這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 request for price because they're just asking -- they're not showing their side or direction.

再說一次，對市場的要求——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——他們沒有表現出自己的立場或方向。

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

因此，它是區塊交易中非常強大的工具，我們在這個領域看到了巨大的成長。

Jeff, it's Rich.

傑夫，我是里奇。

I'll just add one more thing to that and one of the reasons we feel really strongly about this business and the moat that we are building around it and increasing our competitive position here, and that's with Open Trading in emerging markets.

我只想補充一件事，這也是我們對這項業務以及我們圍繞它建立的護城河和提高我們在這裡的競爭地位感到非常強烈的原因之一，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.

因此，我們花了數年時間建立了一個全球參與者網絡，特別是在新興市場地區。

In LatAm, in the APAC region, really pleased to see that Open Trading now is representing almost 45% of the liquidity that we're providing to our clients that are taking there.

在亞太地區的拉丁美洲，我們非常高興地看到開放交易現在占我們向那裡的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, and it's a big differentiator and it's drawing clients to trade electronically to get that extra liquidity and that improved pricing.

因此，這是一件非常困難的事情，但它是一個很大的差異化因素，它吸引客戶進行電子交易以獲得額外的流動性和改善的定價。

And that's in the hard currency area.

那是在硬通貨領域。

We've recently introduced it also in select local markets as well, which allows international investors to tap into 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 EM business.

所以對新興市場業務感覺非常好。

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

然後在經銷商對經銷商通路中，您能否討論一下您正在採取的一些措施來增加那裡的份額？

I mean, it seems to be, I guess, largely focused on 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 in more detail?

但您能否更詳細地討論這個機會？

Or is there other things you plan on doing there over time?

或者隨著時間的推移，您還計劃在那裡做其他事情嗎？

Yeah.

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% as high as 30% of any of the given markets that we're in is coming from business dealers looking for liquidity, looking to move risk out of their books more quickly.

通常情況下，我們所在的任何給定市場中有 20% 高達 30% 來自尋求流動性、希望更快地將風險從帳簿中轉移出去的商業交易商。

And if they can't sell bonds to their clients, they want to move it in electronic trading and the services we offer, we think is a great option for that.

如果他們無法向客戶出售債券，他們希望將其轉移到電子交易和我們提供的服務中，我們認為這是一個很好的選擇。

So it starts with our flagship protocol, which is RFQ, and we continue to invest and make that more productive for the sell-side traders to use to have the same capabilities as our buy-side clients in terms of their ability to seek liquidity that way.

因此，它從我們的旗艦協議 RFQ 開始，我們繼續投資並提高賣方交易者的生產力，使其在尋求流動性方面擁有與買方客戶相同的能力，方式。

We brought our automation solutions for the traders on the sell side so that they can operate more efficiently.

我們為賣方交易者帶來了自動化解決方案，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 it mid or they want to trade at side, that will raise the awareness of those inquiries 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，他們想要進行中間交易或他們想要進行側面交易，這將提高那些人的意識向另一方的流動性提供者詢問並得到他們更好的答案。

So that's another key thing.

這是另一個關鍵的事情。

We recently announced a protocol called Work Up, which has always been kind of prevalent in the interdealer broker space going by voice, and it allows us to bring in parties who want to trade at a level that has been established in the market from a trade that begins on an RFQ.

我們最近宣布了一項名為Work Up 的協議，該協議在交易商間經紀商領域中一直很流行，透過語音進行交易，它使我們能夠引入想要按照市場上已建立的交易水平進行交易的各方。

So for example, someone might go out for liquidity on a [$1 million] bonds.

例如，有人可能會購買 [100 萬美元] 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，並且他們背後有更多的東西。

They might have another [$9 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 and we've been getting great initial reception.

他們可能還有另外的 [900 萬美元]，比方說，他們不想向市場展示全部金額，現在他們可以將該交易擴大到更大的規模，我們得到了很好的初步反響。

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 product that we call Mid-X.

最後，我們也投資於單一價格選項或與我們稱為 Mid-X 的產品的匹配空間。

And we've been getting really nice responses to that in Europe, especially in the Eurobond market, where we're running daily sessions 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，並且在那裡獲得了很好的關注。

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

我們也將其引入美國，並期望在 25 年取得良好成果。

So major areas of investment for us in the dealer business 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。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

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時推遲固定投資。

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

很好奇你能否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 early kind of the 2025 expense build based upon the actions this year.

我知道，這是根據今年的行動制定的 2025 年支出的早期版本。

Sure.

當然。

Thanks for the question, Dan.

謝謝你的提問，丹。

Yeah.

是的。

If you remember last quarter when we talked about this, we talked about at the time, there was about $10 million that were not in the run rate from the first half of the year.

如果你還記得上個季度我們討論過這個問題的話，我們當時討論過，大約有 1000 萬美元不在上半年的運行率之內。

And how we categorize those fixed costs at the time were things like tech investments, marketing, T&E and new hires.

當時我們對這些固定成本的分類包括技術投資、行銷、差旅費和新進員工等。

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

因此，其中約 40% 是在本季流入的。

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, $1.5 million or so of increased variable costs that we hadn't otherwise anticipated due to the increase in volumes and activity on the platform that you heard Chris and Rich talk about.

這大約是 150 萬美元左右的可變成本增加，這是我們沒有預料到的，因為您聽到 Chris 和 Rich 談論的平台上的交易量和活動增加了。

And so, what I was saying in my prepared remarks was, we still think that we're going to be within that envelope, let's call it, of the $10 million we talked about.

因此，我在準備好的演講中所說的是，我們仍然認為我們將在我們談論的 1000 萬美元的範圍內，我們稱之為這個範圍。

But there's a little bit of shift, right?

但有一點轉變，對吧？

Some of those fixed costs that I just explained to you, we expect are going to move out a little.

我剛剛向您解釋的一些固定成本預計會稍微減少。

So for instance, maybe not all of the hires are coming in within 2024.

舉例來說，也許並非所有員工都會在 2024 年內到來。

Having said that, we saw an increase in variable.

話雖如此，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？

Again, variable costs can have swings and roundabouts.

同樣，可變成本可能會出現波動和迂迴。

But that's what I was talking about when I made that statement.

但這就是我發表聲明時所談論的內容。

In terms of 2025, to be honest, it's really a bit early for that.

就2025年而言，說實話，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 this having covered this space for a while, is that over the last two years, you've really seen us deploy significant resources into investments.

我可以告訴你的是，你可能知道這已經涵蓋了這個領域一段時間了，在過去的兩年裡，你確實看到我們在投資中部署了大量的資源。

You've seen all the development X-Pro building out proprietary data sets to help our clients, that's really been a big focus for the firm.

您已經看到 X-Pro 的所有開發都建立了專有資料集來幫助我們的客戶，這確實是公司的一大重點。

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.

我很高興看到本季看到的積極的營運槓桿。

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

所以，你已經看到了——我們在簡報的幻燈片上看到了，我相信它在幻燈片 6 上。

Chris talk through a number of the very exciting initiatives that we have planned for next year.

克里斯講述了我們明年計劃的一些非常令人興奮的舉措。

And so, obviously, there will be additional technology investments in the pipeline, different things that are expected.

因此，顯然，將會有額外的技術投資正在醞釀中，這是與預期不同的事情。

So to wrap all of 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，我想說的是，我們非常專注於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 constrained.

然後向克里斯提出一個簡單的問題，或者也許不是那麼快，但令人好奇的是，白宮發生了變化，因為我們考慮到競爭，也許經銷商受到的監管限制更少。

Do you think this changes any of the behavior or the electronification process in the interim as there's, as I said, potentially less restrictions around some of the financial institutions as a result of the new president.

您認為這會改變過渡期間的任何行為或電子化流程嗎？

Thanks for that very short, simple question.

謝謝你提出這個非常簡短的問題。

Look, 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 an increasing rate not because of regulation but because of commercial reasons.

看，我如何看待我們的業務以及更廣泛的市場監管。我們處於非常有利的位置，客戶和大多數交易商都在以越來越快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 rates levels that we're seeing, they are doing it at a lower per million revenue capture, just given the expense ratios that they are running and where they're 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，只是考慮到費用他們正在運行的比率以及他們在哪裡吸引這些資產。

So they are all very focused on expenses and electronic trading and as I think about our business, we provide the large institutional investors around the world with technology solutions that simplify their life and reduce their overall fixed costs.

因此，他們都非常關注費用和電子交易，就我而言，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.

好消息是我們對選舉進行了對沖。

Both parties like debt and like to spend government money.

雙方都喜歡舉債，都喜歡花政府的錢。

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

因此，坐在固定收益市場上，我們在昨晚的選舉中感覺處於有利地位。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

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。

I think you mentioned it in the prepared remarks, I know this offering was originally announced maybe last quarter.

我想您在準備好的發言中提到了這一點，我知道這項發行最初可能是在上個季度宣布的。

But how is it going so far?

但到目前為止進展如何？

How are you thinking about the benefits to both of you guys and other areas you could collaborate in as you get deeper into that endeavor?

當你們進一步深入這項工作時，你們如何看待你們雙方以及你們可以合作的其他領域的好處？

Hi, Alex, it's Rich, and thanks for that question.

嗨，亞歷克斯，我是里奇，謝謝你的提問。

We've had a long-standing relationship with ICE, and it goes back years 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，我們使用他們的一些數據，然後向他們出售我們的一些數據，這可以追溯到多年前。

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 through our acquisition of Pragma, they've been a technology provider to the NYSE for some time.

然後，透過我們收購 Pragma，他們已經成為 NYSE 的技術提供者一段時間了。

So we have worked with them closely.

因此我們與他們密切合作。

In terms of the initial aspects of our partnership on trading with them, it's been off to a great start.

就我們與他們的貿易合作夥伴關係而言，這是一個好的開始。

We're really happy with the liquidity that we are getting 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 munis in terms of responding to traders on our side who are looking for liquidity and having ICE respond through Open Trading and it always expanded into credit in the high-yield space.

它始於市政債券，以響應我們這邊尋求流動性的交易者，並讓 ICE 透過開放交易做出回應，並且它總是擴展到高收益領域的信貸。

They are focused more in small sizes.

他們更關注小尺寸。

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

我們通常稱之為微塊，儘管我們驚訝地看到它們也贏得了一些較大的交易。

And in munis, especially, they've kind of quickly become one of the top open trade liquidity providers.

尤其是在市政債券方面，它們很快就成為最大的開放貿易流動性提供者之一。

So that's really positive for our investor participants and the buy-side traders looking for liquidity.

因此，這對我們的投資者參與者和尋求流動性的買方交易者來說確實是正面的。

It's interesting that the retail bid there, connecting that with institutional investors looking for liquidity can be quite promising.

有趣的是，散戶的出價與尋求流動性的機構投資者聯繫起來可能非常有前途。

So it's just the start.

所以這只是開始。

I think of our work with them.

我想到了我們與他們的合作。

We have other things in the road map 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.

在連接我們的自適應 Auto-X 方面，我們的路線圖中還有其他內容，以便使用該工具的交易者可以利用 ICE 中的可用流動性，甚至包括將剩餘訂單留在那裡的能力。

And 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.

這是我們努力為客戶提供服務並在我們能找到的任何地方為他們提供流動性的一個例子。

And I should say, unique liquidity where it is supplemental to what we already provide through our pretty vast network.

我應該說，獨特的流動性是對我們已經透過我們相當龐大的網路所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, and it's a win for our traders that are on the system looking for liquidity.

因此，在 ICE 的例子中，他們帶來了我們沒有的東西，這對我們在系統上尋找流動性的交易者來說是一場勝利。

And Alex, I'll just add.

亞歷克斯，我補充一下。

It's an important partnership for us.

這對我們來說是一個重要的合作關係。

I was pleased and quite amazed at how quickly their tech team worked with our tech team to get this partnership up and running.

我很高興也很驚訝他們的技術團隊與我們的技術團隊合作的速度如此之快，以建立並運行這種合作關係。

So we went into production relatively quickly right off the back of the announcement.

因此，我們在公告發布後就相對快速地投入了生產。

So it was quite impressive from their side.

所以從他們的角度來看，這是相當令人印象深刻的。

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

正如 Rich 在數據方面提到的那樣，我們擁有長期的合作夥伴關係。

But there are -- ICE is doing fairly unique things around both data and now 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ICE正在圍繞數據和現在可能的國債清算做相當獨特的事情，這是我們將在不久的將來任何國債清算機會上與他們保持密切聯繫的另一個領域。

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

但正如 Rich 所提到的，ICE 債券合作關係已經有了一個很好的開始。

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

我們也在 ICE 債券中建立聯繫。

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

因此，這是一種非常酷的互惠關係。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hi.

你好。

Good morning, everyone.

大家早安。

Maybe just a question for me on the velocity of trade.

也許對我來說只是一個關於交易速度的問題。

You've noted in the prepared remarks that we've seen this increase in 2024.

您在準備好的發言中指出，我們在 2024 年看到了這一增長。

This has continued into October.

這種情況一直持續到十月。

I mean high-grade industry volumes are up 30% year-on-year.

我的意思是高檔產業銷量年增了 30%。

Is there any way to frame how much of this increase in 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.

有沒有什麼方法可以確定 2024 年速度的成長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 to identify kind of the main secular drivers that have helped velocity this year and could continue to help velocity in 2025, what would those be?

如果您必須確定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 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.

一些基本因素就是我們固定收益市場的報酬率。

They're at attractive levels relative to recent history.

相對於最近的歷史，它們處於有吸引力的水平。

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

您可以從剛剛流入 ETF 和共同基金的數據中看到這一點。

So we continue to see in 2024 high levels of inflows which are clearly attracted by the higher levels of yield.

因此，我們將在 2024 年繼續看到高水準的資金流入，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 now.

我們現在在該網站上看不到盡頭。

So month-over-month, we continue to see that be a driver.

因此，我們每個月都繼續看到這是一個驅動因素。

That money has to be invested.

這筆錢必須用來投資。

We're seeing tools that allow them to invest, 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 portfolio trading at 10% of the overall market is part of that velocity.

因此，佔整個市場 10% 的投資組合交易是該速度的一部分。

It allows a 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 is impacting velocity.

它還允許更快地改變產品組合，以便電子解決方案影響速度。

The overall macro market is also of interest.

整體宏觀市場也令人感興趣。

We're pretty excited about not only where rates are, but that new issue market that you've mentioned while new issue can have impacts to our market share, it does lead to higher levels of turnover, higher levels of velocity.

我們不僅對利率水準感到非常興奮，而且對您提到的新發行市場也感到非常興奮，雖然新發行可能會對我們的市場份額產生影響，但它確實會導致更高的營業額和更高的流通速度。

And so, we've seen 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 dates that are due in maturity levels coming due, we expect new issue to continue into 2025 to help overall market volume.

當然，當我們進一步展望 2025 年並查看一些大公司的到期日期時，我們預計新發行將持續到 2025 年，以幫助整體市場容量。

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。

It's one part where we are in that rate adjustment.

這是我們利率調整的一部分。

We're going to hear more about rates tomorrow, and that will impact portfolio management and turnover.

明天我們將聽到更多有關利率的信息，這將影響投資組合管理和營業額。

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 still waiting for is volatility.

我們認為宏觀市場中我們仍在等待的最後一個因素是波動性。

We're starting to see some level of credit issues show itself and reveal itself in the market, talking about downgrades from high grade to high yield.

我們開始看到某種程度的信用問題在市場上顯現出來，談論從高等級到高收益的降級。

We've seen some of that.

我們已經看到了其中一些。

As we face more difficult economic times, 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，您實際上可以預測市場評級下調的幅度更大。

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

這會導致兩件事，更高的價差、市場上更大的價差以及更廣泛和更高水平的價差波動，這兩件事對我們這裡的整體經濟非常有幫助。

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

所以現在的宏觀背景對我們來說其實是相當令人興奮的。

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，而且我們實際上還沒有經歷完整的周期，你會開始看到更高水平的波動性。

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

目前，我們看到利率市場的波動程度相當高。

That's why we're seeing record rates volume, particularly in the month of October.

這就是為什麼我們看到創紀錄的利率量，特別是在十月。

But we're still not seeing that bleed into the credit market.

但我們仍然沒有看到這種情況滲透到信貸市場。

But still early days for that.

但目前還為時過早。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇，《雷德本大西洋月刊》。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if we could just go back to fee per million and going back to the question actually about the changes in the White House right now.

我想知道我們是否可以回到每百萬人的收費並回到關於白宮現在的變化的問題。

But just in terms of the environment that we might now see with potentially high bond yields from here, the mix that we're now seeing in portfolio trading and some of the other protocols.

但就我們現在可能看到的潛在高債券殖利率的環境而言，我們現在在投資組合交易和其他一些協議中看到的組合。

Could you talk about the, I guess, the longer-term -- the way we should think about the longer-term normalized level of total credit fee per million?

我想，您能談談我們應該如何考慮長期的每百萬人總信貸費用標準化水準嗎？

And sort of where that can go.

以及可以去的地方。

I know we've got the sensitivities for movements in yields and so on right now.

我知道我們現在對收益率的變動等很敏感。

But it feels to me like the potential upside might be limited by some of these other factors like high bond yields and the mix.

但在我看來，潛在的上行空間可能會受到高債券殖利率等其他一些因素的限制。

Yeah.

是的。

Sure, Simon.

當然，西蒙。

Good question.

好問題。

Yeah, I mean, obviously, we know there are so many different things that go into fees per million and that impact our fee capture, right?

是的，我的意思是，顯然，我們知道每百萬費用中有很多不同的因素，並且會影響我們的費用獲取，對吧？

And so some of that, I think you just mentioned when you talk about if we see a greater -- and Chris just talked about this a little bit, he was talking about the environment.

所以，我想你剛剛在談論我們是否會看到更偉大的事物時提到過——克里斯只是稍微談到了這一點，他在談論環境。

But we see a greater percentage of high yield, obviously, which is our highest average fee product area, that's helpful for capture, right?

但顯然，我們看到高收益的比例更大，這是我們平均費用最高的產品領域，這有助於捕獲，對嗎？

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

所以，這就是他剛才提到的一部分。

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

另一方面，如你所見，PT 的成長對捕獲量產生了負面影響。

So that's another thing that you balance.

所以這是你需要平衡的另一件事。

I looked back over, let's say, call the last five years, right?

我回顧過去，比方說，過去五年，對嗎？

And you had an average of about $173 per million when you talk about like sort of what's a good level.

當你談論什麼是好的水平時，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 $204 million fees per million during COVID, which we would not expect to see again given all of the unique factors that happened during that time period.

如果您認識到這一點，其中包括在新冠疫情期間每百萬人收取約 2.04 億美元的費用，考慮到該時期發生的所有獨特因素，我們預計不會再次看到這種情況。

There's still likely room, right, for better capture than what we've been seeing if a number of things happen, right?

如果發生了很多事情，仍然可能有比我們所看到的更好的捕捉空間，對吧？

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

例如，我們看到 10 月的價格從 9 月的 150 美元上漲至 [154 美元]。

So when you see an increase in duration, which we talked a little bit about in high grade, that helps, right?

因此，當您看到持續時間增加時（我們在高年級時曾討論過這一點），這會有所幫助，對嗎？

Another thing to keep in mind is what Rich mentioned a moment ago about Open Trading, right?

另一件要記住的事情是里奇剛才提到的開放交易，對吧？

That's our premium price liquidity venue.

這是我們的溢價流動性場所。

So an increase in ball, we believe would also enhance fee per million because of the increase in activity that could be expected through Open Trading, right?

因此，我們相信球數的增加也會提高每百萬美元的費用，因為透過開放交易可以預期活動的增加，對嗎？

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.

現在，我們很可能無法回到我剛才談到的每百萬平均費用的價格範圍內，那就是投資組合交易的影響。

And that's been running, let's call it, a negative headwind of, call it $5 to $6 of fees per million.

這種情況一直在持續，我們稱之為負面阻力，稱之為每百萬人 5 至 6 美元的費用。

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

所以我有很多不同的東西，對嗎？

But net-net, when you do a combination of, let's say, a lower rate environment, an upward sloping yield curve for high grade, a higher mix of high yield, increased activity and Open Trading, all of those things can help fees per million levels.

但是淨淨而言，當你結合較低的利率環境、向上傾斜的高等級收益率曲線、高收益的更高組合、增加的活動和開放交易時，所有這些都可以幫助降低每筆費用萬級。

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

這應該會讓我們處於一個比你現在看到的更高的位置。

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

但同樣，這其中還有很多令人感動的事情，我們必須看看結果如何。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Most have been asked and answered.

大多數已被詢問和回答。

Maybe just one big picture one for you, Chris.

也許只是給你一張大圖，克里斯。

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

您之前說過，我認為您認為的高檔市場最終將實現約 90% 的電子化，而今天的數字約為 50%。

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

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 pace is slowed in the last few years.

過去幾年，這一速度有所放緩。

Do you see that turning around, given everything you've been saying about tackling into the block trade and behavior on the dealer side.

鑑於您一直在談論解決大宗交易和經銷商方面的行為，您是否看到了這種轉變？

Do you see that pace inflecting upward in the near term?

您認為這種速度在短期內會上升嗎？

Or do you still think this will be kind of this last 40% is still going to be a grind?

或者你仍然認為這最後 40% 仍然會是一種磨難？

If you could just compare it versus that first 25 years, and to what extent would that be a faster electronification than the prior 25.

如果你能將它與前 25 年進行比較，你會發現現在的電子化速度比前 25 年快多少。

Sure.

當然。

I'd like to say it will be quicker than the last 25.

我想說這會比過去25個更快。

Rick fought hard for the first 25.

里克為前25名奮力拼搏。

I'm hopeful that we'll accelerate the pace given all the work he's done.

鑑於他所做的所有工作，我希望我們能夠加快步伐。

Really, when I look at the market and the electronic conversion and the pace of that change, I think the first part of that change was more of a network effect, getting everyone on the network, getting people used to it, trader by trader.

確實，當我觀察市場、電子轉換以及變化的步伐時，我認為變化的第一部分更多的是網絡效應，讓每個人都進入網絡，讓人們習慣它，逐個交易者。

I see a higher level of what I call electronic capitulation both dealer and client are embracing electronic trading.

我看到更高水準的電子投降，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'm encouraged by the current adoption is if you look at portfolio trading just three years ago, the 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 10% and sometimes 13% of the market.

現在它的市佔率已達到 10%，有時甚至達到 13%。

This has accelerated the velocity of trading.

這加快了交易速度。

Clients have benefited from that solution, and they're embracing electronification.

客戶已從該解決方案中受益，並且他們正在擁抱電子化。

At the trader level, the more manual traders tend to lead the portfolio trading tools.

在交易者層面，較手動的交易者傾向於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 right time to start delivering similar efficiencies in the block trading area where 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，在大宗交易領域，他們不會改變債券的定價方式。

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

他們只需將聊天轉換為與經銷商的電子點擊交易解決方案。

Their information will be protected.

他們的資訊將受到保護。

The dealers will be protected when trading with those clients, which is an important component.

交易商在與這些客戶進行交易時將受到保護，這是一個重要組成部分。

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 importantly, how fast traders adopted portfolio trading and portfolio trading tools and moved electronically quite quickly because of the ease of use.

因此，我對早期大宗交易的採用感到鼓舞，但更重要的是，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相當快地採用電子化。

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和降低效率的整體壓力。

If you just look at the growth of our automation solution growing at 30% to 40% a year.

如果您看看我們的自動化解決方案每年以 30% 到 40% 的速度成長。

It's now 27% of our trades on the platform.

現在我們平台上的交易有 27%。

That is the same pressure that we think will lead to success in electronic adoption of block trades.

我們認為，正是這種壓力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。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey, good morning.

嘿，早安。

Thanks for squeezing in me here.

謝謝你把我擠到這裡。

Just a question on the automation suite.

只是關於自動化套件的問題。

Exciting to see representing 11% of volumes today.

令人興奮的是今天的成交量達到了 11%。

Just curious how you see that progressing over the next couple of years.

只是好奇你如何看待未來幾年的進展。

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.

也許可以談談你為克服這個問題所採取的一些步驟。

And in particular, if you can elaborate on the next generation of the adoptive Auto-X suite.

特別是，如果您能詳細說明下一代採用的 Auto-X 套件。

What might that look like?

那會是什麼樣子呢？

How you see that offering evolving?

您如何看待該產品的發展？

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

展望未來 12 個月，您如何看待這項進展？

Sure.

當然。

Automation has been a high area of interest among our clients.

自動化一直是我們客戶高度關注的領域。

Some encouraging data not only are we growing automation.

一些令人鼓舞的數據不僅使我們的自動化程度不斷提高。

It grew in the third quarter to a record level at 32% year-over-year.

第三季年增 32%，創歷史新高。

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 or the different penetrations of our clients in the automation area, not all clients look the same.

但令我感到鼓舞的是我們的客戶在自動化領域的差異化或不同的滲透率，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.

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 sized trades flowing through automation.

事實上，在本季度，我們透過自動化進行了一些創紀錄規模的交易。

Block size trades in automation is quite an encouraging set of facts.

自動化領域的大宗交易是一組相當令人鼓舞的事實。

The automation suite is across all products, which is also exciting.

自動化套件涵蓋所有產品，這也令人興奮。

So it's in EM.

所以它是在 EM 中。

It's in Eurobonds and across high grade and high yield.

它存在於歐洲債券中，涵蓋高品位和高收益債券。

So it's a cross-product solution that we're seeing adopted, not just here in the US but across the globe, high demands for automation.

因此，我們看到這種跨產品解決方案不僅在美國，而且在全球範圍內都得到了採用，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 leveraging our Pragma technology.

關於下一代自動化，我很高興地報告，我們剛剛推出了利用我們的 Pragma 技術的新拍攝解決方案。

It really replicates a very successful Auto-X solution, but in Pragma's technology and Pragma's footprint.

它確實複製了非常成功的 Auto-X 解決方案，但採用了 Pragma 的技術和 Pragma 的足跡。

It allows what would be a traditional Auto-X RFQ to see other alternative liquidity on its path to going into an RFQ.

它允許傳統的 Auto-X RFQ 在進入 RFQ 的過程中看到其他替代流動性。

So it really manages orders smartly while allowing the client to choose a very aggressive fee request model and a seamless no-touch solution.

因此，它確實可以智慧地管理訂單，同時允許客戶選擇非常激進的費用請求模型和無縫的非接觸式解決方案。

So we're excited about the new enhancements that we're putting in our adaptive Auto-X tool, but we're wildly excited about the success that the whole automation suite is having.

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，但我們對整個自動化套件所取得的成功也感到非常興奮。

And if you look at munis, which was the last launch of automation, we're continuing to see growth in our munis automation tool, an area where it's really primed given the very small trade sizes in our munis market, things like automation are perfectly positioned to reduce workflow for the buy side.

如果你看看市政自動化，這是最後一次推出的自動化，我們會繼續看到我們的市政自動化工具的成長，考慮到我們市政市場的貿易規模非常小，這個領域確實處於領先地位，像自動化這樣的東西是完美的旨在減少買方的工作流程。

Elias Abboud, Bank of America.

埃利亞斯·阿布德，美國銀行。

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

大家早安，感謝您提出問題。

Quick one on EM.

快速了解 EM。

How much of your emerging markets business is coming from US domiciled asset managers and if we get higher tariffs next year and US managers reduce allocations to emerging markets, how material should we expect that to be for your credit business?

你們的新興市場業務有多少來自美國註冊的資產管理公司，如果明年我們提高關稅，而美國管理公司減少對新興市場的配置，我們預計這對你們的信貸業務會有多大影響？

First, great question because our EM business is quite diversified across clients.

首先，這是個好問題，因為我們的新興市場業務在客戶方面相當多元化。

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

在美國，這一比例可能約為三分之一，接近 30% 的客戶從事新興市場業務。

The next and larger size is about 40% comes from our EMEA based clients.

下一個更大的規模大約 40% 來自我們位於 EMEA 的客戶。

So most large institutions will trade their EM business from Europe and the UK.

因此，大多數大型機構都會從歐洲和英國交易新興市場業務。

And then the remainder is split between our new clients in APAC, which has been growing.

然後剩下的部分分配給我們在亞太地區不斷成長的新客戶。

So APAC is a big investor across the EM landscape and our clients in LatAm, another area.

因此，亞太地區是整個新興市場的重要投資者，也是我們在拉丁美洲（另一個地區）的客戶。

So it's really diversified across region, and if you think about LatAm and APAC, that's where we continue to add clients, it's where we're growing and onboarding clients.

因此，它在各個地區確實是多元化的，如果你考慮拉丁美洲和亞太地區，那就是我們繼續增加客戶、發展和吸引客戶的地方。

And they have interest in not only trading EM, but also, it's very helpful because they're trading US high grade and high yield as well.

他們不僅對交易新興市場感興趣，而且這也非常有幫助，因為他們也在交易美國高品級和高收益債券。

But really a diversified look across -- when you look at that diversified look of client where it comes to US tariffs, less of an impact from their investment perspective.

但實際上是一個多元化的視角——當你看到客戶對美國關稅的多元化看法時，從他們的投資角度來看，影響較小。

They are looking at the globe from their unique lens and making investments more around the rate of return, the attractiveness of the sovereign debt, which is a big key part of the local market.

他們以獨特的視角審視全球，並更多地圍繞回報率和主權債務的吸引力進行投資，這是當地市場的重要組成部分。

So we feel quite comfortable with the EM market where rates end up and really where the EM economies end up, those macro issues will probably drive investor appetite in the EM markets and the EM regions across the board.

因此，我們對新興市場的利率最終走向以及新興市場經濟的最終走向感到非常滿意，這些宏觀問題可能會全面推動投資者對新興市場和新興市場地區的興趣。

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

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 EM is quite diversified across regions.

更重要的是，新興市場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 EM products.

因此，我們在新興市場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。

I'd now like to hand back over to Chris Concannon for further remarks.

現在我想請克里斯康坎農 (Chris Concannon) 發表進一步評論。

Great.

偉大的。

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 his confidence in me in taking on the company going forward.

顯然，我要感謝 Rick 25 年的付出以及他對我帶領公司前進的信心。

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

我當然要感謝卡洛斯·埃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則。

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, asking some of the hardest questions.

因此，您應該預計下個季度會在隊列中的某個地方看到他，詢問一些最困難的問題。

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。