Leading online trading services provider Interactive Brokers Group has received authorization to expand its business in Europe. The Central Bank of Ireland authorized the broker’s new Subsidiary Interactive Brokers Ireland Limited to operate in Ireland.
Interactive Brokers has set up new offices in Ireland to act as a base for serving the Western European region. The move will help to fuel growth in the region.
According to the official announcement, Interactive Brokers plans to expand its company’s plans by increasing its workforce in 2021. This will help to accommodate growth in its European business, especially as the European Union prepares for Brexit.
Interactive Brokers’ founder and Chair, Thomas Peterffy said that the firm is expanding to Ireland for two reasons.
The first reason is due to Brexit as many firms pilot their services into the EU via an FCA license. All affected brokers are moving ahead of Brexit to gain licenses from individual financial watchdogs in Europe.
The second reason is to establish its own subsidiaries around the world, to support rapid global growth. The firm also added that its clients’ accounts have increased by over 52% in one year.
The year has been fruitful for the firm and other online trading companies in terms of revenue and expansion. 2020 saw Interactive brokers establish new offices in Hungary and Singapore.
This brought to 11 the total number of its subsidiaries around the world, including in the US, Hong Kong, and Canada. Other entities are located in Japan, Australia, the UK, Luxembourg, Ireland and India.
In Similar Interactive Brokers news, efforts to accelerate expansion in Europe saw the firm open up a Central European Office. The entity known as Interactive Brokers Central Europe in Hungary coincides with a growing demand in the region.
The firm further said that over 25% of its accounts come from their clients in Europe and Africa. Additionally, 80% of its clients are from outside the USA. During the announcement, Peterffy said that the firm was planning to make Budapest its center of operations for Central Europe.
“We look forward to spreading knowledge and understanding of capital markets among our future clients all across Central Europe.”
Meanwhile, Interactive Brokers has over 2000 employees and one million client accounts globally. It is one of the biggest securities firms in the world, with an equity capital of over $8.9 billion. Its market capital also stands at $25 billion and client equity of up to $284 billion.
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