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A reconstruction of LPL's Q3 cash schedule attributes about $52.2m of additional bank-sweep revenue to the larger average balance, offset by $17.8m from the lower revenue-to-balance ratio.
Margin and bank lending grew faster than client cash, changing the economics beneath a record lending franchise
Average client cash rose 7% to $32.0bn, but margin income fell $5.6m as the disclosed yield declined 19 basis points.
The court-approved payment was almost as large as nine months of current sweep revenue, while Oppenheimer admitted no liability and continued operating the programme.
Four disclosed client-cash programmes reached $57.958bn, up 2.85%, while affiliated-bank sweeps fell $1.844bn. The internal-bank share dropped from 47.1% to 42.6%, changing funding and fee economics without showing a cash exodus.
Nordnet generated SEK 1.55bn of Q3 operating income. Reconstructing the statement shows net interest supplied 44.3%, making client cash, liquidity yields and lending central to the durability of the result.
LPL classified US$461.5m of quarterly client-cash revenue as asset-based revenue. Against US$53.2bn of average cash it equalled 3.47% annualised, while 96.8% of period-end balances sat in third-party sweeps.