Interactive Brokers Group, Inc. (NASDAQ GS:IBKR) an automated global electronic broker and market maker, today reported its Electronic Brokerage monthly performance metrics for March.

Highlights for the month included:
  • 636 thousand Daily Average Revenue Trades (DARTs), 9% higher than prior year and unchanged from prior month.
  • Ending client equity of $61.2 billion, 25% higher than prior year and 1% higher than prior month.
  • Ending client margin loan balances of $17.3 billion, 20% higher than prior year and 4% higher than prior month.
  • Ending client credit balances of $31.8 billion, 19% higher than prior year and 1% higher than prior month.
  • 296 thousand client accounts, 18% higher than prior year and 2% higher than prior month.
  • 496 annualized average cleared DARTs per client account.
  • Average commission per cleared client order of $3.96 including exchange, clearing and regulatory fees. Key products:
       
March 2015 Average Commission per Average
Cleared Client Order Order Size
Stocks $2.33 1,846 shares
Equity Options $5.85 9.3 contracts
Futures $6.79 3.9 contracts
 

Futures include options on futures. We estimate exchange, clearing and regulatory fees to be 58% of the futures commissions.

In the interest of transparency, we quantify our clients' all-in cost of trade execution below.

For the full multimedia release with graph see link:

https://www.interactivebrokers.com/MonthlyMetrics
  • In March, clients' total cost of executing and clearing U.S. Reg.-NMS stocks through IB was 1.4 basis points of trade money1, as measured against a daily VWAP2 benchmark (1.0 basis points for the rolling twelve months).
 
Interactive Brokers Clients' Reg.-NMS Stock Trading Expense Detail
All amounts are in millions, except %
                          Previous
Apr '14 May '14 Jun '14 Jul '14 Aug '14 Sep '14 Oct '14 Nov '14 Dec '14 Jan '15 Feb '15 Mar '15 12 Months
#1a - Number of orders
Buys 1.83 1.62 1.61 1.76 1.57 1.88 2.32 1.63 1.93 1.99 1.88 2.18 22.20
Sells 1.73   1.55   1.49   1.62   1.47   1.71   2.22   1.49   1.79   1.83   1.76   2.02   20.68
Total 3.56 3.17 3.10 3.38 3.04 3.59 4.54 3.12 3.72 3.82 3.64 4.20 42.88
 
#1b - Number of shares purchased or sold
Shares bought 1,034 970 958 1,038 924 1,119 1,499 970 1,218 1,196 1,090 1,288 13,304
Shares sold 1,006   956   928   1,031   904   1,080   1,529   929   1,213   1,180   1,070   1,269   13,095
Total 2,040 1,926 1,886 2,069 1,828 2,199 3,028 1,899 2,431 2,376 2,160 2,557 26,399
 
#2 - Trade money including price, commissions and fees
2a Buy money $44,679 $36,818 $36,765 $40,794 $35,478 $42,991 $58,523 $35,855 $48,290 $55,913 $49,735 $64,756 $550,597
2b Sell money $44,684   $36,537   $35,054   $39,940   $35,437   $41,693   $59,611   $34,281   $48,846   $55,478   $49,200   $64,675   $545,436
2c Total $89,363 $73,355 $71,819 $80,734 $70,915 $84,684 $118,134 $70,136 $97,136 $111,391 $98,935 $129,431 $1,096,033
 
#3 - Trade value at Daily VWAP
3a Buy value $44,669 $36,815 $36,766 $40,778 $35,472 $42,984 $58,541 $35,849 $48,280 $55,881 $49,720 $64,736 $550,491
3b Sell value $44,673   $36,543   $35,064   $39,937   $35,443   $41,694   $59,631   $34,290   $48,846   $55,452   $49,197   $64,674   $545,444
3c Total $89,342 $73,358 $71,830 $80,715 $70,915 $84,678 $118,172 $70,139 $97,126 $111,333 $98,917 $129,410 $1,095,935
 
#4 - Total trade expense, including commissions and fees, relative to Daily VWAP
4a Buys (2a-3a) $10.1 $3.4 ($0.9) $16.0 $5.9 $6.4 ($17.7) $5.7 $9.9 $32.2 $14.3 $19.4 $104.7
4b Sells (3b-2b) ($11.2)   $5.3   $9.7   ($3.7)   $6.6   $1.0   $20.7   $8.2   ($0.1)   ($25.2)   ($2.5)   ($1.2)   $7.6
4c Total trade expense ($1.1) $8.7 $8.8 $12.3 $12.5 $7.4 $3.0 $13.9 $9.8 $7.0 $11.8 $18.2 $112.3
 
Trade expense as percentage of trade money
4c/2c -0.001% 0.012% 0.012% 0.015% 0.018% 0.009% 0.003% 0.020% 0.010% 0.006% 0.012% 0.014% 0.010%
 
#5 - Trade expense categories
5a Total commissions & fees $9.3 $8.0 $8.1 $9.0 $8.2 $9.6 $13.2 $8.6 $10.5 $10.3 $9.1 $10.4 $114.3
5b Execution cost (4c-5a) ($10.4) $0.6 $0.7 $3.4 $4.3 ($2.2) ($10.2) $5.3 ($0.7) ($3.3) $2.7 $7.8 ($2.0)
 
#6 - Trade expense categories as percentage of trade money
Total commissions & fees (5a/2c) 0.010% 0.011% 0.011% 0.011% 0.012% 0.012% 0.012% 0.012% 0.011% 0.009% 0.009% 0.008% 0.010%
Execution cost (5b/2c) -0.011%   0.001%   0.001%   0.004%   0.006%   -0.003%   -0.009%   0.008%   -0.001%   -0.003%   0.003%   0.006%   0.000%
Net Expense to IB Clients -0.001% 0.012% 0.012% 0.015% 0.018% 0.009% 0.003% 0.020% 0.010% 0.006% 0.012% 0.014% 0.010%
 

The above illustrates that the rolling twelve months' average all-in cost of a client U.S. Reg.-NMS stock trade was 1.0 basis points.

Additional information for our shareholders:

  • As originally reported on January 16, 2015, due to the sudden move in the value of the Swiss franc that followed an unprecedented action by the Swiss National Bank, several of the Company's customers who held currency futures and spot positions suffered losses in excess of their deposits with the Company. We will recognize a total net loss from this event of $120 million, consistent with our original estimate.
  • In relation to our corporate level currency translation effects, the net decrease in the value of the GLOBAL for the quarter ended March 31, 2015 was 3.8%3.

_________________

Note 1: Trade money is the total amount of money clients spent or received, including all commissions and fees.

Note 2: Consistent with the clients' trading activity, the computed VWAP benchmark includes extended trading hours.

Note 3: In connection with our currency diversification strategy, we have determined to base our Group net worth in GLOBALs, a basket of 16 major currencies in which we hold our Group equity. Increases and decreases in the U.S. dollar value of the GLOBAL produce translation gains and losses, respectively, as reported in U.S. dollars. These gains and losses are reported in the corporate segment in our quarterly and annual consolidated financial statements. Our consolidated Group equity at December 31, 2014 was $5.18 billion.

More information, including historical results for each of the above metrics, can be found on the investor relations page of the Company's corporate web site, www.interactivebrokers.com/ir.

About Interactive Brokers Group, Inc.:

Interactive Brokers Group, Inc., together with its subsidiaries, is an automated global electronic broker that specializes in catering to financial professionals by offering state-of-the-art trading technology, superior execution capabilities, worldwide electronic access, and sophisticated risk management tools at exceptionally low costs. The brokerage trading platform utilizes the same innovative technology as the Company's market making business, which executes and processes trades in securities, futures and foreign exchange instruments on more than 100 electronic exchanges and trading venues around the world. As a market maker, we provide liquidity at these marketplaces and, as a broker, we provide professional traders and investors with electronic access to stocks, options, futures, forex, bonds and mutual funds from a single IB Universal Account SM. Employing proprietary software on a global communications network, Interactive Brokers Group continuously integrates its software with a growing number of exchanges and trading venues into one automatically functioning, computerized platform that requires minimal human intervention.

Cautionary Note Regarding Forward-Looking Statements:

The foregoing information contains certain forward-looking statements that reflect the company's current views with respect to certain current and future events and financial performance. These forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the company's operations and business environment which may cause the company's actual results to be materially different from any future results, expressed or implied, in these forward-looking statements. Any forward-looking statements in this release are based upon information available to the company on the date of this release. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any statements expressed or implied therein will not be realized. Additional information on risk factors that could potentially affect the company's financial results may be found in the company's filings with the Securities and Exchange Commission.

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