Electronic trading firm Interactive Brokers Group, Inc. IBKR has announced its plans to put an end to its options market making activities globally. The operations, which are conducted through the Timber Hill companies, are expected to be phased out over the coming months.
The broker will continue carrying out certain trading activities in stocks and related instruments. Along with this shift toward electronic brokerage, Interactive Brokers said it planned to rebalance the composition of currencies in the GLOBAL, a basket of 15 major currencies in which it holds its equity, by increasing the relative weight of the US dollar vs.
The new composition is set to become effective at the close of business on March 31, , whereas the conversion to the new targeted currency holdings will happen soon after that. This reflected findings that during the period July to August , IB did not hold an Australian financial services licence AFS licence which permitted the provision of margin loans. The move affected approximately 3, retail customers which took out a margin loan with IB during the period in question.
The latest move, however, is on a global scale and does not reflect a regulatory order. In completing the acquisition, Two Sigma Securities assumes about 1, exchange specialist assignments previously operated by Timber Hill, an affiliate of Interactive Brokers.
The rate of continuing losses at the market making segment markedly slowed after the company started winding down its options market making activities. The traffic from the covestor. Company still going big for retail clients in China! The one and only. Subscribe Leave this field empty if you're human: X Global Brokerage impending bankruptcy: Comprehensive view from a senior lawyer.
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