Tradeweb Markets Inc (TW) 2026 Q1 法說會逐字稿

Good morning and welcome to Tradeweb's first quarter 2026 earnings conference call. As a reminder, today's call is being recorded and will be available for playback.

早安，歡迎參加 Tradeweb 2026 年第一季財報電話會議。提醒各位，今天的電話會議將被錄音，並提供回放。

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

首先，我把電話交給財務主管、FP&A 與投資人關係主管 Ashley Serrao。請開始。

Thank you, and good morning. Joining me today for the call are. Our CEO, Billy Halt, who will review our business results and key growth initiatives, and our CFO, Sarah Ferber, 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，各位早安。今天與我一同參與電話會議的有。我們的執行長 Billy Halt，他將回顧我們的業務成果與關鍵成長計畫；以及我們的財務長 Sarah Ferber，她將回顧我們的財務結果。我們打算使用公司網站作為揭露重大且非公開資訊的方式，並遵循《公平揭露規則》（Regulation FD）下的揭露義務。

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，本簡報以及問答環節中的某些陳述可能涉及未來事件與預期，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。

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

與我們的指引等事項相關的陳述，屬於前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異。有關可能導致實際結果與前瞻性陳述不同之因素的資訊，載於我們的財報新聞稿、財報簡報，以及向美國證券交易委員會（SEC）提交的定期報告中。

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

此外，在今天的電話會議中，我們將引用若干非 GAAP 指標，以及部分市場與產業數據。關於這些非 GAAP 指標的資訊（包括與 GAAP 指標的調節表），載於我們的財報新聞稿與財報簡報中。

Information regarding market and industry data, including sources, is in our earnings presentation.

關於市場與產業數據（包括資料來源）的資訊，載於我們的財報簡報中。

Now let me turn the call over to Billy.

現在我把電話交給 Billy。

Thanks, Ashley. Good morning, everyone, and thank you for joining our first quarter earnings call. We delivered another record quarter, surpassing $600 million in quarterly revenue for the first time in our history.

謝謝你，Ashley。各位早安，感謝參加我們的第一季財報電話會議。我們再度交出創紀錄的一季，季度營收首次在公司歷史上突破 6 億美元。

As I noted last quarter, we entered the year with a constructive macro backdrop, featuring strong.

如同我在上一季提到的，我們在相對正向的總體環境下進入今年，特徵是強勁。

Private sector intermediation, robust global issuance and elevated levels of market debate, alongside early signs of diversification away from US assets.

民間部門中介活動、強勁的全球發行量，以及市場討論熱度居高不下，同時也出現了資產配置從美國資產分散的早期跡象。

That backdrop evolved quickly. What began as the market conversation centered on the pace of rate cuts in 2026 shifted meaningfully as geopolitical tensions another record quarter, surpassing $600 million in the Middle East drove an increase in oil prices and renewed concerns around inflation across the global economy. Our clients actively repositioned risk and navigated this dynamic environment, driving record quarterly average daily volumes on the platform, including 17 of our 22 products that we report in our monthly activity report.

這樣的背景很快就出現變化。市場一開始的討論聚焦於 2026 年降息步伐，但隨著中東地緣政治緊張局勢升溫推升油價，並重新引發全球經濟對通膨的擔憂，市場敘事出現了顯著轉變，另一個創紀錄的一季，首次突破 6 億美元。我們的客戶積極重新配置風險並在此動態環境中操作，帶動平台季度日均成交量創新高；在我們每月活動報告所揭露的 22 項產品中，有 17 項創下紀錄。

While periods of elevated volatility tend to naturally drive wider bid-ask spreads, markets remained orderly throughout the quarter. Our clients engaged with the platform at record levels and increasingly capitalized on our automation solution, AIX. Equally important, our dealer partners flourished as our continued investment in consistent two-way electronic liquidity benefited clients during heightened market stress.

雖然波動性升高的期間通常會自然帶動買賣價差擴大，但本季市場始終維持有序。我們的客戶以創紀錄的水準使用平台，並日益善用我們的自動化解決方案 AIX。同樣重要的是，隨著我們持續投資於穩定的雙向電子流動性，在市場壓力升高期間為客戶帶來助益，我們的交易商合作夥伴也表現亮眼。

As we move into the aftermath of the volatility spike, history has shown that activity can moderate as clients digest the forward outlook. More importantly, this macro shock has left our clients in a healthy position, and we expect them to resume trading actively across our global franchise.

隨著我們進入波動性飆升後的階段，歷史經驗顯示，當客戶消化未來展望時，交易活動可能會趨於溫和。更重要的是，這次總體衝擊使我們的客戶處於健康的狀態，我們預期他們將在我們的全球業務版圖上恢復積極交易。

Diving into the first quarter, strong client activity in a risk-on environment drove 21.2% year-over-year revenue growth on a reported basis. Our international business continued to set new records with 29% revenue growth as our strategic initiatives across Europe, APAC and EM continued to pay off. We continued to balance investing for growth and profitability as adjusted EBITDA margins expanded by 40 basis points relative to the first quarter of 2025.

深入第一季，在風險偏好上升（risk-on）的環境下，強勁的客戶活動帶動以報表口徑計算的營收年增 21.2%。我們的國際業務持續創新高，營收成長 29%，顯示我們在歐洲、亞太（APAC）與新興市場（EM）的策略性計畫持續奏效。我們持續在成長投資與獲利能力之間取得平衡，調整後 EBITDA 利潤率較 2025 年第一季擴張 40 個基點。

Our international business really continued to fire on all cylinders for us this quarter, contributing to nearly 60% of our overall revenue growth. And importantly, that strength was broad-based as we saw double-digit growth across all four asset classes with our international clients.

本季我們的國際業務確實持續火力全開，貢獻了我們整體營收成長近 60%。更重要的是，這股強勁動能相當廣泛，我們在四大資產類別上，面向國際客戶皆看到雙位數成長。

Even though international clients are naturally focused on non-U.S. Products, they're increasingly trading outside their home markets, that really speaks to the strength of our platform. To put some numbers around that, our international clients drove 60% of our dollar swaps growth, and we also saw double-digit contributions from them across US treasuries, cash, credit, CDS, and ETFs.

儘管國際客戶自然更聚焦於非美國產品，但他們也愈來愈多在其本國市場以外進行交易，這充分反映我們平台的實力。以數據來看，國際客戶貢獻了我們美元利率交換（dollar swaps）成長的 60%；同時，他們在美國公債、現券（cash）、信用、CDS 與 ETF 等產品上也帶來雙位數的貢獻。

On the product side, internationally, we had double-digit growth across European, Aussie, and Japanese government bonds. European swaps was a standout, but we also saw very strong performance across APAC and EM swaps, and it wasn't just rates as our European credit and CDS produced strong revenue growth. Not to be overshadowed, we also saw over 20% growth in both our European ETF and repo businesses.

就產品面而言，在國際市場，我們在歐洲、澳洲與日本政府公債均實現雙位數成長。歐洲利率交換表現尤為突出，但我們在亞太與新興市場的利率交換也表現非常強勁；而且不僅是利率產品，我們的歐洲信用與 CDS 也帶來強勁的營收成長。同樣不容忽視的是，我們的歐洲 ETF 與回購（repo）業務也都成長超過 20%。

And then on the flip side, it's not just international clients driving this activity, our US clients are increasingly active in international products, contributing over 20% of our international product revenue growth. So when you step back, what you're really seeing is the flywheel of the platform at work, where our global clients are trading across regions and asset classes, and we believe this advantage will only grow as we expand our presence across regions.

另一方面，推動這些活動的不僅是國際客戶；我們的美國客戶也愈來愈活躍於國際產品，貢獻了超過 20% 的國際產品營收成長。因此，從更宏觀的角度來看，你真正看到的是平台飛輪效應在運轉：我們的全球客戶跨區域、跨資產類別交易；我們相信，隨著我們在各地區擴大布局，這項優勢只會持續增強。

Turning to slide 5.

請看第 5 頁投影片。

Our rates business produced a record revenue quarter driven by continued organic growth across swaps, global government bonds, and mortgages. Record credit revenues were led by strength across global corporate bonds and credit derivatives. Money markets revenue growth was led by record quarterly revenues across global repos and ICD.

我們的利率業務在本季創下營收新高，主要受惠於利率交換、全球政府公債與房貸相關產品的持續有機成長。信用業務營收同樣創新高，動能來自全球公司債與信用衍生品的強勁表現。貨幣市場營收成長則由全球回購與 ICD 的季度營收創新高所帶動。

Equities also produced record revenues, led by growth in global ETFs and equity derivatives.

股票業務也創下營收新高，主要由全球 ETF 與股票衍生品的成長所帶動。

Other revenues grew over 56% year-over-year, driven by our digital assets initiatives.

其他營收年增超過 56%，主要由我們的數位資產計畫所驅動。

Finally, market data revenues were down approximately 5% year-over-year, driven by a timing shift in how certain historical datasets are delivered under our amended LSEG agreement. Recall, we recorded $8 million in January of 2025, tied to the delivery of datasets to LSEG.

最後，市場數據營收年減約 5%，主要是因我們與 LSEG 修訂後的協議下，某些歷史資料集的交付方式出現時點移轉。回顧一下，我們在 2025 年 1 月曾認列 800 萬美元，與向 LSEG 交付資料集相關。

The revenue recognition of these datasets in 2026 shifted to $2 million being recognized in the 1st month of every quarter. Adjusting for the timing difference, market data revenues grew 13% year-over-year, driven by growth in our recently renewed LSEG market data contract and proprietary data products.

這些資料集在 2026 年的營收認列改為每一季的第 1 個月認列 200 萬美元。若排除時點差異影響，市場數據營收年增 13%，主要由我們近期續約的 LSEG 市場數據合約，以及自有數據產品的成長所帶動。

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.

請看第 6 頁投影片，我將就兩個重點領域——美國公債與 ETF——提供簡要更新，接著我會更深入說明美國信用與全球利率交換。

Starting with US treasuries, after eight months of below-average intraday volatility, we saw a significant pickup in March intraday volatility. While March volatility rose over 50% from the December lows, it was still nearly 40% below what we saw in April of 2025. Our first quarter market share of 22% drove record revenues, up nearly 10% year-over-year as double-digit revenue growth in our institutional channel was partially offset by weaker retail trends.

先從美國公債開始，在連續八個月的日內波動低於平均之後，我們在 3 月看到日內波動顯著回升。雖然 3 月波動性較 12 月低點上升超過 50%，但仍比 2025 年 4 月我們所見的水準低近 40%。我們第一季 22% 的市占率帶動營收創新高，年增接近 10%；其中機構通路的雙位數營收成長，部分被零售趨勢較疲弱所抵銷。

While market share was down year-over-year mainly due to lower wholesale market share, we remain optimistic on a reacceleration in our US Treasury business as we penetrate additional parts of the voice market, coupled with continued strong government debt issuance. Our competitive position remains strong. On a relative basis, we exceeded 50% share for the eighth consecutive quarter in electronic institutional US Treasuries versus our main electronic competitor. Wholesale remains a strategic priority with continued focus on expanding our liquidity network, deepening client relationships and driving growth through differentiated protocols and products across our integrated platform.

雖然市占率年減主要是因批發通路市占率較低，但隨著我們滲透語音市場的更多環節，加上政府債務發行持續強勁，我們仍對美國公債業務的再加速成長保持樂觀。我們的競爭地位依然穩固。相對而言，在電子化機構美國公債交易方面，相較主要電子競爭對手，我們已連續第八季市占率超過 50%。批發通路仍是策略重點，我們將持續聚焦於擴大流動性網絡、深化客戶關係，並透過差異化的交易協議與產品，在我們的整合式平台上推動成長。

Turning to equities, this year marks the 10-year anniversary of our institutional US ETF platform, an important milestone that reflects both the evolution of the ETF ecosystem and TradeWeb's role at its center. Since launch, our platform has scaled significantly, surpassing $4 trillion in notional traded, including more than $1 trillion in the past 12 months alone.

轉向股票業務，今年是我們機構級美國 ETF 平台成立 10 週年，這是一個重要里程碑，反映了 ETF 生態系統的演進以及 TradeWeb 在其中所扮演的核心角色。自推出以來，我們的平台規模大幅擴張，名目成交金額已突破 4 兆美元，其中僅過去 12 個月就超過 1 兆美元。

What began with just a handful of participants a decade ago has grown into a broad and diverse global network of close to 200 institutional clients and over 20 dealers. Our ETF business posted revenue growth in excess of 35% year-over-year as we continue to deepen integration with our clients, coupled with a pickup in market volatility.

十年前僅有少數參與者起步，如今已成長為涵蓋全球、廣泛且多元的網路，接近 200 家機構客戶與超過 20 家交易商。我們的 ETF 業務營收年增超過 35%，在持續深化與客戶的整合之際，也受惠於市場波動回升。

Our AIX automation solution continues to be a key differentiator with our ETF clients, with average daily trades increasing over 70% year-over-year with double-digit growth across European and U.S. ETFs.

我們的 AIX 自動化解決方案持續成為 ETF 客戶的關鍵差異化優勢，平均每日交易筆數年增超過 70%，且歐洲與美國 ETF 皆呈現雙位數成長。

Our efforts to broaden our equity presence beyond our flagship ETF franchise continue to pay off, with record institutional equity derivative revenues up nearly 20% year-over-year.

我們致力於將股票業務版圖擴展至旗艦 ETF 特許業務之外，持續見到成效；機構股票衍生品營收創新高，年增接近 20%。

Looking ahead. The pipeline remains strong as the benefits of our electronic solutions continue to resonate with our clients. We believe we are well positioned to capitalize on the long-term secular ETF growth story, not just in equities, but across our fixed income business.

展望未來，業務管線仍然強勁，因為我們電子化解決方案的效益持續獲得客戶共鳴。我們相信自己已具備良好定位，可把握 ETF 長期結構性成長的趨勢，不僅在股票領域，也涵蓋我們的固定收益業務。

Shifting to global credit on slide 7, double-digit revenue growth for global credit was driven by strong double-digit revenue growth in European credit, EM credit, and credit derivatives, which more than offset weakness in municipal bonds. US Credit produced low single-digit revenue growth led by strong double-digit revenue growth in our institutional business, but partially offset by continued weakness in our retail corporate credit channel, where revenues were down over 20% year-over-year, primarily reflecting the better relative yields our clients were getting outside of US Credit.

轉到第 7 張投影片的全球信用市場，全球信用營收的雙位數成長，主要由歐洲信用、新興市場（EM）信用與信用衍生品的強勁雙位數營收成長所帶動，足以抵消市政債券的疲弱。美國信用（US Credit）營收呈現低個位數成長，主要由我們機構業務的強勁雙位數營收成長帶動，但部分被零售公司債通路持續疲弱所抵消；該通路營收年減超過 20%，主要反映客戶在 US Credit 之外可取得相對更佳的殖利率。

US Credit remains a key growth priority, and we are focused on expanding our penetration within RFQ markets to complement our leadership in portfolio and session-based trading. Despite more than a decade of innovation, RFQ continues to be the primary execution protocol for institutional clients in US Credit, driven by its transparency and competitive pricing dynamics.

美國信用仍是關鍵成長優先事項，我們正專注於提升在 RFQ 市場的滲透率，以補強我們在投組交易與以場次為基礎的交易（session-based trading）方面的領先地位。儘管已創新逾十年，RFQ 仍是美國信用市場中機構客戶的主要執行協議，原因在於其透明度與具競爭力的定價機制。

However, clients are often reluctant to expose larger trades broadly, given the trade-off between minimizing information leakage and achieving optimal pricing. In response, we are focused on enhancing workflows that better align with client needs. To that end, we have continued to invest in our enhanced dealer selection tool, Snap Plus.

然而，考量在降低資訊外洩與取得最佳定價之間的取捨，客戶往往不願將較大筆交易廣泛曝光。為此，我們專注於強化更貼近客戶需求的工作流程。基於此，我們持續投資於強化版交易商選擇工具 Snap Plus。

Which enables our clients to dynamically target dealers most likely to engage and win a given inquiry, based on both historical and real-time trading data. This innovation builds on our broader strategy of expanding the range of pre-trade, execution, and post-trade solutions we offer.

該工具可讓客戶依據歷史與即時交易數據，動態鎖定最可能參與並贏得特定詢價的交易商。此項創新建立在我們更廣泛的策略之上，即擴大我們所提供的交易前、執行中與交易後解決方案範圍。

We remain focused on the block market with overall US credit block share up 20 basis points year-over-year in the first quarter, with block average daily volume growth of over 30% year-over-year across IG and high yield.

我們仍聚焦於大宗交易（block）市場；第一季美國信用整體大宗市占率年增 20 個基點，且投資級（IG）與高收益（high yield）的大宗平均每日成交量年增超過 30%。

Our volume growth was driven by continued adoption of our portfolio trading, RFQ and Sessions protocols. Institutional RFQ average daily volume grew over 30% year-over-year with double-digit growth in both IG and high yield.

我們的成交量成長，來自客戶持續採用投組交易、RFQ 與 Sessions 協議。機構 RFQ 平均每日成交量年增超過 30%，且投資級與高收益皆呈現雙位數成長。

Our efforts to expand into RFQ are seeing continued signs of success with our RFQ share of overall trace up over 50 basis points year-over-year.

我們擴展至 RFQ 的努力持續展現成功跡象；我們的 RFQ 在整體 TRACE 中的市占率年增超過 50 個基點。

Portfolio trading produced record average daily volume, increasing over 30% year-over-year with double-digit growth across both US and international PT.

投組交易創下平均每日成交量新高，年增超過 30%，且美國與國際 PT 皆呈現雙位數成長。

Alltrade had a strong quarter with over $230 billion in volume with average daily volume up over 5% year-over-year. Our all-to-all average daily volume grew over 65% year-over-year, and our dealer RFQ average daily volume grew over 40% year-over-year. We saw record responder rates in high yield as the team remains focused on expanding our network and increasing the number of responders on the Alltrade platform.

Alltrade 本季表現強勁，成交量超過 2,300 億美元，平均每日成交量年增超過 5%。我們的 all-to-all 平均每日成交量年增超過 65%，而交易商 RFQ 平均每日成交量年增超過 40%。在高收益產品上，我們看到回覆者比率創新高，團隊仍專注於擴大網路並增加 Alltrade 平台上的回覆者數量。

Electronification remains a key focus, especially in US Credit, where underlying trends are strong. However, investment-grade volumes have been increasingly impacted by affiliate trades, which are internal transfers within a dealer that occur after a transaction in the institutional market. These are double-counted, non-economic trades that don't interact with electronic platforms, distorting reported market share and electronification and creating artificial pressure on both.

電子化仍是關鍵重點，尤其在美國信用市場，基本趨勢強勁。然而，投資級成交量日益受到關聯交易（affiliate trades）影響；這些是在機構市場交易完成後，交易商內部進行的內部移轉。此類交易屬於重複計算、非經濟性交易，不會與電子平台互動，因而扭曲所報告的市占率與電子化程度，並對兩者造成不實的下行壓力。

If you adjust for that activity, the underlying picture looks better. Based on our estimates, first quarter market share in IG would have increased 5 basis points versus our reported decline of 33 basis points, and electronification also would have moved higher. The core trend hasn't changed, and electronification in US Credit is continuing to build, and we feel very good about our positioning as that plays out.

若將該活動調整剔除，基本面圖像會更佳。依我們估算，第一季投資級（IG）市占率原本應增加 5 個基點，而非我們所報告的下滑 33 個基點；電子化程度也會上升。核心趨勢並未改變，美國信用的電子化仍在持續累積，我們對自身在此趨勢發展中的定位感到非常有信心。

Looking ahead, global credit remains a key area of focus with a long runway for growth. While US Credit continues to anchor performance through ongoing innovation, differentiated liquidity, and investment in our platform, we are also scaling European credit by expanding RFQ adoption and liquidity and advancing new needs through increased electronification, transparency, and connectivity in a fragmented market.

展望未來，全球信用仍是重點領域，具備長期成長跑道。美國信用透過持續創新、差異化流動性與對平台的投資，仍將支撐整體表現；同時，我們也正透過擴大 RFQ 採用與流動性來擴張歐洲信用業務，並在市場分散的環境中，藉由提升電子化、透明度與連結性來推進新的需求。

Finally, in EM credit, where we are still early in our expansion, we are building momentum by leveraging our established presence in developed markets alongside a holistic EM product offering across rates and credit.

最後，在新興市場（EM）信用方面，我們仍處於擴張初期；我們正藉由在已開發市場的既有布局，並結合涵蓋利率與信用的整體 EM 產品供給來累積動能。

Our EM credit revenues grew over 40% year-over-year in the first quarter, signaling strong momentum.

我們的新興市場（EM）信用營收在第一季年增超過 40%，顯示動能強勁。

Moving to slide 8, over the past two decades. Electronic interest rate swaps trading has evolved from an emerging concept into an ecosystem defined by transparency, efficiency, and ongoing innovation. That continued evolution was evident this quarter, including in moments of heightened volatility where clients lean further into electronic workflows.

轉到第 8 張投影片，在過去二十年間，電子化利率交換（interest rate swaps）交易已從新興概念演進為以透明度、效率與持續創新為特徵的生態系。本季也可見此一持續演進，包括在波動加劇的時刻，客戶更進一步倚重電子化工作流程。

Global swaps delivered record quarterly revenues, up over 45% year-over-year, driven by strong client engagement across our global suite of currencies. Our quarterly core risk market share, which drives revenues and excludes compression trading, reached the record, rising 190 basis points year-over-year.

全球交換（swaps）創下單季營收新高，年增超過 45%，主要由客戶在我們全球多幣別產品組合上的高度參與所帶動。我們的單季核心風險市占率（帶動營收並排除壓縮交易）亦創下紀錄，年增 190 個基點。

Total market share increased from 21% in the first quarter of '25 to 24.1% in the first quarter of '26, reflecting a combination of strong risk and compression volume growth.

總市占率由 2025 年第一季的 21% 提升至 2026 年第一季的 24.1%，反映風險交易與壓縮交易成交量的強勁成長共同推動。

During the quarter, we achieved record share across Sterling and other G11 currencies and our second highest share across EM-denominated currencies. First quarter performance was driven by record revenues across US, Europe, APAC, and emerging markets.

本季我們在英鎊及其他 G11 貨幣創下市占率新高，並在以新興市場貨幣計價的幣別中取得第二高市占率。第一季表現由美國、歐洲、亞太與新興市場的創紀錄營收所帶動。

This quarter underscored the value of our breadth across the swaps market, particularly as clients' interest can ebb and flow across products over time. Specifically, as inflation concerns re-emerged and rate expectations shifted this quarter, activity picked up in our inflation swaps business, driving record volumes. It is a product area we entered in 2017, where adoption was initially gradual, but where the opportunity in the market expanded materially after 2020, and we currently hold over 95% electronic market share. That trajectory makes periods like this especially meaningful as they reinforce the value of our continuous investments towards building a more holistic swaps offering across products and geographies over time.

本季凸顯我們在交換市場廣度的價值，特別是客戶對不同產品的興趣會隨時間起伏。具體而言，隨著通膨疑慮再起且利率預期於本季轉變，我們的通膨交換業務活動升溫並帶動成交量創新高。這是我們於 2017 年切入的產品領域，初期採用較為緩慢，但 2020 年後市場機會顯著擴大，而我們目前持有超過 95% 的電子化市占率。這樣的軌跡使得此類期間格外重要，因其再次印證我們持續投資、隨時間在不同產品與地理區域打造更完整交換產品供給的價值。

Beyond inflation swaps, the nature of trading we saw in March evidenced a broader pattern in how electronic trading continues to evolve. Even as market conditions became more challenging, automation remained robust, and we saw clients not only lean into inherently electronic protocols, but use them in a more sophisticated way through sending their trades out to multiple dealers amidst an environment where we have historically seen that pullback. It's A testament to the sophistication clients have built into their workflows and to the growing value of electronic trading across market conditions.

除通膨交換外，我們在 3 月看到的交易型態也顯示電子交易持續演進的更廣泛趨勢。即使市場環境更具挑戰，自動化仍維持強勁；我們看到客戶不僅更倚重原生電子化的協議，還以更成熟的方式運用，例如在過往通常會收縮的環境中，仍將交易同時送往多家交易商。這證明客戶已在其工作流程中建立的成熟度，以及電子交易在各種市場情境下日益提升的價值。

Overall, our RFM protocol saw average daily volume growth of over 150% year-over-year in the first quarter, with growth accelerating in March.

整體而言，我們的 RFM 協議在第一季平均每日成交量年增超過 150%，且 3 月成長加速。

Additionally, we continue to make progress across emerging market swaps. Our first quarter EM swaps revenues delivered another strong growth period, delivering another record, and we believe there remains significant runway given the still relatively low levels of electronification.

此外，我們在新興市場交換方面也持續取得進展。我們第一季新興市場（EM）交換營收再度呈現強勁成長並創下新高；鑑於電子化程度仍相對偏低，我們相信仍有顯著的成長跑道。

Looking ahead, we continue to see significant long-term growth potential in swaps. On a DV01 basis, electronification has grown at an average annual rate of 160 basis points since the first quarter 2020, as dealers and clients move a greater share of their workflows electronically.

展望未來，我們仍看到交換業務具備顯著的長期成長潛力。以 DV01 口徑衡量，自 2020 年第一季以來，電子化程度的年均成長率為 160 個基點，因交易商與客戶正將更多工作流程轉向電子化。

That progress is reflected in the continued strong revenue performance of our swaps business, and we see substantial opportunity to further digitize workflows alongside our clients. In collaboration with them, we expect to drive continued workflow innovation across both cleared and bilateral swaps markets.

這項進展反映在我們掉期業務持續強勁的營收表現上，我們也看到與客戶攜手進一步將工作流程數位化的龐大機會。與他們合作之下，我們預期將在集中清算與雙邊掉期市場持續推動工作流程創新。

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

接下來，我把時間交給 Sarah，請她更詳細地說明我們的財務表現。

Thanks, Ashley. Good morning, everyone, and thank you for joining our first quarter earnings call. We delivered another record quarter surpassing $600 million in quarterly revenue for the first time in our history. As I noted last quarter, we entered the year with a constructive macro backdrop featuring strong private sector intermediation, robust global issuance and elevated levels of market debate alongside early signs of diversification away from U.S. assets.

謝謝，Ashley。各位早安，感謝各位參加我們的第一季財報電話會議。我們再度交出創紀錄的一季，季度營收首次在公司歷史上突破 6 億美元。如同我在上季提到的，我們在年初面對的是相對有利的總體環境：民間部門中介活動強勁、全球發行量穩健、市場討論熱度高，同時也出現資金開始從美國資產分散配置的早期跡象。

That backdrop evolved quickly. What began as a market conversation centered on the pace of rate cuts in 2026 shifted meaningfully as geopolitical tensions in the Middle East drove an increase in oil prices and renewed concerns around inflation across the global economy.

然而，這樣的背景很快就出現變化。原本市場討論焦點在於 2026 年降息步伐，但隨著中東地緣政治緊張升溫推升油價，全球經濟對通膨的擔憂再起，市場焦點也出現明顯轉移。

Our clients actively repositioned risk and navigated this dynamic environment, driving record quarterly average daily volumes on the platform, including 17 of our 22 products that we report in our monthly activity report. While periods of elevated volatility tend to naturally drive wider bid-ask spreads, markets remained orderly throughout the quarter. Our clients engage with the platform at record levels and increasingly capitalized on our automation solution, AIX. Equally important, our dealer partners flourished as our continued investment in consistent 2-way electronic liquidity benefited clients during heightened market stress.

我們的客戶積極重新配置風險並在此動態環境中操作，帶動平台季度日均成交量創新高，其中包含我們在每月活動報告中揭露的 22 項產品中的 17 項。雖然波動性升高的期間通常會自然推升買賣價差，但本季市場始終維持有序。我們的客戶以創紀錄的水準使用平台，並且愈來愈多地採用我們的自動化解決方案 AIX。同樣重要的是，隨著我們持續投資於穩定的雙向電子流動性，在市場壓力升高時為客戶帶來助益，我們的交易商合作夥伴也表現亮眼。

As we move into the aftermath of the volatility spike, history has shown that activity can moderate as clients digest a forward outlook. More importantly, this macro shock has left our clients in a healthy position and we expect them to resume trading actively across our global franchise. Diving into the first quarter. Strong client activity and a risk on environment drove 21.2% year-over-year revenue growth on a reported basis. Our international business continued to set new records with 29% revenue growth as our strategic initiatives across Europe, APAC and EM continued to pay off.

隨著我們進入這波波動飆升後的階段，歷史經驗顯示，當客戶消化未來展望時，活動可能會趨於溫和。更重要的是，這次總體衝擊讓我們的客戶處於健康狀態，我們預期他們將在我們的全球版圖上恢復積極交易。回到第一季本身，強勁的客戶活動與風險偏好（risk-on）環境，帶動以申報口徑計算的營收年增 21.2%。我們的國際業務持續創新高，營收成長 29%，顯示我們在歐洲、亞太（APAC）與新興市場（EM）的策略性措施持續奏效。

We continue to balance investing for growth and profitability as adjusted EBITDA margins expanded by 40 basis points relative to the first quarter of 2025. -- our international business really continued to fire on all cylinders for us this quarter, contributing to nearly 60% of our overall revenue growth. And importantly, that strength was broad-based as we saw double-digit growth across all 4 asset classes with our international clients. Even though international clients are naturally focused on non-U.S. products, they're increasingly trading outside their home markets.

我們持續在成長投資與獲利能力之間取得平衡，調整後 EBITDA 利潤率較 2025 年第一季擴大 40 個基點。-- 我們的國際業務本季確實持續火力全開，貢獻了我們整體營收成長的近 60%。而且重要的是，這股強勁動能相當廣泛：我們看到國際客戶在所有 4 大資產類別均呈現雙位數成長。儘管國際客戶自然更聚焦於非美國產品，但他們愈來愈常在其本國市場以外進行交易。

That really speaks to the strength of our platform.

這充分說明了我們平台的實力。

To put some numbers around that, our international clients drove 60% of our dollar swaps growth, and we also saw double-digit contributions from them across US treasuries, cash credit, CDS and ETFs. On the product side, internationally, we had double-digit growth across European, Assi and Japanese government bonds. European swaps was a standout, but we also saw a very strong performance across APAC and EM swaps. And it wasn't just rates as our European credit and CDS produced strong revenue growth, not to be overshadowed we also saw over 20% growth in both our European ETF and repo businesses.

以數據來看，我們的國際客戶帶動了美元掉期成長的 60%，同時他們在美國公債、現券信用（cash credit）、CDS 與 ETF 方面也貢獻了雙位數的成長。在產品面，國際市場方面，我們在歐洲、澳洲與日本政府公債均實現雙位數成長。歐洲掉期表現尤為突出，但我們在亞太與新興市場掉期也看到非常強勁的表現。而且不只是利率產品：我們的歐洲信用與 CDS 也帶來強勁的營收成長；同樣不容忽視的是，我們的歐洲 ETF 與回購（repo）業務營收也都成長超過 20%。

And then on the flip side, it's not just international clients driving this activity. Our US clients are increasingly active in international products contributing over 20% of our international product revenue growth. So when you step back, what you're really seeing is the flywheel of the platform at work, where our global clients are trading across regions and asset classes and we believe this advantage will only grow as we expand our presence across regions.

另一方面，推動這些活動的也不僅是國際客戶。我們的美國客戶也愈來愈積極交易國際產品，對國際產品營收成長的貢獻超過 20%。因此，從更宏觀的角度來看，你真正看到的是平台飛輪效應在運作：我們的全球客戶跨區域、跨資產類別交易；我們相信，隨著我們在各區域擴大布局，這項優勢只會持續增強。

Turning to slide 5. Our rates business produced a record revenue quarter, driven by continued organic growth across swaps, global government bonds and mortgages. Record credit revenues were led by strength across global corporate bonds and credit derivatives. Money markets revenue growth was led by record quarterly revenues across global repos and ICD. Equities also produced record revenues, led by growth in global ETFs and equity derivatives.

接著看第 5 張投影片。我們的利率業務創下單季營收新高，主要受惠於掉期、全球政府公債與房貸相關產品的持續有機成長。信用業務營收同樣創新高，主要由全球公司債與信用衍生品的強勁表現帶動。貨幣市場營收成長則由全球回購與 ICD 的單季營收創新高所帶動。股票業務也創下營收新高，主要由全球 ETF 與股票衍生品的成長所帶動。

Other revenues grew over 56% year-over-year, driven by our digital assets initiatives. Finally, market data revenues were down approximately 5% year-over-year, driven by a timing shift in how certain historical data sets are delivered under our amended LSAG agreement. Recall we recorded $8 million in January of 2025 tied to the delivery of data sets to LSAG. The revenue recognition of these data sets in 2026 shifted to $2 million being recognized in the first month of every quarter.

其他營收年增超過 56%，主要由我們的數位資產計畫所驅動。最後，市場數據營收年減約 5%，原因是我們在修訂後的 LSAG 協議下，部分歷史數據集的交付方式出現時點移轉。請回想，我們在 2025 年 1 月因向 LSAG 交付數據集而認列了 800 萬美元。在 2026 年，這些數據集的營收認列改為每季第一個月認列 200 萬美元。

Adjusting for the timing difference, market data revenues grew 13% year-over-year, driven by growth in our recently renewed LSAG market data contract and 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.

若排除時點差異，市場數據營收年增 13%，主要由我們近期續約的 LSAG 市場數據合約與自有數據產品的成長所帶動。接著看第 6 張投影片。我將簡要更新兩個重點領域：美國公債與 ETF，接著再更深入說明美國信用與全球利率掉期。

Starting with US Treasuries. After 8 months of below average intraday volatility, we saw a significant pickup in March intra-day volatility while March volatility rose over 50% from the December lows, it was still nearly 40% below what we saw in April of 2025.

先從美國公債開始。在連續 8 個月日內波動低於平均之後，我們在 3 月看到日內波動顯著回升；雖然 3 月波動較 12 月低點上升超過 50%，但仍比 2025 年 4 月的水準低近 40%。

Our first quarter market share of 22% drove record revenues up nearly 10% year-over-year as double-digit revenue growth in our institutional channel was partially offset by weaker retail trends. While market share was down year-over-year mainly due to lower wholesale market share, we remain optimistic on our reacceleration in our U.S. Treasury business as we penetrate additional parts of the voice market, coupled with continued strong government debt issuance. Our competitive position remains strong. On a relative basis, we exceeded 50% share for the eighth consecutive quarter in electronic institutional US treasuries versus our main electronic competitor.

我們第一季市占率為 22%，帶動營收年增近 10%並創新高；其中，機構通路的雙位數營收成長，部分被零售趨勢較弱所抵銷。雖然市占率年減主要是因批發市占較低，但隨著我們滲透語音市場的更多環節，加上政府債務持續強勁發行，我們對美國公債業務的再加速仍保持樂觀。我們的競爭地位依然強勁。相較之下，在電子化機構美國公債交易方面，我們相對主要電子競爭對手的市占已連續第八季超過 50%。

Wholesale remains a strategic priority with continued focus on expanding our liquidity network, deepening client relationships and driving growth through differentiated protocols and products across our integrated platform. Turning to equities. This year marks the 10-year anniversary of our institutional US ETF platform, an important milestone that reflects both the evolution of the ETF ecosystem and Tradeweb's role at its center. Since launch, our platform has scaled significantly surpassing $4 trillion in notional traded including more than $1 trillion in the past 12 months alone.

批發業務仍是策略重點，我們將持續聚焦於擴大流動性網絡、深化客戶關係，並透過我們整合式平台上的差異化交易協議與產品推動成長。接著談股票。今年是我們機構美國 ETF 平台推出滿 10 週年，這是一個重要里程碑，反映 ETF 生態系的演進，以及 Tradeweb 在其中的核心角色。自推出以來，我們的平台規模大幅擴張，累計名目本金成交量已超過 4 兆美元，其中僅過去 12 個月就超過 1 兆美元。

What began with just a handful of participants a decade ago, has grown into a broad and diverse global network of close to 200 institutional clients and over 20 dealers. Our ETF business posted revenue growth in excess of 35% year-over-year. as we continue to deepen integration with our clients, coupled with a pickup in market volatility. Our AIX automation solution continues to be a key differentiator with our ETF clients with average daily trade increasing over 70% year-over-year with double-digit growth across European and US ETFs.

十年前起步時只有少數參與者，如今已成長為涵蓋近 200 家機構客戶與 20 多家交易商的廣泛且多元的全球網絡。我們的 ETF 業務營收年增超過 35%，主要因我們持續加深與客戶的整合，加上市場波動回升。我們的 AIX 自動化解決方案仍是 ETF 客戶端的關鍵差異化優勢，平均每日交易筆數年增超過 70%，且歐洲與美國 ETF 均呈現雙位數成長。

Our efforts to broaden our equity presence beyond our flagship ETF franchise continue to pay off with record institutional equity derivative revenues up nearly 20% year-over-year. Looking ahead, the pipeline remains strong as the benefits of our electronic solutions continue to resonate with our clients. We believe we are well positioned to capitalize on the long-term secular ETF growth story, not just in equities, but across our fixed income business. Shifting to Global Credit on slide 7, and double-digit revenue growth for Global Credit was driven by strong double-digit revenue growth in European credit, EM credit and credit derivatives, which more than offset weakness in municipal bonds.

我們將股票布局拓展至旗艦 ETF 版圖以外的努力持續見效，機構股票衍生品營收創新高，年增近 20%。展望未來，案源管線仍然強勁，因為我們的電子化解決方案所帶來的效益持續獲得客戶共鳴。我們相信自己已做好準備，把握 ETF 長期結構性成長的趨勢，不僅在股票領域，也涵蓋我們的固定收益業務。接著看第 7 張投影片的全球信用（Global Credit）：全球信用的雙位數營收成長，主要由歐洲信用、新興市場信用與信用衍生品的強勁雙位數營收成長所帶動，並且足以抵銷市政債的疲弱。

U.S. credit produced low single-digit revenue growth, led by strong double-digit revenue growth in our institutional business, but partially offset by continued weakness in our retail corporate credit channel, where revenues were down over 20% year-over-year, primarily reflecting the better relative yields our clients were getting outside of US credit. US credit remains a key growth priority and we are focused on expanding our penetration within RFG markets to complement our leadership in portfolio and session-based trading.

美國信貸業務帶來低個位數的營收成長，主要由我們機構業務強勁的雙位數營收成長所帶動，但部分被我們零售企業信貸通路持續疲弱所抵銷；該通路營收年減逾20%，主要反映客戶在美國信貸以外市場獲得了相對更佳的殖利率。美國信貸仍是關鍵成長優先事項，我們聚焦於擴大在 RFG 市場的滲透率，以補強我們在投組交易與場次型交易方面的領先地位。

Despite more than a decade of innovation, RFQ continues to be the primary execution protocol for institutional clients in US credit, driven by its transparency and competitive pricing dynamics.

儘管已創新逾十年，RFQ 仍是美國信貸機構客戶的主要執行協議，主要受其透明度與具競爭力的定價機制所驅動。

However, clients are often reluctant to expose larger trades broadly given the trade-off between minimizing information leakage and achieving optimal pricing. In response, we are focused on enhancing workflows that better align with client needs. To that end, we have continued to invest in our enhanced dealer selection tool, Snaps, which enables our clients to dynamically target dealers most likely to engage and win a given inquiry. Based on both historical and real-time trading data. This innovation builds on our broader strategy of expanding the range of pre-trade execution and post-trade solutions we offer.

然而，鑑於在降低資訊外洩與達成最佳定價之間的取捨，客戶往往不願將較大筆交易廣泛曝光。因此，我們專注於強化更能貼合客戶需求的工作流程。為此，我們持續投資於強化版的交易商選擇工具 Snaps，使客戶能動態鎖定最可能參與並贏得特定詢價的交易商。其依據同時包含歷史與即時交易資料。此項創新建立在我們更廣泛的策略之上，即擴大我們提供的交易前執行與交易後解決方案範圍。

We remain focused on the block market with overall US credit block share up 20 basis points year-over-year in the first quarter, with block average daily volume growth of over 30% year-over-year across IG and high yield. Our volume growth was driven by continued adoption of our portfolio trading, RFQ and sessions protocols. Institutional RFQ average daily volume grew over 30% 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 RFQ share of overall TRACE up over 50 basis points year-over-year.

我們仍聚焦於大額交易（block）市場；第一季美國信貸整體 block 市占率年增20個基點，且投資級（IG）與高收益（high yield）的 block 日均成交量年增均逾30%。成交量成長主要來自客戶持續採用我們的投組交易、RFQ 與 sessions 協議。機構 RFQ 日均成交量年增逾30%，投資級與高收益皆呈雙位數成長。我們擴展 RFQ 的努力持續展現成效，我們在整體 TRACE 中的 RFQ 市占率年增逾50個基點。

Portfolio trading produced record average daily volume increasing over 30% year-over-year, with double-digit growth across both US and international PT. All trade had a strong quarter with over $230 billion in volume with average daily volume up over 5% year-over-year. Our all-to-all average daily volume grew over 65% year-over-year, and our dealer RFQ average daily volume grew over 40% year-over-year. We saw record responder rates in high yield as the team remains focused on expanding our network and increasing the number of responders on the all trade platform.

投組交易創下紀錄的日均成交量，年增逾30%，美國與國際 PT 皆呈雙位數成長。All trade 本季表現強勁，成交量超過2,300億美元，日均成交量年增逾5%。我們的 all-to-all 日均成交量年增逾65%，而我們的 dealer RFQ 日均成交量年增逾40%。我們在高收益產品看到創紀錄的回覆率（responder rates），團隊仍專注於擴大網路並增加 all trade 平台上的回覆方數量。

Electronification remains a key focus, especially in US credit, where underlying trends are strong.

電子化仍是關鍵重點，特別是在美國信貸領域，其基本趨勢強勁。

However, investment-grade volumes have been increasingly impacted by affiliate trades, which are internal transfers within a dealer that occur after a transaction in the institutional market. These are double-counted noneconomic trades that don't interact with electronic platforms, distorting reported market share and electronification and creating artificial pressure on both. If you adjust for that activity, the underlying picture looks better. Based on our estimates, first quarter market share in IG would have increased 5 basis points versus our reported decline of 33 basis points and electronification also would have moved higher.

然而，投資級成交量日益受到關聯方交易（affiliate trades）的影響；這些是在機構市場交易完成後，交易商內部進行的內部移轉。這些屬於被重複計算的非經濟性交易，並不與電子平台互動，因而扭曲了揭露的市占率與電子化程度，並對兩者造成不實的壓力。若將該活動調整剔除，基本面圖像會更佳。依我們估算，第一季投資級（IG）市占率本應增加5個基點，而非報告中下降33個基點；電子化程度也會上升。

The core trend hasn't changed and electronification in US credit is continuing to build, and we feel very good about our positioning as that plays out. Looking ahead, Global Credit remains a key area of focus with a long runway for growth. While US credit continues to anchor performance through ongoing innovation, differentiated liquidity and investment in our platform, we are also scaling European credit by expanding RFQ adoption and liquidity and advancing munis through increased electronification, transparency and connectivity in a fragmented market.

核心趨勢並未改變，美國信貸的電子化仍在持續推進；隨著趨勢發展，我們對自身定位感到非常有信心。展望未來，全球信貸仍是重點領域，成長跑道很長。在美國信貸持續透過不斷創新、差異化流動性與平台投資來支撐表現的同時，我們也正透過擴大 RFQ 採用與流動性來擴張歐洲信貸，並在市場分散的情況下，藉由提升電子化、透明度與連結性來推進市政債（munis）業務。

Finally, in EM credit, where we are still early in our expansion, we are building momentum by leveraging our established presence in developed markets alongside a holistic EM product offering across rates and credit. Our EM credit revenues grew over 40% year-over-year in the first quarter, signaling strong momentum. Moving to slide 8. Over the past two decades, electronic interest rate swaps trading has evolved from an emerging concept into an ecosystem defined by transparency, efficiency and ongoing innovation. That continued evolution was evident this quarter including in moments of heightened volatility, where clients lean further into electronic workflows.

最後，在新興市場（EM）信貸方面，我們仍處於擴張早期，正透過結合我們在已開發市場的既有布局，以及涵蓋利率與信貸的整體 EM 產品供給來累積動能。第一季我們的 EM 信貸營收年增逾40%，顯示動能強勁。接著看第8頁。過去二十年，利率交換（interest rate swaps）的電子交易已從新興概念演進為以透明度、效率與持續創新為特徵的生態系。本季可見此一持續演進的趨勢，即使在波動加劇的時刻，客戶也更倚重電子化工作流程。

Global swaps delivered record quarterly revenues up over 45% year-over-year driven by strong client engagement across our global suite of currencies. Our quarterly core risk market share, which drives revenues and excludes compression trading, reached a record, rising 190 basis points year-over-year.

全球交換（swaps）業務創下單季營收新高，年增逾45%，主要由我們全球多幣別產品組合中客戶高度參與所帶動。我們的單季核心風險市占率（帶動營收且不含壓縮交易）亦創新高，年增190個基點。

Total market share increased from 21% in the first quarter, '25 to 24.1% in the first quarter '26 reflecting a combination of strong risk and compression volume growth. During the quarter, we achieved record share across sterling and other G11 currencies and our second highest share across EM denominated currencies. First quarter performance was driven by record revenues across US, Europe, APAC and emerging markets. This quarter underscored the value of our breadth across the swaps market, particularly as clients' interest can ebb and flow across products over time. Specifically, as inflation concerns, reemerged and rate expectations shifted this quarter, activity picked up in our inflation swaps business, driving record volumes.

總市占率由2025年第一季的21%提升至2026年第一季的24.1%，反映強勁的風險交易與壓縮交易成交量成長的綜合效果。本季我們在英鎊及其他 G11 貨幣創下紀錄市占率，並在以 EM 計價的貨幣中取得第二高市占率。第一季表現由美國、歐洲、亞太（APAC）與新興市場的創紀錄營收所帶動。本季凸顯我們在交換市場廣度的價值，特別是隨時間推移，客戶對不同產品的興趣可能起伏變化。具體而言，隨著通膨疑慮再起且利率預期於本季轉變，我們的通膨交換業務活動升溫，帶動成交量創新高。

It is a product area we entered in 2017 where adoption was initially gradual, but where the opportunity in the market expanded materially after 2020 and and we currently hold over 95% electronic market share.

這是我們於2017年切入的產品領域，初期採用較為緩慢，但2020年後市場機會大幅擴張，而我們目前持有逾95%的電子市場市占率。

That trajectory makes periods like this, especially meaningful as they reinforce the value of our continuous investments towards building a more holistic swaps offering across products and geographies over time. Beyond inflation swaps, the nature of trading we saw in March evidenced a broader pattern in how electronic trading continues to evolve. Even as market conditions became more challenging, automation remained robust, and we saw clients not only lean into inherently electronic protocols, but use them in a more sophisticated way through sending their trades out to multiple dealers amidst an environment where we have historically seen that pull back.

這樣的發展軌跡使得像本次這樣的期間格外重要，因為它強化了我們持續投資的價值：隨時間推進，跨產品與跨地域打造更完整的交換產品供給。除通膨交換外，我們在3月觀察到的交易型態也顯示電子交易持續演進的更廣泛趨勢。即使市場環境更具挑戰，自動化仍維持強勁；我們看到客戶不僅更倚重原生電子化的協議，且以更成熟的方式使用它們——在過往我們常見縮手的環境中，仍將交易同時送往多家交易商。

It's a testament to the sophistication clients have built into their workflows and and to the growing value of electronic trading across market conditions. Overall, our RFM protocol saw average daily volume growth of over 150% year-over-year in the first quarter with growth accelerating in March. Additionally, we continue to make progress across emerging market swaps. Our first quarter EM swaps revenues delivered another strong growth period, delivering another record and we believe there remains significant runway given the still relatively low levels of electronification.

這證明客戶已在其工作流程中建立的成熟度，也反映電子交易在各種市場環境下日益提升的價值。整體而言，我們的 RFM 協議第一季日均成交量年增逾150%，且3月成長加速。此外，我們在新興市場交換方面也持續取得進展。第一季 EM 交換營收再度呈現強勁成長並創下新高；鑑於電子化程度仍相對偏低，我們認為仍有顯著的成長跑道。

Looking ahead, we continue to see significant long-term growth potential in swaps. On a DV01 basis, electronification has grown at an average annual rate of 160 basis points since the first quarter 2020 as dealers and clients move a greater share of their workflows electronically. That progress is reflected in the continued strong revenue performance of our swaps business, and we see substantial opportunity to further digitize workflows alongside our clients.

展望未來，我們仍看到交換業務顯著的長期成長潛力。以 DV01 口徑衡量，自2020年第一季以來，電子化程度的年均成長率為160個基點，因交易商與客戶將更多工作流程轉向電子化。這項進展反映在我們交換業務持續強勁的營收表現上；我們也看到與客戶共同進一步數位化工作流程的龐大機會。

In collaboration with them, we expect to drive continued workflow innovation across both cleared and bilateral swaps markets. And with that, let me turn it over to Sarah to discuss our financials in more detail.

我們將與他們合作，預期在集中清算（cleared）與雙邊（bilateral）交換市場持續推動工作流程創新。接下來，我把時間交給 Sarah，請她更詳細說明我們的財務表現。

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 $618 million that were up 21.2% year-over-year on a reported basis and 17.5% on a constant currency basis given the weakening dollar. We derived approximately 44% of our first quarter revenues from international clients and recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in euros.

謝謝，Billy，大家早安。在我說明數字時，除非另有說明，所有比較皆以去年同期為基準。第9頁提供我們單季盈餘表現的摘要。如 Billy 先前回顧，本季我們營收創新高達6.18億美元，按報告基礎年增21.2%；由於美元走弱，按固定匯率基礎年增17.5%。第一季我們約44%的營收來自國際客戶；並請記得，我們約30%的營收基礎以美元以外的貨幣計價，主要為歐元。

. Total trading revenues increased 23%, comprised of 25% variable trading revenue growth and 14% growth across fixed trading revenue. 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.

.總交易收入增加23%，其中包含可變交易收入成長25%，以及固定交易收入成長14%。利率固定收入的成長主要受某些交易商最低費率底線提高，以及將交易商新增至我們的房貸與美國公債平台所帶動。信用固定收入的成長主要受先前已揭露的最低費率底線導入，以及部分交易商轉為訂閱費模式所帶動。

Other revenues of $10 million for the first quarter increased by 56%, primarily driven by growth in our digital initiatives related to our commercial relationship with the Canton network.

第一季其他收入為1,000萬美元，增加56%，主要由與 Canton 網路商業合作相關的數位計畫成長所帶動。

Overall, the other revenue line will remain variable quarter-to-quarter, reflecting fluctuations in a number of variables, including the number of Canton coins earned Canton Coin Value, the number of super validators in the network and periodic tech enhancements for our retail clients. We expect total other revenues in 2026 to be roughly in line with 2025. First quarter adjusted EBITDA margin of 55% increased by 101 basis points on a reported basis when compared to our 2025 full year margins. Our net interest income of approximately $17 million increased due to higher cash balances, which offset lower interest yields.

整體而言，其他收入項目將在各季之間維持變動，反映多項變數的波動，包括賺取的 Canton 幣數量、Canton 幣價值、網路中的超級驗證者數量，以及針對零售客戶的定期技術強化。我們預期2026年的其他收入總額將大致與2025年持平。第一季調整後EBITDA利潤率為55%，與2025年全年利潤率相比，按報表口徑增加101個基點。我們的淨利息收入約1,700萬美元，因現金餘額較高而增加，抵銷了較低的利率收益率。

Lastly, this quarter's GAAP results were impacted by both realized and unrealized gains and losses across our strategic investments. Specifically, we recorded $1.2 million in net loss this quarter, including $2.9 million of unrealized losses reflecting the mark-to-market of our Canton coin Holdings. As a reminder, these losses are only included in GAAP EPS and are excluded from our non-GAAP adjusted diluted EPS.

最後，本季GAAP結果同時受到我們策略性投資的已實現與未實現損益影響。具體而言，我們本季錄得淨損120萬美元，其中包含290萬美元的未實現損失，反映我們所持 Canton 幣部位的按市價評價（mark-to-market）。提醒一下，這些損失僅計入GAAP每股盈餘（EPS），並排除於我們的非GAAP調整後稀釋EPS之外。

Moving on to fees per million on Slide 10. We provide a highlight of the key trends for the quarter. You can see Slide 17 of the earnings presentation for the full detail regarding our fee per million performance this quarter. That said, I will spend more time talking about cash credit fee per million given the movements are slightly more nuanced. Cash credit fee per million decreased 15% this quarter, based largely on 2 drivers: the prior introduction of variable and fixed fee mix changes and business mix changes.

接著看第10頁投影片的每百萬手續費。我們提供本季關鍵趨勢的重點摘要。關於本季每百萬手續費表現的完整細節，請參閱財報簡報第17頁。不過，鑑於變動略為細緻，我會花更多時間談現金信用（cash credit）的每百萬手續費。本季現金信用每百萬手續費下降15%，主要基於兩項因素：先前導入的可變與固定費率組合變更，以及業務組合變化。

Specifically, the introduction of minimum fee floors and migration of certain dealers from fully variable to more fixed plans in 2025 and a mix shift away from municipal bonds and retail this quarter. which carry a relatively higher fee per million as well as a mix shift towards non-comp PT, which carries a relatively lower fee per million. Excluding the impact of our previously disclosed fee changes and this quarter's impact of product protocol mix shifts, fee per million would be down approximately 1%. Slide 11 details our adjusted expenses. At a high level, the scalability and variable nature of our expense base allows us to continue to invest for growth and grow margins.

具體而言，2025年導入最低費率底線並將部分交易商由完全可變方案遷移至較固定的方案，以及本季業務組合從市政債與零售（其每百萬手續費相對較高）轉移，並同時轉向非競爭性PT（non-comp PT，其每百萬手續費相對較低）。若排除先前已揭露的費率變更影響，以及本季產品／協議組合轉移的影響，每百萬手續費約下降1%。第11頁投影片詳述我們的調整後費用。整體而言，我們費用基礎具可擴展性與可變性，使我們能持續投資成長並擴大利潤率。

We have maintained a consistent philosophy here.

我們在此一直維持一致的理念。

Adjusted expenses for the first quarter increased 20.2% on a reported basis and 15.3% on a constant currency basis. During the first quarter, we continued investments in tech and communications digital assets, consulting and client relationship development. Adjusted compensation costs grew 12%, with nearly 30% of the increase from higher discretionary and performance-related compensation, more than 25% due to higher headcount, which was up 11.4% year-over-year and 25% due to higher payroll taxes. Technology and communication costs increased 37.7%, primarily due to our continued investments in data strategy and infrastructure and increased software costs.

第一季調整後費用按報表口徑增加20.2%，按固定匯率口徑增加15.3%。第一季期間，我們持續投資於科技與通訊、數位資產、顧問服務以及客戶關係發展。調整後薪酬成本成長12%，其中近30%的增幅來自較高的酌情與績效相關薪酬，超過25%來自人員增加（年增11.4%），另有25%來自較高的薪資稅。科技與通訊成本增加37.7%，主要由我們持續投資資料策略與基礎設施，以及軟體成本上升所致。

Approximately $5 million of the increase was driven by higher reference data costs and investments in our data and infrastructure strategy, both of which began in the second half of 2025. Adjusted professional fees grew 18.8% due to an increase in tech consultants as we continue to augment our offshore technology operations. Occupancy expenses increased 61.5% primarily from increased rent due to the move to our new New York City headquarters, which came into effect in the third quarter of 2025. Adjusted general and administrative costs increased 85.2%, primarily due to $8.1 million of unfavorable movements in FX and a pickup in travel and entertainment.

增幅中約500萬美元來自較高的參考資料成本，以及對我們資料與基礎設施策略的投資，兩者皆始於2025年下半年。調整後專業費用成長18.8%，因我們持續擴充離岸技術營運而增加科技顧問人力。辦公場地費用增加61.5%，主要因搬遷至新的紐約市總部而租金上升，並於2025年第三季生效。調整後一般及行政成本增加85.2%，主要由於外匯不利變動造成810萬美元影響，以及差旅與交際支出回升。

Unfavorable movements in FX resulted in a $5.1 million loss in the first quarter of '26 versus approximately a $2.9 million gain in the first quarter of '25. Excluding FX, adjusted general and administrative costs grew 11.4%. slide 12 details capital management and our guidance. On our cash position and capital return policy, we ended the first quarter in a strong position with approximately $1.9 billion in cash and cash equivalents and free cash flow exceeding $1 billion for the trailing 12 months, representing strong year-over-year growth of approximately 31%. We also held $1.6 billion of Canton coins with a fair value of approximately $243 million.

外匯不利變動導致26年第一季錄得510萬美元損失，而25年第一季約為290萬美元收益。排除外匯影響後，調整後一般及行政成本成長11.4%。第12頁投影片詳述資本管理與我們的指引。就現金部位與資本回饋政策而言，我們在第一季末維持強勁狀態，持有約19億美元的現金及約當現金，且過去12個月自由現金流超過10億美元，年增約31%，表現強勁。我們亦持有16億枚 Canton 幣，公允價值約2.43億美元。

With this quarter's earnings, the Board declared a quarterly dividend of $0.14 per Class A and Class B shares, up 17% year-over-year. During the quarter, we repurchased approximately 483,000 shares for $51 million. There is $523 million of aggregate share repurchase authorization remaining. Turning to guidance for 2026. In light of continued strong business momentum, we now expect adjusted expenses to trend towards the top half of the initial guidance range of $1.1 billion to $1.16 billion.

隨著本季財報公布，董事會宣告A類與B類普通股每股季度股利0.14美元，年增17%。本季我們回購約483,000股，金額5,100萬美元。目前剩餘的股份回購授權總額為5.23億美元。接著談2026年指引。鑑於業務動能持續強勁，我們目前預期調整後費用將趨近於初始指引區間11億至11.6億美元的上半部。

We believe we can drive adjusted EBITDA and operating margin expansion compared to 2025 at either end of this range, although we expect the incremental margin expansion to be more muted as we continue to focus on balancing margin expansion with investing for the future.

我們相信在此區間的任一端，相較2025年皆可推動調整後EBITDA與營業利潤率擴張；不過，隨著我們持續在利潤率擴張與面向未來的投資之間取得平衡，預期新增的利潤率擴張幅度將較為溫和。

Specifically, we continue to invest in credit rates, international markets, ICD and digital assets as key focus areas with a long runway for growth. We also continue to invest in technology that allows us to sustain and build on our leading platform. Some of these investments will take time to scale, but we continue to price innovation and create durable long-term revenue growth opportunities. Now I'll turn it back to Billy for concluding remarks.

具體而言，我們持續將信用、利率、國際市場、ICD與數位資產作為重點投資領域，這些領域具備長期成長空間。我們也持續投資於技術，以維持並強化我們的領先平台。其中部分投資需要時間擴大規模，但我們仍持續推動定價創新，並創造具韌性的長期收入成長機會。現在我把時間交回 Billy 做結語。

Thanks, Sarah. Before I get into the broader outlook, I want to spend a minute on some of our frontier markets. We've made solid progress there in a relatively short period of time through targeted partnerships and investments. From our work with the Canton network, to our new partnerships with Kashi in prediction markets to crossover markets in crypto execution. These partnerships build directly on what we've already established, a broad network execution infrastructure and a central role in trading activity.

謝謝，Sarah。在我談更廣泛的展望之前，我想先花一點時間談談我們的一些前沿市場。透過有針對性的合作夥伴關係與投資，我們在相對短的時間內已取得扎實進展。從我們與 Canton 網路的合作，到與 Kashi 在預測市場的新合作夥伴關係，再到在加密貨幣執行領域的 crossover markets。這些合作直接建立在我們既有的基礎之上：廣泛的網路化執行基礎設施，以及在交易活動中的核心角色。

With tokenization, we're focused on the evolution of settlement, particularly around capital efficiency and collateral mobility. We've already executed trades in this space alongside a variety of market participants utilizing Canton's distributed ledger infrastructure. We are working alongside both existing and new clients who are driving demand for instant settlement. In institutional crypto, the opportunity is to bring more standardized electronic execution to a market where demand is growing, but broadly adopted infrastructure remains nascent.

在代幣化方面，我們聚焦於結算的演進，特別是資本效率與擔保品流動性。我們已與多元市場參與者一起，利用 Canton 的分散式帳本基礎設施在此領域完成交易。我們正與既有及新客戶並肩合作，這些客戶正在推動即時結算的需求。在機構加密貨幣方面，機會在於將更標準化的電子化執行帶入一個需求成長、但廣泛採用的基礎設施仍處於萌芽階段的市場。

Alongside our investment in partnership with crossover markets, we are building a more comprehensive execution offering, including over time, leveraging rate Fin's technology to incorporate spreading functionality, in prediction markets through our partnership with Kashi, we're working to integrate event-driven data into our rates and credit platforms while working with market participants to support the longer-term development of an institutional-grade execution environment.

在我們與 crossover markets 的投資與合作之下，我們正在打造更全面的執行服務；並將隨時間推進，運用 rate Fin 的技術納入價差（spreading）功能；在預測市場方面，透過與 Kashi 的合作，我們正致力於將事件驅動資料整合至我們的利率與信用平台，同時與市場參與者合作，支持機構級執行環境的長期發展。

Across all three, the focus is on extending our network and execution capabilities while closely partnering with our clients and the broader ecosystem as these markets evolve. The environment to start the year has been defined by a lot of debate. And if anything, that uncertainty has only increased as we move forward. We did see clients take a bit of a breather in April as they stepped back and recalibrated their forward strategies. But importantly, what came through clearly was the durability of our business.

在這三個領域中，我們的重點都是在市場演進的同時，擴展我們的網路與執行能力，並與客戶及更廣泛的生態系統緊密合作。年初的環境充滿了大量辯論。而且如果說有什麼變化，那就是隨著時間推進，不確定性只增不減。我們確實看到客戶在4月稍作喘息，暫時退一步並重新校準其前瞻策略。但重要的是，很清楚地顯示出我們業務的韌性。

Intraday volatility in April to date was down more than 50% year-over-year. So this was not an easy backdrop.

截至目前，4月的日內波動率較去年同期下降了50%以上。因此，這並不是一個容易的市場背景。

Even after a record first quarter, April 25, still ranks as the third best revenue month in our history after clients rapidly reposition their portfolios post the announcement of tariffs. Looking ahead to April '26, despite a tougher comparison and a different volatility environment, we are trending toward another top 5 revenue month based on internal estimates. I think that really underscores what we've been talking about for some time now. The breadth of the model and the strength of the recurring activity we're able to build irrespective of the volatility environment. As we focus on delivering more durable workflow-driven solutions for our clients, we're seeing that translate into sustained engagement.

即便在創紀錄的第一季之後，4月25日仍然是我們歷史上營收表現第三佳的月份；在關稅宣布後，客戶迅速重新調整其投資組合。展望至2026年4月，儘管比較基期更具挑戰且波動環境不同，根據內部估算，我們仍朝向另一個前五大營收月份的趨勢前進。我認為這確實凸顯了我們一段時間以來一直在談的重點。也就是我們模式的廣度，以及不論波動環境如何，我們都能建立的經常性活動之強度。隨著我們專注於為客戶提供更具持久性的、以工作流程驅動的解決方案，我們看到這轉化為持續的參與度。

In fact, April average daily volume is currently running ahead of April 2025, which tells you that while the mix of activity may shift, the level of client connectivity on our platform remains very healthy. With 2 important month-end trading days left in April, which tend to be some of our strongest revenue days, overall an average daily revenues are trending down by a low single-digit percentage relative to April 2025. The diversity of our growth remains a theme as we are seeing preliminary positive average daily volume growth across global swaps, mortgages, European government bonds, European credit, EM credit, CDS, equity derivatives, repos and ICD.

事實上，4月的日均成交量目前高於2025年4月，這說明即使活動結構可能轉變，客戶在我們平台上的連結程度仍然非常健康。4月還剩下2個重要的月末交易日，通常也是我們營收最強的幾天之一；整體而言，日均營收相較於2025年4月呈現低個位數百分比的下降趨勢。我們成長的多元性仍是一個主題，因為我們在全球利率互換、房貸、歐洲公債、歐洲信用、新興市場信用、CDS、股票衍生品、回購以及ICD等領域，初步都看到正向的日均成交量成長。

Our IG share is tracking in line with March levels, while high-yield share is tracking above. I would like to conclude my remarks by thanking our clients for their business and partnership in the quarter. I want to thank my colleagues for their efforts that contributed to the record quarterly revenues and volumes at Tradeweb. With that, I will turn it back to Ashley for your questions.

我們的投資級（IG）市占率與3月水準大致一致，而高收益市占率則高於3月。我想以感謝客戶在本季的業務與合作作為結語。我也要感謝同仁們的努力，促成Tradeweb創紀錄的單季營收與成交量。接下來我把時間交還給Ashley，進行提問。

Thanks, Billy. (Operator Instructions) Feel free to hop back in the queue and ask additional questions at the end. Q&A will end at 10:30 AM Eastern Time. Operator, you can now take our first question.

謝謝你，Billy。(接線員指示) 歡迎在最後再次加入隊列並提出其他問題。問答將於美東時間上午10:30結束。接線員，請開始我們的第一個問題。

(Operator Instructions)

(接線員指示)

Craig Seventh, Bank of America.

Craig Seventh，美國銀行。

Are. Hope everyone is doing well. Sorry about that. I just switch to a speaker because the headset was a little messy. But Bill, I hope you guys are doing well.

呃。希望大家都一切順利。抱歉剛剛那樣。我剛換成擴音，因為耳機有點不太好用。不過Bill，希望你們一切都好。

So our question is on swaps and congrats on that 45% year-on-year growth. But we wanted your perspective on the good versus bad volatility debate in the swaps market given recent strength and especially curious on what you saw in Europe.

我們的問題是關於利率互換，恭喜你們年增45%的成長。不過我們想請教你對互換市場中「好的波動」與「壞的波動」這個討論的看法，鑑於近期的強勁表現，並且特別好奇你們在歐洲看到的情況。

Craig, how are you you loud and clear? glad you're doing well. It's a good question. And we as I kind of think about that for a quick second and like maybe before I kind of parse like the kind of the port is too hot, the port is too cold around volatility for Sean. Just like a moment, maybe just like on the environment in general because I remember you kind of heard me loud and clear on the last earnings call, say, I was really very app about the macro in the setup.

Craig，你聽得到嗎？很清楚。很高興你一切都好。這是個好問題。我先稍微想一下；在我拆解一下關於波動「太熱」或「太冷」這種說法之前，先談一下整體環境，因為我記得你在上次財報電話會議上也很清楚地聽到我說，我對宏觀環境與當時的布局其實非常樂觀。

. And the truth is, and the reality is, I think, a couple of months later, the world changes really quick, like still like really, really app. We're still really Amara Tradeweb. And I think from my perspective, we are in how we would describe like a really kind of sweet spot for our business. And when I say that to make an obvious point, that doesn't mean that we don't have, as you know, very well, like complex and difficult things ultimately to get right.

.而事實與現實是，我認為幾個月後世界變化非常快，但我仍然非常、非常樂觀。我們對Tradeweb仍然非常有信心。從我的角度來看，我們正處於一個可稱為對我們業務非常「甜蜜點」的區間。我這麼說是要強調一個顯而易見的點：這並不代表我們沒有你很清楚的那些複雜且困難、最終必須做對的事情。

But when you just step back for a quick second and you think about the combination of fiscal stimulus, monetary stimulus, debate on Fed timing, we're in this like technology, obviously, investment super cycle, this like big deregulatory unwind, the legacy banks, the partner banks of Tradeweb had a great quarter in the Global Markets business.

但如果你退一步想一下，財政刺激、貨幣刺激、對聯準會時點的辯論，再加上我們正處於這個科技投資的超級循環，以及這波大規模去監管的回撤；Tradeweb的傳統銀行、合作夥伴銀行在全球市場業務本季表現也非常好。

The numbers from Jane Street were like off the charts, obviously, this week. We're like a pretty prime environment. So I want to kind of start with that. And then when we think about to your question, how we parse kind of good volatility and then bad volatility, like think about obviously always like good volatility as like strong '28 markets, active price discovery. From our perspective, something really important, which is like that AIX algorithmic search is like running really well.

Jane Street本週公布的數字也非常驚人。我們正處於一個相當有利的環境。所以我想先從這裡開始。接著回到你的問題，我們如何區分所謂好的波動與壞的波動：一般來說，好的波動就是市場強勁、價格發現活躍。從我們的角度來看，有一件非常重要的事，就是AIX演算法搜尋運作得非常好。

And we're we always understand there's always this concept of like markets moving into more of a bad ball market. Think about that as obviously like a dislocated market environment, thinner liquidity, less liquid areas of the market generally kind of parts of the off-the-run treasury market sometimes fit that description perfectly.

而我們也一直理解，市場總會有這種走向較「壞」的市場型態的概念。你可以把它理解為市場脫節、流動性變薄、整體市場中較不具流動性的區域；有時候，非最新券（off-the-run）的美國公債市場某些部分就非常符合這種描述。

But to your kind of point, I would say like the volatility across the Sterling and the European markets, I think they were 2 times higher than the US rates market in March. And so given that rapid repricing of rate cuts to potential rate hikes, I think the market's moved extremely orderly and consistent with how we think about healthy price discovery process rather than how we think about like stresses in the system.

但就你提到的重點，我會說英鎊與歐洲市場的波動率在3月大約是美國利率市場的兩倍。因此，在市場快速從預期降息重新定價到可能升息的情況下，我認為市場運作得非常有序，符合我們對健康價格發現流程的理解，而不是我們所認為的系統壓力狀態。

And from my perspective, I think I would say something important, which I think it speaks to how these markets have evolved. I think that's an important kind of comment, both buy side and dealer communities today are just like significantly better ultimately positioned to navigate these environments electronically, stress or no stress. And that's important. I think we saw that in the data, increased usage of electronic protocols, particularly RFM and income trading. This protocol, Craig, that we've launched in Europe, our request for market got up to like 45% of flow.

從我的角度來看，我還想補充一個重要觀點，我認為這也反映了這些市場如何演進。這點很重要：如今買方與交易商社群在電子化方式下，無論有無壓力，都已經更有能力去應對這些環境。這很關鍵。我們也在數據中看到：電子化協議的使用增加，特別是RFM與comp trading。Craig，我們在歐洲推出的這個協議——request for market——其流量占比一度達到約45%。

In comp trading move north of 80%. That's kind of what you want to see very specifically in periods like this. And so as the shift becomes more automated, from our perspective, protocol-driven trading tends to make ultimately something very, very important, which is liquidity becomes more resilient even as volatility rises. So that's kind of how we think about the context.

而comp trading則上升到80%以上。這正是你希望在這類時期看到的情況。因此，隨著轉向更自動化，從我們的角度來看，以協議驅動的交易往往會帶來一個非常、非常重要的結果：即使波動上升，流動性也會更具韌性。這就是我們看待其背景脈絡的方式。

I think in a very interesting way, the distinction almost between how we think about and talk about good and bad volatility, the port is too hot, the port to cold becomes almost I don't want to say irrelevant, but I think in a certain way, it becomes kind of less relevant because the market structure today is much more kind of designed ultimately to perform and generate activity across a wide range of conditions.

我認為很有意思的是，我們談論與思考「好波動」與「壞波動」的區別——波動太熱或太冷——這種區分幾乎變得（我不想說完全）不那麼重要；因為在某種程度上，今天的市場結構更能在各種條件範圍內運作並產生活動。

And so that, from our perspective, I think, is a really important point. You've heard me because you know me well, you've heard me talk about sort of like this kind of like how we talk about sort of like the light switch moment when a client behaviors change, they go from using or engaging the market in one way to a better way, like this kind of like a light switch moment. I think increasingly, we're thinking about volatility in a certain way as its own version of a light switch moment where ultimately, technology allows the participants to thrive.

因此，從我們的角度來看，我認為這是一個非常重要的觀點。你聽我說過，因為你很了解我，你聽我談過我們所說的那種「電燈開關時刻」——當客戶行為改變時，他們會從以某種方式使用或參與市場，轉變為更好的方式，就像這種電燈開關瞬間。我認為我們越來越把波動性以某種方式來看待，視其為另一種「電燈開關時刻」；最終，科技讓參與者得以蓬勃發展。

And I think that's a really, really important and kind of interesting concept. And so from my perspective, what we're in the business to do, which is to thrive, as you know very well, we have our 1 version of a really high bar. And so 1 thing I would kind of say as we're thinking about context and where we're going from here, if you take April this past April revenues this month of April revenues and you look at it versus May and June of this past year, we're there and you feel like you're in this kind of sweet spot moment. So thanks, as always, for the question. Good to hear your voice, Craig.

我認為這是一個非常、非常重要且相當有趣的概念。因此從我的角度來看，我們所從事的業務就是要蓬勃發展；如你非常清楚的，我們對此有一個非常高的標準版本。所以當我們思考背景以及接下來要往哪裡走時，我想說的一點是：如果你把今年4月的營收——這個4月的營收——拿來和去年5月與6月相比，我們已經到那個水準了，你會覺得自己正處在這種「甜蜜點」時刻。所以一如既往，謝謝你的提問。很高興聽到你的聲音，Craig。

Michael Cyprus, Morgan Stanley.

Michael Cyprus，摩根士丹利。

Bill. Wanted to ask about AI and just curious to hear your views around how you're thinking about AI's role in increasing automation across workflows particularly in credit and rates? And what are some of the KPIs you think we should be tracking?

Bill。想請教一下AI，我很好奇想聽聽你們如何看待AI在提升各項工作流程自動化方面的角色，特別是在信用與利率領域？以及你認為我們應該追蹤哪些KPI？

Great question. Super timely, Michael. Appreciate it as always. I thought for a second, when I was listening to my recording, I thought it was like an AI version of my voice or something on this different, which is kind of funny. But great question, timely.

問得很好。非常切題，Michael。一如既往，謝謝你。我剛才聽自己的錄音時，還一度以為那是某種AI版的我的聲音或什麼的，聽起來有點不一樣，挺好笑的。不過問題很好，也很切題。

For 1 quick moment like core principle, like and I want to say this is like very loud and clear, like Tradeweb, as you know very well, we're in the business of serving our clients, like Period.

先快速講一個核心原則——我想非常清楚、非常大聲地說：Tradeweb，如你非常清楚的，我們的業務就是服務客戶，就這麼簡單。

So everything we do around AI always has to be kind of triggered off that. And our goal and Sarah's goal and my goal and the management team's goal at Tradeweb, as you know, is to be the most client-centric firm in the electronic marketplace like Period. And I think in a really interesting and exciting way, AI gives us that opportunity constantly to prove that. not that we're all like historians, but I would say like the history of technology, as you know very well, is that it tends to make smart people smarter, right? Productive people more productive, right?

所以我們所有關於AI所做的一切，都必須以此為出發點。而我們的目標、Sarah的目標、我的目標，以及Tradeweb管理團隊的目標，如你所知，就是成為電子市場中最以客戶為中心的公司——就這麼簡單。我認為以一種非常有趣且令人振奮的方式，AI讓我們有機會不斷證明這一點。雖然我們不算都是歷史學家，但我會說，科技的歷史，如你非常清楚的，往往是讓聰明的人更聰明，對吧？讓高產出的人更高產出，對吧？

And without question, big picture, AI is this like massive accelerant of all of that, right, expanding the scope of what people do, expanding people's impact. That's like really, really kind of like important stuff. We have a very strong feeling that data is the moat I think that's an important kind of thing to say our proprietary data, which we draw, as you know very well from like live markets, executable pricing, RFQ behavior, execution outcomes, client decision-making protocols across all of these assets.

毫無疑問，從宏觀來看，AI就是一個巨大的加速器，加速上述一切，對吧？擴大人們所做事情的範圍，擴大人們的影響力。這些都是非常、非常重要的事情。我們非常強烈地認為，資料就是護城河。我覺得這是很重要的一點：我們的專有資料，如你非常清楚的，來自即時市場、可執行報價、RFQ行為、成交結果，以及跨各類資產的客戶決策流程。

I think gives our AI foundation, something that maybe competitors can't quite come as close to. I'd say that like humbly, I think that's an advantage for us. And so on the generative AI side, our goal is pretty simple. Move clients from data retrievable into this thing that's really important, which is like insight generation in markets that obviously like never slowed down, and that's important. We did something, I think, really cool, very proud of.

我認為這讓我們的AI基礎具備一些競爭對手可能無法那麼接近的優勢。我謙虛地說，我覺得這對我們是個優勢。因此在生成式AI方面，我們的目標很簡單：把客戶從「資料可取用」推進到一個非常重要的層次，也就是「洞見生成」——在那些顯然從不放慢的市場中，這點很重要。我們做了一件我認為非常酷、也非常自豪的事。

We have our own kind of AI-powered assistant named, we're calling it Terra. I think we have to kind of think about keep thinking about the name, it's kind of a cool name, but it's Tradeweb AI research assistant, which is in beta with our clients, some of our smartest, most important clients.

我們有自己的AI驅動助理，名字叫——我們稱它為Terra。我想我們還得繼續想想這個名字；它是個挺酷的名字。不過它是Tradeweb的AI研究助理，目前正與我們的一些最聰明、最重要的客戶進行Beta測試。

We're on track to launch that in the second quarter, which gives traders like a single natural conversation to surface insights around liquidity conditions, market participation, historical execution behavior and relative pricing dynamics. These are like really, really important things, and you can hear from me the focus that we have as a company. On the predictive side, we're tracking, tackling and working on I think one of the fixed income is probably hardest problems, which is price discovery. We're launching what we call AI Price 2.0 at the end of the second quarter.

我們正按計畫在第二季推出，讓交易員透過一次自然語言對話，就能呈現關於流動性狀況、市場參與度、歷史成交行為以及相對定價動態的洞見。這些都是非常、非常重要的事情，你也能從我這裡聽出我們公司所聚焦的方向。在預測面，我們正在追蹤、攻克並投入處理我認為固定收益可能最難的問題之一：價格發現。我們將在第二季末推出我們所稱的AI Price 2.0。

As you know very well, corporate bonds can go hours or days without a print and the true economics of a transaction could be obscured by like this complexity piece of it all. I think it's worth as a company as spending a lot of time on that in that setting. And so in its simplest form, and I like to take the kind of like half step back, as you know, really well. It's going to be always about getting really smart people access to this amazing technology inside of the company and really proud of how many smart people work at Tradeweb, like expanding productiveness.

如你非常清楚的，公司債可能好幾個小時甚至好幾天都沒有成交印記（print），而一筆交易的真實經濟條件可能會被其中的複雜性所掩蓋。我認為作為一家公司，在那樣的情境下花很多時間投入這件事是值得的。所以用最簡單的方式來說——我也喜歡稍微退一步看，如你很清楚的——這永遠都會回到：讓非常聰明的人在公司內部取得這項驚人的技術。我也為Tradeweb有這麼多聰明的人感到自豪——提升生產力。

I'll say this just like very clearly and maybe like a little bit personally like as CEO, what's interesting to me is not just doing more with less people, it's not just like saving money. And Sarah and I are always like just like amazingly on the same page around all of this. It's about like reimagining like process, really, right? How do we have the ability to continue to invest more in our future of growth. Because we have a lot of potential out there, and we're really excited about that.

我想非常清楚地說，或許也帶點個人角度：作為CEO，對我來說有趣的不只是用更少的人做更多事，也不只是省錢。而Sarah和我在這一切上總是驚人地同一頁。重點其實是重新想像流程，真的，對吧？我們如何有能力持續在未來的成長上投入更多。因為我們有很大的潛力，我們對此非常興奮。

And that's a pretty cool thing. So all of this stuff has to be top down all of the time.

這是一件很酷的事。所以這些事情必須始終由上而下推動。

I think we're still in a very important way at the beginning. You know this very well, dealing with this at your own firm. I think there's going to be some hard choices kind of along the way around all of this. But data advantage, I think, reinforces network effects and I think that opens up new revenue opportunities smarter, faster ways for our clients to trade and execute in the marketplace, and that's the focus and I think the intensity that we're bringing to the space around all of that. So thanks very much for the question.

我認為在非常重要的意義上，我們仍然處於起步階段。你在你們公司也正在處理這些，你非常清楚。我認為在這條路上會有一些艱難的選擇。但我認為資料優勢會強化網路效應，並開啟新的營收機會，讓客戶以更聰明、更快速的方式在市場上交易與執行；這就是我們的重點，也是我們在這個領域投入的專注與強度。所以非常感謝你的提問。

Simon Clinch, Rothschild & Co Redburn.

Simon Clinch，Rothschild & Co Redburn。

Actually, this one is probably more for Sara. So following on nicely from the last question about AI investments generally for growth. Sarah, could you expand on your philosophy for expense growth in terms of the flexibility and willingness you have to adjust investment up or down in environments of volume upside or in fact, downside? How we should be thinking about that kind of flex, please? That would be great.

其實這題可能比較是問Sara。延續上一題關於AI投資一般用於成長的討論。Sarah，你能否談談你對費用成長的理念：在成交量上行、或相反地下行的環境中，你們在調整投資上（增加或減少）的彈性與意願如何？我們應該如何看待這種彈性？如果能說明就太好了。

Sure. Simon, great question. Definitely sort of a good follow-on from the conversation Billy just had. Regardless of whether we're in a high or low volume environment, and I know we've said this before, we believe and I think we've evidenced we have significant operating leverage and expense flexibility in our model. So big picture, roughly 55% of our expenses are fixed and 45% are variable or discretionary.

當然。Simon，問得很好。確實是對Billy剛才那段對話很好的延伸。不論我們處於高成交量或低成交量環境——而且我知道我們以前也說過——我們相信，而且我認為我們也已經證明，我們的模型具有顯著的營運槓桿與費用彈性。從大方向來看，我們的費用大約55%是固定的，45%是變動或可酌量調整的。

And so Specifically, in your question when you're asking about volume-driven expenses within that variable bucket, most of those expenses are more directly tied to revenue or EBITDA growth versus volume. So think of things like performance-driven comp, commissions. But there are some smaller components that correlate more directly to pure volumes such as exchange and clearing fees, and those are pretty small in terms of the total expense base we have. call it, single low single digits, like something like 3% of our total expense base, which leaves us a lot of flexibility in terms of how we manage expenses and deliver operating leverage.

因此，具體來說，針對你問題中提到的、在那個變動成本籃子裡由交易量驅動的費用，其中大多數費用其實更直接地與營收或 EBITDA 的成長相關，而不是與交易量本身相關。所以可以想像像是績效導向的薪酬、佣金這類項目。但也有一些較小的組成項目，與純粹的交易量更直接相關，例如交易所與清算費用；而就我們的總費用基礎而言，這些占比相當小。大概是低個位數，像是約占我們總費用基礎的 3% 左右，這讓我們在費用管理與實現營運槓桿方面保有很大的彈性。

More broadly, I would say, when you think about higher volume as a proxy for higher revenue environment, you should think about our expense growth is really following our track record of as you were kind of getting at accelerating discretionary spend while still delivering margin expansion. And I think we have this flexibility to accelerate and decelerate. So if you looked at last year, top line grew 19%, expenses grew 17%, and I talked before how that probably was in our budget at the beginning of the year, but we accelerated discretionary spend and still delivered 64 basis points of margin improvement.

更廣泛來看，我會說，當你把更高的交易量視為更高營收環境的代理指標時，你應該這樣理解：我們的費用成長基本上是延續我們一貫的紀錄——如你剛才提到的，在加速可裁量支出的同時，仍能帶來利潤率擴張。而我認為我們具備這種加速與減速的彈性。所以如果你看去年，營收成長 19%，費用成長 17%；我之前也提過，年初的預算可能就是這樣規劃的，但我們加速了可裁量支出，仍然帶來 64 個基點的利潤率改善。

If you contrast that with an environment like 2023, where we had multiple quarters of single-digit top line growth, we still delivered margin expansion of just under 50 basis points while investing in our platform. And that shows two things. It shows our ability but also our willingness to your point, to accelerate and decelerate. This quarter is another example. We delivered almost 100 basis points of margin improvement on a constant currency basis including facing significant step-ups or swings from FX and step-ups from the office and other data infrastructure spend.

如果你把它和 2023 年那樣的環境對比，當時我們有好幾個季度的營收僅呈現個位數成長，但我們在投資平台的同時，仍然實現了略低於 50 個基點的利潤率擴張。而這顯示兩件事。它顯示我們的能力，也顯示我們的意願——如你所說——去加速與減速。本季又是另一個例子。在固定匯率基礎上，我們實現了接近 100 個基點的利潤率改善，儘管面臨外匯帶來的顯著躍升或波動，以及辦公室與其他資料基礎設施支出的增加。

So I think we've seen in every environment, we have the ability to manage our expense base. And I'd say, at the highest level, the great thing about our business is that as revenue and our business keeps scaling, we continue to see natural operating leverage. And that allows us to calibrate expenses while still delivering margin but still being able to invest for discretionary and opportunistic things like Billy was just talking about, whether it be AI, or opportunities in EM. And that, for us, is like our North Star and being able to deliver durable long-term revenue growth, that ability to invest through the cycle.

所以我認為在各種環境下，我們都展現了管理費用基礎的能力。而我想從最高層次來說，我們業務最棒的一點是：隨著營收與業務規模持續擴大，我們會持續看到自然形成的營運槓桿。這讓我們能在維持利潤率表現的同時校準費用，也仍能投入可裁量與機會型的事項——就像 Billy 剛才提到的，不論是 AI，或是新興市場（EM）的機會。而對我們而言，這就像是我們的北極星：能夠提供可持續的長期營收成長，以及穿越景氣循環持續投資的能力。

Jeff Schmitt, William Blair.

Jeff Schmitt，William Blair。

So you've talked about EM and EM swaps in particular, being 1 of your key revenue growth opportunities. And I know it's still a small part of the mix, but could you talk about what you're doing on that front and what type of growth you're seeing? .

你們談到 EM，特別是 EM 掉期，是你們關鍵的營收成長機會之一。我知道它目前在組合中仍占比不大，但你能談談你們在這方面做了哪些工作，以及你們看到什麼樣的成長嗎？.

Yeah. It's a good question. It is a small part of our growth, but it's a growing and really important kind of story for us. I think it was like 6% of our revenues in the first quarter of 26%, and that's basically up from like almost like a little bit over 1% in 2022. And we're still scratching the surface of it, right?

是的。這是個好問題。它在我們的成長中占比不大，但對我們而言是一個正在成長、而且非常重要的故事。我記得在 26% 的第一季，它大概占我們營收的 6% 左右，而這基本上是從 2022 年接近、或略高於 1% 的水準提升上來的。而我們仍然只是剛開始觸及表面，對吧？

So like find the wallet, that's really kind of an important thing, right? I think the overall EM revenue wallet exceeds like a little bit over $1.5 billion annually. So it's a big market, significant kind of opportunity for us there.

所以像是「找出錢包在哪裡」（find the wallet），這其實是很重要的一件事，對吧？我認為整體 EM 的營收錢包每年超過約 15 億美元。所以這是一個很大的市場，對我們而言是相當可觀的機會。

And it's not to say that you have to pick your day job, but I think it's a little bit of a continuation that I was saying before, just about like how do you wind up servicing your clients around the focus of building solutions, the sufficient search for liquidity. And at some level, that holds true for whatever market we're talking about. But we think we have a really strong leadership position across obviously, our legacy U.S. and European businesses. And we're really proud of what we've been able to accomplish in a short period of time as a public company in EM.

這並不是說你必須放下本業，但我認為這有點延續我先前說的：你最終要如何圍繞著「打造解決方案」以及「持續尋找流動性」這個重點來服務客戶。而在某種程度上，不論我們談的是哪個市場，這個道理都成立。但我們認為我們在既有的美國與歐洲業務上，顯然擁有非常強的領導地位。而我們也為自己在成為上市公司後、在 EM 這塊於短時間內所達成的成果感到非常自豪。

So start with this. It's a from our perspective, and we talk about like plotting for growth. It's a multiyear growth opportunity rather than how we think about, and Sarah described this perfectly like a single investment cycle. I do think we're building on this like pretty strong foundation in place vis-a-vis the developed marketplaces. If we were thinking about the EM swaps market for one second, I think similar structural growth around that, EM countries continue to finance their growth through this like very big healthy global debt issuance.

所以先從這點開始。從我們的角度來看——我們也常談到「為成長做布局」（plotting for growth）——這是一個多年期的成長機會，而不是我們所認為的、正如 Sarah 完美描述的那種「單一投資循環」。（同上）我確實認為，我們是在已開發市場相當強的既有基礎之上繼續建構。如果我們先談一下 EM 掉期市場，我認為其周邊也存在類似的結構性成長：EM 國家持續透過非常龐大且健康的全球債務發行來為其成長融資。

We're starting to see something really important, which is the velocity of these markets increase. I would point out something, I think, just like very important, which is the cleared EM swaps market has grown at an over 20% CAGR over the last five years. It's still only like 20% electronified. And the market is only a fraction of the size of like the dollar and euro and Starling markets. So I probably just mangled that, which is okay.

我們開始看到一件非常重要的事情，也就是這些市場的交易速度（velocity）正在提升。我想指出一點我認為非常重要的：在過去五年，已清算的 EM 掉期市場以超過 20% 的年複合成長率（CAGR）成長。但它目前只有大約 20% 完成電子化。而且這個市場的規模也只是美元、歐元以及英鎊市場的一小部分。所以我可能把那段話講得有點亂，但沒關係。

But you guys hear, as I described that, the beginning of a market really picking up velocity and beginning to go electronic, which is one of the reasons why we're so focused in this area.

但你們聽我這樣描述，就會知道：一個市場正在開始加速、並開始走向電子化；這也是我們為什麼如此聚焦在這個領域的原因之一。

I think we're starting to see very early success from our perspective around EM hard and local currency credit. That's still, I think, from my perspective, a bigger lift. But excited about kind of how we're thinking our participation in the Middle East, index inclusion in markets like Saudi Arabia are important, obviously continuing evolving clearing frameworks happening there. And then something very important, which is increasing participation from both kind of global and and regional investors there. So we're busy.

我認為從我們的角度來看，我們在 EM 的硬通貨與本幣信用產品方面，開始看到非常早期的成功。但我認為就我個人觀點，這仍然是更大的挑戰。不過我們對於如何思考在中東的參與感到興奮；像沙烏地阿拉伯這類市場被納入指數是重要的，當然那裡也持續在演進清算框架。然後還有一件非常重要的事：全球與區域投資人參與度都在提升。所以我們很忙。

Recent launches, we've done like Mexican repos, asset swaps I think those are good examples of how something that we really focus on, which is how do you deploy capital ultimately incrementally do something very, very important, which is established liquidity and then ultimately do this thing, which is the magic around it, which is scale, participation across dealers and clients buy in really important stuff.

近期的推出項目方面，我們做了像是墨西哥回購（repos）、資產掉期；我認為這些都是很好的例子，說明我們非常聚焦的一件事：你要如何最終以增量方式部署資本，去做一件非常、非常重要的事——建立流動性——然後最終再做到那個「魔法」：規模化，讓交易商與客戶的參與與認同擴大，這些都是非常重要的事情。

So a lot more work to do, but we feel pretty good about the trajectory. We feel really, really good about the forward opportunity, the wallet the general trend of direction there. And I think focused on something that's important, which is the long-term health of our EM franchise. So that's what you're going to get from us. And thanks for the question.

所以還有很多工作要做，但我們對目前的走勢感覺相當不錯。我們也對未來的機會、那個錢包規模、以及整體方向性的趨勢感到非常、非常有信心。而我認為我們也聚焦在一件重要的事：我們 EM 特許經營（franchise）的長期健康。所以你們從我們這裡會得到的就是這些。也謝謝你的提問。

Patrick Moly, Piper Sandler.

Patrick Moly，Piper Sandler。

Yes. So the DTCC's tokenized treasury pilot is going to go live on Canton in the next couple of months to network that you've obviously been running infrastructure on for some time. So how are you thinking about the potential impact of real-time intraday collateral mobility on fixed income volumes and rates in particular? And then if you could maybe just talk about the broader opportunity and risks as it relates to tokenization and anything you could also share maybe on client conversations and client demand for this tokenized training?

是的。DTCC 的代幣化美國公債試點，將在接下來幾個月於 Canton 上線；而你們顯然已在該網路上運行基礎設施一段時間了。那麼你們如何看待「即時、日內」抵押品流動性，對固定收益交易量、尤其是利率產品的潛在影響？另外，如果可以的話，也請談談代幣化相關的更廣泛機會與風險，以及你們在客戶對話、客戶對這種代幣化交易（tokenized trading）的需求方面，是否能分享一些觀察？

Yes. How are you, Patrick, could you your voice. Sometimes I feel like we're like the best spokesperson out there in the world for Canton, and I said it in a good way, because we're behind them, and we think that they're on to something really important. I think you nailed it in your question around the DTC pilot and how important and meaningful that is. But maybe like Not a half step back a quarter step back.

是的。你還好嗎，Patrick，你能不能把聲音（調整一下）。有時候我覺得我們好像是全世界替 Canton 發聲的最佳代言人之一；我這麼說是正面的，因為我們支持他們，也認為他們正在做一件非常重要的事。我覺得你在問題中提到 DTC 試點，以及它有多重要、多有意義，這點說得很到位。但也許就像——不是退半步，而是退四分之一步。

I think for a second, let's just understand, ultimately, what tokenization is is an upgrade to market infrastructure. It does a few things that are very important. It makes settlement faster, more transparent and ultimately has the potential to enable kind of real-time 24/7 collateral movement.

我想先花一點時間釐清：最終來說，代幣化就是對市場基礎設施的一次升級。它會帶來幾件非常重要的事情。它讓結算更快、更透明，並且最終有潛力實現某種即時、24/7 的抵押品移轉。

Those are like really important kind of concepts. I say this again, I think the pilot is like a meaningful step because it's bringing US treasuries on chain within a trusted market structure. I think the concept of market a trusted market structure is important. And then there's no question that once you do that, you're starting to do something important, which is like broader industry momentum.

這些都是非常重要的概念。我再說一次，我認為這個試點是很有意義的一步，因為它是在一個受信任的市場架構內，將美國國債上鏈。我認為「受信任的市場架構」這個概念很重要。而且毫無疑問，一旦你做到這一步，你就開始做一件重要的事，也就是推動更廣泛的產業動能。

So these things are kind of coming together. We've been active in the space, to your point, through our tokenized repo activity on our friends at Canton.

所以這些事情正在匯聚在一起。如你所說，我們也一直積極參與這個領域，透過我們在 Canton（我們的朋友）上的代幣化回購（repo）活動。

And I think that participant set is continuing to grow and becoming more diverse. I would say not that Tradeweb needs to have a big sales pitch around this, but we do bring our own role around this, I think, in terms of helping the industry feel comfort around change because I think we bring a lot of credibility into this. And so we're excited about it and excited to do it. It doesn't disintermediate us. we see risks everywhere, as you would expect us to.

我認為參與者的集合正在持續擴大，且變得更加多元。我會說，Tradeweb 不需要在這件事上做很大的銷售推介，但我認為我們在其中確實扮演自己的角色：協助產業對變革感到更安心，因為我覺得我們在這方面帶來了很高的公信力。所以我們對此感到興奮，也很期待去做。這不會把我們去中介化。我們會像你預期的那樣，到處都看到風險。

We're in the business of always seeing risks, but I don't see the disintermediation around this for us here. I think the execution layer always is going to remain ultimately the most valuable part of the market.

我們的業務就是永遠在看風險，但我不認為這件事會讓我們在這裡被去中介化。我認為執行層最終永遠會是市場中最有價值的部分。

That's where as you know, very well, liquidity is formed, prices discovered. And that's where we operate and live and thrive. So as assets become tokenized think about it this way, as assets become tokenized, they're going to continue to trade through these like electronic workflows, and that execution is our bread and butter. So excited about it. I've made the point before, and I'm trying to get that light bulb to ring off with our friends at Canton.

如你非常清楚的，流動性是在那裡形成、價格在那裡被發現。而那正是我們運作、立足並茁壯的地方。所以當資產被代幣化時，換個角度想：資產代幣化之後，仍然會透過這些電子化工作流程進行交易，而交易執行正是我們的核心本業。所以我們很興奮。我以前也提過這點，我正試著讓 Canton 的朋友們也能「靈光一閃」理解到。

I think the mortgage market given how important that market is, has a settlement process that has the ability to really change, and that's going to be a marketplace that we're going to stay focused on.

我認為房貸市場，鑑於其重要性，其結算流程其實有能力發生很大的改變，而這也會是我們會持續聚焦的一個市場。

We're always looking to have markets have more participants in them. And when you think about a more streamlined and efficient settlement process, that's one of those things that allows more participants to flourish in this kind of changing world and changing market environment. So thanks a lot for the question, Patrick.

我們一直希望市場能有更多參與者。而當你想到更精簡、更有效率的結算流程時，這正是能讓更多參與者在這個不斷變動的世界與市場環境中蓬勃發展的因素之一。所以非常感謝你的提問，Patrick。

Benjamin Budish of Barclays.

Barclays 的 Benjamin Budish。

I wanted to ask about ICD. I think it's been about two years or almost two years since you completed that acquisition, Wondering if you could just give us an update where are you in terms of cross-selling, what do balances look like? And what's on the product road map after the addition of T-bills? Any update there would be helpful.

我想問一下 ICD。我想自從你們完成那筆收購以來大概已經兩年或接近兩年了，想請你們更新一下：在交叉銷售方面目前進展如何、餘額看起來怎麼樣？以及在加入 T-bills（國庫券）之後，產品路線圖接下來是什麼？任何更新都會很有幫助。

Sure. We're really pleased with how ICD has performed. We think it's performed well, and it's definitely complemented our overall business. It's been a good fit, I'd say, culturally, strategically and financially. So -- specifically this quarter, ICD delivered, and I think we said this in the fifth record revenues and balances year-over-year growth around 8%.

當然。我們對 ICD 的表現非常滿意。我們認為它表現得很好，也確實補強了我們的整體業務。我會說，無論在文化、策略或財務面，它都很契合。所以——就本季而言，ICD 交出了成績；我想我們也提到過，這是連續第五次創下營收新高，且餘額年增約 8%。

Even in April, we're seeing revenue and average daily balance growth rates that are feeding higher than that figure in the first quarter. So -- it's certainly volatile times in terms of like testing large issuances by corporates and then obviously, quite a bit of spending, but that generally has benefited the business because we're seeing those large corporate issuances translate to those balances on ICD.

甚至在 4 月，我們看到的營收與平均日餘額成長率，都高於第一季的那個數字。所以——這段時間確實相當波動，例如企業進行大額發行的測試，然後顯然也有相當多的支出，但整體而言這對業務是有利的，因為我們看到那些大型企業發行最終轉化為 ICD 上的餘額。

Away from that activity generally like corporate cash, corporates remain healthy momentum and new client wins, we're seeing that high client retention, which was really important to us when we did the acquisition remain. And then in terms of like our original thesis, certainly around cross-selling, we had two focus areas. One was cross-selling our products to ICD clients on their portal and then taking the ICD offering to our client base, particularly internationally. that international opportunity is proving compelling in Asia, in particular, we think is a white space long term for us.

撇開那類活動不談，就一般企業現金而言，企業端仍維持健康動能與新客戶贏單；我們也看到很高的客戶留存率——這是我們收購時非常重視的一點——而且仍然維持。接著就我們最初的投資論點而言，尤其在交叉銷售方面，我們有兩個重點。第一是在 ICD 客戶的入口網站上交叉銷售我們的產品；第二是把 ICD 的產品帶給我們的客戶群，特別是在國際市場。那個國際機會在亞洲尤其具吸引力；我們認為長期來看，對我們而言那是一塊尚未被充分開發的市場空間。

Corporates are sitting on a lot of cash there, and we think we have a great brand. And so as we think about where we've put our resources, we've completed our Singapore regulatory approvals. We've moved more salespeople into that market. And as we continue to expand our presence, which Billy has been talking about in Asia and EM, more broadly, we think ICD is a complementary another high-quality product to sell into those relationships. So that's one of the pieces we're really excited about.

那裡的企業握有大量現金，而我們也認為我們的品牌很強。因此在資源配置上，我們已完成新加坡的監管核准。我們也把更多業務人員投入那個市場。而隨著我們持續擴大在亞洲與更廣泛新興市場（EM）的布局——Billy 一直在談這件事——我們認為 ICD 是另一個可在這些客戶關係中銷售的互補型高品質產品。所以這是我們非常興奮的一個部分。

On T-bills, which has been on our road map, we completed that last year and cross-selling, generally speaking, other Tradeweb products.

至於 T-bills（國庫券），這原本就在我們的路線圖上，我們去年已完成，並且也在進行交叉銷售——整體而言——其他 Tradeweb 產品。

We've completed the core functionality to be able to do that, and we're working through some of the adjacent integrations with things like client treasury management platforms to drive easier adoption. It's been slower, but we're making steady progress. And so overall, I'd say just in terms of the cross-selling, we think the international opportunity is probably more in focus for us right now on the road map. But 1 other point, what I was alluding to is 1 of our original thesis points was around creating enhanced durability for Tradeweb and how ICD acts like a has a hedge like quality. When you think about our portfolio across different market environments.

我們已完成能夠做到這件事的核心功能，並正在處理一些周邊整合，例如與客戶的資金管理平台（treasury management platforms）整合，以推動更容易的採用。進度比較慢，但我們在穩步推進。所以整體而言，就交叉銷售來說，我們認為目前路線圖上更聚焦的可能是國際機會。但還有一點：我剛才暗示的是，我們最初的投資論點之一，是提升 Tradeweb 的韌性，而 ICD 具備某種「避險」特性。當你從不同市場環境來看我們的產品組合時。

So whether that be risk off environment where people are more apt to keep cash, we see benefits on ICD or in the corporate bond examples that I was talking about, where we've seen heavy issuance that historically weighed on something like our U.S. credit business, where we saw more muted near-term trading activity. Now when you put all those things together through ICD, at that same time, you might see more muted trading activity, you're seeing larger cash balances on the platform, and it's nice to see that hedge like impact happen as we think about building a really durable portfolio from which we grow. So overall, I'd say we feel really good about how ICD has performed, and we're looking forward to continuing to drive growth ahead.

例如在 risk-off（避險）環境下，人們更傾向持有現金，我們會在 ICD 上看到好處；或者像我提到的公司債例子，我們看到大量發行，過去這通常會對我們的美國信用業務造成壓力，因為短期交易活動會比較溫和。但當你把這些因素透過 ICD 結合起來時，在同一時間，即便交易活動較為溫和，你也會看到平台上的現金餘額更大；看到這種類似避險的效果出現，對我們打造一個非常具韌性的投資組合、並在其上成長而言，是很好的。所以整體來說，我們對 ICD 的表現感覺非常好，也期待持續推動未來的成長。

Alexander Blostein, Goldman Sachs.

Goldman Sachs 的 Alexander Blostein。

Dilly, I was hoping to go back to one of the comments you made around Calcin sort of some of the innovation you guys are pursuing there. So interesting partnership, you gave us sort of a high-level view of what that could look like. But any more specificity you could provide on the revenue opportunities for your firm over time when it comes to calcium and production markets. as well as how you guys might deal with regulatory uncertainty that keeps kind of popping up related to this market. .

Dilly，我想回到你先前提到的一些評論，關於 Calcin——你們在那裡推動的一些創新。這是一個很有意思的合作夥伴關係，你給了我們一個大致的高層次視角，說明它可能會是什麼樣子。但就你們公司而言，隨著時間推進，在 calcium 與 production 市場方面，是否能提供更具體的營收機會說明？以及你們將如何應對與這個市場相關、反覆出現的監管不確定性？.

Yes. Good question, Alex. Ms. Jen and Boca. it's good to hear your voice.

是的。好問題，Alex。Jen 女士和 Boca。很高興聽到你的聲音。

I hear your question. I think I'll answer it like in the blunt way that you know me. I think it's still early. I think that's important for me to say. I think it's I think there's momentum, but it's early, and I want to make sure I kind of say that the right way.

我聽到你的問題了。我想我會用你熟悉的那種直白方式來回答。我認為現在仍然還早。我覺得這點對我來說很重要，需要先說清楚。我認為確實有動能，但還早，我想確保我用正確的方式表達。

I have a very strong view that I don't think that I think all predictive markets are not created equally. So we are exceptionally interested and oriented towards financial financially oriented predictive markets when Taylor Swift does or doesn't get married is less of an interesting data point to us, as you know. They're incredible marketers though, by the way, like they're just kind of everywhere in terms of their marketing. But what I would say, just like extremely specifically is interest is there.

我有一個非常強烈的看法：我不認為所有預測市場都一樣。因此，我們對金融導向的預測市場特別感興趣、也特別聚焦；至於泰勒絲（Taylor Swift）會不會結婚，對我們來說就不是那麼有趣的數據點了，你也知道。不過順帶一提，他們的行銷真的很厲害，幾乎無所不在。但我想非常具體地說的是：市場的興趣確實存在。

And when you see it, it's pretty impressive. So we are seeing like just very, very genuinely very broad interest between the combination of hedge funds, the systematic shops, Alex, that you would expect, nonbank liquidity providers. I think we're starting to get actually like very, very real interest from some of the long-only investors. They're kind of asking about visibility into these contracts.

而且當你看到時，真的相當令人印象深刻。所以我們看到的是非常、非常真實且廣泛的興趣，來自避險基金、你預期會參與的系統化交易機構（Alex）、非銀行流動性提供者等的組合。我認為我們也開始從一些只做多（long-only）的投資人那裡，獲得非常、非常實質的興趣。他們在詢問如何看見這些合約的可視性。

I think some of the timing has been honestly helped by some of the Fed research, but the demand was already building. I have a very, very strong view that you know very well, which is I think the definition of macro markets in general is continuing to evolve. So I think clients are looking at prediction markets, crypto markets, other non-traditional sources to support their core macro strategies in very, very different ways than they were a year ago. And so we're going to be on top of that trend from the beginning. So we started simple, and I think we are quite early.

我認為在時點上，確實有部分受惠於聯準會的一些研究，但需求其實早就在累積。我有一個你很清楚、也非常強烈的看法：我認為宏觀市場（macro markets）的定義本身正在持續演進。因此我認為客戶正在以非常、非常不同於一年前的方式，去看待預測市場、加密市場，以及其他非傳統來源，來支持他們的核心宏觀策略。所以我們會從一開始就站在這個趨勢的最前面。我們先從簡單的做起，而我認為我們確實還在很早期。

We're launching a free viewer in the second quarter and having clients see select economic and financial event contracts in real time, right alongside swaps and treasuries.

我們將在第二季推出免費的檢視器（viewer），讓客戶能即時看到部分經濟與金融事件合約，就在掉期（swaps）與美國公債（treasuries）旁邊一起呈現。

And we think that's like the absolute correct for start. It's pretty low friction. And ultimately, it's about discovery and kind of learning. And I think that's important. The feedback has been positive.

我們認為這是絕對正確的起步方式。摩擦成本很低。而最終重點在於探索（discovery）與學習。我認為這很重要。回饋一直是正面的。

The next step, I think, is super important, which is like this normalized basically a normalized API feed. So clients can pull this data directly into their OMS, EMS and analytics kind of workflows. When we have a bank pricing risk, Alex, on our platform in the forward curve, they're going to be using data that's important around some of these predictive markets to price that risk, I think we have a very strong view that that's how the market is going to evolve.

我認為下一步非常重要，也就是建立一個標準化、基本上是標準化的 API 資料流。讓客戶可以把這些資料直接拉進他們的 OMS、EMS 以及分析等工作流程。當我們的平台上有銀行在遠期曲線（forward curve）上為風險定價時，Alex，他們會使用一些與這些預測市場相關的重要資料來為該風險定價；我認為我們非常堅信市場會朝這個方向演進。

And so from my perspective, let's stay kind of thoughtful and disciplined on this. I think there's a lot of headlines as you know very well, particularly on the regulatory side, and we're going to have to see how things play out. But I have a core belief that these are the kind of partnerships that lead to strong innovation and we're the kind of company that are going to place the right bets around these evolutions and I'm very, very willing to kind of continue down that path. So thanks a lot, Alex. Good question and good to hear your voice.

所以就我而言，我們會在這件事上保持審慎與紀律。我認為你非常清楚，新聞標題很多，特別是在監管面，我們必須看看事情會如何發展。但我核心的信念是：這類合作夥伴關係能帶來強勁的創新；而我們是一家會在這些演進上做出正確押注的公司，我也非常願意持續走在這條路上。所以非常感謝你，Alex。好問題，也很高興聽到你的聲音。

Chris Allen of KBW.

KBW 的 Chris Allen。

I think most stuff has been covered. I wanted to ask quickly just on the February announcement of the partnership with Maxx within U.S. resi mortgages. Wondering if you're seeing any early returns so far. And zooming out a bit, how does the go-forward look in mortgage MBS trading look into the back half of this year 2?

我想大部分內容都已經涵蓋了。我想快速問一下，關於 2 月宣布與 Maxx 在美國住宅房貸（resi mortgages）方面的合作夥伴關係。想請問目前是否看到一些早期成效。再把視角拉遠一點，今年下半年房貸 MBS 交易的後續展望如何？

Yes. It's the same theme, and you guys are kind of like hearing this from Sarah and I, like, I think, like loud and clear. We're placing bets on further evolution, and we're doing that. with a clear eye and I think the right amount of discipline and a good vision for how things are going to continue to evolve in the future. And I think that's really important.

是的。這是同樣的主題，而你們也一直從 Sarah 和我這裡聽到——我想非常清楚、很大聲地說：我們正在押注進一步的演進，而且我們確實在做。我們是以清醒的眼光、我認為適當的紀律，以及對未來將如何持續演進的良好願景來推進。我認為這點非常重要。

And so Maxx is a big piece of this. It's early still and feeling really good about a very different kind of partnership now that we're talking with Maxx versus Alex's question in predictive.

因此 Maxx 是其中很重要的一塊。目前仍在早期階段，但對於與 Maxx 的這種截然不同的合作夥伴關係，我們感覺非常好——相較於 Alex 在預測市場的問題。

We entered into this like commercial collaboration with this, I think, very straightforward objective of helping to expand institutional access across the U.S. residential private credit marketplace. Maxx has this great reputation. They've been a leading digital exchange for whole loans for a long time, and they connect this very broad network of originators within the institutional buyers of the centralized clearing house, which is unique in a highly fragmented market. So they're the kind of company that we like to partner with.

我們與他們展開這項商業合作，我認為目標非常直接：協助擴大機構投資人對美國住宅私募信貸市場的可及性。Maxx 享有很好的聲譽。他們長期以來一直是整筆貸款（whole loans）的領先數位交易所，並且在高度分散的市場中，透過集中清算機構把非常廣泛的放款機構網絡與機構買方連結起來，這點很獨特。所以他們就是我們喜歡合作的那種公司。

And I think the mortgage market, and you guys have heard me say this, I think the mortgage market stands out there as this extremely important market within the rates complex. You guys heard about, obviously, Jamie Dimon talking about a bond crisis yesterday and talking about the treasury market, the importance of the mortgage market, as everyone on this call knows, is a big deal. And so we're going to continue to invest in that area of the marketplace, more participants, more velocity of trading, more investments around changing the settlement of that asset class.

而我認為房貸市場——你們也聽我說過——在利率產品體系（rates complex）中是一個極其重要的市場。你們也聽到，顯然 Jamie Dimon 昨天談到債券危機、談到美國公債市場；而房貸市場的重要性，如同本次電話會議上的各位所知，是非常關鍵的。因此我們會持續在這個市場領域投資：更多參與者、更高的交易速度（velocity of trading）、以及更多針對改變該資產類別結算方式的投資。

We have a historic leadership position in the mortgage market that I think is something that the company is quite proud of, and we're going to take that leadership position into further innovation because that's what makes us excited and charged constantly as a company. So a lot of focus on Maxx, but then also, I think a lot of forward bullishness on the continued evolution and the velocity of trading that exists within 1 of our very first markets I kind of I made the joke on the last call, it was my favorite child. It still is my 5 child. We're like entering into that child going to a really good college. The market is doing quite well from an activity perspective.

我們在房貸市場擁有歷史性的領導地位，我認為公司對此相當自豪；而我們也會把這個領導地位帶入進一步的創新，因為這正是讓我們作為一家公司持續感到興奮、充滿動能的原因。所以我們會高度聚焦在 Maxx，但同時，我認為也非常看好持續演進，以及我們最早期市場之一中所存在的交易速度提升。我在上次電話會議開玩笑說，那是我最喜歡的孩子。它現在仍然是我第 5 個孩子。我們就像看著那個孩子進入一所很好的大學。從活動量的角度來看，市場表現相當不錯。

So we're excited about all of that. And thanks a lot for your question.

所以我們對這一切都感到很興奮。也非常感謝你的提問。

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

謝謝。問答環節到此結束。現在我想把時間交回給 Billy Holt 作結語。.

Thank you all very much for joining us this morning. Appreciate the questions as always. Any follow-ups, as always, please feel free to reach out to Ashley Samir and the amazing team that we have. Thank you all. Have a great day.

非常感謝各位今天早上加入我們。一如既往，感謝大家的提問。如有任何後續問題，也一如既往，歡迎隨時聯繫 Ashley Samir 以及我們優秀的團隊。謝謝各位。祝大家有美好的一天。

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

感謝您參與今天的會議。本節目到此結束。您現在可以斷線。