Interactive Brokers reports upbeat brokerage metrics, appoints Rich Repetto

Rick Steves

“Mr. Repetto’s extensive knowledge and understanding of the electronic investing and trading industry brings an important perspective to the Board, and we look forward to benefiting from his insights.”

Interactive Brokers has appointed Rich Repetto as an independent director, effective January 1, 2024.

Rich Repetto, a renowned research analyst with over 25 years of experience, retired in June 2023 as Managing Director and Senior Research Analyst at Piper Sandler.

His accolades include the Financial Times/StarMine “Analyst of the Year” Award in 2010 and “Global Analyst of the Year” from the Financial Times in 2012.

Rich Repetto was pivotal in Lehman Brothers’ e-trading services

Repetto served as a Principal at Sandler O’Neill for around 20 years and was a Managing Director and analyst with Putnam Lovell NBF.

He also worked for Lehman Brothers, from 1997 to 2000, and played a pivotal role in founding the company’s coverage of the Internet financial services sector.

Repetto, a US Army veteran and helicopter pilot, holds a BS in general engineering from the United States Military Academy at West Point and an MBA in finance from the Wharton School of the University of Pennsylvania.

“We are pleased to announce the appointment of Rich to the Board of Directors following his distinguished career where he pioneered the research of electronic brokers and exchanges,” said Thomas Peterffy, Founder and Chairman of Interactive Brokers. “Mr. Repetto’s extensive knowledge and understanding of the electronic investing and trading industry brings an important perspective to the Board, and we look forward to benefiting from his insights.”

Interactive Brokers Group, Inc. and its affiliates provide automated trade execution and custody of securities, commodities, and foreign exchange across 150 markets globally. The company serves a diverse clientele, including individual investors, hedge funds, and financial advisors.

IBKR reports 13% (YoY) increase in DARTs

IBKR also reported its Electronic Brokerage monthly performance metrics for December, showcasing strong figures and positive growth:

  • 1.972 million Daily Average Revenue Trades (DARTs), a 13% increase from the prior year and 4% higher than the previous month.
  • Ending client equity reached $426.0 billion, reflecting a substantial 39% growth from the prior year and a 5% increase from the prior month.
  • Client margin loan balances stood at $44.4 billion, marking a 14% rise from the prior year and a 5% increase from the prior month.
  • Client credit balances, including insured bank deposit sweeps, totaled $104.5 billion, showing a notable 10% increase from the prior year and a 3% rise from the prior month.
  • The number of client accounts reached 2.56 million, marking a 23% increase from the prior year and a 2% increase from the prior month.
  • The annualized average cleared DARTs per client account were 172.
  • The average commission per cleared Commissionable Order, including exchange, clearing, and regulatory fees, was $3.17.
    Key product metrics for December 2023 include:

Stocks: 1,074 shares with an average commission per cleared Commissionable Order of $2.02.
Equity Options: 7.1 contracts with an average commission per cleared Commissionable Order of $4.36.
Futures: 3.3 contracts with an average commission per cleared Commissionable Order of $4.86 (including options on futures).
Other financial highlights include a mark-to-market loss of $0.3 million on the U.S. government securities portfolio for the quarter and a gain of $8.4 million for the year ended December 31st.

The value of the GLOBAL, reported in U.S. dollars, increased by 0.47% in December and 0.41% for the year ended December 31st.

For IBKR PRO clients, the average U.S. Reg-NMS stock trade was $22,859 in December. The total cost of executing and clearing U.S. Reg.-NMS stocks through IB was approximately 2.4 basis points of trade money in December, as measured against a daily VWAP benchmark, with a net cost of 2.5 basis points for the rolling twelve months.

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