2023-02-14 Thomas Peterffy.The Bank of America Securities 2023 Financial Services Conference
Craig Siegenthaler BofA Securities
Good afternoon, everyone. Let's get started. I'm Craig Siegenthaler from Bank of America, and it's my pleasure to introduce Thomas Peterffy. Thomas is the Founder and Chairman of Interactive Brokers. Thomas founded the firm 43 years ago?
大家下午好。我们开始吧。我是来自美国银行的Craig Siegenthaler，很高兴为大家介绍Thomas Peterffy。Thomas是盈透证券的创始人兼董事长。Thomas，你是43年前创立这家公司的吗？
Thomas Peterffy
46\.
46年。
Craig Siegenthaler BofA Securities
46 years ago, okay. And is a pioneer of electronic trading globally. Interactive Brokers is a digital investing platform that spans multiple client segments. This includes hedge funds, prop trading, RIA, broker and its largest segment, individual investor. It also expands around the world versus a lot of its peers, which are really focused here in the U.S. So Thomas, thank you very much for joining us today.
原来是46年。你也是全球电子交易的先驱。盈透证券是一家数字化投资平台，覆盖多个客户群体，包括对冲基金、自营交易、注册投资顾问、经纪商，以及最大的个人投资者板块。与许多主要聚焦美国市场的同行不同，我们的业务遍及全球。Thomas，非常感谢你今天的到来。
Thomas Peterffy
It's a pleasure.
很荣幸。
Craig Siegenthaler BofA Securities
So we're going to start off with technology, research and development. One of the areas that I think is a key competitive advantage for your firm. What makes your tech effort so different? And why can't other e-brokers sort of replicate what you do and are unable to expand globally, like you've been able to do?
那么我们先从技术研发开始，这是我认为贵公司的一大竞争优势。是什么让你们的技术投入如此与众不同？为什么其他电子经纪商无法复制你们的做法，也难以像你们一样实现全球扩张？
Thomas Peterffy
So Interactive Brokers has a unique history. And that explains why the company is so different than others, and that includes our unique approach to building technology.
盈透证券有着独特的发展历程，这也解释了为何公司与众不同，其中就包括我们在技术构建上的独特方法。
Prior to funding IBKR with \$200,000 of savings 46 years ago. I worked as a computer programmer for 10 years, and that experience have substantially determined my vision for the company. The company would basically be just a collection of computer programs that performed all the unique functionalities that the company has to do in an automated manner with as few people attending to these systems as possible.
在46年前，我用20万美元的积蓄创办盈透证券之前，我曾担任计算机程序员达十年之久，而那段经历深刻塑造了我对公司的愿景。公司的本质就是一系列计算机程序，自动执行公司所需的各种独特功能，并尽可能少地依赖人工维护。
Initially, we were market makers of the American Stock Exchange. I first through the program that would be trading options. And as profits started coming in, I would hire other programmers to expand the system to more products and back office and accounting and management reports. The next 4 decades, we're all about building this software and adding more people to building it.
最初，我们是美国证券交易所的做市商。我首先开发了进行期权交易的程序。随着盈利的到来，我不断招聘程序员，将系统扩展到更多产品及后台、会计和管理报告模块。在接下来的四十年里，我们专注于构建这套软件，并不断壮大研发团队。
Accordingly, most managers of the company today are software developers. We do not start any new business up until we get it first completely automated. Now as to the international offering, why we are so unique and the only ones basically to do that. As option market makers by the late '80s, we had a fully automated system that would put out bids and offer quotations and receive executions, but on the execution end of this system, we had to employ human traders on the exchange roles who would execute the trades, needing people to implement their trades was an impediment to efficiency and an unnecessary expense.
因此，时至今日，公司大多数管理者都是软件开发人员。我们不会启动任何新业务，直到其完全自动化。至于为何我们在国际业务方面如此独特并几乎无人能及：作为期权做市商，到八十年代末，我们已拥有一个可完全自动化报价并接收成交的系统，但在成交环节仍需在各交易所雇佣人工交易员，这既降低效率又增加了不必要的成本。
So in 1990, the first automated options exchange opened in Germany, we saw that as a huge breakthrough for us. They needed liquidity, and I convinced them that if they let us hook up directly to the exchanges computers, we will stream live quotes to them throughout the trading day. And that proved to be a great success and other electronic exchanges as they opened in Europe and Asia, we just replicated that same business model.
于是，1990年德国开设了首个自动化期权交易所，我们视其为重大突破。他们需要流动性，我说服他们允许我们直接接入该交易所的计算机系统，并在整个交易日实时提供报价。此后，欧洲和亚洲的新电子交易所相继开放，我们均以同样模式复制该业务。
So pretty soon, we had memberships and electronic connections to all the major exchanges around the world, except still not in the U.S., which was still open outcry. We had a computerized automated global execution network. So when we started Interactive Brokers in 1993, a brokerage firm, we just put that on top of this network. And this explains our international presence today. Of course, we -- that was followed by years of building compliance and tax reporting software for the individually unique requirements of each different jurisdiction, but that, of course, still goes on to quite some extent.
很快，我们就获得了全球主要交易所的会员资格并建立了电子连接，唯独美国仍沿用喊价交易模式。我们拥有一个计算机化的全球自动化执行网络。1993年，我们在此基础上创立盈透证券。这也解释了我们今日的国际布局。随后，我们又花费多年为各地不同司法辖区的合规与税务报告需求开发相应软件，这项工作至今仍在持续进行。
Craig Siegenthaler BofA Securities
So Thomas, your business model expands across so many different client segments today. And by geography, across so many regions. Can you walk us through the key businesses that you offer today?
Thomas，你们如今的业务模式覆盖了如此多的客户群体，并且在地域上遍及众多地区。能否请你介绍一下目前你们提供的核心业务？
Thomas Peterffy
So we have individual investors. We have hedge funds. We have proprietary trading firms, registered investment advisers and introducing brokers. Now introducing brokers are basically just brokers like we are, except they use our platform to do their business. So they, in turn, also have the same customer types, namely individuals, hedge funds, proprietary trading firms and registered advisers. Our customers come from all countries. So we have -- and territories because we are in 204 places, but there are only 194 countries \[indiscernible]. So that's where we are.
我们有个人投资者、有对冲基金、有自营交易公司、有注册投资顾问，还有介绍经纪商。介绍经纪商本质上也就是像我们这样的经纪商，只不过他们使用我们的平台来开展业务。因此，他们的客户类型也与我们相同，即个人、对冲基金、自营交易公司和注册顾问。我们的客户遍及全球各国和地区——我们在204个地点开展业务，但实际上只有194个国家〔听不清〕。大致就是这样。
Craig Siegenthaler BofA Securities
So on December 15, the SEC sent us an early Christmas present with 4 new proposals on equity market structure. What are your initial thoughts on the proposal?
那么，在12月15日，SEC给了我们一个早到的“圣诞礼物”——关于股票市场结构的四项新提案。你对这些提案的初步看法是什么？
Thomas Peterffy
So I think that proposal is a validation proposal to save money for retail and institutional customers. I just worried that the savings may not be enough to justify the expense of building out a different infrastructure. And I'm somewhat worried about the unknowns that could emerge. I would prefer if the SEC let it up to the industry and the competitive spirit of the participants to deal with these problems.
我认为这些提案旨在为散户和机构客户节省成本，是一种“验证”性提案。我只是担心，这些节省可能不足以抵消构建全新基础设施的费用。同时，我对可能出现的不确定因素也感到担忧。我更希望SEC把这些问题留给行业，由市场参与者的竞争精神来解决。
Craig Siegenthaler BofA Securities
So what do you expect as the impact to the equity market structure in the United States? And also there's likely a negative impact to payment for order flow from the rules as they're written today, how do you think that plays out? And then also what specifically is that -- you think the impact on IBKR's business?
那么，你预计这些提案会对美国股票市场结构产生怎样的影响？此外，按目前规则来看，针对订单流支付可能会受到负面影响，你认为情况会如何演变？对IBKR的业务又会带来哪些具体影响？
Thomas Peterffy
So I don't think that payment for order flow will necessarily go away. Most brokers do not have their own order routing systems today. So they will have to continue to use somebody else's and they may as well use the current routing destinations of Citadel and Virtu and other similar companies. So the changes are more likely to be on their end, not on the brokers end, but on the execution side.
我认为订单流支付不见得会消失。大多数经纪商今天并不拥有自己的订单路由系统，所以他们仍然必须使用他人的系统，不妨继续选择像Citadel、Virtu等公司的路由服务。因此，变化更可能出现在这些路由服务提供方一侧，而不是在经纪商一端，而是在执行环节。
They will have to go through different machinations to interact with the orders as the new rules we recall for -- and the interaction rate will probably decrease the payment for order flow will decrease. And those orders that they are not interacting with, they will route on behalf of the brokers just as a service. That's what I think is going to happen.
他们将不得不采用不同的方式来处理订单，以适应新规则——交互率可能会降低，订单流支付也将减少。对于那些他们不再交互的订单，他们会作为一项服务代表经纪商进行路由。这就是我预计会发生的情况。
At Interactive Brokers, we offer a choice to our customers. We can choose IBKR Lite, Zero commissions, and we sell the order for -- payment for order flow. Or we execute the orders within our routing environment, which includes our ATS, dark pools and exchanges and we charge a commission. 94% of our customers chose the latter. Much of our order routing and execution software revolves around getting the best price inside the NBBO. So I cannot imagine that the new rules would make a substantial difference for us.
在盈透证券，我们为客户提供两种选择：可以选择IBKR Lite——零佣金方案，订单流支付模式；或者在我们的路由环境内执行订单——涵盖我们的ATS、暗池和交易所，并收取佣金。94%的客户选择了后者。我们的订单路由和执行软件大多致力于在全国最佳买卖报价（NBBO）范围内获取最佳价格。因此，我无法想象新规则会对我们造成实质性影响。
Craig Siegenthaler BofA Securities
What do you think could come next from the SEC? I know you talked about potential on the option side on the last earnings call. So do you think that could be next?
您认为接下来SEC可能会推出什么措施？我知道您在上次财报电话会议上谈到了期权方面的潜在动向。那么您认为这可能就是下一步吗？
Thomas Peterffy
Yes, there could very well be a proposal to force option executions to go through different channels. But again, we just recently released our new option routing destination, we call IBUSOPT. Here, customers can indicate the mid price or a price back to the bid or offer or back to the best price as the price at which they want to execute. And we will hold the orders up until we get an opposite side order against. So we can marry the 2 sides.
是的，很有可能会有一项提案，要求期权执行必须通过不同的渠道进行。不过，正如我所说，我们最近刚推出了新的期权路由目的地，称为 IBUSOPT。在这里，客户可以指定中间价、对买入价或卖出价的调整价，或者回到最优价格，作为他们希望执行的价格。我们会将订单保留，直到收到对手方订单，以便撮合成交。
And we will attempt to do that because all options must be executed those options exchanges. And when we take the cross to the exchange, we at times get interference, which means that on one side, we get a better bidder offer than we were contemplating where we had the 2 orders crossing. And in that case, that side, the other side gets a better price, which is great. So we are already doing a version of what I think the SEC will going to do. So whatever they come up with, I think we will very easily be able to adapt to it. But I'm not so sure that other brokers will be.
我们会尝试这样做，因为所有期权都必须在这些期权交易所执行。当我们将撮合订单提交到交易所时，有时会出现“干预”情况——这意味着在某一方，我们得到的买价或卖价优于原先两订单撮合时预期的价格。在这种情况下，另一方能够获得更好的价格，这很好。所以我们已经在做一套我认为SEC将会要求的方案。不论他们提出什么，我相信我们都能轻松适应，但我不太确定其他经纪商是否能。
Craig Siegenthaler BofA Securities
Let's change it up and move on to your introducing broker business. You've seen a nice acceleration in growth there on the August earnings call. You talked about 2 very large potential wins in the pipeline. What's driving the reacceleration of growth in the IBroker business?
那我们换个话题，谈谈你们的介绍经纪商业务。你在8月的财报电话会议上提到这一业务增长显著加速，并提到了两个非常大的潜在胜利案例。是什么推动了介绍经纪商业务增长的重新加速？
Thomas Peterffy
So I think I already gave you a glimpse of how complex execution systems are. Compliance is not any simpler, especially when all this must take place among many other different jurisdictions and regulatory regimes. This is an issue that many international banks and non-U.S. brokers are faced with today. So these brokers want to make available to their customers U.S. products, where most of the action is today, in addition to the local products and sometimes also some international products. They realized that to build and maintain a system that can do all that would probably cost a lot more than the revenues that they would derive from it, especially since IBKR is -- already offers that service at a very low cost in their country already. So they would have to compete with us.
我想我已经让你们看到执行系统的复杂性。合规要求并不简单，尤其是当这一切必须在多种不同司法管辖区和监管制度下进行时。许多国际银行和非美国的经纪商今天都面临这个问题。因此，这些经纪商希望向客户提供美国市场的产品（这是现在主要的交易场所），同时还提供本地产品，有时也会提供一些国际产品。他们意识到，构建和维护一个能涵盖所有这些需求的系统，所需成本可能远超过他们从中获得的收入，尤其是IBKR已经在他们所在国家以极低成本提供了这项服务。因此，他们不得不与我们竞争。
So the ultimate issue becomes how should they compete with Interactive Brokers. These financial institutions already have all these customers and offer other services to them. And we are happy to provide the technology and the service at a discount so that they would charge the same amount or just a little more than we charge and they'll be running at a profit. And we do not have to bother with getting the clients and providing the AML and the customer service. So it's a win-win on both sides.
最终问题是，他们该如何与盈透证券竞争。这些金融机构已经拥有这些客户并向他们提供其他服务。我们很乐意以折扣价提供技术和服务，这样他们就可以收取与我们相同或略高的费用，同时仍能盈利。我们也无需费心开发客户、提供反洗钱（AML）合规和客户服务。这是双赢的局面。
Craig Siegenthaler BofA Securities
So how does your pipeline for additional IBroker wins look like today? And I don't want to get ahead of myself because you just launched -- you announced 2 big ones. But how does the forward pipeline look?
那么，贵公司获取更多介绍经纪商（IBroker）业务胜利的管道今天进展如何？我不想过早下定论，因为你们刚刚启动——宣布了两个大项目。但今后的业务管道情况如何？
Thomas Peterffy
So we're having conversations with several banks and brokers. Their customers will hopefully end up with us as their current providers become introducing brokers much sooner and for less expense than if they try to build it themselves. So as I explained before, it doesn't make sense for them to build it themselves.
我们正在与几家银行和经纪商洽谈。希望他们的客户最终会转向我们，因为他们现有的服务提供商要么很快会成为介绍经纪商，要么成本会高于直接使用我们的平台。正如我之前所解释的，他们自行搭建平台并不划算。
Craig Siegenthaler BofA Securities
So you also have a large -- actually not large, but you have a hedge fund prime business. I think you look...
你们还有一个大型——其实不是特别大，但你们有对冲基金主经纪业务。我猜你是想说……
Thomas Peterffy
That large?
“那么大”吗？
Craig Siegenthaler BofA Securities
Well, large. We'll call it large. That's looking to compete against large banks out there. There's large banks have a full suite of products that they can provide to, they also have very large capital bases, which is probably a selling...
嗯，就算叫它“大”吧。这是要与大型银行竞争。那些大银行可以向客户提供全套产品，并且拥有庞大的资本基础，这应该是一个卖点……
Thomas Peterffy
That's right.
没错。
Craig Siegenthaler BofA Securities
How do you compete with them?
你们如何与他们竞争？
Thomas Peterffy
So hedge funds are our best customers, and that's because they must make a profit to stay alive on the long run. In order to be able to attract them, we must be able to offer our services on better terms than our competitors do. Superb quality of execution, low margin rates, high interest on excess cash, large and easily accessible short rebates, various certain risk management software. These things are all extremely important to assurance. We can do all this because our very high degree of automation. Hedge funds are the alternate sophisticated investors, and they are the ultimate proof that the best informed investors choose Interactive Brokers.
对冲基金是我们最优质的客户，因为它们必须盈利才能长期生存。为了吸引对冲基金，我们必须在服务条款上优于竞争对手：卓越的执行质量、低保证金率、高超额现金利息、大额且易于获得的卖空返利，以及多种风险管理软件。这些对对冲基金来说至关重要，而我们能够提供这些全凭高度自动化。对冲基金是最成熟的投资者，也是最有见识的投资者为何选择盈透证券的最佳证明。
As far as competing with the large investment banks, while we are very good at the services I just described, we do not do swaps, which are basically just margin loans against very thin collateral because we do not like the risk and funds understand that. They understand that when a prime broker takes a risk on them, that prime broker probably takes a risk on other hedge funds too, and some of them turn out to be our CAGRs. So when you -- when your hedge fund, then you want to be a very safe broker, your best bet is Interactive Brokers. We have \$12 billion of capital, and we don't take any third-party counterparties.
至于与大型投行竞争，尽管我们在上述服务方面表现优异，但我们并不提供掉期（swap），也就是以极低抵押品发放的保证金贷款，因为我们不愿承担那类风险，且对冲基金也理解这一点。他们明白，当主经纪商为其承担风险时，这家主经纪商往往也会对其他对冲基金承担风险，其中一些风险最终由我们来承担。因此，当您的对冲基金想要一个非常安全的经纪商时，盈透证券是最佳选择。我们拥有120亿美元资本，不使用任何第三方对手方。
保守的做法，对公都有这个问题。
So we also do not provide capital intro, although we do provide some on our website as hedge fund can display their AUMs and returns and on our hedge fund marketplace. And when the user clicks on it, they can provide other information and arrange for meetings. We do not sponsor these meetings or we do not sponsor meet and greet dinners or events. But most large hedge funds have 2 or 3 or even more prime brokers, and they use each one for the best of what they offer, and we fit very well in there.
我们也不提供资本介绍服务，虽然我们在网站上的对冲基金市场板块允许他们展示资产管理规模（AUM）和回报数据，用户点击后可获取更多信息并安排会面。我们不赞助这些会面，也不赞助聚餐或活动。但大多数大型对冲基金拥有两到三家甚至更多主经纪商，并会根据各自优势选择使用，我们在其中定位恰到好处。
Craig Siegenthaler BofA Securities
So how are you looking to grow your hedge fund business at this point? And how important is the capital base? Because I know a lot of us would like you to raise the dividend or buy back stock...
那么，在当前阶段，你们打算如何扩展对冲基金业务？资本基础有多重要？我知道很多人希望你提高分红或回购股票……
Thomas Peterffy
Yes. So you can't have it both ways. You want capital base or you want dividend. No, we keep the dividend -- I mean we don't pay -- we don't raise the dividend. We hold on to the capital. We believe that the market is -- favors growth on the expense of dividends, and we have similar sentiment. So we are growing extremely fast in this space. We are currently #6. Next time Preqin comes out, they rate prime brokers annually. Next they come out will be #4 behind Morgan Stanley, Goldman Sachs and JPMorgan. Sorry, Bank of America.
是的。但你不能两者兼得。要么是资本基础，要么是分红。我们不提高分红，我们保留资本。我们认为市场倾向于牺牲分红来支持增长，我们也有相同看法。因此，我们在这一领域增长极快。目前我们排名第六。Preqin下次发布年度主经纪商排名时，我们将升至第四，仅次于摩根士丹利、高盛和摩根大通。抱歉，排在美国银行之后。
Craig Siegenthaler BofA Securities
So let's move on your 2 commission models. IBKR Pro and your Zero commission business, IBKR Lite. You touched on them briefly. But how is the organic growth in this business changed from the 2021 bull market to the 2022 bear market? And do you see Lite or Pro as being the primary source of growth going forward?
那么，我们再来谈谈你们的两种佣金模式：IBKR Pro和零佣金IBKR Lite。你刚才略有提及。请问在2021年牛市到2022年熊市期间，这两项业务的自生增长发生了怎样的变化？展望未来，你认为Lite还是Pro会成为主要增长来源？
Thomas Peterffy
No. No. Now Lite is negligible. It comprises only about 6% of our accounts and a much smaller percentage of our trades. Choosing Lite on our platform, which was built to provide the best execution possible is probably not the best choice. But there are some retail customers who insist on it, and so we'll let them have it reluctantly.
不，Lite的规模可以忽略不计。它仅占我们账户的约6%，交易量所占比例更小。在我们这个旨在提供最佳执行的平台上选择Lite，可能并不是最佳选择。但有些散户客户坚持要用，我们也只好勉强满足。
Superior execution is the strongest feature of our platform, especially if we are successful in building our crossing mechanisms for stocks and options as I just described. We would be remiss if we had not tried to guide our customer towards taking advantage of these features.
卓越的执行是我们平台的最大优势，尤其是如果我们能如前所述成功构建股票和期权的撮合机制。若不引导客户利用这些功能，那真是失职。
Craig Siegenthaler BofA Securities
So where has your individual investor growth come from in 2022 when you think about the different geographies? And did you see a big change in '22 versus the prior years, the bull market years '20 and '21?
那么，就不同地区而言，你们2022年的个人投资者增长主要来自哪里？相较于之前牛市的2020年和2021年，你们在2022年是否看到显著变化？
Thomas Peterffy
So our retail growth comes from individual customers and introducing brokers. In '22, our growth was 28% and 16%, respectively, in these 2 groups. And this year, so far, we are at 24% and 19%, but we expect both sources to pick up strength as they go further into the year. Our high interest payment, currently 4.08% on \[ IDO cash ] and our associated ad campaign around that is what will generate further growth in those sources.
我们的零售增长来自个人客户和介绍经纪商。2022年，这两类客户的增长率分别为28%和16%。今年迄今，我们分别达到24%和19%，但我们预计随着时间推移，这两大来源的增长将进一步提速。我们的高息支付（目前\[IDO现金]利率为4.08%）及相关广告活动，将推动这些增长来源的进一步扩张。
And of course, the more orders we get, the better our executions will become on both stocks and options because we have a greater chance of being able to cross them near the mid-price. This will be our ultimate strength that we will emphasize throughout the years to come.
当然，订单量越大，我们在股票和期权的执行质量就越高，因为我们有更大机会在中间价附近完成撮合。这将成为我们未来多年来不断强调的终极优势。
Craig Siegenthaler BofA Securities
So you just said that you expect retail growth to kind of reaccelerate towards the back half of this year. And you gave us guidance on the call of long-term organic growth across the business, 20% to 40%. We're close to lower end now just because we're in a bear market. But what would it take to get back to those great levels we saw in like '21, which are actually above the high end of that range?
你刚才提到，你预计零售业务增长将在今年下半年重新加速。你在电话会议上给出了长期有机增长指引，为20%到40%。由于目前处于熊市，我们已经接近这个区间的下端。但要想回到2021年那种实际超过区间上限的高增长水平，需要做些什么？
Thomas Peterffy
So '21 and early '22 are different times. It was a mean -- meme stock mania, which I hope will never return because a lot of people lose a lot of money. And in my view, this is bad for the industry. It's not helpful for making people understand how the economy works, and our capital market works and what the purpose of the capital markets is in the economy.
2021年和2022年初是截然不同的时期。当时是平均——更确切地说是“梗股”狂潮，我希望这种情况永远不会重演，因为很多人会赔得血本无归。在我看来，这对整个行业是有害的。它并不能帮助人们理解经济如何运行、资本市场如何运作以及资本市场在经济中扮演的角色。
Interactive Brokers' high growth rate of new clients in that period was partly due -- partly a byproduct of the high growth of these accounts in the entire industry as many new less sophisticated investors who open brokerage accounts, and we got our share. Our current and future growth is and will be due to unique capabilities we offer to customers so that it is not a result of industry-wide growth.
盈透证券在那一时期新增客户的高速增长，部分原因是行业整体新增大量不太成熟的投资者开户，我们也瓜分了这部分红利。而我们当前及未来的增长，将源于我们为客户提供的独特能力，而非行业整体增长的结果。
Concerning institutional customers, our highest growth accounts, as I said, are the hedge funds and closely followed by proprietary investment groups.
至于机构客户，正如我所说，对冲基金是我们增速最快的账户，其次是自营投资集团。
Craig Siegenthaler BofA Securities
So I wanted to talk about lending for a second. And you don't offer a lot of products there, but you have stock lending, margin lending. I wanted to figure out if these products are pretty well established across your platform? Or if there is a cross-sell opportunity for higher adoption rates with these products across your clients?
我想稍微谈一下借贷业务。你们在这方面的产品不多，但有股票借贷、保证金借贷。我想了解一下，这些产品在你们的平台上是否已经充分普及？或者是否存在交叉销售的机会，以提高客户的使用率？
Thomas Peterffy
So we do not look at this as cross-selling. We try to get all of our customers to sign up to our program of lending fully-paid shares where we split the proceeds 50-50 with them. We also try to sell people on our very low margin rates that are just 50 basis points over the Fed fund rates for larger amounts. We also try to showcase our online shortable inventory and displayed lending rates to everyone who is willing to look at it. This feature is becoming extremely popular among hedge fund customers.
我们并不将此视为交叉销售。我们争取让所有客户加入我们的全额已付股票借贷项目，借贷收益与客户50/50分成。我们还向客户推介我们的超低保证金利率——仅比联邦基金利率高50个基点（适用于较大额度）。同时，我们会向所有愿意了解的客户展示我们线上可借库存和公开的借贷利率。该功能在对冲基金客户中极受欢迎。
This is a unique feature in the industry because everywhere else, you have to call the lending desk -- the stock lending desk, and hope that they don't screw you for more than you expect them. And so that's what happens.
这是业内独有的功能，因为在其他平台，你必须联系借贷服务台——股票借贷服务台，并且只能寄希望于他们不会收取超出预期的费用，而往往结果并非如此。
Craig Siegenthaler BofA Securities
Interest income has been a key growth driver and upside to earnings over recent quarters. It's benefited from higher interest rates. We want to see if you could talk about your sensitivity to higher rates, especially on a go-forward basis.
利息收入在过去几个季度一直是增长的关键驱动力，并为盈利带来上行空间。它得益于更高的利率。我们想请您谈谈对于更高利率的敏感度，尤其是在未来情况下的影响。
Thomas Peterffy
At this point, every 25 basis points in Fed fund rates adds about \$50 million to \$60 million to our bottom line. This is because the account holders whose account value is less than \$100,000, we pay proportionally less than 50 basis points under the Fed funds. And we pay no interest on the first \$10,000 in any account. So accordingly, we have about \$20 billion, \$25 billion that you could say we pay nothing done or it's the equivalent of having \$20 billion to \$25 billion that we pay nothing done. Because overall, the cash holdings of our customers is \$101 billion.
目前，每当联邦基金利率上调25个基点，我们的净利润大约增加5,000万美元到6,000万美元。之所以如此，是因为账户价值低于10万美元的客户，我们支付的利息低于联邦基金利率50个基点；而且对于任何账户的首1万美元，我们不支付利息。因此，您可以认为我们有200亿到250亿美元的资金是“零利率”运作，等同于持有200亿到250亿美元而不支付利息。因为我们客户的整体现金余额为1,010亿美元。
Craig Siegenthaler BofA Securities
Thomas, your operating efficiency is kind of the via financial services. Your operating margins are in the mid-60s to even low 70s on a quarter-by-quarter basis. Is this — are — we essentially at a peak level? Or is there ability to even drive higher operating leverage from these points, especially with net interest income growing, which is a very high-margin source for that?
Thomas，贵公司的运营效率在金融服务领域堪称典范。按季度计算，你们的运营利润率在60%中段到70%低端之间。这接近极限了吗？还是在这种水平上仍有提升运营杠杆的空间，尤其是在净利息收入（一个高利润率来源）不断增长的情况下？
Thomas Peterffy
So in the last quarter, our net pretax margin was 71%. It's hard to go much above that. But we will try to and we'll probably — it's 72% or 73%, but that's about it. It's difficult to go above that.
在上个季度，我们的税前净利润率为71%。要大幅超过这一水平比较困难。但我们会努力，大概能达到72%或73%，但也就到此为止，很难再往上突破。
Craig Siegenthaler BofA Securities
You have to pay to people.
这还得支付给员工。
Thomas Peterffy
We are by far the highest in that respect on The Street or probably in any business.
在这一点上，我们无论是在华尔街还是在任何行业中，都遥遥领先。
Craig Siegenthaler BofA Securities
What impact are you seeing with inflation today on your cost basis because with that margin, it doesn't look like you're seeing a ton to date?
鉴于如此高的利润率，通胀对你们的成本基准产生了怎样的影响？看起来，迄今为止影响并不大？
Thomas Peterffy
Yes. So we raised compensation at the end of '22 by about 8% on the average. This included merit and inflation raises. We are, of course, determined to compete for technological talent that helps us to continue to build out our automated technology as we expand to new geographies and new products. In addition, we have substantial new expenses associated with renting and furbishing new offices all over the world.
是的。我们在2022年底将平均薪酬提高了约8%，其中包括绩效和通胀调整。我们当然下定决心在全球范围内争夺技术人才，以支持我们在新地域和新产品上的自动化技术建设。此外，我们还承担了在全球各地租赁及装修新办公场所的大量新增支出。
And so as we build out to, say, a future of anywhere, in any country where there are more and more — where we get more and more customers, we decide to put in local office. And I think they find — the local customers find that important — that association is important so that they deal with a local broker rather than an American broker.
因此，当我们在客户日益增多的任何国家扩展业务时，我们会决定设立本地办公室。我认为，本地客户会认为这种就近联系非常重要，因为他们更愿意与本地经纪商打交道，而不是一家美国经纪商。
Craig Siegenthaler BofA Securities
Thomas, we are on this a little bit earlier, but you continue to build capital. Is there a line in a certain point where you would say, that's enough, let's start returning capital to shareholders?
Thomas，我们刚才提得有点早，但你们仍在不断积累资本。有没有某个临界点，你会说资本已经足够，我们应该开始回馈股东？
Thomas Peterffy
So just a few minutes before, you asked if we have enough capital for the hedge funds that have more capital. So yes. I mean, no, we -- I said at that time, we are not going to return beyond the \$0.10 quarter dividend that we are paying and have been paying for -- or it seems like ever since we started.
几分钟前，你问过我们对冲基金业务是否拥有足够的资本。答案是肯定的。我的意思是，不，我们——我当时说过，我们不会超过每季度0.10美元的分红，这一分红自成立以来似乎就一直在支付。
Craig Siegenthaler BofA Securities
I had a question on the global trader app. How has really early adoption trended for that? And does that offer crypto functionality today?
我有个关于Global Trader应用的问题。该应用的早期采用情况如何？目前是否已支持加密货币功能？
Thomas Peterffy
It does offer crypto functionality. But of course, we do not cost to the crypto. We have -- I hate to say this, but we have Paxos cost crypto and SEC just announced investigation against Paxos, I think, this morning. But I mean, customers are aware that we do not cost to the crypto. Otherwise the Global Trader is a very popular download, especially since we added 24-hour options trading capability. So almost 24 -- 23 and something. And so people around the world who especially who are on the other side of the globe and are sleeping when our exchanges are open are very happy with this new functionality.
确实支持加密货币功能。但我们当然不承担加密货币的成本。我不愿这么说，但我们采用了Paxos的加密服务，而SEC似乎就在今天上午宣布对Paxos展开调查。不过，客户都知道我们不承担加密货币成本。除此之外，Global Trader下载量非常可观，尤其是在我们新增了24小时期权交易功能后，可用交易时段接近全天候——大约23个多小时。全球各地、尤其是当本地交易所休市时仍能交易的客户，对这一功能非常满意。
Craig Siegenthaler BofA Securities
So Thomas, we all enjoy you on the earnings calls and joining us at conferences. I ask this in a nice way, but New York City traffic is back. If you were hit by a bus, what would happen to IBKR at that point?
Thomas，我们都很喜欢你在财报电话会议和各种会议上的精彩分享。我想友好地问一句，纽约市的交通状况又拥堵起来了。如果你不幸被大巴撞到，那时盈透证券会怎样？
Thomas Peterffy
So that's exactly the reason I moved to Palm Beach. There are no buses in Palm Beach. But as many of you know, Milan Galik has taken over as CEO of the firm about 3 years ago. I think he's doing a terrific job, much better than I could do. He's only 56 years old. He has worked at the company for over 30 years and having started as a software developer, he has a good 15 years left in him I think. As a stockholder, I would much more worry about him getting hit by a bus than myself.
这正是我搬到棕榈滩的原因——那里没有大巴。但正如大家所知，三年前Milan Galik已接任公司CEO。我认为他做得非常出色，远胜于我。他只有56岁，在公司工作已逾30年，从软件开发人员做起，我估计他还能再奋斗15年。作为股东，我反而更担心他会被大巴撞到，而不是担心我自己。
Craig Siegenthaler BofA Securities
So I wanted your perspective because we've seen some transactions in the past, I think, more recent Morgan Stanley trade. But what are your perspective because your business is much more diverse in the trades. But do you think IBKR could make a good fit inside of a larger financial institution?
我想听听您的看法，因为我们过去也看到过一些交易，我记得最近摩根士丹利就有一笔交易。但鉴于贵公司的业务在交易方面更加多元化，您认为IBKR是否适合并入一家更大的金融机构？
Thomas Peterffy
Definitely. I think there is -- there will be a large globally integrated, highly automated financial services organization, which will most likely be called IBKR.
当然。我认为确实如此——未来会有一家大型的全球一体化、高度自动化的金融服务机构，很可能就叫IBKR。
独立发展，能被收购的一般都不是特别好的企业。
Craig Siegenthaler BofA Securities
Great. With that, we do have a few moments. Would you mind taking a questions from audience? So if there's any questions, please raise your hand.
太好了。我们现在还有几分钟时间。您介意回答观众的问题吗？如果有问题，请举手。
Unknown Analyst
I'd love to get your thoughts on explosion on option activity, especially the daily options and also just single stock ETFs in terms of what that means for retail investors?
我想听听您对期权交易爆发式增长的看法，尤其是日常期权以及单只股票ETF，这对散户投资者意味着什么？
Thomas Peterffy
Slowdown in daily options? The growth in daily options, right. Okay. So daily options are attractive because they are best at payoff at the end of the day, if they do or they -- or you know if you won or lost. But I think it does have -- they do have serious justifications. And I mostly see that as if you are an institutional trader and as many decide to buy a portfolio of stocks.
放慢零日期权？您是说零日期权的增长，对吧。好。零日期权很有吸引力，因为它们在当天收盘时结算，无论盈利还是亏损，都在收盘时一笔了结。但我认为它们确实有其合理性。我主要觉得，如果您是机构交易者，且决定购买一篮子股票时，
In the course of the day, that's very difficult to implement, especially if you have quite a number of stocks in that portfolio. But it's very easy for you to pick up an S\&P 500 option or 1,000 S\&P 500 options because they are very liquid. And so therefore, you can put in the order for the portfolio as market on close. And then you will get the S\&P closing price on all those stocks. And that's exactly where your option will expire. So that's a very, very good way of implementing the trading of portfolios, whether you want to buy them or sell them, right?
在一天的交易过程中，这样做非常困难，尤其是当您投资组合中包含多只股票时。但您可以很容易地买入一个标普500期权或一千个标普500期权，因为它们流动性极高。因此，您可以下一个“收盘价成交”的组合订单，然后您将以标普500指数的收盘价获得所有这些股票的价格，而您的期权也将恰好在该价位到期。所以无论您是想买入还是卖出，这都是一种非常非常好的组合交易方式，对吧？
Craig Siegenthaler BofA Securities
And with that, I think we are out of questions and out of time. So Thomas, on behalf of all of us at Bank of America. I just want to say thank you very much for joining us.
时间关系，我们的问题就到这里。托马斯，我代表美国银行的所有人，非常感谢您的参与。
Thomas Peterffy
Thank you very much.
非常感谢。
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