A：In the fourth quarter, Interactive Brokers set a record by adding more than 200,000 net new accounts, which is an annual record for the firm, and client equity rose 37% to $780 billion, the first year with three quarters of a trillion dollars in client assets.

A：Clients outperformed individual investors with an average performance 1.57% above the S&P index, financial advisers up 2.57% on average or 267 basis points above the market, and hedge fund clients up 5.04% on average, a full 604 basis points ahead of the S&P index.

A：The core components of Interactive Brokers' client focus include delivering global market access at extremely competitive pricing on state of the art platforms, resulting in a focus on empowering clients with low trade and margin pricing, superior execution, advanced order types and algorithms, and the best prices and most comprehensive platforms.

A：Despite lower interest rates, Interactive Brokers achieved exceptional financial results with quarterly adjusted pretax income reaching a record level of more than $1 billion for the fifth consecutive quarter. For the full year, the company generated more than $3 billion in net revenues for the first time.

A：Interactive Brokers introduced a wide range of new products and services, including expanded market access to countries like Brazil, Taiwan, the UAE, and Slovenia, and the addition of various tax advantaged funds. They also doubled the amount of cash eligible for their SDC suite program, introduced a premium charge card with global access, and a comprehensive revamp of their global trader and mobile platforms with new features like quick access trading tools and AI news summaries.

A：Artificial intelligence has been integrated into Interactive Brokers' services through the launch of AI-powered investment themes to streamline research and AI-generated news summaries approved by FINRA to deliver timely relevant news tied to clients' portfolios. Additionally, the innovative Ask IBKR tool allows clients to interact with their portfolios using natural language commands.

A：Forecast X was created to support trading on consequential predictions with measurable, third-party verified outcomes.

A：The financial results for the quarter included near-record net revenues and pre-tax income, with record revenues and results in major financial categories for the year. Division revenues reached $582 million, commissions rose to $2.100 billion, and net interest income reached $976 million for the quarter, and a yearly record of $1.16 billion.

A：The presence of fewer hard-to-borrow names across the second half of the year drove full-year results well over the prior year in other income.

A：The increase in other fees and services revenue was primarily driven by higher payments for order flow from options exchange-mandated programs and higher at-the-C-suite fees.

A：Execution and clearing costs were $91 million for the quarter, which was down 21% from the year ago quarter, contributing to client profitability and execution quality, a reason clients choose to execute with the company.

A：The ratio of compensation expense to adjusted net revenue was 9% for the quarter, down from 13% in the prior year quarter.

A：The year-end total assets were $203 billion, a 30% increase from the prior year, and firm equity exceeded $10 billion for the first time, reflecting profit growth and a balance sheet geared toward supporting business growth and new wins.

A：Customer activity and options contract volumes were up 27% over the prior year quarter and up significantly for the full year, with futures contract volumes near record and stock share volumes also up.

A：Despite lower benchmark interest rates, net interest income showed strength and margin loan interest and securities lending income, partially offset by a modest increase in interest expense on customer cash balances.

A：The potential benefits of having a European banking license include operating within the European market. The company is most likely to acquire it in Ireland, where their broker operations are already regulated by a banking regulator with whom they have a good relationship.

A：The company has been working on tying up temperature contracts with electricity and natural gas contracts. These contracts are primarily aimed at utilities that need to daily make a judgment about the next day's use of electricity. It is expected that these will be onboarded sometime in the course of the year.

A：The crypto offering is primarily targeted at investment and buyers who want limited exposure to the asset, and is being positioned to complement the company's multi-asset client base. New geographical focus is currently Europe, and it is expected to go live in this quarter. The company hopes that once support for asset transfers is added, some crypto assets will migrate to their platform and benefit from their superior pricing.

A：The company has been cautiously adding to its headcount as needed and saw around 6% growth in the past year, with a 10% increase in compensation. It is expected that a similar growth in expenses will occur in the future, though AI initiatives may affect the rate at which expenses will grow.

A：The company has been doing well across all customer segments - large accounts, small accounts, very active accounts, less active accounts, retail, professional, and institutions. They are all attracted to the company's technology, pricing, global access, and no need for promotion.

A：The company plans to increase advertising spend and improve advertising effectiveness to drive more engagement on prediction markets. The goal is to maintain robust account growth and leverage the current momentum in advertising to achieve this.

A：There is no need to change the product design; rather, it is more about the process of selling and making sure there is adequate liquidity to onboard institutions like insurance companies and electric utilities.