the Thanks, joining you, everybody, call. Nancy. Thank for
questions. I'll of open usual, review and items. call And the for comments the the first my earnings after follow which up operating As format our release, non-core results will we'll
reporting As remaining began without business activity is our as our making overall a results. reminder, starting segments this separate year, material market to no longer we
losses. and other in like also other data and contains activity predictable Sweep fees nature, fees, We items Bank market Other items trading fees currency and marks-to-market, other investment separated recurring principal impact, income or services account less are activities Program consists such Treasury income. that of and as fees FDIC and gains services other U.S. income from
Looking as quarter. coronavirus continued the moderated markets from likely VIX, volumes and worldwide. trading the measured same upcoming U.S. election to are customer at rose active the openings the the XX.X of second Brexit the quarter highly by levels XX% as impact continued data, to XX.X the year. in in contributors last current Volatility, still uncertainty average over volatility as elevated and account operating at The well from high global as quarter
while of than XXX.X spiked and of and time short when futures prior quarterly accounts growth increases reached volatile volumes the with pace once the than current times increasing XX%, a quarter by to XX stocks, March X% in quarter. peaked and However, the VIX at net to XXXX XX, quarters first year, for VIX led in and quarter XXX% respectively. Total were contributed strong well, at of was to the accounts XX% over client dollar to less continued XX%. a new XX end. XXX% trade billion second quarter at rise compared last up X again April. over options, XX% FX and added in third year's increased our equity to million about as higher DARTs to the XXX,XXX, product customer volumes every record dramatically Quarterly in a total X.X to class, of XXXX, the This
commissionable order mix trade smaller XX% that less trade versus across traders commission Our overall high to classes. sizes to average in in a fell average product seen featured often all markets. last Smaller to per volatility risk sizes cleared due are year as fast-moving choose per periods product trade $X.XX
of which than up exchange show higher commission offered in the also pass-through commissionable liquidity providing our in drop the volume order led as revenues form the our rebates made to our Overall, strong orders. to commissions we incentives on increase that more lower for We higher capturing saw exchanges strong trade order. volumes in per commission by clients
The quarter X.XX% to Federal The kept table. on in target there. our average both 'XX in zero to in rate X.XX% down rate, brought margin year's X.XX%. effective paid in from Net Moving last March which it margin third to the we customer fell benchmark from interest 'XX. Reserve to near its Fed funds and interest narrowed third interest has net of price use quarter loans quarter X.XX% margin cash, the to and of
supported credit we While significantly fairly lower quarters. they Nevertheless, segregated margin balances, reduce margin several pay loans yield it interest period, for and we reduce lowering also rates this what Despite XX overnight curve what our on loans. Fed and on interest net just over cash customer the rate, our flat earn points by securities as the basis margin has lending. strong the remains narrowed
We of $X duration third treasuries, our quarter. similar have million mark-to-market relatively and loss to of portfolio kept on our short holdings year's the of recorded U.S. a last
our our expense customer their securities As increase so on ago soften U.S., that GAAP as XX% in the zero to customers. marks-to-market near the we to in interest, to reduction reporting. always, rates zero credit balances Outside and Despite central interest these rate negative each zero further. require COVID-XX rules a on we any mark to our the year plan net quarter on below to portfolio currencies as impact many most gains in currencies the banks benchmark from the attempt hold towards largest these market time. for interest continued in over trend produced maturity, should losses over from quarter our pass-through But remained balances interest our to average some banks, financial economies. brokers, unlike the was only paid Not balances, some credit revenue balances falling contributor, preventing on margin or paid
Margin billion $X from our million average We Program were rose and Average in balances the continue net lending last margin. margin Sweep last contributors asset Insured our Bank from FDIC year. gathering. lending a of Deposit have held $XXX up And loan interest largest an success X% to to securities year, year.
increase from balances, to to versus to hard billion, continue segregated climb XX% the a up shown despite income. year interest quarter on year the the loans was were yields steady in and cash segregated interest names a versus we cash caused second year on XX% short. XX% -- lower in Securities interest quarter. significantly execute strong from segregated differ back, investment interest Margin the fell XX% up $XX.X led as benchmark cash, a funds investors Fed borrow lower our quarter loan quarter On this lending to XX% to ago margin income decline rates at last to rate. due factors have ending However, rates, change Several XX%. the up income that looking in a this
a currencies; in in investment reinvestments First, of time. second, duration portion average treasuries an other about held and is XX days, place over given of take
some expected So cash investments of rate declines Fed follow our segregated in be immediately. would not to
the increase The primarily of rates growing than rate and maturity is of not remaining tail-end overall higher the margin credit at will faster a loans of cash net at rate. investment approaching amount are have investment on function balances in and material We our a a impact segregated small balances our investments purchases.
this in included continue the on funds Sweep While that the that steady balance cash too factors. our segregated take sheet our Note our be to investors growth consistent in FDIC for in purpose. outpaced of cash these clients' removes both from quarter, balances otherwise would accounting leverage growth the Program
our of of basis rate estimate of instruments the the becomes an of reflected point fall future increase in more to understand quarters and Therefore, unexpected of XX the rates, of rates we rate what as increase the between changes rise highly benchmark point in current our we already With cuts spread yearly rates unanticipated baked next we in on $XXX sheet. over interest from prices that the yields impact into have the for the $XX certain, expectation attempt isolate are X which million the rate we million been that assumption, as to changes, next is that the of or the instruments. in run rate possibility calculating numbers earn the separate rates, sensitive to impact already rise hikes additional an impact these net in of the what due of produce on impact typically our rate customers. impact balance or and pay expect Now on would segregated XX to we cash the this when low in basis we a invest. the next based our These income
when points, As cash. earn we spread compressed XX investing as rates basis segregated below less our fell U.S. our
how of at up However, take the is our as our expands move our we true rate, assets, higher XX net grow significantly. but cash. present persist. the manage to not some rate will that holdings we and in loss in the into any If account of points, spread change lending does converse benchmark successful includes our rates, run The assumed should they back basis segregated all low income interest offset customer balances, rates also are toward margin continuing the new provide cash from to of reinvestment
Turning statement. our income to
As as began XXXX, report in I no earlier, results. segment. our reporting not our items mentioned Non-core items included quarter. those part define We only, numbers we longer non-core items X fundamental operating of consolidated we this
First, produced loss diversification last of year. a versus our currency million $XX million a strategy $XX gain
last were $XX reported third quarter. $XX reducing quarter, for pre-tax government quarter of last year's these a a prior third, it this million revenues adjustments the Second, mark-to-market year. income gain on year. same the effect million up raised versus of versus $XX million a $X last million net million And U.S. of the of by as $XXX loss year. loss The versus XX% Net on securities million, by our $X investments
rose to down million, million XX% largely it versus ceased costs, rose with exposure, $XXX worldwide Commission and quarter, which trade increase clearing in After effective in even exchange, trade compensation to million, fell Non-interest remotely. from we operations all well OneChicago income, employee year. and on execution million our participation have other line includes of million, the pause million include ago the development Fixed up consultants gain quarter. million the data, IPO. XX% volume. to primarily the $XX the of last again $XX versus for Bank XX% and decline was the income were future. occupancy. stood development pandemic, expenses At last and compliance interest expenses expenses by versus of Sweep to losses as was due benefits the fees for year were the and the the new X,XXX, portion last non-core as with categories. higher million which increase influx decreased to and X% our expenses up loss net year associated benefits revenues our FDIC higher product XX%, with due COVID-XX activity and a gains last in quarter, on primarily transactions, and September. $X a our versus as income includes a in $X $X G&A of of accounts with the debt program. average was as over and total million of in on investment was last recovery Also, quarter. hiring non-core XX% fees customer $XXX systems from compliance been year. some Program higher $XX driven facilitating revenue $XXX revenue up strengthen significantly a XX% in end, about loss items, These have most though compensation well items, year. substantial to were first generated in higher services, for bad the headcount keep million on That $XX our currency market to employees investments Net from global. Excluding effects The year. rate been due currency were working costs this in Due Fed client a up as quarter higher which at fees brief XX% volumes funds and quarter. million. a as a $XX a well account services and to loss Other million Other to Ex strategy principal second was drop customers' the $XXX in This
not pre-tax $X any the income activity and expenses, was million, been recurring. well-contained and raised consultants While a $X for was has Customer most compliance of despite of the zero and in $XX volatility. to we increase the in benefits margin. expect that Reported be drop in XX% income cost debt up million, a compensation given will quarter well XX% despite interest expense million the net our recognized $XXX and increase in million believe within has bad outside we staff
items, $XXX Excluding non-core was income diluted were $X.XX company earnings items, $XXX ex between numbers about XXXX. are companies, Diluted the for our split $XXX pre-tax is XX% quarter down income $X.XX for quarter or $X.XX non-controlling for per public in versus XX.X% same pre-tax million, $XXX with which a share statement third available leaves foreign help share for our million or the $X.XX million taxes per paid for shareholders million, earnings XX% reported was our This unadjusted mostly the period non-core And we versus the margin. and as remaining interest. of last better investors which the on public million, is year taxes and million as of operating To understand Starting adjusted. are our non-controlling earnings, shareholders. XX.X%, $XX income interest, taxes. to The income attributable by $XX deduct pre-tax follows:
$X plus statement. million notes income of our public current expected million, about million tax line $XX tax current to higher The not rate the expense paid tax. on of second, million by measure, $XX increased stockholders operating this this million is of the Two our income statement. taxes period And in due income the income adjustments income for previously about is be $XX the quarter The million, operating $XX is company's that net running the to consists company's not on than it expense, million includes remaining we common you additional $XX $XX per quarter are reported outside the see recurring. reported tax the of $X After that As is non-GAAP taxes company. million available on on U.S. prior owed costs
We emphasize sheet our a toward our as to balance and grow the partners. from as to we to billion Turning well standpoint. business and in regulatory consolidated and strong are of our deploy $X.X clients strength base balance well-capitalized current with brokerage the prospective capital depth equity, worldwide to opportunities sheet,
We long-term last up continue billion, were carry no versus year. to billion September margin $X.X XXth, And $XX.X debt. loans at
in to our margin We balances, rates as We who and opportunistic we expand are margin customer swings our lending continue the institutional expect And leverage. success of on lowest well-positioned in lending risk remain our offer both more in conditions reflecting customers' to base, satisfy attracting competitors. customers our economic taking appetite. we
Now, moderator, questions. turn it to I'll and we will over take
