to quarter Welcome and questions. our everyone Nancy. Thank it up we'll then results call. open the I'll fourth review for you,
indices, the market Starting page rose we're reaching the of with global results despite quarter versus this $XXX items release, last revenue with achieved our our year on highest declining we three financial million third pleased record Commissions ever. quarter.
from large down and billion, stock only options traders mean For coming active of spike sophisticated saw were volumes higher slightly XXXX the investors futures full-year, and trading from and trading. $X.X base advisors. We in commissions XXXX in in our
paid of benchmark partially led points their their hikes our and interactive balances the have qualified interest to through the earned reflected for to $X.X on ‘XX. cash $XXX rate XX funds. the in quarter quarter were income basis from on customers moved the interest segregated of higher loans the This brokers fourth effective portfolio. to average by billion rates rate and of quarter all cash rates X.XX% them margin higher Net first offset an of These the in to worldwide. on X.XX% fourth interest million increases in year above ’XX passes for U.S. our as
FDIC $XX $X fees payments from fees XX%. and $X to $X quarter of Other the fees for year. generated for from the and million exposure $XX risk to led million a $XX sweeps risk market driven data this $XXX quarter, drop fees off of to and quarter year off primarily exchange by liquidity while million was million. million million reduction customers, which The the services prior million both the of were in rose positioning
transactions. income losses of these our diversification was and $XX for other Other the strategy the Note excluded includes many $XX Without in income and our earnings. excluded these items gains and are for year. million non-core investments, that items, our on million quarter currency adjusted principal
Turning non-recurrence industry, led $XXX higher to lower and and volumes, million stocks unusually which and increases on for fee fee $XX in SEC fees The volumes throughout quarter expenses, holidays and the futures options. by the clearing and costs options high in an execution high the rate rebates the carry reduction fee and from U.S. were million distribution were year. of liquidity XXXX’s increase
costs in revenues, the As were quarter. a execution percent clearing commission fourth and of XX%
with data a market through other expense. costs distribution pass the clearing is execution fees, data corresponding in services. and To in included report Note and based align clearing costs revenue revenue that item look expense, while and market item, we at ex-market execution the data volume we commission, fees
Compensation was ratio adjusted comp of quarter, to XX%. of revenues $XXX or the and million a benefits expense net expense for
a unchanged headcount. For in year from was XX% last ratio year, this despite the increase XX%
We at continue strong our was line to headcount X,XXX. year-end improving expense discipline, top our while focus on
higher were the year. relatively numbers on from expenses legal last quarter, primarily G&A expenses year from up low ago
full-year, non-recurrence costs reflecting expenses consulting So the Brexit-related of bank they in and X%, reduction and fees. were the a down for
prudent margins, the sheet of control talented remain future people our was Our hire record management XX%. of balance our business. while continue high we means margin with invest our key and Automation to of pretax expense in and a along maintaining
$XX and $XX million. taxes public sum the companies Income million, the of million reflects operating the of $XX companies
$XX of company and public of $XX the For the million $XXX sum the the taxes are is is year, operating company million. million
release. the on balance of five to Moving sheet the page
growth business total $XXX with balance customer the sufficient We our financial assets growing billion a margin customer by markets. offset ended balances, year cash during supporting geared by higher volatile sheet providing partially towards maintain Our and lower lending. driven at resources
We long-term have debt. no
opportunities investment is sheet partners, and has and prospective current depth see and growth to not us helped of only we capital it to clients us deployed our the balance in new showing win capture business positions numerous ample running and Our by current base worldwide. strength business, our and
data operating versus growth. and our zeven, XX% stock six In and the share volumes contract for declined year the contract all unusually and futures volumes rose well quarter customers over our industry on pages year. last prior volumes high above Options
the attributable to The largely options stock For rose price and volumes low lower contract other sheet trading full-year and futures share and decrease very in XX% was stocks. pink respectively. volume X% in
page XX% order Total year. robust a year. of for volume the low average priced the commissionable trades included year's On last Total through a from stronger million, net last X.X with investors growth seven, DARTs million fewer prior for X option. $X.XX trades environment. trade Commission for reflecting and XXX,XXX our remains up market day, million account new off risk over and period size were year stock as larger can X.X was and see XX% the in client's mix year the you cleared accounts down XXXX that from per at closing broke mark customer account up adds
rates income These interest XX%. twice the year, loan These and mid-December. quarter points will further by in rates Page the our for expense margin interest reflected Other Kong, in including cash of have The quarter, positive the and eight, but interest the basis a up raised impact and basis quarter million U.K. partial net Hong November XX% billion and offset full Federal higher had Total shows XX-week margin quarter Australia, raised strength XX impact a $X.X Reserve by balances. quarter, the was The and ‘XX. GAAP segregated increases for first Switzerland. cash the $XXX in also in net XX interest in points central in Canada, numbers. partially interest, Eurozone, up this a banks customer
strong lending Higher periods. up interest a Securities lower quarter than margin over to not loan XX% year reasons. prior year led in for both in XXX% the and third was rate interest average balances as net as interest quarter over compensating income, prior more for the few
were names First, stocks fewer throughout while rose, industry. hard borrowing borrow shares there overall the for to and shorting customer demand’s
are Because in interest is invested margin rates interest we under from collateral heading Second, on segregated the that's stock on million earn rising, borrowed that this for was segregated falls benchmark interest received also income earned table net collateral rising. quarter. rate is cash interest funds, on lending the cash collateral in exchange The rather increases interest on loan. as estimate earned on loan cash good news. $XX securities incremental stock the net than cash our for the We this it
a on led balances our the these the our to interest $XXX in rate balances we or through sensitive customers and customer our balances rates to total to interest nearly this million Fully fourth the credit $XX qualifying as customers year. all quarter. rate $XXX of and billion currencies paid We customers. pay Interest were than for higher we quarter pass increases on increased, million these our balances to about paying
an Fed estimates rate for in annual increases points, points, interest the in our of of XX at of the basis of more of $XXX of to basis basis million impact as the at to increases XX funds million XX increase effects XXX Now rates, basis of at additional and million. we increase produce market estimate increase an million A of income come, rate $XXX $XX increase follows. net hikes an given expectations points, an points, $XX
about effective point rate in dollars, segregated and customers estimates in X.XX% point XX% with relevant increase. rate change non-USD impacts the Fed cash of U.S. for balances rate exclude Note point to that $XX our not produce our at additional at XX, date. XXX that the About estimates of annual basis starting increase XX rising a at interest benchmark funds those currencies. rate million We December and is million income estimate a our U.S. of is net all $XXX basis these so would
our had done minimizing highlighting our growth, we and value core the strong expense a at close attractiveness and conclusion, customers. base while to expanding control. revenues our deliver to quarter proposition we of do for automate net charge. with strategy cost, a ability We've grow on out to continued financially we while growing managing this low our what effectively reflecting year what this margin, strong We offer business In of customer record our and pretax
moderator And I'll questions. and then turn take with that, we'll some to over it
