The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: <_ALACRA_META_ABSTRACT>Okay. So Thomas, you've seen many cycles over the past 48 years of building Interactive Brokers. What are you seeing from
the market today on where we are in the economic cycle and also in terms of risk appetite from your clients?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Great. Okay. So maybe as we look ahead, what are the key investment priorities in your view for Interactive Brokers? And I'll
let you take in whatever direction you want, product, geography over the next few years.
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Excellent. So maybe let's just turn quickly to the regulatory backdrop. Are there -- I guess, what are the key market structure
changes in which you'd have -- you'd like to see more clarity and/or changes? And then we've seen tremendous focus among
legislators and regulators on crypto. Do you think that makes sense?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Great. So we're on the topic of prediction market. So maybe let's focus on that for a bit here. What is your perspective on the
development of institutional prediction markets? I guess what's the timeframe you would expect this to develop? And I guess,
what's the scope that you would anticipate? Is it sports, non-sports or both?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: One more for you on prediction markets. Can you just expand a little bit on the ability to and barriers around expanding
ForecastEx into sports?
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DECEMBER 10, 2025 / 3:40PM, IBKR.OQ - Interactive Brokers Group Inc at Goldman Sachs U.S. Financial
Services Conference
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Okay. So maybe just turning to your account growth. Your target is 20% over the long term, but you've obviously been well
above that this year, even closer to 30%. If the market sell-off reoccurs or we see more pain for customers, how do you think
about what that means for growth? Could we slip back closer to 20%?
And then I guess, any other updates around the structural account growth in your view?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Makes sense. All right. Let's touch on a couple of your client channels. So could you just give us an update around the
introducing brokers channel today? How is the growth in this channel?
And are you seeing more success in bringing in new clients more recently?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Interesting. Okay.
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Okay. That makes sense. Let's turn to your increasingly high-touch prime brokerage offering which, at least according to
Preqin, is now ranked number four in the number of hedge funds. Have you seen increased competition in the space for your
hedge fund client? And with big banks starting to see lower capital requirements, are they becoming more competitive yet?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Thomas, don't tell my clients that. Okay, maybe on your trading tech, how do you -- how are you investing to stay best-in-class
from a trading tech perspective? Obviously, that's your legacy, having best-in-class trading tech. So maybe what are the new
tools out there that allow you to offer that better tech? Is it AI?
Is it cloud? Other things that we should be thinking about?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Okay. Maybe just turning quickly to excess capital, acquisitions. How much excess capital do you have today? And could you
update us on acquisition priorities when you're thinking about a deal?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: Okay. Any updates on your plans to sell stock? And I guess what are the key considerations that you're thinking about?
Question: James Yaro - Goldman Sachs Group Inc - Analyst
: There you go. Okay. Last one for you, Thomas. Could you talk a little bit about -- you talked about Stablecoin already. Just
how do you think about the crypto products that you're offering, your aspirations in the space, and how do you think about
growing that going forward?
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