Tradeweb Markets Inc (TW) 2024 Q2 法說會逐字稿

Good morning and welcome to Tradeweb's second-quarter 2024 earnings conference call. As a reminder, today's call is being recorded and will be available for playback. To begin, I’ll turn the call over to Head of Treasury, FP&A & Investor Relations, Ashley Serrao. Please go ahead.

早上好，歡迎參加 Tradeweb 2024 年第二季財報電話會議。提醒一下，今天的通話正在錄音中，可以回放。首先，我將電話轉給財務、財務規劃與分析及投資人關係主管 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比利霍特 (Billy Hult)，他將審查我們的業務成果和關鍵成長計劃；和我們的財務長。Sara Furber，她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'd like to 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 and the ICD acquisition 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，與我們的指導和 ICD 收購相關的聲明均為前瞻性聲明。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 SEC 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 and 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. Now, let me turn the call over to Billy.

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

Thanks, Ashley. Good morning, everyone, and thank you for joining our second-quarter earnings call. This was another outstanding quarter. As central banks step back, private sector intermediation continues to be in vogue From evolving inflation prints to snap elections across Europe and the UK, the macro debate continues to floors globally, and our one-stop solution is resonating with our clients.

謝謝，阿什利。大家早安，感謝您參加我們的第二季財報電話會議。這是另一個出色的季度。隨著央行的退出，私部門的中介繼續盛行從不斷變化的通膨數據到歐洲和英國的提前選舉，宏觀辯論繼續在全球範圍內展開，我們的一站式解決方案正在引起客戶的共鳴。

At our core, we are a technology company that caters to the financial service industry. We have a simple job -- how can we continue to save our clients time and money and provide them with more efficient means of trading in the financial markets? Change is constant, and we are focused on being on the forefront of that change, be it technological, market structure, or behavioral.

我們的核心是一家服務於金融服務業的科技公司。我們的工作很簡單—如何繼續為客戶節省時間和金錢，並為他們提供更有效的金融市場交易手段？變化是永恆的，我們致力於走在變化的最前沿，無論是技術、市場結構或行為。

As the markets and our clients evolve, we continue to position Tradeweb for the future. After closing our acquisitions of Yieldbroker and r8fin, we are pleased to have announced the signing of an agreement to acquire ICD in April. We are on track to close ICD shortly, which will add corporates as our fourth client channel.

隨著市場和客戶的發展，我們繼續為 Tradeweb 的未來定位。在完成 Yieldbroker 和 r8fin 的收購後，我們很高興地宣佈 4 月簽署了收購 ICD 的協議。我們預計很快就會關閉 ICD，這將使企業成為我們的第四個客戶管道。

Diving into the second quarter, we achieved our best second quarter in our history. Specifically, strong client activity, share gains, and a risk-on environment drove 30.4% year over year revenue growth on a reported basis. We continue to balance investing for growth and profitability as Adjusted EBITDA margins expanded by 98 basis points relative to the second quarter of 2023.

進入第二季度，我們實現了歷史上最好的第二季度。具體而言，據報告，強勁的客戶活動、股票收益和風險環境推動收入年增 30.4%。我們持續平衡成長和獲利能力的投資，調整後 EBITDA 利潤率較 2023 年第二季擴大了 98 個基點。

Turning to slide 5, rates and credit led the way, accounting for 61% and 29% of our revenue growth, respectively. Specifically, the rates business was driven by continued organic growth across global government bonds, swaps, and mortgages, and was also supplemented by the addition of r8fin and Yieldbroker.

轉向投影片 5，利率和信貸處於領先地位，分別占我們收入成長的 61% 和 29%。具體而言，利率業務受到全球政府債券、掉期和抵押貸款持續有機成長的推動，並得到 r8fin 和 Yieldbroker 的補充。

Credit was led by strong US and European corporate credit, with record quarterly market share in electronic US investment grade, and aided by strong growth across municipal bonds, China bonds, and credit derivatives. Money markets was led by continued growth in institutional repos. Equities posted low single-digit revenue growth despite challenging industry volumes in our core ETF business. Finally, market data revenues were driven by growth in our LSEG market data contract and proprietary data products.

信貸以強勁的美國和歐洲企業信貸為主導，美國電子投資級別的季度市場份額創歷史新高，並得益於市政債券、中國債券和信貸衍生品的強勁增長。貨幣市場由機構回購持續成長帶動。儘管我們的核心 ETF 業務的行業規模面臨挑戰，但股票收入仍實現低個位數成長。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. Starting with US Treasuries, record second-quarter revenues increased by 28% year over year led by records across all our client channels. Our institutional business saw record adoption of our streaming protocol and growing usage of our RFQ+ offering.

轉向幻燈片 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。從美國國債開始，第二季營收年增 28%，創歷史新高，這得益於我們所有客戶管道的記錄。我們的機構業務對我們的串流媒體協議的採用創歷史新高，並且我們的 RFQ+ 產品的使用量不斷增長。

The leading indicators of the institutional business remain strong. We gained share and achieved record quarterly market share of US Treasuries versus Bloomberg, crossing the 50% threshold for the first time, which we have maintained.

機構業務領先指標依然強勁。與彭博社相比，我們的美國國債季度市佔率獲得了創紀錄的成長，首次突破了我們一直保持的 50% 的門檻。

Client engagement was healthy with institutional average daily trades up 45% year over year. Automation continues to be an important theme with institutional US Treasury AiEX average daily trades increasing by nearly 100% year over year.

客戶參與度良好，機構平均每日交易量較去年同期成長 45%。自動化仍然是一個重要主題，機構美國財政部 AiEX 日均交易量較去年同期成長近 100%。

Our wholesale business produced record volumes led by our streaming offering. Our other protocols also saw strong growth, particularly our CLOB, which has begun to trend higher. Our recent acquisition of r8fin is off to a strong start, contributing approximately 2.3% to our overall US Treasury market share, complementing our CLOB and streaming protocols. The team remains focused on onboarding more CLOB liquidity providers over the coming quarters as they deliver on a holistic strategy across our wholesale protocols.

在我們的串流媒體服務的推動下，我們的批發業務創造了創紀錄的銷售量。我們的其他協議也出現了強勁成長，特別是我們的 CLOB，它已經開始走高。我們最近對 r8fin 的收購取得了良好的開端，為我們的整體美國國債市場份額貢獻了約 2.3%，補充了我們的 CLOB 和流協議。該團隊仍致力於在未來幾季內引入更多 CLOB 流動性提供者，因為他們將在我們的批發協議中實施整體策略。

Within equities, our ETF revenues grew mid-single digits, but faced a tougher industry backdrop given lower equity market volatility. Other initiatives to expand our equity brand beyond our flagship ETF franchise continue to bear fruit with second-quarter convertible bond revenues increasing by 10% year over year.

在股票方面，我們的 ETF 收入成長了中個位數，但由於股市波動性較低，面臨著更嚴峻的行業背景。將我們的股票品牌擴展到旗艦 ETF 特許經營之外的其他舉措繼續取得成果，第二季可轉換債券收入同比增長 10%。

Looking ahead, 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 in equities, but across our fixed income business.

展望未來，隨著我們的電子解決方案的優勢不斷產生共鳴，客戶通路仍然強勁。我們相信，我們處於有利地位，可以利用 ETF 的長期成長故事，不僅在股票領域，而且在我們的固定收益業務領域也是如此。

Turning to slide 7 for a closer look at another strong quarter for credit, strong double-digit revenue growth was driven by 33% and 29% year over year revenue growth across US and European Credit, respectively. We also achieved strong double-digit growth across munis, China bonds, and credit derivatives. Automation continued to surge with global credit AiEX average daily trades increasing by about 45% year over year.

轉向幻燈片 7，仔細觀察信貸另一個強勁的季度，強勁的兩位數收入增長是由美國和歐洲信貸收入同比分別增長 33% 和 29% 推動的。我們在市政債券、中國債券和信用衍生性商品領域也實現了兩位數的強勁成長。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約 45%。

We set another fully electronic quarterly market share record in US IG helped by a record IG block market share of 9%. We also achieved our second highest fully electronic market share in US high yield. Our institutional business continues to scale as clients adopt our diverse set of protocols to improve liquidity, price transparency, and efficiency.

由於創紀錄的 9% 的 IG 區塊市場份額，我們在美國 IG 創下了另一個全電子化季度市場份額記錄。我們也在美國高收益債券中實現了第二高的全電子化市場份額。隨著客戶採用我們多樣化的協議來提高流動性、價格透明度和效率，我們的機構業務不斷擴大。

Our primary focus on growing institutional RFQ continues to pay off with average daily volume growing 30% year over year, with strong double-digit growth across both IG and high yield. Moreover, portfolio trading average daily volume rose 100% year over year with IG portfolio trading reaching record levels.

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 30%，IG 和高收益均實現強勁的兩位數增長。此外，投資組合日均交易量較去年同期成長100%，IG投資組合交易量創歷史新高。

We continue to focus on leading with innovation and this is resonating with our clients. We saw portfolio trading users grow by over 20% year over year, a record number of line items traded in the quarter, and our largest ever portfolio trade in excess of $3 billion. Retail credit revenues were up over 20% year over year as financial advisors continue to allocate investments towards credit to complement their buying of US Treasuries and retail certificate of deposits.

我們繼續專注於創新領先，這引起了客戶的共鳴。我們看到投資組合交易用戶年增超過 20%，本季交易的訂單項數量創歷史新高，而且我們有史以來最大的投資組合交易超過 30 億美元。由於財務顧問繼續將投資分配給信貸以補充其購買的美國國債和零售存單，零售信貸收入較去年同期成長超過 20%。

Alltrade produced a solid quarter with nearly $190 billion in volume, up over 45% year over year. Specifically, our all-to-all volumes grew over 20% year over year and our dealer-RFQ offering grew over 10% year over year. The team continues to be focused on broadening out our network and increasing the number of responders on the Alltrade platform.

Alltrade 的季度業績表現強勁，銷售額接近 1,900 億美元，較去年同期成長超過 45%。具體來說，我們的整體銷量年增超過 20%，我們的經銷商詢價產品較去年同期成長超過 10%。該團隊繼續致力於擴大我們的網路並增加 Alltrade 平台上的回應者數量。

In the second quarter, the average number of responses per all-to-all inquiry rose by 35% year over year. We also continue to increase our engagement and wallet share with ETF market makers. Finally, our sessions' average daily volume grew over 60% year over year and produced the second highest quarterly average daily volume ever.

第二季度，每次全面詢問的平均回覆數量年增 35%。我們也持續增加與 ETF 做市商的互動和錢包份額。最後，我們的會話日均交易量年增超過 60%，並創造了有史以來第二高的季度每日平均交易量。

Looking ahead, US credit remains our biggest 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.

展望未來，美國信貸仍然是我們最關注的領域，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。

Our strategy is focused on expanding our network, increasing our wallet share, enhancing our pre- and post-trade analytics, and continuously improving our protocols and client experience. In the second quarter, we enhanced our RFQ offering with our rollout of RFQ Edge, where we’re already seeing over 25% of our RFQ users utilizing RFQ Edge. RFQ Edge takes the traditional RFQ list ticket and incorporates real-time trading data, charting functionality, and execution cost analysis.

我們的策略重點是擴大我們的網絡，增加我們的錢包份額，增強我們的交易前和交易後分析，並不斷改進我們的協議和客戶體驗。在第二季度，我們透過推出 RFQ Edge 增強了 RFQ 產品，我們已經看到超過 25% 的 RFQ 用戶使用 RFQ Edge。RFQ Edge 採用傳統的 RFQ 清單票據，並結合了即時交易資料、圖表功能和執行成本分析。

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. Specifically, we’re making progress in our Aladdin integration with the goal of improving the client experience and increasing electronification in these markets. We're still on Phase 2, which is focused on Alltrade and RFQ, but our teams are already out on the road meeting with respective clients and walking them through all the enhancements made to date.

我們仍然非常注重提高高產量，我們相信我們有能力複製我們在 IG 所取得的成功。具體來說，我們正在阿拉丁整合方面取得進展，目標是改善客戶體驗並提高這些市場的電子化程度。我們仍處於第二階段，重點是 Alltrade 和 RFQ，但我們的團隊已經開始與各自的客戶進行路演，並引導他們完成迄今為止所做的所有增強功能。

With our Aladdin integration closing a gap and providing a foundation for growth, we expect high yield growth from here to be driven by the expansion of our client network led by strategic sales hires, functionality enhancements, and stronger penetration with ETF market makers.

隨著我們的阿拉丁整合縮小了差距並為增長奠定了基礎，我們預計從這裡開始的高收益增長將受到戰略銷售招聘、功能增強以及對ETF 做市商的更強滲透所帶動的客戶網絡擴張的推動。

Beyond US Credit, our EM expansion efforts continue with growing adoption of our portfolio trading and RFQ offerings, and early positive signs across wholesale EM. On the product side, we are focused on leveraging our diverse product expertise, enhancing our integration with FXall and continuing to build out functionality for multi-asset package trading.

除了美國信貸之外，我們的新興市場擴張努力仍在繼續，我們的投資組合交易和詢價產品越來越多地被採用，批發新興市場出現了早期積極跡象。在產品方面，我們專注於利用我們多樣化的產品專業知識，加強與 FXall 的集成，並繼續建立多資產打包交易的功能。

Moving to slide 8, global swaps produced record revenues driven by a combination of strong client engagement in response to the macro environment and continued market share gains. Strength here was partially offset by a 3% reduction in duration and elevated quarterly compression activity. All in, global swaps revenues grew 56% year over year and market share rose to 23.6% with record share across dollar, G11, and EM-denominated currencies.

轉向幻燈片 8，全球互換產生了創紀錄的收入，這得益於客戶對宏觀環境的強烈參與以及持續的市場份額增長。這裡的強度被持續時間減少 3% 和季度壓縮活動增加所部分抵消。總而言之，全球掉期收入年增 56%，市佔率升至 23.6%，美元、G11 和新興市場貨幣的份額創歷史新高。

Central to our ethos is our focus on helping clients by connecting the dots across fixed income products. Given the heightened market volatility across money markets, our repo clients have been increasingly referencing swaps curves when evaluating fixed rate repo trades.

我們精神的核心是我們專注於透過連結固定收益產品的各個點來幫助客戶。鑑於貨幣市場的市場波動加劇，我們的回購客戶在評估固定利率回購交易時越來越多地參考掉期曲線。

Yet their process was cumbersome, and our clients asked for a better solution. During the quarter, we became the first electronic trading platform to make overnight index swap curves available during the repo trade negotiation process, helping institutional clients assess the price competitiveness of different repo rates across different currencies and maturities.

然而他們的流程很繁瑣，我們的客戶要求更好的解決方案。本季度，我們成為首個在回購交易談判過程中提供隔夜指數掉期曲線的電子交易平台，幫助機構客戶評估不同貨幣和期限的不同回購利率的價格競爭力。

Finally, we continue to make progress across emerging markets swaps and our rapidly growing RFM protocol. Our second-quarter EM swaps revenues more than doubled 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 over 115% year over year with adoption picking up.

最後，我們在新興市場互換和快速發展的 RFM 協議方面繼續取得進展。我們第二季的新興市場掉期收入比去年同期成長了一倍多，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超過 115%。

Looking ahead, we believe the long-term swaps revenue growth potential is meaningful. With the market still about 30% electronified, we believe there remains a lot we can do to help digitize our clients’ manual workflows while the global fixed income markets and broader swaps market grow. And with that, let me turn it over to Sara to discuss our financials in more detail.

展望未來，我們認為長期掉期收入成長潛力是有意義的。由於市場仍約有 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實現手動工作流程的數位化。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.

謝謝，比利。早安.當我查看這些數字時，除非另有說明，所有比較都將與上一年期間進行比較。

Slide 9 provides a summary of our quarterly earnings performance. As Billy recapped earlier, this quarter we saw record second-quarter revenues of $405 million that were up 30.4% year over year on a reported basis and 30.8% on a constant currency basis. We derived approximately 38% of our second-quarter revenues from international clients, and recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in Euros.

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，本季度我們的第二季度收入達到創紀錄的 4.05 億美元，按報告數據計算，同比增長 30.4%，按固定匯率計算，同比增長 30.8%。我們第二季約 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 40% and total trading revenues increased by 31%. Total fixed revenues related to our four major asset classes were up 4.2% on a reported and 4.5% on a constant currency basis. Fixed revenue growth was primarily driven by previously disclosed dealer fee increases in credit that were instituted at the start of the third quarter of 2023.

我們的可變收入成長了 40%，總交易收入成長了 31%。與我們四大主要資產類別相關的總固定收入按報告增長 4.2%，以固定匯率計算增長 4.5%。固定收入成長主要是由先前揭露的 2023 年第三季初開始實施的信貸經銷商費用上漲所推動的。

And other trading revenues were up 9%. 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 53.6% increased by 117 basis points on a reported basis when compared to the 2023 full-year margins.

其他交易收入成長 9%。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。年初至今，調整後 EBITDA 利潤率為 53.6%，與 2023 年全年利潤率相比，按報告計算增長了 117 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 on slide 16 of the earnings presentation for additional detail regarding our fee per million performance this quarter. For cash rates products, fees per million were up 4%, primarily due to an increase in European and Australian government bond fees per million. For long-tenor swaps, fees per million were down 2%, primarily due to a slight increase in compression as well as a 3% decline in duration.

接下來是投影片 10 上的每百萬次收費以及本季主要趨勢的亮點，您可以在收益簡報的投影片 16 中看到有關我們本季每百萬次收費表現的更多詳細資訊。對於現金利率產品，每百萬美元的費用上漲了 4%，主要是由於歐洲和澳洲政府債券每百萬美元的費用增加。對於長期掉期，每百萬美元的費用下降了 2%，主要是由於壓縮率略有增加以及期限下降了 3%。

For cash credit, average fees per million decreased 12% due to a mix shift away from munis and sessions trading. For cash equities, average fees per million were flat due to lower US ETF fees per million given an increase in notional per share traded. Recall in the US, we charge per share and not for notional value traded. This was offset by a mix shift toward higher fee per million EU ETFs. And finally, within money markets, average fees per million decreased 8% driven by a mix shift away from higher fee per million US CDs and toward our growing institutional repo business.

對於現金信貸，由於市政交易和會話交易的混合轉變，每百萬人的平均費用下降了 12%。對於現金股票，每百萬股平均費用持平，因為美國 ETF 每百萬股費用較低，且名目每股交易量增加。回想一下，在美國，我們是按每股收費，而不是以名義交易價值收費。這被每百萬隻歐盟 ETF 收費更高的混合轉變所抵消。最後，在貨幣市場內，每百萬張 CD 的平均費用下降了 8%，因為從每百萬張美國 CD 的較高費用轉向不斷增長的機構回購業務。

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.

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。

Adjusted expenses for the second quarter increased 25.8% on a reported basis and 27% on a constant currency basis. Adjusted compensation cost increased 32.2% due to increases primarily in performance-related compensation, headcount, and severance. Excluding $2.9 million related to severance, compensation costs increased 29.4%.

第二季調整後費用按報告計算成長 25.8%，以固定匯率計算成長 27%。調整後的薪酬成本增加了 32.2%，主要是由於與績效相關的薪酬、員工人數和遣散費的增加。不包括與遣散費相關的 290 萬美元，補償費用增加了 29.4%。

Technology and communication costs increased 29.6%, primarily due to our previously communicated investments in data strategy and infrastructure. Adjusted professional fees increased 6% mainly due to an increase in consulting costs. We expect professional fees to continue to grow overtime, as we spend more on technology consulting to support our organic growth.

技術和通訊成本增加了 29.6%，主要是由於我們先前溝通的資料策略和基礎設施投資。調整後的專業費用增加了 6%，主要是因為諮詢成本的增加。我們預計專業費用將繼續成長，因為我們在技術諮詢上投入更多資金以支持我們的有機成長。

General and administrative costs increased due to a pickup in travel and entertainment, which, on a reported basis, was partially offset by FX gains year on year. Favorable movements in FX resulted in a $1.7 million gain in the second quarter of 2024 versus a $150,000 loss in the second quarter of 2023.

由於旅行和娛樂活動的增加，一般和行政成本有所增加，據報告，這部分被外匯收益同比增長所抵消。有利的外匯波動導致 2024 年第二季收益 170 萬美元，而 2023 年第二季則虧損 15 萬美元。

Slide 12 details capital management and our guidance. On our cash position and capital return policy, we ended second quarter in a strong position with a $1.72 billion in cash and cash equivalents. And free cash flow reached approximately $722 million for the trailing 12 months. Recall, we intend to pay $785 million in cash consideration for ICD once it closes.

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，第二季結束時，我們擁有 17.2 億美元的現金和現金等價物，處於強勢地位。過去 12 個月的自由現金流達到約 7.22 億美元。回想一下，我們打算在 ICD 關閉後為其支付 7.85 億美元的現金對價。

Our net interest income of $21 million increased due to a combination of higher cash balances and interest yields. This was primarily driven by the higher interest rate environment and more efficient management of our cash. With this quarter's earnings, the Board declared a quarterly dividend of $0.10 per Class A and Class B shares.

由於現金餘額和利息收益率增加，我們的淨利息收入增加了 2,100 萬美元。這主要是由於較高的利率環境和更有效的現金管理。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 strong business momentum and the anticipated closing of ICD shortly, we are increasing our adjusted expense guidance from $805 million. We now expect to be in the $830 million to $860 million range for 2024.

談到 2024 年更新的指導，鑑於強勁的業務勢頭和預計 ICD 很快就會關閉，我們將調整後的費用指導從 8.05 億美元上調。我們現在預計 2024 年的營收將在 8.3 億至 8.6 億美元之間。

Including the anticipated closing of ICD, we are currently trending toward the midpoint of this range, which would represent an approximate 22% increase versus our 2023 adjusted expenses. Focusing on organic growth, the midpoint of this range would represent an approximately 16% increase. Bridging the gap from $805 million to the midpoint of our new range, 63% of this increase is coming from the inclusion of ICD, with 30% and 7% coming from better business momentum and the recently announced management changes respectively.

包括 ICD 的預期關閉在內，我們目前正趨向於該範圍的中點，這將比我們 2023 年調整後的費用增加約 22%。關注有機成長，該範圍的中點將代表約 16% 的成長。縮小從 8.05 億美元到新範圍中點的差距，其中 63% 的增長來自 ICD 的納入，其中 30% 和 7% 分別來自更好的業務勢頭和最近宣布的管理層變動。

Provided that ICD closes shortly, revenue from ICD is expected to be approximately $40 million over the next five months. Recall, we plan to invest in technology and marketing during the first 12 months post-closing, which we expect may temporarily push ICD's adjusted EBITDA margin down to 47% to 49%.

如果 ICD 很快關閉，預計未來五個月 ICD 的收入約為 4000 萬美元。回想一下，我們計劃在交易完成後的前 12 個月內投資於技術和行銷，我們預計這可能會暫時將 ICD 的調整後 EBITDA 利潤率推低至 47% 至 49%。

All in, primarily factoring in the better business momentum, we now expect our 2024 adjusted EBITDA margin expansion to slightly exceed 2023 levels. At the same time, we expect to capitalize on the anticipated healthy revenue environment by accelerating investments to support our current and future organic growth. This include infrastructure-related investments such as further enhancements to our global credit tech stack, expanding our integration capabilities to allow for cloud-based Python integration, and retail platform enhancements to support the growth in trading activity we've seen in recent years.

總而言之，主要考慮到更好的業務勢頭，我們現在預計 2024 年調整後 EBITDA 利潤率擴張將略高於 2023 年的水平。同時，我們期望透過加快投資來支持我們當前和未來的有機成長，從而利用預期的健康收入環境。這包括與基礎設施相關的投資，例如進一步增強我們的全球信貸技術堆疊、擴展我們的集成能力以實現基於雲端的 Python 集成，以及增強零售平台以支援我們近年來看到的交易活動的成長。

We are also selectively making small investments in emerging digital technologies such as blockchain and digital assets in order to leverage and benefit from their technical expertise without having to make significant investment to experiment in-house. We now expect our CapEx and capitalized software development to be about $77 million to $85 million for 2024.

我們也選擇性地對區塊鏈和數位資產等新興數位技術進行小額投資，以便利用他們的技術專業知識並從中受益，而無需進行大量投資進行內部試驗。我們現在預計 2024 年我們的資本支出和資本化軟體開發約為 7700 萬至 8500 萬美元。

Acquisition and Refinitiv Transaction-related D&A, which we adjust out due to the increase associated with pushdown 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. Now, I'll turn it back to Billy for concluding remarks.

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。我們仍然預計，根據與 LSEG 簽訂的新主資料協議，2024 年和 2025 年的收入將分別約為 8,000 萬美元和 9,000 萬美元。現在，我將把它轉回給比利做總結發言。

Thanks Sara. Tradeweb thrives on change and we look forward to solving complex problems. Change can happen very fast or very slowly, but we want to be that trusted partner that our clients look towards to drive innovation in the market.

謝謝薩拉。Tradeweb 在變革中蓬勃發展，我們期待解決複雜的問題。變化可能發生得非常快，也可能非常慢，但我們希望成為客戶期待的值得信賴的合作夥伴，推動市場創新。

It’s a great time to be in the risk intermediation business. I feel good about our future growth outlook. With a couple of important month-end trading days left in July, which tend to be our strongest revenue days, average daily revenue growth is trending at a high-teens growth rate relative to July 2023.

現在是從事風險中介業務的好時機。我對我們未來的成長前景感到滿意。7 月還剩下幾個重要的月末交易日，這往往是我們收入最強勁的日子，與 2023 年 7 月相比，日均收入成長趨勢為高雙位數成長率。

The diversity of our growth remains a theme. We are seeing strong volume growth across global government bonds, mortgages, interest rate swaps, corporate credit, and repos. Our IG and high yield share are trending above 18% and 7%, respectively, in July.

我們成長的多樣性仍然是一個主題。我們看到全球政府公債、抵押貸款、利率互換、企業信貸和回購協議的交易量強勁成長。7 月份，我們的投資等級債券和高收益債券份額分別超過 18% 和 7%。

I would also like to welcome Amy Clack to the team who will be joining Tradeweb in August as Chief Administrative Officer and as a member of the Executive Committee. Amy brings more than 25 years of experience and will oversee operations, business integration risk, and corporate services.

我還要歡迎 Amy Clack 加入團隊，她將於 8 月加入 Tradeweb，擔任首席行政官和執行委員會成員。Amy 擁有超過 25 年的經驗，將負責監督營運、業務整合風險和企業服務。

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 best second-quarter revenues and volumes at Tradeweb. With that, I will turn it back to Ashley for your questions.

最後，我想透過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 實現最佳第二季度收入和銷量做出的努力。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. Q&A will end at 10:30 AM Eastern Time. Operator, you can now take our first question.

謝謝，比利。提醒一下，請僅限回答一個問題。請隨意跳回隊列並在最後提出其他問題。問答將於東部時間上午 10:30 結束。接線員，您現在可以回答我們的第一個問題。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Good morning, Billy. Hope everyone's doing well.

早安，比利。希望每個人都一切順利。

How are you?

你好嗎？

I'm good. So we had a question on a key competitive advantage, Tradeweb's ability to provide a one-stop shop platform across multiple asset classes. So how important is the wide asset class offering to your sales pitch and ability to penetrate traders on the buy side? And also, to what degree has multi-asset trading become more or less common over time?

我很好。因此，我們有一個關於關鍵競爭優勢的問題，即 Tradeweb 提供跨多種資產類別的一站式平台的能力。那麼，廣泛的資產類別對您的銷售宣傳和滲透買方交易者的能力有多重要？此外，隨著時間的推移，多資產交易在多大程度上變得越來越普遍或越來越不普遍？

Yeah, Craig, good to hear your voice. Hear you on the question. I've been saying this like pretty clearly for a while, that technology is making the markets more connected than ever and Tradeweb is really well-positioned because of our product depth as being this kind of like one-stop shop. I said it on CNBC. And Ashley was like, that sounds amazing. Maybe just don't say shop. Say platform, because this isn't like the '90s. You're not going to go home and watch Seinfeld at night.

是的，克雷格，很高興聽到你的聲音。聽你說這個問題。一段時間以來，我一直在明確地表達這一點，即技術使市場比以往任何時候都更加緊密相連，而 Tradeweb 的定位確實很好，因為我們的產品深度就像一站式商店一樣。我在 CNBC 上說過。阿什利說，這聽起來太棒了。也許只是不說商店。說平台，因為這不像 90 年代。你不會晚上回家看《宋飛正傳》。

But the thesis, I think you understand really well. And so, when we think about this for a moment, I would say, kind of part of the company's history forever, so let me just say this very clearly. For sure, being in government bonds way back when helped us get into, for example, TBA mortgages. Being in European government bonds helped us get into European slots.

但是這篇論文，我認為你理解得非常好。因此，當我們思考這一點時，我會說，這永遠是公司歷史的一部分，所以讓我非常清楚地說明這一點。當然，很久以前購買政府債券就幫助我們進入了 TBA 抵押貸款等領域。參與歐洲政府債券幫助我們進入了歐洲市場。

Then there's these sort of more kind of seismic moments where we wanted to get into interest rate swaps at a point in time where the Fed was cutting rates and mortgage originators became this massive consumer of interest rate swaps and, quote-unquote, kind of put us on the map. So you can kind of feel the history in terms of what I'm describing in terms of our commitment to multi-asset class trading.

然後還有一些更劇烈的時刻，我們希望在美聯儲降息、抵押貸款發起人成為利率互換的巨大消費者以及（引用不引用）某種看跌期權的時間點進入利率互換。因此，您可以從我所描述的我們對多資產類別交易的承諾中感受到歷史。

When we think about today for a moment, from our perspective, the stats are -- basically 16% of global AUM is now sitting in multi-asset bonds. That's up from about 10% in 2018. We think that's going to kind of trend continually higher.

當我們思考今天的情況時，從我們的角度來看，統計數據是——基本上全球資產管理規模的 16% 現在投資於多資產債券。這比 2018 年的約 10% 有所上升。我們認為這將呈現持續走高的趨勢。

From our perspective, Craig, for a second, on a firm level, I think the stats are -- around 60% of our clients trade at least two products. And about one in five trade at least five products. So those are pretty kind of interesting numbers.

克雷格，從我們的角度來看，從公司層級來看，我認為統計數據是——大約 60% 的客戶至少交易兩種產品。大約五分之一的人至少交易五種產品。所以這些都是非常有趣的數字。

On a trader level, it's even a little bit more interesting. 30% of our traders are now trading three products with us. We can understand that. If you think about like the macro businesses, that makes a lot of sense. And over 10% of our traders trade over five products, right? I think it was Sameer that gave me a stat that we actually have one trader who's now trading like -- there's 11 different markets with us. I think that that guy needs like at least five fleece vests from Tradeweb.

在交易者層面上，這甚至更有趣。我們 30% 的交易者現在與我們交易三種產品。我們可以理解這一點。如果你像宏觀企業一樣思考，那就很有意義了。我們超過 10% 的交易者交易超過五種產品，對嗎？我想是 Sameer 給了我一份統計數據，我們實際上有一個交易者現在正在進行交易——我們有 11 個不同的市場。我認為那個人至少需要五件來自 Tradeweb 的羊毛背心。

But those are the stats. And I would say just, very straightforward from me, the stats matter. And then there's the kind of, the ethos piece of this, which is part of how we build and grow businesses here. So when we wanted to get into credit and we saw that there was a door opener for us to compete in credit --

但這些只是統計數據。我想說的是，非常直白地說，統計數據很重要。然後是這種精神，這是我們在這裡建立和發展業務的一部分。因此，當我們想要進入信貸領域時，我們發現有一個讓我們在信貸領域競爭的機會--

If the question is, when you walk into PIMCO, and you're a partner to them in terms of building a mortgage business, does it help us make a sale into credit? 100%. Because I think that there is a reality that credibility leads to opportunity. I think that's a straightforward comment. Credibility leads to opportunity.

如果問題是，當你走進PIMCO，並且你是他們建立抵押貸款業務的合作夥伴，這是否有助於我們將銷售轉化為信貸？100%。因為我認為現實是，信譽帶來機會。我認為這是一個簡單的評論。信譽帶來機會。

And then the balance of the world, when we think about the firm's relationships with the sell side, and you think about the big banks, and we think about how the firm interfaces with the Jim DeMars of the world or the Troy at J.P. Morgan or Ashok at Goldman, I can't leave out Andy Morton -- look, we interface really well. I think we're -- partly that's because we have a very strategic resonance with them when you think about the businesses that we are in and when you think about how those businesses kind of touch their P&L.

然後是世界的平衡，當我們考慮公司與賣方的關係時，你會想到大銀行，我們會考慮公司如何與世界上的吉姆·德馬斯或摩根大通的特洛伊或高盛的阿肖克（Ashok） ，我不能忽略安迪·莫頓（Andy Morton）——看，我們的互動非常好。我認為我們——部分原因是，當你考慮我們所處的業務以及當你考慮這些業務如何影響他們的損益時，我們與他們有非常策略性的共鳴。

And so that's been a big advantage for us in a certain way forever. And you kind of even heard what we're doing, for example, if you think about the money market business and how it sort of funnels through all of the markets that we are in, the ability for us to connect kind of our repo world into interest rate swaps, you're talking about two worlds that have been kind of historically pretty sleepy. And now we're showing like massive innovation in terms of how those markets are operating.

因此，從某種程度上來說，這永遠是我們的一大優勢。你甚至聽說過我們正在做的事情，例如，如果你考慮貨幣市場業務，以及它如何滲透到我們所在的所有市場，我們連接回購世界的能力說到利率互換，你談論的是兩個歷史上一直相當沉睡的世界。現在，我們在這些市場的運作方式方面展示了大規模的創新。

So my instinct is, it's been a big advantage for us and the very strong instinct is, given the trend of technology and the way these markets are sort of more connected than ever, it's a further advantage for us as we continue to grow our market share and build ourselves into new markets. So that's the view. Appreciate the question, Craig. Thank you.

所以我的直覺是，這對我們來說是一個很大的優勢，而且非常強烈的直覺是，考慮到技術的趨勢以及這些市場比以往任何時候都更加緊密的聯繫方式，隨著我們繼續發展我們的市場，這對我們來說是一個進一步的優勢分享並開拓新市場。這就是我們的觀點。感謝這個問題，克雷格。謝謝。

Thank you, Billy.

謝謝你，比利。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the question. Billy, in your prepared remarks, you called out a number of stats on portfolio trading, the growth in ADV, increasing number of line items, the largest portfolio trade ever on your platform. I was wondering if you could talk about kind of your medium to longer-term outlook for the protocol. How is usage changing? What are these new types of firms engaging with portfolio trades that weren't before? And how are some of the newer market makers, the large trading firms that are joining the platform recently, how are they engaging with the protocol? Thank you.

你好，早上好，感謝您提出問題。比利，在您準備好的演講中，您列出了有關投資組合交易的一些統計數據、ADV 的增長、行項目數量的增加、您平台上有史以來最大的投資組合交易。我想知道您是否可以談談您對該協議的中長期前景。使用情況有何變化？這些新型公司從事哪些以前沒有的投資組合交易？一些新的做市商，最近加入該平台的大型貿易公司，他們如何參與該協議？謝謝。

Yeah, so it's a good question, Ben. How are you? So we're positive on portfolio trading, right? And because the thesis is -- and you guys have kind of heard me say this very clearly. We stand for balance, right? So we love the concept of ultimately the buy side acting like the buy side and the banks acting as market makers. We think that there's going to be significant volume that goes through in that basic direction.

是的，這是一個很好的問題，本。你好嗎？所以我們對投資組合交易持正面態度，對嗎？因為這篇論文是──你們已經聽我說得很清楚了。我們主張平衡，對嗎？因此，我們喜歡最終買方充當買方而銀行充當做市商的概念。我們認為，在這個基本方向上將會有大量的交易量發生。

And so, from our perspective, portfolio trading now represents a little bit less than 10% of trace in the second quarter of 2024. That's up from 5% in the second quarter of 2023. We're getting a lot of sort of opinions that that can land in that sort of like 20% to 25% zone of total trace volume.

因此，從我們的角度來看，投資組合交易目前僅佔 2024 年第二季的 10% 以下。這比 2023 年第二季的 5% 有所上升。我們收到了很多意見，認為這可能會落在總微量的 20% 到 25% 區域。

I have an instinct that it can be higher. Again, thinking about the concept of balance, the banks coming back into the equation, from electronic perspective, and then the concept of, kind of, risk trading really kind of entering into that protocol is a big deal, right? So when we think about the progression of it all, originally, if you remember, the protocol was sort of built for asset managers for month or quarter-end rebalancing period. It's shifted and changed a lot from there.

我有一種直覺，它可以更高。再一次，考慮平衡的概念，從電子角度來看，銀行回到等式中，然後風險交易的概念確實進入該協議是一件大事，對吧？因此，當我們考慮這一切的進展時，如果您還記得的話，最初該協議是為資產管理者在月末或季末再平衡期間構建的。從那裡開始，它發生了很大的變化。

So now you have hedge fund clients using the protocol for how we think about risk on trade tactical trades. More recently we've seen insurance firm using it for asset liability management. These are pretty big kind of progressions in terms of behavior.

現在，對沖基金客戶正在使用該協議來了解我們如何考慮戰術交易的風險。最近，我們看到保險公司將其用於資產負債管理。就行為而言，這些都是相當大的進步。

Your second part of the question is quite interesting. Because now we're seeing and we're talking about the emergence of how we think about sort of the alternative market makers. I think that's still the right way to describe them. But the alternative market makers kind of entering the space with a lot of emphasis around technology, we think about sort of the citadels of the world, the chains of the world that are doing an excellent job in terms of warehousing risk.

你問題的第二部分很有趣。因為現在我們正在看到並正在談論我們如何看待另類做市商的方式。我認為這仍然是描述他們的正確方式。但是另類做市商進入這個領域時非常注重技術，我們認為世界上的城堡、世界上的連鎖店在倉儲風險方面做得非常出色。

Virtu has been very clear about their plans. I think Doug used the word Switzerland to describe himself in terms of his relationship between Tradeweb and MarketAxess. I'm going to -- I always thought we were kind of Switzerland but I'll have that conversation with him offline. But they're very, very important players in the space. You have these kind of firms filling a void. You do not have the sort of legacy, traditional way of doing business issues.

Virtu 已經非常清楚他們的計劃了。我認為 Doug 使用“瑞士”這個詞來描述自己在 Tradeweb 和 MarketAxess 之間的關係。我一直以為我們是瑞士人，但我會在線下與他進行對話。但他們是這個領域非常非常重要的參與者。這些公司填補了空白。您沒有那種傳統的處理業務問題的方式。

And then you have companies that have significant DNA, and expertise, and experience on the anonymous side of the trading world getting into disclosed trading and the wallet around disclosed trading and that's a big deal. So my instinct is they're going to take the concept and the premise of portfolio trading very seriously. And that's a big deal for us in terms of how we partner with them going forward. So feeling quite good about, directionally, where we're going with portfolio trading. And thanks for the question.

然後，有些公司在交易世界的匿名方面擁有重要的DNA、專業知識和經驗，進入披露交易以及圍繞披露交易的錢包，這是一件大事。所以我的直覺是他們會非常認真地看待投資組合交易的概念和前提。就我們如何與他們合作而言，這對我們來說是一件大事。因此，我們對投資組合交易的方向感覺非常好。謝謝你的提問。

Great, Billy. Thanks for the detailed response.

太棒了，比利。感謝您的詳細回覆。

Tyler Mueller, William Blair.

泰勒穆勒、威廉布萊爾。

Good morning. This is Tyler Mueller on for Jeff Schmitt. We were curious, what has the client response been to the rollout of RFQ Edge? Is the additional functionality in analytics helping penetration of larger block trades? Thank you.

早安.我是泰勒·穆勒 (Tyler Mueller) 替傑夫·施密特 (Jeff Schmitt) 發言。我們很好奇，客戶對 RFQ Edge 的推出有何反應？分析中的附加功能是否有助於滲透更大的大宗交易？謝謝。

Sure. Hey, Tyler. Good question. Well, by the way, love the sort of name, RFQ Edge. I think that's a great kind of marketing protocol for the company. It's early days and it's a good question. The initial feedback has been quite positive. From our perspective the enhancements are all about kind of adding analytics real-time charging into the RFQ ticket. We think that directionally investing in clients more upstream is important. That's a very kind of strong strategic move for us.

當然。嘿，泰勒。好問題。嗯，順便說一句，喜歡 RFQ Edge 這樣的名字。我認為這對公司來說是一種很好的行銷協議。現在還為時過早，這是一個很好的問題。最初的回饋非常正面。從我們的角度來看，這些增強功能都是在 RFQ 票據中添加分析即時收費。我們認為，對上游客戶進行定向投資很重要。這對我們來說是一項非常強而有力的策略舉措。

RFQ Edge enhancements, they basically reflect similar analytics to what we provide to our clients across portfolio trading. It allows you to trade with multiple dealers and the all-to-all market all at once. Again, it's all about sort of enhancing and investing into the client experience.

RFQ Edge 增強功能，它們基本上反映了與我們在投資組合交易中向客戶提供的類似分析。它允許您同時與多個交易商和全方位市場進行交易。同樣，這一切都是為了增強和投資客戶體驗。

We have a few clients who are utilizing it like a portfolio trade where they're going to fewer dealers sending larger-sized trades, fewer dealers, larger-sized trades, that concept of sort of information leakage, minimizing information leakage. These are very, very important principles and something that we've invested in for a long time, really understanding client flow, I think, in a very straightforward way. That's the ultimate edge for us. So we're feeling good about that protocol. Early days, more to come on it, and appreciate the question.

我們有一些客戶將其用作投資組合交易，他們會向較少的交易商發送較大規模的交易，較少的交易商發送較大規模的交易，這種資訊洩漏的概念，最大限度地減少資訊洩漏。這些都是非常非常重要的原則，也是我們長期投資的東西，我認為，以非常簡單的方式真正理解客戶流程。這是我們的最終優勢。所以我們對該協議感覺良好。早期階段，還有更多的內容，並感謝這個問題。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Good morning, everyone. Thanks for taking the question. I want to talk about the third-party market data business a little bit. I'm wondering what the kind of key growth drivers are here. Any new products you may be able to introduce now, how are you maybe able to expand the penetration of existing products? And also, can you kind of remind us on the mix today between different data offerings and how much they contribute?

大家，早安。感謝您提出問題。我想稍微談談第三方市場數據業務。我想知道這裡的關鍵成長動力是什麼。現在您可以推出任何新產品，您如何擴大現有產品的滲透率？另外，您能否提醒我們今天不同數據產品之間的組合以及它們貢獻了多少？

Sure. Hey, Chris, it's Sara. Thank you for the question. Market data has been a great business for us. And I think, as we always talk about, first and foremost, our top priority with utilizing market data is to improve the execution for our clients.

當然。嘿，克里斯，我是薩拉。感謝你的提問。市場數據對我們來說是一項偉大的業務。我認為，正如我們總是談論的那樣，首先也是最重要的是，我們利用市場數據的首要任務是提高客戶的執行力。

But obviously, we have direct monetization of market data as well. In the second quarter, we had about $29 million of revenue overall from market data. The bulk of that, about $20 million coming from LSEG, and $9 million in the quarter from the third-party data line that you're asking about.

但顯然，我們也可以直接將市場數據貨幣化。第二季度，我們從市場數據中獲得的整體收入約為 2,900 萬美元。其中大部分，大約 2000 萬美元來自 LSEG，本季的 900 萬美元來自您詢問的第三方數據線。

That line, obviously, a much smaller base but it's grown really nicely for us, about 17% over the last five years on average. If you think about what's in that bucket there, a few components. The biggest element driving that third-party line is really pricing product. So pricing would constitute about 60% of that $9 million. And it's really things like benchmark and reference products. So think about our ability to have a closing price on UK gilt or US Treasuries.

顯然，這條線的基數要小得多，但對我們來說成長得非常好，過去五年平均成長約 17%。如果你想想那個桶子裡有什麼，那就是一些組件。推動第三方產品線發展的最大因素其實是產品定價。因此，定價將佔這 900 萬美元的 60% 左右。它實際上是基準和參考產品之類的東西。因此，請考慮一下我們獲得英國國債或美國國債收盤價的能力。

Newer products like iNAV, our intraday ETF type of pricing, new AI pricing, this concept of creating benchmarks and then ultimately, in terms of a growth strategy, as they get further adopted, it adds growth in two ways: one, directly from licensing fees as you create indices as people consume closing and reference prices, but also increased trading flow, which obviously is great for our other lines. That's the biggest bucket. That's the biggest growth driver, the thing we're most excited about, obviously, partnered with FTSE, which is owned by LSEG, to do a lot of that.

像iNAV 這樣的新產品，我們的日內ETF 類型的定價，新的人工智慧定價，這種創建基準的概念，最終，在成長策略方面，隨著它們進一步採用，它透過兩種方式增加成長：一是直接透過許可當人們消耗收盤價和參考價時創建指數時會產生費用，而且交易流量也會增加，這顯然對我們的其他產品線很有好處。那是最大的桶子。這是最大的成長動力，也是我們最興奮的事情，顯然，與倫敦證券交易所集團 (LSEG) 旗下的富時指數 (FTSE) 合作，做了很多事情。

The other components in that line are really around analytics and some post-trade regulatory-type products, things like PCA. So I think overall, we're quite bullish in our ability to grow the opportunity here. There's new types of licensing reference data that we can create. In some ways, it's limitless. Any asset class that we're trading, we can help create a closing price or benchmark for.

該系列中的其他組件實際上是圍繞分析和一些交易後監管類型的產品，例如 PCA。所以我認為總的來說，我們非常看好我們在這裡增加機會的能力。我們可以建立新型許可參考資料。在某些方面，它是無限的。我們可以幫助我們交易的任何資產類別建立收盤價或基準。

It doesn't happen overnight. But you can see in terms of that model, you can create more products. And then, as it gets further and further entrenched in the network, more adoption, then there's inherent growth. And we're seeing the benefit of both of those things in that line today. Thanks for the question.

這不會在一夜之間發生。但你可以看到，根據該模型，你可以創造更多產品。然後，隨著它在網路中越來越根深蒂固，越來越多的採用，就會出現內在的成長。今天我們在這方面看到了這兩件事的好處。謝謝你的提問。

Thanks.

謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, good morning. Hello, Billy and everybody else. So I wanted to talk a little bit more about the interest rate swap business. I know it's a topic that come up a bunch in the past, and I've asked you guys this numerous times in the past as well, but it seems like this business just kind of continues to set new records and second quarter was an exception of that.

嗨，早安。大家好，比利和其他人。所以我想多談談利率交換業務。我知道這是一個過去經常出現的話題，我過去也曾多次問過你們這個問題，但似乎這項業務繼續創下新記錄，第二季度是一個例外的。

So what drove the strength in the second quarter? That's one. And maybe you can just kind of zoom out and talk broadly how you're thinking about the revenue growth algorithm in this business over the next couple of years, because it seems like it continues to do much better than what the baseline should be.

那麼是什麼推動了第二季的強勢呢？這是一個。也許你可以縮小範圍，廣泛地談論你對未來幾年該業務的收入成長演算法的看法，因為它似乎繼續比基線應該做的要好得多。

Yeah, it's been a great kind of environment for us, obviously, Alex, and it's a very good question. It's almost the second quarter is almost like a perfect microcosm of what our clients care about the most. There's geopolitical uncertainty, varying inflation prints, changing election odds, all of that stuff and our business has really been kind of clicking in.

是的，亞歷克斯，這對我們來說顯然是一個很好的環境，這是一個很好的問題。第二季幾乎就像是我們客戶最關心的問題的完美縮影。地緣政治的不確定性、不同的通膨數據、不斷變化的選舉賠率，所有這些因素，我們的業務確實很順利。

It's primarily been a market share story for us, I would say. As you know very well, our swaps business, we think about it as a sort of almost, like a complementary to our global government bond business and our mortgage franchise. I made the point, I want us to kind of keep thinking about this when the Fed gets into rate cut mood. Our instinct is that those sort of mortgage originators are really going to kind of step into the equation around swaps.

我想說，這對我們來說主要是一個市場份額的故事。如您所知，我們的掉期業務幾乎是對我們的全球政府債券業務和抵押貸款業務的補充。我指出了這一點，我希望我們在聯準會陷入降息情緒時繼續思考這一點。我們的直覺是，這類抵押貸款發起人確實會參與掉期交易。

But we've gained market share and growing revenue, really, kind of in three ways. It's first and foremost by adding new customers and migrating them from voice to E. That's like Tradeweb kind of 101 stuff. And that's been a big driver of our market share.

但實際上，我們透過三種方式獲得了市場份額和收入成長。首先也是最重要的是增加新客戶並將其從語音遷移到 E。這是我們市場佔有率的重要推手。

I would say second, it's always by kind of building new products and that, from our perspective, would be EM. And then I think very, very importantly, and I've used the expression before, micro trading protocols, so the example of that would be like request for market. We call it RFM to somebody who like code words at Tradeweb, but request for market where a buy-side client can go to one dealer, ask for a two-sided market, and then trade on one side of the marketplace, it really, ultimately replicates the exact behavior that large kind of macro funds trade big size in the market on. And those kind of trades would happen on the phone or through Bloomberg messaging, and now they're happening through Tradeweb.

我想說第二，它總是透過建立新產品來實現的，從我們的角度來看，這就是新興市場。然後我認為非常非常重要，我之前使用過這個表達，微型交易協議，所以這個例子就像市場請求一樣。我們稱之為 RFM，適合那些喜歡 Tradeweb 上的代碼字，但要求買方客戶可以前往一個交易商的市場，要求雙邊市場，然後在市場的一側進行交易，這確實是，最終複製了大型宏觀基金在市場上進行大額交易的確切行為。此類交易原本可以透過電話或彭博資訊進行，而現在則透過 Tradeweb 進行。

As we kind of plot the future a little bit, it's going to be about continued success around EM swaps. We feel bullish on inflation swaps. I think swaptions is a very kind of interesting nut to crack for us. And then there's going to be, again, we talked about sort of technology and this kind of concept of multi-asset pack swaps, so a lot more for us to do in the area and feeling really, really good about how we've continued to perform, gain market share and swaps.

當我們稍微規劃未來時，這將是關於新興市場掉期的持續成功。我們看好通膨掉期。我認為互換選擇權對我們來說是一個非常有趣的難題。然後，我們將再次討論某種技術和這種多資產包交換的概念，因此我們在該領域還有很多工作要做，並且對我們如何繼續下去感覺非常非常好執行、獲得市場份額和互換。

As you know, Alex, very well, and I sometimes feel like, a little bit like, the Tradeweb, I've made the joke to Tradeweb historian, this was the sort of back alley of all the rates markets, of all the macro markets for a long time. And to see this business flourish in volatile and interesting environments has been quite rewarding for the company and feeling really good about where it's going from here. So thanks for the question. Thank you, Alex.

如你所知，Alex，很好，我有時覺得有點像 Tradeweb，我向 Tradeweb 歷史學家開了個玩笑，這是所有利率市場、所有宏觀經濟的後巷。看到這項業務在動盪而有趣的環境中蓬勃發展，對公司來說是非常有益的，並且對未來的發展方向感到非常滿意。謝謝你的提問。謝謝你，亞歷克斯。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yes. Good morning. Thanks for taking the question. So I have a question, FMX is launching in September. I understand that a lot of the conversation with FMX has been around the futures business, but they do have a CLOB treasury business that you compete with currently. So I understand that it's not a huge part of your business, but I was just curious to get your thoughts on FMX broadly and what this new consortium of dealers in the rate space means for competition in the industry?

是的。早安.感謝您提出問題。我有一個問題，FMX 將於 9 月推出。據我所知，與 FMX 的許多對話都是圍繞期貨業務，但他們目前確實有 CLOB 資金業務，與您競爭。因此，我知道這並不是您業務的重要組成部分，但我只是想了解您對 FMX 的廣泛看法，以及費率領域的新經銷商聯盟對行業競爭意味著什麼？

And then, if I could add a follow-on to that, you mentioned in your prepared remarks that the CLOB was starting to trend higher for you. I know that's been a business that you haven't been completely satisfied with since you bought it from Nasdaq a few years ago, so maybe if you could just expand on the strength you're seeing there and your expectations for that business going forward. Thanks.

然後，如果我可以補充一點的話，您在準備好的發言中提到，CLOB 開始對您來說呈現走高趨勢。我知道自從幾年前你從納斯達克購買以來，你一直對這項業務並不完全滿意，所以也許你可以擴大你所看到的實力以及你對該業務未來的期望。謝謝。

Yeah. Hey, Patrick. Good to hear your voice, hope you're doing really well. Maybe a comment about sort of Switzerland before. I was watching CNBC yesterday with Mr. Duffy kind of talking about this business and thinking to myself, there's no Switzerland in this moment. Howard is a big personality, kind of everyone knows that. I think we've known him well and we have a very respectful relationship both with him and with the CME.

是的。嘿，派崔克。很高興聽到你的聲音，希望你一切都好。也許之前有關於瑞士的評論。昨天我在看 CNBC 節目時，達菲先生談論了這件事，我心裡想，此時此刻沒有瑞士。霍華德是一個很有個性的人，這是每個人都知道的。我認為我們很了解他，我們與他和 CME 都保持著非常尊重的關係。

My instinct is, the kind of clear goal is to -- from an FMX's perspective, is to take on the incumbent in the futures market. And that's our business model. And we'll see how all of that will play out. I think it's going to play out a bit on TV and it will be an interesting kind of story to watch.

我的直覺是，從 FMX 的角度來看，這個明確的目標是挑戰期貨市場的現有者。這就是我們的商業模式。我們將看看這一切將如何進行。我認為這會在電視上播出，這將是一個有趣的故事。

We feel to make an obvious point and it's a good question. We feel really, really good about the strength of our treasury business, both on the client side and on the wholesale side. I have a very strong message that I delivered to the company, which is be super conscious and super aware of the competitive landscape, and so, to make an obvious point. very well aware of everything that Howard has done in this space and continues to try to do in this space; be super aware of the competitive landscape, but live and breathe with your clients and always make that the most straightforward focus.

我們覺得要提出一個明顯的觀點，這是一個很好的問題。我們對我們的資金業務的實力感到非常非常滿意，無論是在客戶端還是在批發方面。我向公司傳達了一個非常強烈的訊息，那就是對競爭格局要有超強的意識和超強的意識，因此，要提出一個明顯的觀點。非常了解霍華德在這個領域所做的一切，並繼續嘗試在這個領域做的事情；高度了解競爭格局，但與客戶一起生活和呼吸，並始終將其作為最直接的焦點。

So our wholesale business on the treasury side continues to do extremely well. From your question about the CLOB versus the streaming business, we continue to do exceptionally well in terms of growing our streaming business. The r8fin acquisition has been helpful to us, not surprisingly, in all of that.

因此，我們在資金方面的批發業務繼續表現得非常好。從你關於 CLOB 與串流媒體業務的問題來看，我們在發展串流媒體業務方面繼續做得非常好。毫不奇怪，收購 r8fin 在所有這些方面都對我們有所幫助。

I think we do still have work to do on the CLOB. I think that is an important piece of the market. There have been market share shifts in the CLOB world. And this company sort of executes and, from our perspective, we want the company to continue to kind of click on all cylinders. And that's an area where we tend to roll up our sleeves a little bit and make sure that we're pressing the right buttons in the CLOB, and investing there correctly, and hiring the right people, and moving that business forward.

我認為我們在 CLOB 方面仍有工作要做。我認為這是市場的重要組成部分。CLOB 領域的市佔率發生了變化。這家公司有點執行力，從我們的角度來看，我們希望該公司繼續全力以赴。在這個領域，我們傾向於捲起袖子，確保我們在 CLOB 中按下正確的按鈕，進行正確的投資，僱用合適的人員，並推動業務向前發展。

As you know very well, this is a company that stays quite focused. And there's enough news out there, that's the good piece of it. We're going to stay very, very focused. We're going to kind of sit back and see what happens around the kind of futures market in terms of all of that, and then stick to our knitting, stay close with our clients, continue to do really well in our wholesale business. Thanks for the question. Good to hear your voice.

如你所知，這是一家非常專注的公司。那裡有足夠多的新聞，這就是其中的好消息。我們將保持非常非常專注。我們將坐下來看看期貨市場在這方面會發生什麼，然後堅持我們的編織，與我們的客戶保持密切聯繫，繼續在我們的批發業務中做得很好。謝謝你的提問。很高興聽到你的聲音。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great. Thanks. Good morning, folks. Maybe just -- not to focus too much on the short-term here but just your comments for July, Billy, on investment grade and high yield. Market share looks like a little lower than June. Maybe just, if you can comment on what you think may be driving that. Is it more of a shift in the business mix, either environmental or due to portfolio trading, or within the client base dealer to institutional?

偉大的。謝謝。早安，夥計們。也許只是——不要過多關注短期，而只是你對七月的評論，比利，關於投資級別和高收益。市場佔有率看起來比六月略低。也許只是，如果你能評論一下你認為可能推動這一趨勢的因素。這更多的是業務組合的轉變，無論是環境或投資組合交易，還是客戶群經銷商向機構的轉變？

Yeah, good question, and fully get you. Don't read too much into that, into those numbers yet. I mean, generally speaking we tend to kind of wind up outperforming from a market share perspective in that arena around some of those portfolio trading protocols toward the end of the month. I think we're going to wind up in a very good place when you see our all-in July numbers. I think you're going to see continued sort of growth of portfolio trading, which is, from our perspective, our kind of go-to protocol and something that we kind of thrive in. So I don't think you're going to see a big kind of disconnect when all is said and done.

是的，好問題，完全明白你的意思。暫時不要過度解讀這些數字。我的意思是，一般來說，從市場佔有率的角度來看，我們傾向於在月底圍繞一些投資組合交易協議在該領域表現出色。我認為當你看到我們 7 月的全部數據時，我們將處於一個非常好的位置。我認為你會看到投資組合交易的持續成長，從我們的角度來看，這是我們的首選協議，也是我們賴以蓬勃發展的東西。因此，我認為當一切塵埃落定之後，你不會看到很大的脫節。

Feeling really good about where we are in credit, and I think that's important to say that. The Aladdin integration remains a high priority for us as a company, onboarding the right market makers in high yield when we get into the open trading environment. That's an important concept for us. We've talked about that a lot. And we're going to continue to thrive in that portfolio trading world where we talk about the balance of it all, the big buy-side clients, acting like the buy side and the dealers investing in market makers, the alternative market makers arriving on the scene. From our perspective, these are quite good forward trends for our credit business. And that's where our focus is going to stay. Good question and thank you.

我們對自己的信用狀況感覺非常好，我認為說這一點很重要。阿拉丁整合仍然是我們公司的首要任務，當我們進入開放的交易環境時，以高收益引入合適的做市商。這對我們來說是一個重要的概念。我們已經談過很多次了。我們將繼續在投資組合交易世界中蓬勃發展，在這個世界中，我們談論一切的平衡，大買方客戶，像買方一樣行事，交易商投資做市商，另類做市商到達現場。從我們的角度來看，這些對我們的信貸業務來說是非常好的未來趨勢。這就是我們的重點。好問題，謝謝。

Thank you.

謝謝。

Ken Worthington, J.P. Morgan.

肯‧沃辛頓，摩根大通。

Hi, good morning. Thanks for taking the question. Wanted to focus on business environment, maybe part one, as you mentioned to Alex's question, it's been election season globally. How has the election season impacted activity levels given some changes in Europe already and are there any clear takeaways from a Harris or Trump presidency for Tradeweb in US markets?

早安.感謝您提出問題。希望專注於商業環境，也許是第一部分，正如您在亞歷克斯的問題中提到的，現在是全球選舉季節。鑑於歐洲已經發生一些變化，選舉季節對活動水準有何影響？

And then maybe part two is, we've seen bond issuance in net sales into fixed income funds increase substantially in 2024 versus 2023 levels. How should we expect higher issuance in sales to translate into investment grade or high-yield trading volume from Tradeweb from a timing and magnitude perspective?

第二部分可能是，我們已經看到 2024 年固定收益基金淨銷售額中的債券發行量與 2023 年的水準相比大幅增加。從時間和規模的角度來看，我們應該如何預期更高的發行量將轉化為 Tradeweb 的投資等級或高收益交易量？

Yeah. Here, you've got -- just like, Ken, an incredible kind of six weeks. And I feel like the story is changing constantly. As we said before, I think healthy debate in the market is good for our business. And so, obviously, we saw some record revenue days in June. We talked about the concept of geopolitical uncertainty, the different bearing inflation prints.

是的。在這裡，就像肯一樣，你有令人難以置信的六週時間。而且我覺得故事在不斷變化。正如我們之前所說，我認為市場上的健康辯論對我們的業務有利。因此，顯然，我們在 6 月看到了創紀錄的收入天數。我們討論了地緣政治不確定性的概念，以及不同的通膨印記。

I think -- and look, you always get the straight answer from me. To start with, I'm not an economist. I think the Fed is going to cut no matter who the president is. I'll say that. I think that's going to wind up being quite good for our business.

我想——瞧，你總是能從我這裡得到直接的答案。首先，我不是經濟學家。我認為無論總統是誰，聯準會都會降息。我會這麼說。我認為這最終會對我們的業務非常有利。

I think you're going to get sort of different policy, obviously, but my instinct is, global debt is rising. And I talk about the concept of, I think, very importantly, the Fed playing a lesser role in the markets that Tradeweb lives and breathes in. And so that leaves us with this feeling, sort of no matter the election results, that private sector risk intermediation is back in vogue.

我認為顯然會採取不同的政策，但我的直覺是，全球債務正在上升。我認為非常重要的是，我談到了聯準會在 Tradeweb 賴以生存和呼吸的市場中發揮較小作用的概念。因此，這讓我們有一種感覺，無論選舉結果如何，私部門風險中介又重新流行起來。

I do think you're going to see continued strong levels of issuance, of debt issuance, going forward. And my instinct is, markets like high yield are going to have a pickup in volume, a pickup of activity as we get into '25. Not to make you laugh that those are my thoughts, I feel like I've had 10 different thoughts about what was going to happen over the last month, and I'm sure kind of everyone on this call has, too. So it's been a little bit of, in a human way, I can say this, a challenging time with all the things happening in the world. And so we remind ourselves how lucky we are sometimes. But it's been a tough couple of months just in terms of all the events in the world.

我確實認為，未來的發行量、債務發行量將會持續強勁。我的直覺是，隨著我們進入 25 年，高收益債券等市場的交易量和活動將會增加。我不想讓你笑，這些都是我的想法，我覺得我對上個月將要發生的事情有 10 種不同的想法，我相信參加這次電話會議的每個人也有這種想法。所以，從人類的角度來看，我可以說，這是一個充滿挑戰的時期，世界上發生了很多事情。所以我們有時會提醒自己自己是多麼幸運。但就世界上發生的所有事件而言，這幾個月是艱難的。

Great.

偉大的。

That's a great question. Thank you.

這是一個很好的問題。謝謝。

Yeah. Appreciate your perspective.

是的。欣賞你的觀點。

Yeah.

是的。

Daniel Fannon, Jefferies.

丹尼爾‧範農，傑弗里斯。

Good morning. Thanks for taking my question. Within high yield, you mentioned in your prepared remarks, expanding your client network is kind of key to growth. Can you unpack where your current strengths are today and what client segments you're targeting to actually get that future growth? And maybe, how does the Aladdin partnership accelerate that?

早安.感謝您提出我的問題。在高收益中，您在準備好的發言中提到，擴大客戶網絡是成長的關鍵。您能否分析一下您目前的優勢所在以及您的目標客戶群是哪些，以真正實現未來的成長？也許，阿拉丁合作夥伴關係如何加速這一進程？

Yeah. So that's a good question, Dan. Straightforward strengths, probably not surprising to you at all, we would say, are like the long-only asset managers. I'm going to push the team with Sara around continuing to form kind of deeper relationships with the ETF market makers. They're obviously extremely important in the high-yield business. I think we've done very well with them. They're critical. So we're going to keep kind of extremely focused there.

是的。所以這是一個很好的問題，丹。我們會說，直接的優勢就像只做多頭的資產管理者一樣，可能對你來說一點也不奇怪。我將與 Sara 一起推動團隊繼續與 ETF 做市商建立更深層的關係。它們顯然在高收益業務中極為重要。我認為我們和他們相處得很好。他們很挑剔。因此，我們將高度關注這一點。

Hedge funds and private banks, in terms of liquidity taking, very important kind of institutions in the space. We're focused on Aladdin because we think it's going to help kind of round out that responder network in a way that's going to work for us and the perception around making sure that we have best-in-class liquidity in high yield. And I say this to you because it's always sort of a two-pronged approach.

就流動性取得而言，對沖基金和私人銀行是該領域非常重要的機構。我們專注於阿拉丁，因為我們認為它將以對我們有用的方式幫助完善響應者網絡，並確保我們在高收益中擁有一流的流動性。我對你這麼說是因為這總是一種雙管齊下的方法。

As we do that, there's going to be a continued message around the benefits of portfolio trading, which we think we're going to see continued growth, particularly in the high yield area, around portfolio trading. So we want to make sure we're kind of thinking about that marketplace from two different protocols the right way. And then we're going to be very focused always on the client base, so deeper relationships inside of that ETF money market, ETF market maker world, and make sure we have the right responders in, which is partly why that Aladdin integration means so much to us.

當我們這樣做時，將會持續不斷地傳達有關投資組合交易的好處的訊息，我們認為我們將看到圍繞投資組合交易的持續成長，特別是在高收益領域。因此，我們希望確保我們以正確的方式從兩種不同的協議來思考該市場。然後我們將始終非常關注客戶群，因此在 ETF 貨幣市場、ETF 做市商世界內部建立更深入的關係，並確保我們有合適的響應者，這就是 Aladdin 整合意味著如此的部分原因對我們來說意義重大。

And, Billy, maybe just one other area we've talked about in the past as well, when we think about the client base, we spent a lot of time and energy and continue to focus on building out our EM platform. That's another area, I think, we see some benefit in terms of high yield expansion. There's a big overlap there in some of those traders.

而且，Billy，也許這也是我們過去討論過的另一個領域，當我們考慮客戶群時，我們花費了大量的時間和精力，並繼續專注於建立我們的 EM 平台。我認為，這是另一個領域，我們在高收益擴張方面看到了一些好處。其中一些交易員存在很大的重疊。

Yes. Thank you, Sara. Thanks for the question.

是的。謝謝你，薩拉。謝謝你的提問。

Thank you.

謝謝。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hi, good morning everyone. So with ICD likely to close within the next week or so, just wondering if you can update us on your appetite for incremental M&A from here, especially given that we still have a significant amount of balance sheet flexibility post-close? And with respect to ICD, can you just remind us of the integration timeline there? It sounds like there may be some incremental investment upfront. So how can we think about the margin trajectory after that?

嗨，大家早安。因此，鑑於 ICD 可能會在下週左右關閉，只是想知道您是否可以從這裡向我們介紹您對增量併購的興趣，特別是考慮到我們在關閉後仍然擁有大量的資產負債表靈活性？關於 ICD，您能否提醒我們那裡的整合時間表？聽起來可能會有一些前期增量投資。那我們如何看待之後的邊際軌跡呢？

Yes, that's great. So I was laughing, thinking of Billy's answer to this M&A question last quarter. Look, M&A -- let me start with the first part of your question. We think M&A is a tool, just like organic growth is a tool, partnerships and investments are tools to implement our strategic objectives.

是的，那太好了。所以我笑了，想起比利上個季度對這個併購問題的回答。看，併購——讓我從你問題的第一部分開始。我們認為併購是一種工具，就像有機成長是一種工具一樣，合作夥伴關係和投資是實現我們策略目標的工具。

We've done three acquisitions if you include ICD in the last 18 months, and we're focused on doing those well, which means executing and integrating. So it's obviously like top of mind and I'll talk a little bit more specifically around the plans of ICD.

如果算上過去 18 個月的 ICD，我們已經完成了三項收購，我們專注於做好這些收購，這意味著執行和整合。因此，這顯然是首要考慮的問題，我將更具體地討論 ICD 的計劃。

That said, while we do that, we constantly are focused on achieving our strategic objectives. So we're going to be disciplined about looking at other opportunities, but we're going to continue to look at that tool and balance executing well. We'll continue to be opportunistic and grow our company.

也就是說，在我們這樣做的同時，我們始終專注於實現我們的策略目標。因此，我們將嚴格尋找其他機會，但我們將繼續專注於該工具並平衡良好的執行。我們將繼續抓住機遇，發展我們的公司。

We think we're on our front foot. We have a great balance sheet. We have a great stock. But we're going to be very disciplined about it. Hopefully you've seen that in the few ones that we've pursued so far.

我們認為我們已經處於領先地位。我們擁有良好的資產負債表。我們有大量庫存。但我們對此將非常自律。希望您已經在我們迄今為止所追求的幾個項目中看到了這一點。

ICD, specifically, we expect to close shortly. In terms of where we are, I think we've talked a little bit about the margin expectation for ICD out of the gate is probably a little bit lower than where ours is right now. 47% to 49%, I think, is the range that we've talked about. That's really reflecting our increased investment in that platform.

具體來說，ICD 我們預計很快就會關閉。就我們目前的情況而言，我認為我們已經討論過 ICD 的利潤率預期可能比我們現在的水平要低一些。我認為 47% 到 49% 是我們討論過的範圍。這確實反映了我們對該平台的投資增加。

Strategically, the business is performing very well. And in the client dialogue that we've had, we've been really pleased that our thesis around their desire for our types of products, really, that receptivity and that strength of the client relationship the ICD client managers have has been really strong.

從策略上看，該業務表現非常好。在我們與客戶的對話中，我們非常高興我們的論文圍繞著他們對我們類型產品的需求，實際上，ICD 客戶經理的接受度和客戶關係的強度非常強。

So in terms of where we're headed, I think the opportunity for us in the near term and medium term is really around driving those revenue synergies, really taking our international footprint, introducing ICD into that client base. And then, obviously, it was going to take a little bit longer, but certainly, on our 12- to 18-month technology roadmap, some of it will happen sooner; it's not a big bang. It's introducing connectivity to our platform so those corporate treasurers can buy our products.

因此，就我們的發展方向而言，我認為我們在短期和中期的機會實際上是圍繞著推動這些收入協同效應，真正擴大我們的國際足跡，將 ICD 引入該客戶群。然後，顯然，這需要更長的時間，但可以肯定的是，在我們 12 到 18 個月的技術路線圖中，其中一些會發生得更快；這不是一個大爆炸。它引入了與我們平台的連接，以便那些企業財務主管可以購買我們的產品。

They've had interest. We will likely start with US treasuries, which we think we're very well-placed to do. But you can see how, once you're in a mode on that portal of actually transacting and these corporate treasurers are transacting today in our products, US Treasuries can go to CDs, can go to CP, can go to corporate bonds. There's a whole range of outcomes that we see over the medium term and we're quite excited about that opportunity.

他們有興趣。我們可能會從美國國債開始，我們認為我們非常適合這麼做。但你可以看到，一旦你進入實際交易入口網站的模式，而這些公司財務主管今天正在我們的產品中進行交易，美國國債就可以轉為 CD，可以轉為 CP，可以轉為公司債。從中期來看，我們看到了一系列的結果，我們對這個機會感到非常興奮。

And, Sara, we talk a lot about sort of the importance of the management team, the cultural fit. Maybe just a minute from you just on how impressive we've been with that management team starting with Tory?

而且，薩拉，我們談論了很多關於管理團隊和文化契合度的重要性。或許請您談談我們對以 Tory 為首的管理團隊的印像有多深刻？

Yes. I mean, the management team starting with Tory, who's CEO of ICD, we have been able, as a broader team, to spend a great deal of time with not only in the diligence process, but one of the benefits -- I joke because it's obviously time consuming -- but one of the benefits of having done these three acquisitions in a short time period is we've really honed our playbook and been able to connect with the management teams, ICD and Tradeweb, at every levels. So Billy mentioned Tory, but it goes from the heads of products, the CTOs, CMOs, and, obviously, through the finance and broader parts of the organization.

是的。我的意思是，從ICD 首席執行官托里(Tory) 開始的管理團隊，作為一個更廣泛的團隊，我們不僅能夠在盡職調查過程中花費大量時間，而且還能獲得好處之一- 我開玩笑說，因為這顯然很耗時，但在短時間內完成這三項收購的好處之一是，我們真正完善了我們的策略，並能夠在各個層面與管理團隊、ICD 和 Tradeweb 建立聯繫。比利提到了托里，但它來自產品負責人、首席技術官、首席行銷官，顯然還包括財務部門和組織的更廣泛部門。

So the talent that we are bringing on board as partners to grow our platform, we are really excited about. And I think, having been on in part of a number of acquisitions. that cultural fit, the mindset that focus on clients, that's one of the things that makes acquisitions even more successful. So I think Billy is right to point out that talent is high, but the cultural fit and the way that we approach serving our clients is actually a tremendous fit that makes us even more enthusiastic than we were when we announced the deal.

因此，我們對作為合作夥伴引入的人才來發展我們的平台感到非常興奮。我認為，已經參與了一些收購的一部分。文化契合度、以顧客為中心的心態，是讓收購更成功的因素之一。因此，我認為比利指出人才很高是正確的，但文化契合度和我們為客戶提供服務的方式實際上非常契合，這使我們比宣布這項交易時更加熱情。

That's great. Thank you very much.

那太棒了。非常感謝。

You're welcome.

不客氣。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great. Thanks so much for squeezing me in here. Just wanted to circle back to your earlier comments on the investments you're making in emerging technology, I was hoping you could elaborate a little bit on that. What are your aspirations there? And, if successful, what does that look like? I think one of the things you were articulating was blockchain. So, I guess, just related to that, how do you see the potential for a blockchain in your markets and your business over the long term?

偉大的。非常感謝你把我擠在這裡。只是想回顧一下您之前對新興技術投資的評論，我希望您能對此進行詳細說明。你在那裡有什麼願望？如果成功的話，會是什麼樣子？我認為你所闡述的事情之一就是區塊鏈。所以，我想，與此相關的是，從長遠來看，您如何看待區塊鏈在您的市場和業務中的潛力？

Sure. Thanks for the question. I think digital assets and emerging technologies are a really interesting point in the cycle. We've spent years really looking at the space and being very disciplined about how we spend our capital. But increasingly, part of our strategy is to partner and invest. Those technologies don't have to be born and created in-house for us to really avail ourselves of it. And blockchain is a perfect example.

當然。謝謝你的提問。我認為數位資產和新興技術是這個週期中非常有趣的一點。多年來，我們一直在認真研究這個領域，並對如何使用我們的資本非常嚴格。但合作和投資日益成為我們策略的一部分。這些技術不一定要在我們內在誕生和創造，我們才能真正利用它。區塊鏈就是一個完美的例子。

From our seat, leveraging distributed ledger technology like blockchain obviously has a lot of impact in trading businesses in terms of eliminating manual reconciliations, reducing cost of transactions, and we want to be on our front foot about figuring out how that gets leveraged and how we learn. Those things also have ecosystems, just like our markets today. And the more traditional space have ecosystems.

從我們的角度來看，利用區塊鏈等分散式帳本技術顯然對交易業務產生了很大的影響，消除了手動對賬，降低了交易成本，我們希望在弄清楚如何利用它以及如何利用這些技術方面處於領先地位。這些東西也有生態系統，就像我們今天的市場一樣。較傳統的空間有生態系。

And so, two investments that we've done recently, one with Canton Network, which is a blockchain network, the other, around Alphaledger, which is actually a blockchain infrastructure, both are giving us different seats at the table and seeing how both that technology can be utilized for either issuance or trading of securities; in Alphaledger's case is around brokered CDs and in Canton, which is like a much more well-understood network, really around how that ecosystem scales and creates interoperability for digital assets. So I think it's still early days around these emerging technologies but, certainly, we're positioning ourselves to be an important player as that market evolves, whether it's a digital asset trading on the blockchain or something more traditional --

因此，我們最近進行的兩項投資，一項是針對Canton Network，這是一個區塊鏈網絡，另一項是圍繞Alphaledger，這實際上是一個區塊鏈基礎設施，兩者都為我們提供了不同的席位，看看這兩者如何技術可用於證券的發行或交易；在 Alphaledger 的案例中，它是圍繞經紀 CD 進行的，而在 Canton 中，它就像一個更容易理解的網絡，實際上是圍繞生態系統如何擴展並為數位資產創建互通性。因此，我認為這些新興技術仍處於早期階段，但是，當然，隨著市場的發展，我們將自己定位為重要的參與者，無論是區塊鏈上的數位資產交易還是更傳統的交易--

And Michael, Sara described that perfectly, I would say. Like when you build markets, you learn sort of an aspect of pragmatism pretty quickly. And so. we're always sort of thinking about like how some of these things pragmatically can live and fit in our marketplace. Sara and I talk about this all the time. We're going to describe for you sort of two markets that feel like they have sort of the type of market or the type of settlement process that could really kind of benefit from some of these technologies that are clearly so important. And you specifically mentioned blockchain, we would sort of point out, obviously, first to start with the repo market.

我想說，麥可、薩拉完美地描述了這一點。就像當你建立市場時，你很快就會學到實用主義的一個面向。所以。我們總是在思考其中一些東西如何務實地生存並適應我們的市場。薩拉和我一直在談論這個。我們將為您描述兩個市場，感覺它們擁有某種市場類型或結算流程類型，可以真正從其中一些顯然如此重要的技術中受益。您特別提到了區塊鏈，我們顯然會指出，首先從回購市場開始。

And then the second market that we would probably point out, and we think this market is going to become more and more important over the next couple of years is, if you think about how the TBA market kind of traditionally settles. I think the feeling is there are going to be sort of blockchain technologies that could create more efficiencies in that market over time. The key and most important kind of words around that would be over time, because I do think it will take time for that kind of technology to get applied pragmatically into our world. But the opportunity, in a really interesting way, is there. An excellent question, Michael, thanks.

然後我們可能會指出的第二個市場，我們認為這個市場在未來幾年將變得越來越重要，如果你考慮 TBA 市場的傳統解決方式。我認為隨著時間的推移，將會出現某種區塊鏈技術，可以在該市場創造更高的效率。圍繞這一點的關鍵和最重要的詞語是隨著時間的推移，因為我確實認為這種技術需要時間才能實際應用到我們的世界中。但機會確實以一種非常有趣的方式存在。這是一個很好的問題，邁克爾，謝謝。

Great. Thank you.

偉大的。謝謝。

Alex Kramm, UBS.

亞歷克斯·克拉姆，瑞銀集團。

Yes. Hello, everyone. Just wanted to come back to portfolio trading and credits one more time, when I talk to some of your largest buy-side clients, they totally agree that this protocol is going to get bigger. So that sounds great. But at the same time, obviously, you have very dominant market share in that business. And when I talk to those clients, they definitely say like, look, over time we do like competition. We're going to have to spread all off it a little bit more.

是的。大家好。只是想再次回到投資組合交易和信用，當我與一些最大的買方客戶交談時，他們完全同意該協議將會變得更大。聽起來不錯。但同時，顯然，您在該業務中擁有非常主導的市場份額。當我與這些客戶交談時，他們肯定會說，看，隨著時間的推移，我們確實喜歡競爭。我們將不得不將其進一步分散一點。

So considering that that's a very concentrated market right now, and I don't think it has as much network effect than maybe RFQ all-to-all has, is that something that worries you? And how do you think you can defend that as, again, maybe it's a little bit more of a workflow than a real network liquidity (multiple speakers)? Thanks.

因此，考慮到目前這是一個非常集中的市場，而且我認為它的網路效應可能不如全面詢價那麼大，這會讓您擔心嗎？您認為如何捍衛這一點，因為，也許這更像是一個工作流程，而不是真正的網路流動性（多個發言者）？謝謝。

That's a really good question. I mean, I think, really, in a certain way, kind of agree with a lot of your thesis. First of all, with the way that the buy-side clients are embracing that protocol, I think that's spot on. And I think you hear me loud and clear around the importance of the balance around the ecosystem.

這是一個非常好的問題。我的意思是，我認為，在某種程度上，我真的同意你的許多論點。首先，從買方客戶接受協議的方式來看，我認為這是正確的。我想你們已經清楚地聽到我對生態系平衡的重要性了。

We're going to do exactly what you would expect us to do, which is to continue to enhance and innovate and do things around technology to enhance the clients' experience with portfolio trading. We're also going to remind our bank partners that, it's not that we created this portfolio for you guys but, absolutely, we went out of our way in a very straightforward concept to bring the big banks back into the equation, and we do think we've gotten a lot of support as we've done that.

我們將完全按照您的期望去做，即繼續增強和創新，並圍繞技術開展工作，以增強客戶的投資組合交易體驗。我們也要提醒我們的銀行夥伴，這並不是我們為你們創建了這個投資組合，但是，絕對，我們不遺餘力地採用了一個非常簡單的概念，讓大銀行重新回到這個等式中，我們確實這樣做了我認為我們這樣做已經得到了很多支持。

So I think the forward trend is going to be continued market share growth around portfolio trading. I think we have our ways to sort of defend that forward. It's a big focus for the company to make sure we stay and we will stay as the leading venue for portfolio trading. So we're focused on it. And my general feeling is we're going to show continued market share strength in portfolio trading.

因此，我認為未來的趨勢將是投資組合交易的市場份額持續成長。我認為我們有辦法防守這名前鋒。確保我們留下並將繼續作為投資組合交易的領先場所是公司的一大重點。所以我們專注於此。我的整體感覺是，我們將在投資組合交易中展現出持續的市場佔有率優勢。

Fair enough. Thanks, guys.

很公平。多謝你們。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to CEO, Billy Hult, for closing remarks.

謝謝。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。

Thank you all very much for joining us this morning. Great questions as always. Any follow-up, please, obviously, feel free to reach out to Ashley, Sameer, and our great team. Thank you all. Have a great day. Bye-bye.

非常感謝大家今天早上加入我們。一如既往的好問題。顯然，如有任何後續行動，請隨時聯繫 Ashley、Sameer 和我們偉大的團隊。謝謝你們。祝你有美好的一天。再見。

Thank you.

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。