Core Insights - Charles Schwab reported a higher profit in the third quarter, attributing this success to record levels of revenue driven by increased trading volumes and capital inflows [1] Financial Performance - The company experienced a significant increase in revenue, reaching what it described as record levels [1] - The rise in trading volumes contributed positively to the overall financial performance [1] - Capital inflows were also a key factor in boosting revenue [1]

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Core Insights - Robinhood Markets Inc. reported Q2 2025 earnings per share of 42 cents, exceeding the Zacks Consensus Estimate of 31 cents and up from 21 cents in the prior-year quarter [1][9] Financial Performance - Net income (GAAP) for the quarter was $386 million, significantly up from $188 million in the year-ago quarter [2] - Total net revenues increased by 45% year over year to $989 million, surpassing the Zacks Consensus Estimate of $922.1 million [3] - Average revenue per user (ARPU) rose 34% year over year to $151 [3] - Transaction-based revenues reached $539 million, a 65% increase from the prior-year quarter, driven by improvements in options, equities, and cryptocurrencies [3] - Net interest revenues (NIR) grew 25% to $357 million, attributed to a higher balance of interest-earning assets and securities lending activity [4] - Other revenues increased by 33% to $93 million, mainly due to a rise in Gold subscription revenues, with Gold subscribers jumping 76% year over year to 3.5 million [4] Expenses and Operating Metrics - Total operating expenses were $550 million, up 12%, with adjusted operating expenses increasing 9% to $444 million [5] - Adjusted EBITDA rose to $549 million from $301 million in the year-ago period [5] Business Activities and User Metrics - Total platform assets soared 99% year over year to $279 billion, driven by net deposits and higher equity and cryptocurrency valuations [6] - Equity notional trading volumes reached a record $517 billion, while options contracts traded rose 32% to 515 million [6] - Monthly Active Users (MAU) increased by 8% year over year to 12.8 million [7] Share Repurchase and Outlook - The company repurchased nearly 3 million shares for $124 million during the reported quarter [8] - For 2025, Robinhood anticipates combined adjusted operating expenses and share-based compensation to be in the range of $2.15-$2.25 billion, including Bitstamp-related costs [10] Competitive Landscape - Interactive Brokers reported Q2 2025 adjusted earnings per share of $1.51, surpassing estimates and growing 15.9% year over year, driven by increased trading volume and customer accounts [12] - Charles Schwab's Q2 2025 adjusted earnings of $1.14 per share outpaced estimates and surged 56% year over year, supported by solid asset management performance and higher net interest revenues [13]

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Core Viewpoint - Flow Traders is preparing for its 2Q 2025 results, highlighting increased market trading volumes and volatility across various asset classes, which positively impacted its business performance [2][10]. Market Environment - Market trading volumes and volatility increased in the second quarter across most asset classes and regions, with significant increases in early April, followed by a return to normal levels in May and June [3]. - In Equity, trading volumes and volatility increased across all regions compared to the same period a year ago and the first quarter [3]. - Fixed Income market trading volumes also saw an increase year-on-year and quarter-on-quarter, while volatility remained relatively flat [3]. - Digital Assets experienced a slight year-on-year increase in trading volumes but a significant decrease compared to the first quarter, with volatility declining meaningfully [3]. Equity Market Insights - European exchanges such as Euronext, Deutsche Börse, and the London Stock Exchange reported double-digit increases in trading volumes year-on-year and quarter-on-quarter, particularly in April [4]. - In the Americas, both Nasdaq and NYSE also saw double-digit increases in trading volumes [4]. - APAC exchanges, including Hong Kong, Tokyo, and Shanghai, experienced double-digit volume increases compared to the same period last year, though less pronounced than in the first quarter [4]. Volatility Trends - Volatility indicators such as VSTOXX in Europe, VIX in the Americas, and JNIV in Japan showed double-digit increases compared to the same period last year and the first quarter [5]. - The VHSI in Hong Kong increased year-on-year but remained flat quarter-on-quarter [5]. Fixed Income Insights - Fixed Income trading volumes increased by double digits across most products on Tradeweb and MarketAxess compared to the same period last year and the first quarter, although the magnitude was smaller than in Equity [6]. - Fixed income volatility, as indicated by the MOVE index, saw slight increases both year-on-year and quarter-on-quarter [6]. Digital Assets Performance - Bitcoin trading volumes increased slightly year-on-year but decreased by double digits quarter-on-quarter, with volatility also declining significantly [7]. ETP Market Volumes - Flow Traders reported a 53% year-on-year increase in On and Off Exchange Value Traded in EMEA, 43% in the Americas, 78% in APAC, and 48% globally [8]. - Average volatility, as indicated by the VIX, was up 77% quarter-to-date compared to the same period last year [8]. Impact on Flow Traders - The increase in trading volumes and volatility positively contributed to Flow Traders' Net Trading Income (NTI) compared to the same period last year [10]. - NTI performance was comparable to the first quarter, as volumes and volatility returned to normal levels in May and June after a surge in early April [10]. - All regions showed improvement compared to the same period last year, with the Americas also improving compared to the first quarter [10].