The Rise of Agentic Trading

Research evidence excerpt

The Rise of Agentic Trading

asset classes in future.

Semi-Automated Agents - IBKR offers a semi-automated trading option, launched earlier in June.

While also offering the ability to research stocks and real-time market insights, fully automated

trading is not supported, by design, under the firm's "human in the middle" strategy that emphasizes

client control. IBKR's agent tool can generate trade instructions based on the client's requests and

its analysis of the client's portfolio; however, manual approval of each trade is required. IBKR's

offering supports equities, ETFs and several other asset classes.

Conversational Agents - TW and SCHW's planned offerings are conversational agents that

can query market flows and generate portfolio summaries based on natural language inputs,

with interfaces similar to common AI tools. However, they are not able to generate trading

recommendations, build portfolios or execute trades for the user. SCHW's tool is expected to

be available in 2H26, with support for equities, options, fixed income, mutual funds and ETFs.

TW's offering currently only supports US credit, and is expected to expand to global credit and

government bonds in future.

Potential Impact - These tools have already made an impact, and we expect them to ultimately

increase trading velocity and volumes. For example, at COIN's System Update event on 6/16, the

company highlighted that Agent platforms are already generating significant activity, including 40K

Daniel T. Fannon * | Equity Analyst

agents producing >$4M in revenue (Virtuals) and >$30M in agent earnings (Banker) with strong +1 (415) 229-1523 | dfannon@jefferies.com

growth expected. HOOD mentioned on 6/18 that in the first few weeks of trading, 50K+ customers

Ritwik Roy * | Equity Associate