Core Insights - Nasdaq CEO Adena Friedman believes blockchain will transform the traditional financial system by enhancing post-trade infrastructure, improving collateral mobility, and facilitating faster payments [1][3]. Group 1: Post-Trade Infrastructure - The current post-trade processes are fragmented and rely on outdated infrastructure, which creates unnecessary friction and ties up capital [2][4]. - Blockchain technology has the potential to unify and streamline these workflows, reducing inefficiencies and accelerating financial activities [2][4]. Group 2: Collateral Management - Digital assets can enhance the movement and management of collateral, allowing for quicker transfers across platforms and borders [3]. - Friedman emphasizes the importance of creating a collateral mobility effort to free up significant amounts of capital [3]. Group 3: Payment Systems - The existing payment infrastructure is seen as a bottleneck that hinders capital flow [4]. - Improving or rebuilding payment systems using blockchain could unlock substantial capital currently trapped in outdated processes, facilitating easier fund movement across various platforms and asset classes [4]. Group 4: Nasdaq's Initiatives - Nasdaq has initiated steps towards integrating blockchain by filing with the U.S. Securities and Exchange Commission to support trading of tokenized securities [5]. - The proposed framework allows for tokenized settlement, enabling trades to be routed for delivery into digital wallets while maintaining the existing securities structure [5].

Core Viewpoint - The collaboration between药捷安康 and Neurocrine Biosciences aims to develop NLRP3 inhibitors for treating various diseases, with a total potential value of $881.5 million [1] Group 1: Agreement Details -药捷安康 has entered into a patent transfer and research collaboration agreement with Neurocrine Biosciences, granting Neurocrine exclusive rights for development, manufacturing, and commercialization outside Greater China, while retaining rights in Greater China [1] - The agreement includes an upfront payment to药捷安康, with potential milestone payments based on development and commercialization progress [1] - The total potential value of the agreement is $881.5 million, which also encompasses research collaboration to further develop NLRP3-related technologies [1] Group 2: Scientific Background - NLRP3 inflammasome is a crucial inflammatory complex within myeloid cells, with elevated activation levels closely associated with insulin resistance [1] - Chronic low-grade inflammation, triggered in states of obesity or metabolic disorders, can disrupt insulin signaling and exacerbate insulin resistance [1] - Inhibiting NLRP3 can reduce inflammatory responses and lower reactive oxygen species (ROS) production, thereby improving the cellular metabolic environment [1]

Core Points - Polestar has been notified by Nasdaq for failing to meet the exchange's listing rules regarding a minimum bid price of $1 [1] - The decline in Polestar's share price is attributed to increasing competition in the electric vehicle (EV) market [1] Company Summary - Polestar is facing pressure on its stock price, which has led to a notification from Nasdaq regarding compliance with listing rules [1] - The company's shares are experiencing a downturn due to intensified competition within the EV sector [1] Industry Summary - The electric vehicle industry is becoming increasingly competitive, impacting companies like Polestar [1] - The pressure from competition is reflected in the stock performance of EV firms, highlighting the challenges in maintaining market position [1]

Core Points - Trading in Premium Catering (Holdings) Limited has been halted by Nasdaq for additional information requested from the company [1] - The Securities and Exchange Commission previously suspended trading in Premium Catering from October 17, 2025, to October 30, 2025 [1] - The last sale price of Premium Catering's ordinary shares was $9.40 [1] Summary by Sections - **Trading Suspension** - Nasdaq has halted trading in Premium Catering (Holdings) Limited until the company provides the requested information [1][2] - The SEC's trading suspension lasted from 04:00 on October 17, 2025, to 23:59 on October 30, 2025 [1][2] - **Company Information** - For further details regarding the SEC's order, additional information can be found on the SEC's website [2] - Investors can contact the company directly or check its symbol on the Nasdaq website for news and updates [2]

Group 1: Market Sentiment and Performance - Nasdaq futures rose sharply by 1.4% in early trading, driven by positive earnings results from major tech companies [2] - Amazon (AMZN) saw a 12% increase in premarket trading after exceeding Q3 estimates for net sales, profit, and subscription revenues, with its Amazon Web Services unit reporting a 20% rise in quarterly revenue [4] - Apple (AAPL) experienced a 2% increase following better-than-expected FQ4 results, despite iPhone revenue falling short of estimates at $49.0 billion compared to the expected $50.3 billion [5] Group 2: Company-Specific Developments - Amazon's strong performance was highlighted by significant growth in its subscription revenues and overall sales, indicating robust demand [4] - Apple CEO Tim Cook projected a 10%-12% revenue increase for FQ1, with expectations for iPhone sales to return to double-digit growth and a rebound in Greater China sales [5] - Apple plans to enhance its Siri with AI capabilities next year, indicating a strategic focus on AI integration [5] Group 3: Industry Disruptions - Disney (DIS) channels, including ESPN and ABC, went dark on YouTube TV due to failed contract negotiations with Google, affecting approximately 10 million subscribers [6][9] - The blackout resulted in the loss of access to recorded Disney content and major live sports broadcasts, raising concerns as the holiday season approaches [8][9] - Google stated it would not agree to terms that disadvantage its members while benefiting Disney's own live TV products, highlighting ongoing tensions in media carriage negotiations [7]

Core Points - GENFIT has announced its intention to voluntarily delist its American Depositary Shares (ADSs) from the Nasdaq Stock Market, effective prior to the opening of trading on November 20, 2025 [1] - The company remains committed to its listing on Euronext Paris, which has been its primary trading market since April 2014 [2][3] Company Strategy - The decision to delist from Nasdaq is aimed at streamlining operations and focusing resources, enhancing operational efficiency in line with the current pipeline development stage [3][8] - GENFIT plans to file a Form 25 to initiate the removal of the ADS listing, which will be effective ten days after the filing [3] Financial and Operational Details - GENFIT's financial foundation is supported by the successful development and commercialization of elafibranor for Primary Biliary Cholangitis (PBC) [3] - The company intends to maintain high standards of corporate governance and transparency while complying with French and European financial market regulations [3] Information for ADS Holders - ADS holders will have until approximately February 6, 2026, to surrender their ADSs for the underlying ordinary shares, with applicable fees for cancellation and cable services [4][5] - After the delisting, the Depositary may sell the underlying ordinary shares, and ADS holders must surrender their securities to obtain payment of the sale proceeds [6][8] Company Overview - GENFIT is a biopharmaceutical company focused on rare and life-threatening liver diseases, with a history of over two decades in liver disease research and development [10][11] - The company has developed therapeutic assets targeting conditions such as Acute on-chronic Liver Failure (ACLF) and has a diagnostic franchise for detecting metabolic dysfunction-associated steatohepatitis [11][12]

Core Viewpoint - SiriusXM has seen significant investment from billionaires like Warren Buffett, but the company faces substantial challenges, including a 72% decline in stock price since mid-2023 and increasing competition from modern music streaming services [1][4]. Financial Performance - SiriusXM's current stock price is $21.63, with a market cap of $7 billion and a P/E ratio of just 3, indicating it may appear undervalued [2][9]. - The company reported a revenue decline from $9 billion in 2023 to $8.565 billion over the last 12 months, alongside a decrease in self-pay subscribers by 68,000 last quarter [4][7]. - Operating margin has decreased from 30% in 2018 to 22% over the last 12 months, reflecting ongoing financial struggles [4]. Subscriber Trends - SiriusXM has experienced a decline in subscribers every year since the end of 2022, attributed to the rise of music streaming services like Spotify and YouTube Music [4][10]. - The company claims a low churn rate of 1.5%, but the overall subscriber base is under pressure from modern alternatives [4]. Debt Situation - SiriusXM has over $10 billion in long-term debt and less than $100 million in cash, leading to concerns about its financial stability [6][7]. - The company generates around $1 billion in free cash flow but pays over $100 million in quarterly interest payments, raising questions about its ability to sustain dividends and manage debt [7][9]. Competitive Landscape - The competitive environment has intensified with the emergence of platforms like Spotify and Apple Music, which offer extensive music libraries and are integrated into modern vehicles, reducing the necessity for SiriusXM subscriptions [4][10]. - Despite the high dividend yield of 5%, the company's declining subscriber base and revenue, coupled with significant debt, suggest that investing in SiriusXM may not be prudent at this time [2][10].

Core Points - Nasdaq has submitted new rule proposals (SR-NASDAQ-2025-068 and SR-NASDAQ-2025-069) to the SEC aimed at enhancing initial and ongoing listing standards, reinforcing long-term commitments to capital formation, investor protection, and market integrity [1][4] Initial Listing Requirements - Companies seeking to list on Nasdaq Capital Market or Nasdaq Global Market must have a minimum public float market value (MVUPHS) of at least $15 million, up from $5 million for Nasdaq Capital Market and $8 million for Nasdaq Global Market [3] - Nasdaq Capital Market requires companies to meet one of three standards: income, market value, or equity, while Nasdaq Global Market includes a fourth option based on total assets/total revenue [3] - The proposed rules aim to align the income standard's minimum MVUPHS with other listing standards, setting it at $15 million for Nasdaq Capital Market and $18 million for equity standard on Nasdaq Global Market [3] Ongoing Listing Requirements - Companies failing to meet ongoing listing requirements and having a market value below $5 million for 10 consecutive trading days will face immediate suspension and delisting [4][5] - The proposed rules eliminate the compliance period for companies that fall below the market value threshold, indicating that significant issues leading to low market value are not temporary [5] Specific Requirements for Chinese Companies - New rules require Chinese companies to raise at least $25 million through an initial public offering (IPO) to list on Nasdaq, addressing concerns over liquidity and investor protection [5] - Nasdaq noted that 70% of its submissions to the SEC or FINRA since August 2022 have been related to Chinese companies, highlighting ongoing liquidity concerns [5] Implementation Timeline - If approved by the SEC, Nasdaq will implement the changes to initial listing requirements immediately, allowing companies already in the process 30 days to comply with previous standards [6] - Nasdaq plans to implement accelerated procedures for suspension and delisting within 60 days of SEC approval [6]

Group 1: Leadership Changes - BNY has appointed Catherine Addona-Peña as the new head of enterprise risk, previously serving as chief risk officer at Nasdaq [1] - Nasdaq is currently without a full-time CRO as Addona-Peña's responsibilities are being managed by other team members while a replacement is sought [2] - JP Morgan has promoted Conor Hillery and Matthieu Wiltz to co-CEOs for Europe, the Middle East, and Africa, succeeding Filippo Gori [5][6] Group 2: New Appointments - Kranthi Gade has been named head of global macro and US cross-asset strategic indexes structuring at JP Morgan [8] - Adrian Loh has joined JP Morgan Private Bank as market head of investments and advice for Southeast Asia [10] - Fahim Rahman has been appointed head of derivatives risk solutions for EMEA at Mizuho [15] Group 3: Organizational Changes - Standard Chartered has appointed Roberto Hoornweg as CEO of corporate and investment banking, taking over from Sunil Kaushal [11][12] - Citi has appointed Sophie Landry as head of markets for Germany and Austria, and Jason Woods as head of futures execution for Europe, the Middle East, and Africa [16][18] - RBC Capital Markets has appointed Callum Maitland to head structured inflation and cross-currency basis trading [20] Group 4: Regulatory and Governance Updates - The Federal Deposit Insurance Corporation has named Ryan Billingsley as director in the division of risk management supervision [27] - The Alternative Investment Management Association has appointed Jon May as the new chair of its governing body, succeeding Karl Wachter [28]

Market Overview - U.S. equity markets opened with strong momentum, with the Dow Jones Industrial Average (DJIA) rising by 316.26 points (0.67%) to 47,523.38, the Nasdaq (NDAQ) increasing by 339.14 points (1.46%) to 23,544.00, and the S&P 500 (SPX) advancing by 63.85 points (0.94%) to 6,855.54 shortly after the market opened [2][9]. Global Economic Developments - Argentina's peso experienced a significant 10% increase following President Milei's midterm election victory, indicating positive market sentiment towards his administration's policies [3][9]. - Trade relations between major economies are under strain, with China's Commerce Ministry asserting its commitment to defend the rights of Chinese firms against the UK, which has taken actions against 11 Chinese companies. The WTO Director-General acknowledged the validity of U.S. criticisms regarding the multilateral trading system [4][9]. Investor Sentiment - Investor behavior reflects a bullish outlook, as fund managers are holding their lowest cash allocation in over a decade, suggesting a strong appetite for risk and confidence in continued market growth. This sentiment is mirrored in Germany, where business confidence has improved, reaching its highest level since the Russian invasion of Ukraine, largely due to government spending plans [5][9]. Corporate News - Amazon's robotics team is working towards automating 75% of its operations, highlighting a significant push for technological integration and efficiency within the company [6][9]. - General Electric Aerospace has extended its service contract with RAN, including options for an additional 10 years, securing a long-term partnership [6]. - Novartis' CEO expressed confidence in the Avidity deal, indicating a strategic move for the pharmaceutical giant [7].