Marex Group PLC (MRX) 2024 Q3 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 results conference call. Speaking today are Ian Lowitt, CEO; and Rob Irvin, CFO. After the formal remarks, we will open the call up for questions. Before we begin, I would like to highlight that certain matters discussed on today's conference call are forward-looking statements relating to future events, management's plans for the business and the future financial performance of the group, which are all subject to risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements.

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的業績電話會議。今天發言的是執行長 Ian Lowitt；和財務長羅布·歐文。正式發言後，我們將開放提問。在開始之前，我想強調，今天電話會議上討論的某些事項是與未來事件、管理層的業務計劃以及集團未來財務業績相關的前瞻性陳述，這些都受到風險和不確定性的影響。實際結果可能與前瞻性陳述中的預期有重大差異。

The risk factors that may affect these results are referred to in the company's press release and our previous prospectus filed with the SEC. 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. Finally, the speakers may refer to certain adjusted non-IFRS financial 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. A copy of today's release and the investor presentation can be found on the Investor page of marex.com. With that, I'll hand over to Ian.

本公司的新聞稿和我們先前向 SEC 提交的招股說明書中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。最後，發言者可能會在本次電話會議上提及某些調整後的非國際財務報告準則財務指標。該公司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整表。今天的新聞稿和投資者簡報的副本可以在 marex.com 的投資者頁面上找到。這樣，我就把任務交給伊恩了。

Good morning, and welcome to our third quarter earnings call. It's been a very busy few weeks for Marex with our successful equity offering and debt raise, and it's been a great opportunity for us to spend time with investors, both those who have been with us since the IPO and new investors who are putting their trust in us. Both offers were significantly oversubscribed, 7 times for the equity and 4 times for the debt offering, demonstrating strong institutional interest in Marex and support for the firm.

早上好，歡迎參加我們的第三季財報電話會議。對於Marex 來說，這幾週非常忙碌，我們成功發行了股票並籌集了債務，這對我們來說是一個與投資者共度時光的絕佳機會，其中包括自IPO 以來一直與我們合作的投資者以及信任我們的新投資者在我們之中。兩次發行均獲得大幅超額認購，其中股票發行超額認購 7 倍，債務發行超額認購 4 倍，顯示出機構對 Marex 的強烈興趣和對該公司的支持。

We are grateful for this enthusiastic response and for the time people took to meet with us and understand the Marex story. It is also particularly heartening to be able to follow those conversations with yet another strong quarterly performance. We provided an indicative range for our quarterly results in our F1, so not much of this will come as a surprise, but we aim to provide helpful commentary on today's earnings call.

我們感謝大家的熱情回應，也感謝人們花時間與我們會面並了解 Marex 的故事。能夠在這些對話之後再次實現強勁的季度業績也特別令人振奮。我們為 F1 季度業績提供了一個指示性範圍，因此這不會讓人感到意外，但我們的目標是在今天的財報電話會議上提供有用的評論。

I believe these results as well as the deals we have announced in the past month demonstrate that we are delivering on what we said we would at the time of our IPO. We are finding opportunities to grow both organically and inorganically, resulting in a platform that is resilient and we believe can deliver growth across a range of market environments.

我相信這些結果以及我們在過去一個月宣布的交易表明我們正在兌現我們在首次公開募股時所承諾的目標。我們正在尋找有機和無機成長的機會，從而形成一個具有彈性的平台，我們相信可以在各種市場環境中實現成長。

Turning now to slide 3. Slide 3 illustrates how we play a critical role in connecting clients to markets and how our four interconnected services of clearing, agency and execution, market making and hedging and investment solutions reinforce one another.

現在轉到投影片 3。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、代理和執行、做市和對沖以及投資解決方案這四項相互關聯的服務如何相互加強。

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

我們的客戶包括大宗商品生產商和消費者以及資產管理公司和對沖基金，我們在客戶和他們需要進入的市場之間提供重要的連接層。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重要基礎設施。

We also provide clients with access to liquidity, either through agency and execution or market making. And if there is no on-exchange product to meet a client's requirements, 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流動性。如果沒有滿足客戶要求的場內產品，我們將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 for clients and increase cross-selling opportunities for Marex. We are looking to become more and more relevant in this connectivity layer by adding clients and increasing the amount of business we do with them in the provision of these interconnected services.

結合起來，這四項服務相輔相成，為客戶提供了多個切入點，並增加了 Marex 的交叉銷售機會。我們希望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，在這個連接層中變得越來越重要。

Turning to slide 4. You can see our strong track record of double-digit growth over the past 10 years through a range of market conditions and our continued momentum as a growing business. We are on track for a 10th year of sequential growth, having delivered 34% CAGR in adjusted operating profit over the last nine years.

轉到投影片 4。透過一系列市場條件以及我們作為業務成長的持續動力，您可以看到我們在過去 10 年中實現兩位數成長的強勁記錄。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%。

Year-to-date, we have already surpassed our full year 2023 adjusted operating profit. We are delivering on our strategy, which is to ensure we have sufficient structural growth through product and geographic diversification to offset cyclical headwinds. We continue to add clients and do more business with them with around 5,200 active clients at the end of the third quarter.

今年迄今為止，我們已經超過了 2023 年全年調整後的營業利潤。我們正在實施我們的策略，即透過產品和地理多元化確保我們實現足夠的結構性成長，以抵消週期性阻力。我們繼續增加客戶並與他們開展更多業務，截至第三季末，活躍客戶數量約為 5,200 名。

Moving now to slide 6. We've had another quarter of extremely strong performance with continued momentum across all business segments. These results were better than we had anticipated going into the often slower summer months and were supported by ongoing growth in exchange volumes in both commodities and financials.

現在轉到投影片 6。我們又一個季度取得了極其強勁的業績，所有業務部門都保持了持續的成長勢頭。這些結果比我們在進入通常放緩的夏季月份時的預期要好，並且受到大宗商品和金融交易量持續增長的支撐。

We have continued to strengthen our position in the market with Marex's growth outpacing growth in overall volumes in almost all markets in which we operate. We have also been successful in expanding our client pipeline, converting that pipeline into new clients and deepening our relationships with existing clients to increase the amount of business we do with them.

我們繼續鞏固我們在市場中的地位，在我們經營的幾乎所有市場中，Marex 的成長速度都超過了整體銷售的成長。我們也成功地擴大了我們的客戶管道，將其轉化為新客戶，並加深了我們與現有客戶的關係，以增加我們與他們的業務量。

In the third quarter, we saw revenue growth across all of our business segments. Total revenue grew 32%. Reported ROE for the third quarter was 25%, notwithstanding the $70 million of primary issuance from our IPO that has yet to be deployed.

第三季度，我們所有業務部門的營收均成長。總收入成長 32%。儘管我們的 IPO 首次發行的 7000 萬美元尚未部署，但報告的第三季 ROE 為 25%。

Thanks to the continued strong performance, positive momentum in our core business and the continued execution of our growth initiatives, we have upgraded our guidance for the full year 2024 and now anticipate adjusted operating profit to be between $300 million and $305 million, up from the $280 million to $290 million range that we provided last quarter. Please recognize that the fourth quarter is often our softest quarter with more subdued activity in December.

由於我們核心業務的持續強勁表現、積極勢頭以及增長計劃的持續執行，我們上調了 2024 年全年指引，目前預計調整後營業利潤將在 3 億美元至 3.05 億美元之間，高於預期我們上季度提供的金額為2.8 億至2.9 億美元。請注意，第四季通常是我們最疲軟的季度，12 月的活動更為疲軟。

Over the past few months, we were pleased to have announced four growth investments to broaden our client base and increase earnings resilience. These investments provide our clients with additional product capabilities in more geographies.

在過去的幾個月裡，我們很高興宣布了四項成長投資，以擴大我們的客戶群並提高獲利彈性。這些投資為我們的客戶在更多地區提供了額外的產品能力。

We also successfully placed 9.7 million shares in a secondary follow-on transaction, which reduced the position of private equity shareholders and increased our public float from 38% to 52%. Due to the significant demand with 7 times oversubscription, we were able to upsize the deal to the maximum limit under our SEC filing.

我們還在二次後續交易中成功配售了 970 萬股，減少了私募股權股東的持股，並將我們的公眾持股從 38% 增加到 52%。由於需求量龐大且超額認購 7 倍，我們得以將交易規模擴大到美國證券交易委員會 (SEC) 備案文件規定的最大限額。

We were very happy with the outcome and want to thank all who participated. And we issued $600 million of five-year unsecured notes, further diversifying our funding sources and increasing our liquidity headroom to support future growth of our franchise and growing our client base, particularly in clearing and prime services.

我們對結果非常滿意，並感謝所有參與者。我們發行了6 億美元的五年期無擔保票據，進一步實現了我們的資金來源多元化，並增加了我們的流動性空間，以支持我們特許經營權的未來增長和擴大我們的客戶群，特別是在清算和主要服務方面。

This deal also generated significant demand and was 4 times oversubscribed, leading us to upsize the issuance by $100 million. Consistent with the capital allocation policy set out at IPO, we will be paying a dividend of $0.14 per share this quarter, the same as last quarter.

該交易還產生了巨大的需求，並獲得了 4 倍的超額認購，導致我們將發行規模增加了 1 億美元。根據 IPO 時制定的資本配置政策，我們本季將支付每股 0.14 美元的股息，與上季相同。

Slide 7 shows the key metrics we as a management team are focused on growth, margins and ROE and productivity and quality of earnings. In the third quarter, we delivered strong double-digit growth in all of our growth metrics with revenue up 32%, adjusted operating profit up 52% and a 66% increase in adjusted operating profit attributable to common equity.

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、股本回報率、生產力和獲利品質。第三季度，我們所有的成長指標都實現了兩位數的強勁成長，營收成長了 32%，調整後營業利潤成長了 52%，調整後歸屬於普通股的營業利潤成長了 66%。

In terms of margin and ROE, our adjusted operating profit margin increased to 21% and our reported ROE was 25%, up 7 percentage points year on year. And the increase in return of adjusted operating profit attributable to common equity also rose to 28% from 22%. In terms of productivity in our business, operating profit attributable to common equity holders per FTE was up to $97,000 on an annualized basis, up 37% year on year. With regards to the quality of earnings, our sharp ratio of monthly operating profit is a very healthy 3.8%.

在利潤率和淨資產收益率方面，我們調整後的營業利潤率增至21%，報告的淨資產收益率為25%，年增7個百分點。而調整後歸屬於普通股的營業利益報酬率也從22%上升至28%。在我們業務的生產力方面，按年化計算，每位 FTE 歸屬於普通股股東的營業利潤高達 97,000 美元，年增 37%。就獲利品質而言，我們每月營業利潤的銳利比率為 3.8%，非常健康。

On slide 8, you can see that overall, the markets in which we operate are growing at around 13%. You can see that there has been a positive skew to commodity markets, which have grown much faster than financial securities markets year on year with commodity volumes up 22% year-to-date against 11% for financials.

在投影片 8 中，您可以看到，總體而言，我們經營的市場成長率約為 13%。您可以看到，大宗商品市場出現了積極的傾斜，其同比增長速度遠快於金融證券市場，大宗商品交易量今年迄今增長了 22%，而金融證券市場增長了 11%。

Turning to slide 9. 2022, as you see, was characterized by very elevated volatility and higher commodity prices following the Ukraine invasion. In 2023 and through 2024, volatility in commodity prices have returned to more normal levels. What is important to note is that at these normalized levels of volatility, we're able to perform strongly. Regarding interest rates, currently, the Fed funds rate forward curve looks similar to how it did at the beginning of the year. Further rate cuts in Q4 and in 2025 are anticipated.

轉向幻燈片 9。2023 年至 2024 年，大宗商品價格波動已恢復到較正常的水平。值得注意的是，在這些正常化的波動水平下，我們能夠表現強勁。在利率方面，目前聯邦基金利率遠期曲線看起來與年初相似。預計第四季和 2025 年將進一步降息。

On slide 10, we show how we perform using metrics that can be tracked against the market with reference to overall exchange volumes. When you look at our various businesses on that basis, it is apparent that we are gaining market share.

在投影片 10 中，我們展示了我們如何使用可根據總體交易量對市場進行追蹤的指標來執行操作。當你在此基礎上審視我們的各項業務時，很明顯我們正在獲得市場份額。

We see increased market volume across each service segment, while Marex's own volumes are growing at a faster rate in almost all markets. Year-to-date, market volumes in clearing are up 14%, while at Marex, we saw our volumes up 31%, while revenue is up 18%.

我們看到每個服務領域的市場容量都在增加，而 Marex 自己的容量在幾乎所有市場上都以更快的速度成長。今年迄今為止，清算市場交易量增加了 14%，而在 Marex，我們的交易量增加了 31%，營收成長了 18%。

Within Agency and Execution, in the energy market, volumes rose 24%, while our revenue was up 36% on volumes that were up 42%. In the securities markets, volumes rose 11% in the market, while our volumes rose 27% and our revenues were up 28%.

在能源市場的代理和執行領域，銷量成長了 24%，而我們的收入則成長了 36%，銷量成長了 42%。在證券市場，市場交易量成長了 11%，而我們的交易量成長了 27%，收入成長了 28%。

Market Making saw volumes up 22% in the market, while Marex saw revenues up 46% on volumes up by 46%. This is a consistent picture of Marex growing faster than the market, which itself is growing at a healthy rate. As we attract additional larger clients to grow share, we expect our volumes to grow somewhat faster than our revenues. I'll now hand over to Rob for a more detailed update on our financial position.

Market Making 的市場交易量增加了 22%，而 Marex 的收入增加了 46%，交易量增加了 46%。這是 Marex 成長速度快於市場的一貫景象，而市場本身也以健康的速度成長。隨著我們吸引更多的大客戶來增加份額，我們預計我們的銷售成長速度將快於收入成長速度。現在我將請羅布提供有關我們財務狀況的更詳細的最新資訊。

Thanks, Ian, and good morning, everyone. Turning to slide 12. As you can see, we've had another strong quarter. We have grown our revenues by 32% to $391 million, reflecting double-digit revenue growth in each business segment. This enabled us to grow adjusted operating profit to $80.5 million for the third quarter, up 52%. I want to highlight that 92% of this growth was organic.

謝謝伊恩，大家早安。轉到投影片 12。正如您所看到的，我們又經歷了一個強勁的季度。我們的收入成長了 32%，達到 3.91 億美元，反映了每個業務部門的兩位數收入成長。這使我們第三季調整後營業利潤達到 8,050 萬美元，成長 52%。我想強調的是，92% 的成長是有機成長。

Our performance was supported by a positive market environment and exchange volumes. While the market dislocation we saw in metals in the second quarter did not repeat, we still saw strong volumes in this market. This, combined with the robust volumes in all businesses, led to a better-than-anticipated performance in the third quarter. Our adjusted operating margin reached 21% compared with 18% in Q3 2023, demonstrating our platform's ability to deliver scale benefits.

我們的業績得到了積極的市場環境和交易量的支持。儘管我們在第二季看到的金屬市場混亂並未重演，但我們仍然看到該市場的成交量強勁。再加上所有業務的強勁銷量，第三季的業績優於預期。調整後的營業利潤率達到 21%，而 2023 年第三季為 18%，這表明我們的平台有能力提供規模效益。

The first nine months of the year were also strong, with revenues up 28% to $1.179 billion and adjusted operating profit was up 35% to $240 million. We saw strong contributions from all business segments as well as exceptional activity in the metals market, which benefited our Market Making business in the second quarter as discussed in the previous earnings call.

今年前 9 個月也表現強勁，營收成長 28% 至 11.79 億美元，調整後營業利潤成長 35% 至 2.4 億美元。我們看到所有業務部門的強勁貢獻以及金屬市場的異常活躍，這有利於我們在第二季度的做市業務，正如之前的財報電話會議中所討論的那樣。

Historically, we've had minimal adjustments between our adjusted operating profit and our reported profit before tax. As a reminder, our non-operating items grew to just under $22 million in the first nine months of this year, with the vast majority being in the first half for three reasons.

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。提醒一下，今年前 9 個月，我們的非經營性項目成長至略低於 2,200 萬美元，其中絕大多數發生在上半年，原因有三。

Firstly, we incurred $8.6 million of costs associated with the IPO, predominantly legal and accounting costs to support our US listing. Secondly, we incurred $2.4 million of owner fees that we used to pay to our private equity shareholders subject to profitability. These fees ceased at the point of the IPO and will not resume. And thirdly, we incurred $2.2 million of tax expense relating to the vesting of our growth shares, which was connected with the IPO.

首先，我們產生了 860 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，我們支付了 240 萬美元的所有者費用，根據獲利情況，我們將這些費用支付給私募股權股東。這些費用在首次公開募股時停止，並且不會恢復。第三，我們因與 IPO 有關的成長股歸屬而產生了 220 萬美元的稅務費用。

Similar to this quarter, going forward, we expect minimal adjustments between our adjusted operating profit and our reported profit before tax. Given this, a key measure that we focus on as a management team is our return on adjusted operating profit after tax attributable to common equity holders.

與本季類似，展望未來，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。有鑑於此，我們作為管理團隊關注的關鍵指標是調整後歸屬於普通股股東的稅後營業利益報酬率。

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 dividend, whilst the equity is the firm's total equity, excluding our AT1 capital. Our return on adjusted operating profit attributed to common equity holders was 28% for the quarter.

提醒一下，該回報的計算方式如下：我們將調整後的營業利潤納稅，然後扣除 AT1 股利的稅後成本，而權益是公司的總權益，不包括我們的 AT1 資本。本季歸屬於普通股股東的調整後營業利益報酬率為 28%。

At the end of September, we had $70.3 million of ordinary shares outstanding. This excludes $1.9 million of treasury shares. Our adjusted basic earnings per share was $0.82 for the three months ended September 30, 2024, compared with $0.53 for the same period in the prior year, an increase of 55%.

截至 9 月底，我們已發行普通股 7,030 萬美元。這不包括 190 萬美元的庫存股。截至2024年9月30日止三個月，我們調整後的每股基本收益為0.82美元，較上年同期的0.53美元成長55%。

On slide 13, for the first nine months of the year, you can see that we have achieved double-digit revenue and operating profit growth across all of our segments. We are very pleased with the strong momentum across the businesses this year. Now let me dive into the third quarter in more detail.

在投影片 13 上，今年前 9 個月，您可以看到我們所有部門都實現了兩位數的收入和營業利潤成長。我們對今年各業務的強勁勢頭感到非常高興。現在讓我更詳細地介紹第三季。

On slide 14, you can see that we continue to achieve double-digit revenue growth across all of our business segments. Operating profit grew by double digits in all segments apart from Hedging and Investment Solutions, which I will cover shortly. In Clearing, revenues grew by 22% in the third quarter of 2024, reflecting growth in both commissions and net interest income. This primarily reflects higher customer balances.

在投影片 14 上，您可以看到我們所有業務部門繼續實現兩位數的收入成長。除了對沖和投資解決方案之外，所有部門的營業利潤均實現了兩位數成長，我將很快介紹這一點。Clearing 的營收在 2024 年第三季成長了 22%，反映出佣金和淨利息收入的成長。這主要反映了更高的客戶餘額。

In Agency and Execution, revenues grew by 30% to $170.4 million in the third quarter. This reflected, firstly, growth in security revenues of $25.4 million or 34%, reflecting the impact of the Cowen acquisition, which we completed in December 2023 and growth within our rates business, reflecting higher volumes and the introduction of a new structured rates desk.

第三季代理和執行業務收入成長 30%，達到 1.704 億美元。這首先反映了安全收入成長了2,540 萬美元，即34%，反映了我們於2023 年12 月完成的Cowen 收購的影響，以及我們費率業務的成長，反映了交易量的增加和新的結構化費率部門的引進。

Secondly, revenues in our energy business grew by 25% or $13.9 million, reflecting continued high levels in European energy market, strong demand for our environmental offering as we continue to support our clients in the energy transition as well as investments in new desks and capabilities. As you can see, we have grown our adjusted operating margin within the segment to 15% as we've continued to optimize and integrate our acquisitions.

其次，我們的能源業務收入成長了25%，即1,390 萬美元，反映出歐洲能源市場的持續高水準、對我們的環保產品的強勁需求（因為我們繼續支持客戶進行能源轉型）以及對新業務和能力的投資。正如您所看到的，隨著我們繼續優化和整合我們的收購，我們已將該部門的調整後營業利潤率提高到 15%。

Market Making revenues were up 102%, driven by metals trading, which continued to perform strongly and compared favorably to a more subdued performance in the three months a year earlier. Revenue from securities also grew, reflecting a stronger performance from equities, rates and foreign exchange. In Hedging and Investment Solutions, revenue grew by 13% to $35.6 million for the quarter, reflecting growth in hedging solutions and financial products due to expansion of the sales team and onboarding of new clients.

在金屬交易的推動下，做市收入成長了 102%，金屬交易持續表現強勁，與一年前三個月的低迷表現相比，表現良好。證券收入也有所成長，反映出股票、利率和外匯的強勁表現。在對沖和投資解決方案方面，本季營收成長了 13%，達到 3,560 萬美元，反映出由於銷售團隊的擴大和新客戶的引入，對沖解決方案和金融產品的成長。

However, operating profits fell as we continue to invest in the business infrastructure and distribution network. So in summary, a strong performance across all four of our business segments during the third quarter of 2024.

然而，隨著我們繼續投資業務基礎設施和分銷網絡，營業利潤下降。總而言之，我們的所有四個業務部門在 2024 年第三季均表現強勁。

Moving to slide 15. As you can see, the average client balances in the third quarter were $13.8 billion and net interest income for the third quarter was $64 million. Year-to-date client balances were $12.9 billion, and net interest income rose to $165 million.

轉到投影片 15。如您所見，第三季的平均客戶餘額為 138 億美元，第三季的淨利息收入為 6,400 萬美元。今年迄今客戶餘額為 129 億美元，淨利息收入增至 1.65 億美元。

Please be aware that we have updated the balances to reflect daily average balances, which we think is a better reflection as to what drives net interest income. The growth in net interest income reflected 3 factors: firstly, higher average Fed fixed rates in the first nine months of 2024 versus the prior year.

請注意，我們已經更新了餘額以反映每日平均餘額，我們認為這更好地反映了淨利息收入的驅動因素。淨利息收入的成長反映了三個因素：首先，2024年前9個月聯準會平均固定利率高於去年。

Secondly, the impact of the Cowen transaction that we completed in December 2023. And in the first nine months of 2023, we carried fixed investments, which have subsequently rolled off and have been reinvested at higher rates.

其次，我們於 2023 年 12 月完成的 Cowen 交易的影響。在 2023 年前 9 個月，我們進行了固定投資，這些投資隨後被縮減並以更高的利率進行再投資。

Clearly, the fact that rates have remained elevated in the first nine months is beneficial to the business, but we do expect a gradual rate cut late this year and into next year. It is important to remember the net interest income does not just impact our clearing business.

顯然，前九個月利率保持在高位這一事實對業務有利，但我們確實預計今年年底和明年將逐步降息。重要的是要記住，淨利息收入不僅影響我們的清算業務。

For example, the interest earned by the Cowen Prime service business is included within the Agency and Execution business. As we continue to build this out, it will become a bigger driver of net interest income. And our Market Making business and Hedging and Investment Solutions incurs interest expense as they use funding to support their activities.

例如，Cowen Prime 服務業務賺取的利息包含在代理商和執行業務中。隨著我們繼續發展這一點，它將成為淨利息收入的更大驅動力。我們的做市業務以及對沖和投資解決方案在使用資金支持其活動時會產生利息費用。

We estimate that a 100 basis point decrease in rates will reduce operating profits by around $20 million. This is before any management actions, including future growth of the book.

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。這是在任何管理行動之前，包括本書的未來成長。

As you can see on slide 16, we continue to maintain prudent levels of surplus capital and liquidity, which supports our investment-grade credit ratings from S&P and Fitch. Just last week, we completed a US senior unsecured notes issuance of $600 million, which comes due in 2029.

正如您在投影片 16 中看到的，我們繼續保持審慎的剩餘資本和流動性水平，這支持了標準普爾和惠譽對我們的投資級信用評級。就在上週，我們完成了 6 億美元的美國高級無抵押票據發行，並將於 2029 年到期。

This deal adds to our liquidity headroom, further diversifies our funding sources and extends our maturity profile. These levels of surplus capital and liquidity also ensure that we're well positioned in periods of market turmoil.

這筆交易增加了我們的流動性空間，進一步豐富了我們的資金來源，並擴展了我們的成熟度。這些過剩資本和流動性水準也確保我們在市場動盪時期處於有利地位。

As Ian has already mentioned, we will be paying a dividend of $0.14 per share this quarter, consistent with our capital allocation policy. This is expected to be paid on the 10th of December 2024 to shareholders on record at close of business on the 25th of November 2024.

正如 Ian 已經提到的，本季我們將支付每股 0.14 美元的股息，這與我們的資本配置政策一致。該筆款項預計將於 2024 年 12 月 10 日支付給 2024 年 11 月 25 日營業結束時記錄在案的股東。

Turning to slide 17. I will conclude with a view on risk. We have a proactive and involved risk management approach at Marex. In Market Making, we are a client flow-driven business and do not take a directional view on prices. However, as the business is a market maker, we do carry a small level of inventory to source client demand and capture the trading spreads.

轉到投影片 17。最後我將談談對風險的看法。Marex 擁有積極主動、參與式的風險管理方法。在做市方面，我們是客戶流驅動的業務，不會對價格採取定向觀點。然而，由於該企業是做市商，我們確實持有少量庫存來滿足客戶需求並捕捉交易價差。

The VAR, value at risk has remained at around $2.5 million. During periods of volatility, we stay well within our risk parameters without increasing VAR and without increasing trading losses. During the first nine months of 2024, we wrote off 7 specific historical provisions, which have previously been provided for.

VAR 風險價值維持在 250 萬美元左右。在波動期間，我們保持在風險參數範圍內，不會增加 VAR，也不會增加交易損失。2024年前9個月，我們註銷了先前已提列的7項具體歷史撥備。

Within our P&L for the first nine months of 2024, we had a release of $2.8 million, reflecting our proactive credit risk management approach, which resulted in partial recoveries of provisions we had previously taken. We maintain a very prudent approach to monitoring credit risk. Now I'll hand you back to Ian for an operational update and some concluding remarks.

在 2024 年前 9 個月的損益表中，我們釋放了 280 萬美元，反映了我們積極主動的信用風險管理方法，這導致我們收回了先前採取的部分撥備。我們保持非常審慎的方法來監控信用風險。現在，我會將您交還給 Ian，以獲取最新的營運情況和一些結論性意見。

Thanks, Rob. I also want to provide an update on our recently announced growth investments, which are aligned with our strategy to expand our client base, build out our product capabilities and geographic footprint.

謝謝，羅布。我還想提供有關我們最近宣布的成長投資的最新信息，這些投資與我們擴大客戶群、增強我們的產品能力和地理足跡的策略相一致。

At the time of the IPO, we highlighted significant growth opportunities with geographic expansion, identifying the Middle East as a key region. In October, we announced the acquisition of Ana Capital, an Abu Dhabi-based clearing firm, which will accelerate our clearing and agency and execution expansion while broadening our international client base.

在首次公開募股時，我們強調了地域擴張帶來的重大成長機會，將中東確定為關鍵地區。10 月，我們宣布收購阿布達比清算公司 Ana Capital，這將加速我們的清算、代理和執行擴張，同時擴大我們的國際客戶群。

The acquisition brings 150 new clients onto our platform, posting around $330 million of cash balances. We anticipate significant day 1 synergies with savings from internalizing clearing fees and higher net interest income through our financial relationships. Also at the time of the IPO, we identified FX as a key growth opportunity for us.

此次收購為我們的平台帶來了 150 個新客戶，現金餘額約為 3.3 億美元。我們預計，透過我們的財務關係，內部化清算費用和更高的淨利息收入將在第一天產生顯著的協同效應。同樣在首次公開募股時，我們將外匯視為我們的關鍵成長機會。

We recently announced the acquisition of UK-based FX specialist, Hamilton Court Group. This acquisition expands our FX offering and complements our existing solutions business. It adds around 1,000 corporate clients in the UK and Europe.

我們最近宣布收購英國外匯專家 Hamilton Court Group。此次收購擴大了我們的外匯產品範圍並補充了我們現有的解決方案業務。它在英國和歐洲增加了約 1,000 家企業客戶。

Together, these two acquisitions are expected to contribute approximately 10% of total profit after tax in 2025, including anticipated synergies. We were able to acquire these businesses at attractive valuations and expect them together to generate sufficient earnings to offset anticipated interest rate-related cyclical headwinds.

預計這兩項收購合計將貢獻 2025 年稅後總利潤的約 10%，其中包括預期的綜效。我們能夠以有吸引力的估值收購這些業務，並期望它們共同產生足夠的收益，以抵消預期的與利率相關的周期性阻力。

We also recently announced two investments to further build upon our environmental capabilities, making an investment in KeyCarbon, a carbon financing company and also an acquisition of a small biofuels company, Droppet. We continue to see a lot of opportunities at attractive valuations, which would strengthen our competitive position and be accretive for our shareholders.

我們最近也宣布了兩項投資，以進一步增強我們的環境能力，投資了一家碳融資公司 KeyCarbon，並收購了一家小型生物燃料公司 Droppet。我們繼續看到許多估值有吸引力的機會，這將增強我們的競爭地位並為我們的股東帶來增值。

In conclusion, our diversified and resilient business delivered strong performance in the third quarter. We continue to be proud of the sequential growth we have delivered over the past 10 years across a variety of market conditions. The scalable platform that we have built has also resulted in continued margin and return improvement.

總之，我們的多元化和彈性業務在第三季取得了強勁的業績。我們繼續為過去 10 年在各種市場條件下實現的連續成長感到自豪。我們建構的可擴展平台也帶來了利潤和回報的持續改善。

Our performance underpins the investment thesis we discussed with many of you when we were marketing our IPO. We also are making progress with both our organic growth initiatives and inorganic growth investments to add new clients to the platform and expand the products offered to these clients.

我們的績效支撐了我們在行銷 IPO 時與你們許多人討論的投資論點。我們也在有機成長計劃和無機成長投資方面取得進展，以向平台添加新客戶並擴大為這些客戶提供的產品。

We have a prudent approach to capital and liquidity management, and we further diversified our funding sources and increased our liquidity headroom through the issuance of $600 million of five-year senior unsecured notes. We also announced a dividend to be paid in the fourth quarter, consistent with our capital allocation policy set out at the time of the IPO.

我們對資本和流動性管理採取審慎態度，透過發行6億美元的五年期優先無抵押票據，進一步多元化資金來源，增加流動性空間。我們也宣布將在第四季度支付股息，這與我們在 IPO 時制定的資本配置政策一致。

I hope that we have provided you with a good sense of the strong performance in the third quarter and the good progress we are making with our growth initiatives. Given this performance, we have upgraded our guidance for the full year. We anticipate full year adjusted operating profit to be between $300 million and $305 million, up from the prior range of $280 million to $290 million.

我希望我們能讓您對第三季的強勁業績以及我們的成長計畫所取得的良好進展有一個良好的認識。鑑於這一表現，我們上調了全年指引。我們預計全年調整後營業利潤將在 3 億美元至 3.05 億美元之間，高於先前 2.8 億美元至 2.9 億美元的範圍。

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

說到這裡，我想提出問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. Just wanted to talk about the current environment in terms of activity level and also just kind of client balances. Clearly, a good third quarter. The guidance for 4Q implies some slowdown, which, as you said, is seasonal, but I would just like to -- I mean, the environment as we look at exchange volume still looks quite healthy as we look at October. So just a general update as you think about today and kind of going into year-end would be helpful.

謝謝。早安.只是想談談當前的活動水平和客戶餘額方面的環境。顯然，第三季表現不錯。第四季度的指導意味著一些放緩，正如您所說，這是季節性的，但我只想——我的意思是，從我們觀察10 月份的交易量來看，環境看起來仍然相當健康。因此，當您今天考慮並進入年底時，只需進行一般性更新就會有所幫助。

Sure. Well, thanks, Dan. Well, I think sort of with regard to sort of the updated guidance, I mean, really, what I think we were doing is saying, as you'll be familiar, at the half year point, we wanted to ensure that as people were looking at the full year, they weren't regarding the second quarter as sort of the basis on which to forecast that just simply because there were so many unusual and positive sort of things in that quarter.

當然。嗯，謝謝，丹。嗯，我認為關於更新的指導方針，我的意思是，實際上，我認為我們正在做的是，正如你所熟悉的那樣，在半年的時間點上，我們希望確保人們縱觀全年，他們並沒有將第二季度作為預測的基礎，只是因為該季度有很多不尋常和積極的事情。

And so we sort of provided guidance. And I think that the update that we're providing is much more a reflection of the fact that we obviously had a quarter in the third quarter, which was stronger than we had anticipated in part for what you're describing, which is a very sort of healthy market environment in terms of exchange volumes. And so we're just sort of reflecting that and then leaving essentially the sort of consensus estimate for the fourth quarter in place.

所以我們提供了一些指導。我認為我們提供的更新更反映了這樣一個事實，即我們顯然在第三季度有一個季度，這比我們預期的要強，部分原因是您所描述的，這是一個非常好的情況。交易量而言，這是一個健康的市場環境。因此，我們只是反映了這一點，然後基本上保留了對第四季度的共識估計。

So that's how I think we think about what we were doing with regard to updating the guidance. In terms of the current environment, I think exactly to your point, it remains quite positive. As you say, exchange volumes were quite robust in October. I think when we think about the third quarter, exchange volumes were higher than the second quarter and the second quarter was a particularly sort of good environment for our set of businesses.

這就是我認為我們在更新指南方面的想法。就目前的環境而言，我認為正如你的觀點一樣，它仍然相當積極。正如您所說，十月份的交易量相當強勁。我認為，當我們考慮第三季度時，交易量高於第二季度，第二季度對我們的業務來說是一個特別好的環境。

So the third quarter actually had sort of good exchange volumes, and we've certainly seen that going into October. And then obviously, with all the market activity over the last couple of days, we're also seeing some record days in terms of volumes going through the platform. So it does feel at least for now that we certainly are seeing a continuation of the environment that we saw in the third quarter.

因此，第三季度實際上有不錯的交易量，而且我們肯定會在 10 月看到這種情況。顯然，隨著過去幾天的所有市場活動，我們也看到了平台交易量創紀錄的日子。因此，至少目前來說，我們確實看到了第三季所看到的環境的延續。

Great. That's helpful. And just in the context of the acquisitions or investments you've made, it seems you've been quite busy. Just curious about what's kind of catch-up from what was an IPO process and distraction from a management perspective versus what as we think about would be more of a normalized kind of level of investment. You talked about healthy backlog still. So curious just in terms of how to think about the cadence of new investments or additional investments going forward.

偉大的。這很有幫助。就您所做的收購或投資而言，您似乎相當忙碌。只是好奇從管理角度來看，IPO 流程的追趕和分心與我們所認為的常態化投資水準有何不同。您仍然談到了健康的積壓。我很好奇如何思考未來新投資或額外投資的節奏。

Yes. I mean I think you're absolutely right. There was definitely a completely understandable focus within the firm on the IPO for the first half of the year. Notwithstanding that, we were still in discussions and connecting with some of the potential acquisitions. And certainly, Hamilton Court, we've been in some level of engagement for over a year.

是的。我的意思是我認為你是絕對正確的。今年上半年，公司內部對 IPO 的關注絕對是完全可以理解的。儘管如此，我們仍在討論和聯繫一些潛在的收購。當然，Hamilton Court，一年多來我們一直在進行某種程度的接觸。

So even though we weren't focused on the IPOs in the way that we are now, sorry, acquisitions in the way we are now, there was still some amount of activity that was going on there. I think that the sort of flurry of activity, which all sort of landed in a relatively short period of time is unusual, although the two were actually quite small and one of those we've been working on for a very long time. So it just happened to crystallize at that particular point in time.

因此，儘管我們沒有像現在那樣專注於首次公開募股，抱歉，沒有像現在這樣專注於收購，但仍然有一些活動正在進行中。我認為這種在相對較短的時間內發生的一系列活動是不尋常的，儘管這兩個活動實際上很小，而且其中一個我們已經工作了很長時間。所以它剛好在那個特定的時間點結晶。

I do think that what we're seeing is a lot of interesting opportunities I suspect that they will be sort of more spread out in '25 than what we saw at this most recent point in 2024. And again, if we just sort of look at our historic average of different scale, we do three or four a year. And I think that I don't see anything that would cause us to feel that if they were of this sort of magnitude, we would be doing fewer than that and that we would also expect them to be more evenly spaced through the year.

我確實認為我們看到的是很多有趣的機會，我懷疑這些機會在 25 年會比我們在 2024 年最近這一點看到的更分散。再說一遍，如果我們看看不同規模的歷史平均水平，我們每年都會做三到四次。我認為，我沒有看到任何事情會讓我們覺得，如果它們達到這種規模，我們所做的事情就會比這個少，而且我們也期望它們在一年中的分佈更加均勻。

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. Maybe first, just thinking about 2025, you gave us some kind of helpful color on the impact from acquisitions. Just curious, how should we think about sort of normalized market activity? Q4, you indicated is a little bit softer, so it's not quite the right run rate.

嗨，早安。感謝您提出問題。也許首先，想想 2025 年，您就收購的影響力向我們提供了一些有用的信息。只是好奇，我們該如何看待正常化的市場活動？Q4，您指出有點軟，所以運行速度不太正確。

We had elevated metals activity. But how do we think about sort of normalizing those impacts? You've given us the rate sensitivity as well. But just trying to think of like what's the right sort of launching off point as we think about next year?

我們的金屬活動增加。但我們如何考慮讓這些影響正常化呢？您也給了我們速率敏感度。但只是想一下，當我們考慮明年的時候，正確的出發點是什麼？

Look, I think sort of the right launching off point is probably the guidance that we've provided. I think that what we've we sort of indicated for the fourth quarter is a level that we have high confidence that we're going to be able to deliver. I mean it's possible if the environment is more supportive that we're a bit ahead of that.

看，我認為正確的出發點可能就是我們提供的指引。我認為我們對第四季度表示的水平是我們對能夠實現的水平充滿信心。我的意思是，如果環境更支持的話，我們就有可能領先一點。

But I think if I was suggesting a level to reflect on as the sort of jumping off point as you put it, then I think the guidance that we've given is a sensible point. There's obviously, to your question, a lot of moving pieces with regard to 2025.

但我認為，如果我建議一個要反思的層次作為你所說的那種起點，那麼我認為我們給予的指導是一個明智的點。對於你的問題，顯然 2025 年有很多變化。

There's the anticipated headwinds from interest rates, which based on this last week's activity, maybe a little less than we would have thought a month ago, but that's obviously going to move around some amount and people will have their own view of how that's likely to play out.

根據上週的活動，利率會出現預期的阻力，可能比我們一個月前想像的要少一些，但這顯然會出現一定程度的波動，人們會對這種情況如何發生有自己的看法。 。

But the sensitivity that we've provided, I think is helpful. We certainly see a lot of momentum in our underlying businesses. We see the acquisitions being in a position to contribute. We see opportunity actually for the Cowen acquisition to be a bigger contributor in 2025. We have sort of confidence in many of the organic initiatives that we have in place.

但我認為我們提供的敏感度是有幫助的。我們當然看到我們的基礎業務有很大的發展動能。我們認為這些收購能夠做出貢獻。我們認為收購 Cowen 實際上有機會在 2025 年做出更大的貢獻。我們對我們已經採取的許多有機措施充滿信心。

Offsetting that, as you point out, is that we had a particularly favorable set of market conditions in metals, and it would probably not be sensible to anticipate that recurring in exactly that form. But we think that sort of in combination, we still have a lot of confidence in our growth prospects, and we see ourselves as a growth company and likely to be able to deliver some level of growth in 2025.

正如您所指出的，抵消這一影響的是我們在金屬方面擁有一套特別有利的市場條件，並且預計這種情況以完全相同的形式重複出現可能是不明智的。但我們認為，綜合來看，我們對自己的成長前景仍然充滿信心，我們認為自己是一家成長型公司，很可能能夠在 2025 年實現一定程度的成長。

Understood. Maybe just one follow-up there. Can you kind of remind us what is the degree of variability in the cost base we've seen from a couple of quarters now an outsized Q2, the cost level has generally been a bit lower in Q3. How do we think about how that overall base kind of flexes up and down with market activity versus sort of your organic investments?

明白了。也許只是一個後續行動。您能否提醒我們，從幾季（現在是第二季）來看，成本基礎的變化程度是多少，第三季的成本水準普遍較低。我們如何看待整體基礎類型如何隨著市場活動與您的有機投資的變化而上下波動？

Ben, it's Rob here. You're right, we have a highly flexible cost base. Just over 50% of our costs are variable, which allows us to right size in response to changing market conditions. Of our variable costs, -- the vast majority of just around 80% relate to performance-related bonuses and these flex with revenues in the front office and with profitability in the back office. The remainder is primarily volume-driven and relate to market data and platform fees.

本，我是羅布。您是對的，我們擁有高度靈活的成本基礎。我們的成本中有超過 50% 是可變的，這使我們能夠根據不斷變化的市場條件調整規模。在我們的變動成本中，絕大多數約 80% 與績效相關的獎金有關，這些獎金隨著前台的收入和後台的獲利能力而變化。其餘部分主要是數量驅動的，與市場數據和平台費用相關。

Okay, I appreciate it. Thank you very much.

好的，我很感激。非常感謝。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hey, good morning. Maybe just a question on the debt issuance in the quarter. It sounds like there was some desire to diversify your funding sources and maybe be less reliant on the structured note business. Can you just talk about where you'd like to get to from an ideal funding mix? And then does that have any implications for expected growth of the structured notes outstanding or the Solutions segment revenue growth rates into 2025 or 2026?

嘿，早安。也許只是關於本季債務發行的問題。聽起來似乎有人希望使您的資金來源多樣化，並可能減少對結構性票據業務的依賴。您能談談您希望從理想的融資組合中實現什麼目標嗎？那麼，這對未償還結構性票據的預期成長或解決方案部門的收入成長率到 2025 年或 2026 年是否有任何影響？

Yes, it's a great question. I think that we indicated at the time that we were marketing the IPO and on an ongoing basis that we had a view that diversifying our funding was a sort of sensible step. It's not because we have sort of any concerns with sort of structured notes, but that just a sort of general prudent matter, it's sensible to diversify those sources.

是的，這是一個很好的問題。我認為我們當時就表示我們正在行銷 IPO，我們一直認為多元化融資是明智的一步。這並不是因為我們對結構化票據有任何擔憂，而是出於一般謹慎的考慮，使這些來源多樣化是明智的。

And we were in a position to establish public offering in the US And again, I think that, that just adds a lot of sort of flexibility to the firm and resilience. So that was the purpose of that. I think that we see a lot of opportunity to continue to deploy liquidity to support our clients, particularly around clearing and prime brokerage.

我們能夠在美國進行公開發行，我認為這又為公司增加了許多彈性和彈性。這就是我們這樣做的目的。我認為我們看到了很多機會繼續部署流動性來支持我們的客戶，特別是在清算和大宗經紀業務方面。

And so we don't feel that at least at this point, that we're going to be crowding out sort of structured notes and that we would continue to see that as a valuable business line, a way to support a set of clients, and it would continue to grow.

因此，至少在這一點上，我們不認為我們會排擠某種結構化票據，並且我們將繼續將其視為一條有價值的業務線，一種支持一組客戶的方式，而且它還會繼續增長。

It may grow a little bit less rapidly than it has over the last series of years. But we don't see it as necessarily a sort of constraint because as the firm grows, we want to ensure that we are in a very strong liquidity position and what this issuance and potentially additional issuances do will provide us for that.

它的成長速度可能比過去幾年要慢一些。但我們並不認為這一定是一種限制，因為隨著公司的發展，我們希望確保我們處於非常強大的流動性狀況，而本次發行和潛在的額外發行將為我們提供這一點。

So we do think that the mix will shift and that over time, more of our liquidity will come from sort of public offerings. But we still see, given our growth opportunities to continue to grow the structured note business as well.

因此，我們確實認為這種結構將會發生變化，隨著時間的推移，我們更多的流動性將來自某種公開發行。但我們仍然看到，鑑於我們也有繼續發展結構性票據業務的成長機會。

That's very helpful. For my follow-up, I just wanted to ask a clarification question on the clearing segment NII. You noted a couple of drivers of strength there last quarter, including some that maybe were more cyclical in terms of volatility in metals benefiting NII. In the third quarter, clearing NII remained very strong.

這非常有幫助。對於我的後續行動，我只是想就清算部分 NII 提出一個澄清問題。您注意到上個季度的一些走強因素，其中一些因素可能在有利於NII的金屬波動方面更具週期性。第三季度，NII 清算依然非常強勁。

I guess, is metals volatility still benefiting 3Q's clearing NII? Or is this a good jumping off point going forward? And also wondering if there's been any material change in the clearing balances into 4Q versus the $13.8 billion disclosed for 3Q?

我猜，金屬的波動是否仍有利於第三季NII的清算？或者說這是一個很好的起點嗎？另外還想知道第四季的清算餘額與第三季揭露的 138 億美元相比是否有任何重大變化？

So there's sort of a number of things there. I think sort of metals balances did come down in the third quarter versus the second quarter. by some amount, but it was not a massive driver. I think that the offset to that has been just additional sort of client acquisition and increased balances with existing clients. And so that's sort of what played through there. And certainly, the balances in the third quarter feel at the same level that we saw in the third quarter.

所以那裡有很多東西。我認為第三季的金屬餘額確實比第二季有所下降。在某種程度上，但這並不是一個巨大的推動因素。我認為，對此的抵銷只是額外的客戶獲取和現有客戶餘額的增加。這就是那裡發生的事情。當然，第三季的餘額與我們在第三季看到的水平相同。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Specific question here on the Agency and execution. The securities business stood out like an area of strength. I know on a year-over-year basis, obviously, Cowen has helped. But even when you look sequentially versus the second quarter, it seems like market volumes for financial products are generally down, maybe with the exception for European rates, but you stood out as very strong quarter-over-quarter growth.

關於代理和執行的具體問題。證券業務成為優勢領域。我知道，顯然，考恩逐年提供了幫助。但即使你按順序比較第二季度，金融產品的市場交易量似乎普遍下降，也許歐洲利率除外，但你的季度環比增長非常強勁。

So I know you mentioned the new desk there, maybe that's it and maybe it's just the European interest rate business. But like, yes, maybe you can flesh out where that came from in the third quarter and how much of that do you think is sustainable?

所以我知道你提到了那裡的新櫃檯，也許就是這樣，也許只是歐洲利率業務。但是，是的，也許你可以具體說明第三季的情況，以及你認為其中有多少是可持續的？

Alex, it's Paolo. I would say that it's very much a matter of us taking market share. After the Cowen acquisition, there was a little bit of time spent just on integration. And so the first part of the year was certainly more focused on integration than perhaps acquiring new clients, and there's also a bit of a lag with that. Across the other parts of agency and execution, I think we're taking market share in essentially all areas.

亞歷克斯，這是保羅。我想說，這在很大程度上是我們佔領市場份額的問題。收購 Cowen 後，我們花了一點時間進行整合。因此，今年上半年肯定更注重整合，而不是取得新客戶，而且這方面也有些落後。在代理商和執行的其他部分，我認為我們基本上在所有領域都佔據了市場份額。

Some of it, again, is it's adding to the teams. It's improving some of our technological capability. We've added some automated execution platforms. So there's not one thing that has driven that. I think it's more a function of these particular desks, these particular products being serviced by more established teams. And that does take a little bit of time to bed in.

其中一部分，再次是它增加了團隊。它正在提高我們的一些技術能力。我們添加了一些自動化執行平台。所以沒有任何一件事可以推動這一點。我認為這更多是這些特定辦公桌的功能，這些特定產品由更成熟的團隊提供服務。這確實需要一點時間睡覺。

The other thing that I'd sort of add in, Alex, I think we sort of noted at the time of the IPO that the margins in Agency and Execution and in particular, on the sort of financial side, we were below our target levels, but we believe that there was a lot of opportunity through the efforts that the team had underway to integrate those acquisitions more effectively and deal with just doing a series of things to broadly drive up sort of profitability that we were confident that the margins in those businesses would improve.

我想補充的另一件事是，亞歷克斯，我想我們在首次公開募股時注意到，代理和執行的利潤率，特別是在財務方面，我們低於我們的目標水平，但我們相信，透過團隊正在進行的努力，有很多機會可以更有效地整合這些收購，並透過做一系列事情來廣泛提高獲利能力，我們相信這些業務的利潤率企業將會改善。

And I think we are also seeing sort of the benefit of that. So all of the very detailed work that Paolo and the team have put in is bearing fruit. And to sort of at least the spirit of some of the earlier questions, we see that sort of continuing into the fourth quarter and definitely into 2025.

我認為我們也看到了這樣做的好處。因此，保羅和團隊所做的所有非常細緻的工作正在取得成果。至少就先前一些問題的精神而言，我們認為這種情況將持續到第四季度，而且肯定會持續到 2025 年。

Okay. Great. And then maybe just as a follow-up to the sort of 2025 question from earlier. I don't think you specifically highlighted energy I mean, obviously, an important asset class for you. And a lot of, I would say, structural changes. You mentioned environmental as an area of growth for yourself earlier on the call.

好的。偉大的。然後也許只是之前的 2025 年問題的後續。我不認為你特別強調了能源，我的意思是，顯然，這對你來說是一個重要的資產類別。我想說的是，還有很多結構性變化。您早些時候在電話會議中提到環境是您自己成長的一個領域。

So just wondering, we've seen a tremendous amount of growth in energy, but the world seems to be getting more complex there. I know it's difficult to foresee volumes, but just wondering how you feel about the sustainability of energy growth on a basically 2-year strength in that asset class.

所以只是想知道，我們已經看到能源的巨大成長，但那裡的世界似乎變得更加複雜。我知道很難預測產量，但只是想知道您對該資產類別的能源成長的可持續性有何看法，基本上是兩年的實力。

Yes. I mean, I think that's interestingly, the market-making opportunity for in energy for us, which is really around refined oil products was primarily in 2022. And I think we've seen more normalized levels in '23 and '24. I have no forecast of whether there will be sort of unusual circumstances in 2025 and beyond. But interestingly, as we think about the the energy opportunity, at least in market making, it was 2022.

是的。我的意思是，我認為這很有趣，我們能源的做市機會（實際上是圍繞成品油產品）主要是在 2022 年。我認為我們在 23 年和 24 年看到了更正常化的水平。我無法預測 2025 年及以後是否會出現異常情況。但有趣的是，當我們思考能源機會時，至少在做市方面，那是 2022 年。

What we have seen exactly to your point, is in our energy agency, very extensive growth, both through share gains, but also just because the underlying markets are growing over the last 2 years. I don't know whether it continues to grow, whether it sort of stays at that level.

我們所看到的正是您的觀點，我們的能源機構實現了非常廣泛的增長，既透過份額增長，也僅僅因為基礎市場在過去兩年中不斷增長。我不知道它是否會繼續增長，是否會保持在那個水平。

What I do have confidence in is that the renewables piece of that business will continue to grow at pace. And that to the extent that there is any slowdown in the other components of the energy complex, and I'm not saying there would be, but if they were, I do have confidence that all of the activity we would see in the sort of environmentals and the renewable side would at least be a partial, if not a complete offset.

我確實有信心的是，該業務的可再生能源部分將繼續快速成長。在某種程度上，能源綜合體的其他組成部分有任何放緩，我並不是說會有，但如果是的話，我確實有信心，我們將看到的所有活動環境和可再生能源方面即使不是完全抵消，至少也是部分抵消。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes, good morning. Maybe just going back to the pipeline of potential transactions that you could look to do. In the third quarter, you gained ground, it seems like in the Middle East. Could you maybe just update us on what geographies and asset classes you could be looking at with respect to future M&A? Thanks.

是的，早安。也許只是回到您可能想做的潛在交易的管道。第三季度，你們取得了進展，就像在中東一樣。您能否向我們介紹您在未來的併購中可能關注哪些地區和資產類別？謝謝。

Yes. I mean, I think we've sort of noted all along that one of the areas that we have interest in is Brazil. So that would be a geographic region that we would have interest in. And then in terms of sort of products, I think that there really are a very large number where we would be sort of comfortable adding. But I think that we see sort of opportunities in the sort of capital markets agency side, particularly. But it's not limited to that, but I wouldn't be surprised if that was one of the areas where we found attractive opportunities for 2025.

是的。我的意思是，我認為我們一直以來都注意到我們感興趣的地區之一是巴西。所以這將是我們感興趣的地理區域。然後就產品種類而言，我認為確實有很多我們可以輕鬆添加的產品。但我認為我們尤其在資本市場代理方面看到了一些機會。但不僅限於此，如果這是我們在 2025 年發現有吸引力的機會的領域之一，我不會感到驚訝。

Okay. Great. And then a follow-up. You are a top five participant on the CME. The NFA recently approved their application to operate in FCM. I know they've said that they're committed to the FCM model, but just curious to get your thoughts on that development and how you think investors should think about that when it comes to being a potential risk to not only your business, but the FCM model in general? Thank you.

好的。偉大的。然後是後續行動。您是 CME 排名前五的參與者。NFA 最近批准了他們在 FCM 運營的申請。我知道他們說過他們致力於FCM 模式，但只是想知道您對這一發展的看法，以及您認為投資者在這不僅對您的業務構成潛在風險，而且對您的業務構成潛在風險時應該如何考慮。謝謝。

Yes. I mean I think that the CME's application for an FCM was, I think, made a while back, and it was as I understood it, defensive measure with regard to potential industry structure changes when FTX appeared to be representing a competitive threat to CME. I think unsurprisingly, once that application was made, that was sort of carried through. We've had some conversations with CME, as I'm sure others have.

是的。我的意思是，我認為 CME 的 FCM 申請是不久前提出的，據我所知，這是針對潛在行業結構變化的防禦措施，當時 FTX 似乎對 CME 構成了競爭威脅。我認為毫不奇怪，一旦提出申請，就會通過。我們已經與 CME 進行了一些對話，我相信其他人也有這樣的對話。

And I think what we hear from the CME, and it makes perfect sense to us is that this is just sort of an option that's sort of available to them. It's not a business that they intend to get into. And that seems to me to be very sensible.

我認為我們從 CME 那裡聽到的，對我們來說非常有意義的是，這只是他們可以使用的選擇。這不是他們打算進入的行業。在我看來，這非常明智。

I mean if you were an exchange with an exchange multiple and the skill set that you need to be successful as an exchange, I don't see why you would look to get into the FCM business, which has a different multiple associated with it and more particularly requires a completely different skill set.

我的意思是，如果您是一家擁有交易所倍數的交易所，並且擁有作為交易所取得成功所需的技能，我不明白您為什麼會考慮進入FCM 業務，該業務具有與之相關的不同倍數，並且更具體地說，需要完全不同的技能。

Even if they were to sort of create an FCM that was sort of feeding into CME, it wouldn't really change the requirement that clients would have if they want access to a large number of exchanges. So my sense is it's sensible to take CME at its word that they have no interest in changing their business model, shifting from a high PE business to a lower PE business and one where they don't have any particular skills.

即使他們要創建一個可以輸入 CME 的 FCM，也不會真正改變客戶想要存取大量交易所的要求。因此，我的感覺是，相信 CME 的說法是明智的，他們沒有興趣改變其商業模式，從高本益比業務轉向低本益比業務，而且他們沒有任何特殊技能。

It's much easier to deal with a few exchange members than to have to go and deal with a myriad of users and all the skills that we've had to build up as a sort of clearing member. So it's not a competitive threat that I'm concerned about. And I don't think it's a new business opportunity that is really of particular value to CME.

與少數交易所會員打交道比必須與無數用戶打交道以及我們作為清算會員必須建立的所有技能要容易得多。所以我擔心的不是競爭威脅。我認為這並不是對芝商所真正具有特殊價值的新商機。

All right. That's great. Color. Thank you. That's it for me.

好的。那太棒了。顏色。謝謝。對我來說就是這樣。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey guys. Thank you. Good morning. I was hoping we could dig into Cowen a little more. I remember at the time of the deal, you guys gave us a rough sense on kind of the earnings contribution from that business and you had some high hopes for growth there. It sounds like things are going pretty well. So maybe update where that business stands today? Where are you gaining traction and where you see that going into '25?

嘿夥計們。謝謝。早安.我希望我們能進一步深入研究考恩。我記得在交易時，你們給了我們對該業務的盈利貢獻的粗略了解，並且你們對該業務的增長抱有很高的期望。聽起來事情進展得很順利。那麼也許更新一下該業務目前的狀況？您在哪裡獲得了關注？

Well, I think that I mean, Paolo, I think, can give additional color on this. My own sense of it is that it's a critical component for us as we sort of build out a strategy to be more relevant to clients, not just around sort of futures and options, but increasingly around sort of securities and the capabilities that we acquired as part of Cowen will be hugely important to the firm 3, 5, 10 years from now in terms of ensuring that we can replicate the kind of share that we have with futures and options within the securities world. And I think that while the integration has gone well, but maybe a little slower than we've anticipated, it does represent a critical element of growth for us '25 and beyond. Paolo?

嗯，我想我的意思是，我認為保羅可以對此提供更多的色彩。我自己的感覺是，它對我們來說是一個關鍵組成部分，因為我們制定了一項與客戶更相關的策略，不僅僅是圍繞某種期貨和選擇權，而是越來越多地圍繞某種證券和我們獲得的能力Cowen 的一部分對於公司在未來 3 年、5 年、10 年都將非常重要，因為它可以確保我們能夠複製我們在證券領域的期貨和選擇權所擁有的份額。我認為，雖然整合進展順利，但可能比我們預期的要慢一些，但它確實代表了我們 25 歲及以後成長的關鍵因素。保羅？

Yes. I mean I would say that the run rate now is significantly better than we saw in Q1 and Q2. And in Q4, I think you'll see even more improvement. And I think there are sort of three factors that go into that. The one that I already mentioned, which is we've completed the integration.

是的。我的意思是，我想說現在的運行率明顯好於我們在第一季和第二季看到的情況。在第四季度，我認為您會看到更多的改進。我認為這涉及三個因素。我已經提到過，我們已經完成了整合。

The second, I think, is the success of cross-selling and cooperation across the clearing team and the Prime team, introducing clients and being able to sort of service clients that we already have for a wider range of products. And I think the third is that we've added some additional product capabilities which are higher margin.

我認為第二個是清算團隊和 Prime 團隊之間交叉銷售和合作的成功，介紹客戶並能夠為我們已經擁有的更廣泛產品的客戶進行分類。我認為第三是我們增加了一些額外的產品功能，這些功能的利潤率更高。

And so additionally, one might sort of see a little bit of improvement just because I think the levels of volatility over the last few weeks and perhaps over the next few weeks have been quite high. But I think the structural factors are the three that I would focus on.

此外，人們可能會看到一點點改善，因為我認為過去幾週甚至未來幾週的波動程度相當高。但我認為結構性因素是我關注的三個因素。

And I think you'll see that moving us to a slightly higher margin than we anticipated. In terms of the sort of revenue numbers, they're sort of very much consistent for the full year with what we anticipated when we went into this transaction, but much more sort of back-ended.

我想你會發現這使我們的利潤率略高於我們的預期。就收入數據而言，全年的收入數據與我們進行此項交易時的預期非常一致，但更多的是後端數據。

Yes. I mean but I would say, Alex, I mean, this, I think, is maybe a part of your question. If we sort of do our forecasted levels, call it, sort of $305 million, that's $75 million of growth relative to sort of the prior year. The component of that growth that is actually associated with the Cowen business is relatively modest. And it would be a smaller fraction of the growth than we would have had historically sort of from acquisitions. So it's performed fine, but its impact on the firm is, to my mind, mostly in the future.

是的。我的意思是，但我想說，亞歷克斯，我的意思是，我認為這可能是你問題的一部分。如果我們按照我們的預測水平，稱之為 3.05 億美元，那麼相對於上一年來說，增長了 7500 萬美元。實際上與考恩業務相關的成長部分相對較小。與我們歷史上透過收購獲得的成長相比，這將是一個較小的成長部分。所以它的表現很好，但在我看來，它對公司的影響主要是在未來。

Got it. Yes, that's what I was getting at. Another maybe clarification question, you guys provide NII sensitivity in the deck. I'm wondering if that's at a firm-wide level or is that solely based on kind of margin balances. So does that include structured notes NII contribution or not? And then as you sort of think about some of the fixed reinvestment benefits that you highlighted earlier, are most of those in the run rate or is there any incremental benefit left just thinking if the yield curve steepens a little bit, could there be an incremental benefit to NII? Thanks.

知道了。是的，這就是我的意思。另一個可能需要澄清的問題是，你們在牌組中提供了 NII 敏感度。我想知道這是在公司範圍內還是僅基於某種保證金餘額。那麼這是否包括結構化票據 NII 貢獻？然後，當您思考之前強調的一些固定再投資收益時，大部分收益都在運行率中，或者是否還有任何增量收益，只是想一想，如果收益率曲線稍微陡峭一點，是否會產生增量收益對NII有好處嗎？謝謝。

I mean it is for the whole firm, not just for clearing. So it does include all the sources of NII, includes on the income side as well as all the costs. So it's a firm sensitivity to average changes. So 1% on average through the year, we think is a $20 million PBT impact across the whole firm, not a component of it. And then with regard to whether there's some roll-off, there is a little bit, but most of that would be in the current run rate.

我的意思是它適用於整個公司，而不僅僅是清算。所以它確實包括NII的所有來源，包括收入方面以及所有成本。所以它對平均變化有很強的敏感性。因此，我們認為全年平均 1% 的 PBT 對整個公司的影響為 2,000 萬美元，而不是其中的一個組成部分。然後關於是否有一些滾降，有一點，但大部分都在當前的運行率中。

Got it. All right. Awesome. Thank you guys.

知道了。好的。驚人的。謝謝你們。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Good morning, everyone. Thanks for taking the question. I wanted to ask about, a little bit more color on the deals for Hamilton Court and Aarna. Any color on profitability, how that compares to Marex currently? And then any color on the valuation multiples paid for the businesses?

大家早安。感謝您提出問題。我想問一下，漢密爾頓法院和阿爾納的交易有更多的色彩。獲利能力有什麼不同嗎？那麼這些企業的估值倍數有什麼變化嗎？

Well, I think that the guidance that we're providing with regard to the quantum is we think that in sort of combination, the two will generate about 10% of our level of profitability in sort of 2025. So that, I think, gives you a sense of the order of magnitude of what we think they look like in combination. And I think that including the synergies, we've acquired them at around 3x. And so you have a sense of that from that of what is the accretion that is a result of those acquisitions.

嗯，我認為我們提供的有關量子的指導是，我們認為，在某種程度上，這兩者的結合將在 2025 年產生我們約 10% 的盈利水平。因此，我認為，這可以讓您了解我們認為它們組合在一起的數量級。我認為，包括協同效應在內，我們以大約 3 倍的價格收購了它們。因此，您可以從這些收購帶來的增值中感受到這一點。

Yes, thanks. And one other one. There's an article on Vitol this morning moving to the metals market. I wonder if you're seeing larger energy players or even midterm energy players moving away from energy into biodiesels, metals, other areas. And just from an overall perspective, you talked about attracting larger clients. What's the opportunity set from there? And like what's the progress on that front?

是的，謝謝。還有另外一件。今天早上有一篇關於維多轉向金屬市場的文章。我想知道您是否看到較大的能源公司甚至中期能源公司從能源轉向生物柴油、金屬和其他領域。僅從整體角度來看，您談到了吸引更大的客戶。那裡有什麼機會？這方面的進展如何？

Yes. I mean we're definitely seeing and I think we noted it in the half year earnings announcement. We are definitely seeing people who have traditionally been energy traders coming into the metals market. Some of that we thought because of the energy transition and they would have sort of some view on those series of things.

是的。我的意思是我們肯定會看到，並且我認為我們在半年收益公告中註意到了這一點。我們肯定會看到傳統上能源交易員進入金屬市場。我們認為其中一些是因為能源轉型，他們對這一系列的事情會有一些看法。

But we have definitely seen that shift from players who are traditionally in the energy space coming and looking to participate in metals. And I think we cited one as an example of cross-selling where a client that we would never have covered out of metals, but we did cover out of energy being referred into the firm because of our strong relationship in energy and then creating a great metals client.

但我們確實看到了傳統能源領域參與者的轉變，他們開始尋求參與金屬領域。我認為我們引用了一個交叉銷售的例子，其中一個客戶我們永遠不會用金屬來承保，但我們確實用能源承保，由於我們在能源方面的牢固關係，我們確實將其轉介給公司，然後創造了一個偉大的客戶關係。

And so I think we are definitely seeing that. I mean we also saw what it's worth earlier, a movement from sort of US-based sort of energy traders to Europe to sort of establish trading in Europe after the Ukraine invasion and the sizable profits that some of the trading houses sort of generated.

所以我認為我們肯定會看到這一點。我的意思是，我們之前也看到了它的價值，在烏克蘭入侵後，從美國的能源貿易商到歐洲建立貿易，以及一些貿易公司產生的可觀利潤。

So we're definitely seeing extension geographically from clients and then also the switches that you've identified of movement from energy to metals. And we see that as sort of a big opportunity for us, obviously, because of the quality of our metals franchise and the fact that we have so much connectivity into many of the top traders in energy. So it's definitely part of what's going on in the background in terms of cross-selling and attracting more clients onto the platform.

因此，我們肯定會看到客戶的地理擴張，以及您所確定的從能源到金屬的轉變。顯然，我們認為這對我們來說是一個巨大的機會，因為我們的金屬特許經營權的品質以及我們與許多頂級能源交易商有如此多的聯繫。因此，這絕對是交叉銷售和吸引更多客戶進入平台方面後台正在發生的事情的一部分。

Carlos Gomes Lopez, HSBC.

卡洛斯·戈麥斯·洛佩茲，匯豐銀行。

Hello, good morning. Thank you for taking my question. The first thing I wanted to do was to thank you for the additional disclosure on interest income and interest expense and the composition and the sensitivity. I think it's very useful information. Related to that, the sensitivity that you mentioned, the $20 million, that is obviously on a pretax basis, would you still use the same 25% tax rate that applies to the rest of the firm for this interest income?

你好早安。感謝您回答我的問題。我想做的第一件事是感謝您對利息收入和利息支出以及構成和敏感性的額外披露。我認為這是非常有用的信息。與此相關的是，您提到的敏感性，2000 萬美元，顯然是在稅前基礎上，您是否仍會使用適用於公司其他部分的相同 25% 稅率來計算利息收入？

And second, related to the competitive environment, we have seen an easing of potential rules for capital for banks in the US, maybe there is even further with the new administration. Do you see that as changing perhaps the appetite for coming into your business of traditional banks that have perhaps exited the market before? Thank you.

其次，與競爭環境有關，我們看到美國銀行資本的潛在規則放鬆，也許新政府還會進一步放鬆。您是否認為這可能改變了之前可能退出市場的傳統銀行進入您業務的興趣？謝謝。

I start on the tax rate. So on the tax rate, the way that I would think about it is this year, we are at 26%. Last year, we were at 28%. And the reason that we're slightly higher than we've sort of indicated over the medium term is that we've had a number of one-off expenses related to our IPO, which are not tax deductible.

我從稅率開始。因此，就稅率而言，我認為今年的稅率為 26%。去年，我們的比例為 28%。我們的中期業績略高於我們所表示的原因是，我們有許多與首次公開募股相關的一次性費用，這些費用不可免稅。

Over the medium term, I would expect our tax rate to be closer to 25% given our geographical profit distribution. And then just with regard to sort of your question about potential changes in regulation and capital rules as it applies to banks and whether that would change banks' appetite to participate in our businesses and particularly clearing.

從中期來看，考慮到我們的地理利潤分配，我預計我們的稅率將接近 25%。然後，關於您提出的關於適用於銀行的監管和資本規則可能發生變化的問題，以及這是否會改變銀行參與我們業務（特別是清算業務）的興趣。

I mean, as I've thought more about this question, I mean where I sort of come out is that what's driving the move of opportunity to firms like Marex

我的意思是，當我更多地思考這個問題時，我的意思是，我的結論是，是什麼推動了機會向像 Marex 這樣的公司轉移

It's not really about sort of regulation or capital arbitrage. It's really about sort of skill and willingness to invest in this product and these sets of products and build an organization that's capable of delivering sort of great outcomes for clients in these particular spaces.

這實際上與監管或資本套利無關。這實際上是關於投資該產品和這些產品組並建立一個能夠在這些特定領域為客戶提供某種偉大成果的組織的技能和意願。

And I don't think that changes in sort of regulation and capital rules will create some kind of stampede back into clearing. I think if there's less regulation on banks, they'll pick very different kinds of things to expand into and invest, which are closer to where their core skill is and what their strategy is.

我不認為監管和資本規則的變化會造成某種形式的恐慌性回歸清算。我認為，如果對銀行的監管減少，他們會選擇非常不同的領域進行擴張和投資，這些領域更接近他們的核心技能和策略。

So I think that they're deemphasizing clearing for reasons that are really unrelated to the capital treatment per se and the regulatory pressure that they're under.

因此，我認為他們不再強調清算，原因與資本待遇本身和他們所面臨的監管壓力無關。

And the things that are driving clients to want to diversify their clearing to nonbank FCMs won't change as a result of some very modest changes that might be anticipated with regard to sort of bank capital. So I mean, obviously, we'll watch that and see. But if banks weren't piling back into clearing where rates were higher, it doesn't seem to me they're going to be piling into clearing when rates are lower.

推動客戶將清算多元化至非銀行 FCM 的因素不會因為銀行資本方面可能發生的一些非常溫和的變化而改變。所以我的意思是，顯然，我們會觀察並看看。但如果銀行沒有在利率較高的地方大量湧入清算，那麼在我看來，它們就不會在利率較低時湧入清算。

Thank you so much.

太感謝了。

Alexander Kramm, UBS Investment Bank.

亞歷山大‧克拉姆，瑞銀投資銀行。

Yes, thanks again. Just one quick follow-up on net interest income. I think, Rob, when I heard you earlier on the fourth quarter, I think you made some comments around asset levels being similar and rates similar, et cetera. But obviously, you did the acquisition, which brought, I think, $300 million or $330 million in cash balances.

是的，再次感謝。只是對淨利息收入的快速跟進。我想，羅布，當我在第四季度早些時候聽到你的講話時，我認為你對資產水平相似和利率相似等發表了一些評論。但顯然，你進行了這次收購，我認為這帶來了 3 億美元或 3.3 億美元的現金餘額。

You also obviously did that debt offering very recently here. So maybe you can just flesh out the earlier comments and give us a little bit more color how we should be thinking about NII in the 4Q relative to what you just posted in the third quarter? Thank you.

顯然，您最近也在這裡進行了債務發行。因此，也許您可以充實之前的評論，並為我們提供更多信息，相對於您剛剛在第三季度發布的內容，我們應該如何考慮第四季度的 NII？謝謝。

Yes. Thanks, Alex. You're absolutely right. As you sort of think about NII in the fourth quarter, there's probably a number of things you should take into account. As Ian said, as we've gone into sort of October and the early start of November, we're seeing customer balance remain quite resilient.

是的。謝謝，亞歷克斯。你是絕對正確的。當您思考第四季度的 NII 時，可能有很多事情您應該考慮。正如伊恩所說，隨著我們進入 10 月和 11 月初，我們看到客戶餘額仍然相當有彈性。

They have come off a little bit in metals, but we've seen them being sort of replaced with other customer balances mainly through sort of acquisition and continued build-out in Asia of our Singapore and Australian clearing businesses.

它們在金屬方面有所下降，但我們看到它們在某種程度上被其他客戶餘額所取代，主要是透過收購和在亞洲繼續擴大我們的新加坡和澳洲清算業務。

The other thing that you'll need to obviously take into account is that we're expecting a further interest rate cut to come through in the fourth quarter. We had one at the back end of the third quarter. And the other thing that you should take into account is clearly the $600 million debt issuance that we completed last week.

您顯然需要考慮的另一件事是，我們預計第四季將進一步降息。我們在第三節後半段有過一次。您應該考慮的另一件事顯然是我們上週完成的 6 億美元債務發行。

Right. But we also sort of will be deploying some of that $600 million to sort of support clients, some of which will also generate NII. So I think in broad outline, I think we would expect the fourth quarter net interest income to be somewhat lower than the third quarter, but not dramatically lower.

正確的。但我們也將部署這 6 億美元的一部分來支援客戶，其中一些也將產生 NII。因此，我認為總體而言，我們預計第四季度淨利息收入將略低於第三季度，但不會大幅降低。

Exactly, that's what I was getting at. Thank you very much.

沒錯，這就是我的意思。非常感謝。

We have reached the end of the question-and-answer session. Thank you all very much for your questions. I'll now turn the conference back to Ian for any additional closing comments.

我們的問答環節已經結束。非常感謝大家提出的問題。現在我將把會議轉回伊恩以徵求任何其他閉幕意見。

Well, thanks, everybody. Thanks for all the questions from the analysts. Obviously, very helpful. And to the extent that we have some of our investors, either sort of equity or debt on the call do want to just take this opportunity to thank you for your support and your trust in the firm and that we're obviously pleased with how the offerings went, and we're committed to doing the very best job we can to create value for shareholders as well as for debt holders.

嗯，謝謝大家。感謝分析師提出的所有問題。顯然，非常有幫助。就我們的一些投資者而言，無論是股本還是債務，我們確實想藉此機會感謝你們對公司的支持和信任，我們顯然對公司的表現感到滿意。有人創造價值。

So thanks, everybody, for your ongoing support of the firm, and we look forward to sharing with you our full year results sometime next year.

因此，感謝大家對公司的持續支持，我們期待明年某個時候與您分享我們的全年業績。