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Senior Notes Payable | 12 Months Ended
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Dec. 31, 2023
Senior Notes Payable [Abstract] |
Senior Notes Payable | 18. Senior Notes Payable IBG LLC from time to time may offer senior notes in private placements to certain qualified customers of IB LLC at an issue price of $1 thousand per note. The senior notes will mature no later than the thirtieth day following the issuance date. IBG LLC, at its option, may redeem the senior notes at any time, at a redemption price equal to 100% of the principal amount of the senior notes to be redeemed, plus accrued interest. The senior notes will pay a fixed rate of interest during their tenure. The interest rate is calculated by adding the benchmark rate to a rate (spread) that IBG LLC will announce from time to time. The benchmark rate is the effective federal funds rate as reported by the Federal Reserve Bank of New York on the morning of the date of the offering. IBG LLC intends to use the proceeds for general financing purposes when interest spread opportunities arise. The carrying value of the senior notes approximates fair value since the notes are short-term in nature. During the years ended December 31, 2023 and 2022, the Company did no t issue any senior notes. As of December 31, 2023 and 2022, there were no senior notes outstanding. Interest expense on the senior notes for the year ended December 31, 2023, 2022, and 2021 was $0, and $0 and $1 million, respectively.

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