Interactive Brokers Wiki

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Interactive Brokers Wiki

Interactive Brokers LLC (IB) is a U.S.-based electronic brokerage firm. It is the largest U.S. electronic brokerage firm by number of daily average revenue trades, and is the leading forex broker. The company brokers stocks, options, futures, EFPs, futures options, forex, bonds, funds and CFDs. Interactive Brokers also services commodity trading advisors (CTAs), making it the fifth-largest prime broker servicing CTAs.

The company is headquartered in Greenwich, Connecticut and has offices in four cities. It is the largest subsidiary of market maker and brokerage group Interactive Brokers Group, Inc., which was founded by CEO and Chairman Thomas Peterffy, an early innovator in computer-assisted trading. IB is regulated by the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the New York Stock Exchange, the Commodity Futures Trading Commission, National Futures Association, Chicago Mercantile Exchange and other self-regulatory organizations. The company is a provider of fully disclosed, omnibus, and non-disclosed broker accounts[nb 1] and provides correspondent clearing services to 200 introducing brokers worldwide. The company serves 385 thousand client brokerage accounts, with US$86 billion in customer equity. Interactive Brokers Group owns 40 percent of the futures exchange OneChicago, and is an equity partner and founder of the Boston Options Exchange.

The original organization was first created as a market maker in 1977 under the name T.P. & Co., and was renamed Timber Hill Inc. in 1982. It became the first to use fair value pricing sheets on an exchange trading floor in 1979, and the first to use handheld computers for trading, in 1983. In 1987, Peterffy also created the first fully automated algorithmic trading system, to automatically create and submit orders to a market. Between 1993 and 1994, the corporate group Interactive Brokers Group was created, and the subsidiary Interactive Brokers LLC was created to control its electronic brokerage, and to keep it separate from Timber Hill, which conducts market making. In 2014, Interactive Brokers became the first online broker to offer direct access to IEX, a private forum for trading securities. Currently about 16.6 percent of the company is publicly held, while the remainder is held by employees and their affiliates; Thomas Peterffy is the largest shareholder.

Interactive Brokers Employees

Interactive Brokers Group has nine directors, including Thomas Peterffy, Chairman of the Board of Directors, who as the largest shareholder is able to elect board members. The company has 1,204 employees; 1,193 of them hold company stock. Interactive Brokers employs computer programmers and IT workers; programmers outnumber other employees five to one. Approximately nine percent of employees work in legal or regulatory compliance departments.

Among the company’s directors are Lawrence E. Harris, a professor at the University of Southern California’s Marshall School of Business, and who was Chief Economist of the Securities and Exchange Commission.[40] Among its former directors are Hans Stoll, founder and director of the Financial Markets Research Center at Vanderbilt University, and an author and former president of the American Finance Association, and Ivers Riley, former chairman of the International Securities Exchange, CEO of the Hong Kong Futures Exchange, and chief developer of SPDR funds.

Interactive Brokers Locations

Interactive Brokers LLC has offices in Chicago, Hong Kong, Kwun Tong, Shanghai, Sydney, and Zug. The Connecticut offices include its 81,000-square-foot (7,500 m2) headquarters in downtown Greenwich and space in a nearby office park. Traders and programmers work in units with several monitors and more overhead, while several network engineers staff an area round the clock, six days a week. In addition to Interactive Brokers LLC’s offices, its Interactive Brokers Group affiliates have offices in Washington, D.C., West Palm Beach, Boston, Petaluma, Montreal, London, Vaduz, Budapest, St. Petersburg, Tallinn, Mumbai, and Tokyo. More than half of the company’s customers reside outside the United States, in approximately 190 countries. We use Interactive Brokers Wiki page as source.

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