Interactive Brokers Group, Inc. (NASDAQ:IBKR) Q3 2024 Results Conference Call October 15, 2024 4:30 PM ET
Company Participants
Nancy Stuebe - Director of Investor Relations
Thomas Peterffy - Founder and Chairman
Milan Galik - President and Chief Executive Officer
Paul Brody - Chief Financial Officer
Conference Call Participants
Patrick Moley - Piper Sandler
James Yaro - Goldman Sachs
Dan Fannon - Jefferies LLC
Chris Allen - Citi
Brennan Hawken - UBS
Benjamin Budish - Barclays
Macrae Sykes - GAMCO
Operator
Good day, and thank you for standing by, and welcome to Interactive Brokers Group 3Q '24 Earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being 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
Good afternoon. and thank you for joining us for our third quarter 2024 earnings call. Joining us today are Thomas Peterffy, our Founder and Chairman; Milan Galik, our President and CEO; and Paul Brody, our CFO. I will be presenting Milan's comments on the business, and all three will be available at our 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, the long-awaited interest rate cut in the U.S. finally happened. The market proceeded to rally on the news. The S&P 500 rose 5.5% this quarter. Joining higher indices in nearly every global market, save Japan and following rate cuts in the U.K., Canada, Europe and China. For the industry as a whole, options contract volumes were up 12% over last year, reaching a new record and surpassing even the strong first quarter.
CME futures volumes were up 27% versus last year, also a record. As investors were eager to trade interest rate futures, in particular, in order to wager on rate changes. As for equities, overall U.S. industry volumes are up versus last year, though down slightly from last quarter, as the Magnificent Seven lost some of their grip on U.S. market performance. These stocks contributed just 12% of the S&P's gain this quarter versus 95% last quarter with more than half of them down.