We've been tracking every broker/exchange that has reported Q3 and the obvious weak link is pricing. $HOOD continued that today with weak-ish pricing power across options, equities and crypto. When I put all our broker/exchange EPS wraps into Claude, here was the summary: "The pattern across space is decent volume y/y, but weak q/q and deteriorating further. Unit pricing is the weak link. Rates and FX products have the best mix of volume and price, helped by the rate backdrop. Everything driven by retail or micro-sized flow is growing volume but not revenue due to weakening pricing. For both brokers and exchanges, non-trading lines (net interest, market data, solutions, clearing and treasury income) are carrying more of the earnings growth than trading."