Core Insights - The Asia-Pacific region is undergoing a significant economic transformation that will impact the global financial landscape and create numerous opportunities in the futures and options markets [1][2] - China is expected to maintain its position as a global economic engine, contributing 20% to global GDP by 2035, while South Asia is projected to surpass Germany's GDP by 2030, indicating strong growth potential [1][2] - The rapid expansion of the middle class in the Asia-Pacific region is driving demand for various products and risk management tools, which will further stimulate the development of the derivatives market over the next 5 to 10 years [2] Industry Developments - China's futures market has shown robust and stable growth over the past 15 years, focusing on serving the real economy and developing a unique systematic approach [2] - The development of China's futures market is seen as a key highlight for the Asia-Pacific derivatives industry, providing a solid platform for expanding regional influence and aiding international institutions like CME Group in their global strategies [2] - China's leadership in the futures industry is extending its influence globally, with hopes to assist the development of futures markets in other developing countries, fostering a more interconnected and resilient global financial environment [3]

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlights the latest developments in the biofuel market, focusing on policy trends, production patterns, and innovations in trading tools, as well as key advancements in shipping decarbonization [1] Group 1: Biofuel Market Developments - The Chicago Mercantile Exchange Group has established a comprehensive derivatives system covering the entire biofuel industry chain to meet the rapidly growing market demand [1] - The raw material side includes futures and options products for corn, soybean oil, and European rapeseed oil, while the fuel product side encompasses futures for RBOB gasoline, ultra-low sulfur diesel, ethanol, and biodiesel [1] Group 2: Strategic Goals and Innovations - The development of the biofuel market requires a balance between policy compliance, raw material sustainability, and cost control [1] - The Chicago Mercantile Exchange Group aims to continuously improve its derivatives toolbox to provide risk management solutions, supporting global energy transition and low-carbon goals [1] - Innovations in the biofuel industry chain are providing strong momentum for green shipping and transportation decarbonization amid accelerating global climate action [1]

Core Viewpoint - The safety of oilseeds and oils is a critical strategic issue related to China's economic development and social stability, emphasizing the importance of managing planting areas, ensuring planting income, and managing price risks in the oilseed industry [1] Group 1: Industry Insights - The oilseed and oil industry is integral to food security, and its challenges directly impact farmers and enterprises involved in trade and processing [1] - The futures market has been focused on serving industry development, providing financial solutions to address industry challenges, and has shown significant market functionality over the past decade [1] - The development of oilseed futures has led to deeper participation from industry enterprises, enhancing price influence and establishing these products as essential risk management tools for the industry [1] Group 2: Future Directions - Industry enterprises are encouraged to actively respond to national calls by utilizing futures tools to stabilize production and promote high-quality industry development [1] - There is an expectation for the Zhengzhou Commodity Exchange to continue innovating new service tools for the industry, including the "insurance + futures" model, to enhance agricultural efficiency, invigorate rural areas, and increase farmers' income [1]

Group 1 - The 2025 China (Zhengzhou) International Futures Forum was held, emphasizing the importance of risk management in financial markets [1] - Tim Smith highlighted the role of exchanges in providing standardized, transparent, and liquid tools for risk hedging and price discovery [1] - The increasing market volatility tests the strength and resilience of the global financial system, with derivatives exchanges playing a crucial role in maintaining market stability [1] Group 2 - The Chinese futures market continues to develop and innovate to meet the evolving and complex risk management needs of various institutions [2] - The company is committed to enhancing transparency and developing products and tools necessary for risk management amid ongoing economic and geopolitical uncertainties [2] - The focus remains on providing efficient solutions and services to global and Chinese clients to address their risk management requirements [2]

Core Insights - The Zacks Securities and Exchanges industry is benefiting from a diversified product portfolio, increased trading volumes, and the growing adoption of crypto assets, which is expected to enhance revenues for key players like S&P Global, Intercontinental Exchange, CME Group, Nasdaq Inc., and Cboe Global Markets [1][2] - The industry is focusing on non-trading revenue sources, including market technology and information services, to create stable cash flows and reduce reliance on trading income [4][5] Industry Overview - The Zacks Securities and Exchanges industry includes companies that operate electronic marketplaces for trading stocks, options, bonds, and commodity contracts, generating revenue from fees and providing data services [2] - The industry is experiencing increased adoption of crypto assets, but faces challenges due to regulatory compliance [2] Trends Shaping the Industry - Trading volume is driven by volatility, with a projected market size of $49.6 billion by 2028, growing at a CAGR of 12.1% [3] - Companies are diversifying into recurring revenue sources to stabilize income amidst fluctuating market volumes [4] - Mergers and acquisitions are on the rise, helping companies expand their market reach and product offerings [5] - Continuous investment in technology, particularly AI and blockchain, is enhancing operational efficiency and competitiveness [6][7] Industry Performance - The Zacks Securities and Exchanges industry ranks 24, placing it in the top 10% of Zacks industries, indicating strong near-term prospects [8][9] - The industry has outperformed the broader Zacks Finance sector and the S&P 500, gaining 15% year-to-date compared to 10.7% and 9.5% respectively [12] Valuation Metrics - The industry is currently trading at a trailing P/E of 26.32X, higher than the S&P 500's 22.85X and the sector's 16.89X [15] Company Highlights - **Nasdaq**: Focused on maximizing non-trading revenue and technology services, with a projected EPS growth of 17.4% and 11.5% for 2025 and 2026 respectively [19][20] - **S&P Global**: Positioned to benefit from growing demand for business information services, with EPS growth estimates of 9.2% and 11% for 2025 and 2026 [22][23] - **Intercontinental Exchange**: A leading operator with a strong portfolio and expected EPS growth of 15% and 10.8% for 2025 and 2026 [25][26] - **CME Group**: The largest futures exchange, focusing on expanding product offerings, with EPS growth estimates of 8.6% and 3.8% for 2025 and 2026 [28][29] - **Cboe Global Markets**: Expanding product lines and geographic reach, with EPS growth projections of 11.5% and 5.9% for 2025 and 2026 [32][33]

Core Viewpoint - The forum emphasizes the importance of advancing the openness of China's futures market to enhance its international competitiveness and support global supply chain stability [1][2] Group 1: Market Performance and Strategy - China's commodity futures market accounts for over 60% of the global total trading volume, consistently ranking among the top in the world [1] - The China Futures Association aims to promote high-level openness in the futures market, improving participant structure and optimizing market rules to achieve both quantity and quality growth [1] Group 2: Future Initiatives and Collaborations - Zhengzhou Commodity Exchange (ZCE) plans to continue its commitment to openness, exploring cross-border cooperation and enhancing the regulatory environment [2] - The ZCE aims to provide more futures and options products to the international market, attracting more foreign participants and improving the pricing influence of bulk commodities [1][2] Group 3: Industry Discussions and Insights - Representatives from domestic and international institutions discussed the paths and prospects for the futures industry's openness, including the international business development of futures companies and the advantages of Singapore and Hong Kong in this context [2]

Group 1 - The global derivatives market is undergoing profound changes, with Asian exchanges emerging as dominant players in commodity trading [3] - Chinese exchanges have significantly increased their influence in the agricultural futures sector, holding four positions in the top ten global commodity exchanges as of 2023 [3] - From 2012 to 2024, Asian agricultural futures and options trading volumes have experienced exponential growth, establishing Asia as the core growth area for global agricultural derivatives trading [3] Group 2 - The Zhengzhou Commodity Exchange is presented with a substantial opportunity to enhance the international influence of bulk commodity pricing [3] - As market openness deepens and infrastructure improves, Chinese futures prices are expected to play a more critical role in the global bulk commodity pricing system, providing efficient and transparent pricing benchmarks and risk management tools for cross-border trade [3]

"作为交易所，我们有着明确的角色：提供标准化、透明且流动性强的工具，用于所有主要资产类别的 风险对冲，并充当价格发现与风险转移的中央市场。"蒂姆史密斯表示，清算所通过履约担保，保障交 易财务完整性，为市场稳定运行筑牢"安全防线"。 期货日报网讯(记者韩乐)8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中国(郑 州)国际期货论坛正式开启。在当日下午举行的对外开放论坛上，芝商所亚太区客户发展和销售服务部 董事总经理蒂姆史密斯(Tim Smith)强调了风险管理的重要性，并表示芝商所赋能金融市场参与者高效、 迅速地管理风险和优化交易机会，这一作用在不确定性和波动性加剧时期尤为关键。 在他看来，市场波动加剧考验全球金融体系的强度与韧性。此时，衍生品交易所通过提供透明、流动性 强且可靠的风险管理工具，在帮助维护市场稳定方面发挥着关键作用。 在蒂姆史密斯看来，中国期货市场与全球衍生品市场持续发展、创新，以满足各类机构(涵盖生产者、 消费者及整个金融业)不断变化且日益复杂的风险管理需求。"随着市场的发展，我们致力于创新，提升 透明度，开发风险管理所需的产品和工具。在经济及地缘政治持续存在不确定性的背景 ...

Group 1 - The 2025 China (Zhengzhou) International Futures Forum was co-hosted by Zhengzhou Commodity Exchange and Chicago Mercantile Exchange Group, emphasizing the importance of risk management in financial markets [1][3] - Tim Smith highlighted that the role of exchanges is to provide standardized, transparent, and liquid tools for risk hedging across major asset classes, acting as a central market for price discovery and risk transfer [3] - The increasing market volatility tests the strength and resilience of the global financial system, with derivative exchanges playing a crucial role in maintaining market stability through reliable risk management tools [3] Group 2 - The Chinese futures market continues to develop and innovate to meet the evolving and complex risk management needs of various institutions, including producers, consumers, and the entire financial industry [3] - The company is committed to innovation, enhancing transparency, and developing products and tools necessary for risk management amid ongoing economic and geopolitical uncertainties [3] - The focus remains on providing products, services, and efficient solutions to meet the risk management demands of global and Chinese clients [3]

Core Viewpoint - The forum emphasizes the importance of advancing the high-level institutional opening of the futures market to enhance international competitiveness and influence, while serving the high-quality development of the real economy [1] Group 1: Market Opening - The opening of the futures market is essential for enhancing the influence of commodity prices [1] - Promoting the opening of the futures market will provide more futures and options products to the international market, optimize market rules, and attract more foreign participants [1] - This approach aims to leverage both domestic and international markets and resources to enhance the influence of commodity prices [1] Group 2: Supporting Enterprises - The deepening of market opening is a crucial tool for supporting domestic and foreign enterprises in their international operations [1] - There is an increasing demand from domestic and foreign industrial chain enterprises for risk management and pricing services [1] - High-level opening of the futures market will provide more effective hedging tools for enterprises and establish fair price benchmarks for cross-border trade, contributing to the stability of global industrial and supply chains [1]