Interactive Brokers

Recurring components include commissions from a large and growing account base and interest/safety‑lending income on substantial client balances. Yet results are sensitive to short‑term trading activity and interest rates, which can boost or compress net interest spreads.

The firm’s transparency on monthly DARTs, accounts, client equity and margin loans improves visibility, and long‑term secular shifts toward self‑directed, low‑cost global investing support durable growth. Recent data show accounts +32%, DARTs +34% and client equity +40% year over year, illustrating momentum.

Nevertheless, we discount predictability for cyclicality tied to rate cuts or quieter markets that could trim NII and volumes.