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Interactive Brokers expects $25m in one-time restructuring costs due to halt of options market making activities
As reported by FinanceFeeds, on March 8th this year, Interactive Brokers announced its intention to close its options market making business across the globe. Thomas Peterffy, Chairman and CEO, explained back then that “Today retail order-flow is purchased by large order internalizers and joining them would represent a conflict we do not wish to have. On the other hand, providing liquidity to sophisticated, professional synthesizers of short-term fundamental, technical and big data is not a profitable activity”. In today’s earnings release, Interactive Brokers said it expected to phase out these operations ... (full story)