Marketaxess Holdings Inc (MKTX) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded on August 6, 2025. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

女士們、先生們，感謝你們的支持。歡迎參加 MarketAxess 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議將於 2025 年 8 月 6 日錄製。現在我想將電話轉給 MarketAxess 投資者關係主管史蒂夫戴維森 (Steve Davidson)。先生，請繼續。

Good morning, and welcome to the MarketAxess second-quarter 2025 earnings conference call. For the call, Chris Concannon, Chief Executive Officer, will provide you with an update on our strategy and our trading businesses; and Ilene Sazel Bieler, Chief Financial Officer, will review the financial results.

早安，歡迎參加 MarketAxess 2025 年第二季財報電話會議。在電話會議上，執行長 Chris Concannon 將向您介紹我們的策略和貿易業務的最新情況；財務長 Ilene Sazel 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. These statements represent the company's belief regarding future events that, by their nature, are uncertain. The company's actual results and financial condition may differ materially from what is indicated in those forward-looking statements.

在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。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。本公司的實際業績和財務狀況可能與前瞻性陳述中所述的存在重大差異。

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, 2024. I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued earlier this morning and is now available on our website.

有關可能影響公司未來績效的一些風險和因素的討論，請參閱我們截至 2024 年 12 月 31 日的年度報告中 10-K 表的風險因素描述。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 record second-quarter 2025 financial results. These strong results, as shown on slide 3 of my strategic update, reflect a very strong operating environment and the progress we have made to transform our model to be more protocol-agnostic, expand our addressable market and drive growth.

早安，感謝您與我們一起回顧我們創紀錄的 2025 年第二季財務業績。正如我的策略更新第 3 張投影片所示，這些強勁的業績反映了非常強勁的營運環境，以及我們在轉變模式以使其更加與協議無關、擴大我們的潛在市場和推動成長方面所取得的進展。

We are delivering multiple protocols to solve our clients' different execution needs, and we are giving them the automation workflow tools that they need to do more with less. We delivered record automation volume and trade count with a record number of active clients during a period of increased volatility. And to accelerate our delivery of product enhancements and automation tools, we have made several important strategic hires over the last several months, including Dean Berry and Spencer Lee, both of whom will be integral to driving growth.

我們提供多種協議來解決客戶不同的執行需求，並為他們提供所需的自動化工作流程工具，以便他們可以用更少的資源做更多的事情。在市場波動加劇的時期，我們實現了創紀錄的自動化交易量和交易數量，並擁有創紀錄的活躍客戶數量。為了加速我們產品增強功能和自動化工具的交付，我們在過去幾個月中進行了幾次重要的策略招聘，包括 Dean Berry 和 Spencer Lee，他們都將是推動成長不可或缺的一部分。

Now turning to our results in terms of revenue generation. We are very pleased with our execution in the quarter, delivering 10% revenue growth, excluding the impact of FX. We generated these strong results on record trading volume across most product areas, surpassing $1 trillion in total credit trading volume for the first time and delivering a record $2 trillion in total rates trading volume, which drove a 12% increase in commission revenue to a record $192 million.

現在談談我們的創收成果。我們對本季的業績非常滿意，除去外匯的影響，營收成長了 10%。我們在大多數產品領域的交易量創下紀錄，取得了這些強勁的業績，信貸交易總額首次超過 1 兆美元，利率交易總額達到創紀錄的 2 兆美元，推動佣金收入成長 12%，達到創紀錄的 1.92 億美元。

We continue to deliver strong performance in our US government bond business over the last several months. We saw a benefit from the spike in volatility around tariffs, but we are also seeing stress driven by our new hedging services, new customers driving incremental revenue, an institutional client adoption of our rates algo, which now represents over 10% of our trading volume. We are in the process of expanding our RFQ business, and we are looking to continue to enhance our rates algo solution as large asset managers continue to request enhancements.

過去幾個月，我們的美國政府公債業務持續表現強勁。我們從關稅波動性的飆升中看到了好處，但我們也看到新的對沖服務、新客戶推動增量收入、機構客戶採用我們的利率演算法（目前占我們交易量的 10% 以上）帶來的壓力。我們正在擴大我們的 RFQ 業務，並且隨著大型資產管理公司不斷要求增強，我們希望繼續增強我們的利率演算法解決方案。

Underpinning these results was strong progress with our new initiatives across our three strategic channels. In the client-initiated channel, we generated 38% growth in block trading ADV across US credit, emerging markets and Eurobonds. In the portfolio trading channel, we generated 69% increase in total portfolio trading ADV. And last, in the dealer-initiated channel, we generated a 40% increase in dealer-initiated ADV.

這些成果的基礎是我們在三大策略管道的新措施所取得的強勁進展。在客戶發起的管道中，我們在美國信貸、新興市場和歐洲債券的大宗交易日均交易量增加了 38%。在投資組合交易管道中，我們的投資組合總交易每日平均價值 (ADV) 成長了 69%。最後，在經銷商發起的通路中，我們讓經銷商發起的 ADV 增加了 40%。

In terms of expenses, we continue to show cost discipline, with expenses up only 5%, excluding notables and FX, as we continue to invest in the platform with a full slate of product deliveries coming in the next couple of quarters. Last, on the capital front, we have been more opportunistic with our share repurchases as we move beyond just offsetting dilution from stock-based compensation.

在費用方面，我們繼續表現出成本紀律，費用僅增長 5%（不包括名人和外匯），因為我們將繼續對平台進行投資，並將在接下來的幾個季度內交付全系列產品。最後，在資本方面，我們在股票回購方面更加投機，因為我們不僅僅是為了抵消股票薪酬的稀釋。

Before I get into our results, I would like to address our July US high-grade market share. While we are disappointed with the headline share, there have been significant swings in block volume moving between phone and electronic over the last several quarters. This has both helped and hurt us. We believe that this has been driven in part by the macro environment.

在介紹我們的業績之前，我想先談談我們七月美國高檔市場的份額。雖然我們對整體份額感到失望，但過去幾個季度，手機和電子設備之間的交易量出現了顯著波動。這對我們既有幫助，也有傷害。我們認為，這在某種程度上是由宏觀環境所推動的。

In July, investment-grade spreads tightened significantly, and the combination of tighter spreads and volatility generally translates into more large trades getting done over the phone and an uptick in portfolio trading. While trades equal to or larger than $5 million in size increased dramatically and represented 47% of the entire market in July, up from 42% in June. Additionally, our share of this market dropped to 10%, down from 12% in June.

7月份，投資等級利差大幅收窄，利差收窄和波動性的結合通常意味著透過電話完成的大額交易增多，投資組合交易也增加。而 500 萬美元或以上的交易規模則大幅增加，佔 7 月整個市場的 47%，高於 6 月的 42%。此外，我們在該市場的份額從 6 月的 12% 下降至 10%。

And so the bad news is that those large blocks move to the phone and to chat. The good news is that this is the very market that we're attacking with the recent launch of our high-touch strategy in US credit on X-Pro. It's still early days but it's the part of the market that we've been talking about, targeting for some time, and we believe we will be successful in electronifying this segment of the market.

因此，壞消息是，這些大塊資料轉移到了手機和聊天上。好消息是，這正是我們最近在 X-Pro 上推出的美國信貸高接觸策略所要攻佔的市場。雖然現在還處於早期階段，但這是我們一直在談論、瞄準的市場部分，我們相信我們將成功地實現這一市場部分的電子化。

Slide 4, 5, and 6 update you on how we are executing across the three strategic channels we are focused on to grow our market share. As slide 5 clearly shows the key performance indicators across our platform are all green this quarter, reflecting the underlying fundamental strength of our business as well as the strong progress we are making with our new initiatives.

投影片 4、5 和 6 向您介紹了我們如何透過我們關注的三個策略管道來擴大我們的市場份額。正如幻燈片 5 清楚顯示的那樣，本季度我們平台的關鍵績效指標均為綠色，反映了我們業務的潛在基本實力以及我們在新舉措方面取得的強勁進展。

Turning to slide 6, in the client-initiated channel, we've made strong progress with block trading with our targeted block solution now rolled out in emerging markets and eurobond and recently launched in US credit. This is one of the most exciting areas of growth for us because we are delivering a click to trade solution where the trade is against a dealer acts or an indication of interest and the trade goes direct to the dealer without information leakage.

轉到幻燈片 6，在客戶發起的管道中，我們在大宗交易方面取得了長足的進步，我們的目標大宗解決方案現已在新興市場和歐洲債券中推出，並最近在美國信貸中推出。這是我們最令人興奮的成長領域之一，因為我們正在提供點擊交易解決方案，其中交易是針對經銷商的行為或興趣指示，並且交易直接發送給經銷商而不會洩露資訊。

This is also the largest segment of the market that remains largely phone-based. We've registered record total block trading ADV of over $5 billion across US credit, emerging markets and eurobonds. Our share of blocks in US high-grade was a record 12.5%, representing an increase of almost 200 basis points and was a key driver of the year-over-year increase in our estimated market share in US high-grade. Our cumulative block trading volume since the launch of our targeted block trading solution in US credit emerging markets and Eurobonds was approximately $8 billion through July 2025.

這也是目前仍以手機為主的最大市場。我們在美國信貸、新興市場和歐洲債券的大宗交易日均交易量已達到創紀錄的 50 多億美元。我們在美國高品位礦塊中的份額達到創紀錄的 12.5%，增長了近 200 個基點，也是我們在美國高品位礦塊市場預計份額同比增長的主要驅動力。自從我們在美國信貸新興市場和歐洲債券推出目標大宗交易解決方案以來，截至 2025 年 7 月，我們的累計大宗交易量約為 80 億美元。

Next, in the portfolio trading channel, which is a very important part of the market, we generated record levels of total portfolio trading ADV with a strong increase in US high-grade estimated market share on record ADV, as well as record ADV in US high yield and eurobonds. US high-grade portfolio trading market share was over 19% in the quarter, up 370 basis points over the prior year.

其次，在投資組合交易管道（這是市場中非常重要的一部分）中，我們的投資組合交易日均交易量達到了創紀錄的水平，美國高等級債券的預估市場份額也創下了歷史新高，美國高收益債券和歐洲債券的日均交易量也創下了歷史新高。本季美國高等級投資組合交易市佔率超過 19%，較上年成長 370 個基點。

Last, in the dealer-initiated channel, we are beginning to see progress as we prepare to launch a new Mid-X solution in September in US credit. Dealer RFQ ADV was $1.6 billion with record ADV in municipal bonds. Mid-X total volume hit a new quarterly record of over $9 billion, with record volume in emerging markets and eurobonds. We are very excited about the launch of our new Mid-X solution in a few weeks. It's a very streamlined midpoint matching solution for dealers using our award-winning CP+ for pricing.

最後，在經銷商發起的管道中，我們開始看到進展，因為我們準備在 9 月於美國信貸市場推出新的 Mid-X 解決方案。交易商 RFQ 日均交易量為 16 億美元，市政債券日均交易量創歷史新高。Mid-X 總交易量創下超過 90 億美元的季度新高，其中新興市場和歐洲債券的交易量創下新高。我們非常高興幾週後推出新的 Mid-X 解決方案。對於使用我們屢獲殊榮的 CP+ 進行定價的經銷商來說，這是一個非常簡化的中點配對解決方案。

Slide 7 highlights the strong growth in our international product areas, where we are executing across all three strategic channels. The strong growth that we generated across emerging markets and eurobonds was driven by multiple levers at different stages of growth with different fee profiles.

幻燈片 7 重點介紹了我們國際產品領域的強勁成長，我們正在所有三個策略管道中執行這一成長。我們在新興市場和歐洲債券上取得的強勁成長是由不同成長階段的多種槓桿和不同的收費結構所推動的。

Growth across block trading, portfolio trading and dealer-initiated activity drove our total volume growth to over 20%. And this strong increase in trading volumes on robust market volumes and share gains was accompanied by a small 3% decline in fee capture principally driven by protocol mix, delivering commission revenue growth of 17%.

大宗交易、投資組合交易和經銷商發起活動的成長推動我們的總交易量成長至 20% 以上。在強勁的市場交易量和份額增長的帶動下，交易量強勁增長，但費用卻小幅下降 3%，這主要歸因於協議組合，佣金收入增長了 17%。

We believe that our global presence in EM local markets, as shown on slide 8, will be a key driver of our future growth. The opportunity with local EM markets is enormous, as indicated on the right side of the slide, with 85% of the EM market made up of local currency corporates and sovereigns compared to just 15% hard currency corporates and sovereigns, and the estimated ADVs for both hard currency and local markets combined are greater than the ADVs for US credit markets.

我們相信，如第 8 張投影片所示，我們在新興市場本地市場的全球影響力將成為我們未來成長的關鍵驅動力。本地新興市場蘊藏著巨大的機遇，如幻燈片右側所示，85% 的新興市場由本地貨幣企業和主權國家組成，而硬通貨企業和主權國家僅佔 15%，硬通貨和本地市場合計的預計日均交易量高於美國信貸市場的日均交易量。

Our estimate is that most local market trades take place with onshore clients, while only a small percentage of our trades are taking place with onshore clients. We believe that this is a large growth opportunity for us. We are also focused on facilitating global investing in local markets.

我們估計，大多數本地市場交易都是與境內客戶進行的，而我們的交易中只有一小部分是與境內客戶進行的。我們相信這對我們來說是一個巨大的成長機會。我們也致力於促進全球對本地市場的投資。

As you saw with our press release last week, we just recently executed the first Indian government bond trade electronically. MarketAxess is the first fully electronic trading solution for foreign portfolio investors and this launch further deepens our global EM franchise. I would like to thank our clients, BlackRock and Standard Chartered for their support in executing the first trade.

正如您在我們上週的新聞稿中看到的，我們最近剛剛以電子方式完成了首筆印度政府債券交易。MarketAxess 是第一個針對外國投資組合投資者的全電子交易解決方案，此次推出進一步深化了我們的全球新興市場特許經營權。我要感謝我們的客戶貝萊德和渣打銀行在執行第一筆交易時提供的支持。

In summary, we are pleased with our execution in the second quarter, where we benefited from a very supportive market backdrop and delivered strong growth across our new initiatives. The July share numbers in US high-grade were disappointing, but we believe that the solution we are bringing to the market will be successful, and we now have the right team in place to help us accelerate growth in the coming quarters.

總而言之，我們對第二季的業績表現感到滿意，我們受益於非常有利的市場背景，我們的新措施實現了強勁成長。7 月美國高等級原油的市佔率令人失望，但我們相信，我們為市場帶來的解決方案將會成功，而且我們現在擁有合適的團隊來幫助我們加速未來幾季的成長。

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

現在，讓我將電話轉給艾琳來審查我們的財務狀況。

Thank you, Chris. Turning to our results. On slide 10, we provide a summary of our second-quarter financials. We delivered 11% revenue growth to a record $219 million, which includes a $2 million benefit from foreign currency fluctuations. Excluding the impact of FX, revenue growth was 10%. We reported an 11% increase in diluted earnings per share to $1.91 or $2 per share, excluding notable items, representing an increase of 16%.

謝謝你，克里斯。談談我們的結果。在第 10 張投影片上，我們提供了第二季財務狀況的摘要。我們的營收成長了 11%，達到創紀錄的 2.19 億美元，其中包括 200 萬美元的外匯波動收益。排除外匯的影響，收入成長了 10%。我們報告稱，每股攤薄收益成長 11%，達到 1.91 美元或每股 2 美元（不包括重大項目），增幅為 16%。

Notable items in the quarter included $4 million or $0.08 per share in repositioning charges and our expenses in the employee compensation and benefits line, and a $600,000 or $0.01 per share acquisition-related charge included in other income. My comments on our results from this point forward will largely exclude the impact of notable items and will be on a non-GAAP basis where applicable.

本季值得注意的項目包括 400 萬美元或每股 0.08 美元的重新定位費用和員工薪資與福利費用，以及包含在其他收入中的 60 萬美元或每股 0.01 美元的收購相關費用。從現在起，我對我們業績的評論將主要排除重大項目的影響，並在適用的情況下以非 GAAP 為基礎。

Looking at each of our revenue lines in turn. Commission revenue increased 12% to a record $192 million, driven by strong market volumes and an increase in volatility in the quarter, as well as the strong progress we have made with our new initiatives in 2025 across our three strategic channels. Just over 50% of the incremental $20 million in revenue generated in the second quarter of '25 versus the second quarter of '24 was from block trading, portfolio trading, and dealer-initiated activity.

依序查看我們的每條收入線。佣金收入成長 12%，達到創紀錄的 1.92 億美元，這得益於強勁的市場交易量和本季波動性的增加，以及我們在 2025 年透過三個策略管道實施的新舉措所取得的強勁進展。與 2024 年第二季相比，2025 年第二季產生的 2,000 萬美元增量收入中，略高於 50% 來自大宗交易、投資組合交易和經銷商發起的活動。

Services revenue increased 7% to a record $28 million. Information services revenue of $13 million increased 4%. Info services growth was 1%, excluding the impact of FX. Growth in the quarter was lower due to data deals that were pushed to the second half of 2025, but the pipeline remains strong with demand increasing from systematic funds and dealers.

服務收入成長 7%，達到創紀錄的 2,800 萬美元。資訊服務收入1300萬美元，成長4%。不計外匯影響，資訊服務成長 1%。由於數據交易被推遲至 2025 年下半年，本季成長較低，但隨著系統基金和經銷商的需求不斷增加，通路依然強勁。

Post Trade Services revenue of $11 million increased 7% versus the prior year or 1% excluding the impact of FX. Here, too, we see a healthy pipeline of new contracts and expect pricing increases in the second half of the year. Technology services revenue of $4 million increased 16%, driven by higher license and connectivity fees and the addition of RFQ-hub. Total other income increased approximately $1 million, driven by an increase in FX gains of approximately $2 million in the current quarter, partially offset by lower interest income.

交易後服務收入為 1,100 萬美元，較上年增長 7%，若不計外匯影響則增長 1%。在這裡，我們也看到了大量新合約的出現，預計下半年價格將會上漲。技術服務收入為 400 萬美元，成長 16%，這得益於許可證和連接費用的增加以及 RFQ-hub 的增加。其他總收入增加約 100 萬美元，主要由於本季外匯收益增加約 200 萬美元，但利息收入減少部分抵消了這一增長。

For modeling purposes, with the closing of RFQ-hub in mid-May and consolidation of their revenues and expenses, the earnings of unconsolidated affiliate line will go away in 3Q. But there is a performance incentive plan underway with our noncontrolling shareholders, which had a noncash impact of approximately $900,000 in the current quarter in other net.

出於建模目的，隨著 5 月中旬 RFQ-hub 的關閉及其收入和支出的合併，未合併的附屬線路的收益將在第三季度消失。但我們正在與非控股股東實施一項績效激勵計劃，該計劃對本季的其他淨收入產生了約 90 萬美元的非現金影響。

The effective tax rate was 26.9%, up from 24.8% in the prior year, reflecting the increased accrual for the uncertain tax position reserve we established in the first quarter of '25. On slide 11, we provide more detail on our commission revenue and our fee capture. Total commission revenue increased 12% to a record $192 million. We experienced 12% growth in credit variable commission revenue with US credit up 10%. Record emerging markets of 17% and record eurobonds up 19%.

有效稅率為 26.9%，高於上一年的 24.8%，反映了我們在 25 年第一季建立的不確定稅收狀況儲備的應計增加。在第 11 張投影片上，我們提供了有關佣金收入和費用收取的更多詳細資訊。總佣金收入成長 12%，達到創紀錄的 1.92 億美元。我們的信貸浮動佣金收入成長了 12%，其中美國信貸成長了 10%。新興市場創下 17% 的漲幅，歐洲債券創下 19% 的漲幅。

These strong results were driven by market volume strength and progress with our new initiatives, partially offset by lower fee per million. The reduction in total credit fee capture year over year was principally due to (inaudible).

這些強勁的業績是由市場容量的強勁增長和我們新舉措的進展所推動的，但每百萬費用的降低部分抵消了這一增長。信貸費用總額較去年同期減少的主要原因是（聽不清楚）。

On slide 12, we provide a summary of our operating expenses. Excluding notable items, second quarter operating expenses of $124 million increased 6% compared to the prior year, 5%, excluding FX. The increase in expenses was driven principally by higher employee compensation and technology and communication costs as we continue to strike the right balance between investing to drive future growth and continuing to drive increased efficiency.

在第 12 張投影片中，我們提供了營運費用的摘要。除重大項目外，第二季營運費用為 1.24 億美元，較上年同期成長 6%，除外匯外，成長 5%。費用的增加主要是由於員工薪酬以及技術和通訊成本的增加，因為我們繼續在投資推動未來成長和繼續提高效率之間取得適當的平衡。

Higher employee comp and benefits was driven by the strategic hires we have made over the last several months that we expect to help drive our growth as well as higher variable incentive compensation driven by the strong increase in revenue in the quarter.

員工薪資和福利的提高得益於我們過去幾個月進行的策略性招聘，我們預計這將有助於推動我們的成長，而本季營收的強勁成長也推動了更高的浮動激勵薪資。

Head count was 881, up only 2% from 864 in the prior year and up 1% from 870 at the end of the first quarter of '25. We are reconfirming our full-year 2025 expense guidance and expect to be at the low end of the previously stated expense range of $501 million to $521 million on an ex notable non-GAAP basis or on a GAAP basis, $505 million to $525 million.

員工總數為 881 人，僅比前一年的 864 人增加 2%，比 2025 年第一季末的 870 人增加 1%。我們正在重新確認 2025 年全年支出指引，預計在非 GAAP 基礎上將處於先前所述的支出範圍的低端，即 5.01 億美元至 5.21 億美元，或在 GAAP 基礎上處於 5.05 億美元至 5.25 億美元。

On slide 13, we provide an update on our capital management and cash flow. Our balance sheet continues to be strong with cash, cash equivalents, and corporate bond and US treasury investments totaling $621 million as of June 30, down from $699 million at the end of 2024. We generated $360 million in free cash flow over the trailing 12 months, an increase of 5% over last quarter. We repurchased 380,000 shares year to date through July 2025 for a total of $80 million, including 168,000 shares repurchased during the second quarter at a cost of $37 million.

在第 13 張投影片上，我們提供了有關資本管理和現金流量的最新資訊。我們的資產負債表持續保持強勁，截至 6 月 30 日，現金、現金等價物以及公司債和美國公債投資總額為 6.21 億美元，低於 2024 年底的 6.99 億美元。過去 12 個月，我們產生了 3.6 億美元的自由現金流，比上一季成長了 5%。截至 2025 年 7 月，我們年初至今已回購 38 萬股，總計 8,000 萬美元，其中包括第二季回購的 168,000 股，成本為 3,700 萬美元。

As of July 31, 2025, $145 million remains on the Board's share repurchase authorization. We believe we are striking the right balance of investing to drive future growth, while at the same time being disciplined stewards of capital.

截至 2025 年 7 月 31 日，董事會授權的股票回購金額仍為 1.45 億美元。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。

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，請他作最後發言。

Thanks, Ilene. In summary, on slide 14, we made solid progress with the key new initiatives that will drive improved market share in US credit in the remaining quarters of 2025. We are continuing to increase the pace of innovation and execution, and we will continue to enhance our delivery of new product enhancements in the coming months.

謝謝，艾琳。總而言之，在第 14 張投影片上，我們在關鍵新措施方面取得了堅實進展，這些措施將在 2025 年剩餘幾季推動美國信貸市場份額的提高。我們正在繼續加快創新和執行的步伐，並將在未來幾個月繼續加強新產品的交付。

We are pleased with the performance of the platform in the quarter, which benefited from a more favorable macro environment and our new initiatives, which provided over half of our incremental revenue in the quarter.

我們對本季平台的表現感到滿意，這得益於更有利的宏觀環境和我們的新舉措，這些新舉措為我們本季提供了一半以上的增量收入。

The launch of our targeted block trading solution drove record levels of block trading across US high-grade, emerging markets and eurobonds. We delivered record portfolio training ADV and our market share in US credit portfolio trading increased 240 basis points, 40% growth in dealer-initiated ADV reflects our increasing focus on this important channel.

我們有針對性的大宗交易解決方案的推出推動了美國高等級債券、新興市場和歐洲債券的大宗交易達到創紀錄的水平。我們實現了創紀錄的投資組合培訓日均交易量，我們在美國信貸投資組合交易中的市場份額增加了 240 個基點，經銷商發起的日均交易量增長 40% 反映了我們對這一重要渠道的日益關注。

We generated record Mid-X volumes in emerging markets and Eurobonds, and we look forward to the launch of Mid-X for US credit in September. We have made several very important strategic hires over the last several months including Dean Berry and Spencer Lee, that will be integral to driving future growth.

我們在新興市場和歐洲債券中創造了創紀錄的 Mid-X 交易量，我們期待 9 月推出針對美國信貸的 Mid-X。過去幾個月，我們聘用了幾位非常重要的策略人才，包括 Dean Berry 和 Spencer Lee，這對於推動未來的成長至關重要。

In summary, we expect to drive growth mainly in US credit in the coming quarters through continued progress across the client-initiated portfolio trading and dealer-initiated channels, combined with our expanded leadership team.

總而言之，我們預計未來幾季我們將透過客戶發起的投資組合交易和經銷商發起的管道的持續進展，以及我們擴大的領導團隊，主要推動美國信貸的成長。

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

現在我們很高興開始回答問題。

(Operator Instructions) Chris Allen, Citi.

（操作員指示）花旗銀行的克里斯艾倫 (Chris Allen)。

Thanks for taking the question. I wanted to see if you can give some more details on the progress to date on the new initiatives or maybe some color just in terms of where you are from client penetration and adoption perspective, then the outlook you just mentioned for the rest of the year? And then if you could help us reconcile the progress you've made, the momentum we saw in 2Q versus the July volumes, specifically in market share in US high-grade, that would be helpful as well.

感謝您回答這個問題。我想看看您是否可以提供一些有關新舉措迄今為止的進展的更多細節，或者從客戶滲透率和採用率的角度介紹一下您的現狀，以及您剛才提到的今年剩餘時間的前景？然後，如果您能幫助我們協調您所取得的進展，我們在第二季度看到的勢頭與 7 月份的銷量，特別是在美國高品位市場份額方面，這也會有所幫助。

Sure. Thanks, Chris. Yeah, first of all, we -- at the beginning of the year, we promised the market that we were going to focus on really three key areas. The client-initiated area, particularly portfolio trading, the dealer-to-dealer business and block trades.

當然。謝謝，克里斯。是的，首先，我們在年初向市場承諾，我們將真正專注於三個關鍵領域。客戶發起的領域，特別是投資組合交易、經銷商對經銷商業務和大宗交易。

So as of July year to date, our IGPT business is up 47%. Our market share in portfolio trading is up 340 basis points. Our year-to-date investment-grade dealer business is up 42%. And our market share in the dealer-to-dealer business is up 100 basis points. And that's -- our promise is also we're launching Mid-X in September. So that's without a mid-market matching solution in the dealer-to-dealer business.

截至今年 7 月，我們的 IGPT 業務成長了 47%。我們的投資組合交易市佔率上升了340個基點。我們今年迄今的投資等級經銷商業務成長了 42%。我們在經銷商對經銷商業務的市佔率上升了 100 個基點。那是——我們的承諾是，我們將於 9 月推出 Mid-X。因此，經銷商對經銷商業務中沒有中端市場匹配解決方案。

In high yield, our year-to-date Portfolio Trading business is up 42%, and our market share in high-yield portfolio trading is up 100 basis points. So again, we're showing growth year to date across all of those segments. And most exciting is around our block activity. We're seeing growth across the markets that we've launched, our block solution in eurobonds, EM, and obviously, US credit as well. Year to date, our block activity is up over 20%. And our block share has increased as a result of those solutions in that market.

在高收益方面，我們今年迄今的投資組合交易業務成長了 42%，我們在高收益投資組合交易中的市佔率成長了 100 個基點。因此，我們再次顯示，今年迄今為止，所有這些領域都實現了成長。最令人興奮的是我們的街區活動。我們看到，我們所推出的市場正在成長，我們的整體解決方案涵蓋歐洲債券、新興市場，當然還有美國信貸市場。今年迄今為止，我們的區塊活動成長了 20% 以上。由於這些解決方案在該市場的應用，我們的市佔率也隨之增加。

So across the three initiatives, we are delivering outsized performance, and we're pretty excited about what's to come in those three areas. We are also excited about this Mid-X launch for US credit. We do think that will have an impact on our dealer-to-dealer growth rates as a result, and that's due to go live in September.

因此，透過這三個舉措，我們都取得了卓越的成績，我們對這三個領域的未來發展感到非常興奮。我們也對 Mid-X 在美國信貸領域的推出感到興奮。我們確實認為這將對我們的經銷商之間的成長率產生影響，並且該政策將於 9 月上線。

I'm also excited about our block training solution in investment grade and in high yield. It's really just been recently launched to a number of users, and we're expanding that user base in the coming weeks as we onboard more dealer content.

我對我們的投資等級和高收益的區塊訓練解決方案也感到興奮。它最近才剛剛向一些用戶推出，隨著我們加入更多經銷商內容，我們將在未來幾週內擴大用戶群。

And then we're also rolling out all of this initiative with also while we were upgrading our technology. So we're seeing further rollout of that new tech into Europe with X-Pro going live in Europe just this month. And then we have some exciting new features rolling out in the coming months in our portfolio trading platform as well. So certainly, year-to-date progress that we're excited about those three initiatives.

我們在升級技術的同時，也推出了所有這些措施。隨著 X-Pro 本月在歐洲上線，我們將看到這項新技術進一步推廣到歐洲。我們還將在未來幾個月內在我們的投資組合交易平台上推出一些令人興奮的新功能。因此，毫無疑問，我們對今年迄今為止的進展感到非常興奮。

With regard to July, I certainly would like to cover the July market share numbers, particularly in IG. July was a very similar market dynamic that we saw in February of this year with exceptionally narrow spreads and quite low volatility. When we see that kind of market dynamic, we typically see a pickup in portfolio trading and mid-market matching solutions in the market. And certainly, portfolio trading volumes did go up in July and rose to 13% of the overall market.

關於 7 月份，我當然想介紹一下 7 月份的市佔率數據，特別是在 IG 方面。7 月的市場動態與今年 2 月的市場動態非常相似，價差極窄，波動性也相當低。當我們看到這種市場動態時，我們通常會看到市場上的投資組合交易和中端市場匹配解決方案的回升。確實，7 月投資組合交易量有所上升，佔整體市場的 13%。

What's interesting is we tend to see a pickup in the mid-market matching solutions as dealers kind of recycle that higher PT volume into those mid matching -- midpoint matching solution. So they tend to exit that risk using those midpoint matching solutions.

有趣的是，我們傾向於看到中端市場匹配解決方案的回升，因為經銷商將更高的 PT 量回收到那些中端匹配 - 中點匹配解決方案中。因此他們傾向於使用中點匹配解決方案來擺脫風險。

And then in -- we did see some progress in the overall market in blocks. But really, the overall -- the number one competitor in July that we saw was really phone and chat. We saw the phone and chat block market grow, as we mentioned on the opening remarks, of 400 basis points to 47% market share. So that's a sizable increase that we saw in that block market that typically tends to be on phone and chat.

然後——我們確實看到整體市場在區塊方面取得了一些進展。但實際上，總體而言——我們看到的 7 月頭號競爭對手實際上是電話和聊天。正如我們在開場白中提到的，我們看到電話和聊天攔截市場成長了 400 個基點，市佔率達到 47%。因此，我們在通常透過電話和聊天進行的區塊市場中看到了相當大的成長。

And as you've seen in our numbers, we are addressing that very market share, that block market, in particular, and showing some promise with the rollout of our block solution in both eurobonds and EM, and obviously, finishing that here in US high-grade.

正如您在我們的數據中看到的那樣，我們正在解決這個市場份額問題，特別是大宗市場，並且透過在歐洲債券和新興市場推出大宗解決方案顯示出一些前景，顯然，我們在美國高等級債券中完成了這一目標。

So not a great month for us, but one month doesn't really make a quarter or a year. And obviously, we saw a certain market dynamic in July that is much more favorable to large PTs or a sizable portfolio trades in July. And really, that mid-market matching solutions tend to do quite well in a stable, low vol environment.

所以對我們來說這不是一個好月份，但一個月並不能真正構成一個季度或一年。顯然，我們看到 7 月的某種市場動態對大型 PT 或 7 月的大規模投資組合交易更加有利。事實上，中階市場匹配解決方案往往在穩定、低波動的環境中表現良好。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

Thanks for taking the question. Chris, I was hoping you could just update us or maybe just elaborate on some of the drivers of the fee per million decline in the quarter. It didn't fall too much sequentially, but it was the lowest it's been in a few years. I'm just wondering kind of what the drivers were there and then what your expectations are going forward? It looks like it popped up a little bit in the month of July. So any color on fee per million would be great.

感謝您回答這個問題。克里斯，我希望您能向我們通報最新情況，或詳細說明本季每百萬費用下降的一些原因。雖然與上一季相比沒有下降太多，但這是幾年來的最低水準。我只是想知道那裡的驅動因素是什麼以及您對未來的期望是什麼？看起來它在七月稍微出現了一些。因此，每百萬的費用無論什麼顏色都是很好的。

Patrick, it's Ilene. Thanks for the question. So I think this is probably not a surprise, right? But if you look at what the drivers have really been for us in terms of fee per million recently, it's sort of the same as you've heard from us in the past. And as you noted, for the month, we saw it pop up a little bit in terms of the sort of July '25 versus June '25, and that was really due to what we were seeing in terms of high-grade duration, right?

派崔克，我是艾琳。謝謝你的提問。所以我認為這可能並不奇怪，對吧？但如果你看看最近我們每百萬的費用方面的真正驅動因素，你會發現它和你過去聽到的我們說的差不多。正如您所說，就本月而言，我們看到 2025 年 7 月與 2025 年 6 月相比略有上升，這實際上是因為我們看到了高品味持續時間，對嗎？

We saw that move out to about 8.9 years. And so that was obviously a benefit and that actually offset what we saw in portfolio trading, which was, as Chris mentioned, we saw an increase in PT volumes, and that actually goes the other way, right? So we sort of think of that as like $4 sort of in the positive column, and then $2 offset because we saw additional PT volumes.

我們發現這一時間延長至約 8.9 年。所以這顯然是一個好處，實際上抵消了我們在投資組合交易中看到的影響，正如克里斯提到的，我們看到 PT 交易量有所增加，而這實際上是相反的，對吧？因此，我們認為這就像正數列中的 4 美元，然後是 2 美元的抵消，因為我們看到了額外的 PT 量。

And when you think about it from the year-over-year perspective from the quarter that you asked about, and this is also true, but on a smaller level in terms of the quarter over quarter for the quarter, it's really more than about -- again, it's new protocols, right?

當您從您詢問的季度同比角度來考慮時，這也是事實，但從本季度環比增長的較小層面來看，這實際上不僅僅是——再說一次，這是新的協議，對吧？

And so, when we see that we have more PT coming through, in particular, you're going to see that, that puts some pressure on fee per million. Now we know and as we just saw in July that when high grade moves out, when duration moves out, that's a good guide and that can help us. So the move you saw really were based on sort of protocol and product mix within what we were seeing happening.

因此，當我們看到有更多的 PT 進來時，你會看到，這會給每百萬的費用帶來一些壓力。現在我們知道了，正如我們在七月看到的那樣，當高等級移出時，當持續時間移出時，這是一個很好的指導，可以幫助我們。因此，您所看到的舉措實際上是基於我們所看到的協議和產品組合。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Chris, you gave a pretty big laundry list of the initiatives earlier to Chris Allen's question. Would love for you to give a little bit more detail on the US blocks. I know it's early, but I know it's also your biggest initiative for the year. And I think you said some pretty -- again, (technical difficulty) timelines and how quickly you want to see really traction.

克里斯，你之前在回答克里斯艾倫的問題時給了一份很長的舉措清單。希望您能提供更多關於美國街區的詳細資訊。我知道現在還早，但我知道這也是你今年最大的舉措。我認為您再次提到了一些非常漂亮的（技術難度）時間表以及您希望多快看到真正的牽引力。

So maybe (technical difficulty) from EM and eurobonds that are translating into that perhaps? And how should we be thinking about the timeline to really make an impact on your market share?

那麼，新興市場和歐元債券的（技術困難）也許會轉化為這種情況？我們應該如何考慮時間表才能真正對您的市場佔有率產生影響？

Sure. And unfortunately, your part of your question broke up a little bit, but I'm excited to talk about block activity. I think that was certainly at the heart of the question. First, we're very excited with the success we're seeing in both emerging markets as well as eurobonds from a block perspective. As I mentioned, our block volume year to date is up over 20%.

當然。不幸的是，您的問題有點混亂，但我很高興談論區塊活動。我認為這確實是問題的核心。首先，從整體角度來看，我們對新興市場和歐洲債券的成功感到非常興奮。正如我所提到的，今年迄今為止我們的區塊交易量增加了 20% 以上。

More importantly, in Q2, we saw sizable performance in block trading. It increased just in IG, 40%, and we actually picked up block market share hit as high as 12.5% in the quarter. So certainly exciting to see that in our US investment-grade offering.

更重要的是，第二季大宗交易表現亮眼。僅在 IG 中就成長了 40%，而且我們在本季的區塊市佔率實際上高達 12.5%。因此，看到我們在美國投資級產品中出現這種情況確實令人興奮。

Certainly, in the offering in EM and eurobonds, we continue to see success in blocks. Our EM block volume was up 27% in Q2, and we saw $1.6 billion in EM block trades in Q2. So certainly, it's having an impact. We're seeing trader behavior changes, and that's exciting when you roll out a block solution because, again, we always point out the other 50% of the market is largely blocks across the credit market. And so being able to show that we have launched an offering and are finally cracking into that phone and chat market is truly exciting.

當然，在新興市場和歐洲債券的發行中，我們繼續看到大量發行的成功。我們的新興市場大宗交易量在第二季成長了 27%，第二季新興市場大宗交易達到 16 億美元。所以它肯定會產生影響。我們看到交易者的行為正在發生變化，當你推出區塊解決方案時，這是令人興奮的，因為我們總是指出，其餘 50% 的市場主要是信貸市場的區塊。因此，能夠證明我們已經推出了一款產品，並最終打入了手機和聊天市場，這確實令人興奮。

We also are seeing further progress. I think our -- some of our best progress is in eurobonds in blocks where we continue to grow market share as a result of blocks. Our block volume just in July alone was up 54% in Eurobonds. So we're having a really positive reaction from the market in that block volume across both EM and Eurobonds.

我們也看到了進一步的進展。我認為，我們取得的最大進展是在分批發行歐洲債券方面，透過分批發行，我們的市佔率不斷擴大。光是 7 月份，我們的歐洲債券交易量就成長了 54%。因此，我們在新興市場和歐洲債券的大宗發行量方面得到了市場非常積極的反應。

In the US, moving to your question around investment grade and high yield. We are seeing clients enjoying the benefits of having that block tool, but it's still early days in terms of what we rolled out in the US. We are planning on having more dealer content come into that market. We're working with dealers closely in -- across the US credit market.

在美國，關於投資級和高收益的問題。我們看到客戶正在享受該阻止工具的好處，但就我們在美國推出的功能而言，它仍處於早期階段。我們計劃讓更多的經銷商內容進入該市場。我們正在與美國信貸市場的經銷商密切合作。

It's a key ingredient to have that dealer content in order to attract a block trade solution. So exciting for the progress and excited about what's to come. I look at where we have a very strong dealer content in EM and Eurobonds has really led to the success of the block tool. And I expect similar outcomes from our client traders when they see the content become more robust in US credit.

為了吸引大宗交易解決方案，擁有經銷商內容是關鍵因素。我對取得的進展感到非常興奮，對即將發生的事情也充滿期待。我認為我們在新興市場擁有非常強大的經銷商內容，而歐洲債券確實推動了區塊工具的成功。當我們的客戶交易員看到美國信貸內容變得更加豐富時，我預期他們也會得到類似的結果。

So exceptional performance where we have that content and very excited about overall progress in the US.

我們在內容方面表現非常出色，並且對美國的整體進展感到非常興奮。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Thanks for the question. Maybe just digging a little more on the blocks, if I could. So just on Europe, just to start, it sounds like great success there. You were just talking about with the growth. Just curious how much of that you attribute to the new block solution, if you can maybe elaborate on what adoption looks like there.

謝謝你的提問。如果可以的話，也許我只是在積木上再挖一點。就歐洲而言，聽起來那裡取得了巨大的成功。您剛才談到了成長。我只是好奇，您將其歸因於新的區塊解決方案的多少，您是否可以詳細說明那裡的採用情況。

And in the US, it sounds like it's early days. You mentioned you're rolling out. You're continuing to roll it out. Can you just elaborate on your sort of expectations around the pace of the rollout in the coming months and quarters, the steps you're taking to broaden adoption, how you're looking to gauge early traction. And what might success look like in the US with this new high touch solution into year end and in '26?

而在美國，這聽起來還處於早期階段。您提到您正在推出。您正在繼續推廣它。您能否詳細說明您對未來幾個月和幾季推出速度的期望、您為擴大採用而採取的措施以及您如何衡量早期的吸引力。那麼，到今年年底和 2026 年，這種新的高接觸解決方案在美國會取得怎樣的成功呢？

Sure. Again, on the block side, our progress in eurobonds in particular was certainly, heavily driven by our block trading pick up. As I mentioned, in the quarter, block trading grew 31%. So we're seeing that. And here in July, in Eurobonds, our block trading grew an additional 34%.

當然。再次，在大宗交易方面，我們在歐洲債券方面的進展無疑在很大程度上受到大宗交易回升的推動。正如我所提到的，本季大宗交易成長了 31%。所以我們看到了這一點。7月份，我們的歐洲債券大宗交易又成長了34%。

So we're certainly seeing that impact. And it's really partly because of the content that we have on the platform in eurobonds, where we probably have most of the enriched dealer content on the platform. When it comes to EM, we also are seeing that same growth rate in EM.

所以我們確實看到了這種影響。這實際上部分是因為我們在平台上擁有歐洲債券的內容，我們可能在平台上擁有大部分豐富的經銷商內容。就新興市場而言，我們也看到了同樣的成長率。

Again, the EM blocks have been driven partially by our new targeted solution, but also by the willingness of clients to use our all-to-all open trading for block-size liquidity. So part of the growth has been a client's change in behavior to put large-sized orders particularly in EM local markets into our platform to access that unique liquidity in the all-to-all solution.

再一次，新興市場區塊部分是由我們新的目標解決方案推動的，也是由客戶願意使用我們的全對全開放交易來實現區塊規模流動性所推動的。因此，成長的部分原因是客戶行為的改變，他們將大額訂單（特別是新興市場本地市場的訂單）放入我們的平台，以獲得全方位解決方案中獨特的流動性。

With regards to the rollout here in the US, it's only been a handful of traders that we've rolled the solution out. We plan to increase that number in the coming weeks as we continue to onboard dealer content. It's an important part of the market.

就美國推出的產品而言，我們只向少數交易商推出了該解決方案。隨著我們繼續加入經銷商內容，我們計劃在未來幾週內增加這個數字。它是市場的重要組成部分。

As I think about how we've addressed the market, historically, we've really addressed the market, clients needs when they have an identified set of bonds and they come to market and request price, and that's been the traditional means of adoption of electronic trading.

當我思考我們如何應對市場時，從歷史上看，我們真正應對的是市場，當客戶擁有一組確定的債券並進入市場並詢問價格時，他們的需求，這是採用電子交易的傳統方式。

What's exciting about this new part of the market, it's where dealers are really pushing their content or their inventory into clients, and clients make decisions about selection of bonds as a result of that inventory being pushed to them. So this is a part of the market that we have historically not engaged in.

這個新市場的令人興奮的地方在於，經銷商真正將他們的內容或庫存推銷給客戶，而客戶則根據推銷給他們的庫存來決定債券的選擇。這是我們過去從未涉足過的市場部分。

And it's really opening up two things: one, a much better relationship with our dealer community; but two, it's really getting into areas for investors to see content in a more efficient way than over chat or phone, and really ingest that content to impact their portfolio selection. That's something new for us, something that's been rolled out here.

它實際上開啟了兩件事：第一，與我們的經銷商社群建立了更好的關係；第二，它確實讓投資者能夠以比聊天或電話更有效的方式查看內容，並真正吸收這些內容來影響他們的投資組合選擇。這對我們來說是新鮮事，而且是已經在這裡推出的。

But it's an exciting part of the market because largely, the block market, particularly in US investment grade, it's driven by this inventory push out to clients. And it's exciting to finally being tapped into that part of the market and pushing dealer inventory or dealer access into the hands of investors.

但這是市場中令人興奮的一部分，因為很大程度上，大宗市場，特別是美國投資等級市場，是由向客戶推出庫存所驅動的。最終進入該部分市場並將經銷商庫存或經銷商訪問權交到投資者手中是令人興奮的。

Simon Clinch, Redburn.

西蒙·克林奇，雷德伯恩。

Thanks for taking my question. I was wondering if we could just look at the PT market for a second because your comments around how PT tends to sort of pull back in times of -- or tends to thrive in times of low vol. I used to think the reverse was the case as well, but we've seen PT penetration in both US credit in high grade and high yield, just continually rise this year even through some pretty ropy periods in the market.

感謝您回答我的問題。我想知道我們是否可以稍微看一下 PT 市場，因為您的評論是關於 PT 在低波動時期如何趨於回落，或者在低波動時期如何趨於繁榮。我以前也認為情況正好相反，但我們已經看到，即使在市場經歷了一些相當艱難的時期，PT 在美國高等級和高收益信貸中的滲透率今年仍在持續上升。

So I was wondering if you could talk about how you're seeing your clients use PT differently. Is this -- could this be a much bigger part of the market than we initially perceived, maybe a year or two ago? I would love your thoughts on that, please.

所以我想知道您是否可以談談您如何看到您的客戶以不同的方式使用 PT。這是不是——這是否會成為比我們最初（也許一兩年前）所認為的更大的市場份額？我很想知道您對此的看法。

Sure. Well, there's definitely a pattern that we've seen. The majority of the pattern is during times of low vol, even intraday low vol or weekly low vol, higher use of PT. It's easier for dealers to price a PT. It's certainly easier for clients to evaluate PT pricing.

當然。嗯，我們確實看到了一種模式。此模式的大部分發生在低波動時期，甚至是盤中低波動或週低波動時期，PT 的使用率較高。經銷商可以更輕鬆地為 PT 定價。客戶當然可以更輕鬆地評估 PT 定價。

So there's definitely a trend. You do point out correctly, in some of the high volatility months of the second quarter, we did see clients make use of portfolio trades particularly in high yield, where they were obviously attracted by the liquidity and the ability to move large notional sums of bonds. So we did see ironically the pickup in PT and high yield during some volatile times.

所以肯定有這種趨勢。您確實指出得正確，在第二季度的一些高波動月份中，我們確實看到客戶利用投資組合交易，特別是高收益投資組合交易，他們顯然受到流動性和轉移大額名義債券的能力的吸引。因此，諷刺的是，我們確實看到，在某些動盪時期，PT 和高收益有所回升。

I think that was largely driven by demand for cash by a number of their clients. But the continued use of PT is obviously an important part of the market. Certainly, we've been growing our PT market share as a result of rolling out new portfolio trading solutions, and we'll continue to address that part of the market because it's such an important market share driver.

我認為這主要是由於其許多客戶對現金的需求。但PT的繼續使用顯然是市場的重要組成部分。當然，透過推出新的投資組合交易解決方案，我們的 PT 市場份額一直在增長，而且我們將繼續關注這部分市場，因為它是推動市場份額成長的重要因素。

There has been a number of very large sized portfolio trades in the month of July, large being over $1 billion. We've seen those portfolio trades be on platform but also be off platform. So there's still a number of -- in these market environments, higher levels of clients coming to market with PT. And then there's obviously some very outsized PT trades that we've seen in the market from month-to-month happen somewhere in the size of $4 billion to $5 billion in PT sizes.

7 月出現了多筆非常大規模的投資組合交易，其中最大一筆交易的金額超過 10 億美元。我們看到這些投資組合交易既可以在平台上進行，也可以在平台外進行。因此，在這樣的市場環境下，仍有大量更高層次的客戶透過 PT 進入市場。然後，我們顯然看到市場上每月都會發生一些非常大規模的 PT 交易，其 PT 規模約為 40 億美元到 50 億美元之間。

Again, we remind everyone the market opportunity in PT is quite small relative to the bigger part of the market. We think it's in the zone of $50 million in US IG in terms of revenue. Yes, these are priced at very low rates, and they're really facilitation trading solutions for clients. So exciting about market share movement in PT, but again, very low revenue opportunities in the overall PT market.

再次提醒大家，相對於更大的市場而言，PT 的市場機會相當小。我們認為，就收入而言，美國 IG 的規模在 5,000 萬美元左右。是的，這些價格非常低，而且它們確實為客戶提供了便利的交易解決方案。PT 的市佔率變動令人興奮，但整體 PT 市場的收入機會非常低。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Thanks for taking my question. Chris, in your prepared remarks, you talked about a number of new strategic hires. I was wondering if you could expand on that a little bit. What are these individuals tasked with doing? What are their primary KPIs you're going to be measuring? How do you think they'll be kind of moving the needle? And if you're successful in these hires, when do you think that might translate into results?

感謝您回答我的問題。克里斯，在您準備好的演講中，您談到了一些新的策略招募。我想知道您是否可以稍微詳細說明一下。這些人的任務是什麼？您要衡量的主要 KPI 是什麼？您認為他們會如何推動這項進程？如果您成功聘用了這些人才，您認為什麼時候才能產生成果？

Sure. Again, very excited about our new hires, some that have started and some are due to start in the coming months. So Spencer Lee is really overseeing all of our product in the US credit market. So it's exciting to see the impact he's already had on our products and our product priorities and organizing our efforts around portfolio trading solutions.

當然。再次，我們對我們的新員工感到非常興奮，其中一些員工已經開始工作，而其他人將在未來幾個月內開始工作。因此，Spencer Lee 實際上負責監督我們在美國信貸市場的所有產品。因此，看到他對我們的產品、產品優先順序以及圍繞投資組合交易解決方案組織我們的工作產生的影響，我們感到非常興奮。

He certainly has a known brand among our clients and a known brand among the dealer community. He has been building out solutions for really larger trade sizes in his prior role. So we are excited about his input and his knowledge around our block trading solution and expect him to obviously focus on portfolio trading, block trading, and our dealer solutions in the coming months.

他在我們的客戶和經銷商群中都擁有一個知名的品牌。在他之前的職位上，他一直在為更大規模的交易建立解決方案。因此，我們對他對我們的大宗交易解決方案的投入和知識感到非常興奮，並希望他在未來幾個月內專注於投資組合交易、大宗交易和我們的經銷商解決方案。

Dean Berry will be joining in late September. So we're excited about his entry to MarketAxess. He has a breadth of knowledge across markets, data, and analytics and certainly skilled in M&A as well. So we're excited about Dean joining us in the coming months.

Dean Berry 將於九月下旬加入。因此，我們對他加入 MarketAxess 感到非常興奮。他在市場、數據和分析方面擁有廣泛的知識，並且在併購方面也非常熟練。因此，我們很高興 Dean 能在接下來的幾個月加入我們。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Maybe I could just ask a question on the muni business. I know it's still small, obviously. But can you just kind of update us on market share, progress? What else do you need to do in terms of capability or new product rollout to kind of find the next leg of market share growth there? And then anything you can also share, just regarding some of the movement on kind of an implied fee capture within that bucket and how you expect that to progress moving forward?

也許我可以問一個有關市政債券業務的問題。我知道它顯然還很小。但是您能否向我們介紹一下市場佔有率和進展？在能力或新產品推出方面，您還需要做些什麼才能找到下一個市場佔有率成長點？然後您還可以分享什麼，只是關於該桶內隱含費用捕獲的一些動向，以及您預計它將如何向前發展？

Sure. Look, we're very excited about our muni business. The year-over-year growth in munis has been exciting. Certainly, the Q2 activity that we just published has been up quite dramatically. Our overall ADV, we hit records in Q2. Our market volume was up 23%.

當然。瞧，我們對我們的市政債券業務感到非常興奮。市政債券的同比增長令人興奮。當然，我們剛發布的第二季活動已經大幅增加。我們的整體 ADV 在第二季創下了紀錄。我們的市場容量成長了23%。

And what's exciting about 2Q and current performance is a lot of that growth has been driven by our tax-exempt business, which is a very unique part of the business. Within the tax-exempt business, we were up 34% in terms of record volume. And here in July, which is a much lighter month for the muni market, we were up 12% in our tax-exempt business.

第二季和目前業績令人興奮的是，很大一部分成長是由我們的免稅業務推動的，這是我們業務中非常獨特的一部分。在免稅業務方面，我們的交易量創歷史新高，成長了 34%。7 月是市政債券市場較為清淡的一個月，但我們的免稅業務卻成長了 12%。

So we continue to see excitement around electronification of the muni market. We've rolled out portfolio trading to our muni market investors, which is an important tool for them. And a key component to that muni market is also our all-to-all solution where clients are able to access unique liquidity across that muni market.

因此，我們繼續看到市政債券市場電子化的興奮。我們已向市政債券市場投資者推出了投資組合交易，這對他們來說是一個重要的工具。市政債市場的關鍵組成部分也是我們的全方位解決方案，客戶可以透過該解決方案獲得整個市政債券市場的獨特流動性。

So we continue to make investments in the muni market. Our most recent investment was our CP+ for munis. The feedback on that data feed is quite exciting. Certainly, in the second quarter, clients noted that our CP+ from munis outperformed the other real-time market data solutions in the muni market. So certainly, we see further adoption as a result of that data and its performance in the market.

因此我們繼續對市政債市場進行投資。我們最近的投資是市政債券的 CP+。此數據饋送的回饋非常令人興奮。當然，在第二季度，客戶注意到我們的市政債券 CP+ 表現優於市政債券市場中的其他即時市場數據解決方案。因此，我們肯定會看到這些數據及其在市場上的表現會進一步被採用。

So overall, pretty excited about our muni business, our fee per million actually in July was up as a result of the activities across that market. So we are certainly happy about the direction of travel of fee per million overall. We also have a sizable dealer business in the muni market as well. And seeing that grow not only in the second quarter, but also here in July, it grew about 38%.

總體而言，我們對我們的市政債券業務感到非常興奮，由於整個市場的活動，我們 7 月每百萬的費用實際上有所上漲。因此，我們對每百萬費用整體的走勢感到非常高興。我們在市政債市場也擁有相當大的經銷商業務。不僅第二季實現了成長，7 月也實現了成長，成長了約 38%。

So overall, I'm pleased with the unique progress we've made year to date and year over year. July was obviously a slow month from an overall secondary market turnover for us, but certainly an exciting progress across those initiatives that we continue to talk about.

總的來說，我對我們今年迄今為止以及逐年取得的獨特進展感到滿意。對我們來說，7 月整體二級市場交易量顯然比較緩慢，但我們繼續談論的那些舉措無疑取得了令人興奮的進展。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大·布洛斯坦。

This is actually [Aditya] filling in for Alex. Thanks for taking our question. So I appreciate all the updates on block trading and PT. Was hoping to just talk about the firm's capital return priorities and importantly, where M&A stacks up in the mix?

這其實是 [Aditya] 取代 Alex 來做的。感謝您回答我們的問題。因此，我很感謝有關大宗交易和 PT 的所有更新。是否希望僅僅談論公司的資本回報優先事項以及重要的是，併購在其中佔據什麼位置？

Sure. Happy to discuss that. I think, as you know, MarketAxess over time has always really been driven by and focused a lot on the organic opportunity ahead of us, which we know we still think is really quite, quite significant. And so if you think about the priorities and our capital priorities, at the same time, you've also seen us, and we talked about this a bit in the prepared remarks, you also have seen us doing more share repurchases and being really opportunistic in that space as well.

當然。很高興討論這個問題。我認為，正如您所知，MarketAxess 一直以來都真正受到我們面前的有機機會的驅動，並且非常關注這些機會，我們知道我們仍然認為這些機會非常非常重要。因此，如果您同時考慮優先事項和我們的資本優先事項，您也會看到我們，而且我們在準備好的發言中也談到了這一點，您也會看到我們進行了更多的股票回購，並且在該領域也真正抓住了機會。

And at the same time, you've also seen us do a number of bolt-on acquisitions, right? You saw Pragma, obviously, which we've talked about. We, in the past, did MuniBrokers, and we just had a discussion about our muni business. We had the [LQA Rates] acquisition and then obviously, most recently, RFQ-hub.

同時，您也看到我們進行了一些附加收購，對嗎？顯然，您看到了 Pragma，我們已經討論過了。我們過去曾做過市政債券經紀商，我們剛剛討論了市政債券業務。我們收購了 [LQA Rates]，最近又收購了 RFQ-hub。

So you've seen us do a number of bolt-on acquisitions. And I would actually talk about our capital priorities exactly in the way that I just described them to you which is, first, investing organically to really capture that market opportunity we have in the global fixed income market, continue to return capital to investors through dividends and more opportunistic share repurchases as you've seen us do. And then I would say bolt-on acquisitions like I just discussed.

所以你已經看到我們進行了一些附加收購。實際上，我會按照我剛才向您描述的方式談論我們的資本優先事項，即首先進行有機投資，真正抓住我們在全球固定收益市場中的市場機遇，繼續透過股息和更多機會性股票回購向投資者返還資本，正如您所看到的那樣。然後我會說我剛才討論過的附加收購。

And I would just add, obviously, as Ilene mentioned, our organic opportunity is quite large and quite attractive and certainly high accretion as a result. We are -- our balance sheet is positioned, certainly attractively to engage in M&A. And with the more recent executive changes here at MarketAxess, we also have executive level capacity to engage in M&A. So I'm excited about our opportunity to look at the market with a fresh balance sheet and a fresh set of eyes looking for opportunities in the M&A market.

我想補充的是，顯然，正如艾琳所提到的，我們的有機機會相當大，相當有吸引力，而且肯定會帶來很高的增值。我們的資產負債表定位明確，非常適合進行併購。隨著 MarketAxess 最近高階主管的變動，我們也擁有了參與併購的高階主管層級的能力。因此，我很高興我們有機會以全新的資產負債表和全新的視角來看待市場，尋找併購市場中的機會。

Eli Abboud, Bank of America.

美國銀行的 Eli Abboud。

Thanks for taking the question. Can you dig more into your performance in Europe? It looks like volumes are up 21% year to date. I know part of that is from a larger pie, but it also seems like there's been some pretty good share gains lately. What's driving those share gains? Who is it coming from? And are there any particular protocols or customer channels that have been particularly strong?

感謝您回答這個問題。能更詳細地介紹一下您在歐洲的表現嗎？今年迄今的交易量似乎已經上漲了 21%。我知道部分原因是市場佔有率變大了，但最近似乎也出現了相當不錯的市佔率成長。是什麼推動了這些份額的成長？它來自誰？是否存在特別強大的特定協定或客戶管道？

Sure. Thanks for that question. The eurobond market has been a very exciting market in 2025. Overall market activity has continued to grow. Our investor base is quite exciting and certainly adopting a number of our new initiatives.

當然。謝謝你的提問。2025年的歐洲債券市場是一個非常令人興奮的市場。整體市場活動持續成長。我們的投資者群體非常令人興奮，並且肯定會採納我們的許多新舉措。

Our block trading in the second quarter was up sizably. Our portfolio trading was also up dramatically in the second quarter. And just in July alone, our PT volume was up 64%. So we're delivering on all of those initiatives, blocks, portfolio trading, and the dealer initiative and client adoption is high. We're seeing outsized growth rates in those markets and market share increases.

我們第二季的大宗交易大幅增加。我們的投資組合交易在第二季也大幅成長。光是 7 月份，我們的 PT 交易量就成長了 64%。因此，我們正在實現所有這些舉措、區塊、投資組合交易，經銷商的主動性和客戶採用率都很高。我們看到這些市場的成長率非常高，市場佔有率也在增加。

So eurobond happens to be a place where we have a robust block solution with all the dealer content. We have a number of key investors using that solution. We have a robust portfolio trading tool with lots of analytics and pre-trade analysis for traders to use our portfolio trading tool.

因此，歐洲債券恰好是我們擁有包含所有經銷商內容的強大區塊解決方案的地方。我們有許多主要投資者正在使用該解決方案。我們擁有強大的投資組合交易工具，其中包含大量分析和交易前分析，供交易者使用我們的投資組合交易工具。

And then our dealer business with the full rollout of Mid-X across the eurobond business, we're seeing growth rates there in the dealer business as well. So it's really where we're firing on all three initiatives that we're seeing that very attractive growth rate across the Eurobond business.

然後，隨著我們的經銷商業務 Mid-X 在歐洲債券業務的全面推出，我們也看到經銷商業務的成長率。因此，正是我們全力推動這三項舉措，使得歐洲債券業務實現了極具吸引力的成長率。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Just wanted to follow up on the previous question around the hires and management changes. Just curious if you're done with that process and are there are more to go? And the team that you have together is the one that you think can execute upon the goals you've outlined for this year and beyond?

只是想跟進之前關於招聘和管理變動的問題。只是好奇您是否完成了該過程並且還有更多過程需要完成嗎？您認為您帶領的團隊能夠實現您今年及以後設定的目標嗎？

Thanks for the question. Super excited about the team we have, and with Dean's arrival, the team we'll have as early as late September. So excited about what that capacity brings certainly to our product knowledge and the practical knowledge of the product team.

謝謝你的提問。我們對現有的團隊感到非常興奮，隨著 Dean 的到來，我們最早將於 9 月底組建團隊。我對這種能力對我們的產品知識和產品團隊的實踐知識帶來的影響感到非常興奮。

Spencer Lee came from an EMS. And as I've mentioned on these calls before, as we expand our protocols and become more protocol-agnostic, we look and feel more like an EMS to our clients. So that's a key ingredient and a key skill set that he brings. He also sat in the desk of a trader. So he has that buy-side trader knowledge that he brings to MarketAxess. And those two components are very exciting for our product knowledge and what we're able to put out in terms of product to our investor clients.

史賓塞李 (Spencer Lee) 來自急救隊。正如我之前在這些電話中提到的那樣，隨著我們擴展協議並變得更加不受協議限制，我們對客戶的印象更像是 EMS。這是他所具備的關鍵因素和關鍵技能。他還坐在一名交易員的辦公桌上。因此，他擁有買方交易員的知識，並將其帶給了 MarketAxess。這兩個部分對於我們的產品知識以及我們能夠向投資者客戶提供的產品而言非常令人興奮。

And Dean, obviously, has a breadth of international experience, a breadth of a large P&L management experience, M&A experience, and obviously, product and data analytics experience. So again, really helpful entries to MarketAxess as we kind of move on to our kind of next journey in this market and attack.

顯然，Dean 擁有豐富的國際經驗、大型損益管理經驗、併購經驗，當然還有產品和數據分析經驗。因此，當我們繼續在這個市場中邁出下一步並發動攻擊時，MarketAxess 的條目確實很有幫助。

What I'm most excited about is really that large dealer-to-client block trade market and having the additional help across the globe is going to be quite exciting here in the coming months.

我最興奮的是，大型經銷商對客戶的大宗交易市場以及未來幾個月在全球範圍內獲得的額外幫助將會非常令人興奮。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Thanks for taking the follow-up question here. Just wanted to ask about portfolio trading in the month of July. And I know it's just a month, I don't want to overemphasize. Just curious what was driving the decline year-on-year and US credit portfolio trading a share.

感謝您在這裡回答後續問題。只是想詢問七月份的投資組合交易情況。我知道這只是一個月，我不想過度強調。我只是好奇是什麼導致了美國信貸投資組合交易份額的同比下降。

I think that was down about 160 basis points to around 15.6% US credit PT share. I'm just curious what macro environment might we see your PT share expand. Maybe talk about some of the initiative steps you can take to drive that meaningfully higher. And then over time, what might success look like for you and portfolio trading in US credit?

我認為，美國信貸 PT 份額下降了約 160 個基點，至 15.6% 左右。我只是好奇在什麼樣的宏觀環境下我們會看到您的 PT 份額擴大。也許可以討論一下您可以採取哪些主動措施來更有效地提高這一目標。那麼隨著時間的推移，您和美國信貸投資組合交易的成功將會是什麼樣子？

Sure. Great question. Obviously, we've been investing in our portfolio trading tool for some time. And as I mentioned, we are very excited about the progress we've made year to date in portfolio trading. Certainly, portfolio trading swings can be very client specific.

當然。好問題。顯然，我們已經對我們的投資組合交易工具進行了一段時間的投資。正如我所提到的，我們對今年迄今在投資組合交易方面取得的進展感到非常興奮。當然，投資組合交易的波動可能因客戶而異。

We've seen clients come to market with very large portfolio trades not regularly, but once a quarter. So it really is client specific and that can have a meaningful impact on your market share. And obviously, the client mix of portfolio trading in a month like July can certainly have an impact.

我們發現客戶並不是定期進入市場進行大額投資組合交易，而是每季一次。因此，它確實是針對客戶的，並且可以對您的市場份額產生重大影響。顯然，七月的投資組合交易的客戶組合肯定會產生影響。

In high yield, in particular, we did actually grow our portfolio market share in July. So we did see a pickup of 70 basis points in market share and portfolio trading market share in July. So certainly, we're seeing that client demand continue to come to use our portfolio trading solution.

特別是在高收益領域，我們七月的投資組合市佔率確實有所成長。因此，我們確實看到 7 月市佔率和投資組合交易市佔率上升了 70 個基點。因此，我們當然看到客戶對我們的投資組合交易解決方案的需求不斷增加。

I think going forward, clients are really asking for additional pre-trade analytics. They want to analyze portfolios before they submit them. They really want to optimize those portfolios. So having things -- some of our proprietary market data embedded in our portfolio trading tool will help clients determine what they should put in a portfolio before they go to the market. So those are exciting items. And certainly, there's additional items that we're working with some of the dealers on when they want to show portfolios to clients.

我認為，展望未來，客戶確實需要額外的交易前分析。他們希望在提交投資組合之前對其進行分析。他們確實想優化這些投資組合。因此，將我們的一些專有市場數據嵌入我們的投資組合交易工具中將幫助客戶確定在進入市場之前應該在投資組合中投入什麼。這些都是令人興奮的項目。當然，當一些經銷商想要向客戶展示投資組合時，我們也會與他們合作提供其他項目。

So again, that market where dealers are looking to move large baskets of bonds and show them to clients, we are now engaged in that as well, and that's an exciting new area of the portfolio market that's been developing. And so having a platform deliver a solution to both the dealer and the client is an exciting enhancement in that portfolio trading space.

所以，再說一次，交易商希望轉移大量債券並將其展示給客戶的市場，我們現在也參與其中，這是投資組合市場正在發展的一個令人興奮的新領域。因此，擁有一個能夠同時為經銷商和客戶提供解決方案的平台對於投資組合交易領域來說是一個令人興奮的進步。

Great. Thank you.

偉大的。謝謝。

All right. I will now turn the call back over to Chris Concannon for closing remarks.

好的。現在我將把電話轉回給克里斯康坎農 (Chris Concannon) 作結束語。

Thanks, everyone, for dialing in today. We're excited about what's to come in the following months. And we'll talk to you again on our following quarterly call. Thank you.

感謝大家今天的來電。我們對接下來幾個月即將發生的事情感到興奮。我們將在下次季度電話會議上再次與您交談。謝謝。

Thank you, everyone. You may now disconnect.

謝謝大家。您現在可以斷開連線。