Ken Worthington • JPMorgan Chase & Co.

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CEO Jeremy Allaire positioned USDC as market-neutral infrastructure, stating that Circle encourages many networks, including competitors, to build on it, as this expands utility and strengthens their competitive moat. He cited partnerships with Fiserv and FIS as examples of broad integration. On M&A, Allaire stated that while Circle is open to using its stock for strategic acquisitions of teams and IP, as seen with the ARC launch, the company's primary focus remains on organic product development rather than large, complex acquisitions.

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CEO Brian Armstrong clarified that while Coinbase partners with Visa and Mastercard, he sees open, decentralized protocols as the true long-term competitors. He explained the strategy is to serve both consumers and merchants, using the fee savings from crypto rails to offer rewards, as seen in the Shopify partnership. President & COO Emilie Choi added that traditional networks can adapt by participating in the new ecosystem, such as by running nodes.

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CEO Brian Armstrong clarified that while Coinbase partners with Visa and Mastercard, he sees open, decentralized protocols as the true competitors to traditional payment networks. He explained the strategy is to build a two-sided network of consumers seeking rewards and merchants wanting lower fees, citing the Shopify partnership as an example. President & COO Emilie Choi added that traditional networks can adapt by participating in the new ecosystem, such as by running nodes.

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CEO Michael Sacks stated that while sentiment has clearly improved and the pipeline is building after strong performance, the firm has not changed its internal forecast of flat net flows for the ARS business. President Jonathan Levin described the fee rate dip as idiosyncratic and not indicative of systemic pricing pressure, noting that demand for the strategy is more relevant now than it has been in the recent past.

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Sarita Narson Jairath, EVP of Global Client Solutions, and Luke Sarsfield, Chairman & CEO, addressed the questions. They confirmed the Evergreen Fund targets both institutional and high-net-worth segments, leveraging partnerships rather than building a direct retail force. On deployment, Mr. Sarsfield explained the Q2 strength was a mix of HARC's NAV lending and committed capital from other credit funds. He noted HARC has ample capacity and a successor fund, HARC five, is planned for later in the year.

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President Connor Teskey confirmed that Brookfield will "absolutely expect to go after this opportunity" across all available channels. He reiterated that having the right products is the most critical factor for success and that Brookfield's leadership in suitable alternative asset classes positions them to capture this long-term opportunity, regardless of any non-exclusive partnerships formed in the industry.

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CEO Harvey Schwartz described the vision as being centered on Carlyle's powerful brand recognition, the diversification of its investment platform, and a focus on solving specific client needs. He emphasized that success comes from leveraging their global reach and history of trust to build solutions that advisors want, rather than just proliferating products. He highlighted the flexibility provided by platforms like Carlyle Alpinvest.

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CEO Harvey Schwartz outlined the key pillars for success in wealth: strong brand recognition built on trust since 1987, a diversified global platform that allows for creating tailored solutions, and a deep understanding of advisor needs. He emphasized that Carlyle's ability to combine platforms like Alpinvest and traditional buyout provides unique flexibility. Schwartz reiterated that it is still 'early days' in the global wealth trend and the firm is well-positioned on multiple platforms in multiple geographies.

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Erik Hirsch, Co-CEO, explained that the DBS partnership is an extension of their existing strategy to form diverse strategic relationships and meet customers where they are, using various channels including technology and tokenization. He confirmed the relationship is differentiated and customized for the client base, with plans for further expansion. Regarding the secondary fund, Hirsch stated that Fund Six is more than halfway invested, but they have not yet started actively marketing the next fund, noting strong deal flow across multiple vehicles.

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Co-CEO Erik Hirsch explained that the overall margin outlook remains stable despite the reporting changes, as the company continues to invest heavily in growth. He clarified that distribution fees are primarily upfront costs associated with US wirehouse channels and that this structure has not fundamentally changed.

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President, CEO & Chair Robert Sharps stated that, over time, organic growth is necessary for the firm to be successful, dynamic, and drive value for shareholders. He explained that it's essential for creating associate opportunities and funding investments in client-facing capabilities. He concluded that philosophically, the leadership team would not be satisfied with a multi-year outlook that did not include a path back to organic growth.

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CEO Ali Dibadj expressed confidence in the institutional pipeline, highlighting broader client engagement and the impact of the new branding campaign. He affirmed the firm's commitment to its core equities franchise, believing the complex market environment favors active management. CFO Roger Thompson added that several specific equity strategies, both new and existing, are already experiencing positive net flows.

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President Benjamin Jackson explained the growth was a mix of all three elements. He highlighted the successful onboarding of new clients won since the Black Knight acquisition, including a large regional bank. He also noted strong performance in the MERS and Simplifyll businesses, which were aided by an improving market environment.

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President Benjamin Jackson explained that the growth was a mix of all three factors. He highlighted the onboarding of new clients from a strong sales pipeline, including 23 new Encompass wins in Q2. Jackson also noted that an improving market backdrop boosted transaction-oriented parts of the business, such as closing solutions and MERS registrations.

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CEO Vlad Tenev stated that while they don't break down TOA by segment, they remain positive against all major competitors and track active trader progress via market share, which is growing nicely across all assets. CFO Jason Warnick added that Net Promoter Score (NPS) for active traders is at a four-year high, which they see as a leading indicator for future market share gains.

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CEO Vlad Tenev explained that the company's philosophy is to make all product categories, especially those used by institutions, available to retail customers. He positioned the event contracts as regulated instruments that provide hedging utility and serve as a reliable data source for market predictions. He emphasized the goal of being at the frontier of innovation for active traders but did not directly address any plans for sports betting products.

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CEO Billy Hult and CFO Sara Furber expressed a bullish view, calling stablecoins "game changers" amid an improving regulatory landscape. They stated Tradeweb is exploring tokenized funds and building an interoperable digital fixed income ecosystem, starting with post-trade workflows. Current investments and partnerships include the Canton Network, Digital Asset (alongside Goldman Sachs and Citadel), and Securitize (with BlackRock), positioning Tradeweb at the forefront of this evolution.

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President & COO Jonathan Gray explained the Legal & General partnership is an aspiration to manage up to $20 billion over five years, primarily by providing investment-grade private credit for L&G's pension risk transfer and annuities businesses. It also includes joint product development for the UK wealth and retirement markets. Regarding Vanguard and Wellington, Gray stated he was legally limited but confirmed Wellington has filed for the first joint product, which now awaits SEC approval. He expressed excitement about combining Blackstone's private market skills with their public market expertise.

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CFO Martin Kelly confirmed there is no change to their hedging posture or outlook. He stated that the plan to maintain a net floating rate position of around $15 billion remains intact and that their financial model already incorporated the equivalent of six rate cuts, a scenario that now looks more realistic.

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Global President David Howson explained that Cboe focuses on optimizing revenue by balancing market share with capture, noting that RPC increased 15% year-over-year. COO Chris Isaacson added that Cboe is competing aggressively on technology, highlighting a new options access architecture rolled out in August that is showing encouraging early results. He also mentioned investments in talent and data analytics to enhance competitiveness.

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