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Interactive Brokers April DARTs Up Y/Y on Coronavirus Mayhem

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Interactive Brokers Group (IBKR - Free Report) released the Electronic Brokerage segment’s performance metrics for April 2020. The segment, which deals with the clearance and settlement of trades for individual and institutional clients globally, reported a substantial surge in Daily Average Revenue Trades (DARTs) on a year-over-year basis. This was attributed to a rise in trading activities owing to concerns over coronavirus.

Total client DARTs were 1,720,000, surging 121% from April 2019 but declining 12% from March 2020. On an annualized basis, the company recorded Cleared Average DARTs per customer accounts of 498,000. This reflects a jump of 80% year over year but 17% sequential decline.

Total customer accounts jumped 28% from the prior-year month and 6% from the prior month to 805,600. Also, net new accounts were 46,000, increasing 461% from April 2019 and 15% from March 2020.

Interactive Brokers’ total options contracts were 43.6 million, rising 60% from April 2019 but decreasing 10% year over year. Futures contracts grew 74% on a year-over-year basis but declined 33% from the year-ago month to 14.5 million.

At the end of April, client equity was $179.8 billion, up 19% year over year and 12% sequentially. Also, Interactive Brokers recorded client credit balance of $69.3 billion, up 30% from April 2019 and 7% on a sequential basis. The company’s customer margin loan balance of $20.6 billion declined 23% from April 2019 but increased 4% from the prior month.

Shares of Interactive Brokers have lost 12.9% so far this year compared with 22.8% fall of the industry it belongs to.



The stock currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Among other discount brokers, LPL Financial Holdings Inc. (LPLA - Free Report) , Charles Schwab (SCHW - Free Report) and E*TRADE Financial are likely to report monthly performance metrics in the coming days.

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