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Interactive Brokers' February Metrics Down, DARTs Up Y/Y - Analyst Blog

Zacks Equity Research
Updated

Interactive Brokers Group, Inc.’s IBKR Electronic Brokerage segment reported an overall fall in its brokerage metrics for Feb 2015. The segment deals with clearance and settling of trades for both individual and institutional clients on a global basis.

Total customer Daily Average Revenue Trades ("DARTs") were 633,000, down 6% from Jan 2015 but up 9% from Feb 2014. Total customer accounts were 289,700, up 2% from the preceding month and 17% from the prior-year month.

Interactive Brokers recorded Cleared Client DARTs of 577,000, declining 6% from Jan 2015 but up 10% from Feb 2014. On an annualized basis, Cleared Average DARTs per customer account of 505,000 decreased 8% from the preceding month and 6% from the comparable prior-year month levels.

Interactive Brokers’ total option contracts came in at 21.6 million, down 19% from Jan 2015 and 6% from Feb 2014. Future contracts of 8.5 million fell 26% from Jan 2015 but grew 8% from Feb 2014.

Interactive Brokers also provides data related to period-end statistics for customer equity, credit balances and margin loan balances. For the period ended Feb 2015, customer equity was $60.3 billion, rising 7% sequentially and 24% year over year.

Further, Interactive Brokers recorded customer credit balances of $31.5 billion in the reported month, up 3% from Jan 2015 and 20% from Feb 2014. Moreover, the company’s customer margin loan balance of $16.6 billion inched up 1% from the prior month and 16% from the year-ago month.

We believe that Interactive Brokers’ current performance was primarily impacted by volatile equity markets and dismal global markets. However, the company is expected to benefit from more trading activities on part of customers, which will, in turn, accelerate top-line growth.

Currently, Interactive Brokers carries a Zacks Rank #3 (Hold). Better-ranked investment brokers include Investment Technology Group Inc. ITG and JMP Group Inc. JMP, each sporting a Zacks Rank #1 (Strong Buy); while GAIN Capital Holdings, Inc. GCAP holds a Zacks Rank #2 (Buy).


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