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]

Core Insights - Cboe Global Markets has launched a new clearing service for European Securities Financing Transactions (SFTs), marking a significant step in its strategy to become a leading multi-asset class clearing house in Europe [2][5][6] - The service aims to enhance capital efficiencies and reduce operational complexities associated with securities lending, responding to strong client demand for central clearing solutions [4][5][6] Group 1: Service Overview - Cboe Clear Europe is now offering central clearing, settlement, and post-trade lifecycle management for European SFTs in cash equities and ETFs, available to principal lenders, special participant lenders, and borrowers [2][7] - The service transforms the bilateral process of SFTs into a centrally cleared model, which is expected to support the growth of the securities lending market [2][5] Group 2: Strategic Partnerships - BNY and JP Morgan are utilized as Tri-Party Collateral Agents, while Pirum acts as the transmitter for new trade instructions and post-trade lifecycle events [3] - The collaboration with these firms is aimed at enhancing liquidity management and accessing both cleared and uncleared collateral markets globally [4][6] Group 3: Market Impact - The introduction of central clearing is designed to improve capital efficiency, particularly concerning risk-weighted assets, amidst evolving regulatory requirements such as CSDR and SFTR [6][7] - The service is expected to provide margin and operational advantages, including cross-margining savings and improved practices around fees management [7]

Core Points - Lipari Mining Ltd. has received final listing approval from Cboe Canada Inc. and will commence trading on March 31, 2025, under the symbol "LML" [2][9] - The CEO of Lipari Mining expressed that this milestone will enhance the company's visibility and liquidity, aiding in growth and maximizing shareholder value [3] - The company has filed a listing statement on SEDAR+ that includes comprehensive details about its business, management, and capital structure [3] Company Overview - Lipari Mining Ltd. is incorporated in Canada, focusing on the acquisition, exploration, and development of diamond mining properties, particularly in Angola and Brazil [4] - In Angola, the company holds a 75% equity interest in Tchitengo Mining, which controls the Tchitengo diamond project, encompassing 30 known kimberlite deposits [5] - The company owns 100% of the Braúna diamond mine in Brazil, which has produced 1,190,701 carats of natural rough diamonds from 6.54 million tonnes of kimberlite, with an average production grade of 18.2 carats per hundred tonnes (cpht) [6]

Group 1 - Iress's QuantHouse division is partnering with Cboe Global Markets to enhance its US equity market data offering through the Cboe One Feed [1][2] - The Cboe One Feed provides a consolidated view of the market from Cboe's US equity exchanges, with real-time reference quotes and trade data, and is known for its high reliability, with quotes being within 1% of the National Best Bid and Offer (NBBO) 97.26% of the time [2][3] - The collaboration aims to meet the growing demand for access to US markets, particularly from Asia Pacific investors, by providing high-quality and real-time market data [2][3] Group 2 - QuantHouse has over 20 years of experience in delivering high-performance API data feeds, historical and analytics data products to various financial entities, including hedge funds and investment banks [4] - Iress is a technology company that provides software and services across multiple financial sectors, including trading, market data, and investment management, operating in regions such as Asia-Pacific, North America, and Europe [5]

Core Viewpoint - Britannia Mining Solutions Inc. (BMS) has entered into a non-binding letter of intent with 1317220 B.C. Ltd. for a proposed business combination transaction, which will involve a three-cornered amalgamation and a concurrent equity financing of up to $10 million [1][2][8] Proposed Transaction Summary - The proposed transaction will involve 1317220 B.C. acquiring all issued and outstanding common shares and warrants of BMS, with shareholders receiving common shares of 1317220 B.C. in exchange [2] - A definitive agreement is expected to be negotiated and executed by March 24, 2025 [2] Resulting Issuer - The resulting issuer will operate under the name Paragon Advanced Inc. and will focus on disrupting the global mining assay and environmental testing market [3] Regulatory and Approval Conditions - Completion of the proposed transaction is subject to various conditions, including negotiation of the definitive agreement, obtaining necessary approvals, and completion of the concurrent financing [5] Concurrent Financing Details - The concurrent financing will involve a private placement offering of common shares at an issue price of $1.75, with gross proceeds expected to reach up to $10 million [7][9] - The financing is anticipated to close around April 2, 2025, and will support the global lab buildout and deployment of PhotonAssay™ technology [8][11] Use of Proceeds - The net proceeds from the offering will be utilized to expand the company's network of laboratories, enhance sales and marketing resources, and develop new technologies and data solutions for mining operators [11][15] Company Background - BMS is a leading provider of innovative analytical technologies to the global mining industry, aiming to deploy the largest fleet of PhotonAssay™ machines by the end of 2025 [12][13]

Core Insights - Cboe Global Markets, Inc. (CBOE) shares have increased by 9.1% year-to-date, outperforming the industry growth of 8.7%, the Finance sector's return of 3.5%, and the Zacks S&P 500 composite's decline of 0.9% [1] - The company has a market capitalization of $22.30 billion and an average trading volume of 0.7 million shares over the last three months [1] Performance Metrics - CBOE has a solid track record of beating earnings estimates in three of the last four quarters, with an average beat of 1.81% [1] - The Zacks Consensus Estimate for CBOE's 2025 earnings per share indicates a year-over-year increase of 4.1%, with revenues projected at $2.18 billion, reflecting a 5.1% improvement [4] - Earnings have grown by 11.4% over the past five years, surpassing the industry average of 8.8%, with a long-term earnings growth rate expected at 13.4% compared to the industry average of 9% [5] Business Strengths - Cboe Global's diversified business mix supports uninterrupted revenue generation and recurring non-transaction revenues, with a projected three-year CAGR of 6.2% for the 2026 top line [6] - The company is expected to see growth in recurring non-transaction revenues, particularly from increases in access and capacity fees and proprietary market data fees [7] - CBOE has expanded its global services and products, generating revenue and cost synergies through strategic acquisitions while improving its cash position and reducing debt [8] Competitive Landscape - CBOE faces intense competition due to market consolidation, which can reduce market share through both product and price competition [9] - The company’s investments in international operations are subject to currency exchange rate volatility and credit risk from third parties [10] Valuation and Strategy - Cboe Global shares are currently trading at a forward price-to-earnings ratio of 23.43X, lower than the industry average of 24.41X, indicating a potential undervaluation [11] - The company has a growth strategy focused on expanding its product line, broadening geographic reach, and diversifying its business mix with recurring revenues [12] - CBOE has increased dividends for 13 consecutive years and has $679.8 million remaining under its current share repurchase authorization [12]