StoneX Group Inc (SNEX) 2025 Q2 法說會逐字稿

Good day, and thank you standing by. Welcome to the StoneX Group second quarter 2025 earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your first speaker today, Bill Dunaway, Chief Financial Officer. Please go ahead.

您好，感謝您的支持。歡迎參加 StoneX Group 2025 年第二季財報電話會議。（操作員指示）現在，我想將會議交給今天的第一位發言人，首席財務官比爾·達納威 (Bill Dunaway)。請繼續。

Good morning, and welcome to our earnings conference call for the quarter ended March 31, 2025, our second fiscal quarter. After the market closed yesterday, we issued a press release reporting our results for the quarter. This release as well as a slide presentation, which we will refer to on this call are available on our website www.stonex.com. The presentation and an archive of the webcast will also be available on our website after the call's conclusion.

早安，歡迎參加我們截至 2025 年 3 月 31 日的第二財季財報電話會議。昨天股市收盤後，我們發布了一份新聞稿，報告了本季的表現。新聞稿以及我們將在本次電話會議上參考的幻燈片簡報可在我們的網站 www.stonex.com 上找到。電話會議結束後，簡報和網路廣播的存檔也將在我們的網站上提供。

Before getting underway, we are required to advise you and all participants should note that the following discussion should be considered in conjunction with the most recent financial statements and notes thereto included in the Form 10-Q filed with the SEC. This discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1930 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

在開始之前，我們必須建議您和所有參與者註意，以下討論應結合向美國證券交易委員會提交的 10-Q 表中包含的最新財務報表及其註釋來考慮。本討論可能包含經修訂的 1930 年證券法第 27A 節和經修訂的 1934 年證券交易法第 21E 節所定義的前瞻性陳述。

These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC. Although the company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the company's actual results will not differ materially from any results expressed or implied by the company's forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance.

這些前瞻性陳述涉及已知和未知的風險和不確定性，在我們向美國證券交易委員會提交的文件中詳細說明。儘管本公司認為其前瞻性陳述是基於對其業務和未來市場狀況的合理假設，但不能保證公司的實際結果不會與公司前瞻性陳述中表達或暗示的任何結果有重大差異。無論是由於新資訊、未來事件或其他原因，本公司均不承擔公開更新或修改任何前瞻性聲明的義務。請讀者註意，任何前瞻性陳述都不能保證未來的表現。

I'll be starting with slide number four, in the slide deck. So first, I'd like to highlight that during the quarter, our Board of Directors approved a three for two stock split of our common shares. Trading on the stock adjusted basis began on the market opened on March 24, 2025. And as such, all per share figures referenced today are on a split-adjusted basis. Second quarter net income came in at $71.7 million with diluted earnings per share of $1.41, which represents 35% and 29% growth over the prior year, respectively.

我將從幻燈片中的第四張投影片開始。首先，我想強調的是，在本季度，我們的董事會批准了普通股三拆二的股票分割。股票調整後的交易於 2025 年 3 月 24 日開市時開始。因此，今天引用的所有每股數據都是經過拆分調整後的。第二季淨收入為 7,170 萬美元，每股攤薄收益為 1.41 美元，分別比上年增長 35% 和 29%。

These moves were down 16% and 17% versus our immediately preceding record first quarter. This represented a 15.7% return on equity despite a 51% in book value over the last two years. We had record operating revenues of $956 million, up 17% versus the prior year and up 1% versus the immediately preceding quarter.

與前一季創下的紀錄相比，這些舉措分別下降了 16% 和 17%。儘管過去兩年帳面價值上漲了 51%，但股本回報率仍達到 15.7%。我們的營業收入達到創紀錄的 9.56 億美元，比上年成長 17%，比上一季成長 1%。

As a reminder, our operating revenues include not only interest and fees earned on our client balances, but also carried interest that is related to our fixed income trading activities. Net operating revenues, which nets off interest expense, including that which is associated with our fixed income trading activities as well as introducing broker commissions and clearing fees were up 15% versus a year ago and down 1% versus the record achieved in the immediately preceding quarter.

提醒一下，我們的營業收入不僅包括客戶餘額所賺取的利息和費用，還包括與我們的固定收益交易活動相關的附帶權益。營業淨收入扣除利息支出（包括與我們的固定收益交易活動相關的利息支出以及介紹經紀人佣金和清算費用）比去年同期增長了 15%，比上一季的記錄下降了 1%。

Total compensation and other expenses were up 9% versus the prior year quarter and up 2% versus the immediately preceding quarter. Variable compensation was up 19% versus the prior year, which is higher than the growth in net operating revenues as a result of declines in net operating revenues in our self-directed and retail segment and overall interest and fee income on client balances, which typically have lower rates of variable compensation associated with them.

總薪酬及其他費用較去年同期成長 9%，較上一季成長 2%。浮動薪酬較上年同期增長了 19%，高於淨營業收入的增幅，這是由於我們自主經營和零售部門的淨營業收入以及客戶餘額的整體利息和費用收入下降所致，而這些部門通常具有較低的浮動薪酬率。

Fixed compensation and related costs were up 9% versus a year ago and up 1% or $1.2 million versus the immediately preceding quarter. The immediately prior quarter included $5.8 million in fixed compensation expense related to a departing executive officer. It is of note that the immediately first quarter as well as the prior year second quarter each include class action settlements received of $5.7 million and $6.9 million, respectively, which are included in other gains.

固定薪酬和相關成本比去年同期上漲 9%，比上一季上漲 1% 或 120 萬美元。上一季包括與一位離職高階主管相關的 580 萬美元固定薪酬費用。值得注意的是，第一季和去年第二季分別收到 570 萬美元和 690 萬美元的集體訴訟和解金，這些金額計入其他收益。

Looking at it from a longer standpoint, our trailing 12-month results show operating revenues were up 18%. Net income was $295.4 million, up 2% with earnings per share of $5.90 and an ROE of 17.3% above our target of 15%. We ended the second quarter of fiscal 2025 with a book value per share of $38.59. Turning to slide number five in the earnings deck, which compares quarterly operating revenues by product as well as key operating metrics versus a year ago, we experienced increase in operating revenue across most of our product offerings, led by strong performance in physical contracts. Transactions were up across all of our products and an increase in volatility drove growth in client balances and increase in rate per contract and spread capture across most of our products with the exception of payments and FX FDs.

從長遠來看，我們過去 12 個月的業績顯示營業收入成長了 18%。淨收入為 2.954 億美元，成長 2%，每股收益為 5.90 美元，ROE 為 17.3%，高於我們的 15% 的目標。截至 2025 財年第二季度，我們的每股帳面價值為 38.59 美元。翻到收益報告中的第五張投影片，該投影片比較了各產品的季度營業收入以及與一年前相比的關鍵營運指標，我們發現，我們大多數產品的營業收入都有所增加，這主要得益於實物合約的強勁表現。我們所有產品的交易量均有所上升，波動性的增加推動了客戶餘額的增長以及除支付和外匯定期存款之外的大多數產品的每份合約利率和利差捕獲率的上升。

Just touching on a few key highlights for the second quarter. We saw operating revenues derived from physical contracts were up 58% versus the prior year off the back of strong growth in both precious metals and our physical ag and energy businesses, most notably in cocoa. However, they were down 22% versus the immediately preceding first quarter.

僅談及第二季的一些關鍵亮點。我們看到，實物合約產生的營業收入比上年增長了 58%，這得益於貴金屬以及實物農業和能源業務（尤其是可可）的強勁增長。然而，與前一季相比，下降了 22%。

Operating revenues derived from listed derivatives were up 15% versus both the prior year and immediately preceding quarter, primarily driven by our Commercial segment. Operating revenues derived from OTC derivatives were up 14% versus the prior year and up 65% versus the immediately preceding quarter, driven by increases in both contract volume and rate per million, in particular in Brazil and European markets.

上市衍生性商品的營業收入較上年和上一季均成長了 15%，這主要得益於我們的商業部門。場外衍生性商品的營業收入比去年增長了 14%，比上一季增長了 65%，這得益於合約量和每百萬費率的增加，尤其是在巴西和歐洲市場。

Securities operating revenues were up 25% as volumes were up 19% and the rate per million increased 17% versus the prior year, primarily driven by significant improvement in our equity businesses as compared to the prior year due to market volatility. Payments operating revenues were up 2% versus the prior year, but down 13% versus the immediately preceding quarter, which is always a strong quarter for us, with NGOs and charitable organizations increasing their payment volumes during the end of the calendar year.

證券營業收入增加了 25%，因為交易量增加了 19%，每百萬的比率比上年增長了 17%，這主要是由於市場波動導致我們的股票業務與上年相比有顯著改善。支付營運收入較上年同期成長 2%，但較上一季下降 13%，這對我們來說始終是一個強勁的季度，因為非政府組織和慈善組織在日曆年末增加了支付量。

FX and CFD revenues were down 12% despite a strong increase of 10% in average daily volume as we experienced a 19% decline in rate per million driven by lower spread retention and product mix. This also represented a decline of 28% versus a record first quarter of 2025. Our interest and fee income earned on aggregate client float, including both listed derivative client equity and money market and FDIC sweep balances decreased 2% versus the prior year, primarily due to lower short-term interest rates, which were mostly offset by growth in client balances.

儘管日均交易量強勁增長 10%，但外匯和差價合約收入仍下降了 12%，這是因為由於價差保留和產品組合下降，每百萬的匯率下降了 19%。與 2025 年第一季創下的紀錄相比，這也下降了 28%。我們從總客戶浮動資金（包括上市衍生性商品客戶股票和貨幣市場以及 FDIC 清算餘額）中獲得的利息和費用收入比上年下降了 2%，這主要是由於短期利率下降，但大部分被客戶餘額的增長所抵消。

Turning to slide number six. This depicts a waterfall of net operating revenues by product from both the prior year quarter to the current one as well as the same for the trailing 12-month period. For the quarter, net operating revenues increased 15%, with largest gains coming from securities up $32.2 million, followed by growth in listed derivative and physical contracts of $12.1 million and $11.8 million, respectively.

翻到第六張幻燈片。這顯示了從去年同期到本季以及過去 12 個月按產品劃分的淨營業收入瀑布圖。本季度，淨營業收入成長了 15%，其中最大的收益來自證券，成長 3,220 萬美元，其次是上市衍生性商品和實物合約分別成長 1,210 萬美元和 1,180 萬美元。

As noted earlier, it was a challenging market environment for FX and CFDs, which were down $9.3 million. Looking at the bottom graph for the trailing 12-month period, it shows a slightly different picture as in addition to the growth in securities, we see large increases in interest and fee income, listed derivatives, physical contracts and FX and CFD contracts, slightly offset by declines in payments and OTC derivatives.

如前所述，對於外匯和差價合約來說，這是一個充滿挑戰的市場環境，損失了 930 萬美元。看看過去 12 個月的底部圖表，它顯示出略有不同的情況，因為除了證券的增長之外，我們還看到利息和費用收入、上市衍生品、實物合約以及外匯和差價合約的大幅增長，但被支付和場外衍生品的下降略微抵消。

Moving on to slide number seven. I will do a quick review of our segment performance. Our Commercial segment increased 18% in net operating revenues, primarily driven by strong performance in physical contracts as well as 28% and 14% growth in listed and OTC derivatives, respectively. Segment income was up 13%. On a sequential basis, net operating revenues were up 2% and segment income was down 5%.

繼續看第七張投影片。我將對我們部門的表現做一個快速回顧。我們的商業部門淨營業收入成長了 18%，主要得益於實物合約的強勁表現以及上市和場外衍生性商品分別成長 28% 和 14%。分部收入成長13%。與上一季相比，營業淨收入成長 2%，分部收入下降 5%。

Our Institutional segment experienced record net operating revenues and segment income in the second quarter with growth of 28% and 41%, respectively. The growth in net operating revenues was principally driven by $31.7 million increase in securities revenues, primarily in equity markets. Nonvariable direct expenses increased 2%, partially offsetting the net operating revenue growth. On a sequential basis, net operating revenues and segment income were up 10% and 11%, respectively. In our self-directed retail segment, net operating revenues were down 14% and segment income was down 34%, reflecting the high level of operating leverage inherent in this business.

我們的機構部門在第二季實現了創紀錄的淨營業收入和部門收入，分別成長了 28% 和 41%。營業淨收入的成長主要得益於證券收入（主要是股票市場）增加 3,170 萬美元。非變動直接費用增加了 2%，部分抵消了營業淨收入的成長。以環比計算，營業淨收入和分部收入分別成長 10% 和 11%。在我們的自主零售部門，營業淨收入下降了 14%，部門收入下降了 34%，反映了該業務固有的高經營槓桿水準。

The decline in net operating revenues is primarily driven by a 34% decline in rate per million in FX CFD contracts, which was partially offset by a 34% increase in volumes. As noted earlier, the second fiscal quarter was a challenging market environment for spread capture in this business. On a sequential basis, net operating revenues were down 32% and segment income was down 61% versus a record quarter in this segment.

營業淨收入的下降主要是由於外匯差價合約每百萬的匯率下降了34%，但交易量增加了34%，部分抵消了這一下降。如前所述，第二財季對於該業務的利差獲取而言是一個充滿挑戰的市場環境。與該部門創紀錄的季度相比，營業淨收入環比下降 32%，部門收入環比下降 61%。

In our Payments segment, net operating revenues were up 2% and segment income was relatively flat. Rate per million was down 15% versus the prior year. However, the rate per million was relatively consistent with the immediately preceding two quarters. Average daily volume was up 20% versus the prior year, but down 8% versus the immediately preceding quarter.

在我們的支付部門，淨營業收入成長了 2%，而部門收入相對持平。每百萬的利率比前一年下降了 15%。不過，每百萬人的失業率基本上與前兩季一致。日均交易量較上年同期成長 20%，但較上一季下降 8%。

Moving on to slide number eight. Looking at segment performance for the trailing 12 months. We experienced strong growth in our Institutional segment with net operating revenues up 27% and segment income increasing 34%. In addition, our self-directed Retail segment recorded increases in net operating revenues and segment income of 11% and 27%, respectively. Our Commercial segment recorded increases in net operating revenues and segment income of 8% and 10%, respectively. Payments recorded decreases in net operating revenues and segment income of 5% and 7%, respectively.

繼續看第八張投影片。回顧過去 12 個月的細分市場表現。我們的機構部門實現了強勁成長，淨營業收入成長 27%，部門收入成長 34%。此外，我們自主經營的零售部門淨營業收入和部門收入分別成長了11%和27%。我們的商業部門淨營業收入和部門收入分別成長 8% 和 10%。支付業務的淨營業收入和分部收入分別下降了 5% 和 7%。

Next, slide number nine depicts our interest and fees earned on client balances by quarter as well as a table which shows the annualized interest rate sensitivity for a change in short-term rates. The interest and fee income net of interest paid to clients and the effect of interest rate swaps increased $0.5 million to $74.5 million versus the prior year.

接下來，第九張投影片展示了我們按季度從客戶餘額中獲得的利息和費用，以及一個表格，該表格顯示了短期利率變化的年化利率敏感度。扣除支付給客戶的利息和利率互換的影響後的利息和費用收入比上年增加了 50 萬美元，達到 7,450 萬美元。

This represents a $2.9 million decline from the immediately preceding quarter as we're starting to feel the effect of the Fed actions to reduce short-term interest rates. As noted in the table, we estimate a 100 basis point change in short-term rates, either up or down, would result in a change in net income by $28.2 million or $0.57 per share on an annualized basis.

由於我們開始感受到聯準會降低短期利率行動的影響，這比上一季減少了 290 萬美元。如表所示，我們估計短期利率每變動 100 個基點（無論是上升或下降），都會導致淨收入變動 2,820 萬美元，即年化每股盈餘變動 0.57 美元。

With that, I will hand it over to Sean.

說完這些，我就把它交給肖恩。

Thanks, Bill. Well, the big news of the quarter was our announcement of the planned acquisition of RJ O'Brien. We covered a lot of the background of this transaction in a separate call when we announced the transaction, but perhaps it's worth a quick overview now as well. We believe that this is a transformational transaction and our largest ever that positions StoneX as a market leader in global derivatives and reinforces our position as an integral part of the global financial market infrastructure. With institutional-grade global market access, end-to-end clearing and execution capabilities, high-touch service and deep expertise, this acquisition enhances our entire franchise.

謝謝，比爾。嗯，本季的重大新聞是我們宣布計劃收購 RJ O'Brien。當我們宣布該交易時，我們在單獨的電話會議中介紹了該交易的許多背景信息，但現在也許也值得快速概述一下。我們相信這是一項轉型交易，也是我們迄今為止最大的交易，它將使 StoneX 成為全球衍生性商品市場的領導者，並鞏固我們作為全球金融市場基礎設施​​不可或缺的一部分的地位。憑藉機構級的全球市場准入、端到端清算和執行能力、高接觸服務和深厚的專業知識，此次收購增強了我們的整個特許經營權。

It supports our goal of becoming the counterparty of choice for clients across asset classes, embedding our integrating offering into long-term trusted relationships. RJ O'Brien has been a leading FCM in the industry with a stellar reputation and a culture matching our own. And while we are active in the same derivative markets, we have a limited amount of customer overlap. RJO segments its business into commercial, introducing brokers, institutional and retail segments. The commercial segment consists of large commodity clients similar in nature to those in our own commodity segment and accounts for approximately 11% of RJO revenues.

它支持我們成為跨資產類別客戶首選交易對手的目標，將我們的整合服務嵌入到長期信任的關係中。RJ O'Brien 一直是業界領先的 FCM，擁有卓越的聲譽和與我們相匹配的企業文化。雖然我們活躍於相同的衍生性商品市場，但我們的客戶重疊數量有限。RJO 將其業務分為商業、介紹經紀、機構和零售部門。商業部門由性質與我們自己的商品部門類似的大型商品客戶組成，約佔 RJO 收入的 11%。

Additionally, many of RJO's introducing brokers service smaller commodity producers, which we at Stonex do not typically cover with our high-touch approach. However, we believe that StoneX has the best-in-class toolkit to service these clients, including our extensive OTC and structured product capabilities as well as our physical logistics servicing capabilities, allowing us to provide additional value-added services such as embedding price protection into physical contracts to avoid hedge accounting complexities, assisting in moving goods on railcars or ships and running managed price protection programs secured by physical grain, eliminating the need to finance margin calls.

此外，RJO 的許多介紹經紀人都為較小的商品生產商提供服務，而 Stonex 通常不會採用高接觸方式來覆蓋這些生產商。然而，我們相信 StoneX 擁有一流的工具包來服務這些客戶，包括我們廣泛的場外交易和結構化產品能力以及我們的實物物流服務能力，使我們能夠提供額外的增值服務，例如將價格保護嵌入實物合約以避免套期保值會計的複雜性、協助在鐵路車輛或輪船上運輸貨物運行由實物穀物擔保以避免套期保值會計的複雜性、協助在鐵路車輛或輪船上運輸貨物以及運行由實物穀物擔保以避免套期保值會計的複雜性、協助在鐵路車輛或輪船上運輸貨物以及運行由實物穀物擔保的管理價格保護資金。

We know these products not only deepen client relationships, but also increase client value. We see strong potential to bring these capabilities to RJO's client base, representing a meaningful revenue synergy opportunity. RJO is the best-in-class provider to introducing brokers in the listed derivative industry, providing these IBs with execution and clearing they need to service their clients.

我們知道這些產品不僅加深了客戶關係，也增加了客戶價值。我們看到將這些功能帶給 RJO 客戶群的巨大潛力，這代表著有意義的收入協同機會。RJO 是上市衍生性商品產業中一流的介紹經紀商供應商，為這些 IB 提供其為客戶提供服務所需的執行和清算服務。

RGO has over 250 IB relationships, and we have just over 100. Interestingly, we do the exact same thing for retail securities firms through our correspondent clearing business, where we provide the execution and clearing services to over 200 retail introducing broker-dealers, RIAs and wealth management firms. So now in aggregate, this will now position us as one of the leading firms providing these critical back-end services to over 600 retail firms across both asset classes. This dramatically expands the overall market footprint as these firms aggregate assets and trading flow for us. RJO is a market leader in providing interest rate hedging products to institutional clients.

RGO 擁有超過 250 個 IB 關係，而我們只有 100 多個。有趣的是，我們透過代理清算業務為零售證券公司做同樣的事情，我們為 200 多家零售介紹經紀交易商、RIA 和財富管理公司提供執行和清算服務。因此，總的來說，這將使我們成為為兩種資產類別的 600 多家零售公司提供這些關鍵後端服務的領先公司之一。由於這些公司為我們聚集資產和交易流，這大大擴大了整體市場足跡。RJO 是向機構客戶提供利率對沖產品的市場領導者。

mainly banks looking to manage the interest rate risk, an area that has not been a core focus for Stone to date. RJO has been exploring opportunities to expand in trading of the underlying debt instruments to expand these relationships. This aligns directly with our fixed income business. As you know, our fixed income business is focused on exactly that, providing banks with the underlying fixed income instruments they invest in from treasuries to agencies, mortgages, asset-backs as well as corporate bonds, both investment grade and high yield. Combining these complementary capabilities will provide us with a compelling capability to service all of the needs of these banking institutions around the world.

主要是希望管理利率風險的銀行，迄今為止，這一領域還不是 Stone 的核心關注點。RJO 一直在探索擴大基礎債務工具交易的機會以拓展這些關係。這與我們的固定收益業務直接相關。如您所知，我們的固定收益業務正是專注於此，為銀行提供其投資的底層固定收益工具，包括國債、機構債券、抵押貸款、資產支持債券以及公司債券（包括投資級和高收益債券）。結合這些互補的能力，我們將能夠滿足世界各地銀行機構的所有需求。

RJO's retail segment is small and will be combined with our much larger broader-based retail effort. As you can probably tell, we're very enthusiastic about this transaction. While we have not completed the detailed work to quantify revenue synergies, we believe that they could ultimately exceed the expected cost synergies in terms of bottom line impact. More importantly, we see a significant opportunity to enhance client value and deepen our position as the counterparty or broker of choice across the industry. RGO brings an attractive financial profile to StoneX, having generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024.

RJO 的零售部門規模較小，將與我們規模更大、範圍更廣的零售業務相結合。您可能已經看出來了，我們對這筆交易非常熱心。雖然我們尚未完成量化收入綜效的詳細工作，但我們相信，就底線影響而言，它們最終可能會超過預期的成本協同效應。更重要的是，我們看到了提升客戶價值和鞏固我們作為整個行業首選交易對手或經紀人地位的重要機會。RGO 為 StoneX 帶來了相當吸引人的財務狀況，在 2024 年期間創造了 7.66 億美元的收入和約 1.7 億美元的 EBITDA。

This acquisition is expected to immediately enhance our margins, our EPS and our return on equity with the addition of -- and in addition, add nearly $6 billion of client float and approximately $190 million in listed derivative contract volumes. Additionally, we've identified approximately $50 million in cost synergies, the majority of which we expect to realize within the 18 to 24 months of closing.

此次收購預計將立即提高我們的利潤率、每股盈餘和股本回報率，此外，還將增加近 60 億美元的客戶浮動資金和約 1.9 億美元的上市衍生性合約。此外，我們還確定了約 5,000 萬美元的成本協同效應，其中大部分預計將在交易完成後的 18 至 24 個月內實現。

To satisfy the purchase price of $900 million, we'll be issuing $625 million of senior secured notes as well as $275 million in common stock to existing RJO shareholders. It is interesting that when we look back five years ago, during our initial presentation announcing the acquisition of GAIN Capital, we reported EBITDA of around $129 million and stockholders' equity of around $615 million. Now following the acquisition of RJO, including the realization of the full $50 million in synergies and on a pro forma basis, we would have around $750 million in EBITDA, up nearly 6 times over this five year period and over $2 billion in stock equity, up over 3 times.

為了滿足 9 億美元的購買價格，我們將向現有 RJO 股東發行 6.25 億美元的優先擔保票據以及 2.75 億美元的普通股。有趣的是，回顧五年前，當我們首次宣布收購嘉盛集團時，我們報告的 EBITDA 約為 1.29 億美元，股東權益約為 6.15 億美元。現在，在收購 RJO 之後，包括實現全部 5,000 萬美元的協同效應和備考基礎，我們的 EBITDA 將達到約 7.5 億美元，在這五年期間增長了近 6 倍，股票權益超過 20 億美元，增長了 3 倍多。

This is a dramatic change in the scope and scale of the overall Stonex franchise over this five year period. As a regulated business, this transaction requires several change of control approvals, which are underway, and we expect the transaction to close in the second half of 2025.

這是 Stonex 特許經營權整體範圍和規模在過去五年中發生的巨大變化。作為一家受監管的企業，此交易需要獲得多項控制權變更批准，目前這些批准正在進行中，我們預計交易將於 2025 年下半年完成。

In addition to the recently announced acquisition of RGO this quarter, we also announced the acquisition of -- the Benchmark Company, which is a full-service investment banking firm offering robust sales and trading platform, award-winning research and a highly experienced investment banking team. Just like Stonex, Benchmark is a founder-managed firm, which was established by Rich Sina over 30 years ago. Benchmark brings broad relationships with over 800 institutional accounts to StoneX, which we believe we can leverage across StoneX's broader product offering.

除了本季最近宣布收購 RGO 之外，我們還宣布收購 Benchmark Company，這是一家提供全方位服務的投資銀行公司，提供強大的銷售和交易平台、屢獲殊榮的研究和經驗豐富的投資銀行團隊。與 Stonex 一樣，Benchmark 是一家由創辦人管理的公司，由 Rich Sina 於 30 多年前創立。Benchmark 為 StoneX 帶來了與 800 多個機構帳戶的廣泛關係，我們相信我們可以利用這些關係來擴大 StoneX 更廣泛的產品系列。

brings a new investment banking capability, which we believe we can leverage into our existing client base, both for equity and debt capital markets transactions. Rich and I have been exploring a potential transaction for many years, and I'm glad we have finally taken this step and believe that the combination of the two firms will be powerful and accretive to all parties concerned. Note that the closing of this transaction is also subject to regulatory approval and customary closing conditions.

帶來了新的投資銀行能力，我們相信我們可以將其利用到我們現有的客戶群中，用於股票和債務資本市場交易。多年來，里奇和我一直在探索潛在的交易，我很高興我們終於邁出了這一步，並相信兩家公司的合併將為所有相關方帶來強大而增值的利益。請注意，此交易的完成還需獲得監管部門的批准和慣例成交條件。

Thirdly, during the quarter, we also announced a strategic investment and partnership with Bamboo Payment Systems to provide local in-country payment services for our clients in Latin America. Some years ago, we identified that our clients needed a digital payment service to accept and make payments in country.

第三，在本季度，我們也宣布與 Bamboo Payment Systems 建立策略性投資和合作夥伴關係，為我們在拉丁美洲的客戶提供在地支付服務。幾年前，我們發現我們的客戶需要數位支付服務來在國內接受和支付。

While we initially dedicated internal resources to building these capabilities, we have decided to partner with a firm that already possesses the expertise and proven experience in this area. Bamboo brings deep expertise and established payment ecosystem across Latin America with over 200 payment methods in 11 countries and connections to more than 600 local banks and institutions, enabling us to offer comprehensive end-to-end pay-in and payout solutions for our existing clients.

雖然我們最初致力於內部資源來建立這些能力，但我們決定與一家已經擁有該領域專業知識和豐富經驗的公司合作。Bamboo 擁有深厚的專業知識和遍布拉丁美洲的成熟支付生態系統，在 11 個國家/地區提供 200 多種支付方式，並與 600 多家當地銀行和機構建立了聯繫，使我們能夠為現有客戶提供全面的端到端支付和付款解決方案。

Bamboo clients will also benefit from our cross-border capabilities. As part of this transaction, we not only established a commercial relationship, but also made a strategic investment, becoming one of Bamboo's largest shareholders and securing a pathway to full ownership should we choose to pursue it. Closing of this transaction is also subject to regulatory approvals.

Bamboo 客戶也將受益於我們的跨境能力。作為交易的一部分，我們不僅建立了商業關係，還進行了策略性投資，成為 Bamboo 最大的股東之一，並確保了實現完全所有權的途徑（如果我們選擇這樣做的話）。此交易的完成還需獲得監管部門的批准。

Additionally, a couple of days ago on May 6, Stonex entered into a definitive agreement to acquire Planta Row, a well-established Paris-based brokerage firm specializing in agricultural commodities, particularly cereals and oilseeds across both the physical and derivative markets. This acquisition will mark Stonex's entry into the French grain market, the largest grain-producing region in Europe, expanding our footprint into a strategically important location.

此外，幾天前的 5 月 6 日，Stonex 簽署了最終協議，收購 Planta Row，這是一家總部位於巴黎的知名經紀公司，專門從事農產品交易，特別是實物和衍生性商品市場的穀物和油籽。此次收購標誌著 Stonex 進入歐洲最大的糧食產區法國糧食市場，將我們的業務範圍擴展到具有戰略意義的重要地點。

Again, similarly to the previously mentioned transactions, the closing of this transaction is again subject to regulatory approval and customary closing conditions. During the quarter, we received CME approval for our New York-based metals Vault, make us one of only 11 US depositories authorized to facilitate COMEX and NYMEX deliveries and the only nonbank FCM with this capability.

同樣，與前面提到的交易類似，該交易的完成也需要獲得監管部門的批准和滿足慣例成交條件。在本季度，我們獲得了芝加哥商業交易所 (CME) 對我們位於紐約的金屬庫的批准，這使我們成為僅有的 11 家獲得授權可協助 COMEX 和 NYMEX 交割的美國存管機構之一，也是唯一一家擁有此功能的非銀行期貨經紀商 (FCM)。

Our Vault is authorized to store and deliver gold, silver, platinum and palladium, enhancing our vertically integrated offering in metals and complementing our existing Vault operations in London and Frankfurt. At the beginning of this fiscal year, we completed the acquisition of JBR Recovery, a silver recycler in the UK, one of only two companies accredited by the LBMA for good delivery of silver to the London bullion markets. This was discussed last quarter.

我們的金庫被授權儲存和交付黃金、白銀、鉑金和鈀金，增強了我們在金屬領域的垂直整合供應，並補充了我們在倫敦和法蘭克福現有的金庫業務。本財年伊始，我們完成了對英國白銀回收商 JBR Recovery 的收購，該公司是僅有的兩家獲得倫敦金銀市場協會 (LBMA) 認可的可以向倫敦金銀市場進行白銀良好交割的公司之一。上個季度已經討論過這個問題。

And given all the activity on the metal side, we thought it would be a good time for us to do a deeper dive into our global metals market, which Philip will now do for us. But as you can see, the last quarter has been very active for us on the acquisition side, and I think we are well poised for an exciting year or two as we bed down these acquisitions.

考慮到金屬方面的所有活動，我們認為現在是深入研究全球金屬市場的好時機，菲利普現在將為我們做這件事。但正如您所看到的，上個季度我們在收購方面非常活躍，我認為隨著這些收購的完成，我們已為未來一兩年令人興奮的發展做好了準備。

Philip, over to you.

菲利普，交給你了。

Thank you, Sean. Like last quarter, when we provided a deep dive into Stonex Payments, this quarter, we felt it topical and relevant to highlight StoneX Metals. For this discussion, I'd like to point you to slide number 13 in our deck. StoneX Metals is a truly global franchise powered by a diverse team of over 80 professionals operating from Hong Kong to Los Angeles with key hubs in Singapore, Gift City in India, Dubai, Hamburg, London, Charlotte and New York. We provide an end-to-end offering across physical and financial metal markets, including trading, storage, logistics and hedging capabilities, serving a global customer base of over 1,000 commercial and financial entities as well as over 127,000 retail clients.

謝謝你，肖恩。就像上個季度我們對 Stonex Payments 進行了深入研究一樣，本季度，我們認為重點介紹 StoneX Metals 具有現實意義。對於本次討論，我想請您看一下我們簡報中的第 13 張投影片。StoneX Metals 是一家真正的全球特許經營企業，擁有一支由 80 多名專業人士組成的多元化團隊，業務範圍從香港到洛杉磯，主要樞紐位於新加坡、印度禮品城、迪拜、漢堡、倫敦、夏洛特和紐約。我們為實體和金融金屬市場提供端到端服務，包括交易、倉儲、物流和對沖能力，為全球超過 1,000 個商業和金融實體以及超過 127,000 個零售客戶提供服務。

Our business is rooted firmly at the center of the global metals ecosystem. StoneX is uniquely positioned as the only nonbank participant in setting the gold, silver, platinum and palladium daily price benchmarks. StoneX is also the only firm globally to hold these memberships in addition to being a category one ring dealing member of the global base metals benchmark set venue, the London Metal Exchange, or LME. Over the past five years, net operating revenues for StoneX Metals have increased by over 40%, now consistently exceeding $200 million annually. We continue to build on this momentum with strategic investments such as the acquisition of JBR Recovery Limited, and LBMA -- good Delivery Silver Recycler, LBMA being the London Bullion Metal Association -- Market Association, my apologies.

我們的業務牢牢紮根於全球金屬生態系統的中心。StoneX 是唯一參與制定黃金、白銀、鉑金和鈀金每日價格基準的非銀行機構，具有獨特的優勢。StoneX 也是全球唯一擁有這些會員資格的公司，同時也是全球基本金屬基準定價場所倫敦金屬交易所 (LME) 的一類圈內交易會員。過去五年來，StoneX Metals 的淨營業收入成長了 40% 以上，目前每年持續超過 2 億美元。我們將繼續保持這一勢頭，進行策略性投資，例如收購 JBR Recovery Limited 和 LBMA（優質交割白銀回收商，LBMA 是倫敦金銀金屬協會 - 市場協會，我很抱歉）。

And as Sean mentioned, the launch of a CME-approved precious metals fault in New York and one of the first entities to establish a Gift city presence providing access into the Indian subcontinent. These developments strengthen our capabilities across refining, storage and distribution, aligning with our mission to create a fully integrated global metals platform. So who are our clients? Metals serves a dynamic and expanding client base that includes central banks, sovereign mints, refineries, bullion banks, commercial enterprises, financial institutions and retailers. Our value proposition is based on seamless execution, market access and tailored solutions to meet a wide array of customer needs.

正如肖恩所提到的，在紐約推出了經芝加哥商品交易所 (CME) 批准的貴金屬交易市場，並且是首批在禮品城設立分支機構以進入印度次大陸的實體之一。這些發展增強了我們在精煉、儲存和分銷方面的能力，符合我們創建完全整合的全球金屬平台的使命。那我們的客戶是誰呢？Metals 服務於不斷成長的動態客戶群，其中包括中央銀行、主權鑄幣廠、煉油廠、金銀銀行、商業企業、金融機構和零售商。我們的價值主張基於無縫執行、市場准入和客製化解決方案，以滿足廣泛的客戶需求。

So what have been some of the recent areas of expansion? Well, in base metals, we have seen steady and diversified growth across our base metals business. We enhanced our LME option market-making capabilities by onboarding a highly experienced trading team, significantly boosting client engagement and trade volumes. Earlier this year, we completed the first-ever lithium carbonite futures block trade on ABAX, following our previous success with nickel sulfate futures. These milestones reinforce our leadership in pioneering new contracts and facilitating liquidity in emerging battery metals.

那麼最近的擴張領域有哪些呢？在基本金屬方面，我們看到基本金屬業務穩定且多樣化的成長。我們透過引入經驗豐富的交易團隊增強了 LME 選擇權的做市能力，顯著提高了客戶參與度和交易量。今年早些時候，繼硫酸鎳期貨成功交易之後，我們在 ABAX 上完成了第一筆碳酸鋰期貨大宗交易。這些里程碑鞏固了我們在開拓新合約和促進新興電池金屬流動性方面的領導地位。

Stones has established itself as the number one clearer of LME steel scrap and rebar contracts, driven by consistent clearing volume growth from both financial and physical players. Our performance during the nickel market disruption and more recently, during the CME LME base metals price dislocation validated our disciplined risk management and client services capability. As other firms pulled back, we benefited from an increase in client onboarding, including large FCMs who sought stability and expertise from the world's premier metals team.

受金融和實物市場參與者清算量持續增長的推動，Stones 已成為倫敦金屬交易所 (LME) 廢鋼和螺紋鋼合約的頭號清算商。我們在鎳市場動盪期間以及最近在芝加哥商品交易所倫敦金屬交易所基本金屬價格混亂期間的表現證明了我們嚴謹的風險管理和客戶服務能力。隨著其他公司撤離，我們受益於客戶數量的增加，其中包括尋求世界頂級金屬團隊的穩定性和專業知識的大型 FCM。

Our investment in technology with our proprietary base metals trading platform, BMXecute, has streamlined execution and post-trade processes, offering clients direct interaction and greater transparency. Integration with our upcoming enterprise trading app, Nexus, will further simplify risk management and mobile trading access.

我們對專有基本金屬交易平台 BMXecute 的技術投資簡化了執行和交易後流程，為客戶提供直接互動和更高的透明度。與我們即將推出的企業交易應用程式 Nexus 的整合將進一步簡化風險管理和行動交易存取。

Now turning to precious metals, where similar to base metals, our electronic trading capabilities have continued to grow via our proprietary trading platform, PMXEecute, which now handles an average of $2.5 billion in daily client trading flow. We also provide integrated pricing services via direct trading APIs as well as streaming prices into major FX PM trading venues. For example, Bloomberg's FX Go, where StoneX is the number one liquidity provider in silver, platinum and palladium. StoneX has always been a leading participant in physical bullion for commercial players around the world, including refineries, large commercial jewelry manufacturers, central banks, sovereign mints and others. We help clients across -- access the precious metal in form and size they need and take advantage of locational arbitrages.

現在轉向貴金屬，與賤金屬類似，我們的電子交易能力透過我們的專有交易平台 PMXEecute 持續成長，該平台目前每天平均處理 25 億美元的客戶交易流。我們也透過直接交易 API 提供綜合定價服務，並將價格傳輸到主要的外匯 PM 交易場所。例如，彭博的 FX Go，其中 StoneX 是白銀、鉑金和鈀金的第一大流動性提供者。StoneX 一直是全球商業參與者實體金條的主要參與者，包括煉油廠、大型商業珠寶製造商、中央銀行、主權鑄幣廠等。我們幫助客戶取得所需的形式和尺寸的貴金屬，並利用地點套利。

We do this on a hedged back-to-back basis and utilize global logistics providers to handle the delivery with settlement usually within 24 hours. We provide -- we believe we are now one of the top three participants in this global -- this market globally and the number one nonbank in the physical bullion market globally. Our e-commerce platform through StoneX Bullion offers physical bullion in the form of small bars and coins to both retail and wholesale customers across Europe. Since acquiring the business six years ago, it has grown tenfold in transactional volume through significant expansion in its client base with a more extensive product offering through access to the broader StoneX ecosystem. StoneX is now a leading provider in this space in Europe with broader geographical plans in the future.

我們採用背對背避險的方式進行交易，並利用全球物流供應商處理交貨，通常在 24 小時內結算。我們提供——我們相信我們現在是這個全球市場前三大參與者之一——也是全球實體金銀市場第一大非銀行機構。我們透過 StoneX Bullion 的電子商務平台向歐洲各地的零售和批發客戶提供小金條和金幣形式的實體金條。自六年前收購該業務以來，該公司透過大幅擴大客戶群，並透過訪問更廣泛的 StoneX 生態系統提供更廣泛的產品，交易量增加了十倍。StoneX 現在是歐洲該領域的領先供應商，未來也將拓展更廣泛的地理範圍。

On a more topical matter, StoneX has been in the forefront in effectively navigating recent market volatility driven by the threat and imposition of US tariffs on behalf of our extensive network of clients in multiple jurisdictions. We facilitated the physical movement of gold into the United States ahead of the possible imposition of US tariffs for our clients and also for many international banks who themselves did not have access to the physical market and therefore, relied upon the services of StoneX. Interestingly, the large movement of gold actually showed up in the US.

在更具現實意義的話題上，StoneX 一直處於領先地位，代表我們在多個司法管轄區的廣泛客戶網絡有效應對近期由美國關稅威脅和徵收引發的市場波動。在美國可能徵收關稅之前，我們為客戶以及許多無法進入實體市場的國際銀行提供了黃金實體運輸到美國的便利，因此，這些銀行依賴 StoneX 的服務。有趣的是，黃金的大規模流動實際上出現在美國。

trade deficit in January. And to remind you, we are on slide 13. In looking at the Q2 figures, moving on to slide 14, the second quarter of financial year '25 was marked by exceptional volatility with geopolitical tensions and policy uncertainty driving significant dislocations across global metals markets. We saw gold prices surge to an all-time nominal high, surpassing even the inflation-adjusted peak from the ' 90 oil crisis. This was driven by investor flight to safety amid geopolitical instability and changing central bank strategies.

一月份貿易逆差。提醒一下，我們現在看到的是第 13 張投影片。查看第二季數據（第 14 張投影片），25 財年第二季出現了異常波動，地緣政治緊張局勢和政策不確定性導致全球金屬市場出現嚴重混亂。我們看到黃金價格飆升至歷史最高水平，甚至超過了90年代石油危機期間經通膨調整後的峰值。這是由於地緣政治不穩定和央行策略變化導致投資人紛紛避險。

This quarter, we saw significant global price dislocations and logistics disruptions driven by divergent trade policies, particularly in the US. These shifts created pricing gaps between international and domestic US metals pricing. In response, market participants rushed to move physical inventory into the US warehouses to cover short positions ahead of possible tariffs, leading to significant logistical bottlenecks.

本季度，我們看到由於貿易政策分歧而導致的全球價格嚴重混亂和物流中斷，尤其是在美國。這些轉變造成了國際和美國國內金屬定價之間的價格差距。作為回應，市場參與者紛紛將實體庫存轉移到美國倉庫，以便在可能的關稅之前彌補空頭頭寸，導致嚴重的物流瓶頸。

As a result of this, inventories in CME warehouses jumped by nearly 850 tonnes or 250% from December 2024 to March 2025, highlighting the massive repositioning of metal within the market and the relevance of Stonex to expand its ecosystem to include its own CME-approved Vault. Concurrently and for similar reasons, the CME LME copper arbitrage spiked to over $1,000 per tonne at its peak in February, underscoring the regional supply-demand imbalances.

因此，從 2024 年 12 月到 2025 年 3 月，芝加哥商品交易所 (CME) 倉庫的庫存增加了近 850 噸，增幅達 250%，這凸顯了金屬在市場中的大規模重新定位，以及 Stonex 擴大其生態系統以包括其自己的 CME 認可的 Vault 的重要性。同時，出於類似原因，芝加哥商品交易所 (CME) 倫敦金屬交易所 (LME) 銅套利價格在 2 月飆升至每噸 1,000 美元以上的峰值，凸顯了區域供需失衡。

Despite these unusual market events, Stonex delivered a standout performance with its net operating revenues in metals for Q2 up 20% versus the Q2 last year. Throughout this period of extreme volatility, StoneX was able to provide first-class market-making activity, preserve pricing integrity and most importantly, continue to offer our full service offering to enable clients to access pricing in order to hedge exposures at a time when other counterparties had withdrawn from the market.

儘管出現了這些異常的市場事件，Stonex 仍然表現出色，其第二季的金屬淨營業收入較去年同期成長了 20%。在這極端波動的時期，StoneX 能夠提供一流的做市活動，保持定價的完整性，最重要的是，繼續提供全方位服務，使客戶能夠獲得定價，以便在其他交易對手退出市場時對沖風險。

Moving to slide 15. What are the strategic pillars with regards to StoneX Metals? Well, number one, building our ecosystem. As mentioned earlier, Stonex obtained CME accreditation for its New York Vault and is a natural extension of its existing capabilities and the enactment of our long-term strategy to build a fully integrated global metals platform.

移至投影片 15。StoneX Metals 的戰略支柱是什麼？首先，建立我們的生態系統。如前所述，Stonex 的紐約金庫獲得了 CME 認證，這是其現有能力的自然延伸，也是我們建立完全整合的全球金屬平台的長期策略的實施。

Stonex can now offer the customers a comprehensive global one-stop shop service of hedging, physical supply, vaulting, financing and physical fulfillment, all managed through a single convenient relationship. The JBR acquisition, Stonex further deepened its end-to-end metals offering with the acquisition of JBR Recovery Limited, one of only two LBMA good delivery silver refiners in the UK.

Stonex 現在可以為客戶提供全面的全球一站式服務，包括對沖、實物供應、保管、融資和實物履行，所有這些都透過單一便利的關係進行管理。透過收購 JBR，Stonex 進一步深化了其端對端金屬產品供應，收購了 JBR Recovery Limited，後者是英國僅有的兩家 LBMA 合格交割白銀精煉廠之一。

This refinery provides invaluable -- sorry, this refinery proved invaluable during the CME versus OTC price dislocations in Q2 as StoneX was able to produce its own CME-eligible material in order to mitigate this price risk. Having this extension to the StoneX ecosystem allowed Stonex to produce approximately 120 tonnes, about 4 million ounces of CME-eligible material since the acquisition closed in October.

這家煉油廠提供了無價的——抱歉，這家煉油廠在第二季度的 CME 與 OTC 價格混亂期間被證明是無價的，因為 StoneX 能夠生產自己的符合 CME 資格的材料，以減輕這種價格風險。透過對 StoneX 生態系統的擴展，自 10 月收購完成以來，Stonex 已經生產了約 120 噸、約 400 萬盎司符合 CME 標準的材料。

The integration of JBR with the broader StoneX Group has proceeded smoothly with investments anticipated in the short term to increase production capabilities and significantly, better serving our customers' needs and natural demand for metal. In continuation of our ecosystem expansion, StoneX Metals has established a presence in India's first free financial free zone, GIFT City. Stonex became the first international trading and clearing member on IIBX, pioneering international access to India's precious metals market.

JBR 與 StoneX 集團的整合進展順利，預計短期內將進行投資以提高生產能力，以更好地滿足客戶的需求和對金屬的自然需求。隨著我們生態系統的不斷擴展，StoneX Metals 已在印度第一個自由金融自由區 GIFT City 建立了業務。Stonex 成為 IIBX 的首個國際交易和清算會員，開創了國際進入印度貴金屬市場的先河。

StoneX is also the first member to import under the QS IFSCA category and the first international company on India -- in the India International Bullion Exchange. This was a natural area of expansion in light of the unique position of StoneX as the leading nonbank importer of gold into India. Number two, growing and diversifying our client base.

StoneX 也是印度國際金銀交易所 (India International Bulletin Exchange) 下首家獲得 QS IFSCA 類別進口許可的成員，也是印度第一家國際公司。鑑於 StoneX 作為印度領先的非銀行黃金進口商的獨特地位，這是一個自然的擴張領域。第二，擴大並多樣化我們的客戶群。

As we are constantly evolving our client mix to capture new growth opportunities, our metals clearing business has attracted new institutional participants, including other FCMs, which we feel is a testament to our operational excellence and capital efficiency. Our focus on building proprietary pricing and risk management tools is enhancing our electronic offerings in both base and precious metals with automatic FX cross rates where required, which in turn is attracting a sizable increase in clients, especially funds and financial institutions.

隨著我們不斷改進客戶結構以抓住新的成長機會，我們的金屬清算業務吸引了新的機構參與者，包括其他期貨佣金商 (FCM)，我們認為這證明了我們的卓越營運和資本效率。我們專注於建立專有定價和風險管理工具，並在需要時透過自動外匯交叉匯率增強我們在基本金屬和貴金屬方面的電子產品，從而吸引了大量客戶，尤其是基金和金融機構。

We are continuing to expand our geographical retail footprint beyond Europe into Asia, the Middle East and North America, supported by a localized digital presence, enhanced logistics capability naturally enhanced with the addition of the New York-based Vault. Number three, digitizing our business. Consistent with much of StoneX, we are using technology to internalize flow, optimize execution and scale our platforms. Our internalization engine continues to drive greater execution efficiency and margin capture, particularly during periods of high volatility. Later this year, our existing front and trading platform, both PM Execute and PMxecute shall be integrated into a broader multi-asset class access platform for the StoneX Group.

我們正繼續將我們的地理零售足跡從歐洲擴展到亞洲、中東和北美，並透過在地化的數位業務和增強的物流能力提供支持，而紐約 Vault 的加入自然增強了物流能力。第三，實現業務數位化。與 StoneX 的大部分內容一致，我們正在使用技術來內化流程、優化執行並擴展我們的平台。我們的內部化引擎繼續推動更高的執行效率和利潤獲取，特別是在高波動時期。今年晚些時候，我們現有的前端和交易平台 PM Execute 和 PMxecute 將被整合到 StoneX 集團更廣泛的多資產類別存取平台中。

With volumes through both platforms at record highs, this will fully integrate trading, risk management, account management and reporting for clients across LME and precious metals products. It also includes a mobile trading capability, which will be a major step forward in platform accessibility. And so in conclusion, despite a challenging macroeconomic backdrop, Q2 '25 showcased best-in-class resilience, agility and depth of products and service provided by StoneX Metals, a uniquely diversified and fully integrated business with the deepest nonbank metical vertical in this space and a truly unique ecosystem that is second to none. With a strategy anchored in the ecosystem expansion, client diversification and digitization, StoneX Metals is well positioned to lead in the evolving global metals marketplace. --for his opening remarks.

由於兩個平台的交易量都創下歷史新高，這將為倫敦金屬交易所和貴金屬產品的客戶全面整合交易、風險管理、帳戶管理和報告。它還包括行動交易功能，這將是平台可訪問性的一大進步。總而言之，儘管宏觀經濟背景充滿挑戰，但 2025 年第二季仍展示了 StoneX Metals 提供的一流彈性、敏捷性和產品與服務的深度，StoneX Metals 是一家獨特多元化和完全一體化的企業，擁有該領域最深的非銀行金屬垂直業務和真正獨特的生態系統。StoneX Metals 以生態系統擴張、客戶多樣化和數位化為基礎的策略，在不斷發展的全球金屬市場中佔據領先地位。 ——致開幕詞。

Thanks, Philip. Let's move to the final slide number 16 in the deck. This was another strong quarter for us in what has been a long series of quarters where we have exhibited growth off the back of our broad-based strength across most of our products and segments. We achieved earnings of $71.7 million and diluted EPS of $1.41, up 35% and 25%, respectively. Our business has shown its resiliency by producing these growing results in markets where volatility has generally been muted, albeit in a rising interest rate environment.

謝謝，菲利普。讓我們轉到本簡報的最後一張投影片，編號為 16。對我們來說，這是一個強勁的季度，在過去的幾個季度中，我們憑藉大多數產品和部門的廣泛實力實現了成長。我們實現了收益 7,170 萬美元和稀釋每股收益 1.41 美元，分別成長 35% 和 25%。儘管市場利率不斷上升，但波動性整體較低，我們的業務仍能取得成長，展現出其韌性。

It seems to us that there's a period of higher volatility ahead, while interest rates have stabilized, which bodes well for the continued growth in our business. The addition of RGO will be significantly accretive to our earnings and our franchise generally, and we believe the acquisition will further accelerate our current growth trajectory. As I mentioned earlier, there's been quite a transformation in the last five years since we acquired GAIN Capital. Since December 2019, we've grown our stock equity over threefold. And following the acquisition of RJ O'Brien on a pro forma basis, including synergies, the combined entities will have around $750 million in EBITDA, up nearly 6 times without as yet factoring in any revenue synergies.

我們認為未來一段時間波動性會更大，但利率已經穩定下來，這對我們業務的持續成長是個好兆頭。RGO 的加入將顯著增加我們的收益和特許經營權，我們相信此次收購將進一步加速我們目前的成長軌跡。正如我之前提到的，自從我們收購嘉盛集團以來，五年來發生了巨大的變化。自 2019 年 12 月以來，我們的股票權益增加了兩倍多。在以備考基礎收購 RJ O'Brien 之後，包括協同效應在內，合併後的實體的 EBITDA 將達到約 7.5 億美元，成長近 6 倍，且尚未考慮任何收入協同效應。

We are now even better positioned to capitalize on the ongoing industry transformation driven by regulatory change and market consolidation to become the counterparty of choice for clients of all types looking for access to the global financial markets. These shifts will continue to create significant opportunities for Stonex to expand its market share and provide substantial runway for growth.

現在，我們能夠更好地利用監管變化和市場整合所推動的持續產業轉型，成為尋求進入全球金融市場的各類客戶的首選交易對手。這些轉變將繼續為 Stonex 創造重大機遇，擴大其市場份額並提供充足的成長空間。

Our ecosystem underpinned by broad capabilities and diverse offerings enables us to deliver innovative solutions that will provide clients with access to markets, expand their market reach and create long-term value. The one thing will always be constant for the StoneX team, and that is to dedicate ourselves to better serve our growing client footprint around the world by providing them with the best financial ecosystem and the best client service to access the global financial markets.

我們的生態系統以廣泛的能力和多樣化的產品為基礎，使我們能夠提供創新的解決方案，為客戶提供進入市場的機會，擴大他們的市場範圍並創造長期價值。StoneX 團隊始終不變的一件事就是致力於更好地服務我們不斷成長的全球客戶群，為他們提供最佳的金融生態系統和最佳的客戶服務，以進入全球金融市場。

Operator, with that, let's open for questions, if there are any.

接線員，好了，現在我們可以開始提問了，如果有任何問題的話。

(Operator Instructions)

（操作員指示）

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Just wanted to touch base on just the environment. Obviously, a ton of volatility in the quarter and subsequently in April. The metrics you put out were -- obviously look strong. But just curious about the health of the markets and how things behaved in the quarter. And as you think about prospectively, do you -- I mean, obviously not be able to predict volumes, but do you think a return to normal or you -- is reasonable in terms of just kind of the near-term kind of outlook?

只是想了解環境。顯然，本季以及隨後的四月份出現了大量波動。您提出的指標顯然看起來很強勁。但我只是好奇市場的健康狀況以及本季的情況如何。當您考慮未來時，您是否——我的意思是，顯然無法預測交易量，但您是否認為恢復正常或——就短期前景而言是合理的？

Well, first of all, as I said in my remarks, we -- obviously, if you're looking back over a slightly longer period, say, the last 12 to 18 months, I think we generally saw volatility decline and sort of interest rate environment getting better for us. So those were the two sort of macro factors. I think we've now seen interest rates sort of stabilize. I think originally, we thought they might move down a little bit faster. They haven't done that.

嗯，首先，正如我在發言中所說，顯然，如果回顧稍長一些的時期，比如過去的 12 到 18 個月，我認為我們總體上看到波動性下降，利率環境對我們有利。這就是兩種宏觀因素。我認為我們現在已經看到利率趨於穩定。我認為最初我們認為他們可能會下降得更快一些。他們還沒有這麼做。

But I think what we've also noticed is the volatility has dramatically increased, right, certainly over the last couple of months with tariffs and so on. This is my personal view. I don't have a crystal ball for the future. But I would anticipate that volatility will be higher in the next 12 months than it was in the last 12 months. I think the sort of chaos around tariffs, the reformatting of trade globally, the sort of high debt levels that we're seeing, uncertainty around supply chains and inflation.

但我認為我們也注意到波動性急劇增加，尤其是過去幾個月的關稅等波動。這是我的個人觀點。我沒有預知未來的水晶球。但我預計未來 12 個月的波動性將高於過去 12 個月。我認為關稅方面的混亂、全球貿易的重新格式化、我們所看到的高債務水平、供應鏈的不確定性以及通貨膨脹。

I think these are all things that will lead to volatility, maybe sporadic bouts of volatility, but I would say, on average, volatility being higher. So we feel good about the environment. I mean we obviously thrive in volatility. I think what we don't want to see is massive dislocation. I think that's not good for us or for the market.

我認為這些都是會導致波動的因素，也許是偶爾的波動，但我想說，平均而言，波動性會更高。所以我們對環境感覺良好。我的意思是我們顯然在波動中蓬勃發展。我認為我們不想看到的是大規模的混亂。我認為這對我們或市場都不利。

And we certainly don't want to see extreme volatility because extreme volatility tends to sort of hurt clients. So you get a lot of, I guess, revenue while it's happening and then you sort of -- that revenue is sort of front ended and then sort of clients end up not doing much afterwards. So we don't want to see that environment. I think there were sort of a little little bit of that around the gold market, as Philippe alluded to. I mean, that was sort of a dislocation, which for us was great because we had all the capabilities to take advantage of that situation.

我們當然不希望看到極端波動，因為極端波動往往會損害客戶。所以我想，在事情發生時你會獲得很多收入，然後你會覺得──這些收入就是前端收入，而客戶最後不會做太多事。所以我們不想看到那樣的環境。我認為黃金市場存在一些這樣的情況，正如菲利普所提到的。我的意思是，這是一種錯位，但對我們來說這很好，因為我們有能力利用這種情況。

But I wouldn't want to see too much of that happening. So my hope is that doesn't happen. And my prediction, if I had to make one, is that we'll see slightly higher volatility going forward, which I would say would be a net positive for us. I don't know if that adequately answers the question, Dan.

但我不希望看到太多這樣的事情發生。所以我希望這種事情不會發生。如果必須做出預測的話，那就是未來波動性將略有上升，我認為這對我們來說是有利的。我不知道這是否充分回答了這個問題，丹。

No, that's helpful. Obviously, no one has a crystal ball, but that is helpful. Question just on the payments business. You guys gave us additional detail last quarter just in terms of how that's different in the market. But as you look at just kind of the results, the last four quarters, we've seen down year-over-year growth. As you think about the business today and the prospects for it going forward, what do you think gets -- or what are the catalysts to start to return to that more growth in that segment?

不，這很有幫助。顯然，沒有人擁有水晶球，但這很有幫助。問題僅涉及支付業務。上個季度，你們向我們提供了有關市場差異的更多細節。但如果你看一下過去四個季度的業績，你會發現年增率有所下降。當您考慮當前的業務及其未來的前景時，您認為會得到什麼——或者哪些催化劑可以開始恢復該領域的更多成長？

I'm not sure if Philip wants to jump in here. So let me go first and then I'll let him fill in. I would say, again, looking over a slightly longer period, so the last sort of 24 months, I would say, and I think I mentioned this previously, I think we became a little bit challenged on the capacity side with our technology. I mean our business has obviously ramped significantly over the sort of prior 10 or 15 years. What we do is not easy.

我不確定菲利普是否想加入進來。所以讓我先走，然後讓他填寫。我想說，再說一次，回顧一下稍長一點的時期，也就是過去的 24 個月，我想說，我想我之前提到過這一點，我認為我們的技術在容量方面遇到了一些挑戰。我的意思是，我們的業務在過去的 10 到 15 年裡顯然有了顯著的成長。我們所做的事情並不容易。

I mean we are linking to 180 markets and correspondent banks in all those markets, some of which aren't on the leading edge of technology. So we built our technology. And then I think we realized that we had sort of hit a plateau. -- and we had to do a technology rebuild, which meant we had to back away a little bit from certain markets and certain high-volume transactions with our business partners, which one hates to do. But -- so we built our own in-house system.

我的意思是，我們正在與 180 個市場以及所有這些市場的代理銀行建立聯繫，其中一些市場並不處於技術前沿。因此我們建立了我們的技術。然後我想我們意識到我們已經陷入了瓶頸。 ——我們必須進行技術重建，這意味著我們必須稍微退出某些市場以及與業務合作夥伴的某些大宗交易，這是我們不願意做的。但是——所以我們建立了自己的內部系統。

It's called XPay. That's been about two years in the works. That was sort of the master plan to really significantly upgrade our tech stack there and provide us with significantly greater capacity as well as much higher STP rates. I'm pleased to say that is now operational. It was delivered in January.

它被稱為 XPay。這項工作已經籌備了大約兩年。這是一種總體規劃，旨在大幅升級我們的技術堆疊，並為我們提供更大的容量以及更高的 STP 速率。我很高興地說它現在已經投入運作。它是在一月份交付的。

It's sort of working flawlessly. There are a couple more modules to add on to that, but it's allowed us to sort of open the taps a little bit. So I think what you'll see and what you noticed in this quarter is volumes were up pretty nicely, and that's probably the first time in a while we've been able to let our volumes go up. I think don't have the number right in front of me, but I think it was like 17% in terms of ADV up quarter-on-quarter. So that -- as I've always say, that's sort of the number one thing for us to watch, right, is are we getting engagement from clients?

它的運作相當完美。還有一些模組需要添加，但它允許我們稍微打開水龍頭。所以我認為你會看到並且注意到本季的銷售成長相當不錯，這可能是我們一段時間以來第一次能夠讓銷量上升。我認為我面前沒有確切的數字，但我認為 ADV 比上一季增長了 17%。所以 — — 正如我一直說的，這是我們需要關注的首要事情，對吧，我們是否得到了客戶的參與？

Are we picking up more volume. There's certainly -- at this point, that data point would indicate we sort of turned the corner. We now are using that surplus capacity. Volumes are going up. On the flip side, again, also discussed previously, we've been very challenged on the market side.

我們是否獲得了更多的銷量？確實有——在這一點上，那個數據點表明我們已經轉危為安。我們現在正在利用這些剩餘產能。交易量正在上升。另一方面，正如之前討論過的，我們在市場方面面臨著巨大的挑戰。

A lot of the spreads have narrowed in. We've seen this occasionally where we've sort of had spreads generally narrow in across all of our markets. Normally, we have a couple of big corridors sort of have a little bit of chaos, which allows us to get some rate capture there. But for a while now, it's been sort of consistently tight across the board. And if you have a look, that shows up in lower rate per million capture, right?

很多利差已經縮小。我們偶爾會看到這種情況，即我們所有市場的利差普遍縮小。通常情況下，我們有幾個大走廊會有點混亂，這使我們能夠在那裡獲得一些利率。但一段時間以來，各方面關係一直比較緊張。如果你看一下，你會發現每百萬捕獲率較低，對嗎？

So what we've seen is volume started to increase, which I think is a really good sign and a continued sort of tough trading environment. So that's kind of what the recent data points show us. I think on a go-forward basis, we now are able to do large amounts of lower volume transactions with our new tech stack. I think we're now repitching the services to all our bank partners. I would hope to see continued volume increase as we go forward.

因此，我們看到交易量開始增加，我認為這是一個非常好的跡象，表明交易環境仍然比較艱難。這就是最近的數據點向我們展示的內容。我認為從未來來看，我們現在能夠利用新的技術堆疊進行大量小額交易。我想我們現在正在向所有銀行合作夥伴重新推銷這些服務。我希望隨著我們不斷前進，銷量能夠持續成長。

And then obviously, in terms of rate capture, that really depends on sort of market conditions, so quite hard to predict. So I'm hoping we've turned the corner here. I think the tie-up with Bamboo is very exciting for us. It definitely extends our ecosystem in Latin America very significantly. It's something our clients have been asking us for two, three years now.

顯然，就利率捕獲而言，這實際上取決於市場條件，因此很難預測。所以我希望我們已經渡過了難關。我認為與 Bamboo 的合作對我們來說非常令人興奮。它確實極大地擴展了我們在拉丁美洲的生態系統。這是我們的客戶兩三年來一直要求我們做的事情。

We were trying to solve the problem ourselves, but it's a big lift, and we saw an opportunity to partner with Bamboo. So that immediately enhances our ecosystem and our capabilities, and I think that will again drive more volume. So we're sort of hopeful we're through the kind of the lull we had in that business a little bit just because of the technology changes. And we now think we've still got the best-in-class technology solution. We sort of future-proofed the business for 20x growth at this point.

我們試圖自己解決這個問題，但這是一個很大的挑戰，我們看到了與 Bamboo 合作的機會。因此，這立即增強了我們的生態系統和能力，我認為這將再次推動銷售的成長。因此，我們有點希望，我們能夠度過由於技術變革而導致的行業低迷期。我們現在認為我們仍然擁有一流的技術解決方案。目前，我們已經為業務的未來 20 倍成長做好了準備。

And now we've got to go and go get that growth. So I'll stop there and see if Philip wants to add anything to that. Philip?

現在我們必須努力實現這一成長。所以我先就此打住，看看菲利普是否想補充一些內容。菲利普？

Well, I think you covered pretty much everything there, Sean. But just as illustrative purposes, the capacity issue, which forced us previously to have to turn away business because we had a lot of banks wanting to provide us access to their low-value, high-volume payments and which they struggle with. And because of capacity issues from our own systems, we were unable to take all this business on. So you can imagine the relief and excitement from the team in rolling out our own XPA to give them that additional capacity in tenfold capacity, where we were able to go back to these banks and say, okay, thank you for being patient. Thank you for waiting for us.

好吧，我認為你幾乎已經涵蓋了所有內容，肖恩。但僅作為說明目的，容量問題，這迫使我們之前不得不拒絕業務，因為有很多銀行希望讓我們獲得他們的低價值、大批量支付服務，但他們為此苦苦掙扎。而且由於我們自身系統的容量問題，我們無法承擔所有這些業務。因此，您可以想像，當我們推出自己的 XPA 時，團隊的如釋重負和興奮之情，這將為他們提供十倍的額外容量，我們可以回到這些銀行並說，好的，謝謝您的耐心等待。感謝您等待我們。

And we're very happy to provide the service to you. And to give an example, this is literally this week, we had 2,500 payments to Vietnam, which ordinarily would have been a struggle for us to do over a period of a month. We did it in one morning out of our Singapore office. So very straightforward, very easy and illustrating the increased ability to service those clients, which have been waiting patiently for us to build out the technology to do so.

我們非常高興為您提供服務。舉個例子，就在本週，我們向越南支付了 2,500 筆款項，這在我們通常一個月內完成會很困難。我們在新加坡辦公室花了一個早上的時間完成了這件事。非常簡單、非常容易，並且表明我們為那些一直在耐心等待我們開發相關技術的客戶提供服務的能力得到了增強。

And as Sean said, we still look at the volumes, the volumes going through our channels as an indicator and being able to take advantage of the widening of spreads where appropriate and where they appear, which I think is pretty much what we covered in the last deep dive to highlight what we're building, why we're building it and what will be the benefits of the build-out.

正如肖恩所說，我們仍然關注交易量，將透過我們管道的交易量作為指標，並能夠在適當的情況下利用價差擴大的優勢，我認為這基本上就是我們在上次深入探討中所涵蓋的內容，以強調我們正在構建什麼，我們為什麼要構建它，以及構建將帶來哪些好處。

Does that answer your question, Dan?

這回答了你的問題嗎，丹？

Yes, it does. And then just my last question is just on the retail segment. Fee per million came in much lower than we've seen over the last previous several quarters. And I guess I'm just a bit surprised just given the environment and volatility, thought spreads might have been a little bit wider and that might have been still a good constructive environment. So can you talk just a bit about the mix and kind of what happened or what was kind of driving that in the quarter?

是的。我的最後一個問題是關於零售領域的。每百萬的費用比過去幾季的水平要低得多。我想我只是有點驚訝，因為考慮到環境和波動性，我認為利差可能會更大一些，而且這可能仍然是一個很好的建設性環境。那麼，您能否簡單談談這種組合以及本季發生的情況或推動這種組合的因素？

Bill, I don't know if you want to jump in. But again, let me give some initial comments. Firstly, and I think I said this previously, our revenue capture was kind of off the charts previously, sort of way above where we expected it to be. And obviously, great when that happens, but very hard to sustain the level of revenue capture. So I think we're trending down to a more normalized level.

比爾，我不知道你是否想加入。但再次，請允許我發表一些初步評論。首先，我想我之前說過，我們的收入之前有點超出預期，遠遠超出我們的預期。顯然，當這種情況發生時，效果很好，但很難維持收入水準。所以我認為我們正趨向於更正常的水平。

So yes, it's a decline from where we were, but I think we were sort of at unusually high levels in the last two quarters, certainly. So I think this is the sort of level we probably anticipate. And I think there was a little bit of product mix, which drove that as well. Bill?

所以是的，與之前的水平相比有所下降，但我認為，過去兩個季度我們的水平確實處於異常高的水平。所以我認為這就是我們可能預期的水平。我認為產品組合也起了一定作用，這也是造成這現象的原因。帳單？

Yes. I mean just to chime in there. I think at the beginning of the quarter, Dan, it was kind of a tough environment, a lot of banded trading and just generally directional markets that kind of limited. And as Sean touched on, there was also just kind of some product mix, a lot of the flow was in these indices that have pretty tight spreads. I think towards the end of the quarter, that picked up and started to improve. So I think towards the end of the quarter, it was much stronger, obviously, as you would think from the standpoint of the volatility that was creeping in. But early in Jan, it was more of a difficult environment.

是的。我只是想附和一下。丹，我認為在本季初，環境有點艱難，有很多帶狀交易，而且總體上方向性的市場有點受限。正如肖恩所提到的，還有一些產品組合，許多資金都流入了這些價差相當小的指數。我認為到本季末，情況會有所改善並開始改善。因此，我認為，到本季末，它顯然會變得更加強勁，正如你從逐漸出現的波動性的角度所想的那樣。但 1 月初，環境就變得更加困難了。

Jeff Schmidt, William Blair.

傑夫施密特、威廉布萊爾。

Could you talk about your risk management policies in general and just how you're able to avoid large losses during this higher volatility?

您能否談談您的整體風險管理政策以及如何在這種劇烈波動期間避免巨額損失？

Well, that could be a really long conversation. So let me try and make it a short one. So obviously, when volatility goes up, the potential for risk or risk manifests itself, right? And these are times where we get a good sort of test of our systems. And the first thing to say is, I think we performed pretty flawlessly.

嗯，這可能是一次很長的對話。因此，讓我嘗試將其寫得簡短一些。因此很明顯，當波動性上升時，風險或風險的可能性就會顯現出來，對嗎？這些都是對我們的系統進行良好測試的時候。首先要說的是，我認為我們的表現非常完美。

Everything sort of happened, margin calls were made and sort of -- I almost hate to say this, but sort of unusually good, right? I mean you normally expect when you see this kind of volatility that you might have a few small problems here and there, but honestly, didn't have any. So that was great. I would say generally with risk management is you can't start changing your risk management or figuring out risk management when you're in the eye of the storm. Risk management is a culture.

一切都發生了，追加保證金通知已經發出，而且有點——我幾乎不想這麼說，但有點異常好，對吧？我的意思是，當你看到這種波動時，你通常會預料到可能會遇到一些小問題，但老實說，並沒有遇到任何問題。這真是太棒了。我想說，一般來說，風險管理是這樣的：當你處於風暴眼中時，你無法開始改變你的風險管理或弄清楚風險管理。風險管理是一種文化。

It's something that you've got to define upfront to create muscle memory around. You've got to have all the disciplines in all the time. So when the storm hits, you sort of prepared and you're just executing your plan, right? When you start to try and make up things when the market hits you, it's too late, right? So I think we pride ourselves on making sure we instill those disciplines and get that muscle memory throughout the organization.

你必須預先定義它，以便形成肌肉記憶。你必須始終遵守所有的紀律。所以當暴風雨來襲時，你已經做好了準備，只是在執行你的計劃，對嗎？當市場打擊你時，你開始嘗試彌補，已經太晚了，對嗎？因此，我認為我們很自豪能夠確保在整個組織中灌輸這些紀律並獲得肌肉記憶。

So when we go through these times, everyone knows the assignments, everyone knows what to do, and we sort of execute on plan. And I think that's pretty much what happened. And I would say, generally speaking, there's -- the fundamentals to risk management are to make sure that you are dealing with clients and the positions clients are running with you are appropriate to the size organization you are and that you are comfortable and know the risks associated with those positions and can handle them. I think when people get upside down on risk is when you start taking on clients that are too big for you, they might be excellent clients. I mean, for example, if one of the big national airlines came to us to hedge energy, that would be a great client for us.

因此，當我們經歷這些時刻時，每個人都知道任務，每個人都知道要做什麼，我們按照計劃執行。我認為事實確實如此。我想說，一般來說，風險管理的基本原則是確保您與客戶打交道，並且客戶與您合作的職位適合您的組織規模，並且您感到舒適並了解與這些職位相關的風險，並且能夠處理這些風險。我認為，當人們對風險產生誤解時，你開始接受對你來說太大的客戶，他們可能是優秀的客戶。我的意思是，例如，如果一家大型國家航空公司來找我們進行能源對沖，那麼這對我們來說將是一個很好的客戶。

But the size of positions they'd be running with us would be too big for the size company we are and replace liquidity and other risks on the system. So you've got to make sure that constantly you are rightsizing your business with the market, the market liquidity, the clients so that you have a well-diversified business that doesn't expose you to outsized risks in the event of a black swan event. So that's the fundamental sort of core thing that underpins our risk strategy. that we've got a great risk team. They battle hardened.

但他們與我們一起經營的頭寸規模對於我們的公司規模來說太大了，並且會取代系統中的流動性和其他風險。因此，你必須確保根據市場、市場流動性和客戶情況不斷調整你的業務規模，這樣你的業務才能多元化，不會在發生黑天鵝事件時面臨過大的風險。這就是支撐我們風險策略的基本核心。我們擁有一支出色的風險管理團隊。他們戰鬥力頑強。

I mean we've come through any number of sort of black swan events. And I think we've proven that we can handle lots of these. Now I'm touching wood as I say this because you never know what the next thing is coming at you, but I'm very confident in our risk management capabilities. And if you would like to go through that in a much more granular way, I'm more than happy to take you through that.

我的意思是我們經歷過很多黑天鵝事件。我認為我們已經證明我們可以處理很多這樣的問題。現在我說這話是出於信心，因為你永遠不知道接下來會發生什麼，但我對我們的風險管理能力非常有信心。如果您想更詳細地了解這一點，我非常樂意帶您了解這一點。

Okay. Great. And then just a question on if this administration were to loosen up banking regulations and capital requirements after the tariffs. Do you think it could cause some of your larger competitors to maybe get more competitive in some of your markets? Or could it change the kind of industry consolidation dynamics at all?

好的。偉大的。然後我有一個問題，在徵收關稅之後，本屆政府是否會放鬆銀行監管和資本要求。您是否認為這可能會導致一些較大的競爭對手在某些市場上變得更具競爭力？或者它能否徹底改變產業整合的動態？

We've been asked this question a while. I think it might slow things down a little bit, but I don't think banks are going to reverse course on this. I think they've so reformatted their businesses. They're out of proprietary trading, the client sort of execution side of the business has been dramatically sort of refocused on to large clients that do other business with the banks. I think that would obviously welcome some relief, but I don't think they will reverse course is my personal opinion.

我們已經被問過這個問題一段時間了。我認為這可能會稍微減緩速度，但我不認為銀行會改變這一方針。我認為他們已經對其業務進行了重組。他們不再從事自營交易，而是將客戶執行的業務重點轉移到與銀行有其他業務往來的大型客戶身上。我認為這顯然會帶來一些緩解，但我個人認為他們不會改變方向。

You may find that they are less willing to sort of shed to continue to shed more business and see less need to do that if they're not pushed by capital. So I don't think it's going to have an immediate impact that I can see. I think they are making so much money doing other things that they'll probably focus on those businesses that are meaningful for them and really sort of move the needle rather than sort of get into businesses like this, which probably for them aren't going to really move the needle that much. That would be my view.

你可能會發現，如果沒有資本的推動，他們不太願意繼續剝離更多業務，也不太需要這樣做。所以我認為它不會產生我所看到的直接影響。我認為他們透過做其他事情賺了很多錢，所以他們可能會專注於那些對他們有意義的業務，並真正推動發展，而不是進入這樣的業務，因為對他們來說，這可能不會有太大的推動作用。這就是我的觀點。

Okay. That's helpful. And just last one on the RJO deal. I mean, any updates on revenue synergies? Or do you sort of have to wait until that closes to get a better sense of that client list and the opportunities there?

好的。這很有幫助。這是關於 RJO 交易的最後一點。我的意思是，有關收入協同效應有任何最新消息嗎？或者您必須等到交易結束後才能更好地了解客戶名單和其中的機會？

Yes. So obviously, we are two competitors in a very competitive industry. And because of that, we have to stay sort of totally separate and aren't in a position to get sort of granular in terms of who the clients are and what we can do with those clients. So it's quite hard for us to put any definitive metrics around sort of the revenue in the way we can with, say, costs. And we'll only be able to really do that after closing.

是的。顯然，我們是一個競爭非常激烈的行業中的兩個競爭對手。正因為如此，我們必須保持完全獨立，無法詳細了解客戶是誰以及我們能為這些客戶做些什麼。因此，我們很難像衡量成本那樣，對收入製定任何明確的指標。我們只有在交易結束後才能真正做到這一點。

But having said that, we've had broad and sort of general discussions with the senior leadership at RJO and sort of demonstrated and shown them sort of what our capabilities are and what our toolkit is, which I think is much more broad than what they've had to date. And I think the general view is people are very excited there. I think they should be. And I think we have a lot of products that are very applicable to their clients. And I think certainly, the two of us as a combined force will be terrific, and I think we'll add a lot of additional revenue from their clients, which will be good for the brokers or the client relationship people are going to make more money.

但話雖如此，我們已經與 RJO 的高層領導進行了廣泛的一般性討論，並向他們展示了我們的能力和工具包，我認為這比他們迄今為止所擁有的要廣泛得多。我認為，總體來看，那裡的人們都非常興奮。我認為應該是如此。我認為我們有很多產品非常適合他們的客戶。而且我認為，我們兩家公司的合併一定會非常出色，而且我認為我們會從他們的客戶那裡增加很多額外收入，這對經紀人或客戶關係人員來說是件好事，他們會賺更多的錢。

We're going to make more money, and we're going to end up serving their clients better, which is the most important thing. So no. So we -- I can't be definitive about it, but my -- the basic work we've done and sort of looking at sort of how much money we generate out of similar clients to the RJO clients and comparing would lead us to believe that the revenue synergies are significantly larger potentially than the cost synergies on the bottom line but may take a while to realize, right? I mean it could be sort of 12 to 18 months before we see those showing up. It takes a long time to educate the sales force and get the products into the clients. It's a lot longer process potentially, but I think could be more significant. Operator, is there anyone else?

我們將賺更多的錢，最終我們將更好地服務他們的客戶，這是最重要的事情。所以不。因此，我無法對此做出明確的判斷，但是，我們所做的基本工作以及從與 RJO 客戶類似的客戶那裡獲得的收入和比較，會讓我們相信收入協同效應可能比底線成本協同效應大得多，但可能需要一段時間才能實現，對嗎？我的意思是，我們可能要等 12 到 18 個月才能看到它們出現。培訓銷售人員並將產品送到客戶手中需要很長時間。這可能是一個更長的過程，但我認為它可能更為重要。接線員，還有其他人嗎？

I'm showing no further questions at this time. I'd like to turn it back to Sean O'Connor for closing remarks.

我目前沒有其他問題。我想請肖恩·奧康納 (Sean O'Connor) 作最後發言。

All right. Well, thanks, everyone, for joining. We appreciate your time. As you can tell, it's been a pretty busy six months over here at StoneX, and we're all very excited. And this could be the beginning of a really exciting new chapter with us and RJ O'Brien as well as all the other acquisitions we've got. We certainly feel we've got a lot to do and a lot of opportunity that we need to take hold of here. So very exciting, and we look forward to reporting back. Thank you.

好的。好吧，謝謝大家的參與。感謝您的時間。如你所知，StoneX 這六個月過得相當忙碌，我們都非常興奮。這可能將成為我們和 RJ O'Brien 以及我們所有其他收購的真正令人興奮的新篇章的開始。我們確實感覺到我們在這裡有很多事情要做，也有很多機會需要我們去抓住。非常令人興奮，我們期待著報告。謝謝。

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。