for Welcome, joining. to Nancy. everyone, you, Thanks call. Thank the
follow will operating As results call usual, open items, the for that, after non-core the release. of the and comments our And earnings review we’ll and format I’ll up questions. my first
segments contains separate the quarter from The the market, and to in activities market-making FDIC impacts, first levels also the Sweep investment to from highly such impact as Other global services same features reminder, by continued XX.X% marks in nature. currency a that a high the As business more coronavirus average income. was gains overall fees we in of XX.X% openings record principal than longer separated likely measured no as without the VIX, are active markets volatility The Treasury services quarter, our U.S. began the recurring items, consists other Bank continued and remaining current predictable operating while data items, persistent At and two losses quarter income, that less activity doubled to as and Volatility, environment. a other trading or to we reflected results. and our other contributor fees trading material market metrics other time, year. of worldwide. last Program in income of is account line in reporting
in XXXX quarter more a the for over spiked current VIX when the XX% in volatile quarter short the time of However, was March. first to consistently
markets. VIX of second the total a Quarterly to XX.X% record active the increased ranged to compared consistently XX%, million, to DARTs XXX% quarter, from quarter $X.XX XXXX. This reflecting
$XXX.X XX%, volumes trade in FX up added and Total increasing increases billion five higher of stocks, quarter. options, XX% product than in XX%. times respectively. XXX,XXX, pace reached net accounts dramatically customer growth at to futures continue quarterly over and as Our equity XX% to volumes customer year’s new last led prior This well quarter-end. to every at contributed dollar a XX% were by rise class, the of strong with second XX%, year, accounts
cleared seen are to traders mix, in choose larger our in futures FX high to year Our average and commission overall average smaller in fell and slightly per versus markets. Smaller XX% fast-moving trade sizes order product risk option. as sizes trade in average often less periods, commissionable $X.XX. trade stocks, a featured On last volatility – that per
to our net margin Moving interest table.
X.XX%. to since average interest the our its funds effective rate, Reserve X.XX% five price benchmark from the cash, Our and in used The X.X% we of quarter brought XXXX. from margin net which zero. to narrowed interest in XXXX paid of rate In the separate Fed Federal fell customer margin X.XX% target year-ago down quarter, on actions the to to quarter second second loans near
lowered net XX this over interest Fed margin for curve on securities interest credit segregated successful it significantly reduced quarters. it yield customer the as on overnight and lowering this lending. segregated our cash loan. cash by supported has strong paid and remained rate, narrowed earnings just period, balances, points what flat Despite our While our basis several margin the management the we also Nevertheless,
and duration the of year-to-date. making kept holdings short flat mark-to-market U.S. the Treasuries, recorded of We of us million our our $XX for a portfolio relatively on roughly have loss
the benchmark As remained as to zero to in so our we plan on many falling over towards for our losses reduction in and rules economy. our the paid below each we mark or maturity, any portfolio from But our to require securities attempt in was on our on currencies, rates contributor Central COVID-XX the market zero quarter brokers, the balances, balances interest these impact reporting. further. continue U.S., near customer soften Outside always, Despite mark-to-market to quarter interest margin over of these unlike expense as net GAAP Banks preventing hold credit largest their banks, should year-ago financial time. the a from to increase trend gains that XX% interest
lending of contributors deposit gathering continue largest have its Program, in and success nearly up Deposit reaching sweep to growth, to were from margin our Sweep average last Bank FDIC an maintained X lending fell our bank Margin We asset insured billion balances interest XX% last billion, steady – $X securities from Average margin. net year. year. loan and the
the loans investors interest interest have at for the XX% fell quarter capitalized successfully XX% over rates, XX%. was interest benchmark up Securities ending to lending steady a lower year income Margin billion, to to a interest hard quarter back rate. a shown we income. cash, average XX% on short. differ were the our margin segregated the funds yields this increase significantly despite caused income lower However, balances, more to borrow ago, segregated due rates quarter. names from led in loan in to cash that $XX.X as Fed versus about bounce XX% cash factors looking Several change investment segregated in the decline the On on
second, place portion of held about over time. investment reinvestments given of is a XX duration And an in First, average other take in currencies. days, treasuries
function is follow and margin Fed segregated of rate expected some The declines higher a customer So a balances credit be balances not in our lending. investments, to immediately. lower increase cash cash of segregated would
taking on consistent too sheet the time, and our cash this contraction otherwise quarter, accounting more for over removes clients loan. and growth While Program balances balance cash investors variable is Sweep outpaces FDIC in our the Note included segregated funds purposes. in that leverage our the were would from be comfortable that margin growth in
the cuts changes, of Now certain, possibility typically in increase separate invest. XX expectation next rate reflected and of the have isolate rate a in the becomes rise four as the fallen point the income which in based highly customers. With balance in rate of XX already we of interest yields prices to low in our basis additional yearly instruments. more we what impact million of the these of segregated this into points produce rate numbers of current earn rates, we what on basis These when future that impact quarters from rates to instruments pay unanticipated benchmark impact hikes already the been the spread the changes, an $XX over rate we our unexpected rates the sheet. our we expect or estimate on the for attempt that increase to our as calculating on are the of baked understand to impact assumption, to rise is net the of would $XXX that sensitive impact due next we and cash rates an the of million between run next Therefore,
when we basis spread our points, investing compressed U.S. fell rates XX As below our as earn less cash. segregated
basis interest in true also move grow assumed lending significantly. customer how successful new is our back should account the are provide up higher our The low converse cash. as If the cash reinvestment margin will of points, includes benchmark to into some continuing and manage the XX offset our in spread does run present expands However, rate, we holdings our rates of not we towards loss the persist. that change from take rate assets, to net income segregated they balances at but of any all rates,
statement. income our to Turning
in as earlier, include and not began segment. quarter. fundamental this report those operating Non-core numbers We four items longer no of define XXXX, mentioned result. only we our consolidated non-core items As items I part reporting our
versus versus $XX a First, customer investments $XX million year; gain finally, a year; our an loss gain mark-to-market currency securities million $X year’s pre-tax a and second, for in $XX year; The a of up loss year – the of quarter. last expense $XX year-ago million million of diversification a of on reduced $XX event $X revenues this Net were effect year’s second U.S. a income no $XX these million quarter. our last XX% loss year’s net and this million million strategy the gain versus quarter, versus quarter of quarter. versus reported on government by last last $XXX on million third, produced unusual of WTI of equivalent $XXX million million by last adjustments the
over data, due our categories. in funds Net and expenses At year non-core drop investments $XX X% all expenses revenue to Fed costs. with XX% to to income fees revenue primarily million, include decreased $XXX on and participation transaction and average from to principal And XX% stood $XXX account the non-interest fees, some United have the the the IPO. for up benefits higher million as affected efforts execution Adjusting first G&A to higher compliance services versus These the COVID-XX quarter. currency to activity the and systems well solutions. our customers’ year, and due in debt and items, donated as quarter, development in in rose margin. Sweep were gains million million, April, were volumes was fixed despite the XX%, Fixed increase for rate total remotely. the for Ex-non-core Non-interest loss advance fees million. Program activity a well as product a worldwide services, Without effective influx this $X food on up fell XX% volumes as bad last cost event. and $XXX to we versus benefits, with X% market expenses. WTI and last up down we strengthen WTI dramatic Ex generated XX%, largely for our expenses employee in rose in $X million, from million. the million. for event, $XXX future. pre-tax X,XXX, net in were pandemic well in keep compensation a occupancy primarily strategy increase were XX% driven to it, as XX% Excluding provide $XX FDIC million in with loss, and $XX States, of that client well Bank assist as by was brief year XX%, was as XX% Other last a supports been hiring Due up income, other and higher by which have and employees medical pandemic, well the customer items, line year. to to losses support unusual to and was income the accounts the higher significantly due income headcount from Commission to Reported at $XXX up year-ago trade Other expense contained as revenues the people include quarter, again exposure, year. of unusual million million, to interest expenses up our increase million, $XXX last XX% line hiring growing most XX% in down to volatility. business, the WTI the costs, compensation and of clearing quarter-end, been new higher working After facilitating pause COVID-XX and $XX
The better for items, we million, or a income adjusted. follows. our non-core But the X% which reported as shareholders $XX our is $X net second remaining is statement. to unchanged company’s our mostly remaining on same for items earnings $XXX per and $XXX quarter were diluted of the million per and between shareholders. is public non-controlling interest, income taxes million is earnings, million on stockholders million, with available see this quarter versus from available are share income XX.X%, was non-controlling expense split on million, were year the the not leaves Starting $X income public a reported numbers non-core in taxes. million operating To income deduct ex million, of common and This $XX the Excluding help last non-GAAP for measure, XXXX by XX% pre-tax million income of paid investors up our that owed Diluted pre-tax we which taxes income period for is understand as $XXX as it that the for $X.XX margin. unadjusted $XXX for $X.XX or company public earnings statement companies, our taxes share XX.X%, on $XX you statement. After $X.XX, foreign pre-tax reported the our interest. are the attributable
by $X million, the million expense $XX $X of of company. tax plus income million consists Our this the taxes operating of paid
sheet regulatory emphasize from business our to in and our Turning $X.XX billion to brokerage worldwide, with equity, well-capitalized of well deploy as depth prospective we’re the as partners. opportunities toward balance the to to sheet consolidated standpoint. grow clients our strength We base strong and current balance a and capital
leverage We with $XX.X loans over XX, were continue even XX% quarter. last debt. March but year, June no carry billion, at from as And XX, to long-term up increased margin the about clients
lending on expand And our lowest institutional in leverage. to opportunistic remain taking continue of balances, We base, economic we margin to as our satisfy customers’ more are attracting who the our and risk We expect in customers offer conditions success reflecting competitors. both we customer in swings appetite. lending rates well-positioned our margin
back the turn will questions. over take to call the I’ll moderator we Now, some and
