U.S. Brokers, Asset Managers & Exchanges: Weekly Wrap & Catalyst Calendar

Research evidence excerpt

U.S. Brokers, Asset Managers & Exchanges: Weekly Wrap & Catalyst Calendar

Equity Research

15 May 2026

U.S. Brokers, Asset Managers & Exchanges

Weekly Wrap & Catalyst Calendar

This week SCHW hosted their 2026 investor day; HOOD/SCHW

reported April metrics; we published on valuations within the

Alts and a SOTP analysis of ICE; and a couple of BDCs U.S. Brokers, Asset Managers &

disclosed May flows (OCIC, TCAP Next week, STEP reports ExchangesBenjamin Budish, CFA

+1 212 526 2418FQ4, and LPL reports April metrics.

benjamin.budish@barclays.com

BCI, US

Chris O'Brien

+1 212 526 9284Weekly Research Wrap

chris.obrien@barclays.com

•• Alts: Reassessing Alts Valuations Post-Earnings, 5/12/2026. Following our prior analysis and BCI, US

with consensus expectations now more reasonably set coming out of Q1 earnings, we

Mason Fleming

reassess valuations on our updated FRE and growth estimates. We continue to find TPG and

+1 212 526 7025

KKR particularly compelling on this basis. mason.fleming@barclays.com

•• HOOD: April Monthly Metrics, 5/13/2026. Net deposits inflowed at 23% annualized (27% ex-

TradePMR); margin balances rose 6% m/m; options & equities volumes outpaced market;

prediction markets rose by less than Kalshi; and Bitstamp volumes fell worse than the

market, while App vols were down but outperformed.

•• ICE: SOTP Analysis Implies Healthy Upside to Shares, 5/13/2026. A number of factors have

been weighing on ICE (exchange decel, AI-related concerns), but our SOTP analysis suggests

healthy (~20%+) upside to shares. While AI fears are difficult to disprove, we have more

confidence on the exchange side where we think the decel is likely transitory.

•• SCHW:

°° Investor Day Takeaways, 5/15/26. While AI-related cash concerns continue to weigh on