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Your Asset Register Is the Reason Allied Data Sharing Fails

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Medical implants and similar procedures have created a new paradigm for healthcare for those suffering from deficits. It allows you to regain function and receive an improved quality of life. These implants, from orthopedic devices to vascular stents, are deliberately constructed to become part of the human body. 

Parts for brand new equipment already match an item sitting in the catalogue more than 30 percent of the time in the United States.

In Canada and many other NATO nations the figure is closer to 60 percent, according to the NATO Group of National Directors on Codification (AC/135). Those are not new items. They are existing items being re-catalogued under a second identity because nobody could find the first one.

That statistic is an asset data quality measurement wearing a procurement costume. In a majority of cases in some nations, the register was not searchable enough to tell a cataloguer that the item already existed. Every one of those duplicates becomes a permanent obstacle to sharing data with anyone else.

Defence organisations spend heavily on systems meant to make asset data shareable across national boundaries. The systems are rarely the constraint. The register they are pointed at usually is.

What dirty asset data looks like in a defence register

Data quality problems in asset registers are specific and recognisable. They are not vague “poor data hygiene”. They are four defects that recur across almost every large estate.

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Duplication. The same physical item held under two or more identities. It happens when a part number is entered with different punctuation, when a supplier changes its own numbering, when two units catalogue the same item independently or when a transfer brings two registers together without reconciliation.

Incomplete records. An entry with a description but no manufacturer. A serial number with no NSN. An asset with a location field that says “in use”. Incomplete records fail any automated match with a partner nation’s data.

Free-text descriptions. “Pump, hyd, 3in” and “Hydraulic pump 3 inch” describe the same object and match nothing. Structured description standards exist precisely because free text does not survive machine comparison.

Orphan records. Assets in the register with no physical counterpart. Physical assets with no register entry. Both are visibility failures. The first inflates holdings and delays procurement decisions. The second means the item is invisible to planning until someone trips over it.

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The UK National Audit Office described the consequences plainly in its September 2023 report on defence inventory management. The Ministry of Defence held an inventory portfolio valued at £11.8 billion covering around 520,000 inventory types and around 460 million individual items, spent £1.5 billion on inventory in 2022-23 and held more than 105,500 cubic metres of unfit inventory in central warehouses. Two of its core inventory systems were nearly 40 years old. The NAO concluded that inventory data had limitations undermining the department’s ability to make effective decisions.

Why cleansing has to come before interoperability

There is a sequencing rule that most programmes learn the expensive way: cleanse first, then mark, then integrate.

Marking a dirty register makes the defects permanent and machine-readable. If two duplicate entries each get a Unique Item Identifier, the duplication is now stamped into metal and loaded into a registry. Undoing it later means physically locating both assets, verifying which record is correct, retiring one identity and re-marking one item. That is a field operation, not a database update.

Integrating a dirty register makes the defects visible to your partners. Data exchange with an allied nation exposes every inconsistency at once, usually during an exercise or an operation when nobody has time to arbitrate.

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The sequence works because each step depends on the one before it. Cleansing produces one true record per item. Marking binds that record to a physical asset with a durable identifier. Integration then has something reliable to exchange. Camcode Global’s published work on NATO interoperability documents this combination of unique identification and data cleansing as the foundation for asset data that partner nations can act on.

How to cleanse a defence asset register

The work is methodical rather than clever. Six stages cover most estates.

  1. Extract and profile. Pull the full register and measure it before changing anything. Count records, null rates per field, distinct value counts and description length distributions. Profiling tells you which defects you actually have rather than which ones you assume.
  2. Normalise. Standardise formats before attempting any matching. Part number punctuation, case, leading zeros, unit of measure, manufacturer name variants. A large share of apparent duplicates resolve at this stage without any judgement calls.
  3. Match and deduplicate. Compare records on manufacturer plus part number, then on structured description attributes, then on NSN where present. Flag probable matches for human review rather than auto-merging. Merging two genuinely different records is harder to reverse than leaving two duplicates in place.
  4. Enrich against authoritative catalogues. Resolve items to NSNs using the NATO catalogue where the item is codified. The NATO codification material puts around 16 million items in the system, with 7 million active items in the United States central catalogue alone, so most common defence items already have an agreed identity waiting to be applied.
  5. Structure the descriptions. Replace free text with attribute-value pairs against a recognised description standard. This is what makes the register searchable. Searchability is what prevents the next generation of duplicates.
  6. Reconcile to the physical estate. Walk the sites. Confirm that register entries have physical counterparts and that physical assets have entries. This is the stage most often cut for cost. It is the stage that finds the orphans.

Keeping the register clean afterwards

A cleansed register decays unless the intake process changes. Three controls hold the line.

Search before create. A cataloguer creating a new item record must be shown probable matches before the record can be saved. The 30 to 60 percent duplication figures in the NATO material exist because this control is missing or easy to skip.

Identity at the point of receipt. Items should carry a machine-readable identity when they arrive rather than acquiring one later. A scan at goods-in that resolves to an existing record is the cheapest deduplication control available.

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Durable physical marks. A register stays synchronised with reality only if the physical identifier survives. Printed labels and adhesive media fail under fuel, salt, abrasion and UV exposure. When a mark is lost, the asset either re-enters the register as a new item or becomes an orphan. Photosensitive anodised aluminium and laser-etched metal plates are specified for this reason on assets with long service lives in harsh environments.

What it costs to skip this

The costs are indirect, which is why they get tolerated for years.

Duplicate procurement. Buying an item that is already held. The NATO codification material notes that private sector organisations adopting standard identification methods cut inventory by as much as 50 percent, with individual cases showing reductions of 75 million and 97 million US dollars.

Sustainment cost growth. The US Government Accountability Office reported in February 2024 that operating and support costs account for about 70 percent of a weapon system’s total life-cycle cost. Seven of the 16 systems it assessed for fiscal year 2022 had critical operating and support cost growth. Sustainment decisions are made from asset records. Unreliable records produce cautious decisions, which in sustainment means higher stock and earlier replacement.

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Failed data exchange. This is where dirty data stops being an internal inefficiency. NATO’s reporting on multinational capability cooperation lists 26 participating countries in the Multinational Ammunition Warehousing Initiative and 24 in Land Battle Decisive Munitions. Pooled arrangements at that scale need every participating nation to describe stored items identically. One dirty register degrades the shared picture for everyone in the pool.

Wasted investment in new systems. Replacing an inventory system without cleansing the data migrates every defect into a more expensive environment.

The timing argument is straightforward. NATO reports that European Allies and Canada spent more than 571 billion US dollars on defence in 2025 in 2021 prices, over 90 billion more than the previous year, against a Hague Summit commitment to reach 5 percent of GDP by 2035. Registers that already struggle are about to absorb a large volume of new equipment. Cleansing a register of 520,000 item types is difficult. Cleansing it after another procurement cycle is harder.

Frequently asked questions

How long does an asset data cleansing project take? Profiling and normalisation move quickly. The stages that set the timeline are human review of probable duplicate matches and physical reconciliation across sites. Estate size and site count matter more than record count.

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Do we cleanse before or after marking assets? Before. Marking a dirty register commits its defects to physical metal and to a registry. Unwinding that requires field work rather than a data fix.

Does codifying to NSNs solve the problem on its own? It solves classification. It does not solve instance-level traceability, which requires a unique item identifier under STANAG 2290 or an equivalent national standard.

What is the single highest-value control to add? A mandatory search-before-create step at the point of cataloguing. It is inexpensive to implement and it addresses the defect that generates most of the others.

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Trump Accounts can fight socialism on college campuses, official says

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US reverses 5-year economic freedom decline with largest increase since 2001

Trump administration official is touting the recently launched Trump Accounts as a means to boost young Americans’ financial literacy and appreciation for capitalism by giving them experience that draws them away from “poisonous ideologies” such as socialism.

Comptroller of the Currency Jonathan Gould spoke at a planning meeting for the Financial Literacy and Education Commission on Tuesday and said in remarks reviewed exclusively by FOX Business that Trump Accounts can help Americans understand how the financial system and markets work, showing the benefits of capitalism.

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“When Americans understand how our financial system works, they are better equipped to save for the future, protect themselves from fraud, and fully participate in the greatest economy in the world,” he said. “For Americans to believe in capitalism, they need the opportunity to participate in it.”

U.S. President Donald Trump arrives on stage before delivering remarks during the Treasury Department's Trump Accounts Summit at Andrew W. Mellon Auditorium on January 28, 2026 in Washington, DC.

Trump Accounts officially launched earlier this month. (Win McNamee/Getty Images)

“If financial illiteracy leads to socialism and other poisonous ideologies proliferating on college campuses and in certain cities, Trump Accounts can be the antidote, minting a generation of capitalists who believe in America, build wealth, invest in their communities, and own a share in our nation’s economic success,” Gould added.

WHAT ARE THE INVESTMENT OPTIONS FOR TRUMP ACCOUNTS?

Trump Accounts were created by the One Big Beautiful Bill Act last year and were formally launched on July 4. 

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The initiative creates tax-advantaged investment savings accounts for eligible children, with those born between 2025 and 2028 given $1,000 in seed money from the federal government. Parents and guardians may contribute up to $5,000 per year to the accounts belonging to their children, while a parent’s employer can contribute up to $2,500 annually without impacting the employee’s taxable income.

People outside the New York Stock Exchange.

Pedestrians walk past an American flag displayed outside of the New York Stock Exchange (NYSE) in New York, U.S., on Sept. 12, 2016. (Michael Nagle/Bloomberg via Getty Images)

Funds in Trump Accounts may be invested into low-cost index funds with broad, diversified exposure to the U.S. stock market

Over time, proponents of Trump Accounts note that strategy could yield significant returns for Trump Account beneficiaries based on the historical performance of the U.S. stock market.

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An analysis by the White House’s Council of Economic Advisors (CEA) found that based on historical average returns on the U.S. stock market, funds invested in Trump Accounts could grow into a substantial nest egg by the time a child turns 18, depending on how much is contributed over time. The funds could then be used to help pay for education expenses, a down payment on a home, or a jump start on retirement savings.

CEA found that if maximum contributions are made to an account belonging to a child born in 2026, the account balance would reach $303,800 by age 18 and $1,091,900 by age 28 in a medium-returns scenario. 

In a low-returns scenario with maximum contributions, balances would be $187,400 by age 18 and $772,200 by age 28; while in CEA’s high-returns illustration, the balances would be $730,400 by age 18 and $1,904,300 by age 28.

Trump Accounts app

The White House released an app for Trump Accounts. (Trump Accounts / Fox News)

If no contributions are made to a Trump Account belonging to a child born in 2026 beyond the $1,000 seed money from the government, the account balance would reach $5,800 by the time they turn 18, with continued compounding growth taking that total to $18,100 by age 28 in CEA’s medium-returns scenario.

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HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME

Ahead of the program’s official launch, the Treasury Department unveiled the default exchange-traded fund (ETF) that is available to investors now – as well as four other ETF options that will be added to the accounts as alternatives.

The default investment option is the State Street SPDR Portfolio S&P 500 ETF (SPYM), which is a low-cost ETF that tracks the performance of the S&P 500 Index

Treasury explained it provides broad exposure to the U.S. stock market and has a low fee structure that’s well below the expense ratio limit of 0.1% that was established by law.

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Ticker Security Last Change Change %
SPYM STATE STREET® SPDR® PORTFOLIO S&P 500® ETF – USD DIS 86.99 +0.03 +0.03%
IVV ISHARES CORE S&P 500 ETF – USD DIS 742.55 +0.19 +0.03%
VTI VANGUARD TOTAL STOCK MARKET ETF – USD DIS 365.18 +0.38 +0.10%
SPTM STATE STREET® SPDR® PORTFOLIO S&P 1500® COMPOSITE STOCK MARKET ETF – USD DIS 89.87 +0.07 +0.08%
ITOT ISHARES TRUST CORE S&P TOTAL US STOCK MKT 162.10 +0.10 +0.06%

Four other low-cost ETFs that track broad indexes will be added to the Trump Accounts lineup of investment options:

  • iShares Core S&P 500 ETF (IVV)
  • Vanguard Total Stock Market ETF (VTI)
  • State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
  • iShares Core S&P Total U.S. Stock Market ETF (ITOT)

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Treasury indicated at the time of the announcement that it expected the functionality for additional investment options to roll out in the coming months, which would let parents or guardians allocate funds across the additional options.

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Chinese diplomats rally against protectionism at Perth forum

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The political will of China’s mission to decarbonise its economy is “irreversible” in the face of mounting global headwinds against the green transition.

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Tractor Supply to close 75 Petsense stores around the country

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Tractor Supply to close 75 Petsense stores around the country

A major rural lifestyle retailer is closing dozens of pet stores in its portfolio around the country as it reevaluates both its existing footprint and growth plans.

Tractor Supply released its latest earnings report last week and revealed plans to close 75 Petsense locations around the country.

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The company said in its release that as of late June, there were 209 Petsense by Tractor Supply stores across 23 states.

“Following a disciplined review of Petsense, we’ve decided to close approximately 75 underperforming stores. We believe these actions will improve returns, simplify the business, and allow us to direct resources towards higher growth, higher return opportunities,” said CEO Hal Lawton on the earnings call.

A shopper at a pet store

Tractor Supply revealed plans to close 75 Petsense stores around the country. (Spencer Platt/Getty Images)

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Lawton noted that the Petsense locations that are closing were negative four-wall cash flow, meaning that those stores’ sales weren’t enough to cover costs that are local to individual stores, such as rent, labor and inventory.

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Stemming the losses from those locations will allow the company to reinvest funds back into the core of the business, he added.

Lawton also said that after the closures, he thinks the company will “have a very strong, profitable Petsense business,” and that it will work well within the company’s broader pet ecosystem that includes Allivet and VIP Petcare.

Ticker Security Last Change Change %
TSCO TRACTOR SUPPLY CO. 31.80 +0.78 +2.51%

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He also emphasized that the company doesn’t view the changes with Petsense as affecting the reacceleration of pet products within the core Tractor Supply business, which isn’t directly connected to Petsense.

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Tractor Supply CFO Kurt Barton said on the call that the “strategic repositioning of Petsense is expected to create a healthier, more profitable business that better complements our Tractor Supply stores and strengthens our ability to serve pet customers across our integrated pet ecosystem.”

Tractor Supply store

Tractor Supply said that its closure of 75 Petsense locations won’t affect its other pet-oriented initiatives. (Don and Melinda Crawford/UCG/Universal Images Group via Getty Images)

TRACTOR SUPPLY NO LONGER GOING WOKE, ELIMINATES DEI GOALS

Lawton also said that Tractor Supply plans to open dozens of new stores in 2027, though the total number is expected to be approximately 85 to 90 stores as opposed to the company’s previous expectation of opening 100 new stores.

Funds saved from the pared-back store opening plans will be redeployed toward initiatives like remodels under Project Fusion, which aims to improve the performance of Tractor Supply’s existing store base.

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Johnson & Johnson offers to pay $5.5bn to settle baby powder lawsuits

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Lynn Crawford, 71, Susie Matthews, 73, Rose Sulley, 74 and Man Like DeReiss photographed next to a Cardiff bus. DeReiss is stood in the middle of the women with his arms around them.

Johnson & Johnson (J&J) has offered to pay as much as $5.5bn (£4.14bn) to resolve tens of thousands of lawsuits alleging that its baby powder and other products containing talcum cause ovarian cancer.

The proposed landmark settlement aims to close a long-running legal battle that has weighed on the US healthcare giant for years.

J&J has denied that its talc-based products caused cancer and has changed the formula of its widely-used baby powder.

Erik Haas, the firm’s vice president of litigation said on Monday, external that the allegations are “meritless” and that J&J was willing to settle in order to finally resolve the matter.

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J&J said the settlement would cover about 69,000 cases, totalling most of the remaining talc-related claims. The firm will offer up to $3bn next year, with no additional payments due before 2028, it said.

The proposal must be accepted by legal firms representing 95% of the ovarian cancer claims in state and federal courts before it can be finalised, the J&J said.

Haas said in a statement that the company is confident that it would have “ultimately prevailed with further litigation” just as it has in the majority of cases heard in court to date.

He added that the proposed resolution “allows the company to put this matter behind it” and enable J&J to “remain focused on its mission to develop medicines and devices that save lives”.

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Lawsuits against J&J over its talc-based baby powder started as early as 2009.

Earlier in July, a federal court handed the firm a victory by questioning individual plaintiffs’ ability to show that talc was the direct cause of their ovarian cancer.

Talc is a natural mineral made of magnesium, silicon, oxygen and hydrogen, known for its soapy feel and is often used in baby powder.

The company has faced lawsuits from consumers and their survivors who claim J&J’s talc products caused cancer due to contamination with asbestos.

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Talc is mined from the earth and is found in seams close to that of asbestos, which is a material known to cause cancer.

J&J has repeatedly denied the allegations and in its latest announcement said: “Studies show talc is safe, does not contain asbestos and does not cause cancer.”

In 2022, J&J said it would stop making and selling its talc-based baby powder around the world.

The announcement came more than two years after it had ended sales of the product in the US.

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“As part of a worldwide portfolio assessment, we have made the commercial decision to transition to an all cornstarch-based baby powder portfolio,” J&J said at the time.

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Ford joins race to develop next US Army tactical truck

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Ford joins race to develop next US Army tactical truck

Ford Motor Co. is pursuing what could be its biggest military contract in decades as it competes to build a new tactical truck for the U.S. Army.

The automaker has secured a Department of War contract to develop three prototypes based on its F-Series Super Duty pickups, The Wall Street Journal reported Monday.

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The competition comes as the Pentagon taps automakers to replenish and modernize military equipment strained by global conflicts, according to the outlet.

“We are excited to start work on this Army contract and look forward to delivering several incredibly capable vehicle types that demonstrate the value Ford can provide to the Army and soldiers,” a Ford spokesperson told FOX Business in an email.

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The Ford Motor Co. Michigan Assembly plant

The Ford Motor Co. Michigan Assembly plant is pictured in Wayne, Michigan, on March 23, 2020. Ford is pursuing what could be its biggest military contract in decades. (Anthony Lanzilote/Bloomberg via Getty Images)

The spokesperson said Ford’s Super Duty trucks are engineered for “extreme durability” and demanding conditions, making them an “ideal platform” for military use. 

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Ford Pro also offers global service and parts support, along with technology aimed at improving vehicle uptime, the spokesperson noted.

“Ford’s off-the-shelf solutions can deliver unmatched capacity and scale, cutting-edge technologies, and the rugged capabilities that can offer game-changing value and performance and meet the needs of governments and the military in a highly cost-effective way just as we do with our commercial customers,” the spokesperson said.

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Workers assemble Ford vehicles at the Chicago Assembly Plant

Workers assemble Ford vehicles at the Chicago Assembly Plant on June 24, 2019, in Chicago, Illinois. The spokesperson said Ford’s Super Duty trucks are engineered for “extreme durability.” (Scott Olson/Getty Images)

The move puts Ford in the running alongside rival General Motors (GM), which is developing a similar tactical truck.

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GM unveiled its prototype in 2024, and the military has begun field testing it, according to The Wall Street Journal.

In addition to the two automakers, the Army has awarded a prototype contract to BC Customs LLC, a Utah-based off-road vehicle manufacturer, according to The Detroit News.

For Ford, the program could represent its largest military vehicle opportunity since the Cold War, the outlet reported.

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Front view of GM Defense’s Next Gen tactical vehicle

GM Defense’s Next Gen tactical vehicle is shown in an undated company photo. The move puts Ford in the running alongside rival GM, which is developing a similar tactical truck. (General Motors)

In May, Ford said it had been in discussions with governments in North America and Europe about using its commercial vehicles and software to support defense needs.

The company said some governments already use Ford vehicles for military transport and security operations.

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The Department of War referred FOX Business to the U.S. Army, which did not immediately respond to a request for comment.

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Broker earnings stay under pressure in Q1 as derivatives trading slows

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Broker earnings stay under pressure in Q1 as derivatives trading slows
Mumbai: Earnings of most listed brokers remained under pressure in the June quarter as trading activity in equity derivatives slowed and the rally in gold and silver seen in the January-March quarter reversed, weighing on revenue growth.

Among listed brokers, standalone revenue IIFL Capital Services rose 3% in the June quarter from the January-March period. In the case of Billionbrains Garage Ventures (Groww), Angel One and Anand Rathi Share & Stock Brokers, revenue declined 1-4%. In contrast, Motilal Oswal Financial Services‘ revenue surged 88% in the period.

While standalone net profit at Groww and IIFL Capital Services rose 2.5% and 14%, respectively, quarter-on-quarter, Motilal Oswal reported a profit of ₹665 crore after posting a loss of ₹49 crore in the March quarter. Angel One and Anand Rathi Share & Stock Brokers, meanwhile, reported profit declines of 23% and 44%, respectively.

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Shripal Shah, MD & CEO of Kotak Securities, said most brokers have reported softer earnings sequentially due to two key factors.

Diversified Brokers Do Better in an ‘Uneven’ Qtr; Retail Trade HealthyAgencies

changing Earnings mix: IIFL posts modest revenue growth, Groww, Angel One and Anand Rathi see declines, while Motilal Oswal brings in 88% jump in June quarter

“First, Q4 had a high base, driven by the sharp rally in gold and silver, which boosted trading activity and broker earnings, and we have seen that momentum ease in Q1,” he said. “Second, derivatives options premium turnover declined by 4-5%, while retail cash market turnover rose 18-19%, weighing on brokers with higher F&O exposure.”
The June quarter reflected a mixed performance primarily because market activity remained uneven, said Suresh Shukla, Chief Business Officer, Wealth Management, Motilal Oswal Financial Services. “Investor participation continued to be healthy, however trading volumes were volatile largely due to geopolitical issues.”
After the West Asian conflict escalated in March, markets rebounded in April. However, the momentum did not sustain through May and June.
Shukla said firms with diversified revenue streams, including wealth management, distribution and margin trading funding (MTF), were better insulated. Raj Gaikar, research analyst at Samco Securities, said the June quarter earnings reflected a change in the earnings mix rather than a slowdown in demand.

“Year-on-year growth across all players shows retail participation remains healthy,” he said. “The sequential weakness was largely driven by Sebi’s derivatives reforms, expiry rationalisation and tighter position limits, which reduced index options premium turnover.” Stock performance has been mixed so far in 2026. While discount brokers such as Angel One and Groww have gained 29% and 28%, respectively, Motilal Oswal Financial Services was up 3%. IIFL Capital Services and Anand Rathi Share and Stock Brokers have declined 11% and 19%, respectively. The Nifty 50 is down 8.2%, while the Nifty 500 has declined 3.2% in 2026.

THE ROAD AHEAD
Shukla of Motilal Oswal said that the revenue mix is getting healthier in the broking business, especially for full-service brokers. “Businesses such as margin trading funding (MTF), wealth management, mutual fund and insurance distribution have become increasingly important contributors to profitability,” he said.

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Gaikar said that among individual brokers, Angel One saw margins come under pressure due to higher spending on marketing and new businesses, while Groww’s flat topline reflects a mix shift where derivatives income declined off an elevated Q4 base, while MTF, float and commodity derivatives absorbed it, and Anand Rathi’s decline was due to weaker transaction and capital markets income.

“Looking ahead, traditional brokers with stronger cash market exposure are better positioned despite softer derivatives volumes,” said Shah of Kotak. “Additionally, the continued growth of MTF books should support earnings through higher interest income, better brokerage yields than regular cash trades, and increased trading volumes.”

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