Interactive Brokers (Nasdaq: IBKR) has bolstered its presence in Western Europe by opening new office space in Dublin, Ireland. With the new office, the company aims to serve its European clients' needs better and support its growth ambitions in new markets.
The American broker first established a presence in the country in 2020. It was securing its position in continental Europe after the fallout of Brexit .
"Interactive Brokers initially chose Ireland due to the benefits of Ireland's EU membership, strong regulatory reputation, and ease of access to the European market. Throughout that process and into our first two years of business, we have been incredibly impressed with the local financial services talent and pro-business environment," said Interactive Brokers' Chief Operating Officer, Kevin Keller.
The Dublin offices of the broker now employ more than 110 staff, which is a number much higher than the firm's original anticipation.
Headquartered in Connecticut, Interactive Brokers has a global presence with offices around the world. Apart from the US and Ireland, it has a physical presence in Canada, the United Kingdom, Switzerland, Hungary, India, China (Hong Kong and Shanghai), Japan, Singapore and Australia.
"Interactive Brokers is excited to open our new office to support our long-term presence in Ireland. We look forward to further embedding ourselves in the Irish financial services community while growing our business in Ireland and across Western Europe," Keller added.
A Global Broker
Interactive Brokers was established in 1978 and is one of the largest global electronic trading platforms. Additionally, the broker's financial performance improved significantly in the recent quarterly reports. Its revenue jumped by 70 percent year-over-year between July and September. However, the gains were mainly from the interest income, as commission-based income only jumped by 3 percent to $320 million.
With an improved profit margin, the diluted earnings per share of the broker strengthened by 125 percent to $0.97. On top of that, the adjusted EPS jumped by 38 percent to $1.08.
Moreover, the UK-based subsidiary of the broker is performing well. The pre-tax profit of the subsidiary was £22 million in 2021, compared to £15.3 million in the previous year.
Meanwhile, Interactive Brokers is focused on expanding its offerings. Among several things, the broker added support for fractional shares for European company stocks and exchange-traded funds (ETFs). It also launched a new mobile trading app earlier this year.
