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Interactive Brokers Group Reports Brokerage Metrics for April 2016, includes Reg.-NMS Execution Statistics

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

Highlights for the month included:

  • 662 thousand Daily Average Revenue Trades (DARTs), 5% higher than prior year and 1% higher than prior month.
  • Ending client equity of $71.8 billion, 10% higher than prior year and 2% higher than prior month.
  • Ending client margin loan balances of $15.6 billion, 17% lower than prior year and 4% higher than prior month.
  • Ending client credit balances of $38.5 billion, 15% higher than prior year and 2% higher than prior month.
  • 349 thousand client accounts, 15% higher than prior year and 1% higher than prior month.
  • 444 annualized average cleared DARTs per client account.
  • Average commission per cleared client order of $3.80 including exchange, clearing and regulatory fees. Key products:
April 2016   Average Commission per       Average
    Cleared Client Order       Order Size
Stocks   $2.14       1,733 shares
Equity Options   $5.69       8.3 contracts
Futures   $6.00       3.4 contracts
             

Futures include options on futures. We estimate exchange, clearing and regulatory fees to be 57% of the futures commissions.

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

  • In April, clients’ total cost of executing and clearing U.S. Reg.-NMS stocks through IB was 0.4 basis points of trade money1, as measured against a daily VWAP2 benchmark (0.6 basis point for the rolling twelve months).
Interactive Brokers Clients' Reg.-NMS Stock Trading Expense Detail
All amounts are in millions, except %
                                                     
                                                    Previous
    May '15   Jun '15   Jul '15   Aug '15   Sep '15   Oct '15   Nov '15   Dec '15   Jan '16   Feb '16   Mar '16   Apr '16   12 Months
#1a - Number of orders
Buys   1.97   2.01   2.20   2.31   2.08   2.29   1.93   2.03   2.27   2.25   2.18   2.09   25.68
Sells   1.86   1.89   2.10   2.27   1.97   2.19   1.79   1.91   2.15   2.13   2.07   1.98   24.37
Total   3.83   3.90   4.30   4.58   4.05   4.48   3.72   3.94   4.42   4.38   4.25   4.07   50.05
                                                     
#1b - Number of shares purchased or sold
Shares bought   1,136   1,172   1,303   1,432   1,190   1,252   1,144   1,276   1,434   1,422   1,405   1,257   15,346
Shares sold   1,098   1,161   1,281   1,484   1,191   1,227   1,089   1,240   1,465   1,420   1,385   1,256   15,211
Total   2,234   2,333   2,584   2,916   2,381   2,479   2,233   2,516   2,899   2,842   2,790   2,513   30,557
                                                     
#2 - Trade money including price, commissions and fees
2a Buy money   $49,583   $49,371   $58,413   $63,316   $54,503   $57,085   $44,082   $48,552   $54,502   $48,708   $44,510   $41,354   $622,545
2b Sell money   $48,428   $49,287   $58,319   $65,756   $53,890   $56,526   $43,093   $47,724   $55,194   $49,340   $43,623   $41,052   $620,905
2c Total   $98,011   $98,658   $116,732   $129,072   $108,393   $113,611   $87,175   $96,276   $109,696   $98,048   $88,133   $82,406   $1,243,450
                                                     
#3 - Trade value at Daily VWAP
3a Buy value   $49,570   $49,356   $58,382   $63,303   $54,477   $57,064   $44,069   $48,533   $54,486   $48,703   $44,506   $41,357   $622,362
3b Sell value   $48,422   $49,277   $58,301   $65,767   $53,875   $56,492   $43,085   $47,718   $55,180   $49,341   $43,624   $41,058   $620,802
3c Total   $97,992   $98,633   $116,683   $129,070   $108,352   $113,556   $87,154   $96,251   $109,666   $98,044   $88,130   $82,415   $1,243,164
                                                     
#4 - Total trade expense, including commissions and fees, relative to Daily VWAP                    
4a Buys (2a-3a)   $13.1   $14.7   $30.8   $12.8   $25.5   $21.3   $12.8   $19.1   $15.7   $4.8   $3.8   ($3.3)   $181.3
4b Sells (3b-2b)   ($5.4)   ($9.8)   ($17.6)   $11.0   ($15.2)   ($33.6)   ($8.0)   ($6.3)   ($13.9)   $0.7   $1.5   $6.2   ($101.3)
4c Total trade expense   $7.7   $4.9   $13.2   $23.8   $10.3   ($12.3)   $4.8   $12.8   $1.8   $5.5   $5.3   $2.9   $80.0
                                                     
Trade expense as percentage of trade money
4c/2c   0.008%   0.005%   0.011%   0.018%   0.010%   -0.011%   0.006%   0.013%   0.002%   0.006%   0.006%   0.004%   0.006%
                                                     
#5 - Trade expense categories
5a Total commissions & fees   $9.3   $9.6   $10.5   $11.7   $9.6   $10.0   $9.0   $9.8   $11.5   $11.3   $11.1   $10.0   $123.2
5b Execution cost (4c-5a)   ($1.6)   ($4.7)   $2.7   $12.1   $0.7   ($22.3)   ($4.2)   $3.0   ($9.7)   ($5.8)   ($5.8)   ($7.1)   ($43.2)
                                                     
#6 - Trade expense categories as percentage of trade money
Total commissions & fees (5a/2c)   0.010%   0.010%   0.009%   0.009%   0.009%   0.009%   0.011%   0.010%   0.011%   0.012%   0.013%   0.013%   0.009%
Execution cost (5b/2c)   -0.002%   -0.005%   0.002%   0.009%   0.001%   -0.020%   -0.005%   0.003%   -0.009%   -0.006%   -0.007%   -0.009%   -0.003%
Net Expense to IB Clients   0.008%   0.005%   0.011%   0.018%   0.010%   -0.011%   0.006%   0.013%   0.002%   0.006%   0.006%   0.004%   0.006%
                                                     

The above illustrates that the rolling twelve months’ average all-in cost of a client U.S. Reg.-NMS stock trade was 0.6 basis point.

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.

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.