2024-07-16 Interactive Brokers Group, Inc. (IBKR) Q2 2024 Earnings Call Transcript
Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q2 2024 Earnings Conference Call July 16, 2024 4:30 PM ET
Interactive Brokers Group, Inc.（纳斯达克股票代码：IBKR）2024 年第二季度收益电话会议 美国东部时间 2024 年 7 月 16 日下午 4:30
Company Participants 公司参与者
Nancy Stuebe - Director of Investor Relations
南希-斯图伯 - 投资者关系总监
Paul Brody - Chief Financial Officer
保罗-布罗迪 - 首席财务官
Milan Galik - President and Chief Executive Officer
米兰-加利克 - 总裁兼首席执行官
Conference Call Participants
电话会议与会者
Ben Budish - Barclays Ben Budish - 巴克莱银行
Craig Siegenthaler - Bank of America
Craig Siegenthaler - 美国银行
James Yaro - Goldman Sachs
James Yaro - 高盛集团
Dan Fannon - Jefferies
Dan Fannon - 杰富瑞
Kyle Voigt - KBW
Patrick Moley - Piper Sandler
Macrae Sykes - GAMCO
Chris Allen - Citi
克里斯-艾伦 - 花旗银行
Operator 操作员
Hello, and thank you for standing by. Welcome to Interactive Brokers Group Second Quarter 2024 Earnings Call. At this time all participants’ are in a listen-only mode. After the speakers’ presentation there will be a question-and-answer session. [Operator Instructions]
您好，感谢您的收听。欢迎收听互动经纪商集团 2024 年第二季度财报电话会议。现在所有与会者都处于只听模式。发言人发言结束后，将进行问答环节。[接线员指令]
I would now like to turn the conference over to Nancy Stuebe. You may begin.
现在请南希-斯图贝女士发言。你可以开始了。
Nancy Stuebe 南希-斯图贝
Thank you. Good afternoon, and thank you for joining us for our second quarter 2024 earnings call. Joining us today are Thomas Peterffy, our Founder and Chairman; Milan Galik, our President and CEO; and Paul Brody, our CFO. I will be presenting Milan's comments on the business and all three will be available on the Q&A.
谢谢。下午好，感谢各位参加我们的 2024 年第二季度财报电话会议。今天出席会议的有公司创始人兼董事长托马斯-彼得菲（Thomas Peterffy）、总裁兼首席执行官米兰-加利克（Milan Galik）和首席财务官保罗-布罗迪（Paul Brody）。我将介绍米兰对公司业务的看法，三位都可以参与问答。
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. 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.
需要提醒的是，今天的电话会议可能包含一些前瞻性陈述，这些陈述代表了公司对未来事件的看法，其性质并不确定，也不在公司的控制范围之内。我们的实际业绩和财务状况可能会与这些前瞻性声明中的内容有出入，甚至可能有重大出入。请参阅我们新闻稿中的免责声明。您还应该查看我们向美国证券交易委员会提交的财务报告中对风险因素的描述。
This quarter, world markets began to move in divergent ways as stock markets, central banks, and geopolitical cross-currents played out. The S&P 500 rose this quarter, while other previously strong markets such as Europe, Canada, Japan, China, and Australia all declined after positive first quarter market results. Further differences were seen on the central bank front as the U.S. Federal Reserve chose to maintain benchmark rates this quarter, while in other developed countries like Canada, Europe, and Switzerland, central banks started to cut rates beginning with 25 basis points.
本季度，随着股市、央行和地缘政治交叉影响的显现，全球市场开始出现分化走势。标准普尔 500 指数在本季度上涨，而欧洲、加拿大、日本、中国和澳大利亚等之前表现强劲的市场在第一季度取得积极的市场业绩后都出现了下跌。央行方面也出现了进一步的差异，美国联邦储备委员会本季度选择维持基准利率不变，而加拿大、欧洲和瑞士等其他发达国家的央行则开始从 25 个基点开始下调利率。
One ongoing fact that has not changed however is a popularity of investing with global interest from investors, who increasingly want broad portfolios and international access. The secular global investment trend remains that investors allocate some of their portfolio to securities in their home markets, but a more significant portion to overseas securities, particularly in the U.S,.
然而，一个始终未变的事实是，投资者对全球投资的兴趣越来越大，他们越来越希望拥有广泛的投资组合和国际投资渠道。全球投资的长期趋势仍然是，投资者将其投资组合的一部分分配给本国市场的证券，但将更多的部分分配给海外证券，特别是美国证券。
Product-wise, industry options contract volumes were ahead of last year, though down against a blistering industry record first quarter. Similar to options, CME futures volumes, though up 14% versus last year, were down 2% in the quarter for the industry, primarily on investors trading less actively using interest rate futures on the direction of interest rates than they had in the first quarter.
从产品来看，行业期权合约交易量高于去年同期，但与行业第一季度的最高纪录相比有所下降。与期权类似，芝加哥商品交易所的期货交易量虽然比去年同期增长了 14%，但本季度的行业交易量却下降了 2%，主要原因是投资者利用利率期货对利率走向进行交易的积极性低于第一季度。
On the equities front, U.S. Industry volumes, though up versus last year, were down a fraction of a percent in the quarter. In equities, the Magnificent 7 once again were the main drivers of U.S. market performance, contributing nearly all of the S&Ps' gains this quarter, and with just two stocks, NVIDIA and Apple, responsible for three quarters of that.
在股票方面，美国工业交易量虽然比去年有所增长，但本季度却下降了一个百分点。在股票方面，"华丽七雄 "再次成为推动美国市场表现的主要力量，几乎贡献了本季度标准普尔指数的全部涨幅，其中仅英伟达（NVIDIA）和苹果两只股票就占了四分之三。
As in prior recent quarters, we see investors holding onto their positions and not looking to make changes like selling them and buying new names. Industry equities volumes were flat to down again as a result. Against this backdrop, all our volumes are up for both the quarter and the year, as our clients remained active in all product categories. The continuing trend towards global investing across countries and product type by all kinds of clients continues to show up in our numbers. We saw strong account growth as we added more investors to our platform, both institutional and individual, across all geographies.
与前几个季度一样，我们看到投资者仍在持仓，并不打算做出改变，比如卖出仓位，买入新的股票。因此，行业股票交易量持平或再次下降。在此背景下，由于我们的客户在所有产品类别中都保持活跃，我们本季度和全年的交易量都有所增长。从我们的数据来看，各类客户在不同国家和不同产品类别进行全球投资的趋势仍在继续。随着更多的机构和个人投资者加入我们的平台，我们的账户在所有地区都实现了强劲增长。
We added 178,000 new accounts this quarter behind only the mean stock days of the first quarter of 2021 and the first quarter of this year. New accounts meant more cash in those accounts, which helped raise our client credit balances to a record $107.1 billion, even as our volumes show that our clients put their money to work in the markets. Our client equity was up 36% over last year to $497 billion, which was just shy of $0.5 trillion in total client assets, a figure we ended up exceeding this month.
本季度我们新增了 17.8 万个账户，仅次于 2021 年第一季度和今年第一季度的平均股票日。新账户意味着这些账户中有更多现金，这有助于将我们的客户信贷余额提高到创纪录的 1,071 亿美元，即使我们的交易量显示我们的客户将资金投入市场。我们的客户资产比去年增长了 36%，达到 4,970 亿美元，客户资产总额接近 0.5 万亿美元，我们本月最终超过了这一数字。
Rising equity markets and the anticipation of lower rates have led clients to feel more comfortable with taking on risk. So they took on more assertive positions, which increased our exposure fee revenue, and took on more leverage to bolster their positions, increasing both our margin loans, which reached a record $55 billion this quarter, and our margin interest income, all of which translated into strong financial results.
股票市场的上涨和对降低利率的预期使客户对承担风险感到更加从容。因此，他们采取了更加果断的立场，这增加了我们的风险敞口费收入，并采取了更多的杠杆来支持他们的立场，增加了我们的保证金贷款（本季度达到创纪录的 550 亿美元）和保证金利息收入，所有这些都转化为强劲的财务业绩。
Commission revenue was second only to the meme stock spike of the first quarter of 2021, and net interest income reached a record, as did total net revenues. We maintained our focus on expenses, meaning our pre-tax income also reached a record, and our reported pre-tax profit margin reached an industry-leading 72% with adjusted pre-tax margin of 73%. In terms of how the business looked on the client front, our accounts and client equity once again grew fastest in Europe and Asia, similar to what I mentioned earlier, growing numbers of investors worldwide wanting access to international and particularly U.S. markets.
佣金收入仅次于 2021 年第一季度的 meme 股票飙升，净利息收入和总净收入均创下历史新高。我们继续关注支出，这意味着我们的税前收入也创下了历史新高，我们的报告税前利润率达到了行业领先的 72%，调整后的税前利润率为 73%。就客户方面的业务而言，我们的账户和客户权益再次在欧洲和亚洲增长最快，这与我之前提到的情况类似，即全球越来越多的投资者希望进入国际市场，尤其是美国市场。
Of our five client segments, the fastest account growth was seen with individuals, with introducing brokers and proprietary traders not far behind. On the client equity side, financial advisors once again grew the fastest, followed by i-brokers and individuals. Commission growth was fastest for our proprietary traders, while net interest income growth was led by hedge funds, followed by introducing brokers and individuals.
在我们的五个客户群中，个人客户的账户增长最快，介绍经纪人和自营交易商也不甘落后。在客户权益方面，财务顾问再次增长最快，其次是综合经纪人和个人客户。自营交易商的佣金增长最快，而净利息收入的增长则以对冲基金为首，其次是介绍经纪人和个人。
Speaking of introducing brokers, our pipeline of potential clients remains healthy. We were pleased that HSBC publicly announced their HSBC World Trader Offering, powered by interactive brokers in June. There are several other opportunities, about a couple dozen of them, at various stages. Some are in the testing stage, others have started onboarding so-called friends and family accounts where they test the waters and make sure that everything is working, while others are in the prospect stage to figure out the optimal way for them to interface with us.
说到介绍经纪人，我们的潜在客户渠道依然健康。我们很高兴汇丰银行在 6 月份公开宣布了由互动经纪人提供支持的汇丰世界交易者计划。还有其他一些机会，大约有几十个，处于不同的阶段。有些处于测试阶段，有些已经开始所谓的亲朋好友账户，试水并确保一切正常，还有一些处于潜在客户阶段，以找出他们与我们对接的最佳方式。
跟猜测的一样，二手的关系，不知道后续是怎么合作，以HSBC现在的情况，即使把交易的底层交给IBKR估计也不解决问题，可以参照的案例是富途和老虎。
As we mentioned and as bear’s repeating this can take time since we offer a variety of ways for an introducing broker to come onto our platform, some quicker than others, and all dependent on what the broker wants. So while we expect growth to continue in this area, predicting the timing of it is not something we can do. In terms of new product introductions, we had a busy quarter. We strengthened our ATS by adding new liquidity providers and order types. Each quarter we are executing more trades on our ATS, connecting our client orders with liquidity providers and helping them save on execution costs.
正如我们所提到的，熊也在重复，这可能需要时间，因为我们为介绍经纪人进入我们的平台提供了多种方式，有些方式比其他方式更快，所有这些都取决于经纪人的需求。因此，尽管我们预计这一领域将继续增长，但我们无法预测增长的时间。就新产品推出而言，我们在本季度的工作非常繁忙。我们通过增加新的流动性提供商和订单类型，加强了我们的自动交易系统。每个季度，我们都会在自动交易系统上执行更多的交易，将客户订单与流动性提供商联系起来，帮助他们节省执行成本。
IBKR Trader Workstation remains our premier product for professional clients, yet we understand that different client types have different needs. We see that many financial advisors find their needs met by a more streamlined targeted web platform. The IBKR financial advisor portal has been enhanced with a new portfolio summary screen and a specialized order allocation tool. Further, our portfolio analyst online performance analysis tool added a retirement for [FAs] (ph), as well as for individuals and introducing brokers to better serve our clients' long-term plans.
IBKR 交易员工作站仍然是我们为专业客户提供的首要产品，但我们明白不同类型的客户有不同的需求。我们发现，许多财务顾问认为更精简、更有针对性的网络平台能满足他们的需求。IBKR 财务顾问门户网站通过新的投资组合汇总屏幕和专门的订单分配工具得到了增强。此外，我们的投资组合分析师在线业绩分析工具还增加了一个针对[FAs]（音）以及个人和介绍经纪人的退休工具，以更好地服务于客户的长期计划。
We added several trading venues, including Korean derivatives trading on Eurex, CBOE European derivatives, and overnight trading in U.S. corporate and government bonds. We launched securities lending for Swedish stocks, made our crypto offering available in the U.K., and launched recurring investment in Canada. We also introduced conditional orders on our mobile platform, a much requested feature that can be set to initiate or cancel an order based on a variety of triggers.
我们增加了多个交易场所，包括欧洲期货交易所的韩国衍生品交易、CBOE 欧洲衍生品交易以及美国企业债券和政府债券的隔夜交易。我们推出了瑞典股票的证券借贷，在英国推出了加密货币产品，并在加拿大推出了循环投资。我们还在移动平台上推出了条件订单，这是一项备受欢迎的功能，可以根据各种触发因素设置启动或取消订单。
这个尝试看着是有价值的，向可编程的方向发展，想想容易，真能做起来的不会有几家。
Auto FX is now the default setting for clients with cash accounts wishing to trade securities in a currency different from their accounts. With Auto FX, clients can place an order for security without manually performing a foreign currency conversion. We handle the FX transaction automatically. Although we are not the only broker offering this feature, IBKR's implementation offers significant advantages for cost-conscious and active traders. First, we only charge 3 basis points, compared to up to a full percent by our competitors. And second, we charge only if a trade that a client makes results in a negative currency balance. This means that clients who trade multiple times daily can significantly reduce their costs because IBKR does not charge FX conversion on every trade, while other brokers do.
对于希望以不同于其账户的货币进行证券交易的现金账户客户，自动外汇交易现在是默认设置。有了自动外汇交易功能，客户可以下达证券交易指令，而无需手动进行外币兑换。我们会自动处理外汇交易。虽然我们不是唯一提供此功能的经纪商，但 IBKR 的实施为注重成本的活跃交易者提供了显著优势。首先，我们只收取 3 个基点的费用，而我们的竞争对手则高达整整一个百分点。其次，只有当客户的交易导致货币余额为负时，我们才会收取费用。这意味着每天进行多次交易的客户可以大大降低成本，因为 IBKR 不会对每笔交易收取外汇转换费，而其他经纪商则会。
Our high touch prime brokerage service, which we announced last quarter, has also gotten off to a good start. Clients benefiting from this service have commented that they have an easier time interfacing with us and appreciate having their own point person and specialized attention to their particular issues. As one of our new high-touch clients said, this service makes the decision to disregard pitches from other prime brokers easier. We are considering other improvements to make our prime brokerage offering even more compelling.
我们在上个季度宣布推出的高接触率黄金经纪服务也取得了良好的开端。受益于这项服务的客户纷纷表示，他们与我们的沟通更加便捷，并对拥有自己的联络人和对其特殊问题的专门关注表示感谢。正如我们的一位新客户所说，这项服务让他们更容易做出决定，不再理会其他主要经纪人的推销。我们正在考虑其他改进措施，以使我们的大宗经纪服务更具吸引力。
I look forward to continuing the work on the many projects we have lined up. Much is planned for the rest of 2024 and beyond, which we are eager to develop, test, and introduce. We have a healthy pipeline of new business and new initiatives, and are eager to share these with you as they come to fruition.
我期待着继续开展我们已经安排好的许多项目。2024 年余下时间及以后的许多工作都在计划之中，我们迫切希望开发、测试和推出这些项目。我们有大量的新业务和新举措，并渴望在它们取得成果时与大家分享。
With that, I will turn the call over to Paul Brody. Paul?
下面请保罗-布罗迪发言。保罗？
Paul Brody 保罗-布罗迪
Thank you, Nancy, and welcome everyone to the call. Thanks for joining. Starting with our revenue items, on page three of the release, we're pleased with our financial results this quarter as we again produced record net revenues and pretax income.
谢谢你，南希，欢迎大家来电。感谢大家的参与。从新闻稿第三页的收入项目开始，我们对本季度的财务业绩感到满意，因为我们再次创造了创纪录的净收入和税前收入。
Commissions rose versus last year's second quarter, reaching $406 million, second only to that of the pandemic era first quarter of 2021. This quarter, we saw higher trading volumes from our growing base of active customers with options setting a new quarterly volume record and futures reaching their second highest volumes ever.
与去年第二季度相比，佣金有所增长，达到 4.06 亿美元，仅次于大流行时期的 2021 年第一季度。本季度，我们的活跃客户群不断扩大，交易量也随之增加，期权交易量创下新的季度记录，期货交易量也达到历史第二高。
Net interest income also reached a quarterly record at $792 million, despite only modestly higher benchmark rates in most major currencies and a recent taste of rate cuts in a few others. A more pronounced risk on environment in the quarter led to a significant increase in margin borrowing and higher yields on our margin loans and segregated cash portfolio on a year-over-year basis provided tailwinds to these results.
尽管大多数主要货币的基准利率略有上升，少数其他货币的利率最近也有下调的迹象，但净利息收入仍达到了创纪录的 7.92 亿美元。本季度的风险环境更加明显，导致保证金借款大幅增加，保证金贷款和独立现金组合的收益率同比提高，为这些业绩提供了有利条件。
These increases were partially offset by the higher interest paid to our customers on their cash balances. Interactive brokers passes through to them all rate hikes above the first 50 basis points on their qualified funds, which makes us attractive, compared to other brokers and banks and competitive with money market funds.
我们向客户支付的现金余额利息增加，部分抵消了上述增加额。Interactive Brokers 将所有高于合格基金首 50 个基点的利率上调转嫁给客户，这使得我们与其他经纪商和银行相比更具吸引力，与货币市场基金相比也更有竞争力。
Other fees and services generated $68 million, up 45% from the prior year driven by the risk on positioning of customers in the quarter. As we report in the financial highlights in page one of our earnings release the primary factor was an increase in risk exposure fees with contributions from payments for order flow from exchange mandated programs and FDIC sweep fees as well.
其他费用和服务收入为 6800 万美元，比去年同期增长了 45%，主要原因是本季度客户的风险定位。正如我们在财报第一页的财务要点中所报告的，主要因素是风险敞口费用的增加，以及交易所授权项目订单流付款和联邦存款保险公司（FDIC）清算费用的贡献。
Other income includes gains and losses on our investments, our currency diversification strategy, and principal transactions. Note that many of these non-core items are excluded in our adjusted earnings. Without these excluded items, our other income was a $24 million gain for the quarter.
其他收入包括投资损益、货币多元化战略和本金交易。请注意，我们的调整后收益中不包括这些非核心项目。如果不包括这些项目，我们本季度的其他收入为 2400 万美元。
Turning to expenses, execution, clearing, and distribution costs were $115 million in a quarter, up 24% over the year-ago quarter, predominantly from a $9 million increase in the SEC regulatory fee rate that began on May 22, and on higher volumes and options and futures, which carry higher fees. The SEC fee is a pass-through to customers, so it does not impact our profitability.
关于支出，执行、结算和分销成本为 1.15 亿美元，比去年同期增长 24%，主要原因是证交会监管费率从 5 月 22 日开始上调了 900 万美元，以及交易量和期权与期货交易量的增加，这些交易的费用较高。美国证券交易委员会的费用是转嫁给客户的，因此不会影响我们的盈利能力。
As a percent of commission revenues, execution and clearing costs, we're 23% in the second quarter for a gross transactional profit margin of 77%. We calculate this by excluding from execution, clearing, and distribution $20 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component. Compensation benefits -- the compensation and benefits expense was $146 million for the quarter for a ratio of compensation expense to adjusted net revenues of 11%, down from 13% in last year's quarter.
第二季度，我们的佣金收入、执行和结算成本占比为 23%，交易毛利率为 77%。我们在计算这一比例时，从执行、清算和分销成本中剔除了 2,000 万美元的非交易成本，主要是市场数据费，这些成本中没有直接的佣金收入部分。薪酬福利 -- 本季度薪酬福利支出为 1.46 亿美元，薪酬支出与调整后净收入的比率为 11%，低于去年同期的 13%。
We remain focused on expense discipline as reflected in our slowing the staff increase to 1% over the prior year. The year-over-year increase included a decrease in compliance staff as we went into full operational mode with our in-house developed compliance system offset by increases in client facing and software development roles. Our headcount at June 30 was 2,951.
我们仍然注重支出纪律，这体现在我们将员工人数的增长速度放缓至比上年减少 1%。同比增长包括合规人员的减少，因为我们内部开发的合规系统已进入全面运行模式，但面向客户和软件开发人员的增加抵消了这一减少。截至 6 月 30 日，我们的员工总数为 2 951 人。
G&A expenses were $52 million down from the year ago quarter. Without last year's unusual legal reserve G&A was up 33%, or $13 million, primarily on higher advertising and partly on legal expenses. Our pre-tax margin was 72% for the quarter as reported and 73% as adjusted. Income taxes of $71 million reflect the sum of the public company's $36 million and the operating company's $35 million. Public companies adjusted effective tax rate was 16.5% slightly below its usual range.
本季度的一般及行政费用比去年同期减少了 5200 万美元。如果不考虑去年不寻常的法律准备金，一般及行政费用增长了 33%，即 1300 万美元，主要原因是广告费用增加，部分原因是法律费用增加。本季度税前利润率为 72%，调整后为 73%。所得税为 7100 万美元，包括上市公司的 3600 万美元和运营公司的 3500 万美元。上市公司调整后的实际税率为 16.5%，略低于通常的范围。
Moving to our balance sheet on page five of the release, our total assets end of the quarter 13% higher than the prior year quarter end at $137 billion, with growth driven by margin lending to both new and existing customers. New account growth also helped drive our record customer credit balances. And we believe that our strong financial standing and competitive interest rates provide customers with an attractive place to hold their idle cash. We continue to have no long-term debt.
请看新闻稿第五页的资产负债表，本季度末我们的总资产为 1,370 亿美元，比去年同期增长了 13%，增长的动力来自对新老客户的保证金贷款。新客户的增长也推动了我们客户信贷余额的创纪录增长。我们相信，我们稳健的财务状况和具有竞争力的利率为客户提供了一个极具吸引力的闲置现金存放地。我们仍然没有长期债务。
Healthy profitability drove our 20% increase in firm equity over the prior year. We maintain a balance sheet geared towards supporting growth in our existing business and helping us win new business by demonstrating our strength to prospective clients and partners.
健康的盈利能力使公司资产净值比上一年增长了 20%。我们的资产负债表旨在支持现有业务的增长，并通过向潜在客户和合作伙伴展示我们的实力，帮助我们赢得新业务。
In our operating data on pages six and seven, our customer contract volumes in options rose 35% over the prior year quarter, well above industry growth, and reached a new record high for IBKR. Futures contract volumes rose by 10%, reflecting our second highest volume ever, and stock share volumes rose by 26% as they did across the industry. Stock share volume generally increased in tandem with clients gravitating to larger, higher quality names with relatively lower trading in pink sheet and other very low price stocks in our largest markets.
在第 6 页和第 7 页的运营数据中，我们的客户期权合约量比去年同期增长了 35%，远高于行业增长率，并创下了 IBKR 的历史新高。期货合约量增长了 10%，是我们有史以来第二高的合约量，股票份额量与整个行业一样增长了 26%。股票交易量普遍增加，这是因为客户倾向于购买规模更大、质量更高的股票，而在我们最大的市场中，粉单股票和其他价格非常低的股票的交易量相对较少。
On page seven, you can see that total customer dart were 2.4 million trades per day, up 28% from the prior year, and especially strong in options, followed by stocks and futures. Commission per cleared commissionable order of $3.01 was down from last year, due to a mix of smaller average orders sizes in stocks and futures and lower average commission per contract and options. Volume and aggregate commissions were higher in all product classes, but the specific contracts traded by our customers have different size and commission characteristics.
在第 7 页，您可以看到每天的客户交易总量为 240 万笔，比上年增长 28%，其中期权交易尤为强劲，其次是股票和期货交易。由于股票和期货的平均订单规模较小，以及每份合约和期权的平均佣金较低，每笔已结算委托订单的佣金为 3.01 美元，比去年有所下降。所有产品类别的交易量和佣金总额都有所增加，但我们客户交易的具体合约在规模和佣金方面各有特点。
Page eight shows our net interest margin numbers. Total GAAP net interest income was $792 million for the quarter, up 14% on the prior year, while our net interest margin -- net interest income was $805 million, or $13 million higher. In the NIM computation, we include some income that for GAAP purposes is classified as other fees or other income, but we believe is more appropriately considered interest. Our net interest income reflects strength in margin loan and segregated cash interest, partially offset by higher interest expense on customer cash balances.
第八页显示了我们的净息差数字。本季度按照美国通用会计准则计算的净利息收入总额为 7.92 亿美元，同比增长 14%，而我们的净息差--净利息收入为 8.05 亿美元，同比增长 1300 万美元。在净利息收益率的计算中，我们包括了一些按照美国通用会计准则被归类为其他费用或其他收入的收入，但我们认为将其视为利息更为合适。我们的净利息收入反映了保证金贷款和独立现金利息的增长，但被客户现金余额利息支出的增加部分抵消。
Only recently, a few central banks made 25 basis point cuts to their benchmark rates, including Europe and Canada. Switzerland cut its rates both this quarter and last. Others, including the Federal Reserve, had held interest rates steady. Reflecting a modest rise in benchmark rates over the year, our segregated cash interest income rose 6%, despite a 2% decrease in average balances, while margin loan interest rose by 38% on a 31% increase in average balances. The average duration of our U.S. treasury portfolio remained at about 30 days. With the U.S. dollar yield curve continuing to be inverted, we have been maximizing what we earn by focusing on higher short-term yields rather than except the significantly lower yields of longer maturities. This strategy allows us to maintain a relatively tight maturity match between our assets and liabilities.
就在最近，包括欧洲和加拿大在内的一些中央银行将基准利率下调了 25 个基点。瑞士在本季度和上季度都下调了利率。包括美联储在内的其他央行则保持利率稳定。尽管平均余额减少了 2%，但我们的独立现金利息收入却增长了 6%，这反映了基准利率在这一年里的小幅上升，而保证金贷款利息则在平均余额增长 31% 的情况下增长了 38%。我们的美国国债投资组合的平均期限保持在 30 天左右。由于美元收益率曲线持续倒挂，我们一直通过关注较高的短期收益率，而不是期限较长的收益率明显较低的债券，来最大限度地提高我们的收益。这一策略使我们能够保持资产与负债之间相对紧密的期限匹配。
Securities lending net interest has not been as strong as in prior quarters for three main reasons. First, throughout the industry, overall demand for shorting stocks has fallen. An extremely strong stock market up in the U.S., well over 20% in the past year, means fewer people are looking to put on shorts when the overall market trend is so soundly upward. Second, there are fewer hard-to-borrow names industry-wide, not only because the overall market is rising sharply, but also due to a weakness in some of the drivers relevant to securities lending, including significantly fewer IPOs, low market volatility, and static merger and acquisition activity.
证券借贷净利息不如前几个季度强劲，主要有三个原因。首先，整个行业对做空股票的总体需求下降。美国股市涨势极为强劲，在过去一年里涨幅远远超过 20%，这意味着在整体市场趋势稳健向上的情况下，寻求做空的人越来越少。其次，整个行业难以借贷的股票数量减少，这不仅是因为整体市场大幅上涨，还因为与证券借贷相关的一些驱动因素疲软，包括首次公开募股（IPO）数量大幅减少、市场波动性低以及并购活动静止。
Finally, as noted on previous calls, higher average interest rates versus prior year periods means more of what we earn from securities lending is classified as interest on segregated cash. To more accurately reflect all the income we earn from our securities lending business, we estimate that if the additional interest earned and paid on cash collateral were included under securities borrowed and loaned, then total net revenue related to our securities lending business would have been about $194 million for the quarter versus $190 million in the year-ago quarter and $167 million in the first quarter of 2024.
最后，正如前几次电话会议所指出的，与上年同期相比，平均利率有所提高，这意味着我们从证券借贷业务中获得的收入有更多被归类为独立现金的利息。为了更准确地反映我们从证券借贷业务中赚取的所有收入，我们估计，如果将现金抵押品赚取和支付的额外利息计入借入和借出的证券项下，那么本季度与证券借贷业务相关的净收入总额将约为 1.94 亿美元，而去年同期为 1.90 亿美元，2024 年第一季度为 1.67 亿美元。
This additional revenue would be reclassified from interest on segregated cash and interest paid on customer credit balances, so it would have no effect on our overall NIM. Interest on customer credit balances, the interest we pay to our customers on the cash in their accounts, rose on both higher rates in many currencies versus last year and higher balances from new account growth.
这笔额外收入将从独立现金利息和客户信贷余额利息中重新分类，因此不会对我们的整体净利息收益率产生影响。客户信贷余额利息是我们就客户账户中的现金向客户支付的利息，由于许多货币的利率比去年高，以及新账户增长带来的余额增加，客户信贷余额利息有所增长。
As we have noted in the past, the high interest rates we pay on customer cash, currently 4.83% on qualified U.S. dollar balances, is a significant driver of new customers. Fully rate sensitive customer balances were about $18.6 billion this quarter versus $17.3 billion in the year ago quarter. Together with firm equity, most of which consists of interest earning assets, total fully rate sensitive balances were approximately $30.7 billion.
正如我们过去所指出的，我们为客户现金支付的高利率（目前合格美元余额的利率为 4.83%）是吸引新客户的重要因素。本季度完全利率敏感型客户余额约为 186 亿美元，去年同期为 173 亿美元。加上大部分由生息资产构成的公司权益，完全利率敏感型客户余额总额约为 307 亿美元。
Now for our estimates of the impact of changes in rates, given market expectations of rate cuts sometime in 2024, we estimate the effect of a 25 basis point decrease in the benchmark Fed funds rate to be a $59 million reduction in annual net interest income. Note that our starting point for this estimate is June 30th with the Fed funds effective rate at 5.33% and balances as of that date. Any growth in our balance sheet and interest earning assets would reduce this impact.
现在我们来估算利率变化的影响，考虑到市场对 2024 年某个时候降息的预期，我们估算联邦基金基准利率下降 25 个基点将导致年度净利息收入减少 5900 万美元。请注意，我们的估算起点是 6 月 30 日，当时的联邦基金有效利率为 5.33%，余额截至该日。我们的资产负债表和生息资产的任何增长都将减少这一影响。
About 25% of our customer cash balances is not in U.S. dollars. So estimates of a U.S. rate change exclude those currencies. We estimate the effective decreases in all the relevant non-U.S. benchmark rates would reduce annual net interest income by $18 million for each 25 basis point decrease in those benchmarks. At a high level, a full 1% decrease in all benchmark rates would decrease our annual net interest income by $307 million. This takes into account rate-sensitive, customer balances and firm equity.
我们的客户现金余额中约有 25% 不是美元。因此，对美国利率变化的估计不包括这些货币。我们估计，所有相关的非美国基准利率每下降 25 个基点，年度净利息收入就会减少 1,800 万美元。在较高水平上，所有基准利率每下降 1%，我们的年度净利息收入将减少 3.07 亿美元。这已考虑到对利率敏感的客户余额和公司权益。
In conclusion, we posted another financially strong quarter in net revenues and pre-tax margin, reflecting our continued ability to grow our customer base and deliver on our core value proposition to customers, while scaling the business. Our business strategy continues to be effective, automating as much of the brokerage business as possible, continuously improving and expanding what we offer, while minimizing what we charge.
总之，我们在净收入和税前利润率方面又取得了一个财务强劲的季度，这反映了我们在扩大业务规模的同时，不断扩大客户群和向客户提供核心价值主张的能力。我们的业务战略继续保持高效，尽可能多地实现经纪业务自动化，不断改进和扩大我们提供的服务，同时最大限度地降低收费。
And with that, we will now open up the line for questions.
现在我们开始提问。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] Our first question comes from the line of Ben Budish from Barclays. Your line is open.
谢谢[第一个问题来自巴克莱银行的本-布迪什（Ben Budish）。您的电话已接通
Ben Budish 本-布迪什
Hi, good afternoon and thanks for taking the question. I was wondering if you could unpack the year-to-date account growth a little bit more. You gave some color on sort of the faster growing customer segments, but in terms of like the individuals, can you maybe talk a little bit about what the average customer looks like? How do they compare to sort of the back book of customers? It sounds like they're bringing over ample new cash while still deploying into the markets. So just curious if you could talk about the average size, what the activity levels are like, and then maybe kind of similarly on the hedge fund side, talk a little bit about your progress there and what your expectations are over the rest of the year and into ’25?
嗨，下午好，感谢您接受提问。我想知道，你能否再详细介绍一下今年迄今为止的客户增长情况。你介绍了一些增长较快的客户群，但就个人而言，你能否谈谈平均客户是什么样的？他们与后面的客户相比如何？听起来他们在为市场带来大量新现金的同时，还在进行市场部署。所以，我只是好奇，你能不能谈谈平均规模、活动水平如何，然后，也许在对冲基金方面，谈谈你在这方面的进展，以及你对今年余下时间和 25 年的预期是什么？
Milan Galik 米兰-加利克
Hi, thank you for your question. So it's usually the new accounts that we get in each quarter, they take a little while to bring on all the assets that they intended to bring. So it takes a little while for us to see the entire impact. But what can give you some idea is the fact that the new accounts went up by 28%, commissions by 11%, net interest income by 18%, Darts by 28%, and the assets by 36%. So if you look at the S&P 500 year-over-year is up 23%, Q-o-Q is up by 29%. So if you look at all these numbers together, that will give you some idea as to how much assets, how much cash they brought.
你好，谢谢你的提问。通常情况下，我们每个季度都会有新客户，他们需要一段时间才能带来他们想要带来的所有资产。因此，我们需要一段时间才能看到全部影响。但是，新账户增长了 28%，佣金增长了 11%，净利息收入增长了 18%，Darts增长了 28%，资产增长了 36%，这可以给你一些启发。因此，如果你看看标准普尔 500 指数，同比增长 23%，环比增长 29%。因此，如果把所有这些数字放在一起看，你就会知道他们带来了多少资产、多少现金。
假设100块的起始资金，50%的资金是融资的，上涨20%以后，融资额度会不会增加到60？如果同比例增长那么IBKR的净利息收入也应该同比例增长，实际上资产增长36%，净利息收入增长18%，约等于一半，相信放长了看是会慢慢跟上的，该融资的还会融资，并且按照相似的比例融资。
Operator 操作员
Thank you. 谢谢。
Ben Budish 本-布迪什
That's helpful, and if I could ask a follow-up. Just a comment you made, Paul. I think you mentioned something about $18.6 billion of rate-sensitive cash, but total fully rate-sensitive balances were a little over $30 billion. Could you clarify what you meant there? The difference between the two?
这很有帮助，我想问一个后续问题。保罗，我只想问你一个问题。我记得你提到过 186 亿美元对利率敏感的现金，但完全对利率敏感的总余额略高于 300 亿美元。你能澄清一下你的意思吗？两者之间的区别？
Paul Brody 保罗-布罗迪
The rest is rate-sensitive firm equity. You know, so our equity is $15 billion plus of which a certain amount of it is sensitive to interest rates and that makes up the rest.
其余的是对利率敏感的公司股权。你知道，我们的股本有 150 多亿美元，其中有一定数额对利率敏感，这就是剩下的部分。
Ben Budish 本-布迪什
I got it helpful thank you.
我明白了，谢谢。
Operator 操作员
Thank you. [Operator Instructions] Our next question comes from the line of Craig Siegenthaler of Bank of America. Your line is open.
谢谢[下一个问题来自美国银行的克雷格-西根塔勒您的电话已接通
Craig Siegenthaler 克雷格-西根塔勒
Thank you and good evening everyone. And congrats on the first HSBC launch in the UAE. So let me just start there, I had a mechanical question on the launch. When this white labeled offering is launched in a specific region, are you replacing the existing HSB offering so there's a large inflow of client equity and client cash for the large number of accounts on day one? Or is it smaller with the product being cross held to existing clients with a longer RAM process?
谢谢大家，晚上好。祝贺汇丰银行在阿联酋的首次发布。让我从这里开始，我有一个关于推出的机械性问题。当这种白标产品在特定地区推出时，你们是否会取代现有的汇丰产品，从而在第一天就有大量的客户资产和客户现金流入大量账户？还是产品规模较小，交叉持有给现有客户，RAM 过程较长？
Milan Galik 米兰-加利克
Hi, Sorry, I was on mute. The answer for the UAE is that we are going to be onboarding their existing business from Pershing. The migration should be happening sometime in August if everything goes well. We're talking approximately around 10,000 accounts. The other countries that HSBC is going to be onboarding with us, they do not result in immediate inflow of new accounts. HSBC, as you know, has significant banking presence in a lot of countries and their vision is to offer to those banking clients, interactive brokers powered platform. So these are green field businesses. So 10,000 coming from UAE existing migration and then going up gradually, other countries going gradually up from zero.
您好，抱歉，我开了静音。给阿联酋的答复是，我们将把他们现有的业务从 Pershing 迁移过来。如果一切顺利，迁移应该会在八月份的某个时候进行。我们将迁移大约 10,000 个账户。汇丰银行将与我们合作的其他国家不会立即产生新账户。众所周知，汇丰银行在许多国家都有大量的银行业务，他们的愿景是为这些银行客户提供互动经纪人平台。因此，这些都是新业务。因此，1 万个账户将来自阿联酋现有的移民，然后逐步增加，其他国家也将从零开始逐步增加。
Craig Siegenthaler 克雷格-西根塔勒
Thank you, Milan. And just as my follow-up on the same topic, Nancy referenced that there's a couple of dozen regions that are currently testing or onboarding friends and family. I was curious what percentage of the total counts that you expect to win? Does this first batch that includes a couple dozen regions represent? Or does this couple dozen regions is that the total account package that you expect to win through this HSBC relationship?
谢谢你，米兰。南希提到，目前有几十个地区正在测试或加入朋友和家人。我很好奇，你们预计会赢得总数量的多大比例？包括几十个地区在内的第一批是否代表？或者说，这几十个地区是否就是你们希望通过汇丰关系赢得的全部客户？
Milan Galik 米兰-加利克
So Nancy was talking about the couple of dozen introducing broker prospects and she explained how they are all in various stages. It's probably a handful, maybe a little more, are prospects than some have already opened accounts and are doing tests, connectivity tests. Others are in this friends and employee stage. I would expect us to win most of the prospects. We have been normally very successful in winning them. The conversations that we have progress well. They're typically about the methodology that is going to be used to onboard them.
南希谈到了几十个介绍经纪人的潜在客户，并解释了他们是如何处于不同阶段的。可能是少数几个，也许更多一些，都是潜在客户，有些已经开了户，正在进行测试和连通性测试。其他人则处于朋友和雇员阶段。我希望我们能赢得大部分潜在客户。我们通常都能非常成功地赢得他们。我们的对话进展顺利。我们的对话通常都是关于入职的方法。
Are they going to be fully disclosed or one way disclosed? Is it going to be an omnibus? So the ones that we count in this funnel, those are already serious conversations. Maybe one or two will not materialize, but most of them will.
是全面披露还是单向披露？是全面公开还是单向公开？因此，我们在这个漏斗中计算的那些，都已经是严肃的对话。也许有一两个不会实现，但大部分都会实现。
Craig Siegenthaler 克雷格-西根塔勒
Thank you, Milan. 谢谢你，米兰。
Operator 操作员
Thank you. [Operator Instructions] Our next question comes from the line of James Yaro with Goldman Sachs. Your line is open.
谢谢[下一个问题来自高盛的詹姆斯-亚罗。您的电话已接通
James Yaro 詹姆斯-亚罗
Good afternoon, and thanks for taking my questions. I just wanted to touch on the enhanced offerings for hedge funds. I think in April you announced the high touch prime and global outsource tradings. Maybe you could just touch on how those initiatives have gone, the early readings from that? Has it accelerated your growth rate with hedge funds so far? And then when you talk about other enhancements to your prime brokerage offering, would these be more high touch offerings or would they be tech enabled or a mix of both? And should we think about any sort of ramifications from those to your margin?
下午好，感谢您接受我的提问。我只想谈谈针对对冲基金的增强型产品。我想你们在四月份宣布了高接触质押和全球外包交易。也许你可以谈谈这些举措的进展情况，以及早期读数？到目前为止，这是否加快了你们在对冲基金方面的增长速度？然后，当你们谈到对你们的大宗交易经纪服务的其他改进时，这些服务是更多的高接触式服务，还是技术型服务，还是两者的结合？我们是否应该考虑这些对你们利润率的影响？
Milan Galik 米兰-加利克
So the enhancement was very well received. We have onboarded approximately 30, no exactly 30 hedge funds onto this white gloves enhanced service. The feedback is good. The hedge funds really enjoy having a point person that they can talk to. They get access to various experts within our organization through this single point of contact. So they really do like the experience. We cannot see any change in the numbers and we did not expect to see one. You may recall that the reason why we did this was to increase the likelihood that the hedge funds as they cross the $100 million threshold, which seems to be the magical number when the large primes become interested in them, we wanted to increase the likelihood that they would stay with us. So time will tell whether this was a good bet. I'm hopeful that it was.
因此，这项改进深受欢迎。我们已经为大约 30 家（不准确地说是 30 家）对冲基金提供了白手套增强服务。反馈很好。对冲基金非常喜欢有一个可以交谈的联络人。他们可以通过这个单一联络点接触到我们组织内的各种专家。因此，他们非常喜欢这种体验。我们看不到数据有任何变化，我们也没指望看到变化。大家可能还记得，我们之所以这样做，是为了增加对冲基金跨过 1 亿美元门槛的可能性，这似乎是一个神奇的数字，当大型公司对他们感兴趣时，我们希望增加他们与我们保持合作的可能性。因此，时间会证明这是否是一个好的赌注。我希望如此。
As to further enhancements, we are talking to continue the discussions with the hedge funds. Obviously, the order desk is online. It's a global order desk. We take orders from the hedge funds, so that they do not have to sit at their desks and maybe execute orders in the middle of the night. There is still discussions about the capital introduction. We have had our own capital introduction program online for a long time. There is demand or there are requests for us to make improvements to it, that is the current state.
至于进一步的改进，我们将继续与对冲基金进行讨论。很明显，订单台已经上线。这是一个全球订单台。我们接受对冲基金的订单，这样他们就不必坐在自己的办公桌前，也可能在半夜执行订单。目前仍在讨论资本引入的问题。我们自己的资本引进计划已经上线很长时间了。有需求或要求我们对其进行改进，这就是目前的状况。
James Yaro 詹姆斯-亚罗
Okay, great. That's very, very clear. Maybe just one other as a follow-up related to hedge funds, I think prime brokerage net leverage at the very largest banks is up substantially. But securities lending for you and certain other retail skewed brokers has remained fairly Soft. Just any views on perhaps why there is that dichotomy? Is it that retail short-selling activity is light, whereas large hedge funds are perhaps adding to shorts? And maybe if you don't have a view on that one, maybe just when you look at your hedge fund business, your prime brokerage business, has there been increased short selling activity for those clients?
好的，很好非常非常清楚。也许还有一个与对冲基金有关的后续问题，我认为最大银行的主要经纪净杠杆率大幅上升。但你们和某些其他零售倾斜经纪商的证券借贷却保持了相当低的杠杆率。对于为什么会出现这种两极分化，你有什么看法？是不是因为散户卖空活动较少，而大型对冲基金可能在增加空头？如果您对此没有看法，那么当您审视您的对冲基金业务和大宗经纪业务时，您对这些客户的卖空活动是否有所增加？
Milan Galik 米兰-加利克
Well, I do not personally look at this broken down. Maybe Paul has some color that he can share with you. What I can tell you is that the hedge funds on our platform increase the leverage. They borrow a larger amount of money from us and that is partially the reason why the net interest income is up and obviously the balance is increased to $55 billion this quarter.
好吧，我个人并不看这个细分。也许保罗能给你们一些颜色。我可以告诉你们的是，我们平台上的对冲基金提高了杠杆率。他们从我们这里借了更多的钱，这也是净利息收入增加的部分原因，很明显，本季度的余额增加到了 550 亿美元。
James Yaro 詹姆斯-亚罗
Okay. Thanks a lot.
好的非常感谢
Operator 操作员
Thank you. [Operator Instructions] Our next question comes from the line of Dan Fannon with Jefferies. Your line is open.
谢谢[下一个问题来自 Jefferies 的 Dan Fannon。您的电话已接通
Dan Fannon 丹-范农
Thanks. Good afternoon. Just another question on the backlog with the introducing brokers, a couple dozen that was cited. I guess how would that compare to say a year ago? And then generally, who are you competing with to win this business? Is it just internal offerings or are there other peers that you're typically going up against?
谢谢。下午好。我只想再问一个关于介绍经纪人积压情况的问题。我想这与一年前相比如何？一般来说，你们在与谁竞争以赢得这些业务？是只针对内部产品，还是通常会与其他同行竞争？
Milan Galik 米兰-加利克
The pipeline looks pretty much the same size. I think a year ago it was roughly the same number. As to whom we're competing with, well our offering is very unique. As you know, we cover the world in terms of access to the exchanges in various countries. So the introducing brokers or introducing broker prospects. They like the fact that we can offer them access to local markets, to regional markets, to overseas, especially United States. There are some competitors in the space, especially in Asia and Europe. Those are our competitors. Those are the firms that we compete with.
输油管看起来大小差不多。我想一年前也差不多。至于我们的竞争对手，我们的产品非常独特。众所周知，我们的业务覆盖全球，可以进入各国的交易所。因此，介绍经纪人或介绍经纪人的潜在客户。他们喜欢我们能为他们提供进入本地市场、地区市场、海外市场（尤其是美国）的机会。这个领域有一些竞争对手，尤其是在亚洲和欧洲。这些就是我们的竞争对手。这些就是我们的竞争对手。
Dan Fannon 丹-范农
Okay, that's helpful. And then a couple of quarters ago, Tom has talked about declining interest rates maybe being pro-growth of your business in terms of utilization of things like margin and account growth and trading, but you know given the run we've had this year in the market the growth and accounts growth and margin balances do we -- does that view still hold if we do get some Fed cuts going forward or have we maybe overshot here in the context of how your client base is performing currently?
好的，这很有帮助。几个季度前，汤姆（Tom）曾谈到，就保证金、账户增长和交易等方面的利用率而言，利率下降可能会促进业务增长，但你知道，鉴于我们今年在市场上取得的增长、账户增长和保证金余额，我们 -- 如果美联储今后真的削减利率，这种观点是否仍然成立？
Milan Galik 米兰-加利克
It's difficult to tell what will happen. What I can tell you is that if the fed lowers the interest rates by 25 basis points as is widely expected at this point, our annual net interest income will decrease by $77 million. So that is going to be the impact. The lower interest rates, obviously, spur economic growth, but there is going to be a lot of uncertainty. We still have two wars that are in the Middle East and in Europe. There is election season. We're going to have a new administration. There is a lot of uncertainty as to how that is going to play out or what exactly that's going to mean. Even if the Trump ticket wins the election, it's unclear exactly what the impact is going to be because there is a chatter about increased tariffs, which can, in turn, increase inflation.
很难说会发生什么。我可以告诉大家的是，如果美联储按照目前的普遍预期将利率下调 25 个基点，我们的年度净利息收入将减少 7700 万美元。这就是影响所在。降低利率显然会刺激经济增长，但也会有很多不确定性。中东和欧洲仍有两场战争。还有选举季。我们将迎来新一届政府。至于结果如何，或者这究竟意味着什么，还有很多不确定性。即使特朗普赢得大选，也不清楚究竟会产生什么影响，因为人们都在讨论增加关税的问题，这反过来又会加剧通货膨胀。
So there is a lot of uncertainty out there. Uncertainty usually results in volatility and higher trading volumes as customers wants to put on risky positions or they want to do hedges or sell out their winners. So it's really difficult to tell but I do not see a good reason to believe that the trading activity will dramatically slow down.
因此，市场上存在很多不确定性。不确定性通常会导致波动和更高的交易量，因为客户想建立高风险头寸，或者他们想做套期保值，或者卖出他们的赢家。因此，现在还很难说，但我认为没有充分的理由相信交易活动会大幅放缓。
Dan Fannon 丹-范农
Understood. Thank you. 明白。谢谢。
Operator 操作员
[Operator Instructions] Our next question comes from the line of Kyle Voigt with KBW. Your line is open.
[下一个问题来自 KBW 的 Kyle Voigt。您的电话已接通
Kyle Voigt 凯尔-沃伊特
Hi, good morning sorry good evening. First one just on ForecastEx. I know that received CFTC approval last month, but I think there were some subsequent press around saying the launch may be delayed. Just wondering, any update on the timing of the launch there? And then maybe just speak about the opportunity you see for forecast contracts more broadly and size and opportunity a bit for us.
嗨，早上好，晚上好。第一个问题是关于 ForecastEx 的。我知道它上个月获得了美国商品期货交易委员会（CFTC）的批准，但我想随后有一些媒体说它的推出可能会推迟。我只是想知道，推出时间上有什么最新进展吗？然后，也许您可以谈谈您认为预测合约的机会，以及我们的规模和机会。
Milan Galik 米兰-加利克
So yes, there is a slight delay. We realized that there is a little bit more work that we need to do, bookkeeping work that has to do with booking of swaps. That is the license that the CFTC granted to ForecastEx. So there is a bit more work that we need to do. We are hoping to launch in the middle of August.
所以是的，有一点延迟。我们意识到，我们需要做的工作还有点多，与掉期预订有关的簿记工作。这是美国商品期货交易委员会授予 ForecastEx 的许可证。因此，我们还需要做一些工作。我们希望在八月中旬推出。
As to the opportunity, we are hopeful that similar thing is going to happen to what we witnessed in the area of security -- equity options. Remember when it started in back 40 or more years ago, it was something brand new. And today, it is a really, really big industry. Betting on economic indicators, on climate events, in general, events that can affect the performance of your portfolio and events that our customers may want to hedge themselves against, we believe that, that is going to become, over time, a very popular and growing area.
至于机会，我们希望类似的事情会发生，就像我们在证券--股票期权领域看到的那样。还记得在 40 多年前，它还是一个全新的事物。而今天，它已经成为一个非常非常大的产业。我们相信，随着时间的推移，这将成为一个非常受欢迎和不断增长的领域。
Kyle Voigt 凯尔-沃伊特
Great. Thank you for that. And then I just had one follow-up for Paul. Just to be super clear about the new securities lending disclosures that you provided today. So hypothetically, if we retroactively applied a 0% benchmark rate globally to the entirety of the second quarter, I just want to make sure that the security revenue that you would have reported would have been $194 million instead of $25 million? Is that correct? Or formulaically, is that how the pricing methodology would have worked, just would have shifted the bucket into sec lending from sec cash revenue?
太好了。谢谢。我还有一个问题要问保罗。我只想对你今天提供的新的证券借贷信息披露说得更清楚一些。所以，假设我们在全球范围内追溯适用 0% 的基准利率来计算整个第二季度，我只想确认一下，你们报告的证券收入会是 1.94 亿美元，而不是 2500 万美元？是这样吗？或者说，从公式上看，定价方法是这样的，只是将证券现金收入转移到了证券贷款中？
Paul Brody 保罗-布罗迪
Yes. It's a slightly more complicated question. But if you assume zero benchmark, then all of the securities lending trading itself becomes just the borrow fee, which is high for a hard-to-borrow stock and low for a general collateral stock. Likewise, as we used to have when the rates are almost zero, if we were to lend to stock, take in the cash collateral and then reinvest the cash collateral, in a very low interest rate environment, that cash collateral earns very little, right?
是的，这个问题稍显复杂。但如果假设基准为零，那么所有的证券借贷交易本身就只剩下借贷费用了，对于难以借贷的股票来说，借贷费用很高，而对于一般抵押股票来说，借贷费用很低。同样，就像我们过去在利率几乎为零的情况下一样，如果我们借出股票，获得现金抵押，然后将现金抵押进行再投资，在利率非常低的环境下，现金抵押的收益非常低，对吗？
So one of the reasons why we have decided to offer this presentation is because it didn't make any difference when the rates were near zero, didn't make much difference. But now that the rates are 5% plus, it's more helpful to see all sides of the equation that are related to securities lending, right? The simplest example being we lend a customer stock. We take in the cash collateral. Now when we reinvest it, it's at more like 40% -- 5.4%. And that, obviously, plays a role. Up until now, we have been -- and in our net interest margin presentation, that shows up in segregated cash and securities. But one could think of it as being related to securities lending. And so all we're talking about here is reclassifying that just from a management perspective. It's a different way to look at it.
因此，我们决定提供这个演示文稿的原因之一是，当利率接近零时，它并没有什么不同，没有什么区别。但现在利率已经达到 5%以上，了解与证券借贷相关的所有方面会更有帮助，对吗？最简单的例子是，我们借给客户股票。我们收取现金抵押。现在，当我们将其再投资时，它的利率更像是 40% -- 5.4%。显然，这也起到了一定的作用。到目前为止，我们的净息差显示在现金和证券的分离上。但可以认为这与证券借贷有关。因此，我们在这里所说的只是从管理角度对其进行重新分类。这是一种不同的视角。
Kyle Voigt 凯尔-沃伊特
Understood. Okay, thank you very much.
明白。好的，非常感谢。
Operator 操作员
Thank you. [Operator Instructions] Our next question comes from the line of Patrick Moley with Piper Sandler. Your line is open.
谢谢[接线员指示] 下一个问题来自派珀桑德勒公司的帕特里克-莫利。您的电话已接通
Patrick Moley 帕特里克-莫利
Yes. Hello. Thanks for taking the questions. So I had one on options. Options volumes for you were up 36% year-over-year in the second quarter, I think. Can you just speak to the growth you're seeing there and maybe break it out and help us understand, looking across geographies, where that growth is coming from? And I think Thomas has spoken in the past about expecting higher derivatives volume growth overseas. How big of a driver do you think that can be for your business? And what kind of advantage do you think you have over some of your publicly traded peers here in the U.S. who have recently spoke about being more deliberate with their efforts overseas?
是的，你好感谢您接受提问。我有一个关于期权的问题。我想，你们第二季度的期权交易量同比增长了 36%。你能不能谈谈你看到的增长情况，也许可以细分一下，帮助我们了解，从不同地区来看，增长来自哪里？我想托马斯过去曾谈到过，预计海外衍生品数量会有更高的增长。你认为这对你的业务有多大的推动作用？您认为与美国的一些上市公司相比，贵公司有哪些优势？
Milan Galik 米兰-加利克
So obviously, the zero day to expiration option, that is where a lot of volume has been happening. Weekly option, that's where a lot of volume was taking place. As far as the 0-day options is the cash-settled index options. We have seen Eurex adding shorter-term options, and I think other exchanges will follow. So this phenomenon is going to increase in other regions, not only in the United States. As far as geographies is the U.S. option volumes that are dominant. There is obviously trading in Asia and Europe, but the U.S. still dominates. Even our foreign overseas investors gravitate towards these instruments.
很明显，零日至到期日期权的成交量很大。每周期权也有大量成交。至于 0 天期权，则是现金结算的指数期权。我们看到欧洲期货交易所增加了短期期权，我认为其他交易所也会跟进。因此，这种现象在其他地区也会增加，而不仅仅是在美国。就地域而言，美国的期权交易量占主导地位。亚洲和欧洲显然也有交易，但美国仍占主导地位。甚至我们的外国海外投资者也倾向于这些工具。
It is, to some extent, the job of the regional exchanges to make the contracts popular and increase the offering and the volumes. But our technology is there. We have the connectivity. We have the access to the clients. So we are making them available to the clients. I guess that is how I would answer your question.
在某种程度上，地区性交易所的工作就是让这些合约广受欢迎，并增加发行量和交易量。但我们的技术已经到位。我们有连接能力。我们可以接触客户。因此，我们正在向客户提供这些产品。我想这就是我对你问题的回答。
As to what the -- yes, you asked about what the advantages are. So our platform is originally designed for professional and active traders. It is -- the platform is superb. It delivers results. The very active traders on our platform attest to it. We have since then implemented very good screens on the mobile trader, as well as on the web platform. So we cover, in terms of the platform, all -- the entire spectrum of clientele, from the active trader all the way to the beginner. We have tools that help our clients initiate positions. We have a wizard. We have had the wizard for a very long time.
至于优势是什么 -- 是的，你问的是优势是什么。我们的平台最初是为专业和活跃的交易者设计的。这个平台是一流的。它能带来结果。我们平台上非常活跃的交易者证明了这一点。从那时起，我们就在移动交易平台和网络平台上安装了非常好的屏幕。因此，在平台方面，我们涵盖了所有客户，从活跃交易者一直到初学者。我们拥有帮助客户启动头寸的工具。我们有一个向导。我们拥有向导已经有很长一段时间了。
For someone who is not yet accustomed to what the possibilities of options trading are, they can enter their forecast. For example, by this date, I expect the NVIDIA stock to be up by 10%. What are the trading strategies I could consider and with the response with this -- the different choices, that the client and then choose them. So I think we're very well positioned to take advantage of the increased popularity of options trading overseas.
对于还不了解期权交易可能性的人来说，他们可以输入自己的预测。例如，到这一天，我预计英伟达公司的股票将上涨 10%。我可以考虑哪些交易策略，然后客户可以根据这些不同的选择做出反应，然后做出选择。因此，我认为我们已做好充分准备，利用海外期权交易日益普及的优势。
Patrick Moley 帕特里克-莫利
All right. That's great color. And then just a quick follow-up on the NYSE loss. Can you speak -- was there any impact on the tax rate this quarter from that? And then just looking forward, is there any possibility at all that any of that could be recovered? Thanks.
好的颜色不错。然后再简单跟进一下纽约证券交易所的亏损。你能说说 -- 这对本季度的税率有没有影响？展望未来，是否有可能挽回损失？谢谢。
Milan Galik 米兰-加利克
As far as the recovery, the answer is, unfortunately, no. We have looked at what can be done. When the mishap took place, we immediately contacted the exchange, and we requested that the purchase is at extremely high prices. The busted -- we have those trades be busted. Unfortunately, the industry rules are written in such a way that New York Stock Exchange was not able to bust those rates. We have also pursued the opportunity to ask for compensation payment under the Rule 18. The Rule 18 has also very significant limitations, including how much can be paid in terms of compensation.
至于恢复，很遗憾，答案是否定的。我们已经研究了可以做的事情。事故发生后，我们立即联系了交易所，要求以极高的价格购买。爆仓 -- 我们让这些交易爆仓。不幸的是，行业规则是这样写的，纽约证券交易所无法取消这些费率。我们还争取到了根据第 18 条要求支付赔偿金的机会。规则第 18 条也有非常重要的限制，包括可以支付多少赔偿金。
We looked at other avenues. We have decided that we are not -- we are very unlikely to be successful in recovering the money that we have lost here. What we are going to do is we are going to be proposing changes to how such events should be handled in the future because it is our strong belief that not only New York Stock Exchange, but also the lead market maker, the specialist handling the Berkshire Hathaway, did not do an adequate job here. And some rule changes need to be done, and we are in the process of writing a letter to the SEC proposing a very concrete modifications to the rules that would benefit not only us, but the entire industry. And when the latter is written, we will post it on our website.
我们研究了其他途径。我们已经决定，我们不可能成功追回我们在这里损失的资金。我们要做的是，我们将建议修改今后处理此类事件的方式，因为我们坚信，不仅是纽约证券交易所，主要做市商、处理伯克希尔-哈撒韦公司的专家在这方面也做得不够好。我们正在致信美国证券交易委员会，建议对规则进行非常具体的修改，这不仅有利于我们，也有利于整个行业。等信写好后，我们会在网站上公布。
As far as the tax implications, Paul, maybe you can reply to that one?
至于税收影响，保罗，也许你可以回答这个问题？
Paul Brody 保罗-布罗迪
Yes. Could you repeat the question on the taxes?
是的您能重复一下关于税收的问题吗？
Patrick Moley 帕特里克-莫利
Yes. Just if there was any tax implications from the loss or anything that's worth calling out this quarter going forward?
是的请问本季度的亏损是否涉及税收问题，或者有什么值得注意的地方？
Paul Brody 保罗-布罗迪
I see. Well, it just flows into gains and losses. And so there's nothing about it that would not be taxable as a general expense, it is. And there were no other real notable items. Every quarter, there are some tax items that maybe not apply directly to the current quarter, like tax credit, things like that. So these come and go. That primarily is what causes minor fluctuations in our overall effective tax rate.
我明白了嗯，它只是流入收益和损失。因此，没有什么是不能作为一般费用征税的，确实如此。没有其他真正值得注意的项目。每个季度都会有一些税收项目，可能并不直接适用于本季度，比如税收抵免之类的。因此，这些项目时有时无。这主要是导致我们整体有效税率小幅波动的原因。
Operator 操作员
Thank you. [Operator Instructions] Our next question comes from the line of Macrae Sykes with GAMCO. Your line is open.
谢谢[下一个问题来自 GAMCO 的 Macrae Sykes。您的电话已接通
Macrae Sykes
Oh, great. Thank you. I had two questions about the IBDs, and I'll just ask them together. I was wondering if you could kind of give us an update on the TAM around the IBDs, whether you know how many IBDs are out there globally, how much have they cost you. Anything to kind of point to the opportunity there? And I know it's evolving.
哦，太好了。谢谢我有两个关于 IBD 的问题，我想一起问。我想知道，你是否能给我们介绍一下 IBD 的 TAM 的最新情况，你是否知道全球有多少 IBD，它们花了你多少钱。是否有任何迹象表明那里的机会？我知道它在不断发展。
And then the second thing is with respect to working with these new relationships, is there any difference, as you set up a white label operation with an individual company such as HSBC, in terms of the costs associated or the economics? So is there a difference between handling a 10,000 account IBD or one that's 50,000? And just are there any dissynergies with your platform in terms of having to handle kind of a more bespoke operation?
其次，关于与这些新客户关系的合作，当您与汇丰银行等个别公司建立白标业务时，在相关成本或经济效益方面是否存在差异？处理 1 万个 IBD 账户和处理 5 万个 IBD 账户是否有区别？你们的平台在处理更多定制业务方面是否有任何劣势？
Milan Galik 米兰-加利克
So there are -- I believe there are a lot of prospects out there, introducing broker prospects. They are investment companies, especially banks that have very large number of clients, and they are pursuing the opportunity to offer brokerage services to them. Some of them try to go it alone. Some of them, small numbers, succeed. Some give up when they realize that the undertaking is greater than they expected. And then they turn to Interactive Brokers and maybe another competitor for help. That is what we see.
因此，我相信有很多潜在的介绍经纪人。他们是投资公司，尤其是拥有大量客户的银行，他们正在寻找机会为客户提供经纪服务。其中一些公司试图单干。其中一些成功了，数量不多。有些则在意识到这项工作比他们预期的要艰巨时放弃了。然后，他们向 Interactive Brokers 或其他竞争对手寻求帮助。这就是我们所看到的。
Another thing that we see is that there are brokers that just start from zero. They realize that there is an opportunity to offer localized service to the clientele in a special -- in a specific country. They think that they can do a good job advertising, running customer service and serve the local clientele. That is something that we also see. There is going to continue to be a large number of these, I believe.
我们看到的另一种情况是，有些经纪人只是从零开始。他们意识到，在一个特殊的国家，有机会为客户提供本地化服务。他们认为，他们可以做好广告宣传，做好客户服务，为当地客户提供服务。这一点我们也看到了。我相信，这种情况还会继续大量出现。
As to the economics and scalability, that varies. We onboard some introducing brokers as an omnibus account relationship, which means it's a single account or, let's say, up to 10 different accounts because they like to separate it by the residents of the clientele, whether it's a margin account or a cash account. So it's a very small number of accounts, handful up to 10, covering many thousands of individual accounts on their platform. So that's sort of one extreme.
至于经济性和可扩展性，则各不相同。我们与一些介绍经纪人建立了总括账户关系，这意味着这是一个单一账户，或者说，多达 10 个不同的账户，因为他们喜欢按照客户的居民来区分，无论是保证金账户还是现金账户。因此，账户数量很少，屈指可数，最多 10 个，但却覆盖了其平台上成千上万的个人账户。这就是一个极端。
The other extreme is that we carry one specific account per end client, and we have both of these relationships. The economics are different. The omnibus accounts obviously tax our infrastructure much less. We do not have to deal with the KYC and AML of the individual clients. On the other hand, the relationships where we carry subaccounts for individual clients, the economics are a little better. But it costs us more computing power. Our customer service gets involved to an extent, and we have to deal with the KYC and AML. But we're open to take both, and we're usually providing a helping hand to the prospect deciding what type of setup would suit them the best.
另一个极端是，我们为每个最终客户提供一个特定的账户，我们同时拥有这两种关系。经济效益是不同的。总括账户显然对我们的基础设施造成的负担要小得多。我们不必处理单个客户的 KYC 和 AML。另一方面，我们为个人客户开设子账户，经济效益会更好一些。但我们需要花费更多的计算能力。我们的客户服务会在一定程度上介入，我们必须处理 KYC 和 AML。但我们对两种方式都持开放态度，我们通常会帮助潜在客户决定哪种类型的设置最适合他们。
Operator 操作员
Thank you. [Operator Instructions] Our next question comes from the line of Chris Allen with Citi. Your line is open.
谢谢[下一个问题来自花旗银行的克里斯-艾伦。您的电话已接通
Chris Allen 克里斯-艾伦
Yes, evening everyone. A little bit of a cleanup question. Just on the NII sensitivity to rate cuts. I believe, Paul, it's a $59 million reduction, but Milan noted it was $77 million. So I'm just wondering which is correct. Maybe $77 million includes all global rates or the $59 million U.S., just any color there would be helpful.
是的，大家晚上好。我想问一个小问题。只是关于净资本收益率对降息的敏感性。我相信，保罗，是减少了 5900 万美元，但米兰指出是 7700 万美元。所以我想知道哪个是正确的。也许7,700万美元包括所有全球利率，还是5,900万美元包括美国利率？
Paul Brody 保罗-布罗迪
Yes. That's exactly right, Chris. So the $59 million is an assumption that only the fed moves the U.S. dollar rate. And the $77 million makes a very broad assumption that all currency rates or rates in all currencies are reduced.
是的 完全正确 克里斯所以5900万美元是假设 只有美联储会改变美元汇率而7700万美元是一个非常宽泛的假设，即所有货币的汇率或利率都会降低。
Chris Allen 克里斯-艾伦
Just a quick one on expenses. You noted the decrease in compliance staff is you went to kind of full operational with new compliance system. Just wondering like how much efficiencies something like that would generate or realize redeploying that into other investment areas. But then what are the other incremental opportunities you're working on to reduce efficiencies moving forward?
关于支出，我只想简单说一下。您注意到合规人员的减少是因为您使用了新的合规系统，实现了全面运营。我只是想知道，如果将这些人员重新部署到其他投资领域，会产生或实现多少效率。但是，你们还在努力利用哪些其他增量机会来降低效率？
Milan Galik 米兰-加利克
So if you look at our overall headcount, you'll see that it didn't change compared to a year ago. We are at 2,950 employees. There are small changes as to the individual departments, but we're not talking large numbers. Our goal is to be able to use technology to the maximum extent possible. Ideally, we would be able to onboard new accounts without adding additional staff. We were quite successful, I would say, in that, over the last year, because we did not add any employees and yet we had a very significant growth in the number of accounts.
因此，如果你看一下我们的总人数，你会发现与一年前相比没有变化。我们现在有 2,950 名员工。个别部门会有一些小的变化，但人数不会太多。我们的目标是最大限度地利用技术。理想的情况是，我们能够在不增加额外员工的情况下为新客户提供服务。我可以说，去年我们在这方面做得相当成功，因为我们没有增加任何员工，但我们的客户数量却有了非常显著的增长。
But it won't always be like this. We are very closely monitoring the metrics on the customer service side. We see how long the wait times are. And if they cross a certain threshold, we make a decision to increase the number of customer service representatives as we have just done. But again, we're not talking large numbers here. We're talking several dozens of new customer service representatives in the lower -- employed in the lower-cost countries. So that's the way it is. The -- with the advances in the AI, it should be easier to achieve our goal of scalability without adding new personnel, but it's not easy to do.
但不会总是这样。我们密切关注客户服务方面的指标。我们看到等待时间有多长。如果等待时间超过某个临界值，我们就会决定增加客户服务代表的人数，就像我们刚刚所做的那样。但是，我们在这里谈论的并不是大量的人员。我们说的是在成本较低的国家新增几十名客服代表。事情就是这样。随着人工智能的进步，我们应该更容易在不增加新员工的情况下实现可扩展性目标，但这并不容易做到。
Chris Allen 克里斯-艾伦
Got it. Thanks, guys.
知道了谢谢你们
Operator 操作员
Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Nancy for closing remarks.
谢谢。女士们，先生们，现在没有其他问题了。现在请南希致闭幕词。
Nancy Stuebe 南希-斯图贝
Thank you, everyone, for participating today. As a reminder, this call will be available for replay on our website, and we will also be posting 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。需要提醒大家的是，本次电话会议将在我们的网站上重播，我们也将于明天在网站上发布简洁版的文字稿。再次感谢大家，我们将在下个季度末再与大家交流。
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，今天的电话会议到此结束。感谢各位的参与。现在可以挂断电话。
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