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Group CEO Ian Lowitt provided a detailed breakdown of cash flow for H1 2025, noting a net cash increase of $779 million and explaining the adjustments from reported PBT to cash PBT. He also stated that most cost synergies from past deals are realized, with future benefits from acquisitions like Winterflood expected to be a mix of revenue and cost improvements. Group CFO Rob Irvin added that Deloitte had reviewed the interim financial statements.

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CEO Ian Lowitt described the M&A environment as favorable, with many sellers and few buyers, leading to an 'extremely active pipeline' for Marex. He confirmed the company is evaluating opportunities across all business segments (Clearing, Agency and Execution, Market Making) and in multiple geographies, without highlighting any specific area of focus. Management added that while the timing of deals is unpredictable, there has been no slowdown in M&A activity.

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CFO Meron Shani explained that elevated trading activity in April, driven by tariff announcements, saw a 54% increase in invested amount per trade. This activity normalized through the end of Q2. Conversely, crypto activity was lower in Q2 but saw a rebound in July, driven by the altcoin rally, surpassing Q2 levels.

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CFO Jack Weingart detailed plans to expand beyond the two initial wirehouse partners to include international banks and the RIA channel via a partnership with iCapital. He also mentioned that new products are being designed for broader credit (a multi-asset interval fund) and real assets.

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Executive Vice Chairman Sean O'Connor outlined a phased integration for R.J. O'Brien, targeting international synergies in 3-6 months and the larger US integration over 9-12 months. He and Group President Charles Lyon noted that while market uncertainty persists, they have not seen any change in competitive behavior from banks in the FCM space. CFO William Dunaway clarified that the Benchmark acquisition will be reported within the Institutional segment and, while smaller, is expected to be accretive and a key growth driver.

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CEO Christopher Concannon expressed strong confidence in the current team, especially with the upcoming arrival of Dean Barry. He emphasized that the new hires bring critical product and practical knowledge, such as Spencer Lee's EMS and buy-side experience, which are vital for tackling the large dealer-to-client block trade market and executing the company's next phase of growth.

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CFO & COO Matthew Nicholls clarified the fiscal 2026 expense outlook is based on fiscal 2025 guidance less $200 million in savings, excluding performance fees. On the fee rate, he explained that its stability is a net result of offsetting factors: positive mix from alternatives is counteracted by fee pressure on large institutional mandates and growth in lower-fee vehicles like ETFs and Canvas. He noted a stable rate is a decent outcome in the current environment.

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President, CEO & Chair Robert Sharps stated the firm assumes fees will trend down, driven by mix shift. He noted the biggest impact is the shift from mutual funds to lower-cost trusts in the DC channel as plans scale. While alternatives are fee-enhancing, growth in fixed income and ETFs pressures the overall rate. CFO Jennifer Dardis added that the cost-to-serve for institutional and model delivery clients is lower, partially offsetting the lower revenue rate.

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CEO Rich Steinmeier noted that overall industry advisor movement has been truncated, dropping from a historical 5.5-6% to around 5% due to macroeconomic uncertainty. Despite this, he stated that LPL is maintaining its industry-leading win rates. He acknowledged a more competitive transition assistance (TA) environment but reiterated that LPL's capabilities, technology, and economics are the primary drivers for advisors choosing the firm, not just the TA package.

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CEO Jay Horgen confirmed that both Pantheon and AQR are expected to be double-digit contributors to earnings in the current year, driven by strong organic growth and secular tailwinds. He noted Pantheon's consistent growth and AQR's resurgence, particularly in tax-aware solutions. CFO Dava Ritchea added that AQR's growth is fueled by over $20 billion in year-to-date liquid alt inflows, shifting its profile to be more absolute return-oriented. Both executives highlighted that these firms offer opportunities for higher management fees, performance fees, and operating leverage.

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CEO Ali Dibadj stated that 'the time for balanced has come,' citing strong performance and a favorable market environment, and noted growing interest in Europe and Asia, alongside growth in the broader solutions business. CFO Roger Thompson added that while it is too early to predict second-half performance fees, the firm's guidance for a 43% to 44% compensation ratio for the full year remains unchanged and already assumes some level of performance fees.

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Founder, Chairman & CEO Jeffrey Sprecher stated that the company's core DNA and disciplined approach to capital deployment have not changed. He emphasized the goal of being an 'all-weather' company and that reaching leverage targets provides maximum flexibility to execute their long-term strategy, which always weighs M&A against organic investment and capital returns.

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CEO Jeffrey Sprecher stated that the company's core strategy to be an 'all-weather' business has not changed. He emphasized a disciplined approach to capital deployment, constantly evaluating whether to build organically or acquire assets to accelerate strategy, always weighing these options against shareholder returns like buybacks. He noted that achieving their leverage target early provides 'maximum flexibility' but does not change their fundamental discipline.

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CFO Sara Furber and CEO Billy Hult view potential SLR relief as a significant positive for the rates market. They explained it would increase the resilience and liquidity of the Treasury market by allowing banks to hold more Treasuries, which in turn facilitates more trading and could boost swaps activity. They concluded that the current constructive environment, with strong banks and advancing technology, creates a great recipe for the next leg of electronification.

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CEO Douglas Cifu described overnight trading as being in "very early days" and currently 99% retail-driven, but sees it as an inevitable growth area and a strong tailwind for the firm. For the biggest long-term growth driver, Co-President Joseph Molluso identified crypto and options as having enormous potential, while also highlighting the record performance of the ETF block franchise.

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CEO Paul Shoukry clarified that the optimistic commentary reflects an accelerating pipeline, noting there is a 3-to-9-month lag before new advisors' assets are reflected in NNA. He also explained that the fixed income business, which primarily serves depositories, performs best in an environment of high deposits and low loan demand, which is not the current state.

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CEO Paul Shoukry explained there is a lag of three to nine months before recruited advisors' assets are reflected in NNA figures. He also noted ongoing competitive pressure from private equity-backed roll-ups. Regarding fixed income, he stated the business primarily serves depositories, and a favorable environment involves deposit-rich banks seeking to invest in securities.

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President & COO Jonathan Gray acknowledged past slowdowns but explained that this time, multiple 'tumblers are falling into place.' He cited record-high equity markets, debt spreads returning to pre-hike levels, improved business confidence, and a more favorable regulatory environment. Gray also pointed to significant pent-up demand, with M&A and IPO volumes running far below historic norms. Proprietary data, like the busiest IPO pipeline since 2021 and a 50% increase in credit deal screenings, reinforces this confidence.

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Chair & CEO Adena Friedman characterized the Corporate Solutions environment as one of 'modest growth.' She explained there is a lag effect for new listings, as they receive a three-year 'starter kit' of IR services, which delays subscription revenue. However, an improving IPO market increases the overall pipeline and opens up opportunities for upsells.

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Lynne Fitzpatrick, President & CFO, attributed the $15 million reduction in expense guidance to two main factors: first, the successful optimization and refinement of spending related to the Google Cloud migration, and second, lower-than-anticipated use of professional services and consulting across the firm.

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President & CFO Lynne Fitzpatrick attributed the $15 million reduction in adjusted operating expense guidance to two main factors. First, the company has refined and optimized its spending on the Google Cloud migration. Second, the use of professional services and consulting across the firm has been lower than initially anticipated.

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CFO Paul Brody noted that securities lending strength came from both general account growth and a few 'high-flyer' special names, and that a pickup in IPOs would likely boost this segment. CEO Milan Galik described the introducing broker pipeline as 'very strong,' highlighting that firms who previously chose competitors are now returning to IBKR due to its superior offering and cost.

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CFO Paul Brody stated that securities lending strength came from both a general rise in activity and a few 'high flyer' hard-to-borrow names, noting that a pickup in corporate activity like IPOs would likely boost results further. CEO Milan Galik described the introducing broker pipeline as very strong, with a notable trend of firms returning to IBKR after initially choosing competitors.

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CFO Paul Brody stated that excess capital remains in the $6 billion to $7 billion range. CEO Milan Galik added that the company continues to evaluate opportunities but has not found a suitable deal, noting a recent potential acquisition failed because the seller was unwilling to part with 100% ownership, which was a deal-breaker for Interactive Brokers.

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Chairman & CEO David Solomon stated that a strong investment banking environment is 'quite constructive' for their large and diverse markets business. Regarding alternatives, he confirmed that Goldman Sachs is 'very strategically focused' on the opportunity, actively building third-party wealth distribution partnerships, and is positioned to benefit from potential rule changes allowing alternatives in retirement accounts.

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