Marex Group PLC (MRX) 2024 Q2 法說會逐字稿

Good morning, everyone. I'm Robert Coates, Global Head of Investor Relations for Marex. Thank you for joining us today for our first half 2024 results conference call. Speaking today are Ian Lowitt, our CEO; and Rob Irvin, our CFO. After a formal remarks, we will open up the call for questions.

大家早安。我是 Marex 投資者關係全球主管 Robert Coates。感謝您今天參加我們 2024 年上半年的業績電話會議。今天發言的是我們的執行長 Ian Lowitt；和我們的財務長 Rob Irvin。正式發言後，我們將開始提問。

Before we begin, I would like to highlight that certain matters discussed in today's conference call are forward-looking statements relating to future events, management plans and objectives for the business and the future financial performance of the group. They are subject to risks and uncertainties.

在開始之前，我想強調，今天的電話會議中討論的某些事項是與未來事件、管理計劃和業務目標以及集團未來財務業績相關的前瞻性陳述。它們面臨風險和不確定性。

Actual results may differ from those anticipated in the forward-looking statements. The risk factors that may affect these results are referred to in the company's press release issued today and also in our prospectus with the SEC back in April. The forward-looking statements made today are as of the date of this call, and the company does not undertake any obligation to update these forward-looking statements.

實際結果可能與前瞻性陳述中的預期有所不同。今天發布的公司新聞稿以及我們四月向 SEC 提交的招股說明書中都提到了可能影響這些結果的風險因素。今天所做的前瞻性陳述截至本次電話會議之日，本公司不承擔更新這些前瞻性陳述的任何義務。

Finally, the speakers may refer to certain adjusted or non-IFRS measures on this call. A reconciliation of the non-IFRS financial measures to the most directly comparable IFRS measures is available in the company's press release issued today. A copy of the press release and the investor presentation can be found on the investor relations page of marex.com.

最後，講者可能會在本次電話會議上提及某些調整後的或非 IFRS 的措施。該公司今天發布的新聞稿中提供了非國際財務報告準則財務指標與最直接可比較的國際財務報告準則指標的調節表。新聞稿和投資者介紹的副本可以在 marex.com 的投資者關係頁面上找到。

With that, I will now hand over to Ian.

現在，我將把工作交給伊恩。

Welcome, everyone. Thank you for joining us today. As the CEO of a public company, one is well aware of the desirability of delivering strong results, particularly early on when one is looking to build credibility with the market.

歡迎大家。感謝您今天加入我們。作為一家上市公司的首席執行官，人們很清楚取得強勁業績的願望，尤其是在希望建立市場信譽的早期。

And so it is with a small dose of relief and a much larger dose of pride. That Rob and I can share with you our very strong performance in our first quarter as a public company. And what is so pleasing to me beyond the record numbers is what I see driving the performance.

因此，雖然有一點點的寬慰，但更多的是自豪感。羅布和我可以與您分享我們作為上市公司在第一季的強勁表現。除了創紀錄的數字之外，令我如此高興的是我所看到的推動性能的因素。

You will see evidence that we are gaining share. I hear this anecdotally in the conversations we have with clients who report on their positive experiences dealing with Marex. I can feel the positivity and enthusiasm of our staff as they describe the progress they are making growing their business or function. So we're certainly off to a robust start as a public company. And I'd like to once again thank all of those investors who have put their trust in Marex.

您會看到我們正在獲得份額的證據。我在與客戶的談話中聽到了這樣的軼事，他們報告了他們與 Marex 打交道的積極經歷。當我們的員工描述他們在發展業務或職能方面所取得的進展時，我能感受到他們的熱情和熱情。因此，作為一家上市公司，我們絕對有一個好的開始。我想再次感謝所有信任 Marex 的投資者。

Turning to materials on slide 3. I want to start out with a reminder of how and where we participate in the financial market ecosystem. Slide 3 illustrates how we play a critical role in connecting clients to markets and how our core services of clearing agency and execution, market-making and hedging and investment solutions fit together.

轉向幻燈片 3 上的材料。我想先提醒大家如何以及在哪裡參與金融市場生態系統。投影片 3 說明了我們如何在連結客戶與市場方面發揮關鍵作用，以及我們的清算代理商和執行、做市和對沖以及投資解決方案等核心服務如何結合在一起。

We provide connectivity to producers and consumers of commodities as well as asset managers and hedge funds and act as an essential layer between our clients and the markets they need to access. At the heart of the firm is clearing, which provides the essential infrastructure to connect clients to exchanges and clearinghouses.

我們為商品生產者和消費者以及資產管理公司和對沖基金提供連接，並充當我們的客戶和他們需要進入的市場之間的重要層。該公司的核心是清算，它提供了將客戶與交易所和清算所連接起來的必要基礎設施。

We also provide clients with access to market liquidity, either through agency and execution or market making. And if there is no on-exchange instrument that meets their needs. We provide bespoke hedging services through our hedging and investment solutions business.

我們也透過代理商和執行或做市為客戶提供獲得市場流動性的機會。如果沒有滿足他們需求的交易所工具。我們透過對沖和投資解決方案業務提供客製化對沖服務。

In combination these four services reinforce one another produce multiple entry points into the firm for our clients and increased cross selling opportunities for Marex. We are increasingly relevant in this connective layer by adding clients and growing the amount of business we do with them in the provision of these interconnected services.

這四項服務相結合，相輔相成，為我們的客戶提供了進入公司的多個切入點，並為 Marex 增加了交叉銷售機會。透過增加客戶並增加我們在提供這些互連服務方面與他們開展的業務量，我們在這個連接層中的相關性越來越大。

Turning to slide 4, you can see our strong track record of double-digit growth and our continued momentum. We believe we are on track for a 10th year of sequential growth, having delivered a 34% CAGR in adjusted operating profit over the last nine years.

轉向投影片 4，您可以看到我們兩位數成長的強勁記錄以及持續的勢頭。我們相信，我們預計將連續第十年的成長，過去 9 年調整後營業利潤的複合年增長率為 34%。

We are delivering on our strategy, which is to ensure we have sufficient structural growth to offset cyclical headwinds. By executing on the strategy we have been able to grow through a variety of different market conditions through a combination of organic and inorganic growth. We continue to add clients and do more business with them with around 5,000 active clients at the end of the first half, up from around 4,100 at the end of 2023.

我們正在實施我們的策略，即確保我們有足夠的結構性成長來抵消週期性阻力。透過執行該策略，我們能夠透過有機和無機成長的結合，在各種不同的市場條件下實現成長。我們持續增加客戶並與他們開展更多業務，截至上半年末，活躍客戶數量約為 5,000 名，高於 2023 年底的約 4,100 名。

Moving now to slide 6. We have delivered extremely strong performance in H1, having grown our earnings and also grown our market share. We have seen growth in all our business segments. As you can see in our earnings release, the second quarter saw an exceptionally strong performance with record revenue of $422 million and operating PBT of $92 million.

現在轉到投影片 6。我們在上半年取得了極為強勁的業績，收入成長了，市場佔有率也增加了。我們的所有業務部門都取得了成長。正如您在我們的財報中看到的那樣，第二季度的業績異常強勁，營收達到創紀錄的 4.22 億美元，營業稅前利潤 (PBT) 達到 9,200 萬美元。

Our second quarter profitability is over 50% higher than the average quarter in 2023 and 35% higher than the first quarter in 2024. Reported ROE for the second quarter was 29% and excluding one-time items related to the IPO ROE was 37%.

我們第二季的獲利能力比 2023 年季度平均高出 50% 以上，比 2024 年第一季高出 35%。第二季報告的 ROE 為 29%，不包括與 IPO 相關的一次性項目的 ROE 為 37%。

During the second quarter, we were able to take advantage of the opportunities presented in the unusual conditions in the metals market. In this period of heightened market activity, we were able to provide consistent service to our clients as we continue to make markets and to provide ongoing access to liquidity while keeping well within our risk parameters.

在第二季度，我們能夠利用金屬市場異常狀況所帶來的機會。在這個市場活動加劇的時期，我們能夠繼續做市並提供持續的流動性管道，同時保持在我們的風險參數範圍內，從而為客戶提供一致的服務。

Considering our first half, we delivered strong growth with revenue up 27% year on year to $788 million, and adjusted operating profit also up 28% to $159 million with reported ROE of 25%. Thanks to our strong performance in the first half, positive momentum in all our businesses and the continued execution of our growth initiatives.

考慮到上半年，我們實現了強勁成長，營收年增 27% 至 7.88 億美元，調整後營業利潤也成長 28% 至 1.59 億美元，報告的 ROE 為 25%。由於我們上半年的強勁表現、所有業務的積極勢頭以及我們成長計劃的持續執行。

We have a positive outlook as we anticipate full year adjusted operating PBT of between around $280 million and $290 million, assuming more normalized market conditions and the likely impact of lower interest rates in the fourth quarter.

我們對前景持樂觀態度，因為假設市場狀況更加正常化以及第四季度利率下降可能產生的影響，我們預計全年調整後營業稅前利潤將在 2.8 億美元至 2.9 億美元之間。

Lastly, consistent with the capital allocation policy set out at IPO, we have announced a progressive dividend policy for the quarterly dividend of $0.14 per share, demonstrating our confidence in the outlook for the group and commitment to shareholder returns.

最後，根據IPO時制定的資本配置政策，我們宣布了漸進式股利政策，季度股利為每股0.14美元，顯示我們對集團前景的信心和對股東回報的承諾。

As referenced in our previous earnings call, slide 7 shows the key metrics that we as a management team are focused on growth, margins and ROE productivity and quality of earnings. In terms of growth, what we are most focused on is increasing adjusted operating profit after-tax to our common shareholders. In the first half, we delivered strong double digit growth in all these metrics, with revenue up 27% adjusted operating PBT up 28% and a 28% increase in operating PAT up to $116 million.

正如我們先前的財報電話會議中所提到的，投影片 7 顯示了我們作為管理團隊關注的關鍵指標：成長、利潤率、淨資產收益率 (ROE) 生產力以及獲利品質。在成長方面，我們最關注的是增加普通股股東的調整後營業利益。上半年，我們在所有這些指標上都實現了兩位數的強勁增長，收入增長了27%，調整後的營業稅前利潤(PBT) 增長了28%，營業稅後利潤(PAT) 增長了28%，達到1.16 億美元。

In terms of margins and ROE, our operating PBT margin remained at 20% and our reported ROE was 25%, up 2 percentage points year on year. And the increase in return on adjusted operating PAT attributable to common equity was even stronger at 32% from 30%.

在利潤率和淨資產收益率方面，我們的營業稅前利潤率維持在20%，報告的淨資產收益率為25%，年增2個百分點。歸屬於普通股的調整後營業稅後利潤 (PAT) 回報率的成長更為強勁，從 30% 增加到 32%。

In terms of productivity and our business operating PAT attributable to common equity holders per FTE was up to $101,000 on an annualized basis, up 3% year on year.

在生產力和我們的業務運營方面，每 FTE 歸屬於普通股股東的 PAT 按年化計算高達 101,000 美元，年增 3%。

With regard to quality of earnings, our sharpe ratio is a healthy 3.3. You may be aware that there are limitations in the sharpe ratio metric as growth as well as unusually profitable months as we had in the second quarter, have the counterintuitive impact of reducing the sharpe ratio, although investors would not see this as a negative in terms of quality of earnings.

就獲利品質而言，我們的夏普比率為健康的 3.3。您可能會意識到，夏普比率指標存在局限性，因為增長以及第二季度異常盈利的月份，降低夏普比率會產生違反直覺的影響，儘管投資者不會將其視為負面影響盈利質量。

On slide 8, you can see that overall the market in which we operate continues to grow at around 8% to 9%, which is consistent with historic averages. Within that, though, you can see that there has been a positive skew to commodity markets, which have grown at 22% year on year, a much faster rate than financial securities market.

在投影片 8 上，您可以看到我們經營的整個市場繼續以 8% 至 9% 左右的速度成長，這與歷史平均值一致。不過，其中你可以看到商品市場出現了正向傾斜，比去年同期成長了 22%，比金融證券市場的成長速度要快得多。

Turning to slide 9, 2022 was characterized by elevated volatility and higher commodity prices following the Ukrainian invasion. In 2023 and so far this year, volatility in commodity prices have returned to more normalized levels.

轉向幻燈片 9，2022 年的特點是烏克蘭入侵後波動性加大和大宗商品價格上漲。2023 年以及今年迄今為止，大宗商品價格的波動已恢復到更正常化的水平。

The Fed funds rate increased dramatically in 2022, and the forward curve now reflects rate cuts through 2025. Whilst in June, the forward curve was reflecting a higher for longer outlook as at the end of July market expectations have returned to a similar level as at the start of the year.

2022 年聯邦基金利率大幅上升，遠期曲線現在反映了 2025 年之前的降息。6 月份，遠期曲線反映出長期前景較高，因為 7 月底市場預期已恢復至與年初相似的水平。

On slide 10, we show the positive market dynamics in metals during the second quarter. The quarter presented opportunities due to updated guidance on restrictions placed on the trading of Russian metal on the London Metal Exchange.

在投影片 10 中，我們展示了第二季金屬市場的積極動態。由於倫敦金屬交易所對俄羅斯金屬交易限制的最新指導，本季帶來了機會。

We saw an increase in prices, an increase in market volume and an increase in client activity, which was beneficial to our metals franchise. We were able to support increased activity while staying within our strict risk parameters without increasing bar and maintaining our historic positive profitability distribution.

我們看到價格上漲、市場成交量增加和客戶活動增加，這對我們的金屬特許經營有利。我們能夠支援增加的活動，同時保持在嚴格的風險參數範圍內，而無需提高標準並保持我們歷史上的正盈利分佈。

These market dislocations are important, not just because of the opportunity they present to increase profitability, but critically by supporting our clients through such events, we cemented our reputation as a reliable partner, which enables us to gain share over time.

這些市場混亂很重要，不僅因為它們提供了提高盈利能力的機會，而且更重要的是，透過此類事件為我們的客戶提供支持，我們鞏固了我們作為可靠合作夥伴的聲譽，這使我們能夠隨著時間的推移獲得份額。

Moving on to slide 11. We are committed to find ways to describe our results to investors in ways which make our progress transparent and linked to metrics that are intuitive and can be tracked against publicly available information, which for our business is exchange volumes.

繼續看投影片 11。我們致力於尋找方法向投資者描述我們的結果，使我們的進展透明，並與直觀的指標掛鉤，可以根據公開資訊進行跟踪，對我們的業務來說，這些資訊就是交易量。

When you look at our various businesses on this basis, it's apparent that we are gaining share. We see increased market volumes across each service segment while Marex's own volumes and importantly, revenues are growing at a faster rate.

當你在此基礎上審視我們的各項業務時，很明顯我們的份額正在增加。我們看到每個服務領域的市場容量都在增加，而 Marex 自己的容量（更重要的是，收入）正在以更快的速度成長。

Market volumes and caring, for example, are up 9% in the first half of 2024 versus the same period last year. While at Marex, we saw our volumes up 28% and revenues up 16%. With an agency in execution in the energy markets, volumes rose 25%, while our revenue was up 42% on volumes that were up 66%.

例如，2024 年上半年的市場容量和照護量比去年同期成長了 9%。在 Marex，我們的銷量成長了 28%，營收成長了 16%。憑藉能源市場執行機構的幫助，銷量增長了 25%，而我們的收入則在銷量增長 66% 的基礎上增長了 42%。

In the securities markets, volumes rose 6% in the market, while our volumes rose 16% and our revenues were up 25%, market making saw volumes up 22% in the market, while Marex saw revenues up 32% on volumes up 27%. This is a consistent picture of merits growing faster than the market, which itself is growing at a healthy clip.

在證券市場，市場交易量成長了6%，而我們的交易量成長了16%，營收成長了25%，做市業務使市場交易量成長了22%，而Marex 的營收成長了32%，交易量增加了27% 。這是一幅始終如一的畫面，優點成長速度快於市場本身，而市場本身也以健康的速度成長。

Turning now to slide 12. Our growth is powered by the addition of new clients and the increase in the business we do with our existing clients. In 2024, we have added 900 or so new clients, both through the Cowen acquisition and our ongoing onboarding efforts. The number of clients paying us more than $1 million on an annualized basis has also increased to [259].

現在轉到投影片 12。我們的成長得益於新客戶的增加以及我們與現有客戶的業務成長。到 2024 年，透過收購 Cowen 和我們持續的入職努力，我們增加了 900 名左右的新客戶。年付給我們超過 100 萬美元的客戶數量也增加到[259]。

Now pass on to Rob to talk you through the financials.

現在請 Rob 向您介紹財務狀況。

Thanks, Ian, and good morning, everyone. I'm really pleased to be with you today presenting for the first time our half year update. Picking up on slide 14, you can see that we've had a strong start to 2024. We have grown our revenues by 27% to $788 million.

謝謝伊恩，大家早安。我很高興今天能和大家一起首次介紹我們的半年更新。從幻燈片 14 開始，您可以看到 2024 年我們有了一個良好的開局。我們的營收成長了 27%，達到 7.88 億美元。

In part, reflecting the impact of the Cowen acquisition, but notably due to strong organic growth, which contributed over two-thirds of the increase in revenues. This enabled us to grow operating profit to $159 million for the first half, up 28%.

在一定程度上反映了考恩收購的影響，但值得注意的是強勁的有機成長，貢獻了超過三分之二的收入成長。這使我們上半年的營業利潤成長 28%，達到 1.59 億美元。

The second quarter was particularly strong, and our adjusted operating profit increased by 35% compared to the first quarter to $92 million. We saw strong contributions from all our business segments as well as exceptional activity in the metals market, which benefited our market-making business.

第二季的表現特別強勁，調整後的營業利潤比第一季成長了 35%，達到 9,200 萬美元。我們看到了所有業務部門的強勁貢獻以及金屬市場的異常活躍，這有利於我們的做市業務。

Our adjusted operating margin reached 22% compared with 19% in the first quarter, demonstrating our platform's ability to deliver scale benefits. Historically, we've had minimal adjustments between our adjusted operating profit and our reported profit before tax.

調整後的營業利潤率達到 22%，而第一季為 19%，這表明我們的平台有能力提供規模效益。從歷史上看，我們調整後的營業利潤和報告的稅前利潤之間的調整很小。

For the first half of 2024 these non-operating items with just over $20 million and there were four main components of this. Firstly, we incurred $8.3 million of costs associated with the IPO, predominantly legal and accounting costs to support our US listing. Secondly, we incurred $2.2 million of tax expense relating to the vesting of our gross shares, which were connected with the IPO.

2024 年上半年，這些非營運項目的價值略高於 2,000 萬美元，其中有四個主要組成部分。首先，我們產生了 830 萬美元與 IPO 相關的費用，主要是支持我們在美國上市的法律和會計費用。其次，我們因與 IPO 有關的總股份歸屬而產生了 220 萬美元的稅務費用。

Thirdly, we incurred $2.3 million on the fair value of the cash settlement option on the gross shares. This is a technical accounting booking and as the gross shares were all settled in equity, there was an offset in retained earnings.

第三，我們因總股本現金結算選擇權的公允價值而產生了 230 萬美元的費用。這是一個技術性的會計記賬，由於總股份全部以權益結算，因此留存收益有所抵銷。

Fourthly, we incurred $2.4 million of owner fees that we used to pay to our private equity shareholders, which was a function of profitability. These fees ceased at the point of the IPO and will not resume. Going forward, now we have completed the IPO, we would expect minimal adjustments between our adjusted operating profit and our reported profit before tax.

第四，我們支付了 240 萬美元的所有者費用，用於支付給私募股權股東，這是獲利能力的函數。這些費用在首次公開募股時停止，並且不會恢復。展望未來，現在我們已經完成了首次公開募股，我們預計調整後的營業利潤和報告的稅前利潤之間的調整將很小。

Given this a measure that we focus on as a management team is our return on adjusted operating profit after tax attributable to common equity holders. As a reminder, this return is calculated as follows. We tax effect our adjusted operating profit and then deduct the post-tax cost of our AT1 dividends.

有鑑於此，我們作為管理團隊關注的指標是歸屬於普通股股東的調整後營業利益報酬率。提醒一下，該回報的計算方式如下。我們對調整後的營業利潤徵稅，然後扣除 AT1 股利的稅後成本。

Both the equity is the firm's total equity, excluding our AT1 capital. For the first half of 2024 our return on operating profit after tax attributable to common equity holders was 32%, up from 30% in the first half of 2023.

這兩個股本都是公司的總股本，不包括我們的 AT1 資本。2024 年上半年，我們歸屬於普通股股東的稅後營業利益報酬率為 32%，高於 2023 年上半年的 30%。

The tax rate for the first half of 2024 was 26%, reflecting the number of adjusting items which were not tax deductible. Over the medium term, we would expect our effective tax rate to be 25%. As part of the IPO, we also reorganized our share capital.

2024年上半年稅率為26%，反映了不可抵扣的調整項目數。從中期來看，我們預計有效稅率為 25%。作為首次公開發行的一部分，我們也重組了股本。

This included doing a share consolidation as a result at the end of June, we had 70.3 million ordinary shares this excludes 1.9 million treasury shares. Our adjusted basic earnings per share was $0.96 for the second quarter and $1.70 for the first half of 2024.

這包括在 6 月底進行股份合併，我們擁有 7,030 萬股普通股，其中不包括 190 萬股庫存股。2024 年第二季調整後每股基本盈餘為 0.96 美元，上半年為 1.70 美元。

On slide 15, you can see that we have achieved double-digit revenue and operating growth across all of our business segments. In clearing revenues grew by 16% during the first half of 2024, reflecting growth in both commissions and net interest income.

在投影片 15 上，您可以看到我們所有業務部門都實現了兩位數的收入和營運成長。2024 年上半年，清算收入成長了 16%，反映出佣金和淨利息收入的成長。

This was due in part to heightened market activity in the metals market, which increased margin requirements as exchanges and transaction volumes. It also due to the benefit of our growth initiatives in Australia, Singapore and in our prime services offerings.

這在一定程度上是由於金屬市場的市場活動加劇，從而增加了交易所和交易量的保證金要求。這也歸功於我們在澳洲、新加坡的成長計畫以及我們的優質服務產品的好處。

In agency and execution, revenues grew by 32%, reflecting market share gains, positive market sentiment in the energy market and the benefit of recent acquisitions, primarily Cowen, which increased our capabilities in financial securities.

在代理和執行方面，收入增長了 32%，反映出市場份額的增長、能源市場的積極市場情緒以及最近收購（主要是 Cowen）的好處，這些收購增強了我們在金融證券方面的能力。

In market-making, revenue was up 23%, driven by market sentiment and metals trading, which benefited from heightened market activity across copper, aluminium, nickel following revised guidance related to Russian materials on the LME.

在做市方面，受市場情緒和金屬交易的推動，收入增長了 23%，這得益於倫敦金屬交易所 (LME) 修訂與俄羅斯材料相關的指引後銅、鋁、鎳市場活動的增加。

And in hedging and investment solutions, revenue growth occurred across all regions and was driven by favorable market conditions stemming from volatility in cocoa and coffee will financial products benefited from positive investor sentiment and equity market performance, as well as the benefits of our growth initiatives, which resulted in strong client trade flows in the first half of 2024. So in summary, a strong performance across all four of our business segments during the first half of 2024.

在對沖和投資解決方案方面，所有地區的收入均出現增長，並受到可可和咖啡波動帶來的有利市場條件的推動，金融產品受益於積極的投資者情緒和股市表現，以及我們增長計劃的好處，這導致 2024 年上半年客戶貿易流量強勁。總而言之，我們的所有四個業務部門在 2024 年上半年都表現強勁。

Moving to slide 16. As you can see, average client balances in the second quarter were $13.6 billion, up from $13.2 billion for the first quarter of 2024. Please be aware that the average balances for the quarter were based upon the month-end.

轉到投影片 16。如您所見，第二季的平均客戶餘額為 136 億美元，高於 2024 年第一季的 132 億美元。請注意，該季度的平均餘額是基於月底的。

If we use daily average balances, our balances would have been up around 10% versus the first quarter, which was a key driver of the increase in net interest income during the quarter. As a result, net interest income rose to $101 million for the first half of 2024.

如果我們使用每日平均餘額，我們的餘額將比第一季增加 10% 左右，這是本季淨利息收入成長的關鍵驅動力。因此，2024 年上半年淨利息收入增加至 1.01 億美元。

The growth in net interest income primarily reflected three factors higher average Fed fund rates, the impact of the Cowen Prime Services transaction, which we completed in December 2023 and reinvestment of maturing assets at higher yields.

淨利息收入的成長主要反映了三個因素：平均聯邦基金利率上升、我們於 2023 年 12 月完成的 Cowen Prime Services 交易的影響以及以更高的收益率對到期資產進行再投資。

These factors were partially offset by higher interest payments to clients. It's important to remember, the net interest income does not just impact our clearing segment. For example, the interest earned by the Cowen Prime Services business is included within the agency and execution segments and our market-making and hedging and investment solutions incur interest expense as a year's funding to support their activities.

這些因素被向客戶支付的較高利息部分抵銷。重要的是要記住，淨利息收入不僅影響我們的清算部門。例如，Cowen Prime Services 業務賺取的利息包含在代理商和執行部門中，而我們的做市、對沖和投資解決方案會產生利息費用，作為支持其活動的一年資金。

Clearly, the fact that rates have remained elevated in the first half of 2024 is beneficial to the business. As Ian mentioned, we do expect rate cuts late this year and into next year. We estimate that a 100 basis points decrease in rate will reduce operating profit by around $20 million. This is based upon the current book and does not take into account any future growth that could partially mitigate the impact.

顯然，2024 年上半年利率維持在高水準對業務有利。正如伊恩所提到的，我們確實預計今年年底和明年會降息。我們估計，利率下降 100 個基點將導致營業利潤減少約 2,000 萬美元。這是基於當前的書籍，沒有考慮任何可以部分減輕影響的未來成長。

On slide 17, our capital allocation framework looks to balance a strong capital position supporting both organic and inorganic growth opportunities with disciplined returns, we can build this out into four key areas. Firstly, we will maintain a strong capital position to support our investment grade credit rating.

在投影片 17 中，我們的資本配置框架旨在平衡強大的資本狀況，支持有機和無機成長機會與嚴格的回報，我們可以將其建構成四個關鍵領域。首先，我們將保持強勁的資本狀況以支持我們的投資等級信用評級。

Secondly, on organic growth, our investment will focus on targeted areas of our underlying business where we can earn an attractive return. Thirdly, on dividend, we have announced today an initial dividend of $10 million or $0.14 per share.

其次，在有機成長方面，我們的投資將集中在我們能夠獲得有吸引力回報的基礎業務的目標領域。第三，關於股息，我們今天宣布首次股息為 1000 萬美元，即每股 0.14 美元。

This will be paid to shareholders of record on the August 30, and is expected to be paid on the September 16, 2024. And fourthly, with surface capital, we will continue to make an active approach to selective M&A focus on complementary businesses to support our current businesses, we're delivering attractive returns.

該款項將於 8 月 30 日支付給在冊股東，預計於 2024 年 9 月 16 日支付。第四，利用表面資本，我們將繼續積極進行選擇性併購，並專注於互補業務，以支持我們當前的業務，我們正在提供有吸引力的回報。

As you can see on slide 18, we continue to maintain prudent levels of surplus capital and liquidity, which underpins our investment grade credit ratings from both S&P and Fitch. These levels of surplus capital and liquidity also ensure that we are well positioned in periods of market terminal. At the end of the first half of 2024, our total capital ratio was 276%, and we had liquidity headroom of $1.2 billion.

正如您在投影片 18 中看到的，我們繼續保持審慎的剩餘資本和流動性水平，這支撐了標準普爾和惠譽對我們的投資等級信用評級。這些過剩資本和流動性水準也確保了我們在市場末期處於有利地位。截至2024年上半年末，我們的總資本比率為276%，流動性空間為12億美元。

Turning to slide 19, I will conclude with a view on risk. We have a proactive and in bulk risk management approach at Marex. In market-making, where our client flow driven business and do not take a directional view on prices.

轉向投影片 19，我將以對風險的看法作為結束語。Marex 擁有積極主動的批量風險管理方法。在做市中，我們的客戶流量驅動業務，並且不對價格採取定向觀點。

However, as the business is a market maker, we do carry some inventory. The VaR value at risk has remained at around $2.5 million. As Ian said, we were able to support our clients during this period, providing ongoing access to liquidity while keeping well within our risk parameters without increasing bar and without increasing trading losses.

然而，由於該企業是做市商，我們確實有一些庫存。VaR 風險值維持在 250 萬美元左右。正如伊恩所說，我們能夠在此期間為我們的客戶提供支持，提供持續的流動性，同時保持在我們的風險參數範圍內，而不會增加門檻，也不會增加交易損失。

Although we did have one week where we made a small loss. The number of positive trading days has remained consistent at 87%. During the first half of 2024 we wrote off five specific historical provisions, which have been fully provided for in 2020 and 2022.

儘管我們確實有一個星期出現了小額虧損。積極交易日數始終維持在87%。2024年上半年，我們核銷了5項具體歷史撥備，已於2020年及2022年全額撥備。

Within our P&L for the first half of 2024, we had a release of around $2 million, reflecting our proactive credit risk management approach, which has resulted in partial recoveries of provisions we've previously taken. We maintain a very prudent approach to monitoring credit risk.

在 2024 年上半年的損益表中，我們釋放了約 200 萬美元，這反映了我們積極主動的信用風險管理方法，這導致我們先前採取的撥備部分收回。我們保持非常審慎的方法來監控信用風險。

Now I'll hand you back to Ian for an operational update and some concluding remarks.

現在，我會將您交還給 Ian，以獲取最新的營運情況和一些總結性意見。

Thanks, Rob. In these last few slides, we thought would be helpful to give you another lens to understand how we're growing. The most information we provide is at a segment level, and we thought it would be helpful to show you the geographic element of our growth and diversification.

謝謝，羅布。在最後幾張投影片中，我們認為為您提供另一個視角來了解我們的成長方式會有所幫助。我們提供的大部分資訊都是細分市場級別的，我們認為向您展示我們的成長和多元化的地理因素將很有幫助。

Turning now to slide 21. The commodity markets in particular are well served out of the European time zone. In many of our franchises across this region, we build market-leading positions in the core commodity markets.

現在轉到投影片 21。歐洲時區以外的大宗商品市場尤其受到良好的服務。在該地區的許多特許經營店中，我們在核心商品市場建立了市場領先地位。

We continue to expand our offering in clearing. We became the first non-bank FCM to become an LCH swap clearing member in June 2024 going live at the end of July and clearing our first trade earlier this month. And we're seeing interest from a large number of potential clients for the service.

我們繼續擴大我們的清算產品。我們於 2024 年 6 月成為首家成為 LCH 掉期清算會員的非銀行 FCM，並於 7 月底上線，並於本月初清算了我們的第一筆交易。我們看到大量潛在客戶對該服務感興趣。

The acquisition of ED&F Man Capital Markets and OTCex gave us a footprint in the Middle East where we currently have over 60 people. And we're seeing a lot of interest from people moving to Dubai and client interest in the region.

收購 ED&F Man Capital Markets 和 OTCex 讓我們在中東立足，目前我們在中東擁有 60 多名員工。我們看到移居杜拜的人們和該地區的客戶對此表現出濃厚的興趣。

We continue to be able to attract successful teams to our platform and are looking to build our teams in the Middle East, for example, in FX, where we are making investments to expand our capabilities in the second half of the year.

我們繼續能夠吸引成功的團隊加入我們的平台，並希望在中東建立我們的團隊，例如在外匯領域，我們將在下半年進行投資以擴大我們的能力。

On slide 22, acquisitions have been an important part of our growth in the Americas with both RCG and ED&F Man, providing scale in a very large and growing market. We now have over 700 people across 19 offices in the Americas, providing all of our services on a cross asset class basis.

在投影片 22 上，收購一直是我們在美洲 RCG 和 ED&F Man 成長的重要組成部分，在一個非常大且不斷成長的市場中提供了規模。目前，我們在美洲設有 19 個辦事處，擁有 700 多名員工，在跨資產類別的基礎上提供所有服務。

The businesses performing well with growth in all the core commodity businesses, metals, energy and agriculture so far in 2024. The recently acquired Prime Services business is contributing to growth with around 70% of the revenue in the US market.

截至 2024 年，這些業務表現良好，所有核心商品業務、金屬、能源和農業均成長。最近收購的 Prime Services 業務為美國市場的成長做出了約 70% 的收入貢獻。

Integration of that acquisition is progressing well, and we have important system integration milestones over the next few months. We are also making a series of team hires to fill product coverage gaps. We continue to monitor opportunities for further consolidation within our core services. This is in line with the capital allocation priorities discussed by Rob, which include an active approach to selective M&A.

此次收購的整合進展順利，我們將在接下來的幾個月內實現重要的系統整合里程碑。我們也招募了一系列團隊來填補產品覆蓋範圍的空白。我們將繼續關注進一步整合核心服務的機會。這與 Rob 討論的資本配置優先事項一致，其中包括積極進行選擇性併購。

On slide 23, we see significant opportunities in Asia Pacific. We've had a presence in Asia for over a decade now, initially focused on the energy markets out of Singapore, which is our regional head office. The clearing memberships we obtained at the end of 2023 with ASX and SGX support the growth and scalability of our platform and mean we can offer more services to more clients.

在幻燈片 23 中，我們看到了亞太地區的重大機會。我們在亞洲開展業務已有十多年了，最初專注於新加坡（我們的區域總部）以外的能源市場。我們於 2023 年底在澳洲證券交易所和新交所獲得的清算會員資格支持了我們平台的成長和可擴展性，這意味著我們可以為更多客戶提供更多服務。

We have made good progress, onboarding new clearing clients with strong uptake in energy clearing on a ASX, given this is a concentrated market with good opportunities in other asset classes in future.

我們已經取得了良好的進展，在澳洲證券交易所的能源清算領域吸引了新的清算客戶，因為這是一個集中的市場，未來在其他資產類別中存在良好的機會。

We have also been growing our footprint in the broader APAC region. The ED&S acquisition gave us capabilities on Australia and the recent addition of clearing capabilities in the country is supporting growth, providing margin expansion opportunity as our investments bring increased scale benefits in the country.

我們也不斷擴大在更廣泛的亞太地區的足跡。收購 ED&S 為我們提供了在澳洲的能力，而最近在該國增加的清算能力正在支持成長，隨著我們的投資在該國帶來更大的規模效益，提供了利潤擴張的機會。

A great example of scalability of our platform is with our recently announced new office in New Zealand. We opened this office earlier this year, which brings new clients in carbon energy and dairy. Our clearing memberships with ASX and SGX mean that these new clients can also clear directly with us something they couldn't do previously enhancing our relevance to them from day one and demonstrating the value of our platform.

我們最近宣佈在新西蘭設立的新辦事處就是我們平台可擴展性的一個很好的例子。我們在今年稍早開設了這個辦事處，為碳能源和乳製品領域帶來了新客戶。我們在澳洲證券交易所和新交所的清算會員資格意味著這些新客戶還可以直接向我們清算一些他們以前無法做到的事情，從第一天起就增強了我們與他們的相關性，並展示了我們平台的價值。

Our hedging and investment solutions business in APAC is also performing well with additional hires, expanding our distribution capabilities and supporting growth.

我們在亞太地區的對沖和投資解決方案業務也表現良好，增加了員工，擴大了我們的分銷能力並支持成長。

Moving to slide 25, I hope that we've provided you with a good sense of the strong performance in the first half, including a very strong second quarter and the good progress we are making with our growth initiatives.

轉到幻燈片 25，我希望我們已經讓您對上半年的強勁業績有了良好的認識，包括非常強勁的第二季度以及我們的成長計劃所取得的良好進展。

Thanks to the combination of these things, we have a positive outlook for the full year. We anticipate full-year adjusted operating PBT to be between $280 million and $290 million. We continue to be very proud of the scalable platform we have built at Marex and of the consecutive growth that we have delivered year after year and our ability to deliver a strong performance across a variety of market conditions.

由於這些因素的結合，我們對全年的前景持樂觀態度。我們預計全年調整後營運 PBT 為 2.8 億至 2.9 億美元。我們仍然對 Marex 構建的可擴展平台、年復一年的持續增長以及在各種市場條件下提供強勁業績的能力感到非常自豪。

We have a client-driven business model with prudent approach to risk and maintain surplus capital and liquidity, which positions us well to take advantage of market opportunities, as you can see from our performance in the second quarter.

我們擁有以客戶為導向的業務模式，對風險採取審慎的態度，並保持過剩的資本和流動性，這使我們能夠很好地利用市場機會，正如您從我們第二季度的業績中看到的那樣。

Against that backdrop, we are pleased to announce a dividend from the third quarter. Our progressive dividend policy signals the Board's commitment to balance a healthy financial position, growth and returns to our shareholders.

在此背景下，我們很高興宣布第三季的股息。我們的漸進式股利政策顯示董事會致力於平衡健康的財務狀況、成長和股東回報。

And with that, I'd now like to open for questions.

現在我想提出問題。

(Operator Instructions)

（操作員說明）

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, good morning, thanks for taking the question. I just had one on the adjusted pretax income guidance. Ian, could you maybe just elaborate on some of the assumptions you're baking in there around maybe margins where you expect interest rates to go for the rest of the year? And then any contribution that you're baking in from some of these growth initiatives? Thanks.

是的，早上好，感謝您提出問題。我剛剛收到一份關於調整後稅前收入指導的資訊。伊恩，您能否詳細說明一下您正在圍繞您預計今年剩餘時間利率走勢的利潤率所做的一些假設？那麼您從這些成長計劃中做出了什麼貢獻？謝謝。

Thanks, Patrick. So a few things. I mean, obviously, in terms of sort of interest rates, we're using sort of the forward curve as the basis for a sort of a forecast. And I think as we sort of showed in the materials, the forward curve is now sort of anticipating something very similar to what I think existed in a sort of at the beginning of the year, but that's sort of the basis that we would have with regard to interest rates.

謝謝，派崔克。所以有幾件事。我的意思是，顯然，就利率而言，我們使用某種遠期曲線作為某種預測的基礎。我認為，正如我們在材料中所顯示的那樣，遠期曲線現在的預期與我認為年初存在的情況非常相似，但這就是我們將擁有的基礎關於利率。

So some series of sort of cuts in the latter part of the year. I think it as we think about the sort of the second half, we want to ensure that we're not making sort of heroic assumptions about the kind of environment that we're going to be operating in.

因此，今年下半年會進行一連串的削減。我認為，當我們考慮下半年的情況時，我們希望確保我們不會對我們將要運營的環境做出英雄般的假設。

So we -- broadly have in mind a much more normalized environment. We're also aware that there's some limited seasonality in our sort of earnings. If you looked at last year, I think it was 54% of our earnings were in the first half and 46% in the second and so in the second half, you just typically have two slower summer months and December.

因此，我們總體上考慮的是一個更規範化的環境。我們也意識到，我們的收入存在一些有限的季節性。如果你看看去年，我認為我們的收入有 54% 發生在上半年，46% 發生在下半年，所以在下半年，通常只有兩個較慢的夏季和 12 月。

And so you just want to reflect that seasonality. But I think that in a broadly what animates versus a view that we're obviously very pleased with how we did in the second quarter and how strong our first half was. We feel very positive about the franchise and the business we've built.

所以你只想反映這種季節性。但我認為，從廣義上看，我們顯然對第二季的表現以及上半場的強勁表現感到非常滿意。我們對我們所建立的特許經營權和業務感到非常積極。

And you are also sort of cognizant that we're still building credibility with the market. And so we want to ensure that what we're sort of indicating on numbers that we have sort of very high confidence that we can deliver against.

而且您也認識到我們仍在建立市場信譽。因此，我們希望確保我們對數字所顯示的內容有很高的信心，可以兌現我們的承諾。

Thank you.

謝謝。

(inaudible) all your points, Patrick, I'm going to make sure I did.

（聽不清楚）你的所有觀點，派崔克，我會確保我做到了。

(Operator Instructions)

（操作員說明）

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Hey, thanks. Good morning. I wanted to follow up just on the second quarter environment. Ian you talked about what happened with the LME and Russia. So curious if we can size maybe the contribution of that and or maybe how the market is operating today and or some period of time for which it will be may be earned outside revenues?

嘿，謝謝。早安.我想跟進第二季的環境。伊恩（Ian）您談到了倫敦金屬交易所（LME）和俄羅斯發生的事情。很好奇我們是否可以衡量其貢獻，或者市場今天的運作方式，或者在一段時間內可以透過外部收入賺取？

Yeah. So I think that I mean, you have a sense of that market-making was sort of strong in the first half of '24 with the first half of '23. And I think in a metal is a component of that. But I think it's also important to recognize that the market making is a quite diversified activity for us.

是的。所以我認為我的意思是，你會感覺到 24 年上半年和 23 年上半年的做市活動有點強勁。我認為金屬就是其中的一個組成部分。但我認為認識到做市對我們來說是一項相當多元化的活動也很重要。

And while it's true that the metals was very strong in the first half of this year, actually some of the energy market making was lower. So all of that sort of is reflected in the fact that on a go-forward basis, one would sort of expect market-making to continue to be quite strong.

雖然今年上半年金屬確實非常強勁，但實際上有些能源市場的成本卻較低。因此，所有這些都反映在這樣一個事實中：在未來的基礎上，人們預計做市將繼續相當強勁。

Notwithstanding that, as I'm sure you're aware there was levels of open interest price movement interest from clients that was sort of unusual in the sort of second quarter and that really created opportunities for us. It created opportunities in a couple of senses one is obviously just sort of the profit opportunity of servicing the flow of clients, but also really importantly, it gives us opportunity to just show how Marex can be a reliable partner for clients.

儘管如此，我確信您知道客戶的未平倉合約價格變動興趣水平在第二季度有點不尋常，這確實為我們創造了機會。它在多種意義上創造了機會，其中之一顯然只是為客戶流提供服務的利潤機會，但更重要的是，它讓我們有機會展示 Marex 如何成為客戶的可靠合作夥伴。

And so just by way of example, there was one sort of large client that was looking to adjust their position, went to their normal provider and because of the volatility in the marketplace was only quoted 20% of their position. And when they came to Marex and we knew where all the sort of pools of liquidity were, and we were able to quote them on the full position that they had.

舉個例子，有一種大客戶希望調整他們的頭寸，於是他們去找了他們的普通提供商，但由於市場的波動，他們的頭寸的報價只有 20%。當他們來到 Marex 時，我們知道所有類型的流動性池在哪裡，並且我們能夠對他們所擁有的全部部位進行報價。

And as a consequence, I think we've been able to reinforce our position with a decline in the marketplace and you're on a go-forward basis, that's going to help. So when we think about these as sort of more difficult markets where there's a lot of volatility. There are opportunities not just for profit, but actually to establish your credibility in the marketplace and I think we did that.

因此，我認為我們能夠在市場下滑的情況下鞏固我們的地位，並且你處於前進的基礎上，這將會有所幫助。因此，當我們將這些視為更困難的市場時，波動性很大。這些機會不僅是為了盈利，而且實際上是在市場上建立信譽的機會，我認為我們做到了。

In terms of the metal markets going forward I mean, I think that it will certainly come off the sort of very positive circumstances that we saw in the second quarter. But I think our sense at the moment is it's sort of settling at a higher level than it had been a sort of previously, although obviously, there's no sort of certainty that process.

就未來的金屬市場而言，我認為它肯定會擺脫我們在第二季度看到的那種非常積極的情況。但我認為我們目前的感覺是，它比以前處於更高的水平，儘管顯然，這個過程沒有任何確定性。

But it does feel as though there's sort of more interest in metals, we certainly saw many clients who had not traded metals that are expressing sort of genuine interest in the metals product, and we're able to sort of cross-sell those clients very successfully. So I think that as a general matter, it's more positive for us then it was, but not as positive as it was in the second quarter.

但確實感覺人們對金屬更感興趣，我們當然看到許多沒有交易過金屬的客戶表達了對金屬產品的真正興趣，並且我們能夠非常有效地交叉銷售這些客戶成功地。因此，我認為總體而言，這對我們來說比以前更積極，但不如第二季那麼積極。

Great. That's helpful. And I guess just as a follow-up separately, just around inorganic and M&A, you guys obviously have been acquisitive in the past. You've talked about being acquisitive going forward. Can you talk about the current dialogue, the backdrop, and ultimately the scope of that, meaning small versus large and where your focus really today?

偉大的。這很有幫助。我想，作為單獨的後續行動，圍繞著無機和併購，你們過去顯然一直在收購。您談到了未來的收購欲。您能否談談當前的對話、背景以及最終的範圍，即小與大以及您今天的真正關注點？

Yeah, I think we had a very active pipeline. I think that there's a couple of dimensions to that. I mean partly, we were very engaged, obviously, with the IPO in the sort of first quarter of this year. So to some extent, we've been able to sort of shift a lot of resources focused on that to M&A.

是的，我認為我們有一個非常活躍的管道。我認為這有幾個維度。我的意思是，顯然，我們非常積極參與今年第一季的首次公開募股。因此，在某種程度上，我們已經能夠將大量資源轉移到併購。

And as a result, there's still a lot of activity with regards to the pipeline in that regard. We're certainly finding as a public company we are more in down. And I think that our credibility with clients for potential acquisitions is actually higher as a sort of public company so those are sort of positives.

因此，這方面的管道仍有許多活動。我們當然發現，作為一家上市公司，我們的處境更加艱難。我認為，作為一種上市公司，我們在潛在收購方面對客戶的可信度實際上更高，所以這些都是正面的。

It's really important for us to maintain discipline in pricing and our returns. And that obviously, we are sort of applying and we sort of recognize how critically important that is as a public company to show that the discipline that we exhibited previously continues to be exhibited.

對我們來說，維持定價和回報的紀律非常重要。顯然，我們正在申請，我們認識到作為一家上市公司，表明我們之前表現出的紀律繼續表現出來是多麼重要。

In terms of what are we seeing, we're certainly seeing opportunities to expand originally now focuses, as I think we've shared with -- on these calls, is to the Middle East and APAC and particularly Australia and then also the United States and so we're seeing opportunities there, which we're always looking to increase diversification and resilience of our business by adding either products or into geographies that we're not sort of currently involved with or adding clients and capabilities that we don't currently have.

就我們所看到的而言，我們當然看到了擴大最初重點的機會，正如我認為我們在這些電話會議上所分享的那樣，是中東和亞太地區，特別是澳大利亞，然後是美國因此，我們在在那裡看到了機會，我們一直在尋求透過添加產品或添加到我們目前未涉及的地區或添加我們不涉及的客戶和功能來提高我們業務的多元化和彈性目前有。

And we certainly are seeing opportunities of those kinds. And then in terms of scale, it really does range. So there are sort of some small bolt-on type acquisitions that sort of fill some very niche product holes, which where we're looking at.

我們當然看到了這類機會。然後就規模而言，它確實存在範圍。因此，有一些小型的補強型收購可以填補我們正在關注的一些非常利基的產品漏洞。

We're looking at some things that would generate $10 million to $20 million of sort of additional earnings. And then we are picking up some things potentially in between those things. So a wide range of things and try hopefully we'll be able to close on something in the second half of the year. But most important for us is not to do anything that breaks with the historical financial discipline.

我們正在考慮一些可以產生 1000 萬至 2000 萬美元額外收入的事情。然後我們會在這些事情之間挑選出一些可能的事情。所以我們做了很多事情並嘗試，希望我們能夠在今年下半年完成一些事情。但對我們來說最重要的是不要做任何違反歷史金融紀律的事情。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the question. I wanted to just ask a few more details on Q1. The Q2 the quarter over quarter performance, both in net interest income and metals. So on the interest income side, you indicated that the average client balances were up, I think on a daily basis around 10%.

你好，早上好，感謝您提出問題。我想問一些有關 Q1 的更多細節。第二季淨利息收入和金屬的季度環比表現。因此，在利息收入方面，您表示平均客戶餘額增加，我認為每天約增加 10%。

But your net interest income was up quite a bit more than that quarter over quarter. So just wondering what else was the driver there. And then similarly, on the metal side, your revenues outpaced the volumes and it looks like the average revenue per trade picked up.

但你的淨利息收入比上一季增加了不少。所以只是想知道那裡的司機還有什麼。同樣，在金屬方面，您的收入超過了交易量，而且每筆交易的平均收入似乎有所回升。

Ian, in your comments, you indicated the opportunity to take advantage of -- basically more opportunities to serve your clients, given the liquidity constraints in the market, how should we think about what normal looks like?

伊恩，在您的評論中，您指出了利用的機會——基本上是為您的客戶提供更多服務的機會，考慮到市場的流動性限制，我們應該如何看待正常情況？

And you indicated the back half of the year was based on a more normalized outlook. So how should that trend? And how should we maybe be thinking about future upside in times of market volatility?

您表示今年下半年的前景更加正常化。那麼這個趨勢該如何呢？在市場波動時期，我們該如何考慮未來的上漲空間？

You want to take that the net question, Rob, then I'll talk to the metals question.

羅布，你想回答網路問題，然後我會談談金屬問題。

Okay, perfect. Morning, Ben. Obviously, there are many factors that drive our net interest income, but there were two key drivers of the increase in the second quarter. Firstly, just to be clear within the material that we released today, average balances for the quarter, I calculated off a [4.8 average] using month-end. What actually drives our net interest income is the average daily balance, which can fluctuate significantly for various factors, including client flow and margin requirements as exchanges.

好的，完美。早安，本。顯然，推動我們淨利息收入的因素有很多，但第二季的成長有兩個關鍵驅動因素。首先，為了在我們今天發布的資料中清楚地說明本季的平均餘額，我使用月末計算出[4.8 平均值]。真正推動我們淨利息收入的是平均每日餘額，它可能會因各種因素而大幅波動，包括客戶流量和交易所的保證金要求。

This was particularly the case in the second quarter as we supported our metal clients. So if I look at the average daily balances for the quarter, these were approximately 10% higher than the first quarter. And this just added just under $20 million of additional income in the quarter.

在第二季度尤其如此，因為我們為金屬客戶提供了支援。因此，如果我查看本季的日均餘額，就會發現比第一季高出約 10%。這僅為本季增加了近 2,000 萬美元的額外收入。

As we build out our reporting capability over the coming months, we will look over time to disclose our average daily balances rather than the [4.8 average]. Secondly, we have reinvested a number of maturing assets into higher-yielding investments.

隨著我們在未來幾個月內建立我們的報告能力，我們將隨著時間的推移披露我們的平均每日餘額，而不是[平均 4.8]。其次，我們將一些到期資產再投資到收益較高的投資。

And I think the other point that I would make is that although the average proportion of clients where we pay interest out is consistent at 60% quarter on quarter. We do get some fluctuations on a daily basis, which does give some rise to sort of gains in the quarter, particularly on metal of clients where we tend to pay off slightly less.

我想我要說的另一點是，儘管我們支付利息的客戶平均比例季度環比保持在 60%。我們每天確實會遇到一些波動，這確實會在本季度帶來一些收益，特別是在我們傾向於支付稍少的客戶的金屬方面。

Thanks, Rob. And then just with regard to your sort of question about metals and the increase in market-making and increasing in revenues versus increases in volumes. I mean, I think that -- then I think about it, what we're sort of sharing with regard to volumes and pricing.

謝謝，羅布。然後，關於您關於金屬的問題以及做市的增加和收入的增加與銷售的增加。我的意思是，我認為 - 然後我想一下，我們在數量和定價方面分享了什麼。

And I think those relationships are quite robust for clearing. They're quite robust for the agency execution businesses and I think they're broadly indicator within the market making well. So I think that what we saw in the quarter and it's reflected in those numbers is that at times of high volatility and at times where there's sort of fewer people willing to be a market maker in size for clients, those are opportunities where you would expect your revenue per transaction to be larger and that was borne out.

我認為這些關係對於清算來說非常牢固。它們對於代理執行業務來說相當強勁，我認為它們在市場上表現良好。因此，我認為我們在本季度看到的情況以及這些數字所反映的情況是，在波動性較大的時期，以及願意為客戶做市商的人數較少的時候，這些都是您所期望的機會你的每筆交易收入會更大，這一點得到了證實。

I don't think to the point of your question that's a level that would maintain. But I do think that there will be ongoing opportunities in market-making when there are dislocations or changes or just movements that require people to adjust hedges.

我認為就你的問題而言，這個水準不會維持下去。但我確實認為，當出現錯位、變化或只是需要人們調整對沖的運動時，做市就會存在持續的機會。

And hopefully what everybody will recognize here is when those opportunities arise in Marex through a combination of its sort of capabilities and client relationships is in a position to take advantage of those opportunities.

希望每個人都能認識到，當 Marex 透過其能力和客戶關係的結合而出現這些機會時，我們能夠利用這些機會。

So in a period where there aren't those kinds of dislocations or opportunities we wouldn't expect to see the same kind of revenues per transaction. But we do believe that there will be other periods where we can replicate this kind of performance. You obviously just can't know when those are going to be.

因此，在沒有這些混亂或機會的時期，我們不會期望每筆交易都能獲得相同的收入。但我們確實相信，在其他時期我們可以複製這種表現。顯然你只是不知道這些會發生在什麼時候。

Got it. Very helpful. And maybe just one follow-up, a separate question on the structured notes offering. You talked about equity markets and other factors sort of being positive drivers in the quarter? Just how are you thinking about the next, say, 12 to 18 months?

知道了。非常有幫助。也許只是一個後續行動，一個關於結構化票據發行的單獨問題。您談到股市和其他因素是本季的積極推動因素嗎？您對接下來的 12 到 18 個月有何看法？

What are the key drivers to the extent that there are in your control, geographic expansion, new distribution partnerships and things like that. How should we think about the trajectory there? Thank you.

在您的控制範圍內、地理擴張、新的分銷合作夥伴關係等方面，關鍵驅動因素是什麼。我們該如何思考那裡的軌跡？謝謝。

Just for clarity, you're asking for just for structured notes, what sort of our view is?

為了清楚起見，您只要求結構化筆記，我們的觀點是什麼？

Yeah.

是的。

Yeah. Look, I mean, I think that we continue to see a lot of demand for you to sort of Marex and structured note. I do think that we are keen to diversify our funding sources away from just structured notes. And I think that's something that during the fullness of time, we will realize.

是的。聽著，我的意思是，我認為我們繼續看到對 Marex 和結構化票據的大量需求。我確實認為我們熱衷於使我們的資金來源多樣化，而不僅僅是結構性票據。我認為，隨著時間的推移，我們將會意識到這一點。

But we're certainly seeing sort of genuine interest. And so I would anticipate that we will be able to continue to grow broadly speaking at the rates that we've grown historically for that particular product.

但我們確實看到了真正的興趣。因此，我預計我們將能夠繼續以該特定產品的歷史成長速度繼續成長。

Got it. Thank you very much.

知道了。非常感謝。

Carlos Gomez-Lopez, HSBC.

卡洛斯·戈麥斯·洛佩茲，匯豐銀行。

Hello, and congratulations on the result. Two questions. The first one about M&A as you say you are receiving more inbound like it offers public company. Have you also felt that perhaps the market has become more pricey because now it is possible to you have listed, you have proven that, that is possible to be a listed company and therefore, people can be perhaps a bit more really when it comes to selling the business to you.

您好，祝賀結果。兩個問題。第一個關於併購，正如您所說，您收到了更多的入境信息，就像它提供的上市公司一樣。你是否也感覺到，也許市場已經變得更加昂貴了，因為現在你已經可以上市了，你已經證明了，那是可以成為一家上市公司的，因此，人們在談到這個問題的時候可能會更加真實一點。

In second in terms of your capitalization, which is just getting stronger. Have you revisited with the rating agencies, would you need to achieve a higher investment grade? I would imagine that being a public company having more financial flexibility also put you in a better stands in front of the rating agencies. thank you.

就資本規模而言，排名第二，而且還在變得更強。您是否重新諮詢過評級機構，您是否需要獲得更高的投資評級？我想，作為一家擁有更多財務彈性的上市公司，也會讓你在評級機構面前處於更好的地位。謝謝。

Yeah. So I think that sort of to your question of do always sort of more pressure to pay more for acquisitions because we're a public company. I mean, I think that there's sort of a general sense that many of the companies that we're talking to have had successful sort of first half of the year.

是的。所以我認為，對於你的問題，因為我們是一家上市公司，所以總是會面臨更大的壓力，需要為收購支付更多費用。我的意思是，我認為人們普遍認為，與我們交談的許多公司在今年上半年都取得了成功。

And I think that there's sort of generally and I don't think it's because we're a public company, but generally there's sort of a sense that sort of impacts pricing. And I think that that's really the reason that I've been at such pains to emphasize that we have very strict sort of financial hurdle.

我認為一般來說，我不認為這是因為我們是一家上市公司，但總的來說，有一種影響定價的感覺。我認為這就是我如此煞費苦心地強調我們面臨非常嚴格的財務障礙的原因。

We recognize how important M&A is to grow. But we also recognize our important our credibility as a sort of steady acquirer of properties and being able to sort of attract sort of good businesses and then be able to grow them as part of our platform is suited to ongoing valuation.

我們認識到併購對於發展的重要性。但我們也意​​識到，作為一種穩定的房地產收購者，我們的信譽非常重要，能夠吸引一些優秀的企業，然後能夠將它們作為我們平台的一部分來發展，這適合持續的估值。

And so what is important for us is to show that whatever it is that we're going to acquire, fits well within sort of our financial targets, which are quite sort of demanding. So I think that there's something to your point that we're public.

因此，對我們來說重要的是要表明，無論我們要收購什麼，都非常符合我們的財務目標，而這些目標是相當苛刻的。所以我認為我們是公開的這一點符合你的觀點。

But I mean to your point there, the businesses that are failing and sort of come off in a fairly robust sort of performance. But on the other hand, we recognize how important it is for us to continue to be very disciplined and I think we are.

但我的意思是，就你的觀點而言，那些正在失敗但表現相當強大的企業。但另一方面，我們意識到繼續遵守紀律對我們來說是多麼重要，我認為我們確實如此。

What's the second? (multiple speakers) [talking about ratings] I mean, as a general matter, I think that, we're not actively looking to get upgraded. I mean only because I think that's a real challenge and sort of being solidly investment grade is sort of sufficient.

第二個是什麼？（多個發言者）[談論收視率]我的意思是，總的來說，我認為，我們並沒有積極尋求升級。我的意思只是因為我認為這是一個真正的挑戰，並且要達到穩定的投資等級就足夠了。

If as a result of all the things that we're doing to strengthen the firm in terms of earnings in terms of reliability of earnings, in terms of our liquidity and our capital actually leads to the rating agencies upgrading us. I think we'd obviously be very pleased and grateful, but I don't think we're actively looking to change that. What would you say [Paolo]?

如果由於我們正在採取的所有措施來增強公司的獲利能力、獲利可靠性、流動性和資本，實際上會導致評級機構對我們進行升級。我認為我們顯然會非常高興和感激，但我不認為我們正在積極尋求改變這一點。你會說什麼[保羅]？

Yeah, we have an active dialog, as you'd expect with S&P and Fitch to rate us, we think that we are performing in line with the expectations, but they've got a very high bar for upgrades. And so I think we will have to have a longer periods of demonstrating the type of performance that you'll see in this half.

是的，我們正在進行積極的對話，正如您期望標準普爾和惠譽對我們進行評級一樣，我們認為我們的表現符合預期，但他們的升級標準非常高。因此，我認為我們必須有更長的時間來展示您將在本半場看到的表演類型。

In the (inaudible) would need to have as much as 40% more capital. Have you revisited that calculation?

（聽不清楚）需要增加 40% 的資本。你重新審視過這個計算嗎？

Well, I think the sort of guideline that we've been given for capital as a component of the upgrade which I think is it's only one element of the rating calculation is that the ratio would need to do that for us about 25%, maybe a little bit less than that 20% higher and that hasn't changed.

嗯，我認為，作為升級的一部分，我們為資本提供的指導方針（我認為這只是評級計算的一個要素）是，該比率需要為我們做到大約 25%，也許略低於20%，而且這一點沒有改變。

We haven't had any sort of discussion with them that suggests that it could be narrow than that. But it is certainly one component and there are other factors which I think played positively to have to sort of a ratings improvement.

我們還沒有與他們進行任何形式的討論，表明它可能比這更窄。但這肯定是一個組成部分，我認為還有其他因素對收視率的提高發揮了積極作用。

Very clear. Thank you so much.

非常清楚。太感謝了。

Thank you. There are no further questions at this time. I would now like to turn the conference back to Ian Lowitt for closing remarks.

謝謝。目前沒有其他問題。現在我想請伊恩·洛伊特（Ian Lowitt）致閉幕詞。

Good. Well, thank you all for joining us, there's obviously an exciting sort of lowered for us to have our sort of first earnings call as a public company. And it's great to be able to share the very sort of strong results with all of you, and sort of sense of enthusiasm and optimism for the future where we're really building a in an extremely competitive and effective firm here.

好的。好吧，謝謝大家加入我們，作為一家上市公司舉行第一次財報電話會議，顯然對我們來說是一種令人興奮的事情。很高興能夠與大家分享非常強勁的業績，以及對未來的熱情和樂觀，我們在這裡真正建立一個極具競爭力和高效的公司。

And all of the sort of long-term drivers of success that we have talked about seem to be playing out in exactly the way that we had anticipated and hoped. So it's obviously been a good quarter and we recognize that the just one and we have to sort of keep doing this.

我們所討論的所有成功的長期驅動因素似乎都在以我們預期和希望的方式發揮作用。所以這顯然是一個很好的季度，我們認識到這是唯一的一個，我們必須繼續這樣做。

And we're obviously moving forward with the third quarter and thinking about all the things we need to do for 2025 and beyond. So thanks for joining us and look forward to having follow-up conversations with some of you sort of post this meeting and you've having an opportunity to sort of reflect on the earnings.

顯然，我們正在推進第三季的工作，並思考 2025 年及以後需要做的所有事情。因此，感謝您加入我們，並期待在本次會議後與您中的一些人進行後續對話，並且您有機會反思收益。