Financial Data and Key Metrics Changes - In the first half of 2025, the company generated $967 million in revenue and $203 million in adjusted profit before tax, representing a 27% increase year-on-year [5][15] - The second quarter saw adjusted profit before tax of $106 million, up 16% year-on-year and 10% sequentially [5][15] - Revenue for the second quarter grew 18% to $500 million, with margins expanding to 21% [10][19] Business Line Data and Key Metrics Changes - Clearing revenues grew 12% to $139 million, with adjusted profit before tax increasing 2% to $71 million [37] - Agency and execution revenues surged 59% to $261 million, with adjusted profit before tax more than tripling to $69 million [38] - Market making revenue declined 17% to $57 million, while hedging solutions revenue fell by 15% to $20 million [39][40] Market Data and Key Metrics Changes - The company experienced strong growth in agency and execution, particularly in securities and energy, while facing challenges in agriculture due to tariff announcements [41][40] - The overall market environment was varied, with heightened activity in certain commodities like copper and aluminum, but a decline in others [39][40] Company Strategy and Development Direction - The company remains focused on growth through acquisitions, with a strong pipeline expected in the second half of the year [8][18] - The acquisition of Cowen has significantly boosted revenue, with Cowen's revenue now running above $200 million on an H1 run rate basis [6][17] - The company aims to increase its public float, having reduced the residual position of pre-IPO private equity shareholders from 64% to 17% [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage risks and maintain strong liquidity, with $2 billion in surplus liquidity at the end of the quarter [18][47] - The company anticipates some headwinds from potential rate reductions but believes it can offset these through continued growth [62] - Management highlighted the operational resilience of the firm, successfully processing high volumes during periods of market volatility [62] Other Important Information - The company issued $500 million in senior notes to strengthen its liquidity position [18] - The firm has maintained an unqualified audit opinion from Deloitte for ten consecutive years, reflecting strong governance and financial practices [32] Q&A Session Summary Question: What was the free cash flow for the quarter and the last twelve months? - The net cash increased by $779 million in the first half of 2025, totaling $3.329 billion [67][71] Question: Can you discuss expense synergies and operational efficiencies from recent acquisitions? - Most synergies have been captured, with future expectations leaning more towards revenue synergies rather than cost synergies [76] Question: How sustainable is the recent performance, particularly in the securities business? - Management sees strength across all business segments, with a strong July indicating continued momentum despite potential market fluctuations [82][84] Question: Can you explain the allocation of net interest expense? - Interest expense increased due to debt issuance, which positioned the firm well for future growth, while liquidity was optimized across the group [88]