Interactive Brokers hires Michael McClain for Client Operations, NA

Rick Steves

Michael McClain joins Interactive Brokers from the Depository Trust & Clearing Corporation (DTCC), where he was the Managing Director and General Manager of Equities Clearing Business, specializing in post-trade market infrastructure for the global financial services industry.

Michael McClain has joined as Director of Client Operations, North America, at Interactive Brokers Group, reporting directly to CEO Milan Galik.

Based in IBKR’s Chicago office, Mr. McClain will focus on the end-to-end strategy for scaling client services as he replaces Andy Naughton, who is retiring.

Michael McClain joins Interactive Brokers from the Depository Trust & Clearing Corporation (DTCC), where he was the Managing Director and General Manager of Equities Clearing Business, specializing in post-trade market infrastructure for the global financial services industry.

At the DTCC, he managed equity clearing activities for trades executed on the major U.S. exchanges and other equity trading venues. Mr. McClain’s career also includes 15 years at the Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization, where he held multiple positions.

Milan Galik, Interactive Brokers CEO, commented: “We are very fortunate to have someone as capable as Mike assume Andy’s vast range of responsibilities. Mike is eager to take on the challenge of enhancing our service during a period of explosive growth in a client base ranging from active and professional traders to the casual investors who understand the importance of high quality trade execution and low margin rates.”

Andy leaves after 15 years at Interactive Brokers. He was instrumental in building Client Operations capabilities. “We are grateful for his important contributions to the business, for his tireless devotion to our mission, and for his friendship. We wish Andy well in his retirement”, the firm said in a statement.

The automated global electronic broker has recently reported net revenues of $893 million and income before income taxes at $639 million for Q1 2021, compared to net revenues of $532 million and income before income taxes of $308 million for the same period in 2020.

Adjusted net revenues were $796 million and adjusted income before income taxes was $542 million for this quarter, compared to
adjusted net revenues of $581 million and adjusted income before income taxes of $357 million for the same period in
2020.

Interactive Brokers reported 53% growth in commission revenue, increasing $143 million as customer trading volumes skyrocketed. Net interest income increased $49 million, or 19%, from the year-ago quarter on strong securities lending activity, tempered by a decrease in the average Federal Funds effective rate to 0.08% from 1.25% in the year-ago quarter, which reduced earnings on segregated customer cash and margin lending.

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