you, joining Nancy. everyone the Thank for Thanks call.
questions. with and markets and quarter albeit first As operating data, Starting robust margin on news drove then usual, with and we tailwind the spike numbers, will throughout for record operating vaccination items, results, open unusual the rates. the below in non-core review low operating interest the the borrowing those economic quarter, rising factors the world of the quarterly trading up we it levels stronger progressively will drove that and positive metrics,
that markets, financial still above higher mainly down amid which the volumes, products. in impacted yield, stock. of Mean search trading led interest came most highs activity industry the first to from volumes volume for are global in level XXXX trading quarter, Continued the extreme of stock the industry on
high to amid quarter last The second year to trading fell the active quarter. second perhaps of at the XX% total the our Volatility, has beginning this of while rose pre-pandemic coronavirus numbers the average XXXX, come levels to stronger VIX the by as reflecting uncertainty of phase our the by customer quarter. the last average only So, levels, over second of VIX, from measured quarter, it worldwide. reopening a quarterly Compared than VIX unusually the course XX XX case worldwide. quarter unusually first the $X.X down unevenness pandemic, year reached fell the of trader still is in base great of DARTs from And from time of the lows. recently, to rose active it economies early first April million, second rising the the
trading calculation, Futures from still in several a by volumes even than the are first since record led in FX to in only classes, year-on-year was volume of contributing higher in Total volumes up Stock customer our we volume product over volume quarter. volumes and accounts Our stock early pre-pandemic respectively. level. growing share of quarter dollar volume have to customer levels. XXX% the those of pre-pandemic by from lower, XX% billion. XX%. quarter those rose options but XXXX declined year-on-year, stocks though second reached XX% trade the a the and explosion to rose XXXX after of equity, inflated and are year, modestly our Again, the now second XX% removing prior million, low-priced increases seen $XXX.X $X.XXX with this even XX% remained volumes trend about these were
declined cleared per commission average last XX% overall $X.XX. commissionable order to versus Our year
our to and quarter. liquidity continued success versus decline featured trade product clients impacting DART, our first which Factors clients. in neutral the commission on passed Capturing of it these line. our but rebates to and X% the average we net fees reduces this pay, that all included decreasing smaller or rose are exchange ForEx capturing sizes reduces some in also per through commission pay overall So, impact rebates, bottom options side, mix the their making our expense average the the
our in-house benchmark a have to rate lending. investors from short unusual risk loans the year-over-year or Quarter-over-quarter, versus margin our our Moving interest driven lend loan most at we Average from margin continue at strong quarter our our names Treasury. team was to to we margin impact interest benchmark as balances to immaterial currencies the in and us to of opportunities interest yield yields and In in equity to were though the partially to to a interest by on more XX% income the U.S. presented a opportunities on decrease leverage. year-over-year, mark-to-market notably lending stocks net duration looking rose from of some Securities kept negative X.XX%, net lending from of a high income Europe, effective lend comfortable down remaining spike basis interest light grow relatively X achieve contributors to from rates last XX% Fed curve, table, interest by acceptable developed quarter, NIM lending other short. investors average worldwide in with client portfolio rose cash rate. on further U.S., This securities margin declined lending led loss funds million. particularly X.XX% this to when income. largest X.XX% U.S. securities first from the where net couple holdings increase margin XX% year-over-year. XX% to up several zero. X.XX% this a impacted our this Higher recorded system, and that our our balances Net X by our Securities our in reached on region. margin points executed at Utilizing to were in year to below and affected accounts segregated and in has Outside factors. quarter, ability have grown of an the $XXX rates XX%, $XXX loan million led taking flat hard-to-borrow
have Over balances rate through as in negative our on earned the on quarters, we interest past credit pass large few we these balances costs currencies. customer
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possibility attempt increase the for of would rise our expectation falling in rate of cuts that impact already With becomes have calculating we these XX the a from future the of rate in and XX in the balance interest million of basis instruments the next and been next is quarters Now current next of rate in unanticipated expect rate the rates, impact of which of the an instruments. additional to in point separate rate on over we reflected the impact this we an to rise run into million produce baked income hikes point $XXX sheet. assumption, the yearly four $XX or prices changes, invest. as net more impact based rates basis typically that Therefore, our estimate we that increase isolate the understand of in already yields the unexpected certain as the
what to Our and net cash rate small of segregated sensitive earn interest is rates the on on due pay income impact increases what benchmark to highly customers. to low we the spread we our our between
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million define this Non-core a of rose gains million. We currency gain a in versus government million not net of loss items are year reported these adjusting the effect a comparative losses and this a a non-core of $XXX revenues statement. a strategy positive were items decrease of from U.S. year zero part Turning The for quarter quarter. quarter, Investment went increased over for our loss $XX income $XX comparative And $X a quarter fundamental million year’s of the to as gain to last for increase swung million $XXX they of million. to of gain to million. ago operating our a follows: results. year’s up this $XXX $XXX of quarter. the on from quarter, those of pre-tax increase XX% diversification versus million by from as million last about income quarter of $XX $XX $XX a comparative ago second $XX million quarter, mark-to-market securities Net shift – income million this a items
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million G&A rebates last the are down event. decrease in with in mentioned, expense. reflected passed at of count stood futures were a reduced $XXX X,XXX, increase end, portion included associated year’s quarter WTI XX% to and liquidity through over driven exchange G&A XX% a in At a Last costs our total Fixed are As million, our clients by XX%, head a oil year. commission. expenses $XXX
more aggressively influx of XX% to year’s in to excluding $X.XX last in items, share than We continue Hungary Ireland. new services margin. well in from highly Note, expense earnings non-core pre-tax And $XXX in $XXX support to period. as Brexit XXXX. as million trading debt period rose as for doubled per as bad pre-tax share were quarter Customer to are too, well a million, diluted were that versus accounts pre-tax contained items, development. open client XX% a which well versus ex per $X.XX same that the quarter in operational offices the Europe, income And as $X for in income for now Reported fully $X.XX $X software margin. Diluted active non-core XX% earnings or hire was we pre-tax last requires million, the year. adjusted
that income better are of with at holding $XXX million earnings, as shareholders. is statement companies, million XX.X% for interest, million, numbers $XXX taxes mostly The by investors leaves This pre-tax quarter $X operating we remaining the or tax. available million, for public attributable deduct are understand our the and help to on income second our our then follows. foreign $XXX non-controlling split the company $XXX interests. Starting income reported company, and we million or is our the between removed public of million income XX.X% taxes to $XX which non-controlling paid shareholders the Now which
the XX.X% on non-GAAP remaining available the primarily income a $XXX on measure, by of see not our common public it than the to ownership million, that is Note stockholders Inc’s. because income this reported IBG our income from rose $XX year, is on net the $XX is XX.X%. reported owed After for tax last we expense million public is As proportionately million company statement. company’s you taxes statement. higher that
Our the million this of total income of million plus by million paid tax $XX expense $XX taxes company. the consists operating of $XX
depth We consolidated current grow opportunities the to equity well capitalized capital regulatory sheet opportunities deploy balance balance investment $X.X of as our business to and prospective Turning toward and strong to to we’re in at our sheet, from base clients the and emphasize June worldwide XXXX, with as partners. our billion and XX, well a standpoint. strength
world, long-term we brokerage is regulatory margin broker-dealer lending, in around capital requirements, and no deployed continue business. type XX registered growing Our entities across financing carry supporting liquidity opportunities the to And needs, capital our other debt.
turn questions. Now moderator, back the call I’ll take we the to over and will
