2024-10-15 Interactive Brokers Group, Inc. (IBKR) Q3 2024 Earnings Call Transcript
Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q3 2024 Results Conference Call October 15, 2024 4:30 PM ET
盈透证券集团公司（纳斯达克:IBKR）2024 年第三季度业绩电话会议 2024 年 10 月 15 日 美国东部时间下午 4:30
Company Participants 公司参与者
Nancy Stuebe - Director of Investor Relations
南希·斯图贝 - 投资者关系总监
Thomas Peterffy - Founder and Chairman
托马斯·彼得菲 - 创始人兼主席
Milan Galik - President and Chief Executive Officer
米兰·加利克 - 总裁兼首席执行官
Paul Brody - Chief Financial Officer
保罗·布罗迪 - 首席财务官
Conference Call Participants
电话会议参与者
Patrick Moley - Piper Sandler
派特里克·莫利 - 派杰桑德勒
James Yaro - Goldman Sachs
詹姆斯·亚罗 - 高盛
Dan Fannon - Jefferies LLC
丹·法农 - 杰富瑞有限责任公司
Chris Allen - Citi 克里斯·艾伦 - 花旗
Brennan Hawken - UBS 布伦南·霍肯 - 瑞银
Benjamin Budish - Barclays
本杰明·布迪什 - 巴克莱
Macrae Sykes - GAMCO 麦克雷·赛克斯 - GAMCO
Operator 操作员
Good day, and thank you for standing by, and welcome to Interactive Brokers Group 3Q '24 Earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
您好，感谢您的耐心等待，欢迎参加盈透证券集团 2024 年第三季度财报电话会议。目前，所有参与者都处于只听模式。在演讲者的陈述之后，将会有一个问答环节。[操作员说明] 请注意，今天的会议正在录音。
I would now like to hand the conference over to your speaker today, Nancy Stuebe, Director of Investor Relations. Please go ahead.
我现在想把会议交给今天的发言人，投资者关系总监南希·斯图贝。请继续。
Nancy Stuebe 南希·斯图贝
Good afternoon. and thank you for joining us for our third 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 at our Q&A.
下午好。感谢您参加我们的 2024 年第三季度财报电话会议。今天与我们一起的是我们的创始人兼主席托马斯·彼得菲；我们的总裁兼首席执行官米兰·加利克；以及我们的首席财务官保罗·布罗迪。我将介绍米兰对业务的评论，三位都会在我们的问答环节中回答问题。
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.
请注意，今天的电话会议可能包含前瞻性声明，这些声明代表公司对未来事件的信念，其本质上是不确定的，并且超出了公司的控制范围。我们的实际结果和财务状况可能与这些前瞻性声明中所指示的有所不同，甚至可能有重大差异。我们要求您参阅我们新闻稿中的免责声明。您还应查看我们提交给美国证券交易委员会的财务报告中包含的风险因素描述。
This quarter, the long-awaited interest rate cut in the U.S. finally happened. The market proceeded to rally on the news. The S&P 500 rose 5.5% this quarter. Joining higher indices in nearly every global market, save Japan and following rate cuts in the U.K., Canada, Europe and China. For the industry as a whole, options contract volumes were up 12% over last year, reaching a new record and surpassing even the strong first quarter.
本季度，美国期待已久的降息终于发生。市场在消息传出后随之上涨。本季度标普 500 指数上涨了 5.5%。几乎所有全球市场的指数都在上涨，除了日本，并且在英国、加拿大、欧洲和中国的降息之后。对于整个行业来说，期权合约交易量比去年增长了 12%，创下新纪录，甚至超过了强劲的第一季度。
CME futures volumes were up 27% versus last year, also a record. As investors were eager to trade interest rate futures, in particular, in order to wager on rate changes. As for equities, overall U.S. industry volumes are up versus last year, though down slightly from last quarter, as the Magnificent Seven lost some of their grip on U.S. market performance. These stocks contributed just 12% of the S&P's gain this quarter versus 95% last quarter with more than half of them down.
CME 期货交易量同比增长 27%，也创下了纪录。投资者尤其热衷于交易利率期货，以便对利率变化进行押注。至于股票，美国整体行业交易量同比上升，但较上季度略有下降，因为“七大巨头”对美国市场表现的影响力有所减弱。这些股票本季度仅贡献了标普指数涨幅的 12%，而上季度则为 95%，其中超过一半的股票下跌。
However, as in prior recent quarters, it appears so far that investors are holding on to these positions and have not made changes like selling them to buy new names. Against this industry backdrop, our options, futures and stock volumes were all up versus last year. Versus the second quarter, our volumes are up in futures and options. So in equities, they were down slightly as investors continue to gravitate towards higher-priced stocks so the notional value of equities traded rose.
然而，与最近几个季度一样，到目前为止，投资者似乎仍持有这些头寸，并没有进行诸如卖出以购买新股票的变动。在这种行业背景下，我们的期权、期货和股票交易量均较去年有所上升。与第二季度相比，我们的期货和期权交易量有所增加。因此，在股票方面，由于投资者继续倾向于高价股票，股票交易的名义价值上升，交易量略有下降。
We added 196,000 new accounts in the third quarter behind only the mean stock days of the first quarter of 2021. New accounts meant more cash in those accounts, which helped raise our client credit balances 19% to a record $116.7 billion. Margin loans were up 28% from last year our client equity was up 46% to $541.5 billion, the first time we ended the quarter with over $0.5 trillion.
我们在第三季度新增了 196,000 个账户，仅次于 2021 年第一季度的平均股票天数。新账户意味着这些账户中有更多现金，这帮助我们的客户信贷余额增加了 19%，达到创纪录的 1167 亿美元。保证金贷款比去年增长了 28%，我们的客户权益增长了 46%，达到 5415 亿美元，这是我们首次在季度末超过 0.5 万亿美元。
Rising markets and the anticipation of lower rates continue to lead clients to feel more comfortable taking on risk. So, in addition to taking on more leverage using margin loans, they also took on more assertive positions, which increased our exposure fee revenue. Active markets yielded strong financial results, both commission revenue and net interest income reached records as did total net revenues.
市场上涨和对降低利率的预期继续使客户在承担风险时感到更舒适。因此，除了使用保证金贷款增加杠杆外，他们还采取了更积极的立场，这增加了我们的风险敞口费用收入。活跃的市场带来了强劲的财务业绩，佣金收入和净利息收入均创下纪录，总净收入也达到了历史新高。
We maintained our focus on expenses, meaning our pretax income also reached a record, and both our reported and adjusted pretax profit margins were an industry-leading 72%. Broken down by geography, our accounts and client equity once again grew fastest in Europe and Asia as growing numbers of investors worldwide want access to international and particularly U.S. markets.
我们保持对费用的关注，这意味着我们的税前收入也创下了纪录，我们的报告和调整后的税前利润率均为行业领先的 72%。按地域划分，我们的账户和客户权益在欧洲和亚洲的增长速度再次最快，因为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 again seen with individuals with introducing brokers and proprietary traders not far behind. On the client equity side, financial advisers, 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 individuals followed by financial advisers. At the Company level, we experienced another productive quarter.
在我们的五个客户群体中，账户增长最快的再次是有介绍经纪人的个人，专有交易员紧随其后。在客户权益方面，财务顾问再次增长最快，其次是 i-经纪人和个人。佣金增长最快的是我们的专有交易员，而净利息收入增长则由个人引领，其次是财务顾问。在公司层面，我们又经历了一个富有成效的季度。
On August 1, the previously announced merger of IB Central Europe and IB Ireland was completed. As a result, all of our EEA clients can benefit equally from an expanded offering of products and services. The upfront cost of this consolidation was $12 million, which is reflected in our G&A expense. Going forward, assuming today's level of business and regulatory fees, we expect annual savings of $7 million from having only one European brokerage business and one regulator to report to.
8 月 1 日，之前宣布的 IB 中欧和 IB 爱尔兰合并完成。因此，我们所有的欧洲经济区客户都可以同等受益于扩展的产品和服务。此次合并的前期成本为 1200 万美元，这反映在我们的管理和行政费用中。展望未来，假设今天的业务水平和监管费用不变，我们预计每年将节省 700 万美元，因为只需运营一家欧洲经纪业务并向一个监管机构报告。
On September 1, we opened a licensed office in Dubai, solidifying our presence in the Middle East region. We launched trading in both equities and futures on Bursa Malaysia this quarter. We've expanded our offerings to include 22-hour-a-day trading in U.S. treasuries, European government bonds, U.K. Gilts and Swiss franc-denominated corporate and sovereign bonds.
9 月 1 日，我们在迪拜开设了一家持牌办事处，巩固了我们在中东地区的存在。本季度，我们在马来西亚交易所推出了股票和期货交易。我们扩大了产品范围，包括美国国债、欧洲政府债券、英国金边债券和瑞士法郎计价的公司和主权债券的每日 22 小时交易。
In addition to over 10,000 U.S. stocks, ETFs and equity index options, non-U.S. clients can now also trade contracts or difference or CFDs on more than 3,500 U.S. stocks and ETFs during overnight hours. We upgraded our API functionality to provide new introducing broker clients with faster and easier integration. Rather than relying on multiple separate code libraries, our partners can now access our extensive range of services through a single unified interface.
除了超过 10,000 只美国股票、ETF 和股票指数期权外，非美国客户现在还可以在夜间交易时段内交易超过 3,500 只美国股票和 ETF 的差价合约或 CFD。我们升级了 API 功能，为新的介绍经纪商客户提供更快速和更简便的集成。我们的合作伙伴现在可以通过一个统一的界面访问我们广泛的服务，而无需依赖多个独立的代码库。
In our IBKR ATS, for several years now, we have operated an options crossing session in which we seek opposite side liquidity for marketable orders in U.S. options, providing customers the opportunity for price improvement. We have now added the same functionality for customer U.S. options orders priced inside the NBBO. When we succeed in pairing these tweener orders, liquidity in our ATS, the customer benefit by obtaining a guaranteed fill on their nonmarketable order as well as the opportunity for further price improvement in an on-exchange price improvement auction.
在我们的 IBKR ATS 中，几年来我们一直在运营一个期权交叉交易会话，在其中我们为美国期权的可交易订单寻找对手方流动性，为客户提供价格改善的机会。我们现在为客户的美国期权订单增加了相同的功能，这些订单的价格在 NBBO 内部。当我们成功配对这些中间订单时，ATS 中的流动性使客户受益，他们的不可交易订单获得了保证成交，并在交易所的价格改善拍卖中获得进一步价格改善的机会。
We have seen excellent participation by our liquidity providers in this program and our customers who place nonmarketable orders in U.S. listed options are seeing substantial meaningful benefits as a result. We believe this further demonstrates and enhances our position as the premier broker for options trading.
在该计划中，我们的流动性提供者表现出色，而下达非市场订单的美国上市期权客户因此获得了显著的实质性利益。我们相信，这进一步证明并提升了我们作为期权交易首选经纪商的地位。
And finally, we launched ForecastEx, our forecast contract exchange on August 1. After a 2.5-year approval process, we received the green light from the CFTC and are looking forward to seeing its performance. Investors can now buy yes and no contracts on the outcome of events that were previously unavailable for direct investment or hedging, whether it's the release of key economic data, results of U.S. elections, or long-term developments like future global temperatures or the size of the U.S. national debt, investors can manage exposure or hedge their existing positions. And to ensure it is easy for interested liquidity providers to connect with us, we have both fixed and restful API connectivity ready for them.
最后，我们于 8 月 1 日推出了 ForecastEx，我们的预测合约交易所。经过 2.5 年的审批过程，我们获得了 CFTC 的批准，并期待看到其表现。投资者现在可以就以前无法直接投资或对冲的事件结果购买是和否合约，无论是关键经济数据的发布、美国选举结果，还是未来全球气温或美国国债规模等长期发展，投资者都可以管理风险敞口或对冲其现有头寸。为了确保有兴趣的流动性提供者能够轻松与我们连接，我们为他们准备了固定和 RESTful API 连接。
Together with the Interactive Brokers team, I look forward to continuing the work on the many projects we have lined up, much as planned for the quarters ahead. Our pipeline of new business and new initiatives remains healthy, and we look forward to sharing the results with you as we introduce them.
与盈透证券团队一起，我期待着继续推进我们已经安排好的众多项目，正如计划在未来几个季度中进行的那样。我们的新业务和新举措的储备依然良好，我们期待在推出这些项目时与您分享成果。
With that, I will turn the call over to Paul Brody. Paul?
对此，我将把电话交给保罗·布罗迪。保罗？
Paul Brody 保罗·布罗迪
Thank you, Nancy. Thanks, everyone, for joining the call today. We'll start with our revenue items on Page 3 of the release. We're pleased with our financial results this quarter as we again produced record net revenues and pretax income. Commissions rose to a record $435 million. This quarter, both options and futures volumes reached new quarterly highs as we sell active customers across global regions participated in the markets.
谢谢你，南希。感谢大家今天参加电话会议。我们将从新闻稿第 3 页的收入项目开始。本季度的财务业绩令我们感到满意，因为我们再次创造了创纪录的净收入和税前收入。佣金上升至创纪录的 4.35 亿美元。本季度，由于我们在全球各地区的活跃客户参与市场，期权和期货的交易量均达到了新的季度高点。
Net interest income also reached a quarterly record of $802 million despite rate cuts in several countries including the full impact of second quarter cuts in Europe, Canada and Switzerland and partial quarter impact of third quarter cuts in those countries as well as in the U.S., U.K. and Hong Kong.
净利息收入也创下季度纪录，达到 8.02 亿美元，尽管包括欧洲、加拿大和瑞士在内的多个国家的降息产生了全面影响，以及这些国家以及美国、英国和香港第三季度降息的部分影响。
The continued risk on environment in the quarter led to a significant increase in margin borrowing and strong account growth led to increases in our segregated cash portfolio. These increases were partially offset by the interest paid to our customers on their cash balances. Interactive Brokers pays clients holding U.S. dollars, the benchmark Fed funds rate less 50 basis points on their qualified funds which makes us attractive compared to other brokers and banks and competitive with money market funds.
本季度环境的持续风险导致保证金借款显著增加，强劲的账户增长导致我们的隔离现金投资组合增加。这些增加部分被我们向客户支付的现金余额利息所抵消。盈透证券向持有美元的客户支付基准联邦基金利率减去 50 个基点的合格资金利息，这使我们相比其他经纪商和银行更具吸引力，并与货币市场基金具有竞争力。
And as a truly global broker, we pay similarly competitive rates on qualified balances in 20 other currencies. Other fees and services generated $72 million, up 38% from the prior year driven by the continued risk on positioning of customers, which is reflected in an increase in the risk exposure fees with contributions also from payments for order flow from options exchange mandated programs and FDIC sweep fees as well.
作为一家真正的全球经纪商，我们对其他 20 种货币的合格余额支付同样具有竞争力的利率。其他费用和服务产生了 7200 万美元，比前一年增长了 38%，这主要是由于客户持续的风险定位，这反映在风险暴露费用的增加中，同时也有来自期权交易所强制计划的订单流支付和 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 several of these are noncore items and therefore, are excluded in our adjusted earnings. Without these excluded items, other income was an $18 million gain for the quarter.
其他收入包括我们投资的收益和损失、我们的货币多元化策略和主要交易。请注意，其中一些是非核心项目，因此在我们的调整后收益中被排除。在排除这些项目后，其他收入本季度为 1800 万美元的收益。
Turning to expenses. Execution, clearing and distribution costs were $116 million in the quarter, up 18% over the year ago quarter, predominantly from higher regulatory fees that were introduced by the SEC earlier this year. The SEC fee is a pass-through to customers, so it does not impact our profitability.
转向费用。本季度执行、清算和分销成本为 1.16 亿美元，比去年同期增长 18%，主要是由于美国证券交易委员会今年早些时候引入的更高监管费用。SEC 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, were 21% in the third quarter for a gross transactional profit margin of 79%. We calculate this by excluding from execution, clearing and distribution, $21 million of non-transaction-based costs mainly market data fees, which do not have a direct commission revenue component.
作为佣金收入的百分比，执行和清算成本在第三季度占 21%，毛交易利润率为 79%。我们通过从执行、清算和分销中扣除 2100 万美元的非交易成本（主要是市场数据费用，这些费用没有直接的佣金收入组成部分）来计算这一点。
Compensation and benefits expense was $145 million for the quarter for a ratio of compensation expense to adjusted net revenues of 11%, similar to last year's quarter. We remain focused on defense discipline while targeting specific functions to grow the business. Inside our year-over-year staff increase of only 1%, we had good success in hiring talented software developers. And partially offsetting that, we reduced compliance staff as we went into full operational mode with our in-house developed compliance system. Our headcount at September 30th was 2,969.
本季度的薪酬和福利费用为 1.45 亿美元，薪酬费用与调整后净收入的比率为 11%，与去年同期相似。我们仍然专注于防御纪律，同时针对特定职能以发展业务。在我们同比员工增长仅为 1%的情况下，我们在招聘优秀软件开发人员方面取得了良好成效。部分抵消这一点的是，随着我们进入自研合规系统的全面运营模式，我们减少了合规人员。截至 9 月 30 日，我们的员工总数为 2,969 人。
G&A expenses were $75 million, up from the year ago quarter, led by a onetime expense to consolidate our European operations and expenses related to legal and regulatory matters. Excluding these items, G&A was up $9 million to $51 million, primarily on higher advertising expense. Our pretax margin was 72% for the quarter, both as reported and as adjusted. Income taxes of $80 million reflects the sum of the public company's $45 million and the operating company's $35 million. The public company's effective tax rate was 18.4%, within its usual range.
管理和行政费用为 7500 万美元，高于去年同期，主要由于一次性费用用于整合我们的欧洲业务以及与法律和监管事务相关的费用。剔除这些项目，管理和行政费用增加了 900 万美元，达到 5100 万美元，主要是由于广告费用增加。我们的季度税前利润率为 72%，无论是报告的还是调整后的。8000 万美元的所得税反映了上市公司的 4500 万美元和运营公司的 3500 万美元的总和。上市公司的有效税率为 18.4%，在其通常范围内。
Moving to our balance sheet on Page 5 of the release. Our total assets ended the quarter 23% higher than the prior year quarter at $148 billion, driven by strong growth in margin lending. New account growth also helped propel our customer credit balances by 19% to a new record level. And we believe that our strong financial standing and competitive interest rates provide customers with an attractive place to hold their idle cash.
在发布的第 5 页中查看我们的资产负债表。我们的总资产在本季度末达到 1480 亿美元，比去年同期增长了 23%，这主要得益于保证金贷款的强劲增长。新账户的增长也帮助推动了我们的客户信贷余额增长了 19%，达到新的纪录水平。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吸引人的闲置现金存放地。
We continue to have no long-term debt and healthy profitability drove our 21% increase in firm equity over the prior year quarter. And in recognition of this growth, we allocated capital to a dividend increase last quarter. We maintained 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.
我们继续保持无长期债务，健康的盈利能力推动了我们公司股本较去年同期增长 21%。为了认可这一增长，我们在上个季度将资本分配用于增加股息。我们保持了一份旨在支持现有业务增长的资产负债表，并通过向潜在客户和合作伙伴展示我们的实力来帮助我们赢得新业务。
In our operating data on Pages 6 and 7, we had record customer contract volume in both options and futures. And options and our contract volumes rose 35% over the prior year quarter, well above industry growth. And futures contract volumes rose by 13%. Stock share volumes rose by 22%, also above industry growth.
在第 6 页和第 7 页的运营数据中，我们在期权和期货方面的客户合约量创下了纪录。期权和合约量比去年同期增长了 35%，远高于行业增长。期货合约量增长了 13%。股票交易量增长了 22%，也高于行业增长。
Stock share volume generally increased versus last year as clients in our largest markets, gravitated to larger, higher-quality names and trading relatively less in pink sheet and other very low-priced stocks. Growth in the notional dollar value of shares traded well outpaced the growth in share volumes.
股票交易量总体上较去年有所增加，因为我们最大市场的客户倾向于交易更大、更高质量的股票，而在粉单和其他非常低价的股票中交易相对较少。交易股票的名义美元价值的增长远远超过了股票交易量的增长。
On Page 7, you can see that total customer DARTs were 2.7 million trades per day, up 42% from the prior year. Commission per cleared commissionable order of $2.83 was down from last year, primarily due to smaller average order sizes across product classes, which is more than compensated by stronger volumes.
在第 7 页，您可以看到，总客户 DARTs 为每天 270 万笔交易，比去年增长 42%。每笔可结算佣金订单的佣金为 2.83 美元，低于去年，主要是由于各产品类别的平均订单规模较小，但这被更强的交易量所弥补。
Turning to net interest income on Page 8. Total GAAP net interest income was $802 million for the quarter, up 9% on the prior year, while our NIM net interest income was $826 million or $24 million higher. In the NIM computation, we include some income that is classified as other fees or other income on our income statement 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.
转到第 8 页的净利息收入。根据美国通用会计准则，总净利息收入为 8.02 亿美元，同比增长 9%，而我们的净息差净利息收入为 8.26 亿美元，高出 2400 万美元。在净息差计算中，我们包括了一些在我们的损益表中被归类为其他费用或其他收入的收入，但我们认为更适合被视为利息。我们的净利息收入反映了保证金贷款和隔离现金利息的强劲表现，部分被客户现金余额的较高利息支出所抵消。
Several central banks made cuts to their benchmark rates this quarter, the U.S., U.K. and Hong Kong cut for the first time since early 2020, while Europe, Switzerland and Canada cut their rates both this quarter and last. Reflecting relatively flat benchmark rates year-on-year, our segregated cash interest income rose 5% on a 6% increase in average balances, while margin loan interest rose by 26% on a 28% increase in average balances.
本季度，几家央行下调了基准利率，美国、英国和香港自 2020 年初以来首次降息，而欧洲、瑞士和加拿大在本季度和上季度都下调了利率。反映出基准利率同比相对平稳，我们的隔离现金利息收入在平均余额增加 6%的情况下增长了 5%，而保证金贷款利息在平均余额增加 28%的情况下增长了 26%。
The average duration of our U.S. treasury portfolio remains at less than 30 days. With the U.S. dollar yield curve continuing to be inverted except in the very near term. We have been maximizing what we earn by focusing on higher short-term yields rather than accept the significantly lower yields of longer maturities. This strategy allows us to maintain a relatively tight maturity match between our assets and liabilities and positions us to be nimble if the yield curve does revert.
我们美国国债投资组合的平均期限仍然少于 30 天。除了在非常短期内，美国国债收益率曲线继续倒挂。我们通过专注于较高的短期收益来最大化收益，而不是接受显著较低的长期收益。这一策略使我们能够在资产和负债之间保持相对紧密的期限匹配，并在收益率曲线反转时保持灵活。
Securities lending net interest has not been as strong as in prior quarters for three main reasons. First, an extremely strong stock market with a backdrop of a falling rate environment, coincides with a smaller proportion of clients looking to put on shorts. Second, there are fewer hard-to-borrow names industry-wide, not only because the overall market is rising sharply, but also due to the weakness in some of the drivers relevant to securities lending, including IPOs, low market volatility and merger and acquisition activity. So even though the notional value of what we are lending was higher than last year's quarter, overall industry average lending rates are lower.
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，极其强劲的股市伴随着利率下降的环境，导致希望做空的客户比例较小。其次，整个行业内难以借入的股票减少，不仅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、低市场波动性以及并购活动。因此，尽管我们借出的名义价值高于去年同期，但整体行业平均借贷利率较低。
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 loan, then total net revenue related to our securities lending business would have been about $156 million versus $181 million in the year ago quarter. This additional revenue would be reclassified from the line items, interest earned on segregated cash and interest paid on customer credit balances. So overall, it would have no effect on our net interest margin.
最后，正如之前电话会议中提到的，与去年同期相比，较高的平均利率意味着我们从证券借贷中赚取的更多收入被归类为隔离现金的利息。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，我们估计如果将额外赚取和支付的现金抵押品利息包括在借入和贷款证券下，那么与我们的证券借贷业务相关的总净收入将约为 1.56 亿美元，而去年同期为 1.81 亿美元。这部分额外收入将从隔离现金的已赚利息和客户信用余额的已付利息项目中重新分类。因此，总体而言，这对我们的净利息收益率没有影响。
Interest on customer credit balances, the interest we pay to our customers on the cash and their accounts rose on higher balances from new account growth. As we have noted in the past, the high interest rates we pay on customer cash, currently 4.33% on qualified U.S. dollar balances is a significant attraction to new customers. Fully rate-sensitive customer balances were $19.5 billion this quarter versus $17.1 billion in the year ago quarter. Together with firm equity, most of which consists of interest-earning assets, total fully rate-sensitive balances were $33.6 billion.
客户信用余额的利息，即我们支付给客户的现金和账户上的利息，由于新账户增长导致的余额增加而上升。正如我们过去所指出的，我们支付给客户现金的高利率，目前合格的美元余额为 4.33%，对新客户具有显著吸引力。本季度完全利率敏感的客户余额为 195 亿美元，而去年同期为 171 亿美元。加上公司权益，其中大部分由生息资产组成，总的完全利率敏感余额为 336 亿美元。
Now for our estimates of the impact of changes in rates. Given market expectations of further rate cuts in the future, we estimate the effect of a 25 basis point decrease in the benchmark Fed funds rate to be a $64 million reduction in annual net interest income. Note that our starting point for this estimate is September 30 with the Fed funds effective rate at 4.83% and balances as of that date.
现在是我们对利率变化影响的估计。鉴于市场预期未来将进一步降息，我们估计基准联邦基金利率下调 25 个基点将导致年度净利息收入减少 6400 万美元。请注意，我们进行此估计的起始点是 9 月 30 日，当时联邦基金有效利率为 4.83%，余额为该日期的数据。
Any growth in our balance sheet and interest-earning assets would reduce this impact. About 24% of our customer cash balances is not in U.S. dollars. So estimates of the U.S. rate change exclude those currencies. We estimate the effect of decreases in all of the relevant non-U.S. benchmark rates, which reduced annual net interest income by $18 million for each 25 basis point decrease in those benchmarks.
我们资产负债表和生息资产的任何增长都会减少这一影响。大约 24%的客户现金余额不是以美元计价的。因此，美国利率变化的估算不包括这些货币。我们估算所有相关的非美国基准利率下降的影响，每下降 25 个基点，这些基准利率会使年度净利息收入减少 1800 万美元。
At a high level, a full 1% decrease in all benchmark rates will decrease our annual net interest income by $328 million. This takes into account rate-sensitive customer balances and firm equity.
从高层次来看，所有基准利率下降整整 1%将使我们的年度净利息收入减少 3.28 亿美元。这考虑到了对利率敏感的客户余额和公司股本。
In conclusion, we posted another financially strong quarter in net revenues and pretax 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度过了一个财务强劲的季度，这反映了我们在扩大客户群和实现核心价值主张的同时，能够扩展业务。我们的商业战略继续有效。尽可能自动化经纪业务，不断改进和扩展我们的服务，同时尽量减少收费。
With that, we will open up the line for questions.
我们将开放线路以供提问。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] And one moment for our first question. And our first question comes from Patrick Moley from Piper Sandler. Your line is now open.
谢谢。[操作员说明] 请稍等，我们将接听第一个问题。第一个问题来自 Piper Sandler 的 Patrick Moley。您的线路已打开。
Patrick Moley 帕特里克·莫利
I just had one on the U.S. election forecast contracts that you mentioned in your prepared remarks, launched on October 3, about 4 days after launch. You issued a press release and you had already done about a million contracts. So, I was hoping you can maybe just provide some color on how these contracts are being utilized, where the volumes have come from up to this point? Is it new accounts? Is it existing accounts? And then if you can maybe just help us understand how you're thinking about the opportunity from a new account acquisition standpoint, given your -- I think one of the only brokers out there that currently offers these contracts?
我刚刚有一个关于您在准备好的讲话中提到的美国选举预测合约的问题，该合约于 10 月 3 日推出，大约在推出 4 天后。您发布了一份新闻稿，并且已经完成了大约一百万份合约。所以，我希望您能提供一些关于这些合约如何被使用的信息，到目前为止这些合约的交易量来自哪里？是新账户吗？还是现有账户？然后，如果可以的话，请帮助我们理解您如何看待从新账户获取的机会，因为我认为您是目前唯一提供这些合约的经纪商之一？
Milan Galik 米兰·加利克
We launched ForecastEx on August 1. We added the political events on fourth of October. We've seen around 800 clients trading so far. The volume, yes, up to yesterday was around $6 million. Most of it is in the election contracts. So, the election political contracts is what currently resonates with our clientele. It should be noted that the political contracts can only be traded by the U.S. clients, there is a regulation, speaking to that. And generally, the rest of the contracts are offered by Interactive Brokers LLC clients to LLC clients and Hong Kong clients.
我们于 8 月 1 日推出了 ForecastEx。我们在 10 月 4 日添加了政治事件。到目前为止，我们已经看到大约 800 名客户进行交易。是的，截至昨天，交易量约为 600 万美元。其中大部分是选举合约。因此，选举政治合约是目前与我们的客户群产生共鸣的内容。需要注意的是，政治合约只能由美国客户交易，这是有规定的。通常，其他合约由 Interactive Brokers LLC 的客户提供给 LLC 客户和香港客户。
In other words, the functionality is not yet fully available worldwide. There are some regulatory approvals that are needed, for example, in Europe. As to who is trading this, we did not look at whether it's new accounts or the old accounts. We were very excited that the judge decides in favor of listing the political contracts on ForecastEx and similar platforms. We hope that the political contracts will attract new clients to our platform.
换句话说，该功能尚未在全球范围内全面提供。需要一些监管批准，例如在欧洲。至于谁在交易这个，我们没有查看是新账户还是旧账户。我们非常高兴法官决定支持在 ForecastEx 和类似平台上列出政治合约。我们希望政治合约能吸引新客户到我们的平台。
Patrick Moley 帕特里克·莫利
Okay. And just a follow-up on the competitive landscape in U.S. retail trading large mobile-based competitor of yours plans to launch index options in the fourth quarter. They've said that they are planning to introduce those contracts at a lower price point than many of the incumbents. So, understanding that nothing has been announced up to this point specifically on where they're going to be priced. Just wanted to get your thoughts on whether you think this is going to create any sort of pricing pressure on index options across the industry and how you think it might just impact the overall, I guess, competitive landscape for your index options.
好的。关于美国零售交易的竞争格局，您的一家大型移动竞争对手计划在第四季度推出指数期权。他们表示计划以比许多现有公司更低的价格推出这些合约。因此，尽管到目前为止尚未具体宣布他们的定价位置，但我想了解您是否认为这会对整个行业的指数期权造成任何价格压力，以及您认为这可能会如何影响您指数期权的整体竞争格局。
Milan Galik 米兰·加利克
Well, we will have to see how they're going to be pricing the index options. Index options have in prior years, be mostly traded by professionals and sophisticated traders, more recently when large amount of volume was attracted to the zero-day options more diverse clientele started trading this. It's difficult for me to estimate the impact, given that they haven't yet gone out and they did not announce the pricing either.
好吧，我们将不得不看看他们将如何定价指数期权。指数期权在前几年主要由专业人士和成熟的交易者交易，最近，当大量交易量被吸引到零日期权时，更多样化的客户开始交易这类期权。由于他们尚未推出，也没有宣布定价，因此我很难估计其影响。
Operator 操作员
And thank you. And one moment for our next question. And our next question comes from James Yaro from Goldman Sachs. Your line is now open.
谢谢。请稍等，我们将接听下一个问题。下一个问题来自高盛的 James Yaro。您的线路已打开。
James Yaro 詹姆斯·亚罗
So, I do think there's a lot of optimism among investors on the ForecastEx business. So maybe, Milan, if you could just speak to the time frame over which you expect this to reach scale and actually have a material impact on your results, and I'll let you define materiality, however you'd like. And then just in terms of whether there's any market risk to your balance sheet from these contracts? Obviously, they're different than equities or options that we're all familiar with. And then if so, how you might hedge them?
所以，我确实认为投资者对 ForecastEx 业务有很大的乐观情绪。那么，也许，米兰，如果你能谈谈你预计这将在多长时间内达到规模并对你的业绩产生实质性影响，我会让你根据自己的意愿定义实质性。然后，就这些合同是否对你的资产负债表存在任何市场风险而言？显然，它们与我们都熟悉的股票或期权不同。如果是这样的话，你会如何对冲它们？
Milan Galik 米兰·加利克
Thanks for your question.
感谢你的提问。
Thomas Peterffy 托马斯·彼得菲
Would this be okay if I'll -- Milan will it be okay if I.
这可以吗，如果我——米兰，如果我这样可以吗。
Milan Galik 米兰·加利克
Yes, of course. 当然可以。
Thomas Peterffy 托马斯·彼得菲
So, look, this has been my baby for a long time. This ForecastEx thing. And when it will reach scale, I think it will scale later this year. Namely in the last few days of the election, we expect that it will really pick up. We have some other interest coming in to forecast. And so, that's where we are with it. We're extremely excited about it.
所以，你看，这个项目是我多年来的心血。这个 ForecastEx 项目。我认为它将在今年晚些时候达到规模。特别是在选举的最后几天，我们预计它会真正起飞。我们还有其他一些预测方面的兴趣。因此，这就是我们目前的情况。我们对此感到非常兴奋。
And the election -- we look at the election thing as a very lucky circumstance because there is so much interest on it, that it will draw in other people who then will be customers for the economic and climate contracts. And that is what is really going to be our long-term focus with ForecastEx. The economic indicators in the climate contracts. The elections are just [indiscernible] interlude.
选举——我们将选举视为一个非常幸运的情况，因为它引起了如此多的关注，这将吸引其他人，他们将成为经济和气候合同的客户。这将是我们长期关注 ForecastEx 的重点。气候合同中的经济指标。选举只是[无法辨识]的插曲。
James Yaro 詹姆斯·亚罗
Okay. That's very clear, thank you so much Thomas. Maybe just on the RIA channel, which I do think has taken a leg higher in terms of growth. And it appears you are adding larger RIAs than historically. Could you just speak to the growth trajectory in that channel and whether the client base you are adding is different than in the past?
好的。非常清楚，非常感谢你，托马斯。也许就在 RIA 渠道上，我确实认为在增长方面有所提升。看起来你们正在增加比以往更大的 RIA。你能否谈谈该渠道的增长轨迹，以及你们正在增加的客户群是否与过去不同？
Milan Galik 米兰·加利克
Well, what -- we were hoping to see that more financial adviser would come to our platform as the platform is getting better and better. And a lot of clients are currently on Schwab's platform. And as we all know, Schwab is not paying a lot of interest on uninvested cash. So, we had a lot of hopes for the accounts to come in. Some of them came over not as many as we would like.
嗯，我们希望看到更多的财务顾问加入我们的平台，因为平台正在变得越来越好。目前有很多客户在Schwab的平台上。众所周知，Schwab对未投资的现金支付的利息不多。所以，我们对账户的流入抱有很大希望。有些账户确实转过来了，但没有我们期望的那么多。
What I can tell you is that we are continuously working on the improvements to the RIA platform. If everything goes well, we're going to be announcing something new in this quarter, this coming quarter, if things slow down, maybe the following one. There is going to be a new and exciting functionality coming online, and we are hopeful that it's going to translate into more RIAs on our platform.
我可以告诉你的是，我们正在不断改进 RIA 平台。如果一切顺利，我们将在这个季度，也就是即将到来的季度宣布一些新内容，如果进展缓慢，可能会在下一个季度。将会有一个新的令人兴奋的功能上线，我们希望这将转化为我们平台上的更多 RIA。
Operator 操作员
And one moment for our next question. And our next question comes from Dan Fannon from Jefferies LLC. Your line is now open.
请稍等一下，我们将进行下一个问题。下一个问题来自 Jefferies LLC 的 Dan Fannon。您的线路已打开。
Dan Fannon 丹·法农
I think one of the comments you mentioned were that new accounts coming on with more cash than previously. So, I was hoping you could talk about the makeup of those accounts today versus, say, a year ago? And what might -- what some of the different characteristics might be.
我认为你提到的评论之一是新账户的现金比以前更多。所以，我希望你能谈谈这些账户今天的构成与比如说一年前相比？以及可能会有什么不同的特征。
Milan Galik 米兰·加利克
Paul, would you like to take this one? I think this was your comment.
保罗，你想处理这个吗？我想这是你的评论。
Paul Brody 保罗·布罗迪
Well, it was more of a general comment that new accounts always bring more cash. I don't think that we're seeing -- there's a distinction in the character of those accounts. That's -- if there's something illuminating there, it's which client segment at what rate they're growing and we said individuals are growing the fastest, followed by the advisers and the introducing brokers. So...
嗯，这更像是一个普遍的评论，即新账户总是带来更多的现金。我不认为我们看到的是——这些账户的性质有区别。那是——如果有什么启示的话，就是哪个客户群体以什么速度在增长，我们说个人增长最快，其次是顾问和介绍经纪人。所以……
Thomas Peterffy 托马斯·彼得菲
Prop traders are the second most lucrative segment. And we do have more and more prop traders coming in, and they are the ones that have more cash in the account -- in the account and individual trader certainly.
自营交易员是第二赚钱的群体。而且我们确实有越来越多的自营交易员加入，他们是账户中拥有更多现金的人——在账户中，个人交易员当然也是如此。
Paul Brody 保罗·布罗迪
And they certainly generate more volume.
而且它们确实产生了更大的音量。
Dan Fannon 丹·法农
Understood. Okay. And then just as a follow-up, Paul, maybe just as you think about expenses, some onetime items in G&A but maybe into the fourth quarter? And as you think about next year and budgeting, given the strength in account growth, how should we think about the flow-through from a marketing perspective or rather more discretionary type expenses on a more annual basis.
明白。好的。然后作为一个后续问题，保罗，也许当你考虑费用时，G&A 中有一些一次性项目，但可能会进入第四季度？当你考虑明年和预算时，鉴于账户增长的强劲，我们应该如何从营销角度或更具选择性的年度支出方面来考虑流动性。
Paul Brody 保罗·布罗迪
I think Milan can address the marketing and advertising perhaps. On the rest, we try to point out the onetime expenses so that they can be dropped out when giving you a better picture of the run rate, but nothing else extraordinary.
我认为米兰可以处理市场营销和广告。至于其他方面，我们会尽量指出一次性费用，以便在给您更好地了解运行率时可以将其剔除，但除此之外没有其他特别之处。
Milan Galik 米兰·加利克
Well, for marketing our aim is to be increasing the spent approximately 20% a year. We are continuously monitoring the various marketing channels we have been utilizing over time. When a particular ad on a particular channel does better, we spend more money. If it does less well, we decrease the expenditure. But going forward, that is roughly the expectations, 20% annual increase on the marketing spend.
那么，在营销方面，我们的目标是每年增加大约 20%的支出。我们一直在持续监控我们长期使用的各种营销渠道。当某个渠道上的特定广告表现更好时，我们会投入更多资金。如果表现不佳，我们会减少支出。但展望未来，大致的预期是营销支出每年增加 20%。
Operator 操作员
And one moment for our next question. And our next question comes from Chris Allen from Citi. Your line is now open.
请稍等一下，我们将进行下一个问题。下一个问题来自花旗银行的 Chris Allen。您的线路已打开。
Chris Allen 克里斯·艾伦
I wanted to talk a little bit about trading activity per account. When you look over the years, it's been consistently coming in, but this year, it's stabilized and actually improved a little bit. And I'm guessing some of that is due to mix shift from a client perspective, as you alluded to, prop accounts are seeing positive inflows. Wondering if that's a factor and/or increased hedge fund activity and how you're thinking about that moving forward?
我想稍微谈一下每个账户的交易活动。多年来，它一直保持稳定，但今年，它已经稳定下来，实际上有所改善。我猜这部分是由于客户视角的组合转变，正如你提到的，自营账户正在看到正流入。不知道这是否是一个因素和/或对冲基金活动的增加，以及你们对未来的看法？
Milan Galik 米兰·加利克
Well, if we look at the prop trading account, their commissions -- the commissions that they generate increased faster than any other segments generated commission, either individual accounts or even hedge funds. So that is -- that is the reason I think you see some lot of stabilization. Previous years, what we've been seeing is as a lot of accounts arrived from, for example, eye brokers, they were trading a little less than the professional and active traders we prefer.
好吧，如果我们查看自营交易账户，他们产生的佣金增长速度比任何其他部门产生的佣金都要快，无论是个人账户还是对冲基金。因此，我认为这就是你看到一些稳定性的原因。往年，我们看到的是，随着大量账户的到来，例如，从眼镜经纪人那里，他们的交易量比我们更喜欢的专业和活跃交易者要少一些。
Chris Allen 克里斯·艾伦
Got it. And then, when we're thinking about just the revenue outlook moving forward, the big push-back on the stock is that NII will be declining in a lower rate environment. How are you thinking about the offsets here in terms of increased margin balances, trading activity? Anything else that we should be conceptualizing in a lower rate environment moving forward?
明白了。那么，当我们考虑未来的收入前景时，对股票的最大反对意见是，在低利率环境下净利息收入（NII）将会下降。您如何看待在这里的抵消因素，比如增加的保证金余额、交易活动？在未来的低利率环境中，我们还应该考虑些什么？
Milan Galik 米兰·加利克
Well, there is a predictable hit the net interest income is going to take on the interest that we earn on the uninvested cash. We alluded to the size of that effect. What we can, though expect is the offset that we're going to receive from new accounts that continue to add up to our platform and the new free cash that is coming in as well. So, there is going to be a tug of war, if you will, between these two effects. If we see further decreases in the interest rates, but we are optimistic going forward about the account growth. So, we are not too worried about that.
嗯，可以预见的是，我们在未投资现金上赚取的利息将对净利息收入产生影响。我们提到了这种影响的规模。不过，我们可以预期的是，来自不断增加到我们平台的新账户和新流入的自由现金将会抵消这种影响。所以，如果你愿意的话，这两种影响之间会有一场拉锯战。如果我们看到利率进一步下降，但我们对未来的账户增长持乐观态度。因此，我们对此并不太担心。
As far as the commissions are concerned, that obviously to an extent, depends on how busy the markets are, whether there is volatility present or not. But given that we have been over years, attracting accounts from various segments, including the hedge funds, including the prop traders who trade for living, we expect continued healthy commission income.
就佣金而言，这显然在某种程度上取决于市场的繁忙程度，以及是否存在波动性。但鉴于多年来我们吸引了来自各个领域的账户，包括对冲基金和以交易为生的自营交易员，我们预计佣金收入将继续保持健康。
Operator 操作员
And one moment for our next question. And our next question comes from Brennan Hawken from UBS. Your line is now open.
请稍等一下，我们将进行下一个问题。下一个问题来自瑞银的 Brennan Hawken。您的线路已打开。
Brennan Hawken 布伦南·霍肯
During the quarter, we saw Chinese stimulus announced. Curious to hear what impacts you've seen on customers, either within China or whether or not there's been a broader impact across the region of Asia?
在这个季度，我们看到中国宣布了刺激措施。想了解一下您所看到的对客户的影响，无论是在中国境内还是在整个亚洲地区是否有更广泛的影响？
Milan Galik 米兰·加利克
Well, the stimulus that was announced by the Chinese government is a relatively recent phenomenon. I think it happened towards the end of September maybe last week of September. We then all witnessed the very sudden run-up in the prices of the Chinese securities and Chinese indexes which since then somewhat subsided. So, I do not have information as to what exactly it meant in terms of the incoming accounts. We can comment on that next time we meet three months from now.
好吧，中国政府宣布的刺激措施是一个相对较新的现象。我认为这可能发生在九月底，也许是九月的最后一周。然后我们都目睹了中国证券和中国指数价格的突然上涨，之后有所回落。因此，我没有关于这对即将到来的账户具体意味着什么的信息。我们可以在三个月后下次见面时对此进行评论。
Brennan Hawken 布伦南·霍肯
Okay. And then the legal and regulatory charges, is there any color that you can give on that was related to?
好的。那么关于法律和监管费用，您能否提供一些相关信息？
Milan Galik 米兰·加利克
Sorry, which regulatory charge?
对不起，哪个监管费用？
Brennan Hawken 布伦南·霍肯
The $9 million legal and regulatory charge that you took in G&A?
在一般和行政费用中你承担的 900 万美元法律和监管费用？
Milan Galik 米兰·加利克
9 million. 900 万。
Paul Brody 保罗·布罗迪
We'll, yes. So that's -- every quarter, we make an evaluation of open cases and so forth, and we have to make -- we make reserves accordingly, when we can determine that they're probable and estimable. So, it's not out of the ordinary, but it was large enough to make an impact on the overall G&A.
是的。每个季度，我们都会对未结案件等进行评估，并在可以确定其可能性和可估计性时相应地做出准备。因此，这并不罕见，但足够大以对整体管理和行政费用产生影响。
Milan Galik 米兰·加利克
Just like any other financial company that is regulated by multiple regulators is continuously scrutinized by regulators. There are constant sweeps. They are specific investigations of individual companies. We are dealing with those on a frequent basis. Our legal department advises us if they feel that an increase in the reserve -- legal reserve is appropriate. That is what they did this quarter, so we have increased the reserve.
就像任何其他受多个监管机构监管的金融公司一样，我们也不断受到监管机构的审查。经常会有全面检查，也有针对个别公司的具体调查。我们经常处理这些问题。如果我们的法律部门认为增加准备金——法律准备金是合适的，他们会给我们建议。这就是他们在本季度所做的，所以我们增加了准备金。
Operator 操作员
And one moment for our next question, please. And our next question comes from Benjamin Budish from Barclays. Your line is now open.
请稍等一下，我们将进行下一个问题。下一个问题来自巴克莱的本杰明·布迪什。您的线路已打开。
Benjamin Budish 本杰明·布迪什
I wanted to follow up on one of your earlier comments on ForecastEx. You mentioned that is largely available in the U.S. right now. So maybe a two-parter. I guess, what would the path be to making contracts like the election contracts available outside the U.S. And I'm curious, what are your thoughts on providing a similar type of product locally in many of the countries in which you operate? I know the kind of value proposition that you talk about is the ability to access the U.S. markets in particular. But I imagine this is the sort of thing that a lot of investors would be potentially interested in for the local market. So curious what that path could look like if you see it as one that might be feasible.
我想跟进一下你之前关于 ForecastEx 的评论。你提到它目前在美国基本上是可用的。那么可能有两个问题。我想知道，将选举合同等合同在美国以外地区提供的路径是什么。我很好奇，你对在你运营的许多国家提供类似产品有什么看法？我知道你所谈论的价值主张是能够特别访问美国市场。但我想这是一种很多投资者可能对本地市场感兴趣的东西。所以好奇如果你认为这条路径可能可行的话，它会是什么样子。
Thomas Peterffy 托马斯·彼得菲
So, we are not currently able to activate this for European or British customers, and we are also not able to onboard Canadian customers at this time. But we are -- with the regulators in all these places, and we're trying to get them not necessarily for the election contracts. But for the regular economic indicator and climate indicator contract. And we are, of course, hoping to eventually expand that to sort of social trends.
所以，我们目前无法为欧洲或英国客户激活此功能，我们也无法在此时接纳加拿大客户。但我们正在与所有这些地方的监管机构合作，我们试图获得他们的批准，不一定是为了选举合同，而是为了常规经济指标和气候指标合同。当然，我们希望最终能将其扩展到某种社会趋势。
The issue here with this contract is that we need an arbiter that is an uncorruptible arbiter. So namely, it has to be a state-regulated agency that publishes the results. So, nobody can claim that the results are manipulated or something like that.
这个合同的问题在于我们需要一个不可腐败的仲裁者。也就是说，它必须是一个由国家监管的机构来公布结果。这样，没人能声称结果被操纵或类似的事情。
Benjamin Budish 本杰明·布迪什
Understood, very helpful. Maybe one other follow-up on an earlier comment. You mentioned that you're opening up a new office in Dubai. Could you maybe talk a little bit about your plans for the region as this perhaps related to going after a broader introducing broker opportunity is about speaking out large wealthy traders, hedge funds in the regions? What are your sort of plans to do there?
明白，非常有帮助。也许可以就之前的评论再跟进一下。你提到你们正在迪拜开设一个新办公室。能否谈谈你们在该地区的计划，这可能与追求更广泛的介绍经纪人机会有关，比如吸引该地区的大型富有交易员和对冲基金？你们在那里的计划是什么？
Milan Galik 米兰·加利克
Well, we're trying to attract the more sophisticated accounts, maybe hedge funds, maybe investors with accounts of significant size device as we can read in the news, a very hot place nowadays, a lot of expats coming in from various countries in the world. So we have some optimistic expectations as to how we're going to do with that office.
好吧，我们正试图吸引更成熟的账户，也许是对冲基金，也许是拥有大额账户的投资者，正如我们在新闻中所读到的，这是一个非常热门的地方，如今有很多来自世界各地的外籍人士涌入。因此，我们对那个办公室的表现有一些乐观的预期。
Operator 操作员
And one moment for our next question. And our next question comes from Macrae Sykes from GAMCO. Your line is now open.
请稍等一下，我们的下一个问题。我们的下一个问题来自 GAMCO 的 Macrae Sykes。您的线路已打开。
Macrae Sykes 麦克雷·赛克斯
I actually had just two, but I'll lump them together. We've been through a few election cycles with the platform. I was curious if you could talk about some of the dynamics in trading before and after major general elections. Would you expect anything different this cycle? And then assuming after a four-year drought of IPOs, we do start to get a little more constructive capital markets activity in '25, how would that impact some of the segments and trading dynamics on the platform?
实际上我只有两个问题，但我会把它们合在一起。我们已经经历了几个使用该平台的选举周期。我很好奇您是否可以谈谈在重大大选前后交易的一些动态。您是否预计本周期会有什么不同？然后假设在经历了四年的 IPO 低迷期后，我们在 2025 年开始看到资本市场活动有所改善，这将如何影响平台上的一些板块和交易动态？
Milan Galik 米兰·加利克
I think we can expect increased volatility, especially as we approach the election day. I don't know whether you must remember the volatility that we we've seen in the previous elections, I think very similar circumstances will be observed this time around, so higher volumes, higher volatility that is what I would expect. And I'm sorry, what was your second question?
我认为我们可以预期波动性增加，尤其是随着我们接近选举日。我不知道你是否记得我们在之前的选举中看到的波动性，我认为这次会观察到非常相似的情况，所以我预计会有更高的交易量和更高的波动性。对不起，你的第二个问题是什么？
Macrae Sykes 麦克雷·赛克斯
Assuming we get a more constructive IPO market next year, how does that affect some of the trading dynamics with some of the different segments, institutional versus retail?
假设明年我们获得一个更具建设性的 IPO 市场，这将如何影响不同细分市场的交易动态，机构与零售之间的关系？
Milan Galik 米兰·加利克
Well, what it means for us is we participate in the IPO market in Asia. Just today, I've read some news that like a Chinese company is applying for listing on the Hong Kong market. So as that IPO activity picks up, we expect to earn some fees resulting from these new listings. That's going to be impact on our results. Now IPOs are always hot when they get listed, investors are interested in participating in trading them on day one. That is when our platform is ready for trading them on day one, so that is going to generate some volumes and some increased interest as well.
对我们来说，这意味着我们参与了亚洲的 IPO 市场。就在今天，我看到一些新闻，比如一家中国公司正在申请在香港市场上市。因此，随着 IPO 活动的增加，我们预计会从这些新上市中赚取一些费用。这将对我们的业绩产生影响。现在 IPO 在上市时总是很热门，投资者有兴趣在第一天参与交易。这就是我们的平台在第一天准备好进行交易的时候，因此这将产生一些交易量和一些增加的兴趣。
Paul Brody 保罗·布罗迪
We also usually see securities lending opportunities go up around those IPOs and we make those available as well.
我们通常也会看到证券借贷机会在那些 IPO 周围增加，我们也会提供这些机会。
Operator 操作员
And thank you and one moment for our next question. And our next question comes from James Yaro from Goldman Sachs. Your line is now open.
谢谢，请稍等一下，我们的下一个问题马上就来。下一个问题来自高盛的詹姆斯·亚罗。您的线路已打开。
James Yaro 詹姆斯·亚罗
Thomas, the stock has appreciated very substantially this year, but I don't believe that you have returned to selling stock. Maybe you could just speak to the key considerations as you think about whether you might return to selling?
托马斯，今年股票大幅升值，但我不认为你已经恢复卖出股票。也许你可以谈谈在考虑是否恢复卖出时的关键因素？
Thomas Peterffy 托马斯·彼得菲
Well, to the extent, if I get some large bidders, I may offer them stock. But I'm not about to go and sell into the market because when the news since the market, the stock tanks. I'm not getting the price I'd like to get.
好吧，在某种程度上，如果我得到一些大买家，我可能会向他们提供股票。但我不会去市场上出售，因为一旦消息传到市场，股票就会暴跌。我得不到我想要的价格。
Operator 操作员
And thank you. And I'm showing no further questions. I would now like to turn the call back over to Nancy Stuebe for closing remarks.
谢谢。我没有其他问题了。现在我想把电话交还给南希·斯图贝以作结束发言。
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.
谢谢大家今天的参与。提醒一下，本次电话会议将在我们的网站上提供重播，我们也将在明天在网站上发布一份整理过的文字记录。
Thanks again, and we will talk to you next quarter end.
再次感谢，我们将在下个季度末与您交谈。
Operator 操作员
This concludes today's conference call. Thank you for participating. You may now disconnect.
今天的电话会议到此结束。感谢您的参与。您现在可以断开连接。
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