Joining us here at Post9 today, Steve Sosnik, chief strategist at Interactive Brokers, has a 6,500 year-end target for the S&P in 2026. That's a curious number, Steve. Good to have you. >> Good to see you.>> What What would lead us to that. >> A lot of a confluence of different factors. First of all, I'm an inherent contrarian, so let me start with that.And I I I I believe I'm kind of an outlier and I'm in being a little lower, but history, I think, is it points to caution. number one, secondyear presidenti ...

Key Takeaways IBKR is rolling out stablecoin funding for U.S. retail accounts, allowing deposits from crypto wallets.IBKR said stablecoins are only a funding method, with balances converted to fiat for normal trading.IBKR's move fits broader product expansion as it adds new markets, cards and platforms.Continuing with its efforts to expand the product suite and reach of its services, Interactive Brokers (IBKR) is now allowing retail investors to fund individual brokerage accounts using stablecoins. This mov ...

Core Viewpoint - Interactive Brokers is expanding its services to accept stablecoins, enhancing its payment capabilities and positioning itself in the evolving digital asset landscape [1][3]. Company Overview - Interactive Brokers has over 4 million clients globally and manages assets exceeding $750 billion [1]. - The company executes an average of 4,273,000 trades per day, making it one of the largest electronic brokers based on daily average revenue trades [1]. Stablecoins and Payment Innovations - Stablecoins are being redefined as a new form of payments and value transfer, particularly payment stablecoins backed by secure assets like US Treasuries [2]. - The GENIUS Act has legalized stablecoins as a form of payment, allowing for secure and low-cost transfers [2]. Partnership and Service Details - Interactive Brokers is partnering with ZeroHash, a digital asset infrastructure firm, to facilitate the acceptance of stablecoins [3]. - Currently, only USDC, issued by Circle, is permitted on the platform [3]. - The service allows for transactions with a minimum of $10, a maximum of $25,000 daily, and $100,000 monthly [3]. Current Offerings - Interactive Brokers currently provides limited cryptocurrency trading as part of its brokerage services [4].

Key Takeaways SCHW's total client assets rose 14.8% year over year to $11.83T, with advisory assets up 15.4%.SCHW recorded core net new assets of $40.4B in November, up 40.3% from the prior-year month.SCHW saw growth in active brokerage, banking and workplace plan accounts despite fewer new accounts opened.Charles Schwab (SCHW) released its monthly activity report for November 2025. The company’s total client assets were $11.83 trillion, up 14.8% from November 2024 and marginally sequentially, driven by str ...

Group 1 - TimesSquare Capital Management's "U.S. Focus Growth Strategy" reported a 4.00% gross return and a 3.78% net return in Q3 2025, outperforming the Russell Midcap Growth Index's 2.78% return [1] - All major asset classes posted positive returns in Q3 2025, except for fixed income assets outside the US [1] Group 2 - Interactive Brokers Group, Inc. (NASDAQ:IBKR) had a one-month return of 1.17% and a 52-week gain of 42.40%, closing at $64.15 per share with a market capitalization of $109.051 billion on December 12, 2025 [2] - TimesSquare Capital highlighted Interactive Brokers as a preferred investment in the Financials sector, focusing on low-cost execution and clearing services for retail and institutional customers [3] Group 3 - In Q3 2025, Interactive Brokers' commission revenue increased by 23% year-over-year to $537 million, although it is not among the 30 most popular stocks among hedge funds [4] - The number of hedge fund portfolios holding Interactive Brokers decreased from 71 to 68 in the third quarter [4]

Global electronic brokerage Interactive Brokers has begun allowing U.S. retail clients to fund individual brokerage accounts with stablecoins, allowing customers to transfer funds directly from personal crypto wallets. The feature, powered by crypto infrastructure provider Zerohash, marks a major expansion of the firm’s digital-asset capabilities. The rollout will occur in phases, with availability determined by account type, jurisdiction, and regulatory requirements. In addition to the U.S. pilot, Inte ...

Core Insights - Interactive Brokers Group, Inc. (IBKR) possesses unmatched global market access, allowing clients to trade across over 160 markets and various asset classes from a single platform [1][10] - The firm's expansion into emerging markets and diverse product offerings positions it as a preferred choice for sophisticated investors and international clients [2][3] Global Expansion Efforts - IBKR has enhanced its global presence by allowing clients outside Brazil to trade Brazilian equities and introducing UAE equities through leading exchanges [5] - The company launched zero-commission U.S. stock trading in Singapore and NISA accounts for Japanese investors, expanding its reach [6] - Recent initiatives include the introduction of Plan d'Epargne en Actions accounts for French clients and the IBKR GlobalTrader app for global stock trading [7] Product Diversification - IBKR has launched the Karta Visa card for global purchases linked to IBKR accounts and introduced the Connections feature for discovering trading opportunities [9] - The company has pioneered nearly 24-hour overnight trading on U.S. stocks and ETFs, along with commission-free IBKR Lite and the Impact Dashboard for sustainable investing [11] Technological Excellence - IBKR maintains low compensation expenses relative to net revenues, which supports solid growth [12] - The company has seen a compound annual growth rate (CAGR) of 21.8% in total net revenues from 2019 to 2024, with continued upward momentum [12][13] Financial Performance and Valuation - IBKR shares have gained 47.2% over the past year, outperforming the industry and S&P 500 Index [19] - The stock is currently trading at a trailing 12-month price-to-tangible book (P/TB) ratio of 1.51, below the industry's 3.13 [21] - The Zacks Consensus Estimate for IBKR's revenues in 2025 and 2026 is $5.94 billion and $6.27 billion, indicating year-over-year growth of 13.7% and 5.7% respectively [13][14] Earnings Growth Potential - Analysts have revised earnings estimates upward, reflecting year-over-year growth rates of 17.1% and 8.1% for 2025 and 2026 [26] - Supported by fundamental strength and earnings growth prospects, IBKR stock is viewed as an attractive investment option [27]

Core Viewpoint - Interactive Brokers Group, Inc. (IBKR) is a leading global electronic brokerage firm with a market cap of $113.1 billion, known for its low-cost trading infrastructure and extensive market access [1][2] Company Overview - IBKR serves a diverse clientele including active traders, hedge funds, proprietary trading firms, financial advisors, and sophisticated retail investors across over 150 markets globally [1] - The firm is categorized as a large-cap stock, indicating its significant size, stability, and market dominance [2] Stock Performance - IBKR's shares have decreased by 9.9% from their 52-week high of $73.35, while they have increased by 4.3% over the past three months, underperforming the Dow Jones Industrial Average's 5.6% rise during the same period [3] - Over the past year, IBKR has experienced a 46.2% increase and a 49.6% return projected for 2025, significantly outperforming the Dow Jones Industrial Average, which has risen 10.3% over the past 52 weeks and 14.5% year-to-date [4] Recent Developments - On December 9, IBKR expanded its global reach by adding access to UAE equities through the Abu Dhabi Securities Exchange and the Dubai Financial Market, allowing clients to trade UAE-listed stocks alongside global assets [5] - This expansion enhances IBKR's position in the Gulf Cooperation Council by broadening market access and supporting trading in 28 currencies, including AED, while enabling efficient low-cost FX conversions for global investors [5] - Following this announcement, IBKR's shares rose by 1.7% in the next trading session [5] Competitive Position - IBKR has outperformed rival Morgan Stanley, which has gained 41.3% over the past 52 weeks and 43.4% year-to-date [6]

Summary of Conference Call Notes Industry and Company Involved - **Industry**: Chinese Brokerage Industry - **Key Companies Mentioned**: - China International Capital Corporation (CICC) - CITIC Securities - China Galaxy Securities - GF Securities - Huatai Securities - Orient Securities Core Insights and Arguments 1. **Supportive Measures for A-share Market**: - CSRC Chairman Wu Qing's speech on December 6 indicated a policy direction to build a first-class investment bank through mergers and acquisitions and sector consolidation, alongside relaxing capital requirements for selective brokers [1][5] 2. **Performance Assessment Guidelines**: - New guidelines announced by the Asset Management Association of China aim to align mutual fund managers' incentives with long-term fund performance, requiring significant reinvestment of performance-based compensation [2][5] 3. **Earnings Growth Expectations**: - China brokers are expected to deliver robust earnings growth of 43% in 2025 and 14% in 2026, with projected ROE of 9.2% and 9.7% respectively, driven by strong A-share market performance [5] 4. **Leverage and Fee Stabilization**: - Higher leverage ratios and stabilizing fee rates post-sector consolidation are anticipated to provide further upside to brokers' ROE, potentially leading to a re-rating of their valuations [5] 5. **Market Correction and Valuation**: - Covered H-share China brokers have seen a correction of -11% since the end of October, currently trading at 0.77x 2026 P/B, which is viewed as attractive given the expected ROE of 9.3% in 2026 [5] 6. **Top Picks**: - Orient Securities is highlighted as a top pick due to its high leverage ratio and potential benefits from capital ratio relaxation [1][5] Other Important but Possibly Overlooked Content 1. **Incentive Structures for Fund Managers**: - Fund managers are now required to reinvest over 40% of their performance-based compensation into their own funds, with a holding period of more than one year, emphasizing long-term performance [2] 2. **Salary Adjustments Based on Performance**: - Fund managers who underperform their benchmarks by more than 10% for three consecutive years face salary cuts of over 30%, which discourages excessive risk-taking [2] 3. **Impact on Dividend Payouts**: - Fund management companies with poor investment performance are required to lower their dividend payout ratios and frequency, which could affect investor returns [2] 4. **Long-term Performance Indicators**: - Long-term indicators are mandated to contribute significantly to the KPIs of fund managers and senior management, reinforcing a focus on sustainable performance [2] This summary encapsulates the key points from the conference call, highlighting the implications for the Chinese brokerage industry and the specific companies involved.

Company Overview - Interactive Brokers Group, Inc. operates as an automated global electronic broker, specializing in routing orders and executing trades across various financial instruments on over 160 electronic exchanges in 37 countries and 28 currencies [11] - The company also allows customers to trade certain cryptocurrencies through third-party service providers [11] - In August 2025, Interactive Brokers joined the S&P 500 Index [11] Investment Ratings - Interactive Brokers is rated 2 (Buy) on the Zacks Rank, indicating a favorable investment outlook [12] - The company has a VGM Score of A, reflecting strong overall performance across value, growth, and momentum metrics [12] Value Metrics - The Value Style Score for Interactive Brokers is B, supported by attractive valuation metrics such as a forward P/E ratio of 32.31, which may appeal to value investors [12] - Recent upward revisions in earnings estimates by three analysts have led to an increase in the Zacks Consensus Estimate by $0.11 to $2.06 per share for fiscal 2025 [12] Earnings Performance - Interactive Brokers has demonstrated an average earnings surprise of +8%, indicating a history of exceeding earnings expectations [12] - The combination of a solid Zacks Rank and high Value and VGM Style Scores positions Interactive Brokers as a strong candidate for investors [13]