Electronic trading major Interactive Brokers Group, Inc. (NASDAQ:IBKR) has filed its latest quarterly report with the Securities and Exchange Commission (SEC).

The document shows that general and administrative expenses, for the first quarter of 2021, increased $22 million, or 59%, compared to the prior year quarter, to $59 million. This is primarily due to $19 million in additional costs for Brexit-related regulatory onboarding to bring Interactive Brokers’ new brokerage operations on line in Europe.

Let’s recall that, on December 23, 2020, Interactive Brokers announced that it had secured the authorization by the Central Bank of Ireland for Interactive Brokers Ireland Limited.

Back then, Interactive Brokers chairman Thomas Peterffy explained:

“We are expanding to Ireland partly due to Brexit and partly due to our plan of establishing subsidiaries around the world to support our rapid global growth. Client accounts have grown by more than 52% in a year.”

Also in December 2020, the broker announced the creation of Interactive Brokers Central Europe Zrt., (IBCE) and the opening of an office in Budapest.

Magyar Nemzeti Bank, Hungary’s Central Bank, approved the brokerage license for Interactive Brokers Central Europe Zrt. on December 12, 2020. Miklos Hanti serves as CEO for IBCE.