2021-11-09 Thomas Peterffy.Bank of America 2021 Banking and Financial Services Conference
Craig Siegenthaler
Good morning, everyone, and sorry for the late start. This is Craig Siegenthaler from Bank of America, and it’s my pleasure to introduce Thomas Peterffy. Thomas is the Founder and Chairman of Interactive Brokers, and he founded the firm 43 years ago, and it’s one of the pioneers of electronic trading.
大家早上好，很抱歉我们晚了一点开始。我是来自美国银行的Craig Siegenthaler。今天我很荣幸为大家介绍Thomas Peterffy。Thomas是Interactive Brokers的创始人兼董事长，他在43年前创办了这家公司，是电子交易领域的先驱之一。
Interactive Brokers is a digital investing platform that services its clients across multiple segments, individuals, RIAs, hedge funds, prop traders, introducing brokers, and it extends into international markets, too. IBKR’s competitive advantage is its technology R&D effort, which allows them to offer multiple products in multiple currencies, launch new capabilities quicker and also underprice its competition. The firm also has a 65% operating margin today.
Interactive Brokers 是一家数字化投资平台，服务对象涵盖多个细分领域，包括个人投资者、注册投资顾问（RIA）、对冲基金、自营交易者、引荐券商，同时也拓展至国际市场。IBKR的竞争优势在于其技术研发能力，这使得它能够支持多种产品和多种货币，快速推出新功能，并以低于竞争对手的价格提供服务。目前该公司拥有65%的营业利润率。
Thomas, thank you for joining us.
Thomas，非常感谢你今天参与我们的会议。
Thomas Peterffy Founder & Chairman
Thank you very much for having me, and I apologize. I guess the Internet is out in my place. So – and it went out just 1 minute before this meeting was supposed to start. So really sorry.
非常感谢你邀请我参加会议，也很抱歉。我家里网络断了——就在会议开始前一分钟就断了。所以真的很抱歉。
Craig Siegenthaler
No worries, Thomas. Thank you again for joining us. I wanted to start with technology research and development, which many attribute as a key competitive advantage for IBKR. How is this effort different inside of IBKR? And what makes it quite unique?
没关系，Thomas。再次感谢你参加我们的会议。我想从技术研发开始谈起，很多人认为这是IBKR的关键竞争优势。那IBKR在这方面的做法与众不同之处在哪里？它的独特性体现在哪些方面？
Thomas Peterffy Founder & Chairman
So what makes it unique is that our operations have always been entirely technology-based. When I started the firm in 1977, I was a computer programmer and knew very little about the securities business. So I basically ended up there by accident.
我们的独特之处在于，我们的业务从一开始就是完全基于技术的。我在1977年创办这家公司时，是一名计算机程序员，对证券业务几乎一无所知。可以说，我是偶然进入这个行业的。
As a programmer at the commodities firm, I was asked if I could figure out how to price put and quote options on gold. It took me a long time, but eventually, I came up with a computer program that later turned out to be very similar to Black-Scholes.
当时我在一家商品公司做程序员，有人问我能不能设计一个程序，为黄金期权定价并报价。我花了很长时间，最终开发出一个定价程序，后来发现它和Black-Scholes模型非常相似。
I was so enamored by my formula that about 8 years later, soon after the American Stock Exchange started to lease put options, I decided to buy a seat and became a market maker on the floor. As I started to expand that business, I hired only programmers, figuring that we would automate all the functions we had to perform.
我对自己的这个定价公式非常着迷。大约8年后，美国证券交易所开始推出看跌期权，我决定买一个席位，成为交易大厅上的做市商。在扩展业务的过程中，我只雇佣程序员，因为我打算把所有操作全部实现自动化。
So by 1985, we had memberships on all U.S. options exchanges and had a completely automated system that work without any human interference. Unfortunately, the U.S. exchanges is resisted doing electronics so that we still have to have humans on the floors. But we delivered to them our bids and offers in a live stream.
到了1985年，我们已经在所有美国期权交易所拥有会员资格，并建立了一个完全自动化的系统，可以不依赖人工操作运行。但遗憾的是，美国交易所当时仍然抵制电子化，我们还是得在交易大厅安排人工。但我们的系统可以实时将报价流传送到交易所。
The big issue always was the [me] deal. But in Europe and Asia, more and more electronic exchanges opened. And we became members everywhere and made markets in fully automated fashion. It was that automated worldwide trading network that gave us the impetus to start a worldwide electronic brokerage business in ’93.
当时的问题主要集中在场内交易结构上。但欧洲和亚洲逐渐出现了越来越多的电子交易所，我们成为了这些交易所的会员，并以完全自动化的方式进行做市。这一全球自动化交易网络成为我们在1993年创办全球电子券商业务的推动力。
After the crash of 2008, other market makers started to buy order flow. We did not want to do that because of the clear conflict between our brokerage customers. And without that, our market-making business could no longer compete, and so we sold the market maker.
2008年金融危机后，其他做市商开始购买订单流。我们不愿意这么做，因为这会与我们的经纪客户形成明显的利益冲突。由于我们不愿参与订单流买卖，导致我们的做市业务无法继续竞争，最终我们出售了做市业务。
Craig Siegenthaler
So Thomas…
那么，Thomas……
Thomas Peterffy Founder & Chairman
So that’s why…
所以这就是为什么……
Craig Siegenthaler
Sorry, you go.
不好意思，请继续。
Thomas Peterffy Founder & Chairman
So our entire firm has grown up from that worldwide automated network that we bought – that we built for market making. And that’s why now we have a worldwide brokerage business that is also completely automated. So while the other brokers program to do what we do, I think in a growing business, we all build what we got. We build on what we got, and we got this automated platform.
我们整家公司都是在我们曾为做市业务建立的全球自动化网络基础上成长起来的。这也是为什么我们如今拥有一家完全自动化的全球券商业务。其他券商想通过编程去模仿我们的做法，而我认为，在一个不断成长的业务中，大家都是在已有的基础上构建的，而我们的基础正是一整套自动化平台。
The disadvantage of this is that we think that the new things take us a relatively long time to get into because we are organized only to do what we are automated to do. On the other hand, whilst any task is automated, it costs us very little to perform, and we are less dependent on individual know-how. This enables us to run the business with fewer people and share the savings with our customers.
缺点是，如果某项新业务不在我们的自动化框架中，那我们切入这个领域的速度可能相对较慢，因为我们的组织结构是围绕自动化运作的。但另一方面，一旦任务被自动化完成，执行成本就极低，我们对个体知识依赖也大大减少。这样一来，我们可以用更少的人手运营公司，并将节省下来的成本回馈给客户。
Craig Siegenthaler
So Thomas, a lot of other of your kind of brokerage competitors, they’re out buying tech companies, giving them access to technology capabilities. But you don’t really need to do that. You do a lot of that internally. You still have a high operating margin.
Thomas，现在很多同行券商在收购科技公司，以此获取技术能力。但你们似乎没有这个必要，你们很多技术都是自己内部做的，同时还能保持很高的营业利润率。
Why don’t other brokers copy what you do and have the same sort of strength and technology R&D inside of the firms?
那为什么其他券商不仿照你们的模式，在公司内部建立同样强大的技术研发体系呢？
Thomas Peterffy Founder & Chairman
So all of our employees, as I said to explain, are basically – not all of our employees, but our company is run by computer program. Other firms in the business are run generally by salespeople or people with business degrees.
就像我之前说的，我们公司的运作基本上是由计算机程序驱动的——当然不是说所有员工都是程序员，但我们的公司是由程序驱动运营的。相比之下，其他券商大多是由销售人员或商科背景的人主导运营的。
So we are in the business of building computer systems for brokerage applications. And we are the only users of those systems that we build. Basically, that’s the way I put it, I think, most simply.
我们所从事的，是为券商业务构建计算机系统的工作。而我们又是这些系统的唯一用户。简单地说，我们就是这么做的。
Craig Siegenthaler
So Thomas, your product offering is much wider than other online brokers, especially the ones that I cover. It extends around the world, extends into channels like introducing brokers and hedge funds and prop traders. Are you concerned that at some point, your competitors may sort of catch up and replicate your model especially in terms of going more global?
Thomas，你们的产品覆盖范围比我覆盖的其他线上券商都要广泛，不仅是全球市场，还有像引荐券商、对冲基金、自营交易等渠道。你有没有担心，未来竞争对手可能赶上来，复制你们的模式，尤其是在全球扩张这方面？
Thomas Peterffy Founder & Chairman
Not at all. We are currently building what we’ll be offering a year or 2 from now. We’ll always be ahead by an ever-widening distance, I believe.
一点也不担心。我们现在正在开发的是一两年后才会推出的产品。我相信，我们始终会领先，而且领先的差距只会越来越大。
Craig Siegenthaler
So Thomas, let’s talk about your long-term growth trajectory. Where is the growth coming from? And do you think the 30% account growth is still feasible over the long term? You’re doing much better than that last year, but we have seen some deceleration.
Thomas，我们来聊聊你们的长期增长轨迹。增长主要来自哪里？你认为账户年增长30%这个目标在长期是否仍可实现？你们去年远超这个数字，但我们也注意到最近有所放缓。
Thomas Peterffy Founder & Chairman
So growth is coming from all over the world fairly evenly, and 30% sounds about right. If we would be below that, we would pick up on advertising specific new features. So we always have new features that we can advertise. And when we need a shot in the arm, we just step up the advertising.
我们的增长基本上来自全球各地，分布相当均匀。30%的增长目标听起来是比较合理的。如果低于这个水平，我们会通过加强某些新功能的广告来提振。我们始终都有新功能可以宣传，一旦我们需要“打强心针”，就加大广告投入。
We want controlled growth and make sure that every facet of our business grows with a number of customers to the extent necessary. With the current release, I hope most of you have heard about this impact that we released last Thursday. And I would think that on the short term due to this new release, our growth will be substantially higher than 30%.
我们希望实现可控的增长，确保业务的每个环节都能跟上客户数量的增加。关于最近的产品发布——我希望大家已经听说我们上周四发布了“Impact”这个功能。就短期而言，我认为这个新功能将推动我们的增长远高于30%。
可控的意思不完全的自动化，我想主要是客服服务。
Craig Siegenthaler
Thomas, I wanted to talk about your advertising strategy. How do you see it as – how has it benefited your growth trajectory? And what do you do differently there than some of your competitors?
Thomas，我还想谈谈你们的广告策略。你怎么看待它在增长轨迹中的作用？你们的广告打法和竞争对手有哪些不同？
Thomas Peterffy Founder & Chairman
Well, what we do – I don’t know what our competitors do, but we do it differently than we used to. So we have built a mathematical system to track our advertising. And so we understand now what we get from what channels and how much we pay for it and where it works and where it doesn’t work.
我们的做法是——我不知道竞争对手怎么做的，但我们现在的方式和过去相比有很大不同。我们搭建了一个数学系统来追踪广告效果。现在我们清楚地知道，每个渠道带来了多少转化，我们为此花了多少钱，哪些渠道有效，哪些无效。
And we basically dropped all the channels or substantially decreased our volume in those channels that did not work well in favor of the channels that work well. And so the advertising is a very, very interesting world. And I would have fairly submerged myself into it over the last 2 years, and it’s now finally seems to be working. And we are very confident that we can – we know how do we do.
所以我们基本上放弃了所有效果差的渠道，或者大幅降低了这些渠道的投放量，转而集中资源在有效的渠道上。广告这个领域非常有趣，过去两年我几乎全身心投入到这个领域里，而现在我们终于看到它开始发挥作用了。我们对自己的广告策略非常有信心，也知道自己该怎么做。
Craig Siegenthaler
Thomas, given the spike in volatility over the last year and now we’ve seen some normalization, what do you think are more normalized trading activity levels? And do you see trading volumes or DARTs per account slowing further from here?
Thomas，过去一年市场波动剧烈，而现在我们看到一些正常化的迹象。你怎么看未来更“常态化”的交易活跃度？你是否预期每户交易量或DARTs（每日每账户交易量）将进一步放缓？
Thomas Peterffy Founder & Chairman
So I think trading volumes per account will probably slow, especially in the market that will start going down. In our case, this also has to do with account mix. Hedge funds and prop traders trade more than individuals, who, in turn, trade more than registered advisers and introducing brokers.
我认为每户的交易量很可能会放缓，尤其是在市场开始下行的环境下。在我们这边，这还与账户结构有关：对冲基金和自营交易者的交易量高于散户，而散户又高于注册投资顾问和引荐经纪人。
So as opposed to other brokers, we rely more on our execution capabilities that we have in aggregate from our automated market-making days. We charge a commission and do not charge other fees like ticket fees and custody fees, which we hear other brokers are – have gradually begun to sneak into their offering.
与其他券商不同，我们更依赖我们自做市时代积累下来的强大执行能力。我们只收佣金，不像有些券商那样逐渐在产品中悄悄加入交易票据费、托管费等其他费用。
Craig Siegenthaler
Let’s move on to one of your early-mover advantages with cryptocurrency trading. What have you seen so far in terms of crypto trading driving new accounts or inside of existing accounts wanting permission to trade crypto?
我们来谈谈你们在加密货币交易方面的“先发优势”。到目前为止，加密货币交易在带动新开户或者现有客户申请交易权限方面，有什么样的表现？
Thomas Peterffy Founder & Chairman
So as of last Friday, the 21,300 individual accounts and 319 registered financial accounts have requested permission to create crypto. We will offer other coins, I assume, pretty soon.
截至上周五，已有21,300个个人账户和319个注册金融账户申请了加密货币交易权限。我预计我们很快就会提供更多的代币交易。
But I mean as we are told by Paxos – because it is not up to us. We do all these through Paxos, and we offer whatever they have. And so they are adding other coins soon. And therefore, we will be adding other coins soon.
但这其实是由Paxos决定的——并不完全由我们决定。我们所有的加密交易服务都通过Paxos完成，他们提供什么币种，我们就提供什么。据了解他们近期会增加新的币种，因此我们也将很快支持更多币种。
As far as hedge funds and international clients are concerned, so our crypto offering is currently available to hedge funds and register the investment advisers. And it is – as far as international, it is currently available next to the United States, in Switzerland, in the Caymans and in Taiwan.
关于对冲基金和国际客户，目前我们的加密货币服务已向对冲基金和注册投资顾问开放。在国际方面，除美国外，我们目前也在瑞士、开曼群岛和台湾提供这项服务。
And I expect that other venues will become available as we go through the motions of whatever it takes to be able to service customers living in other geographies. So as far as we know, we are the only electronic venue at this point, where folks can trade stocks all over the world in different currencies and crypto from one screen in one account. And that also goes for investment advisor and hedge fund.
我预计，随着我们陆续完成各地区的合规流程，未来还会有更多国家和地区开放服务。据我们所知，目前我们是唯一一个可以让客户通过一个账户、一个界面，在全球范围内用多种货币交易股票和加密货币的平台。这对于投资顾问和对冲基金客户同样适用。
Craig Siegenthaler
Thomas, what do you see as the benefit to new client accounts or your sales activity from crypto trading? And then also, what do you see as the benefit also in terms of the trading side or the DART side from crypto trading?
Thomas，你怎么看加密货币交易对新客户开户或销售活动的推动作用？另外，从交易活跃度或DART（每日每账户交易量）角度来看，你觉得加密货币交易带来了哪些益处？
Thomas Peterffy Founder & Chairman
So I don’t know the answer to that. We – I assume that [indiscernible] offering. But I don’t know if we have any accounts that have only come to us to trade crypto, and they don’t do anything else. So I – we haven’t – I haven’t looked for that. So I don’t know the answer to your question.
这个问题我还无法给出明确答案。我假设我们从加密货币交易中获益了，但我不清楚是否存在那种专门为了交易加密货币而开户、但除此之外什么都不做的账户。我没有专门去查过这类数据，所以现在无法准确回答你的问题。
But the idea is that look, we – at this time, we are less than half as expensive as the next least expensive crypto outlet other than Robinhood, which is supposedly 0, but you know what 0 means, right?
但我们的核心理念是：我们目前的加密交易成本不到其他最便宜平台的一半，除了Robinhood，后者号称是“零佣金”——但你我都清楚，“零佣金”是什么意思，对吧？
So from folks that charge commissions like Coinbase and others, our commission – are much higher than we are. So our – what we charge is between 12 and 18 basis points. That’s the fee that we charge for trading crypto.
相比之下，像Coinbase等按交易收费的平台，他们的费用比我们高得多。而我们收取的交易费用是在12到18个基点之间，这就是我们当前对加密交易的收费标准。
Craig Siegenthaler
Thomas, let’s migrate over to PFOF or payment for order flow. The new leadership at the SEC is looking into PFOF and the equity market structure. You’re an expert on this. You spent your career kind of on similar subjects. What do you see as the likely outcomes from the SEC’s investigation?
Thomas，我们换个话题，聊聊订单流支付（PFOF）。SEC的新领导层正在审查PFOF机制以及整个股票市场结构。你是这方面的专家，职业生涯大多都围绕这些问题。你怎么看SEC这项审查可能带来的结果？
Thomas Peterffy Founder & Chairman
So as I keep explaining, I do not think that PFOF should be prohibited without prohibiting internalization in general, which is not going to happen because that’s the way Wall Street works and always has.
我一直在强调，我不认为可以在不禁止“内部撮合”（internalization）的前提下单独禁止PFOF——而全面禁止内部撮合是不可能的，因为那是华尔街运作的基本方式，从过去到现在都是如此。
So the only difference between top from Citadel to Schwab is Schwab and any big bank is that – in Schwab’s case, the payment is over. It is stated on the financials while the big banks, it is across the department of benefit that is not broken out as such.
像Citadel和Schwab这样的公司，他们之间唯一的区别在于——以Schwab为例，它的订单流收入是显性支付，并在财报中列示；而大银行则是部门之间的内部利益划分，并不会单独披露这部分收入。
It is reported as part of trading profits which, as you all know, amounts to about $200 billion per year globally. So this will not be stopped. And you do know who is on the other side of those page, right? A few investors.
这些收入通常被归入“交易利润”一项——你们都知道，这部分全球每年大约有2,000亿美元。因此，这套机制不会被终止。而且你们也清楚，这些巨额利润的对手方是谁吧？就是一些零售投资者。
Craig Siegenthaler
So Thomas, given that you have multiple models, IBKR Light, which is commission-free; IBKR Pro, which charges commission, no PFOF there, how do you see like the range of scenarios impacting your business?
Thomas，你们目前有多个业务模式：IBKR Light 是免佣的，IBKR Pro 则收取佣金且不涉及订单流支付（PFOF）。你怎么看这些不同场景对你们整体业务的影响？
Thomas Peterffy Founder & Chairman
So less than a – so we offer our customers a choice. We say you can choose their own commissions, and we sell your order to the market maker like other brokers do or they can pay us a small commission, and we try to find the other side for your order with an institutional trading firm.
我们的做法是给客户提供选择权。你可以选择免佣金模式，那我们就像其他券商一样把订单卖给做市商；或者你也可以选择支付一小笔佣金，我们则会尽力通过机构交易方为你找到对手盘。
This is – this benefits our platform because as I said, over 95% of our customers used to pay the commission. And this program allows us to go to other institutions and try to get them to stream their orders into ACS and try to trade with our 2.5 million retail trades per day.
这种模式对我们的平台非常有利。因为如我所说，超过95%的客户过去都是选择支付佣金的模式。而这一机制也使我们能够去对接其他机构，鼓励他们将订单流导入我们的ACS系统，并与我们每天250万笔的零售订单撮合成交。
They see that as their only chance to not be eaten up by big bank trading desks and to get a good execution near the mid-price for part of their orders. So this – putting these 2 customer types together is giving us a great way to the business.
这些机构认为，这是他们唯一能避免被大型银行交易部门“吞噬”的机会，并能让他们的部分订单接近中间价成交。因此，把这两类客户撮合在一起，为我们业务开辟了一条非常好的道路。
Craig Siegenthaler
Great, Thomas. I just want to take a moment and let everybody know in the audience in the room that they’re free to ask questions. I can ask them live here if you have them. You just got to write them in.
太好了，Thomas。我想借此机会提醒现场的听众，你们可以随时提交问题，我可以现场提问。只需要把问题写下来即可。
Thomas, let’s take a step and move on to the balance sheet and interest rate sensitivity for a moment. How asset sensitive is IBKR to changes in interest rates? And what do you see as the potential impact also from higher inflation?
Thomas，我们来谈谈资产负债表和利率敏感性。IBKR对利率变动的资产敏感度有多大？另外你怎么看高通胀可能带来的影响？
Thomas Peterffy Founder & Chairman
So to the extent higher inflation will go with rising interest rates, we will have a full benefit from the first 50 basis points of interest rate rise. We currently are shipping down roughly $90 billion worth of customer cash. So 50 basis point, and that would be about $450 million if you assume that foreign rates move together with the dollars.
如果通胀上升伴随利率上升，我们将完全受益于前50个基点的加息。目前我们持有大约900亿美元的客户现金。假设海外利率与美元同步上升，50个基点的加息就相当于大约4.5亿美元的收益。
But the fact is that about 25% of the $90 billion is in other currencies because our customers want to keep it that way. And so as you know, many other currencies are currently negative. And so it will take some time for them to go to a positive rate. So that’s basically the picture.
但实际上，这900亿美元中大约有25%是以其他货币计价的，因为客户希望保持这种配置。而众所周知，目前许多非美元货币的利率仍为负值，因此它们转为正利率还需要一些时间。大致情况就是这样。
Craig Siegenthaler
Thomas, you’ve been selling a little bit of stock every day now. What are your selling plans today? And how long do you expect this to continue?
Thomas，你现在每天都会卖出一部分股票。请问你目前的出售计划是什么？你预计会持续多久？
Thomas Peterffy Founder & Chairman
So I’m selling 20,000 shares per day. And at that rate, it’s going to take me 60 years to liquidate all my shares. As – I think this program that I’m currently doing has almost another year to run, and I haven’t yet thought about whether I will extend it or stop it. So that’s where I am at the moment.
我现在每天卖出2万股。按这个速度，要清掉我所有持股大概需要60年。目前我正在执行的这轮计划大概还能持续一年，我还没决定是否要继续延长或终止，所以目前就先这样。
Craig Siegenthaler
And then, Thomas, I think I know the answer to this one, but what are your thoughts on buyback, just given maybe some limitations with the smaller float?
Thomas，我大概能猜到你的答案，不过还是想请教一下：考虑到你们目前的流通股本比较小，你对股票回购怎么看？
Thomas Peterffy Founder & Chairman
The company cannot buy back shares because we’d lose our ability to take goodwill. Every time we sell stock equal to the market price that’s the cost basis, which is the book value that – we take that as goodwill and write it off over the following 15 years.
我们公司不能回购股票，因为那样会失去“冲抵商誉”的能力。每次我们按市价出售股票，其成本基础就是账面价值，我们把这个差额作为商誉在接下来的15年里进行摊销。
If we would ever turn out to own more than 20% of our publicly available – publicly traded shares, that opportunity would collapse based on the IRS code. So this is a good program, and we are not going to interfere with it. So as a result, we will never buy shares.
根据美国国税局的规定，如果我们持有的流通股超过了20%，那这项“商誉摊销”机制就会被取消。所以这是一个很好的机制，我们不会去干扰它。因此，我们永远不会回购股票。
Besides we would like to have our float. I mean, the float is still very small. We currently have maybe $6 billion of float to a total market value of about $30 billion. We should grow the float.
此外，我们也希望能增加我们的流通股。现在的流通股还很小，大约只有60亿美元，而公司总市值约为300亿美元。我们应该让流通股规模扩大一些。
目前市值1000亿，假设未来出售20%，200亿的股票，假设账面成本是50亿，未来15年税前摊销，每年摊销额10亿，21%的联邦所得税率，每年节省2.1亿美元。
Craig Siegenthaler
So Thomas, you have $10 billion of equity capital now. In the past, you’ve talked about like a $12 billion target. Should we expect a higher dividend payout when you reach $12 billion? Or are there other uses for that capital?
Thomas，你们现在的股本规模是100亿美元。你过去曾提过目标是120亿美元。当你们达到这个水平时，是否应该预期更高的分红？还是说你们另有用途？
Thomas Peterffy Founder & Chairman
Well, it seems to me that companies are being paid more for innovation than dividend. We have – and since we have plenty of opportunity to innovate, I do not think that we will raise the dividend.
在我看来，市场更倾向于给予创新企业更高的估值，而不是给高分红企业。所以我们目前有很多创新机会，我不认为我们会提高分红。
We want to grow the company. And as we expand around the world with more and more appropriate subsidiaries, that picks up a lot of capital. And so do some of the new products that we’re having. And we are adding, and we’ll keep on adding. So there is plenty of uses for capital and are not looking to raise the dividend.
我们的目标是继续扩大公司规模。随着我们在全球设立越来越多的合规子公司，这会占用大量资本。我们还在不断推出新产品，这些也需要资金支持。因此我们有很多资金用途，不打算提高分红。
Craig Siegenthaler
Thomas, I wanted to talk about China for a moment. Can you update us on what is happening with Chinese regulators and the broker-dealer business specifically? I know you have 2 very large clients there introducing broker clients with Tiger and Futu.
Thomas，我们来聊一下中国。你能否更新一下与中国监管机构以及经纪业务相关的情况？我知道你们在中国有两家非常大的引荐经纪客户：老虎证券（Tiger）和富途（Futu）。
Thomas Peterffy Founder & Chairman
Okay. So all we know is what they are telling us. And they are saying that they are handling the issue. And that’s all we know. Otherwise, I have stated previously on public forums that Futu have been trying to – has applied for membership and is trying to go self clearing. And I think they are in the process. And I hope they will not have the [indiscernible] it’s self clearing..
好，我们知道的也只是他们告诉我们的内容。他们说他们正在处理这个问题，这就是我们目前所知的全部。除此之外，我曾在一些公开场合提到，富途已经申请会员资格，并正在尝试转为自清算。我认为他们正处于这一进程中，希望他们能顺利完成转型，不会遇到什么障碍。
Craig Siegenthaler
And Thomas, recently, there was some press on a anti-money laundering issue in Venezuela. This I don’t think happened recently. I was wondering if you could just provide us your update on that situation.
还有一件事，最近媒体有一些关于你们在委内瑞拉的反洗钱问题的报道。我理解这不是近期发生的事情。你能否就这件事给我们做一个更新？
Thomas Peterffy Founder & Chairman
So I read the same article in the Wall Street Journal you read. We looked into it, and it seems to be the article was since there has been some initiated by a whistle blower. We have not heard about from the regulators on this issue. And that’s all we know.
我看了你提到的《华尔街日报》那篇文章，我们也进行了调查。这篇报道似乎是由一位内部举报人引发的。就这个问题，我们目前尚未收到任何来自监管机构的通知。这就是我们目前了解的全部情况。
Craig Siegenthaler
So got it. One of the things that you’ve been looking for, I believe, is a bank license in the U.S. I believe you already applied for it, too. So can you give us an update on that progress? And is there any visibility to time line on that effort?
明白了。还有一个你们此前在推进的事情是美国的银行牌照申请。我记得你们已经提交过申请。能否更新一下这方面的进展？有没有明确的时间表？
Thomas Peterffy Founder & Chairman
So we never got to the point where we actually hand the dealer application. But if you recall, about, I don’t know, about 9 months ago, we had an AML issue that we settled with the SEC and the CFTC. And at that time, we were told that we should not put in the application for at least 3 years after that settlement because it wouldn’t be approved.
我们其实还没有正式递交银行牌照的申请。你可能记得，大约9个月前我们因反洗钱问题与SEC和CFTC达成了和解。当时我们被告知，在和解后的至少三年内不宜提交申请，因为不会被批准。
So the application at this time is sitting on ice. And that’s all I know.
所以这项申请目前被“冷冻”了。这是我目前知道的全部情况。
Craig Siegenthaler
Okay. Well, Thomas, with that, I’m out of questions. So I just wanted to give you a big thanks on behalf of everyone here at Bank of America. And Thomas, we hope to see you next year, maybe in person. Good to see you, Thomas. Thank you very much.
好的，Thomas，我的问题就这些了。我代表美国银行的所有同事，衷心感谢你今天的出席和分享。我们希望明年还能见到你，也许可以当面交流。很高兴见到你，非常感谢。
Thomas Peterffy Founder & Chairman
Great. Thank you very much. Bye-bye.
非常感谢，再见。
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