Brokers: 3Q20 earnings preview

VN Brokers — 3Q20 preview2

► Rising stock and bond prices signal
strong 3Q20 earnings for the brokers.
► Prop trading results should reflect this.
► Strong retail participation (as reflected in
turnover and new accounts) suggests a
new high for margin lending in 3Q20.
► But fragmentation remains a concern.
The Big 4 brokers posted 34% HOSE
market share in 3Q20, the lowest in our
database.