Marketaxess Holdings Inc (MKTX) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to the Marketaxess, fourth quarter and full year 2024 earnings conference call.

歡迎參加 Marketaxess 2024 年第四季和全年財報電話會議。

(Operator Instructions) And as a reminder, this conference call is being recorded on February 6, 2025.

(操作員指示) 提醒一下，本次電話會議將於 2025 年 2 月 6 日錄製。

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

現在，我想將會議交給 Marketaxess 投資者關係主管史蒂夫戴維森 (Steve Davidson)。

Please go ahead, sir.

先生，請繼續。

Good morning, and welcome to the Marketaxess, fourth quarter and full year 2024 earnings conference call.

早安，歡迎參加 Marketaxess 2024 年第四季和全年財報電話會議。

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

參加電話會議的是執行長 Chris Concannon；將為您提供策略更新。

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

Rich Schiffman，交易解決方案全球主管；將向您介紹我們的貿易業務，然後是財務長 Ilene Bieler；將審查財務結果。

Before I turn the call over to Chris, let me remind you that today's call may include forward-looking statements.

在我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.

這些聲明代表了公司對未來事件的信念，而這些事件本質上是不確定的。

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所示的存在重大差異。

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 日的年度報告中 10-K 表的風險因素描述。

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季度收益報告中的前瞻性聲明免責聲明，該免責聲明已於今天早上發布，現已在我們的網站上發布。

Now let me turn the call over to Chris.

現在讓我把電話轉給克里斯。

Good morning, and thank you for joining us to review our fourth quarter and full year 2024 financial results.

早安，感謝您加入我們回顧我們的 2024 年第四季和全年財務表現。

Before I provide my strategic update, I would like to welcome Roberto Hornweg to our Board of Directors effective March 1, 2025.

在提供策略更新之前，我想歡迎 Roberto Hornweg 加入我們的董事會，自 2025 年 3 月 1 日起生效。

Voters wealth of experience in fixed income and international markets will be integral to our continued global expansion.

Voters 在固定收益和國際市場的豐富經驗對於我們繼續進行全球擴張至關重要。

Now turning to Slide 3, of my strategic update.

現在轉到投影片 3，這是我的策略更新。

We reported solid financial results for the year with 9% growth in revenue, our strongest annual revenue growth rate since 2020 with record commission revenue and record services revenue.

我們報告了今年穩健的財務業績，收入增長了 9%，這是自 2020 年以來最強勁的年度收入增長率，佣金收入和服務收入均創下了歷史新高。

In 2024, we also made solid progress with our high-touch strategy focused on meeting both the portfolio trading and block trading needs of our clients.

2024年，我們也在高接觸策略方面取得了紮實進展，專注於滿足客戶的投資組合交易和大宗交易需求。

We generated record levels of portfolio trading add in 2024 with record levels of US high-grade portfolio trading estimated market share.

我們在 2024 年創造了創紀錄的投資組合交易增量水平，美國高級投資組合交易預估市場份額也達到了創紀錄的水平。

Building on our focus on blocks during the year, we launched our block trading solution late in Q4 in emerging markets and Eurobonds, and we will be rolling out our full high-touch block solution in US credit at the end of Q1 this year.

基於我們今年對大宗交易的關注，我們於第四季末在新興市場和歐洲債券推出了大宗交易解決方案，並將於今年第一季末在美國信貸市場推出全面的高接觸大宗交易解決方案。

To be clear, 2024 was a build year, and now 2025 will be a year of delivery and execution.

需要明確的是，2024 年是建設年，而 2025 年將是交付和執行年。

We will be highly focused on growing our market share across our leading client-initiated channel, the portfolio trading channel and the dealer initiated channel.

我們將高度專注於擴大我們領先的客戶發起通路、投資組合交易通路和經銷商發起通路的市場佔有率。

And we plan to regularly report back on our progress in each of these channels.

我們計劃定期報告每個管道的進度。

Slide 4, illustrates the record levels of credit and rates ADV we delivered in 2024.

幻燈片 4 展示了我們在 2024 年提供的創紀錄的信貸水準和利率 ADV。

In credit, we generated a record $712 million in commission revenue and record commission revenue across most product areas on record total credit ADV.

在信貸方面，我們創造了創紀錄的 7.12 億美元佣金收入，並在大多數產品領域創造了創紀錄的佣金收入，總信貸日均交易量也創下了歷史新高。

We have maintained our leadership position in client-initiated RFQ in US credit, while growing across our other product areas in emerging markets, Eurobonds, munis and rates.

我們在美國信貸領域客戶發起的 RFQ 中保持了領先地位，同時在新興市場、歐洲債券、市政債券和利率等其他產品領域也實現了成長。

Our challenge was US credit market share across key protocols.

我們面臨的挑戰是美國在主要協議中的信貸市場份額。

I will walk you through how our enhanced functionality differentiated data and innovative client solutions are expected to drive increased revenue and market share in 2025.

我將向您介紹我們增強的功能、差異化數據和創新的客戶解決方案如何在 2025 年推動收入和市場份額的成長。

Turning to our Rates business.

轉向我們的利率業務。

We have been very pleased with our growth in 2024.

我們對 2024 年的成長感到非常滿意。

Trading ADV and our client-focused rates pool increased significantly from $2.9 billion per day in first Q '24 to $11.4 billion ADV in Q4.

交易日均交易量和以客戶為中心的利率池從 2024 年第一季的每天 29 億美元大幅增加到第四季的 114 億美元。

A lot of this growth was driven by more clients leveraging our rates algos, which they use to work larger block orders with low market impact over a specific time range.

這種成長很大程度上是由更多客戶利用我們的利率演算法所推動的，他們使用這些演算法在特定時間範圍內處理對市場影響較小的更大批量訂單。

In 2025, we expect to see more usage of our client algos as we migrate clients to Pragma technology launching in Q1.

到 2025 年，隨著我們將在第一季將客戶遷移到 Pragma 技術，我們預計客戶端演算法的使用將會增加。

Slide 5, illustrates the strong progress we have made with our high-touch block strategy.

投影片 5 展示了我們在高接觸阻擋策略方面所取得的重大進展。

First, in terms of portfolio trading, we gained over 200 basis points in share in US high-grade portfolio trading in 2024, while we rolled out our new EXPO platform and delivered portfolio training tools in emerging markets, Eurobonds and munis.

首先，在投資組合交易方面，我們於 2024 年在美國高等級投資組合交易中的份額增加了 200 多個基點，同時我們推出了新的 EXPO 平台，並在新興市場、歐洲債券和市政債券中提供了投資組合培訓工具。

In the fourth quarter, with the launch of our Global PT offering, portfolio trading in Eurobonds doubled to approximately $11 billion in volume compared to 3Q '24.

第四季度，隨著我們全球 PT 產品的推出，歐洲債券的投資組合交易量與 24 年第三季相比翻了一番，達到約 110 億美元。

In emerging markets, our portfolio trading ADV was up 175% for the full year 2024 versus 2023.

在新興市場，我們 2024 年全年的投資組合交易日均價值 (ADV) 較 2023 年成長了 175%。

I'm pleased to report that we did over $400 million in portfolio trading volume in Munis in 2024.

我很高興地報告，2024 年我們在市政債的投資組合交易量超過 4 億美元。

Turning to our high-touch block solution.

轉向我們的高接觸塊解決方案。

During 2024, we continued our investment in our block trading solution, and now we are seeing early signs of progress.

2024 年，我們繼續對大宗交易解決方案進行投資，現在我們看到了進展的早期跡象。

Since our launch in emerging markets in late November, we've done over $0.5 billion in block trades with over 75% of trades won by dealers recommended by our proprietary free trade selection tool.

自 11 月底進入新興市場以來，我們已完成超過 5 億美元的大宗交易，其中超過 75% 的交易是由我們專有的免費交易選擇工具推薦的交易商贏得的。

That win rate substantially reduces information leakage on our platform.

這一成功率大大減少了我們平台上的資訊外洩。

The feedback from clients and dealers is very positive as we expand our pre-trade analytics and block solutions into Eurobond and US credit in Q1 '25.

隨著我們在 25 年第一季將交易前分析和區塊解決方案擴展到歐洲債券和美國信貸，客戶和經銷商的回饋非常積極。

Before I discuss the expected drivers of our growth in 2025, we released our January trading metrics yesterday which reflect continued elevated market volumes and disappointing US high-grade market share.

在我討論 2025 年預期的成長驅動力之前，我們昨天發布了 1 月份的交易指標，反映出市場交易量持續上升，但美國高品位市場份額令人失望。

We have always gotten investors to look at longer-term trends and not read too much into the month-over-month fluctuations in our market share as we experienced in January.

我們始終讓投資者專注於長期趨勢，而不要過度關注我們市場份額的月度波動，就像我們在一月份所經歷的那樣。

During the month of January, we saw continued spread tightening and low spread volatility.

一月份，我們看到利差持續收緊，且利差波動較低。

We also saw a sizable jump in block volumes in the market and a drop in non-block volumes.

我們也看到市場上的區塊交易量大幅成長，而非區塊交易量則出現下降。

Both factors have an impact on our high-grade market share, but they make us even more focused on solving the block trading solution for our clients.

這兩個因素都對我們的高級市場份額產生了影響，但同時也使我們更加專注於為客戶解決大宗交易解決方案。

We have a clear strategy to return to market share growth in US credit across our three channels, and we believe that we will begin to see the benefits of our investments and acquisitions in 2025 which I will now walk you through on the next slide.

我們有一個明確的策略，即透過我們的三個管道恢復美國信貸市場份額的成長，我們相信，我們將在 2025 年開始看到我們的投資和收購帶來的好處，我將在下一張幻燈片中向您介紹這一點。

Slide 6, highlights the enhanced functionality, differentiated data and innovative client solutions that we expect to drive growth in 2025.

第 6 張投影片重點介紹了我們預計在 2025 年推動成長的增強功能、差異化數據和創新的客戶解決方案。

As I mentioned earlier, our key initiatives are focused on these three channels.

正如我之前提到的，我們的重點舉措集中在這三個管道。

The client-initiated channel where we have a clear leadership position in smaller-sized trades, and are focused on increasing our block share.

在客戶發起的管道中，我們在小額交易中佔據明顯的領導地位，並致力於增加我們的大宗份額。

The portfolio trading channel, we are very excited that we just launched our global benchmark portfolio trading solution, we also saw a pickup in high-yield portfolio trading market share in January.

投資組合交易管道，我們非常高興我們剛剛推出了我們的全球基準投資組合交易解決方案，我們也看到一月份高收益投資組合交易市場份額的回升。

In the dealer initiative channel, where we have been in the process of enhancing our dealer solutions.

在經銷商主動通路，我們一直在增強我們的經銷商解決方案。

Slide 7, lays out the key deliverables for 2025 as we realize the benefits of our investments, tech modernization and acquisitions.

第 7 張投影片列出了我們實現投資、技術現代化和收購所帶來的收益後，2025 年的主要成果。

First, in the client-initiated channel, with our high-touch solution, we are focused on the global rollout of our block trading solution, which began in EM in December.

首先，在客戶發起的管道中，我們透過高接觸解決方案，專注於大宗交易解決方案的全球推廣，該解決方案於 12 月在新興市場開始推廣。

Dura Bonds have launched in this quarter, and we are on target to launch our high-touch block trading in the first half of this year.

Dura Bonds 已於本季推出，我們計劃在今年上半年推出高接觸大宗交易。

With our low-touch solutions, we're expanding our automation suite with products like Adaptive Auto-X to support our global product set and integrate our client algo solutions with key markets like ICE bonds.

借助我們的低接觸解決方案，我們正在使用 Adaptive Auto-X 等產品擴展我們的自動化套件，以支援我們的全球產品集，並將我們的客戶演算法解決方案與 ICE 債券等主要市場結合。

In terms of X-Pro, our goal is to roll out traditional X-Pro on X-Pro in Europe in the first half of 2025 while expanding our high touch and portfolio trading tools in the US.

就 X-Pro 而言，我們的目標是在 2025 年上半年在歐洲的 X-Pro 上推出傳統的 X-Pro，同時在美國擴展我們的高接觸和投資組合交易工具。

Next, in the portfolio trading channel, we're expecting a full rollout of global benchmark pricing for portfolio trading, and we will continue to enhance our offering.

接下來，在投資組合交易管道，我們期待全面推出投資組合交易的全球基準定價，並將繼續增強我們的服務。

And last in the dealer-initiated channel, dealer RFQ is expected to benefit from the migration to for X-Pro dealers, and we are looking to re-launch [Mid-X-Pro] technology, both in the first half of 2025.

最後，在經銷商發起的通路中，經銷商 RFQ 預計將受益於向 X-Pro 經銷商的遷移，我們希望在 2025 年上半年重新推出 [Mid-X-Pro] 技術。

Our expectation is that the client initiative and portfolio trading channels will be feature complete in the first half of 2025 and the enhancements for our dealer initiative channel will be launched and available to dealers in Q2.

我們預計客戶計畫和投資組合交易通路將在 2025 年上半年功能齊全，而經銷商計畫通路的增強功能將在第二季推出並提供給經銷商。

Slide 8 frames the US high-grade market opportunity and the market channels that we are attacking to grow our share.

幻燈片 8 介紹了美國高端市場機會以及我們為擴大份額而進軍的市場管道。

First, the client initiative channel is an estimated $690 million revenue opportunity. representing approximately 63% of the total estimated e-trading opportunity in US high grade.

首先，客戶主動通路預計將有 6.9 億美元的收入機會。約占美國高品位電子交易機會總量的 63%。

This is where we have a clear leadership position and have very high share in small-sized trades.

在這方面我們具有明顯的領導地位，並且在小型交易中佔有很高的份額。

Blocks made up 39% of the market at the end of 2024 and electronic penetration is very low.

截至 2024 年底，電動車佔了 39% 的市場份額，電子普及率非常低。

This is the most exciting opportunity in the market for us, and we are already seeing positive trends.

對我們來說，這是市場上最令人興奮的機會，而且我們已經看到了積極的趨勢。

Next is the portfolio trading channel, which is important from a market share perspective, but smaller from a revenue perspective.

接下來是投資組合交易管道，從市場佔有率的角度來看它很重要，但從收入的角度來看它較小。

X-Pro and the pre-trade analytics that fuel X-Pro have been integral to our share gains in portfolio trading.

X-Pro 及其支援的交易前分析對於我們在投資組合交易中實現份額成長至關重要。

Last is the dealer-initiated channel which is also attractive, representing approximately $310 million or 28% of the TAM.

最後是經銷商發起的管道，該通路同樣具有吸引力，約佔 3.1 億美元或 TAM 的 28%。

We are attacking this channel with our dealer RFQ, our automation for dealers, Mid-X, and live market protocols, supported by our data and our new X-Pro for dealers.

我們正在利用經銷商 RFQ、經銷商自動化系統 Mid-X 和即時市場協議來進軍此通路，並由我們的數據和經銷商導向的全新 X-Pro 提供支援。

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

現在，讓我將電話轉給里奇，讓他向您介紹我們的貿易業務的最新情況。

Thanks, Chris.

謝謝，克里斯。

On slide 10, we highlight the key performance indicators for our trading businesses across channels for full year 2024.

在投影片 10 上，我們重點介紹了 2024 年全年跨通路貿易業務的關鍵績效指標。

As this slide clearly shows, with the exception of US credit market share, the key performance indicators across our platform are largely green in 2024 and reflecting the underlying fundamental strength of our business.

正如這張投影片清楚顯示的那樣，除了美國信貸市場份額外，我們平台的關鍵績效指標在 2024 年基本上都是綠色的，反映了我們業務的潛在基本實力。

And as Chris highlighted, we have a comprehensive plan and are laser focused to address our US credit market challenges.

正如克里斯所強調的，我們有一個全面的計劃，並專注於解決美國信貸市場的挑戰。

First, across our client-initiated channel, we generated record US credit ADV, up 10% to $8 billion.

首先，透過我們由客戶發起的管道，我們創造了美國信貸日均交易量 (ADV) 記錄，成長 10%，達到 80 億美元。

We saw strong growth in international product ADV to a record $5 billion up 17%.

我們看到國際產品日均交易額強勁成長，達到創紀錄的 50 億美元，成長 17%。

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

從可尋址市場角度來看，新興市場本地市場是新興市場中最大的機會。

We produced record local markets ADV of over $1.4 billion up 18%.

我們在本地市場創造了創紀錄的日均交易額，超過 14 億美元，成長 18%。

Our performance in municipal bonds is a positive example of our product diversification strategy with record ADV up 22% and record estimated market share of 7%, up from 6% in the prior year.

我們在市政債券方面的表現是我們產品多元化策略的一個積極例子，日均交易量創紀錄增長 22%，預計市場份額創紀錄地達到 7%，高於上一年的 6%。

We are very pleased with the liquidity coming from our partnership with ICE bonds.

我們對與 ICE 債券合作帶來的流動性感到非常滿意。

This started with municipals and is now expanded to US high-yield and price-based US investment grade.

這始於市政債券，現在已擴展到美國高收益債券和基於價格的美國投資等級債券。

ICE is becoming a valuable micro-lot liquidity provider in US corporate open trading.

ICE正在成為美國企業公開交易中有價值的微型手流動性提供者。

We experienced another quarter of strong growth in automation with record trade volume of $378 billion, up 25%.

我們經歷了自動化領域又一個強勁成長的一個季度，貿易額達到創紀錄的 3,780 億美元，成長 25%。

We had 245 active automation clients in 2024. 75 clients are now enabled for our algos, up from 13 in the prior year.

2024 年，我們有 245 個活躍的自動化客戶。

Open Trading ADV was a record $4 billion in 2024, an increase of 8%.

2024 年公開交易日均交易量達到創紀錄的 40 億美元，成長 8%。

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

在我們多樣化的流動性池的推動下，公開交易繼續成為美國信貸市場最大的單一二級流動性來源。

Our share of blocks in US high grade was just over 11%, up slightly from 2023.

我們在美國高品位礦塊中的份額略高於 11%，比 2023 年略有增長。

In the portfolio trading channel, we generated record total PT ADV of over [$900 million] and record US credit PT ADV of [$800 million] with record market share of 16%.

在投資組合交易管道中，我們創造了超過 [9 億美元] 的總 PT ADV 記錄，並創造了 [8 億美元] 的美國信貸 PT ADV 記錄，市佔率達到 16%。

Last, in the dealer-initiated channel, dealer RFQ and Mid-X ADV was a record $1.3 billion, representing a 17% increase over the prior year.

最後，在經銷商發起的通路中，經銷商 RFQ 和 Mid-X ADV 達到創紀錄的 13 億美元，比前一年成長了 17%。

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初期，但我們對歐洲 Mid-X 活動的改善感到鼓舞。

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

現在，讓我將電話轉給艾琳，來回顧我們的財務表現。

Thank you, Rich.

謝謝你，里奇。

Turning to our results.

談到我們的結果。

On Slide 12, we provide a summary of our fourth quarter financials.

在投影片 12 上，我們提供了第四季度財務狀況的摘要。

We delivered total revenue of $202 million compared to $197 million in the prior year.

我們的總收入為 2.02 億美元，而前一年為 1.97 億美元。

Looking at each of our revenue lines in turn.

依序查看我們的每一條收入線。

Commission revenue increased 2% and largely driven by increased market volumes, partially offset by lower market share.

佣金收入成長了 2%，主要得益於市場交易量的增加，但市佔率的下降部分抵消了這一增長。

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

資訊服務收入為 1,300 萬美元，成長 10%，其中包括來自 FX 的 30 萬美元收益。

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

由於我們的數據產品套件（尤其是 CP plus）的採用率持續走高，新合約推動了成長。

Post Trade Services revenue of $11 million was flat versus the prior year and included a $200,000 benefit from FX.

交易後服務收入為 1,100 萬美元，與去年持平，其中包括 20 萬美元的外匯收益。

The prior year period included over $1 million in onetime resubmission revenue.

去年同期的一次性重新提交收入超過 100 萬美元。

Technology Services revenue of $4 million increased 41%, driven by higher Pragma related license fees.

技術服務收入為 400 萬美元，成長了 41%，這得益於 Pragma 相關授權費用的提​​高。

Total other income decreased approximately $2 million due principally to mark-to-market losses on our US treasury portfolio in the current quarter of approximately $2 million versus a gain of $1 million in the prior year period.

其他總收入減少約 200 萬美元，主要由於本季度我們的美國國債投資組合按市價計價的損失約為 200 萬美元，而去年同期則盈利 100 萬美元。

The effective tax rate was 23%, and we reported diluted earnings per share of $1.73. On Slide 13, we provide more detail on our commission revenue and our fee capture.

有效稅率為 23%，我們報告的每股攤薄收益為 1.73 美元。在幻燈片 13 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 $175 million compared to $172 million in the prior year.

總佣金收入為 1.75 億美元，上年度為 1.72 億美元。

Strong growth in credit commission revenue across emerging markets up 18%, Eurobonds up 10% and municipals, up 6%, was partially offset by a 19% decline in US high yield and lower levels of credit spread volatility.

新興市場信貸佣金收入強勁成長，成長 18%，歐洲債券成長 10%，市政債券成長 6%，但這被美國高收益債券下降 19% 和信用利差波動性下降所部分抵銷。

The reduction in total credit fee capture from the prior year was driven principally by product mix specifically lower high-yield activity.

與前一年相比，總信貸費用的減少主要是由於產品組合，特別是高收益活動的減少。

Total credit fee capture was in line with 3Q '24 levels.

總信貸費用與 24 年第三季的水平一致。

The decline in fixed distribution fees was principally driven by dealer migrations to variable fee plans.

固定分銷費用的下降主要是由於經銷商轉向浮動費用計劃所致。

On Slide 14, we provide a summary of our operating expenses.

在投影片 14 上，我們提供了營運費用的摘要。

Fourth quarter operating expenses of $122 million increased 2% compared to the prior year as we anniversary the Pragma acquisition.

由於我們慶祝收購 Pragma 週年，第四季度營運費用為 1.22 億美元，比上年同期成長 2%。

Higher employee comp and benefits, tech and communications and marketing costs were partially offset by lower depreciation and amortization, professional and consulting and general and administrative costs.

員工薪資和福利、技術和通訊以及行銷成本的增加被折舊和攤提、專業和諮詢以及一般和行政費用的降低部分抵消。

Headcount was up 1%.

員工人數增加了1%。

On Slide 15, we provide an update on our capital management and cash flow.

在投影片 15 上，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 US treasury investments totaling $699 million as of December 31, up from $602 million at the end of last year.

我們的資產負債表持續保持強勁，截至 12 月 31 日，現金、現金等價物、公司債和美國公債投資總額為 6.99 億美元，高於去年年底的 6.02 億美元。

We generated $328 million in free cash flow over the trailing 12 months, an increase of 6% over last quarter.

我們在過去 12 個月中產生了 3.28 億美元的自由現金流，比上一季成長了 6%。

For the full year 2024, we repurchased 341,000 shares for a total of $75 million, including 64,000 shares repurchased during the fourth quarter at a cost of $16 million.

2024 年全年，我們回購了 341,000 股，共 7,500 萬美元，其中第四季回購了 64,000 股，耗資 1,600 萬美元。

As of January 31, 2025, $220 million remains on the current authorization.

截至 2025 年 1 月 31 日，目前授權金額剩餘 2.2 億美元。

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

我們相信，我們在投資推動未來成長與成為嚴謹的資本管理者之間取得了適當的平衡。

On Slide 16, we provide you with our full year 2025 guidance.

在第 16 張投影片上，我們為您提供了 2025 年全年指引。

Total services revenue, which includes information, post trade and technology services is expected to grow in the mid-single digits in 2025.

預計到 2025 年，包括資訊、交易後和技術服務在內的總服務收入將實現中等個位數成長。

We expect total expenses to be in the range of $505 million to $525 million, off a base of $476 million in 2024.

我們預計總支出將在 5.05 億美元至 5.25 億美元之間，2024 年的基礎支出為 4.76 億美元。

This would imply a growth rate of approximately 8% to the mid-point of the 2025 range.

這意味著到 2025 年的中點成長率約為 8%。

This includes the full year effect of 2024 hires, inflationary increases as well as tech investments and higher variable costs.

這包括 2024 年招聘的全年效應、通貨膨脹的成長以及技術投資和更高的變動成本。

We expect that the effective tax rate will be in the range of 23.5% to 24.5%.

我們預計有效稅率將在23.5%至24.5%之間。

Capital expenditures are expected in the range of $65 million to $70 million of which roughly 80% relates to capitalized software development costs for the investments we are making in new protocols and trading platform enhancements.

預計資本支出在 6,500 萬至 7,000 萬美元之間，其中約 80% 涉及我們對新協議和交易平台增強的投資的資本化軟體開發成本。

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

現在，讓我將電話轉回給克里斯，請他作最後發言。

Thanks, Ilene.

謝謝，艾琳。

In summary, on Slide 17, we delivered solid financial results in 2024.

總而言之，在第 17 張投影片上，我們在 2024 年取得了穩健的財務表現。

In 2024, we made solid progress building our portfolio trading tools, our high-touch block training solution and our dealer solutions.

2024年，我們在建立投資組合交易工具、高接觸區塊培訓解決方案和經銷商解決方案方面取得了紮實的進展。

Our focus in 2025 is now on realizing the benefit of our investments and the acquisitions and delivering those solutions across all three of our channels. 2025 is a year of delivery, and we look forward to reporting on the progress through the coming quarters.

我們 2025 年的重點是實現投資和收購的收益，並透過我們的三個管道提供這些解決方案。 2025 年是交付之年，我們期待在接下來的幾季報告進展。

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

現在我們很高興能開通熱線來回答您的問題。

Thank you.

謝謝。

And we will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Chris Allen, Citi.

花旗銀行的克里斯艾倫 (Chris Allen)。

Yeah, good morning everyone.

是的，大家早安。

Thanks for taking the question.

感謝您回答這個問題。

I wanted to talk about the block trading launch in the US.

我想談談美國大宗交易的推出。

I'm kind of curious why you led with emerging markets [your bonds] first.

我有點好奇你為什麼首先選擇新興市場（你的債券）。

When we think about the block trading launch, which we've been anticipated in the US, just how integral is having the deals on board for success on block penetration moving forward?

當我們思考美國期待已久的大宗交易的推出時，這些交易對於未來大宗交易的成功滲透有多重要？

And what steps you're taking to ensure that success.

以及您將採取哪些措施來確保成功。

Sure.

當然。

Thanks, Chris.

謝謝，克里斯。

And yes, pretty excited about both where we are from a block trading perspective and obviously, very excited about the launch, the pending launch in the US.

是的，我們對大宗交易的現狀感到非常興奮，顯然，我們對即將在美國推出的產品感到非常興奮。

I've been talking about our high-touch solution for quite some time.

我已經談論我們的高接觸解決方案很長一段時間了。

So it was great to see it launched in December of last year.

很高興看到它於去年 12 月推出。

We targeted -- what we did is targeted EM and then Eurobonds, first, largely because of the pre-trade analytics that we have in both those markets from a great inventory of dealer axes.

我們首先瞄準的是新興市場，然後是歐洲債券，這主要是因為我們從大量的經銷商庫存中獲得了對這兩個市場的交易前分析數據。

We also have pre-trade analytics that we call Smart Dealer Select.

我們也提供交易前分析功能，我們稱之為「智慧經銷商選擇」。

And then here in the US, we have AI dealer select tools.

在美國，我們有 AI 經銷商選擇工具。

So it's really when we looked at and added up all the pre-trade analytics, we were very excited about what we were seeing in EM in particular.

因此，當我們查看並彙總所有交易前分析數據時，我們對新興市場中看到的情況感到非常興奮。

And obviously, the clients in EM have been asking for a block solution for some time.

顯然，EM 中的客戶一直在要求提供阻止解決方案。

So it was really the right market to launch in and we have seen in the fourth quarter, we did see our EM block market share increase.

因此，這確實是一個適合開展業務的市場，而且我們在第四季度看到，我們的新興市場區塊市場份額確實有所增加。

Blocks in EM increased by about 22%.

新興市場的區塊增加了約 22%。

And as I mentioned in our opening remarks.

正如我在開場白中提到的那樣。

The key ingredient to trading blocks, just taking a step back and look, we spent a lot of time looking at the electronic market and what their clients want solved.

交易區塊的關鍵因素是，退一步來看，我們花了很多時間研究電子市場以及他們的客戶想要解決的問題。

The big challenge for block trading is information leakage.

大宗交易面臨的最大挑戰是資訊外洩。

In our bond market, you have to present your interest in an RFQ to get a price back.

在我們的債券市場中，您必須在 RFQ 中表達您的興趣才能獲得價格。

And so when you're trading a block, you do not want to share that information broadly because of the impact it can have on the market.

因此，當你交易一個區塊時，你不想廣泛分享該訊息，因為它會對市場產生影響。

So that makes all to all less attractive for a block, and we've seen that over the years around our block market share for all to all.

因此，這會使「所有人」對所有區塊的吸引力降低，多年來，我們已經看到這種情況在我們對所有區塊的市場份額上有所體現。

In a liquid market, clients choose all-to-all quite regularly, and we see that in our block trading stats in our all-to-all market.

在流動性強的市場中，客戶會經常選擇全對全，我們在全對全市場的大宗交易統計中也看到了這一點。

But what (inaudible) wants to do is target a specific dealer with a block, and they want a short list of dealers that they want to target -- so they reduced that information leakage.

但是 (聽不清楚) 想要做的是針對特定的經銷商，並且他們想要得到一份他們想要針對的經銷商的簡短名單——所以他們減少了信息洩露。

The most important point, and this is what we're seeing the success in our tool is -- they want to know that, that dealer has a high likelihood to respond and execute at a fair price.

最重要的一點，也是我們在我們的工具中看到的成功之處在於——他們想知道經銷商很有可能以公平的價格回應和執行。

And so more information than just whether a dealer is act or showing a price or an indicative price is a key ingredient.

因此，除了經銷商是否採取行動、是否顯示價格或指示性價格之外，更多資訊也是關鍵因素。

So data matters when it comes to block trading.

因此，當涉及到大宗交易時，數據很重要。

And so on an electronic platform, there's more data that we can present as we present the pre-trade analytics.

因此，在電子平台上，我們在呈現交易前分析時可以呈現更多的數據。

And we're seeing in our block trading tool, very high hit rates relative to the traditional RFQ, we're seeing about a 90% hit rate in our Eurobond targeted block trading tool.

我們發現，我們的大宗交易工具與傳統 RFQ 相比命中率非常高，我們的歐洲債券定向大宗交易工具的命中率約為 90%。

Based on our Axis and our Smart Dealer selection.

根據我們的 Axis 和智慧經銷商選擇。

So that's an exceptionally high hit rate, where in traditional RFQ, it's closer to 60% to 70% hit rate.

這是一個非常高的命中率，而在傳統的 RFQ 中，命中率接近 60% 到 70%。

And we are -- it's still early days.

而我們 — — 現在還為時過早。

We have about 65 active clients using our block trading tool.

我們有大約 65 個活躍客戶使用我們的大宗交易工具。

And more importantly, just in -- we launched it in December, we've just done as of yesterday, over $1.2 billion in volume in our targeted block trade solution.

更重要的是，我們在 12 月推出了該解決方案，截至昨天，我們的目標大宗交易解決方案的交易量已經超過 12 億美元。

So still early days, but very excited about, one, the volumes that are going through, but more importantly, the experience that the clients are having in that tool.

因此仍處於早期階段，但我們非常興奮，一方面，正在處理的資料量，但更重要的是，客戶使用該工具的體驗。

What our clients are asking for is what we call one click trading.

我們的客戶所要求的就是我們所說的一鍵交易。

They want to see a price, they want to share their information with a small list of dealers and they want to know that they'll get a response, high likelihood of a response.

他們希望看到價格，他們希望與一小部分經銷商分享他們的訊息，他們希望知道他們是否會得到回應，而且很有可能得到回應。

And that's really the feedback that we're getting with that block trading tool.

這確實是我們透過大宗交易工具所獲得的回饋。

We will be launching here in the US high grade and US high yield, the block solution, what I'll call it enhanced block solution at the beginning of Q2. and we will have that very direct-to-dealer solution where you can one click with a dealer.

我們將在第二季初在美國高品位和高收益市場推出區塊解決方案，我稱之為增強型區塊解決方案。我們將提供直接面向經銷商的解決方案，您只需點擊一下滑鼠即可與經銷商聯繫。

Getting to your second part of your question -- sorry, this is a long-winded answer because it's an exciting topic for us.

回到你問題的第二部分——抱歉，這是一個冗長的回答，因為這對我們來說是一個令人興奮的話題。

But the second part of your question is about how do dealers perceive this and what's the reception from dealers, the dealers have been very supportive of us putting them in comp with a shorter list for clients.

但你問題的第二部分是關於經銷商如何看待這一點以及經銷商的反應如何，經銷商非常支持我們將他們納入到更短的客戶名單中。

That's an important ingredient because dealers pay a price of broad dissemination of an inquiry like in all-to-all.

這是一個重要因素，因為經銷商需要為廣泛傳播詢價付出代價，就像在「全對全」中一樣。

It's called Winners curse.

這被稱為「勝利者詛咒」。

The whole market knows that you've just taken a position -- so when it comes to being a counterparty for a block, they like to know that there's a shorter list or even on their own on that targeted inquiry.

整個市場都知道你剛剛採取了行動——因此，當談到成為區塊的交易對手時，他們喜歡知道有一個更短的名單，甚至可以自己進行有針對性的調查。

And they tend to price aggressively based on the number of people that are seeing that inquiry.

而且他們傾向於根據看到該詢問的人數來確定積極的價格。

And so that's an important component.

這是一個重要組成部分。

It's actually dealer-friendly this block trading solution.

這種大宗交易解決方案實際上對經銷商來說是很友善的。

And so the feedback from dealers has been positive, and the feedback from clients have been very positive.

因此，經銷商的回饋很積極，客戶的回饋也非常積極。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Thanks.

謝謝。

I wanted to just follow up on a lot of your prepared remarks around kind of goals this year and improving market share.

我只是想跟進一下你關於今年的目標和提高市場份額的許多準備好的發言。

And I assume your first answer hit some of this, but what gives you confidence in terms of the ability to grow share in high grade and you are rolling out products, but curious if you think the protocols you have today are what is going to drive that?

我認為您的第一個答案已經涉及了其中的一些問題，但是，什麼讓您對擴大高品位市場份額以及推出新產品的能力充滿信心呢？

Or what is still on the come?

或者還有什麼即將發生？

Do you think that is going to be the driver of that increased market share?

您認為這將成為市佔率成長的推動力嗎？

Thanks, Dan.

謝謝，丹。

First, I'll start from a macro market perspective, the market itself is quite favorable to the fixed income market broadly where yields currently stand.

首先，我從宏觀市場角度開始，就目前的報酬率而言，市場本身對固定收益市場非常有利。

Inflows into fixed income funds are generally positive, and they continue to be positive here in -- just in January.

固定收益基金的流入大致上是正數，今年 1 月的流入也持續保持正數。

So from a macro perspective, the market is still fairly attractive.

因此從宏觀角度來看，市場仍然相當有吸引力。

New issue market is quite robust.

新發行市場相當活躍。

We saw a heavy new issue market in January, and most forecasts predict a strong new issue market throughout the year of 2025.

1 月份，我們看到新股發行市場十分活躍，大多數預測也顯示 2025 年全年新股發行市場都將保持強勁。

The other pieces of the puzzle turnover in the market continues to be at high rates of turnover similar to what we saw in 2024.

市場上其他部分的周轉率仍然保持在高位，與我們在 2024 年看到的類似。

So the velocity of the market.

這就是市場的速度。

And I think in IG in particular, it's largely driven by electronic trading, portfolio trading solutions the growth of electronic RFQ continues to drive that velocity of trading.

我認為特別是在 IG 中，它很大程度上受到電子交易、投資組合交易解決方案的驅動，電子 RFQ 的成長繼續推動交易速度。

The other piece is a very robust entry from systematic funds into the market, both as takers of liquidity, but also as alternative liquidity providers.

另一部分是系統基金強勢進入市場，既作為流動性的接受者，也作為替代流動性的提供者。

That's a key ingredient to our growth and overall growth of the velocity of trading in the bond market.

這是我們的成長以及債券市場交易速度整體成長的關鍵因素。

The factors that are a struggle for our model, our RFQ model with an all-to-all solution have been very low volatility and very tight spreads.

對於我們的模型（我們的 RFQ 模型採用全包解決方案）來說，困難的因素是波動性非常低且利差非常小。

All to all is a great provider of alternative liquidity in high vol.

總而言之，它是高交易量替代流動性的重要提供者。

And so the key for our growth rates in 2025 is being -- is offering multiple protocols that are appropriate in multiple types of market environments.

因此，我們 2025 年成長率的關鍵是提供適合多種市場環境的多種協議。

So as you think about it, we are the largest liquidity solution, alternative liquidity solution, electronic alternative liquidity solution in the US credit market.

所以你想一想，我們是美國信貸市場上最大的流動性解決方案、替代流動性解決方案和電子替代流動性解決方案。

Our platform provides an electronic RFQ for small sizes.

我們的平台為小尺寸提供電子詢價。

We have an exceptionally strong automation solution for what I'd call no-touch trading.

我們擁有一套極其強大的自動化解決方案，可以實現我所謂的無接觸交易。

So our all-to-all market solves both no touch and low touch trading.

所以我們的全方位市場解決了無接觸交易和低接觸交易的問題。

And we're now near the edges of completing our PT solution.

現在，我們的 PT 解決方案已接近完成。

I think I used in my prepared remarks feature complete in Q1 for portfolio trading.

我認為我在準備好的評論中使用了第一季完成的投資組合交易功能。

That doesn't mean there won't be an endless supply of new analytics and new functionality that clients will ask for in PT but we have a sizable feature rollout in Q1.

這並不意味著客戶在 PT 中不會要求無窮無盡的新分析和新功能，但我們在第一季推出了大量功能。

We just had a release in Q in January.

我們一月剛發布了 Q 版本。

We have another release in February just next week, and we just see ourselves as being -- having a highly competitive offering in portfolio trading in Q1.

下週，我們將在 2 月發布另一個版本，並且我們認為我們在第一季的投資組合交易中將擁有極具競爭力的產品。

The other area of growth that we're very excited about, and I just talked about it with Chris Allen's question, our block trading solution is finally launching in US high grade, where it's quite appropriate -- what's exciting about that is we're targeting what I call the next 50% of the market.

我們非常興奮的另一個成長領域，我剛才在回答克里斯艾倫的問題時談到了這一點，我們的大宗交易解決方案終於在美國高等級油田推出，這是非常合適的——令人興奮的是，我們的目標是所謂的下一個 50% 的市場。

If you really think about it, that tool targets a bigger portion of the market than all of electronic trading in the high-grade market today.

如果你認真想想，你會發現該工具所針對的市場份額比目前高端市場中所有電子交易的份額還要大。

That's just a huge opportunity for us to solve.

這對我們來說是一個巨大的機會。

And while it's still early days, the evidence that we're seeing on our block trading tool in both EM and EU is quite exciting around our launch in high grade.

雖然現在還為時過早，但我們在新興市場和歐盟的大宗交易工具上看到的證據對於我們高階產品的推出相當令人興奮。

So look, January was not -- that was a disappointing market share for us in January.

所以看起來，一月份的市場份額對我們來說是令人失望的。

And when we look at the rest of the year, we're quite excited about the schedule.

當我們展望今年剩餘的時間時，我們對賽程感到非常興奮。

And as you can see in our prepared remarks, we're quite regimented about dates and being committed to those dates of execution and delivery in 2025.

正如您在我們準備好的評論中所看到的，我們對日期非常嚴格，並致力於在 2025 年執行和交付這些日期。

So we're quite confident about our rollout strategy across the US corporate market.

因此，我們對在美國企業市場推廣的策略非常有信心。

And the last piece that we are introducing a new product in continuously in 2025 is the dealer business.

而2025年我們要不斷推出新產品的最後一個板塊就是經銷商業務。

The dealer-to-dealer business in US high grade is about 30% of the market, 29% to be exact in January.

美國高級轎車經銷商對經銷商的業務約佔市場的30%，1月準確率為29%。

That's a sizable portion of the business.

這是業務中相當大的一部分。

We expect that portion of the business continue to grow.

我們預計該部分業務將繼續成長。

As dealers turn over inventory at a much higher rate in the market to come.

由於未來市場經銷商的庫存週轉率會更高。

As we mentioned in the remarks, we already have a robust dealer RFQ platform.

正如我們在評論中提到的，我們已經擁有一個強大的經銷商 RFQ 平台。

That, in fact, saw market share gains, both in high grade and high yield in January, but we're rolling out a Mid-X or a mid-market matching solution in and we're rolling out a new front-end X-Pro for dealers starting in Q2 and rolling out throughout Q3.

事實上，1 月高品位和高收益產品的市佔率都有所成長，但我們正在推出 Mid-X 或中階市場匹配解決方案，並將從第二季開始為經銷商推出新的前端 X-Pro，並將在整個第三季推出。

So we have a number of product deliveries rolling out through the first half of 2025.

因此，我們將在 2025 年上半年交付大量產品。

Each of those product deliveries, we intend to have market share impact as a result.

我們希望每一款產品的交付都能對市場佔有率產生影響。

Thank you.

謝謝。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hey, good morning and thanks for taking the question.

嘿，早上好，感謝您回答這個問題。

Chris, you kind of touched on what I wanted to ask you about, which was sort of a higher-level look at the market in terms of where there's room left to electronify.

克里斯，你有點觸及了我想問你的問題，即從更高層次的角度看待市場，看看哪裡還留有電子化的空間。

But I'll kind of ask it anyway.

但我還是會問這個問題。

You've always said historically that the key competitors, the phone.

從歷史上看，您總是說主要的競爭對手是手機。

I guess as you think about the block market, I think that's largely unelectronified side, but I'm curious where else do you think there is low-hanging fruit parts of the market that are electronified but maybe not all the way?

我想，當您考慮區塊市場時，我認為這基本上是非電子化的一面，但我很好奇，您認為還有哪些市場中容易實現電子化但可能沒有完全電子化的部分？

And how important -- or how would you describe sort of what's necessary in terms of either -- is it either a matter of competition?

這有多重要——或者您如何描述這兩者之間的必要性——這是否是競爭的問題？

Is it a matter of increasing electronification.

這是電子化程度不斷提高的問題嗎？

How do you think about like which of those two is sort of more important as you think about growing your share over the next few years?

當您考慮在未來幾年擴大您的份額時，您如何看待這兩者中哪一個更重要？

Thank you.

謝謝。

Yeah.

是的。

Great question, one that we spend a lot of time on.

這個問題問得好，我們花了很多時間去思考。

If you think about our investment in 2024, we made a strategic decision to continue to invest in our high-touch block solution.

如果您考慮我們在 2024 年的投資，我們做出了一項策略決策，繼續投資於我們的高接觸區塊解決方案。

While we knew we were facing competition in portfolio trading.

雖然我們知道我們在投資組合交易方面面臨競爭。

But as we laid out in the TAM presentation, obviously, the block part of the market is by far the largest part that is not electronic.

但正如我們在 TAM 簡報中所述，顯然，區塊鏈市場部分是迄今為止非電子部分中最大的部分。

And it's really phone and ID that we see the blocks flowing through.

我們真正看到的是手機和身分證在流動。

And when you look at the workflow over ID or phone, it's just -- it's very inefficient and our clients continuously are looking for better ways to trade blocks, but in what I call a replicated fashion to phone and chat.

當您查看 ID 或電話上的工作流程時，您會發現它非常低效，我們的客戶一直在尋找更好的方式來交易區塊，但我稱之為複製電話和聊天的方式。

They don't want information leakage over the electronic platform, and that's really what we perfected in our targeted flock training solution.

他們不希望資訊透過電子平台洩露，而這正是我們在有針對性的羊群訓練解決方案中所完善的。

The other areas of opportunity is really around the retail space, and it's across US corporates and across really the whole fixed income market.

其他機會領域其實是在零售領域，遍及美國企業以及整個固定收益市場。

We have a platform that is targeting the private bank market called Access IQ.

我們有一個針對私人銀行市場的平台，名為 Access IQ。

It continues to deliver volumes and growth month-over-month and obviously, year-over-year.

它繼續實現月環比、甚至年環比的成長。

So we're encouraged that we have now tapped into the private bank space in the US That was largely targeting European private banks and APAC Private Bank.

因此，我們很高興現在已經進入了美國的私人銀行領域，這主要針對歐洲私人銀行和亞太地區私人銀行。

So we're seeing healthy growth from the retail market.

我們看到零售市場正在健康成長。

I think with the rates being so attractive, more broadly, you're going to continue to see higher levels of activity in the retail space.

我認為，由於利率如此具有吸引力，更廣泛地說，你將繼續看到零售領域的活動量更高。

And then other areas, really the -- I think the biggest area of electronic opportunity an electronic evolution is really in emerging markets.

然後是其他領域，實際上——我認為電子機會和電子發展的最大領域實際上是在新興市場。

It's hard to get the true denominator in emerging markets, the full total market size, but it's equivalent to the total size of US investment grade in US high yield.

很難獲得新興市場的真正分母，即整個市場規模，但它相當於美國高收益債券中美國投資等級債券的總規模。

A sizable market.

一個相當大的市場。

And by our estimates, we're only looking at under 5% is electronically penetrated.

根據我們的估計，只有不到 5% 的網路受到了電子入侵。

So there's a huge opportunity within the EM market.

因此，新興市場中存在著巨大的機會。

And the most important ingredient to all these electronic solutions is really around data.

所有這些電子解決方案中最重要的因素實際上都是數據。

You can't really electronify a market, absent the data and as we grow our footprint across the market, our data footprint and our data intelligence becomes that much more valuable.

如果沒有數據，你就無法真正實現市場電子化，隨著我們在市場上的影響力不斷擴大，我們的數據足跡和數據智慧也會變得更有價值。

And that's the most important ingredient.

這是最重要的因素。

The more you touch the better your data becomes.

您接觸的越多，您的數據就越好。

And we're rolling out data products in the same pace in which we're rolling out these new protocols.

我們推出數據產品的速度與推出這些新協議的速度相同。

So when you really see the complete offering by mid this year, we were going to be touching the largest trade sizes, portfolio trades, and those are complicated with lots of line items.

因此，當您在今年年中真正看到完整的產品時，我們將觸及最大的交易規模、投資組合交易，這些交易非常複雜，包含許多項目。

The next largest, which is block trades, we'll have protocol for that.

下一個最大的交易是大宗交易，我們將對此制定協議。

We'll have our current highly liquid, low touch all-to-all protocol and then full automation suite, both auto RFQ, but more importantly, algos that replicate multiple trades through RFQ and other ways to trade.

我們將擁有當前高度流動性、低接觸的全對全協議以及全自動化套件，包括自動 RFQ，但更重要的是，透過 RFQ 和其他交易方式複製多筆交易的演算法。

So it will be a complete offering in 2025, and we spent the full year of investing and building out the ability to deliver all these products in '25.

因此，它將在 2025 年提供完整的產品，我們花了一整年的時間進行投資，並建立在 2025 年交付所有這些產品的能力。

Hey Ben, it's Rich.

嘿，本，我是里奇。

Just one thing I wanted to add to Chris' remarks on this.

我只想對克里斯對此的評論補充一點。

And he highlighted all of the areas where electronic trading is, let's say, not as well penetrated like the block area, for example.

他重點介紹了所有電子交易尚未普及的領域，例如區塊領域。

But one thing we definitely believe in is that even in the odd lot space, let's say, the smaller-sized trades, this is going to continue to grow this segment.

但有一件事我們確實相信，那就是即使是在零星交易領域，比如說小規模的交易，這一領域也將持續成長。

And just like what has happened in equities with all of the electronic trading adoption and the systematic liquidity providers that are out there are enabling new strategies for people to get internet of bonds a lot more easily.

就像股票市場發生的情況一樣，隨著電子交易的採用和系統性流動性提供者的出現，人們可以採用新策略更輕鬆地獲取債券網路。

It's going to lead to more turnover in that size range is our view.

我們認為，這將帶來該規模範圍內的更多營業額。

And we believe we've got the right solutions to capture that flow.

我們相信我們已經找到了正確的解決方案來捕捉這種流量。

So we expect it to keep growing.

因此我們預計它將繼續增長。

I mean, we were just commenting before the call, we've seen a couple of trace days of [$44 billion] in high grade, which is well above the running averages.

我的意思是，我們只是在電話會議之前發表評論，我們已經看到幾天 [440 億美元] 的高品位，遠高於運行平均水平。

There's a likelihood of increasing activity that's going on in the sweet spot, which means more volume for us to capture.

在最佳點發生的活動可能會增加，這意味著我們可以捕捉更多的量。

Kyle Boyd, KBW.

凱爾·博伊德（Kyle Boyd），KBW。

Hi, good morning, everyone.

大家早安。

Maybe if I could just ask a bigger picture question on the high-yield business.

也許我可以問一個關於高收益業務的更大問題。

January market share near 12%.

一月份市佔率接近12%。

I think 2 years ago, you were in the kind of 17% to 18% range.

我認為兩年前，這一比例在 17% 到 18% 之間。

I know there's been a number of changes with the market.

我知道市場發生了許多變化。

There's been cyclical headwinds, maybe some structural headwinds as well.

存在週期性的逆風，也可能存在一些結構性的逆風。

But if you look at market share by client type and high yield, I'm just trying to understand where you're seeing good progress over the past 2 years. which client segments are still seeing some good growth?

但如果您按客戶類型和高收益來查看市場份額，我只是想了解過去兩年您在哪些方面取得了良好的進展。哪些客戶群仍保持著良好的成長動能？

And then where are you seeing the most pullback or share migrate away or clients just pull back from the marketplace as we're trying to think about the growth trajectory and share from here?

那麼，當我們試圖思考今後的成長軌跡和份額時，您認為哪裡會出現最大的回檔或份額流失，或者客戶只是從市場撤出？

Yeah.

是的。

Great question and high yield in 2024, the market itself from a macro perspective certainly saw challenges for end investors, very attractive markets, spreads were tight, volatility was low.

這個問題問得很好，2024 年的收益率很高，從宏觀角度來看，市場本身無疑給終端投資者帶來了挑戰，市場非常有吸引力，利差很小，波動性很低。

For ETF market makers, anyone trading ETF arbitrage.

對於 ETF 做市商而言，任何進行 ETF 套利交易的人。

That's a very difficult market to trade in, particularly as the borrower rate went up sizably in 2024.

這是一個非常困難的交易市場，尤其是在 2024 年借款人利率大幅上漲的情況下。

So being able to put on an arbitrage across the high-yield market became quite difficult.

因此，在高收益市場進行套利變得相當困難。

So really what we saw in 2024 and still in January is the ETF players, those that were trading high yield on an ETFR really exit the market.

因此，我們在 2024 年以及今年 1 月真正看到的是 ETF 參與者，那些在 ETFR 上交易高收益的人真正退出了市場。

We saw some trading pads at some of the hedge funds closed down.

我們看到一些對沖基金的交易平台關閉了。

We still see -- we continue to see systematics coming into high yield because they want to make the investment to be there most systematics that we talk to that are investing in the high-yield product and high-yield trading continue to be that volatility will return to the high-yield market.

我們仍然看到——我們繼續看到系統性投資者進入高收益市場，因為他們希望進行投資，我們交談過的大多數系統性投資者都在投資高收益產品和高收益交易，他們繼續認為波動性將重返高收益市場。

Certainly, if you have any credit challenges through high yield, we see individual issuer volatility snap back but they're really predicting that there will be vol eventually back in high yield, and that spread will widen out and so they'll have opportunity for the arbitrage, they'll have opportunity for just straight dealer solutions.

當然，如果您在高收益方面遇到任何信貸挑戰，我們會看到個別發行人的波動性會迅速回升，但他們實際上預測高收益最終會恢復波動性，並且利差會擴大，因此他們將有機會進行套利，他們將有機會獲得直接經銷商解決方案。

When it comes to high yield and the traditional buy side, from a macro perspective, high yield is still very attractive.

當談到高收益和傳統買方時，從宏觀角度來看，高收益仍然非常有吸引力。

That rate environment is very attractive.

這一利率環境非常有吸引力。

So we continue to see inflows into the high-yield funds.

因此，我們繼續看到資金​​流入高收益基金。

And really, portfolio trading is picking up in high yield.

事實上，投資組合交易的高收益正在回升。

We've seen it come up to about 8% of the high-yield market.

我們已經看到它佔據了高收益市場的約8%。

And we recently launched our benchmark portfolio training tool, which we tend to see more benchmark trades in high yield.

我們最近推出了基準投資組合培訓工具，我們傾向於看到更多高收益的基準交易。

So we did pick up portfolio trading market share did increase in January, which was encouraging.

因此，我們的投資組合交易市場份額在一月確實有所增加，這是令人鼓舞的。

Not to talk about high-touch block trading again, but we do hear from our clients that they're very sensitive to information leakage in high yield in particular.

不再談論高接觸大宗交易，但我們確實從客戶那裡聽說，他們對資訊外洩非常敏感，尤其是高收益交易。

The block trade sizes are smaller.

大宗交易的規模較小。

They're probably around $3 million is considered a block trade in a more liquid high-yield bond.

他們大概認為約 300 萬美元的資金是流動性較強的高收益債券的大宗交易。

So the block trading solution will be welcomed by most high-yield traders just because it's targeting either a single dealer or a small list of dealers and if the hit rates continue at those high levels, that's one of the biggest challenges in high yield is just maintaining a high hit rate based on your inquiries.

因此，大宗交易解決方案將受到大多數高收益交易者的歡迎，因為它的目標客戶是單一交易商或一小部分交易商，如果命中率繼續保持在高水平，那麼高收益面臨的最大挑戰之一就是根據您的查詢保持高命中率。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, good morning, everybody.

嘿，大家早安。

Thank you for taking the question as well.

也感謝您回答這個問題。

Lots of great color.

有很多美麗的顏色。

I really appreciate the TAM analysis as well.

我也非常欣賞 TAM 分析。

I know it's going to be a hard question to answer, but I guess we'll try anyway.

我知道這是一個很難回答的問題，但我想我們無論如何都會嘗試。

So big build-out year '25, you expect to see the benefits of that.

因此，在 25 年大規模建設之時，您期望看到它帶來的好處。

How would you define success in terms of market share accomplishments in 2025 when it comes to high grade and high yield within the US.

當談到美國高品位和高收益時，您如何定義 2025 年市場佔有率的成功？

And I guess what are the kind of top one or two protocols that you're pushing forward?

我想問一下，您正在推動的最重要的一兩種協議是什麼？

You named a lot of things that you think will help you recoup some of that market share and then ultimately, the implications and fee per million all else constant.

您列舉了許多可以幫助您收回部分市場份額的因素，最終，在其他所有因素不變的情況下，影響和每百萬的費用是多少。

And I know that the mix and macro could impact that was just kind of trying to get a sense of what the revenue implication from these efforts could ultimately be given that things like portfolio trading, et cetera, come with a much lower fee per million?

我知道組合和宏觀可能會產生影響，只是想了解這些努力最終會帶來什麼樣的收入影響，因為投資組合交易等每百萬的費用要低得多？

Thanks.

謝謝。

Okay.

好的。

Let me simplify your question you want us to predict our market share and our overall revenue for 2025.

讓我簡化一下你的問題，你想讓我們預測我們的市佔率和 2025 年的總收入。

What I think like what I will do is let me go through the protocols individually because each one certainly could have sizable impacts on share and obviously sizable impacts on revenue.

我認為我會做的是讓我逐一介紹這些協議，因為每個協議肯定會對份額產生相當大的影響，並且顯然會對收入產生相當大的影響。

Obviously, I'll start with portfolio trading because it's obviously been a very focused area of ours and certainly continues to focus in Q1.

顯然，我將從投資組合交易開始，因為這顯然是我們非常關注的一個領域，並且肯定會在第一季繼續關注。

It has sizable market share impacts.

它對市場佔有率有相當大的影響。

And we've seen this, and we've predicted this in the last quarter call, you can see swings of market share for platforms that offer portfolio trading.

我們已經看到了這一點，並且在上個季度的電話會議上預測到了這一點，您可以看到提供投資組合交易的平台的市場份額出現波動。

We see it in our own market.

我們在自己的市場中也看到了這一點。

There are sizable portfolio trades that come to market.

有大量投資組合交易進入市場。

In January, we saw actually very low level of what we call mega portfolio trades.

一月份，我們所謂的大型投資組合交易實際上處於非常低的水平。

Anything of $1 billion-plus in size.

任何規模在 10 億美元以上的事。

There was just a smaller number of those mega PTs in the market.

只是市面上大型 PT 的數量較少。

Whereas in December, there was a lot more of those mega trade.

而在 12 月份，這類大型交易則多得多。

So from a share perspective, not a revenue perspective because we showed you the TAM around PT, you can really move and swing market share around based on portfolio trading tools.

因此，從份額角度而不是收入角度來看，因為我們向您展示了 PT 周圍的 TAM，您可以真正根據投資組合交易工具來移動和改變市場份額。

And we're very excited where we think we'll be just in Q1 with the next few releases on our portfolio trading tool.

我們非常興奮，我們認為我們將在第一季推出接下來的幾個投資組合交易工具版本。

Moving to the block side.

移至區塊側。

I spent a lot of time talking about high touch and blocks, but that has a sizable impact on share and obviously, revenue it has very attractive fee schedule.

我花了很多時間談論高接觸和區塊，但這對份額和顯然的收入有相當大的影響，它有非常有吸引力的費用表。

It's not like a PT.

這不像是 PT。

It has certainly more consistent with traditional RFQ fee schedule.

它肯定與傳統的 RFQ 費用表更加一致。

But it does have larger trade sizes, so fee capture is quite attractive.

但它的交易規模確實較大，因此費用收取相當有吸引力。

But again, it doesn't -- it doesn't involve at all.

但再說一遍，它不——它根本不涉及。

So it has a slightly different fee capture to an all-to-all -- to the extent there's higher levels of volatility.

因此，它的費用收取方式與全對全稍有不同——在一定程度上波動性更高。

And certainly, we've seen momentary spikes of volatility with the announcements coming fast and furious out of the new administration.

當然，隨著新政府迅速發布新政，我們看到了短暫的波動。

To the extent there is volatility, we would expect our all-to-all platform to pick up rapidly, similar to what we saw just this week with the spike in activity around the tariff news that came out over the weekend.

在出現波動的範圍內，我們預計我們的全方位平台將迅速回升，類似於我們本週看到的周末關稅新聞發布後活動激增的情況。

So all to all is really a great protocol for smaller sizes for automation, for traditional RFQ and we obviously have the largest RFQ network in US high-grade and US high-yield for that all-to-all platform.

所以，總而言之，對於小型自動化來說，對於傳統的 RFQ 來說，這確實是一個很棒的協議，而且我們顯然擁有美國高等級和高收益中最大的 RFQ 網絡，適用於這個全對全平台。

But again, with volatility spiking, we can see share movement around that all-to-all platform.

但是，隨著波動性的飆升，我們可以看到圍繞該全平台的股票走勢。

The last piece is obviously automation.

最後一部分顯然是自動化。

We continue to see clients ask for more sophisticated levels of automation.

我們不斷看到客戶要求更複雜的自動化程度。

Just in '24, our automation volume grew by 29% year-over-year.

光是24年，我們的自動化量就年增了29％。

And in the fourth quarter, it was up 21%.

第四季度，其銷量上漲了21%。

And so we continue to see that demand.

因此我們繼續看到這種需求。

In January, we continue to grow our automation volume.

一月份，我們持續增加自動化量。

It grew 23% year-over-year in January.

1月年增23%。

So that automation suite is in high demand.

因此該自動化套件的需求量很大。

And one of the areas that is a sweet spot is in the clients that are offering large SMA solutions.

其中一個最佳領域是提供大型 SMA 解決方案的客戶。

They're getting smaller trade sizes through that SMA channel of their business.

他們透過 SMA 管道的業務交易規模正在縮小。

And so they're adopting automation quite rapidly.

因此他們正在相當迅速地採用自動化。

Our automation suite is just touching 245 active clients recently, and that's out of our over 2,000 clients around the globe.

我們的自動化套件最近剛觸及 245 個活躍客戶，而我們全球的客戶超過 2,000 個。

So the penetration across our client base is still low relative to the global client base but the demand for automation continues to grow.

因此，相對於全球客戶群，我們的客戶群滲透率仍然較低，但對自動化的需求持續成長。

And if you follow the projections for SMA growth alone, it's projected to grow up to $5 trillion from the, call it, current $2 trillion.

如果僅按照 SMA 成長預測，它預計將從目前的 2 兆美元增長至 5 兆美元。

That's obviously a great area of growth for us in the fixed income markets as those grow, the demand for automation will grow.

這顯然是我們在固定收益市場的一個巨大的成長領域，隨著固定收益市場的成長，對自動化的需求也會成長。

So I covered all of our protocols.

因此我涵蓋了我們所有的協議。

The nice thing is we feel like we're going to be in a great spot in terms of offering multiple protocols to our clients all designed for different elements of the market and all designed for different environments to trade through in the market.

令人高興的是，我們覺得我們將處於一個很好的位置，可以為客戶提供多種協議，這些協議都是針對市場的不同要素和不同的市場交易環境而設計的。

So Alex, let me take the fee per million part of your question.

那麼亞歷克斯，讓我以百萬分之一的比例來回答你的問題。

And if you think about sort of the four key protocols that Chris talked about, there are puts and takes in terms of fee per million there, right?

如果你考慮克里斯談到的四種關鍵協議，你會發現每百萬的費用是有得有失的，對嗎？

But again, this is about sort of driving share, driving revenue and thinking about the future.

但同樣，這是為了推動份額、推動收入並考慮未來。

And Chris talked about portfolio trading.

克里斯談到了投資組合交易。

He talked about blocks.

他談論了街區。

We know that those come in at a bit lower fees per million.

我們知道，每百萬的費用會稍微低一點。

And then you talked about Open Trading and automation, which we now come in at a bit higher fees per million, right?

然後您談到了開放交易和自動化，現在我們每百萬的費用要高一點，對嗎？

So there's puts and takes there.

因此，這其中存在著得失。

But let's take a step back and think about, for instance, what the largest driver in the change of the (inaudible) was just in January.

但是，讓我們退一步思考一下，例如，一月份導致（聽不清楚）變化的最大驅動因素是什麼。

And we know that in high grade, that's duration, and it was duration.

我們知道，在高年級，這就是持續時間，這就是持續時間。

And if you think about it, right, we saw in January that weighted average years to maturity was call it, 2, 8 years versus 9, a little over 9 last year, and that was also down from, call it, 8.9 almost 9 in December.

如果你仔細想想，我們在 1 月看到，加權平均到期年限為 2.8 年，而去年為 9 年多一點，也比 12 月的 8.9 年有所下降，接近 9 年。

So that was a pretty big driver of what happened.

所以這是導致這事件發生的一個重要因素。

We also saw yields go up in this past January to over 5%.

我們也看到今年 1 月收益率上升至 5% 以上。

And if you think about that, that's another headwind that we saw in the duration calculation.

如果你考慮一下，這是我們在持續時間計算中看到的另一個阻力。

So now let's think about how quickly trading behavior can change and what that could mean for duration.

現在讓我們思考一下交易行為變化的速度有多快，以及這對持續時間意味著什麼。

We know that, that can happen.

我們知道，這是有可能發生的。

And we've actually even seen it already in just the first few days of February, now the first few days of February does not make a year needless to say.

事實上，我們在二月初就已經看到了這種情況，不用說，二月初幾天還不能代表一年。

But I think we have to really keep in mind how much duration does impact these types of things.

但我認為我們必須真正記住持續時間對這些事情的影響有多大。

And so when you think about these million, you think about duration and high grade, this is obviously a key component.

因此，當您考慮這百萬時，您會考慮持續時間和高等級，這顯然是一個關鍵因素。

But if I take a step back, and I know it's really people are trying to model this and I get it, and I know how important it is, the average (inaudible) across most of our credit products really has been quite stable in terms of our fee card over the past few years, right?

但如果我退一步考慮，我知道人們確實在嘗試對此進行建模，我明白了，我也知道這有多重要，就我們的費用卡而言，我們大多數信用產品的平均值（聽不清）在過去幾年中確實一直相當穩定，對嗎？

And I just want to remind us of that.

我只是想提醒我們這一點。

And there are all these puts and takes that we've talked about.

這就是我們所討論的所有這些得失。

And so if you think about the puts and takes, and I just mentioned a few of them.

因此，如果您考慮一下利弊，我剛才提到了其中的幾點。

I'll go through them again just because I know there's a lot here, but you've got the growth of PT even if you look at just what happened year-over-year, that 200 basis points that Rich talked about, we know that has a negative impact on fees per million, right?

我會再講一遍，因為我知道這裡有很多內容，但即使你只看同比發生的情況，PT 也實現了增長，Rich 提到的 200 個基點，我們知道這對每百萬的費用產生了負面影響，對吧？

But we also know that if you think about -- and I've talked about this on I think it our last call when I looked back over, call it, a 5-year time period, and I said, okay, what was sort of the average of (inaudible) over that time period, and it was about $173 per million.

但我們也知道，如果你想一想——我在上次電話會議上談到了這個問題，當我回顧過去，稱之為 5 年的時間段時，我說，好吧，那段時間的平均值是多少，大約是每百萬 1.73 億美元。

And we know that, for instance, Chris just talked about high yield, and we were asked, well, what's going on in the high-yield space.

我們知道，例如，克里斯剛才談到了高收益，然後我們被問到，高收益領域發生了什麼事情。

And then we know that, that also has a significant benefit and tailwind fees per million.

然後我們知道，這也具有每百萬的顯著收益和順風費用。

So if we see our ETF market maker clients get more active, that could be an overall benefit as well.

因此，如果我們看到我們的 ETF 做市商客戶變得更加活躍，這也可能帶來整體利益。

So if you think about that as a benefit possibility, if you think about if we see changes in duration and high grade as another benefit possibility, if you see more vol pick up.

因此，如果您將其視為一種受益可能性，如果您考慮如果我們看到持續時間和高等級的變化作為另一種受益可能性，如果您看到更多的波動率上升。

And again, we've got to see how this all works out, but that could create additional open trading, which is more of a premium product in terms of how you think about fees per million.

再次，我們必須看看這一切如何運作，但這可能會創造額外的開放交易，從每百萬費用的角度來看，這更像是一種優質產品。

So you just sort of how to think about all these different factors that go into the (inaudible) Now we do know that you also look at the macro environment.

因此，您只需要思考如何考慮所有這些不同的因素，這些因素都會影響（聽不清楚）現在我們知道您還會考慮宏觀環境。

I would also say we've got to see that the Fed is -- and what's happening there in terms of the rate environment that's changing day by day.

我還想說，我們必須了解聯準會的動態，以及日益變化的利率環境。

So obviously, that also impacts trading activity.

顯然，這也會影響交易活動。

And so if you have sort of a more longer or call it elongated, if you think about how the curve is moving, that will take if you think about how people look at their trading activity in the rate environment, whether or not they'll go out longer on the curve, really, they're going to look at what's happening in the rate environment.

因此，如果您有一種更長的時間或稱之為延長的時間，如果您考慮曲線如何移動，那就需要考慮人們如何看待他們在利率環境中的交易活動，無論他們是否會在曲線上停留更長時間，實際上，他們會關注利率環境中發生的情況。

And so all of these types of things we have to take into effect.

因此，我們必須採取所有這些措施。

And so -- that's kind of the puts and takes that I would say to keep in mind.

所以 — — 這就是我要說的要牢記的得失。

I hope that is helpful when you think about (inaudible) in general.

我希望這對您思考（聽不清楚）整體情況有所幫助。

Thank you.

謝謝。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

Hi, good morning.

嗨，早安。

Portfolio trading as a percent of industry high-grade and high-yield activity, it's been around 10% for the last probably 6 months at least.

投資組合交易佔行業高級和高收益活動的百分比，在過去至少 6 個月中一直保持在 10% 左右。

What do you think is driving that pause?

您認為是什麼原因導致了這種暫停？

And can you continue to drive share gains there even if it stays at these levels?

即使股價維持在目前的水平，你還能繼續推動股價上漲嗎？

First, from a macro perspective, if you look at volatility, if you look at spread and spread volatility in the fixed income market.

首先，從宏觀角度來看，如果你看波動性，如果你看固定收益市場的利差和利差波動性。

It's been quite attractive to get a portfolio trade done at an attractive price.

以有吸引力的價格進行投資組合交易是非常有吸引力的。

We have seen in the past -- again, we haven't seen a lot of volatility, but it becomes more difficult to trade a large portfolio in higher levels of vol.

我們過去曾經看過——我們並沒有看到太大的波動，但在更高波動水平下交易大型投資組合變得更加困難。

And so at these levels of all I think the 10% range is quite an attractive range for portfolio trades.

因此，在所有這些水平上，我認為 10% 的範圍對於投資組合交易來說是一個相當有吸引力的範圍。

There also has been a number of portfolio trading counterparties that have moved in and out of the market.

此外，還有許多投資組合交易對手進出該市場。

So profitability for the dealer around portfolio trading has been up and down.

因此，交易商圍繞投資組合交易的獲利能力一直是起伏不定的。

And in low vol, it's probably a little bit more attractive and higher vol becomes more difficult to manage that large inventory that you're taking down a portfolio trade.

在低波動率的情況下，它可能更有吸引力，而在高波動率的情況下，管理投資組合交易中的大量庫存變得更加困難。

It is capital-intensive trade for a dealer.

對於經銷商來說，這是一項資本密集的交易。

So they obviously -- we obviously see large banks that have the capital are highly engaged in portfolio trading.

因此，我們顯然看到擁有資本的大型銀行高度參與投資組合交易。

It is a tool that the buy side finds attractive to move flows and it will be around.

它是買方認為有吸引力的流動工具，它會一直存在。

It's not going anywhere.

它哪裡也不會去。

I think the market environment and capital willingness will really dictate where portfolio trading moves in the market from quarter-to-quarter from year-to-year.

我認為市場環境和資本意願將真正決定市場中投資組合交易的逐季變化和逐年變化。

Because it is a trading tool that will be around for a long time.

因為它是一個將長期存在的交易工具。

With regard to our share in portfolio trading, we continue to grow our portfolio trading just in investment grade last year.

就我們在投資組合交易中的份額而言，去年我們繼續增加投資等級的投資組合交易。

We obviously grew overall notional portfolio trading by 80%.

我們的整體名目投資組合交易量顯然增加了 80%。

So we are encouraged with our performance but not where we need to be.

因此，我們的表現讓我們很受鼓舞，但還沒有達到我們需要的水平。

So we're excited about what's happening with new features rolling out this quarter.

因此，我們對本季推出的新功能感到非常興奮。

We do think it will have an impact on our competitiveness in the portfolio trading space.

我們確實認為這會對我們在投資組合交易領域的競爭力產生影響。

Portfolio trades are getting bigger.

投資組合交易的規模越來越大。

Not smaller.

不更小。

So the number of line items that we're seeing over 1,000 line is becoming a common place for portfolio trades.

因此，我們看到超過 1,000 行的項目數量正成為投資組合交易的常見情況。

And so we expect that market to continue to move in and around that 10%.

因此我們預計市場將繼續在 10% 左右波動。

At these levels of volatility, you could see it move up certainly into the teens.

在這種波動水平下，你可以看到它肯定會上升到十幾個百分點。

But we expect it to be around that part of the market for some time to come.

但我們預計它將在未來一段時間內繼續佔據這一部分市場。

It is a very valuable tool for the buy side to move in and out of flow quite quickly and aggressively.

對於買方來說，這是一個非常有價值的工具，可以使其快速且積極地進出流程。

And the prices that we're seeing in the market are relatively attractive for the end investor and where the buy side is getting executed in that market.

我們在市場上看到的價格對於最終投資者以及買方在該市場上執行交易的人來說相對具有吸引力。

That could change if volatility comes into the market, obviously.

顯然，如果市場出現波動，情況可能會改變。

And that's why we're so focused on having multiple protocols across our platform.

這就是我們如此專注於在我們的平台上使用多種協定的原因。

So if you're sitting at our Trade Desk, you can trade a PC, trade a block trade below touch list or trade fully automated.

因此，如果您坐在我們的交易櫃檯，您可以透過 PC 進行交易、以低於觸及清單的價格進行大宗交易或進行全自動交易。

That's the key ingredient that we're targeting in 2025.

這是我們 2025 年要努力實現的關鍵因素。

And Jeff, it's Rich.

傑夫，我是里奇。

I'll just add to that.

我只想補充一點。

I mean there's no question about the convenience of the PT trade and easy way to move a lot of line items.

我的意思是，PT 交易的便利性和移動大量項目的簡單性是毫無疑問的。

But 1 thing about it, it's a pretty concentrated market in terms of the liquidity and you're talking about it's fairly dominated by six to eight, maybe kind of 10 firms.

但有一點，從流動性的角度來看，這是一個相當集中的市場，你剛才說的是，它被六到八家，甚至可能有十家公司主導。

And that makes it not being really unique liquidity.

這使得它不具備真正獨特的流動性。

So we're really confident in our ability in terms of share, whatever the percentage of the market is going to be.

因此，無論市場份額是多少，我們都對我們的能力充滿信心。

And I mean maybe I'll take the under on it a little bit there.

我的意思是，也許我會在那裡稍微放鬆一點。

But in terms of grabbing market share, it's the same liquidity on the different venues.

但從搶佔市場份額的角度來看，不同場所的流動性是相同的。

So as we continue to increase our capabilities and build in the analytics and build all the features that our clients are looking for, we feel that, that's pretty easy volume to move.

因此，隨著我們不斷提高能力、建立分析能力並建立客戶所需的所有功能，我們認為，這是一個相當容易的移動量。

It's quite different than the in comp business, where Open Trading in that area, that represents, let's say, 35% was the Q4 number.

這與同類業務截然不同，同類業務中的開放交易佔第四季數字的 35%。

And that comes from over 1,000 unique liquidity providers.

這些來自 1,000 多家獨特的流動性提供者。

That's not easily replicated in other places, which makes the volume stickier keeping it with us.

這在其他地方是不容易複製的，這使得它在我們身上的黏性更強。

But we feel really confident about our ability to get increased share of the existing whatever percent of the market PT is going to be.

但我們對自己擴大現有市場份額的能力充滿信心，無論 PT 佔多少百分比。

All right.

好的。

Thank you.

謝謝。

Elias Aboud, Bank of America.

美國銀行的 Elias Aboud。

Good morning.

早安.

Thanks for taking the question.

感謝您回答這個問題。

Can you speak to your motivation behind acquiring the rest of RFQ hub and walk us through the materiality of the financial impact there?

您能否談談收購 RFQ hub 剩餘部分的動機，並向我們介紹一下其財務影響的重要性？

And then bigger picture, to what extent is it a priority for you to become more cross asset?

那麼從更大的角度來看，跨資產化對您來說有多重要？

Is that something you feel like clients are demanding?

您覺得這是客戶要求的嗎？

Thanks for the question, Eli.

謝謝你的提問，Eli。

Yes, we exceptionally excited about RFQ hub and the prospects for RFQ hub.

是的，我們對 RFQ 中心及其前景感到非常興奮。

It is a multi-asset platform.

它是一個多元資產平台。

So there's obviously ETFs.

因此顯然存在ETF。

We're very focused on the ETF market and the opportunity for block trading and ETFs through RFQ.

我們非常關注 ETF 市場以及透過 RFQ 進行大宗交易和 ETF 的機會。

That is a sizable market, both here in the US as well as in Europe and throughout Asia.

這是一個相當大的市場，無論是在美國、歐洲或整個亞洲。

It is also a derivative platform.

它也是一個衍生平台。

So it offers futures, equity derivatives, complex swaps and other derivatives.

因此，它提供期貨、股票衍生性商品、複雜掉期和其他衍生性商品。

And that's really where the platform started out first, particularly in the European OTC market.

這確實是該平台最初起步的地方，特別是在歐洲場外交易市場。

So it's an exciting platform to have cross assets traded on the platform.

因此，在平台上進行跨資產交易是一個令人興奮的平台。

It's a very flexible market so we can add product quite easily.

這是一個非常靈活的市場，因此我們可以輕鬆添加產品。

We think the important ingredient about having and where we see synergies is really being able to offer our large client base, fixed income client base access to fixed income ETF side by side.

我們認為，實現綜效的重要因素和地方在於，能夠同時為我們的龐大客戶群和固定收益客戶群提供固定收益 ETF 的使用權。

That is an important component.

這是一個重要組成部分。

If you look at the growth of the portfolio trading market, every PT is really correlated to and so clients have a choice of trading directly the underlying bond in a PC or trading at ETF.

如果你觀察投資組合交易市場的成長，你會發現每個 PT 都相互關聯，因此客戶可以選擇直接在 PC 中交易基礎債券或在 ETF 上交易。

And it's really dependent on where that ETF, NAV is trading in real time relative to the underlying portfolio.

這實際上取決於 ETF 的資產淨值相對於基礎投資組合的即時交易情況。

So there are choices that we can offer clients just through data and analytics around trading the PT itself or trading the ETF, which is correlated fixed income ETFs are a great way for a portfolio manager to get instant exposure to the bond market. they're highly liquid and can be traded in block form.

因此，我們可以僅透過數據和分析為客戶提供交易 PT 本身或交易 ETF 的選擇，相關固定收益 ETF 是投資組合經理即時接觸債券市場的好方法。它們流動性極強，可以以區塊形式進行交易。

So it's just another tool in our fixed income protocol solutions that we want to offer our clients.

所以它只是我們希望為客戶提供的固定收益協議解決方案中的另一種工具。

So we're excited about that transaction.

因此我們對這筆交易感到非常興奮。

Again, we already own 42% of RFQ hub through our partnership with Virtu.

再次，透過與 Virtu 的合作，我們已經擁有 42% 的 RFQ 中心。

We have a number of the dealers invested in that platform as well.

我們也有許多經銷商在該平台上進行了投資。

So there's still continuous dealer support in the platform.

因此平台仍會持續為經銷商提供支援。

And it's bringing all those alternative products into the market access suite.

並將所有這些替代產品納入市場准入範圍。

And really, the key synergy is our ability to redistribute what is a very successful small platform to our huge client network and our international presence across the institutional marketplace.

實際上，關鍵的綜效在於我們能夠將非常成功的小平台重新分配給我們龐大的客戶網路以及我們在機構市場的國際影響力。

And you guys probably know this, but you can see the equity and earnings of unconsolidated affiliate rate on our consolidated statement of operations, and that's really the RSQ has current that Chris just talked about in terms of the ownership.

大家可能也知道這一點，但是您可以在我們的合併損益表中看到非合併附屬公司的權益和收益率，而這實際上就是 Chris 剛才談到的 RSQ 在所有權方面的現狀。

And that will obviously get consolidated into operating results once we bring that on.

一旦我們實現這一目標，這顯然將合併到經營成果中。

But that's another way that you can look at it and think about sort of opportunity there.

但這是您可以從另一個角度看待這個問題並思考其中的機會。

Alright, thank you.

好的，謝謝。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good morning.

嘿，早安。

Thanks for taking the question.

感謝您回答這個問題。

Just hoping to touch on the rates platform for a moment.

只是希望稍微談談利率平台。

The volumes are up very nicely there on a year-on-year basis, but still a smaller contributor to revenues today.

與去年同期相比，銷售成長非常可觀，但對目前收入的貢獻仍然較小。

So can you just talk about some of the initiatives across your rates platform that you have in mind to further scale this part of the business.

那麼，您能否談談您考慮在利率平台上採取的一些舉措，以進一步擴大這部分業務？

Talk about some of your ambitions here, how you see this contributing over time?

請談談您的一些抱負，以及您認為這些抱負在未來會有何貢獻？

And maybe you could also update us on the net spotting tool?

或許您也可以向我們更新網路發現工具的情況？

What's been sort of the uptake from customers?

顧客的回饋如何？

I know you've had this for a bit.

我知道你已經有這種感覺有一段時間了。

Just how do you see that contributing as well to the broader platform?

您如何看待這對更廣泛的平台做出貢獻？

Great.

偉大的。

And thanks for asking about rates.

感謝您詢問費率。

It's certainly a product that we love and certainly, we've seen growth in 2024 and a number of exciting things happening in that rate space.

這確實是我們喜歡的產品，而且我們已經看到了 2024 年的成長，並且在該利率領域發生了許多令人興奮的事情。

First, I do think we have to recognize that in the rates market, it's really largely driven by electronic RFQ to the buy side.

首先，我確實認為我們必須認識到，在利率市場中，它實際上很大程度上是由買方的電子 RFQ 驅動的。

It's been that way traditional RFQ, typically RFQ to five dealers for many years.

多年來，傳統的 RFQ 方式一直是這樣，通常只向五家經銷商發出 RFQ。

And so when it comes to innovation to the client side, we haven't seen a lot of innovation in terms of interesting protocols or new tools.

因此，當談到客戶端創新時，我們還沒有看到很多有趣的協議或新工具的創新。

The rates RFQ platforms in the market have also enjoyed low levels of volatility.

市面上的報價詢價平台的利率波動也一直較低。

We've seen spikes of volatility, but the clients that we talk to in the rate space are quite concerned that they don't have direct electronic access to alternative liquidity.

我們已經看到了波動性的飆升，但我們在利率領域交談過的客戶非常擔心他們無法透過電子方式直接獲得替代流動性。

Because when that market turns volatile it becomes a much more challenging market to trade, yet the alternative liquidity providers tend to provide more liquidity in those moments of volatility.

因為當市場變得不穩定時，交易就會變得更具挑戰性，但替代流動性提供者往往會在波動時刻提供更多的流動性。

And we've seen that on our platform and just traditional all-to-all in corporates.

我們已經在我們的平台上以及企業中傳統的全對全平台上看到了這一點。

And so a key ingredient, we think, to the rates market is making sure there's a healthy interaction between clients large dealers and ultimately all-to-all liquidity in times of need.

因此，我們認為，利率市場的關鍵因素是確保客戶和大型交易商之間建立健康的互動，並最終在需要時實現全方位的流動性。

Where we've been mostly innovative in our rate space is offering clients algo solutions that provide the client the ability to trade large-sized orders but in smaller size without market impact.

我們在利率領域最大的創新是向客戶提供演算法解決方案，使客戶能夠以較小的規模交易大額訂單，而不會對市場造成影響。

So really being both passive liquidity providers or using smaller size orders to take liquidity through a systematic algorithm.

因此實際上既是被動的流動性提供者，也是使用較小規模的訂單透過系統演算法來獲取流動性。

I'm excited that we're launching our algos just this month on Pragma, so we're migrating our algo solution onto our Pragma platform in the rates market, which just gives us great tooling for clients and very interesting controls around the algo suite of products that we can offer.

我很高興我們本月將在 Pragma 上推出我們的演算法，因此我們正在將我們的演算法解決方案遷移到利率市場的 Pragma 平台上，這為客戶提供了出色的工具，並且為我們所能提供的演算法產品套件提供了非常有趣的控制。

The other piece is our net hedging for rates has been in our corporate bond market for quite some time.

另一點是，我們的利率淨對沖已在公司債市場存在相當長一段時間了。

We launched that a number of years ago.

我們幾年前就啟動了這個計劃。

It continues to get bigger.

它還在不斷變大。

We continue to see more and more clients adopt the net hedging solution.

我們不斷看到越來越多的客戶採用淨對沖解決方案。

Again, it is client adopted.

再次，它被客戶採用。

We don't just turn it on for all clients.

我們不會為所有客戶開啟這個功能。

It's a very powerful way for us to actually provide large banks with liquidity and rates.

這是我們向大型銀行提供流動性和利率的一種非常有效的方法。

So we offer net hedging, and we offer hedging for dealers.

因此，我們提供淨對沖，並為經銷商提供對沖。

So overall, the rates complex that you saw continues to grow and continues to grow here in January.

因此總體而言，您看到的利率綜合體持續成長，並且在 1 月繼續成長。

So we're excited about rates.

因此我們對利率感到很興奮。

We do plan on launching in 2025, our RFQ solution, which the client community is much more familiar with.

我們確實計劃在 2025 年推出客戶社群更加熟悉的 RFQ 解決方案。

So we want to have a hybrid offering where we're offering both electronic algorithmic solutions as well as traditional RFQ solutions.

因此，我們希望提供混合產品，既提供電子演算法解決方案，也提供傳統的 RFQ 解決方案。

Thank you.

謝謝。

Simon Clinch, Redburn Atlantic.

西蒙‧克林奇 (Simon Clinch)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

I think most of my questions have been at and Chris, thanks so much for the detail and color a lot of really useful stuff I heard today.

我想我的大部分問題都已經在那裡了，克里斯，非常感謝你詳細地闡述了我今天聽到的很多非常有用的東西。

I just wanted to refer to Slide 19 in the bottom left, the relationship between (inaudible) and duration, which those obviously very sensitive.

我只是想參考左下角的第 19 張幻燈片，（聽不清楚）和持續時間之間的關係，這些顯然非常敏感。

And I was just wondering if you could just talk about what kind of scenarios or what kind of macro conditions we would need to see for the people million to go or at least the duration to go below the lows that we saw in September '23 and thus take [million] below where we are today.

我只是想知道您是否可以談談我們需要看到什麼樣的情景或宏觀條件，才能使數百萬人的數量下降，或者至少要持續一段時間才能低於我們在 2023 年 9 月看到的低點，從而使 [數百萬] 的數量低於今天的水平。

Just kind of curious as to what -- I guess, how you're thinking about are we -- was the January number just like a bottom?

只是有點好奇——我猜，你是怎麼想的——一月份的數字是否就像是底部？

Or is there still plenty of room for that to drop if conditions continue down as

或者如果情況繼續惡化，是否還有足夠的下降空間

--

--

Sure.

當然。

Thanks for the question, Simon.

謝謝你的提問，西蒙。

So I mean, it's always hard to call something a bottom at hot particularly when you're dealing with trading behavior and when you're talking about a rate environment and you're talking about central banks making changes to economic policy.

所以我的意思是，總是很難將某件事稱為底部，特別是當你處理交易行為、談論利率環境以及談論中央銀行對經濟政策做出改變時。

So I don't think I want to go there.

所以我想我並不想去那裡。

But I think what we need to look at and think about is where do we see the rate environment and how do we see trading behavior, right?

但我認為我們需要關注和思考的是，我們如何看待利率環境以及我們如何看待交易行為，對嗎？

Right now, we know that the most recent, I think, if we look at CME, Watch, FedWatch, right, the most recent call for rate cuts is, I want to say, one to two.

現在，我們知道，我認為，如果我們看看芝加哥商品交易所（CME）、聯準會觀察（FedWatch），那麼，最近的降息呼聲是，我想說，降息一到兩次。

Just a little while ago, it wasn't so long ago that we saw three to four.

就在剛才，沒多久之前我們就看到了三到四隻。

And when you saw three to four as what people were calling for, you see folks wanting to trade out further on the curve.

當您看到人們所要求的數字為三到四時，您會看到人們想要在曲線上進一步交易。

That's pretty normal behavior if you see that type of a steepening.

如果您看到這種類型的陡化，這是很正常的行為。

Now we've seen a bit of a bear [steepener] and it's been quite unusual what you saw most recently, some would call it a (inaudible) and that's not what we would expect in a rate-cutting cycle.

現在，我們看到了一點熊市[陡化]，最近看到的情況相當不尋常，有些人稱之為（聽不清楚），這不是我們在降息週期中所期望的。

And so having said that, as I said most recently, with sort of different outcomes in terms of economic policy decisions, things changing quite rapidly.

所以話雖如此，正如我最近所說的，由於經濟政策決策的結果不同，情況變化相當快。

You're also seeing, we saw just in the last few days, as I said before, change in behavior on duration.

您還看到，正如我之前所說，我們在過去幾天看到了持續時間行為的變化。

Honestly, it went from quite quickly from, call it, 8 years of weighted average years to maturity to 9%.

老實說，它很快就從 8 年的加權平均到期年限上升到了 9%。

Now I can't tell you it's staying there, but I can tell you that we saw a quite quick change in behavior.

現在我不能告訴你它會留在那裡，但我可以告訴你，我們看到行為發生了相當快的變化。

So you have to look at things like all the normal things you would think of bond traders looking at what's happening with inflation, what's happening in those numbers?

因此，你必須考慮所有正常事物，你會想到債券交易員會關注通貨膨脹的情況，這些數字發生了什麼變化？

How are we seeing what the Fed is saying there or in terms of where the rate environment is going to come out.

我們如何看待聯準會的言論或利率環境將會如何改變。

And so all of these things matter.

所以所有這些都很重要。

What do we think is going to happen in terms of will there be a soft landing?

我們認為將會出現怎樣的軟著陸？

Will it take longer for the Fed to come down in rates.

聯準會是否需要更長時間才能降低利率？

I mean, all of these things matter.

我的意思是，所有這些都很重要。

But again, we really have to see what's going to happen in the environment.

但同樣，我們必須真正觀察環境將會發生什麼。

We have to see where the yields are going to turn out as well because as you know, I mean we've talked about the sensitivity before.

我們還必須看看收益率將會如何，因為如你所知，我們之前已經討論過敏感性問題。

When you see a 1-year increase on the platform and weighted average years to maturity, that can be worth about $15 for us in high grade.

當您看到平台​​和加權平均到期年限增加 1 年時，這對我們高等級債券來說價值約 15 美元。

And if you see yields come in 100 basis points, that can be worth $3 to $5, right?

如果您看到收益率達到 100 個基點，那麼其價值可能為 3 至 5 美元，對嗎？

So all of this is -- we've got to see what happens in the macro environment.

所以這一切——我們必須看看宏觀環境中會發生什麼。

And Simon, I would just add, in our client to dealer space, obviously, as Ilene pointed out, there's lots of factors to go into figuring out what that fee per million will come out -- but really, the good news is from the client perspective, we spend more time focused on functionality, features, data and analytics and really don't get concerns from clients around fee pressure.

西蒙，我想補充一點，在我們的客戶對經銷商領域，顯然，正如艾琳指出的那樣，有很多因素需要考慮，才能確定每百萬的費用是多少——但實際上，好消息是從客戶的角度來看，我們花更多時間專注於功能、特性、數據和分析，而客戶實際上並不會擔心費用壓力。

So from a market, broader market perspective, it's really about delivering functionality to clients that they need to help them trade our fees are ultimately small features of the overall spread and cost of trading.

因此，從市場、更廣泛的市場角度來看，這實際上是為了向客戶提供他們需要的功能來幫助他們進行交易，我們的費用最終只是整體價差和交易成本的一小部分。

So that fee pressure dialogue is just not present we don't see fees as a weapon or a tool in the competitive marketplace.

因此，費用壓力對話並不存在，我們也不認為費用是競爭市場的武器或工具。

We really see rolling out functionality, new data and analytics is really the way to move share around

我們確實看到推出功能、新數據和分析是真正提高市場份額的方式

Thank you.

謝謝。

And that ends our question and answer session.

我們的問答環節到此結束。

I would like to turn it back to Chris Conannon for closing remarks.

我想請克里斯·柯南農作最後發言。

Thanks, everyone, for joining us.

感謝大家加入我們。

As you heard in both our prepared remarks and our Q&A.

正如您在我們的準備好的發言和問答環節中所聽到的。

We are laser focused on execution and delivery.

我們高度重視執行和交付。

We spent 2024 building product, and now we're rolling out specific dates, specific time lines on levering that product.

我們花了 2024 年的時間來打造產品，現在我們正在推出利用產品的具體日期和具體時間表。

So we're excited about 2025, and we're excited about the product rollout that we put out in the public on this call.

所以我們對 2025 年感到興奮，我們對在這次電話會議上向公眾推出的產品感到興奮。

Thank you, and I look forward to talking to you next quarter.

謝謝，我期待下個季度與您交談。

Thank you and ladies and gentlemen, this concludes today's conference call.

謝謝各位，女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。