Interactive Brokers

IBKR is intentionally a price leader, which limits overt pricing power on commissions. However, it demonstrates latent pricing flexibility through product mix, securities lending, FX and margin balances, and by sharing but not fully passing through interest on idle cash.

Net interest income rose 21% year over year in Q3 2025 on higher securities lending activity and larger client balances, indicating the firm can monetize assets even in competitive pricing environments. Because Pro accounts eschew PFOF and rely on SmartRouting quality, price competition is offset by execution benefits valued by active clients.

Overall, margins are already excellent, so we score pricing power as solid but not dominant given the strategy to underprice rivals.