Tradeweb全现金收购Trumid在战略上明智（评级B+），将其主要的电子固定收益平台延伸至新发债券交易，但整合风险仍存，可能出价过高，且作为规模较小的一方，成功并无保证；尽管如此，这仍是正确的一步。
逐段跳播
好的，我想让我们继续看第二家公司，它在这里可能不是最知名的，但正如我提到的，它确实属于有前景的投资服务类别，那就是Tradeweb Markets。它是一种用于交易证券的电子市场，不一定是股票，而是利率、信用违约互换以及机构投资者可能做的其他事情。
该公司昨天或今天早上宣布，我不记得具体时间了，它正在收购固定收益交易公司Trumid。现在，由于它不是一家广为人知的公司，你能先解释一下Tradeweb提供什么，然后简要说明为什么投资者应该喜欢这类公司吗？
Okay, I want us to move on to our second company, which is perhaps not the most well-known here, but it certainly falls, as I mentioned, into the category of promising investment services, and that is Tradeweb Markets.
It is a type of electronic marketplace for trading securities, not necessarily stocks, but interest rates, credit swaps, and other things that institutional investors may do . The company announced yesterday or this morning, I don't remember exactly when, that it is acquiring the fixed-income trading company Trumid .
Now, since it is not a widely known company , could you first explain what Tradeweb offers, and then give a brief presentation that shows why investors should like this type of company?
嗯，正如你刚才提到的，他们做大量的交易，不一定是股票，这可能暗示它是一个小平台，但他们交易国债、公司债、抵押贷款、货币市场以及一些股票。Tradeweb平台上的日交易量在各个资产类别中超过3万亿美元。
因此，他们是固定收益交易电子市场的主要参与者，尤其是。
Well, as you just mentioned, they do a lot of trading, not necessarily stocks, which might suggest it's a small platform, but they trade Treasury bonds, corporate bonds, mortgages, money markets, and some stocks.
The daily trading volume on the Tradeweb platform exceeds three trillion US dollars across various asset classes. Therefore, they are a major player in the electronic markets for fixed income trading, in particular.
我们喜欢这个平台的地方在于，它促进了一个一直非常缓慢的巨大市场的数字化转型过程。众所周知，股票交易已经数字化25年了，没有人不通过数字化方式购买股票。但我提到的许多市场并非如此。
平台上的每笔交易都会产生费用，这是一个缓慢但稳定的数字化过程，每年有更多的债券市场转移到线上。
What we like about this platform is that it facilitates the digital transformation process in a huge market that has been very slow. It has been known that stock trading has been digital for 25 years, and no one buys a stock without doing so digitally.
This is not the case for many of the markets I mentioned. Each transaction on the platform incurs a fee, and it is a slow but steady process of digitization , with more of the bond market moving online each year.
正确。Trumid究竟如何融入这个背景？同时我们试图理解Tradeweb做什么，以及为什么Trumid在这个阶段是合乎逻辑的选择？
correct. How exactly does Trumid fit into this context ? While we try to understand what Tradeweb does and why Trumid is a logical choice at this stage?
嗯，如果我们深入细节，Tradeweb主要关注二级市场，即已经发行并交易的债券。Tradeweb一直寻求成为这些债券的主要市场。确实，它在新债券发行的交易中有一席之地，但规模不大。
另一方面，Trumid专注于并擅长这一领域，也许它在定价上更大胆，这正是它超越Tradeweb的原因。
Well, if we delve into the details, Tradeweb focuses primarily on the secondary market, i.e., bonds that have already been issued and are traded. Tradeweb has sought to become the primary marketplace for these bonds.
It is true that it has a presence in the trading of new bond issues, but it is not a large one. Trumid, on the other hand, focuses on and specializes in this area , and perhaps it was more daring in its pricing, which is what made it outperform Tradeweb.
所以，Tradeweb正试图创建一个全面的、集成的解决方案，一个一站式集成解决方案。嗯，这是一个非常防御性的策略，因为他们有许多竞争对手试图做同样的事情，但这是他们试图回答一个困扰这些市场大约二十年的问题，即：我们如何进入电子交易的世界？
So, Tradeweb is trying to create a comprehensive, integrated solution , a one-stop integrated solution . Well, it's a very defensive strategy because they have many competitors trying to do the same thing, but this is their attempt to answer a question that has puzzled these markets for twenty years or so, which is: How do we get into the world of electronic trading?
正如我提到的，这关乎新产品发行，我假设这比二级市场交易更赚钱。你如何从战略契合度和价格方面评估这笔交易？它又如何影响 Tradeweb 的业绩？我认为 Tradeweb 在撰写本报告时估值约为270亿美元。
As I mentioned, it's about new releases , which I assume are more profitable than secondary trading. How do you assess this deal in terms of strategic fit and price, and how does it affect the performance of Tradeweb, which I believe is a company valued at around $27 billion at the time of writing this report?
我给 Salesforce 那笔交易的评级是中等（C）。至于这笔交易，就其战略智慧以及这是一笔全现金交易而言，我会给它很高的评级（B+）。
Okay, I'd give the Salesforce deal an average rating (C). As for this deal, I would give it a very good rating (B+ ) in terms of its strategic intelligence and the fact that it was an all-cash deal.
整合会带来一些风险，但这笔交易在战略上非常合理，尤其是考虑到市场的竞争性质，正如 Lo 所指出的。
There are some risks associated with integration, but the deal makes very strategic sense , especially given the competitive nature of the market, as Lo noted .
在债券市场数字化之战中，这看起来是针对 MarketAxess 和针对 Bloomberg 的竞争举措，而且看起来是非常聪明的战略举措。
This appears to be a competitive move against MarketAxess and against Bloomberg, in the bond markets digitization war, and it looks like a very smart strategic move .
这是一种反应。我可能比 Matt 更谨慎，但不是负面的，因为他们是这里较弱的一方。我们已经向大家简要概述了他们试图解决的问题。最大的竞争对手也在试图解决这个问题。
This is a reaction. I may be more cautious than Matt, not negatively, because they are the weaker party here. We have given you a brief overview of the problem they are trying to solve.
The biggest competitors are also trying to solve this problem.
Matt 提到 MarketAxess 和 ICE（洲际交易所）最近收购了它。所以，这显然是对此的反应。很明显他们付得太多了，但这是一场影响力之战，也是一个规模取胜的竞技场。
Matt mentioned that MarketAxess and ICE ( Intercontinental Exchange) had recently acquired it. So, this is a clear reaction to that. It is clear that they are paying too much, but it is a war of influence, and it is an arena where size wins.
当你最大的竞争对手规模是你的四倍且咄咄逼人时，你需要采取激进的举措。所以，我认为这是正确的一步，但它并不能保证成功。
When your biggest competitor is four times your size and aggressive, you need to take aggressive steps. So, I think it's the right step, but it doesn't guarantee success.