MarketAxess Holdings Inc. (MKTX) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded on May 7, 2026. I would now like to turn the call over to Stephen Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

各位女士、先生，感謝您稍候。歡迎參加 MarketAxess 2026 年第一季財報電話會議。(接線員指示) 提醒您，本次電話會議將於 2026 年 5 月 7 日錄音。現在我想把電話交給 MarketAxess 投資人關係主管 Stephen Davidson。先生，請開始。

Good morning, and welcome to the MarketAxess First Quarter 2026 Earnings Conference Call. For the call, Chris Concannon, Chief Executive Officer, will provide you with an update on our strategy and our business. Ilene Fiszel Bieler, Chief Financial Officer, will review our financial results.

各位早安，歡迎參加 MarketAxess 2026 年第一季財報電話會議。在本次會議中，執行長 Chris Concannon 將向各位更新我們的策略與業務進展。財務長 Ilene Fiszel Bieler 將回顧我們的財務結果。

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. 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, 2025. 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.

在我把電話交給 Chris 之前，先提醒各位，今天的電話會議可能包含前瞻性陳述。這些陳述代表公司對未來事件的看法，而未來事件本質上具有不確定性。公司的實際經營結果與財務狀況，可能與這些前瞻性陳述所示內容存在重大差異。關於可能影響公司未來結果的部分風險與因素之討論，請參閱我們截至 2025 年 12 月 31 日止年度的 Form 10-K 年報中風險因素的說明。我也建議各位閱讀我們今早稍早發布、目前已可於本公司網站取得的季度財報新聞稿中的前瞻性陳述免責聲明。

Now, let me turn the call over to Chris.

現在，讓我把電話交給 Chris。

Good morning, and thank you for joining us to review our very strong financial results for the first quarter of 2026. 2026 is all about the execution of our long-term strategy, and that is exactly what we did in the quarter.

各位早安，感謝各位加入我們，一同回顧 2026 年第一季非常強勁的財務表現。2026 年的重點在於落實我們的長期策略，而這正是我們在本季所做到的。

urning to slide 3, we grew total revenue by 12% to a record $233 million, including very strong 20% growth in product areas outside US credit. Record total revenue was underpinned by record total trading ADV, driving record commission revenue. Momentum continued to build with our new initiatives and generated approximately 50% of total incremental revenue in the quarter. Strength on the trading side was complemented by 10% growth in services revenue, helping to drive trailing-12-month free cash flow generation of $316 million.

接著看第 3 張投影片，我們的總營收成長 12%，達到創紀錄的 2.33 億美元，其中美國信用（US credit）以外的產品領域更有非常強勁的 20% 成長。創紀錄的總營收由創紀錄的總交易日均成交量（ADV）所支撐，帶動佣金收入創新高。我們的新計畫持續累積動能，並在本季貢獻約 50% 的總增量營收。交易面的強勁表現再加上服務收入成長 10%，共同推動過去 12 個月自由現金流達 3.16 億美元。

We continue to be disciplined with our expenses with 8% growth in non-GAAP expenses. Underlying these strong results was the strong progress we made in innovating and growing our franchise. First, we significantly enhanced the MarketAxess advantage by expanding our global network, enhancing our differentiated liquidity, and fortifying our high-value proprietary data and analytics by expanding the use of AI. Next, we continued the rollout of our new enhanced X-Pro front end that is changing the client experience.

我們在費用方面持續維持紀律，非 GAAP 費用成長 8%。支撐這些強勁成果的，是我們在創新與壯大核心業務方面取得的顯著進展。首先，我們透過擴大全球網路、強化差異化流動性，並藉由擴大 AI 的使用來鞏固高價值的專有數據與分析能力，顯著提升 MarketAxess 的優勢。其次，我們持續推進全新升級版 X-Pro 前端的上線，正在改變客戶體驗。

Last, we are continuing to invest in our technology modernization, which includes our recent strategic hire, William Quan, who joined us as our Chief Technology Officer. Slide 4 highlights the MarketAxess advantage, where we are increasingly using AI to leverage our sizable proprietary dataset to deliver unique data and analytics to clients to enhance their trading outcomes.

最後，我們持續投資於技術現代化，其中包括近期的策略性延攬：William Quan 加入我們並擔任技術長（CTO）。第 4 張投影片重點說明 MarketAxess 的優勢：我們正日益運用 AI，槓桿我們龐大的專有資料集，向客戶提供獨特的數據與分析，以提升其交易成果。

Our global network of the largest fixed income investors and the most active fixed income liquidity providers generates deep vertical IP that gives us a significant competitive advantage in generating critical analytics and insights for our clients. In 2025, our global network generated over $5 trillion in notional inquiry information and over $34 trillion in notional response information, all of which is proprietary to MarketAxess. This unique data set across US credit, emerging markets, and Europe gives us a special AI opportunity to interpret the markets in real time, to assist in clients' portfolio construction, and to deliver a unique and enhanced execution experience. We have already delivered AI-driven data solutions like the award-winning CP+, CP+ for Blocks, Depth of Book, SensAI, and AI Dealer Select. We are now exploring the next level of AI-enhanced data products.

我們的全球網路匯聚了最大規模的固定收益投資人與最活躍的固定收益流動性提供者，所產生的深度垂直領域智慧財產（IP），使我們在為客戶產出關鍵分析與洞見方面具備顯著競爭優勢。2025 年，我們的全球網路產生超過 5 兆美元名目金額的詢價資訊，以及超過 34 兆美元名目金額的回覆資訊，且全部皆為 MarketAxess 的專有資料。這套橫跨美國信用、新興市場與歐洲的獨特資料集，為我們提供特殊的 AI 機會：即時解讀市場、協助客戶進行投資組合建構，並提供獨特且更佳的執行體驗。我們已推出多項 AI 驅動的數據解決方案，例如獲獎的 CP+、CP+ for Blocks、Depth of Book、SensAI，以及 AI Dealer Select。我們目前正探索下一階段的 AI 強化數據產品。

What is critical to remember is that AI solutions are only as good as the data they are trained on. We have a unique advantage given our global proprietary data set. Slide 5 provides an update on the macro backdrop of the first quarter and April. Recent geopolitical events drove higher levels of volatility and wider credit spreads in the quarter. The initial jump in volatility and widening of credit spreads was short-lived, and credit spreads moved back to historically low levels in April. Open Trading penetration in US high yield increased to 47% in the quarter, the highest level since 2023, reflecting increased demand for differentiated liquidity. Despite these shocks, the market has remained very healthy, with historic levels of new issuance in the first quarter continuing into April.

需要牢記的一點是：AI 解決方案的好壞，取決於其訓練所使用的資料品質。憑藉我們全球性的專有資料集，我們具備獨特優勢。第 5 張投影片提供第一季與 4 月的總體環境更新。近期地緣政治事件在本季推升波動程度並擴大信用利差。波動上升與信用利差擴大的初期跳升是短暫的，信用利差在 4 月回落至歷史低位。本季美國高收益的 Open Trading 滲透率提升至 47%，為 2023 年以來最高，反映市場對差異化流動性的需求增加。儘管出現這些衝擊，市場仍維持非常健康，第一季創歷史新高的新發行量並延續至 4 月。

New issue pricing concessions are up modestly from lows. Deals continue to be approximately four times oversubscribed, reflecting the very strong focus on new issues. All of these factors generated record results in the quarter. The return to lower volatility, tighter credit spreads, and strong new issuance in April, combined with tougher year-over-year comparisons, were key drivers of the decline in trading volumes in April. Slide 6 highlights the shift in segmentation of US high-grade TRACE market ADV in April, including the strong focus on the new issue calendar, which reduced our estimated market share. We believe there were several factors that reduced our estimated market share in April. First, duplicate reports in TRACE have been increasing over the past several quarters. We estimate that they inflated US high-grade TRACE volumes by up to 8% in April.

新券定價讓利幅度自低點小幅上升。交易案仍大約超額認購四倍，反映市場對新發行的高度關注。上述因素共同促成本季創紀錄的表現。4 月波動回落、信用利差收斂以及新發行強勁，再加上更具挑戰性的年對年比較，是 4 月交易量下滑的主要驅動因素。第 6 張投影片突顯 4 月美國投資級 TRACE 市場日均成交量（ADV）分段結構的變化，包括市場對新發行行事曆的高度聚焦，進而降低我們的估計市占率。我們認為有數項因素導致 4 月我們的估計市占率下降。首先，TRACE 中的重複申報在過去數季持續增加。我們估計這些重複申報在 4 月將美國投資級 TRACE 交易量最多膨脹約 8%。

Adjusting for these duplicates, consistent with FINRA's recent proposal to suppress duplicate reporting, we believe our estimated US high-grade market share would have been approximately 160 basis points higher in April. April's historically high new issuance further reduced our estimated US high-grade market share in April. We generally have lower levels of market share in new issues during the first two weeks of trading. When our clients are very focused on new issues, we believe it can crowd out some of their secondary trading activity on our platform. While there was considerable noise in the denominator used to calculate our estimated market share in April, we are now addressing the challenges of the new issue calendar with our new issue trading solution. Slide 7 summarizes the record levels of trading volume across our credit products and the strong growth in US Treasuries.

若依 FINRA 近期提出抑制重複申報的提案，對這些重複項目進行調整後，我們認為 4 月美國投資級的估計市占率將約高出 160 個基點。4 月歷史高位的新發行量也進一步降低了我們在 4 月的美國投資級估計市占率。一般而言，新券在交易的前兩週，我們的新發行市占率水準較低。當客戶高度聚焦於新發行時，我們認為這可能擠壓其在我們平台上的部分次級市場交易活動。雖然用於計算 4 月估計市占率的分母存在相當多雜訊，但我們正透過新發行交易解決方案來因應新發行行事曆帶來的挑戰。第 7 張投影片總結我們各項信用產品的創紀錄交易量水準，以及美國公債的強勁成長。

We delivered double-digit growth in ADV across most credit products and US Treasuries, and double-digit growth in variable transaction revenue. US high-yield liquidity provision by our long-only clients increased almost 80% compared to last year. This increase in unique liquidity is delivering a greatly improved execution experience for our high-yield clients. Slide 8 highlights the record levels of trading volume and revenue we generated in our emerging markets franchise. Over the trailing 12 months, our EM franchise has generated $20 million in incremental revenue, representing 68% of total credit incremental variable commission revenue. This reflects the success we have had with our investments in the EM business. In the quarter, we expanded our EM global client network to a record 1,547 active client firms and 3,410 international active client traders.

我們在多數信用產品與美國公債的日均成交量（ADV）均實現雙位數成長，且可變交易收入亦呈雙位數成長。相較去年，我們的長線（long-only）客戶在美國高收益的流動性提供量增加近 80%。這些獨特流動性的增加，為我們的高收益客戶帶來大幅改善的執行體驗。第 8 張投影片突顯我們在新興市場（EM）業務中所創造的創紀錄交易量與營收水準。在過去 12 個月，我們的 EM 業務帶來 2,000 萬美元的增量營收，占信用業務總增量可變佣金收入的 68%。這反映我們在 EM 業務投資所取得的成功。本季，我們將 EM 全球客戶網路擴展至創紀錄的 1,547 家活躍客戶公司，以及 3,410 名國際活躍客戶交易員。

Total trading volumes were up 30% in the first quarter to record levels, with record levels across both hard currency and local currency markets, and across all regions. We grew our hard currency revenue with high fee per million by 15%, and we grew our local markets revenue with lower fee per million by 56%. Total EM fee per million is down only 4%, in part because of the mixed impact of the local markets fee per million, which is over 40% lower than the hard currency business. Fee per million is simply an output that reflects the mix of business being executed while we are still focused on maximizing revenue. Slide 9 and 10 highlight how well we are executing our new initiatives across our three strategic channels, including record levels of credit automation trading volume.

第一季總交易量年增30%至創紀錄水準，硬通貨與本幣市場以及所有地區皆創新高。我們以每百萬較高的費率將硬通貨收入提升15%，並以每百萬較低的費率將本幣市場收入提升56%。新興市場（EM）每百萬總費率僅下降4%，部分原因在於本幣市場每百萬費率的影響呈混合態勢，而本幣市場每百萬費率較硬通貨業務低逾40%。每百萬費率只是反映成交業務組合的結果指標，而我們仍專注於最大化收入。投影片9與10重點呈現我們在三大策略通路的新計畫執行成效，包括信貸自動化交易量創下紀錄水準。

On slide 10, in the client-initiated channel, we continue to make strong progress with block trading globally. We generated 35% growth in ADV to a record $7 billion of block activity across US credit, emerging markets, and Eurobonds, with record block trading ADVs across all three products. Importantly, in US high-grade in March, dealer algos won 30% of block trades on the platform. In the portfolio trading channel, we generated a 51% increase in total global portfolio trading ADV to a record $1.9 billion. US credit portfolio trading market share increased by 100 basis points year-over-year. In the dealer-initiated channel, we generated record levels of ADV, with record Mid-X ADV as well. In April, we delivered Mid-X volumes of $6.7 billion, the second-highest level of monthly activity.

在投影片10中，就客戶主導通路而言，我們在全球大宗交易（block trading）方面持續取得強勁進展。我們的日均交易量（ADV）成長35%，大宗交易活動達到創紀錄的70億美元，涵蓋美國信貸、新興市場與歐洲債券（Eurobonds），且三項產品的大宗交易ADV皆創新高。重要的是，在3月的美國投資級市場中，券商演算法（dealer algos）在平台上贏得30%的大宗交易。在投組交易通路方面，我們的全球投組交易總ADV成長51%至創紀錄的19億美元。美國信貸投組交易市占率較去年同期提升100個基點。在券商主導通路方面，我們的ADV創下紀錄水準，Mid-X ADV亦同創新高。4月我們的Mid-X成交量達67億美元，為單月活動量史上第二高。

Last, in our automation suite, we had another record quarter as clients continued to leverage automation, even in more volatile periods. We saw $144 billion in automation volume, helped with a sizable increase in adoption of our adaptive algo solution. Slide 11 shows the strong growth we have generated in US credit blocks, as well as the new protocols and workflow tools we are developing to attack this important segment of the market. We are starting to crack the block market, and now we have expanded the toolkit for clients to trade blocks. We are continuing to invest in block automation and targeted RFQ solutions, but we also recently launched Targeted Axes, and we expect to launch our new issue block trading solution in the second half of 2026. Now let me turn the call over to Ilene to review our financial performance.

最後，在我們的自動化產品套件方面，隨著客戶即使在波動較大的期間仍持續運用自動化，我們再度創下單季紀錄。自動化成交量達1,440億美元，主要受惠於我們自適應演算法（adaptive algo）解決方案採用率大幅提升。投影片11顯示我們在美國信貸大宗交易的強勁成長，以及我們正在開發的新協議與工作流程工具，以攻克這個重要的市場區隔。我們正開始打開大宗交易市場的局面，並已擴充客戶進行大宗交易的工具組。我們持續投資於大宗交易自動化與目標式RFQ解決方案；同時我們近期也推出Targeted Axes，並預期於2026年下半年推出新的新券發行（new issue）大宗交易解決方案。現在我把電話會議交給Ilene，請她回顧我們的財務表現。

Thank you, Chris. Turning to our results, on slide 13, we provide a summary of our first quarter financials. We delivered 12% revenue growth to a record $233 million, which included $5 million from our RFQ-hub acquisition and a $3 million benefit from foreign currency translation. Growth in revenue outside US credit was 20% in the quarter, reflecting strong contributions from our international product areas. We reported diluted earnings per share of $2.20, or $2.25 per share excluding notable items, representing an increase of 20%. The benefit of our enhanced capital return program with the completed $300 million ASR flows through in the quarter and was the key driver of the $0.12 benefit to EPS on a 6% reduction in share count.

謝謝你，Chris。接著看我們的業績，在投影片13中，我們提供第一季財務摘要。我們實現營收成長12%至創紀錄的2.33億美元，其中包含來自RFQ-hub收購案的500萬美元，以及外幣換算帶來的300萬美元正面效益。本季美國信貸以外的營收成長為20%，反映我們國際產品領域的強勁貢獻。我們稀釋後每股盈餘為2.20美元；若排除重大項目（notable items），則為每股2.25美元，年增20%。我們強化資本回饋計畫的效益（已完成3億美元ASR）在本季反映出來，並在股數減少6%的情況下，成為每股盈餘增加0.12美元的關鍵驅動因素。

The $0.05 per share impact of notable items in the quarter consisted of approximately $1.5 million, or $0.03 per share in repositioning charges in our expenses in the Employee Compensation and Benefits line, and approximately $700,000, or $0.02 per share in other legal-related notable items in the Professional and Consulting line. My comments on our results from this point forward will largely exclude the impact of notable items only on a non-GAAP basis where applicable. Looking at each of our revenue lines in turn, record total commissions revenue increased $22 million, or 12% to $203 million compared to the prior year. 50% or $11 million of the incremental commission revenue in the quarter was driven by emerging markets and Eurobonds on record trading volumes in each area.

本季重大項目對每股盈餘的影響為0.05美元，包含約150萬美元（或每股0.03美元）的重整費用，列於費用中的「員工薪酬與福利」項下；以及約70萬美元（或每股0.02美元）的其他法律相關重大項目，列於「專業與顧問」項下。自此之後，我對業績的評論將在適用情況下主要以非GAAP口徑排除重大項目的影響。依序檢視各項營收線，創紀錄的總佣金收入較去年增加2,200萬美元（或12%）至2.03億美元。新增的佣金收入中有50%（或1,100萬美元）來自新興市場與歐洲債券（Eurobonds），兩者交易量皆創紀錄。

Other commissions, which include FX, equities, derivatives, and ETF activity increased $5 million or 104% driven by the inclusion of RFQ-hub commission revenue and higher trading volumes. Services revenue increased 10% to a record $30 million. Information services revenue of a record $14 million increased 12%. Post-trade services revenue of $12 million increased 5% versus the prior year. Technology services revenue of a record $4 million increased 19% driven by higher connectivity fees from RFQ-hub. Total other income decreased approximately $5 million, driven by lower interest income on lower rates and increased interest expense related to borrowings for the ASR. For modeling purposes, please note that we received a one-time $3 million tax credit in the other net line, which is non-recurring.

其他佣金（包含外匯、股票、衍生品與ETF活動）增加500萬美元或104%，主要受惠於納入RFQ-hub的佣金收入以及較高的交易量。服務收入成長10%至創紀錄的3,000萬美元。資訊服務收入創紀錄達1,400萬美元，成長12%。交易後服務收入為1,200萬美元，較去年成長5%。科技服務收入創紀錄達400萬美元，成長19%，主要由RFQ-hub帶來較高的連線費所驅動。其他收入合計約減少500萬美元，原因為在較低利率下利息收入下降，以及與ASR借款相關的利息費用增加。為便於建模，請注意我們在其他淨額項下收到一次性300萬美元的稅額抵免，屬非經常性。

The effective tax rate decreased to 25% from 27%, primarily due to higher tax credits, lower state tax accruals, and reduced stock-based compensation shortfall. Slide 14 highlights our KPIs. As you can see from all the green on this slide, it was a very good quarter for us, and these strong KPIs underscore the strong revenue generation in the quarter. The investments that we have made to enhance our products and provide clients with new workflow tools and protocols gained traction and helped drive tangible outcomes in the quarter. While we are pleased with these results, US credit market share continues to require attention and focus. On slide 15, we provide more detail on our commission revenue and our fee capture. Record total credit commission revenue of $184 million increased 9% compared to the prior year.

有效稅率由27%降至25%，主要因稅額抵免增加、州稅提列降低，以及以股票為基礎之薪酬短缺（shortfall）減少。投影片14重點呈現我們的關鍵績效指標（KPI）。如投影片上滿滿的綠色所示，這對我們而言是非常好的一季，而這些強勁的KPI也凸顯本季強勁的營收創造能力。我們為強化產品、並為客戶提供新工作流程工具與協議所做的投資已獲得市場牽引力，並在本季帶來具體成果。雖然我們對這些結果感到滿意，但美國信貸市占率仍需要持續關注與聚焦。在投影片15中，我們提供佣金收入與費率捕捉（fee capture）的更多細節。創紀錄的信貸總佣金收入為1.84億美元，較去年成長9%。

These record results were driven by 4% growth in both US high yield and US high grade, 24% growth in emerging markets, and 14% growth in Eurobonds total commission revenue. We are very pleased with the improvements in US credit revenue generation in the quarter relative to recent historical trends. The reduction in total credit fee capture year-over-year was due to protocol and product mix shifts, partially offset by the higher duration of bonds traded in US high grade. The quarter-over-quarter reduction was due principally to product mix. On slide 16, we provide a summary of our operating expenses. Excluding notable items, total expenses increased 8%, which included a headwind of $2 million due to the impact of foreign currency translation.

這些創紀錄的結果主要由美國高收益與美國投資級各成長4%、新興市場成長24%，以及歐洲債券（Eurobonds）總佣金收入成長14%所帶動。相較於近期的歷史趨勢，我們對本季美國信貸收入創造能力的改善感到非常滿意。信貸總費率捕捉較去年下降，係因協議與產品組合轉移所致，但部分被美國投資級交易債券久期較長所抵銷。較前一季下降主要是由產品組合所致。在投影片16中，我們提供營運費用摘要。排除重大項目後，總費用增加8%，其中包含因外幣換算影響而帶來的200萬美元不利因素。

The increase was driven principally by higher employee compensation costs and higher technology and communication costs as we continue to upgrade talent and invest in our technology modernization to drive future growth. We are continuing to invest while maintaining focus on cost discipline and operating efficiency. With our strong revenue generation, combined with our continued cost discipline, operating margin of 44% in the quarter increased almost 200 basis points, reflecting the inherent operating leverage in our model. Headcount was 859, down 1% from both 870 in the prior year period and 869 in the fourth quarter of 2025. On slide 17, we provide an update on our capital management and cash flow.

費用增加主要由較高的員工薪酬成本，以及較高的科技與通訊成本所驅動，因我們持續升級人才並投資於科技現代化，以推動未來成長。我們在持續投資的同時，仍維持對成本紀律與營運效率的關注。在強勁的營收創造能力與持續的成本紀律之下，本季營業利益率為44%，提升近200個基點，反映我們商業模式固有的營運槓桿。員工人數為859人，較去年同期的870人及2025年第四季的869人皆下降1%。在投影片17中，我們提供資本管理與現金流的最新進展。

Our balance sheet and cash generation continues to be strong with cash equivalents, and corporate bond and US Treasury investments totaling $537 million as of March 31, 2026, compared to $679 million at the end of 2025. In the quarter, we paid out $52 million in annual incentive compensation. We paid down $63 million in borrowings on the credit facility related to the ASR, and we paid out $27 million in dividends. After the quarter, we paid down an additional $20 million on the credit facility, so the drawn balance was $137 million at the end of April. While it is not reflected in our cash flow in the quarter, we returned $60 million to investors through share repurchases with the completion of our $300 million ASR in early February. We generated $316 million in free cash flow in the first quarter on a trailing 12-month basis. As of April 30th, 2026, $205 million remains on the board's share repurchase authorization.

截至2026年3月31日，我們的資產負債表與現金創造能力仍然強勁，現金及約當現金，以及公司債與美國公債投資合計為5.37億美元，相較於2025年底的6.79億美元。本季我們支付了5,200萬美元的年度激勵薪酬。我們償還了與ASR相關之信貸額度借款6,300萬美元，並支付了2,700萬美元股利。季度結束後，我們又額外償還了信貸額度2,000萬美元，因此4月底的動用餘額為1.37億美元。雖然本季現金流量未反映此項，但隨著我們於2月初完成3億美元的ASR，我們透過股票回購向投資人返還了6,000萬美元。以過去12個月滾動基礎計算，我們第一季產生了3.16億美元的自由現金流。截至2026年4月30日，董事會核准的股票回購授權尚餘2.05億美元。

Let me turn the call back to Chris for his closing remarks.

接下來我把電話交回Chris，請他做結語。

Thanks, Ilene. In summary, on slide 18, we are continuing to execute our long-term strategy. We significantly enhanced the MarketAxess advantage in the quarter. The growth profile of the company outside US credit is strong. We are pleased that we delivered higher levels of revenue growth in US credit in the quarter. We continue to make strong progress with our new initiatives across our three strategic channels, including our new issue trading solution. We are increasingly leveraging AI to unlock more value from our proprietary data and analytics for our clients. We are continuing to focus on expense discipline and optimizing capital deployment to maximize long-term shareholder value creation.

謝謝你，Ilene。總結來說，在第18頁投影片，我們持續執行長期策略。本季我們大幅強化了MarketAxess的優勢。公司在美國信用市場以外的成長動能強勁。我們很高興本季在美國信用市場實現了更高的營收成長。我們在三大策略通路的新計畫上持續取得顯著進展，包括我們的新發行交易解決方案。我們正日益運用AI，從我們的專有資料與分析中為客戶釋放更多價值。我們將持續專注於費用紀律並最佳化資本配置，以最大化長期股東價值創造。

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

現在我們很樂意開放線路供各位提問。

(Operator Instructions)

(接線員指示)

Daniel Fannon, Jefferies.

Daniel Fannon，Jefferies。

Another really strong quarter out of your non-US business. I wanted to talk about competition there and what you're doing to kind of maintain your moats or defend that as competition picks up. Also just talk more broadly about the momentum in that business as you think about Eurobonds as well as EM. Thank you.

你們的非美國業務又交出非常強勁的一季。我想談談那邊的競爭情況，以及在競爭加劇之際，你們如何維持護城河或捍衛優勢。也請更廣泛談談該業務的動能，尤其是你們如何看待歐元債以及新興市場（EM）。謝謝。

Great. Thanks. Thanks, Dan. Obviously we're quite excited about the progress in our international business. Just to clarify, our international business really are driven through our emerging market business as well as our Eurobond business. Quite a strong quarter, not just in our US credit business, but obviously in our international business. Emerging markets had record ADV, record volume in Q1, up 30%. Really, records across our key initiatives. Block initiative is where we've seen a lot of progress across EM and Eurobond business. Our block volume in the Euro markets, in the EM markets was up 46%.

好的。謝謝。謝謝你，Dan。顯然我們對國際業務的進展感到相當振奮。先澄清一下，我們的國際業務主要由新興市場業務以及歐元債業務所驅動。本季表現非常強勁，不僅是我們的美國信用業務，當然也包括國際業務。新興市場第一季的日均成交量（ADV）創新高、成交量創新高，年增30%。基本上，我們的各項關鍵計畫都創下紀錄。大額交易（Block）計畫方面，我們在新興市場與歐元債業務都看到很大的進展。我們在歐元市場與新興市場的大額交易量年增46%。

We also saw block volume up in the Eurobond business as well, a record up 45%. We're really driving those two international businesses, both with traditional RFQ, where we're seeing a record volume in Q1, but also our key initiatives. Portfolio trading, we saw in the Eurobond market up 90%. The dealer business as well, we had a record dealer business in the Eurobond business up 73%. When you think about our key initiatives, block trading, the dealer initiative, and our PT or portfolio trading initiative, they all experience growth across our international businesses.

我們也看到歐元債業務的大額交易量上升，同樣創下紀錄，年增45%。我們正推動這兩項國際業務，一方面透過傳統RFQ（詢價）模式，我們在第一季看到成交量創新高；另一方面也透過我們的關鍵計畫。投組交易（Portfolio Trading）方面，我們在歐元債市場年增90%。在交易商業務方面，我們在歐元債業務也創下紀錄，年增73%。當你思考我們的關鍵計畫——大額交易、交易商計畫，以及PT（投組交易）計畫——它們在我們的國際業務中都呈現成長。

Really that's been the strategy for just over a year in attacking the key, what I call flank of the key RFQ businesses, using the new products and new protocols that give us extended growth. With regard to the EM business, we obviously have very little competition on the electronic trading side other than we see Bloomberg. Bloomberg's probably the only one in that space that we see as a competitor. In Eurobond business, it's obviously Bloomberg and Tradeweb that we see as competition in the space. Largely in the dealer-to-client business, our key franchise, we only see Bloomberg in that space really making a difference at all. Altogether, the international business saw a record quarter, record volumes, and it was really driven by the growth of our key initiatives.

這其實就是我們在過去一年多的策略：我稱之為從側翼切入核心RFQ業務，透過新產品與新協議（protocols）帶來延伸成長。就新興市場業務而言，在電子交易方面我們顯然幾乎沒有競爭對手，除了我們看到Bloomberg。Bloomberg大概是我們在那個領域唯一視為競爭者的。在歐元債業務方面，我們看到的競爭對手顯然是Bloomberg與Tradeweb。而在以交易商對客戶（dealer-to-client）為主的業務中——也就是我們的核心特許經營——我們基本上只看到Bloomberg在那個領域真正產生影響。總體而言，國際業務本季創下紀錄：成交量創新高，而主要是由我們關鍵計畫的成長所驅動。

Block trading, we've launched all the block trading tools across EM and Eurobonds. Our portfolio trading tools have been rolled out across EM and Eurobonds. Our dealer-initiated, that's where we've seen the biggest pickup, using our Mid-X trading solution across Europe and recently launched in emerging markets as well.

在大額交易方面，我們已在新興市場與歐元債全面推出所有大額交易工具。我們的投組交易工具也已在新興市場與歐元債全面上線。至於交易商主動發起（dealer-initiated）方面，我們看到增幅最大，透過我們的Mid-X交易解決方案在歐洲推廣，並且近期也在新興市場推出。

Chris Allen, KBW.

Chris Allen，KBW。

Wanted to dig a little bit deeper on the April commentary. Recognize the year-over-year headwinds were pretty material. When we look at April relative to the first quarter months, we saw lower issuance and block activity that we can kind of track. I'd say expectations, specifically in US investment grade, were for stable to up share. Anything you could point to when we compare versus the 1Q month besides tighter spreads or volatility that impacted share? More importantly, anything, any catalysts ahead, that could allow you to outperform the environment over the next few months or quarters?

我想更深入探討一下你們對4月的評論。我理解年對年的逆風相當明顯。當我們把4月與第一季各月份相比時，我們看到發行量與大額交易活動較低，這些我們大致可以追蹤。我認為市場預期，特別是在美國投資級，應該是市占持平到上升。除了利差收斂或波動度之外，當我們與第一季月份相比時，有沒有什麼因素可以指出來，說明哪些影響了市占？更重要的是，未來幾個月或幾季是否有任何催化劑，能讓你們在接下來的環境中表現優於大盤？

Great. I'm glad we have you back, Chris. First let me start, just to put April in perspective. I really wanna, the setup is Q1, just as we step into April. I think it's important to take a quick look at Q1 because Q1 was really indicative of the progress we were making as we rounded out the end of 2025. Again, the, our key initiatives, the trends are quite consistent, going through Q1. We grew block trading, as I mentioned, on the international business, but really in US, we saw block trading growing. We saw growing portfolio trading as well, and then we're growing our dealer business as well. Those key initiatives across the quarter continued on trends that we were seeing as we ended 2025.

好的。很高興你回來了，Chris。我先從這裡開始，先把4月放在脈絡中看。我想先以第一季作為切入點，因為我們正是從第一季走進4月。我認為快速回顧第一季很重要，因為第一季其實反映了我們在2025年底收官時所取得的進展。再說一次，我們的關鍵計畫趨勢在整個第一季都相當一致。如我提到的，在國際業務我們的大額交易成長；但其實在美國市場，我們也看到大額交易成長。我們也看到投組交易成長，此外我們的交易商業務也在成長。這些關鍵計畫在本季延續了我們在2025年底所看到的趨勢。

We also, obviously, not only had a record quarter, but we really closed out the month of March with smashing records. We broke records across all products, from US credit, to the international products, even to equities and FX. At the end of March, we smashed our single day trading record on the last day of March, as we went into April. All signs of phenomenal activity on the platform across all of our key channels and all of our key protocols throughout the quarter and as well as the month of March. As April started, we walked right into a holiday week, if you recall. Both religious holidays and the European holiday fell in that first week.

此外，我們不僅創下紀錄的一季，3月也以破紀錄的表現收官。我們在所有產品線都刷新紀錄，從美國信用到國際產品，甚至包括股票與外匯（FX）。在3月最後一天、進入4月之前，我們刷新了單日交易量紀錄。這些都顯示整個季度以及3月期間，我們平台在所有關鍵通路與關鍵交易協議上都呈現極為強勁的活動。4月一開始，我們就正好遇到一個假期週，你如果記得的話。宗教假期以及歐洲假期都落在第一週。

Right around April 8th was when we saw the ceasefire announced. Given the geopolitical activity that we were experiencing in the month of March. We saw the VIX drop from +25 down to around 17 quite rapidly. Obviously a quick slowdown in volatility. Now, it's not unusual to see a month following what I'll call excessive volatility, high turnover, to have a material slowdown, and that's really what we saw in April, somewhat influenced by holidays. But really the slowdown that we saw in April was largely across all products. It wasn't just US credit that we saw the slowdown. Markets saw a slowdown across international products as well as treasuries or rates globally. It was a consistent theme across the market.

大約在 4 月 8 日左右，我們看到停火消息宣布。鑑於我們在 3 月所經歷的地緣政治動態。我們看到 VIX 從 25 以上相當快速地下滑到約 17。顯然波動性迅速降溫。現在，在我所稱的過度波動、高周轉之後的隔月出現明顯放緩並不罕見，而這正是我們在 4 月看到的情況，某種程度也受到假期影響。但我們在 4 月看到的放緩其實是廣泛出現在所有產品上。不只是美國信用市場出現放緩。市場在國際產品以及美國公債或全球利率產品上也都出現放緩。這是整體市場一致的主題。

The other thing we noticed in April was a return to near historic spread tightening. Again, we saw this in certainly in January and February. Some of that was broken in March with the volatility. The other thing we saw was near record-breaking new issuance return. While March was record-breaking, April was the new issuance market in April was the second highest new issuance market for any April. If you had April in 2025, it would have been the second highest new issue in all of 2025. Quite a robust new issue market. Really what we really tried to show on the slides in our opening remarks was the market was largely turned its attention to that new issue market.

我們在 4 月注意到的另一件事，是利差收斂回到接近歷史水準。同樣地，我們在 1 月與 2 月確實也看到了這種情況。其中一部分在 3 月因波動而被打斷。我們看到的另一件事，是接近破紀錄的新券發行回歸。雖然 3 月是破紀錄的，但 4 月的新券發行市場是歷來所有 4 月中第二高。如果把 2025 年的 4 月放到 2025 全年來看，它也會是 2025 年第二高的新券發行月份。新券市場相當強勁。我們在開場簡報投影片上真正想呈現的是：市場的注意力很大程度上轉向了新券發行市場。

Our clients, the client to dealer side of the business, certainly moved its attention to new issue, particularly new issue blocks. We saw the new issue block market grow by 34% year-over-year in a quite a heightened April market environment. It grew as high as 13% of the total block market. It was a sizable percentage of the overall block market in April. Really what we saw was clients moving all of their trading attention coming off of the high volatility and high turnover of March. They moved all their attention to that new issue market. We saw a lot of what we call switches or swaps, where clients were trading exchanging seasoned bonds of the same issuer for that new issue bond.

我們的客戶，也就是客戶對交易商（client-to-dealer）這一端的業務，確實把注意力轉向新券，特別是新券的大額交易（block）。我們看到在 4 月這種相對活躍的市場環境下，新券大額交易市場年增 34%。其占整體大額交易市場的比重一度高達 13%。在 4 月，它占整體大額交易市場的比例相當可觀。我們真正看到的是：客戶在經歷 3 月的高波動與高周轉之後，將所有交易注意力移轉。他們把所有注意力都轉向新券發行市場。我們看到許多我們所稱的 switch 或 swap，也就是客戶用同一發行人的存量債（seasoned bonds）去交換該新券。

You typically would do that in block form directly with the dealer. When we look at April, really not at all surprised or concerned with that one-month slowdown. We've always said one month does not make the year. We were also faced with what we'd call fairly robust new issue market. Here's some good news and to some of the trends that you were asking about. We did see on month end, April 30th, it was our fourth largest single day trading record in history. We did see a return of high activity at the month end. We also broke some high yield PTs during the month of April. We saw it was a high yield PT record month for us.

你通常會以大額交易的形式直接與交易商進行。回頭看 4 月，我們對這種單月放緩其實一點也不意外或擔憂。我們一直說，一個月不能代表全年。同時我們也面臨一個我們稱之為相當強勁的新券發行市場。這裡有一些好消息，也呼應你剛才問到的一些趨勢。我們確實在月底、4 月 30 日，創下我們歷史上第四大的單日交易量紀錄。我們也看到月底高活動度的回歸。此外，我們在 4 月期間也打破了一些高收益（high yield）的 PT 指標。對我們而言，4 月是高收益 PT 的破紀錄月份。

As you mentioned, it was obviously a very difficult comparison to April 2025, where we were dealing with the tariff tantrum and volatility and quite high turnover during April of 2025. The good news is also in May, while we're certainly early in May, we have seen a return to higher levels of activity, which is quite exciting across all channels. My most exciting piece, and we put it in the opening remarks, is that we are addressing that new issue market. We have historically saw challenges during around new issue. We are addressing that new issue market with the launch of our DirectBooks partnership, which we announced recently.

如你所提，與 2025 年 4 月相比顯然非常難比，因為 2025 年 4 月我們正面對關稅恐慌（tariff tantrum）、波動性，以及相當高的周轉。好消息是，在 5 月，雖然我們目前仍在 5 月初期，但我們已看到活動水準回升，且在所有渠道都相當令人振奮。我最興奮的一點（我們也在開場簡報中提到）是：我們正在切入新券發行市場。過去我們在新券發行周邊確實曾面臨挑戰。我們透過推出與 DirectBooks 的合作夥伴關係來切入新券發行市場，這項合作我們最近已對外宣布。

We are excitingly launching our new issue solution as a pilot form in the month of May, near the end of May. We're excited that we are finally addressing the new issue market head on, and we have a new product coming to market that we're quite excited about.

我們將在 5 月、接近 5 月底時，以試點（pilot）的形式令人振奮地推出我們的新券發行解決方案。我們很高興終於能正面迎戰新券發行市場，並將一項我們非常期待的新產品推向市場。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

I was hoping to dig in on the new issue trading solution that you're gonna be bringing to the marketplace. I was hoping you could elaborate on how that is gonna work, key milestones that you're looking for, how you anticipate that contributing. Maybe you could also touch upon the closing auction, just an update there in terms of traction milestones as you look ahead, how you see that progressing and contributing. Thank you.

我想更深入了解你們即將帶到市場上的新券交易解決方案。我希望你能進一步說明它將如何運作、你們關注的關鍵里程碑，以及你們預期它會如何帶來貢獻。也許你也可以談一下收盤拍賣（closing auction），就目前的推進情況做個更新：在你展望未來時，相關的採用/牽引里程碑是什麼、你如何看待它的進展與貢獻。謝謝。

Great. Thanks. Well, we're quite excited about our partnership with DirectBooks and what that brings to the market. If you look at the new issue market in 2026, it's over $800 billion has been run through the new issue market year to date. Current forecasts are close to $2 trillion of new issue in 2026. We're expecting a pretty vibrant new issue market in 2026. For quite a long time, clients have been asking us to assist in the new issue market, particularly streamlining an integrated solution in that new issue market. What we've really partnered with DirectBooks on is what's a great new issue solution.

好的。謝謝。我們對與 DirectBooks 的合作以及它為市場帶來的價值感到非常興奮。如果你看 2026 年的新券發行市場，今年迄今已有超過 8,000 億美元在新券市場中完成。目前的預測接近 2026 年新券發行總量 2 兆美元。我們預期 2026 年的新券發行市場會相當活躍。長期以來，客戶一直要求我們在新券發行市場提供協助，特別是希望在新券市場中提供更精簡、整合式的解決方案。我們與 DirectBooks 合作的核心，就是一套很出色的新券發行解決方案。

It's a brand new offering that we'll be rolling out again, in pilot form at the end of May. We've ring-fenced the solution, so it's a separate solution to traditional MarketAxess, all new UI, new technology. What's clear is that we're not part of the offering, just to be clear. We are really just providing clients with a streamlined access to DirectBooks services. All clients have access to this seamless kind of access to this integrated offering, and clients have to opt into the offering. It's not just available to anyone. Clients actually have to opt in, and dealers have to approve each client for each offering. It's well integrated into how the new issue market operates today.

這是一項全新的產品，我們將在 5 月底再次以試點形式推出。我們已將該解決方案獨立隔離（ring-fenced），因此它是不同於傳統 MarketAxess 的獨立方案，採用全新的使用者介面（UI）與新技術。需要說清楚的是，我們不是承銷/發行方案的一部分。我們真正做的是為客戶提供更精簡的方式來存取 DirectBooks 的服務。所有客戶都可以取得這種無縫的整合式存取，但客戶必須選擇加入（opt in）該方案。它並不是對任何人都自動開放。客戶必須實際選擇加入，而且交易商必須針對每一個發行案核准每一位客戶。它與目前新券發行市場的運作方式高度整合。

It does provide, first part of the partnership with DirectBooks is largely around data sharing. We are able to present to our clients kind of real-time access to the DirectBooks new issue calendar, status updates on new issue, pricing information around that new issue, and then ultimately final pricing and final allocations. What's exciting for clients is within their current credit application, MarketAxess UI, clients can submit indications of interest to each deal being operated by the syndicate banks. Those indications of interest go direct to DirectBooks and really made available for the syndicate banks to run their normal deal process.

它確實提供了——與 DirectBooks 合作的第一部分主要圍繞在資料共享。我們能向客戶呈現近乎即時的 DirectBooks 新券發行行事曆、新券狀態更新、該新券的定價資訊，並最終提供最終定價與最終配售結果。對客戶而言令人興奮的是：在他們現有的信用交易應用程式、也就是 MarketAxess 的 UI 內，客戶就能針對由承銷團銀行運作的每一筆交易提交意向（indications of interest）。這些意向會直接送到 DirectBooks，並提供給承銷團銀行以執行其既有的標準發行流程。

We are able to receive confirmations of final allocations, and coming in August, those allocations will be subject to really a seamless booking and straight-through processing to the client's back office, something clients have long complained about and asked for assistance in. We can really be involved in the new issue process from start to finish. It also allows us to present a great deal of information around the new issue market prior to the new issue pricing, but more importantly, at pricing and after pricing.

我們能接收最終配售的確認；而從 8 月開始，這些配售將可進一步做到真正無縫的入帳（booking）與直通式處理（straight-through processing），一路串接到客戶的後台，這是客戶長期以來抱怨並要求我們協助的部分。我們確實可以從頭到尾參與新券發行流程。它也讓我們能在新券定價前提供大量關於新券市場的資訊，但更重要的是在定價時以及定價後提供資訊。

What's really exciting is what comes later in August and the second half of 2026, where we will be presenting clients with really after the break of a new issue, a streamlined, single, two-way pricing, a single click-to-trade solution for new issue trading. This is an area that we have spent a lot of time on looking at what is the right protocol to attack the new issue market, but that where we see challenges around market share, it's right after the break of a new issue, and now we'll be able to have an offering in the second half rolled out that allows us to trade directly on the break, using axes from dealers, streaming price, and a click-to-trade solution.

真正令人振奮的是接下來在 8 月以及 2026 年下半年會推出的內容：我們將在新券上市開盤後不久，向客戶提供一套精簡的、單一的雙向報價（two-way pricing）、一鍵成交（click-to-trade）的新券交易解決方案。這是我們投入大量時間的領域，研究以何種正確的交易協議（protocol）來切入新券市場；而我們看到市占率的挑戰點就在新券上市開盤後不久。現在我們將能在下半年推出一項產品，讓我們可以在開盤時點直接交易，使用交易商的主推券（axes）、串流報價（streaming price）以及一鍵成交解決方案。

Super focused on that new issue trading. Again, it's piloting the partnership with DirectBooks pilots, and it starts to pilot with one or two clients at the end of May and will roll out during the month of May, June, and the rest of the summer. The demand and the feedback from clients that have seen the solution and have looked through the steps of the solution have been overwhelmingly positive. Obviously the dealer community was quite supportive given their partnership and direct ownership of DirectBooks.

我們會非常聚焦在這個新券交易上。同樣地，這是與 DirectBooks 的合作試點（pilot），將在 5 月底先與一到兩位客戶開始試行，並會在 5 月、6 月以及夏季其餘時間逐步推廣上線。看過這套解決方案、並走過其流程步驟的客戶所提出的需求與回饋，幾乎是一面倒地正面。顯然，鑑於交易商社群與 DirectBooks 的合作關係以及其直接持股，交易商社群也相當支持。

A very important partnership, a very exciting partnership, and obviously a very big step for MarketAxess to crack that new issue market, but also presenting clients with a solution that is quite seamless and quite simple for them to use in an aggregated way.

這是一個非常重要、也非常令人興奮的合作夥伴關係，顯然也是 MarketAxess 打開新券市場的一大步；同時也為客戶提供一個相當無縫、相當簡單、且能以聚合方式使用的解決方案。

Thanks. On the closing auction, any update there? Curious.

謝謝。關於收盤拍賣（closing auction），那邊有任何更新嗎？我很好奇。

Right. Sorry about that. On closing auction, again, we launched this late in the quarter, the fourth quarter of 2025, really around December. Quite a great deal of excitement from some very large investor clients around bringing to market a new protocol, where we can organize and aggregate liquidity at a single moment in time. As you look at the fixed income market, it's unlike most markets. Liquidity in most markets, equities, futures, options, is what we call U-shaped. Liquidity start of day is quite strong, and you get increased liquidity at the end of day as well, a natural U-shaped curve of liquidity.

好的。抱歉剛剛漏了。關於收盤拍賣，我們是在 2025 年第四季的後段、約 12 月左右推出。一些非常大型的投資人客戶對於把一種新的交易協議帶到市場感到相當興奮，因為我們可以在單一時間點組織並聚合流動性。若觀察固定收益市場，它與多數市場不同。多數市場（股票、期貨、選擇權）的流動性呈現我們所稱的 U 型。也就是開盤時流動性很強，收盤前也會增加，形成自然的 U 型流動性曲線。

Fixed income, we tend to see higher levels of liquidity in the morning, and as the day progresses, levels of liquidity start to decrease near and around the end of the day, just given the risk of holding positions. This is designed to allow both clients and dealers to participate in a single auction, where they can dealers can provide a sizable liquidity at different price points, and clients can find liquidity in and around the close of the trading day. While we launched it at the end of the year, unfortunately during that quarter with all the volatility, we made progress with clients in how to use the close, how to use the auction. We rolled out new order types. We've seen staged in our platform over $11 billion in auction orders.

固定收益方面，我們通常看到早上流動性較高，而隨著一天進行，接近與到了收盤時流動性水準會開始下降，主要是因為持倉風險。這項設計是讓客戶與交易商都能參與單一拍賣：交易商可以在不同價位提供可觀的流動性，而客戶則能在交易日接近收盤時找到流動性。雖然我們在年底推出，但不幸的是該季度波動很大；我們仍在協助客戶了解如何使用收盤機制、如何使用拍賣方面取得進展。我們也推出了新的訂單類型。我們的平台上已經有超過 110 億美元的拍賣訂單被預先掛單（staged）。

We saw submitted over $7 billion in notional orders into the auction. While the trading volume is still light, we continue to see about 12 active, very large buy-side clients and four active dealers participating in the auction as well. More to come on the auction. It is a novel protocol that we've delivered into the market, but there's a huge and overwhelming application for an end-of-day liquidity solution, and that's really from the client feedback that we've heard that have engaged in the auction.

我們也看到有超過 70 億美元名目金額（notional）的訂單提交進入拍賣。雖然成交量仍偏輕，但我們持續看到約 12 家活躍、非常大型的買方客戶，以及 4 家活躍交易商也在參與拍賣。關於拍賣後續還會有更多進展。這是我們帶入市場的一種新型交易協議（novel protocol），但市場對於「日終流動性解決方案」有非常巨大且壓倒性的需求；這正是我們從參與拍賣的客戶回饋中聽到的。

Simon Clinch, Rothschild & Co Redburn.

Simon Clinch，Rothschild & Co Redburn。

I was wondering if you could expand on the success of your new initiatives in European and international markets, and just have a think about, I guess the application of those in the US markets and what the differences are. It looks like the speed of the uptake there has been, you know, hugely hugely positive in international markets. We just don't see the same level of penetration, at least initially, in the US. I was wondering if you could talk to that, please.

我想請您進一步談談你們在歐洲與國際市場新計畫的成功，並思考一下這些做法在美國市場的適用性以及差異。看起來在國際市場的採用速度非常、非常正面。但至少在初期，我們在美國並沒有看到同樣程度的滲透率。想請您談談這點，謝謝。

Sure. Number one, I think you have to look at where those markets, the international markets sit with regard to electronification. EM in particular, still we see, again, the notional volume of the total market is not clear. It's hard to estimate, but we do estimate we're still in early innings of electronification of the EM market. So much of our penetration in the EM market is organic growth of penetrating new clients adopting electronic trading. The good news is we're using multiple protocols to engage those clients because each market, each local market in particular, is quite different in terms of the protocols that they gravitate to. Overall, the international market still has a great deal of growth given low levels of penetration.

當然。第一，我認為必須看這些市場——國際市場——在電子化（electronification）方面所處的位置。特別是新興市場（EM），我們仍然看到整體市場的名目交易量並不清楚。很難估算，但我們確實估計 EM 市場的電子化仍在早期階段。因此，我們在 EM 市場的滲透很大一部分來自於自然成長：更多新客戶採用電子交易。好消息是，我們使用多種交易協議來接觸這些客戶，因為每個市場、尤其是各個在地市場，在偏好的交易協議上差異很大。整體而言，由於滲透率仍低，國際市場仍有相當大的成長空間。

The good news about the different protocols that we're seeing expand, one, portfolio trading in EM is still early days relative to what we see in US credit. We think there's a lot more runway in portfolio trading, and we would expect to see more and more what we call global portfolio trades coming to market where you are trading not just the EM bond, but across US and European bonds as well. We're set up and designed to allow for global portfolio trading. Where we're most excited and we've seen a great deal of growth is our block trading solutions. We first launched our targeted RFQ into the EM markets. We thought it had great application given some of the local markets are truly rates markets.

關於我們看到擴張的不同交易協議，好消息是：第一，EM 的投組交易（portfolio trading）相較於我們在美國信用市場看到的仍屬早期。我們認為投組交易還有很長的成長跑道，並預期會有越來越多我們所稱的「全球投組交易」進入市場，也就是不只交易 EM 債券，還會同時涵蓋美國與歐洲債券。我們的平台架構與設計本來就支援全球投組交易。我們最興奮、且看到大量成長的是我們的大額交易（block trading）解決方案。我們最初是在 EM 市場推出我們的定向 RFQ（targeted RFQ）。我們認為它很適用，因為某些在地市場本質上確實是利率市場（rates markets）。

Our block trading in Q1 in EM smashed records. It was up 46% year-over-year. It was up 11% quarter-over-quarter. We're seeing a true organic growth of the block market really starting in the EM market, and that's again, where we launched it first. The dealer business as well, remember there's quite a sizable interdealer business or dealer-to-dealer business in not only the Eurobond market and the US credit market, but also in the interdealer market for emerging markets. That market for us was up 15% largely driven by our dealer RFQ offering. Again, early innings on electronification of the EM market. We're using, as I mentioned, the different key protocols that we've launched across all our markets.

我們在 EM 的第一季大額交易創下紀錄。年增 46%。季增 11%。我們看到大額市場真正的自然成長正從 EM 市場開始，而這也是我們最先推出的地方。另外也別忘了交易商業務：不僅在歐洲債（Eurobond）市場與美國信用市場，在新興市場的同業交易（interdealer）市場中，也有相當可觀的交易商對交易商（dealer-to-dealer）業務。我們在該市場的業務成長 15%，主要由我們的交易商 RFQ 產品所帶動。再次強調，EM 市場的電子化仍在早期階段。如我所提，我們正在所有市場運用我們推出的不同關鍵交易協議。

I think the block market is most reflective of the success we're having in that EM market. There's one other protocol that we've had great deal of success, and it's been driving some of that block market share, and that's instead of request for quote, request for market, where you're really able to show more size from the client. You don't reveal your direction, so clients are much more comfortable trading blocks in a request for market. That protocol has been growing consistently year-over-year and quarter-over-quarter. A number of different protocols, but really, we're just seeing some of the early launched protocols like our block solution growing, really outpacing some of the growth in EM than we see in other products.

我認為大額市場最能反映我們在 EM 市場取得的成功。另外還有一種我們非常成功、並推動部分大額市占的交易協議：不是詢價（request for quote），而是「請求市場」（request for market），也就是讓客戶能展示更大的交易規模。你不需要揭露交易方向，因此客戶在以 request for market 進行大額交易時會更安心。這種協議的成長在年比年、季比季都持續上升。雖然有多種不同協議，但我們確實看到一些較早推出的協議（例如我們的大額解決方案）正在成長，且在 EM 的成長速度確實超過我們在其他產品上看到的成長。

Thanks. Just when I think about the US application of these initiatives then, I mean, if I look at the share gains you had sort of last year on a trailing four-quarter basis, it really accelerated across all the initiatives, and then it's really started to stagnate and come down. I just wondered, what's the color around that? I mean, is this, do we just need to wait for these new products to be launched to gain more traction again, or has there been something else at play here?

謝謝。我在思考這些措施在美國的落地應用時，我的意思是，如果我看你們去年以過去四個季度為基礎的市占提升，其實在所有措施上都明顯加速，然後現在似乎開始停滯並回落。我只是想了解一下這背後的情況是什麼？我的意思是，這是不是我們只需要等這些新產品推出、再次獲得更多動能，還是這裡還有其他因素在起作用？

One, I think, if you look at the first quarter and our record volume across US credit, it was driven by some of these new initiatives. Our block trading activity in high grade, we saw a record up 31%. Our PT volume was also up 35%. Some of the protocols that we've seen success in our international markets and we've launched here in the US, while it's still early days in that protocol, and the breadth of that protocol being adopted by clients, we're still seeing heightened growth across those protocols. I think the one protocol that was newly launched in the US is Mid-X. Mid-X is our dealer solution. It was launched earlier in Europe and EM.

第一，我認為，如果你看第一季以及我們在美國信用產品的創紀錄成交量，這是由其中一些新措施所帶動的。我們在投資級的區塊交易活動，創下紀錄、成長31%。我們的PT成交量也成長35%。我們在國際市場已看到成效、並已在美國推出的一些交易協議（protocol），雖然這些協議在美國仍屬早期階段、且客戶採用的廣度仍在擴大中，但我們仍看到這些協議呈現更高的成長。我認為在美國新推出的一個協議是Mid-X。Mid-X是我們的交易商（dealer）解決方案。它先前已在歐洲與新興市場（EM）推出。

We have been seeing growth in Mid-X in US credit. Year to date, it's traded over $16 billion in volume, and we're seeing high participations from dealers. We have over 48 unique dealers participating on a regular basis and a number of traders as well. Certainly, that's the one protocol that's still, I'd say, early days in US credit.

我們已看到Mid-X在美國信用產品中成長。年初至今，它的成交量已超過160億美元，而且我們看到交易商的參與度很高。我們有超過48家獨立交易商定期參與，另外也有不少交易員參與。當然，這是我會說在美國信用產品中仍屬早期階段的一個協議。

Just one other thing I would add is you'll recall that in the fourth quarter, we talked about the significant amount of activity we were seeing in portfolio trading in high yield. In the first quarter, that also continued with our PT high yield ADV up about 78%. We are seeing, as Chris said, some of these same protocols that are doing quite well in the international markets taking hold here as well. There's, you know, obviously, we're looking to see more to come.

我再補充一點：你會記得在第四季，我們談到在高收益的投組交易（portfolio trading）中看到大量活動。在第一季，這也持續進行，我們的PT高收益ADV約成長78%。如Chris所說，我們看到一些在國際市場表現相當好的相同協議，也正在這裡逐步站穩腳步。你知道，顯然我們也期待看到更多進展。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Hey, everyone. Good morning. This is actually Aditya filling in for Alex this morning. Thank you for taking our question. Chris, we heard you in the prepared remarks on how you look to leverage AI to deliver unique data and analytics. Could you just help expand that a bit more on the opportunities that you see, what's reachable, the next steps? I guess importantly, how would this create a structural advantage for MarketAxess that competitors cannot replicate? Thanks.

嗨，各位。早安。今天早上其實是Aditya代替Alex發言。謝謝你們回答我們的問題。Chris，我們在你事先準備的發言中聽到你提到，將如何運用AI來提供獨特的數據與分析。你能否再多展開說明一下你看到的機會、哪些是可達成的、以及下一步是什麼？我想更重要的是，這將如何為MarketAxess創造競爭對手無法複製的結構性優勢？謝謝。

Great. Great question. Obviously an area that we've been spending a lot of time on, I think everybody has been spending a lot of time on. This is one, you know, I'm super excited really for our position in the market, when it comes to data. There's really three reasons why I'm so excited about the data opportunity. One, we have the best source data in fixed income. When you think about the breadth of our product, the protocols that we use, RFQ is a phenomenal source of data, because you have both the inquiry from clients around the planet as well as the response from both dealers, alternative dealers, hedge funds, and clients now. So the data source that we have is the raw data and very important.

很好。很好的問題。顯然這是我們投入大量時間的領域，我想大家也都投入了很多時間。就數據而言，我對我們在市場中的位置感到非常興奮。我對數據機會如此興奮，主要有三個原因。第一，我們擁有固定收益領域最好的源頭數據。當你想到我們產品的廣度、我們使用的各種協議時，RFQ是一個極佳的數據來源，因為你同時擁有來自全球客戶的詢價，以及來自交易商、另類交易商、避險基金，現在還包括客戶端的回覆。因此，我們擁有的數據來源是原始數據，而且非常重要。

The other key ingredient is we have not sold what I call the good data. We have sold things like CP+. We have sold Axess All. There's really good data underlying the platform, and we've been, for now several years, on these calls saying we will not sell all our data. It's too important to the execution solutions that we are building. The other reason why I'm excited is because we also protect the data that we sold. We have very tight restrictions, derived right restrictions, as well as AI use restrictions on the data sources that we are selling. We feel like we're in a very good position to take advantage of the footprint of data we have.

另一個關鍵要素是，我們並沒有出售我所稱的「好數據」。我們出售過像CP+這類產品。我們也出售過Axess All。平台底層其實有非常好的數據，而我們在這些電話會議上已經說了好幾年：我們不會出售我們所有的數據。這些數據對我們正在打造的執行解決方案太重要了。我感到興奮的另一個原因是，我們也保護我們已出售的數據。我們對所出售的數據來源設有非常嚴格的限制，包括衍生使用權（derived right）限制，以及AI使用限制。我們認為，我們在利用既有數據版圖方面處於非常有利的位置。

Also, the other opportunity that we have is we've been investing heavily in AI when it comes to our data for a number of years. It's not a new topic for us when it comes to data and data products. Within the use of AI to produce data or produce product, we have AI-derived real-time data called CP+. We've had it for quite a number of years. It is now across all products, certainly well-regarded in the market, certainly viewed as real-time benchmark for trading US credit, and we've been getting awards for that product as well. We are now able to predict using AI real-time block pricing based on your direction, sell or buy. We are predicting using AI liquidity levels in the market.

另外，我們的另一個機會是：在數據方面，我們多年來一直大力投資AI。就數據與數據產品而言，這對我們不是新話題。在運用AI來產出數據或打造產品方面，我們有一個由AI衍生的即時數據產品叫CP+。我們推出它已經有相當多年。它現在已涵蓋所有產品，在市場上口碑很好，也被視為美國信用交易的即時基準，而且我們也因此產品獲得獎項。我們現在能使用AI，依據你的方向（賣出或買入）來預測即時的大額（block）定價。我們也在使用AI預測市場中的流動性水準。

We are also using AI, leveraging AI to predict what we call counterparty selection or dealer selection as well. Obviously, you know, one of my favorite use of AI is being able to predict when it is advantageous to provide liquidity. This is a very important component to one of the drivers behind our algo solution, which is the theory that clients who have historically cross spread for most of their fixed income e-experience are may presented with the opportunity to avoid crossing spread. We are now leveraging AI to actually help with predicting when is that beneficial for you to have patience and wait. Again, AI from a product and execution solution is really what's the most exciting part of our day.

我們也在使用AI、並藉由AI來預測我們所稱的交易對手選擇或交易商選擇。顯然，你知道，我最喜歡的AI應用之一，是能夠預測何時提供流動性是有利的。這是我們演算法（algo）解決方案背後驅動因素之一的重要組成：其理論是，過去在大多數固定收益電子交易體驗中經常需要跨越買賣價差（cross spread）的客戶，可能會被提供一個避免跨價差的機會。我們現在正運用AI來協助預測：何時對你而言，保持耐心並等待是有利的。再次強調，從產品與執行解決方案的角度來看，AI確實是我們每天最令人興奮的部分。

We are also, just to be clear, piloting a new AI solution with some of our clients. The areas of exploration that's super exciting for us is first AI-derived, real-time market intelligence. As I mentioned, our market footprint is quite broad. We see the markets from the start of APAC through the trading hours of Europe into the US hours, and we are able to leverage AI to look at the market intelligence, know what kind of direction certain sectors are experiencing, volumes, volatility, spread volatility. All of the market intelligence can be derived leveraging AI, sitting on top of our quite broad source data. The second area of exploration, where we have dabbled already is what we call portfolio optimization.

另外，為了說清楚，我們也正與部分客戶試點一個新的AI解決方案。對我們而言非常令人興奮的探索領域，首先是由AI衍生的即時市場情報。如我提到的，我們的市場覆蓋面相當廣。我們從亞太（APAC）開盤一路看到歐洲交易時段，再到美國時段；我們能運用AI來分析市場情報，了解特定板塊的走向、成交量、波動度、利差波動等。所有這些市場情報都可以在我們相當廣泛的源頭數據之上，透過AI加以衍生。第二個探索領域，我們也已經稍有涉獵的是我們所稱的投組最佳化（portfolio optimization）。

Given the market intelligence that we have, given the levels of liquidity that we see in the market, AI is a wonderful tool in interpreting selection of underlying bonds when building a portfolio. The last area of exploration is really, and one that we hear from our clients the most, is leveraging AI to help us suggest protocols. There are times when a portfolio trade is an optimal way to trade a list of bonds. There's times when going direct to a single dealer for a large block is the right protocol for that bond. Using AI to actually suggest protocol selection is a key ingredient to some of the areas of exploration.

基於我們掌握的市場情報，以及我們在市場中看到的流動性水準，AI是在建構投組時解讀並挑選底層債券的絕佳工具。最後一個探索領域其實是、也是我們最常從客戶那裡聽到的：運用AI來協助我們建議交易協議（protocol）。有些時候，投組交易是交易一串債券清單的最佳方式。有些時候，針對某檔債券，直接找單一交易商處理一筆大額交易才是正確的協議。運用AI來建議協議選擇，是我們部分探索領域中的關鍵要素。

The other area of AI, I think, which is super exciting for us, is certainly in the way we're leveraging AI in our technology footprint. If you look at MarketAxess, for the first 20 years of our history, there was probably a large underinvestment in modern tech. We have been, over the last number of years, making sizable tech modernization investment. We've been doing that both organically and inorganically. If you recall, our acquisition of Pragma was really a tech modernization acquisition. We are now leveraging that technology and things like auctions and our automation suite. What AI is doing for us today is what's most exciting. We're now accelerating that tech modernization, including our core trading stack.

我認為，AI 的另一個領域，對我們而言非常令人振奮的，當然是在我們如何在自身的技術版圖中運用 AI。如果你看 MarketAxess，在我們歷史的前 20 年，現代技術方面可能存在相當程度的投資不足。在過去幾年裡，我們一直在進行大規模的技術現代化投資。我們同時以內生成長與外延併購的方式來推動。如果你還記得，我們收購 Pragma，其實就是一次技術現代化的收購。我們現在正運用那套技術，以及像拍賣與我們的自動化套件等功能。AI 目前為我們帶來的效益，是最令人興奮的部分。我們正在加速這項技術現代化，包括我們的核心交易技術堆疊。

We're currently actively engaged in AI solutions that can look at refactoring our legacy code. This is an exciting component that a number of people have deployed in the market space that we're in, where they can refactor legacy code. We're also seeing AI can increase our time to market on new capabilities and new functionality. We're expanding our use of AI across our engineering footprint. All our developers have access to all the latest and top models, and that is slowly having an impact on how fast we move. As I mentioned in my opening remarks, we brought in our CTO, William Quan. He has both cloud and AI experience, that alone has accelerated our deployment of AI, and it's quite exciting.

我們目前正積極投入可用於重構我們既有（legacy）程式碼的 AI 解決方案。這是一個令人振奮的組成部分；在我們所處的市場領域，已有不少人部署了能夠重構既有程式碼的方案。我們也看到 AI 能縮短我們推出新能力與新功能的上市時間。我們正在把 AI 的使用擴展到整個工程研發版圖。我們所有開發人員都能使用最新、最頂尖的模型，而這也正逐步影響我們推進的速度。如同我在開場致詞中提到的，我們延攬了 CTO William Quan。他同時具備雲端與 AI 經驗，光是這一點就加速了我們部署 AI 的進程，這確實相當令人振奮。

UI design is another area where we see AI development accelerating, what clients can have in front of their desktop, and how quickly we can turn around those UI designs. The last point on AI I'll make, and it's really around the M&A space that I foresee, I think AI is going to change the M&A landscape. Most of my career was, I was involved in M&A. That was, you typically would see sizable tech synergies in M&A, and some M&A was really designed either I either had acquisitions that we were doing that were tech accretive, where technology synergies were one of the drivers of the M&A, or, I had companies that were acquired because of tech synergies, where again, technology synergies were a big component in the synergy analysis of the acquisition.

UI 設計也是另一個我們看到 AI 開發正在加速的領域：客戶在桌面端能看到什麼，以及我們能多快完成這些 UI 設計的迭代。我關於 AI 的最後一點想談的是我所預見的併購（M&A）領域；我認為 AI 將改變併購版圖。我職涯的大部分時間都參與併購。一般而言，你通常會在併購中看到可觀的技術協同效益；有些併購的設計本質上就是為了技術增益——要嘛是我們進行的收購能在技術上帶來增值，技術協同是推動併購的因素之一；要嘛是某些公司因技術協同而被收購，同樣地，技術協同在收購的協同效益分析中占了很大比重。

AI is effectively reducing the value of tech synergies when it comes to M&A. AI has the ability to in a faster way, refactor older technology. It's really changing the math of deals when you actually look at what AI is capable of making some deals less attractive because they're less synergy accretive. That's an important thing. The other important thing is really to recognize and think about the MarketAxess over 25 years of sales effort and network effect. AI does not sell and distribute services. AI, it can't build client networks. It can't do KYC onboarding. It can do KYC work, it does not onboard thousands of clients. It doesn't take clients to dinner, it doesn't make source data.

AI 實際上正在降低併購中技術協同效益的價值。AI 能以更快的方式重構較舊的技術。當你真正去看 AI 能做到什麼時，它正在改變交易的計算方式，使得某些交易因協同增益較少而變得不那麼具吸引力。這是一個重要的點。另一個重要的點，是要認知並思考 MarketAxess 在 25 年銷售投入與網路效應上的累積。AI 不會銷售與分銷服務。AI 無法建立客戶網路。它無法進行 KYC 開戶導入（onboarding）。它可以做 KYC 的工作，但它不會為數千名客戶完成導入。它不會帶客戶去吃飯，它也不會產生來源資料。

What really becomes valuable in this world of AI when it comes to M&A is companies that have golden source data and companies that have broad networks. I do think AI, not only is it changing our product set, but it's also changing how fast we can deliver products. Ultimately, it changes the value of the data that we sit on and are mining today. Sorry for the long-winded answer, but it's really reflective of the excitement that we have and the advantages that AI give us.

在這個 AI 的世界裡，談到併購時真正變得有價值的是：擁有黃金來源資料（golden source data）的公司，以及擁有廣泛網路的公司。我確實認為 AI 不僅正在改變我們的產品組合，也正在改變我們交付產品的速度。最終，它改變了我們目前所掌握並正在挖掘的資料價值。抱歉我的回答有點冗長，但這確實反映了我們的興奮程度，以及 AI 帶給我們的優勢。

There are no further questions at this time. With that, I will now turn the call back over to Chris Concannon for final closing remarks. Please go ahead.

目前沒有進一步的問題。那麼，我現在把電話交回給 Chris Concannon，請他做最後的結語。請開始。

Great. Thanks a lot. Thanks for joining us today, and thanks for listening to my long-winded answer on AI. We're excited to talk to you in the next quarter to give you an update on the progress we're making. Thank you.

好的。非常感謝。感謝各位今天加入我們，也謝謝各位聆聽我關於 AI 的冗長回答。我們期待在下一季與各位交流，向各位更新我們所取得的進展。謝謝。

Ladies and gentlemen, this concludes today's call. We thank you for participating. You may now disconnect your line.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。