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Interactive Brokers Group: The Online Trading Evolution

You are wrong about the P/B ratio. Interactive Brokers Group only owns 10% of IBG, LLC, who's financial statements are in the 10-Q (and other SEC filings). IBG (the publicly traded company) consolidates the financials of IBG, LLC, because they are the controlling member. See below from the latest 10-Q.

On May 3, 2007, Interactive Brokers Group, Inc., a Delaware corporation (“IBG, Inc.”), priced an initial public offering (the “IPO”) of shares of its Class A common stock, par value $0.01 per share (the “Common Stock”). In connection with the IPO, IBG, Inc. purchased 10% of the membership interests in IBG LLC, a Connecticut limited liability company, from IBG Holdings LLC, a Delaware limited liability company, became the sole managing member of IBG LLC and began to consolidate IBG LLC’s financial results into its financial statements.