Laterals From SCHW - Good For Brokers; AMG, GCMG, IVZ & Eventually CBOE

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Laterals From SCHW - Good For Brokers; AMG, GCMG, IVZ & Eventually CBOE

TD SECURITIES (USA) LLC QUICK TAKE: INDUSTRY UPDATE

July 21, 2026

■Asset Managers: Alternative Asset Laterals From SCHW - Good For Brokers;

Managers

Managers: Traditional Asset AMG, GCMG, IVZ & Eventually CBOE■Asset

■Broker Dealers: Retail Broker Dealers

■Exchanges

Bill Katz THE TD COWEN INSIGHT

212 468 7802

Akin to BLK (see HERE, HERE, & HERE), SCHW is the first of the Retail B/Ds to report, and given

bill.katz@tdsecurities.com

breadth/depth of franchise, investors lean in for clues across key segments. For us, the update

Bradley Hays seems constructive for Retail B/Ds (on what was not discussed), AMG (L/S) - to a lesser extent,

646 562 1487 GCMG; IVZ (embedded gains); and CBOE (derivative adoption, LT potential on prediction

bradley.hays@tdsecurities.com

markets).

Robin Holby, CFA

646 562 1401 Implications for Retail B/Ds - Perhaps the most interesting dynamic from the 2Q call centered

robin.holby@tdsecurities.com on what wasn't asked, versus the intensity from both 1Q earnings (see 4/16) and SCHW's recent

Ryan Zollo investor day (see 5/15). However, there were no questions on agentic AI and client cash sweep

646 562 1305 deposit interplay, reinforcing our view that the terminal value risk for the sector may have

ryan.zollo@tdsecurities.com peaked. The absence of discussion follows the bulk of larger banks that reported 2Q, where

commentary on platform fee/client cash monetization shifts were not a focal point either.

Sergio Ferreira

Across our coverage, this bodes incrementally well for LPLA ($327.96, Hold - high client cash646 562 1465

sergio.ferreira@tdsecurities.com contributor; stock underperformer) and less favorable for RJF ($168.32, Hold - lower client cash