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]

CHICAGO, March 7, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced the promotion of Tim Lipscomb to Executive Vice President, Chief Technology Officer, and appointment to the company's executive leadership team. In this role, Mr. Lipscomb will continue to oversee the expansion of Cboe's technology platform globally, further reinforcing the importance of technology and innovation to the company's organic growth strat ...

Cboe Canada's exchange platform successfully migrated to the Cboe TitaniumSM technology platform on March 3, completing 15-month integration effort Cboe Canada joins Cboe's equities and derivatives markets across the U.S., UK, Europe, Australia, and Japan running on Cboe Titanium   Cboe Titanium positions Cboe Canada to further grow its business, address diverse needs of clients, and expand trading solutions it provides in the Canadian market Highly performant technology platform to make trading experience ...

A compelling and diversified product portfolio helps drive revenues of the Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit Intercontinental Exchange (ICE) , CME Group (CME) , Nasdaq Inc. (NDAQ) and Cboe Global Markets (CBOE) . Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information ...

Financial Performance - Total revenues for 2024 reached $4,094.5 million, an increase of 8.5% from $3,773.5 million in 2023[525]. - Net income for 2024 was $764.9 million, slightly up from $761.4 million in 2023, resulting in basic earnings per share of $7.24[525]. - Operating income for 2024 was $1,098.4 million, compared to $1,057.9 million in 2023, reflecting a stable operating performance[525]. - The company reported a comprehensive income of $725.9 million for 2024, down from $783.0 million in 2023, impacted by foreign currency translation adjustments[528]. - Total current assets increased to $2,479.1 million in 2024, up from $1,979.3 million in 2023, primarily driven by cash and cash equivalents rising to $920.3 million[523]. - Total liabilities increased slightly to $3,509.5 million in 2024 from $3,502.5 million in 2023, with long-term debt remaining stable at $1,441.0 million[523]. - The total stockholders' equity increased to $4,279.6 million in 2024, up from $3,985.0 million in 2023, indicating a solid financial foundation for future growth[523]. - Cash dividends on common stock increased to $2.36 per share in 2024, up from $2.10 in 2023 and $1.96 in 2022, totaling $249.4 million in 2024[534]. - Net cash provided by operating activities for 2024 was $1,100.6 million, compared to $1,075.6 million in 2023 and $651.1 million in 2022[534]. Currency and Risk Management - A 10% adverse currency fluctuation would impact revenues less cost of revenues by $11.9 million in Euros, $6.1 million in British Pounds, and $3.0 million in Canadian Dollars[483]. - A 10% adverse currency fluctuation would impact consolidated equity by $19.8 million in Euros, $63.6 million in British Pounds, and $52.2 million in Canadian Dollars[485]. - The company has implemented policies to measure, manage, monitor, and report market risks, including foreign currency exchange rate risk, equity risk, credit risk, interest rate risk, and liquidity risk[481]. - The company does not have counterparty credit risk with respect to trades matched on its exchanges in the U.S., Canada, and Europe, as central counterparties guarantee clearance and settlement[487]. - Cboe Clear Europe requires clearing participants to deposit collateral to mitigate credit risk, with margin deposits predominantly in cash and cash equivalents[665]. Investments and Assets - The company’s investments grew to $383.7 million in 2024, up from $345.3 million in 2023, indicating a focus on expanding its investment portfolio[523]. - The company recorded an impairment charge of $11.1 million on minority investments in 2024, reflecting management's assessment of fair value[616]. - The company invested $36.5 million in Japannext Co., Ltd. in the fourth quarter of 2024, expanding its portfolio in the Japanese market[616]. - The company’s total equity method investments increased to $321.3 million in 2024, reflecting strategic growth in its investment portfolio[608]. - The company recorded an impairment of intangible assets or goodwill of $81.0 million in 2024, compared to no impairment in 2023 and $460.9 million in 2022[534]. Debt and Financing - The company had $1,441.0 million in outstanding debt as of December 31, 2024, all related to Senior Notes with fixed interest rates[501]. - Cboe Clear Europe has a €1.20 billion committed syndicated multicurrency revolving credit facility, with the potential to increase to €1.7 billion under certain conditions[650]. - The future expected repayments related to the Senior Notes total $1.45 billion, with $650 million due in 2027 and $800 million thereafter[657]. - Interest expense for the year ended December 31, 2024, was $51.5 million, down from $62.4 million in 2023[658]. Digital Assets and Technology - Cboe Digital liquidated all digital assets held on behalf of customers as of September 30, 2024, eliminating exposure to custody and valuation risks[498]. - The Company liquidated all digital assets held for customers on July 1, 2024, resulting in no safeguarded assets or liabilities on the balance sheets[591]. - Cboe's digital asset business will leverage its core strengths in derivatives, technology, and product innovation moving forward[539]. - The Company expects to adopt ASU 2023-08 regarding crypto assets in the first quarter of 2025, with no anticipated material impact on consolidated financial statements[593]. Regulatory and Compliance - The SEC adopted new climate disclosure rules on March 6, 2024, requiring companies to disclose material climate-related risks and management's role in addressing these risks[596]. - The SEC issued Staff Accounting Bulletin 122 on January 23, 2025, which rescinds previous guidance on accounting for digital asset obligations, with no material impact expected on consolidated financial statements[597]. - The company plans to adopt the new accounting guidance for digital assets in its financial statements for the year ending December 31, 2025[597]. - The company is monitoring ongoing legal proceedings related to the SEC's climate disclosure rules and will update financial statements as necessary[596]. Operational Highlights - Cboe Clear Europe holds material amounts of clearing participant collateral, both cash and non-cash deposits, to minimize credit risk and liquidity risks[494]. - Cboe Clear U.S. does not expect a material loss concerning credit risk on any member participant as of December 31, 2024[671]. - Cboe Clear Europe began clearing equity derivatives for ten European markets in September 2021, expanding to single stock options by November 2023[661]. - In November 2024, Cboe Clear Europe received approval to offer access to its market participants for securities financing transactions (SFT), although no trades had occurred by December 31, 2024[662].

I recommended Cboe Global Markets, Inc (BATS: CBOE ) as a 'buy' in January last year and since then, the stock has performed well, up 20%, but below the S&P 500's return of 27% over the same period. CBOEI'm an insurance Case Manager with a deep interest in investing. My investment philosophy is all about buying high quality stocks and great businesses. My favorite businesses are those led by disciplined capital allocators, earn exceptional returns on capital, and can compound their invested capital over lon ...

© 2025 Cboe Exchange, Inc. All rights reserved. FOURTH QUARTER 2024 EARNINGS PRESENTATION February 7, 2025 Agenda | Business Review | Fredric Tomczyk | | --- | --- | | | Chief Executive Officer | | | Dave Howson | | | Executive Vice President, Global President | | Financial Review | Jill Griebenow | | | Executive Vice President, Chief Financial Officer | | Questions & Answers | Fredric Tomczyk | | | Dave Howson | | | Jill Griebenow | | | Chris Isaacson | | | Executive Vice President, Chief Operating Officer ...