US Exchanges & Market Structure: Adjusting Estimates for MRX, VIRT, and ETOR

Research evidence excerpt

US Exchanges & Market Structure: Adjusting Estimates for MRX, VIRT, and ETOR

Global Research

10 July 2026ab

US Exchanges & Market Structure Equities

AmericasAdjusting Estimates for MRX, VIRT, and ETOR

Diversified Financial

Alex Kramm, CFA

Adjusting estimates; MRX most favored Analyst

We are adjusting estimates for MRX, VIRT, and ETOR ahead of 2Q results. Underlying alex.kramm@ubs.com

trends were mixed in the quarter with volatility higher q/q, robust options and equities +1-212-713 4060

trading activity, but softer energy and crypto volumes. Interest rates were stable in the Nassime Bildman, CFA

quarter, but we expect solid trends given balance growth and higher margin use. MRX Analyst

remains our most favored name in our smaller-cap trading company universe, with the nassime.bildman@ubs.com

market environment favorable and the company continuing to execute well on newer +1-212-713 1451

initiatives (e.g. prime brokerage). Abbie Erler

Associate Analyst

MRX: Raising 2Q26E EPS to $1.28 from $1.02 vs. Street $1.22 abbie.erler@ubs.com

+1-212-713 4186

We are raising our 2Q26 EPS estimate by 26% (5% above the Street) given the quarter's

strong trading environment. We are raising our revenue expectations for the Market

Making segment by 30%, Clearing by 2%, and Hedging and Investment Solutions by

27%. Our Agency and Execution segment estimate is unchanged. Our adj. operating

margin forecast for the 2Q comes up to 22.8% from 19.3%, as we are now expecting

150bps of margin expansion. With industry volumes still strong to start the 3Q, we

remain constructive on the stock. We are raising our price target to $82 from $60. Our

new price target is based on 15x our new FY27 EPS estimate of $5.27 (previously 12x on

FY27 EPS estimate of $4.97). (See below for more details)