StoneX Group Inc (SNEX) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to StoneX Group Q2 fiscal year '26 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, Chief Financial Officer. Please go ahead.

各位好，感謝您稍候。歡迎參加 StoneX Group 2026 會計年度第二季（Q2）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者——財務長 Bill Dunaway。請開始。

Good morning, and welcome to our earnings conference call for our quarter ended March 31, 2026, our second quarter of fiscal 2026. After the market closed yesterday, we issued a press release reporting our results for the quarter, and this press release is available on our website at www.stonex.com as well as the slide presentation, which we will refer to during this call.

各位早安，歡迎參加我們截至 2026 年 3 月 31 日止季度（亦即 2026 會計年度第二季）的財報電話會議。昨日收盤後，我們發布新聞稿公告本季業績；該新聞稿可於我們網站 www.stonex.com 查閱，簡報亦同樣可取得，我們將在本次會議中引用該簡報。

The presentation and an archive of the webcast will also be available on our website after the call's conclusion. 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-Q filed with the SEC.

簡報以及網路直播的存檔也將在會議結束後於我們網站提供。在開始之前，我們必須提醒各位與會者，以下討論應與最新的財務報表及其附註，以及向美國證券交易委員會（SEC）提交的 Form 10-Q 一併閱讀。

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.

本討論可能包含《1933 年證券法》（修訂後）第 27A 條及《1934 年證券交易法》（修訂後）第 21E 條所定義之「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.

這些前瞻性陳述涉及已知與未知的風險與不確定性，相關內容已在我們向 SEC 提交的文件中詳述。

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.

儘管公司相信其前瞻性陳述係基於對其業務及未來市場狀況之合理假設，但無法保證公司的實際結果不會與前瞻性陳述所明示或暗示的任何結果存在重大差異。

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.

公司不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。敬請讀者注意，任何前瞻性陳述均非對未來績效之保證。

With that, I'll now turn the call over to Philip Smith, the company's Chief Executive Officer, for a brief introduction.

接下來，我將把電話會議交給公司執行長 Philip Smith，請他做簡短開場。

Thank you, Bill. Good morning, everyone, and thank you for joining our second quarter earnings call for fiscal year 2026. I'm very pleased to report a consecutive record quarter, including record net operating revenues, net income and EPS.

謝謝你，Bill。各位早安，感謝各位參加我們 2026 會計年度第二季財報電話會議。我非常高興報告我們再創連續的創紀錄季度，包括淨營運收入、淨利與每股盈餘（EPS）皆創新高。

This was driven by strong performance across all four operating segments, highlighting our depth and breadth of product offering and capabilities within the unique StoneX ecosystem.

這主要由四大營運部門的強勁表現所帶動，凸顯我們在獨特的 StoneX 生態系中，產品供給與能力的深度與廣度。

It also reflects the continued progress of integrating R.J. O'Brien, which remains on track to be substantially completed later this fiscal year with no change to expected synergies and efficiencies, making StoneX the largest nonbank FCM in the United States.

這也反映我們持續推進 R.J. O'Brien 的整合進度；整合仍按計畫進行，預計在本會計年度稍晚將大致完成，預期的綜效與效率不變，使 StoneX 成為美國最大的非銀行期貨佣金商（FCM）。

Despite the geopolitical uncertainty, nearly all of our products reported a double-digit growth, driven by higher volatility and increased demand for our services.

儘管地緣政治不確定性仍在，我們幾乎所有產品均呈現雙位數成長，主要受較高波動度與對我們服務需求增加所驅動。

This has included delivering another record quarter for listed derivatives with volumes approaching 100 million contracts and average client equity approaching $14 billion, reflecting the expanded scale of the platform following the RJO acquisition.

其中包括上市衍生品再創紀錄的一季，成交量接近 1 億口合約，客戶平均權益接近 140 億美元，反映 RJO 收購後平台規模的擴大。

Record OTC derivatives volume, transacting over 1.5 million contracts, a 68% increase year-on-year. As a reminder, we offer customizable OTC contracts to customers, giving them the benefit of a lookalike option or swap or structured product to more closely address their risk management needs, whilst we benefit from typically higher rate capture when compared to traditional listed derivatives.

場外（OTC）衍生品成交量亦創新高，交易超過 150 萬口合約，年增 68%。提醒各位，我們向客戶提供可客製化的 OTC 合約，使其可獲得類似選擇權、交換（swap）或結構型產品的效果，以更貼近其風險管理需求；同時，相較於傳統上市衍生品，我們通常可取得較高的費率/價差捕捉（rate capture）。

We reported record securities average day volume of over $12 billion, driven by strong performance across both our equities and fixed income franchises.

我們的證券業務平均日成交量（ADV）創新高，超過 120 億美元，主要由股票與固定收益兩大業務線的強勁表現所帶動。

We will touch on our equities business later today, but we believe we have one of the most diverse equity market ecosystems covering execution, market making, custody and clearing, prime brokerage as well as equity capital markets and research offerings, which we acquired through the Benchmark acquisition last year.

我們稍後會談到股票業務，但我們相信我們擁有最多元的股票市場生態系之一，涵蓋交易執行、造市、託管與清算、主經紀（prime brokerage），以及我們去年透過收購 Benchmark 所取得的股權資本市場與研究服務。

Alongside our securities and derivatives records, we also reported record operating revenues derived from physical contracts, which underscores our continuing global relevance in the physical space within the commodities market over consecutive quarters.

除證券與衍生品屢創紀錄外，我們也報告來自實體合約的營運收入創新高，這凸顯我們在商品市場實體領域的全球相關性，並已連續數季維持。

Turning to payments. We recorded our second highest ADV of $92 million, following the record set last quarter with year-on-year growth of 19%.

接著談支付業務。我們錄得第二高的平均日交易量（ADV）9,200 萬美元，延續上季創下的紀錄，年增 19%。

This performance reflects continued engagement from institutional counterparties using our cross-border payment solution. Lastly, we saw FX CFD volumes grow by 3% year-on-year and the revenue capture of $103 per million, up by 6%, reflecting the higher market volatility seen in this quarter.

此表現反映機構交易對手持續使用我們的跨境支付解決方案。最後，我們看到外匯差價合約（FX CFD）交易量年增 3%，每百萬的收入捕捉為 103 美元，提升 6%，反映本季較高的市場波動。

We continue to set records across our key metrics, but are mindful that the geopolitical landscape remains complex and disciplined risk management will remain at the heart of our business as we continue to service our clients business needs and activities.

我們在關鍵指標上持續創新高，但也留意地緣政治局勢仍然複雜；在我們持續服務客戶業務需求與活動的同時，嚴謹的風險管理仍將是我們業務的核心。

As our company scales, processing ever higher volumes, growing our client base and improving our offering to clients, I wanted to spend a couple of moments touching on one of our strategic initiatives regarding the use of AI.

隨著公司規模擴大、處理更高的交易量、擴增客戶基礎並提升對客戶的服務內容，我想花一點時間談談我們在 AI 應用方面的一項策略性倡議。

We are seeing the deployment of AI evolving from isolated experimental use to now serving as an enterprise force multiplier that enhances operational efficiency across our organization.

我們看到 AI 的部署正從零星的實驗性使用，演進為企業層級的「力量倍增器」，提升整個組織的營運效率。

What started out as a useful development tool for our programmers has now grown into utilizing AI agents across client support, internal operations and platform development. Within payments, we mentioned our X-Pay system in previous calls, which was a proprietary built platform.

最初作為程式設計師的實用開發工具，如今已擴展為在客戶支援、內部營運與平台開發中使用 AI 代理（AI agents）。在支付業務方面，我們在先前的電話會議提到過 X-Pay 系統，這是一個自建的專有平台。

And within this, we have developed AI-assisted automation to help with the settlement instruction repair, validation and reconciliation designed to reduce manual intervention and improve our straight-through processing rates.

在此平台內，我們已開發 AI 輔助自動化，用於結算指示（settlement instruction）的修復、驗證與對帳（reconciliation），旨在降低人工介入並提升直通式處理（STP）比率。

Alongside this, we are developing AI chatbots to aid client services with client queries, document translation and compliance-related tasks. We are also applying AI to further improve the productivity of our software developers through the design of support agents for agentic development.

此外，我們正在開發 AI 聊天機器人，以協助客戶服務處理客戶詢問、文件翻譯與合規相關工作。我們也將 AI 應用於進一步提升軟體開發人員的生產力，透過為「代理式開發」（agentic development）設計支援代理。

This should culminate in one, accelerated development, shortening the time from a proof of concept to a functioning prototype; two, enhanced agility and innovation, automating testing, delivery of iterative improvements, which should lead to innovation; and three, business solutions, ultimately leading to the delivery of working solutions for our commercial teams that are responsible to our clients needs.

這應可最終帶來：第一，加速開發，縮短從概念驗證到可運作原型的時間；第二，提升敏捷性與創新，透過自動化測試與迭代改進的交付，進而促成創新；第三，商業解決方案，最終為我們面向客戶的商務團隊交付可運作的解決方案，以回應客戶需求。

One such example of this was the development of the feature, which we estimated would have taken the team without AI, approximately 2 to 4 times longer to design, test and launch.

其中一個例子是某項功能的開發；我們估計若沒有 AI，團隊在設計、測試與上線方面所需時間約會增加 2 到 4 倍。

This is a sizable step change we hope to replicate across the organization, whilst ensuring we operate within a standardized framework and remain cognizant of local regulations, controls and governance.

這是一個顯著的躍升，我們希望能在整個組織複製，同時確保在標準化框架下運作，並留意各地法規、控制與治理要求。

It is a promising start, and we see significant opportunities to leverage technology further to develop products and services faster, meet our clients needs and optimize our resources to continue to deliver strong financial performance.

這是個令人鼓舞的開始；我們看到可進一步運用科技的重大機會，以更快開發產品與服務、滿足客戶需求，並最佳化資源配置，持續交出強勁的財務表現。

With that, I will now turn over to Bill, who will go through this quarter's financial results.

接下來我把時間交給 Bill，由他說明本季財務結果。

Thank you, Philip. I will begin with the financial overview for the quarter, and we'll be starting with slide number 5 in the slide deck.

謝謝你，Philip。我將先從本季的財務概覽開始，我們將從簡報第 5 頁開始。

Just as a reminder that our Board of Directors approved a three-for-two split of our common stock, and our shares began to trade on a split-adjusted basis at the market opened on March 23, 2026. So all per share metrics on this call will be on a split-adjusted basis.

提醒各位，我們董事會已核准普通股三拆二（three-for-two）的股票分割，我們的股票自 2026 年 3 月 23 日開盤起以分割調整後基礎進行交易。因此，本次電話會議中所有每股指標皆以分割調整後基礎呈現。

Second quarter net income came in at a record $174.3 million with diluted earnings per share of $2.07. This represented 143% growth in net income.

第二季淨利創紀錄，達 1.743 億美元，稀釋後每股盈餘為 2.07 美元。這代表淨利成長 143%。

However, earnings per share grew at 120% rate due to an 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 during the fourth quarter of fiscal '25.

然而，由於流通在外股數較去年增加，每股盈餘成長率為 120%。股數增加主要與 2025 會計年度第四季收購 R.J. O'Brien 所發行約 310 萬股有關。

Net income and diluted earnings per share were up 25% and 24%, respectively, versus our immediately preceding first quarter of fiscal '26. This represented a 26.5% return on equity despite a 75% increase in book value over the last two years.

相較於緊接的 2026 會計年度第一季，淨利與稀釋後每股盈餘分別成長 25% 與 24%。儘管過去兩年帳面價值增加 75%，本季股東權益報酬率（ROE）仍達 26.5%。

On a tangible book basis, this equates to a 37% return on tangible equity for the quarter. We had operating revenues of approximately $1.6 billion, up 64% versus the prior year and up 9% versus the immediately preceding quarter.

以有形帳面（tangible book）基礎計算，本季有形股東權益報酬率（return on tangible equity）相當於 37%。我們的營運收入約為 16 億美元，較去年同期增加 64%，較前一季增加 9%。

As a reminder, our operating revenues include not only interest and fees earned on our client balances, but also carried interest that is related to our fixed income trading activities.

提醒各位，我們的營運收入不僅包含客戶餘額所賺取的利息與費用，也包含與固定收益交易活動相關的附帶利得（carried interest）。

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 70% versus a year ago and 14% versus the immediately preceding quarter.

淨營運收入（扣除利息費用後），其中包含與固定收益交易活動相關的利息費用，以及介紹經紀商（introducing broker）佣金與清算費用的扣除項目，較一年前增加 70%，較前一季增加 14%。

Total fixed compensation and other expenses were up 44% versus the prior year quarter with $56.9 million of this attributable to acquisitions made over the last 12 months, most notably RJO and Benchmark.

固定薪酬及其他費用總額較去年同期增加44%，其中5,690萬美元歸因於過去12個月完成的收購案，最主要為RJO與Benchmark。

Also contributing to this increase as compared to the prior year, bad debt expense increased $12.3 million, primarily within our commercial segment, which despite this, had a second consecutive record quarter.

此外，與去年同期相比，壞帳費用增加1,230萬美元，主要發生於我們的商業部門；儘管如此，該部門仍連續第二季創下歷史新高。

Total fixed compensation and other expenses, excluding bad debt expense, were up 5% or $16.4 million versus the immediately preceding quarter. Fixed compensation and benefits were up 32% versus a year ago and up 13% or $18.7 million versus the immediately preceding quarter.

固定薪酬及其他費用總額（不含壞帳費用）較上一季增加5%，或1,640萬美元。固定薪酬與福利較去年同期增加32%，並較上一季增加13%，或1,870萬美元。

The increase versus the immediately preceding quarter included a $10 million increase in employee benefits, most notably payroll taxes, paid time-off benefit costs and retirement costs, which is typical as we start a new calendar year as well as $8.5 million in higher severance and retention costs, including costs associated to a formal collective redundancy consolidation process for UK-based employees following the integration of certain RJO entities as well as severance and retention costs for certain US-based positions relating to ongoing integration activities.

較上一季的增加包含員工福利增加1,000萬美元，主要為薪資稅、有薪休假福利成本及退休成本；這在進入新的曆年時屬常態。此外，資遣與留任成本增加850萬美元，其中包括在整合部分RJO實體後，針對英國員工啟動正式集體裁員整併流程所產生的相關成本，以及與持續整合作業相關、針對部分美國職位的資遣與留任成本。

These increases were partially offset by higher participation on our employee elected deferred compensation plan, which is part of our restricted stock plan.

上述增加部分被員工自選遞延薪酬計畫（屬於我們限制性股票計畫的一部分）參與度提高所抵銷。

Professional fees increased $1.9 million versus the prior year, primarily as a result of higher legal fees related to our defense and various legal matters, net of recoveries.

專業費用較去年同期增加190萬美元，主要因與我們的抗辯及各項法律事項相關的法律費用較高（扣除回收款後）。

They were down $14.4 million versus the immediately preceding quarter, which included significant legal costs incurred related to the BTIG arbitration matter. During the second quarter, we received the final arbitration award from the FINRA arbitration panel adjudicating the claims between us and BTIG.

相較上一季則減少1,440萬美元；上一季包含與BTIG仲裁案相關而發生的重大法律成本。於第二季，我們收到FINRA仲裁小組就我們與BTIG之間主張所作出的最終仲裁裁決。

The panel awarded us $1 million in compensatory damages and awarded BTIG $2.9 million in damages. These amounts were offset, and we made a net payment of $1.9 million during the March of 2026.

仲裁小組裁定我們獲得100萬美元補償性損害賠償，並裁定BTIG獲得290萬美元損害賠償。上述金額相互抵銷後，我們於2026年3月支付淨額190萬美元。

On May 4, 2026, we made an immaterial payment to fully and finally resolve all differences with BTIG and no additional claims between the parties remain.

2026年5月4日，我們支付一筆不具重大性的款項，以完全且最終解決與BTIG之間的所有歧見，雙方之間不再有任何其他主張。

The conclusion of the BTIG litigation, along with the resolution of the option sellers arbitrations and settlement of the patent case inherited through the acquisition of GAIN Capital marked the end of the large-scale litigation matters that have resulted in heightened legal expenditures over the last five years, most notably the last 24 months.

BTIG訴訟的結束，加上期權賣方仲裁案的解決，以及透過收購GAIN Capital所承接之專利案件的和解，標誌著過去五年（尤其是最近24個月）導致法律支出升高的大型訴訟事項告一段落。

Moving on, I had mentioned the acquisitions over the last 12 months and wanted to touch on the contribution of the most notable one, R.J. O'Brien.

接下來，我先前提到過去12個月的收購案，並想談談其中最重要的一宗——R.J. O'Brien——的貢獻。

Excluding amortization of acquired intangibles and a $7.7 million negative mark-to-market adjustment on their investment portfolio, R.J. O'Brien contributed $35 million in pretax net income for the quarter, a nice improvement over the immediately preceding first quarter.

扣除取得無形資產攤銷，以及其投資組合7.7百萬美元的負向按市價評價調整後，R.J. O'Brien本季貢獻稅前淨利3,500萬美元，較緊接著的第一季有不錯的改善。

Looking at our results from a longer standpoint, our trailing 12 months results show operating revenues up 40%. Net income was a record $462.4 million, up 57% with diluted earnings per share of $5.60 and a return on equity of 19.8% for the trailing 12 month period, above our target of 15%.

從較長期角度來看，我們過去12個月的表現顯示營業收入增加40%。淨利創紀錄達4.624億美元，增加57%；稀釋每股盈餘為5.60美元，過去12個月期間股東權益報酬率為19.8%，高於我們15%的目標。

For the second quarter, our average client equity and FDIC sweep balances were $15.2 billion, up 91% versus the prior year and up 4% versus the immediately preceding quarter. Finally, we ended the second quarter of fiscal '26 with a book value per share of $34.16.

第二季，我們的平均客戶權益與FDIC掃入（sweep）餘額為152億美元，較去年同期增加91%，較上一季增加4%。最後，我們在2026會計年度第二季結束時，每股帳面價值為34.16美元。

Turning to slide number 6 in the earnings deck, which compares quarterly operating revenues by product as well as key operating metrics versus a year ago, we experienced operating revenue growth across all products versus the prior year.

請看財報簡報第6頁，該頁比較各產品的季度營業收入以及相較一年前的關鍵營運指標；我們各產品相較去年同期皆呈現營業收入成長。

Transactional volumes were up across all of our product offerings and spread and rate capture increased in all products with the exception of securities down 3% and payments down 7%. Just touching on a few highlights for the fourth quarter.

各項產品的交易量皆上升，且除證券（下降3%）與支付（下降7%）外，所有產品的價差與利率捕捉均有所提升。以下簡要提及第四季的幾項重點。

We saw operating revenues derived from listed derivatives increased $189.4 million or 148% versus the prior year, primarily due to the acquisition of RJO, which contributed $151.7 million as well as strong growth in base metals activities in LME markets, which increased $20.2 million versus the prior year.

我們看到來自交易所上市衍生品的營業收入較去年同期增加1.894億美元（或148%），主要由於收購RJO（貢獻1.517億美元），以及LME市場基本金屬業務強勁成長（較去年同期增加2,020萬美元）。

Listed derivative operating revenues increased 18% versus the immediately preceding quarter. Operating revenues derived from OTC derivatives increased 98% versus the prior year, driven by increased client activity and a widening of spreads, most prevalent in agricultural and energy markets, including renewable fuels, driven by heightened volatility as a result of the onset and continuation of the US-Iran conflict.

上市衍生品營業收入較上一季增加18%。場外（OTC）衍生品營業收入較去年同期增加98%，受客戶活動增加與價差擴大帶動，最明顯出現在農產品與能源市場（含再生燃料），其驅動因素為美伊衝突爆發並持續所造成的波動性升高。

This also represented an 89% increase versus the immediately preceding quarter. We had strong performance in our physical business with operating revenues derived from physical contracts increasing 162% versus the prior year, primarily driven by $116.1 million increase in precious metals operating revenues.

這也代表較上一季增加89%。我們的實物業務表現強勁，來自實物合約的營業收入較去年同期增加162%，主要由貴金屬營業收入增加1.161億美元所帶動。

Operating revenues derived from physical contracts were up 21% versus a record immediately preceding quarter. Securities operating revenues were up 38% as volumes were up 35%, partially offset by a 3% decline in the rate per million captured versus the prior year, with the improvement driven by growth in US equity volumes as well as an increase in overall client activity driven by the onset and continuation of the US-Iran conflict.

來自實物合約的營業收入較創紀錄的上一季增加21%。證券營業收入增加38%，因交易量增加35%，但部分被每百萬（交易量）捕捉的費率較去年同期下降3%所抵銷；改善主要由美國股票交易量成長，以及美伊衝突爆發並持續帶動整體客戶活動增加所驅動。

Payment revenues increased 14% versus the prior year quarter due to a strong 19% increase in average daily volume, partially offset by a lower rate per million. Payment revenues were down 2% versus the immediately preceding quarter.

支付收入較去年同期增加14%，因平均每日交易量強勁成長19%，但部分被較低的每百萬費率所抵銷。支付收入較上一季下降2%。

FX CFD revenues were up 9% versus the prior year quarter, resulting from a 3% increase in average daily volume and a 6% increase in rate per million, each of which were primarily driven by improved performance in our self-directed business. FX and CFD revenues were up 13% versus the immediately preceding quarter.

外匯與差價合約（FX CFD）收入較去年同期增加9%，源自平均每日交易量增加3%及每百萬費率增加6%；兩者主要由我們自助式（self-directed）業務表現改善所帶動。外匯與CFD收入較上一季增加13%。

Our interest and fee income earned on our aggregate client float, including both listed derivative client equity and money market FDIC sweep balances increased $54.8 million or 54% versus the prior year, with the acquisition of R.J. O'Brien contributing $53.9 million.

我們在整體客戶浮存金（aggregate client float）上賺取的利息與費用收入（包含上市衍生品客戶權益及貨幣市場FDIC掃入餘額）較去年同期增加5,480萬美元（或54%），其中收購R.J. O'Brien貢獻5,390萬美元。

Average client equity increased 110% as RJO contributed $6.4 billion in average client equity for the current quarter, while the average money market FDIC sweep client balances declined 7%. Turning to slide number 7.

平均客戶權益增加110%，其中RJO於本季貢獻64億美元的平均客戶權益；而平均貨幣市場FDIC掃入客戶餘額則下降7%。接著看第7頁。

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 periods.

此頁以各產品呈現淨營運收入的瀑布圖，分別比較去年同期到本季的變化，以及過去12個月期間的相同比較。

Just a reminder, net operating revenues represents operating revenues less introducing broker commissions, transaction-based clearing expenses and interest expense.

提醒一下，淨營運收入係指營業收入扣除介紹經紀商佣金、以交易為基礎的清算費用及利息費用後的金額。

For the quarter, net operating revenues increased 70%, principally coming from listed derivatives and physical contracts, up $84.6 million and $116 million, respectively. In addition, we had a very strong quarter in OTC derivatives, which nearly doubled, adding $58.8 million versus the prior year.

就本季而言，淨營運收入增加70%，主要來自上市衍生品與實物合約，分別增加8,460萬美元與1.16億美元。此外，我們在OTC衍生品也有非常強勁的一季，幾乎倍增，較去年同期增加5,880萬美元。

Net operating revenues from securities also added $36.9 million. On a net basis, interest and fee income on client balances increased $33.2 million with RJO contributing $30.3 million.

證券的淨營運收入亦增加3,690萬美元。以淨額計，客戶餘額的利息與費用收入增加3,320萬美元，其中RJO貢獻3,030萬美元。

Looking at the bottom graph for the trailing 12 month period, listed derivatives has the largest increase, up $187.7 million, primarily as a result of the acquisition of R.J. O'Brien as well as strong growth in LME base metal markets.

觀察下方過去12個月期間的圖表，上升幅度最大的是上市衍生品，增加1.877億美元，主要由於收購R.J. O'Brien，以及LME基本金屬市場的強勁成長。

Securities was up $180.6 million versus the prior year, driven by a 27% increase in average daily volume and 17% increase in rate per million. Physical contracts net operating revenues added $162.1 million versus the prior fiscal year, primarily driven by strong performance in precious metals.

證券較去年增加1.806億美元，受平均每日交易量增加27%及每百萬費率增加17%所帶動。實物合約的淨營運收入較上一會計年度增加1.621億美元，主要由貴金屬的強勁表現所驅動。

OTC derivatives added $90.4 million off of strong performance in agricultural and energy markets, including renewable fuels. Interest and fee income increased $87.6 million, primarily as a result of the acquisition of R.J. O'Brien.

OTC衍生品在農產品與能源市場（含再生燃料）強勁表現帶動下增加9,040萬美元。利息與費用收入增加8,760萬美元，主要由於收購R.J. O'Brien。

Moving on to slide number 8. I will do a quick review of our segment performance. Our Commercial segment saw record net operating revenues with an increase of 111%, primarily resulting from 52% and 98% increases in listed and OTC derivatives, respectively.

接著看第8頁。我將快速回顧各事業部門的表現。我們的商業部門淨營運收入創下新高，增加111%，主要來自上市與OTC衍生品分別增加52%與98%。

In addition, physical contracts increased 239%, while net interest income and fee income increased 55%. The growth in listed derivative and interest income were primarily driven by the acquisition of RJO as well as in base metal markets on the LME.

此外，實物合約增加239%，而淨利息收入與手續費收入增加55%。上市衍生性商品與利息收入的成長主要受惠於收購RJO，以及LME的基本金屬市場。

Segment income was another record, increasing 151% versus the prior year, while on a sequential basis, net operating revenues were up 30% and segment income was up 36%. Our Institutional segment also saw strong growth in net operating revenues and segment income, up 65% and 40%, respectively.

分部收入再創新高，較去年同期增加151%；若以季比來看，淨營運收入增加30%，分部收入增加36%。我們的機構（Institutional）分部淨營運收入與分部收入亦呈現強勁成長，分別增加65%與40%。

The growth in net operating revenues was principally driven by a $33.3 million increase in securities revenues. In addition, listed derivatives and interest and fee income increased $60.4 million and $14 million, respectively, primarily driven by the acquisition of RJO.

淨營運收入的成長主要來自證券收入增加3,330萬美元。此外，上市衍生性商品以及利息與手續費收入分別增加6,040萬美元與1,400萬美元，主要受惠於收購RJO。

On a sequential basis, net operating revenues and segment income declined 3% and 13%, respectively. In our self-directed retail segment, net operating revenues increased 15% and segment income was up 40%, which demonstrates the strong operating leverage in this segment.

若以季比來看，淨營運收入與分部收入分別下降3%與13%。在我們的自助式零售（self-directed retail）分部，淨營運收入增加15%，分部收入增加40%，顯示該分部具備強勁的營運槓桿。

This growth was driven by a 9% increase in rate per million captured in FX CFD contracts, along with a 3% increase in average daily volumes. On a sequential basis, net operating revenues were up 18% and segment income increased 65%.

此成長主要由外匯差價合約（FX CFD）每百萬捕捉費率（rate per million）增加9%所帶動，並伴隨平均每日交易量增加3%。若以季比來看，淨營運收入增加18%，分部收入增加65%。

Our Payments segment net operating revenues were up 10% and segment income increased 30%. Average daily volume was 19% up versus the prior year, while rate per million was down 7%. Versus the immediately preceding quarter, Payments net operating revenues decreased 3%, while segment income decreased 6%.

我們的支付（Payments）分部淨營運收入增加10%，分部收入增加30%。平均每日交易量較去年同期增加19%，而每百萬費率下降7%。相較於前一季，支付分部淨營運收入下降3%，分部收入下降6%。

Moving on to slide number 9. Looking at segment performance for the trailing 12 months, we saw strong growth in Institutional segment with net operating revenues up 62% and segment income increasing 58%.

接著看第9頁。就過去12個月的分部表現而言，我們看到機構分部強勁成長，淨營運收入增加62%，分部收入增加58%。

Our Commercial and Payments segments added 48% and 11% in segment income, respectively. Our self-directed retail segment income decreased 23%.

我們的商業（Commercial）與支付分部分部收入分別增加48%與11%。我們的自助式零售分部分部收入下降23%。

Finally, moving on to slide number 10, 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.

最後來到第10頁，本頁呈現我們按季度計算、就客戶餘額所賺取的利息與費用，以及一張表格顯示短期利率變動下的年化利率敏感度。

The interest and fee income net of interest paid to clients and the effective interest rate swaps increased $29.1 million to $103.6 million in the current period. And as noted, the acquisition of R.J. O'Brien contributed $30.3 million in net interest in the current quarter.

在本期中，扣除支付給客戶的利息及有效利率交換（interest rate swaps）影響後的利息與手續費收入增加2,910萬美元，至1.036億美元。如前所述，收購R.J. O'Brien在本季貢獻3,030萬美元的淨利息收入。

On a sequential basis, interest and fee income, net of interest paid to clients and the effect of interest rate swaps, declined $7.8 million, primarily related to an $11.7 million mark-to-market adjustment on our investment portfolio.

若以季比來看，扣除支付給客戶的利息及利率交換影響後的利息與手續費收入下降780萬美元，主要與我們投資組合1,170萬美元的按市價（mark-to-market）調整有關。

During the second quarter of fiscal 2026, we entered into an additional $600 million in fixed rate SOFR swaps to hedge our aggregate interest rate exposure, which brings our aggregate swap position to $1.8 billion with an average duration of approximately two years and an average rate of 3.38%.

在2026會計年度第二季，我們新增名目本金6億美元的固定利率SOFR交換，以對沖整體利率曝險，使我們的交換部位總額達18億美元，平均存續期間約兩年，平均利率為3.38%。

These swaps are reflected in the interest rate sensitivity table on this slide. As shown, 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 $47.6 million or $0.58 per share on an annualized basis.

這些交換已反映於本頁的利率敏感度表中。如表所示，我們目前估計短期利率變動100個基點（上升或下降），將使年化淨利變動4,760萬美元，或每股0.58美元。

With that, I will hand you back to Philip for a product spotlight on our global equities business.

接下來我把時間交還給Philip，請他就我們的全球股票業務做產品重點介紹。

Thank you. Now turning to slide 12. I wanted to highlight another facet of our ecosystem and speak about our principal market-making business within our global equities business line.

謝謝。現在請看第12頁。我想強調我們生態系的另一個面向，並談談我們全球股票業務線中的自營做市（principal market-making）業務。

Our equities business operates as a global market intermediary built around agency execution, custody and clearing, market making, prime as well as capital market services. We serve institutional clients offering access to exchanges, liquidity and clearing and custody infrastructure.

我們的股票業務作為全球市場中介，核心圍繞代理執行、託管與清算、做市、主經紀（prime）以及資本市場服務。我們服務機構客戶，提供交易所接入、流動性與清算及託管基礎設施。

We monetize client activity through commissions, spreads and financing. Through the Benchmark acquisition, we further enhanced our relevance to customers with deep equity research and ability to connect users through corporate access and capital market services.

我們透過佣金、價差與融資將客戶活動變現。透過收購Benchmark，我們以深度股票研究以及透過企業拜訪（corporate access）與資本市場服務連結使用者的能力，進一步提升對客戶的相關性。

We have built an ecosystem that is designed to service clients across the full equities life cycle. On our next slide, slide 13, turning to equity market making specifically. It is important to recognize the scale and relevance of this business.

我們已建立一個旨在服務客戶涵蓋股票全生命週期的生態系。下一頁第13頁，聚焦於股票做市。重要的是要認識到此業務的規模與重要性。

We are a principal equities market maker, providing liquidity and execution across a wide range of global securities. In 2025, StoneX ranked number one in over-the-counter American depository receipts and foreign securities, a position we have held consistently since 2015, according to FINRA ORF data.

我們是自營股票做市商，為廣泛的全球證券提供流動性與執行。根據FINRA ORF資料，2025年StoneX在場外交易（OTC）的美國存託憑證（ADR）與外國證券排名第一；自2015年以來我們一直穩定維持此一地位。

We make markets in approximately 18,000 equities globally, and we rank number one in over 1,500 individual securities. This is supported by more than 20 years of experience, 24 hour market coverage and access to 120 global markets.

我們在全球約18,000檔股票中做市，並在超過1,500檔個別證券中排名第一。這得益於超過20年的經驗、24小時市場覆蓋，以及對120個全球市場的接入。

For institutional clients, this matters because it translates into reliable liquidity, pricing and execution, particularly in less liquid international or complex stocks.

對機構客戶而言，這很重要，因為它意味著可靠的流動性、定價與執行，尤其是在流動性較低的國際股票或複雜股票上。

While this part of the business may be less visible than the traditional listed securities, it plays a meaningful role in how institutional investors, asset managers and retail broker-dealers access global equity markets with StoneX.

雖然這部分業務可能不如傳統上市證券那麼顯眼，但它在機構投資人、資產管理公司與零售券商如何透過StoneX進入全球股票市場方面，扮演了重要角色。

Moving on to the next slide, slide 14. What makes our market-making franchise different and succeed. Our entry into the highly competitive Reg NMS stock was built upon our leading OTC ADR franchise, market experience and deep institutional relationships developed over decades.

接著看下一頁第14頁。是什麼讓我們的做市特許經營（franchise）與眾不同並取得成功？我們進入競爭激烈的Reg NMS股票市場，是建立在我們領先的OTC ADR特許經營、市場經驗，以及數十年累積的深厚機構關係之上。

This foundation has allowed us to scale into the listed space in a disciplined way. Second, market making at StoneX operates within a vertically integrated equities ecosystem. As already shown, it exists alongside clearing, custody, prime brokerage, research and capital markets.

這一基礎使我們能以紀律性的方式擴展至上市市場。第二，StoneX的做市運作於一個垂直整合的股票生態系中。如前所示，它與清算、託管、主經紀、研究與資本市場並存。

It is all connected. This integration improves capital efficiency and allows us to serve clients more comprehensively. Third, we benefit from the aggregation of trading flow across a globally diversified client base that is institutional as well as self-directed retail.

一切彼此相連。這種整合提升資本效率，並使我們能更全面地服務客戶。第三，我們受益於在全球多元化客戶基礎上匯聚的交易流量，客戶涵蓋機構與自助式零售。

This aggregated diverse flow allows us to provide deeper liquidity and more consistent pricing, supporting high-quality execution for our clients while managing risk and hedging more efficiently. Finally, technology is the real enabler.

這種匯聚且多元的流量，使我們能提供更深的流動性與更一致的定價，在更有效管理風險與對沖的同時，支持客戶獲得高品質的執行。最後，科技才是真正的推動者。

Our proprietary electronic platforms are designed to support best execution and allow us to deliver tools focused on execution quality. The results of these factors are reflected in the growth you see here with our Reg NMS market making volumes growing at a compound annual rate of over 130% since 2022.

我們的自有電子平台旨在支持最佳執行，並讓我們提供聚焦於執行品質的工具。這些因素的成果反映在此處的成長：自2022年以來，我們的Reg NMS做市交易量以超過130%的年複合成長率成長。

We believe we are a fraction of the total addressable market, which is likely measured in trillions of dollars of notional volume. Lastly, turning to the priorities on slide 15 required to scale the Market Making platform.

我們認為我們目前僅占整體可服務市場（TAM）的一小部分，而該市場的名目交易量很可能以數兆美元計。最後，來看第15頁中擴大做市平台所需的優先事項。

First, we're continuing to streamline our operations by consolidating platforms, automating middle office processes and simplifying reporting and post-trade workflows. This improves operating efficiency and supports our operating margins as volume grows.

第一，我們持續透過整併平台、自動化中台流程，以及簡化報表與交易後（post-trade）工作流程來精簡營運。這提升營運效率，並在交易量成長時支持我們的營運利潤率。

Second, we are deliberately deepening our market share, expanding our NMS wholesale market-making capabilities, growing outsourced trading relationships and increasing our presence in ETFs and global options where client demand is rising.

第二，我們有策略地深化市占，擴展我們的NMS批發做市能力，成長外包交易（outsourced trading）合作關係，並提高我們在ETF與全球選擇權上的布局，以因應客戶需求上升。

Third, we are strengthening our global reach and technology platform. This includes building a footprint in Asia Pacific, expanding sales coverage in the EMEA region and continuing to invest in the core architecture that underpins our market-making platform.

第三，我們正在強化全球覆蓋與科技平台。這包括在亞太地區建立據點、擴大EMEA地區的銷售覆蓋，並持續投資於支撐我們做市平台的核心架構。

Overall, we expect to process higher volumes, expand our global reach and continue to invest in a platform that is efficient and scalable and supportive of high operating leverage. Importantly, all of this is being done in a way that strengthens our broader equities ecosystem, making StoneX increasingly relevant to our clients across execution, liquidity, clearing and custody, prime services, research and capital markets.

整體而言，我們預期將處理更高的交易量、擴大全球覆蓋，並持續投資於一個高效率、可擴展且能支持高營運槓桿的平台。重要的是，所有這些工作都以強化我們更廣泛的股票生態系為前提，使StoneX在執行、流動性、清算與託管、主經紀服務、研究與資本市場等方面，對客戶而言愈發重要。

Now to close out this presentation, this was a hugely pleasing quarter all around, highlighting record net income of $174.3 million, which is up 143% versus prior year, diluted EPS of $2.07, up 120% versus prior year and achieving an ROE for the quarter of 26.5% and 19.8% for the trailing 12 months ending March 31, 2026, and an ROE on tangible book value for the quarter of 37% and 25.9% for the trailing 12 months.

最後總結本次簡報，這是一個各方面都令人非常滿意的季度：淨利創紀錄達1.743億美元，較去年同期增加143%；稀釋後每股盈餘（EPS）為2.07美元，較去年同期增加120%；本季股東權益報酬率（ROE）為26.5%，截至2026年3月31日止過去12個月為19.8%；本季有形帳面價值（tangible book value）報酬率為37%，過去12個月為25.9%。

Book value per share of $34.16, up $8.43 or 33% versus prior year. And results over the last two years have grown trailing 12 month net operating revenues by 56% or a 25% CAGR and trailing 12 months earnings by 91% or nearly 38% CAGR.

每股帳面價值為34.16美元，較去年同期增加8.43美元或33%。而過去兩年的成果使過去12個月淨營運收入增加56%（年複合成長率25%），以及過去12個月盈餘增加91%（年複合成長率接近38%）。

A more volatile economic backdrop has emerged, potentially surpassing levels of the past two years, but this environment plays into our strengths as volatility continues to be a key driver of our business.

更具波動性的經濟背景已然浮現，波動程度可能超越過去兩年的水準；但這樣的環境正好發揮我們的優勢，因為波動性仍是推動我們業務的關鍵驅動因素。

We have seen significant growth in our client assets, average client funds, securities clearing, prime brokerage and metals, which provide stable recurring income.

我們看到客戶資產、平均客戶資金、證券清算、主經紀業務以及金屬業務均出現顯著成長，這些業務提供穩定的經常性收入。

We believe our unique ecosystem, which offers extensive depth and breadth of product at a widespread geographical reach, combined with a significant total addressable market, will continue to power growth in the years to come.

我們相信，我們獨特的生態系統在廣泛的地理覆蓋下，提供具備深度與廣度的產品組合，再加上龐大的可服務總市場（TAM），將在未來數年持續驅動成長。

We naturally remain very excited about our future growth and continued expansion of our ecosystem. With that, operator, would you kindly open the line for questions?

我們自然對未來的成長以及生態系統的持續擴張感到非常振奮。那麼，接線員，能否請您開放提問線路？

(Operator Instructions) Dan Fannon from Jefferies.

（接線員指示）Jefferies 的 Dan Fannon。

The environment continues to be quite constructive as you highlighted. And I was hoping to just get a bit more context around the health of that. One of your peers highlighted a customer loss in, I think, January on the natural gas side.

如你所強調的，整體環境仍相當有利。我希望能多了解一些關於其健康狀況的背景。你們的一位同業提到，我記得是在 1 月，在天然氣方面出現了客戶流失。

I was hoping you could talk about just kind of the good and bad volatility that you saw in the quarter. And then also give us an update here, given we're now in May of kind of what's happened as the quarters ended, and we've seen some of the exchange volumes also start to moderate, how that's translating across your business as well.

我想請你談談本季你們看到的「好的」與「不好的」波動性大致是什麼情況。另外也請你更新一下，鑑於我們現在已到 5 月、季度已結束後的情況；我們也看到部分交易所成交量開始趨於溫和，這對你們各項業務的反映如何。

Sure. So as we said in the Q1 Q&A, there was surprisingly very little in terms of credit losses. And we did remind the market that continued heightened level of volatility, while positive from a revenue perspective, it obviously does increase the chance of some credit losses.

當然。如同我們在第一季 Q&A 所說，令人意外的是，信用損失相當有限。我們也提醒市場，持續處於較高波動水準，雖然從營收角度是正面的，但顯然也會提高發生部分信用損失的機率。

Now we work very closely with our clients each and every day to help mitigate that because communication with our clients through these extreme volatile periods is, whilst unusual, it is important that we maintain that level of communication and ensure that we help our clients to minimize their own exposure, their own liquidity risks.

我們每天都與客戶密切合作以協助降低這些風險，因為在這些極端波動期間與客戶保持溝通，雖然不常見，但維持這樣的溝通層級非常重要，並確保我們協助客戶將其自身曝險與流動性風險降到最低。

And I think in light of the fact that if you look at the levels of volatility in the last two quarters, I think the level of credit losses we've provided for have been somewhat minimal. So I wouldn't say it was particularly unusual. I think it highlighted the quality of our clients.

而且我認為，若你回顧過去兩個季度的波動水準，我們所提列的信用損失準備其實相對偏低。因此我不會說這特別不尋常；我認為這凸顯了我們客戶的品質。

And I think probably more relevant, it highlights the interaction and engagement that we have with our clients. But as we said very openly many times, this level of increased volatility, there should be an expected increased risk in credit losses that come with that heightened revenue generation.

我想更重要的是，這也凸顯了我們與客戶之間的互動與參與程度。但正如我們多次非常坦率地說過，波動性提高的同時，伴隨更高的營收創造，也應預期信用損失風險會相應上升。

And then I guess just a follow-up on just the kind of current environment what we're seeing in April, particularly in certain of the markets where we know we can see volumes have moderated, whether that's metals or precious metals or other areas. Can you give us an update in terms of how that business looks here thus far to start fiscal third quarter?

接著我想追問一下目前的環境，也就是我們在 4 月看到的情況，特別是在某些市場，我們知道成交量已趨於溫和，不論是金屬、貴金屬或其他領域。你能否更新一下，第三財季開始至今，這些業務目前看起來如何？

Yes, certainly. I mean, Dan, we've had a tremendous activity in the first couple of quarters and last year, I guess, in the precious metal space. And then obviously, listed derivative, OTC, everything was really doing well with the volatility we saw here in the second quarter of fiscal year.

可以，當然。Dan，我們在前兩個季度以及我想去年在貴金屬領域的活動量都非常強勁。然後很明顯地，上市衍生品、場外（OTC）等各方面，在本財年第二季所見的波動下表現都很好。

But we do see, we see that what you see is from the standpoint of some moderation coming into April as we start the third quarter just with a little bit, I wouldn't, it's certainly not normal, but off where you saw in Q2 from the standpoint of activity. But overall, a very good environment from the standpoint of interest rates and still an elevated volatility market.

但我們確實看到，從第三季開始進入 4 月後，活動量出現一些趨緩；我不會說回到正常水準，但相較第二季的活動確實有所回落。不過整體而言，從利率環境以及仍處於偏高的波動市場來看，依然是非常不錯的環境。

Got it, okay. That makes sense. And I guess I'm not used to being restricted by my number of questions on this call, but.

了解，好的。這很合理。我想我還不太習慣在這通電話上被限制提問數量，不過。

Go ahead, Dan.

請繼續，Dan。

I guess just, Bill, you mentioned some of the costs associated with R.J. O'Brien and severance and what we saw in the quarter. Can you update us on the synergies and just broadly at the highest level, how the integration is going? Clearly, the environment is good, but I'd like to get a little bit more detail around what you're doing under the hood and how that's going.

我想問的是，Bill，你提到與 R.J. O'Brien 相關的一些成本、資遣費，以及我們在本季看到的情況。你能否更新一下協同效益，以及更宏觀、最高層級來看整合進度如何？顯然環境不錯，但我想更深入了解你們在內部做了哪些工作，以及進展如何。

Well, if I maybe start, Dan, by just giving you an update in terms of what we set out from a time line from an integration program perspective, we are on track. And I think the last call, we highlighted the targeting of our non-US businesses and the integration that go with those businesses was the priority and also a testing ground to ensure that the larger program of integration in the US is able to run more smoothly based upon any observance or any issues that we, that arose during the non-US integration process.

好，Dan，如果可以的話，我先從整合計畫的時間表角度向你更新：我們進度符合預期。我想在上次電話會議中，我們強調了以非美國業務為目標，並將與這些業務相關的整合作為優先事項；同時也把它作為測試場域，以確保美國更大型的整合計畫能根據非美國整合過程中觀察到的情況或出現的問題而更順利地推進。

So those have begun. This quarter we're currently and it is obviously an important quarter for us, and we've begun the process of the integration of our US FCMs. And it's on a much more gradual basis, whereby we begin testing with some small group of clients.

因此這些工作已經開始。本季度我們目前也已啟動美國 FCM（期貨佣金商）的整合流程，這對我們顯然是重要的一季；而且我們採取更為循序漸進的方式，先從一小部分客戶群開始測試。

We then have a second group, which has already occurred, and then we have a gradual buildup to the entirety of the FCM consolidation at the end of this month.

接著我們有第二批客戶，這一步已經完成，然後我們會逐步擴大，直到在本月底完成整個 FCM 的整併。

So it's an ongoing process. The time line hasn't changed from where we set out and how we set it out almost two quarters ago. And in terms of the costs and the efficiencies, those are also on track, but I'll let Bill highlight those in detail.

所以這是一個持續進行的流程。時間表並未改變，仍與我們將近兩個季度前所提出並說明的規劃一致。至於成本與效率方面，也同樣按計畫推進；不過我讓 Bill 來更詳細說明。

Sure. Thanks, Philip.

好的。謝謝，Philip。

We touched on this a little bit last quarter, Dan. So within the quarter, we talked a little bit coming out of last quarter what the run rate is. For the quarter of, second quarter, we had about seven, just shy of $7 million, $6.9 million worth of synergies that we saw in the numbers in Q2 and the exit run rate kind of coming out of Q2 of those same synergies is about a little over $8 million.

Dan，我們上季也稍微談到這點。本季我們也提到，從上季結束後的執行率（run rate）來看，在第二季我們在數字中看到約 700 萬美元、略低於 700 萬美元（6.9 百萬美元）的協同效益；而第二季結束後的退出執行率（exit run rate），同樣這些協同效益約略超過 800 萬美元。

So we're at about a $32 million run rate to reaffirm kind of where our target is. Our expectation is that we'll be $50 million by the end of the process.

因此我們目前大約是 3,200 萬美元的執行率，以再次確認我們的目標定位。我們預期在整個流程結束時可達 5,000 萬美元。

And we think that coming out of Q2, we're probably around $32 million on an annualized basis, and we expect by the end of fiscal year to be probably closer to $45 million, and then we'll have that kind of remaining piece dribble in, in '27. Does that answer your question?

我們認為第二季結束後，按年化基礎計算大約在 3,200 萬美元左右；並預期在本財年結束時可能更接近 4,500 萬美元，剩餘的那一小部分會在 2027 年逐步到位。這有回答你的問題嗎？

Yes. No, that's super helpful. And then just lastly, Bill, on the context of the hedge that you talked and quantified, are, do you think you're kind of, do you expect to do more as the year goes on? Or is this kind of what, you've talked about this previously, but is this the kind of right amount in terms of interest rate exposure you're looking to manage to?

有的。這非常有幫助。最後一個問題，Bill，關於你提到並量化的避險，在你看來，隨著今年進行，你們是否預期會做更多？或者這就是……你之前談過這點，但就你們想管理的利率曝險而言，這是否是合適的規模？

Yes. We talked about this when we first did the RJO kind of integration in that first quarter, and Sean had touched on at the time that at that time, we had about $13 billion of the two kind of combined portfolios, and there's about roughly half of that, that is our balances that we keep virtually most of the income on those assets.

是的。我們在第一季進行 RJO 整合時就談過這點，Sean 當時也提到，當時兩個合併後的投資組合規模約 130 億美元，其中大約一半是我們的自有餘額（balances），我們幾乎保留這些資產上的大部分收益。

So that's really the key one that we're trying to protect. So this puts us at around $1.8 billion of swap coverage, and we've got about $1.5 billion of kind of duration, right, that's going out to 20, 24 months of physical purchases of investments.

所以那才是我們真正想要保護的關鍵部分。這使我們的利率交換（swap）覆蓋規模約為 18 億美元；另外我們也有約 15 億美元的存續期間（duration），也就是透過實體投資購買，期限延伸到 20 至 24 個月。

So we feel like we've got a good start, but I think we'll probably continue to look where applicable to still put in some floors there just to protect the downside on that where it's just kind of, there's not sharing on those balances.

因此我們覺得已經有一個不錯的起步，但我想我們仍會在適用的情況下持續尋找機會設置一些下限（floors），以保護那部分的下行風險，因為那些餘額基本上是沒有分潤（sharing）的。

So we want to make sure that we're comfortable with the levels we're setting. So still an active management program that we've got in place. Hopefully, that kind of gives you some guidelines of what we're looking to protect.

所以我們要確保對所設定的水準感到安心。因此我們仍有一套持續運作的主動管理計畫。希望這能提供你一些我們想要保護範圍的指引。

Jeff Schmitt from William Blair.

William Blair 的 Jeff Schmitt。

In the commercial hedging business, could you just give us a sense of the mix of that business? I mean, obviously, strength was widespread, but how much is agricultural versus energy or, I guess, renewables and RJO's interest rate business as well?

在商業避險業務方面，你能否讓我們了解一下該業務的組合？顯然強勁表現相當廣泛，但農業相對於能源的占比如何？或者我想也包括再生能源，以及 RJO 的利率業務。

So within the majority, just to level set it, the majority of the RJO institutional interest rate business is actually in the institutional segment because it's more institutional customers looking to, the FIG group and others looking to manage their interest rate exposure.

就其構成而言，先做個基準說明：RJO 機構端利率業務的大部分其實歸在機構（institutional）部門，因為主要是機構客戶——例如金融機構（FIG）團隊及其他客群——希望管理其利率曝險。

But if we're looking on the commercial side, of the listed derivative, it's probably going to be more heavily weighted towards the energy and the renewable fuel side. I mean a lot of it was soybean oil and other inputs into renewable fuels.

但如果我們從商業端來看、就上市衍生品而言，它可能會更偏重於能源以及可再生燃料這一端。我的意思是，其中很大一部分是大豆油以及其他用於可再生燃料的投入品。

So it's, you can call that agriculture, you can call that renewable, it's a little bit of both. It's the inputs on the agricultural side, the output on the energy side.

所以，這你可以稱之為農業，也可以稱之為可再生能源，兩者都有一點。投入端在農業側，產出端在能源側。

But it's more so bad. I mean I think we're still seeing, we had a bit of a slow start to Q2 and kind of, I would say, like the US row crops, corn and soybean wheats, but then we saw nice activity in the back half of the quarter.

但更多的是偏弱。我是說，我認為我們仍然看到，第二季一開始有點慢，算是——我會說像美國的列作物（row crops），玉米和大豆、小麥之類的，但在季度後半段我們看到不錯的活動。

But really, the OTC market was really where we saw was the real stand out with the best volume, best revenues we've seen historically on the OTC space.

但真正的亮點其實是在場外（OTC）市場，我們在OTC領域看到了最突出的表現，創下我們在OTC空間歷史上所見的最佳成交量、最佳營收。

And with that volatility, I think those customized solutions that we can provide to customers to really kind of help capture margin and mitigate their risk showed their, showed the benefit in that quarter to clients, and we saw a lot of uptake in activity.

而在那樣的波動之下，我認為我們能為客戶提供的那些客製化解決方案，確實有助於捕捉利潤並降低其風險，這些方案在那一季向客戶展現了其效益，我們也看到活動量大幅增加。

And I would only add that in Q1, maybe we were slightly overshadowed by the success of the metals business in relation to everything else. But in Q2, there was a consistent level of increased activity, increased revenue across the board, which we don't always expect and we shouldn't expect, but it was pleasing to see that that was evident.

我只想補充的是，在第一季，我們可能在某種程度上被金屬業務相較於其他業務的成功所掩蓋。但在第二季，各板塊都出現了持續的活動增加、營收增加，這並非我們總是預期、也不應該預期會發生的，但看到這點確實令人欣慰。

And as Bill said, obviously, energy was very much the story of the quarter, but there was consistent growth in other areas as a result of increased volatility, but also just increased activity from our clients and across the board, which good to see, very pleased.

而且如Bill所說，顯然能源是本季的主軸，但由於波動性上升，以及我們客戶整體活動增加，其他領域也出現了持續成長；看到這點很好，我們非常滿意。

Okay. That's helpful. And then maybe if you could do the same in the physical trading business. I mean, is that mainly precious metals and gold in particular? What portion of the mix is that?

好的，這很有幫助。那麼也許你也可以同樣談談實物交易業務。我是說，那主要是貴金屬，尤其是黃金嗎？這在組合中的占比是多少？

And then where are you in terms of cross-selling with RJO clients? I don't think they have that physical trading capabilities.

另外，你們在與RJO客戶交叉銷售方面進展如何？我不認為他們具備那種實物交易能力。

No, they don't. And I think that was raised last quarter. I think there was a level of confusion whether a lot of that came from RJO integration and cross-selling. The physical aspect is very much driven by our very successful precious metals business. but also our very successful non-metals business, which in areas of cocoa, in areas of coffee, we had continued expansion, continued growth across the board.

不，他們沒有。我想上個季度也有人提到這點。我認為當時對於很多業績是否來自RJO整合與交叉銷售存在一些混淆。實物部分主要是由我們非常成功的貴金屬業務所驅動，但同時也包括我們非常成功的非金屬業務；例如在可可、咖啡等領域，我們持續擴張、持續成長，全面推進。

But unfortunately, within the physical space, there is still an overshadowing by the physical metals business. And we saw Q1 showing record levels of transaction volume and net income attached to that physical metals business. Unfortunately, Q2 overshadowed Q1. So that continued level of growth and client activity. But it was, as I said before, across multiple subproducts within our commercial business, there was a broad level of increased activity and increased revenue.

但不幸的是，在實物領域，實物金屬業務仍然具有壓倒性的存在感。我們看到第一季的交易量與與之相關的淨收入都創下紀錄。不幸的是，第二季又超越了第一季。因此客戶活動與成長水準持續提升。但如我先前所說，在我們商業業務的多個子產品中，整體呈現廣泛的活動增加與營收增加。

And I would say with regards to our OTC business, where we are, we highlighted a record level of OTC contracts, that is something that we look forward to greater participation from the RJO integration post full integration in the US, where we are able to more easily offer OTC contracts, OTC products and capabilities to the legacy RJO client base. Until that integration happens, it's just slightly more cumbersome in terms of papering in different legal entities and so that make that life easier.

至於我們的OTC業務，我想說的是，我們強調了OTC合約數量創下紀錄；在美國完成全面整合之後，我們期待RJO整合能帶來更高的參與度，屆時我們能更容易向既有RJO客戶群提供OTC合約、OTC產品與相關能力。在整合完成之前，在不同法律實體之間進行文件簽署（papering）會稍微更繁瑣一些，因此整合會讓這些事情更容易。

And Jeff, to your numerical question there for total $190 million worth of physical contact operating revenues in Q2, about $150 million of that was precious. The rest was, the rest of the, what we called physical agriculture and energy before, we're now calling StoneX Supply and Trading, but that's kind of more the agriculture and energy side of the business.

Jeff，針對你那個數字問題：第二季實物合約（physical contact）營運收入總計1.90億美元，其中約1.50億美元來自貴金屬。其餘部分——我們之前稱為實物農業與能源的那塊——現在稱為StoneX Supply and Trading，基本上就是業務中的農業與能源端。

Okay, very helpful. And then could you provide an update on the M&A environment and sort of what inning you think we're in for industry consolidation? Are opportunities up versus a year ago? How are valuation expectations trending?

好的，非常有幫助。接著你能否更新一下併購（M&A）環境，以及你認為我們在產業整併上大概處於第幾局（inning）？相較一年前，機會有增加嗎？估值預期的趨勢如何？

I think I think generally, we will always continue to see a certain level of small to midsized interest and M&A activity. And I think I mentioned this previously is that the, we are known in the market as a consolidator. We are known as an expander of our ecosystem. And I think that drives the interest in people wanting to bring their business who maybe either want an exit strategy or they want to take their business to the next level and be part of a broad, more capable, expansive ecosystem that they can operate within StoneX. And I think we've mentioned previously that on the whole, most of the acquisitions we've done ended up within a relatively short period of time, growing in multiples of where they were prior to becoming part of StoneX.

我想整體而言，我們將一如既往地持續看到一定程度的小型到中型規模的興趣與併購活動。我之前也提過，我們在市場上以整合者（consolidator）著稱，也以擴展我們生態系而聞名。我認為這會驅動一些人希望把他們的業務帶進來——可能他們想要退出策略，或是想把業務提升到下一個層級，成為一個更廣泛、更有能力、更具延展性的生態系的一部分，並在StoneX內運作。我們也曾提到，整體來看，我們做過的大多數收購，在成為StoneX的一部分後，相對短的時間內就能成長到收購前的數倍。

And a lot of that is the heavy cost of business, heavy cost of regulation, heavy cost of having monoline businesses in certain areas where you don't have that diversity of revenue, you don't have the ability to utilize and access the clients across multiple products. And I think that's our benefit. So as a result, that is why we do get a constant level of interest in that sort of mid, small to midsize sort of $10 million to $30 million range of businesses that we are very easily able to acquire, incorporate, tack on to the ecosystem and then start leveraging either the client capability, the geography expansion or the products that those acquisitions provide us. And I think it's important that we talk about our ecosystem all the time, and that is a huge driver of much of the M&A activity. And I think it's something we probably don't talk enough about.

其中很大一部分原因在於經營成本高、監管成本高，以及在某些領域若是單一產品線（monoline）業務，缺乏收入多元性，也無法跨多種產品去運用並觸達客戶。我認為這正是我們的優勢。因此，我們才會持續收到對於那類中小型、約1,000萬到3,000萬美元規模的企業的穩定興趣；我們很容易收購、納入、接到生態系中，然後開始運用這些收購所帶來的客戶能力、地理擴張或產品。我認為我們一直在談生態系很重要，這是許多併購活動的巨大驅動因素，而這可能也是我們談得還不夠多的一點。

because the way we operate our verticals and our products, we don't allow, we don't want any silos within our businesses. And over the last sort of 10, 15 years, I think we've done a very good job of integrating multiple new products, new entities, new capabilities that were previously on a stand-alone basis. Everything is becoming much more integrated and that allows us to truly leverage those capabilities and truly have multiple product initiatives like we've seen with our FIG initiative, where we're bringing together all aspects of the company and heading in the same direction. That drives interest in us from an M&A perspective, and it drives interest that we have in other areas where we would like to continue that level of ecosystem expansion. So I don't think the market has changed drastically.

因為就我們垂直業務與產品的運作方式而言，我們不允許、也不希望業務之間出現孤島（silos）。在過去大約10到15年裡，我認為我們在整合多項新產品、新實體、新能力方面做得非常好——這些過去都是以獨立方式運作。現在一切都變得更加整合，這讓我們能真正發揮這些能力，並真正推動多產品的倡議，例如我們的FIG倡議，把公司各個面向整合起來、朝同一方向前進。這會從併購角度提升外界對我們的興趣，也會驅動我們對其他領域的興趣，讓我們希望持續擴張生態系。因此我不認為市場發生了劇烈變化。

We continue to have a lot of interest. And we do almost make small acquisitions on a very regular basis, which we probably don't promote as much because we're so used to that level of expansion. But always looking at transactions, always looking at potential expansion opportunities.

我們仍然有很多關注與興趣。而且我們幾乎會非常定期地進行小型收購，只是我們可能不會大力宣傳，因為我們已經習慣這種擴張節奏。但我們一直在看交易、一直在看潛在的擴張機會。

This now concludes the question-and-answer session. I would now like to turn it back to Philip Smith for closing remarks.

問答環節到此結束。現在我想把時間交回給Philip Smith作結語。

Thank you. In closing, I would just like to say a huge thank you to all the employees of StoneX for their vital contribution in achieving this record quarter. Working tirelessly every day with our clients through such heightened volatility market conditions is what we do and StoneX employees do this incredibly well, a service for which I'm hugely proud of. And this quarter, I feel, is a testament to that dedication and that service to our clients. So a huge thank you to all of our employees and look forward to seeing what Q3 brings. Thank you very much.

謝謝。最後，我只想對StoneX所有員工致上由衷的感謝，感謝大家在達成這個創紀錄季度中所做出的關鍵貢獻。在如此高度波動的市場環境下，每天不懈地與客戶並肩工作，這就是我們的工作，而StoneX的員工把這件事做得非常出色；我對這項服務感到無比自豪。我覺得本季度正是對這份投入與對客戶服務的最佳證明。因此，再次非常感謝所有員工，也期待看看第三季會帶來什麼。非常感謝。

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

感謝各位參與今天的電話會議。至此本次議程結束，您現在可以斷線。