Research contextSee what supports this page, how current it is, and where comparable or historical context is available.
- Research date
- Sep 22, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
- Operating-model context
- 12 connected conceptsPart of the reviewed Online Brokerage Operating Model; issuer definitions remain distinct where disclosed.
- Company examples
- 2 reviewed companiesRelationships reflect supported examples, not a normalized cross-company KPI ranking.
Brokerage daily average revenue trades, often called DARTs, measure average daily customer trading activity under an issuer's reported revenue-trade definition.
Interactive Brokers defines DARTs from customer orders and reports total customer DARTs. Schwab also uses daily average trades as an engagement measure, though its product and counting scope differs.
Why it matters
DARTs help normalize trading activity for the number of market days and provide a bridge between customer engagement and trading-related revenue.
Investor caution
DART definitions vary by broker and product.
A trade that generates a commission at one broker can be monetized through another mechanism elsewhere. Compare the issuer's counting and revenue criteria before making cross-company comparisons.
Sources:
DARTs measure trading frequency, not trade size or total customer assets.
Part of the Online Brokerage Operating Model
Connect customer and asset growth, trading engagement, margin and cash balances, and recurring or per-customer monetization to understand online brokerage economics.
How the model fits together
- Customer scale and asset gathering: Account count shows customer-base scale, client assets show the economic base on platform, and net new assets or net deposits show customer funding flows under issuer-specific methodologies. Market appreciation can increase client assets without new customer funding, so asset growth should not be read as pure organic gathering.
- Trading engagement and transaction monetization: Daily average revenue trades measure trading flow, trades per account normalize activity by the eligible customer base, and commission per order measures one form of per-trade monetization. These measures are not fully comparable across brokers because order-counting rules and monetization channels differ.
- Cash, lending, and customer monetization: Client cash balances and cash sweep balances describe different customer-liquidity channels, while margin loans show collateralized customer borrowing. ARPU and paid subscription customers add customer-level and recurring monetization context. None of these measures alone captures total brokerage profitability, and issuer scopes remain distinct.
See It in Company Research
These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
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