Financial Data and Key Metrics Changes - For Q1 2025, the company reported a normalized adjusted EPS of $1.30 and total adjusted net trading income per day of $8.3 million, with quarterly EBITDA at $320 million and an EBITDA margin of 64% [9][38]. - The adjusted net trading income totaled $497 million, with market making adjusted net trading income at $382 million and execution services adjusted net income at $115 million [38]. Business Line Data and Key Metrics Changes - The market making segment had its best quarter since Q1 2021, with strong performance in non-customer global equities, digital assets, and ETN block market making franchises [10][11]. - The execution services segment (VES) has shown consistent growth, achieving its seventh consecutive quarter of increasing net trading income [13][14]. Market Data and Key Metrics Changes - Retail participation in the market has been robust, with levels comparable to the pandemic days of 2020, indicating a long-term bullish outlook for retail engagement [24][26]. - The company noted a significant increase in retail account openings, suggesting sustained retail participation [84]. Company Strategy and Development Direction - The company is focused on diversifying its market making operations and expanding its execution services, with a goal of achieving a $2 million per day run rate for VES in the medium term [19][66]. - Strategic initiatives include enhancing technology platforms, expanding product offerings, and improving operational efficiencies across various business segments [17][27]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of retail engagement and the overall market environment, citing strong operational performance during recent market volatility [21][84]. - The company anticipates continued growth driven by market volumes and volatility, as well as the expansion of its options, digital asset, and ETF block businesses [26][27]. Other Important Information - The company has repurchased over 52 million shares at an average price of $25.85 per share, demonstrating a commitment to returning capital to shareholders [41]. - The company has streamlined operations and improved technology platforms, resulting in higher EBITDA margins for its businesses [18]. Q&A Session Summary Question: Can you help us think about the balance between the wholesale business and beyond exchange business? - Management indicated that the increase in market making NTI was evenly allocated between customer and non-customer businesses, with strong performance across various segments [46][48]. Question: What gives you confidence in the $2 million per day target for the VES business? - Confidence stems from significant improvements in technology, product offerings, and successful cross-selling initiatives within the execution services segment [66][71]. Question: Is there any indication that retail participation is slowing? - Management noted that retail engagement remains healthy and sustainable, with account openings continuing to grow, contradicting any narrative of a slowdown [82][84]. Question: Can you provide more details on the growth of the core non-customer market making business? - The company is focused on enhancing technology, improving execution quality, and diversifying revenue streams, indicating that the non-customer market making business is vibrant and growing [92][95]. Question: What is the product roadmap for the crypto business? - The company is expanding its crypto offerings, providing liquidity for a growing number of coins and exchanges, and is positioned to support institutional demand for digital asset products [100][108]. Question: How does your offering stack up against competitors in the outsourced trading business? - Management highlighted that their offering is more of an agency aggregation tool for smaller firms, contrasting with competitors' more focused white-label solutions, which do not scale as effectively [112][116].