Account Growth Continues to Impress | Raising Estimates & Price Target

研报英文原文证据摘录

Account Growth Continues to Impress | Raising Estimates & Price Target

C O M PA N Y N O T E

2 1 J u l y 2 0 2 6

• Overall interest rate sensitivity increased QoQ. A 25 bp rate raise/cut across all of IBKR's

non-USD denominated markets would increase/decrease annual net interest revenues by ~

$38M. On USD denominated balances alone, a 25 bp fed funds raise/cut would increase/

decrease NII by ~$81M (vs. ~$82M the previous quarter).

• IBKR comfortable with higher margin levels. On this evening's call, management noted the

company is closely monitoring client margin and feels comfortable with the risk taken on today.

• IBKR remains bullish on prediction markets, cite Kalshi integration as necessary. IBKR

owned prediction market platform ForecastEx saw volume decrease ~66% QoQ in 2Q26, in

large part due to its elimination of sports contracts in February. In mid-May, the company

added CME Group and Kalshi as additional prediction market exchange options. On the call,

management noted a desire to increase client access to prediction markets and increased

liquidity as the rationale.

• IBKR highlighted benefits of perpetual futures, disclosed 1/3 of crypto trading on the

platform comes from perps. Management believes perpetual futures solve 2 important

problems in the crypto segment: the ability to short cryptocurrencies and the ability to trade

them on leverage. IBKR currently offers crypto perps through Coinbase and will be providing

connectivity to additional perp exchanges.

• IBKR a beneficiary of China's crackdown on Tiger/Futu. China, through the CSRC,

recently went after Tiger and Futu for allegedly illegally soliciting accounts in the country. IBKR

noted its longstanding compliance with Chinese regulation and strict measures to ensure