call. Thank Nancy. everybody, you, the for joining Thanks,
levels rates. start phase reviewing in first our global by it participation operating non-core and the then items, trading factors numbers, open to operating drove negative Beginning questions. we'll market I'll by with data, the strong zero record and interest that quarter openings usual, the continuing for those drove As and results metrics, the of main a operating aided high account of up
from bit, increases. the active in stocks even as quarter quarter, VIX their average the last march measured year seen industry second the half levels came uncertainty. the this fell reached industry's fell from outset customer it the pandemic, high The especially market Volatility, by and unusually of trader options, great s at in risk While levels continued trading upward a time the our by a average XXXX. to volatility VIX first down year base volumes, the and of in mid-XX with coronavirus XX the last consistent XX of surpassed
our to doubled, quarterly markets, XXXX, to volumes record $X.X led higher industry yields financial a in first million. amid in quarter to for interest more search global the Compared rising higher total Continued than most DARTs XXX% of products. the trading
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average to cleared last $X.XX. overall smaller and product On fell a and per futures average year versus commission Our commissionable featured options, order XX% trade that ForEx. sizes mix
through reduced the Another our decline rebates, we fees the also overall pay, rebates the client’s success are our all expense reduce liquidity These our passed the side, some our on in decreases average making neutral to factor clients. but commission to pay of line. contributing to commission impact continued per this capturing they bottom their DART, exchange which was which overall or
net Moving our interest to margin table.
the the curve, currencies due earned pandemic. remain our trying or U.S. from rate holdings from quarters, fed Our the banks XXX mark-to-market interest year-over-year, net recorded margin over impacted U.S., X soften to as benchmark duration but U.S. treasuries. negative by we the basis continue on fully kept nearly we not and interest negative, and worldwide these on at an X.XX% immaterial drop pass-through credit This of X.XX% yield the costs or all past few impact light rate as zero. has benchmark loss where the zero of portfolio In led basis rates to central short on rates most funds currencies. to interest remained our points balances average from relatively below Outside in the of partially narrowed points flat
near income led income. rates. on Note names rates to earnings this system, inflows that to the segregated $XXX and basis with quarter of apply are team rates. cash not U.S. otherwise expanded only fed for year-over-year the dollars, Net balances versus segregated margin investors reminder, risk million. over more removes rose customer last income that about all to accounting loan our short. occur so on balances, lending our were in where XX% comfortable the balances despite record XX% a leverage credit sweep largest this in interest interest in U.S. yield by our strong rate do loan million year, X balance prior interest points reduced to in looking As balances in XX% quarter, purposes, of in-house rates also was particularly basis affected decline year-over-year. was this our Drop XXX% million margin in program, X and reached which to net the to higher quarter in on cash, zero, Securities lending loans hard-to-borrow interest XX% income included Average even taking our segregated points by were $XXX contributors up sheet. decline would developed $XXX with a increase utilizing grew securities also balances. be cash in interest from in changes our Securities from investors not fell effective opportunities as currencies quarter, lending our balances quarter funds that a a with executed from lend negative and to the FDIC funds fourth in and the year on benchmark in to Lower along margin our
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highly of sensitive we low small Our impact due our what on the net between and rates customers. to we the cash rate interest income increases is earn benchmark spread to pay to what on our segregated
basis we on our As U.S. rates below fell XX spread compressed points, our segregated as cash. earn less
income in cash. converse account includes new A unanticipated XX rise. that our true run the any $XXX net holdings produce the segregated points, four take spread of the decline back also may would interest up a over at our the of into not how million present as next reinvestment towards as change manage but rate quarters is The rates the the yearly However, XX $XX rates $XX all assumed of does in rate. and basis rate, million run fall point in we basis million move
statement. income those We the ago our results, adjusting to define items part items versus operating not non-core Turning of non-core the fundamental quarter. year as
$XX by decrease of income of million mark-to-market $XXX Our adjustments $XX effect loss so $XX increased year’s million last a XX% government quarter, swing. million the up for lost million. to to positive zero went for quarter. a quarter. million year million currency a on a quarter over this revenues comparative gains gain quarter, and $X $XX increase ago from U.S. first Investment $XXX strategy $XX securities of million net versus shift of loss The reported rose year’s income million versus a from million $XX a $XXX this gain an pretax comparative were a in quarter, losses last of Net these this And of this diversification $XX a million quarter, of million. a
items, $XXX significantly XX% Excluding net up rose higher stock options. Commission was revenue in particularly and to revenue XX% volumes, million. on non-core
was commission per order $X.XX. cleared commissionable Our average
options million million expenses for $XX fees, from our the a and quarter. loss drove million million; exchange income, up contributors $X which the liquidity to year. $X quarter, to a $XXX were currency transactions higher which Larger which as flow three were investments rebates last million. gains Ex-noncore and volume. distribution XX% fees top smaller execution, contributed on losses basis despite capturing largely our up clearing million income income sizes the were of million; market to options, the rebates, includes decline which lending fees earlier, noted well of year execution are higher-margin rose ForEx back and trade program, million. to $XX market As ago XX% this number. bank successful to sweep order to our fees the in program The growth which futures revenues, securities facilitation gain XX% and principal other to point quarter. as up of $X as successful and Non-interest and $XX increased reduction $XX million clients in up flow Other rose last facilitation income, interest a million. effort. balances strategy Net a continued from Fed diversification and XX% average passed versus $XXX data exposure, services options Thanks XX% to despite order as from swung as items, IPO in income effective activity, were $XXX and account rate which average XXX in sheet, our year’s funds balance exchange data, in fees, well loan include as IPO well was Other mandated FDIC
our million, Fixed in that were in expense. up with a increase increase benefits, rebates by compensation by a the of are and and clients XX% reduced a XX%, XX% brokerage passed expenses over are As and supports headcount mentioned, $XXX total reflected driven at through stood line to these At our quarter portion in growing hiring X,XXX, G&A our end, year. business last commission.
accounts, of hiring services in been support influx aggressively in and new as client compliance have the We development. as to software well
This quarter, to set $XX and fees related required up in to million Europe included operations due licenses G&A to Brexit.
non-controlling debt million, XX% will more countries a income year’s or ex-noncore for normally $X.XX pretax public $XXX million, of in is Diluted rose $XXX were be pretax available million year. $X.XX or better our $XXX Reported of of $XXX on and reported to related regulatory would attributable in Note with items, public we leaves expense were interest, $XXX XX.X% XX.X% million had active we million from by to And earnings that non-controlling million our have company, our per the but operating per Brexit. Starting million registered, the The a some do mostly pretax the period. shareholders interest. remaining this we in $X highly income was This earnings annual will income expensed earnings, $X.XX forward, in versus Customer part the $X XXXX. numbers understand $XX company XX% aftermath are margin. than all same first our million, pretax versus have are between pretax $X.XX as that income And consolidating follows. to doubled million not our investors paid fees non-core $XX for share are items, in tax. we foreign European bad income which $XXX which as trading what for million which adjusted shareholders. operations the to quarter to for Going quarter well excluding quarter the contained recurring. we period taxes to is split margin. share taxes help To the addition in as a diluted and we or XX% deduct statement last a last
remaining income our income on that measure, ownership higher, rose statement. is owed on available million the not public a primarily $XXX see net for because this After is of by Note $XX we As income $XXX taxes XX.X%. reported expense non-GAAP on reported Inc.’s tax the disproportionately you company our to public common million, that stockholders IBG from is statement. the million the company’s XX.X% it
of million, company. expense $XX of million Our taxes plus consists of income $XX by million this tax operating paid $XX the the
Turning sheet equity the consolidated to balance in billion at $X.X XX, with March XXXX.
a our prospective worldwide standpoint. and regulatory deploy We’re base We to to as sheet and opportunities toward of the grow current balance opportunities business our partners. to and well strong capitalized our and strength capital from clients emphasize well investing as depth
type that, we carry liquidity financing other is needs, take Our across requirements, will capital to supporting around we With in no continue world, broker-dealer capital moderator, and margin turn And the brokerage deployed opportunities debt. it registered entities XX our to long-term lending growing questions. regulatory business. and over the I’ll
