Tradeweb Markets Inc (TW) 2025 Q3 法說會逐字稿

Good morning, and welcome to Tradeweb's third-quarter 2025 earnings conference call. As a reminder, today's call is being recorded, and will be available for playback. To begin, I'll turn the call over to Head of Treasury, FP&A and Investor Relations, Ashley Serrao. Please go ahead.

早上好，歡迎參加 Tradeweb 2025 年第三季財報電話會議。再次提醒，今天的通話將會被錄音，並可回放。首先，我將把電話交給財務主管、財務規劃與分析及投資人關係負責人 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, Sarah 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。今天與我一起參加電話會議的有我們的執行長比利·霍爾特，他將回顧我們的業務成果和關鍵增長舉措；還有我們的首席財務官莎拉·弗伯，她將回顧我們的財務業績。我們打算利用該網站披露重要的非公開信息，並履行我們在《公平披露條例》下的披露義務。

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.

我想提醒各位，本次演講以及問答環節中的某些陳述可能涉及未來事件和預期，因此構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。

Statements related to among other things, our guidance of forward-looking statements. Actual results may differ materially from these forward-looking statements. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our earnings release, earnings presentation, and periodic reports filed with the SEC.

其中包括與我們的前瞻性陳述相關的聲明。實際結果可能與這些前瞻性陳述有重大差異。有關可能導致實際結果與前瞻性陳述存在差異的因素的信息，請參閱我們的盈利報告、盈利演示文稿以及向美國證券交易委員會提交的定期報告。

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

此外，在今天的電話會議上，我們將提及一些非GAAP指標以及一些市場和行業數據。有關這些非GAAP指標的信息，包括與GAAP指標的調節表，請參閱我們的盈利報告和盈利演示文稿。

Information regarding market and industry data, including sources, is in our earnings presentation. References to year-to-date results on today's call mean results for the nine months ended September 30, 2025. Now, let me turn the call over to Billy.

有關市場和行業數據的信息，包括數據來源，都包含在我們的盈利報告中。本次電話會議中提及的年初至今業績是指截至 2025 年 9 月 30 日的九個月的表現。現在，我把電話交給比利。

Thanks, Ashley. Good morning, everyone, and thank you for joining our third-quarter earnings call. We delivered another strong quarter, surpassing $500 million in quarterly revenues for the third consecutive quarter.

謝謝你，艾許莉。各位早安，感謝各位參加我們第三季財報電話會議。我們又迎來了一個強勁的季度，連續第三個季度營收超過 5 億美元。

Year-to-date revenues as of the third-quarter are up 21% or 17% organically, putting us on track for another year of double-digit revenue growth. We believe change is constant. The current macro environment is defined by historically low interest rate volatility, tight credit spreads, and muted equity volatility. At the same time, geopolitical uncertainty and the rapid rise of artificial intelligence continue to reshape how we work and live.

截至第三季末，今年迄今的營收成長了 21%，其中有機成長 17%，這使我們有望連續第二年實現兩位數的營收成長。我們認為變化是永恆的。當前宏觀環境的特徵是利率波動性處於歷史低點、信貸利差收窄以及股票波動性較為溫和。同時，地緣政治的不確定性和人工智慧的快速崛起正在不斷重塑我們的工作和生活方式。

We've consistently thrived amid change, and we believe we're well positioned to keep doing so. From the emergence of decentralized finance to shifting regulatory frameworks, we believe our global fixed income platform and network put us in the catbird seat, helping our clients solve their real world intangible challenges.

我們一直在變革中蓬勃發展，我們相信我們有能力繼續這樣做。從去中心化金融的興起到監管框架的轉變，我們相信，我們的全球固定收益平台和網絡使我們處於有利地位，幫助我們的客戶解決他們在現實世界中面臨的無形挑戰。

While the pendulum may be swinging away from globalization, fixed income, and ETF markets are becoming increasingly interconnected. Clients and major dealers are thinking globally, and non-bank liquidity providers are expanding their global presence, bringing new technology and data capabilities to the ecosystem.

儘管全球化的趨勢可能正在減弱，但固定收益市場和ETF市場之間的關聯卻日益緊密。客戶和主要交易商都在進行全球化思考，非銀行流動性提供者也在擴大其全球業務，為生態系統帶來新技術和資料能力。

As clients seek more time and cost efficient ways to interact across markets, we remain focused on delivering innovative collaborative solutions that enhance liquidity and efficiency across the global fixed income ecosystem.

隨著客戶尋求更省時省錢的方式進行跨市場互動，我們將繼續專注於提供創新的協作解決方案，以提高全球固定收益生態系統的流動性和效率。

Diving into the third quarter, despite muted volatility, strong client activity drove 13% year-over-year revenue growth on a reported basis. We produced strong third quarter revenue growth despite facing increasingly tougher year-over-year comparisons, especially in August, which last year defied the typical seasonal slowdown and was exceptionally active as macro growth fears gripped the market and the yen carry trade collapsed.

進入第三季度，儘管市場波動不大，但強勁的客戶活動推動了報告營收年增 13%。儘管面臨越來越嚴峻的同比比較，我們第三季度仍實現了強勁的收入增長，尤其是在去年 8 月份，該月份打破了典型的季節性放緩趨勢，由於宏觀增長擔憂籠罩市場，日元套利交易崩潰，市場異常活躍。

Our international revenues continue to scale higher, delivering 25% year-over-year growth, as our strategic initiatives in EM and APAC continue to pay off. We continue to balance investing for growth and profitability as adjusted EBITDA margins expanded by 54 basis points relative to the third-quarter of 2024.

隨著我們在新興市場和亞太地區的策略性措施持續取得成效，我們的國際收入持續成長，年增 25%。我們繼續平衡成長和獲利能力方面的投資，調整後的 EBITDA 利潤率較 2024 年第三季擴大了 54 個基點。

Turning to slide 5, rates produced its second highest revenue quarter driven by continued organic growth across swaps and global government bonds, while mortgages produced record revenues. Credit growth was led by strength across Munis, European credit, and Emerging Market Credit.

翻到第 5 張投影片，利率業務在互換和全球政府債券持續有機成長的推動下，實現了第二高的收入季度，而抵押貸款業務也創造了創紀錄的收入。信貸成長主要得益於市政債券、歐洲信貸和新興市場信貸的強勁表現。

Money markets revenue growth was led by the addition of ICD and aided by record quarterly revenues across global repos. ICD continues to build back balances post the April volatility that led to some large clients drawing down their money market fund balances to tactically buy back shares in the market and increase spending ahead of potential tariffs. ICD revenues were up 7% relative to the second quarter of 2025.

貨幣市場收入成長主要得益於 ICD 的加入，並得益於全球回購業務季度營收創歷史新高。ICD在4月份市場波動導致一些大客戶提取貨幣市場基金餘額，以策略性地回購股票並在潛在關稅出台前增加支出之後，繼續重建其資金餘額。ICD 營收較 2025 年第二季成長 7%。

Equities posted another strong growth quarter with revenues up 17% year-over-year, led by growth in global ETFs and equity derivatives. Other revenues grew over 50% as we see growing contributions from our emerging digital asset initiatives.

股票市場再次實現強勁成長，營收年增 17%，主要得益於全球 ETF 和股票衍生性商品的成長。其他收入成長超過 50%，這主要得益於我們新興數位資產計畫的貢獻不斷增長。

Finally, market data revenues were driven by growth in our proprietary data products. We have reached an agreement in principle to renew the LSEG market data agreement, which is up for renewal at the end of October for an additional three years, striking the right balance between maintaining the integrity of our platform and commercializing our rich data sets.

最後，市場數據收入的成長得益於我們專有數據產品的成長。我們已原則上達成協議，將與倫敦證券交易所集團 (LSEG) 續簽市場數據協議，該協議將於 10 月底到期，續約期限為三年。此舉在維護我們平台的完整性和將我們豐富的資料集商業化之間取得了適當的平衡。

We expect this agreement will not only generate significant more revenue for Tradeweb, which Sara will touch on later, but it also maintains flexibility to grow our proprietary data business. We also see additional upside as we build more products to enhance the trading experience of our clients.

我們預計這項協議不僅會為 Tradeweb 帶來更多的收入（Sara 稍後會談到這一點），而且還能保持我們發展專有數據業務的靈活性。隨著我們開發更多產品來提升客戶的交易體驗，我們也看到了進一步成長的空間。

Turning to slide 6, this quarter saw a significant drop in intraday volatility from the off the chart levels seen in prior periods. Specifically, it was down 19% year-over-year and 30% quarter over quarter. All in US Treasury revenues decreased slightly by 2% year-over-year as positive revenue growth across our institutional channel was more than offset by weaker wholesale trends, a business that tends to thrive when there is heightened volatility.

翻到第 6 張投影片，本季日內波動性較前幾季的極端水準大幅下降。具體而言，年減 19%，季減 30%。由於機構通路的收入成長被疲軟的批發趨勢所抵消，美國公債總收入年減了 2%。批發業務往往在市場波動加劇時蓬勃發展。

One of the trends that has attracted a lot of attention this year is the rise of voice activity in tandem with and not at the expense of electronic trading. Year-to-date electronic industry average daily volume saw a 10% increase year-over-year. We also saw a 26% increase in industry voice average daily volume. This distinction is very important.

今年備受關注的趨勢之一是語音交易的興起，而且這種興起與電子交易齊頭並進，而不是以電子交易為代價。今年迄今為止，電子業平均日銷量年增 10%。我們也發現，業界語音通話量平均每日成長了 26%。這種區別非常重要。

Electronic trading remains robust and should continue to rise, but we are operating with a continued paradigm of extreme market conditions, this time marked by unusually low volatility. This is driving more complex voice-centric package trades in the market, a mix shift that weighed on our US Treasury market share, which stood at 22% in the third quarter.

電子交易依然強勁，並將持續成長，但我們仍處於極端市場環境的範式下，而這次的特徵是波動性異常低。這推動了市場上以語音為中心的複雜打包交易的出現，這種組合轉變對我們的美國國債市場份額造成了壓力，第三季度我們的市場份額為 22%。

However, our share is rebounding. It increased quarter-over-quarter with September reaching the highest levels since March of this year. In addition, this week, we did our first package trade with a bespoke swap versus the US Treasury. This is an entry point into a world of more complex package trades across the deep liquidity we have in the US Treasuries and swaps.

然而，我們的市佔率正在回升。該指標環比成長，9 月達到今年 3 月以來的最高水準。此外，本週我們進行了第一筆與美國國債進行客製化互換的打包交易。這是進入一個更複雜的組合交易世界的入口，可以利用美國國債和互換的充足流動性進行交易。

Our competitive position remains strong on a relative basis. We exceeded 50% for the sixth consecutive quarter in institutional US Treasuries versus our main electronic competitor. During the quarter we expanded our dealer algorithmic execution capabilities. We expect additional global dealer algos to be onboarded in the coming months, further enhancing our unified multi-dealer and multi-asset platform.

從相對角度來看，我們的競爭地位依然強勁。我們連續第六個季度在美國機構國債交易中領先主要電子競爭對手超過 50%。本季我們擴大了經銷商演算法執行能力。我們預計未來幾個月將有更多全球交易商演算法加入，進一步增強我們統一的多交易商和多資產平台。

Finally, attacking voice package trades remains a main focus for the team, and we believe we have all the solutions in-house, especially with our rates and assets. Turning to wholesale US Treasuries, revenues were down 6%, mainly driven by lower volumes across our central limit order book, partially offset by growth across our wholesale streaming protocol.

最後，打擊語音套餐交易仍然是團隊的主要關注點，我們相信我們已經擁有所有內部解決方案，尤其是在我們的費率和資產方面。再來看批發美國國債，收入下降了 6%，主要原因是我們的中央限價訂單簿交易量下降，但部分被我們的批發流媒體協議的增長所抵消。

Wholesale continues to be a strategic priority as we focus on expanding our network of liquidity providers and strengthening our liquidity pools in alignment with our multi-protocol platform strategy. In equities, ETFs posted strong double-digit revenue growth as we continue to deepen integration with our clients. A key differentiator with our ETF clients has been our AiEX automation solution, with average daily trades increasing over 90% year-over-year.

批發業務仍然是我們的策略重點，我們將專注於擴大流動性提供者網絡，並加強流動性池，以配合我們的多協議平台策略。在股票方面，ETF實現了強勁的兩位數營收成長，因為我們不斷深化與客戶的整合。我們的 ETF 客戶的關鍵差異化優勢在於我們的 AiEX 自動化解決方案，平均每日交易量較去年同期成長超過 90%。

While AiEX is deeply penetrated across European ETFs, we are now seeing strong adoption across US ETFs, with AiEX average daily trades up 70% quarter-over-quarter. Our efforts to broaden our equity presence beyond our flagship ETF franchise continued to pay off with institutional equity derivative revenues up 16% year-over-year. Looking ahead, the pipeline remains strong as the benefits of our electronic solutions continue to resonate with our clients.

雖然 AiEX 在歐洲 ETF 市場滲透率很高，但我們現在看到美國 ETF 市場也開始大力採用 AiEX，AiEX 的日均交易量較上季成長了 70%。我們努力將業務拓展到旗艦 ETF 產品線以外的股票業務，這項努力持續取得成效，機構股票衍生性商品收入較去年同期成長 16%。展望未來，隨著我們的電子解決方案的優勢持續受到客戶的認可，業務管道仍然強勁。

Turning to slide 7, global rates continue to deliver diversified revenue growth across an expanding range of products and geographies. Rates have been a core growth engine for us, with year-to-date revenues of 23% year-over-year and averaging 16% annual growth since 2019, with international being a highlight.

翻到第 7 張投影片，全球利率持續在不斷擴大的產品範圍和地理範圍內實現多元化的收入成長。利率一直是我們的核心成長引擎，今年迄今的營收年增了 23%，自 2019 年以來平均每年增長 16%，其中國際業務尤為突出。

Even with our scale, the majority of global rates products still trade over the phone or chat that's a significant opportunity. We're leaning into it by building more innovative electronic solutions that make markets more efficient, transparent, and connected across swaps, government bonds, and mortgages.

即使我們擁有如此規模，全球利率產品的大部分交易仍然透過電話或聊天進行，這是一個巨大的機會。我們正在積極推進，建立更具創新性的電子解決方案，使互換、政府債券和抵押貸款市場更有效率、透明和互聯互通。

We are pushing into new voice centric markets like bilateral and multi-asset package swaps, specified pool trading and mortgages, and package trading across global government bonds. Altogether, we estimate these initiatives to open up a revenue TAM of nearly $500 million annually. By capturing share from traditional voice trading and continuing to innovate with clients, we continue to strengthen our competitive position in global rates.

我們正在進入以語音為中心的新興市場，例如雙邊和多資產組合互換、特定資金池交易和抵押貸款，以及全球政府債券組合交易。我們預計這些舉措每年將帶來近 5 億美元的營收市場規模。透過從傳統語音交易中奪取市場份額，並不斷與客戶進行創新，我們持續加強我們在全球費率方面的競爭地位。

Moving to slide 8, we have spent years building our strong global interest rate swaps foundation, and it's paying off. Clients continued to shift more of their workflow from voice to electronic, and we're right at the center of that change. What started as a regulatory push has evolved into a structural movement. Clients and dealers have never been so invested in building out more efficient workflow options for their voice flow.

翻到第 8 張投影片，我們花了數年時間建立了強大的全球利率互換基礎，現在終於獲得了回報。客戶不斷將更多的工作流程從語音轉向電子化，而我們正處於這項變革的中心。最初由監管推動的行動已經演變成一場結構性變革。客戶和經銷商從未像現在這樣致力於建立更有效率的語音流程工作流程方案。

From 2019 through 2024, swaps revenues have grown at more than 20% on average, and year-to-date, we have accelerated to 40% year-over-year. Just like our broader rates franchise, the growth has been diverse. Over 30% year-to-date revenue growth in European and dollar swaps, over 70% across APAC, and our emerging market initiatives alone added over 500 basis points to our total swaps, year-to-date revenue growth.

從 2019 年到 2024 年，互換交易收入平均成長超過 20%，而今年迄今，我們已加速年增 40%。就像我們更廣泛的費率業務一樣，成長是多元化的。歐洲和美元互換業務今年迄今的營收成長超過 30%，亞太地區成長超過 70%，光是新興市場舉措就為我們今年迄今的總互換收入成長增加了 500 多個基點。

We are seeing a client base that's deeply engaged, active, cross currency, and increasingly electronic, and while compression can sometimes mask the strength of the business, the underlying trend is clear. We continue to grow our overall risk market share. Even with all that progress, the majority of swaps trading is still voice-driven, which means there's plenty of room ahead for continued electronification.

我們看到客戶群深度參與、積極活躍、跨幣種交易，並且越來越多地使用電子貨幣。雖然市場壓縮有時會掩蓋業務的強勁勢頭，但潛在的趨勢是顯而易見的。我們的風險管理市場份額持續成長。即使取得了這些進展，目前大多數掉期交易仍然是語音驅動的，這意味著電子化過程還有很大的發展空間。

Our team continues to innovate around that opportunity. We're expanding our presence in emerging market swaps, building multi-asset package swaps capabilities across our clear developed market currencies, and making early headway in the bilateral swap space. Each of these initiatives opens new ways for clients to connect, trade, and unlock efficiency on trade.

我們的團隊將繼續圍繞這一機會進行創新。我們正在擴大在新興市場互換領域的業務，建立涵蓋我們清晰已開發市場貨幣的多元資產組合互換能力，並在雙邊互換領域取得早期進展。這些舉措中的每一項都為客戶開闢了新的聯繫、交易和提高交易效率的途徑。

Focusing on the third quarter, global swaps delivered record revenues driven by a combination of strong client engagement, a dynamic macro backdrop, a favorable mix shift towards risk trading, and a 7% year-over-year increase in weighted average duration.

聚焦第三季度，全球互換交易收入創歷史新高，這得益於客戶的積極參與、動態的宏觀經濟環境、風險交易的有利組合轉變以及加權平均久期同比增長 7%。

Altogether, global swap's revenues grew over 30% year-over-year. Core risk market share, which excludes compression trading, hit a record, rising over 130 basis points year-over-year. Total market share declined from 22.4% in third quarter '24 to 21.2% in third quarter 2025, largely due to a significant reduction in European client-related compression volumes, which carry much lower fee rates.

全球互換交易總收入年增超過 30%。不包括壓縮交易的核心風險市佔率創下歷史新高，年增超過 130 個基點。2024 年第三季的市佔率為 22.4%，到 2025 年第三季下降至 21.2%，這主要是由於歐洲客戶相關的壓縮業務量大幅減少，而這類業務的收費率則低得多。

The third quarter highlighted the continued global expansion of our swaps franchise. We achieved record revenues across EM and institutional dollar swaps revenues, while European swaps revenues rose nearly 30% year-over-year. Our strong performance was supported by an 8% year-over-year increase in global active users.

第三季凸顯了我們互換業務在全球的持續擴張。我們在新興市場和機構美元互換收入方面均取得了創紀錄的收入，而歐洲互換收入則是年增近 30%。全球活躍用戶年增 8%，支撐了我們強勁的業績。

We continue to make progress across emerging market swaps and our rapidly growing request for market protocol. Our third quarter EM swaps revenues produced another strong quarter, while our RFM protocol also saw average daily volume more than double year-over-year, with adoption picking up. You can see slide 17 of the earnings presentation for our usual global swaps disclosure.

我們在新興市場互換方面持續取得進展，並且對市場協議的需求也迅速增長。第三季新興市場互換收入再次強勁成長，同時，我們的 RFM 協議的每日平均交易量也較去年同期成長超過一倍，採用率也不斷提高。您可以在收益簡報的第 17 頁查看我們通常的全球互換揭露資訊。

Looking ahead, we continue to believe the long-term growth potential for swaps remains significant. With just 30% of the cleared swaps market currently electronified. There is substantial runway to digitize work flows alongside our clients. Our clients have stayed very engaged given the fluid global macroeconomic backdrop, and we continue to partner with them to create better workflow solutions across a growing part of the cleared markets and make inroads into the uncleared swaps market.

展望未來，我們仍然相信互換交易的長期成長潛力依然巨大。目前僅有 30% 的清算掉期市場實現了電子化。我們與客戶攜手實現工作流程數位化還有很大的發展空間。鑑於全球宏觀經濟情勢瞬息萬變，我們的客戶一直保持著高度的參與度，我們將繼續與他們合作，在不斷增長的清算市場領域創造更好的工作流程解決方案，並進軍非清算掉期市場。

This month we launched the first fully electronic swaption package trading protocol on the market, a major step forward in bringing transparency, efficiency, and two-way pricing to a product that is historically traded almost entirely by voice.

本月，我們推出了市場上第一個完全電子化的互換選擇權交易協議，這是在為這種歷史上幾乎完全透過語音交易的產品帶來透明度、效率和雙向定價方面邁出的重要一步。

Shifting to global credit on slide 9, low single-digit revenue growth for global credit was driven by strong double-digit revenue growth in both European credit and municipal bonds, which more than offset weakness in US credit where revenues fell year-over-year, mainly due to retail corporate credit revenues that were down nearly 30% year-over-year, primarily reflecting. The better relative yields our clients were getting across money markets and munis.

在第 9 張投影片中，我們轉向全球信貸，全球信貸收入的個位數低成長主要得益於歐洲信貸和市政債券的強勁兩位數收入成長，這足以抵消美國信貸的疲軟。美國信貸收入年減，主要原因是零售企業信貸收入較去年同期下降近 30%，這主要反映了…我們的客戶在貨幣市場和市政債券市場獲得了更好的相對收益。

Automation continues to resonate with global credit AiEX average daily trades increasing 5% year-over-year. US credit remains a key growth initiative. We are focused on maintaining our leadership position and our pioneering portfolio and session trading protocols and increasing our block of market share. Perhaps most importantly, continuing to increase our RFQ share, which we expect to be the number one driver of revenue growth in US credit going forward.

自動化持續推動全球信貸市場發展，AiEX 平均每日交易量較去年同期成長 5%。美國信貸仍然是重要的成長動力。我們致力於保持我們的領先地位、開創性的投資組合和交易時段協議，並提高我們的市場份額。或許最重要的是，我們將繼續提高詢價份額，我們預期這將成為未來美國信貸收入成長的第一驅動力。

Our deepening liquidity pool and continuously improving client experience is resonating as we attract more clients and experienced talent across the board. We achieved record block share for the quarter in fully electronic US investment grade at 10%.

我們不斷深化的流動資金池和持續改善的客戶體驗正在產生積極影響，從而吸引了更多客戶和各領域的資深人才。本季度，我們在全電子化的美國投資等級債券市場中取得了創紀錄的份額，達到 10%。

Our volume growth was driven by continued adoption of our portfolio trading, RFQ, and sessions protocols. Institutional RFQ average daily volume grew 13% year-over-year, with double-digit growth in both IG and high yield. Our efforts to expand into RFQ are seeing continued signs of success with our IG RFQ share of overall trace up over 60 basis points year-over-year.

我們的交易量成長得益於投資組合交易、詢價和交易會協議的持續普及。機構詢價平均每日交易量年增 13%，其中投資等級債券和高收益債券均實現了兩位數成長。我們在詢價方面的拓展努力持續取得成效，IG RFQ 在整體追蹤業務中所佔份額年增超過 60 個基點。

Portfolio trading, average daily volume also increased over 10% year-over-year, with over 30% growth across international portfolio trading. During the quarter, we saw our largest line item portfolio trade at over 4,000 lines. Additionally, we saw our largest ever international portfolio trade at nearly $1.4 billion.

投資組合交易的日均交易量也較去年同期成長超過 10%，其中國際投資組合交易成長超過 30%。本季度，我們最大的產品組合交易量超過 4,000 項。此外，我們也見證了有史以來規模最大的國際投資組合交易，交易額接近 14 億美元。

We saw a double-digit active user growth across the US and international PT, and we continue to expect adoption of the portfolio trading solution to expand. All trade had a strong quarter, with over $200 billion in volume, with average daily volume up almost 10% year-over-year. Our all to all average daily volume grew over 35% year-over-year, while sessions average daily volume rose by nearly 10% year-over-year. The team remains focused on expanding our network and increasing the number of responders on the all trade platform.

我們看到美國和國際投資組合交易平台的活躍用戶數量實現了兩位數的成長，我們繼續預期投資組合交易解決方案的採用率將會擴大。本季所有貿易表現強勁，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%。我們整體平均每日交易量較去年同期成長超過 35%，而單次交易平均每日交易量較去年同期成長近 10%。團隊將繼續專注於擴大我們的網絡，並增加全行業平台上的響應者數量。

We saw record responder rates across IG and we also saw strong ETF market maker participation across institutional credit with volume showing strong year-over-year gains. Moving to slide 10, one aspect of the trade web story that often doesn't get enough attention is how far we've come internationally.

我們看到投資等級證券的回應率創下歷史新高，同時也看到機構信貸領域的ETF做市商參與度強勁，交易量較去年同期成長顯著。接下來是第 10 張投影片，貿易網絡故事中經常被忽視的一個面向是我們在國際上取得了多大的進步。

Over the past few years, we've built tremendous momentum outside the US, with international revenues growing at a 19% compound annual growth rate from 2019 to 2024. And so far this year, they're up more than 30% year-over-year.

過去幾年，我們在美國以外的地區取得了巨大的發展勢頭，2019 年至 2024 年國際收入複合年增長率達到 19%。今年到目前為止，它們的同比增長率超過 30%。

Today, over half of our overall revenue growth is coming from outside the United States, and about a fifth of that is from regions beyond Europe and the UK, mainly Asia. Regions that were once viewed as future opportunities have now become meaningful contributors to our business.

如今，我們超過一半的總收入成長來自美國以外地區，其中約五分之一來自歐洲和英國以外的地區，主要是亞洲。曾經被視為未來機會的地區，如今已成為我們業務的重要貢獻者。

This success stems from the strength of our global presence and the deep relationships we've built with our international clients. Importantly, these clients aren't just engaging with trade web for international fixed income products. They're increasingly turning to the platform for our home court US products as well, underscoring the global reach and versatility of our offering.

這項成功源自於我們強大的全球影響力以及我們與國際客戶建立的深厚關係。重要的是，這些客戶不僅僅是透過交易網站購買國際固定收益產品。他們也越來越多地轉向該平台購買我們的美國本土產品，這凸顯了我們產品的全球影響力和多功能性。

Building on the success of our international expansion, we've also seen strong early results from our emerging markets initiative, much like our broader international strategy, we've been leveraging our established, developed market presence to drive growth in these regions, and we believe it is working. Traders in emerging markets are deeply engaged with trade web and increasingly drawn to our multi-asset class model, trading an average of more than five products on our platform.

繼國際擴張成功之後，我們在新興市場計畫中也取得了強勁的早期成果。就像我們更廣泛的國際策略一樣，我們一直在利用我們已建立的、成熟的市場地位來推動這些地區的成長，我們相信這是行之有效的。新興市場的交易員們積極參與交易網絡，並越來越被我們的多元資產類別模式所吸引，平均每人在我們的平台上交易超過五種產品。

We're now pacing at over $100 million in annual revenue from emerging markets, nearly triple what we achieved in 2023. Yet even with this progress we're only beginning to tap into a total addressable market exceeding $1.5 billion.

我們現在從新興市場獲得的年收入已超過 1 億美元，幾乎是 2023 年我們實現的三倍。即便取得了這樣的進展，我們也只是開始挖掘一個超過 15 億美元的潛在市場。

Across emerging market swaps in particular, long standing challenges such as geographic dispersion, pricing obesity, and operational inefficiencies have traditionally made voice trading the default. That dynamic is changing. Tradeweb is helping to lead the shift towards electronification by providing clients with more discreet, transparent, and efficient execution. Innovations like our RFM protocol and AiEX are playing a key role in that evolution.

尤其是在新興市場互換交易中，長期存在的挑戰，如地理分散、定價過高和營運效率低下，使得語音交易歷來成為預設選擇。這種局面正在改變。Tradeweb 透過為客戶提供更謹慎、透明和高效的交易執行方式，引領著向電子化的轉變。我們的 RFM 協議和 AiEX 等創新技術在這一發展過程中發揮關鍵作用。

Beyond swaps, we're also seeing encouraging momentum and emerging markets cash credit where revenues are up more than 40% year-over-year. Last week, we announced the successful launch of the first electronic bond alternative trading system in Saudi Arabia, a foundational moment for a fixed income market structure in the kingdom and a testament to our growing geographic footprint.

除了互換業務外，我們還看到令人鼓舞的成長勢頭，新興市場現金信貸的收入年增超過 40%。上週，我們宣佈在沙烏地阿拉伯成功推出首個電子債券另類交易系統，這對沙烏地王國的固定收益市場結構而言是一個奠基性的時刻，也證明了我們不斷擴大的地域影響力。

The opportunity ahead remains significant. Not only within global fixed income and ETF markets, but also as we continue to build brand recognition and expand our footprint across more countries. And with that, let me turn it over to Sarah to discuss our financials in more detail.

前方的機會依然十分巨大。不僅在全球固定收益和 ETF 市場，而且隨著我們不斷提升品牌知名度並擴大在更多國家的影響力，我們也將繼續這樣做。接下來，我將把發言權交給莎拉，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. Slide 11 provides a summary of our quarterly earnings performance. As Billy recapped earlier, this quarter we saw revenues of $509 million that were up 13% year-over-year on a reported basis and 11% on a constant currency basis, given the weakening dollar.

謝謝你，比利，早安。除非另有說明，當我在分析數據時，所有比較都將與去年同期進行比較。第 11 張投影片總結了我們的季度獲利情況。正如比利之前總結的那樣，本季度我們的收入為 5.09 億美元，按報告匯率計算同比增長 13%，按固定匯率計算同比增長 11%（考慮到美元走弱）。

We derived approximately 42% of our third quarter revenues from international clients. And recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in euros. Our variable revenues increased by 11% and total trading revenues increased by 13%.

我們第三季約 42% 的營收來自國際客戶。此外，請記住，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。我們的可變收入成長了 11%，總交易收入成長了 13%。

Total fixed revenues related to our four major asset classes were up 28% on a reported basis, and 26% on a constant currency basis. 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.

與我們的四大主要資產類別相關的固定收入總額按報告基準增長了 28%，按固定匯率基準增長了 26%。固定利率收入成長主要得益於某些經銷商最低收費標準的提高，以及我們抵押貸款和美國政府債券平台新增經銷商。

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. Other revenues increased 52% primarily driven by our digital initiatives. Specifically, we earned $2.3 million from our work with the Canton network, where we are compensated in Canton coins.

信貸固定收入成長主要得益於先前揭露的最低收費標準以及某些經銷商向訂閱費的轉變。其他收入成長了 52%，主要得益於我們的數位化措施。具體來說，我們透過與 Canton 網路的合作賺取了 230 萬美元，我們獲得的報酬是 Canton 幣。

This item will be variable quarter to quarter reflecting fluctuations in the number of Canton coins earned, Canton coin prices, and periodic tech enhancements for retail clients. Year-to-date adjusted EBITDA margin of 54.2% increased by 90 basis points on a reported basis, when compared to our 2024 full-year margins.

該物品將按季度變化，反映出獲得的廣州幣數量、廣州幣價格的波動，以及零售客戶的定期技術改進。截至目前，經調整後的 EBITDA 利潤率為 54.2%，以報告基準計算，較 2024 年全年利潤率增長了 90 個基點。

Lastly, this quarter's GAAP results include a $15 million realized gain from the sale of Canton coins. For the first nine months of 2025, we also recorded unrealized gains of $50.6 million. As a reminder, realized and unrealized gains are included in GAAP EPS and excluded from non-GAAP adjusted diluted EPS.

最後，本季的 GAAP 業績包括出售廣州錢幣獲得的 1,500 萬美元已實現收益。2025 年前九個月，我們還錄得 5,060 萬美元的未實現收益。提醒一下，GAAP 每股盈餘包含已實現收益和未實現收益，而非 GAAP 調整後的稀釋每股收益則不包含這些收益。

As of the end of the third quarter, we held approximately 1.7 billion Canton coins, with a fair value of approximately $56 million, which is recorded on our balance sheet under other assets. Moving on to fees per million on slide 12 and a highlight of the key trends for the quarter. You can see slide 19 of the earnings presentation for additional detail regarding our fee per 1 million performance this quarter.

截至第三季末，我們持有約 17 億枚廣州金幣，公允價值約 5,600 萬美元，已在我們的資產負債表上列為其他資產。接下來，我們將看到第 12 張幻燈片中每百萬英鎊的費用，以及本季主要趨勢的重點。您可以查看收益簡報的第 19 頁，以了解有關我們本季每百萬業績費用的更多詳細資訊。

For cash rates products, average fees per 1 million were down 7%, primarily due to a mix shift away from US government bonds, which carry a comparatively higher fee per 1 million, and a shift towards mortgages, which carry a lower fee per 1 million. For long tenor swaps, average fees per 1 million were up 21%, primarily due to a decline in compression activity.

對於現金利率產品，每百萬美元的平均費用下降了 7%，這主要是由於投資組合從每百萬美元費用相對較高的美國政府債券轉向每百萬美元費用較低的抵押貸款。對於長期互換交易，每百萬的平均費用上漲了 21%，這主要是由於壓縮交易活動的減少。

For cash credit, average fees per 1 million decreased 15% due to the migration of certain dealers from fully variable plans to fixed plans across institutional and wholesale US credit, and a mix shift away from retail within US credit, which carries a higher fee per 1 million. For cash equities, average fees per 1 million increased 1% due to higher fee per 1 million in EU ETFs.

由於美國機構和批發信貸中某些經銷商從完全浮動計劃轉向固定計劃，以及美國信貸中零售業務（每百萬美元費用較高）的組合變化，現金信貸的平均每百萬美元費用下降了 15%。由於歐盟 ETF 每百萬股的費用較高，現金股票的平均每百萬股費用增加了 1%。

And finally, within money markets, average fees per 1 million decreased 4% primarily due to a mix shift away from retail CDs, which carry a comparatively higher fee per 1 million. Slide 13 details our adjusted expenses. At a high level, the scalability and variable nature of our expense base allow us to continue to invest for growth and grow margins.

最後，在貨幣市場領域，每百萬的平均費用下降了 4%，這主要是由於投資組合從零售 CD 轉向其他產品，而零售 CD 的每百萬費用相對較高。第 13 頁詳細列出了我們調整後的費用。從宏觀層面來看，我們支出基礎的可擴展性和可變性使我們能夠繼續投資以實現成長並提高利潤率。

We have maintained a consistent philosophy here. Adjusted expenses for the third quarter increased 12% on a reported basis and 11% on a constant currency basis. During the third quarter, we continued investments in tech and communications, digital assets, consulting, and client relationship development.

我們一直秉持著一貫的理念。第三季調整後支出以報告匯率計算成長了 12%，以固定匯率計算成長了 11%。第三季度，我們繼續投資於科技與通訊、數位資產、諮詢和客戶關係發展。

Adjusted compensation costs grew 6%, driven by a 12% year-over-year increase in headcount and higher salaries, partially offset by lower accruals for performance-related variable compensation. Technology and communication costs increased 39% primarily due to our continued investments in data strategy and infrastructure.

經調整後的薪酬成本增加了 6%，主要原因是員工人數年增 12% 以及薪資上漲，但部分被與績效相關的可變薪酬的應計額減少所抵銷。技術和通訊成本增加了 39%，主要是由於我們對資料策略和基礎設施的持續投資。

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. Occupancy expenses increased 23% primarily from increased rent due to the move of our New York City headquarters, including duplicate rent of $241,000 in the quarter.

經調整的專業費用增加了 6%，這主要是由於我們加強了海外技術營運並逐步擴大了規模，從而增加了技術顧問的數量。較低的法律費用部分抵消了這一影響。由於紐約市總部搬遷，租金上漲，導致辦公室佔用費用增加了 23%，其中包括本季重複支付的 241,000 美元租金。

Excluding duplicate rent, occupancy expense grew 18%. Adjusted general and administrative costs increased 30% primarily due to a pickup in travel and entertainment and unfavorable movements in FX. Unfavorable movements in FX resulted in a $1 million loss in third quarter '25 versus approximately a $400,000 gain in third quarter '24. Excluding FX, adjusted general and administrative costs grew 19%.

剔除重複租金，佔用費用增加了 18%。經調整的一般及行政費用增加了 30%，主要原因是旅行和娛樂支出增加以及外匯匯率的不利波動。外匯市場的不利波動導致 2025 年第三季虧損 100 萬美元，而 2024 年第三季則獲利約 40 萬美元。剔除匯率因素，調整後的一般及行政費用增加了19%。

Slide 14 details capital management and our guidance. On our cash position and capital return policy, we ended the third quarter in a strong position with $1.9 billion in cash and cash equivalents, and free cash flow reached approximately $987 million for the trailing twelve months.

第 14 頁詳細介紹了資本管理和我們的指導。就我們的現金狀況和資本回報政策而言，第三季末我們處於強勁的現金及現金等價物19億美元的狀態，過去十二個月的自由現金流約為9.87億美元。

Our net interest income of $19.8 million increased due to higher cash balances despite lower interest yields and included a one-time payment of $2.4 million related to interest income from a tax refund. 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. We are tightening our adjusted expense guidance to $1 billion to $1.025 billion.

儘管利率下降，但由於現金餘額增加，我們的淨利息收入為 1,980 萬美元，其中包括一筆與退稅利息收入相關的 240 萬美元一次性付款。根據本季的收益，董事會宣布派發每股 A 類和 B 類股票 0.12 美元的季度股息，比去年同期成長 20%。接下來展望2025年的發展方向。我們將調整後的費用預期收緊至 10 億美元至 10.25 億美元。

In the fourth quarter, we expect a similar sequential dollar increase in technology and communication expenses as we are seeing this quarter, driven by continued investment in platform infrastructure, AI, and data. We expect to see continued double-digit growth in technology and communications through 2026 based off the fourth quarter run rate.

預計第四季度，由於對平台基礎設施、人工智慧和數據的持續投資，技術和通訊支出將像本季一樣出現類似的美元環比成長。根據第四季的運行速度，我們預計到 2026 年，科技和通訊產業將繼續保持兩位數的成長。

We expect fourth quarter professional fees to see a seasonal pickup similar to fourth quarter '24. We expect adjusted G&A to rise sequentially primarily due to an expected $4 million in FX losses based on where current FX rates are coupled with the usual seasonal rise in T&E, marketing, and charity.

我們預計第四季度專業服務費將出現與 2024 年第四季類似的季節性成長。我們預計調整後的一般及行政費用將環比增長，主要原因是根據當前匯率預計產生的 400 萬美元匯兌損失，以及差旅費、市場營銷和慈善活動通常的季節性增長。

Lastly, we estimate fourth quarter occupancy expenses to increase by $1.5 million over the third quarter, primarily due to the move to our New York City headquarters in September, along with higher data center costs. All in, with these investments in FX-related impacts, 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，我們預計第四季辦公室佔用費用將比第三季增加 150 萬美元，這主要是由於 9 月將總部遷至紐約市，以及資料中心成本增加所致。綜上所述，考慮到這些與外匯相關的投資，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內生增長，其擴張幅度將比去年更為溫和。

As Billy mentioned, we reached an agreement in principle to renew our market data contract with LSEG for a duration of three years. That will see the contract increase in value by 9% annually, effective as of November 1.

正如比利所提到的，我們原則上與倫敦證券交易所集團 (LSEG) 達成協議，將市場數據合約續約三年。該合約的價值將從11月1日起每年增長9%。

We are still in the process of formalizing the contract and finalizing the cadence of revenue recognition and will provide an update on our fourth quarter earnings call. In the interim, for modeling purposes, you can use $22 million in revenue from the LSEG market data agreement for the fourth quarter, which is derived using the current monthly implied rate for the third quarter, for October, growing that by 9% for November and December. Now I'll turn it back to Billy for concluding remarks.

我們仍在完善合約條款並最終確定收入確認節奏，並將在第四季度財報電話會議上提供最新進展。在此期間，為了建模目的，您可以使用 LSEG 市場數據協議第四季度的 2200 萬美元收入，該收入是根據第三季度 10 月份的當前月度隱含利率計算得出的，然後將其增長 9% 至 11 月和 12 月。現在我把麥克風交給比利，讓他做總結發言。

Thanks, Sara. 2025 is shaping up to be another banner year for Tradeweb, even as the markets present their share of challenges. We have a data-driven Fed that reacts to each new data point, and that in turn is influencing how our clients think about risk and express it through our platform. Across our client base, a clear theme is emerging.

謝謝，薩拉。儘管市場面臨諸多挑戰，但2025年對Tradeweb來說有望成為另一個輝煌的年份。我們擁有一個數據驅動的聯準會，它會對每一個新的數據點做出反應，而這反過來又會影響我們的客戶如何看待風險以及如何透過我們的平台表達風險。在我們的客戶群中，一個清晰的主題正在浮現。

What I'd like to call mechanized flow. Put simply, our clients are becoming increasingly systematic and data-driven in how they trade, and that evolution aligns perfectly with how our global platform is built. That said, we're in a period where the market feels somewhat on autopilot.

我稱之為機械化流程。簡而言之，我們的客戶在交易方式上變得越來越系統化和數據驅動，而這種發展趨勢與我們全球平台的建構方式完美契合。也就是說，我們正處於一個市場似乎有點處於自動駕駛狀態的時期。

With the lack of fresh data that makes it difficult for our clients to war game and position effectively. Low volatility and limited data are near-term headwinds. Not just for us, but for the broader market. Still, we believe the setup heading into 2026 is constructive. Volatility will normalize, data will return. And when it does, our clients will once again need to hedge and reposition their global books of risk.

由於缺乏最新數據，我們的客戶難以進行有效的策略演練和定位。短期內，低波動性和有限的數據是不利因素。不僅對我們而言如此，對整個市場也是如此。不過，我們認為2026年的情勢是建設性的。波動性終將恢復正常，數據終將回歸。到那時，我們的客戶將再次需要對沖和重新調整其全球風險資產組合。

And importantly, the firm is not standing still. We are focused on what we can control, building innovative solutions across our clients execution workflows to win market share from the voice markets. I remain incredibly proud of what we've achieved this year and confident in the opportunities ahead as we continue to partner with our clients to help redefine how the world trades fixed income.

更重要的是，該公司並沒有停滯不前。我們專注於我們能夠控制的事情，在客戶的執行工作流程中建立創新解決方案，以贏得語音市場的市場份額。我對今年我們所取得的成就感到無比自豪，並對未來的機會充滿信心，我們將繼續與客戶合作，幫助重新定義世界固定收益交易的方式。

Overall, revenue growth is trending approximately 9% higher relative to October 2024, which was exceptionally strong given the election volatility. While overall revenue growth is lower than we expected, this growth is happening in an environment of low volatility, fewer data points, and without the benefit of an election year. Our international business continued its strong revenue performance with October growth of nearly 20% year-over-year.

總體而言，營收成長趨勢比 2024 年 10 月高出約 9%，考慮到選舉的波動性，這一成長勢頭異常強勁。雖然整體收入成長低於預期，但這種成長是在波動性較低、數據點較少且沒有選舉年優勢的環境下發生的。我們的國際業務持續保持強勁的營收表現，10 月年增近 20%。

The diversity of our growth remains a theme as we are seeing double-digit volume growth across global swaps, European government bonds, US high yield, European credit, Munis, China Bonds, global ETFs, global repo. Our IG share is tracking below September levels, while our high yield share is tracking above September levels.

我們成長的多樣性仍然是一個主題，因為我們看到全球互換、歐洲政府債券、美國高收益債券、歐洲信貸、市政債券、中國債券、全球 ETF、全球回購等業務的交易量均實現了兩位數成長。我們的投資等級股票價格低於 9 月的水平，而我們的高收益股票價格高於 9 月的水平。

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 strong quarterly revenues and volumes at Tradeweb.

最後，我要感謝各位客戶在本季給予我們的支持與合作。並感謝我的同事們為Tradeweb季度營收和交易量取得強勁成長所做的努力。

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

那麼，我就把問題交給艾許莉，由她來回答大家的問題。

Thanks, Billy. As a reminder, please limit yourself to one question only. (Event Instructions)

謝謝你，比利。再次提醒，請您每次只提一個問題。（活動須知）

(Operator Instructions)

（操作說明）

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

Good morning, everyone. Thanks for taking the question. I wanted to get a little bit more on the rate environment.

各位早安。感謝您回答這個問題。我想更深入了解利率環境。

Billy, as you noted, volatility and activity levels have been low. It sounds like clients are sitting on their hands to an extent. Just wondering, from your perspective, what potential catalysts are ahead that could spark volatility and improve activity. Also, you noted the lack of data impacting activity. Is there any way to gauge the impacts of government shutdown and the lack of releases on activity levels?

比利，正如你所指出的，波動性和交易活躍度一直很低。聽起來客戶們在某種程度上都在袖手旁觀。想請教各位，從您的角度來看，未來可能有哪些潛在的催化劑會引發市場波動並促進市場活躍度提升？此外，您也指出缺乏影響活動的數據。有什麼方法可以衡量政府停擺和經濟活動停滯對經濟活動水準的影響？

Yeah. Chris, how are you? Thanks for the question. Speaking of volatility, I want to congratulate you on surviving your golf round with Samer --

是的。克里斯，你好嗎？謝謝你的提問。說到波動性，我想祝賀你和薩默爾打完高爾夫球後平安無事。--

Much thanks. Yeah.

非常感謝。是的。

Yeah. October, I think, was, like, the lowest rate volatility since 2021. So your question's kind of interesting. And I think timely. And Chris, obviously, when we kind of think about it, to make an obvious point, our clients rely on data to make forward decisions starting with where to deploy capital, do you position risk, when are you kind of leaning in, when are you risk on, and when are you kind of risk off? So your question is a good one. And I said this in my closing remarks a little bit so let me get to it.

是的。我認為，10 月的利率波動性是自 2021 年以來最低的。所以你的問題很有趣。我覺得很及時。克里斯，很顯然，當我們仔細思考這個問題時，要指出一個顯而易見的事實，我們的客戶依靠數據來做出前瞻性的決策，從資本部署到哪裡，如何承擔風險，何時應該加大投入，何時應該承擔風險，何時應該規避風險。所以你的問題問得很好。我在總結發言中稍微提到了這一點，所以讓我接著說。

Like I think for sure from our perspective, part of the muted activity, and I think muted is the right word, part of the muted activity I think we've seen recently is tied to the lack of data points that's obviously directly correlated to the government shutdown.

我認為從我們的角度來看，最近出現的活動減少，而且我認為「減少」這個詞用得恰當，一部分原因是缺乏數據點，這顯然與政府停擺直接相關。

Many of our clients, as you know now, are kind of more systematic and they rely on this kind of, like, they rely on as they wargame and shape the forward strategy, like real precise data. Market makers and hedge funds have become very important to the financial ecosystem. And I do think we've done a really good job of being like very front-footed on that trend. And so data is their fuel.

正如您現在所知，我們的許多客戶都比較注重系統性，他們在進行兵棋推演和製定未來策略時，會依賴這種非常精確的數據。做市商和避險基金對金融生態系的重要性日益凸顯。而且我認為我們在這方面做得非常好，一直走在潮流的前沿。因此，數據就是他們的燃料。

There's no other way for me to describe that. So I think without overdoing it, I think they have been a little bit in this kind of like wait and see mode as they traffic through the US markets. I think the Fed in an interesting way is maybe want to say flying blind, but maybe a little bit I think there was a perception that they were a little bit on kind of autopilot I think something around that in an interesting way kind of naturally maybe sets up for surprises. And I think yesterday is a really good kind of indication around how kind of surprises kind of seep into the marketplace.

我實在找不到其他字眼來形容這件事了。所以我覺得，雖然這麼說可能有點誇張，但我覺得他們在進入美國市場時，一直處於一種觀望態度。我認為聯準會在某種程度上有點像是在盲目飛行，但也許在某種程度上，人們感覺他們有點像是在自動駕駛，我認為圍繞這一點，以一種有趣的方式，自然而然地可能為意想不到的事情埋下伏筆。我認為昨天的情況很好地表明了各種意外是如何滲透到市場的。

So I think the rate cut announcement yesterday was accompanied by some new perspective, some new data. I think that interestingly did kind of spark our markets. We saw a very big sell-off on the short end of the curve yesterday. The Fed announced that it will end QT which we believe pretty strongly is a positive for our business.

所以我認為昨天宣布降息的同時，也帶來了一些新的觀點和新的數據。我覺得這很有意思，確實在某種程度上刺激了我們的市場。昨天我們看到短期債券出現了非常大的拋售。聯準會宣布將結束量化緊縮政策，我們認為這對我們的業務來說是一個非常積極的信號。

And I think they surprisingly raise questions about the pace of future cuts which leads to this kind of activity around repositioning. So new data always sparks volatility. And I would say looking ahead, we have growing I think dissent within the Fed. Rate and yield curve keeps changing.

我認為，這些舉措出乎意料地引發了人們對未來裁員速度的質疑，從而導致了這種圍繞重新定位的活動。因此，新數據總是會引發市場波動。展望未來，我認為聯準會內部的分歧正在增加。利率和殖利率曲線不斷變化。

Reminder, as we look to the forward, midterms, believe it or not, time is going so fast. Midterms are looming. I'll make this point very specifically. We know that this is a regime that by no means kind of flies below the [radar]. And the geopolitical landscape continues to remain very uncertain. And so these are, from our perspective, all potential catalysts for volatility and activity.

提醒大家，展望未來，中期考試即將到來，信不信由你，時間過得真快。期中考將近。我會非常具體地闡述這一點。我們知道，這是一個絕不會以任何方式低於…的政權。[雷達]。地緣政治格局依然非常不明朗。因此，從我們的角度來看，這些都是可能引發市場波動和活躍度的催化劑。

So as I say all that, what I would say also, as you know very well, we operate a global business. And it's a business I would say, as usual for international clients, they are not being weighed down by data drought at all.

所以，正如我所說，我也想說，正如您非常清楚的那樣，我們是一家全球性企業。而且我認為，對於國際客戶來說，這和往常一樣，他們完全沒有受到數據匱乏的困擾。

So as we kind of reflect a little bit on the third quarter, even with volatility roughly I think it's roughly 20% below long-term averages. From my perspective, we still delivered positive revenue growth in institutional treasuries, double-digit growth across mortgages, I think that's an important comment. European governments, global swap have done well.

所以，當我們稍微回顧一下第三季時，即使存在波動，我認為它也比長期平均值低約 20%。在我看來，我們在機構財務方面仍然實現了正收入成長，抵押貸款方面實現了兩位數成長，我認為這是一個重要的評論。歐洲各國政府和全球互換機制都做得很好。

Big picture, trends of higher global debt push for greater efficiency, leveraging electronic trading continue. That's a really important kind of comment for me. And I think the recent move lower in rates has without question reinvigorated our leading mortgage business where we have significant market share and has been a flagship franchise for us for a long time. It delivered record revenues.

從宏觀角度來看，全球債務不斷攀升的趨勢推動了效率的提高，電子交易的利用仍在持續。對我來說，這是非常重要的一則評論。我認為，近期利率的下調無疑重振了我們領先的抵押貸款業務，我們在該業務領域擁有相當大的市場份額，並且長期以來一直是我們的旗艦特許經營業務。它實現了創紀錄的收入。

Looking ahead, and I see this like very kind of clearly, I think it's a great time to be in the macro markets. Global backdrop, you have moderate growth, easing inflation, but also this kind of thing I said before, Chris, which is continued uncertainty and some structural challenges tariffs on, tariffs off. We've been through this movie a little bit.

展望未來，我認為現在正是進入宏觀市場的絕佳時機，而且我對此看得非常清楚。在全球背景下，經濟成長溫和，通膨有所緩解，但正如我之前所說，克里斯，也存在持續的不確定性和一些結構性挑戰，例如關稅的增減。我們已經稍微看過這部電影了。

I always say this very loud and clear, control what you can control. You know that we are not a company that remotely stands still. So the focus is always going to be on expanding the electronic pie. Building new solutions. Continuing to compete with the voice markets, grow our overall revenue wallet.

我總是非常明確地強調這一點：控制你能控制的事情。你知道我們絕不是一家停滯不前的公司。因此，重點始終是擴大電子市場的份額。建立新的解決方案。繼續在語音市場競爭，增加我們的整體收入。

Very proud that we launched. We had our first electronic swaption trade this month, first US multi-asset package trade continuing to innovate. And be front-footed. So good questions, Chris, and appreciate it always.

我們非常自豪地宣布產品發布。本月我們完成了首筆電子互換選擇權交易，也是美國首筆多資產組合交易，我們將繼續創新。並且要主動出擊。克里斯，你問的問題很好，非常感謝。

Thanks guys.

謝謝各位。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Hi, good morning. Electronic market share for treasuries has been down in recent months, I think under 60% or even 55% of industry volumes. What's driving that greater mix of voice trades? I think you've pointed out package trades in the past. Is that still the case? And do you see this as a structural issue, or could it be more temporary?

您好，早安。近幾個月來，電子化國庫交易的市佔率有所下降，我認為已經低於該行業交易量的 60% 甚至 55%。是什麼因素推動了語音交易比例的增加？我想你以前也提到過打包交易。現在情況仍然如此嗎？您認為這是一個結構性問題，還是可能只是暫時的？

It's a really good question. And I don't see it as structural, but let me get into it. I think your frame is a good one and we say this all the time. I've been really clear about this, like our biggest competition is the phone. You know? It's the 1996 way of still doing business, not the 2026 way. That the market will do business.

這確實是個好問題。我不認為這是結構性問題，但讓我詳細解釋一下。我認為你的鏡框很好，我們一直都這麼說。我已經非常明確地表明了這一點，我們最大的競爭對手是手機。你知道？這是1996年的經商之道，而不是2026年的經商之道。市場會正常運作。

And so when I think about sort of the Holy Grail of it all, it continues to be going after these kind of larger complex trades that continue to be transacted on the phone. Voice trading has always been a part of the US Treasury market.

所以，當我思考這一切的終極目標時，那就是繼續追求那些仍在透過電話進行的大型複雜交易。語音交易一直是美國國債市場的一部分。

And there are certain strategies within the Treasury market like basis trades and you mentioned it before asset swaps, swap spreads, that I would say have kind of historically lent themselves to more 1996 voice execution. They're often kind of more complex, multi-leg trades, larger notionals, and it's made it more better suited that type of activity. Interestingly, also let me kind of comment again with a bit of bluntness on this because sort of does tie together.

國債市場中存在一些策略，例如基差交易，以及您之前提到的資產互換、互換價差，我認為這些策略在歷史上更適合 1996 年的語音執行方式。它們通常是更複雜的多腿交易，更大的名義金額，因此更適合這類活動。有趣的是，我還想就此再直言不諱地評論一下，因為這確實有點關聯。

With lower volatility, and that little bit of and little conviction on rate direction, I think the instinct that we have is that clients tend to focus on sort of more arbitrage opportunities within treasuries or between something like treasuries and futures and swaps. And so I think the instinct is these tend to be large notional package trades that remain predominantly voice-driven for now. And I think we make a very strong point about saying for now because that's where a lot of the focus of that rates business is.

由於波動性降低，且對利率走向缺乏信心，我認為我們的直覺是，客戶往往會更加關注國債內部或國債與期貨和互換等產品之間的套利機會。因此，我認為直覺是，這些往往是大型概念性打包交易，目前仍主要以語音驅動。我認為我們強調「目前」這一點非常重要，因為利率業務的重點很大程度上就在於此。

And so, to your point, that has led to sort of parts of that market where voice volumes have been growing at a faster pace than the kind of straightforward electronic flow that we live and breathe in. I think I would say is from a good news perspective, and again, this kind of speaks a little bit to the focus that we have, I think the share around what you described kind of bottomed in kind of April and May.

所以，正如你所說，這導致市場某些部分的語音交易量成長速度比我們習以為常的直接電子交易量成長速度更快。我認為從好消息的角度來看，這在某種程度上也反映了我們所關注的重點，我認為你所描述的情況在四月和五月左右觸底。

And I would say that we've been seeing I think, a real reacceleration of our share through September and into October. And I would say we expect that to continue. And then I kind of always kind of say, like, what's the big picture here? So kind of stepping back, I think the very strong instinct is always the advent of new investment and new technology.

我認為，從9月到10月，我們的市場佔有率確實出現了真正的加速成長。而且我認為我們預計這種情況還會持續下去。然後我總是會問，這件事的大局是什麼？所以退一步講，我認為最強烈的本能總是來自新投資和新技術的出現。

It's a trend that has been unfolding for years. And it's like I always said, it's hard to call the kind of top around this continued expansion of electronification. We see it very much as this kind of one-way train with a lot of room to run. We're going to continue to apply kind of AI around the AiEX pricing. We think the move into the kind of how we think about the DeFi ecosystem with stable coin and tokenization are very good trends for us.

這種趨勢已經持續了好幾年。正如我一直說的，很難預測電子化持續擴張的頂峰何時到來。我們認為這就像一列有很長行駛空間的單行道列車。我們將繼續在 AiEX 定價方面應用人工智慧技術。我們認為，採用穩定幣和代幣化等方式來建立 DeFi 生態系統對我們來說是非常好的趨勢。

And across fixed income, electronic trading continues to grow, because electronic trading continues to grow because it delivers this efficiency, competition, transparency, all of the processing. And to make an obvious point, and it's really important that you hear me say this, these benefits are hard, if not impossible, to replicate in the voice market which gives us that kind of optimism as we continue to fine-tune and go after more of the complexity in the market.

在固定收益領域，電子交易持續成長，因為電子交易能夠帶來效率、競爭、透明度以及所有必要的處理，從而持續成長。需要強調一點，這一點非常重要，你們一定要聽我說，這些優勢在語音市場很難複製，甚至是不可能的，這讓我們充滿樂觀，因為我們將繼續改進並應對市場中更多的複雜情況。

And so I say this all the time, like I can get a bit intense, but broad adoption does take time. It requires this thing that we know about really well, which is behavior change, behavior change from clients. But I think from our perspective at Tradeweb, and Sara and I talk about this all the time, we're not complacent, but we're confident I think that the direction of travel around the ongoing electronification is pretty clear. So thanks very much for the question. Good to hear your voice.

所以我總是這麼說，雖然我可能有點激動，但廣泛接受確實需要時間。這需要我們非常了解的一件事，那就是行為改變，客戶的行為改變。但我認為，從我們 Tradeweb 的角度來看，我和 Sara 也一直在討論這個問題，我們並不自滿，但我們有信心，我認為正在進行的電子化進程的方向已經非常明確了。非常感謝您的提問。很高興聽到你的聲音。

Maybe just like amplifying one of the points that you made earlier, in the earlier part of this call, when we talk about the percent of electronification in US Treasuries, and Billy said this, it sometimes gets lost. The actual electronic ADV in this Treasury market is up double digits year-to-date. Right?

也許就像您之前在本次通話的前半部分提到的一點，當我們談到美國國債的電子化百分比時，比利說過，這一點有時會被忽略。今年迄今為止，國債市場的實際電子日成交量已達到兩位數成長。正確的？

So Billy's talking about this episodic increased voice flow that we have an opportunity to help electronify around package trades, but not to lose sight of the underlying business, the underlying industry trend is actually up 10% year-over-year. So both things are healthy opportunities for us.

所以比利正在談論這種間歇性的語音流量增加，我們有機會幫助包裹交易實現電子化，但不要忽視潛在的業務，潛在的行業趨勢實際上是同比增長 10%。所以這兩件事對我們來說都是有益的機會。

Yes, very good point, Sara. Thank you.

是的，薩拉說得很有道理。謝謝。

Jeff Schmitt: Great, thank you.

傑夫·施密特：太好了，謝謝。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Thanks. So sorry for the background noise here, but just there's a general narrative around lower rates and what that means for is bad for trading volumes for us. And so it was curious about how the outlook for rates, given where the Fed funds curve is there, do you think about the outlook for the next year?

謝謝。很抱歉這裡有點背景噪音，但目前普遍的說法是，低利率會對我們的交易量造成不利影響。因此，鑑於聯邦基金殖利率曲線目前的狀況，您如何看待明年的利率前景，這令人好奇。

Yeah. Good question. And maybe I'll take, like, a little bit of this, Sara, you come in with me on this as well. And good morning to whoever said that on the call as well. Know? So, you know, you and I know each other, Dan. So I've been at the company now. It's amazing. Like, I think it's, like, 25-plus years. Getting older by the day. We've grown revenues every year. I say this very proudly, because it has nothing to do with me.

是的。問得好。也許我會稍微嘗試一下，薩拉，你也跟我一起試試看。也向在電話會議上說這句話的人問好。知道？所以，你知道，你我認識，丹。我現在就在這家公司工作了。太神奇了。我覺得，大概有25年以上吧。一天天老去。我們每年的收入都在成長。我非常自豪地說出這句話，因為這與我無關。

But every year kind of irrespective of the rate environment, this is now, I'm going to say this like pretty clearly, nine straight you know, nine straight quarters of double-digit revenue growth that we've kind of managed to do that as you know very well through a bunch of different kind of market environments, because the focus is obviously always on building more innovative solutions attack this thing I was saying before around more parts of the voice market.

但每年，無論市場環境如何，我們現在已經連續九個季度實現了兩位數的收入成長，正如您所知，我們透過各種不同的市場環境做到了這一點，因為我們的重點始終是建立更具創新性的解決方案，以應對我之前提到的語音市場更多領域的挑戰。

So I want to make sure I'm really clear about that because that [ethos] has not changed over the past twenty-five years. And so maybe for a second just like specifically around your question, your question is not oversimplified, but I think in some ways the view around that, as you know, I think is a little bit oversimplified.

所以我想確保我把這一點說清楚，因為這種（理念）在過去的二十五年裡並沒有改變。所以，也許就你提出的問題而言，你的問題並沒有過於簡單化，但我認為在某種程度上，圍繞這個問題的觀點，正如你所知，我認為有點過於簡單化了。

This environment from our perspective I think is constructive for us. Right? So we think about real yields of 2% to 3% on the short end, which we think makes fixed income quite an attractive income-generating tool. We think about the concept of kind of sustained upward sloping yield curve, which we think incentivizes something very, very important which is duration extension. We think benefiting our higher duration products, I think that's like a really important thing for you to hear from me.

從我們的角度來看，我認為這種環境對我們來說是有益的。正確的？因此，我們認為短期內實際收益率可以達到 2% 到 3%，我們認為這使得固定收益成為相當有吸引力的創收工具。我們考慮的是殖利率曲線持續向上傾斜的概念，我們認為這會激勵一些非常非常重要的事情，那就是延長債券期限。我們認為，對於我們持續時間更長的產品來說，這是一個非常重要的訊息，我想你應該聽到。

Continued issuance would support and should support velocity and future secondary supply. And so with respect to rates, we think it's very, very important to draw, but I would say is a very clear and sharp distinction between lower rates and zero rates. These are very different environments. I think history shows that trading volumes kind of ebb and flow in ways that you know very well Dan.

持續發行將支持並應該支持流通速度和未來的二級市場供應。因此，關於利率，我們認為非常非常重要的一點是，要非常清楚地、明確地區分低利率和零利率。這是截然不同的環境。我認為歷史表明，交易量會以你非常清楚的方式起伏，丹。

With volatility and policy expectations. It's not just absolute level of rates. And so as rates trend lower, we expect private intermediation, which is something I talked about a lot. It's back in vogue. The banks are capitalized and stronger than ever. Client-driven activity is going to continue to remain active. And we think and we're starting to hear this that obviously the central banks will remain a smaller part of the market than they were a few years ago. And so we think that's a very good environment for us. And, Sarah, if you want to add.

受市場波動和政策預期影響。不只是利率的絕對水準。因此，隨著利率走低，我們預計私人中介活動將會增加，這也是我經常談到的一點。它又流行起來了。銀行資本充足，實力比以往任何時候都更強。以客戶為中心的活動將繼續保持活躍。我們認為，而且我們也開始聽到這樣的說法，顯然，各國央行在市場中所佔的份額將比幾年前要小。所以我們認為這對我們來說是一個非常好的環境。莎拉，如果你還想補充的話。

I think, in addition to what Billy's talking about around what's really driving business volumes, I think it's also important to remember that lower interest rates actually impact in a positive way two of our biggest businesses around swaps and cash credit fee per 1 million. So if you think about it and I know we've talked a little bit about this before, but if you were just to take rates and drop them by 100 basis points across the curve, swap fee per 1 million would increase by 4% or 5% cash credit fee per 1 million by 2%. And as a reminder, it's because both of those businesses and fee structures operate on PV01 or DV01s.

我認為，除了比利所說的真正推動業務量成長的因素之外，還應該記住，較低的利率實際上對我們最大的兩項業務——互換和每百萬現金信貸費——產生了積極的影響。所以，如果你仔細想想，我知道我們以前也稍微討論過這個問題，但如果你只是將整個曲線的利率降低 100 個基點，每 100 萬美元的互換費用將增加 4% 或 5%，每 100 萬美元的現金信貸費用將增加 2%。再次提醒，這是因為這兩個企業和收費結構都是基於 PV01 或 DV01 進行的。

So on the risk notional that's being traded. And then I know earlier we talked about the shape of the curve. That also has a positive impact in terms of duration being extended in our products. And so as you think about the impact of that on fee per 1 million, a one-year increase in duration, so if you take it 10 years going to 11 years in a business like swaps, fee per 1 million can go up 7% to 8% and in credit a little bit less, but around 2%.

所以，就交易中涉及的風險概念而言。我知道之前我們討論過曲線的形狀。這也有助於延長我們產品的使用壽命，從而產生正面影響。因此，當您考慮期限增加一年對每百萬費用的影響時，例如，如果像互換這樣的業務期限從 10 年增加到 11 年，每百萬費用可能會上漲 7% 到 8%，信貸方面的漲幅會略低一些，但大約為 2%。

So obviously, like when we think about our business, the way the business mix changes is the biggest driver of revenue. But structurally, when rates go down, there is this positive impact on fee per 1 million holding all else constant, I think is something sometimes people forget.

顯然，當我們思考我們的業務時，業務組合的變化是收入的最大驅動因素。但從結構上看，在其他條件不變的情況下，當利率下降時，每百萬的費用就會受到正面影響，我認為這是人們有時會忘記的。

It's amazing, Sara. If you look back at that kind of last period, Dan, of zero rates, which is obviously a very different and kind of more challenging environment than what Sara was describing as kind of lower rates. So we're really kind of talking about that sort of like 2019 to 2021 time period where the Fed was kind of a large buyer.

太棒了，薩拉。丹，如果你回顧上一個零利率時期，你會發現那顯然與薩拉所描述的低利率環境截然不同，而且更具挑戰性。所以我們實際上指的是 2019 年至 2021 年這段時間，當時聯準會是主要的買家。

And you've heard me talk about that when the Fed was a large buyer in the market. I think US Treasury industry volumes were flat. But at that time our revenues grew 14%, which is what you're describing, Sara? And swaps, interest rate swaps volumes were down 14%, but our revenues were up 23% that year, which I think speaks a lot to how we are commercial in more challenging environments. I think it's a good question, Dan. So we appreciate you always.

你們也聽我說過，聯準會曾是市場上的大買家。我認為美國國債業交易量持平。但當時我們的收入成長了 14%，這不就是你所描述的情況嗎，莎拉？互換交易，尤其是利率互換交易量下降了 14%，但我們當年的收入卻成長了 23%，我認為這充分說明了我們在更具挑戰性的環境中是如何進行商業運作的。丹，我覺得你問得好。所以，我們一直都很感激你。

Thanks, Dan.

謝謝你，丹。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Hey, Billy. Hey, Sara. Good morning, everybody. So wanted to spend a minute on the topic of tokenized assets. Obviously, quite an evolving landscape there. What are the opportunities, I guess, and risks that you see for Tradeweb on both of those fronts? Thanks.

嘿，比利。嗨，莎拉。大家早安。因此，我想花一分鐘時間談談代幣化資產這個主題。顯然，那裡的情況正在發生很大的變化。我想，您認為Tradeweb在這兩個方面分別面臨哪些機會和風險？謝謝。

Great. Nice to hear from you, Alex. Maybe I'll start, and then, Billy, feel free to chime in. Think, look, it's a great question and we are definitely spending a lot of time on tokenization and digital assets more broadly. So maybe let me cover a little bit about what we mean when we're talking about digital assets, because I think everybody talks about different components about it.

偉大的。很高興收到你的來信，Alex。或許我可以先開始，然後比利，你隨時可以插話。想想看，這是一個很好的問題，我們確實在代幣化和更廣泛的數位資產方面投入了大量時間。所以，或許我應該簡單介紹一下我們談論數位資產時所指的含義，因為我認為每個人談論數位資產時都會提到不同的組成部分。

For Tradeweb, when we're talking about tokenization, stable coins and digital assets, we're really talking about further modernizing the way financial assets trade. And so if you think about that, it's a natural extension of what we've done and what Billy and the team have done for twenty-five years in terms of electronifying voice markets.

對於 Tradeweb 而言，當我們談論代幣化、穩定幣和數位資產時，我們實際上是在談論進一步實現金融資產交易方式的現代化。所以，如果你仔細想想，這其實是我們以及比利和他的團隊在過去 25 年裡在語音市場電子化方面所做工作的自然延伸。

It's what we feel we do best. It's more efficient enabling the transfer of risk. And so our goal, just like when we talk about electronifying markets, is we want to be a market leader. We want to allow our clients to trade tokenized assets on blockchains. It's programmable. It's interoperable. It provides huge client benefits from our standpoint, faster settlement, things like 24/7 trading, data synchronization, I would love less reconciliation personally and capital efficiency is probably one of the biggest drivers.

這是我們最擅長的。轉移風險更有效率。因此，就像我們談到市場電子化時一樣，我們的目標就是成為市場領導者。我們希望讓我們的客戶能夠在區塊鏈上交易代幣化資產。它是可編程的。它具有互通性。從我們的角度來看，它為客戶帶來了巨大的好處，例如更快的結算速度、全天候交易、資料同步等等。我個人希望減少對帳工作，而資本效率可能是最大的驅動因素之一。

So from our seat there's a lot of opportunity here when there's so much opportunity for our clients. And we have a right to win, which is sort of the first part of what I was getting at. And we've been at it for a while. We've been at it for over three years. Given the regulatory tailwinds that appear to be lining up, we think this is a real significant opportunity for us.

所以從我們的角度來看，當我們的客戶擁有如此多的機會時，我們也擁有很多機會。我們有權利贏得比賽，這正是我要表達的第一點。我們已經為此努力了一段時間。我們已經為此努力了三年多。鑑於監管方面的利好因素似乎正在形成，我們認為這對我們來說是一個真正重要的機會。

And I think I say this with some appropriate humility. I think we feel we're well ahead of our peers in being able to provide both traditional and digital rails side by side for our clients at scale. So all of those components, I think, matter as we think about the forwards. We've made a number of targeted investments. I think, Alex, you've seen us do that in an effort to provide this end-to-end service, like connecting issuance, trading, and settlement.

我覺得我這麼說應該算是比較謙虛的。我認為，我們能夠大規模地為客戶提供傳統鐵路和數位鐵路並行的服務，這方面我們遠遠領先於同行。所以我認為，在考慮前鋒時，所有這些因素都很重要。我們進行了一系列針對性的投資。我想，Alex，你已經看到我們為了提供這種端到端的服務而這樣做，例如連接發行、交易和結算。

Being able to handle the cash leg and the asset leg as you think about tokenized assets. And so I don't need to read the laundry list, but digital asset holdings, finality, securitize, and of course our work with Canton Network, the thing that's exciting, think, especially from my seat as a CFO is we're really generating revenue. This is having real impact.

在考慮代幣化資產時，要能處理現金部分和資產部分。因此，我不需要逐條查看清單，但數位資產持有、最終性、證券化，當然還有我們與 Canton Network 的合作，最令人興奮的是，我認為，尤其是作為財務長的我，我們確實在創造收入。這確實產生了實際影響。

And so obviously early innings, but this year we've already generated $5 million year-to-date from our work as a validator and super validator on the Canton Network. That's in addition to having 1.7 billion coins on our balance sheet with our are worth approximately $55 million.

顯然現在還處於早期階段，但今年到目前為止，我們作為 Canton Network 的驗證者和超級驗證者的工作已經創造了 500 萬美元的收入。此外，我們的資產負債表上還有 17 億枚代幣，價值約 5,500 萬美元。

So I think there's real financial benefits. The digital business for us is something that we continue to invest in. We intend to expand our work at the Canton Network and obviously want to be part of growing that and building trading applications on it. So we think this is the beginning of our digital business.

所以我認為這確實有經濟上的好處。我們將繼續投資數位化業務。我們打算擴大在 Canton Network 的工作，顯然希望參與到該網路的成長和在其上建立交易應用程式的過程中。所以我們認為這是我們數位化業務的開端。

And I think it's really important to recognize that because we've been in this for a long time, it's not just financial investments. It's inorganic and organic, like people at Tradeweb embedding these technologies in mortgages, in repo, in all of our traditional businesses.

我認為非常重要的是要認識到這一點，因為我們已經在這個領域耕耘了很長時間，這不僅僅是金融投資。它既有無機的，也有有機的，就像 Tradeweb 的人們將這些技術嵌入到抵押貸款、回購交易以及我們所有的傳統業務中一樣。

So I think obviously you can tell we're excited about it. Always trying to be balanced. When we talk about the risks I think complacency is probably the biggest risk that Billy and I spend a lot of time talking about. We don't take position in the ecosystem lightly. We don't ever expect to be the only solution or only platform out there.

所以，我想很明顯你們能看出我們對此感到興奮。一直努力保持平衡。當我們談到風險時，我認為自滿可能是最大的風險，我和比利花了很多時間討論這個問題。我們不會輕易在生態系中佔有一席之地。我們從未期望成為唯一的解決方案或唯一的平台。

But we do think, given how long we've been at it and some of the things that we can do uniquely, and maybe more importantly, Billy, like I know you feel strongly about this, who we've partnered with very strategically. We think we're in a good position to evolve with a market that is going to keep evolving.

但我們認為，鑑於我們從事這項工作的時間以及我們能夠以獨特的方式做一些事情，也許更重要的是，比利，我知道你對此非常重視，我們已經與一位戰略合作夥伴建立了合作關係。我們認為我們處於有利地位，能夠隨著不斷變化的市場而發展。

It's always like a good question. We still like Alex. It's always a good question from Alex. I think it's impossible to look at kind of 2025 and not say that in exactly the way that you described really, really well, Sara, that crypto exposure to gold and the [Mag-seven] stocks have not become kind of macro products in our world. And so when we kind of when I say that out about kind of crypto, I mean, I think it's fair to say that, ultimately we see institutional grade crypto as part of the kind of broader macro toolkit, and we plan to play a role there.

這總是一個好問題。我們仍然喜歡亞歷克斯。Alex提出的問題總是很好。我認為，展望 2025 年，不可能不承認，正如 Sara 你所描述的那樣，加密貨幣對黃金和 [Mag-seven] 股票的投資已經成為我們世界中的宏觀產品。所以，當我談到加密貨幣的時候，我的意思是，我認為可以公平地說，最終我們將機構級加密貨幣視為更廣泛的宏觀工具包的一部分，我們計劃在其中發揮作用。

And part of the kind of partnerships, Sara, that you were alluding to, and I think is very specifically around kind of the Canton Network partnership that we have is very, very important to us because we see kind of best in class there and we see real potential partners with us in the kind of go forward evolution potentially around that marketplace becoming more institutional.

薩拉，你剛才提到的那種合作關係，我認為尤其與我們建立的 Canton Network 合作關係非常非常重要，因為我們在那裡看到了業內頂尖的人才，也看到了未來發展中與我們合作的真正潛在夥伴，因為市場可能會變得更加製度化。

And so as everybody here knows, the roots around that market are always by definition going to be kind of 24/7 stuff. And so as this kind of ties in, the general feeling is as fixed income products kind of follow that route, around tokenization and 24/7 liquidity, we're going to play a leadership role with the potential, Alex, ability to pivot as a leader around institutional crypto trading. So this is all kind of very, very important and interesting stuff that I think is going to define really the next couple of years of electronic marketplaces. And so thanks, Alex.

所以大家都知道，圍繞這個市場的根基必然是全天候運作的。因此，隨著這種聯繫的建立，人們普遍認為，隨著固定收益產品沿著代幣化和全天候流動性的道路發展，我們將扮演領導角色，並且有潛力，Alex，有能力轉型成為機構加密貨幣交易領域的領導者。所以這些都是非常非常重要且有趣的事情，我認為它們將真正決定未來幾年電子市場的方向。所以，謝謝你，亞歷克斯。

Simon Clinch, Rothschild and Company.

西蒙·克林奇，羅斯柴爾德公司。

Hi, Billy. Thanks for taking my question. I was wondering if you could talk maybe give us a sense of how to think about the stages of electronification in US credit in particular. And how Tradeweb is positioned to both drive and benefit from this trend, specifically in terms of, like, the technologies you have in the pipeline, accelerate this opportunity, how the value trading fits into the frame, particularly in the case of locks, and ultimately, how we should think about the revenue benefits that accrue from this opportunity. Thanks.

嗨，比利。謝謝您回答我的問題。我想請您談談，或許可以讓我們了解一下，特別是美國信貸電子化的各個階段該如何看待。Tradeweb 如何定位自己以推動和受益於這一趨勢，尤其是在以下方面：例如，你們正在研發的技術如何加速這一機會；價值交易如何融入其中，尤其是在鎖定交易方面；以及最終，我們應該如何看待這一機會帶來的收入收益。謝謝。

Sure. Thanks very much, Simon. I said it before about kind of to be kind of super focused, but also with an understanding that human behavior change takes a little bit of time. So I'll make the most obvious point on this entire earnings call. Electronification and credit has never been and will never be kind of straight line stuff. And so what we've seen is periods of gradual progress, gradual progression followed from our perspective kind of sharp accelerations when what we would say very key ingredients come together, better technology, improved data, shifts in trading behavior and more efficient post-trade process.

當然。非常感謝，西蒙。我之前說過，要非常專注，但也要明白，人類行為的改變需要一些時間。所以，我將就這次財報電話會議中最顯而易見的一點發表看法。電子化和信貸從來都不是，也永遠不會是一條直線發展的道路。因此，我們看到的是一段漸進的進步時期，從我們的角度來看，當關鍵因素（更好的技術、改進的數據、交易行為的轉變和更有效率的交易後流程）匯聚在一起時，會出現急劇的加速發展。

These are the kind of pieces of the ingredients that need to come together. And I'll say it this way for a second. At the same time, I think it's important to recognize and understand something that's embedded in your question, which is the credit market is structurally different from other asset classes. And I'll say it this way, I think from our perspective, I think liquidity in that marketplace can be a little bit fragile.

這些都是需要組合在一起的要素。我再換個方式說一下。同時，我認為重要的是要認識到並理解你的問題中隱含的一點，那就是信貸市場在結構上與其他資產類別不同。這麼說吧，從我們的角度來看，我認為該市場的流動性可能有點脆弱。

It's fragmented market with thousands of individual bonds, sometimes limited depth, that can change very quickly when conditions move. And so the market itself, I would say this, like in my entire career, it's a challenge. And I say that optimistically because I think challenges plays to kind of Tradeweb strengths. So in a complex market, I think there's a real difference between just what we would say is like adding technology for technology sake and building balanced real solutions and collaborations with our partners.

這是一個分散的市場，有成千上萬隻債券，有時市場深度有限，而且當市場狀況改變時，市場變化可能非常迅速。所以，就市場本身而言，我想說，就像在我整個職業生涯中一樣，它一直是一個挑戰。我樂觀地認為，挑戰恰恰能發揮 Tradeweb 的優勢。因此，在一個複雜的市場中，我認為僅僅為了技術而添加技術，與建立平衡的真正解決方案並與我們的合作夥伴合作之間，存在著真正的區別。

I mean I think that is front and center, a fundamental ethos to how we partner with the buy side and with the dealers. We still feel exceptionally strong that we are right sided on Portfolio Trading. We think bringing the dealers back into the equation as market makers is a fundamentally important part of the marketplace. I would say there needs to be very strong and continued work on ultimately delivering the dealers balance sheets and inventories to the most sophisticated, most important clients.

我的意思是，我認為這才是重中之重，是我們與買方和經銷商合作的基本理念。我們仍然非常堅定地認為，我們在投資組合交易方面是正確的。我們認為，讓交易商重新參與市場交易，成為市場運作中至關重要的一部分。我認為，我們需要大力推進並持續努力，最終將經銷商的資產負債表和庫存資訊提供給最成熟、最重要的客戶。

I think that's an important endeavor that we are working on. And ultimately, as you know well, this piece of the market is going to be defined as innovations that ultimately land, again, this concept of the holy grail around risk trades.

我認為這是我們正在努力的重要工作。最終，如你所知，這部分市場將被定義為最終實現風險交易聖杯概念的創新。

And so we have our best and brightest in the credit business, working on this all the time. I feel very, very strong and proud around how we've landed in credit, and the company is extremely focused into 2026 and continuing to make progress there. So appreciate it, Simon. Thank you.

因此，我們信貸業務中最優秀、最聰明的人才一直在從事這項工作。我對我們在信貸領域的成就感到非常非常自豪，公司也高度專注於 2026 年，並將繼續朝著這個目標取得進展。非常感謝，西蒙。謝謝。

Thanks very much.

非常感謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning. This is Elias Abboud on for Craig. Thanks for taking the question. You launched treasury trading on ICD last quarter. Can you update us on what adoption has looked like? Do you have any plans to launch more products in ICD? And then bigger picture, you're still sitting on a lot of cash. Is there more opportunities for M&A in the corporate channel going forward?

早安.這裡是埃利亞斯·阿布德，他正在為克雷格報道。感謝您回答這個問題。你們上個季度在ICD上推出了國債交易。您能跟我們說說領養方面的情況嗎？你們有計劃在ICD領域推出更多產品嗎？從更宏觀的角度來看，你仍然手握大量現金。未來企業通路的併購機會是否會更多？

It's Sara. I'll take that. Nice to hear from you. I think we are really excited. We've seen early interest from our Tivo launch on ICD, which we did at the end of the second quarter, and we've already had a few clients execute their first trades this month. So good momentum and progress there.

是薩拉。我接受。很高興收到你的來信。我覺得我們都非常興奮。我們在第二季末推出的 ICD 平台上的 Tivo 服務已經引起了早期關注，並且本月已經有一些客戶進行了首次交易。所以這方面勢頭良好，進展順利。

What's been encouraging even beyond that is some of the largest potential clients we have in our pipeline, those who previously passed on ICD are now more focused on reengaging because of this added ability to bring Tradeweb products onto the platform, the ICD portal.

更令人鼓舞的是，我們通路中一些最大的潛在客戶，那些以前放棄 ICD 的客戶，現在因為 ICD 入口網站新增了將 Tradeweb 產品引入平台的功能，而更加關注重新與我們合作。

So I think holistically, we continue to see momentum around that strategy. Obviously, it takes time in their long sales cycles. Beyond that, we're very focused on making the whole experience when we brought Tradeweb and ICD together to be more seamless.

所以我認為，從整體來看，我們繼續看到這項策略的發展動能。顯然，在他們漫長的銷售週期中，這需要時間。除此之外，我們也非常注重讓 Tradeweb 和 ICD 合併後的整個體驗更加無縫銜接。

So there's work that we're doing to integrate straight through processing between our organizations and platforms and obviously, a couple of aspects on the custody relationship. So more to come on that, but I think good progress.

因此，我們正在努力整合我們組織和平台之間的直接處理，顯然，還有託管關係的一些問題。關於這一點，後續還會有更多消息，但我認為目前進展得很好。

And beyond ICD, the second part of your question, just in terms of bigger picture sitting on cash and M&A. Look, I think Billy has been really clear. We are an ambitious company, and we continue to consistently evaluate buy versus build, investments, outright M&A. Just because we have the cash does not mean that we're going to be lacking in discipline.

除了 ICD 之外，你問題的第二部分，就持有現金和併購這一更大的問題而言。你看，我覺得比利已經說得很清楚了。我們是一家雄心勃勃的公司，我們會持續評估收購與自建、投資和直接併購等各種方案。僅僅因為我們有錢，並不代表我們就會缺乏自律。

So the bar is high, and we have a number of strategic and financial objectives that anything that we deploy capital against has to meet, but I think you've heard us talk about some of the areas that we're most excited about on this call, whether it be digital, an area that we're evaluating continued investments, both inorganically and organically.

因此，標準很高，我們制定了許多策略和財務目標，任何我們投入資金的專案都必須達到這些目標。但我認為，在這次電話會議上，你們已經聽到我們談到了一些我們最感興趣的領域，例如數位化，我們正在評估繼續投資的領域，包括無機成長和有機成長。

Billy's talked about institutional crypto. As that world evolves, I think there are things that we can do to accelerate our technology build there and areas that are adjacent to some of our markets like private credit. So in particular, we're focused on where the biggest opportunities are the growth in the marketplace that are adjacent to what we do, where we think we have a right to win. And so I think the inorganic question is much more than just M&A from our seat. It's a combination of partnerships investments as well as looking at acquisitions.

比利談到了機構加密貨幣。隨著世界的發展，我認為我們可以採取一些措施來加快我們在該領域的技術建設，以及與我們某些市場相鄰的領域，例如私人信貸。因此，我們特別關注與我們業務相關的市場成長中最大的機遇，以及我們認為我們有理由取得成功的領域。因此，我認為從我們的角度來看，非有機成長問題遠不止於併購那麼簡單。這是透過合作投資以及尋求收購來實現的。

So I hope that helps.

希望這能有所幫助。

Got it. Thank you.

知道了。謝謝。

Ken Worthington, JPMorgan.

Ken Worthington，摩根大通。

Hi. Good morning, thanks for taking the question. Maybe following up here. Sara, you highlighted in that '25 would be an investment year, remain open to evaluating M&A opportunities, like if and where appropriate, when you're looking at the product suite as it stands today, are there particular protocols, technologies, geographies that you think could better amplify Tradeweb's value proposition?

你好。早上好，感謝您回答這個問題。或許可以在這裡跟進。Sara，你曾強調 2025 年將是投資之年，請持續保持開放態度，評估併購機會。例如，在適當的情況下，當你審視目前的產品組合時，你認為是否有特定的協議、技術或地理可以更好地提升 Tradeweb 的價值主張？

And to Alex's question earlier, you spent a lot of time on digital and the Canton Network. Are there pieces particularly on the digital side, that would be helpful to fill in here.

至於 Alex 之前提出的問題，你花了很多時間在數位媒體和 Canton Network 上。是否有一些特別偏向數位領域的資料，可以補充到這裡？

Yes, obviously. Billy, feel free to jump in. I think -- I'd say I'd characterize, we don't see any major gaps across our asset classes, protocol, geography set. We think we're highly global, really diversified across client channels as well as asset classes. But we do consistently evaluate where can we amplify or accelerate.

是的，顯而易見。比利，你隨時可以加入。我認為——或者說，我認為，在我們的資產類別、協議、地域設置方面，我們沒有看到任何重大差距。我們認為我們是一家高度全球化的公司，在客戶通路和資產類別方面都實現了真正的多元化。但我們會持續評估哪些面向可以加強或加速。

And so the areas I probably just highlighted are areas that we would call more frontier markets on the adjacent standpoint that I think are our biggest opportunity is to add potential asset classes, like when Billy talks about institutional crypto, we think of that as an adjacent asset class and in some ways, an extension of clients, right, more crypto-native firms.

因此，我剛才重點提到的這些領域，從鄰近的角度來看，我們可以稱之為更前沿的市場，我認為我們最大的機會在於增加潛在的資產類別，例如當比利談到機構加密貨幣時，我們認為這是一個鄰近的資產類別，並且在某種程度上，它是客戶的延伸，對吧，更多的是加密貨幣原生公司。

So that would be an area that I'd highlight. It's interesting when you take a different lens around digital, and you asked a little bit about life cycle, I think that's like a really good adding dimension to look at. Sometimes, people think Tradeweb is only focused on what I would call the match, like the execution.

所以，這將是我重點關注的一個領域。當你從不同的角度看待數位產品時，你會發現它很有趣。你剛才也問到了生命週期，我認為這是一個很好的切入點。有時，人們認為 Tradeweb 只專注於我所說的匹配，例如執行。

The reality is our offering goes from pre-trade analytics to execution to post-trade in a lot of different scenarios. I think what's really interesting about some of the work we're doing in the digital space is it can make our participation across the full trading life cycle even more efficient, both from providing a service from -- to clients, but also from a capital perspective.

事實上，我們提供的服務涵蓋從交易前分析到交易執行再到交易後等多種不同場景。我認為我們在數位領域所做的一些工作真正有趣的地方在於，它可以使我們在整個交易生命週期中的參與更加高效，無論是從為客戶提供服務的角度來看，還是從資本的角度來看。

So I would say, if anything, as the world evolves and we don't think it will be binary, I think our role and opportunity across the trading life cycle, that opportunity kind of grows in multiple dimensions beyond just purely a trade execution.

所以我想說，隨著世界的發展，我們認為情況不會是非此即彼的，因此，我認為我們在整個交易生命週期中的角色和機遇，這種機會會在多個維度上增長，而不僅限於單純的交易執行。

Perfect. Great. Thank you.

完美的。偉大的。謝謝。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking my question. Billy, in your prepared remarks, you talked a lot about very low levels of market volatility and what that's doing to electronic share. I'm just curious, I think earlier in the Q&A, you talked about your outlook for [e-share]. Maybe just on market volumes in general, both Trace and US Treasury. What are your thoughts on?

您好，早安，感謝您回答我的問題。比利，你在事先準備好的演講稿中，多次談到了市場波動性極低以及這對電子股票市場的影響。我只是好奇，我覺得在之前的問答環節中，您談到了您對…的展望[電子共享]。或許只是從整體市場交易量來看，包括Trace和美國公債。你對此有何看法？

Why is that the case it feels like uncertainty remains quite high. The comps are fairly tough, but like what do you think are the reasons that market volumes have been a little bit lower? And how do you think about how that unfolds over the next 6, 12 months?

為什麼會出現這種情況？感覺不確定性仍然很高。雖然同期比較艱難，但你認為市場交易量略微下降的原因是什麼？那麼，您認為未來 6 個月到 12 個月內，事情會如何發展呢？

It's a little bit of what I was saying before, and it's a really good question. There's been a little bit of the kind of Fed on autopilot, lack of data. Your question is a really interesting one. And as I'm kind of thinking about it, when you think about '26, you know that factors around kind of timing of rate cuts is going to be very, very important, like continued kind of fiscal developments. There's going to be macro data surprises.

這跟我之前說的有點關係，而且這確實是個好問題。聯準會似乎有點處於自動駕駛模式，缺乏數據支持。你的問題很有趣。仔細想想，到了 2026 年，降息時機等因素將會非常非常重要，例如持續的財政發展。宏觀經濟數據可能會出現一些意想不到的情況。

We know that credit risk are coming to light. That's a big deal. So we feel kind of like volatility and client activity is big time coming back into the marketplace. You know that we're going to kind of win in the storm, right?

我們知道信用風險正在逐漸顯現。那可是件大事。因此，我們感覺市場波動性和客戶活躍度正在大幅回升。你知道我們會在這場風暴中取得勝利，對吧？

We've shown our ability to win in the storm consistently, whether or not that storm was way back when kind of COVID or the regional crisis, that storm that took place or then just very, very recently, obviously around kind of liberation moments within the marketplace. We're going to win in the storm. I feel very strongly that we're also going to win in the comp and we have been winning in the comp. And so that's where we kind of talk about this kind of concept of mechanized flow.

我們已經證明了我們有能力在風暴中持續取勝，無論這場風暴是很久以前的 COVID-19 或區域危機，還是最近發生的風暴，顯然是圍繞市場解放時刻的風暴。我們必將在風暴中獲勝。我非常有信心我們會在比賽中獲勝，而且我們一直在比賽中獲勝。所以，這就是我們討論機械化流動這種概念的地方。

And back to the basics around RFQ technology. These environments play very, very well for us in part because of our ability to kind of engage them with clients and to put innovations into the marketplace at periods of calm, I think, plays extremely well to our strengths down the road.

讓我們回到詢價技術的基礎知識。這些環境對我們來說非常有利，部分原因是我們能夠與客戶互動，並在市場平靜時期將創新推向市場，我認為這對我們未來的發展非常有利。

So I kind of say this with a little bit of a wink. Nobody knows anything. The very strong instinct is comm markets lead to something very different and we've seen little even pieces of that as of yesterday afternoon when the market just saw something different than I had expected to see an activity kind of surged very quickly in volatility search.

所以，我這麼說的時候，心裡還帶著一絲狡猾的笑意。誰也不知道任何事。我強烈預感，通訊市場將會帶來截然不同的結果，而昨天下午我們已經看到了一些跡象，市場出現了一些與我預期不同的情況，波動性搜尋活動迅速激增。

As a consequence of that, it's going to be a very interesting, I think, market dynamic into 2026. And I think our general feeling here is, and kind of Sara said it with humbleness, but with a tremendous amount of confidence, I think we sit extremely well positioned to be that partner to the industry. So as always, Ben, a very good question and appreciate it, thank you.

因此，我認為到 2026 年，市場動態將會非常有趣。我認為我們在這裡的普遍感受是，正如薩拉謙遜但充滿自信地表達的那樣，我認為我們處於非常有利的位置，可以成為行業的合作夥伴。所以，和往常一樣，本，你問了一個非常好的問題，我很感激，謝謝。

You know it's interesting, I think, also in what you're saying as you think about our ability to win in the storm and in the comp, the financial model supports that as well, which I think is a really important and unique advantage. So we've had a market environment that was extremely volatile in the beginning half of the year and last year.

你知道，我覺得很有意思，你剛才說的關於我們在風暴中和比賽中獲勝的能力，財務模型也支持這一點，我認為這是一個非常重要和獨特的優勢。所以，今年上半年和去年，我們的市場環境都非常不穩定。

And as you think about one of the things that we do as an organization, as a management team, we've accelerated a lot of investment to invest through the cycle, in particular, been able to deploy a lot of capital in those environments for things that are new initiatives, which I know Ash and Sameer have highlighted in some of the new slides that we put out, but new initiatives like in spec pools, in bilateral swaps and obviously, in government bonds and being able to do those through the cycle, regardless of if it's like highly volatile or not as volatile, I think, really sets that groundwork for us to perform in all different environments.

想想我們作為一個組織、一個管理團隊所做的一件事，我們已經加快了大量投資，以便在經濟週期中進行投資，尤其是在這些環境下，我們能夠將大量資金部署到一些新的專案中。我知道Ash和Sameer在我們發布的一些新幻燈片中重點提到了這些新項目，例如投機性資金池、雙邊互換以及政府債券。能夠在經濟週期中進行這些投資，無論市場波動性是高還是低，我認為這確實為我們在各種不同的環境下開展業務奠定了基礎。

So that ability to have sustained investment through the cycle, I think is a complement, a different way of looking at kind of why I think Billy's point around we can win in either environment is really backed up.

因此，我認為這種在整個週期中持續投資的能力，是對比利關於我們可以在任何環境下都取得成功的觀點的一種補充，也是一種不同的看待問題的方式，我認為比利的觀點得到了充分的證實。

Great point, Sara. Thank you. Ben, thanks very much.

薩拉說得很有道理。謝謝。本，非常感謝。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

Yes. Hey. Hello, everyone. Late here, but look, there's been a lot of questions today, I feel like on electronification of various markets, both longer term. The one that hasn't come up is actually our largest business, which is interest rate swaps. And I think, Billy, you mentioned earlier in your prepared remarks, only 30% of the market is -- of the cleared IRS market is electronic today. So this may be a little bit nitpicky, but I feel like I've heard that number for multiple years, maybe even back to the IPO. So just wondering, is it just a very rounded number?

是的。嘿。大家好。雖然有點晚了，但你看，今天有很多問題，我覺得都是關於各個市場的電子化，包括長期的。唯一沒有被提及的，實際上是我們最大的業務，即利率互換。比利，我認為，正如你之前在準備好的發言稿中提到的，目前只有 30% 的 IRS 清算市場是電子化的。這可能有點吹毛求疵，但我感覺我已經聽過這個數字好幾年了，甚至可能可以追溯到公司首次公開募股的時候。所以我想知道，這只是一個非常整數的數字嗎？

Is there just not good data out there? Or has the market actually not electronified more in the last few years? It's just all been market growth that you've been participating in?

是不是根本沒有可靠的數據？或者說，近幾年市場其實沒有更電子化？你參與的只是市場成長嗎？

You have a good memory, Alex. And it's such a good memory, and it's just a good question and I'm definitely going to have to have Sara answer it, but I'll first by acknowledging. I thought I had a good memory until I got to know you, but it's a very good question.

亞歷克斯，你的記憶力真好。這是一個美好的回憶，也是一個很好的問題，我肯定要讓薩拉來回答，但我首先要表達感謝。認識你之前，我一直以為自己記憶力很好，不過你這個問題問得真好。

Actually, it's a great question because it does give us an opportunity to unpack something, which is true across a bunch of different aspects around our business because it is so nuanced and there's so many layers in it. So swaps, yes, is one of our biggest businesses, most important and growing most quickly, that 30% number, like a lot of things, is this monolithic large pie and can mask a lot of the underlying trends that are really important. So swaps and that 30% number, as an example, include compression, right? And as we've talked about every quarter, compression volumes can be really large, obviously don't come with the same amount of revenue and can distort what's going on.

實際上，這是一個很好的問題，因為它給了我們一個機會來剖析一些事情，這在我們業務的許多不同方面都是如此，因為它非常微妙，而且有很多層面。所以，互換交易確實是我們最大的業務之一，也是最重要的業務之一，成長速度也最快。但30%這個數字，就像很多事情一樣，是一個龐大的蛋糕，可能會掩蓋許多真正重要的潛在趨勢。所以，例如，互換交易和那 30% 的數字都包含了壓縮，對嗎？正如我們每個季度都在討論的那樣，壓縮量可能非常大，顯然不會帶來同等的收入，並且可能會扭曲實際情況。

So if I take out compression trades and really focus on what we call risk-based swap share for electronification or some people would call like DV01 based swaps in that market, you can really see that electronification trend much more clearly.

所以，如果我進行壓縮交易，真正專注於我們所說的基於風險的電子化互換份額，或者有些人稱之為該市場中的 DV01 互換，你就能更清楚地看到電子化的趨勢。

So in terms of that piece, that risk base, which really drives revenue in 2020, the total electronification was 10%. And if we compare to where we are now, that number is 19%. So that's 150 basis points per annum over that 5-year period. And I think really gets to what you're saying, which is like, oh, okay, there is some real movement and actually that movement, what moves revenue. So when you know our revenues have moved in excess of double digits, you kind of have that clearer picture.

因此，就這一部分而言，也就是風險基礎，也就是真正推動 2020 年營收成長的部分，總電子化率為 10%。如果與我們現在的處境相比，這個數字是 19%。所以，這五年期間每年上漲 150 個基點。我覺得這真的說到重點了，就像，哦，好吧，確實有一些真正的變化，而這種變化實際上就是推動收入成長的因素。所以，當你了解到我們的收入成長超過兩位數時，你就會對情況有更清晰的了解。

It's not the only way to look at it. I'd say the other big driver we spend a lot of time talking about, but gets buried in that 30% is emerging markets. So emerging markets in 2020 was like 1%. I don't know if you can even measure 1%, but 1% electronic, it really wasn't electronic at all. And now as we fast forward to where the market is in 2025, and we obviously view ourselves as a leader in that market, it's at 18%, so that market is growing 300 basis points year-over-year in terms of electronification.

這不是看待這個問題的唯一角度。我認為另一個我們花了很多時間討論，但卻被淹沒在30%這個數字中的大驅動因素是新興市場。所以2020年新興市場佔比大約為1%。我不知道 1% 是否能被測量出來，但 1% 的電子元件，實際上根本不是電子元件。現在，當我們快轉到 2025 年的市場狀況時，我們顯然認為自己是該市場的領導者，市場成長率為 18%，也就是說，就電子化而言，該市場每年增長 300 個基點。

So to your point, sometimes when you're trying to cover a broad universe with a single stat, it cannot do justice to some of the underlying trends that are really important, especially when you think about what drives our revenue opportunity going forward and our investment dollars. So thanks for the question. I don't know if you want to add anything.

所以正如你所說，有時當你試圖用一個統計數據來涵蓋一個廣泛的領域時，它無法充分反映一些真正重要的潛在趨勢，尤其是當你思考是什麼驅動著我們未來的收入機會和投資資金時。謝謝你的提問。我不知道你是否還有什麼要補充的。

That's perfect.

那很完美。

Kyle Voigt, KBW.

Kyle Voigt，KBW。

Hi, good morning. Maybe a question on capital priorities. Just given the pullback in share price, have your capital allocation priorities shifted at all? And I guess, why haven't you stepped up for purchases in light of that pullback in the share price? And then you addressed some of the inorganic investment outlook in a prior question, but also maybe you could address the priorities for organic investments from an asset class or product perspective as we're looking out over the next year.

您好，早安。或許可以問一個關於資本優先事項的問題。鑑於股價回調，您的資本配置重點是否有調整？那麼，鑑於股價回調，你為什麼沒有加強買進力度呢？您在先前的問題中談到了一些非有機投資前景，但展望未來一年，您或許也可以從資產類別或產品角度談談有機投資的優先事項。

Great question. Okay. So there's a near-term view and a long-term view, and I don't want to conflate those. Long term, there's really no change in our capital management philosophy. But I think to the point and sort of the temperature around that question, given where the share price is, we do have a fundamental value on what the company is worth and don't really feel the valuation fully reflects all the opportunities we have in front of us.

問得好。好的。所以，這裡有短期視角和長期視角，我不想把這兩者混為一談。長遠來看，我們的資本管理理念並沒有改變。但就目前股價而言，我認為，就這個問題以及圍繞這個問題的討論氛圍而言，我們對公司的價值有一個基本的認識，並且並不認為目前的估值完全反映了我們面前的所有機會。

So we're definitely actively looking at share repurchases and being opportunistic in the market. Obviously, we have to wait till the window opens up again into your point a little bit about why we weren't active in the earlier part of the market. There are times when the window is open and isn't, and we have an active set of M&A targets and pipeline activities that we look at. So I think don't take that as we think this is where the stock should trade, I do think as we think longer term, the waterfall isn't really any different than it's been over the last five years, at least since I've been here.

因此，我們肯定會積極考慮股票回購，並在市場中尋找機會。顯然，我們必須等到市場再次打開機會之窗，才能稍微解釋為什麼我們在市場早期階段沒有積極參與。有時併購窗口開放，有時則關閉，我們有一系列活躍的併購目標和正在進行的專案需要關注。所以我認為，不要把這理解為我們認為這支股票應該在這裡交易，但從長遠來看，我認為瀑布式走勢與過去五年並沒有什麼不同，至少自從我來到這裡以來是這樣。

First and foremost, organic, then M&A then share repurchases and then dividends, which we like to grow in line with earnings. On the organic front, and I think we've talked a lot about the inorganic front on this call, and Billy feel free to chime in, I think some of the areas where we continue to invest, obviously, EM has been a big focus for us. swaps and credit, really a consistent focus for us. And then increasingly, things like AI, our data infrastructure strategy and digital are areas that we're spending a lot of time all organically, even if they're complemented by inorganic strategies. So those are all things that we see large TAMs for and our ability to leverage what we do well to drive long-term growth.

首先是內生成長，其次是併購，然後是股票回購，最後是分紅，我們希望分紅能夠隨著獲利的成長而成長。關於有機增長方面，我想我們在這次電話會議上已經談了很多關於無機增長方面的內容，比利，請隨意補充。我認為我們持續投資的一些領域，顯然，新興市場一直是我們的重點。互換和信貸，確實是我們一貫的關注點。而且，人工智慧、數據基礎設施策略和數位化等領域，我們正投入大量時間進行有機成長，即使它們也得到了無機成長策略的補充。所以這些都是我們看到了巨大潛在市場規模的領域，以及我們利用自身優勢來推動長期成長的能力。

Perfectly said. I would only mess it up by adding something in, but as always a great question, thank you.

說得太好了。我只會因為添加一些東西而搞砸它，不過一如既往，這是一個很好的問題，謝謝。

Thank you. And this will conclude our Q&A session. I will pass it back to Billy Hult for his final comments.

謝謝。我們的問答環節到此結束。我將把這個問題交還給比利·赫爾特，請他做最後的評論。

Thank you all very much 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, everybody, and thank you.

非常感謝各位今天上午的參與。如有任何後續問題，請隨時聯繫 Ashley、Sameer 和團隊。祝大家今天過得愉快，謝謝大家。

And with that, we conclude our conference. Thank you for participating. You may all disconnect.

至此，我們的會議結束。感謝您的參與。你們可以斷開連結了。