2025-04-15 Interactive Brokers Group, Inc. (IBKR) Q1 2025 Earnings Call Transcript

Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q1 2025 Earnings Conference Call April 15, 2025 4:30 PM ET

Company Participants

Nancy Stuebe - Director, Investor Relations

Paul Brody - Chief Financial Officer

Milan Galik - President and Chief Executive Officer

Thomas Peterffy - Founder and Chairman

Conference Call Participants

James Yarrow - Goldman Sachs

Craig Siegenthaler - Bank of America

Patrick Moley - Piper Sandler

Chris Allen - Citi

Benjamin Budish - Barclays

Kyle Voigt - KBW

Operator

运营方

Good day, and thank you for standing by. Welcome to the Interactive Brokers Group First Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

各位好，感谢各位在线等候。欢迎参加盈透证券集团2025年第一季度财报电话会议。当前，所有与会者都处于只听模式。演讲结束后，将有答疑环节。[操作说明] 请注意，今天的会议正在录音。

I would now like to turn the conference over to Nancy Stuebe, Director of Investor Relations. Please go ahead.

现在，我将会议交给投资者关系总监南希·斯图贝。请开始。

Nancy Stuebe

南希·斯图贝

Thank you. Good afternoon, and thank you for joining us for our first quarter 2025 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.

谢谢。下午好，感谢各位参加我们2025年第一季度财报电话会议。今天与我们一起的有我们的创始人兼董事长托马斯·彼得菲，总裁兼首席执行官米兰·盖立克，以及首席财务官保罗·布罗迪。我将代为讲述米兰关于业务的评论，三位都会在问答环节出席。

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.

温馨提醒，今天的电话会议可能包含前瞻性陈述，这些陈述代表本公司对未来事件的看法，其本质上并不确定，且不受本公司控制。我们的实际结果和财务状况可能与这些前瞻性陈述所指示的情况存在差异，甚至可能出现重大差异。请参阅我们新闻稿中的免责声明。您还应当查看我们向美国证监会提交的财务报告中所载的风险因素描述。

We saw in the first quarter the value of a global automated platform that can leverage its low costs and offer a broad range of products and markets. After a solid January, buoyed by post-US election enthusiasm, market indexes around the world reached peaks in February in the US, and early March everywhere else after two years of nearly unbroken market increases. After that, cracks in the market began to show. News of DeepSeek, and its less capital-intensive AI caused the market to give back half its gains in February. Talk about tariffs further accelerated the decline in March.

在第一季度，我们看到了一个可利用其低成本并提供广泛产品和市场的全球自动化平台的价值。美国大选后情绪高涨，1月表现稳健，全球市场指数在2月于美国达到峰值，随后经历近两年几乎没有间断的上涨后，其它地区在3月初也达到了峰值。紧接着，市场开始出现裂痕。DeepSeek及其较少资本密集型的AI方面的消息导致市场2月回吐了一半涨幅。有关关税的讨论在3月进一步加速了下跌。

The S&P 500 ended the quarter down 5%, but it was off 9% from February peak. Six of the magnificent seven, the seven stocks that have dominated investor attention, fell significantly more than the market this quarter. However, Interactive Brokers does not need upmarkets to generate revenue. Our customers were active and remained faithful to their favorite names.

标普500指数本季度收跌5%，但较2月峰值下跌9%。主导投资者目光的“七大天王”中有六只在本季度跌幅显著超过大盘。然而，盈透证券并不需要牛市来获得收入。我们的客户交易活跃，且依然青睐他们钟爱的标的。

Of our 25 most active names, 22 saw net buying activity. We also saw global interest from investors, both institutional and individual and opening accounts. Internationally, it remains the case that investors want broad portfolios with some invested in securities in their home markets and a more significant portion overseas.

在我们最活跃的25只标的中，有22只呈现净买入。我们也看到了全球范围内来自机构投资者与个人投资者的兴趣及开户。国际上，投资者依然希望拥有多元化的投资组合，其中部分投资于本国市场，更大一部分配置于海外。

Product-wise, the popularity of options continued with our contract volumes up 25% to a quarterly record. Futures volumes were up 16%, also to a record, and stock share volumes are up 47%. Our volume growth rates were ahead of industry volumes. What all-of-the-above has meant for our business starts with strong account growth as we add more investors to our platform.

从产品角度来看，期权依旧受欢迎，我们的合约交易量增长25%，创下季度新高。期货交易量增加16%，同样创历史新高，股票交易量则增长47%。我们的交易量增速领先于行业水平。上述种种对我们业务的影响，首先体现在账户数量的强劲增长，我们正在为平台吸引更多投资者。

In the first quarter, we added 279,000 new accounts, a record that well surpassed even the mean stock days of the first quarter 2021. Total account growth was 32% with even faster growth internationally. New accounts meant more cash in those accounts, which helped raise our client credit balances 19% to a record $125.2 billion. Our planned client equity rose 23% versus 2024 to $573.5 billion and was up 1% in the quarter despite the drop in the market. This translated into strong financial results.

第一季度，我们新增27.9万个账户，这一纪录甚至大幅超越了2021年第一季度平均股市热度最旺盛的时期。账户总量增长了32%，其中海外市场增速更快。新账户带来了更多现金，这使我们的客户信用余额增长19%，达到创纪录的1252亿美元。与2024年相比，我们的客户权益计划上升23%，达5735亿美元，尽管市场下跌，但本季度仍上涨1%。这转化为强劲的财务业绩。

Quarterly commission revenue was a record, reaching $0.5 billion for the first time, as were total net revenues. We do not only focus on the top line, however. Our expenses remained well-controlled, and our adjusted pre-tax profit margin was an industry-leading 74%, the eighth time our adjusted pre-tax margin reached 70% or more.

季度佣金收入创下新高，首次达到5亿美元，总净营收也创下纪录。不过，我们并不仅仅关注营收这一层面。我们的支出依然受到良好控制，经调整的税前利润率达到74%，处于行业领先水平，这是我们经调整税前利润率第八次达到70%或以上。

In recognition of this and as a sign of confidence in the strength of our business model, its growth potential, and of our capital base, we revisited our allocation of capital and decided to increase the amount of dividend we pay to $0.32 a quarter. We will also split the stock four for one to achieve greater liquidity in our float and to make it more affordable for shareholders to buy round lots in the Company.

鉴于此，并为彰显我们对自身商业模式的稳健程度、未来增长潜力以及资本基础的信心，我们重新评估了资本配置，决定将季度股息提高至每股0.32美元。同时，我们还将进行四股拆一股，以进一步提升流动股的流动性，并使股东能够以更易负担的价格购买整手股票。

With respect to M&A, we have not stopped looking at potential acquisitions. Realistically, there is a dearth of opportunities at a price that makes sense for us. In most cases, because target companies charge more and pay less interest than we do, when we run their accounts using our pricing, the income we estimate and put a multiple on is lower than what they wish. We will keep looking, but in the meantime, for now, returning capital to shareholders via the dividend makes sense.

关于并购，我们并未停止对潜在收购目标的寻找。现实地讲，目前在符合我们价格预期的范围内，可供选择的机会并不多。多数情况下，由于目标公司收取的费用比我们高，向客户支付的利息比我们低，当我们以自己的定价模式对这些账户进行测算时，我们所估算并给出的估值倍数会低于目标公司的期望。我们会继续探索，但在此期间，通过股息向股东返还资本是合理的做法。

In terms of how the business looked on the client front, our accounts and client equity once again grew fastest in Asia, with Europe a close second. Again, the trend of growing numbers of investors worldwide wanting access to international, and particularly U.S. markets, has not waned. Individuals saw the fastest account growth among our five client segments, with introducing brokers and proprietary traders not far behind.

在客户方面，从地域角度看，我们在亚洲的账户和客户资产规模仍然是增速最快的，其次是欧洲。全球范围内越来越多投资者希望接触国际市场，尤其是美国市场的趋势依然强劲。就我们五大客户群体而言，个人投资者的账户增速最快，而介绍经纪商和自营交易商也紧随其后。

On the client equity side, individuals grew fastest with introducing brokers and proprietary trading clients just behind them. Commission-wise, individuals saw the fastest growth, followed closely by proprietary traders, while net interest growth was led by individuals followed by financial advisors.

在客户资产方面，个人投资者的增速依然最快，介绍经纪商和自营交易客户紧随其后。就佣金收入而言，个人投资者增长最快，其次是自营交易者；而净利息收入增幅方面，个人投资者居首，其后是理财顾问群体。

Regarding introducing brokers, our pipeline of potential clients remains healthy. We are onboarding IBrokers to the platform and adding prospective ones to it at a steady pace. Onboarding IBrokers can take time since we offer a variety of ways for them to come onto our platform; the more complex the IBroker, the more time needed. We customize our offering for larger IBrokers needs with many needing special programming on our part to make sure their clients' investment, tax, and compliance needs are met. We are up to the task.

关于介绍经纪商，我们的潜在客户储备依然健康。我们正在持续地将IBroker纳入平台，并稳步添加新的潜在合作伙伴。让介绍经纪商接入平台需要一定时间，因为我们提供了多种接入方式；IBroker规模和业务复杂程度越高，就需要越多的时间。对于大型IBroker，我们会进行个性化定制，很多情况下都需要我们做额外的程序开发，以确保其客户在投资、税务以及合规层面得到满足。我们有能力完成这些工作。

In terms of new product introductions, we had a busy quarter. We began offering our ForecastEx contracts in Canada, as well as across the EEA for professional clients, and we will soon roll them out to the general EEA population. We added to our growing portfolio of country-specific savings and investment accounts, launching Canadian first home savings accounts this quarter.

在新产品推出方面，本季度可谓成果丰硕。我们已在加拿大以及欧洲经济区（EEA）向专业客户推出ForecastEx合约，不久后也会面向EEA所有客户开放。我们不断扩充针对不同国家的存款及投资账户，本季度在加拿大推出了“首次购房储蓄账户”。

We added four new cryptocurrencies, Solana, Cardano, Ripple, and Dogecoin, and last week introduced three more, Chainlink, Avalanche, and Sui, bringing our total offering to 11 cryptocurrencies. We launched trading of NIFTY 50 index futures in Singapore and of equities in Slovenia. We recently made ForecastTrader available so clients using our IBKR Desktop or Trader Workstation platforms can simultaneously use ForecastTrader side-by-side.

我们新增了4种新加密货币Solana、Cardano、Ripple和Dogecoin；上周又新增了Chainlink、Avalanche及Sui三种币种，使我们提供的加密货币总数达到11种。我们还在新加坡推出了NIFTY 50指数期货的交易，同时在斯洛文尼亚开放了股票交易。近期，我们上线了ForecastTrader，使用IBKR Desktop或Trader Workstation平台的客户可以同时并行使用ForecastTrader功能。

We continue to see increasing activity in our overnight trading hours. We offer over 10,000 U.S. stocks and ETFs as well as U.S. equity index futures and options, and on the fixed-income side, global corporate bonds plus U.S. Treasury and European and U.K. government bonds. We added a focused overnight plus day order type so clients can submit an order in the overnight hours that will remain open until the end of the next regular trading session. Overall, our overnight volumes grew 250% from first quarter 2024 to first quarter 2025.

我们在盘后（隔夜）交易时段的活跃度也在不断上升。我们提供了超1万只美国股票和ETF产品，以及美国股指期货与期权；固定收益方面则包括全球公司债券、美国国债以及欧洲和英国的政府债券。我们还新增了一种“隔夜+日内”订单类型，客户可在隔夜时段提交订单，该订单可一直保留到下一个常规交易日结束。整体来看，我们的隔夜交易量从2024年第一季度到2025年第一季度增长了250%。

We spent significant time this quarter on our client service and onboarding projects, our compliance and regulatory projects, and on further automating our internal operations to make them run more efficiently. We are as busy as we have ever been with multiple projects touching all client types and geographic regions. We are excited to introduce them to you in the quarters ahead.

本季度，我们在客户服务与接入项目、合规与监管项目方面投入了大量时间，并进一步提升内部运营的自动化水平，以实现更高效的运行。我们正前所未有地忙碌，涉及多项项目，覆盖所有客户类型和不同地区。我们期待在接下来的几个季度里向大家详细介绍这些成果。

Automating substantial parts of the brokerage business for client success is the heart of what we do. While market direction may appear significant in the short run, the long-term trend towards more global investing across multiple customer types and jurisdictions continues. This trend in our ability to serve it with a much lower-cost structure and a much broader product and tool set is what sets us apart, and we'll continue to do so in the years ahead.

自动化大部分经纪业务流程以帮助客户取得成功，是我们工作的核心。虽然短期内市场涨跌显得较为突出，但从长期来看，越来越多客户类型和地区的投资者布局全球市场的趋势依然延续。我们能以更低的成本结构，以及更广泛的产品和工具组合去满足这一需求，这正是我们与众不同之处，也将是我们未来继续坚持的方向。

With that, I will turn the call over to Paul Brody. Paul?

在此，我将电话交给保罗·布罗迪。保罗？

Paul Brody

保罗·布罗迪

Thank you, Nancy. Thanks, everyone, for joining the call again. We'll start with our revenue items on Page 3 of the release. We are pleased with the financial results this quarter as we again produced record net revenues and pre-tax income. Commissions rose 36% versus last year's first quarter, reaching over $0.5 billion for the first time. We saw higher trading volumes from our growing base of active customers, with stock share volume up 47% and new quarterly volume records in both options and futures.

谢谢你，南希，也再次感谢各位参加电话会议。我们先从新闻稿第3页的收入项目说起。本季度财务业绩令人满意，我们再次实现了净营收与税前利润的双双创新高。佣金收入同比去年第一季度增长了36%，首次突破5亿美元。客户群体的活跃度持续提升，带来了更高的交易量，其中股票交易量增长47%，而期权与期货均创下季度新高。

Net interest income rose 3% year-on-year to $770 million, driven by higher balances and partially offset by lower benchmark interest rates. We saw strength from margin borrowing and from a decline in interest paid to customers, partially offset by lower yields on our segregated cash portfolio.

净利息收入同比增长3%，至7.7亿美元，这主要得益于客户余额的增长，但同时受到较低基准利率的部分抵消。保证金借贷需求的增长及向客户支付利息的减少为净利息收入带来了利好影响，不过我们隔离现金组合收益率走低则在一定程度上抵消了这部分增长。

Other fees and services generated $78 million, up 32% from the prior year, primarily driven by higher-risk exposure fees with contributions from ForecastEx fees and from payments for order flow from options exchange mandated programs.

其他费及服务收入为7,800万美元，较去年同期增长32%。这一增长主要来源于风险敞口费用的增加，以及ForecastEx服务费和若干期权交易所强制收付的流动性订单执行费。

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, other income was $34 million for the quarter.

其他收入包括我们在投资、货币多元化策略以及自营交易中产生的收益或损失。需要指出的是，我们在调整后收益中排除了众多此类非核心项目。如果不计算这些被剔除项目，本季度其他收入为3,400万美元。

Turning to expenses. Execution clearing and distribution costs were $121 million in the quarter, up 20% over the year-ago quarter on higher volumes across all product classes. Execution and clearing costs were 19% of commission revenues in the first quarter for a gross transactional profit margin of 81%.

下面谈谈支出情况。本季度交易执行、清算及分销成本为1.21亿美元，同比增长20%，主要是由于各类产品的成交量均有增长。第一季度，我们的执行与清算成本占佣金收入的19%，对应的是81%的交易毛利率。

We calculate this by excluding from execution clearing and distribution $19 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component. And as a note for the upcoming quarters, the SEC reduced its fee rate to zero effective this coming May 15th, which should be a tailwind for execution and clearing costs thereafter. SEC fees totaled $27 million for the current quarter.

我们在计算这一比率时，先从执行、清算及分销成本中剔除1,900万美元非交易相关支出，主要是行情费用，这些费用并未直接产生佣金收入。另外，需要说明的是，从5月15日起，美国证监会将部分收费调整至零，这将对未来几个季度的执行和清算成本带来利好。本季度我们支付的SEC费用总额为2,700万美元。

Compensation and benefits expense was $154 million for the quarter for a ratio of compensation expense to adjusted net revenues of 11%, down slightly from last year's quarter. We remain focused on expense discipline as reflected in our modest staff increase of 3% over the prior year.

本季度薪酬与福利支出为1.54亿美元，薪酬支出占调整后净营收的比率为11%，略低于去年同期。我们对支出保持谨慎，这在员工人数上也有所体现，与去年同期相比仅增长3%。

Our headcount at March 31 was 3,027. G&A expenses were $62 million, up from the year-ago quarter, mainly on expansion of advertising. Our pre-tax margin was 74% for the quarter as we reported and 73% as adjusted.

截至3月31日，我们共有3,027名员工。管理及行政支出（G&A）为6,200万美元，高于去年同期，主要是广告投入的扩大。我们公布的本季度税前利润率为74%，经调整后为73%。

偏少。

Income taxes of $91 million reflects the sum of the public company's $47 million and the operating company's $44 million. This quarter, the public company's adjusted effective tax rate was 18.2% within its usual range. This is a return to expected tax levels from the fourth quarter, which benefited from the annual revaluation of our deferred tax asset and from some foreign tax credits.

9,100万美元的所得税费用包含上市公司的4,700万美元和运营实体的4,400万美元。本季度，上市公司的经调整有效税率为18.2%，处于其常规区间。这也回归了我们在第四季度的预期税率水平，当时受益于递延税资产的年度重估以及部分海外税收抵免。

Moving to the balance sheet on Page 5 of the release. The consistent strength of our business and our healthy balance sheet support our raising the dividend from $1 per year to $1.28, returning capital to shareholders while still maintaining an ample capital base for the current business and future opportunities. Our total assets ended the quarter 19% higher at $158 billion, with growth driven by margin lending and rising cash balances.

下面看一下新闻稿第5页的资产负债表。我们业务持续稳健、资产负债表状况良好，这使我们有能力将年度股息从1美元提升至1.28美元，在保持充足资本用于当前业务和未来机会的同时，将部分利润回馈股东。本季度末，总资产规模为1,580亿美元，较去年同期增长19%，主要来自保证金贷款和现金余额的增加。

We have no long-term debt. Profit growth drove our firm equity up 19% to $17.5 billion. 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, while also considering overall capital allocation.

我们并无长期债务。利润的增长使得公司股本提升19%，达175亿美元。我们维持与现有业务增长相匹配的资产负债表，并利用这一优势向潜在客户和合作伙伴展示我们的实力，帮助我们拓展新业务的同时，也兼顾整体资本分配的平衡。

Turning to our operating data on pages six and seven. Our trading volumes for all customers outpaced industry growth over the prior year quarter in all three major product classes. Options and futures contract volumes rose 25% and 16%, respectively, and stock share volume rose 47%.

转向新闻稿第六页和第七页的运营数据。我们所有客户的交易量在所有三类主要产品中都超过了去年同期的行业增速。期权和期货的合约交易量分别增长25%和16%，而股票交易量增长了47%。

On page seven, you can see that total customer darts were 3.5 million trades per day, up 50% from the prior year and strong in all product classes. Commission per cleared commissionable order of $2.76 is down from last year due to both smaller average order sizes and earning higher rebates, which reduce the cost of a trade and are generally passed through to the customer.

在第七页可以看到，总体客户日均交易笔数(darts)为350万笔，较去年同期增长50%，且在所有产品类别中都表现强劲。每笔可收取佣金的清算订单佣金为2.76美元，低于去年同期，主要原因是平均订单规模更小且我们获得了更高的回扣，这降低了交易成本，通常也会传导给客户。

Page eight shows our net interest margin numbers. Total GAAP net interest income was $770 million for the quarter, up 3% on the year-ago quarter, and our net interest margin table, net interest income was $794 million, up 4%. We include for NIM purposes, certain income that is more appropriately considered interest, but that for GAAP purposes is classified as other fees and services or as other income.

第八页展示了我们的净息差数据。本季度按照美国公认会计准则(GAAP)计算的净利息收入为7.7亿美元，比去年同期增长3%。而在我们的净息差表中，净利息收入为7.94亿美元，同比增长4%。我们在计算净息差(NIM)时，会将部分更适宜视作“利息收入”的项目纳入其中，而在GAAP下，这些项目被归类为“其他费及服务”或“其他收入”。

Our net interest income reflects both the strong increases in balances and the decline in benchmark rates, resulting in a rise in margin loan interest income and lower interest expense on customer cash balances, partially offset by lower interest income on segregated cash.

我们的净利息收入体现了客户余额的强劲增长与基准利率的下降：保证金贷款利息收入增加，同时客户现金余额支付的利息支出降低，部分被隔离现金利息收入的下降所抵消。

Regarding rates, central banks in most major markets lowered their benchmarks, several held theirs constant, and a few raised. Reflecting a decline in benchmark rates versus last year, including 100 basis points of cuts in the average U.S. Fed funds rate, which represents a 19% decline in that rate. Our segregated cash interest income was down 13%, while margin loan interest rose by 14% on a 38% increase in average balances.

关于利率，大多数主要市场的央行都下调了基准利率，有些则保持不变，也有少数进行了上调。与去年相比，整体基准利率有所下降，包括美国联邦基金利率平均水平削减了100个基点，相当于降幅19%。我们的隔离现金利息收入下降13%，同时保证金贷款利息收入在平均余额增长38%的背景下上涨了14%。

At a high level, in the first quarter of 2024, we estimated that a 1% decrease in all benchmark rates would decrease our annual net interest income by $304 million. In the past year, the U.S. Fed funds benchmark did in fact fall 1%, and other countries' rates moved more or less than that. But driven by higher balances, this quarter's net interest income represented an annualized increase of $128 million.

大体上，我们曾在2024年第一季度估算，如果所有基准利率都下降1%，我们的年度净利息收入将减少3.04亿美元。过去一年里，美国联邦基金基准利率确实下降了1%，其他国家的利率或多或少也有所变动。但在更高余额的推动下，本季度的净利息收入折算到年率后反而增加了1.28亿美元。

The average duration of our investment portfolio remained at less than 30 days. The U.S. dollar yield curve remains inverted through the medium-term, so that we continue to maximize what we earn by focusing on short-term yields rather than accept the lower yields and significantly higher duration risk of longer maturities, particularly in an unpredictable economic environment. This strategy also allows us to maintain a relatively tight maturity match between our assets and liabilities.

我们的投资组合平均存续期仍保持在30天以内。美元收益率曲线在中期范围内依旧倒挂，因此我们继续关注短期收益，以最大化盈利，而非接受长期债券更低的收益率及更高的久期风险，特别是在经济环境尚不明朗的情况下。该策略也使我们能在资产与负债之间保持相对紧密的期限匹配度。

Securities lending net interest remain muted for a couple of reasons. There are fewer names that are hard to borrow industry-wide, as some of the typical drivers of securities lending, including IPOs and merger and acquisition activities, have remained subdued. Despite this, we've been consistently successful in raising the total notional dollar value of securities we lend.

出于若干原因，证券借贷的净利息仍较为低迷。市场上难以借到的证券数量较往常更少，因为包括IPO与并购在内的一些典型证券借贷催化因素依旧维持低迷。不过，尽管如此，我们依然持续地提升了所出借证券的名义本金总额。

As benchmark interest rates rose from near-zero in 2022, more of what we earned from securities lending became classified as interest on segregated cash. We estimate that if the additional interest earned and paid on cash collateral were included under securities borrowed loan, then securities lending net revenue would have been $186 million this quarter versus $167 million in the prior year quarter.

随着2022年基准利率从接近零的水平开始上行，我们从证券借贷获得的更多收益被归类到了隔离现金的利息科目。我们估算，如果我们将抵押现金获得的额外利息收益和支出也归为“证券借入与出借”这一类别，那么本季度的证券借贷净收入应为1.86亿美元，而去年同期为1.67亿美元。

Interest on customer credit balances, the interest we pay to our customers on the cash and their accounts, declined on lower benchmark rates despite higher balances from new account growth. As we have noted in the past, the high-interest rates we pay on customer cash, currently 3.83% on qualified U.S. dollar balances, is a significant attraction to new customers. Fully rate-sensitive customer balances ended the current quarter at $20.3 billion versus $18.5 billion in the year-ago quarter and $19.1 billion at year-end.

虽然由于新开户增长，客户现金余额上升，但基准利率的走低还是使我们支付给客户信用余额（即客户账户现金）的利息减少。正如我们过去所指出的，我们针对客户现金支付的高利率（目前合格的美元余额利率为3.83%）对于吸引新客户非常有利。本季度末，我们的完全利率敏感型客户余额为203亿美元，而去年同期为185亿美元，年末时为191亿美元。

Now, for 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 $65 million reduction in annual net interest income. Our starting point for this estimate is March 31st with the Fed funds effective rate at 4.33% and balances as of that date. Any growth in our balance sheet and interest-earning assets would reduce this impact.

现在我们谈谈利率变化的影响。鉴于市场普遍预期未来还会有进一步降息，我们估算每下调25个基点的联邦基金基准利率会使年度净利息收入减少6,500万美元。我们基于3月31日时的联邦基金有效利率4.33%以及当时的余额规模进行测算。如果我们的资产负债表规模以及生息资产继续增长，则会减轻这一影响。

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 effect of decreases in all of the relevant non-USD benchmark rates would reduce annual net interest income by about $29 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 $364 million.

大约有25%的客户现金余额不是美元，因此我们在估算美国利率变化时不包含这部分余额。我们估计，如果涉及的非美元基准利率均下降，那么每下降25个基点将会使年度净利息收入减少大约2,900万美元。整体而言，如果所有基准利率都下降1%，我们的年度净利息收入将减少3.64亿美元。

In conclusion, we started the year with another financially strong quarter, reflecting our continued ability to grow our customer base and deliver on our core value proposition to customers while scaling the business. We raised our dividend in recognition of our financial strength. Our business strategy continues to be effective, automating as much of the brokerage business as possible and expanding what we offer while minimizing what we charge.

总的来说，我们今年开局强劲，再次实现了亮眼的季度财务表现。这体现了我们在扩大客户群的同时，仍能兑现对客户的核心价值承诺、并不断扩大业务规模的能力。我们提高股息是对财务稳健性的认可。我们的商业战略依然行之有效：在经纪业务中尽可能实现自动化，不断拓展产品范围，同时将收费降至最低。

And with that, we will turn it over to the moderator and take questions.

现在，我将会议交还给主持人，我们开始答疑。

Question-and-Answer Session

问答环节

Operator

主持人

Thank you. [Operator Instructions] The first question that we have today is coming from James Yarrow of Goldman Sachs. Your line is open.

谢谢。[操作说明] 今天收到的第一个问题来自高盛的詹姆斯·亚罗。您的线路已接通。

James Yarrow

詹姆斯·亚罗

Sorry. Hello? Can you hear me? Oh, hi. It's James. Sorry. I -- the moderator got cut off there. So just two questions here. The first one, could you just speak to the impact of retail pressure on equity market levels on your business? In April, has there been any notable deleveraging across your client base, and what is this meant for trading activity? And then separately, could you just speak to a shift in client allocations to cash versus in risk assets, and then the impact on margin loans?

不好意思。你好？能听到吗？哦，好的，我是詹姆斯，不好意思，主持人的声音刚才断了。我想问两个问题。第一个，散户对股市水平的冲击对你们的业务有何影响？四月份，你们的客户群是否出现了显著去杠杆现象？这对交易活动意味着什么？然后，能否谈谈客户在现金与风险资产之间配置发生的变化，以及对保证金贷款带来的影响？

Milan Galik

米兰·盖立克

I'll take it. Thank you for your question. So we have seen very significant volumes. As the market dropped and then it bounced back up, we saw record volumes. There were some shifts that we noticed. Our clients traded less -- fewer options. They traded more futures than usual. And as you would expect, we saw more trading in the fixed-income instruments and foreign exchange.

我来回答。感谢你的提问。我们最近看到交易量非常大。市场先下跌又反弹，我们在此期间看到了创纪录的交易量。期间我们注意到了一些变化。客户在期权方面的交易量比以前要少——规模有所下降；同时他们的期货交易量比平常更多。正如所料，我们还在固定收益类产品和外汇方面看到了更多交易。

I think our customers are very happy that from a single platform, they can access all these asset classes. And as they are market dislocations, like we noticed a week ago, they can seamlessly trade from the single account all these asset classes. I think it's a great benefit that our customers enjoy and appreciate.

我认为客户非常满意能通过一个平台就接触到所有这些资产类别。在出现像一周前那样的市场错位时，他们可以用一个账户在所有这些品种中无缝交易。我想这是客户非常看重并乐于享受的优势。

As far as the deleveraging is concerned, we saw a slight decrease around 10% or so -- 10% to 12%, a decrease in margin loans, which is something you would expect when there is such a large move downward; you would expect the customers to reduce their risk posture. We also saw somewhat less aggressive positions in options and futures. I think that's roughly summarizes of what we've recently seen.

至于去杠杆方面，我们看到保证金贷款略有下降，大概在10%左右，介于10%到12%之间。市场出现如此大的下行波动时，客户减少保证金贷款也在意料之中，因为他们会收缩风险敞口。我们还发现，客户在期权和期货方面的持仓也没那么激进了。我想这大致就是我们最近观察到的情况。

James Yarrow

詹姆斯·亚罗

Thank you, Milan. That's very helpful. Just one other one here. I know you talked a little bit about continued appetite for U.S. investments by non-U.S. customers, but any change in the appetite for U.S. stocks since the tariff news began? And then I guess just your longer-term expectations for what tariffs could mean for that non-U.S. appetite for trading U.S. stocks, given that, of course, the fact that you do offer U.S. markets is a key aspect of your value proposition versus local brokers.

谢谢你，米兰，这很有帮助。我再问一个问题。我知道你提到过非美国客户对美国投资兴趣依然不减，那么自从关税消息出来后，这些客户对美国股票的需求有没有变化？另外，你们对关税可能对非美国客户交易美股的热情造成何种影响有何长期看法？毕竟你们能提供美国市场，这一点相较于当地券商是你们的核心价值之一。

Milan Galik

米兰·盖立克

So as I mentioned earlier, we saw a very significant influx of new accounts and most of them were coming from overseas. So we do not yet see any decrease in the appetite of our non-U.S. clients for opening an accounts and trading mostly U.S. markets. As to what the tariffs can mean in the long run, I mean, it's very difficult to gauge because I think we see a lot of inconsistency as to what's announced, what is -- what goes into effect, and then it gets reversed a few days later. So I don't think anybody can guess as to what the tariffs will ultimately mean.

正如我之前提到的，我们新开户数大幅增长，其中大部分客户来自海外。因此，到目前为止我们还没看到非美国客户在开设账户、主要交易美国市场这方面的兴趣减少。至于关税在长期会带来什么影响，这确实很难判断，因为我们看到的情况是：官方发布一个消息，然后真正生效的内容与之前的说法并不一致，或是几天后又发生了反转。我觉得没有人能真正预测关税最终意味着什么。

But I think the investors probably remember that there are other tenets of the administration posture. They did announce tariff increases, but their plans called for lower taxes and lower regulation. So these two effects should have the markets and should continue generating a lot of appetite in our customers for investing in the United States.

不过我想投资者也会记得，这届政府还有其他政策立场。他们的确宣布了关税上调，但他们同时也提倡减税和放松监管。这两点对市场来说都是利好，也会继续吸引我们的客户投资美国。

James Yarrow

詹姆斯·亚罗

Okay. Thanks a lot.

好的，非常感谢。

Operator

主持人

Thank you. [Operator Instructions] And our next question will be coming from the line of Craig Siegenthaler of Bank of America. Your line is open.

谢谢。[操作说明] 我们接下来的提问来自美国银行的克雷格·西根塔勒。您的线路已接通。

Craig Siegenthaler

克雷格·西根塔勒

Good evening, Thomas and Milan. Hope everyone is doing well. I wanted to ask that last question a different way, but we view IBKR's model as the ability to provide global assets to mostly individual investors around the world at a low cost. But given this new emerging trade conflict, we could see a period where investors, especially individuals focus more domestically and less on the U.S. market, even though you haven't seen this yet, as you pointed out. How do you think this could impact IBKR's global model, with most of your accounts coming from outside the U.S.?

晚上好，托马斯和米兰。希望你们都好。我想换一种方式问刚才那个问题。我们认为盈透的模式是以低成本为全球范围内（主要是个人投资者）提供全球资产。然而，考虑到这场新出现的贸易冲突，我们可能会经历一个时期，投资者，尤其是个人，会更多地关注本国市场，而减少对美国市场的关注。虽然你们提到目前还没看到这种现象。你们认为这会如何影响盈透的全球模式？毕竟你们的大多数账户都来自美国以外。

Milan Galik

米兰·盖立克

We do not think that it will impact our model because as you recall, our aim is always offer not just U.S. markets, but the local markets side-by-side on the same platform to our clients so that they can have their assets in a single account and be able to deploy their capital to investments outside their home country or region as well as in the United States.

我们不认为这会影响我们的模式。正如你所了解的，我们的目标是始终在同一个平台上为客户提供不仅仅是美国市场，还有本地市场，让他们能在一个账户里持有所有资产，并随时选择在其所在国家或地区之外的地方乃至美国进行投资。

So we do not think that this will negatively affect us in any way. But more importantly, something that I explained a little earlier, something that we noticed last week was we are very well-positioned -- exceptionally well-positioned for volatility and the type of market movement like we saw last week. We -- if -- as our customers noticed changes in yields, they were able to act on them. They were able to trade sovereign bonds as they saw changes in the currencies.

所以我们并不认为这会对我们造成任何负面影响。更重要的是，正如我之前提到，我们上周观察到的一点是，针对波动性以及上周那样的市场走势，我们处于非常有利的位置。只要我们的客户注意到收益率的变化，他们就能迅速行动，也可以在发现货币变化的同时交易主权债券。

If their theory is that the U.S. dollar is weakening, they can buy other currencies on the same platform or do the investments via ForEx futures. If they think the oil or copper is undervalued, they can buy them through futures. If they want to increase their allocation in gold, they can buy bullion on our platform. So we think that we are very well-positioned for markets that are as uncertain as we have seen last week.

如果他们认为美元正在走软，就可以在同一平台上买入其他货币，或通过外汇期货进行投资。如果他们觉得原油或铜估值过低，则可以通过期货进行买入。如果想增加黄金配置，他们也可以在我们的平台上买入金条。我们认为，对像上周那样的不确定性市场，我们处于非常有利的地位。

Craig Siegenthaler

克雷格·西根塔勒

Thanks, Milan. And I actually had a follow-up on James' first question too, but wanted to go outside of trading. We wanted to see if you could provide any insight on how client activity was tracking month-to-date. Specifically, we're curious if you saw any deviations to your 1Q trajectory for account growth, customer credit balances, and margin loans.

谢谢你，米兰。我还想就詹姆斯第一个问题再追问一下，不过这次想聊点交易之外的东西。我们想了解一下最近这一个月的客户活动状况。具体来说，你们的账户增长、客户信用余额以及保证金贷款，和第一季度的趋势相比有没有出现什么偏离？

Milan Galik

米兰·盖立克

We saw very significant client inflows. So our department that approves new accounts saw a significant increase in the number of approved accounts. These were obviously not all of them were funded. The funding event happens days later. So there was an influx of new accounts. And I'm sorry, what was the other part of your question?

我们看到客户大量涌入。负责审核新账户的部门确认通过账户数量显著增加。当然，并不是所有账户都已经注资，因为注资会在几天后才发生。总而言之，新账户在大量涌入。不好意思，你另一个问题是什么来着？

Craig Siegenthaler

克雷格·西根塔勒

So what I wanted to get at is the account growth, customer credit balances, and margin loans. Did you see any deviation in the trajectory of those three in the first two weeks of April?

我想确认的是，就账户增长、客户信用余额，以及保证金贷款这三者而言，在四月前两周，你们有没有看到和之前趋势不同的地方？

Milan Galik

米兰·盖立克

But there was the drop in the margin loans by around 12%. There was greater than I would expect inflow of cash, which could be somewhat related to deleveraging, but could also be related to new funds coming in. We do not separate these two numbers so it's hard for me to tell. But as far as the trading activity is concerned, the volumes that we see roughly correspond to average volume levels in the previous quarter. So we're back to the normal trading.

保证金贷款下滑大约12%。同时现金流入比我预期的还多些，这也许和去杠杆有关，也可能和有新资金进场有关。我们不会单独区分这两种来源，所以我不太好判断。但就交易活动而言，我们看到的交易量大体上和上一季度的平均水平一致。也就是说，基本回归正常交易状态。

Craig Siegenthaler

克雷格·西根塔勒

Great. Thanks for taking my question, Milan.

好的。感谢你回答我的问题，米兰。

Milan Galik

米兰·盖立克

Pleasure.

不客气。

Operator

主持人

Thank you. [Operator Instructions] And our next question will come from the line of Patrick Moley of Piper Sandler. Your line is open. Please go ahead.

谢谢。[操作说明] 接下来由派杰桑德勒公司的帕特里克·莫利提问。您的线路已接通，请开始。

Patrick Moley

帕特里克·莫利

Yeah. Good afternoon. Thanks for taking the question. Maybe shifting to the product side of things. You nearly -- or you're on pace to nearly triple the size of your crypto offering this year so can you talk about what drove the decision and your comfortability with expanding that offering? And then going forward, how are you thinking about the growth opportunity here? Is this something you could be -- think could be a significant growth driver, or is this more of just you're plugging a previous or what you view as a previous product gap? Thanks.

好的，下午好。感谢你们回答我的问题。我想换个话题，聊聊产品方面的情况。你们今年的加密货币产品几乎——或者说有望几乎扩大到原来的三倍规模。能否谈谈你们做出这一决定的原因，以及对扩展这一产品的信心？展望未来，你们认为这里的增长机会如何？这会是一个明显的增长引擎吗，还是说更多是你们认为要填补以前、或者说先前存在的产品空缺？谢谢。

Milan Galik

米兰·盖立克

So we have added seven currencies. We mentioned in one of the previous earnings calls that we would do that as soon as we see changes in the regulatory environment by the FD. And we indeed see that there were several changes that took place. The accounting guidance that requires that we record the obligation associated with safeguarding crypto assets on the balance sheet has been rescinded by the SEC. That's one change that we saw.

我们已经新增了7种加密货币。此前在某次财报电话会议上，我们曾提到，只要我们看到FD在监管环境上出现一些变化，我们就会这么做。现在确实出现了若干变化。首先，原本要求我们在资产负债表中确认加密资产托管义务的会计指引，已被美国证监会废止。这是我们观察到的一项变化。

Another change that we saw was the -- there was an announcement that the SEC tends to decrease the regulation by enforcement going forward in crypto. We also saw that the Coinbase lawsuits have been dismissed. So all these changes gave us -- they increased our appetite for the crypto space, and we added the seven currencies, as well as we increased the limit that governs how much assets a client account can hold in cryptocurrencies. We went from 10% to 30% of NLB. So these are the changes that we have made.

另一个变化是，美国证监会宣布今后将减少针对加密货币的执法监管力度。我们还看到Coinbase的相关诉讼被撤销。所有这些变化都让我们对加密货币领域更具信心。于是我们新增了7种币，同时也提高了客户账户加密资产持有量的上限比例，从原来的净流动资产(NLB)的10%调至30%。这就是我们最近作出的调整。

As far as what the crypto space means to us, we would obviously like it to grow. It's not growing as fast as we would like, which to me personally is somewhat of a surprise because if you look at the cost of trading of crypto assets on our platform, it is significantly lower than the cost that our competitors charge, yet we do not see a huge influx of cryptocurrency traders to our platform. So I would expect more. For now, we just have to be satisfied with rounding up our offering, giving our clients and financial advisers access to the crypto cash so that they can access this asset class for themselves and for their clients as well.

至于加密货币领域对我们来说意味着什么，很明显我们希望它能快速发展。不过目前增速并没有达到我们的理想水平，对我个人而言也有点意外。因为在我们平台上交易加密货币的成本远低于多数竞争对手，但我们并没有看到大量加密货币交易者涌向我们平台。我原本期待更多。不过现在我们只能暂时满足于完善自身产品，为客户及理财顾问提供加密货币服务，让他们自己以及他们的客户都能接触这一资产类别。

Patrick Moley

帕特里克·莫利

All right, great. And then just a follow-up on the ForecastEx platform and maybe event contracts more broadly. We've seen one of your competitors has really leaned into event contracts, specifically sports events contracts. I know that IBKR in the past has been a little bit more hesitant to pursue launching sports-related event contracts, but just curious on your thoughts about expanding that offering and maybe whether you could in the future, look to maybe rethink about sports contracts. Thanks.

好的，明白。还有一个关于ForecastEx平台的后续问题，也可以更泛地谈谈事件合约。我们看到你们的某家竞争对手在事件合约上投入颇多，尤其是体育赛事合约。以前我知道盈透对推出体育相关事件合约态度并不算积极。但我想了解一下你们对扩展这类产品的看法，以及今后是否会考虑重新思考体育合约的方向？谢谢。

Milan Galik

米兰·盖立克

So I would answer this question in two parts. So Interactive Brokers is the owner of the forecast that exchange -- which forecast that exchange can have other SCM members. Forecast exchange will be listing sports contracts so that other SCMs can offer them to their clients. We at Interactive Brokers, we have not yet made a decision as to whether we will or will not offer them. That is where we currently are.

这个问题我分两部分回答。首先，盈透证券是Forecast那个交易所的所有者——该交易所可以允许其他SCM成员加入。Forecast交易所本身会上线体育合约，以便其他SCM向他们的客户提供。就盈透而言，我们尚未决定是否也会提供此类产品。这就是我们目前的状况。

保守的态度。

Patrick Moley

帕特里克·莫利

All right. Great. Thanks. That's it from me.

好的，非常感谢。我这边就这些。

Operator

主持人

Thank you. [Operator Instructions] And our next question will come from the line of Chris Allen of Citi. Your line is open.

谢谢。[操作说明] 接下来请花旗银行的Chris Allen提问。您的线路已接通。

Chris Allen

克里斯·艾伦

Yes. Afternoon, guys. I wanted to ask, actually, about Europe. Over the course of the first quarter saw a really strong overall European equity volumes. Anecdotally, it sounds like European retail investors are starting to increase their activity and becoming a little bit more like U.S.-based customers. I'm just wondering are you seeing similar things from that region? Where do things stand from an of options as well? Any color on that front would be helpful.

好的，大家下午好。我想谈谈欧洲。第一季度我们看到欧洲整体股市交易量非常可观。有人说欧洲散户投资者开始更加活跃，有点像美国这边的情况。想问问你们是否也观察到类似现象？在期权这方面进展如何？如果能提供一些相关信息就太好了。

Milan Galik

米兰·盖立克

Well, our international clients are busy trading options, mostly US options, because that's where the volumes are. But we are offering European options as well as Asian options, and we see significant volumes in Asian options being traded by Asian clients. I am sort of curious whether Europe is going to have their own magnificent seven or six, I don't know how many it is. There is some talk of the defense talks in Europe taking up that role so it's going to be interesting to see whether that happens.

我们的国际客户确实在忙着交易期权，主要集中在美国期权，因为那里的交易量较大。但我们也提供欧洲期权和亚洲期权，而且我们注意到亚洲客户在亚洲期权上也有相当可观的交易量。我也有点好奇欧洲会不会出现类似“七大天王”或“六大天王”的情况，有人提到欧洲的国防领域似乎可能扮演类似角色，之后到底会不会发生还挺值得关注的。

Chris Allen

克里斯·艾伦

Thanks. And just maybe on the -- on net interest income related to seg cash, just the sequential movement. When you -- when -- just given the color last quarter, it seems -- I mean, it basically implies that you saw an overall decline about 100 basis points across central banks. Is that correct? Was this just driven by movements in benchmark rates? Or was there anything else underneath the service, maybe shortening duration, anything like that impact the seg cash?

好的。再问一个关于隔离现金（seg cash）对应净利息收入的问题，想了解一下环比的变化。基于你们上季度的介绍，似乎——也就是说，大致上意味着你们看到各主要央行的利率整体下调了大约100个基点，对吗？这是因为基准利率的波动导致的吗？还是说有其他因素，比如缩短久期等，对隔离现金产生了影响？

Paul Brody

保罗·布罗迪

Yes, I'll take that. So yes, primarily the drop in rates, there were several drops by the Fed in late fourth quarter. So the fourth quarter itself carried some higher rates from earlier really right through the middle of the quarter. So the full impact of those decreases were felt in the first quarter, and some of the foreign rates dropped at least that much on a percentage basis. So, for example, I think the euro went from a 3% benchmark to 2.5%. So that does impact all this seg cash, but as well, it impact what we're paying our customers on the other side. So we do have offsets there.

好的，我来回答。是的，主要原因是利率下降。联邦储备在去年第四季度末几次降息，导致第四季度初期到中期一直沿用稍高的利率水平，然后这些降息措施的全面影响在第一季度显现出来。部分海外利率的降幅在百分比层面上至少也与此相当。举例来说，欧元区的基准利率大约从3%降到2.5%。这确实会影响到我们所有的隔离现金，同时也会影响到我们付给客户那部分资金的利息，所以两边之间也会对冲一部分影响。

Chris Allen

克里斯·艾伦

Thanks, guys.

谢谢，你们。

Operator

主持人

Thank you. [Operator Instructions] And the next question will be coming from the line of Benjamin Budish of Barclays. Your line is open.

谢谢。[操作说明] 接下来请巴克莱银行的本杰明·布迪什提问。您的线路已接通。

Benjamin Budish

本杰明·布迪什

Hi. Good evening, and thanks for taking the question. I wanted to follow back up on the earlier comment on margin balances. Just want to make sure we're kind of clear. When you commented that margins declined 12% from the end-of-the-quarter, is that as of sort of the lowest point perhaps a week ago, or is that as of yesterday? I'm just hoping to get a better sense of kind of where we are currently.

你好，晚上好，感谢你们回答我的问题。我想回到之前关于保证金余额的评论。你们提到保证金自本季度末以来下降了12%，这是说大约一周前是最低点吗，还是说这是昨天的数据？我想更准确地了解一下我们目前的情况。

Milan Galik

米兰·盖立克

The drop happened very quickly, and then it remained the same for several days. So no further decreases. There was a significant reaction by -- I wouldn't even call it significant. 12% is not that big. There was a reaction by our clients initially, and then they remained the same.

这次下降来得很快，然后几天里都保持在那个水平，所以没有进一步下降。客户的反应——其实12%的降幅也不能说非常大吧。客户最初确实有一些动作，之后就保持不变了。

Benjamin Budish

本杰明·布迪什

Understood. Very helpful. One other kind of modeling nuance may be for Paul. In terms of making sure we kind of calibrate our models correctly given the SEC reduction, I think you said $27 million for the current quarter. Should it be fair to assume those kind of equally come out of commissions and charge transaction-based expenses? Is that the way to think about the impact going forward?

明白，感谢说明。接下来可能是一个与建模相关的小问题，想请问保罗。鉴于SEC的费率下调，你们提到这个季度涉及2700万美元。我们在模型中是否应该假设这部分费用会平均地在佣金收入和交易费支出之间对冲？还是说这样理解未来的影响比较恰当？

Paul Brody

保罗·布罗迪

Yeah, the regulatory fees are passed through, right, and it was about $27 million out of that total number for execution, clearing, and distribution line.

是的，监管费用是由我们代为向客户收取然后上缴。在执行、清算和分销这一项费用中，大约有2700万美元属于SEC监管费用。

Benjamin Budish

本杰明·布迪什

Very helpful. And then maybe one other, like super kind of small one, but just curious, for the market data fees, I think you said $19 million of expense in the quarter. If I recall, that was $21 million last quarter. I know that line goes up very, very gradually over time, and I think it's kind of assumed there's constant inflation. Curious if there's any reason that number went down. Anything you can kind of comment on there?

谢谢，很有帮助。还有一个非常小的问题，关于行情数据费。你们刚才说本季度这方面是1900万美元的支出。好像上个季度是2100万美元。我以前的理解是这项费用通常会很缓慢地增加，一般也会考虑一些通胀因素。那它为何会下降？可以介绍一下原因吗？

Paul Brody

保罗·布罗迪

All right. You're saying just the market data fees.

好的，你说的是行情数据费。

Benjamin Budish

本杰明·布迪什

Yes, the $19 million.

是的，1900万美元。

Paul Brody

保罗·布罗迪

That's fairly even with prior quarter and up a little bit from the -- it's actually up a little bit from the prior quarter and maybe $2 million from the year-ago quarter.

与上一季度相比其实比较接近，而且比上一季度略有增加，比去年同期大约多了200万美元。

Benjamin Budish

本杰明·布迪什

Okay. All right. Thank you for that clarification.

好的，明白了。谢谢你澄清。

Operator

运营方

Thank you. [Operator Instructions] And our next question will be coming from the line of Dan Fannon of Jefferies. Your line is open.

谢谢。[操作说明] 接下来请杰富瑞的丹·凡农提问。您的线路已接通。

Unidentified Analyst

身份不明的分析师

Hi. This is [Dune] (ph) on behalf of Dan. Could you maybe just remind us what your excess capital was as of March 31st, that's the capital available for M&A, and any changes in terms of your inorganic priorities, or maybe like progress on sourcing a new deal?

你好，我是[Dune] (音) ，代替丹提问。能否提醒我们一下，截至3月31日，你们的富余资本规模大约是多少，也就是可用于并购的部分？在非有机增长这块，你们的优先级或者寻找新交易的进展有什么变化吗？

Paul Brody

保罗·布罗迪

Yes. It kind of remains in the $6 billion to $7 billion range. You know, as this business grows, we earn more and we have more capital and more of it is devoted into the business to support things like customer trading and clearing fund deposits where we are self-clearing in most places and various buffers that have to be maintained, both for regulatory purposes and for standard operating liquidity buffers. It does take a lot of capital, which is why we maintain it. And -- but we're profitable enough that we determine we could raise the dividend and still grow that capital.

是的，基本上还在60亿到70亿美元的范围内。随着业务的壮大，我们的收益增加，拥有更多资本，而其中不少都要投入到业务中，用于支持客户交易、清算保证金等方面，因为我们在大多数地方都自行清算，还要维持各种监管及运营层面的流动性缓冲，这些都需要大量资本，因此我们一直保持这种水平。不过我们盈余足够多，所以决定在提高股息的同时，依然能继续积累资本。

Unidentified Analyst

身份不明的分析师

And just in terms of M&A, has there been any progress on sourcing a new deal? Any new prospective talks here?

那在并购方面，你们有没有找到新的交易机会？最近有没有潜在的接触？

Milan Galik

米兰·盖立克

Not really. We still look at all the opportunities that arrive on our desks. We haven't yet found anything that would work. On the last significant one, we did not succeed in purchasing the competitor. We tried. We -- actually, we were able to offer a very significant and attractive price. The deal did not happen because we were interested in buying the entire ownership 100%, and one of the sellers was not interested.

目前没有。我们仍会关注摆在我们面前的各种机会，只是还没找到真正合适的。上一次比较重大的机会我们没能成功收购那家竞争对手。当时我们确实做了努力，并能给出非常可观、有吸引力的报价。之所以未能达成，是因为我们想买下全部股权，而其中一位卖家不打算卖。

So we were only -- we would be able to only acquire 70%, which was a deal-breaker for us. That's why we didn't do it. It's difficult for us to find an acquisition that we would like. Obviously, it cannot be too small because it would be just a distraction, but so far we haven't succeeded.

结果只允许我们收购70%股权，这对我们来说没法接受，所以交易就没谈成。想找到一个适合我们的收购标的不太容易，而且目标也不能太小，否则只会分散精力。到目前为止，我们还没成功过。

可能跟业务性质有关，也可能是企业文化，倾向于控制力是一件好事。

Unidentified Analyst

身份不明的分析师

Okay, that was helpful. Thank you.

好的，这很有帮助。谢谢你们。

Operator

运营方

Thank you. [Operator Instructions] And our next question will be coming from the line of Kyle Voigt of KBW. Your line is open.

谢谢。[操作说明] 接下来请KBW的凯尔·沃伊特提问。您的线路已接通。

Kyle Voigt

凯尔·沃伊特

Hi. Good evening. Maybe I could ask a question about your dividend policy. You increased the dividend again this year after an increase at the same time last year. Can you just speak a bit more about your policy? Should investors expect an annual increase in the dividend going forward? Whether you be open to targeting a specific dividend payout ratio over time, or whether you're instead targeting a certain implied dividend yield on the shares?

你好，晚上好。我想问一下你们的股息政策。继去年同期上调股息之后，你们今年又再次提高了股息。能否多谈一些你们的政策？投资者是否应该预期你们今后每年都会上调股息？你们是否会考虑在一段时间内以特定股息支付率为目标，或者更多地关注股票的隐含股息收益率？

Thomas Peterffy

托马斯·彼得菲

Yes. We target our dividends to be between 0.5% and 1% of the stock price.

是的。我们的目标是使股息处于股价的0.5%到1%之间。

Kyle Voigt

凯尔·沃伊特

Okay, understood, Thomas. Thank you. And then, Milan, you spoke about the 12% pullback in margin balances in April, just given the equity market volatility and a move towards less risky positioning by your clients more broadly. Within your other fees and services line, it looks like your risk exposure fees fell sequentially in 1Q for the first time in over two years. Is it also fair to assume that those fees move lower throughout the first quarter and also likely move lower into April as well? Or is there anything else to note that's driving that line and the decline in the first quarter?

好的，明白了，托马斯。谢谢。然后，米兰，你提到在4月份保证金余额下滑12%，主要是因为股市波动，让客户整体趋向于减少风险敞口。从“其他费及服务”这一科目来看，风险敞口费在第一季度环比下降，这是两年多来首次。是否可以推断这一费用在一季度整个期间都在下滑，并且很可能在4月份继续下滑？或者说，造成这一科目以及本季度该项费用下降的原因还有其他吗？

Milan Galik

米兰·盖立克

The exposure fees they fluctuate more than the margin balances. The margin balances tend to be very steady, and they obviously reflect the income from shares that the customers buy in margin. The exposure fees are generated based on the exposure that we as a firm can have from clients' options and futures positions, not only the leveraged stock position. So they tend to fluctuate more. The clients of ours are very nimble. They reduce their options exposures quickly as the market fall. So I -- we expect these exposure fees to fluctuate more than the margin balances.

风险敞口费的波动幅度比保证金余额更大。保证金余额通常比较稳定，主要反映客户保证金买入股票所产生的收入。而风险敞口费是基于我们公司所承担的客户期权和期货头寸风险来收取的，并不仅限于杠杆股票头寸。所以它的波动通常更频繁。我们的客户相当灵活，市场下跌时他们会迅速减小期权敞口。因此——我们预计风险敞口费会比保证金余额波动更大。

Kyle Voigt

凯尔·沃伊特

Understood. Thank you very much.

明白了，非常感谢。

Operator

运营方

Thank you. And that does conclude today's Q&A session. I would like to turn the call back to Nancy for closing remarks. Please go ahead.

谢谢。今天的问答环节到此结束。现在我将电话交还给南希，请她做结束发言。请开始。

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.

感谢各位今天的参与。提醒一下，本次电话会议的录音将可在我们的网站上回放，我们也会在明天于网站上发布整理好的文字记录。再次感谢大家，我们下个季度末再会。

Operator

运营方

Thank you for joining today's conference call. You may all disconnect.

感谢参与今天的电话会议。各位可以结束通话了。

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