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Interactive Brokers Lower as It Reports Outages

Interactive Brokers reported system outages and later said many services had been restored.
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Shares of Interactive Brokers Group  (IBKR) - Get Interactive Brokers Group, Inc. Class A Report fell on Monday after the electronic brokerage firm said that it experienced "a significant failure" in multiple sections of its data storage system. 

The Greenwich, Conn., company in a statement apologized to its clients while saying, "Many services have already been restored and the remaining services are expected to be available promptly."

Interactive's stock at last check eased 1% to $54.51. The stock has risen nearly 40% off its March lows. 

"Based on the current situation, we expect a prompt recovery, and will, of course, keep interested parties informed in a timely manner," the company said, according to Reuters. 

Last month, the company reported having nearly 2.3 billion daily average revenue trades, which was a 30% increase from the month prior. Interactive reported 1,037 client accounts with equity of $268.7 billion, a 16% increase over the previous four weeks. 

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Interactive Brokers in October reported third-quarter net revenue of $548 million, compared with revenue $466 million a year earlier. Commission revenue rose 49% year over year. 

Last week Interactive Brokers said it had signed a deal to acquire Folio Investments' self-directed retail brokerage segment from Goldman Sachs,  (GS) - Get Goldman Sachs Group, Inc. Report which purchased Folio in September.

With the purchase, Interactive could add the about 70,000 current Folio self-directed clients to its own client list. 

In March, fellow digital brokerage Robinhood experienced a two-day outage following a platform crash.