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

29 May 2026

U.S. Brokers, Asset Managers & Exchanges

Weekly Wrap & Catalyst Calendar

This week, RJF hosted an IR day; HOOD received approval to

close WonderFi and announced agentic trading/

commerce; and we hosted an investor call to discuss U.S. Brokers, Asset Managers & Exchanges POSITIVE

prediction markets. Next week, IBKR & the exchanges report U.S. Brokers, Asset Managers &

May metrics and likely BCRED Q2 redemptions. Exchanges

Benjamin Budish, CFA

+1 212 526 2418

benjamin.budish@barclays.com

BCI, US

THE 2026 EXTEL SURVEY IS NOW OPEN Chris O'Brien

+1 212 526 9284

Support our industry-leading analysts with 5-Star chris.obrien@barclays.comBCI, US

votes in this year’s Extel All-America Research Mason Fleming

Survey +1mason.fleming@barclays.com212 526 7025

Vote Now View Analysts

Weekly Research Wrap

•• MKTX/TW: E-Share Still Stagnant; Though Movements Beneath The Surface, 5/27/26. US

credit e-share has largely plateaued over the past 18M, though beneath the surface, e-share

of larger block trades has increased meaningfully. While this reads through positively for

further electronification, the implications for revenue growth are not as clear.

•• Exchanges: [Market] Making a Move, 5/29/26. We explore Market Making as an emerging

vertical within Prediction Markets. We size the ultimate opportunity for DKNG/FLUT at around

~$1.8b in revenue or ~$500m in EBITDA (each), mostly through combos (parlays), where they

have a clear edge in pricing capabilities.

•• RJF: IR Day 2026 Recap: LT Focus, But Strong Recruiting Driving Rising NT Expense Pressure,

5/28/26. RJF highlighted strong recruiting momentum and a more aggressive advisor growth