Delaware
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001-33440
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30-0390693
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification Number)
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o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits.
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99.1
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Press Release dated April 16, 2013.
|
INTERACTIVE BROKERS GROUP, INC.
|
||
By:
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/s/Paul J. Brody
|
|
Name:
|
Paul J. Brody
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Title:
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Chief Financial Officer, Treasurer
and Secretary
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99.1
|
Press Release dated April 16, 2013.
|
·
|
38% pretax profit margin for this quarter.
|
·
|
57% Electronic Brokerage pretax profit margin for this quarter.
|
·
|
Customer equity grew 23% from the year-ago quarter to $35.6 billion and customer debits increased by 32%, to $11.1 billion.
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·
|
Customer accounts grew 11% from the year-ago quarter to 217 thousand.
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·
|
Cleared DARTs increased 8% from the year-ago quarter to 422 thousand.
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·
|
Brokerage segment equity surpassed $2 billion. Total equity was $4.83 billion.
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(1)
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Daily average revenue trades (DARTs) are based on customer orders.
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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
|
2009
|
93,550
|
127,338
|
13,636
|
234,524
|
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
|
1Q2012
|
15,045
|
37,521
|
4,826
|
57,392
|
926
|
||||
1Q2013
|
16,567
|
10%
|
39,576
|
5%
|
4,350
|
-10%
|
60,493
|
5%
|
1,008
|
CONTRACT AND SHARE VOLUMES:
|
||||||
(in 000's, except %)
|
||||||
TOTAL
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
2009
|
643,380
|
82,345
|
75,449,891
|
|||
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%
|
1Q2012
|
180,786
|
21,690
|
17,862,025
|
|||
1Q2013
|
167,090
|
-8%
|
28,563
|
32%
|
21,654,862
|
21%
|
MARKET MAKING
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
2009 **
|
428,810
|
15,122
|
26,205,229
|
|||
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%
|
1Q2012 **
|
118,438
|
2,828
|
2,138,451
|
|||
1Q2013 **
|
106,840
|
-10%
|
4,352
|
54%
|
2,991,476
|
40%
|
BROKERAGE TOTAL
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
2009
|
214,570
|
67,223
|
49,244,662
|
|||
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%
|
1Q2012
|
62,348
|
18,862
|
15,723,574
|
|||
1Q2013
|
60,250
|
-3%
|
24,211
|
28%
|
18,663,386
|
19%
|
* 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
|
2009
|
93,868
|
66,241
|
46,627,344
|
|||
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%
|
1Q2012
|
33,377
|
18,646
|
15,115,753
|
|||
1Q2013
|
41,850
|
25%
|
23,757
|
27%
|
17,868,548
|
18%
|
* Includes options on futures
|
BROKERAGE STATISTICS
|
|||
(in 000's, except % and where noted)
|
|||
1Q2013
|
1Q2012
|
% Change
|
|
Total Accounts
|
217
|
195
|
11%
|
Customer Equity (in billions) *
|
$35.6
|
$28.9
|
23%
|
Cleared DARTs
|
422
|
391
|
8%
|
Total Customer DARTs
|
465
|
428
|
9%
|
Cleared Customers (in $'s, except DART per account)
|
|||
Commission per DART
|
$4.61
|
$4.01
|
15%
|
DART per Avg. Account (Annualized)
|
496
|
511
|
-3%
|
Net Revenue per Avg. Account (Annualized)
|
$3,741
|
$3,240
|
15%
|
* Excludes non-customers
|
Three Months
|
|||||||
Ended March 31,
|
|||||||
2013
|
2012
|
||||||
(in millions)
|
|||||||
Electronic Brokerage
|
Net revenues
|
$195.3
|
$159.3
|
||||
Non-interest expenses
|
84.3
|
75.9
|
|||||
Income (loss) before income taxes
|
$111.0
|
$83.4
|
|||||
Pre-tax profit margin
|
57
|
% |
52
|
% | |||
Market Making
|
Net revenues
|
$23.6
|
$142.4
|
||||
Non-interest expenses
|
52.6
|
76.4
|
|||||
Income (loss) before income taxes
|
($29.0
|
) |
$66.0
|
||||
Pre-tax profit margin
|
-123
|
% |
46
|
% | |||
Corporate*
|
Net revenues
|
($2.8
|
) |
$2.2
|
|||
Non-interest expenses
|
(3.0
|
) |
1.9
|
||||
Income (loss) before income taxes
|
$0.2
|
$0.3
|
|||||
Total
|
Net revenues
|
$216.1
|
$303.9
|
||||
Non-interest expenses
|
133.9
|
154.2
|
|||||
Income (loss) before income taxes
|
$82.2
|
$149.7
|
|||||
Pre-tax profit margin
|
38
|
% |
49
|
% | |||
* Corporate includes corporate related activities as well as inter-segment eliminations.
|
Three Months
|
|||||||
Ended March 31,
|
|||||||
2013
|
2012
|
||||||
(in millions, except share and per share data)
|
|||||||
Revenues:
|
|||||||
Trading gains
|
$19.0
|
$137.3
|
|||||
Commissions and execution fees
|
119.6
|
100.9
|
|||||
Interest income
|
70.5
|
66.6
|
|||||
Other income
|
19.9
|
18.3
|
|||||
Total revenues
|
229.0
|
323.1
|
|||||
Interest expense
|
12.9
|
19.2
|
|||||
Total net revenues
|
216.1
|
303.9
|
|||||
Non-interest expenses:
|
|||||||
Execution and clearing
|
59.5
|
64.6
|
|||||
Employee compensation and benefits
|
46.3
|
62.7
|
|||||
Occupancy, depreciation and amortization
|
10.1
|
9.9
|
|||||
Communications
|
5.5
|
5.7
|
|||||
General and administrative
|
12.5
|
11.3
|
|||||
Total non-interest expenses
|
133.9
|
154.2
|
|||||
Income before income taxes
|
82.2
|
149.7
|
|||||
Income tax expense
|
6.9
|
8.7
|
|||||
Net income
|
75.3
|
141.0
|
|||||
Net income attributable to noncontrolling interests
|
68.7
|
129.9
|
|||||
Net income (loss) attributable to common stockholders
|
$6.6
|
$11.1
|
|||||
Earnings (loss) per share:
|
|||||||
Basic
|
$0.14
|
$0.27
|
|||||
Diluted
|
$0.14
|
$0.27
|
|||||
Weighted average common shares outstanding:
|
|||||||
Basic
|
47,499,898
|
45,576,925
|
|||||
Diluted
|
47,688,314
|
45,951,464
|
|||||
Comprehensive income:
|
|||||||
Net income (loss) attributable to common stockholders
|
$6.6
|
$11.1
|
|||||
Other comprehensive income:
|
|||||||
Cumulative translation adjustment, before income taxes
|
(3.8
|
) |
4.1
|
||||
Income taxes related to items of other comprehensive income
|
0.0
|
1.5
|
|||||
Other comprehensive income (loss), net of tax
|
(3.8
|
) |
2.6
|
||||
Comprehensive income (loss) attributable to common stockholders
|
$2.8
|
$13.7
|
|||||
Comprehensive income attributable to noncontrolling interests:
|
|||||||
Net income attributable to noncontrolling interests
|
68.7
|
$129.9
|
|||||
Other comprehensive income (loss) - cumulative translation adjustment |
(27.6
|
) |
31.6
|
||||
Comprehensive income attributable to noncontrolling interests
|
$41.1
|
$161.5
|
Three Months
|
||||||
Ended March 31,
|
||||||
2013
|
2012
|
|||||
(in millions, except share and per share data)
|
||||||
Net income (loss) attributable to common stockholders
|
$6.6
|
$11.1
|
||||
Add (deduct) net income attributable to non-fair value redemption rights
|
0.0
|
1.2
|
||||
Net income (loss) available for common stockholders
|
$6.6
|
$12.3
|
||||
Other comprehensive income:
|
||||||
Cumulative translation adjustment, before income taxes
|
(3.8
|
) |
4.1
|
|||
Income taxes related to items of other comprehensive income
|
0.0
|
1.5
|
||||
Other comprehensive income (loss), net of tax
|
(3.8
|
) |
2.6
|
|||
Comprehensive income (loss) available for common stockholders
|
$2.8
|
$14.9
|
||||
Comprehensive income (loss) per share:
|
||||||
Basic
|
$0.06
|
$0.33
|
||||
Diluted
|
$0.06
|
$0.33
|
||||
Weighted average common shares outstanding:
|
||||||
Basic
|
47,499,898
|
45,576,925
|
||||
Diluted
|
47,688,314
|
45,951,464
|
March 31, 2013
|
December 31, 2012
|
|||
(in millions)
|
||||
Assets
|
||||
Cash and cash equivalents
|
$1,184.9
|
$1,614.6
|
||
Cash and securities - segregated for regulatory purposes
|
12,504.9
|
12,482.4
|
||
Securities purchased under agreements to resell
|
461.9
|
428.9
|
||
Securities borrowed
|
3,740.4
|
2,833.1
|
||
Trading assets, at fair value
|
4,662.3
|
4,544.7
|
||
Receivables from customers, net of allowance
|
11,184.1
|
9,851.0
|
||
Receivables from brokers, dealers and clearing organizations
|
807.6
|
844.6
|
||
Other assets
|
597.9
|
600.2
|
||
Total assets
|
$35,144.0
|
$33,199.5
|
||
Liabilities and equity
|
||||
Liabilities
|
||||
Trading liabilities - financial instruments sold but not yet purchased, at fair value
|
$4,367.4
|
$4,286.3
|
||
Securities loaned
|
2,198.8
|
1,839.3
|
||
Short-term borrowings
|
18.8
|
110.4
|
||
Other payables:
|
||||
Customers
|
23,060.9
|
21,422.0
|
||
Brokers, dealers and clearing organizations
|
311.9
|
361.8
|
||
Other payables
|
360.3
|
366.6
|
||
23,733.1
|
22,150.4
|
|||
Senior notes payable and senior secured credit facility
|
0.0
|
0.0
|
||
Equity
|
||||
Stockholders' equity
|
597.5
|
598.5
|
||
Noncontrolling interests
|
4,228.4
|
4,214.6
|
||
Total equity
|
4,825.9
|
4,813.1
|
||
Total liabilities and equity
|
$35,144.0
|
$33,199.5
|