Tradeweb Markets Inc (TW) 2024 Q3 法說會逐字稿

Good morning. And welcome to Tradeweb's third quarter 2024 earnings conference call. As a reminder, today’s call is being recorded and will be available for playback.

早安.歡迎參加 Tradeweb 2024 年第三季財報電話會議。提醒一下，今天的通話正在錄音中，可以回放。

To begin, I'll turn the call over to Head of Treasury, FP&A and Investor Relations, Ashley Serrao. Please go ahead.

首先，我將電話轉給財務、財務規劃與分析和投資者關係主管 Ashley Serrao。請繼續。

Thank you, and good morning. Joining me today for the call are our, CEO, Billy Hult, who will review our business results and key growth initiatives and our CFO, Sara Furber, who will review our financial results. We intend to use the website as a means of disclosing material non-public information and complying with our disclosure obligations under Regulation FD.

謝謝你，早安。今天與我一起參加電話會議的是我們的執行長 Billy Hult，他將審查我們的業務成果和關鍵成長計劃，我們的財務長 Sara Furber 將審查我們的財務表現。我們打算使用該網站作為披露重大非公開資訊並遵守 FD 法規規定的披露義務的​​一種方式。

I would remind you that certain statements in this presentation and during the Q&A may relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements related to among other things, our guidance are forward-looking statements. Actual results may differ materially from these forward-looking statements. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our earnings release, earnings presentation and periodic reports filed with the SEC.

我想提醒您，本簡報和問答中的某些陳述可能與未來事件和預期有關，因此構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。除其他事項外，與我們的指導相關的陳述均為前瞻性陳述。實際結果可能與這些前瞻性陳述有重大差異。有關可能導致實際結果與前瞻性陳述不同的因素的資訊包含在我們向美國證券交易委員會提交的收益發布、收益演示和定期報告中。

In addition, on today's call we will reference certain non-GAAP measures as well as certain market industry data. Information regarding these non-GAAP measures including reconciliations to GAAP measures is in our earnings release and earnings presentation. Information regarding market and industry data including sources is in our earnings presentation.

此外，在今天的電話會議上，我們將參考某些非公認會計原則措施以及某些市場行業數據。有關這些非公認會計準則措施的信息，包括與公認會計準則措施的調節，請參見我們的收益發布和收益演示。有關市場和行業數據（包括來源）的資訊位於我們的收益演示中。

Now let me turn the call over to Billy.

現在讓我把電話轉給比利。

Thanks, Ashley. Good morning, everyone and thank you for joining our third quarter earnings call. This was another record quarter with revenue surpassing our previous best by nearly 10% to approach almost $450 million in revenue. Stepping back, the themes driving our results over the last few years remain unchanged.

謝謝，阿什利。大家早安，感謝您參加我們的第三季財報電話會議。這是另一個創紀錄的季度，營收比之前的最高水準高出近 10%，接近 4.5 億美元。退一步來說，過去幾年推動我們業績的主題仍然沒有改變。

First, we continue to drive our market share higher in many of our markets as we collaborate with our clients to electronify and change behavior, be it our flagship swaps, surging US credit or rapidly expanding EM offerings. Second, we continue to capitalise on the trend of multi-asset class trading. Almost 50% of our revenue growth continues to be generated away from our cornerstone rates business. And third, we continue to accelerate growth with targeted acquisitions and strong execution.

首先，隨著我們與客戶合作實現電子化和改變行為，我們將繼續提高我們在許多市場的市場份額，無論是我們的旗艦掉期產品、激增的美國信貸還是快速擴張的新興市場產品。其次，我們持續利用多元資產類別交易的趨勢。我們近 50% 的收入成長仍然來自我們的基石費率業務。第三，我們透過有針對性的收購和強大的執行力繼續加速成長。

On this note, we close the ICD acquisition in August and formerly welcomed the ICD team to the Tradeweb family. They have hit the ground running and early client feedback has been resoundingly positive. Both yield broker and rate fin revenues are tracking ahead of plan, and we completed the integration of yield broker this month, five months ahead of schedule. We continue to think it's a great time to be in the risk intermediation business. A central banks retreat from our markets. Global monetary policies diverge, elections loom and fixed income markets continue to grow.

有鑑於此，我們在 8 月完成了對 ICD 的收購，並之前歡迎 ICD 團隊加入 Tradeweb 大家庭。他們已經開始行動，早期的客戶回饋非常正面。收益經紀商和利率鰭收入均超出計劃，我們於本月完成了收益經紀商的整合，比原計劃提前了五個月。我們仍然認為現在是從事風險中介業務的好時機。央行從我們的市場撤退。全球貨幣政策出現分歧，選舉臨近，固定收益市場持續成長。

This creates lots of opportunities for our clients to trade and make money, while the environment fluctuates, we remain focused on driving durable growth by investing in our future by hiring the best talent, deepening our client relationships and enhancing our technology.

這為我們的客戶創造了大量的交易和賺錢機會，儘管環境波動，我們仍然專注於透過僱用最優秀的人才、深化客戶關係和增強我們的技術來投資我們的未來，從而推動持久成長。

Diving into the third quarter, strong client activity, share gains and a risk on environment drove 36.7% year-over-year revenue growth on a reported basis. We continued to balance investing for growth and profitability as adjusted EBITDA margins expanded by 154 basis points relative to the third quarter of 2023.

進入第三季度，強勁的客戶活動、股票收益和環境風險推動了報告收入年增 36.7%。我們繼續平衡成長和獲利能力的投資，調整後的 EBITDA 利潤率較 2023 年第三季擴大了 154 個基點。

Turning to Slide 5, our rates business was driven by continued organic growth across swaps, global government bonds and mortgages and was also supplemented by the addition of rate fin and yield broker. Credit was led by strength in US and European corporate bonds with our second highest quarterly market share across electronic US high grade and high yield, and was aided by strong growth across credit derivatives, municipal bonds and China bonds.

轉向投影片 5，我們的利率業務受到掉期、全球政府債券和抵押貸款持續有機成長的推動，並透過利率金融和收益經紀人的增加得到補充。信貸受到美國和歐洲公司債強勢的帶動，我們在美國電子高等級和高收益債券中的季度市場份額位居第二，並且得益於信貸衍生品、市政債券和中國債券的強勁增長。

Money markets was led by the addition of ICD and aided by continued growth in US and European repos. Equities posted double-digit revenue growth, primarily led by growth in our global ETF business, whereas our equity derivatives business also posted solid growth. Finally, market data revenues were driven by growth in our LSEG market data contract and proprietary data products.

貨幣市場由 ICD 的增加引領，並受到美國和歐洲回購協議持續成長的推動。股票收入實現兩位數成長，主要得益於我們的全球 ETF 業務的成長，而我們的股票衍生性商品業務也實現了穩健成長。最後，市場數據收入是由我們的倫敦證券交易所市場數據合約和專有數據產品的成長所推動的。

Turning to Slide 6, I will provide a brief update on two of our focus areas, US treasuries and ETFs, and then I will dig deeper into US credit and global interest rate swaps.

轉向投影片 6，我將簡要介紹我們的兩個重點領域（美國國債和 ETF）的最新情況，然後我將更深入地探討美國信貸和全球利率掉期。

Starting with US treasuries. Record third quarter revenues increased by 33% year-over-year led by records across our institutional and wholesale client channels. Our institutional business saw growing adoption of our streaming and RFQ plus protocols, while the leading indicators of the institutional business remains strong, we gained share and achieved record quarterly market share of over 50% in US treasuries versus Bloomberg, our second consecutive quarter above 50%. Automation continues to be an important theme with institutional US treasury AiEX average daily trades increasing by nearly 30% year-over-year.

從美國國債開始。在我們的機構和批發客戶管道創紀錄的帶動下，第三季營收年增 33%，創歷史新高。我們的機構業務越來越多地採用我們的串流媒體和RFQ plus 協議，同時機構業務的領先指標依然強勁，我們在美國國債市場的份額不斷增加，季度市場份額超過彭博社的50%，這是我們連續第二季超過50% %。自動化仍然是一個重要主題，機構美國財政部 AiEX 日均交易量年增近 30%。

The wholesale space remains a key area of focus, and we continue to prioritize onboarding more liquidity providers and enhancing our various liquidity pools as we deliver on our holistic strategy. The wholesale business produced record volumes led by record streaming volumes and growing adoption of our sessions, protocol and the contribution of r8fin. Other protocols also saw double-digit volume growth, particularly our club, which continues to trend higher.

批發領域仍然是重點關注領域，在實施整體策略時，我們將繼續優先考慮引入更多流動性提供者並增強我們的各種流動性池。批發業務產生了創紀錄的交易量，這主要得益於創紀錄的串流媒體量以及我們的會話、協議和 r8fin 貢獻的不斷採用。其他協議的銷售量也出現了兩位數的成長，尤其是我們的俱樂部，其銷售量持續呈上升趨勢。

Within equities, our ETF revenues grew over 20% year-over-year, our efforts to expand our equity brand beyond our flagship ETF franchise continue to bear fruit with third quarter institutional equity derivative revenues increasing nearly 20% year-over-year. Looking ahead, we continue to make inroads by integrating new clients and the client pipeline remains strong, as the benefits of our electronic solutions continue to resonate. We believe we are well positioned to capitalize on the long-term secular ETF growth story, not just inequities, but across our fixed income business.

在股票方面，我們的 ETF 收入同比增長超過 20%，我們將股票品牌擴展到旗艦 ETF 業務之外的努力繼續取得成果，第三季度機構股票衍生品收入同比增長近 20%。展望未來，我們將繼續透過整合新客戶來取得進展，並且客戶管道仍然強勁，因為我們的電子解決方案的優勢將繼續產生共鳴。我們相信，我們處於有利地位，可以利用 ETF 的長期成長故事，不僅是不平等，而且是我們的固定收益業務。

Turning to Slide 7 for a closer look at another strong quarter for credit. Strong double-digit revenue growth was driven by 37% and 14% year-over-year revenue growth across US and European credit respectively. We also achieved strong double-digit revenue growth across credit derivatives, Munis and China bonds. Automation continues to surge with global credit AiEX average daily trades increasing over 25% year-over-year. We achieved our second highest fully electronic market share across US IG helped by IG block market share of over 8%.

請參閱投影片 7，以詳細了解另一個強勁的信貸季度。美國和歐洲信貸收入較去年同期分別成長 37% 和 14%，推動了強勁的兩位數營收成長。我們在信用衍生性商品、市政債券和中國債券方面也實現了兩位數的強勁收入成長。自動化程度持續飆升，全球信貸 AiEX 日均交易量較去年同期成長超過 25%。由於超過 8% 的 IG 區塊市場份額，我們在美國 IG 中實現了第二高的全電子化市場份額。

We also achieved our second highest fully electronic high yield market share with record high yield block market share of nearly 5%. During the quarter, we achieved a new monthly high yield record of 9% in July. Our institutional business continues to scale as clients adopt our diverse set of protocols. Year-to-date, we estimate over 40% of our US institutional variable revenue growth was driven by non-market factors, mainly market share. Our primary focus on growing institutional RFQ continues to pay off with average daily volume growing over 45% year-over-year with strong double-digit growth across both IG and high yield.

我們也實現了第二高的全電子化高收益市場份額，創紀錄的高收益區塊市場份額接近 5%。本季度，我們在 7 月創下了 9% 的月度新高收益率記錄。隨著客戶採用我們多樣化的協議集，我們的機構業務不斷擴大。今年迄今為止，我們估計超過 40% 的美國機構可變收入成長是由非市場因素（主要是市場份額）推動的。我們對不斷增長的機構詢價的主要關注繼續得到回報，日均交易量同比增長超過 45%，IG 和高收益債券均實現強勁的兩位數增長。

Moreover, portfolio trading average daily volume rose over 50% year-over-year with growth of over 70% across IG portfolio trading and over 20% growth across high yield. We continue to focus on leading with innovation and this is resonating with our clients leading to user growth of over 20% year-over-year. Retail credit revenues were up over 15% year-over-year as financial advisors continue to allocate investments towards credit to compliment their buying of US treasuries and retail certificates of deposits.

此外，投資組合日均交易量較去年同期成長超過 50%，其中 IG 投資組合交易量成長超過 70%，高收益投資組合交易量成長超過 20%。我們繼續專注於創新領先，這引起了我們客戶的共鳴，導致用戶同比增長超過 20%。由於財務顧問繼續將投資分配給信貸以配合他們購買美國國債和零售存款證，零售信貸收入年增超過 15%。

All trade produced a solid quarter with over $185 billion in volume, up over 35% year-over-year. Specifically, our all-to-all average daily volume grew over 20% year-over-year and our dealer RFQ offering grew over 25% year-over-year. The team continues to be focused on broadening out our network and increasing the number of responders on the all trade platform. In the third quarter, the average number of responses per all-to-all inquiry rose over 10% year-over-year. We also continue to increase our engagement and wallet share with ETF market makers with average daily volume up over 45% year-over-year. Finally, our session’s average daily volume grew over 45% year-over-year.

所有貿易都創造了一個穩定的季度，成交額超過 1,850 億美元，比去年同期成長超過 35%。具體來說，我們的整體日均交易量年增超過 20%，我們的經銷商報價年增超過 25%。該團隊繼續致力於擴大我們的網路並增加全貿易平台上的響應者數量。第三季度，每次全面詢問的平均回覆數量較去年同期增加超過10%。我們也持續增加與 ETF 做市商的互動和錢包份額，日均交易量較去年同期成長超過 45%。最後，我們的會話日均交易量較去年同期成長超過 45%。

Looking ahead, US credit remains a key focus area, and we like the way we are positioned across our three client channels. We believe we have a long runway for growth with ample opportunity to innovate alongside our clients. During the quarter, we enhanced our multi-client net spotting offering based on client feedback, expanded our PT offering to include auto send capabilities and continue to see growing adoption of our RFQ Edge offering.

展望未來，美國信貸仍然是一個重點關注領域，我們喜歡我們在三個客戶管道中的定位方式。我們相信，我們有很長的發展道路，有充足的機會與客戶一起創新。在本季度，我們根據客戶回饋增強了多客戶端網路定位服務，擴展了我們的 PT 產品以包括自動發送功能，並繼續看到我們的 RFQ Edge 產品的採用率不斷增長。

In light of Basel III considerations, we're also focused on partnering with our dealer clients to help them more efficiently recycle their own balance sheet risk and earn more money. We also remain very focused on chipping away at high yield and we believe we are well positioned to replicate the success we've had in IG. We're making progress on sales hiring efforts and we have a strong pipeline of asset managers, hedge funds, ETF market makers and insurance companies that we are focused on.

考慮到巴塞爾協議 III 的考慮，我們也專注於與經銷商客戶合作，幫助他們更有效地回收自己的資產負債表風險並賺取更多資金。我們仍然非常專注於提高高收益，我們相信我們有能力複製我們在 IG 所取得的成功。我們在銷售招聘方面正在取得進展，並且我們擁有強大的資產管理公司、對沖基金、ETF 做市商和保險公司的管道。

With Aladdin, we're still in Phase 2 of the integration, which is focused on the responding and initiating of all to all and RFQ inquiries on the Aladdin screen. Early client feedback has been positive, particularly around the enhanced integration that allows our clients to more easily monitor all to all and dealer liquidity opportunities.

對於 Aladdin，我們仍處於整合的第二階段，該階段的重點是在 Aladdin 螢幕上回應和啟動所有對所有以及 RFQ 查詢。早期客戶的回饋是正面的，特別是在增強的整合方面，它使我們的客戶能夠更輕鬆地監控所有人和經銷商的流動性機會。

Beyond US credit, our EM expansion efforts continue with early client success across Latin America and the Middle East. As we enter each region, our global product offering is proving to be a keyway to develop relationships with clients and dealers. On the product side, we remain focused on leveraging our diverse product expertise, enhancing our integration with FX all and continuing to build out our holistic emerging market functionality.

除了美國信貸之外，我們的新興市場擴張努力仍在繼續，拉丁美洲和中東地區的早期客戶取得了成功。隨著我們進入每個地區，我們的全球產品供應被證明是發展與客戶和經銷商關係的關鍵途徑。在產品方面，我們仍然專注於利用我們多元化的產品專業知識，加強與 FX all 的整合，並繼續建立我們的整體新興市場功能。

Moving to Slide 8, global swaps produced record revenues driven by a combination of strong client engagement in response to the macro environment, continued market share gains and a better mix shift towards risk trading. Strength here was partially offset by a 1% reduction in weighted average duration that we are seeing positive signs on that front given the changing macro environment.

轉向幻燈片 8，全球互換產生了創紀錄的收入，這是由於客戶對宏觀環境的強烈參與、持續的市場份額增長以及向風險交易的更好組合轉變的推動。加權平均久期減少 1% 部分抵消了這裡的強勢，考慮到不斷變化的宏觀環境，我們在這方面看到了積極的跡象。

All in global swaps revenues grew 51% year-over-year and market share rose to 22.4% with record share across G-11 and EM denominated currencies. The global macro backdrop continues to be in flux. During the Q3, we saw global yields fall given the expectations for central bank rate cuts. For example, US, German and Japanese 10 year yields fell 20 basis points to 60 basis points during the quarter. Yet in October, we have seen those same yields rise significantly from the end of the third quarter. This level of uncertainty continues to drive strong client engagement across our global suite of currencies across our global suite of currencies and continued market share gains with our clients continue to pay off.

全球掉期總收入年增 51%，市佔率升至 22.4%，G-11 和新興市場計價貨幣的市佔率創歷史新高。全球宏觀背景持續變化。第三季度，鑑於央行降息的預期，我們看到全球殖利率下降。例如，美國、德國和日本10年期公債殖利率在本季下跌20個基點至60個基點。然而，在十月份，我們看到這些收益率較第三季末大幅上升。這種程度的不確定性繼續推動客戶對我們全球貨幣組合的強烈參與，並且我們客戶的市場份額持續成長將繼續得到回報。

During the third quarter, we had 11 swaps currencies that saw year-over-year volume growth of over 100%. We had another 12 swaps currencies that saw volume growth between 50% and 100%. In addition to the favorable macro year-to-date, we estimate that over 60% of our institutional variable swaps revenue growth was driven by non-market factors mainly market share.

第三季度，我們有 11 種掉期貨幣，其交易量年增超過 100%。我們還有另外 12 種掉期貨幣，其交易量增加了 50% 至 100%。除了年初至今有利的宏觀因素外，我們估計超過 60% 的機構可變掉期收入成長是由非市場因素（主要是市場份額）推動的。

As short-term rates are expected to fall further and as the yield curve steepens, this should provide a tailwind to our risk-based volume fee per million. As a reminder, our pricing is based on the amount of DV01 or the risk decline is putting through the platform, which is driven by two factors. The level of yields and duration. As rates fall or duration increases the DV01 of a trade increases, based on the current rate environment. If we saw a 100 basis point drop-in rates, this could lead to a risk-based fee per million increasing by 5% to 6%.

由於短期利率預計將進一步下降，且殖利率曲線變得陡峭，這將為我們基於風險的每百萬交易量收費提供推動力。提醒一下，我們的定價是基於 DV01 的數量或透過平台進行的風險下降，這是由兩個因素驅動的。收益率水準和持續時間。根據目前的利率環境，隨著利率下降或久期增加，交易的 DV01 會增加。如果我們看到利率下降 100 個基點，這可能會導致每百萬人的基於風險的費用增加 5% 至 6%。

Additionally, our current risk-based duration is about six years. Based on the historical fee per million levels, when our duration was about seven years, we could see a 6% to 7% increase in our risk-based fee per million if duration extends by about a year.

此外，我們目前的基於風險的期限約為六年。根據歷史上每百萬人的費用水平，當我們的存續期約為七年時，如果存續期延長約一年，我們的每百萬人基於風險的費用可能會增加 6% 至 7%。

Finally, we continue to make progress across emerging market swaps and our rapidly growing RFM protocol. Our third quarter EM swaps revenues rose over 80% year-over-year, and we believe there is still significant room to grow given the low levels of electronification. Our RFM protocol saw average daily volume rise nearly 150% year-over-year with adoption picking up.

最後，我們繼續在新興市場互換和快速發展的 RFM 協議方面取得進展。我們第三季的新興市場掉期營收年增超過 80%，我們相信，鑑於電子化程度較低，仍有很大的成長空間。隨著採用率的提高，我們的 RFM 協議日均交易量年增近 150%。

Looking ahead, we believe the long-term swaps revenue growth potential is meaningful. We are looking forward to providing solutions for more parts of the swaps market. The team is actively partnering with key buy side and sell side clients to make further inroads into the cleared swaps market and initial inroads into the bilateral swaps market. With the overall swaps market still about 30% electronified, we believe there remains a lot we can do to help digitize our client's manual workflows while the global fixed income markets and broader swaps market grow.

展望未來，我們認為長期掉期收入成長潛力是有意義的。我們期待為掉期市場的更多部分提供解決方案。該團隊正積極與主要買方和賣方客戶合作，進一步進軍清算掉期市場，並初步進入雙邊掉期市場。由於整個掉期市場仍有約 30% 電子化，我們相信，在全球固定收益市場和更廣泛的掉期市場不斷增長的同時，我們仍然可以做很多事情來幫助客戶的手動工作流程數位化。

And with that, let me turn it over to Sara to discuss our financials in more detail.

接下來，讓我把它交給薩拉，更詳細地討論我們的財務狀況。

Thanks, Billy, and good morning. As I go through the numbers, all comparisons will be to the prior year period, unless otherwise noted. Slide 9 provides a summary of our quarterly earnings performance. As Billy recapped earlier, this quarter we saw record revenues of $449 million that were up 36.7% year-over-year on a reported basis and 36.5% on a constant currency basis. We derived approximately 38% of our third quarter revenues from international clients and recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in Euros.

謝謝，比利，早安。當我查看這些數字時，除非另有說明，所有比較都將與去年同期進行。投影片 9 總結了我們的季度獲利表現。正如 Billy 早些時候所回顧的那樣，本季度我們的收入達到創紀錄的 4.49 億美元，按報告數據計算，同比增長 36.7%，按固定匯率計算，同比增長 36.5%。我們第三季約 38% 的收入來自國際客戶，我們約 30% 的收入基礎以美元以外的貨幣計價，主要是歐元。

Our variable revenues increased by 50% and total trading revenues increased by 37%. Total fixed revenues related to our four major asset classes were up to 2.4% on a reported and constant currency basis. Credit fixed revenue growth was primarily driven by increases to our subscription fees and by the addition of new dealers this year, and other trading revenues were up 4%. As a reminder, this line fluctuates as it reflects revenues tied to periodic technology enhancements performed for our retail clients. Year-to-date adjusted EBITDA margin of 53.5% increased 111 basis points on a reported basis when compared to our 2023 full year margins.

我們的可變收入成長了 50%，總交易收入成長了 37%。以報告和固定匯率計算，與我們四大主要資產類別相關的總固定收入高達 2.4%。信貸固定收入成長主要是由於我們的認購費增加和今年新經銷商的增加推動的，其他交易收入增加了 4%。提醒一下，這條線會波動，因為它反映了與為我們的零售客戶執行的定期技術增強相關的收入。與我們 2023 年全年利潤率相比，年初至今調整後 EBITDA 利潤率為 53.5%，按報告數據增長了 111 個基點。

Moving on to fees per million on Slide 10 and a highlight of the key trends for the quarter. You can see Slide 16 of the earnings presentation for additional detail regarding our fee per million performance this quarter. For cash rates products, average fees per million were up 1%, primarily due to an increase in Australian government bonds fee per million. For long tenure swaps, average fees per million were up 17%, primarily due to a decline in compression activity. Duration in Q3, 2024 was relatively in line with the Q3 of 2023. For cash credit, average fees per million decreased 6% due to a mix shift away from Munis. For cash equities, average fees per million increased 9% due to a mix shift towards EU ETFs, which carry a relatively higher fee per million. Finally, within money markets, average fees per million increased 55% due to the inclusion of ICD and a slight increase in US repo fee per million.

接下來是幻燈片 10 中的每百萬人次費用以及本季主要趨勢的亮點。您可以查看收益簡報的投影片 16，以了解有關我們本季每百萬人次收費表現的更多詳細資訊。對於現金利率產品，每百萬人的平均費用上漲了 1%，主要是由於澳洲政府債券每百萬人的費用增加。對於長期任期互換，每百萬人的平均費用上漲了 17%，主要是由於壓縮活動的減少。2024 年第三季的持續時間與 2023 年第三季相對一致。對於現金信貸，由於混合方式不再採用市政債券，每百萬人的平均費用下降了 6%。對於現金股票，由於向歐盟 ETF 的混合轉變，每百萬股票的平均費用增加了 9%，而每百萬股票的費用相對較高。最後，在貨幣市場內，由於納入 ICD，每百萬平均費用增加了 55%，美國每百萬回購費用略有增加。

Slide 11 details our adjusted expenses. At a high level, the scalability and variable nature of our expense base allows us to continue to invest for growth and grow margins. We have maintained a consistent philosophy here. Adjusted expenses for the third quarter increased 30.4% on a reported basis and 31.5% on a constant currency basis. Adjusted compensation costs grew 36%, the vast majority related to variable or discretionary spending. Just over 50% of the increase was performance related expense and nearly 20% from new hires in 2024 and the addition of ICD.

投影片 11 詳細介紹了我們調整後的費用。從高水準來看，我們費用基礎的可擴展性和可變性使我們能夠繼續投資以實現成長和提高利潤。我們在這裡保持了一貫的理念。第三季調整後費用按報告計算成長 30.4%，以固定匯率計算成長 31.5%。調整後的薪酬成本增加了 36%，其中絕大多數與可變或可自由支配支出有關。其中超過 50% 的成長是與績效相關的費用，近 20% 的成長來自 2024 年新員工和 ICD 的增加。

Technology and communication costs increased 23%, primarily due to our previously communicated investments in data strategy and infrastructure, which we intend to accelerate to support our technology efforts as we continue to grow. Adjusted professional fees grew 26% mainly due to an increase in tech consultants as we augment our technology operations and build incremental scalability. We expect professional fees to continue to grow over time as we spend more on technology consulting to support our overall growth.

技術和通訊成本增加了 23%，主要是由於我們之前溝通過的數據策略和基礎設施投資，隨著我們的不斷發展，我們打算加快投資以支援我們的技術工作。調整後的專業費用增加了 26%，主要是由於我們增強了技術運營並建立了增量可擴展性，因此技術顧問的數量增加了。隨著我們在技術諮詢上投入更多資金以支持我們的整體成長，我們預計專業費用將隨著時間的推移而繼續增長。

Adjusted general and administrative costs increased 22% due to a pickup in travel and entertainment and marketing expenses, which was offset by favorable movements in FX that resulted in an approximately $400,000 gain in the third quarter of 2024 versus a $1.5 million loss in the Q3 of 2023.

由於旅行、娛樂和行銷費用增加，調整後的一般和管理成本增加了22%，但外匯的有利變動抵消了這一影響，導致2024 年第三季度收益約40 萬美元，而2024 年第三季度虧損150 萬美元。

Slide 12 details capital management and our guidance. On our cash position and capital return policy, we ended the third quarter in a strong position with $1.2 million in cash and cash equivalents and free cash flow reached approximately $800 million for the trailing 12 months. Our net interest income of $15.2 million decreased due to lower cash balances, as we funded our recent acquisition of ICD with $771 million of cash on hand. Additionally, our net interest income was impacted by $970,000 in accrued interest expense related to a TRA payment.

投影片 12 詳細介紹了資本管理和我們的指導。就我們的現金狀況和資本回報政策而言，我們在第三季末處於強勢地位，現金和現金等價物為 120 萬美元，過去 12 個月的自由現金流達到約 8 億美元。由於現金餘額減少，我們的淨利息收入減少了 1,520 萬美元，因為我們用手頭現金 7.71 億美元為最近收購 ICD 提供了資金。此外，我們的淨利息收入也受到與 TRA 付款相關的 970,000 美元應計利息費用的影響。

Excluding this interest expense, which occurs sporadically based on the timing of TRA payments, our net interest income would have been $16.2 million and our adjusted EPS would have been $0.76. With this quarter's earnings, the Board declared a quarterly dividend of $0.10 per Class A and Class B shares.

不包括根據 TRA 付款時間偶爾發生的利息費用，我們的淨利息收入將為 1,620 萬美元，調整後的每股收益將為 0.76 美元。根據本季的收益，董事會宣布每 A 類和 B 類股票發放季度股息 0.10 美元。

Turning to updated guidance for 2024. In light of the continued strong business momentum, we are increasing our adjusted expense guidance to $855 million to $875 million. We are currently trending towards the midpoint of the range. Overall, we are seeing increased opportunity to invest for future growth and continue to expect accelerated investments going forward.

轉向 2024 年更新指南。鑑於持續強勁的業務勢頭，我們將調整後的費用指引提高至 8.55 億美元至 8.75 億美元。目前我們正趨向於該範圍的中點。總體而言，我們看到投資未來成長的機會增加，並繼續預計未來投資將加速。

All in with these investments, we continue to expect our 2024 adjusted EBITDA margin expansion to exceed 2023 levels. We continue to expect our CapEx and capitalized software development to be about $77 million to $85 million for 2024. Acquisition and Refinitiv transaction related D&A, which we adjust out due to the increase associated with push down accounting is now expected to be $158 million. We continue to expect 2024 and 2025 revenues generated under the new master data agreement with LSEG to be approximately $80 million and $90 million respectively.

加上這些投資，我們繼續預期 2024 年調整後的 EBITDA 利潤率將超過 2023 年的水準。我們仍預期 2024 年我們的資本支出和資本化軟體開發約為 7,700 萬至 8,500 萬美元。由於與下推會計相關的增加，我們調整了收購和路孚特交易相關的 D&A，目前預計為 1.58 億美元。我們仍預計 2024 年和 2025 年與 LSEG 簽訂的新主資料協議產生的收入將分別約為 8,000 萬美元和 9,000 萬美元。

Last quarter, we signed a 16 year lease for our new New York City headquarters, which is expected to commence in July of 2025, including expected double rent from our existing New York City office and other anticipated leasing activity in the second half of 2025. We expect our occupancy expenses to be approximately $7 million higher than the second half of 2024.

上季度，我們為紐約市新總部簽署了為期16 年的租約，預計將於2025 年7 月開始，其中包括我們現有紐約市辦事處的預期雙倍租金以及2025 年下半年的其他預期租賃活動。我們預計我們的入住費用將比 2024 年下半年增加約 700 萬美元。

Now, I'll turn it back to Billy for concluding remarks.

現在，我將把它轉回給比利做總結發言。

Thanks Sara. As a technology company focused on the financial markets, we thrive in change and complexity. We believe in a strategy of evolution and balance, not revolution. We are excited about the opportunities to engage with our clients to expand our multi-asset class footprint and we feel good about our long-term future growth outlook.

謝謝薩拉。作為一家專注於金融市場的科技公司，我們在變化和複雜性中蓬勃發展。我們相信進化和平衡的策略，而不是革命。我們很高興有機會與客戶合作，擴大我們的多元資產類別足跡，我們對我們未來的長期成長前景感到滿意。

With a couple of important month-end trading days left in October, which tend to be our strongest revenue days. October revenues are trending at record levels up approximately 30% relative to October, 2023. The diversity of our growth remains a theme. We are seeing strong volume growth across global government bonds, mortgages, repos and corporate credit. Our October IG and high yield share are both trending lower than September levels. Our IG and high yield share are mainly being impacted by lower levels of industry PT so far in October.

十月份還剩下幾個重要的月末交易日，這往往是我們收入最高的日子。10 月的營收趨勢創紀錄水平，較 2023 年 10 月成長約 30%。我們成長的多樣性仍然是一個主題。我們看到全球政府債券、抵押貸款、回購和企業信貸的數量強勁增長。我們 10 月的投資等級債券和高收益債券份額均低於 9 月的水平。我們的 IG 和高收益份額主要受到 10 月迄今為止較低水平的行業 PT 的影響。

I would also like to welcome Daniel Maguire to our Board of Directors. Dan brings more than 25 years of experience in financial services. Having known Dan for a long time, I think very highly of him. I am confident that he will make a significant impact as we expand our footprint and broaden the boundaries of innovation at Tradeweb.

我還要歡迎丹尼爾·馬奎爾加入我們的董事會。Dan 擁有超過 25 年的金融服務經驗。我認識丹很久了，我對他評價很高。我相信，隨著我們擴大 Tradeweb 的足跡並拓寬創新邊界，他將產生重大影響。

Finally, I would like to conclude my remarks by thanking our clients for their business and partnership in the quarter, and I want to thank my colleagues for their efforts that contributed to the record quarterly revenues and volumes at Tradeweb.

最後，我要感謝我們的客戶在本季度的業務和合作夥伴關係來結束我的發言，我還要感謝我的同事為 Tradeweb 創紀錄的季度收入和交易量所做的努力。

With that, I will turn it back to Ashley for your questions.

接下來，我會將其轉回給 Ashley，詢問您的問題。

Thanks, Billy. As a reminder, please limit yourself to one question only. Feel free to hop back in the queue and ask additional questions at the end. Operator, you can now take our first question.

謝謝，比利。提醒一下，請只回答一個問題。請隨意跳回隊列並在最後提出其他問題。接線員，您現在可以回答我們的第一個問題。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Morning, everyone. Thanks for taking the question. Just wanted to ask on credit. We've had increasing questions as to how Tradeweb’s platform has been evolving from here relative to market access, it was called out specific new developments on their platform just in terms of their enhanced algo suite, enhanced deal of protocols, improved trading front end. Some of these developments look like catch ups to Tradeweb, others look to position them for increased block penetration. So it'd be great to hear how Tradeweb stacking up here and how they -- are how you are positioned for increased block penetration moving forward?

早安，大家。感謝您提出問題。只是想賒帳問問。我們對 Tradeweb 平台在市場准入方面如何發展的疑問越來越多，有人指出他們平台上的具體新發展只是在增強的演算法套件、增強的協議交易、改進的交易方面前端。其中一些開發看起來像是對 Tradeweb 的追趕，另一些則希望將它們定位為提高區塊滲透率。因此，很高興聽到 Tradeweb 在這裡表現如何，以及您如何定位以提高區塊滲透率？

Sure. Chris, how are you? It's Billy. Yankees won last night, so I'm in a good mood or most of us at Tradeweb are in good moods. When I kind of think about sort of the markets Chris that we're in, I always kind of describe it as sort of we're on this continuous journey of learning. That's how I think about and describe our business. And when we think about the journey around our credit business, I think the beginning of that journey kind of started kind of four or five years ago from our perspective with some open questions, can we really compete in credit? Do we understand the credit business the right way?

當然。克里斯，你好嗎？是比利。洋基隊昨晚贏了，所以我心情很好，或者說 Tradeweb 的大多數人心情都很好。當我想到我們所處的市場時，克里斯，我總是將其描述為我們正處於持續學習的旅程中。這就是我對我們業務的思考和描述。當我們思考圍繞信貸業務的旅程時，我認為從我們的角度來看，這趟旅程的開始有點像四、五年前，有一些懸而未決的問題，我們真的可以在信貸領域競爭嗎？我們對信貸業務的理解正確嗎？

And then you kind of like flash forward to today, when really we're kind of neck and neck in the IG business as a market leader in the space. And I think that says a lot like over the last two years, when you think about the protocols that we're in, our RFQ, volume is up over 200%, 210%. Our portfolio trading, these are like massive numbers up over 700%. Our all-to-all is up over 130% and our session’s business, our suite business also has done extremely well.

然後你會想起今天，當時我們在 IG 業務中確實是並駕齊驅，作為該領域的市場領導者。我認為這很像過去兩年，當你考慮我們所採用的協議、我們的詢價時，數量增加了 200%、210% 以上。我們的投資組合交易，這些數字就像是成長超過 700% 的龐大數字。我們的整體業務成長了 130% 以上，我們的會議業務、套房業務也表現得非常好。

So the approach from our perspective remains unchanged. We do something I think that I'm very proud of. We respond to client feedback very, very well. And so from our perspective in credit that's launching what we call RFQ edge, which offers really top tier analytics, dealer upsize, which promotes block trading, and we continue to enhance our portfolio trading workflows.

因此，從我們的角度來看，方法保持不變。我們做了一些我認為我感到非常自豪的事情。我們非常非常好地回應客戶的回饋。因此，從我們信貸的角度來看，我們正在推出所謂的 RFQ Edge，它提供真正頂級的分析、經銷商規模的擴大，從而促進大宗交易，並且我們將繼續增強我們的投資組合交易工作流程。

So it's a process and I kind of say this, I think in a very clear way, while we are very strong leaders around innovation, from our perspective, sometimes adoption is crucial. And so the block and tackling of sort of delivering what we've built to our most important clients continues. And as we do that, obviously there's this kind of dual approach around improving our technology, our user interface providing advanced analytics and doing the kind of hard work around delivering best in class technology. Team, Chris, like super focused, really, really proud of them and we're going to continue to stay focused in this area and perform really well. So appreciate the question, thanks very much.

所以這是一個過程，我以一種非常明確的方式這麼說，雖然我們是創新方面非常強大的領導者，但從我們的角度來看，有時採用是至關重要的。因此，向最重要的客戶交付我們所建造的產品的過程中的阻礙和解決仍在繼續。當我們這樣做時，顯然有這種雙重方法來改進我們的技術，我們的用戶介面提供高級分析，並圍繞提供一流的技術進行艱苦的工作。團隊，克里斯，非常專注，真的非常為他們感到自豪，我們將繼續專注於這個領域並表現得非常好。所以很感謝這個問題，非常感謝。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Okay. Thank you very much for taking the questions and good morning, everybody. Appreciate all the disclosure. Maybe just I know one question, but just one clarification. Just Billy, in terms of your commentary around fee per million, given the duration and the curve, so I want to make sure that's all both incremental. So it will be 5% to 6% plus 6% to 7%, so I want to make sure I heard that correctly.

好的。非常感謝大家提出問題，大家早安。感謝所有的披露。也許我只知道一個問題，但只有一個澄清。就比利而言，就您對每百萬費用的評論而言，考慮到持續時間和曲線，所以我想確保這都是增量的。所以會是 5% 到 6% 加 6% 到 7%，所以我想確保我沒聽錯。

And then the broader question I have just sticking on competition for a moment. I guess one of your competitors market access has linked up with ICE to potentially expand their trading in credit as well. I was just wondering if you could address that. And maybe the broader question is, as private markets continue to get a bigger role in capital markets, how does that affect the long-term algorithm for growth? Thank you

然後是更廣泛的問題，我暫時停留在競爭上。我猜想你們的競爭對手之一的市場准入已經與 ICE 聯繫起來，有可能擴大他們的信貸交易。我只是想知道你能否解決這個問題。也許更廣泛的問題是，隨著私募市場繼續在資本市場中發揮更大作用，這將如何影響長期成長演算法？謝謝

Sure. Good -- all good questions. Sara you take the first one, I just want to make sure we clarify that to you.

當然。好——都是好問題。莎拉，你選第一個，我只是想確保我們向你澄清這一點。

Yeah. It's you heard it accurately. So the fee per million you heard is correct, and then maybe you want to go to private credit.

是的。是你聽得準確。所以你聽到的每百萬的費用是正確的，然後也許你想要去私人信貸。

Yeah. Listen, I don't really have a huge comment on what kind of -- what market access is doing with ICE, I mean, we obviously, I think have levered our retail business and that's given us an advantage into credit for a long time. Feel really good about that. I've always kind of like thought and taken the approach, like really like live and breathe and understand your clients obviously be super aware of the competitive landscape, but I really don't have a massive comment on what they're doing with ICE. But it's a good question.

是的。聽著，我真的沒有對ICE 的市場准入做了什麼大的評論，我的意思是，顯然，我認為我們已經利用了我們的零售業務，這使我們在很長一段時間內在信貸方面具有優勢。對此感覺非常好。我一直都喜歡思考並採取這種方法，就像真的喜歡生活和呼吸一樣，了解你的客戶顯然​​對競爭格局非常了解，但我真的對他們在 ICE 上所做的事情沒有太多評論。但這是一個好問題。

And so kind of like on that theme, just in terms of private credit for a moment, focus on existing business stay in front of of clients on their most important themes and then execute really well. And then how do you kind of pivot into creating new opportunities in adjacent markets like this evolution from kind of paper markets to more transparent markets. That's the sort of like lines on this company's hands that's kind of like who we are.

就像這個主題一樣，就私人信貸而言，暫時專注於現有業務，將最重要的主題擺在客戶面前，然後執行得非常好。然後你如何轉向在鄰近市場創造新的機會，例如從紙本市場到更透明市場的演變。這就像這家公司手上的線條，有點像我們是誰。

So from our perspective, I think, in the private market area, lots of headlines and I think one of the developments for sure that we have our eye on is Apollo's launch of an ETF. It combines kind of public and private credit in conjunction with State Street. I think that's sort of like worth following, apart from the worlds of kind of private and public credit converging, which is a first, it's especially interesting around what we would say is Apollo's commitment to provide liquidity intraday in the form of executable firm bids. That's worth watching and worth kind of saying.

因此，從我們的角度來看，我認為，在私募市場領域，有很多頭條新聞，我認為我們肯定會關注的進展之一是阿波羅推出 ETF。它與道富銀行結合了公共和私人信貸。我認為這有點值得關注，除了私人和公共信貸融合的世界（這是第一個）之外，特別有趣的是我們所說的阿波羅承諾以可執行的公司投標形式提供盤中流動性。這值得一看，也值得說一說。

And so, as I say that, I think what I'm describing sounds very similar to the markets that Tradeweb kind of lives and breathes in and what we have seen happen multiple times in the fixed income markets and where we have tended to play a leading role in collaborating with our clients to develop and improve secondary market trading. So what you get from us is this day in and day out rigor on our existing businesses and existing marketplaces and then the kind of eyes on expansion. And so we're clearly watching what's happening in that space with open eyes.

因此，正如我所說，我認為我所描述的內容聽起來與 Tradeweb 生存和呼吸的市場非常相似，並且我們在固定收益市場中多次看到發生的情況以及我們傾向於發揮作用的市場。與客戶合作開發和改進二級市場交易方面發揮主導作用。因此，您從我們這裡得到的是對我們現有業務和現有市場日復一日的嚴格要求，以及對擴張的關注。因此，我們正在睜大眼睛清楚地觀察該空間中正在發生的事情。

All good questions and I appreciate it.

所有的問題都很好，我很感激。

Thank you.

謝謝。

Thank you.

謝謝。

Richard Fellinger, Autonomous.

理查費林格，《自治》。

Hey, good morning. I wanted to ask about expenses. Adjusted EBITDA margin expansion remains pretty solid year-to-date versus the 50 basis points last year. May maybe just on the longer term outlook, could you remind us how you think about expense growth and margin expansion as we start to think about the next few years?

嘿，早安。我想問一下費用。與去年的 50 個基點相比，今年迄今調整後 EBITDA 利潤率的擴張仍然相當穩健。也許只是從長遠來看，當我們開始考慮未來幾年時，您能否提醒我們您如何看待費用成長和利潤率擴張？

Sure. It's Sara. Thanks to your question, Richard. When we talk about expenses, I think it's always helpful to take a multi-year view, and so if you look at our historical growth just as a baseline from 16 to 23, we'll take this year out for a second. We averaged about 10% year-over-year growth. If you looked at that period, you would know and obviously we spent a lot of time on this, it's not linear and it depends, that expense growth really depends on what the revenue growth environment is, the business investments that we're making. And so within that average of 10%, we've seen lows of 4% in certain years and 19% as an example and highs of 15% based on environment and also things like acquisition.

當然。是薩拉。謝謝你的提問，理查德。當我們談論支出時，我認為採取多年觀點總是有幫助的，因此，如果您將我們的歷史增長視為 16 至 23 的基線，我們將暫時考慮今年。我們的平均年增長約為 10%。如果你看看那個時期，你就會知道，顯然我們在這方面花了很多時間，它不是線性的，而且取決於，費用成長實際上取決於收入成長環境以及我們正在進行的業務投資。因此，在 10% 的平均成長率中，我們看到某些年份的成長率為 4%，例如 19%，而根據環境和收購等因素，成長率高達 15%。

So when we're looking forward, like, bring it forward to the current quarter, no better example, I think. We've seen expense growth about 25%, well above our historical average, but really make sense given the strong environment that we're in, the strong top line performance and then you factor in two acquisitions that we've made this year and some of the accelerated investments we've talked about previously.

因此，當我們展望未來時，例如將其提前到當前季度，我認為沒有更好的例子了。我們看到費用成長了約25%，遠高於我們的歷史平均水平，但考慮到我們所處的強勁環境、強勁的營收業績，再加上我們今年進行的兩項收購，這確實是有意義的。

So I think one of the big things as you think about going forward that's helpful to unpack is the biggest driver of our expense growth is typically comp. If you take this quarter, 70% of the comp growth as an example is discretionary or variable. So you really see the flexibility in our operating model, whether it's performance related compensation or new hiring that's at our discretion and obviously the inclusion of ICD. We typically give our guidance out next quarter and we'll continue to follow that cadence. But there are a couple of things as you're thinking about 2025 worth calling out some of which we did call out in our prepared remarks.

因此，我認為，當你考慮未來時，有助於解開的重要事情之一是我們費用成長的最大推動力通常是補償。如果以本季為例，70% 的複合成長是可自由支配的或可變的。因此，您確實看到了我們營運模式的靈活性，無論是與績效相關的薪酬還是由我們自行決定的新招聘，顯然還包括 ICD。我們通常會在下個季度給予指導，並將繼續遵循這種節奏。但是，當您思考 2025 年時，有幾件事值得指出，其中一些我們在準備好的演講中確實指出了。

One is ICD. Obviously, there's seven months of incremental expense around that acquisition. That's about $35 million to factor into your models. And then the second is higher occupancy expense. We are moving our New York headquarters next year and given the overlap in rent and the larger footprint that it will have, we've highlighted about $7 million in the second half of next year to expect as an uptick in those lines.

一種是ICD。顯然，圍繞這次收購有七個月的增量費用。這大約是 3500 萬美元，需要考慮到您的模型中。其次是更高的入住費用。我們明年將搬遷紐約總部，考慮到租金的重疊和占地面積的擴大，我們強調明年下半年預計將增加約 700 萬美元。

Beyond that, what I will say is given the operating leverage of the business, we do expect to have margin expansion. We're still committed to that. We obviously want to balance investing for growth with scaling the platform. I would expect that margin expansion to be slightly more muted given some of the things I just called out, but we've maintained a lot of flexibility and we've kind of demonstrated that track record throughout the years. So hopefully that helps and we'll obviously formalize expense guidance next quarter. Thanks.

除此之外，我要說的是，考慮到該業務的營運槓桿，我們確實預期利潤率會擴大。我們仍然致力於這一點。顯然，我們希望在成長投資與平台擴展之間取得平衡。考慮到我剛才指出的一些事情，我預計利潤率擴張會稍微溫和一些，但我們保持了很大的靈活性，並且多年來我們已經證明了這一記錄。希望這會有所幫助，我們顯然會在下個季度正式確定費用指引。謝謝。

Great. Thank you.

偉大的。謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, good morning, everybody, and thank you for the question. I wanted to talk for a minute about fee per million trends in the interest rate swap business. There are a number of crosscurrents in that business obviously, volumes clearly very strong, duration shifting around a little bit and compression trading can kind of swing things up and down as well.

嘿，大家早上好，謝謝你的提問。我想談談利率掉期業務中每百萬美元費用的趨勢。顯然，該行業存在許多逆流，交易量明顯非常強勁，久期略有變化，壓縮交易也可能上下波動。

So, but all in, you guys put up over $3 in fee per million and swaps over one year. How do you think about I guess the trajectory there from here and maybe a broader comment on revenue growth algorithm in this business over the next one to two years?

所以，總而言之，你們在一年內支付了每百萬美元超過 3 美元的費用和掉期費用。您如何看待我從這裡猜測的軌跡，以及未來一到兩年對該業務收入成長演算法的更廣泛評論？

Yeah, really good question, Alex. Thank you. So maybe like starting point, I would say, very confident about the long-term growth potential of that business, like starting with that. Only 30% of the market is currently electronified. And so from our perspective, out of central casting that kind of leaves plenty of room for how we think about expansion there. So big area of focus for the company. Driving revenue growth by further electronifying existing client flows is like out of our playbook and continuing to onboard new clients globally.

是的，真是個好問題，亞歷克斯。謝謝。因此，我想說，也許就像起點一樣，對該業務的長期成長潛力非常有信心，就像以此為起點。目前只有 30% 的市場實現了電子化。因此，從我們的角度來看，在中央選角之外，這為我們如何考慮在那裡的擴張留下了足夠的空間。公司的重點領域如此之大。透過進一步電子化現有客戶流來推動收入成長就像我們的劇本一樣，並繼續在全球範圍內吸引新客戶。

I don't want to say like rather than be concerned with the fluctuations into your question, because they're really good question as you're understanding our business but like that sort of becomes the kind of focus of the company. And so several organic growth initiatives that I would kind of highlight for you. First, I would say the inroads and the success that we've had in EM. Second thing I would say that request for market protocol that micro protocol RFM is a big one. I give the international team a tremendous amount of credit for that. It's really understanding the most sophisticated client's workflow and then replicating that in a way that works for them and works for us. That's a pretty big deal.

我不想說“喜歡”，而不想關心您問題的波動，因為當您了解我們的業務時，它們確實是一個很好的問題，但類似的問題已成為公司的焦點。我想向您重點介紹幾項有機成長舉措。首先，我想說一下我們在新興市場的進展和成功。我要說的第二件事是，對市場協議的要求，即微協議 RFM 是一個很大的要求。我對此給予國際團隊極大的信任。它真正理解最複雜的客戶的工作流程，然後以適合他們和我們的方式複製它。這是一件大事。

Interestingly, I think these kinds of growth initiatives carry a higher fee per million, so I would kind of like link it back to you that way. To address maybe for a second, your specific question about the kind of the fee per million outlook on a macro level, I think several factors obviously could influence that moving forward. And I kind of called some of them out in my prepared remarks, Alex, but what I would say is, clients continue to focus on the shorter end of the curve and we haven't observed a sort of increase in duration yet. If interest rates decline, my instinct is and I think the house view instinct is we may see clients trading more at the longer end of the curve, potentially boosting duration. So I would kind of highlight that to you.

有趣的是，我認為這類成長計畫每百萬人的費用較高，所以我想以這種方式將其與您聯繫起來。為了解決您關於宏觀層面上每百萬人的費用前景的具體問題，我認為有幾個因素顯然可能會影響這一進展。亞歷克斯，我在準備好的發言中提到了其中一些，但我想說的是，客戶繼續關注曲線的較短端，我們還沒有觀察到持續時間的增加。如果利率下降，我的直覺是，而且我認為內部觀點的直覺是，我們可能會看到客戶在曲線的較長一端進行更多交易，這可能會延長久期。所以我想向你們強調這一點。

And then obviously additionally the rate outlook and duration are negatively correlated. So as rates fall, the duration of the same bond or tenor increases, I don't want to go into like bond 101, but you know that better than I do. I think maybe, maybe one of the more important things I could say is we are seeing strong risk trading so far in October with swaps seeing revenue growth in excess of over 40% year-over-year. So I want to make sure I kind of like describe that to you in a very straightforward way.

顯然，利率前景和久期呈負相關。因此，隨著利率下降，相同債券或期限的久期會增加，我不想討論債券 101，但你比我更清楚這一點。我想，也許我能說的更重要的事情之一是，到目前為止，我們在 10 月看到了強勁的風險交易，掉期收入同比增長超過 40%。所以我想確保我喜歡以一種非常簡單的方式向您描述這一點。

So continue to stay kind of very optimistic about the outlook heading into 2025. This we talked a lot about kind of compression trades throughout sort of ‘24. That was a strategic move on our part to get into certain clients and kind of get into more of their kind of risk trading flow. And so from our perspective, the way that we've been able to do that has worked. So we don't kind of back away from the strategy of making sure that we handle those kind of trades when the market sort of dictates that, that's a real tactical move from us that I think has paid off. So feeling good about the trajectory of that business, Alex, and appreciate the questions. Hopefully, I answered them well.

因此，繼續對 2025 年的前景保持非常樂觀的態度。我們在整個 24 年間討論了很多關於壓縮交易的內容。這是我們的一項策略性舉措，旨在進入某些客戶並更多地進入他們的風險交易流程。因此，從我們的角度來看，我們能夠做到這一點的方式是有效的。因此，當市場有某種指示時，我們不會放棄確保我們處理此類交易的策略，這是我們真正的戰術舉措，我認為已經得到了回報。亞歷克斯，我對該業務的發展軌跡感到滿意，並感謝您提出的問題。希望我能很好地回答他們。

[Well] great.

[嗯]太棒了。

Alex, I'd just add, because I think Billy made this point in his remarks, but it helps just quantify kind of what Billy's highlighting as this algorithm. If you think about that duration increase and he talked about rate drops. If one year increase in duration in our global swaps business, maybe going from 10% to 11% increases fee per million by 9%. So gives you some sense of magnitude. And similarly, which he mentioned I think in his prepared remarks, that drop of rates by a 100 basis points, 5% to 6%. So you can see the flexibility and sort of the underlying strength going forward around those moves.

亞歷克斯，我只是補充一下，因為我認為比利在他的演講中提出了這一點，但這有助於量化比利強調的演算法。如果你考慮到持續時間的增加，而他談到了利率的下降。如果我們的全球掉期業務期限增加一年，可能會從 10% 增加到 11%，每百萬美元的費用會增加 9%。所以給你一些規模感。同樣，我想他在他準備好的演講中也提到過，利率下降了 100 個基點，即 5% 至 6%。因此，您可以看到圍繞這些舉措的靈活性和潛在優勢。

Yeah, that's super helpful. Thank you both.

是的，這非常有幫助。謝謝你們倆。

Thanks, Alex.

謝謝，亞歷克斯。

Thank you.

謝謝。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey, good morning and thanks for taking the question. Just wanted to ask about ICD with the deal now closed. I was hoping you could elaborate a bit on how you expect this to contribute to revenue and earnings as you look out over the next couple years. What sort of steps might you be able to take to help accelerate the growth of the ICD business over the next couple of years? What might be some of the low hanging fruit versus what aspects might be a bit harder or take a bit longer to achieve? And then just more near-term, what might be some of the opportunities to offset any potential slower demand from money funds with rate path expected to move lower?

嘿，早上好，感謝您提出問題。只是想詢問有關 ICD 的問題，交易現已結束。我希望您能詳細說明您預計這將如何對未來幾年的收入和收益做出貢獻。您可以採取哪些措施來幫助加速 ICD 業務在未來幾年的成長？哪些方面可能是容易達成的目標，哪些方面可能比較困難或需要更長的時間才能達成？那麼，從更近期的角度來看，在利率路徑預計走低的情況下，有哪些機會可以抵銷貨幣基金潛在需求放緩的影響？

[Great] Thank so much for the question. Look to reiterate and I know we said this last quarter, we're so pleased to have ICD be part of the Tradeweb family and in particular really pleased with the collaboration of that management team with our management team. It's been a seamless transition since we closed the deal.

[太棒了]非常感謝你的提問。重申一下，我知道我們在上個季度說過，我們很高興 ICD 成為 Tradeweb 大家庭的一部分，特別是對該管理團隊與我們管理團隊的合作感到非常高興。自從我們完成交易以來，這是一個無縫的過渡。

Opportunities to accelerate, we've talked about this but I think it really falls into two buckets. In the low hanging fruit or sort of the more near-term bucket, we see an opportunity to really expand ICD's reach globally given our footprint and our sales force to really penetrate more clients internationally as well as domestically across financial firms. So I'd say that is probably if there is low hanging fruit, the low hanging fruit because it's not dependent on technology build. So that's more near-term and obviously that's already underway.

加速的機會，我們已經討論過這個問題，但我認為它實際上分為兩類。在唾手可得的目標或更近期的目標中，鑑於我們的足跡和銷售隊伍，我們看到了真正擴大 ICD 在全球範圍內的影響力的機會，可以真正滲透到國際和國內金融公司的更多客戶。所以我想說，這可能是如果有容易實現的目標，那麼容易實現的目標，因為它不依賴技術建構。所以這是近期的事情，而且顯然已經在進行中。

The second piece is really expanding ICD's product offering on their portal and tapping into cross sell where we're putting our Tradeweb products and making them available. So things like US treasuries would be the first that we're going to start with that build is underway. We expect that to go live in the first half of next year. So that's a little bit longer because you do want to wait for that technology build.

第二部分是真正擴展 ICD 在其入口網站上提供的產品，並利用交叉銷售來放置我們的 Tradeweb 產品並使其可用。因此，隨著建設正在進行，我們將首先開始投資美國國債等產品。我們預計該功能將於明年上半年上線。所以這有點長，因為你確實想等待該技術的建構。

The good news is the dialogue with the clients is robust and actually quite specific. There have been a number of flash surveys that we've done. 65% of ICD clients have expressed interest in buying US treasury. So we're not building it and hoping that they're interested. We're really building it based on an informed dialogue that both teams are having on a coordinated basis with the client base. So I'd say those are maybe the two biggest pockets to highlight around opportunities to accelerate.

好消息是與客戶的對話非常活躍，而且實際上非常具體。我們已經進行了許多快速調查。 65%的ICD客戶表示有興趣購買美國公債。所以我們不會建造它並希望他們感興趣。我們實際上是在兩個團隊與客戶群協調的基礎上進行知情對話的基礎上建構它的。所以我想說，這可能是圍繞加速機會突出的兩個最大的口袋。

The second part of your question is, how do you feel about the rate moves, rates coming down, which obviously does mute growth. I think there are a couple of interesting trends, sometimes a little bit counterintuitive. One is, we expect and what you'd see if you look back on industry trends, the demand for money markets actually increases as rates decline. This is because typically corporate treasurers are making a decision between money markets and bank deposits around the short-term liquidity. And as those rates get cut, the premium that money market funds offer relative to bank deposits actually is higher. The deposits reprice lower faster is another way of saying it and money market funds have a longer duration.

你問題的第二部分是，你對利率變動、利率下降有何看法，這顯然會抑制經濟成長。我認為有一些有趣的趨勢，有時有點違反直覺。一是，我們預計，如果您回顧行業趨勢，您會發現，隨著利率下降，貨幣市場的需求實際上會增加。這是因為企業財務主管通常會圍繞短期流動性在貨幣市場和銀行存款之間做出決定。隨著利率的下調，貨幣市場基金相對於銀行存款提供的溢價實際上更高。另一種說法是，存款重新定價速度更快，而貨幣市場基金的久期更長。

So we actually see money markets typically acquire AUM and be more attractive in that declining rate environment. But obviously as rates are lower that does mute some of the impact. I think fundamentally on a secular basis, corporate cash is probably the biggest driver of how this business performs and we think that's healthy. We see corporates having excess cash generation and we think the demand for money markets is pretty stable. It's typically the go to option around liquidity and yield and we think the underlying health of the corporates are there. So I think overall, obviously, really excited but eyes wide open on the environment. I think we have a lot of levers to pursue.

因此，我們實際上看到貨幣市場通常會獲得資產管理規模，並且在利率下降的環境中更具吸引力。但顯然，隨著利率降低，確實會減弱一些影響。我認為從根本上來看，從長期來看，企業現金可能是該業務表現的最大驅動力，我們認為這是健康的。我們看到企業擁有過剩的現金生成，我們認為貨幣市場的需求相當穩定。這通常是圍繞流動性和收益率的首選選擇，我們認為企業的潛在健康狀況就在那裡。所以我認為總的來說，顯然，我真的很興奮，但我對環境睜大了眼睛。我認為我們有很多手段可以追求。

Great. Thanks so much.

偉大的。非常感謝。

Thanks, Michael.

謝謝，麥可。

Thank you.

謝謝。

Dan Fannon, Jefferies LLC.

丹·範農，杰弗里斯有限責任公司。

Thanks. Good morning. Billy a question on portfolio trading. Competition within this protocol has been increasing. You have some industry participants doing certain trades for free, while pricing hasn't changed at a headline level. How are you thinking about pricing pressure over time?x

謝謝。早安.比利問一個關於投資組合交易的問題。該協議內的競爭一直在加劇。有些行業參與者免費進行某些交易，而定價在整體水準上沒有變化。您如何看待一段時間內的定價壓力？

Yeah. Hi, Dan. How are you? Good question. Yeah we would say competition is good for the market when we were the ones chasing. And now that we're the ones being chased, we say competition is good for the market, there is that expression kind of you get better through competition. And I think that the competitive landscape and most importantly the clients win. I don't know, it's like iron sharpens iron, kind of like that's how we think about the world. So no areas of competition kind of catches us off guard. And our brand as you know very well, I think is built on value creation and innovation. And that's how we aim to lead and win share. I think, maybe the important thing for a moment to appreciate is that obviously like prices and everything and we've learned that in the rates based competing against Bloomberg and charging for the value we create. Maybe stating the obvious a little bit.

是的。嗨，丹。你好嗎？好問題。是的，當我們是追逐者時，我們會說競爭對市場有利。現在我們是被追趕的人，我們說競爭對市場有利，有這樣的表達：透過競爭你會變得更好。我認為競爭格局以及最重要的是客戶會獲勝。我不知道，就像鐵磨鐵一樣，這就是我們對世界的看法。因此，沒有任何競爭領域會讓我們措手不及。正如您所熟知的，我認為我們的品牌是建立在價值創造和創新的基礎上的。這就是我們領導和贏得份額的目標。我認為，也許暫時值得欣賞的重要一點是，顯然就像價格和一切一樣，我們已經了解到，在與彭博社的競爭和對我們創造的價值收費的基礎上。也許稍微說明一下顯而易見的事。

I think, when the landscape uses fee holidays or they rely on fee holidays, we think that's a short-term fix. In portfolio trading, we have been, I think from my perspective quite thoughtful about pricing and we have clients that are very willing to pay for what we would describe to you as unique workflow customization, unique functionality like net spotting, unique technology such as being able to execute the most line items in a trade. So, we feel good about where our pricing model is Dan to say that very straightforward. Maybe kind of deep down, I would say my instinct is the competitive landscape is -- will eventually kind of rationalize their pricing and kind of grow out of these fee holidays. I think that's what we would kind of expect.

我認為，當景觀使用收費假期或他們依賴收費假期時，我們認為這是一個短期解決方案。在投資組合交易中，我認為從我的角度來看，我們對定價非常深思熟慮，我們的客戶非常願意為我們向您描述的獨特的工作流程定制、獨特的功能（如淨點定位）、獨特的技術（如能夠執行交易中最多的訂單項目。所以，我們對我們的定價模式感到滿意，丹說得非常簡單。也許在內心深處，我會說我的直覺是競爭格局最終會合理化他們的定價，並在這些費用假期中成長。我想這就是我們所期望的。

And so the important thing I think is to appreciate that from our perspective, portfolio trading is here to stay and poised to increase significantly. So there's going to be plenty of volume to be shared in a competitive market. It's that expression about the bigger the pie gets, and I think our instinct is our slice is going to be quite big. So we feel good about our position, obviously laser, like continue to focus on the future end state of portfolio trading, which from our perspective is going to be more about this kind of, like, I said like in the last question, like adoption continued work around adoption, better analytics and advancements in kind of the use cases of it all. Continue your voice and good question. Thanks.

因此，我認為重要的是要認識到，從我們的角度來看，投資組合交易將繼續存在並有望大幅成長。因此，在競爭激烈的市場中將會有大量的銷售量可供分享。這就是「餡餅越大」的說法，我認為我們的直覺是我們的份額將會很大。因此，我們對我們的立場感覺良好，顯然是激光，就像繼續關注投資組合交易的未來最終狀態，從我們的角度來看，這將更多地涉及這種，就像我在上一個問題中所說的那樣，例如採用繼續圍繞採用、更好的分析和用例方面的進步開展工作。繼續你的聲音和好問題。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hey, good morning. So with ICD now closed, you still have excess cash in the balance sheet, no debt capital flexibility. As we're thinking about the future for capital deployment M&A, can you talk about your willingness to execute on M&A while still in the process of integrating ICD? And also if you could share whether there are any notable asset classes or client segments where you feel like there you are still underpenetrated, but where there could also be synergy with the broader trade web platform.

嘿，早安。因此，隨著 ICD 現在關閉，您的資產負債表中仍然有多餘的現金，沒有債務資本彈性。當我們思考資本部署併購的未來時，您能談談您在整合ICD的過程中執行併購的意願嗎？另外，如果您可以分享是否有任何值得注意的資產類別或客戶群，您認為這些資產類別或客戶群仍然滲透不足，但也可能與更廣泛的貿易網路平台產生協同作用。

Sure. Thanks, Kyle. A good question. That's going to kind of be sort of a little bit of me and then Sara, you're going to follow me on this. First thing I want to say is I want to give Sara like a ton of credit for adding like a tremendous amount of rigor through the organization over the last couple of years as we've done kind of three different acquisitions and really worked sort of very hard at integrating them in a way that kind of works for us. And I think doing those kind of things leads to more opportunities. So I would start with kind of saying as our organic growth remains really obviously M&A is going to continue to be our kind of preferred use of cash.

當然。謝謝，凱爾。這是個好問題。這有點像我，然後薩拉，你要跟著我做這件事。我想說的第一件事是，我想給薩拉很大的榮譽，因為她在過去幾年中通過組織增加了巨大的嚴謹性，因為我們已經完成了三項不同的收購，並且確實工作得很好努力以適合我們的方式整合它們。我認為做這些事情會帶來更多機會。因此，我首先要說的是，由於我們的有機成長仍然非常明顯，併購將繼續成為我們首選的現金用途。

And so I think we are maybe quietly or a little bit beneath the surface building quite a solid track record of executing on these deals efficiently and creating value. And so that's my point around a dimension that Sara has added to the company. Whether or not that's the yield broker integration, which is ahead of schedule, I think Ratefin is a big one for us. And that integration is also progressing faster than we expected.

因此，我認為我們可能正在悄悄地或稍微在表面之下建立有效執行這些交易並創造價值的良好記錄。這就是我對薩拉為公司增加的一個維度的看法。無論這是否是提前完成的收益經紀商整合，我認為 Ratefin 對我們來說都是一件大事。而且這種整合的進展也比我們預期的還要快。

So, Sara mentioned, obviously, like, excited to close the ICD acquisition this past quarter, the teams have very quickly ramped up efforts to expand ICD's sales business long-term. I think it's crucial to continue to make these kind of, like, strategic bets to enhance client experience. Those bets are kind of very important bets for the company and that's about kind of propelling future growth. Something that we feel very strongly about.

因此，Sara 提到，顯然，很高興在上個季度完成對 ICD 的收購，團隊很快就加大了力度，以長期擴展 ICD 的銷售業務。我認為繼續進行此類策略賭注以增強客戶體驗至關重要。這些賭注對公司來說是非常重要的賭注，這在某種程度上推動了未來的成長。我們對此有非常強烈的感受。

Let me hand it maybe to you for a second.

讓我把它交給你一會兒。

Thanks, I appreciate that. I would say we remain active exploring deals in the market. It is an active market. We're very focused on integration, but we think we can obviously do both at the same time. I'd also highlight that on an inorganic basis, we look at things beyond outright acquisitions. We continue to explore several minority investments that we've completed, particularly in the digital space and partnerships there. So I think there are a lot of levers and we have the bandwidth to execute well on all of those. But obviously our focus is on integrating what we thought really well in the near-term, more broadly, just in terms of capital management. There's really no change. I feel like I'm a broken record.

謝謝，我很感激。我想說，我們仍在積極探索市場交易。這是一個活躍的市場。我們非常注重整合，但我們認為我們顯然可以同時做到這兩點。我還要強調的是，在無機基礎上，我們會考慮直接收購以外的事。我們將繼續探索已完成的幾項少數股權投資，特別是在數位領域和合作夥伴關係方面。所以我認為有很多槓桿，我們有足夠的頻寬來很好地執行所有這些。但顯然，我們的重點是整合我們在短期內真正認為好的東西，更廣泛地說，只是在資本管理方面。確實沒有什麼變化。我感覺我的記錄被打破了。

So there's no change in our philosophy here. First priority is investing organically in the business opportunities that we see and those we've talked about. M&A second top priority for cash. And then we follow it with buybacks and dividends. On the buyback, same philosophy, we typically use that to offset dilution. From stock based compensation, we've said we will continue to be opportunistic with repurchases with an eye towards EPS accretion dilution.

所以我們的理念沒有改變。首要任務是對我們所看到的和我們討論過的商機進行有機投資。併購是現金的第二要務。然後我們會進行回購和股利。在回購方面，同樣的理念，我們通常用它來抵銷稀釋。從以股票為基礎的薪酬來看，我們表示我們將繼續機會主義地進行回購，並著眼於每股收益增加稀釋。

Obviously want to be thoughtful there.

顯然想要在那裡深思熟慮。

And then I guess just on the dividend over the last couple years we've increased our dividend by 25% given our strong earnings and free cash flow growth. And I expect the board continues to evaluate that based on a number of factors, but clearly will factor in our earnings and free cash flow growth as they look at that strategy going forward.

然後我想，鑑於我們強勁的盈利和自由現金流增長，過去幾年我們的股息增加了 25%。我預計董事會將繼續根據多種因素進行評估，但在他們考慮未來的策略時，顯然會考慮我們的收益和自由現金流成長。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

Patrick Moley, Piper Sandler

派崔克莫利，派珀桑德勒

Yeah, good morning. Thank you for your question. I just had one on the rates business, Billy, you talked in your prepared remarks and a little bit here in Q&A on the strength you're seeing in swaps. So we're just hoping you could expand on that and talk about maybe what you're seeing across the rest of the rates franchise. And then additionally, just broadly given the environment and the rate outlook, would you say that you're seeing velocity pick up across your markets? Thanks.

是的，早安。謝謝你的提問。我剛剛有一篇關於利率業務的文章，比利，您在準備好的發言中談到了您在掉期中看到的實力，並在問答中談到了一些內容。因此，我們只是希望您能對此進行擴展，並談論您在其他費率特許經營中所看到的情況。此外，從總體上考慮到環境和利率前景，您是否會說您看到整個市場的速度正在加快？謝謝。

Yeah, Patrick, good question. So, like, I think it's a good time to be in the REITs business. And we kind of say that in a very clear way you have a real rate environment. Then you kind of think about the fact obviously that the debt markets are growing, central banks are not the kind of buyers in the market that they were. And so private sector intermediation is back while it is growing. And so we think that's a good environment for us.

是的，派崔克，好問題。所以，我認為現在是從事房地產投資信託業務的好時機。我們以一種非常明確的方式說，你擁有一個真實的利率環境。然後你會想到這樣一個事實：債務市場正在成長，央行不再是市場上的買家。因此，私部門中介在成長的同時又回來了。所以我們認為這對我們來說是一個好的環境。

And so I think it was like third quarter ‘24, our treasury market volumes are up over 30%, variable revenues up over -- up close to 50%. Interest rate swap market volumes up 30% with those variable revenues up over 60%, mortgage market volumes, which I think is an important thing for us to continue to track up 20%, variable revenues up 25%. These are very strong indicators of why it's good to be in the rates business or the risk intermediation business if you're one of the banks.

因此，我認為就像 24 日第三季一樣，我們的資金市場交易量增加了 30% 以上，可變收入成長了接近 50%。利率掉期市場交易量增加了 30%，可變收入增長了 60% 以上，抵押貸款市場交易量增長了 20%，可變收入增長了 25%，我認為這對我們來說很重要。這些都是非常有力的指標，說明了為什麼如果您是銀行之一，從事利率業務或風險中介業務是件好事。

I would make around the velocity of it all. I would make a sort of continued point around obviously the strength of the alternative market makers continuing to play a significant role in these businesses. I've highlighted firms like Citadel in the past. My instinct is we're going to continue to have more of that and then a sort of more modernized version of the strongest players in the space, historically, which are the big banks.

我會繞過這一切的速度。我將繼續圍繞替代做市商的實力繼續在這些業務中發揮重要作用。我過去曾重點介紹過像 Citadel 這樣的公司。我的直覺是，我們將繼續擁有更多這樣的產品，然後是該領域歷史上最強大的參與者的更現代化的版本，這些參與者是大銀行。

From our perspective, that's a convergence that's going to continue to lead into more velocity. Plus you factor in obviously a continue and growing level of sophistication with the buy side community, which has obviously been the kind of like gas in the engine around our AiEX protocol. These are like pretty strong signs that velocity is going to continue to amplify and increase in the space. And thanks a lot for the question.

從我們的角度來看，這種融合將繼續帶來更快的速度。另外，您顯然還需要考慮買方社區持續不斷且不斷增長的複雜性，這顯然就像我們 AiEX 協議周圍引擎中的汽油一樣。這些就像非常強烈的跡象，表明空間中的速度將繼續放大和增加。非常感謝你的提問。

Thank you.

謝謝。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Hi, good morning. Tthanks for taking the question.I wanted to ask about the mortgage business. So rates have generally been falling. We've seen the business come to life a little bit. Can you kind of talk about what you're seeing there under the surface and then how important are sort of continued decline in rates to growth in that business? As you see it, it looks like in October at least the sort of average 30 year rate is picking back up. So do you think that is that important or what other -- what are the other kind of important drivers to think about for mortgages in particular?

嗨，早安。謝謝您提出問題。因此，利率總體上一直在下降。我們已經看到這項業務有了一點生機。您能否談談您在表面之下看到的情況以及該業務成長率的持續下降對該業務的成長有多重要？正如你所看到的，看起來 10 月至少 30 年平均利率正在回升。那麼，您認為這有那麼重要嗎？

Two things, Ben. Good question. It's kind of like as rates drop or when rates drop more, I think we want to think about it as kind of straightforward. Obviously, our expectation is that straightforward mortgage volume will increase. And obviously, as you know very well, that's a business that we have a very strong kind of leadership role in, whether or not that's in the client dealer channel or the wholesale channel. And then maybe what I would say is as importantly, I think you kind of enter into the zone of how we describe or think about convexity hedging. And so we would expect to see a further increase in volume from kind of mortgage end users into the swaps market. And we think that has a sort of driving force for our swap volumes going forward. So it's a little bit of a combination of straightforward mortgage volume plus maybe a amplification into the swap space.

有兩件事，本。好問題。這有點像利率下降或利率下降更多時，我認為我們希望將其視為一種簡單的方式。顯然，我們的預期是直接抵押貸款數量將會增加。顯然，正如您所知道的那樣，我們在這個業務中擁有非常強大的領導作用，無論是在客戶經銷商通路還是批發通路。然後也許我想說的是同樣重要的是，我認為你進入了我們如何描述或思考凸性對沖的區域。因此，我們預期抵押貸款最終用戶進入掉期市場的交易量將進一步增加。我們認為這對我們未來的掉期交易量有一定的動力。因此，它是簡單的抵押貸款數量加上互換空間的擴大的結合。

And then I would say maybe kind of like in a world where you try to hit on all cylinders. But obviously you guys know better than I do, that can be a hard thing to do. I think as a company we're going to have a continued effort around specified pools, which we think is an important piece of that market. There are a lot of aspects of that market that from our perspective have some sort of ability to replicate what we've done in credit. They tend to trade on bid lists and offer lists. There's a concept around portfolio trading that from our perspective exists around pools more work for us as a company to do there. And we think of that as an opportunity given the strong, strong foundation and reputation that we have in the overall mortgage business.

然後我想說也許有點像在一個你試圖全力以赴的世界。但顯然你們比我更清楚，這可能是一件很難做到的事。我認為作為一家公司，我們將圍繞特定池繼續努力，我們認為這是該市場的重要組成部分。從我們的角度來看，該市場的許多方面都具有某種能力來複製我們在信貸領域所做的事情。他們傾向於根據出價清單和報價清單進行交易。從我們的角度來看，有一個關於投資組合交易的概念，它存在於礦池周圍，作為一家公司，我們需要做更多的工作。鑑於我們在整個抵押貸款業務中擁有強大的基礎和聲譽，我們認為這是一個機會。

Got it. Thanks very much.

知道了。非常感謝。

Thanks.

謝謝。

Thank you.

謝謝。

Ken Worthington, JP Morgan.

肯‧沃辛頓，摩根大通。

Hi, good morning. Thanks for taking the question. So it's been a great year for activity levels. Maybe another great year across your major asset classes. How are you seeing the potential for rates, high grade, high yield activity for next year. Is greater industry activity levels, do you see it as being possible? Is it likely? Which of your flagship products do you think you have the greatest conviction that you can see better industry volumes in for next year? And if activity levels become more challenged, where do you see the potential for increased market share from here to be able to most likely offset any potential for weaker activity levels?

嗨，早安。感謝您提出問題。因此，今年對於活動水準來說是很棒的一年。也許你的主要資產類別又迎來了偉大的一年。您如何看待明年利率、高品味、高收益活動的潛力？您認為更高的行業活動水平是否可能？有可能嗎？您認為您最有信心在明年的行業銷售中看到哪些旗艦產品？如果活動水平變得更加困難，您認為從這裡增加市場份額的潛力在哪裡，最有可能抵消活動水平減弱的任何潛力？

Okay. That makes sense.

好的。這是有道理的。

Yeah. I mean, I think it's interesting. I'll start with the back half of your question. I'm not great at forecasting markets, so I don't want to be in that business. But what we do spend a lot of time on is making sure the portfolio of businesses we have performs and gains market share in any kind of environment. I think one of the things that gives us a lot of confidence in this and I know Billy mentioned it in terms of his remarks, which kind of go through different asset classes, the rates business as an example, it's been a tremendous market environment for our rates business and in particular swap.

是的。我的意思是，我認為這很有趣。我將從你問題的後半部分開始。我不擅長預測市場，所以我不想從事這個行業。但我們確實花費了大量時間，確保我們的業務組合在任何環境下都能發揮作用並贏得市場份額。我認為讓我們對此充滿信心的一件事是，我知道比利在他的言論中提到過這一點，這涉及不同的資產類別，以利率業務為例，這是一個巨大的市場環境我們的利率業務，特別是掉期業務。

That said, when you look at the growth, the numbers that we put up in terms of swap, 60% of that growth has come from what we would say increases in market share through either adding new clients, existing client increasing penetration as opposed to just market volumes. And so that's when we think about the algorithm of how we grow this business, we start to try to unpack what's happening just purely in the market versus what's causing us and how can we increase our market share above and beyond industry volumes. And so you could do that analogy in credit as well. I think that's probably about 40% away from those healthy market volumes. And so I think that gives us a lot of confidence. Obviously, the growth rates we put up are quite significant. And so 40% or 60% depending on the range is still an incredibly high well over that double-digit growth rate that we target on a long-term basis.

也就是說，當你觀察成長時，我們在掉期方面提出的數字，其中60% 的成長來自於我們所說的透過增加新客戶、現有客戶增加滲透率而不是透過增加新客戶、增加現有客戶滲透率來增加市場佔有率。因此，當我們思考如何發展這項業務的演算法時，我們開始嘗試分析純粹市場中發生的事情與導致我們發生的事情，以及我們如何將我們的市場份額提高到行業規模之上。所以你也可以在信用方面做這樣的類比。我認為這可能距離健康的市場量還有 40% 左右。所以我認為這給了我們很大的信心。顯然，我們提出的成長率是相當可觀的。因此，40% 或 60%（取決於範圍）仍然是一個令人難以置信的高水平，遠高於我們長期目標的兩位數成長率。

I think that's spot on answer. I'd say like a little bit can sort of in a way that we would think about it, like feeling pretty strong that as we get into next year sort of more continued amplification of volume in the mortgage business? And then a little bit to your kind of question around like where's the market share if the volumes slow down? I think Sara hit that. I think when you think about the all in interest rate swap, electronification still being pretty low and then the history for the company around doing these kinds of micro innovations that take phone use on to Tradeweb, we feel pretty confident there.

我認為這是正確的答案。我想說的是，我們會以某種方式思考這個問題，就像感覺非常強烈，當我們進入明年時，抵押貸款業務的交易量會繼續擴大？然後再回答你的問題，例如如果銷量放緩，市佔率在哪裡？我認為薩拉擊中了這一點。我認為，當你考慮到利率互換、電子化水平仍然相當低，以及公司圍繞將手機使用轉移到 Tradeweb 的微型創新的歷史時，我們對此感到非常有信心。

Other thing I would say is, both Sara and I mentioned sort of the r8fin integration, which we think critical around both our institutional treasury business plus an amplification into our wholesale treasury business. We think we're going to pick up market share in that space sort of regardless of where industry volumes go. So that would be a little bit of a sort of blueprint for us around where we think we have the ability to continue to pick up market share both competitively plus that phone based market share.

我要說的另一件事是，Sara 和我都提到了 r8fin 整合，我們認為這對我們的機構資金業務以及擴大我們的批發資金業務至關重要。我們認為，無論行業銷量如何，我們都將在該領域獲得市場份額。因此，這對我們來說是一種藍圖，我們認為我們有能力繼續獲得競爭性的市場份額以及基於手機的市場份額。

And then I'd say like one of the areas I just call out specifically that we're extremely confident about just take a crystal ball, that's the only one I want to talk about. Yeah, we have seen a consistent track record in terms of the electronification of those markets, particularly EM swaps, which is at the core of our franchise. So we're run rating that business at $60 million, but that market is clearly going in one direction. Regardless of what happens with rates or inflation, the electronification in that space and our investment in that space, we're extremely confident. We'll capitalize on where that market is headed.

然後我想說，就像我剛剛特別指出的一個領域，我們非常有信心只需要一個水晶球，這是我唯一想談論的領域。是的，我們在這些市場的電子化方面看到了一致的記錄，特別是新興市場掉期，這是我們特許經營的核心。因此，我們對該業務的評級為 6000 萬美元，但該市場顯然正在朝著一個方向發展。無論利率或通貨膨脹、該領域的電子化以及我們在該領域的投資發生什麼變化，我們都非常有信心。我們將利用該市場的發展方向。

Wonderful. Thank you so much.

精彩的。太感謝了。

Thank you.

謝謝。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Yeah, hey, good morning, everyone. I know it's late in the call. Actually one quick housekeeping question before, I don't know if you've clarified, but the 30% increase in revenue in October that you talked about, is that an organic number? Because I think ICD adds, I think high-single-digits. So maybe clarify that, but then just coming back to the credit commentary, I know a lot of detail on what you're doing earlier in the call but I just want to bring it back to the numbers for a second, because if I look over the last five, six quarters or so, yes, your market share and credit is up a little bit, but it seems to have all come from PT and that's obviously a little bit more under attack.

是的，嘿，大家早安。我知道打電話已經太晚了。其實之前有一個簡單的內務問題，我不知道你是否澄清了，但你談到的10月份收入成長了30%，這是一個有機數字嗎？因為我認為 ICD 增加了，所以我認為高個位數。所以也許需要澄清一下，但回到信用評論，我知道你在電話會議早些時候所做的事情的很多細節，但我只想暫時回到數字上，因為如果我看一下在過去五、六個在季度左右的時間裡，是的，你們的市場份額和信用有所上升，但似乎全部都來自PT，這顯然受到了更多的攻擊。

And if you look at your RFQ, your all trade those market shares have been really flattish. So given that you're signing up new institutional investors or clients, I think up almost 10%. Like are those people not really contributing or why is the take up in those traditional segments not really happening outside of PT? Thanks.

如果你看看你的詢價，你所有的交易市佔率都非常平淡。因此，考慮到您正在簽署新的機構投資者或客戶，我認為上漲了近 10%。例如這些人是否沒有真正做出貢獻，或者為什麼這些傳統細分市場在 PT 之外沒有真正發生？謝謝。

Thanks, It's Sara, I'll take the housekeeping question. So the 30% that we highlighted in our remarks is an all in revenue growth rate, but even if you strip out acquisitions, we're looking at 25% organic growth rates. So it's still strong in October. And then maybe I'll transition to Billy on the other part.

謝謝，我是薩拉，我來回答家事問題。因此，我們在演講中強調的 30% 是全部收入成長率，但即使剔除收購，我們也會看到 25% 的有機成長率。所以10月依然強。然後也許我會過渡到比利的另一部分。

Sure, [as] I said Alex, when we opened up the call that I was in a good mood because the Yankees won. And that's a very good question. It's certainly not going to put me in anything other than even an equally good mood. I -- look, you're asking a really good question and I made an interesting point, I think around how we view competition in the space. What I would say to you in a very straightforward way is that the kind of inroads that we make are never perfectly kind of straight lines. So I don't want you to kind of overread one month versus the next month and then kind of form a theory on that. I think the track record around kind of innovation is obviously quite good. And I think the way that we are able to kind of present into the market these different protocols, I think works period.

當然，正如我所說的亞歷克斯，當我們打開電話時，我心情很好，因為洋基隊贏了。這是一個非常好的問題。除了同樣好的心情之外，這當然不會讓我有任何其他的感覺。我——看，你問了一個非常好的問題，我提出了一個有趣的觀點，我思考我們如何看待該領域的競爭。我想以非常直接的方式對你們說的是，我們所取得的進展從來都不是完美的直線。所以我不希望你過度解讀一個月與下個月的情況，然後就此形成一個理論。我認為圍繞某種創新的記錄顯然相當不錯。我認為我們能夠向市場展示這些不同協議的方式，我認為是有效的。

We have a very strong view that the credit market wants a more balanced environment. I think we've done a very good job of bringing the banks back into the equation. Obviously, we've differentiated ourselves along the way through portfolio trading, through net spotting and hedging. And I think we're going to have further room to grow and succeed in some of these kind of traditional protocols that you mentioned. If I were going to sort of tell on myself for a moment, maybe what I would say is, we're always looking for sort of like the things that aren't working as well as that we want them to work. I mean, always as a company, I think that's a really important ethos that kind of Sara and I kind of live by. Bring me your problems, what's not working.

我們強烈認為信貸市場需要一個更平衡的環境。我認為我們在讓銀行重新參與方面做得非常好。顯然，我們透過投資組合交易、淨現貨和對沖使自己脫穎而出。我認為，在您提到的某些傳統協議中，我們將有進一步的發展和成功空間。如果我要自我告誡一下，也許我會說，我們總是在尋找那些效果不如我們希望的東西。我的意思是，作為一家公司，我認為這是薩拉和我賴以生存的一種非常重要的精神。把你的問題告訴我，什麼不行。

And so continuing to build out our responder network in the all-to-all market will remain a big focus for us as a company. And I think we're coming now from a position of strength, where we feel quite comfortable that we're going to able to put the resource into the market to allow us to continue to succeed at a high rate. We welcome competition. Obviously, we think that's going to continue. And I think the buy side client continues to benefit from the way that we're putting resource into the market and look forward to how things will continue to develop and feel good about it. Great questions as always. Thank you.

因此，繼續在全方位市場中建立我們的響應者網路仍將是我們公司的一大重點。我認為我們現在處於優勢地位，我們感到非常放心，我們將能夠將資源投入市場，使我們能夠繼續以高速度取得成功。我們歡迎競爭。顯然，我們認為這種情況將會持續下去。我認為買方客戶繼續受益於我們將資源投入市場的方式，並期待事情將如何繼續發展並對此感到滿意。一如既往的好問題。謝謝。

Fair enough. Thanks very much for the additional color.

很公平。非常感謝額外的顏色。

[Yeah]

[是的]

Thank you. We have run over the 60 minutes. So this will conclude the question-and-answer session. I would now like to turn it back to Billy Hult, CEO, for closing remarks.

謝謝。我們已經跑了60多分鐘了。問答環節到此結束。現在我想請執行長比利霍特 (Billy Hult) 發表結束語。

Great. Thank you all very much for joining us this morning. Great questions from a great group. As always, if you have any follow-up questions, feel free to reach out to Ashley, Sameer and the team. Go Yankees. Have a great day, everyone. Thank you.

偉大的。非常感謝大家今天早上加入我們。來自一個偉大團體的好問題。像往常一樣，如果您有任何後續問題，請隨時聯繫 Ashley、Sameer 和團隊。去洋基隊吧。祝大家有美好的一天。謝謝。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。