Tradeweb Markets Inc (TW) 2024 Q4 法說會逐字稿

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

早上好，歡迎參加 Tradeweb 2024 年第四季財報電話會議。提醒一下，今天的通話正在錄音，可以回放。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，早安。今天參加電話會議的還有我們的執行長 Billy Hult，他將回顧我們的業務成果和關鍵成長舉措；以及我們的財務長 Sara Furber，她將審查我們的財務結果。我們打算將該網站作為披露重大非公開資訊和遵守公平披露規則規定的披露義務的​​一種手段。

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 are forward-looking statements.

我想提醒您，本次演講和問答環節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》所定義的前瞻性陳述。與我們的指導等相關的陳述都是前瞻性的陳述。

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.

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的收益報告、收益介紹和向美國證券交易委員會提交的定期報告中。

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準則指標以及某些市場行業數據。這些非 GAAP 指標（包括與 GAAP 指標的調整）的資訊均包含在我們的收益報告和收益介紹中。有關市場和行業數據（包括來源）的資訊都包含在我們的收益報告中。

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 fourth-quarter earnings call. I am extremely proud of the Tradeweb team that helped produce the best revenue year and quarter in our history.

謝謝，阿什利。大家早安，感謝大家參加我們的第四季財報電話會議。我為 Tradeweb 團隊感到非常自豪，他們幫助我們創造了歷史上最好的年度和季度收入。

As I look back at 2024, it was filled with healthy debate and continued market share gains across our core products. Since our IPO in 2019, we have more than doubled our revenues and more than tripled our quarterly adjusted EPS, as well as our free cash flow. We want to honor that past, build upon our scrappy culture, continue to expand our presence across the fixed income ecosystem, and diligently accelerate our revenue growth.

回顧 2024 年，它充滿了健康的辯論，並且我們的核心產品的市場份額持續增長。自 2019 年 IPO 以來，我們的收入增加了一倍多，季度調整後每股收益和自由現金流增加了兩倍多。我們希望尊重過去，鞏固我們奮力拼搏的文化，繼續擴大我們在固定收益生態系統中的影響力，並努力加速我們的收入成長。

We are a technology company with the core focus of electronifying markets by efficiently connecting our buy-side clients with their most important liquidity providers. Central to our strategy is always remembering to strike the right balance where innovation not only helps the buy-side but also benefits our dealer clients.

我們是一家科技公司，核心重點是透過有效地將買方客戶與他們最重要的流動性提供者聯繫起來，實現市場電子化。我們的策略核心是始終記住取得適當的平衡，創新不僅有助於買方，也使我們的經銷商客戶受益。

In 2024, we expanded our developed market footprint globally across rates, credit, money markets, and equities. We also continue to make inroads into emerging markets, and we are now run-rating at over $60 million in EM revenues annually. Additionally, we have deepened and expanded our client relationships with our acquisitions of Yieldbroker and r8fin, and moved into the corporate treasurer space with ICD, something we believe will collectively pay dividends for years to come.

2024 年，我們在全球利率、信貸、貨幣市場和股票等已開發市場拓展了業務範圍。我們也持續進軍新興市場，目前我們每年的新興市場收入超過 6,000 萬美元。此外，我們還透過收購 Yieldbroker 和 r8fin 深化並擴大了我們的客戶關係，並透過 ICD 進軍企業財務領域，我們相信這將在未來幾年帶來共同的紅利。

Looking ahead, we continue to evaluate more opportunities to plant more flags and deepen our multi-asset network. Diving into the fourth quarter on slide 4, strong client activity, share gains, and a risk-on environment drove 25.2% year-over-year revenue growth on a reported basis. We continue to balance investing for growth and profitability, as fourth-quarter adjusted EBITDA margins expanded by 40 basis points relative to the 2023 full-year margins.

展望未來，我們將繼續評估更多機會，以建立更多旗幟並深化我們的多元資產網絡。進入第四季度，強勁的客戶活動、股票成長以及風險環境推動報告顯示的營收年增 25.2%。我們繼續在成長和獲利之間平衡投資，第四季度調整後的 EBITDA 利潤率相對於 2023 年全年利潤率擴大了 40 個基點。

Turning to slide 5, our rates business produced a record revenue quarter, driven by continued organic growth across swaps, global government bonds, and mortgages, and was also supplemented by the addition of r8fin and Yieldbroker.

第 5 頁，我們的利率業務創造了創紀錄的收入季度，這得益於掉期、全球政府債券和抵押貸款的持續有機增長，同時也因 r8fin 和 Yieldbroker 的加入而得到補充。

Credit was led by strength in US and European corporate bonds, with our second highest quarterly market share across fully electronic US high-grade and record market share across fully electronic high yield, and further supported by growth across credit derivatives. Money markets was led by the addition of ICD and aided by record quarterly revenues across global repos.

信貸業務因美國和歐洲公司債的強勢而領漲，我們在全電子化美國高等級債券中的季度市場份額排名第二，在全電子化高收益債券中的市場份額創歷史新高，並受到信貸衍生品增長的進一步支持。貨幣市場因 ICD 的加入而呈現領先地位，並受到全球回購協議創紀錄的季度收入的推動。

Equities posted double-digit revenue growth, led by growth in our global ETF and equity derivatives business. Finally, market data revenues were driven by growth in our LSEG market data contract and proprietary data products.

股票業務收入達到兩位數成長，主要得益於全球 ETF 和股票衍生性商品業務的成長。最後，市場數據收入受到倫敦證券交易所市場數據合約和專有數據產品成長的推動。

Turning to slide 6, our record fourth quarter capped off a record revenue year in 2024. Record volumes across most asset classes translated into 29% revenue growth on a reported basis. The scale generated by our strong top-line results drove 91 basis points of adjusted EBITDA margin expansion and 29% adjusted EPS growth. As our growth initiatives continued to scale, we maintained our tradition of constant and focused investment.

第 6 頁，我們創紀錄的第四季為 2024 年創紀錄的營收年度畫上了句號。大多數資產類別的交易量均創歷史新高，報告顯示收入成長了 29%。我們強勁的營收業績產生的規模推動調整後 EBITDA 利潤率擴大 91 個基點，調整後 EPS 成長 29%。隨著我們的成長計畫不斷擴大，我們保持了持續、專注的投資傳統。

Broadly, we enhanced our existing product capabilities, adding new clients and forged new partnerships. On the capability front, we completed our integration of r8fin and Yieldbroker, made meaningful progress across our mortgage specified pool platform, and we rolled out our new RFQ Edge offering in global cash credit. On the client side, we continued to scale our credit, mortgage, and swaps platform as we make inroads with our largest clients.

總體而言，我們增強了現有的產品功能，增加了新客戶並建立了新的合作關係。在能力方面，我們完成了 r8fin 和 Yieldbroker 的整合，在我們的抵押貸款指定池平台上取得了有意義的進展，並在全球現金信貸中推出了新的 RFQ Edge 產品。在客戶端，我們在與最大客戶取得進展的同時，繼續擴大我們的信貸、抵押貸款和掉期平台。

Finally, on the collaboration front, we made meaningful progress on the second phase of our integration with Blackrock's Aladdin, and expanded our partnership with FTSE indices. Additionally, we became the first strategic partner for Goldman Sachs' new GS Digital Asset platform and announced a partnership with the Tokyo Stock Exchange. We believe our investments have not only positioned us well for the future, but also helped make 2024 another banner year for Tradeweb.

最後，在合作方面，我們在與貝萊德阿拉丁整合的第二階段取得了有意義的進展，並擴大了與富時指數的合作關係。此外，我們成為高盛新GS數位資產平台的首個策略合作夥伴，並宣布與東京證券交易所建立合作關係。我們相信，我們的投資不僅為我們的未來做好了準備，而且還幫助 Tradeweb 在 2024 年成為另一個輝煌的一年。

Moving to slide 7, 2024 continued its streak of robust revenue growth that we have worked hard to deliver for multiple years now. Specifically, while the majority of revenues still come from rates, 46% of our revenue growth came from our other businesses in 2024. In fact, over the past six years, over 50%, some of our revenue growth came from non-rates businesses.

第 7 頁，2024 年繼續保持強勁的收入成長勢頭，這是我們多年來一直努力實現的。具體而言，雖然大部分收入仍來自費率，但到 2024 年，我們的 46% 收入成長將來自其他業務。事實上，過去六年，我們的營收成長有 50% 以上來自於非利率業務。

Over the same period, 40% of our revenue growth was attributable to our international business. International revenues have grown on average 20% per year since 2016. Our international business is anchored by our European business, but our Asia-Pacific product suite continues to scale. Our APAC business spans rates, credit, equities, and money markets, and volumes more than doubled year over year.

同期，我們 40% 的營收成長歸功於我們的國際業務。自 2016 年以來，國際收入每年平均成長 20%。我們的國際業務以歐洲業務為基礎，但我們的亞太產品套件也不斷擴大。我們的亞太區業務涵蓋利率、信貸、股票和貨幣市場，業務量較去年同期成長一倍以上。

We have seen strong active client growth across our APAC products, with global active APAC product users, up over 20% year over year. Over 20% of our APAC product variable revenues in 2024 came from products that weren't generating revenues on the platform in 2019, a testament to the growing product diversity across our APAC business.

我們的亞太地區產品的活躍客戶數量成長強勁，亞太地區產品全球活躍用戶較去年同期成長超過 20%。2024 年，我們亞太地區產品變動收入的 20% 以上來自 2019 年未在平台上產生收入的產品，證明了我們亞太地區業務的產品多樣性日益增強。

As we scale our presence across the APAC region, this is also driving strong APAC client engagement across non-APAC products. For example, we saw strong APAC active client growth across US and European swaps, US government bonds, and European credit.

隨著我們擴大在亞太地區的業務範圍，這也推動了亞太地區客戶對非亞太地區產品的強烈參與。例如，我們看到美國和歐洲掉期、美國政府公債和歐洲信貸的亞太地區活躍客戶成長強勁。

2025 marks our 20th anniversary of being in the Japan markets, and we have made meaningful progress in scaling our offering. Our Japanese government bond volumes have grown at an average of over 30% since 2020, while our greater-than-one-year yen swap volumes have increased at an average of 45% over that same timeframe.

2025 年是我們進入日本市場 20 週年，我們在擴大產品範圍方面取得了有意義的進展。自 2020 年以來，我們的日本公債交易量平均增加了 30% 以上，而我們的一年期以上日圓掉期交易量在同一時期內平均增加了 45%。

Looking ahead, we believe Asia-Pacific and more broadly emerging markets, will continue to become a larger component of our growth story over the next few years as we expand our client and product network across the region.

展望未來，我們相信，隨著我們在整個地區擴大客戶和產品網絡，亞太地區以及更廣泛的新興市場將在未來幾年繼續成為我們成長故事中更重要的組成部分。

Relentless innovation has been critical to our success. Throughout our history, we have prioritized being first to market, which requires constant investment. In the last nine years, we have invested over $780 million in technology to help shape the future of electronic markets, growing those investments at an average of 15% since 2016. And as our investments bear fruit, adjusted EBITDA margins have expanded consistently.

不斷創新對於我們的成功至關重要。在我們的歷史上，我們一直優先考慮率先進入市場，這需要持續的投入。在過去的九年裡，我們在技術方面投資了超過 7.8 億美元，以幫助塑造電子市場的未來，自 2016 年以來，這些投資平均成長 15%。隨著我們的投資取得成果，調整後的 EBITDA 利潤率持續擴大。

Starting with US treasuries on slide 8, record fourth-quarter market share of 25% drove revenue growth of 23% year over year. Our institutional business saw record revenues, and the leading indicators of the business remain strong.

從第 8 頁的美國公債開始，第四季創紀錄的 25% 的市佔率推動營收年增 23%。機構業務收入創歷史新高，業務領先指標維持強勁。

We gained share and achieved record quarterly market share of over 50% in institutional US treasuries versus our main electronic competitor, our third consecutive quarter above 50%. Automation continues to be an important theme with institutional US treasury AiEX average daily trades increasing by over 20% year over year.

與我們的主要電子競爭對手相比，我們的市場份額有所增加，在美國機構國債市場中取得了創紀錄的超過 50% 的季度市場份額，這是我們連續第三個季度超過 50%。自動化仍然是一個重要主題，美國機構國債 AiEX 的日均交易量較去年同期成長超過 20%。

Turning to our US treasury wholesale business, we achieved our second-best revenue quarter in our history. This was led by record streaming activity, growing adoption of our sessions protocol, and continued contribution from r8fin. Wholesale continues to remain a key area of focus as we prioritize onboarding more liquidity providers and enhancing our various liquidity pools as we deliver on our holistic strategy.

談到我們的美國國債批發業務，我們實現了歷史上第二好的營收季度。這是由創紀錄的串流媒體活動、我們會話協議的日益普及以及 r8fin 的持續貢獻所推動的。批發業務仍然是我們關注的重點領域，因為我們優先考慮引入更多的流動性提供者，並在實施我們的整體策略時增強我們的各種流動性池。

Within equities, our ETF business produced record fourth-quarter revenues. Our efforts to expand our equity brand beyond our flagship ETF franchise continue to bear fruit, with record equity derivatives revenues increasing 20% year over year.

在股票領域，我們的 ETF 業務在第四季度創造了創紀錄的收入。我們將股票品牌拓展到旗艦 ETF 特許經營權之外的努力繼續取得成效，創紀錄的股票衍生品收入同比增長 20%。

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 in equities, but across our fixed income business.

展望未來，我們將繼續透過整合新客戶來取得進展。隨著我們的電子解決方案的優勢不斷產生共鳴，客戶通路依然強勁。我們相信，我們已做好準備，可以利用長期 ETF 成長機會，不僅是在股票領域，還包括我們的固定收益業務。

Turning to slide 9 for a closer look at another strong quarter for credit. Revenue growth was driven by 14% and 7% year-over-year revenue growth across US and European credit, respectively. We also achieved strong double-digit revenue growth across credit derivatives. Automation continue to grow with global credit AiEX average daily trades increasing over 10% year over year.

請翻到第 9 張投影片來仔細觀察信貸業另一個強勁的季度。收入成長主要得益於美國和歐洲信貸收入分別年增 14% 和 7%。我們的信貸衍生性商品收入也實現了強勁的兩位數成長。自動化程度持續成長，全球信貸 AiEX 日均交易量較去年同期成長超過 10%。

We achieved our second highest fully electronic quarterly market share across USIG and the highest fully electronic quarterly market share across US high yield. We also crossed the 1,000-client count threshold in the fourth quarter, as clients gravitate towards our deepening liquidity pool and premium client experience.

我們在 USIG 中取得了第二高的全電子季度市場份額，並在美國高收益債券中取得了最高的全電子季度市場份額。隨著客戶逐漸青睞我們不斷深化的流動性池和優質的客戶體驗，我們的客戶數量在第四季也突破了 1,000 人的門檻。

Our institutional business continues to scale as clients adopt our diverse set of protocols. Our institutional RFQ average daily volume grew over 30% year over year, with strong double digit-growth across both IG and high yield. Our RFQ volumes as a percentage of TRACE touched a new high in the fourth quarter, across both IG and high yield.

隨著客戶採用我們多樣化的協議，我們的機構業務不斷擴大。我們的機構 RFQ 日均交易量年增超過 30%，IG 和高收益產品均實現強勁的兩位數成長。我們的 RFQ 量佔 TRACE 的百分比在第四季度創下了 IG 和高收益產品的新高。

Moreover, portfolio trading average daily volume rose over 20% year over year, with growth of over 30% across IG portfolio trading. Retail credit revenues produced another solid quarter. But revenues were down 11% primarily due to outsized muni tax-loss selling in the fourth quarter of 2023.

此外，投資組合交易的日均交易量較去年同期成長超過 20%，其中 IG 投資組合交易量成長超過 30%。零售信貸收入又一個季度表現強勁。但收入下降了 11%，主要原因是 2023 年第四季市政債券稅收損失出售規模過大。

AllTrade produced a solid quarter with over $180 billion in volume, up over 15% year over year. Specifically, our all-to-all average daily volume grew over 10% year over year. And our dealer RFQ offering grew low-single digits year on year. The team continues to be focused on broadening out our network and increasing the number of responders on the AllTrade platform. In the fourth quarter, the average number of responses per all-to-all inquiry rose over 15% year on year.

AllTrade 本季業績表現穩健，交易超過 1,800 億美元，較去年同期成長超過 15%。具體來說，我們的整體日均交易量年增超過 10%。我們的經銷商 RFQ 數量年增了個位數。該團隊將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。第四季度，全口徑問詢的平均回覆數量年增超過15%。

Finally, our sessions average daily volume grew over 20% year over year. It was a year of innovation and growth, with a focus on redefining our diverse set of all-weather protocols. We enhanced our portfolio trading offering to incorporate ETF analytics, rolled out RFQ Edge, and further enhanced our algorithmic capabilities.

最後，我們的每日平均交易量年增了 20% 以上。這是創新和發展的一年，重點是重新定義我們多樣化的全天候協議。我們增強了我們的投資組合交易服務，納入了 ETF 分析，推出了 RFQ Edge，並進一步增強了我們的演算法能力。

Since 2020, we have grown our fully electronic IG share by more than double, and we have more than tripled our high yield share. Stepping back, 20% of our IG share growth was driven by RFQ, with 35% and 40% coming from portfolio trading and sessions, respectively. On the high yield front, 50% of our share growth was driven by RFQ, with 40% and 10% being driven by PT and sessions, respectively.

自 2020 年以來，我們的全電子 IG 份額增長了一倍多，高收益份額增長了兩倍多。回顧一下，我們的 IG 份額成長有 20% 是由 RFQ 推動的，35% 和 40% 分別來自投資組合交易和會議。在高收益方面，我們的份額成長有 50% 是由 RFQ 推動的，有 40% 和 10% 分別由 PT 和會議推動。

Looking ahead, US credit remains a key focus area. And we like the way we are positioned across our client channels for this asset class. We believe we have a long runway for growth with ample opportunity to innovate alongside our clients. We are focused on further upgrades to our leading PT offering, new tools to further penetrate block trading workflows, enhanced analytics through the trading lifecycle, and an improved client user interface experience.

展望未來，美國信貸仍是重點關注的領域。我們喜歡我們在客戶管道中針對此資產類別的定位方式。我們相信，我們擁有長期的成長空間，並擁有充足的機會與客戶共同創新。我們專注於進一步升級我們領先的 PT 產品、進一步滲透大宗交易工作流程的新工具、增強交易生命週期的分析能力以及改善客戶用戶介面體驗。

We also remain very focused on chipping away at high yield. Our average high yield response rate hit a new record in the fourth quarter, and we remain very focused in 2025 on expanding our client network. We're near the end of phase two of our Aladdin integration. And both teams are formulating plans on the next deliverables with a goal to deliver real differentiated liquidity solutions over pure workflow efficiency.

我們也將持續高度重視高收益的實現。我們的平均高收益回應率在第四季度創下了新高，並且我們在 2025 年仍將高度專注於擴大我們的客戶網絡。我們的 Aladdin 整合第二階段已接近尾聲。兩個團隊都在製定下一個交付成果的計劃，目標是提供真正的差異化流動性解決方案，而不是純粹的工作流程效率。

Beyond US credit, we are focused on our EM expansion efforts. We expect to go live with our Saudi Arabian offering in the coming quarters, and we are working through regulatory approvals for our Indian offering. Strategically, we are looking to build a robust trading solution and expand our local network, leveraging our global product suite.

除了美國信貸之外，我們還專注於新興市場的擴張努力。我們預計將在未來幾季推出沙烏地阿拉伯產品，並且我們正在努力獲得印度產品的監管部門批准。從策略上講，我們希望建立強大的交易解決方案，並利用我們的全球產品套件擴展我們的本地網路。

Moving to slide 10, global swaps produced record revenues driven by a combination of strong client engagement in response to the macro environment, better mix shift towards risk trading, and stable weighted average duration. All in, global swaps revenues grew 37% year over year.

第 10 頁，全球掉期交易創造了創紀錄的收入，這得益於客戶對宏觀環境的積極響應、更好的風險交易組合轉變以及穩定的加權平均久期。整體而言，全球掉期營收年增37%。

Core risk market share, which excludes compression trading, set a new record in the fourth quarter, increasing by over 210 basis points year over year. Overall market share decreased to 20.8%, primarily due to a significant drop in European swap client-related compression volumes, which carries a significantly lower fee rate.

不包括壓縮交易的核心風險市佔率在第四季創下新高，年增超過210個基點。整體市佔率下降至 20.8%，主要原因是歐洲掉期客戶相關壓縮量大幅下降，而此類業務的費率明顯較低。

During the quarter, we also achieved record share across G-11 and EM-denominated currencies and the second highest share in our history across sterling swaps. The fourth quarter exemplified the diversity of our global swaps revenue growth. We achieved record institutional swap revenues across European and EM swaps, and our second highest quarterly revenues across dollar and APAC swaps.

在本季度，我們在 G-11 和新興市場貨幣中的份額也創下了歷史新高，在英鎊掉期中的份額也創下了歷史第二高。第四季體現了我們全球掉期營收成長的多樣性。我們在歐洲和新興市場掉期交易中實現了創紀錄的機構掉期收入，在美元和亞太地區掉期交易中實現了第二高的季度收入。

Across our 27 currencies, we saw the biggest market share increases in 2024 across Taiwan dollar, Swiss franc, and Hong Kong dollar, with each gaining over 900 basis points of market share year over year. Beyond this, over 60% of our currencies saw at least 500 basis points of market share gains in 2024, yet many remain below 25% market share, highlighting the opportunity ahead of us.

在我們的 27 種貨幣中，我們看到 2024 年新台幣、瑞士法郎和港元的市佔率增幅最大，每種貨幣的市佔率年增了 900 個基點以上。除此之外，到 2024 年，我們 60% 以上的貨幣的市佔率將增加至少 500 個基點，但許多貨幣的市佔率仍低於 25%，這凸顯了我們面臨的機會。

Finally, we continue to make progress across emerging markets swaps and our rapidly growing RFM protocol. Our fourth-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 over 140% year over year, with adoption picking up.

最後，我們繼續在新興市場掉期和快速發展的 RFM 協議方面取得進展。我們第四季的新興市場掉期營收年增了 80% 以上。我們認為，鑑於電子化程度較低，仍有很大的成長空間。我們的 RFM 協議的日均交易量年增超過 140%，採用率也不斷提高。

Looking ahead, the global macro backdrop continues to be in flux, and we believe the long-term swaps revenue growth potential is meaningful. As we build solutions for our clients, adoption can take time. But when it does happen, the upside potential could be significant.

展望未來，全球宏觀背景持續變化，我們認為長期掉期收入成長潛力巨大。當我們為客戶建立解決方案時，採用可能需要時間。但一旦發生，其上行潛力可能會非常巨大。

For example, we rolled out our electronic inflation swaps offering in 2017. Adoption was slow out of the gate, however, since 2020, industry inflation swaps volume is up 85%. Our risk-related inflation swaps volumes are up nearly 600% over that same timeframe.

例如，我們在 2017 年推出了電子通膨掉期產品。雖然一開始的採用速度很慢，但自 2020 年以來，產業通膨掉期交易量增加了 85%。在同一時間段內，我們的風險相關通膨掉期交易量增加了近 600%。

We are looking forward to providing more solutions for more parts of the swaps market. With the overall swaps 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.

我們期待為掉期市場的更多部分提供更多解決方案。由於整體掉期市場仍有約 30% 的電子化，我們相信，在全球固定收益市場和更廣泛的掉期市場成長的同時，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.

現在，讓我將話題轉交給 Sara，讓她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，所有比較均與去年同期進行。

slide 11 provides a summary of our quarterly earnings performance. As Billy recapped earlier, this quarter, we saw record revenues of $463 million that were up 25.2% year over year on a reported basis and 25.5% on a constant currency basis.

幻燈片 11 概述了我們的季度獲利表現。正如比利早些時候所回顧的那樣，本季度，我們實現了創紀錄的 4.63 億美元收入，按報告基礎計算同比增長 25.2%，按固定匯率計算增長 25.5%。

We derived approximately 40% of our fourth-quarter revenues from international clients, and recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in euros.

我們第四季約 40% 的收入來自國際客戶，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 30%, and total trading revenues increased by 26%. Total fixed revenues related to our four major asset classes were up 10.9% on a reported basis and 11.1% on a constant currency basis. Rates fixed revenue growth was primarily driven by the movement of a dealer to a more fixed schedule and by the addition of dealers to our mortgage and US government bond platforms.

我們的可變收入增加了 30%，總交易收入增加了 26%。我們四大資產類別相關的總固定收入按報告基礎計算增長了 10.9%，按固定匯率計算增長了 11.1%。固定利率收入的成長主要得益於經銷商轉向更固定的時間表以及經銷商加入我們的抵押貸款和美國政府債券平台。

Credit fixed revenue growth was primarily driven by increases to our subscription fees and by the movement of dealers to a more fixed plan this year. And other trading revenues were up 21%. As a reminder, this line fluctuates as it reflects revenues tied to periodic technology enhancements performed for our retail clients. Full-year 2024 adjusted EBITDA margin of 53.3% increased by 91 basis points on a reported basis when compared to our 2023 full-year margins.

信貸固定收入的成長主要得益於我們的訂閱費增加以及今年經銷商轉向更固定的計劃。其他交易收入成長了21%。提醒一下，這條線波動是因為它反映了為我們的零售客戶進行的定期技術改進相關的收入。2024 年全年調整後 EBITDA 利潤率為 53.3%，與 2023 年全年利潤率相比，按報告基礎增加了 91 個基點。

Moving on to fees per million on slide 12 and a highlight of the key trends for the quarter. You can see slide 18 of the earnings presentation for additional detail regarding our fees-per-million performance this quarter. For cash rates products, average fees per million were down 4%, primarily due to lower fee per million across US government bonds.

繼續討論第 12 張投影片上的每百萬費用，並重點介紹本季的主要趨勢。您可以查看收益報告的第 18 張投影片，以了解有關本季每百萬費用表現的更多詳細資訊。對於現金利率產品，每百萬平均費用下降了 4%，主要原因是美國政府債券每百萬費用較低。

For long tenor swaps, average fees per million were up 55%, primarily due to a decline in compression activity and greater risk taking volumes. For cash credit, average fees per million decreased 12% due to a mix shift away from munis and change in dealer fee plans from variable to fixed. For cash equities, average fees per million increased 4% due to a mix shift towards EU ETFs, which carry a relatively higher fee per million.

對於長期掉期，每百萬的平均費用上漲了 55%，這主要是由於壓縮活動的減少和風險承擔量的增加。對於現金信貸，由於組合從市政債券轉移以及經銷商費用計劃從浮動變為固定，每百萬平均費用下降了 12%。對於現金股票，由於投資組合轉向每百萬費用相對較高的歐盟 ETF，每百萬平均費用增加了 4%。

And finally, with money markets, average fees per million increased 55% due to the inclusion of ICD. Slide 13 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.

最後，在貨幣市場中，由於納入了 ICD，每百萬的平均費用增加了 55%。投影片 13 詳細說明了我們的調整後費用。從高層次來看，我們費用基礎的可擴展性和可變性使我們能夠繼續投資於成長並增加利潤。我們在這裡秉承了一貫的理念。

Adjusted expenses for the fourth quarter increased 25% on both a reported basis and constant currency basis. Given the strong environment to invest for long-term growth, during the fourth quarter, we continued investments in marketing, digital assets, consulting, and client relationship development.

第四季的調整後費用按報告基礎和固定匯率計算均增加了25%。鑑於長期成長投資的強勁環境，在第四季度，我們繼續在行銷、數位資產、諮詢和客戶關係發展方面進行投資。

Adjusted compensation costs grew 21%, the vast majority related to variable or discretionary components. Over 50% of the increase came from performance-related compensation and the addition of ICD. Technology and communication costs increased 34%, primarily due to our previously communicated investments in data strategy and infrastructure.

調整後的薪資成本增加了 21%，其中絕大部分與可變或可自由支配的部分有關。超過50%的增幅來自於績效薪酬和ICD的加入。技術和通訊成本增加了 34%，這主要歸因於我們先前傳達的對資料策略和基礎設施的投資。

Adjusted professional fees grew 47%, mainly due to an increase in tech consultants as we augment our onshore technology operations and build incremental scalability. Adjusted general and administrative costs increased 34% due to a pickup in travel and entertainment as well as marketing, which was offset by favorable movements in FX that resulted in approximately a $1.1 million gain in fourth quarter of '24 versus a $500,000 loss in fourth quarter of '23.

調整後的專業費用增加了 47%，這主要是由於我們擴大了在岸技術營運並建立了漸進式可擴展性，導致技術顧問人數增加。調整後的一般及行政開支因差旅、娛樂和行銷費用的增加而增加 34%，但外匯的有利變動抵消了這一影響，導致 24 年第四季收益約 110 萬美元，而 23 年第四季虧損 50 萬美元。

Slide 14 details capital management and our guidance. On our cash position and capital return policy, we ended fourth quarter in a strong position, with $1.3 billion in cash and cash equivalents. And free cash flow reached approximately $809 million for the trailing twelve months.

投影片 14 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，我們在第四季度結束時處於強勁狀態，擁有 13 億美元的現金和現金等價物。過去十二個月的自由現金流達到約 8.09 億美元。

Our net interest income of $14.2 million decreased due to lower cash balances as we funded our recent ICD acquisition with $771 million of cash on hand. With this quarter's earnings, the Board declared a quarterly dividend of $0.12 per class A and class B shares up 20% year over year.

由於我們以 7.71 億美元現金為最近的 ICD 收購提供資金，導致現金餘額減少，導致淨利息收入 1,420 萬美元減少。根據本季的收益，董事會宣布每股 A 類股票和 B 類股票的季度股息為 0.12 美元，比去年同期成長 20%。

Turning to guidance for 2025. We will continue to invest in the business in 2025 and are expecting adjusted expenses to range from $970 million to $1.03 billion. The midpoint of this range would represent an approximate 15% increase year over year. Excluding the impact of acquisitions, the midpoint of this range would represent an approximately 11% increase year over year, relatively in line with our average expense growth since 2016.

轉向2025年的指導。我們將在 2025 年繼續投資該業務，預計調整後的支出將在 9.7 億美元至 10.3 億美元之間。該範圍的中間值代表同比增長約 15%。排除收購的影響，該範圍的中點將比去年同期增加約 11%，與我們自 2016 年以來的平均費用增長相對一致。

We believe we can drive adjusted EBITDA and operating margin expansion compared to 2024 at either end of this range, although, we expect the incremental margin expansion to be more muted, as overall margins are higher and we continue to focus on balancing margin expansion with investing for the future. Specifically, we continue to invest in credit, rates, emerging markets, and ICD as key focus areas with a long runway for growth.

我們相信，與 2024 年相比，我們可以在這個範圍的任一端推動調整後的 EBITDA 和營業利潤率擴大，儘管我們預計增量利潤率擴張將更加溫和，因為整體利潤率較高，並且我們將繼續專注於平衡利潤率擴張與未來投資。具體而言，我們將繼續投資信貸、利率、新興市場和 ICD 作為具有長期成長空間的重點領域。

We also continue to invest in technology that allows us to sustain and build our leading platform. Some of these investments will take time to drive revenue growth. But we continue to prize innovation and scale our technology pipeline.

我們也將繼續投資於技術，以維持和建立我們領先的平台。其中一些投資需要一段時間才能推動收入成長。但我們繼續重視創新並擴大我們的技術管道。

We expect 2025 quarterly run-rate technology and communications expenses to grow from fourth-quarter '24 levels. And we continue to invest in our data strategy and infrastructure to support the growth of our platform and new product initiatives. We expect annual G&A expenses to grow in the mid-single digits, with seasonally higher levels in the second and fourth quarters due to normal cyclicality in T&E.

我們預計 2025 年季度運行率技術和通訊費用將從 24 年第四季的水平增長。我們將繼續投資於數據策略和基礎設施，以支持我們平台和新產品計劃的發展。我們預期年度一般及行政開支將以個位數中等幅度成長，由於差旅與費用的正常週期性，第二季及第四季的一般及行政開支將出現季節性成長。

We expect 2025 quarterly run-rate professional fee expenses to be at fourth-quarter '24 levels, as we continue to augment our technology effort with consultants. We expect annual occupancy expenses to increase approximately 40% year over year, primarily due to the move to our new New York City headquarters and overall expansion of our geographic footprint.

我們預計 2025 年季度的專業費用支出將與 24 年第四季的水平持平，因為我們將繼續透過顧問來加強我們的技術努力。我們預計年度入住費用將比上年增加約 40%，這主要是由於我們遷至新的紐約市總部以及整體地理覆蓋範圍的擴張。

We expect first-half 2025 occupancy expenses to rise approximately 30% year over year and second-half 2025 expenses to rise 55% year over year, which includes approximately $1.5 million in duplicate rent-related expenses. For forecasting purposes, our assumed non-GAAP tax rate ranges from 24.5% to 25.5% for the year.

我們預計 2025 年上半年的入住費用將年增約 30%，2025 年下半年的入住費用將年增 55%，其中包括約 150 萬美元的重複租金相關費用。為了預測目的，我們假設今年的非 GAAP 稅率在 24.5% 到 25.5% 之間。

We expect CapEx and capitalized software development to range between $99 million and $109 million. We estimate that approximately 50% will be spent on software development to support our growth initiatives, and approximately 50% will be related to growth and maintenance CapEx.

我們預計資本支出和資本化軟體開發將在 9,900 萬美元至 1.09 億美元之間。我們估計大約 50% 將用於軟體開發以支援我們的成長計劃，大約 50% 將與成長和維護資本支出有關。

The midpoint of our CapEx guidance implies a roughly 17% year-over-year increase, primarily driven by building out our new New York City office and the ICD acquisition. Acquisition and Refinitiv transaction-related D&A, which we adjust out due to the increase associated with pushdown accounting, is expected to be $176 million in 2025.

我們的資本支出指引中點意味著年增約 17%，主要原因是我們新建紐約市辦事處和收購 ICD。由於與下推會計相關的增加，我們調整了收購和 Refinitiv 交易相關的 D&A，預計到 2025 年將達到 1.76 億美元。

Lastly, we continue to expect 2025 revenues generated under the master data agreement with LSEG to be approximately $90 million. Of the approximately $90 million, we expect to generate $28 million in revenue in the first quarter of '25.

最後，我們仍預計2025年與倫敦證券交易所集團簽訂的主資料協議所產生的收入將達到約9,000萬美元。在這約 9,000 萬美元中，我們預計在 25 年第一季產生 2,800 萬美元的收入。

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

現在我把話題轉回給比利，請他作最後發言。

Thanks, Sara. As I embark on my 25th year at Tradeweb and my third year as CEO, I have never been more excited about the opportunities ahead of us. The ethos of the company has not changed. And we constantly ask ourselves, what can we do to bring a differentiated offering to the market that improves the overall ecosystem for our clients?

謝謝，薩拉。當我踏入 Tradeweb 的第 25 個年頭和擔任執行長的第三年時，我對我們面前的機會感到前所未有的興奮。公司的精神沒有改變。我們不斷問自己，我們能做些什麼來為市場帶來差異化的產品，從而為客戶改善整體生態系統？

Ahead of our IPO, we were known as a leading rates company that had ambitions to grow outside of rates. We believe we are now known as one of the leading financial technology companies that helps to provide innovative solutions to our clients across the fixed income ecosystem.

在我們首次公開募股之前，我們就被稱為領先的利率公司，並且雄心勃勃地希望在利率之外的領域實現成長。我們相信，我們現在已成為領先的金融科技公司之一，致力於為固定收益生態系統中的客戶提供創新解決方案。

Looking ahead, I am excited to continue to build upon our leading multi-asset class footprint. It's a good time to be in the risk intermediation business. But it's an even better time to shape the electronification of a growing fixed income ecosystem.

展望未來，我很高興繼續鞏固我們領先的多元資產類別足跡。現在是從事風險中介業務的好時機。但現在是塑造不斷增長的固定收益生態系統電子化的最佳時機。

On that note, we reported strong January volumes this morning which translated into revenue growth in January of 23% year over year. Excluding the $8 million contractual payment related to the LSEG market data agreement that we recognized in January, revenue growth would have been 17% year over year.

就此而言，我們今天早上報告了強勁的 1 月份銷售量，這意味著 1 月份的收入同比增長了 23%。除去我們一月份確認的與倫敦證券交易所市場數據協議相關的 800 萬美元合約付款，收入成長率將達到 17%。

Before I conclude, I would like to welcome Troy Dixon to Tradeweb, who previously was a member of the Tradeweb Board. Troy, in conjunction with Enrico Bruni, will be Co-Heads of Global Markets. They will share responsibility for overseeing execution of the company's global markets strategy, including pursuing both organic and inorganic growth opportunities across products, geographies, and our four client channels. I look forward to our ongoing work together to maximize our current potential and to continue to build upon the next legs of our growth.

最後，我想歡迎 Troy Dixon 加入 Tradeweb，他之前是 Tradeweb 董事會成員。特洛伊 (Troy) 將與恩里科·布魯尼 (Enrico Bruni) 共同擔任全球市場聯席主管。他們將共同負責監督公司全球市場策略的執行，包括尋求跨產品、跨地區和四個客戶管道的有機和無機成長機會。我期待我們繼續共同努力，最大限度地發揮我們當前的潛力，並繼續奠定我們未來成長的基礎。

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 and annual revenues and volumes at Tradeweb.

最後，我想以感謝我們的客戶在本季的業務和合作來結束我的演講。我還要感謝我的同事們的努力，他們為 Tradeweb 創下了創紀錄的季度和年度收入和交易量做出了貢獻。

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

說完這些，我會把話題轉回給 Ashley，回答您的問題。

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.

謝謝，比利。提醒一下，請只問一個問題。歡迎隨時回到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。

Operator, you can now take our first question.

接線員，您現在可以回答我們的第一個問題。

Chris Allen, Citi.

花旗銀行的克里斯艾倫 (Chris Allen)。

Good morning, everyone. Thanks for taking the questions. I want to talk about trade swaps. Billy, as you noted, the macro backdrop is in flux right now. So maybe you could frame out and flush out the current environment. It's a conducive risk on trading.

大家早安。感謝您回答這些問題。我想談談貿易互換。比利，正如你所說，宏觀背景目前正在改變。因此也許你可以構思並清除當前的環境。這是一種有利於交易的風險。

Then on compression activity that's -- moderated percentage of activity. Is that a function of less opportunities in compression trading, more risk-based trading by clients, or something else?

然後進行壓縮活動，即調節活動的百分比。這是由於壓縮交易的機會減少、客戶基於風險的交易增加，還是其他原因？

Cool. Hey, Chris. Good question. Thank you. Good to hear your voice. It's a little late to say happy New Year, but happy New Year.

涼爽的。嘿，克里斯。好問題。謝謝。很高興聽到你的聲音。雖然說新年快樂有點晚了，但新年快樂。

And I know we're going to try to get through as many questions, obviously, as possible. I know there's another call at 10:30 AM. It's like you guys have a little bit of a double feature today. So appreciate that.

我知道我們顯然會盡力解答盡可能多的問題。我知道上午 10:30 還會接到另一個電話。今天你們就好像有一點雙重功能一樣。我對此深表感謝。

And good question, Chris. When I step back a little bit on your theme, just a little bit of a quick context around it when we think about like cadence of volatility in the rates market, just think about it this way for a second, Chris. Since I became CEO, think about the major volatility events that have impacted our businesses, like the Russian invasion of Ukraine in '22; collapse of SVB in '23, which was a little bit more of a credit event, but massive amplifications into rates; and then even the Japanese stock route in early August of last year.

克里斯，你問得好。當我稍微回顧一下你的主題時，當我們思考利率市場的波動節奏時，只需快速介紹一下背景，克里斯，請這樣想一想。自從我擔任執行長以來，想想影響我們業務的重大波動事件，例如1922年俄羅斯入侵烏克蘭；矽谷銀行 (SVB) 在 1923 年倒閉，這更像是一個信貸事件，但對利率產生了巨大的影響；然後甚至是去年八月初的日本股票路線。

And so these are headline, almost stressful moments in the market that test the participants around the ecosystem. Prices moving in ways that are unexpected and in some ways almost like challenging to rationalize.

因此，這些都是市場上的頭條新聞，幾乎是緊張的時刻，考驗著生態系統的參與者。價格的變動方式出乎意料，而且從某種程度上幾乎難以合理化。

And for us and from our perspective, these become moments when -- as a leading platform for swaps, from my perspective, we become almost like that destination of choice, the sort of trusted marketplace where our biggest clients, our biggest buy-side firms, can feel comfortable sort of reshuffling exposure. And that's a part of this kind of like -- I talk about the global brand that we have in the business. And these are ultimately moments that are building blocks of credibility.

對我們來說，從我們的角度來看，這些時刻——作為掉期交易的領先平台，從我的角度來看，我們幾乎成為了首選目的地，成為一種值得信賴的市場，我們最大的客戶，我們最大的買方公司，可以放心地重新調整風險敞口。這正是我談論我們業務中的全球品牌的一部分。這些最終都是建立信譽的基礎。

And so when you enter into a different environment, you now have that ability to grow market share through orientation and micro-trading protocols that capture real risk transfer, which is kind of, as you know, that's sort of like the holy grail of it all in the electronics -- the electronification world.

因此，當你進入不同的環境時，你現在有能力透過定位和微交易協議來捕捉真正的風險轉移，從而擴大市場份額，這有點像你所知，這有點像電子領域——電子化世界中的聖杯。

And so the data tells us that this environment is, I think, very conducive for what we think of as risk on trading. The fourth-quarter active users was up 15% year over year, January up almost 10% year on year. In January, we saw our total swap for revenue increase by, I think, it's like 30% year over year.

所以數據告訴我們，我認為這種環境非常有利於我們所認為的交易風險。第四季活躍用戶年增15%，1月年增近10%。一月份，我們的總交換收入年增了約 30%。

And so I don't have a crystal ball. I know no one has a kind of crystal ball. But we are, for sure, bullish on the forwards, given the fact that there is plenty of headline debate in the markets, geopolitical uncertainty, rising trade war risks, inflation concerns. And you know about this sort of better than I do.

所以我沒有水晶球。我知道沒有人擁有某種水晶球。但考慮到市場上存在大量頭條爭論、地緣政治不確定性、貿易戰風險上升和通膨擔憂，我們肯定對未來持樂觀態度。您比我更了解這些事。

I say this all the time. The market's going to be the market. But as a company, we are laser focused on building out solutions for our clients. And so as you mentioned -- I highlighted in the script -- adoption takes time. But we believe we have a higher success rate with our innovations, in part, because we go down this path of that sort of hand in hand with our buy-side and sell-side clients, that type of communication and partnership.

我總是這麼說。市場就是市場。但作為一家公司，我們專注於為客戶建立解決方案。正如您所提到的——我在腳本中強調過——採用需要時間。但我們相信，我們的創新成功率更高，部分原因是我們與買方和賣方客戶攜手合作，建立了這種溝通和夥伴關係。

And so looking ahead, we see a long one way for growth in the areas of the market, where we can front and center continue to innovate and go after more parts of the [voice] market and on board clients. And from my perspective, I remain very optimistic about the swaps business going forward. I think it's a great time to be in that business today.

展望未來，我們看到市場各個領域的長期成長之路，我們可以繼續處於領先地位並不斷創新，追求語音市場的更多部分並吸引客戶。從我的角度來看，我對掉期業務的未來發展仍然非常樂觀。我認為如今是從事這項業務的好時機。

As you know very well, the technique and the tactics that we've had around compression trading was to get into risk transfer. And I think that technique and tactic has worked out very well for us. So we feel really good about the performance of our swaps business and the leadership role that we play in that.

如您所知，我們在壓縮交易中所採用的技術和策略是為了轉移風險。我認為這種技術和戰術對我們來說非常有效。因此，我們對我們的掉期業務的表現以及我們在該業務中發揮的領導作用感到非常滿意。

And thanks very much for your question, Chris.

非常感謝您的提問，克里斯。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hey, good morning. Thanks for taking my question. Billy, in your prepared remarks, you talked a lot about technology, innovation. I was wondering if you could talk about digital assets for a moment. There's been a couple announcements coming from Tradeweb partnering, I think, with Goldman Sachs' spin-out digital assets platform.

嘿，早安。感謝您回答我的問題。比利，在你準備好的發言中，你談了很多關於技術和創新的話題。我想知道您是否可以談一談數位資產。我認為，Tradeweb 已經發布了一些與高盛分拆的數位資產平台合作的公告。

Can you kind of talk about what you're doing here? How do you see blockchain technology, crypto, any and all of the above sort of fitting into the broader Tradeweb business? Or what are you doing and what are you thinking that may come from this over the next many years? Thanks.

你能談談你在這裡做什麼嗎？您如何看待區塊鏈技術、加密技術以及上述所有技術與更廣泛的 Tradeweb 業務的契合？或者您正在做什麼以及您認為在未來許多年裡這將會帶來什麼？謝謝。

Yeah. Hey, Ben, how are you? Good question. And I think you're right when you sort of talked about like the announcement that we've made. I would say like front and center -- and you know us very well -- our approach in this space quite bluntly is not about creating headlines, right? It's about adding value.

是的。嘿，本，你好嗎？好問題。我認為您在談論我們所發布的公告時是對的。我想說的是，你們非常了解我們，我們在這個領域的做法很簡單，不是為了製造頭條新聞，對嗎？這是為了增加價值。

And so I've kind of talked about this a lot which is, as you know, like the bones and the ethos of this company is about using technology to remove friction in our clients' workflows across the trade life cycle. That's who we are. That's been in our DNA since day one as we've created this sort of one-stop shop across asset classes.

我已經多次談論過這個問題，正如你所知，這家公司的本質和精神就是利用科技消除客戶在整個貿易生命週期中的工作流程中的摩擦。這就是我們。從我們創建這個跨資產類別的一站式服務中心的第一天起，這一點就融入了我們的 DNA 中。

And so we are very focused in the space because we're an ambitious company, as you know. And so we always want to be front foot around change. And so some of the things that we've seen lately I'll highlight for you, Ben, which is -- wasn't at Davos, but I watched it on CNBC -- (inaudible) talking about the tokenization of ruled assets, treasuries, fixed income, equities, and the concept of how transformative and democratizing that will be.

因此我們非常專注於這個領域，因為我們是一家雄心勃勃的公司，正如你所知。因此，我們始終希望走在變革的前端。所以，本，我會向你重點介紹我們最近看到的一些事情，雖然我沒有去達沃斯，但我在 CNBC 上看到了——（聽不清楚）談論統治資產、國債、固定收益、股票的代幣化，以及這將如何具有變革性和民主化的概念。

I think that's important concept and something to be aware of. Obviously, I think we're all kind of sitting and hearing the sort of -- the strong movement that are coming from Apollo. And obviously, they announced that they're lifting their diversified credit book fund via Securitize. We think that's important, and we've been defending that space very well with how we partnered with Securitize.

我認為這是一個重要的概念，值得注意。顯然，我想我們都坐著聆聽來自阿波羅的強勁動靜。顯然，他們宣布將透過 Securitize 來提升其多元化信貸帳簿基金。我們認為這很重要，並且我們透過與 Securitize 的合作很好地捍衛了這一領域。

And then I think another thing I would just mention is, obviously, Circle announced their acquisition of Hashnote this month. And we think that's important in terms of the building on-chain money market instruments to complement where they are with stable points. So a lot kind of happening.

然後我想我要提到的另一件事是，顯然，Circle 本月宣布收購 Hashnote。我們認為這對於建立鏈上貨幣市場工具以補充其穩定點非常重要。發生了很多事。

From our perspective, to your question, as we kind of step back and we have very smart, very strong people at the company, very focused on our digital assets strategy. It's essentially laser focused in three areas. One is kind of trusted shareable data.

從我們的角度來看，對於您的問題，我們退一步來看，我們公司擁有非常聰明，非常強大的員工，非常專注於我們的數位資產策略。它主要集中在三個領域。一種是可信任的可共享資料。

The second I would describe to you as kind of smart contracts. Because we see by utilizing smart contracts, we can automate operations among multiple parties, enabling faster and lower-cost asset transfers and lifecycle events. And these are kind of very important things as we think about the ecosystem of our world. And then tokenization and synchronized data.

第二種我會向你描述為一種智能合約。因為我們看到，透過利用智慧合約，我們可以實現多方之間的營運自動化，從而實現更快、更低成本的資產轉移和生命週期事件。當我們思考世界的生態系統時，這些都是非常重要的事。然後進行標記化和同步資料。

And those are the sort of like three big areas of focus for us as a company. And so we've been busy. A lot of partnerships over the last year. I mentioned Securitize. In May of '24, we made our first strategic investment with them. We think they're very smart and very important players in the space.

這些就是我們公司關注的三大領域。因此我們一直很忙。去年建立了許多合作關係。我提到了證券化。24年5月，我們與他們進行了首次策略投資。我們認為他們非常聰明，是這個領域非常重要的參與者。

We also followed that up with a commercial agreement with Alpha Ledger. And then in July, this past July, we joined the Canton Network. And I know you know that. We think the Canton Network is important. Obviously, Don Wilson and DRW is a firm that, historically, we've been close to for a while.

我們也與 Alpha Ledger 達成了商業協議。然後在七月，也就是今年七月，我們加入了 Canton Network。我知道你知道這一點。我們認為廣州網路很重要。顯然，從歷史上看，我們與 Don Wilson 和 DRW 是一家關係密切的公司。

I'll kind of say this with a little bit of a giggle. He's smart money. And we think being investing and partnering with him is a good idea. So we're doing kind of what you would expect us to do in the space, which is kind of keeping our options open, being front footed about the best partners to invest in, and quite excited about this next evolution in this space and how they affect our markets.

說到這，我可能會有點咯咯笑。他很精明。我們認為投資並與他合作是一個好主意。因此，我們所做的正是您所期望我們在該領域所做的事情，即保持選擇的開放性，積極尋找最佳的投資夥伴，並對這個領域的下一步發展及其對我們市場的影響感到非常興奮。

And this is something that we feel very comfortable in continuing to innovate. And I think we are very well positioned in this space. And good question, and thank you.

這是我們非常樂意繼續創新的事情。我認為我們在這個領域處於非常有利的地位。這個問題問得好，謝謝。

Thanks for the call, Billy.

謝謝你的來電，比利。

Yeah.

是的。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Alex, maybe unmute if you're asking --

Alex，如果要問的話，可以取消靜音--

Sorry, guys, the phone broke up a little bit. I couldn't hear whether it was my name or somebody else's. Hey, good morning.

抱歉，各位，電話有點壞了。我聽不清楚那是我的名字還是別人的名字。嘿，早安。

Question for Sarah, just kind of turn into the guidance for a minute. So encouraging you kind of put a comment in there around still delivering positive operating leverage this year, albeit I guess at a lower pace than what you saw last year.

向莎拉提問，只需花一分鐘即可獲得指導。因此，我鼓勵您就今年仍能實現正向經營槓桿發表評論，儘管我猜其速度會低於去年。

Can you just talk a little bit about your ability to pivot the expense base, given that there's clearly some uncertainty around the revenue environment? You guys come off a really strong growth last year. So if you were at a slower pace of revenue growth, could you be below the guide to still deliver kind of this positive operating leverage? Or how would those two things work together? Thanks.

鑑於收入環境顯然存在一些不確定性，您能否稍微談談您調整費用基礎的能力？去年你們實現了非常強勁的成長。因此，如果您的收入成長速度較慢，您是否會低於指導水平，但仍能實現這種積極的經營槓桿？或者說這兩件事如何協同工作？謝謝。

Great. Good morning, Alex. It's a great question. Happy to talk about that. From our perspective, we have significant operating leverage within the business. And that operating leverage lets us navigate even in weaker revenue environments.

偉大的。早安，亞歷克斯。這是一個很好的問題。很高興談論這個。從我們的角度來看，我們的業務中擁有顯著的經營槓桿。這種經營槓桿讓我們即使在較弱的收入環境下也能順利前進。

So I think I've talked about this before. 50% of our expense base generally is variable or discretionary, which provides a lot of built-in flexibility in different revenue environments. So by variable, I'm talking about things like performance-linked compensation, commissions, volume-driven costs like exchange fees, that are going to scale up and down based on the revenue environment.

我想我之前談過這個問題。我們的支出基礎的 50% 通常都是可變的或可自由支配的，這在不同的收入環境中提供了很大的內建靈活性。所以，我所說的變數是指與績效掛鉤的薪酬、佣金以及交易量驅動的成本（例如交易費），這些變數會根據收入環境而增加或減少。

And by discretionary, things like marketing, T&E, and obviously, the pace of hiring, where we have a lot of flexibility on how we want to make manage those. Overall, our approach has been pretty consistent. We manage those costs dynamically. And we calibrate based on a number of things including what the market opportunities are in front of us, the environment that we're in, but also making sure that we continuously invest in the things that we think are strategic important through the cycle.

而對於行銷、差旅與費用，當然還有招募速度等可自由支配的事項，我們在如何管理這些事項方面擁有很大的彈性。總體而言，我們的方法非常一致。我們動態地管理這些成本。我們根據多種因素進行調整，包括我們面臨的市場機會、我們所處的環境，同時也要確保我們在整個週期中持續投資於我們認為具有戰略重要性的事情。

I think you don't really have to look further than going back to the first half of 2023 to kind of see the proofs in the pudding. We had a weaker revenue environment. Revenue was -- top line was mid-single digits, and we managed to maintain and grow our margins in that environment.

我認為，你只需回顧 2023 年上半年就能看到事實的證明。我們的收入環境較弱。收入——頂線是個位數的中等水平，我們設法在這種環境下保持並增加我們的利潤率。

Maybe not exactly your question, but I would say equally important. If you look at last year, top line 29%. You saw us able to accelerate spend to take advantage of the environment and momentum, and still balance delivering margin improvement.

也許這不是您的確切問題，但我認為同樣重要。如果你看去年，營業額為 29%。您看到我們能夠加快支出以利用環境和勢頭，同時仍能平衡實現利潤率的提高。

So ultimately, I think we've shown a willingness, and we have the flexibility and track record to both invest for the long term, but also to be nimble. And I think that gives you a good sense of our ability to deliver operating leverage regardless of the environment. Thanks for the question.

所以最終，我認為我們已經表現出了意願，而且我們擁有靈活性和良好的業績記錄，既可以進行長期投資，也可以保持敏捷。我認為這讓您充分了解我們無論在何種環境下實現經營槓桿的能力。謝謝你的提問。

No, thank you.

不，謝謝。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Great, thanks. Billy, I was hoping you could talk about just kind of at a high level, you've got looser regulation potentially coming from banks. And as you think about the electrification trends that have been so strong, do you see that changing at all?

太好了，謝謝。比利，我希望你能從高層次談談銀行可能面臨的放寬監管問題。當您想到如此強勁的電氣化趨勢時，您是否認為這種情況會改變？

Banks are going to be using more balance sheet or taking on more risk or potentially keep a little bit more in-house versus some of the trends that have been so prevalent the last couple of years.

與過去幾年普遍存在的一些趨勢相比，銀行將使用更多的資產負債表或承擔更多的風險，或可能將更多的資金保留在內部。

Yeah. Dan, how are you? Good question. It is kind of amazing how quickly the pendulum can swing in certain ways and particularly around how regulation has been framed. It does feel like quick pendulum swings.

是的。丹，你好嗎？好問題。令人驚訝的是，鐘擺可以以某種方式擺動得如此之快，特別是在製定監管規則方面。感覺確實像是快速的鐘擺擺動。

I would say headline like -- the onward march of electronification from our perspective is not a pendulum that swings back and forth. We think that's kind of like one way. And as I kind of think about your question, where my kind of brain goes is pretty interesting. It's kind of like, if you think about it, like the rise in the banks, in their market business revenues really, like since almost like we want to define it, Dan, as like the pandemic.

我想說的標題是──從我們的角度來看，電子化的前進步伐並不是一個來回擺動的鐘擺。我們認為這是一種方式。當我思考你的問題時，我的大腦思考的方向非常有趣。如果你仔細想想，這有點像銀行在其市場業務收入方面的增長，就像我們想將其定義為大流行一樣，丹。

It's almost become like the new normal. And this concept of like private sector intermediation -- we say this a lot -- like private sector intermediation being back, from our perspective, is very, very good for our business. Because we see ourselves -- and I think we are -- this trusted electronic intermediary between the banks and their most important clients. And that business thriving is quite good for us.

這幾乎已經成為一種新常態。我們經常談論私部門中介這個概念，從我們的角度來看，私部門中介的回歸對我們的業務非常非常有利。因為我們認為——而且我認為我們確實是——銀行與其最重要客戶之間值得信賴的電子中介。業務蒸蒸日上對我們來說是件好事。

So banks with sophisticated and invested flow trading operations providing, from our perspective, almost like that consistent presence for their most important clients, while warehousing in the right way -- warehousing and then efficiently recycling risk is good for us as the leading platform in both the institutional side, but then a little bit to your point, kind of also having that mirrored liquidity in our in our wholesale business.

因此，從我們的角度來看，擁有複雜且投入的流動交易業務的銀行幾乎可以為其最重要的客戶提供持續的存在，同時以正確的方式進行倉儲 - 倉儲然後有效地回收風險對我們作為機構方面的領先平台來說是有利的，但隨後有點正如您所說，在我們的批發業務中也擁有這種鏡像流動性。

So I said this before, not anticipating at all. It's a really good question that the move towards electronification is going to be slow at all as the consequence of the banks feeling healthy and vibrant and strong in the businesses that we live and breathe in. I think that the table stakes around efficiency are kind of here to stay, and we think we benefit from the banks being both strong and efficient.

所以我之前就說過這個，完全沒有預料到。這是一個非常好的問題，由於銀行在我們賴以生存和發展的業務中感覺健康、充滿活力和強大，因此電子化的進程將會緩慢。我認為，圍繞效率的賭注將繼續存在，我們認為，銀行的強大和高效對我們有利。

And that winds up being quite a good outcome for us. But good question. Interesting -- just like the switches that wind up happening around the topics of regulation are quite interesting. And thanks for your question.

這對我們來說是一個非常好的結果。但這個問題問得好。有趣——就像圍繞著監管主題發生的轉變相當有趣一樣。感謝您的提問。

Thank you.

謝謝。

Craig Siegenthaler, Bank of America.

美國銀行的克雷格·西根塔勒（Craig Siegenthaler）。

Good morning, Billy. Hope everyone's doing well. And I think my name went out a little bit like Alex's, but I'm here.

早安，比利。希望每個人都一切順利。我覺得我的名字和亞歷克斯的有點像，但我在這裡。

Good morning. How are you, Craig? We can hear you.

早安.你好嗎，克雷格？我們能聽到你的聲音。

I'm good. So our question is on streaming and session trading volumes in US treasuries. So there's some industry data out there that's pointing towards an accelerating adoption of streaming and session trading in rates over just the last kind of few quarters. What are you seeing in terms of protocol usage in treasuries?

我很好。所以我們的問題是有關美國國債的串流媒體和會話交易量。一些行業數據顯示，過去幾個季度，串流媒體和會話交易利率的採用正在加速。您對財政協議的使用有何看法？

Yeah. Good question. Really interesting dynamic. It's almost like a micro sort of structure shift that's happening, and we kind of see it that way, too. I think there is a shift happening across what we think about it that sort of wholesale kind of D2D marketplace that sort of professional marketplace, where protocols are taking away market share from that kind of traditional almost-out-of-central casting CLOB protocol, that we all first understood as being central to that D2D market.

是的。好問題。確實有趣的動態。這幾乎就像是正在發生的一種微觀結構轉變，我們也是這麼看待它的。我認為我們對批髮型 D2D 市場和專業市場的看法正在轉變，其中協議正在從傳統的幾乎非中心化的 CLOB 協議手中奪走市場份額，而我們最初都認為 CLOB 協議是 D2D 市場的核心。

Our instinct is part of the move away from that. That CLOB is really due to, obviously, like the lower volatility environment that we've seen in rates. Our instinct is the streaming business and the session business tends to outperform in a lower volatility environment.

我們的本能就是遠離這一點。顯然，CLOB 的真正原因是，我們看到利率處於較低的波動性環境中。我們的直覺是，串流媒體業務和會話業務往往在波動性較低的環境中表現出色。

And so in a pretty basic way, our strategy is very straightforward, which is like always, how can we be better positioned to deliver an integrated product and product suite across the entire US treasury marketplace? And so from our perspective, we've been a driver of that change, with our comprehensive protocol offering streams, CLOB, suite, and r8fin.

因此，從最基本的角度來說，我們的策略非常簡單，就像往常一樣，我們如何更好地為整個美國財政市場提供整合的產品和產品套件？因此從我們的角度來看，我們一直是這項變革的推動者，我們的綜合協議提供串流、CLOB、套件和 r8fin。

And I do think it's important to be competitive in that CLOB world. But absolutely, there's been a shift around approach and usage. So in 2024, the wholesale streaming average daily volume from our perspective was up 35% year over year. And the wholesale sessions business was up almost actually a little bit over kind of 25%.

我確實認為在 CLOB 世界中保持競爭力非常重要。但確實，方法和用法已經發生了轉變。因此，從我們的角度來看，到 2024 年，批發串流媒體的日均交易量將年增 35%。批發業務實際上增長了近 25% 以上。

Rate fin continues to be a sort of important business for us. That's sort of -- when I say r8fin, the best way to describe it, I think, is that algorithmic-based spreading into aggregation technology. We think that that facilitates the most sophisticated client usage around futures and related cash-like trades. That's a driver for us and something very important for us. So that's continued to grow as a very high percentage of US [tracings] or ownership.

利率融資對我們來說依然是一項重要的業務。這就是——當我說 r8fin 時，我認為最好的描述方式就是基於演算法擴展到聚合技術。我們認為這有利於最複雜的客戶使用期貨和相關現金交易。這是我們的動力，對我們來說非常重要。因此，美國[追蹤]或所有權的比例持續成長。

I think it's about 40 basis points higher than in 2024. So we feel good about where we're kind of at in terms of that treasury business with that comprehensive offering. Those shifts that are occurring -- those micro shifts that are occurring in this environment set up well for us. Because we've been the leaders in those new emerging protocols. And as I described that -- and you guys know me very well -- we're still very focused on gaining market share in the CLOB.

我認為它比 2024 年高出約 40 個基點。因此，我們對目前財務業務以及全面服務水準感到滿意。正在發生的轉變－在這種環境中發生的微小轉變對我們來說是有利的。因為我們一直是這些新興協議的領導者。正如我所描述的——你們都很了解我——我們仍然非常專注於在 CLOB 中獲得市場份額。

We don't think the CLOB is going away. We think that's a table stakes and important protocol. The combination of myself and Sara -- and as you know, we hired Troy Dixon. We continue to push that team around increased market share gains in the CLOB because we think that's an important complement to where the market feels like it's going.

我們不認為 CLOB 會消失。我們認為這是一個基本的條件和重要的禮儀。我和莎拉——正如你所知，我們聘請了特洛伊·迪克森。我們將繼續推動該團隊擴大 CLOB 的市場份額，因為我們認為這是對市場走向的重要補充。

And great question, Craig, and thanks very much for asking it.

非常好的問題，Craig，非常感謝你提出這個問題。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Yeah. Hey, good morning, everyone. Billy, when you walked through the investment priorities earlier in your prepared remarks, credit again was number one. And I'm just wondering how much you're increasing the focus there. I think some people think that into 2025, with all the tailwinds that you have, you're really going to dial up the competitiveness and be more disruptive.

是的。嘿，大家早安。比利，當您早些時候在準備好的演講中談到投資重點時，信貸再次排在第一位。我只是想知道你對那裡的關注度增加了多少。我認為有些人認為到 2025 年，借助所有的順風，你的競爭力將真正增強，而且更具顛覆性。

So just wondering, if this is rights, how much more of a focus credit can even become? And what are you going to do, in particular, to continue that market share gaining? And then, of course, how much price -- I will have to ask on that -- how much price will be a factor as well?

所以我只是想知道，如果這就是權利，那麼信貸還能成為多少關注的焦點？為了持續擴大市場份額，您具體將採取什麼措施？然後，當然，價格是多少——我必須問一下——價格是多少也是一個因素嗎？

Yeah, I mean, it's a good question. It's like -- I talk about the concept of like laser focus. And I mentioned that around a couple of the initiatives in a couple of things that were working on the rates base. But like no one will mistake the company's like extreme focus on credit. Because we see that as a huge opportunity for the company period.

是的，我的意思是，這是一個好問題。就像——我談論的是雷射聚焦的概念。我提到了圍繞利率基礎的幾項舉措和幾項工作。但沒有人會誤解該公司對信貸的過度重視。因為我們認為這對公司來說是一個巨大的機會。

We started with this basic premise that the market wanted competition in the space. And now as you know very well, it's up to us to continue to differentiate ourselves and innovate in that marketplace along the right themes. So we feel good how we're set up.

我們的基本前提是市場需要競爭。現在，正如你們所知道的，我們要做的就是繼續在市場上脫穎而出，並沿著正確的主題進行創新。所以我們對我們的安排很滿意。

We're going to continue to invest like across the board, like around portfolio trading, making sure that we maintain and feeling really good about the leadership position that we have in portfolio trading. We are invested in our partnership with Aladdin in terms of bringing in more responders into the all-to-all network. I've talked about the concept of getting more into -- it's a little bit of a question that I was asked about regulation.

我們將繼續進行全方位投資，例如投資組合交易，確保我們保持在投資組合交易領域的領導地位，並且對此感到非常滿意。我們與阿拉丁的合作旨在為全網路引入更多的響應者。我已經談到了更多參與的概念——這是我被問到的一個關於監管的問題。

I've talked about the concept a lot about getting into a little bit more of bank/dealer inventory and getting into kind of dealer access, and getting those access communicated the right way to the bank's biggest and most important clients in a timely electronic efficient fashion. I think that's like a really big theme and something that we are kind of invested towards.

我已經多次談論過這個概念，關於更多地了解銀行/經銷商庫存並獲得經銷商訪問權限，以及時、高效地通過電子方式將這些訪問權限以正確的方式傳達給銀行最大和最重要的客戶。我認為這是一個非常大的主題，也是我們投入精力的事情。

Price is not the lead horse. You've heard me kind of say that. We think the client base wants innovation first and foremost. And we think we are positioned to deliver that for our clients. And we're not going to go down the path of that sort of price adjustments to pick up share. We don't feel like that's the right step.

普萊斯並不是領頭馬。你已經聽過我這麼說了。我們認為客戶群首先需要的是創新。我們認為我們有能力為客戶提供這項服務。我們不會透過那種價格調整來提高市場佔有率。我們認為這不是正確的舉措。

But from an investment perspective, I have it at the top of the list. Because we feel like that opportunity and that wallet and the ability to differentiate ourselves and provide that value to our client base is 100% there. And a very good question, and thanks for asking it.

但從投資角度來看，我認為它是首選。因為我們覺得，這個機會、這個錢包、以及使我們自己與眾不同並為我們的客戶群提供價值的能力，都是 100% 存在的。這是一個非常好的問題，感謝您提出這個問題。

Of course. Thank you.

當然。謝謝。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Yeah. Good morning. Thanks for taking the question. So it's been about seven months now since you closed the ICD acquisition. So Billy, was hoping you could maybe just give a state of the union on how the integration's gone.

是的。早安.感謝您回答這個問題。距離你們完成 ICD 收購已經過了七個月左右。所以比利，希望你能介紹一下整合的進展。

Any success that you've seen in cross-selling their capabilities to your client network? And just any kind of milestones that maybe we should be on the lookout for in 2025?

您在向客戶網絡交叉銷售其功能方面取得過什麼成功嗎？那麼，2025 年我們該關注哪些里程碑呢？

Yeah, really good question, Patrick. Sara, let me hand that to you. You've been so front and center on this.

是的，派崔克，這個問題問得真好。薩拉，讓我把它交給你。您一直是這件事的中心人物。

Sure, thanks. Look, I think we've been really quite pleased as a team with the progress on ICD. First and foremost, the core business continues to perform out of the gate, whether we're looking at revenue, client growth, balance growth, retention, which is at 99%, fine growth at 13%. All the core metrics that we expect to see are on plan, and we're really quite excited about that.

當然，謝謝。看，我認為我們團隊對 ICD 的進展感到非常高興。首先，無論我們看收入、客戶成長、餘額成長、留任率（99%）或精細化成長（13%），核心業務持續表現出色。我們期望看到的所有核心指標都在計劃之中，我們對此感到非常興奮。

I think as we think about going ahead, from our perspective, some of the milestones, it's not a classic integration. The tech platform, the core tech platform that ICD operates on, largely will run independently. And so it's less about those types of milestones and really about the long-term revenue opportunities that we've talked about, that you're referencing.

我認為，從我們的角度來看，當我們考慮未來時，一些里程碑並不是經典的整合。該技術平台，即ICD運作的核心技術平台，將基本獨立運作。因此，這與那些里程碑關係不大，而實際上與您所提到的我們所談論的長期收入機會有關。

Around building, I would say, a comprehensive solution for treasurers, particularly ICD's corporate treasurers, around investing and liquidity needs. And so when we think about those buckets, it's really two different things. One is expanding their footprint by leveraging our client relationships, our sales force, especially internationally and with financial institutions, which is something we bring to the table.

我想說的是，圍繞投資和流動性需求，為財務主管（特別是 ICD 的企業財務主管）建立一個全面的解決方案。因此，當我們考慮這些桶子時，它們實際上是兩件不同的事情。一是利用我們的客戶關係和銷售團隊來擴大他們的足跡，尤其是國際和金融機構的足跡，這是我們能帶來的。

And we're already seeing momentum there. Internationally, we've leveraged our infrastructure, in particular in Asia, to allow the ICD sales force to kind of operate from a regulatory perspective and from a time zone and client reach perspective more efficiently, and begun doing joint meetings and engaging with prospects. And so early days, this isn't a sprint. This is a bit of a marathon, but we're seeing really good engagement.

我們已經看到了這一勢頭。在國際上，我們利用我們的基礎設施，特別是在亞洲的基礎設施，使 ICD 銷售團隊能夠從監管角度、時區和客戶覆蓋角度更有效地開展工作，並開始進行聯合會議和與潛在客戶接觸。所以在早期，這並不是一場短跑。這有點像一場馬拉松，但我們看到了非常好的參與。

And I think our ability to drive that part of the business will materialize in 2025. I would say the other side of the coin, which also has made good progress, is around expanding ICD's product offering, in particular, by bringing our core products onto their platform. That obviously takes a little bit longer.

我認為我們推動該部分業務的能力將在 2025 年實現。我想說，另一方面，我們也取得了良好的進展，即擴大 ICD 的產品供應，特別是將我們的核心產品引入他們的平台。這顯然需要更長的時間。

So we're expecting this year, sort of by the middle of the year, to start with US treasuries and have those be available on ICD's platform. I think once that's there, we expect to see good reception in all of our engagement with clients. And we've done formal surveys. 65% of the client base has been asking for treasuries. And obviously, we think we have a leading platform there.

因此，我們預計今年，也就是年中左右，將開始推出美國國債，並將其登陸 ICD 平台。我認為一旦實現這一點，我們希望在與客戶的所有合作中看到良好的反響。我們已經做過正式調查。 65% 的客戶群一直在尋求國債。顯然，我們認為我們在那裡擁有領先的平台。

So I think we're set up to do quite well. But again, we want to set this up in a really thoughtful way. And we're focused on the long term. But we're seeing good engagement, good momentum. And obviously, we'll report more as the year goes on.

所以我認為我們將會做得很好。但再次強調，我們希望以一種非常周到的方式來設定它。我們著眼於長期目標。但我們看到了良好的參與和良好的動力。顯然，隨著時間的推移，我們將會報告更多消息。

I would say just while we're on ICD, I think the other thing that we're focused on as we look forward is on a more macro level, particularly with their clients base, we're seeing strong levels of corporate cash. And we're expecting that to continue as those clients continue, and they're extremely profitable. So all things pointing in the positive direction as it relates to ICD. Thanks.

我想說，當我們談論 ICD 時，我認為我們關注的另一件事是更宏觀的層面，特別是在他們的客戶群中，我們看到企業現金水平強勁。而且我們預計，隨著這些客戶的繼續存在，這種情況將持續下去，而且他們將獲得極高的利潤。因此，就 ICD 而言，所有事情都朝著積極的方向發展。謝謝。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

Hi, Jeff Schmitt here. So in the institutional channel for treasuries, you continue to see strong growth in automated trades. What's changed in that market or with your automated protocol that's driving such strong client adoption? And how much of your treasury mix is automated today?

你好，我是 Jeff Schmitt。因此，在國庫券的機構管道中，您將繼續看到自動化交易的強勁成長。該市場或您的自動化協議發生了哪些變化，從而推動瞭如此強大的客戶採用？目前，您的資金組合中有多少是自動化的？

Yeah. Hey, Jeff, it's Billy. Good question. And so I think we've done -- gotten a bunch of things right. And I say that with very humbly. Not everything right, but I think we've gotten a bunch of things right. I think how we've kind of approached this sort of AiEX space, the kind of more algorithmic space with our clients, I would say it's probably one of the things that we've gotten right the most or right the best.

是的。嘿，傑夫，我是比利。好問題。所以我認為我們做了很多正確的事。我非常謙虛地說這句話。雖然不是所有事情都正確，但我認為我們已經做對了很多事情。我認為我們如何處理這種 AiEX 空間，即我們與客戶合作的更具演算法的空間，我想說這可能是我們做得最正確或最好的事情之一。

And I'll make a kind of little joke. As you guys go to your kind of [1030] double header, they've gotten it right, too. And they've got a really good job in terms of like this type of functionality as well. It's like the first evolution was the phone to the mouse, the phone to the keyboard. This next evolution is no mouse, keyboard to the algorithms and a more sophisticated way of finding liquidity. I think it's a resonating now, particularly, because that search for liquidity so important

我會開個小玩笑。當你們進行你們的 [1030] 雙頭比賽時，他們也做對了。他們在這類功能方面也做得非常出色。就像第一次進化是從手機進化到滑鼠，再從手機進化到鍵盤一樣。下一步的發展不再是滑鼠和鍵盤，而是演算法和更複雜的尋找流動性的方法。我認為現在這引起了共鳴，特別是因為尋求流動性非常重要

How do I find liquidity with leading -- the least amount of footprints in the marketplace? I think that trend is one way. And then you layer on the kind of concept of how do I do more with less? How do I continue to approach and attract, and find liquidity in the marketplace in a sophisticated way and act as a client to my liquidity providers?

我如何找到領先的流動性——在市場上留下最少的足跡？我認為這種趨勢是這樣的。然後您要分層思考如何用更少的資源做更多的事情？我如何繼續以複雜的方式接觸、吸引和尋找市場中的流動性，並充當我的流動性提供者的客戶？

There's so much good vibrations and so many ways where this protocol resonates sort of across the board from our perspective. And I think it's been the lead differentiator for us in the rates space generally, as we've looked at sort of competing there from day one, essentially with Bloomberg. I think it's sticky.

從我們的角度來看，該協議有很多好的震動，並且在許多方面引起了全面共鳴。我認為這一直是我們在利率領域的主要差異化因素，因為我們從第一天起就考慮與彭博社競爭。我覺得它很黏。

And so the concept of sort of breaking down like large-risk trades into smaller, more digestible trades and then those trades finding execution in a seamless way, there's something just very intuitive about that. And I think as we've gotten, obviously, now well through those dark days of the pandemic, the concept of the buy side continuing to invest in all of this technology is one way.

因此，將高風險交易分解為較小、更易消化的交易，然後以無縫的方式執行這些交易的概念是非常直觀的。而且我認為，顯然，現在已經度過了疫情帶來的黑暗日子，買方繼續投資所有這些技術的概念是一種方式。

And so it took some thought process from our perspective in terms of a willingness to sort of seed some space around the desktop and really understand, I think, where like client behavior was going to go. But getting on the right side of that trend, I think, has done enormous favors to our rates franchise in terms of a differentiator. And we think it's probably the best thing that we've done in the rates space.

因此，從我們的角度來看，這需要一些思考過程，即願意在桌面周圍留出一些空間，並真正了解客戶行為將會走向何處。但我認為，順應這一趨勢，在差異化方面為我們的利率特許經營帶來了巨大的好處。我們認為這可能是我們在利率領域所做的最好的事情。

And thanks very much, Jeff, for your question.

非常感謝您，傑夫，提出這個問題。

Great, thank you.

太好了，謝謝。

Kyle Voigt, KBW.

凱爾·沃格特（Kyle Voigt），KBW。

Hi, good morning, everyone. So after completing both r8fin and ICD in 2024, just curious if I could check in on your appetite for additional M&A in 2025. What capabilities would you look to add? And is there any way to frame whether we should still expect more bolt-on type deals or whether large scale M&A is also on the table?

大家早安。因此，在 2024 年完成 r8fin 和 ICD 之後，我很好奇我是否可以了解您對 2025 年進行更多併購的興趣。您希望新增哪些功能？是否有辦法判斷我們是否仍應期待更多附加型交易，或者是否也會出現大規模的併購？

Yeah, very good question. I was asked that question earlier about like focus, and I think that we talked about the focus the company has in credit. And you've kind of heard of and understand the way we operate. And so I would start by saying the company's focus and my focus on the organic businesses is extremely strong. And the confidence that we have around the growth in those business is extremely strong. I would start there uh

是的，非常好的問題。之前有人問過我關於重點的問題，我認為我們討論的是公司在信貸方面的重點。並且您已經聽說並了解我們的運作方式。因此，我首先要說的是，公司和我對有機業務的關注度非常高。我們對這些業務的成長充滿信心。我會從那裡開始呃

Second thing I would say is I do feel good about the concept. And Sara and I have worked very closely on this. You said it two deals in '24 with r8fin and ICD, kind of three years -- excuse me -- three deals in the sort of tenure of me as CEO. I think it's important to show the marketplace that we know how to do deals. We know how to integrate, and we know how to assess value. I think those are important concepts.

我想說的第二件事是我確實對這個概念感到滿意。我和薩拉就此進行了密切合作。您說過，2024 年與 r8fin 和 ICD 達成了兩筆交易，三年——對不起——在我擔任執行長期間，達成了三筆交易。我認為向市場展示我們知道如何做交易非常重要。我們知道如何整合，我們知道如何評估價值。我認為這些都是重要的概念。

When we think about this, it's pretty basic. Is it a culture of a company that we not like, that we love? And then is there a network out there -- we're a network business, and that's something hugely important to us. Is there a network out there that we can get through an acquisition?

如果我們思考一下，就會發現這其實很簡單。這是否是我們不喜歡但喜歡的公司文化？然後是否存在網路——我們是一家網路企業，這對我們而言非常重要。是否存在我們可以透過收購而得到的網路？

And I say this a lot, like we have incredible technologists. But is there a piece of technology, is there an algorithm, is there something happening through technology that it's better for us to acquire? And so we look at it basically through those criteria, through that lens: culture, network, and technology.

我經常這麼說，就好像我們擁有令人難以置信的技術人員一樣。但是，是否存在某種技術，是否存在某種演算法，是否存在一些透過技術發生的事情對我們來說更有利？因此，我們基本上是透過這些標準、透過文化、網路和技術來看待這個問題。

And we feel like if it's -- as it was with the two assets in '24, we feel like if those things add up for us, then we're going to have excitement around it. So I think doing something well gives you credibility. It gives you more opportunity. And I think it's been a pretty important thing for us as a company that has largely gotten here through our organic business to be able to do deals.

我們覺得，如果——就像 24 年的兩項資產一樣，我們覺得如果這些事情對我們有利，那麼我們就會對此感到興奮。所以我認為做好某件事會讓你獲得信譽。它為您提供了更多的機會。我認為，對於我們這樣一家主要透過有機業務到達這裡的公司來說，能夠達成交易是一件非常重要的事情。

And Sara, you've been a very big part of that.

薩拉，你在其中扮演了非常重要的角色。

And I totally -- I mean, just building upon what you've said, I think our ambition provided that we think the strategic fit for these types of acquisitions is strong. We have ambition that isn't limited to just bolt-on acquisition. But we also have extreme focus on being disciplined, particularly financially.

我完全——我的意思是，基於你所說的，我認為我們的雄心壯志的前提是我們認為這些類型的收購具有很強的策略契合度。我們的雄心不僅限於附加收購。但我們也非常注重紀律，特別是在財務方面。

So we've talked about financial metrics and the framework that matters to us. But we think the strategy, the culture, the expansion particularly around client networks are important. And financially, we're looking at acquisitions that really amplify what we're doing, so are accretive to our earnings within a couple years and either helping accelerate growth or profitability.

我們討論了對我們而言重要的財務指標和框架。但我們認為策略、文化和擴張（特別是圍繞客戶網路的擴張）非常重要。從財務角度來看，我們正在考慮進行能夠真正擴大我們業務的收購，以便在幾年內增加我們的收益，並有助於加速成長或提高獲利能力。

So I think that combination that Billy said is we are an ambitious company, but we want to build the credibility to do things well. And then we're going to be very disciplined about how we look at it. A great question, important topic. Thank you.

所以我認為，正如 Billy 所說，我們是一家雄心勃勃的公司，但我們希望建立信譽來做好事情。然後我們會非常嚴謹地看待這個問題。一個很好的問題，重要的主題。謝謝。

Thank you.

謝謝。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, thanks for squeezing me in here. Billy, you talked about emerging markets. That's going to be a larger part of the growth story for Tradeweb. Can you just talk about some of the initiatives and steps you're thinking about taking there to accelerate growth? How do you see this part of the business contributing over time? And what sort of products, countries you think could be most meaningful?

嘿，謝謝你擠我來這裡。比利，你談到了新興市場。這將成為 Tradeweb 發展歷程中較重要的一環。您能否談談您為加速成長而考慮採取的一些舉措和措施？您認為這部分業務隨著時間的推移會做出怎樣的貢獻？您認為什麼樣的產品、國家最有意義？

Yeah, absolutely good question. So like, big believers in sort of start with strength. And that's been -- from the beginning, as we thought about the EM world, that's been start with what we're good at. So we want to start with the EM swap, the EM rates world.

是的，這絕對是個好問題。所以，人們堅信從實力開始。從一開始，當我們思考新興市場世界時，就是從我們擅長的領域開始的。因此，我們想從新興市場掉期、新興市場利率世界開始。

But I think as we've done really well there, obviously, we are pretty focused on building out our presence in the EM credit, where we see some of the same tenants that we saw in the US around an appetite for competition in the space.

但我認為，由於我們在那裡做得非常好，顯然我們非常專注於擴大我們在新興市場信貸領域的影響力，我們在那裡看到了與美國相同的一些租戶對該領域的競爭興趣。

So in an overall, where (inaudible) have emerging markets business as a multi-product offering across rates and credit period. And so are emerging markets businesses now, I think, it's one rating at a little bit over $60 million annually. And those revenues are up about 85% year over year.

因此，總體而言，（聽不清楚）新興市場業務是一種跨利率和信貸期的多產品供應。我認為，現在新興市場企業也是如此，其每年的評級略高於 6,000 萬美元。這些收入比去年同期增長了約 85%。

So feeling good about the progress that we've made there but, obviously, seeing a lot more possibility and potential in both the rates world in terms of electronifying that swaps world plus I think the ability to deliver innovation and efficiency specifically speaking in credit. That EM, we call it like sort of a hard local currency, provided close to 10% of that total EM revenue growth in '24. So plenty of room for us to go there and confidence that we're on the right track.

因此，對於我們在那裡取得的進展，我們感到非常高興，但顯然，我們在利率領域（就電子化而言）、掉期領域（就信貸而言）看到了更多的可能性和潛力，而且我認為我們還有能力實現創新和效率。我們稱 EM 為一種硬通貨，它為 2024 年新興市場總收入的成長貢獻了近 10%。因此，我們有足夠的空間去實現這一目標，並且有信心我們走在正確的道路上。

When we think about that sort of total addressable revenue opportunity, we see the overall EM wallet as well over $1 billion. And so those are big headline numbers for us there. I think 20% of it is around that EM interest rate swap business. Maybe 40% of it comes from EM cash, and then the rest of it kind of can come from the kind of China bond world. But it's a very big opportunity.

當我們考慮這個總可尋址收入機會時，我們看到整體新興市場的資金總額將超過 10 億美元。對我們來說，這些都是重要的數字。我認為其中 20% 是圍繞新興市場的利率互換業務。也許其中 40% 來自新興市場的現金，其餘部分可以來自中國債券市場。但這是一個很大的機會。

It's something that as a company -- again, I use the word focus -- as a company, we are focused on. We feel like we've made a lot of progress already on the swap side and the rates side there. Big continued push for us into EM credit.

作為一家公司 — — 我再次使用「重點」這個詞 — — 這是我們關注的事情。我們覺得我們在掉期方面和利率方面已經取得了很大進展。大力推動我們進軍新興市場信貸領域。

And that's good question, and thank you for asking.

這是個好問題，感謝您的提問。

Great, thank you.

太好了，謝謝。

Yeah.

是的。

Thank you so much. We've run over on the call, and we'd now like to turn it over to Billy Hult for closing remarks. Please go ahead.

太感謝了。我們已經完成了電話會議，現在我們想將電話會議交給 Billy Hult 來做結束語。請繼續。

Sure. Thank you, all, very much for joining us this morning. Great questions. As always, if you have any follow-up questions, please feel free to reach out to our great team, Ashley, Sameer.

當然。非常感謝大家今天上午參加我們的活動。很好的問題。像往常一樣，如果您有任何後續問題，請隨時聯繫我們優秀的團隊 Ashley、Sameer。

Have a great day. Enjoy the second feature of the movie. Thank you.

祝你有美好的一天。欣賞電影的第二部。謝謝。

Thank you for joining today's conference call. You may all disconnect.

感謝您參加今天的電話會議。你們都可以斷開連線。