Business Metrics
Certain Business Metrics
Fiscal Year-Ended March 31, 2025 BUSINESS METRICS1
| Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trading Days2 | 22.0 | 22.0 | 19.0 | 21.5 | 22.0 | 20.0 | 23.0 | 19.5 | 20.5 | 20.0 | 19.0 | 21.0 |
| Total Customer Accounts3 | 159,762 | 157,387 | 155,529 | 153,178 | 152,164 | 151,112 | 150,681 | 148,697 | 148,947 | 149,925 | 151,388 | 152,952 |
| Gross New Accounts4 | 5,817 | 4,910 | 4,599 | 5,366 | 4,857 | 4,530 | 5,024 | 4,864 | 5,825 | 6,596 | 7,104 | 7,124 |
| Total Customer Assets5 ($, millions) |
11,531 | 12,127 | 12,486 | 12,547 | 12,557 | 12,802 | 12,800 | 13,701 | 13,502 | 13,649 | 13,192 | 12,477 |
| Total Customer Cash6 ($, millions) |
2,535 | 2,439 | 2,455 | 2,502 | 2,555 | 2,483 | 2,496 | 2,528 | 2,632 | 2,514 | 2,563 | 2,489 |
| DARTs7, 8 | 250,620 | 230,240 | 228,222 | 240,491 | 227,046 | 210,277 | 210,456 | 211,217 | 211,561 | 237,897 | 236,952 | 240,117 |
- TradeStation’s fiscal year is from April 1 through March 31.
- A “Trading Day” means each day during the period presented that trading is open on NYSE and Nasdaq markets. A day on which such markets close early, such as the Friday after Thanksgiving, is counted as half a day.
- “Total Customer Accounts” is the number of customer brokerage accounts with a positive account balance at the end of the period presented. The decline in Total Customer Accounts from February 2024 to March 2024 is primarily attributed to the liquidation or transfer out of customer assets in connection with the discontinuation of services by TradeStation Crypto, Inc. during February 2024. Not included in Total Customer Accounts for December 2021 and January, February and March 2022 are approximately 5,000, 13,300, 12,600 and 13,000 customer cryptocurrency accounts opened in December 2021, January 2022, February 2022 and March 2022, respectively, that were opened through a promotion that began December 20, 2021 and ended on April 30, 2022 in which TradeStation made the initial account funding for the customer ($10.00 value in bitcoin) but which had no other customer account activity from the date of account opening through the end of such respective monthly period.
- “Gross New Accounts” is the total number of approved customer brokerage accounts funded during the period presented, and includes accounts funded during the period presented that were opened and approved (but not funded) in a prior period, as well as accounts that were opened and funded in a prior period, but then went to a zero balance and were subtracted from Total Customer Accounts, but then were again funded during the period presented. Gross New Accounts for February 2024 includes 9,933 equities accounts that were newly funded as a result of the liquidation of customer assets in cryptocurrency accounts in connection with the discontinuation of services by TradeStation Crypto, Inc. Not included in Gross New Accounts for December 2021 and January, February and March 2022 are approximately 5,000, 13,300, 12,600 and 13,000 customer cryptocurrency accounts opened in December 2021, January 2022, February 2022 and March 2022, respectively, under the promotion described above in “Total Customer Accounts” but which had no other customer account activity from the date of account opening through the end of such respective monthly period.
- “Total Customer Assets” is total cash and assets held in customer brokerage accounts at the end of the period presented.
- “Total Customer Cash” is the aggregate cash held in customer brokerage accounts (equities and futures accounts – no cash is held in customer cryptocurrency accounts) at the end of the period presented.
- “DARTs” means daily average revenue trades made by our customers. A revenue trade means one completed customer equities, options, futures, or crypto trade, regardless of the number of shares, contracts, or units included in such trade, and includes trades completed under TradeStation’s “zero commission” plans (which are supported by payment-for-order-flow, or “PFOF,” revenue). Each “side” of a futures trade is counted as one revenue trade. Partial fills of an equities order on the same day are aggregated and counted as one revenue trade. DARTs are calculated by dividing the total number of revenue trades in the period presented by the total number of Trading Days in the period presented. DARTs is a general indicator, as each of the asset classes TradeStation offers has a different fee structure and level of profitability.
- DARTs previously were under-reported by 4-7% for the months of October 2023 through February 2025. DARTs data was restated on April 2, 2025 to correct the previous under-reported DARTs data. The restatement of DARTs data had no impact on results reported in Monex Group’s financial statements.
