Virtu Financial Inc (VIRT) 2025 Q2 法說會逐字稿

Hello, everybody, and welcome to the Virtu Financial 2025 second quarter results. My name is Elliot, and I'll be your coordinator for today. (Operator Instructions)

大家好，歡迎關注 Virtu Financial 2025 年第二季業績。我叫艾略特，今天我將擔任你們的協調員。（操作員指示）

I would now like hand over to Andrew Smith, Head of Investor Relations. Please go ahead.

現在我想把麥克風交給投資者關係主管安德魯史密斯 (Andrew Smith)。請繼續。

Thank you, Elliot. Good morning, everyone. Thank you for joining us. Our second-quarter 2025 results were released this morning and are available on our website.

謝謝你，艾略特。大家早安。感謝您加入我們。我們的 2025 年第二季業績已於今天上午發布，可在我們的網站上查閱。

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. We will begin with prepared remarks and then take your questions.

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約瑟夫·莫盧索先生；以及我們的財務長辛迪·李女士。我們將首先發表準備好的發言，然後回答您的問題。

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. Please note that our actual results and financial actions may differ materially from what is indicated in these forward-looking statements.

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。請注意，我們的實際結果和財務行動可能與這些前瞻性陳述中所示的存在重大差異。

It is important to note that any forward-looking statements made on this call are based on information presently available for the company, and we do not undertake to update or revise any forward-looking statements as new information becomes available. We refer you to disclaimers in our press release and encourage you to review the description and risk factors contained in our annual report, Form 10-K, and other public filings.

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，我們不承諾在獲得新資訊後更新或修改任何前瞻性陳述。我們請您參閱新聞稿中的免責聲明，並鼓勵您查看我們的年度報告、10-K 表格和其他公開文件中包含的描述和風險因素。

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. 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.

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。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 GAAP 指標與收益材料中等效 GAAP 術語的對賬，並解釋為什麼我們認為這些信息有意義以及管理層如何使用這些指標。

And with all that, I'd like to turn the call over to our CEO, Doug Cifu.

說完這些，我想把電話轉給我們的執行長 Doug Cifu。

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

非常感謝，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，我將重點放在 Virtu 2025 年第二季的業績和策略舉措。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。

We realized outstanding results across our businesses in the second quarter, fueled by market turmoil around tariffs, economic policy, and general volatility we recorded $568 million in adjusted net trading income, which is $9.2 million per day and $1.53 in adjusted EPS, both numbers recent highs and are reflective of our ongoing investments, growth initiatives across the firm, and the macro environment.

我們在第二季度實現了各項業務的出色業績，受關稅、經濟政策和總體波動等市場動盪的推動，我們實現了 5.68 億美元的調整後淨交易收入，即每天 920 萬美元，調整後每股收益為 1.53 美元，這兩個數字均創下近期新高，反映了我們正在進行的投資、整個公司的成長計劃以及宏觀環境。

Market Making contributed $451 million and Execution Services contributed $116 million. While we believe significant opportunities remain in both cases, we believe that our core business and growth initiatives performed well against the opportunity set that we addressed. It was our sixth straight quarter of increasing adjusted net trading income overall. Our growth initiatives were particularly strong this quarter, reaching an all-time high of $1.3 million per day or 15% of our total adjusted trading income per day of $9.2 million. Our growing ETF block franchise and global digital asset deaths led the group with strong performances from our options market making as well.

做市貢獻了 4.51 億美元，執行服務貢獻了 1.16 億美元。雖然我們認為這兩種情況下都存在重大機遇，但我們相信，我們的核心業務和成長計劃在我們所抓住的機會中表現良好。這是我們連續第六個季度實現調整後淨交易收入整體成長。本季我們的成長舉措尤為強勁，達到了每天 130 萬美元的歷史新高，占我們每天 920 萬美元調整後總交易收入的 15%。我們不斷成長的 ETF 區塊特許經營權和全球數位資產消亡引領了集團的發展，同時我們的選擇權做市業務也表現強勁。

In ETF block, the volumes and volatility surrounding Liberation Day and the ongoing tariff news drove elevated client demand for our ETF desk, -- we continue to grow our market share and client list globally for ETFs, and we remain focused on the build-out of our Europe ETF block offering. In digital assets, our expanding capabilities continue to yield attractive results as we extended our market making to additional tokens and asset classes.

在 ETF 部門中，解放日前後的交易量和波動性以及持續的關稅新聞推動了客戶對我們 ETF 交易台的需求上升——我們繼續在全球範圍內擴大 ETF 的市場份額和客戶名單，並且我們仍然專注於擴大我們的歐洲 ETF 板塊產品。在數位資產領域，隨著我們將做市業務擴展到更多代幣和資產類別，我們不斷擴展的能力繼續產生可觀的成果。

We remain excited about this space for many reasons, including ones we will discuss further in a moment. Our customer Market Making business was strong given the market conditions, especially at the start of the quarter. Retail engagement remains strong at or above the elevated post-pandemic baseline and our 605 executed shares and dollar value of coated spreads reflect recent highs.

我們仍然對這個領域感到興奮，原因有很多，包括我們稍後將進一步討論的原因。鑑於市場狀況，尤其是在本季初，我們的客戶做市業務表現強勁。零售參與度依然強勁，達到或超過疫情後高點基線，我們已執行的 605 隻股票和塗層利差的美元價值反映了近期的高點。

As you know, mean realized volatility was 30 in the VIX average 24. However, median daily realized volatility to intraday volatility were up low single digits quarter-over-quarter illustrating a favorable environment that was closer to the first quarter. Equity TCV was up 17% against the already healthy first quarter levels or about 12% if you exclude sub-dollar share volumes and notional US equity volumes were up 9% quarter-to-quarter. Our noncustomer market making business continued to deliver growth and a strong performance against the growing dynamic opportunity in the quarter. Our global equities franchise and noncustomer market making delivered excellent performance as did our ETF block business, which had another record quarter.

如您所知，VIX 平均值為 24，平均實際波動率為 30。然而，日內實際波動率中位數與盤中波動率相比，環比上漲了個位數，顯示市場環境更接近第一季。股票 TCV 在第一季已經很健康的水平上又上漲了 17%，如果排除低於 1 美元的股票交易量，則上漲了約 12%，而名義美國股票交易量環比上漲了 9%。在本季不斷成長的動態機會面前，我們的非客戶做市業務持續成長並表現強勁。我們的全球股票特許經營權和非客戶做市業務表現出色，我們的 ETF 大宗業務也同樣表現優異，再創季度紀錄。

Crypto and options also performed exceedingly well thanks to both enhancements and extensions of our capabilities and the elevated opportunities set in the quarter. A crypto, in particular, our capabilities have grown to cover more markets and more symbols than ever across future spot perpetual futures and ETFs globally. Our institutional business, Virtu Execution Services or VES, recorded $116 million in adjusted net trading income, a recent high.

由於我們能力的增強和擴展以及本季創造的更多機會，加密貨幣和選擇權的表現也非常出色。特別是加密貨幣，我們的能力已擴展到覆蓋全球未來現貨永續期貨和 ETF 的更多市場和更多符號。我們的機構業務 Virtu Execution Services 或 VES 錄得 1.16 億美元的調整後淨交易收入，創近期新高。

As we have mentioned on prior calls, we believe that the VES business could grow to a consistent $2 million per day through the cycle, and we are well on our way to achieving this goal. We recorded two straight quarters of around $1.9 million per day, and we believe this has room to grow. Since taking on the execution service business as a strategic imperative before we made any acquisitions, we have relied on our ability to develop best-in-class technology and products. Today, we are proud to serve approximately 2,000 global buy-side and sell-side clients.

正如我們在之前的電話會議上提到的那樣，我們相信 VES 業務可以在整個週期中穩定成長到每天 200 萬美元，而且我們正在順利實現這一目標。我們連續兩季的日收入都達到約 190 萬美元，而且我們相信這個數字還有成長空間。自從我們在進行任何收購之前將執行服務業務作為一項策略要務以來，我們一直依靠我們開發一流技術和產品的能力。今天，我們很榮幸能夠為全球約 2,000 個買方和賣方客戶提供服務。

A key avenue of growth within VES comes from converting our products like Triton, our market leading EMS into multi-asset class products to serve our clients fixed income, FX and option needs. Virtu Capital Markets, which has been a pioneer in implementing at-the-market offerings for corporate issuers, produced an outstanding quarter in the second quarter of 2025, its best on record.

VES 的一個關鍵成長途徑是將我們的產品（如 Triton、我們市場領先的 EMS）轉化為多資產類別產品，以滿足客戶的固定收益、外匯和選擇權需求。Virtu Capital Markets 一直是為公司發行人實施市場發行的先驅，其在 2025 年第二季度取得了出色的業績，創下了有史以來的最佳業績。

We believe more growth will come from cross-selling within our broad network of VES clients as strategic partners, penetrating new and growing client categories, rolling out offerings like VTS, Virtu technology services and continued enhancements to monetizing our flow and technology. Since growing this business substantially by acquiring ITG Virtu has solidified the revenue base cut costs dramatically and made strategic hires to expand our addressable market across multiple dimensions.

我們相信，更多的成長將來自於在我們廣泛的 VES 客戶網路中作為策略合作夥伴進行交叉銷售、滲透到新的和不斷增長的客戶類別、推出 VTS、Virtu 技術服務等產品以及持續增強我們的流程和技術貨幣化。自從透過收購 ITG 大幅發展業務以來，Virtu 鞏固了收入基礎，大幅削減了成本，並進行了策略性招聘，以在多個維度拓展我們的潛在市場。

We continue to see strong tailwinds for Virtu, sustained retail engagement post-pandemic remains a positive backdrop and several structural trends should help compound our growth in the coming quarters. First, we're encouraged by the emerging interest in overnight equity trading. While still early, we're working with clients, regulators and market participants to help shape a robot framework that gives global investors easier access to US capital markets.

我們繼續看到 Virtu 的強勁順風，疫情後持續的零售參與仍然是一個積極的背景，一些結構性趨勢應該有助於我們在未來幾季實現成長。首先，隔夜股票交易興趣的興起令我們感到鼓舞。雖然還處於早期階段，但我們正在與客戶、監管機構和市場參與者合作，幫助塑造一個機器人框架，讓全球投資者更容易進入美國資本市場。

Second, digital assets are becoming a meaningful growth opportunity. Institutional demand continues to build, and we're expanding our capabilities, adding more coins, tokens and protocols across a growing network of venues and brokers. We see broader crypto adoption as a significant driver of future volume and activity for Virtu as we scale our capabilities and offerings.

其次，數位資產正在成為一個有意義的成長機會。機構需求持續成長，我們正在擴展我們的能力，在不斷增長的場所和經紀人網路中添加更多的硬幣、代幣和協議。隨著我們擴大能力和產品範圍，我們認為更廣泛的加密貨幣採用將成為 Virtu 未來交易量和活動的重要驅動力。

Third, -- the regulatory landscape is moving in a constructive direction. The Genius stable corn legislation and the pending clarity Crypto Market Structure Act and innovations in tokenization are all positive developments for Virtu. Tokenization, in particular, creates new products that need liquidity and order routing playing directly to our 24/7 market-making strengths. As participation in crypto markets grows, so does the need for liquidity and price discovery. Virtu is well positioned to meet that demand, and we expect to remain a key partner to banks, venues, brokers and institutional clients as this ecosystem develops.

第三，監管格局正朝著建設性的方向發展。Genius 穩定玉米立法和即將出台的透明加密市場結構法案以及代幣化創新對 Virtu 來說都是積極的發展。特別是標記化，創造了需要流動性和訂單路由的新產品，直接發揮我們全天候的做市優勢。隨著加密貨幣市場的參與度不斷增長，對流動性和價格發現的需求也在不斷增長。Virtu 完全有能力滿足這項需求，隨著這個生態系統的發展，我們期望繼續成為銀行、場所、經紀人和機構客戶的重要合作夥伴。

I want to end on a personal note and share some news about our leadership transition. After 18 wonderful years I've decided to retire at the end of this year to spend more time with my family. It has been a tremendous privilege to work for so long with an enormously challenged group of individuals. This has been the defining chapter of my career and I couldn't be more proud and grateful for what we've accomplished together.

最後，我想以個人觀點來結束並分享一些有關我們領導層過渡的消息。經過18年的美好生活，我決定在今年底退休，以便有更多時間陪伴家人。能夠與這樣一群面臨巨大挑戰的人一起工作這麼長時間，我感到非常榮幸。這是我職業生涯的決定性篇章，我為我們共同取得的成就感到無比自豪和感激。

When we started Virtu in 2008, we had a bold vision to transform electronic market making by building a technologically enabled scaled global firm that could consistently deliver the best bid and best offer. We set out to revolutionize how markets operate through cutting-edge technology and relentless innovation. We have built one of the industry's leading trading platforms, serving clients across multiple asset classes and geographies.

當我們在 2008 年創立 Virtu 時，我們有一個大膽的願景，即透過建立一家能夠持續提供最佳買入價和最佳賣出的技術支援的規模化全球公司來改變電子做市方式。我們致力於透過尖端技術和不懈創新徹底改變市場運作方式。我們已建立業界領先的交易平台之一，為多個資產類別和地區的客戶提供服務。

Along the way, we strategically acquired KCG and ITG which strengthened our technology foundation and expanded our market reach and most importantly, create tremendous value for our shareholders and client. What I am the most proud of is the incredible team we've built, the innovation, dedication and client focus I see every day from our employees gives me complete confidence in the future. I can't thank my life partner and friend, Vinnie Viola, enough for allowing me this opportunity.

在這個過程中，我們策略性地收購了 KCG 和 ITG，這加強了我們的技術基礎，擴大了我們的市場範圍，最重要的是，為我們的股東和客戶創造了巨大的價值。我最自豪的是我們建立了一支令人難以置信的團隊，我每天從員工身上看到的創新、奉獻和客戶關注讓我對未來充滿信心。我非常感謝我的人生伴侶和朋友 Vinnie Viola 給予我這個機會。

Virtu's businesses are stronger than ever and our scope, reach and scale leaves us poised to continue to thrive and prosper and has been left in extremely competent hands. I am thrilled to announce that my friend and Producer, if you will, Aaron Simons, our Chief Technology Officer, who has been with Virtu basically from the beginning for two decades, we'll be stepping into the CEO role. Aaron has been instrumental in building our technology backbone and has the strategic vision to take us to the next level.

Virtu 的業務比以往任何時候都更加強大，我們的範圍、影響力和規模使我們有能力繼續蓬勃發展，並且一直由極其有能力的人管理。我很高興地宣布，我的朋友兼製作人，如果你願意的話，我們的首席技術官 Aaron Simons 將擔任首席執行官一職，他從 Virtu 成立之初就在該公司工作了二十年。Aaron 在建立我們的技術骨幹方面發揮了重要作用，並具有帶領我們更上一層樓的戰略眼光。

This transition represents continuity of our core values and culture, combined with a fresh perspective on our growth opportunities. I'll be staying on as an adviser to ensure a seamless handover and will remain deeply invested in our success. I couldn't be more optimistic about our future, and I'm excited to watch and continue and thrive under Aaron's great leadership.

這一轉變體現了我們核心價值和文化的延續，同時也為我們的成長機會帶來了新的視角。我將繼續擔任顧問，確保順利交接，並將繼續為我們的成功投入大量精力。我對我們的未來充滿信心，並且很高興看到我們在 Aaron 的出色領導下繼續發展壯大。

With that, I will turn it over to my friend, Joe Molluso. Joe?

說完這些，我將把它交給我的朋友喬·莫魯索 (Joe Molluso)。喬？

Thank you, Doug. I'll just underline a few points that you went through and add some additional color Look, our adjusted EBITDA margin of 65% was the highest since the first quarter of '22. We achieved this margin by holding expenses in line as we've done over the long term. Adjusted cash operating expenses were $198 million in the quarter, and our compensation ratio was 19%, including cash and 23%, including stock. Notably, we've grown and built out significant new businesses and continue to attract top-notch talent while holding headcount relatively steady and our compensation ratio within historical norms.

謝謝你，道格。我只想強調您經歷過的幾點，並添加一些額外的顏色。看，我們的調整後 EBITDA 利潤率為 65%，是自 22 年第一季以來的最高水準。我們透過長期控制支出實現了這項利潤。本季調整後的現金營運費用為 1.98 億美元，我們的薪酬比率為 19%（包括現金）和 23%（包括股票）。值得注意的是，我們已經發展並建立了重要的新業務，並繼續吸引頂尖人才，同時保持員工人數相對穩定且薪酬比率保持在歷史正常水平。

And as I mentioned in my remarks last quarter, despite significant volatility in our quarter-to-quarter results, which we expect to continue over time, there is a long term up and to the right SKU to our results and our growth.

正如我在上個季度的評論中提到的那樣，儘管我們的季度業績出現了很大的波動，並且我們預計這種波動還會持續一段時間，但從長遠來看，我們的業績和增長仍將朝著正確的 SKU 方向發展。

As you can see on slide 12 in the supplemental materials, we ended the quarter with over $2 billion of trading capital, which is buffered by significant additional liquidity sources. We bought back $66 million of our shares in the quarter and year-to-date have bought back $135 million. And then since the inception of our share repurchase program, we've repurchased $1.4 billion worth of shares at an average cost of a little over $26. We view this deployment of capital is strategic, and we continue to evaluate our repurchase program going forward and expect to be within the ranges that we have published publicly.

正如您在補充資料第 12 張投影片中所看到的，我們在本季結束時擁有超過 20 億美元的交易資本，這筆資金由大量額外的流動性來源緩衝。我們在本季回購了價值 6,600 萬美元的股票，今年迄今已回購了 1.35 億美元的股票。自從我們的股票回購計畫啟動以來，我們已經回購了價值 14 億美元的股票，平均成本略高於 26 美元。我們認為這種資本配置具有戰略意義，我們將繼續評估我們未來的回購計劃，並預計將在我們公開發布的範圍內。

And with that, I'm going to turn it over to Cindy to complete the prepared remarks.

接下來，我將把發言權交給辛蒂 (Cindy) 來完成準備好的演講。

Thank you, Joe. Good morning, everyone. On slide 3 of our supplemental materials, we provided a summary of our quarterly performance. Looking at our performance trajectory. Our second quarter 2025 adjusted net trading income of $568 million or $9.2 million per day, a 50% increase from the $6.1 million per day in Q2 2024. Our normalized adjusted EPS of $1.53 for the second quarter 2025 increased 83% compared to Q2 2024. Our adjusted EBITDA margin of 65% demonstrated our disciplined expense management approach and operational efficiency.

謝謝你，喬。大家早安。在補充資料的第三張投影片上，我們提供了季度業績的摘要。看看我們的表現軌跡。我們 2025 年第二季的調整後淨交易收入為 5.68 億美元，即每天 920 萬美元，比 2024 年第二季的每天 610 萬美元成長 50%。2025 年第二季的標準化調整後每股收益為 1.53 美元，與 2024 年第二季相比成長了 83%。我們調整後的 EBITDA 利潤率為 65%，體現了我們嚴謹的費用管理方法和營運效率。

In Q2 2025, we repurchased of 1.7 million shares for a total of $66 million. To date, we have repurchased almost 54 million shares at an average price of $26.35 per share for a total of $1.4 billion. representing close to 20% of our fully diluted shares outstanding, net emissions.

2025 年第二季度，我們回購了 170 萬股，總計 6,600 萬美元。迄今為止，我們已以平均每股 26.35 美元的價格回購了近 5,400 萬股，總額達 14 億美元，占我們完全稀釋流通股淨發行量的近 20%。

Our balance sheet remains well positioned with the debt to LTM adjusted EBITDA ratio of 1.5 times, providing us with financial flexibility while maintaining our commitment to returning capital to our shareholders through our dividend and share repurchase program.

我們的資產負債表依然保持良好狀態，債務與 LTM 調整後 EBITDA 比率為 1.5 倍，為我們提供了財務靈活性，同時保持了透過股息和股票回購計劃向股東返還資本的承諾。

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

現在，我想將電話轉給接線員進行問答。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作員指示） 摩根大通的肯‧沃辛頓。

Doug, congratulations on all you've built and accomplished. It's been a pleasure working with you. Can you give us an introduction to Aaron, give us maybe some more color on his responsibilities and accomplishments at Virtu and what's the transition from you to Aaron will look like over the next six months or five months?

道格，祝賀你所建立和取得的一切成就。很高興和你一起工作。您能否向我們介紹一下 Aaron，再多講講他在 Virtu 的職責和成就，以及在接下來的六個月或五個月內，您和 Aaron 之間的過渡將會是怎樣的？

Sure, sure. That's a great question. Thank you very much for your kind words. So just some background on Aaron, which you can read his CV, I mean, he's a very intellectually powerful man. As I have always told people, he is, in my view, the smartest guy at Virtu I first met Aaron in May of 2008, maybe a month after we had started Virtu when he interviewed.

當然，當然。這是一個很好的問題。非常感謝您的善意言辭。所以我只是介紹一下亞倫的背景，你可以讀他的履歷，我的意思是，他是一個非常有智慧的人。我一直告訴人們，在我看來，他是 Virtu 最聰明的人。我第一次見到 Aaron 是在 2008 年 5 月，當時我們剛創辦 Virtu 一個月後，他接受了我的面試。

I distinctly remember the interview because I understood very little of what he was trying to described to what's dissertation and string theory. But I remember thinking this is maybe the smartest, most articulate decent person I've ever met in my life, and I wouldn't let him leave the office, which was a very small start-up office until he had agreed to work at Virtu and thankfully, he did.

我清楚地記得這次採訪，因為我對他試圖描述的論文和弦理論知之甚少。但我記得當時我想，這可能是我一生中遇到的最聰明、最善於表達的正派人，我不會讓他離開辦公室，那是一個非常小的初創辦公室，直到他同意在 Virtu 工作，謝天謝地，他同意了。

And he began his career at Virtu in August of 2008. And Ken, you may remember the firm back then, it was 10 folks in a temporary office on Park Avenue. So Aaron was a developer and a trader and probably made some coffee, if you will, at the time and put together some furniture. So he knows the spirit, the culture, and if you will, the site guys to Virtu from the beginning.

2008 年 8 月，他在 Virtu 開始了自己的職業生涯。肯，你可能還記得當時的公司，只有 10 名員工在公園大道的一個臨時辦公室。所以 Aaron 是開發商和貿易商，如果你願意的話，當時他可能煮了一些咖啡，並組裝了一些家具。所以他從一開始就了解 Virtu 的精神、文化，如果你願意的話，也了解網站人員。

He's always been, I will then modestly say my friend and my mente and through the years, we're not big on titles until more recently, but he's always been in the inner sanctum of Virtu and somebody that I relied on for advice about the firm. And frankly, when I didn't understand something, including my math, my kids geometry homework. Aaron would do that for mix.

我會謙虛地說，他一直是我的朋友和我的導師，這些年來，直到最近我們才開始重視頭銜，但他一直是 Virtu 的核心人物，也是我依賴的公司建議對象。坦白說，當我不明白某些事情時，包括我的數學、我孩子的幾何作業。亞倫會為了混音而這麼做。

And for the firm, he's well like within the firm. About five or six years ago, and it really was triggered by the growth of the firm and the pandemic and with the advice and counsel of my Board and Vinny -- we put together a senior leadership team at this firm. Some of it is obviously described in the public filings, but we have Joe and Brett, Steve Cavoli and Aaron Simon, and they were the kind of the four horsemen if you will, that really began to guide and lead the firm.

對公司來說，他就像公司內部人員一樣。大約五、六年前，這確實是由公司的發展和疫情引發的，在我的董事會和 Vinny 的建議和勸告下，我們在這家公司組建了一個高級領導團隊。其中一些顯然在公開文件中有所描述，但我們有喬和布雷特、史蒂夫卡沃利和亞倫西蒙，如果你願意的話，他們是真正開始指導和領導公司的四騎士。

And not that I was actively transitioned, but I definitely took a step back in the micromanaging day-to-day of a start-up and gave them significant responsibilities. And with that, they began to interact on a daily basis, on a monthly basis and a quarterly basis with our board and with Vinny and others and Vinny obviously has known Aaron for years.

並不是說我主動轉型，但我確實在新創企業的日常微觀管理中退了一步，並賦予他們重大責任。就這樣，他們開始每天、每月、每季與我們的董事會以及 Vinny 和其他人互動，而 Vinny 顯然已經認識 Aaron 多年了。

And so the transition really began in earnest five or six years ago with that structure, if you will. And obviously, the Board has gotten to know Aaron over the years. He's presented been at every Board meeting and clearly a generationally talented young man when it comes to technology and building out large technology systems. He's been great with our clients and great with significant investors that have come into the firm and whatnot and just a real amiable person that is well liked and well regarded around the firm.

因此，如果你願意的話，轉型實際上在五、六年前就以這種結構開始了。顯然，董事會多年來已經了解了亞倫。他出席了每一次董事會會議，在技術和建立大型技術系統方面，他顯然是一位才華橫溢的年輕人。他對待我們的客戶和公司的重要投資者都非常好，他是一個非常和藹可親的人，深受公司上下的喜愛和尊重。

In terms of how that will work and what he will continue to do, I mean, the culture and the business purpose of Virtu will not be changed. Clearly, he's got a different thankfully personality than I do, maybe not as brash and outspoken, but certainly a lot smarter and careful about the word to use it.

至於如何運作以及他將繼續做什麼，我的意思是，Virtu 的文化和商業宗旨不會改變。顯然，他的個性與我不同，也許他沒有我那麼傲慢和直言不諱，但肯定更聰明，並且在使用這個詞時更加謹慎。

So I'm extremely excited for him and for the firm and for his family and for my family and for everything that he has meant and will continue to meet to the firm. I'm going to ask Joe to say a few words from his perspective about the transition and whatnot, Jo.

因此，我為他、為公司、為他的家人、為我的家人以及為公司所做的一切以及他將繼續為公司所做的一切感到非常高興。喬，我要請喬從他的角度談談關於過渡和其他事情的一些事情。

Look, Ken, of course, Doug and I have worked together for many years, and we're naturally sorry to see him retire, but I've worked with Aaron known for many years as well and endorse completely his appointment as CEO. And I know Brett and Steve will speak for them, but I know I think we're all in unison and in sync with this development, and it's the best thing for Virtu at this point and very much look forward to the future.

你看，肯，當然，道格和我已經一起工作了很多年，我們自然很遺憾看到他退休，但我也和亞倫一起工作了很多年，完全支持任命他為首席執行官。我知道布雷特和史蒂夫會代表他們發言，但我知道我們都對這一發展意見一致、步調一致，這是目前 Virtu 最好的事情，我非常期待未來。

Craig Siegenthaler, Bank of America..

克雷格·西根塔勒，美國銀行..

Thank you. Good morning, everyone. I hope you're doing well. Doug, we wanted to wish you the best in your retirement. And Aaron, we look forward to meeting you soon.

謝謝。大家早安。我希望你一切都好。道格，我們祝福您退休後一切順利。亞倫，我們期待很快與您見面。

Our first question is on the potential repeal of the order protection role. I'm wondering what do you see as the major impact on the ecosystem if this goes through and more specifically to Virtu and the market makers?

我們的第一個問題是關於可能廢除命令保護作用的問題。我想知道，如果這件事得以實施，您認為會對生態系統產生什麼重大影響，尤其是對 Virtu 和做市商的影響？

Yes. I mean it's a great question. Obviously, we've been in the public debate, and we knew Atkins position from, frankly, 2005, he's never been a fan of Rule 6 I think as a firm, we're sort of agnostic. I think where I think this will probably shake out is a similar and where Poly should shake out is similar to what you see up in Canada, which is in order to have a protected quote, a venue has to have a certain market share, right?

是的。我的意思是，這是一個很好的問題。顯然，我們一直參與公開辯論，坦白說，我們從 2005 年起就知道阿特金斯的立場，他從來都不是規則 6 的粉絲，我認為作為一家公司，我們有點不可知論。我認為這可能會產生類似的結果，保利也應該產生類似的結果，這與你在加拿大看到的情況類似，為了獲得受保護的報價，場館必須擁有一定的市場份額，對嗎？

So I think intent like 2.5%, and I'm not suggesting that number. But I think a reasonable number, minimum market threshold in order to be viewed as a protected quote. I think that will answer some of the critics that talk about accepts ore fragmentation and lack of liquidity gathering, if you will, on the displayed market.

所以我認為意圖是 2.5%，但我並不是建議這個數字。但我認為合理的數字、最低的市場門檻才能被視為受保護的報價。我認為這可以回答一些批評人士關於接受礦石分散和缺乏流動性聚集的問題，如果你願意的話，在展示市場上。

I should know, but I think we have 15 medallions these days and going to soon and that may be a few too many. So from a liquidity gathering, efficiency of the market, it probably does make some sense. Obviously, we own an interest in the members exchange, which we think is a great exchange, and we continue to wish them well, and that's a very significant investment for us.

我應該知道，但我認為我們現在有 15 枚獎章，而且很快就會有，這可能太多了。因此，從流動性聚集和市場效率的角度來看，這可能確實有一定道理。顯然，我們對會員交流項目感興趣，我們認為這是一個偉大的交流項目，我們將繼續祝福他們一切順利，這對我們來說是一項非常重要的投資。

But we do think that, that makes sense. From a market-making perspective, the pros are that we spend a lot of time, money and technology, if you will, connecting to venues that frankly don't have a significant market share, and that there's a cost to that. You will continue to have best execution right? And we have always been a firm through technology and transparency that has demonstrated best execution to our clients and to the regulators.

但我們確實認為這是有道理的。從做市的角度來看，優點是我們花了大量的時間、金錢和技術，來連結那些坦白說沒有很大市場份額的場所，而且這樣做是有成本的。您將繼續擁有最佳執行力，對嗎？我們始終是一家透過技術和透明度向客戶和監管機構展示最佳執行力的公司。

So we don't need the if you will, the protections of the order protection rule in order to do the right thing for the market. So I think on balance, it's neutral to slightly positive for Virtu in the sense that it probably will lead to a reduction of like overhead fixed costs, if you will, with regard to connecting to these venues. And to the extent there's inefficiencies and trade throughs in the market, that's what market makers do we keep markets in equilibria and make sure that they are efficient, fair and transparent.

因此，如果您願意的話，我們不需要秩序保護規則的保護來為市場做正確的事情。因此我認為，總的來說，這對 Virtu 來說是中性到略微積極的，因為它可能會減少與這些場館連接相關的間接固定成本。當市場有效率低且交易不良時，做市商所做的就是維持市場平衡，確保市場有效率、公平、透明。

Just my follow-up, I wanted to see if you had any thoughts on the strategic merits of operating a hedge fund in parallel to the market making and execution businesses. And the reason we're asking is that tower is launching a hedge fund and then some of your other competitors like Citadel, Susquehanna, -- two Sigma, they also run hedge fund side by side. So why doesn't revert launch a hedge fund? It could expand your revenue base, it shouldn't be dilutive to your stock value valuation and also not require that much capital.

這只是我的後續問題，我想看看您是否對在做市和執行業務的同時運營對沖基金的戰略優勢有什麼看法。我們詢問的原因是 Tower 正在推出一隻對沖基金，而你們的其他一些競爭對手，如 Citadel、Susquehanna 和 Two Sigma，也同時經營對沖基金。那為什麼 Revert 不推出對沖基金呢？它可以擴大您的收入基礎，它不應該稀釋您的股票價值估值，也不需要那麼多資本。

Yes, it's a great question. I mean, we have, over the years, considered it. There's obviously a lot of infrastructure and conflict management, if you will, that you have to deal with, with regard to a hedge fund. Certainly, those are all manageable. And you do mention that there are firms like Citadel that have managed them quite well.

是的，這是一個很好的問題。我的意思是，多年來我們一直在考慮這個問題。顯然，對於對沖基金來說，你必須處理大量的基礎設施和衝突管理。當然，這些都是可以解決的。您確實提到過，像 Citadel 這樣的公司對它們管理得相當好。

And I guess they had the hedge fund before they had the market maker. And so it is certainly possible. This firm has always prided itself in being as risk averse, if you will, as possible and capital-light and providing a service to the marketplace.

我猜他們在有做市商之前就已經有對沖基金了。所以這當然是可能的。該公司一直以盡可能規避風險、輕資產和為市場提供服務而自豪。

And in terms of like holding positions, we measure things in nano, micro and milliseconds here. Certainly, some of our strategies are longer than that. And so just culturally, we might be a bit of a shift, but it is definitely something that I think Aaron, who's, as I said in response to Ken's question, is a heck of a lot smarter than I am and younger and more vivacious, I would imagine he will consider Joe, when any thoughts?

就保持位置而言，我們在這裡以納秒、微秒和毫秒為單位進行測量。當然，我們的一些策略比這更長。因此從文化角度來看，我們可能會有一些轉變，但我確實認為 Aaron 會考慮 Joe，正如我在回答 Ken 的問題時所說的那樣，他比我聰明得多，而且更年輕、更有活力，我想他會考慮 Joe，有什麼想法嗎？

No, Craig. We've looked at it as we've looked at everything, right? We've looked at what that looks like side by side over the years. It's just been a matter of what do you prioritize? And here where you sit today with a couple of thousand like Rio buy-side clients as well as the market making business. So it's something that's out there that we revisit from time to time.

不，克雷格。我們已經看過它了，就像我們看過所有事物一樣，對嗎？多年來，我們一直並肩觀察這一切。這只是一個你優先考慮什麼的問題？今天，您與數千名像 Rio 這樣的買方客戶以及做市商一起坐在這裡。所以這是我們時不時會重新審視的事情。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Doug, just to again, echo everybody else's comments, congrats definitely a bit of and evener we'll miss your passion on these earnings calls, but I'm sure the content will remain quite rich. So it's been great, great working with you.

道格，再次附和大家的評論，祝賀你，我們會更加懷念你在這些財報電話會議上的熱情，但我相信內容仍然會相當豐富。與您合作非常愉快。

Question maybe strategically, and I'm not sure if that's better for next call when Aaron is on. But just thinking through the M&A opportunities for Virtu and the reason I ask is because the balance sheet continues to get stronger and stronger. The leverage ratio has continued to come down. You guys have done successful deals in the past. With the way the ecosystem evolving, particularly around crypto, are there things that might be interesting that could accelerate you guys' growth? And where does M&A step up on your priority list right now?

問題可能具有戰略性，而且我不確定當 Aaron 上線時這是否對下次通話更有利。但只要思考一下 Virtu 的併購機會，我問這個問題的原因就在於資產負債表會變得越來越強。槓桿率持續下降。你們過去曾做過成功的交易。隨著生態系統的發展，特別是圍繞著加密貨幣的發展，是否有一些有趣的事情可以加速你們的成長？目前，併購在您的優先事項中處於什麼位置？

Alex, it's Joe. I'll address that. It's really -- you've got to look at cycles and how cycles develop. And I think there was a time period when if you look at the acquisitions we've done, we -- I think we're very astute in our timing and effectively bought volatility at low points and in the instances of ITG and Knight Capital, they were different, but there was a common theme around technology, leverage and timing. In the past five years, we look and our Board expects us to look and we look at every opportunity that's out there and we measure it against our internal opportunities, and we measure it against buying back our own stock.

亞歷克斯，我是喬。我來回答一下。確實——你必須觀察週期以及週期如何發展。我認為，有一段時間，如果你看看我們所做的收購，你會發現我們——我認為我們在時機選擇上非常敏銳，並且在低點有效地買入了波動性，在 ITG 和 Knight Capital 的例子中，它們是不同的，但在技術、槓桿和時機方面有一個共同的主題。在過去的五年裡，我們（董事會也希望我們）關注每一個機會，並將其與我們的內部機會進行比較，並將其與回購自己的股票進行比較。

I think -- so in the past five years, we've effectively bought -- made an acquisition, right? We made a $1.4 billion acquisition of 20-ish percent of our own company at $26 a share. And I think that was probably the most accretive and shareholder value creating allocation of capital that we could have deployed. And what does that mean for the future?

我認為——在過去的五年裡，我們實際上已經購買了——進行了收購，對嗎？我們以每股 26 美元的價格，斥資 14 億美元收購了我們公司 20% 左右的股份。我認為這可能是我們所能部署的最具增值性和股東價值創造的資本配置。這對未來意味著什麼？

I think maybe there's a premise to your question, which is that things may be changing and there may be opportunities where the deployment of capital to an acquisition beats buying back our own stock, and we're open to it. We continue to look at everything. And I wouldn't -- we won't rule it out. We've never ruled it out really. But I get your point, and I think there may very well be opportunities in the future. But we're going to treat it the same way we did in 2017, 2019 and over the past five years, we're going to look at what's the best return on our capital.

我認為你的問題可能有一個前提，那就是事情可能正在發生變化，並且可能存在將資本部署到收購上優於回購我們自己的股票的機會，我們對此持開放態度。我們繼續觀察一切。我不會——我們不會排除這種可能性。我們確實從未排除過這種可能性。但我明白你的意思，我認為未來很可能有機會。但我們將以與 2017 年、2019 年和過去五年相同的方式對待它，我們將研究如何獲得最佳的資本回報。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

And Doug, congrats on your retirement and look forward to working with Aaron as well. So first off, Doug, you spoke about it in your prepared remarks, but with the recent passage of the Genius Act, what sort of new opportunities do you think of proliferation of stable coin adoption would open up for Virtu?

道格，恭喜你退休，並期待與亞倫合作。首先，道格，您在準備好的發言中談到了這一點，但是隨著《天才法案》的通過，您認為穩定幣的普及將為 Virtu 帶來哪些新機會？

And then just in terms of the overall crypto opportunity, where do you think you are in your journey? Is there more that you can be doing? Or are you just sort of watching the ecosystem evolving kind of picking your spots there. Any color would be great.

那麼就整體加密機會而言，您認為您處於旅程的哪個階段？您還能做更多的事情嗎？或者你只是在觀察生態系的演變，並在那裡選擇自己的觀察點。任何顏色都很好。

Yes. Thank you very much for the kind words, and it's a really good question. I mean I couldn't be more excited, if you will, from the tailwinds within the digital asset space. I mean, I think stable coins just provides for more adoption of digital assets and more need, frankly, for providers like Virtu to provide that on off ramp.

是的。非常感謝您的善意，這是一個非常好的問題。我的意思是，如果你願意的話，我對數位資產領域的順風感到無比興奮。我的意思是，我認為穩定的貨幣只是為數位資產的採用提供了更多的空間，坦白說，像 Virtu 這樣的提供者更需要提供這種管道。

I mean, the analogy I used yesterday with our Board was think of the ADR market, which we're super good at and where we're providing a service, someone is going to need to harmonize and handle the off-ramp between Fiat and stable client and stable coin in Fiat. And then there's going to be a variance of that and no firm better than Virtu to handle that type of transaction.

我的意思是，我昨天與董事會使用的類比是 ADR 市場，我們非常擅長這個市場，在我們提供服務的地方，有人需要協調和處理法定貨幣與穩定客戶以及法定貨幣穩定幣之間的出口。然後就會出現差異，沒有比 Virtu 更好的公司來處理這類交易。

So I think there's going to be a lot of opportunities to facilitate those conversions and USD Ethereum in USD to Solana and back and forth in blah, blah, blah, you kind of get it. I think what we have thought of strategically and I'm very proud of what we envisioned post FTX. I guess it was three years ago, we said, okay, there's a lot of interest in this asset class.

因此，我認為將會有許多機會來促進這些轉換，將美元、以太坊、美元和 Solana 進行兌換，等等等等，你明白了。我認為我們已經從戰略角度考慮了這一點，我對我們對 FTX 的想像感到非常自豪。我想大概是三年前，我們說，好吧，人們對這個資產類別很感興趣。

Right now, it's a little bit all over the place regulatorily. And obviously, the prior administration had a different view about digital assets that this administration does. But still let's invest in a Virtu style business where we can be a value-added participant between spot, ETF, future perpetuals, you name the instrument, CFD, multicurrency, let's be prepared to do that as a first step. And then as a second step, let's do that 24 hours a day, seven days a week.

目前，監管有點混亂。顯然，前政府對數位資產的看法與本屆政府不同。但是，讓我們仍然投資於 Virtu 風格的業務，我們可以成為現貨、ETF、未來永續合約、您命名的工具、CFD、多貨幣之間的增值參與者，讓我們準備將此作為第一步。第二步，讓我們每週 7 天、每天 24 小時都這樣做。

And now as a third step, let's be prepared to do that bilaterally in the same way that we do with our BEQ Link product and our VFX product and our VFI product, I think we're going to call this VF crypto because we're not great about marketing crypto -- but it will be a -- it is a 24/7 global service that's on exchange, if you will, with institutions directly to institutions and to be agnostic as a liquidity provider and b, that one of the folks in the middle of this ecosystem, we've made a strategic hire a young man that will start on Monday to help facilitate and grow that business.

現在作為第三步，讓我們準備好以與 BEQ Link 產品、VFX 產品和 VFI 產品相同的方式雙邊進行，我想我們將其稱為 VF 加密貨幣，因為我們並不擅長行銷加密貨幣 - 但它將是一個 -全天候全球服務，如果你願意的話，可以與機構直接對機構進行交換，並且作為流動性提供者保持不可知論，並且，對於這個生態系統中間的一個人，我們已經戰略性地聘請了一位年輕人，他將於週一開始幫助促進和發展這項業務。

We've got the relationships already. There's nobody better than Joe about managing capital and risk. And so it's -- as you can hopefully tell by my voice, it's a business that we are extremely excited about. Joe, any other color?

我們已經建立了關係。在管理資本和風險方面，沒有人比喬更出色。所以——希望您能從我的聲音中聽出來，這是一項讓我們極其興奮的業務。喬，還有其他顏色嗎？

No, I think.

不，我認為。

Okay. That's great. And then maybe just as a follow-up on the topic of tokenization. We heard Robin Hood earlier this month announced that they were going to launch tokenized equity trading for their customers in Europe. You spoke about it a little in your prepared remarks as well, but could you just elaborate on that opportunity and how you maybe see the tokenization landscape evolving as it relates to equities? Is it going to make more sense in Europe, do you think it makes sense in the US? How do you think about that kind of evolving from here?

好的。那太棒了。然後也許只是作為標記化主題的後續。我們聽說羅賓漢本月稍早宣布他們將為歐洲客戶推出代幣化股票交易。您在準備好的演講中也談到了這一點，但您能否詳細說明這個機會以及您如何看待與股票相關的代幣化格局的發展？這在歐洲是否更有意義？您認為這在美國是否更有意義？您認為今後這種發展會是怎樣？

Yes. What I would say is, again, I want to be a little careful what I say because of some of the regulatory implications of tokenization. I mean our great friends that sit out sent a very, very thoughtful, constructive letter to the SEC about let's make sure we understand the rules of the road here because it shouldn't be the Wild West and replace, if you will, regulated environments that function very well. But we do think that there is something to this that and probably not for US persons, right? So you're right, it probably is more geared towards folks that exist overseas that want to have access to US markets.

是的。我想說的是，由於代幣化的一些監管影響，我需要謹慎地說出自己的想法。我的意思是，我們的那些袖手旁觀的好朋友向美國證券交易委員會發送了一封非常、非常深思熟慮、建設性的信，讓我們確保我們了解這裡的交通規則，因為它不應該是狂野的西部，如果你願意的話，可以取代運作良好的受監管環境。但我們確實認為這其中存在一些問題，而且可能不適合美國人，對嗎？所以你是對的，它可能更適合那些想要進入美國市場的海外人士。

And that really then relies on our core skills, much like an ETF issuers, tokenized stocks really are just wrappers, if you will, of existing underlying assets. We're quite good at understanding the mechanics of how that works of providing attractive two-sided liquidity and then ultimately, being one of the firms that can create redeem if you will. And we can do that, as I said, before globally and now 24/7.

而這實際上依賴我們的核心技能，就像 ETF 發行人一樣，代幣化股票實際上只是現有基礎資產的包裝。我們非常善於理解提供有吸引力的雙邊流動性的運作機制，並最終成為能夠創造贖回機會的公司之一。正如我之前所說，我們可以在全球範圍內做到這一點，現在可以全天候做到這一點。

So if it engenders incremental interest in US assets and in US equity assets in particular, it's a strong tailwind and positive. And so we're going to work hand-in-hand as we always do with our partners at Robinhood and Schwab and Fidelity and Web and eTrade, and I don't want to -- and everybody else that we consider good trustworthy counterparties and clients to address this addressable market.

因此，如果它能引起人們對美國資產，尤其是美國股票資產的興趣，那麼這將是一個強勁的順風和利好。因此，我們將像往常一樣與 Robinhood、Schwab、Fidelity、Web 和 eTrade 的合作夥伴以及我們認為值得信賴的其他所有交易對手和客戶攜手合作，共同應對這個潛在的市場。

I mean Vinnie taught me a long time ago that marketplaces are like are like pies we're both Italian American. So we always talk about Italian-American things. And our job is not necessarily to have a bigger slice of the pipe, but to maintain our slide, but to grow the pie. And this is a pie-growing exercise, if you will. So it's a strong positive for the firm.

我的意思是，很久以前，維尼就教過我，市場就像餡餅，我們都是義大利裔美國人。所以我們總是談論義大利裔美國人的事情。我們的工作不一定是佔有更大的份額，而是保持下滑趨勢，並擴大市場份額。如果你願意的話，這是一個讓蛋糕越來越大的練習。因此，這對公司來說是一個非常積極的消息。

(Operator Instructions) Chris Allen, Citi.

（操作員指示）花旗銀行的克里斯艾倫 (Chris Allen)。

Doug, congrats on the retirement. It's been a fun run with you. Wanted to ask a little bit about execution services, up really nice year-over-year so you see strong trends there. I was kind of a little bit surprised to see better sequential growth just given the overall volume trends -- maybe give us some color just in terms of what's going on underneath there? And what are the growth drivers moved?

道格，恭喜你退休。和你一起跑步很有趣。想問一下有關執行服務的問題，與去年同期相比，執行服務的成長確實很好，所以您看到了強勁的趨勢。考慮到整體銷售趨勢，我對看到更好的連續成長感到有點驚訝——也許可以給我們一些關於這裡發生的事情的資訊？成長動力又是什麼？

Yes. Again, it's -- I mean it's been a labor of love. I give all the credit in the world to Steve Cavoli who is just a fabulous leader person. No one could have coupled together, really three franchise, the small legacy Virtu, the very substantial night institutional business that had been around for a long time. And then this giant global franchise and product company we bought called ITG.

是的。再說一次，這是──我的意思是，這是一份充滿愛的勞動。我把世界上所有的榮譽都歸功於史蒂夫·卡沃利，他是一位出色的領導者。沒有人能夠將三個特許經營權、小型遺產 Virtu 和長期存在的非常龐大的夜間機構業務結合在一起。然後我們收購了一家名為 ITG 的全球特許經營和產品巨頭。

And it was -- I mean, frankly, I think I underestimated how challenging that was going to be with 2000 clients. And frankly, the analogy I've always used is we're trying to change the tires on the car as it's speeding down the highway at 60 miles an hour. So demanding revenue at the same time, changing the under side, if you will, of what clients were interacting with.

而且——我的意思是，坦白說，我認為我低估了擁有 2000 名客戶將面臨的挑戰。坦白說，我一直使用的比喻是，當汽車以每小時 60 英里的速度在高速公路上行駛時，我們試圖更換汽車的輪胎。因此，在要求收入的同時，如果你願意的話，可以改變客戶互動的底面。

So I think we have built a first best-in-class offering that is truly cross-asset that is cross-product. I think it is -- the only advantage we have is excellent transparency and performance. We don't have calendar balance sheet. We're not prime. We don't have research, right? So we have to in the knife fight, if you will, of execution services, we have to be really, really acute. And so that's what we have done. Steve has emphasized cross-product selling. That has worked. Steve and the guys have emphasized cross asset development.

所以我認為我們已經打造了第一個真正跨資產、跨產品的一流產品。我認為是的——我們唯一的優勢就是出色的透明度和性能。我們沒有日曆資產負債表。我們不是質數。我們沒有研究，對嗎？因此，如果您願意的話，在刀戰中，在執行服務中，我們必須非常非常敏銳。這就是我們所做的。史蒂夫強調跨產品銷售。這已經奏效了。史蒂夫和他的團隊強調跨資產開發。

Mike Losar and the team around Triton have truly developed a cross-asset EMS product that global asset managers are now looking at for credit rates, options and equities, right? So we're not losing those jump balls to firms that had a cross asset product we're winning those jump balls and the same thing with regard to our analytics business.

Mike Losar 和 Triton 團隊確實開發了一種跨資產 EMS 產品，全球資產管理者現在正在關注信用利率、選擇權和股票，對嗎？因此，我們不會將那些跳球輸給擁有跨資產產品的公司，而是會贏得那些跳球，對於我們的分析業務也是如此。

We used to be more viewed as like, I don't want to say niche because the global equities market is a large niche, but a global equities firm exclusively, and we're not anymore. We're not anymore. We're viewed as a really leading cross asset firm. So that's the strategy going forward.

我們過去更多地被視為，我不想說利基市場，因為全球股票市場是一個很大的利基市場，而是一家專門從事全球股票業務的公司，而我們現在不再是這樣了。我們已經不再是了。我們被視為一家真正領先的跨資產公司。這就是未來的策略。

There obviously are behemoths in the market that you want to sell, you want to be very cross assets, too. And then the last thing I would say is the benefits of the market maker and offering that as a product in a very transparent, virtuous way, if you will, that liquidity, which is really bespoke and can be measured and is a differentiator from other frankly, just about any other offering out there, we've seen that both the impact, if you will, of orders and the size of orders have dramatically improved in the last four or five years as we have integrated that offering, Chris, with our market maker and clients have been extremely, extremely happy and responded to that.

顯然，市場上有一些你想出售的龐然大物，你也想進行跨資產交易。然後，我想說的最後一件事是做市商的好處，以及以非常透明、良性的方式將其作為一種產品提供，這種流動性實際上是定制的，可以衡量的，並且是與其他坦率地說幾乎任何其他產品的區別，我們已經看到，在過去的四五年裡，隨著我們將該產品與我們的做市商整合在一起，訂單的影響（如果你都得到了改善）。

Just a quick follow-up. I mean how are you thinking about the opportunity set or environment moving forward? Obviously, coming out of some of the unique second quarter?

只是一個快速的跟進。我的意思是，您如何看待未來的機會或環境？顯然，第二季出現了一些獨特的情況？

Yes. I mean I think, obviously, look, I mean it's all about like wallet market share, cross-selling creating new products, Virtu technology services, right, broker in a box going to sell-side firms that have real institutional pressures to be excellent and safe costs, and it's a balancing act. They have a hard time balancing -- but at the end of the day, obviously, you're beholden to what the universe of the marketplace will give you. So you're going to have the ebbs and flows with volumes in global volumes. But the key is obviously to grow that wallet and grow that market share. Joe, any other thoughts?

是的。我的意思是，顯然，這一切都與錢包市場份額、交叉銷售創造新產品、Virtu 技術服務等有關，對吧，經紀人將去賣方公司，這些公司面臨著真正的製度壓力，要求其優秀且成本安全，這是一種平衡行為。他們很難保持平衡——但到最後，顯然，你還是要受制於市場給你的一切。因此，全球交易量將會有起伏。但關鍵顯然是增加錢包並擴大市場份額。喬，還有其他想法嗎？

No. I think, look, Chris, the -- it was -- just from a more macro standpoint, it was obviously an extraordinary environment. And I think with the underpinnings of some of it continuing are in place. But obviously, the activity around Liberation Day coming out of that time was fairly unique.

不。我認為，克里斯，從更宏觀的角度來看，這顯然是一個非凡的環境。我認為其中一些基礎已經持續存在。但顯然，當時解放日前後的活動相當獨特。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Yes. Congrats, Doug, on your retirement. You will certainly be missed on these calls. I was hoping you could just talk a bit about overnight trading, that's been a growing, I think, part of the market, but really not sure how big of a contributor that is for you and how to think about that opportunity. So hoping you could put a little more context around that.

是的。道格，恭喜你退休。我們肯定會想念你的這些電話。我希望您能談談隔夜交易，我認為這是一個正在成長的市場部分，但我真的不確定這對您來說有多大貢獻以及如何看待這個機會。所以希望您能對此提供更多的背景資訊。

Yes, it's a great question. Thank you for the kind words. I think it's very early days. We were a pioneer, I distinctly remember Oh gosh, maybe it was 2018, I'm getting old dance. I can't remember exactly when, but when my friend, Steve Perka, then at TD Ameritrade, said, we want to trade 24 hours and we want you guys to do it for us and people in the firm kind of looked around and we were like, okay, because that's what you do when you're in the client business. And so we figured it out in a Virtu way. We were the first firm provide that service. I know other firms do now, and we're working with Blue Ocean and Bob blah.

是的，這是一個很好的問題。謝謝你的好意。我認為現在還為時過早。我們是先驅者，我清楚地記得，哦天哪，也許是 2018 年，我正在變老。我不記得具體是什麼時候，但是當我的朋友史蒂夫·佩爾卡（Steve Perka）當時在 TD Ameritrade 時說，我們想要進行 24 小時交易，我們希望你們為我們做這件事，公司裡的人四處張望，我們覺得，好吧，因為這就是你在做客戶業務時所做的事情。因此我們用 Virtu 的方法解決了這個問題。我們是第一家提供此服務的公司。我知道其他公司現在也這麼做，而且我們正在與 Blue Ocean 和 Bob blah 合作。

So it's been on for a while. And obviously, you look at -- if you watch CNBC, which we all do or Fox business, you see the all night long, whatever it is commercial with, I guess, final rich, right? Wasn't the Commodore, was that line? But anyhow. And so it's something that our clients think is very significant. Obviously, crypto ties into that because it's a global asset class, little bit futures, right?

已經持續了一段時間了。顯然，如果你看 CNBC（我們都看）或福克斯商業頻道，你會看到整晚都在播放廣告，我想，最終都會很富有，對吧？這不是準將嗎，是嗎？但無論如何。因此，我們的客戶認為這非常重要。顯然，加密貨幣與此相關，因為它是一種全球資產類別，有點像期貨，對吧？

You're seeing the ES become more of a retail product, and that's kind of 24 hours and maybe it becomes seven days a week. So I think over the next so the blank 6, 12, 18, 36 months, you're going to continue to see market share and a need for that trading skill and that liquidity provision -- and frankly, not every firm can will be able to do that. It's not that easy. We're truly a global firm. We don't have pockets of traders. We have a global thanks to Aaron Simon, the global integrated infrastructure that hands off the book very well, and we've been really, really good about managing expenses.

您會看到 ES 越來越成為一種零售產品，而且是 24 小時甚至一周 7 天都可用。因此我認為在接下來的 6、12、18、36 個月內，你將繼續看到市場份額以及對交易技能和流動性供應的需求——坦白說，並不是每家公司都能做到這一點。事情沒那麼容易。我們是一家真正的全球性公司。我們沒有小規模的交易者。我們要感謝 Aaron Simon，全球綜合基礎設施讓我們能夠很好地交接帳簿，而且我們在管理費用方面做得非常非常好。

So I think it's going to be really hard for investors ultimately to ignore it right now. I would say it's probably 99% retail driven, if you will, an individual trading driven. But I could see a moment in time, Dan, where there's more liquidity that institutional investors come into the front. Again, it's the Virtu model, right? We are the -- as I used to say, where the Switzerland of liquidity provisioning, and this is where the world is going, we want to be at the center of it. So it is definitely a tailwind again, whether it reaches 5% of the market in two years or it's going to take longer, I don't know, but it's a great incremental revenue opportunity for the firm.

因此我認為投資者現在很難忽視這一點。我想說，這大概 99% 是由零售驅動的，或者說是由個人交易驅動的。但是丹，我可以看到，在某個時刻，機構投資者將佔據主導地位，擁有更多的流動性。再說一遍，這是 Virtu 模型，對嗎？正如我過去所說的那樣，我們是流動性供應領域的瑞士，也是世界發展的方向，我們希望成為其中的中心。因此，這絕對是一個順風，無論它是在兩年內達到 5% 的市場份額還是需要更長時間，我都不知道，但對於公司來說，這是一個巨大的增量收入機會。

Got it. And then just as a follow-up, Doug, as you take a step back, I was hoping to get a little perspective on what you think, if you look out a couple of years, let's say, three years, what do you think of your organic growth initiatives will be the biggest contributor in three years' time?

知道了。然後作為後續問題，道格，當你退一步思考時，我希望了解一下你的想法，如果你展望幾年，比如說三年，你認為三年後你的有機增長計劃會成為最大的貢獻者嗎？

I'm going to ask Joe to answer that one. That's --

我要請喬來回答這個問題。那是--

It's hard to say. I would -- if you look at the end markets that are in those. Obviously, crypto is an enormous opportunity. Our ETF block franchise has been having a stellar year so far. Options is a big opportunity as well, right? So I think some of the things we just talked about on this call kind of overlay those, whether it's tokenization or whether it's stable coin and crypto. But I think you see kind of a convergence amongst some of those opportunities as end markets grow as overnight trading grows as sort of the scope of what we do expands.

這很難說。我會的——如果你看看其中的終端市場。顯然，加密貨幣是一個巨大的機會。到目前為止，我們的 ETF 區塊特許經營業務今年表現十分出色。選擇權也是一個很大的機會，對吧？所以我認為我們剛才在電話會議上討論的一些事情與這些內容重疊，無論是代幣化還是穩定的貨幣和加密貨幣。但我認為，隨著終端市場的成長、隔夜交易的成長以及我們所做業務範圍的擴大，你會看到其中一些機會出現融合。

And we just talked about overnight trading, that opens up international markets in a way that hadn't existed before. So it's hard to say. I mean, if you push for me, I'd say crypto and options, but again, the ETF block franchises has been having a record year.

我們剛剛談到隔夜交易，它以一種前所未有的方式開放了國際市場。所以很難說。我的意思是，如果你逼我的話，我會說加密貨幣和選擇權，但再說一次，ETF 區塊特許經營權今年創下了紀錄。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

And Doug, congratulations on your retirement. I would like to dig in a little bit further on the overnight trading opportunity. It sounds interesting. I was hoping you could elaborate on your views around the institutional use case, how you see that? What does it take for liquidity to build on that overnight session? How you see that evolving and then understand retail is driving the meaningful portion of that activity today in the overnight trading. But just curious if you could maybe help quantify the magnitude of what you're seeing in terms of that retail activity in the overnight session?

道格，恭喜你退休。我想進一步深入了解隔夜交易機會。聽起來很有趣。我希望您能詳細闡述您對機構用例的看法，您是如何看待的？隔夜交易中流動性需要怎樣的累積？您如何看待這種演變，然後理解零售業正在推動今天隔夜交易中該活動的有意義的部分。但我只是好奇，您是否可以幫助量化您所看到的隔夜零售活動的規模？

Yes. Yes, it's a great question. Thank you for the kind words. I mean, as I indicated, it's 99.9% probably retail today. I think there's a couple of issues. One is, obviously, institutional investors will trade in significantly more size, right? So it's hard to go to a party and be the only person there. You need a dance partner and obviously, we would provide the liquidity, but they don't want to just trade with a one or two market makers. So you need some forces to encourage institutions, if you will, to do that.

是的。是的，這是一個很好的問題。謝謝你的好意。我的意思是，正如我所指出的，今天的零售率可能是 99.9%。我認為存在幾個問題。一是，顯然機構投資人的交易規模會大很多，對嗎？因此，參加聚會並成為那裡唯一的人是很困難的。你需要一個舞伴，顯然，我們會提供流動性，但他們不想只與一兩個做市商進行交易。因此，如果你願意的話，你需要一些力量來鼓勵機構這樣做。

I think it's probably -- the second thing is you need more regularization. In other words, you need demonstrable levels of best execution and frankly, execution that fits within the parameters of the institutions that would be sending orders there. So I could see it first being like a risk mitigant.

我認為很可能——第二件事是你需要更多的正規化。換句話說，您需要可證明的最佳執行水平，坦白說，執行水平要符合向其發送訂單的機構的參數。所以我首先將其視為一種風險緩解劑。

Like there's going to be news. I want to put on a hedge. I want to do this, I want to do that, and it's in the aftermarket because I'm hedging a portfolio or god-forbid I had an outtrade and I want to hedge that risk and et cetera, et cetera. That used to be a call around market, maybe that becomes more of an electronic all-to-all marketplace.

就像即將有新聞一樣。我想設定一個對沖。我想做這個，我想做那個，這是在售後市場，因為我正在對沖投資組合，或者上帝保佑，我有一個外部交易，我想對沖這個風險等等。這曾經是一個圍繞著市場的呼喚，也許現在變得更像一個電子化的全方位市場。

But I think more broadly, it's going to be very difficult ultimately as the liquidity builds there for institutions to ignore it. As an opportunity for them to put risk on and take risk off. But as with building any marketplace, you need those first people to leap and maybe put a toe in the water and then you get multiple toes in the water, and that's how marketplaces grow. So it seems inevitable. It's going to happen. Again, as I said in answer to the prior question, whether that's 6, 12, 18 or 36 months impossible to know but I see it as a real use case and a real opportunity for firm -- or this firm and for firms like us to provide that unique liquidity.

但我認為，從更廣泛的角度來看，隨著流動性的不斷積累，機構最終將很難忽視它。這為他們提供了一個承擔風險和消除風險的機會。但就像建立任何市場一樣，你需要那些第一批人跳起來，也許把腳趾伸進水里，然後你會讓更多的人伸手進去，這就是市場成長的方式。所以這似乎是不可避免的。它將會發生。再次，正如我在回答上一個問題時所說的那樣，我們不可能知道這是 6 個月、12 個月、18 個月還是 36 個月，但我認為對於公司（或者說這家公司以及像我們這樣的公司）來說，這是一個真正的用例和真正的機會，可以提供獨特的流動性。

Great. And just as a follow-up question, I want to dig in a little further on the tokenized US equity trading for overseas clients that we're seeing some firms already begin to announce and launch. Just curious how you see that ramping? How much in terms of volumes are you seeing so far from these platforms that have brought this to the marketplace what challenges do you see the development of the sort of market overseas when you think about implications for liquidity back in the US markets, particularly if there's no SIP or market data repository for capturing this sort of debt. Just curious how you see all that developing and the risks and opportunities there?

偉大的。作為後續問題，我想進一步深入探討針對海外客戶的代幣化美國股票交易，我們看到一些公司已經開始宣布和推出這項服務。我只是好奇您如何看待這種上升趨勢？就交易量而言，您目前從將這些債務引入市場的這些平台中看到了多少？當您考慮到對美國市場流動性的影響時，您認為海外市場的發展面臨哪些挑戰，特別是如果沒有 SIP 或市場資料儲存庫來捕獲此類債務。只是好奇您如何看待這一切的發展以及其中的風險和機會？

Yes. Great question. I think, look, I mean, the most important thing is like the firms that are doing it, the Robin, the Fidelitys, the Schwabs, et cetera, like they care and we'll obviously manage expectations and, frankly, best execution for their clients. So they're still going to route this flow tokenized or not to the market makers where they receive the best execution. So you're going to have a competitive ecosystem where non-US persons who want access to market and the rails and getting on and off and the simplicity, if you will, of the tokenization of that equity security is attractive to those investors.

是的。好問題。我認為，最重要的是像那些正在做這件事的公司，羅賓、富達、嘉信理財等等，他們很關心，我們顯然會管理期望，坦白說，為他們的客戶提供最好的執行。因此，他們仍然會將這種流程標記化或不標記化，路由到可以獲得最佳執行的做市商。因此，你將擁有一個競爭性的生態系統，在這個生態系統中，非美國人士想要進入市場和軌道，並且可以上下車，如果你願意的話，股權證券代幣化的簡單性對這些投資者很有吸引力。

And frankly, it's an important product offering as our friends at Robin Hood have been very, very public about. I think, again, to echo what I said earlier, the comments from Citadel around making sure that this isn't a way to to an end run, if you will, around the very true and tried principles of the US regulated ecosystem is very important.

坦白說，這是一款重要的產品，正如我們在羅賓漢的朋友們所公開宣傳的那樣。我認為，再次重申我之前所說的，Citadel 的評論是確保這不是一種繞過美國受監管生態系統的真實和經過驗證的原則的途徑，這一點非常重要。

So again, I look at it as an opportunity to expand the pie to non-US persons I think it fits right into our wheelhouse of instrument A, instrument B, we need someone to provide that liquidity, if you will, to to the switch market. We know the marketplace very well. We're a trusted business partner of these firms. We have demonstrable and certifiable and frankly, public best execution statistics with regard to US equities. And so we could promulgate those very easily to a tokenized environment and are doing that.

因此，我再次將其視為向非美國人擴大市場份額的機會，我認為這正好適合我們的工具 A、工具 B，我們需要有人為轉換市場提供流動性。我們非常了解市場。我們是這些公司值得信賴的業務夥伴。我們有可證明、可認證且坦率的公開的美國股票最佳執行統計數據。因此，我們可以非常輕鬆地將它們發佈到標記化的環境中，並且正在這樣做。

So it's very, very early days. It's something that these firms are excited about. I think it's a way for them to expand there. footprint outside the United States and into the United States, which is the largest capital markets by far in the world. And so it's an opportunity for them. And as trusted business partners of all of the aforementioned, it's an opportunity for us to be a good partner and to grow our revenue base. So exciting tailwind.

所以現在還處於非常早期的階段。這是讓這些公司興奮的事情。我認為這是他們在美國以外擴張業務並進入美國的一種方式，美國是迄今為止世界上最大的資本市場。所以這對他們來說是一個機會。作為上述所有公司值得信賴的業務合作夥伴，這對我們來說是一個成為良好合作夥伴並擴大收入基礎的機會。順風真令人興奮。

We have no further questions. So I'll now hand back to the management team for any final remarks.

我們沒有其他問題了。因此，我現在將把發言權交還給管理團隊，請他們做最後的評論。

Well, thank you, everybody, very much for participating today and for the last 10 years in these calls. I greatly appreciate everybody putting a lot of work and effort in answering most and asking -- excuse me, mostly really interesting great questions that have forced me to think and respond and thank you for being gracious always to the firm that I duly love. And I am excited to listen to Aaron and Joe and Cindy on the next earnings call.

好吧，非常感謝大家今天的參與以及過去 10 年來的這些電話會議。我非常感謝大家付出了很多努力來回答和提出大多數問題——對不起，大多數問題都非常有趣，迫使我思考和回應，感謝你們一直對我所熱愛的公司如此慷慨。我很高興在下次財報電話會議上聽到 Aaron、Joe 和 Cindy 的演講。

I'll probably be on a golf course somewhere, but I will listen very, very acutely, and thank you, everybody, for your interest in Virtu and have a wonderful day. Thank you.

我可能會在某個高爾夫球場，但我會非常非常認真地傾聽，感謝大家對 Virtu 的關注，祝大家有美好的一天。謝謝。

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。我們感謝您的參與。現在您可以斷開線路了。