European Market Infrastructure

Research evidence excerpt

European Market Infrastructure

V was up 5% in April (Ex.3).

Revenues for both asset classes are reported under Equities (within Financial Derivatives) where VA

consensus currently expects a 3% YoY revenue decline in Q2, which screens as reasonable.

• Interest Rate Trading: We track activity in exchange traded rates contracts at Eurex, which we believe

contributes the lion's share of income to the Interest Rates income line item. Rates volumes were

down 6% in April (Ex.5) but were tracking 4% higher versus the overall 2Q25 average. VA consensus

currently expects a 16% YoY increase in revenues in Q2, which doesn't currently correlate with

observed activity levels, though we note the revenue line also includes a contribution from volumes

we don't track (there was an implicit margin increase in 1Q26 for this reason).

• Other: We currently don't have data for funds / securities services, or the commodities business.

Although US peers have reported weaker volumes in their energy products, we note limited historical

correlation between their performance and DB1's.

LSEG: Tradeweb higher YoY, with SwapClear modestly lower

• Interest Rate trading and Credit: The largest revenue contributor to LSEG's Markets division is

Tradeweb, which reported April ADV earlier this week. April 2026 Interest rate ADV was up 6% YoY

(Ex.10), and total credit up 3% (Ex.11). For context LSEG VA consensus currently looks for 9% income

growth for TW in Q2, and 11% for FY26.

• OTC IRD Clearing: The most material contributor to OTC derivatives income is SwapClear where total

volumes for April were down 2% YoY at the end of April (though ADV was down 11%, on higher number

of trading days (Ex.12)). This compares to VA consensus expectations for an 8% YoY revenue increase