The companies, products and regulatory developments shaping the broker industry.
Goldman reported $78.50bn owed by brokers and clearing organisations, $146.49bn of customer and counterparty receivables, and separate cash and securities held for regulatory and other purposes. Their different growth rates are not a reserve-coverage test.
IBKR's broader securities-lending estimate rose 36% while its narrow interest-table line fell. A second reconciliation separates the $1.191bn operating interest analysis from $1.154bn of GAAP net interest income.
Bullish’s filed accounts show why gross digital-asset sales cannot be read as ordinary revenue: paired inventory cost leaves a 4.76-basis-point difference before fees and fair-value movements.
SEI’s contract-exit payment was 3.1 times Stratos’s reported nine-month operating profit and still exceeded a simple pre-amortisation reconstruction.
BlackRock reported $15.5tn in assets and $205bn quarterly inflows, but the 2026 results distinguish recurring organic base-fee growth from market performance, acquisitions, noncash adjustments and EPS.