Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q3 2022 Earnings Conference Call October 18, 2022 4:30 PM ET
Company Participants
Nancy Stuebe - Director of Investor Relations
Paul Brody - Chief Financial Officer
Thomas Peterffy - Chairman
Milan Galik - Chief Executive Officer
Conference Call Participants
Richard Repetto - Piper Sandler
Craig Siegenthaler - Bank of America Merrill Lynch
Ben Budish - Barclays
Ryan Bailey - Goldman Sachs
Chris Allen - Citi
Daniel Fannon - Jefferies
Kyle Voigt - KBW
Operator
Hello. Thank you for standing by, and welcome to the Interactive Brokers Group’s Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference may be recorded.
I would now like to hand the conference over to your speaker today, Nancy Stuebe, Director of Investor Relations. Please go ahead.
Nancy Stuebe
Thank you. Good afternoon, and thank you for joining us for our third quarter 2022 earnings conference call. Once again, Thomas is on the call, but asked me to present his comments on the business. Also joining us today are Milan Galik, our CEO; and Paul Brody, our CFO. After prepared remarks, we will have a Q&A.
As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Our actual results and financial condition may differ, possibly materially, from what is indicated in these forward-looking statements. We ask that you refer to the disclaimers in our press release. You should also review a description of risk factors contained in our financial reports filed with the SEC.
This quarter showed the strength of the Interactive Brokers business model, automating substantial parts of the brokerage business in order to keep costs low and global product offerings and opportunities high even as unfavorable market conditions continued to extend into this quarter and beyond. While we were able to maintain our commission income just barely, it is understandable that in these mostly one way markets, only very few retail clients feel any urge to open new brokerage accounts. This has a large and unfavorable implication for the growth of our business and we expect this to continue into the early part of next year.
In spite of that, by this time next year, we expect that our accounts will be about 30% higher than today due to some new larger introducing broker relationships we have mentioned earlier. Preparing to onboard these accounts is a very slow process and it is unlikely that any sign of these will show before the spring.