safe Thank healthy. all you, I hope Nancy. are the you everyone Thanks and joining call. for
earnings First, call open which for up the and my release our we after operating the results review non-core and questions. items comments I'll will formality will follow
brokerage quarter, have streamline presenting contributing no we The operating You business. several our starting we it our market-making will are that note management electronic robust of results. longer not years business on presentation point to the After overall winding materially this where separate down segments. activity, reached our focus reflects is our
activities have or other items treasury also former of income. latter and services We and currency and FDIC items The line and presentation grouping contains of in fees while other lines such fees splitting as recurring statement, interest income Sweep from principal our the revenue income, revised section Program marks-to-market, income other investment and the gains Bank U.S. data losses. contains impacts, market the trading expense
Turning of last openings environment. around quarter current the Volatility high levels of tumultuous from account to by reflected year. in measured XX.X first doubled XX.X world. coronavirus a nearly quarter and in quarter was in operating up the given average metrics trading record to data. VIX operating impact the the a the the volatility This as The the
in In VIX high volumes of the the averaged This months, to it's from across quarter this the in index products with and after XX, to increase three to XXXX trading when higher first showing and XX two March ranged a the contrast first in the over industry months mid-month. XX dramatic corresponded board. levels similar XX floated
DARTs Compared XXXX, million. of to our rose XX% a first the quarterly X.XX quarter record total to
options, volumes Our and every by futures led XX% respectively. stock customer increases customer and in dramatically class volumes trade product of XX% XX%, rose in
growth a accounts of Total year, XX%. $XXX.X dollar contributed the were X% of which strong up customer index to period. increasing time drop in well as XX% XXX FX XXX,XXX, at billion equity over quarter-end S&P over despite the prior the volumes to X% reached
ForEx commissionable average average in smaller overall trade it futures commission sizes product $X.XX. Our XX% in fell order higher cleared year mix, featured versus last options. and per On a stocks, to and
interest Moving our net onto margin table.
benchmark near to net declined delevered, light made the less X.XX% held the of series end of a cash their of of and interest Our impact in resulting to a was of and interest clients margin a first policy margin rates The moves result in coronavirus, lending. assets quarter proportion U.S. zero the from greater interest rate in in X.XX% the as March Reserve narrowed which economy in Federal in aid the the
curve, $XX U.S. million portfolio duration light gain yield mark-to-market of the and short In our holdings of we a on recorded the of treasuries. flat our kept relatively of
our unlike to As but mark to securities reporting. GAAP maturity, market brokers, to us to rules hold these always, banks, plan require we in them as financial
U.S., of a somewhat U.S. credit cut U.S. in countries soften in in many impact not rates income exceptions banks Outside the of This to the were the customer rates as COVID-XX currencies or negative. pandemic our are rates as about on the central on expectations look balances already benchmark interest where zero impact dollars. quarter moderates with interest net on were
more lower quarter balances. despite year, rates balances on this last generated customer income Increased interest cash in net versus
the addition Deposit asset Bank cash from FDIC Sweep customers to last our liquidating In have Insured to Program $X.X success with grown in continue we cash $X.X balances, billion to Along from has growth year. up the positions, billion in gathering.
also nearly our funds period. in in lower income that income. management loan half cash increase Fed year be continued rates effective note fell last contributors a interest versus segregated segregated last margin segregated on margin. cash XX% year, X.X%, margin and Lower earnings XX% however, a cash lending rates balances rose time to fell the interest in X% to led this interest largest to net Margin versus where despite decline reduced balances, over our interest Average significantly
cash segregated changes in differ our on yields the to from caused rates. factors Several Fed funds the
First, so investments the duration the place currencies; that expected held second, in is other an and quarter, treasuries of given about these take days follow-up over in time free portion average investment an of would to amounts immediately. not be declines during XX
funds for would segregated Note appetite balance more versus The income in less cash a by names function cash increase purchases purposes. otherwise risk. looking also year-ago on loans this hard-to-borrow balances interest capitalized particularly sideline we FDIC diminished our XX% more accounting our sheet That invested. the that of short. in balances be included cash financed investors removes to program is quarter in segregated segregated was were on margin be leads X customers’ that Securities is suite that up stocks, as from a the lending in to for to investment
which attempt been with in impact from impact our prices in instruments. of changes, we an seem at that rate of may we baked the we isolate a impact the next unlikely of the for possibility rate becomes have the to increase falling understand typically rates, yields however of as When rate XX this the increase the point of expectation the already the the reflected in hikes time. separate calculating into more already of that certain, impact rates estimate instruments Now unexpected is of price Therefore, the these future of that basis cuts invest. or
cash next would on next point and assumption, the the run the we over expect basis quarters rate higher produce in as benchmark typical on the four that These and low of interest our an additional we current calculation segregated to yearly than to rising based million $XX sheet. are customers. the With unanticipated spread due we our rates XX what pay impact $XX rates our between million to earn on net numbers income what our balance
cash. we as XX less spread our on compresses As U.S. basis rates points, fall are the below segregated in
also rate change is rate, all rises. at the manage the converse true take reinvestment up segregated holdings the XX but of our new towards we points, basis that how includes as run However, in cash. not spread present of rates into back any move The does the our might account assumed
successful provide of some assets, net are to the should grow benchmark cash offset from will lending our we higher balances continuing the and If in income loss interest customer margin persist. low they to rates,
quarter, explained numbers we items not only without begin our our segments. results. operating define We those earlier, this As consolidated I as part reporting of fundamental non-core
items adjusted versus follows. Non-core quarter the the year-ago numbers as
of to in expense first million quarter. reduced government bad $XXX diversification to $XX effect gains million adjustments versus quarter million loss did million, $XX comparative in shift million, reduced mark-to-market versus last year-ago a million went $XX this from income million the the $X comparative million, mark-to-market unusual a currency $XXX $XX and decrease recur U.S. $XX Our year. strategy quarter, year-ago of on loss income of on not a of a income by The of lost comparatively customer securities million these increase million investments, $X $XX $XX million, by gain debt from in net so the
were first reported X% for million down $XXX year's revenues last the quarter Net versus quarter.
volatility $X.XX. seen non-core order volumes revenue categories, Lower cleared often traders significantly Commission in as up net XX% a high revenue higher million. during is rose to product in commissionable categories. average nearly our in on per Excluding risk XX% market. periods less fast-moving sizes product all items, reduced trade all the average commission to $XXX This was
as X% which bank and fees includes decline in funds fees account FDIC $X income Fed million program data, options rose and programs interest average the activity versus over services last million mandated year. from sweep income the market rose a well flow $XXX Net quarter. despite XX% and effective exposure, as X% rate Other or revenues, the exchange order year-ago
with non-interest last to items, headcount unusual volumes. our on strategy which million. $XXX income, expenses the and loss, increase expenses over line last primarily stood for transactions at year. $XX currency XXXX Adjusting costs ex-non-core up as an principal and our includes income XX% execution losses increased higher other from At trade in with as margin total Other were loss quarter higher $XX XX% Non-interest a for clearing gains and end, due up of X,XXX, X% million XX% well quarter to and investments were was year. million
brief we the worldwide and Currently After our development the due employees to COVID-XX of influx pandemic, to hiring a up have about three remotely. future. and new client accounts for again systems keep strengthen quarters we of the are services pause, to working to
was bad and but it brokerage that the driven Fixed G&A Customer volatility. than compensation $X with higher in expenses were increase million, well reserves. growing in was including debt expense $XXX by and million, usual hiring the XX% benefits higher contained line supports the dramatic business, up and a costs legal and despite expenses, compliance
was for down share margin last XX% XX% for $XXX earnings items, per $X.XX was $X.XX were X% adjusted same in for $XXX versus $X.XX for per $X.XX a non-core pretax XX% and earnings quarter diluted year. pretax versus million million, excluding the were as income items the up margin. ex-non-core pretax and Reported XXXX share period income Diluted
and the shareholders million the paid are XX.X% to is taxes with operating earnings, mostly as first of interests. million, on foreign investors we non-controlling companies, better income by public our the XX.X% income million Starting $X for non-GAAP To a our is remaining are income our the $XX $XXX company it our taxes. and follows. to deduct million, public statement for reported or non-controlling taxes that understand attributable this million reported $XXX pretax interests, statement. help This split measure, $XXX numbers between the quarter but which The is on shareholders, income our which available of leaves as not is
After companies the common reported million, statement. available $X on public income million taxes million we net of for income stockholders expense $XX our on $XX is owed that remaining usually
plus of the of expense $X consists of paid companies. $XX Our million $X income million by this tax operating taxes million the
the balance consolidated It in remains $X.XX to liquid highly with consistently equity. with billion sheet. Turning leverage low
We continue order no business. capital debt. to our the long-term the brokerage regulatory deploy as our in to from depth are excess and of to continue equity take in well-capitalized and emphasize opportunities We a we sheet, growing capital as standpoint hold strength and advantage balance carry well of
billion, environment. $XX of were loans margin XX, year risk-off clients a decline XX% March as in from delevered a At last
institutional lending who well-positioned our we it We attracting and lending in customers our We the fund of lowest in appetite on margin margin continue expand in to rates risk we swings to offer are opportunistic balances when customer stand hedge customers’ leverage. competitors, satisfy as due expect base, success to more taking our returns.
it take can turn I'll over Now and we to the some moderator, questions.
