UBS rates as Neutral (3) - The broker sees 1% EPS upside coming from recent listing fee increases and with volumes as slow as they are, UBS sees more scope to re-think fees. Sure, customers will complain, but market access is a prerequisite for many and a number of associated and relevant fees are still pretty low on a relative basis, says UBS. Higher market activity is what is needed over the longer term, but there are at least some more short term levers to pull, says UBS. There is no change to the Neutral call or $34.30 price target. More
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