Delaware
|
001-33440
|
30-0390693
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d)
|
Exhibits.
|
99.1
|
Press Release dated January 15, 2013.
|
INTERACTIVE BROKERS GROUP, INC.
|
||
By:
|
/s/Paul J. Brody
|
|
Name:
|
Paul J. Brody
|
|
Title:
|
Chief Financial Officer, Treasurer
and Secretary
|
99.1
|
Press Release dated January 15, 2013.
|
·
|
47% pretax profit margin for 2012.
|
·
|
51% Electronic Brokerage pretax profit margin for 2012.
|
·
|
41% Market Making pretax profit margin for 2012.
|
·
|
Customer equity grew 31% from 2011 to $32.9 billion and customer accounts increased 11%.
|
·
|
Cleared DARTs decreased 6% from 2011 to 384,000.
|
(1)
|
Daily average revenue trades (DARTs) are based on customer orders.
|
(2)
|
Accounting Standards Update 2011-05, Comprehensive Income.
|
TRADE VOLUMES:
|
|||||||||
(in 000's, except %)
|
Brokerage
|
||||||||
Market
|
Brokerage
|
Non
|
Avg. Trades
|
||||||
Making
|
%
|
Cleared
|
%
|
Cleared
|
%
|
Total
|
%
|
per U.S.
|
|
Period
|
Trades
|
Change
|
Trades
|
Change
|
Trades
|
Change
|
Trades
|
Change
|
Trading Day
|
2008
|
101,672
|
120,195
|
16,966
|
238,833
|
944
|
||||
2009
|
93,550
|
-8%
|
127,338
|
6%
|
13,636
|
-20%
|
234,524
|
-2%
|
934
|
2010
|
75,169
|
-20%
|
133,658
|
5%
|
18,732
|
37%
|
227,559
|
-3%
|
905
|
2011
|
63,602
|
-15%
|
160,567
|
20%
|
19,187
|
2%
|
243,356
|
7%
|
968
|
2012
|
60,421
|
-5%
|
150,000
|
-7%
|
16,118
|
-16%
|
226,540
|
-7%
|
904
|
4Q2011
|
15,093
|
39,554
|
5,432
|
60,079
|
961
|
||||
4Q2012
|
14,477
|
-4%
|
37,300
|
-6%
|
3,532
|
-35%
|
55,309
|
-8%
|
878
|
CONTRACT AND SHARE VOLUMES:
|
|||||||||
(in 000's, except %)
|
|||||||||
TOTAL
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
|||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
|||
2008
|
757,732
|
108,984
|
55,845,428
|
||||||
2009
|
643,380
|
-15%
|
82,345
|
-24%
|
75,449,891
|
35%
|
|||
2010
|
678,856
|
6%
|
96,193
|
17%
|
84,469,874
|
12%
|
|||
2011
|
789,370
|
16%
|
106,640
|
11%
|
77,730,974
|
-8%
|
|||
2012
|
698,140
|
-12%
|
98,801
|
-7%
|
65,872,960
|
-15%
|
|||
4Q2011
|
203,566
|
26,655
|
16,012,605
|
||||||
4Q2012
|
159,048
|
-22%
|
25,591
|
-4%
|
17,278,459
|
8%
|
|||
MARKET MAKING
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
|||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
|||
2008 **
|
514,629
|
21,544
|
26,008,433
|
||||||
2009 **
|
428,810
|
-17%
|
15,122
|
-30%
|
26,205,229
|
1%
|
|||
2010 **
|
435,184
|
1%
|
15,371
|
2%
|
19,165,000
|
-27%
|
|||
2011 **
|
503,053
|
16%
|
15,519
|
1%
|
11,788,769
|
-38%
|
|||
2012 **
|
457,384
|
-9%
|
12,660
|
-18%
|
9,339,465
|
-21%
|
|||
4Q2011 **
|
135,559
|
3,672
|
2,687,537
|
||||||
4Q2012 **
|
102,703
|
-24%
|
3,203
|
-13%
|
2,361,442
|
-12%
|
|||
BROKERAGE TOTAL
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
|||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
|||
2008
|
243,103
|
87,440
|
29,836,995
|
||||||
2009
|
214,570
|
-12%
|
67,223
|
-23%
|
49,244,662
|
65%
|
|||
2010
|
243,672
|
14%
|
80,822
|
20%
|
65,304,874
|
33%
|
|||
2011
|
286,317
|
18%
|
91,121
|
13%
|
65,942,205
|
1%
|
|||
2012
|
240,756
|
-16%
|
86,141
|
-5%
|
56,533,495
|
-14%
|
|||
4Q2011
|
68,007
|
22,983
|
13,325,068
|
||||||
4Q2012
|
56,345
|
-17%
|
22,388
|
-3%
|
14,917,017
|
12%
|
|||
* Includes options on futures
|
|||||||||
** In Brazil, an equity option contract typically represents 1 share of the underlying stock; however, the typical minimum
|
|||||||||
trading quantity is 100 contracts. To make a fair comparison to volume at other exchanges, we have adopted a policy
|
|||||||||
of reporting Brazilian equity options contracts divided by their trading quantity of 100.
|
BROKERAGE CLEARED
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
|
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
|
2008
|
77,207
|
85,599
|
26,334,752
|
||||
2009
|
93,868
|
22%
|
66,241
|
-23%
|
46,627,344
|
77%
|
|
2010
|
103,054
|
10%
|
79,144
|
19%
|
62,077,741
|
33%
|
|
2011
|
145,993
|
42%
|
89,610
|
13%
|
63,098,072
|
2%
|
|
2012
|
144,539
|
-1%
|
84,794
|
-5%
|
54,371,351
|
-14%
|
|
4Q2011
|
32,960
|
22,587
|
12,556,217
|
||||
4Q2012
|
36,602
|
11%
|
21,952
|
-3%
|
14,348,785
|
14%
|
|
* Includes options on futures
|
BROKERAGE STATISTICS
|
|||
(in 000's, except % and where noted)
|
|||
4Q2012
|
4Q2011
|
% Change
|
|
Total Accounts
|
210
|
189
|
11%
|
Customer Equity (in billions) *
|
$32.9
|
$25.1
|
31%
|
Cleared DARTs
|
378
|
412
|
-8%
|
Total Customer DARTs
|
407
|
447
|
-9%
|
Cleared Customers (in $'s, except DART per account)
|
|||
Commission per DART
|
$4.24
|
$4.07
|
4%
|
DART per Avg. Account (Annualized)
|
457
|
556
|
-18%
|
Net Revenue per Avg. Account (Annualized)
|
$3,233
|
$3,435
|
-6%
|
* Excludes non-customers
|
Three Months
|
Twelve Months
|
|||||||||||
Ended December 31,
|
Ended December 31,
|
|||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||
(in millions)
|
||||||||||||
Electronic Brokerage
|
Net revenues
|
$172.1
|
$166.4
|
$670.4
|
$691.5
|
|||||||
Non-interest expenses
|
84.8
|
80.7
|
328.7
|
321.2
|
||||||||
Income (loss) before income taxes
|
$87.3
|
$85.7
|
$341.7
|
$370.3
|
||||||||
Pre-tax profit margin
|
51
|
% |
52
|
% |
51
|
% |
54
|
% | ||||
Market Making
|
Net revenues
|
$71.8
|
$166.1
|
$459.6
|
$698.5
|
|||||||
Non-interest expenses
|
63.4
|
75.3
|
271.0
|
285.3
|
||||||||
Income (loss) before income taxes
|
$8.4
|
$90.8
|
$188.6
|
$413.2
|
||||||||
Pre-tax profit margin
|
12
|
% |
55
|
% |
41
|
% |
59
|
% | ||||
Corporate*
|
Net revenues
|
$3.2
|
($24.6
|
) |
$0.5
|
($31.7
|
) | |||||
Non-interest expenses
|
2.7
|
(0.3
|
) |
3.8
|
10.7
|
|||||||
Income (loss) before income taxes
|
$0.5
|
($24.3
|
) |
($3.3
|
) |
($42.4
|
) | |||||
Total
|
Net revenues
|
$247.1
|
$307.9
|
$1,130.5
|
$1,358.3
|
|||||||
Non-interest expenses
|
150.9
|
155.7
|
603.5
|
617.2
|
||||||||
Income (loss) before income taxes
|
$96.2
|
$152.2
|
$527.0
|
$741.1
|
||||||||
Pre-tax profit margin
|
39
|
% |
49
|
% |
47
|
% |
55
|
% | ||||
* Corporate includes corporate related activities as well as inter-segment eliminations.
|
Three Months
|
Twelve Months
|
||||||||||||
Ended December 31,
|
Ended December 31,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||
(in millions, except share and per share data)
|
|||||||||||||
Revenues:
|
|||||||||||||
Trading gains
|
$63.1
|
$150.5
|
$435.1
|
$665.2
|
|||||||||
Commissions and execution fees
|
103.1
|
109.9
|
412.6
|
456.2
|
|||||||||
Interest income
|
67.8
|
68.4
|
268.4
|
280.2
|
|||||||||
Other income
|
25.6
|
(0.1
|
) |
76.4
|
43.0
|
||||||||
Total revenues
|
259.6
|
328.7
|
1,192.5
|
1,444.6
|
|||||||||
Interest expense
|
12.5
|
20.8
|
62.0
|
86.3
|
|||||||||
Total net revenues
|
247.1
|
307.9
|
1,130.5
|
1,358.3
|
|||||||||
Non-interest expenses:
|
|||||||||||||
Execution and clearing
|
58.5
|
66.9
|
251.0
|
281.3
|
|||||||||
Employee compensation and benefits
|
64.3
|
55.1
|
244.5
|
216.3
|
|||||||||
Occupancy, depreciation and amortization
|
9.9
|
9.8
|
38.8
|
37.1
|
|||||||||
Communications
|
6.1
|
5.8
|
23.3
|
23.6
|
|||||||||
General and administrative
|
12.1
|
18.1
|
45.9
|
58.9
|
|||||||||
Total non-interest expenses
|
150.9
|
155.7
|
603.5
|
617.2
|
|||||||||
Income before income taxes
|
96.2
|
152.2
|
527.0
|
741.1
|
|||||||||
Income tax expense
|
(4.4
|
) |
7.4
|
30.0
|
53.9
|
||||||||
Net income
|
100.6
|
144.8
|
497.0
|
687.2
|
|||||||||
Net income attributable to noncontrolling interests
|
91.5
|
131.2
|
456.3
|
625.3
|
|||||||||
Net income (loss) attributable to common stockholders
|
$9.1
|
$13.6
|
$40.7
|
$61.9
|
|||||||||
Earnings (loss) per share :
|
|||||||||||||
Basic
|
$0.19
|
$0.29
|
$0.89
|
$1.39
|
|||||||||
Diluted
|
$0.19
|
$0.29
|
$0.89
|
$1.37
|
|||||||||
Weighted average common shares outstanding:
|
|||||||||||||
Basic
|
47,489,141
|
45,569,269
|
46,814,676
|
43,924,554
|
|||||||||
Diluted
|
47,680,329
|
45,944,562
|
47,070,522
|
44,364,902
|
|||||||||
Comprehensive income:
|
|||||||||||||
Net income (loss) attributable to common stockholders
|
$9.1
|
$13.6
|
$40.7
|
$61.9
|
|||||||||
Other comprehensive income:
|
|||||||||||||
Cumulative translation adjustment, before income taxes
|
0.9
|
(2.4
|
) |
2.2
|
(4.5
|
) | |||||||
Income taxes related to items of other comprehensive income
|
0.3
|
(1.0
|
) |
0.8
|
(1.8
|
) | |||||||
Other comprehensive income (loss), net of tax
|
0.6
|
(1.4
|
) |
1.4
|
(2.7
|
) | |||||||
Comprehensive income (loss) attributable to common stockholders
|
$9.7
|
$12.2
|
$42.1
|
$59.2
|
|||||||||
Comprehensive income attributable to noncontrolling interests:
|
|||||||||||||
Net income attributable to noncontrolling interests
|
91.5
|
$131.2
|
$456.3
|
$625.3
|
|||||||||
Other comprehensive income (loss) - cumulative translation adjustment
|
7.1
|
(18.6
|
) |
17.0
|
(27.8
|
) | |||||||
Comprehensive income attributable to noncontrolling interests
|
$98.6
|
$112.6
|
$473.3
|
$597.5
|
December 31, 2012
|
|
December 31, 2011
|
|||
(in millions)
|
|||||
Assets
|
|||||
Cash and cash equivalents
|
$1,614.6
|
$1,695.5
|
|||
Cash and securities - segregated for regulatory purposes
|
12,482.4
|
10,069.9
|
|||
Securities purchased under agreements to resell
|
428.9
|
375.4
|
|||
Securities borrowed
|
2,837.3
|
2,661.7
|
|||
Trading assets, at fair value
|
4,518.3
|
6,615.1
|
|||
Receivables from customers, net of allowance
|
9,851.0
|
7,024.8
|
|||
Receivables from brokers, dealers and clearing organizations
|
872.3
|
1,397.8
|
|||
Other assets
|
596.1
|
564.2
|
|||
Total assets
|
$33,200.9
|
$30,404.4
|
|||
Liabilities and equity
|
|||||
Liabilities
|
|||||
Trading liabilities - financial instruments sold but not yet purchased, at fair value
|
$4,286.3
|
$6,156.1
|
|||
Securities loaned
|
1,840.6
|
1,386.1
|
|||
Short-term borrowings
|
110.4
|
6.5
|
|||
Other payables:
|
|||||
Customers
|
21,422.0
|
17,300.1
|
|||
Brokers, dealers and clearing organizations
|
361.8
|
247.4
|
|||
Other payables
|
376.5
|
394.9
|
|||
22,160.3
|
17,942.4
|
||||
Senior notes payable and senior secured credit facility
|
0.0
|
101.4
|
|||
Reedeemable noncontrolling interests
|
0.0
|
5,269.6
|
|||
Equity
|
|||||
Stockholders' equity
|
588.7
|
(457.7
|
) | ||
Noncontrolling interests
|
4,214.6
|
0.0
|
|||
Total equity
|
4,803.3
|
(457.7
|
) | ||
Total liabilities and equity
|
$33,200.9
|
$30,404.4
|
Three Months
|
Twelve Months
|
||||||||||
Ended December 31,
|
Ended December 31,
|
||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
(in millions, except share and per share data)
|
|||||||||||
Net income (loss) attributable to common stockholders
|
$9.1
|
$13.6
|
$40.7
|
$61.9
|
|||||||
Add (deduct) net income attributable to non-fair value redemption rights
|
0.0
|
(0.4
|
) |
1.1
|
(0.9
|
) | |||||
Net income (loss) available for common stockholders
|
$9.1
|
$13.2
|
$41.8
|
$61.0
|
|||||||
Other comprehensive income:
|
|||||||||||
Cumulative translation adjustment, before income taxes
|
0.9
|
(2.4
|
) |
2.2
|
(4.5
|
) | |||||
Income taxes related to items of other comprehensive income
|
0.3
|
(1.0
|
) |
0.8
|
(1.8
|
) | |||||
Other comprehensive income (loss), net of tax
|
0.6
|
(1.4
|
) |
1.4
|
(2.7
|
) | |||||
Comprehensive income (loss) available for common stockholders
|
$9.7
|
$11.8
|
$43.2
|
$58.3
|
|||||||
Comprehensive income (loss) per share:
|
|||||||||||
Basic
|
$0.20
|
$0.26
|
$0.92
|
$1.33
|
|||||||
Diluted
|
$0.20
|
$0.26
|
$0.92
|
$1.31
|
|||||||
Weighted average common shares outstanding:
|
|||||||||||
Basic
|
47,489,141
|
45,569,269
|
46,814,676
|
43,924,554
|
|||||||
Diluted
|
47,680,329
|
45,944,562
|
47,070,522
|
44,364,902
|