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extracted/summaries/house-oversight-nov/14/house-oversight-014314.txt

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+The power of global connections™
+Bank of America
+Merrill Lynch
+This message, and any attachments, is for the intended recipients) only, may contain information that is
+privileged, confidential and/or proprietary and subject to important terms and conditions available at
+http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this
+message.

extracted/summaries/house-oversight-nov/14/house-oversight-014315.txt

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+2016 Future of Financials Conference
+Management and client bullishness implies
+further upside
+Price Objective Change
+Conference tone bullish into 2017
+We recently hosted over 90 public and private companies and 700 attendees at our
+Future of Financials conference, where investor attendance was up an impressive 66%
+YoY. Revenue & regulatory upside + positioning = raising POs
+We are raising our price objectives across most of our names. Banks: Most constructive we've heard in years
+We are raising...

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+Conference tone bullish into 2017
+We recently hosted over 90 public and private companies and 700 attendees at our
+Future of Financials conference, where investor attendance was up an impressive 66%
+YoY. When asked how they would
+describe their portfolio positioning in financial stocks, 60% of the investors polled noted
+that they are either slightly overweight or very overweight the sector (see Chart 1). Chart 1: How would you describe your portfolio positioning in financial stocks, excluding...

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+Banks Takeaways
+With our conference coming a week following a historic US presidential election that
+helped boost bank stocks by 12%, bank management teams were generally optimistic
+with regards to the economic outlook heading into 2017. When asked what the biggest impact of the
+GOP sweep would likely be to bank earnings, 35% noted tax cuts and infrastructure
+spurring growth as the biggest impact. Chart 3: What do you think is the biggest impact of the GOP sweep to bank...

extracted/summaries/house-oversight-nov/14/house-oversight-014318.txt

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+Brokers Takeaways
+In brokers, GS presented, while MS hosted 1-1 meetings with investors. Investors modestly positive on capital markets over next 1-2 years
+Given the election outcome, recent rise in rates, potential for higher growth and de-
+regulation, and lower corporate tax rates, we asked investors about their outlook for
+capital markets over the next 1-2 years. Chart 5: Based on the backdrop and the election outcome, what is your outlook for the capital
+markets over the next 1-2...

extracted/summaries/house-oversight-nov/14/house-oversight-014319.txt

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+Chart 6: What is your outlook on fixed income performance and flows versus equities?
+60%
+52%
+50%
+40% -
+30% -
+24%
+20% -
+16%
+10% -
+8%
+0%
+0% +
+Weaker Fl performance Weaker Fl and Equity Flat Fl performance & Stronger Fl and Equity
+Stronger Fl
+& flows / Stronger
+performance & flows
+flows / Flat equity
+performance & flows
+equity performance &
+flows
+performance & flows
+performance & flows /
+Weaker equity
+performance & flows
+Source: BofA Merrill Lynch Global Research
+Active vs passive outlook -...

extracted/summaries/house-oversight-nov/14/house-oversight-014320.txt

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+Nobody sees lower M&A activity in 2017 vs 2016. Chart 8: How will 2017 asset management M&A activity (# of deals) be versus 2016?
+60%
+56%
+50% -
+40% -
+32%
+30%-
+20% -
+12%
+10% -
+0%
+0%
+Increase modestly
+Increase
+Be stagnant
+significantly
+Decrease
+modestly
+0%
+Decrease
+significantly
+Source: BofA Merrill Lynch Global Research
+Pricing/fee structure in retail seems to have more of a following
+Given some underperformance of active managers, some scrutiny around fees, as well
+as fee pressure from passive,...

extracted/summaries/house-oversight-nov/14/house-oversight-014321.txt

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+Alternative Asset Manager Takeaways
+Within alternative asset management, four of the public managers, ARES, BX, CG, and
+KKR presented, while the others did meetings. Investors bullish on the equity markets
+Our polling results indicate that investors are generally positive on equity market returns
+over the next year. When asked "What is your expectation for equity market returns over
+the next year?" the most common response was +0-10% (51%), followed by 10%+
+(25%), 0 to - 10% (15%), and <- 10%...

extracted/summaries/house-oversight-nov/14/house-oversight-014322.txt

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+Chart 11: Where do you think we are in the overall Real Estate cycle?
+60%
+57%
+50% -
+42%
+40% -
+30% -
+20% -
+10% -
+1%
+0% +
+Early innings with limited areas Middle innings with a few
+Late innings with growing areas
+of concern
+pockets of concern
+of concern
+Source: BofA Merrill Lynch Global Research
+Investors like the growth, superior performance, & distributions
+When asked "What is the most attractive aspect of investing in an alternative asset
+manager?" investors like both attractive growth &...

extracted/summaries/house-oversight-nov/14/house-oversight-014323.txt

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+Chart 13: Where do you think distributions for the industry will be in 2017 vs. 2016?
+40%
+37%
+37%
+35% -
+30%
+25% -
+20%
+21%
+15% -
+10% -
+5%
+5% -
+0% +
+Roughly flat
+Source: BofA Merrill Lynch Global Research
+Up 5-15%
+0%
+Up 15%+
+Down 5-15%
+Down 15%+
+Election results could have far reaching impacts for the sector
+When asked "What is the most likely impact from the election results on the alternative
+asset managers?" investors were fairly mixed in their responses, indicating to us that
+investors expect...

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+US Banks Top Takeaways
+Associated Bancorp (ASB) B-3-7, Underperform
+• A strong Midwest market should lead to steady growth: ASB's CEO Phillip Flynn
+and CFO Chris Niles highlighted the strong fundamentals of the bank's Midwest
+footprint with its low unemployment and a strong manufacturing base. While
+commenting on the potential for relief coming out of DC under the new Trump
+administration, management noted that shortage of skilled workers was probably
+the biggest issue impeding businesses in...

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+Chart 15: Would you want to see ASB partner with emerging online lenders to augment organic
+growth?
+70%
+60%
+50%
+40%
+30%
+20%
+10%
+0%
+Yes, partnership with online lenders provides a
+No, given the uncertainty around how these
+good source of loan growth
+loans will perform during a credit downturn
+Source: BofA Merrill Lynch Global Research
+BB&T (BBT), B-1-7, Buy
+Pent up demand in small and middle market corporates. COO Chris Henson was
+upbeat with regards to the growth outlook for the US economy post...

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+Potential for regulatory relief requires BBT to reevaluate risk/compliance
+spending. Management noted that 75-80% of its infrastructure budget is based
+around risk management and regulatory costs. Given the possibility of regulatory
+relief coming out of the new administration, management noted that it does not
+want to misallocate its expense spending. Chart 18: What do you think is the biggest catalyst for BBT shares over the next 12-24...

extracted/summaries/house-oversight-nov/14/house-oversight-014327.txt

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+Management acknowledged positive trends coming out
+of a future Trump administration, with one being the positive benefit from higher
+rates. With a December rate hike likely on the horizon, CFO Kent Lucien reminded
+investors that a 25 bp rate increase would benefit NIl marginally ($1.5mn on an
+annual basis), but as the 10yr continues to rally, spread income will benefit more
+significantly. A 100 bp increase contributes to a 5.2% increase in NIl on an annual
+•Continued focus on expenses. While...

extracted/summaries/house-oversight-nov/14/house-oversight-014328.txt

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+Chart 20: With regard to capital deployment, what would you like management to focus on?
+70%
+60%
+50%
+40% •
+30% -
+20%
+10% -
+0%
+57%
+Increase dividend payout
+Source: BofA Merrill Lynch Global Research
+29%
+14%
+Increase the pace of share
+Continue with current capital
+buybacks
+management strategy
+Capital Bank Financial (CBF), C-1-7, Buy
+Investor expectations for CBF to achieve its ROA target increased YoY. Of the
+audience polled, 75% believe CBF to achieve its 1.1% ROA by YE17. CEO Gene Taylor...

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+Interestingly, investor sentiment
+around CBF's positioning within the M&A market shifted, 75% of respondents
+believing the pro forma institution is better positioned to act as an acquirer. (Note
+last year, 55% of respondents believed CBF would be a takeout candidate in the
+medium term. Chart 23: Do you think the pace of M&A activity will pick-up significantly
+in 2017 vs. 2016?
+90%
+80%
+80%
+70%
+60%
+50%
+40%
+30%
+20%
+20%
+10%
+0%
+Chart 24: Does the acquisition of CommunityOne better position CBF as
+an...

extracted/summaries/house-oversight-nov/14/house-oversight-014330.txt

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+We note that when asked where is C's biggest
+opportunity to take global market share within ICG, 47% of those polled said the
+biggest opportunity lied within the Equities business. Gust 25: Where do you think 's bigest portunity is to take global market share within its l6.
+50%
+47%
+45%
+40%
+35%
+31%
+30%
+25%
+22%
+20%
+15%
+10% -
+5% -
+0%
+Fixed income markets
+Equity markets
+Banking (Treasury & Trade
+Solutions, advisory, ECM,
+DCM)
+Source: BofA Merrill Lynch Global Research
+• Lower regulatory constraints...

extracted/summaries/house-oversight-nov/14/house-oversight-014331.txt

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+Chart 27: Where do you see Citicorp's efficiency ratio settling in 2017?
+80%
+70%
+60%
+50%
+40%
+30%
+20%
+10%
+0%
+71%
+21%
+9%
+Below the 58% reported TD in In line wiTh in% reported Above the S% reported TO
+Source: BoFA Merrill Lynch Global Research
+East West Bancorp (EWBC), B-1-7, Buy
+• Sentiment post-election appears constructive on regulatory relief. CEO
+Dominick Ng noted that the industry could be positively impacted should aspects of
+Dodd-Frank, which have been both challenging and taken up...

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+While EWBC isn't opposed to using excess capital for an
+acquisition (depending on the market landscape), Mr. First Hawaiian (FHB), C-2-7, Neutral
+• Positive outlook around the Hawaiian economy. Chairman and CEO Robert
+Harrison and CFO/Treasurer Michael Ching were optimistic with regards to the
+outlook for the Hawaiian economy, particularly around tourism trends. While the
+recent strength of the dollar could impact the inflow of foreign tourists (with Japan
+and Canada the key foreign markets for...

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+Chart 29: What is the single biggest factor that would prevent you from buying or increasing
+exposure to FHB?
+45%
+40%
+40%
+33%
+35%
+30%
+27%
+25% -
+20%
+15%
+10% -
+5%
+0%
++
+FHB's premium valuation
+Exposure to the auto sector
+Liquidity overhang tied to a
+single large shareholder (BNP
+owns 82% of shares o/s)
+Source: BofA Merrill Lynch Global Research
+Chart 30: What would you like management to prioritize in 2017?
+40%
+35%
+30%
+25%
+20%
+15%
+10%
+5%
+0%
+38%
+31%
+25%
+6%
+Managing core
+expense growth to
+under...

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+CRE market across its footprint it noted some caution around the health of the
+market in Denver. Chart 31: What is the primary reason keeping you from buying/increasing exposure in GWB?
+40%
+38%
+38%
+35%
+30%
+25%
+25%
+20%
+15%
+10%
+5%
+0%
+T
+Ag exposure, as the weakness Stock valuation, see better Cautious commentary around
+in the farm sector increases
+risk/reward elsewhere
+loan growth during 3Q16
+credit risk
+earnings
+Source: BofA Merrill Lynch Global Research
+• Ag portfolio offers unique opportunity,...

extracted/summaries/house-oversight-nov/14/house-oversight-014335.txt

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+• Ready for M&A: While a depressed valuation (due to the volatility surrounding oil
+prices) had kept IBKC out of M&A, given the recovery in valuation it noted its desire
+to pursue potential deals across its footprint. Rate increase to boost the margin: In terms of its interest rate sensitivity,
+management noted that it retains an asset sensitive balance sheet, with a potential
+25 basis point move in the Fed Funds rate expected to add 5c to quarterly EPS. Chart 32: What is the biggest factor...

extracted/summaries/house-oversight-nov/14/house-oversight-014336.txt

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+Chart 33: As a current or prospective JPM shareholder, what do you think is most important for the
+stock to continue its outperformance next year?
+70%
+60%
+62%
+50%
+40%
+30%
+20%
+14%
+14%
+10%
+10%
+0%
+Top-line revenue
+growth
+0%
+Continued
+expense
+management
+Positive shift in the
+interest rate
+backdrop
+Accelerating
+capital return
+More clarity on
+regulatory and/or
+litigation issues
+facing the industry
+Source: BofA Merrill Lynch Global Research
+• JPM cautious on CRE; however, overall credit remains...

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+Chart 35: What is the biggest risk that prevents you from owning/increasing exposure to
+NYCB?
+60%
+53%
+50%
+41%
+40%
+30%
+20% -
+10% -
+0%
+Uncertainty tied with the
+Astoria acquisition
+6%
+T
+Overhang from a softening in Liability sensitive balance sheet
+the NYC multifamily space that could see pressure on the
+margin from rising interest
+Source: BofA Merrill Lynch Global Research
+• Regulatory relief would be meaningful for NYCB: Given that the prolonged
+timeline for gaining regulatory approval for the...

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+That said,
+management noted that it was very likely that potential pro-growth measures taken
+by the incoming Trump administration could push out any downturn, as in the short
+run the economy would witness stronger growth. Chart 36: How do you view fundamentals for multifamily lending in 2017?
+60%
+50%
+50%
+40%
+28%
+30%
+20%
+11%
+10% •
+0%
+No concern
+11%
+0%
+Softening
+Softening
+Softening
+Some concern, but
+fundamentals
+fundamentals
+fundamentals
+only in certain
+should lead to
+should lead to
+should lead...

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+Chart 38: How do you view the impact of new online lending startups on the banking
+industry?
+60%
+54%
+50%
+38%
+40%
+30%
+20%
+10% •
+8%
+0% +
+A revenue growth opportunity Potential disruptors that will Online lending start ups don't
+as banks partner with these likely take market share away offer anything proprietary
+new players
+from traditional lenders
+Source: BofA Merrill Lynch Global Research
+• Possible tailwind from regulation: Management at Regions noted that while it is
+still uncertain how the...

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+income segment) have not changed despite the headlines surrounding a softening
+in the multifamily space.
+• Hiring bankers, even as team hiring on pause: On the hiring front, management
+noted that although it does not expect to hire teams heading into year-end, it is
+continuing to hire individual bankers (recently hired 4 to 5 lenders). Management does not expect to hire
+additional CRE lenders.
+• Easing in regulatory environment could provide some relief on expense growth:
+With regard to the...

extracted/summaries/house-oversight-nov/14/house-oversight-014341.txt

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+Chart 39: How do you view fundamentals for multifamily lending in 2017?
+30%
+25%
+20%
+15%
+10% •
+5%
+0%
+27%
+27%
+13%
+27%
+7%
+Softening
+Softening
+Softening
+Some concern, but
+fundamentals
+fundamentals
+fundamentals
+only in certain
+should lead to
+should lead to
+should lead to
+regions and at
+slower financing
+worsening credit slower financing certain rental price
+activity next year
+metrics
+activing and
+points
+worsening credit
+metrics
+No concern
+Source: BofA Merrill Lynch Global Research
+• Confident past...

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+Chief Credit Officer Kevin Howard noted
+expectations for net charge-offs to naturally tick up as recoveries become less of a
+benefit and some seasoning in the loan portfolio. Management reiterated its intent to continue to deploy excess capital. Although SNV will disclose a more detailed capital plan in January, management
+expects to continue deploying excess capital via buybacks, M&A and/or organic
+growth. Chart 41: What would you like to see management do with its excess...

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+Chart 42: How do you view SNV's partnerships with online lenders (SoFi/GreenSky)?
+57%
+70%
+60%
+50%
+40%
+30%
+20%
+10%
+0%
+43%
+Positively. Creates another
+avenue for loan growth
+0%
+Cautiously. The exposure is
+loans will perform during a
+relatively small so does not
+credit downturn
+matter either ways
+Source: BofA Merrill Lynch Global Research
+Texas Capital Bancshares (TCBI) C-2-9, Neutral
+• Upbeat on business outlook: TCBI's President & CEO Keith Cargill, CFO & COO
+Peter Bartholow, CAO Julie Anderson,...

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+Chart 44: Where do you see TCBI's provisioning in 2017 relative to 2016?
+47%
+50%
+45%
+40%
+35%
+30%
+25% -
+20% -
+15% -
+10%
+5%
+0%
+37%
+16%
+Lower, given the stabilization Flat-to-higher, given credit Uncertain, as volatility in oil
+in oil prices which should lead normalization in the rest of the
+prices could lead to an
+to reserve reversals
+book
+elevated level of provisioning
+Source: BofA Merrill Lynch Global Research
+• Mortgage growth to continue despite a downshift in activity: Management...

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+• Continued investments in regulatory costs despite potential regulatory relief. On the topic of regulation, management noted that it is still too early to know what
+type of regulatory relief banks of USB's size may receive so management has not
+slowed down any of its investments in regulatory costs.
+• Long term 13.5- 16.5% ROE target unchanged. Risk management compliance expenses sustaining at this level. In terms of its P2P initiative with Zelle,
+Davis was optimistic around its growth.
+• In...

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+Chart 46: What do you consider to be the most important catalyst for USB in 2017?
+50%
+45%
+40%
+35%
+30%
+25%
+20%
+15%
+10%
+5% -
+0%
+43%
+43%
+14%
+0%
+Sustained operating
+Further acceleration of Using excess capital
+Rising interest rates
+leverage, regardless of
+capital return
+and strong currency to
+rate backdrop
+engage in non-
+depository deals
+Source: BofA Merrill Lynch Global Research
+Wells Fargo & Co (WFC), B-1-7, Buy
+• WFC sees modestly better benefit from steepening yield curve vs parallel shift....

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+That said, Mr Blinde assured investors that WFC will continue to focus on deposit
+growth (66% of total funding) even as its long-term debt needs continue. Blinde
+noted that potential changes to the annual stress test process, as proposed by Gov. Chart 49: What do you think is the biggest catalyst for WFC shares over the next 12-24 months?
+35%
+31%
+30%
+24%
+25%
+20%
+21%
+14%
+15% -
+10%
+10% -
+5%
+0%
+Better clarity
+Delivering clean Achieving solid Renewed focus on
+Accelerating
+around the full
+and...

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+That said, following the results of the election, and
+assuming the new administration can create fiscal stimulus, management sounded
+optimistic around growth prospects in C&l (10% ex-energy YoY), owner-occupied,
+etc.
+• Energy portfolio performing in-line with expectations. Management reaffirmed
+the >8% allowance on its energy portfolio ($2.3mn or 5% of total loans) remains
+sufficient to cover future losses. However, continued stress in its oilfield services
+portfolio (26% of portfolio) remains...

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+Chart 52: What do you consider as the single most important catalyst for ZION shares in 2017?
+35%
+30%
+25%
+20%
+15%
+10% -
+5% -
+0%
+14%
+29%
+21%
+21%
+14%
+Greater comfort
+More aggressive Stronger revenue
+Continued
+around potential
+capital return to growth regardless expense savings
+energy losses
+shareholders
+of what happens
+to achieve an
+to interest rates
+efficiency ratio in
+the low 60%s for
+FY17
+Source: BofA Merrill Lynch Global Research
+Chart 53: Compared to this year's CCAR capital ask which...

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+Chart 55: What would get you more interested in investing in GS stock?
+60%
+50%
+40% -
+30% -
+20% -
+10% -
+0%
+51%
+34%
+10%
+5%
+A stronger revenue Normalizing regulations
+backdrop
+and ability to return
+more capital
+Investing to drive
+improving returns
+Additional expense
+reductions
+Source: BofA Merrill Lynch Global Research
+• Management focused the presentation on Marcus, Goldman's new consumer
+lending effort. This venture has significant potential with an unsecured consumer
+loan target market of $850B...

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+Chart 56: What would get you more interested in investing in IVZ stock?
+60%
+50%
+48%
+40% •
+30% -
+20% -
+10% -
+0%
+38%
+10%
+5%
+Consistent above A more favorable
+Less regulation for
+More operating
+average organic
+market backdrop
+the industry
+leverage
+growth
+Source: BofA Merrill Lynch Global Research
+0%
+Longer term FX
+hedges
+• IVZ is confident it can achieve its 3-5% organic growth rate driven by three main
+pillars. Lastly, IVZ sees opportunity in its institutional
+channel, particularly in Asia which...

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+Chart 57: What would get you more interested in investing in EV stock?
+40%
+38%
+35% -
+30%
+25% -
+20% -
+15%
+10% -
+5%
+31%
+-23%
+0%
+8%
+Stronger high-fee flows
+and a favorable fee rate
+Source: BofA Merrill Lynch Global Research
+ETMFs taking off
+Increased capital return
+Positive operating
+leverage aiding the margin
+• EV disclosed their F4Q AUM which was $336.4B up modestly from $334.4B at the
+end of its prior quarter as modest market losses were offset by inflows which were
+also disclosed by EV. EV...

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+Legg Mason (LM), C-1-7, Buy
+• Presenting from LM was Joe Sullivan, Chairman & CEO, and Alan Magleby, Head of
+IR. Nobody said
+that a stronger balance sheet or more affiliate deals would get them more excited
+about LM's stock. Chart 58: What would get you more interested in investing in LM stock?
+90%
+82%
+80%
+70%
+60%
+50%
+40%
+30%
+20% -
+12%
+10%
+6%
+0%
+0%
+0%
+The absence of deal
+noise
+Operating leverage and
+higher margins
+A stronger balance
+sheet
+More affiliate deals
+Stronger organic
+growth, notably...

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+LM feels its strong positioning in global
+distribution and product sets bodes well to perform in a new fiduciary world.
+• Additionally, a lower potential U.S. corporate tax rate will not change its cash tax
+rate which is likely to be 6-7% through 2021 and in the mid-teens through 2025
+after that. However, it would impact GAAP EPS and a lower corporate tax rate
+would lower the value of LM's DTA. AB (AB), B-1-8, Buy
+•
+Presenting from AB was Peter Kraus, Chairman & CEO. Chart 59: What would get...

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+Peter Kraus commented that there is a very strong philosophical argument
+for the regulators to approve new fee structures which would allow investors to pay
+a low beta fee and a higher performance fee for alpha generated (while it exists in
+Europe, a similar structure is not available in the U.S.). Alternative Asset Manager Top Takeaways
+Ares Management (ARES), C-2-7, Neutral
+•
+Michael Arougheti, Co-founder and President, presented for Ares. Chart 60: What would get you more interested in...

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+Gray also thinks that concerns over the commercial real estate market
+may be overdone.
+•
+When asked "What would get you more interested in investing in BX stock?" the
+most common response was a market pullback (30%), followed by comfort on the
+direction of the real estate market (25%), rising returns and visibility on
+distributions (21%), and a more simplified structure (20%), while fundraising and
+margin improvement were less important (4%). Chart 61: What would get you more interested in...

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+Carlyle Group (CG), C-2-8, Neutral
+• Glenn Youngkin, President and Chief Operating Officer, presented for CG. Youngkin is positive on the economic/market backdrop and on CG's ability to
+generate cash carry relatively consistently over time given the firm's diversity of
+• When asked "What would get you more interested in investing in CG stock?" most
+investors would like to see an increased float and reduced complexity (40%),
+followed closely by rising fee related earnings (30%). Chart 62: What...

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+KKR & Co (KKR), C-1-8, Buy
+• Bill Janetschek, Chief Financial Officer, presented for KKR. Janetschek
+believes that KKR's balance sheet gives them the ability to take advantage of
+market dislocations, sees opportunities to grow in certain areas (e.g. infrastructure
+and real estate), and noted that they don't need to grow the headcount to bring on
+• When asked "What would get you more interested in investing in KKR stock?" the
+most common response was a market pullback for better...

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+Specialty Finance
+American Express Company (AXP), B-2-7, Neutral
+•
+Presenting from American Express Company was Mr. Jeff Campbell, Chief Financial
+Officer. AXP did express caution on near-term Discount rate pressures
+and FX headwinds.
+•
+When asked what would be a key factor to increase / initiate a position in AXP, 53%
+of the audience said they would like to see better visibility in AXP's core growth. Chart 64: What would be a key factor for you to increase / initiate a position in American...

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+Conference Panels Top Takeaways
+Contact your BofA sales representative for additional information. Blockchain: Potential Transformation of Financial Markets
+With Blockchain one of the most talked about potential disruption in financial services
+and 71% polled noting that blockchain is a significant opportunity for financial service
+firms, we thought it was timely to host a panel on the potential impact of Blockchain on
+financial markets that included Co-founder & COO of R3 Todd McDonald and CEO...

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+Chart 67: How knowledgeable are you with blockchain technology?
+60%
+50%
+40% -
+30% -
+20% -
+10% -
+0%
+50%
+34%
+16%
+Very knowledgeable
+Source: BoFA Merrill Lynch Global Research
+Moderately knowledgeable
+Not at all knowledgeable
+Chart 68: After this panel, how do you feel about the applicability of
+blockchain technology in financial services?
+80%
+71%
+70%
+60%
+50%
+40%
+30%
+20%
+14%
+14%
+10%
+0%
+A significant
+opportunity for
+financial service firms
+Source: BofA Merrill Lynch Global Research
+A modest...

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+Chart 70: What is the primary challenge related to the new clearing rules?
+60%
+50%
+50%
+45%
+40% -
+30%
+20% -
+10%
+2%
+2%
+0%
++
+The rising cost,
+The complexity around The lack of dealers
+particularly in the
+infrastructure and offering the capabilities
+amount of collateral
+different country rules given their challenges
+required
+Source: BofA Merrill Lynch Global Research
+None
+•
+Panel participants believe that the election/shift in regulatory outlook might lead to
+a slowdown of products being added to...

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+Equity Market Structure: Simplifying the Complex
+• Guest speakers in this panel included Anthony Barchetto (EVP, Head of Corporate
+Development, BATS Global Markets, Inc.), Jamil Nazarali (Head of Execution
+Services, Citadel Securities Inc.), Eric Stockland (Chief Strategy Officer, IEX Corp.)
+and Pankil Patel (Managing Director, Electronic Sales, BofA Merrill Lynch).
+• Panel members had a spirited debate regarding the current market structure pros
+and cons, rebates, off-exchange trading,...