Interactive Brokers Group Inc Q4 2019 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst : Wanted to follow-up a little bit on the growth outside of China and the Americas. I was wondering if you could give us any granularity in terms of specific markets are -- that are driving the growth? And where you're maybe seeing accelerations versus maybe a year ago?

Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst : Fair enough. And then pivoting to the -- on the expense side. At the Goldman Conference, you talked about a 3-year project and rebuilding compliance and surveillance, it looks they're starting to come to an end. It sounds like it was a fairly large project. I'm assuming it's been part of the driving -- is the part of the acceleration on the expense side in recent periods. Will there be an impact in terms of that falling off, in terms of the expense trajectory? Or do you have other projects coming on that are likely to sustain the expenses?

Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst : And then just a quick one on the -- within the other income, the mark-to-market impact of $15 million, $7 million worth of Tiger, $1 million on the government. I'm just wondering what the other piece was of the missing $7 million there?

Question: Christopher John Allen - Compass Point Research & Trading, LLC, Research Division - Analyst : Yes. The mark-to-market impact of $15 million that you have in the reconciliation. I'm just wondering -- there was a $7 million Tiger, $1 million in U.S. government. I'm just wondering what the other $7 million was?