What's Going On With Interactive Brokers Group Shares Wednesday?

Interactive Brokers Group, Inc. IBKR stock is trending on Wednesday. The company reported losses from a recent trading anomaly and will soon launch forecast contracts on economic and climate events.

The Details: Interactive Brokers shares were facing selling pressure in early trading after the company announced approximately $48 million in losses.

The stock is bouncing back the time of writing. The losses come from orders placed for Berkshire Hathaway BRK stock during a trading halt on June 3 after the stock fell to $185 from about $622 thousand per share due to a technical error.

The clients of the brokerage subsidiaries of Interactive Brokers Group placed orders during the halt with the presumption the orders would filled at the price of $185 per share. Once the New York Stock Exchange (NYSE) resumed trading, the price of Berkshire Hathaway Class A shares jumped to approximately $741 thousand. In addition, the orders were filled at various prices including the peak price.

Interactive Brokers Group then filed a clearly erroneous execution petition with the NYSE and other exchanges. The NYSE decided with the other exchanges to deny the petition. The company also filed claims for compensation which were denied.

Interactive Brokers Group, as a customer accommodation, did take over a part of these trades.

Separately, the company announced that ForcastEx, a subsidiary, received authorization from the Commodity Futures Trading Commission to operate as a contract market. Starting on July 8, clients of ForcastEx will be able to purchase contracts regarding economic or climate events, such as changes in the United States Real GDP.

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IBKR Price Action: At the time of writing, Interactive Brokers Group shares are trading .04% higher at $122.16, according to data from Benzinga Pro.

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