In a
strategic move to consolidate its European brokerage operations into Ireland, Interactive
Brokers (NASDAQ: IBKR), informed today (Thursday) about consolidating its European
Union (EU) operations. This move sees Interactive Brokers Central Europe
(IBCE), formerly located in Budapest, merging its client base and operations
with Interactive Brokers Ireland (IBIE).
This
initiative is a part of the IBKR’s broader agenda to optimize operational
efficiency through technological integration. The consolidation will now see
Interactive Brokers Ireland, regulated by the Central Bank of Ireland, taking
the helm of the merged business.
However, the
Budapest branch will continue to lend its expertise to clients across Europe, particularly
catering to the Central and Eastern European (CEE) clientele. The move follows
the significant client growth witnessed by both entities post-Brexit as
Interactive Brokers extends its footprint across the European landscape.
“This
decision is consistent with the Group’s continuous focus on operational
efficiency through automation
, ensuring our ability to deliver best-in-class
investment services at price points typically available only to industry
professionals and allowing us to maintain industry-leading profit
margins,” said Milan Galik, the CEO of Interactive Brokers.
The firm
boasts over two million client accounts, managing $377 billion in assets across
more than 220 countries and territories. Its robust financial position is
further highlighted by its equity capital of over $12 billion and a market
capital of $30 billion. According to the latest numbers released by the global
automated electronic broker, the company recorded 1.931 million Daily Average
Revenue Trades (DARTs) in August 2023. In addition, it unveiled a 22% surge in
client equity despite lower trading activity overall.
Interactive Brokers Bets
on Offering Expansion
Interactive
Brokers consistently increases its customer base and market reach, partly due
to updates made to its offerings. At the end of July, Finance Magnates
reported that IBKR has expanded its overnight trading offering to include
10,000 stocks and exchange-traded funds (ETFs) listed in the United States.
With this expansion, clients now can trade a broader range of US equities
nearly 24 hours a day for five days a week, as reported in a statement by the
popular American brokerage.
This week,
the broker further extended its Overnight Trading Hours service. This
initiative aims to provide more flexibility to clients in Asia and Europe, who
can now trade a wider range of US equities during their local market hours.
Also, just
a few days ago, IBKR partnered with Zero Hash, a crypto infrastructure
platform. This collaboration aims to offer additional crypto trading services
by integrating Zero Hash’s full-stack API. This initiative will benefit select
customers who are newly enrolling for crypto trading, granting them access to
Zero Hash’s trading platform and custody services.
As part of
its equity offerings, Interactive Brokers also launched fractional shares
trading for Canadian stocks and ETFs in August. The online trading platform has
further unveiled fractional shares trading for selected US and European markets.
In a
strategic move to consolidate its European brokerage operations into Ireland, Interactive
Brokers (NASDAQ: IBKR), informed today (Thursday) about consolidating its European
Union (EU) operations. This move sees Interactive Brokers Central Europe
(IBCE), formerly located in Budapest, merging its client base and operations
with Interactive Brokers Ireland (IBIE).
This
initiative is a part of the IBKR’s broader agenda to optimize operational
efficiency through technological integration. The consolidation will now see
Interactive Brokers Ireland, regulated by the Central Bank of Ireland, taking
the helm of the merged business.
However, the
Budapest branch will continue to lend its expertise to clients across Europe, particularly
catering to the Central and Eastern European (CEE) clientele. The move follows
the significant client growth witnessed by both entities post-Brexit as
Interactive Brokers extends its footprint across the European landscape.
“This
decision is consistent with the Group’s continuous focus on operational
efficiency through automation
, ensuring our ability to deliver best-in-class
investment services at price points typically available only to industry
professionals and allowing us to maintain industry-leading profit
margins,” said Milan Galik, the CEO of Interactive Brokers.
The firm
boasts over two million client accounts, managing $377 billion in assets across
more than 220 countries and territories. Its robust financial position is
further highlighted by its equity capital of over $12 billion and a market
capital of $30 billion. According to the latest numbers released by the global
automated electronic broker, the company recorded 1.931 million Daily Average
Revenue Trades (DARTs) in August 2023. In addition, it unveiled a 22% surge in
client equity despite lower trading activity overall.
Interactive Brokers Bets
on Offering Expansion
Interactive
Brokers consistently increases its customer base and market reach, partly due
to updates made to its offerings. At the end of July, Finance Magnates
reported that IBKR has expanded its overnight trading offering to include
10,000 stocks and exchange-traded funds (ETFs) listed in the United States.
With this expansion, clients now can trade a broader range of US equities
nearly 24 hours a day for five days a week, as reported in a statement by the
popular American brokerage.
This week,
the broker further extended its Overnight Trading Hours service. This
initiative aims to provide more flexibility to clients in Asia and Europe, who
can now trade a wider range of US equities during their local market hours.
Also, just
a few days ago, IBKR partnered with Zero Hash, a crypto infrastructure
platform. This collaboration aims to offer additional crypto trading services
by integrating Zero Hash’s full-stack API. This initiative will benefit select
customers who are newly enrolling for crypto trading, granting them access to
Zero Hash’s trading platform and custody services.
As part of
its equity offerings, Interactive Brokers also launched fractional shares
trading for Canadian stocks and ETFs in August. The online trading platform has
further unveiled fractional shares trading for selected US and European markets.
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- Source: https://www.financemagnates.com//forex/interactive-brokers-centralizes-european-operations-in-ireland-amid-expansion/
