道富銀行 (STT) 2024 Q2 法說會逐字稿

Good morning, and welcome to State Street Corporation's Second Quarter 2024 Earnings Conference Call and Webcast. Today's discussion is being broadcast live on State Street's website at investors.statestreet.com.

早安，歡迎參加道富公司 2024 年第二季財報電話會議及網路廣播。今天的討論將在道富銀行網站 Investors.statestreet.com 上進行現場直播。

This conference call is also being recorded for replay. State Street's conference call is copyrighted and all rights are reserved. This call may not be recorded or rebroadcast for distribution in whole or in part without the express written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on the State Street website.

這次電話會議也被錄音以供重播。道富銀行的電話會議受版權保護，並保留所有權利。未經道富公司明確書面授權，不得對本次通話進行全部或部分錄音或轉播。本次電話會議的唯一授權廣播將在道富銀行網站上進行。

Now I would like to introduce Liz Lynn, Global Head of Investor Relations at State Street.

現在我想介紹道富銀行投資者關係全球主管Liz Lynn。

Good morning and thank you all for joining us. On our call today, our CEO Ron O'Hanley will speak first. Then Eric Aboaf, our CFO, will take you through our second quarter 2024 earnings presentation, which is available for download on the Investor Relations section of our website, investors.statestreet.com. Afterward, we'll be happy to take questions.

早安，感謝大家加入我們。在今天的電話會議上，我們的執行長 Ron O'Hanley 將首先發言。然後，我們的財務長 Eric Aboaf 將向您介紹我們的2024 年第二季收益演示文稿，該簡報可在我們網站investors.statestreet.com 的投資者關係部分下載。之後，我們將很樂意回答問題。

Before we get started, I'd like to remind you that today's presentation will include results presented on a basis that excludes or adjusts one or more items from GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP or regulatory measure are available in the appendix to our presentation.

在我們開始之前，我想提醒您，今天的演示將包括在排除或調整 GAAP 中的一項或多項項目的基礎上呈現的結果。我們簡報的附錄中提供了這些非公認會計準則衡量標準與最直接可比較的公認會計準則或監管衡量標準的對帳。

In addition, today's call will contain forward-looking statements. Actual results may differ materially from those statements due to a variety of important factors, such as those factors in our discussion today and in our SEC filings, including the risk factors section of our Form 10-K. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our views change.

此外，今天的電話會議將包含前瞻性陳述。由於各種重要因素，例如我們今天討論的因素和我們向 SEC 提交的文件中的因素，包括我們表格 10-K 的風險因素部分，實際結果可能與這些陳述有重大差異。我們的前瞻性聲明僅代表今天的情況，即使我們的觀點發生變化，我們也不承擔任何更新這些聲明的義務。

Now let me turn it over to Ron.

現在讓我把它交給榮恩。

Thank you, Liz, and good morning, everyone. Before we begin today's discussion, I want to acknowledge the assassination attempt on Former President Trump. It was a horrible act of violence that has no place in our democracy and must be condemned. We are relieved the former president was not seriously harmed, and we are saddened by the tragic loss of innocent life and injury that resulted from this senseless action. Each victim was a participant in our democratic process, which makes this act an affront to all. We extend our thoughts and condolences to all those impacted. At this time, we hope for unity and respect in our country. Disagreement can and must sit along stability and a commitment to an even better America.

謝謝你，莉茲，大家早安。在我們開始今天的討論之前，我想承認針對前總統川普的暗殺企圖。這是一種可怕的暴力行為，在我們的民主制度中沒有立足之地，必須受到譴責。我們對前總統沒有受到嚴重傷害感到欣慰，我們對這一毫無意義的行為造成的無辜生命和傷害的悲慘損失感到悲痛。每個受害者都是我們民主進程的參與者，這使得這行為成為對所有人的侮辱。我們向所有受影響的人表示哀悼和慰問。此時此刻，我們希望我們的國家能夠團結和尊重。分歧可以而且必須與穩定和對更美好美國的承諾並存。

Now turning to the second quarter. Earlier today, we released our financial results, which represented sustained momentum as we delivered good year-over-year fee and total revenue growth in both 2Q and for the first half of the year, along with continued expense discipline. This resulted in modest positive total operating leverage, pretax margin of almost 29%, and a return on equity of nearly 12% in the quarter.

現在轉向第二季。今天早些時候，我們發布了我們的財務業績，該業績代表了持續的勢頭，因為我們在第二季度和上半年都實現了良好的同比費用和總收入增長，以及持續的支出紀律。這導致本季總營運槓桿率適度為正，稅前利潤率接近 29%，股本回報率接近 12%。

We also continued to take important steps in the transformation and simplification of our operating model as we successfully consolidated our second operations joint venture in India in the quarter. These actions will enable State Street to continue to improve client experience and will unlock further productivity savings in the years up ahead.

我們也繼續在營運模式的轉型和簡化方面採取重要步驟，本季我們成功整合了在印度的第二家營運合資企業。這些行動將使道富銀行能夠繼續改善客戶體驗，並在未來幾年進一步節省生產力。

In May, the transition to T+1 settlement was a significant event for global investors. Importantly, it presented State Street with an opportunity to demonstrate our position as an essential partner to our clients. Our role in successfully assisting clients through this transition reinforced our value to clients and underscore the depth of our operational capabilities.

5月份，T+1結算的過渡對全球投資者來說是一件大事。重要的是，它為道富銀行提供了一個機會來展示我們作為客戶重要合作夥伴的地位。我們在成功協助客戶完成這項轉型過程中所發揮的作用增強了我們對客戶的價值，並強調了我們營運能力的深度。

The financial market context in 2Q was mixed. While daily average global equity market levels continued to move higher and equity markets again reached new all-time highs in the second quarter, gains continue to be narrowly concentrated in a few names. Meanwhile, fixed income markets struggled in 2Q as geopolitical risks continued, economic data generally remained robust, and investors priced in a more gradual cycle of rate cuts, even as the ECB delivered its first rate cuts since the pandemic. Through this market backdrop, we remain focused and successfully executed against our key strategic priorities.

第二季的金融市場環境好壞參半。儘管全球股市日均水準持續走高，股市在第二季再次創下歷史新高，但漲幅仍集中在少數幾檔股票上。同時，由於地緣政治風險持續存在，經濟數據總體保持強勁，且投資者消化了更為漸進的降息週期，儘管歐洲央行自大流行以來首次降息，固定收益市場在第二季度陷入困境。在這樣的市場背景下，我們仍然專注並成功執行我們的關鍵策略重點。

Turning to slide 2 of our investor presentation, I will review our 2Q highlights before Eric takes you through the quarter in more detail. Beginning with our financial performance, second quarter EPS was $2.15 as compared to $2.17 in the year-ago period. The durable nature of our business was evident in the quarter as year over year, strength in management fees, FX trading, and NII more than offset a previously disclosed client transition that negatively impacted servicing fee revenues, helping to drive revenue growth of 3%.

轉向我們投資者簡報的幻燈片 2，在艾瑞克向您詳細介紹本季之前，我將回顧我們的第二季亮點。從我們的財務表現開始，第二季每股收益為 2.15 美元，而去年同期為 2.17 美元。我們業務的持久性在本季度與去年同期相比是顯而易見的，管理費、外匯交易和 NII 的實力遠遠抵消了先前披露的客戶轉型對服務費收入的負面影響，幫助推動收入增長 3%。

We also remain focused on tightly managing our cost base. While continuing to make investments in our businesses, 2Q total expenses increased by less than 3% year over year, supported by our ongoing productivity efforts.

我們也繼續專注於嚴格管理我們的成本基礎。在繼續對業務進行投資的同時，在我們持續努力提高生產力的支持下，第二季總費用年增不到 3%。

Turning to our business momentum, which you can see in the middle of the page. We continued to execute well against our strategy, making progress in a number of key areas and generating further fee revenue growth, which gives us confidence in our positioning as we look ahead.

轉向我們的業務勢頭，您可以在頁面中間看到。我們繼續良好地執行我們的策略，在一些關鍵領域取得進展，並產生進一步的費用收入成長，這讓我們對未來的定位充滿信心。

Within asset services, we generated a AUC/A wins of $291 billion, which was well distributed regionally and included more than $200 billion of faster-to-install back-office custody, in line with our targeted sales strategy. Encouragingly, roughly a quarter of the AUC/A wins this quarter came from an Alpha mandate in the APAC region. The win is a large new client for State Street, covering a broad set of our services, including the back-office. This mandate is another proof point that Alpha is an attractive client value position globally.

在資產服務領域，我們實現了 2,910 億美元的 AUC/A 收益，該收益在各地區分佈良好，其中包括超過 2,000 億美元的快速安裝後台託管服務，這符合我們的目標銷售策略。令人鼓舞的是，本季度 AUC/A 勝利中大約四分之一來自亞太地區的 Alpha 授權。這場勝利為道富銀行贏得了一個大型新客戶，涵蓋了我們廣泛的服務，包括後台。這項授權再次證明 Alpha 在全球範圍內具有有吸引力的客戶價值地位。

Alpha creates a clear competitive advantage for State Street that strategically positions us to deepen existing client relationship, and as demonstrated this quarter, win new long-term client relationships, in turn helping to drive future growth. This ongoing new business performance, coupled with an anticipated increase in installations, positions us well for future servicing fee growth.

Alpha 為道富銀行創造了明顯的競爭優勢，使我們能夠在策略上深化現有客戶關係，並如本季度所證明的那樣，贏得新的長期客戶關係，進而幫助推動未來的成長。這種持續的新業務表現，加上預期的安裝量增加，使我們為未來服務費的成長做好了準備。

Servicing fee revenue wins amounted to $72 million, up from $67 million in the first quarter. This is the fourth quarter in a row of strong servicing fee revenue wins, totaling over $330 million over the last 12 months. Our pipeline is strong and we remain confident in our ability to achieve our increased servicing fee revenue sale goal of $350 million to $400 million this year.

服務費收入從第一季的 6,700 萬美元增加到 7,200 萬美元。這是連續第四個季度獲得強勁的服務費收入，過去 12 個月總計超過 3.3 億美元。我們的通路很強大，我們對今年實現 3.5 億至 4 億美元的服務費收入銷售目標充滿信心。

As Global Advisors buoyed by higher average equity markets, 2Q management fees were $511 million, an increase of 11% year over year, with AUM reaching a record $4.4 trillion at quarter-end. While GA experienced aggregate net outflows in the quarter, it was largely driven by a limited number of client rebalancing.

受到平均股市上漲的提振，Global Advisors 第二季度管理費為 5.11 億美元，年增 11%，季末資產管理規模達到創紀錄的 4.4 兆美元。雖然 GA 在本季度經歷了總體淨流出，但這主要是由有限數量的客戶再平衡推動的。

Encouragingly, we continue to make progress in a number of key strategic focus areas. For example, total net ETF inflows amounted to $6 billion, benefited from continued market share expansion in US low-cost equity ETFs. Regionally, we also saw SPDR gain market share in EMEA.

令人鼓舞的是，我們繼續在一些關鍵策略重點領域取得進展。例如，受益於美國低成本股票ETF市場份額的持續擴張，ETF淨流入總額達60億美元。從地區來看，我們也看到 SPDR 在歐洲、中東和非洲地區的市佔率不斷增加。

Elsewhere, Global Advisors announced the planned strategic investment in Envestnet, a leading provider of integrated technology data and wealth solutions. This investment, consistent with State Street's wealth services strategy, will enhance Global Advisors' access to the independent wealth advisory and high net-worth distribution channels, driving future growth.

此外，Global Advisors 宣布計劃對領先的綜合技術數據和財富解決方案提供商 Envestnet 進行策略性投資。這項投資符合道富銀行的財富服務策略，將增強 Global Advisors 獲得獨立財富諮詢和高淨值分銷管道的機會，推動未來成長。

NII performance was strong, driven by a number of targeted management actions over the last year to support NII growth. These include increased engagement with our clients to offer them financing and cash solutions, resulting in higher deposit, loan, and sponsor repo balances while we also carefully expand our investment portfolio in 2Q. These actions have contributed to three quarters in a row of sequential NII and revenue growth, as well as positive total operating leverage in 2Q.

在去年為支持NII成長而採取的一系列有針對性的管理行動的推動下，NII表現強勁。其中包括加強與客戶的接觸，為他們提供融資和現金解決方案，從而帶來更高的存款、貸款和贊助商回購餘額，同時我們也在第二季度謹慎擴大我們的投資組合。這些行動促成了連續三個季度的 NII 和收入連續成長，以及第二季的正總營運槓桿。

Our balance sheet remains strong, enabling over $400 million of capital return in the second quarter and over $700 million year to date. Our financial strength was evident with the release of the Federal Reserve's annual stress test results in June.

我們的資產負債表依然強勁，第二季資本回報超過 4 億美元，今年迄今資本回報超過 7 億美元。隨著聯準會六月發布的年度壓力測試結果，我們的財務實力顯而易見。

Subsequently, and consistent with our commitment to return capital to our shareholders, we are pleased to announce our intention to increase State Street's quarterly common stock dividend by 10% to $0.76 per share beginning in the third quarter, subject to approval by our Board of Directors. As we look ahead, we remain committed to returning excess capital to shareholders this year, subject to market conditions and other factors.

隨後，根據我們向股東返還資本的承諾，我們很高興地宣布，我們打算從第三季開始將道富銀行的季度普通股股息增加 10% 至每股 0.76 美元，但須經董事會批准。展望未來，我們仍致力於根據市場狀況和其他因素，今年向股東返還多餘資本。

To conclude, our strong start to the year continued in the second quarter. We delivered both fee and total revenue growth, which supported modest total operating leverage year over year and a return on equity of nearly 12% in the quarter, all while continuing to make significant investments in our business, controlling expenses, and returning capital to our shareholders. I am pleased with the progress we're making to drive better business momentum in sales performance as we execute against a sharpened revenue strategy.

總而言之，我們今年的強勁開局延續到了第二季。我們實現了費用和總收入的成長，這支持了同比適度的總營運槓桿以及本季度近 12% 的股本回報率，同時繼續對我們的業務進行大量投資，控制費用並將資本返還給我們股東。我對我們在執行強化收入策略時在推動銷售業績方面取得更好的業務動能所取得的進展感到高興。

We recorded another Alpha mandate win in the quarter, which demonstrated the clear advantage this strategy brings to our organization by delivering a large and completely new client relationship to State Street. We already have good line of sight into 3Q and remain confident in our ability to deliver on our goals of six to eight new Alpha clients and $350 million to $400 million of servicing fee revenue wins this year.

我們在本季取得了另一項 Alpha 授權，證明了該策略透過為道富銀行建立了龐大且全新的客戶關係，為我們的組織帶來了明顯的優勢。我們已經對第三季有了良好的展望，並對今年實現六至八個新 Alpha 客戶和 3.5 億至 4 億美元服務費收入目標的能力充滿信心。

And with that, let me hand the call over to Eric, who will take you through the quarter in more detail.

接下來，讓我將電話轉交給艾瑞克，他將帶您更詳細地了解本季。

Thank you, Ron, and good morning, everyone. Starting on slide 3, we reported EPS of $2.15 for the quarter as compared to $2.17 in the second quarter a year ago. EPS was slightly lower year on year but would have been positive growth were it not for an $18 million reserve release last year.

謝謝你，羅恩，大家早安。從投影片 3 開始，我們報告本季每股收益為 2.15 美元，而去年同期第二季的每股收益為 2.17 美元。每股收益同比略有下降，但如果去年沒有釋放 1800 萬美元的儲備金，每股收益將實現正成長。

As Ron noted, we delivered 3% revenue growth year over year, reflecting both higher net interest income, up 6%, as well as higher fee revenues, up 2%, which supported modestly positive total operating leverage in the quarter. The second quarter's strong performance contributed to an encouraging first half of the year, with both positive fee and positive total operating leverage on a year-to-date basis, excluding notable items relative to the prior-year period.

正如 Ron 指出的那樣，我們的營收年增 3%，反映出淨利息收入成長 6%，以及費用收入成長 2%，這支撐了本季適度的正總營運槓桿。第二季的強勁業績為上半年的令人鼓舞的業績做出了貢獻，從年初至今來看，費用和總營運槓桿均為正值（不包括與上年同期相比的顯著項目）。

Turning now to slide 4, period-end AUC/A and AUM again increased to record levels, largely supported by market tailwinds. As you can see on the right panel this slide, market indicators related to our trading business remained challenging in the quarter, but we were pleased to see improved client volumes across our FX trading venues, which I will discuss shortly.

現在轉向幻燈片 4，期末 AUC/A 和 AUM 再次升至創紀錄水平，這在很大程度上受到市場利好因素的支撐。正如您在這張投影片的右側面板中看到的那樣，與我們的交易業務相關的市場指標在本季度仍然充滿挑戰，但我們很高興看到我們的外匯交易場所的客戶量有所改善，我將很快討論這一點。

Turning to slide 5. Servicing fees declined 2% year on year as higher average equity market levels and net new business, excluding previously disclosed client transition, were more than offset by pricing headwinds and lower client activity and adjustments, including the asset mix shift into lower-earning cash and cash equivalents. The impact of the previously disclosed client transition was a headwind of approximately 2 percentage points to year-on-year growth, while lower client activity and adjustments, including the asset mix shift into cash, was a headwind of approximately 1 percentage point on year-on-year growth. In addition, we saw the pace of quarterly installations track below expectations in 1Q and 2Q. We do, however, anticipate a pickup over the next few quarters, as a higher level of recent sales begin to onboard.

轉向投影片 5。收入較低的現金和現金等價物。先前揭露的客戶轉型的影響是年增約2個百分點的逆風，而客戶活動的減少和調整（包括資產組合轉向現金）則較去年同期約1個百分點的逆風。此外，我們看到第一季和第二季的季度安裝速度低於預期。然而，隨著近期銷量開始上升，我們預計未來幾季銷售將會回升。

Sequentially, servicing fees were up 1%, reflecting higher average equity market levels and client activity, as transaction volumes tick back up, and we saw clients start to put cash back to work. We generated $72 million of servicing fee revenue wins in 2Q and more than $330 million over the last four quarters, with the vast majority in back office, consistent with our strategy to prioritize faster-installing custody mandates. At period end, we had $276 million of servicing fee revenues to be installed and $2.4 trillion of AUC/A to be installed.

隨後，隨著交易量回升，服務費上漲了 1%，反映出平均股票市場水準和客戶活動的增加，我們看到客戶開始重新投入現金。我們在第二季度獲得了 7,200 萬美元的服務費收入，在過去四個季度中獲得了超過 3.3 億美元的收入，其中絕大多數來自後台，這符合我們優先考慮更快安裝託管授權的策略。截至期末，我們有 2.76 億美元的服務費收入待安裝，以及 2.4 兆美元的 AUC/A 待安裝。

Moving to slide 6. Management fees were up 11% year on year, primarily reflecting our higher average market levels and net inflows from prior periods, partially offset by the impact of our strategic ETF for pricing initiative, which we believe is starting to pay off in both volumes and revenues. Sequentially, the benefit of higher average market levels was offset by net flows and lower performance fees.

轉向投影片 6。是銷量還是收入。隨後，較高平均市場水準的好處被淨流量和較低的績效費用所抵消。

We are pleased with the steady growth we are delivering in Global Advisors. In the second quarter, we continued to expand the breadth of our offering through the launch of new funds as we continue to broaden our product range and geographies. Our investment management business had healthy pretax margin of 32% in the second quarter, up 3 percentage points year on year and up 8 percentage points quarter on quarter.

我們對全球顧問業務的穩定成長感到滿意。第二季度，我們持續擴大產品範圍和地域，透過推出新基金繼續擴大產品範圍。我們的投資管理業務第二季稅前利潤率為 32%，較去年同期成長 3 個百分點，較上季成長 8 個百分點。

Now turning to slide 7. As I noted, we saw a very nice uptick in client activity in our markets business, with higher volumes across our major FX venues. This helped to drive FX trading revenue growth of 11% year on year, though volatility remained muted with compressed margins.

現在轉向投影片 7。這有助於推動外匯交易收入年增 11%，儘管由於利潤率壓縮，波動性仍然較小。

Securities finance revenue also benefited from higher balances on both agency lending and prime services. However, our US specials activity was subdued in the quarter, which impacted margins and contributed to the year-on-year decline in securities finance revenues.

證券金融收入也受惠於代理貸款和優質服務餘額的增加。然而，本季我們的美國特殊業務活動受到抑制，這影響了利潤率，並導致證券金融收入較去年同期下降。

Moving to software and processing fees, second quarter performance continued to benefit from strong client engagement with CRD, though the cadence of on-premise renewals negatively impacted year-on-year performance, which is shown in greater detail on the following slide.

轉向軟體和處理費用，第二季的業績繼續受益於客戶對 CRD 的強勁參與，儘管本地續訂的節奏對同比業績產生了負面影響，這在下面的幻燈片中更詳細地顯示。

On slide 8, as you can see, software-enabled and professional services revenues increased 17% in the quarter, and we expect these revenues to represent a greater proportion of our front office software and data business over time as we transition another 20 clients from on-premise to a more durable SaaS model over the last year. As we outlined in May, we believe our software business can be a significant revenue growth driver for State Street, potentially reaching $1 billion in annual revenues over the next five years.

在投影片8 中，如您所見，本季軟體支援和專業服務收入成長了17%，隨著時間的推移，隨著我們從另外20 個客戶轉型，這些收入將在我們的前台軟體和數據業務中佔據更大的比例。正如我們在 5 月所概述的那樣，我們相信我們的軟體業務可以成為道富銀行收入成長的重要推動力，在未來五年內年收入可能達到 10 億美元。

In addition, we are pleased with the continued momentum we're seeing an Alpha. We reported an additional Alpha mandate wind, and two mandates went live in 2Q, bringing the total number of live mandates to 23 at quarter end. As Ron mentioned, this quarter's Alpha win represents a brand new 10-year relationship with a large APAC client. We view long-term Alpha mandates like this as key benefits of our differentiated Alpha strategy.

此外，我們對 Alpha 版的持續發展勢頭感到高興。我們報告了額外的 Alpha 委託風潮，並在第二季度上線了兩項委託，使季度末的上線委託總數達到 23 項。正如 Ron 所提到的，本季的 Alpha 勝利代表著與亞太地區大型客戶建立了全新的 10 年合作關係。我們將這樣的長期阿爾法任務視為我們差異化阿爾法策略的主要優勢。

Turning to slide 9, NII was stronger than expected this quarter, up 6% year on year and up 3% sequentially to $735 million, as higher investment portfolio yields and higher loan growth more than offset continued deposit mix shift in both periods . In addition, on a quarter-on-quarter basis, we proactively increased our portfolio balances at higher yields, which benefited NII.

轉向幻燈片9，NII 本季強於預期，年增6%，環比增長3%，達到7.35 億美元，因為更高的投資組合收益率和更高的貸款增長足以抵消這兩個時期持續的存款組合變化。此外，環比來看，我們在收益率較高的情況下主動增加了投資組合餘額，這使NII受益。

Looking at the strong quarterly performance relative to our expectation in early June, we did see an inflow of valuable noninterest-bearing deposits in mid-June and again in late June as clients geared up for the holiday weekend, although I would note that we did see some reversal during the first week of July. Similarly, NII also benefited from higher interest-bearing balances due to our client engagement efforts, as well as better spreads and volumes within our sponsored repo business, as more clients joined the program.

從相對於我們6 月初預期的強勁季度表現來看，隨著客戶為週末假期做好準備，我們確實看到有價值的無息存款在6 月中旬和6 月下旬再次流入，儘管我要指出的是，我們確實做到了這一點。同樣，由於我們的客戶參與努力，NII 也受益於更高的計息餘額，以及隨著更多客戶加入該計劃，我們的保薦回購業務的利差和交易量有所改善。

Average deposits increased 7% year on year and 1% quarter on quarter. We would expect to continue to operate at this higher level of deposit balances as we look to the back half of the year.

平均存款年增7%，季增1%。展望今年下半年，我們預計將繼續維持較高的存款餘額水準。

Turning to slide 10, year on year expense growth was contained to less than 3%. In the second quarter, we continued to invest in the business while also delivering productivity benefits in two key areas. The first is associated with our decision to consolidate two operations joint ventures in India late last year and this quarter. The year-on-year savings associated with these two JV consolidations are approximately $20 million in the quarter, excluding integration costs. Second, we benefited from our ongoing organizational process improvements and initiatives, including streamlining and de-layering staff functions to increase our management spend and control, which enabled us to lower headcount on a pro forma basis, including the JVs, by 5 percentage points year on year, as detailed on the bottom left of this line.

轉向投影片 10，費用年增率控制在 3% 以下。第二季度，我們持續對業務進行投資，同時也在兩個關鍵領域提供生產力優勢。第一個與我們去年底和本季合併印度兩家營運合資企業的決定有關。本季與這兩家合資企業合併相關的年比節省金額約為 2,000 萬美元（不包括整合成本）。其次，我們受益於我們正在進行的組織流程改進和舉措，包括精簡和分層員工職能，以增加我們的管理支出和控制力，這使我們能夠在預計的基礎上減少員工人數，包括合資企業，每年減少5 個百分點年，詳細資料請見本行左下角。

Together, these actions helped to drive down compensation and benefit costs by 2% year on year in the second quarter and facilitated our ability to reinvest in our franchise. The combination of the JV consolidations, along with our ongoing initiatives, serves as a catalyst and importantly, gives us confidence as we continue to deliver on our strategy to simplify our global operating model with meaningful benefits expected to build over time, including more productivity saves, as well as an ability to better serve our clients and invest for the future.

這些行動共同幫助第二季度的薪資和福利成本年減了 2%，並提高了我們對特許經營權進行再投資的能力。合資企業合併與我們正在進行的舉措相結合，起到了催化劑的作用，重要的是，它給了我們信心，讓我們繼續實施簡化全球運營模式的戰略，並隨著時間的推移預計將產生有意義的效益，包括更多的生產力節省，以及更好地服務客戶和投資未來的能力。

Moving to slide 11. As you can see, our capital levels remain strong and comfortably above regulatory minimums. As of quarter end, our standardized CET1 ratio of 11.2% was slightly higher from the prior quarter, as capital generated from earnings was partially offset by continued dividends and share repurchases, as well as higher RWAs as we support our clients, which in turn drove higher fees and NII. We returned over $300 million in the first quarter to shareholders, followed by $400 million through common share repurchases and dividends in the second quarter as we have tried to strike the right balance between our capital return goals and the support of our clients.

轉到投影片 11。截至季度末，我們的標準化CET1 比率為11.2%，略高於上一季度，因為收益產生的資本被持續的股息和股票回購以及我們為客戶提供支持而提高的RWA 部分抵消，這反過來又推動了更高的費用和NII。我們在第一季向股東返還了超過 3 億美元，隨後在第二季度透過普通股回購和股息返還了 4 億美元，因為我們努力在資本回報目標和客戶支持之間取得適當的平衡。

Looking ahead to the back half of the year, we have announced the planned 10% per share quarterly common dividend increase on the heels of a strong performance in this year's CCAR, starting in 3Q and subject to Board approval. In addition, our intention is to accelerate the pace of quarterly buybacks relative to the first half of the year. However, given the more modest level of repurchase activity so far this year, the full year payout ratio for 2024 will likely be closer to the 80% to 90% range, in line with our medium-term targets.

展望今年下半年，隨著今年 CCAR 的強勁表​​現，我們宣布計劃將每股季度普通股息增加 10%，從第三季開始，並有待董事會批准。此外，我們的目的是相對上半年加快季度回購的步伐。然而，鑑於今年迄今回購活動水準較為溫和，2024 年全年派息率可能會接近 80% 至 90% 的範圍，這與我們的中期目標一致。

In summary, we are pleased with our second quarter and first half results, which demonstrate our ability to execute against our strategy to drive sustained business momentum while delivering positive total operating leverage, excluding notable items.

總而言之，我們對第二季和上半年的業績感到滿意，這表明我們有能力執行我們的策略，推動持續的業務勢頭，同時提供積極的總營運槓桿（不包括值得注意的項目）。

With that, let me cover our improved full year outlook, which I would highlight continues to have the potential for variability, given the uncertain economic and political environment we're operating in. In terms of our current macro assumptions, as we stand here today, we are assuming global equity markets are flat to second quarter end for the remainder of the year. Our rate outlook broadly aligns with the current forward curve as of quarter-end, while we expect both FX market volatility and specials to remain muted.

接下來，讓我介紹一下我們改善的全年前景，考慮到我們所處的經濟和政治環境的不確定性，我要強調的是，全年前景仍然存在變化的可能性。假設而言，正如我們今天站在這裡的那樣，我們假設今年剩餘時間內全球股市到第二季末持平。我們的利率前景與截至季末的當前遠期曲線大致一致，同時我們預期外匯市場波動和特價將保持溫和。

Given our strong start to the year and higher average market levels, we now expect that total fee revenue will likely be in the range of up 4% to 5% on a full-year basis, somewhat better than our prior expectations for roughly 4% year-on-year growth. Turning to NII, given our 2Q performance, along with the continued benefit of management actions we have taken to support NII growth this year, we now expect full year NII will be up slightly year over year, which is also better than our previous guide of down roughly 5% on a full-year basis.

鑑於我們今年的強勁開局和較高的平均市場水平，我們現在預計全年總費用收入可能會增長 4% 至 5%，略好於我們之前約 4% 的預期同比增長。談到NII，考慮到我們第二季度的表現，加上我們今年為支持NII增長而採取的管理行動的持續效益，我們現在預計全年NII將同比小幅增長，這也好於我們之前的預測全年下降約5%。

Finally, given these improved top-line expectations, full year expenses are likely to be somewhat higher than our prior outlook of up 2.5% this year. We now expect expenses, excluding notable items to be up about 3% this year, given the expected revenue-related costs. Importantly, given this improved outlook, we now expect to deliver both positive fee operating leverage and positive total operating leverage for the full year, excluding notable items.

最後，鑑於收入預期有所改善，全年支出可能會略高於我們先前預期的今年成長 2.5%。考慮到預期的收入相關成本，我們現在預計今年的支出（不包括顯著項目）將成長約 3%。重要的是，鑑於前景的改善，我們現在預計全年將實現正的費用營運槓桿和正的總營運槓桿（不包括值得注意的項目）。

And with that, let me hand the call back to Ron.

接下來，讓我把電話轉回給羅恩。

Thank you, Eric. Operator, we can open it up for questions.

謝謝你，埃里克。接線員，我們可以打開它來提問。

(Operator Instructions) Glenn Schorr, Evercore ISI.

（操作員說明）Glenn Schorr，Evercore ISI。

Question on Global Advisors. You had some institutional led outflows in the last two quarters despite the strong markets. I'm just curious how much of that is a function of rebalancing. And are we supposed to expect more going forward given the strong equity markets. And are you seeing similar trends in your custody base?

關於全球顧問的問題。儘管市場強勁，但過去兩季仍有一些機構主導的資金外流。我只是好奇其中有多少是重新平衡的功能。鑑於股市強勁，我們是否應該期待更多的發展？您在您的託管基地中是否看到類似的趨勢？

Glenn, it's Ron. You have it correct there. The most of it, the vast majority of it is around client rebalancing. In one case, an extremely large client that's rebalancing away from certain asset classes. So it's idiosyncratic. We don't expect it to continue. And we feel very comfortable with the trajectory that Global Advisors is on, both in the institutional business and in the ETF business.

格倫，是羅恩。你那裡說得對。其中大部分，絕大多數都是圍繞著客戶重新平衡。在一種情況下，一個非常大的客戶正在重新平衡某些資產類別。所以它很特殊。我們預計這種情況不會持續下去。我們對 Global Advisors 在機構業務和 ETF 業務方面的發展軌跡感到非常滿意。

Okay. Ron, while we have you, there has been several articles over the last year or so talking about a certain European bank potentially selling their servicing platform. You've been linked to it. As you said, you've been great in consolidating things in the past. So I'm not asking a comment on that, I am asking, as some shareholders just prefer buybacks, which you might think is near term, I'm curious on your thoughts conceptually on how you approach these things, if there were any lessons learned from the Brown Brothers Harriman saga and just conceptually how you're thinking about any consolidation opportunities in services.

好的。羅恩，雖然我們有你，但過去一年左右有幾篇文章談論某家歐洲銀行可能出售其服務平台。您已與它關聯。正如你所說，你過去在整合事情方面做得很好。所以我不是要求對此發表評論，我只是問，因為一些股東只是更喜歡回購，你可能認為這是近期的事情，我很好奇你在概念上對如何處理這些事情的想法，如果有任何教訓的話從布朗兄弟哈里曼的傳奇故事中汲取了教訓，並從概念上了解了您如何考慮服務領域的任何整合機會。

Yes. So Glenn, I mean, we've been pretty consistent about this. We have a very, very strong market position. Now some of that in the past has been built by M&A., if you go back to the 2000s. But if you think about where we are now, it's very strong. And the vast majority of our activity is around organic build-out of our business. Some of that just in terms of focusing on clients within geographies and some of that focused on building capabilities and extending them to other geographies. That is by far what our focus is.

是的。所以格倫，我的意思是，我們在這方面一直都非常一致。我們擁有非常非常強大的市場地位。如果你回到 2000 年代，其中一些過去是透過併購建立的。但如果你想想我們現在的處境，你會發現它非常強大。我們的絕大多數活動都是圍繞著我們業務的有機發展而展開的。其中一些只是專注於某個地區的客戶，而另一些則專注於建立能力並將其擴展到其他地區。到目前為止，這就是我們的重點。

To the extent -- and I've said this in the past, I mean, M&A is not a strategy, but if it can help us to effectively implement our strategy and it is superior to -- it passes the test of being superior to a return of capital to shareholders, then we'll consider it. But our focus is on building out organically, returning capital to shareholders at a reasonable pace, and continuing to excel at what we do.

在某種程度上——我過去已經說過，我的意思是，併購不是一種策略，但如果它能夠幫助我們有效地實施我們的策略，並且它優於——它就通過了優於的測試向股東返還資本，那麼我們會考慮的。但我們的重點是有機發展，以合理的速度向股東返還資本，並繼續在我們所做的事情上表現出色。

Thanks, Ron.

謝謝，羅恩。

Operator, can we move to the next question?

接線員，我們可以進入下一個問題嗎？

Ken Usdin, Jefferies.

肯‧烏斯丁，傑弗里斯。

So great result on the NII, and we heard the updated outlook were slightly up this year now. Eric, just wondering if that would still imply a lower second half versus this really strong second quarter? And I know there's a lot of uncertainty still out there in the environment. So can you just help us think through what are you contemplating in terms of how deposits track from here? And what caveats should we continue to think in mind if, in fact, there is still a second half that comes off of the second quarter real strength? Thanks.

NII 的結果非常好，我們聽說今年更新的前景略有上升。艾瑞克（Eric），只是想知道這是否仍然意味著下半年的業績與強勁的第二季相比會有所下降？我知道環境中仍然存在著許多不確定性。那麼您能否幫助我們思考一下您正在考慮如何從這裡開始存款？如果事實上，第二季度的真正實力仍然存在，那麼我們應該繼續牢記哪些注意事項？謝謝。

Ken, it's Eric. As you said, we're pleased with the second quarter results on NII. Some of that is the interest rate environment. But good portion of that is the management actions we've been taking in terms of engaging with our clients and deposits and really being there for them on both sides of the balance sheet as we lend and support their growth as well.

肯，是埃里克。正如您所說，我們對 NII 第二季度的業績感到滿意。其中一些是利率環境。但其中很大一部分是我們在與客戶和存款互動方面採取的管理行動，以及在我們提供貸款和支持他們的增長時真正在資產負債表兩側為他們服務。

This quarter was particularly strong. We had a nice tailwind from long-term rates. During the quarter, that helped. You saw us build out our investment portfolio a little more. Deposits ticked up second half of June and towards the end, especially in noninterest-bearing.

本季表現尤其強勁。我們從長期利率中獲得了良好的推動力。在本季度，這有所幫助。您看到我們進一步建立了我們的投資組合。六月下半月和年底，存款增加，尤其是無利息存款。

But what I find pleasing is that deposits are coming in stronger across the, what I'll call, the pricing stack, the transactional deposits, the exception price deposits and the initiatives. So across the spectrum. And that's really a testament to the engagement that we've had with our clients to be there.

但令我感到高興的是，在我所說的定價堆疊、交易存款、例外價格存款和措施中，存款的數量正在增加。所以跨越整個範圍。這確實證明了我們與客戶的互動。

I think as we look forward into the third quarter and fourth quarter, we still see some of the headwinds and tailwinds that we've talked about. Short-term rates seem like they will start to trend down. That will be a little bit of a headwind.

我認為，當我們展望第三季和第四季時，我們仍然看到我們討論過的一些逆風和順風。短期利率似乎將開始下降。這將會是一個小小的逆風。

Deposits, we're still seeing some of that rotation from noninterest-bearing to interest-bearing, now that is slowing. That rotated out about $2 billion this past quarter, and that's been less than the prior quarters, but that still continues and still a little bit of pricing and mix shift that we're seeing in the interest-bearing deposit base. So that, we see is just playing out through the end of the year, but at a more modest pace.

存款方面，我們仍然看到一些從無息到有息的輪換，但現在這種輪換正在放緩。上個季度的輪換金額約為 20 億美元，比前幾季要少，但這種情況仍在繼續，而且我們在有息存款基礎中看到的定價和組合仍然存在一些變化。因此，我們看到這種情況只會持續到今年年底，但速度會比較溫和。

The offset to that are mix of long-term rates, the lending that we continue to do, lending is up double digits, and that's been purposeful to support our clients and to support NII and then tactically adjusting the investment portfolio. And so it's the net of those that probably will come in with some erosion over the next couple of quarters.

對此的抵消是長期利率的組合，我們繼續提供的貸款，貸款增長了兩位數，這是有目的的支持我們的客戶和NII，然後戰術性地調整投資組合。因此，在接下來的幾個季度中，這些淨值可能會受到一些侵蝕。

But we're seeing a place where deposits could come in at a nice and robust level on our balance sheet, lending continues. And so we're getting to a point where we're going to start to see, I think, an inflection of NII and a bottoming, which is nice. And we can see that over the next few quarters. Hard to tell exactly when, but with the headwinds and tailwinds kind of, I'll say, equalizing over time, it gives us a good basis to look forward.

但我們看到存款可能會在我們的資產負債表上達到良好而強勁的水平，貸款仍在繼續。因此，我認為，我們將開始看到 NII 的拐點和觸底，這很好。我們可以在接下來的幾個季度看到這一點。很難確切地說出具體時間，但我想說的是，隨著時間的推移，逆風和順風會趨於平衡，這為我們的未來奠定了良好的基礎。

Okay. Got it. And then, Ron, one question. You mentioned that you think that the kind of core fees growth should get better from here. And I just wanted to ask you to deepen on that a little bit. I mean, I know that you mentioned the onboardings and such, but we still have that deconversion working against, and you mentioned the episodic stuff and the ETF stuff. But like I think that's really people are looking for on the increment. So is that what drives that incrementally better fee guide for the second half is that we're finally going to see like that servicing and management fee line start to show a better rate of change?

好的。知道了。然後，羅恩，有一個問題。您提到您認為核心費用的成長應該從現在開始變得更好。我只是想請你進一步深入探討這一點。我的意思是，我知道你提到了入職等問題，但我們仍然面臨著去轉換的問題，你提到了偶發性的東西和 ETF 的東西。但我認為這確實是人們正在尋找的增量。那麼，推動下半年費用指南逐步改善的原因是我們最終會看到服務和管理費線開始顯示出更好的變化率嗎？

Yes. So there's -- I think you largely have it, but let me go a little bit deeper, Ken, because if you think about -- let's talk about core servicing fees, what really drives it. First is retention. Second is the amount and rate of onboarding. And then third is new business and sales, and then rinse and repeat. And our retention levels, which they -- we've talked about them before at the time and we're continuing to track well against them, even coming a little bit higher than what we had planned.

是的。所以，我想你基本上已經明白了，但讓我更深入一點，肯，因為如果你想一想，讓我們談談核心服務費，真正推動它的是什麼。首先是保留。其次是入職數量和比率。第三是新業務和銷售，然後沖洗並重複。我們的保留水平，我們當時已經討論過，我們將繼續跟踪他們，甚至比我們計劃的要高一點。

Second, onboardings. As Eric noted, they have been slower than expected this year, but we see lots of visibility going forward to that increasing. We've got a big book there to onboard and that will start to onboard and should start to onboard in an accelerating rate.

第二，入職。正如 Eric）指出的那樣，今年的成長速度比預期要慢，但我們看到這一趨勢的可見度不斷增加。我們有一本大書要上載，它將開始上載，並且應該開始以加速的速度上載。

And then third is sales, and there's two things going on there. One, the amounts, we upped it in '23, we upped it again in '24. We're on track for that increased servicing fee sales target, but we also have disproportionate focus on traditional back-office fees, either stand-alone or if they're associated with Alpha, making sure that when an Alpha assignment comes onboard, the back-office conversions occur first as part of the learning in this whole Alpha process.

第三是銷售，其中有兩件事發生。第一，金額，我們在 23 年提高了它，我們在 24 年再次提高了它。我們正在努力實現增加的服務費銷售目標，但我們也過度關注傳統的後台費用，無論是單獨的費用還是與 Alpha 相關的費用，以確保當 Alpha 任務上任時，作為整個Alpha 流程中學習的一部分，後台轉換首先發生。

So that by itself gives us encouragement, and Eric will probably want to go into this a little bit more. The deconversion that seems like we've talked about forever, I mean we're hitting bottom right now in terms of that. So we'll start to see improvement on that as a comp and it's effect and move beyond it starting in the next quarter or two.

因此，這本身就給了我們鼓勵，而艾瑞克可能想進一步深入探討這一點。我們似乎一直在談論去轉變，我的意思是我們現在已經觸底了。因此，我們將開始看到作為一個比較的改進及其效果，並在接下來的一兩個季度開始超越它。

So that's servicing fees and management fees. We are very encouraged by what we're seeing at SSGA. It's part of a carefully crafted strategy, both in the institutional and ETFs. We've talked about ETF flows. We've talked about market share in the very important low-cost ETFs, which in effect represent penetration into the retail market. All that is working well.

這就是服務費和管理費。我們對 SSGA 所看到的一切感到非常鼓舞。這是機構和 ETF 精心製定的策略的一部分。我們已經討論過 ETF 流量。我們已經討論了非常重要的低成本 ETF 的市場份額，這實際上代表了對零售市場的滲透。一切都運作良好。

And then finally, we've had this historically low volatility in FX. Nonetheless, the team has been highly focused on continuing to build share within our clients to move up on the panels. And where you saw some of that pay off in terms of both FX and securities finance. Again, there's been a new strategy put in place there and some progress there. So this is -- much of what we do is a game of inches, but there's a lot of inches coming together here that we feel quite good about.

最後，外匯波動性處於歷史低點。儘管如此，該團隊一直高度重視繼續在我們的客戶中建立份額，以在小組中晉升。你看到其中一些在外匯和證券金融方面得到了回報。同樣，那裡制定了一項新戰略並取得了一些進展。因此，我們所做的大部分工作都是英寸遊戲，但這裡有很多英寸的組合，我們對此感覺非常好。

Great. Thanks a lot, Ron.

偉大的。非常感謝，羅恩。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

I would like to start with euro deposits, the ECB cut rates this quarter. So I'm curious to hear, I know euro, I believe, is your second biggest currency in your deposit base. So curious about what impact that you saw from that cut. Where was the beta on that cut? And was it roughly equivalent to the betas you saw on the final increases? And based on that experience, how does that inform your expectation for when we see cuts in the Fed funds?

我想從歐元存款開始，歐洲央行本季降息。所以我很想知道，我知道歐元，我相信，是你們存款基礎中的第二大貨幣。很好奇你從這次削減中看到了什麼影響。那個削減的貝塔在哪裡？它與您在最終增長中看到的貝塔值大致相當嗎？根據這項經驗，您對聯準會削減資金的預期有何影響？

Brennan, it's Eric. It's nice to see the industry environment top out and begin to reverse, so I think it will reverse slowly. We've seen the beginning of that, and it feels like it will take some time, which will be fine because remember, our portfolio and our balance sheet is roughly neutral and relatively insulated now from interest rate increases or decreases. We have a slight sensitivity across the balance sheet, but it's slight. If all central banks across the curve cut rates by 25 basis points, we're talking about $5 million per quarter impact on a $2.5 billion base of full year NII. So that's the -- we're talking about small, small effects.

布倫南，我是埃里克。很高興看到行業環境見頂並開始逆轉，所以我認為它會慢慢逆轉。我們已經看到了這一點的開始，感覺這需要一些時間，這會很好，因為請記住，我們的投資組合和資產負債表大致是中性的，並且現在相對不受利率上升或下降的影響。我們的資產負債表有輕微的敏感性，但也很輕微。如果整個曲線上的所有央行都降息 25 個基點，我們談論的是每季 500 萬美元的影響，全年 NII 的基礎為 25 億美元。這就是我們正在談論的非常小的影響。

To your point, euro is a good place to start because euro rates increase lagged on the way up and now are starting to move in the opposite direction. We have said, and the euro experience on this first rate move has demonstrated that we expect largely to see symmetry in the betas. So as rates rose, we lagged and then the betas increased over time towards the back end of the rate cycle. And what we've said is, area by area, transaction rate deposits, exception rate deposits and the initial rate deposits, we'll tend to see the reversal of that. And so specifically in euros, we did see that. The beta on the first tick down was similar to the beta on the last tick up, and I think is a good representation largely of what we expect to see.

就您的觀點而言，歐元是一個很好的起點，因為歐元利率上漲滯後，現在開始朝相反的方向發展。我們已經說過，歐元首次利率變動的經驗表明，我們預計貝塔值將在很大程度上保持對稱。因此，隨著利率上升，我們滯後，然後貝塔值隨著時間的推移而增加，直到利率週期的後端。我們所說的是，按地區劃分，交易利率存款、例外利率存款和初始利率存款，我們往往會看到這種情況的逆轉。特別是在歐元方面，我們確實看到了這一點。第一次下跌的貝塔值與最後一次上漲的貝塔值相似，我認為這很好地代表了我們期望看到的情況。

And that means that if you step back even further, we feel like our pricing is set at a healthy level. We have a range of pricing and pools of deposits and, in a way, have built real engagement with our clients. So they understood the model as rates floated up. And similarly, they understand the model as rates slowed it down and the balance of trade and it comes together nicely.

這意味著，如果你退一步，我們覺得我們的定價設定在一個健康的水平。我們有一系列的定價和存款池，並在某種程度上與我們的客戶建立了真正的互動。因此，隨著利率的上升，他們了解這個模型。同樣，他們理解這個模型，因為利率減緩了它的速度，貿易平衡也很好地結合在一起。

Got it. Thanks for that. I appreciate it. And thinking about another factor that has been a bit more robust, recently repo has been pretty strong in recent quarters. Do you think based on what's been happening in the marketplace that, that strength is sustainable? And it seems as though the NII story is playing out better than you had originally anticipated, obviously, given you brought up guidance. But is that another X factor that could allow for the back half of the year to maybe see less of a pronounced step down, then your improved guidance seems to continue to embed?

知道了。感謝那。我很感激。考慮另一個更強勁的因素，最近幾季的回購相當強勁。您認為根據市場上發生的情況，這種優勢是可持續的嗎？顯然，考慮到您提出的指導，NII 的故事似乎比您最初預期的要好。但這是否是另一個X因素，可能會導致今年下半年的降幅不會那麼明顯，然後您改進的指導似乎會繼續嵌入？

Brennan, it's Eric again. There's been a lot of talk about repo, notwithstanding that most of the NII we earn on our balance sheet is really based on deposit funding and lending. So 90% of our NII is around deposits, loans, investment portfolio. We're talking about 10%, which is on repo, so just for context.

布倫南，又是埃里克。儘管我們在資產負債表上賺取的大部分NII實際上是基於存款融資和貸款，但關於回購協議的討論已有很多。所以我們 90% 的 NII 都是圍繞著存款、貸款、投資組合。我們談論的是 10%，這是在回購協議中，所以僅供參考。

And it is true, repo, NII came in a little bit better than expected in the second quarter. Why? Because there was some dislocation in the overnight repo operation of the Fed relative to SOFR. So clients came our way. We also saw a dealer balance sheet strain, but the higher than expectation was in the $5 million to $10 million range. It's not a -- it was nice to take, and it was nice to be there for our clients.

確實，回購協議、NII 第二季的表現比預期好一些。為什麼？因為聯準會的隔夜回購作業相對於SOFR來說有些錯置。於是客戶就來找我們了。我們也看到經銷商資產負債表緊張，但高於預期的是 500 萬至 1,000 萬美元。這不是——很高興接受，也很高興為我們的客戶服務。

But in fact, repo has been relatively flat to actually, down a smidge over the last couple of quarters, and that's because it tends to be a thinner margin, but a useful way to accommodate our clients. And we think it's not going to be a large driver of the coming NII. It's fully included in our guide. I think the real big moving parts are really around deposits, loans, and then followed by investment portfolio and the mix of long and short rates that we'll see.

但事實上，回購協議實際上相對持平，在過去幾季中略有下降，這是因為它的利潤率往往較低，但卻是適應我們客戶的有用方式。我們認為它不會成為即將到來的國家資訊基礎設施的主要推動力。它完全包含在我們的指南中。我認為真正重要的變化部分實際上是圍繞存款、貸款，然後是投資組合以及我們將看到的長期和短期利率的組合。

Thanks for taking my questions.

感謝您回答我的問題。

Jim Mitchell, Seaport Global.

吉姆·米切爾，海港全球公司。

Eric, maybe just following up a little bit on the NII story. You talk about potentially an inflection coming. Can you discuss maybe the timing of that?

Eric，也許只是跟進 NII 的故事。你談到了可能出現的變化。能討論一下具體的時間嗎？

And then when I look at your asset yields, the HTM book is still weighing that down. Can you talk about maybe the pace of maturity on that HTM book that's yielding a little over 2% and how long it takes to kind of get that back coming back in? Is that a big part of your inflection story next year?

然後，當我查看你們的資產收益率時，HTM 帳簿仍在壓低這一點。你能談談那本 HTM 書的成熟速度嗎？這是你明年的變形故事的重要部分嗎？

Jim, it's Eric. Calling an inflection or a turn in NII is one of the hardest things to do. And so we've been -- our outlook is that in the next few quarters, we'll begin to see that. But we'll first go from the trends that we're seeing to stabilization, it'll bounce around some, and then over time, tick upwards.

吉姆，我是艾瑞克。預測 NII 的變化或轉折是最難做的事情之一。因此，我們的前景是，在接下來的幾個季度中，我們將開始看到這一點。但我們首先會從我們所看到的趨勢趨於穩定，它會圍繞著一些反彈，然後隨著時間的推移，向上移動。

The factors are multifaceted and with a number of ins and outs. You're right. The investment portfolio is turning over. It turned over quite a bit in the second half of last year. It's now turning over by about $3 billion, maybe $3 billion to $4 billion a quarter, and that's across HTM and AFS. And because there are some longer-dated bonds in HTM, those roll through a little more slowly.

這些因素是多方面的，並且有許多來龍去脈。你說得對。投資組合正在周轉。去年下半年就出現了很大的轉變。現在它的營業額約為 30 億美元，每季可能為 30 億至 40 億美元，而且是 HTM 和 AFS 的。由於 HTM 中有一些期限較長的債券，因此這些債券的滾動速度會慢一些。

But in a way, what we have is a sustained amount of, I'll say tailwind that comes with that because remember, the roll-ons in the portfolio versus the roll-offs, those are worth solid to 250 basis point of spread differential, and that will play through the books as a nice tailwind, assuming long rates stay somewhere in the area, and the primary change in the curve is at the front end. So I think it will be a component.

但在某種程度上，我們所擁有的是持續的，我會說隨之而來的順風，因為請記住，投資組合中的滾存與滾存相比，這些值的利差差異穩定在250 個基點，假設長期利率保持在該區域的某個位置，並且曲線的主要變化在前端，那麼這將在帳簿中發揮良好的推動作用。所以我認為這將是一個組成部分。

Right now, the biggest component is really the deposit mix, pricing levels of non-interest-bearing, that's what's moving the needle the most. I mean, all these factors matter. And I think, as the deposits stabilize and we've started to see total deposit levels stabilized the last few quarters, we have to see now the mix stabilize. Once that happens, the natural benefit from the investment portfolio rolling through, right?

目前，最大的組成部分實際上是存款組合、無息定價水平，這是影響最大的因素。我的意思是，所有這些因素都很重要。我認為，隨著存款的穩定，並且我們開始看到過去幾季總存款水準的穩定，我們現在必須看到結構的穩定性。一旦發生這種情況，投資組合的自然收益就會滾動，對吧？

And then the growth in loans, and you've seen us lean into lending. Lending is up more than 10% year-on-year because we're trying to be out there for our clients. And as we lend to our clients, they actually often do additional servicing business with us. That factor in the investment portfolio and the long-term rates will then turn to a net positive impact on NII in the coming quarters.

然後是貸款的成長，你已經看到我們傾向於貸款。貸款年增超過 10%，因為我們努力為客戶服務。當我們向客戶提供貸款時，他們實際上經常與我們進行額外的服務業務。投資組合和長期利率中的這一因素將在未來幾季對 NII 產生淨正面影響。

Okay. That's really helpful. And maybe just to your point on deposit growth being a key driver. Now that we're looking at rate cuts, Q2 is less. Do you feel like rate cuts can be a catalyst for growth based on historical experience? How do you think about getting back to kind of more normal growth levels in deposits? What do we need to see?

好的。這真的很有幫助。也許正好符合您關於存款成長是關鍵驅動力的觀點。現在我們正在考慮降息，第二季降息幅度較小。根據歷史經驗，您是否認為降息可以成為經濟成長的催化劑？您如何看待存款恢復到更正常的成長水準？我們需要看到什麼？

I think the direct answer is that the rate environment has moved around quite a bit. And we've seen the deposit effect from the rate environment. I think those have relatively been -- those have been telegraphed through the banking system. And we've also seen the Fed balance sheet actions as they've been tightening conditions with our balance sheet, although that's slowing and the overnight reverse repo operation isn't easing. We've seen that telegraph through.

我認為直接的答案是利率環境已經發生了很大變化。我們已經看到了利率環境對存款的影響。我認為這些相對來說是透過銀行系統電報的。我們也看到聯準會的資產負債表行動，因為他們一直在收緊我們的資產負債表條件，儘管這種情況正在放緩，而且隔夜逆回購操作也沒有放鬆。我們已經看過那份電報了。

So I think the exogenous factors that have driven deposits over the last two years have largely been telegraphed. And the modest number of interest rate cuts, I don't expect to have that much of an impact on deposit levels. We'll see, but that's our kind of sense from talking with our clients and analyzing the vast array of data that we have.

因此，我認為過去兩年推動存款成長的外生因素在很大程度上已經顯現出來。由於降息次數不多，我預計不會對存款水準產生太大影響。我們拭目以待，但這就是我們與客戶交談並分析我們擁有的大量數據的感覺。

What we feel will make the difference over time is sales. So we talk a lot about servicing fee sales, targeting $350 million to $400 million this year. That's up from $300 million a year before and even less than the year before that. And with a tilt towards custody, and remember, it's the custodial activity, not just the accounting or the middle office, but the custodial activity that brings with it balances, deposit balances because they're needed as part of the buffer to handle the transactional activities that we process for clients.

我們認為隨著時間的推移，銷售量會帶來改變。因此，我們談論了很多關於服務費銷售的問題，今年的目標是 3.5 億至 4 億美元。這比一年前的 3 億美元增加，甚至比前一年還少。並且傾向於託管，請記住，這是託管活動，不僅僅是會計或中台，而是帶來餘額、存款餘額的託管活動，因為它們需要作為處理交易的緩衝區的一部分我們為客戶處理的活動。

And so as we look forward, as sales continue to accelerate and then we onboard those sales, because both have to happen, that's what we expect we'll bring on additional deposits in a way are part of our organic growth model, which will bring fee growth, but also bring deposit growth in this NII into the system, I think, at a nice rate and it will be year by year, by year that, that will help drive growth.

因此，當我們展望未來時，隨著銷售繼續加速，然後我們開始這些銷售，因為兩者都必鬚髮生，這就是我們期望的，我們將以某種方式帶來額外的存款，這是我們有機增長模式的一部分，這將帶來我認為，費用增長，同時也會以不錯的速度將NII的存款增長帶入系統，而且逐年增長，這將有助於推動增長。

All very helpful. Thanks.

一切都非常有幫助。謝謝。

Betsy Graseck, Morgan Stanley.

貝特西‧格拉塞克，摩根士丹利。

I did just want to key off of the last comment around the sales. And to your point, $350 million to $400 million is the goal for this year. Obviously, on page 5, you show us what the rev wins are for 1Q and 2Q, $67 million and $72 million. So that leaves us with an expectation that you're going to be able to bump that up pretty aggressively towards the 105 level for each of 3Q and 4Q.

我只是想結束關於銷售的最後評論。就您而言，今年的目標是 3.5 億至 4 億美元。顯然，在第 5 頁，您向我們展示了第一季和第二季的收益，即 6,700 萬美元和 7,200 萬美元。因此，我們預計第三季和第四季將能夠大幅提升至 105 水準。

And so it gets to my question of, what gives you the confidence in that? Is that a function of these are already sales that are in contract and it's just the installation of the new wins that hits this page, and so that gives you a lot of confidence that you can generate that 105 level in each of the next two quarters?

所以這就是我的問題，是什麼讓你對此充滿信心？這些功能已經是合約中的銷售，並且只是安裝了點擊此頁面的新勝利，因此這給了您很大的信心，您可以在接下來的兩個季度中的每個季度達到 105 的水平？

Betsy, it's Ron. Let me take that. Firstly, just to clarify, these numbers that we're talking about are sales and not installs, right? So it wouldn't include anything that's under contract and subject to onboarding at this point.

貝特西，是羅恩。讓我來吧。首先，澄清一下，我們談論的這些數字是銷售而不是安裝量，對嗎？因此，它不包括合約中規定的和目前需要入職的任何內容。

But what I mean, I think the way to think about it is this that if you -- that's why Eric gave the Q4 number there. Third and fourth quarter, historically for us, tend to be a little bit better. Second half of the year is a little bit better than the first half of the year. So that's point number one. Point number two, the pipeline. And we feel pretty good about the pipeline. So that's why we're continuing to affirm confidence in that target that we have of $350 million to $400 million.

但我的意思是，我認為思考這個問題的方法是，如果你——這就是為什麼埃里克在那裡給出了第四季度的數字。從歷史上看，第三季和第四季往往會好一些。下半年的情況比上半年好。這是第一點。第二點，管道。我們對管道感覺非常好。因此，我們繼續對 3.5 億至 4 億美元的目標充滿信心。

Got it. Perfect. Yes. And I can see in last year, the second half was 3x to 2Q. So history, yes, obviously, shows that that should happen. So that's great. Okay. So then a follow-up --

知道了。完美的。是的。我可以看到，去年下半年到第二季是 3 倍。所以歷史，是的，顯然，表明這應該發生。那太好了。好的。那麼接下來就是——

Betsy, let me clarify the first part of my message because I was not clear there. The number would include things that are in contract, but not include anything that's actually been onboarded. So when you see the to-be-onboarded number that we have out there, that includes basically past sales. So I hope that's clear. I didn't mean to confuse that.

貝特西，讓我澄清一下我的信息的第一部分，因為我在那裡不清楚。該數字將包括合約中的內容，但不包括實際已加入的內容。因此，當您看到我們現有的待加入人數時，其中基本上包括過去的銷售額。所以我希望這是清楚的。我並不是有意要混淆這一點。

Okay. Appreciate it. Thank you. And then the follow-up just on the buyback, I understand you've got the opportunity for increasing buybacks. And I'm expecting that you're going to be flexing that versus your SLR constraint? Is that fair?

好的。欣賞它。謝謝。然後是關於回購的後續行動，我知道你有機會增加回購。我預計您會根據單眼相機的限制來靈活調整這一點？這樣公平嗎？

And with SLR at 6.3% and the minimum is 5%, that feels like you've got a lot of room. So I just want to understand how you're thinking about what level of SLR you want to hold? Regulatory minimum is 5%. What kind of buffer should we expect that you're anticipating holding on top of that, just as we're working through our models on how much buybacks we estimate for you? Thank you.

SLR 為 6.3%，最低為 5%，感覺你有很大的空間。所以我只是想了解一下你是如何考慮你想要持有什麼等級的單眼？監管最低值為 5%。正如我們正在透過我們的模型來計算我們為您估計的回購量一樣，我們應該期望您預計持有什麼樣的緩衝？謝謝。

Betsy, it's Eric. Let me take that. As we had said and you're reflecting on, buybacks were lighter in first quarter at $100 million, then we booked $200 million in the second quarter. We expect that pace to accelerate into the third quarter and then again into the fourth quarter. So that's our intention, and we have a good amount of room and capital generation each quarter to be able to deliver on that.

貝特西，是埃里克。讓我來吧。正如我們所說且您正在反思的那樣，第一季的回購規模較小，為 1 億美元，然後我們在第二季預訂了 2 億美元。我們預計這一速度將在第三季加快，然後在第四季再次加快。這就是我們的意圖，我們每季都有大量的空間和資本產生來實現這一目標。

In terms of the constraints, the ratio constraints, the most important one for us, and I think for our various stakeholders, is the CET1 ratio. And that we're -- I think we can continue to operate at, at a good place, at a good level, but also that allows us a good pace of accelerating buybacks.

就約束而言，比率約束，對我們以及我認為對我們各個利害關係人而言最重要的是CET1比率。我認為我們可以繼續在一個好的地方、一個好的水平上運營，而且這也使我們能夠以良好的步伐加速回購。

The Tier 1 leverage or the supplementary leverage ratio are informative but actually relatively manageable, right? With the right level of preferred equity, we can operate where we need to. I think we've been clear on Tier 1 leverage, what our range is. And we'll operate within that range, and we can adjust the preferred equity stack as necessary.

一級槓桿或補充槓桿率雖然資訊豐富，但實際上相對可控，對嗎？有了適當水準的優先股，我們就可以在需要的地方開展業務。我認為我們已經明確了一級槓桿率以及我們的範圍。我們將在這個範圍內運營，並且我們可以根據需要調整優先股權堆疊。

We've not really formalized, at least externally, a supplementary leverage ratio range. But I'd say it kind of flows in a similar way as the Tier 1 leverage, and you can think of those as related from a conceptual and operational standpoint and both of them are eminently manageable and are not really the constraint when it comes to common share buybacks.

至少在外部，我們還沒有真正正式確定補充槓桿率範圍。但我想說，它的流動方式與一級槓桿類似，你可以從概念和操作的角度將它們視為相關的，並且它們都非常易於管理，並且在涉及到時並不是真正的約束。回購。

Right. Okay. That's great. And then when we're thinking about the pace accelerating from here, is that total dollars? Or is that the pace of up $100 million Q-on-Q? How should we think about which pace you're talking about?

正確的。好的。那太棒了。然後，當我們考慮從這裡開始加速的步伐時，這是總美元嗎？或者這就是環比成長 1 億美元的速度嗎？我們該如何考慮你所說的速度？

When we talk buybacks, there's always the -- depends on market conditions and the environment and so forth. So we always want to be careful with that. And you'd expect that of us as a well-run and a management team that's both careful but also leans into capital return, and you've seen our commitment.

當我們談論回購時，總是取決於市場條件和環境等。所以我們總是要小心這一點。您會期望我們作為一個運作良好的管理團隊，既謹慎又注重資本回報，並且您已經看到了我們的承諾。

I think we certainly feel the $100 million in the first quarter was below what we would have liked to deliver. We feel that $200 million was below what we would have liked to deliver. So I think there's a solid increase coming. You can think about it in dollar terms. Two points begin to create a line, but that could be a curve as well. And I think you've got enough to go on. I think you've got enough to go on. (laughter)

我認為我們確實認為第一季的 1 億美元低於我們希望交付的金額。我們認為 2 億美元低於我們的預期。所以我認為將會出現穩健的成長。你可以用美元來考慮。兩個點開始創建一條線，但這也可能是一條曲線。我認為你已經足夠繼續下去了。我想你已經足夠繼續下去了。 （笑聲）

Thank you so much. I really appreciate it. I really appreciate it and appreciate the conceptual chart. Thanks so much.

太感謝了。對此，我真的非常感激。我真的很欣賞它並欣賞概念圖。非常感謝。

You're welcome.

不客氣。

Mike Mayo, Wells Fargo Securities.

麥克梅奧，富國銀行證券公司。

I just want to make sure I understand what you're saying and not read too much into it. But I think what you're saying is, over the next two quarters, you should be pretty much done with the NII declines, you should be pretty much done with the noninterest-bearing deposit declines, and you should be pretty much done with the decommission of the major client. Am I reading too much on that, or did I hear that correctly?

我只是想確保我理解你在說什麼，而不是過度解讀。但我認為你的意思是，在接下來的兩個季度裡，你應該基本上已經完成了NII下降的任務，你應該已經完成了無息存款下降的任務，並且你應該已經完成了NII下降的任務。是我讀太多了，還是我聽錯了？

Mike, it's Eric. With regard to NII and noninterest-bearing deposits, I've said the next few quarters so I'm giving myself a little bit of room to be honest, because it's hard to predict perfectly. And so I'll stick with a few quarters. I think that kind of works and that certainly covers your range and maybe a little bit more. So we just want to live through this, but we can see, I think, over the horizon here in a way, and that's what we wanted to communicate.

麥克，是埃里克。關於NII和無息存款，我已經說了接下來的幾個季度，所以說實話，我給自己一點空間，因為很難完美預測。所以我會堅持幾個季度。我認為這種方法是有效的，並且肯定涵蓋了你的範圍，甚至可能更多。所以我們只想經歷這一切，但我認為，我們可以在某種程度上看到地平線之外的情況，這就是我們想要傳達的內容。

On the client deconversion, if you recall, we said this would be the largest year on a year-on-year basis. It was originally worth about 2 percentage points of total fees. We said about a percentage point year-on-year this year, half a point year-on-year last year and about half a point year-on-year next year. So by the end of this year, we'll be through, I'll call it, 3/4 of the effect, but there'll still be a piece of that coming through next year and then it'll be behind us.

關於客戶去轉換，如果您還記得的話，我們說過這將是同比最大的一年。它最初的價值約為總費用的2個百分點。我們說今年同比大約一個百分點，去年同比半個百分點，明年就比半個百分點點左右。因此，到今年年底，我們將完成（我稱之為）3/4 的效果，但明年仍然會有一部分效果出現，然後它就會被拋在身後。

And you also mentioned continuing pricing pressure, which we've talked about for about 30 years, which is nothing new, but you did highlight pricing pressure. So in what context are you referring to? I imagine like your new win in APAC, I assume spreads are better in Asia and outside the US and in the US. So when you talk about pricing pressure, where are you seeing it?

您還提到了持續的定價壓力，我們已經談論了大約 30 年，這不是什麼新鮮事，但您確實強調了定價壓力。那您指的是什麼情況下？我想就像你們在亞太地區取得的新勝利一樣，我認為亞洲、美國以外和美國的利差會更好。那麼，當您談論價格壓力時，您從哪裡看到的呢？

Mike, it's Eric again. I think we talked about pricing pressure because it's just part of the natural course of events, right? We get a market, we get pricing increases from market upticks. And then with clients, they ask for a part of that back. That's just how the business has operated, as you say, for the last 30 years.

麥克，又是埃里克。我認為我們討論了定價壓力，因為它只是事件自然過程的一部分，對吧？我們獲得了市場，我們從市場上漲中獲得了價格上漲。然後，他們會向客戶索取部分回報。正如您所說，這就是過去 30 年來公司的運作方式。

This quarter and last quarter and this year and for the rest of the year, we expect pricing headwinds to be in line with the previous years in guidance. We've said pricing headwinds of about 2% per year. We're not seeing any more or any less of that. It tends to be a little more geared towards the asset manager segment because that is the group of clients that has mutual funds and some mutual fund versus ETF shifting. But we're not seeing anything out of the ordinary or anything that is unexpected at this point.

本季、上季、今年以及今年剩餘時間，我們預期定價阻力將與前幾年的指引一致。我們說過每年的定價阻力約 2%。我們沒有看到更多或更少的情況。它往往更適合資產管理部門，因為該客戶群擁有共同基金和一些共同基金而不是 ETF 轉移。但目前我們沒有看到任何異常或意外的情況。

And then one last one to follow up on that. I mean, I guess, maybe as goes your clients, as goes any company or as goes State Street, and with the record high stock markets and historically such a strong position with the mutual funds, which you just mentioned, are you seeing that uptick? Or is it still a slog for your big long-only asset managers that are your legacy strength?

然後是最後一個跟進。我的意思是，我想，也許正如你的客戶、任何公司或道富銀行一樣，隨著股市創歷史新高，以及你剛才提到的共同基金在歷史上的強勢地位，你是否看到了這種上漲？或者，對於作為您的傳統優勢的大型只做多頭的資產管理公司來說，這仍然是一個難題嗎？

Mike, it's Ron. Let me take that. I mean I think that the -- as you would know as well as anybody, the business continues to change. And we've seen the continued move from the mutual fund to the ETF to the SMA. But you're also seeing these firms, particularly the well-managed ones respond, and they're responding in a couple of ways.

麥克，是羅恩。讓我來吧。我的意思是，我認為——正如您和任何人都知道的那樣，業務正在不斷變化。我們已經看到從共同基金到 ETF 再到 SMA 的持續轉變。但你也看到這些公司，特別是管理良好的公司做出了回應，他們以多種方式回應。

I mean, one, new product types. I mean, even the most traditional mutual fund companies now have pretty interesting ETF lines. Most of -- if they're involved in the DC 401(k) business. They've got a mutual fund offering, but they've got a collective trust offering too. So they're responding to that market pressure. Most of them are figuring out ways to participate in the wealth business. And we continue to respond and support them in that.

我的意思是，一，新的產品類型。我的意思是，即使是最傳統的共同基金公司現在也有非常有趣的 ETF 產品線。大多數 - 如果他們參與 DC 401(k) 業務。他們有共同基金產品，但也有集體信託產品。所以他們正在應對市場壓力。他們中的大多數人正在尋找參與財富業務的方法。我們將繼續回應並支持他們。

So the nature of the business is changing. In some cases, some things were more lucrative than others. And so what you're also finding in those businesses, they're very focused on their cost base, their technology stack, their operating stack. And again, that presses in our favor. As we think about the Alpha front-to-back solution, we're the largest middle office provider by far in the industry, and we've gotten quite good at that. So we describe ourselves as an essential partner to our clients, and I think that plays through both in supporting them in their revenue and product activities, as well as their cost and operations.

因此，業務的性質正在改變。在某些情況下，有些事情比其他事情更有利可圖。因此，您也會在這些企業中發現，他們非常關注成本基礎、技術堆疊和營運堆疊。這又對我們有利。當我們考慮 Alpha 從前到後的解決方案時，我們是迄今為止業內最大的中台供應商，我們在這方面做得相當出色。因此，我們將自己描述為客戶的重要合作夥伴，我認為這在支持他們的收入和產品活動以及成本和營運方面發揮著重要作用。

Okay. Thank you.

好的。謝謝。

Vivek Juneja, JP Morgan.

維韋克·朱尼賈 (Vivek Juneja)，摩根大通。

Eric, I just have a quick follow-up, trying to understand your NII guidance. If I look at your US interest-bearing deposit costs linked quarter, they actually declined. Did you actually start cutting rates? Or was there something else that drove that? Can you give some color on that? And is that likely to continue?

Eric，我只是進行了快速跟進，試圖了解您的 NII 指導。如果我看一下與季度相關的美國計息存款成本，它們實際上有所下降。你真的開始降息了嗎？或者還有什麼其他因素推動了這一點？你能給點顏色嗎？這種情況可能會持續下去嗎？

Vivek, it's Eric. I would describe that as just part of the normal volatility that we'll see in deposits. I mean we run such a large franchise and our clients' transactional activity tends to vary over time. But we're seeing healthy levels of deposits across dollars, across euros. And so we haven't seen anything particularly surprising in one area or another. I think total US interest-bearing deposits, if you look at our addendum, are up slightly. Euros are up slightly and so on and so forth.

維維克，我是艾瑞克。我將其描述為我們在存款中看到的正常波動的一部分。我的意思是，我們經營著如此大的特許經營權，而我們客戶的交易活動往往會隨著時間的推移而改變。但我們看到美元和歐元的存款處於健康水準。因此，我們在某個領域沒有看到任何特別令人驚訝的事情。我認為，如果你看看我們的附錄，美國的計息存款總額略有上升。歐元小幅上漲等等。

And to the extent that there are some movements, not driven by our pricing actions per se. In truth, clients need a certain amount of transactional deposits to fund their custody accounts. And the pricing tends to be something that we have negotiated and is well understood now given where we are in the cycle and isn't the determinant of movements at this point.

在某種程度上，存在一些變動，並不是我們的定價行為本身所驅動的。事實上，客戶需要一定數量的交易存款來為其託管帳戶提供資金。定價往往是我們已經協商好的，考慮到我們處於週期中的位置，現在已經很好地理解了，定價並不是目前走勢的決定因素。

Thank you.

謝謝。

Gerard Cassidy, RBC.

傑拉德·卡西迪，加拿大皇家銀行。

Ron, you mentioned in one of your answers about the servicing and management fees that foreign exchange activity, the volatility was actually quite low relative to history. Can you share with us what drove that? And then second, what macro factors should we keep an eye on to see to drive that volatility higher as we go forward, especially in view of the geopolitical environment we're all living in?

羅恩，您在關於外匯活動的服務和管理費的回答之一中提到，相對於歷史而言，波動性實際上相當低。您能與我們分享一下是什麼推動了這一點嗎？其次，我們應該關注哪些宏觀因素，以推動未來波動性的上升，特別是考慮到我們所處的地緣政治環境？

Well, I'll start. But Eric runs this business, so I'll (technical difficulty). But I think if -- what caused it, I mean there's been really remarkably low dollar volatility. And I think some of the things that have been driving that, one is just the simple strength of the dollar for an awfully long time. And it's almost become too dangerous thing to bet against the dollar. And so even in times where you would expect to see some volatility, we simply haven't. We haven't seen that. So I think that's been the primary driver of that, that you've got this inordinate strength of the dollar.

好吧，我要開始了。但埃里克經營這家公司，所以我會（技術難度）。但我認為，如果——是什麼造成了這種情況，我的意思是美元波動性非常低。我認為推動這一趨勢的一些因素，其中之一就是美元在很長一段時間內的強勢。做空美元幾乎變得太危險了。因此，即使在您期望看到一些波動的時候，我們根本沒有。我們還沒有看到這一點。所以我認為這是主要的驅動因素，美元的過度強勢。

But Eric, why don't I turn it over to you?

但是艾瑞克，我為什麼不把它交給你呢？

Gerard, I think to add to that, maybe in two ways. The dollar has been strong and continues to be the dominant currency globally for whether it's petrol, whether it's for core commodities, and the currency of choice. And while we've seen ebbs and flows and potential substitution, euros, won, et cetera, none of that has really come to pass, and so you have a bit of a stabilizing factor.

傑拉德，我想補充一點，也許有兩種方式。美元一直堅挺，並繼續成為全球的主導貨幣，無論是汽油、核心大宗商品還是首選貨幣。雖然我們已經看到了潮起潮落以及潛在的替代品、歐元、韓元等，但這些都沒有真正發生，所以你有一點穩定因素。

I think the other thing that we've seen recently is because of the clients have been underweight -- I'm sorry, overweight in cash and underweight in equities and bonds and they've started to put more of that cash to work, they're doing that both in the US and abroad and internationally. And as a result, we're not seeing a lot of speculation in currency markets, we're seeing more, I'll describe it as natural and transitional flows. And so we've not seen disruptions on one hand, knock on wood.

我認為我們最近看到的另一件事是因為客戶一直在減持——對不起，現金增持，股票和債券減持，他們已經開始投入更多現金，他們我們在美國、國外和國際上都在這樣做。因此，我們在貨幣市場上沒有看到很多投機行為，而是看到了更多，我將其描述為自然和過渡性的流動。因此，我們一方面沒有看到中斷，敲敲木頭。

And on the other hand, we have seen consistent holding of dollars and consistent buying of other currencies. And so that's created it feels like a set of muted volatility levels that are fine for clients. And our point of view is we need to serve clients during those times. And the more we can offer them ways to trade through us, through our multiple venues, some of them are platforms, some of them are single dealers, some they're multi-dealer and then some of them are algos, we'll continue to do that, and we'll support them. And that will -- because of the higher volumes we're seeing, notwithstanding the lower volatilities has been fruitful and help drive revenue growth for us in that area.

另一方面，我們看到了美元的持續持有和其他貨幣的持續購買。因此，這感覺像是一組對客戶來說很好的溫和波動水平。我們的觀點是，我們需要在這段時間內為客戶提供服務。我們越能為他們提供透過我們、透過我們的多個場所進行交易的方式，其中一些是平台，一些是單一交易商，一些是多交易商，還有一些是演算法，我們將繼續這樣做，我們會支持他們。儘管波動性較低，但由於我們看到交易量增加，這將是富有成效的，並有助於推動我們在該領域的收入成長。

Very good. Thank you for that color. And circling back, you both touched on onboarding was slower than expected in the first half of the year, but you expect it to pick up as we go forward. What caused the slower-than-expected onboarding in the earlier part of this year?

非常好。謝謝你的那個顏色。回顧過去，你們都提到上半年的入職速度比預期要慢，但你們預計隨著我們的前進，它會有所回升。是什麼原因導致今年稍早的入職速度慢於預期？

Gerard, it's Ron. I'll take that. It's concentrated in some large clients that also happen to be development partners. And I think we've talked about this concept of development partners. These are early partners that joined us in this journey, and we're doing a fair amount of development around that. So that caused some of it. And then some of it has been idiosyncratic to those same institutions in terms of things going on in their own operations that have delayed some of the onboarding. So that's been a big part of it.

傑拉德，我是羅恩。我會接受的。它集中在一些大客戶身上，而這些客戶恰好也是開發合作夥伴。我想我們已經討論過發展合作夥伴的概念。這些是加入我們這趟旅程的早期合作夥伴，我們正在圍繞這一點進行大量的開發。所以這造成了一些問題。然後，就這些機構本身運作中發生的事情而言，其中一些因素對這些機構來說是特殊的，導致了一些入職延遲。所以這是其中很重要的一環。

The second thing that's been driving it has been really around private markets. While we've continued to bring on clients and we're really pleased with our offering and the clients that we've brought on, the whole slowdown in private markets is actually affecting us because we start to get paid, right, when the fund starts to draw capital and invest. And if you've been following us, many of the new funds that have been raised, including some of the very, very largest ones, actually haven't drawn capital. So we've got set up and ready to go, but we're not actually deriving meaningful revenues from that yet. So that would be the other major factor that's going on here.

第二個推動因素其實是圍繞著私人市場。雖然我們繼續吸引客戶，我們對我們的產品和我們帶來的客戶感到非常滿意，但私募市場的整體放緩實際上正在影響我們，因為當基金開始吸引資金和投資。如果你一直關注我們，你會發現許多已籌集的新基金，包括一些非常非常大的基金，實際上還沒有籌集到資金。所以我們已經準備好了，但我們實際上還沒有從中獲得有意義的收入。所以這將是這裡發生的另一個主要因素。

Great. Thank you.

偉大的。謝謝。

There are no further questions at this time. Ron, please continue.

目前沒有其他問題。羅恩，請繼續。

Well, thanks, everybody, for joining us.

好的，謝謝大家加入我們。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。