Virtu Financial Inc (VIRT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Virtu Financial 2025 first-quarter results. (Operator Instructions)

女士們、先生們，感謝大家的支持，歡迎收看 Virtu Financial 2025 年第一季業績報告。（操作員指示）

Please be advised that today's conference is being recorded. I would like now to turn the conference over to Andrew Smith, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。現在我想將會議交給投資者關係主管安德魯史密斯 (Andrew Smith)。請繼續。

Thank you, Michel, and good morning, everyone. Thank you for joining us. Our first-quarter of 2025 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; and Ms. Cindy Lee, our Chief Financial Officer.

謝謝你，米歇爾，大家早安。感謝您加入我們。我們的 2025 年第一季業績已於今天上午發布，可在我們的網站上查閱。今天早上參加電話會議的有我們的執行長道格拉斯·西福先生；我們的聯合總裁兼聯席首席營運長 Joseph Molluso 先生；以及我們的財務長 Cindy Lee 女士。

We'll begin with prepared remarks and then take your questions. First, a few reminders. 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.

我們將首先發表準備好的發言，然後回答您的問題。首先，提醒幾點。今天的電話會議可能包含前瞻性陳述，這些陳述代表了 Virtu 目前對未來事件的看法，因此可能受到公司無法控制的風險、假設和不確定性的影響。

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.

請注意，我們的實際結果和財務狀況可能與這些前瞻性聲明中所示的存在重大差異。值得注意的是，本次電話會議中所做的任何前瞻性陳述均基於本公司目前掌握的信息，我們不承諾在出現新資訊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 and 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.

我們請您參閱新聞稿中的免責聲明，並鼓勵您查看我們 10-K 表年度報告和其他公開文件中包含的風險因素描述。在今天的電話會議中，除了 GAAP 指標外，我們還可能參考某些非 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 和調整後的 EBITDA 利潤率。這些非公認會計準則 (non-GAAP) 指標應被視為依照公認會計準則 (GAAP) 報告的財務指標的補充，而非優於這些指標。

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 terms in the earnings material with an explanation of why we deem this information to be meaningful, as well as how management uses these measures.

我們指導聽眾查閱我們網站的投資者部分，在那裡您可以找到本次電話會議中提到的其他補充信息，以及非公認會計準則指標與收益材料中等效條款的對賬，並解釋我們為什麼認為這些信息有意義，以及管理層如何使用這些指標。

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

說完這些，我想把電話轉給 Doug。

Thank you, Andrew, and good morning, everyone. Thank you for joining us this morning. In my remarks today, I will focus on Virtu's first quarter 2025 financial and business performance and strategic initiatives. Following my remarks, Joe and Cindy will provide additional details on our results.

謝謝你，安德魯，大家早安。感謝您今天上午加入我們。在今天的演講中，我將重點介紹 Virtu 2025 年第一季的財務和業務業績以及策略舉措。在我發言之後，喬和辛蒂將提供有關我們結果的更多詳細資訊。

This morning, we reported $1.30 of normalized EPS on total adjusted net trading income per day of $8.3 million. Quarterly EBITDA was $320 million, and our EBITDA margin was a healthy 64%. This represents our high net trading income per day since 2021 and reflects the continued long-term improvement of our core business as well as our expansion into new markets.

今天上午，我們報告了 1.30 美元的標準化每股收益，每日調整後淨交易收入總額為 830 萬美元。季度 EBITDA 為 3.2 億美元，EBITDA 利潤率達到健康的 64%。這代表了我們自2021年以來每日淨交易收入的高水平，也反映了我們核心業務的持續長期改善以及我們向新市場的擴張。

Market Making had its best quarter since the first quarter of 2021. Thanks to our continued enhancements, our Retail Wholesale business was strong, and our global noncustomer Market Making businesses continue to outperform our opportunity metrics. In particular, our noncustomer global equities, digital assets and ETS block Market Making franchises delivered outsized performances.

做市業務迎來了自 2021 年第一季以來最好的一個季度。由於我們不斷的改進，我們的零售批發業務表現強勁，我們的全球非客戶做市業務繼續超越我們的機會指標。特別是，我們的非客戶全球股票、數位資產和 ETS 區塊做市特許經營權表現出色。

This quarter demonstrates the benefits of our global diversified Market Making operations and highlights its ability to outperform separate and apart from the US Retail Wholesale business. In addition to our noncustomer Market Making businesses in the US, Europe and Asia Pacific equities and options, we make markets in energy products like crude oil and natural gas currencies, digital assets, fixed income instruments and a range of other commodities, including precious and non-precious metals, all of which performed well during the quarter.

本季展現了我們全球多元化做市業務的優勢，並強調了其獨立於美國零售批發業務而表現優異的能力。除了我們在美國、歐洲和亞太地區股票和選擇權的非客戶做市業務外，我們還在原油和天然氣貨幣等能源產品、數位資產、固定收益工具和一系列其他商品（包括貴金屬和非貴金屬）上做市，所有這些業務在本季度都表現良好。

We continue to extend our listed options business in Asia, India and Japan, have expanded our coverage of tokens and venues and digital assets, and we are making strides in expanding our ETF Block business in Europe. In addition, we had an outstanding quarter in metals given the tunnel around tariffs, which has now been implemented.

我們繼續在亞洲、印度和日本擴展我們的上市選擇權業務，擴大我們的代幣、場所和數位資產的覆蓋範圍，我們正在大力擴展我們在歐洲的 ETF Block 業務。此外，由於已經實施的繞過關稅措施，本季我們的金屬業務表現十分出色。

I point this out to unwind the fact that while our business does benefit from increased retail activity in the United States, we are also broadly diversified and levered to increase volumes and volatility across asset classes and geographies. In addition to the strong performance of our Market Making businesses, the diverse strength of the firm was further evidence by Virtu Execution Services, seventh straight quarter of the increasing net trading income, a trend which has persisted to a range of both favorable and less favorable operating conditions.

我指出這一點是為了澄清這樣一個事實：雖然我們的業務確實受益於美國零售活動的增加，但我們也進行了廣泛的多元化經營並利用槓桿來增加跨資產類別和地區的交易量和波動性。除了做市業務的強勁表現外，公司的多元化實力也得到了 Virtu Execution Services 連續第七個季度淨交易收入成長的進一步證明，這一趨勢在一系列有利和不利的經營條件下一直持續。

The VES suite of scalable, highly performing products has begun to resonate with our growing and impressive global buy-side and sell-side client list as we continue to make significant inroads through product penetration and cross-selling. We believe our VES business has significant room to grow. Our product line is best-in-class, and our position is rising on broker wheels. We've successfully rolled out Virtu Technology Services, or VTS, with more in the queue.

隨著我們繼續透過產品滲透和交叉銷售取得重大進展，VES 可擴展、高性能產品套件已開始與我們不斷成長且令人印象深刻的全球買方和賣方客戶名單產生共鳴。我們相信我們的 VES 業務具有巨大的成長空間。我們的產品線是一流的，我們在經紀人市場上的地位也不斷上升。我們已經成功推出了 Virtu 技術服務（VTS），還有更多服務正在等待推出。

We've deployed an agency fixed income RFQ platform to a handful of clients, building a dealer network of almost 20 brokers on top of our client connectivity. In 2024, we delivered on our plan to significantly increase our sales prowess with a number of key hires, further accelerating our growth in this space, and the results have been noticeable.

我們已為少數客戶部署了代理固定收益 RFQ 平台，並在客戶連接的基礎上建立了由近 20 家經紀人組成的經銷商網路。2024年，我們透過招募一批關鍵人才，實現了大幅提升銷售實力的計劃，進一步加速了我們在這一領域的成長，並且取得了顯著的成果。

In addition, Virtu Capital Markets, which has been a pioneer in implementing at the market offerings for corporate issuers to raise capital and is off to a great start in 2025. What we call VES today is the combination of the Knight Execution service business we acquired when we bought Knight and ITG's global execution workflow analytics and connectivity franchises.

此外，Virtu Capital Markets 一直是企業發行人透過市場發行籌集資金的先驅，並在 2025 年取得了良好的開端。我們今天所說的 VES 是我們收購 Knight 時獲得的 Knight Execution 服務業務與 ITG 的全球執行工作流程分析和連接特許經營權的組合。

Since acquiring those businesses, we have completely overhauled their respective technology platforms and upgraded the entire suite of products from our algos, deposit alert and our extremely valuable and down multi-asset class workflow and analytics products.

自從收購這些業務以來，我們徹底改造了各自的技術平台，並升級了我們的整個產品套件，包括我們的演算法、存款警報以及我們極具價值的多資產類別工作流程和分析產品。

The market penetration and adoption levels that VES is realizing today on the culmination of this hard work and our continued investments. Our VES products allow us to achieve deep integration to client workflows, resulting in growth of recurring and reoccurring revenue streams.

VES 現今的市場滲透率和採用率是我們辛勤工作和持續投資的結果。我們的 VES 產品使我們能夠實現與客戶工作流程的深度集成，從而實現經常性收入流的成長。

In addition to these technological and product enhancements, we have also streamlined their operations. We do not break out bottom line results in our segment reporting. However, suffice to say, our EBITDA margin on these businesses are substantially high and depending on the quarters as much as 2 times or more than when we acquired.

除了這些技術和產品的改進之外，我們還簡化了他們的營運。我們不會在分部報告中單獨列出底線結果。然而，可以說，我們在這些業務上的 EBITDA 利潤率相當高，根據季度不同，可能是我們收購時的 2 倍甚至更多。

Given the outline improvements in this business and the outlook and recent performance, we do not see any reason why in the medium term, we can now achieve a $2 million per day run rate for VES. Now let me comment on recent market activity. As you know, after the tariff announcement on April 2, global markets became extremely volatile. I want to make a handful of comments about the state of the market and our experience in the last few weeks.

鑑於該業務的概要改進以及前景和近期表現，我們認為在中期內，沒有任何理由能夠實現 VES 每天 200 萬美元的運行率。現在讓我評論一下最近的市場活動。眾所周知，4月2日關稅公告發布後，全球市場變得極為動盪。我想就市場狀況和我們過去幾週的經歷發表一些評論。

First and very importantly, despite some stresses, the market infrastructure performed exceedingly well. We saw no interruptions in our flows no significant additives or liquidity concerns among any of our counterparties, which include the most important clearinghouses, prime brokers, retail brokers, banks and trading venues around the world.

首先，也是非常重要的一點，儘管存在一些壓力，但市場基礎設施​​表現非常良好。我們的資金流動沒有出現中斷，我們的交易對手方也沒有出現重大的增加或流動性問題，其中包括全球最重要的清算所、主要經紀商、零售經紀商、銀行和交易場所。

This performance is the culmination of years of shoring up the financial market infrastructure and sensible and prudent regulation for which we have always been an advocate. This reflects the lessons learned from prior market events and pilots have competition makes markets better by driving brokers, ATSs and exchanges to innovate and invest in their systems.

這一表現是我們多年來加強金融市場基礎設施​​和合理審慎監管的成果，我們一直倡導這些監管。這反映了從先前的市場事件和試點中學到的教訓，競爭透過推動經紀人、ATS 和交易所對其係統進行創新和投資，使市場變得更好。

Second, our operational performance was outstanding. The past several weeks included the highest volume and volatility days in Virtu's history. I'm proud to say that we had no counterparty issues from a risk standpoint or operational issues that prevented us from servicing clients. While naturally, we had increased margin requirements as we anticipated, our liquidity was more than sufficient to meet all associated obligations.

二是經營業績突出。過去幾週是 Virtu 史上交易量和波動性最高的日子。我很自豪地說，從風險角度來看，我們沒有遇到任何交易對手問題，也沒有遇到任何阻礙我們為客戶提供服務的營運問題。雖然我們自然而然地提高了保證金要求，正如我們預期的那樣，但我們的流動性足以滿足所有相關義務。

Looking at retail participation. As measured by retail shares and quoted spread, the first few weeks of the second quarter were well ahead of 2024 than the first quarter of 2025. Indeed, the last time we saw retail participation at these levels were the pandemic days of 2020. We remain as the best we have been since 2020, very bullish on long-term retail engagement. Of course, broader market volume will come down, but the most recent elevated levels as one would naturally anticipate.

看看零售參與度。以零售份額和報價價差衡量，第二季的前幾週遠遠領先 2024 年，而不是 2025 年第一季。事實上，我們上次看到零售參與度達到如此水準還是在 2020 年的疫情期間。我們仍然保持著 2020 年以來的最佳狀態，對長期零售參與非常樂觀。當然，大盤交易量將會下降，但最近的高點正如人們自然預料的那樣。

However, if you look at the long-term trend of retail participation, we believe that the data shows a secular uptrend in retail engagement, in fact. If you look at the 605-share volume, the quoted spreads over the last six years, you will notice that even after the heightened activity in 2020 and in 2021, the market settled well above its pre-pandemic high. We also note several market trends, including the strong new account opening figures from retail brokers that are indicative of the retail participation continuing at pace at the new baseline levels.

然而，如果看一下零售參與的長期趨勢，我們認為數據實際上顯示出零售參與度的長期上升趨勢。如果你看一下 605 股的交易量，即過去六年的報價價差，你會注意到，即使在 2020 年和 2021 年活動增加之後，市場仍遠高於疫情前的高點。我們也注意到一些市場趨勢，包括零售經紀商的強勁新開戶數據，這表明零售參與度繼續以新的基線水平保持成長。

Finally, I cannot conclude without commenting on our outlook, both near term and long term without reiterating what I just said a few minutes ago. Virtu was built as a highly diversified Market Making business and further diversifying its business with the growth of its Execution Services businesses. The current environment is favorable for both our customer and noncustomer Market Making businesses and our Execution Services business as well.

最後，我不能不評論我們的短期和長期前景，並重申我幾分鐘前所說的話。Virtu 最初是一家高度多元化的做市商，隨著執行服務業務的成長，其業務進一步多元化。目前的環境對我們的客戶和非客戶做市業務以及執行服務業務都有好處。

This has also been an excellent environment for our growing options business, digital asset business as well as our ETF Block business, which in recent days has handled a record number of requests for quotes and working orders from clients. In broad strokes, our growth is driven by three key forces.

這對我們不斷成長的選擇權業務、數位資產業務以及 ETF Block 業務也是一個極好的環境，這些業務最近幾天處理了創紀錄數量的客戶報價請求和工作訂單。整體而言，我們的成長受到三大關鍵力量的推動。

First, sharpening our edge and better capture opportunities within our existing businesses. Second, extending our edge into new products and markets, which themselves are expanding, such as (technical difficulty) the electronification of fixed income and the growing adoption of digital assets and ETFs abroad.

第一，增強優勢，更能抓住現有業務中的機會。第二，將我們的優勢擴展到新產品和新市場，這些產品和市場本身也在不斷擴大，例如（技術難度）固定收益的電子化以及國外數位資產和 ETF 的日益普及。

And third, we benefit from the broader tailwinds as market volumes and volatility drive, thanks to our diverse, global, multi-asset class Market Making and execution services platform which enables us to participate in both short- and long-term trends wherever and whenever they emerge.

第三，由於我們多元化、全球化、多元資產類別的做市和執行服務平台，我們可以隨時隨地參與短期和長期趨勢，從而受益於市場交易量和波動性的更大順風。

Importantly, the first two drivers are within our control. powered by our execution, innovation and strategic investment regardless of how favorable or challenging the external environment may be. I think, especially in times like these for our business, it's important to put these things into perspective and know how expansive Virtu's business has become over the years.

重要的是，前兩個驅動因素都在我們的控制範圍內。無論外部環境多麼有利或多麼具有挑戰性，我們的執行力、創新力和策略投資都是我們前進的動力。我認為，尤其是在我們業務處於這樣的時期，正確看待這些事情並了解 Virtu 的業務多年來變得多麼廣泛是很重要的。

With more on this point, I'd like to turn the conversation over to Joe Molluso for more commentary. Joseph?

關於這一點，我想將主題交給喬·莫盧索 (Joe Molluso) 來發表更多評論。約瑟夫？

Thank you. We thought it was an appropriate time to revisit briefly some analysis we had included in our supplement materials and on our Investor website in the past that are meant to provide some long-term perspective on Virtu and how we have grown business in a deliberate way over the years.

謝謝。我們認為現在是時候簡要回顧一下我們過去在補充資料和投資者網站上發表的一些分析了，這些分析旨在為 Virtu 提供一些長期視角，以及我們多年來如何以深思熟慮的方式發展業務。

So first, on Slide 8 in the supplemental materials, we went back to our IPO 10 years ago and arranged the data from 2015 until the first quarter. And despite the inherent volatility in our business, there is a clear up into the right SKU to our results. The next slide on Page 9 is revisiting some perspective on how to analyze a volatile business such as Virtu. The top of the page shows a sensitivity analysis based on adjusted net trading income and the resulting EPS.

首先，在補充資料的第 8 張投影片上，我們回顧了 10 年前的 IPO，並整理了從 2015 年到第一季的數據。儘管我們的業務本身就存在波動性，但正確的 SKU 對我們的業績有明顯的影響。第 9 頁的下一張投影片重新討論如何分析 Virtu 等波動性業務的一些觀點。頁面頂部顯示了基於調整後的淨交易收入和由此產生的每股收益的敏感度分析。

We introduced the sensitivity analysis about five years ago and have been able to realize results that are consistent with this analysis due to the rigor we have around cost and capital management, things we can't control as opposed to the operating environment, which we obviously can't control. Our average daily pro forma net trading income going back to 2019, which was the first full year after the ITG acquisition has been $6.3 million per day.

我們大約五年前引入了敏感度分析，並且由於我們對成本和資本管理的嚴格要求，我們能夠實現與該分析一致的結果，而這些是我們無法控制的，而經營環境顯然是我們無法控制的。自 2019 年（即收購 ITG 後的第一個完整年度）以來，我們的平均每日備考淨交易收入為每天 630 萬美元。

So through the cycle, through all the ups and downs of different market cycles, our immediate performance translates into $6.3 million per day, which extrapolated from the chart is $3.40 of adjusted EPS. So we have real growth in our operating model has demonstrated over the long term, which we are accelerating through our organic initiatives as seen in the middle of the slide.

因此，在整個週期中，在經歷了不同市場週期的所有起伏之後，我們的直接業績轉化為每天 630 萬美元，從圖表中推斷出調整後的每股收益為 3.40 美元。因此，我們的營運模式在長期內實現了真正的成長，正如幻燈片中間所示，我們正在透過有機舉措加速這一成長。

Now going back to what Doug said in his prepared remarks, while our business is volatile, we believe the pieces are in place to continue growing as we further enhance our capabilities, and as we extend our abilities to new products and markets. As he mentioned, we believe the VES could be a $2 million per day business through the cycle.

現在回到道格在準備好的發言中所說的內容，雖然我們的業務不穩定，但我們相信，隨著我們進一步增強能力，並將能力擴展到新產品和新市場，各項因素已經到位，可以繼續增長。正如他所提到的，我們相信 VES 在整個週期內可以實現每天 200 萬美元的業務。

Add to that, the variable of continuing contribution of our nonretail wholesaling business, and this means you should be able to raise the bar around cyclical troughs over time. The final component of this plan is our continued share buyback. The top line growth we have realized is significant and enhances our bottom line given our operating leverage.

除此之外，還有我們非零售批發業務持續貢獻的變量，這意味著你應該能夠隨著時間的推移提高週期性低谷的標準。該計劃的最後一個組成部分是我們持續的股票回購。我們實現的營收成長非常顯著，並且考慮到我們的經營槓桿，提高了我們的獲利水準。

Our share buyback program has and will continue to compound this earnings growth. If you have a desire to look out two to three years and even if you conclude that our business will continue to be volatile produce a trough year in a given cycle, the cumulative impact of the share buybacks is profound, baking in meaningful growth on top of any organic growth assumption you contemplate.

我們的股票回購計劃已經並將繼續促進獲利成長。如果您希望展望未來兩到三年，即使您得出結論，我們的業務將繼續波動，並在給定週期內產生低谷年，股票回購的累積影響也是深遠的，在您考慮的任何有機增長假設之上，將帶來有意義的增長。

And with that, I'm going to turn the call over to our CFO, Cindy Lee.

說完這些，我將把電話轉給我們的財務長 Cindy Lee。

Thank you, Joseph. Good morning, everyone. On Slide 3 of our supplemental materials, we provided a summary of our quarterly performance. For the first quarter of 2025, our adjusted net trading income or ANTI, which represents our trading gains, net of direct trading expenses, totaled $497 million or $8.3 million per day. Market Making adjusted net trading income was $382 million or $6.4 million per day.

謝謝你，約瑟夫。大家早安。在補充資料的幻燈片 3 上，我們提供了季度業績的摘要。2025 年第一季度，我們的調整後淨交易收入或 ANTI（代表我們的交易收益，扣除直接交易費用）總計 4.97 億美元，即每天 830 萬美元。做市調整後的淨交易收入為 3.82 億美元，即每天 640 萬美元。

Execution Services adjusted net to income was $115 million or $1.9 million per day. Our first quarter 2025 normalized adjusted EPS was $1.30. Adjusted EBITDA was $320 million for the first quarter of 2025, and our adjusted EBITDA margin was 64%. On Slide 12, we provide a summary of our operating expense results. For the first quarter of 2025, we reported $193 million of adjusted operating expenses.

執行服務調整後的淨收入為 1.15 億美元，即每天 190 萬美元。我們 2025 年第一季的標準化調整後每股收益為 1.30 美元。 2025 年第一季調整後 EBITDA 為 3.2 億美元，調整後 EBITDA 利潤率為 64%。在第 12 張投影片上，我們提供了營運費用結果的摘要。2025 年第一季度，我們報告的調整後營運費用為 1.93 億美元。

We continue to maintain an efficient cost structure and disciplined expense management, which has helped us to control our operating expenses during the inflationary environment. Financing interest expense was $30 million for the first quarter of 2025. With the benefit of our raising refinance and the interest rate was contracts that we entered in the prior year, our blended interest rate was approximately 7.1% for long term debt in aggregate.

我們繼續保持高效的成本結構和嚴格的費用管理，這有助於我們在通膨環境下控制營運費用。2025 年第一季的融資利息支出為 3,000 萬美元。由於我們提高再融資以及我們去年簽訂的合約利率，我們的長期債務綜合利率約為 7.1%。

In Q1, we used a portion of our free cash flow to repurchase 1.3 million shares, an average price $36.44 per share or a total of $48 million. To date, we have repurchased over 52 million shares at an average price of $25.85 per share for a total of $1.4 billion. Quarter-end share count was 160.2 million shares outstanding.

在第一季度，我們使用了部分自由現金流回購了 130 萬股股票，平均價格為每股 36.44 美元，總計 4,800 萬美元。迄今為止，我們已以平均每股 25.85 美元的價格回購了超過 5,200 萬股，總額達 14 億美元。季末流通股數為 1.602 億股。

Since we initiated our share repurchase program, we have repurchased over 18.9% of fully diluted shares of Virtu net after new issuances. We remain committed to our $0.24 reported dividend and combined with our share repurchase program, demonstrates our continued commitment to return capital to our shareholders.

自從我們啟動股票回購計畫以來，我們已回購了 Virtu net 新發行後超過 18.9% 的完全稀釋股份。我們仍然致力於 0.24 美元的報告股息，並結合我們的股票回購計劃，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 Q&A.

現在我想將電話轉給接線員進行問答。

(Operator Instructions)

（操作員指示）

Chris Allen, Citi.

花旗銀行的克里斯艾倫。

Morning, everyone. Thanks for taking my question. Maybe just to start out on the Market Making NTI helpful comments just around the retail sustainability. But maybe when we think about it from a year-over-year perspective, looking at the growth there, 40% year-over-year, can you help us think about what the balance between the wholesale business and the on-exchange business. Was there a balance opportunity? Is there a SKU and also the contribution from the new organic growth initiatives, just to help people think about the sustainability of the overall complex moving forward?

大家早安。感謝您回答我的問題。也許只是為了開始在市場上就零售永續性做出 NTI 有益的評論。但是，當我們從同比的角度考慮時，看看那裡的同比增長 40%，您能否幫助我們思考批發業務和場內交易業務之間的平衡。是否存在平衡的機會？是否有 SKU 以及新有機成長計畫的貢獻，只是為了幫助人們思考整個綜合體未來的可持續性？

Thank you. It's a great question, Chris. And obviously, we've tried to be more front footed about our views of sustainability and cyclicality, if you will, of the Retail business. And we obviously, as you know, don't break out customer versus non-custom Market Making. And part of that is, obviously, it's a little bit competitive.

謝謝。這是一個很好的問題，克里斯。顯然，我們一直試圖更加積極地看待零售業務的可持續性和週期性。而且，如您所知，我們顯然不會區分客戶做市商和非客戶做市商。顯然，部分原因是競爭有點激烈。

But it's also -- the businesses are not as separate and distinct as you would think. We've done a lot of great work over the last seven years and certainly within the last two to three years in terms of actually making the business work quite well together. We've done some excessive amount -- I guess, excessive is a wrong word, an incredible amount of internalization between the various trading groups. That involves the customer business and creating an internal central risk book of businesses.

但事實是——這些業務並不像你想像的那樣獨立和獨特。過去七年來，我們在業務協同方面做了很多出色的工作，當然在過去兩三年裡，我們也做了大量出色的工作。我們做了一些過度的工作——我想，「過度」這個詞不太恰當，各個交易集團之間進行了大量的內部化。這涉及客戶業務和創建業務內部中央風險帳簿。

So the increase from Q4 to Q1 was pretty diverse and pretty evenly allocated, if you will, between the customer and noncustomer businesses. So it wasn't as if we had some burst of activity in January, February and March in our Virtu customer Market Making segment as opposed to the noncustomer Market Making businesses. As I noted in the comments, we had some really good days in our precious and non-precious metals business because of the fear of tariffs, which came to be, particularly in copper and silver, platinum, palladium.

因此，如果你願意的話，從第四季度到第一季的成長是相當多樣化的，並且在客戶和非客戶業務之間分配得相當均勻。因此，與非客戶做市業務相比，我們的 Virtu 客戶做市業務在 1 月、2 月和 3 月並沒有出現一些活動高峰。正如我在評論中提到的那樣，由於對關稅的擔憂，我們的貴金屬和非貴金屬業務度過了一些非常好的日子，尤其是銅、銀、鉑、鈀。

Our Options business did exceptionally well in the Block ETF business, which both is responding to anonymous order of queues but also handling working orders from customers did exceptionally well. So I would say overall that the businesses were quite balanced, and we're trying to emphasize the global diversification and asset scale of this business.

我們的選擇權業務在大宗ETF業務中表現非常出色，無論是回應排隊的匿名訂單或是處理客戶的工作訂單都表現非常出色。因此，我認為總體而言，業務相當平衡，我們正努力強調該業務的全球多樣化和資產規模。

I mean obviously, we don't run away from our Wholesale business. It's a great business. We inherited from that, and we have improved it dramatically. We've integrated it with all of the other great things that Virtu had and continues to grow and integrate with all the product areas that we are getting into. Like for example, when we take customer orders now in crypto ETF be the bitcoin, etherium and shortly solana having the ability to market make that on the noncustomer side just makes our edge a lot more impressive.

我的意思是，顯然我們不會放棄我們的批發業務。這是一門偉大的生意。我們繼承了它，並且對其進行了顯著的改進。我們已將它與 Virtu 的所有其他優秀功能整合在一起，並將繼續發展並與我們正在涉足的所有產品領域進行整合。舉例來說，當我們現在接受加密貨幣 ETF 中的客戶訂單時，比特幣、以太坊和 Solana 很快就有能力在非客戶方面進行行銷，這讓我們的優勢更加令人印象深刻。

Joe, do you want to add anything?

喬，你還有什麼要補充嗎？

I just wanted to frame to just underline one thing you said, Chris, in the question when you said in the wholesaling retail business and then on exchange, right? So we don't think about it as off exchange, on exchange, right? We think about it as the Retail Wholesaling business and then kind of the noncustomer business, as Doug said, right?

克里斯，我只是想強調一下你在問題中所說的一件事，當你說批發零售業務然後是交換時，對嗎？所以我們不認為這是場外交易，還是場內交易，對嗎？正如 Doug 所說，我們將其視為零售批發業務，然後是非客戶業務，對嗎？

So it's really -- it is -- there is quite some point it, but there's a US and non-US equity component, pretty much all the growth initiatives, options, ETM block, crypto capital markets within VES, but most of those are nonequity businesses.

所以它確實 - 它是 - 有相當多的觀點，但有一個美國和非美國的股票部分，幾乎所有的增長計劃，期權，ETM區塊，VES內的加密資本市場，但其中大多數是非股權業務。

And even some of the examples Doug gave like metals and foreign exchange and energy. Obviously, the distinction for us is not on exchange, off exchange. It's a customer versus noncustomer. And obviously, you know this, but in multiple asset quests.

道格甚至舉了一些例子，像是金屬、外匯和能源。顯然，對我們來說，差別不在於交易所內還是交易所外。這是客戶與非客戶之間的對抗。顯然，您知道這一點，但在多個資產任務中。

Appreciate that. And just on my one follow-up, just kind of noted continued improvement against the opportunity set. So where are we in kind of that continuous improvement? I realize that you have a lot of different areas that you can kind of tighten the dials on, do you still see room in like how does it stand out kind of the current environment when things -- when obviously spreads widen out? Is it more just the environment? Or just you see you actually going to realize increased efficiencies with the environment as well?

非常感謝。就我的一次後續行動而言，我只是注意到機會集的持續改善。那麼我們在持續改善方面處於什麼位置呢？我意識到您可以在許多不同的領域進行調整，您是否仍然看到空間，例如當事情明顯擴大時，它在當前環境中如何脫穎而出？這不僅僅是環境問題嗎？或者您只是看到您實際上也實現了環境效率的提升？

I mean it's a really good question. And we measure it in markets that are more benign in markets that are obviously heightened. And you're right, like during the times of volatility, particularly in the last couple of weeks, you see people high urgency. So, there's obviously a lot more spread crossing flow, and that's Nirvana for market banker.

我的意思是這是一個非常好的問題。我們在較溫和的市場和明顯亢進的市場中進行衡量。你說得對，在動盪時期，特別是過去幾週，你會看到人們的緊迫感很強。因此，顯然存在更多的價差交叉流，這對市場銀行家來說就是天堂。

But just in terms of absolute performance and growth -- and I sort of made this point in my prepared remarks, that sure, we're very focused on new areas like options, ETF Block, crypto, fixed income. But there's a continual and a lot of work being done to more of our, I guess, I'll call them more legacy businesses where we've become just better and more performance.

但僅就絕對業績和成長而言——我在準備好的發言中已經提到了這一點，當然，我們非常關注期權、ETF Block、加密貨幣、固定收益等新領域。但我們正在對更多傳統業務進行持續的、大量的工作，我想，這些業務已經變得更好，性能也更高。

We've added strategies and predictors within our customer Market Making segment. We've made our noncustomer global equities, Market Making businesses more efficient. I can't overemphasize that this is a single unitary firm. It really goes back to the DNA, the Virtu Financial. We're a single firm.

我們在客戶做市部門中加入了策略和預測指標。我們提高了非客戶全球股票和做市業務的效率。我再怎麼強調也不為過，這是一家單一公司。這實際上可以追溯到 DNA，即 Virtu Financial。我們是一家公司。

We don't kind of trading pods. We don't give out trading guarantees. We don't pay people based on books. So there's an enormous amount of collaboration within the firm and that allows for internalization, which does a couple of things. It obviously makes you not pay exchange fees and clearing fees and things like that.

我們並沒有進行任何形式的交易。我們不提供交易擔保。我們不根據書籍來支付報酬。因此，公司內部存在著大量的協作，這使得內部化成為可能，從而產生了一些效果。它顯然讓你不支付交易費、清算費等費用。

So by definition, our and Section 31 fees. So by definition, you're going to be more profitable. But it also enables you to execute without having to expose your intentions to the marketplace and so you could be more aggressive taking larger blocks and provide better two-sided pricing to your clients. So that's a key, key element to our success, and it was a big contributor in the first quarter.

因此根據定義，我們的費用和第 31 條費用。所以根據定義，你將會獲得更多的利潤。但它也使您能夠在無需向市場暴露您的意圖的情況下執行，因此您可以更積極地採取更大的行動並為您的客戶提供更好的雙邊定價。這是我們成功的關鍵因素，也是第一季的一大貢獻者。

Thanks guys. Appreciate the color and good luck in the playoffs.

謝謝大家。欣賞色彩，祝季後賽好運。

Thank you very much.

非常感謝。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Thanks, good morning. I wanted to come back to the $2 million per day in the VES business. Kind of what gives you that confidence to say this now? You talked about a lot of diversity of products and hiring. So maybe I guess, where the momentum is, if you could be a little more specific in terms of that business? And as you think about it, is just more cross selling more of the same? Or are there more things on the come that you expect to roll out?

謝謝，早安。我希望 VES 業務能夠重回每天 200 萬美元的營收目標。是什麼讓您現在有信心說出這些話？您談到了產品和招聘的多樣性。所以我想，您能否更具體地說明該業務的勢頭在哪裡？想想看，更多的交叉銷售是否意味著更多相同的產品？或者您期望未來推出更多產品嗎？

Thank you, Dan. Yes, we obviously don't typically give forecasts or talk about numbers like that. So we have a high degree of confidence based on a lot of the work that's deeper and a lot of great people at Virtu Execution Services have done in the last five, six years since we acquired ITG and integrated.

謝謝你，丹。是的，我們顯然通常不會做出預測或談論這樣的數字。因此，我們對此抱持高度信心，因為自從我們收購 ITG 並進行整合以來，Virtu Execution Services 的許多優秀人才在過去五、六年中已經做了大量更深入的工作。

And this was really the road map that we tried to lay out in 2019, when we made the decision strategically to become bigger in an Execution Services segment. And it's really a number of components than that adds up. So it's just a bunch of signals. So it's our Virtu technology services platform, rolling it out to small to midsize broker-dealers that need a technology solution and even asset manager, they need the technology solution.

這實際上是我們在 2019 年試圖制定的路線圖，當時我們做出了在執行服務領域擴大規模的策略決定。它實際上是由許多組件加起來的。所以它只是一堆訊號。因此，這是我們的 Virtu 技術服務平台，將其推廣給需要技術解決方案的中小型經紀交易商，甚至是資產管理者，他們需要技術解決方案。

We've seen huge adoption of that. You're right. There's a great deal of cross-selling if someone's going to take our frontier global algo product. They very often will take an analytics product and then we try to sell and trade our execution management system. We've made a huge amount of enhancements and improvements to our workflow solutions and [analytic] solutions since the acquisition of ITG, essentially replatform those and change the gut for them.

我們已經看到它被廣泛採用。你說得對。如果有人要購買我們的前沿全球演算法產品，就會出現大量的交叉銷售。他們通常會採用分析產品，然後我們嘗試銷售和交易我們的執行管理系統。自收購 ITG 以來，我們對工作流程解決方案和[分析]解決方案進行了大量的增強和改進，本質上是對它們進行了重新平台化並改變了它們的核心。

So there are a lot more performance. In regular times in [bursts], we had -- I hear a single complaint about Triton during this recent April -- I'm sure there were some, but we handled them, but there's no systemic or global issues. And that's a huge improvement that we've made those products multi-asset class. We are a big believer in distribution partnerships.

因此還有很多性能。在正常情況下，我們曾經遇到過——我聽到今年 4 月關於 Triton 的一次投訴——我確信有一些，但我們已經處理了，但沒有出現系統性或全球性問題。我們已將這些產品製成多資產類別，這是一個巨大的進步。我們非常相信分銷合作夥伴關係。

So we're kind of agnostic. We're happy to have partners, sell-side firms, white label our products and be a technology provider. And in addition, we've made a number of product enhancements. For example, we've got this great switcher algo product, right, which is effectively like an algo of alcos that uses real high-level machine learning and some artificial intelligence to route orders intelligently.

所以我們有點不可知論。我們很高興有合作夥伴、賣方公司、白標我們的產品並成為技術提供者。此外，我們也對產品進行了一些改進。例如，我們有這個很棒的切換演算法產品，它實際上就像一個演算法的演算法，使用真正的高級機器學習和一些人工智慧來聰明地安排訂單。

We have an agency RFQ product now in fixed income, which was subset the marketplace was asking for. And as I mentioned earlier, we have multi-asset class Triton analytics products. So you can go to a large asset management and said, hey, we can be a one-stop solution for your credit traders, your equity traders, your fixed income gear -- excuse me, your FX traders. And so all of those one-plus two-plus three, the singles that we're hitting have really given us the confidence, if you will, in the results are proof is in to put in.

我們現在有一個固定收益領域的代理 RFQ 產品，這是市場所要求的子集。正如我之前提到的，我們擁有多元資產類別的 Triton 分析產品。因此，你可以去一家大型資產管理公司，說，嘿，我們可以為你的信貸交易員、股票交易員、固定收益工具——對不起，是你的外匯交易員——提供一站式解決方案。因此，我們所取得的所有這些一加二加三的單打確實給了我們信心，如果你願意的話，結果就是值得我們投入的證明。

And on top of that, once we made a number of cultural changes, shall I say, within that business segment, we've really done a terrific job. Again, I guess Steve Cavoli and the guys a lot of credit by having a number of strategic hires. This is ultimately a customer-facing business and customer service and understanding the products, having folks in Virtu Execution Services even if they aren't software engineers, they need to understand the products and why and how -- (technical difficulty)

除此之外，一旦我們在該業務領域做出一些文化變革，我該說的話，我們確實做得非常出色。再次，我認為史蒂夫·卡沃利 (Steve Cavoli) 和他的團隊通過一系列戰略性招聘獲得了巨大的榮譽。這最終是一個面向客戶的業務和客戶服務，並了解產品，即使 Virtu 執行服務中的人員不是軟體工程師，他們也需要了解產品以及為什麼以及如何--（技術難度）

Please standby one moment. We are having a technical difficulty. So please stand by for one moment. Andrew, are you ready to continue, sir?

請稍候。我們遇到了技術困難。因此請稍等片刻。安德魯，先生，您準備好繼續了嗎？

Yes. Where did we drop?

是的。我們掉到哪裡了？

It looks like that you were answering a question for Dan Fannon.

看起來您正在回答 Dan Fannon 的一個問題。

Yes. Are we back live?

是的。我們回來直播了嗎？

Yes, we are.

是的。

Okay. Dan, I think I was pretty much done going through the four, five, six elements. I hope I answered your question. I don't know if you had a follow-up.

好的。丹，我想我已經基本了解四、五、六個要素了。我希望我回答了你的問題。我不知道你是否有後續行動。

Yes. No, we got most of that. So I appreciate it. Just as a follow-up, there obviously is a bunch of debate around the sustainability of retail, and you talked about what's been happening more recently. Just want to make sure that there's nothing you're seeing from the flow or other parts of the market that would basically support this idea that retail is slowing or has the potential to slow in the short term?

是的。不，我們已經得到了大部分。所以我很感激。作為後續問題，顯然圍繞零售業的可持續性存在大量爭論，您談到了最近發生的事情。只是想確保你從市場流通或其他部分看到的任何東西都不能基本上支持零售業正在放緩或有可能在短期內放緩的觀點？

No, yeah, It's a good question. Obviously, we try to be front-footed and address it not only in the script, but we provided in the supplemental materials data. And the data doesn't lie, sure, you'll have as you will, in noncustomer segment, you'll have surges of interest, but we've seen retail hasn't pulled back. We've seen a very healthy and sustainable level of retail engagement.

不，是的，這是個好問題。顯然，我們試圖搶先一步解決這個問題，不僅在腳本中，而且在補充資料資料中也提供了這個問題。數據不會說謊，當然，在非客戶領域，你的興趣會激增，但我們已經看到零售業並沒有回落。我們看到零售參與度非常健康且可持續。

If you look at Slide 7, you can see that the baseline has elevated and indeed, the key retail brokers have indicated that their account openings have continued to grow at pace. So like every part of the market, you'll have days where there's 10 billion shares of retail come into the market and other days where there's 2 billion. But at the end of the day, the long-term positive trends here has continued. I think the data is very, very clear that we provided in the supplemental materials. So I think that narrative is frankly just incorrect and is not supported by the data.

如果您看一下投影片 7，您會發現基準已經提高，事實上，主要零售經紀商已經表示他們的開戶數量持續快速成長。因此，就像市場的每個部分一樣，有時有 100 億股散戶股票進入市場，有時只有 20 億股。但最終，這裡的長期正面趨勢仍得以持續。我認為我們在補充資料中提供的數據非常非常清晰。所以我認為這種說法坦率地說是不正確的，並且沒有數據支持。

Great, thank you.

太好了，謝謝。

Ken Worthington, JP Morgan.

肯‧沃辛頓，摩根大通。

Hi, good morning, thanks for taking the question I wanted to maybe start on, I guess, what I'll call the core noncustomer Market Making business. I was hoping to get more color in terms of to what extent that, that business is sort of building and growing. So if possible, are you adding new symbols, new exchanges? Is it more headcount? Is it additional capital?

嗨，早上好，感謝您回答我的問題，我想先從我稱之為核心非客戶做市業務的問題開始。我希望能夠更詳細地了解該業務的建設和發展程度。那麼如果可能的話，您是否會添加新的符號、新的交換？員工人數增加了嗎？是額外資本嗎？

Are there other things that are getting the baseline in that business to grow? Or should we really just kind of go back to the other businesses that you talked about and focus on the growth in VES and the customer business, et cetera?

還有其他因素可以推動該業務的基礎成長嗎？或者我們真的應該回到您談到的其他業務並關注 VES 和客戶業務的成長等等？

Yes. It's a great question. And obviously, look, we struggle to provide as much information as we possibly can to you to validate that. And every time I -- in my prepared remarks, I comment on whether we've -- we're very self-critical, if you will, in terms of what should our performance be in terms of capture per unit, whether it's an FX payer Canada future or an equity or in digital assets and whatnot.

是的。這是一個很好的問題。顯然，我們盡力向您提供盡可能多的信息來驗證這一點。每次我在準備好的發言中，我都會評論我們是否——如果你願意的話，我們會非常自我批評，關於我們在單位捕獲方面的表現應該如何，無論是外匯支付者加拿大期貨還是股票或數位資產等等。

And so we score ourselves every day, and I was very clear in our remarks that we outperformed in just about every noncustomer Market Making segment that I can think of. And that is really the culmination of a couple of things. One, obviously, is investing heavily in technology to make sure that in terms of not only in latency in terms of execution, but throughput of market data and connectivity that we are there.

因此，我們每天都會對自己進行評分，我在評論中非常清楚地表明，我們在幾乎所有我能想到的非客戶做市領域都表現出色。這實際上是幾件事的頂峰。顯然，我們首先要大力投資技術，以確保我們不僅在執行延遲方面，而且在市場數據和連接性的吞吐量方面都達到要求。

In equities, there's not only now 15 in the United States, It's 15 national securities exchanges. There's 40-odd ATSs that we're connected to that we do quite well, and we run a very significant single dealer platform. And so, streaming directly to customers and making sure that you manage toxicity and provide good execution quality to those customers, that's something that we strive for and continue to improve on.

在股票方面，現在美國不僅有 15 家股票交易所，還有 15 個國家的證券交易所。我們與 40 多家 ATS 建立了合作關係，並且合作非常愉快，而且我們經營著一個非常重要的單一經銷商平台。因此，直接向客戶傳輸數據並確保管理毒性並為這些客戶提供良好的執行質量，這是我們努力追求並不斷改進的目標。

And then lastly, I've mentioned it now 3 or 4 times, it's enhancing internalization within the firm. So it's hard to understate how important it is and how vibrant, I'll call our legacy businesses are. And over the last four, five years, we have seen a continual shift to the right of those businesses in the aggregate. Sure, some will have better days, weeks, months, quarters and years than others.

最後，我已經提到三、四次了，它正在增強公司內部的內化。因此，我們很難低估它的重要性以及我們稱之為傳統業務的活力。在過去的四、五年裡，我們看到這些企業整體上不斷向右轉。當然，有些人的日子、週、月、季和年份會比其他人更好。

But the notion that somehow those businesses are diminishing or not growing is not correct. So we're very, very focused on continuing to diversify our revenue streams and add on to that, obviously, some of the new initiatives are in options and ETF block which has grown pretty dramatically in digital assets.

但認為這些業務正在萎縮或不再成長的想法是不正確的。因此，我們非常非常注重繼續實現收入來源多元化，此外，顯然，一些新舉措涉及期權和 ETF 區塊，這些區塊在數位資產領域已經取得了相當顯著的成長。

Joe, I don't know if you want to add.

喬，我不知道你是否想補充。

No, that's right -- I mean your question, Ken, what are we at new products, new markets? I mean, pretty much everything that we described or have described in the past, as an organic growth initiative is in this nonretail category. ETF block digital assets option.

不，沒錯──肯，我的意思是你的問題，我們在新產品、新市場有什麼進展？我的意思是，我們描述過的或過去描述過的幾乎所有有機成長計劃都屬於非零售類別。ETF區塊數位資產選擇權。

Great thank you very much.

非常好，非常感謝。

Craig Segenthaler, Bank of America.

美國銀行的克雷格·塞根塔勒（Craig Segenthaler）。

Good morning. Thanks for taking the question. This is Ely on for Craig. Can you update us on the product road map for your crypto business? Specifically, what exchanges are you providing liquidity on today for what coins? And then how is that going to build out and expand over time?

早安.感謝您回答這個問題。這是克雷格 (Craig) 的伊萊 (Ely)。您能否向我們介紹一下您的加密業務的產品路線圖？具體來說，您今天在哪些交易所為哪些貨幣提供流動性？那麼隨著時間的推移，它將如何發展和擴展？

Yes, sure. I'm going to try to be as specific as I can. I'm not the youngest guy in the world, so I can't keep track of all of these coin deals or you're a young guy, so you probably have a better handle on them. I mean a lot of it really has been driven by our partners. So as you know, we're an investor in EDX.

是的，當然。我將盡力具體說明。我不是世界上最年輕的人，所以我無法追蹤所有這些硬幣交易，或者你是一個年輕人，所以你可能對它們有更好的了解。我的意思是，其中許多確實是由我們的合作夥伴推動的。如您所知，我們是 EDX 的投資者。

EDX has asked us to expand our coverage both in terms of coins and in terms of hours. So we are now a 24/7 firm. We're doing a lot more than the big three -- so it's more than Bitcoin, etherium and Solana. We're doing about a dozen or so coins moving to close to two dozen. We won't go far out in the queue and do some of these I'll call them for one-off mean coins because those don't seem appropriate.

EDX 要求我們擴大貨幣和時間方面的覆蓋範圍。所以我們現在是一家全天候營業的公司。我們所做的比三大巨頭多得多——所以它比比特幣、以太坊和 Solana 要多得多。我們正在處理大約十幾枚硬幣，數量將接近二十幾枚。我們不會在隊列中走得太遠，也不會做一些我稱之為一次性硬幣的事情，因為那些看起來不太合適。

But anything that EDX and other partner firms like coin-based, bullish. I'm trying to think the other venues were connected to finance -- I'm sorry? Yes. So, Andrew is updating me here. What other venues are we connected to?

但 EDX 和其他合作公司喜歡的任何基於硬幣的東西都是看漲的。我試著想像其他場館與金融有關——對不起？是的。所以，安德魯在這裡向我更新情況。我們還與哪些場館有聯繫？

KX, Bybit, and Kraken --

KX、Bybit 和 Kraken--

Right, there you go, Ely. In addition, we have now started a week like our VFX and VFI where we stream directly to counterparties. We have a VF crypto offering. We've made a couple of strategic hires in that area to build out more of what I'll call the institutional business. So streaming directly to buy-side firms, either through our own API or using the auspices of one of the aforementioned exchanges.

好的，就是這樣，伊萊。此外，我們現在已經開始了像 VFX 和 VFI 那樣的一周，我們將直接向交易對手進行串流傳輸。我們提供 VF 加密貨幣產品。我們在該領域進行了幾項策略性招聘，以拓展我所說的機構業務。因此，可以透過我們自己的 API 或使用上述交易所之一的支持，直接向買方公司進行串流傳輸。

And then the last thing is that this business is a multi-asset class business, if you will, a multiproduct business because every day, you turn around, there's a new ETF that's about to be launched here in the United States, thankfully. You'll have levered and inverse products and then you'll have options on those products. We see the same thing in Europe and in Canada, a little bit in Brazil and in Asia as well.

最後一點是，這項業務是一項多資產類別業務，如果你願意的話，也可以說是一項多產品業務，因為幸運的是，每天都有一隻新的 ETF 即將在美國推出。您將擁有槓桿產品和反向產品，然後您將擁有這些產品的選擇權。我們在歐洲、加拿大、巴西和亞洲也看到了同樣的情況。

And then there is perpetual futures as well like EDX has launched, for example, on these products. So think of this as a multitude of coins, ETF products globally, futures products, both listed and perpetual futures on other platforms. And then on top of that, we will offer a single deal of institutional streaming as well. So we are, I would say, kind of in the second inning, if you will, of a nine-inning game of building that out. We're happy to be a wholesale crypto liquidity provider.

然後還有永久期貨，例如 EDX 在這些產品上推出的。因此，可以將其視為多種貨幣、全球 ETF 產品、期貨產品（包括其他平台上的上市期貨和永久期貨）。除此之外，我們還將提供單一的機構串流交易。因此，我想說，我們正處於第二局，如果你願意的話，這是一場九局的第二局。我們很高興成為批發加密貨幣流動性提供者。

And so, this is going to be no different, if you will, from our FX or other businesses that we've built out over the years. And then the last thing is, to the extent there's institutional support for this business, there's no reason we couldn't support digital asset products, and we already have a road map for this to the extent this investor demand on our Triton product, right? So traders could access markets through our execution management system, and we're more than happy and prepared to have execution service algos to support those. So this is truly a product or an asset class, if you will, that spans the firm.

因此，如果您願意的話，這與我們多年來建立的外匯或其他業務沒有什麼不同。最後一點是，只要有機構支持這項業務，我們就沒有理由不支持數位資產產品，而且我們已經為投資者對我們的 Triton 產品的需求制定了路線圖，對嗎？因此交易者可以透過我們的執行管理系統進入市場，我們非常高興並準備好提供執行服務演算法來支援這些系統。因此，如果你願意的話，這確實是一種跨越整個公司的產品或資產類別。

Got it. And for a follow-up, there has been some news flow about you guys getting new competition and Virtu technology services with Citadel Securities and Jane Street both also looking to do more of that sort of outsourced trading business with sell-side firms. Can you talk a little bit about how your offering stacks up against these competing solutions being rolled out by your competitors?

知道了。接下來有消息稱，你們獲得了新的競爭對手，而 Virtu 技術服務與 Citadel Securities 和 Jane Street 都希望與賣方公司開展更多此類外包交易業務。您能否稍微談談您的產品與競爭對手推出的解決方案相比有何優勢？

Yes. It's a really good question. Look, I mean, Citadel and Jane are both terrific firms run by great people, and we're friend of me, I guess, right, because we collaborate on exchanges and regulatory matters, right? So I have nothing but respect for both of those firms and their leadership.

是的。這確實是一個好問題。你看，我的意思是，Citadel 和 Jane 都是由優秀的人經營的優秀公司，我想，我們也是我的朋友，因為我們在交易所和監管事務上進行合作，對吧？因此，我對這兩家公司及其領導層充滿敬意。

I've said that many, many, many times. I think it's a very different product offering. Their offering is more of a white label RFQ product that connects to like a bank partner, right? And we'll provide them with liquidity that their partner then could kind of repackage, mark up and share with their clients.

我已經說過很多很多次了。我認為這是一種非常不同的產品。他們提供的更像是與銀行合作夥伴連接的白標 RFQ 產品，對嗎？我們將為他們提供流動性，然後他們的合作夥伴可以重新打包、標記並與客戶分享。

That's a great business. It can be focused on like maybe one or two larger dealers. And it's a very -- it's a holistic partnership. We've done that before. We did that historically with the Bank of New York in FX, for example. It doesn't scale particularly well. It's very intensive. It obviously can be very profitable. Our business is completely different. It's an offering that is more of an agency aggregation tool for smaller regional broker-dealers and asset managers, and it's got -- it's more commoditized, and it scales exceptionally well.

這是一樁偉大的生意。它可以集中在一兩個較大的經銷商上。這是一種非常全面的夥伴關係。我們以前也這樣做過。例如，我們過去曾與紐約銀行在外匯領域合作。它的擴展性不是特別好。這是非常密集的。顯然，它可以帶來豐厚的利潤。我們的業務完全不同。它更像是一種面向小型區域經紀交易商和資產管理公司的代理聚合工具，而且它更加商品化，並且擴展性非常好。

And the benefit of that, obviously, is you have a larger addressable marketplace. It's more of a commoditized product that's easier to get out there and it's easier to support. And it provides us the benefit of being able to if we choose, and obviously, we generally choose to be a liquidity provider with respect to that broker-dealer. But again, we're going to be Switzerland.

顯然，這樣做的好處是你擁有更大的可尋址市場。它更像是一種商品化產品，更容易獲得且更容易支援。如果我們願意的話，它為我們提供了這樣做的好處，顯然，我們通常會選擇成為該經紀交易商的流動性提供者。但再說一次，我們將成為瑞士。

So we're going to allow them to access, if they want to access Citadel James Street, Hudson River and all these other great firms, that's their prerogative, will be a liquidity provider on a wheel, but it's really empowering firms that don't have the resources that we do in order to execute -- to provide that capability to their end users as opposed to like a single large partnership. So, I think it's -- it's a very, very different approach and a very different philosophy, and that's how I would distinguish it.

因此，如果他們想訪問 Citadel James Street、Hudson River 和所有其他偉大的公司，我們將允許他們訪問，這是他們的特權，他們將成為流動性提供者，但這實際上是在授權那些沒有我們這些資源的公司執行——為他們的最終用戶提供這種能力，而不是像單一的大型合作夥伴關係。所以，我認為這是一種非常非常不同的方法和非常不同的哲學，這就是我區分它的方式。

Got it, thank you.

知道了，謝謝。

Thank you.

謝謝。

I am showing no further questions at this time. I would now like to turn the call back over to Doug for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給 Doug 做最後發言。

Thank you, everybody, for joining us today, and we very much look forward to addressing the second quarter in July of this year. Thank you, everybody.

感謝大家今天的到來，我們非常期待今年 7 月解決第二季的問題。謝謝大家。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。