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 July 15, 2014.
|
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 July 15, 2014.
|
·
|
56% pretax profit margin for this quarter, up from 47% in the year-ago quarter and 42% average for prior year.
|
·
|
60% Electronic Brokerage pretax profit margin for this quarter, up from 58% in the year-ago quarter.
|
·
|
Customer equity grew 44% from the year-ago quarter to $53.9 billion and customer debits increased by 38%, to $15.4 billion.
|
·
|
Customer accounts grew 17% from the year-ago quarter to 262 thousand.
|
·
|
Total DARTs increased 5% from the year-ago quarter to 529 thousand.
|
·
|
Brokerage segment equity was $2.7 billion. Total equity was $5.3 billion.
|
(1)
|
Daily average revenue trades (DARTs) are based on customer orders.
|
(2)
|
Under: About IB à IB Regulatory Reports à Financial Regulatory Information.
|
Brokerage
|
||||||||||||||||||
Market
|
Brokerage
|
Non
|
Avg. Trades
|
|||||||||||||||
Making
|
%
|
Cleared
|
%
|
Cleared
|
%
|
Total
|
%
|
per U.S.
|
||||||||||
Period
|
Trades
|
Change
|
Trades
|
Change
|
Trades
|
Change
|
Trades
|
Change
|
Trading Day
|
|||||||||
2011
|
63,602
|
160,567
|
19,187
|
243,356
|
968
|
|||||||||||||
2012
|
60,421
|
-5%
|
150,000
|
-7%
|
16,118
|
-16%
|
226,540
|
-7%
|
904
|
|||||||||
2013
|
65,320
|
8%
|
173,849
|
16%
|
18,489
|
15%
|
257,658
|
14%
|
1,029
|
|||||||||
2Q2013
|
18,794
|
46,509
|
4,968
|
70,271
|
1,098
|
|||||||||||||
2Q2014
|
14,897
|
-21%
|
48,622
|
5%
|
4,290
|
-14%
|
67,809
|
-4%
|
1,076
|
|||||||||
1Q2014
|
15,643
|
50,727
|
4,862
|
71,232
|
1,168
|
|||||||||||||
2Q2014
|
14,897
|
-5%
|
48,622
|
-4%
|
4,290
|
-12%
|
67,809
|
-5%
|
1,076
|
TOTAL
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2011
|
789,370
|
106,640
|
77,730,974
|
|||||||||
2012
|
698,140
|
-12%
|
98,801
|
-7%
|
65,872,960
|
-15%
|
||||||
2013
|
659,673
|
-6%
|
121,776
|
23%
|
95,479,739
|
45%
|
||||||
2Q2013
|
184,215
|
34,824
|
23,792,808
|
|||||||||
2Q2014
|
144,635
|
-21%
|
28,774
|
-17%
|
35,891,325
|
51%
|
||||||
1Q2014
|
161,578
|
30,661
|
44,707,956
|
|||||||||
2Q2014
|
144,635
|
-10%
|
28,774
|
-6%
|
35,891,325
|
-20%
|
MARKET MAKING
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2011
|
503,053
|
15,519
|
11,788,769
|
|||||||||
2012
|
457,384
|
-9%
|
12,660
|
-18%
|
9,339,465
|
-21%
|
||||||
2013
|
404,490
|
-12%
|
18,184
|
44%
|
12,849,729
|
38%
|
||||||
2Q2013
|
116,898
|
5,325
|
3,912,368
|
|||||||||
2Q2014
|
78,641
|
-33%
|
4,088
|
-23%
|
2,836,471
|
-27%
|
||||||
1Q2014
|
89,079
|
4,575
|
2,958,853
|
|||||||||
2Q2014
|
78,641
|
-12%
|
4,088
|
-11%
|
2,836,471
|
-4%
|
BROKERAGE TOTAL
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2011
|
286,317
|
91,121
|
65,942,205
|
|||||||||
2012
|
240,756
|
-16%
|
86,141
|
-5%
|
56,533,495
|
-14%
|
||||||
2013
|
255,183
|
6%
|
103,592
|
20%
|
82,630,010
|
46%
|
||||||
2Q2013
|
67,317
|
29,499
|
19,880,440
|
|||||||||
2Q2014
|
65,994
|
-2%
|
24,686
|
-16%
|
33,054,854
|
66%
|
||||||
1Q2014
|
72,499
|
26,086
|
41,749,103
|
|||||||||
2Q2014
|
65,994
|
-9%
|
24,686
|
-5%
|
33,054,854
|
-21%
|
BROKERAGE CLEARED
|
Options
|
%
|
Futures*
|
%
|
Stocks
|
%
|
||||||
Period
|
(contracts)
|
Change
|
(contracts)
|
Change
|
(shares)
|
Change
|
||||||
2011
|
145,993
|
89,610
|
63,098,072
|
|||||||||
2012
|
144,539
|
-1%
|
84,794
|
-5%
|
54,371,351
|
-14%
|
||||||
2013
|
180,660
|
25%
|
101,732
|
20%
|
78,829,785
|
45%
|
||||||
2Q2013
|
46,962
|
28,938
|
18,932,615
|
|||||||||
2Q2014
|
50,732
|
8%
|
24,262
|
-16%
|
32,041,810
|
69%
|
||||||
1Q2014
|
54,367
|
25,694
|
40,576,558
|
|||||||||
2Q2014
|
50,732
|
-7%
|
24,262
|
-6%
|
32,041,810
|
-21%
|
Year over Year
|
2Q2014
|
2Q2013
|
% Change
|
|||||
Total Accounts
|
262
|
224
|
17%
|
|||||
Customer Equity (in billions) *
|
$
|
53.9
|
$
|
37.4
|
44%
|
|||
Cleared DARTs
|
484
|
463
|
5%
|
|||||
Total Customer DARTs
|
529
|
506
|
5%
|
|||||
Cleared Customers (in $'s, except DART per account)
|
||||||||
Commission per DART
|
$
|
4.00
|
$
|
4.50
|
-11%
|
|||
DART per Avg. Account (Annualized)
|
473
|
526
|
-10%
|
|||||
Net Revenue per Avg. Account (Annualized)
|
$
|
3,360
|
$
|
3,659
|
-8%
|
Consecutive Quarters
|
2Q2014
|
1Q2014
|
% Change
|
|||||
Total Accounts
|
262
|
252
|
4%
|
|||||
Customer Equity (in billions) *
|
$
|
53.9
|
$
|
49.0
|
10%
|
|||
Cleared DARTs
|
484
|
527
|
-8%
|
|||||
Total Customer DARTs
|
529
|
582
|
-9%
|
|||||
Cleared Customers (in $'s, except DART per account)
|
||||||||
Commission per DART
|
$
|
4.00
|
$
|
4.14
|
-3%
|
|||
DART per Avg. Account (Annualized)
|
473
|
539
|
-12%
|
|||||
Net Revenue per Avg. Account (Annualized)
|
$
|
3,360
|
$
|
3,661
|
-8%
|
|||
Three Months Ended
|
Six Months Ended
|
||||||||||||
June 30,
|
June 30,
|
||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||
(in millions)
|
|||||||||||||
Electronic Brokerage
|
Net revenues
|
$
|
220.6
|
$
|
212.5
|
$
|
444.3
|
$
|
407.8
|
||||
Non-interest expenses
|
89.2
|
89.2
|
178.6
|
173.5
|
|||||||||
Income before income taxes
|
$
|
131.4
|
$
|
123.3
|
$
|
265.7
|
$
|
234.3
|
|||||
Pre-tax profit margin
|
60%
|
58%
|
60%
|
57%
|
|||||||||
Market Making
|
Net revenues
|
$
|
91.9
|
$
|
67.4
|
$
|
225.0
|
$
|
91.0
|
||||
Non-interest expenses
|
45.4
|
59.8
|
90.4
|
112.4
|
|||||||||
Income (loss) before income taxes
|
$
|
46.5
|
$
|
7.6
|
$
|
134.6
|
$
|
(21.4)
|
|||||
Pre-tax profit margin
|
51%
|
11%
|
60%
|
-24%
|
|||||||||
Corporate*
|
Net revenues
|
$
|
(3.2)
|
$
|
4.0
|
$
|
(5.1)
|
$
|
1.2
|
||||
Non-interest expenses
|
0.5
|
1.0
|
2.9
|
(2.0)
|
|||||||||
Income (loss) before income taxes
|
$
|
(3.7)
|
$
|
3.0
|
$
|
(8.0)
|
$
|
3.2
|
|||||
Total
|
Net revenues
|
$
|
309.3
|
$
|
283.9
|
$
|
664.2
|
$
|
500.0
|
||||
Non-interest expenses
|
135.1
|
150.0
|
271.9
|
283.9
|
|||||||||
Income before income taxes
|
$
|
174.2
|
$
|
133.9
|
$
|
392.3
|
$
|
216.1
|
|||||
Pre-tax profit margin
|
56%
|
47%
|
59%
|
43%
|
Three Months Ended
|
Six Months Ended
|
|||||||||||
June 30,
|
June 30,
|
|||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||
(in millions except share and per share data)
|
||||||||||||
Revenues:
|
||||||||||||
Trading gains
|
$
|
84.0
|
$
|
59.1
|
$
|
211.5
|
$
|
78.1
|
||||
Commissions and execution fees
|
124.4
|
138.0
|
261.0
|
257.6
|
||||||||
Interest income
|
94.9
|
76.1
|
180.9
|
146.6
|
||||||||
Other income
|
17.9
|
24.3
|
37.0
|
44.2
|
||||||||
Total revenues
|
321.2
|
297.5
|
690.4
|
526.5
|
||||||||
Interest expense
|
11.9
|
13.6
|
26.2
|
26.5
|
||||||||
Total net revenues
|
309.3
|
283.9
|
664.2
|
500.0
|
||||||||
Non-interest expenses:
|
||||||||||||
Execution and clearing
|
51.6
|
64.8
|
105.8
|
124.3
|
||||||||
Employee compensation and benefits
|
53.6
|
58.0
|
107.1
|
104.3
|
||||||||
Occupancy, depreciation and amortization
|
9.7
|
9.2
|
19.5
|
19.3
|
||||||||
Communications
|
6.2
|
5.7
|
12.2
|
11.2
|
||||||||
General and administrative
|
14.0
|
12.3
|
27.3
|
24.8
|
||||||||
Total non-interest expenses
|
135.1
|
150.0
|
271.9
|
283.9
|
||||||||
Income before income taxes
|
174.2
|
133.9
|
392.3
|
216.1
|
||||||||
Income tax expense
|
13.5
|
13.9
|
30.4
|
20.8
|
||||||||
Net income
|
160.7
|
120.0
|
361.9
|
195.3
|
||||||||
Less net income attributable to noncontrolling interests
|
145.6
|
109.7
|
327.7
|
178.4
|
||||||||
Net income available for common stockholders
|
$
|
15.1
|
$
|
10.3
|
$
|
34.2
|
$
|
16.9
|
||||
Earnings per share:
|
||||||||||||
Basic
|
$
|
0.27
|
$
|
$0.21
|
$
|
$0.62
|
$
|
$0.35
|
||||
Diluted
|
$
|
0.26
|
$
|
$0.21
|
$
|
$0.60
|
$
|
$0.35
|
||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
56,079,813
|
48,929,348
|
55,375,929
|
48,218,572
|
||||||||
Diluted
|
57,300,230
|
49,012,567
|
56,674,666
|
48,354,098
|
||||||||
Comprehensive income:
|
||||||||||||
Net income available for common stockholders
|
$
|
15.1
|
$ |
10.3
|
$ |
34.2
|
$ |
16.9
|
||||
Other comprehensive income:
|
||||||||||||
Cumulative translation adjustment, before income taxes
|
1.6
|
(3.9)
|
2.1
|
(7.7)
|
||||||||
Income taxes related to items of other comprehensive income
|
0.1
|
(0.4)
|
0.2
|
(0.4)
|
||||||||
Other comprehensive income (loss), net of tax
|
1.5
|
(3.5)
|
1.9
|
(7.3)
|
||||||||
Comprehensive income available for common stockholders
|
$
|
16.6
|
$
|
6.8
|
$
|
36.1
|
$
|
9.6
|
||||
Comprehensive income attributable to noncontrolling interests: | ||||||||||||
Net income attributable to noncontrolling interests
|
$
|
145.6
|
$
|
109.7
|
$
|
327.7
|
$
|
178.4
|
||||
Other comprehensive income (loss) - cumulative translation adjustment |
9.6
|
(28.0)
|
12.7
|
(55.6)
|
||||||||
Comprehensive income attributable to noncontrolling interests
|
$
|
155.2
|
$
|
81.7
|
$
|
340.4
|
$
|
122.8
|
||||
Three Months Ended
|
Six Months Ended
|
|||||||||||
June 30,
|
June 30,
|
|||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||
(in millions except share and per share data)
|
||||||||||||
Comprehensive income available for common stockholders, net of tax
|
$
|
16.6
|
$
|
6.8
|
$
|
36.1
|
$
|
9.6
|
||||
Earnings per share:
|
||||||||||||
Basic
|
$
|
0.30
|
$
|
0.14
|
$
|
0.65
|
$
|
0.20
|
||||
Diluted
|
$
|
0.29
|
$
|
0.14
|
$
|
0.64
|
$
|
0.20
|
||||
Weighted average common shares outstanding:
|
||||||||||||
Basic
|
56,079,813
|
48,929,348
|
55,375,929
|
48,218,572
|
||||||||
Diluted
|
57,300,230
|
49,012,567
|
56,674,666
|
48,354,098
|
||||||||
June 30,
|
December 31,
|
|||||
2014
|
2013
|
|||||
(in millions)
|
||||||
Assets
|
||||||
Cash and cash equivalents
|
$
|
999.6
|
$
|
1,213.2
|
||
Cash and securities - segregated for regulatory purposes
|
15,520.1
|
13,991.7
|
||||
Securities purchased under agreements to resell | 274.3 | 386.3 | ||||
Securities borrowed
|
3,499.2
|
2,751.5
|
||||
Trading assets, at fair value
|
3,238.1
|
4,448.8
|
||||
Receivable from customers, net of allowance
|
15,326.9
|
13,596.7
|
||||
Receivable from brokers, dealers and clearing organizations
|
765.3
|
858.2
|
||||
Other assets
|
532.0
|
624.3
|
||||
Total assets
|
$
|
40,155.5
|
$
|
37,870.7
|
||
Liabilities and equity
|
||||||
Liabilities
|
||||||
Trading liabilities - financial instruments sold but not yet purchased, at fair value
|
$
|
2,630.8
|
$
|
3,153.7
|
||
Securities loaned
|
2,932.4
|
2,563.7
|
||||
Short-term borrowings
|
15.2
|
24.6
|
||||
Other payables:
|
||||||
Customers
|
28,411.1
|
26,319.4
|
||||
Brokers, dealers and clearing organizations
|
382.3
|
331.0
|
||||
Other payables
|
508.1
|
386.2
|
||||
29,301.5
|
27,036.6
|
|||||
Equity
|
||||||
Stockholders' equity
|
762.4
|
707.3
|
||||
Noncontrolling interests
|
4,513.2
|
4,384.8
|
||||
Total Equity
|
5,275.6
|
5,092.1
|
||||
Total liabilities and equity
|
$
|
40,155.5
|
$
|
37,870.7
|
||