Brokers, Asset Managers & Exchanges: 2Q26 Preview: Favoring E-Brokers Followed by Oversold Exchanges + CBOE Catalyst Call

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Brokers, Asset Managers & Exchanges: 2Q26 Preview: Favoring E-Brokers Followed by Oversold Exchanges + CBOE Catalyst Call

Deutsche Bank

Research

North America Industry Date

Brokers, Asset Managers & Brokers, Asset 9 July 2026 Exchanges

Managers &

Exchanges

Brian Bedell, CFA

Research Analyst 2Q26 Preview: Favoring E-Brokers Followed

+1-212-250-6600

by Oversold Exchanges + CBOE Catalyst Call

Son Nguyen

Research Associate

Favoring e-brokers, followed by most exchanges in 2Q26 earnings season +1-212-250-9311

Within this report, we preview 2Q26 earnings across our coverage and highlight

our subsector preferences amid the current market backdrop. We also make Erika Nelson

some minor revisions to our macro assumptions and revise EPS estimates and Research Associate

+1-212-250-9986

price targets. Overall, we expect the 2Q26 earnings season to be fairly volatile

once again amid mixed results vs. expectations, escalating product innovation

that creates perceived market share challenges, and a continued uncertain macro

backdrop. Key changes

We think these conditions favor the e-brokers in our coverage, as they should Affiliated Managers Group

benefit from retail financial-product innovation, are more insulated to macro Price target (USD) 367 400 9%

conditions vs. other sectors in our coverage, and are likely to beat Consensus Ares Management

expectations and have an upward Consensus revision bias. We also like the Price target (USD) 138 140 1%

exchanges, which we view as being deeply oversold on perceived risk from BitGo

product innovation & market structure changes, while the digital trading firms Price target (USD) 13 10 -23%

continue to be adversely impacted by crypto volume & asset price weakness. BlackRock

Price target (USD) 1,276 1,232