The U.S. Securities and Exchange Commission (SEC) announced that it will host a roundtable, scheduled for September 18, 2025, to debate the trade-through prohibitions in the equity and listed options markets of the National Market System (NMS).
Specifically, the discussion will focus on the trade-through ban under Rule 611 of Regulation NMS (Reg NMS). “The NMS Rule and its Rule 611 have not been effective for investors or for brokers, given the market distortion and resulting manipulation by those seeking to exploit the structure of the NMS Rule,” stated Chairman Paul S. Atkins, justifying the agency’s decision to hold the roundtable.
“The Commission must provide the public with the opportunity to weigh in on aspects of our regulations that deserve updating, and I look forward to the input we will receive on various aspects of the direct trading prohibition under Rule 611 as it applies to NMS stocks, and the analogous NMS plan prohibition applicable to listed options,” the official explained.
What Does the Trade-Through Ban Under Rule 611 Consist Of?
The trade-through ban under Rule 611 of Regulation NMS (Reg NMS) is a rule by the U.S. Securities and Exchange Commission designed to protect retail investors and promote fair competition among stock markets.
This rule applies to the National Market System (NMS), which includes the major exchanges where stocks are traded in the U.S., such as the NYSE and Nasdaq.
Rule 611, also known as “the Order Protection Rule,” prohibits an exchange or trading center from executing an order at a price worse than the best price available on another exchange. This phenomenon is known as a trade-through.
Rule 611 is intended to ensure that institutions automatically route orders to where the best available price is. This protects the investor from overpaying (or underselling) when a better offer exists on another market.
According to the SEC, the roundtable will be open to the public and will take place at SEC headquarters, located at 100 F Street, N.E., Washington, D.C., on September 18. The discussion will be streamed live on SEC.gov and a recording will be made available afterward. Information about the agenda and roundtable speakers will be published prior to the event.
In a context of slowing global consumption, growing geopolitical tensions, and imminent trade disputes, High-Net-Worth Individuals (HNWIs) are adjusting their priorities, according to the new 2025 edition of Julius Baer’s Global Wealth and Lifestyle Report.
“Although data collection concluded before the U.S. announced its new tariffs, our findings still indicate a notable shift,” the report states. One of its main conclusions is that, for the first time since its launch, the report has recorded a 2% decrease, based on measurements in U.S. dollars—a surprising development in a segment that has traditionally outpaced average consumer price growth. “While services declined slightly by 0.2%, goods prices dropped by a significant average of 3.4%,” it clarifies.
As Christian Gattiker, Head of Research at Julius Baer, explains, “In light of current events and the uncertainty brought on by trade tensions and tariff escalations, our findings emerged before the truce declared by the Trump administration expires, so next year’s edition of the Wealth and Lifestyle Report will certainly offer relevant and fascinating data from a retrospective viewpoint.”
One of the report’s findings is that the city rankings remain highly competitive. In this regard, Singapore maintains its position as the most expensive city for HNWIs worldwide, followed by London, which rises to second place. Hong Kong rounds out the top three. However, significant movement is observed elsewhere, with Bangkok and Tokyo each climbing six places, and Dubai continuing its upward trajectory.
The EMEA Region
Focusing on the EMEA region (Europe, the Middle East, and Africa), its cities once again stand out, now representing more than half of the global top 10. London leads the region, rising to second place globally, while Monaco and Zurich each move up one position to fourth and fifth place, respectively. Dubai has climbed five spots to seventh, solidifying its position as a serious contender among traditional wealth hubs. Milan and Frankfurt maintained their positions, while Paris dropped slightly in the ranking. Johannesburg remains at the bottom despite some price increases.
“Price developments in EMEA have been moderate overall, with local currency prices stable or even falling in cities like Zurich. The most notable price increase in the region occurred in Paris, where higher travel and accommodation costs led to a 5% year-over-year rise. Private education costs in London also soared, driven by recent legislative changes,” the report explains.
Other Geographic Regions
The report’s authors note with interest that Singapore remains the most expensive city in the world, underlining the ongoing importance of Asia-Pacific. The region recorded only slight price decreases, averaging 1%, making it the most stable of all regions this year. In terms of rankings, Bangkok and Tokyo saw the greatest progress, each climbing six positions to 11th and 17th place, respectively. In contrast, Shanghai dropped from fourth to sixth place.
In Asia-Pacific, spending on goods remains high, though consumer preferences continue to evolve. Notably, technology prices dropped sharply (by 21.4%), while business class airfares increased by 12.6%. The growing wealth of the Asia-Pacific HNWI population, along with rising interest in health, wellness, and experiences, continues to shape spending patterns across the region.
In the Americas, New York remains the highest-ranked city in the region (eighth globally). Miami moved up two spots to 13th, while São Paulo and Mexico City dropped in the rankings.
Price Trends
Another conclusion from the report is that while average prices of goods in U.S. dollars fell in the Americas, the region recorded some of the largest increases in business class flights (+39.3%) and hotel suites (+17.5%). These increases have significantly raised the cost of travel and hospitality, now 41% higher than the global average. Notably, local currency price increases were much steeper in Latin America, with Mexico City and Santiago experiencing rises of up to 16% and 15%, respectively.
In this sense, the 2025 Index reflects diverging trends across categories. The steepest global price drop was seen in technology (-22.6%), driven by falling prices on items like MacBooks. Conversely, business class flights saw the most significant price hike (+18.2%), fueled by changes in airline business models, limited aircraft supply, and sustained demand for premium travel. The cost of private education also rose considerably (+5.1%), especially in London following the British government’s VAT change on private school tuition. Watches experienced a 5.6% increase, reflecting continued demand for exceptional, high-quality models.
There are just four days left before the tariffs imposed by the U.S. come into effect for countries that have not reached a deal. The most recent to do so are the European Union, which has secured a provisional trade agreement under which most of its exports to the U.S. market will be subject to a 15% tariff, and Japan, which agreed to a flat 15% tariff on all its products. Beginning August 1, however, imports from Canada, Brazil, South Korea, Cambodia, and Bangladesh will face tariffs ranging from 25% to 50%.
Experts expect further announcements in the coming days—particularly regarding the preliminary agreement with China, and the ongoing negotiations with India, which have made progress but remain unresolved. Additionally, Mexico, Brazil, Canada, and South Korea still lack comprehensive agreements and may face further tariffs if negotiations don’t conclude soon.
On the recent deals with the EU and Japan, Philippe Waechter, Chief Economist at Ostrum AM, believes both were fighting the same battle: “The tariff is identical (15%), the exception on steel and aluminum remains at 50%, the market opens further to American companies, and Europe commits to investing $600 billion. Japan agreed to $550 million. So far, we don’t have the details on how the investment benefits will be distributed (in Japan’s case, 90% goes to the U.S.). Europeans will also purchase $750 billion worth of energy over the next three years, moving away from climate targets, and will spend heavily on American military equipment.”
According to Waechter, the EU and Japan agreements show that “to remain dependent on the U.S. market, Europeans and Japanese are willing to pay an exorbitant price, justified only by the risk of isolation.” He adds that these tariffs reflect a global cycle long dominated by U.S. consumers. “Once that situation consolidated, increased tariffs began trapping the rest of the world, which now must pay to maintain cyclical momentum.”
Jared Franz, economist at Capital Group, stresses that not all trade barriers are created equal. In this case, he argues that Trump is using tariffs for multiple purposes—the clearest being negotiation. “The U.S. president has made it clear that some tariffs are meant to pressure countries into helping the U.S. meet its political goals, such as fighting illegal immigration and curbing drug trafficking. These may be temporary,” he notes. In contrast, the cases of Europe, Japan, and Mexico are more about rebalancing. “Reciprocal tariffs are aimed at restoring balance with other trading partners and primarily reducing the U.S. trade deficit,” Franz adds.
He concludes, “These motives will heavily influence the long-term tariff landscape. Tariffs used for negotiation will likely be short-lived, while those tied to broader strategic goals could be more permanent.”
One More Agreement, Less Uncertainty
The terms of the EU–U.S. trade deal include a base tariff of 15% on nearly all EU imports, including key sectors like automobiles (currently taxed at 27.5%). Tariffs on EU steel and aluminum remain at 50% for now, though a quota system may replace them. The agreement also involves major spending commitments: the EU will purchase $750 billion worth of oil, gas, nuclear fuel, military equipment, and semiconductors during Trump’s second term. Meanwhile, European companies are expected to invest $600 billion in the U.S. during the same period.
So far, European equity markets have responded with optimism, as the deal reduces uncertainty. “There’s progress in trade negotiations, but risks remain. Investors are closely watching economic data for signals on tariff impacts and potential policy decisions. With tariff talks ongoing and global monetary policy at a turning point, the coming weeks could be pivotal for shaping investor expectations for the rest of 2025,” say analysts at Muzinich & Co.
From a European perspective, another positive factor is that EU goods are now on equal footing with those from similarly developed competitors like Japan and may receive better treatment than many emerging markets that have signed deals with the U.S. in recent weeks. However, if market optimism drives the euro higher, that could become a headwind for the eurozone, warns Gilles Moëc, Chief Economist at AXA IM.
Avoiding the Worst-Case Scenario
According to Apolline Menut, economist at Carmignac, the agreement prevents the worst-case scenario: Trump’s threatened 30% tariffs, chaotic retaliation, and a full-blown trade war. “Europe lacks the strategic economic and technological leverage that China holds over key industrial supply chains. True, U.S. manufacturers rely more on European suppliers of intermediate goods than vice versa, but in an escalating retaliation cycle, Trump could have expanded the fight to include restrictions on energy and digital services—areas where the EU is fully dependent on the U.S.,” she says.
What the EU Loses
Still, Waechter calls it “a sad day” for Europe: “Europe is so afraid of being isolated from the U.S. that the negotiations focused only on goods—not on the broader spectrum of goods and services, which are more balanced in trade terms. This means Europe has forfeited the chance to pursue technological independence. The imbalance in services is largely due to technology. Draghi’s hope of massive investment to close the tech gap with the U.S. is now just a dream. The ability to generate a strong income dynamic has proven a mirage. Income distribution will become a real power struggle within Europe, as the pie won’t grow significantly. It will have to be split among the active and inactive, and even among the active. Social dynamics will be interesting—but also very dangerous.”
Analysts at Ebury acknowledge the negative economic impact but note that greater harm was avoided: “While many details of the agreement still need to be finalized—and tariffs will likely continue to weigh meaningfully on growth—investors are relieved that the worst-case scenario has been averted.”
Felipe Villarroel, portfolio manager at TwentyFour (Vontobel), sees similarities with the deal struck by the U.K.: “This is a suboptimal outcome for the U.S., the EU, and the global economy—but it’s one the economy can likely withstand without catastrophic macro consequences. Experts have already priced in a 10–15% tariff rate. Markets have had time to absorb what this result means for businesses and growth projections. The conclusion seems to be that certain sectors, such as autos, will take a hard hit, while others will suffer indirectly through slower growth—but can keep going,” he says.
European Equities in Focus
On a more positive note, Villarroel highlights that Europe managed to shield some key sectors from harsher tariffs (ranging from 25% to 50% or more): “The agreement lowers auto tariffs (from the 25% under ‘Section 232’ to 15%) and covers both semiconductors (threatened with a 25% tariff due to a pending BIS investigation) and pharmaceuticals (for which Trump floated potential tariffs of up to 200%). It significantly reduces trade policy uncertainty for European supply chains—though the devil is in the details, especially around ambiguous zero-for-zero tariff provisions.”
Lastly, Johanna Kyrklund, Group Chief Investment Officer at Schroders, continues to emphasize that Europe benefits from global investors’ search for diversification in equity portfolios. “We’ve seen strong demand for European assets—both equities and bonds. European stocks have performed well this year, and we still see value. So, I believe Europe has been the main beneficiary of global investors’ diversification push. There’s also been significant interest in European bonds, showing that investors aren’t cutting exposure but diversifying. Meanwhile, the euro has strengthened against the dollar. In fact, we believe there’s still upside in the euro and remain quite positive on European markets,” Kyrklund concludes.
ProShares, a specialist in leveraged and inverse funds and a pioneer in cryptocurrency-linked ETFs, has announced the launch of two exchange-traded funds: the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). SLON aims to double the daily performance of Solana, and UXRP to double that of XRP, two of the largest cryptocurrencies in the world.
“As cryptocurrencies become more widely adopted, investors are turning to platforms like Solana and XRP for exposure to next-generation blockchain technologies,” said ProShares CEO Michael L. Sapir. “SLON and UXRP provide the opportunity to target leveraged exposure to Solana and XRP, allowing investors to overcome the challenges of gaining exposure to these cryptocurrencies.”
ProShares broke ground with the launch of the first U.S. bitcoin-linked ETF (BITO) in October 2021. Since then, it has introduced the first U.S. short bitcoin ETF (BITI); the first U.S. ether performance-oriented ETF (EETH), and the first U.S. short ether ETF (SETH), among other solutions. SLON and UXRP join a range of leveraged cryptocurrency-linked ETFs with over US$1.5 billion in assets under management.
All these exchange-traded funds do not invest directly in cryptocurrencies.
The ETF industry in Europe is growing rapidly, and Euronext aims to be a key player in it: it has advanced plans to launch a unified trading platform for European exchange-traded funds, Euronext ETF Europe.
It will be operational starting in September of this year, initially concentrating the liquidity of Euronext Paris and Euronext Amsterdam; Borsa Italiana (Euronext Milan) will be added in the “medium term.” Funds Society has learned the details surrounding its operation from Aurélien Narminio, head of Indices, ETFs and Securitised Derivatives at Euronext.
Narminio explains that the current situation in Europe means an ETF is listed an average of three and a half times on different exchanges. “There are Euronext-operated listing platforms that are quite significant in the European ETF market: these are the Euronext Amsterdam, Euronext Paris, and Euronext Milan locations,” he says.
Therefore, Narminio continues, although everything is traded in the same data center and through the same firm, teams, market rules, etc., ETF issuers must list multiple times on different Euronext markets in order to distribute a given ETF to all the target end investors, especially retail investors. “This means that, for example, to reach the French retail market, listing in Milan is often not enough, as their brokers operate in isolation for reasons related to post-trade.”
According to the expert, this implies that if a trade is executed on a certain platform, it is settled in a specific infrastructure based on where it was matched. Therefore, “what we are doing with Euronext ETF Europe is creating the conditions so that multiple or cross listings become irrelevant and unnecessary.”
With the launch of Euronext ETF Europe, a single listing on any Euronext platform will be sufficient, with the same price and operating conditions for any investor, regardless of the intermediary. To achieve this, Euronext will ensure that all exchange members trading ETFs are connected to all platforms so they can trade all products seamlessly. It will also ensure that post-trade chains are unified and optimized, thanks to Euronext’s own clearing house (Euronext Clearing) and central securities depository (CSD). Behind this entire operation is the goal of eliminating “one of the problems of the European ETF market: fragmentation.”
This situation “fragments order books and liquidity,” which, according to Narminio, “generates additional costs and inefficiencies between buyers and sellers.” Now, by concentrating all available liquidity at Euronext into a single order book per ETF, “it achieves spread compression and reduces trading costs for investors, while increasing efficiency and transparency.”
Ultimately, the project is an attempt to “radically simplify the market” while creating a “pan-European ETF market.” Moreover, it’s not a project that was designed “in a dark room,” but rather one that clients “have been requesting for a long time.” In fact, Narminio notes that “it’s one of the problems that likely holds back the growth of European ETFs compared to U.S. ones.”
This new platform will be available to both retail and institutional investors, he explains. The goal of the project is that any connected member anywhere in Euronext can access ETFs in the same way, at the same cost, and with the same post-trade configurations. “Obviously, there are nuances due to the numerous technical specificities, but that is essentially the model,” he states, going further to say that with this solution applied to a specific product like ETFs, “we are, in a way, implementing the vision of a single savings and investment union.”
The platform’s operability—whose technical aspects are handled internally by Euronext through its Optiq trading system—is ready for a hypothetical short-term implementation of T+1 settlement. “It’s not a determining factor nor has a significant impact,” he states, explaining that with Euronext ETF Europe, settlement is simplified and the number of instructions in the market is reduced: “it’s a small step in the right direction.”
One of the consequences of the implementation of Euronext ETF Europe is that the number of ETFs listed on Euronext will be streamlined. Narminio explains that they currently have around 4,000 ETFs with a single listing, but admits there are products with double and triple listings. “The idea now is to gradually reduce the number of products with double and triple listings because the model is one listing per product,” he clarifies.
Starting in September, issuers with ETFs listed on multiple Euronext locations will choose which domestic Euronext venue they want to remain listed on. The new platform will then combine liquidity with the other Euronext venues.
At this point, he admits that they are working “closely” with issuers to streamline their portfolios. “We will do it gradually, so everything is properly tested, and we can ensure that client access works correctly,” says the executive, who, although aware that it will be a time-consuming process, is confident that starting in September, it will begin with the major issuers.
Narminio explains that the good thing about the ETF market is that there is significant market concentration; there are dozens of issuers, some of them quite large, with whom they are collaborating because they share interests: “For us, it’s about reducing trading costs and improving ETF trading conditions in Europe. For them, it means improving their distribution by gaining greater leverage through a single listing and lowering access costs to their products for their investors,” he explains, concluding that “this is a major coordinated change at the industry level.”
The Bloomberg Commodity Total Return Index rose 5.5% in the first half of the year, with most of the gains concentrated in just four contracts: gold, silver, copper, and live cattle. Additionally, outside of this index, platinum soared nearly 50%. According to experts, persistent forces such as deglobalization, decarbonization, increased defense spending, dedollarization, demographic shifts, urbanization, and climate change continue to lay the groundwork for a potential commodities bull market.
Kerstin Hottner, head of commodities and portfolio manager at Vontobel, takes a cautious view and considers that we are seeing isolated sectoral movements driven by very specific factors. “We have seen cyclical and geopolitical impulses that have raised the prices of certain assets, but the current dynamics are much more determined by supply and demand, speculative flows, and technical factors. In a global context marked by geopolitical tensions, uncertain monetary policies, and a transitioning economic cycle, I see commodities regaining a central role in investment strategies,” says Hottner.
Precious metals
In this regard, each commodity rally has been explained by specific factors. For example, gold, which has been hitting highs for several weeks, has found an equilibrium point around $3,350/oz. “Although its role as a safe haven asset has slightly weakened due to a lower perception of risk, I still see several catalysts that could push it toward $3,500/oz by year-end. Among them are possible Fed rate cuts, likely starting in September; U.S. fiscal uncertainty tied to the ‘Big Beautiful Bill’ debate; continued central bank purchases (which I estimate at about 1,000 tons annually); and a greater tolerance for the opportunity cost of holding non-yielding gold in the face of rising sovereign risk,” explains Hottner.
From WisdomTree, they point to multiple macroeconomic risks supporting its valuation. Specifically, they cite trade uncertainty, debt trajectory, institutional quality, geopolitical risks, and ambiguous dollar policy.
“After its intraday high of $3,500/oz on April 22, 2025, gold has fluctuated between $3,180 and $3,400/oz. The lower end aligns with the 76.4% Fibonacci retracement level, and while our forecasts suggest a potential short-term break below this level, we anticipate strong support near the 61.8% level ($3,024/oz), paving the way for a rebound. For Q2 2026, we project that gold could reach $3,850/oz based on consensus macroeconomic data. We view the current period as a ‘loading spring’ phase, setting the stage for a strong upward move in gold prices,” says Nitesh Shah, head of commodities and macroeconomic research at WisdomTree.
The Vontobel expert also adds that, unlike gold, both silver and platinum have risen sharply, though more due to investment flows than strong fundamentals. “In the case of silver, the recent surge stems from growth in the solar sector, but there are regulations in China that could slow that momentum. As for platinum, the enthusiasm is fueled by shifting Chinese consumer preferences, although I believe prices may already be overextended,” she adds.
Industrial metals
For Carsten Menke, head of next generation research at Julius Baer, several factors also lie behind the price jump in iron and steel. “With prices significantly above their early summer lows, sentiment in the Chinese iron ore and steel markets appears to have shifted. One reason is the expectation of supply-side reforms in the steel industry, which cannot benefit both markets at the same time, as lower steel production implies reduced iron ore consumption,” says Menke.
It is worth noting that in 2024, China produced over 1 billion tons of steel—more than half of global output—of which it exported nearly 120 million tons, far more than any other country. According to Menke, sentiment in the Chinese iron ore and steel markets seems to have changed in recent weeks. “Prices have risen between 10% and 20% from their early summer lows. Since the structural overcapacity in the steel market is affecting global trade and tariffs, supply-side reforms in China would be essential to restore balance to the global market,” he explains.
Copper also deserves mention, as it climbed back above $10,000 per ton in early July. In this case, Menke suggests what might be attributed to easing trade tensions and reduced recession risk is actually driven solely by tariffs.
“The expectation that the U.S. will impose tariffs on copper imports has caused a sudden increase in U.S. imports. This has turned a balanced market into a tight one. That said, copper will be restocked in the market at some point. We continue to project a market with sufficient supply this year, but we remain concerned about demand prospects due to U.S. importers’ early buying ahead of potential tariffs on China,” Menke concludes.
Oil and industrial metals
Finally, experts point out that oil has been at the center of significant volatility, with conflicts in the Middle East and Ukraine driving brief price spikes, particularly following Israeli attacks on Iranian facilities and direct U.S. involvement.
“For the second half of 2025, I anticipate a bearish scenario with expanding global supply: non-OPEC production continues to grow, with projects in Brazil, Guyana, Angola, the U.S., and Norway, and OPEC+ may reverse some of its cuts, adding 0.5 million barrels per day in September. Moreover, demand this year will be weaker than usual, leading to oversupply after the summer,” says Hottner.
Finally, the expert from Vontobel notes that, on the agricultural front, the first half of the year was relatively calm, but he sees the second half as presenting interesting opportunities and significant risks. “Record corn harvests in the U.S. and Argentina, along with possible trade realignments with China, will be key factors. Toward the end of 2025, the focus will shift to weather conditions in South America and regulatory decisions such as new biodiesel blending mandates under EPA (Environmental Protection Agency) rules in the U.S.,” he concludes.
Man Group, the global alternative investment management firm, has announced that it has reached an agreement to acquire Bardin Hill, a U.S.-based private credit manager with approximately US$3 billion in assets under management.
Headquartered in New York City, Bardin Hill is an opportunistic and high-yield credit manager. Its opportunistic credit platform focuses on investments in special situations and distressed companies, as well as sponsorless direct lending in the United States. Its high-yield credit platform focuses on large-scale syndicated loan CLOs.
Led by a senior team with deep experience and an average industry tenure of 22 years, Bardin Hill has strong expertise in managing credit strategies and serves a sophisticated global client base that includes pension funds, endowments, foundations, insurance companies, and consultants.
Jason Dillow, CEO of Bardin Hill, will remain at the helm of Bardin Hill’s business with the support of his nine partners, including executive committee members Philip Raciti and Jacob Fishelis. Bardin Hill’s investment committee, investment team, and investment processes will remain intact, while Man Group’s global distribution capabilities will enhance the firm’s access to new investors.
The acquisition further strengthens Man Group’s global credit platform, which currently has nearly US$40 billion in assets under management; more than 10 specialized investment teams; and over 100 credit professionals, by adding opportunistic and high-yield credit strategies designed to consistently deliver risk-adjusted returns.
Bardin Hill’s investment capabilities will complement Man Group’s existing private credit offering, which includes direct lending, credit risk sharing, and residential real estate lending strategies. The acquisition also further expands the firm’s presence in the United States, in line with the company’s strategic priority to grow its footprint in North America.
Steven Desmyter, president of Man Group, stated that this acquisition “adds new and important capabilities to our growing credit platform, further broadening and diversifying our offering to clients, in line with the strategy we laid out last year. Following the acquisition of Varagon in 2023, we are excited to be able to offer our clients another high-quality, specialist team with strong credentials, a rigorous and selective investment process, and experience across market cycles. We see real growth potential in both opportunistic and high-yield credit and look forward to working with Jason and his team to capture it.”
For his part, Jason Dillow, CEO of Bardin Hill, said they are “very excited to join Man Group as part of its rapidly growing U.S. private credit platform. Man Group’s broad distribution network, sophisticated institutional platform, and leading-edge technology will help us strengthen our opportunistic and return-driven credit strategies for Bardin Hill’s current investors while also offering new investors access to Bardin Hill products. Given the persistence of volatility and dislocation in credit markets, we believe there is a significant opportunity to leverage our combined strengths to deploy capital and deliver attractive returns to clients.”
Mexico is preparing to make history. In 2026, it will become the first country to host three editions of the world’s most-watched tournament: the FIFA World Cup. But this time, it’s not just the ball that will be rolling—so will billions of dollars in investment, consumption, tourism, and opportunities for those who know where to look.
An analysis by GBM outlines how this World Cup will be played not only on Mexico’s fields but also on its stock exchanges.
A Historic World Cup—On and Off the Pitch
The countdown continues for the FIFA World Cup hosted by Mexico, which will welcome the tournament for a third time. In 1970, the country saw Pelé win his third title, and in 1986, “the hand of God” and the “goal of the century” helped Maradona secure Argentina’s second World Cup. This time, alongside the United States and Canada, the Latin American nation will host millions of fans in three cities: Mexico City, Monterrey, and Guadalajara.
Following its triumph at Euro 2024, Spain could arrive at the 2026 World Cup as the top favorite, thanks to a young and talented generation led by Lamine Yamal, Nico Williams, and Pedri. France, runner-up in the last World Cup and champion in 2018, is also a strong contender with stars like Kylian Mbappé and a deep roster. Brazil, under new leadership with coach Carlo Ancelotti, remains a historical powerhouse seeking its sixth title. England, with players like Jude Bellingham, Bukayo Saka, and Harry Kane, aims to end its World Cup drought, while Argentina, the current champion, relies on the experience of Dibu Martínez, Enzo Fernández, and Julián Álvarez to defend the crown—possibly in Lionel Messi’s final World Cup. Portugal, recent winner of the 2025 Nations League, and Morocco, semifinalist in Qatar 2022, are also teams to watch, while Mexico dreams of making a surprise run, backed by talents like Santi Giménez, Edson Álvarez, and a solid base of Liga MX players.
The 2026 World Cup will debut a new format with 48 teams divided into 12 groups of four. The top two from each group, along with the eight best third-placed teams, will advance to the round of 32.
This format allows the champion to play up to eight matches—one more than in previous editions—and raises the total number of games to 104. The opening match is scheduled at Estadio Azteca on June 11, and the final will be held on July 19, 2026, at MetLife Stadium in New Jersey, home of the NFL’s Jets and Giants, making this the longest and most game-filled World Cup in history.
The World Cup Brings Goals and Economic Growth
Hosting a World Cup isn’t just a matter of prestige, as GBM highlights—it’s a high-impact economic play. To meet the standards of the world’s most-watched event, host nations must invest heavily. In Mexico’s case, the firm’s analysts estimate an infrastructure investment of $805 million, primarily focused on Mexico City, including key improvements at the international airport.
This amount is significantly lower than the investment planned by the United States, estimated at US$10.42 billion. The difference is due to Mexico and Canada hosting only 13 matches each, while the United States will stage 78 games, including all knockout rounds.
GBM notes that such investment is not made in vain. Global events in Mexico have historically generated strong returns. Since its return in 2015, Formula 1 has brought in around US$7 billion, while NBA, NFL, and MLB games have also drawn millions of fans, especially from Latin America.
But the World Cup is in a league of its own. It’s the one global sporting event capable of delivering the largest economic impact for a host country. According to figures cited in the analysis, Brazil 2014 contributed a 1.2% GDP increase and 158,000 temporary jobs, with its legacy being mainly tourism-driven. Russia 2018 modernized infrastructure and added over $14 billion to the economy, creating more than 300,000 jobs. Qatar 2022, with a record US$200 billion investment, cemented its global positioning.
According to GBM estimates, the 13 matches held in Mexico could generate an economic impact close to US$1 billion, driven by the arrival of approximately 5.5 million visitors during the tournament. This would represent a significant boost for domestic tourism. Additionally, the creation of 24,000 direct jobs related to World Cup activities is expected—from stadium volunteers to additional pilots for the increase in international flights.
Some analysts estimate that, indirectly, the total economic impact could reach up to US$7 billion, factoring in cultural, culinary, and sporting events organized across the country. And that doesn’t include the value the World Cup holds for global companies, sponsors, and sports brands.
The analysis details how, for FIFA, the World Cup is its primary revenue source. As demonstrated by Qatar 2022, the sale of rights related to the tournament generated US$6.3 billion between 2019 and 2022, accounting for 83% of the organization’s total revenue during that cycle. This financial impact makes each World Cup a crucial event for the sustainability and global expansion of FIFA’s operations.
Financial Opportunities Landing With the World Cup
The authors of the analysis raise what they call “the million-dollar question”: how can investors take advantage of the World Cup to boost their investments?
The first factor they believe should be considered is the increase in visitors arriving in the country. While the Mexico City International Airport—which will host five matches—is government-operated, the airports in Guadalajara and Monterrey are managed by Grupo Aeroportuario del Pacífico (GAP) and Grupo Aeroportuario del Centro Norte (OMA), respectively. Both companies are listed on the Mexican Stock Exchange, creating opportunities for investors to benefit from increased air traffic and higher airport service revenues during the World Cup.
On one hand, GAP operates 12 airports in the country. While the largest in terms of volume is Guadalajara, the most appealing from a tourism perspective might be Puerto Vallarta or Los Cabos. For OMA, the potential is similar. In addition to Monterrey’s airport, which is key during the event, destinations such as Acapulco or Ixtapa-Zihuatanejo may attract fans seeking a break between matches.
The other major airport group in Mexico is ASUR, GBM notes. While it does not benefit directly from World Cup matches, it could gain from increased domestic travel driven by fans moving around the country. ASUR controls the airport with the highest international traffic in the country: Cancún.
Brands, Media, and Stadiums: Other Key Players in the Game
Beyond stadiums and tourism, analysts point out that the World Cup also activates key players in media, entertainment, retail, and sports—many of which are publicly traded companies. One central figure is Ollamani, the company that owns Estadio Azteca, which plans to invest more than US$158 million in its renovation, as the venue will host five matches, including the opener.
Although it will not receive revenue from ticket sales, merchandise, or sponsorships during the tournament, this investment ensures international visibility and increases its value as a venue for future events. Another asset, PlayCity, could see a major boost in sports betting activity during the World Cup, driving profits for the group.
In Q1 2025, AGUILAS—the holding company encompassing football and betting operations—reported EBITDA of 268 million pesos (US$14.1 million), below GBM’s estimate. Fourteen percent of its revenue came from Club América and Estadio Azteca, while 43% came from PlayCity Casinos. The firm’s research team assigns a price target of 64 pesos per share (US$3.36), with 35% upside potential.
In media, TelevisaUnivisión is the dominant player. It holds the broadcast rights to the 2026 World Cup in both Mexico and the U.S. (in Spanish), covering free-to-air television and digital platforms. The company also holds rights to the Olympics through 2032, the Gold Cup, and Liga MX, consolidating its leadership in sports content and increasing its commercial value.
But the playing field doesn’t end there. Global brands like Nike and Adidas—who outfitted 63% of the teams at Qatar 2022—play a key role in jersey, cleat, and merchandise sales. Nike, for instance, sponsors stars like Mbappé, Cristiano Ronaldo, and Neymar, and leads in on-field presence.
Nike is a top international pick in GBM’s view, thanks to its exposure to the global sports market, particularly in Asia. Its Triple Double strategy and $2 billion cost-savings plan strengthen margins through automation, e-commerce, and price increases. The brand also stands out for shareholder returns: $2 billion in dividends, recent buybacks worth $8 billion, and a five-year $16 billion plan—all in dollars.
Finally, the World Cup’s official sponsors are also playing their own game. Companies like Coca-Cola, Visa, Bank of America, Aramco, Lay’s, and Adidas invest hundreds of millions of dollars for exclusive rights and massive exposure to a global audience. Each leverages the tournament to strengthen its market position: Coca-Cola launches campaigns like #SomosLocales, Visa bets on young ambassadors like Lamine Yamal, and Aramco gains strategic visibility as the only sponsor from the energy sector. For these firms, the World Cup is not just about branding and awareness—it’s a high-return investment.
The Play Is Underway
GBM notes in its analysis that with one year to go before the World Cup, opportunities for investors are already on the table. From infrastructure and tourism to media, betting, and sports brands, the world’s biggest tournament moves more than just passion—it moves capital.
Spotting early which companies are best positioned to capture value—whether through direct exposure to the event or collateral effects on consumption, mobility, and entertainment—can make all the difference in returns.
The 2026 World Cup will be an unprecedented showcase for Mexico and for many globally active companies. The question isn’t whether it will generate value—it’s: with whom and how will this historic play be executed?
BBVA has an aggressive growth target in global wealth, and the U.S. unit will play a very relevant role, contributing the largest share of asset growth, said Humberto García de Alba, in an exclusive interview with Funds Society.
The Spanish-origin bank has launched a new five-year strategic cycle, and BBVA GWA aims to “multiply several times over” its AUMs by 2029, he stated. “The United States will play a key role due to its importance in the region and because of the nature of the market. The goal is to grow significantly and quickly,” the executive anticipated.
Leveraging its three global wealth platforms (Switzerland, Spain, and the United States), BBVA offers its Latin American clients complementary and comprehensive solutions through the work of local and international teams of Wealth Planners, Investment Counselors, and Financial Advisors.
With this model, BBVA GWA plans to expand and diversify its base of high-net-worth Latin American clients “in a meaningful way.” Currently, 95% are Mexican, though clients from Peru and Colombia are being added; they will soon gain a presence in Uruguay as well, the CEO stated in the interview.
In the U.S., in addition to its main base in Miami, the firm also currently has offices in Houston.
The CEO announced that the unit is now launching discretionary management, with an investment team led by Víctor Piña, CIO of BBVA GWA. However, the advisory business remains significant, according to García de Alba, since “the Latin American client wants to retain that final decision over their wealth to a relevant extent; it is a client with little tendency to relinquish discretion,” he acknowledged.
A Clear Opportunity Ahead
“There is a very clear opportunity for BBVA in the Wealth business, since the Latin American client, for multiple reasons, holds a relevant portion of their financial wealth outside their country of origin. In the current context, the various international units focused on this type of client are a high priority,” the executive explained.
“BBVA has strongly committed to the Wealth business during the previous cycle. The bank is very well positioned in Spain, Turkey, Switzerland, and Portugal in Europe, and has a very relevant local presence in Mexico, Peru, Colombia, and Uruguay in Latin America,” he noted.
In the United States, BBVA’s presence in the international Wealth Management business spans 30 years, although it experienced a pause due to the 2021 sale of BBVA Compass to PNC Financial Services, until the reopening of the BBVA GWA office in Miami two years later. In Switzerland, this unit has been active for 50 years; in Spain, this type of service is relatively new for the bank.
A Framework for Growth
“We are growing at very fast rates,” García de Alba told Funds Society, while explaining that for both regulatory and practical/logistical reasons, they collaborate “closely” with BBVA Group’s local bankers, “because we consider the day-to-day relationship of trust with our clients to be important.”
A Mexican national, the new CEO has been with the Spanish group for over two decades. “What we have built over these years is that this trust-based relationship can be easily expanded internationally,” he noted, as the relationship with the local banker facilitates communication and access for the client to the specialists and global solutions that GWA offers from its platforms in the U.S., Switzerland, and Spain. “We have built the channels, the means, the platforms so that this communication happens very easily and very quickly,” he explained.
BBVA GWA offers its clients a unique global strategy that is approached in three layers, the executive explained. “We have the Wealth Planning area, as a guide for family solutions in situations such as inheritance, trusts, etc. Then, we have the figure of the Investment Counselor, which has existed for nearly 20 years. This is a specialist who dedicates 100% of their time to investment matters. And at the core of our offering is our Relationship Manager, our local or international advisor, depending on the figure that exists in each location. So, with this entire structural framework, we serve the high-net-worth client.”
García de Alba also emphasized that BBVA GWA is structured as an RIA, which means the fiduciary duty fosters a greater alignment of interests with the client. “I believe the biggest area of opportunity BBVA has right now in the Wealth business is on the international side,” the CEO affirmed.
“Locally, we have a lot of confidence in this business. We see a growth opportunity to multiply AUMs several times over. We’ve built the model, we have the people and very strong teams. We have a highly relevant growth path ahead, and I believe we have all the foundations in place to make it happen,” he concluded.
Vanguard Announces the Launch of the Vanguard Government Securities Active ETF (VGVT), an Actively Managed ETF, and Two Indexed ETFs: Vanguard Total Treasury ETF (VTG) and Vanguard Total Inflation-Protected Securities ETF (VTP). All are managed by the firm’s fixed income team.
“The actively managed ETF VGVT leverages our fixed income expertise to offer a flexible, high-quality portfolio of U.S. government and agency bonds, along with select securitized credit,” stated Roger Hallam, Global Head of Rates at Vanguard Fixed Income Group, in a press release.
“VGVT is designed to serve as a resilient core fixed income position, capable of adapting to changing market conditions while maintaining the diversification and risk-buffering qualities investors expect from Treasuries. It’s an attractive option for those looking to balance their equity exposure and pursue long-term stability through active management,” he added.
Strategy Details
The new VGVT vehicle from the firm aims to outperform the broad U.S. Treasury bond market while retaining the diversification benefits such bonds offer. Its expense ratio is 0.10%, and it becomes the eighth actively managed ETF in the firm’s fixed income lineup.
VTG, in turn, further strengthens Vanguard’s offering of indexed fixed income ETFs, providing a low-cost solution for broad exposure to the U.S. Treasury bond market—the largest and most liquid fixed income segment. It has an expense ratio of 0.03%, facilitating access to the full yield curve.
Lastly, VTP offers long-term investors a robust tool designed to protect their portfolios from inflation risk. It provides exposure to the full spectrum of the U.S. Treasury Inflation-Protected Securities (TIPS) market, complementing the existing Vanguard Short-Term Inflation Protected ETF (VTIP).
The vehicle features a broader investment universe and a longer duration profile and is being launched with an expense ratio of 0.05%. According to the firm, it is a valuable addition for those seeking long-term inflation protection.
Track Record and Expertise
VTG and VTP reflect Vanguard’s decades of experience in Treasury markets and inflation-protected investment vehicles, the ETF house emphasizes. Both ETFs provide access to Vanguard’s fixed income index team through comprehensive solutions for two key market segments.
With the launch of these three strategies, the total number of fixed income ETFs offered by Vanguard Fixed Income Group rises to 36, of which 28 are indexed.
