Tradeweb Markets Inc (TW) 2026 Q2 法說會逐字稿

Good morning, and welcome to Tradeweb's second quarter 2026 earnings conference call. As a reminder, today's call is being recorded and will be available for playback. To begin, I'll turn the call over to Head of Treasury, FP&A, and Investor Relations, Ashley Serrao. Pl ease go ahead.

各位早安，歡迎參加 Tradeweb 2026 年第二季財報電話會議。提醒各位，今天的電話會議將被錄音並提供回放。首先，我將把電話交給資金管理、財務規劃與分析（FP&A）及投資人關係主管 Ashley Serrao。請開始。

Thank you. Good morning. Joining me today for the call are our CEO, Billy Hult, who will review our business results and key growth initiatives, and our CFO, Sara Furber, who will review our financial results.

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 Hult，他將回顧我們的營運成果與關鍵成長計畫；以及我們的財務長 Sara Furber，她將回顧我們的財務結果。

We intend to use the website as a means of disclosing material, non-public information and complying with our disclosure obligations under Regulation FD.

我們擬以公司網站作為揭露重大、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.

提醒各位，本簡報及問答期間的部分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》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.

與我們的指引等事項相關的陳述，均屬前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異。

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.

有關可能導致實際結果與前瞻性陳述不同的因素之資訊，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.

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。

Information regarding these non-GAAP measures, including reconciliations to GAAP measures, is in our earnings release and earnings presentation. Information regarding market and industry data, including sources, is in our earnings presentation.

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。關於市場與產業數據的資訊（包括來源）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. Thank you for joining our second quarter earnings call. We delivered another outstanding quarter, generating the second-highest quarterly revenue in our history and building on the record performance we achieved last quarter.

謝謝，Ashley。各位早安。感謝各位參加我們的第二季財報電話會議。我們再度交出亮眼的一季，創下公司史上第二高的單季營收，並延續上季創紀錄的表現。

Through the first half of the year, we've generated nearly $1.2 billion of revenue, almost matching what we delivered in all of 2022.

今年上半年，我們的營收接近 12 億美元，幾乎與 2022 全年的營收相當。

Just as importantly, our growth accelerated as the quarter progressed, with June revenue increasing more than 20% year-over-year.

同樣重要的是，隨著季度推進，我們的成長加速，6 月營收年增超過 20%。

Unlike prior periods, this performance wasn't driven by a single episode of elevated market volatility. Instead, it reflects something more durable, deeper client engagement, broader adoption of electronic trading across our markets, and the benefits of investments we have made over many years in technology, workflows, and connectivity to capitalize on structural opportunities.

不同於以往期間，這次表現並非由單一市場波動飆升事件所驅動。相反地，它反映出更具持久性的因素：更深度的客戶參與、更廣泛的電子交易採用，以及我們多年來在技術、工作流程與連線能力上的投資所帶來的效益，使我們得以把握結構性機會。

The backdrop of our business remains constructive. Even as the macro environment continues to be debated, clients are navigating a world shaped by changing interest rate expectations, persistent fiscal deficits, geopolitical developments, elections, regulation, and rapid technological innovation.

我們的業務環境仍具建設性。即使宏觀環境仍在討論之中，客戶正處於一個由利率預期變化、持續的財政赤字、地緣政治發展、選舉、監管，以及快速的科技創新所形塑的世界。

Primary issuance remained healthy across the US, Asia, Australia, the Middle East, and South America. While Europe is showing encouraging signs of renewed activity.

美國、亞洲、澳洲、中東與南美的初級發行維持健康水準；而歐洲也出現令人鼓舞的活動回升跡象。

At the same time, there remains considerable uncertainty around the path of monetary policy, the global economy, and increasingly, the role that artificial intelligence will play across industries.

同時，貨幣政策走向、全球經濟，以及人工智慧在各產業中將扮演的角色，仍存在相當大的不確定性。

Markets continue to process these questions, that ongoing debate is exactly what creates opportunity for our clients to manage risk, reposition portfolios, and access liquidity through our global network. Looking ahead, we believe the future of Tradeweb will continue to be defined by evolution rather than disruption.

市場持續消化這些問題，而這種持續的辯論正是為我們的客戶創造機會，使其能透過我們的全球網路管理風險、調整投資組合並取得流動性。展望未來，我們相信 Tradeweb 的未來將持續以「演進」而非「顛覆」來定義。

Our leadership positions across multiple asset classes provide a unique foundation to embed greater intelligence across the trade life cycle.

我們在多個資產類別的領先地位，提供了獨特的基礎，得以在交易全生命週期中嵌入更高程度的智慧化能力。

We believe AI, automation, and data will accelerate the continued electronification of financial markets by helping clients discover liquidity more effectively, make better decisions, and operate with greater efficiency.

我們相信，AI、自動化與數據將加速金融市場持續電子化，協助客戶更有效地發掘流動性、做出更佳決策，並以更高效率運作。

Data is becoming increasingly valuable, not simply as an input into algorithms, but as the foundation for better insights before, during, and after every trade.

數據的價值日益提升，不僅僅是演算法的輸入，更是每筆交易在交易前、交易中與交易後取得更佳洞察的基礎。

We are continuing to invest across analytics, execution, and post-trade workflows while exploring new opportunities at the intersection of traditional finance, emerging technologies, and evolving market structure.

我們持續在分析、執行與交易後工作流程上投入，同時探索傳統金融、新興技術與市場結構演變交會處的新機會。

Regardless of how markets evolve, our objective remains unchanged. We are focused on helping clients navigate increasingly complex markets with technology that simplifies workflows, enhances decision-making, and delivers better outcomes.

無論市場如何演變，我們的目標始終不變：專注以能簡化工作流程、強化決策並帶來更佳成果的技術，協助客戶在日益複雜的市場中前行。

Diving into the second quarter, strong client activity and a risk-on environment drove 9% year-over-year revenue growth on a reported basis.

聚焦第二季，強勁的客戶活動與偏好風險的市場環境，帶動以報告基礎計算的營收年增 9%。

Our international revenues continued to scale higher, with 14% revenue growth as our strategic initiatives across Europe, APAC, and EM continued to pay off. International really continued to fire on all cylinders for us this quarter, contributing 65% of our overall revenue growth.

我們的國際營收持續擴大，營收成長 14%，反映我們在歐洲、亞太（APAC）與新興市場（EM）的策略性計畫持續見效。本季國際業務可說是全面發力，貢獻了我們整體營收成長的 65%。

Importantly, that strength was broad-based as we saw growth across all four asset classes from our international clients.

重要的是，這股強勁動能相當廣泛，我們看到國際客戶在四大資產類別皆呈現成長。

We continued to balance investing for growth and profitability as adjusted EBITDA margins expanded by 24 basis points relative to the second quarter of 2025.

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 年第二季擴張 24 個基點。

Turning to slide five, we produced the second-highest quarterly revenues in our history across rates, credit, and equities, and market data.

接著看第 5 張投影片，我們在利率、信用、股票與市場數據等業務線，創下公司史上第二高的單季營收。

Our rates revenues were driven by continued organic growth across swaps, global government bonds, and mortgages.

利率業務營收主要來自掉期、全球政府債與房貸相關產品的持續有機成長。

Credit revenues were led by strength across global corporate bonds and credit derivatives. Money markets revenue growth was led by global repos and ICD.

信用業務營收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（repo）與 ICD 所帶動。

Equities were led by growth in global ETFs and equity derivatives. Finally, market data revenues were up over 20% year-over-year, driven by our LSEG market data contract and proprietary data products.

股票業務由全球 ETF 與股票衍生品的成長帶動。最後，市場數據營收年增超過 20%，主要受我們與 LSEG 的市場數據合約及自有數據產品所驅動。

Turning to slide 6.

接著看第 6 張投影片。

I will provide a brief update on a few of our focus areas, US Treasuries and ETFs, then I will dig deeper into US credit and global interest rate swaps.

我將先就幾個重點領域做簡要更新：美國公債與 ETF，接著我會更深入談美國信用與全球利率掉期。

Starting with US Treasuries, following the pickup in average intraday volatility in March, market conditions began to moderate in the second quarter with volatility down 20% from March levels.

先從美國公債開始，3 月平均日內波動率回升後，第二季市場狀況開始趨於溫和，波動率較 3 月水準下降 20%。

Even in a more measured trading environment, we continued to outperform. Our second quarter market share increased to 22.5%, up 100 basis points year-over-year, leading to mid-single-digit revenue growth that outpaced overall industry volume growth by roughly 300 basis points.

即便在較為克制的交易環境中，我們仍持續跑贏。第二季市占率提升至 22.5%，年增 100 個基點，帶動中個位數的營收成長，約比整體產業成交量成長高出 300 個基點。

Looking ahead, we remain constructive on the long-term opportunity.

展望未來，我們對長期機會仍持正向看法。

Structural tailwinds continue to strengthen from sustained government debt issuance to the steady electronification of trading workflows.

從政府債務持續發行到交易工作流程穩步電子化，結構性順風持續增強。

As clients increasingly migrate from voice to electronic execution across both our institutional and wholesale channels, we believe Tradeweb is exceptionally well-positioned to capture that growth. Institutional US.

隨著客戶在機構與批發兩個通路中，愈來愈多地從語音轉向電子化執行，我們相信 Tradeweb 具備極佳的條件來掌握這波成長。機構端美國

Treasuries were once again a standout performer, with revenues increasing nearly 15% year-over-year, reflecting deeper client engagement and continued adoption of electronic workflows.

公債再次成為亮點，營收年增近 15%，反映更深度的客戶參與以及電子化工作流程的持續採用。

Our competitive position remains strong. We surpassed 50% share in electronic institutional US Treasuries for the ninth consecutive quarter and further widened our lead during the period. Our strategy is straightforward.

我們的競爭地位依然強勁。我們在電子化機構端美國公債的市占率已連續第九季超過 50%，並在此期間進一步擴大領先優勢。我們的策略很直接。

First, we look to continue to win wallet share from clients trading electronically by demonstrating the value of our workflow, data, and automation capabilities with AiEX serving as a key differentiator.

第一，我們將持續透過展示我們在工作流程、數據與自動化能力上的價值，來爭取已採用電子交易客戶的錢包份額，其中 AiEX 是關鍵差異化因素。

Second, we are expanding our electronic addressable markets by bringing historically voice-based trading activity onto our platform.

第二，我們正透過將歷來以語音為主的交易活動帶到我們的平台上，擴大可觸及的電子化市場。

We're particularly encouraged by the momentum we are seeing in basis and multi-leg trades, two large and strategically important workflows that have traditionally remained predominantly voice-driven.

我們特別受到鼓舞的是，我們在基差（basis）與多腿（multi-leg）交易上看到的動能；這兩個規模龐大且具策略重要性的工作流程，傳統上仍以語音驅動為主。

Combined, average daily volume across these initiatives grew in excess of 40% year-over-year in the second quarter.

合計而言，第二季這些計畫的日均成交量年增超過 40%。

With a strong pipeline of clients and dealers, we believe momentum will continue to compound over time. Our wholesale US Treasuries saw revenues decline 1% as strength across our Sweep protocol was more than offset by softness in our wholesale streaming offering.

在客戶與交易商的強勁管線支持下，我們相信這股動能將隨時間持續累積。我們的批發端美國公債營收下滑 1%，因 Sweep 協議的強勁表現被批發串流（streaming）產品的疲弱所抵銷。

While competition remains intense, wholesale continues to remain a strategic priority for us. We believe our opportunity extends well beyond competing on price alone.

雖然競爭仍然激烈，批發業務對我們而言仍是策略重點。我們相信我們的機會遠不僅止於單純的價格競爭。

By broadening our execution capabilities, introducing new protocols, expanding our liquidity network, and deepening client relationships, we are building a more differentiating platform that we believe positions us well for long-term share gains.

透過擴展執行能力、推出新協議、擴大流動性網路並深化客戶關係，我們正在打造更具差異化的平台，我們相信這將使我們在長期市占提升上具備良好定位。

Turning to equities.

接著談股票業務。

We continue to see clients embrace more automated trading workflows as they seek to improve execution quality, efficiency, and consistency.

我們持續看到客戶採用更自動化的交易工作流程，以提升執行品質、效率與一致性。

As ETFs become an increasingly important vehicle for portfolio construction and risk transfer, institutional investors are looking for solutions that can seamlessly combine liquidity, automation, and intelligent execution across a broad range of market conditions.

隨著 ETF 成為投資組合建構與風險移轉愈來愈重要的工具，機構投資人正在尋找能在各種市場情境下，無縫整合流動性、自動化與智慧執行的解決方案。

We believe that continues to be a meaningful opportunity for Tradeweb. Against that backdrop, ETFs posted revenue growth in excess of 10% year-over-year, despite a normalization in market volatility.

我們相信這對 Tradeweb 而言仍是一個重要機會。在此背景下，儘管市場波動回歸常態，ETF 營收仍年增超過 10%。

Client engagement continues to increase, and our AiEX automation solution continues to be a key differentiator.

客戶參與度持續提升，而我們的 AiEX 自動化解決方案仍是關鍵差異化因素。

AiEX average daily trades were up over 45% year-over-year, with triple-digit growth in US ETFs and double-digit growth in European ETFs.

AiEX 日均交易筆數年增超過 45%，其中美國 ETF 呈現三位數成長，歐洲 ETF 則為雙位數成長。

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

我們將股票版圖從旗艦 ETF 業務延伸至其他領域的努力持續見效，機構端股票衍生品營收創新高，年增 20%。

Looking ahead, the pipeline remains strong as the benefits of our electronic solutions continue to resonate with our clients.

展望未來，客戶管線仍然強勁，因為我們電子化解決方案的效益持續引起客戶共鳴。

We believe we are well-positioned to capitalize on the long-term secular ETF growth story, not only directly within our equity offering, but also beyond it as ETFs change behavior indirectly across our fixed income business.

我們相信，我們已做好充分準備，把握 ETF 長期結構性成長的趨勢，不僅能在我們的股票產品中直接受益，也能在 ETF 透過改變行為、間接影響我們固定收益業務的層面上受益。

We believe this differentiating position will become increasingly valuable over time. Turning to global credit on slide seven, the business delivered low single-digit revenue growth during the quarter.

我們相信，這一差異化定位將隨時間推移而愈發珍貴。接著看第七頁的全球信用業務，本季該業務實現了低個位數的營收成長。

That performance reflected continued strength across many of our strategic growth areas, including strong double-digit growth in international credit and US institutional credit.

這一表現反映出我們多個策略性成長領域持續強勁，包括國際信用與美國機構信用均實現強勁的雙位數成長。

Strength here was offset by weakness across municipal bonds and our retail credit channel, where revenues were down 22% year-over-year, primarily reflecting better relative yields available in other products.

不過，市政債以及我們的零售信用通路的疲弱抵銷了上述強勢；其中零售信用營收年減 22%，主要反映其他產品提供了相對更具吸引力的收益率。

We continue to believe US credit represents one of our most significant long-term growth opportunities.

我們仍然認為，美國信用市場是我們最重要的長期成長機會之一。

While portfolio trading and sessions remain important differentiators, we see considerable runway to expand our RFQ presence as a larger share of institutional credit trading migrates to electronic execution.

雖然投組交易（portfolio trading）與 sessions 仍是重要的差異化因素，但隨著機構信用交易中更大比例轉向電子化執行，我們看到擴大 RFQ 佈局仍有相當大的成長空間。

As adoption continues to broaden across the market, we think our competitive advantage is increasingly being defined by workflow, data, and automation rather than connectivity alone.

隨著市場採用持續擴大，我們認為我們的競爭優勢正愈來愈多由工作流程、數據與自動化所界定，而不僅僅是連線能力。

Clients today are looking for technology that helps them source liquidity intelligently, minimize information leakage, and achieve better execution outcomes.

如今客戶正在尋找能協助其更智慧地尋找流動性、將資訊外洩降至最低，並取得更佳執行結果的技術。

That is exactly where we continue to invest. During the quarter, we continued to enhance SNAP+, which leverages predictive analytics and proprietary trading data to help clients identify the most appropriate liquidity providers for each trade.

這正是我們持續投入的方向。本季我們持續強化 SNAP+；該產品運用預測分析與專有交易數據，協助客戶為每筆交易辨識最合適的流動性提供者。

We also introduced TARA, our AI-powered trading assistant, which combines Tradeweb proprietary data, liquidity insights, and artificial intelligence to help clients quickly transform market information into actionable trading intelligence.

我們也推出 TARA——我們的 AI 驅動交易助理，結合 Tradeweb 專有數據、流動性洞察與人工智慧，協助客戶快速將市場資訊轉化為可執行的交易情報。

This is a step-change improvement from navigating multiple screens and manual workflows. Early feedback has been very encouraging, and we expect TARA's capabilities to continue expanding as we incorporate client feedback and further embed AI across our platform.

相較於在多個畫面間切換並依賴手動流程，這是一項躍升式的改善。早期回饋相當令人鼓舞；隨著我們納入客戶意見並進一步在平台中深度導入 AI，我們預期 TARA 的能力將持續擴展。

Our position within block trading also continued to strengthen with record overall US credit block share up over 115 basis points year-over-year in the second quarter, with block average daily volume growth of over 30% year-over-year across IG and high yield.

我們在大宗交易（block trading）領域的地位也持續強化；第二季美國信用大宗交易整體市占率年增超過 115 個基點，且投資級（IG）與高收益（high yield）的大宗交易日均量年增均超過 30%。

Growth was broad-based across portfolio trading, RFQ and sessions, demonstrating the value of our multi-protocol approach.

成長動能廣泛分布於投組交易、RFQ 與 sessions，展現我們多協議（multi-protocol）策略的價值。

Just as importantly, our efforts to expand into RFQ are seeing continued signs of success, reaching another quarterly market share record, reinforcing the progress we're making in one of the largest opportunities within electronic credit.

同樣重要的是，我們擴展至 RFQ 的努力持續展現成功跡象，再度創下單季市占率新高，強化我們在電子化信用交易最大機會之一上的進展。

Specifically, institutional RFQ average daily volume grew 15% year-over-year, with double-digit growth in both IG and high yield. Portfolio trading also delivered another record quarter, with average daily volume increasing more than 30% year-over-year, with strong double-digit growth across both US and international portfolio trading.

具體而言，機構 RFQ 日均量年增 15%，投資級與高收益均為雙位數成長。投組交易亦再創單季新高，日均量年增超過 30%，且美國與國際投組交易皆呈現強勁的雙位數成長。

Meanwhile, AllTrade generated the second-best quarter in our history with over $225 billion in volume, with average daily volume up over 13% year-over-year. Our all-to-all average daily volume grew over 25% year-over-year, and our DRFQ average daily volume grew nearly 30% year-over-year.

同時，AllTrade 以超過 2,250 億美元的成交量，創下我們歷史第二佳季度，日均量年增超過 13%。我們的 all-to-all 日均量年增超過 25%，DRFQ 日均量年增近 30%。

We also continued to expand network participation, driving record responder rates and high yield as we broaden liquidity across the platform. Looking ahead, we remain confident in the long-term outlook for global credit. Electronic trading continues to evolve beyond simply digitizing execution.

我們也持續擴大網路參與度，推動回覆者比率創新高，並在我們擴大平台流動性的同時提升高收益市場的參與。展望未來，我們對全球信用的長期前景仍具信心。電子交易的演進已不再只是將執行流程數位化。

Clients increasingly expect intelligent workflows that seamlessly combine liquidity, data, analytics, and automation.

客戶愈來愈期待智慧化的工作流程，能無縫整合流動性、數據、分析與自動化。

We believe Tradeweb is uniquely positioned to deliver that integrated experience across protocols, products, and regions. We are seeing that opportunity play out across our business.

我們相信 Tradeweb 具備獨特優勢，能跨協議、產品與地區提供這種整合式體驗。我們正看到這一機會在我們的業務中逐步落地。

During the quarter, we launched electronic spread trading across European credit, further expanding our workflow offering in a differentiated fashion.

本季我們在歐洲信用市場推出電子化利差交易（electronic spread trading），以差異化方式進一步擴展我們的工作流程產品。

We are also seeing strong momentum in EM credit, where revenues grew 20% year-over-year in the second quarter.

我們也看到新興市場（EM）信用的強勁動能，第二季營收年增 20%。

While electronification in EM credit remains in its early stages, we continue to build on our established global network and broad EM product suite to support growing client adoption.

儘管 EM 信用的電子化仍處於早期階段，我們仍持續依託既有的全球網路與廣泛的 EM 產品組合，支持客戶採用度的提升。

Together, we believe these initiatives position us well to capture the increased adoption of electronic trading and credit. Moving to slide eight, Global Swaps delivered its second-highest quarterly revenues, up 13% year-over-year.

綜合而言，我們相信這些舉措使我們具備良好條件，把握電子交易與信用市場採用度提升所帶來的機會。接著看第八頁，全球掉期（Global Swaps）實現其歷史第二高的單季營收，年增 13%。

The performance was driven by a combination of strong client engagement across our global suite of currencies.

該表現由我們全球貨幣產品組合中客戶高度參與所共同推動。

Just as importantly, our core risk market share, which excludes compression activity and is the best indicator of our underlying franchise, reached another record, rising 207 basis points year-over-year.

同樣重要的是，我們的核心風險市占率（不含壓縮交易活動，且是衡量我們基礎業務實力的最佳指標）再創新高，年增 207 個基點。

Total market share moved from 22.5% in the second quarter of 2025 to 24.1% in the second quarter of 2026.

總市占率由 2025 年第二季的 22.5% 提升至 2026 年第二季的 24.1%。

One of the strengths of swaps is its diversification. While it's often viewed as a monolithic product, it is really a collection of different currencies, instruments, and protocols, each responding to its own macro and client dynamics. This quarter was a case in point.

掉期的一大優勢在於其多元化。雖然它常被視為單一產品，但實際上是由不同貨幣、工具與協議所構成的集合，各自對應不同的宏觀環境與客戶動態。本季正是最佳例證。

As central banks around the world, including the Federal Reserve, the ECB, and Bank of Japan, turned hawkish and reshaped monetary policy expectations, clients remained highly engaged in managing interest rate risk.

當全球各地央行（包括聯準會、歐洲央行與日本銀行）轉趨鷹派並重塑貨幣政策預期之際，客戶在管理利率風險方面仍保持高度參與。

Emerging markets extended their momentum while our developed market franchise also stayed active, contributing to our second-highest quarterly revenues overall. Taking a step back, the long-term picture has been one of steady structural growth.

新興市場延續其動能，而我們的已開發市場業務也維持活躍，共同推動我們整體創下歷史第二高的單季營收。從更長期來看，整體趨勢一直是穩健的結構性成長。

Over the past decade, the swaps market has expanded along two important dimensions. First, the amount of risk outstanding, as measured by open interest, has roughly doubled to a record. Second, that risk changes hands approximately twice as frequently as it did 10 years ago.

過去十年，掉期市場在兩個重要面向擴張。第一，以未平倉量（open interest）衡量的未償風險規模大致翻倍並創新高。第二，該風險的換手頻率約為 10 年前的兩倍。

Together, these two trends have compounded into roughly 14% average annual growth in swap volumes over the past decade. Looking ahead, we believe those structural trends remain firmly in place.

這兩項趨勢疊加，使過去十年掉期成交量的年均成長約為 14%。展望未來，我們相信這些結構性趨勢仍將穩固延續。

As governments and corporations continue to issue debt, the stock of outstanding risk should continue to grow. With only around 30% of the swaps market trading electronically today, there is substantial room for growth as we look ahead. Tradeweb has steadily gained share in the global swaps market.

隨著政府與企業持續發行債務，未償風險存量應會持續增加。由於目前掉期市場僅約 30% 以電子方式交易，未來仍有可觀的成長空間。Tradeweb 在全球掉期市場的市占率也在穩步提升。

Over the past 10 years, our swaps revenue has grown by more than 20% annually as we have expanded across emerging market swaps, strengthened our developed market franchise, and continue to innovate across both the cleared and bilateral swaps market.

過去 10 年，我們的掉期營收年增率超過 20%；我們擴展新興市場掉期、強化已開發市場業務，並持續在清算與雙邊掉期市場中創新。

Our RFM protocol continues to gain traction, we're investing across automation, workflow, and execution tools to help clients trade more intelligently and efficiently. Taken together, we believe global swaps remains one of our largest, diversified, and most durable long-term growth opportunities across our business.

我們的 RFM 協議持續獲得市場採用；我們也在自動化、工作流程與執行工具方面加大投資，協助客戶更智慧且更高效率地交易。綜合而言，我們相信全球掉期仍是我們業務中規模最大、最具多元性且最為耐久的長期成長機會之一。

Turning to slide 10.

接著看第 10 頁。

Technology is helping to make financial markets more connected, more intelligent, and more automated than at any point in their history.

科技正協助金融市場變得比歷史上任何時點都更互聯、更智慧、也更自動化。

If there is a single thread running through our franchise, it is that our clients are increasingly relying on technology to make better decisions and execute with greater speed, precision, and scale.

若要說貫穿我們業務版圖的一條主線，那就是客戶正愈來愈依賴科技，以更高的速度、精準度與規模做出更好的決策並完成交易執行。

We believe that trend is still in its early innings. Our best example of that evolution is AiEX, our intelligent automation platform.

我們相信這一趨勢仍處於早期階段。最能體現這一演進的例子，是我們的智慧自動化平台 AiEX。

Since launching AiEX in 2012, automated trading activity has grown meaningfully. Today, 45% of all institutional trades executed on Tradeweb flow through AiEX.

自 2012 年推出 AiEX 以來，自動化交易活動已顯著成長。如今，在 Tradeweb 上執行的所有機構交易中，有 45% 透過 AiEX 流轉。

Adoption continues to broaden across regions and products, particularly in markets that historically have been less automated.

採用度持續在各地區與各產品間擴大，尤其是在歷來自動化程度較低的市場。

What's exciting is that we believe automation itself is evolving. Historically, automation has been rules-based. Clients define the parameters, the AiEX executes those instructions with consistency and precision.

令人振奮的是，我們認為自動化本身也在演進。過去，自動化主要是以規則為基礎：客戶定義參數，AiEX 便以一致性與精準度執行這些指令。

More recently, we've introduced dynamic capabilities that adapt to changing market conditions in real-time, while remaining within those client-defined guardrails.

近期，我們引入可隨市場狀況即時變化而動態調整的能力，同時仍維持在客戶所設定的護欄（guardrails）之內。

The next chapter is even more compelling. We see AI moving beyond simply automating workflows to augmenting judgment.

下一個篇章更具吸引力。我們看到 AI 正從單純自動化工作流程，進一步走向增強判斷力。

Rather than just executing predefined instructions, we believe AI has the potential to help clients answer increasingly complex questions.

我們相信，AI 不僅能執行預先定義的指令，還有潛力協助客戶回答愈來愈複雜的問題。

When is the optimal moment to trade? Which protocol is most likely to achieve the best outcome? How many dealers should participate?

何時是最佳交易時點？哪一種協議最可能達成最佳結果？應該讓多少家交易商參與？

How should a portfolio be sequenced across products and markets? These are decisions that have traditionally relied on years of human experience, but increasingly can be informed by data, context, and machine intelligence. This is where Tradeweb's competitive advantage becomes even more powerful.

投組應如何在不同產品與市場間安排交易順序？這些決策傳統上仰賴多年的人類經驗，但如今愈來愈能由數據、情境與機器智慧提供支撐。這也使 Tradeweb 的競爭優勢變得更為強大。

Every day, our network connects thousands of institutional participants across rates, credit, mortgages, ETFs, money markets, and equities around the world, which creates one of the richest and most diverse sets of market intelligence anywhere in global fixed income and electronic trading.

每天，我們的網路連結全球成千上萬的機構參與者，涵蓋利率、信用、房貸、ETF、貨幣市場與股票等領域，從而形成全球固定收益與電子交易領域中最豐富且最多元的市場情報來源之一。

As AI becomes more capable, we believe the breadth of our network, the quality of our data, and the trust our clients place in us will become increasingly valuable.

隨著 AI 能力提升，我們相信我們網路的廣度、數據的品質，以及客戶對我們的信任將變得愈來愈有價值。

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

接下來，我把時間交給 Sara，請她更詳細地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.

謝謝你，Billy，大家早安。接下來我將說明各項數字；除非另有說明，所有比較皆以去年同期為基準。

Slide 11 provides a summary of our quarterly earnings performance.

第11頁提供我們季度盈餘表現的摘要。

As Billy recapped earlier, this quarter, we saw our second-highest revenues of $559 million that were up 9% year-over-year on a reported basis and 8.3% on a constant currency basis, given the weakening dollar.

如同 Billy 先前回顧，本季我們實現 5.59 億美元的營收，為我們史上第二高；按報告口徑年增 9%，在美元走弱的情況下，按固定匯率口徑年增 8.3%。

Notably, we delivered that growth even while lapping a difficult April comparison. Recall that April 2025 was one of our strongest months on record, benefiting from the exceptional volatility that followed the implementation of tariffs.

值得注意的是，即使面對艱難的 4 月比較基期，我們仍交出這樣的成長。回顧 2025 年 4 月是我們有紀錄以來最強勁的月份之一，受惠於關稅實施後出現的異常波動。

Even with April revenues down low single digits against that backdrop, the quarter still compounded to 9% growth, underscoring the durability of the business across environments and the accelerating growth we saw through the quarter.

即便在該背景下 4 月營收年減低個位數，本季仍累計達到 9% 的成長，凸顯本業在各種環境下的韌性，以及我們在季度內看到的成長加速。

We derived approximately 44% of our second quarter revenue from international clients. Recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in euros.

我們第二季約 44% 的營收來自國際客戶。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 8%, comprised of 9% variable trading revenue growth and 5% growth across fixed trading revenue.

總交易營收成長 8%，其中可變交易營收成長 9%，固定交易營收成長 5%。

Rate fixed revenue growth was driven by the addition of dealers to our mortgage, swaps, and US government bond platforms.

利率固定收入的成長，主要來自我們在房貸、交換（swaps）及美國公債平台新增交易商（dealers）。

As well as existing dealers opting for higher fixed-fee plans and some increases in minimum fee floors. Credit fixed revenue declined slightly due to a smaller dealer stepping away from the credit market.

此外，既有交易商選擇較高的固定費率方案，以及最低費用底線（minimum fee floors）有所上調。信用固定收入則因一家較小的交易商退出信用市場而小幅下滑。

Other revenues of $7.9 million for the second quarter increased 1% year-over-year, driven by an increase from ICD-related marketing partnership revenue, which was partially offset by a slight decline in revenue tied to periodic technology enhancements performed for our retail clients, along with slightly lower super validator fees associated with our commercial relationship with the Canton Network.

第二季其他收入為 790 萬美元，年增 1%，主要由 ICD 相關行銷合作夥伴收入增加所帶動；部分被與我們零售客戶定期進行技術強化相關的收入小幅下滑，以及與 Canton Network 商業合作關係相關的超級驗證者費用略降所抵銷。

As a reminder, our other revenue line will remain variable from quarter to quarter, reflecting fluctuations in a number of factors, including the number of Canton Coin earned, the value of Canton Coin, the number of super validators in the network, and periodic technology enhancements for retail clients.

提醒一下，我們的其他收入項目將在各季度間維持波動，反映多項因素的變化，包括獲得的 Canton Coin 數量、Canton Coin 的價值、網路中的超級驗證者數量，以及為零售客戶提供的定期技術強化。

For modeling purposes, we believe the second quarter is a reasonable quarterly run rate for the remainder of the year, as super validator fees are expected to moderate with the addition of new validators to the Canton Network, reflecting the continued expansion and strengthening of the network.

就建模而言，我們認為第二季可作為今年剩餘期間合理的季度運行水準（run rate），因為隨著 Canton Network 新增驗證者，預期超級驗證者費用將趨於緩和，反映網路持續擴張與強化。

Second quarter adjusted EBITDA margin of 54.4%, increased by 43 basis points on a reported basis when compared to our 2025 full year margins. Our net interest income of approximately $18 million increased due to higher cash balances, which offset lower interest yields.

第二季調整後 EBITDA 利潤率為 54.4%，相較於我們 2025 全年利潤率，按報告口徑提高 43 個基點。我們的淨利息收入約 1,800 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, GAAP results this quarter reflected a $7.3 million net gain from unrealized gains and losses across our strategic investments.

最後，本季 GAAP 結果反映我們策略性投資組合未實現損益合計帶來 730 萬美元的淨收益。

As a reminder, this portfolio is designed to invest in emerging areas like digital assets, tokenization, and prediction markets. Results here will fluctuate from quarter to quarter.

提醒一下，該投資組合旨在投資於數位資產、代幣化（tokenization）與預測市場等新興領域；其結果將隨季度而波動。

Moving on to fees per million on slide 12, we provide a highlight of the key trends for the quarter. You can see slide 18 of the earnings presentation for the full detail regarding our fee per million performance this quarter.

接著看第12頁的每百萬手續費（fees per million），我們重點呈現本季的主要趨勢。關於本季每百萬手續費表現的完整細節，請參閱盈餘簡報第18頁。

For long tenor swaps, average fees per million were down 10.3%, primarily due to mix shift within our currencies and lower duration. For cash credit, average fees per million decreased 11.4%, primarily due to a mix shift away from higher fee per million Munis and retail credit, and towards lower fee per million European credit and portfolio trading.

就長天期交換而言，平均每百萬手續費下滑 10.3%，主要因貨幣組合轉變及存續期間（duration）較短。就現金信用（cash credit）而言，平均每百萬手續費下降 11.4%，主要因組合從每百萬手續費較高的市政債（Munis）與零售信用，轉向每百萬手續費較低的歐洲信用與投組交易（portfolio trading）。

Slide 13 details our adjusted expenses. At a high level, the scalability and variable nature of our expense base allow us to continue to invest for growth and grow margins. We have maintained a consistent philosophy here.

第13頁詳述我們的調整後費用。在高層次上，我們費用基礎具可擴展性且具變動性，使我們能持續投資成長並擴大利潤率；我們在此一直維持一致的理念。

Adjusted expenses for the second quarter increased 9.4% on a reported basis and 9.9% on a constant currency basis. During the second quarter, we continued investments in tech and communications, digital assets, tech consulting, and client relationship development.

第二季調整後費用按報告口徑增加 9.4%，按固定匯率口徑增加 9.9%。第二季期間，我們持續在科技與通訊、數位資產、科技顧問，以及客戶關係發展方面投入。

Adjusted compensation costs grew 1.6% as higher headcount, which was up 10.3% year-over-year, and higher equity-based compensation were largely offset by lower discretionary and performance-related compensation.

調整後薪酬成本成長 1.6%；員工人數年增 10.3% 及股權基礎薪酬增加，基本上被較低的酌情與績效相關薪酬所抵銷。

Technology and communication costs increased 38.9%, primarily due to our continued investments in data strategy and infrastructure and increased software costs, including AI.

科技與通訊成本增加 38.9%，主要因我們持續投資資料策略與基礎設施，以及軟體成本上升（包括 AI）。

Approximately $5.2 million of the increase was driven by investments in our data infrastructure strategy and higher reference data costs, both of which began in the second half of 2025.

其中約 520 萬美元的增幅，來自我們在資料基礎設施策略上的投資與較高的參考資料成本；這兩項均自 2025 年下半年開始。

Adjusted professional fees grew 17.9% due to an increase in tech consultants as we continue to augment our offshore technology operations.

調整後專業服務費用成長 17.9%，因我們持續擴充離岸技術營運而增加科技顧問人數。

Occupancy expenses increased 39.1%, 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, and data center rent expense.

場地費用增加 39.1%，主要來自搬遷至紐約市新總部後租金上升（自 2025 年第三季生效），以及資料中心租金費用。

Adjusted general and administrative costs increased 4.9%, primarily due to a pickup in travel and entertainment, but partially offset by favorable FX movements.

調整後一般及行政費用增加 4.9%，主要因差旅與交際費回升，但部分被有利的匯率變動所抵銷。

Favorable movements in FX resulted in a $0.7 million gain in the second quarter of 2026 versus approximately a $2.2 million loss in the second quarter of 2025.

有利的匯率變動使 2026 年第二季錄得 70 萬美元收益，相較之下 2025 年第二季約為 220 萬美元損失。

Excluding FX, adjusted general and administrative costs grew 22.2%. Slide 14 details capital management and our guidance.

排除匯率影響後，調整後一般及行政費用成長 22.2%。第14頁詳述資本管理與我們的指引。

On our cash position and capital return policy, we ended second quarter in a strong position with approximately $2.1 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 13%.

就現金部位與資本回饋政策而言，我們在第二季末維持強勁水位，現金及約當現金約 21 億美元，過去 12 個月自由現金流超過 10 億美元，年增約 13%，表現強勁。

We also held approximately 1.6 billion Canton Coin with a fair value of approximately $230 million. With this quarter's earnings, the board declared a quarterly dividend of $0.14 for Class A and Class B shares, up 16.7% year-over-year.

我們亦持有約 16 億枚 Canton Coin，公允價值約 2.30 億美元。隨著本季盈餘入帳，董事會宣告 A 類與 B 類股票每季股利 0.14 美元，年增 16.7%。

During the quarter, we stepped up our share repurchases, buying back approximately 1.9 million shares for $189 million as we took advantage of the dislocation in our stock price. There was $334 million of aggregate share repurchase authorization remaining as of June 30.

本季我們加大庫藏股回購力道，趁股價錯位之際以 1.89 億美元回購約 190 萬股。截至 6 月 30 日，剩餘的股票回購授權總額為 3.34 億美元。

Turning to guidance for 2026.

接著談 2026 年指引。

In light of our continued strong business momentum, we are maintaining our guidance for the adjusted expenses to trend toward the top half of the initial guidance range of $1.1 billion to $1.16 billion. We believe we can drive adjusted EBITDA and operating margin expansion compared to 2025 at either end of this range.

鑑於我們持續強勁的業務動能，我們維持指引：調整後費用將趨向初始指引區間 11 億至 11.6 億美元的上半段。我們相信在此區間任一端點，相較 2025 年都能推動調整後 EBITDA 與營業利潤率擴張。

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.

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 frontier markets and opportunities to expand electronification across Asia and emerging markets, as well as AI-related credit initiatives.

具體而言，我們持續投資於前沿市場與機會，以擴大亞洲與新興市場的電子化（electronification）程度，以及 AI 相關的信用業務計畫。

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 prize innovation and creating durable long-term growth opportunities. Now I'll turn it back to Billy for concluding remarks.

我們也持續投資於能讓我們維持並鞏固領先平台的技術。其中部分投資需要時間才能規模化，但我們仍重視創新並創造具韌性的長期成長機會。接下來我把時間交回 Billy 做結語。

Thanks, Sara. As we close out the first half of the year, I want to step back and talk about where the franchise stands. Our clients have navigated a lot over the last six months, and through all of it, Tradeweb hasn't just held its ground, we've extended it, deepening relationships across many of the asset classes we serve.

謝謝你，Sara。當我們結束上半年之際，我想退一步談談我們這個特許經營（franchise）目前的狀態。過去六個月客戶面對許多挑戰，而在這一切之中，Tradeweb 不僅守住陣地，還擴大了優勢，在我們服務的多個資產類別中深化了客戶關係。

We tend to come out of complicated periods more relevant to our clients than when we went in. Because the harder the market gets, the more they lean into innovation. The ways we can help them are only expanding, especially with AI.

我們往往在複雜時期結束後，對客戶而言比進入時更具關鍵性。因為市場越艱難，他們越會倚重創新。我們能協助他們的方式只會持續擴大，尤其是在 AI 的加持下。

This is still a young shift, but clients are moving from experimenting with these tools to building them into their day-to-day faster than we could have expected even a year ago.

這仍是一個相對早期的轉變，但客戶正從試驗這些工具，轉向把它們更快地融入日常作業，其速度甚至超出我們一年前的預期。

My conviction is that the firms that pair the deepest liquidity with the smartest technology will set the pace from here, and we intend to be at the front of it.

我深信，能把最深厚的流動性與最聰明的技術結合的公司，將從此刻起引領步伐，而我們打算站在最前線。

The same drivers that powered the first half, deeper client engagement and broader adoption of electronic trading, are already carrying into the third quarter.

推動上半年表現的相同動能——更深的客戶參與與更廣泛的電子交易採用——已延續到第三季。

With two important month-end trading days left in July, which tend to be some of our strongest revenue days, average daily revenue growth is up low teens relative to July 2025.

7 月還剩兩個重要的月底交易日，這些通常是我們營收最強的日子之一；相較 2025 年 7 月，平均每日營收成長達到低十位數百分比。

The diversity of our growth remains a theme as we are seeing a preliminary strong double-digit growth across rates, credit, and equities.

我們成長的多元性仍是一大主題，因為我們初步看到利率、信用與股票均呈現強勁的雙位數成長。

Specifically, we are seeing double-digit volume growth year-over-year across global government bonds, global interest rate and credit default swaps, fully electronic IG credit and global equities. Our IG and high-yield share is tracking below June levels.

具體而言，我們看到全球政府債、全球利率交換與信用違約交換（CDS）、全電子化投資級（IG）信用以及全球股票的交易量年增皆為雙位數。我們的投資級與高收益市占率走勢低於 6 月水準。

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 second highest quarterly revenues in our history.

最後，我要感謝客戶在本季的業務往來與合作夥伴關係；也要感謝同仁的努力，促成我們史上第二高的季度營收。

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

那麼，我把時間交還給 Ashley 來回答各位的提問。

Thanks, Billy. As a reminder, please limit yourself to one question only. Feel free to hop back in the queue and ask additional questions at the end. Q&A will end at 10:30 a.m. Eastern Time.

謝謝你，Billy。提醒大家，請每位只提一個問題。歡迎在最後再回到隊列中提出其他問題。問答將於美東時間上午 10:30 結束。

Operator, you can now take our first question.

接線員，現在可以接我們的第一個問題。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（接線員指示）Alex Blostein，高盛。

Hey, Billy. Hey, Sara. Good morning, everyone. Appreciate it's obviously early, but I was hoping to get your perspective on potential shifts in the competitive landscape for your products from the announced acquisition of MarketAxess by ICE.

嗨，Billy。嗨，Sara。各位早安。知道現在時間很早，但我想請教你們對於 ICE 宣布收購 MarketAxess 後，貴公司產品在競爭版圖上可能出現變化的看法。

In particular, curious if you think about both opportunities that could come on the back of any dislocation and customer moves whenever there's an integration, versus potential risks, I guess, both in credit and to some degree, in rates.

特別想了解的是，你們如何看待整合期間可能出現的市場錯位與客戶移轉所帶來的機會，與潛在風險——我想包括信用產品，以及某種程度上的利率產品。

Alex, how are you? Interesting times. Thanks for the question. Yeah. It's early. You're right about that. Obviously, as you know very well, we know ICE. As you know, I like Jeff. Or I did, I should say.

Alex，你好嗎？真是個有趣的時刻。謝謝你的問題。是的，現在還很早，你說得沒錯。當然，如你非常清楚的，我們了解 ICE。也如你所知，我喜歡 Jeff——或者我應該說，我曾經喜歡他。

I still like him. He actually texted me this morning and said, Sorry about this news coming out as your great earnings are also coming out.

我現在還是喜歡他。他今天早上其實傳簡訊給我說：「很抱歉這個消息在你們優秀的財報同時發布時出來。」

I accept your apology for the record, Jeff. I'm sure you're reading the transcript anyway. We see it as a validation of the fee pool and credit to start with, Alex. We do welcome, and I say this just very clearly, we welcome all of the time, rational and commercial competition in the space.

Jeff，我在此正式接受你的道歉。我相信你反正也會看逐字稿。我們首先把這視為對信用領域費用池（fee pool）的驗證，Alex。我也非常清楚地說，我們一向歡迎在這個領域出現理性且以商業為導向的競爭。

Ultimately, I think we feel very confident in our role, as the trusted market venue that I think really ultimately understands the role that data plays in the relationship between the most important clients globally and their counterparties, and I think that's a really important thing to say.

最終，我們對自身角色非常有信心：作為值得信賴的市場交易場所，我們真正理解資料在全球最重要客戶與其交易對手之間關係中的作用；我認為這點非常重要。

We're in a sweet spot from my perspective, and I think that makes us all super excited at Tradeweb. We're in a sweet spot around credit.

以我的角度來看，我們正處於一個甜蜜點（sweet spot），這也讓 Tradeweb 的大家都非常興奮——我們在信用市場正處於甜蜜點。

As you know very well, the hyperscalers continue to sell bonds. Central banks are less active in the space. The traditional banks have had just lights out kind of earnings.

如你非常清楚的，超大規模業者（hyperscalers）持續在賣出債券；央行在這個領域的參與度降低；傳統銀行的獲利表現則可說是亮眼到不行。

At the same time, these non-bank liquidity providers are arriving masse and in force in the credit space. That's a pretty good environment. As you know, the market volumes have been growing.

同時，這些非銀行流動性提供者正大量且強勢地進入信用市場。這是相當不錯的環境。如你所知，市場成交量一直在成長。

The pace of electronification continues to keep up and is increasing all along. Not surprisingly, what that means is competition is here and has been arriving.

電子化（electronification）的速度持續跟上並且一路加快。不意外地，這也意味著競爭已經在這裡，而且一直在到來。

As always, there have been, and there will be winners and losers around competition. You know this very well.

一如既往，競爭之下過去有、未來也會有贏家與輸家。你對這點非常了解。

The ethos of this company is we are market share takers, period. We see sort of two things from my perspective. I think we see the opportunity inside of credit for the wallet to be restored.

我們公司的核心信念是：我們就是搶市占者（market share takers），就這麼簡單。以我的角度來看，我們看到兩件事。第一，我們看到在信用領域有機會讓「錢包份額」（wallet）回升。

We think we have a tremendous amount of opportunity to continue to invest in credit around the next chapter of growth, which we see as the use of technology, access to data, and ultimately.

我們認為在信用業務上仍有非常大的機會持續投資，迎接下一階段的成長篇章；我們認為那將是科技的運用、資料的取得，以及最終——

I think something really important, which is the scalability of decision-making by our clients. We're going to be into a very interesting, I think, next chapter, that I think is going to be defined by a few things.

我認為一個非常重要的點：客戶決策的可擴展性（scalability）。我們將進入一個非常有意思的下一章，我認為它會由幾個因素所定義。

It's going to be the continued rise of the non-bank liquidity providers, the systematic players in credit. That rise needs to be balanced, I think, with something super important, which is the traditional partner banks, the legacy banks in the space.

其中包括：非銀行流動性提供者、信用市場中的系統化玩家（systematic players）持續崛起。我認為這股崛起需要與另一個非常重要的因素取得平衡，也就是傳統合作銀行、在這個領域的老牌銀行。

Those are the keys to, I think, ultimately risk trading and has been a historic advantage from my perspective of Tradeweb.

我認為這些才是最終進行風險交易（risk trading）的關鍵，也一直是 Tradeweb 歷史上的優勢。

The impact of technology inside of credit isn't anything to be diminished. To start with, protocol innovations matter, and the market is becoming more sophisticated and ultimately more model driven. I think that plays to our strength.

科技在信用市場內的影響不容小覷。首先，交易協議（protocol）的創新很重要；市場正變得更成熟，並且最終更以模型驅動（model driven）。我認為這正是我們的強項。

Do we get to a place where we get into this concept of kind of power law domination where winner takes most? I think so.

我們會不會走到一個所謂「冪律支配」（power law domination）、也就是贏家拿走大部分的局面？我認為會。

I think we're really well-positioned to be that venue, from my perspective, as we get to this kind of how we think about kind of virtuous cycle of data, automation solution liquidity, where liquidity begets liquidity, and I think this is a really important moment for us.

以我的角度來看，我們非常有利於成為那個交易場所。當我們進入這種我們所說的「良性循環」——資料、自动化解決方案、流動性——流動性帶來更多流動性時，我認為這對我們是非常重要的時刻。

I say this very clearly. Ultimately, those who create a better value proposition are going to get the share. I can say that with perfect confidence.

我非常清楚地說：最終，能創造更好價值主張（value proposition）的人，就會拿到市占。我可以非常有把握地這麼說。

I think in a really interesting way, and I think in an optimistic way, just around what's happening in our world, Alex, I think there's no fighting technology.

我認為以一個很有意思、也很樂觀的角度來看我們所處的世界，Alex，科技是無法對抗的。

I think that's a headline that should be out there, and that we should think about. Everything in credit is pointing towards ultimately more transparency.

我認為這應該是一個值得被寫出來、也值得我們思考的標題。信用市場的一切都指向最終會有更高的透明度。

Ultimately, I think that's the direction of travel. From our perspective, that's the thing that makes us extremely excited about where we are in credit.

我認為那就是前進的方向。以我們的角度來看，這正是讓我們對信用業務所處位置感到極度興奮的原因。

Thanks a lot. Good to hear your voice. Interesting morning, as always.

非常感謝。很高興聽到你的聲音。一如既往，是個有趣的早晨。

Yeah, interesting indeed. Billy, thank you very much. We appreciate the answer there.

是的，確實很有趣。Billy，非常感謝。我們很感謝你的回答。

Tyler Mulier, William Blair.

Tyler Mulier，William Blair。

Hi. Good morning. There have been concerns around perpetuals potentially disrupting parts of the fixed income market. Are there any areas where we see genuine displacement risks and any areas where you could actually benefit? Thank you.

嗨，早安。市場一直有擔憂，永續合約（perpetuals）可能會擾動固定收益市場的某些部分。你們認為有哪些領域存在真正的替代風險？又有哪些領域你們反而可能受益？謝謝。

Yeah. Hi, how are you? It's a good question. I think I'm old enough to have received that, I forget his name, Fabozzi, whoever the guy who wrote the original book on bond trading way back in the '90s. Someone actually gave that to me, and I read it, which is scary.

是的，嗨，你好嗎？這是個好問題。我想我年紀夠大，還曾收到那本——我忘了他的名字，Fabozzi？就是那位在 90 年代寫了最早那本債券交易書的人。有人真的送我那本書，我也讀了，這有點可怕。

I think the short answer kind of is no. I think it's actually a very important question, and there's some technicality to it or technical-ness around it. I think the short answer is no.

我想簡短的答案算是「不」。我認為這其實是個非常重要的問題，而且其中有一些技術性或偏技術的細節。我想簡短的答案是「不」。

We don't view it as disruptive across our core kind of financing and hedging markets that we live in. I think the details do matter. Ultimately, first of all, love innovation to start with.

我們不認為它會對我們所處的核心融資與避險市場造成顛覆。細節確實很重要。首先，我們本來就喜歡創新。

A perp is really ultimately, think of it as a levered bet on price with no end date, which fit things in a very interesting way that never end. We can talk about that from the perspective of Bitcoin, stock indices, oil, et cetera. Bonds are essentially the exact opposite, right?

永續合約（perp）本質上可以把它想成：對價格的槓桿押注，沒有到期日——以一種很有意思、永遠不結束的方式存在。我們可以從比特幣、股票指數、原油等等角度來談。債券基本上正好相反，對吧？

A bond is an end date, and much of the returns comes from getting it shorter as it ages. Something a constant maturity perp, in its essence, can't capture.

債券是有到期日的，而且很大一部分報酬來自於隨著時間推移、剩餘期限變短。所謂固定到期（constant maturity）的永續合約，本質上無法捕捉這一點。

I'm getting a little kind of wonky around this sort of answer. It certainly doesn't solve a problem for asset managers, right?

我這個回答有點鑽牛角尖、偏技術了。它當然也沒有替資產管理人解決問題，對吧？

Mandates are written in maturity buckets. Hedges have a line up against actual bonds and swaps, which already give elongated exposure without a roll. Okay, I'm explaining it super technically. We don't see it as a threat at all into our institutional business.

投資授權（mandates）是按期限分桶（maturity buckets）來寫的。避險也需要對應到實際債券與利率交換（swaps）；而交換本來就能在不需要展期（roll）的情況下提供拉長的曝險。好，我講得太技術了。我們完全不認為這會對我們的機構業務構成威脅。

Are we for innovation? Do we put our creative hats on, and do we look at the world and say, Where can this play a significant opportunity inside of Tradeweb? We see that playing out inside of the retail world potentially. We're excited about it.

我們支持創新嗎？我們會戴上創意帽，去看這個世界並問：這在哪裡能為 Tradeweb 帶來重大機會？我們認為它可能會在零售領域發酵。我們對此感到興奮。

We don't view it fundamentally as relevant inside of the institutional fixed income markets. I think it gives us this very cool opportunity to expand our footprint to the extent that demand arises inside of the retail world.

我們不認為它在機構固定收益市場中具有根本性的相關性。我認為它給了我們一個很酷的機會：只要零售端出現需求，我們就能擴大我們的版圖。

Which has kind of, I think, in an important way, continues to surprise and activate everyone in terms of the growing sophistication of that population and that world.

而零售端在某種重要意義上，持續讓所有人感到驚訝並被激活——因為那個族群與那個世界的成熟度正在提升。

I think you can kind of think about answering my answer around understanding the role that it plays, and a willingness that we have as a company to always embrace innovation. Thanks for the question.

你可以把我這個回答理解為：我們會先理解它扮演的角色，同時公司也始終願意擁抱創新。謝謝你的問題。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Good morning, Billy. Hope you're doing well. We wanted to see if you have any metrics to help us evaluate the engagement levels with both, one, TARA, your brand-new AI assistant, and also two, your new dedicated Kalshi pricing page.

早安，Billy。希望你一切都好。我們想看看你是否有任何指標，能幫助我們評估兩項產品的使用參與度：第一，TARA——你們全新的 AI 助理；第二，你們新的 Kalshi 專屬報價頁面。

I know you just launched them both in the back half of June. We're curious on early engagement levels and also where you expect them to go to.

我知道你們兩者都是在 6 月下旬的後半段才剛上線。我們想了解早期的使用參與度，以及你們預期它們會發展到什麼程度。

Yeah. It's a great question. Good to hear your voice, Craig. The timeliness, I think, around TARA, interesting given the kind of news of today.

是的，這是個很棒的問題。很高興聽到你的聲音，Craig。考量到今天的新聞，TARA 的時點也很有意思。

Appreciate the question. Definitely still early days. Let me kind of take a half a step back on your question. I say this all the time.

謝謝你的提問。確實還在非常早期。讓我先就你的問題往後退半步來說明。我一直都這麼說。

We are going to be the most ambitious company that we can be, and part of that ambition ultimately relies on our ability to continue to be a leader in the core businesses that we are in.

我們會盡可能成為最有企圖心的公司，而這份企圖心的一部分，最終取決於我們能否持續在我們所處的核心業務中保持領導地位。

At the same time, place these very important bets in frontier space, which I think encapsulates your question really well, frontier space. Having extremely strong client conversations this quarter on both TARA and Kalshi.

同時，在前沿領域下這些非常重要的賭注——我認為這很好地概括了你的問題：前沿領域。本季我們在 TARA 與 Kalshi 兩方面都與客戶進行了非常深入且有力的對話。

I think right now our focus is trying to kind of engage with our clients and prove the value of this to our clients.

我認為目前我們的重點是設法與客戶互動，並向客戶證明這件事的價值。

Start with the problem, I think from our perspective, that TARA solves. The challenge, I think the way I would describe it is the challenge for a trader today isn't by definition kind of access to data. It's pulling the signal out of a large and growing data set really fast enough to act on it.

先從 TARA 所解決的問題談起。從我們的角度來看，如今交易員面臨的挑戰並不在於是否能取得資料；而是在龐大且持續成長的資料集裡，能否足夠快速地提取出訊號並據以採取行動。

Hear me on that kind of point, right? TARA ultimately will move clients from data retrieval into something extremely important, which is insight generation. Instantly, right inside of their workflow across liquidity, pricing, and historical context.

請理解我這個觀點，對吧？TARA 最終會把客戶從「資料擷取」推進到一件極其重要的事——「洞見生成」。而且是即時地、就在他們的工作流程之中，涵蓋流動性、定價與歷史脈絡。

As I'm describing all of that to you, Craig, you can hear the focus that the company is bringing to the space specifically around this, because it starts in credit.

當我向你描述這些內容時，Craig，你也能聽出公司在這個領域的聚焦，特別是圍繞這一點，因為它是從信用市場開始的。

Over the medium term, I think we're going to expand it where it makes sense across product lines. Ultimately, it aligns, I think, really well with our vision of a kind of true multi-asset assistant here.

在中期，我認為我們會在合理之處把它擴展到各產品線。最終，我認為這與我們對「真正的多資產助理」的願景高度一致。

Early adoption and credit has been quite encouraging from my perspective, despite obviously something which is, as you know very well, this is all new, right? Anytime something is new, and there's obviously the agentic nature of the product, so it's forcing clients, I think, in a good way to revisit and rewrite compliance rules around this.

從我的角度看，信用市場的早期採用相當令人鼓舞，儘管很明顯——如你非常清楚的——這一切都是新的，對吧？任何新事物，加上產品具備代理式（agentic）的特性，會在某種程度上促使客戶（我認為是以好的方式）重新檢視並改寫相關的合規規則。

We're super excited around directionally where this is going, and I think we're putting the right amount of effort and energy around this.

我們對其發展方向感到非常興奮，我也認為我們在這上面投入了恰當的努力與能量。

That's a great thing. Kalshi is just like the best conversations we're having with our clients really has been around Kalshi.

這是件很棒的事。Kalshi 方面，我們與客戶進行的最佳對話其實一直都圍繞著 Kalshi。

The Kalshi page, from my perspective, I think reflects the definition of something really important, which is how the macro markets are continuing to evolve.

以我的觀點，Kalshi 頁面反映了一個非常重要的定義：宏觀市場正在如何持續演進。

Clients are increasingly looking at kind of how we think about prediction market signals alongside their kind of core rates, interest rate swaps, government bonds, et cetera, and also credit strategies. We try to keep things simple.

客戶愈來愈關注我們如何把預測市場的訊號，與他們的核心利率產品（利率、利率交換、政府公債等）以及信用策略並列來看。我們盡量把事情保持簡單。

We started with a simple thing, which is a viewer that puts real-time event probabilities right next to swaps and treasuries in an easy and accessible way.

我們從一個簡單的功能開始：一個檢視器（viewer），以容易且可取得的方式，把即時事件機率直接放在交換與美國公債旁邊。

Intentionally low friction, because step one, as always around these things, is kind of discovery and learning. We're getting really good feedback around that.

我們刻意把摩擦降到最低，因為第一步——一如既往——是探索與學習。我們在這方面收到非常好的回饋。

Clients are returning and beginning to personalize their workflows, excuse me, through filters and watch lists, and these are the technical things that we can see happening that, from our perspective, matter a lot.

客戶正在回流並開始透過篩選器與觀察清單來個人化他們的工作流程，抱歉。這些是我們能看到正在發生的技術性行為，而從我們的角度看，這些非常重要。

Things are going to get interesting, right? Prediction markets today are, as you know very well, Craig, essentially retail. From my perspective, obviously, the opportunity is to build the institutional-grade version with the standardization, connectivity, execution, quality, and size that the biggest, most sophisticated institutions in the world expect.

接下來會變得很有意思，對吧？如你非常清楚的，Craig，今天的預測市場本質上是零售端。從我的角度看，機會顯然在於打造機構級版本，具備全球最大、最成熟機構所期待的標準化、連通性、執行能力、品質與規模。

In a certain way, as new as all of this is and as exciting as all of this is, that's in a certain way the same playbook we've run across fixed income for more than 25 years.

在某種程度上，儘管這一切都很新、也很令人興奮，但這其實也就是我們在固定收益領域運行了超過 25 年的同一套打法。

I think it builds directly on what we already have, which is a broad network execution infrastructure, and ultimately the seat on how this activity trades.

我認為這是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，以及最終在這類交易活動如何成交上的「席位」。

Two very big initiatives that you kind of asked a question on. Interestingly, I would say they're different initiatives, but I think connected by the same strategy.

你問到的兩個非常大的計畫。有趣的是，我會說它們是不同的計畫，但我認為它們由同一個策略所連結。

The ethos has to be lead with the client, prove the engagement, and ultimately the monetization opportunity, as you know very well, always comes on the follow. A lot of focus on this from our perspective, and thanks very much for the question, Craig.

其核心精神必須是以客戶為先，先證明互動與參與度，最終——如你非常清楚的——變現機會總是隨之而來。從我們的角度看，我們在這上面投入了大量心力，也非常感謝你的提問，Craig。

Thank you, Billy.

謝謝你，Billy。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Thanks. Good morning. Sara, heard you on the guidance for expenses, was hoping to get a little more detail on the incremental spend and where that's being directed.

謝謝。早安。Sara，我聽到你對費用指引的說明，希望能再多一些細節，了解增量支出以及資金主要投向哪些方向。

If we think about a revenue environment that maybe is less constructive, how do we think about expense flexibility in that type of scenario?

如果我們面對一個可能較不利的營收環境，在那種情境下，我們該如何看待費用的彈性？

Great. Morning. Hi, Dan. Look, specifically, we're directing our incremental investments this year, versus last year in two big buckets.

好的。早安。嗨，Dan。具體來說，相較去年，我們今年把增量投資主要導向兩大類。

The first grouping, I would say, is around longer-term investments and horizons that are fueling what we think are the next legs of growth and innovation for Tradeweb.

第一類我會說是偏向長期的投資與時間視野，用來推動我們認為 Tradeweb 下一階段的成長與創新動能。

There's three specific things I'd call out there that you've heard us talk about. One is data infrastructure and strategy. I think I mentioned this in our prepared remarks.

其中有三點我想特別提出，你也聽我們談過。第一是資料基礎設施與策略。我想我在事先準備的發言中有提到。

This quarter, we had a $5 million increase from last year as we really stepped up our spend significantly in the back half of last year.

本季相較去年增加了 500 萬美元，因為我們在去年下半年大幅提高了支出。

Those investments support AI readiness, increased performance demands with the volumes we're seeing, and a lot of our expansion, particularly internationally.

這些投資支援 AI 就緒、因應我們看到的交易量所帶來的更高效能需求，以及我們的多項擴張，特別是在國際市場。

The next bucket, I would say, Billy just spent some time talking about that, is AI client-facing innovation, which we think is really important.

下一個類別，Billy 剛才也花了一些時間談到，是面向客戶的 AI 創新，我們認為這非常重要。

Those include areas like TARA and Ai-Price and improvements in protocols like SNAP plus and AiEX, which we believe really are driving next levels of electronification in our biggest markets like credit and treasuries. Those include people and non-comp investments.

這包括像 TARA、Ai-Price，以及在 SNAP plus 與 AiEX 等協議上的改進；我們相信這些確實正在推動我們最大市場（如信用與美國公債）更上一層的電子化。這些投資包含人員與非薪酬（non-comp）投入。

The last piece in that longer-term bucket that I'd call out is digital and frontier markets, which you've seen us talk about, but include organic things that we're doing in tokenized trading, such as intraday repo, crypto capabilities, as well as Kalshi-related initiatives. That's the first grouping that I would say is longer term.

在那個長期類別中，我最後要點出的部分是數位與前沿市場。你們也看過我們談到這些，包含我們在代幣化交易上的有機作為，例如日內回購（intraday repo）、加密資產能力，以及與 Kalshi 相關的計畫。這是我所說的第一類：偏長期。

On top of that, we have a second bucket that I think is more nearer term return and things that we are continuing to invest in that we started years ago that have clear traction, clear acceleration of revenue growth. Those are areas like swaps and EM in Asia.

除此之外，我們還有第二類，我認為更偏向近期回報：我們持續投資於一些多年前就開始、且已展現明確動能與營收成長加速的項目，例如亞洲的利率交換與新興市場（EM）。

As you think about it, overall, your question about flexibility, even with these stepped-up investments and our new office and the hiring, about 45% of our expense base remains variable and discretionary.

至於你問到的整體彈性，即使在這些加碼投資、新辦公室與招募之下，我們約 45% 的費用基礎仍屬於可變且可酌量調整。

We continue to see operating leverage. We remain confident in our ability to show margin improvement. You saw that in the first half of this year, our expense grew 14.8% and margins expanded over 30 basis points. At that top half of the range, adjusted expenses would grow between 11% and 14% for the full year.

我們持續看到營運槓桿，也仍然有信心展現利潤率改善。你在今年上半年已看到：我們費用成長 14.8%，而利潤率擴張超過 30 個基點。在區間上緣的情況下，全年調整後費用將成長 11% 到 14%。

We expect the second half to show slower expense growth relative to the prior year comparisons. Given our strategic priorities and enthusiasm on the outlook, we're continuing to invest, but we absolutely have the flexibility to slow down the pace of investments and a lot of flexibility in different environments.

我們預期下半年相較於去年同期的比較基期，費用成長會更慢。基於我們的策略優先事項以及對前景的樂觀，我們會持續投資，但我們絕對有彈性放慢投資步伐，並且在不同環境下具備很大的調整空間。

Thanks for that question.

謝謝你的提問。

Thank you.

謝謝。

Ken Worthington, JPMorgan.

Ken Worthington，JPMorgan。

Hi, good morning. I wanted to follow up on Alex's earlier question. Where might Sprecher, as the new owner and leader of MarketAxess, make it a more formidable competitor in credit?

嗨，早安。我想跟進 Alex 先前的問題。Sprecher 作為 MarketAxess 的新所有者與領導者，可能會在哪些方面讓它在信用市場成為更強勁的競爭對手？

Part of the pitch that Jeff made this morning is that having a fully integrated front-to-back ecosystem and leveraging economies of scale can increase activity and market share.

Jeff 今天早上的論點之一是：擁有完全整合的端到端（front-to-back）生態系，並利用規模經濟，可以提升交易活動與市占率。

Billy, does the pitch make sense to you? Do they have the pieces for that front-to-back ecosystem? How does Tradeweb adjust here? I was going to say you've got plenty of cash on the balance sheets. You can fill in any pieces that you need, ultimately, is there a response here?

Billy，這個論點對你來說合理嗎？他們具備打造那種端到端生態系的拼圖嗎？Tradeweb 在這裡要如何調整？我本來想說你們資產負債表上有很多現金，可以補齊任何需要的拼圖——最終，這裡會有什麼回應嗎？

Yeah, that's a good question, Ken, I don't want to be dismissive, but I'll tell you my very strong reaction is just like we have our playbook, therefore we can be very opportunistic, but I'm reluctant to say that we have to adjust. I will make sure I say that very kind of clearly around this.

是的，這是個好問題，Ken。我不想顯得不以為然，但我非常直接的反應是：我們有我們的打法，因此我們可以非常機會主義地把握機會，但我不太願意說我們必須調整。我會把這點說得很清楚。

In some ways, what you're kind of describing, I don't want to give Jeff too many kind of house secrets, but it's a little bit of a strategy that we've been kind of building for nearly 30 years around kind of STP data execution, post-trade, TCA, et cetera.

在某些方面，你所描述的——我不想給 Jeff 太多「家傳祕密」——其實有點像我們近 30 年來一直在打造的策略：圍繞 STP、資料、執行、交易後處理、TCA 等等。

We have a very strong kind of worldview around the power of technology, around the user experience, and sales.

我們對科技的力量、使用者體驗以及銷售，有一套非常強的世界觀。

Part of that sales has to be around ultimately aligning interests with the biggest, most important banks in the world, including JPMorgan. I'm not positive how all of this that got announced this morning kind of easily solves in a very specific way how MarketAxess has been offsides around that for a while.

而銷售的一部分，最終必須是與全球最大、最重要的銀行（包括 JPMorgan）在利益上保持一致。我不確定今天早上宣布的這一切，能否以非常具體的方式、很容易地解決 MarketAxess 一段時間以來在這方面的失衡。

I'll be kind of watching that in a way that you would expect, Ken. We feel quite good about the playbook that we have running in credit, which is going to be a hyper-focus on ultimately solving for more complexity and more risk trades.

我會以你所預期的方式來持續觀察這件事，Ken。我們對目前在信貸領域所執行的作戰手冊感到相當有信心，核心將是高度聚焦於最終解決更高的複雜度，以及更多的風險交易。

What I think described before, I think is really, really important, which is the non-bank liquidity providers are arriving in force inside of credit.

我認為先前所描述的事情非常、非常重要，也就是非銀行的流動性提供者正大舉進入信貸市場。

The nuance it takes to actually solve for both the needs of those firms, plus to make sure you're keeping the biggest, most important counterparties banks globally in the world on side, is everything.

要同時滿足那些公司的需求，並確保你能讓全球最重要、最大的交易對手——各大銀行——站在同一陣線，所需要的那種細膩拿捏，就是一切的關鍵。

I think Tradeweb's ability to solve for that is at the highest level, and probably a big piece of the secret sauce that we've brought to the equation from the very beginning in credit.

我認為 Tradeweb 在解決這件事上的能力處於最高水準，這大概也是我們從一開始在信貸領域就帶進來的「秘密配方」的重要一環。

Maybe I just gave away a tiny little bit of a playbook there, but that's okay. I think that's historically what we've been really good at and is going to be a version of the play that we continue to run.

也許我剛剛不小心透露了一點點作戰手冊，不過沒關係。我認為這一直是我們歷來最擅長的事情，也會是我們持續運行的策略版本。

Thank you.

謝謝。

Yeah. Continuing the optimism that we feel around where credit is going, I think, was validated this morning. I'm looking forward to where the next chapter goes from here.

是的。延續我們對信貸走向的樂觀情緒，我認為今天早上的情況也驗證了這點。我很期待接下來的下一章會如何發展。

Awesome. Thank you very much.

太棒了。非常感謝。

Yeah.

是的。

Michael Cyprys, Morgan Stanley.

Morgan Stanley 的 Michael Cyprys。

Hi, good morning. Thanks for taking the question. Wanted to ask on rate swaps, curious what you see as the biggest barriers to further electronification and swaps from here, where are you seeing the fastest progress so far, and what can Tradeweb do to accelerate adoption as you look out?

嗨，早安。謝謝讓我提問。我想問利率交換（rate swaps）方面，想了解你認為從現在起進一步電子化的最大障礙是什麼？目前你看到進展最快的是哪些地方？以及展望未來，Tradeweb 能做些什麼來加速採用？

Yeah. It's a really good question, Michael. How are you? It's like all this kind of focus on this morning's news and credits that are like, what a franchise that we have in our kind of global swaps business. I appreciate the question.

是的。這是個非常好的問題，Michael。你最近如何？今天早上大家都在關注新聞和信貸，反而更凸顯我們在全球交換業務上擁有多麼強的特許經營（franchise）。謝謝你的提問。

As you know, in a really good way, I think the swaps market is sort of awash in complexity. In a very specific way, I think that's where we thrive.

如你所知，從很正面的角度來看，我認為交換市場可以說是充滿了各種複雜性。而在非常具體的層面上，這正是我們最能發揮的地方。

Electronification, we know this really well, has never been linear. It moves in phases as market structure, kind of regulation, liquidity, and client behavior ultimately line up.

我們很清楚，電子化從來不是線性的。它會分階段推進，直到市場結構、監管、流動性以及客戶行為最終對齊。

On the barriers, I think from my perspective, and it's amazing to say this all these years later, I think the biggest one in a certain way is simply behavioral. Ultimately moving real large risk electronically requires trust and a change in a certain way around long-held workflows.

談到障礙，從我的角度來看，而且多年後還能這麼說也很驚人，我認為最大的障礙在某種程度上其實就是行為面。要把真正大額風險部位以電子方式移轉，最終需要信任，也需要對長期沿用的工作流程做出某種改變。

In the more complex corners, I think it also depends, I think on something really important, which is better data and ultimately more efficient post-trade. In a certain way, it's less a technological barrier than an adoption curve Okay, so think about that again.

在更複雜的角落，我也認為它取決於一件非常重要的事：更好的數據，以及最終更有效率的交易後（post-trade）流程。某種程度上，這與其說是技術障礙，不如說是採用曲線。好，請再想一次。

It's less a technological shift or a change, and ultimately back to this concept of human behavior shifting, which is something, I think, again, back to sales, interestingly, something that we're really good at and really focused on.

它比較不是技術上的轉換或變更，而是回到這個「人類行為改變」的概念；有趣的是，這也回到銷售層面——我認為這正是我們非常擅長、也非常聚焦的事情。

On where progress, I think, in a certain way is fastest, EM swaps is a huge standout. We've helped to drive it to roughly 20% electronification and account for the majority of that activity.

至於進展最快的地方，我認為在某種程度上，新興市場（EM）交換是非常突出的亮點。我們已協助推動其電子化比例到大約 20%，而且我們占了其中大部分的活動量。

I think also, I think in a good way, breaking new ground in the more complex, sort of uncleared parts of the market with a series of kind of industry-first electronic trades there, which you've heard from us about. Risk share keeps climbing as clients ultimately execute more risk with us.

另外，我認為我們也以很正面的方式在市場更複雜、偏向未清算（uncleared）的部分開創新局，完成了一系列業界首創的電子交易，你也聽我們提過。隨著客戶最終透過我們執行更多風險，風險份額（risk share）也持續攀升。

The big and really important kind of next frontier around all of this is clearly, I think from our perspective, wholesale.

而接下來最大、也非常重要的下一個前沿，從我們的角度看，顯然就是批發端（wholesale）。

As you've gotten to know us really well over the years, as you know, as we've built out these big institutional markets and whether or not that is mortgages, government bonds, credit, et cetera, we've also built out mirroring liquidity pools electronically on the wholesale side in those markets. The focus for us in swaps now, I think in a really big way, is now wholesale.

多年來你也很了解我們：當我們建立起這些大型機構市場——不論是房貸、政府債、信貸等等——我們也在這些市場的批發端建立了對應的電子化流動性池。現在在交換業務上，我認為我們非常重大的聚焦點就是批發端。

In a certain way, just think about it very basically, which is the institutional market is moving 60 mi, 70 mi an hour, and the wholesale market is going much slower.

某種程度上，用最基本的方式來想：機構市場正以每小時 60 英里、70 英里的速度前進，而批發市場的速度要慢得多。

I think as dealers win and manage more risk electronically, their need for more efficient tools and the ability to recycle and warehouse that risk electronically grows, we're going to have the connectivity, from my perspective, to be the winner as that market moves electronically.

我認為，隨著交易商以電子方式贏得並管理更多風險，他們對更高效率工具的需求，以及以電子方式回收（recycle）並承接/庫存（warehouse）該風險的能力需求都會增加；從我的角度看，當這個市場走向電子化時，我們將具備連結能力而成為贏家。

Hear where our focus is around that, feeling exceptionally good about what we've been able to accomplish globally within our interest rate business. Thanks for the question, Michael.

你也聽到我們在這方面的聚焦方向；我們對在利率業務上於全球所達成的成果感到格外有信心。謝謝你的問題，Michael。

Great. Thank you.

很好，謝謝。

Christian Bolu, Autonomous.

Autonomous 的 Christian Bolu。

Good morning, Billy and Sara. A couple quick questions on your capital management strategy. You're sitting on north of $2 billion of cash.

早安，Billy 和 Sara。我有幾個關於資本管理策略的快速問題。你們手上有超過 20 億美元的現金。

The stock is near its lowest relative multiple since the IPO. Yet you've only purchased about $250 million of our shares this year. Just curious why you're not leaning in harder into share repurchases.

股價相對估值倍數接近自 IPO 以來的最低水準，但你們今年只回購了大約 2.5 億美元的股票。想請教為什麼不更積極加大股票回購？

Maybe longer-term strategically, after you've done the Crossover and the Kalshi minority interest investments this year, is sort of the next leg of the TAM story, crypto execution or prediction markets, what would make you move from just doing minority investments to doing full-scale acquisitions?

再從較長期的策略面來看，在你們今年完成 Crossover 與 Kalshi 的少數股權投資之後，TAM 故事的下一段會是加密貨幣交易執行或預測市場嗎？什麼情況會讓你們從少數投資轉向進行全面性的併購？

Great. Thanks, Christian. We continuously evaluate the size of our cash position relative to our capital needs and investment opportunities. It's a good problem to have.

很好，謝謝你，Christian。我們會持續評估現金部位的規模，並與我們的資本需求及投資機會相對照。這算是一個「好問題」。

As we've grown, our business excels in generating cash. Organic initiatives remain our top capital management return, and we're actively investing in areas like frontier markets and tokenization. Billy mentioned AI and agentic trading and international.

隨著我們成長，我們的業務在創造現金方面表現非常出色。就資本管理回報而言，有機（organic）計畫仍是我們的首要優先，我們也正積極投資於前沿市場與代幣化（tokenization）等領域。Billy 也提到了 AI、代理式交易（agentic trading）以及國際市場。

Overall, to your point, in the scheme of producing $1 billion of annual free cash flow, we will have excess cash.

整體而言，如你所說，在每年產生 10 億美元自由現金流的格局下，我們會有多餘的現金。

Right now, of that $2 billion on the balance sheet, we have about $500 million earmarked for reg risk capital and working capital, and that leaves about $1.5 billion of excess cash, which we've already stepped up on our share repurchases, and you can expect us, barring M&A and any restrictions, to continue to lean in at these price levels.

目前資產負債表上這 20 億美元當中，我們大約有 5 億美元是預留給監管風險資本（reg risk capital）與營運資金；因此大約剩下 15 億美元的超額現金。我們已經提高了股票回購力道，而且你可以預期，在沒有併購（M&A）以及任何限制的前提下，我們會在目前的價格水準持續加碼。

As you mentioned, we've deployed the $200 million. We have a little over $300 million remaining in our current authorization, and we are very open to opportunistically deploying against that.

如你所提，我們已動用 2 億美元。目前在現有授權額度下還剩略高於 3 億美元，我們也非常願意把握機會、視情況加以運用。

I did say the caveats on share repurchases, though, because while it's accretive at current levels, it's not nearly as accretive as some of the M&A opportunities we are evaluating in our pipeline. Our space is active, both on outright M&A and strategic investments.

不過我也提到回購的但書，因為雖然以目前水準回購具有增益（accretive），但其增益程度遠不如我們在管線中評估的一些併購機會。我們所處的領域相當活躍，無論是直接的併購或策略性投資。

Going forward, we have multiple things in the pipeline, both M&A and investment opportunities that we're evaluating. We find having that clean balance sheet and that solid cash position really allows us to be a nimble and attractive partner. Overall, I'd say given that our confidence in our organic growth, we just will remain disciplined around acquisitions.

展望未來，我們的管線裡有多項事項，包括併購與投資機會正在評估。我們認為維持乾淨的資產負債表與穩健的現金部位，能讓我們成為靈活且具吸引力的合作夥伴。整體來說，基於我們對有機成長的信心，我們在收購上會保持紀律。

We're looking at things, but we want them to be accretive in the near term to EPS. We don't feel any need to take on a high degree of execution complexity.

我們會看各種機會，但希望它們在短期內能對 EPS 具增益。我們不覺得有必要承擔高度的執行複雜度。

There are things that we evaluate that are accretive and that we'll pass on, including last year, we spent some time on an acquisition. Overall, our capital return, we're focused and will be opportunistic on share repurchases, and it's sized in relation to that overall inorganic pipeline.

我們也會評估一些具增益的案子，但仍可能選擇放棄；包括去年我們也花了一些時間研究一項收購。整體而言，在資本回饋方面，我們會聚焦並把握機會進行股票回購，而回購規模也會與整體的外生成長（inorganic）管線相互對應。

On your second point about the next leg around crypto and prediction markets, specifically, we see these frontier markets as potentially very large from a TAM perspective and transformational. With both Kalshi and Crossover, their plays on retail-oriented markets potentially institutionalizing.

至於你第二點提到加密貨幣與預測市場的下一段成長，具體而言，我們認為這些前沿市場從 TAM 的角度可能非常龐大，並具有轉型性。Kalshi 與 Crossover 都是在零售導向市場、且可能走向機構化的布局。

Our minority investments give us a seat at the table, real optionality in these markets that can be quite dynamic without committing heavy capital upfront.

我們的少數股權投資讓我們能坐上談判桌，在這些可能相當動態的市場中取得真正的選擇權（optionality），同時不需要一開始就投入大量資本。

As we think about crypto in particular, we think that TAM for institutional crypto is likely to come along nearest term relative to the predictive market.

特別是加密貨幣方面，我們認為機構級加密貨幣的 TAM 在近期更有可能先行到來，相較之下預測市場可能更晚一些。

We're seeing interest from clients pick up and the required mechanisms they need for institutional adoption. Things like custody, execution, and clearing are developing. Overall, our investment is performing really well, and we're quite happy with it.

我們看到客戶興趣正在升溫，以及機構採用所需的機制正在成形，例如託管（custody）、交易執行（execution）與清算（clearing）都在發展。整體而言，我們的投資表現非常好，我們也相當滿意。

We're expanding our organic capabilities. I think our strategy right now lets us be efficient as regulation still is getting clarified and the market continues to develop more fully.

我們也在擴展自身的有機能力。我認為我們目前的策略，能讓我們在監管仍在逐步釐清、且市場持續更完整發展的同時，保持效率。

For us to go further in that, we'd want to make sure that we're getting something beyond what the partnership is providing us, we'd want clarity on some of those regulation dynamics and the financials on that market, just like you'd evaluate any other M&A opportunity.

若要在這方面更進一步，我們會希望確保能獲得超出合作關係本身所提供的價值；我們也會希望在部分監管動態與該市場的財務面有更清楚的能見度，就像評估任何其他併購機會一樣。

With Kalshi, our investment here has also performed quite well, as you can see in the market. From a TAM, this is really a data story first, and Billy hit on this earlier.

在 Kalshi 方面，我們在這裡的投資表現也相當不錯，正如你在市場上所看到的。從 TAM（總可服務市場）的角度來看，這首先真的是一個數據故事，而 Billy 先前也提到過這點。

We've really spent our time curating a set of event prices that are live on our trading screens, and you can imagine there's quite a bit of engagement, particularly on the Fed event contracts.

我們確實花了很多時間精心整理一組事件價格，並在我們的交易螢幕上即時呈現；你可以想像其中的互動相當多，尤其是在聯準會（Fed）事件合約上。

We see the development of that institutional market further out on the continuum. I'd say we're quite happy with our investment strategy for now.

我們看到那個機構市場在這條發展光譜上正往更遠處延伸。我會說，就目前而言，我們對自己的投資策略相當滿意。

Great. Thank you. Thanks for that.

很好。謝謝你。謝謝你的說明。

Patrick Moley, Piper Sandler.

Patrick Moley，Piper Sandler。

Yes, good morning. Just maybe a question on the outlook. You mentioned that revenues in July were trending up low teens year-over-year.

是的，早安。可能想問一下展望方面的問題。你提到 7 月營收年增趨勢在低十位數。

Would love to hear how you're thinking about the setup for the rest of the quarter and into the back half of the year, then maybe more specifically, with the new Fed leadership, maybe just your comments on how you see that benefiting the industry and Tradeweb moving forward. Thanks.

很想聽聽你們如何看待本季剩餘時間以及下半年整體的布局；另外更具體地，隨著新的聯準會領導層上任，也想請你評論一下你如何看待這對產業以及 Tradeweb 未來發展的助益。謝謝。

Good question, Patrick. I think your question's a really good one. I think you're right. I think Kevin is a gift for our rates business in a very basic way. I think a market that has to form its own view is a better market for us, and I think we saw that yesterday.

好問題，Patrick。我覺得你的問題非常好。我想你說得沒錯。我認為 Kevin 在非常基本的層面上，對我們的利率業務是一份禮物。我認為一個必須形成自身觀點的市場，對我們而言是更好的市場，而我想我們昨天就看到了。

I think it was like twos bonds steepened yesterday on a Fed day. It was a bigger steepener than had happened at any time since the mid-'90s. Right?

我記得昨天在聯準會日，像是 2 年期債券曲線變陡了。那是自 90 年代中期以來任何時候都沒出現過的更大幅度的陡峭化。對吧？

The change is real. I think two things to follow. Dispersion of view widens. In a very basic way, instead of everyone trading off the same signal.

這個變化是真實存在的。我認為有兩件事值得關注：市場觀點的分散度擴大。從最基本的角度來看，不再是所有人都依同一個訊號交易。

I think you get a genuine kind of two-sided debate. Price discovery sort of migrates from eight scheduled meetings to the economic calendar.

我認為你會看到真正的雙向辯論。價格發現某種程度上會從一年八次的例行會議，轉移到經濟數據日程上。

I think every print in a certain way now matters more, and that's a steadier drumbeat of activity and not one big macro moment. Think about it that way.

我認為現在每一次數據公布在某種意義上都更重要了，活動會更像是穩定的鼓點，而不是某一個巨大的宏觀時刻。可以這樣理解。

As you know I think very well, and I think this has been one of the things that has kind of occurred through our business the most over the past year, we don't rely on volatility to drive our story.

如你所知、而且我想你也很清楚，過去一年在我們業務中最明顯發生的一件事之一是：我們不依賴波動率來推動我們的故事。

I think growth accelerated through the quarter, as you know, with June revenue up 20% year-over-year, even as I think Treasury intraday volatility fell about 20% from March levels.

我認為本季成長如你所知有所加速，6 月營收年增 20%；即便我認為美國公債日內波動率較 3 月水準下降了約 20%。

A livelier policy debate is upside on a base case in a certain way that doesn't need it. I think that's kind of an interesting way to say it, and I think you hear me on that.

更活躍的政策辯論，在某種程度上是基準情境之上的上行因素，而我們其實並不需要它。我覺得這是一個有趣的說法，我想你能理解我的意思。

At a high level, I've said this before, I'm going to kind of reassert this, a handful of themes I think that are driving ultimately client activity right now.

在更高層次上，我以前說過，我再重申一次：我認為目前最終驅動客戶活動的有幾個主題。

Growing issuance globally, obviously across government bonds and corporate debt. I don't think we can minimize how important that is.

全球發行量增加，顯然涵蓋政府債與公司債。我認為我們不能低估這件事的重要性。

More debt outstanding means more trading. More debt outstanding means more trading. Diverging central bank rate outlooks, that kind of same dispersion of views. I've talked about how the banks are stronger than ever. I think that's a great setup for us.

未償債務越多就意味著交易越多。未償債務越多就意味著交易越多。各國央行利率展望出現分歧，也就是那種觀點分散。我談過銀行比以往任何時候都更強健。我認為這對我們是很好的布局。

Something we don't talk about as much, I think, is the global de-dollarization, which from our perspective, I think pushes more activity into non-dollar rates.

有一件我們談得沒那麼多的事，我認為是全球去美元化；從我們的角度看，這會把更多活動推向非美元利率。

One of the big kind of rises around our European swaps business. I think clients are obviously increasingly using ETFs to express risk, which is a big deal.

這也是我們歐洲利率交換（swaps）業務大幅成長的原因之一。我認為客戶顯然也越來越多使用 ETF 來表達風險部位，這很重要。

Pulls more kind of credit and rates flow into a workflow that we already own. As that activity grows, more collateral has to move, which accelerates, in a certain way, our financing business. A really, really good backdrop for us. Think about inside of that backdrop, probably a few things.

這會把更多信用與利率的交易流量拉進我們已經掌握的工作流程中。隨著這些活動成長，需要移動的抵押品也會更多，某種程度上會加速我們的融資業務。對我們而言是非常、非常好的大環境。把它放在這個背景下來看，可能還有幾點。

Swaps, from our perspective, are the purest expression of a policy debate. It's the market where we're talking about record risk market share with a long electronification runway ahead. Really, really good stuff there. In a certain way, I think money markets are the underappreciated one.

從我們的角度，利率交換是政策辯論最純粹的表達。這個市場中，我們談的是創紀錄的風險市場份額，而且電子化還有很長的跑道。那裡真的非常好。某種程度上，我認為貨幣市場是被低估的一塊。

I think the Chair would rather shrink the balance sheet than raise rates. That unwind is going to drive our US repo growth. Less talk, more runoff straight into our repo franchise, I think we're really well set up around that. Lots of stuff there.

我認為主席寧可縮減資產負債表也不願升息。那個縮表的回收（unwind）將推動我們美國回購（US repo）的成長。少說、多縮表，直接流入我們的回購業務版圖；我認為我們在這方面的布局非常到位。裡面有很多內容。

I think from our perspective, always, the pace of electronification continues to grow. I think the backdrop is about as strong from our perspective as we've had, feeling really good about directionally where our businesses kind of across the board are headed. Appreciate the question. Thank you very much.

我認為從我們的角度，一如既往，電子化的步伐持續加快。我覺得就我們而言，這個大環境大概是我們所見過最強之一；我們對旗下各項業務整體的發展方向感到非常樂觀。感謝你的提問。非常謝謝。

Yeah. Thank you, Billy.

是的。謝謝你，Billy。

Simon Clinch, Rothschild & Co.

Simon Clinch，Rothschild & Co.。

Hi, Billy. Thanks for taking my question. I was wondering, Billy, if you could talk about the opportunity in mortgages, particularly as you're sort of making strides into new areas like the spec pools. What kind of innovations, protocol launches would help electronic by trading there, and how does that impact the overall fee per million sort of dynamic as well? Thanks.

嗨，Billy。謝謝你回答我的問題。我想請問，Billy，你能否談談房貸（mortgages）方面的機會，特別是你們正逐步進入像是指定池（spec pools）這類新領域。有哪些創新、協議（protocol）上線能夠促進那裡的電子交易？以及這對每百萬（per million）手續費的整體動態會有什麼影響？謝謝。

Yeah, great question. I had made a kind of a joke a couple of quarters ago that, given the kind of historic role that Tradeweb has played in the mortgage industry, I made the joke that they were my favorite child.

是的，很好的問題。我在前幾季開過一個玩笑：鑑於 Tradeweb 在房貸產業中扮演的歷史性角色，我開玩笑說那是我最喜歡的孩子。

I think I'm maybe downgrading them to my third favorite child and putting both a combination of global swaps and credit ahead of them now with all the focus that we have there. That's okay.

我想我可能把它降到我第三喜歡的孩子，因為我們現在把全球利率交換和信用業務的組合放在它前面，投入了很多焦點。沒關係。

They don't know that. Great historic kind of business for us. We've built a leadership position there for many years, and it continues to show results.

他們不會知道這件事。這對我們而言一直是很棒、很有歷史的業務。我們多年來在那裡建立了領導地位，而且持續展現成果。

Year-to-date, mortgage revenues are up kind of almost 14%, with our institutional specified pool revenue growing more than 40% year-to-date.

年初至今，房貸營收成長接近 14%，而我們的機構指定池（specified pool）營收年初至今成長超過 40%。

I was feeling quite bullish about where we were going with our mortgage business as 2026 was starting. I think I was bullish in some ways because I thought rates were going lower.

在 2026 年剛開始時，我對我們房貸業務的走向相當看多。我想我看多的部分原因，是因為我以為利率會走低。

To see the performance of our mortgage business do as well as it's done in a higher rate environment, I think speaks to the maturity of our franchise and how strong we are in that TBA market.

在較高利率環境下，我們房貸業務仍能有這麼好的表現，我認為這反映了我們平台的成熟度，以及我們在 TBA 市場的強勢地位。

As you know, pools are different. Only about 20% to 25% of institutional trading in pools is electronic today, which in a certain way implies obviously a long runway there.

如你所知，池券（pools）是不同的。目前機構在池券的交易中，只有約 20% 到 25% 是電子化，這在某種程度上顯示那裡顯然還有很長的成長跑道。

We've been a leader in driving that transition, and today we hold the leading share of institutional electronic pool market. It doesn't completely, perfectly resemble the credit market, you can understand from a very basic perspective, it trades on spread.

我們一直是推動這個轉型的領導者，而目前我們在機構電子化池券市場中擁有領先的市占。它並不完全、也不完美地像信用市場；從最基本的角度你可以理解，它是以利差（spread）交易。

It tends to trade on bid lists and offer lists. I think there is a tremendous amount of innovation and transparency that we will continue to bring into the equation around the pool business. We have all the clients, we have the connectivity to the most important dealers.

它往往透過買價清單（bid lists）與賣價清單（offer lists）來交易。我認為在池券業務上，我們會持續帶來大量的創新與透明度。我們擁有所有客戶，也具備與最重要交易商的連線能力。

We have the reputation from the role that we've played, both on the wholesale and institutional side, in TBAs.

我們也憑藉在 TBA 的批發端與機構端所扮演的角色，建立了聲譽。

We're bringing a pretty strong combination of things and focus into that equation, and we have the data. We feel really, really good about the role that we're playing in pools. It's a big area of focus for us inside of our rates complex.

我們把一個相當強的組合與專注度帶進這個領域，而且我們也有數據。我們對自己在池券中扮演的角色感到非常、非常有信心。這是我們在利率產品版圖中一個重點聚焦的領域。

The other thing which you know really well is that the pool fee per million is obviously higher because it's a less liquid instrument than TBAs or commercial, and just another reason why we're going to apply our kind of leading-edge lens into that area of the world.

另外一點你也很清楚：池券的每百萬（per million）手續費顯然更高，因為它的流動性比 TBA 或商業（commercial）產品更差；這也是我們會把前沿視角應用到這個領域的另一個原因。

Busy company, as you know really well, and whether or not they're my favorite child or third favorite child, you're going to get a lot of focus from us as a company in that part of the mortgage complex. Thanks for the question. Appreciate it.

如你所知，我們是一家很忙的公司；不管它是我最喜歡的孩子還是第三喜歡的孩子，作為公司，我們都會在房貸產品版圖的那一塊投入很多關注。謝謝你的提問。很感謝。

Thanks, Billy. Thank you.

謝謝，Billy。謝謝你。

Thank you. This does conclude our Q&A session, and I will now turn the call back over to Billy for closing remarks.

謝謝。問答環節到此結束，接下來我將把電話交回給 Billy 作結語。

Busy morning. Thank you all for joining us. As always, super appreciated. Any follow-up questions, obviously feel free always to reach out to Ashley, Sameer, and the team. Hope everyone has a great day. Thank you all so much.

今天早上很忙。謝謝各位加入我們。一如既往，我們非常感激。如有任何後續問題，當然也歡迎隨時聯繫 Ashley、Sameer 以及團隊。祝大家今天愉快。非常謝謝各位。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。