Interactive Brokers Releases July 2023 Results As Client Accounts Jump 19%
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Interactive Brokers, a leading electronic trading platform, has released its financial figures for July 2023. During the month, the trading platform recorded a 19% increase in client accounts compared to July 2022.
Interactive Brokers publishes July 2023 results
The financial results show that the number of client accounts at the trading platform in July reached 2.33 million. While the growth from the same month last year was significant, the gain was only 2% compared to the previous month.
In July, Interactive Brokers reported a similar growth in the ending client equity. The ending client equity is the amount of funding clients hold within their trading accounts at the end of the month. The ending client equity in July came to $386.2 billion, representing a 23% gain compared to July 2022.
On the other hand, the ending client equity reported a slight 2% growth in July 2023 compared to June 2023. The ending client margin loan balances increased by 2% from July 2022 to $43.2 billion. The metric was a 3% gain compared to the previous month.
The ending client credit balances, representing the funding left in trading accounts after settling trades and deductions, hit $98.8 billion in July 2023. The ending client credit balances did not change much compared to June 2023. However, the figure increased by 5% compared to July 2022.
The other metric that recorded slight growth is the daily average revenue trades (DARTs), indicating the average daily trades that raised commissions. DARTs increased by only 2% in July 2023 compared to the previous month, reaching 1.991 million. However, the same increased by 9% compared to July 2022.
The metrics reported by the company for July 2023 did not represent a strong performance compared to the previous month. At the end of June 2023, the total number of client accounts hit 2.29 million. The ending client margin loan balances in June reached $419 billion, while the ending client credit balances hit $98.9 billion.
Interactive Brokers expands its offerings
Interactive Brokers is still expanding its offerings after posting solid results in recent months. Earlier this week, Interactive Brokers announced it extended the fractional shares trading offering to Canadian traders. The trading platform had launched fractional shares trading in Denmark, with the offering being available for the eligible shares listed on Nasdaq Copenhagen.
Towards the end of last month, Interactive Brokers expanded the overnight trading service to feature 10,000 stocks and exchange-traded funds (ETFs) available in the United States. The offering ensured that Interactive Brokers’ clients globally could access the US market at their convenience.
Another critical development for Interactive Brokers is the recent integration with Darwinex. At the time, Darwinex said that this integration would attract talented traders that would benefit from a multi-asset and multi-platform infrastructure. Darwinex clients will trade various assets, including shares, futures, and ETFs.
