2025-10-16 Interactive Brokers Group, Inc. (IBKR) Q3 2025 Earnings Call Transcript
Call Start: 16:30 January 1, 0000 5:12 PM ET
Interactive Brokers Group, Inc. (NASDAQ:IBKR)
Q3 2025 Earnings Conference Call
October 16, 2025 04:30 PM ET
Company Participants
Thomas Peterffy - Chairman
Milan Galik - President, CEO & Director
Paul Brody - CFO
Nancy Stuebe - Director, IR
Conference Call Participants
Brennan Hawken - BMO
Ben Budish - Barclays
Patrick Moley - Piper Sandler
Dan Fannon - Jefferies
James Yaro - Goldman Sachs
Craig Siegenthaler - Bank of America
(Transcript provided to Seeking Alpha by the company.)
Operator
Thank you for standing by. Welcome to the Interactive Brokers Group Third Quarter 2025 earnings call. [Operator Instructions] As a reminder, today's program is being recorded.
感谢各位耐心等待。欢迎参加 Interactive Brokers Group 2025 年第三季度业绩电话会。【接线员提示】提醒各位，本次会议将进行录音。
And now I'd like to introduce your host for today's program, Nancy Stuebe, Director of Investor Relations. Please go ahead.
现在请允许我介绍今天会议的主持人——投资者关系总监 Nancy Stuebe。请开始。
Nancy Stuebe
Good afternoon, and thank you for joining us for our third 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.
各位下午好，感谢参加我们 2025 年第三季度业绩电话会。今天与会的有我们的创始人兼董事长 Thomas Peterffy；总裁兼首席执行官 Milan Galik；以及首席财务官 Paul Brody。我将代为宣读 Milan 关于业务的评论，在问答环节三位都会出席。
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.
特此提醒，今天的电话会可能包含前瞻性声明，这些声明反映公司对未来事件的看法，其本质上具有不确定性并且超出公司的控制范围。我们的实际业绩和财务状况可能与这些前瞻性声明所暗示的情况存在差异，且差异可能较大。请参阅我们新闻稿中的免责声明；您也应当查阅我们向 SEC 提交的财务报告中关于风险因素的说明。
During the third quarter, the market climbed a huge “wall of worry” with little pause.
在第三季度，市场几乎未作停顿地翻越了巨大“忧虑之墙”。
There is no shortage of traditional reasons for investors to be concerned about the economy or the markets, but as they’ve cropped up, they are treated either as a positive, like the huge sums of money being spent on AI, or as a minor impediment, like the government shutdown.
关于经济或市场，投资者不乏传统的担忧理由，但这些因素出现时，要么被视为利好，例如大量资金投入 AI，要么被当作轻微阻碍，例如政府关门。
The Federal Reserve cut interest rates this quarter for the first time since late last year. With a less restrictive regulatory environment and steady-to-declining interest rates, market sentiment in the third quarter was positive overall, with the S&P 500 Index rising 8% and showing strong positive returns in each month. Investors bought dips if the market declined, and participated in rallies as they occurred, showing their continued comfort with the current economic backdrop. At IBKR, in any given week this quarter, the most active names showed a preponderance of buying over selling.
美联储本季度自去年底以来首次降息。随着监管环境趋于宽松、利率稳中有降，第三季度整体市场情绪偏正面，标普 500 指数上涨 8%，且每个月均实现强劲正回报。市场回落时投资者逢低买入，反弹出现时积极参与，显示他们对当前经济背景仍然较为安心。在 IBKR，本季度任一周内，最活跃标的均呈现出买盘显著强于卖盘的态势。
Our strong net new account growth came from all regions and all client types. This is organic account growth; we attract clients without temporary bonuses or incentives—our products, pricing, and execution quality speak compellingly for themselves. During the quarter, we added our 4 millionth customer and reached $150 billion in client cash balances, both up over 30% from last year.
我们强劲的净新增账户来自所有区域与各类客户。这是有机增长；我们无需临时奖金或激励即可吸引客户——我们的产品、定价与执行质量本身就极具说服力。本季度我们迎来了第 400 万位客户，客户现金余额达到 1500 亿美元，两项指标同比均增长逾 30%。
客户增长有可能已经突破临界值，往后的增长不需要激励，或者可以较少的激励。
For client equity, it took us from 2020 to 2024 to advance from $250 to $500 billion; it took just over one year to add the next $250 billion. This quarter, our client equity surpassed ¾ of a trillion dollars, up 40% from last year versus 16% for the S&P.
就客户权益而言，我们从 2020 年到 2024 年用四年时间从 2500 亿美元增加到 5000 亿美元；而再增加 2500 亿美元仅用了略多于一年。本季度，我们的客户权益突破 3/4 万亿美元，同比上涨 40%，而标普为 16%。
The 790,000 net new accounts we added through the third quarter already exceed what we added in all of last year.
截至第三季度，我们净新增 79 万个账户，已超过去年全年新增。
More accounts meant more activity, which helped expand client trading volumes this quarter, especially in stocks and options.
更多账户意味着更多交易活动，这推动了本季度客户成交量的扩张，尤以股票与期权最为显著。
Our commission revenue increased by 23% compared to last year, which is slightly understated since the SEC fee rate, which is included within our commission revenue, was reduced to zero in May. Net interest income was up 21% on a combination of larger balances and securities lending opportunities from a greater number of accounts; our total net revenues were up 21%.
我们的佣金收入同比增长 23%，这个数字略有低估，因为计入佣金收入的 SEC 费用率已在 5 月降至零。净利息收入在更高的余额规模以及更多账户带来的证券出借机会的共同作用下增长 21%；我们的净营收总额增长 21%。
Volumes rose to a record 418 million in options contracts, and were up 67% in equities as more people globally continue to participate in the markets. In terms of newer products, we are seeing increasing activity by our clients in crypto, forecast contracts and overnight trading hours. We now offer a wide variety of over 8,200 open forecast contracts, 27% more than last quarter; and contract volumes traded grew 165% from the second quarter. In crypto, our trade volumes rose 87% from last quarter, and are up over 5 times versus last year. While this is from a base we want to grow much bigger, it is a sign of the growing strength of our offering. In addition, we introduced recurring buy orders for cryptocurrency and added Solana to our Hong Kong crypto offering.
随着全球更多投资者参与市场，期权合约成交量增至创纪录的 4.18 亿张，股票成交量同比增长 67%。在新型产品方面，我们看到客户在加密资产、预测合约以及夜盘交易时段的活跃度不断提升。我们目前提供超过 8,200 种开放式预测合约，较上季度增加 27%；合约成交量较第二季度增长 165%。在加密资产方面，我们的交易量较上季度增长 87%，同比增长超过 5 倍。尽管当前基数仍有待进一步做大，但这显示了我们产品供给实力的增强。此外，我们推出了加密货币的定投（循环买入）订单，并在香港的加密产品中新增了 Solana。
Overnight trading, where we offer over 10,000 US stocks and ETFs, as well as equity index futures and options and global corporate and government bonds, was up 90% from 2024, which itself had seen higher volumes surrounding the first Fed Funds rate cut in years. As we’ve noted, for our global client base, US overnight hours are their daytime trading hours, so this offering in particular resonates with them.
夜盘交易方面，我们提供超过 1 万只美国股票与 ETF，同时涵盖股指期货与期权以及全球公司债与政府债券。夜盘成交量较 2024 年增长 90%——而 2024 年本身就因多年首次的联邦基金利率下调而出现了更高的成交量。正如我们所述，对于我们的全球客户群而言，美国夜盘时段恰是他们的白天交易时段，因此此项服务尤其契合他们的需求。
夜盘是一个新的增长点。
We are continually making additions and enhancements to our platform, as well as infrastructure upgrades.
我们持续为平台增加功能、改进体验，并进行基础设施升级。
We added new liquidity providers for options, U.S. stocks in our Lite program, and for U.S. Treasuries, corporate, and international bonds, further enhancing execution quality for our active trading clients.
我们为期权、Lite 计划下的美国股票、以及美国国债、公司债与国际债券引入了新的流动性提供方，进一步提升活跃交易客户的成交质量。
Our pipeline of potential introducing broker clients remains healthy, with a steady stream of new prospects entering as we onboard the I-brokers who had previously signed up to offer our platform. Demand continues steadily around the world for our global introducing broker offering.
我们的潜在引荐经纪商客户储备保持健康。在为已签约接入我们平台的引荐经纪商办理上线的同时，新线索源源不断进入。全球范围内对我们引荐经纪商方案的需求保持稳定。
In terms of new efforts and product introductions, we again had a busy quarter. We work continually to innovate and give our clients the products they ask for.
在新的举措与产品推出方面，我们再度度过了忙碌的一个季度。我们持续创新，向客户提供他们所需要的产品。
We added both NISAs, tax-advantaged savings accounts for Japan, and ISKs, tax-advantaged accounts in Sweden, to our growing offering of country-specific savings plans.
我们在不断扩充的各国专属储蓄计划中新增了日本的 NISAs（税收优惠储蓄账户）与瑞典的 ISKs（税收优惠账户）。
We introduced our proprietary “Connections” feature, where clients can discover multiple investing relationships connected to any one company. These include stocks, ETFs, forecast contracts, options and economic indicators, as well as competitor data, related products and options strategies.
我们推出了自研功能“Connections”，客户可以围绕任一公司发现多种投资关联关系，包括股票、ETF、预测合约、期权与经济指标，以及竞品数据、相关产品与期权策略。
As an example, investors holding long positions in sectors like homebuilding can use Connections to explore related businesses like mortgage financing, review forecast contracts linked to new home sales or housing starts, and gain insight into options strategies that could help reduce their exposure to economic fluctuations in the housing market. Decades of work expanding our product offering and geographic reach is what makes Connections possible—helping clients uncover opportunities other platforms can’t. We have so far been averaging about 20,000 unique daily users, so it’s a feature that has resonated with our clients.
例如，持有住宅建筑等行业多头仓位的投资者，可以用 Connections 探索按揭融资等相关业务，查看与新屋销售或新开工相关的预测合约，并洞察可用于降低其住房市场经济波动敞口的期权策略。正是我们数十年来在产品供给与地域覆盖上的扩张，使 Connections 成为可能——帮助客户发现其他平台无法提供的机会。到目前为止，该功能的日均独立用户约为 20,000，说明它与客户需求高度契合。
“Connections” complements the “Investment Themes” feature we debuted last quarter, where clients can use natural language prompts like “quantum computing” or “artificial intelligence” to find actionable investment opportunities.
“Connections” 与我们上季度推出的 “Investment Themes” 功能相辅相成，客户可以用“quantum computing”或“artificial intelligence”等自然语言提示来寻找可操作的投资机会。
In recognition that our prime brokerage offering and its many features benefit our clients, giving them a competitive edge, the latest annual Preqin hedge fund rankings showed that Interactive Brokers rose to rank #4 for number of hedge funds serviced, behind only Goldman Sachs, Morgan Stanley, and JP Morgan, and ahead of all the other historically better-known names in the funds industry. This should serve as evidence that we must be doing something better than some of the entrenched players, and that potential clients may benefit from adding us as an additional prime broker.
鉴于我们的主经纪商服务及其众多功能能为客户带来优势，最新的 Preqin 年度对冲基金排名显示，Interactive Brokers 在服务对冲基金数量上升至第 4 位，仅次于 Goldman Sachs、Morgan Stanley 与 JP Morgan，领先于基金行业内其他历史上更为知名的机构。这证明我们在某些方面确实优于部分根深蒂固的竞争对手，也表明潜在客户将我们纳入为额外主经纪商可能受益。
品牌。
We have much on our plate for the remainder of the year, and even more to come in 2026. I look forward to sharing these developments with you as they are introduced. The trend towards more global investing across multiple client types and across jurisdictions, and our ability to give investors the tools to invest in the companies and products they want, paying for them in currencies they wish, around the clock, continues. This trend, and our ability to serve our clients’ needs with a lower cost structure and a much broader product and tool set, is what sets us apart, and will continue to do so in the years ahead.
今年剩余时间我们还有大量工作安排，2026 年将有更多内容推出。我期待在这些举措发布时与各位分享。跨客户类型与跨司法辖区的全球化投资趋势仍在延续，而我们能够为投资者提供所需工具，让他们全天候投资所选公司与产品，并以其希望的货币进行支付。这一趋势，以及我们以更低成本结构与更广泛的产品与工具集满足客户需求的能力，使我们与众不同，并将在未来数年持续如此。
I want to thank our team, and especially our founder Thomas Peterffy, for the hard work and dedication it took to bring Interactive Brokers from its humble beginnings, all the way into the S&P 500 Index this quarter. It is an achievement in which we all rightfully take pride.
我要感谢我们的团队，尤其感谢我们的创始人 Thomas Peterffy，正是凭借他们的辛勤努力与奉献，才让 Interactive Brokers 从谦卑起点一路发展到本季度进入 S&P 500 指数。这一成就是我们所有人理应引以为傲的。
With that, I will turn the call over to Paul Brody. Paul?
接下来，我把话筒交给 Paul Brody。Paul？
Paul Brody
Thank you, Nancy. Good afternoon everyone. I will review our third quarter results, and then will open it up for questions.
谢谢你，Nancy。各位下午好。我将回顾我们第三季度的业绩，随后进入答问环节。
Starting with our Revenue items on page 3 of the release, we are pleased with our financial results this quarter, as we again produced record net revenues and pretax income.
从新闻稿第 3 页的收入项目开始讲起，我们对本季度的财务表现感到满意，因为我们再次实现了创纪录的净营收与税前利润。
Commissions rose to a record $537 million, 23% above last year’s 3rd quarter. We continued to see higher trading volumes from our growing base of active customers, outpacing industry volumes across major product classes. Our options volume rose 27% and set a new quarterly volume record, and equity volumes were up 67% from last year.
佣金收入升至创纪录的 5.37 亿美元，同比去年三季度增长 23%。随着活跃客户群体的扩大，我们在各大产品类别的成交量继续高于行业水平。我们的期权成交量增长 27%，创下季度新高；股票成交量同比增长 67%。
Net interest income also reached a quarterly record of $967 million, despite lower benchmark rates in most major currencies. Higher segregated cash and margin loan balances, and significantly stronger securities lending contributed to these results. Net Interest Income also received a benefit from lower benchmark rates on the interest we pay our customer cash balances.
尽管多数主要货币的基准利率走低，净利息收入仍创下季度纪录，达到 9.67 亿美元。更高的隔离现金与融资融券余额，以及显著加强的证券出借业务共同推动了这一结果。净利息收入还受益于基准利率走低，从而降低了我们向客户现金余额支付的利息成本。
Other fees and services generated $66 million, down 8% from the prior year driven by more cautious risk-taking by clients leading to lower risk exposure fees, partially offset by positive contributions from higher FDIC sweep and market data fees.
其他费用与服务收入为 6600 万美元，同比下降 8%，主要因客户更为谨慎的风险偏好带来较低的风险敞口费用，部分被更高的 FDIC 托管划转与市场数据费用的正面贡献所抵消。
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. Other income was $85 million as reported and $40 million as adjusted, primarily driven by a gain on a long-held investment.
其他收益包括我们投资的损益、货币多元化策略与自营交易。请注意，这些非核心项目中有相当一部分在调整后利润中被剔除。其他收益报告口径为 8500 万美元，调整后为 4000 万美元，主要由一项长期持有投资的收益推动。
Turning to expenses, Execution, Clearing and Distribution costs were $92 million in the quarter, down 21% from the year-ago quarter, primarily due to two factors: First, we had the full quarter effect of the SEC reducing its fee rate to zero after it was cut midway through the second quarter. SEC fees were $20 million in the third quarter last year and $24 million in the first quarter of 2025. And second, we achieved higher rebates and lower costs at exchanges resulting from our Smart order routing optimization. These costs and rebates are largely passed through to customers, so these reductions don’t have much impact on our profitability, but they are components of our clients’ profitability and one of the reasons they execute through us.
转到费用方面，本季度“执行、清算与分销”成本为 9200 万美元，同比下降 21%，主要有两个原因：第一，SEC 在第二季度中途将费用率降至零，我们在本季度充分体现了该措施的完整季度效应。去年三季度的 SEC 费用为 2000 万美元，2025 年第一季度为 2400 万美元。第二，我们通过 Smart 智能订单路由优化，在交易所获得了更高的返利与更低的成本。上述成本与返利大多以穿透方式让利给客户，因此这些降低对我们的盈利影响不大，但它们构成了客户盈利能力的一部分，也是客户选择通过我们成交的原因之一。
As a percent of commission revenues, Execution & Clearing costs were 13% in the third quarter for a Gross Transactional Profit margin of 87%. We calculate this by excluding from "Execution, Clearing and Distribution” $21 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component.
以佣金收入占比计，第三季度的“执行与清算”成本为 13%，对应的交易毛利率为 87%。在该计算中，我们从“执行、清算与分销”中剔除了 2100 万美元的非交易类成本，主要为市场数据费用，因为这部分并不直接对应佣金收入。
Compensation & Benefits expense was $156 million for the quarter, for a ratio of Compensation expense to Adjusted Net Revenues of 10%, down from last year’s quarter. As always, we remain focused on expense discipline, as reflected in our moderate staff increase of 5% over the prior year.
本季度薪酬与福利费用为 1.56 亿美元，薪酬费用占调整后净营收的比例为 10%，低于去年同期。与以往一样，我们专注于费用纪律，这也体现为员工人数较上年同期温和增长 5%。
管理团队的利益来自股票还是来自工资很不一样，如果大部分来自工资，那么长期利益就跟股东是不一致的，可口可乐可能就有这个问题。
Our headcount at September 30th was 3,131. G&A expenses were $62 million, down from the year-ago quarter, which included a legal settlement that added $78 million and a one-time charge of $12 million to consolidate our European operations. Without those items, last year’s G&A expense would have been $63 million, about level with the current quarter. G&A was also driven by an increase of $10 million in advertising expenses.
截至 9 月 30 日，我们的员工总数为 3,131 人。管理及一般费用为 6200 万美元，低于去年同期。去年同期包含 7800 万美元的法律和解金以及 1200 万美元用于整合欧洲业务的一次性费用。剔除这些项目，去年的 G&A 将为 6300 万美元，与本季度大致相当。本季度 G&A 还受到广告费用增加 1000 万美元的驱动。
Our pretax margin was 79% for the quarter both as reported and as adjusted.
无论按报告口径还是调整口径，本季度我们的税前利润率均为 79%。
Income Taxes of $126 million reflects the sum of the public company’s $64 million and the operating companies’ $62 million. The public company’s effective tax rate was 19.4%, within its usual range.
1.26 亿美元的所得税费用由上市公司部分的 6400 万美元与运营公司部分的 6200 万美元构成。上市公司的有效税率为 19.4%，处于其常规区间内。
Moving to our balance sheet on page 5 of the release, our total assets ended the quarter 35% higher than the prior year quarter-end at $200 billion, with growth driven by higher margin lending and segregated cash balances. New account growth also helped drive our record customer credit balances. The numbers seem to be supporting our long-held view that our strong financial standing and competitive interest rates provide customers with an attractive place to hold their idle cash.
转至新闻稿第 5 页的资产负债表，本季度末我们的总资产达到 2000 亿美元，较上年同期末增长 35%，增长动力来自更高的融资融券与隔离现金余额。新增账户的增长也推动了客户信贷余额创下纪录。数据似乎支持我们长期的观点：强健的财务状况与具有竞争力的利率，为客户存放闲置现金提供了具吸引力的去处。
We have no long-term debt.
我们没有长期债务。
Profit growth drove our firm equity up 22% over the prior-year quarter to $19.5 billion. We maintain a balance sheet geared towards supporting growth in our existing businesses and helping us win new business by demonstrating our strength to prospective clients and partners, while also considering overall capital allocation.
利润增长推动公司所有者权益同比上升 22% 至 195 亿美元。我们维持一份旨在支持现有业务增长的资产负债表，同时通过向潜在客户与合作伙伴展示我们的实力来助力获取新业务，并统筹考虑整体资本配置。
In our operating data, on pages 6 and 7, our customer trading volumes surpassed industry growth over the prior-year quarter in our three major product classes. Options contract and stock share volumes rose 27% and 67%, respectively. Futures volumes declined 7% in an environment of weaker industry activity. Stock volumes were driven both by increased activity levels overall and by relatively higher trading in low-priced stocks.
在我们的运营数据（第 6 至第 7 页）中，三大主要产品类别的客户交易量均超过了行业同比增速。期权合约与股票成交量分别增长 27% 与 67%。在行业活动较弱的环境下，期货成交量下降 7%。股票成交量的增长既受整体活跃度提高推动，也受低价股相对更高的交易活跃度带动。
On page 7, you can see that total Customer DARTs were 3.6 million trades per day, up 34% from the prior year, strong in options and stocks. Commission per Cleared Commissionable Order of $2.70 was down from last year, primarily due to the elimination of the SEC fee and the performance of our Smart order router leading to the capture of higher exchange rebates and minimizing exchange costs, which, as pass-throughs, serve to lower both our commission revenues and our Execution & Clearing costs.
在第 7 页可以看到，总体客户 DARTs（每日平均交易笔数）为 360 万笔/天，同比上升 34%，期权与股票表现强劲。每笔清算可计佣订单的平均佣金为 2.70 美元，低于去年，主要由于 SEC 费用被取消，以及我们的 Smart 智能订单路由表现使我们获取更高的交易所返利并将交易所成本最小化；作为穿透项目，这同时降低了我们的佣金收入与“执行与清算”成本。
Page 8 shows our Net Interest Margin numbers.
第 8 页列示了我们的净利差（NIM）数据。
Total GAAP net interest income was up 21% from the year-ago quarter to $967 million. Adjusted for the Net Interest Margin presentation, net interest income was $999 million. We include for NIM purposes certain income that is more appropriately considered interest, but that for GAAP purposes is classified as Other Fees & Services or as Other Income.
按 GAAP 口径的净利息收入同比增长 21% 至 9.67 亿美元。按净利差口径调整后，净利息收入为 9.99 亿美元。出于 NIM 呈现的目的，我们将某些更适宜视作利息的收入纳入其中，但在 GAAP 下这些收入归类为“其他费用与服务”或“其他收益”。
Our Net Interest Income reflects strength in segregated cash interest, margin loan interest and securities lending, as well as a modest increase in interest expense that was moderated by lower benchmark interest rates on customer cash balances.
我们的净利息收入反映了隔离现金利息、融资融券利息与证券出借的强劲表现，同时利息支出小幅上升，但被客户现金余额的基准利率下行所缓和。
Most central banks – including the UK, Canada, Australia, Hong Kong and the US – reduced rates this quarter, while others – including Europe, Switzerland and Japan – held steady.
本季度大多数央行——包括英国、加拿大、澳大利亚、香港与美国——均已降息，另一些央行——包括欧洲、瑞士与日本——则维持不变。
Year-on-year the average US Fed Funds rate fell 96 basis points, or 18%. Despite this decline, our segregated cash interest income was up 3% on higher balances, while margin loan interest was up 4%, bolstered by higher lending balances.
美国联邦基金利率平均水平同比下降 96 个基点，约 18%。尽管如此，受益于更高的余额规模，我们的隔离现金利息收入仍增长 3%；受贷款余额提高支撑，融资融券利息收入增长 4%。
The average duration on our investment portfolio remained at less than 30 days. The US dollar yield curve remains inverted from the short to medium term, so we continue to maximize what we earn by focusing on short-term yields, rather than accept the lower yields and 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久期仍低于 30 天。美元收益率曲线在短中端区间仍然倒挂，因此我们继续聚焦短期收益以最大化回报，而不是在经济环境难以预测的情况下接受长期限更低的收益与更高的久期风险。该策略也使我们能够维持资产与负债较为紧密的到期匹配。
Securities lending net interest was stronger this quarter: we saw a higher level of short activity and a significant rise in the total notional dollar value of securities we lend. Contributors to this growth include several factors: As our account base has grown, our inventory of attractive stocks to lend has grown with it, including international securities around the world. We pay interest on short cash balances, which makes us attractive to investors who utilize short selling. Our fully-paid lending program generally shares proceeds with clients on a 50/50 basis, which appeals to investors looking to maximize the return on their portfolios. Activity has picked up in some of the typical drivers of securities lending, including IPOs and merger & acquisition activity.
本季度证券出借的净利息更为强劲：卖空活动水平上升，我们出借证券的名义美元总额显著增长。推动增长的因素包括：随着账户基数扩大，我们可供出借的优质股票库存同步增长，且涵盖全球的国际证券；我们对卖空带来的现金余额支付利息，这对使用卖空策略的投资者更具吸引力；我们的“全额持有证券出借”计划通常与客户按 50/50 分成，吸引寻求最大化投资组合回报的投资者；此外，IPO 与并购等典型证券出借驱动因素的活动有所回升。
As most benchmark interest rates are now sufficiently above zero, a portion of what we earn from securities lending is classified as interest on “segregated cash”. We estimate that if the additional interest earned and paid on cash collateral were included under “Securities Borrowed and Loaned”, then total net revenue related to securities lending would have been $314 million this quarter, double the $156 million we earned in the prior year quarter.
由于多数基准利率已显著高于零，我们从证券出借获得的部分收益被归类为“隔离现金”的利息。我们估计，若将现金抵押品的新增利息收入与支出计入“证券借入与出借”项下，本季度与证券出借相关的净收入将达到 3.14 亿美元，是去年同期 1.56 亿美元的两倍。
交易活跃度的各方面都在提升。
Interest on Customer Credit Balances, the interest we pay to our customers on the cash in their accounts, rose slightly on the combination of 33% higher client cash balances from new account growth and from lower benchmark rates. As we have noted in the past, the high interest rates we pay on customer cash – currently 3.59% on qualified US dollar balances - is a significant attraction to new customers.
客户信用余额利息（即我们向客户账户现金支付的利息）在客户现金余额因新增账户增长而同比提高 33%与基准利率走低的共同作用下小幅上升。正如我们以往所述，我们对客户现金支付的较高利率——目前对符合条件的美元余额为 3.59%——对新客户具有显著吸引力。
Fully rate-sensitive customer balances ended the current quarter at $25.0 billion, versus $19.5 billion in the year ago quarter.
完全对利率敏感的客户余额在本季度末为 250 亿美元，而上年同期为 195 亿美元。
Now, for our estimates of the impact of changes in rates. Given the market expectations of further rate cuts in 2025, we estimate the effect of a 25-basis point decrease in the benchmark Fed Funds rate to be a $77 million reduction in annual net interest income.
下面谈谈我们对利率变动影响的估计。鉴于市场预期 2025 年将进一步降息，我们估计基准联邦基金利率下调 25 个基点将使年度净利息收入减少 7,700 万美元。
Note that our starting point for this estimate is September 30th, with the Fed Funds effective rate at 4.09%, and balances as of that date. Any growth in our balance sheet and interest-earning assets would reduce this impact.
需要注意的是，我们的估算起点为 9 月 30 日，当时联邦基金有效利率为 4.09%，相关余额以该日数据为准。若我们的资产负债表与计息资产增长，上述影响将会减小。
About 29% of our customer interest-sensitive balances is not in US dollars, so estimates of a US rate change exclude those currencies. We estimate the effect of decreases in all the relevant non-USD benchmark rates would reduce annual net interest income by $35 million for a 25-basis point decrease in those benchmarks.
约有 29% 的客户利率敏感余额并非美元计价，因此美国利率变动的估算不包括这些货币。我们估计，相关非美元基准利率各下调 25 个基点将使年度净利息收入减少 3,500 万美元。
At a high level, a full 1% decrease in all benchmark rates would decrease our annual net interest income by $417 million. This takes into account rate-sensitive customer balances and firm equity.
总体而言，所有基准利率整体下调 1 个百分点将使我们的年度净利息收入减少 4.17 亿美元。该估算考虑了对利率敏感的客户余额与公司自有资本。
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.
最后，我们在净营收与税前利润率方面再次交出强劲的季度成绩，反映了我们在业务扩张的同时，持续扩大客户基础并兑现对客户核心价值主张的能力。我们的业务战略持续有效：尽可能自动化经纪业务，不断改进与扩展产品/服务供给，同时尽量降低收费。
And with that, we will now open up the line for questions.
接下来我们进入问答环节。
Question-and-Answer Session
Operator
[Operator Instructions] And our first question comes from the line of Brennan Hawken from BMO.
【接线员提示】我们的第一个问题来自 BMO 的 Brennan Hawken。
Brennan Hawken
Good afternoon, thanks for taking my question. Paul, you spoke a bit in the beginning about how you're starting to see hard-to-borrow specials come back on the back of capital markets activity ramping. Could you talk about how the trajectory of that played out in the quarter? What impact we could expect if we continue to see capital markets activity ramp, as is broadly expected? And what kind of benefits we could expect from that?
各位下午好，感谢解答我的问题。Paul，你在开场时提到，随着资本市场活动升温，你们开始看到 hard-to-borrow 的 specials 回归。你能谈谈本季度这方面的演进轨迹吗？如果资本市场活动如普遍预期继续升温，我们应当期待怎样的影响？这会带来哪些收益？
Paul Brody
Yes, I wouldn't exactly call it cyclical. However, as we know, the securities lending revenue is based on a general increase in our customer balances and shorting. And then on top of that, we see these specials, hard-to-borrow stocks that come up from time to time. And as a general statement, we might say that those specials tend to come up more in an environment of more IPOs and M&A activity. So it's not predictable, but we have spent a lot of time building out our systems to optimize and take advantage when these opportunities present themselves.
是的，我不一定会把它称为周期性。然而如我们所知，证券出借收入首先取决于客户余额与卖空活动的总体提升；在此之上，我们会不时遇到这些 specials，即 hard-to-borrow 的股票。总体而言，在 IPO 与并购更活跃的环境下，这类 specials 更容易出现。所以它不可预测，但我们投入了大量时间建设系统，以便在机会出现时进行优化并加以利用。
Brennan Hawken
Okay. And then a couple of years ago, I seem to remember Thomas making comments that he was bullish on the prospect of AI leading to more velocity in trading and turnover. Are you– you can sort of see chatter around this in some of the various websites and blogs and whatnot. Are you actually seeing evidence of this in your business yet? Or is that still something that has yet to play out?
好的。然后在几年前，我记得 Thomas 评论过，他看好 AI 会带来更高的交易速度与换手率。关于这一点，各种网站、博客之类上也有一些讨论。你们在业务中是否已经看到相关证据？还是说这件事尚未真正兑现？
Milan Galik
I'm sorry, are you asking whether we can see evidence in the trading volumes of AI? Is that what the question was?
抱歉，你是在问我们是否能在交易量中看到 AI 的证据吗？问题是这个意思吗？
Brennan Hawken
Yes. Whether you— several years ago, Thomas had suggested that AI would lead to higher trading volumes. So I don't know whether or not you have any visibility or any idea about whether or not that thesis is actually playing out, now that we see AI become much more broadly integrated into people's everyday lives?
是的。几年前 Thomas 提到过，AI 会带来更高的交易量。所以我想了解，在 AI 现在更加广泛融入人们日常生活的情况下，你们是否有任何可见性或看法，来判断这个论断是否正在兑现？
Milan Galik
Unfortunately, we have no visibility into that. We obviously can see the increased volumes on our platform, just like in the industry overall. I think the anticipation of AI permeating the financial industry, causing higher volumes— I think that thesis in the long run should become real because if you think about it— you give a trader tools through which he can more easily research the stocks, his position, evaluating the news— he will be able to more quickly react to what's happening in the marketplace, how his portfolio is being affected. He will be able to make quicker decisions, and he will be able to make them with greater confidence.
很遗憾，我们在这方面没有可见性。显而易见，我们平台上的交易量在增长，行业整体也是如此。我认为，预期 AI 渗透金融行业从而带来更高交易量——从长期看，这一论断应当会成为现实。因为如果你想一想——你为交易员提供工具，使其更容易研究股票与自身持仓、评估新闻——他就能更快地对市场动态及其对投资组合的影响作出反应。他将能够更快地做出决策，并且能以更大的信心做出决策。
是一个不错的假设。
So I think if Thomas was anticipating that a couple of years ago, I'm not surprised that he would make a statement like that. But to repeat, we do not have an ability to see whether that's the reason behind the volumes. Or what percentage of those volumes would be attributable to that.
所以我认为，如果 Thomas 几年前就有这样的预期，我并不感到意外。但再重申一遍，我们无法判断这是否是交易量上升的原因，或者有多大比例的交易量可归因于此。
Thomas Peterffy
So Milan, you're absolutely right, but I do not recall ever saying that.
Milan，你说得完全正确，但我不记得自己曾经说过那样的话。
Brennan Hawken
All right, thanks. Fair enough.
好的，谢谢。说得通。
Operator
Thank you. And our next question comes from the line of Benjamin Budish from Barclays.
谢谢。下一位提问来自 Barclays 的 Benjamin Budish。
Ben Budish
Hi, good evening and thank you for taking the question. Maybe just first on the interest rate sensitivity to non-US balances. It looks like that stepped up a little bit from what you had disclosed last quarter. It also looks like for the last several quarters, the percentage of balances that are not in US dollars is going up. Just curious if you could unpack a little bit what's going on there. Any particular trends to be aware of and what is impacting that sensitivity going forward?
你好，晚上好，感谢回答我的问题。首先关于非美元余额对利率的敏感性。看起来相比上季度披露的数字有所上升。同时，过去几个季度中，非美元计价余额的占比似乎在提高。能否展开解释一下这里发生了什么？有没有需要注意的特定趋势，以及未来哪些因素会影响这种敏感性？
Paul Brody
Yes, Ben, fairly straightforward. As this business grows for us, we take on more clients, we get bigger balances. Bigger balances also mean more balances that are fully interest rate sensitive. And therefore, it looks like the sensitivity goes up, but that's good news for us because it means the baseline is a lot higher than it was before.
是的，Ben，这相当直接。随着我们的业务增长，我们获得更多客户、余额规模更大。更大的余额也意味着更多完全对利率敏感的余额。因此看起来敏感性上升了，但这对我们是好事，因为这意味着基准规模比以前高得多。
Ben Budish
Got it. But nothing specific this quarter to the non-USD balances other than platform growth?
明白了。那么除了平台增长外，本季度在非美元余额方面没有其他特定因素吗？
Paul Brody
Yes. There was a bit of a change from the second quarter. Some of the— there are several non-US dollar currencies that had low rates that actually had approached zero again. And there's a bit of a nonlinearity there as you project rates to go down from there, in terms of whether we're passing through negative rates or not. So this was— this quarter was a bit of a more normal-looking environment.
有的。与第二季度相比略有变化。有几种非美元货币的利率较低，事实上又接近于零。当你继续假设利率从那里进一步下降时，会出现一些非线性问题，比如我们是否要向客户传导负利率。因此本季度看起来更接近一个相对正常的环境。
Ben Budish
Understood. Thank you for that. Maybe just a follow up. I was wondering if you could give us a little bit more color on ForecastEx. There's been some press suggesting that you've made a filing preparing to launch contracts on sports. I'm curious if you can comment to that. But maybe otherwise, it sounds like there's a lot of momentum there. Given the international customer base versus maybe what we see is a lot of headline noise in the US, what sort of products are seeing the most traction? And how are you thinking about the pace of product rollout from here? Thank you.
明白了，谢谢。再追问一下，能否多谈谈 ForecastEx？媒体有报道说你们已经提交文件，准备推出体育相关的合约。对此你能否评论？除此之外，该业务看起来势头很强。鉴于你们的国际客户基础与美国市场可能存在的舆论噪音，对哪些产品的吸引力最大？从现在开始，你们如何考量产品上线的节奏？谢谢。
Thomas Peterffy
So at this point, we're waiting for the courts to decide if the states have an exclusive right to regulate sports betting or not. But as far as Interactive Brokers is concerned, we are not currently contemplating to get into sports betting. We are focusing on election contracts, economic indicators and climate indicators and we are taking that global. And so that's where our focus currently is. However, the exchange will be available for other brokers to carry sports contracts. So introducing brokers can come to ForecastEx and carry sports contracts provided that the states will let us do that.
目前我们在等待法院裁定，各州是否享有对体育博彩的专属监管权。就 Interactive Brokers 而言，我们目前并未考虑进入体育博彩。我们专注于选举合约、经济指标与气候指标，并将其做成全球化业务。这就是我们当前的重点。不过，交易所会对其他经纪商开放体育合约。因此，只要各州允许，引荐经纪商可以接入 ForecastEx 并开展体育合约业务。
保险和赌博的区别是有没有人为的创造风险，什么业务能做，什么业务不能做，有时候是直觉，但也有人可以想明白这中间的区别。
Operator
Thank you. And our next question comes from the line of Patrick Moley from Piper Sandler.
谢谢。下一位提问来自 Piper Sandler 的 Patrick Moley。
Patrick Moley
Yes, thanks for taking the question. Maybe just following up on the prediction markets and ForecastEx. Could you just maybe speak a little bit more to your strategy for growing that business, whether it's adding more broker partners? We've seen a number of JVs get announced in the space. What are your thoughts on how you're going to grow the number of users on that platform? Thanks.
是的，感谢回答我的问题。关于预测市场和 ForecastEx 再追问一下。能否多谈谈你们发展该业务的策略，比如是否会增加更多经纪合作伙伴？我们看到该领域宣布了不少合资（JV）。你们打算如何扩大该平台的用户数量？谢谢。
Thomas Peterffy
We are focusing on adding broker partners, but we're also focusing on our own Interactive Brokers direct customers participating more and more in forecast contracts.
我们正专注于增加经纪合作伙伴，同时也在推动我们自己的 Interactive Brokers 直客更多地参与预测合约。
Patrick Moley
Okay, thanks for that. And then just a follow up, margin loans were up 20% quarter over quarter. Could you maybe just provide a little color on the breakout of the types of customers that drove that growth? Was it retail? Was it hedge funds? And then given some of the choppiness we've seen here month-to-date, what are your expectations around margin loan growth from here? Do you think it's sustainable? Thanks.
好的，谢谢。再追问一下，保证金贷款环比增长了 20%。能否简要说明一下推动这一增长的客户类型构成？是散户还是对冲基金？另外，考虑到截至本月我们看到的波动性，你们对后续保证金贷款增长有何预期？认为这种增长可持续吗？谢谢。
Milan Galik
We do not look at the breakdown of where the margin loans are coming from. We do have some internal measures that obviously, we understand what they are. We're not comfortable talking about it in public as to how exactly it happens. I think I could state in general that the appetite for risk has grown. That's what typically happens when the markets are going up, when they are momentum driven, that is what we have seen.
我们并不会去查看保证金贷款来源的详细分解。我们确有一些内部衡量指标，显然我们清楚其含义，但对其具体形成机理并不适合在公开场合讨论。总体上我可以说，风险偏好有所提升。这通常发生在市场上涨、由动量驱动的阶段，而这正是我们所看到的。
Our margin balances are at their all-time high. Should there be a sudden dislocation in the market, I would expect that risk taking to decrease. What we like and what we see is that our customers have been trading stock on leverage. They are not making, as much, bets with being short cheap options, as perhaps in some quarters in the previous year. We see that in the reduced income due to the exposure fees that we collect.
我们的保证金余额处于历史最高位。如果市场出现突然错位，我预期风险承担会下降。我们喜欢、也观察到的是，客户主要是在使用杠杆交易股票。他们并没有像去年某些季度那样大量通过做空廉价期权来下注。这一点从我们收取的敞口费用收入下降中可以看出来。
So when we see the margin balance is going up, that's fantastic, we directly benefit from that to the bottom line. When we see the exposure fees increasing, that's somewhat of a mixed feeling for us because on the one hand, we like to see that revenue, but we are conscious that it's coming from the fact that the clients are making cheap option bets that can go bad. So high margin loan numbers, we like them a lot.
因此，当我们看到保证金余额上升时，这是非常好的事，我们的利润表会直接受益。而当我们看到敞口费用增加时，我们的感受会更复杂：一方面我们欢迎这部分收入；但另一方面我们也意识到，它源于客户在押注可能会出问题的廉价期权。相比之下，高额的保证金贷款规模是我们非常乐见的。
Operator
Thank you. And our next question comes from the line of Dan Fannon from Jefferies.
谢谢。下一位提问来自 Jefferies 的 Dan Fannon。
Dan Fannon
Thanks. Good evening. Just another quarter of strong account growth. Curious about the mix. Any changes from either the profile of that customer and/or geographies where you're sourcing those accounts from?
谢谢，各位晚上好。又一个账户强劲增长的季度。我想了解一下结构方面的变化。就客户画像和/或这些账户来源的地域分布来看，是否出现了任何变化？
Milan Galik
It pretty much looks the same as in the previous quarters. Geographies— the different geographies are equally represented— different mix of clients. We still like all the segments that we have been growing whether it's direct clients, introducing brokers, prop trading firms, financial advisers, it's all growing well, and hedge funds of course.
整体看起来与前几个季度基本相同。地域方面——不同地区的代表性相对均衡——客户结构也较为多样。我们仍然看好一直在增长的各细分板块，无论是直客、引荐经纪商、自营交易公司、财务顾问，当然还有对冲基金，整体都在良好增长。
Dan Fannon
Okay, thank you. And then as a follow up, Paul, I was hoping as you think about 2026 and expenses and investments you're making, any preliminary thoughts on expense growth and where those areas of investment might be directed, if anywhere different than what you've been doing more recently?
好的，谢谢。接着追问一下，Paul，展望 2026 年以及你们计划的各项费用与投资，关于费用增速以及可能投向的重点领域，你是否有任何初步看法？这些方向会否与近期做法有所不同？
Paul Brody
We don't really make forward-looking statements, as you know. I would say that this quarter is a typical run rate, I think, for most of the expense categories. Milan, you might want to add to that. We had a 5% growth in headcount.
如你所知，我们并不发表前瞻性声明。我会说，本季度在大多数费用科目上属于一个典型的运行水平。Milan，你或许可以补充一下。我们的人手同比增长了 5%。
Milan Galik
Of course. So the way we look at things is we have always run our business in the way that we do not allocate budgets to certain activities. There are some ideas that we have. There are certain ways we like to grow our business. There are opportunities that we see, and we work on them. When we see that we fell behind in terms of our staffing, be it either technology folks or on the operational side, we adjust— that is how we have been running the business.
当然。我们的思路是，我们一直以来并不把预算硬性分配到某些具体活动上。我们会有一些想法，也有我们偏好的业务增长路径；看到机会，我们就去做。当我们发现在人手方面有所滞后——无论是技术岗位还是运营岗位——我们就进行调整——这一直是我们的经营方式。
So there is— we should not think of that as we are allocating $25 million to a certain project. If we want to do something, we're fully in. We're obviously paying attention to make sure that we do not build our technology too expensively. But that has been the modus operandi since Thomas started this firm decades ago, and that approach has worked for us well, and that is what we're going to be continuing.
因此，不应把这理解为我们会给某个项目划拨 2,500 万美元。如果我们决定做一件事，我们会全力以赴。当然，我们也会关注控制成本，确保技术建设不过度昂贵。但自从 Thomas 几十年前创立公司以来，这一直是我们的运作方式，事实证明这种方法行之有效，我们将继续坚持。
Operator
Thank you. And our next question comes from the line of James Yaro from Goldman Sachs.
谢谢。下一位提问来自 Goldman Sachs 的 James Yaro。
James Yaro
Good afternoon and thanks for taking the question. You've seen a smaller percentage of US clients over time. Could you just walk us through recent geographic client acquisition trends in your view? And then specifically, whether the regulatory environment in China around account opening has weighed on and will continue to impact your growth in this region?
下午好，感谢回答我的问题。你们的美国客户占比随时间在下降。能否从你们的视角梳理一下近期按地域划分的客户获客趋势？另外，具体到中国，开户相关的监管环境是否已经、并将继续影响你们在该地区的增长？
Milan Galik
Yes, there was a change, you noticed it. Chinese regulators clamped down on foreign brokers acquiring accounts in Mainland China. We have been getting some number of them. What basically changed was— we now have to ask the account applicants to prove to us that they have a residence outside of the Mainland. And many have been doing that, and we are still getting clients in China as a result. It is a smaller number than before, but it is not something that would materially impact our figures.
是的，确有变化，你注意到了。中国监管机构对海外券商在中国大陆获客进行了收紧。我们仍在获取一定数量的此类客户。主要变化在于——我们现在需要申请人向我们证明其在大陆境外拥有居所。很多人已经这么做了，因此我们仍在中国获得客户。数量比以前少了一些，但并不足以对我们的数据产生实质性影响。
James Yaro
Great, thank you. You recently led a new funding round for Hashnote [sic]. Could you just update us, to the extent if there's anything new on your aspirations in digital assets. And especially any update on the 30% limit as regards to what percentage of crypto customers can have in their accounts?
很好，谢谢。你们最近主导了对 Hashnote【原文如此】的新一轮融资。就数字资产方面的愿景，如有新进展，能否更新一下？尤其是关于加密资产在账户中占比 30% 上限的最新情况？
Milan Galik
You meant funding round in ZeroHash?
你是指 ZeroHash 的融资轮吗？
James Yaro
Sorry, yes. Sorry.
抱歉，对，抱歉。
Milan Galik
Right. So the funding round was concluded. We have upped the dollar value of our investment. We have kept the percentage of the investment in roughly 30%. ZeroHash have been a good partner with us. We are working with them on a significant project together. They're going to be the provider we're going to use for our European offering. They're going to be getting their license. The anticipated date is sometime in— at the end of October or beginning of November of this year. They will receive a Dutch license, and they will be authorized to offer crypto services on the European continent. And that is what we will do. We will offer cryptocurrency trading to our European clients through ZeroHash.
好的。该轮融资已经完成。我们提高了以美元计的投资额，同时将持股比例维持在大约 30%。ZeroHash 一直是我们的良好合作伙伴，我们正与其共同推进一个重要项目。他们将成为我们欧洲业务所使用的服务提供商。他们即将拿到牌照，预计时间在今年 10 月底或 11 月初。他们将获得荷兰牌照，被授权在欧洲大陆提供加密服务。我们会通过 ZeroHash 向欧洲客户提供加密货币交易。
As far as other aspirations in the area, we are working on stablecoin deposits and the ability for account holders to fund their accounts with stablecoin. That's something that should be going online at the end of October.
至于该领域的其他规划，我们正在推进稳定币存款，以及允许账户持有人用稳定币入金。这项功能预计在 10 月底上线。
We're working on the crypto asset transfers, which I'm cautiously optimistic about, and the reason for that is very simple. If you look at our pricing, despite the fact that we are latecomers to the crypto industry, our pricing is very good. We are significantly less expensive than our bigger competitors. Yet, we do not see an inflow of accounts and part of the reason could be that if somebody wanted to switch their providers - let's say they wanted to come to us from Coinbase or from Robinhood or whatever - if they already have cryptocurrency positions with embedded tax gains, unrealized tax gains, the only way for them to come to us now would be to sell their investments and realize those gains. With the asset transfer, they will not have to do that. So when we put online the crypto asset transfers, I would hope to see an increase in the activity.
我们也在推进加密资产转入/转出功能，我对此保持谨慎乐观，原因很简单。看看我们的定价，尽管我们进入加密行业较晚，但我们的定价非常有竞争力，显著低于更大的竞争对手。然而我们并未见到账户的大量流入，其中一部分原因可能在于，若有人想更换服务商——例如从 Coinbase 或 Robinhood 转到我们这里——而他们已经持有带有隐含税负（未实现增值）的加密头寸，那么目前唯一的方式是卖出并实现收益。通过资产转移，他们就不必这么做。因此当我们上线加密资产转移功能时，我希望能看到活跃度的提升。
Another thing that we have in the plans is to offer staking. Obviously, we are relying on ZeroHash to do their work first. Once they are ready to offer staking then we will offer it to our clients.
我们计划中的另一项功能是提供 staking（质押）。显然，这首先取决于 ZeroHash 完成其准备工作。一旦他们具备提供 staking 的条件，我们就会向客户推出。
跟IBKR国际化的匹配度较高。
Operator
Thank you. [Operator Instructions] Our next question comes from the line of Craig Siegenthaler from BofA.
谢谢。【接线员提示】下一位提问来自 BofA 的 Craig Siegenthaler。
Craig Siegenthaler
Good evening, everyone. So, my question is on total account growth. I'm actually going to ask a similar question to last quarter. So at a May conference, Thomas talked about a potential deceleration of account growth. And my question is, where is it? Because account growth is again showing no signs of slowing down through September?
各位晚上好。我的问题关于账户总量的增长。实际上我会重复上季度的一个类似问题。Thomas 在 5 月的一次会议上提到账户增长可能会放缓。我的问题是，这种放缓在哪里？因为截至 9 月，账户增长再次没有显示任何放缓迹象？
Thomas Peterffy
We have not seen any deceleration as a matter of fact. So exactly the opposite and we expect that to continue.
事实上我们没有看到任何放缓。恰恰相反，而且我们预计这种趋势将会持续。
Craig Siegenthaler
Got it. Thank you, Thomas. My thought is on crypto. More specifically with timing. So when will clients be able to transfer tokens in and out of their IBKR accounts? And how will the rollout work by geography, will some regions move faster? And I believe IBKR will end up offering a non-custodial wallet, just like some of the crypto exchanges offer today?
明白，谢谢你，Thomas。我的问题转到加密资产，更具体是时间安排。客户何时能够把代币转入或转出他们的 IBKR 账户？按地域来看，推出节奏将如何安排，是否有些地区会更快？另外我认为 IBKR 最终会提供一种非托管钱包，就像一些加密交易所今天提供的那样，对吗？
Milan Galik
So the rollout is going to vary—at the moment, we are able to offer cryptocurrency trading to our US clients and Hong Kong clients. And hopefully, soon, we will be able to offer it to our European clients as well. The rollout schedule will be: funding with stablecoin by end of October; crypto asset transfers by the end of the year; staking maybe the beginning of next year. That is roughly the schedule. It depends somewhat on our partner, ZeroHash. They have to complete their work first, and then obviously, we have to integrate the feature into our platform. So unfortunately, I cannot give you better estimates than that.
因此推出进度会因地区而异——目前我们可以向美国与香港客户提供加密货币交易。希望不久之后也能向欧洲客户提供。时间表是：10 月底前上线稳定币入金；年末前上线加密资产转入/转出；质押（staking）可能在明年年初。这大致是时间安排。进度在一定程度上取决于我们的合作伙伴 ZeroHash——他们需要先完成自己的工作，然后我们才能将功能集成到平台中。因此很遗憾，我无法给出比这更精确的预估。
Operator
Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Nancy Stuebe for any further remarks.
谢谢。本次问答环节到此结束。现在把会议交还给 Nancy Stuebe 作结语。
Nancy Stuebe
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 our site tomorrow. Thanks again, and we will talk to you next quarter end.
感谢各位今天的参与。提醒一下，本次电话会将在我们的网站提供重播，我们也会在明天在网站上发布干净版本的文字记录。再次感谢，我们下个季度末再见。
Operator
Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.
感谢各位今天参与本次会议。会议到此结束。现在各位可以断线。祝您今天愉快。
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