Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q2 2025 Earnings Conference Call July 17, 2025 4:30 PM ET
Company Participants
Milan Galik - President, CEO & Director
Nancy Enslein Stuebe - Director of Investor Relations
Paul Jonathan Brody - CFO, Treasurer, Secretary & Director
Thomas Pechy Peterffy - Founder & Chairman
Conference Call Participants
Benjamin Elliot Budish - Barclays Bank PLC, Research Division
Craig William Siegenthaler - BofA Securities, Research Division
Daniel Thomas Fannon - Jefferies LLC, Research Division
James Edwin Yaro - Goldman Sachs Group, Inc., Research Division
Kyle Kenneth Voigt - Keefe, Bruyette, & Woods, Inc., Research Division
Patrick Malcolm Moley - Piper Sandler & Co., Research Division
Operator
主持人
Good day and thank you for standing by. Welcome to the Interactive Brokers Group Second Quarter 2025 Earnings Call. \[Operator Instructions] Please be advised that today's conference is being recorded. I would like to turn the call over to Nancy Stuebe. Please go ahead.
大家好，感谢您的耐心等待。欢迎参加 Interactive Brokers Group 2025 年第二季度财报电话会议。\[Operator Instructions] 请注意，今天的会议正在录音。我现在将电话交给 Nancy Stuebe。请开始。
Nancy Enslein Stuebe
Thank you. Good afternoon and thank you for joining us for our second quarter 2025 earnings call. Joining us today are Thomas Peterffy, our Founder and Chairman; Milan Galik, our President and CEO; and Paul Brody, our CFO. I will be presenting Milan's comments on the business, and all 3 will be available at our Q\&A.
谢谢。各位下午好，感谢您参加我们 2025 年第二季度财报电话会议。今天与会的还有我们的创始人兼董事长 Thomas Peterffy、总裁兼首席执行官 Milan Galik，以及首席财务官 Paul Brody。在接下来的环节中，我将代为介绍 Milan 关于业务的评论，随后三位嘉宾都会参加问答环节。
As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to the disclaimers in our press release. You should also review a description of risk factors contained in our financial reports filed with the SEC.
提醒各位，今天的电话会议可能包含前瞻性声明，这些声明代表公司对未来事件的看法，但由于其本质存在不确定性且超出公司控制范围，实际结果和财务状况可能与这些前瞻性声明中所述存在重大差异。请参阅我们新闻稿中的免责声明，并查阅提交给 SEC 的财务报告中关于风险因素的描述。
What we experienced in the second quarter felt like a rollercoaster in reverse. Instead of the market moving upward, getting to a high level and dropping precipitously to a series of volatile ups and downs. We got the precipitous drop first with the S\&P reaching a low on April 8, then a spike of volatility followed by the market grinding upwards towards quarter end. The uncertainty and volatility during the quarter led to an accompanying spike in trade volumes. Also over the quarter, we saw the shrinking life of market dips. Investors whether looking for securities with momentum behind them were simply worried about missing out on a rally, bought the dip.
我们在第二季度的感受就像倒着坐过山车。市场并非先上涨到高位后急剧下跌、经历一系列剧烈波动，而是先急剧下跌——S\&P 指数在 4 月 8 日触及低点——随后波动性飙升，市场一路震荡上行直至季度末。季度中的不确定性和波动性导致交易量随之激增。同样在本季度，我们看到市场回调持续时间缩短。无论是寻找动量证券还是担心错过反弹的投资者，都选择了逢低买入。
In equities, we saw customers actively using our platform tools to find companies to invest in that met their particular parameters. This included an expansion of the Magnificent 7 to include companies that may be beneficiaries of the world embrace of artificial intelligence as AI is incorporated into more environments. By quarter end, the market had recovered to surpass its February peak, closing up over 10%. And since quarter end, it has continued upwards from there. Volatility and uncertainty often spark increased market activity. Combined with our strong net new account growth, this led to our client trading volumes expanding for stocks, options and futures.
在股票方面，我们看到客户积极使用我们平台的工具，根据自身参数筛选符合条件的公司。其中包括将 Magnificent 7 的范围扩大到那些可能因全球拥抱人工智能而受益、随着 AI 被整合进更多场景的公司。到季度末，市场已反弹并突破 2 月份的高点，累计上涨逾 10%，且在季度结束后继续走高。波动性和不确定性常常激发市场活动的增加，再加上我们强劲的净新增账户增长，促使客户在股票、期权和期货上的交易量同步扩大。
Our commission revenue increased by 27% compared to last year. So this figure may slightly understate the actual growth. The SEC fee rate, which is included within our commission revenue, was reduced to 0 halfway through the quarter. Without this fee, we would have generated an additional \$15 million in commission revenue, which would have represented a 3% increase on our total of \$516 million.
我们的佣金收入较去年增长了 27%。因此，这一数字可能略微低估了实际增幅。计入佣金收入中的 SEC 费用率在本季度中途被降至 0。如无此项费用，我们的佣金收入将额外增加 1,500 万美元，相当于在 5.16 亿美元总额上再增加 3% 的增幅。
We continue to see increasing activity in our overnight trading hours. We offer the most comprehensive overnight product set with over 10,000 U.S. stocks and ETFs, plus U.S. equity index futures and options, and on the fixed income side, global corporate bonds, U.S. treasuries and European and U.K. government bonds. Given our global client base for some customers overnight hours here, are their daytime trading hours that they want to operate in and therefore, are particularly sought after. Our overnight volumes grew over 170% from second quarter 2024 to second quarter of 2025.
我们的夜盘交易时段活动持续增加。我们提供市场上最全面的夜盘产品组合，包括超过 10,000 只 U.S. stocks 与 ETFs，以及 U.S. equity index futures 和 options；在固定收益方面，则有 global corporate bonds、U.S. treasuries 以及 European 和 U.K. government bonds。鉴于我们的客户遍布全球，对部分客户而言，这里的夜盘就是他们的白天交易时间，因此需求尤为旺盛。我们的夜盘成交量从 2024 年第二季度到 2025 年第二季度增长了逾 170%。
Given our rapid growth, continuous additions and enhancements to our platforms and periodic volume surges, having a platform that is scalable is critical. We enhanced our ATS this quarter by improving its performance and ability to handle large spikes in volume by up to 20x on high-volume days, ensuring we're better equipped for market surges and capable of delivering top-tier execution for our clients. We also made enhancements to our smart order router, which is designed to provide best execution, which includes price improvement and the possibility of receiving rebates. It is this price execution advantage we offer that keeps our sophisticated customer base engaged on our platform and that encourages new clients.
鉴于我们快速增长、平台持续扩充和改进以及交易量阶段性激增，拥有可扩展的平台至关重要。本季度，我们升级了 ATS，通过提升性能，使其在高成交量日可应对多达 20 倍的突发流量，确保我们在市场波动中能更好地达到客户的顶级执行需求。我们还改进了 smart order router，其旨在提供 best execution，包括价格改善及获取 rebates 的可能性。正是这种价格执行优势，让高端客户持续留在我们的平台上，并吸引了新客户。
We saw strong account growth as we added more investors to our platform. This quarter, we added 250,000 net new accounts, bringing our year-to-date total to over 528,000, more than we added in all of 2023. Our application processing is highly automated and continually becoming even more so, allowing us to handle surges in new accounts efficiently, without adding significantly to our headcount or cost base. New accounts meant more cash in those accounts, raising our client credit balances 34% to a record \$144 billion. Despite strength in trading volumes indicating, our customers are using the cash they deposit to participate in the markets. Our client equity rose 34% to \$664 billion, up 16% for the quarter versus 11% for the S\&P.
随着我们平台吸引了更多投资者，账户数量强劲增长。本季度我们净增了 25 万个账户，使得年初至今新增账户总数超过 52.8 万个，已超 2023 年全年新增总数。我们的开户流程高度自动化，并持续提升，使我们能在账户激增时高效处理，而无需显著增加人手或成本。新增账户带来更多资金，客户信用余额增加 34% 至创纪录的 1,440 亿美元。尽管成交量强劲增长，但这表明客户在使用其存入的资金参与市场。我们的客户权益增加 34% 至 6,640 亿美元，季度环比增长 16%，而 S&P 同期上涨 11%。
More accounts and higher volumes translated into strong financial results. Quarterly commissions, net interest, total net revenue and pretax income were all records with our pretax income reaching over \$1 billion for the third consecutive quarter. Our expenses remained well controlled, and our pretax profit margin was an industry-leading 75%, a record for us.
账户数量增加与交易量提升带来了强劲的财务表现。季度佣金、净利息、总净营收及税前利润均创下新高，其中税前利润连续第三个季度超过 10 亿美元。我们的费用控制依旧良好，税前利润率达到行业领先的 75%，刷新了公司纪录。
Finally, on the platform side, automating substantial parts of the brokerage business and using all possible tools and the judicious inclusion of artificial intelligence is the heart of what we do. In the second quarter alone, we rolled out thousands of software releases and product configuration changes around the globe. This is a scale of automation and effort that we handle routinely within highly regulated environments around the globe, to give our clients the global access and edge they demand.
最后，在平台方面，自动化经纪业务的主要部分，并利用所有可用工具以及审慎地引入人工智能，是我们工作的核心。仅在第二季度，我们就在全球范围内部署了数千次软件发布和产品配置变更。在全球高度监管的环境中，我们能够例行处理如此规模的自动化和投入，为客户提供他们所需的全球化访问和竞争优势。
In terms of how the business looked on the client front, we continue to see growing numbers of investors worldwide wanting access to international and particularly U.S. markets. Regarding introducing brokers, our pipeline of potential \[indiscernible]. We continue to onboard eye brokers to the platform and add prospective ones to it at a steady pace with steady demand around the world. In terms of new efforts and product introductions, we had a busy quarter. ForecastEx is now live for retail clients across most of Europe as it is for the U.S., Canada and Hong Kong. We also expanded into forecast contracts on financial markets including indices like the S\&P 500 as well as forex and crypto. These have seen strong interest.
在客户层面，我们继续看到全球范围内、尤其对美国市场的投资需求不断增长。关于介绍经纪商，我们的潜在 \[indiscernible] 管道保持稳健。我们持续以稳定节奏将 eye brokers 接入平台，并不断吸纳潜在合作伙伴，全球需求依旧强劲。本季度在新举措和产品推出方面也十分忙碌。ForecastEx 现已面向欧洲大部分地区的零售客户开放，就像在美国、加拿大和香港一样。我们还将预测合约扩展至金融市场，包括 S\&P 500 等指数，以及外汇和加密货币，这些产品都受到了强烈关注。
Yesterday, we introduced Investment Themes, a powerful new discovery tool designed to help investors quickly turn market trends into actionable trading ideas. With Investment Themes, clients can begin with broad topics like generative AI or nuclear energy and instantly uncover companies tied to those themes, no ticker symbols or prior research needed. Alternatively, they can start with a ticker symbol and view detailed company profiles including insights into competitors, related industries and global revenue sources, helping them assess regional risks and growth opportunities. We believe Investment Themes will streamline our clients' investment process helping them uncover opportunities and make informed decisions faster than ever before.
昨日，我们推出了 Investment Themes，这是一款强大的新发现工具，旨在帮助投资者快速将市场趋势转化为可执行的交易想法。借助 Investment Themes，客户可以从生成式 AI 或核能等广泛主题入手，即刻发现与这些主题相关的公司，无需股票代码或前期研究。或者，他们也可以从股票代码出发，查看详细的公司资料，包括对竞争对手、相关行业和全球收入来源的洞察，帮助他们评估区域风险和增长机会。我们相信 Investment Themes 将简化客户的投资流程，帮助他们更快地发现机会并做出明智决策。
With respect to our stock, we completed our four-for-one stock split on June 17, and increased the dividend as announced in the previous quarter. As for capital allocation, while we have not stopped looking at potential acquisitions, we realized there are a few opportunities at a price that makes sense for us. We will keep looking. But as we have been noting, returning capital to shareholders via increases in the dividend makes sense for now. We will be adding our 4 millionth customer in the third quarter, just 1 year after adding our 3 million.
关于我们的股票，我们已于 6 月 17 日完成了四拆一的股票拆分，并按照上一季度的公告提高了股息。至于资本配置，虽然我们并未停止寻找潜在收购，但我们认识到以对我们合理的价格来看，机会并不多。我们会继续寻找，但正如我们所指出的，目前通过提高股息向股东返还资本更为合理。我们将在第三季度迎来第 400 万名客户，而上一年才刚达到 300 万。
While the market may move in any direction in the short run, we are looking to capture the long-term trend towards more global investing across multiple customer types and jurisdictions giving investors the ability to invest in the companies they like, paying in the currencies they have around the clock. This trend and our ability to serve it with a much lower cost structure and a much broader product and tool set is what sets us apart and will continue to do so in the years ahead.
尽管市场在短期内可能朝任何方向波动，我们专注于捕捉长期的全球化投资趋势，覆盖多种客户类型和司法辖区，使投资者能够全天候使用手中货币投资他们偏好的公司。这一趋势，以及我们以更低成本结构、更广泛产品与工具组合来服务该趋势的能力，使我们与众不同，并将在未来多年继续保持优势。
With that, I will turn the call over to Paul Brody. Paul?
接下来，我将把电话交给 Paul Brody。Paul？
Paul Jonathan Brody
Thank you, Nancy. Thanks, everyone, for joining the call. We'll review the second quarter results, and then, of course, we'll open it up for questions. Starting with our revenue items on Page 3 of the release. We are again pleased with our financial results this quarter as we again produced record net revenues and pretax income. Commissions rose to a record \$516 million, 27% above last year's second quarter. We continue to see higher trading volumes from our growing base of active customers with options and futures both setting new quarterly volume records.
谢谢你，Nancy。感谢各位参加电话会议。我们将先回顾第二季度业绩，然后进入问答环节。首先看新闻稿第 3 页的收入项目。本季度我们再度取得创纪录的净营收和税前利润，对财务表现感到满意。佣金收入升至创纪录的 5.16 亿美元，较去年第二季度增长 27%。随着活跃客户群不断扩大，我们继续看到交易量提升，期权和期货均创下新的季度交易量纪录。
Net interest income also reached a quarterly record of \$860 million despite lower benchmark rates in some of the major currencies and a risk-off posture adopted by investors responding to tariff-driven market uncertainty at the beginning of the quarter. We recognized a one-time credit of \$26 million related to recovery of taxes withheld at source, which is reflected in segregated cash interest. Without this, our net interest income still reached a record \$834 million. Higher segregated cash balances and strong securities lending contributed to these results. Net interest income also received a benefit from lower interest expense on customer cash balances as rates have declined worldwide over the past year.
净利息收入亦创下季度纪录，达到 8.60 亿美元，尽管部分主要货币的基准利率下降，且受关税驱动的市场不确定性影响，投资者在季度初采取了避险立场。我们确认了一项 2,600 万美元的一次性抵免，用于回收源泉扣缴税，这体现在受监管现金利息中。不计此项，净利息收入仍创纪录地达到 8.34 亿美元。受监管现金余额增加以及强劲的证券借贷业务对业绩有所贡献。过去一年全球利率下行，也使客户现金余额的利息支出下降，从而进一步提升净利息收入。
Other fees and services generated \$62 million, down 9% from the prior year, driven by more cautious risk-taking by clients, leading to lower risk exposure fees, partially offset by positive contributions from higher market data and FDIC sweep fees. Other income includes gains and losses on our investments, our currency diversification strategy, and principal transactions. Note that many of these non-core items are excluded in our adjusted earnings. Our other income was a \$42 million gain, both as reported and as adjusted.
其他费用及服务收入为 6,200 万美元，同比下降 9%，主要因为客户风险偏好趋于谨慎，导致风险敞口费用减少；部分跌幅被市场数据费和 FDIC 托管收益手续费的增长所抵消。其他收入包括我们投资组合、货币多元化策略及自营交易的盈亏。请注意，这些非核心项目中的许多在调整后收益中被剔除。本季度其他收入录得 4,200 万美元的收益，按报告口径和调整后口径均为该数字。
Turning to expenses, execution, clearing and distribution costs were \$116 million in the quarter, up just 1% over the year-ago quarter despite significantly higher volumes in options and futures, which carry higher fees. Midway through the quarter, the SEC fee rate was
cut from \$27.80 per million to 0. Had it been in effect the entire quarter commission revenue and execution and clearing expense, with both have been an estimated \$15 million higher. The SEC fee is a pass-through to customers, so it does not impact our profitability. As a percent of commission revenues, execution and clearing costs were 18% in the second quarter for a gross transactional profit margin of 82%.
在支出方面，本季度执行、清算及分销成本为 1.16 亿美元，仅比去年同期增加 1%，尽管期权和期货交易量显著上升，而这两类产品费用更高。季度中途，SEC 费率从每百万 27.80 美元降至 0。若该费率调整在整个季度内均生效，佣金收入以及执行和清算费用均会各自高出约 1,500 万美元。SEC 费为对客户的转嫁费用，因此不影响我们的盈利能力。按佣金收入计算，本季度执行和清算成本占比为 18%，对应 82% 的交易毛利率。
We calculate this by excluding from execution, clearing and distribution \$22 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component. Compensation and benefits expense was \$163 million for the quarter for a ratio of compensation expense to adjusted net revenues of 11%, unchanged from last year's quarter. IBKR stock incentive plan bonuses vest in the second quarter, which leads to higher taxes paid for FICA and other social insurance than in other quarters. The total of these extra taxes was \$5 million over the year-ago quarter.
我们通过将 2,200 万美元的非交易性质成本——主要为市场数据费——从执行、清算及分销费用中剔除来计算上述比例。本季度薪酬及福利支出为 1.63 亿美元，薪酬支出占调整后净营收比例为 11%，与去年同期持平。IBKR 股票激励计划奖金在第二季度归属，这导致为 FICA 及其他社会保险缴纳的税款高于其他季度；与去年同期相比，该部分额外税费合计增加 500 万美元。
As always, we remain focused on expense discipline as reflected in our moderate staff increase of 5% over the prior year and our head count at June 30 was 3,087. G\&A expenses were \$61 million, up from the year ago quarter, mainly on higher advertising expenses. Our pretax margin was 75% for the quarter, both as reported and as adjusted. Income taxes of \$98 million reflects the sum of the public company's \$50 million and the operating company is \$48 million. The public company's effective tax rate was 18.1% within its usual range.
一如既往，我们保持对成本控制的专注，这体现在员工人数仅同比增长 5%，截至 6 月 30 日员工总数为 3,087 人。管理和行政费用为 6,100 万美元，高于去年同期，主要因广告支出增加。当季税前利润率为 75%，按报告及调整后口径一致。所得税支出 9,800 万美元，包括上市公司部分 5,000 万美元和运营公司部分 4,800 万美元。上市公司的实际有效税率为 18.1%，处于其正常区间。
Moving to our balance sheet on Page 5 of the release. Our total assets ended the quarter 33% higher than in the prior year quarter end at \$181 billion with growth driven by higher segregated cash balances and higher margin lending. New account growth helped drive our record customer credit balances. We continue to believe that our strong financial standing and competitive interest rates provide customers with an attractive place to hold their idle cash. We have no long-term debt. Profit growth drove our firm equity up 22% to \$18.5 billion. We maintain a balance sheet geared towards supporting growth in our existing businesses and helping us win new business by demonstrating our strength to prospective clients and partners while also considering overall capital allocation.
接下来请看新闻稿第 5 页的资产负债表。本季度末，我们的资产总额为 1,810 亿美元，较去年同期增长 33%，主要受监管现金余额和保证金贷款增加推动。新增账户增长促使客户信用余额创下新高。我们始终认为，雄厚的财务实力和颇具竞争力的利率为客户提供了存放闲置现金的理想场所。我们没有长期债务。利润增长推动公司权益增加 22%，达到 185 亿美元。我们保持的资产负债表旨在支持现有业务增长，并通过向潜在客户和合作伙伴展示实力来赢得新业务，同时兼顾整体资本配置。
The consistent strength of our business and our healthy balance sheet supported our raising the dividend in the second quarter from \$1 per year to \$1.28 or \$0.32 on a split adjusted basis. In our operating data on Pages 6 and 7, our customer trading volumes tracked industry growth over the prior year quarter in our 3 major product classes. Options and futures contract volumes rose 24% and 18%, respectively, and stock share volumes rose 31%.
业务持续强劲表现和稳健的资产负债表支持我们在第二季度将年度股息从 1 美元提高至 1.28 美元，按拆股调整后相当于每股 0.32 美元。在新闻稿第 6 与第 7 页的运营数据中，我们的客户交易量在三大主要产品类别中均与行业增速保持一致。期权和期货合约交易量分别增长 24% 和 18%，股票交易量增长 31%。
On Page 7, you can see that total customer DARTs were 3.6 million trades per day, up 49% from the prior year and strong in all product classes. Commission per cleared commissionable order of \$2.65, was down from last year, primarily due to the elimination of the SEC fee mid-quarter and the performance of our smart order router, leading to the capture of higher exchange rebates, which as pass-throughs, served to lower both our commission revenues and our execution and clearing costs.
在第 7 页可以看到，客户日均交易量（DARTs）为 360 万笔，同比增加 49%，各产品类别皆表现强劲。每笔结算可计佣订单的平均佣金为 2.65 美元，低于去年，主要因季度中取消了 SEC 费用，以及智能订单路由器表现提升，使我们获得更高的交易所回扣。作为穿透费用，这些回扣同时降低了我们的佣金收入及执行与清算成本。
Page 8 shows our net interest margin or NIM numbers. Total GAAP net interest income was \$860 million for the quarter, up 9% on the year ago quarter. And excluding the \$26 million recovery of taxes withheld at source it was \$834 million; this quarter's NIM is also adjusted by removing this onetime credit of \$26 million from segregated cash interest. The adjusted NIM net interest income was \$861 million. We also include for NIM purposes certain income that is more appropriately considered interest, but that for GAAP purposes is classified as other fees and services or as other income. Our net interest income reflects strength in segregated cash interest and securities lending as well as a decrease in interest expense, driven by lower benchmark interest rates on customer cash balances.
第 8 页展示了我们的净利差（NIM）数据。本季度按 GAAP 口径的净利息收入为 8.60 亿美元，同比增加 9%；若剔除 2,600 万美元的源泉税一次性退回，则为 8.34 亿美元。本季度 NIM 亦通过从受监管现金利息中剔除这笔一次性 2,600 万美元抵免进行调整，调整后的 NIM 净利息收入为 8.61 亿美元。为计算 NIM，我们还将某些更适宜计作利息的收入纳入其中，但 GAAP 将其归类为其他费用及服务或其他收入。我们的净利息收入反映了受监管现金利息和证券借贷的强劲表现，以及由于客户现金余额基准利率下降而导致的利息支出减少。
A few central banks, the U.K., Australia and Europe, reduced rates again this quarter, while others, including the U.S., Canada, Hong Kong and Switzerland held steady. Year-on-year, the average U.S. Fed funds rate fell 100 basis points or 19%. Despite this decline, our segregated cash interest income was up 2% on higher balances, while margin loan interest decreased 6% on lower rates but was bolstered by higher lending balances. The average duration of our investment portfolio remained at less than 30 days. The U.S. dollar yield curve remains inverted from the short to medium term, so we continue to maximize what we earn by focusing on short-term yields rather than accept the lower yields and higher duration risk of longer maturities, particularly in an unpredictable economic environment. This strategy also allows us to maintain a relatively tight maturity match between our assets and liabilities.
英国、澳大利亚和欧洲等少数央行本季度再次降息，而美国、加拿大、香港和瑞士等则维持利率不变。与去年同期相比，美国联邦基金平均利率下降 100 个基点，跌幅达 19%。尽管如此，我们受监管现金利息收入因余额增加而上升 2%；保证金贷款利息则因利率下行下降 6%，但受贷款余额提高的支撑。我们的投资组合平均久期仍低于 30 天。美元收益率曲线在短中端仍呈倒挂，因此我们继续专注于短期收益率以最大化收益，而非在不可预测的经济环境下接受期限更长但收益率更低、久期风险更高的投资策略。此外，该策略还能使我们的资产与负债保持相对紧密的期限匹配。
Securities lending net interest was stronger this quarter after a long period in the industry with a few of the hard-to-borrow names that typically drive revenue, there was an uptick in hard to borrows that we were able to capitalize on. What we have mentioned in the past still holds true. Some of the typical drivers of securities lending, including IPOs and merger and acquisition activity are somewhat more active than in 2024, but without a substantial impact on the securities lending market. Nevertheless, we have been consistently successful in raising the total notional dollar value of securities we lent. As benchmark interest rates rose from the near 0 -- from near 0 in 2022, more of what we earned from securities lending became classified as interest on segregated cash.
本季度，证券借贷净利息表现更为强劲。在经历了行业内一段缺乏传统收益驱动“难借”标的的时期后，部分难借证券出现上涨，我们得以把握机会。我们过去提到的情况仍然适用：包括 IPO 和并购活动在内的证券借贷典型驱动因素较 2024 年有所活跃，但对整体市场影响有限。尽管如此，我们持续成功提升了出借证券的名义美元总价值。随着基准利率自 2022 年近零水平上升，我们从证券借贷中获得的更多收益被归类为受监管现金的利息收入。
We estimate that the additional interest earned and paid on cash collateral were included under securities borrowed and loaned and securities lending net revenue would have been \$251 million this quarter, versus \$194 million in the prior year quarter, a 29%
我们估计，将现金抵押品所赚取并支付的额外利息计入“证券借入及借出”后，本季度证券借贷净收入将达到 2.51 亿美元，而去年同期为 1.94 亿美元，增长 29%。
increase. Interest on customer credit balances, the interest we pay to our customers on the cash and their accounts, declined on lower benchmark rates, even though we built up higher cash -- client cash balances from new account growth and from risk-reducing sales resulting in cash balances. As we have noted in the past, the high interest rates we pay on customer cash, currently 3.83% on qualified U.S. dollar balances is a significant attraction to new customers. Fully rate sensitive customer balances ended the current quarter at \$22.8 billion versus \$18.6 billion in the year ago quarter.
增长。客户信用余额利息——即我们向客户账户中的现金支付的利息——受基准利率下降影响有所减少，尽管新增账户增长及降低风险的卖出行为使客户现金余额增加。正如我们过去所述，我们向客户现金支付的高利率（目前合格美元余额为 3.83%）对新客户具有显著吸引力。按完全利率敏感计算的客户余额在本季度末达到 228 亿美元，而去年同期为 186 亿美元。
Now for our estimates of the impact of changes in rates, given market expectations of rate cuts sometime in 2025, we estimate the effect of a 25-basis point decrease in the benchmark Fed funds rate to be a \$73 million reduction in annual net interest income. Note that our starting point for this estimate is June 30th, with the Fed funds effective rate at 4.33% and balances as of that date. Any growth in our balance sheet and interest-earning assets would reduce this impact. About 27% of our customer cash balances is not in U.S. dollars. So estimates of the U.S. rate change exclude those currencies. We estimate the effect of decreases in all the relevant non-U.S. benchmark rates would reduce annual net interest income by \$8 million for a 25-basis point decrease in those benchmarks.
现在来估算利率变动的影响。鉴于市场预计 2025 年某个时候将降息，我们估计基准联邦基金利率每下降 25 个基点，将导致年净利息收入减少 7,300 万美元。请注意，此估算的起点为 6 月 30 日，当日联邦基金有效利率为 4.33%，并采用该日期的余额。若我们的资产负债表及计息资产增长，则该影响会降低。约 27% 的客户现金余额不是美元，因此对美国利率变动的估算不包括这些货币。我们估计所有相关非美元基准利率每下降 25 个基点，将使年净利息收入减少 800 万美元。
At a high level, a full 1% decrease in all benchmark rates would decrease our annual net interest income by \$335 million. This takes into account rate sensitive customer balances and firm equity. In the second quarter of 2024, we estimated that a 1% decrease in all benchmark rates would decrease our annual net interest income by \$307 million. In the past year, the U.S. Fed funds benchmark did, in fact, fall 1% and other countries' rates for the most part fell about the same. However, this quarter's net interest income represented an annualized increase of \$225 million, driven by higher balances.
总体来看，所有基准利率全面下降 1% 将使我们的年净利息收入减少 3.35 亿美元。该估算考虑了利率敏感型客户余额和公司权益。在 2024 年第二季度，我们估计所有基准利率下降 1% 将使年净利息收入减少 3.07 亿美元。过去一年，美国联邦基金基准利率确实下降了 1%，其他国家的利率基本也下降了相同幅度。然而，本季度净利息收入年化增长 2.25 亿美元，主要得益于更高的余额。
In conclusion, we posted another financially strong quarter in net revenues and pretax margin reflecting our continued ability to grow our customer base and deliver on our core value proposition to customers while scaling the business. Our business strategy continues to be effective, automating as much of the brokerage business as possible continuously improving and expanding what we offer while minimizing what we charge. And with that, we will now open up the line for your questions.
总之，我们再度在净营收和税前利润率方面取得了强劲的季度表现，体现了我们在扩大客户基础的同时不断兑现核心价值主张、并实现业务规模化的能力。我们的业务战略持续有效：尽可能自动化经纪业务，不断改进和扩充产品，同时保持收费最小化。现在，我们将开放电话线，欢迎提问。
Question-and-Answer Session
问答环节
Operator
主持人
\[Operator Instructions] And our first question today will be coming from the line of Craig Siegenthaler of Bank of America.
\[操作员指令] 今天我们的第一位提问者是来自 Bank of America 的 Craig Siegenthaler。
Craig William Siegenthaler
I wanted to follow up with a comment that Thomas made at a conference in May, actually I think it was promised. The commentary was regarding decelerating account growth. However, account growth in the quarter was still really strong, 32% clipped in line with last quarter. So I was just -- I was hoping you could help clarify those comments you made. And should we expect somewhat slower growth in the summer months into 4Q as we've seen in previous years?
我想跟进一下 Thomas 在五月的一场会议上所作的评论——我记得他当时提到过账户增长放缓。然而，本季度的账户增长依然非常强劲，同比增长 32%，与上一季度持平。所以我想请您澄清一下当时的评论。我们是否应该预期，今年夏季到第四季度的增长会像往年一样有所放缓？
Thomas Pechy Peterffy
So I would like -- I always like to overdeliver. That's why I projected lower account growth than I really believed that would take place. And I continue to do that for the future.
我想说——我一向喜欢超额交付。这也是为什么我给出的账户增长预估低于我实际相信会实现的水平。未来我也会继续这么做。
Craig William Siegenthaler
Great. Well, Thomas, we like it when you overdeliver, too. Just for my follow-up, so the GENIUS Act, I think, just passed in the house several minutes ago, says that's pretty much done. The CLARITY Act is making its way through Congress. So 2 digital asset initiatives. Thomas, I'm wondering, will broader demand for digital assets, could this cause you to rethink your current digital asset model, which relies on Paxos partnership but also doesn't allow your clients to use noncustodial wallets with their IBKR accounts. I know -- I think you felt pretty strong in the past about holding crypto on the balance sheet, which is one issue.
好的。Thomas，我们也喜欢您超额交付。接着我的追问：GENIUS Act 几分钟前刚在众议院通过，基本尘埃落定；CLARITY Act 也正在国会推进。这是两项数字资产相关举措。Thomas，我想了解，更广泛的数字资产需求是否会促使您重新思考当前的数字资产模式？该模式依赖与 Paxos 的合作，而且不允许客户将非托管钱包与 IBKR 账户关联。我记得您过去对在资产负债表上持有加密货币态度相当坚决。
Milan Galik
So I will take this one. This is Milan. Thanks for the question. You might have seen in the news that Interactive Brokers has an investment in a cryptocurrency exchange called Zero Hash. The news was published this week or a week ago that there is a continued capital raise done by Zero Hash and obviously, we participated in it in order to keep our percentage ownership steady. We have a good partnership with Zero Hash. We work together on a number of items that we're going to be delivering in the next quarters.
我来回答这个问题。我是 Milan，谢谢你的提问。你可能已经在新闻中看到，Interactive Brokers 投资了名为 Zero Hash 的加密货币交易所。本周或上周有报道称 Zero Hash 正在继续融资，我们也参与其中，以保持持股比例。我们与 Zero Hash 合作关系良好，双方正在推进多项将在未来几个季度交付的事项。
We have already added several cryptocurrencies in the past quarter, and there are numerous initiatives that we are working on. We are going to be making it possible for the clients to fund their accounts with stable coins. We are working on the asset transfer capability in the crypto space. So we will be able to take in crypto asset transfers. And then later during the year, we will be adding staking. Obviously, at the same time, we're working on expanding our ability to offer cryptocurrency trading geographically. At the moment, we are focusing on Europe, and we are hopeful that we will be able to add the capability to our European customers in the coming quarters.
在过去一个季度，我们已新增数种加密货币，目前还有诸多计划在推进。我们将使客户能够使用稳定币为账户注资，并开发加密资产转入功能，以便接收加密资产转账。今年稍晚我们还将上线质押功能。同时，我们也在扩大加密货币交易的地域覆盖。目前重点是欧洲，希望在接下来的几个季度里把这一能力提供给欧洲客户。
Operator
主持人
And our next question will be coming from the line of James Yaro of Goldman Sachs.
接下来是来自 Goldman Sachs 的 James Yaro 提问。
James Edwin Yaro
I just wanted to start with any perspectives that you might have on the tokenized equity products that we're seeing across a variety of broker and crypto firms for European customers on U.S. stocks, maybe you could just talk about the advantages and disadvantages of this product in your view, I guess, is it something that you would consider offering, I'm not sure exactly why, but if so, that would be helpful. And then, I guess, your perspective on whether this product represents any sort of additional competition in Europe relative to your business?
我想先请教一下您对各类券商和加密公司为欧洲客户提供、以美国股票为标的的股票代币化产品有何看法？能否谈谈这种产品在您看来有哪些优缺点？另外，您是否考虑推出类似产品？如果可能，原因是什么？此外，您认为这种产品在欧洲市场是否会对贵公司的业务构成新的竞争？
Milan Galik
So I will focus on different stock tokens that are currently available. One was made available to the European clients of Robinhood, I think they may be available at the beginning of July. And I think it's probably best if I contrast our offering to the offering that they just launched. So what they put online in the form of tokens on U.S. stocks is a fundamentally worse product than what our European clients had access to for years. Our clients have access to more than 10,000 real U.S. shares and ETFs 24 hours a day, 5 days a week. In contrast, the stock tokens that Robinhood made available to the European clients are a derivative on 200 or so symbols, which means that the client does not have ownership interest in the stock, instead, he or she has an OTC contract against Robinhood Europe. The customer cannot transfer the position to another broker if you wanted to. You would have to sell the position and transfer the cash.
我想先聚焦于目前市面上可用的几种股票代币。其中一种是 Robinhood 面向欧洲客户推出的产品，大概在 7 月初上线。为了说明问题，我最好将我们的产品与其新推出的产品做个对比。Robinhood 上线的美国股票代币，本质上比我们多年来提供给欧洲客户的产品要差得多。我们的客户可以在一周五天、每天 24 小时交易超过 10,000 只真正的美国股票和 ETF；而 Robinhood 面向欧洲客户提供的股票代币只覆盖约 200 个交易代码，且它们是衍生品——客户并不拥有股票所有权，而是与 Robinhood Europe 签署 OTC 合约。如果客户想把头寸转到别的券商，无法直接转移，只能平仓并把现金转走。
As to the cost, if you look at Robinhood's own key investor information document, which is a document every broker has to offer to their clients about every financial instrument they make available for trading, a hypothetical \$10,000 investment costs the client \$10 while our clients pay the fraction of that, \$1 or so. So that's the Robinhood offering. There is also Kraken X shares that are available. Kraken, as you know, is a significant cryptocurrency exchange. They made 60 or so tokens available, which are similarly secured notes backed by the underlying in a Jersey entity that they have. The creation and redemption fees for these X shares are 0.5% each, and there is a management fee of 0.25% per year. Now unlike in case of Robinhood, Kraken lets you withdraw the tokens to your own self-custody wallet and then trade the token of the DeFi network. But that obviously will lead to some problems.
关于费用，查看 Robinhood 为每种可交易金融工具向客户提供的 Key Investor Information Document，就一笔假设的 10,000 美元投资而言，客户要支付 10 美元，而我们的客户只需支付大约 1 美元。以上是 Robinhood 的方案。市场上还有 Kraken 推出的 X Shares。大家知道 Kraken 是一家大型加密货币交易所，他们发行了约 60 只代币，本质上是由其泽西实体持有的基础资产作抵押的有担保票据。这些 X Shares 的申购和赎回费各为 0.5%，管理费为每年 0.25%。与 Robinhood 不同，Kraken 允许客户把代币提到自有钱包，并在 DeFi 网络上交易，但这显然会带来一些问题。
There was an article a couple of days ago on Wall Street Journal, which talked about the very significant price differences between the tokens and the underlying shares. And on some days, I think specifically on July 5th, Amazon was reported to show the price that was 4x as large as the stock price from the previous closing price. And the same -- similarly an AMZNx, which is the token issued by Kraken, suffered even while the dislocation on Jupiter. There was lack of liquidity available for the client who submitted an order for \$500. And briefly, the Amazon's token was trading at price 100x larger than the closing price on the previous day. So all in all, stock tokens at this time seem like a great opportunity to do much worse than buying an ordinary share.
《华尔街日报》几天前发表了一篇文章，指出这些代币与其对应股票之间存在巨大价差。例如在 7 月 5 日，当天亚马逊代币的价格被报道为前一日收盘价的 4 倍左右。同样，由 Kraken 发行的 AMZNx 也出现了严重的价格错位；在 Jupiter 平台上出现流动性枯竭，一位提交 500 美元买单的客户几乎买不到货，亚马逊代币价格一度达到前一日收盘价的 100 倍。总而言之，现阶段股票代币似乎更容易让投资者的表现远逊于直接购买普通股票。
James Edwin Yaro
Okay. That's really helpful color. Could you just talk a little bit about the execution cost differences that you're seeing on your platform in overnight market versus during market hours? I know that's a tough one because I'm generalizing across a variety of products. So maybe you can just talk about stocks today. And then maybe you could just talk about your expectations for how execution costs outside of market hours could evolve over time?
好的，这些信息非常有帮助。您能否谈一下您所观察到的平台在隔夜市场与正常交易时段之间的执行成本差异？我知道这很难，因为我要对多种产品进行概括。那么今天或许您可以只谈谈股票。然后，您能否谈谈您对盘外交易执行成本随时间演变的预期？
Milan Galik
There's obviously a difference between the stocks and options and futures on the other hand, on the -- between the overnight hours and regular trading hours. So if you look at the exchange traded products like options and futures, the execution costs are the same, whether you trade them overnight or during the day. The execution costs for stocks are very different because the stocks are currently not offered outside of extended trading hours.
显然，股票与期权和期货在隔夜时段和常规交易时段之间存在差异。如果你关注期权和期货等交易所交易产品，无论是在隔夜还是白天交易，它们的执行成本都相同。股票的执行成本则完全不同，因为股票目前并未在延长交易时段之外提供交易。
So every platform that offers them and Interactive Brokers has a substantial offering in this space has a different price than what one would pay to an exchange. Interactive Brokers has its own ATS -- Eso ATS where overnight stocks are trading. And it is also connected to a Blue Ocean that is another significant ATS in the space. So the combination with these 2 venues allows us to offer thousands and thousands of stocks and ETFs during the overnight trading with a lot of liquidity at a very low cost.
因此，任何提供这些股票交易的平台——Interactive Brokers 在这一领域拥有丰富的产品——其价格都与在交易所支付的费用不同。Interactive Brokers 拥有自己的 ATS——Eso ATS，用于隔夜股票交易，同时也接入了 Blue Ocean，这是该领域的另一家重要 ATS。这两个交易场所的结合，使我们能够在隔夜交易时段，以极低成本并保持充足流动性，为客户提供成千上万只股票和 ETF。
Operator
主持人
Our next question will be coming from the line of Benjamin Budish of Barclays.
接下来由 Barclays 的 Benjamin Budish 提问。
Benjamin Elliot Budish
Maybe first, just a high-level question. You've talked a lot about the pickup in international growth quite a bit over the last many years. I'm just curious in terms of overnight trading specifically, it sounds like that is growing much faster than international growth more broadly. Curious, is that sort of a behavior change? Is it sort of more -- stock options being made available? It sounds like your offering has been pretty consistent for some time, but just curious if you could unpack what you're seeing there? I know -- I think Thomas mentioned also at a conference earlier that you have an expectation that that's going to be quite meaningful as a percentage of total volumes over the next 10 to 20 years. So I'd be curious for your commentary on sort of the recent drivers of that outsized growth?
首先想问一个总体问题。多年来您一直提到国际业务的增长加速。具体到隔夜交易，它似乎增长得比整体国际业务快得多。请问这是客户行为的变化，还是因为更多股票或期权可供交易？听起来你们的产品一段时间以来相当稳定，但我想了解你们观察到的情况。我记得 Thomas 先前在一次会议上提到，他预计隔夜交易在未来 10-20 年将占总成交量的相当大比例。能否评论一下近期推动这种超常增长的因素？
Milan Galik
Well, for us, especially the overnight U.S. stock offering is important because we have significant clientele in Europe and Asia, and our overnight hours correspond to their day during the day hours. So by us offering the U.S. stock trading overnight, we are satisfying the appetite of the overseas clients in these geographies so that they can trade and access U.S. markets during the day. Given that we have significant clientele overseas, that part of an offering for us is very important and more and more of our introducing brokers are realizing that and are turning on this offering for their clients. As far as the importance of the overnight trading in the long run in general, I think we will see the same progression as we have seen over the past decade or so.
对我们而言，隔夜美股交易尤为重要，因为我们在欧洲和亚洲拥有大量客户，而我们的隔夜时段正好对应他们的白天。通过提供隔夜美股交易，我们满足了这些地区客户的需求，使他们能在白天进入并交易美国市场。鉴于我们在海外有众多客户，这部分产品对我们至关重要，越来越多介绍经纪商也意识到这一点，并为其客户启用该功能。至于隔夜交易长期的重要性，我认为它将沿着过去十年左右的轨迹继续发展。
You -- I'm sure you remember that the regular trading hours for NYSE stocks or even NASDAQ stocks, those markets opened at 9:30 and close at 4 p.m. and then the so-called extended hours have been added. Those markets now open at 4 a.m. and close at 8 p.m. and the amount of volume we see during those trading sessions is growing as well as the volume we show in the overnight session. So over time, the differences between the trading hours will not disappear, but will diminish for sure. There will still be some special time periods like on Open Trading at 9:30 and on Close Trading at 4:00 p.m. because a lot of ETFs and mutual funds marked their NAV using those prices, but we will see more and more overnight trading in the future.
您一定记得，以前纽交所和纳斯达克的常规交易时间是上午 9:30 开盘、下午 4 点收盘，后来又增加了延长交易时段。现在这些市场凌晨 4 点开盘、晚上 8 点收盘，我们看到这些时段的成交量以及隔夜时段的成交量都在增长。随着时间推移，不同交易时段之间的差异不会完全消失，但肯定会缩小。仍会有一些特殊时段，例如上午 9:30 的开盘竞价和下午 4 点的收盘竞价，因为很多 ETF 和共同基金会用这些价格来标定净值，但未来我们会看到越来越多的隔夜交易。
Benjamin Elliot Budish
Very helpful. Maybe one more sort of in the weeds question perhaps for Paul. Just in terms of your interest rate sensitivity, it looks like this quarter versus last quarter, maybe a slightly higher percentage of cash is not in U.S. dollars, but the sensitivity to a 25-basis point change in rates seems like it's a much lower dollar number. Just curious is it like a lower absolute starting level of rates? Or what's the driver of that sort of lower sensitivity?
非常有帮助。还有一个更细节的问题想请 Paul 回答。就利率敏感度而言，本季度与上季度相比，非美元现金的比例似乎略高，但对利率变动 25 个基点的敏感度对应的金额却低得多。这是因为利率的绝对起点更低，还是有什么其他原因导致敏感度降低？
Paul Jonathan Brody
Right. And that's a good question, Ben. So primarily, there are some, once again, low rate, low-interest rate currencies. There are several of them out there, that are either nearing or just breach the 0 line back into negative territory. So that leads to nonlinearity of the up and down scenarios because when you cross over the 0-point, our -- we're either passing through or we're not passing through, the full spread gets compressed and then it returns. So yes, the -- that overall number was somewhat lower than in the past because those rates are going down.
好的，这是个好问题，Ben。主要原因是有一些低利率甚至再度跌破零点的货币。当利率穿过 0 点时，上下行情景就会出现非线性，因为我们要么能够完全转嫁利差，要么无法转嫁，导致利差被压缩后再恢复。因此，总体敏感度数字比过去略低，因为这些利率正在下降。
Operator
主持人
And the next question will be coming from the line of Dan Fannon of Jefferies.
下一位提问者是 Jefferies 的 Dan Fannon。
Daniel Thomas Fannon
I was hoping to expand upon your comments around sec lending, clearly improved this quarter. You talked about an increase in some hard-to-borrow securities, Curious about how diverse that was. And as we think about an environment where IPOs are picking up? Is it reasonable to assume that, that should be on an upward trajectory, given the kind of current trends?
我想进一步探讨您对证券借贷的评论，本季度显然有所改善。您提到一些难以借入的证券数量增加，我想了解这类证券的多样性如何。随着 IPO 活动增多，我们是否可以合理假设这种趋势将推动证券借贷继续上行？
Paul Jonathan Brody
Well, if -- so in terms of how diverse it was, not especially, there are some -- several high flyers in there. But -- so our results are coming from 2 places, right? We -- generally, with more accounts and more equity and more participation, we see a rise in our general level of both customers who are shorting stocks and they're recovering or customers with margin stocks that we're able to lend out or fully paid stocks in our fully paid program to lend out and share the benefits with the customer. And then, of course, the specials come in on top of that. And as I said, a few high flyers can make a substantial difference in the overall P\&L. As to what's going to happen in the future, you tell me, it's general markets for IPOs and M\&A activity and so forth leads to more of this and these hot stocks from a stock loan rate standpoint come from a greater proportion of shorts to available stock to cover those shorts. So corporate deals and so forth tend to lead to those kinds of conditions. If those pick up, then the likelihood is so will some of the hard-to-borrow stocks.
关于多样性，其实并不是特别广泛，其中有几只热门股。我们的收益主要来自两个方面：一是账户数量、客户持股和市场参与度增加，导致做空的客户增多，以及我们可以出借的保证金股票或完全支付股票增加；二是特殊标的带来的额外收益。我之前提到，少数高人气股票就能显著影响整体盈亏。至于未来走势，IPO 和并购市场越活跃，难以借入的热门股票就越多，因为做空需求相对可供借出的股票比例更高。企业交易增加通常会带来这种情况；如果该趋势继续，一些难借股票的需求也可能随之上升。
Daniel Thomas Fannon
Great. That's helpful. And then I was hoping you could expand upon the introducing broker comments thinking about the size of the partners that are coming on and also the backlog you mentioned also, I think, was reasonably good. Just curious how you would characterize that versus, say, maybe a year ago and how those conversations have progressed.
非常感谢，这有帮助。我还想请您详细谈谈介绍经纪商方面的情况，包括新合作伙伴的规模以及您提到的积压项目都相当不错。相比一年前，您如何评价目前的情况，以及相关谈判进展如何？
Milan Galik
If we look at the number of integrations delivered in the second quarter, they increased compared to the Q1 of this year. The pipeline remains very strong. The pipeline includes new entrants to the market, existing firms that broaden their offering in terms of either new products or countries or asset classes. One interesting note I would make is that some firms that we spoke to in the past, who at the time decided not to go with Interactive Brokers, but chose a competitor or chose to do an in-house build are coming back around to us and reengaging. They do realize that our offering is superior, our cost is superior as well, so they come to us. So I'm very happy with what I see in the pipeline, both in terms of conversion as well as what's in the backlog.
若看第二季度完成的系统集成数量，较今年第一季度有所增加，潜在项目管线依旧非常强劲。该管线既包括新进入市场的公司，也包括通过新产品、进入新国家或新增资产类别来拓展业务的现有公司。有趣的是，一些过去与我们洽谈但最终选择竞争对手或自建系统的公司，现在又回过头来重新接洽，他们意识到我们的产品和成本优势更明显，因此选择与我们合作。无论是转换率还是当前积压项目，我对管线状况都非常满意。
Operator
主持人
\[Operator Instructions] Our next question will be coming from the line of Kyle Voigt of KBW.
\[操作员指令] 下一位提问来自 KBW 的 Kyle Voigt。
Kyle Kenneth Voigt
Maybe just a question on client credit balances, which grew, I think, over 6% in the month of June, which is the highest since March of 2020. Can you just speak about the main drivers of what you saw in June specifically. Was it more new cash being deposited into accounts? Was it rebalancing from existing clients or is there something else driving that significant cash increase that we saw in June?
我想问一个关于客户信用余额的问题，六月增长了超过 6%，这是自 2020 年 3 月以来的最高水平。您能否说明六月增长的主要驱动因素？是更多新现金存入账户？还是现有客户进行再平衡？抑或还有其他原因导致六月出现如此显著的现金增加？
Paul Jonathan Brody
I think it was a combination of those things. New cash coming in was as strong as it has been in the last several months. It does have its ups and downs. April was particularly strong, both in taking a new cash and in that risk-off environment of April when a lot of stocks are being sold that generates cash balances and -- because clients feel comfortable leaving those cash balances with us, they simply go up and reinvest them. I don't think there was anything else specific to June that was notable.
我认为是多种因素共同作用。新资金流入在过去几个月一直保持强劲，期间也有起伏。四月份表现尤其突出，不仅有大量新资金流入，而且在当月的避险环境下，许多股票被卖出生成了现金余额——客户放心把这些现金留在我们这里，然后再进行投资。我认为六月并没有其他特别值得注意的因素。
Kyle Kenneth Voigt
Okay. Just for a follow-up. We've seen a recent reacceleration in 0DTE trading percentages in the broader options market. I was just curious to hear about whether you have been seeing that in your own customer base in recent months. And then also curious to hear about your view of rolling out 0DTE on single stocks what else needs to be done from the brokerage industry standpoint in terms of functionality to be able to offer this? And how close are we in terms of being able to see that product hit the market, do you think?
好的，作为追问。我们近期看到 0DTE 交易在整体期权市场中的占比再次加速。我想了解过去几个月里贵公司客户群是否也出现这种情况。同时也想听听您对在单只股票上推出 0DTE 的看法——从经纪行业功能角度看，还需要做哪些准备才能提供该产品？您认为该产品距离上市还有多远？
Milan Galik
I did not pay a lot of attention to how the 0DTE percentages are changing. They are roughly the same as they were in the previous quarter. I would point out one interesting thing, and that is the 0DTE options trading is doing very well, and those options are very busy, especially the ones on the S\&P 500 Index. If you look at the ForecastEx, ForecastEx just listed a few weeks ago, contracts -- the F\&O contracts that are in some sense similar to the 0DTE options, and we listed those on a number of different indexes, and we see significant engagement from our clientele and are happy with that. As far as the stocks are concerned, that's a little bit more complicated issue. As I mentioned, the popular 0DTE options are the index options they settle in cash. The stock options, they settle into physical. So you get the stock delivered if you exercise a long call.
我并没有特别关注 0DTE 占比的变化，它们大致与上一季度持平。我想指出一件有趣的事：0DTE 期权交易表现相当出色，这些期权非常活跃，尤其是 S\&P 500 指数相关期权。如果看看 ForecastEx，几周前我们刚在多个指数上挂牌了一些在某种意义上类似 0DTE 期权的 F\&O 合约，客户参与度很高，我们对此感到满意。至于股票方面，情况要复杂一些。如我所述，最受欢迎的 0DTE 期权是现金结算的指数期权；而股票期权则是实物交割——如果行使多头看涨期权，你将收到股票。
Now you can submit your exercise requests after the stock market is closed after the main session closes at 4:00. You have, I think, half an hour or 60 minutes to submit your exercise instructions. So it will -- there will be some amount of extra volatility in the stocks on the days when they publish their earnings or when there is a significant news issue. So you may see some unexpected exercise and assignment activity on those days. And that is an issue that the industry recognizes, we ourselves wrote a comment letter about that. So one way to solve that would be to list 0DTE stock options that settle in cash, but that would come with its own type of problems. So we will see what the ultimate decision is going to be, but there are some issues that the cash settled index options did not have.
目前，在股票市场下午 4 点主盘收市后，你可以提交行权请求，大约有半小时到 60 分钟的时间可提交指令。因此，在公司发布财报或有重大新闻的日子里，股票可能出现额外波动，你可能会看到一些意外的行权和指派活动。业界已认识到这一问题，我们自己也提交了评论信。解决方案之一是挂牌现金结算的 0DTE 股票期权，但这又会带来其他问题。最终将作何决定还有待观察，不过确实存在现金结算指数期权所没有的一些难题。
Operator
主持人
And our next question will be coming from the line of Patrick Moley of Piper Sandler.
接下来由 Piper Sandler 的 Patrick Moley 提问。
Patrick Malcolm Moley
Thomas, I had one for you. I caught your interview on CNBC before the call here. You sounded very bullish. I think you said that you don't really see much that could derail this rally here and that you could see this rally continue for the next 2 or 3 years. So with that in mind, I'm just hoping you could elaborate on what that could mean for overall retail trading activity if we do see markets continue to grind higher. And then in terms of IBKR platform specifically, what are some of the read-throughs there if that is the environment that we're entering into?
Thomas，这个问题想请教您。我在电话会前看了您在 CNBC 的采访，您听起来非常乐观。我记得您说目前几乎没有什么因素能打断这轮行情，且这轮涨势可能在未来 2-3 年继续。因此，如果市场继续稳步走高，请您阐述一下这对整体散户交易活动意味着什么？另外，就 IBKR 平台而言，在这种市场环境下会有哪些具体启示？
Thomas Pechy Peterffy
As I have said, I expect this environment to be very, very favorable to brokerage firms in general and investment banks in general and specifically for Interactive Brokers. This is a great time for us. And it's a great time for your firm too. All of your firms.
正如我所说，我认为这种环境对整个券商行业、投行行业，尤其对 Interactive Brokers 而言非常有利。对我们来说，这是绝佳时机，对你们公司也是，对所有公司都是。
Patrick Malcolm Moley
And maybe just a follow-up on crypto. Milan, I think last quarter, you said that you were somewhat surprised at just how much -- how little market share you've taken since beefing out the crypto offering just given how much lower cost the offering was. So just curious if that's still what you've seen. Have you seen any market share gains there? And then this push to kind of build out the offering even more, is that a factor of you just recognizing that you think you need to have a more robust offering in order to attract more retail customers to the platform? Any color there on that strategy would be great.
再补充一个关于加密货币的问题。Milan，我记得上一季度您提到，在大幅降低成本并扩充加密货币产品后，IBKR 获得的市场份额仍少于预期，这让您有些意外。请问目前情况是否有所改变？你们在这一领域的市场份额是否已提升？此外，进一步扩充产品线，是出于认为必须提供更完善的服务才能吸引更多散户客户吗？希望您能介绍一下相关策略。
Milan Galik
So my disappointment in terms of how much market share we are getting in the crypto space remains. I'm still disappointed given how much less expensive we made it for our clients to buy cryptos. But I do expect, and I do hope for some asset transfers coming our way, which right now is impossible if you already have holdings in cryptocurrencies and you want to switch brokers, you will have to sell those currencies, turn them into cash, and that's what you would have to deposit with us. Supporting asset transfers should open the doors to some new clients to recognize that our prices are lower, and they should bring our assets to our platform.
在加密货币领域所占市场份额依旧令我感到失望。尽管我们已大幅降低了客户购买加密货币的成本，但这一结果仍未达到预期。不过，我确实期待并希望能看到资产转入我们平台。当前，如果投资者已持有加密资产并想更换券商，只能先卖出这些加密货币、转换为现金，然后再存入我们这里。若我们支持加密资产直接转入，将为新客户敞开大门，让他们认识到我们的费用更低，并把资产带到我们的平台。
That is my hope. As to why is that, that we are paying attention to crypto, we have been paying attention to it for a while, but the environment has changed with the new administration which is significantly friendlier to the crypto space than the previous one. We obviously have to react to that. Our investors as well as clients, financial advisers, individual clients do expect to have means to enter the space through us, so we need to add it to our offering.
这就是我的期望。至于为何我们如此关注加密货币，其实我们早已留意这一领域，但随着新一届政府的到来，整体监管环境相比之前明显更加友好，我们必须作出应对。我们的投资者、金融顾问及个人客户都希望通过我们进入这片市场，因此我们必须将加密货币纳入产品体系。
Operator
Thank you. This does conclude today's Q\&A session. I would like to turn the call back over to Nancy for closing remarks. Please go ahead.
感谢各位。本次问答环节到此结束。现在把电话交还给 Nancy，请发表结束致辞。
Nancy Enslein Stuebe
Thank you, everyone, for participating today. As a reminder, this call will be available for replay on our website, and we will also be posting a clean version of our transcript on the site tomorrow. Thank you again, and we will talk to you next quarter end.
感谢大家今天的参与。提醒各位，本次电话会议的重播将上传至我们的网站，明天我们还会在网站发布一份整理后的完整文字记录。再次感谢，我们将在下个季度末再与各位相见。
Operator
This concludes today's program. Thank you all for joining. You may now disconnect.
本次会议到此结束。感谢大家参加，您现在可以挂断电话。