StoneX Group Inc (SNEX) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the StoneX Group, Inc., Q3 FY 2026 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 StoneX Group, Inc. 2026 財政年度第三季（Q3 FY 2026）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，財務長 Bill Dunaway。Bill，請開始。

Good morning. Welcome to our earnings conference call for our quarter ended June 30, 2026, our third quarter of fiscal 2026. After the market closed yesterday, we issued a press release reporting our results for the quarter. This press 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.

各位早安。歡迎參加我們截至 2026 年 6 月 30 日之季度（2026 財政年度第三季）的財報電話會議。昨天收盤後，我們發布新聞稿公布本季業績。該新聞稿可於我們網站 www.stonex.com 查閱，另有一份簡報，我們將在本次電話會議中引用。簡報與網路直播的存檔也將在會議結束後於我們網站提供。

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

在開始之前，我們必須提醒各位，且所有與會者應注意，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。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。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。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，但無法保證公司實際結果不會與前瞻性陳述所明示或暗示之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，任何前瞻性陳述均不構成對未來績效之保證。

With that, I will 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. Thank you for joining our third quarter earnings call for fiscal year 2026. While there's been a moderation in volatility this quarter, I'm pleased to report our third quarter results. Total net operating revenues of $719.7 million were up 47% versus a prior year, alongside net income of $127.9 million, up 102% year-on-year. We also recorded a diluted EPS of $1 per share, an 85% increase versus the previous year, taking our year-to-date EPS to $3.49 per share, up 82% against prior year. This quarter was driven by strong performance across our Commercial and Institutional segments, which reported a 90% and 56% increase, respectively, in net operating revenue year-on-year, underscoring our increasing relevance to a diverse set of clients.

謝謝你，Bill。各位早安。感謝各位參加我們 2026 財政年度第三季財報電話會議。雖然本季波動度有所降溫，我很高興向各位報告我們第三季的業績。淨營運收入總額為 7.197 億美元，較去年同期成長 47%；淨利為 1.279 億美元，年增 102%。我們也錄得稀釋後每股盈餘（EPS）為每股 1 美元，較去年增加 85%，使得年初至今 EPS 達每股 3.49 美元，較去年同期成長 82%。本季成長主要來自我們商業（Commercial）與機構（Institutional）兩大部門的強勁表現，其淨營運收入分別年增 90% 與 56%，凸顯我們對多元客群的重要性日益提升。

In the Commercial segment, strong performance in our global hedging business helped drive this quarter's results. Pleasingly, net operating revenue across all our products recorded double-digit growth, partly driven by the impact of the RJO and Benchmark acquisitions, as well as organic growth. This included listed derivatives up 62% to $68.6 million, OTC derivatives up 73% to $101.9 million, and physical contracts up 162% to $87.4 million. In the Institutional segment, we recorded our highest-ever volumes in securities, with average daily volume up 33% versus last year, driven by the exceptional performances in our equities market-making business, a segment which we had highlighted last quarter with growth in both ADRs as well as US-listed equities. Also bolstering our Institutional segment, the acquired business of The Benchmark Company contributed $29.5 million in net operating revenues for the quarter, their best quarterly performance to date.

在商業部門方面，我們全球避險業務的強勁表現帶動了本季成果。令人欣喜的是，我們所有產品的淨營運收入皆錄得雙位數成長，部分受惠於 RJO 與 Benchmark 併購案的影響，以及內生成長。其中，交易所上市衍生品成長 62% 至 6,860 萬美元；場外（OTC）衍生品成長 73% 至 1.019 億美元；實體合約成長 162% 至 8,740 萬美元。在機構部門方面，我們證券業務的成交量創下歷史新高，平均每日成交量（ADV）較去年成長 33%，主要由我們股票做市業務的卓越表現所帶動；我們在上季已強調該業務在 ADR 與美國上市股票兩方面皆有成長。此外，對機構部門亦有助益的是，併購 The Benchmark Company 所取得的業務本季貢獻淨營運收入 2,950 萬美元，為其迄今最佳單季表現。

In the Payment segment, we reported a 12% increase in net operating revenue and a 20% increase in ADV year-on-year to a record $96 million. In addition, we recorded the highest number of transactions going through the platform this quarter, validating our continued investment in proprietary technology and reinforcing our belief that the platform can support significantly higher volumes without material increases to our expense base. This scalability positions us to support large financial institutions like Shinhan Bank, where we recently announced a strategic partnership with one of South Korea's oldest and systemically important banks to leverage our global network for complex cross-border payments. Lastly, I wanted to give an update on the progress of R.J. O'Brien. The US FCM consolidation work remains on track to be substantially completed later this fiscal year.

在支付（Payment）部門方面，我們報告淨營運收入年增 12%，平均每日交易量（ADV）年增 20% 至創紀錄的 9,600 萬美元。此外，本季通過平台的交易筆數亦創下新高，驗證我們持續投資自有技術的成果，並強化我們的信念：在不對費用基礎造成重大增加的情況下，該平台可支援顯著更高的交易量。此一可擴展性使我們得以支援如新韓銀行（Shinhan Bank）等大型金融機構；我們近期宣布與這家韓國歷史最悠久且具系統重要性的銀行之一建立策略夥伴關係，運用我們的全球網路處理複雜的跨境支付。最後，我想更新 R.J. O'Brien 的進展。美國 FCM 的整併工作仍按計畫進行，預計將於本財政年度稍晚大致完成。

We completed the vast majority of RJO's remaining US-based client migration this quarter, as of the end of the quarter, hold nearly $13 billion in required client assets, further strengthening our position as the number one non-bank FCM in the United States. More broadly, as anticipated, volatility moderated from the exceptional levels of the second quarter. Even so, client activity remains strong, supported by continued client engagement and pockets of elevated volatility, resulting in nearly all of our products delivering double-digit growth, reflecting the strength of our diversified business model, the investments we have made across our platform, and the scale of the ecosystem we have built. I will turn over to Bill for a more detailed discussion on our financials this quarter.

本季我們完成了 RJO 其餘絕大多數美國客戶的移轉；截至季末，我們持有近 130 億美元的客戶必要資產（required client assets），進一步鞏固我們作為美國第一大非銀行 FCM 的地位。更廣泛而言，如同預期，波動度自第二季的異常高水準回落。即便如此，在持續的客戶參與以及部分市場波動偏高的支撐下，客戶活動仍然強勁，幾乎所有產品皆實現雙位數成長，反映我們多元化商業模式的韌性、我們在平台上的投資，以及我們所建立之生態系規模。接下來我將把時間交給 Bill，請他更詳細說明本季財務表現。

Over to you, Bill.

交給你了，Bill。

Thank you, Philip. I'll start with slide five in the deck. Just a reminder, in July, we completed a three-for-two split of our common stock, and our shares began to trade on a split-adjusted basis at the market open on July 20, 2026. Because the stock split was effective prior to our release of the Q3 financial statements, all per-share metrics on this call will be on a split-adjusted basis. As Philip noted, we delivered strong third quarter results, generating net income of $127.9 million, an increase of 102% compared with the prior year. This performance translated into a return on equity of 18.4%, significantly above our 15% ROE target, despite a 77% increase in book value over the last two years. On a tangible book value basis, we achieved a return on tangible equity of 25% for the quarter.

謝謝你，Philip。我將從簡報第 5 頁開始。提醒一下，我們在 7 月完成普通股三拆二（three-for-two）的股票分割，並於 2026 年 7 月 20 日開盤起以分割調整後的基礎進行交易。由於股票分割在我們發布第三季財務報表之前即已生效，因此本次電話會議中所有每股指標皆以分割調整後為準。如 Philip 所述，我們第三季交出強勁成果，淨利達 1.279 億美元，較去年同期增加 102%。此表現使股東權益報酬率（ROE）達 18.4%，顯著高於我們 15% 的 ROE 目標，儘管過去兩年帳面價值增加了 77%。以有形帳面價值為基礎，本季有形股東權益報酬率（return on tangible equity）達 25%。

While third quarter net income was 27% lower than the record earnings reported in the immediately preceding second quarter, our results continue to reflect the strength, scale, and diversity of our business. We had operating revenues of approximately $1.47 billion, up 43% versus the prior year. As a reminder, our operating revenues include not only interest and fees earned on our client balances, but also carried interest that is related to our fixed income trading activities. Net operating revenues, which nets off interest expense, including that which is associated with our fixed income trading activities, as well as introducing broker commissions and clearing fees, were up to $231.4 million or 47% versus a year ago, while down 13% versus the immediately preceding quarter.

雖然第三季淨利較緊接著的第二季所創下的創紀錄獲利低 27%，我們的結果仍持續反映業務的實力、規模與多元性。我們的營運收入約為 14.7 億美元，較去年同期成長 43%。提醒一下，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）。淨營運收入在扣除利息費用（包括與固定收益交易活動相關者）以及介紹經紀商佣金與清算費用後，較一年前增加至 2.314 億美元（或年增 47%），但較緊接著的上一季下降 13%。

Total fixed compensation and other expenses were up $58.1 million or 22% versus the prior year quarter, with $48.5 million of this attributable to the acquisitions made over the last 12 months, most notably R.J. O'Brien and Benchmark. This increase was partially offset by an $18 million decrease in professional fees, largely due to the recovery of legal fees through insurance and reduced legal defense costs related to the BTIG matter. Total fixed compensation and other expenses, excluding bad debt expense, were down 7% or $23.2 million versus the immediately preceding quarter. Fixed compensation and benefits were up 21% versus a year ago, primarily as a result of the acquisitions noted, and include $4.2 million in severance and retention costs.

固定薪酬及其他費用總額較去年同期季度增加5,810萬美元（增幅22%），其中4,850萬美元歸因於過去12個月完成的收購，最主要為R.J. O'Brien與Benchmark。此增幅部分被專業費用減少1,800萬美元所抵銷，主要由於透過保險追回法律費用，以及與BTIG事件相關的法律抗辯成本降低。固定薪酬及其他費用總額（不含壞帳費用）較上一季度下降7%或2,320萬美元。固定薪酬與福利較一年前增加21%，主要因上述收購所致，並包含420萬美元的資遣與留任成本。

Fixed compensation and benefits were down 6% or $8.9 million versus the immediately preceding quarter, driven by a $6.9 million decline in severance and retention costs, a decrease in back-office and administrative salaries, along with a decrease in payroll taxes. Moving on, I've mentioned the acquisitions over the last 12 months and wanted to touch on the revenue contribution for two of them, R.J. O'Brien and Benchmark. The acquisition of R.J. O'Brien contributed $78.8 million in net operating revenues for the quarter, net of unrealized negative mark-to-market adjustment on their investment portfolio and exchange common stock of $9.8 million. While Benchmark contributed $29.5 million for the third quarter, as Philip noted, their best performance to date. Looking at it from a longer standpoint, our trailing 12 months results show operating revenues were up 48% to nearly $5.7 billion.

固定薪酬與福利較上一季度下降6%或890萬美元，主要受資遣與留任成本減少690萬美元、後勤與行政薪資下降，以及薪資稅降低所帶動。接下來，我先前提到過去12個月的收購，並想談談其中兩項——R.J. O'Brien與Benchmark——對營收的貢獻。R.J. O'Brien的收購在本季度貢獻7,880萬美元的淨營運收入，已扣除其投資組合與交易所普通股未實現的負向按市價評價調整980萬美元。Benchmark在第三季度貢獻2,950萬美元，正如Philip所提，這是其迄今最佳表現。從更長期角度來看，我們過去12個月的結果顯示，營運收入成長48%至接近57億美元。

Net income was a record $526.9 million, up 77%, with diluted earnings per share of $4.19 and an ROE of 20.8% for the trailing 12-month period. For the third quarter, our average client equity and FDIC sweep balances were $16.2 billion, up 108% versus the prior year and up 7% versus the immediately preceding quarter. Finally, we ended the third quarter of fiscal 2026 with a book value per share of $23.70. Turning to slide number six 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, with the exception of FX and CFDs, down 19%.

淨利創紀錄達5.269億美元，成長77%；過去12個月期間稀釋每股盈餘為4.19美元，股東權益報酬率（ROE）為20.8%。第三季度，我們的平均客戶權益與FDIC掃入（sweep）餘額為162億美元，較去年同期增加108%，較上一季度增加7%。最後，我們在2026會計年度第三季度結束時，每股帳面價值為23.70美元。接著請看財報簡報第六頁，該頁比較各產品的季度營運收入以及相較一年前的關鍵營運指標。除外匯（FX）與差價合約（CFDs）下降19%外，我們所有產品相較去年同期皆呈現營運收入成長。

Transactional volumes were up across all of our product offerings, with the exception of FX CFDs, down 12%, and the spread in rate capture increased in listed derivative securities, while OTC derivatives, payments, and FX CFDs declined. Just touching on a few key highlights for the third quarter. We saw operating revenues derived from listed derivatives increase to $157.9 million or 125% versus the prior year, primarily due to the acquisition of RJO, which contributed $132.3 million, as well as a $10.4 million increase in base metals listed derivative revenues on LME markets versus the prior year. Listed derivative operating revenues decreased 11% versus the immediately preceding quarter. Operating revenues derived from OTC derivatives increased 73% versus the prior year, driven by an 89% increase in OTC derivative contract volumes.

除FX CFDs下降12%外，我們所有產品的交易量皆上升；而在利率捕捉（rate capture）的價差方面，上市衍生性證券增加，但場外（OTC）衍生品、支付與FX CFDs則下降。簡要提幾項第三季度的重點。我們看到來自上市衍生品的營運收入增至1.579億美元，較去年同期增加125%，主要因收購RJO帶來1.323億美元貢獻，另較去年同期在LME市場的基本金屬上市衍生品營收增加1,040萬美元。上市衍生品營運收入較上一季度下降11%。來自OTC衍生品的營運收入較去年同期增加73%，主要由OTC衍生品合約量增加89%所帶動。

This significant increase in client activity was most prevalent in agricultural, renewable fuel, and soft commodity markets, as well as continued increasing volumes associated with our automated trading platforms, which have allowed for more efficient processing and hedging of OTC transactions. OTC derivative operating revenues declined 15% versus the immediately preceding quarter, which had benefited from the widening of spreads in the immediately preceding quarter due to the onset of the US-Iran conflict. We had another strong performance in our physical business, with operating revenues derived from physical contracts increasing 106% versus the prior year, primarily driven by a $40.5 million increase in precious metals operating revenues, as well as an $18.7 million increase in physical supply and trading operating revenues. Operating revenues derived from physical contracts declined 39% versus an immediately preceding record second quarter, which was highlighted by extremely strong performance in precious metals.

此一客戶活動的大幅增加最明顯出現在農產品、再生燃料與軟性商品市場，同時也反映在與我們自動化交易平台相關的持續放量，該平台使OTC交易的處理與避險更有效率。OTC衍生品營運收入較上一季度下降15%；上一季度因美伊衝突爆發導致價差擴大而受惠。我們的實體業務亦再度表現強勁，來自實體合約的營運收入較去年同期增加106%，主要由貴金屬營運收入增加4,050萬美元，以及實體供應與交易營運收入增加1,870萬美元所帶動。來自實體合約的營運收入較上一個創紀錄的第二季度下降39%；該季度的亮點是貴金屬表現極為強勁。

Securities operating revenues were up 24%, as average daily volumes increased 33% versus the prior year, and the average rate per million increased 9%. The increase in ADV was driven by strong performance in equities, both in ADRs and US-listed markets, while the increase in rate per million was driven by improved spread capture in fixed income markets. Securities operating revenues were up 3% versus the immediately preceding quarter. Payment revenues increased 13% versus the prior year quarter due to a strong 20% increase in ADV, partially offset by lower RPM. Payments revenues were up 6% versus the immediately preceding quarter. FX CFD revenues were down 19% versus a strong prior year quarter, which had benefited from heightened client activity, most notably in FX markets following Liberation Day tariff announcements, with ADV and rate per million declining 12% and 8%, respectively.

證券營運收入增加24%，因平均每日交易量（ADV）較去年同期增加33%，且每百萬（RPM）的平均費率增加9%。ADV的增加來自股票業務的強勁表現，涵蓋ADR與美國上市市場；而每百萬費率的提升則由固定收益市場利差捕捉改善所帶動。證券營運收入較上一季度增加3%。支付營收較去年同期季度增加13%，因ADV強勁成長20%，但部分被較低的RPM所抵銷。支付營收較上一季度增加6%。FX CFD營收較去年同期強勁季度下降19%；去年同期受客戶活動升溫所帶動，尤其是在「解放日」關稅公告後的外匯市場。ADV與每百萬費率分別下降12%與8%。

FX CFD revenues declined 9% versus the immediately preceding quarter. Our interest and fee income earned on our aggregate client float, including both listed derivative client equity and money market and FDIC sweep balances, increased to $66.1 million, or 64% versus the prior year, with the acquisition of RJO contributing $56.9 million. Average client equity increased 129% as RJO contributed $6.6 million in average client equity for the quarter, and the average money market FDIC sweep client balances declined 2%. Moving on to slide number seven, I'll do a quick review of our segment performance. Our Commercial segment increased net operating revenues 90% versus the prior year, primarily resulting for the performance in our physical businesses, which increased $54.1 million, and OTC derivatives, which added $43.1 million.

FX CFD營收較上一季度下降9%。我們就整體客戶浮存金（aggregate client float）所賺取的利息與費用收入（包含上市衍生品客戶權益，以及貨幣市場與FDIC掃入餘額）增至6,610萬美元，較去年同期增加64%，其中收購RJO貢獻5,690萬美元。平均客戶權益增加129%，其中RJO在本季度貢獻660萬美元的平均客戶權益；而平均貨幣市場FDIC掃入客戶餘額下降2%。接著看第七頁，我將快速回顧各事業部門的表現。我們的商業（Commercial）部門淨營運收入較去年同期增加90%，主要來自實體業務表現（增加5,410萬美元）以及OTC衍生品（增加4,310萬美元）。

In addition, as a result of the increase in legacy client activity, as well as the acquisition of RJO, listed derivatives and net interest income increased $26.3 million and $31.7 million, respectively, versus the prior year. Segment income increased 119% versus the prior year, while on a sequential basis, net operating revenues were down 20% and segment income was down 26% off the record second quarter performance. Our Institutional segment also saw strong growth in net operating revenues and segment income, up 56% and 49%, respectively. The growth in net operating revenues was principally driven by a $45 million increase in securities revenues. In addition, listed derivatives and interest and fee income increased $38 million and $6.2 million, respectively, primarily driven by the acquisition of RJO.

此外，受既有客戶活動增加以及收購RJO影響，上市衍生品與淨利息收入較去年同期分別增加2,630萬美元與3,170萬美元。部門獲利較去年同期增加119%；但以季比（sequential）來看，淨營運收入較創紀錄的第二季度下降20%，部門獲利下降26%。我們的機構（Institutional）部門淨營運收入與部門獲利亦呈現強勁成長，分別增加56%與49%。淨營運收入的成長主要由證券營收增加4,500萬美元所帶動。此外，上市衍生品以及利息與費用收入分別增加3,800萬美元與620萬美元，主要由收購RJO所驅動。

Also, other net operating revenues increased $24.6 million, with the acquisition of Benchmark contributing $29.5 million, which was partially offset by declines in legacy activities. On a sequential basis, net operating revenues declined 1%. However, segment income increased 7%. In our self-directed retail segment, net operating revenues decreased 17% and segment income was down 36%. These decreases were driven by a 27% decrease in average daily volumes in FX CFD contracts, which was partially offset by an 11% increase in rate per million captured. On a sequential basis, net operating revenues declined 11% and segment income decreased 18% in this segment. Our Payment segment net operating revenues were up 12%, and segment income increased 22%. Average daily volume was up 20% versus the prior year, while rate per million was down 7%. Versus the immediately preceding quarter, payment net operating revenues increased 7% and segment income increased 8%.

此外，其他淨營運收入增加2,460萬美元，其中收購Benchmark貢獻2,950萬美元，但部分被既有業務活動下滑所抵銷。按季比較，淨營運收入下降1%。然而，分部收入增加7%。在我們的自主管理零售分部，淨營運收入下降17%，分部收入下降36%。這些下降主要由外匯CFD合約的日均成交量下降27%所致，但部分被每百萬捕捉費率上升11%所抵銷。按季比較，本分部淨營運收入下降11%，分部收入下降18%。我們的支付分部淨營運收入上升12%，分部收入增加22%。與去年同期相比，日均成交量上升20%，而每百萬費率下降7%。與上一季相比，支付分部淨營運收入增加7%，分部收入增加8%。

Moving on to slide number eight, looking at segment performance for the trailing 12 months, we saw strong growth in our commercial and institutional segments, with net operating revenues up 74% and 68%, respectively, and segment income increasing 92% and 59%, respectively. Our payment segment added 6% in net operating revenues and 17% in segment income. Our self-directed retail segment reported a 20% decline in net operating revenues and a 39% decline in segment income. Finally, moving on to slide number nine, which depicts our interest and fee earned on client balances by quarter, as well as a table which shows the annualized interest rate sensitivity for a change in short-term interest rates. The interest and fee income, net of interest paid to clients, and the effect of interest rate swaps increased to $38 million to $111.9 million in the current period, with the acquisition of R.J. O'Brien contributing $30 million in net interest in the current quarter.

接著看第八張投影片，觀察過去12個月的分部表現，我們的商業與機構分部呈現強勁成長，淨營運收入分別上升74%與68%，分部收入分別增加92%與59%。我們的支付分部淨營運收入增加6%，分部收入增加17%。我們的自主管理零售分部淨營運收入下降20%，分部收入下降39%。最後來到第九張投影片，該投影片按季度呈現我們在客戶餘額上賺取的利息與費用，並附有一張表格顯示短期利率變動下的年化利率敏感度。扣除支付給客戶的利息並計入利率交換影響後的利息與費用收入，在本期由3,800萬美元增加至1億1,190萬美元，其中收購R.J. O'Brien在本季貢獻3,000萬美元的淨利息。

On a sequential basis, interest and fee income, net of interest paid to clients, and the effect of interest rate swaps increased $4.2 million as the average client equity and FDIC sweep client balances increased 7%. During the third quarter of FY 2026, we entered into an additional $750 million in fixed-rate SOFR swaps to hedge our aggregate interest rate exposure, which brings our aggregate swap position to $2.55 billion, with an average duration of approximately 1.5 years and an average rate of 3.51%. 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 $46.9 million or $0.38 per share on an annualized basis.

按季比較，扣除支付給客戶的利息並計入利率交換影響後的利息與費用收入增加420萬美元，因平均客戶權益與FDIC掃入（sweep）客戶餘額增加7%。在2026財年第三季，我們新增簽訂7.5億美元的固定利率SOFR交換，以對沖我們整體利率曝險，使我們的交換部位總額達25.5億美元，平均存續期間約1.5年，平均利率為3.51%。這些交換已反映在本頁的利率敏感度表中。如圖所示，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4,690萬美元，或每股0.38美元。

With that, I will hand you back to Philip for a product spotlight on our Global Prime Services business.

接下來，我把時間交還給Philip，請他就我們的全球主經紀（Global Prime Services）業務做產品聚焦介紹。

Thank you, Bill. As we do each quarter, and turning to slide 11, we'd like to spotlight one of the business lines driving our growth, and this quarter I'll turn to our Global Prime Services. Our Prime Services is a global, fully integrated prime brokerage platform operating from London, Singapore, Atlanta, New York, and Park City, Utah. From essentially a standing start in 2018, we now serve more than 700 accounts globally, with over $16 billion in client balances on the platform, generating nearly $140 million in net operating revenue in the last 12 months. Prime has become one of the strongest growth stories in the firm, having grown at a 60% plus CAGR over the last seven years, and is one of the clearest examples of our ecosystem at work. The thesis was straightforward and is the same thesis that runs through everything StoneX does.

謝謝你，Bill。如同我們每一季所做的，接著看第11張投影片，我們想聚焦一條推動成長的業務線；本季我將聚焦於我們的全球主經紀服務（Global Prime Services）。我們的主經紀服務是一個全球、完全整合的主經紀平台，營運據點包括倫敦、新加坡、亞特蘭大、紐約，以及猶他州帕克城。自2018年幾乎從零起步以來，我們目前在全球服務超過700個帳戶，平台上的客戶餘額超過160億美元，過去12個月創造近1.4億美元的淨營運收入。Prime已成為公司最強勁的成長故事之一，過去七年複合年成長率（CAGR）超過60%，也是我們生態系統發揮作用最清楚的例子之一。其核心論點很直接，也與StoneX所做的一切一脈相承。

We serve mid-market clients who need institutional-grade capabilities but have been historically underserved by the large global banks and broker-dealers. As bulge bracket firms imposed return on capital and revenue minimums, we stepped in as the partner of choice, offering flexible, cost-effective, and scalable solutions combined with the risk discipline and balance sheet strength that institutional clients expect.

我們服務的是需要機構級能力、但長期以來未能獲得大型全球銀行與券商充分服務的中型市場客戶。當大型投行（bulge bracket）對資本回報與收入設定最低門檻時，我們挺身而出成為首選合作夥伴，提供具彈性、具成本效益且可擴展的解決方案，並結合機構客戶所期待的風險紀律與資產負債表實力。

Turning to the next slide 12. We have built a modular platform designed specifically around the mid-market segment, drawing on the core infrastructure StoneX has developed across execution, clearing, custody, and finance, and of course, backed by the StoneX balance sheet. Clients access the capabilities they need, supported by the scale and stability of the broader franchise. In the United States, our platform covers trading and financing across equities, fixed income, and options through both fully self-clearing and introducing clearing models.

接著看下一張第12張投影片。我們打造了一個專為中型市場分部設計的模組化平台，運用StoneX在交易執行、清算、託管與融資等核心基礎設施上的建置成果，當然也以StoneX的資產負債表作為後盾。客戶可取得其所需的能力，同時受惠於更廣泛特許經營體系的規模與穩定性支持。在美國，我們的平台透過完全自營清算（self-clearing）與引介清算（introducing clearing）兩種模式，涵蓋股票、固定收益與選擇權的交易與融資。

Our hedge fund segment has grown steadily, with recent volatility driving increased engagement in options and future strategies. Our investment and automation leave us well-positioned for the rapid expansion in the ETF space, and our multi-custodian, multi-asset capabilities have gained meaningful traction with both single and multi-family offices. Securities financing and lending are also central to our US offering. We help clients finance and margin their positions and cover short sales, drawing on our own inventory and an extensive lending network to source hard-to-borrow securities. Our match book securities lending activities earns a spread-based return on over $2 billion in balances, and we help clients earn incremental income via our securities lending desk. Outside the US, we have seen rapid growth since launching three years ago. For hedge funds, institutional managers, and digital asset participants, we provide execution, custody, financing, and hedging across both equities and fixed income.

我們的避險基金客群穩健成長，近期波動帶動客戶在選擇權與期貨策略上的參與度提升。我們在投資與自動化方面的投入，使我們在ETF領域快速擴張的趨勢下具備良好布局；同時，我們的多託管機構、多資產能力也在單一家族辦公室與多家族辦公室客群中取得顯著進展。證券融資與借貸亦是我們美國產品的重要核心。我們協助客戶為其部位提供融資與保證金，並支援放空需求；我們運用自有庫存與廣泛的借券網絡，取得難以借入（hard-to-borrow）的證券。我們的配對簿（match book）證券借貸業務在超過20億美元的餘額上賺取以利差為基礎的報酬，同時也透過證券借貸交易台協助客戶賺取額外收益。在美國以外地區，自三年前推出以來，我們也看到快速成長。針對避險基金、機構管理人與數位資產參與者，我們提供涵蓋股票與固定收益的交易執行、託管、融資與避險服務。

A key differentiator is in fixed income, where we offer repo financing at an individual security level rather than a blended portfolio rate that is underpinned by a UK custody solution that gives clients confidence their assets are held securely within a fully regulated framework. For digital asset funds, we provide institutional-grade execution and custody across both crypto and traditional assets, along with collateralized lending within the digital asset ecosystem. Managers can hold fiat or fixed income collateral separately from their crypto exposure while financing their traditional assets on the same platform. Today, in addition to the digital assets we custody, Prime holds nearly $1.5 billion in traditional assets on behalf of those clients. Lastly, StoneX's existing relationships provide a natural cross-selling opportunity for Global Prime. This includes clients in our commercial segment whose treasury function can leverage Prime's custody capabilities and earn a return on excess cash balances.

一項關鍵差異化在於固定收益：我們提供以單一證券層級計價的附買回（repo）融資，而非以整體投資組合加權的混合利率；並由英國託管解決方案支撐，使客戶對其資產在完整監管架構下被安全持有更具信心。對於數位資產基金，我們提供涵蓋加密資產與傳統資產的機構級交易執行與託管，並在數位資產生態系中提供有擔保借貸。管理人可將法幣或固定收益抵押品與其加密資產曝險分開持有，同時在同一平台上為其傳統資產進行融資。目前，除我們所託管的數位資產外，Prime亦代表這些客戶持有近15億美元的傳統資產。最後，StoneX既有的客戶關係為Global Prime帶來自然的交叉銷售機會。其中包括我們商業分部的客戶，其財資職能可運用Prime的託管能力，並就多餘現金餘額賺取報酬。

On slide 13, you can see the results of these efforts. Since 2019, client balances have grown from less than $1 billion to more than $16 billion today, generating nearly $140 million of net operating revenue on a trailing 12-month basis. The growth since inception has been rapid, with much of the growth coming in the last three years, with client assets growing at a CAGR of over 65% since 2023. This growth has been broad-based across the clients we serve, including hedge funds, ETF and mutual fund providers, and family offices. Despite this growth, our share of the addressable market remains relatively modest. We believe the combination of a large market opportunity, increasing demand for multi-asset prime service providers, and our disciplined approach to execution provides a substantial runway for growth. On the next slide, I will go through Prime's priorities and outlook.

在第13張投影片中，你可以看到這些努力的成果。自2019年以來，客戶餘額已從不到10億美元成長至目前超過160億美元，過去12個月的淨營運收入接近1.4億美元。自成立以來成長迅速，其中多數成長發生在過去三年；自2023年以來，客戶資產的複合年成長率（CAGR）超過65%。這項成長在我們服務的客群中呈現廣泛分布，包括避險基金、ETF與共同基金提供者，以及家族辦公室。儘管成長顯著，我們在可服務市場中的市占仍相對有限。我們相信，龐大的市場機會、對多資產主經紀服務提供者日益增加的需求，以及我們在執行上的紀律性做法相結合，將提供可觀的成長跑道。在下一張投影片，我將說明Prime的優先事項與展望。

A core priority for StoneX is to remain relevant to our clients through the products we offer, the markets we operate in, and the depth of relationships we build. For Global Prime, this means the following. First, we are extending our financing suite to include US equity swaps, fixed income total return swaps, and fixed income private brokerage. Capabilities we have always proven in EMEA and are now bringing to the United States. We are also investing in capabilities that span global markets. Our outsourced trading business, where we provide clients with a fully embedded trading desk, has recently expanded into Asia, where early momentum is being built. Second, we are growing the client base organically, inorganically through M&A, and by engaging funds earlier in their life cycle.

StoneX 的核心優先事項之一，是透過我們提供的產品、我們營運的市場，以及我們建立的關係深度，持續與客戶保持相關性。對 Global Prime 而言，這意味著以下幾點。第一，我們正在擴充融資產品組合，納入美國股票交換（US equity swaps）、固定收益總報酬交換（fixed income total return swaps），以及固定收益私人經紀（fixed income private brokerage）。這些能力我們在 EMEA 一直都已證明成熟，現在正把它們帶到美國。我們也在投資涵蓋全球市場的能力。我們的外包交易業務（outsourced trading business）——為客戶提供完全嵌入式的交易櫃檯——近期已擴展至亞洲，並正在建立早期動能。第二，我們正透過有機成長、透過併購（M&A）的無機成長，以及在基金生命週期更早期就與其接觸，來擴大客戶基礎。

Our Prime consultancy business, which includes capital introduction, helps us build relationships with emerging managers as they launch and scale their funds, creating an early entry point into the relationship. Lastly, as we finalize the integration of Benchmark and R.J. O'Brien, we expect significant cross-sell opportunities through clients who are beginning their relationship with StoneX. Finally, we are focused on making the platform more valuable for clients who choose to do more business with StoneX. Through cross-product margining and collateral relief, integrated coverage teams, and consolidated reporting, we are making it easier for clients to access the full breadth of the ecosystem through a single relationship. This is evidenced by clients engaging with us across multiple capabilities from the beginning, and in some cases, we have clients on board across seven products simultaneously. We believe these initiatives will drive greater client engagement, strengthen retention, and create a compounding opportunity to deepen relationships over time.

我們的 Prime 顧問業務（Prime consultancy business），其中包含資本引介（capital introduction），協助我們在新興管理人啟動並擴張其基金時建立關係，為合作關係創造更早的切入點。最後，隨著我們完成 Benchmark 與 R.J. O'Brien 的整合，我們預期透過那些正開始與 StoneX 建立關係的客戶，將出現顯著的交叉銷售機會。最後，我們也專注於讓平台對選擇與 StoneX 開展更多業務的客戶更具價值。透過跨產品保證金抵扣（cross-product margining）與擔保品釋放（collateral relief）、整合式覆蓋團隊（integrated coverage teams）以及整合報表（consolidated reporting），我們讓客戶更容易透過單一關係取得整個生態系的完整廣度。這可從客戶一開始就跨多項能力與我們合作看出來；在某些情況下，我們甚至同時讓客戶在七項產品上線。我們相信這些舉措將帶動更高的客戶參與度、強化留存，並創造隨時間推進而加乘的機會，以深化關係。

Turning to the last slide of the section, slide 15, the most important point I want to leave with you is that Global Prime Services does not sit in isolation. It is the connective tissue of the StoneX ecosystem. Prime brings together custody, financing, execution, hedging capabilities that often form the foundation of a client relationship. From there, those same clients can access a broader range of products and capabilities across our ecosystem, whether through FX, payments, clearing, market making, and other products and services. As clients engage more, relationships deepen, wallet share expands, and the client becomes stickier.

接著看本段最後一張投影片——第 15 頁——我最想讓各位帶走的重點是：Global Prime Services 並非孤立存在。它是 StoneX 生態系的連結組織。Prime 將託管（custody）、融資（financing）、執行（execution）與避險能力（hedging capabilities）整合在一起，而這些往往構成客戶關係的基礎。從那裡開始，同一批客戶便能透過外匯（FX）、支付（payments）、清算（clearing）、做市（market making）以及其他產品與服務，取得我們生態系中更廣泛的產品與能力。隨著客戶參與度提高，關係會加深、錢包份額（wallet share）擴大，客戶黏著度也會提升。

In that sense, Prime is not only a growing business in its own right, but also a driver of growth across the broader StoneX platform, with the value of the ecosystem compounding as clients do more business with us over time. To close, this was another strong quarter in spite of the moderation and volatility with net income of $127.9 million and diluted EPS of $1. Trailing 12 months net income was $526.9 million, up 77% versus the prior year. Our return on equity for the quarter was 18.4%, and on the trailing 12 months, it's 20.8%, both well above our 15% target. On a tangible book value basis, return on tangible equity was 25% for the third quarter and 28.7% on a trailing 12-month basis, with book value per share of $23.70, up $5.76 or 32% versus the prior year.

因此，Prime 不僅本身是一項成長中的業務，也是在更廣泛的 StoneX 平台上推動成長的引擎；隨著客戶隨時間與我們開展更多業務，生態系的價值也會加乘累積。最後總結，儘管市場活動降溫且波動加大，本季仍是另一個強勁季度，淨利為 1.279 億美元，稀釋後每股盈餘（diluted EPS）為 1 美元。過去 12 個月（TTM）淨利為 5.269 億美元，較前一年成長 77%。本季股東權益報酬率（ROE）為 18.4%，過去 12 個月為 20.8%，兩者皆明顯高於我們 15% 的目標。以有形帳面價值（tangible book value）為基礎，第三季有形股東權益報酬率（return on tangible equity）為 25%，過去 12 個月為 28.7%；每股帳面價值為 23.70 美元，較前一年增加 5.76 美元或 32%。

Our performance to date reflects the power and scale of the ecosystem we have built at StoneX and the compounding effect of the investments we have made in technology, people, and products. We continue to see a significant total addressable market ahead of us, and we remain excited about the growth prospects of the company and the continued expansion of that ecosystem.

截至目前的表現，反映了我們在 StoneX 所建立生態系的力量與規模，以及我們在科技、人員與產品上的投資所帶來的加乘效應。我們仍看到前方有相當可觀的總可服務市場（total addressable market），並持續對公司的成長前景以及該生態系的持續擴張感到振奮。

With that, operator, would you kindly open the line for questions?

那麼，接線員，麻煩您開放提問線路，好嗎？

(Operator Instructions) Dan Fannon, Jefferies.

(接線員指示) Dan Fannon，Jefferies。

Phil, wanted to just follow up on the comments around just the physicals market, which has been so strong for you year-to-date. Just wanting to get a little bit more color around the underlying activity, what's driving that. We've also read about Project Vault. We're curious if that is something which the government's doing is having an impact on kind of the growth of that business.

Phil，我想就你剛才關於現貨實物（physicals）市場的評論再追問一下，這塊業務今年以來對你們而言一直非常強勁。想請你多補充一些底層活動的細節，以及是什麼在驅動這些表現。我們也讀到關於 Project Vault 的報導。我們想了解政府正在推動的這件事，是否對該業務的成長產生了影響。

Sure, Dan. Our physical business, as you know, is separated between metals and non-metals, and it's very much precious metals versus non-precious metals, more on the commodities, agricultural, and such. We've seen over, I guess, the last two quarters where the metals, the precious metals physical business has just outperformed and done incredibly well and exceeded expectations. A lot of it was driven by just dislocations in various markets between location A and location B. I think I went into that in quite a lot of detail in the last two earnings calls. With regards to domestic and non-metals business, that physical business continues to grow.

當然，Dan。如你所知，我們的實物業務分為金屬與非金屬兩部分；其中金屬又主要是貴金屬，而非金屬則更偏向大宗商品、農產品等。我想在過去兩個季度，我們看到金屬、也就是貴金屬的實物業務表現突出，做得非常好，並且超出預期。其中很大一部分是由各市場之間（例如地點 A 與地點 B）出現的錯位（dislocations）所驅動。我在前兩次財報電話會議中已相當詳細地說明過。至於國內與非金屬業務，該實物業務仍在持續成長。

We continue to build out market share, and very much as we set out when we made certain acquisitions, such as CDI, which put us into the physical cotton business and very much into the expansion into physical coffee and physical cocoa. These are areas where our financial business is very strong, and our client base is very deep. When we look to expand into those areas, we do take a certain level of comfort in the fact that we are then extending the product offering, extending the ecosystem within that space, but from a very strong position within our financial space. Where we had continued success in building out those businesses is where we've been able to work very closely with our financial business, our financial-based clients, and being able to offer them the additional level of service.

我們持續擴大市占率，而且這與我們在進行某些收購（例如 CDI）時的初衷一致；該收購讓我們進入實體棉花業務，並大幅推動我們向實體咖啡與實體可可的擴張。這些領域中，我們的金融業務非常強，我們的客戶基礎也非常深厚。當我們尋求擴張到這些領域時，我們確實會因為自身在金融領域的強勢地位而更有把握——也就是在該領域延伸產品供給、擴展該空間內的生態系。我們在打造這些業務上能持續成功的原因，在於我們能與金融業務緊密合作，與以金融為基礎的客戶密切協作，並能為他們提供更高層級的服務。

That's been crucial in terms of our build-out of our physical business, which we continue to strive to add more and more products, more and more capabilities to. It becomes more of a unique ecosystem for our clients, where some clients will be very eager to operate in the physical space. They want the hedging capability. We have the ability to embed optionality into physical contracts. That's a fairly unique product offering in this space because we have that strong financial business, the strong OTC business, and an increasingly strong physical business. Bringing those together, I think, makes a very formidable product line for us and something we want to highlight in a couple of quarters time, where we've brought together various parts of the business that we've acquired, we've built out organically new initiatives.

這對我們擴建實物業務至關重要；我們也持續努力增加更多產品與更多能力。這讓我們為客戶打造出更獨特的生態系；有些客戶會非常渴望在實物領域運作。他們需要避險能力。我們也有能力在實物合約中嵌入選擇權特性（optionality）。在這個領域，這是一項相當獨特的產品供給，因為我們擁有強大的金融業務、強大的 OTC 業務，以及日益強大的實物業務。把這些結合起來，我認為為我們打造出非常有競爭力的產品線；我們也希望在接下來幾個季度加以重點呈現，屆時我們已把收購而來的各個業務部分整合起來，並以有機方式建立新的倡議。

We want to highlight that as a separate division, which is increasingly becoming part of a more and more relevant business line for us.

我們希望將其作為一個獨立事業部來重點呈現，而它正日益成為我們更具相關性、也越來越重要的一條業務線。

Understood. That's helpful. Wanted to follow up on some of the comments around the RJO integration. I think the commentary obviously is that it's going well. Curious if you could put some numbers around where you are on the cost synergy side. Then at the time of the deal, you announced multiple or greater revenue synergy potential over time versus the expense synergies outlined. Curious if there's been any early attribution you could attribute to the revenue synergies.

了解。這很有幫助。我想再追問一些關於 RJO 整合的評論。我想你們的說法顯然是進展順利。想請教你是否能用一些數字說明目前在成本綜效（cost synergy）方面的進度。另外，在交易宣布時，你們提到隨時間推進，營收綜效（revenue synergy）的潛力可能是費用綜效所概述的倍數或更高。想了解是否已經有任何早期成果可以歸因於營收綜效。

Sure. Thanks, Dan. I'll take the first one. I'll let Philip handle the second one. On the cost synergy side, as I mentioned on the last call, we kind of were exiting Q2 with about a $32 million-ish run rate on an annualized basis of the cost savings. We expect to be, or we're exiting Q3 here with something closer to $37 million to $38 million. Still targeting kind of what we talked about last quarter by the end of the fiscal year, so end of next quarter to be mid-40s, $45 million to $46 million run rate. By probably end of first quarter, be at the $50 million we originally announced. Tracking well from where we were last quarter, continuing to see that grow here in Q3.

好的。謝謝，Dan。我先回答第一個。第二個我讓Philip來回答。在成本協同方面，如同我在上次電話會議提到的，我們在第二季結束時，按年化計算的成本節省執行率大約在3,200萬美元左右。我們預期，或者說我們在第三季結束時，會更接近3,700萬到3,800萬美元。我們仍以本財年年底、也就是下個季度末達到我們上季所談的中4,000萬美元區間為目標，約4,500萬到4,600萬美元的執行率。大概在第一季末，達到我們最初宣布的5,000萬美元。相較上季的進度追蹤良好，並在第三季持續成長。

I think when we last spoke last quarter, we were saying this Q3 was a very important quarter with regards to the integration. This was when the large integration process of the USFCM was going to happen, and that did happen. That has been completed, and we are now able to start looking at the business more holistically, looking at the clients, being able to really go deeper into the cross-selling capability. From the moment we announced the deal, even before closing, there was a lot of interaction between StoneX and R.J. O'Brien. That continued into closing, that continued into the integration. There are early success stories of where increased capability that we can provide from StoneX to R.J. O'Brien clients who are now StoneX clients. We've seen the benefit of it.

我想上季我們最後一次談到時，我們說第三季在整合方面是非常重要的一季。這是USFCM的大型整合流程要發生的時間點，而確實也發生了。該流程已完成，我們現在能以更整體的角度來看待業務、檢視客戶，並能更深入推進交叉銷售能力。自我們宣布交易起，甚至在交割前，StoneX與R.J. O'Brien之間就有大量互動。這在交割後延續，也在整合期間延續。目前已有一些早期成功案例：我們能從StoneX為R.J. O'Brien的客戶（如今已成為StoneX客戶）提供更強的能力。我們已看到其效益。

We've seen an increased level of momentum, and we continue to be very positive about the outcome. As I said in previous conversations, there are certain products that we can offer to customers on day one. The increased capability, access to platforms, access to physical products, physical programs that will assist our clients immediately. There are others where it does involve increased level of engagement in education and also awareness to make sure that products that we are now able to offer legacy R.J. O'Brien clients are correct and suitable for said clients. It's an important process, which is why we repeat we never made any revenue synergies because we didn't want to be bound by timeline expectations, ensuring that we didn't rush certain aspects of future revenue, which we feel and continue to feel very strongly about.

我們看到動能提升，並且對最終結果持續非常正面。如我在先前的對話中所說，有些產品我們可以在第一天就提供給客戶。更強的能力、平台的存取、實體產品的存取，以及能立即協助客戶的實體方案。但也有一些需要更高程度的投入，包括教育與提升認知，以確保我們現在能提供給R.J. O'Brien既有客戶的產品是正確且適合該等客戶的。這是一個重要流程，因此我們一再強調，我們從未提出任何營收協同，因為我們不希望被時間表的預期所綁住，並確保不會為了未來營收而在某些面向操之過急；對此我們一直、也仍然非常堅定。

Because of that suitability and ensuring that we're not moving too quickly for the sake of achieving a timeline that we've set out to the market. That momentum continues, and as the clients are now very much embedded in the StoneX system, we're able to leverage that at a greater rate. We continue to mark lots of cards of wins along the way. Hope that answers your question.

正因為要考量適配性並確保我們不會為了達成對市場所設定的時間表而推進得太快。這股動能仍在延續，而隨著客戶如今已深度嵌入StoneX系統，我們能以更高的速度加以運用。我們持續在過程中記錄許多階段性的勝利。希望這回答了你的問題。

Understood. Bill, just to follow up on just the quarter's results and if there were any one-timer or where any kind of some of the income statement, like professional fees looked low. If there are any benefits or things that we think about from a normalized basis going forward we should be aware of as we think about your fiscal fourth quarter.

了解。Bill，我想追問一下本季的結果，是否有任何一次性項目，或損益表中是否有某些科目（例如專業費用）看起來偏低。就未來的常態化基礎而言，是否有任何我們應注意的利多或事項，以便我們在思考你們的財政第四季時納入考量？

Sure. We tried to point that out a bit. There's about a $12.5 million recovery, insurance recovery and professional fees. Net of some settlements, it's about $8.5 million, I would say, on a net basis for the quarter. That would have been one. We did talk about the synergies. There were also about a little over $4 million of severance and retention in the quarter. Kind of netting those out versus synergies. I think those are probably the only two I would call out, Dan.

當然。我們有稍微指出這點。有大約1,250萬美元的回收，包含保險理賠回收與專業費用。扣除一些和解項目後，我會說本季淨額大約是850萬美元。這算是一項。我們也談到了協同效益。此外，本季還有略高於400萬美元的資遣與留任成本。大致上是把這些與協同效益相互抵銷來看。我想大概就只有這兩項我會特別點出來，Dan。

Okay, thanks. I'll get back in the queue.

好的，謝謝。我回到提問隊列。

Jeff Schmitt, William Blair.

Jeff Schmitt，William Blair。

Hi, good morning. On the revenue synergies, I know you spent a lot of time getting to know RJO's derivative capabilities and going through their client list. What are some of the takeaways you have from going through their books? I think you had just started your cross-selling efforts, but for your OTC derivatives. Maybe if you can give us a sense on how long you think that could take.

嗨，早安。關於營收協同，我知道你們花了很多時間了解RJO的衍生品能力並檢視他們的客戶名單。在檢視他們的業務帳冊後，你們有哪些主要收穫？我想你們才剛開始針對你們的OTC衍生品進行交叉銷售。也許你能讓我們了解一下，你認為這可能需要多久時間。

That does seem to be the question everyone wants to know, isn't it? As I said, we've been able to achieve a lot of interaction between existing parts of R.J. O'Brien and StoneX even before the integration has been completed. Very much increasing that awareness of what we have to offer. I would say, reiterate what I said before is that we've had some very easy wins with regards to offering platforms and capabilities that perhaps sit in our physical business. Now, those are already being utilized across legacy R.J. O'Brien clients because they see it as an opportunity, and some of them would've liked to have been able to do that in-house at R.J. O'Brien. They didn't have the capability, and in some cases, didn't know there was an alternative or didn't know there was a product of such that would help them.

這似乎是大家都想知道的問題，不是嗎？如我所說，即使在整合完成之前，我們就已能在R.J. O'Brien與StoneX既有部門之間達成大量互動。並大幅提升對我們可提供內容的認知。我會重申我之前說過的：在提供平台與能力方面，我們已取得一些非常容易的勝利，這些可能屬於我們的實體業務。現在，這些已在R.J. O'Brien既有客戶間被使用，因為他們視之為機會；其中一些客戶原本也希望能在R.J. O'Brien內部做到，但他們沒有這項能力；而在某些情況下，他們不知道有替代方案，或不知道有這樣的產品能幫助他們。他們不知道有這樣的產品能幫助他們。

That's been crucial in just increasing the awareness. Now, you must remember, R.J. O'Brien have 350 IBs, who themselves have underlying clients. Reaching out to the end client has been a process of integration, a process of awareness, and a process in which we have tried as actively and as deeply as possible to engage with those underlying clients and really demonstrate all the capabilities that are on offer. Now equally, things as we said quite early on, things like foreign exchange provision, things like OTC, access to our physical hedging capability, access to physical contracts. Things that we sometimes just take for granted. It does have to have a lead time of rollout. We've not put any pressure on people to sell. We've made this very clear. We don't want this to be seen as something that we are trying to force on people.

這在提升認知方面至關重要。另外你必須記得，R.J. O'Brien有350家IB（介紹經紀商），而他們本身也有其下游客戶。觸及終端客戶一直是一個整合的過程、一個提升認知的過程，也是我們盡可能主動且深入地與這些下游客戶互動、真正展示所有可提供能力的過程。同樣地，正如我們很早就說過的，像是外匯提供、OTC、存取我們的實體避險能力、存取實體合約等。這些有時我們會視為理所當然。但確實需要一段推出的前置時間。我們沒有對任何人施壓要求銷售。我們已非常清楚地表明這點。我們不希望這被視為我們在強迫別人接受的事情。

It's all about increased awareness and education and highlighting all the capabilities. I'm not saying that every single client of R.J. O'Brien, who traditionally traded futures to hedge their exposure, their risk mitigation in whatever product it might be, will automatically move to an OTC. The beauty of an OTC product is that we are able to custom make a hedge for our clients. That's what our client base does benefit from. They enjoy the personal suitability and targeting of specifically their product, their exposure and themselves. I think that's what makes a difference. It takes time. We've built out huge OTC businesses from scratch in parts of the world, in EMEA and APAC, where I would say five, six years ago, our OTC capability was almost minimal. That's now a big driving force of our expansion and our relevance to our clients.

重點在於提升認知與教育，並凸顯所有能力。我並不是說R.J. O'Brien的每一位客戶——他們傳統上透過期貨交易來對沖曝險、在不論何種產品上進行風險緩釋——都會自動轉向OTC。OTC產品的優勢在於，我們能為客戶量身打造避險。這正是我們的客戶群所受益之處。他們享受針對其產品、其曝險以及其自身情況所做的個人化適配與精準對應。我認為這就是差異所在。這需要時間。我們曾在世界某些地區從零開始建立龐大的OTC業務，在EMEA與APAC也是如此；我會說在五、六年前，我們的OTC能力幾乎微乎其微。而現在，這已成為我們擴張與提升對客戶相關性的一大驅動力。

We try to apply that same logic to all clients, regardless of whether they are legacy R.J. O'Brien or not. That's very much the direction we're going, very much the strategy, and the RJO client base is part of that. Just like every other client who touches StoneX in one way, we want to ensure there's more that we can offer. I think that's why I went into the deep dive with our prime business, because that's an illustration where we've brought all the capabilities with an ecosystem into a single product offering, which I think is a distinction between us and many other participants in the market. I might have gone on a bit.

我們嘗試將同樣的邏輯套用到所有客戶身上，不論他們是否屬於既有的 R.J. O'Brien 客戶。這正是我們前進的方向，也是我們的策略，而 RJO 的客戶群也是其中一部分。就像所有以任何方式接觸 StoneX 的其他客戶一樣，我們希望確保我們能提供更多價值。我想這也是為什麼我會深入談我們的主經紀（prime）業務，因為那是一個例子：我們把所有能力與生態系整合到單一產品方案中，我認為這是我們與市場上許多其他參與者之間的差異。我可能講得有點多了。

Then a question on the payments business. I mean, the RPM continues to decline there. It's fallen for a couple of years now. I think in the past, they talked about a client mix shift having some impact, maybe moving into larger banks. Could you discuss what's driving that and how much farther do you think that can now fall?

接著想問支付（payments）業務。我的意思是，那邊的 RPM 持續下滑。已經跌了好幾年了。我記得過去他們提到客戶組合轉移對此有些影響，例如轉向更大型的銀行。你能談談是什麼在驅動這個趨勢，以及你認為它還可能再下滑多少嗎？

Well, I'm trying to remember when we did the deep dive on payments. It coincided with the launch of our proprietary system, XPay, the key there was all about capacity. You must remember that up until that point, we were turning away business. We had many banks, payments companies wanting to move more business towards us, very much high volume, low value payments. Our system at the time did not have the capability, and so we were turning away business. Once we rolled out XPay, as said, we increased the capacity, I dunno, 15-fold, then allowed those banks, those FIs, those payments companies to use our payment channels, our rails to get into the countries that they were lacking, but at a scale that they were not able to provide themselves.

嗯，我在想我們是什麼時候對支付做過深入解析的。那次剛好與我們自有系統 XPay 的推出同時；關鍵在於產能。你一定記得，在那之前我們其實是在拒絕一些業務。有很多銀行、支付公司希望把更多業務導向我們，主要是高量、低價值的支付。但當時我們的系統沒有那個能力，所以我們只能拒絕。當我們推出 XPay 之後，如我所說，我們把產能提高了——我不知道——大概 15 倍，於是就讓那些銀行、那些金融機構（FIs）、那些支付公司能使用我們的支付通道、我們的清算軌道（rails），進入他們原本缺乏覆蓋的國家，而且規模是他們自己無法提供的。

Prior to the rollout of XPay, we were not able to provide. That was a key driver for the need to build out a new system. A desire to take on that business that the world was struggling with. We've seen that growth. We continue to see a lot of large payment companies, increasing number of banks who have this flow and are now actively directing it to StoneX because we now have that capability and are able to provide it, provide that level of service as we do with the lower volume, higher value payments. It increases that capability, and that's the reason why you're seeing the average daily volume going up, but you're also seeing the revenue per trade going down. We continue to expect that to be a trend for the foreseeable future.

在 XPay 上線之前，我們是無法提供那樣的服務的。這也是為什麼需要打造新系統的一個關鍵驅動因素。我們希望承接那類全球市場都在苦於處理的業務。我們已經看到那樣的成長。我們也持續看到許多大型支付公司，以及越來越多擁有這類流量的銀行，現在正積極把它導向 StoneX，因為我們現在具備那個能力，能提供那樣的服務水準，就像我們對低量、高價值支付所提供的一樣。這提升了整體能力，因此你會看到平均每日交易量上升，但同時每筆交易收入也在下降。我們預期在可預見的未來，這仍會是一個趨勢。

Yeah.

是的。

That could be-

那可能會——

Oh, sorry. Jeff, I was-

喔，抱歉。Jeff，我剛才——

That could be over the next few years. Go ahead.

那可能會在接下來幾年發生。你繼續。

No, I was going to say, you can kind of see what Philip's talking about when you look at our first quarter of this fiscal year. That's when you really saw a big spike up in our volumes, and you did see a trend down a bit in the rate per million from a little over 10,000 to 9,400 per million. Then you've seen that actually trend up and the volumes have grown, which has been a nice trend during the fiscal year, going up sequentially for three quarters. It did kind of level set shift down, as Philip said, as that system got rolled out. Now we're seeing it. It trend up a little bit. I don't think it's necessarily going to get to where it was, but the volumes are growing quite fast and it's nice to see the rate per million going up.

沒有，我是想說，你看我們本財年的第一季，其實就能看到 Philip 在講的情況。那時你真的看到交易量大幅飆升，而每百萬（rate per million）的費率也確實有些下滑，從略高於 10,000 降到每百萬 9,400。之後你又看到它其實呈現回升趨勢，而且交易量也持續成長，這在本財年是一個不錯的趨勢，連續三季逐季上升。如 Philip 所說，隨著系統推出，確實出現了一次性的下移、重新定錨。現在我們看到它——又稍微往上走了一點。我不認為它一定會回到原來的水準，但交易量成長相當快，而看到每百萬費率回升也很令人欣慰。

Yeah. It was just shy of a record quarter, and the reason I say that is because historically in our payments business, the Q1 has always been the high-water mark in most years. We were just shy of beating the Q1 high-water mark from 2024. I think that's pleasing to see. I am hoping to have a deep dive in payments for our Q1 2027 call because it should coincide with quite a few initiatives and exciting opportunities that we want to throw out and bring together and highlight the strategy, which will probably be about three years after we last did the deep dive.

是的。那一季幾乎接近創紀錄，而我這麼說是因為從歷史上看，我們的支付業務在多數年份第一季一直都是高水位。我們距離打破 2024 年第一季的高水位只差一點點。我覺得看到這點很令人高興。我希望在 2027 財年第一季的電話會議上，能對支付業務做一次深入解析，因為那應該會與不少計畫與令人興奮的機會同步，我們想把它們提出來、整合起來並凸顯策略；那大概會是距離我們上次做深入解析約三年之後。

Okay, great. Then a question on client float, obviously up a lot from the RJO deal, but what do you think that can grow at after the deal kind of annualizes or lapses? Then, any changes in your investment strategy there? Are you increasing duration using more swaps? Anything like that?

好的，很好。接著想問客戶浮存金（client float），顯然因為 RJO 交易而大幅上升，但你認為在交易效應年化或基期消失之後，它還能以什麼速度成長？另外，你們在那部分的投資策略有任何改變嗎？你們是否在拉長存續期間、使用更多交換（swaps）？或是類似的作法？

Yeah, I think that post the deal, I think you can certainly be growing those balances, high single-digit percent. As the industry continues to grow, and I think that we've got a compelling story being the largest non-bank US FCM and continuing to grow, obviously in the UK and Singapore as well. Definitely becoming more relevant there. On the investment front, we're not really doing anything different than what we've kind of talked over the last nine months. Post-integration we are continuing to put in some levels. As I said in my remarks today, we did do about another three quarters of a billion of two-year swaps to kind of average in this quarter to kind of put a floor.

是的，我認為在交易完成之後，你當然可以讓那些餘額以高個位數百分比成長。隨著產業持續成長，而且我認為我們作為美國最大非銀行 FCM 的故事很有吸引力並持續成長，當然在英國與新加坡也是如此。我們在那邊的相關性也確實越來越高。在投資方面，我們並沒有做任何不同於過去九個月所談的事情。整合完成後，我們持續建立一些部位。如我今天發言所說，我們本季又做了大約 7.5 億美元的兩年期利率交換，算是分批平均進場，以建立一個底部。

Overall, we've got about $2.5 billion of swaps out there at a little over 350 basis points, which puts a nice kind of floor for us on a piece of it. There's a little bit of duration we're taking, but not a lot on the actual investment side. There's probably about $1.5 billion there as well that we've got a little bit out on the curve, but nothing more than two years. Just trying to continue to maximize and make sure that we're earning a little bit of a premium over SOFR, 10 or 15 basis points is kind of what we're targeting.

整體來看，我們目前在外的交換名目本金約 25 億美元，利率略高於 350 個基點，這讓我們在其中一部分上有一個不錯的底部。我們確實有承擔一點存續期間，但在實際投資端並不多。另外大概也有 15 億美元，我們把部位稍微放到殖利率曲線較遠端，但最長也不超過兩年。我們只是想持續最大化，並確保我們能賺到略高於 SOFR 的溢價，大概目標是 10 到 15 個基點。

Yeah, okay. Just one last one. I think at the Q, it had mentioned greater adoption of your automated trading platform with regards to your OTC derivatives business. I don't know if that's a newer initiative or something you've been investing in. I was just curious why that was called out specifically.

好的，了解。最後一個問題。我記得在 Q（季度資料/簡報）裡提到，你們在 OTC 衍生性商品業務方面，對自動化交易平台的採用度提高。我不確定這是較新的計畫，或是你們一直在投資的項目。我只是好奇為什麼會特別把這點點出來。

No, it's not new, but I think it's fair to say it's been accelerated and improved and the efficiencies achieved using AI to speed the upgrades and the increased capability and the increased efficiency from our platforms. That's something we are seeing across the board, and you're seeing it as a highlight in the OTC capability where our electronic swap matching platform has just been rolled out, and it has been rolled out over time, but the acceleration and the efficiency and the capability within the platform has really made a meaningful difference. A lot of that relates back to my announcement in the last quarter where we went from an AI perspective, from sort of early adoption, experimenting, sort of just playing around to rolling out an enterprise-wide capability, which is becoming increasingly core and central to our overall technology build-out. That is a good example.

不，這不是新的，但可以說它被加速了、也被改善了；而且我們運用 AI 來加快升級速度，提升平台能力與效率，並取得了效率成果。這是我們各個面向都看得到的，而你會在 OTC 能力上看到它被凸顯：我們的電子交換撮合平台剛完成上線；它其實是逐步推出的，但平台內的加速、效率與能力提升，確實帶來了有意義的差異。其中很多都回扣到我上季的宣布：從 AI 的角度，我們從早期採用、試驗、某種程度上只是摸索，轉向推出企業級的能力；而這正日益成為我們整體技術建置的核心與中樞。這就是一個很好的例子。

Our swap platform is a good example where we're starting to see early wins on that. We are similarly rolling out the capability to approve efficiency in reconciliations, in investigations, in LC management, settlement instruction corrections, and technology platform and project acceleration. A lot of that will be provided as a sort of post six month announcement in the next earnings call. Because I think we want to start demonstrating to our investors and the market what we've been able to achieve, whether it's cost savings, reduction in vendors, whether it's efficiency of technology, acceleration of rollout of new product capability, all the such. That's the objective there in the next quarterly earnings.

我們的掉期平台就是一個很好的例子，顯示我們已開始在這方面看到初步成果。我們也正以類似方式推出相關能力，以提升在對帳、調查、信用狀（LC）管理、結算指示更正，以及科技平台與專案加速等方面的效率。其中許多內容將會在下一次財報電話會議中，以某種「六個月後公告」的形式對外說明。因為我認為我們希望開始向投資人與市場展示我們已經達成的成果，不論是成本節省、供應商數量的減少、科技效率的提升，或是新產品能力推出的加速等等。這就是下一次季度財報的目標。

I would just add, Jeff, one of the other nice things that's come out is, if you looked back six, seven years ago in a lot of the structured products that we're trading in OTC, those were phone conversations that were going on with our desk and the broker and the clients, to kind of customize a solution and find out what it is. Now we have tools to where customers can just be looking at live pricing for structured products that fit the needs that they have. It's a much quicker execution, much more customizable, and gives them a great view. Those kind of things are another thing that's kind of driving those volume growth and revenues.

我再補充一點，Jeff，另一個很好的收穫是，如果你回頭看六、七年前，我們在場外（OTC）交易的許多結構性產品，當時主要是我們交易台、經紀商與客戶之間透過電話溝通，來客製化解決方案並釐清需求。現在我們有工具，讓客戶可以直接查看符合其需求的結構性產品即時報價。執行速度快得多、客製化程度更高，也讓他們有很好的可視性。這類事情也是推動交易量成長與營收的另一個因素。

It makes expansion geographically that much easier, because you're not feeding through to people to pricing transactions. You're able to offer it to more and more parts of our global footprint and the clients that sit throughout the globe.

這也讓地理版圖的擴張容易得多，因為你不需要透過人力來為交易報價。你能把這項服務提供到我們全球版圖中越來越多的地區，以及遍布全球的客戶。

Okay. Thank you. That's all I had.

好的。謝謝。我就這些問題。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Thanks for taking the follow-up. Just wanted to get your updated thoughts on M&A here currently, and maybe the dialogue interactivity as you see in the kind of back half of the calendar year, if you see that picking up for yourselves.

謝謝讓我追問。我想了解你們目前對併購（M&A）的最新看法，以及你們對今年下半年整體對話互動、交易洽談熱度的觀察；你們是否看到對你們而言會有所回升。

I think I've been asked that before, and I think the response has been, we are always looking at transactions. We are known as a consolidator. We're known as an acquirer in the markets. We have stuck to very strict principles of the logic for adding to the StoneX ecosystem and whether it expands our geographical footprint, whether it expands our product offering, or whether it brings us a book of clients that we didn't have before. That doesn't stop. I think we said there's always half a dozen transactions that we're looking at, and I think I actually put it out there, almost business as usual is for us to be acquiring companies sort of $10 million to $30 million, $10 million to $40 million in size that add to that increased capability. I don't see that being anything other than almost business as usual now.

我想我以前也被問過這個問題，而我的回答一直是：我們始終都在看交易機會。我們以整合者著稱。我們在市場上也以收購方聞名。我們一直遵循非常嚴格的原則，評估是否能為 StoneX 生態系帶來增益：是否擴大我們的地理版圖、是否擴充我們的產品供給，或是否帶來我們以前沒有的客戶群。這些都不會停止。我想我們也說過，我們總是同時在看大約半打交易；而且我也曾提到，對我們而言幾乎是「照常運作」的狀態，就是收購規模約 1,000 萬到 3,000 萬美元、或 1,000 萬到 4,000 萬美元的公司，以增加能力。我不認為這會變成除了幾乎照常運作之外的任何狀態。

I think a lot of companies, a lot of small monoline business lines, maybe sole proprietors who are looking for an exit strategy, we are seen as an opportunity for those to extract value and bring a capability that will be added and hugely supplement the product offering across our entire ecosystem. At the same time, give the entire capability that sits within StoneX to their clients to enhance the relationship, to make it deeper and more meaningful. Those, that will not change, and that hasn't changed. We haven't seen any change of any sort from the beginning of the year to where we are today.

我認為很多公司、很多小型單一產品線（monoline）的業務，或許是獨資經營者，正在尋找退出策略；而我們被視為一個機會，讓他們能夠實現價值，同時帶來一項能力，加入後將大幅補強我們整個生態系的產品供給。同時，也把 StoneX 內部的完整能力提供給他們的客戶，以強化關係，讓關係更深、更有意義。這些不會改變，而且也一直沒有改變。從年初到現在，我們沒有看到任何形式的變化。

We've obviously been able to demonstrate that even companies the size of R.J. O'Brien, which was the largest transaction we've ever completed, was able to be integrated on time, on the timelines, within budget, and achieving the objectives that we set out on day one. I think we now have a dedicated team, dedicated resources that continue to look at transactions, to make the acquisitions, to complete the acquisitions, and then most importantly, to complete the integration. That's a key part of our business and DNA going forward. We are not desperate. We don't go out trying to find gaps unless there's an obvious glaring gap in our ecosystem that we'd like to fill, and we would actively keep an eye out. On the whole, we look at many transactions.

我們顯然也已經證明，即使是像 R.J. O'Brien 這種規模的公司——那是我們完成過的最大一筆交易——也能按時、依照既定時程、在預算內完成整合，並達成我們第一天就設定的目標。我想我們現在有一支專責團隊與專屬資源，持續尋找交易、進行收購、完成收購，然後最重要的是完成整合。這是我們未來業務與 DNA 的關鍵部分。我們並不急迫。除非我們的生態系中有明顯且重大的缺口需要補上，否則我們不會為了找缺口而去找；但若確實存在，我們會主動留意。整體而言，我們會看很多交易。

We're very disciplined in our approach and what we like and what we'll add to our ecosystem. We will look to see if we can achieve that.

我們在方法上非常自律，對於我們喜歡什麼、以及會把什麼加入生態系都有明確標準。我們會評估是否能夠達成那些目標。

Great. Thanks for taking all my questions.

很好。謝謝回答我所有問題。

No problem.

不客氣。

I am showing no further questions at this time. I would now like to turn it back to Philip for closing remarks.

目前我這邊顯示沒有其他提問。接下來我想把時間交回給 Philip 作結語。

Well, thank you all for your time. We're very pleased with our Q3 numbers. Once again, a huge shout-out to all StoneX employees who have helped make this happen by continuing to provide a standout level of service, professionalism, and relevance to the market and our ever-increasing number of clients and customers, and of course, to each other. Thank you very much.

好的，感謝各位撥冗參與。我們對第三季（Q3）的數字非常滿意。再次向所有 StoneX 員工致上最誠摯的謝意，感謝大家持續提供卓越的服務水準、專業度與市場相關性，服務我們不斷增加的客戶與顧客，當然也彼此相互支持。非常感謝。

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

感謝您參與今天的會議。本次議程到此結束。您現在可以掛線。