NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Brokerage and Trading Services Sector Outlook — September 2026

NeuraCap's Brokerage and Trading Services sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

17.4x
Sector median P/E
74.6x
Premium end P/E vs 8.6x at the discount end
7
Transactions with disclosed terms

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FINANCIALS › FINANCIAL SERVICES › BROKERAGE AND TRADING SERVICES

Brokerage and Trading: Three Markets Under One Label

How earnings are priced across broker platforms, exchange venues and digital-asset models, and where the two ends of the range sit.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Brokerage and Trading Services does not trade as one market. Of the 14 names in the set, 11 carry a CY2027E earnings estimate, and they spread across a wide range: three digital-asset-linked and retail platforms hold the top, five names sit in the middle, and three adviser and inter-dealer platforms hold the bottom.

Key findings

  • The Top of the Range Sits Alongside the Faster Growers
  • The Middle of the Market Is Where Most Owners Are Benchmarked
  • Listings and Data Carry a Higher Price Than Execution Volume
  • Client-Asset Platforms Hold the Bottom of the Range

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    FINANCIALS › FINANCIAL SERVICES › BROKERAGE AND TRADING SERVICES

    FINANCIALS › FINANCIAL SERVICES › BROKERAGE AND TRADING SERVICES.

    Cover — Brokerage and Trading Services sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis P / E (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    FINANCIALS › FINANCIAL SERVICES › BROKERAGE AND TRADING SERVICES Brokerage and Trading: Three Markets Under One Label How earnings are priced across broker platforms, exchange venues and digital-asset models, and where the two ends of the range sit. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Three Businesses, One Label, Three Different Earnings Prices 02 The Landscape Eight Broking Names, Three Venues, Three Adjacent Models 03 Valuation & Situations The Top and the Bottom of This Market Are Priced Far Apart 04 Precedent Transactions A Thin Record, Centred on Adviser and Broker Platforms 05 Strategic Implications What This Means for Mix, Capital and Clearing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Brokerage and Trading Services Splits Three Ways: Exchange Venues, Broker Platforms and Digital-Asset Models

    Brokerage and Trading Services Splits Three Ways: Exchange Venues, Broker Platforms and Digital-Asset Models.

    Brokerage and Trading Services Splits Three Ways: Exchange Venues, Broker Platforms and Digital-Asset Models The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Brokerage and Trading Services Splits Three Ways: Exchange Venues, Broker Platforms and Digital-Asset Models The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Sits Alongside the Faster Growers The three names at the top of the range — Galaxy Digital (GLXY), Coinbase Global, Inc. (COIN) and Robinhood Markets, Inc. (HOOD) — sit at 74.6x on CY2027E earnings, and the line into that group starts at 34.0x. The three also sit in the faster-growing half of the 11 names with a CY2027E estimate, so the top of the range sits alongside growth. 2 The Middle of the Market Is Where Most Owners Are Benchmarked Five of the 11 names with a CY2027E estimate sit in the middle of the range, at 17.4x on CY2027E earnings. Reading the sector off a simple average of all the names overstates what that middle group carries. 3 Listings and Data Carry a Higher Price than Execution Volume 3 of the 14 names in the set sell listings, market data and venue access, where revenue is contractual and subscription-based. That group sits at 19.8x on CY2027E earnings, against 10.5x for the institutional broking group that makes up 8 of the 14. 4 Client-Asset Platforms Hold the Bottom of the Range Three of the 11 names with a CY2027E estimate sit at the bottom of the range, at 8.6x — adviser platforms and inter-dealer broking carrying sticky client assets. Two of those three grew revenue faster than the middle of the set, so price and growth point in different directions there. 17.4x Sector median P/E CY2027E consensus · 11 rated of 14 companies 74.6x Premium end P/E vs 8.6x at the discount end top quartile (n=3) against bottom quartile (n=3) on P/E — the spread the report explains 7 Transactions with disclosed terms 21 recorded in this tier · 0 told as case studies, the full list in the appendix

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    SECTION 02

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    Section 02 of 06 — Eight Broking Names, Three Venues, Three Adjacent Models. What each group sells, and how the market prices its earnings today. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Eight Broking Names, Three Venues, Three Adjacent Models What each group sells, and how the market prices its earnings today. 02 of 06 Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Three Groups Under One Label, Priced Three Different Ways

    Three Groups Under One Label, Priced Three Different Ways.

    Three Groups Under One Label, Priced Three Different Ways 14 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Three Groups Under One Label, Priced Three Different Ways 14 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 INSTITUTIONAL CAPITAL MARKETS BROKERS 8 cos median 10.5x Robinhood Markets (HOOD) LPL Financial (LPLA) XP Marex Group plc (MRX) StoneX Group (SNEX) BGC Group (BGC) Siebert Financial (SIEB) Solowin Holdings (AXG) Execution, clearing and adviser distribution — the volume engine of the sector, and where client assets are won or lost. EXCHANGES, LISTINGS AND MARKET DATA VENUES 3 cos median 19.8x Intercontinental (ICE) Nasdaq (NDAQ) Coinbase Global (COIN) Listings, market data and venue access supply the contractual, subscription-like layer of sector revenue. ADJACENT MODELS 3 cos median 57.0x Freedom Holding (FRHC) Galaxy Digital (GLXY) Bakkt Holdings (BKKT) Digital-asset venues and diversified platforms whose earnings track different cycles from the broking core.

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    02 · LANDSCAPE

    Broking Carries the Volume; Venues and Data Carry the Contracts

    Broking Carries the Volume; Venues and Data Carry the Contracts.

    Broking Carries the Volume; Venues and Data Carry the Contracts Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Broking Carries the Volume; Venues and Data Carry the Contracts Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Institutional capital markets brokers 8 57% 10.5x Robinhood Markets, Inc. (HOOD) · LPL Financial Holdings Inc. (LPLA) · +6 more Eight names, the sector's core. 8 of the 14 names, 57% of the set, run execution, clearing and adviser distribution — among them Robinhood Markets, Inc. (HOOD), LPL Financial Holdings Inc. (LPLA) and StoneX Group Inc. (SNEX). Six of the eight carry a CY2027E estimate, and the group sits at 10.5x on that basis. Net revenue, revenue capture and net new assets are the working lines here. Exchanges, listings and market data venues 3 21% 19.8x Intercontinental Exchange, Inc. (ICE) · Nasdaq, Inc. (NDAQ) · +1 more Contractual revenue, high operating margins. Intercontinental Exchange, Inc. (ICE), Nasdaq, Inc. (NDAQ) and Coinbase Global, Inc. (COIN) make up 21% of the set and sell listings, market data and venue access. The group sits at 19.8x on CY2027E earnings. Operating leverage on a fixed matching and data stack is the story, rather than balance-sheet return. Adjacent models 3 21% 57.0x Freedom Holding Corp. (FRHC) · Galaxy Digital (GLXY) · +1 more Digital-asset and diversified platforms. Freedom Holding Corp. (FRHC), Galaxy Digital (GLXY) and Bakkt Holdings, Inc. (BKKT) sit beside the broking core with different revenue engines, 21% of the set. Two of the three carry a CY2027E estimate, and on those two the group sits at 57.0x — a small base that should be read as a signal to test.

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    SECTION 03

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    Section 03 of 06 — The Top and the Bottom of This Market Are Priced Far Apart. 11 of the 14 names carry a CY2027E estimate; three sit at each end of the range. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Top and the Bottom of This Market Are Priced Far Apart 11 of the 14 names carry a CY2027E estimate; three sit at each end of the range. 03 of 06 Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    Where CY2027E Earnings Are Priced: A Wide Gap from Top to Bottom

    Where CY2027E Earnings Are Priced: A Wide Gap from Top to Bottom.

    Where CY2027E Earnings Are Priced: A Wide Gap from Top to Bottom P / E (CY2027E) · all 11 rated companies, sorted descending · sector median 17.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION Where CY2027E Earnings Are Priced: A Wide Gap from Top to Bottom P / E (CY2027E) · all 11 rated companies, sorted descending · sector median 17.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 74.6x CORE · median 17.4x DISCOUNT · median 8.6x Sector median 17.4x WHAT SEPARATES THE TWO ENDS The top sells growth. The three names at the premium end sit at 74.6x on CY2027E earnings. A forward multiple already credits forecast growth, so a premium that survives it points to expected durability rather than one strong year of activity. The bottom holds client assets. The three names at the discount end sit at 8.6x on the same basis. Their revenue comes largely from adviser platforms, client assets and matched-principal execution — franchises with real switching friction whose earnings are presently priced at the bottom of the range. Eleven of fourteen carry estimates. Of the 14 names in the set, 11 carry a CY2027E earnings estimate. Three sit at each end and five sit in the middle, which is the zone most owners in this sector will be measured against.

  9. 09
    03 · VALUATION DRIVERS

    The Faster-Growing Half Holds the Higher Multiple

    The Faster-Growing Half Holds the Higher Multiple.

    The Faster-Growing Half Holds the Higher Multiple Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS The Faster-Growing Half Holds the Higher Multiple Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=5; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 10% · EBITDA-margin split at n/a Above 10% Revenue Growth, the Multiple Sits Higher Split the 11 names with a CY2027E estimate at 10% revenue growth: the 6 above sit at 25.4x on CY2027E earnings and the 5 below sit at 17.4x. On a base this size the gap is associated with growth and is worth testing, not treating as a rule. Recurring Revenue Is the Steadying Layer Intercontinental Exchange, Inc. (ICE) and Nasdaq, Inc. (NDAQ) run operating margins of 66% and 60% on listings, market data and subscription revenue. That layer does not depend on daily average revenue trades, and it sits with the higher multiples in this set. Activity-Linked Revenue Swings in Both Directions StoneX Group Inc. (SNEX) and Freedom Holding Corp. (FRHC) posted revenue moves of -23% and -47%. Where earnings depend on episodic volatility and on a narrow market perimeter, the multiple in this set has moved with the swing rather than through it. Client Assets and Net Interest Sit at the Lower End Here LPL Financial Holdings Inc. (LPLA) at 10.4x and Marex Group plc Ordinary Shares (MRX) at 10.6x sit toward the lower end on CY2027E earnings while carrying client assets, clearing capability and interest-earning client balances. Rate-cycle dependence in client cash sweep economics sits alongside that pricing.

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    03 · SITUATION MAP

    Fast Growth Shows up on Both Sides of the Multiple Line

    Fast Growth Shows up on Both Sides of the Multiple Line.

    Fast Growth Shows up on Both Sides of the Multiple Line Cut on P / E vs the sector median (17.4x) (rows) and revenue growth vs the covered median (10%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Fast Growth Shows up on Both Sides of the Multiple Line Cut on P / E vs the sector median (17.4x) (rows) and revenue growth vs the covered median (10%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth and Premium Together Above-median multiple · above-median revenue growth 3 names Robinhood Markets, Inc. (HOOD) · Coinbase Global, Inc. (COIN) · Galaxy Digital (GLXY) Robinhood Markets, Inc. (HOOD), Coinbase Global, Inc. (COIN) and Galaxy Digital (GLXY) sit above the middle of the set on both price and growth, with revenue growth of 28% at two of them and 27% at the third. The CY2027E multiple already credits forecast growth, so the live question for this group is how much of the earnings base is recurring rather than activity-linked. Premium on Steadier Earnings Above-median multiple · below-median revenue growth 3 names Intercontinental Exchange, Inc. (ICE) · Nasdaq, Inc. (NDAQ) · Freedom Holding Corp. (FRHC) Intercontinental Exchange, Inc. (ICE) and Nasdaq, Inc. (NDAQ) hold above-middle multiples on revenue growth of 6% and 9%, carried by listings, data and venue economics. Freedom Holding Corp. (FRHC) sits in the same cell on a revenue line of -47%, which is a very different basis for the same position. Growth at a Lower Multiple Below-median multiple · above-median revenue growth 3 names LPL Financial Holdings Inc. (LPLA) · XP Inc. (XP) · Marex Group plc Ordinary Shares (MRX) LPL Financial Holdings Inc. (LPLA) at 15% and XP Inc. (XP) at 12% grow faster than the 10% middle of the covered names while pricing below the middle on earnings, with Marex Group plc Ordinary Shares (MRX) alongside them. For owners in this position the mix question is live: how much of net revenue is recurring platform, custody and fee income versus transactional flow. Below the Middle on Both Below-median multiple · below-median revenue growth 2 names StoneX Group Inc. (SNEX) · BGC Group, Inc (BGC) StoneX Group Inc. (SNEX) at 14.6x and BGC Group, Inc (BGC) at 7.5x sit below the middle of the set on both measures, with revenue at -23% and 6%. Multi-asset breadth and owned clearing are the levers that smooth activity cycles in businesses shaped like these.

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    03 · THE AGENDA

    Revenue Mix, Capital and Clearing Are the Live Levers Here

    Revenue Mix, Capital and Clearing Are the Live Levers Here.

    Revenue Mix, Capital and Clearing Are the Live Levers Here NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

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    03 · THE AGENDA Revenue Mix, Capital and Clearing Are the Live Levers Here NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Grow the Recurring Layer Inside Net Revenue In this set the contractual layer — data, listings, subscriptions, custody and platform fees — sits with the higher multiples, while activity-linked execution revenue sits lower. Pricing and product work that lifts the recurring share of net revenue changes which half of this market a business is read against. What changes the answer: The recurring share of net revenue stops growing faster than transactional revenue for two or more quarters. Decide What Capital Has to Stay in the Regulated Entity Net capital rules, segregation obligations and clearing deposits cap how fast the balance sheet can grow and set the return a buyer would be underwriting. Sizing excess capital against return on tangible equity turns it into an allocation choice: clearing capability, adviser recruiting or technology. What changes the answer: A change in net capital, margin or default fund requirements that raises the capital the business must hold. Own the Clearing and Custody You Currently Rent Owned clearing and custody keep more of the economics of each trade and of client cash, and they give control over settlement and margin timing. Against that sits the capital and operational load of self-clearing at current cleared volumes, which is a build-versus-buy decision with a clear break-even. What changes the answer: Cleared and matched volumes reach the level where correspondent clearing fees exceed the carrying cost of self-clearing. Plan Client Cash Economics Through the Rate Cycle Interest on client balances is a real part of the franchise and it moves with short rates. Deciding sweep terms, funding discipline and how much of the rate benefit is shared with clients shapes how durable that earnings line looks when the cycle turns. What changes the answer: A move in short rates that materially changes net interest margin on client balances.

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    SECTION 04

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    Section 04 of 06 — A Thin Record, Centred on Adviser and Broker Platforms. Seven transactions in the record, priced mainly off earnings rather than revenue. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS A Thin Record, Centred on Adviser and Broker Platforms Seven transactions in the record, priced mainly off earnings rather than revenue. 04 of 06 Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Seven Recorded Deals Price Adviser and Broker Platforms off Earnings

    Seven Recorded Deals Price Adviser and Broker Platforms off Earnings.

    Seven Recorded Deals Price Adviser and Broker Platforms off Earnings 3 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 14 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Seven Recorded Deals Price Adviser and Broker Platforms off Earnings 3 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 14 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Aug-2017 n/a LPL Financial LLC acquires National Planning Holdings, Inc. EV / LTM revenue 0.5x EV / LTM EBITDA 7.9x WHY THE DEAL HAPPENED LPL Financial LLC moved for National Planning Holdings, Inc. in Aug-2017; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Jan-2014 n/a RCS Capital Corporation acquires J.P. Turner & Company, LLC EV / LTM revenue 0.3x EV / LTM EBITDA 13.8x WHY THE DEAL HAPPENED RCS Capital Corporation moved for J.P. Turner & Company, LLC in Jan-2014; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Aug-2011 n/a Ladenburg Thalmann Financial Services Inc. acquires Securities America Financial Corporation EV / LTM revenue 0.3x EV / LTM EBITDA 8.3x WHY THE DEAL HAPPENED Ladenburg Thalmann Financial Services Inc. moved for Securities America Financial Corporation in Aug-2011; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

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    Section 05 of 06 — What This Means for Mix, Capital and Clearing. The operating moves the pricing split puts in front of an owner. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS What This Means for Mix, Capital and Clearing The operating moves the pricing split puts in front of an owner. 05 of 06 Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Mix, Pricing and Retention Are Where Owners Can Close the Gap

    Mix, Pricing and Retention Are Where Owners Can Close the Gap.

    Mix, Pricing and Retention Are Where Owners Can Close the Gap NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

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    05 · STRATEGIC IMPLICATIONS Mix, Pricing and Retention Are Where Owners Can Close the Gap NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which Layer of Your Revenue Is Priced Higher In this set the contractual layer of listings, data, custody and platform fees sits with higher multiples than activity-linked execution revenue. Shifting mix toward recurring net revenue, and holding client assets through the cycle, is the lever inside management's control. FOR BOARDS Treat Regulatory Capital as an Allocation Decision Broker-dealer net capital and clearing deposits set the ceiling on balance-sheet growth and define what capital is genuinely free. Deciding what must stay in the regulated entity, and what can be put to work in clearing capability or adviser recruiting, is a capital question before it is a pricing one. FOR BUYERS AND PARTNERS Adviser and Broker Platforms Have Changed Hands on Earnings In the 7 transactions in this record, adviser and broker platforms were priced off earnings, with revenue multiples recorded well below the earnings multiples alongside them. That gap is consistent with a compensation-heavy gross revenue line, and it is why retention packages and earnouts tied to retained assets feature in deals of this shape.

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    SECTION 06

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    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier.

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (17.4x); amber marks below · 11 rated companies; 3 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (17.4x); amber marks below · 11 rated companies; 3 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 11 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥34.0x · median 74.6x · 3 companies Galaxy Digital GLXY Institutional brokerage and investment banking desks $9.6B 86.2x 27% n/a n/a Coinbase Global, Inc. COIN Exchanges, listings and market data venues $48.0B 74.6x 28% 37% 65 Robinhood Markets, Inc. HOOD Institutional capital markets brokers $100B 40.3x 28% n/a n/a CORE — 10.5x–34.0x · median 17.4x · 5 companies Freedom Holding Corp. FRHC Diversified brokerage and financial platforms $11.0B 27.8x -47% n/a n/a Nasdaq, Inc. NDAQ Exchanges, listings and market data venues $61.1B 19.8x 9% 60% 69 Intercontinental Exchange, Inc. ICE Exchanges, listings and market data venues $107B 17.4x 6% 66% 72 StoneX Group Inc. SNEX Institutional capital markets brokers $7.6B 14.6x -23% n/a n/a Marex Group plc Ordinary Shares MRX Institutional capital markets brokers $8.3B 10.6x 10% n/a n/a DISCOUNT — <10.5x · median 8.6x · 3 companies LPL Financial Holdings Inc. LPLA Institutional capital markets brokers $31.3B 10.4x 15% n/a n/a XP Inc. XP Institutional capital markets brokers $26.1B 8.6x 12% n/a n/a BGC Group, Inc BGC Institutional capital markets brokers $7.0B 7.5x 6% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (21 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 14 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (21 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 25 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 14 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2023 Kakaopay Corporation → Siebert Financial Corp. $92M 1.6x n/a Kakaopay Corporation's agreed purchase of Siebert Financial Corp. in Apr-2023 was recorded at $92M and 1.6x revenue. A payments platform buying a US broker-dealer points to licence perimeter and client access as the attraction rather than scale of production. Nov-2019 Advisor Group, Inc. → Ladenburg Thalmann Financial Services Inc. n/a n/a 12.1x Advisor Group, Inc. agreed to acquire Ladenburg Thalmann Financial Services Inc. in Nov-2019 at a recorded 12.1x EBITDA. A network buying another network is the consolidator pattern here, where recruiting terms, retained adviser production and client assets carry the… Aug-2017 LPL Financial LLC → National Planning Holdings, Inc. n/a 0.5x 7.9x LPL Financial LLC agreed to acquire National Planning Holdings, Inc. in Aug-2017, recorded at 0.5x revenue and 7.9x EBITDA. The pricing suggests the case was underwritten on advisers and assets that actually transfer, which is how deferred consideration in this sector… Jan-2014 RCS Capital Corporation → J.P. Turner & Company, LLC n/a 0.3x 13.8x RCS Capital Corporation agreed to acquire J.P. Turner & Company, LLC in Jan-2014 at a recorded 0.3x revenue and 13.8x EBITDA. A thin revenue multiple beside a double-digit earnings multiple is the signature of broker businesses where compensation takes most of the… Aug-2011 Ladenburg Thalmann Financial Services Inc. → Securities America Financial Corporation n/a 0.3x 8.3x Ladenburg Thalmann Financial Services Inc. agreed to acquire Securities America Financial Corporation in Aug-2011, recorded at 0.3x revenue and 8.3x EBITDA. The same buyer later appears as a target in this record, which is how adviser networks here have tended to… n/a Waters Corporation → LPL Financial Holdings Inc. n/a n/a 19.8x Waters Corporation is recorded against LPL Financial Holdings Inc. (LPLA), an adviser platform that also sits in the peer set. Recorded interest in the same asset from more than one acquirer points to adviser distribution as a repeatedly sought asset in this sector. n/a Envestnet → LPL Financial Holdings Inc. n/a n/a 10.9x Envestnet is recorded against LPL Financial Holdings Inc. at 10.9x EBITDA. A wealth-technology buyer set against an adviser platform points to the pull between the software layer and the distribution it serves.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 19

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Brokerage and Trading Services and it clears the coverage gate with 11 of 14 companies (79%). EV / EBITDA, EV / Revenue are carried as a cross-check. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 370 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (369) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across These 14 Names, the Higher Multiples Sat with Growth and with Contractual Revenue.

    Across These 14 Names, the Higher Multiples Sat with Growth and with Contractual Revenue..

    Closing — Across These 14 Names, the Higher Multiples Sat with Growth and with Contractual Revenue. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 20

    Everything on this page

    Across These 14 Names, the Higher Multiples Sat with Growth and with Contractual Revenue. NeuraCap AI — Brokerage and Trading Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Brokerage and Trading Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Brokerage and Trading Services (Financials › Financial Services › Brokerage and Trading Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Brokerage and Trading Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Solowin Holdings Ordinary Share (AXG), BGC Group, Inc (BGC), Bakkt Holdings, Inc. (BKKT), Coinbase Global, Inc. (COIN), Freedom Holding Corp. (FRHC), Galaxy Digital (GLXY), Robinhood Markets, Inc. (HOOD), Intercontinental Exchange, Inc. (ICE), LPL Financial Holdings Inc. (LPLA), Marex Group plc Ordinary Shares (MRX), Nasdaq, Inc. (NDAQ), Siebert Financial Corp. (SIEB), StoneX Group Inc. (SNEX), XP Inc. (XP). The market map groups them by business vertical — Institutional capital markets brokers: 8 companies (HOOD, LPLA, XP, MRX, SNEX, BGC, SIEB, AXG); Exchanges, listings and market data venues: 3 companies (ICE, NDAQ, COIN); Adjacent models: 3 companies (FRHC, GLXY, BKKT). 11 of the 14 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Brokerage and Trading Services (Financials › Financial Services › Brokerage and Trading Services) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Brokerage and Trading Services according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Solowin Holdings Ordinary Share (AXG), BGC Group, Inc (BGC), Bakkt Holdings, Inc. (BKKT), Coinbase Global, Inc. (COIN), Freedom Holding Corp. (FRHC), Galaxy Digital (GLXY), Robinhood Markets, Inc. (HOOD), Intercontinental Exchange, Inc. (ICE), LPL Financial Holdings Inc. (LPLA), Marex Group plc Ordinary Shares (MRX), Nasdaq, Inc. (NDAQ), Siebert Financial Corp. (SIEB), StoneX Group Inc. (SNEX), XP Inc. (XP). The market map groups them by business vertical — Institutional capital markets brokers: 8 companies (HOOD, LPLA, XP, MRX, SNEX, BGC, SIEB, AXG); Exchanges, listings and market data venues: 3 companies (ICE, NDAQ, COIN); Adjacent models: 3 companies (FRHC, GLXY, BKKT). 11 of the 14 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

9 records failed a validation gate and never feed a statistic in this report (9 excluded from aggregate). Each exclusion, with its reason: AXG — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BKKT — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · BKKT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BKKT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BKKT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · COIN — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GLXY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GLXY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · GLXY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: P / E on CY2027E consensus (11 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Brokerage and Trading Services and it clears the coverage gate with 11 of 14 companies (79%). EV / EBITDA, EV / Revenue are carried as a cross-check. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 3 of 14 companies; EV / rEVenue: 12 of 14 companies; P/E: 11 of 14 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥34.0x, Core 10.5x–34.0x, Discount <10.5x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 17.4x = median(pe_ratio CY2027E) (11 rated companies) · 74.6x = median(pe_ratio CY2027E) within Premium tier (n=3) · 17.4x = median(pe_ratio CY2027E) within Core tier (n=5) · 8.6x = median(pe_ratio CY2027E) within Discount tier (n=3) · 25.4x = median(pe_ratio CY2027E) | growth ≥ 10% (n=6) · 17.4x = median(pe_ratio CY2027E) | growth < 10% (n=5) · 69% = median Rule of 40 score (revenue growth + EBITDA margin) (n=3)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Brokerage and Trading Services recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 21 transactions were recorded for this industry; 7 are shown. 14 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 15 × no evidence record; 8 × deal value unit unresolved; 1 × duplicate precedent id; 1 × divestiture roles reassigned. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 374 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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