StoneX Group Inc (SNEX) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the StoneX Group Inc., Q4 FY 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 StoneX Group Inc. 2025 財年第四季業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Bill Dunaway, CFO. Please go ahead, sir.

現在我謹將會議交給今天的主講人，財務長比爾‧鄧納威。請繼續，先生。

Good morning, and welcome to our earnings conference call for our quarter ended September 30, 2025, our fourth fiscal quarter.

早安，歡迎參加我們截至 2025 年 9 月 30 日的季度（即我們的第四財季）收益電話會議。

After the market closed yesterday, we issued a press release reporting our results for the fourth quarter and the full fiscal year. 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.

昨天股市收盤後，我們發布了一份新聞稿，公佈了我們第四季度和整個財年的業績。本次新聞稿可在我們的網站 www.stonex.com 上獲取，同時我們也提供幻燈片簡報，我們將在本次電話會議中提及該簡報。電話會議結束後，簡報和網路直播的存檔也將發佈在我們的網站上。

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, as well as the Form 10-K to be filed with the SEC.

在開始之前，我們必須告知您和所有參與者，以下討論應結合最新的財務報表及其附註以及將向美國證券交易委員會提交的 10-K 表格進行考慮。

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. These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC.

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 條所指的前瞻性陳述。這些前瞻性聲明涉及已知和未知的風險和不確定性，這些風險和不確定性已在我們的文件中詳細說明。

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.

儘管本公司認為其前瞻性聲明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業績不會與公司前瞻性聲明中明示或暗示的任何業績存在重大差異。

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. With that, I'll begin with the financial overview for the quarter. And we'll be starting with slide number 4 in the slide deck.

本公司不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。讀者請注意，任何前瞻性陳述均不構成對未來績效的保證。接下來，我將從本季的財務概覽開始。我們將從投影片中的第 4 張投影片開始。

Fourth-quarter net income came in at a record $85.7 million, with diluted earnings per share of $1.57. This represented a 12% growth in net income. However, EPS grew at 1% rate due to the additional shares outstanding as compared to the prior year, primarily related to the issuance of approximately 3.1 million shares related to the acquisition of R.J. O'Brien.

第四季淨利達到創紀錄的8,570萬美元，稀釋後每股收益為1.57美元，淨利成長12%。然而，由於與前一年相比流通股數量增加，每股收益增加了 1%，這主要與收購 R.J. O'Brien 而發行的約 310 萬股股票有關。

It is of note, the current quarter includes pretax acquisition-related charges of approximately $9.3 million, including $1.3 million of bridge loan financing charges and $8 million of investment banking fees, which equates to approximately $0.13 per diluted share.

值得注意的是，本季包括約 930 萬美元的稅前收購相關費用，其中包括 130 萬美元的過渡貸款融資費用和 800 萬美元的投資銀行費用，相當於每股攤薄收益約 0.13 美元。

Net income and diluted EPS were up 35% and 29%, respectively, versus our immediately preceding third quarter. This represented the 15.2% return on equity despite a 72% increase in book value over the last two years. We had operating revenues of just over $1.2 billion, up 31% versus the prior year and up 17% versus the immediately preceding quarter.

與上一季相比，淨利潤和稀釋後每股收益分別成長了 35% 和 29%。儘管過去兩年帳面價值成長了 72%，但其股本回報率仍達到了 15.2%。我們的營業收入略高於 12 億美元，比上年成長 31%，比上一季成長 17%。

As a reminder, our operating revenues include not only interest and fees earned on in 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 29% versus a year ago and 20% versus the immediately preceding quarter.

再次提醒，我們的營業收入不僅包括客戶帳戶餘額所產生的利息和費用，還包括與我們的固定收益交易活動相關的收益分成。扣除利息支出（包括與固定收益交易活動相關的利息支出以及介紹經紀佣金和清算費）後，淨營業收入比去年同期增長了 29%，比上一季增長了 20%。

Fixed compensation and other expenses were up 24% versus the prior-year quarter. This also represented a 14% or $36.3 million increase versus the immediately preceding quarter, with $32.4 million of this attributable to the acquisition of RJO and Benchmark during the quarter.

固定薪酬和其他支出比去年同期成長了 24%。與上一季相比，這也意味著成長了 14%，即 3,630 萬美元，其中 3,240 萬美元歸因於本季對 RJO 和 Benchmark 的收購。

Fixed compensation and related costs were up 23% versus a year ago and up 12% or $14.2 million versus the immediately preceding quarter. The increase versus the immediately preceding quarter was almost entirely as a result of the acquisitions I just noted.

固定薪酬及相關成本較上年同期成長 23%，較上一季成長 12% 或 1,420 萬美元。與上一季相比的成長幾乎完全是由於我剛才提到的收購所致。

Professional fees increased $12.2 million versus the prior year, primarily as a result of the $8 million investment banking fee noted earlier. They were up $3 million versus the immediately preceding quarter with the investment bank fee just noted partially offset by a $5.8 million decline in legal fees, primarily driven by an insurance recovery. The acquisitions of R.J. O'Brien and Benchmark contributed $22.1 million and $2.4 million in pretax net income, excluding acquired intangible amortization, respectively, for the quarter.

專業服務費較前一年增加了 1,220 萬美元，主要是因為前面提到的 800 萬美元投資銀行服務費。與上一季相比，他們的收入增加了 300 萬美元，其中投資銀行費用的增長被法律費用下降 580 萬美元部分抵消，這主要是由於保險賠償造成的。本季度，收購 R.J. O'Brien 和 Benchmark 分別貢獻了 2,210 萬美元和 240 萬美元的稅前淨收入（不包括收購的無形資產攤銷）。

Looking at it from a longer standpoint, our full fiscal-year results show operating revenues up 20%. Net income was a record $305.9 million, up 17%, with earnings per share of $5.89 and a return on equity of 15.6% for the fiscal year, above our 15% target. We ended the fourth quarter of fiscal '25 with book value per share of $45.56 per share.

從更長遠的角度來看，我們整個財年的業績顯示營業收入成長了 20%。淨收入達到創紀錄的 3.059 億美元，成長 17%，每股收益為 5.89 美元，本財年股本回報率為 15.6%，高於我們 15% 的目標。截至 2025 財年第四季末，每股帳面價值為 45.56 美元。

Now turning to slide number 5 in the earnings deck, which compares quarterly operating revenues by product, as well as key operating metrics versus a year ago. We experienced growth across all products with the exception of FX/CFDs.

現在來看看收益報告的第 5 張投影片，其中按產品比較了季度營業收入，以及與去年同期相比的關鍵營運指標。除了外匯/差價合約產品外，我們所有產品都實現了成長。

Transactional volumes were up across all of our product offerings, with the exception of FX/CFDs. And spread and rate capture increased in all products, with the exception of Payments down 4% and FX/CFDs, which declined 32%.

除外匯/差價合約外，我們所有產品的交易量均有所成長。除支付產品下降 4% 和外匯/差價合約下降 32% 外，所有產品的點差和利率捕獲率均上升。

Just touching on a few key highlights for the fourth quarter, we saw operating revenues drive from listed contracts increasing $89.4 million or 76% versus the prior year, with the acquisition of RJO contributing $89.5 million. This also represented a 64% increase versus the immediately preceding quarter.

僅就第四季度的一些關鍵亮點而言，我們看到上市合約帶來的營業收入比上年同期增長了 8,940 萬美元，增幅達 76%，其中收購 RJO 貢獻了 8,950 萬美元。與上一季相比，這一數字也成長了 64%。

Operating revenues derived from OTC derivatives increased 27% versus the prior year, however, declined 1% versus the immediately preceding quarter. Operating revenues derived from physical contracts increased 24% versus the prior year, primarily driven by a $19.5 million increase in physical agricultural and energy revenues, which were partially offset by a $6.8 million decline in precious metals operating revenues.

來自場外衍生性商品的營業收入比上年增長了 27%，但比上一季下降了 1%。來自實物合約的營業收入比上年增長了 24%，主要得益於實物農業和能源收入增加了 1,950 萬美元，但貴金屬營業收入下降了 680 萬美元，部分抵消了這一增長。

Operating revenues derived from physical contracts were up 18% versus the immediately preceding third quarter. Securities operating revenues were up 26% as volumes were up 25% and the rate per million increased 23% versus the prior year, with the improvement driven by strong growth in both equities and fixed income.

來自實物合約的營業收入比上一季成長了 18%。證券業務營業收入成長了 26%，交易量成長了 25%，每百萬股交易率較上年增長了 23%，這主要得益於股票和固定收益業務的強勁增長。

Payments revenues were up 8% versus a year ago, but down 3% versus the immediately preceding quarter, primarily due to a decline in rate per million. FX/CFD revenues were down 34% versus a year ago, resulting from a 7% decline in ADV and a 32% decline in rate per million, primarily driven by low volatility in FX markets. This also represents a 36% decline versus the immediately preceding quarter.

支付收入較去年同期成長 8%，但較上一季下降 3%，主要原因是每百萬用戶費率下降。外匯/差價合約收入較上年同期下降 34%，原因是日交易量下降 7%，每百萬交易費率下降 32%，這主要是由於外匯市場波動性較低所致。與上一季相比，這也意味著下降了36%。

Our interest and fee income earned on our aggregate client float, including both listed derivative client equity and money market FDIC sweep balances, increased $52 million or 46% versus the prior year, with the acquisition of RJO contributing $50 million.

我們從客戶總浮動資金（包括上市衍生性商品客戶權益和貨幣市場 FDIC 清算餘額）中獲得的利息和費用收入比上一年增加了 5,200 萬美元，增幅達 46%，其中收購 RJO 貢獻了 5,000 萬美元。

Average client equity and average money market FDIC sweep client balances increased 71% and 25%, respectively. For the current quarter, the average client equity includes the effect of an incremental $5.6 billion per month from RJO for the two months post acquisition or an incremental $3.8 million increase to the quarterly average.

平均客戶權益和平均貨幣市場 FDIC 掃款客戶餘額分別成長了 71% 和 25%。本季平均客戶權益包括收購後兩個月內 RJO 每月新增的 56 億美元，或季平均值增加 380 萬美元。

Turning to slide number 6, 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 full fiscal-year periods. Just a reminder, net operating revenues represents operating revenues less introducing broker commissions, clearing fees, and interest expense.

翻到第 6 張幻燈片，圖中顯示了從上一年季度到當前季度的淨營業收入的瀑布圖，以及整個財政年度的瀑布圖。提醒一下，營業淨收入是指營業收入減去介紹經紀商佣金、清算費和利息支出。

For the quarter, net operating revenues increased 29%, principally coming from securities and listed derivatives, up $48.7 million and $43.1 million, respectively. On a net basis, interest and fee income on client balances increased $28.8 million, with RJO contributing $32.5 million, which was partially offset by a modest decline in legacy StoneX. As noted earlier, due to the lower FX volatility, we saw FX/CFDs net operating revenues declined $29.7 million versus the prior year.

本季淨營業收入成長 29%，主要來自證券和上市衍生性商品，分別成長 4,870 萬美元和 4,310 萬美元。從淨額來看，客戶餘額的利息和手續費收入增加了 2,880 萬美元，其中 RJO 貢獻了 3,250 萬美元，但部分被 StoneX 遺留業務的小幅下滑所抵消。如前所述，由於外匯波動性降低，外匯/差價合約淨營業收入較上年下降了 2,970 萬美元。

Looking at the bottom graph for the full fiscal-year period, once again, it is securities with the largest increase, up $126.1 million versus the prior year, driven by a 27% increase in ADV and a 9% increase in rate per million. In addition, listed derivatives and interest and fee income increased $46.3 million and $31.2 million, respectively, primarily as a result of the acquisition of R.J. O'Brien.

從整個財政年度的底部圖表來看，證券增幅最大，比上一年增加了 1.261 億美元，這主要得益於每日交易額增長 27% 和每百萬英鎊利率增長 9%。此外，上市衍生性商品和利息及手續費收入分別增加了 4,630 萬美元和 3,120 萬美元，這主要是由於收購了 R.J. O'Brien 公司。

Finally, physical contract net operating revenues added $34.7 million versus the prior fiscal year. Moving on to slide number 7, I'll do a quick review of our segment performance. Our Commercial segment net operating revenues increased 25% or $42.9 million, with $20 million of this being contributed by the RJO acquisition.

最後，實物合約淨營業收入比上一財年增加了 3,470 萬美元。接下來請看第 7 張投影片，我將快速回顧我們部門的表現。我們的商業部門淨營業收入成長了 25%，即 4,290 萬美元，其中 2,000 萬美元來自對 RJO 的收購。

Listed and OTC derivative contract volumes increased 32% and 27%, respectively. In addition, physical contracts increased 26%, while net interest and fee income increased 22%. The growth in listed derivatives and interest income were primarily driven by the acquisition of RJO. Segment income increased 25% versus the prior year, while on a sequential basis, net operating revenues were up 23% and segment income was up 35%.

上市衍生性商品合約和場外衍生性商品合約交易量分別成長了 32% 和 27%。此外，實體合約增加了 26%，淨利息和手續費收入增加了 22%。上市衍生性商品和利息收入的成長主要得益於對 RJO 的收購。與前一年相比，分部收入成長了 25%；環比來看，淨營業收入成長了 23%，分部收入成長了 35%。

Our Institutional segment saw record net operating revenues and segment income with growth of 67% and 73%, respectively. Versus the prior year, this represented growth of $117.5 million, with the acquisition of RJO contributing $50.2 million. The growth in net operating revenues is principally driven by a $48.9 million increase in securities revenues.

我們的機構業務部門淨營業收入和部門收入分別成長了 67% 和 73%，創歷史新高。與上一年相比，成長了 1.175 億美元，其中收購 RJO 貢獻了 5,020 萬美元。淨營業收入的成長主要得益於證券收入增加了 4,890 萬美元。

In addition, listed derivatives and interest and fee income increased $30.5 million and $20.7 million, respectively, primarily driven by the acquisition of RJO. On a sequential basis, net operating revenues and segment income were up 46% and 53%, respectively.

此外，上市衍生性商品和利息及手續費收入分別增加了 3,050 萬美元和 2,070 萬美元，主要得益於對 RJO 的收購。與上一季相比，淨營業收入和分部利潤分別成長了 46% 和 53%。

In our Self-Directed/Retail segment, net operating revenues declined 35% and segment income was down 51%, primarily driven by a 4% decline in average daily volumes and FX/CFD contracts, combined with a 31% decline in rate per million. On a sequential basis, net operating revenues were down 37% and segment income declined 62% in this segment.

在我們的自主/零售業務板塊，淨營業收入下降了 35%，板塊收入下降了 51%，主要原因是平均每日交易量和外匯/差價合約下降了 4%，以及每百萬費率下降了 31%。與上一季相比，該業務部門的淨營業收入下降了 37%，部門收入下降了 62%。

In our Payments segment, net operating revenues were up 7% and segment income increased 21%. ADV was up 13% versus the prior year, while rate per million was down 4% versus the immediately preceding quarter Payments and net operating revenues declined 2%, while segment income increased 7%.

在我們的支付業務部門，淨營業收入成長了 7%，部門收入成長了 21%。與前一年相比，平均日交易額成長了 13%，而每百萬英鎊的交易額與上一季相比下降了 4%。支付和淨營業收入下降了 2%，而分部收入則成長了 7%。

Now moving on to slide number 8, looking at segment performance for the full fiscal year, we saw strong growth in our Institutional segment, with net operating revenues up 36% and segment income increasing 45%. In addition, our Self-Directed/Retail segment increased segment income 12%. Our Commercial and Payments segment added 1% and 4% in segment income, respectively.

現在來看看第 8 張投影片，了解整個財年的分部業績，我們的機構分部實現了強勁增長，淨營業收入增長了 36%，分部收入增長了 45%。此外，我們的自主經營/零售業務部門的收入成長了 12%。我們的商業和支付業務部門分別貢獻了 1% 和 4% 的部門收入。

Finally, moving on to slide number 9, which depicts our interest and fee income on client balances by quarter as well as the table showing the annualized interest rate sensitivity for a change in short-term interest rate, the interest and fee income, net of interest paid to clients, and the effect of interest rate swaps increased $28.8 million to $112.2 million in the current period. And as noted, the acquisition of R.J. O'Brien contributed $32.5 million in the net interest in the current quarter.

最後，我們來看第 9 張投影片，其中按季度展示了我們客戶餘額的利息和費用收入，以及顯示短期利率變化對年化利率敏感度的表格。本期利息和費用收入（扣除支付給客戶的利息）以及利率互換的影響增加了 2,880 萬美元，達到 1.122 億美元。如前所述，收購 R.J. O'Brien 在本季度貢獻了 3,250 萬美元的淨收益。

As noted in the table, with the addition of the $6.3 billion client assets from the RJO acquisition, we now estimate a 100-basis-point change in short-term interest rates, either up or down, would result in a change to net income by $53.8 million or $1.02 per share on an annualized basis.

如表所示，加上從 RJO 收購中獲得的 63 億美元客戶資產，我們現在估計，短期利率每上升或下降 100 個基點的變化，將導致淨收入變化 5,380 萬美元，或按年計算每股變化 1.02 美元。

With that, I will turn you to Sean O'Connor, our Executive Vice Chairman.

接下來，我將把麥克風交給我們的執行副董事長肖恩·奧康納。

Thanks, Bill, and good morning, everyone.

謝謝你，比爾，大家早安。

It is very gratifying to see that we've achieved yet another record financial result in what is a long string of record performances. We have managed to exceed our ROE targets despite our stockholders' equity increasing by 72% over the last two years. It is no easy feat to continuously compound at a high rate when you're reinvesting 100% of your capital, something we have managed to do for decades now.

令人非常欣慰的是，我們又一次取得了創紀錄的財務業績，這已是我們連續創紀錄業績的一部分。儘管過去兩年股東權益成長了 72%，但我們仍然成功超額完成了淨資產收益率目標。當你將 100% 的資金進行再投資時，持續保持高複利成長並非易事，而我們已經成功地做到了幾十年。

Turning to slide 11 in the deck, as you are aware, over roughly the last 20 years, we've been active in the M&A market, especially following the financial crisis, having now completed over 30 acquisitions during this time. During the COVID pandemic and the years immediately following, our facility was notably limited on the M&A front.

翻到簡報的第 11 頁，正如您所知，在過去的 20 年裡，我們一直活躍於併購市場，尤其是在金融危機之後，在此期間我們已經完成了 30 多項收購。在新冠疫情期間及隨後的幾年裡，我們在併購方面的能力明顯受到限制。

The prevailing market conditions at that time were characterized by bubble-like valuations based on peak earnings for most companies active in our space as well. We chose to focus on organic opportunities and to wait for valuation demands to become more rational.

當時的市場狀況也呈現出泡沫式的估值，大多數活躍在我們這個領域的公司都是基於其獲利高峰進行估值的。我們選擇專注於自然成長機會，並等待估值需求變得更加合理。

2025 was our almost active year ever, with us completing six transactions culminating in the acquisition of R.J. O'Brien, our largest ever and one we believe will be transformational for the organization. I thought it might be useful here to review our M&A approach, something that a lot of investors have asked me in calls over the last few years.

2025 年是我們有史以來最活躍的一年，我們完成了六筆交易，最終收購了 R.J. O'Brien，這是我們有史以來最大的一筆交易，我們相信這將對公司產生變革性的影響。我認為在這裡回顧一下我們的併購策略可能會有所幫助，這是過去幾年裡許多投資者在電話會議中問過我的問題。

We are very opportunistic around acquisitions. As an old M&A banker, I'm acutely aware that most transactions don't succeed for the simple reason that buyers are often desperate, maybe for a growth strategy, maybe a new strategy overall, new talent. And as a result, they tend to overpay.

我們在收購方面非常注重機會。身為資深的併購銀行家，我深知大多數交易之所以失敗，原因很簡單：買家往往急於求成，或許是為了尋求成長策略，或許是為了尋求全新的策略，或許是為了引進新的人才。因此，他們往往會支付過高的價格。

We pride ourselves on being very disciplined. And we can afford to be disciplined because we have such a strong growth track ahead of us, given the market dynamics we have spoken about previously with banks withdrawing and smaller firms being consolidated.

我們以高度自律為榮。鑑於我們之前討論過的市場動態，例如銀行撤資和小公司合併，我們未來將迎來強勁的成長勢頭，因此我們有能力保持自律。

When we evaluate a new opportunity, we always have to consider the risk and disruption that this may cause to our existing organic growth initiatives. And therefore, any opportunity needs to be compelling and accretive. We pass potential acquisitions through a number of screens.

當我們評估一個新機會時，我們始終需要考慮它可能對我們現有的有機成長計劃造成的風險和乾擾。因此，任何機會都必須具有吸引力和增值潛力。我們會透過多道篩選工序來篩選潛在的收購目標。

First, they need to be accretive to our ecosystem, adding either new products or capabilities or adding to our client footprint and increasing market share in existing or new markets. We then need to clearly understand how we drive value for our shareholders.

首先，它們需要對我們的生態系統有所貢獻，例如增加新產品或新功能，或擴大我們的客戶群體，提高在現有市場或新市場的市場份額。接下來，我們需要清楚了解如何為股東創造價值。

Most often, that is by selling these new products and capabilities to our existing client base to drive incremental revenue or in the case of client acquisition, by leveraging our ecosystem of products into these new clients. Then of course, culture is all important.

最常見的做法是將這些新產品和新功能銷售給現有客戶群，以推動收入成長；或在客戶獲取方面，利用我們的產品生態系統來吸引新客戶。當然，文化也至關重要。

We are a client-first business, and we seek to establish long-term embedded relationships with our clients. We also look at the requirement for resources and capital, as well as cost structures and margins to make sure that these transactions can be quickly accretive to our bottom line and to our ROE. In many instances, we can achieve capital and cost synergies given our larger scale and global footprint.

我們是一家以客戶為中心的企業，致力於與客戶建立長期穩固的合作關係。我們也會檢視資源和資本需求，以及成本結構和利潤率，以確保這些交易能夠迅速增加我們的利潤和淨資產收益率。在許多情況下，憑藉我們更大的規模和全球影響力，我們可以實現資本和成本協同效應。

Then of course, we need to get to price. And given our desire to compound our capital, we tend to be on the conservative end of the value spectrum. We need to see how the acquisition can be accretive to our ROE and also quickly earn back any goodwill that may be incurred typically inside 36 months.

接下來，當然，我們還需要談到價格。鑑於我們希望實現資本增值，我們在價值投資方面往往傾向保守策略。我們需要觀察此次收購如何提高我們的淨資產收益率，以及如何在通常 36 個月內快速收回可能產生的任何商譽。

I also strongly believe that we should take the leading role in due diligence rather than rely too heavily on bankers and advisers. This forces our team to roll up their sleeves and take ownership for the business we are acquiring and leads to quicker integration and synergies being achieved.

我也堅信，我們應該在盡職調查中發揮主導作用，而不是過度依賴銀行家和顧問。這迫使我們的團隊擼起袖子，對我們正在收購的業務承擔起責任，從而更快地實現整合和協同效應。

Despite our strict criteria laid out above, we continue to find many good opportunities. And I think our discipline and rigor on the front end have resulted in us having a very high success rate with acquisitions. Almost all have gone on to become multiples of the size they were at the time of acquisition.

儘管我們制定了上述嚴格的標準，但我們仍然發現了許多好的機會。我認為，我們在前期階段的自律和嚴謹態度，使我們在收購方面取得了非常高的成功率。幾乎所有公司後來的規模都比收購時大了幾倍。

Turning to slide 12, in the last several years, we get approached on around 85 to 100 opportunities per year, many of which are sourced internally by our own teams. We typically engage with around 70% of those at some level and getting to initial due diligence on around 50% and full due diligence on around 25% of those opportunities.

翻到第 12 頁，在過去的幾年裡，我們每年都會收到大約 85 到 100 個機會，其中很多都是我們自己的團隊在內部找到的。我們通常會與其中約 70% 的項目進行某種程度的接觸，對其中約 50% 的項目進行初步盡職調查，對其中約 25% 的項目進行全面盡職調查。

That ends up with our submitting bids at around 15%. As you probably realize, this entails a fair amount of work and focus. And we are very lucky to have an extremely capable albeit small corporate development team who, of course, can leverage the internal expertise we have when needed.

最終，我們的投標價格約為 15%。你可能已經意識到，這需要投入相當多的努力和精力。我們非常幸運地擁有一支能力極強但規模較小的企業發展團隊，當然，在需要時，他們也可以利用我們內部的專業知識。

We are also likely to have an exceptional in-house legal team, which is involved in the process. We have received numerous complements over the years from our external bankers and lawyers on the exceptional corporate development and legal teams we have in-house here at StoneX.

我們也可能擁有一支非常優秀的內部法律團隊，他們也會參與這個過程。多年來，我們收到了來自外部銀行家和律師的無數讚揚，稱讚我們 StoneX 擁有卓越的企業發展和法律團隊。

With that background, let's turn to slide 13 and take a look at how we did in 2025 fiscal year. As a reminder for this year, we made five acquisitions and we made one strategic investment. Starting with R.J. O'Brien, which we continue to believe will be a transformational acquisition for us, RJO was one of the oldest independent FCMs in the US, transacting with over 45,000 clients and over 200 IBs.

有了這些背景訊息，讓我們翻到第 13 張投影片，看看我們在 2025 財年的表現如何。回顧今年，我們進行了五項收購和一項策略性投資。從 R.J. O'Brien 開始，我們仍然相信這將是一項具有變革意義的收購。 RJO 是美國歷史最悠久的獨立期貨佣金商之一，擁有超過 45,000 名客戶和 200 多家介紹經紀商。

This acquisition has made StoneX the largest nonbank FC in the United States and a market leader in global derivatives, reinforcing our position as an integral part of the global financial market infrastructure. This acquisition has brought us new clients.

此次收購使 StoneX 成為美國最大的非銀行金融公司，並成為全球衍生性商品市場的領導者，鞏固了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。此次收購為我們帶來了新客戶。

In the likes of regional banks, team RJO provides clearing and risk management and interest rate products, a large introducing broker network, which we believe we can leverage further, almost become an extension of our own sales team, as well as an agency execution capability where we can offer block trading and futures options and customized solutions.

對於區域性銀行等機構，RJO 團隊提供清算和風險管理以及利率產品，擁有龐大的介紹經紀商網絡，我們相信可以進一步利用這一網絡，使其幾乎成為我們銷售團隊的延伸，以及代理執行能力，我們可以提供大宗交易、期貨期權和定制解決方案。

It was an acquisition which we also believe provides significant opportunities to improve our efficiency. As stated in our announcement, we expect there to be $50 million of expense savings and at least $50 million in capital synergies as we consolidate regulated entities.

我們相信，此次收購也將為提高我們的效率提供重要機會。正如我們在公告中所述，我們預計透過整合受監管實體，將節省 5,000 萬美元的費用，並至少實現 5,000 萬美元的資本綜效。

Abbey Perkins from our executive team will be on this call and shortly provide an update on our integration progress with RJO. Coincidentally, we closed Benchmark on the same day as RJO. Benchmark is a midsized investment banking firm, offering a sales and trading platform, equity research, and a highly experienced investment banking team.

我們執行團隊的艾比·珀金斯將參加本次電話會議，並很快向我們報告與 RJO 的整合進度。巧合的是，我們關閉 Benchmark 的日期與 RJO 的關閉日期相同。Benchmark 是一家中型投資銀行公司，提供銷售和交易平台、股票研究以及經驗豐富的投資銀行團隊。

Benchmark brought us deep relationships in the hedge fund community, which were incremental to us, as well as an investment banking capability. We are looking to leverage our broader trading and clearing capabilities into these new clients and, of course, offer investment banking capabilities to our StoneX clients.

Benchmark 為我們帶來了與對沖基金界的深厚關係，這對我們來說意義非凡，同時也帶來了投資銀行能力。我們希望利用我們更廣泛的交易和清算能力為這些新客戶提供服務，當然，我們也會為 StoneX 的客戶提供投資銀行服務。

Additionally, Benchmark has been able to leverage our balance sheet to take larger roles in transactions than before. Lastly, on capital synergies, by leveraging the existing larger StoneX broker-dealer balance sheet, which already supports our FCM and securities businesses, Benchmark can reduce the capital requirement for its business.

此外，Benchmark 也能夠利用我們的資產負債表，在交易中扮演比以往更大的角色。最後，關於資本協同效應，透過利用現有的規模更大的 StoneX 經紀交易商資產負債表（該資產負債表已經支持我們的 FCM 和證券業務），Benchmark 可以降低其業務的資本需求。

We acquired the assets of JBR, a leading UK-based silver recovery refiner, at the beginning of our fiscal year, which allows us to produce our own silver London good delivery bars and further extended our physical capabilities in metals.

本財年伊始，我們收購了英國領先的白銀回收精煉商 JBR 的資產，這使我們能夠生產自己的倫敦交割白銀條，並進一步擴展了我們在金屬方面的實物能力。

This has proven to be -- to have been particularly valuable during the recent metals volatility and shortages experienced this year as we can now produce our own metal. It has also expanded our customer base by adding numerous industrial clients who see StoneX as a better capitalized counterparty and who can offer a range of storage, refining, and hedging services.

事實證明，在今年近期金屬價格波動和短缺的情況下，這一點尤其有價值，因為我們現在可以生產自己的金屬了。此外，我們還新增了許多工業客戶，這些客戶認為 StoneX 是一個資本較雄厚的交易對手，並且能夠提供一系列儲存、精煉和避險服務，從而擴大了我們的客戶群。

In September, we announced the acquisition of Right Corporation, a physical meat trading business in the US. RJO has a dominant position in the meat and livestock industry in the US. And with this acquisition, we now bring a downstream physical capability to our clients, much like the rationale behind the very successful acquisition of CDI back in 2022, which extended our cotton derivative experience into the physical.

9 月，我們宣布收購 Right Corporation，這是一家位於美國的實體肉類貿易公司。RJO在美國肉類和畜牧業中佔據主導地位。透過此次收購，我們現在為客戶提供下游實體交易能力，這與我們在 2022 年成功收購 CDI 的初衷非常相似，當時我們將棉花衍生品經驗擴展到了實體交易領域。

It adds a new relationship with meat suppliers and ranches across beef, pork, poultry, as well as buyers in the processor and distribution space. In February, we completed the acquisition of Octo Finances, a leading French fixed income broker, which provides credit research and expertise in the trading of European bonds and convertibles.

它與牛肉、豬肉、家禽的肉類供應商和牧場，以及加工商和分銷商的買家建立了新的關係。今年 2 月，我們完成了對法國領先的固定收益經紀商 Octo Finances 的收購。 Octo Finances 提供信用研究和歐洲債券及可轉換債券交易的專業知識。

We are now able to offer the European-based clients access to our broader product mix, enable Octo to participate in larger transactions, and to add credit research and expertise in European bonds and convertibles to our suite of capabilities. We have begun to cross-sell clients of Octo new products and services, as well as expanding their available credit products to include investment grade, high yields, and US treasuries.

我們現在能夠為歐洲客戶提供更廣泛的產品組合，使 Octo 能夠參與更大的交易，並將信用研究和歐洲債券及可轉換債券的專業知識添加到我們的功能組合中。我們已開始向 Octo 的客戶交叉銷售新產品和服務，並擴大其可用的信貸產品範圍，包括投資等級、高收益債券和美國國債。

Lastly, we made investments in Bamboo Payments, which was accompanied with an option to acquire full ownership down the road. Bamboo brings deep expertise and a well-established in-country payment ecosystem in South America, which has extended our cross-border capabilities. Bamboo serves large regional marketplaces, ride-hailing services, and HR platforms, which are new client types for StoneX to interact with.

最後，我們對 Bamboo Payments 進行了投資，並擁有未來收購其全部所有權的選擇權。Bamboo 在南美洲擁有深厚的專業知識和完善的國內支付生態系統，這擴展了我們的跨境能力。Bamboo 為大型區域市場、叫車服務和人力資源平台提供服務，這些都是 StoneX 需要與之互動的新型客戶類型。

Turning now to slide 14, alongside our inorganic M&A growth, we continue to iteratively improve our product and services offered organically. This has included several enhancements to our business, which extends our ecosystem and addresses additional client needs, with the intent of capturing more of their business.

現在來看第 14 張投影片，除了我們的非有機併購成長之外，我們還將繼續迭代改進我們有機提供的產品和服務。這包括對我們的業務進行多項改進，從而擴展我們的生態系統並滿足客戶的其他需求，目的是贏得他們更多的業務。

Some of these enhancements this year include the following: the build-out of our metals vault in New York, which now has more than $1 billion of assets under custody and is a CME-designated depository and custodians. It has not only been a value-add to our wholesale precious metals business, but also has attracted the global banks who would like to diversify their holdings away from other competing banks.

今年的一些改進措施包括：擴大我們在紐約的金屬金庫，目前託管著超過 10 億美元的資產，並且是芝加哥商品交易所 (CME) 指定的存管機構和託管機構。這不僅為我們的貴金屬批發業務增添了價值，而且還吸引了希望分散投資、遠離其他競爭銀行的全球銀行。

It is highly complementary to our overall metal strategy of providing a full-service offering in the market. And we are a unique industry participant in that we're both a regulated FCM and an exchange-approved depository.

它與我們向市場提供全方位服務的整體金屬策略高度互補。我們在業界獨樹一幟，因為我們既是受監管的期貨佣金商，也是交易所認可的存管機構。

Towards the end of the year, we entered into two agreements, bringing in the business of two LatAm-focused wealth management firms, which have expanded our capability to service clients by providing brokerage and investment and advisory services. These two transactions bolstered our existing wealth management business, further strengthens connection into Latin America, and provide us with incremental clearing opportunities.

接近年底，我們簽訂了兩項協議，引入了兩家專注於拉丁美洲的財富管理公司，從而擴大了我們為客戶提供經紀、投資和諮詢服務的能力。這兩項交易鞏固了我們現有的財富管理業務，進一步加強了與拉丁美洲的聯繫，並為我們提供了更多的清算機會。

Late last year, we were approved to provide digital asset services to Institutional clients in Europe. This will allow us to provide execution and custody services alongside our existing suite of global prime brokerage services and other complementary offerings, including equities, ETFs, futures, and fixed income.

去年底，我們獲準向歐洲的機構客戶提供數位資產服務。這將使我們能夠提供執行和託管服務，以及我們現有的全球主經紀商服務和其他配套產品，包括股票、ETF、期貨和固定收益產品。

We have also been improving our digital offering, which provides automation of management, merchandising, and origination of grain products. This is done through our proprietary platform called StoneX Hedge. This platform integrates with existing grain elevators -- enterprise systems and back-office systems to automate and proactively manage the industry -- inventory, sorry.

我們一直在改進我們的數位化產品，可實現糧食產品管理、銷售和採購的自動化。這是透過我們自主研發的平台 StoneX Hedge 來實現的。該平台與現有的糧倉——企業系統和後台系統集成，以實現行業自動化和主動管理——庫存，抱歉。

We announced last year that the platform has surpassed total volume of over 1 billion bushels of grain, which is a significant milestone for us. Interestingly, RJO has a similar product offering, and we will be merging these two platforms to provide clients with the best of the two offerings. In prime brokerage, we offer a comprehensive custody and clearing platform across the globe, aimed at financial institutions and funds.

我們去年宣布，該平台的糧食總交易量已超過 10 億蒲式耳，這對我們來說是一個重要的里程碑。有趣的是，RJO 也提供類似的產品，我們將合併這兩個平台，為客戶提供兩者的最佳產品。在主經紀業務方面，我們為全球金融機構和基金提供全面的託管和清算平台。

During the year, we have made several enhancements to our service offering, which have included an expansion of our [cap] intra capabilities, improving consolidated reporting and margining for clients, and addition of cross-currency products to the suite. These improvements have driven increased engagement particularly among large ETF issuers and mutual funds, resulting in strong momentum for this product in this business.

今年，我們對服務產品進行了多項改進，包括擴大了我們的[cap]內部交易能力，改進了客戶的合併報告和保證金計算，以及在產品套件中添加了跨幣種產品。這些改進推動了更多人的參與，尤其是大型 ETF 發行商和共同基金，從而為該產品在該行業帶來了強勁的發展勢頭。

Lastly, regarding our OTC and structured product capabilities, as we have mentioned in previous discussions, we see OTC as a tremendous growth opportunity to help our Commercial clients run more complex and intricate scenarios, determining the best products for their needs and to get quotes instantly.

最後，關於我們的場外交易和結構化產品能力，正如我們在先前的討論中提到的，我們認為場外交易是一個巨大的成長機會，可以幫助我們的商業客戶運行更複雜、更精細的場景，確定最適合他們需求的產品，並立即獲得報價。

In the year, we have further expanded our OTC products' focus on agriculture, which includes shell egg contracts and dairy derivatives. We believe we have one of the most comprehensive OTC platforms in the market today. These are just a few examples of our recent organic rollout of products and services. And we will continue to grow our ecosystem by launching adjacent products and services to better serve our clients.

今年，我們進一步擴大了非處方藥產品在農業領域的應用，包括雞蛋合約和乳製品衍生性商品。我們相信我們擁有目前市場上最全面的場外交易平台之一。以上僅是我們近期自主推廣產品和服務的一些例子。我們將繼續發展我們的生態系統，推出相關產品和服務，以便更好地服務我們的客戶。

Moving back to RJO, we'd like to provide some time giving an update on the integration. As mentioned earlier, I would like to introduce a new one of our executives to you all, Abbey Perkins, who is a member of our executive committee.

回到 RJO，我們想花點時間介紹一下整合的最新進展。如前所述，我想向大家介紹我們的一位新高階主管，艾比·珀金斯，她是執行委員會的成員。

Earlier this year, we asked her to lead our M&A integration efforts, in particular, the RJO integration, given its importance and its financial impact to our company. She will be providing a more detailed update on our integration plans, actions taken, and key milestones ahead.

今年早些時候，我們請她領導我們的併購整合工作，特別是RJO的整合，因為RJO的整合對我們公司非常重要，並且具有重要的財務影響。她將就我們的整合計劃、已採取的行動以及未來的關鍵里程碑提供更詳細的最新資訊。

Abbey, over to you.

艾比，該你了。

Thank you, Sean. For those I haven't met, I'm Abbie Perkins. I've been with StoneX for nine years and in finance for over two decades. For the past five years, I've served on the executive committee. And until recently, I was the Chief Information Officer overseeing infrastructure, IT services, procurement, and cybersecurity.

謝謝你，肖恩。對於那些我還不認識的人，我叫做艾比‧珀金斯。我在 StoneX 工作了九年，從事金融業超過二十年。過去五年，我一直在執行委員會任職。直到最近，我一直擔任首席資訊官，負責基礎設施、IT 服務、採購和網路安全。

As Sean mentioned, I stepped into a new role leading our M&A integration efforts with the primary focus on the R.J. O'Brien initiative. This is where I'm spending the majority of my time and energy today. So to get started, please turn to slide 16.

正如肖恩所提到的，我擔任了一個新的角色，領導我們的併購整合工作，主要重點是 R.J. O'Brien 專案。今天我把大部分時間和精力都投入到這裡了。那麼，請翻到第 16 頁開始吧。

We remain very excited by the potential value creation for StoneX from the R.J. O'Brien transaction, our most transformative acquisition of 2025 and the largest one we have done in terms of deal size. As we noted in the announcement, the acquisition rationale rests on four pillars.

我們對 R.J. O'Brien 交易為 StoneX 帶來的潛在價值創造感到非常興奮，這是我們 2025 年最具變革性的收購，也是我們迄今為止交易規模最大的收購。正如我們在公告中提到的，此次收購的理由是基於四大支柱。

First is the transformational nature of the acquisition and the significant scale we have added as a result. With this combination, we are now the largest non-bank US FCM by client assets and one of the largest FCMs globally.

首先是此次收購的變革性意義以及由此帶來的顯著規模成長。透過此次合併，我們現在是美國客戶資產規模最大的非銀行FCM，也是全球最大的FCM之一。

We are seeing a positive trend in growth in balances, with RJO's average client equity increasing from $5.5 billion to $5.8 billion since close, principally due to inflows from IB and Institutional clients. This increase has helped drive our combined client equity balances to the highest ever at $13.7 billion at the end of September.

我們看到餘額成長呈現正面趨勢，RJO 的平均客戶權益自收盤以來從 55 億美元增加到 58 億美元，這主要是由於投資銀行和機構客戶的資金流入。這一增長推動我們的客戶權益總額在9月底達到歷史最高水平，為137億美元。

In addition, during the trailing 12 months ended September 30, 2025, RJO cleared 156 million derivative contracts, which will now be consolidated on a single combined infrastructure, so truly achieving substantial scale. And ultimately, we know that the long-term transformative value will rest on the quality of the RJO clients and its people. And both have exceeded StoneX leadership's expectations.

此外，在截至 2025 年 9 月 30 日的過去 12 個月中，RJO 清算了 1.56 億份衍生性合約，這些合約現在將整合到一個單一的綜合基礎設施上，從而真正實現了相當大的規模。最終，我們知道長期的變革價值將取決於 RJO 客戶及其員工的品質。這兩方面都超出了 StoneX 管理層的預期。

Our second pillar was the strong opportunity to expand both our products and capabilities across the combined basis of both organizations and to reach new markets. We are seeing numerous opportunities to offer new products and services to the legacy RJO and StoneX clients alike.

我們的第二個支柱是，我們有很大的機會在兩個組織的合併基礎上擴展我們的產品和能力，並進入新市場。我們看到了許多機會，可以為 RJO 和 StoneX 的老客戶提供新的產品和服務。

These include offering new OTC and physical products to existing listed derivative clients, interest rate derivatives and relative value trading strategies to fixed income clients, and new hedging products and strategies to agricultural and other Commercial clients.

這些措施包括向現有上市衍生性商品客戶提供新的場外交易和實體產品，向固定收益客戶提供利率衍生性商品和相對價值交易策略，以及向農業和其他商業客戶提供新的對沖產品和策略。

We are also quickly moving to leverage RJO's footprint in new markets, with the regulated presence in the Dubai International Financial Centre becoming a key focus. StoneX has had a long-standing and successful presence in Dubai, offering precious metals trading in the Emirate metal zone and operating a branch office to Retail products in the Dubai mainland zone.

我們也迅速利用 RJO 在新市場的佈局，其中在杜拜國際金融中心的受監管業務正成為重點。StoneX 在杜拜擁有悠久而成功的業務歷史，在酋長國金屬區提供貴金屬交易，並在杜拜大陸區設有零售分公司。

The addition of RJOs business in the DIFC, the Emirate's financial institution hub, has provided a valuable complement to our efforts in this key growth market through the opportunity to compete with other financial brokerage firms by offering the full complement of StoneX products, which is an important enhancement to RJO's offering there.

RJO 在杜拜國際金融中心 (DIFC) 的業務拓展，為我們在這個關鍵成長市場的努力提供了寶貴的補充。透過提供全套 StoneX 產品，我們有機會與其他金融經紀公司競爭，這對 RJO 在該地區的產品和服務來說是一項重要的提升。

Lastly, we are able to achieve a combined and optimized technical ecosystem, taking the best from our world. The benefit of the StoneX complex of the combined technical offering will be significant. Our third pillar focused on the achievement of significant cost synergies. Our work since the closing of the transaction has strongly validated our cost synergy estimates. And we are working actively to achieve these cost savings.

最後，我們能夠實現一個綜合優化的技術生態系統，並汲取世界各地最優秀的技術。StoneX綜合體的技術優勢將十分顯著。我們的第三大支柱著重於實現顯著的成本綜效。自交易完成以來，我們的工作有力地驗證了我們的成本協同效應估算。我們正在積極努力實現這些成本節約目標。

We've established a robust governance framework, with a dedicated cross-functional team leading the numerous integration work streams. I will touch base more on the timelines of these cost synergies as well as an update on capital synergies on the next slide. But before we get there, on more pillar to cover.

我們建立了健全的治理框架，並由專門的跨職能團隊領導眾多整合工作流程。下一張投影片我將更詳細地介紹這些成本綜效的時間表，以及資本綜效的最新情況。但在此之前，我們還有另一個重要面向需要探討。

The fourth pillar is that the acquisition will be accretive to both EPS and ROE. I want to say that, first, across the board, our top priority is delivering a powerful combination that strengthens outcomes for our clients and supports both our internal and external brokers.

第四個支柱是此次收購將提高每股收益和淨資產收益率。我想說，首先，我們始終把提供強而有力的組合當作首要任務，以增強客戶的業績，並支持我們的內部和外部經紀人。

And in line with that focus, the integration planning and progress we've achieved so far underscores our confidence that RJO will be accretive to both EPS and ROE over both the near and long term, creating lasting value for our shareholders.

秉持著這個理念，我們迄今所取得的整合規劃和進展，凸顯了我們對 RJO 將在短期和長期內提升每股收益和淨資產收益率的信心，從而為我們的股東創造持久價值。

Moving to the next slide, we summarize our integration objectives and results. I'll be starting with our cost synergies. At the time of the transaction, we estimated $50 million of annual run rate and potential cost synergies. We now have a detailed plan with over 100 people involved in the process, with over 50 defined work streams and are in full execution mode.

接下來，我們將在下一張投影片中總結我們的整合目標和結果。我將首先談談我們的成本協同效應。交易時，我們估計每年可達到 5,000 萬美元的運行率和潛在的成本綜效。我們現在製定了詳細的計劃，有 100 多人參與其中，50 多個明確的工作流程，並且正在全面執行中。

We are first prioritizing the savings that are more readily achievable through the combination of the overlapping non-US entities in UK, Hong Kong, France, and Singapore. This can be achieved relatively quickly as the RJO activities and business in these jurisdictions is well understood and more modest than StoneX activities in these regions.

我們首先優先考慮透過合併英國、香港、法國和新加坡的重疊非美國實體更容易實現的節約。由於 RJO 在這些司法管轄區的活動和業務已被充分了解，並且比 StoneX 在這些地區的活動規模要小，因此可以相對快速地實現這一目標。

We are also prioritizing combining our US broker-dealer footprint as it is a relatively easy process as well as RJO's activities encapsulate just one pillar of the activities we have in our diverse US broker-dealer offering. These two initiatives can happen relatively swiftly. And we anticipate completing them in Q2 of fiscal '26, accounting for roughly 25% of the aggregate synergy target.

我們也優先考慮整合我們在美國經紀自營商的業務，因為這是一個相對容易的過程，而 RJO 的業務只是我們多元化美國經紀自營商業務的一個支柱。這兩項舉措都可以相對迅速地落實。我們預計在 2026 財年第二季完成這些項目，約佔總綜效目標的 25%。

Our focus then turns to the integration of our two US FCMs, the most complex of the entity combinations, which is currently being planned and will follow the non-US integrations. Combination is set for around Q4 2026. While we both operate in the same system of record and the underlying products are identical, RJO has built customer tools whose migration of which we need to make sure is as seamless as possible from a client perspective to ensure no revenues lost as a result.

接下來，我們的重點將轉向整合我們兩家美國 FCM，這是所有實體組合中最複雜的，目前正在規劃中，並將在美國以外的整合完成後進行。合併預計將於 2026 年第四季左右完成。雖然我們雙方都使用相同的記錄系統，而且底層產品也相同，但 RJO 已經建立了客戶工具，我們需要確保從客戶角度來看，這些工具的遷移盡可能無縫，以確保不會因此造成收入損失。

We will err on the side of caution here and may delay we feel it's warranted. We estimate that the merging of the two US SVNs will account for roughly 40% to 50% of the synergy target. The remaining 25% to 35% results from the runoff of contracts and space, and as such, may take a further 6 to 12 months to fully realize.

我們將採取謹慎的態度，如果認為有必要，可能會推遲。我們估計，兩家美國SVN公司的合併將實現綜效目標的約40%至50%。剩餘的 25% 至 35% 是由於合約和空間的到期而產生的，因此，可能還需要 6 至 12 個月才能完全實現。

Based on our work to date, we are confident that we will achieve our targets of $50 million in run rate cost synergies within 24 months of deal close. Indeed, just four months from the closing of the transaction, we have realized approximately $20 million in annualized cost savings. We believe that the remainder of the cost synergies are well defined and achievable.

根據我們迄今為止的工作，我們有信心在交易完成後的 24 個月內實現 5000 萬美元的年度成本協同效應目標。事實上，交易完成僅四個月後，我們就實現了約 2,000 萬美元的年度成本節約。我們認為，其餘的成本綜效是明確且可實現的。

We will move on now to capital synergies. These synergies will be achieved as we collapse the operations that we set out before. We anticipate a $20 million to $30 million release of excess capital following the first set of business integrations of the UK business and the broker-dealer business, which is to be realized in approximately Q2 '26.

接下來我們將討論資本綜效。當我們整合先前製定的營運計劃時，這些協同效應將得以實現。我們預計，在英國業務和經紀交易商業務的第一輪業務整合完成後，將釋放 2,000 萬至 3,000 萬美元的超額資本，這大約將在 2026 年第二季實現。

The remaining capital synergies will be realized from the merger of the US FCMs in the approximate fourth quarter of 2026. We anticipate this to be north of $30 million. Lastly, and in addition to this, while technically not a capital synergy, we recently executed a $42 million dividend of excess cash from the RJO parent entity, providing additional liquidity to the StoneX Group of companies.

剩餘的資本綜效將在 2026 年第四季左右透過美國期貨佣金商的合併實現。我們預計這將超過 3000 萬美元。最後，除此之外，雖然嚴格來說不算資本協同效應，但我們最近從 RJO 母公司實體支付了 4,200 萬美元的超額現金股息，為 StoneX 集團公司提供了額外的流動性。

In terms of brand business synergies, we did not disclose a specific target because these synergies are both hard to realize in the short term. It is very hard to track when they happen, as revenue gets flipped between teams, et cetera.

就品牌業務綜效而言，我們並未透露具體目標，因為這些綜效在短期內都很難實現。由於收入會在各個團隊之間轉移等等，因此很難追蹤這些情況何時發生。

Despite this, we continue to have a high conviction around the revenue synergies opportunity over time. A first significant driver is that StoneX's equity and balance sheet is around 5 times larger than RJOs, which should enable us to win more wallet share from the larger RGO clients. Alongside this is our position as a public company eases onboarding activities. Both of these were constraints experienced by RJO.

儘管如此，我們仍然對未來收入綜效的機會充滿信心。第一個重要的驅動因素是 StoneX 的股權和資產負債表規模約為 RJO 的 5 倍，這應該能夠讓我們從較大的 RGO 客戶中贏得更多的錢包份額。此外，我們作為一家上市公司，也簡化了新進員工入職流程。這兩點都是RJO所面臨的限制。

To this end, we have already held and continue to hold numerous teach-ins and cross-desk meetings. On the fixed income side, we have seen extremely strong cross-group collaboration, already resulting in the deepening of relationships and placement of new trades in from clients of both firms.

為此，我們已經舉辦並將繼續舉辦多次教學研討會和跨部門會議。在固定收益方面，我們看到了非常強大的跨集團合作，這已經促成了雙方客戶關係的加深和新交易的進行。

On the IB side, where RJO has a major presence, we've introduced many of these (technical difficulty) --

在投資銀行領域，RJO佔據著重要地位，我們引進了許多此類產品。（技術難題）——

All right. Operator, I'll carry on, okay?

好的。接線員，我繼續，可以嗎？

All right. Sir, go ahead.

好的。先生，請便。

Okay. So I think Abbie was talking about where we are with the IBs, so I will just follow on from there. So we've introduced many of our brokers and end clients, our OTC and physical capabilities. Many of them have asked for the necessary paperwork, are going through the paperwork. And many of them have signed up with our swap dealer and our physical entity.

好的。所以我覺得艾比剛剛在談論我們IB課程的進展情況，那我就接著說下去吧。因此，我們向大家介紹了我們的許多經紀人和終端客戶，以及我們的場外交易和實體交易能力。他們中許多人已經索取了必要的文件，正在辦理相關手續。他們中的許多人已經與我們的互換交易商和實體實體簽訂了合約。

So very encouraging signs there. People don't do the paperwork if they don't see an opportunity. On the metal side, we see clients expanding the business they have with us into new products. On the negative side, there was always a risk of some revenue attrition, either due to revenue producers leaving or due to the fact that there was client duplication.

這是一個非常令人鼓舞的跡象。如果看不到機會，人們就不會去做文書工作。在金屬產業方面，我們看到客戶正在將與我們現有的業務拓展到新產品領域。不利的一面是，總是存在收入流失的風險，要么是因為收入創造者離開，要么是因為客戶重複。

At the time of evaluating the deal, this was a key consideration for us. And our view was that the client overlap was limited, and thus, the risk of revenue attrition was not material. We're happy to report, at this stage, the overall attrition is limited. So overall, we're tracking very well against all of the metrics related to the integration of RJO.

在評估這筆交易時，這是我們重點考慮的因素。我們認為客戶重疊部分有限，因此收入流失的風險並不重大。我們很高興地報告，目前整體人員流失有限。總的來說，我們在與 RJO 整合相關的所有指標方面都進展得非常順利。

In summary, we continue to believe as a management team that the RJO transaction will prove to be transformational for StoneX. And this expanded group of clients as the integration of our collective client focus, the ability to leverage our combined scale, and the complementary product expertise positions us as the leading franchise around the globe.

總而言之，作為管理團隊，我們仍然相信 RJO 交易將對 StoneX 產生變革性影響。而我們不斷擴大的客戶群，以及我們共同的客戶關注點、利用我們合併後的規模和互補的產品專業知識，使我們成為全球領先的特許經營商。

We are highly encouraged by the early results and are pleased with and grateful to our teams affecting this work. We remain focused on executing with discipline and precision that have become the hallmarks of StoneX.

我們對初步結果感到非常鼓舞，並對參與這項工作的團隊表示滿意和感謝。我們將繼續專注於以嚴謹和精準的方式執行，這已成為 StoneX 的標誌。

In the end, the common thread across all our acquisitions is the exceptional collaboration between company leadership teams and the exceptional work being performed by talented and dedicated employees. We are pleased with the value these transactions provide to StoneX and remain optimistic about our long-term growth.

最終，我們所有收購專案的共同點是公司領導團隊之間的卓越合作以及才華橫溢、敬業奉獻的員工所做的卓越工作。我們對這些交易為 StoneX 帶來的價值感到滿意，並對我們的長期成長保持樂觀。

So with that, let's move to slide 18, a closing summary. This quarter was a record for us to close out what was, in fact, a record 2025. The quarter included two months of the RJO results as well as some of the one-off acquisition and related costs, which reduced diluted EPS by approximately $0.13 per share.

那麼，接下來我們來看第 18 張投影片，總結部分。本季是我們創紀錄的業績，也為創紀錄的 2025 年畫下了圓滿的句點。該季度包括了 RJO 兩個月的業績以及一些一次性收購和相關成本，這使得稀釋後每股收益減少了約 0.13 美元。

The quarter saw strong results across most of our segments, especially equities, prime brokerage, and fixed income; and improved results in physical commodities. We recorded $85.7 million net earnings or $1.57 in EPS, with an ROE of 15.2% on book value and just over an ROE of 20% on tangible book value.

本季我們大部分業務部門都取得了強勁的業績，尤其是股票、主經紀業務和固定收益業務；實體商品業務的業績也有所改善。我們錄得淨利 8,570 萬美元，即每股收益 1.57 美元，帳面淨資產收益率為 15.2%，有形帳面淨資產收益率略高於 20%。

We achieved another record quarter for the year, with operating revenues of just over $4 billion and net earnings of $305.9 million, giving us an EPS for the year of $5.89 and an ROE of 15.6% on book value and 17.9% on tangible book value.

我們又創下了本年度的季度業績紀錄，營業收入略高於 40 億美元，淨利潤為 3.059 億美元，全年每股收益為 5.89 美元，賬面淨資產收益率為 15.6%，有形賬面淨資產收益率為 17.9%。

In addition, RJO and Benchmark and our other acquisitions should be strongly accretive and together with strong organic growth, should drive our results for 2026. There has been a notable growth in our client assets that we custody, where the segregated funds on the exchange or through clearing and prime brokerage to storage of precious metals.

此外，RJO 和 Benchmark 以及我們的其他收購應該會大幅提升獲利，加上強勁的內生成長，應該會推動我們 2026 年的業績成長。我們託管的客戶資產顯著成長，其中包括交易所的隔離資金或透過清算和一級經紀業務儲存的貴金屬。

This has significantly grown our recurring income stream, providing a stable and predictable underpinning to our financial results. Our unique and best-in-class ecosystem underpinned by a fortress balance sheet, diverse offerings, and exceptional client service enables us to deliver innovative solutions that provide clients with market access and create long-term value.

這顯著增加了我們的經常性收入來源，為我們的財務表現提供了穩定和可預測的基礎。我們擁有獨特且一流的生態系統，以雄厚的資產負債表、多元化的產品和服務以及卓越的客戶服務為支撐，使我們能夠提供創新的解決方案，為客戶開拓市場並創造長期價值。

I'm very proud of the StoneX team, who continued to propel us to new heights. And we'd like to thank them for the exceptional work during 2025. I would like to thank our bankers for their support and our Board for both their support and guidance, and an amazing all-around StoneX team.

我為 StoneX 團隊感到非常自豪，他們不斷帶領我們攀登新的高峰。我們也要感謝他們在 2025 年所做的出色工作。我要感謝我們的銀行家們的支持，感謝董事會的支持和指導，也要感謝 StoneX 團隊所有成員的出色工作。

So with that, operator, let's see if we have any questions.

那麼，操作員，我們來看看大家有沒有什麼問題。

(Operator Instructions) (technical difficulty)

（操作說明）（技術難題）

Hi, good morning. How are early cross-selling efforts with RJO clients going? I know it's pretty early innings, but anything that's kind of standing out there? And then when can we expect your estimate, I guess, on -- for revenue synergies overall? (technical difficulty)

您好，早安。與 RJO 客戶的早期交叉銷售工作進展如何？我知道現在比賽還處於早期階段，但目前有什麼比較突出的亮點嗎？那麼，我想問的是，我們什麼時候可以期待您對整體收入綜效的預估呢？（技術難題）

So on the revenue synergies, I think it's going about as well as we expected. Obviously, this takes a lot of education. I think it takes time for people to understand the products, make sure that the products are suitable for their clients.

所以就所得綜效而言，我認為進展基本上符合我們的預期。顯然，這需要大量的教育。我認為人們需要時間來了解產品，並確保產品適合他們的客戶。

They obviously -- people are always -- and we've gone through the 30 times. So we now have those works, right? So oftentimes, the relationship -- people are reluctant to open up a relationship to new people, to products they're not certain of. So this just takes a lot of education.

很明顯——人們總是——我們已經經歷過30次了。所以我們現在有了這些作品，對吧？所以很多時候，人們不願意與陌生人或他們不確定的產品建立關係。所以這需要大量的教育。

I think there's been a tremendous amount of interest from RJO in learning about all the new products we have. So they're being engaged. And I think in certain parts of RJO, there's been tremendous uptick. I mean, we already have people on the fixed income side, going together to meetings, pitching products together, the actual transactions happening that are generating revenue.

我認為RJO對我們所有的新產品都表現出了極大的興趣。所以他們訂婚了。我認為在RJO的某些地區，情況已經出現了巨大的增長。我的意思是，我們已經有固定收益方面的人員一起參加會議，一起推銷產品，實際的交易正在發生並產生收入。

I think, as I said with IBs, we have a ton of IBs who asked for documentation. A bunch of them have signed the documentation. I think a couple of trades have happened. So all of those things are all very encouraging and I think sort of validate our thought that this is going to provide us with a big boost.

我認為，就像我之前提到的投資銀行一樣，我們有許多投資銀行要求提供文件。他們當中很多人都簽了字。我認為已經發生了幾筆交易。所以所有這些都非常令人鼓舞，我認為這在某種程度上證實了我們的想法，這將為我們帶來巨大的推動作用。

In terms of putting out a hard estimate, as Abbie said in her comments, it's really, really hard to do that because this stuff becomes really hard to track. If someone does more treasury business with us because they sort of like the fact we can do something with them on the RJO side, how do we measure that if they are really a customer, right?

至於給出確切的估計，正如艾比在她的評論中所說，這真的很難，因為這些事情真的很難追蹤。如果有人因為喜歡我們能在 RJO 方面為他們做些什麼而與我們開展更多財務業務，那麼我們如何衡量他們是否真的是我們的客戶呢？

So it becomes pretty arbitrary to sort of measure this, so we can report back on the target. And that's our reticence in doing that is it just becomes very hard to audit and provide sort of a detailed feedback. The revenue often gets split between groups, and it's hard to track that as well.

因此，衡量這一點變得相當隨意，這樣我們才能報告目標情況。而我們之所以不願意這麼做，是因為審核和提供詳細回饋變得非常困難。收入通常會在各個團體之間分配，也很難追蹤分配情況。

So I'm not sure we are going to give you a target just because I don't think we can accurately report back on that. What I think we will see though is just a revenue uptick generally, and I think that's what we should be watching for. I don't know, Bill, if you think differently, but I think that's sort of where we stand on it. But I think our view is very happy about it.

所以，我不確定我們是否會給你設定目標，因為我認為我們無法準確地報告結果。但我認為我們會看到整體收入有所成長，我認為這才是我們應該關注的。比爾，我不知道你的想法是否不同，但我認為我們在這個問題上的立場大致就是這樣。但我認為我們對此非常滿意。

I think if anything, there's been sort of quicker uptick and better interest from any -- from everyone in sort of taking our new products. And as I said, we are already seeing tangible signs across various desks of new clients trading with us, existing clients doing more with us. And then the other thing with RJO is I do think the fact that all those clients are now -- particularly they're sort of larger clients, we have a much bigger balance sheet.

我認為，如果說有什麼變化的話，那就是大家對我們的新產品表現出了更快的興趣和更高的熱情。正如我所說，我們已經在各個交易平台上看到了明顯的跡象，新客戶開始與我們進行交易，現有客戶也增加了與我們的交易量。還有一點，RJO 的一大特點是，我認為所有這些客戶現在都是——特別是他們都是規模較大的客戶，我們的資產負債表也因此變得更加龐大。

So if there was ever a sort of a constraint around RJO size -- maybe they really liked the RJO, but we're limiting what they did just because of the size of RJO. That's gone, right? Because we like 5x their size. Onboarding is very hard when you're a private company in the world today. You have to do all your KYC. You have to get verification of who the owners of the company are.

所以，如果 RJO 的大小曾經受到某種限制——也許他們真的很喜歡 RJO，但我們卻因為 RJO 的大小而限制了他們的活動。已經沒了，對吧？因為我們喜歡它們5倍大的尺寸。如今，對於一家私人公司來說，新員工入職非常困難。你必須完成所有KYC（了解你的客戶）流程。你需要核實公司的所有者是誰。

And it's just very hard. A lot of people just don't want to do it. But if you're a US public company, it's the easiest possible route to onboard. So I think we've made things very easy. And I think that's going to just of itself is going to drive some additional revenue. So I'll stop there and see if Bill has anything to add.

這真的很難。很多人就是不想做這件事。但如果你是美國上市公司，這是最簡單的加入途徑。所以我覺得我們已經把事情變得非常簡單了。我認為這本身就會帶來一些額外的收入。我就先說到這裡，看看比爾還有什麼要補充的。

I think you summarized it, Sean, very well. And we'll -- I think we'll continue to just try to point out kind of the overall growth from RJO here over these next couple of quarters. And we'll be able to demonstrate some of that growth that Sean is talking about.

肖恩，我覺得你總結得很好。接下來——我認為我們將繼續努力，在接下來的幾個季度裡，指出RJO的整體成長。我們將能夠展示肖恩所說的增長情況。

Yeah. Okay. That makes sense. And then it looks like there was still some weakness in precious metals trading in the quarter. Did that improve after gold was officially exempted from tariffs in September? And maybe how did you see that trend in October and November?

是的。好的。這很有道理。而且，貴金屬交易在本季似乎仍然有些疲軟。9月黃金正式免關稅後，情況是否有改善？那麼，您在十月和十一月是如何觀察到這種趨勢的呢？

Yeah. So we had a lot of people -- well, the people we normally speak to, shareholders and you guys, asking us sort of last quarter, what happened on the Commercial side because, obviously, it was a reasonably big delta? And it was really affected by three things, right? You had just low volatility in the ag space generally, which has sort of continued into this quarter.

是的。所以，上個季度有很多人——嗯，我們通常會和股東以及你們交談的人——問我們商業方面發生了什麼，因為很明顯，這是一個相當大的差距？這確實受到了三件事的影響，對吧？農業領域的整體波動性較低，這種情況一直延續到本季。

Metals, notwithstanding. But if you look at the ag side, it's been pretty muted. General tariffs have sort of disrupted the underlying commercial flows. So people don't know or aren't sure whether they should export what the prices should they hold on to their product. So those kind of disruptions just lead to sort of lack of hedging.

金屬除外。但如果你看看農業方面，你會發現變化相當平淡。普遍的關稅政策在某種程度上擾亂了基本的商業流通。所以人們不知道或不確定是否應該出口，也不知道在什麼價格下他們應該繼續持有自己的產品。因此，這類幹擾只會導致避險措施的缺失。

And then on the margin, one of the biggest factors was our precious metals business because of the dislocation in the CME metals price, which started to impute a value for tariffs. Now obviously, everyone around the world, including us, used to use the CME derivative contract, as the most liquid contract is the best way to hedge your precious metals.

此外，邊際因素中，最大的因素之一是我們的貴金屬業務，因為芝加哥商品交易所 (CME) 金屬價格的錯位開始對關稅產生影響。顯然，包括我們在內的全世界所有人過去都使用 CME 衍生性合約，因為流動性最強的合約是對沖貴金屬風險的最佳方式。

But if you were delivering precious metals to someone in Europe, you now had an ineffective hedge because the hedge was imputing a percentage of tariffs being imposed. And if you completed that transaction, you would have to close your hedge out at a loss. So that created a lot of dislocation in the market.

但如果你向歐洲的某人交付貴金屬，那麼你現在的對沖策略就無效了，因為對沖策略會預估一部分關稅。如果你完成了那筆交易，你就得虧損地平倉對沖。這給市場造成了很大的混亂。

Our way of handling that was to deliver our metal into the CME. And in that way, we had an effective hedge effectively because you can deliver the metal into a contract. But what it meant is a lot of additional costs for us because we had to hold on to that metal for a good number of days.

我們當時的處理方法是將金屬交付給芝加哥商品交易所 (CME)。這樣一來，我們就有效地對沖了風險，因為你可以將金屬交付到合約中。但這意味著我們要承擔很多額外的成本，因為我們必須把那批金屬保存好幾天。

We had to ship that metal, that cost money. And all of that significantly eroded the profitability of that business. Now it was better than what we would have taken as a loss on the hedge, so it was economic to do that. That has led to the precious metals business in Q3 being close to breakeven, right, when it's generally a pretty profitable business for us.

我們需要運送那些金屬，那要花錢。所有這些都嚴重削弱了該企業的獲利能力。現在的情況比我們對沖造成的損失好，所以這樣做是經濟的。這導致貴金屬業務在第三季接近損益平衡點，對吧？而通常情況下，這對我們來說是一項相當有利可圖的業務。

That carried on into this quarter. Obviously, the business sort of adjusted. So the impact was not as great as it was in Q3, and we are now not using the CME hedge. So we now have the flexibility. And in fact, it's now given us an opportunity to take advantage of those dislocations. So what was a negative is starting now to turn into a positive.

這種情況延續到了本季。顯然，業務也隨之做出了一些調整。因此，其影響不如第三季那麼大，我們現在沒有使用 CME 對沖工具。所以我們現在有了更大的彈性。事實上，這反而給了我們一個利用這些混亂局面的機會。所以，原本的負面因素現在開始轉變為正面因素。

So that's the story behind the metals. So it was sort of much worse in Q3. It was better in Q4, and I think you'll see in Q1 that it's actually turned into a pretty positive environment for us. So I think that's sort of gone full circle for us. Does that help?

這就是這些金屬背後的故事。所以第三季情況更糟。第四季情況有所好轉，我認為第一季你會看到，這實際上已經轉變為對我們非常有利的環境。所以我覺得這對我們來說算是兜了個圈子吧。這樣有幫助嗎？

Yeah. Perfect. And if I could just slip in one quick one on the Institutional. On the Institutional business, the RPC for listed derivatives jumped quite a bit. I'm just curious what drove that or how sustainable that is. Thanks.

是的。完美的。如果我能順便提一下機構方面的問題就好了。在機構業務方面，上市衍生性商品的RPC大幅上漲。我只是好奇是什麼原因導致了這種情況，或者這種做法的可持續性如何。謝謝。

You want to take that, Bill?

你想拿走它嗎，比爾？

Sure. I'll take that. That would be the introduction, Jeff, of the RJO business. So when they came in, there's -- they were incrementally higher than what we were doing. So that's really kind of what's driving it up.

當然。我接受。傑夫，這就是 RJO 業務的介紹。所以當他們進來的時候，他們的水平比我們當時的水平略高一些。所以這才是真正推動價格上漲的原因。

I think they were incrementally about $1 higher on average on their Institutional rate per contract than we were. So the combination of the two drove that up.

我認為他們的機構合約費率平均比我們高出約 1 美元。因此，兩者結合起來推高了這個比例。

Great, thank you.

太好了，謝謝。

Sure. That's kind of a business mix issue, I guess, between us and RJO.

當然。我想，這算是我們和RJO之間的一種商業組合問題吧。

Correct.

正確的。

Right. Right.

正確的。正確的。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Great. Yeah. Thanks. Good morning. So I guess, just sticking with the Institutional business, so the other question is just on the security side. The rate per million also went up pretty significantly quarter over quarter. Just curious about the sustainability of that.

偉大的。是的。謝謝。早安.所以我想，還是繼續關注機構業務吧，那麼另一個問題就與安全方面有關。每百萬人口利率也較上季大幅上漲。只是好奇這種方式是否可持續。

Bill, do you want to handle that?

比爾，你想處理這件事嗎？

Sure. I think we've seen -- Dan, I think we've kind of talked about this a bit last year, right, with some of the conditions that we saw in equity markets, with some of the lower volatility and also kind of us expanding into more US stocks that we kind of -- we expected to see a bit of a trough there and continue to increase from there.

當然。我認為我們已經看到——丹，我想我們去年也稍微討論過這個問題，對吧，考慮到我們在股票市場看到的一些情況，波動性降低，以及我們擴大到更多美國股票，我們預計會看到一個低谷，然後繼續從那裡增加。

And we have seen that, right? The conditions have improved. And then the fixed income space as well, right, with that becoming a bit more volatile, with the rates moving around the Fed actions. I think we've started to see -- where last year, we kind of dipped as well when it came to the addition of more and more US treasury activity, now we're seeing spreads widen a bit in those markets.

我們已經看到了這一點，對吧？情況有所改善。還有固定收益領域，對吧，它的波動性也更大了，利率會隨著聯準會的行動而波動。我認為我們已經開始看到——去年，隨著美國國債交易量的不斷增加，我們的交易量也出現了下滑，而現在我們看到這些市場的利差略有擴大。

So we've seen a nice uptick both on the equity side as well as the fixed income and then also really nice contribution from our overall prime brokerage business on the security side contributing more and more revenue there, which is helpful.

因此，我們看到股票和固定收益方面都有了不錯的成長，而且我們在證券方面的主經紀業務也做出了非常好的貢獻，貢獻了越來越多的收入，這很有幫助。

I would say, Dan, one thing. And if you remember back over the last two years, we spoke about this a lot. As both the equities and the fixed income teams -- and this started probably three years ago -- expanded into sort of lower-margin but higher-volume products, we saw a continual erosion of the rate per million, but an increase in revenue, right?

丹，我想說一件事。如果你還記得過去兩年我們多次討論過這個問題的話。隨著股票和固定收益團隊（這大概是從三年前開始的）擴展到利潤率較低但銷量較高的產品，我們看到每百萬的收益率不斷下降，但收入卻增加了，對吧？

Because we're doing lower-margin business, a lot of it making money, but it was really affecting those numbers. And as that business ramped up, it continually sort of dragged down the higher margin that we saw previously.

因為我們做的是低利潤業務，雖然很多業務都能賺錢，但這確實影響了這些數字。隨著這項業務的成長，它不斷地拉低了我們之前看到的較高利潤率。

I think we've now got to -- I'm sort of -- I could be wrong here. But I think we've sort of got to a point where that business is now large enough that it sort of averaged out. So I think that sort of ongoing sort of slide as we built the business up, we've now sort of troughed out. And I think what's now going to affect it is sort of market conditions, right?

我認為我們現在必須——我有點——我可能錯了。但我認為，我們已經發展到一定規模，這項業務的規模已經足夠大，以至於影響趨於平均了。所以我覺得，隨著我們業務的不斷發展，這種持續下滑的趨勢現在基本上已經結束了。我認為現在影響它的應該是市場狀況，對吧？

So I think the sort of business mix argument as that adjusted over the last three years, I think, is sort of kind of close to the bottom and at the end now. And now, hopefully, that number reflects sort of a more keen view of the underlying market conditions available in the business, if that makes sense.

所以我認為，經過過去三年的調整，這種業務組合的論點，現在已經接近底部，接近尾聲了。希望現在這個數字能夠更敏銳地反映出該行業潛在的市場狀況，如果這樣說你能理解的話。

Yeah, no, that's helpful. Just another question on the integration, I just want to make sure what I heard in the road map. So I think you said roughly $20 million has been realized in terms of the expense synergies and then, I guess, middle of Q2 of this year with the UK, we should get I think another -- I just want to make sure what the next wave of -- and then you have the FCMs in the US.

是的，那很有幫助。關於整合方面還有一個問題，我只是想確認一下我在路線圖中聽到的內容是否正確。所以，我想您說過，在費用協同效應方面已經實現了大約 2000 萬美元，然後，我想，今年第二季度中期，我們應該會在英國獲得另一筆款項——我只是想確認一下下一波款項是什麼——然後還有美國的 FCM。

So can you just kind of walk through the amounts that kind of -- if you've already got $20 million, that means there's only $30 million left, or are you raising the amount of synergies?

所以你能簡單解釋一下金額嗎——如果你已經有了 2000 萬美元，那是不是就只剩下 3000 萬美元了，還是說你正在增加協同效應的金額？

Yeah, go ahead. Abbie, you're back with us?

好的，請便。艾比，你回來了？

I am. Thank you for your patience. The -- so we have achieved synergies from sort of natural movement and the ability to do some streamlining inside the organization. Right now, that annualized run rate is about $20 million going forward.

我是。感謝您的耐心等待。因此，我們透過某種自然發展和在組織內部進行一些精簡，實現了協同效應。目前來看，該項年度營運率約2,000萬美元。

We will then see the next uptick really in the spring time, a bit more that we expect from the UK combinations. We'll get capital synergies at that point as well. And then the dominance will come post the US integrations, which are late Q4 2026. So you're talking sort of June, July, August timeframe. Does that help, Dan?

接下來，我們將在春季看到下一波成長，比我們預期的英國組合還要多一些。屆時我們還能獲得資本綜效。然後，在美國完成整合之後，也就是 2026 年第四季末，主導地位將會出現。所以你指的是六月、七月、八月這段時間。這樣有幫助嗎，丹？

Yeah, but no change in the aggregate amount? Like, I guess, as you guys have gone in, do you think that $50 million is conservative? Do you think there will be more in the context of what you'll be able to save as a result of the combination?

是的，但總額沒有變動嗎？我想，你們既然已經深入研究過，你們認為 5,000 萬美元這個數字保守嗎？你認為合併後，你能省的錢會更多嗎？

No, go ahead, Abbie. Sorry.

不，你先來，艾比。對不起。

We're pretty comfortable with the $50 million. We are very focused on ensuring that we do client support with added flow. There is a big chunk of the organization that is not impacted within StoneX on this. So we're pretty comfortable with the $50 million right now.

我們對5000萬美元這個數字相當滿意。我們非常注重確保客戶支援流程更加順暢。StoneX 組織內部有很大一部分人並未受到此事的影響。所以，我們現在對這 5000 萬美元相當滿意。

Okay. Cool. And then just a follow-up for you, Bill. Just looking at the balances now from an interest rate sensitivity perspective, they're higher. And as you look into next year, obviously, you've got some rate cuts.

好的。涼爽的。比爾，我還有一個後續問題想問你。單從利率敏感度角度來看，目前的餘額更高了。展望明年，很顯然，利率會有所下降。

Any thoughts on the hedging strategy or other things to do to limit the impact or fluctuation from rates, and the movements there?

對於對沖策略或其他可以限制利率及其波動影響的措施，您有什麼想法？

Yeah. I mean, we'll continue to be active, Dan, like we have in the past, that's kind of looking out and trying to lock some of that in. We're taking a bit of a view, right, that we may want to lock some in around that kind of two-year window-ish. And this isn't anything new. We've kind of done this a couple of different times over the last 10 years.

是的。我的意思是，丹，我們會繼續保持積極主動的態度，就像過去一樣，那就是放眼未來，努力鎖定一些成果。我們現在有點傾向於，或許應該把一些事情鎖定在大約兩年的時間範圍內。這並非什麼新鮮事。過去十年裡，我們已經這樣做過好幾次了。

We've kind of viewed that two-year -- two-, three-year window is kind of a good space for us. And so we will continue to kind of monitor that market and potentially go out on the curve a little bit with swaps, kind of almost like an insurance policy on this new group of assets that we've brought in, in order to kind of put a floor there.

我們認為兩到三年的時間窗口對我們來說比較合適。因此，我們將繼續關注該市場，並可能透過互換交易稍微超出殖利率曲線，這就像為我們引進的這組新資產購買一份保險，以便為其設定一個底線。

And then what we're excited about is just kind of bringing in the capabilities of RJO that's been more active on managing the portfolio and have seen to where they've been able to typically exceed kind of the one-month treasury rate, which has kind of been our benchmark.

我們感到興奮的是，我們引入了 RJO 的能力，RJO 在投資組合管理方面更加積極主動，並且通常能夠超過一個月國債利率，而一個月國債利率一直是我們的基準。

So the combination of the two, trying to lock some in, to keep a floor for us, and incrementally increase kind of over that one-month target, I think, is what we expect to do on a go-forward basis. We never will be hedging all of it or never be locking in all of it. But we will look to be active to try to put -- roll into some floors there that kind of protect us to the downside.

因此，我們打算將兩者結合起來，先鎖定一部分，為我們保持一個底線，然後在一個月的目標基礎上逐步提高，我認為這就是我們未來要做的事情。我們永遠不可能對所有風險進行對沖，也永遠不可能對所有風險進行鎖定。但我們將積極採取措施，爭取在那裡設立一些平台，以保護我們免受下行風險。

Got it. But you're not doing that currently? That's perspective?

知道了。但你目前並沒有這麼做？這就是視角嗎？

We've been -- look, we've been active in doing that since the integration, right? So there's -- we didn't have anything, any activity on it in the September quarter. But we have been starting to do some of that since then, modest amounts at this point. And it's reflective in the sensitivity that we put out there.

我們一直在——你看，自從整合以來，我們一直在積極地做這件事，對吧？所以，我們在九月的季度裡沒有任何相關活動。但從那時起，我們已經開始做一些這方面的工作，目前只是少量開展。而這體現在我們展現出的敏感度。

I think, Dan, not to be repetitive, but maybe just to sort of clarify Bill's comments, I guess, there are two ways to think about this, right? The one is all of our contractual arrangements with our clients in terms of how we pay interest are referenced off the one month or the three-month T-bill rate. So that's the sort of benchmark rate.

丹，我想說，雖然不想重複，但或許只是為了澄清比爾的評論，我想，對此有兩種思考方式，對吧？一是我們與客戶之間所有關於利息支付方式的合約安排都是以一個月或三個月的國庫券利率為參考的。這就是基準利率。

And typically, what we did is we invested that float in the one-month or three-month T-bill rate, right? What RJO was very good at and was sort of a market leader is they were more actively managing that money. And they were earning a spread to the one-month and three months T-bill by going into floaters and things like that.

通常情況下，我們會把這部分資金投資在一個月或三個月的國庫券利率，對吧？RJO 的優勢在於他們更積極地管理資金，並在某種程度上成為了市場領導者。他們透過投資浮動利率債券等方式，賺取與一個月期和三個月期國債的利差。

So to the extent you can do that, 100% of that excess basis comes to us. So that can be quite impactful. And that's not a huge amount of money. You're never going to make 75 basis points extra. But I think the target is somewhere around sort of 20 basis points potentially on some of that float.

因此，只要你能做到這一點，100%的超額成本都將歸我們所有。所以這可能會產生相當大的影響。而且那筆錢也不算多。你永遠不可能額外賺到75個基點。但我認為目標價位可能在20個基點左右，部分浮動利率可能會下降。

But on a $13 billion float, if we can add 15, 20 basis points on top of that base rate, which we get to keep 100% of, I mean, that can be quite meaningful. And then secondly is, do we try to protect ourselves by taking out swaps and taking some duration, protect ourselves against possible downside in the short-term rates?

但是，對於 130 億美元的浮動利率債券，如果我們能在基準利率的基礎上增加 15 到 20 個基點，而我們又能 100% 保留這部分收益，我的意思是，那將意義重大。其次，我們是否應該透過進行互換交易和設定一定的期限來保護自己，從而防範短期利率可能出現的下行風險？

And when we took on RJO they had done that with -- I can't remember the amount, but it was sort of $1 billion or something of their float -- that had actually locked in to the two-, three-year range that we've taken that position on. And as Bill said, we are now starting to add to that position opportunistically when we see rates that we like.

當我們接手 RJO 時，他們已經使用——我不記得具體數額了，但大概是 10 億美元左右的自有資金——鎖定了我們採取的兩到三年的倉位。正如比爾所說，我們現在開始抓住機會，在看到我們喜歡的利率時增加該部位。

So I would like to think that at some point, if the world stayed where it is today, we would probably like to maybe sort of hedge out something like 30%, 40% of our underlying float to sort of the two-year rate. But obviously, the world doesn't stay as it is. And we'll have to keep looking at that as rates change.

所以我認為，如果世界現狀保持不變，我們或許會考慮將我們基礎資產的 30% 到 40% 對沖到兩年期利率上。但很顯然，世界不會一直維持現狀。隨著利率變化，我們需要持續關注這個問題。

But that feels to me to be prudent. Maybe you earn less because the negative yield curve environment, you're paying a bit of a price for that. But it does give you certainty over that period as to what that underlying revenue source is.

但我認為這是謹慎的做法。也許由於負殖利率曲線環境，你的收入減少了，你為此付出了一些代價。但這確實能讓你在那段時間內確定潛在的收入來源是什麼。

And as I said in my comments, what's quite notable now at StoneX and something that over time, we would not probably try give you more clarity on, is we are growing as a custodian of client assets in everywhere. Seg funds in OTC products, clients are leaving more money with us. We are actually now a custodian for gold. And we charge just like we do on seg funds, we earn interest on the gold deposits we have.

正如我在評論中所說，現在 StoneX 最值得關注的一點，也是我們可能不會再詳細解釋的一點，就是我們作為客戶資產託管機構，在世界各地都在不斷發展壯大。在場外交易產品中，客戶將更多資金留在我們這裡。我們現在實際上是黃金的託管人。我們對黃金存款的收費方式與對獨立存款基金的收費方式相同，我們從持有的黃金存款中賺取利息。

We have prime brokerage. We have equity clearing. Everywhere you look, we are growing our underlying asset pool. And those assets kick off now a really large number, which gives us a fantastic underpinning to our business, right? So all the sort of transactional revenue which is affected by sort of volatility and so on, is sort of the gravy on the top here for us.

我們提供一級經紀服務。我們有股權清算。無論從哪個方面來看，我們都在不斷擴大基礎資產池。這些資產現在數量非常龐大，這為我們的業務提供了極好的基礎，對吧？因此，所有受波動等因素影響的交易收入，對我們來說就像是錦上添花。

So if we can get to a point where as a custodian, we've sort of got the costs covered, we've got a stable underlying flow of revenue, and then the sort of more volatile forms of revenue, which, again, we've diversified pretty broadly, but those tend to be the incremental revenues. And I think we're getting to an interesting sort of situation where it's starting to look like that. So something to watch and something we're working on to do.

因此，如果我們能夠達到這樣的境界：作為託管人，我們已經涵蓋了成本，我們擁有了穩定的基礎收入流，然後是波動性較大的收入形式，雖然我們已經相當廣泛地實現了多元化，但這些往往是增量收入。我認為我們正在進入一個有趣的局面，情況開始呈現出這種趨勢。所以，這是值得關注的事情，也是我們正在努力做的事情。

Great. That's very helpful. And just -- yes, it does. So lastly, just on the Retail business, I know that volatility has been pretty subdued. But obviously, the fee per million or rate per million came in a lot. Anything else of note outside of just [vol] within that segment to think about on a kind of go-forward basis?

偉大的。那很有幫助。是的，確實如此。最後，就零售業而言，我知道市場波動一直相當平靜。但很顯然，每百萬的費用或每百萬的費率非常高。除了成交量之外，該板塊還有其他值得關注的因素需要考慮嗎？

Well, I think this has come up a few times over the last maybe two years, I would say, that we generally sort of budget -- and the way we look at the vol in this business -- and I'm talking about the Self-Directed/Retail business -- is we look at a sort of a long-term average, right? Because the revenue capture number there can move around pretty materially. I mean, Bill, correct me if I'm wrong, but I think we are up at sort of [130] in recent quarters as the high, right?

嗯，我想在過去兩年裡，這個問題已經被討論過好幾次了，我們通常會制定預算——我們看待這個行業的波動性的方式——我指的是自主/零售業務——我們關注的是一種長期平均值，對吧？因為那裡的收入數據可能會有相當大的波動。我的意思是，比爾，如果我錯了請糾正我，但我認為最近幾季我們的最高點大概在 [130] 左右，對吧？

No, we actually have been as high as [185] back in December, but that was December.

不，我們實際上在 12 月最高達到 [185]，但那是 12 月的事了。

Oh my God.

我的天啊。

That was an exceptional quarter. But if you go back a couple of years, we were [80 to 95] range back in '22, '23.

那是一個非同尋常的季度。但如果你回顧幾年前，我們在 2022 年、2023 年的水準是 [80 到 95]。

So the long-term average range for us is sort of in the [80s], right? And I think over time, we've lifted that from -- I think in the game days, they were more like [75] is what they used. And I think we've lifted that into the mid-80s because of all the things we've chatted about, right? We're combining flow better. There's more internalization. All of that stuff is helping.

所以，我們的長期平均範圍大概在 80 多，對吧？我認為隨著時間的推移，我們已經提高了這個數值——我認為在比賽時期，他們更多地使用了[75]這個數值。我認為，由於我們討論的所有事情，我們已經把這個數字提升到了 80 年代中期，對吧？我們正在更好地整合流程。內部化程度更高。所有這些都有幫助。

But I don't think this is necessarily a bad revenue capture number. I think what's happening previously is we were outperforming a little bit on the revenue capture. So obviously, we'd like it to be a little bit higher than it is now, but this is sort of the long-term average. And so I don't think you should look at this and say, oh my God, what happened?

但我並不認為這是一個糟糕的營收數字。我認為之前的情況是，我們在收入獲取方面略勝一籌。顯然，我們希望它比現在高一些，但這算是長期平均。所以我覺得你不應該看到這個就說，哦我的天哪，發生了什麼事？

I think this is sort of the business as it sort of has performed over the long period, maybe slightly under trend. But I think we were significantly over trend when we were sort of reporting numbers, [120] and higher. I think that's sort of unsustainable. I don't know if that helps, but that's my thought on it.

我認為這大致反映了該行業長期以來的表現，可能略低於預期趨勢。但我認為，當我們報告數字時，我們的數字明顯高於趨勢，[120] 甚至更高。我認為這不太可持續。我不知道這是否有幫助，但這是我的想法。

Yup, great. Thanks for taking my questions.

是的，太好了。謝謝您回答我的問題。

Yeah, okay.

好的。

Thank you.

謝謝。

Operator, any more questions?

操作員，還有其他問題嗎？

I'm showing no further questions, and I would like to hand the conference back over to Sean O'Connor for closing remarks.

我不會再提問了，現在我想把會議交還給肖恩·奧康納，請他作閉幕致辭。

All right. Well, thanks, everyone. Thanks for your time. We appreciate it. We're very happy with the results that we have managed to deliver to all of you in 2025. And as you gather, I think we're all pretty excited about what's coming in 2026.

好的。謝謝大家。感謝您抽出時間。我們很感激。我們對2025年為大家帶來的成果感到非常滿意。正如大家所見，我想我們都對 2026 年即將發生的事情感到非常興奮。

We've had a busy year, a lot of great acquisitions. Obviously, RJO, very significant. I think Abbie and her team have really got their arms around that. We feel really good with the way that's tracking up. But Benchmark is also doing great, and some of these other acquisitions are all sort of kicking in.

我們今年很忙，完成了很多很棒的收購。顯然，RJO 非常重要。我認為艾比和她的團隊已經完全掌握了這一點。我們對目前的進展感到非常滿意。但 Benchmark 的表現也非常出色，其他一些收購也開始產生效果。

So we're very excited about the prospects for 2026. Looking forward to that. And with that, all I can say is to those who celebrate and are in the States, happy Thanksgiving and happy holidays to everyone. I guess, next time we speak to you will be in the New Year. So thanks again.

因此，我們對2026年的前景感到非常興奮。非常期待。最後，我只想對那些慶祝感恩節、身在美國的人們說：感恩節快樂，也祝大家節日快樂！我想，下次我們再見面應該要等到新年了。再次感謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家今天過得愉快。