Virtu Financial Inc (VIRT) 2023 Q1 法說會逐字稿

Hello, and welcome to the Virtu Financial First Quarter 2023 Results. My name is Elliot, and I'll be coordinating your call today. (Operator Instructions) I'd now like to hand over to Andrew Smith, Head of Investor Relations. The floor is yours. Please go ahead.

您好，歡迎閱讀 Virtu Financial 2023 年第一季度業績。我叫 Elliot，今天我將負責協調您的來電。 （操作員說明）我現在想交給投資者關係主管安德魯·史密斯。地板是你的。請繼續。

Thank you, Elliot, and good morning. Thank you, everyone, for joining us. Our first quarter results were released this morning and are available on our website. With us today on this morning's call, we have Mr. Douglas Cifu, our Chief Executive Officer; Mr. Joseph Molluso, our Co-President and Co-Chief Operating Officer; Ms. Cindy Lee, our Deputy Chief Financial Officer; and Mr. Sean Galvin, our Chief Financial Officer. We will begin with prepared remarks and then take your questions. First, a few reminders.

謝謝你，埃利奧特，早上好。謝謝大家加入我們。我們的第一季度業績於今天上午發布，可在我們的網站上查閱。在今天上午的電話會議上，有我們的首席執行官 Douglas Cifu 先生；我們的聯席總裁兼聯席首席運營官 Joseph Molluso 先生；我們的副首席財務官 Cindy Lee 女士；和我們的首席財務官 Sean Galvin 先生。我們將從準備好的評論開始，然後回答您的問題。首先，幾點提醒。

Today's call may include forward-looking statements, which represent Virtu's current belief regarding future events and are, therefore, subject to risks, assumptions and uncertainties, which may be outside the company's control. Please note that our actual results and financial conditions may differ materially from what is indicated in these forward-looking statements. It is important to note that any forward-looking statements made on this call are based on information presently available to the company, and we do not undertake to update or revise any forward-looking statements as new information becomes available.

今天的電話會議可能包含前瞻性陳述，這些陳述代表 Virtu 目前對未來事件的看法，因此受到風險、假設和不確定性的影響，這些可能超出公司的控制範圍。請注意，我們的實際結果和財務狀況可能與這些前瞻性陳述中的內容存在重大差異。重要的是要注意，在本次電話會議上做出的任何前瞻性陳述都是基於公司目前可獲得的信息，我們不承諾在新信息可用時更新或修改任何前瞻性陳述。

We refer you to disclaimers in our press release and encourage you to review the description of risk factors contained in our annual report on Form 10-K and other public filings. During today's call, in addition to GAAP measures, we may refer to certain non-GAAP measures, including adjusted net trading income, adjusted net income, adjusted EBITDA, adjusted EBITDA margin. These non-GAAP measures should be considered as supplemental to and not as superior to financial measures as reported in accordance with GAAP. We direct listeners to consult the Investor portion of our website, where you'll find additional supplemental information referred to on this call as well as a reconciliation of non-GAAP measures to the equivalent GAAP term in the earnings materials with an explanation of why we deem this information to be meaningful as well as how management uses these measures.

我們建議您參閱我們新聞稿中的免責聲明，並鼓勵您查看我們的 10-K 表格年度報告和其他公開文件中對風險因素的描述。在今天的電話會議中，除了 GAAP 指標外，我們可能會參考某些非 GAAP 指標，包括調整後的淨交易收入、調整後的淨收入、調整後的 EBITDA、調整後的 EBITDA 利潤率。這些非 GAAP 措施應被視為補充而非優於根據 GAAP 報告的財務措施。我們指導聽眾諮詢我們網站的投資者部分，在那裡您會找到本次電話會議中提到的其他補充信息，以及非 GAAP 措施與收益材料中等效 GAAP 術語的對賬，並解釋我們為什麼認為這些信息是有意義的，以及管理層如何使用這些措施。

And with that, I'd like to turn the call over to Doug.

有了這個，我想把電話轉給道格。

Thank you, Andrew, and good morning, everybody. This morning, we reported our first quarter results for the quarter ended March 31. Virtu earned $0.74 of adjusted EPS on $6 million per day of adjusted net trading income. Focusing as always on expense discipline, we generated a 56% adjusted EBITDA margin and $207 million of adjusted EBITDA. I am pleased with our results this quarter as compared to the fourth quarter of 2022 as this quarter's headline market metrics were mixed overall.

謝謝安德魯，大家早上好。今天早上，我們報告了截至 3 月 31 日的季度的第一季度業績。Virtu 每天調整後的淨交易收入為 600 萬美元，調整後的每股收益為 0.74 美元。一如既往地關注費用紀律，我們產生了 56% 的調整後 EBITDA 利潤率和 2.07 億美元的調整後 EBITDA。與 2022 年第四季度相比，我對本季度的業績感到滿意，因為本季度的總體市場指標喜憂參半。

Realized volatility was down significantly 32% and U.S. equity volumes were up 5%. As always, we look at specific internal metrics for each of our businesses, and I'm happy to report that this quarter, we met or exceeded our benchmarks in all cases. Our proprietary market-making business did especially well in the quarter, driven by a particularly strong performance in global currencies and continued strong performances in [Goldman] commodities as well as European equities.

實際波動率大幅下降 32%，美國股票交易量上升 5%。與往常一樣，我們會查看每項業務的具體內部指標，我很高興地報告本季度，我們在所有情況下都達到或超過了我們的基準。我們的專有做市商業務在本季度表現特別出色，這得益於全球貨幣表現特別強勁以及 [高盛] 商品和歐洲股票的持續強勁表現。

We continue to see the benefits of increased internalization opportunities across the firm's various trading debts. In addition, our growth initiatives continue to contribute meaningfully and generated 11% of our adjusted net trading income this quarter with continued growth in options Market Making as the biggest driver. Our customer market making business performed well against the opportunity presented, which was materially better than the fourth quarter of 2022. I'm very pleased with the $278 million in adjusted net trading income from Market Making this quarter a 53% increase from last quarter. Execution Services also improved over the fourth quarter, delivering $95 million of adjusted net trading income.

我們繼續看到公司各種交易債務內部化機會增加的好處。此外，我們的增長計劃繼續做出有意義的貢獻，並在本季度產生了我們調整後淨交易收入的 11%，其中期權做市的持續增長是最大的驅動力。我們的客戶做市商業務在所提供的機會面前表現良好，明顯好於 2022 年第四季度。我很高興本季度做市商調整後的淨交易收入為 2.78 億美元，比上一季度增長 53%。執行服務在第四季度也有所改善，實現了 9500 萬美元的調整後淨交易收入。

While institutional activity remained muted, volatility in March did prompt some increased activity as clients adjusted their portfolios. We are currently pursuing several exciting initiatives that we believe will contribute to the growth of this segment, specifically, ongoing investments in Triton and data analytics on the fixed income offering have proven successful, resulting in new mandates and helping us win new clients and retain existing business. It's still early days, but we expect that the uptake in institutional clients' use of automation, API in the case of our data analytics and workflow automation in Triton will bear fruit over the course of this year.

雖然機構活動仍然低迷，但隨著客戶調整其投資組合，3 月份的波動確實促使一些活動有所增加。我們目前正在推行多項激動人心的舉措，我們相信這些舉措將有助於這一領域的增長，具體而言，對 Triton 的持續投資和對固定收益產品的數據分析已被證明是成功的，從而產生了新的授權並幫助我們贏得新客戶並留住現有客戶商業。現在還處於早期階段，但我們預計機構客戶在 Triton 的數據分析和工作流自動化方面對自動化、API 的使用將在今年取得成果。

Finally, we've noticed an increased number of clients leveraging more aspects of our platform for the full life cycle of a trade to achieve scale and cost savings. As a reminder, our VES platform, as is the case across Virtu was intentionally designed with a focus on scalability, reliability and ease of use. This allows our clients to optimize their workflows, reduce costs and increase productivity at every stage of the trade process. Overall, our businesses continue to grow and demonstrated impressive yield this quarter in a market environment that was mixed in terms of the opportunity afforded by the marketplace.

最後，我們注意到越來越多的客戶在交易的整個生命週期中利用我們平台的更多方面來實現規模和成本節約。提醒一下，我們的 VES 平台，就像整個 Virtu 的情況一樣，是有意設計的，專注於可擴展性、可靠性和易用性。這使我們的客戶能夠在貿易流程的每個階段優化他們的工作流程、降低成本並提高生產力。總體而言，我們的業務在本季度繼續增長，並在市場提供的機會參差不齊的市場環境中展示了令人印象深刻的收益。

While a large part of our business is variable and any quarter can deliver a range of outcomes, especially when viewed against the headline volume and volatility metrics this quarter is a reminder that Virtu has a broad business that is capable -- that is able to capitalize on opportunities, not just in retail trading, but in a myriad of global asset classes. We continue to see important success in our growth initiatives. And on Page 5 of the supplemental materials, you will see how these initiatives contributed meaningfully to our performance.

雖然我們的大部分業務是可變的，而且任何一個季度都可以產生一系列結果，尤其是從本季度的總體交易量和波動性指標來看，這提醒我們 Virtu 擁有廣泛的業務能力——能夠利用機會，不僅在零售交易中，而且在無數的全球資產類別中。我們繼續看到我們的增長計劃取得了重要的成功。在補充材料的第 5 頁，您將看到這些舉措如何對我們的績效做出有意義的貢獻。

In the first quarter, our growth initiatives generated over $650,000 per day of adjusted net trading income, an increase of over 13% compared to the prior quarter and the highest level since the first quarter of '22. In total, these initiatives represent 11% of our adjusted net trading income in the quarter. To highlight just a handful of our growth initiatives, our options business, which we launched just a few years ago, is thriving and will continue to grow. Market-wide option volumes were up about 8% in the first quarter and options business continued to perform well. We continue to incrementally expand our symbol universe, and we look forward to another record year building on what was achieved since the beginning of this business from scratch in 2019.

在第一季度，我們的增長計劃每天產生超過 650,000 美元的調整後淨交易收入，與上一季度相比增長超過 13%，是 22 年第一季度以來的最高水平。總的來說，這些舉措占我們本季度調整後的淨交易收入的 11%。為了突出我們的一些增長計劃，我們幾年前推出的期權業務正在蓬勃發展並將繼續增長。第一季度全市場期權交易量增長約 8%，期權業務繼續表現良好。我們繼續逐步擴大我們的符號世界，我們期待在自 2019 年從頭開始這項業務以來所取得的成就的基礎上再創紀錄。

As we've mentioned previously, we are in the very early days of our expansion into options and believe the global cross-asset opportunity had a significant and complements our global footprint in equities, ETFs, Futures and OTC products. Our global ETF block initiative is also contributing meaningfully to our results and had one of its best quarters since 2021 despite global ETP volumes declining in the period. While it remains early in the year, first quarter performance here was 20% better than the average adjusted net trading income we achieved in full year 2022.

正如我們之前提到的，我們正處於向期權擴張的早期階段，我們相信全球跨資產機會對我們在股票、ETF、期貨和場外交易產品方面的全球足跡具有重要的補充作用。我們的全球 ETF 區塊計劃也對我們的業績做出了有意義的貢獻，儘管全球 ETP 交易量在此期間有所下降，但仍是自 2021 年以來最好的季度之一。雖然仍處於年初，但第一季度的業績比我們在 2022 年全年實現的平均調整後淨交易收入高 20%。

This growing global business continues to onboard clients around the world that demand our liquidity. Taken together, these and our other growth initiatives are making tremendous progress and all our initiatives are helping to raise our baseline performance in any market environment throughout the cycle. While these initiatives will fluctuate at any point in time with the market environment, they are evidence of our ability to build businesses from the ground up in a deliberate and incremental Virtuian-style.

這一不斷增長的全球業務繼續吸引著世界各地需要我們流動性的客戶。總而言之，這些和我們的其他增長計劃正在取得巨大進展，我們所有的計劃都有助於提高我們在整個週期的任何市場環境中的基準績效。儘管這些舉措會隨市場環境隨時波動，但它們證明了我們有能力以深思熟慮和漸進的 Virtuian 風格從頭開始建立業務。

Turning to the current regulatory debate. I will be brief as Virtu has been outspoken to say the least, publicly in commenting on the significant overhaul of the U.S. equity market proposal as proposed by the current SEC jure. Except for the proposal to enhance Rule 605, there is broad opposition to the proposals, as noted in our joint comment letter with State Street, (inaudible), excuse me, CBOE and UBS as well as dozens of individual comment letters from asset managers, pensions, exchanges, retail brokers, academics, sell-side brokers and issuer groups which all echo concerns about potential harms to investors and capital formation from the chairs unchecked and holy politically motivated experiments.

轉向當前的監管辯論。我會很簡短，因為 Virtu 一直直言不諱地公開評論美國證券交易委員會現任法官提出的對美國股票市場提案的重大改革。除了加強規則 605 的提議外，正如我們在與 State Street 的聯合評論信（聽不清）、芝加哥期權交易所和瑞銀以及資產管理公司的數十封個人評論信中所指出的那樣，這些提議遭到廣泛反對，養老金、交易所、零售經紀商、學術界、賣方經紀商和發行人團體都回應了對投資者和資本形成的潛在危害的擔憂，這些擔憂源於主席們未經檢查的、神聖的出於政治動機的實驗。

I would urge you to review the thoughtful comment letters filed by this broad and diverse group of investors and industry participants, not just the virtues of the world. In today's supplemental materials, we've included exerts that demonstrates the broad-based consensus for a phased and methodical approach to market enhancements. Thankfully, the abbreviated common period has exposed the significant issues with these proposals and illustrates how harmful, unworkable and ill-conceived they are to the entire market. Our share buyback program has continued through April 19, we have purchased 4.6 million shares so far this year, exceeding our target ranges at given levels of adjusted net trading income.

我敦促您查看由這一廣泛而多元化的投資者和行業參與者組成的群體提交的深思熟慮的評論信，而不僅僅是世界的美德。在今天的補充材料中，我們已經包含了一些努力，這些努力證明了對分階段和有條理的市場增強方法的廣泛共識。值得慶幸的是，縮短的共同期限暴露了這些提案的重大問題，並說明了它們對整個市場的危害、不可行和考慮不周。我們的股票回購計劃一直持續到 4 月 19 日，今年迄今為止我們已經購買了 460 萬股股票，超過了我們在給定的調整後淨交易收入水平下的目標範圍。

We are often asked about future nonorganic growth opportunities, including new acquisitions. Our answer is while we always seek to create value and we review many opportunities, but given the abundance of organic opportunities we currently have, there is no third-party investment we see today that competes with executing on our initiatives and repurchasing our own shares. Since we initiated our share repurchase program, we have repurchased 14% of the fully diluted shares of Virtu net after new issuances. We will continue to use our significant excess cash flow to repurchase shares and return capital to our shareholders while maintaining our $0.96 annual dividend.

我們經常被問及未來的非有機增長機會，包括新的收購。我們的答案是，雖然我們一直在尋求創造價值並且我們審查了許多機會，但鑑於我們目前擁有的大量有機機會，我們今天看到沒有第三方投資與執行我們的計劃和回購我們自己的股份競爭。自我們啟動股票回購計劃以來，我們已經在新發行後回購了 14% 的完全攤薄的 Virtu net 股票。我們將繼續使用我們大量的過剩現金流來回購股票並將資本返還給我們的股東，同時維持我們 0.96 美元的年度股息。

And with that, I will turn it over to our esteemed CFO, Sean Galvin. Sean?

有了這個，我將把它交給我們尊敬的首席財務官 Sean Galvin。肖恩？

Thank you, Doug, and good morning, everyone. On Slide 3 of our supplemental materials, we provided a summary of our quarterly performance. For the first quarter of 2023, our adjusted net trading income or [ANTI], which represents our trading gains, net of direct trading expenses, totaled $373 million or $6 million per day, which is a 38% increase from the prior quarter. Market Making adjusted net trading income was $278 million or $4.5 million per day, 53% higher than the prior quarter.

謝謝你，道格，大家早上好。在補充材料的幻燈片 3 中，我們提供了季度業績摘要。 2023 年第一季度，我們調整後的淨交易收入或 [ANTI] 代表我們扣除直接交易費用後的交易收益，總計 3.73 億美元或每天 600 萬美元，比上一季度增長 38%。做市調整後淨交易收入為 2.78 億美元或每天 450 萬美元，比上一季度增長 53%。

Execution Services, adjusted net trading income was $95 million or $1.5 million per day, which is an 8% increase from the prior quarter. Our first quarter 2023 normalized adjusted EPS was $0.74. Adjusted EBITDA was $207 million for the first quarter of 2023, which was a 65% increase from the fourth quarter and our adjusted EBITDA margin was 56%, which is up from 46% in the fourth quarter of 2022.

執行服務，調整後的淨交易收入為 9500 萬美元或每天 150 萬美元，比上一季度增長 8%。我們 2023 年第一季度標準化調整後每股收益為 0.74 美元。 2023 年第一季度調整後的 EBITDA 為 2.07 億美元，比第四季度增長 65%，我們調整後的 EBITDA 利潤率為 56%，高於 2022 年第四季度的 46%。

On Slide 8, we provided a summary of our operating expense results. For the first quarter of 2023, we recorded $181 million of adjusted operating expenses, which was essentially flat year-over-year. We continue to maintain an efficient cost structure, disciplined expense management, which has helped us control our operating expenses during this inflationary environment.

在幻燈片 8 中，我們提供了運營費用結果的摘要。 2023 年第一季度，我們記錄了 1.81 億美元的調整後運營費用，與去年同期基本持平。我們繼續保持高效的成本結構和嚴格的費用管理，這有助於我們在這種通脹環境下控制運營費用。

Financing interest expense was $24 million for the first quarter of 2023 compared to $21 million for the prior year first quarter. With the benefit of our interest rate swap contracts, which we entered into in the prior years, our blended interest rate was just over 5% for our long-term debt in aggregate. Our capitalization remains adequate. In the first quarter of 2023, we repurchased 3.9 million shares for approximately $76 million. Since the inception of our share repurchase program in November 2020 through settlement date, April 19, we have repurchased a total of 36.9 million shares for approximately $987.2 million. We remain committed to our $0.24 per quarter dividend. And combined -- the combination of this dividend and the share repurchase program demonstrates our continued commitment to return capital to our shareholders.

2023 年第一季度的融資利息支出為 2400 萬美元，而去年第一季度為 2100 萬美元。得益於我們在前幾年簽訂的利率互換合同，我們長期債務的綜合利率略高於 5%。我們的資本充足。 2023 年第一季度，我們以約 7600 萬美元回購了 390 萬股股票。自我們的股票回購計劃於 2020 年 11 月啟動到結算日 4 月 19 日，我們已以約 9.872 億美元的價格回購了總計 3690 萬股股票。我們仍然致力於每季度 0.24 美元的股息。結合起來——這次股息和股票回購計劃的結合表明我們繼續致力於向股東返還資本。

Now I would like to turn the call over to the operator for the Q&A.

現在我想把電話轉給接線員進行問答。

(Operator Instructions) First question today comes from Rich Repetto from Piper Sandler.

（操作員說明）今天的第一個問題來自 Piper Sandler 的 Rich Repetto。

Yes. So first, congrats on the strong quarter here. And I guess my question, Doug, is when you look at the $0.74 you put up this quarter and you look at the last 4 quarters, has it told you -- is there anything more to learn about the normalized earnings potential of the company. So if you look at the last 4 quarters, like $2 -- a little bit over $2.40 but is there anything that investors should take from, I guess, the strong quarter or any of the last year, I guess?

是的。首先，祝賀這裡的強勁季度。道格，我想我的問題是，當您查看本季度的 0.74 美元並查看過去 4 個季度時，它是否告訴您 - 關於公司的正常盈利潛力還有什麼需要了解的。因此，如果你看看過去 4 個季度，比如 2 美元——略高於 2.40 美元，但我想投資者應該從強勁的季度或去年的任何一個季度中得到什麼？

Yes. Thank you, Rich. It's a great question. I appreciate it. I think this quarter is just a reminder that, as I said, in my prepared remarks that Virtu has had a broad business, and we're able to capitalize on opportunities. I think for better or worse, this (inaudible) around retail trading. I don't mean to minimize it, obviously, but obviously, it's been kind of front and center, and helps perpetuate the front and centerness of it by being in the firm, by being very front-footed on it, I think, has overshadowed a lot of what Virtu is. And you remember, because you've been following us since we first went public, we didn't have a retail business until 2017.

是的。謝謝你，里奇。這是一個很好的問題。我很感激。我認為本季度只是一個提醒，正如我所說，在我準備好的發言中，Virtu 擁有廣泛的業務，我們能夠利用機會。我認為無論好壞，這（聽不清）圍繞零售交易。顯然，我並不是要最小化它，但顯然，它一直處於前沿和中心位置，並且通過在公司中，通過非常積極地參與其中來幫助延續它的前沿和中心位置，我認為，已經掩蓋了很多 Virtu 是什麼。你還記得，因為自從我們第一次上市以來你就一直在關注我們，所以我們直到 2017 年才開展零售業務。

And we have a very broad-based market making business that can generate -- continue to -- is growing and can generate outsized returns. The other thing that I highlighted in my remarks, and I've mentioned on previous calls and in discussions with you all is we have a very, very strong one-firm culture here. I almost -- in my prepared remarks, I almost cringe when I say trading depth because that provides a connotation that we have like pods and separate things and trader payouts and all the stuff that is traditionally present in the trade front. That's not Virtu never has been, right?

我們有一個基礎非常廣泛的做市業務，可以產生 - 繼續 - 正在增長並且可以產生超額回報。我在發言中強調的另一件事，我在之前的電話會議和與大家的討論中都提到過，我們這裡有非常非常強大的單一公司文化。我幾乎——在我準備好的發言中，當我說到交易深度時，我幾乎感到畏縮，因為這提供了一種內涵，即我們擁有像豆莢和獨立的東西、交易者的支出以及傳統上存在於貿易前沿的所有東西。這不是 Virtu 從來沒有，對吧？

And so the thesis, one of the thesis of acquiring Knight and ITG was to effectively create this internalization mechanism within the firm where we could extract additional efficiencies, obviously, from an execution perspective. But more importantly, as Vinnie always says, to enable us to be the best bid in the offer in every asset class around the world, right? It just has heightened the efficiency. And so if you have a stand-alone firm, that's an options market maker, is an equities market maker, it does commodities or even within larger institutions where there's a constant push and pull of P&L and attribution and all the stuff that goes on in other firms, that denigrates from that mission.

因此，收購奈特和 ITG 的論點之一是在公司內部有效地創建這種內部化機制，顯然，從執行的角度來看，我們可以從中提取額外的效率。但更重要的是，正如 Vinnie 常說的那樣，使我們能夠成為全球每個資產類別中報價中的最佳出價，對嗎？它只是提高了效率。因此，如果你有一個獨立的公司，它是一個期權做市商，是一個股票做市商，它做商品，甚至在更大的機構中，這些機構不斷推動和拉動 P&L 和歸因以及所有發生的事情其他公司，詆毀該使命。

At Virtu, because of the ethos and the culture that have been instilled in the firm when we first got started, everything is about one firm and everything is about like internalization. And as we have gotten broader and scaled, retail, non-retail, equities, commodities, equities linked products, options with the delta hedge. All of that just presents an opportunity for obviously reducing cost by not going outside the firm. For hedging or for risk management, right? You can internalize that. But it just provides additional synergies and opportunities within the firm. So again, very happy with the progress we have made in that regard. To use a very, very overused term, we've got a great central risk book being developed in the firm.

在 Virtu，由於我們剛開始時灌輸給公司的精神和文化，一切都關於一個公司，一切都像內部化。隨著我們變得更廣泛和規模化，零售、非零售、股票、商品、股票掛鉤產品、三角洲對沖期權。所有這些都提供了一個機會，可以通過不走出公司來明顯降低成本。用於對沖或風險管理，對嗎？你可以將其內化。但它只是在公司內部提供了額外的協同效應和機會。因此，再次對我們在這方面取得的進展感到非常高興。使用一個非常非常過度使用的術語，我們公司正在開發一本很棒的中央風險手冊。

Joe, you have some...

喬，你有一些...

Yes. Rich, it's an interesting comment you make. The looking back over the past 4 quarters, $2.45 of EPS, you round number is $5.5 million of net trading income. We've had a lot of discussion about kind of our chart and the various levels of EPS it generates. I would say there's lots of different ways to look at this. If you want to look at it over the short-term, I think your comment is fair. I think that's a reasonable way to look at it in terms of that level of net trading income and earnings.

是的。 Rich，你的評論很有趣。回顧過去 4 個季度，EPS 為 2.45 美元，淨交易收入為 550 萬美元。我們已經就我們的圖表類型及其生成的不同級別的 EPS 進行了很多討論。我會說有很多不同的方式來看待這個問題。如果你想從短期來看，我認為你的評論是公平的。我認為，從淨交易收入和收益水平來看，這是一種合理的看待方式。

I'd say if you want to look at it over a longer-term, and when we were at FIA, 6 weeks ago, whatever it was, we noted what our pro forma performance has been since we went public, if you included ITG and KCG in the numbers, and it's around 6 on an average basis. And so I would hope to that on a longer-term basis that we should be there, given growth and then given the outsized quarters which happen inevitably. And then the third layer, I would say, to consider both for the short term and the long term is the impact of the buybacks, right?

我想說，如果你想從長遠來看，當我們在國際汽聯時，6 週前，不管是什麼，我們注意到自上市以來我們的備考表現，如果你包括 ITG和 KCG 在數量上，平均約為 6。因此，我希望從長遠來看，我們應該在那裡，考慮到增長，然後考慮到不可避免地發生的超大季度。然後第三層，我想說，要同時考慮短期和長期是回購的影響，對嗎？

So we've got -- since we started the buyback program. It's, again, round numbers, $1 billion of stock that we bought back and it's 14% of the company, net of issuances for our compensation. So I think as an emerging way to frame it, I think that's fair.

所以我們有 - 自從我們啟動回購計劃以來。這又是一個整數，我們回購了 10 億美元的股票，占公司 14% 的股份，扣除了我們的補償發行。所以我認為作為一種新興的構建方式，我認為這是公平的。

Got it. And I think you're referring to -- being $6 million NTI and being around...

知道了。而且我認為你指的是 - 600 萬美元的 NTI 並且在......

(inaudible) per day over a very long period of time, yes.

（聽不清）在很長一段時間內每天，是的。

Yes. So that's helpful. Very helpful. And then my quick -- I don't want this quick, but the follow-up would be thank you for all the laborious work you did on going through these comment letters and presenting it in the format you did. It's very helpful. I think investors just want to know if you could briefly summarize what's next? What's next in the process? And what can we expect?

是的。所以這很有幫助。很有幫助。然後是我的快速--我不想這麼快，但後續將感謝你們在審閱這些評論信並以你們所做的格式展示它時所做的所有艱苦工作。這非常有幫助。我認為投資者只是想知道您是否可以簡要總結一下下一步是什麼？下一步是什麼？我們可以期待什麼？

Yes. Yes. Thanks, Rich. I'll try to be professional in my remarks. Look, I mean, it was a title wave of comment letters that have come in. You would think and traditionally, and if they follow the law, there has to be a long and thoughtful process internally at the SEC where they review the comment letters. And the point that I made in my prepared remarks is, I think -- and Gensler even said at a Bloomberg conference not that long ago, like he's dismissive of certain industry comments, which I thought was just a shameful comment, frankly, but he's dismissive of industry comments because we have an interest in it or I'm paraphrasing.

是的。是的。謝謝，里奇。我會盡量保持專業的發言。看，我的意思是，這是一波評論信的標題。你會認為，傳統上，如果他們遵守法律，美國證券交易委員會內部必須有一個漫長而深思熟慮的過程，他們審查評論信.我在準備好的發言中提出的觀點是，我認為——Gensler 不久前甚至在彭博社的一次會議上說，他對某些行業評論不屑一顧，坦率地說，我認為這只是一個可恥的評論，但他對行業評論不屑一顧，因為我們對此感興趣，或者我在解釋。

But I think if you look at the totality of what has been received, and that's why we provided this summary. And you look at the participants, the notion that my friends at the New York Stock Exchange would put out a comment letter publicly with Citadel in with Schwab that essentially says, look, we would be the beneficiaries of this auction proposal because presumably, they would have an auction format that would satisfy the new rule, and we would be obligated along with the other wholesalers to route orders there. When the New York Stock Exchange stands up and says, we don't think this makes any sense, Gary, please withdraw this comment.

但我想如果你看看收到的全部內容，這就是我們提供此摘要的原因。你看看參與者，我在紐約證券交易所的朋友們會與 Citadel 和 Schwab 一起公開發表評論信，本質上說，看，我們將成為此次拍賣提案的受益者，因為大概，他們會有一個滿足新規則的拍賣形式，我們將有義務與其他批發商一起將訂單發送到那裡。當紐約證券交易所站起來說，我們認為這沒有任何意義時，加里，請撤回此評論。

And Nasdaq is the same thing in CBOE our friends -- Tilly did the same thing. You have the 3 major exchange groups saying, we don't think that this makes any sense. When you have the Department of Justice on its own volition putting out a comment letter that says we think that, that these rules are not properly integrated together and don't make a great deal of sense, right? Another arm of the United States government is criticizing the SEC. I mean, to me, these are just -- how can you ignore that in good conscience of the regulator?

納斯達克在 CBOE 中也是一樣，我們的朋友 - Tilly 也做了同樣的事情。你有 3 個主要的交流團體說，我們認為這沒有任何意義。當司法部自願發表評論信時，我們認為這些規則沒有正確整合在一起並且沒有多大意義，對嗎？美國政府的另一個部門正在批評美國證券交易委員會。我的意思是，對我來說，這些只是 - 你怎麼能本著監管者的良心忽視它呢？

And certainly, you can't do that consistent with the obligations that the SEC and the Chair has under the Administrative Procedures Act. So it would be foolhardy for him to proceed on this basis in my view. And so I think the right thing to do would be to engage the industry in a meaningful dialogue, which he had heretofore not done. Just like prior SEC did in 2004, '05, '06, you remember quite well when there was another discussion around a major overhaul of the U.S. equities market Reg NMS, and that took years of deliberation. Nobody in the industry is saying that there shouldn't be reforms. What we are saying is these rush ill-conceived proposals that don't integrate very well.

當然，您不能按照美國證券交易委員會和主席根據《行政程序法》承擔的義務這樣做。因此，在我看來，他在此基礎上進行下去是魯莽的。因此，我認為正確的做法是讓該行業參與有意義的對話，這是他迄今為止沒有做過的。就像美國證券交易委員會在 2004 年、05 年、06 年所做的那樣，你記得很清楚，當時圍繞美國股票市場 Reg NMS 的重大改革進行了另一次討論，這需要多年的審議。業內沒有人說不應該進行改革。我們所說的是這些匆忙的、考慮不周的提議，它們並沒有很好地整合在一起。

Let me just give you one example. There's a proposal that says, we should update Rule 605 and present data on retail execution in a more fulsome format. Virtu proposed this 2 years ago. Citadel, everybody agrees with that. And so the SEC in putting out that proposal is essentially saying, we don't have complete data today, okay? Then there's another proposal, the auction proposal, where they're suggesting a major change to the retail market. How in the world are you proposing a change to retail market when you are saying that the yardstick is broken.

讓我舉一個例子。有一項提案說，我們應該更新規則 605 並以更全面的格式呈現零售執行數據。 Virtu 於 2 年前提出了這一點。城堡，每個人都同意這一點。因此，美國證券交易委員會提出該提案實質上是在說，我們今天沒有完整的數據，好嗎？然後是另一個提案，即拍賣提案，他們建議對零售市場進行重大變革。當你說標準被打破時，你究竟是如何提議改變零售市場的？

I mean it just defies logic. And so I think everyone should just take a deep breath, take a step back and engage this conversation deliberately and collaboratively. And I think we have never said we don't want the exchanges to have the ability to compete on a level playing field, right? But there needs to be a data-driven scientific almost approach to this. These markets are too important and our prominence as the leading capital markets center in the world and the impact that, that has on capital formation is just too important to muck around, as I have said many times, in my view, solely for political purposes.

我的意思是它只是違背邏輯。所以我認為每個人都應該深吸一口氣，退後一步，有意識地、協作地參與這場對話。而且我想我們從來沒有說過我們不希望交易所有能力在公平的競爭環境中競爭，對吧？但是需要有一種數據驅動的科學方法來解決這個問題。這些市場太重要了，我們作為世界領先的資本市場中心的地位及其對資本形成的影響太重要了，我認為，正如我多次說過的那樣，僅僅出於政治目的。 .

So I will now get off my stope box and I will take the next question. Thank you, Rich.

所以我現在將離開我的採場箱，我將回答下一個問題。謝謝你，里奇。

Our next question comes from Alex Blostein from Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

I wanted to go back, Doug, to your point about internalization and the more sort of efficiencies you guys have been able to extract from the business. And we can sort of see it in the results like we had this quarter, right, where the public proxies were not as good relative to what you ended up putting up. But is there a better way to frame the opportunity to do more of that? Like if you kind of think about -- and I know it's a tough question to answer, but for us, looking from the outside, if we were to think of all else equal, how much more net trading per day would you be able to extrapolate from your ecosystem?

道格，我想回到你關於內部化的觀點，以及你們能夠從業務中獲得的更多效率。我們可以在本季度的結果中看到它，對吧，公共代理相對於你最終提出的結果來說並不那麼好。但是有沒有更好的方法來構建機會來做更多的事情呢？就像你想一想——我知道這是一個很難回答的問題，但對我們來說，從外部來看，如果我們認為其他一切都一樣，那麼你每天能多做多少淨交易從您的生態系統推斷？

What would that look like relative to what you're doing today?

相對於你今天所做的事情，那會是什麼樣子？

Yes. Well, it's a great question, and I'm not going to try to avoid it. It's really hard to come up with an exact where does this -- obviously, you can look at like what we pay exchanges and ATSs and our broker commission expense line, right? And there's obviously a significant cost there. So there's the cost savings.

是的。好吧，這是一個很好的問題，我不會試圖迴避它。真的很難想出一個確切的位置——顯然，你可以看看我們支付給交易所和 ATS 的費用以及我們的經紀人佣金費用線，對吧？那裡顯然有很大的成本。所以有成本節約。

I mean I will say we had our highest adjusted net trading day from internalization, if you will, since the KCG merger in 2017 this quarter, right? So we continue to grow, if you will, on a kind of opportunity basis. I think the important thing, and I mentioned it in response, I think, to Richard's first question is, what it does, though, is just make the firm more excellent and enables us to be more aggressive around pricing to clients and the prices, et cetera, that we can post on public markets and dark pools around the world. So it just makes you a better market maker. That's always been the thesis that was drilled into my head by Vinnie in 2007 and '08 when we were starting this firm, right, which is how do you become the most efficient two-sided provider of liquidity.

我的意思是，我會說自 2017 年本季度 KCG 合併以來，我們的內部化調整後淨交易日最高，對嗎？因此，如果您願意，我們會在某種機會的基礎上繼續發展。我認為重要的是，我在回答理查德的第一個問題時提到了它，但它的作用只是讓公司變得更加優秀，並使我們能夠更積極地圍繞客戶定價和價格，等等，我們可以在世界各地的公共市場和暗池中發布。所以它只會讓你成為更好的做市商。這一直是 Vinnie 在 2007 年和 08 年我們成立這家公司時深入我腦海的論點，這就是你如何成為最有效的雙向流動性提供者。

This is the end state, not to be a snarky guy, but like your firm I know there's a wall you can't go over, but Goldman had a great quarter in equities this quarter. And they are renowned for having a fabulous central risk book, right? So your institution gets it as well and does a great deal of internalization work and frankly, because we execute a lot with them and you have a lot more capital, and they can probably take more risk and they do a great job. So like it's not like some thesis that we've just kind of discovered. But I do think it's very important because culturally, it fits exceptionally well in this firm.

這是最終狀態，不要成為一個狡猾的人，但就像你的公司一樣，我知道有一堵牆你無法逾越，但高盛本季度在股票方面表現出色。他們以擁有一本神話般的中央風險書而聞名，對吧？所以你的機構也得到它並做了大量的內部化工作，坦率地說，因為我們和他們一起執行了很多，你有更多的資本，他們可能會承擔更多的風險，他們做得很好。所以這不像是我們剛剛發現的一些論點。但我確實認為這非常重要，因為從文化上講，它非常適合這家公司。

There's never that, I'll say, non-virtuous conversation as to how do you attribute P&L, whose bonus and bubble bottle, that kind of stuff that gets in the way of excellence. That doesn't happen in Virtu. So we're excited about the opportunity. I know I'm not quantifying it for you because it's really hard for me to do, Alex, in a way that kind of I feel comfortable with. But I will say it has really helped grow in particular, like our options business and even our ETF block business. And I think it's a huge competitive advantage that we have not done a great job of highlighting and we will continue to try to do that.

從來沒有，我會說，關於你如何歸因於 P&L，它的獎金和氣泡瓶，那種妨礙卓越的東西的非道德對話。這不會發生在 Virtu 中。所以我們對這個機會感到興奮。我知道我沒有為你量化它，因為亞歷克斯，我真的很難以一種我覺得舒服的方式去做。但我會說它確實特別有助於增長，比如我們的期權業務，甚至我們的 ETF 大宗業務。我認為這是一個巨大的競爭優勢，我們還沒有很好地強調這一點，我們將繼續努力做到這一點。

Got it. All right. We'll stay tuned for that. I wanted for my follow-up, ask you guys a question around fixed income. In your prepared remarks, I guess, you suggested that's becoming a greater focus. It sounds like you're benefiting from some of those initiatives, maybe on the execution services side. Can again, help us better frame fixed income revenues, credit trading, maybe in particular, maybe treasuries trading across Execution Services and Market Making, what does that comprise today?

知道了。好的。我們將繼續關注。我想跟進，問你們一個關於固定收益的問題。在你準備好的發言中，我想，你建議這將成為一個更大的焦點。聽起來您正在從其中一些舉措中受益，也許是在執行服務方面。可以再次幫助我們更好地構建固定收益收入、信貸交易，尤其是跨執行服務和做市商的國債交易，今天包括什麼？

I don't think you do a whole lot on the market making side there, but is there an opportunity as the market evolves for you to do more on the Market Making side as well as on Execution Services?

我不認為你在做市方面做了很多，但隨著市場的發展，你是否有機會在做市和執行服務方面做更多的事情？

Yes. Yes. Look, it's a great question, and it's a little bit -- I don't want to say it's the holy grail, but it's something that we are very, very in early stages of, right? So if you think options really started in earnest in 2019, we're in early innings. I mean, we're still -- we're not even in the [dug at], right? We're getting our fleet on in the dressing room with regard to fixed income. So I think there's a number of growth paths in fixed income. Obviously, treasuries, which we have been to participate in for a long time, but we've made some improvements and some hires from outside the firm to help improve our DNA there.

是的。是的。看，這是一個很好的問題，而且有點——我不想說這是聖杯，但這是我們非常非常早期的問題，對吧？因此，如果您認為期權真正在 2019 年真正開始，那麼我們還處於早期階段。我的意思是，我們仍然 - 我們甚至沒有在[挖掘]，對嗎？關於固定收入，我們正在更衣室裡建立我們的艦隊。所以我認為固定收益有很多增長路徑。顯然，我們已經參與了很長時間的財務部，但我們已經做出了一些改進，並從公司外部聘請了一些人來幫助改善我們在那裡的 DNA。

I think in corporate credit, same thing. I think the reason I like that, those businesses obviously, there's electronification of markets and our friends at like Tradeweb and MarketAxess and Bloomberg and Trumid and whatnot help effectively be distribution of those prices to end users, but it also fits in really nicely with our ETF block business because it's a significant part of what we see in that business, frankly, is fixed income related both here and in Europe. Not surprisingly. So again, it is de minimis in our results, but I do think it's a significant opportunity.

我認為在企業信用方面，也是如此。我認為我喜歡這些業務的原因顯然是市場電子化，我們的朋友在 Tradeweb 和 MarketAxess 以及 Bloomberg 和 Trumid 等等幫助有效地將這些價格分配給最終用戶，但它也非常適合我們的ETF 大宗業務，因為坦率地說，它是我們在該業務中看到的重要組成部分，與這里和歐洲的固定收益相關。不出所料。同樣，我們的結果微乎其微，但我確實認為這是一個重要的機會。

Look, we're never going to be the prop desk of a big bank. We don't have the footings to do that. It's not in our DNA to swing around huge blocks of corporate credit in the way that some of our competitor firms do. I mean those are great firms and they will continue to do really well there. But in terms of providing that acute liquidity, right, to end users go through the distribution mechanisms, the market access, Tradeweb, et cetera, and through our own client network, it's a significant opportunity.

看，我們永遠不會成為一家大銀行的支持台。我們沒有這樣做的基礎。我們的 DNA 中並不像我們的一些競爭對手公司那樣揮舞著巨額的企業信貸。我的意思是那些都是偉大的公司，他們將繼續在那裡做得很好。但就通過分銷機制、市場准入、Tradeweb 等以及通過我們自己的客戶網絡向最終用戶提供敏銳的流動性而言，這是一個重要的機會。

Our next question comes from Ken Worthington from JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

It seems like a big crisis always has the potential to be helpful to earnings. I think you mentioned customer repositioning in the prepared remarks. How big a deal was the mid-cap banking crisis to earnings this quarter? And for perspective, how did this crisis compared to others like Swiss Franc that were helpful with profits in the past?

似乎一場大危機總是有可能對收益有所幫助。我想你在準備好的評論中提到了客戶重新定位。中型銀行業危機對本季度收益的影響有多大？從角度來看，與瑞士法郎等過去對利潤有幫助的其他危機相比，這場危機如何？

Yes, it's a great question. Actually, this one is different. It helps more on Execution Services side, Ken, than it did in market making. In other words, I think there was more institutional activity as a result of what was going on. People moving portfolio, getting out of XL or into XLS and blah, blah-blah. And so that helps our Execution Services segment. On the market making side, and I've said this publicly before, when stocks go from -- Silicon Valley goes from X to 0, right, it's just serendipity where you were, where you long or short. Frankly, I don't remember if we were it wasn't a material amount either way. And so there were some activity, obviously, in regional banks, and we did fine, but it wasn't like a big broad events that impacted the thousands and thousands of instruments like some large macro events, so in terms of market making, it wasn't material in the quarter. It really had a bigger impact on Execution Services.

是的，這是一個很好的問題。實際上，這一個是不同的。 Ken，它在執行服務方面的幫助比在做市方面的幫助更大。換句話說，我認為由於正在發生的事情，有更多的機構活動。人們移動投資組合，離開 XL 或進入 XLS 等等，等等。這有助於我們的執行服務部門。在做市商方面，我之前已經公開說過，當股票從——矽谷從 X 變為 0 時，正確的，這只是你在哪裡做多或做空的偶然發現。坦率地說，我不記得我們是否是，無論哪種方式都不是實質性的。因此，很明顯，在區域性銀行中有一些活動，我們做得很好，但這不像是影響成千上萬種工具的大型廣泛事件，就像一些大型宏觀事件一樣，所以在做市方面，它在本季度並不重要。它確實對執行服務產生了更大的影響。

Joe, you...

喬，你...

You mentioned the Swiss Franc decoupling, Ken. I remember that. It started in FX, and it reverberated around European equity is commodities into the U.S. This was more, I'd say, idiosyncratic and isolated.

肯，你提到了瑞士法郎脫鉤。我記得那個。它從外匯開始，它在歐洲股票周圍產生反響，商品進入美國。我想說，這更像是特殊和孤立的。

There was no big windfall than market making. It wasn't like we made like an amazing amount. I mean frankly, I think we probably ended up breaking even, if you will, more or less in the regional banks, which from a risk management perspective was pretty darn good.

沒有比做市更大的意外收穫了。並不是說我們賺了很多。我的意思是坦率地說，我認為我們可能最終收支平衡，如果你願意的話，或多或少在區域銀行，從風險管理的角度來看，這非常好。

Okay. Perfect. And then in options, how big a business is zero-day options for you and based on what you see, do you have any opinions on the durability or trading of this product? Or how much more it might grow for you over time?

好的。完美的。然後在期權方面，零日期權對你來說是一項多大的業務，根據你所看到的，你對這個產品的耐用性或交易有什麼看法嗎？或者隨著時間的推移它可能會為您增長多少？

Yes. Look, we are a participant in it, and I think any product that institutional investors, I mean, I know there's like a bid offer between like JPMorgan, Goldman (inaudible) is an institution as a retail, I mean, frankly, I don't have a dog in that fight. We know that there's significant interest in it. It appears to be more institutional and retail based on what I've read when so I think, look, we are an active market maker in this space as more participants look to these daily options to hedge their market exposure, which I think that's what institutions are doing.

是的。看，我們是其中的參與者，我認為機構投資者的任何產品，我的意思是，我知道像摩根大通、高盛（聽不清）這樣的投標報價是作為零售機構的，我的意思是，坦率地說，我不知道在那場戰鬥中有一隻狗。我們知道人們對此很感興趣。根據我讀到的內容，它似乎更傾向於機構和零售，所以我認為，看，我們是這個領域的活躍做市商，因為越來越多的參與者希望通過這些日常選擇來對沖他們的市場風險，我認為這就是機構在做。

I think it's probably more that than it is like more than a speculatory kind of instrument. I think it's an important way to hedge a portfolio exposure. And so index market making, maybe we just got lucky here, is where we started, and we have the competitive advantage in that. So it plays nicely to our strengths. So as that subsegment, if you will, grows, we will continue to reap the benefits of that. So I think it's a positive P&L driver for our options in our Market Making business.

我認為它可能不僅僅是一種投機工具。我認為這是對沖投資組合風險的重要方式。因此，指數做市，也許我們在這裡很幸運，是我們的起點，我們在這方面具有競爭優勢。所以它很好地發揮了我們的優勢。因此，隨著該細分市場的增長，如果你願意的話，我們將繼續從中受益。因此，我認為這是我們在做市業務中的選擇的積極損益驅動因素。

Okay. Great. That's it.

好的。偉大的。就是這樣。

We now turn to Chris Allen from Citi.

我們現在請來自花旗的 Chris Allen。

Good morning, everyone. Congrats on the parters windows.

大家，早安。恭喜合作夥伴窗口。

Thank you. I should have mentioned that to Rich, but he's a [big brown fan], so I don't want to rub it in.

謝謝。我應該向 Rich 提到這一點，但他是一個 [棕色大粉絲]，所以我不想再插嘴了。

Yes. I know you missed your opportunity there -- why don't you get a little bit more color on some of the areas you noted performing well in the quarter. FX, commodities and European equities. Energy got better in the last quarter, and it seems to continue to improve in the first quarter, in the beginning of this year. But if we kind of look at FX European equities, kind of the underlying indicators for both are mixed at best. So I'm just kind of wondering where you're able to see strength there? Was there any competitive pullbacks, any special situations trying to gather trajectory just in terms of some of the stuff that maybe we can't see as clear.

是的。我知道你在那裡錯過了機會——為什麼你不在你注意到本季度表現良好的一些領域獲得更多的顏色。外匯、商品和歐洲股票。能源在上個季度有所好轉，而且似乎在今年年初的第一季度繼續改善。但如果我們看一下外匯歐洲股票，兩者的基本指標充其量是混合的。所以我只是想知道你在哪裡可以看到力量？是否有任何競爭性回調，任何特殊情況都試圖根據一些我們可能看不清楚的東西來收集軌跡。

Yes. Yes. Thank you. It's a good question. And obviously, we look at opportunities. As I said in my prepared remarks, Chris, we measure opportunity in terms of volume and bid offer spreads and things like that in each of these segments that we participate in, and we did have an outperformance. I did note obviously that the metrics were mixed. So I think if you look at FX, it's been a segment that's been a little -- I won't say dormant, but less volatile than others.

是的。是的。謝謝。這是個好問題。顯然，我們在尋找機會。正如我在準備好的發言中所說，克里斯，我們根據我們參與的每個細分市場中的交易量和買賣價差以及類似的事情來衡量機會，我們確實表現出色。我確實注意到，這些指標顯然是混合的。所以我認為，如果你看一下外匯，它是一個有點——我不會說處於休眠狀態，但比其他部分波動性小的部分。

I think volumes were up 7% and FX volatility was up 16%. We made some internal changes and improvements and enhancements there that I think have borne fruit.

我認為交易量增長了 7%，外匯波動性增長了 16%。我們在那裡進行了一些內部更改、改進和增強，我認為這些已經取得了成果。

Again, it's an asset class, if you will, that we don't talk about as much, obviously, we don't separately kind of disclose its performance anymore, but it is -- it continues to be an important growing area. I think we saw some nice activity in our commodity segment. Energy volumes were up 18% volume, but volatility was down 10%. So it was kind of mix there. But again, in that area were much more volume driven.

同樣，如果你願意的話，這是一種資產類別，我們不會談論那麼多，顯然，我們不再單獨披露其表現，但它仍然是一個重要的增長領域。我認為我們在商品領域看到了一些不錯的活動。能源交易量增長了 18%，但波動性下降了 10%。所以它有點混合。但同樣，在那個領域，更多的是數量驅動。

And then the last thing I would say, which I mentioned before in response to an Alex's questions, I think internalization shouldn't be underappreciated within this firm, and that is something that impacts all the [debts], but in particular, even like in Europe. What we do in our European block market making and our ETF block market making, having the ability to hand off large positions and having other desks deal with them and having these cross desk opportunities and able to scale into new products and opportunities around the globe, which is kind of Virtu 101 has really helped continue to grow that business.

然後我要說的最後一件事，我之前在回答亞歷克斯的問題時提到的，我認為內部化在這家公司內不應該被低估，這會影響所有[債務]，但特別是，甚至像在歐洲。我們在歐洲大宗做市和 ETF 大宗做市方面所做的工作，能夠交出大量頭寸並讓其他部門處理這些頭寸，並擁有這些跨部門機會，並能夠擴展到全球的新產品和機會，這是 Virtu 101 真正幫助繼續發展該業務的一種方式。

Again, I think the (inaudible) as I said before, around retail, has overshadowed, if you will, the fact that we are a very, very diverse firm. I take full blame and responsibility for that because I stood there on my soap box and screen about these proposals day and night.

同樣，我認為（聽不清）正如我之前所說，圍繞零售，如果你願意的話，已經掩蓋了我們是一家非常非常多元化的公司這一事實。我對此承擔全部責任和責任，因為我日夜站在我的肥皂盒上並篩選這些建議。

But we've got a big broad business that is completely non-reliant on any customer order flow. In large measure, and that continues to grow really, really nicely. I can tell you that I'm very happy with the pace and the growth in our trajectory. I think Joe nailed it before, which is -- and I've said this for the last, I guess, it is 8 years. We run and manage this firm not quarter-by-quarter but for the long haul. I know every CEO says that, I guess, they don't, they should and this firm in particular, we're going to have choppy quarters that are going to surprise both ways, and you've been seeing it for the last 8 years, I think over the long period here, there is a sustained growth and expense and capital discipline that ultimately will enure to our investors.

但是我們有一個廣泛的業務，完全不依賴於任何客戶訂單流。在很大程度上，這會繼續非常非常好地增長。我可以告訴你，我對我們發展軌蹟的速度和增長感到非常滿意。我認為 Joe 之前就成功了，那是——我最後一次說過這個，我想是 8 年了。我們不是按季度運營和管理這家公司，而是著眼於長遠。我知道每個 CEO 都說，我猜，他們不應該，他們應該，尤其是這家公司，我們將有一個波濤洶湧的季度，這將給雙方帶來驚喜，過去 8 年你已經看到了多年來，我認為在這裡的很長一段時間內，持續的增長、支出和資本紀律最終將讓我們的投資者受益。

And I happen to be one of the big ones. So I'm along the stock.

而我恰好是大人物之一。所以我順勢而為。

Got it. And then just on the organic growth initiatives, maybe if you could help us think about on a year-over-year perspective, where are you seeing growth? I would imagine you're seeing increased traction on the option side but maybe you're seeing a more challenging environment in crypto. I'm just kind of trying to try and think about what's expanding and what's been challenged maybe from an environment, I know ATM has obviously been challenging right now. So just trying to think like what's working well right now, what's being cyclically pressured?

知道了。然後就有機增長計劃而言，也許如果你能幫助我們從同比角度考慮，你在哪裡看到增長？我想你會看到期權方面的吸引力增加，但也許你會看到加密領域更具挑戰性的環境。我只是想嘗試思考什麼正在擴展，什麼可能來自環境的挑戰，我知道 ATM 顯然現在一直面臨挑戰。所以只是試著想想什麼現在運作良好，什麼是周期性壓力？

Yes. Great question. I think what's working well is options and block ETFs. I think I've talked enough about those both had nice quarters. You're right. Obviously, crypto, a year ago, I guess, before the FDX debacle and the criminality there. I was talking about the opportunities and whatnot. We're still market making in crypto, we obviously pulled back some and some platforms, frankly, don't exist anymore, but we resumed limited market making, and we continue to be very, very excited about the initiative called EDX markets with Citadel, Schwab, Fidelity, Susquehanna -- no, not Susquehanna, excuse me, Sequoia and Paradigm. And so we're excited about that.

是的。很好的問題。我認為運作良好的是期權和大宗 ETF。我想我已經談夠了那些都有不錯的宿舍。你說得對。顯然，加密貨幣，我猜是在一年前，在 FDX 崩潰和那裡的犯罪活動之前。我在談論機會等等。我們仍在加密貨幣做市，我們顯然撤回了一些和一些平台，坦率地說，不存在了，但我們恢復了有限的做市，我們繼續對 Citadel 稱為 EDX 市場的計劃感到非常非常興奮, Schwab, Fidelity, Susquehanna——不，不是 Susquehanna，對不起，Sequoia 和 Paradigm。所以我們對此感到興奮。

Fixed income, again, not a contributor but has a decent trajectory. And you're right, the ATM business, which again, is an incredible scalable fits really nicely into Virtu. I think we have 4 people working in it full time, right? So it's a great contributor to the firm and really leverages everything else we have that is something, again, that I look at over the long period of time, that's going to grow. But block ETF and options were the driver in this quarter.

固定收益同樣不是貢獻者，但發展軌跡不錯。你是對的，ATM 業務，再次是一個令人難以置信的可擴展性，非常適合 Virtu。我想我們有 4 個人全職工作，對吧？因此，它對公司做出了巨大的貢獻，並且真正利用了我們擁有的一切，這也是我在很長一段時間內看到的東西，它將會增長。但大宗 ETF 和期權是本季度的驅動力。

Our next question comes from Dan Fannon from Jefferies.

我們的下一個問題來自 Jefferies 的 Dan Fannon。

I guess one more on the new initiatives. And you've been talking about the success and the growth of these for an extended period of time. And I guess when we think about a year from now or 2 years from now, what are the goals? Or what are the kind of benchmarks we can hold against to talk about success because there's obviously growth and it's continuing, but the markets like options volumes are growing.

我想還有一個關於新舉措的。你一直在談論這些成功和增長很長一段時間。我想當我們考慮一年或兩年後的目標時，目標是什麼？或者我們可以反對什麼樣的基準來談論成功，因為顯然有增長並且還在繼續，但期權交易量等市場正在增長。

So trying to gauge your success versus your internal targets or goals or benchmarks is there are things that we could point to or you could lay out to help us kind of gauge that success outside of just growing?

因此，試圖衡量您的成功與您的內部目標或目標或基準是否有我們可以指出的事情，或者您可以列出來幫助我們衡量在增長之外的成功？

Boy, that's a great question. Again, I'm always loath to subdivide and provide like I know granularity lack of a better word around our various businesses because that's a 2-edged sword, right? Like if we start providing like granularity around our businesses got to bid one quarter when we don't satisfy the metrics, everyone runs around with their hair on fire, like our FX business was going out of business 5 years ago, I vaguely remember and it clearly has not, so look, I think from our perspective, I said in the -- in my remarks, Dan, that it was $650,000 per day in the quarter, which was the highest since the first quarter of 2022.

男孩，這是一個很好的問題。再一次，我總是不願意細分和提供我所知道的粒度，因為我們的各種業務缺乏更好的詞，因為這是一把兩刃劍，對吧？就像我們開始提供類似的粒度一樣，當我們不滿足指標時，我們的業務必須出價四分之一，每個人都著急地跑來跑去，就像我們的外匯業務在 5 年前倒閉一樣，我依稀記得和它顯然沒有，所以我認為從我們的角度來看，我在發言中說過，丹，本季度每天 650,000 美元，這是自 2022 年第一季度以來的最高水平。

I mean that's a meaningful contribution to the firm. I look at that and say, okay, absent market forces, if you will, what will that look like in the next couple of years? Yes, we think that, that amount should grow, and it should be a 7-figure amount. And I will say that here, and I've said that to our Board and whatnot, and that's the ambition. I mean, Joe, do you want to...

我的意思是這是對公司有意義的貢獻。我看著它說，好吧，沒有市場力量，如果你願意的話，未來幾年會是什麼樣子？是的，我們認為，這個數額應該增長，而且應該是一個 7 位數的數額。我會在這裡說，我已經對我們的董事會和其他人說過，這就是雄心壯志。我的意思是，喬，你想...

No. We've -- we said that our goal is to have $1 million of contribution in a medium-term type of period in a 3-year-ish type of period. So again, it's going to depend on the market conditions. It's going to depend on the opportunity. If you look at that chart, on Page 5, obviously, 2020 is a little bit of an outlier, but you can discern a nice up and to the right type of growth there. So we expect that to continue.

不，我們已經 - 我們說過我們的目標是在 3 年左右的中期類型中獲得 100 萬美元的捐款。同樣，這將取決於市場狀況。這將取決於機會。如果你看一下第 5 頁上的圖表，很明顯，2020 年有點異常，但你可以看出那裡有一個很好的上升和正確的增長類型。所以我們希望這種情況繼續下去。

Okay. No, that's helpful. Longer-term targets, knowing the market is going to be changed is helpful. And then just one on expenses. It doesn't look like you guys updated your expense guidance based on the first quarter and how things are tracking. Does that all -- what you guys outlined last quarter still kind of hold for the year?

好的。不，那很有幫助。長期目標，了解市場將要改變是有幫助的。然後只有一個關於費用。看起來你們沒有根據第一季度和事情的跟踪情況更新您的費用指南。這一切 - 你們上個季度概述的內容仍然適用於今年嗎？

I think so. And you got to look at the major categories of expenses sort of individually compensation, our first quarter, if you go back historically and look, I think it's all the nominal amount of compensation, it's not a dollar amount, it's typically the highest in any quarter in Q1 and then the percentage falls out of that. So I think comparing to the full year, our comp ratio first quarter was up looking 1.5-ish type of percent.

我想是這樣。你必須看看主要的支出類別，比如個人補償，我們的第一季度，如果你回顧歷史看看，我認為這都是名義上的補償金額，不是美元金額，它通常是所有補償中最高的第一季度的季度，然後百分比下降了。所以我認為與全年相比，我們第一季度的薪酬比率上升了 1.5 個百分比。

So I would expect the same trend that you've seen in prior years in terms of the dollar amount that is accrued. Communications and data processing, I think, is tracking on an annualized basis, a few percentage points higher, 3%, 4% higher. Again, that's just -- we're in an inflationary environment, and that's we work hard at weeding out that. So I think we've actually done a good job there. And then the overhead category. Same thing, a little bit of inflation in there. There's some strong dollar in '22 impacting that made it a little lower on a dollar constant basis. It's up a bit.

因此，就應計美元金額而言，我預計您在前幾年看到的趨勢相同。我認為，通信和數據處理正在以年化為基礎進行追踪，高出幾個百分點，3%、4%。再一次，那隻是——我們處於通脹環境中，我們正在努力消除它。所以我認為我們實際上在這方面做得很好。然後是開銷類別。同樣的事情，那裡有一點通貨膨脹。 22 年的美元走強影響了它，使其在美元不變的基礎上略有下降。漲了一點

Again, just the typical stuff that you would expect expenses running the firm are up a little bit. But I would expect we did update the guidance, and I would expect it to be pretty consistent with what we provided in the past.

同樣，您預計運營公司的費用會略有上升。但我希望我們確實更新了指南，並且我希望它與我們過去提供的內容非常一致。

Our next question comes from Michael Cyprys from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Good morning. This is (inaudible) standing in for Mike here. I just had a question about the environment. I know you guys like to get into month-by-month even close to quarter commentary necessarily. Just curious how the market from Q1 has evolved in April month-to-date. I think if I heard you correctly, commodities and FX are particularly strong and how you see things evolve there? And I guess, following on to that, as you think about the various ways the macro could evolve, are there any particular environment what you think Virtu would be -- would prefer or could perform better? Or do you think the firm is set up to do well regardless of how the macro evolves from here?

早上好。我是（聽不清）代表 Mike。我只是有一個關於環境的問題。我知道你們喜歡逐月甚至接近季度的評論。只是好奇 4 月至今第一季度的市場是如何演變的。我想如果我沒聽錯的話，商品和外匯特別強勁，您如何看待那裡的發展？而且我想，接下來，當你考慮宏可以進化的各種方式時，是否有任何你認為 Virtu 會更喜歡或可以表現得更好的特定環境？或者您是否認為無論宏觀如何從這裡演變，公司都會做得很好？

Did Alex Kramm put you up to that question? Because usually, he asks that and I'm joking. Look, I mean we've tried very hard to like stick to the script, if you will, talking about the quarter and not getting into like what's happened in April. I mean I don't even put today's date, April 20. So I don't have any trading days I guess I should know, maybe 10 we've had in a 62-day quarter. So it's early. I wouldn't talk about it any app.

Alex Kramm 是否向您提出了這個問題？因為通常情況下，他會這樣問，而我是在開玩笑。看，我的意思是我們已經非常努力地喜歡堅持劇本，如果你願意的話，談論這個季度而不是像 4 月份發生的那樣。我的意思是我什至沒有寫下今天的日期，4 月 20 日。所以我沒有任何交易日我想我應該知道，也許我們在一個 62 天的季度中有 10 個交易日。所以還早。我不會談論任何應用程序。

Look, I think I've said this many times, I mean, there -- the best marketplace for us is one where there's a rising market. People have a lot of confidence, want to move portfolios and are making money because then they just trade more. We have always said that volumes are very, very important to this firm. We are a market-making firm that collects the offer spread and so the more bid offer spread, if you will, that comes through the systems and various markets, then more often than not, we're going to have better results and better returns. When there's volatility that tends to drive volume, sometimes it doesn't. Sometimes, there's a disconnect that I can't necessarily always put my finger on why. And there are certain types of volatility that are helpful.

聽著，我想我已經說過很多次了，我的意思是，那裡——對我們來說最好的市場是一個不斷上漲的市場。人們有很大的信心，想要改變投資組合併且正在賺錢，因為這樣他們就會交易更多。我們一直說銷量對這家公司非常非常重要。我們是一家做市商，負責收集報價價差，因此，如果您願意，通過系統和各種市場獲得的報價價差越大，我們通常會獲得更好的結果和更好的回報.當存在傾向於推動交易量的波動時，有時它不會。有時，會出現脫節，我不一定總能指出原因。並且有某些類型的波動是有幫助的。

And as I've said early in response to a question from Ken there's other types of volatility. When stocks go from whatever Silicon Valley Bank was down effectively to 0, it's not like we have some Uber algorithm that can handle that. We're going to either make or lose money depending upon whether we were long or short at that instant in time. So we like more confidence and more certainty to markets where investors are moving portfolios and feel pretty good about what they're doing. So in 2023, you're going to see a mixed market, right?

正如我早些時候在回答 Ken 的問題時所說的那樣，還有其他類型的波動。當股票從任何矽谷銀行實際下跌到 0 時，我們並沒有某種 Uber 算法可以處理這個問題。我們要么賺錢，要么賠錢，這取決於我們當時是做多還是做空。因此，我們希望投資者在轉移投資組合併對他們所做的事情感覺良好的市場上更有信心和確定性。所以在 2023 年，你會看到一個混合市場，對嗎？

You've got intense uncertainty to put it mildly, both geopolitical over in Europe and now in Asia with saber rattling and obviously a live footing war. You've got central banks all over the place that are trying to figure out which way it's up. You've got to try to manage inflation and expectations. You've got a debt ceiling fight in this country, right, which doesn't make investors happy. So those are variables, again, that are -- provide a backdrop that can be mixed in certain circumstances. But again, looking at the long haul, we're extremely well poised and have been well positioned, if you will, over the next couple of 3, 4, 5 years to provide the liquidity that folks need as they manage portfolios and get through these various large macro events.

委婉地說，你有強烈的不確定性，無論是歐洲的地緣政治，還是現在亞洲的地緣政治，都在劍拔弩張，顯然是一場實實在在的立足之戰。各地的中央銀行都在試圖弄清楚它的走向。你必須設法管理通貨膨脹和預期。這個國家有一場債務上限之爭，對吧，這不會讓投資者高興。因此，這些變量再次提供了在某些情況下可以混合使用的背景。但是，從長遠來看，我們已經做好了充分的準備，並且已經做好了準備，如果你願意的話，在接下來的 3、4、5 年內提供人們在管理投資組合和度過難關時所需的流動性這些各種大型宏觀事件。

I'm trying very hard to answer your question in the way that is sensible intelligent without talking about April because I said I wasn't going to do that.

我正在非常努力地以明智的方式回答你的問題而不談論四月，因為我說過我不會那樣做。

I appreciate that, Doug. And I guess for the follow-up, this may sound a bit greedy here because I know you guys are working on a lot with all the organic growth initiatives going on. But as you look at the platform, is there -- are there any I guess is there any white space that you think there is where you could potentially start from scratch and build the business like the options business where Virtu doesn't currently have a presence. How do you think about that?

我很感激，道格。而且我想對於後續行動，這在這裡聽起來有點貪婪，因為我知道你們正在為所有正在進行的有機增長計劃做很多工作。但是當你看這個平台時，有沒有——我猜有沒有你認為有可能從頭開始並建立業務的空白，比如 Virtu 目前沒有的期權業務在場。你怎麼看？

Yes. No, it's a great question. We think about it all the time, right, because the more widgets we can put through our system, presumably in a profitable amount, the more money we can make, and that's all we focus on. I would say it's not white, but it's pretty darn close to white, which is fixed income and credit, which we've talked about. I mean all of the elements, if you will, are there or are being constructed, right, in terms of being able to respond to RFQs and being in the marketplace and pricing products and whatnot, distribution is always an issue.

是的。不，這是一個很好的問題。我們一直都在考慮它，對吧，因為我們可以通過我們的系統放置的小部件越多，大概是有利可圖的數量，我們就能賺到更多的錢，這就是我們所關注的。我會說它不是白色的，但它非常接近白色，這是我們已經討論過的固定收入和信貸。我的意思是，所有元素，如果你願意，都存在或正在構建，正確的，就能夠響應 RFQ 和進入市場以及為產品定價等等而言，分銷始終是一個問題。

That's why we partner with Market Access and Tradeweb both of whom are terrific partners to us. So I look at that as a greenfield opportunity. I mean I'm aware, obviously, that there are firms that we compete with that have meaningful presences there. The Jane Street, the flow traders, the Citadels, et cetera, that are just terrific firms, but again, I would reemphasize it's still very early for us in options. So again, it's not quite white, but it's -- it's not black either, right? So it's probably wider than black in terms of opportunity to continue this very painful analogy that I started where you actually provoked on me.

這就是我們與 Market Access 和 Tradeweb 合作的原因，它們對我們來說都是非常好的合作夥伴。所以我認為這是一個全新的機會。我的意思是，我很明顯地知道，我們與之競爭的公司在那裡有有意義的存在。 Jane Street、flow traders、Citadels 等等，都是非常棒的公司，但我要再次強調，現在對我們來說選擇權還為時過早。再一次，它不是很白，但它也不是黑色，對吧？因此，就繼續這個非常痛苦的類比的機會而言，它可能比黑色更廣泛，我從你實際激怒我的地方開始。

So I think like those are 2 areas that were very, very -- I prefer the innings and the analogy of the baseball player (inaudible) is a great baseball player. So if we could stick with that in the future. I'd appreciate it. But that's where we stand. That's where we stand.

所以我認為這兩個領域非常非常 - 我更喜歡局和棒球運動員的比喻（聽不清）是一位偉大的棒球運動員。所以如果我們能在未來堅持下去。我會很感激。但這就是我們的立場。這就是我們的立場。

We now turn to Alex Kramm from UBS.

我們現在求助於瑞銀的 Alex Kramm。

Yes, thanks, Doug, for the shout out. I was definitely going to ask the question. So now, I have nothing left. I do maybe only have a couple of follow-ups on things that we've already discussed. Maybe just to come back to the options business because I think somebody asked about the kind of organic trajectory. I think last quarter, you talked about the number of symbols you've rolled out and maybe some markets you're slowly expanding into. So maybe you can be a little bit more specific as we think about the next 4 quarters, perhaps of where you want to be in terms of symbols in options or markets you want to be in, again, to the earlier question of something to hold you accountable on? Like what are those underlying metrics that you're looking at to see that the business is actually getting bigger?

是的，謝謝道格大聲疾呼。我肯定會問這個問題。所以現在，我什麼都沒有了。對於我們已經討論過的事情，我可能只有一些跟進。也許只是回到期權業務，因為我認為有人問過那種有機軌跡。我想上個季度，你談到了你推出的符號數量，也許你正在慢慢擴展到一些市場。因此，當我們考慮接下來的 4 個季度時，也許您可以更具體一點，也許您希望在期權或市場中的符號方面處於什麼位置，再次回答較早的問題，即要持有的東西你負責嗎？例如，您正在查看哪些基本指標可以看出業務實際上在變大？

Okay. Yes. So I have mentioned this in earlier quarters. And I think one of our main emphasis is in 2020 is going to be in Asia. We have ramped up there and staffed up there. We moved to really high-caliber people from New York are out there have moved out there. So I do think there is significant opportunity there. Obviously, there are competitors there, but there's a very robust market, both in Japan and in India for index options, we are a participant there.

好的。是的。所以我在前幾個季度提到過這一點。我認為我們的主要重點之一是 2020 年將在亞洲。我們在那裡增加了人員並在那裡配備了人員。我們從紐約搬到了真正高素質的人那裡已經搬到那裡了。所以我確實認為那裡有很大的機會。顯然，那裡有競爭對手，但在日本和印度都有一個非常強勁的指數期權市場，我們是那裡的參與者。

And so yes, we have internal metrics as to where we want to be at the end of 2023 there. And they'll get included, obviously, in the large mix of noncustomer market making and then market making as we report out. But it's meaningful, and it's a significant growth opportunity and a challenge the desk and the folks to grow that business, and that's something that the Board is going to hold us accountable to. So we're excited about that. I think there's opportunities in cross-asset class options around energy and et cetera.

所以是的，我們有關於我們希望在 2023 年底達到的目標的內部指標。很明顯，他們將被包括在非客戶做市和我們報告的做市的大量組合中。但這是有意義的，這是一個重要的增長機會，也是對辦公桌和員工發展該業務的挑戰，這是董事會要我們負責的事情。所以我們對此感到興奮。我認為圍繞能源等的跨資產類別選擇存在機會。

Korea is another market, FX options. So these are all things, as I said before, using my sports analogy where we continue to be in the very early innings. I mean there are firms that are big broad firms that have been doing this for 30 years, the [Optiver,] the IMCs, the Citadel, Susquehanna, right? They're fabulously scaled, wonderfully executing terrific firms that do a lot of great work there. We're nowhere near their excellence in their size. And so that's the goal to be named in the same breath, if you will, as those firms, and we have the technology, we have the distribution, there's not a client or a counter party that we want to deal with on exchange, et cetera, that won't do business with us.

韓國是另一個外匯期權市場。所以這些都是事情，正如我之前所說，使用我的體育類比，我們繼續處於非常早的局。我的意思是有些公司已經做了 30 年的大型公司，[Optiver，] IMC，Citadel，Susquehanna，對嗎？他們的規模驚人，執行力極佳，這些公司在那裡做了很多很棒的工作。我們遠不及他們在規模上的卓越。因此，如果您願意，就像那些公司一樣，這就是同時命名的目標，並且我們擁有技術，我們擁有分銷，沒有我們想要在交易所處理的客戶或交易對手，等等等等，那不會與我們做生意。

We have the capital, we have the clearing. So now it's just a question of executing and for the last 15 years since being was gracious enough to invite me into the firm. That's what we've done. We're really good executing firm. So again, I don't measure success or excellence quarter-by-quarter. I know that's what we have to do as a public company. But I look at that business and say, in the next 2, 3 years, that business could double, could triple in size, and that's our goal.

我們有資金，我們有空地。所以現在這只是執行的問題，在過去的 15 年裡，自從被慷慨地邀請我加入公司以來。這就是我們所做的。我們真的是很好的執行公司。同樣，我不會按季度衡量成功或卓越。我知道這就是我們作為一家上市公司必須做的事情。但我看著那家公司說，在接下來的 2、3 年裡，那家公司的規模可能翻一番，三倍，這就是我們的目標。

Okay. But too early to give us updates on progress on symbols and things like that, right, since you mentioned them before.

好的。但是要向我們提供符號和類似事物的最新進展還為時過早，對吧，因為你之前提到過它們。

Yes. Frankly, I don't even have a simple count in here, so I'm not going to just...

是的。坦率地說，我什至沒有一個簡單的計數在這裡，所以我不會只是...

May be helpful in the future. That would be -- maybe helpful in the future. And then just secondly, and -- sorry to be a little bit of a history buff here, but you obviously mentioned commodities, FX and European equities and somebody asked about those 3 businesses before -- now if I go back to the pre-KCG days, I think 2015, those businesses peaked when we were able to track them more actively. I think FX and commodities were doing 400,000 a day each, European equities was doing 200,000. So about $1 million between the 3 of them. So when -- and now it's been 7 years -- 7, 8 years in the markets have changed a lot. But when you look at those prior results in context, I mean, are these businesses meaningfully bigger? Like how would you compare them? I know a lot has changed, but clearly, you called them out this quarter.

將來可能會有幫助。那將是——也許在未來會有幫助。其次，很抱歉在這裡成為一個歷史愛好者，但你顯然提到了商品、外彙和歐洲股票，之前有人問過這 3 個業務——現在如果我回到 KCG 之前天，我認為 2015 年，當我們能夠更積極地跟踪它們時，這些業務達到頂峰。我認為外彙和大宗商品每天都在做 400,000，歐洲股票每天做 200,000。所以他們三個之間大約有 100 萬美元。所以當——現在已經 7 年了——7、8 年的市場發生了很大變化。但是當你在上下文中查看這些先前的結果時，我的意思是，這些企業是否有意義地更大？比如你會如何比較它們？我知道發生了很多變化，但很明顯，您在本季度召集了他們。

Yes. No, look, it's a great question. And you should do your homework and you do to your home market, and you're very thorough at it. So thank you for that. Look, I think a lot has changed since then. The FX market has gotten incredibly more competitive. And volumes and volatility as you track it and as we track have dissipated significantly. The commodities market, again, I'm not trying to in gender sympathy here. The natural gas market effectively didn't really trade much for like 3 or 4 years and it used to be something that was a significant contributor back in 2015.

是的。不，看，這是一個很好的問題。你應該做好功課，對你的國內市場做功課，而且你做得非常透徹。非常感謝你的幫忙。看，我認為從那以後發生了很多變化。外匯市場的競爭變得異常激烈。你跟踪它和我們跟踪的交易量和波動性已經顯著消散。大宗商品市場，我不想在這裡表現出對性別的同情。天然氣市場實際上在 3 或 4 年內並沒有真正進行多少交易，它曾經是 2015 年的重要貢獻者。

So I'm not going to comment separately on what those results are because we've gotten away from that. I will say that they continue to be important contributors and vibrant parts of the firm where we have dedicated really, really terrific resources. And again, to bring it back, I think it is part of the story that we are a very diversified scale firm I think the narrative somehow that we were like a melting ice cube or all that kind of stuff is just -- is not valid. And I do think that the continued P&L opportunities from internalization even within those debts that I mentioned continue to be robust.

所以我不會單獨評論這些結果是什麼，因為我們已經遠離了。我要說的是，他們仍然是公司的重要貢獻者和充滿活力的部分，我們在那裡投入了非常非常棒的資源。再說一遍，我認為這是我們是一家規模非常多元化的公司的故事的一部分，我認為我們就像融化的冰塊或所有類似東西的某種說法只是 - 是無效的.而且我確實認為，即使在我提到的那些債務中，來自內部化的持續損益機會仍然很強勁。

And opportunities in (inaudible) will ebb and flow within the firm. And that's one of the reasons, Alex, not to beat a dead horse that we've gotten away from the granularity of disclosures, not because we're ashamed by anything that's happened or the performance has been so horrible a lot. It's because we think the right investment thesis is to look at the totality of this firm and the service, if you will, that we provide to the marketplace around the world to look at the opportunities, the "white spaces" that we have and say, okay, in the next 2 to 3 years, all things being equal, where can this firm be given the expense discipline on the capital management we have and the stock buyback program we have and project out and say, this is an attractive firm that gives us that -- which has scale and allows us to pivot and reallocate resources where there's opportunities. You know the investment thesis and parenthetically investors are getting paid $0.96 per year to continue to like believe in that investment thesis and that story going forward.

（聽不清）的機會將在公司內潮起潮落。亞歷克斯，這就是我們不放棄我們已經擺脫披露粒度的死馬的原因之一，而不是因為我們對發生的任何事情感到羞恥或者表現太糟糕了。這是因為我們認為正確的投資主題是著眼於這家公司的整體和服務，如果您願意的話，我們向世界各地的市場提供服務，以尋找機會，我們擁有並說的“空白”好吧，在未來 2 到 3 年內，在所有條件相同的情況下，這家公司可以在我們擁有的資本管理和我們擁有的股票回購計劃方面受到費用約束，併計劃說，這是一家有吸引力的公司給了我們——它具有規模，使我們能夠在有機會的地方調整和重新分配資源。你知道投資論點和附帶的投資者每年獲得 0.96 美元的報酬，以繼續喜歡相信該投資論點和未來的故事。

Very helpful.

很有幫助。

This concludes our Q&A. I'll now hand back to Douglas Cifu, CEO, for any closing remarks.

我們的問答到此結束。現在，我將把結束語交還給首席執行官 Douglas Cifu。

Elliot, thank you very much, and thank you to our investors and for research analysts for all the hard work and for the great questions, and we look forward to speaking with you in the summer. Thank you all.

艾略特，非常感謝你，感謝我們的投資者和研究分析師的辛勤工作和提出的重要問題，我們期待在夏天與你交談。謝謝你們。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。