2026-01-20 Interactive Brokers Group, Inc. (IBKR) Q4 2025 Earnings Call Transcript
Call Start: 16:30 January 1, 0000 5:11 PM ET
Interactive Brokers Group, Inc. (IBKR)
Q4 2025 Earnings Call
January 20, 2026 4:30 P.M. ET
Company Participants
Thomas Peterffy - Chairman
Milan Galik - President, CEO & Director
Paul Brody - CFO
Nancy Stuebe - Director, IR
Conference Call Participants
Brennan Hawken - BMO
Patrick Moley - Piper Sandler
James Yaro - Goldman Sachs
Craig Siegenthaler - Bank of America
Daniel Fannon - Jefferies
Ben Budish - Barclays
Operator
Thank you for standing by, and welcome to Interactive Brokers Group Fourth Quarter 2025 earnings conference call. (Operator Instructions) I would now like to hand the call over to Nancy Stuebe, Director of Investor Relations. Please go ahead.
感谢您耐心等待，欢迎参加 Interactive Brokers Group 2025 年第四季度业绩电话会议。（接线员提示）现在我把电话交给投资者关系总监 Nancy Stuebe。请开始。
Nancy Stuebe
Good afternoon, and thank you for joining us for our fourth 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. 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.
下午好，感谢大家参加我们 2025 年第四季度业绩电话会议。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 对业务的评论，问答环节三位都会出席。提醒各位，今天的电话会议可能包含前瞻性陈述，这些陈述反映公司对未来事件的信念；这些事件本质上存在不确定性，且不在公司控制范围内。我们的实际经营结果与财务状况可能与这些前瞻性陈述所示存在差异，且差异可能重大。请参阅我们新闻稿中的免责声明，并查阅我们向 SEC 提交的财务报告中关于风险因素的说明。
In the fourth quarter, we continued to demonstrate the power and leverage of our diversified, fully automated global platform, which serves the full spectrum of investors—from those new to the markets buying their first fractional share of a Magnificent Seven stock in a cash account, through sophisticated traders benefitting from low cost and geographical reach, to professionals using our APIs and algorithms to execute advanced quantitative strategies in portfolio margin accounts. Many clients start gradually and evolve into active, sophisticated traders, and our platforms are designed to support that entire journey—supporting their growth with us along the way at every stage.
在第四季度，我们继续展示了我们多元化、全自动化全球平台的能力与杠杆效应。该平台覆盖投资者全谱系——从刚进入市场、在现金账户里买入第一笔 “Magnificent Seven” 股票碎股的新手，到受益于低成本与全球覆盖的成熟交易者，再到利用我们的 APIs 与算法、在投资组合保证金账户中执行高级量化策略的专业人士。许多客户从小规模起步，逐渐成长为活跃且成熟的交易者；我们的平台旨在支持他们完整的成长路径——在每一个阶段都能伴随并支持他们在我们这里不断升级。
We continue to see strong international interest in the global securities markets on a secular basis, as people around the world seek higher returns on their assets as interest rates decline and as other financial institutions pay them less. In 2025, we added more than one million net new accounts—an annual record for the firm. Client equity rose 37% to $780 billion, an increase of more than $200 billion year over year, and the first time we’ve ended a year with over three-quarters of a trillion dollars in client assets.
我们持续看到全球范围内对国际证券市场的长期性强劲兴趣：在利率下降、其他金融机构提供的回报更少的背景下，世界各地的人们都在寻求更高的资产回报。2025 年，我们新增净账户超过 100 万个——创下公司年度纪录。客户权益增长 37% 至 7,800 亿美元，同比增加超过 2,000 亿美元，这也是我们首次在年末拥有超过 7,500 亿美元的客户资产规模。
Cyclically, rising markets and expectations for lower interest rates drive increased client engagement. Clients traded actively, grew more comfortable taking on risk, increased their market exposure, and made greater use of leverage through margin loans. They also expanded beyond equities into other asset classes, including options and futures.
从周期性角度看，市场上涨以及对利率进一步下降的预期，会推动客户参与度提升。客户交易更为活跃，对承担风险也更为适应，提高了市场敞口，并通过融资融券（保证金贷款）更大幅度地使用杠杆。同时，他们也不再局限于股票，而是扩展到其他资产类别，包括期权与期货。
Our client-centric focus—by which we mean delivering global market access at extremely competitive pricing on state-of-the-art platforms—is best reflected in one simple measure: our clients’ performance. In 2025, the S&P 500 rose 17.9%. By comparison, our clients outperformed: Individual investors here were up on average 19.20%, or 130 basis points above the S&P 500. Financial advisors were up 20.57% on average, or 267 basis points above the market. Hedge fund clients were up 28.91% on average, a full 11 percentage points ahead of the S&P
我们“以客户为中心”的重点——也就是在最先进的平台上，以极具竞争力的价格提供全球市场准入——最直接体现在一个简单指标上：客户的投资表现。2025 年，标普 500 指数上涨 17.9%。相比之下，我们的客户整体跑赢市场：个人投资者平均上涨 19.20%，比标普 500 高 130 个基点；金融顾问客户平均上涨 20.57%，比市场高 267 个基点；对冲基金客户平均上涨 28.91%，比标普整整领先 11 个百分点。
2025年投资收益只有15%左右，不如S&P500也不如IBKR内部的平均值，最近的1月份这种情况有所好转，但也只是超过S&P500几个百分点。
This performance is the direct result of our focus on empowering clients—through low trade and margin pricing and less drag from costs; superior trade execution; advanced order types and algorithms; the advantage of attractive interest rates on cash and short proceeds; as well as the many advantages of our platforms, from AI and research tools to comprehensive educational offerings. It is why clients come to us: no gimmicks, no games, just the best prices and the most comprehensive platforms. It is why the best-informed investors choose Interactive Brokers.
这种表现直接源于我们对“赋能客户”的聚焦：通过更低的交易与融资成本、减少费用拖累；更优的成交执行；更先进的订单类型与算法；对现金余额与卖空所得提供更具吸引力的利率；以及平台的多重优势——从 AI 与研究工具到全面的教育内容。客户选择我们，就是因为：没有噱头、没有套路，只有最好的价格与最全面的平台。这也是信息最充分、最理性的投资者选择 Interactive Brokers 的原因。
That client focus, combined with strong global demand for investing, translated into exceptional financial results. Quarterly adjusted pretax income reached a record level of more than $1 billion for the fifth consecutive quarter, despite lower interest rates. For the full year, we generated more than $6 billion in net revenues for the first time.
这种以客户为中心的策略，再叠加全球强劲的投资需求，转化为了卓越的财务表现。尽管利率更低，我们的季度调整后税前利润仍连续第五个季度创下超过 10 亿美元的纪录。全年层面，我们的净收入首次超过 60 亿美元。
We continually invest in improving our platform from front to back end, supported by a global team of programmers who deliver new functionality, ongoing enhancements, and client-driven improvements—while also meeting the diverse regulatory requirements across the many market centers and currencies we support.
我们持续投入，从前端到后端不断提升平台能力；由全球程序员团队支撑，持续交付新功能、迭代增强与由客户需求驱动的改进，同时也满足我们所覆盖的众多市场中心与多币种环境下差异化的监管要求。
Throughout 2025, we introduced a wide range of new products and enhancements worldwide, guided by deep engagement with—and a strong understanding of—the needs of our diverse client base.
在整个 2025 年，我们在全球范围内推出了大量新产品与功能增强，这些举措来自于我们与多元客户群体的深度互动，并建立在对其需求的深入理解之上。
This year, we expanded market access to Brazil, Taiwan, the UAE, and Slovenia, with additional countries planned for 2026.
今年，我们将市场准入扩展至巴西、台湾、阿联酋与斯洛文尼亚，并计划在 2026 年继续覆盖更多国家。
We continued to add to our ever-growing list of country-specific tax advantaged funds. We offer traditional and Roth IRAs in the US, as well as Canadian RRSPs and TFSAs, UK ISAs, French PEAs and Hungarian TBSZs. This year, we added Swedish ISKs, Japan’s NISAs, and Canadian FHSAs. We now have several billion dollars of client assets in these accounts and are able to support individual investors at all stages of their investment journeys.
我们持续扩充各国“税收优惠型”账户/基金的产品清单。我们在美国提供传统 IRA 与 Roth IRA；在加拿大提供 RRSP 与 TFSA；在英国提供 ISA；在法国提供 PEA；在匈牙利提供 TBSZ。今年，我们新增了瑞典 ISK、日本 NISA，以及加拿大 FHSA。当前，这类账户中已累计有数十亿美元的客户资产，我们也因此能够在投资旅程的各个阶段为个人投资者提供支持。
From a funding perspective, clients can now fund their accounts using stablecoin, making cross-border account funding easier and available 24/7. We doubled the amount of cash eligible for our FDIC sweep program—from $2.5 million to $5 million for individual accounts, and from $5 million to $10 million for joint accounts.
从资金入金角度看，客户现在可以使用稳定币为账户入金，使跨境入金更便捷，并可实现 7×24 小时可用。我们将符合 FDIC 资金归集（sweep）计划条件的现金额度翻倍——个人账户从 250 万美元提高到 500 万美元，联名账户从 500 万美元提高到 1,000 万美元。
In October, we teamed with Karta to introduce our premium charge card, globally. The Karta Visa Infinite Card allows eligible clients to link their accounts and access their cash instantly anywhere in the world, with no foreign transaction fees—an especially compelling benefit for our global client base – and it comes with premium cardholder benefits.
10 月，我们与 Karta 合作在全球推出高端签账卡。Karta Visa Infinite Card 允许符合条件的客户将其账户进行绑定，并在全球任何地方即时使用其现金，且不收取外币交易手续费——这对我们的全球客户群体尤其具有吸引力，同时还附带高端持卡人权益。
Platform-wise— our GlobalTrader 2.0 mobile platform was launched with a comprehensive UI/UX revamp and an all-new look and feel. Quick access trading tools, accessible via a swipe or long press, were added; watchlist management was streamlined, and AI News Summaries incorporated.
在平台方面——我们推出了 GlobalTrader 2.0 移动端平台，进行了全面的 UI/UX 改版，界面风格焕然一新。我们新增了可通过滑动或长按触发的“快捷交易工具”；简化了自选列表（watchlist）管理，并加入了 AI 新闻摘要功能。
Our leading-edge IBKR Desktop platform delivered several highly requested enhancements this year, including: multi-monitor support with independent windows for charts, option chains, and more; multiple new screener filters; a named strategy selector for clients to quickly access popular combo strategy types, and a new Linux beta installer—extending IBKR Desktop into the Linux ecosystem and addressing another long-standing client request.
我们处于领先地位的 IBKR Desktop 平台今年交付了多项客户呼声很高的增强功能，包括：支持多显示器，并可将图表、期权链等以独立窗口形式展示；新增多项筛选器（screener filters）；提供“已命名策略选择器”，让客户可以快速调用常见的组合策略类型；以及新增 Linux 测试版安装程序——将 IBKR Desktop 扩展到 Linux 生态，回应了客户长期以来的另一项需求。
We introduced Connections, where clients can enter a company’s ticker and explore its broader investment ecosystem, including options, ETFs that hold the stock, forecast contracts, related economic indicators, competitors, and more. This feature is already seeing strong engagement.
我们推出了 Connections 功能，客户输入某公司的股票代码，就能探索其更广泛的投资生态，包括相关期权、持有该股票的 ETF、预测合约（forecast contracts）、相关宏观经济指标、竞争对手等更多信息。该功能目前已获得较高的使用参与度。
We have embedded artificial intelligence throughout our organization, benefiting both clients and employees. We launched AI-powered Investment Themes, which allows clients to enter a concept—such as “nuclear energy” or “quantum computing”—and instantly receive a list of actionable investment ideas, significantly streamlining the research process. We also launched AI-generated News Summaries, receiving FINRA approval mid-year. These summaries deliver timely, relevant news directly tied to clients’ portfolios, helping them stay informed more easily.
我们已将人工智能嵌入整个组织体系，同时惠及客户与员工。我们推出了 AI 驱动的 Investment Themes（投资主题）功能，客户只需输入一个概念——例如 “nuclear energy” 或 “quantum computing”——即可即时获得一组可操作的投资思路，显著简化研究流程。我们也推出了 AI 生成的 News Summaries（新闻摘要），并在年中获得 FINRA 的批准。这些摘要会把与客户投资组合直接相关、且及时的重要新闻推送给客户，帮助他们更轻松地保持信息更新。
Across our platforms, we launched the first version of Ask IBKR, an innovative AI-powered tool that lets our clients interact with, and ask questions in plain English about, their portfolios. Clients can ask about performance and allocation analysis, track their activity, and get performance attribution. They can ask to compare their performance versus various benchmarks, find their top dividend payers, calculate their capital gains and losses, and analyze sector exposure. Performance can be analyzed across flexible timeframes – one-year, one-month, period-to-date, etc. Staying on top of an active portfolio with rapid access to a wide breadth of data is critical for successful investors.
在我们的各个平台上，我们发布了 Ask IBKR 的首个版本——这是一项创新的 AI 工具，使客户能够用自然语言（plain English）与自己的投资组合互动并提问。客户可以查询业绩与资产配置分析、跟踪自身交易活动，并获取业绩归因（performance attribution）。他们还可以要求将自己的表现与不同基准进行对比，找出分红贡献最高的持仓，计算资本利得与亏损，并分析行业暴露。业绩分析支持灵活的时间区间——一年、一个月、年内至今（period-to-date）等。对于成功的投资者而言，能够快速访问广泛数据并持续掌握活跃投资组合的动态至关重要。
Beyond these highlights, we have delivered a wide range of enhancements and new features. I encourage you to explore our platforms on our website—or better yet, request a demo. Seeing our offerings firsthand, across a broad range of client types and experience levels, is the best way to appreciate what we have accomplished.
除了以上重点之外，我们还交付了大量功能增强与新特性。我建议您在我们的网站上体验平台——更好的方式是申请一次演示。亲自看到我们面向不同客户类型与不同经验水平所提供的完整能力，才是理解我们所取得成果的最佳方式。
In other areas of our business, to further enhance execution quality, we expanded our network of liquidity providers across bonds, options, overnight trading, international stocks, and ETFs and ADRs. And to further support our non-U.S. client base, we translate our investor education courses and webcasts into multiple languages, making it easier for clients around the world to get started on investing on our platform.
在业务的其他方面，为进一步提升成交执行质量，我们在债券、期权、隔夜交易、国际股票，以及 ETF 与 ADR 等多个品类上扩展了流动性提供商（liquidity providers）网络。为进一步支持非美国客户群体，我们将投资者教育课程与线上讲座（webcasts）翻译成多种语言，使全球客户更容易在我们的平台上开始投资。
Trading volume during our overnight hours continues to grow rapidly—up 76% from last quarter and more than 130% from the fourth quarter of last year. Providing deep, liquid markets that are not constrained by U.S. regular trading hours is critical to meeting the needs of a globally active client base.
我们隔夜时段的交易量仍在快速增长——较上季度增长 76%，较去年第四季度增长超过 130%。为全球活跃的客户群体提供不受美国常规交易时段限制、且深度充足与流动性良好的市场，是满足其需求的关键。
And finally, a note on ForecastEx. We created this exchange, which is regulated by the CFTC, to support trading on consequential predictions that have measurable, third-party- verified outcomes. ForecastEx traded 286 million pairs this quarter, up from 15 million pairs in the third quarter, and now has four members quoting into the exchange, which now has over 10,000 listed instruments.
最后，补充说明一下 ForecastEx。我们创建了这个由 CFTC 监管的交易所，用于支持对“重要预测事件”的交易——这些事件的结果可被量化，并可由第三方验证。ForecastEx 本季度交易了 2.86 亿对（pairs），高于第三季度的 1,500 万对；目前已有四家成员在交易所持续报出买卖双边报价（quoting），交易所现已上线超过 10,000 个挂牌合约（listed instruments）。
Our pipeline of new business, new initiatives and enhancements remains as strong as ever, and our platforms resonate with people around the globe. We are not stopping here to rest on our achievements. We have many projects to work on, which we will look forward to sharing with you once they become a reality.
我们的新业务、新举措与功能增强的“项目管线”依然一如既往地强劲，我们的平台也持续获得全球用户的共鸣。我们不会停下来躺在既有成绩上。我们还有许多项目正在推进，待其落地成真后，我们也期待与各位分享。
With that, I will turn the call over to our CFO Paul Brody. Paul?
接下来，我把电话交给我们的首席财务官 Paul Brody。Paul？
Paul Brody
Thank you, Nancy. Welcome, everyone to the call. We’ll start with our Revenue items on page 3 of the release. We are pleased with our financial results this quarter, as we produced near record net revenues and pretax income for the quarter and record results in all the major financial categories for the year.
谢谢你，Nancy。欢迎各位参加电话会议。我们先从新闻稿第 3 页的收入项目讲起。我们对本季度的财务结果感到满意：本季度实现了接近纪录的净收入与税前利润；全年则在所有主要财务类别上都创下了年度纪录。
Commission revenues rose to a record $582 million this quarter. For the full year, commissions were $2.1 billion, up 27% from last year, driven by higher trading volumes across the major product categories.
本季度佣金收入升至创纪录的 5.82 亿美元。全年佣金为 21 亿美元，同比增长 27%，主要由各大产品类别的交易量提升所驱动。
Net interest income reached $966 million for the quarter and a yearly record of $3.6 billion, despite multiple rate cuts in nearly all major currencies. A continued risk-on environment during most of the year led to a significant increase in margin borrowing; while strong net customer deposits led to higher segregated funds balances. These revenues were partially offset by the interest we paid to our customers on their cash balances. We saw fewer hard-to-borrow names in securities lending than in the 3rd quarter, but their presence across the second half drove full year results well over the prior year.
尽管几乎所有主要货币都经历了多次降息，本季度净利息收入仍达到 9.66 亿美元，全年更创下 36 亿美元的纪录。全年大部分时间维持的 risk-on 风险偏好环境，使融资融券借款显著增加；同时，客户净入金强劲，带动客户隔离资金（segregated funds）余额上升。上述收入部分被我们向客户现金余额支付的利息所抵消。证券借贷业务中，较第三季度而言，可借稀缺（hard-to-borrow）的标的数量有所减少，但其在下半年持续存在，仍推动全年结果显著高于上一年。
Other fees and services generated $85 million for the quarter and $291 million for the year, both up modestly versus the prior year periods. This was primarily driven by higher payments for order flow from options exchange-mandated programs and higher FDIC sweep fees, despite reductions in risk exposure fees.
其他费用与服务本季度贡献 8,500 万美元，全年贡献 2.91 亿美元，二者均较上一年同期小幅增长。主要驱动因素是：期权交易所强制性项目带来的 order flow 支付（PFOF）增加，以及 FDIC sweep 费用提升；尽管风险敞口费用（risk exposure fees）有所下降。
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 $10 million as reported and $37 million as adjusted, primarily driven by a loss in our currency diversification program.
其他收入包括：我们投资组合的损益、货币分散策略（currency diversification strategy）的损益，以及自营交易（principal transactions）的损益。请注意，许多这类非核心项目在调整后利润口径中会被剔除。按报告口径，其他收入为 1,000 万美元；按调整口径为 3,700 万美元，主要是由于货币分散计划出现亏损所致。
Turning to expenses, Execution, Clearing and Distribution costs were $91 million in the quarter, down 21% from the year-ago quarter, primarily due to two factors. First, we had a full quarter of an SEC fee rate at zero. In the fourth quarter of 2024, SEC fees were $22 million. And second, higher volumes meant we earned higher rebates at exchanges as a result of our Smart order routing optimization, particularly for options.
转向费用端，本季度“执行、清算与分发”（Execution, Clearing and Distribution）成本为 9,100 万美元，同比下降 21%，主要源于两点：第一，我们本季度完整享受了 SEC 费用费率为零的期间；而在 2024 年第四季度，SEC 费用为 2,200 万美元。第二，更高的交易量叠加我们对 Smart order routing（智能订单路由）的优化，使我们从交易所获得更高的返佣（rebates），这一点在期权品种上尤为明显。
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 this execution quality is one of the reasons they choose to execute with us to maximize their returns.
这些成本与返佣在很大程度上会传导给客户，因此其下降对我们自身盈利影响不大；但它们会直接影响客户的交易盈亏。成交执行质量（execution quality）正是客户选择在我们这里交易、以最大化其回报的重要原因之一。
As a percent of commission revenues, Execution & Clearing costs were 11% in the fourth quarter for a Gross Transactional Profit margin of 89%. We calculate this by excluding from "Execution, Clearing and Distribution” $23 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component.
以佣金收入为基数衡量，第四季度“执行与清算”成本占比为 11%，对应的“交易毛利率”（Gross Transactional Profit margin）为 89%。该指标的计算方式是：从 “Execution, Clearing and Distribution” 中剔除 2,300 万美元的非交易类成本（主要为市场数据费用），因为这部分成本并不直接对应佣金收入。
Compensation & Benefits expense was $153 million for the quarter, for a ratio of Compensation expense to Adjusted Net Revenues of 9%, versus 10% in the prior year quarter. As always, we remain focused on expense discipline, as reflected in our moderate staff increase of 6% over the prior year. For the full year, this ratio was 10%, down from 11% in 2024.
本季度薪酬与福利（Compensation & Benefits）费用为 1.53 亿美元，对应“薪酬费用/调整后净收入”的比率为 9%，而上一年同期为 10%。一如既往，我们持续强调费用纪律，这也体现在我们人员规模同比仅温和增长 6%。全年层面，该比率为 10%，低于 2024 年的 11%。
Our headcount at December 31st was 3,182.
截至 12 月 31 日，我们的员工总数为 3,182 人。
G&A expenses were $62 million, up 5% from the year-ago quarter, primarily from increasing spending on advertising. For the full year, G&A was $247 million, down from last year which included a legal settlement that added $78 million and a one-time charge of $12 million to consolidate our European operations. Excluding those items, G&A for the year was up 10%, predominantly on higher advertising expense.
一般及行政（G&A）费用本季度为 6,200 万美元，同比上升 5%，主要原因是广告投放支出增加。全年 G&A 为 2.47 亿美元，低于去年；去年包含一项法律和解带来的 7,800 万美元费用，以及为整合欧洲业务而产生的一次性 1,200 万美元费用。剔除上述一次性项目后，全年 G&A 实际同比上升 10%，主要仍来自更高的广告费用。
Our pretax margin matched the third quarter record 79% and achieved a new record 77% for the year, both as reported and as adjusted.
我们的税前利润率与第三季度创纪录的 79% 持平，并在全年层面创下 77% 的新纪录；无论按报告口径还是调整后口径，结果一致。
Income Taxes of $99 million reflects the sum of the public company’s $39 million and the operating companies’ $60 million. The public company’s effective tax rate was 12%, below its typical range primarily due to tax benefits we were able to capture in 2025.
所得税费用为 9,900 万美元，由上市公司主体的 3,900 万美元与运营公司主体的 6,000 万美元合计构成。上市公司主体的实际税率为 12%，低于其通常区间，主要因为我们在 2025 年获得并实现了一些税收优惠（tax benefits）。
Moving to our balance sheet on page 5 of the release, our total assets ended the year 35% higher than the prior year at $203 billion, with growth driven by higher margin lending and segregated cash balances. New account growth also helped drive our record customer credit balances.
转到新闻稿第 5 页的资产负债表：年末总资产为 2,030 亿美元，同比增加 35%，增长主要来自更高的保证金贷款余额与客户隔离现金（segregated cash）余额。新开户增长也推动了客户贷方余额（customer credit balances）创下纪录。
We continue to have no long-term debt.
我们仍然没有长期负债。
Profit growth drove our firm equity up 23% for the year to exceed $20 billion for the first time. 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.
利润增长带动公司权益（firm equity）全年增长 23%，首次突破 200 亿美元。我们维持一张以支持现有业务增长为导向的资产负债表，同时通过向潜在客户与合作伙伴展示我们的财务实力来赢得新业务，并在此基础上统筹考虑整体资本配置（capital allocation）。
In our operating data, on pages 6 and 7, we had record customer activity in options, with our contract volumes up 27% over the prior-year quarter, and up 26% for the full year, in line with industry volumes. Futures contract volumes rose 22% for the quarter to a near-record, and were up 12% for the full year, well above industry volumes. Stock share volumes rose 16% for the quarter and 38% for the full year.
在运营数据方面（新闻稿第 6–7 页），我们的期权客户活跃度创下纪录：期权合约量同比上升 27%，全年上升 26%，与行业整体增速一致。期货合约量本季度上升 22%，接近历史纪录；全年上升 12%，显著高于行业水平。股票成交股数本季度上升 16%，全年上升 38%。
Stock share volume generally increased versus last year as clients gravitated to larger, higher quality names, and traded relatively less in pink sheet and some other very low-priced stocks. Growth in the notional dollar value of shares traded in the quarter was significantly higher than the growth in share volumes combined with the rise in major equity indices worldwide.
总体而言，股票成交股数较去年上升，因为客户更多转向市值更大、质量更高的标的，并相对减少了对粉单市场（pink sheet）及其他一些极低价股票的交易。本季度按名义金额（notional dollar value）计算的股票成交额增长，显著高于成交股数的增长叠加全球主要股指上涨所带来的增幅。
On page 7, you can see that Total Customer DARTs were 4.0 million trades per day in the quarter, up 30% from the prior year. Commission per Cleared Commissionable Order of $2.64 was down from last year, primarily due to a mix of smaller average order sizes in stocks and futures and slightly higher in options; and the previously-mentioned SEC fee rate moving to zero, which lowered commissions as well as execution & clearing expense.
在第 7 页可以看到，本季度 Total Customer DARTs（客户日均收益交易量指标，按“日均交易笔数”口径）为 400 万笔/日，同比上升 30%。每笔“已清算、可计佣订单”的平均佣金（Commission per Cleared Commissionable Order）为 2.64 美元，较去年下降，主要原因是：股票与期货的平均订单规模变小、期权则略偏大；以及前面提到的 SEC 费用费率降为零，这同时降低了佣金收入以及执行与清算费用。
Page 8 shows our Net Interest Margin numbers. Total GAAP net interest income was up 20% from the year-ago quarter to $966 million, just $1 million shy of the third quarter’s record despite benchmark rate cuts in multiple countries. Adjusted for NIM presentation, net interest income was just over $1 billion for the first time.
第 8 页展示了我们的净利息收益率（Net Interest Margin, NIM）相关数据。按 GAAP 口径，本季度净利息收入为 9.66 亿美元，同比上升 20%；尽管多个国家下调基准利率，该数值距离第三季度纪录仅差 100 万美元。按 NIM 展示口径调整后，净利息收入首次略高于 10 亿美元。
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.
在 NIM 的口径下，我们会将某些更适合视作“利息性质”的收入计入净利息收入；但在 GAAP 的分类中，这些收入会被归入 “Other Fees & Services（其他费用与服务）”或 “Other Income（其他收入）”。
Our Net Interest Income reflects strength in margin loan interest and securities lending, partially offset by a modest increase in interest expense on customer cash balances, despite lower benchmark interest rates.
我们的净利息收入体现了保证金贷款利息与证券借贷（securities lending）的强劲表现；尽管基准利率更低，客户现金余额的付息成本仍小幅上升，对净利息收入形成部分抵消。
Many central banks – including the UK, Canada, Hong Kong and the US – reduced rates this quarter, while others - including Australia, Europe and Switzerland - held steady.
本季度，多家央行（包括英国、加拿大、香港与美国）下调利率；而另一些央行（包括澳大利亚、欧洲与瑞士）则维持利率不变。
Year-on-year the average US Fed Funds rate fell 75 basis points, or by 16%. Despite this decline, our margin loan interest was up 17%, and our segregated cash interest was down only 3%, both bolstered by higher balances.
同比来看，美国联邦基金利率的平均水平下降 75 个基点，降幅为 16%。尽管如此，我们的保证金贷款利息收入仍上升 17%，而隔离现金利息收入仅下降 3%；二者都受益于更高的余额规模支撑。
The average duration of our investment portfolio remained at less than 30 days. During the quarter, the US dollar yield curve remained flat to inverted from the short to medium term, so we continued to maximize what we earn by focusing on short-term yields, rather than accepting the lower yields and higher duration risk of longer maturities. This strategy also allows us to maintain a relatively tight maturity match between our assets and liabilities.
我们投资组合的平均久期（duration）仍保持在 30 天以内。本季度，美元收益率曲线在短端到中端区间依然呈现平坦甚至倒挂（flat to inverted），因此我们继续通过聚焦短期限收益来最大化收益，而不是接受更长期限的更低收益与更高久期风险。这一策略也使我们能够在资产与负债之间维持相对紧密的期限匹配（maturity match）。
Securities lending net interest was higher than last year, though we did not see as much activity in hard-to-borrow names as in the third quarter. Contributors to annual growth included several factors: Our growing account base, which increases our inventory of attractive stocks to lend, including international securities. The interest we pay on short cash balances, which makes us attractive to investors who utilize short selling. Our fully-paid lending program shares proceeds with clients generally on a 50/50 basis, which appeals to investors looking to maximize the return on their portfolios and finally, activity has picked up in some of the typical drivers of securities lending, including IPOs and merger & acquisition activity.
证券借贷（securities lending）的净利息收入较去年更高，尽管本季度我们在“可借稀缺”（hard-to-borrow）标的上的活跃度不如第三季度。全年增长的贡献因素包括：我们账户规模持续扩大，增加了可出借的优质股票库存（包括国际证券）；我们对卖空现金余额（short cash balances）支付利息，使我们对使用卖空策略的投资者更具吸引力；我们的“全额支付证券出借计划”（fully-paid lending program）通常与客户按 50/50 分成，这对希望最大化组合回报的投资者很有吸引力；最后，一些典型的证券借贷驱动因素（包括 IPO 与并购活动）也出现回暖，带动相关需求回升。
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 $290 million this quarter, up 58% over the prior year quarter.
由于目前大多数基准利率已明显高于零，我们从证券借贷中获得的部分收入会被归类为“隔离现金”（segregated cash）的利息收入。我们估算，如果把现金抵押品（cash collateral）上“额外赚取并支付”的利息也并入 “Securities Borrowed and Loaned（证券借入与借出）”科目，则本季度与证券借贷相关的总净收入将达到 2.90 亿美元，同比上升 58%。
Fully rate-sensitive customer balances ended the current quarter at $24.7 billion, versus $19.1 billion in the year-ago quarter.
本季度末，完全利率敏感的客户余额（fully rate-sensitive customer balances）为 247 亿美元，而上一年同期为 191 亿美元。
Now, for the estimates of the impact of changes in rates. 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. Note that our starting point for this estimate is December 31st, with the Fed Funds effective rate at 3.64%, and balances as of that date. Any growth in our balance sheet and interest-earning assets would reduce this impact.
接下来是利率变动影响的估算：我们估计，若基准联邦基金利率（Fed Funds）下降 25 个基点，将导致年度净利息收入减少 7,700 万美元。请注意，该估算以 12 月 31 日为起点，当时 Fed Funds 实际利率为 3.64%，并以该日余额为基准。若资产负债表与生息资产规模继续增长，将会降低上述负面影响的幅度。
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 a 25-basis point decrease in all the relevant non-USD benchmark rates would reduce annual net interest income by $31 million.
我们的客户利率敏感余额中约 29% 并非美元，因此关于“美国利率变化”的估算不包含这些币种。我们估计，若所有相关的非美元基准利率均下降 25 个基点，将使年度净利息收入减少 3,100 万美元。
In conclusion, we posted another financially strong quarter in net revenues and pretax margin, leading to a record year. This reflects our continued ability to grow our customer base and deliver on our core value proposition to customers while simultaneously scaling the business. Our business strategy continues to be effective: Automating as much of the brokerage business as possible, continuously improving and expanding what we offer, while minimizing what we charge.
总结而言，我们再次实现了净收入与税前利润率均表现强劲的季度业绩，并推动全年创下纪录。这体现了我们在扩张业务规模的同时，仍能持续扩大客户基础，并兑现对客户的核心价值主张。我们的业务战略依然有效：尽可能将经纪业务自动化，持续改进与扩展我们的服务与产品，同时把收费降到最低。
And with that, we will turn it over to the moderator and open up for questions.
接下来，我们把电话交给主持人，进入问答环节。
Question-and-Answer Session
Operator
接线员
[Operator Instructions] And our first question comes from the line of Brennan Hawken from BMO.
【接线员提示】我们的第一个提问来自 BMO 的 Brennan Hawken。
Brennan Hawken
I was curious about the call on the customer credit balances. It seems as though the decline in the amount paid– the yield didn't come down quite as much as we were looking for. Just some color around some of those dynamics and what might have caused the lower rates not to flow through and whether or not there might just be some more on the come here in the next quarter or two?
我想问一下关于客户贷方余额（customer credit balances）的那段表述。看起来，支付给客户的金额下降幅度——也就是对应收益率下行幅度——没有我们原先预期的那么大。能否补充说明一下这里面的动态：是什么原因导致更低的利率没有充分传导？以及未来一两个季度是否还有进一步下行空间？
Paul Brody
Yeah, sure. So obviously, the net interest income and the major segments there, being segregated cash, and margin loans and the customer credit balances— it all operated a little bit differently. So for seg cash when the rates come down, even though we have a relatively short duration, there is a little bit of tail out there. And we retain somewhat higher rates while we pay lower rates on our credit balances during that period because they are based on the overnight rates. The rest of the balance of changes: so our very strong performance in the margin lending balances overcame— vastly overcame - the drop in the general benchmark rates.
好的，当然可以。很明显，净利息收入（net interest income）及其几个主要构成——隔离现金（segregated cash）、保证金贷款（margin loans）以及客户贷方余额（customer credit balances）——它们的运行机制略有不同。就隔离现金而言，当利率下行时，即便我们的久期相对较短，资产端仍会存在一点“尾部”（tail），也就是重定价不会完全同步。因此在那段期间，我们资产端仍能保留相对更高的收益率；与此同时，我们在客户贷方余额上支付的利率会更低，因为它们是基于隔夜利率（overnight rates）来定价的。至于其余变化，总体上我们保证金贷款余额的表现非常强劲——强到足以、并且是大幅度地——抵消了整体基准利率下行带来的影响。
Brennan Hawken
Okay. Got it. So we got basically a repricing lag on some of the asset side, that makes sense. And from a follow-up, I believe the comment period for your bank charter application ended today. Could you maybe update us on that process, what you've heard back from the regulators? And what kind of impact we should expect i.e., if the bank charter is approved and you go forward with the bank?
明白了。也就是说，资产端存在一定的重新定价滞后（repricing lag），这就说得通了。追问一个问题：我理解你们银行牌照（bank charter）申请的公众意见征询期今天结束。能否更新一下目前进展、监管方有没有给出什么反馈？以及如果牌照获批、你们推进银行业务，我们应该预期会带来哪些影响？
Milan Galik
So we have been in contact with the OCC for a while. The way this process works is you are in contact with them, you talk to them, you present the business plan. They point out what they do not like or what they would like to receive more information on. Once you get through this stage, they give you the go ahead to officially file the application, which we did, and they acknowledged that. Then there is a several-months-long time period that they have to actually approve your request. There are others applying for the National Trust Charter Bank; I do not know exactly where we are in the queue. But my expectation would be to be operational by the end of this year. Now exactly what that means for us is, as a broker dealer, the regulations do not permit us to custody assets of mutual funds and exchange traded funds. A trust charter bank will allow us to do that. So that is the rationale behind our application.
我们和 OCC 已经保持沟通有一段时间了。这个流程通常是这样的：你与他们持续沟通、交流，提交并讲解你的商业计划（business plan）。他们会指出哪些地方他们不喜欢，或者哪些方面他们希望你补充更多信息。等你通过了这个阶段，他们就会批准你正式递交申请——我们已经这么做了，他们也确认收到了。然后，会进入一个持续数月的审批期，他们需要在这段时间里对你的申请作出最终批准。现在也有其他机构在申请 National Trust Charter Bank；我们在队列（queue）里的具体位置我并不清楚。但我的预期是，我们有望在今年年底前具备运营条件。至于这对我们具体意味着什么：作为一家 broker dealer，现行监管并不允许我们托管（custody）共同基金（mutual funds）和交易所交易基金（exchange traded funds）的资产；而如果我们获得信托牌照银行（trust charter bank），就可以做到这一点。这就是我们申请该牌照的核心动机。
会不会成为一家全功能的银行？
Operator
接线员
Thank you. Our next question comes from the line of Patrick Moley from Piper Sandler.
谢谢。我们的下一个问题来自 Piper Sandler 的 Patrick Moley。
Patrick Moley
I had one on prediction markets. There's been a lot of speculation recently about whether regulators or the US courts will allow prediction market platforms to continue offering sports contracts. So I was just hoping to get an update from you on how you maybe see this all playing out between the platforms and the sports books? And then with ForecastEx launching NFL contracts in the fourth quarter, just wondering what you would need to see from regulators or the courts that would make you comfortable offering contracts like that to IBKR customers? Or if this is an aspect of predictions markets that you just think will never make sense to commingle with your existing customer base?
我有一个关于预测市场（prediction markets）的问题。最近市场上有很多猜测：监管机构或美国法院是否会允许预测市场平台继续提供体育类合约（sports contracts）。我想听听你们的最新看法：你们认为平台与体育博彩运营商（sports books）之间的关系接下来可能会如何演化？另外，ForecastEx 在第四季度推出了 NFL 合约，我也想了解：你们需要从监管机构或法院那里看到哪些明确的信号，才会让你们愿意、并且有信心把这类合约提供给 IBKR 客户？还是说，你们认为预测市场里“体育合约”这一块，从根本上就不适合与现有客户群体混在同一个体系里（commingle）？
Thomas Peterffy
So I don't know if you've heard that Massachusetts just came out with a ruling against Kalshi. So the judge ruled against Kashi and that probably means that Kalshi will no longer take customers from Massachusetts. But this is certainly not the final word. So your guess is as good as ours as to what will happen here. And so luckily, Interactive Brokers does not rely on sports. We do believe that these contracts will have enormous applicability to many, many things about the future and they will be very, very successful and it doesn't really have to depend on sports.
我不确定你是否听说了：Massachusetts 刚刚对 Kalshi 作出了一个不利裁决。法官的裁定对 Kashi 不利，这大概率意味着 Kalshi 将不再接收来自 Massachusetts 的客户。但这当然不是最终结论。接下来会怎样发展，你的猜测和我们的一样，都只能猜。幸运的是，Interactive Brokers 并不依赖体育相关业务。我们相信，这类合约在关于未来的许多、许多事项上会有巨大的适用性，它们会非常成功，而且并不一定要依赖体育。
Patrick Moley
Okay. Great. And then just as a follow-up. You're sitting on a healthy pile of excess cash. Any updated thoughts on the appetite for M&A and capital return priorities. And then on M&A specifically, I know in the past, you said that with traditional brokerage models, it's been difficult to make the deal math work with your pricing model. But in an emerging asset class like prediction markets, I'm just wondering if M&A could make sense here for you.
好的，明白。再追问一个问题：你们目前手上有相当充裕的超额现金（excess cash）。在并购（M&A）意愿和资本回报（capital return）优先级方面，有没有新的想法或更新？就并购而言，我记得你们以前提到过，在传统券商模式下，因为你们的定价模型（pricing model），很多交易在财务测算上很难算得过来。但在预测市场这种新兴资产类别里，我想问问：并购在这里对你们是否可能更有意义？
Thomas Peterffy
Anything is possible, but we're not going to buy a firm that is doing sports betting, and there is nothing else out there at the moment, right?
一切皆有可能，但我们不会去收购一家做体育博彩（sports betting）的公司，而且就目前来看，除此之外也没有别的标的可买，对吧？
Milan Galik
It's not only that. We have our own platform— ForecastEx. It's growing nicely. Mid-December of last year, we have rolled out ForecastEx on a 24/7 trading schedule. We added liquidity providers. ForecastEx now lists over 10,000 different instruments, and the trading volumes have increased significantly. So, no reason for us to look for an acquisition in this space.
不只是这个原因。我们有自己的平台——ForecastEx，而且它增长得很好。去年 12 月中旬，我们把 ForecastEx 的交易时间扩展为 7×24 小时。我们也引入了流动性提供商（liquidity providers）。ForecastEx 现在挂牌的合约品种已经超过 10,000 个，交易量也显著提升。因此，我们没有理由在这个领域寻求并购。
比较好的回答。
Operator
接线员
Thank you. Our next question comes from the line of James Yaro from Goldman Sachs.
谢谢。我们的下一个问题来自 Goldman Sachs 的 James Yaro。
James Yaro
So you touched a little bit on the OCC National Trust Bank charter. I was hoping you might be able to touch a little bit on the aspirations for a European banking license? And if so, where are you are in the process of looking to get one of those?
你们刚才提到了一些关于 OCC 的 National Trust Bank charter。我想再问一下：你们对欧洲银行牌照（European banking license）有没有相关的规划或愿景？如果有的话，目前在申请或推进的过程中处于什么阶段？
Milan Galik
We have not started the process. Having a bank license in Europe would come with some benefits. It is not urgent for us to have one. We will eventually have a license in Europe, the most likely place for us to acquire it would be in Ireland, where our broker operations are already regulated by a banking regulator with whom we have a very good relationship.
我们还没有启动申请流程。在欧洲拥有银行牌照会带来一些好处，但对我们来说并不紧迫。我们最终会在欧洲拿到一个牌照；最可能的地点是爱尔兰，因为我们的经纪业务在当地已经由银行监管机构进行监管，而且我们与该监管机构保持着非常良好的关系。
James Yaro
Okay. Excellent. I just wanted to ask a follow-up on prediction markets. I was hoping, Thomas, you might be able to just update us on the institutional adoption of prediction markets so far. How you plan to cater to this client set specifically on the retail side? And over what period in your view, institutional prediction markets fully develop?
好的，很清楚。我还想追问一个关于预测市场的问题。Thomas，我想请你更新一下：到目前为止，机构客户对预测市场（prediction markets）的采用情况如何？在零售端（retail side），你们计划如何更好地服务这类机构客户群体？以及在你看来，机构层面的预测市场大概需要多长时间才能“完全发展成熟”？
Thomas Peterffy
So our most frequently traded contracts are temperature contracts. We are currently working on tying up these temperature contracts with the electricity contracts and the natural gas contracts.
我们目前交易最频繁的合约是“温度合约”（temperature contracts）。我们正在把这些温度合约与电力合约（electricity contracts）以及天然气合约（natural gas contracts）进行联动与对接。
And as you know, it is basically the utilities that have to every day make a judgment about the next day’s use of electricity. So we are working on approaching those. And I think that sometime in the course of the year, you will see them onboarding.
你也知道，基本上是公用事业公司（utilities）每天都必须对“第二天电力使用量”作出判断与预测。因此我们正在主动接触这些机构。我认为在今年的某个时间点，你会看到它们开始入驻并上线交易（onboarding）。
Operator
接线员
Thank you. Our next question comes from the line of Craig Siegenthaler from Bank of America.
谢谢。我们的下一个问题来自 Bank of America 的 Craig Siegenthaler。
Craig Siegenthaler
My first one is on your expanding crypto offering. How should we think about the appetite for adoption across your base? And I'm especially interested in individual investors, in the direct and the i-broker channel. Do they want crypto trading and do they want it from IBKR?
我的第一个问题是关于你们正在扩展的加密货币（crypto）产品。我们应该如何理解你们客户群体对该产品的采用意愿与需求强度？我尤其关注个人投资者，既包括直客（direct）渠道，也包括 i-broker 渠道。他们是否想要加密货币交易？以及他们是否希望从 IBKR 获得这项服务？
Milan Galik
Crypto revenues are, at the moment, small relative to the overall company's revenues. Most clients who actively trade cryptocurrencies were already doing so before we entered the space. So we are not yet a major brand in the cryptocurrency space.
目前，加密货币相关收入相对于公司整体收入规模仍然较小。大多数活跃交易加密货币的客户，在我们进入该领域之前就已经在交易了。因此，我们目前还不是加密货币领域的主要品牌。
You asked about the i-brokers. The answer is no, they have not been asking for access to crypto. I'm not sure why that is. Our pricing, as we explained over a number of earnings calls, is superior to our competitors in the United States and outside. We added crypto to our offering to round it out— to particularly target investment advisers and multi-asset clients, who wanted limited exposure to the asset. Our offering is competitive, and we continue to add capabilities, new geographies, namely Europe is currently the focus. I would expect us to go live with our offering this quarter. And then I am hopeful that asset transfers— once we support asset transfers - some crypto assets will migrate to our platform and take advantage of our superior pricing.
你问到了 i-brokers。答案是否定的：他们并没有主动要求获得加密货币的准入。我也不确定原因是什么。我们的定价——正如我们在多次业绩电话会上解释的——相较于美国及海外的竞争对手更有优势。我们把加密货币加入产品矩阵，是为了补齐多资产能力——尤其面向投资顾问（investment advisers）与多资产客户（multi-asset clients），他们希望对该资产类别进行有限配置（limited exposure）。我们的产品具备竞争力，并且我们在持续增强能力、扩展地域覆盖，目前重点是欧洲。我预计我们会在本季度正式上线相关服务。之后我也希望，随着我们支持资产转入转出（asset transfers），部分加密资产会迁移到我们的平台，以利用我们更有优势的定价。
Craig Siegenthaler
Thanks, Milan. And just for my follow-up, it's one I've asked, I think, two quarters in a row now, but account growth, still very strong, north of 30%. Thomas, any specifics on how long you can keep this up?
谢谢，Milan。追问一个问题：我想我已经连续两个季度都问过了——你们的账户增长仍然非常强劲，超过 30%。Thomas，你能否更具体地谈谈这种增长势头还能维持多久？
Thomas Peterffy
As long as I shall live! That's my answer. I don't see any reason why our account growth would slow down. It will continue at this rate that we've been going.
只要我还活着就会继续！这就是我的回答。我看不出账户增长会放缓的理由。它会以我们目前的速度持续下去。
Milan Galik
You see the benefit that we have is our platform is attractive to…
你看，我们的优势在于，我们的平台对……很有吸引力。
Thomas Peterffy
… many people around the world.
……对全球许多人都很有吸引力。
确实还没有看到有力量的竞争对手。
Operator
接线员
Thank you. Our next question comes from the line of Dan Fannon from Jefferies.
谢谢。我们的下一个问题来自 Jefferies 的 Dan Fannon。
Dan Fannon
So just another question on growth, but more just in terms of investment and spend. As you think about all of the initiatives you have entering this year, do you think the level of spend is growing? Is it consistent with the last couple of years? Or how should we think about overall expense growth?
我再问一个关于增长的问题，但更侧重于投入与支出。考虑到你们今年推进的一系列新举措，你们认为支出水平是在增长吗？它与过去几年（或最近两年）的趋势是一致的吗？我们应该如何理解总体费用增长的节奏？
Milan Galik
The overall expense growth, I think, has been consistent over the past many quarters over the last few years. We have been cautiously adding to our head count as we needed in this past year, it was around 6% growth. Our compensation went up by 10% or so. I would expect for us to see similar growth in the future. Of course, we have a number of AI initiatives in process, and those initiatives may affect the rate at which our expenses will grow in the future.
我认为，总体费用增长在过去许多个季度、乃至过去几年里都保持了相对一致的节奏。我们在过去一年按需谨慎地增加人员规模，增幅大约是 6%。我们的薪酬支出大约增长了 10%。我预计未来我们会看到类似的增长幅度。当然，我们正在推进多项 AI 项目，这些项目可能会影响未来费用增长的速度（rate）。
Dan Fannon
Understood. And then just another one on account growth. In terms of the account growth today and where it's been coming from here in the latter part of ‘25 versus maybe where you think there's growth going to change or other areas that could grow faster in next year? Just trying to get a sense of what's different in terms of where you're seeing more success? Or are markets more mature versus less?
明白了。再问一个关于账户增长的问题：就当下账户增长的来源而言，在 2025 年后半段相比之前，增长主要来自哪些渠道或地区？展望明年，你认为增长结构会发生变化吗，或者是否有一些领域可能增长更快？我想了解一下：你们在哪些方面看到更多成功？是成熟市场更强，还是非成熟市场（更早期市场）更强？
Milan Galik
We have been universally doing well. We have been attracting large accounts, small accounts, very active accounts, less active accounts, retail, professional, institutional. They all come to us for the same reason. The technology works, pricing is fair, access is global. No need to rely on promotions or incentives.
我们几乎在各个维度上都表现得很好。我们吸引了大账户、小账户、非常活跃的账户、不那么活跃的账户；也吸引了零售客户、专业客户与机构客户。大家选择我们的原因是一样的：技术平台好用、定价公平、全球市场准入完善。我们不需要依赖促销或激励（promotions or incentives）。
Operator
接线员
Thank you. Our next question comes from the line of Benjamin Budish from Barclays.
谢谢。我们的下一个问题来自 Barclays 的 Benjamin Budish。
Ben Budish
Maybe tying a couple of these previous questions together, I think Thomas, in the press, you made some comments about the US midterm elections later this year potentially juicing account growth. Can you maybe talk about the— and I think you've mentioned in the prepared remarks, the advertising spend is up a little bit, even though I think a lot of your growth comes from word of mouth— can you maybe talk about your plans to get, or drive, more engagement on prediction markets, either through the Interactive Brokers platform, onboarding more FCMs? How are you thinking about that opportunity coming up later this year to kind of boost account growth even more?
也许把前面几个问题串起来：Thomas，我记得你在媒体上提到过，今年稍晚的美国中期选举（US midterm elections）可能会给账户增长“加一把火”。你能否谈谈你们的相关计划？另外，你们在准备稿里也提到广告支出有所增加，尽管你们的增长很大一部分来自口碑传播（word of mouth）。围绕预测市场（prediction markets），你们计划如何提升参与度（engagement）——比如在 Interactive Brokers 平台内更深入地整合、或者引入更多期货佣金商（FCMs）入驻？你们如何看待今年晚些时候这个机会，从而进一步拉动账户增长？
Thomas Peterffy
Advertising is certainly a key. We are getting better and better at advertising, and we are also increasing our spending, advertising spending, to some extent. So that's what it is. We will not let our account growth go lower.
广告当然是关键。我们在广告投放方面做得越来越好，同时也在一定程度上增加广告支出。基本就是这样。我们不会让账户增长放缓。
Ben Budish
Love the confidence. Maybe just one more question on prediction markets, you talked earlier about institutional interest. I'm just curious, when we look at some of the institutional products offered at CME and ICE, we tend to see very, very large notional amounts and larger fees per contract but less relative to the size, to the notional amount of exposure. Just curious, onboarding insurance companies, electric utilities, these sorts of institutions— does that require any change to product design? Or do you think it's more a matter of education, making sure the liquidity is there and then you'll be able to onboard those kinds of customers?
我很欣赏这种自信。再问最后一个关于预测市场的问题：你之前谈到机构客户的兴趣。我有个好奇点：我们看 CME 和 ICE 上的一些机构型产品时，通常能看到非常大的名义本金（notional）规模，单合约收费也更高，但相对于名义敞口比例反而更低。那如果你们要引入保险公司、公用事业电力公司（electric utilities）这类机构客户——是否需要对产品设计（product design）做调整？还是你认为更多是“销售与教育”的问题：只要把产品讲清楚、把流动性做出来，就能把这类客户引入？
Thomas Peterffy
It's not a product design question. It is a matter of selling it.
这不是产品设计的问题，而是销售推动的问题。
Operator
接线员
Thank you. I would now like to turn the conference back to Nancy Stuebe for closing remarks. Madam?
谢谢。现在我把电话交回给 Nancy Stuebe 进行结束致辞。Nancy？
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。提醒大家，本次电话会议将在我们的网站上提供回放；我们也会在明天在网站发布一份整理过的文字稿（clean version transcript）。再次感谢，我们下个季度末再见。
Operator
接线员
This concludes today's conference call. Thank you for participating. You may now disconnect.
本次电话会议到此结束。感谢参与。您现在可以断线。
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