Cuộc họp công bố kết quả kinh doanh Quý 3/2026 của Interactive Brokers (IBKR): NII tăng 19%, tăng cổ tức

Thông tin trọng tâm

• Interactive Brokers đã công bố thu nhập trước thuế đạt mức kỷ lục và biên lợi nhuận trước thuế đạt 78%, đánh dấu quý thứ tám liên tiếp duy trì trên mức 70%.
• Doanh thu hoa hồng tăng 12% so với cùng kỳ năm trước lên 602 triệu USD, trong khi thu nhập lãi thuần theo GAAP tăng 19% lên hơn 1,1 tỷ USD.
• Tổng số giao dịch bình quân hàng ngày tính phí hoa hồng (DART) của khách hàng đạt 4,3 triệu giao dịch/ngày, tăng 18% so với cùng kỳ năm trước, mặc dù hoạt động giao dịch trên mỗi tài khoản giảm trên diện rộng.
• Tổng tài sản tăng 21% lên 243 tỷ USD và vốn chủ sở hữu của công ty tăng 19% lên 23,3 tỷ USD. Công ty tiếp tục không có nợ dài hạn.
• Cổ tức hàng năm đã được nâng từ 0,35 USD lên 0,60 USD. Nhà sáng lập kiêm Chủ tịch Thomas Peterffy cho biết công ty nhìn chung hướng tới mức cổ tức tương đương 0,5% đến 1% giá trị thị trường.
• Ban lãnh đạo nhấn mạnh giao dịch AI tự động, thị trường dự đoán, các chiến lược tối ưu thuế cho RIA và môi giới giới thiệu là những lĩnh vực còn nhiều tiềm năng tăng trưởng.

Dữ liệu tài chính cốt lõi

Công ty ước tính tổng doanh thu thuần liên quan đến hoạt động cho vay chứng khoán đạt 426 triệu USD khi tính cả tiền lãi thu được và trả trên tài sản thế chấp bằng tiền mặt, tăng 36% so với cùng kỳ năm trước. Số dư tài khoản khách hàng nhạy cảm hoàn toàn với lãi suất kết thúc quý ở mức 27,8 tỷ USD, so với 25 tỷ USD của một năm trước đó.

Kết quả kinh doanh và hoạt động

Tăng trưởng tài khoản khách hàng vượt 30%, mở rộng trên cả nhà đầu tư cá nhân lẫn tổ chức và tại tất cả các khu vực. Dư nợ vay ký quỹ cao hơn đã hỗ trợ thu nhập lãi thuần khi điều kiện thị trường chuyển sang trạng thái ưa thích rủi ro hơn (risk-on) trong quý. Số dư ký quỹ tăng 47% so với cùng kỳ năm trước và tăng 8% so với quý trước.

Hoạt động giao dịch diễn biến trái chiều. Khối lượng hợp đồng tương lai tăng 13% so với cùng kỳ năm trước, khối lượng quyền chọn giảm nhẹ và khối lượng cổ phiếu giảm 24%. Ban lãnh đạo cho rằng sự sụt giảm khối lượng cổ phiếu chủ yếu là do hoạt động giao dịch ở các cổ phiếu giá thấp giảm bớt. Giao dịch qua đêm tiếp tục mở rộng, tăng từ 3,5 triệu giao dịch trong quý 3/2025 lên hơn 10 triệu giao dịch trong quý 3/2026.

Interactive Brokers đã mở rộng khả năng tiếp cận thị trường thông qua Sở giao dịch chứng khoán Bucharest, Sở giao dịch chứng khoán Texas và một sàn giao dịch quyền chọn mới. Công ty cũng ra mắt giao dịch hợp đồng tương lai B3 tại Brazil và bắt đầu triển khai giới hạn dịch vụ staking tiền mã hóa. Tại Nhật Bản, công ty đã bổ sung dịch vụ cho vay ký quỹ, cho vay chứng khoán đã thanh toán đủ và Gaika+, cho phép các số dư tiền mặt không phải đồng Yên đủ điều kiện được hưởng lãi.

Bộ kết nối AI đã bổ sung Perplexity và hỗ trợ các công cụ sử dụng Model Context Protocol. Interactive Brokers cũng ra mắt giao dịch AI tự động trên quy mô giới hạn. Khoảng 3.000 khách hàng từng sử dụng bộ kết nối AI có sự giám sát của con người (human-in-the-loop) đã được mời ban đầu, và ban lãnh đạo có kế hoạch mở rộng đối tượng áp dụng. Công ty kỳ vọng việc ứng dụng AI sẽ giúp gia tăng năng suất của nhà đầu tư và khối lượng giao dịch theo thời gian.

Đối với thị trường dự đoán, Interactive Brokers hiện đã kết nối với ForecastEx, Kalshi và CME, đồng thời đang nỗ lực tích hợp Polymarket. Ban lãnh đạo cho biết các sàn giao dịch bổ sung này đã giúp tăng khối lượng giao dịch, đồng thời mở rộng sự lựa chọn sản phẩm và thanh khoản.

Sản phẩm long/short tối ưu thuế dành cho các nhà tư vấn đầu tư đã đăng ký (RIA) đạt khoảng 300 triệu USD tài sản quản lý vào cuối quý. Ban lãnh đạo nhận thấy tiềm năng tăng trưởng vì các chiến lược này sử dụng tài trợ ký quỹ, bán khống và cho vay chứng khoán. Công ty hiện đã tích hợp ba nhà cung cấp chiến lược và dự kiến sẽ bổ sung thêm.

Dự báo từ ban lãnh đạo

Interactive Brokers ước tính rằng mức thay đổi 25 điểm cơ bản của lãi suất quỹ liên bang thực tế sẽ làm tăng hoặc giảm thu nhập lãi thuần hàng năm khoảng 83 triệu USD, dựa trên số dư tính đến ngày 30 tháng 9 và mức lãi suất thực tế là 3,88%.

Mức thay đổi 25 điểm cơ bản đối với các lãi suất tham chiếu ngoài đồng USD liên quan sẽ làm thay đổi thu nhập lãi thuần hàng năm khoảng 35 triệu USD. Khoảng 30% số dư nhạy cảm với lãi suất của khách hàng được nắm giữ bằng các đồng tiền ngoài USD.

Ban lãnh đạo cho biết phần lớn lợi ích từ đợt tăng lãi suất tại Mỹ vào giữa tháng 9 sẽ được ghi nhận trong quý 4. Sự tăng trưởng bảng cân đối kế toán sẽ làm tăng độ nhạy cảm ước tính đối với các thay đổi lãi suất trong tương lai.

Công ty dự định tiếp tục áp dụng khung cổ tức tương đương khoảng 0,5% đến 1% giá trị thị trường. Ông Peterffy chia sẻ hiện tại ông chưa hình dung ra viễn cảnh cổ tức sẽ bị cắt giảm.

Rủi ro và các điểm cần theo dõi

Hoạt động giao dịch đã hạ nhiệt so với quý 2 và ban lãnh đạo mô tả sự sụt giảm hoạt động trên mỗi tài khoản diễn ra trên diện rộng. Khối lượng giao dịch cổ phiếu giảm 24% so với cùng kỳ năm trước, trong khi khối lượng quyền chọn thấp hơn một chút.

Thu nhập lãi thuần vẫn nhạy cảm với chính sách của ngân hàng trung ương và cơ cấu tiền tệ. Ban lãnh đạo lưu ý sự phân hóa trong các động thái lãi suất trên toàn cầu, với khoảng 30% số dư nhạy cảm với lãi suất của khách hàng được định giá bằng các đồng tiền ngoài USD.

Mức tăng trong quý của chỉ số S&P 500 tập trung vào các công ty công nghệ lớn, trong đó 10 cổ phiếu công nghệ lớn nhất nước Mỹ chiếm gần 40% giá trị của chỉ số này. Các cổ phiếu công nghệ toàn cầu cũng tiếp tục nằm trong số những chứng khoán được giao dịch tích cực nhất trên nền tảng IBKR.

Tại Nhật Bản, ban lãnh đạo đã nêu rõ các vấn đề quy định pháp lý, chuyển đổi tài khoản, yêu cầu tiếp nhận khách hàng mới và sự khác biệt về văn hóa là những thách thức đang diễn ra. Công ty vẫn lạc quan nhưng cho biết cần thực hiện thêm nhiều việc trước khi có thể cạnh tranh rộng rãi hơn.

Điểm nhấn phiên Hỏi & Đáp với chuyên gia phân tích

• Chính sách cổ tức: Ban lãnh đạo gắn mức tăng này với định hướng 0,5%-1% giá trị thị trường và bày tỏ sự tự tin vào mô hình lợi nhuận cũng như vị thế vốn của công ty.
• Thu hút khách hàng số: Chi tiêu quảng cáo đang tăng lên, bao gồm thông qua chương trình X Cashtags. Ông Peterffy cho biết các khách hàng gần đây nhìn chung có giá trị cao hơn, nhưng số lượng khách hàng thu hút được lại thấp hơn.
• Cơ hội từ RIA: Interactive Brokers đang cải thiện quy trình tiếp nhận RIA và tích hợp với các nền tảng đa lưu ký. Ban lãnh đạo tự nhìn nhận công ty là điểm đến tiềm năng cho các nhà tư vấn chịu ảnh hưởng bởi ngưỡng tài sản tối thiểu 100 triệu USD dự kiến của Fidelity.
• Môi giới giới thiệu: Danh mục đối tác tiềm năng vẫn tương tự các quý gần đây, với nhiều đợt tích hợp đang được triển khai. Ban lãnh đạo nhấn mạnh rằng những cải tiến dành cho khách hàng môi giới trực tiếp cũng có thể được mở rộng sang các đối tác môi giới giới thiệu.
• Giao dịch AI: Ban lãnh đạo kỳ vọng lượng người dùng đủ điều kiện sẽ mở rộng vượt khỏi nhóm khoảng 3.000 khách hàng ban đầu và tin rằng AI có thể hỗ trợ hoạt động giao dịch cao hơn theo thời gian.
• Thị trường dự đoán: Công ty đang chuẩn bị cung cấp các hợp đồng KPI cổ phiếu đơn lẻ của Cboe và dự định triển khai chúng thông qua cả giao diện thị trường dự đoán lẫn màn hình quyền chọn thông thường.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Hello, and welcome to the Interactive Brokers Group Third Quarter 2026 Earnings Call. [Operator Instructions]

I would now like to turn the conference over to Nancy Stuebe, Director of Investor Relations. You may begin.

Nancy Stuebe

Thank you. Good afternoon, and thank you for joining us for our third quarter 2026 earnings call. Joining us today are Thomas Peterffy, our Founder and Chairman; Milan Galik, our President and CEO; and Paul Brody, our CFO. I will be presenting Milan's comments on the business, and all 3 will be available at our Q&A.

As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which, by their nature, are not certain and are outside of the company's control. Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to the disclaimers in our press release. You should also review a description of risk factors contained in our financial reports filed with the SEC.

The S&P 500 was up 2% this quarter after rising nearly 15% last quarter, maintaining its resilience even as interest rates moved higher due to enthusiasm for both large technology companies and artificial intelligence. However, this performance masked somewhat narrow market breadth as large technology names represented the majority of the S&P 500's gains this quarter. The 10 largest U.S. technology stocks now represent nearly 40% of the total value of the index, which has become more concentrated over the course of the year. The most actively traded names on our platform this quarter continued to be global technology names. Their growth and business traction appeal to investors around the world, who want the ability to invest directly and gain ownership in them and convert their currency inexpensively into USD to do so.

Investors hold these stocks across accounts in hedge funds, in their personal accounts and in their retirement accounts. The flexibility with which they can do so regardless of account type is a major reason for the success of our platform. As can be seen in our over 30% account growth, strong interest continues in opening and funding accounts. We are seeing growth from both institutional and individual investors and in all regions. Pretax profit was a record, and our 78% pretax margin marked the eighth consecutive quarter with margins above 70%. In recognition of this and as a sign of confidence in the strength of our business model, its growth potential and of our capital base, we revisited how we allocate our capital and decided to increase the amount of dividend we pay to $0.60 a year.

We introduced multiple new products and initiatives this quarter. We added access to multiple new exchanges, the Bucharest Stock Exchange, one of the top-performing markets over the past decade, the Texas Stock Exchange, where we are already seeing average daily volume of about 2.5 million shares, and a new options exchange that aims to improve liquidity for larger, particularly institutional options orders. In Brazil, we launched trading of B3 futures on financial indexes, cryptocurrencies and commodities, expanding our Latin America access. We began a limited rollout of cryptocurrency staking, giving our clients a means to earn a return on their coins. In Japan, we now can offer several new ways for clients to enhance their returns, starting with margin lending.

We can also offer our fully paid securities lending program as well as Gaika+, our proprietary offering that enables Japanese clients to earn interest on the eligible non-Japanese yen cash balances in their brokerage accounts. For prediction markets, we introduced trading in short duration event contracts with hourly and 15-minute expirations in crypto, metals and energy. These give clients a way to gain intraday exposure to price outcomes and have increased platform engagement by our clients. Our AI connector remains one of the fastest adopted features we have ever introduced. This quarter, we added Perplexity as an official partner and expanded connectivity to support any AI tool that uses the Model Context Protocol, or MCP, including the coding and desktop assistants preferred by many of our active clients.

We also enhanced the connector with account level P&L, alert management and watch lists and expanded its trading capabilities to include 2-leg option strategies. We also launched autonomous AI trading, which allows eligible clients to connect the AI agent of their choice to their IBKR account and authorize it to trade autonomously. It works with any compatible MCP client or AI platform. Clients can create and fund a dedicated partition for autonomous AI trading within their existing account in a single session without opening a new account. The rollout is underway with autonomous AI trading now available to eligible clients in several countries with additional countries to follow. Clients can trade global stocks and options using a variety of order types and trading sessions, including day, overnight and overnight plus day.

Turning to some of our customer segments. For registered investment advisers, we now offer tax-aware long/short strategies to their customers. Given that our platform is designed for active, sophisticated clients and that we have a long-standing prime brokerage offering, tax-aware accounts that use margin, short selling and securities lending are a good fit for us. We are seeing increased interest in our offering, particularly as other brokers impose limits on these strategies. We have 3 tax-aware strategy providers onboarded now with additional ones coming by year-end and more early next year, offering RIAs a broad range of options. We have been able to utilize our extensive programming expertise to customize the offering for different clients based on their needs.

Our introducing broker pipeline once again was strong, similar to what we saw last quarter, a growing substantial pool of prospects and the continued onboarding of a number of new introducing brokers as well as the growth of existing ones. This quarter, Daol Investment & Securities, a publicly traded South Korean brokerage firm, launched a global securities trading platform powered by IBKR's technology and trading infrastructure. AI continues to be adopted internally. We are implementing and rolling out AI-assisted tools to our client service team that can retrieve data across multiple internal systems, begin analysis of a simple or multipart request and present findings to the representative, helping our team serve clients faster and more efficiently.

New account onboarding, compliance and surveillance are all incorporating AI and machine learning to help us scale as we ramp up the flow of new clients and global exchanges. Finally, despite somewhat slower overall trading activity versus the second quarter, our overnight trading volumes continue to rise, increasingly showing how important it is for international investors who want to trade during their waking hours in active liquid markets. Overnight trading rose from 3.5 million trades in the third quarter last year to over 10 million trades this year. We have much planned for the quarters ahead and look forward to sharing further updates in the coming quarters.

With that, I will turn the call over to Paul Brody. Paul?

Paul Brody

Thank you, Nancy, and thanks, everyone, for joining the call today. And we'll start with our revenue items on Page 3 of the release. We are pleased once again with our financial results this quarter as we again produced near-record adjusted net revenues and record pretax income. Commissions rose 12% versus last year's third quarter to $602 million, the third consecutive quarter our commission revenue has exceeded $600 million. Net interest income rose 19% year-on-year to over $1.1 billion, driven primarily by higher balances. Robust growth in margin borrowing reflected an investing environment that grew more risk-on as the quarter progressed.

Our segregated cash portfolio grew with new accounts. Though as our clients put more funds to work in the market during the quarter, interest on segregated cash was about even with the prior quarter. The interest we paid on our customers' cash balances, which offsets the interest revenue somewhat, also expanded with account growth. Other fees and services generated $88 million, up 33%, primarily driven by higher risk exposure fees in a more risk-on environment than last year, higher market data fees and strong options volumes, which led to higher payments from options exchange-mandated order flow programs. Other income includes gains and losses on our investments, our currency diversification strategy and principal transactions. Note that many of these noncore items are excluded in our adjusted earnings. Without these excluded items, other income was $28 million for the quarter.

Turning to expenses. Execution, clearing and distribution costs were $134 million in the quarter, up $42 million or 46% over the year-ago quarter, primarily from the reinitiation of SEC regulatory fees. These fees were 0 in last year's third quarter and $30 million this year -- this quarter. Because they're largely passed through, these fees increased both our commission revenue and execution costs and do not impact profits. Execution and clearing costs were 17% of commission revenue in the third quarter for a gross transactional profit margin of 83%. We calculate this by excluding from execution, clearing and distribution, $28 million of non-transaction-based costs, predominantly market data fees, which do not have a direct commission revenue component.

Compensation and benefits expense was $167 million for the quarter for a ratio of compensation expense to adjusted net revenues of 9%, similar to last year. Our headcount at September 30 was 3,286. G&A expenses were $78 million, up from the year-ago quarter, with continued expansion of advertising, the predominant factor. Our pretax margin was 78% for the quarter as reported and as adjusted. Income taxes of $148 million reflects the sum of the public company's $60 million and the operating company's $88 million. This quarter, the public company's effective tax rate was 16%, within its usual range.

Moving to our balance sheet on Page 5 of the release. The consistent strength of our business and our healthy balance sheet support our raising the dividend from $0.35 to $0.60 per year, returning capital to shareholders while still maintaining an ample capital base for the current business and future opportunities. Our total assets were 21% higher than the prior year at $243 billion, with growth driven by higher margin lending and segregated cash and securities balances. New account growth also helped drive our record customer credit balances. We continue to have no long-term debt. Profit growth drove our firm equity up 19% to $23.3 billion. We maintain a balance sheet geared towards supporting growth in our existing business and helping us win new business by demonstrating our strength to prospective clients and partners while also considering overall capital allocation.

Turning to the operating data. Customer activity was strongest in futures contracts, up 13% over the prior year with more muted activity in options and stocks. Options volumes were down slightly. Stock share volumes were down 24% versus last year, primarily driven by low-priced stocks where share volume is high relative to notional value. Generally, clients gravitated to larger, higher-quality names where returns far exceeded the rise in most major market indices. On Page 7, you can see that total customer DARTs were 4.3 million trades per day in the quarter, up 18% from the prior year. Commission per cleared commissionable order of $2.59 was down 4% from last year on smaller order sizes across product types.

Turning to net interest margin. Page 8 shows the NIM numbers. Total GAAP net interest income was just over $1.1 billion for the quarter, up 19% on the year-ago quarter, and our NIM table net interest income was $1.2 billion, also up 19%. We include for NIM purposes certain income that is more appropriately considered interest, but that for GAAP purposes is classified as other fees and services or as other income. Our NII reflects strong annual increases in balances, along with a mixed bag of policy rate changes across central banks worldwide. Several central banks raised rates in September, providing a minor tailwind to net interest income in the third quarter and further benefit going forward. Together, these factors drove a rise in interest income on margin loans and customer segregated cash, partially offset by higher interest expense on customer cash balances.

Year-on-year, the average U.S. Fed funds rate fell 63 basis points or by 15%. Despite this decline, our margin loan interest was up 36%, and our segregated cash interest was up 4%, both bolstered by higher balances. The average duration of our investment portfolio remained at less than 30 days. Because of the timing of the Fed rate hikes in mid-September, most of their impact will be realized in the fourth quarter. The U.S. dollar yield curve is generally positive in the short to medium term, and we have responded by pushing our duration out a bit while still maintaining a relatively tight maturity match between our assets and liabilities.

Reported securities lending net interest trailed last year's unusually strong result, though both quarters had a few very popular hard-to-borrow names. However, an all-encompassing view of securities lending paints a different picture. A portion of what we earned from securities lending is classified as interest earned on segregated cash. We estimate that if the additional interest earned and paid on cash collateral were included under securities borrowed and loaned, then total net revenue related to securities lending would have been $426 million this quarter, up 36% over the prior year quarter. Fully rate-sensitive customer balances ended the current quarter at $27.8 billion versus $25 billion in the year-ago quarter.

Now for our estimates of the impact of changes in rates, given some uncertainty over the direction of U.S. interest rates and the divergent actions of central banks around the world, we look at potential effects of rate moves in either direction. We estimate the effect of a 25 basis point increase or decrease in the benchmark Fed funds rate to be $83 million higher or lower, respectively, in annual net interest income. Note that our starting point for this estimate is September 30, with the Fed funds effective rate at 3.88% and balances as of that date. Any growth in our balance sheet and interest-earning assets would increase these impacts.

About 30% of our customer interest-sensitive balances is not in U.S. dollars. So estimates of the U.S. rate change exclude those currencies. We estimate the effect of a 25 basis point increase or decrease in all the relevant non-USD benchmark rates would increase or decrease annual net interest income, respectively, by $35 million. In conclusion, this was another financially strong quarter, reflecting our continued ability to grow our customer base and deliver on our core value proposition to customers while simultaneously scaling the business. Our business strategy continues to be effective, automating as much of the brokerage business as possible, continuously improving while expanding through new product introductions, what we offer while minimizing what we charge.

And with that, we'd like to open up the line for questions.

Operator

[Operator Instructions] Our first question comes from the line of Patrick Moley with Piper Sandler.

Phần hỏi đáp

Patrick Moley

So I had one on the dividend, pretty big step-up to $0.15. Could you just walk us through the Board's thinking around sizing that and whether this signals any sort of new payout framework, whether it's a target ratio or a certain level of excess capital that you think is appropriate?

Thomas Peterffy

We have generally been following the guideline of paying dividends between half and 1% of the market value, and we have fallen somewhat behind. So we are trying to catch up here. And we are going to continue to follow that guideline of paying between half of 1% and 1% of the market value.

Patrick Moley

Okay. Great. And then just as a follow-up, Paul, you called out advertising as the predominant driver of the G&A increase. And I know in September, it's only been about a month, but you joined the X Cashtags program and you're offering $100 funding credit there. So could you maybe just give us an early read on what that channel is producing? And should we read the ad spend step up and the X partnership as maybe a signal that you guys are leaning more into the digital customer acquisition strategy?

Thomas Peterffy

Yes, we are. That is a correct assumption, and that is exactly what we're trying to spend more money on, but it will take some time to get it correctly lined up.

Patrick Moley

Great. Any sort of early read you can give us on how successful it's been or what the customer accounts that are coming over...

Thomas Peterffy

It's been mixed. So while the customers we have been getting lately are higher-value customers, we're getting a smaller number of them.

Operator

Our next question comes from the line of James Yaro with Goldman Sachs.

James Yaro

I wanted to touch on across your key geographies, where you believe Interactive Brokers has the greatest account market share gain opportunity? And as a corollary, where you believe IBKR is still underpenetrated?

Milan Galik

Well, I wouldn't single out the one particular geography. We believe that we have plenty of room to grow in both established and new markets. See, one of our strengths is that we operate a single global platform that is highly automated and can be easily adapted to local regulations and needs without having to build a separate business in each country. So a huge plus. Now the opportunities are not necessarily the same everywhere. In some markets, we see more interest from individual investors, in others from institutions or intermediaries. But that's the advantage of our model. We can serve different types of clients across different markets, and we can expand without significantly increasing our cost.

James Yaro

Great. I hope that you might be able to speak to the scale of your tax-aware long/short product for RIAs thus far, perhaps in terms of assets. But -- and then more broadly, just your aspirations for this product from here?

Milan Galik

Well, in terms of assets by the end of the quarter, it was approximately $300 million. We have only recently started really attracting this client segment. We have very high hopes. We work with 3 or 4 different providers, including AQR, a very well-known name in the space. And we are looking to add more. We are seeing RIAs signing up, although the process is moving more slowly than we would like.

This product, we believe we are particularly well positioned for. These strategies require margin financing, short selling, securities lending, all of which we have been doing a very good job at for many, many years. We have low financing costs, access to a large pool of lendable securities and the automation to handle these strategies efficiently at scale. And on top of that, other brokers are placing restrictions, which creates additional opportunity for us. So we're very focused on this business, and we think that it has considerable room to grow for us.

Operator

[Operator Instructions] Our next question comes from the line of Daniel Fannon with Jefferies.

Daniel Fannon

You've seen some moderation in client activity in terms of trading. Curious at a high level, if you see anything at a customer or geographic region where you anticipate, maybe some -- a continued slowdown or anything underneath that's a little -- that would be concerning in terms of looking ahead around growth or anything else?

Milan Galik

Nothing really concerning. As you know, the trading activity is not always the same. In the previous quarter, we probably benefited from some activity that was related to the IPO. There were some IPOs that were supposed to come online this quarter. They have been delayed. The -- we expect the volatility to somewhat increase as we approach the midterm elections. As the volatility increases, our traders and clients tend to trade more. So no concerns whatsoever.

Daniel Fannon

Great. That's helpful. And then you did -- you highlighted a few product rollouts within Japan, I think, around margin, and you mentioned another one. Curious just about the uptake and how to think about the potential contribution from those changes.

Milan Galik

Our current aim is to migrate the accounts that we have accumulated on behalf of the Japanese residents in our U.S. affiliate to Japanese affiliate. So that is what we're focusing on. That is what we have been in discussions with the regulators about. But at the same time, we have put a very significant effort into offering margin in Japan in a regulatory compliant way. We have very recently finished the rollout of the so-called passkey, which is another type of second-factor authentication methodology, which is supposed to be resistant to phishing attacks. And right now, we are focusing on making the client account onboarding faster, making the KYC verifications fully digital to the extent that is possible.

So there is still some amount of work left in Japan. But then we believe that we will have everything we need to significantly compete. Now what the headwind that we will be facing is it's difficult to do business in Japan. That is what we have learned over the last couple of years that we have put some significant effort into that country. The -- Japan is culturally very different, very homogeneous. Hopefully, the younger investors will be looking more favorably towards foreign brokers like ours. So we remain optimistic.

Operator

Our next question comes from the line of Ben Budish with Barclays.

Benjamin Budish

Maybe a follow-up on the earlier question on the tax-aware strategy. And maybe you could talk a bit more about the current state of your RIA business. I'm curious, can you maybe remind us what types of RIAs are on the platform today? What types are you sort of attracting that may have been new to Interactive Brokers? Do you think there are opportunities to sort of consolidate a little bit of market share for RIAs they may be using multiple custodians? And just your kind of broader thoughts on this is a kind of an RIA-specific strategy or strategy with appeal to that channel versus something that has appeal to your more kind of higher net worth and active trader customers?

Milan Galik

So the tax-aware products, they're mainly carried by the financial advisers. These products are suitable for bigger accounts. Those are the types of accounts that the financial advisers carry. As I said, very high hopes for the segment for the various reasons I mentioned. Aside from focusing on the tax-aware portfolios, we are putting some work into making the onboarding of the RIAs easier and smoother, not just those that are interested in these products. So there are some programming projects currently in progress. And we are also looking into significantly enhancing our integrations with the multi-custodial platforms with the hope that the financial advisers that are already custodying with some of our competitors will be more open to bring some of their business to our platform.

Benjamin Budish

Got it. That's very helpful. Maybe just a separate follow-up on some new trading product opportunities. I think there wasn't as much discussion, at least this call on things like binary options and single-stock futures. And I think Cboe just very recently got approval for the single-stock KPIs. So just maybe curious your thoughts on some of these newer products. Any expectations for what uptake may look like, that would be helpful.

Milan Galik

So the Cboe announcement, I think it was either made yesterday or a couple of days ago, very exciting, obviously. I think the prediction markets will welcome the addition of these KPIs on single stocks. We do not yet know when the product will go live. I think Cboe may try to go live by the end of this month. We are working on the project. Our aim is to offer them to our clients a very interesting product. We're very excited about it.

Operator

Our next question comes from the line of Steven Chubak with Wolfe Research.

Steven Chubak

So to start, I wanted to inquire about some recent developments at a large brokerage competitor in the RIA space. They recently introduced a minimum asset threshold of $100 million for RIAs on their platform. It goes into effect sometime in the middle of next year. But many people believe that this could bring more small RIAs in motion. That certainly plays to your firm's strengths. And I was curious if you're hearing this from other RIAs in the industry. Is this driving any uptick in interest in terms of the pipelines and how you believe you're positioned to potentially consolidate share as some of your larger competitors maybe deemphasize some of the smaller firms?

Milan Galik

So as you said, this is supposed to happen sometime in the middle of next year. The competitor was Fidelity, I believe, and anybody under $100 million is supposed to find a new home. I completely agree with you. We are one of the obvious choices, if not the obvious choice. That is why -- that is part of the reason why some of the work that I mentioned earlier is so relevant and so beneficial. So we have 9 months between now and maybe a little more and when this is supposed to happen. So we're going to be working very hard to show a welcoming home to the financial advisers that need to find one.

Steven Chubak

That's great color. And for my follow-up, I wanted to just ask about the -- since you mentioned a large introducing broker relationship on the platform, whether you could speak to the pipeline, how that compares to what you were seeing in the IB pipeline, whether it was 6 or 12 months ago, just so we can check at least how the momentum there is trending.

Milan Galik

I think I would say that it looks pretty much the same as it did the last couple of quarters. A lot of integrations in the pipeline or in the progress. Some of them have gone online. The business continues to attract firms looking to expand their offering and grow their business. Here, one of our key advantages is that we provide a complete solution from the account opening and front-end trading platforms to execution, corporate actions, clearing, custody, along with, I would say, unmatched global multi-asset offering. So that's a very key advantage.

Another big advantage is that the investments that we make in our direct brokerage business also benefit our IBroker clients. As we expand into new markets or asset classes or add new capabilities, these capabilities become available almost immediately to our IBroker clients as well. So we continue to be extremely well positioned to benefit from anyone who wants to become an IBroker.

Operator

Our next question comes from the line of Dan Welden with Wells Fargo.

Daniel F. Welden

You mentioned the rollout of autonomous AI trading. And I wonder what percentage of your customer base do you think will be eligible? And then relatedly, do you think that AI tools are going to help people gain more comfort trading new types of instruments and cause a material step-up in trades per account over the long term?

Milan Galik

So we started a very limited rollout of the autonomous trading. We had only invited clients who had previously used our human-in-the-loop AI connector. We are planning to expand the eligibility to more clients over the next few weeks. As to the expected activity, so to give you the rough numbers, approximately 3,000 clients of ours were invited over the last several days. Obviously, this number is going to greatly increase. As far as the expected activity, we expect -- as the clients become more comfortable with AI in general, we expect them to become more comfortable with AI making trading decisions on their behalf. The good investors will become much more productive because they will be able to consume and process significantly higher amount of information. They will be able to follow more companies. They will be able to implement trading strategies more easily. So these are the reasons why we expect higher trading volumes related to AI adoption over time.

Daniel F. Welden

And then for a follow-up, you're now routing to more venues for prediction markets. How do you feel about the progression and adoption through that channel?

Milan Galik

So we have added Kalshi and CME and along with ForecastEx, we now cover 3 different platforms. We are working on integrating with Polymarket. The integrations are delivering the results that we were hoping for. We have increased the overall volume. Our clients benefit from increased range of products, deeper liquidity, better execution prices.

Operator

Our next question comes from the line of Brennan Hawken with BMO.

Brennan Hawken

I'd like to follow up on the question around dividend. So if you're thinking about a yield basically on market cap, does that mean that if we see a drawdown in market cap where the yield gets pushed above the range that you would consider cutting the dividend? Or is that just something you'd ride out until the market cap recovers? Like how would you think about those parameters?

Thomas Peterffy

I don't think that we will ever cut the dividend, at least not in any situation that I can imagine sitting here right now.

Brennan Hawken

Excellent. Thomas, that's very clear. And then on the more mundane side, so the yield on margin balances ticked up pretty nicely versus last quarter. You referenced a mixed bag of policy rate movements. So could you talk about how much that increase in rates came down to base rate changes versus a mix shift? And how sustainable you think that yield pickup is?

Paul Brody

Well, it's always a combination of those factors, especially what currencies is coming in and what those central banks are doing. We did see more of a contribution from the non-U.S. dollars during this quarter than in prior, but it all feeds in. The primary driver was the size of the increase in the balances themselves, up 47% on the year and another 8% on the quarter.

Operator

[Operator Instructions] Our next question comes from the line of Brian Bedell with Deutsche Bank.

Brian Bedell

Maybe just one more on the tax-aware strategy. In terms of the economics of that, is it -- should we be thinking of that as simply as you grow margin loans and securities lending is used and obviously, the credits that support that would be the same economics that you are currently getting on those line items? Or would there be a different set of economics for these strategies for RIAs in those areas?

Milan Galik

The economics would be similar to the rates that we offer to large balances and large accounts today.

Brian Bedell

Okay. Great. Great. And then just on -- going back to prediction markets and company KPIs. And as you're connecting to more markets, and obviously, Cboe would be one of them as well, I would think. Is there -- are there any plans to change the user interface for -- to accommodate those different, say, company KPIs? Or would you just be leveraging the same user interface as you are now?

Milan Galik

That's an interesting question. And I'll go a little bit into the weeds. So the prediction market interface that we offer to our clients today is covering the products that ForecastEx offers, Kalshi offers, CME offers. These are swaps regulated by CFTC. The KPI contracts that are going to be offered by Cboe are classified as binary options. The end result is the same in terms of the payout, but they are actually structured as call and put options that you can both buy and sell. And the calls and puts are not tied together. The call price and the put price together may be larger or larger than $1, which is not possible in the CFTC regulated markets. So we are going to tie them together. We are going to present them on the user interface that our prediction market traders are used to, but they will also be available on the regular option screens, just like the currently available Cboe binary options on indexes are.

Operator

Our next question comes from the line of Chris Allen with KBW.

Christopher Allen

I wanted to circle back a little bit on the more subdued trading activity in the quarter. Trading activity per account dipped to the lowest level in quite some time. Just wondering if you could provide any color on different customer segments, whether it was kind of broad-based that all customer segments pulled back or there was pullback in certain customer segments more so than others?

Milan Galik

Broad-based.

Christopher Allen

Understood. And then maybe just on the announcements around Japan offering margin and the securities paid lending program, are there any other countries where there's a similar opportunity to expand your offerings there in terms of a major marketplace?

Milan Galik

There are, but we would rather not discuss them so as not to show the blueprint to some of our competitors that are probably listening to us. As we do the work and as we have products that we can deliver, we will announce those.

Operator

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Nancy for closing remarks.

Nancy Stuebe

Thank you, everyone, for participating today. And as a reminder, this call will be available for replay on our website, and we will be posting a clean version of the transcript on the site tomorrow. Thanks again, and we will talk to you next quarter-end.

Operator

That concludes today's call. You may now disconnect. Thank you for your participation.