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

22 May 2026

U.S. Brokers, Asset Managers & Exchanges

Weekly Wrap & Catalyst Calendar

This week LPL & RJF reported April metrics; STEP reported

F4Q26 EPS; we published a deep dive on tokenized equities

trading; and saw corporate news from ICE/HOOD and a U.S. Brokers, Asset Managers & Exchanges POSITIVE

number alts wealth product flows. Next week, RJF hosts an U.S. Brokers, Asset Managers &

investor day and we host an investor call to discuss Exchanges

prediction markets. Benjamin Budish, CFA +1 212 526 2418

benjamin.budish@barclays.com

BCI, US

Weekly Research Wrap Chris+1 212O'Brien526 9284

•• Save The Date: Predicting a Market: Unpacking the Research on Prediction Markets. Please chris.obrien@barclays.com

join to hear U.S. Equity analysts Ben Budish & Brandt Montour, U.S. Equity Derivatives BCI, US

Strategy analyst Stefano Pascale, and Global Head of Quantitative Portfolio Strategies Lev Mason Fleming

Dynkin to discuss their takes on prediction markets. +1 212 526 7025

mason.fleming@barclays.com

•• Exchanges: Tokenized Assets: Coming Soon to a Venue Near You, 5/21/26. The DTCC has been BCI, US

authorized to tokenize real-world assets, and the exchanges are developing tokenized trading

capabilities. While we see several benefits from this type of upgrade, we think more

meaningful uplift in volumes could come from expanded global trading hours than

tokenization itself.

•• LPL: April Metrics, 5/21/26. Cash balances were down 6%/$3.6B m/m, declining less than the

~$4.5B indicated on the Q1 call, and organic net new asset growth was ~1.6% annualized,

slightly ahead of prior management commentary, and below the average April historically.