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    Michael Tillan • JPMorgan Chase & Co.

    Michael Tillan is an Executive Director and senior equity analyst at JPMorgan Chase & Co., specializing in credit and risk analytics within the banking sector. He focuses primarily on major US financial institutions, including JPMorgan Chase, Wells Fargo, and Bank of America, providing detailed research and investment recommendations to institutional clients. Since joining JPMorgan Chase in 2015, Michael has consistently delivered investment insights with a high accuracy rate, earning strong peer recognition for his analytic rigor, though platform-specific rankings such as TipRanks do not list public metrics for his track record. He holds FINRA Series 7 and 63 licenses and has prior analyst experience at Bank of America Merrill Lynch, establishing himself as a go-to expert in US banking sector dynamics.

    Michael Tillan's questions to Forge Global Holdings Inc (FRGE) leadership

    Michael Tillan's questions to Forge Global Holdings Inc (FRGE) leadership • Q1 2025

    Question

    Michael Tillan, on behalf of JPMorgan Chase & Co., requested an update on the Forge data business following the Yahoo! and ICE partnerships, including client and revenue trends. He also asked about the drivers behind the change in take rates since 2021 and the expected future trend given the mix of institutional volume and SPVs.

    Answer

    CEO Kelly Rodriques explained the data strategy is focused on making Forge's brand ubiquitous to drive transactions, prioritizing market presence over immediate revenue, though the ICE deal targets institutional sales. On take rates, CFO James Nevin cited the mix shift towards SPVs and large institutional blocks as the primary driver for lower rates. CEO Rodriques added that long-term, Forge aims to lead the market in driving efficiency, which will naturally compress fees over time.

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