Marex Group PLC (MRX) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Marex Q1 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. (Operator Instructions).

您好，感謝您的支持。歡迎參加 Marex 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指令）。

Please be advised that today's conference is being recorded. I would now like to have a conversation with your first speaker today, Adam Strachan, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。現在我想與今天的第一位發言者、投資者關係主管亞當·斯特拉坎 (Adam Strachan) 進行交談。請繼續。

Good morning everyone, and thanks for joining us today for Marex's first quarter 2025 earnings conference call. Speaking today are Ian Lowitt, Group Chief Executive Officer, and Rob Irvin Group Chief Financial Officer. After Ian and Rob have made their formal remarks, we will open the call to questions.

大家早安，感謝您今天參加 Marex 2025 年第一季財報電話會議。今天發言的是集團執行長 Ian Lowitt 和集團財務長 Rob Irvin。伊恩和羅布發表正式演講後，我們將開始提問。

Before we begin, I would like to remind everyone 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 company that are subject to risks and uncertainties.

在我們開始之前，我想提醒大家，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公司未來財務業績有關的前瞻性陳述，這些陳述受風險和不確定性的影響。

Actual results could differ materially from those anticipated in these forward-looking statements. The risk factors that may affect results are referred to in Marex's press release issued today. The forward-looking statements made today are as of the date of this call, and Marex does not undertake any obligation to update these forward-looking statements.

實際結果可能與這些前瞻性陳述中預期的結果有重大差異。Marex 今天發布的新聞稿中提到了可能影響結果的風險因素。今天所做的前瞻性陳述截至本次電話會議之日，Marex 不承擔更新這些前瞻性聲明的任何義務。

Finally, the speakers may refer to certain adjusted or non IFRS financial measures on this call. A reconciliation schedule of the non IFRS financial measures to the most directly comparable IFRS measures is also available in the press release issued today.

最後，發言者可能會在本次電話會議上提及某些調整後或非國際財務報告準則的財務指標。今天發布的新聞稿中還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財務指標的對帳表。

A copy of today's press release and investor presentation may be obtained by visiting the investor relations page of the website at marex.com. I'll now hand the call over to Ian.

您可以透過造訪 marex.com 網站的投資者關係頁面來取得今天的新聞稿和投資者介紹的副本。我現在將電話交給伊恩。

Good morning and welcome to our first quarter 2025 earnings call. This was a strong first quarter performance with adjusted profit before tax of $96 million at the top end of the preliminary range we published at our Invest today and subsequently with our F1 filing.

早安，歡迎參加我們 2025 年第一季財報電話會議。第一季業績表現強勁，調整後的稅前利潤為 9,600 萬美元，處於我們今天在投資雜誌上以及隨後在 F1 文件中公佈的初步範圍的最高值。

We've had a very busy few weeks since the end of the quarter. We hosted our inaugural Investor day on April 2nd, had a highly successful equity offering on April 17th, and a well-received debt offering on May 1st. This has provided us with many opportunities to engage with our investors, both existing and many new ones.

自從本季結束以來，我們度過了非常忙碌的幾週。我們於 4 月 2 日舉辦了首屆投資者日，4 月 17 日進行了非常成功的股票發行，5 月 1 日進行了廣受好評的債券發行。這為我們提供了許多與現有投資者和許多新投資者接觸的機會。

We are very appreciative of the engagement we have experienced and would particularly like to thank our major long-term investors, many of whom came to our Invested today in New York for their ongoing support.

我們非常感謝我們所經歷的合作，並特別感謝我們的主要長期投資者，其中許多人今天來到紐約參加我們的投資活動，感謝他們持續的支持。

Based on our interactions with investors, it does feel as though there is increasing recognition, understanding and acceptance of the power of the Marist platform to deliver strong and reliable results through the cycle.

根據我們與投資者的互動，我們確實感覺到人們越來越認可、理解和接受 Marist 平台在整個週期內提供強大而可靠的結果的能力。

So with that, let's turn to the performance highlights on slide 4. We delivered a strong first quarter driven by robust client activity in what was a favorable operating environment for our business. The exchange volumes in Q1 were up 15% year on year and up 12% versus the fourth quarter.

那麼，讓我們來看看幻燈片 4 上的表演亮點。在有利於我們業務的經營環境下，得益於強勁的客戶活動，我們第一季取得了強勁的業績。第一季交易量較去年同期成長15%，季增12%。

And there was a Goldilocks level of volatility across many asset classes which we were able to monetize. Adjusted PBT was up 42% with strong revenue growth, as Rob will discuss later, in all of our business segments. Agency execution was a particular standout with continued growth in prime services.

許多資產類別的波動性都處於適當水平，我們能夠將其貨幣化。調整後的稅前利潤上漲了 42%，所有業務部門的收入都實現了強勁增長，Rob 稍後會對此進行討論。隨著主要服務的持續成長，代理執行尤為突出。

And our energy business also performs strongly. At the start of April, there was a period which included some very high volume days, typically 2 to 3 times the average level for the first quarter. We were able to process these heightened volumes successfully on our platform, confirming the operational resilience of the firm and the scalability of our platform.

我們的能源業務也表現強勁。四月初有一段時間，交易量非常大，通常是第一季平均的2到3倍。我們能夠在我們的平台上成功處理這些增加的交易量，從而證實了公司的營運彈性和我們平台的可擴展性。

We also managed our risk well, remaining in close dialogue with our clients and added materially to our liquidity position, maintaining record levels of surplus. This liquidity surplus has further increased with a $500 million senior notes issuance that we executed in early May as we continue to extend and diversify our funding sources.

我們也很好地管理了風險，與客戶保持密切對話，並大幅增強了流動性狀況，保持了創紀錄的盈餘水準。隨著我們繼續擴大和多樣化我們的資金來源，我們在 5 月初發行了 5 億美元的優先票據，流動性盈餘進一步增加。

Although there is a funding cost which impacts net interest income, this is very valuable insurance from our perspective in this type of environment, and this is a trade-off that we are willing to make to mitigate our risk. At the end of March, we completed the honor acquisition and expect Hamilton Court to also close later this quarter.

儘管融資成本會影響淨利息收入，但從我們的角度來看，在這種環境下，這是非常有價值的保險，也是我們願意做出的權衡，以降低風險。三月底，我們完成了榮譽收購，預計漢密爾頓法院也將於本季稍後關閉。

We successfully executed on our 2nd equity follow on transaction since our IPO, and we're extremely pleased with the response, which reflected very strong support from the market. And we've increased our dividend to $0.15 per share for the first quarter of 2025 from $0.14 per quarter in 2024 post our IPO.

我們成功完成了自首次公開募股以來的第二筆股權跟進交易，我們對市場的反應感到非常滿意，這反映了市場非常強勁的支持。我們將股利從 2024 年 IPO 後的每季 0.14 美元提高到 2025 年第一季的每股 0.15 美元。

On page 5, we've laid out the key metrics that we use to assess our performance, growth, margins and returns, productivity, and quality of earnings. Revenues grew 28% to $467 million while our margin increased to 21%, delivering adjusted PBT of $96 million up 42%.

在第 5 頁，我們列出了用於評估我們的業績、成長、利潤和回報、生產力和獲利品質的關鍵指標。營收成長 28% 至 4.67 億美元，利潤率成長至 21%，調整後稅前利潤成長 42% 至 9,600 萬美元。

Reported return on equity was 29%, up 6% points year over year. Our sharp ratio of monthly adjusted profits was 5, reflecting the quality and resilience of our earnings and the relatively tight distribution of daily profitability. We also track our performance versus overall exchange volumes, which are publicly available.

報告的股本回報率為 29%，年增 6 個百分點。我們的月度調整利潤的夏普比率為5，反映了我們的獲利品質和彈性以及每日獲利分佈相對緊密。我們也追蹤我們的業績與公開的整體交易量的關係。

We recognize this relationship is directional rather than determinative, as volumes are only one driver of revenues, albeit an important one, and it does provide a very useful lens on our business. Volumes on exchange don't capture OTC or other off exchange activity such as Prime services, which are included in our revenues and explain, for example, the outperformance in our agency and execution segment in securities this quarter.

我們認識到這種關係是方向性的而不是決定性的，因為數量只是收入的一個驅動因素，儘管它是一個重要的因素，它確實為我們的業務提供了非常有用的視角。交易所交易量不包括場外交易或其他場外交易活動，例如 Prime 服務，這些活動包含在我們的收入中，並可以解釋本季度我們的證券代理和執行部門的優異表現。

While we're attentive to the quarterly numbers, we typically focus on the longer term time period which has less noise in it. On this basis, it's apparent that we continue to gain share and are growing faster than the market, which itself is growing at a healthy rate, as you can see on the next slide.

雖然我們關注季度數據，但我們通常關注噪音較少的長期時間。在此基礎上，顯然我們的市場份額不斷擴大，而且增長速度快於市場，而市場本身也在以健康的速度增長，正如您在下一張幻燈片中看到的那樣。

Slide 7, shows the growth in exchange volumes in our markets since 2021. This growth accelerated in Q1, reflecting the strong operating environment this quarter. As I said at the investor day, this growth is above what we would have expected at IPO and is underpinned by secular trends.

幻燈片 7 顯示了自 2021 年以來我們市場交易量的成長。第一季的成長加速，反映出本季強勁的經營環境。正如我在投資者日所說的那樣，這種增長超出了我們在 IPO 時的預期，並且受到長期趨勢的支撐。

These secular trends include growing demand for listed derivatives due to increased receptivity to this as a hedging tool globally. There is also increasing demand from producers and consumers of energy and commodities to hedge out their exposures on a recurring basis.

這些長期趨勢包括對上市衍生性商品的需求不斷增長，因為全球範圍內對上市衍生性商品作為對沖工具的接受度不斷提高。能源和商品的生產者和消費者對定期對沖風險敞口的需求也在增加。

And the ongoing expansion of the financial product market is presenting us with significant opportunity to grow and diversify our firm. We're also in a world of macroeconomic uncertainty and geopolitical unpredictability that you see playing out every day.

金融產品市場的持續擴張為我們公司的發展和多元化提供了重大機會。我們處在一個宏觀經濟不確定、地緣政治難以預測的世界，這種情況每天都在發生。

This is an attractive market backdrop for us with high exchange volumes, not just in individual asset classes but across most asset classes simultaneously. In addition to exchange volumes, another important driver of our performance is volatility.

對我們來說，這是一個相當吸引人的市場背景，因為交易量很高，不僅在單一資產類別中，而且在大多數資產類別中都是如此。除了交易量之外，影響我們績效的另一個重要因素是波動性。

What's interesting about the data is that it shows volatility has been declining somewhat over the last 3 years, during which time period we have grown our profits materially. We have set up the firm to generate reliable earnings growth across the cycle through servicing client flow and gaining share, while also being able to capture upside in periods of unusual volatility.

有趣的是，數據顯示波動性在過去 3 年裡有所下降，而在此期間我們的利潤卻大幅增加。我們設立公司的目的是透過服務客戶流和獲得份額，在整個週期內實現可靠的獲利成長，同時也能夠在異常波動時期抓住上行機會。

These volatility spikes tend to be quite short dated, often only a few weeks before reverting to more normalized levels. Although we might see a 5% to 10% earnings benefit from higher volatility in a particular quarter, as we did, for example, in Q2 last year, over a four-year period, they are less visible.

這些波動性高峰往往持續時間很短，通常只持續幾週就會恢復到更正常的水平。儘管我們可能會看到某個季度的波動性上升會帶來 5% 到 10% 的收益收益，例如去年第二季度，但在四年的時間裡，這種收益收益並不那麼明顯。

The key point here is we are not reliant on these elevated periods of volatility to deliver profit growth, and we are proud of our track record of delivering sequential growth through a variety of market environments. A quick word on our recent equity and debt issuance activity before I hand over to Rob.

這裡的關鍵點是，我們並不依賴這些劇烈波動的時期來實現利潤成長，我們為在各種市場環境下實現連續成長的業績感到自豪。在交給 Rob 之前，我想先簡單介紹一下我們最近的股權和債務發行活動。

The secondary offering in mid-April was a standout success at over 8 times over subscription, notwithstanding the tough market backdrop at the time. To be able to accomplish this in such a volatile market environment with the VIX in the mid-30s is something we're extremely proud of.

儘管當時市場環境嚴峻，但 4 月中旬的二次發行仍取得了巨大成功，超額認購超過 8 倍。能夠在 VIX 指數處於 30 多點的如此動蕩的市場環境中實現這一目標，我們感到非常自豪。

We brought in many new investors and saw continued participation from existing shareholders, further improving the quality of our share register and demonstrating our increased credibility as a public company. Our free flow has increased from 38% at IPO to nearly 70% in a year. Our average daily trading volume has also increased from less than $10 million in the six months post IPO.

我們引入了許多新投資者，並看到現有股東的持續參與，進一步提高了我們的股東名冊的質量，並表明我們作為上市公司的信譽有所提高。我們的自由流量從IPO時的38%在一年內成長到近70%。我們的平均每日交易量也從首次公開發行後六個月內的不到 1,000 萬美元有所增加。

To mid-teens between the 1st and 2nd follow-on, and it's now at over $40 million. Support from the market is also reflected in our $500 million dollar US dollar issuance of senior notes that we executed intraday on May 1st. This demonstrated further the market's comfort with Marex as an issuer and our ability to support our growth as a public company. With that, I'll hand over to Rob to take you through the financials in more detail.

從第一部到第二部續集，票房收入一直維持在十數億美元左右，目前已超過 4,000 萬美元。我們在 5 月 1 日盤中執行的 5 億美元優先票據發行也反映了市場的支持。這進一步表明市場對 Marex 作為發行人的信心以及我們作為上市公司支持其發展的能力。接下來，我將交給 Rob 向您更詳細地介紹財務狀況。

Thanks, Ian, and good morning everyone. As Ian said, we had another strong quarter in line with our published preliminary range. Q1 revenue grew 28% to $467 million with strong growth across all business segments. Total costs increased 26% to $365 million.

謝謝，伊恩，大家早安。正如伊恩所說，我們又一個季度表現強勁，與我們公佈的初步預期一致。第一季營收成長 28%，達到 4.67 億美元，所有業務部門均實現強勁成長。總成本增加 26% 至 3.65 億美元。

Front office costs were up 23%, predominantly reflecting higher compensation costs on strong revenue performance across the group. Control and support costs were up 33%, primarily driven by investments in technology to support automation and business growth. We also continue to make investments in our finance, risk, and compliance functions to support our controlled growth and development as a public company.

前台成本上漲了 23%，主要反映了整個集團強勁的收入表現所導致的薪酬成本上升。控制和支援成本上漲了 33%，主要原因是對支援自動化和業務成長的技術投資。我們也繼續對財務、風險和合規職能進行投資，以支持我們作為上市公司的可控成長和發展。

This included specific investments relating to recent acquisitions and our compliance with Sarbanes-Oxley. Adjusted profit before tax grew 42% to $96 million. Well, margins expanded 200 basis points to 21%, reflecting margin improvement in agency and execution.

這包括與最近的收購有關的具體投資以及我們對薩班斯-奧克斯利法案的遵守情況。調整後的稅前利潤成長 42% 至 9,600 萬美元。嗯，利潤率擴大了 200 個基點，達到 21%，這反映了代理和執行方面利潤率的提高。

Non-operating adjustments were a gain of $1.7 million this quarter due to a bargain purchase gain of $3.4 million on Darton Group Limited. Adjusted return on equity rose to 30%. Well, adjusted diluted EPS was $0.91 per share, up 32% year over year. Now looking at our first quarter performance by business compared to Q1 2024.

本季非營業調整收益為 170 萬美元，歸因於 Darton Group Limited 的廉價收購收益為 340 萬美元。調整後的股本報酬率上升至30%。調整後的稀釋每股收益為每股 0.91 美元，年增 32%。現在來看看我們第一季的業務表現與 2024 年第一季的比較。

Clearing revenue grew 18% to $119 million driven by growth in net interest income as higher average balances more than offset lower average Fed fund rates. Net commission income was $1.7 million lower as positive performance in energy and metals was offset by lower client activity in agriculturals, which experienced higher volatility in Q1 2024 compared to this quarter.

清算收入成長 18%，達到 1.19 億美元，這得益於淨利息收入的成長，因為平均餘額的增加超過了平均聯邦基金利率的下降。淨佣金收入減少 170 萬美元，原因是能源和金屬領域的積極表現被農業領域客戶活動的減少所抵消，農業領域在 2024 年第一季的波動性高於本季度。

Agency and execution revenue grew 42% to $240 million driven by growth in all asset classes. Securities revenue grew 59% to $151 million. The most significant contribution came from the continued build out of our prime services offering, including growth and security-based swaps. Energy revenue grew 20% to $88 million reflecting the combination of record volumes, strong demand for our environmentals offering, and the benefit of acquisitions.

受所有資產類別成長的推動，代理和執行收入成長 42%，達到 2.4 億美元。證券收入成長59%，達到1.51億美元。最重要的貢獻來自於我們主要服務的持續拓展，包括成長和以證券為基礎的掉期。能源收入成長 20%，達到 8,800 萬美元，這反映了創紀錄的銷售、對我們環境產品的強勁需求以及收購的好處。

Adjusted profit before tax more than doubled in this segment as margins improved from 13% to 24%. This was driven by the benefit from restructuring as well as growth in higher margin activity, particularly in prime services. Market making revenue grew 27% to $53 million with growth in all asset classes.

該部門的調整後稅前利潤成長了一倍多，利潤率從 13% 提高到 24%。這是由重組帶來的好處以及高利潤活動（尤其是主要服務）的成長所推動的。隨著所有資產類別的成長，做市收入成長了 27%，達到 5,300 萬美元。

Security revenues doubled, more metals revenue growth was more muted at 6% due to the uncertainty arising from the potential implementation of global tariffs on base metals. Average daily bar or value at risk remain low at $3.4 million as we continue to manage our market risk well with 92% of trading days and 100% of weeks positive in the quarter.

證券收入翻了一番，而由於全球基本金屬關稅的潛在實施帶來的不確定性，金屬收入成長較為溫和，僅 6%。由於我們繼續良好管理市場風險，本季 92% 的交易日和 100% 的交易週均為正值，因此平均每日風險值或風險價值仍保持在 340 萬美元的低點。

Solutions revenue grew 9% to $45 million against a very tough first quarter comparative as the business continued to benefit from the expanding sales team and onboarding of new clients. Financial products grew 41% to $31 million driven by structured notes balance growth.

與第一季相比，解決方案收入成長了 9%，達到 4,500 萬美元，因為業務繼續受益於不斷擴大的銷售團隊和新客戶的加入。受結構性票據餘額成長的推動，金融產品成長 41%，達到 3,100 萬美元。

Hedging solutions decreased 27% to $14 million also reflecting higher volatility in parts of the ag market in Q1 2024. Average balances in the first quarter increased to $17.1 billion up from $11.3 billion a year ago, driven by growth in plant balances and our increased liquidity position. As Ian said, we intentionally hold high levels of liquidity to support our businesses and clients through volatile markets, even if this costs us more from a funding perspective, as was the case this quarter.

對沖解決方案下降 27% 至 1,400 萬美元，也反映出 2024 年第一季部分農業市場的波動性加劇。第一季的平均餘額從去年同期的 113 億美元增至 171 億美元，這得益於工廠餘額的成長和流動性狀況的提高。正如伊恩所說，我們有意保持高水準的流動性，以便在動盪的市場中支持我們的業務和客戶，即使從資金角度來看這會花費我們更多成本，就像本季的情況一樣。

Net interest income was $53.4 million compared to $35.6 million in Q1 last year, reflecting the significant step up in average balances, including growth in prime services, despite a lower average Fed fund rate. NII reduced by $9 million versus the fourth quarter, driven by several items.

淨利息收入為 5,340 萬美元，而去年第一季為 3,560 萬美元，反映出儘管平均聯邦基金利率較低，但平均餘額仍大幅增加，包括主要服務的成長。由於多項因素的影響，NII 與第四季度相比減少了 900 萬美元。

First, higher interest expense reflecting the full quarter's impact of the $600 million US dollar notes issued in late October 2024 and increased structured notes issuance. This meant our liquidity position was very strong at the start of April.

首先，利息支出增加反映了 2024 年 10 月下旬發行的 6 億美元美元票據和增加結構性票據發行對整個季度的影響。這意味著我們的流動性狀況在四月初非常強勁。

Second, the impact of average Fed funds decreasing by 35 basis points, and third, the repricing of fixed-term investments at lower rates. These factors were partially offset by $1.6 billion dollar growth in average balances. The Fed funds for curb is currently implying 2 to 3 rate cuts by year end, and as before, we have given you our illustrative rate sensitivity.

第二，平均聯邦基金利率下降35個基點的影響；第三，以較低利率對定期投資進行重新定價。這些因素被平均餘額 16 億美元的成長部分抵消。聯邦基金利率抑制目前暗示年底前將降息 2 至 3 次，和以前一樣，我們已經向您提供了說明性的利率敏感度。

This indicates that 100 basis points decrease in rates across a full year would reduce adjusted profit before tax by around $20 million. This is of course assuming a static balance sheet and ignoring any future growth or actions we might take.

這表明，全年利率下降 100 個基點將導致調整後稅前利潤減少約 2,000 萬美元。這當然是假設資產負債表是靜態的，而忽略了未來的成長或我們可能採取的行動。

We have a rolling hedge program in place which causes a modest drag to NRI today and offers us protection if rates were to fall below the current Fed funds curve. Turning now to our balance sheet and strong capital and liquidity position on the next two slides before I hand back to Ian to conclude.

我們已實施滾動對沖計劃，該計劃目前對非居民印度人產生了適度拖累，並在利率跌破當前聯邦基金曲線時為我們提供保護。現在，我將在接下來的兩張投影片中介紹我們的資產負債表以及強大的資本和流動性狀況，然後交還給 Ian 進行總結。

As a reminder on this slide, you can see that 80% of our balance sheet consists of high quality liquid assets which support client activity. Once we net off assets and liabilities by client activity, we are left in the corporate balance sheet that carries corporate cash and other assets against group liabilities, including our structured notes portfolio and senior note issuance.

從這張投影片可以看出，我們的資產負債表的 80% 由支援客戶活動的高品質流動資產組成。一旦我們根據客戶活動抵消資產和負債，公司資產負債表中就剩下公司現金和其他資產與集團負債，包括我們的結構性票據組合和優先票據發行。

Total assets remain broadly stable at $24.4 billion as at the end of March, as did our residual assets of $5.1 billion. We manage our capital and liquidity risk very prudently, as reflected in the headroom that we maintain above minimum requirements to ensure we're well positioned in periods of market stress.

截至 3 月底，總資產基本上保持穩定，為 244 億美元，剩餘資產也保持穩定，為 51 億美元。我們非常謹慎地管理我們的資本和流動性風險，這體現在我們保持高於最低要求的淨空，以確保我們在市場壓力時期處於有利地位。

During the first quarter in particular, we held very high levels of liquidity, which, as I mentioned before, had an impact on NII. At the end of Q1 2025, total funding was $4.3 billion up from $3.8 billion at year end, with $1.2 billion of surplus to support our day to day operations.

特別是在第一季度，我們的流動性水平非常高，正如我之前提到的，這對 NII 產生了影響。截至 2025 年第一季末，總資金為 43 億美元，高於年底的 38 億美元，並有 12 億美元的盈餘可支持我們的日常營運。

Our structured note program remains a core source of funding for us, and we've further extended our funding maturity profile with our $500 million US dollars senior debt issuance earlier this month. Taking this into account, our liquidity surplus over our regulatory minimum as of last week stood at $1.6 billion.

我們的結構性票據計畫仍然是我們資金的核心來源，我們在本月稍早發行了 5 億美元的優先債務，進一步延長了我們的融資期限。考慮到這一點，截至上週，我們的流動性盈餘超過監管最低限額 16 億美元。

This also supports our investment grade credit ratings from S&P and Fitch. Last month, Fitch updated its rating outlook for Marex from stable to positive to reflect our strong earnings and diversification of our franchise. Our strong capital generation meant we were able to announce an increased quarterly dividend of $0.15 per share for the first quarter of 2025 payable to shareholders on the 10th of June. And now I'll hand back to Ian.

這也支持了我們獲得標準普爾和惠譽的投資等級信用評等。上個月，惠譽將 Marex 的評級展望從穩定上調至正面，以反映我們強勁的盈利能力和特許經營的多元化。我們強大的資本創造能力意味著我們能夠宣布 2025 年第一季的季度股息增加至每股 0.15 美元，並於 6 月 10 日支付給股東。現在我將把麥克風交還給伊恩。

Thanks, Rob. So in conclusion, this was a strong quarter. It was an above normal operating environment with higher levels of activity and volumes that we were able to convert into revenue and profit growth. The second quarter has started well. We saw higher volumes in early April, which tested the operational resilience of our infrastructure before they reverted to more normalized levels in the second half of the month.

謝謝，羅布。總而言之，這是一個強勁的季度。這是一個高於正常的營運環境，活動水平和交易量更高，我們能夠將其轉化為收入和利潤成長。第二季開局良好。4 月初，我們的交易量有所增加，這對我們基礎設施的營運彈性進行了考驗，之後在下半月，交易量恢復到了更正常的水平。

As far as the rest of the year is concerned, we see a lot of momentum and are excited about our future, but remain sanguine about the risks and how the environment might change. We've laid on a lot of extra liquidity to protect the firm at a cost obviously, but that is one that we believe is well worth paying.

就今年剩餘時間而言，我們看到了很大的發展勢頭，對未來感到興奮，但對風險和環境可能如何變化仍然保持樂觀。我們投入了大量額外的流動資金來保護公司，這顯然是有代價的，但我們認為這是值得的。

Rates are expected to continue to fall, which will impact net interest income. But as we saw in the first quarter, we're able to deliver very strong results notwithstanding this impact. We continue to evaluate many M&A opportunities and are maintaining our strict discipline as you would expect us to. We have passed on select deals where we felt we were unable or unlikely to meet our return hurdles, but are confident that there will be many transactions which will in fact meet our return targets.

預計利率將繼續下降，這將影響淨利息收入。但正如我們在第一季看到的那樣，儘管受到這種影響，我們仍然能夠取得非常強勁的業績。我們將繼續評估許多併購機會，並正如您所期望的那樣，保持嚴格的紀律。我們放棄了一些我們認為無法或不太可能滿足回報目標的交易，但我們相信，許多交易實際上將能夠滿足我們的回報目標。

Through a combination of organic and inorganic initiatives, we expect to be able to deliver continued structural growth, which offsets macro headwinds. We've had a great start to the year, are aware of the challenges, and are very confident about the position of the franchise and our opportunities set. With that, I'll ask the operator to open the call for your questions.

透過有機和無機舉措的結合，我們期望能夠實現持續的結構性成長，從而抵消宏觀不利因素。我們今年有了一個良好的開端，意識到了挑戰，並且對特許經營的地位和我們所面臨的機會非常有信心。說完這些，我將請接線生開始回答你們的問題。

(Operator Instructions). Benjamin Budish from Barclays.

（操作員指令）。巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hi, good morning and thank you for taking my questions. Ian, I was wondering if perhaps to start we could come back to the prime business, just trying to think through. I mean, can you unpack in a little bit more detail what is going on there that's changed? Just kind of looking at the last, 56 quarters of revenues, it looks like there's been a step function higher in both.

大家好，早安，感謝您回答我的問題。伊恩，我在想我們是否可以先回到主要業務，只是想仔細想想。我的意思是，您能否更詳細地解釋那裡發生了什麼變化？僅從過去 56 個季度的收入來看，似乎兩者都呈階躍式增長。

The last couple of quarters. So just trying to think through, like, are we at a new run rate? Is there more upside? Like how much is sort of environmentally, kind of benefiting you right now? And it looks like your profit margin in the agency and execution segment also stepped up quite a bit. Is that something we should see more of, or are we kind of at the right level in like the low to mid-20s?

最近幾季。所以只是想一想，我們是否處於新的運行率？還有更多好處嗎？例如，現在這對環境有多大好處呢？看起來你們在代理和執行部分的利潤率也提高了不少。我們應該更多地看到這種情況嗎，或者我們是否處於 20 多歲的正確水平？

Well, thanks, Ben. I'll give you sort of my perspective and then, Paolo runs the businesses with us and I think he can sort of add additional sort of points there. I mean, I think with regard to sort of prime services, there are a couple of things that are sort of worth noting. One is, as we described previously, we always felt that this was going to be a hugely important part of the sort of strategic plan of the firm and that, it represented, a really important, level of growth for us.

好吧，謝謝，本。我會給你我的觀點，然後，保羅和我們一起經營生意，我想他可以在那裡添加額外的觀點。我的意思是，我認為就主要服務而言，有幾件事值得注意。一是，正如我們之前所描述的，我們始終認為這將成為公司策略計畫中非常重要的一部分，並且它代表著我們真正重要的成長水平。

I think as we also shared, it was a little bit slower than we expected. In the sense that, integrating it and making it part of Marras and reversing, sort of some of the sort of issues that had arisen while it was sort of for sale, as part of TD, just took a little bit longer than we thought. And so it was sort of a bit slower in 2024 than we would have expected, but we've definitely seen, a really nice pick up in that, in the fourth quarter, and that's extended, to the first quarter.

我想正如我們所分享的，它比我們預期的要慢一點。從某種意義上說，將其整合並使其成為 Marras 的一部分，並扭轉一些在作為 TD 的一部分出售時出現的類似問題，只是花費的時間比我們想像的要長一些。因此，2024 年的成長速度比我們預期的要慢一些，但我們確實看到，第四季出現了非常好的成長，而且這種成長態勢延續到了第一季。

In terms of, the expectation with regard to, the run rate, I think there was a certain amount of unmet demand which we, have now captured, and I think that that has elevated the level. I don't think that it represents a peak, but I do think that, the growth rate will probably slow from, what we've experienced over the last two quarters, but I certainly have an expectation that over the long term this will, continue to represent, a really important opportunity for us.

就運行率預期而言，我認為存在一定數量未滿足的需求，我們現在已經捕獲了這些需求，我認為這已經提高了水平。我不認為這代表著一個峰值，但我確實認為，成長率可能會比過去兩個季度的成長率慢，但我確實預計，從長遠來看，這將繼續為我們帶來一個真正重要的機會。

I would say similarly with regard to securities. The agency and execution segment which you asked about, we have been sort of flagging for a while that, we did believe that it was a real opportunity, to raise margins in that segment, as a result of the restructuring of an integration of sort of the acquisitions that we've done in that in that place, that space, I think Paolo's going to be sort of too modest to sort of claim all the credit there, but he really does deserve and the team, a lot of credit for the work that they've done, to improve the margins and the profitability of, that particular business.

對於證券，我也有類似的看法。您提到的代理和執行部門，我們一直在努力，我們確實認為這是一個真正的機會，可以透過重組和整合我們在那個領域所做的收購來提高該部門的利潤率，我認為 Paolo 會過於謙虛，不會將所有功勞都歸於自己，但他和團隊確實值得稱讚，因為他們所做的工作提高了該特定業務的利潤率和盈利能力。

And again, I think that there's been a Left which it's not going to maintain at the same pace, but I don't believe we're absolutely at sort of the limit, but the amount of margin expansion we would expect there will be less than the expansion we've seen today. Do you want to, yeah.

而且，我認為左派不會以同樣的速度維持下去，但我不認為我們已經達到了極限，但我們預期利潤率的擴張幅度將低於我們今天看到的擴張幅度。你想嗎？是的。

I mean, thanks, Ben. I need to add a couple of points, on the first question around sort of prime brokerage as Ian said, it took some time. To sort of reverse the sort of negative momentum, but we have consciously added product capability and you know that takes a little bit of time and I think that you know some important extensions to products, particularly some of the synthetic offerings that we now have really only came online in late in the 3rd quarter and into the 4th quarter, and that sort of allowed us to increase the volume of activity across, very, a very large number of clients, it's, It now feels as though that's quite stable.

我的意思是，謝謝你，本。我需要補充幾點，關於第一個問題，正如伊恩所說，有關大宗經紀業務，這花了一些時間。為了扭轉這種負面勢頭，我們有意識地增加了產品功能，這需要一點時間，我認為你知道一些重要的產品擴展，特別是我們現在實際上只在第三季度末和第四季度上線的一些合成產品，這讓我們能夠增加大量客戶的活動量，現在感覺好像相當穩定。

I think that it will grow from here, but at a much more modest rate, so somewhere in the sort of high single digits, maybe sort of low double digits, as opposed to, the very sort of rapid growth that we saw between the 2nd, between the 3rd quarter, the 4th quarter, and into the 1st quarter.

我認為它會從現在開始成長，但速度會溫和得多，大概在高個位數，也可能是低兩位數，而不是我們在第二季、第三季、第四季和第一季看到的那種快速成長。

And then as we sort of we talked about consistently, our margin target for agency and execution was in the, mid-20s, and we didn't really expect to get there as quickly as we have, but we always expected that we would, be able to get there through some combination of.

然後，正如我們一直在談論的那樣，我們的代理和執行利潤目標是 25% 左右，我們並沒有真正期望如此快速地實現這一目標，但我們始終期望能夠透過某種組合來實現這一目標。

Capabilities and restructuring some of our businesses. So I think you know we're close to our target levels and we might see some improvement. We certainly hope to have some improvement, but we're not going to see these sort of large percentage increases again it will be much more modest.

能力和重組我們的一些業務。所以我想你知道我們已經接近我們的目標水平並且我們可能會看到一些改善。我們當然希望有所改善，但我們不會再看到這種大幅的百分比成長，而會是更溫和的成長。

Right, all very helpful. Maybe just a quick follow up on Arno, which closed at the end of March. I'm assuming there was very little contribution, if any, in the quarter. So any just sort of modeling help you could provide, where do the revenues show up? What are the sort of what's the P&L profile look like?

對，都很有幫助。也許只是對 3 月底關閉的 Arno 的快速跟進。我認為本季的貢獻很小，甚至沒有。那麼，您能提供任何形式的建模協助嗎？收入來自哪裡？損益表是什麼樣的？

And in terms of kind of cross sell in the Middle East, what's sort of the timeline for when you think you can start to execute on some of those opportunities? Thank you.

就中東的交叉銷售而言，您認為何時可以開始執行其中一些機會？謝謝。

So with regard to ANA, it closed absolutely at the end of the quarter, so you've seen almost no contribution in the quarter from ANA. I think that, it's performed, in April, at the levels that, we'd anticipated. So, we've seen some of those sort of day one synergies we anticipated sort of coming through and it's certainly performing, consistently with all of those expectations.

因此，就全日空而言，它在本季度末完全關閉，因此您在本季度幾乎沒有看到全日空的貢獻。我認為，四月的表現已經達到了我們預期的水平。因此，我們已經看到了我們預期的某些第一天的協同效應，並且它的表現確實與所有這些預期一致。

You know what has been heartening with regard to that is that we have now had, a couple of the sort of marquee accounts, in Abu Dhabi reach out to become clients of the firm which, previously we'd been in discussions with them, but not having in Abu Dhabi, entity had prevented us from being able to on board those, so it's still very early days with regard to, the cross sale and the addition of new clients because of the Abu Dhabi presence, but certainly, for the 1st month it's going extremely well. Rob, do you want to talk about where it's going to turn up? Yeah.

您知道嗎，令人振奮的是，我們現在已經在阿布達比擁有幾個大客戶，他們願意成為我們公司的客戶。之前我們曾與他們進行過討論，但由於阿布達比沒有實體，我們無法加入他們，所以由於在阿布達比的存在，交叉銷售和增加新客戶還處於非常早期的階段，但可以肯定的是，第一個月一切進展非常順利。羅布，你想談談它會在哪裡出現嗎？是的。

So it'll turn up in our clearing segment then going forward.

因此它將出現在我們的清算部分中。

All right. Thank you very much.

好的。非常感謝。

Thanks Ben.

謝謝本。

Kyle Voigt from KBW.

來自 KBW 的 Kyle Voigt。

Hey, good morning, everyone. Maybe if I just start on the clearing commissions, I hear your point about ag volatility kind of pulling back a bit on a year to year basis, but even so at CME we saw over 20% growth in ag volumes in one.And I think even you disclosed 27% growth in in total cleared futures volumes in the quarter so I was just wondering if you could provide a bit more color on the divergence between your cleared volume growth and the commission revenue growth.

嘿，大家早安。也許如果我只從清算佣金開始說，我聽到了您關於農業波動性逐年回落的觀點，但即便如此，在芝加哥商品交易所，我們看到農業交易量增長了 20% 以上。而且我認為您甚至披露了本季度清算期貨總交易量增長了 27%，所以我只是想知道您是否可以提供更多關於清算量增長和佣金收入增長之間差異的信息。

Was there anything to note from a pricing perspective that you're. In the quarter whether that's competition related or product mix, and then if you can just provide a bit more color on what we're seeing in the market on the ag side versus what you're seeing and what you're telling us in terms of your ags business on the clearing front, I'm seeing product mix related as well.

從定價角度來看，有什麼需要注意的嗎？在本季度，無論是與競爭有關還是與產品組合有關，如果您可以提供更多關於我們在農業方面看到的市場情況以及您在清算方面的農業業務方面所看到的情況和您告訴我們的情況的信息，我認為產品組合也與此有關。

Yeah, I mean there are a number of things you're asking about, I think around a. You'll recall that the first quarter of last year was a sort of unusually sort of positive environment, particularly around cocoa, but also with a bunch of, the other, sort of agricultural products. So I think that, a big That that that was sort of, genuinely, an unusual environment that I think we were able to do particularly well with.

是的，我的意思是你問到了很多事情，我想大概有以下幾點。你會記得，去年第一季的環境異常積極，尤其是可可，但也包括一堆其他類型的農產品。所以我認為，那確實是一個不尋常的環境，我認為我們能夠做得特別好。

What we're seeing, at the moment is not, sort of pricing pressure or anything of that kind, we are seeing, as we saw in metals, some amount of people sitting on the sidelines, around, some of the agricultural products, as well as, sort of some of the metal products where people are just sort of unsure of how the tariffs are going to play out.

目前，我們看到的不是價格壓力或類似的東西，而是像我們在金屬行業看到的那樣，有些人對一些農產品和一些金屬產品持觀望態度，他們不確定關稅將如何發揮作用。

It's actually been evident, in market making, in the agricultural products where, the open interest has been defining some of those products. So, broadly, the reason that you want to have a diversified business is because there will be periods where, individual asset classes perform well and other asset classes are. Seeing less activity and you know that's the power of, sort of broadening out. So I think that's That that's really the story as I see it and if there's something you want to add on. So.

事實上，在農產品市場中，未平倉合約已經明顯定義了其中一些產品。因此，廣義上講，您希望開展多元化業務的原因是，在某些時期，單一資產類別表現良好，而其他資產類別表現不佳。看到活動減少，你就會知道這就是擴大的力量。所以我認為這就是我所看到的故事，如果你想補充一些內容的話。所以。

The one thing I would say that within the press release, the contracts cleared is the training 12 months, if not the quarter only. So if you actually look in on the slides, slide 6, you'll see that our volumes are up 17%, which is very much in line with our revenues.

我想說的是，在新聞稿中，已批准的合約是培訓 12 個月，而不是僅按季度。因此，如果您實際看一下投影片 6，您會發現我們的銷量成長了 17%，這與我們的收入非常一致。

Understood. Thank you for clarifying. Just a follow up on the 500 million notes issuance in May. Do you feel comfortable with where you're at now from a funding perspective as we think about the remainder of this year and how should we think about the need for additional funding as we're modeling out into 2026?

明白了。感謝您的澄清。這只是 5 月發行 5 億張票據的後續行動。當我們考慮今年剩餘時間時，從資金角度來看，您對目前的狀況感到滿意嗎？在我們展望 2026 年時，我們該如何考慮額外資金的需求？

Yeah, look, I think that I think we feel very comfortable with sort of our liquidity position as Rob was indicating, I think that, when you're in these periods of heightened uncertainty, and this week, may feel like it's all, sort of dampening down and everything's fine. I mean that's not in the way it's felt at various points in the course of, sort of April, and I suspect there will be, other weeks where it'll feel.

是的，看，我認為我們對我們的流動性狀況感到非常滿意，正如羅布所指出的，我認為，當你處於這些不確定性加劇的時期時，本週，可能會感覺一切都有所減弱，一切都很好。我的意思是，這種感覺與四月不同時間點的感覺不同，我懷疑其他幾週也會有這種感覺。

Sort of less benign. So given that as a basic backdrop, it seemed to us that it's sensible to increase the amount of liquidity you hold, we were, as you'll be aware, able to issue under, our F1 because we had. Statutory accounts, information and that had not yet gone stale and so we were able to sort of issue in a format that you know is typically the one that the market is looking for and that was, a driver of the timing and why we wanted to do it, in early May.

有點不太溫和。因此，鑑於這一基本背景，我們認為增加持有的流動資金量是明智之舉，正如您所知，我們能夠根據 F1 發行債券，因為我們已經這樣做了。法定帳目、資訊等尚未過時，因此我們能夠以市場通常尋求的形式發布訊息，這也是我們選擇在 5 月初發布這一消息的時機和原因。

But when you have an opportunity, to raise liquidity in a business like ours, it just seems sensible to do, and it does provide us with sort of two things. One is sort of insurance in the event that, the markets, sort of behave in a much more volatile way, and we have to support our clients with additional liquidity, particularly around clearing.

但是，當你有機會提高像我們這樣的企業的流動性時，這樣做似乎是明智的，而且它確實為我們提供了兩樣東西。一種是當市場表現更加不穩定時的一種保險，我們必須為客戶提供額外的流動性支持，特別是在清算方面。

But what it also does is it supports, the ongoing growth of the franchise and our ability to add clients and to continue to support them. So whether it's on defense because, the world is just a sort of more volatile place and we need more liquidity to support the existing clearing or it turns out to be, offense where it gives us an ability to add new clients or increase the amount of business we do with clients.

但它也能支持特許經營的持續成長以及我們增加客戶並繼續支持他們的能力。因此，無論是出於防守，因為世界變得更加動盪，我們需要更多的流動性來支持現有的清算，還是出於進攻，它使我們有能力增加新客戶或增加與客戶的業務量。

We feel that that added liquidity is. It's very valuable. We don't currently have plans to sort of issue again, but, I don't want to say definitively that we won't because if you have opportunities to grow the firm and add liquidity, I think you typically do take that. Thank you.

我們認為增加了流動性。這非常有價值。我們目前沒有再次發行債券的計劃，但我不想明確地說我們不會這樣做，因為如果你有機會發展公司並增加流動性，我認為你通常會抓住這個機會。謝謝。

Patrick Moley from Piper Sandler.

派珀·桑德勒 (Piper Sandler) 樂隊的帕特里克·莫利 (Patrick Moley)。

Good morning. I have a question on client clearing balances. You've now grown those average balances by over 10% sequentially in each of the last two quarters. Can you speak to, what drove the growth there in the first quarter and then from a modeling perspective, can you give us an idea of maybe where those balances ended the quarter and how they've trended in the 2nd quarter, given some of the volatility we've seen and how that might have impacted it.

早安.我對客戶清算餘額有疑問。在過去兩個季度中，您的平均餘額已連續成長 10% 以上。您能否談談推動第一季成長的因素，然後從模型的角度來看，考慮到我們所看到的一些波動以及這可能對其產生的影響，您能否告訴我們這些餘額在本季度結束時的情況以及它們在第二季度的趨勢如何。

Yeah, so I'll and then why don't you add. So the total balances that we disclose is made up of three things. First of all, it includes health cash. Secondly, it would include clearing balances, and thirdly, it would include balances related with our prime services business. What we saw in the first quarter is obviously, as you saw, there has been an increase in the house liquidity, but we also did see some reasonable growth within clearing and within our prime business.

是的，所以我會，然後為什麼不添加呢。因此，我們揭露的總餘額由三部分組成。首先，它包括健康現金。其次，它將包括清算餘額；第三，它將包括與我們的主要服務業務相關的餘額。如您所見，我們在第一季看到的顯然是房屋流動性增加，但我們也看到清算業務和主要業務出現了一些合理的成長。

In terms of the 2nd quarter, balances have held up well in April. Obviously it's still very early days. We're only 6 weeks into the quarter, but so far balances are holding up and as we've shown here, we do have experience of growing our franchise, growing our customer balances, and we would expect that to continue throughout the rest of this year.

就第二季而言，4月餘額保持良好。顯然現在還為時過早。本季度才剛過去 6 週，但到目前為止，餘額仍然保持穩定，正如我們在此所展示的，我們確實有擴大特許經營權、增加客戶餘額的經驗，我們預計這種情況將在今年剩餘時間內持續下去。

Yeah, I mean, I think the thing I'd add is, you, we do have a very sort of robust pipeline of clients that we're sort of bringing on, to be clearing clients of the firm, so. I think we've discussed with you, that tends to have quite a long lead time, you need to do a lot of work to get, clients integrated, onto your platform and, once somebody's a clearing client, it's a very sticky relationship, but it does involve, a lot of work to.

是的，我的意思是，我想補充的是，我們確實擁有非常強大的客戶管道，我們正在引進這些客戶，以清理公司的客戶。我想我們已經和你討論過了，這往往需要相當長的準備時間，你需要做很多工作才能讓客戶融入到你的平台上，而且，一旦某人成為清算客戶，這是一種非常緊密的關係，但它確實涉及很多工作。

To get them onto the platform. And the relevant point here is it means that we actually do have quite good visibility onto, new clients coming onto the platform, and that remains, extremely robust and consistent with, historic trend. I think that, you never know how much activity your existing clients are going to do with you, not because it's sort of going anywhere else, but it's just because you don't quite know what the market opportunity is going to be for them.

讓他們登上平台。這裡的相關點是，這意味著我們確實對進入平台的新客戶有相當好的可見性，而且這種可見性仍然非常強勁並與歷史趨勢一致。我認為，你永遠不知道現有客戶會與你進行多少活動，這並不是因為他們會去別的地方，而是因為你不太清楚他們會面臨什麼樣的市場機會。

But again, we have no reason to believe that, that's not going to continue at least the current levels, and certainly, into April we've seen, some increases. So both of the drivers of that, seem to be consistent with history.

但同樣，我們沒有理由相信，這種情況不會至少持續目前的水平，而且當然，到了四月份，我們已經看到有所增加。因此，這兩個驅動因素似乎都與歷史相符。

Okay great and then just to a follow up on M&A, an update on just on the appetite, overall appetite, what conversations have been like with potential targets, and it's been a few months now since you've announced the deal, just wondering how we should think about M&A throughout the rest of the year.

好的，太好了，然後我們來跟進一下併購的情況，更新一下對併購的興趣、總體興趣、與潛在目標的對話情況，自從你宣布這筆交易已經過去了幾個月，我只是想知道我們應該如何看待今年剩餘時間的併購。

Yeah, I think that we continue to be very active looking at, potential acquisitions. We're in conversation with, a number of potential acquisitions, as we indicated in the in the commentary, we also are very disciplined and if we can't, sort of generate our target of 20% or we at the end of, the 1st year, then. Something has to be sort of stupid, super strategic for us to sort of proceed with it.

是的，我認為我們會繼續積極地尋找潛在的收購。我們正在與一些潛在的收購進行談判，正如我們在評論中所指出的，我們也非常自律，如果我們不能在第一年年底實現 20% 的目標，那麼。有些事情必須有點愚蠢，而且非常具有策略性，我們才能繼續做下去。

And so, I think what you're seeing is the impact of our discipline, but it's not really slowing down, and it's not a case that our appetite has declined. If anything, I think it's probably gone up for acquisitions, and I would also say that, we're pretty excited about, the state of things, that we're looking at, but, one thing that It is important to us and you know we believe important to our investors is that we remain disciplined. I know what you're doing yeah I.

所以，我認為你所看到的是我們紀律的影響，但它並沒有真正減緩，而且我們的胃口也沒有下降。如果有的話，我認為它可能是為了收購而增加的，而且我還想說，我們對我們正在關注的事態感到非常興奮，但是，有一件事對我們來說很重要，而且你知道，我們相信對我們的投資者來說也很重要，那就是我們保持紀律。我知道你在做什麼，是的。

Mean just to say that I mean by their nature, the sort of timing of signing and closing is, not going to be completely smooth and you're not, we would never expect to have a sort of an announcement every quarter, even if over the course of.

我的意思是，從本質上講，簽署和結束的時間不會完全順利，我們永遠不會期望每個季度都會發布某種公告，即使在整個過程中也是如此。

A year we would hope to have 4 or 5 acquisitions. I know we, we've not, announced anything. It doesn't mean that we've not been working on, quite a few opportunities, and I would hope that we'll be at the point where we can have some, agreed transactions in the next, in the next few weeks or months.

我們希望每年進行四到五次收購。我知道我們還沒有宣布任何事情。這並不意味著我們沒有在努力尋找很多機會，我希望我們能夠在接下來的幾週或幾個月內達成一些商定的交易。

Okay, I appreciate the color that's it for me.

好的，我很欣賞這個顏色，對我來說就是這樣。

(Operator Instructions) Alex Leung from UBS. Please go ahead.

（操作員指示）瑞銀的 Alex Leung。請繼續。

Yes, hey, good morning, everyone. I wanted to ask about the environment so far this quarter. This is a topic that's been coming up obviously on some of the other calls this quarter, but it's really this question of what has happened to client health, etc. So obviously a lot of good volatility.

是的，嘿，大家早安。我想詢問一下本季迄今為止的環境。這個話題顯然在本季度的其他一些電話會議上出現過，但真正的問題是客戶健康狀況如何等等。因此顯然存在著許多良好的波動。

And good for you, but also there's always the worry that things turn bad, and it sounds like your business has held up pretty well, but just wondering if there's anything underneath that you can point to where, there were certain client segments with outsized losses or anything that we wake up in a in a month or two and see, hey, something, there was something that that that could hurt us in the future or do you think everything was pretty normal.

這對您來說是件好事，但總是擔心事情會變糟，聽起來您的業務一直保持得很好，我只是想知道您是否可以指出一些潛在的問題，例如某些客戶群體遭受了巨額損失，或者我們在一兩個月後醒來發現，嘿，有些事情可能會在未來傷害到我們，或者您認為一切都很正常。

Yeah I mean I was extremely pleased with, how the recent bout of volatility was sort of absorbed within our particular client set as I sort of reflect on why that is, I think that although we had quite a lot of volatility, what you didn't have was very substantial increase in prices in specific commodity, which is what you've seen, for example, after the Ukraine invasion. Or, in some of the metals markets, and it's those marketplaces where you have very sizable.

是的，我的意思是，我非常高興，最近的波動在某種程度上被我們特定的客戶群所吸收，我反思了為什麼會這樣，我認為，雖然我們有相當大的波動，但你並沒有看到特定商品價格大幅上漲，例如，在烏克蘭入侵之後，你就看到了這種情況。或者，在某些金屬市場中，這些市場的規模非常大。

Movements in, the price of a commodity typically up that creates liquidity pressure, for our particular clients because they own the physical is worth more, but they're hedging it with a financial instrument and the amount of margin they have to post on the financial instrument goes up and that creates, some amount of liquidity pressure for them. And interestingly, this bout of sort of volatility didn't have that so we had an experience of almost no missed margin calls, or late margin calls.

商品價格的波動通常會上漲，從而產生流動性壓力，對於我們的特定客戶而言，因為他們擁有的實物價值更高，但他們使用金融工具進行對沖，而他們必須在金融工具上支付的保證金金額會增加，這會給他們帶來一定的流動性壓力。有趣的是，這次波動並沒有出現這種情況，所以我們幾乎沒有遇到錯過追加保證金或延遲追加保證金的情況。

And so, It was, it was sort of unusual in the sense that there was a lot of, sort of volatility, but the clients all appeared to be well able to meet whatever sort of the requirements were. I mean, I do share your question of, where are the losses, do they just sort of sit on retail balance sheets or are they actually, going to get manifested in some financial institution?

所以，這有點不尋常，因為存在很大的波動性，但客戶似乎都能夠很好地滿足各種要求。我的意思是，我確實同意你的問題，損失在哪裡，它們只是停留在零售資產負債表上，還是實際上會在某些金融機構中反映出來？

I mean, all I can say is that we're not seeing it in any of our clients at all, and that the performance of the clients set has been sort of terrific. I mean, we have hardly, used margin multipliers at all. I mean, there was sort of one client set that, we weren't that familiar with and we added some margin multipliers for a couple of weeks and then took them all. So there's really been, Surprisingly little sort of client stress that has manifested itself, through our franchise. So, we're pleased to see that, and, long may it continue.

我的意思是，我只能說我們在任何客戶身上都沒有看到這種情況，而且客戶的表現一直都很棒。我的意思是，我們幾乎完全沒有使用保證金乘數。我的意思是，有一組我們不太熟悉的客戶，我們在幾週內添加了一些保證金乘數，然後將它們全部拿走。因此，令人驚訝的是，透過我們的特許經營，客戶所承受的壓力確實很小。因此，我們很高興看到這一點，並且希望這種情況能夠持續下去。

Alright, very good. And then just quick follow up on the clearing segment. I heard the answer obviously earlier on a year to year basis, but even on a quarter of a quarter basis, the business. On a commission site seems to have lagged kind of some of the expectations we had given what's going on in the market, but maybe related to that, I, if my numbers are right, I think the front office headcount was down as well and maybe even down the last couple of quarters.

好的，非常好。然後快速跟進清算部分。我顯然早就聽過答案，按年計算，但即使是按季度計算，業務也是如此。佣金網站似乎落後於我們對市場狀況的一些預期，但也許與此相關，如果我的數字正確的話，我認為前台員工人數也在下降，甚至可能在過去幾個季度有所下降。

So just wondering if there are there any teams that have left or are you deemphasizing? Certain markets just I thought you were in growth mode, so just surprised to see that the front office personnel number came down. Thank you. So.

所以我只是想知道是否有任何球隊已經離開或你不再強調？我以為某些市場正處於成長模式，所以我很驚訝地發現前台人員數量下降了。謝謝。所以。

There's been a little bit of remapping of headcount, particularly in our a business which straddles both clearing and market making. So I think that's what you're seeing, Alex. Yeah.

我們對員工人數進行了一些重新規劃，特別是在我們橫跨清算和做市的業務中。所以我認為這就是你所看到的，亞歷克斯。是的。

I mean what I can say is there's no change in our outlook with regard to the opportunity in clearing or our are interested in investing in it and there's been no loss of sort of teams or producers, over this period. So, and I think what you're just seeing is the, there's some unusual numbers in the, underlying the overall number when you sort of dig down, a level inevitably in any opposite type business.

我的意思是，我可以說，我們對清算機會的看法沒有改變，我們對此的投資興趣也沒有改變，而且在此期間也沒有失去任何團隊或生產商。所以，我認為您剛才看到的是，當您深入挖掘時，在總體數字背後會有一些不尋常的數字，這在任何相反類型的業務中都不可避免地是一個水平。

But the overall business is performing extremely well, it's margins are extremely strong, it's level of growth is one that we're very pleased with and one which we continue to invest in and have, high confidence we'll be able to continue to grow. It has a great pipeline.

但整體業務表現非常好，利潤率非常高，我們對它的成長水平非常滿意，我們將繼續對此進行投資，並且非常有信心我們能夠繼續成長。它擁有出色的管道。

We're, again seeing sort of top clients looking to come onto the. Onto the platform and so in terms of all the real things that sort of, drive the health of your franchise, all of those, are showing a very healthy franchise that is, continuing to grow and gain share.

我們再次看到一些頂級客戶希望加入我們。進入平台，就所有推動特許經營健康發展的實際因素而言，所有這些都表明特許經營非常健康，即繼續增長並獲得份額。

All right, very good. Thanks.

好的，非常好。謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Thank you. There are currently no further questions, I will have the call back for closing remarks.

謝謝。目前沒有其他問題，我將回電並做最後陳述。

Well, thanks everybody for joining us. As I said, it was, a strong quarter. We've had a strong start to, our second quarter. We're very pleased with the reaction to our equity offering and our debt offering. We're very pleased with, where the franchise is, how it's performing, the ability that we have to convert the capabilities and clients that we acquire like the cow and acquisition and show how much more profitable that can become as part of the Marex platform.

好吧，感謝大家加入我們。正如我所說，這是一個強勁的季度。我們第二季開局強勁。我們對我們的股票發行和債券發行的反應感到非常滿意。我們對特許經營的現狀、表現以及我們轉化所獲得的能力和客戶（如牛和收購）的能力感到非常滿意，並展示了作為 Marex 平台的一部分可以帶來多少利潤。

And so, we are extremely confident, over the long term and very pleased with what we've accomplished, year-to-date, which has been very strong start. So thank you for your questions and you know we look forward to updating you with the half year.

因此，從長遠來看，我們非常有信心，並且對今年迄今為止所取得的成就感到非常滿意，這是一個非常強勁的開端。感謝您的提問，我們期待向您通報半年來的最新情況。

Thank you. This concludes today's conference call. Thanks for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。