Sands Capital, an investment management company, released its “Sands Capital Select Growth Strategy” Q3 2025 investor letter. A copy of the letter can be downloaded here. U.S. large-cap growth equities continued to recover from a sharp sell-off in early April. Strong corporate earnings, investor enthusiasm around artificial intelligence (AI), and growing expectations for Federal Reserve policy easing drove the robust gains. The portfolio returned 6.3% (net) in the quarter, compared to the benchmark's 10.5% ...

● 本报记者 王超 11月25日，全球首个期货交易所综合排名由复旦大学经济学院正式发布。 据悉，该排名是由复旦大学经济学院院长、中国经济研究中心主任张军带领课题组编制，系首次针对期 货交易所进行的全方位、综合性、科学性量化评估，填补了该领域的空白。排名囊括了全球16家成立时 间较长、具备一定影响力的期货交易所，观测周期为2016年-2025年。 上海财经大学校长刘元春表示，建设世界一流交易所是系统性工程，不仅取决于交易所自身发展水平， 还涉及金融体系、经济体系等方方面面因素。张军团队基于经济学理论，自主构建的综合性交易所评价 指标体系，填补了国际上该领域缺乏量化评估工具的空白。该评估模型既有一定开创性，又体现了学术 性和严谨性，现实指导意义也十分突出。这次是指标体系首次应用，可以不断完善，假以时日，相信会 逐步形成交易所竞争力评估的"上海标准"。 五矿发展相关负责人认为，围绕加快建成世界一流交易所的目标，上期所近年来持续完善品种布局，不 断修炼内功，在钢铁期货领域取得了一系列扎实的进展。目前，上期所钢铁期货交易活跃，市场规模全 球领先，螺纹钢期货成交量稳居全球金属商品衍生品首位，热轧卷板期货也位列全球金属衍生 ...

11月25日，全球首个期货交易所综合排名由复旦大学经济学院正式发布。2025年排名结果显示，芝加哥 商业交易所集团（CME）、洲际交易所（ICE）、香港交易所集团位列全球前三。在全球期货市场格局 中，CME和ICE凭借其全方位的综合优势，以及在价格影响力、市场流动性、产品多样性等方面的突出 表现，连续多年位居全球期货交易所第一梯队。 二是创新能力持续增强。在全球经济绿色低碳转型的趋势下，全球期货交易所聚焦新科技、新能源发展 方向，不断创新上市期货产品。上期所上市了境内首个对外开放品种原油期货、首个航运期货品种集运 指数（欧线）期货，以及境内首个具有再生绿色属性的品种铸造铝合金期货。 三是宏观环境的不确定性给交易所风险防控能力带来更大挑战。近年来俄乌冲突、红海危机等事件冲击 大宗商品供应链，引发相关品种价格大幅波动。境内期货交易所依托中国特色期货监管制度，有效防范 价格大起大落，为全球客户提供了稳定的价格信号，稳健运行优势尤为明显。 据课题组介绍，构建评价指标体系过程中，研究团队始终坚持"跳出期货看期货"的宏观视野，既充分考 虑交易所自身的功能发挥与内部治理水平，也包含所在国家大宗商品贸易规模、所在城市经济金融 ...

Polymarket founder and CEO Shayne Coplan announced on Tuesday that the prediction market platform has received approval from the Commodity Futures Trading Commission for intermediated trading in the U.S.Polymarket Can Be Traded Through BrokeragesIn an X post, Coplan revealed that the latest approval allows customers to trade Polymarket contracts through brokerages and futures commission merchants, clearing its way to operate as a fully regulated exchange.Coplan called it a “key milestone” toward permeating ...

Core Insights - Polymarket has received approval from the Commodity Futures Trading Commission (CFTC) to operate under a fully regulated exchange structure in the U.S. [1][2] - The approval allows Polymarket to onboard brokerages and customers directly, facilitating trading on U.S. venues and introducing intermediated access through Futures Commission Merchants (FCMs) [3] - This marks a significant turnaround for Polymarket, which faced a CFTC settlement and a $1.4 million fine in 2022 for operating as an unregistered derivatives facility [5] Regulatory Developments - The CFTC issued an Amended Order of Designation, permitting Polymarket to operate an intermediated trading platform subject to federal regulations [2][3] - A no-action letter from the CFTC allows event contracts without triggering standard swap data reporting and recordkeeping mandates, effectively giving Polymarket a regulatory green light [4][5] Financial Backing - Intercontinental Exchange (ICE) announced a strategic $2 billion investment in Polymarket, valuing the company at approximately $8 billion pre-investment [6] - This investment grants ICE a financial stake and a central role as the global distributor of Polymarket's event-driven data [6] Leadership Perspective - Polymarket's CEO, Shayne Coplan, expressed gratitude for the constructive engagement with the CFTC and emphasized the company's commitment to operating within the U.S. regulatory framework [4][7]

Intercontinental Exchange, Inc. (ICE) is a leading global operator of financial markets that manages exchanges and clearinghouses worldwide. The company provides platforms for trading futures, options, equities, and commodities, as well as data, analytics, and mortgage technology solutions. ICE enhances market transparency, facilitates risk management, and supports capital raising across various asset classes. Its headquarters is in Atlanta, Georgia, USA, where it drives efficient market connectivity and ...

据悉，该排名是由复旦大学经济学院院长、中国经济研究中心主任张军教授带领课题组编制，系首次针 对期货交易所进行的全方位、综合性、科学性量化评估，填补了该领域的空白。课题组构建了CGM多 层次、多维度评价指标体系，涵盖功能表现（Capacity）、治理表现（Governance）、宏观表现 （Macro）3个维度，下设价格影响力、管理风险、配置资源、产品体系、服务能力、技术系统、风险 防控、金融能级、货币能级、经济能级、城市能级等11个二级指标，以及30个可量化评估与横向比较的 三级指标。其中，功能表现主要衡量交易所作为期货市场核心枢纽的功能发挥水平，治理表现体现交易 所内功和硬实力建设情况，宏观表现主要评估交易所所处的外部环境。排名囊括了全球16家成立时间较 长、具备一定影响力的期货交易所，观测周期为2016-2025年。 11月25日，全球首个期货交易所综合排名由复旦大学经济学院正式发布。 2025年排名结果显示，芝加哥商业交易所集团（CME）、洲际交易所（ICE）、香港交易所集团 （HKEX）位列全球前3位。在全球期货市场格局中，CME和ICE凭借其全方位的综合优势，以及在价 格影响力、市场流动性、产品多样 ...

Intercontinental Exchange ( ICE ), founded in 2000 as an electronic marketplace to bring transparency to opaque over-the-counter energy markets, has grown into one of the world's premier financial infrastructure providers through aggressive acquisition andAlways on the hunt for undervalued, promising stocks with a focus on risk and reward. Limited risks and decent to high upside by knowing what one's owning. I strongly believe that the best investment ideas are often the simplest. If contrarian, the better. ...

The company is initially investing about $10 million, with the total deal size pegged at around $40 million.Bakkt —launched by NYSE parent Intercontinental Exchange (ICE) in 2018 as a digital asset trading platform — is looking to offer regulated access to offshore and tokenised This could include exposure to global equities, tokenised investment structures and themes such as artificial intelligence, including products linked to OpenAI, Anthropic, and publicly traded stocks like Nvidia.In a regulatory filin ...

We recently published 10 Stocks Jim Cramer Talked About. Intercontinental Exchange, Inc. (NYSE:ICE) is one of the stocks Jim Cramer discussed. Intercontinental Exchange, Inc. (NYSE:ICE), the firm behind the well-known New York Stock Exchange, made a rare appearance on Cramer's morning show. He has discussed the firm a handful of times in 2025 and has remained mostly optimistic. Cramer commented in March that he had been a "backer of ICE for a long time" and added in August that "there’s a raging bull mark ...