2021-01-19 Interactive Brokers Group, Inc. (IBKR) Q4 2020 Earnings Call Transcript
Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q4 2020 Earnings Conference Call January 19, 2021 4:30 PM ET
盈透证券集团公司 (NASDAQ:IBKR) 2020 年第四季度收益电话会议 2021 年 1 月 19 日 下午 4:30 ET
Company Participants 公司参与者
Nancy Stuebe - Director of Investor Relations
南希·斯图贝 - 投资者关系总监
Paul Brody - Chief Financial Officer
保罗·布罗迪 - 首席财务官
Thomas Peterffy - Chairman
托马斯·彼得菲 - 主席
Conference Call Participants
电话会议参与者
Rich Repetto - Piper Sandler
Craig Siegenthaler - Credit Suisse
克雷格·西根塔勒 - 瑞士信贷
Will Nance - Goldman Sachs
Will Nance - 高盛
Kyle Voigt - KBW
Chris Allen - Compass Point
Operator 操作员
Ladies and gentlemen, thank you for standing by, and welcome to the Interactive Brokers Group Fourth Quarter Financial Results Conference Call. At this time, all participants' lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions]
女士们，先生们，感谢您的支持，欢迎参加盈透证券集团第四季度财务业绩电话会议。目前，所有参与者的线路均为仅收听模式。在演讲者的演示之后，将进行问答环节。[操作员说明] 请注意，今天的会议可能会被录音。[操作员说明]
I would now like to hand the conference over to your host today, Nancy Stuebe, Director of Investor Relations. Please, go ahead.
现在，我想把会议交给今天的主持人，投资者关系总监南希·斯图贝。请继续。
Nancy Stuebe
Thank you. Good afternoon. And thank you for joining us for our year-end 2020 earnings conference call. Once again, Thomas is on the call and will handle the Q&A, but asked me to present the rest of his comments.
谢谢。下午好。感谢您参加我们的 2020 年年终收益电话会议。托马斯再次参加了电话会议并将负责问答环节，但他让我代为发表其余评论。
As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which, by their nature, are not certain and are outside of the company's control.
提醒一下，今天的电话会议可能包含前瞻性声明，这些声明代表公司对未来事件的信念，其本质上是不确定的，并且超出了公司的控制范围。
Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to the disclaimers in our press release. You should also review a description of risk factors contained in our financial reports, filed with the SEC.
我们的实际结果和财务状况可能与这些前瞻性声明中所指示的有所不同，甚至可能存在重大差异。我们要求您参阅我们新闻稿中的免责声明。您还应查看我们提交给 SEC 的财务报告中包含的风险因素描述。
2020 was a year of unprecedented worldwide investor engagement with the markets, and Interactive Brokers capturing a large piece of it. We ended the year with a record 1,073,000 accounts, up 56% over last year. In 2020, we opened over 383,000 net new accounts, three times that of our previous record. Client equity grew 66% to $289 billion.
2020 年是全球投资者前所未有地参与市场的一年，盈透证券捕获了其中很大一部分。我们以创纪录的 1,073,000 个账户结束了这一年，比去年增长了 56%。在 2020 年，我们净新增了超过 383,000 个账户，是我们之前记录的三倍。客户权益增长了 66%，达到 2890 亿美元。
Trading activity continued strong all year, with active customer trading levels. Total DARTs began to increase last January and doubled over the course of the year to 2.1 million per day. Per account, DARTs rose from 266 last year to 459 this year.
全年交易活动持续强劲，客户交易水平活跃。去年一月，总 DARTs 开始增加，并在全年翻倍至每天 210 万。每个账户的 DARTs 从去年的 266 上升到今年的 459。
Growth came from a broad range of geographies and customer types, from our geographically diverse sales team and from strong word of mouth. In many countries, we have now grown to a large enough size in terms of accounts that word of mouth leads to meaningful growth from the clients who use and recommend us to their friends and colleagues.
增长来自广泛的地理区域和客户类型，来自我们地理多样化的销售团队以及强有力的口碑。在许多国家，我们现在在账户数量上已经增长到足够大的规模，以至于口碑带来了使用并推荐我们的客户的显著增长。
As more people want to participate in the markets, invest globally and diversify their holdings, they look to their more experienced friends who have found at Interactive Brokers the access and variety of securities they are looking for. They then see what we offer and sign up. In many regions, this global access can often be found nowhere else or, if it can be found, comes only at an unreasonably high price.
随着越来越多的人希望参与市场、进行全球投资并多样化其持有资产，他们会向那些在盈透证券找到了他们所需的访问权限和多样化证券的更有经验的朋友寻求帮助。然后，他们看到我们提供的服务并注册。在许多地区，这种全球访问通常是无处可寻的，或者即使可以找到，也往往价格高得不合理。
While accounts in the United States have doubled since 2015, outside the U.S., they are up more than four times, meaning we are less dependent on the U.S. or in any one country for our future. The U.S. now accounts for 26% of our total accounts, down from nearly half five years ago.
自 2015 年以来，美国的账户数量翻了一番，而在美国以外的地区，账户数量增长了四倍多，这意味着我们对美国或任何一个国家的未来依赖程度降低。美国现在占我们总账户的 26%，低于五年前的近一半。
Challenges met this year, include the impact of the COVID pandemic on our clients and staff, the impact of a cash settled contract closing at a negative price, the effect of Brexit on our European business and the conclusion of our ongoing conversations with regulators.
今年面临的挑战包括 COVID 疫情对我们的客户和员工的影响、以负价格结算的现金合同的影响、英国脱欧对我们欧洲业务的影响以及与监管机构持续对话的结论。
Regarding COVID, while it has led to a resurgence of interest in the market, as people at home look for something constructive to do, it has also meant the majority of our staff works from home. As a technology company, we are uniquely well positioned to handle this and have not seen interruptions or issues in our business because of it.
关于新冠疫情，虽然它引发了市场兴趣的复苏，因为居家的人们在寻找有建设性的事情可做，但这也意味着我们的大多数员工在家工作。作为一家科技公司，我们在应对这一情况方面具有独特的优势，因此我们的业务没有因此而中断或出现问题。
I'm happy to say, that thanks to tremendous effort on the part of regulators and our team in Europe, we received our approvals before the Brexit deadline, and have been able to migrate accounts to our new operations in Luxembourg, Hungary and Ireland. We are looking forward to working in these countries and expanding our European business further.
我很高兴地说，由于监管机构和我们在欧洲团队的巨大努力，我们在英国脱欧截止日期前获得了批准，并已将账户迁移到我们在卢森堡、匈牙利和爱尔兰的新业务中。我们期待在这些国家开展工作，并进一步扩展我们的欧洲业务。
On WTI, we have spoken about it on previous calls. We are completing programming for negative prices in all product categories in case this or similar first ever event occurs again. We have spent a great deal of time and effort coordinating with multiple regulators, including the CFTC, SEC, and FINRA and working with consultants to make sure our solutions and protocols are satisfactory.
关于 WTI，我们在之前的电话中已经讨论过。我们正在完成所有产品类别的负价格编程，以防此类或类似的首次事件再次发生。我们花费了大量时间和精力与包括 CFTC、SEC 和 FINRA 在内的多个监管机构协调，并与顾问合作，以确保我们的解决方案和协议令人满意。
We have hired the necessary people and put most of these changes into place as we work on the last remaining items. The costs associated with this, which were spread over several quarters, should now start to ease, while the cost of compliance with regulatory regimes in Hong Kong, Australia, Canada, and the EU are now picking up.
我们已经雇用了必要的人手，并在处理最后剩余事项的同时实施了大部分这些变更。与此相关的成本已分摊到几个季度，现在应该开始缓解，而在香港、澳大利亚、加拿大和欧盟的合规成本现在正在上升。
Our commissions were up 71% in the fourth quarter and up 58% for the year to $1.1 billion. Despite zero interest rates around the globe and the introduction of zero commissions in late 2019, our total net revenues for the fourth quarter were up 20% and for the year, up 15% to $2.2 billion.
我们的佣金在第四季度增长了 71%，全年增长了 58%，达到 11 亿美元。尽管全球利率为零，并且在 2019 年底引入了零佣金，但我们第四季度的总净收入增长了 20%，全年增长了 15%，达到 22 亿美元。
Our pretax margins were also strong at 65% for the fourth quarter and 57% for the year. Excluding non-core items, pretax margins were 65% for the fourth quarter and 61% for the year. There is no other broker we know of who comes close to our levels of profitability and we achieved these margins while offering state-of-the-art technology and global access.
我们的税前利润率也很强劲，第四季度为 65%，全年为 57%。不包括非核心项目，第四季度的税前利润率为 65%，全年为 61%。据我们所知，没有其他经纪商能接近我们的盈利水平，我们在提供最先进的技术和全球访问的同时实现了这些利润率。
Now, I will go over our five client segments. Individual customers were the clear stars in 2020, posting the strongest account growth of all our client segments, up 77%, with 71% growth in client equity and 69% growth in annual commissions. Individuals now make up 57% of our accounts, 36% of our client equity and 54% of our annual commissions. All geographic regions in this segment experienced significant growth, particularly in Europe and Asia.
现在，我将介绍我们的五个客户群体。2020 年，个人客户是明显的明星，在所有客户群体中账户增长最强劲，增长了 77%，客户权益增长 71%，年佣金增长 69%。个人客户现在占我们账户的 57%，客户权益的 36%和年佣金的 54%。该细分市场的所有地理区域都经历了显著增长，尤其是在欧洲和亚洲。
We continue to see investor demand for global access and wide product choice with the global pandemic and more time at home, acting as tailwinds, encouraging investors large and small, that this is an opportune moment to enter the markets. While we call this segment individual, it incorporates a wide range of clients from new smaller investors buying their first stocks to larger and more sophisticated ones, trading equities and derivatives multiple times a day in several countries. Our platform can serve all of them and help them to achieve better returns by minimizing their costs.
随着全球疫情和更多的居家时间，投资者对全球准入和广泛产品选择的需求持续增长，这些因素作为顺风，鼓励大大小小的投资者认为这是进入市场的良机。虽然我们称这一部分为个人，但它涵盖了从购买第一只股票的新小投资者到在多个国家每天多次交易股票和衍生品的更大和更复杂的客户。我们的平台可以为他们所有人服务，并通过降低成本帮助他们获得更好的回报。
Introducing brokers was our next fastest-growing segment, with account growth of 42% and client equity growth of 115% and 12-month commission growth of 121%, introducing brokers are now 29% of our accounts, 30% of our client equity, and 13% of our commissions.
介绍经纪人是我们下一个增长最快的领域，账户增长 42%，客户权益增长 115%，12 个月佣金增长 121%，介绍经纪人现在占我们账户的 29%，客户权益的 30%，佣金的 13%。
As with Individuals, introducing brokers were strong in all geographic areas, particularly in Europe and especially in Asia, with similar tailwinds to individuals, the desire by investors to open accounts, especially internationally, and to participate in the market. These accounts are basically also individual accounts with a broker between IBKR and the individual account holder.
与个人一样，介绍经纪人在所有地理区域都表现强劲，尤其是在欧洲，特别是在亚洲，与个人类似的顺风因素是投资者希望开设账户，特别是国际账户，并参与市场。这些账户基本上也是个人账户，介于 IBKR 和个人账户持有人之间有一个经纪人。
In exchange for a smaller commission, we can pass on to the broker, the direct communication with the customer and of course, it is the broker who recruits the customer.
为了换取较低的佣金，我们可以将与客户的直接沟通转交给经纪人，当然，是经纪人招揽客户。
Small, mid-sized, and start-up brokers continue to find it difficult to build and maintain complex technology involved in offering the global access and product offerings their customers want. So, they come to us to white brand our state-of-the-art technology and capitalize on our low cost.
小型、中型和初创经纪商仍然发现很难构建和维护涉及提供全球访问和产品服务的复杂技术。因此，他们来找我们以白标我们的尖端技术，并利用我们的低成本。
As competitive pressures increased and as agencies in various countries increase their compliance oversight of the financial services industry, complexity rises over time, encouraging more brokers to come to or to start up with us.
随着竞争压力的增加以及各国机构对金融服务行业的合规监管力度加大，复杂性随着时间的推移而增加，鼓励更多的经纪人加入我们或与我们合作。
Hedge funds constitute 1% of our account, 7% of client equity, and 7% of our annual commissions. In 2020, we saw a growth from hedge funds of 2% in accounts, 34% in client equity, and 21% in 12-month commissions.
对冲基金占我们账户的 1%，占客户权益的 7%，占我们年度佣金的 7%。在 2020 年，我们看到对冲基金在账户中增长了 2%，在客户权益中增长了 34%，在 12 个月佣金中增长了 21%。
We achieved this growth despite the hedge fund industry overall experiencing a third consecutive year of fund outflows. Hedge funds remain a large multi-trillion dollar global market, and we continue to have room to grow in this area.
尽管整个对冲基金行业连续第三年出现资金外流，我们仍实现了这一增长。对冲基金仍然是一个数万亿美元的全球市场，我们在这一领域仍有增长空间。
Proprietary trading firms are 2% of our accounts, 9% of client equity, and 14% of yearly commissions. For the year, this group grew 28% in accounts, 44% in client equity, and 43% in commissions.
自营交易公司占我们账户的 2%、客户权益的 9%和年度佣金的 14%。全年，这一群体的账户增长了 28%，客户权益增长了 44%，佣金增长了 43%。
Despite already being well-penetrated in this segment, our continued growth here means that our platform demonstrates value and appeal for sophisticated traders and their larger accounts.
尽管在这一领域已经有很高的渗透率，我们在此的持续增长意味着我们的平台对成熟交易者及其大账户展现了价值和吸引力。
Finally, we have financial advisers. They are 12% of our accounts, 17% of our customer equity, and 12% of annual commissions. Accounts in this group grew by 17%, client equity by 28%, and commissions by 18%.
最后，我们有财务顾问。他们占我们账户的 12%，客户权益的 17%，年佣金的 12%。该组的账户增长了 17%，客户权益增长了 28%，佣金增长了 18%。
Several factors will continue to drive this business. Our Greenwich Compliance Group, which provides registration and compliance assistance for new and existing RIAs, continues to sign up RIAs who want to open their own businesses or move from an existing clearing firm.
有几个因素将继续推动这项业务。我们的格林威治合规小组为新成立和现有的注册投资顾问提供注册和合规协助，继续签约那些希望开办自己业务或从现有清算公司转移的注册投资顾问。
Going independent means RIAs can keep all the fees they earn. As more advisors look to become independent, our low commission and financing rates, wide variety of mutual fund families offered and the availability of Greenwich Compliance's service contribute to growth in this segment.
独立意味着注册投资顾问可以保留他们赚取的所有费用。随着越来越多的顾问希望独立，我们的低佣金和融资利率、提供的多种共同基金家族以及 Greenwich Compliance 服务的可用性促进了这一领域的增长。
Second, with consolidation among our competitors, many advisors do not want to compete for clients with their clearing firm or be subject to the hidden fees that always seem to pop-up. We welcome all of them with transparent pricing, no competing products or in-house advisors, free portfolio performance reporting, a free CRM and global market access.
其次，由于我们的竞争对手之间的合并，许多顾问不想与他们的清算公司争夺客户，或受到总是会出现的隐藏费用的影响。我们欢迎他们所有人，提供透明的定价，没有竞争产品或内部顾问，免费的投资组合绩效报告，免费的客户关系管理系统和全球市场准入。
Although, we do not yet feel in growing numbers of advisors, our sales force is getting a large number of inquiries from advisors looking for a new platform and from advisors hoping to become independent in the near future.
尽管我们还没有感受到顾问人数的增长，但我们的销售团队正收到大量来自希望寻找新平台的顾问以及希望在不久的将来成为独立顾问的咨询。
There is a great deal that we are looking forward to in 2021. We have recently rolled out and will continue to broaden our impact dashboard. The dashboard allows our clients to select the ESG criteria most important to them, so they can identify and invest in those companies that share their values. It also analyzes clients' portfolios and calculate an overall score to see how well their portfolios align with the values most important to them.
我们对 2021 年充满期待。我们最近推出并将继续拓展我们的影响力仪表板。该仪表板允许我们的客户选择对他们最重要的 ESG 标准，以便他们能够识别并投资于那些与他们价值观一致的公司。它还分析客户的投资组合并计算总体得分，以查看他们的投资组合与对他们最重要的价值观的契合程度。
We are also excited about our mutual fund marketplace, which offers 37,000 funds, all with no custody fee to our clients around the world. Because we do not offer our own funds, we do not compete against our clients.
我们也对我们的共同基金市场感到兴奋，该市场提供 37,000 只基金，所有基金对我们全球的客户都不收取托管费。因为我们不提供自己的基金，所以我们不会与客户竞争。
To close, when we started our brokerage business in 1993, we thought a good goal to have, one that would motivate us, but seem like a distant target far in the future would be to achieve 100,000 accounts on our platform.
最后，当我们在 1993 年开始经纪业务时，我们认为一个好的目标，一个能激励我们的目标，但看起来像是一个遥远的未来目标，就是在我们的平台上实现 100,000 个账户。
We reached that in 2008, 15 years later. We thought again about what an achievable but distant goal would be and came up with one million accounts. I'm happy to say we achieved that goal in October, 12 years later.
我们在 2008 年达到了这一目标，15 年后。我们再次思考一个可实现但遥远的目标是什么，并提出了一百万个账户。我很高兴地说，我们在 12 年后的 10 月实现了这一目标。
Our goal now is 80 million accounts or 1% of world population. How long will that take? We are not sure, but think 10 to 15 years. It is encouraging that there is one country today, which I'm not going to name, where we have accounts from over 1% of its population. This is a high target. Similar to our earlier goal, it is a ways away, but can be achieved. If we continue to automate and attract customers by giving them the tools, low pricing and global product access they need to succeed.
我们的目标现在是 8000 万个账户或占世界人口的 1%。这需要多长时间？我们不确定，但认为需要 10 到 15 年。令人鼓舞的是，今天有一个国家，我不会说出名字，我们的账户超过了其人口的 1%。这是一个很高的目标。与我们之前的目标类似，这还有一段距离，但可以实现。如果我们继续通过提供工具、低价和全球产品访问来吸引客户。
With that, I will turn the call over to our CFO, Paul Brody, who will go through the numbers for the quarter. Paul?
接下来，我将把电话交给我们的首席财务官保罗·布罗迪，他将介绍本季度的数字。保罗？
Paul Brody
Thank you, Nancy. Thanks everybody for joining the call. As usual, I'll review our fourth quarter and then the full year results main factors that drove those numbers and then we'll open it up for questions.
谢谢你，南希。感谢大家参加电话会议。像往常一样，我将回顾我们的第四季度，然后是全年业绩的主要因素，之后我们将开放提问环节。
On the whole for the year, the pandemic and actions by the Federal Reserve, which stirred up the markets and reduced U.S. interest rates near zero, produced a substantial shift in the components of our revenue. Strong gains in commissions bolstered by a flood of new customer accounts more than made up for the drop in net interest income.
总体而言，今年的大流行病和美联储的行动搅动了市场，并将美国利率降至接近零的水平，导致我们收入构成发生了重大变化。大量新客户账户的涌入带来的强劲佣金收益，弥补了净利息收入的下降。
Comparing the fourth quarter to the prior year, the contributions to net revenues of commissions and net interest income changed from 34% and 57% to 48% and 38%. The combination together with other revenue streams produced a 20% year-over-year increase in quarterly net revenues and record annual pre-tax income.
与去年同期相比，第四季度佣金和净利息收入对净收入的贡献从 34%和 57%变为 48%和 38%。这一组合加上其他收入来源，使季度净收入同比增长 20%，并创下年度税前收入的纪录。
Turning to operating data. Trading volumes and customer account openings continued at the high levels we've seen throughout the year, leading to strong growth in accounts, client equity, client credit balances, margin lending and securities lending. Total accounts grew to about $1.1 million, up 56% year-over-year, contributing to client equity growth of 66%. We saw growth in all customer segments and in particular, in individuals and introducing brokers.
转向运营数据。交易量和客户开户数继续保持在我们全年所见的高水平，导致账户、客户权益、客户信用余额、保证金贷款和证券借贷的强劲增长。总账户增长到约 110 万，同比增长 56%，推动客户权益增长 66%。我们在所有客户群体中都看到了增长，尤其是在个人和介绍经纪人方面。
Market volatility though higher than last year was the lowest this quarter for 2020. As measured by the average mix, volatility rose to 25.7% in the fourth quarter, up 83% year-over-year, but down from its second quarter 2020 peak of nearly 35%. However, the band between this quarter's low and high vex of 20% and 40% was wider than in the third quarter and wider than any quarter last year. This contributed to strong trading volumes and a 71% increase in commissions.
尽管市场波动性高于去年，但本季度是 2020 年最低的。根据平均组合测量，波动性在第四季度上升至 25.7%，同比增长 83%，但低于 2020 年第二季度近 35%的峰值。然而，本季度 20%和 40%之间的低高波动范围比第三季度更宽，也比去年任何一个季度更宽。这导致交易量强劲，佣金增加了 71%。
Despite continued low or negative interest rates worldwide, our net interest income fell only 22% versus the fourth quarter of '19, thanks to strength in customer cash balances, margin lending and securities lending. 56% account growth provided a tailwind due to strong volumes in all product categories. Customer contract and share volumes in options, futures and stocks grew 76%, 22% and 215% respectively for the fourth quarter and 67%, 30% and 97% respectively for the year.
尽管全球利率持续低或为负，我们的净利息收入仅比'19 年第四季度下降了 22%，这得益于客户现金余额、保证金贷款和证券借贷的强劲表现。56%的账户增长为所有产品类别的强劲交易量提供了顺风。期权、期货和股票的客户合约和交易量在第四季度分别增长了 76%、22%和 215%，全年分别增长了 67%、30%和 97%。
Our volumes outpaced overall industry volumes in the U. S., which were up in nearly all categories and FX dollar volumes rose as well. DARTs reached a record of $2.1 million more than 2.5 times to $797,000 of the fourth quarter last year. Our average cleared commission for DART was down 32% to $2.46 for several reasons: First, more trading and equities relative to derivatives. Derivatives are more expensive, though not necessarily more profitable due to relatively high exchange fees. Second, higher volumes of IBKR orders that added liquidity were routed to exchanges, generating more rebates from the exchanges. These are passed on in a form of reduced commissions to customers choosing tiered commission. And third, smaller average trade side.
我们的交易量在美国市场中超越了整体行业的交易量增长，几乎所有类别的交易量都在增加，外汇美元交易量也有所上升。DARTs（每日平均收入交易量）创下210万笔的纪录，比去年第四季度的79.7万笔增长了2.5倍以上。我们的每笔DART平均净佣金下降了32%，至2.46美元，原因有以下几点：第一，相对于衍生品，股票交易量增加。衍生品交易费用更高，但由于较高的交易所费用，未必更盈利。第二，增加流动性的IBKR订单数量较高，这些订单被路由到交易所，从而获得更多交易所返利，这些返利以降低佣金的形式传递给选择分级佣金的客户。第三，平均交易规模较小。
Results for the full year reflected the continued momentum and operational leverage of our core brokerage business. Full year commissions rose 58% on high volatility in volumes. Net interest income fell 19% with the impact of near zero interest rates, partially offset by higher customer cash and margin loan balances, as well as strong securities lending. Higher volumes were seen in all product categories, surpassing general overall industry volume trends. For the full year, total DARTs rose 115% and average commission per DART fell 24% for the reasons I pointed to earlier.
全年业绩反映了我们核心经纪业务的持续势头和运营杠杆。全年佣金因交易量的高波动性而上升了 58%。净利息收入因接近零的利率下降了 19%，部分被更高的客户现金和保证金贷款余额以及强劲的证券借贷所抵消。所有产品类别的交易量均有所增加，超过了整体行业的交易量趋势。全年总 DARTs 上升了 115%，平均每 DART 佣金下降了 24%，原因如我之前所述。
The net interest margin table shows that our net interest margin tightened in the fourth quarter to 1.04%, down from 1.70% in the year ago period. For the year, net interest margin was 1.07%, down from 1.70% last year, despite the drop in U.S. benchmark rates to near zero, higher-margin loan balances, a strong securities lending performance and some positive contribution to customer credit balanced interest from those currencies with negative rate kept the NIM from falling further.
净利差表显示，我们的净利差在第四季度收窄至 1.04%，低于去年同期的 1.70%。全年净利差为 1.07%，低于去年的 1.70%，尽管美国基准利率降至接近零的水平，高利润率贷款余额、强劲的证券借贷表现以及一些对客户信贷的正面贡献使得负利率货币的利息保持平衡，防止了净利差的进一步下降。
The Federal Reserve lowered rates to a target range of 0 to 25 basis points in the first quarter and has kept them there since. Internationally, rates are near zero or negative in nearly every country in which we do business.
美联储在第一季度将利率下调至 0 到 25 个基点的目标区间，并自那时以来一直保持在该水平。国际上，几乎我们开展业务的每个国家的利率都接近于零或为负。
During the year, we kept a relatively short duration on our U.S. treasury portfolio. In the low rate environment, we recorded a mark-to-market loss of $4.5 million for the year, including a nominal loss in the fourth quarter.
在这一年中，我们的美国国债投资组合保持了相对较短的期限。在低利率环境下，我们全年记录了 450 万美元的市值损失，其中包括第四季度的名义损失。
As always, we plan to hold these securities to maturities, so these gains and losses are temporary. But as brokers unlike banks, GAAP rules require us to mark these securities to market in our financial reporting. This is one of our non-GAAP items that we consider to be non-core.
一如既往，我们计划持有这些证券至到期，因此这些收益和损失是暂时的。但作为经纪人而非银行，GAAP 规则要求我们在财务报告中将这些证券按市值计价。这是我们认为非核心的非 GAAP 项目之一。
Outside the U.S., interest rates were predominantly zero to negative. We recorded positive interest on certain customer cash balances, where we pass through negative rate costs on these currents. For rate increases that may occur in the future, note that about 25% of our customer credit balances are not in U.S. dollars. So changes in U.S rates will not impact all of these balances. Despite higher customer cash balances, segregated cash interest income fell due to the collapse in rates and a persistently flat yield curve.
在美国以外，利率主要为零到负值。我们记录了某些客户现金余额的正利息，在这些情况下，我们将负利率成本转嫁给这些余额。对于未来可能发生的利率上升，请注意，我们大约 25%的客户信用余额不是以美元计价的。因此，美国利率的变化不会影响所有这些余额。尽管客户现金余额增加，但由于利率崩溃和持续平坦的收益率曲线，隔离现金利息收入下降。
Average margin loan balances rose 19% and finished the year 26% over the year ago quarter, as investors displayed an increased appetite for risk. Our growth reflects our ability to fulfill the needs of larger customers as opportunities arise.
平均保证金贷款余额增长了 19%，并在年底比去年同期增长了 26%，因为投资者表现出对风险的更大兴趣。我们的增长反映了我们在机会出现时满足大客户需求的能力。
So despite our narrow spread over benchmark rates on margin loans, we continue to experience some spread compression in this low rate environment. We consider our low-margin rates, a significant factor in attracting investors to interact with brokers.
尽管我们的保证金贷款利率与基准利率的差距很小，但在这种低利率环境下，我们仍然经历了一些利差压缩。我们认为我们的低保证金利率是吸引投资者与经纪人互动的重要因素。
Securities lending interest income was up 44% this quarter and 33% for the full year. Our automation allows us to optimize the availability of customer positions to lend hard to borrow high rate securities and customer short stock value, which rose 6% from the prior year end is largely covered by customer margin stocks, reducing our need to borrow from external counterparties.
本季度证券借贷利息收入增长了 44%，全年增长了 33%。我们的自动化使我们能够优化客户头寸的可用性，以出借难以借入的高利率证券和客户空头股票价值，这一价值较去年年底增长了 6%，主要由客户保证金股票覆盖，减少了我们从外部对手方借入的需求。
Now, for our estimates of the impact of the next 25 basis point increase in rates, when calculating the impact of rate changes, we understand that as the possibility of a future rate increase becomes more certain, this expectation is typically already reflected in the yields of the instruments in which we invest. Therefore, we attempt to isolate the impact of an unexpected rise or fall in rates, separate from the impact of rate hikes or cuts that have already been baked into the prices of these instruments.
现在，对于我们对未来 25 个基点加息影响的估计，在计算利率变化的影响时，我们了解到，随着未来加息的可能性变得更加确定，这一预期通常已经反映在我们投资的工具的收益率中。因此，我们试图将意外的利率上升或下降的影响与已经反映在这些工具价格中的加息或降息的影响分开。
With that assumption, we would expect the next 25 basis point on anticipated rise in rates to produce an additional $98 million in net interest income over the next four quarters and $103 million as the yearly run rate based on our current balance sheet. These numbers are highly sensitive to benchmark rate changes due to the impact of low rates on the spread between what we earn on our segregated cash and what we pay to our customers.
在这一假设下，我们预计未来 25 个基点的利率上升将在未来四个季度内产生额外的 9800 万美元净利息收入，并基于我们当前的资产负债表，年运行率为 1.03 亿美元。由于低利率对我们隔离现金收益与支付给客户之间利差的影响，这些数字对基准利率变化高度敏感。
When U.S. rates fell below 50 basis points, our spread compressed as we're able to earn less when investing our segregated cash. However, the converse is also true that as rates move back up towards 50 basis points, our spread expands significantly. The yearly run rate includes the reinvestment of all of our present holdings at the new assumed rate, but does not take into account any change in how we manage our segregated cash.
当美国利率跌至50个基点以下时，我们的利差收窄，因为在投资隔离现金时能够获得的收益减少。然而，反之亦然，随着利率回升至50个基点，我们的利差会显著扩大。年化运行率包括以新的假设利率重新投资我们当前持有的全部资金，但并未考虑我们对隔离现金管理方式的任何变动。
If we're successful in continuing to grow our customer assets, higher cash and margin lending balances will offset some of the loss of net interest income from low benchmark rates.
如果我们成功地继续增加客户资产，更高的现金和保证金贷款余额将抵消一些由于低基准利率导致的净利息收入损失。
Turning to our income statement, as a reminder, one year ago, we began reporting our consolidated numbers only and we no longer report segment. We define non-core items as those not part of our fundamental operating results.
转向我们的损益表，提醒一下，一年前，我们开始只报告合并数据，不再报告分部。我们将非核心项目定义为不属于我们基本经营业绩的项目。
Non-core items included four items this quarter. First, our currency diversification strategy produced a loss of $13 million versus a $12 million gain last year. Second, the nominal mark-to-market loss on U.S. government securities of $300,000 versus $1 million in the prior year.
本季度的非核心项目包括四项。首先，我们的货币多元化策略产生了 1300 万美元的损失，而去年则是 1200 万美元的收益。其次，美国政府证券的名义市值损失为 30 万美元，而去年为 100 万美元。
Third, a gain on our investments of $33 million versus a loss of $15 million last year; and fourth, tax and related adjustments netting to a $10 million addition to net income at public company level. The net effect of these adjustments raised net income by $11 million this quarter versus decreasing it by $600,000 last year.
第三，我们的投资收益为 3300 万美元，而去年为亏损 1500 万美元；第四，税收和相关调整净增加 1000 万美元的净收入。在这些调整的净效应下，本季度净收入增加了 1100 万美元，而去年则减少了 60 万美元。
Net revenues were reported $599 million for the quarter, up 20% versus last year's fourth quarter. And excluding non-core items, net revenues were $582 million, up 16% versus last year.
本季度净收入报告为 5.99 亿美元，比去年第四季度增长 20%。不包括非核心项目，净收入为 5.82 亿美元，比去年增长 16%。
Commission revenue rose 71% to $288 million on significantly higher trade volumes in all product categories. Net interest income fell 22% to $225 million, though it was up sequentially. The decline was predominantly due to the drop in global interest rates to near zero and below.
佣金收入增长了 71%，达到 2.88 亿美元，所有产品类别的交易量显著增加。净利息收入下降了 22%，至 2.25 亿美元，尽管环比有所上升。下降主要是由于全球利率降至接近零及以下。
Other fees and services revenues rose 44% to $52 million. These include market data, exposure and account activity fees as well as fees generated from facilitating customers' participation in IPO.
其他费用和服务收入增长 44%至 5200 万美元。这些包括市场数据、风险和账户活动费用以及通过促进客户参与 IPO 产生的费用。
Other income, a more variable category that includes gains and losses on our investments and currency strategy as well as principal transactions was $34 million versus $9 million in the fourth quarter last year. Ex non-core items, other income increased to $17 million from $12 million a year ago.
其他收入是一个更具变动性的类别，包括我们的投资和货币策略的收益和损失以及主要交易，达到 3400 万美元，而去年第四季度为 900 万美元。剔除非核心项目，其他收入从去年同期的 1200 万美元增加到 1700 万美元。
Non-interest expenses were $207 million for the quarter, up 10% from last year due primarily to higher execution and clearing costs on stronger trade volumes and higher employee compensation and benefits costs. Execution and clearing expense did not grow as rapidly as trade volume for several reasons, including the mix of products traded as well as the higher amount of rebates paid by exchanges when IBKR orders routed there at liquidity.
本季度的非利息费用为 2.07 亿美元，比去年增长 10%，主要是由于更高的交易量导致执行和清算成本增加以及员工薪酬和福利成本增加。执行和清算费用的增长速度没有交易量增长得快，原因包括交易产品的组合以及当 IBKR 订单在流动性时路由到交易所时支付的回扣金额增加。
Note that these rebates partially offset commission revenues, which reduces the average commission per DART. Employee compensation and benefits costs rose 15% and occupancy and communications expenses both grew $1 million as we expanded our presence in Europe.
请注意，这些回扣部分抵消了佣金收入，从而降低了每 DART 的平均佣金。员工薪酬和福利成本上升了 15%，随着我们在欧洲的扩展，场地和通信费用均增长了 100 万美元。
At quarter end, our total headcount stood at 2,033, a 24% increase over last year as we expanded to service significantly more customers, staff our new European offices and further strengthen our compliance functions. Due to the COVID-19 pandemic, most of our employees worldwide have been working remotely. After a brief pause in the first quarter, we hired throughout the remainder of 2020, primarily in client services, appliance and systems development.
截至季度末，我们的总员工人数为 2,033 人，比去年增长了 24%，因为我们扩大了服务范围以服务更多客户，配备了我们新的欧洲办事处，并进一步加强了我们的合规职能。由于 COVID-19 疫情，我们全球大多数员工一直在远程工作。在第一季度短暂暂停后，我们在 2020 年剩余时间内进行了招聘，主要是在客户服务、设备和系统开发方面。
Fixed expenses, which are non-interest expenses less the variable cost of execution and clearing fees were $141 million, up 8%, driven by higher compensation and benefits as well as some increase in occupancy and communications. G&A expenses were down 6% on the year ago quarter and 19% sequentially, primarily due to the non-recurrence of legal and related costs. The sequential decrease reflects the drop in expenses associated with the development of our enhanced global compliance program, which while still elevated, began to roll-off.
固定费用，即非利息费用减去执行和清算费用的可变成本，为 1.41 亿美元，增长 8%，主要由于薪酬和福利的增加以及占用和通信费用的某些增加。G&A 费用同比下降 6%，环比下降 19%，主要是由于法律及相关费用的不再发生。环比下降反映了与我们增强的全球合规计划开发相关的费用下降，尽管仍然较高，但开始减少。
Customer bad debt expense was immaterial this quarter. For the year, this expense was $13 million, well within our typical $0 million to $5 million per quarter range. Reported pretax income was $392 million, up 26%, despite a $62 million drop in net interest income for a 65% margin. Excluding non-core items, pre-tax income was $375 million, up 19% for a 64% margin.
本季度客户坏账费用不大。全年此费用为 1300 万美元，远低于我们典型的每季度 0 到 500 万美元范围。报告的税前收入为 3.92 亿美元，增长 26%，尽管净利息收入下降 6200 万美元，利润率为 65%。剔除非核心项目，税前收入为 3.75 亿美元，增长 19%，利润率为 64%。
Diluted earnings per share were $0.81 for the quarter versus $0.57 in the year ago quarter. In ex non-core items, diluted earnings per share were $0.69 versus $0.58 for 2019. And for the full year, diluted earnings per share were $2.42 versus $2.10 last year and $2.49 versus $2.27 last year as adjusted.
本季度稀释每股收益为 0.81 美元，而去年同期为 0.57 美元。剔除非核心项目后，稀释每股收益为 0.69 美元，而 2019 年为 0.58 美元。全年稀释每股收益为 2.42 美元，而去年为 2.10 美元，调整后为 2.49 美元，而去年为 2.27 美元。
To help investors better understand how our earnings and taxes are split between public shareholders and non-controlling interest, the fourth quarter numbers are as follow; starting with our unadjusted pre-tax income of $392 million, we add back $4 million of standalone net expense at the public company to get the operating company's pre-tax income.
为了帮助投资者更好地了解我们的收益和税收在公众股东和非控股权益之间的分配情况，第四季度的数字如下：从我们未调整的税前收入 3.92 亿美元开始，加上上市公司独立净费用的 400 万美元，以获得运营公司的税前收入。
We then deduct $4 million for income taxes paid by our operating company, which are mostly for intact. This leaves $392 million, of which 79.1% or that $309 million reported on our income statement is attributable to non-controlling interest.
然后，我们扣除运营公司支付的 400 万美元所得税，这些税款主要是完整的。这剩下 3.92 亿美元，其中 79.1% 或 3.09 亿美元在我们的损益表上报告的归属于非控股权益。
The remaining 20.9% or $83 million is available for the public company shareholders. As this is a non-GAAP measure, it is not reported on our income statement. After we deduct the $4 million public company standalone net expense and after expensing remaining taxes of $8 million owed on that $83 million, the public company's net income available for common stockholders is the $71 million you see reported on our income statement.
剩余的 20.9%或 8300 万美元可供上市公司股东使用。由于这是一项非 GAAP 指标，因此未在我们的损益表中报告。在扣除 400 万美元的上市公司独立净费用后，并在支付该 8300 万美元所欠的 800 万美元剩余税款后，上市公司可供普通股股东使用的净收入为您在我们的损益表中看到的 7100 万美元。
Income tax expense line of $12 million consists of this $8 million plus the $4 million of taxes paid by the operating company. And one additional note on income tax, the current quarter's tax includes about $11 million in prior period adjustment benefits that are not expected to be recurring, including an approximately $8 million net benefit related to the revaluation of our deferred tax asset, which is included in our non-GAAP results.
所得税费用为 1200 万美元，其中包括这 800 万美元加上运营公司支付的 400 万美元税款。关于所得税的另一个附注，本季度的税收包括约 1100 万美元的前期调整收益，这些收益预计不会重复，其中包括与递延税资产重估相关的约 800 万美元净收益，这些收益包含在我们的非 GAAP 结果中。
Turning to the balance sheet with $9 billion in consolidated equity at December 31, 2020, we are well capitalized from a regulatory standpoint. We deploy our strong capital base toward opportunities to grow our business and investing opportunities worldwide as well as to emphasize the strength and depth of our balance sheet to current and prospective clients and partners.
截至 2020 年 12 月 31 日，资产负债表上合并权益为 90 亿美元，从监管角度来看，我们资本充足。我们将强大的资本基础用于发展业务和全球投资机会，并向现有和潜在客户及合作伙伴强调我们资产负债表的实力和深度。
Our capital is deployed across 14 registered broker-dealer type entities around the world, supporting regulatory capital requirements, liquidity needs, margin lending and other financing opportunities in our growing brokerage business. And we continue to carry no long-term debt.
我们的资本分布在全球 14 个注册的经纪商类型实体中，支持监管资本要求、流动性需求、保证金贷款和我们不断增长的经纪业务中的其他融资机会。而且我们继续保持无长期债务。
With that, I will turn the call back over to the moderator, and we'll be happy to take questions.
说完这些，我将把电话交还给主持人，我们很乐意回答问题。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] Our first question comes from the line of Rich Repetto with Piper Sandler. Your line is now open.
谢谢。[操作说明] 我们的第一个问题来自 Piper Sandler 的 Rich Repetto。您的线路现已开放。
Rich Repetto
Hey, good evening, Thomas and good evening, Paul, congrats on the strong quarter. And I'm just trying to see whether, on expenses, when you look to the forward year to 2021, are we still going to invest -- I think the guidelines has been somewhere around 15%. What's your view on expenses for the coming year, I guess, Thomas and Paul?
嘿，晚上好，托马斯，晚上好，保罗，恭喜你们这个季度表现强劲。我只是想看看，在费用方面，当你展望 2021 年时，我们是否仍会投资——我认为指导方针大约是 15%。我想知道你们对来年费用的看法，托马斯和保罗？
Thomas Peterffy
We probably increase expenses at least by 15% as we're trying to build out the new entities and of course, continue to build our customer service, our compliance departments and our ability to create new software. It's all about growing the company.
我们可能至少增加 15%的开支，因为我们正在努力建立新的实体，当然，还要继续建设我们的客户服务、合规部门以及我们创造新软件的能力。这一切都是为了发展公司。
Rich Repetto
I understand. Another -- your margin balances went up pretty robustly in December and that's sort of a seasonal pattern. But irregardless you rebounded the margins -- rebounded dramatically from March when it hit $19 billion. But I guess it's still -- when you look at the average margin balance per account or margin balances as a percentage of overall client equity, there's still at relatively lows.
我明白。另一个——你的保证金余额在十二月大幅上升，这是一种季节性模式。但无论如何，你的保证金从三月的 19 亿美元大幅反弹。但我想，当你查看每个账户的平均保证金余额或保证金余额占整体客户权益的百分比时，仍然相对较低。
And I'm just trying to see, Thomas, whether you are -- how optimistic that you think that these new -- all the new accounts will ultimately lever up and have similar margin balances that you've experienced in the years past? Because all the other metrics as far as trading, client equity, they're in line. It's not like you get a different account, it doesn't appear.
我只是想看看，托马斯，你是否——你认为这些新账户最终会杠杆化并拥有与你过去几年经历过的类似的保证金余额有多乐观？因为就交易、客户权益等其他指标而言，它们是一致的。看起来并没有不同的账户。
Thomas Peterffy
That's why I'm… 这就是为什么我……
Rich Repetto
But it’s just… 但这只是……
Thomas Peterffy
That's why I'm tearing my hair out. I'm mystified by the margin that is not increasing. What else can we do, but being by far the lowest offering, by far the lowest margin rate. And it's not that our current customers don't borrow more. I'm questioning why people who are out there at all these other brokers paying 3%, 4%, 5%, why they don't come over. So --
这就是为什么我抓狂。我对没有增加的利润感到困惑。我们还能做什么呢，除了提供最低的报价，最低的利润率。而且并不是说我们现有的客户不借更多。我在质疑为什么那些在其他经纪商那里支付 3%、4%、5%的人不来我们这里。所以——
Rich Repetto
You got me on that.
你说对了。
Thomas Peterffy
Yes. 是的。
Rich Repetto
Okay. Sorry. 好的。对不起。
Thomas Peterffy
I don't know the answer.
我不知道答案。
Rich Repetto
Okay. One last quick one, the diluted share count went up quarter by, I think, almost 10 million or so. And I know that's more than just you selling. I know there's no economic impact, but could you give us some color on what's happening there?
好的。最后一个快速问题，稀释后的股份数量在这个季度增加了，我想，大约 1000 万左右。我知道这不仅仅是你在出售。我知道这没有经济影响，但你能否给我们一些关于那里发生的事情的详细信息？
Thomas Peterffy
Some of our other internal shareholders have sold shares, unfortunately, too early.
我们的一些其他内部股东不幸过早地出售了股份。
Rich Repetto
Yes. Exactly. 是的。没错。
Thomas Peterffy
Yes. Right. 是的。对的。
Rich Repetto
Okay. Thank you very much, Thomas.
好的，非常感谢你，托马斯。
Thomas Peterffy
Thank you. 谢谢。
Operator 操作员
Thank you. Our next question comes from the line of Craig Siegenthaler with Credit Suisse. Your line is now open.
谢谢。我们的下一个问题来自瑞士信贷的 Craig Siegenthaler。您的线路现已开放。
Craig Siegenthaler
Good evening, everyone. Thank you for taking my question. I just want to learn how your three brokers in the European Union were running, including the new entity in Hungary and the recently approved broker in Ireland? And I wanted to see if they were now handling all the trades for EU clients that were able to be transitioned from the London broker?
大家晚上好。感谢您回答我的问题。我只是想了解一下你们在欧盟的三家经纪商的运营情况，包括匈牙利的新实体和最近批准的爱尔兰经纪商？我还想知道他们是否现在处理了所有能够从伦敦经纪商转移的欧盟客户的交易？
Thomas Peterffy
So, that we are in the midst of transitioning these accounts. They have not all been transitioned, but most of them have been. And, yes, so that is the plan. By the end of the month that will be completed. And the plan is to, yes, handle all the EU clients from Ireland, Luxembourg and Budapest.
因此，我们正处于这些账户的过渡过程中。它们尚未全部过渡，但大多数已经完成。是的，这就是计划。到月底将完成。计划是处理来自爱尔兰、卢森堡和布达佩斯的所有欧盟客户。
Craig Siegenthaler
Got it. And then how much capacity is there for future growth in the EU, because I think your Luxembourg entity may be somewhat constrained, but I think there's actually probably a lot of upside for growth in the Irish entity?
明白。那么欧盟未来增长的容量有多大，因为我认为你的卢森堡实体可能有些受限，但我认为爱尔兰实体实际上可能有很大的增长潜力？
Thomas Peterffy
There's a lot of upside in Ireland and in Central Europe, and that's exactly why we put in those two entities. We don't see anything.
爱尔兰和中欧有很多潜力，这正是我们设立这两个实体的原因。我们没有看到任何东西。
Craig Siegenthaler
Okay, great. 好的，太好了。
Thomas Peterffy
Okay. 好的。
Craig Siegenthaler
Got it. Thomas, thank you for taking my questions.
明白了。托马斯，谢谢你回答我的问题。
Thomas Peterffy
Thank you. 谢谢。
Operator 操作员
Thank you. Our next question comes from the line of from the line of Will Nance with Goldman Sachs. Your line is now open.
谢谢。我们的下一个问题来自高盛的 Will Nance。您的线路现已开放。
Will Nance
Hi, guys. Good afternoon. I think most of my questions have already been asked. I did have one or two. Just a quick housekeeping one on the same cash yields. I think you hit 6 basis points this quarter, is that a fairly decent run rate, kind of, fully re-priced for the current rate environment. And then related to that, you mentioned keeping the duration short, I know there's been some steepening of the curve, although, I wouldn't exactly call it compelling and I think shorter-dated treasuries are still fairly flat. So, when we think about the ability to kind of extend the duration on the segregated cash portfolio like how much steepening do you kind of need to see for that to actually become worth the time and duration?
嗨，大家好。下午好。我想我的大部分问题已经被问过了。我确实有一两个问题。只是一个关于相同现金收益的快速问题。我认为你本季度达到了 6 个基点，这算是一个相当不错的运行率，算是完全重新定价以适应当前的利率环境。然后与此相关，你提到保持期限短，我知道曲线有一些陡峭化，尽管我不完全认为这很有吸引力，我认为短期国债仍然相当平坦。所以，当我们考虑延长隔离现金投资组合的期限时，你认为需要看到多少陡峭化才能真正值得花费时间和期限？
Thomas Peterffy
I would be much too scared to extend the duration, because I think inflation must be lurking in the bushes. I guess I can't understand how we can issue trillions of dollars of new money every other month and not feel the inflation. I don't understand what goes on. It can’t go on like this forever.
我会非常害怕延长期限，因为我认为通货膨胀一定潜伏在暗处。我想我无法理解我们如何能每隔一个月发行数万亿美元的新货币而不感受到通货膨胀。我不明白发生了什么。这样下去不可能永远持续。
非常准确的判断。
Will Nance
Got it. Okay. And then just maybe a follow-up on Rich's question on the margin balances. Just you guys do typically see a bit more year-end seasonality on margin balances than I think others. And some of the industry data points are pointing to really strong numbers in January and kind of retail trading continuing to be very robust. Just are you seeing that to kind of continue to flow through on margin balances month-to-date? And any color on whether you've seen the same sort of trends in trading activity?
明白了。好的。然后可能就是对 Rich 关于保证金余额问题的后续提问。你们通常在保证金余额上看到的年终季节性比我认为的其他人要多一些。而且一些行业数据指向一月份的数字非常强劲，零售交易继续非常活跃。你们是否看到这种趋势在本月的保证金余额中继续流动？以及你们是否在交易活动中看到相同的趋势？
Thomas Peterffy
Well, you have to excuse us. We do not talk about events past the year end.
好吧，请原谅我们。我们不谈论年末以后的事件。
Will Nance
Got it. No worries. I thought I'd try.
明白了。别担心。我想我会试试。
Thomas Peterffy
Right. 对。
Will Nance
Thank you for taking my questions.
感谢您回答我的问题。
Thomas Peterffy
Sure. 当然。
Operator 操作员
Thank you. Our next question comes from the line of Kyle Voigt with KBW. Your line is now open.
谢谢。我们的下一个问题来自 KBW 的 Kyle Voigt。您的线路现已开放。
Kyle Voigt
Hi. Good evening. Thomas, trading activity was up 160% year-on-year in the fourth quarter. Just wondering if you could help frame how much of that increase is being driven by clients that were acquired in 2020 versus clients that were already on the platform previously. Just trying to get a sense of how much of that activity is really driven by these new clients that have recently joined?
嗨。晚上好。托马斯，第四季度的交易活动同比增长了 160%。只是想知道您是否可以帮助分析一下，这一增长中有多少是由 2020 年获得的客户推动的，而多少是由之前已经在平台上的客户推动的。只是想了解一下这些新加入的客户在这些活动中到底推动了多少？
Thomas Peterffy
So, the new clients trade a little bit less, but not by much. That's the answer. So, a new client --
所以，新客户的交易量稍微少了一点，但差别不大。这就是答案。所以，一个新客户——
Kyle Voigt
Okay. 好的。
Thomas Peterffy
…the new clients probably trade around 80% to 85% as much as the old ones.
……新客户的交易量可能是老客户的 80%到 85%左右。
Kyle Voigt
Okay, that's helpful. And you mentioned really strong growth in Europe and Asia, any more color on which countries you're seeing especially strong trends within that?
好的，这很有帮助。你提到欧洲和亚洲的增长非常强劲，能否详细说明一下在哪些国家你看到特别强劲的趋势？
Thomas Peterffy
Well, surprisingly, Canada is one of the strongest. But in Europe, it's mostly Eastern Europe and Asia; it's the same old, Hong Kong, Singapore, and the surrounding countries.
好吧，令人惊讶的是，加拿大是最强的国家之一。但在欧洲，主要是东欧和亚洲；还是老样子，香港、新加坡和周边国家。
Kyle Voigt
That's helpful. Thank you.
这很有帮助。谢谢你。
Thomas Peterffy
It's substantially diminished from China, probably because of the difficulty of getting money out.
由于资金外流困难，这在中国大幅减少。
Kyle Voigt
Got it. Right. And then also just a question on, I think, IBKR notes launched in the quarter for credited investors. Just wondering if you could just describe that program in more detail? I'm just wondering what you're earning on cash that's -- on client cash that's invested into that program? Is there a fee or security taking on that?
明白了。好的，关于IBKR在本季度为合格投资者推出的债券项目，我有一个问题。能否更详细地描述一下该项目？我想了解你们在将客户现金投资于该项目时的收益情况？是否有任何费用或担保要求？
Thomas Peterffy
Paul, could you address this question?
保罗，你能回答这个问题吗？
Paul Brody
Yes. Sure. For us, it's opportunistic when we get opportunities to place money at higher rates we do. The notes program gives us some flexibility after using what is otherwise house capital. It's a relatively short-term, relatively high rate to the investor. It started at 50 basis points, and then we ratcheted up to 1%.
是的。当然。对我们来说，当有机会以更高的利率投资时，我们会抓住机会。债券项目在使用自有资本后为我们提供了一些灵活性。对投资者来说，这是一个相对短期、相对高利率的投资。它最初是 50 个基点，然后我们提高到 1%。
And they can roll over, in other words, we can redeem them at any time if we feel that the opportunities are no longer there or temporarily no longer there. So, it seems to be a very good program for us so far, and it got some pretty good take up from the start.
而且它们可以滚动，换句话说，如果我们觉得机会不再存在或暂时不再存在，我们可以随时赎回它们。所以，到目前为止，这对我们来说似乎是一个非常好的计划，并且从一开始就得到了相当不错的接受。
Kyle Voigt
Any way to quantify that at all, Paul, sorry?
有什么办法可以量化吗，保罗，抱歉？
Paul Brody
The note… 笔记…
Kyle Voigt
No, sorry, in terms of the take-up thus far?
不，对不起，到目前为止的接受情况？
Paul Brody
I think we were at $90-something million by the end of the year.
我想我们在年底时达到了九千多万美元。
Kyle Voigt
Got it. Okay. Thank you very much.
明白了。好的。非常感谢。
Operator 操作员
Thank you. Our next question comes from the line of Chris Allen with Compass Point. Your line is now open.
谢谢。我们的下一个问题来自 Compass Point 的 Chris Allen。您的线路已打开。
Chris Allen
Good evening, everyone. Most of my questions have been asked and answered. Just wonder if maybe you could give us some color on other fees and services, saw a very nice year-over-year growth, sequential growth, whether that's being driven by market data, payment for order flow or other factors?
晚上好，各位。我的大部分问题已经被问过并得到解答。只是想知道您是否可以为我们提供一些关于其他费用和服务的信息，看到同比增长和环比增长都非常好，这是否是由市场数据、订单流支付或其他因素推动的？
Thomas Peterffy
So, it's mostly market data. It's exposure fees that we charge to customers who's basically P&L profile can violate certain limits that we like to put on, because we basically -- we're not looking to expand -- we're not looking to collect on the exposure fees, but our real purpose is to try to get the client to rain in the risk in their position.
这主要涉及市场数据，以及我们向客户收取的风险敞口费用。这些客户的盈亏状况可能会超出我们设定的某些限制。我们的目的并不是为了收取风险敞口费用，而是希望促使客户控制其头寸中的风险。
But, nevertheless, it contributes to our income. But on the long run, we feel that we will pay that out in losses that the customers will not be able to make good. What other item is there, Paul? The payment for order flow comes from the IBKR Lite accounts, right, where we -- yeah.
不过，尽管如此，它确实对我们的收入有所贡献。但从长远来看，我们认为这部分收入最终会被客户无法弥补的损失所抵消。还有什么其他项目，Paul？订单流付款主要来自IBKR Lite账户，对吧？是的。
有常识的做法。
Paul Brody
No. The payments for that go into other fees and services are actually the exchange mandated programs and options exchanges where they rebate part of the liquidity producing orders. To the extent to the payment for order flow on the IBKR Lite actually nets into the commission. That's accounting convention, but it's clear how that comes out.
不是的。进入“其他费用和服务”的收入实际上是交易所规定的项目，来自期权交易所对部分流动性订单的返利。至于IBKR Lite账户的订单流付款，它实际上是计入佣金的。这是会计惯例，但其来源是清晰的。
And I was going to mention that in market data, although it's the largest item in that category, it's primarily a pass-through, right? We pay for market data, and then we collect on market data and we make a small spread on.
我本来想提到，在市场数据中，尽管它是该类别中最大的项目，但主要是一个传递项，对吧？我们支付市场数据费用，然后收集市场数据，并从中赚取少量差价。
Chris Allen
Got it. And then, any material change in terms of how many accounts and trades IBKR might account for this quarter versus in the prior quarters?
明白。那么，与前几个季度相比，本季度 IBKR 可能涉及的账户和交易数量有任何实质性变化吗？
Thomas Peterffy
Can you say that again?
你能再说一遍吗？
Chris Allen
I'm just wondering, IBKR Lite percentage of trades and accounts, I think, it was running about 5% of accounts, and cash on the trade in the prior quarter?
我只是想知道，IBKR Lite 的交易和账户百分比，我认为，上个季度大约是 5%的账户和交易中的现金？
Thomas Peterffy
It's fairly stable around those numbers. Although not that we are integrating with the folio customers, some 60,000 customers that are coming over, we're putting them all into IBKR Lite, so -- and leave it up to them if they want to switch to Pro. So you will see the proportion of live customers shut up by the end of the month.
这些数字相对稳定。虽然我们并没有与 folio 客户整合，大约有 60,000 名客户正在加入，我们将他们全部放入 IBKR Lite，所以——如果他们想切换到 Pro，就由他们自己决定。因此，到月底时，活跃客户的比例将会提高。
Chris Allen
Got it. Thank you. That’s it for me.
明白了。谢谢。我就这些。
Operator 操作员
Thank you. There are no further questions in the queue at this time. I would now turn the call back to Nancy Stuebe for closing remarks.
谢谢。目前队列中没有其他问题。我现在将电话交还给 Nancy Stuebe 进行结束发言。
Nancy Stuebe
Thank you everyone for participating today. As a reminder, this call will be available for replay on our website and we'll be putting up a clean version of our transcript on the site tomorrow. Thank you again and we will talk to you next quarter end.
感谢大家今天的参与。提醒一下，本次电话会议将在我们的网站上提供重播，我们将在明天把整理好的文字记录上传到网站上。再次感谢，我们将在下个季度末与您交谈。
Operator 操作员
Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.
女士们，先生们，这就结束了今天的电话会议。感谢您的参与。您现在可以断开连接。
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