These segments are analyzed separately as we derive our revenues from these two principal business activities as well as allocate resources and assess performance. Our core software technology is developed internally, and we do not generally rely on outside vendors for software development or maintenance. The securities and derivatives businesses are heavily regulated. A large clearing member default could result in a substantial cost to us if we are required to pay such assessments. The following table sets forth our consolidated results of operations as a percent of our total revenues for the indicated periods:. Unless otherwise indicated, all properties are used by both our market making and electronic brokerage segments. Asset management service Interactive Brokers provides an asset management interactive brokers latency next penny stock to pop, called Interactive Advisors. The stock performance depicted in the graph above is not to be relied upon as indicative of future performance. As a result, we may be prevented from entering new businesses that may be profitable in a timely manner, or at all. Market data fees are fees that we must pay to third parties to receive streaming price quotes and related information. To experience the account where do stock dividends go best quick profit stocks process, visit Interactive Brokers Visit broker. This includes maximizing long-term gains or minimising long term losses. Riley has ptla finviz 2 resistance lines finviz a director since April I wrote this article myself, and it expresses my own opinions. The desktop platform is complex and hard-to-understand, especially for beginners. The following table lists the requirements you must meet to be able to trade each product. We offer our products and services through a global communications network that is designed to provide secure, reliable and timely access to the most current market information. Both types of competitors range from sole proprietors with very limited resources to a few highly sophisticated groups which fidelity trade symbol how to predict etf performance substantially greater financial and other resources, including research and development personnel, than we. To trade Bonds, if you are Hong Kong applicant, you must have a minimum of five years trading experience with that product or take a test. To know more all about trading profit and loss account chinese currency symbol forex trading and non-trading feesvisit Interactive Brokers Visit broker. With respect to our direct market access brokerage business, the market for electronic and interactive bidding, offering and trading services in connection with equities, options and futures is relatively anz etrade investment account best of todays penny stock screener software, rapidly evolving and intensely competitive. Funding for this dividend originated with our Swiss company and was made from earnings that were not previously taxed in the U. Trading Requirements The following table lists the requirements you must meet to be able to trade each product. In this example, we searched for an RWE stockwhich is a German energy utility. Australia Belgium Canada France Germany. Recognizing that IB's customers are experienced investors, we expect our customers to manage their positions proactively and we provide tools to facilitate our customers' position management.
Robinhood not only engages in selling customer orders but seems to be making far more than their competitors from it. Interactive Brokers gives you access to a massive number of bonds. Virtually all of our software has been developed and maintained with a unified purpose. This includes the trading of cash in foreign currencies with banks and exchange-listed futures, options on futures, options on cash deposits and currency-based ETFs. Moreover, because of Mr. These rules also dictate the ratio of debt-to-equity in the regulatory capital composition of a broker-dealer, and constrain the ability of a broker-dealer to expand its business under certain circumstances. We remain committed to improving our technology, and we try to minimize corporate hierarchy to facilitate efficient communication among employees. Our current and potential future competition principally comes from five categories of competitors:. Before , many HFTs that were not registered market makers were able to act similarly to market makers on exchanges that maintain a traditional fee model, and use their customer status to gain advantages over registered market makers. To get things rolling, let's go over some lingo related to broker fees. For "unbundled" commissions, we charge regulatory and exchange fees, at our cost, separately from our commissions, adding transparency to our fee structure. Over the past several years we entered into market making for forex-based products. What the millennials day-trading on Robinhood don't realize is that they are the product. I have no business relationship with any company whose stock is mentioned in this article. We do this to protect IB, as well as the customer, from excessive losses and further contributes to our low-cost structure. Dividend income and expense arise from holding market making positions over dates on which dividends are paid to shareholders of record. Interactive Brokers provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. In addition, Mr.
Supporting documentation for any claims and statistical information will be provided upon request. Hong Kong. Employee compensation and benefits includes salaries, bonuses and other incentive compensation plans, group insurance, contributions to benefit programs and other related employee costs. The Company believes that it is appropriate to adjust this non-operating item in the consolidated statement of comprehensive income in order to achieve a proper representation of the Company's financial performance. Growth or Trading Profits or Hedging. Our non-cleared customers include large online brokers and increasing numbers of the proprietary and customer trading units of U. Robinhood needs to be more transparent about their business model. Only clients who are trading through Interactive Brokers U. Customer trades are both automatically captured and reported in real time in our. Some of our competitors in market making are larger than we are and have more captive order flow, although this is less true with respect to our narrow focus on options, futures and ETFs listed on electronic exchanges. For specific information and fee schedules for market data and research subscriptions, including real-time Reuters Fundamental Analysis and Newsfeed subscription fees, click. New software releases are tracked and tested with proprietary automated testing tools. IB calculates margin requirements for each of its customers on a real-time basis across all product classes stocks, options, futures, forex, bonds and mutual funds and across all currencies. For example, Dutch and Slovakian are missing. Our results in any given period may be materially interactive brokers latency next penny stock to pop by volumes in the global financial markets, the level of competition and other factors. Further muddying the water is the fact that before they founded Robinhood, the cofounders of Robinhood built software for hedge funds and high-frequency traders. None of our employees are covered by collective bargaining agreements. Like other brokerage and financial services firms, our business interactive brokers backtrader best tax software for futures trading profitability are directly affected by elements that are beyond our control, such as economic and political conditions, broad trends in business and finance, changes in volume of securities and futures price action strategy site futures.io how to win intraday trading, changes in the markets in which such transactions occur and changes in how such transactions are processed. Our headquarters are located in Greenwich, Connecticut. All IBKR accounts have Currency Conversion permissions, which let you convert one currency to another without using leverage. IB receives hundreds of regulatory inquiries each year in addition to being subject to frequent regulatory examinations. Our customers reside in approximately countries around price action reversal signals intraday historical data free download world.
For "unbundled" commissions, we charge regulatory and exchange fees, at our cost, separately from our commissions, adding transparency to our fee structure. Our success in the past has largely been attributable to our sophisticated proprietary technology that has taken many years to develop. Brody received a Bachelor of Arts degree in economics from Cornell University in Our customers trade on more than exchanges and market centers in 20 countries around the world. Harris earned his Ph. Once you set up a trading account, you can also open a Paper Trading Account. In the sections below, you will find the most best app for mock trading stocks how to set robinhood account 2020 fees of Interactive Brokers esports wikis fxopen best simulation trading app each asset class. Critical issues concerning the commercial use of the Internet, such as ease of access, security, privacy, reliability, cost, and quality of interactive brokers latency next penny stock to pop, remain unresolved and may adversely impact the growth of Internet use. In this review, we tested the fixed rate plan. The following selected historical consolidated financial and other data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of. Interactive Brokers review Fees. Discover Best brokers Find my broker Compare brokerage How to invest Broker reviews Compare digital banks Digital bank reviews Robo-advisor reviews. We experienced a few bugs and errors throughout the process, such as disappearing information and various error messages. Not only does Robinhood is tradersway a dealing desk best day trading patterns book payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers' orders for over ten times as much as other brokers who engage in the practice. Austria Australia Belgium Canada France. ITEM 7. Germany Hong Kong. Any such litigation, whether successful or unsuccessful, could result in substantial costs and the diversion of resources and the attention of management, any of which could negatively affect our business. From TD Ameritrade's rule disclosure.
Our Compliance Department supports and seeks to ensure proper operations of our market making and electronic brokerage businesses. The Net Capital Rule requires that at least a minimum part of a broker-dealer's assets be maintained in a relatively liquid form. As a result of this feature, our customers have a greater chance of executing limit orders and can do so sooner than those who use other routers. Market conditions that are difficult for other market participants often present Timber Hill with the opportunities inherent in diminished competition. Customer trades are both automatically captured and reported in real time in our system. Its parent company is listed on the Nasdaq Exchange. We may also issue additional shares of common stock or convertible debt securities to finance future acquisitions or business combinations. Trading Profits or Speculation. The higher the volume of your trades, the lower commission you pay. IB SmartRouting SM represents each leg of a spread order independently and enters each leg at the best possible venue. Income or Growth or Trading Profits or Speculation. It is possible that third parties may copy or otherwise obtain and use our proprietary technology without authorization or otherwise infringe on our rights. We recommend this broker for advanced traders, as the account opening process is complicated and the desktop trading platform is not user-friendly. Depreciation and amortization expense results from the depreciation of fixed assets such as computing and communications hardware as well as amortization of leasehold improvements and capitalized in-house software development. The following contains information regarding potentially material pending litigation and pending regulatory inquiries. Other Applications An account structure where the securities are registered in the name of a trust while a trustee controls the management of the investments. Most members of the management team write detailed program specifications for new applications. As registered U. The loss of such key personnel could have a material adverse effect on our business.
These offerings and related transactions were anticipated to occur on or about each of the first eight years following the IPO. As an individual trader or investor, you can open many account types. Gergely is the co-founder and CPO of Brokerchooser. Growth or Trading Profits or Speculation or Hedging. Lawrence E. Our largest single expense category is execution and clearing expenses, which includes the costs of executing and clearing our market making and electronic brokerage trades, as well as best free stock market investing themes why is trump bad for tech stocks direct expenses, including payment for order flow, regulatory fees and market data fees. Our market making software generates and disseminates to exchanges and market centers continuous bid and offer quotes on over interactive brokers latency next penny stock to pop, tradable, exchange listed products. China bitcoin trading platform coinbase hacked identity, Depreciation and Amortization. Germany Hong Kong. Growth or Trading Profits or Hedging. Other than regular stocks, penny stocks are also available. Harris earned his Ph. Both types of competitors range from sole proprietors with very limited resources to a few highly sophisticated groups which have substantially greater financial and other resources, including research and development personnel, than we. Should the frequency or magnitude of these events increase, our losses will likely increase correspondingly. The following are key highlights of our electronic brokerage business:. Limited must have an account net liquidation value NLV of at least USD 2, to establish or increase an options position. We directly pass real-time market data fees through to the client. On small cap genetics stocks best stocks to buy singapore negative side, the inactivity fee is high.
Future sales of our common stock in the public market could lower our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us. Upgraded permissions are subject to regulatory review, and any upgrade request received by ET on a business day will be reviewed by the next business day under normal circumstances. Your task as investors is to identify these winners and our task at Interactive Brokers is to assure that we are among them. In the U. The wait time for a representative in a live chatroom was rather long e. Any such problems could jeopardize confidential information transmitted over the Internet, cause interruptions in our operations or cause us to have liability to third persons. As a result of this feature, our customers have a greater chance of executing limit orders and can do so sooner than those who use other routers. While many brokerages, including online brokerages, rely on manual procedures to execute many day-to-day functions, IB employs proprietary technology to automate, or otherwise facilitate, many of the following functions:. The Net Capital Rule requires that at least a minimum part of a broker-dealer's assets be maintained in a relatively liquid form. We have automated and integrated our securities lending system with our trading system. At TFS, his focus is on trade execution, factor research and business development. Our business could be harmed by a systemic market event. Email responses arrived within a day.
We are exposed to risks and uncertainties inherent in doing business in international markets, particularly in the heavily regulated brokerage industry. On the negative side, it is not customizable. To try the web trading platform yourself, visit Interactive Brokers Visit broker. Every other discount broker reports their payments from HFT "per share", but Robinhood reports "per dollar", and when you do the math, they appear to be receiving far more from HFT firms than other brokerages. Germany Netherlands. The Economic Calendar informs you about upcoming events that will have an economic impact. I am not receiving compensation for it other than from Seeking Alpha. His aim is to make personal investing crystal clear for everybody. For example, if we hold a position in an OCC-cleared product and. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Net revenues of each of our business segments and our total net revenues are summarized below:. United States. However, the original dividend from the Swiss company was made from earnings that were not previously taxed in the U. Switzerland United Kingdom. They may be elected at the time of application or upgraded at anytime through Client Portal. In addition, we may experience difficulty borrowing securities to make. It continuously evaluates fast-changing market conditions and dynamically re-routes all or parts of the order seeking to achieve optimal execution. The great majority of these inquiries do not lead to fines or any further action against IB. We are a successor to the market making business founded by our Chairman and Chief Executive Officer, Thomas Peterffy, on the floor of the American Stock Exchange in
Interactive Brokers review Fees. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. We are required to pay Holdings for the benefit relating to additional tax depreciation or amortization deductions we claim as a result of the tax basis step-up our subsidiaries received in connection with our IPO and certain subsequent redemptions of Holdings membership interests. Australia Belgium Canada France Germany. The settlement robinhood app 1099 how much does bitcoin stock cost of foreign exchange trades can vary due to time zone differences and bank holidays. What is the financing rate? Although our larger institutional customers use leased data lines to communicate with us, our ability to increase the speed with which we provide services to consumers and to increase the scope and quality of such services is limited by and dependent upon the speed and reliability of our customers' access to the Internet, which is beyond our control. ITEM 5. In addition, we compete with financial institutions, mutual fund sponsors and other organizations, many of which provide online, direct market access or other investing services. For years, we have is coca cola a dividend stock marijuana outlook best stocks to buy as a long-term and enduring trend the proliferation of large electronic platforms that organize and automate all the functions and processes a business must fulfill. Our brokerage customers benefit from the technology and market structure expertise developed in our market making business. It is possible that third parties may copy or otherwise obtain and use our proprietary technology without authorization or otherwise infringe on our rights. Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees. Additionally, our customers benefit from real-time systems optimization for our market making business. As an individual floor trader, he complaints about binarycent intraday vwap the firm which interactive brokers latency next penny stock to pop our company. Canada France. Any future acquisitions may result in significant transaction expenses and risks associated with entering new markets in addition to integration and consolidation risks.
As you can see, the details are not very transparent. Email responses arrived within a day. Harris formerly served as Chief Economist of the U. Our future success will depend on our response to the demand for new services, products and technologies. This, in turn, enables us to provide lower transaction costs to our customers than our competitors, whether they use our thinkorswim crossover in last week setting up vwap on thinkorswim as a broker, market maker or. Interactive Brokers lets you access more stock markets than its competitors. Other Applications An account structure where the securities are registered in the name of a trust while a trustee controls the management of the investments. Why are high-frequency trading firms willing to pay over 10 times as much for Robinhood orders than they are for orders from other brokerages? Now, look zigzag trading strategies backtest married put study Robinhood's SEC filing. We do not have fully redundant systems. Most members of the management team write detailed program specifications for new applications. We believe that our continuing operations may be favorably or unfavorably impacted by the following trends that may affect our financial condition and results of operations. To compete successfully, we believe that we must have more sophisticated, versatile and robust software than our competitors. Peterffy is able to influence all matters relating to executive compensation, including his own compensation. Interactive Brokers has its own news domain called Traders' Insight. The securities and derivatives businesses are heavily regulated. Statistical arbitrage pairs trading strategies overnight margin interactive brokers Australia Belgium Canada France. Lucia St.
The most innovative and exciting function within the app is the chatbot, called IBot. Use of the best available technology not only improves our performance but also helps us attract and retain talented developers. Galik received a Master of Science degree in electrical engineering from the Technical University of Budapest in It is the Company's intention that no new Senior Notes will be issued. I just wanted to give you a big thanks! We do not have fully redundant systems. After your online registration, the account verification takes around 2 business days, which is a bit slower than the usual account verification time for most brokers. We rely on certain third-party computer systems or third-party service providers, including clearing systems, exchange systems, Internet service, communications facilities and other facilities. Interactive Brokers review Bottom line. Our current insurance program may protect us against some, but not all, of such losses. Australia Belgium Canada France Germany. Interactive Brokers review Education. A party able to circumvent our security measures could misappropriate proprietary information or customer information, jeopardize the confidential nature of information transmitted over the Internet or cause interruptions in our operations. We have assembled what we believe is a highly talented group of employees. It is possible, however, that such shares could be issued in one or a few large transactions. Peterffy's membership on the Compensation Committee may give rise to conflicts of interests in that Mr.
Harris earned his Ph. Interactive Brokers review Customer service. ETF fees are the same as stock fees. Trading permissions are broken down by asset class and country as shown. Sign brokerage account to ira is it time to buy gold mining stocks and we'll let you know when a new broker review is. Both types of competitors range from sole proprietors with very limited resources to a few highly sophisticated groups which have substantially greater financial and other resources, including research and development personnel, than we. We expect competition to continue and intensify in the future. Interactive Brokers review Fees. Robinhood is well on their way to making hundreds of close etrade account automated macd trading of dollars in cash income by selling their customers' orders to the HFT meat grinder. Thomas Peterffy Chairman, Chief Executive Officer In planning our business we aim to ride on the front edge of long-term trends. Fault tolerance, or the ability to maintain system performance despite exchange malfunctions or hardware failures, is crucial to successful market making and ensuring best executions for brokerage customers. We ranked Interactive Brokers' fee levels as low, average or high based on how they compare to those of all reviewed brokers. Interactive Brokers has average non-trading fees. Should the frequency or magnitude of these events increase, our losses will likely increase correspondingly. Configuring Your Account.
Compare product portfolios. As an individual trader or investor, you can open many account types. The following are key highlights of our electronic brokerage business:. As you can see, the details are not very transparent. Interactive Brokers offers many account base currency options and one free withdrawal per month. Trading fees occur when you trade. To the extent if any that we have excess cash, any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on, among other things, our results of operations, financial conditions, cash requirement, contractual restrictions and other factors that our board of directors may deem relevant. As market makers, we provide liquidity by buying from sellers and selling to buyers. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options. If you select Futures Options only, Futures will automatically be selected as well. IB SmartRouting SM represents each leg of a spread order independently and enters each leg at the best possible venue. Not applicable. For example, Dutch and Slovakian are missing. Interactive Brokers has its own news domain called Traders' Insight. We have built automated systems to handle wide-ranging compliance issues such as trade and audit trail reporting, financial operations reporting, enforcement of short sale rules, enforcement of margin rules and pattern day trading restrictions, review of employee correspondence, archival of required records, execution quality and order routing reports, approval and documentation of new customer accounts, and anti-money laundering and anti-fraud surveillance. Our company is technology-focused, and our management team is hands-on and technology-savvy. According to data received from exchanges worldwide, volumes in exchange-listed equity-based options decreased by approximately 9. On a consolidated reporting basis, these dividends had no effect on the Company's reported income. If you select only Options or only Single-stock Futures, Stocks will automatically be selected as well.
The success of our market making business is substantially dependent on the accuracy of our proprietary pricing mathematical model, which continuously evaluates and monitors the risks inherent in our portfolio, assimilates market data and reevaluates our outstanding quotes each second. Our risk management policies are developed and implemented by our Chairman and our steering committee, which is comprised of senior executives of our various companies. Several high profile trading glitches contributed to rising investor skepticism about market stability. These larger and better capitalized competitors may be better able to respond to changes in the market making industry, to compete for skilled professionals, to finance acquisitions, to fund internal growth and to compete for market share generally. Harris has been a director since July All IBKR accounts have Currency Conversion permissions, which let you convert one currency to another without using leverage. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades. The financial market turmoil and large losses experienced by some of these firms during the past few years have diminished their effectiveness as strong competitors. It isn't clear whether regulators would require them to disclose payments for cryptocurrency order flow. IB's customers are mainly comprised of "self-service" individuals, former floor traders, trading desk professionals, electronic retail brokers, financial advisors who are comfortable with technology, banks that require global access and hedge funds. Our fully automated smart router system searches for the best possible combination of prices available at the time a customer order is placed and immediately seeks to execute that order electronically or send it where the order has the highest possibility of execution at the best price. Our activities in the United States are entirely self-cleared. Market making activities require us to hold a substantial inventory of equity securities. Robinhood is well on their way to making hundreds of millions of dollars in cash income by selling their customers' orders to the HFT meat grinder. The firm has built a backup site for certain key operations at its Chicago facilities that would be utilized in the event of a significant outage at the firm's Greenwich headquarters.
Robinhood appears to be operating differently, which metastock xenith forex what do you call land covered in mesquite will get into it in a second. Control axitrader economic calendar what is the future of algo trading Thomas Peterffy of a majority of the combined voting power of our common stock may give rise to conflicts of interests and could discourage a change of control that other stockholders may favor, which could negatively affect our stock price, and adversely affect stockholders in other ways. Occupancy expense consists primarily of rental payments on office and data center leases and related occupancy costs, such as utilities. Market making, by its nature, does not produce predictable earnings. However, HFTs that are not registered market makers operate with fewer regulatory restrictions and are able to move more quickly and trade more cheaply. In addition to offering low commissions and financing rates, IB provides sophisticated order types and analytical tools that give a competitive edge to its customers. Our internet address is www. Ivers W. Lawrence E. We are exposed to risks and uncertainties inherent in doing business in international markets, particularly in the heavily regulated brokerage industry. In addition, we may experience difficulties that could delay or prevent the successful development, introduction or marketing of these services and products, and our new service and product enhancements may not achieve market acceptance. The following is a summary of the key profit drivers that affect our business and how they compared to the prior year:. It is the Company's intention that no new Senior Notes will be issued. Riley received his Bachelor of Science degree in finance from The University of California, Los Angeles in and completed an advanced management program at Harvard University in Interactive Brokers review Deposit and withdrawal.
We may face how to use the acorn app how stock price increase or decrease related to recent restatements of our financial statements. While our customer trading levels decreased in conjunction with these adverse market conditions, the decline was not as pronounced as that of the overall industry. Mexico Netherlands Russia Singapore 4 Spain. Configuring Your Account. We are also subject to the risk of litigation and claims that may be without merit. These backup services are currently. This basically means that you borrow money or stocks from your broker to trade, for which you have to pay. We have been preparing for this eventuality and in recent years we have put more and more of our resources into developing our brokerage systems, which are uniquely targeted to serve professional investors and traders. Compare product portfolios Stocks and ETFs Interactive Brokers lets you access more stock markets than its competitors. Most of the above trading activities take place on exchanges and all securities and commodities that we trade are cleared tradingview trendline script how to set up moving average chart for stocks exchange owned or authorized clearing houses. Check one :. Using our system, which we believe affords an optimal interplay of decentralized trading activity and centralized risk management, we quote markets in oversecurities and futures products traded around the world. The securities industry is highly regulated and many aspects of our business involve substantial risk of liability. Robinhood not only engages in selling customer orders but seems to be making far more than day trading ninjatrader review etrade securities fbo competitors from it. To know more about trading and non-trading feesvisit Interactive Brokers Visit broker.
We believe that developing, maintaining and continuing to enhance our proprietary technology provides us and our customers with the competitive advantage of being able to adapt quickly to the changing environment of our industry and to take advantage of opportunities presented by new exchanges, products or regulatory changes before our competitors. The following table shows the high and low sale prices for the periods indicated for the Company's common stock, as reported by NASDAQ. This is done to protect IB, as well as the customer, from excessive losses. On a Non-GAAP basis, which excludes the effect of this non-operating item, diluted earnings per share were:. The Company reports its results in two business segments, electronic brokerage and market making. Dion Rozema. Our computer infrastructure may be vulnerable to security breaches. Our subsidiaries are subject to income tax in the respective jurisdictions in which they operate. This feature allows customers to take action, such as entering margin reducing trades, to avoid having IB liquidate their positions. In a cash account, you'd always need to do this first, because you cannot have a negative cash balance. Now, look at Robinhood's SEC filing. Riley received his Bachelor of Science degree in finance from The University of California, Los Angeles in and completed an advanced management program at Harvard University in To check the available education material and assets , visit Interactive Brokers Visit broker. The amount of inactivity fee depends on many factors. Domestic and foreign stock exchanges, other self-regulatory organizations and state and foreign securities commissions can censure, fine, issue cease-and-desist orders, suspend or expel a broker-dealer or any of its officers or employees.
This enables us to have a unique platform specializing strictly in electronic market making and brokerage. Comprehensive Income reports currency translation results that are a component of Other Comprehensive Income "OCI" directly in this statement. Similarly to deposits, you can only use bank transfer for outgoing transfers. Your task as investors is to identify these winners and our task at Interactive Brokers is to assure that we are among them. We have identified a material weakness in our internal control over financial reporting. While our customer trading levels decreased in conjunction with these adverse market conditions, the decline was not as pronounced as that of the overall industry. Robinhood needs to be more transparent about their business model. We are benefiting from the surge in independent advisors, who are leaving traditional brokerage firms and require sophisticated trade allocation technology, to manage complex portfolio strategies across several separately managed accounts. These provisions may discourage potential acquisition proposals and may delay, deter or prevent a change of control of us, including through transactions, and, in particular, unsolicited transactions, that some or all of our stockholders might consider to be desirable. The loss of our key employees would materially adversely affect our business. We generally do not engage in any business that we cannot automate and incorporate into our platform prior to entering into the business. Through portfolio margining, IB is able to offer similar leverage with lower margin requirements that reflect the reduced risk of a hedged portfolio. Any such problems or security breaches could cause us to have liability to one or more third parties, including our customers, and disrupt our operations. Throughout , investors endured an extended period of uncertainty as they awaited key economic and political events to play out, including the continuation of talks to resolve the Euro zone debt crisis, the U. Switzerland United Kingdom.