Tradeweb Markets Inc (TW) 2025 Q2 法說會逐字稿

Good morning, and welcome to Tradeweb's second quarter 2025 earnings conference Call. As a reminder, today's call is being recorded and will be available for playback.

早上好，歡迎參加 Tradeweb 2025 年第二季財報電話會議。提醒一下，今天的通話正在錄音，可以播放。

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

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

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

謝謝，早安。今天與我一起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，她將回顧我們的財務成果。我們打算利用該網站作為揭露重大非公開資訊和遵守公平揭露規則規定的揭露義務的一種手段。

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.

我想提醒大家，本次演講和問答環節中的某些陳述可能與未來事件和期望有關。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. In addition, on today's call, we will reference certain non-GAAP measures as well as certain market industry data.

實際結果可能與這些前瞻性陳述有重大差異。有關可能導致實際結果與前瞻性陳述不同的因素的資訊包含在我們向美國證券交易委員會提交的收益報告、收益報告和定期報告中。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。

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.

這些非 GAAP 指標的資訊（包括與 GAAP 指標的調整）均包含在我們的收益報告和收益報告中。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 second quarter earnings call. We set a new high watermark for quarterly revenues once again surpassing the record we set in the first quarter 2025. This strong momentum propelled revenues to exceed $1 billion in the first half of the year, and we expect 2025 to shape up to produce another year of double-digit revenue growth.

謝謝，阿什利。大家早安，感謝大家參加我們的第二季財報電話會議。我們創下了季度營收的新高，再次超越了我們在 2025 年第一季創下的紀錄。這一強勁勢頭推動上半年營收超過 10 億美元，我們預計 2025 年將再次實現兩位數的營收成長。

From tariff wars to détentes, a rapidly evolving rates in equity market backdrop, a slowing housing market and stubbornly high inflation, global debate and strong client engagement was on display across our platform. We believe the movement from the phone to the keyboard as a one-way train. As we have seen in the past, extreme volatility creates temporary moments as we saw in April where our clients still can go back to the phone.

從關稅戰到緩和，股票市場背景下的快速變化的利率、放緩的房地產市場和持續的高通膨、全球爭論和強大的客戶參與度都在我們的平台上展示。我們認為從手機到鍵盤的運動就像一列單行道。正如我們過去所見，極端波動會產生暫時現象，就像我們在四月看到的那樣，我們的客戶仍然可以重新使用手機。

Despite these moments, our electronic journey continued, and we achieved record volumes in many of our asset classes this quarter, which bodes well for future market share growth. Our clients are becoming increasingly sophisticated around the search for liquidity, and our dealer and nonbank liquidity providers continue to invest to provide two-way markets even in the most volatile conditions.

儘管存在這些時刻，我們的電子化之旅仍在繼續，本季我們在許多資產類別中都實現了創紀錄的交易量，這預示著未來市場份額將不斷增長。我們的客戶在尋求流動性方面變得越來越老練，我們的經銷商和非銀行流動性提供者繼續投資，即使在最動盪的條件下也能提供雙向市場。

While bid-ask spreads widened, the liquidity crunch we experienced this quarter was only a fraction of what we witnessed in March 2020. Encouragingly, unlike previous volatility periods, our clients leaned into newer innovations like AiEX and portfolio trading. Momentum builds momentum, and we continue to be laser focused on the areas we can control.

儘管買賣價差擴大，但本季我們經歷的流動性緊縮只是 2020 年 3 月所經歷的一小部分。令人鼓舞的是，與以往的波動時期不同，我們的客戶傾向於 AiEX 和投資組合交易等較新的創新。勢頭不斷增強，我們將繼續集中精力於我們能夠控制的領域。

Putting our clients first, investing in new solutions for paper and voice markets and strategically planting more flags across early-stage ventures. Diving into the second quarter, strong client activity and risk on environment drove 26.7% year-over-year revenue growth on a reported basis. Our international business continues to set new records with 41% revenue growth as our strategic initiatives in EM and APAC continued to pay off.

將客戶放在第一位，投資紙質和語音市場的新解決方案，並在早期階段的企業中策略性地植入更多旗幟。進入第二季度，強勁的客戶活動和環境風險推動營收年增 26.7%。隨著我們在新興市場和亞太地區的策略性舉措持續取得成效，我們的國際業務收入成長 41%，並繼續創下新高。

We continue to balance investing for growth and profitability as adjusted EBITDA margins expanded by 70 basis points relative to the second quarter of 2024. Turning to slide 5. Our rates business produced a record revenue quarter, driven by continued organic growth across swaps, global government bonds and mortgages.

我們繼續平衡投資以實現成長和獲利，調整後的 EBITDA 利潤率較 2024 年第二季擴大了 70 個基點。翻到幻燈片 5。我們的利率業務創造了創紀錄的季度收入，這得益於掉期、全球政府債券和抵押貸款的持續有機成長。

Record credit revenues were led by the strength across global corporate bonds, munis and credit derivatives. Money markets revenue growth was led by the addition of ICD and aided by record quarterly revenues across global repos. Whiles the ICD business has continued to see strong new client growth in the first half of the year, the business was negatively impacted by the recent market volatility as some large clients drew down their money market fund balances during the quarter to tactically buy back shares in the market and increased spend ahead of the potentially higher global tariffs.

創紀錄的信貸收入得益於全球公司債、市政債券和信貸衍生性商品的強勁表現。貨幣市場收入成長主要得益於 ICD 的加入以及全球回購協議創紀錄的季度收入。儘管 ICD 業務在上半年繼續保持強勁的新客戶成長勢頭，但該業務受到了近期市場波動的負面影響，因為一些大客戶在本季度動用了貨幣市場基金餘額，策略性地回購市場股票，並在潛在的全球關稅上調之前增加支出。

Equities posted record results up 50% year-over-year, led by growth in our global ETF and equity derivatives business. Finally, market data revenues were driven by growth in our proprietary data products. 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.

股票業績創歷史新高，年增 50%，這主要得益於我們全球 ETF 和股票衍生性商品業務的成長。最後，市場數據收入受到我們專有數據產品成長的推動。翻到幻燈片 6。我將簡要介紹我們兩個重點領域的最新情況。美國國債和 ETF，然後我將深入研究美國信貸和全球利率互換。

Starting with US treasuries. The quarter started out with the US treasury markets experiencing one of the most significant periods of volatility in years. 10-year US treasury yields moved nearly 50 basis points between April 4 and April 11, the fourth largest five-day move in yields since the financial crisis. All in, revenues were up 11% year-over-year with our institutional business climbing to new highs. Stepping back, we saw a tale of two cities unfold.

從美國國債開始。本季伊始，美國國債市場經歷了多年來最劇烈的波動之一。 4 月 4 日至 4 月 11 日期間，10 年期美國公債殖利率波動近 50 個基點，為金融危機以來第四大五日波動。整體而言，我們的機構業務收入年增 11%，創下新高。回顧過去，我們看到兩個城市的故事正在展開。

Automation remain resilient while voice activity increased temporarily. Specifically, institutional US treasury AiEX average daily trades were stable year-over-year. On the other hand, our second quarter market share of 22% declined year-over-year, driven by an industry-wide mix shift towards mainly voice-centric basis and swap spread trades.

自動化仍保持彈性，而語音活動暫時增加。具體而言，機構美國公債AiEX日均交易量較去年同期維持穩定。另一方面，由於整個產業組合轉向主要以語音為中心的基礎和掉期價差交易，我們第二季的市佔率為 22%，較去年同期下降。

These are two areas of the market where we continue to invest and while behavior change takes time, we believe we are well positioned to build solutions to these complex workflows, particularly now with our connection to the futures market through r8fin. On a relative basis, we continue to exceed 50% market share in institutional US treasuries versus our main electronic competitor in rates for the fifth consecutive quarter.

這是我們持續投資的兩個市場領域，雖然行為改變需要時間，但我們相信我們已做好準備，為這些複雜的工作流程建立解決方案，特別是現在我們透過 r8fin 與期貨市場建立了聯繫。相對而言，我們連續第五個季度在美國機構國債市場的佔有率超過我們的主要電子利率競爭對手的 50%。

Turning to our US Treasury wholesale business. We delivered another record revenue quarter. This was driven by record adoption of our streaming protocol and growing adoption of our sessions and r8fin solutions. Wholesale continues to be a strategic priority as we focus on expanding our network of liquidity providers and strengthening our liquidity pools and alignment with our multiprotocol platform strategy.

轉向我們的美國國債批發業務。我們又創下了季度營收紀錄。這是由於我們的串流媒體協議的採用率創下紀錄，以及我們的會話和 r8fin 解決方案的採用率不斷提高。批發仍然是我們的策略重點，因為我們專注於擴大我們的流動性提供者網路、加強我們的流動性池並與我們的多協議平台策略保持一致。

In equities, our ETF business generated record revenues as market volatility drove frequent rebalancing and risk management and as we continue to deepen integration with our clients. Our efforts to broaden our equity presence beyond our flagship ETF franchise continue to pay off with record institutional equity derivatives revenue up 30% year-over-year.

在股票方面，隨著市場波動推動頻繁的再平衡和風險管理，以及我們繼續深化與客戶的整合，我們的 ETF 業務創造了創紀錄的收入。我們致力於將股票業務拓展至旗艦 ETF 特許經營權之外，這項努力繼續帶來回報，機構股票衍生品收入同比增長 30%，創歷史新高。

Looking ahead, we're continuing to make inroads by onboarding new clients and the pipeline remains strong as the benefits of our electronic solutions continue to resonate with a key differentiator being our AiEX solution. Despite the extreme volatility experienced during the quarter, our clients strongly relied on AiEX across ETFs and with average daily trades increasing over 125% year-over-year.

展望未來，我們將繼續透過吸收新客戶取得進展，並且由於我們的電子解決方案的優勢繼續引起共鳴，而我們的 AiEX 解決方案是一個關鍵的區別因素，因此管道仍然保持強勁。儘管本季經歷了極端波動，但我們的客戶仍然強烈依賴 AiEX 的 ETF，平均每日交易量比去年同期成長超過 125%。

Turning to slide 7 for a closer look at credit. Double-digit revenue growth for the quarter was driven by strong double-digit revenue growth in both credit derivatives and municipal bonds. Global Corporate Credit delivered mid-single-digit revenue growth due to product and volume mix as retail corporate credit revenues were down 17% year-over-year, primarily reflecting the better relative yields our clients are getting across money markets and munis.

請翻到幻燈片 7 來仔細查看信用。本季兩位數的營收成長得益於信貸衍生性商品和市政債券強勁的兩位數收入成長。由於產品和交易量組合，全球企業信貸收入實現了中等個位數成長，而零售企業信貸收入較去年同期下降 17%，這主要反映了我們的客戶在貨幣市場和市政債券中獲得的相對收益率更高。

Overall, automation continues to resonate with global credit AiEX average daily trades increasing over 15% year-over-year. We achieved a record block share in fully electronic US investment grade and US high yield at 9% and 5%, respectively. This growth was driven by continued adoption of our portfolio trading, RFQ and sessions protocols. Our institutional US credit business continued to scale with revenues up 15% year-over-year as clients leverage our diverse suite of trading solutions.

總體而言，自動化持續產生共鳴，全球信貸 AiEX 日均交易量年增超過 15%。我們在全電子化美國投資等級債券和美國高收益債券中的持倉份額分別達到了創紀錄的 9% 和 5%。這一增長得益於我們持續採用投資組合交易、RFQ 和會話協議。隨著客戶利用我們多樣化的交易解決方案，我們的美國機構信貸業務持續擴大，營收年增 15%。

Institutional RFQ average daily volume grew over 35% year-over-year, with strong double-digit growth in both IG and high yield. Our efforts to expand into RFQ are seeing early signs of success with our RFQ share of overall trace achieving a new quarterly record. Portfolio trading average daily volume also increased 15% year-over-year, with record volumes across high-yield and our second highest across IG.

機構 RFQ 日均交易量年增超過 35%，其中 IG 和高收益均實現強勁的兩位數成長。我們向 RFQ 擴展的努力已初見成效，我們的 RFQ 份額在整體追蹤中創下了新的季度紀錄。投資組合交易日均交易量也比去年同期成長了 15%，其中高收益投資組合交易量創歷史新高，投資等級投資組合交易量位居第二。

Portfolio trading has become a widely used reliable method for executing trades and managing risk, particularly during periods of market volatility. As the market continues to evolve, we expect adoption to expand as it further embeds itself as an essential part of credit traders toolkits. AllTrade had a strong quarter over $200 billion in volume with average daily volume up almost 10% year-over-year.

投資組合交易已成為執行交易和管理風險的廣泛使用的可靠方法，尤其是在市場波動期間。隨著市場不斷發展，我們預計其採用率將會擴大，因為它將進一步成為信貸交易者工具包的重要組成部分。AllTrade 本季表現強勁，交易量超過 2,000 億美元，每日平均交易量較去年同期成長近 10%。

Our all-to-all average value volume grew over 50% year-over-year, while our dealer RFQ average daily volume rose by nearly 20% year-over-year. The team remains focused on expanding our network and increasing the number of responders on the AllTrade platform. In the second quarter, we achieved record ETF market maker participation across our institutional credit business.

我們的整體平均交易額較去年同期成長超過 50%，而我們的經銷商 RFQ 日均交易量較去年同期成長近 20%。團隊仍然專注於擴大我們的網路並增加 AllTrade 平台上的回應者數量。第二季度，我們的機構信貸業務的 ETF 做市商參與度創下了歷史新高。

Looking ahead, US credit remains a key area of focus. We believe there is still a long runway for growth with plenty of opportunity to innovate alongside both buy-side and dealer clients. Despite the success to date, we believe we can continue to deepen our penetration across RFQ and further enhance our portfolio trading and session offerings.

展望未來，美國信貸仍是關注的重點領域。我們相信，成長空間仍然很大，買方和經銷商客戶都有足夠的創新機會。儘管迄今為止取得了成功，但我們相信我們可以繼續深化我們在 RFQ 中的滲透，並進一步增強我們的投資組合交易和會話產品。

Core to our strategy is attacking more parts of the block market through our differentiated liquidity, proprietary data and unique liquidity pools, coupled with continued expansion of our product and sales teams. Beyond US credit, we're continuing to prioritize our emerging markets credit expansion efforts. We continue to broaden out our liquidity provider set across key markets, work with our OMS partners on key integrations and expand the functionality around key differentiators, such as asset swaps.

我們策略的核心是透過差異化的流動性、專有數據和獨特的流動性池，同時不斷擴大我們的產品和銷售團隊，進入更多的區塊市場。除了美國信貸之外，我們還將繼續優先考慮新興市場的信貸擴張工作。我們將繼續擴大我們在主要市場的流動性提供者範圍，與我們的 OMS 合作夥伴合作進行關鍵整合，並擴展圍繞資產互換等關鍵差異化因素的功能。

While still early in the journey, EM credit revenues grew nearly 40% year-over-year in the second quarter signaling strong momentum. Moving to slide 8. Global swaps delivered record revenues driven by a combination of strong client engagement in response to a dynamic macro backdrop, a favorable mix shift towards risk trading and a 4% increase in weighted average duration.

儘管仍處於起步階段，但第二季新興市場信貸收入年增近 40%，顯示出強勁的發展動能。移至幻燈片 8。全球掉期交易實現了創紀錄的收入，這得益於客戶在動態宏觀背景下的強勁參與、向風險交易的有利組合轉變以及加權平均久期增加 4%。

Altogether, global swaps revenues grew over 45% year-over-year. Our core risk market share, which excludes compression trading, was a record, rising 240 basis points year-over-year. Total market share declined from 23.6% in the second quarter of '24 to 22.6% in the second quarter of '25, largely due to a significant reduction in US and European client-related compression volumes which carry much lower fee rates.

整體而言，全球掉期營收年增超過45％。我們的核心風險市佔率（不包括壓縮交易）創下了歷史新高，年增 240 個基點。總市佔率從 24 年第二季的 23.6% 下降到 25 年第二季的 22.6%，這主要是由於與美國和歐洲客戶相關的壓縮量大幅減少，而這些壓縮的費率要低得多。

During the quarter, we achieved the highest share in our history across other G11 and our second highest share across EM denominated currencies. The second quarter highlighted the continued global expansion of our swaps business in terms of both geographic reach and broader client engagement. International swaps achieved record revenues growing over 55% year-over-year with record EM and APAC revenues.

在本季度，我們在其他 G11 貨幣中的份額達到了歷史最高水平，在新興市場計價貨幣中的份額也達到了第二高水平。第二季突顯了我們的掉期業務在地理覆蓋範圍和更廣泛的客戶參與度方面的持續全球擴張。國際掉期業務收入創歷史新高，較去年同期成長超過 55%，其中新興市場和亞太地區營收創歷史新高。

Our strong performance was supported by a 13% year-over-year increase in global active users. As our global footprint continues to expand, we're not just adding new clients, but enhancing the value of the platform for the broader client base with the average number of currencies traded per client, almost doubling over the past five years.

我們的強勁業績得益於全球活躍用戶年增 13%。隨著我們全球業務的不斷擴大，我們不僅在增加新客戶，而且還在為更廣泛的客戶群提昇平台的價值，過去五年來，每個客戶交易的平均貨幣數量幾乎翻了一番。

Finally, we continue to make progress across emerging market swaps and our rapidly growing RFM protocol. Our second quarter EM swap revenue produced another strong growth quarter, and we believe there is still significant room to grow given the low levels of electronification. This quarter, we launched Malaysian swaps and executed the first click to trade in Brazilian swaps as we continue to broaden our offering.

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。我們第二季的新興市場掉期收入再次實現了強勁成長，我們認為，鑑於電子化水平較低，仍有很大的成長空間。本季度，我們推出了馬來西亞掉期交易，並首次執行了巴西掉期交易點擊，繼續擴大我們的產品範圍。

Our RFM protocol also saw average daily volume more than double year-over-year with adoption picking up. Looking ahead, we continue to believe the long-term growth potential for swaps remain significant. Recent market volatility and macro uncertainty have only reinforced the value of electronic trading and the strength of our network globally.

我們的 RFM 協議的日均交易量也比去年同期成長了一倍多，採用率也不斷提高。展望未來，我們仍然相信掉期交易的長期成長潛力仍然巨大。最近的市場波動和宏觀不確定性只會增強電子交易的價值和我們全球網路的實力。

With just 30% of the cleared swaps market currently electronified, there is substantial runway to digitize workflows alongside our clients. As the global swaps landscape grows, we are focused on continuing to lead with innovation across the cleared market and making inroads into the uncleared swaps market in partnership with our clients.

目前，清算掉期市場僅有 30% 實現了電子化，因此，我們與客戶一起實現工作流程數位化還有很大的發展空間。隨著全球掉期格局的發展，我們專注於繼續引領清算市場的創新，並與客戶合作進入未清算掉期市場。

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

接下來，讓我將話題交給 Sara，讓她更詳細地討論一下我們的財務狀況。

Thanks, Billy, and good morning. As I go through the numbers, all comparisons will be to the prior year period, unless otherwise noted. slide 9 provides a summary of our quarterly earnings performance. As Billy recapped earlier, this quarter, we saw record revenues of $513 million that were up 26.7% year-on-year on a reported basis and 24.7% on a constant currency basis given the weakening dollar.

謝謝，比利，早安。當我瀏覽這些數字時，除非另有說明，所有比較都將與去年同期進行。幻燈片 9 提供了我們季度獲利表現的摘要。正如比利早些時候所回顧的那樣，本季度，我們的收入達到了創紀錄的 5.13 億美元，按報告基礎計算同比增長 26.7%，考慮到美元疲軟，按固定匯率計算增長 24.7%。

We derived approximately 42% 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. Our variable revenue increased by 30% and total trading revenues increased by 28%. Total fixed revenues related to our four major asset classes were up 25% on a reported basis and 23% on a constant currency basis.

我們第二季約 42% 的收入來自國際客戶，我們約 30% 的收入基礎是以美元以外的貨幣計價的，主要是歐元。我們的可變收入增加了 30%，總交易收入增加了 28%。與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 25%，按固定匯率計算增長了 23%。

Rates fixed revenue growth was primarily driven by an increase in minimum fee floors for certain dealers and by the addition of dealers to our mortgage and US government bond platforms. Credit fixed revenue growth was primarily driven by the previously disclosed introduction of minimum fee floors and the migration of certain dealers to subscription fees.

固定利率收入的成長主要得益於某些交易商的最低費用下限的提高，以及我們的抵押貸款和美國政府債券平台增加交易商。信貸固定收入的成長主要得益於先前揭露的最低費用下限的引入以及某些經銷商轉向訂閱費。

Other revenues increased 32%, primarily driven by $1.8 million earned from our work with the Canton Network, where we are compensated in Canton coins. This line item will be variable quarter-to-quarter, reflecting fluctuations in the number of earned Canton Coins, Canton Coin prices and periodic tech enhancements for retail clients.

其他收入成長了 32%，主要得益於我們與 Canton Network 合作所賺取的 180 萬美元，我們以 Canton 幣獲得報酬。此項目將按季度變化，以反映所賺取的 Canton Coin 數量、Canton Coin 價格和零售客戶的定期技術改進的波動。

This quarter's adjusted EBITDA margin of 54.2% increased by 83 basis points on a reported basis when compared to our 2024 full year margins. Moving on to fees per million on slide 10 and a highlight of the key trends for the quarter. You can see slide 16 of the earnings presentation for additional detail regarding our fee per million performance this quarter.

本季調整後的 EBITDA 利潤率為 54.2%，與 2024 年全年利潤率相比，報告基礎上增加了 83 個基點。繼續討論第 10 張投影片上的每百萬費用以及本季主要趨勢的重點。您可以查看收益報告的第 16 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。

For cash rate products, average fees per million were down 7%, primarily due to a mix shift away from retail within US government bonds, which carries a comparatively higher fee per million as well as lower fee per million across mortgages and European government bonds. For long-tenor swaps, average fees per million were up 40%, primarily due to a decline in compression activity.

對於現金利率產品，每百萬的平均費用下降了 7%，主要是因為美國政府債券的投資組合從零售轉向零售，美國政府債券的每百萬費用相對較高，而抵押貸款和歐洲政府債券的每百萬費用較低。對於長期掉期，每百萬的平均費用上漲了 40%，這主要是由於壓縮活動的減少。

For cash credit, average fees per million decreased 11% due to the migration of certain dealers from fully variable plans to fixed plans across the institutional and wholesale US credit business and a mix shift away from retail within US credit, which carries a higher fee per million. For cash equities, average fees per million increased 15% due to higher fee per million in US ETFs and a mix shift towards EU ETFs, which carry a relatively higher fee per million.

對於現金信貸而言，每百萬的平均費用下降了 11%，這是由於某些經銷商在美國機構和批發信貸業務中從完全可變計劃轉向固定計劃，以及美國信貸業務從零售轉向零售，而零售的每百萬費用更高。對於現金股票，由於美國 ETF 每百萬費用較高，且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 15%。

Recall in the US, we charge per share and not for notional value traded. Finally, within money markets, average fees per million increased 49%, primarily due to the inclusion of ICD and were partially offset by a mix shift away from retail CDs, which carry a comparatively higher fee per million. Slide 11 details our adjusted expenses.

回想一下，在美國，我們是按每股收費，而不是以交易的名目價值收費。最後，在貨幣市場中，每百萬的平均費用增加了 49%，這主要是由於納入了 ICD，但部分抵消了從零售 CD 轉向零售 CD 的組合轉變，因為零售 CD 的每百萬費用相對較高。幻燈片 11 詳細說明了我們的調整後費用。

At a high level, the scalability and variable nature of our expense base allows us to continue to invest for growth and grow margins. We have maintained a consistent philosophy here. Adjusted expenses for the second quarter increased 24% on a reported and 22% on a constant currency basis. Given the strong environment to invest for long-term growth, during the second quarter, we continued investments in digital assets, consulting and client relationship development.

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。我們在這裡始終秉持著一貫的理念。第二季調整後支出以報告數字計算成長了 24%，以固定匯率計算成長了 22%。鑑於長期成長投資的強勁環境，在第二季度，我們繼續對數位資產、諮詢和客戶關係發展進行投資。

Adjusted compensation costs grew 23% with the vast majority as a result of discretionary and performance-related compensation and a 20% increase in head count with more than 50% of the head count increase related to the addition of ICD. Technology and communication costs increased 25%, primarily due to our previously communicated investments in data strategy and infrastructure.

調整後的薪酬成本增加了 23%，其中絕大部分是由於自由裁量權和與績效相關的薪酬，員工人數增加了 20%，其中超過 50% 的員工人數成長與增加 ICD 有關。技術和通訊成本增加了 25%，這主要是由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 6% mainly due to an increase in tech consultants as we augment our offshore technology operations and build incremental scalability. This was partially offset by lower legal fees. Adjusted general and administrative costs increased 55%, primarily due to unfavorable movements in FX. Unfavorable movements in FX resulted in a $2.2 million loss in the second quarter of '25 versus a $1.7 million gain in the second quarter of '24.

調整後的專業費用增加了 6%，主要是因為我們擴大了離岸技術業務並建立了增量可擴展性，導致技術顧問數量增加。這被較低的法律費用部分抵消了。調整後的一般及行政成本增加了 55%，主要原因是外匯的不利變動。外匯市場的不利變動導致 25 年第二季虧損 220 萬美元，而 24 年第二季則獲利 170 萬美元。

Excluding FX, adjusted general and administrative costs grew 21%, mainly due to a pickup in travel and entertainment and marketing expenses. Slide 12 details capital management and our guidance. On our cash position and capital return policy. We ended the second quarter in a strong position with $1.6 billion in cash and cash equivalents and free cash flow reached approximately $952 million for the trailing 12 months.

除外匯外，調整後的一般及行政費用增加了 21%，主要原因是差旅、娛樂和行銷費用增加。投影片 12 詳細介紹了資本管理和我們的指導。關於我們的現金狀況和資本回報政策。我們在第二季結束時處於強勁狀態，擁有 16 億美元的現金和現金等價物，過去 12 個月的自由現金流達到約 9.52 億美元。

Our net interest income of $14.5 million decreased due to a combination of lower cash balances and interest yields. 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. Turning to guidance for 2025. In light of the continued strong business momentum, we are increasing our adjusted expense guidance to $1 billion to $1.05 billion, and we are currently trending towards the midpoint of this range.

由於現金餘額和利息收益率下降，我們的淨利息收入減少了 1,450 萬美元。根據本季的收益，董事會宣布季度股息為每股 A 類和 B 類股票 0.12 美元，年增 20%。轉向2025年的指導。鑑於業務持續強勁的發展勢頭，我們將調整後的支出預期上調至 10 億美元至 10.5 億美元，目前我們正趨向於這一範圍的中間點。

Overall, we are seeing opportunity to invest for future growth and continue to accelerate investments in the second half of 2025 relative to the first half of the year. Specific areas of investment include US and European credit, specified pools and mortgages, global repos and digital assets. Starting in the third quarter, in line with an acceleration in our data and infrastructure strategy, we expect an approximately $5 million increase in our non-comp expense run rate across tech and communications and professional fees.

整體而言，我們看到了投資未來成長的機會，相對於上半年，2025 年下半年的投資將持續加速。具體投資領域包括美國和歐洲信貸、特定資金池和抵押貸款、全球回購和數位資產。從第三季開始，隨著我們數據和基礎設施策略的加速推進，我們預計技術、通訊和專業費用的非經常性支出運作率將增加約 500 萬美元。

Lastly, primarily due to the move to our New York City headquarters, which we expect in September, we estimate second half 2025 occupancy expenses to rise 40% year-over-year, including approximately $650,000 in duplicate rent-related expenses. All in, with these investments, we continue to expect our 2025 adjusted EBITDA margin to exceed 2024 levels, although expansion will be more modest than last year as we support our current and future organic growth.

最後，主要是由於我們預計將於 9 月遷至紐約市總部，我們估計 2025 年下半年的入住費用將年增 40％，其中包括約 65 萬美元的重複租金相關費用。總而言之，透過這些投資，我們仍然預計 2025 年調整後的 EBITDA 利潤率將超過 2024 年的水平，儘管由於我們支持當前和未來的有機成長，擴張將比去年更為溫和。

One final point. We continue to expect 2025 revenues generated under the master data agreement with LSEG to be approximately $90 million, up approximately 10% from 2024.

最後一點。我們繼續預計，2025 年與 LSEG 簽訂的主資料協議產生的收入將達到約 9,000 萬美元，比 2024 年增長約 10%。

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

現在我把話題交還給比利，請他做總結發言。

Thanks, Sara. I'm extremely proud of the Tradeweb team that continues to push the boundaries on where electronic trading can go in the fixed income markets. As I mentioned at the outset of this call, we achieved over $1 billion in revenue in the first half of this year. And to put that in perspective, we produced $776 million in all of 2019, the year of our IPO.

謝謝，薩拉。我為 Tradeweb 團隊感到非常自豪，他們不斷突破固定收益市場電子交易的界限。正如我在電話會議開始時提到的，今年上半年我們的收入超過 10 億美元。從這個角度來看，我們在 2019 年（首次公開募股的那一年）全年創造了 7.76 億美元的收入。

What was once thought of as headwinds to electronification are now turning into tailwinds for future growth. Better data, a growing set of execution tools, straight-through processing and post-trade solutions are providing our buy-side clients and dealers with more opportunities to trade on screen even during the most volatile of environments.

曾經被認為是電子化阻力的因素現在正轉變為未來成長的順風。更好的數據、不斷增長的執行工具、直通式處理和交易後解決方案為我們的買方客戶和交易商提供了更多的螢幕交易機會，即使在最動蕩的環境中也是如此。

We see significant opportunity to use technology and innovation to electronify more areas of the fixed income markets over the coming years, alongside our dealers and clients. We are also focused on new areas such as digital assets to further enhance our one-stop shop offering. With two important month-end trading days left in July, which tends to be one of our strongest revenue days.

我們看到了巨大的機遇，即在未來幾年內與我們的經銷商和客戶一起利用技術和創新來實現固定收益市場更多領域的電子化。我們也專注於數位資產等新領域，以進一步增強我們的一站式服務。7 月還剩下兩個重要的月末交易日，這往往是我們收入最豐厚的日子之一。

Overall, and average daily revenue growth are trending approximately 20% higher relative to July 2024. The diversity of our growth remains a theme as we are seeing double-digit volume growth across global swaps, mortgages, European government bonds, US and European credit, munis, European ETFs and global repo. Our IG shares tracking above June levels, while our high-yield share is tracking in line with June levels.

整體而言，與 2024 年 7 月相比，平均每日收入成長率趨勢高出約 20%。我們成長的多樣性仍然是一個主題，因為我們看到全球掉期、抵押貸款、歐洲政府債券、美國和歐洲信貸、市政債券、歐洲 ETF 和全球回購的交易量都實現了兩位數成長。我們的 IG 股票追蹤水準高於 6 月的水平，而我們的高收益股票追蹤水準與 6 月的水準一致。

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

最後，我要感謝我們的客戶在本季度的業務和合作，並表彰我的同事們為 Tradeweb 創下季度收入和交易量紀錄所做的努力。

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. (Operator Instructions) operator, you can now take our first question.

謝謝比利。 （接線生指示）接線員，您現在可以回答我們的第一個問題了。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Yes. Just wanted to come back to the market share trends in US treasuries. Billy, I think you proactively talked about this a little bit, and -- but those have been certainly looking lower in recent quarters. So can you just maybe unpack a little bit more? Is it just mix phone versus electronics, wholesale, institutional or are there some other underlying trends that you and we should be watching? And if so, what are you doing to recapture that share?

是的。只是想回到美國國債的市佔率趨勢。比利，我想你主動談論過這一點，但最近幾季這些數字肯定看起來較低。那你能再詳細解釋一下嗎？它是否只是混合手機與電子產品、批發、機構，還是存在一些您和我們應該關注的其他潛在趨勢？如果是的話，您將採取什麼措施來重新奪回這一份額？

Alex, great question. Actually, before I get into the answer, Alex, let me just say one thing very quickly. You know us very well as being a very genuine and authentic company. That's what we strive to be. I want to say this just very quickly, what happened on Monday was obviously very devastating Monday evening in Midtown, and the company expresses its thoughts and prayers for everyone involved.

亞歷克斯，好問題。實際上，在我回答問題之前，亞歷克斯，讓我先快速說一件事。您非常了解我們是一家非常真誠和可靠的公司。這正是我們所追求的。我想很快地說一下，週一晚上在市中心發生的事情顯然是非常毀滅性的，公司向所有相關人員表示慰問和祈禱。

We've always had a very historically strong relationship with Blackstone. A tragedy that occurred and so I just wanted to say very quickly in an authentic and genuine way how much we're thinking of everyone involved. And I'll segue Alex, to your excellent question. From my perspective, really, as I think about how you laid it out, the story of Tradeweb has been really about a story of expansion from one marketplace, way back when to now we're in 50 different markets.

我們與黑石集團一直保持著非常牢固的關係。發生了一場悲劇，所以我只想以一種真實而真誠的方式快速地說出我們對所有相關人員的想法。接下來，我將轉而回答亞歷克斯提出的這個非常好的問題。從我的角度來看，實際上，當我思考你如何闡述時，Tradeweb 的故事實際上是從一個市場擴張的故事，到現在我們已經進入了 50 個不同的市場。

Our rates platform to kind of credit ETFs and EM. So I say this all the time, like ambitious companies are always looking for the next opportunity. But more importantly, I would say, ambitious companies can never take their eye off the ball. And so from my perspective, the ball has always really been kind of US treasuries, because I think we see it as probably the most fundamentally important market inside of the fixed income complex.

我們的利率平台適用於信用ETF和新興市場。所以我總是這麼說，雄心勃勃的公司總是在尋找下一個機會。但更重要的是，我想說，雄心勃勃的公司永遠不會放棄目標。因此，從我的角度來看，真正的焦點一直是美國國債，因為我認為我們認為它可能是在固定收益綜合體中最重要的市場。

But maybe more importantly, as that market that creates links for us to all of these spread-based products. So our leadership position there is exceptionally important. I also say all the time, and I want you to hear me on this, that from my perspective, really our biggest competition is really the phone. It's not Bloomberg, it's not CME. It's the phone.

但也許更重要的是，這個市場為我們創建了與所有這些基於價差的產品的連結。因此，我們在那裡的領導地位極為重要。我也一直在說，我希望你們聽聽我的觀點，從我的角度來看，我們最大的競爭對手其實是手機。它不是彭博社，也不是芝加哥商品交易所 (CME)。是電話。

And so we kind of asked the question, but really, it's really about solving for the problem. It's kind of like why does phone-based trading still exist in 1995, like why does phone-based trading still exist in 2025 like it's 1995, right? Like past the Philly cheesesteaks at 10:00 in the morning kind of stuff, right? And so what we think about very clearly is sort of like two reasons really, right?

所以我們提出了這個問題，但實際上，這是為了解決問題。這有點像為什麼 1995 年電話交易仍然存在，為什麼 2025 年電話交易仍然存在，就像 1995 年一樣，對吧？就像過去早上 10 點吃費城起司牛排那樣，對吧？所以我們非常清楚想到的其實是兩個原因，對吧？

Why does phone-based trading still exist in government bonds, like two reasons. Risk trades still tend to get done on the phone. And I think we're doing a lot to solve for that through micro protocols like request for market and also AiEX, which I think is really kind of getting after those big kind of block trades. And then maybe more importantly, I would say, complexity, a lot of times still gets done and transacted on the phone.

為什麼國債電話交易仍然存在，原因有兩個。風險交易仍然傾向於透過電話完成。我認為我們正在透過微協議（例如市場請求和 AiEX）來解決這個問題，我認為這確實可以解決那些大型大宗交易的問題。然後也許更重要的是，我想說，複雜性，很多時候仍然透過電話完成和處理。

So when we think about complexity, we think about kind of package trading, basis trades, swap spread trades, those kinds of trades. And without question, which I think goes to the sort of like the heart of your question now, it's like higher volatility led to a pickup in these pockets of those types of trades. And so this shift in composition created from my perspective, I would say, a temporary headwind around electronification which caused this decline of about 400 basis points year-over-year.

因此，當我們考慮複雜性時，我們會考慮一攬子交易、基礎交易、掉期價差交易等類型的交易。毫無疑問，我認為這就是你問題的核心，更高的波動性導致此類交易的增加。因此，從我的角度來看，這種結構變化造成了電子化的暫時逆風，導致同比下降約 400 個基點。

And I think contributed to the decline in share that you alluded to. So on a micro protocol level, what we do is kind of roll up our sleeves, right? So we're rolling out US dollar swaps and treasuries really like a multi-asset package trading protocol. We're making some changes to increments around swap spreads. I step back and I kind of say, for the most part, never satisfied.

我認為這導致了您提到的份額下降。因此，在微協議層面上，我們所做的就是捲起袖子，對嗎？因此，我們推出的美元掉期和國債其實類似於多元資產一攬子交易協議。我們正在對掉期利差的增量進行一些更改。我退一步，可以說，在大多數情況下，我永遠不會滿足。

But for the most part, our treasury business is pretty much firing on all cylinders. We've gained about, I would say, 250 basis points versus Bloomberg. So on the electronics side, we've gained 250 basis points versus Bloomberg year-over-year. I think as we continue to be the leader around algo execution, continuing to grow across our wholesale business really by giving clients a full suite of protocols that meet them where they are.

但在大多數情況下，我們的財務業務幾乎全速運轉。我想說，我們比彭博社上漲了大約 250 個基點。因此，在電子產品方面，我們比彭博社的股價年增了 250 個基點。我認為，隨著我們繼續成為演算法執行領域的領導者，透過為客戶提供一整套滿足他們需求的協議，我們的批發業務將繼續成長。

So if you take a step back, I do think it's really like a great time to be in the global rates business broadly, right? So let's keep those kind of parameters in mind. Debt levels continue to decline, central banks continue to step back. There continues to be this kind of real debate around the shape and level of the yield curve. And importantly, and I say this, I think, very, very strongly. The banks are back.

所以，如果你退一步來看，我確實認為現在確實是涉足全球利率業務的好時機，對嗎？所以讓我們記住這些參數。債務水準持續下降，各國央行仍持續退縮。關於殖利率曲線的形狀和水平的爭論仍在繼續。重要的是，我認為，我非常非常堅定地指出這一點。銀行又回來了。

They're strong, they're active and they're very willing to -- and are warehousing risk. And so when you think about those dynamics, my instinct is, I think they play well to how Tradeweb manages market structure. I think it plays to our advantage on some level as that kind of kind of trusted marketplace that we take very seriously. And so our job is always like, how do we help clients trade smarter, right?

他們實力雄厚，積極主動，非常願意承擔倉儲風險。因此，當您考慮這些動態時，我的直覺是，我認為它們對於 Tradeweb 如何管理市場結構起著很好的作用。我認為，作為我們非常重視的那種值得信賴的市場，它在某種程度上對我們有利。所以我們的工作始終是，如何幫助客戶更明智地交易，對嗎？

How do we make their workflow better? How do we try to do that consistently? And so my instinct is micro protocols like request for market, which mimic the cadence of voice behavior. I think it gives us credibility that we go after these kinds of voice trades the right way. It really is also from our perspective, why we acquired r8fin earlier this year. It brought listed futures into our world.

我們如何讓他們的工作流程變得更好？我們如何始終如一地做到這一點？所以我的直覺是像市場請求這樣的微協議，它模仿語音行為的節奏。我認為這讓我們以正確的方式進行此類語音交易，從而獲得了信譽。從我們的角度來看，這也是我們今年稍早收購 r8fin 的原因。它將上市期貨帶入了我們的世界。

It gave us a chance, I think, to partner more deeply with these relative value clients that can be voice-oriented to electronify a part of the market that still is kind of that kind of paper market. And it's another step towards building a more complete, more efficient experience for our clients. And so excited about the future. I say this like all the time, we try to stay humble and for sure, unsatisfied. So I appreciate your question.

我認為，這給了我們一個機會，讓我們能夠與這些相對有價值的客戶進行更深入的合作，這些客戶可以透過語音實現部分市場電子化，而這部分市場目前仍屬於那種紙質市場。這是我們向客戶打造更完整、更有效率的體驗邁出的又一步。我對未來充滿期待。我一直都這麼說，我們要努力保持謙虛，而且不滿足。我很感謝你的提問。

We're confident. I think we think the opportunity in front of us to keep solving for these issues are real. And we're always going to work on earning the trust of our buy side and dealer clients. I think that we've shown that we understand how to navigate behavior change. And I think in a positive way, I would say more and more we try to become that platform of choice.

我們有信心。我認為我們認為我們面前繼續解決這些問題的機會是真實的。我們將始終努力贏得買方和經銷商客戶的信任。我認為我們已經表明我們了解如何引導行為改變。我認為從正面的角度來看，我們會越來越努力成為人們選擇的平台。

And I appreciate your question always Alex. It's good to hear your voice. Thank you.

亞歷克斯，我始終很感謝你的提問。很高興聽到你的聲音。謝謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Our question is on pricing and credit. So we're curious what has been the initial client reaction to the new buy-side fees on high yield? And what are your thoughts on employing a similar strategy in investment-grade next?

我們的問題是關於定價和信貸。因此，我們很好奇客戶對高收益債券新的買方費用的最初反應是什麼？您下一步打算在投資等級債券中採用類似的策略，您有何想法？

Craig, good question. And so I think my instinct is sort of the heart of your question is really kind of speaks to, I think, from our perspective, really like how we try to build markets. And we try to build markets with innovation credibility. And then I described before, and you know this very well, this sort of relentless focus on really delivering value to our clients.

克雷格，好問題。所以我認為我的直覺是，你的問題的核心實際上是從我們的角度來看，我們如何嘗試建立市場。我們努力以創新信譽打造市場。然後我之前描述過，你們也非常清楚，這種堅持不懈地專注於真正為我們的客戶提供價值。

So as I say that, when we introduced buy-side fees into high yield, to make an obvious point, it wasn't about just pushing through a change right? It was really about recognizing kind of where the platform is today. And so I say this like pretty strongly, like we're not a niche player in high yield anymore, right? We're not a niche player in high yield.

所以，正如我所說，當我們將買方費用引入高收益債券時，顯而易見的是，這不僅僅是為了推動一項變革，對嗎？這其實是為了認識平台目前所處的位置。所以我非常堅定地表示，我們不再是高收益領域的利基參與者了，對吧？我們並不是高收益領域的利基參與者。

And so when I say that what I mean is we've built scale, we've build trust, and I think clients understand the value that we're delivering, right? So we probably did what you expected us to do, which is we communicated early. We were transparent. And since the rollout, our institutional high-yield share has gone up.

所以當我說我的意思是我們已經建立了規模，我們已經建立了信任，我認為客戶了解我們提供的價值，對嗎？所以我們可能做了您期望我們做的事情，那就是提前溝通。我們很透明。自推出以來，我們的機構高收益份額已經上升。

And so from my perspective as CEO, that's the market telling us at a minimum we got that positioning right. And a reminder, Craig, to your question, like this isn't -- as you know, this isn't new for us. So we've had buy-side fees in IG since 2016. I think the market expected this move in high yield as we grew. We know our competitors are there, too.

因此，從我作為執行長的角度來看，市場至少告訴我們我們的定位是正確的。克雷格，提醒一下你的問題，這並不是——如你所知，這對我們來說並不新鮮。因此，自 2016 年以來，IG 就一直收取買方費用。我認為，隨著我們的發展，市場預期到這項高收益措施。我們知道我們的競爭對手也在那裡。

But we believe we're leading the space because of the investments we've made across -- really across technology, protocols, and liquidity, which are really from our perspective, the three pillars of innovation. I think the second quarter numbers back that up. So record share in fully electronic block trading, 9%, as you know, in IG, 5% on high yield, 35% year-over-year growth in institutional RFQ average daily volume, record high-yield portfolio trading volumes.

但我們相信，我們之所以處於領先地位，是因為我們在技術、協議和流動性等領域進行了投資，從我們的角度來看，這實際上是創新的三大支柱。我認為第二季的數據證實了這一點。因此，完全電子化大宗交易的份額創下了歷史新高，如您所知，在 IG 中佔 9%，高收益佔 5%，機構 RFQ 日均交易量同比增長 35%，高收益投資組合交易量創下歷史新高。

I'm giving a little shout out to the credit team, record high-yield portfolio trading volume, second highest IG quarter, ETF trade count was up 125% year-over-year, and our AiEX usage continues to grow up 15% in credit. So all of this is kind of good news. My instinct is a part of this really is our integration with Aladdin, which does continue to deepen the connectivity allows us really to embed Tradeweb directly into the client workflow, helping them access liquidity, automate execution, manage risk.

我要向信貸團隊致以崇高的敬意，創下了高收益投資組合交易量的紀錄，是第二高的 IG 季度，ETF 交易數量同比增長 125%，我們的 AiEX 使用量在信貸方面繼續增長 15%。所以這一切都是好消息。我的直覺是，這其中的一部分實際上是我們與 Aladdin 的整合，它確實繼續深化了連接性，使我們能夠將 Tradeweb 直接嵌入到客戶工作流程中，幫助他們獲取流動性、自動化執行和管理風險。

My instinct is and our instinct is that kind of integration makes it easier for clients to scale with us, right? And that's why we're focused there. It makes it harder for them to leave us, harder for them to go anywhere else. So we want to be practical always, you know that. Pragmatic and practical. Yes, price matters, but the value you create on real efficiency, we do think matters more.

我的直覺是，我們的直覺是，這種整合可以讓客戶更容易與我們一起擴大規模，對嗎？這就是我們關注那裡的原因。這使得他們更難離開我們，更難去其他地方。所以我們希望始終務實，你知道的。務實、實用。是的，價格很重要，但我們認為您在實際效率上創造的價值更重要。

And I say that, I think, very consistently. And my instinct is, clients are starting to respond to the quality really of what we built. So we're going to keep investing. Big picture credit still has a ton of runway. We're attacking more of the block market, enhancing RFQ, expanding portfolio trading continuing to, as I described before, I think, scale, AllTrade, broadening out our EM credit business and continuing to expand our sales and product teams to support it all, that's like a big piece of it.

我認為我一貫是這麼說的。我的直覺是，客戶開始對我們所建構產品的品質做出反應。因此我們將繼續投資。大局信用仍有很大的發展空間。我們正在進入大宗市場，增強 RFQ，擴大投資組合交易，正如我之前所描述的，我認為，繼續擴大 AllTrade 的規模，拓寬我們的新興市場信貸業務，並繼續擴大我們的銷售和產品團隊來支持這一切，這是其中很重要的一部分。

We don't know if we have the perfect answer as you know that. We've been doing this too long to know all of the stuff is not like straight line stuff, but our instinct is this is the recipe for how to grow. And so that's how we're going to lead and that's how we want to stay in front of things. It's a great question. Thanks very much, Craig.

正如您所知，我們不知道我們是否有完美的答案。我們做這件事已經太久了，知道所有的事情都不是直線性的，但我們的直覺是，這是成長的秘訣。這就是我們的領導方式，也是我們希望保持領先的方式。這是一個很好的問題。非常感謝，克雷格。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

I wanted to ask about ICD. I mean my high-level question is about the progress in your cross-selling of additional products across that embedded customer base. But Billy, I was also wondering if you could maybe unpack some of your comments from your prepared remarks about volatility impacting balances in the quarter. Just anything you can share like anecdotally from what the company has seen in the past?

我想問ICD。我的意思是，我的高層次問題是關於您在嵌入式客戶群中交叉銷售附加產品的進展。但是比利，我還想知道您是否可以從您準備好的發言中解讀出一些關於波動性影響本季餘額的評論。您能分享一下公司過去所見的任何趣聞軼事嗎？

How long does it typically take for balances to recover? How should we think about the next few months or quarters there?

餘額通常需要多長時間才能恢復？我們應該如何看待未來幾個月或幾季的情況？

Sure, Ben. It's Sara. Why don't I take a stab at that, and Billy can kind of chime in. Nice to hear from you. So I'll kind of take it in parts. Big picture. As we approach the one-year mark for ICD, we remain really excited about the long-term opportunity with the company on two angles. One for future growth, and we'll talk about some of the cross-selling opportunities and also from an enhanced diversification aspect, which we're also focused on for the company.

當然，本。是薩拉。為什麼我不嘗試呢，Billy 也可以加入進來。很高興收到你的來信。所以我會分部分來講。大局。隨著 ICD 成立一周年，我們仍然對從兩個角度與該公司合作的長期機會感到非常興奮。一個是未來的成長，我們將討論一些交叉銷售機會，同時也從增強多樣化的角度討論，這也是我們公司關注的重點。

Big picture, client retention remains high. We've added 34 clients so far this year, and balances in revenue are up modestly over the 12-months. That said, what Billy highlighted in his prepared remarks, I can kind of pull back a little bit more on. In the second quarter, we did see some cash balance volatility around the prospects of tariffs.

整體來看，客戶保留率仍然很高。今年到目前為止，我們已經增加了 34 個客戶，並且 12 個月的收入餘額略有成長。話雖如此，我可以稍微回顧一下比利在準備好的發言中所強調的內容。在第二季度，我們確實看到圍繞關稅前景的一些現金餘額波動。

And so if you think about some of the large cap clients in the tech and energy space, what we saw were people taking advantage of some share price dislocations that we saw in the market at that time by increasing buybacks as well as what looks to be accelerated CapEx purchases versus maybe their historical patterns, which we think really is related to some of that speculation around how much things would cost later in the year.

因此，如果您考慮科技和能源領域的一些大盤股客戶，我們看到的是，人們利用當時市場上看到的一些股價錯位，透過增加回購以及看似加速的資本支出購買（相對於他們的歷史模式），我們認為這實際上與對今年稍後物價的一些猜測有關。

It looks very episodic. The wallet, the market share with those clients, is unchanged and remains strong. So there's no actual change in our relationship. It's really just a function of what they're doing with their cash balances. I would say if you looked at it versus other years, like historically, the second quarter, you do see some dips maybe a little bit around taxes, but nothing as pronounced as we saw this year.

看起來非常有情景感。錢包，即這些客戶的市場份額，保持不變並且保持強勁。所以我們的關係其實沒有改變。這實際上只是他們如何處理現金餘額的一個函數。我想說的是，如果與其他年份相比，從歷史上看，第二季的稅收可能會出現一些下降，但不像今年那麼明顯。

And I would say from where they were in the April lows, we're seeing those balances slowly built back. So it's an AUM-based business. So the impact really is on the forward revenue, and you'll see us kind of climb out of it. I'd expect if the business follows the historical seasonality, I think the second half of the year typically ends up being a little bit stronger.

我想說的是，從四月的低點來看，我們看到這些平衡正在慢慢恢復。所以這是一項基於 AUM 的業務。因此，影響確實在於未來收入，你會看到我們逐漸擺脫這種影響。我預計，如果業務遵循歷史季節性，那麼下半年的業務通常會更強勁。

But nothing structurally there. Ironically, I think the same sort of market environment that worked really well for our trading businesses is the one that creates a little bit of dislocation with the cash balances. So again, that portfolio effect -- some things go up when other things come down. But going back to the cross-sell and really the long-term durability and opportunity with ICD.

但從結構上看，那裡什麼都沒有。諷刺的是，我認為對我們的貿易業務非常有利的市場環境卻會給現金餘額帶來一些混亂。所以，再次強調，投資組合效應——有些東西上漲，而其他東西下跌。但回到交叉銷售以及 ICD 的長期耐用性和機會。

There's two main areas we're focused on, and we've talked about this. The first is really expanding ICD's product reach by adding our products on to the portal so corporate treasurers can access them directly. We're pleased to announce at the end of this quarter, we completed the build and integration of T-bills that we've been talking about. And we have a growing pipeline of clients that are interested.

我們關注的主要領域有兩個，我們已經討論過這個問題。首先是透過將我們的產品添加到入口網站來真正擴大 ICD 的產品覆蓋範圍，以便企業財務主管可以直接存取它們。我們很高興地宣布，在本季度末，我們完成了我們一直在談論的國庫券的構建和整合。我們感興趣的客戶群正在不斷增加。

And the next phase for us is really focused on changing client behavior, getting them used to accessing that product on the portal. We know well from our experience in electronifying markets that change doesn't happen overnight. Billy uses this phrase its a marathon, not a sprint but we remain confident in the value proposition, we're getting good feedback, and we believe that change will just happen over time.

我們下一階段的重點是改變客戶行為，讓他們習慣透過入口網站存取該產品。從我們在電子化市場的經驗中我們深知，改變不會在一夜之間發生。比利用這個短語說這是一場馬拉松，而不是短跑，但我們仍然對價值主張充滿信心，我們得到了良好的反饋，我們相信改變會隨著時間的推移而發生。

I'd say it's the first step over a longer horizon, we see the potential, as we've talked about earlier, when we did the acquisition to expand into other products. Longer-dated US treasuries, international bonds, probably the next one is on the agenda. The second major aspect of cross-selling is really about expanding ICD's reach, their client reach and really leveraging our client network, especially in the financial institution space, our salespeople and regulatory infrastructure, especially internationally.

我想說，這是長遠來看的第一步，正如我們之前談到的，當我們進行收購以擴展到其他產品時，我們看到了潛力。較長期的美國公債、國際公債可能是下一個議程。交叉銷售的第二個主要方面實際上是擴大 ICD 的覆蓋範圍、客戶範圍，並真正利用我們的客戶網絡，特別是在金融機構領域、我們的銷售人員和監管基礎設施，尤其是在國際上。

And so we've already made strides and have some milestones there in terms of expanding the sales footprint. We have our first employee in Singapore. We've expanded the ICD presence in the Nordic and Western European countries, and we've leveraged our existing sales force in France to cover clients. We've also done a lot of work on the back end, which simplifies onboarding around consolidating regulatory venues in Europe and certain licenses we need in Asia, which we see as a big opportunity as well.

因此，在擴大銷售範圍方面，我們已經取得了長足的進步，並取得了一些里程碑。我們在新加坡迎來了第一位員工。我們擴大了 ICD 在北歐和西歐國家的影響力，並利用我們在法國的現有銷售團隊來涵蓋客戶。我們也在後端做了大量工作，簡化了圍繞整合歐洲監管場所和我們在亞洲所需的某些許可證的入職流程，我們也認為這是一個巨大的機會。

So all in all, making progress on the cross-sell, step-by-step, recognizing the sales cycle takes time and changing behavior takes time and feel really confident about the underlying quality of the relationships and retention that ICD is seeing.

總而言之，在交叉銷售方面要逐步取得進展，認識到銷售週期需要時間，改變行為也需要時間，並且對 ICD 所看到的關係和保留的潛在品質充滿信心。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

I want to switch gears a little bit and maybe talk through some of the fee per million dynamics in the rates business, particularly related to swaps. You guys continue to see a pretty nice improvement there. It's been a driver of revenue growth for the company, of course, as well. I know it's tough to predict so maybe we can hold the mix dynamic constant, especially when it comes to compression trades.

我想稍微轉換一下主題，談談利率業務中每百萬費用的一些動態，特別是與掉期相關的動態。你們繼續看到那裡有相當不錯的進步。當然，這也是公司營收成長的動力。我知道這很難預測，所以也許我們可以保持混合動態不變，特別是在壓縮交易方面。

But I'm curious how you should think about -- how we should think about the outlook for fee per million and swaps over the next one years to two years more from a structural perspective?

但我很好奇您應該如何思考——從結構角度來看，我們應該如何看待未來一到兩年內每百萬費用和掉期交易的前景？

Sure. Thanks, Alex. Look, to answer your question really directly, from a structural aspect, we feel good that we can maintain or modestly grow the fee per million in swaps from the levels we're seeing now? Absent changes in levels of compression and duration and business mix dynamics, which was sort of loaded in your question, I will say that compression has kind of trended down, which is a positive for fee per million lately.

當然。謝謝，亞歷克斯。看起來，從結構角度直接回答你的問題，我們感覺很好，我們可以維持或適度增加我們現在看到的每百萬掉期費用水準？壓縮水平、持續時間和業務組合動態沒有變化（這在您的問題中有所體現），我會說壓縮趨勢呈下降趨勢，這對最近每百萬的費用來說是一個利好。

The reality is fee per million is an output, not an input. And so even though we're holding all those things constant, product mix will likely be the main driver over the next year or two. And we're seeing faster growth on a relative basis from some of the higher-priced products and protocols that we offer. So higher-priced emerging markets and RFM offerings, in particular, which we're bullish on and have talked about not only the growth rate, but there's tons of room to run just in terms of electronification and ability to solve problems for clients.

實際情況是，每百萬的費用是一種輸出，而不是輸入。因此，即使我們保持所有這些因素不變，產品組合仍可能成為未來一兩年的主要動力。我們看到，我們提供的一些價格較高的產品和協議的相對成長速度更快。因此，我們特別看好價格較高的新興市場和 RFM 產品，並且不僅討論了增長率，而且在電子化和為客戶解決問題的能力方面還有很大的發展空間。

So I think that's one of the most strong tailwinds. As we grow, I think there are always natural offsets to fee per million. Dealers move from variable to fixed plans. Generally, as volumes increase, you see some reduction in fee per million. But net-net, we're constructive on where this plays out. I think the biggest thing that we try to do is be nimble and make sure that we are navigating how the movie plays out by balancing, getting the alignment right with both dealer clients and buy-side clients.

所以我認為這是最強的順風之一。隨著我們的成長，我認為每百萬的費用總是會自然得到補償。經銷商從可變計劃轉向固定計劃。一般來說，隨著交易量的增加，每百萬的費用會減少。但總體而言，我們對此事的進展持建設性態度。我認為我們嘗試做的最重要的事情就是保持靈活，並確保我們透過平衡、與經銷商客戶和買方客戶達成正確的協調來引導電影的進展。

The ability to grow our revenue line as they are getting better value proposition. That alignment is really what we're focused on, and that allows us to both grow our businesses. And then the only thing that I would add in swaps, which I think is also really interesting, not directly on fee per million more around absolute revenue is really we do see an opportunity in bilateral swaps to electronify that market.

隨著他們獲得更好的價值主張，我們有能力增加收入。這種協調正是我們關注的重點，它使我們雙方的業務都能發展。然後，我想補充的唯一一點是，在掉期交易中，我認為這也非常有趣，不是直接在每百萬的費用上增加絕對收入，而是我們確實看到了雙邊掉期交易中電子化該市場的機會。

Now that's something that we do think takes time. It's likely neutral to fee per million. But again, we always talk about fee per million, but we're really focused on growing revenue. So I don't want to lose sight of the actual pie of having an opportunity to get a step function bigger too. So hopefully, that gives you a little bit more color.

現在我們確實認為這需要時間。對於每百萬的費用來說，這可能是中性的。但是，我們總是談論每百萬的費用，但我們真正關注的是增加收入。因此，我不想忽視獲得更大階躍函數的實際機會。希望這能帶給你更多色彩。

We feel good client engagement here. And overall, it's one of the opportunities for us where there's a lot of opportunity to electronify the market and deliver new solutions.

我們覺得這裡的客戶參與度很好。總的來說，這是我們的一個機會，有很多機會實現市場電子化並提供新的解決方案。

Yes. No, that's perfect. And we care about revenue, too. So that helps.

是的。不，那太完美了。我們也關心收入。這很有幫助。

Christopher Allen, Citi.

花旗銀行的克里斯多福艾倫 (Christopher Allen)。

In your prepared remarks, you noted that you're seeing higher levels of growth overseas in the US. I'm just wondering if you could dig in a little bit, maybe talk to where managers focus from a regional perspective, what are the best growth opportunities from a regional country perspective? And which asset classes or products?

在您準備好的發言中，您指出美國海外市場的成長水準較高。我只是想知道您是否可以深入一點，也許從區域角度談談管理人員關注的重點，從區域國家角度來看，最好的成長機會是什麼？哪些資產類別或產品？

It's a good question. It's not that like our international business doesn't get as much attention as it should, it's that we have to -- but I think we do have to keep telling that story consistently. So I appreciate the question because I think the instinct that Sara and I have is that. That business is really, really hitting its stride. I want to start by saying like Enrico Bruni, who's been here for an extremely long time, he co-runs the global markets business with Troy Dixon, they are in sync together.

這是個好問題。這並不是說我們的國際業務沒有得到應有的關注，而是我們必須這樣做——但我認為我們必須持續講述這個故事。所以我很感謝這個問題，因為我認為 Sara 和我的直覺是這樣的。這項業務確實正在蓬勃發展。首先我想說的是，恩里科·布魯尼 (Enrico Bruni) 已經在這裡工作了很長時間，他與特洛伊·迪克森 (Troy Dixon) 共同經營全球市場業務，他們的合作非常同步。

And we feel really strong about that, that management team and how that business continues to do. In a simple way, which is always kind of like good for me, our goal has always been pretty consistent globally, which is connect the top buy-side clients with the right dealers and try to do it really well. Hopefully faster, smarter, more efficient than the phone, right? Pretty simple stuff kind of, right?

我們對此、對管理團隊以及業務的持續發展感到非常有信心。簡單來說，這對我來說總是件好事，我們的目標在全球範圍內始終非常一致，那就是將頂級買方客戶與合適的經銷商聯繫起來，並努力做好這件事。希望比手機更快、更智慧、更有高效，對嗎？相當簡單的東西，對吧？

And in a good way, as the markets are more connected than ever in the second quarter, our international revenue was up over 40% year-over-year. It's not just kind of like one region, one product. It's really broad-based growth across rates, credit, ETFs and repo. So from my perspective, highlights European swaps kind of starting with that up 40%-plus.

從好的方面來看，由於第二季度市場聯繫比以往任何時候都更加緊密，我們的國際收入年增了 40% 以上。這不只是一個地區、一種產品的問題。這實際上是利率、信貸、ETF 和回購的廣泛增長。因此，從我的角度來看，歐洲掉期交易的亮點是開始上漲 40％ 以上。

Emerging market swaps, which has been a big focus for the company, up 80%. APAC swaps doubled, European ETFs and EM credit, both showing like very strong strength there. And our instinct is European repo is moving in the right direction. So regionally, Europe was up 35%, Asia, up over 40%. And we are seeing something, I think, very important. Sara talks about cross-selling a lot.

新興市場掉期一直是該公司關注的重點，其成長了 80%。亞太地區掉期交易量翻倍，歐洲 ETF 和新興市場信貸均表現出非常強勁的勢頭。我們的直覺是歐洲回購正在朝著正確的方向發展。從地區來看，歐洲成長了 35%，亞洲成長了 40% 以上。我認為，我們看到了一些非常重要的東西。薩拉經常談論交叉銷售。

We're seeing a lot more engagement from North America and Asian clients trading international products. That's important. So that's up over 15%. In Europe, one of the things that's important, we're seeing strong traction with something we call AiSNAP. I'm wondering if there might be a better name for it, but it's our smart dealer selection tool.

我們看到來自北美和亞洲的客戶在國際產品交易方面的參與度越來越高。這很重要。所以這一數字上漲了 15% 以上。在歐洲，重要的一點是，我們看到了所謂的 AiSNAP 的強勁發展勢頭。我想知道是否有更好的名字，但它是我們的智慧經銷商選擇工具。

And so in June, over 10% of risk in GBP and European swaps used AiSNAP, lowers transaction costs, which is something very important. We are also expanding AiEX there. So specifically speaking, across European credit. Right now, it's handling about 1/4 of our volume. And that's that point that I was making before about helping clients trade bigger, faster and with less market impact, like really, really important principles that the European business has gotten right.

因此，6 月份，英鎊和歐洲掉期交易中超過 10% 的風險使用了 AiSNAP，降低了交易成本，這是非常重要的。我們也正在那裡擴展 AiEX。具體來說，整個歐洲信貸。目前，它處理的量約為我們的四分之一。這就是我之前提出的觀點，幫助客戶進行更大、更快、更少的市場影響的交易，這是歐洲企業已經正確遵循的非常非常重要的原則。

So outside of Europe, I think where we're focused very specifically is Asia and Australia. So in Asia, we're expanding across swaps, ETFs and government bonds. We do think Japanese swaps market is, if not ripe for more electronification, we think it's really getting there, especially as the BOJ shift gears. And in Australia, as you know, we've been focused there.

因此，除了歐洲之外，我認為我們重點關注的是亞洲和澳洲。因此，在亞洲，我們正在擴大掉期、ETF 和政府債券業務。我們確實認為，日本掉期市場即使尚未成熟到可以進一步電子化，但我們正在真正實現這一目標，尤其是在日本央行轉變政策方向的情況下。如您所知，我們一直將重點放在澳洲。

And so we're building momentum in swaps and bonds, really pushing deeper into multi-leg tregs -- multi-leg trades. And I think importantly, continuing to expand our hedge fund relationships there. On the emerging market side, we're focused on Lat Am and the Middle East. These are two regions where we see significantly long-term upside there.

因此，我們正在掉期和債券領域積聚勢頭，真正深入推進多腿交易。我認為重要的是繼續擴大我們在那裡的對沖基金關係。在新興市場方面，我們專注於拉丁美洲和中東。我們認為這兩個地區具有顯著的長期上漲空間。

And Sara talked about ICD. We're also very focused on growing the ICD brand internationally, which gives us more ways to reach institutional clients. We say this all the time. I like this branding, meeting them where they are. That's important. And so the takeaway, I think we're making the right moves, really strong team there with the right tools, we're growing and feel very, very strong about how the international business is set up and very proud of the team there. It's a good question, and thanks a lot.

薩拉談到了 ICD。我們也非常注重在國際上發展 ICD 品牌，這為我們提供了更多途徑接觸機構客戶。我們一直都這麼說。我喜歡這個品牌，在他們所在的地方與他們會面。這很重要。因此，我認為我們正在採取正確的舉措，擁有一支真正強大的團隊和正確的工具，我們正在成長，並且對國際業務的建立感到非常非常強烈，並為那裡的團隊感到非常自豪。這是個好問題，非常感謝。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

I wanted to focus on digital. Given the passing of stablecoin legislation, how do you view stablecoins and tokenized money market funds impacting the short-term treasury market and Tradeweb more specifically, including ICD. There seems to be a lot of buzz in the rates world, so curious your thoughts there. And Billy, both you and Sara mentioned investing in digital markets multiple times throughout the call. I think you previously invested in Securitize and the Canton Network. Where are you investing now in the digital world?

我想專注於數位化。鑑於穩定幣立法的通過，您如何看待穩定幣和代幣化貨幣市場基金對短期國債市場以及 Tradeweb（尤其是 ICD）的影響。利率領域似乎有很多熱門話題，所以我很好奇你的想法。比利，你和薩拉在整個通話過程中都多次提到投資數位市場。我認為您之前投資過 Securitize 和 Canton Network。您現在在數位世界中投資什麼？

Yes. It's a good question and as always like very timely. I think it's an important question. And so maybe for a second, I'll start, and Sara, you support as needed. My instinct is maybe slightly tongue in cheek, I'll say we're bullish on digital assets for sure, and we see stablecoins and tokenized money market funds as real game changers especially now, to your point, that the regulatory environment is improving dramatically there, right?

是的。這是一個好問題，而且一如既往地及時。我認為這是一個重要的問題。因此，也許我先開始，Sara，您可以根據需要提供支援。我的直覺可能有點諷刺，我會說我們肯定看好數位資產，我們認為穩定幣和代幣化貨幣市場基金是真正的遊戲規則改變者，特別是現在，正如你所說，那裡的監管環境正在顯著改善，對嗎？

And so just as a reminder, our platform already supports traditional money market funds. And so what we're really doing is we're exploring tokenized versions based on client demand. And from our perspective, what this does is gives us real flexibility to support innovation. I think very importantly, it gives us flexibility to support innovation without disrupting our core institutional relationships.

需要提醒的是，我們的平台已經支持傳統貨幣市場基金。因此，我們實際上正在做的是根據客戶需求來探索標記化版本。從我們的角度來看，這為我們支持創新提供了真正的靈活性。我認為非常重要的是，它使我們能夠靈活地支持創新，而不會破壞我們的核心機構關係。

And so what we are is focused on modernizing the structure really kind of through three tenants, three pillars, right? One is trusted shareable data to our smart contracts and three is tokenization with synchronized data. And so to your point, the regulatory tailwinds are real. The EU and these pilot regimes are, for sure, kind of paving the way.

因此，我們真正關注的是透過三個原則、三個支柱來實現結構的現代化，對嗎？一是對我們的智能合約進行可信共享的數據，三是使用同步數據進行標記化。正如您所說，監管方面的順風是真實存在的。歐盟和這些試點制度無疑正在鋪路。

And in the US, the GENIUS Act, I think, gives institutions that kind of clear path to use stablecoins. And as you know well, I think the CLARITY Act to take that even further. So we're focused here, right? What we're doing is we're building this distributed interoperable fixed income ecosystem using permissioned DLT, starting with post-trade settlement collateral workflows, especially in financing and issuance marketplaces.

我認為，在美國，《GENIUS法案》為機構使用穩定幣提供了清晰的途徑。正如你們所知，我認為《CLARITY法案》將更進一步推動這項進程。所以我們的重點就在這裡，對嗎？我們正在做的是使用許可的 DLT 來建立這個分散式可互通的固定收益生態系統，從交易後結算抵押品工作流程開始，特別是在融資和發行市場。

And so I'm getting a little kind of technical here, but I think it's important that you hear our language around this. The goal is really ultimately to be the go-to venue for ultimately secondary trading in digital fixed income. And the way you do that is by connecting pre-trade execution and settlement to enable capital efficiency, 24/7 trading, instant settlement and then reduced reconciliation.

所以我在這裡講得有點技術性，但我認為讓你聽聽我們對此的解釋很重要。最終目標是成為數位固定收益二級交易的首選場所。而實現這一目標的方法是透過連接交易前執行和結算來實現資本效率、全天候交易、即時結算，然後減少對帳。

And I think we're kind of on the right track as we think about this. So Sara will talk about this also like very involved, as you know, with the Canton Network, think extremely highly of them. We're a validator and a super validator. We're also exploring a new app development where we can earn Canton Coins as part of that work. We also know that this is not going to be a one network world.

我認為我們對此的思考是朝著正確的方向發展的。因此，Sara 也會非常深入地談論這個問題，正如你所知，她對 Canton Network 的評價非常高。我們是驗證者，也是超級驗證者。我們也正在探索一種新的應用程式開發，透過這項工作我們可以賺取 Canton Coins。我們也知道這不會是一個單一網路的世界。

So we're spreading our wings a little bit. We co-led the digital asset Series C with our friend, Don Wilson, alongside major players in the space like Goldman and Citadel and DTCC. In Europe, we're doing things like building a new trading and settlement venue working very closely with Goldman Sachs' DAP and exploring the UK's initiative for digital gilts.

因此，我們正在稍微展開翅膀。我們與我們的朋友唐·威爾遜 (Don Wilson) 共同領導了數位資產 C 輪融資，同時參與融資的還有高盛、Citadel 和 DTCC 等該領域的主要參與者。在歐洲，我們正在進行一些工作，例如建立一個新的交易和結算場所，與高盛的 DAP 密切合作，並探索英國的數位金邊債券計劃。

So stablecoins are exceptionally important as the cash lag in all of these DLT-based workflows. Crypto remains extremely interesting to us. Again, I say this all the time as an ambitious company, you're always looking for these new opportunities. I think the instinct is custody still needs to evolve there. At our core, Ken, and you know this in terms of how we operate, we're a technology partner.

因此，穩定幣非常重要，因為在所有這些基於 DLT 的工作流程中，現金都存在滯後。加密技術對我們來說仍然非常有趣。我再說一遍，作為一家雄心勃勃的公司，你們總是在尋找這些新的機會。我認為本能的是，監護權仍需要發展。肯，就我們的營運方式而言，我們的核心是技術合作夥伴。

Digital assets to us are this like next step in helping our clients trade smarter and more efficiently. And so the instinct that we have here, and Sara is going to like pick up all of my rambling space is -- to expect to see more investments, more partnerships.

對我們來說，數位資產就像是幫助我們的客戶更聰明、更有效率地進行交易的下一步。因此，我們的本能是，Sara 將會理解我所有的漫無目的的空間——期待看到更多的投資、更多的合作。

And without question, we plan to stay really on the forefront of this extremely important evolution in our space.

毫無疑問，我們計劃真正站在我們領域這一極其重要的變革的前沿。

No, I think you covered it quite well. If I were adding a little bit just in terms of two things to take away, I'd say we've been looking at the digital space for a long time. And so our strategy has been -- it's an incredibly decentralized space. It's a place where you can spend a lot of money that can be not productive. And so we've been really strategic about choosing the right partners and Billy mentioned DRW and Don Wilson, we also have investment in securitize, which is with BlackRock.

不，我認為你已經講得很好了。如果我要補充兩點的話，我想說我們已經關注數位領域很久了。所以我們的策略是──這是一個高度分散的空間。在這裡你可能會花很多錢，但這些錢可能毫無用處。因此，我們在選擇合適的合作夥伴方面非常有策略性，Billy 提到了 DRW 和 Don Wilson，我們也與貝萊德合作進行了證券化投資。

We've picked partners that we think help develop the marketplace because our track record and our belief is this is going to be something that requires participation across the board. It's not going to be a singular thing developed like in its loan channel. And so the partnerships and the investment strategy that we've had, we're at an inflection point now where people are coming to us as a leader in the space.

我們選擇了我們認為有助於開發市場的合作夥伴，因為我們有良好的記錄，我們相信這將是一項需要全面參與的事情。它不會像其貸款管道那樣單獨開發。因此，我們現有的合作夥伴關係和投資策略現在正處於一個轉折點，人們開始把我們視為該領域的領導者。

And those partnerships and investments weren't just financial in nature. We have taken our own technology resources and really internalize the technology capability you need to build on DLT. And so when we talk about the Canton Network, Billy mentioned, we're a validator and super validator, which means we, from a technology perspective, are really in charge of overseeing those transactions and payments.

這些合作夥伴關係和投資不僅僅是金融性質的。我們利用自己的技術資源，真正內化了在 DLT 上建立所需的技術能力。因此，當我們談論 Canton Network 時，Billy 提到，我們是驗證者和超級驗證者，這意味著從技術角度來看，我們真正負責監督這些交易和付款。

So it's very different than being a financial investor. And so for us to take the leap as our markets evolve and become more digitally native or tokenized, we have that type of expertise as a result of these investments and the strategy embedded throughout our technology platform and capabilities across people. So I think that's maybe just one other layer that we think is really important as it relates to digital.

所以這與金融投資者有很大不同。因此，隨著我們的市場不斷發展，變得更加數位化或標記化，我們能夠實現跨越式發展，而這些投資和貫穿我們技術平台和人員能力的策略，為我們提供了這種專業知識。所以我認為這可能只是我們認為與數字相關的非常重要的另一個層面。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

So Billy, you recently made some comments about potentially having an appetite to do some larger M&A. I was hoping you could just expand on those comments what that could mean? And just as we sit here today, what part of the business do you think could benefit the most from M&A? You talked about crypto there a little bit. Is Crypto an area where you think growing out of your digital asset presence through M&A makes sense?

比利，您最近發表了一些評論，表示您可能有興趣進行一些更大規模的併購。我希望您能詳細說明這些評論，這意味著什麼？今天我們坐在這裡，您認為哪個業務領域可以從併購中受益最多？您在那裡談論了一點加密。您是否認為透過併購來擴大加密領域的數位資產業務是合理的？

Very good question, Patrick. So as I think about your question, let me start by saying it kind of this way for a quick second. When I stepped into the CEO role, about 2.5-years ago, sometimes it feels like 2.5 decades ago. I really want to very truthfully kind of work hard starting with Sara. And then also, as you know, very well, Patrick, I have -- I'm fortunate because I have a great Board.

非常好的問題，派崔克。因此，當我思考你的問題時，請容許我先這樣快速說一說。大約兩年半前，當我接任執行長一職時，有時感覺就像是二十五年前的事了。我真的想從 Sara 開始非常真誠地努力工作。而且，正如你所知，派崔克，我很幸運，因為我有一個很棒的董事會。

But really to sort of like prioritize this kind of like very clear strategic framework of -- for capital deployment and one that has to align tightly with our long-term vision and leverage our strengths. I also want to stay significantly collaborative and coordinated with David and LSEG's Senior Management team. So I think we've done that really well.

但實際上，要優先考慮這種非常明確的資本部署策略框架，並且必須與我們的長期願景緊密結合並發揮我們的優勢。我還希望與 David 和 LSEG 的高階管理團隊保持密切合作和協調。所以我認為我們做得非常好。

So over the past two-years, we've really executed on three very important acquisitions, Yield broker, r8fin and ICD. Each transaction from our perspective was targeted additive. I think it did expand our capabilities across regional access, what we describe as workflow automation and then Sara talks a lot about institutional cash management, like three really important pieces of the businesses from our perspective.

因此，在過去兩年裡，我們實際上完成了三項非常重要的收購，即 Yield broker、r8fin 和 ICD。從我們的角度來看，每筆交易都是有針對性的附加交易。我認為它確實擴展了我們在區域訪問方面的能力，我們稱之為工作流程自動化，然後 Sara 談了很多關於機構現金管理的問題，從我們的角度來看，這是業務的三個非常重要的部分。

But in parallel, and I think this is a little bit about what you're describing. We also entered into these, what we described as like strategic partnerships with key market infrastructure players and innovators, right? And that's the kind of Goldman Sachs DAP, that is the kind of Don Wilson, the Canton network piece, Alphaledger, Sara mentioned BlackRock Securitize.

但同時，我認為這與你所描述的有點相似。我們也與主要市場基礎設施參與者和創新者建立了所謂的策略夥伴關係，對嗎？這就是高盛 DAP 的類型，這就是唐威爾森 (Don Wilson) 的類型，Canton 網路部分，Alphaledger，Sara 提到的貝萊德證券化 (BlackRock Securitize)。

And really what this does, as you know, very well is position Tradeweb at the center, hopefully, near the center of this kind of structural change in the digital ecosystem. This is, I think, like pretty ambitious stuff here. Importantly, and we're very, very focused on this. From an integration standpoint, Yield broker and r8fin now are fully absorbed into the business.

如您所知，這實際上就是將 Tradeweb 定位在數位生態系統這種結構性變化的中心，希望接近中心。我認為，這是非常雄心勃勃的事情。重要的是，我們非常非常關注這一點。從整合的角度來看，Yield broker 和 r8fin 現在已經完全融入業務中。

And so -- and by the way, we do remain on track, and Sara talked about this, where we remain on track with ICD. I think from my perspective, very clearly, these integrations are -- and this is something I've really worked hard with my board on. These integrations are really kind of critical proof points. We don't just like acquire assets, we operationalize and scale them within the platform.

所以 — — 順便說一句，我們確實仍在按計劃進行，Sara 也談到了這一點，我們仍在按照 ICD 的計劃進行。我認為從我的角度來看，很明顯，這些整合是——而且這是我與董事會共同努力的。這些整合確實是關鍵的證明點。我們不僅喜歡獲取資產，我們還在平台內進行操作和擴展。

And that, I think, is a very, very important comment, right? So from a financial standpoint, I believe we're operating from a position of strength. Sara talks about like strong free cash flow, the cash reserves, et cetera. And I think what this does, and we talked about the concept of really momentum building on momentum, I think it gives us real flexibility to be opportunistic while we always talk about very clearly maintaining discipline -- ambitious companies, right?

我認為這是一個非常非常重要的評論，對嗎？因此，從財務角度來看，我相信我們的經營狀況良好。薩拉談到了強勁的自由現金流、現金儲備等等。我認為這會產生什麼效果呢？我們談到了真正以勢頭為基礎不斷創造勢頭的概念，我認為它為我們提供了真正的靈活性，讓我們能夠抓住機會，同時我們總是非常清楚地談論保持紀律——雄心勃勃的公司，對吧？

So when we talk about bigger M&A, I think what it does is it really reflects my openness, the company's openness to be more transformative around opportunities. It's always going to be acquisitions that could expand our total addressable market. I talk a lot about the kind of network effects. And this could mean extending into new asset classes, I think geographies.

因此，當我們談論更大規模的併購時，我認為它確實反映了我的開放態度，以及公司對抓住機會、實現更大變革的開放態度。收購總是能夠擴大我們的整體潛在市場。我經常談論網路效應。我認為這可能意味著擴展到新的資產類別和地理。

We're going to stay very open-minded on this. I mentioned the concept of culture a ton. And as we look at this framework that I described, I think the culture of the company that we've identified or potentially identify is a high priority for us. I feel very, very strongly about the culture that lives and breathes inside of Tradeweb. And so that will always sort of be an important piece of information as Sara and I and the team address these kinds of things. I'm sure you have some way to help me out here.

我們將對此保持非常開放的態度。我多次提到文化的概念。當我們審視我所描述的這個框架時，我認為我們已經確定或可能確定的公司文化對我們來說是高度優先的。我對 Tradeweb 內部的文化有著非常強烈的感受。因此，當 Sara 和我以及團隊處理此類問題時，這始終是一個重要的訊息。我確信你一定有辦法幫助我。

Yes. No, I think you covered it. I'll just complement that by saying it's great to be in a position of strength which we feel like we are. And also, the reality is it makes the bar high, and we are really disciplined about it's fitting our strategic eye but also financial discipline just because we have $1.6 billion of cash on the balance sheet, it doesn't mean that we don't have the rigor around making sure the acquisitions are adding something from a revenue growth prospect.

是的。不，我想你已經涵蓋了。我只想補充一點，我們處於強勢地位，感覺很好。而且，現實情況是，它使標準變得很高，我們非常嚴格，這不僅符合我們的戰略眼光，而且也符合財務紀律，因為我們的資產負債表上有 16 億美元現金，但這並不意味著我們沒有嚴格確保收購能從收入增長前景中帶來一些收益。

Billy talked about TAM and clearly, our goal is to have them be accretive within a couple of years. So I think the whole package works together, and we're certainly spending a lot of time on using our advantage to really capitalize on the opportunities we see.

比利談到了 TAM，顯然，我們的目標是讓它們在幾年內實現增值。所以我認為整個方案是協同工作的，我們確實花了很多時間利用我們的優勢來真正抓住我們所看到的機會。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

So Billy, just in terms of regulatory reform, how should we think about the potential capital relief from SLR and other potential regulatory changes at the largest dealers and maybe what that means for velocity in the rates market, if any, change at all?

那麼，比利，僅就監管改革而言，我們應該如何看待 SLR 帶來的潛在資本減免以及最大交易商的其他潛在監管變化，以及這對利率市場速度意味著什麼（如果有的話）？

Sure. Maybe I'll chime in and then you wrap it up. I'll quote Billy so it feels like Billy's talking. And it's nice to hear from you, Dan. I would say big picture, it's a great time to be in these markets and in markets businesses. And Billy, I think you mentioned this earlier when we were answering questions. Our bank partners have never been stronger, more flushed with cash and capital.

當然。也許我會插話然後你再結束。我會引用比利的話，這樣感覺就像比利在說話。很高興收到你的來信，丹。我想說，從整體來看，現在是進入這些市場和開展市場業務的好時機。比利，我想你之前在我們回答問題時提到過這一點。我們的銀行夥伴從未像現在這樣強大，擁有如此充裕的現金和資本。

And they are looking for ways to warehouse more risk and, in some cases, even enter new trading areas, which is good for our clients. And at a high level, SLR plays into that. We think changes with that ratio could be one of the most impactful to increase both the resilience and the liquidity of the treasury market specifically. It means the banks are going to have more capital available to hold US treasuries.

他們正在尋找方法來規避更多風險，在某些情況下甚至進入新的交易領域，這對我們的客戶有利。從高層次來看，SLR 發揮了這一作用。我們認為，該比率的變化可能是最有影響力的變化之一，可以增強國債市場的彈性和流動性。這意味著銀行將擁有更多資本來持有美國國債。

That in turn, facilitates more trading, potentially lowering yields and improving market depth and overall, we think that's a real positive. The SLR ratio, I think we talked about this last quarter, too. Not only does it reduce the required percentage of capital against their bank assets, but it's a risk-insensitive capital ratio, meaning all securities, corporate bonds, treasuries with different maturities, they all contribute equally to SLR exposure.

這反過來又促進了更多的交易，有可能降低收益率並提高市場深度，總的來說，我們認為這是一個真正的積極因素。SLR 比率，我想我們上個季度也討論過這個問題。它不僅降低了銀行資產所需的資本百分比，而且它是對風險不敏感的資本比率，這意味著所有證券、公司債、不同期限的國債，它們對 SLR 風險敞口的貢獻都是相同的。

So today, banks have to hold the same level of capital potentially for lower revenue margin business maybe in US treasuries market making as they would for higher revenue margin businesses like high-yield credit. And so generally, as that constraint is relaxed for banks that we're bumping up against that, we think that, in particular, allows them to really hold those larger treasury positions.

因此，如今，銀行在經營利潤率較低的業務（例如美國國債做市業務）時，必須持有與經營利潤率較高的業務（例如高收益信貸業務）時相同水平的資本。因此，一般來說，隨著對我們遇到的銀行的限制放寬，我們認為，這尤其允許他們真正持有較大的財務部位。

I think from our business perspective, obviously, being a leading player in rates, that's a great thing. And also, I would expect it could lead to increased swaps activity. So there's a lot of different places we think this is a positive. SLR specifically, we saw impacts in COVID when the Fed exempted treasuries from SLR. And you saw in those cases, like very specifically SLR-constrained banks increase this treasury position.

我認為從我們的業務角度來看，成為利率領域的領導者顯然是一件好事。而且，我預計這可能會導致掉期活動增加。因此，我們認為這在很多不同的地方都是一件正面的事。具體來說，當聯準會免除國債的 SLR 時，我們看到了 COVID 的影響。在這些案例中，你會看到，受到 SLR 限制的銀行增加了其財務部位。

So I don't think this is totally theoretical. We have some empirical evidence around it. But all in all, I would say, look, whether it's regulatory change or just where the banks are positioned generally speaking, we think the rate environment is quite constructive, Billy you really talked about it in the beginning.

所以我不認為這完全是理論上的。我們對此有一些經驗證據。但總而言之，我想說，無論是監管變化，還是銀行的整體定位，我們都認為利率環境相當建設性，比利，你一開始就確實談到了這一點。

Yes. And It's spot on, if we're gonna say, Sara, like what's the environment that we like. We want the banks to be strong. We want the volatility in the marketplace to create high levels of profitability for their businesses. And we want the Citadels of the world to continue to move forward and keep everyone on their toes. And that becomes a great kind of recipe for the further and the next leg of electronification in our world.

是的。如果我們問薩拉，我們喜歡什麼樣的環境，那麼答案就完全正確了。我們希望銀行強大。我們希望市場的波動能為他們的業務創造高水準的獲利能力。我們希望世界城堡能夠繼續前進，讓每個人都保持警惕。這將成為我們世界進一步推進電子化進程的絕佳秘訣。

And that's how we kind of see things unfolding because as strong as the kind of banks are and as well as they've done, and as good as everyone feels about this kind of this movement to your question about kind of less regulation, the advancement of technology and the ambition that firms like Citadel bring to the equation are just straightforward and one way.

這就是我們對事態發展的看法，因為儘管這些銀行實力雄厚，業績出色，而且每個人對這種減少監管的舉措都感覺良好，但對於您提出的有關減少監管的問題，技術的進步以及 Citadel 等公司帶來的雄心壯志都是直接而單向的。

And that has the added effect of really creating the level of awareness that you need for the further investments around technology growth. And that we see as a very, very important almost second part of your question. But as always, it's a great one, and thanks very much.

這實際上會提高您對進一步投資技術發展所需的認識程度。我們認為這是您問題中非常非常重要的第二部分。但一如既往，這是一個偉大的成就，非常感謝。

This does conclude the question-and-answer session. I'll now like to turn it back over to Billy for closing remarks.

問答環節到此結束。現在我想把發言權交還給比利，請他做最後發言。

Thank you all for joining us this morning. As always, if you have any follow-up questions, please feel free to reach out to Ashley, Sameer and the team. Have a great day. I know it's busy. Thanks all very much.

感謝大家今天上午參加我們的活動。像往常一樣，如果您有任何後續問題，請隨時聯繫 Ashley、Sameer 和團隊。祝你有美好的一天。我知道很忙。非常感謝大家。

Thank you.

謝謝。

Bye-bye.

再見。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。