Virtu Financial Inc (VIRT) 2025 Q3 法說會逐字稿

Hello, everybody, and welcome to the Virtu Financial third quarter 2025 earnings call. My name is Elliot, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 Virtu Financial 2025 年第三季財報電話會議。我叫艾略特，今天我將負責協調您的通話。（操作說明）

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

現在我將把發言權交給投資者關係主管安德魯史密斯。請繼續。

Thank you, Elliot, and good morning, everyone. Thank you for joining us. Our third quarter 2025 results were released this morning and are available on our website. With us today this morning, we have Mr. Aaron Simons, 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.

謝謝你，艾利奧特，大家早安。感謝您的參與。我們2025年第三季業績報告已於今天上午發布，可在我們的網站上查看。今天早上和我們在一起的有：執行長 Aaron Simons 先生；聯合總裁兼聯席營運長 Joseph Molluso 先生；以及財務長 Cindy Lee 女士。我們將先作發言，然後再回答大家的問題。

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 conditions may differ materially from what is indicated in these forward-looking statements.

首先，有幾點需要提醒。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，因此存在風險、假設和不確定性，而這些風險、假設和不確定性可能超出公司的控制範圍。請注意，我們的實際業績和財務狀況可能與這些前瞻性聲明中所示的情況有重大差異。

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. We refer you to disclaimers in our press release and discourage you -- and encourage you to review the description of risk factors contained in our annual report, Form 10-K and other public filings.

需要注意的是，本次電話會議中作出的任何前瞻性陳述均基於公司目前掌握的信息，我們不承諾在獲得新信息時更新或修改任何前瞻性陳述。我們建議您參閱新聞稿中的免責聲明，並勸阻您—同時鼓勵您查看我們年度報告、10-K 表格和其他公開文件中包含的風險因素描述。

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.

在今天的電話會議中，除了 GAAP 指標外，我們可能會提及某些非 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GAAP指標應被視為依照GAAP報告的財務指標的補充，而不是優於GAAP財務指標。

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 GAAP term in the earnings materials with an explanation of why we've deem this information meaningful as well as how management uses these measures.

我們建議聽眾查閱我們網站的投資者關係部分，在那裡您可以找到本次電話會議中提到的其他補充信息，以及收益材料中非GAAP指標與相應GAAP指標的調節表，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 Aaron.

接下來，我想把電話交給亞倫。

Thanks, Andrew. Good morning. Let me begin by noting this quarter's prepared remarks are brief in order to leave more time for questions. As usual, all the relevant performance data are included in our earnings release and supplemental material.

謝謝你，安德魯。早安.首先我要指出，本季的發言稿比較簡短，以便留出更多時間回答問題。與往常一樣，所有相關的業績數據都包含在我們的獲利報告和補充資料中。

Before I turn it over to Cindy to discuss our results, I just wanted to make a few high-level remarks to orient everyone as the company's direction moving forward. Over the past several years, we have completed major integrations, status trading and new asset classes and return significant capital to shareholders.

在將發言權交給辛蒂討論我們的結果之前，我只想先做幾點概括性說明，為大家指明公司未來的發展方向。過去幾年，我們完成了重大整合、地位交易和新的資產類別，並向股東返還了大量資本。

Our edge in the market is created by our technology, our risk management and our operational efficiency. Additionally, as a business we carry over our attention to detail to expense management as well as our client relationships. None of that is changing.

我們在市場上的優勢來自於我們的技術、風險管理和營運效率。此外，作為一家企業，我們也把這種注重細節的態度延伸到費用管理以及客戶關係。這一切都沒有改變。

However, now we feel ready to focus on growing our trading results through investing in our infrastructure, acquiring talent and expanding our capital base. Importantly, this will not be limited to a small number of previously highlighted growth initiatives rather an overall focus on growth everywhere in the firm.

然而，現在我們感覺已經準備好透過投資基礎設施、引進人才和擴大資本基礎來專注於提高我們的交易績效。重要的是，這不會局限於先前重點強調的少數成長舉措，而是著眼於公司各個方面的全面成長。

You may recall in the past, we have provided earnings scenarios at different levels of adjusted net trading income in the range of $6 million to $10 million per day and our goal is to grow our business to trend toward the higher end of this range as a base case.

您可能還記得，過去我們曾提供過不同水平的調整後淨交易收入情景，範圍在每天 600 萬美元到 1000 萬美元之間，我們的目標是使我們的業務增長趨勢朝著該範圍的較高端發展，以此作為基本情況。

Just on a personal note, I took over the role of CEO on August 1, almost exactly 17 years after first starting in Virtu, an unbelievable amount has changed since then and somehow now is always the most exciting time to be a part of this company.

就我個人而言，我於 8 月 1 日接任 CEO 一職，距離我加入 Virtu 至今已近 17 年。自那時以來，發生了翻天覆地的變化，而現在，作為這家公司的一份子，總是最令人興奮的時刻。

With that, I'd like to turn it over to Cindy for details on this quarter's performance.

接下來，我將把發言權交給辛迪，請她詳細介紹本季的業績。

Thank you, Aaron. Good morning, everyone. Turning to this quarter's results. The firm reported normalized adjusted EPS of $1.05, adjusted net trading income or ANTI was $467 million or $7.4 million per day, predominantly driven by a positive operating environment, which has persisted for most of the year as well as a renewed focus on growth.

謝謝你，亞倫。各位早安。接下來來看看本季的業績。該公司公佈的經調整後的每股收益為 1.05 美元，經調整後的淨交易收入（ANTI）為 4.67 億美元，即每天 740 萬美元，這主要得益於積極的經營環境（該環境已持續一年中的大部分時間）以及對增長的重新關注。

Market Making reported ANTI of $344 million, were $5.1 million per day, driven by strong performance across all businesses, particularly global equities, cryptos and currencies and commodities. We're also seeing continued momentum in virtual execution services and are excited about our work expanding the VES product set to include multi-asset class capabilities.

做市業務報告顯示，ANTI 為 3.44 億美元，每日平均 510 萬美元，這得益於所有業務的強勁表現，尤其是全球股票、加密貨幣、貨幣和大宗商品。我們也看到虛擬執行服務持續發展勢頭良好，並且很高興我們正在努力擴展 VES 產品集，使其包含多資產類別功能。

VES reported ANTI of $123 million or $1.9 million per day, marking its best quarter since early 2021 and a sixth consecutive quarter of increased ANTI. Earlier this year, we noted goal of $2 million per day through the cycle for VES. We're encouraged by VES performance and consistent quarter-on-quarter growth regardless of the environment.

VES 報告稱，ANTI 為 1.23 億美元，即每天 190 萬美元，這是自 2021 年初以來最好的季度，也是 ANTI 連續第六個季度增長。今年早些時候，我們曾表示，VES 的目標是在整個週期中每天獲得 200 萬美元的收入。無論環境如何，VES 的業績和持續的季度環比成長都令我們感到鼓舞。

VES offer market-leading financial -- market-leading financial trading products globally across the entire life cycle of a trade. (inaudible) VES has a suite of workflow and analytics products led by Triton which was recently awarded the top spot in Trade 2025 (inaudible) survey for the third year in a row. These products represent a strong embedded base of revenue. On a trailing 12-month basis, the workflow and analytics business generated $137 million of ANTI.

VES 在全球範圍內提供市場領先的金融交易產品，涵蓋交易的整個生命週期。（聽不清楚）VES 擁有一套以 Triton 為主導的工作流程和分析產品，該產品最近連續第三年榮獲 Trade 2025 調查的最高榮譽。 （聽不清楚）這些產品構成了一個強大的固定收入基礎。過去 12 個月，工作流程和分析業務創造了 1.37 億美元的 ANTI 收入。

In terms of legacy revenue disclosures, we achieved strong results on our existing growth initiatives, which delivered anti per day that was slightly ahead of the prior quarter. Well, the areas included within the existing growth initiatives are important and represent businesses have grown meaningfully over the years.

就傳統收入揭露而言，我們現有的成長計畫取得了強勁的成果，每日收入略高於上一季。現有成長計畫涵蓋的領域非常重要，代表企業多年來取得了顯著成長。

We will look to grow more rapidly in all areas of our business. While we will, of course, maintain our annual dividend, we will seek to grow our capital base to take advantage of the trading opportunities as they arrive.

我們將力爭在所有業務領域實現更快成長。當然，我們會維持年度股息，但同時也會努力擴大資本基礎，以便在交易機會出現時抓住它們。

Now we can turn it over for Q&A.

現在進入問答環節。

(Operator Instructions) Patrick Moley, Piper Sandler.

（操作說明）派崔克·莫利，派珀·桑德勒。

Welcome, Aaron. I'm really looking forward to working with you. So I have a 2-part question. First, I appreciate all the disclosure around the focus shifting to growth opportunities.

歡迎你，亞倫。我非常期待與您合作。我的問題分為兩部分。首先，我感謝公司就重點轉向成長機會所做的所有揭露。

I was hoping you could break that down for us a little bit more and maybe speak to some of the areas where you see the most significant opportunity for growth? How much of that is going to be expanding into existing areas where you already have a presence versus entirely new opportunities?

我希望您能更詳細地為我們解釋一下，並談談您認為最具成長潛力的領域？其中有多少是向你已有業務的現有領域擴張，又有多少是開拓全新的機會？

And then as a second part, you mentioned in the deck that you'll look to dial back share repurchases in order to build more capital. I was hoping you could flesh out for us maybe how much capital you could potentially be looking to build and what that means for your longer-term capital return priorities?

其次，您在簡報中提到，為了累積更多資本，您將考慮減少股票回購。我希望您能詳細說明您可能計劃累積多少資本，以及這對您的長期資本回報目標意味著什麼？

Sure. Thanks, Patrick. I think it's hard to predict in advance. We've always been a firm that reacts to the opportunity that's in front of us. So currently, I think there's a pretty good growth opportunity everywhere in the firm. I mean obviously, the areas that we've highlighted previously, like crypto options, ETF block continue to be fast-growing areas, especially given the environment. And so you'll probably continue to see growth there.

當然。謝謝你，派崔克。我認為很難提前預測。我們一直是一家能夠抓住機會的公司。所以目前我認為公司各職位都有很好的發展機會。我的意思是，很明顯，我們之前重點提到的領域，如加密貨幣選擇權、ETF板塊，仍然是快速成長的領域，尤其是在當前環境下。因此，你可能會繼續看到那裡的成長。

In terms of the additional capital, I think we provided the supplemental materials already in 2025, through retained earnings as well as debt financing. We've raised over $500 million of new trading capital, which has already been immediately deployed.

至於額外資金，我認為我們已經在 2025 年透過留存收益和債務融資提供了補充資料。我們已籌集超過 5 億美元的新交易資金，並且這些資金已立即投入使用。

I think in terms of a long-term plan, we want to significantly grow the P&L. So if you look at our return on capital rates, they've always been in the upper 60s to 100% return on capital. So if we want to double the P&L of the firm, we're probably going to have to double the capital base but that's a long-term plan. It may take a few years.

我認為從長遠規劃來看，我們希望大幅提高損益表的績效。所以，如果你看一下我們的資本報酬率，你會發現它們一直都在 60% 到 100% 之間。所以，如果我們想讓公司的損益翻一番，我們可能就必須讓資本基礎翻一番，但這只是一個長期計畫。可能需要幾年時間。

And if you look at the reports of the free cash flow that the business generates, I think there's pretty significant opportunity to just accumulate that organically over time. And we've always been incremental in our approach to growing and we'll just continue to do that.

如果你看一下公司產生的自由現金流報告，我認為隨著時間的推移，公司有很大的機會透過自然成長來累積這筆資金。我們一直以來都採取循序漸進的方式發展，而且我們將繼續這樣做。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Aaron, a warm welcome to the call. I would love to get just a little bit more meat around those bonds. Obviously, it sounds like it's a bit of a pivot in the strategy. And I guess a multipart question on this. But I guess, first is why now? What prevented Virtu in the past going after these opportunities that you feel like this is the right time to do this today?

亞倫，歡迎來電。我希望這些債券能再多一些實質內容。顯然，這聽起來像是戰略上的轉變。我想這個問題應該包含多個部分。但我想，首先要問的是，為什麼是現在？過去是什麼原因阻止了 Virtu 抓住這些機會？您覺得現在是抓住這些機會的最佳時機嗎？

And when you think about the existing asset classes, you spoke about, obviously, the newer things, whether it's digital and crypto or options, we know you guys have been in the past for a while. But when you think about the traditional market-making businesses that you're already in, do you see an opportunity to accelerate market share gain within that as well? And what would it take, I guess, for you guys to do that?

說到現有的資產類別，你顯然也提到了較新的事物，無論是數位資產、加密貨幣還是選擇權，我們知道你們在過去一段時間裡一直在關注它們。但當你思考你已經涉足的傳統市場業務時，你是否也看到了在這些業務中加速獲得市場份額的機會？我想，你們要怎麼做才能做到這一點呢？

Yes, I can answer some of that. So as to the why now question, well, there's not like a step change, but there's been like a confluence of factors. So over the past several years, we've pulled out some pretty large integrations and a lot from a technical standpoint, from a people cultural standpoint, added significant new business lines.

是的，我可以回答其中一些問題。至於為什麼是現在這個問題，嗯，並沒有發生什麼重大變化，而是多種因素共同作用的結果。因此，在過去的幾年裡，我們進行了一些相當大的整合，從技術角度、人員文化角度來看，也增加了重要的新業務線。

And now that we have a handle on that and things are coming to an end, we're able to refocus some of our talent base on attacking new opportunities. So that's certainly part of it. The world hasn't gotten quieter. So there's definitely just been an uptick in overall external opportunity. And so we just feel it's the right time. And I think the employees are excited about refocusing on growth.

現在我們已經控制住了局面，事情也即將結束，我們可以將我們的一些人才重新集中精力去抓住新的機會。所以這當然是其中一部分原因。世界並沒有變得平靜。所以，外部整體機會確實有增加。所以，我們覺得現在正是時候。我認為員工們對重新專注於成長感到興奮。

In terms of the areas, like obviously the ones I highlighted, but yes, in our core businesses, there's definitely room to grow. So one of the things that we've always done, right, is that our platform is scaled and operates the same way everywhere in the world. It's easy for us to redeploy to new asset classes with flexibility and compete technologically in any market.

就我剛才提到的那些領域而言，當然還有很大的發展空間，但就我們的核心業務而言，肯定還有很大的成長空間。所以，我們一直以來所做的一件事，就是確保我們的平台具有可擴展性，並且在世界各地以相同的方式運作。我們可以輕鬆地靈活地將資金重新部署到新的資產類別，並在任何市場中發揮技術競爭力。

So with -- when you say our core business, even that encompasses many, many different types of trades in different areas so there's always like interesting new corners of the markets. There's always like idiosyncratic opportunities in ETF trades or foreign markets or commodities. And we're always just going to try to adapt to what's in front of us. and just focus on our processes.

所以，當你說我們的核心業務時，它甚至涵蓋了不同領域的許多不同類型的交易，因此總是會有有趣的新市場領域。ETF交易、外匯市場或大宗商品市場總是會有一些獨特的投資機會。我們會始終努力適應眼前的各種情況，並專注於我們的流程。

Alex, I would just add to that. This is Joe. The areas that we always outlined is growth continue to be growth areas, right? So we've given that number but I think the pivot here as you describe it, is really to include options. It includes crypto, it includes ETF block, it includes rates.

Alex，我還要補充一點。這是喬。我們之前提到的那些成長領域，現在依然是成長領域，對吧？所以我們已經給出了這個數字，但我認為正如你所描述的，關鍵在於真正要包含選擇權。它包括加密貨幣、ETF板塊和利率。

But it doesn't exclude other areas of our business, right? And I think we put in the supplement the capital management priority slide, this is a little bit to Patrick's question as well, right? We have shown -- and this is the management team that's in here, right? We have shown a long-term track record that demonstrates that we know how to manage capital, right?

但這並不排除我們業務的其他領域，對吧？我認為我們在補充資料中加入了資本管理優先事項幻燈片，這也與帕特里克的問題有點關係，對吧？我們已經展示了——這就是這裡的管理團隊，對吧？我們已經展現了長期的良好業績，證明我們懂得如何管理資金，對吧？

So we've have a long-term track record of managing capital. We have a long-term track record of integrating acquisitions. We have a long-term track record of operating a scale business. And we have a long-term track record of growing in select businesses, right?

因此，我們在資本管理方面擁有長期良好的業績記錄。我們在整合收購方面擁有長期成功經驗。我們擁有長期經營規模化企業的成功經驗。而且我們在特定業務領域有著長期的成長記錄，對吧？

So I think with Aaron at the helm, there's a set of opportunities that are -- that we all agree are getting bigger, right? And that includes a lot of the things that I'm sure we'll talk about on this call. But we wanted to look at it as being limited to just a handful of things that we've talked about in the past as growth initiatives.

所以我覺得，在亞倫的領導下，有很多機會正在湧現——我們都同意這些機會變得越來越大，對吧？這其中就包括我們肯定會在這次電話會議上討論的許多內容。但我們希望將其限定在我們過去討論過的少數幾項成長舉措中。

Right. Right. And then as in addition to capital, do you guys anticipate there is a larger OpEx lift that this will be required? Or do you think you can largely leverage the existing footprint so the incremental revenues presumably will come in at a fairly high incremental margin?

正確的。正確的。除了資金投入之外，你們預計還需要更大的營運支出嗎？或者您認為可以很大程度上利用現有資源，從而獲得相當高的增量收入利潤率？

There should be -- you should still see very strong positive operating leverage in our business. That doesn't mean that we won't need to attract top talent, retain top talent. That doesn't mean that we're committed to a particular ratio of comp to net revenue that we've had in the past, but I think it will still be reasonable. It will look more like the past than not.

應該——你們仍然應該看到我們業務中非常強勁的積極經營槓桿作用。但這並不代表我們不需要吸引和留住頂尖人才。但這並不意味著我們會堅持過去那種特定的同店銷售與淨收入比率，但我認為這個比率仍然是合理的。它看起來會更像過去的樣子。

But I think if it grows it's going to grow because we're experiencing very high levels of positive operating leverage, good growth. And I think there's no big bang here. As Aaron said, right, we've always been incremental and we'll continue to be incremental.

但我認為，如果它要成長，它就會成長，因為我們正經歷非常高的積極經營槓桿，良好的成長動能。我認為這裡並沒有什麼宇宙大爆炸。正如亞倫所說，沒錯，我們一直以來都是循序漸進的，而且我們將繼續採取循序漸進的方式。

(inaudible) Bank of America.

（聽不清楚）美國銀行。

Aaron, congrats on the new role. Craig and I look forward to working with you. You highlighted options as an area where there will be a larger focus on growth going forward. I was wondering if you have a time line in mind for when Virtu can start customer market making and options? Is that a near-term 2026 objective or more of a 5- or even 10-year target? And then could M&A be part of your road map and options?

亞倫，祝賀你榮升新職。Craig和我期待與您合作。您強調選擇權領域將是未來重點發展方向。我想知道你們有沒有設想過 Virtu 何時可以開始進行客戶市場拓展和選擇權交易？這是2026年的近期目標，還是5年甚至10年的目標？那麼，併購是否可以成為你們發展規劃和選擇的一部分呢？

Sure. So I don't -- we're not in the business specifically with the goal of doing customer market making 605. If we get to the point where our business is scaled and more profitable than we have the infrastructure and the relationships (inaudible) to get into that business. But really our focus is on just being excellent trading options, and we're focused on that and where we (inaudible) where it leads.

當然。所以，我們並不－我們從事這項業務的目的並非專門為了做客戶行銷 605。如果我們的業務發展到某個規模，獲利能力更強，但我們卻沒有足夠的資源和人脈關係（聽不清楚）進入這個行業。但實際上，我們的重點在於成為優秀的選擇權交易者，我們專注於此，以及它將把我們引向何方。

(inaudible) in terms of M&A, it goes back to the answer on capital management priorities. I think if you look at our history, we used leverage and our capital to execute 2 very highly accretive, important acquisitions to what Virtu is today.

（聽不清楚）就併購而言，這又回到了資本管理優先事項的答案。我認為，回顧我們的歷史，我們利用槓桿和資本完成了兩項對 Virtu 今天的發展至關重要的收購，這兩項收購都大大提升了 Virtu 的表現。

We used our capital to buy back our shares, and we thought they were undervalued, and we're using our capital today to grow. And should an opportunity present itself where the returns that we can get from an M&A deal are superior to what we have looking in front of us, then we'll explore it.

我們利用自有資金回購了股票，我們認為這些股票被低估了，而如今我們正利用自有資金成長。如果出現併購交易帶來的回報優於我們目前所面臨的情況的機會，那麼我們將考慮進行併購。

And I think we've got a track record doing that prudently and not paying -- I think if you look at the acquisitions we've done, we bought volatility at very low prices. And so I think the purchase price going in was attractive, and the execution was excellent in terms of value creation and synergies.

我認為我們在這方面一直做得很好，謹慎行事，沒有付出過高的代價——我認為如果你看看我們所做的收購，我們以非常低的價格買入了波動性資產。因此，我認為收購價格很有吸引力，而且在價值創造和協同效應方面執行得非常出色。

There's nothing that we're looking at today that competes with Aaron's plan to grow revenue in terms -- and so therefore, our incremental capital dollar is going to growing the business, but we're always -- we're here to create shareholder value and allocate capital to do that.

我們今天所看到的，沒有任何東西能與 Aaron 的計劃在收入增長方面相匹敵——因此，我們新增的資本將用於發展業務，但我們始終——我們來到這裡是為了創造股東價值，並為此分配資本。

Got it. And for a follow-up, can you hit on the revenue capture in the Market Making segment this quarter, your 605 quoted spread opportunity declined 3% sequentially, but your market making revenue fell 26% sequentially? I was like how should we reconcile that delta there?

知道了。另外，能否請您談談本季做市業務的收入狀況？您的 605 報價價差機會較上季下降了 3%，但您的做市收入較上季下降了 26%？我當時就在想，我們該如何彌補這個差距呢？

It is -- it is always good to look at that. I think there's a great focus on the retail business. Some very smart guys in a research report yesterday wrote that we sit downstream from a long-term secular trend in retail, and we agree with that.

是的——看看這個總是好的。我認為大家非常關注零售業。昨天一些非常聰明的專家在一份研究報告中寫道，我們正處於零售業長期發展趨勢的下游，我們同意這一點。

But the way we look at it is we perform well against the opportunity overall. Yes, those indicators were down, the volumes of volatility as well as the 605 reports showed declining activity, but we're very happy about how we performed.

但我們認為，總體而言，我們很好地把握住了這次機會。是的，這些指標都在下降，波動率以及 605 報告都顯示活動減少，但我們對我們的表現非常滿意。

And I think I mentioned that focus on retail because if you look at our performance this quarter overall, there's always this hyper focus on retail, but our business is a lot broader, right? We have a global operation in multiple asset classes around the world.

我想我之前提到過對零售業的關注，因為如果你看一下我們本季的整體業績，你會發現我們一直非常關注零售業，但我們的業務範圍要廣泛得多，對吧？我們在全球範圍內開展業務，涉及多種資產類別。

We did very well in crypto. We did very well in our proprietary market making business in commodities, for example. We haven't talked about VES, right? So I think if you look at us, I think there's a hyper focus on retail for good reason, but there's a lot more there.

我們在加密貨幣領域做得非常好。例如，我們在商品領域的自主做市業務做得非常好。我們還沒討論過VES，對吧？所以我覺得，如果你看看我們，你會發現我們非常重視零售業是有充分理由的，但除此之外還有很多其他面向。

Chris Allen, Citi.

克里斯艾倫，花旗銀行。

I wanted to ask on the third quarter results, I think in general people, the results were (inaudible) expectations given the environment (inaudible) volatility.

我想問一下第三季的業績，我認為總的來說，考慮到當前的環境（聽不清楚）波動性，這些業績符合預期。

Just wondering, obviously, you raised some capital during the quarter, you noted that it's been deployed, what impact that had? And any color just on the sequential improvement in the organic growth initiatives or opportunities where there were or the best tailwinds this past quarter?

我只是好奇，顯然你們在本季籌集了一些資金，你們也提到這些資金已經投入使用，這產生了什麼影響？那麼，能否就上個季度有機成長舉措或機會的連續改進情況，以及有哪些最佳的順風因素，提供一些具體資訊呢？

Yes. Look, again, I think if you -- it's a difficult question to answer what impact new capital have. In terms of the debt raise, the debt raise was September 23. So that was pretty much towards the end of the quarter.

是的。你看，再說一遍，我認為──這是一個很難回答的問題，新資本會產生什麼影響。就債務融資而言，債務融資發生在 9 月 23 日。所以那差不多是季度末的事情了。

Our -- on slide 4 of the supplement, you see we earned a 95% incremental return on our capital. So my answer would be any incremental dollar that we deployed this quarter, we earned a 95% return on and that includes the capital from the beginning of the year.

在補充資料的第 4 頁中，您可以看到我們獲得了 95% 的資本增量回報。所以我的答案是，本季我們投入的每一美元，都獲得了 95% 的回報，這也包括年初投入的資金。

In terms of -- in terms of the performance and what to highlight, I think we mentioned already, I think crypto was stand out, and we expect that to continue. We had a strong performance in options. We had a strong quarter in ETF block. I think all of the things that we've included as growth initiatives were above where we were in the second quarter, just a little bit. So it was all of the above, Chris.

就表現而言，以及需要重點關注的方面，我認為我們已經提到過，加密貨幣表現突出，我們預計這種情況會繼續下去。我們在期權交易中表現出色。本季ETF類股表現強勁。我認為我們所有納入成長計畫的項目都比第二季略有成長。所以以上情況全都有，克里斯。

And again, I'll mention VES, right? VES is showing growth through different environments. And Steve (inaudible) have always done an amazing job there, and that business is set up for success.

我還要再提一下VES，對吧？VES在不同的環境中均表現出成長勢頭。史蒂夫（聽不清楚）一直在那裡做得非常出色，而且這家公司也具備成功的條件。

Got it. Just as a follow-up. When we think about capital -- increased capital fund moving forward, are you thinking about developing new strategies for attacking some of the existing businesses? Or is this just putting capital work with your existing (inaudible)?

知道了。作為後續補充。當我們考慮資本—增加未來的資本基金時，您是否考慮制定新的策略來攻擊一些現有企業？或者這只是在您現有基礎上增加資本投入？（聽不清楚）？

It's all of the above. I'll be -- make sure I want to point out so that we're not looking at taking on more risk. I think everything is within the risk parameters that we've historically been comfortable with in terms of virtue as a market participant, as a liquidity provider, as a service provider. You may -- it's mainly leveraging our existing infrastructure and connectivity but we'll have more capital to deploy. We will have incremental talent to develop strategies. And that's really how we describe it.

以上皆是。我會——我一定要指出這一點，這樣我們就不會承擔更大的風險。我認為一切都在我們身為市場參與者、流動性提供者、服務提供者，歷來都能接受的風險範圍內。或許如此——這主要是利用我們現有的基礎設施和連接性，但我們將有更多資金投入。我們將逐步增加人才，以製定策略。我們就是這樣描述的。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

So just wanted to clarify a few things. So as we think about Virtu's strategy over the last couple of years, we've seen more consistent results and less peak and trough. And given this change in putting more capital work, do you expect to see more variability in the quarter-to-quarter revenue and/or ANTI EBITDA, however you want to think about it, given as the opportunity set changes? Or is this going to drive more consistent results? I guess what's the goal here?

所以我想澄清幾件事。因此，當我們回顧 Virtu 近幾年的策略時，我們看到業績更加穩定，波動幅度也更小。鑑於投入更多資本投入，您是否預期隨著機會的變化，季度收入和/或反 EBITDA（無論您如何看待）會出現更大的波動？或者，這樣做會帶來更穩定的結果？我想問，他們的目標是什麼？

Well, the goal is, as Aaron stated, to move to the higher end of the range that we published in the past of different levels of net trading income, right? So that's always been a difficult question to answer for Virtu because you've got to give me a time parameter, right? If it's -- if you're talking about daily or weekly, maybe? If you're talking about monthly, maybe? If you're talking about quarterly, it really depends, Dan.

正如 Aaron 所說，我們的目標是達到我們過去公佈的不同淨交易收入水平範圍的較高水平，對吧？所以對於 Virtu 來說，這始終是一個難以回答的問題，因為你必須給我一個時間參數，對吧？如果──如果你指的是每天或每週，也許吧？如果你說的是按月計算的話，也許可以？如果你說的是按季度計算，那真的要看情況，丹。

So I think Aaron stated it clearly, the goal is to move towards the high end of that range, it's a trend toward it as a base case, right? And there could be more variability, but I don't consider that being less predictable or less volatile even, right?

所以我覺得 Aaron 已經很清楚地說明了，目標是朝著這個範圍的高端邁進，這是朝著這個方向發展的基本趨勢，對吧？可能會有更大的波動性，但我並不認為這意味著更難以預測或波動性更小，對吧？

We're a volatile business, and we're going to remain a volatile business. I don't think -- I really don't think of us in the past. It's interesting to hear you say that. I don't think of us in the past year or 2 as being less volatile. I think we've just done good job growing the business, and now we're going to accelerate that growth.

我們身處一個波動性很大的行業，未來也將繼續保持這種波動性。我不認為——我真的不認為我們過去的事。聽你這麼說，很有意思。我不認為過去一兩年我們的局勢變得不那麼動盪了。我認為我們在業務成長方面做得很好，現在我們將加速成長。

Okay. And then just to clarify some of the other questions. So as we think about now you're deploying more capital today, you're going to obviously accrue more capital. Where do we think about the level of investment? So level of investment will go with the revenue opportunity.

好的。最後，我還想澄清一下其他一些問題。所以，當我們思考現在你投入更多資金時，你顯然會累積更多資金。我們認為投資水準應該如何？因此，投資水準將與收益機會相符。

We don't need to invest today more based upon having more capital wanting to do more. So I just want to understand the timing of new investment in terms of people, strategies, all of these things versus the revenue opportunity. Are those in line with each other or one comes before the other?

我們今天不需要因為擁有更多資本而想要做更多的事情，以便進行更多投資。所以我想了解在人員、策略等各個方面進行新投資的時機，以及這些投資與收入機會之間的關係。它們之間是先後順序，還是一個在前一個在後？

Mostly in line, Dan. There's no long-term lag here, I would say. That all being said, we are -- as I just answered your previous question, we're still a volatile business and the environment is still going to have a big impact on our performance. So it's going to be hard to separate the noise there in terms of the environment versus the impact of incremental talent, incremental capital.

丹，基本符合規定。我認為這裡不存在長期滯後。綜上所述，正如我剛才回答你之前的問題一樣，我們仍然是一個波動性很大的行業，環境仍然會對我們的業績產生重大影響。因此，很難將環境因素的影響與人才成長、資本增加的影響區分開來。

But I guess the age old question for us, I think, long term up until the right, moving towards the high end of that range, and there will be noise quarter-to-quarter for sure. None of it as a plan requires a multiyear investment before you start seeing -- before you start seeing results. It's not instant, but it should largely be in line.

但我想，對我們來說，這始終是個老生常談的問題，我認為，從長遠來看，直到右翼出現，朝著這個區間的高端邁進，而且季度之間肯定會有波動。這項計劃不需要多年的投資才能開始看到成效。雖然不會立竿見影，但應該基本上符合預期。

(Operator Instructions) Ken Worthington, JPMorgan.

（操作說明）肯‧沃辛頓，摩根大通。

So the stock price has dropped a lot more recently. You've clearly highlighted routine earning growth strategies are the priority. How do opportunistic buybacks play into capital management when you see big declines in the stock price like we've seen more recently?

所以最近股價跌幅更大了。您已明確指出，日常收入成長策略是首要任務。當股價像最近這樣大幅下跌時，機會主義回購在資本管理中扮演著怎樣的角色？

Ken, I think we have stated that the opportunity in front of us allows for the highest and best use of our incremental capital dollar. And the best way our jobs every day, as manager of the business is to increase the stock price and maximize the value and putting dollars to work in the business.

肯，我認為我們已經說過，擺在我們面前的機會能夠讓我們最大限度地利用新增的資金。身為企業管理者，我們每天工作的最佳方式就是提高股價，最大化企業價值，讓資金在企業中發揮作用。

Aaron, and we all determined is the best way to get the stock price to where we think it should be. We -- for a very long time, and we were trading at levels that we thought the incremental dollar was best spent on our stock. We're not growing anything out publicly in terms of we still have dry powder under the buyback authorization.

我和亞倫一致認為，這是讓股價達到我們認為應有水準的最佳方法。很長一段時間以來，我們都認為，每一美元都應該用來買我們的股票，而我們當時的交易價格也正是我們認為最划算的。就回購授權下我們仍有未使用的資金而言，我們目前沒有公開宣布任何消息。

And perhaps as we have vesting shares from compensation plans, we may look to just neutralize the impact of that so that we don't have share creep. But the direction is clear that our incremental dollars are going to be spent growing the business in our trading capital base.

或許，由於我們有來自薪酬計畫的歸屬股份，我們可以考慮抵銷其影響，以避免股份不斷增發。但方向很明確，我們新增的資金將用於擴大我們的交易資本基礎，從而發展業務。

Okay. Perfect. Made it crystal clear. The other narrative that was going around with tokenization. So maybe how is Virtu positioned for an increase in tokenized assets moving on chain? Sort of what is your right to win?

好的。完美的。解釋得非常清楚了。關於標記化的另一種說法。那麼，Virtu 如何能更好地應對鏈上代幣化資產流動的成長呢？你究竟有什麼權利贏？

Will the infrastructure that you have need to change to support this transition to tokenization? And if so, maybe to the prior question, what incremental investment is required if the world moves to more tokenized on chain assets.

為了支持向代幣化的過渡，您現有的基礎設施是否需要進行更改？如果是這樣，那麼對於先前的問題，如果世界轉向更多代幣化的鏈上資產，需要增加多少投資？

Yes, I can answer that. I mean I think it fits with our current business. So we're very active in many crypto markets around the world. A lot of them obviously are the centralized exchange model, but we do participate in some direct on-chain interactions.

是的，我可以回答這個問題。我的意思是，我認為這很符合我們目前的業務。因此，我們在全球許多加密貨幣市場都非常活躍。顯然，其中許多都是中心化交易所模式，但我們也參與一些直接的鏈上互動。

We're partnering with people in terms of various interesting initiatives like we're part of the (inaudible) foundation, more part of the Canton network. So we're always active in developing new interesting trading infrastructure.

我們正在與各界人士合作進行各種有趣的活動，例如我們是（聽不清楚）基金會的一部分，也是坎頓網路的一部分。因此，我們始終積極開發新的、有趣的交易基礎設施。

And I think with regards to this and other new opportunities, like everyone is talking about prediction markets, anything that is trading electronically and has sufficient depth of liquidity, we stand ready to make markets and our technology is adaptable to all of those opportunities. So we're excited about it.

我認為，就此以及其他新機會而言，例如大家都在談論預測市場，任何以電子方式交易且流動性充足的市場，我們都已準備好開市，我們的技術也能夠適應所有這些機會。所以我們對此感到很興奮。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

I recall in the past that we heard that doubling the capital base wouldn't necessarily double earnings. So curious what's changed in that regard? And what areas or what would be the top few areas that you anticipate allocating more capital towards like how might you rank order prioritize that? And maybe you could touch upon some of the areas where you're looking to hire?

我記得以前我們聽說過，資本基礎翻倍並不一定會讓收益翻倍。很好奇這方面發生了什麼變化？那麼，您預計會優先將更多資金投入哪些領域或哪些前幾個領域？您會如何對這些領域進行優先排序？或許您可以談談您目前在哪些領域招募？

Yes. Again, Michael, I think we put a slide in the supplement. I think we have proven that we know how to allocate capital. We've proven that we're going to devote it to the highest and best use, whether it was acquisitions, integrating acquisitions, buying back our stock. And I think we -- in the past, we identified areas where we needed to grow and grew businesses that were $0 to $100 million-plus businesses and increased our capital base.

是的。邁克爾，我再次強調，我認為我們在補充資料中加入了一張幻燈片。我認為我們已經證明我們知道如何配置資本。我們已經證明，我們將把資金用於最高、最好的用途，無論是收購、整合收購項目或回購我們的股票。我認為，過去我們曾明確指出需要發展的領域，並將業務規模從 0 億美元發展到 1 億美元以上，增加了我們的資本基礎。

So I think the markets evolve and I think we're ready now. I think we probably weren't ready in the past. And we have the ability to do it given our infrastructure -- our scaled infrastructure. And we've got the team in place, and we have a new CEO who wants us to pivot to growth, and that's what we're doing.

所以我認為市場會不斷發展，而我們現在已經準備好了。我認為我們過去可能準備不足。憑藉我們的基礎設施——我們規模化的基礎設施，我們有能力做到這一點。我們已經組建了團隊，並且有了一位希望我們轉向成長的新首席執行官，而我們也正在這樣做。

And just in terms of the question around prioritizing areas that you're hiring?

那麼，關於您招募的優先領域這個問題呢？

I mean there's a lot of them, but we're aggressively hiring what (inaudible) broadly developers, that's very important for our business. It's a big term, which I hate, but we're probably hiring a lot of (inaudible). We're hiring traders. So basically, any aspect of the business.

我的意思是，這類人才很多，但我們正在積極招募（聽不清楚）廣義的開發人員，這對我們的業務非常重要。這是一個很專業的術語，我不太喜歡，但我們可能正在招聘很多…（聽不清楚）我們正在招募交易員。基本上，業務的任何方面都包括在內。

I think just going back to the question, which I think (inaudible) very well, but the previous comments, I think you have to take into context so it's not the case that we could just -- if someone gifted us double the amount of capital tomorrow that we could just turn it on and make twice the money.

我覺得回到這個問題本身，我覺得（聽不清楚）很好，但是之前的評論，我認為你必須結合上下文來看，所以並不是說，如果有人明天給我們雙倍的資金，我們就可以啟動它並賺雙倍的錢。

But the comment is that, yes, we can grow the earnings with more capital, but it requires a lot of hard work to do that. So it requires more people, it requires working on our strategies, it requires revamping, expanding our infrastructure. So it's not like a magic machine where we can just dump more money and get more money out, but we're excited about doing the work and growing the business.

但評論是，是的，我們可以透過增加資本來提高收益，但這需要付出大量的努力。因此，我們需要更多的人手，需要完善我們的策略，需要改造和擴大我們的基礎設施。所以它不像一台魔法機器，我們只要投入更多資金就能獲得更多資金，但我們對這項工作和發展業務充滿熱情。

In what areas do you expect to allocate that capital to more meaningfully than others? How do you think about prioritizing that? And when you think about doubling the earnings, what areas you think will be meaningfully contributing towards that?

您預計將資金更有效分配到哪些領域？你覺得應該如何優先考慮這件事？那麼，當您考慮將收益翻倍時，您認為哪些領域將對此做出實質貢獻？

It will be flexible. It will be based in part on what is going on in the market. I think if you look at an area like crypto where we've done very well, crypto was a fragmented market, which necessitates the need for more capital intensity because there's no settlement utility, and there's multiple venues.

它將具有靈活性。部分原因將取決於市場狀況。我認為，如果你看看像加密貨幣這樣我們做得非常好的領域，加密貨幣曾經是一個分散的市場，這就需要更高的資本密集度，因為它沒有結算效用，而且有多個交易場所。

ETF block is a big business that we've grown quite well, that by its nature is more capital intensive. So it really depends on the end market. It depends on the characteristics of the end market. It depends on the prime brokers. It depends on the venues. It depends on the participants, depends on the trading format.

ETF 板塊是一個規模龐大的業務，我們已經發展得相當不錯，但就其本質而言，它屬於資本密集型業務。所以真的取決於終端市場。這取決於終端市場的特性。這取決於主要經紀商。這取決於場地情況。這取決於參與者，也取決於交易形式。

US equities, 605 business is a very capital efficient business, right? So we think we're going to grow everywhere. But the capital usage is going to go to areas where we think we can -- where we need it -- where we needed to grow, right?

美國股票，605業務是一個非常注重資本效率的業務，對嗎？所以我們認為我們會在各地發展壯大。但資金的使用將會用於我們認為可以發展的領域——我們需要發展的領域——對吧？

So areas like commodities, areas like foreign exchange, they're all different, depending on the end market, depending on the market structure. So really, it just really depends on what is going on in the market and the the nature of the end market.

因此，像大宗商品、外匯等領域，情況各不相同，這取決於最終市場和市場結構。所以，這真的取決於市場狀況和終端市場的性質。

That's all the time we have for questions. I'll hand back to Aaron Simons for any final remarks.

我們提問時間到此為止。我將把發言權交還給亞倫·西蒙斯，請他作最後的總結發言。

Thanks, everyone, for joining. Hopefully, this is informative, and we look forward to (inaudible) next quarter.

謝謝大家的參與。希望這些資訊對您有所幫助，我們期待（聽不清楚）下個季度。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。