Interactive Brokers Cuts Options Commissions to $1.00 Per Contract
Greenwich, CT, April 15, 2002 - Interactive Brokers has cut the cost of trading US options from US $1.95 per contract to US $1.00 per contract, effective today, April 15.
"This commission cut and our recent announcement to charge $1.00 per contract for single stock futures allows us to meet our goal of providing customers high-speed, best execution and worldwide market access at the lowest cost in the industry," said Thomas Peterffy, Chairman of Interactive Brokers Group.
Complete straight-through processing, large volumes, and self-clearing allow IB to offer execution and clearing services at professional prices. IB retail commissions are as follows: US Stock $0.01 per share for up to 500 shares and $0.005 for each share after 500 in the same order, $1.00 per options contract; $0.02 per VWAP share, $2.40 per futures contract, and $1.00 per single stock futures contract (once launched). Commissions remain the same regardless of whether the customer places a market or limit order.
Interactive Brokers LLC, www.interactivebrokers.com , a global electronic brokerage firm and member of the Interactive Brokers Group LLC (IBG), was formed in 1993 and provides institutions and professional traders with execution and clearing services for stock, options, futures, currencies, and VWAPs. IBG is comprised of electronic brokerage and proprietary trading firms, including Timber Hill, a leading equity options market maker established in 1977. IBG executes trades on more than 40 exchanges and ECNs in 16 countries. Customers may route their orders to a particular market center, or use the firm's intelligent high-speed Best Execution order routing system.
IBG's total consolidated capital as of year-end 2001 was $931.7 million, placing IBG number 31 out of 100 on Institutional Investor's ranking of largest securities firms. IBG's daily trading volume regularly exceeds 200,000 trades. The group employs approximately 430 traders, programmers and support staff located in offices and exchanges throughout the world. |
