Daily Productive Sharing 364 - How Do Discount Brokerages Make Profit?
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(下附中文版)
Patrick McKenzie examines the earnings of four brokerage firms, including Schwab, and gives a detailed comparison. The biggest income of each company comes from interest, that is, each brokerage firm will provide some guaranteed interest products, and then take these funds to invest in other low-risk products, such as bonds. The interest difference between the two is their income. Due to the huge volume of such funds, the earnings are also surprisingly large.
| Revenue | Schwab | E*TRADE | TD Ameritrade | Interactive Brokers |
|---|---|---|---|---|
| Net Interest | 57% | 67% | 51% | 49% |
| Commissions | 6.8% | 17% | 28% | 49% |
| Asset Management | 32% | 3.8% | 10% | - |
| Securities Lending | 2.2% | 3.5% | 4.1% | 9.7% |
| payment for order flow | 1.4% | 6.1% | 8.4% | 1.1% |
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各家折扣券商是如何盈利的？Patrick McKenzie 研究了Schwab 等四家券商的财报之后，给出了详细比较。各家最大头的收入都来自利息，也就是各家券商会提供一些保证利息的产品，然后拿这些筹措到的资金去投资一些债券等低风险的产品，两者的利息差就是他们的收益了。因为这样的资金体量巨大，所以收益也就大得惊人了。
| 收入来源 | Schwab | E*TRADE | TD Ameritrade | Interactive Brokers |
|---|---|---|---|---|
| 净利息 | 57% | 67% | 51% | 49% |
| 佣金 | 6.8% | 17% | 28% | 49% |
| 资产管理 | 32% | 3.8% | 10% | - |
| 证券借贷 | 2.2% | 3.5% | 4.1% | 9.7% |
| 支付订单流 | 1.4% | 6.1% | 8.4% | 1.1% |
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