The companies, products and regulatory developments shaping the broker industry.
The difference between Schwab's $187.9bn operational margin-loan metric and $128.1bn balance-sheet brokerage receivables largely reflects separate adviser long/short arrangements; customer cash and borrowing costs add a second risk lens.
A reconstruction of Marex’s third-quarter interest bridge shows gross income rising on a 35.5% larger balance base, before higher client payouts and group funding costs reduced consolidated net interest income.
CMC’s customer-money pool grew 65% to £1.1491bn while recognised group cash rose 12% to £276.5m. The accounts show why the two balances cannot be combined—and why the missing average balance prevents a credible yield calculation.
StoneX’s statutory top line combines gross physical-commodity sales with net revenue from most financial businesses. Reconstructing the bridge shows why the $124.98bn headline is unsuitable for ordinary broker comparisons.
Newly filed UK subsidiary accounts show £3.39 million after-tax profit on £19.55 million of revenue, alongside a £5.21 million investment connected with the kACE acquisition.