Marketaxess Holdings Inc (MKTX) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MarketAxess fourth quarter and full year 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加 MarketAxess 2025 年第四季及全年財報電話會議。（操作說明）

As a reminder, this conference call is being recorded on February 6, 2026. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

再次提醒，本次電話會議將於2026年2月6日進行錄音。現在我將把電話交給MarketAxess投資者關係主管史蒂夫戴維森。請繼續，先生。

Good morning, and welcome to the MarketAxess fourth quarter and full year 2025 earnings conference call. For the call, Chris Concannon, Chief Executive Officer, will provide you with an update on our strategy and our business; and Ilene Fiszel Bieler, Chief Financial Officer, will review our financial results.

早安，歡迎參加 MarketAxess 2025 年第四季及全年業績電話會議。在本次電話會議上，執行長克里斯·康卡農將向您介紹我們的策略和業務的最新情況；首席財務官伊琳·菲澤爾·比勒將回顧我們的財務業績。

Before I turn the call over to Chris, let me remind you that today's call may include forward-looking statements. These statements represent the company's belief regarding future events that, by their nature, are uncertain. The company's actual results and financial condition may differ materially from what is indicated in those forward-looking statements.

在將電話交給克里斯之前，我想提醒各位，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看法，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這些前瞻性聲明中所示的情況有重大差異。

For a discussion of some of the risks and factors that could affect the company's future results, please see the description of Risk Factors in our annual report on Form 10-K for the year ended December 31, 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業績的一些風險和因素的討論，請參閱我們截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告中「風險因素」的描述。我還想請您閱讀我們今天早上發布的季度收益報告中的前瞻性聲明免責聲明，該報告現在可以在我們的網站上查閱。

Now let me turn the call over to Chris.

現在我把電話交給克里斯。

Good morning, and thank you for joining us to review our fourth quarter and full year 2025 financial results. We are pleased with the progress we achieved in delivering new protocols and functionality in 2025 and excited about our prospects and plans for 2026.

早安，感謝各位參加本次會議，共同回顧我們2025年第四季及全年的財務表現。我們對 2025 年在交付新協議和功能方面取得的進展感到滿意，並對 2026 年的前景和計劃感到興奮。

First, we enhanced the market access advantage in 2025 by expanding our global network, enhancing our differentiated liquidity and strengthening our deep proprietary data and analytics. These key components of the market access advantage are further complemented by our investment in multi-protocol solutions for the buy side and for the sell side. We made significant progress in 2025, delivering and growing protocols across our 3 channels: portfolio trading protocols, block trading protocols, dealer matching protocols, automation protocols and our closing auction protocol.

首先，我們透過擴大全球網路、增強差異化流動性以及加強深厚的專有數據和分析，提升了 2025 年的市場准入優勢。市場准入優勢的這些關鍵組成部分，也得到了我們對買方和賣方多協議解決方案的投資的進一步補充。我們在 2025 年取得了重大進展，透過我們的 3 個管道交付和發展了協議：投資組合交易協議、大宗交易協議、交易商匹配協議、自動化協議和我們的收盤拍賣協議。

Next, we have a clear and achievable technology and product road map that positions us to achieve our 3-year targets that we announced in December. In 2025, we delivered critical protocols and workflow tools that will help achieve the first year's milestones. Now 2026 is about execution and building on the momentum we had as we exited 2025.

其次，我們制定了清晰且可實現的技術和產品路線圖，這將使我們能夠實現 12 月宣布的 3 年目標。2025年，我們交付了關鍵的協議和工作流程工具，這將有助於實現第一年的里程碑。現在，2026 年的重點是執行，以及鞏固我們在 2025 年結束時所取得的勢頭。

Turning to our financial results on slide 3. In 2025, we generated record revenue of $846 million, including strong 10% growth in product areas outside US credit. Record total revenue was underpinned by record total ADV, driving record commission revenue, combined with record services revenue helping to drive record annual free cash flow generation of $347 million.

接下來請看投影片3的財務表現。2025年，我們創造了創紀錄的8.46億美元收入，其中包括美國信貸以外的產品領域強勁的10%成長。總收入創歷史新高，主要得益於總廣告收入創歷史新高，進而帶動佣金收入創歷史新高，加上服務收入創歷史新高，最終推動年度自由現金流創歷史新高，達到 3.47 億美元。

Momentum continued to build with our new initiatives last year. We exited 2025 with a 29% increase in block trading ADV, including record block trading ADV in emerging markets, 28% estimated market share in US high yield portfolio trading and over $3 billion in trading volume in our new dealer initiative protocol, Mid-X.

去年，隨著我們推出新舉措，發展動能持續增強。2025 年結束時，我們的大宗交易 ADV 增長了 29%，其中包括新興市場創紀錄的大宗交易 ADV，在美國高收益投資組合交易中估計市場份額為 28%，以及在我們新的交易商倡議協議 Mid-X 中超過 30 億美元的交易量。

We continue to be disciplined with our expense management with 5% growth in non-GAAP expenses in 2025. We have returned a total of $474 million to investors through $360 million of share repurchases and $114 million in dividends.

我們將繼續嚴格控制費用，預計 2025 年非 GAAP 費用將增加 5%。我們已透過 3.6 億美元的股票回購和 1.14 億美元的股息，向投資者返還了總計 4.74 億美元。

In addition to establishing our 3-year plan, we announced an enhanced capital return plan of $400 million, including a $300 million ASR. We just completed the ASR earlier this week with the final delivery of 360,000 shares. Through the completion of the ASR, we have now retired 1.7 million shares to date.

除了製定我們的三年計劃外，我們還宣布了一項 4 億美元的增強資本回報計劃，其中包括 3 億美元的 ASR。本週早些時候，我們完成了ASR的最後交付，總共交付了36萬股股票。透過 ASR 的完成，我們迄今已註銷了 170 萬股。

In summary, I'm encouraged by the significant product deliveries that we made in 2025 and the progress we achieved across our strategic channels, portfolio trading, dealer-initiated and block trading. The investments that we are making to help drive higher levels of revenue and market share growth in US credit are beginning to show some progress.

總而言之，我對我們在 2025 年取得的重大產品交付成果以及我們在策略通路、投資組合交易、經銷商發起交易和大宗交易方面取得的進展感到鼓舞。我們為推動美國信貸業務收入和市場份額成長而進行的投資已經開始顯現一些成效。

I just wanted to provide some context for our January trading volume statistics that we released yesterday. In January, we generated record total credit ADV driven by strong growth across all credit product areas with record ADV in our emerging markets business, up 50%. Strong market volumes, combined with the continued momentum in our new initiatives, helped drive strong growth in our total credit preliminary variable commission revenue.

我只是想為我們昨天發布的 1 月份交易量統計數據提供一些背景資訊。1 月份，我們實現了創紀錄的總信貸日均交易額，這得益於所有信貸產品領域的強勁增長，其中新興市場業務的日均交易額更是創下歷史新高，增長了 50%。強勁的市場交易量，加上我們新措施的持續推進，推動了我們信貸預付可變佣金總收入的強勁成長。

Estimated market share in US high grade was lower than we would have liked, but it was negatively impacted by a 92% increase in new issue block activity. While this has a temporary impact on share, it is good for overall market volumes and turnover growth over time. US high-grade turnover increased 95% in January, levels we have not seen since approximately 2011.

預計美國高等級硬幣的市場份額低於我們的預期，但這主要是由於新發行塊活動增加了 92% 而造成的。雖然這會對市場份額造成暫時性影響，但從長遠來看，這對整體市場交易量和營業額成長是有利的。美國1月高品位礦石週轉率成長了95%，達到了自2011年以來的最高水準。

Before moving to the next slide, I wanted to welcome 2 new members to our Board of Directors, Doug Cifu and Ken Schiciano, who will be joining our Board as of March 1. Doug brings deep fintech market structure and regulatory expertise from a major global market maker, and Ken has three decades of experience in fintech and private equity. Both will be integral to the Board and me as we continue to execute our long-term strategy.

在進入下一張投影片之前，我想歡迎兩位新成員加入我們的董事會，他們是 Doug Cifu 和 Ken Schiciano，他們將於 3 月 1 日加入我們的董事會。Doug 擁有來自全球主要做市商的深厚金融科技市場結構和監管專業知識，而 Ken 在金融科技和私募股權領域擁有三十年的經驗。在我們繼續執行長期策略的過程中，這兩者對董事會和我而言都至關重要。

Slides 4 and 5 really drive home how well we have enhanced the market access advantage in 2025. Most of the KPIs on slide 4 show healthy growth rates reflecting the underlying health of our franchise. This shows that the investments we have made to enhance our products and provide clients with new workflow tools and protocols are paying off. While we are pleased with these results, US credit market share continues to require attention and focus. The good news is we have a detailed plan to address it, which is embedded in our 3-year targets.

第 4 頁和第 5 頁充分說明了我們在 2025 年如何有效地增強了市場准入優勢。第 4 頁投影片上的大多數 KPI 都顯示出健康的成長率，反映了我們特許經營業務的良好基礎。這表明，我們為改進產品、為客戶提供新的工作流程工具和協議所做的投資正在發揮作用。雖然我們對這些結果感到滿意，但美國信貸市佔率仍需持續關注與重視。好消息是，我們已經制定了詳細的計劃來解決這個問題，該計劃已納入我們的三年目標中。

Slides 6 and 7 highlight how well we are executing on our new initiatives across our 3 strategic channels, including strong growth continuing in our automation suite. On slide 7, in the client-initiated channel, we continue to make progress with block trading globally. Our block solutions continue to grow in US credit, emerging markets and Eurobonds, proving that blocks will move from phone to platform.

第 6 和 7 頁重點介紹了我們在 3 個策略管道中執行新措施的良好情況，包括自動化套件的持續強勁成長。在第 7 張投影片中，在客戶發起的管道中，我們繼續在全球推廣大宗交易。我們的大宗交易解決方案在美國信貸、新興市場和歐洲債券領域持續成長，證明大宗交易將從手機轉移到平台。

We also recently launched a new [X] trading solution for dealers to send access directly to specific clients. The rollout is in progress, and the client feedback has been positive. We generated 24% growth in ADV to a record $5 billion of block activity across US credit, emerging markets and Eurobonds, with record block trading ADV across all 3 products. Our US credit ADV record was driven by record block trading ADV in US high grade of over $2 billion, which represented an 18% increase.

我們最近也推出了新的 [X] 交易解決方案，讓交易員直接向特定客戶發送存取權限。推廣工作正在進行中，客戶反饋良好。我們實現了 24% 的每日交易量成長，達到創紀錄的 50 億美元，涵蓋美國信貸、新興市場和歐洲債券，所有 3 種產品的每日交易量均創歷史新高。我們的美國信貸 ADV 記錄主要得益於美國高等級債券大宗交易 ADV 超過 20 億美元的創紀錄增長，增幅達 18%。

Our ADV record in US high yield of over $800 million in block trading represented an increase of 19%. This strong growth continued in January with a 56% increase in block trading ADV last month. Block trading in US credit, emerging markets and Eurobond now makes up about a third of our credit ADV and represents the next step in the growth of electronic trading.

我們在美國高收益債券大宗交易中創下的 ADV 記錄超過 8 億美元，成長了 19%。這一強勁成長動能在1月得以延續，上個月大宗交易日均交易量成長了56%。美國信貸、新興市場和歐洲債券的大宗交易目前約占我們信貸日交易量的三分之一，代表著電子交易發展的下一個階段。

In the Portfolio Trading Channel, we generated a 48% increase in total global portfolio trading ADV to a record $1.4 billion, with record US credit ADV and market share. US credit portfolio trading market share increased by 270 basis points in 2025. In January 2026, total portfolio trading ADV was up 126% and market share in US credit portfolio trading increased by 620 basis points.

在投資組合交易管道，我們實現了全球投資組合交易日均交易額增長 48%，達到創紀錄的 14 億美元，其中美國信貸交易日均交易額和市場份額均創歷史新高。到 2025 年，美國信貸組合交易市佔率將成長 270 個基點。2026 年 1 月，投資組合交易日均交易量成長 126%，美國信貸投資組合交易市佔率成長 620 個基點。

In the Dealer-Initiated Channel, we generated a 33% increase in dealer-initiated ADV for the year, and we exited 2025 with a strong contribution from our new US credit Mid-X protocol with over $3 billion in trading volume in December alone. Again, this strong growth continued into January with a 13% increase in our dealer-initiated ADV. Total Mid-X trading volume was a record $7 billion, representing an increase of 83%.

在經銷商發起的管道中，我們實現了全年經銷商發起的日交易量增長 33%，並且在 2025 年末，我們新的美國信貸 Mid-X 協議做出了強勁貢獻，僅 12 月份的交易量就超過 30 億美元。1 月份，這種強勁的成長勢頭仍在繼續，經銷商主動發起的 ADV 成長了 13%。Mid-X 總交易量創下 70 億美元的紀錄，成長了 83%。

Last, in the automation suite, we had another strong year as clients continue to leverage automation, enabling them to do more with less. Additionally, we were very pleased to see a significant increase in Adaptive Auto-X algo trading volume in the fourth quarter. Several key clients adopted more customized adaptive algo workflows to increase execution performance and generated over $8 billion in trading volume in the fourth quarter.

最後，在自動化套件方面，我們迎來了強勁的一年，因為客戶繼續利用自動化，使他們能夠以更少的資源做更多的事情。此外，我們非常高興看到第四季 Adaptive Auto-X 演算法交易量大幅成長。幾家重要客戶採用了更客製化的自適應演算法工作流程來提高執行效率，並在第四季度創造了超過 80 億美元的交易量。

I'm also happy to report that our Pragma acquisition, which is powering our recent algo success, is fully accretive while also adding strategic value across our matching and automation technology modernization, including driving growth in our rates complex.

我也很高興地報告，我們對 Pragma 的收購為我們最近的演算法成功提供了動力，不僅帶來了全面收益，還為我們的匹配和自動化技術現代化增添了戰略價值，包括推動了我們費率體系的成長。

Slide 8 shows the strong growth of our new initiatives with our top 25 clients. Our top 25 clients have been driving our growth in portfolio trading with an 85% increase in PT volume coming from the top 25. While our top 25 clients have been leveraging our platform for portfolio trading, they've also been leveraging our automation suite for block trading.

第 8 張投影片展示了我們與前 25 位客戶開展的新措施的強勁成長。我們前 25 位客戶推動了我們投資組合交易的成長，前 25 位客戶使投資組合交易量成長了 85%。雖然我們前 25 名的客戶一直在利用我們的平台進行投資組合交易，但他們也一直在利用我們的自動化套件進行大宗交易。

Automated block trading volume from our top 25 is up over 125%. And not surprisingly, given the benefits of X-Pro in managing RFQ and portfolio trades with our rich proprietary free trade analytics and data, trading volume through X-Pro is also up 80%.

前 25 名公司的自動大宗交易量成長超過 125%。毫不奇怪，鑑於 X-Pro 在管理詢價和投資組合交易方面具有許多優勢，例如我們豐富的專有免費交易分析和數據，透過 X-Pro 進行的交易量也增加了 80%。

Slide 9 highlights the increase in market share in US high yield portfolio trading in the second half of 2025 as a result of several enhancements we made last year. The enhancements allow clients to better evaluate the pricing they receive for their high-yield portfolios. While this chart highlights the dramatic increase in estimated US high-yield PT market share, we have also seen our traditional RFQ high-yield market share increased by approximately 100 basis points in the second half of 2025.

第 9 張投影片重點介紹了由於我們去年進行的幾項改進，2025 年下半年美國高收益投資組合交易的市佔率將會增加。這些改進使客戶能夠更好地評估其高收益投資組合的定價。雖然這張圖表突出了美國高收益 PT 市場份額的估計大幅增長，但我們也看到，到 2025 年下半年，我們傳統的 RFQ 高收益市場份額增長了約 100 個基點。

Slide 10 highlights the increase in the long-term e-trading opportunity that we have seen in just the last several years. This is a point worth emphasizing that I believe many market followers have been missing, particularly with our recent growth in blocks. While total electronification percentage rates may have plateaued in US credit over the last year, the US high-grade market overall has increased by approximately 52% and US high yield has grown by approximately 28%.

第 10 張投影片重點介紹了我們在過去幾年中看到的長期電子交易機會的成長。這一點值得強調，我認為許多市場觀察者都忽略了這一點，尤其是在我們最近業務成長的情況下。儘管過去一年美國信貸市場的整體電子化率可能已經趨於穩定，但美國高等級債券市場整體成長了約 52%，美國高收益債券市場成長了約 28%。

We believe that we are well positioned to capture this expanding e-trading opportunity as a result of the new initiatives that we have in the market right now as well as the ones we plan to deliver in 2026. This is why we feel good about our position and our ability to return to higher levels of revenue growth in the coming quarters.

我們相信，憑藉我們目前在市場上推出的新舉措以及我們計劃在 2026 年推出的舉措，我們已做好充分準備，抓住不斷擴大的電子交易機會。這就是為什麼我們對自身處境感到樂觀，並有能力在未來幾季恢復到更高的營收成長水準。

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

現在我把電話交給艾琳，讓她來回顧我們的財務表現。

Thank you, Chris. Turning to our results on slide 12, we provide a summary of our fourth quarter financials. We delivered 3.5% revenue growth to $209 million, which includes a $2 million benefit from foreign currency translation. We reported diluted earnings per share of $2.51 or $1.68 per share, excluding notable items. The net $0.83 per share impact of notable items in the quarter consisted of approximately $1 million or $0.02 per share in repositioning charges in our expenses in the employee compensation and benefits line and $31 million or $0.85 per share for reserve release related to the tax-related reserve we established in the first quarter of 2025.

謝謝你，克里斯。接下來，我們來看第 12 張投影片，其中概述了我們第四季的財務狀況。我們實現了 3.5% 的營收成長，達到 2.09 億美元，其中包括外幣折算帶來的 200 萬美元收益。我們公佈的稀釋後每股收益為 2.51 美元，或每股 1.68 美元（不計重大項目）。本季度重大項目對每股淨影響為 0.83 美元，其中包括員工薪酬和福利支出中的約 100 萬美元（即每股 0.02 美元）的重新定位費用，以及與我們在 2025 年第一季度設立的稅務相關準備金相關的 3100 萬美元（即每股 0.85 美元）的準備金釋放。

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 were applicable. Looking at each of our revenue lines in turn. Total commissions revenue increased 4% to $181 million compared to the prior year. Services revenue increased 2% to $28 million. Information Services revenue of $13 million increased 2%. Post-trade services revenue of $11 million increased 1% versus the prior year. Technology services revenue of $4 million increased 2%, driven by higher license fees as well as connectivity fees from RFQ Hub. Total other income decreased approximately $1 million, driven by lower investment income on lower rates and increased interest expense related to borrowings for the ASR, partially offset by unrealized investment gains in the quarter. The effective tax rate was a negative 15.8% or positive 23.4% excluding the impact of the tax-related notable I referenced earlier.

從現在開始，我對公司業績的評論將主要排除重大專案的影響，並且在適用情況下將採用非GAAP準則。逐一查看我們的每項收入來源。與前一年相比，佣金總收入成長 4%，達到 1.81 億美元。服務收入成長2%，達到2800萬美元。資訊服務收入為 1,300 萬美元，成長 2%。交易後服務收入為 1,100 萬美元，比上年增長 1%。技術服務收入為 400 萬美元，成長 2%，主要得益於更高的授權費以及 RFQ Hub 的連線費。其他總收入減少了約 100 萬美元，原因是利率下降導致投資收益減少，以及與 ASR 借款相關的利息支出增加，部分被本季未實現的投資收益所抵銷。實際稅率為負 15.8%，或不計入我之前提到的與稅收相關的顯著影響，實際稅率為正 23.4%。

On slide 13, we provide more detail on our commission revenue and our fee capture. Total credit commission revenue of $165 million increased 2% compared to the prior year. 4% growth in US high yield, 6% growth in emerging markets and 9% growth in Eurobonds, total commission revenue was partially offset by a 1% decline in US high grade and a 14% decline in municipals.

在第 13 張投影片中，我們將詳細介紹我們的佣金收入和費用收取情況。信貸佣金總收入為1.65億美元，較上年增加2%。其中，美國高收益債券成長4%，新興市場債券成長6%，歐洲債券成長9%。然而，美國高等級債券下降1%，市政債券下降14%，部分抵銷了佣金總收入的成長。

We were very pleased with the improvement in US high-yield revenue generation at the end of 2025. The reduction in total credit fee capture both year-over-year and quarter-over-quarter was principally due to protocol mix, partially offset by the higher duration of bonds traded in US high grade.

我們對 2025 年底美國高收益收入的改善感到非常滿意。信貸費用總額較去年同期下降主要是由於協議組合的變化，部分被美國高等級債券交易的較長期限所抵銷。

On slide 14, we provide a summary of our operating expenses. Excluding notable items, total expenses increased 8%, which included a headwind of $1 million due to the impact of foreign currency translation. The increase was driven principally by higher consulting, technology and communications and employee compensation costs as we continue to invest in our technology modernization and upgrade talent to drive future growth. We are continuing to invest, while at the same time, looking for cost efficiencies. Headcount was 869, down 2% from 891 in the prior year period and down 3% from the third quarter of 2025.

第 14 頁，我們提供了營運費用的總結。剔除特殊項目後，總支出增加了 8%，其中包括因外幣折算影響而增加的 100 萬美元。此次成長主要受諮詢、技術和通訊以及員工薪酬成本上升的影響，因為我們將繼續投資於技術現代化和人才提升，以推動未來的成長。我們將繼續投資，同時也尋求提高成本效益的方法。員工人數為 869 人，比去年同期的 891 人減少了 2%，比 2025 年第三季減少了 3%。

On slide 15, 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 $679 million as of December 31, 2025. We generated a record $347 million in free cash flow in 2025 and we returned a total of $474 million to investors through share repurchase and dividends during the year. We repurchased 2 million shares for a total of $360 million in 2025, including 595,000 shares in open market repurchases for $120 million and approximately 1.4 million shares for $240 million with the commencement of our $300 million ASR in December of last year.

第 15 頁，我們將介紹我們的資本管理和現金流的最新情況。截至 2025 年 12 月 31 日，我們的資產負債表依然穩健，現金、現金等價物、公司債和美國公債投資總額達 6.79 億美元。2025 年，我們創造了創紀錄的 3.47 億美元自由現金流，並在當年透過股票回購和分紅向投資者返還了總計 4.74 億美元。2025 年，我們回購了 200 萬股，總計 3.6 億美元，其中包括在公開市場回購 59.5 萬股，價值 1.2 億美元，以及在去年 12 月啟動 3 億美元年度股票回購計畫後，回購了約 140 萬股，價值 2.4 億美元。

I'm pleased to report that we just completed the ASR earlier this week with the final delivery of an additional 360,000 shares, bringing the total shares repurchased through the ASR to $1.7 million. As of January 31, 2026, $205 million remains on the Board's share repurchase authorization.

我很高興地報告，我們本週稍早完成了 ASR，最終交付了額外的 36 萬股，使透過 ASR 回購的股票總額達到 170 萬美元。截至 2026 年 1 月 31 日，董事會授權的股票回購額度還剩 2.05 億美元。

On slide 16 is our full year 2026 guidance. Before I move to guidance for 2026, please note that for 2025, total revenue outside of US credit grew 10% and US credit revenue decreased 2%.

第 16 頁是我們 2026 年全年業績指引。在給予 2026 年的績效指引之前，請注意，2025 年美國信貸以外的總收入成長了 10%，而美國信貸收入下降了 2%。

Now in terms of guidance for 2026, total services revenue, which includes information, post trade and technology services is expected to grow in the mid-single-digit percent in 2026. We expect total expenses ex notables to be in the range of $530 million to $545 million. This would imply a growth rate of approximately 8% to the midpoint of the 2026 range. This includes the full year effect of 2025 hires, deflationary increases as well as tech investments and higher variable costs.

展望 2026 年，包括資訊、交易後和技術服務在內的總服務收入預計將在 2026 年實現中等個位數百分比的成長。我們預計扣除重要支出後的總支出將在 5.3 億美元至 5.45 億美元之間。這意味著到 2026 年預測區間的中點，成長率約為 8%。這包括 2025 年招聘的全年影響、通貨緊縮帶來的成長以及技術投資和更高的可變成本。

A note on our full year 2026 expense guidance relative to our average annual operating margin expansion target. As I have stated previously, our 3-year average annual target of 8% to 9% revenue growth and operating margin expansion of 75 to 125 basis points are exactly that, averages over 3 years.

關於我們 2026 年全年費用指引與平均年度營業利益率擴張目標的說明。正如我之前所說，我們三年平均年度目標為營收成長 8% 至 9%，營業利潤率擴張 75 至 125 個基點，這僅僅是三年的平均值。

Turning to taxes. We expect that the effective tax rate will be in the range of 24% to 26%. Capital expenditures are expected in the range of $65 million to $75 million, of which roughly 80% relates to capitalized software development costs for investments we are making in new protocols and trading platform enhancements.

接下來談談稅務問題。我們預計實際稅率將在 24% 至 26% 之間。預計資本支出在 6,500 萬美元至 7,500 萬美元之間，其中約 80% 與我們正在投資的新協議和交易平台增強功能的資本化軟體開發成本有關。

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

現在讓我們把電話轉回克里斯，請他做總結發言。

Thanks, Ilene. In summary, on slide 17, we are continuing to execute our long-term strategy. We have significantly enhanced the market access advantage with our investments over the last several years. The growth profile of the company outside US credit is strong, and we are confident in our ability to return to higher levels of revenue growth in US credit with our 3-year financial targets.

謝謝你，伊琳。總而言之，在第 17 張投影片中，我們將繼續執行我們的長期策略。過去幾年，我們透過投資大幅增強了市場准入優勢。公司在美國信貸以外的成長前景良好，我們有信心在三年內實現美國信貸收入成長的更高水準。

We continue to make strong progress with our new initiatives across our 3 strategic channels. We are confident in our ability to execute in 2026, and we are continuing to focus on expense discipline and optimizing capital deployment to maximize long-term shareholder value.

我們在三大策略管道的新舉措方面持續取得顯著進展。我們對2026年的執行能力充滿信心，並將繼續專注於控制支出和優化資本部署，以最大限度地提高股東的長期價值。

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

現在我們很樂意開通熱線，回答您的問題。

(Operator Instructions) Patrick Moley, Piper Sandler.

（操作說明）派崔克·莫利，派珀·桑德勒。

Good morning. I wanted to ask about block trading. Chris, you noted in your prepared remarks the strength you've seen there, up 24% last year and then up 56% year-over-year in January. So could you break down the strength that you're seeing there, where it's coming from and the different ways that you're attacking that market? Just trying to get a better sense for what's going on behind the scenes there. Thanks.

早安.我想諮詢一下大宗交易。克里斯，你在事先準備好的發言稿中提到了那裡的強勁勢頭，去年增長了 24%，今年 1 月同比增長了 56%。那麼，您能否詳細分析目前看到的優勢，它來自哪裡，以及您正在採取哪些不同的方式來開拓這個市場？我只是想更了解幕後發生的事情。謝謝。

Sure. And thanks, Patrick, for that question. Obviously, we've been investing in our key initiatives, all our new initiatives, portfolio trading, dealer initiatives and then blocks as part of the larger initiatives. We're seeing returns across all three, so it's quite exciting. The block volumes that we're seeing are quite substantial. So I'll just run through some of the stats and then get back to your question around where we're seeing blocks come through the platform.

當然。謝謝帕特里克提出的這個問題。顯然，我們一直在投資我們的關鍵舉措、所有新舉措、投資組合交易、交易商舉措以及作為更大舉措一部分的區塊。我們看到這三方面都有回報，這令人非常興奮。我們看到的區塊體積相當可觀。所以我先簡單介紹一些統計數據，然後再回答你關於我們看到平台出現阻塞的問題。

First of all, in 2025, you heard in my prepared remarks, we've seen growth of block trading on the platform and IG of 18% and high yield of 19%. And then key areas where we first started to deploy our block protocols, EM is up 27% and euros up a staggering 66%. So we -- the good news is the block opportunity is there and the tools we're deploying are increasing our share of blocks on the market.

首先，正如我在事先準備好的發言稿中提到的，到 2025 年，我們在平台上的大宗交易和 IG 上實現了 18% 的增長，高收益達到了 19%。然後，在我們最初開始部署區塊協議的關鍵領域，EM 上漲了 27%，歐元更是驚人地上漲了 66%。所以——好消息是，區塊機會就在那裡，我們正在部署的工具正在增加我們在市場上的區塊份額。

Again, Q4, as you mentioned, a 24% increase, a total of $5 billion in block volume across the platform. And then here in January, still increasing our overall block volume. I'm happy to report a third of our credit volume is now in blocks during the month of January. And -- in January, high-grade was up 33%, high-yield up 42% and EM up 92% and with euros up 89%. So all sizable growth numbers across the block platform.

正如您所提到的，第四季度成長了 24%，整個平台的交易量總計達到 50 億美元。到了1月份，我們的整體區塊數量仍在增加。我很高興地報告，我們三分之一的信貸業務量現在都集中在1月。1 月份，高等級債券上漲 33%，高收益債券上漲 42%，新興市場債券上漲 92%，歐元債券上漲 89%。因此，整個區塊平台都實現了顯著的成長。

We have a number of protocols that are seeing block volume pass through it. Obviously, the data is a key ingredient to our success in block. We are now able to price blocks based on their size and their direction, and that's a key feature that clients are asking us more and more about -- our targeted RFQ, which was launched in EM and euros, is where we're seeing the strongest growth rates in our block growth rates. And then we are seeing traditional RFQ, all to all RFQ, we are seeing blocks come through the platform there. Just the liquidity levels are quite high. The market impact of sharing your block with all participants is quite reduced.

我們看到許多協定都出現了資料塊傳輸量激增的情況。顯然，數據是我們取得突破性進展的關鍵因素。我們現在能夠根據區塊的大小和方向進行定價，這是客戶越來越多地向我們諮詢的關鍵功能——我們針對新興市場和歐元推出的定向詢價，正是我們在區塊增長率方面看到最強勁增長的地方。然後我們看到傳統的詢價，所有詢價，我們看到訂單透過該平台發出。目前流動性水準相當高。與所有參與者共享區塊對市場的影響相當小。

And then the other areas -- other exciting areas that we're seeing block content is in our automation solution. We're seeing very large institutional investors increased their size of block activity through automation. So there's no human involved. It's just a large block going through our Auto-X platform. And then we're seeing blocks in our algo suite, which is really designed for block solutions, and we're seeing a pickup in blocks there.

而其他領域——我們看到的其他令人興奮的領域，例如自動化解決方案，也正在形成內容封鎖。我們看到，大型機構投資者透過自動化增加了大宗交易的規模。所以這裡面沒有人為因素。它只是一個正在通過我們 Auto-X 平台的大型模組。然後，我們看到演算法套件中出現了區塊，該套件實際上是為區塊解決方案而設計的，我們看到區塊的應用正在增加。

We've also seen block size in our newly launched Mid-X solution which was just launched in the fourth quarter of last year. And then we're seeing block sizes come through our newly launched auctions, closing auction platform there. That is designed for block side as well. So we have a number of protocols, some specifically designed to compete with IV, chat and phone and others where we're just seeing an increase in an appetite for putting blocks over the platform.

我們在去年第四季推出的全新 Mid-X 解決方案中也看到了區塊大小。然後，我們看到區塊大小透過我們新推出的拍賣平台和關閉拍賣平台出現。這也是為砌塊側設計的。因此，我們制定了一些協議，其中一些是專門為與 IV、聊天和電話競爭而設計的，而另一些則是我們看到人們對在平台上設置障礙的需求不斷增長。

The other piece of the market that we're seeing higher levels of block was around new issue. So the block market in the new issue market in January increased quite substantially. So in order to move the overall trade volumes that we're seeing, while PT is an important protocol to put exposure on and off, we're seeing higher levels of block activity across the market and trying to address that activity.

我們看到的另一個受阻較大的市場領域是新股發行。因此，1月新股發行市場的大宗交易量大幅成長。因此，為了推動我們看到的整體交易量，雖然 PT 是一個重要的敞口買賣協議，但我們看到整個市場的大宗交易活動水平更高，我們正在努力應對這種活動。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Good morning. The average fee rate in credit has obviously been sliding for the last few years and really just from a shift in the protocol mix. Can you maybe talk about if there's competitive pricing pressures driving that as well? And what type of decline are you assuming in the fee rate in your medium-term revenue growth outlook? Thank you.

早安.過去幾年，信用卡平均費率顯然一直在下滑，這實際上只是協議組合變化的結果。您能否談談是否存在價格競爭壓力也導致了這種情況？在中期收入成長預期中，您預期費率會出現怎樣的下降？謝謝。

Great question. Again, there's a lot of parts that impact our fee per million, just to go through some of them. So the product mix, as you mentioned, can impact our fee per million. Obviously, protocol selection will definitely impact our fee per million. Maturity -- average maturity impacts our fee per million. And then things like spread and volatility have an indirect impact on our fee per million. So a lot of moving parts around fee per million.

問得好。再次強調，影響我們每百萬英鎊收費的因素很多，這裡僅列舉其中一些。正如您所提到的，產品組合會影響我們每百萬英鎊的收費。顯然，協議的選擇肯定會影響我們每百萬名用戶的費用。到期日－平均到期日會影響我們每百萬英鎊的收費。而價差和波動性等因素也會對我們每百萬英鎊的收費產生間接影響。所以每百萬的費用涉及很多變數。

We've seen some of the largest adjustments in fee per million through the protocol and product mix. A perfect example is move to portfolio trading that comes in at a much lower fee per million. But again, it's -- we're all about growing our incremental revenue and much of the new initiatives that may come in at a lower fee per million are obviously growing revenue -- incremental revenue.

我們看到，透過協議和產品組合，每百萬費用出現了一些最大的調整。一個完美的例子是轉向投資組合交易，其每百萬英鎊的費用要低得多。但話說回來，我們一直致力於增加增量收入，而許多可能以較低每百萬費用推出的新舉措顯然是為了增加收入——增量收入。

The areas that we have seen fee per million impact -- one area, in particular, we just talked about the growth in block volume. In January, our growth in block volume does impact our fee per million but it has a net benefit to our revenue. I'll just kind of walk you through an example so you can understand the implications of doing more volumes by block.

我們已經看到每百萬費用的影響領域——特別是其中一個領域，我們剛才談到了區塊數量的成長。1 月份，我們區塊交易量的成長確實會影響每百萬區塊的交易費用，但對我們的收入而言，淨收益是有利的。我舉個例子給你看看，這樣你就能理解按塊進行更多卷計算的意義了。

If we trade a $50,000 order, which is quite a small-sized order on MarketAxess, we'll incrementally make $17 on that trade, but that comes in at a $350 fee per million. A $5 million block trade, we'll make $700 on that same transaction, but that comes in at a fee per million of $140 million. So you can see that as we grow these new protocols and grow incremental volume, it will have impacts on our fee per million calculation, and that's an important factor because we are growing all of these new initiatives, portfolio trading, block volume and obviously, automation and our dealer initiative is growing as well. All of those can have an impact on fee per million. I'll turn it over to Ilene to round out the questions.

如果我們交易一筆 5 萬美元的訂單（這在 MarketAxess 上算是一筆很小的訂單），我們將從這筆交易中額外賺取 17 美元，但這筆交易每百萬美元要收取 350 美元的手續費。一筆 500 萬美元的大宗交易，我們能從中賺取 700 美元，但每百萬美元的交易費高達 1.4 億美元。因此，您可以看到，隨著我們發展這些新協議並增加交易量，這將對我們的每百萬費用計算產生影響，這是一個重要的因素，因為我們正在發展所有這些新舉措，包括投資組合交易、大宗交易量，當然還有自動化，我們的交易商計劃也在發展。所有這些因素都會對每百萬英鎊的費用產生影響。接下來由伊琳來補充問題。

Let me just give a little bit of context also to support what Chris is saying. So if you think about the month-over-month January declined to $1.32 from $1.37, for instance, in fee per million. As you noted, it's volume mix shift largely into lower fee capture products, as Chris just discussed, but to put some more texture around it.

我再補充一些背景訊息，以佐證克里斯的說法。例如，1 月每百萬的費用從 1.37 美元下降到 1.32 美元。正如你所指出的，其銷售結構已大幅轉向收費較低的採集產品，正如克里斯剛才討論的那樣，但為了更詳細地說明這一點。

We had a very strong month in Eurobonds with ADV up 74%, and we know Eurobonds come in at a lower capture. But we expect this, right? That's a good thing. We want to continue to see that business growing. And then also, obviously, with high-grade blocks, that ADV was up 82% on a month-over-month basis. And it really goes to what Chris was talking about before on the question on block.

本月歐洲債券表現非常強勁，每日成交量增加了 74%，而我們知道歐洲債券的成交率較低。但我們對此並不意外，對吧？這是件好事。我們希望看到這項業務繼續發展壯大。而且，很顯然，高品位礦石的日均成交量較上季增加了 82%。這其實和克里斯之前在問題討論中提到的內容很吻合。

Now there was a little bit of offset. There wasn't a huge change in the weighted average years to maturity month-over-month. It went from about 9.47% to 9.49%. So there was a little bit of offset in terms of high-grade duration there. But by and large, you can see these trends and that this is not new. This is what we've been talking about in terms of both product and protocol shift.

現在有點偏差。各月加權平均到期年資沒有發生巨大變化。它從大約 9.47% 上升到 9.49%。所以，在高品質持續時間方面，存在一些偏差。但總的來說，你可以看出這些趨勢，而且這並不是什麼新鮮事。這就是我們一直在討論的產品和流程轉變的內容。

Let me get back to you also on your medium-term target question as I understand where that's coming from. I think it's important to take a step back when you think about the medium-term targets. And you've heard me say this before, I said it in my prepared remarks, right? We know that the 8% to 9% average growth is just that average, and there could be some variability on phasing in over the course of the 3 years.

關於您提出的中期目標問題，我稍後會回覆您，因為我明白您提出這個問題的緣由。我認為在考慮中期目標時，退後一步審視全局非常重要。你們之前也聽我說過，我在準備好的演講稿裡說過，對吧？我們知道 8% 到 9% 的平均成長率只是一個平均值，在 3 年的過渡期內可能會有一些波動。

Having said that, you may recall that we're being pretty clear that this is really about revenue growth and the way that we are expecting to achieve that. We think that in the first year, US credit will be about 20% of the total incremental revenue growth for the company and then by the end of our 3-year plan, we think that's going to be about 35% of incremental growth expected to come from US credit.

話雖如此，您可能還記得，我們​​已經非常明確地表示，這實際上是關於收入成長以及我們預期實現這一目標的方式。我們認為，第一年，美國信貸將占公司總增量收入成長的 20% 左右；到我們 3 年計畫結束時，我們認為，預計來自美國信貸的增量成長將佔總增量成長的 35% 左右。

Now we've also have our services business, and you heard that guide today in terms of in the aggregate mid-single digits for 2026. And we haven't included assumptions for increases in velocity for instance, in these 3-year targets -- in our 3-year plan. And while I'm not going to give you specific of fees per million, I can confirm that we have not baked in any fee per million accretion.

現在我們還有服務業務，你們今天也聽到了相關預測，預計到 2026 年，服務業務整體將實現個位數成長。例如，在我們的三年計畫中，我們還沒有將速度成長等假設納入這三年目標。雖然我不會透露每百萬英鎊的具體費用，但我可以確認，我們沒有計入任何每百萬英鎊的費用增值。

Our objective, really importantly, and we keep talking about this, but just to bring it back, is that we really are looking at our ways, the levers we can use to drive revenue growth. And Chris talked a lot about those initiatives, and I'm sure we're happy to go into it further, but I just wanted to get back to you on that point.

我們的目標，非常重要，我們也一直在談論這一點，但為了再次強調，是我們正在認真審視我們的方法，以及我們可以用來推動收入成長的槓桿。克里斯談了很多關於這些舉措，我相信我們也很樂意進一步探討，但我只是想就這一點回覆你一下。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Can you give us a quick update on emerging markets? It seems like that's one of the biggest standout success stories for you here over the last few years. I know it's still very underpenetrated market. So maybe define really what the road map is, what are you excited about maybe in 2026? Then look, obviously, others are watching you. So just wondering if you see any sort of shift in competitive dynamics if you're running into other people a little bit more or if this is still kind of a large market for you to capture?

能簡要介紹一下新興市場的情況嗎？看來這是你近幾年來最突出的成功案例之一。我知道這仍然是一個滲透率很低的市場。那麼，或許應該真正明確路線圖是什麼，你們對 2026 年有哪些期待呢？你看，很明顯，其他人都在看著你。所以我想知道，如果你遇到的競爭對手更多了，你是否感覺到競爭格局發生了某種變化？或者說，這仍然是一個你可以佔據的龐大市場？

Thanks, Alex. And obviously, emerging markets is an exciting area for us. We're obviously -- just to size the market, it's similar inside the US credit when you talk about the global emerging market and you have 2 types of markets, both sovereign as well as corporate local as well as hard currency. So it's quite a diverse market.

謝謝你，亞歷克斯。顯然，新興市場對我們來說是一個令人興奮的領域。顯然，我們只是想了解市場規模，這與美國信貸市場類似，當你談到全球新興市場時，你會發現有兩種類型的市場，既有主權市場，也有企業本地市場，還有硬通貨市場。所以這是一個相當多元化的市場。

The nice thing about that market, it is a diverse dealer market as well. It's not what I would call top heavy. So having a diversity of dealer communities, both in the local markets and the global dealer community, is a key ingredient to the liquidity that we see over the platform.

這個市場的好處在於，它也是一個多元化的經銷商市場。它並不算是頭重腳輕。因此，無論是在本地市場還是在全球經銷商群體中，擁有多元化的經銷商群體是我們在平台上看到的流動性的關鍵因素。

And as you mentioned, our EM, our emerging market growth has been quite attractive over the last couple of years. It continues into January. We saw our EM growth continue into January. Our market ADV in EM just for January was over $5 billion, which was a record and up 50% year-over-year, up 56% month-over-month. So you just can see that trend line is quite positive.

正如您所提到的，在過去幾年裡，我們的新興市場成長相當可觀。這種情況會持續到一月。我們看到新興市場的成長動能延續到了一月。光是1月份，我們在新興市場的日均銷售額就超過50億美元，創歷史新高，較去年同期成長50%，較上季成長56%。所以你可以看出，這條趨勢線是相當正面的。

In terms of the competitive landscape, we're not seeing -- we're competing dramatically with chat and phone in the EM market, it is not a well-penetrated electronic market. I think we try to estimate the electronic penetration in EM is somewhere under 10% and growing.

就競爭格局而言，我們並沒有看到——我們在電子市場中與聊天和電話展開激烈的競爭，電子市場滲透率並不高。我認為我們嘗試估計電磁領域的電子滲透率在 10% 以下，而且還在成長。

So we see that as a huge market opportunity for us. You do need people on the ground in the local markets. So it is an investment in sales, and investment in regional offices. And that -- those investments we have made for quite some time with folks in Latin America, teams in APAC and across other areas of the globe. So exciting -- a great deal of -- and we mentioned earlier the block volume growth.

所以我們認為這是一個巨大的市場機會。確實需要在當地市場安排人員。所以這是對銷售的投資，也是對區域辦公室的投資。而這些——我們長期以來對拉丁美洲的人們、亞太地區的團隊以及全球其他地區的團隊所做的投資。太令人興奮了——非常令人興奮——我們之前也提到過區塊體積的成長。

We're seeing block volume in EM as well, helping us drive that growth. As we mentioned earlier, that was up 92% in January and up 70% month-over-month as well, setting a new record in blocks. So a lot of exciting things to come, and we're obviously very focused on a protocol solutions in EM. That's one area where not only do we have an all-to-all RFQ but we have a RFM as well, which is helping to drive some of our block volume growth both in the local market as well as in the hard currency market.

我們也看到新興市場交易量的成長，這有助於推動這一成長。正如我們之前提到的，1 月成長了 92%，環比成長了 70%，創下了新的紀錄。所以未來有很多令人興奮的事情即將發生，我們顯然非常專注於EM領域的協議解決方案。在這個領域，我們不僅進行了全面詢價，還進行了詢價邀請，這有助於推動我們在本地市場和硬通貨市場的交易量成長。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Good morning. Thank you for taking the question. I wanted to go back to your comment around revenues outside of US credit growing. I think you said 10% in 2025. (inaudible), and I know there's a lot of things that go in there. Obviously, there is some trading businesses like non-US, but also there's (inaudible) revenues within there as well. I think at the slide deck at our conference in December, you talked about that being, I think, like a mid-teen percent grower over time. So maybe talk a little bit about what has driven sort of the slower growth last year? And how do you think about the growth in that non-US trading part of the business on a multiyear basis as part of your overall revenue growth (inaudible)?

早安.感謝您回答這個問題。我想回到你之前關於美國信貸以外的收入成長的評論。我想你說過2025年是10%。 （聽不清楚），我知道這裡面有很多因素。顯然，有些貿易業務像非美國企業一樣，但其中也包含（聽不清楚）收入。我記得在 12 月的會議上，您在幻燈片中提到過，隨著時間的推移，它的成長率大概會達到 15% 左右。那麼，或許可以談談去年成長放緩的原因是什麼？那麼，您如何看待非美國貿易業務在未來幾年內對整體收入成長的影響呢？（聽不清楚）？

Thanks for the question, Alex. So yes, of course, I know the slide you're talking about and keeping in mind that was a CAGR over five years, right? And so -- if you think about -- let's just take your services point to start and look at the full year 2025, right? Our services revenue there was about 6% this year and we are guiding to, for 2026, mid-single-digit growth there as well. And so I think that all fits. And then you would expect to see higher revenue growth in our trading businesses outside of US credit. So this algorithm still fits, and it still is exactly as we said, if you think about the 8% to 9% average annual over time with the phase-in and variability.

謝謝你的提問，Alex。是的，我當然知道你指的是哪張投影片，而且請記住，那是五年的複合年增長率，對吧？所以──如果你仔細想想──我們就從你的服務點開始，展望一下2025年全年，對吧？今年我們在該地區的服務收入成長了約 6%，我們預計 2026 年該地區的服務收入也將保持中等個位數的成長。所以我覺得一切都說得通。因此，人們會預期我們在美國信貸以外的交易業務中看到更高的收入成長。所以這個演算法仍然適用，而且仍然完全符合我們的說法，如果你考慮到逐步引入和變化的情況下，平均年增長率為 8% 到 9%。

And I would just say that there are different levers, right? If you think about this plan, there's obviously the volume levers. And while we don't control volume, needless to say, in the marketplace, we know that the electronification has definitely increased velocity, and Chris has certainly talked about it in the past. And if you even look at turnover in January, Alex, that was 95%.

我只想說，這裡有不同的槓桿，對吧？如果你仔細想想這個計劃，很明顯地其中有音量調整機制。雖然我們無法控制市場規模，但毋庸置疑，我們知道電子化肯定提高了市場速度，而克里斯過去也確實談到這一點。Alex，如果你看看一月的營業額，你會發現高達 95%。

And we also -- again, while we don't control volume, we also went back and we did an analysis over time, and we looked at volumes. And only time in the last -- since 2014, for instance, since volumes have contracted in this market really was in that one post-COVID year, and we all know what 2020 was like. So we're continuing -- the important thing for us, though, in terms of driving more velocity and driving turnover, is making sure we have the protocols in place the initiatives in place that's really going to enhance for our clients what they need. We want to be there to have the solutions there.

而且，雖然我們無法控制銷量，但我們也回顧並進行了一段時間的分析，並查看了銷量。而自 2014 年以來，只有一次市場交易量真正出現萎縮，那就是新冠疫情爆發後的那一年，而我們都知道 2020 年的情況。所以我們正在繼續——不過，對我們來說，就提高速度和促進週轉而言，最重要的是確保我們制定了相應的規章制度和舉措，真正能夠滿足客戶的需求。我們希望能夠到場，提供解決方案。

And that goes to the market share component of the algorithm, right? When we really are looking at market share, we're looking at it as what can we do to make sure that we are protocol-agnostic, and Chris has talked a lot about that. And so if you think about all of these things together, that is really what's driving the 3-year plan. A lot of it is really based on just sort of how do you maximize for when you're seeing volumes in the marketplace, what we're doing on the initiatives. And then obviously, the last part of that is the fee per million, which we talked about.

這跟演算法中的市佔率部分有關，對吧？當我們真正關注市場份額時，我們關注的是我們如何確保我們與協議無關，而克里斯已經就此談了很多。因此，如果你把所有這些因素綜合考慮，你會發現這才是推動這項三年計畫的真正原因。很多事情其實都取決於，當市場銷售出現成長時，我們如何最大限度地利用這些成長，以及我們在各項措施中所做的工作。最後，很顯然，最後一部分是每百萬英鎊的費用，我們之前也討論過。

I don't know, Chris, if you wanted to add...

克里斯，我不知道你是否想補充…

No, Alex, it's the right question. Look, our international business has been growing double digits for some time. That's really powered by EM and euros, where we see exciting growth. And again, in EM still early penetration for electronic trading. So the market opportunity is quite sizable.

不，亞歷克斯，你問對了問題。你看，我們的國際業務已經連續一段時間保持兩位數的成長。這主要得益於新興市場和歐元，我們看到了令人振奮的成長。而且，新興市場電子交易的滲透率仍然很低。因此，市場機會相當可觀。

Around the services, particularly the data business, we have historically -- on these calls, as many times said, we will not sell some of our data. That is proving strategically correct at this point as we see what's happening around the AI space, keeping our data, which is proprietary in-house to then leverage through our own use of AI is going to be a critical ingredient going forward.

在服務方面，特別是數據業務方面，我們歷來——正如我們在電話會議上多次提到的那樣——我們不會出售我們的一些數據。從人工智慧領域目前的發展趨勢來看，這種策略做法是正確的。將我們專有的資料保留在公司內部，然後透過我們自己的人工智慧應用加以利用，這將是未來發展的關鍵因素。

So I think when it comes to services and particularly market data revenue, we've strategically decided to keep that at a single-digit number because we want to actually hold our data for our own AI uses which will actually help our transaction business. So it was a strategic decision we made quite a number of years ago, but now it's proving to be quite valuable as we start to look at the use of AI within our data set.

所以我覺得，就服務收入，特別是市場數據收入而言，我們已經策略性地決定將其保持在個位數，因為我們希望將資料保留給我們自己的 AI 使用，這實際上將有助於我們的交易業務。所以這是我們多年前做出的戰略決定，但現在看來，隨著我們開始研究如何在我們的資料集中使用人工智慧，這個決定非常有價值。

Just to give you a sense of how much that data asset is growing. In 2025, we saw $5.3 trillion in inquiry volume. That's up about 13% from the prior year. That inquiry volume triggered close to $91 million in prices. So it's an increase in prices coming back. That is all unique data that is across the globe, across all the assets that we trade. And we're seeing over $35 trillion in notional prices on our platform each year. So it's quite a powerful data set.

只是想讓您了解一下這個數據資產成長得有多快。2025年，我們預計查詢量將達到5.3兆美元。這比上一年增長了約13%。該詢價量引發了近9,100萬美元的價格變動。所以價格又開始漲了。這是全球範圍內，涵蓋我們交易的所有資產的獨特數據。我們平台上每年的名目價格超過 35 兆美元。所以這是一個非常強大的數據集。

Our choice is not to sell it all in raw form. Our choice is to leverage that data for AI purposes to create higher volumes, more sticky services around our trading businesses. So that's part of what factors into our thought process around data and data growth.

我們的選擇不是全部以原生態形式出售。我們選擇利用這些數據進行人工智慧應用，從而圍繞我們的交易業務創造更大交易量、更具黏性的服務。所以，這是我們思考數據和數據成長時需要考慮的部分因素。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Good morning. This is Chris O'Brien on for Ben. I actually had a question about capital return. So it's been quite a strong start to the year for volumes across the industry and on platform at MarketAxess. So just curious if we saw a continued momentum through the rest of the year, how are you guys are thinking about share repurchases as we go through 2026? Thanks.

早安.這是克里斯‧奧布萊恩替本解說。我其實有個關於資本報酬率的問題。今年以來，整個產業以及 MarketAxess 平台上的交易量都出現了相當強勁的開局。所以，我很好奇，如果這種勢頭持續到今年年底，你們對2026年的股票回購有什麼看法？謝謝。

Sure. Thanks for the question. I think as you just noted, we, for us, in particular, obviously, has significant capital return with our ASR and just closing it out. And I would remind everybody that we did take out about $220 on our revolver in order with the cash outlay in order to put a little bit of leverage on it to do that. So our first order of business is going to be to pay that down over time.

當然。謝謝你的提問。我認為正如你剛才提到的，對我們而言，尤其顯然，我們的 ASR 專案及其最終完成會帶來可觀的資本回報。我還要提醒大家，為了支付這筆現金支出，我們確實從循環信貸額度中取出了大約 220 美元，以便利用槓桿效應進行融資。因此，我們的首要任務就是分期償還這筆款項。

And so we do know that we have $205 million left in authorization, and so we're just going to see how that goes. There's no end date on that authorization. So that's really how we're thinking about capital right now. And you probably also saw today that we did increase our dividend to $0.78 per share. So that's another thing that we're thinking about in terms of increasing capital return, at least on the dividend side in the short term.

所以我們知道授權額度還剩下 2.05 億美元，接下來就看看情況如何吧。該授權沒有截止日期。所以，這就是我們目前對資本的看法。今天您可能也看到了，我們將股息提高到每股 0.78 美元。所以，這是我們在考慮如何提高資本回報（至少在短期內提高股息回報）的另一個方面。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Thanks. Good morning. I wanted to follow up, Chris, on your comments around slide 10 and just the addressable market. I think you mentioned that 2025, some of the -- or the electronification slowed. And so just wanted to get a sense of what gives you confidence about that reaccelerating here in '26 more broadly as we just think about, obviously, the protocols you've been doing, but if there was other things idiosyncratic in the market or competition-wise, it maybe slowed that down?

謝謝。早安.克里斯，我想就你在第 10 張投影片中提到的潛在市場問題做個後續討論。我想你提到過，到 2025 年，一些——或者說電子化進程放緩了。所以，我只是想了解一下，是什麼讓您對 2026 年經濟全面復甦充滿信心？我們當然會考慮到您一直在執行的各項措施，但如果市場或競爭方面有其他特殊情況，可能會減緩經濟復甦的速度嗎？

Sure. Great question. Something we obviously focus on is converting this market from phone to platform. And the market opportunity is larger than what has been converted today. So when you think about that, the opportunity is enormous, and we're still early in the journey of electronification of the global fixed income market.

當然。問得好。我們顯然關注的一個重點是將這個市場從手機端轉移到平台端。而市場機會遠比目前已實現的還要大。所以仔細想想，機會是巨大的，而我們仍處於全球固定收益市場電子化進程的早期階段。

With regard to our slides, really, if you look at US credit, that's really where the growth of electronification across the entire market has plateaued, kind of flat lined. Somewhere, it's hard to estimate, but somewhere in the 45% to 50% range. What's holding it back from further conversion, when you analyze what is not on platform, it's really phone and chat block market. So that block market makes up the next 50% roughly, and that's the market opportunity that we are chasing and very focused on.

就我們的幻燈片而言，如果你看美國信貸，你會發現整個市場的電子化成長實際上已經停滯不前，幾乎停滯不前。具體比例很難估計，但應該在 45% 到 50% 之間。分析平台上缺少的內容，就會發現阻礙其進一步轉換的真正原因是手機和聊天攔截器市場。因此，大宗商品市場約佔接下來的 50%，而這正是我們正在追逐並專注的市場機會。

If you look at portfolio trading, the growth of portfolio trading because it's all electronic should have increased the overall electronic footprint in the market. Ironically, it did not. It converted what was early largely electronic RFQ into just larger baskets traded as a single price basket. So it was really the growth of portfolio trading that did really a conversion of e-RFQ to e-portfolio trading.

如果觀察投資組合交易，由於投資組合交易完全電子化，其成長應該會增加市場整體的電子化程度。諷刺的是，事實並非如此。它將早期主要以電子方式進行的詢價變成了以單一價格籃子進行交易的更大籃子商品。因此，真正促成電子詢價轉變為電子投資組合交易的是投資組合交易的成長。

Now -- and look, the market was quite focused on portfolio trading, both platforms, dealers and clients were making huge investments to convert their RFQs to portfolio trading. I will tell you, the focus of clients, dealers and platforms today has shifted to that 50% of US credit. It's all targeting block market. That's the exciting piece. And our earlier discussion on our block growth is really reflective of the investments we're making in that block market.

現在——你看，市場非常關注投資組合交易，平台、交易商和客戶都在進行巨額投資，將他們的詢價單轉化為投資組合交易。我可以告訴你，如今客戶、經銷商和平台的關注點已經轉移到了占美國信貸總額 50% 的那部分信貸上。這一切都瞄準了積木市場。這是最精彩的部分。我們之前關於區塊成長的討論，實際上反映了我們對該區塊市場的投資。

When you jump from US credit into other product areas, EM, in particular, we're still early days electronic penetration. So we're seeing our portfolio trading in EM grow dramatically. We're seeing electronic RFQ all-to-all. We're seeing block growth in EM as well. And then finally, our automation suite of products is growing quite handsomely in EM as well. Again, a very low automation penetration in that EM bucket.

當你從美國信貸領域跳到其他產品領域，特別是新興市場領域時，我們仍然處於電子滲透的早期階段。因此，我們看到我們在新興市場進行的投資組合交易量大幅成長。我們看到的是全面採用電子詢價方式。我們也看到新興市場出現了區塊成長。最後，我們的自動化產品套件在EM領域也發展得相當不錯。同樣，EM領域的自動化滲透率非常低。

So overall, I just love the fact that our market opportunity is greater than what has been converted today around the globe, and that just is an exciting opportunity for us as we deploy more and more products targeting that specific block market, which is left to convert.

總而言之，我非常喜歡我們的市場機會比目前全球已轉換的市場更大，這對我們來說是一個令人興奮的機會，因為我們將推出越來越多的產品來瞄準這個尚未轉化的特定區塊市場。

Eli Abboud, Bank of America.

Eli Abboud，美國銀行。

Good morning. Thanks for taking the question. I wanted to follow up on the last one about the overall slowdown in electronification and US credit this past year. I wonder if that has changed how you think about capital allocation. Does it still make sense to allocate the incremental dollar to US credit versus other areas like emerging markets or munis that are growing faster?

早安.感謝您回答這個問題。我想就去年美國電子化和信貸整體放緩的情況做個後續說明。我想知道這是否改變了你對資本配置的看法。將新增的美元分配給美國信貸，而不是分配給成長更快的其他領域，例如新興市場或市政債券，是否仍然有意義？

And then if I could just squeeze in like a follow-up here. I was hoping we could get an update to on the opening and closing auction initiative and what the early returns have been there? Thanks.

然後，如果我能在這裡插一句後續的話。我希望能夠了解開幕和閉幕拍賣活動的最新進展以及目前的初步成果？謝謝。

Sure. First, what's great about the opportunity -- and we -- really, we were just talking about blocks where we had substantial growth. Our investment in the block opportunity is actually very similar across product set. So whether we're investing in EM blocks or we're investing in US credit blocks, the way we have built our technology, our new technology on X-Pro, it scales across both product sets. So the incremental investment has very high returns because we have shifted to investing our protocols into global protocols as opposed to individual product protocols. So that's the exciting part.

當然。首先，這個機會最棒的地方在於——我們——實際上，我們當時只是在討論我們實現大幅成長的幾個區塊。我們對區塊投資機會的投資實際上在各個產品系列中都非常相似。因此，無論我們投資的是新興市場板塊還是美國信貸板塊，我們建立技術的方式，我們在 X-Pro 上的新技術，都可以擴展到這兩個產品系列。因此，增量投資的回報非常高，因為我們已經將投資重點從單一產品協議轉向全球協議。這就是令人興奮的部分。

So any investment in a block solution is an investment in a block solution across protocol. So the high return on that investment is quite attractive, and we'll continue to roll out our X-Pro solution, which is really delivering multiple protocols from portfolio trading to blocks to our automation delivery as well as traditional list RFQ, all delivered on the same technology stack and the same platform as we roll that out across the globe. So investments, high return because we're attacking the same unpenetrated market of EM or US credit with very similar techniques in protocol.

因此，對區塊解決方案的任何投資都是對整個協議區塊解決方案的投資。因此，這項投資的高回報非常有吸引力，我們將繼續推出我們的 X-Pro 解決方案，該方案真正實現了從投資組合交易到區塊交易再到自動化交付以及傳統列表詢價等多種協議，所有這些都基於相同的技術棧和平台，我們將在全球範圍內推廣該方案。因此，投資報酬率很高，因為我們採用非常相似的技術和協議，進軍新興市場或美國信貸這個尚未滲透的市場。

Turning to our matching solutions, things like Mid-X and auctions. These are all new investments, quite an exciting incremental revenue investments. So we're seeing sizable growth across our matching solution Mid-X.

接下來我們來看看我們的配對解決方案，例如 Mid-X 和拍賣。這些都是新的投資，是非常令人興奮的增量收入投資。因此，我們看到我們的配對解決方案 Mid-X 實現了顯著成長。

I know, Eli, you did a nice report on that in January. I appreciate all the kind remarks around our data set and the feedback from our clients. We promise we will use it as a marketing tool to talk to the dealer community. But Mid-X has been growing since we launched it in the fall of last year. It's quite exciting to be part of that match business in the dealer-to-dealer market. Again, we only have one match a day. We plan to increase that to multiple matches per day. So a lot of exciting growth there.

我知道，伊萊，你一月份做過一篇很棒的報道。我非常感謝大家對我們數據集的讚揚和客戶的回饋。我們承諾會將其作為行銷工具，與經銷商群體進行溝通。但自去年秋季推出以來，Mid-X 一直在成長。能夠參與經銷商之間的配對業務，真是令人興奮。再次強調，我們每天只有一場比賽。我們計劃將比賽場次增加到每天多場。所以那裡有很多令人興奮的成長。

Your question on closing auctions again, a newly launched auction solution. Right now, we're just focused on a closing auction, not an opening auction, and that was launched on an entirely new tech stack brought to us by our Pragma acquisition. So a very exciting new tech stack with a new front end used by both clients and dealers.

您再次提出關於結束拍賣的問題，這是我們新推出的拍賣解決方案。目前，我們只專注於結束拍賣，而不是開始拍賣，而結束拍賣是在我們收購 Pragma 後引入的全新技術堆疊上啟動的。所以，這是一個非常令人興奮的新技術堆疊，它擁有一個全新的前端，客戶和經銷商都可以使用。

The closing auction was launched really in the -- sometime in the fourth quarter, it was in a pilot phase, and we just we just rolled out the auction to a broader set of clients. So we're -- as of two weeks ago, we opened it up to a broader set. But we are seeing a pretty exciting participation. We've got 3 dealers now supporting liquidity in the auction. We have about 11 buy-side clients that are active in the auction and we have some -- just some very key what I'd call, anchor dealers that are now posting block-size liquidity into the auction.

成交價拍賣實際上是在第四季度推出的，當時處於試點階段，我們只是將拍賣推廣到更廣泛的客戶群。所以，從兩週前開始，我們擴大了適用範圍。但我們看到參與度相當高。目前已有 3 家交易商為拍賣提供流動性支援。我們有大約 11 家買方客戶積極參與競價，還有一些——我稱之為——非常關鍵的錨定交易商，他們現在正在向競價中註入大宗流動性。

Some of the stats that we're seeing, again, this was pilot, about $2 billion in notional orders staged in the auction, over $900 million of orders submitted into the auction. And so we're seeing a great deal of participation. It's interesting we had a really great call with our clients. We did a call on this webinar, just on the closing auction.

我們看到的一些統計數據顯示，這只是試點項目，拍賣中約有 20 億美元的名義訂單，實際提交到拍賣中的訂單超過 9 億美元。因此，我們看到了很高的參與度。我們和客戶進行了一次非常棒的通話，這很有趣。我們在這次網路研討會上進行了一次電話會議，專門討論最後的拍賣環節。

We had over 600 participants joined, was kind of one of our record webinars that we've ever seen. But the feedback has been exciting. We've had clients looking for additional bonds to be listed in the auction and looking to understand. It is a new protocol that clients have to get used to because it is a time protocol in the late afternoon of the day, which is new to the buy side. So again, we don't expect that to ramp up dramatically in the coming quarters. We think that will grow over time and be a key ingredient for larger box size trades near the end of the day.

我們有超過 600 名參與者，這算是我們有史以來參與人數最多的網路研討會之一。但收到的回饋令人振奮。我們有客戶希望在拍賣會上列出更多債券，並希望了解更多。這是一項新的協議，客戶需要適應，因為這是下午晚些時候的時間協議，這對買方來說是新的。因此，我們預計未來幾季這種情況不會大幅增加。我們認為這種情況會隨著時間的推移而增長，並成為接近收盤時大宗交易的關鍵因素。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Thanks for squeezing me in here. Just a question around artificial intelligence. I was hoping you could speak to some of your ambitions and visions around embedding AI more broadly across the business? Curious what portion of client flows do you think is ultimately automatable? And how do you think about execution outcome feedback into your AI models? And does that create any sort of flywheel that others cannot catch?

謝謝你擠出時間讓我過來。關於人工智慧的一個問題。我希望您能談談您在將人工智慧更廣泛地融入企業營運方面的一些願景和抱負？您認為客戶流程中最終有多少部分可以自動化？您如何看待將執行結果回饋融入您的人工智慧模型中？這是否會形成其他人無法捕捉到的某種飛輪效應？

Sure. Exciting area for us, an area that we have been investing for some time. Obviously, our -- a number of our data products are AI-based. So we are along that journey in creating commercial products through AI. I'll take a step back and just mention the AI boom itself is very helpful to the bond market.

當然。對我們來說，這是一個令人興奮的地區，我們已經在這個地區投資了一段時間。顯然，我們的許多數據產品都是基於人工智慧的。所以，我們正在沿著這條透過人工智慧創造商業產品的旅程前進。我先退一步說，人工智慧的蓬勃發展本身對債券市場非常有幫助。

If you look at the size of the bond market more recently, it is growing as a result of the funding that AI needs, both in terms of the equipment and chips that people are buying through funding using the bond market, but also the data center buildouts are all through bonds. And then you'll finally need the utility -- the utilities and the infrastructure to support those data centers, will likely also come through bond funding. So it's just -- it's going to grow the bond market quite dramatically and we feel -- we'll feel the benefits of that over the years to come.

如果你觀察一下最近的債券市場規模，你會發現它正在成長，這是由於人工智慧需要資金，無論是人們透過債券市場融資購買設備和晶片，還是數據中心建設，都是透過債券進行的。最後，你還需要公用設施——支持這些資料中心的公用設施和基礎設施，很可能也會透過債券融資來實現。所以，這將大大促進債券市場的成長，我們認為，在未來的幾年裡，我們將感受到由此帶來的好處。

With regard to our use of AI, we're pretty excited about where AI can obviously help us. There's what I refer to as the corporate AI use where it will make us more productive, whether it's someone in finance using AI or one of our developers deploying code through AI. We're already seeing the benefits of that development. So we're excited about what's to come. And I think we're still in the early stages of leveraging AI to increase our productivity, both in terms of product design as well as product and code writing.

關於人工智慧的應用，我們對人工智慧能夠幫助我們的領域感到非常興奮。我所說的企業人工智慧應用，是指它可以提高我們的生產力，無論是財務人員使用人工智慧，還是我們的開發人員透過人工智慧部署程式碼。我們已經開始看到這項發展帶來的好處。所以我們對未來充滿期待。我認為我們仍處於利用人工智慧提高生產力的早期階段，無論是在產品設計方面，還是在產品和程式碼編寫方面。

When it comes to commercialization of AI within our trading platform, the data set is probably the most powerful leverage that we have, and I'm happy to report, as I mentioned earlier, our data set or our data footprint that we can leverage for -- through AI continues to grow. So things like EM -- EM most local markets are not transparent markets. And so we are leveraging AI to produce transparency in those local markets.

就人工智慧在我們交易平台中的商業化而言，數據集可能是我們擁有的最強大的槓桿，我很高興地報告，正如我之前提到的，我們可以透過人工智慧利用的數據集或數據足跡仍在不斷增長。所以像 EM 這樣的市場——EM 大多數本地市場都不是透明市場。因此，我們正在利用人工智慧來提高這些本地市場的透明度。

The other areas that we're seeing pretty interesting exploration using AI, portfolio construction is a powerful area where we can see clients giving us what I'd call market exposures and not specific bonds. And then we would use AI to produce an outcome or a suggested basket that they could buy either through a PT or something that's available in the market.

我們看到人工智慧在其他領域也得到了非常有趣的探索，投資組合建構就是一個強大的領域，在這個領域，客戶向我們提供的是我所謂的市場敞口，而不是具體的債券。然後我們會利用人工智慧產生一個結果或建議的購物籃，他們可以透過私人教練或市場上的其他管道購買。

So the other area that we're exploring is trading signals. We have quite a sizable portion of the world's bond market activity across EM, US credit, euro bonds and now treasuries. So we are seeing that activity before we wake up here in the morning in New York. And so the signals that are born using AI across the patterns of behavior on a marketplace are quite powerful. And we have a number of clients asking us about indicators or heat maps across sectors across the globe. So there's a number of areas that we see ourselves deploying AI using our proprietary data.

所以我們正在探索的另一個領域是交易訊號。我們在新興市場、美國信貸、歐元債券以及現在的國債市場中佔據了相當大的份額。所以，我們在紐約早上醒來之前就能看到這種活動。因此，利用人工智慧技術在市場行為模式中產生的訊號非常強大。我們有許多客戶向我們諮詢全球各行業的指標或熱力圖。因此，我們看到在許多領域利用我們專有的資料部署人工智慧。

Another area is depth of liquidity in the market. Most people can't see the depth of the bond market. It's individually priced inquiries or over chat. We have the full depth of the market because of all the prices that we collect on the platform. So these are all areas.

另一個面向是市場流動性的深度。大多數人看不到債券市場的深度。價格根據具體情況單獨諮詢或透過聊天諮詢。由於我們在平台上收集了所有價格數據，因此我們掌握了完整的市場深度資訊。以上就是所有領域。

Another area is spread prediction. We are able to predict movement in spread using AI. Again, that's a very powerful piece of information if you're a bond trader, whether you're a dealer or a client. So there's lots of uses that we're exploring right now. The last use is just basic chat functionality using AI questions, basic language models for our clients to understand the market or make requests of our data using chat.

另一個領域是價格波動預測。我們能夠利用人工智慧預測傳播趨勢。再次強調，如果你是債券交易員，無論是交易商或客戶，這都是非常重要的訊息。所以，我們目前正在探索很多用途。最後一種用途是使用 AI 問題和基本語言模型進行基本聊天功能，以便我們的客戶了解市場或透過聊天向我們要求資料。

So there's a number of places that we're exploring. The opportunities are huge. And like I mentioned earlier, we made a strategic decision not to sell all of our data and to use it for things like trading solutions that I just described. So an exciting new area for us, an exciting new area that we're going to clearly leverage here in 2026.

所以，我們正在探索很多地方。機會很多。正如我之前提到的，我們做出了一個戰略決定，不出售我們所有的數據，而是將其用於我剛才描述的交易解決方案等用途。所以，這對我們來說是一個令人興奮的新領域，我們將在 2026 年充分利用這個令人興奮的新領域。

And that will conclude our question-and-answer session. I'll hand the call back over to Chris for any closing remarks.

我們的問答環節到此結束。我將把電話轉回給克里斯，讓他做最後的總結發言。

Thank you all for joining us. We look forward to talking to you on our next quarterly call. Thanks again, and have a great weekend.

感謝各位的參與。我們期待在下次季度電話會議上與您交流。再次感謝，祝你周末愉快。

This concludes our call today. Thank you all for joining. You may now disconnect.

今天的通話到此結束。感謝各位的參與。您現在可以斷開連線了。