U.S. Brokers, Asset Managers & Exchanges: Exchanges 2Q26 Preview: Fundamentals And Valuations Telling Different Stories

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U.S. Brokers, Asset Managers & Exchanges: Exchanges 2Q26 Preview: Fundamentals And Valuations Telling Different Stories

Equity Research

9 July 2026

U.S. Brokers, Asset Managers & Exchanges

Exchanges 2Q26 Preview:

Fundamentals And Valuations

U.S. Brokers, Asset Managers & ExchangesTelling Different Stories

POSITIVE

Total volumes across equities and options q/q, though Unchanged

futures activity slowed. For Q2, we are relatively more U.S. Brokers, Asset Managers & Exchanges

constructive on CBOE and view risks as overblown, and are Benjamin Budish, CFA

less positive on MKTX and TW. +1benjamin.budish@barclays.com212 526 2418

BCI, US

Chris O'Brien

Stock-Specific Quick Takes +1chris.obrien@barclays.com212 526 9284

CBOE: We lower our Q2 EPS estimate by 2% based on full-quarter ADV and preliminary RPC data BCI, US

and are now 1% ahead of the Street. Despite strong operating trends, the multiple has Mason Fleming

compressed on concerns that perpetual futures could cannibalize Cboe's index options +1 212 526 7025

franchise. We continue to believe these risks as overstated given the distinct use cases and mason.fleming@barclays.com

structure of the two products. BCI, US

Mark McLaughlin, CFA

CME: We raise our Q2 EPS estimate to $2.94 based on Q2 ADV and RPC data through May, +1 212 526 9320

though remain ~1% below consensus. Similar to Cboe, CME's multiple has come under pressure mark.mclaughlin@barclays.com

amid concerns around perpetual futures and a shifting regulatory backdrop, though we BCI, US

continue to believe the company's retail exposure is limited and that these risks are likely

overstated.

ICE: We lower our Q2 EPS estimate by 5% based on full-quarter ADV and RPC data and are now

2% below consensus. Energy volumes declined q/q in Q2, and exchange revenues ex-OTC and