"网红券商"Robinhood 4月资产托管规模2323亿美元，环比增长5.3%。 ...

Group 1 - The security is supported by its 200-day trendline and peak put open interest at the 165-strike, indicating strong technical support levels [1] - The stock's Schaeffer's Volatility Scorecard (SVS) is 89 out of 100, suggesting it has outperformed options traders' volatility expectations over the past year [1] - The recommended call option has a leverage ratio of 7.7, which will double with a 13% increase in the underlying security [1] Group 2 - Interactive Brokers Group Inc (NASDAQ:IBKR) has recently surpassed its 50-day moving average and the $177-$180 pivot range, indicating bullish momentum [2] - The stock is trading above its year-to-date breakeven level and has achieved approximately a 50% year-over-year gain as of the last close [2] Group 3 - Subscribers to Schaeffer's Weekend Trader options recommendation service received detailed commentary and trade recommendations for IBKR, highlighting its popularity [3] - The stock is currently trading above multiple layers of support, reinforcing its positive outlook [3] Group 4 - Schaeffer's Trade of the Week service offers a single, well-researched trade recommendation each week, aimed at providing clarity and focus for traders [4] - This service is designed for traders seeking a reliable strategy without the distraction of multiple alerts [4]

Core Viewpoint - Interactive Brokers Group, Inc. (IBKR) has reported a significant increase in client Daily Average Revenue Trades (DARTs) for April 2025, driven by higher net new accounts and increased trading activity in options and futures contracts [1][6]. Group 1: Financial Performance - Total client DARTs for April 2025 reached 3,818,000, marking a 63.2% increase compared to April 2024 [1]. - Following the DART announcement on May 1, IBKR shares rose by 2.3%, underperforming the industry but outperforming the Zacks Finance sector [2]. - The company’s net revenues have shown a compound annual growth rate (CAGR) of 21.8% over the last five years (2019-2024) [12]. Group 2: Market Conditions and Client Activity - IBKR has benefited from heightened market volatility and increased client activity due to tariff concerns and rising geopolitical risks [6]. - The momentum in client activity is expected to continue as markets react to tariff impacts across various sectors [6]. Group 3: Product Diversification and Global Expansion - IBKR has extended trading hours for its Forecast Contracts to nearly 24 hours a day, enhancing its trading income [7]. - The company has launched several initiatives, including the introduction of Plan d'Epargne en Actions accounts for French clients and the IBKR GlobalTrader mobile application for global stock trading [8][9]. - The expansion of investment offerings, including mutual funds in the U.K., aims to provide a tax-efficient savings vehicle for investors [7]. Group 4: Technological Advancements - IBKR's technological superiority allows it to process trades across more than 150 exchanges globally [11]. - The company has focused on developing proprietary software to automate broker-dealer functions, contributing to revenue growth [12]. - The introduction of IBKR Desktop marks a significant innovation in its trading platform [9]. Group 5: Valuation and Analyst Sentiment - IBKR shares are currently trading at a price-to-tangible book (P/TB) ratio of 1.12X, significantly below the industry average of 2.77X, indicating potential undervaluation [16]. - Despite a recent downward revision in earnings estimates for 2025 and 2026 by 3% and 3.2% respectively, the projected figures still imply growth [18][21]. - The company is well-positioned for growth in a volatile operating environment, supported by strong technological capabilities and diversified product offerings [22].

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $209 million, compared to $210 million in the prior year, indicating a slight decrease [28] - Commission revenue decreased by 2%, primarily due to lower fees per million and market share in U.S. Credit, partially offset by strong market volumes driven by increased volatility [28][32] - Services revenue increased by 7%, with Information Services revenue rising by 9% to $13 million, driven by new contracts [29] - Operating expenses increased by 2% to $120 million, reflecting cost discipline and lower variable costs [33] - Diluted earnings per share were reported at $0.40, or $1.87 per share excluding notable items [30] Business Line Data and Key Metrics Changes - Record U.S. Credit Average Daily Dollar (ADD) was $9 billion, up 2% [12] - International products saw record ADD of $6 billion, up 11% [12] - Municipal bonds experienced a significant increase in Average Daily Volume (ADV) of 42% [13] - Automation trade volumes reached a record of $110 billion, up 17% [14] - Open Trading ADV hit a record of $5 billion, an increase of 8% [15] Market Data and Key Metrics Changes - U.S. High Grade estimated market share increased to 20% in March, the highest since December 2023 [10] - U.S. High Grade market share was reported at 19.4%, up 120 basis points year-over-year [24] - Total trading ADV grew 68% year-over-year to a record $57 billion, with total credit ADV increasing by 32% to $18 billion [23] Company Strategy and Development Direction - The company is focusing on expanding its algo suite for rates and launching an enhanced Request for Quote (RFQ) solution [8][10] - The strategy includes diversifying product offerings and enhancing technology investments to drive growth in U.S. Credit market share [5][39] - The company plans to roll out a high-touch block trading solution and a new Midex solution to address dealer needs [44][22] Management Comments on Operating Environment and Future Outlook - Management noted that the current market environment is characterized by uncertainty, which is favorable for the business model [42] - There is an expectation of higher levels of volatility in the market, which could drive increased turnover in the bond market [43] - The company is optimistic about the growth opportunities presented by new product releases and the current market conditions [44][46] Other Important Information - The company expects to close the RFQ Hub transaction later in May, which will consolidate RFQ Hub into its financials [37] - The effective tax rate is expected to increase to 41% to 42% due to a new reserve for uncertain tax positions [36] Q&A Session Summary Question: Outlook for increased share gain moving forward - Management indicated that the current market environment is favorable for share gains, with expectations of continued volatility and liquidity needs from clients [42][43] Question: April market behavior and client share - Management observed sustained market velocity and heightened trading activity, even as volatility decreased from peak levels [50][51] Question: Fee capture in high grade - Management explained that increased portfolio trading and dealer-to-dealer business, which have lower capture rates, are impacting overall fee capture [56][60] Question: Strength of portfolio trading solution - Management highlighted enhancements in the portfolio trading solution and positive client feedback, indicating strong demand for analytics and data [66][68] Question: Rollout of X Pro into Europe - Management expressed optimism that the rollout of X Pro would accelerate portfolio trading share, as it has already captured significant market share in the U.S. [111]

As a global financial services firm specializing in brokerage and financial technology, BGC Group Inc. (BGC) is at the forefront of digital transformation in capital markets. The company is slated to announce first-quarter 2025 results on Wednesday before the opening bell.BGC’s fourth-quarter 2024 performance was decent. Results benefited from the strong brokerage revenue growth in the Energy, Commodities and Shipping (ECS), Rates and Foreign Exchange businesses. Further, Data, Network and Post-trade revenu ...

Core Insights - Interactive Brokers Group, Inc. (IBKR) reported strong performance metrics for its Electronic Brokerage segment in April 2025, highlighting significant growth in client trading activity and account numbers [1][2]. Performance Metrics - Total client Daily Average Revenue Trades (DARTs) reached 3,818,000 in April 2025, marking a 63.2% increase year-over-year and a 10% rise from March 2025 [2]. - Cleared average DARTs per customer account were 227 for April 2025, reflecting a 20.7% increase year-over-year and a 7.6% rise from the previous month [2]. Customer Accounts and Trading Activity - The total number of customer accounts grew to 3.71 million, a 32.2% increase year-over-year and a 2.6% increase from March 2025 [3]. - Net new accounts added in April were 95,100, representing a 56.7% year-over-year increase and a 27.8% sequential rise [3]. - Total options contracts traded were 137.8 million, up 30.4% year-over-year and 3% from the prior month [3]. - Futures contracts increased to 26.8 million, a 28.5% year-over-year rise and a 13.8% increase from the previous month [3]. Client Equity and Balances - Client equity at the end of April was $588.1 billion, a 28.5% increase year-over-year and a 2.5% sequential rise [4]. - Client credit balances reached $132.8 billion, up 25.5% from April 2024 and 6.1% from March 2025 [4]. - Customer margin loan balance was $58.2 billion, reflecting a 14.8% increase year-over-year but an 8.6% decline from the previous month [4]. Stock Performance - IBKR shares have increased by 45.1% over the past year, significantly outperforming the industry average growth of 20% [5].

Core Viewpoint - Robinhood Markets Inc. reported better-than-expected quarterly results, with a notable increase in earnings per share and net income, driven by higher trading activity and increased subscription revenues [1][2][3]. Financial Performance - First-quarter 2025 earnings per share reached 37 cents, exceeding the Zacks Consensus Estimate of 31 cents and up from 18 cents in the prior-year quarter [1]. - Net income (GAAP) was $336 million, significantly higher than $157 million in the same quarter last year [2]. - Total net revenues surged 50% year over year to $927 million, surpassing the Zacks Consensus Estimate of $922.68 million [3]. - Average revenue per user (ARPU) increased 39% year over year to $145 [3]. - Transaction-based revenues rose 77.2% to $583 million, driven by improvements in options, equities, and cryptocurrencies [3]. Revenue Breakdown - Net interest revenues (NIR) grew 14.2% to $290 million, attributed to a higher balance of interest-earning assets and securities lending activity [4]. - Other revenues increased 54.3% to $54 million, mainly due to a rise in Gold subscription revenues, with Gold subscribers increasing 90% year over year to 3.2 million [4]. Expense Analysis - Total operating expenses were $557 million, up 21.1%, primarily due to increases across all components [5]. - Adjusted operating expenses rose 15.6% to $460 million, while adjusted EBITDA jumped to $470 million from $247 million in the prior year [5]. Business Activities - As of March 31, 2025, total assets under custody (AUC) increased 70% year over year to $221 billion, driven by net deposits and the TradePMR acquisition [6]. - Equity notional trading volumes rose 84% to $413 billion, options contracts traded increased 46% to 500 million, and crypto notional trading volumes grew 28% to $46 billion [6]. - Monthly Active Users (MAU) reached 14.4 million, up 5.1% year over year [6]. Share Repurchase and Outlook - In the reported quarter, the company repurchased nearly 7.2 million shares for $322 million and increased its share repurchase authorization by $500 million to $1.5 billion [7]. - The company anticipates combined adjusted operating expenses and share-based compensation for 2025 to be in the range of $2.085-$2.185 billion, including TradePMR-related costs [8].

J P M O R G A N Asia Pacific Equity Research 27 April 2025 Futu Holdings Our thoughts on Ant Group set to take control of a retail broker in HK Futu's share price fell 6.4% on Friday (vs. KWEB index -0.2%), following the news that Ant Group is acquiring 50.55% stake in Bright Smart Securities (耀才 證券), a retail broker in HK (link). For details about Bright Smart Securities and comparison with Futu, please refer to Table 1Comparisn betwBrigh Smartnd Fuand Table 2Sumary ofkeprating dforFut andBright Smarecuits ...

Financial Data and Key Metrics Changes - The company reported record net revenues and pre-tax income, with commissions rising 36% year-on-year, reaching over $500 million for the first time [28][12] - Net interest income increased by 3% year-on-year to $770 million, driven by higher balances, partially offset by lower benchmark interest rates [29][38] - Client credit balances rose 19% to a record $125.2 billion, while client equity increased by 23% to $573.5 billion [12][35] - The adjusted pre-tax profit margin was 74%, marking the eighth time it reached 70% or more [13][34] Business Line Data and Key Metrics Changes - Options contract volumes increased by 25%, futures volumes rose by 16%, and stock share volumes surged by 47% [10][28] - The company added 279,000 new accounts in Q1 2025, a record surpassing previous highs [12][11] - The average commission per cleared commissionable order decreased to $2.76 due to smaller average order sizes and higher rebates [37] Market Data and Key Metrics Changes - The S&P 500 ended the quarter down 5%, with a notable decline of 9% from its February peak [8] - Despite market declines, customer trading activity remained robust, with 22 out of the 25 most active names seeing net buying activity [9][10] Company Strategy and Development Direction - The company plans to continue automating its brokerage business and expanding its product offerings while minimizing costs [25][49] - A stock split of four-for-one was announced to enhance liquidity and affordability for shareholders [14] - The company is actively looking for M&A opportunities but has faced challenges in finding suitable targets at reasonable prices [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted that the long-term trend towards global investing remains strong, despite short-term market fluctuations [25] - The company is well-positioned to handle market volatility, allowing clients to trade across various asset classes seamlessly [66] - There is ongoing confidence in the appetite for US investments from non-US clients, despite recent tariff discussions [58][59] Other Important Information - The company introduced several new products, including additional cryptocurrencies and trading options, to enhance its offerings [20][81] - The SEC's reduction of its fee rate to zero is expected to benefit execution and clearing costs in upcoming quarters [31] Q&A Session Summary Question: Impact of retail pressure on equity market levels - Management observed significant trading volumes during market fluctuations, with a slight decrease in margin loans by 10-12% as clients adjusted their risk posture [55] Question: Appetite for US stocks amid tariff news - There has been no noticeable decrease in non-US clients' appetite for US markets, with continued account openings and trading activity [58][59] Question: Client activity tracking in April - There was a 12% drop in margin loans, but overall trading activity returned to normal levels [71] Question: Expansion of crypto offerings - The decision to expand the crypto offering was driven by regulatory changes and increased appetite for the crypto space, although growth has not met expectations [78][81] Question: Changes in risk exposure fees - Risk exposure fees fluctuate more than margin balances, reflecting clients' quick adjustments to market conditions [121]

Core Viewpoint - Interactive Brokers Group, Inc. (IBKR) has experienced a 57% increase in share price over the past year, outperforming its industry and peers amid market volatility and uncertainty related to tariff plans [1][4]. Group 1: Financial Performance - IBKR has seen a rise in new account openings and Total Client daily average revenue trades (DARTs) in Q1 2025 compared to the previous year [4]. - The company’s net revenues have shown a compound annual growth rate (CAGR) of 21.8% from 2019 to 2024, with expectations for further improvement due to solid DART numbers and increased market participation [11][12]. - Current consensus estimates for IBKR's revenues are projected at $1.39 billion for Q1 2025, with a year-over-year growth estimate of 15.18% [13]. Group 2: Product and Market Expansion - IBKR has launched several new products to enhance its global presence, including Forecast Contracts in Canada and expanded investment savings accounts in the U.K. [6][7]. - The introduction of IBKR GlobalTrader allows worldwide investors to trade stocks via mobile applications, enhancing accessibility [7]. - The company has also introduced commission-free trading through IBKR Lite and cryptocurrency trading with lower commissions compared to competitors [8]. Group 3: Technological Advancements - IBKR's technological superiority enables it to process trades across more than 150 exchanges globally, which is a significant competitive advantage [10]. - The company has maintained a lower compensation expense relative to net revenues (11.1% in 2024) compared to industry peers, attributed to its advanced technology [11]. - The development of proprietary software to automate broker-dealer functions is expected to contribute to revenue growth [11]. Group 4: Valuation and Analyst Sentiment - IBKR shares are currently trading at a price-to-tangible book (P/TB) ratio of 1.15X, significantly lower than the industry average of 2.69X, indicating a potential buying opportunity [15][18]. - Analyst sentiment has been positive, with upward revisions for earnings estimates for 2025 and 2026, projecting earnings of $7.12 and $8.14 respectively [19][21]. - The stock is viewed as an attractive opportunity for value investors due to its current undervaluation relative to growth prospects [24].