StoneX Group Inc (SNEX) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the StoneX Group Inc. Q3 fiscal 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Bill Dunaway, CFO. Please go ahead.

您好，感謝您的支持。歡迎參加 StoneX Group Inc. 2025 財年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，首席財務長比爾·達納威 (Bill Dunaway)。請繼續。

Good morning, and welcome to our earnings conference call for our quarter ended June 30, 2025, our third fiscal quarter. After the market closed yesterday, we issued a press release reporting our results for the quarter, and this release is available on our website at www.stonex.com as well as a slide presentation, which we will refer to during this call. 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 6 月 30 日的第三財季財報電話會議。昨天市場收盤後，我們發布了一份新聞稿，報告了本季度的業績，您可以在我們的網站 www.stonex.com 上查閱該新聞稿，我們還提供了一份幻燈片演示，我們將在本次電話會議中參考該演示。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're required to advise you, and all participants should note that the following discussion should be considered in conjunction with the most recent financial statements filed and notes thereto as well as the Form 10-Q to be filed with the SEC. This discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended.

在開始之前，我們需要通知您，並且所有參與者都應注意，以下討論應結合最近提交的財務報表及其註釋以及向美國證券交易委員會提交的 10-Q 表來考慮。本討論可能包含經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條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 forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there could 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.

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。

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. I'll begin with the financial overview of the quarter, and we will be starting with slide number four in the slide deck.

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。我將從本季的財務概況開始，我們將從投影片中的第四張投影片開始。

Third quarter net income came in at $63.4 million with the diluted earnings per share of $1.22 which represents 2% net income growth, but a 2% decline in diluted EPFs versus the prior year quarter due to additional shares outstanding. The current quarter includes pre-tax acquisition-related charges of approximately $8.9 million including $6.5 million of bridge loan financing charges and $2.4 million of professional fees, which equate to approximately $0.12 per diluted earnings per share.

第三季淨收入為 6,340 萬美元，每股攤薄收益為 1.22 美元，這意味著淨收入增長了 2%，但由於流通股增加，稀釋後的 EPF 與去年同期相比下降了 2%。本季包括約 890 萬美元的稅前收購相關費用，其中包括 650 萬美元的過橋貸款融資費用和 240 萬美元的專業費用，相當於每股稀釋收益約 0.12 美元。

These measures were down 12% and 13% versus our immediately preceding second quarter, primarily due to the acquisition-related charges, I just mentioned. This represented a 13.1% ROE, despite a [14] -- despite a 49% increase in book value over the last two years. We had operating revenues of $1.024 billion, up 12% versus the prior year and up 7% versus the immediately preceding quarter.

這些指標與前一季相比分別下降了 12% 和 13%，主要是由於我剛才提到的收購相關費用。儘管過去兩年帳面價值成長了 49%，但 ROE 仍達到 13.1%。 [14]我們的營業收入為 10.24 億美元，比上年增長 12%，比上一季增長 7%。

As a reminder, our operating revenues include not only interest and fees earned on 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 4% versus a year ago and flat versus the immediately preceding quarter.

提醒一下，我們的營業收入不僅包括客戶餘額賺取的利息和費用，還包括與我們的固定收益交易活動相關的附帶權益。淨營業收入（扣除利息支出，包括與我們的固定收益交易活動以及介紹經紀人佣金和清算費用相關的利息支出）比去年同期增長 4%，與上一季持平。

Total compensation and other expenses were up 5% versus the prior year quarter and 3% versus the immediately preceding quarter. Fixed compensation and related costs were up 6% versus a year ago and 2% or $3 million versus the immediately preceding quarter. The increase versus the prior year was primarily related to merit increases at the beginning of the calendar year, a 7% increase in head count as well as an increase in share-based compensation with the increase versus the immediately preceding quarter, also primarily related to the increase in share-based compensation. Professional fees increased $3.9 million versus the prior year, with $2.4 million of that increase related to the acquisitions, as I noted before.

總薪酬及其他費用較去年同期成長 5%，較上一季成長 3%。固定薪酬和相關成本比去年同期上漲 6%，比上一季上漲 2% 或 300 萬美元。與前一年相比的成長主要與年初的績效加薪、員工人數增加 7% 以及股權激勵的增加有關，與上一季相比的成長也主要與股權激勵的增加有關。專業費用比前一年增加了 390 萬美元，其中 240 萬美元與收購有關，正如我之前提到的。

It is of note that the income before tax for the current quarter includes a $2.3 million loss on the disposal of capitalized hardware, partially offset by a gain of $1 million related to class action settlements received while the prior year quarter included gains of $1.8 million related to class action settlements received, all of which are included in the other losses and gains on the financial statements.

值得注意的是，本季稅前收入包括處置資本化硬體的 230 萬美元損失，部分被與收到的集體訴訟和解金相關的 100 萬美元收益所抵消，而去年同期包括與收到的集體訴訟和解金相關的 180 萬美元收益，所有這些都包含在財務報表的其他損失和收益中。

Looking at it from a longer standpoint, our trailing 12 months results show operating revenues up 17%. Net income was $296.9 million, up 26%, with earnings per share of $5.87 and a return on equity of 16.6% for the trailing 12-month period, well above our target of 15%. We ended the third quarter of fiscal 2025 with a book value per share of $40.36. 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 growth in securities, payments and FX CFDs which was partially offset by declines in listed in OTC derivatives, physical contracts and interest and fee income on client balances.

從長遠來看，我們過去 12 個月的業績顯示營業收入成長了 17%。淨收入為 2.969 億美元，成長 26%，每股收益為 5.87 美元，過去 12 個月的股本回報率為 16.6%，遠高於我們的 15% 的目標。截至2025財年第三季度，我們的每股帳面價值為40.36美元。財報第五張投影片比較了各產品的季度營業收入以及與去年同期相比的關鍵營運指標，我們發現證券、支付和外匯差價合約業務有所增長，但部分抵消了場外衍生品、實物合約以及客戶餘額利息和費用收入的下降。

Transactional volumes were up across all of our product offerings. However, diminished volatility, combined with client mix, drove a decline in spread and rate capture with the exception of securities, which were up 15% and FX and CFDs, which were flat. Just touching on a few highlights for the third quarter. We saw operating revenues derived from physical contracts were down 17% versus the prior year, primarily related to the effect of tariff-related uncertainties on client activity as well as the prior year comparable period, including an $8.4 million realized gain on physical inventories held at the lower of cost or market.

我們所有產品的交易量均有所上升。然而，波動性降低，加上客戶組合，導致價差和利率捕獲下降，但證券除外，證券上漲 15%，外匯和差價合約持平。僅談及第三季的一些亮點。我們發現實物合約產生的營業收入比上年下降了 17%，主要與關稅相關的不確定性對客戶活動以及去年同期的影響有關，其中包括以成本或市場較低者持有的實物庫存實現的 840 萬美元收益。

Operating revenues derived from physical contracts were down 23% versus the immediately preceding quarter. Operating revenues derived from listed derivatives were down 3% versus the prior year and down 2% versus the immediately preceding quarter, primarily driven by our Commercial segment. Operating revenues derived from OTC derivatives were down 11% versus the prior year and 2% versus the immediately preceding quarter, primarily as a result of declines in the average rate per contract due to diminished commodity volatility.

來自實物合約的營業收入與上一季相比下降了 23%。上市衍生性商品的營業收入較前一年下降 3%，較上一季下降 2%，主要受商業部門影響。場外衍生性商品的營業收入較上年同期下降 11%，較上一季下降 2%，主要由於商品波動性減弱導致每份合約的平均費率下降。

Securities operating revenues were up 30% as volumes were up 25% and the rate per million increased 15% versus the prior year, with the improvement driven by significant improvement in our equity businesses, driven by increased volatility and client engagement. Security-related operating revenues were up 14% versus the immediately preceding quarter. Payment's revenues were up 5% versus the year ago quarter and up 6% versus the immediately preceding quarter. FX CFD revenues were up 14%, resulting from an increase of 12% in average daily volume while the RPM was flat. This also represented an increase of 23% versus the immediately preceding quarter.

證券營業收入增加了 30%，因為交易量增加了 25%，每百萬的利率比上年增長了 15%，這一增長得益於我們的股票業務的顯著改善，以及波動性和客戶參與度的提高。安全相關營業收入較上一季成長 14%。支付業務收入較去年同期成長 5%，較上一季成長 6%。外匯差價合約收入成長 14%，原因是平均每日交易量成長 12%，而 RPM 維持不變。這也比上一季成長了 23%。

Our interest and fee income earned on our aggregate client float including both listed derivative client equity, and the money market and FDIC sweep balances decreased 11% versus the prior year, resulting primarily from lower short-term interest rates, which were partially offset by 10% growth in client balances. However, this is modestly higher versus the immediately preceding quarter.

我們從包括上市衍生性商品客戶權益、貨幣市場和 FDIC 清算餘額在內的總客戶浮動資金中獲得的利息和費用收入比上年下降了 11%，這主要是由於短期利率下降，但客戶餘額增長了 10%，部分抵消了這一影響。然而，與上一季相比，這一數字略有上升。

Turning to slide six. This depicts a waterfall by product of net operating revenues from both the prior year quarter to the current one, as well as the same for the trailing 12-month period. Just a reminder, net operating revenues represent operating revenues less introducing broker commissions, clearing fees and interest expense.

翻到第六張幻燈片。這描繪了從去年同期到本季以及過去 12 個月的淨營業收入的瀑布圖。提醒一下，營業淨收入代表營業收入減去介紹經紀商佣金、清算費和利息費用。

For the quarter, net operating revenues increased 4%, principally coming from securities up $39.3 million and FX and CFDs, which were up $9.8 million, partially offset by declines in physical contracts, listed derivatives and OTC derivatives of $22.5 million, $8.4 million and $7.4 million, respectively. On a net basis, interest and fee income on client balances decreased $12.5 million.

本季度，淨營業收入成長 4%，主要來自證券成長 3,930 萬美元以及外匯和差價合約成長 980 萬美元，但實物合約、上市衍生性商品和場外衍生性商品分別下降 2,250 萬美元、840 萬美元和 740 萬美元，部分抵銷了這一成長。以淨額計算，客戶餘額的利息和費用收入減少了 1,250 萬美元。

Looking at the bottom graph for the trailing 12-month period, it shows a slightly different picture as in addition to very strong growth in securities, we saw large increases in interest and fee income, physical contracts, listed derivatives and FX and CFD contracts, slightly offset by declines in payments and OTC derivatives.

看看過去 12 個月的底部圖表，它顯示出略有不同的情況，因為除了證券的強勁增長之外，我們還看到利息和費用收入、實物合約、上市衍生品以及外匯和差價合約的大幅增長，但支付和場外衍生品的下降略有抵消。

Moving on to slide number seven. I'll do a quick review of our segment performance. Our Commercial segment net operating revenues declined 24%, primarily resulting from a 44% decline in physical contracts driven by a decline in client activity and increased interest expense related to our precious metals activities, as well as declines of 18% and 11% enlisted in OTC derivatives, respectively. Segment income was down 36%. On a sequential basis, net operating revenues were down 13% and segment income was down 17%.

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下降了 24%，主要原因是客戶活動減少和與貴金屬活動相關的利息支出增加導致實物合約下降了 44%，以及場外衍生品登記收入分別下降了 18% 和 11%。分部收入下降了36%。與上一季相比，營業淨收入下降 13%，分部收入下降 17%。

Our institutional segment saw record net operating revenues and segment income with growth of 27% and 41%, respectively. The growth of net operating revenues was principally driven by a $38.9 million increase in securities revenues, in particular in equity markets, particularly -- partially offsetting the net operating revenue growth, non-variable direct expenses increased 10%. On a sequential basis, net operating revenues and segment income were up 5% and 1%, respectively.

我們的機構部門淨營業收入和部門收入創歷史新高，分別成長了 27% 和 41%。營業淨收入的成長主要得益於證券收入增加 3,890 萬美元，特別是股票市場收入，部分抵消了淨營業收入的成長，非可變直接費用增加了 10%。以環比計算，營業淨收入和分部收入分別成長 5% 和 1%。

In our self-directed retail segment, net operating revenues were up 18% and segment income was up 49%, which demonstrates the operating leverage in this business. This was primarily driven by a 34% increase in average daily volume and FX CFD contracts, which was partially offset by a 13% decline in rate per million.

在我們的自主零售部門，淨營業收入成長了 18%，部門收入成長了 49%，這顯示了該業務的營運槓桿。這主要是由於每日平均交易量和外匯差價合約成長 34%，但每百萬匯率下降 13% 部分抵消了這一增長。

On a sequential basis, net operating revenues were up 26% and segment income was up 87% in this segment. In our Payments segment, net operating revenues were up 3% and segment income was flat. Rate per million was down 6% versus the prior year. However, it was relatively consistent with the immediately preceding quarter. Average daily volume was up 16% versus the prior year and up 4% versus the immediately preceding quarter.

與上一季相比，該部門淨營業收入成長 26%，部門營收成長 87%。在我們的支付部門，淨營業收入成長了 3%，而部門收入持平。每百萬的利率比前一年下降了 6%。但與上一季相比，情況相對一致。日均交易量比上年同期成長 16%，比上一季成長 4%。

Moving on to slide number eight. Looking at segment performance for the trailing 12 months, we saw a strong growth in Institutional segment with net operating revenues up 26% and segment income increasing 35%. In addition, our self-directed retail segment increased net operating revenues in segment income 14% and 28%, respectively. Our Commercial segment net operating revenues increased modestly, while segment income declined 5%. Payments decreased net operating revenues in segment income 3% and 7%, respectively.

繼續看第八張投影片。回顧過去 12 個月的分部表現，我們看到機構分部強勁成長，淨營業收入成長 26%，分部營收成長 35%。此外，我們的自主零售部門的淨營業收入分別成長了14%和28%。我們的商業部門淨營業收入小幅增長，而部門收入下降了 5%。支付分別導致分部收入中的營業淨收入下降3%和7%。

Finally, moving on to slide number nine, which 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 interest rates. The interest fee income, net of interest paid to clients and the effect of interest rate swaps declined $12.5 million to $73.9 million in the current period. This represents a $600,000 decline from the immediately preceding quarter.

最後，請看第九張投影片，它按季度展示了我們客戶餘額所賺取的利息和費用，以及一個表格，其中顯示了短期利率變化的年化利率敏感度。本期利息費收入（扣除支付給客戶的利息和利率互換的影響）下降 1,250 萬美元至 7,390 萬美元。這比上一季減少了 60 萬美元。

As noted in the table, we estimated 100 basis points change in short-term interest rates either up or down, could result in a change in net income by roughly $27 million or $0.54 per share on an annualized basis. With that, I will hand you over to Sean O'Connor, our Vice Chairman, for a strategy discussion.

如表所示，我們估計短期利率上升或下降 100 個基點的變化，都可能導致淨收入發生約 2,700 萬美元或年化每股 0.54 美元的變化。接下來，我將把您交給我們的副主席肖恩·奧康納 (Sean O'Connor) 進行戰略討論。

Thanks, Bill. Good morning, everyone. So I'm starting here on slide 11. As you no doubt saw, we closed the RJO and the Benchmark acquisition after the close of business last Thursday, July 31. We have covered a lot of the background of this transaction in both a separate call and during last quarter's earnings call, but perhaps just a quick refresh on both given that we are now fully in execution mode.

謝謝，比爾。大家早安。我從第 11 張投影片開始。正如您所看到的，我們在 7 月 31 日星期四下班後完成了 RJO 和 Benchmark 收購。我們在單獨的電話會議和上個季度的收益電話會議中都介紹了這筆交易的很多背景信息，但考慮到我們現在已經完全處於執行模式，也許只是對這兩項內容進行快速回顧。

RJO is the largest and most consequential transaction we have ever undertaken. We believe that this is a transformational transaction 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 great global market access, end-to-end clearing and execution capabilities, (technical difficulty) franchise. It supports our goal of becoming the counterparty of choice for clients across all asset classes, embedding our integrated offering into long-term trusted relationships.

RJO 是我們迄今為止進行的最大、最重要的交易。我們相信這是一項轉型交易，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。擁有機構良好的全球市場進入、端到端清算和執行能力、（技術難度）特許經營權。它支持我們成為所有資產類別客戶的首選交易對手的目標，將我們的綜合產品嵌入長期信任的關係中。

R.J. O'Brien has been a leading FCM in the industry with a stellar reputation and 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. The commercial segment consists of large commodity clients, similar in nature to those in our own commercial segment and this accounted for approximately 11% of RJO revenues in 2024.

R.J. 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。商業部門由大型商品客戶組成，其性質與我們自己的商業部門的客戶類似，佔 2024 年 RJO 收入的約 11%。

We believe that StoneX has the best-in-class toolkit to provide additional services to these clients, including our extensive OTC and structured product capabilities as well as our physical and logistics servicing capabilities, allowing us to provide additional value-added services.

我們相信 StoneX 擁有一流的工具包，可以為這些客戶提供額外的服務，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和物流服務能力，使我們能夠提供額外的增值服務。

RJO is the best-in-class service provider to introducing brokers in the listed derivative industry, providing these IBs with execution and clearing they need to service their clients. RJO has over 250 IB relationships and we have just over 100. This dramatically expands our overall market footprint as these firms add aggregate (technical difficulty). RJO is also a market leader in providing interest rate hedging products to institutional clients, mainly banks looking to manage their interest rate risk, an area that has not been a core focus for StoneX to date. This aligns directly with our own fixed income business.

RJO 是上市衍生性商品產業中引進經紀商的最佳服務供應商，為這些 IB 提供其為客戶提供服務所需的執行和清算服務。RJO 擁有超過 250 個 IB 關係，而我們只有 100 多個。隨著這些公司增加總（技術難度）。 RJO 也是向機構客戶提供利率對沖產品的市場領導者，這些客戶主要是希望管理利率風險的銀行，而迄今為止，這一領域還不是 StoneX 的核心關注點。這與我們自己的固定收益業務直接相關。

Combining these complementary capabilities will provide us with a compelling ability to service the needs of these banks around the world. As we continue to spend time with the RJO folks over the last couple of months, we have become even more enthusiastic about this transaction. As the transaction is now closed, we'll start to see the financial impact on our results, starting with Q4.

結合這些互補的能力，我們將能夠滿足世界各地這些銀行的需求。在過去的幾個月裡，隨著我們與 RJO 人員的不斷交流，我們對這筆交易變得更加熱情。由於交易現已結束，我們將從第四季度開始看到其對我們業績的財務影響。

As we have said from the outset, this transaction will be materially accretive to earnings and to EPS as well as enhancing our margins and fully integrated. Unfortunately, RJO (technical difficulty) has not reported its 2025 financials, but they are roughly in line with our expectations at the time of the transaction and in line with its 2024 results.

正如我們從一開始就說過的，這筆交易將大大增加我們的收益和每股收益，同時提高我們的利潤率並實現全面整合。不幸的是，RJO（技術難度）尚未報告其 2025 年的財務狀況，但它們與我們在交易時的預期大致相符，並與其 2024 年的業績相符。

Looking at the pro forma 2024 metrics we disclosed when we announced the transaction, RJO generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024. We issued around 3.1 million shares as part of the purchase price, which increases our share count by approximately 6%. This transaction is expected to immediately enhance EPS and return on equity with the addition of nearly $6 billion in client float as well as enhancing our margins over time.

根據我們在宣布交易時披露的 2024 年預測指標，RJO 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。作為購買價格的一部分，我們發行了約 310 萬股股票，這使我們的股票數量增加了約 6%。預計此交易將立即提高每股收益和股本回報率，增加近 60 億美元的客戶浮動資金，並隨著時間的推移提高我們的利潤率。

We are now able to refine our synergy analysis specifically around execution timelines. Broadly speaking, we believe that the integration and related synergies of the international components of RJO could be completed in the next three to six months with the balance related to the US, which is larger and more complex, likely to take 9 to 12 months to realize. But more to come on this once we have finalized our detailed work.

我們現在能夠專門圍繞執行時間表來完善我們的協同分析。總體而言，我們認為 RJO 國際部分的整合和相關協同作用可在未來三到六個月內完成，而與美國相關的平衡工作（規模更大、更複雜）可能需要九到十二個月才能實現。但一旦我們完成了詳細的工作，就會有更多內容發佈。

In late June, we went ahead and raised the debt forecast (technical difficulty). But in spite of the market (technical difficulty) from tariff uncertainty and the geopolitical effects of the US strike against Iran, the issue was very well received, and we priced inside of one day were multiple times oversubscribed, and more importantly, price significantly tighter than our recent refinancing one year ago. The notes have also traded very well since we settled the issue in early July.

6月底，我們繼續調高債務預測（技術難度）。但是，儘管關稅不確定性和美國打擊伊朗的地緣政治影響給市場帶來了（技術困難），但此次發行仍然受到了熱烈歡迎，我們在一天之內就獲得了數倍的超額認購，更重要的是，價格比我們一年前最近的再融資價格要低得多。自從我們七月初解決這個問題以來，這些票據的交易情況也很好。

Now moving to slide 12. We also closed The Benchmark acquisition on July 31. Benchmark is a full-service investment banking firm, offering robust sales and trading platform, award-winning research and a highly experienced investment banking team. Benchmark provides research coverage on over 400 companies, brings broad relationships with over 800 institutional accounts to StoneX, which we believe we can leverage across StoneX broader product offering and the new investment banking capabilities, which we believe we can leverage into our client base, both for equity and debt capital markets.

現在轉到投影片 12。我們也於 7 月 31 日完成了對 The Benchmark 的收購。Benchmark 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。Benchmark 為 400 多家公司提供研究覆蓋，為 StoneX 帶來與 800 多家機構帳戶的廣泛關係，我們相信我們可以利用 StoneX 更廣泛的產品供應和新的投資銀行能力，我們相信我們可以利用這些能力進入我們的客戶群，包括股票和債務資本市場。

We believe this is an important transaction that will be accretive to both our ecosystem as well as our bottom-line earnings. So a very eventful and consequential July 31 for us at StoneX and the beginning of a very exciting new chapter. I would now like to introduce Charles Lyon, our President, who together with Philip has taken over the day-to-day running of StoneX. Charles technically has been at StoneX longer than I have. He was already working at the company when I took a position in it 23 years ago. Charles is especially focused on the trading and technology parts of our business. I've asked Charles to give you all an update on the clearing and custody side of our business, which is in many ways at the heart of our business.

我們相信這是一項重要的交易，它將對我們的生態系統和我們的底線收益產生增值作用。因此，7 月 31 日對 StoneX 來說是一個非常重要且意義重大的日子，也是令人興奮的新篇章的開始。現在我想介紹我們的總裁查爾斯·里昂 (Charles Lyon)，他與菲利普 (Philip) 一起負責 StoneX 的日常運營。從技術上講，查爾斯在 StoneX 工作的時間比我長。23年前，當我在該公司任職時，他就已經在那裡工作了。查爾斯特別關注我們業務的貿易和技術部分。我請查爾斯向大家介紹我們業務的清算和託管方面的最新情況，這在許多方面都是我們業務的核心。

When we decided to start StoneX 23 years ago, we decided early on that we didn't just want to be an executing broker, but wanted a deeper, more meaningful and integrated relationship with our clients, which comes from clearing and holding client assets. In most instances, opening a new brokerage arrangement is a decision made by our clients on the trading desk. A clearing of custody arrangement is a C-level decision. However, becoming a clearer and a custodian requires a pretty heavy lift in terms of regulation, capital and infrastructure, but does put a very attractive moat around your business.

23 年前，當我們決定創辦 StoneX 時，我們很早就決定，我們不僅想成為執行經紀人，而是希望與客戶建立更深層、更有意義和更全面的關係，而這種關係源於清算和持有客戶資產。在大多數情況下，開設新的經紀協議是由我們的客戶在交易台上做出的決定。清算監護權安排是高層決策。然而，成為清算人和託管人需要在監管、資本和基礎設施方面做出相當大的努力，但確實為您的業務建立了非常有吸引力的護城河。

So Charles, over to you.

那麼查爾斯，就交給你了。

Thank you, Sean. Today, we are pleased to highlight another cornerstone of our global infrastructure, custody and clearing. This business is a critical enabler for our clients' trading, financing and investment strategies delivering secure, scalable and integrated post-trade solutions across our global footprint. With the breadth of capabilities and the scale of our offering, we believe it is important to dedicate time today to highlight the strength, performance and strategy of this business area.

謝謝你，肖恩。今天，我們很高興地強調我們全球基礎設施、託管和清算的另一個基石。該業務是我們客戶的交易、融資和投資策略的關鍵推動因素，在我們的全球業務範圍內提供安全、可擴展和整合的交易後解決方案。鑑於我們能力的廣泛性和產品的規模，我們認為今天花些時間來強調這一業務領域的優勢、業績和策略非常重要。

Please refer to slide 14 in the deck. Custody and clearing is core to the StoneX ecosystem. StoneX's custody and clearing platform delivers a comprehensive suite of services to institutional clients across the Americas, EMEA and APAC regions. Anchored by our self-clearing capabilities, enhanced through strategic custodian partnerships and powered by advanced infrastructure, we are trusted by a wide spectrum of market participants from hedge funds, mutual funds and proprietary trading firms to ETF issuers, family offices, introducing brokers and corporate clients.

請參閱投影片中的第 14 張。託管和清算是 StoneX 生態系統的核心。StoneX 的託管和清算平台為美洲、歐洲、中東和非洲地區以及亞太地區的機構客戶提供全面的服務。我們憑藉自我清算能力、策略託管合作夥伴關係和先進基礎設施，贏得了廣泛市場參與者的信任，包括對沖基金、共同基金、自營交易公司、ETF 發行人、家族理財室、介紹經紀人和企業客戶。

Our global team operates from key centers, including Birmingham, New York, Chicago, London, Dublin, Sao Paulo, Buenos Aires, Singapore and Hong Kong, ensuring continuous coverage and access across time zones and asset classes. Let me summarize the key services we deliver across our platform. In the US, we provide fully self-cleared equities, options and fixed income alongside futures and commodities clearing across all major exchanges.

我們的全球團隊在伯明翰、紐約、芝加哥、倫敦、都柏林、聖保羅、布宜諾斯艾利斯、新加坡和香港等主要中心開展業務，確保跨時區和資產類別的持續覆蓋和訪問。讓我總結一下我們在整個平台上提供的主要服務。在美國，我們在所有主要交易所提供完全自行清算的股票、選擇權和固定收益以及期貨和商品清算。

We support 1940 Act funds through the trading and custody of derivatives for actively managed ETFs and mutual funds. Our securities lending and margin financing programs enable clients to realize enhanced income opportunities and optimize capital efficiency. Internationally, in EMEA and APAC, we provide cross-border clearing and settlement, multicurrency collateral management and segregated custody for institutional managers.

我們透過交易和託管主動式管理 ETF 和共同基金的衍生性商品來支持 1940 年法案基金。我們的證券借貸和保證金融資計劃使客戶能夠實現更高的收入機會並優化資本效率。在國際上，我們在歐洲、中東和非洲地區以及亞太地區為機構經理提供跨境清算和結算、多幣種抵押品管理和隔離託管服務。

In Q4, we will broaden our digital asset custody capabilities to include regulated custody for cryptocurrencies, tokenized securities, stable coins and real-world assets. Our integrated platform allows clients to consolidate post-trade workflows across asset classes and jurisdictions, supporting efficient capital deployment and risk control. Our custody and clearing platform serves a broad and growing global client base, a diverse mix that ensures resiliency and balance across our franchise, spanning institutional, wealth and digital clients.

在第四季度，我們將擴大我們的數位資產託管能力，包括加密貨幣、代幣化證券、穩定幣和現實世界資產的受監管託管。我們的整合平台讓客戶可以整合跨資產類別和司法管轄區的交易後工作流程，支援高效率的資本部署和風險控制。我們的託管和清算平台服務於廣泛且不斷增長的全球客戶群，多樣化的組合確保了我們特許經營業務的彈性和平衡性，涵蓋機構、財富和數位客戶。

Our client segments include registered investment advisers and broker dealers, leveraging custody and execution through integrated solutions, StoneX's self-clearing infrastructure and external custodians. Hedge funds and proprietary trading firms, utilizing cross-asset analytics, capital efficiency and margin solutions.1940 Act funds, actively managed ETFs and mutual funds, family offices and private wealth channels accessing multi custody architecture, performance reporting and StoneX's global reach for diversified portfolios.

我們的客戶群包括註冊投資顧問和經紀交易商，透過綜合解決方案、StoneX 的自我清算基礎設施和外部託管人實現託管和執行。對沖基金和自營交易公司利用跨資產分析、資本效率和保證金解決方案。 1940 年法案基金、主動式管理 ETF 和共同基金、家族辦公室和私人財富管道可存取多託管架構、績效報告和 StoneX 的多元化投資組合全球影響力。

Fintechs and API native platforms, embedded custody as a service with real-time clearing data, compliance automation and scalability for retail flow, digital asset managers and tokenized funds benefiting from our expanding secure and compliant custody solutions that are designed for institutional clients.

金融科技和 API 原生平台、嵌入式託管即服務，具有即時清算資料、合規自動化和零售流量可擴展性，數位資產管理者和代幣化基金受益於我們為機構客戶設計的不斷擴展的安全合規託管解決方案。

What distinguishes StoneX is that we meet clients wherever they are in their growth cycle, from emerging managers seeking turnkey digital custody solutions to large institutional clients requiring global multi-asset clearing capabilities. This flexibility positions us uniquely to capture flows across the evolving marketplace.

StoneX 的獨特之處在於，無論客戶處於成長週期的哪個階段，我們都能滿足他們的要求，從尋求交鑰匙數位託管解決方案的新興管理者到需要全球多資產清算能力的大型機構客戶。這種靈活性使我們具有獨特的優勢，能夠捕捉不斷變化的市場中的流量。

What have been some of our areas of expansion. The past 12 months, we have seen expansion across all major business lines, correspondent clearing balances surpassed $24 billion, a 27% year over year increase, driven by regional broker-dealers, RIAs and a broader geographical focus. The enhancements moving forward will include API-driven onboarding and customizable plug-and-play integration for our introducing firms.

我們的擴展領域有哪些？過去 12 個月，我們看到所有主要業務線都在擴張，代理商清算餘額超過 240 億美元，年成長 27%，這得益於區域經紀交易商、RIA 和更廣泛的地理重點。未來的改進將包括 API 驅動的入職培訓和針對我們引入公司的可自訂的即插即用整合。

FCM servicing, average client equity balances increased 15% year over year to $6.8 billion. This increase was fueled by interest rate futures, energy derivatives and FX markets, supported by enhanced cross margin programs for capital efficiency, mutual funds and ETFs.

FCM 服務平均客戶權益餘額年增 15% 至 68 億美元。這一增長受到利率期貨、能源衍生品和外匯市場的推動，並得到資本效率、共同基金和 ETF 增強交叉保證金計劃的支持。

Since 2018, we've made substantial investments in automation and infrastructure to support 1940 Act regulated funds. These efforts have positioned us to capitalize on the rapid expansion of the ETF space and we are now seeing strong growth across the client segment. Digital custody. This year, we were approved to operate as a virtual asset service provider or VAS by the Central Bank of Ireland and began offering regulated custody for digital assets.

自 2018 年以來，我們在自動化和基礎設施方面進行了大量投資，以支持 1940 年法案監管的基金。這些努力使我們能夠利用 ETF 領域的快速擴張，現在我們看到整個客戶群都在強勁成長。數字保管。今年，我們獲得愛爾蘭中央銀行批准作為虛擬資產服務提供者或 VAS 運營，並開始提供數位資產的受監管託管。

In Q4 2025, we will launch lending and collateral management tools for digital assets addressing a growing institutional demand. Together, these expansions reflect StoneX's ability to adapt to evolving client needs, regulatory change and the accelerating pace of digitization. How did custody and clearing perform Q3 2025. The third quarter of fiscal year '25 saw heightened demand for integrated custody and clearing solutions and our business delivered outstanding results. In addition to the 15% growth in SCM average client equity balances noted earlier, we grew FDIC suite balances by 25% versus the prior year, further reinforcing our position as a leading global provider. We onboarded a record number of new institutional clients, including hedge funds, ETFs and proprietary trading firms.

2025 年第四季度，我們將推出數位資產借貸和抵押品管理工具，以滿足日益增長的機構需求。總的來說，這些擴張反映了 StoneX 適應不斷變化的客戶需求、監管變化和數位化步伐加快的能力。2025 年第三季託管和清算表現如何。25 財年第三季度，對綜合託管和清算解決方案的需求增加，我們的業務取得了出色的業績。除了前面提到的 SCM 平均客戶權益餘額增加 15% 之外，我們的 FDIC 套件餘額也比上一年增長了 25%，進一步鞏固了我們作為全球領先供應商的地位。我們吸收了創紀錄數量的新機構客戶，包括對沖基金、ETF 和自營交易公司。

Our EMEA and APAC custody businesses achieved a 66% increase and net operating revenue in Q3 with balanced growth of 51% Q-over-Q with momentum coming predominantly from fixed income managers and cross-border funds. These results highlight both the resiliency of our platform and the trust we've earned as clients -- partners capable of delivering scale, security and transparency in a rapidly evolving market landscape.

我們的 EMEA 和 APAC 託管業務在第三季度實現了 66% 的成長，淨營業收入較上季成長 51%，主要成長動力來自固定收益管理公司和跨境基金。這些結果凸顯了我們平台的彈性以及我們作為客戶贏得的信任——合作夥伴能夠在快速發展的市場環境中提供規模、安全性和透明度。

How do we protect our client assets. Protecting client assets is a cornerstone of our offering. We have built a layered protection framework designed to deliver both security and transparency. FDIC insured sweep programs designed to provide US dollar cash coverage, SIPC coverage ensuring robust protection for cash and securities complemented by an additional excess insurance through Lloyd's of London, segregation of client assets from firm assets to mitigate counterparty risk, custody relationships with DTC, Euroclear and BNY Pershing among the most trusted global depositories.

我們如何保護客戶資產。保護客戶資產是我們服務的基石。我們建立了分層保護框架，旨在提供安全性和透明度。FDIC 承保的清算計劃旨在提供美元現金保險，SIPC 保險確保對現金和證券的強有力保護，並透過倫敦勞合社提供額外的超額保險，將客戶資產與公司資產隔離以減輕交易對手風險，與最值得信賴的全球存管機構 DTC、Euroclear 和 BNY Pershing 建立託管關係。

Clients placed greater emphasis on regulatory controls with digital assets. Accordingly, this business now operates as a VAS under the Central Bank of Ireland. By the end of Q1 '26, we expect it to be regulated under the European Securities and Markets Authority as a crypto asset service provider, and we will continue to expand our regulatory footprint globally thereafter. This robust set of protection gives our clients the confidence that our assets are safeguarded when remaining accessible to meet trading and investment needs. What differentiates StoneX in the space?

客戶更加重視數位資產的監管控制。因此，該業務目前以愛爾蘭中央銀行旗下的加值服務公司營運。到 2026 年第一季末，我們預計它將作為加密資產服務提供者受到歐洲證券和市場管理局的監管，此後我們將繼續在全球範圍內擴大我們的監管範圍。這套強大的保護措施讓我們的客戶相信，我們的資產在滿足交易和投資需求的同時，也得到了保障。StoneX 在該領域有何不同？

Turning now to slide 15. StoneX is positioned as one of the leading nonbank financial services firms serving mid-tier institutions, delivering a powerful combination of global scale, flexibility and technology. Our differentiators include self-clearing infrastructure across multiple asset classes, including equities, fixed income, futures, options, FX and digital assets.

現在翻到第 15 張投影片。StoneX 定位為服務中型機構的領先非銀行金融服務公司之一，提供全球規模、靈活性和技術的強大組合。我們的差異化包括跨多個資產類別的自我清算基礎設施，包括股票、固定收益、期貨、選擇權、外匯和數位資產。

Global multicustody reach with operational hubs in North America, Latin America, EMEA and APAC, institutional approach to risk management, supported by cross product margin and collateral optimization, flexible API workflow solutions tailored to support the evolving needs of broker-dealers, fintechs and financial institutions. Our approach is client-centric, aligning solutions and pricing with each client's growth stage and workflow needs rather than applying rigid thresholds.

擁有遍布北美、拉丁美洲、歐洲、中東和非洲地區以及亞太地區的營運中心，涵蓋全球多個託管區域，採用機構風險管理方法，並由跨產品保證金和抵押品優化提供支持，靈活的 API 工作流程解決方案旨在滿足經紀交易商、金融科技公司和金融機構不斷變化的需求。我們的方法是以客戶為中心，根據每位客戶的成長階段和工作流程需求調整解決方案和定價，而不是採用嚴格的門檻。

By integrating these capabilities within a single platform, StoneX provides clients with a seamless post-trade solution that stands apart in today's market. As the clearing market consolidates and traditional providers retrench, we continue to invest in the operational infrastructure that supports client execution, financing and asset servicing, ensuring we remain a long-term trusted partner to our clients.

透過將這些功能整合到單一平台，StoneX 為客戶提供了在當今市場上脫穎而出的無縫交易後解決方案。隨著清算市場的整合和傳統供應商的縮減，我們繼續投資於支持客戶執行、融資和資產服務的營運基礎設施，確保我們仍然是客戶長期信賴的合作夥伴。

Our strategic priorities going forward. Turning to slide 16. Looking ahead, we remain focused on three strategic priorities that will drive the continued growth and success in this business, building our ecosystem, implementing a multicurrency margin engine, scaling digital custody for tokenized funds and stable coins and piloting embedded clearing APIs with select fintech partners, growing and diversifying our client base, expanding corresponding clearing with regional broker-dealers and RIAs, capturing flows from clients that are leaving bank affiliated SCMs.

我們未來的策略重點。翻到第 16 張投影片。展望未來，我們將繼續專注於三個策略重點，推動該業務的持續成長和成功：建立我們的生態系統、實施多幣種保證金引擎、擴大代幣化基金和穩定幣的數位託管、與精選金融科技合作夥伴試行嵌入式清算 API、擴大和多樣化我們的客戶群、擴大與區域經紀交易商和 RIA 的清算、獲取客戶。

And deepening our presence with family offices and sovereign wealth funds, digitizing our business, advancing toward a singular custody and clearing access point for clients as part of our long-term vision, while automating our onboarding experience and building out our real-time dashboards for intraday stress testing and scenario modeling. These initiatives underscore our commitment to continuous innovation, operational excellence and strengthening our role as a trusted partner across markets.

作為我們長期願景的一部分，我們將深化與家族辦公室和主權財富基金的合作，實現業務數位化，向單一託管和清算客戶接入點邁進，同時實現入職體驗自動化，並建立用於日內壓力測試和情景建模的即時儀表板。這些舉措強調了我們對持續創新、卓越營運以及加強我們作為跨市場值得信賴的合作夥伴的角色的承諾。

In summary, custody and clearing continues to be a high-growth, high-impact business line that strengthens our global franchise and positions us for the future post trade infrastructure. With a substantial and growing base of client assets exceeding $60 billion this last quarter, industry-leading protections, innovative services and a fast-growing digital custody suite, we are now setting a new standard for institutional-grade custody and clearing. We are very proud of the exceptional work our teams deliver every day and remain excited about the opportunities ahead.

總而言之，託管和清算仍然是一條高成長、高影響力的業務線，它加強了我們的全球特許經營權，並為我們未來的交易後基礎設施奠定了基礎。憑藉著上個季度超過 600 億美元的龐大且不斷增長的客戶資產基礎、行業領先的保護措施、創新的服務和快速增長的數位託管套件，我們現在正在為機構級託管和清算設立新的標準。我們為團隊每天所做的出色工作感到非常自豪，並對未來的機會感到興奮。

Back to you, Sean, for the wrap-up.

回到肖恩，你來總結一下。

So moving on to slide 17. This quarter continued a series of quarters exhibiting year on year growth and was one that showcased the diversity and resilience of our business, with significant growth in our institutional segment and especially in equity trading, offset weakness in our commercial business due to diminished volatility and tariff-related uncertainties.

請繼續看投影片 17。本季度延續了一系列同比增長的季度，展現了我們業務的多樣性和彈性，機構業務，尤其是股票交易的顯著增長，抵消了由於波動性減弱和關稅相關不確定性導致的商業業務疲軟。

This resulted in modest gross in net income versus the prior year despite $8.9 million acquisition-related charges in the current quarter, which are related to roughly $0.12 in EPS. We achieved earnings of $63.4 million and diluted EPS of $1.22, down very slightly versus the prior year due to additional shares outstanding.

儘管本季的收購相關費用為 890 萬美元，相當於每股收益約 0.12 美元，但這導致淨收入總額與去年相比略有下降。我們實現了 6,340 萬美元的收益，稀釋每股收益為 1.22 美元，由於額外流通股，與上年相比略有下降。

We were down versus our strong immediately preceding second quarter although excluding the acquisition-related charges, the results were roughly comparable. The addition of RJO and Benchmark, we believe, will be significantly accretive to our earnings and our franchise generally, and we believe these acquisitions will further accelerate our current growth trajectory. This is a very exciting time for us as we now move forward with what are significant and transformational acquisitions for StoneX. We are now positioned as a global counterparty of choice for clients looking to execute, clear and custody financial assets across the spectrum.

儘管不包括收購相關費用，但與前一季強勁的業績相比，我們的業績有所下降，但結果大致相當。我們相信，RJO 和 Benchmark 的加入將顯著增加我們的收益和特許經營權，並且我們相信這些收購將進一步加速我們目前的成長軌跡。這對我們來說是一個非常令人興奮的時刻，因為我們現在正在推動對 StoneX 具有重大意義和變革意義的收購。對於尋求執行、清算和託管各類金融資產的客戶來說，我們目前已成為首選的全球交易對手。

We are now even better positioned to capitalize on the ongoing industry transformation driven by regulatory changes and market consolidation, which will continue to create significant opportunities for StoneX to expand its market share and will provide a substantial runway for growth.

我們現在更有能力利用監管變化和市場整合推動的持續產業轉型，這將繼續為 StoneX 創造擴大市場份額的重要機會，並為成長提供堅實的基礎。

Our ecosystem, which is unparalleled, is underpinned by a fortress balance sheet, broad capabilities and diverse offerings enables us to deliver innovative solutions that provide clients with access to markets, expands their market reach and creates long-term value.

我們的生態系統無與倫比，以穩健的資產負債表、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，為客戶提供市場准入、擴大其市場範圍並創造長期價值。

One thing will always be consistent for the StoneX team. We will continue 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. The executive team and I are extremely proud of the talented StoneX team who continue to propel us to new heights.

對 StoneX 團隊來說，有一件事永遠是不變的。我們將繼續致力於更好地服務我們在全球不斷成長的客戶群，為他們提供最佳的金融生態系統和進入全球金融市場的最佳客戶服務。我和執行團隊都對才華橫溢的 StoneX 團隊感到非常自豪，他們不斷推動我們達到新的高度。

Operator, time for questions. Let's open the line.

接線員，提問時間到了。讓我們開通這條線路。

(Operator Instructions) Jeff Schmitt, William Blair.

（操作員指示）傑夫施密特，威廉布萊爾。

Hi, good morning. Could you maybe go into more detail on the weakness in the commercial segment just in terms of trading volumes. Were you surprised to see hedging activity down? I mean I think volatility was still up more than you typically see in a quarter. So just curious what your thoughts were?

嗨，早安。您能否從交易量的角度更詳細地談談商業領域的弱點。看到對沖活動減少，您是否感到驚訝？我的意思是，我認為波動性仍然比通常一個季度的波動性要大。所以只是好奇你的想法是什麼？

Well, obviously, the segment you're talking about, just to be clear, is the commercial segment, which are sort of real companies looking to hedge their risk, primarily commodity risk. So when one is talking about volatility, you sort of have to pass it out to the underlying sort of verticals. Metals volatility is sometimes different from grains volatility and so on. The real reason, if you just look at the analysis in the slides there, where we set out our ADVs and the revenue sort of by product type, physical business was really hurt. And that was largely driven by the sort of tariff uncertainty. So that's the lion's share of it.

嗯，顯然，您要說的是商業領域，也就是那些希望對沖風險（主要是商品風險）的實體公司。因此，當人們談論波動性時，你必須將其傳遞到底層垂直領域。金屬波動性有時與穀物波動性等不同。真正的原因是，如果你看一下投影片中的分析，我們列出了按產品類型劃分的 ADV 和收入，實體業務確實受到了損害。這很大程度上是由關稅不確定性造成的。這就是其中最大的份額。

The second part of it was the OTC business, and while the OTC business was strong, our revenue capture was down largely due to a lack of volatility. And that business is primarily focused on the ag sector. So I would say the two things that drove that weakness were lack of volatility in the ag space, which hurt us on the OTC side with rate capture.

第二部分是場外交易業務，雖然場外交易業務表現強勁，但由於缺乏波動性，我們的營收下降幅度很大。該業務主要集中在農業領域。因此，我認為造成這種疲軟的兩個因素是農業領域缺乏波動性，這對我們在場外交易方面的利率捕獲造成了損害。

And then on the physical side, it was a difficult quarter for us just given all the uncertainty here, you're talking about people moving commodities across cross borders and so tariffs becomes very important in that role.

從實體方面來看，考慮到這裡的所有不確定性，這對我們來說是一個艱難的季度，你說的是人們跨境運輸商品，因此關稅在這個角色中變得非常重要。

So Bill, do you want to add anything? I think that covers it, but anything else, Bill?

那麼比爾，你還有什麼要補充嗎？我想這就涵蓋了，但還有什麼嗎，比爾？

My apologies. Yeah, I know. I think that was well said, Sean. I think that the tariff uncertainty just the lack of transparency as to what will eventually happen kind of drove that. And also, we had some additional interest expense moving metals around the globe that dampened the performance in the quarter. And I think you touched on it, I think, while there was a lot of volatility in certain markets, the key agricultural and soft markets that we do a lot of OTC, and a lot of listed derivatives particularly in the Americas remains kind of dampened during that quarter.

我很抱歉。是的，我知道。我認為你說得很好，肖恩。我認為關稅的不確定性以及最終結果缺乏透明度是導致這種情況的原因。此外，我們在全球範圍內運輸金屬時還​​產生了一些額外的利息支出，這抑制了本季度的業績。我認為您提到了這一點，我認為，雖然某些市場波動很大，但我們進行大量場外交易的主要農產品和軟市場，以及特別是在美洲的許多上市衍生品在該季度仍然受到抑制。

So it kind of drove down that overall spread captures.

因此，它在某種程度上降低了整體利差捕獲量。

I would say the one other factor to mention as well, Jeff, was there are a couple of mandates relating to sort of renewable fuels and things like that have sort of elapsed or close to elapsing. And I think there's a lot of uncertainty as to what the new administration is going to do. So that was also a complicating factor for us there.

傑夫，我想說還有一點要提及，那就是有幾項與再生燃料等相關的授權已經過期或接近過期。我認為新政府將採取什麼行動還存在著許多不確定性。所以這對我們來說也是一個複雜的因素。

Okay. That's helpful. And then any updates you could provide on revenue synergies for RJO now that it's closed? And maybe if you could refresh us on what you see is the biggest opportunities there in terms of cross-selling now that you've had more time with the company?

好的。這很有幫助。那麼，RJO 關閉後，您能提供關於其收入協同效應的任何最新消息嗎？也許您能告訴我們，鑑於您在公司工作的時間較長，您認為在交叉銷售方面最大的機會是什麼？

Yeah. So as we said previously, it was difficult for us to with a high degree of certainty, quantify the revenue synergies because up until closing, we just weren't able to get access to sort of clients and find revenues and who the clients were, which, obviously, we need to make that assessment. We only got hold of that information yesterday. So as of yet, aren't any smarter than we were when we last spoke.

是的。因此，正如我們之前所說，我們很難高度確定地量化收入協同效應，因為直到交易結束，我們才能夠接觸到客戶，找到收入來源以及客戶是誰，顯然，我們需要對此進行評估。我們昨天才得到該資訊。所以到目前為止，我們還沒有比上次談話時更聰明。

But I think we continue to believe, and I certainly personally believe, based on the sort of high-level conversations we've had with the team, understand -- with RJO team, understanding the RJO capabilities, looking at sort of how we interface with similar type customers and the revenue we can generate from our expanded toolkit.

但我認為我們仍然相信，我個人也相信，基於我們與團隊進行的高層對話，了解——與 RJO 團隊，了解 RJO 的能力，研究我們如何與類似類型的客戶互動以及我們可以從擴展的工具包中產生的收入。

My sort of starting point is, I think the revenue synergies over time will be multiples of the cost synergies. I continue to believe that. I think the synergies really start on the commercial segments. Now even though the RJO Commercial segment is only 11% of revenues, in their IB segment, they have a lot of IBs that have commercial clients. So within the IB segment, there is a big pool of commercial clients.

我的出發點是，我認為隨著時間的推移，收入綜效將是成本綜效的數倍。我依然相信這一點。我認為協同效應確實始於商業領域。現在，儘管 RJO 商業部門僅佔收入的 11%，但在其 IB 部門中，他們擁有許多擁有商業客戶的 IB。因此，在 IB 領域，存在著大量的商業客戶。

And those are the clients where we know we have the best toolkit in the business. Not only can we do futures, which is all that RJO does, but we can do OTC, we can do structured products, we can help people with margin relief, we can help them with physical, we could help them on logistics. So we have very good empirical evidence that our commercial clients use us for a lot of those services and that expands both our touch points with the clients and the revenue. So that's kind of one big chunk of the revenue synergies and probably the biggest piece of it.

我們知道，我們為這些客戶提供了業內最好的工具包。我們不僅可以做期貨（這是 RJO 所做的全部工作），而且我們還可以做場外交易，可以做結構性產品，可以幫助人們減免保證金，可以幫助他們進行實體交易，可以幫助他們進行物流交易。因此，我們有非常好的經驗證據表明，我們的商業客戶使用我們提供的許多服務，這擴大了我們與客戶的接觸點並增加了收入。所以，這是收入綜效的很大一部分，也可能是其中最大的部分。

And then secondly, they have a very strong interest rate franchise where they are dealing with institutional clients, mainly banks, helping them hedge their interest rate exposure. And in our fixed income business, we are actually trading with some of those same counterparties actually executing the trades on the underlying cash instruments. By bringing both of those two things together, I think we'll have a much more powerful offering. And of course, we'll be able to offer those services mutually to the clients that we don't both cover. So I think that's the sort of second big piece of revenue synergies.

其次，他們擁有非常強大的利率特許經營權，可以與機構客戶（主要是銀行）打交道，幫助他們對沖利率風險。在我們的固定收益業務中，我們實際上正在與一些實際執行基礎現金工具交易的交易對手進行交易。透過將這兩件事結合在一起，我認為我們將提供更強大的產品。當然，我們也可以為我們雙方未涵蓋的客戶提供這些服務。所以我認為這是收入綜效的第二大部分。

So between those two, I think that's going to add up to a fairly material number. But we will update you as we start to do more work on that, but I guess our working assumption, we highlighted sort of three months ago hasn't changed. And I think if anything has been validated through the conversations we've had, but we now need to put more work into that. Anything else?

因此，我認為這兩者加起來將會是一個相當可觀的數字。但是，當我們開始對此進行更多工作時，我們會向您通報最新情況，但我想我們三個月前強調的工作假設並沒有改變。我認為，如果我們透過對話驗證了任何事情，那麼我們現在需要在這方面投入更多的努力。還要別的嗎？

Well, I had one on your longer-term plans of the retail segment. And sort of where are you at in that process of building that out, adding additional products, kind of transforming that beyond an FX broker?

嗯，我對你們零售領域的長期計劃有一個想法。您在建立該業務、添加附加產品、將其轉變為外匯經紀商的過程中處於什麼階段？

Okay. Well, I'm going to -- I'll give you a quick overview here, and then I'm going to pass off to Charles because this is near and dear to his heart. But I think as we said a couple of times, we acquired GAIN, which gave us this tremendous platform, which was really trading cash settled derivatives, right? They called sort of CFDs everywhere. But they really just mimic derivative contracts and they're all sort of cash settled.

好的。好吧，我要——我會在這裡給你一個簡短的概述，然後我會把話題交給查爾斯，因為這對他來說非常重要。但我想，正如我們多次說過的，我們收購了 GAIN，這給了我們這個巨大的平台，實際上是在交易現金結算的衍生品，對吧？他們到處都稱之為 CFD。但它們實際上只是模仿衍生合約，而且都是以現金結算的。

So you don't have to deal with exchanges and clearing houses. So the platform is pretty simple. And the offering was pretty simple, right? Those derivatives cover lots of different asset classes, but GAIN never got involved beyond that. And one of the opportunities we saw when we acquired GAIN was we're very active in trading all of those underlying asset classes, and we have all the infrastructure to handle that, which GAIN didn't have.

因此您不必與交易所和清算所打交道。所以這個平台非常簡單。而且祭品很簡單，對吧？這些衍生性商品涵蓋了許多不同的資產類別，但嘉盛集團從未涉足過這些範圍之外。我們收購嘉盛集團時看到的一個機會是，我們在交易所有這些基礎資產類別方面非常活躍，我們擁有處理這些資產的所有基礎設施，而嘉盛集團卻沒有。

We can clear those asset classes. We can custody those assets. So the idea was always to change that to a multi-asset class offering to look something a little more like, say, an interactive brokers. And it's been a challenge because we sort of went straight into COVID, the business did extremely well. But I'll hand over to Charles and maybe he can give you some thoughts on sort of where we stand.

我們可以清算這些資產類別。我們可以保管這些資產。因此，我們的想法一直是將其改為多資產類別，使其看起來更像互動經紀人。這是一個挑戰，因為我們直接進入了 COVID，但業務表現非常好。但我會把時間交給查爾斯，也許他可以就我們的立場給你一些想法。

Charles, do you want to take that?

查爾斯，你想拿走這個嗎？

Sure. And I think it's a fair point around the COVID times where certainly had some challenges on just making sure that we were able to keep the business operating at a very high level through an integration. So I think that was sort of four years ago was our main focus. And since then, we've laid out a road map for not only a technology, but also for laying the groundwork for product expansion.

當然。我認為，在新冠疫情期間，這是一個公平的點，我們確實面臨著一些挑戰，需要確保我們能夠透過整合來保持業務在非常高的水平上運作。所以我認為那是四年前我們的主要關注點。從那時起，我們不僅為技術制定了路線圖，也為產品擴展奠定了基礎。

And part of the reason why we had been so methodical about it, it's incredibly important as you build out listed derivatives as well as securities, cash securities, funds and our full securities offering that we make sure that it's scalable and it's appropriate for the user base.

我們之所以如此有條不紊地進行這項工作，部分原因在於，在建立上市衍生性商品以及證券、現金證券、基金和我們的全部證券產品時，確保其可擴展且適合用戶群至關重要。

So we are undergoing an infrastructural rebuilding that is going to be completed sort of towards the end of the year in our fiscal Q2. That will enable us to bring on the retail clients into the security spectrum over time, starting at that point. So that's going to be the time line. We are already offering some derivatives products on the future side, which we see as a really growing space, and we'll continue to grow that out next quarter. And so you'll see that happening over the next fiscal year through fiscal '26 which starts in a month.

因此，我們正在進行基礎設施重建，預計今年年底的第二財季完成。從那時起，這將使我們能夠隨著時間的推移將零售客戶納入安全領域。這就是時間軸。我們已經在未來提供了一些衍生產品，我們認為這是一個真正成長的空間，我們將在下個季度繼續擴大這一領域。因此，您將看到這種情況在下一個財政年度（即一個月後開始的 26 財年）發生。

You'll start seeing that happen in stages, and we'll keep you updated and informed as those products roll out.

您將會看到這個過程分階段發生，並且我們將在這些產品推出時向您提供最新資訊。

(Operator Instructions) Dan Fannon, Jefferies LLC.

（操作員指示）Dan Fannon，Jefferies LLC。

Thanks, good morning, gentlemen. I wanted to follow up on R.J. O'Brien. And just the -- if we think about -- obviously, you've only closed it for a week here, but just the priorities over the first three, six, kind of nine months in terms of what we should be expecting from an update as this integration unfolds?

謝謝，先生們，早安。我想跟進 R.J. O'Brien 的情況。而且——如果我們考慮一下——顯然，您在這裡只關閉了一周，但就前三、六、九個月的優先事項而言，隨著這種整合的展開，我們應該對更新有何期待？

Well, we'll certainly be updating you with a sort of a more detailed synergy timetable. We have done a lot of work on that previously, but obviously needed to fine-tune that once we could access sort of the information we didn't have originally. So we'll be able to provide that to you. And I think we'll also start giving you some better indications perhaps of revenue synergies. So that's the plan.

好吧，我們肯定會向您提供更詳細的協同時間表。我們之前已經在這方面做了很多工作，但顯然，一旦我們能夠訪問我們原來沒有的信息，就需要對其進行微調。所以我們可以為您提供該服務。我認為我們或許也會開始為您提供一些有關收入協同效應的更好的跡象。這就是計劃。

So I think when we next talk, we might have some more information for you on that, but we still feel pretty good about our aggregate revenue -- sorry, our aggregate cost synergy number. As I said in my part of the call, the -- what we have agreed is the focus initially is going to be on the international side of R.J. O'Brien. We tend to have larger entities than they do. And I think we can quickly absorb that business and realize those synergies.

所以我想當我們下次談話時，我們可能會為您提供更多相關信息，但我們仍然對我們的總收入（抱歉，我們的總成本協同效應數字）感到相當滿意。正如我在電話會議中所說的那樣，我們已經達成共識，最初的重點將放在 R.J. O'Brien 的國際方面。我們的實體往往比他們的更大。我認為我們可以快速吸收該業務並實現這些協同效應。

That's about 40% to 45% of the total synergies, and we think we can achieve that pretty quickly. So I think we're going to have some nice quick wins there. We'll then move our attention -- well, we'll do both of these at the same time. But the US integration is going to take longer. There's -- it's a much bigger business, many more clients.

這大約佔總協同效應的 40% 到 45%，我們認為我們可以很快實現這一目標。所以我認為我們將會在那裡取得一些不錯的快速勝利。然後我們會轉移注意力——好吧，我們會同時做這兩件事。但美國的一體化進程還需要更長的時間。這是一項規模更大的業務，擁有更多的客戶。

We got to make sure that this is a seamless process for clients. We've got to make sure all those touch points that their systems have with their books and record system, we deal with appropriately. So when we combine the businesses onto one system, we don't have any fallout. So that's more like a 9-to-12-month process. So what I'm anticipating is we'll see something like 40% to 50% of these synergies pretty quickly and then the rest will come kind of in the back end of 2026 is sort of how we're thinking about it now.

我們必須確保這對客戶來說是一個無縫的過程。我們必須確保他們的系統與他們的書籍和記錄系統的所有接觸點都得到適當的處理。因此，當我們將業務合併到一個系統時，我們不會產生任何影響。所以這更像是一個9到12個月的過程。因此，我預計我們很快就會看到 40% 到 50% 的協同效應，其餘的將在 2026 年底出現，這就是我們現在的想法。

But we'll give you a clearer update in due course.

但我們會在適當的時候向您提供更清晰的更新。

Okay. That's helpful. And then just following up on your previous comments just around the commercial segment and the environment and the lingering impacts from tariffs. I guess as we start to get more clarity around the macro, are you seeing behavior change? Are you seeing clients being more active here as we've kind of gotten, I don't know, more clarity around certain things here as the quarter progressed and into July?

好的。這很有幫助。然後，我想跟進您之前關於商業領域、環境以及關稅的持續影響的評論。我想，隨著我們開始更清楚地了解宏觀情況，您是否看到行為改變了？隨著本季的進展和 7 月的到來，我們對某些事情有了更清晰的認識，您是否看到客戶在這裡變得更加活躍了？

Or is this something when we think about the overall backdrop, one that could continue to be more on the slower side?

或者當我們考慮整體背景時，這種情況可能會繼續變得更慢？

Well, Dan, can you tell me what you think the administration is going to do in the next like two years. I think we're living in a very volatile environment from the administration point of view, and that's where a lot of this uncertainty starts, right? Obviously, they're attempting to rework a lot of the sort of global trade arrangements, and this stuff is bumpy when it happens. So I think our clients are much like everyone else. They're trying to deal and react as things happen, but it's really hard to predict on a go-forward basis, when this is going to happen or when it's going to stop happening.

那麼，丹，你能告訴我你認為政府在未來兩年內會做什麼嗎？我認為從管理的角度來看，我們生活在一個非常不穩定的環境中，而這正是許多不確定性的開始，對嗎？顯然，他們正在嘗試重新制定許多全球貿易安排，而這些安排一旦實施就會遇到困難。所以我認為我們的客戶和其他人一樣。他們試圖應對和應對正在發生的事情，但很難預測未來什麼時候會發生這種情況或什麼時候會停止發生。

So I think it's just a moment of uncertainty, and I think it's going to continue for some time. That uncertainty is generally good for most of our businesses because it creates volatility. It's not so great in the physical business because as I said in my remarks is, people are trying to move commodities across border. They're trying to figure out what are the costs and what are the tariff implications. So that part of our business is going to be a little bit challenged in that environment.

所以我認為這只是不確定的時刻，而且我認為這種情況還會持續一段時間。這種不確定性通常對我們的大多數業務有利，因為它會產生波動性。實體業務的情況不太好，因為正如我在演講中所說，人們正試圖跨國運輸商品。他們正在試圖弄清楚成本是多少以及關稅的影響是什麼。因此，在這種環境下，我們的這部分業務將面臨一些挑戰。

But the rest of the trading business, the uncertainty, I think, is generally a good thing. Anyway, I'll stop there and see if Charles or Bill have anything to add?

但對於其餘的貿易業務來說，我認為不確定性總體上是一件好事。無論如何，我會就此打住，看看查爾斯或比爾是否還有什麼要補充的？

No, I agree. I think, Sean part of -- there's a lot of different complexes. And for some, it's -- there's positive knock-on impacts. And for others, it creates sort of challenges around folks thinking about their logistics and so forth because we are dealing with end users often. And so uncertainty -- well, volatility is lumpy, but really, you want to see folks to be able to make a sort of future decisions around pricing.

不，我同意。我認為，肖恩的一部分——有很多不同的情結。對某些人來說，它會產生正面的連鎖影響。對其他人來說，這給人們思考物流等帶來了挑戰，因為我們經常與最終用戶打交道。因此存在不確定性——波動性是不穩定的，但實際上，你希望看到人們能夠就定價做出某種未來的決策。

And when folks are reluctant to do that, you can see front-end volatility, but our clients really were very client-driven, client-centric and end user-centric in this space. So it's a much more difficult environment when they don't know what to do. We're starting to see a little more clarity coming through and kind of getting some deals done. But to Sean's point, it's very hard. The crystal ball doesn't really work in this type of environment.

當人們不願意這樣做時，你會看到前端的波動，但我們的客戶在這個領域確實非常以客戶為導向、以客戶為中心和以最終用戶為中心。因此，當他們不知道該做什麼時，環境就會變得更加困難。我們開始看到情況逐漸明朗，一些交易也開始達成。但肖恩認為，這非常困難。在這種環境下，水晶球實際上不起作用。

Understood. That's helpful. And then just more broadly on the FCM business, banks have for years been pulling back and diverting resources elsewhere. But now obviously, regulatory environment seems to be changing for them with excess capital and more to come. Are you seeing any behavior changes by the largest financial institutions and looking to invest in this business more or allocate more capital or bring up risk profiles.

明白了。這很有幫助。就更廣泛的期貨佣金商業務而言，銀行多年來一直在撤出該業務並將資源轉移到其他地方。但現在顯然，監管環境似乎正在發生變化，資本過剩，未來還會有更多變化。您是否看到大型金融機構的行為發生了任何變化並希望在該業務上進行更多投資或分配更多資本或提高風險狀況。

Anything on the margin that's different than, say, a year ago?

與一年前相比，邊際上有什麼不同嗎？

Certainly, my conversations with clients and our guys, I don't think we've noticed any particular change, to be honest with you. And I think the banks, to a large extent, have sort of moved on and are doing different things now. I just don't think this is a strategic imperative for them. I mean, they'll obviously welcome the regulatory sort of posture being more positive. But I haven't yet seen them sort of rededicate themselves to these sort of activities.

當然，坦白說，在我與客戶和我們的員工的交談中，我認為我們沒有註意到任何特別的變化。我認為，銀行在很大程度上已經發生了變化，正在做不同的事情。我只是不認為這對他們來說是一項戰略要務。我的意思是，他們顯然會歡迎更積極的監管態度。但我還沒看到他們重新致力於這類活動。

So it may happen. I kind of doubt it, but that's certainly the information I have, sort of no real change. But I don't know, Charles, do you think any different?

所以這是有可能發生的。我有點懷疑，但這確實是我掌握的訊息，並沒有真正的改變。但我不知道，查爾斯，你有什麼不同的想法嗎？

No, I mean, just like you, I have seen no evidence of any cost or change at all around the space, Dan.

不，我的意思是，就像你一樣，我沒有看到任何證據表明該領域有任何成本或變化，丹。

Okay. Helpful. And then I guess, Bill, from a modeling perspective, the Benchmark business. Where is that going to show up? And I think I want to make sure you guys think that business is accretive as well just upon close in the first year.

好的。很有幫助。然後我想，比爾，從建模的角度來看，基準業務。那將會在哪裡出現？我想確保你們認為業務在第一年結束後也會成長。

And any sense around numbers for that business would be helpful?

對於該業務來說，任何有關數字的理解都會有幫助嗎？

Yeah, it's a lot smaller business, obviously, than RJO, right? So it's sort of a much lower threshold. But anyway, Bill, why don't you go ahead?

是的，顯然，它的規模比 RJO 要小得多，對吧？所以這是一個相當低的門檻。但無論如何，比爾，你為什麼不繼續呢？

Yeah, sure. Thanks, Sean. So I mean, the Benchmark business, obviously exciting and certainly Charles, once again can chime in here. He was integral in the business acquisition and the promise behind it. I think that is a business we'll be reporting, it fits in nicely in our institutional segment.

是的，當然。謝謝，肖恩。所以我的意思是，Benchmark 業務顯然令人興奮，當然查爾斯也可以再次加入。他在此次業務收購及其背後的承諾中發揮了不可或缺的作用。我認為這是我們將要報告的業務，它非常適合我們的機構部門。

So we'll slot that in there. And as far as like size, this is like Charles or Sean noted this is more of a single-digit million type of business, but I think something that we -- from a bottom line, but something that we're excited to grow and add to our capabilities.

因此我們會將其插入其中。就規模而言，正如查爾斯或肖恩所說，這更像是一個數以百萬計的業務，但我認為從底線來看，我們很高興能夠發展並增強我們的能力。

Yeah, Bill, I think that's fair, you'll see it in the securities segment of institutional. And we really think this is an opportunity for us to expand having coverage of strategic clients and really growing. And the team here really led this initiative with Mr. Messina to bring this business and did a terrific job.

是的，比爾，我認為這是公平的，你會在機構的證券領域看到它。我們確實認為這是我們擴大策略客戶覆蓋範圍並真正實現成長的機會。這裡的團隊確實與梅西納先生一起領導了這項計劃並帶來了這項業務，並且做得非常出色。

Rarely do you see the type of excitement and alignment. And once again, it's under 100 people. So it's not quite as large and complicated per se to move as RJO is, but you rarely see the type of alignment and excitement around a deal, as I've seen here. So real kudos to the team at Benchmark and our internal team for bringing that together. They've done a really nice job at the early stage here getting prepared.

你很少會看到這種興奮和一致。再一次，人數不到 100 人。因此，從規模和複雜程度來看，它不像 RJO 那樣龐大和複雜，但你很少會看到圍繞交易的協調和興奮，正如我在這裡看到的那樣。因此，我們非常感謝 Benchmark 團隊和我們的內部團隊將這些結合在一起。他們在早期階段的準備工作做得非常好。

Anything else? Operator.

還要別的嗎？操作員。

Thank you so much. I am showing no further questions at this time. I would like to turn it back to Sean O'Connor for closing remarks.

太感謝了。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 taking the time to listen to our call. As you can tell, this is a really exciting stage for us. We have a busy rest of summer ahead of us, and we look forward to speaking to you again for our year-end results in early December. Thank you.

好的。好吧，謝謝大家抽出時間來聽我們的電話。如您所知，這對我們來說是一個非常令人興奮的階段。我們接下來的夏天會很忙碌，我們期待在 12 月初再次與您討論我們的年終業績。謝謝。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。