Guidance, Sentiment, & Other Tidbits Into Earnings: BX, CME, IBKR, NDAQ, & RJF

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Guidance, Sentiment, & Other Tidbits Into Earnings: BX, CME, IBKR, NDAQ, & RJF

Equity Research

20 July 2026

U.S. Brokers, Asset Managers & Exchanges

Guidance, Sentiment, & Other

Tidbits Into Earnings: BX, CME,

U.S. Brokers, Asset Managers & ExchangesIBKR, NDAQ, & RJF

POSITIVE

With BX, CME, IBKR, NDAQ, and RJF reporting this week, we U.S. Brokers, Asset Managers &

Exchangesrecap guidance and investor sentiment, and other relevant

tidbits. Benjamin+1 212 526 Budish,2418 CFA

benjamin.budish@barclays.com

BCI, US

Sentiment Summary Chris+1 212O'Brien526 9284

BX: Somewhat mixed. Q2 should be a low point in terms of management fee growth due to mix chris.obrien@barclays.com

within Real Estate and Credit, and the timing flagship activations/fee holidays within Private BCI, US

Equity. Realizations will be a key focus area, given BX's optimism around IPO markets in Mason Fleming

particular, and we note FRPR should be a brighter spot given the performance of BREIT, BCRED, +1 212 526 7025

and BXPE in Q2. mason.fleming@barclays.com

CME: Somewhat neutral though leaning positive on valuation. Volumes declined both

sequentially and y/y in Q2, and perceived competitive risks related to perps and other new

products from newcoming exchanges continue to weigh on multiples across the exchanges. We

continue to believe the risk of perpetual futures having a meaningful impact on CME's business

is quite low, though the real risk, in our view, is on continued pressure on the multiple given the

current regulatory regime.

IBKR: Mostly positive, based on our conversations, though a bit cautious on the setup into

earnings specifically. Account adds have been quite healthy this quarter, though concern is the

tailwind from IPOs could fade into Q3. That said, agentic capabilities have recently rolled