Good morning. My name is Bill Dunaway. Welcome to our earnings conference call for our second quarter ended March 31, 2023. After the market closed yesterday, we issued a press release reporting our results for the second fiscal quarter of 2023. This release is available on our website at www.stonex.com as well as a slide presentation, which we'll refer to on this call in our discussions of our quarterly and year-to-date results. You will need to sign on to the live webcast in order to view the presentation. The presentation and an archive of the webcast will also be available on our website after the call's conclusion. Before getting underway, we are required to advise you and all participants should note that the following discussion should be taken in conjunction with the most recent financial statements and notes thereto as well as the Form 10-Q filed with the SEC. This discussion may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements involve known and unknown risks and uncertainties, which are detailed in our filings with the SEC. Although the Company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the Company's actual results will not differ materially from any results expressed or implied by the Company's forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance.

Thanks, Bill. Good morning, everyone, and thanks for joining our fiscal 2023 second quarter earnings call. In the second quarter of fiscal 2023, we continue to experience strong volume growth across all of our product offerings. However, while volatility continues to be moderately elevated in both financial and physical markets, it was significantly diminished compared to the three months ended March 31, 2022. The prior year period reflected the effects of the Russian invasion of Ukraine, which resulted in significant widening of spreads in many key markets in which our clients transact, making this a tough comparable quarter for us. Turning first to Slide 3 in the earnings deck, which compares quarterly operating revenues by product versus a year ago. Product volumes were up, except for FX and CFDs, which were down 10% and listed derivatives down marginally. The outlier there was securities, which was up 65% as we continue to push further into lower-margin, higher-volume products. Revenue capture was down except for Global Payments, due largely to the exceptional conditions in the prior quarter as a result of the Ukraine situation. Revenue capture was up in all products except securities versus the immediately preceding quarter. Physical revenues were up a strong 33% due to good results from the ag, biofuel business as well as precious metals activities. Securities operating revenues were up 65%. As mentioned last time, our operating revenues and fixed income trading get boosted by higher carried interest on our positions, but we also incur related interest expense on financing these same securities, which results in a gross up on the income statement. We now net off the interest in the rate per million metrics. On this basis, securities ADV increased 65%, while the rate per million declined 49% to $282, versus the immediately prior quarter, ADV was up 36% and the rate per million was down 33%. The decline in rate per million versus the prior year was due to the continued push by equity and fixed income groups into lower margin but higher volume products as well as tougher trading conditions on the equity side, which made it hard for us to internalize spreads. On the security side, this was definitely a tough quarter for equities, but on the other hand, the fixed income group did exceptionally well, having one of their best quarters. Global Payments had another strong quarter, recording revenues up 21%, with volumes up 16% and revenue capture up 2%. Our FX/CFD revenue was down 38%, largely due to tougher market conditions versus the exceptionally positive conditions in the prior quarter, which resulted in volumes being down 10% and revenue capture being down 31% versus a year ago. Versus the immediately prior quarter, ADV was up 5% and rate per million was up 14%, so an improvement over our Q1. Interest and fee income on client balances was $103.4 million, up 894% as we realized the impact of the cumulative interest rate increases, causing the back of a 22% increase in total client float, which now stands at around $8.6 million. Interest and fee income was up 20% over Q1, even though our client float reduced 12% as clients on the FDIC sweep started buying interest rate products to maximize yield. We also started to see some pressure to pay out higher rates to our clients on their funds. Moving to Slide 4, which shows the same data for the trailing 12 months. Over this longer period and despite more challenging comparisons now coming to date, we realized strong revenue growth across all products, except listed and OTC derivatives, which were up only single digits. Securities was up 57%, due somewhat to the accounting impact of the interest mentioned earlier and physical contracts were up 41%. We have generally seen increases in volumes across the board, while revenue capture is starting to become more challenging generally. Turning to Slide 5 and a summary of our second quarter and trailing 12-month results. Again, just to remind everyone, we're comparing against one of our best ever quarters a year ago. We recorded operating revenues of $704.4 million, up 29% versus the prior year and up 8% from the preceding quarter. Our operating revenues are boosted by interest both on the client float and also interest embedded in our fixed income trading, we mentioned earlier. Net operating revenue, which nets off interest expense as well as introducing broker commissions and clearing costs, was flat versus a year ago. During the quarter, we incurred $14.6 million of retirement and reorganization charges, the bulk of which relates to the Global Payments segment. These costs will be recovered over the next 18 to 24 months through lower variable compensation. Total compensation and other expenses was up 7% for the quarter, with variable compensation down 2% and fixed compensation up 33%, substantially due to the restructuring charges mentioned earlier. Fixed compensation, which includes the retirement and reorganization charges, was up $13.1 million or 16% versus the prior year, with non-variable salaries increasing $10.7 million compared to the prior year as a result of a 15% increase in headcount related to our ongoing initiatives to digitize and expand our product offering as well as annual merit increases. Versus the immediately preceding quarter, fixed compensation, again, excluding the retirement and reorganization charges, was up $15.5 million or 19%. This was driven by increased payroll taxes and 401(k) related expenses of around $4 million related to the start of the new calendar year. Accruals for paid time off increased $2.2 million as employees increased their remaining accruals in the prior period and the current period returned to more normalized levels. In addition, we experienced a decline in deferred compensation of $4 million versus the preceding quarter. Excluding all of these items, fixed compensation was up 7% on the preceding quarter, reflecting annual merit increases and some incremental new hires. We recorded $1.95 in EPS for the quarter, and the charges mentioned earlier had an impact of around $0.50 on EPS. Without these charges, our EPS would have been roughly similar to Q1 when excluding the acquisition gain on CDI. Our ROE was 13.8%, and the charges noted earlier impacted this by roughly 3.4%. Looking at the summary for the trailing 12 months, our operating revenues were a record $2.5 billion, up 36% over the prior trailing 12-month period. Our net income was a record $219.7 million, up 49%. Our diluted EPS was $10.43 for the trailing 12 months, up 45%. ROE was 19.5% despite equity increasing 45% over the last two years. Our average yield on our client float was 379 basis points for the quarter versus 303 basis points for the prior quarter and our net interest and fee income increased $93 million versus the prior year quarter. Our book value per share increased $3.15 during the quarter, significantly larger than our reported EPS due to positive changes in other comprehensive income to close at $60.32, up 21% versus a year ago. Turning now to Slide 6, our segment summary and just to touch on some of the highlights before Bill gets into more detail. For the quarter, segment operating revenue was up 30% and segment income was down 5% due to the exceptional results a year ago and also due to the restructuring charges mentioned earlier. Our commercial client segment was up 47% in segment income off the back of a 20% increase in operating revenues, with strong performances in precious metals and also the effect of higher interest rates. Versus the immediately preceding quarter, segment revenues were up 21% and segment income was up 24%. Our Institutional segment realized a 79% increase in revenues, which translated into a 12% increase in segment income. The disparity in those two gross numbers is due to revenue being increased by the interest carry on fixed income. The fixed income business, as mentioned earlier, is one of the best quarters, and the equity business experienced a much more challenging one, while the listed derivatives business and securities clearing were boosted by interest and fee income. Versus the preceding quarter, segment revenue was up 6% and segment income was down 10%. Retail had another difficult quarter with continued challenging market conditions, especially when compared to the exceptional results a year ago. Operating revenue was down 35%, but up 11% versus the preceding quarter. Segment income swung to a profit of $4.8 million versus a loss of $4.2 million in the preceding quarter but was still down 89% from a year ago. Global Payments revenue was up 21% and segment income was down 33% due largely to the bulk of the reorganization charges being charged here. Segment income would have exceeded last year's without these charges. For the trailing 12 months, we have segment operating revenue and segment income up double digits, except for Retail, which was down. We have said repeatedly, we take a long-term view on how we manage the Company and grow our franchise. And as such, we believe that the best way to gauge our results and progress is to look at longer-term performance, such as trailing 12-month results, rather than specific quarters taken in isolation. Turning to Slide 7, which sets out our trailing 12-month financial performance over the last nine quarters. These numbers have been adjusted for the accounting treatment related to the gain in the CDI acquisition as disclosed in our prior filings and which appear in the reconciliation provided in the appendix of this earnings deck. On the left-hand side, the bars represent trailing 12-month operating revenue over the last nine quarters. As you can see, this has been a smooth and strongly upward trend as we have steadily expanded our footprint and capabilities. Our operating revenues are up 63% over this period for a 28% CAGR. Our adjusted pretax income, likewise, has grown significantly at a 25% CAGR. Our pretax earnings dipped this quarter due to the reorganization charges mentioned earlier. On the right-hand side, you can see the adjusted net income with the bars, which is up 62% over the last two years for a 27% CAGR. The dotted line represents our ROE, which has remained above our 15% target, even though our capital has grown by 45% over this period. With that, I'll hand you over to Bill Dunaway for a discussion of the financial results in more detail.

Thank you, Sean. I'll be starting on Slide number 8, which shows our consolidated income statement for the second quarter of fiscal 2023. Sean covered many of the consolidated highlights in the quarter, so I'll highlight a few and then move on to a segment discussion. Transaction-based clearing expenses declined 10% to $69.2 million in the current period, principally due to lower fees and equity ADRs as well as the decline in FX/CFD contracts, average daily volume and listed derivative contract volumes. Introducing broker commissions declined 2% to $42.2 million in the current period, principally due to declines in our independent wealth management and retail FX/CFD businesses. Interest expense increased $164.6 million versus the prior year, primarily as a result of the $117 million increase in interest expense related to our institutional fixed income business and a $36.6 million increase in interest paid to client balances on deposit as a result of significant increase in short-term interest rates. Interest expense on corporate funding increased $4.3 million versus the prior year, also as a result of the increase in short-term interest rates as well as an increase in average borrowings. Variable compensation declined $2.3 million versus the prior year due to the decline in net operating revenues as well as a change in product mix and represented 30% of net operating revenues in the current period compared to 31% of net operating revenues in the prior year period. Sean covered earlier on this call, the fluctuations in fixed compensation, so I'll move on to other fixed expenses, which increased $6.5 million as compared to the prior year to $106.4 million. However, this is a $3.8 million of decline versus the immediately preceding quarter. As compared to the prior year, non-trading technology and support increased $3.4 million due to software implementations and ongoing support. Travel and business development increased $2.8 million. Depreciation and amortization increased $1.8 million due to incremental depreciation related to internally developed software as well as higher amortization of leasehold improvements in intangibles acquired. And finally, occupancy and equipment rental increased $1.8 million as compared to the prior year. Offsetting these increases, professional fees declined $2.5 million as compared to the prior year, principally due to lower legal fees. Bad debt expense net of recoveries declined $9.3 million to $3 million in the current period versus $12.3 million in the prior year period. The prior year comparable period included a $6.4 million other gain related to a foreign exchange antitrust class action settlement received, while the immediately preceding quarter includes a $23.5 million gain on the acquisition of CDI. Net income for the second quarter of fiscal 2023 was $41.7 million, which represents a 35% decline versus a very strong $64 million in the prior year and is a 46% decline versus the immediately preceding quarter, which included the gain on the acquisition of CDI I just noted. Moving on to Slide number 9. I'll provide some more information on our operating segments. Our Commercial segment added $36 million in operating revenues versus the prior year and $37.7 million compared to the immediately preceding quarter. This increase was driven by a $37.1 million increase in interest earned on client balances as a result of the significant increase in short-term rates. Average client equity declined a modest 2% versus the prior year. In addition, operating revenues from physical transactions increased $14.7 million compared to the prior year as a result of growth in both Physical Ag & Energy and precious metals activities. These increases were partially offset by a $12 million and $4.5 million decline in operating revenues derived from listed and OTC derivatives, respectively, with the prior year being a very strong performance, as Sean noted earlier. Versus the immediately preceding quarter listed and OTC derivative revenues increased $7.2 million and $15.4 million, respectively. Fixed compensation and benefits increased $3.3 million versus the prior year and other fixed expenses increased $2.6 million, including increases in selling and marketing, travel and business development and depreciation and amortization. Bad debt expense declined $7.4 million as compared to the prior year. Segment income was $102.9 million for the period, an increase over the prior year period and preceding quarters of 47% and 24%, respectively. Moving on to Slide number 10. Operating revenues in our Institutional segment increased to $159.7 million versus the prior year, primarily driven by a $101.5 million increase in securities operating revenues compared to the prior year as a result of the 65% increase in average daily volume of securities transactions as well as the increase in interest rates. The increase in securities ADV was driven by an increase in volumes in both equity and fixed income markets. As Sean mentioned earlier, the increase in interest rates also led to a significant increase in securities-related interest expense for the period, which I'll touch on momentarily. Interest and fee income earned on client balances increased $55.2 million versus the prior year as a result of the increase in short-term interest rates as well as a 61% increase in average client equity. The rise in short-term rates drove a $156 million increase in interest expense versus the prior year. Interest expense related to fixed income trading and securities lending activities increased to $117.5 million and $3.4 million, respectively, as compared to the prior year in the immediately preceding quarter, while interest paid to clients increased $32.6 million. Segment income increased 12% to $55.8 million in the current period as a result of the $5.1 million increase in net operating revenues. Fixed compensation and benefits increased $2.2 million versus the prior year as we build on our product offering, while other fixed expenses increased $1 million. Bad debt expense declined $2 million as compared to the prior year period. Moving on to the next slide. Operating revenues in our Retail segment declined $41.4 million versus the prior year, which was primarily driven by a $37.5 million decrease in FX and CFD revenues as a result of a 26% decline in rate per million as well as a 22% decline in FX, CFD, ADV as compared to the prior year. Operating revenues from securities transactions declined $3.6 million. Operating revenues in the retail segment increased to $8.1 million versus the immediately preceding quarter. Segment income declined 89% to $4.8 million in the current period, primarily as a result of the decline in operating revenues. We moved to Retail marketing employees to our central marketing department, which drove the $3.2 million of decline in fixed compensation and benefits. These costs were then allocated back to the retail segment through an allocation process, which partially drove the $5.1 million increase in other fixed expenses as compared to the prior year. In addition, we saw a $900,000 increase in depreciation and amortization, a $600,000 increase in non-technology and support and a $0.5 million increase in travel and business development. Closing out the segment on the next slide, operating revenues in Global Payments increased to $8.8 million versus the prior year, driven by a 16% increase in the average daily volume and a 2% increase in the rate per million as compared to the prior year. Fixed compensation increased $12.7 million as compared to the prior year, primarily driven by the reorganization cost Sean noted earlier as well as incremental hires related to the build-out of our payment offerings. Segment income was $15.9 million in the current period and represents a 33% and 51% declines versus the prior year and immediately preceding quarters, respectively. Moving on to Slide number 13, which shows the transition in operating revenues from the first to the second quarter of last year and into the current period across our operating segments. Overall operating revenues reached $704.4 million in the current period, marking an increase of $159.7 million or 29% compared to the previous year. I have discussed the changes in segment operating revenues, but there was a $3.4 million decline in revenues and unallocated overhead, mainly due to the elimination of central treasury activities between business segments and corporate. The next slide illustrates the transition from the second quarter pretax income of $87.4 million in 2022 to pretax income of $57.5 million in the current period. The negative change of $19.8 million in unallocated overhead was partly due to a $3.4 million drop in revenues, along with a $2.5 million rise in variable compensation and a $12.4 million increase in fixed compensation and benefits, which was influenced by changes in the retail marketing team within the central department. Additionally, we experienced a $4.3 million rise in interest expenses related to corporate funding, a $1.7 million increase in occupancy and equipment rental, and a $1.8 million uptick in non-trading technology and support. These increases were somewhat countered by a $2.6 million reduction in professional fees, an increase in central allocations to the operating segments, especially retail. Finally, moving on to Slide number 15, which detects our interest and fees earned on client balances by quarter as well as a table which shows the annualized interest rate sensitivity for a change in short-term interest rates. The interest and fee income net of interest paid to clients and the effect of interest rate sweeps increased to $43.2 million to $54.6 million in the current period as compared to $11.4 million in the prior year. As noted in the table, we estimate a 100 basis point change in short-term interest rates either up or down would result in a change to net income of $21 million or $1.02 per share on an annualized basis. With that, I would like to turn it back over to Sean.

Thanks, Bill. Let's move to the final slide, Slide number 16. We achieved another set of very good core operating results with moderating market conditions offset by higher interest earnings on our client float. This quarter, we are comparing against a very strong quarter a year ago and also has significant reorganization charges, which should be recovered with lower variable compensation over time. For the quarter, we recorded EPS of $1.95 and an ROE of 13.8%. Adjusting for the reorganization charges, results would have been in line with the first-quarter results, excluding the gain on the CDI acquisition. For the trailing 12 months, we recorded net income of $219.7 million or $10.43 in EPS, equating to a 19.5% ROE on stated book. Our book value is now $60.32 per share, up 21% versus a year ago. When our performances are used through a slightly longer-term lens such as trailing 12 months over the last two years, which evens out quarterly anomalies, our results continue to show a strong upward trajectory, growing revenues at a 28% CAGR and adjusted earnings at a 27% CAGR. While trading conditions moderated towards the end of the quarter, we believe that our growing and diverse business and multiple earning drivers will continue to drive growth and deliver shareholder value. We continue to see strong growth in client trading volumes across asset classes and products as well as segments, which speaks to growth in our underlying client base and client engagement. We continue to invest in our financial ecosystem, expanding our products, capabilities and talent. We have a unique and broad financial ecosystem with a very large addressable market in front of us. Operator, let's see if we have any questions. I'm sure Dan is onto the line.

I want to follow up on the overall environment. You've mentioned higher volumes and lower spreads as key takeaways for the quarter. Considering the end markets and a healthier customer base, it's clear that you're facing tough comparisons given the strong past performance. However, looking deeper, I'm interested in understanding whether the sustainability of current activity levels seems promising. I know you can't predict volumes, but do the trends appear to be holding up reasonably well?

I think we need to break that question into two parts. Regarding revenue capture, we were up against an exceptional quarter from a year ago, so revenue capture was lower compared to that. However, if you look at the last three quarters, there are generally positive signs, whether you examine the VIX or volatility in the metals markets and other areas. Overall, volatility has decreased over the last few quarters. It's likely still somewhat higher compared to 2019, but it's significantly lower than a year ago, indicating a flattening trend. That said, volatility can change rapidly, as we've witnessed with recent banking issues. We might be leveling off, but we could also experience periods of increased volatility. On the volume side, we are seeing continued strong volumes. Depending on the economic conditions that may unfold, we could see a slight moderation. If we enter a highly credit-constrained environment and a recession, it's reasonable to expect that volumes won't grow at the same pace and might decrease a bit. However, it's important to consider the competitive environment as well. We are gaining market share; banks are facing challenges and reassessing their involvement in certain businesses. We continue to attract clients from banks, so even in a more moderated environment, we may still see solid growth from gaining market share. Overall, this seems to be a favorable environment for us, especially with interest rates being high. Taking everything into account, the upcoming three to six quarters appear promising, contingent on how the overall economic conditions evolve. Unless circumstances take a drastic turn for the worse, I believe we will have a good run ahead.

That's helpful. And then I guess just upon one of the areas where you are taking share is fixed income. Can you talk about your offerings, what you're doing there? You've hired some people, you've built this business organically, but thinking about prospectively, are you allocating more dollars, resources to this to continue this trajectory?

I don't think we're increasing our spending on limits or inventory. This business has grown rapidly over the past five years and seems to be stabilizing. We are seeing a significant increase in volume, and we are capturing a lot of market share in this sector. During my recent two-week trip, I noticed that the fixed income team has added about ten new members, many of whom came from struggling competitor firms like Credit Suisse. We're clearly attracting talent and outperforming our competitors, which usually leads to more talent coming our way. The fixed income team has performed exceptionally well. As we have mentioned for a few quarters now, there is a lot of activity in more commoditized products. We have observed increased activity in T-bills and treasuries, and the current turmoil in the banking sector is driving that volume. We are profitable in this area, but the revenue per million capture is lower compared to some of our other products. Nevertheless, we are seeing great results from our fixed income team. I believe we are gaining market share in that area, which is evident in how our clients view us. We are filling the gap left by other banks that are retreating. Overall, we are experiencing significant market share advancements and enhancing our franchise.

Okay, that's helpful. Following up on the reorganization and some of the expenses for the quarter that were mainly related to Global Payments, can you explain why this is happening now? Are we likely to see this impact other areas or segments of the business as you move forward? A bit more context would be appreciated.

It's odd how everything tends to happen in one quarter, despite expectations that it will be different. Many long-standing team members who helped grow our business, and who were well-compensated, have taken a significant portion of their pay in stock. Many of them are reaching retirement age, and after a challenging three years during COVID, it seems some have begun to consider retirement. We need to start planning for transitions, which is what occurred. Overall, we feel confident as we have a strong team in place. These individuals have done an excellent job and contributed to building a solid team under them. However, at some point, people want to explore other opportunities. When that happens, especially with those holding significant stock, we generally reinvest their stock upon retirement because they have contributed to our success, resulting in an immediate financial impact. Recently, in our precious metals business, our senior leader who managed the entire metals division transitioned out, but we have a capable successor ready to step in. This has been in preparation for nearly two years. Additionally, the leader of our precious metals operations in Asia and the head of our Global Payments business also decided to move on around the same time. We have young, talented people prepared to take over those roles, and I feel confident about that. However, there are costs associated with these changes. Those costs will be recouped as we have adjusted our variable compensation structures. Initially, senior staff utilized a significant portion of the variable comp pool, but we've worked to optimize that. I believe we now have a more streamlined compensation structure moving forward, allowing us to recover these costs rapidly and benefit in the long term. That's the situation, Dan.

That's helpful. In light of all the disruption occurring, is mergers and acquisitions becoming a higher priority for you as you identify potential businesses or carve-outs from other firms that may not be performing well but appear more attractive now?

I would say we haven't really seen that yet. But definitely, what we are seeing is a pickup in talent coming over, which for us is a little bit the same thing, right? In some ways, if you can pick up a team and we just picked up a team of five fixed income traders, a very competent team, well known in the market. When they come across and generally speaking, can bring their clients with them, that's almost better than us making an acquisition at some level, right, because we don't have to pay for it. And we get a bunch of guys who come over, bring their business with them and sort of fit in seamlessly to our culture. So we're seeing a lot of that happening at the moment, which, in some ways, I think, is a better and low-risk way to grow our business, and I think we're going to see more of that. There are obviously a lot of people out of Credit Suisse and other people looking. So I think it's a good environment for us to pick up talent. I think clients are also looking where to move to. So there's a good opportunity to pick up clients. So we're seeing that kind of, I guess, opportunity rather than acquisitions. But I think you're right, at some point, there are going to be some acquisitions. I think this is a tough environment for some people in the financial markets. I mean it's great for us, but some people are struggling and there should be some opportunities. But nothing I can say we're looking at seriously at the moment. Are there any other questions?

Our first question comes from Daniel Fannon from Jefferies LLC.

Okay. It looks like we don't have any questions. So I'd like to thank everyone for joining us on the call. I'd like to thank all the great team members of StoneX for another great performance this quarter, and we look forward to speaking to all of you in three months' time. Thanks so much.

This does conclude the program. You may now disconnect. Thank you.