GREENWICH, Conn. & SALT LAKE CITY--(BUSINESS WIRE)--Interactive Brokers Group, Inc. (NASDAQ:IBKR) and the Zions Direct, Inc. subsidiary of Zions Bancorporation (NASDAQ:ZION) today announced that Zions Direct has selected Interactive Brokers LLC as its new clearing firm. Interactive Brokers is assuming the trade execution, clearing and custody functions previously provided by National Financial Services LLC (NFS).
Zions Direct, which specializes in offering securities to self-directed investors, will continue to serve as the broker-dealer for its clients. Zions Direct has approximately 12,000 clients and $2.2 billion in customer assets.
“At Zions Direct, we continuously strive to improve the tools we provide to clients to help them achieve their goals,” said Lincoln Taylor, President of Zions Direct. “IB’s platform and technology lead the brokerage industry,” Mr. Taylor noted. “After a rigorous selection process, we picked IB because they help us offer leading technology and a great online experience to our customers.”
Interactive Brokers is regularly ranked a top online broker. Interactive Brokers and its affiliates execute more online trades daily than any other firm – with nearly 1,000,000 trades executed per day.
“Interactive Brokers is designed to serve clients of all sizes,” said Steven Sanders, Executive Vice President at Interactive Brokers. “For nearly 40 years, IB Group has been developing trading technology that delivers significant advantages to traders, investors and institutions worldwide. We believe IB offers a great set of resources to Zions Direct and the wide variety of investors they serve.”
About Zions Direct
Zions Direct is a registered broker/dealer and non-bank subsidiary of ZB, N.A., a subsidiary of Zions Bancorporation, one of the nation's premier financial services companies. Zions Bank has been serving the communities of the Intermountain West for more than 140 years. Zions currently operates over 480 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Texas, Utah and Washington.
About Interactive Brokers Group, Inc.
Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities and foreign exchange around the clock on over 120 markets in numerous countries and currencies from a single IB Universal Account℠ to customers worldwide. We service individual investors, hedge funds, proprietary trading groups, financial advisors and introducing brokers. Our four decades of focus on technology and automation have enabled us to equip our customers with a uniquely sophisticated platform to manage their investment portfolios at extremely low cost relative to the financial services industry. We strive to provide our customers with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at the lowest possible prices, positioning them to achieve superior returns by providing low costs compared to our competitors.