巴克莱-美股-资产管理行业-美国经纪人、资产管理人2020年展望：行业手册-2019.12.10-.pdfVIP

FOCUS Equity Research 10 December 2019 U.S. Brokers, Asset Managers Exchanges 2020 Outlook: The Playbook INDUSTRY UPDATE U.S. Brokers, Asset Managers Exchanges NEUTRAL We think 2020 could be a choppy year… We look for continued market volatility with Unchanged sentiment ebbing and flowing throughout the year as periods of optimism (trade deal! Brexit resolution!) alternate with pockets of pessimism (no trade deal, heated election For a full list of our ratings, price target and rhetoric). As such, exchanges seem like good hiding places that benefit from volatility earnings changes in this report, please see (though CME tends to cheapen out during the winter months) and Alts should continue table on page 2. their strong fundraising and benefit from solid depl