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

18 June 2026

U.S. Brokers, Asset Managers & Exchanges

Weekly Wrap & Catalyst Calendar

This week LPLA May metrics; CME CEO transition; COIN

"System Update"; Rothera sports ADV grew meaningfully; and

we wrote about the risks from perps across the exchanges. U.S. Brokers, Asset Managers & Exchanges POSITIVE

Additionally, HOOD announced layoffs; STEP announced SPI U.S. Brokers, Asset Managers &

Deal Benchmarking; and CME files suit against CFTC. Exchanges

Benjamin Budish, CFA

+1 212 526 2418

benjamin.budish@barclays.com

Weekly Research Wrap BCI, US

•• COIN: "System Update": Takeaways, 6/16/26. At Coinbase's "System Update" event, the Chris O'Brien +1 212 526 9284

company announced a number of new products and enhancements including tokenized chris.obrien@barclays.com

equities; agentic trading capabilities; options on equities and crypto in the US; pre-IPO index BCI, US

perps; payments; and more.

Mason Fleming

•• CME: CEO Transition Announced, 6/17/26. CME announced CEO Terry Duffy, CME's longest- +1 212 526 7025

mason.fleming@barclays.com

serving Chairman and CEO, will step down, with Lynne Fitzpatrick, CFO and president, to be

BCI, US

named CEO. With Mr. Duffy's contract up in December, we are not too surprised at the news.

•• Exchanges: Are Perpetual Futures a Perpetual Risk? Sizing Retail Exposure Across Exchanges,

6/18/26. We continue to believe disruptive fears to the traditional exchange models are

overblown. Given the ongoing pressure on shares driven by perpetual futures-related

headlines, we lay out what is potentially at risk across the exchanges.

•• HOOD: Rothera Check In, 6/18/26. With HOOD's PM exchange now live, we track volumes to

gauge progress.