Core Viewpoint - Cboe Global Markets has launched Cboe FTSE Bitcoin Index futures, expanding its digital asset derivatives offerings to meet growing customer demand for crypto-based products [1][3][7] Group 1: Product Details - The new XBTF futures are cash-settled contracts, simplifying the trading process by eliminating the need for physical delivery of bitcoin at expiration [2][7] - XBTF futures are exclusively listed on Cboe Futures Exchange and are designed to provide market participants with tools to express views on bitcoin or manage associated risks [2][3] - The XBTF Index, which these futures are based on, represents 1/10th the value of the FTSE Bitcoin Index and is developed in collaboration with Digital Asset Research [4][7] Group 2: Market Context - The launch of XBTF futures follows Cboe's introduction of cash-settled options on the Cboe Bitcoin U.S. ETF Index, creating a complementary suite of bitcoin-related index derivatives [3][4] - Cboe aims to build a comprehensive ecosystem for efficient and flexible access to bitcoin exposure and risk management, reflecting the increasing institutional interest in digital assets [3][4] Group 3: Industry Support - Barak Capital and Prime Trading, LLC have expressed support for the new XBTF futures, highlighting the importance of efficient and stable markets for digital assets [4][4] - These firms will act as liquidity providers, contributing to the overall market stability and trading experience for Cboe's customers [4][4]

Core Viewpoint - The market anticipates CBOE Global (CBOE) will report a year-over-year increase in earnings and revenues for the quarter ended March 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - CBOE is expected to report quarterly earnings of $2.31 per share, reflecting a year-over-year increase of +7.4%, and revenues are projected to be $549.8 million, up 9.5% from the previous year [3]. - The consensus EPS estimate has been revised 6.23% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for CBOE is higher than the consensus estimate, resulting in an Earnings ESP of +2.15% [10][11]. - CBOE holds a Zacks Rank of 2 (Buy), suggesting a strong likelihood of beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, CBOE was expected to post earnings of $2.13 per share but delivered $2.10, resulting in a surprise of -1.41% [12]. - Over the past four quarters, CBOE has surpassed consensus EPS estimates three times [13]. Industry Comparison - IntercontinentalExchange (ICE), a peer in the Zacks Securities and Exchanges industry, is expected to report earnings of $1.70 per share for the same quarter, indicating a year-over-year change of +14.9% and revenues of $2.45 billion, up 7.1% [17]. - ICE's consensus EPS estimate has been revised 3% higher in the last 30 days, with an Earnings ESP of 0.51% and a Zacks Rank of 2, suggesting a likely earnings beat [18].

Industry Overview - The Securities and Exchanges industry consists of companies that operate electronic marketplaces for trading stocks, stock options, bonds, and commodity contracts, generating revenues primarily from fees charged to listed companies [1] - The industry is currently ranked in the top 4% of the Zacks Industry Rank, indicating strong performance expectations over the next three to six months [2] Revenue Sources - Major revenue sources for industry players include trade execution, clearing, settlement services, listing services, and transaction fees driven by trading volume growth [4] - Additional revenue streams come from data products, financial indexes, and non-trading revenues such as market technology and information services [5] Market Growth Projections - The securities exchanges market is projected to grow at a five-year CAGR of 12.1%, reaching $49.6 billion by 2028, driven by increasing demand for investment opportunities and the adoption of cryptocurrencies [6] Company Highlights CME Group Inc. - CME Group holds a strong market position with diverse derivative product lines and is focused on strategic alliances, acquisitions, and product innovation [10] - The company offers Bitcoin and Ether options and has an expected revenue growth rate of 6.7% and earnings growth rate of 7.2% for the current year [12] Cboe Global Markets Inc. - Cboe Global Markets is expected to see transaction fee growth driven by increased trading volume, with projected organic net revenue growth in the mid-single-digit range for 2025 [13] - The company is enhancing its competitive edge through strategic acquisitions and has an expected revenue growth rate of 6.8% and earnings growth rate of 7.3% for the current year [15] Intercontinental Exchange Inc. - Intercontinental Exchange benefits from a strong product and service portfolio, particularly in energy and market data services, with strategic buyouts aiding in cost synergies [16][17] - The company has an expected revenue growth rate of 6.3% and earnings growth rate of 12.5% for the current year [18]

Core Insights - Cboe Global Markets is celebrating the 40th anniversary of The Options Institute, which focuses on options education and financial literacy [1][2] - The Options Institute aims to enhance investor knowledge and skills, adapting its offerings to meet the needs of a growing retail trader community [2][4] Historical Context - Founded in 1985, The Options Institute initially aimed to educate professional traders on options mechanics, evolving to serve a broader audience including trading firms, advisors, and industry leaders [3][4] Educational Offerings - The Options Institute has expanded its educational resources to include on-demand and online courses, covering topics from foundational to advanced levels [4] - Courses include "Options 101," "Decision Theory," and "Practitioner's Perspectives: Options Strategies," taught by expert instructors [4] Global Expansion - The Options Institute is expanding its educational efforts internationally, launching programs in Europe and planning similar initiatives in the Asia Pacific region [7][8] - The institute is developing multilingual content to cater to diverse retail investors, with plans to introduce German and French programs in late 2025 [7] Community Engagement - A financial literacy pilot program has been introduced in partnership with schools and charitable organizations to educate students on financial topics [8] - The Options Institute collaborates with retail brokerages to enhance tailored learning experiences for investors [5][6]

Core Viewpoint - CBOE Global (CBOE) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [4][6]. - For CBOE, the increase in earnings estimates suggests an improvement in the company's underlying business, likely leading to higher stock prices as investors respond positively to this trend [5][8]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a proven track record of performance, where Zacks Rank 1 stocks have averaged a +25% annual return since 1988 [7]. - CBOE's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10]. Earnings Estimate Details - For the fiscal year ending December 2025, CBOE is expected to earn $9.19 per share, reflecting a 6.7% increase from the previous year, with a 2% rise in the Zacks Consensus Estimate over the past three months [8].

Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most of which are rated 5 stars, indicating high satisfaction with the service [1] Group 2 - The article includes a disclosure from the analyst stating a beneficial long position in CME shares, indicating a personal investment interest [2] - It clarifies that the opinions expressed are those of the author and not influenced by compensation from any company mentioned [2] Group 3 - Seeking Alpha emphasizes that past performance does not guarantee future results, indicating a cautionary note regarding investment outcomes [3] - The platform states that it does not provide personalized investment advice and that views expressed may not represent the entire organization [3]

Core Viewpoint - BofA Securities analyst Craig Siegenthaler downgraded Cboe Global Markets Inc. from Buy to Neutral, lowering the price target to $227 from $260, citing concerns over future performance despite strong year-to-date gains [1][2]. Company Performance - Cboe Global Markets has delivered a 5% return year-to-date, outperforming its peers by approximately 15%, while the broader diversified financials sector has declined by 10% [1][2]. - The strong performance is attributed to Cboe's defensive business model, which benefits during periods of heightened market volatility and increased trading volumes [2]. Valuation Metrics - Cboe's next 12 months price-to-earnings (P/E) ratio has increased by 2% this year, while the average P/E multiple for the broader sector has dropped by 13%, making Cboe about 15% more expensive relative to its peers [3]. Future Outlook - A potential deceleration in trading volumes is anticipated in the second half of 2025, with a projected 6% drop in volumes from the first to the second half of the year [4]. - The first half of 2025 is expected to mark the cyclical peak for exchange volumes, with only a 7% year-over-year increase in total options volume for the second half of 2025 [4]. Earnings Estimates - Earnings estimates for the second half of 2025 and subsequent years have been lowered, with new projections of $4.60 for 2H25, $9.89 for 2026, and $11.37 for 2027, down from previous estimates of $5.07, $11.16, and $12.99, respectively [5].

Core Viewpoint - Cboe Global Markets is set to launch Cboe FTSE Bitcoin Index futures on April 28, 2025, marking a significant expansion in its digital asset offerings and collaboration with FTSE Russell to enhance product innovation in the cryptocurrency market [1][3][7] Group 1: Product Launch Details - The new futures will be based on the FTSE Bitcoin Reduced Value (1/10th) Index (Ticker: XBTF) and will be cash-settled, settling on the last business day of each month [1][3] - This product is designed to complement Cboe's existing bitcoin derivatives, including options on the Cboe Bitcoin U.S. ETF Index [2][7] - Cboe plans to clear XBTF futures through the Options Clearing Corporation (OCC), which also clears existing options products [2][3] Group 2: Market Context and Demand - The launch is timely as demand for cryptocurrency exposure is increasing, with market participants seeking more capital-efficient and versatile trading strategies [3][4] - Cboe has been expanding its digital asset offerings, including spot U.S. bitcoin ETFs and cash-settled index options, to provide customers with greater flexibility [4][7] - The introduction of these futures is expected to enhance the trading ecosystem for bitcoin, allowing for advanced trading strategies and better management of bitcoin volatility [2][3] Group 3: Strategic Collaboration - Cboe's collaboration with FTSE Russell aims to establish industry standards for assessing digital assets and enhance the investability of the digital asset market [4] - The XBTF Index was developed in partnership with Digital Asset Research, ensuring a rigorous vetting process for the underlying assets [3][4] - This partnership reflects Cboe's commitment to innovation and growth in the digital assets sector [3][4]

Core Viewpoint - Macro uncertainty has delayed the IPO timeline, but there is significant pent-up demand for equity issuance, with expectations for a reopening in the second half of 2025 [1] Group 1: Market Outlook - The analyst forecasts a substantial runway for the electronification of fixed-income markets at Tradeweb Markets, capitalizing on political uncertainty in Washington [2] - BGC Group is expected to launch Treasury futures soon, with a projected market share in the $2 billion interest rate futures market surpassing 10% by 2027 [3] - Ongoing geopolitical uncertainty is anticipated to remain a key trading catalyst, despite expected normalization in volumes into the second half of 2025 [4] Group 2: Company Performance - Market structure stocks have seen an average increase of 8% in Q1 2025, with Nasdaq and Virtu Financial lagging behind but expected to achieve over 10% EPS beats [5] - Nasdaq-100 futures experienced a strong growth quarter, up 38% sequentially, contributing to indexing revenue [6] - Virtu Financial is expected to report solid results due to higher industry volumes in options, ETFs, and fixed income [7] Group 3: Competitive Landscape - Tradeweb Markets remains dominant in portfolio trading and D2D trading, with impressive month-to-date volume increases of 18% and 11% respectively [8] - MarketAxess Holdings is rated as underperforming, with a price target adjustment, while Tradeweb Markets and other companies like BGC Group and Nasdaq maintain buy ratings with revised price targets [8][9] - Intercontinental Exchange is expected to face near-term cyclical headwinds in its mortgage and listing business, impacting its performance [9][10]

Company Overview - Lipari Mining Ltd. is a Canadian diamond company operating the Braúna diamond mine in Brazil and developing the Tchitengo diamond property in Angola [2] - The company emphasizes collaboration with local communities to ensure sustainable operations with minimal environmental impact [2] Recent Developments - Lipari Mining's common shares began trading on Cboe Canada Inc. under the symbol "LML" on March 31, 2025, marking a significant milestone in the company's growth [1] - The listing is expected to enhance liquidity and market visibility, supporting the company's strategic objectives and long-term value for investors [1] Compliance and Certification - All natural diamond production from Lipari's operations is certified as "conflict-free" under the Kimberley Process Certification System (KPCS), which aims to prevent illegally produced diamonds from entering the legitimate trade [3]