Interest fee

Interactive Brokers’ fee-generating transactions hit 1.96 million in August

Electronic brokerage Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes increased in August, a sign that investor confidence in financial markets is rebounding after being quite mixed in recent months.

In August 2022, the number of DARTs was reported at 1.96 million transactions, an increase of 8% month-over-month from 1.82 million in July. On a yearly basis, Interactive Brokers saw a notable drop in its DARTs with the August figure down 9% from the 2.17 million reported in August 2021.

In terms of equity balance in client accounts in August 2022, the figure totaled $310 billion, down 15% on a year-on-year basis. Interactive Brokers also failed to beat its July equivalent, after posting a 2% decline from the previous month.

Additionally, discount brokerage gained 37,000 new accounts as market volatility apparently revived interest from retail investors. Active accounts in August rose to 1.99 million, up 2% from July and 33% up from the previous year’s figure of 1.49 million accounts. At this rate, Interactive Brokers is expected to cross the two million mark for the first time in the company’s 44-year history.

IBKR has had a busy month

Interactive Brokers has been making headlines in recent weeks. More recently, the discount broker has expanded access to cryptocurrency trading for its clients, having extended trading hours so that its cryptocurrency products can be traded 24/7, including on weekends. -end.

Prior to this, cryptocurrency traders at Interactive Brokers saw their contracts expire weekly on Fridays, and these rolled over to the following week. This was instituted to avoid potential discrepancies that could be incurred by clients to reflect price changes while IBKR trading was closed outside of trading hours.

The broker offers its clients low-cost cryptocurrency trading through a partnership with Paxos, a New York-based exchange and stablecoin issuer.

The changes implemented by Interactive Brokers help address some of the underlying issues that have made it difficult for traders to gain access to 24-hour cryptocurrency trading. Namely, extended trading hours eliminate the inconvenience of carry positions from week to week without weekend quotes.