<SEC-DOCUMENT>0001381197-19-000037.txt : 20190927
<SEC-HEADER>0001381197-19-000037.hdr.sgml : 20190927
<ACCEPTANCE-DATETIME>20190702172020
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001381197-19-000037
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190702

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Interactive Brokers Group, Inc.
		CENTRAL INDEX KEY:			0001381197
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				300390693
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE PICKWICK PLAZA
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-618-5800

	MAIL ADDRESS:	
		STREET 1:		ONE PICKWICK PLAZA
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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    <div style="text-align: center; font-weight: bold;">INTERACTIVE BROKERS GROUP, INC.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">One Pickwick Plaza</div>
    <div style="text-align: center; font-weight: bold;">Greenwich, Connecticut 06830</div>
    <div style="text-align: center; font-weight: bold;">Tel: (203) 618-5800</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>July 2, 2019</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>VIA EDGAR</u></div>
    <div><br>
    </div>
    <div>United States Securities and Exchange Commission<br>
      Division of Corporation Finance</div>

    <div>Office of Financial Services<br>
      100 F Street, N.E.<br>
      Washington, DC&#160; 20549<br>
      Attention:&#160; Michelle Miller and Marc Thomas</div>

    <div><br>
       </div>

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              <td style="width: 12pt;"><br>
                 </td>
              <td style="width: 24pt; vertical-align: top; font-weight: bold;">Re:</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">Interactive Brokers Group, Inc.<br>
                  Responses to the Securities and Exchange Commission&#8217;s Comments to<br>
                  Form 10-K for Year Ending December 31, 2018, Filed February 28, 2019 and<br>
                  Form 10-Q for the Period Ending March 31, 2019, Filed May 9, 2019</div>
                <div style="font-weight: bold;">CIK No. 0001381197 </div>
              </td>
            </tr>

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    </div>

    <div style="margin-left: 36pt; font-weight: bold;"><br>
       </div>

    <div>Ladies and Gentlemen:</div>

    <div><br>
       </div>

    <div style="text-indent: 36pt; margin-bottom: 12pt;">Interactive Brokers Group, Inc. (the &#8220;<u>Company</u>&#8221;) responds to the comments raised by the staff (the &#8220;<u>Staff</u>&#8221;) of the Securities and Exchange Commission (the &#8220;<u>Commission</u>&#8221;)
      in the letter dated June 20, 2019 from the Division of Corporate Finance, Office of Financial Services to Mr. Paul J. Brody, Chief Financial Officer of the Company, regarding the Company&#8217;s Annual Report on Form 10-K for the year ending December 31,
      2018 and Quarterly Report on Form 10-Q for the period ending March 31, 2019.&#160; For your convenience, the Staff&#8217;s comments are included in this letter and are followed by the applicable response.</div>

    <div style="font-weight: bold;"><u>Form 10-K for the year ending December 31, 2018</u></div>

    <div><br>
       </div>

    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Results of Operations</u></div>

    <div style="font-weight: bold;"><u>Year Ended December 31, 2018 compared to the Year Ended December 31, 2017</u></div>

    <div style="font-weight: bold;"><u>Interest Income and Interest Expense, page 45</u></div>

    <div><br>
       </div>

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              <div style="margin-left: 18pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>We note that your disclosure of net interest income on pages 47 and 52 for the fiscal 2016-2018 periods does not agree with the "net interest income" amounts disclosed in the table on page 48. Please advise and
                revise in future filings, to provide additional information addressing the reasons for the differences in the "net interest income" amounts disclosed for the periods presented. The impact of any adjustments made in determining the net
                interest margin should also be addressed.</div>
            </td>
          </tr>

      </table>
    </div>

    <div><br>
       </div>

    <div style="margin-bottom: 12pt; font-weight: bold;">Response:</div>

    <div style="text-indent: 36pt; margin-bottom: 12pt;">The Company notes the Staff&#8217;s comment.&#160; The Company believes that it is appropriate to include income that has the same characteristics as interest (e.g., from certain financial
      instruments or the Company&#8217;s FDIC sweep program), in its Net Interest Margin (&#8220;NIM&#8221;) calculation but is reported as other income in the Company&#8217;s statement of comprehensive income. The Company believes that including these items in NIM gives
      investors a more complete view of the Company&#8217;s return on its interest-bearing assets.</div>

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    <div style="text-indent: 36pt;">The Company has disclosed this information in Note 6 to the &#8220;Other net interest income&#8221; line item in the NIM table on page 48, which states, &#8220;Includes income from financial instruments which has the same
      characteristics as interest, but is reported in other income in the Company&#8217;s consolidated statements of comprehensive income.&#8221; In its future filings with the Commission, the Company will enhance this disclosure to include the amounts reported in
      other income for all periods presented. In addition, the Company will add reference to Note 6 on the &#8220;Net interest income&#8221; line item. Exhibit A hereto contains an example of the revised disclosure as of December 31, 2018.</div>

    <div><br>
       </div>

    <div style="font-weight: bold;"><u>Form 10-Q for the period ending March 31, 2019</u></div>

    <div><br>
       </div>

    <div style="font-weight: bold;"><u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u></div>

    <div><br>
       </div>

    <div style="font-weight: bold;"><u>Financial Overview, page 40</u></div>

    <div><br>
       </div>

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              <div style="margin-left: 18pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>We note that you recognized, during the quarter ended March 31, 2019, an aggregate loss of $42 million, due to the stock price decline of a security listed on a major U.S. exchange and the inability to liquidate
                customers' positions which were obtained through margin loans.</div>
            </td>
          </tr>

      </table>
    </div>

    <div><br>
       </div>

    <div style="margin-left: 36pt;">Please advise and revise in future filings, to address the following:</div>

    <div><br>
       </div>

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              <div style="margin-left: 54pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Disclose whether the gross amount of the loss was $42 million or if this amount was reflective of any debt collections or liquidated collateral;</div>
            </td>
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    </div>

    <div><br>
       </div>

    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15f5380092374404b10ce85c852c79d9">

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              <div style="margin-left: 54pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Disclose the amount of subsequent debt collections which have occurred since the end of the quarter; and</div>
            </td>
          </tr>

      </table>
    </div>

    <div><br>
       </div>

    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd115a2df94e7454bad97a5f9e1b04305">

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              <div style="margin-left: 54pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Disclose how collateral requirements are evaluated and adjusted during a trading day to compensate for potential liquidation and credit risks when there this [sic] is no liquid market and there is the existence
                of margin loans exist [sic].</div>
            </td>
          </tr>

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    </div>

    <div><br>
       </div>

    <div style="margin-bottom: 12pt; font-weight: bold;">Response:</div>

    <div style="text-indent: 36pt; margin-bottom: 12pt;">The Company notes the Staff&#8217;s comments and in response to the first bullet point the $42 million is net of liquidated collateral. The Company will revise its future disclosures to
      state whether the loss is a gross amount or if it is reflective of recoveries.</div>

    <div style="text-indent: 36pt; margin-bottom: 12pt;">In response to the second bullet point, the Company recovered $5 million from the liquidation of collateral for the month ended March 31, 2019 (amount disclosed on page 110 of the
      Company&#8217;s Form 10-K for the year ended December 31, 2018, of $47 million was as of February 27, 2019). The Company will revise its future disclosures to include material amounts recovered in its discussion of the results of operations.</div>

    <div style="text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-size: 10pt;">In response to the third bullet point, </font><font style="font-size: 10pt;">the Company&#8217;s Risk Management Committee proactively examines various
        types of potential risks, e.g., scenario-based risks, large position risk, low liquidity risk and collateral valuation, and enhances its margin and exposure systems on a routine basis. The goal of these practices is to identify potentially risky
        activity by clients before the resulting positions accumulate to a meaningful extent. Based on approved parameters, the Company&#8217;s automated credit management system performs the functions of setting margin requirements and collateral valuation in
        real time throughout the trading day, as well as undertaking automated liquidations when accounts fall below minimum requirements, subject to allowable market conditions.</font></div>

    <div style="text-indent: 36pt; margin-bottom: 12pt;">These practices are disclosed on page 62 of the Company&#8217;s Quarterly Report on Form 10-Q for the period ending March 31, 2019:</div>

    <div style="margin-left: 36pt; margin-bottom: 12pt;">&#8220;We have a comprehensive policy implemented in accordance with regulatory standards to assess and monitor the suitability of investors to engage in various trading activities. To
      mitigate our risk, we also continuously monitor customer accounts to detect excessive concentration, large orders or positions, patterns of day trading and other activities that indicate increased risk to us.</div>

    <div style="margin-left: 36pt;">&#8220;Our credit exposure is to a great extent mitigated by our policy of automatically evaluating each account throughout the trading day and closing out positions automatically for accounts that are found
      to be under&#8209;margined. While this methodology is effective in most situations, it may not be effective in situations where no liquid market exists for the relevant securities or commodities or where, for any reason, automatic liquidation for certain
      accounts has been disabled.&#8221;</div>

    <div style="margin-bottom: 12pt;"><br>
       </div>

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    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">In connection with the Company&#8217;s responses to the Staff&#8217;s comments set forth above, the Company hereby acknowledges that:</div>

    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z56e72d2d9abb43b49693028f531076d2">

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              <div style="margin: 0px 0px 0px 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px;">the Company is responsible for the adequacy and accuracy of the disclosure in its filings with the Commission;</div>
            </td>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf6f909631b5641ee843707f595e5356b">

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              <div style="margin: 0px 0px 0px 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px;">the Staff&#8217;s comments or the Company&#8217;s changes to disclosure in response to the Staff&#8217;s comments do not foreclose the Commission from taking any action with respect to the Company&#8217;s filings with the
                Commission; and</div>
            </td>
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    </div>

    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z35ee330499a64e009fcbc129603723d0">

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              <div style="margin: 0px 0px 0px 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px;">the Company may not assert the Staff&#8217;s comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</div>
            </td>
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    </div>

    <div style="margin-bottom: 12pt;"><br>
       </div>

    <div style="text-indent: 36pt; margin-bottom: 12pt;">If you have any questions, please feel free to contact the undersigned by telephone at 203.618.5800.</div>

    <div style="margin-bottom: 12pt;"><br>
       </div>

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          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div>Sincerely,</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 31.94%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>/s/ Paul J. Brody</div>
          </td>
          <td style="width: 68.06%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div>Paul J. Brody</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div>Chief Financial Officer, Treasurer and Secretary</div>
          </td>
        </tr>

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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div><br>
    </div>
    <div><br>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="font-weight: bold;">Exhibit A</div>
    <div style="font-weight: bold;">Revised disclosure of other income in Note 6 to Net Interest Margin table (emphasis added to highlight changes)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z24303874aa5b4551876a552aa200710f">

        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="8" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Year Ended December 31,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2018</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2017</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">2016</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="8" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">(in millions)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-size: 8pt; font-weight: bold;">Average interest-earning assets</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Segregated cash and securities</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;20,911&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;23,824&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;24,134&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Customer margin loans</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;29,253&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;23,289&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;16,506&#160;</div>
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        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Securities borrowed</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;3,310&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;3,964&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Other interest-earning assets</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;4,362&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;2,930&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;2,495&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">FDIC sweeps <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;1,259&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;124&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;2&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;59,095&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;54,131&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;47,292&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-size: 8pt; font-weight: bold;">Average interest-bearing liabilities</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Customer credit balances</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;48,179&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;45,515&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;39,980&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Securities loaned</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;3,982&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;3,917&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;2,897&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;52,161&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;49,432&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;42,877&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt; font-weight: bold;">Net Interest income</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Segregated cash and securities, net <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2/3</sup></div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">337</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;201&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="font-size: 8pt;">$</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;132&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Customer margin loans <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">677</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;392&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;217&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Securities borrowed and loaned, net <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">216</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;192&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;160&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Customer credit balances, net <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2/4/5</sup></div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;(362)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;(137)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">&#160;(3)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;90&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">&#160;21&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
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            <div style="text-align: right; font-size: 8pt;">&#160;958&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-size: 8pt;">$</div>
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            <div style="text-align: right; font-size: 8pt;">&#160;688&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 4px;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
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            <div style="text-align: right; font-size: 8pt;">&#160;527&#160;</div>
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          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div style="font-size: 8pt; font-weight: bold;">Net interest margin ("NIM")</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">1.62%</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">1.27%</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">1.11%</div>
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          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="font-size: 8pt; font-weight: bold;">&#160;Annual Yields</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
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          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Segregated cash and securities</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">1.61%</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">0.84%</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">0.55%</div>
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        </tr>
        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Customer margin loans</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; font-size: 8pt;">1.31%</div>
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        <tr>
          <td style="width: 58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 6pt; font-size: 8pt;">Customer credit balances</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">0.75%</div>
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          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">0.30%</div>
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          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; font-size: 8pt;">0.01%</div>
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    </table>
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    <div><br>
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    <div>
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          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div style="margin: 0px 0px 0px;">(1)</div>
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            <td style="width: auto; vertical-align: top;">
              <div>Represents the average amount of customer cash swept into FDIC-insured banks as part of our Insured Bank Deposit Sweep Program. This item is not recorded in the Company's consolidated statements of financial condition. Income derived
                from program deposits is reported in other net interest income in the table above.<br>
              </div>
            </td>
          </tr>

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              <div style="padding: 0px 0px 0px;">(2)</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 0px;">We have reclassified components of net interest income related to currencies with negative interest rates and as such, prior period amounts have been adjusted to conform to the current period presentation.
                For the twelve months ended December 31, 2017 and 2016, $17 million and $13 million have been reclassified from net interest income on &#8220;Segregated cash and securities, net&#8221; to &#8220;Customer credit balances, net&#8221;, respectively.</div>
            </td>
          </tr>

      </table>
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    <div><br>
    </div>
    <div>
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            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(3)</div>
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            <td style="width: auto; vertical-align: top;">
              <div>We have reclassified certain components of net interest income related to investments in U.S. Treasury notes and reverse repurchase agreements and as such, prior period amounts have been adjusted to conform to the current period
                presentation. For the twelve months ended December 31, 2017 and 2016, $8 million and $4 million have been reclassified from net interest income on "Segregated cash and securities, net" to "Other net interest income, net", respectively.<br>
              </div>
            </td>
          </tr>

      </table>
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    <div>
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              <div style="margin-bottom: 12pt;">(4)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 0px;">Interest income and interest expense on customer margin loans and customer credit balances, respectively, are calculated on daily cash balances within each customer&#8217;s account on a net basis, which may result
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            </td>
          </tr>

      </table>
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    <div>
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              <div style="margin-bottom: 12pt;">(5)</div>
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              <div style="margin: 0px 0px 0px;">We have reclassified components of net interest income related to interest paid on short sale proceeds and as such, prior period amounts have been adjusted to conform to the current period presentation. For
                the twelve months ended December 31, 2018, 2017 and 2016, ($76) million, ($31) million and ($4) million have been reclassified from net interest income on &#8220;Securities borrowed and loaned, net&#8221; to &#8220;Customer credit balances, net&#8221;,
                respectively. For the quarters ended March 31, 2018, June 30, 2018, September 30, 2018, and December 31, 2018 the amounts reclassified were ($12) million, ($17) million, ($21) million and ($26) million, respectively.<br>
              </div>
            </td>
          </tr>

      </table>
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              <div style="margin-bottom: 12pt;">(6)</div>
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              <div>Includes income from financial instruments which has the same characteristics as interest, but is reported in other income in the Company&#8217;s consolidated statements of comprehensive income, <u>of $29 million and $5 million for the twelve
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            </td>
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