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Rich Repetto

Principal and former Managing Director and Senior Research Analyst at Maltese Capital Management LLC

Rich Repetto is a Principal and former Managing Director and Senior Research Analyst at Piper Sandler Corporation, specializing in electronic trading, brokerage, and financial technology sectors. Throughout his career, he has covered leading companies such as TD Ameritrade, CME Group, NASDAQ, E-Trade, Interactive Brokers, Virtu Financial, Charles Schwab, and Intercontinental Exchange, earning accolades including Global Analyst of the Year by the Financial Times and maintaining a top reputation for actionable research. With over 25 years of industry experience, Repetto began at Mobil in sales and marketing, then moved to Lehman Brothers, Putnam Lovell NBF, Sandler O’Neill (where he spent around 16-20 years), and Piper Sandler until his retirement in June 2023. He holds an MBA in Finance from the Wharton School, a B.S. from West Point, serves on multiple corporate boards, and maintains professional credentials in finance.

Rich Repetto's questions to AMTD IDEA (AMTD) leadership

Question · Q4 2019

Rich Repetto from Sandler O'Neill asked for a prioritization of the company's growth initiatives and an update on its perspective on industry consolidation following the move to zero commissions.

Answer

President & CEO Tim Hockey explained the process of re-prioritizing initiatives post-commission cuts but declined to provide specific revenue forecasts. CFO Steve Boyle highlighted fully paved lending, Asia, and institutional services as key growth areas. Regarding M&A, Tim Hockey stated that while scale is important and the Scottrade deal was prudent, the company will evaluate any deal that makes financial and strategic sense and is comfortable with its current scale.

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Question · Q1 2019

Rich Repetto asked for insight into December's trading activity, specifically why DARTs growth was between competitors, and requested an update on the progress of Scottrade revenue synergies.

Answer

CFO Steve Boyle attributed the DARTs performance to market dynamics like increased tax-loss harvesting and a client shift towards futures over options. President and CEO Tim Hockey confirmed they remain ahead of schedule on Scottrade revenue synergies, tracking between year two and year three targets, with client engagement metrics like education usage up 60%.

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