2013-01-15 Interactive Brokers Group, Inc. (IBKR) Q4 2012 Earnings Call Transcript
Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q4 2012 Earnings Call January 15, 2013 4:30 PM ET
互动经纪集团公司（NASDAQ：IBKR）2012 年第四季度收益电话会议 2013 年 1 月 15 日 下午 4:30 ET
Executives 高管
Thomas Peterffy - Chairman and Chief Executive Officer
托马斯·彼得菲 - 主席兼首席执行官
Paul Brody - Group Chief Financial Officer
保罗·布罗迪 - 集团首席财务官
Deborah Liston - Director, Investor Relations
黛博拉·利斯顿 - 投资者关系总监
Analysts 分析师
Rich Repetto - Sandler O'Neill
Rich Repetto - Sandler O'Neill 里奇·雷佩托 - 桑德勒奥尼尔
Chris Harris - Wells Fargo
克里斯·哈里斯 - 富国银行
Niamh Alexander - KBW
Ed Ditmire - Macquarie
Ed Ditmire - 麦格理
Mac Sykes - Gabelli
Mac Sykes - Gabelli 麦克·赛克斯 - 加贝利
Operator 操作员
Good day, everyone, and welcome to the Interactive Brokers’ Fourth Quarter 2012 Earnings Results Conference Call. This call is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to Ms. Deborah Liston, Director of Investor Relations. Please go ahead.
大家好，欢迎参加互动经纪公司 2012 年第四季度收益业绩电话会议。本次通话正在录音。现在我将把话筒交给投资者关系总监 Deborah Liston 女士发表开场致辞和介绍。请开始。
Deborah Liston 黛博拉·利斯顿
Thank you, operator, and welcome everyone. Hopefully by now you’ve seen our fourth quarter and full year 2012 results press release which was released today after market closed and which is also available on our website. Our speakers today are Thomas Peterffy, our Chairman and CEO, and Paul Brody, our Group CFO. They’ll begin with some prepared remarks about the quarter and then we’ll take some Q&A.
谢谢，接线员，欢迎大家。希望大家已经看到我们今天在市场收盘后发布的 2012 年第四季度和全年业绩新闻稿，该新闻稿也可以在我们的网站上找到。今天我们的发言人是我们的董事长兼首席执行官 Thomas Peterffy 和我们的集团首席财务官 Paul Brody。他们将首先就本季度发表一些准备好的讲话，然后我们将进行一些问答环节。
Today’s call may include forward-looking statements which represent the company’s belief regarding future events and by their nature are not certain and outside the company’s control. Our actual results and financial condition may differ possibly materially from what’s indicated in these forward-looking statements. We ask that you also refer to disclaimers in our press release. You should also review a description of the risk factors contained in our financial reports filed with the SEC.
今天的电话可能包含前瞻性声明，代表公司对未来事件的信念，其性质不确定且超出公司的控制范围。我们的实际结果和财务状况可能与这些前瞻性声明中所示的可能有实质性差异。我们要求您也参考我们新闻稿中的免责声明。您还应该查阅我们向美国证券交易委员会提交的财务报告中包含的风险因素描述。
I’d now like to turn the call over to Thomas Peterffy.
我现在想把电话交给托马斯·彼得菲。
Thomas Peterffy 托马斯·彼得菲
Good evening everyone. I apologize for my voice. I have a cold, so please bear with me. Our results this quarter reflect the continuation of the subdued market environment we have seen all year. Investors endured an extended period uncertainty through 2012 which continued in to the fourth quarter ahead of the Presidential election followed by the subsequent focus on the looming fiscal cliff. And despite of such uncertainty, the market remains fairly calm with persistently low volatility. Only around the election and in the final days of December did the VIX creep anywhere close to 20.
大家晚上好。对不起，我的声音有些沙哑。我感冒了，请大家谅解。本季度的业绩反映了我们整年所见的市场环境继续低迷。投资者在 2012 年经历了持续的不确定时期，这种情况延续到了总统选举前的第四季度，随后关注焦点转向悬而未决的财政悬崖。尽管存在这种不确定性，市场仍然相当平静，波动性持续低迷。只有在选举期间和十二月的最后几天，波动率指数（VIX）才逼近 20。
Exchange traded volumes have been weaker all year as well. The OCC, for instance, reported that average daily volume for the fourth quarter fell 9% compared to the year ago quarter. Similarly our total customer DARTs have decrease 9% for the same period. The environment has dampened the revenues in both our business segment as you know market volatility is not only a key ingredient for our market making business but it also have to drive our customers trading volumes which fuel commission revenues. Moreover, we usually see higher account add when the markets are particularly active.
交易量整年来也一直较弱。例如，OCC 报告称，与去年同期相比，第四季度的平均日交易量下降了 9%。同样，我们的客户总 DARTs 在同一时期下降了 9%。正如您所知，市场波动不仅是我们做市业务的关键因素，也必须推动客户的交易量，从而带动佣金收入。此外，通常在市场特别活跃时，我们会看到更多的账户增加。
Our business thrives on a combination of volatile markets, rising exchange traded volumes and wide bid and offer spreads. Yet despite softer top line results in 2012, our efficient business model allowed us to maintain a healthy 47% profit margin for the group which certainly stands out amongst other companies in our sector. We are seeing the effects that this difficult trading environment is having on other financial institutions, consolidation, layoffs and in some cases firms exiting certain business segments altogether. By contrast, our brokerage business is expanding albeit at slower pace than we would like to see and we have been able to substantially grow our equity capital through retained earnings. Therefore, we are able to return some of this capital to shareholders at the end of the year.
我们的业务在波动市场、交易量增加和买卖价差扩大的组合下蓬勃发展。尽管 2012 年顶线业绩较弱，但我们高效的业务模式使我们能够为集团保持健康的 47%利润率，这在我们所在行业的其他公司中显然是突出的。我们看到这种困难的交易环境对其他金融机构的影响，整合、裁员，有些情况下公司甚至完全退出某些业务领域。相比之下，我们的经纪业务正在扩张，尽管扩张速度比我们希望看到的要慢，我们已经通过留存收益大幅增加了我们的股本。因此，我们能够在年底将部分资本返还给股东。
We normally prefer to keep a comfortable amount of excess capital in the business, especially in the current environment with capital requirements increasing for financial institutions. Yet the imminent increase to dividend taxes gave us reason to declare a special dividend of $1 per share, which was paid in December. This approximated $409 million and was distributed out of certain of our Market Making subsidiaries from earnings already taxed in the U.S. As such, there was no additional tax due as there was with the December 2010 $1 billion special dividend. We also continued to pay the $0.10 quarterly dividend from our Market Making segment.
通常情况下，我们更喜欢在企业中保留适量的过剩资本，特别是在当前金融机构的资本要求不断增加的环境中。然而，即将增加的股息税使我们有理由宣布每股 1 美元的特别股息，该股息于 12 月支付。这大约为 4.09 亿美元，从我们在美国已经缴税的市场做市子公司的收益中分配出来。因此，与 2010 年 12 月支付的 10 亿美元特别股息不同，这次没有额外的税款。我们还继续从我们的市场做市部门支付每季度 0.10 美元的股息。
Before we get into segment discussions, I would like to review our currency diversification strategy which worked well for us this year. By keeping our equity in the basket of 16 currencies, we call the GLOBAL, we have minimized the currency risk that we would otherwise be exposed to as an international diversified firm trading products in 27 different countries. In the fourth quarter, the value of the GLOBAL declined by 0.6% relative to the U.S. dollar which resulted in a decrease of our comprehensive earnings by about $30 million. Also $38 million is reflected in trading gains with an offsetting gain of $8 million reported below the line in other comprehensive income, or OCI. For the full year, the large swings we saw in transaction gain and loss from quarter-to-quarter largely cancelled out, netting only about $19 million decrease in comprehensive earnings which is less than one half of our total equity -- 2.5% of our total equity capital.
在我们讨论各业务板块之前，我想回顾一下我们的货币多元化战略，今年这一战略为我们带来了良好的效果。通过将我们的权益分散投资于 16 种货币构成的全球篮子中，我们成功地降低了货币风险，避免了因为作为一个在 27 个不同国家交易产品的国际多元化公司而暴露于的风险。在第四季度，相对于美元，全球篮子的价值下降了 0.6%，导致我们的综合收益减少了约 3,000 万美元。此外，3,800 万美元反映在交易收益中，其他综合收益线下报告了 8 百万美元的抵消收益，或 OCI。对于整个年度，我们在各个季度看到的交易收益和损失大幅波动的情况在很大程度上互相抵消，导致综合收益仅减少了约 1,900 万美元，这不到我们总权益的一半，占我们总权益资本的 2.5%。
And now I'll review the business segments starting with electronic brokerage. 2012 was a very good year in terms of boosting our brand recognition and attracting more institutional accounts. We also continued to maintain our position as the largest broker as measured by a number of revenue traits. This is due to our very active customer base that trades on average at about 40 times per month versus the other large e-brokers where the average customer trades about one time per month.
现在我将回顾业务部门，首先是电子经纪。2012 年在提升我们的品牌知名度和吸引更多机构客户方面是非常成功的一年。我们还继续保持着作为按收入特征数量衡量的最大经纪商的地位。这是由于我们非常活跃的客户群，他们平均每月交易约 40 次，而其他大型电子经纪商的平均客户每月交易约 1 次。
Early in the year, we received the distinction of being named the number one online broker from Barron's in their annual review of electronic brokers. IB scored the highest marks in several categories, including best technology, best international trading, best for frequent traders, and having the widest range of offerings and best portfolio analysis reports. This recognition has been very beneficial to boosting our exposure on professional traders, our credibility with institutions and further expanding our customer base.
在年初，我们荣获《巴伦周刊》评选为年度最佳在线经纪商的荣誉。IB 在多个类别中获得最高分，包括最佳技术、最佳国际交易、最适合频繁交易者以及拥有最广泛的产品范围和最佳投资组合分析报告。这一认可对于提升我们在专业交易者中的知名度、增强我们在机构中的信誉以及进一步扩大我们的客户群都非常有益。
We added over 20,000 customer accounts during the year and finished 2012 with 210,000 total accounts. This represents an 11% increase year-over-year which is three to four times that of any of the annual growth rate of our largest e-broker peers. Our customer base has become quite diversified with approximately 40% being institutional accounts including hedge and mutual funds, independent financial advisor accounts, prop trading desks and introducing broker accounts. And the remainder is being comprised of individual traders and investors.
我们在这一年内增加了超过 20,000 个客户账户，截至 2012 年底，总账户数达到了 210,000 个。这意味着年同比增长 11%，是我们最大的电子经纪同行之一年增长率的三到四倍。我们的客户群体已经变得非常多元化，大约 40%是机构账户，包括对冲基金和共同基金、独立财务顾问账户、专业交易桌和介绍经纪账户。其余部分由个人交易员和投资者组成。
Our fastest growing segment is the advisors segment which shows 19% in 2012 followed closely by hedge funds and prop trading desks which grew by 17% and 16% respectively. The success we have had in this space is largely attributable to the specialized tools we have created for advisors who need best-in-class asset allocation technology in order to efficiently manage complex portfolio strategies across multiple client accounts without sacrificing time to devote to servicing these clients.
我们增长最快的部分是顾问部门，2012 年增长了 19%，紧随其后的是对冲基金和自营交易台，分别增长了 17%和 16%。我们在这一领域取得的成功很大程度上归功于我们为需要最优秀资产配置技术的顾问创造的专业工具，以便有效管理跨多个客户账户的复杂投资组合策略，而不会牺牲为这些客户提供服务所需的时间。
Staying true to this commitment, we introduced several exciting developments for advisors in 2012. I spoke earlier in the year about our introduction of model portfolios which have contributed to this surge in professional advisor accounts. During the fourth quarter, we also announced the opening of our new Money Manager Marketplace, the first electronic marketplace that brings together wealth managers and money managers, and advisors. Wealth managers who focus on gathering client assets can seek out money managers who have trading expertise in various asset classes and markets. Existing IB professional advisors can log into our account management system and view participating money managers and relevant information, make contact, link accounts and specify amounts for trading.
忠于这一承诺，我们在 2012 年为顾问们引入了几项令人振奋的发展。我在年初曾提到我们推出的模型投资组合，这为专业顾问账户的激增做出了贡献。在第四季度，我们还宣布开设了新的资金管理者市场，这是第一个将财富管理者、资金管理者和顾问汇聚在一起的电子市场。专注于吸引客户资产的财富管理者可以寻找在各种资产类别和市场上具有交易专长的资金管理者。现有的 IB 专业顾问可以登录我们的账户管理系统，查看参与的资金管理者和相关信息，建立联系，关联账户并指定交易金额。
And money managers who advertise their expertise in the marketplace can focus on trading but gain access to a large pool of potential new clients by letting wealth advisors take care of clients, marketing and relationships. We anticipate the Money Manager Marketplace will eventually grow to offer an extensive selection of IB advisor clients eager for this direct access in order to build their businesses.
在市场上宣传自己专业知识的资金管理人员可以专注于交易，通过让财富顾问负责客户、营销和关系管理，获得大量潜在新客户。我们预计资金管理人员市场最终将扩大，为渴望直接接触以发展业务的 IB 顾问客户提供广泛选择。
We are devoted to continuing to develop advanced solutions for professional advisors and we are confident our momentum in this space will continue. As a result, the higher trading volumes I discussed earlier, we are seeing a 10% decline -- sorry, as a result of the lighter trading volumes I discussed earlier, we are seeing a 10% decline in commissions year-over-year yet we still delivered 51% profit margin in this segment for the quarter and thanks to our efficient business model and significant economies of scale. And this is despite offering among the lowest cost in the industry. We are hopeful that conditions will improve as we move into 2013 and we are well positioned to capitalize on an increase in the investor participation and trading volumes.
我们致力于不断为专业顾问开发先进解决方案，我们相信我们在这一领域的势头将会持续。因此，正如我之前所讨论的交易量增加，我们看到佣金同比下降 10%——抱歉，由于我之前讨论的交易量较轻，我们看到佣金同比下降 10%，但我们仍然在本季度的这一领域实现了 51%的利润率，这要归功于我们高效的商业模式和显著的规模经济。尽管我们提供的费用是行业中最低之一，但我们仍然希望随着我们进入 2013 年，情况会有所改善，我们有能力充分利用投资者参与度和交易量的增加。
Customer equity has grown to $33 billion, a 31% increase over the prior year. Comparing this to the S&P annual increase of 13% highlights the fact that most of this increase has been from strong account in higher funded accounts -- strong account growth in higher funded accounts. Additionally, average equity per customer account has expanded by 18% to an average of over $157,000 per account that is also attracting more institutional accounts. But this figure is not really representative of our average customer due to the diversity of our customer base and wide range of balances.
客户权益已增至 330 亿美元，较上一年增长 31%。将此与标普年度增长 13%进行比较，突显了大部分增长来自高资金账户中的强劲账户增长。此外，每个客户账户的平均权益增长了 18%，达到每个账户超过 157,000 美元的平均水平，也吸引了更多的机构账户。但由于我们客户群体的多样性和各种余额范围，这一数字并不真正代表我们的平均客户。
For instance, 110,000 of our 210,000 accounts have less than $25,000 in them. And also today we have 4,700 accounts with over $1 million. Customer margin balances have grown 40% over the prior year which has contributed to 23% increase in net interest income over the prior quarter. We have been running very focused print and TV ad campaigns, advertising our margin rates which currently range from 0.5% to 1.67% and these continue to drive new customers to our platform.
例如，我们 210,000 个账户中有 110,000 个账户的余额不足$25,000。今天我们还有 4,700 个账户的余额超过$1 百万。客户保证金余额比去年同期增长了 40%，这导致净利息收入比上一季度增加了 23%。我们一直在进行专注的印刷和电视广告宣传活动，宣传我们目前的保证金利率为 0.5%至 1.67%，这些广告继续吸引新客户来到我们的平台。
Now, I will review the performance of our Market Making segment. Trading gains were impacted by three key elements this quarter, the first being the unfavorable market environment. As I mentioned earlier, volatilities were stubbornly low in the fourth quarter with the VIX averaging 16.7 which was 44% lower than the year ago quarter when it averaged 30. The actual to implied ratio, volatility ratio, which measures our profit captured versus our cost of hedging, was 0.75% versus 0.87% in the year ago quarter. And bid and offer spreads tightened 6% in the fourth quarter compared to the year ago quarter.
现在，我将回顾我们做市商业务的表现。本季度的交易收益受到了三个关键因素的影响，第一个是不利的市场环境。正如我之前提到的，第四季度的波动性持续偏低，VIX 平均为 16.7，比去年同期的 30 低了 44%。实际与暗含比率，即波动率比率，衡量我们捕捉的利润与对冲成本之间的比率，为 0.75%，而去年同期为 0.87%。买卖价差在第四季度比去年同期收窄了 6%。
All these factors coupled with the decline in trading volumes I discussed earlier, created a drag on our trading gains in the fourth quarter. Exchange traded option volumes increased 3% in the U.S. and decreased 2% globally for the third quarter. By comparison, our firm's total option volume decreased by 6% and as a result our firm's market share decreased from 13.4% to 12.5% in the U.S., and from 9.9% to 9.5% globally.
所有这些因素加上我之前讨论过的交易量下降，导致我们第四季度交易收益受到拖累。美国交易所交易期权量增加了 3%，全球下降了 2%。相比之下，我们公司的总期权量下降了 6%，导致我们公司在美国的市场份额从 13.4%下降到 12.5%，全球从 9.9%下降到 9.5%。
In the Market Making segment alone, our option volumes decreased by 7% during the fourth quarter which drove our market share in that segment from 7.5% to 7% in the U.S., and from 6.4% to 6.1% globally. The diminution of our market share leads to the second theme. This quarter, our trading gains were earned by uncertainty in pricing certain ETS that paid dividends in the last two weeks of December. This uncertainty caused us to widen our spreads which reduced our volumes and impacted profits.
仅在做市商业务领域，我们的期权交易量在第四季度下降了 7%，导致我们在美国该领域的市场份额从 7.5%下降至 7%，全球市场份额从 6.4%下降至 6.1%。市场份额的减少导致了第二个主题。本季度，我们的交易收益来自于在 12 月最后两周支付股息的某些交易所产生的定价不确定性。这种不确定性导致我们扩大了价差，降低了交易量并影响了利润。
And finally, Market Making profits were also impacted by the currency translation loss of $38 million that was included in trading gains. Removing the currency effects, trading gains were roughly 7% lower than the prior quarter and 42% lower than the year ago quarter. Despite weaker trading gains this year, we managed to earn a 41% pretax margin in 2012 in this segment. Pretax return-on-equity came in at 7% for the year, lower than our quarterly dividend payout hurdle rate of 10% of pretax return-on-equity. As a result we paid up some capital in the Market Making segment in addition to the $1 special dividend that was paid in December.
最后，市场做市业务的利润也受到了包含在交易收益中的 3,800 万美元的货币翻译损失的影响。除去货币影响，交易收益比上一季度大约低了 7%，比去年同期低了 42%。尽管今年交易收益较弱，我们在 2012 年在这一领域实现了 41%的税前利润率。全年税前净资产回报率为 7%，低于我们季度股息支付门槛率的 10%的税前净资产回报率。因此，除了 12 月支付的 1 美元特别股息外，我们还在市场做市业务中支付了一些资本。
As we enter the New Year, we hope to see more clarity on regulations to rein in HST activity, level the playing field for all investors and reduce the risk of another systemic event which further undermines investor confidence in our markets. Yet with a transition to a new SEC Chairman and the heavy lobbying by large HST firms, this process will take some time to soar through. Even the onshore circuit breaker rules that was scheduled for next month has already been delayed until at least April.
随着我们迈入新的一年，我们希望能看到更多关于规范 HST 活动、为所有投资者创造公平竞争环境以及减少另一次系统性事件风险的明确规定。然而，随着新任证监会主席的上任以及大型 HST 公司的强力游说，这一过程将需要一些时间来推进。甚至原定于下个月实施的国内熔断规则已经至少推迟至 4 月。
I will now turn the call over to Paul Brody who will provide more detail to you on our results.
我现在将电话转接给保罗·布罗迪，他将向您详细介绍我们的业绩。
Paul Brody 保罗·布罗迪
Thank you, Thomas. Welcome everyone to the call. Thanks for joining us. So as usual, first we review the summary results and then we'll be happy to take questions after we go through the segments.
谢谢，托马斯。欢迎大家参加电话会议。感谢大家的参与。像往常一样，首先我们会回顾总结结果，然后在我们讨论各个部分后，我们很乐意回答问题。
In December we paid a special dividend of $1 per share to holders of IBKR common stock. In total, the company paid out about $409 million. Given the uncertainty over government action on tax rate, we took this action prior to year-end to ensure that our public shareholders who hold qualifying shares in IBKR stock will benefit from the lower tax rate on dividends. The dividend was funded from our Market Making affiliates, which is consistent with our policy to reduce the amount of capital related to Market Making segment and as the opportunities there shrink. The amount enhanced the dividend yield by about 6.8% based on the share price as of declaration date. We determined the amount as a dividend to provide shareholders with a meaningful return while preserving a substantial capital base for future opportunities. Unlike the special dividend we paid in December 2010 as Thomas mentioned, this dividend was funded from retained earnings that were previously taxed in the U.S. hence this dividend did not generate any additional income tax liabilities.
去年 12 月，我们向 IBKR 普通股股东支付了每股 1 美元的特别股息。总共，公司支付了约 4.09 亿美元。考虑到政府对税率的不确定性，我们在年底之前采取了这一举措，以确保持有符合条件的 IBKR 股票的公共股东从股息的较低税率中受益。这笔股息是由我们的做市联营公司提供资金支持的，这与我们减少与做市业务相关的资本金额的政策一致，因为那里的机会在减少。根据宣布日期的股价，这笔金额将使股息收益率提高约 6.8%。我们确定这笔股息金额是为了为股东提供有意义的回报，同时保留大量资本基础以应对未来的机会。与托马斯提到的 2010 年 12 月支付的特别股息不同，这笔股息是由之前在美国纳税的留存收益提供资金支持的，因此这笔股息不会产生任何额外的所得税责任。
Our financial statements include the GAAP accounting presentation known as comprehensive income. Comprehensive income reports all currency translation gains and losses, including those that reflect changes in the U.S. dollar value of the company's non-U.S. subsidiaries, known as other comprehensive income or OCI, and these are reported in the statement of comprehensive income. The performance of the U.S. dollar relative to other currencies reflects a result of adding OCI to net income increased their reported EPS by $0.01 for the quarter and $0.03 for the full year.
我们的财务报表包括被称为综合收益的美国通用会计准则会计呈现。综合收益报告所有货币翻译的收益和损失，包括反映公司非美国子公司美元价值变化的那些，被称为其他综合收益或 OCI，并在综合收益表中报告。美元相对于其他货币的表现反映了将 OCI 加到净收入中，使他们的报告每股收益在本季度增加了$0.01，在全年增加了$0.03。
2012 was a difficult year for both our brokerage and Market Making businesses. Our net pre-tax profits of $527 million represented a return on average equity of only 11% and a profit margin of 47%. While our brokerage unit consistently outperformed its peers, we found ourselves fighting the downward trend in general market volumes globally. Overall operating metrics for the latest quarter, were generally down in volume and up in customer accounts and equity.
2012 年对我们的经纪和做市业务来说是困难的一年。我们的税前净利润为 5.27 亿美元，平均股本回报率仅为 11％，利润率为 47％。尽管我们的经纪部门一直表现优于同行，但我们发现自己在全球一般市场交易量下降的趋势中挣扎。最新季度的整体运营指标，交易量普遍下降，客户账户和股本增加。
Average overall trade volume was 878,000 trades per day, down 9% from the fourth quarter of 2011. But adjusting for the effect of Hurricane Sandy and the close of the U.S. markets for two days at the end of October, average daily trade volume was 907,000 down 6% from the year ago quarter. Electronic brokerage metrics showed increases in the number of customer accounts and customer equity. Total and cleared customer DARTs were both down from the year ago quarter but up sequentially. Orders from cleared customers who clear and carry their positions and cash with us and contribute more revenue, accounted for 93% of total DARTs, it is holding steady.
平均整体交易量为每天 878,000 笔，比 2011 年第四季度下降了 9%。但在考虑飓风桑迪的影响以及 10 月底美国市场关闭两天的情况下，平均每日交易量为 907,000 笔，比去年同期下降了 6%。电子经纪指标显示客户账户数量和客户权益增加。总体和清算客户 DARTs 均比去年同期下降，但按顺序增加。清算客户的订单，他们与我们结算并携带头寸和现金并贡献更多收入，占总 DARTs 的 93%，保持稳定。
Market Making trade volume was down 4% from the prior year quarter spread across the product types. Options and futures contract volumes were down at 24% and 13% respectively, while stock share volume was down 12%. Net revenues were $247 million for the fourth quarter, down 20% from the year ago quarter and $1.13 billion for the full year down, 17% from the prior year. Trading gains were $63 million for the quarter, negatively impacted by currency translation effects. While trading gains compared to the year ago quarter decreased by 58%, excluding the currency translation, the trading gains would have dropped about 42% from the year ago results.
市场做市交易量较去年同期下降 4%，涵盖各种产品类型。期权和期货合约交易量分别下降 24%和 13%，而股票交易量下降 12%。第四季度净收入为 2.47 亿美元，较去年同期下降 20%，全年净收入为 11.3 亿美元，较去年同期下降 17%。本季度交易收益为 6300 万美元，受货币汇率影响为负。与去年同期相比，交易收益减少了 58%，不考虑货币汇率影响，交易收益与去年同期相比将下降约 42%。
Commissions and execution fees were $103 million, down 6%. Net interest income was $55 million, up 16% from the fourth quarter of 2011, and Brokerage produced $48 million of that, and Market Making, $7 million. Other income was $26 million, up from zero in the prior year quarter. This primarily reflects the non-recurrence of losses on non-trading securities, specifically the investment in MF Global which occurred in the fourth quarter of 2011. The company is not currently holding investment positions that present concentrated to material exposures.
佣金和执行费为 1.03 亿美元，下降 6%。净利息收入为 5500 万美元，比 2011 年第四季度增长 16%，其中经纪业务贡献 4800 万美元，做市商业务贡献 700 万美元。其他收入为 2600 万美元，较上一年同期的零增长。这主要反映了非交易证券的损失不再发生，特别是 2011 年第四季度发生的对 MF Global 的投资。公司目前没有持有可能带来重大风险敞口的投资头寸。
Non-interest expenses were $151 million, down 3% from the year ago quarter and down 2% for the full year driven by lower variable cost and G&A, partially offset by higher compensation expenses. Our other fixed operating costs have remained fairly stable. Within the non-interest expense category, execution and clearing expenses of $59 million, down 13% from the year ago quarter and in line with the lower trading volumes. Compensation expenses were $64 million, a 17% increase from the year ago quarter. This increase is largely attributable to compensation paid on unvested shares in our stock incentive plan in lieu of the December 2012 special dividend. A special one-time grant to employees which we made in January of 2012 also contributed to an increase of 13% for the full year.
非利息支出为 1.51 亿美元，比去年同期下降 3%，全年下降 2%，主要受较低的可变成本和 G&A 的影响，部分抵消了较高的补偿支出。我们的其他固定运营成本保持相对稳定。在非利息支出类别中，执行和结算费用为 5900 万美元，比去年同期下降 13%，与较低的交易量相符。补偿支出为 6400 万美元，比去年同期增长 17%。这一增长主要归因于我们股票激励计划中未投资股份支付的补偿，以取代 2012 年 12 月的特别股息。我们在 2012 年 1 月向员工发放的一次性特别津贴也导致全年增长 13%。
At December 31 our total headcount was 891, an increase of 2% from the prior year headcount. General and administrative expenses were $12 million, down 33% from the year ago quarter, primarily on non-recurring bad debt expenses. As a percentage of net revenues, total non-interest expenses were 61% and out of this number, execution and clearing expense accounted for 24% and compensation expense accounted for 26%. Our fixed expenses were 37% of net revenues. Pre-tax income was $96 million, down 37% from the same quarter last year, and for the year pre-tax income was $527 million, down 29% from 2011.
截至 12 月 31 日，我们的总人数为 891 人，比去年同期增加了 2%。总务和行政费用为 1200 万美元，比去年同期下降了 33%，主要是因为非经常性坏账费用。作为净收入的百分比，总非利息支出为 61%，其中，执行和结算费用占 24%，薪酬支出占 26%。我们的固定费用占净收入的 37%。税前收入为 9600 万美元，比去年同期下降了 37%，全年税前收入为 5.27 亿美元，比 2011 年下降了 29%。
For 2012, brokerage represented 64% of pre-tax income and Market Making represented 36%. For the fourth quarter, our overall pre-tax profit margin was 39% as compared to 49% in the year ago quarter. Brokerage pre-tax profit margin was 51% down slightly from 52% in the year ago quarter. Market Making pre-tax profit margin was 12%, down from 55% in the year ago quarter. And for the full year of 2012, pre-tax profit margins were 51% in Brokerage and 41% in Market Making. For the full year we earned pre-tax income of $527 million on net revenues of $1.13 billion as compared to 2011 when pre-tax income was $741 million on net revenues of $1.36 billion. 2012 full year overall pre-tax profit margin was 47% down from 55% in 2011.
2012 年，经纪业务占税前收入的 64%，做市商占 36%。第四季度，我们的整体税前利润率为 39%，而去年同期为 49%。经纪业务税前利润率为 51%，略低于去年同期的 52%。做市商税前利润率为 12%，低于去年同期的 55%。2012 年全年，经纪业务税前利润率为 51%，做市商为 41%。全年我们税前收入为 5.27 亿美元，净收入为 11.3 亿美元，而 2011 年税前收入为 7.41 亿美元，净收入为 13.6 亿美元。2012 年全年整体税前利润率为 47%，低于 2011 年的 55%。
Comprehensive diluted earnings per share were $0.20 for the quarter as compared to $0.26 for the fourth quarter of 2011. On a non-comprehensive basis, which excludes OCI, diluted earnings per share on net income were $0.19 for the quarter as compared to $0.29 for the same period in 2011. For the full year 2012, comprehensive diluted earnings per share were $0.92 versus $1.31 in 2011. And on a non-comprehensive basis, full year diluted earnings per share were $0.89 versus $1.37 in 2011.
综合摊薄每股收益为本季度为 0.20 美元，而 2011 年第四季度为 0.26 美元。在不考虑 OCI 的基础上，本季度每股收益为 0.19 美元，而 2011 年同期为 0.29 美元。2012 年全年，综合摊薄每股收益为 0.92 美元，而 2011 年为 1.31 美元。在不考虑 OCI 的基础上，全年每股摊薄收益为 0.89 美元，而 2011 年为 1.37 美元。
One other notable impact on EPS is income tax. There are several items worth mentioning here. During 2011, we recognized a tax benefit in connection with the special dividend paid by our Swiss operating company. In December 2010, we were able to capture additional foreign tax credits, which resulted in an estimated $0.12 increase in EPS for 2011, and that has been reported previously.
EPS 的另一个显著影响是所得税。这里有几个值得一提的项目。在 2011 年，我们因瑞士运营公司支付的特别股息而确认了税收收益。在 2010 年 12 月，我们能够获得额外的外国税收抵免，这导致 2011 年 EPS 预计增加了约 0.12 美元，并且此前已经报告过。
During 2012, we restated financial statements from certain prior periods pursuant to an interpretation from the SEC on an issue concerning accounting for non-controlling interest. Both of that has been disclosed previously. One effect of the restatement was a $0.02 increase in EPS for 2012. Also during 2012, we recognized some tax benefits related to prior years which boosted EPS by about $0.05. So, to recap, these tax items increased EPS by $0.12 in 2011 and the other tax items increased EPS by $0.07 in 2012.
在 2012 年，我们根据 SEC 关于非控股权会计处理问题的解释，重新说明了某些先前期间的财务报表。这两者以前已经披露过。重新说明的一个影响是 2012 年每股收益增加了 0.02 美元。同样在 2012 年，我们确认了一些与之前年度相关的税收利益，这提高了大约 0.05 美元的每股收益。因此，总结一下，这些税收项目在 2011 年增加了 0.12 美元的每股收益，而其他税收项目在 2012 年增加了 0.07 美元的每股收益。
Turning to the balance sheet. As a result of the growth of our brokerage business and the withdrawal of capital from our Market Making operations through regular and special dividends, brokerage now accounts for over two-thirds of our balance sheet. During 2012, cash and securities segregated for customers rose 24% and secured margin lending to customers rose 40%, while positions in securities held by our Market Maker units were paired back by 32%.
转向资产负债表。由于我们经纪业务的增长以及通过定期和特别股息从做市业务中撤资，经纪现在占据我们资产负债表的三分之二以上。在 2012 年，为客户隔离的现金和证券增长了 24%，为客户提供的担保保证金贷款增长了 40%，而我们做市商单位持有的证券头寸减少了 32%。
Our balance sheet remains highly liquid with low leverage. We actively manage our excess liquidity and we maintain significant borrowing facilities through the securities lending markets and with banks and as a general practice we hold an amount of cash on hand that provides us with a buffer should we need immediately available funds for any reason. We also continue to maintain over $2 billion in excess regulatory capital in our broker-dealer companies around the world. Long term debt to capitalization at December 31 was at zero, down from 2.1% at the year end 2011 as we discontinued our senior notes program during the year. Our consolidated equity capital at December 31, 2012 was $4.80 billion.
我们的资产负债表保持高度流动性，杠杆率低。我们积极管理多余流动性，并通过证券借贷市场和银行保持重要的借款设施，通常保留一定数量的现金以应对任何需要立即可用资金的情况。我们还继续在全球的经纪商公司中保持超过 20 亿美元的多余监管资本。截至 12 月 31 日的长期债务占资本比率为零，较 2011 年年底的 2.1%下降，因为我们在该年停止了高级票据计划。2012 年 12 月 31 日，我们的合并股本为 48 亿美元。
Turning to the segments, we'll begin with electronic brokerage. Customer trade volumes were mixed across the product types. Cleared customer options contract volume and stock share volume were up 11% and 14% respectively, while futures contract volumes were down 3% from the year ago quarter. Customer accounts grew by 11% over the total at year-end 2011 and by 2% in the latest quarter. Total customer DARTs were 407,000, down 9% from the year-ago quarter but up 4% from the third quarter of 2012. Our cleared customer DARTs, which generates direct revenues for the brokerage business, were 378,000, down 8% on the year-ago quarter but up 2% sequentially. The average number of DARTs per account on an annualized basis was 457, down 18% from the 2011 period and unchanged sequentially.
转向各个业务板块，我们将从电子经纪开始。客户交易量在产品类型上表现不一。清算客户期权合约交易量和股票交易量分别增长了 11%和 14%，而期货合约交易量与去年同期相比下降了 3%。客户账户在 2011 年年底的总数上增长了 11%，最新季度增长了 2%。总客户 DARTs 为 407,000，比去年同期下降了 9%，但比 2012 年第三季度增长了 4%。我们的清算客户 DARTs，为经纪业务带来直接收入，为 378,000，比去年同期下降了 8%，但按顺序增长了 2%。按年化计算，每个账户的 DARTs 平均数为 457，比 2011 年同期下降了 18%，按顺序没有变化。
Commission revenue fell on a product mix that featured average trade sizes that increased for stocks and futures and decreased for options. This resulted in an overall average cleared commission per DART of $4.24 for the quarter, 4% higher than the year ago quarter and up $0.01 sequentially. Customer equity grew to $32.9 billion, up 31% from the year-end 2011 and up 4% sequentially. These changes took place during periods in which the S&P 500 Index rose 13% over the year and fell 1% over the last quarter. The source of this growth continues to be a steady inflow of new accounts and customer deposits. Our ability to attract larger customers is reflected in the average account equity, which grew 18% over the year to $157,000.
佣金收入下降，因产品组合中股票和期货的平均交易规模增加，期权减少。这导致每 DART 的整体平均结算佣金为本季度的 4.24 美元，比去年同期高 4%，环比增加 0.01 美元。客户权益增至 329 亿美元，比 2011 年年底增长 31%，环比增长 4%。这些变化发生在标普 500 指数年涨 13%、季度跌 1%的时期。增长的来源仍然是稳定的新账户和客户存款流入。我们吸引更多大客户的能力体现在平均账户权益上，该指标比去年增长 18%，达到 157,000 美元。
In addition, our favorable financing rates have allowed us to increase customer margin borrowings. After falling to lows in the fourth quarter of 2011, margin debits have been building steadily, increasing 40% over the year. Customer credit balances, which increased 23% during 2012 also continued to grow progressively. So, spread compression, especially in certain foreign currencies persists in dampening the growth in net interest income. Lower options and futures trade volumes resulted in top line revenue from commissions and execution fees of $103 million, a decrease of 6% from the year ago quarter, but an increase of 3% sequentially. These revenues are spread mainly across options, futures, stocks and foreign exchange.
此外，我们有利的融资利率使我们能够增加客户保证金借款。在 2011 年第四季度跌至低点后，保证金借款一直稳步增长，全年增长了 40%。客户信用余额在 2012 年增长了 23%，也继续逐步增长。因此，尤其是在某些外币方面，利差压缩仍在抑制净利息收入的增长。期权和期货交易量下降导致佣金和执行费收入为 1.03 亿美元，与去年同期相比减少了 6%，但按季度增长了 3%。这些收入主要分布在期权、期货、股票和外汇交易领域。
Net interest income rose $48 million, up 23% from the fourth quarter of 2011. Low benchmark interest rates, which continue to compress the spreads run by our brokerage unit, were offset by higher customer credit balances during the year. Our fully paid stock yield enhancement program continues to provide an additional source of interest revenue that is shared with our participating customers. As a result, our net interest income rose to 28% of net revenue from 24% in the year ago quarter.
净利息收入增加 4800 万美元，比 2011 年第四季度增长 23%。低基准利率继续压缩我行经纪部门的利差，但全年客户信用余额增加抵消了这一影响。我们的全额支付股票收益增强计划继续为我们和参与客户提供额外的利息收入来源。因此，我们的净利息收入占净收入的比例从去年同期的 24%上升至 28%。
Execution and clearing fees expenses decreased to $35 million for the quarter, down 3% on the year ago quarter, 1% sequentially, driven by higher trading volume and products with lower fees or liquidity rebates such as options and stocks in the U.S. Fixed expenses increased to $50 million, up 11% on the year ago quarter primarily due to higher employee compensation expense. Pre-tax income from electronic brokerage was $87 million for the fourth quarter, up 2% on the year ago quarter and 8% sequentially. And for the full year 2012, pre-tax income from brokerage was $342 million, down 8% from the prior year.
执行和结算费用支出下降至该季度的 3500 万美元，较去年同期下降 3％，较上一季度下降 1％，主要受到交易量增加以及低费用或流动性回扣产品（如美国的期权和股票）的推动。固定费用增加至 5000 万美元，较去年同期增长 11％，主要是由于员工薪酬支出增加。电子经纪业务的税前收入为第四季度的 8700 万美元，较去年同期增长 2％，较上一季度增长 8％。截至 2012 年全年，经纪业务的税前收入为 3.42 亿美元，较上一年下降 8％。
Turning to Market Making, the trading gains from Market Making for the fourth quarter of 2012 were $63 million, down 61% from the year ago quarter and 36% for the full year. Currency translation effects negatively impacted fourth quarter's reported earnings by $38 million, while the year ago quarter's reported earnings were reduced by over $14 million. Our overall equity, as measured in U.S. dollars was decreased by the strengthening of the U.S. dollar against certain currencies. More specifically, we measure the overall loss from our strategy of carrying our equity in proportion to the basket of currencies we call the GLOBAL, to be about $30 million for the quarter. As Thomas explained before, because an $8 million translation gain is reported as other comprehensive income, this leads the loss of $38 million to be included in the reported earnings.
转向做市商业务，2012 年第四季度做市商业务的交易收益为 6300 万美元，较去年同期下降了 61%，全年下降了 36%。货币兑换效应对第四季度的报告收益产生了负面影响，减少了 3800 万美元，而去年同期的报告收益减少了超过 1400 万美元。我们的整体权益，以美元计价，由于美元对某些货币的升值而减少。更具体地说，我们根据我们称为“全球”的一揽子货币比例来衡量我们的策略带来的整体损失，第四季度约为 3000 万美元。正如 Thomas 之前解释的那样，由于 800 万美元的翻译收益被报告为其他全面收益，这导致 3800 万美元的损失被纳入报告收益中。
To summarize this, if we eliminated all currency effects, pre-tax income from Market Making for the fourth quarter of 2012 would be about $46 million. Applying the same measures to the full year reveals an overall loss on the GLOBAL of about $19 million as compared to a loss of $21 million in 2011. It's interesting to note that, while the dollar weakened against the Swiss franc, the euro, the British pound and several smaller currencies, this manifest strengthening against the Japanese yen, the Brazilian real and the Indian rupee, produced more pronounced effects.
总结一下，如果我们排除所有货币影响，2012 年第四季度市场做市的税前收入约为 4600 万美元。将相同的措施应用到整个年度，与 2011 年的 2100 万美元亏损相比，全球总体亏损约为 1900 万美元。有趣的是，尽管美元对瑞士法郎、欧元、英镑和几种较小的货币贬值，但对日元、巴西雷亚尔和印度卢比升值，产生了更明显的影响。
Execution and clearing fees expense decreased to $24 million for the quarter, down 27% from the year-ago quarter driven by lower trading volumes across all product types. Fixed expenses decreased to $39 million down 7% from the year-ago quarter. Pre-tax income from Market Making was $8 million, down 91% from the year-ago quarter without adjusting for OCI. For the full year of 2012, pre-tax income from Market Making was $189 million, down 54% from the prior year -- would be 43%.
执行和结算费用支出下降至 2400 万美元，较去年同期下降 27%，主要受到所有产品类型交易量下降的影响。固定费用下降至 3900 万美元，较去年同期下降 7%。市场做市的税前收入为 800 万美元，较去年同期下降 91%，未调整其他全面收益。2012 年全年，市场做市的税前收入为 1.89 亿美元，较上一年下降 54% -- 实际为 43%。
Now, I will turn the call back over to the moderator and we will take questions.
现在，我将把电话交回给主持人，我们将接受问题。
Question-and-Answer Session
问答环节
Operator 操作员
(Operator Instructions) Our first question comes from the line of Rich Repetto with Sandler O'Neill. Please go ahead, your line is now open.
（操作员指示）我们的第一个问题来自桑德勒奥尼尔的 Rich Repetto。请继续，您现在可以发言了。
Rich Repetto - Sandler O'Neill
Rich Repetto - Sandler O'Neill 里奇·雷佩托 - 桑德勒奥尼尔
First question is for Paul. I believe you mentioned the $0.07 of tax benefits for 2012. I guess the question is, I believe were all those tax, the $0.07 you spoke of, all realized in the fourth quarter?
第一个问题是关于保罗的。我相信你提到了 2012 年的税收益为 0.07 美元。我的问题是，我相信你所说的那 0.07 美元的税收益，全部都在第四季度实现了吗？
Paul Brody 保罗·布罗迪
About $0.05 of it was recognized in the fourth quarter as tax benefits related to prior periods. The other $0.02 had to do with the accounting restatements that was already recognized earlier in the year but $0.07 would apply to the full year, Rich.
关于其中约$0.05 被认定为与之前时期相关的税收优惠。另外的$0.02 与已经在年初认定的会计重述有关，但$0.07 将适用于整个年度，Rich。
Rich Repetto - Sandler O'Neill
Rich Repetto - Sandler O'Neill 里奇·雷佩托 - 桑德勒奥尼尔
Okay. So $0.05 in quarter. And then Thomas, I don’t want you to get you to speak too much seeing that you are not feeling well but you too got a question. You had made reference on the prior call to acquisitions and I guess is there still the opportunity -- was there any, I know you probably won't name them, but were the things you were looking at on the 3Q call, are they still opportunities that are possibilities now, I guess, is the question.
好的。所以季度 0.05 美元。然后托马斯，我不想让你说太多，因为你身体不舒服，但你也有一个问题。你在之前的通话中提到了收购，我猜还有机会吗——我知道你可能不会透露名称，但你在第三季度通话中考虑的事情，现在仍然是可能的机会吗，我猜，这就是问题。
Thomas Peterffy 托马斯·彼得菲
I'm not sure if this is a trick question. Did I really talk about opportunities?
我不确定这是一个技巧问题。我真的谈到了机会吗？
Rich Repetto - Sandler O'Neill
Rich Repetto - Sandler O'Neill 里奇·雷佩托 - 桑德勒奥尼尔
Because we talked about the special dividend and you're weighing whether paying a special dividend or looking at…?
因为我们谈到了特别股息，您正在权衡是支付特别股息还是考虑...？
Thomas Peterffy 托马斯·彼得菲
Yeah, right, right. Yeah, right. Well, I confess that we have looked at some opportunities and we found them to be wanting.
是的，对，对。是的，对。嗯，我得承认我们看了一些机会，但发现它们不尽如人意。
Rich Repetto - Sandler O'Neill
Rich Repetto - Sandler O'Neill 里奇·雷佩托 - 桑德勒奥尼尔
You found them to be, excuse me?
你发现他们是什么，对不起？
Thomas Peterffy 托马斯·彼得菲
Wanting. 想要。
Rich Repetto - Sandler O'Neill
Rich Repetto - Sandler O'Neill 里奇·雷佩托 - 桑德勒奥尼尔
Okay. All right. Then the very last question then, Thomas, when you look at how you pay the special dividend out of the, and this is I guess for Paul too, you paid it out of the U.S. subsidiary. Was that purely for tax purpose so you wouldn't absorb the taxes and have to repatriate the taxes or was it to keep, I was going to say, uses of capital overseas. Is there any -- was it just specifically keeping abundance of capital overseas or was it purely just the tax issue?
好的。好的。那么最后一个问题，Thomas，当您看待如何从美国子公司支付特别股息时，这个问题也适用于 Paul，您是纯粹出于税务目的支付的，以便您不吸收税款并不得不将税款汇回，还是为了保持，我想说，海外资本的使用。有没有--它是纯粹为了保持海外资本的充裕还是纯粹只是税务问题？
Paul Brody 保罗·布罗迪
We funded the dividend from the entities that had the most excess, from the Market Making entities that had the most excess. It was not strictly from the U.S. entity, it was from retained earnings that had been previously taxed in the U.S. So, some of our foreign operations are structured such that their income is taxed on a current year basis each year in the U.S. And so, because those were the entities that had built up excess over the years that, that was the logical place to fund the dividend from.
我们从拥有最多过剩的实体中资助了股息，从拥有最多过剩的做市商实体中资助。这并不严格来自美国实体，而是来自之前在美国已缴税的留存收益。因此，我们的一些海外业务结构使得它们的收入每年在美国按当年基础征税。因此，由于这些实体多年来积累了过剩，这是从中资助股息的合乎逻辑的地方。
Operator 操作员
Thank you, sir. Our next question comes from the line of Chris Harris with Wells Fargo. Please go ahead with your question.
谢谢，先生。我们下一个问题来自富国银行的克里斯·哈里斯。请提出您的问题。
Chris Harris - Wells Fargo
克里斯·哈里斯 - 富国银行
So, it was obviously a challenging quarter for Market Making. We know that the environment was pretty difficult given the volatility and other things you mentioned. I'm curious to get your perspective. Is there really any organic growth opportunities for this business any longer or are we just looking at a business whose results are primarily going to be driven by volatility at this point going forward?
因此，显然市场做市商面临着一个具有挑战性的季度。我们知道，鉴于您提到的波动性和其他因素，环境相当困难。我很想听听您的看法。对于这个业务来说，是否还存在任何有机增长的机会，或者我们只是在看一个业务，其业绩主要将受到当前波动性的推动？
Thomas Peterffy 托马斯·彼得菲
I do not see much opportunity for organic growth. As you know, the exchanges are listing new products which one would believe that trading those products would contribute to our growth in the business, but at the same time there are more and more hedge funds and high frequency traders coming into this space. So, I think the newcomers pretty much counterbalance or maybe even overrun the advantage of new products.
我并没有看到有机增长的太多机会。正如你所知，交易所正在上市新产品，人们会认为交易这些产品会对我们的业务增长有所贡献，但与此同时，越来越多的对冲基金和高频交易者进入这个领域。因此，我认为新来者几乎抵消了甚至可能超过了新产品的优势。
Chris Harris - Wells Fargo
克里斯·哈里斯 - 富国银行
Okay. And then in the Brokerage business, I know its early days in the first quarter here, but we're seeing better fund flows and it seems like retail investors are starting to feel a little bit better about the market. Are you guys seeing like pickups in your trading activities so far in Q1? And what are you hearing generally from your brokerage clients?
好的。然后在经纪业务方面，我知道第一季度还处于早期阶段，但我们看到资金流动更好，似乎零售投资者开始对市场感觉好一点。你们在第一季度迄今为止是否看到交易活动有所增加？你们从经纪客户那里一般听到什么？
Thomas Peterffy 托马斯·彼得菲
Well, relative to the fourth quarter, there is some pickup but it's not really overwhelming. And it appears that we had some little higher inflows than usually in the first few days. So, in other words, it looks good but it's not exceptional.
相对于第四季度，有一些增长，但并不是非常压倒性。看起来我们在最初几天的流入要比平常稍微高一些。换句话说，看起来不错，但并不是特别突出。
Chris Harris - Wells Fargo
克里斯·哈里斯 - 富国银行
Got it. So it sounds like it's pretty similar to exchange volumes and I guess, that's kind of how those have been trending?
明白了。所以听起来这与交易量非常相似，我猜，这就是它们的趋势是如何发展的吧？
Thomas Peterffy 托马斯·彼得菲
Yeah, maybe. 是的，也许。
Chris Harris - Wells Fargo
克里斯·哈里斯 - 富国银行
All right. Well, last one from me. Thomas, you had mentioned in your prepared comments there, regulations potentially coming out of the SEC. Are there any couple, specifically that you're looking to over the next year or two?
好的。好的，这是我最后一个问题。托马斯，在你的开场发言中提到，SEC 可能会出台一些监管措斀。在接下来的一两年里，你是否有任何具体的监管措斀在关注的范围内？
Thomas Peterffy 托马斯·彼得菲
I'm really looking for some regulations that hopefully keep the markets without the kinds of incidents that we had in this past year. And hopefully there will be some technology solutions to these issues as ordered by the SEC, and that may or may not give us some advantage but that's basically it.
我真的在寻找一些希望能够使市场避免我们在过去一年中遇到的那种事件的规定。希望 SEC 下达一些技术解决方案来解决这些问题，这可能会给我们带来一些优势，但基本上就是这样。
Chris Harris - Wells Fargo
克里斯·哈里斯 - 富国银行
What do you think the odds of something happening over the next year, on the regulation side, low, medium, high?
您认为在未来一年内某事发生的可能性如何，从监管方面来看，是低、中还是高？
Thomas Peterffy 托马斯·彼得菲
40%.
Operator 操作员
Thank you, sir. Our next question comes from Niamh Alexander with KBW. Please go ahead, your line is open.
谢谢，先生。我们下一个问题来自 KBW 的 Niamh Alexander。请提问，您可以发言了。
Niamh Alexander - KBW
On the other revenue, sorry if I missed it earlier, but maybe Paul if you could just clarify, you mentioned it was a bit elevated but it's been elevated the last few quarters as well as just relative to the fourth quarter. Is there something new in there? Is this a good run rate to think about going forward like the $26 million instead of the $15 million, $16 million level?
在其他收入方面，如果我之前漏掉了，抱歉，也许保罗，如果你能澄清一下，你提到它有点高，但过去几个季度它也一直高，相对于第四季度。里面有什么新东西吗？这是一个可以考虑未来的良好运行速率，比如 2600 万美元而不是 1500 万美元，1600 万美元的水平吗？
Paul Brody 保罗·布罗迪
There wasn't anything specific to this quarter, it was rather in the comparison that in the 2011 quarter we lost money on the non-trading investments. In particular we had the well known investment in MF Global that lost money at the end of 2011.
这一季度没有什么特别的事情，相反，与 2011 年同期相比，我们在非交易投资上亏损了。特别是我们在 2011 年底亏损的著名投资 MF Global。
Niamh Alexander - KBW
Okay. So you had been run rating like $15 million-$16 million and this is $26 million, so $26 million is probably a better run rate now?
好的。所以你之前的运行速率大约是 1500 万美元至 1600 万美元，而现在是 2600 万美元，所以 2600 万美元现在可能是一个更好的运行速率？
Paul Brody 保罗·布罗迪
It's not by design so it's a little hard to say what it might be quarter-to-quarter.
这不是有意为之，所以很难说每个季度可能会是什么。
Niamh Alexander - KBW
Okay. So there was not any kind of end of your (inaudible) or payments, or something like that that might be just (of course) seasonal?
好的。所以并没有任何结束您的（听不清）或付款之类的事情，或者可能只是（当然）季节性的吗？
Paul Brody 保罗·布罗迪
No. 不。
Niamh Alexander - KBW
All right. Okay, fair enough. I think that’s helpful. Just on the -- I guess, Thomas, you fairly answered questions on the acquisitions. It seems like you are looking and maybe that's why maybe you held some cash back, but you kind of moved on. You fairly clearly think that you can grow your business organically better and you've kind of laid out that, look, right now organic growth in the Market Maker is not a big opportunity. So can you help me understand what are you targeting in the electronic brokerage business? You have been making great progress with the advisors but maybe they are not as active a customer. What about the institutions? What about the hedge funds and more of the proprietary trading desks? Is there anything you can share on your strategy to get more penetration with those customers?
好的。好的，挺好的。我觉得这很有帮助。关于收购方面，我想你已经比较全面地回答了问题，托马斯。看起来你正在寻找机会，也许这就是为什么你留了一些现金，但你已经开始行动了。你相当清楚地认为你可以更好地通过有机增长来发展业务，并且你已经明确表示，目前市场制造商的有机增长并不是一个很大的机会。那么你能帮我理解一下，在电子经纪业务方面你的目标是什么吗？你在与顾问取得了很大进展，但也许他们并不是那么活跃的客户。那么机构呢？对冲基金和更多的专有交易台呢？你能分享一些关于如何制定策略以提高与这些客户的渗透度的信息吗？
Thomas Peterffy 托马斯·彼得菲
Well, I can tell you that our best kind of account is not a surprise, are the hedge and mutual funds and the proprietary trading groups. And so, if you look at our account growth in the past year I can tell you that it's that individual accounts that grew by 8% and the hedge and mutual funds grew by 16% and the stock trading account grew by 13%. Now the reason why this is significant is because as far as hedge and mutual funds are concerned they are still comprising only 0.6% of our accounts, but they also give us 7.2% of our commission income. And the prop trading groups comprised 4% of our accounts and give us 17.6% of our commission income. So, these two groups, although they are relatively few in number of accounts, they have a large impact on our income.
我可以告诉你，我们最好的账户类型并不令人意外，是对冲基金、共同基金和专营交易团队。因此，如果你看一下我们过去一年的账户增长，我可以告诉你，个人账户增长了 8%，对冲基金和共同基金增长了 16%，股票交易账户增长了 13%。现在，这个数据之所以重要是因为就对冲基金和共同基金而言，它们仍然只占我们账户的 0.6%，但也为我们带来了 7.2%的佣金收入。而专营交易团队占我们账户的 4%，为我们带来了 17.6%的佣金收入。因此，尽管这两个群体的账户数量相对较少，但它们对我们的收入有着很大的影响。
Niamh Alexander - KBW
Yes, understood. And the growth there is clearly outpacing the market and so I was just trying to understand, is there anything you can share on -- is there a new system roll out or new platforms or maybe some more new sales efforts on, for their targeting then? Or kind of you are just more of the same because you're already been pretty effective at deeper penetration?
是的，明白了。那里的增长显然超过了市场，所以我只是想了解一下，您是否可以分享一些信息——是否有新的系统推出或新平台，或者可能有更多新的销售努力，以便更好地定位目标？还是说您只是继续做同样的事情，因为您已经在更深层次的渗透方面非常有效？
Thomas Peterffy 托马斯·彼得菲
Well, if you heard, in my prepared statements, we put out model portfolios early in the year and we put out the Money Manager Marketplace just very, very recently. So, these are those facilities that these kind of traders would use.
嗯，如果你听过我的准备声明，我们在年初就发布了模型投资组合，最近也刚刚推出了资金管理者市场。因此，这些是这类交易者会使用的工具。
Niamh Alexander - KBW
And you're already offering prime brokerage, right, and investor introduction I think with that?
您已经提供了优质经纪服务，对吧，并且我认为您也提供了投资者介绍？
Thomas Peterffy 托马斯·彼得菲
That we've been doing for some time, yes.
这是我们已经做了一段时间的事情，是的。
Niamh Alexander - KBW
And then I guess just back to the Market Maker, you've announced your $0.10 dividend this quarter. You kind of said, look we didn't it earn it last year so we shrank the business. Are you getting closer, do you think to maybe pulling back in a bigger way and how should we think about the dividend and the $0.10 dividend going forward?
然后我想回到做市商，您宣布了本季度的 0.10 美元股息。您似乎说，看，去年我们没有赚到，所以我们缩小了业务。您认为自己是否越来越接近，也许会更大幅度地收缩，我们应该如何看待未来的股息和 0.10 美元的股息？
Thomas Peterffy 托马斯·彼得菲
I think you can rely on the $0.10 dividend going forward. We are not going to cut that back. So, if that results in us having to go back then we will.
我认为你可以依靠未来的 0.10 美元股息。我们不会削减这部分。所以，如果这导致我们不得不回头，那么我们会。
Operator 操作员
Next question comes from Ed Ditmire with Macquarie. Please go ahead, your line is open.
下一个问题来自麦格理的 Ed Ditmire。请继续，您的线路已打开。
Ed Ditmire - Macquarie 艾德·迪特迈尔 - 麦格理
My question is about the -- you guys are making several efforts to right size the capital base around the Market Maker which is non-earning as a cost of capital. Do you think you've been aggressive enough on either right sizing the capital around that business or realized we've reduced the amount of excess capital but I don't think we've necessarily cut in a muscle, so to speak? Have you guys made efforts to also pair down some of the operations, i.e. pull back from the least profitable or at least lower ROE product segments or geographic segments. It just strikes me that with the valuation of IBKR in the 12 to 13 times earnings range versus an electronic-broker range of like 16 to 21 times, it seems like there is a market disconnect especially with the majority of income coming from your electronic broker now?
我的问题是关于 - 你们正在采取多项努力来调整围绕做市商的资本基础，这是一项非盈利的资本成本。你认为在围绕该业务的资本调整方面，你们是否已经采取了足够积极的措施，或者我们已经减少了过剩资本的数量，但我认为我们并没有必要削减实力，可以这么说吗？你们是否也在努力削减一些业务，比如从利润最低或至少回报率较低的产品领域或地理领域撤出。我觉得，IBKR 的估值在 12 至 13 倍收益范围内，而电子经纪公司的估值在 16 至 21 倍之间，似乎存在市场脱节，尤其是大部分收入现在来自你们的电子经纪业务？
Thomas Peterffy 托马斯·彼得菲
So you said that we are not earning our cost of capital. What do you call our cost of capital?
所以你说我们没有赚取资本成本。你认为我们的资本成本是多少？
Ed Ditmire - Macquarie 艾德·迪特迈尔 - 麦格理
Within the Market Maker is what I meant, and the idea that you are not earning the targeted 10% pre-tax ROE?
在做市商内部是我的意思，你没有达到目标的 10%税前 ROE 的想法？
Thomas Peterffy 托马斯·彼得菲
Right. So the 10% was targeted so that if we earn less we payout the capital and if we earn more we accumulate capital. So you now are saying that maybe that is too slow a process one way or the other and you would like us to be more quicker about it, yes?
对。所以目标是 10%，这样如果我们赚得更少，我们就支付资本，如果我们赚得更多，我们就积累资本。所以你现在是在说也许这个过程太慢了，无论哪种方式，你希望我们更快一些，是吗？
Ed Ditmire - Macquarie 艾德·迪特迈尔 - 麦格理
I think in specific, I think that sentiment is a popular sentiment but I want to hear your view about them?
我认为具体来说，我认为情绪是一种流行的情绪，但我想听听你对它们的看法？
Thomas Peterffy 托马斯·彼得菲
I like water boarding, I just saw this movie -- I am sorry. Well, look, obviously, we have in the past closed on certain parts of our business and respond in due course if we have to.
我喜欢冲浪，我刚看了这部电影——对不起。嗯，显然，我们过去已经关闭了业务的某些部分，如果必要的话，我们会及时做出回应。
Ed Ditmire - Macquarie 艾德·迪特迈尔 - 麦格理
So, in summation, would you say that you have the ability to exercise options to right size the business, shrink it down a little bit, get to higher returns, but you would like to keep your options open in the meantime?
那么，总的来说，您是否认为您有能力行使期权来调整业务规模，稍微缩小一点，实现更高的回报，但与此同时您希望保持选择权？
Thomas Peterffy 托马斯·彼得菲
That is correct. We basically look at this as a core option as long as we can run this firm without losses, and it's hard for us to forget that in the year 2008 we made $1.2 billion in Market Making. And if something like that would happen again it would be a terrific thing and we would be sitting here -- if we had taken your advice -- we would be sitting here under that circumstances and say to ourselves, gee, we wish we had never met Ditmire.
这是正确的。只要我们能够在没有损失的情况下经营这家公司，我们基本上将这视为一个核心选择，而且很难忘记在 2008 年我们在市场做市中赚取了 12 亿美元。如果再次发生类似的情况，那将是一件了不起的事情，如果我们采纳了你的建议，我们将坐在这里——在那种情况下，对自己说，天哪，我们真希望从未遇到 Ditmire。
Operator 操作员
(Operator Instructions) Next question comes from Mac Sykes with Gabelli and Company. Please go ahead, your line is open.
（操作员指示）下一个问题来自 Gabelli and Company 的 Mac Sykes。请继续，您的线路已打开。
Mac Sykes - Gabelli 马克·赛克斯 - 加贝利
Could you remind us what the impact from higher interest rates would have on brokerage profitability? I think in your previous comments you had talked about making, perhaps not earning a spread on your credit balances currently and then what would happen to your margin spreads if we did have higher rates?
您能提醒我们高利率对券商盈利能有什么影响吗？我记得在您之前的评论中提到过，也许目前在您的信用余额上没有获得利差，那么如果利率上升，您的利差会发生什么变化呢？
Thomas Peterffy 托马斯·彼得菲
I am sorry. I do not remember the number. You have to basically understand that what we do is we pay interest to our customers 0.5% under the Fed fund rate and the Fed fund rate is more than 0.5% and balance is over $10,000 in any account. So, from that we could estimate that (inaudible). So, we would make the interest on roughly $1.2 billion and 0.5% on whatever cash is over that.
对不起，我不记得数字。你基本上要明白我们所做的是向客户支付比联邦基金利率低 0.5%的利息，而联邦基金利率高于 0.5%，任何账户余额超过$10,000。因此，我们可以估计（听不清楚）。因此，我们将在大约$12 亿资金上赚取利息，并在超过该金额的现金上赚取 0.5%的利息。
Mac Sykes - Gabelli 马克·赛克斯 - 加贝利
And then just one follow-up, in light of Ed's comments on valuation, would you ever kind of reconsider a more aggressive repurchase program at this point?
然后再跟进一个问题，在考虑到埃德关于估值的评论后，您是否会考虑在这一点上重新考虑更积极的回购计划？
Thomas Peterffy 托马斯·彼得菲
Well, again, sure, if we could buy the stock back under book we would, as I always say.
嗯，再次肯定，如果我们能以低于账面价值的价格买回股票，我们会这样做，正如我经常说的那样。
Operator 操作员
(Operator Instructions) Presenters, I'm showing no additional phone line questions, I’d like to turn the program back over to Ms. Liston.
（操作员指示）主持人，我没有额外的电话线问题，我想把节目交还给 Liston 女士。
Deborah Liston 黛博拉·利斯顿
Thanks everyone for participating today. And just a quick reminder, this call is going to be available for replay on our website shortly. Thanks again for your time and have a good night.
谢谢大家今天的参与。再次提醒一下，这次电话会议很快会在我们的网站上提供重播。再次感谢大家的时间，晚安。
Operator 操作员
Thank you, presenters. Again, ladies and gentlemen, this does conclude today’s conference. Thank you for your participation and have a wonderful day. Attendees, you may log off at this time.
谢谢各位演讲者。再次感谢各位女士们、先生们，今天的会议到此结束。感谢您的参与，祝您有一个美好的一天。与会者们，您可以在此时退出。
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