Welcome to ETF Edge, your go-to place for all things exchangeraded funds. I'm McKenzie Scallows and for Dominic Chu. Now, the tokenization of everything was supposed to be a big area of growth for the ETF industry in 2026, but the recent hard slide in major cryptocurrencies has called that thesis into question.Joining me now is Matt Hogan, CIO at Bitwise Asset Management, and Will Rind, founder and CEO of Granite Shares. Let's just start with the broad overview from both of you. Assets under management fell ...

Group 1 - The presentation features Alex Kramm from UBS Investment Bank, who is a senior research analyst covering U.S. exchanges and business services companies [1] - TMX Group's CEO, John McKenzie, is providing an update on the company's activities, particularly its growth in the U.S. market [2] - The discussion highlights the significant transitions TMX Group has undergone over the past few years and its key growth targets and objectives [2]

Summary of TMX Group Conference Call Company Overview - **Company**: TMX Group - **Industry**: Canadian capital markets ecosystem, including exchanges, derivatives markets, and data services - **Key Components**: - Blue chip and junior equity exchanges - Montreal Exchange for derivatives - Clearing and settlement infrastructure - International operations including TradePort in the UK and VettaFi in the U.S. [3][4] Core Business Insights - **Recurring Revenue Target**: Long-term target is to achieve two-thirds of revenue from recurring sources, currently at 52% down from 55% due to strong performance in trade business [5][6] - **International Revenue**: 51% of business is now outside Canada, with a target of 50% from Global Insights, currently at 44% [6] - **Trayport Performance**: Trayport, a key growth area, showed 12% growth in constant currency, down from 17% in the previous year, attributed to market maturity and lack of volatility [7][11] - **Growth Opportunities**: Expansion in U.S. gas and power markets, early-stage growth in Japan, and transitioning oil markets to on-screen trading [13][14] VettaFi and Global Insights - **VettaFi Growth**: Achieved 25% year-over-year growth in 2025, with 13% from organic growth and 12% from acquisitions [22] - **Assets Under Management**: Increased from CAD 32 billion to over CAD 80 billion since acquisition [24] - **Product Development**: Focus on expanding indices and asset classes, including fixed-income products and distribution capabilities [23] AI and Technology Integration - **AI as a Beneficiary**: TMX Group views itself as a net beneficiary of AI, leveraging proprietary data platforms to enhance product offerings [28][30] - **Efficiency Gains**: AI tools are being used to improve development speed and product testing, allowing for better market delivery [35][36] - **Revenue Opportunities**: AI is expected to enhance client products and self-service capabilities, with over 90% adoption of AI tools across the company [38][39] Trading Business Insights - **Derivatives Market**: Experienced over 30% growth last year, with open interest up 20% despite a 5-6% decline in total volume year-over-year [42][43] - **Options on ETFs**: Continued adoption is a significant growth driver, with regulatory efforts to expand capacity [44] - **Canadian Equities Landscape**: TMX Group maintains a strong competitive position despite challenges from international players like CBOE [51][52] Capital Formation and IPO Pipeline - **Strong Financing Activity**: 60% year-over-year increase in financing activity, with a deep pipeline of companies ready for IPOs [66][68] - **Market Confidence**: Despite recent market volatility, there is optimism about the ability to execute good deals [68] Expense Management and M&A Strategy - **Expense Growth**: Targeting 5% year-over-year expense growth, with a focus on positive operating leverage [73][74] - **M&A as Strategy Accelerator**: TMX Group actively seeks acquisitions that align with its growth strategy, focusing on enhancing data capabilities and market reach [76][77] Conclusion - **Overall Outlook**: TMX Group is positioned for continued growth through strategic expansion, technology integration, and a robust IPO pipeline, while maintaining a focus on operational efficiency and market leadership in the Canadian capital markets [66][68][76]

Group 1 - The company achieved a significant milestone by surpassing $7 trillion in invested assets, indicating strong growth and client engagement in a complex environment [2] - Financial results for the year were robust, showing substantial year-on-year improvement, which reflects the effectiveness of the company's strategies [2] - All regions and business segments contributed to the growth in profit before tax (PBT), highlighting a comprehensive performance across the organization [3] Group 2 - The company successfully exceeded its cost of equity, marking a critical achievement after a costly restructuring process over the past few years [3] - Continued focus on client relationships and support was emphasized as a key factor in navigating market complexities and driving business growth [2]

UBS Group 2026 Conference Summary Company Overview - **Company**: UBS Group (NYSE: UBS) - **Event**: 2026 Conference - **Date**: February 09, 2026 Key Points Financial Performance and Integration - UBS surpassed **$7 trillion** in invested assets, marking a significant achievement in 2025 [4] - Financial results showed substantial year-on-year growth, with all regions and businesses contributing to profit before tax (PBT) growth [5] - The integration of **950,000 clients** from Credit Suisse's platform is nearly complete, with **$11 billion** in cost savings identified since the integration began [6] - A **22% increase** in dividends and **$3 billion** in share buybacks were delivered to shareholders [7] Client Engagement and Market Outlook - Clients remain broadly constructive in asset allocation, with no major shifts observed despite market volatility [12] - There is a growing focus on diversification and hedging among clients, indicating a cautious approach to investments [13] - The company anticipates a positive momentum in net new asset growth in the second half of the year, projecting over **$200 billion** in net new assets by 2028 [32] U.S. Strategy and Market Position - UBS has been profitable in the U.S. for the last **10 years**, but profitability levels are not competitive compared to peers [20] - The company manages **$2.3-$2.4 trillion** in assets in the U.S., but lacks comprehensive banking capabilities compared to competitors [21] - Conditional approval from the OCC for a national charter is expected to enhance deposit penetration and net interest income (NII) [24] Regulatory Environment and Capital Allocation - The regulatory landscape in Switzerland is evolving, with UBS facing the highest minimum capital requirements among global systemically important banks (G-SIBs) [41] - UBS is focused on maintaining growth and capital return policies despite potential new regulations [45] - The company emphasizes the importance of a sustainable business model to remain competitive in the long term [47] Investment Banking and Market Activity - UBS is experiencing strong momentum in the capital markets pipeline, with increased interest from corporates and institutional clients [49] - The company acknowledges the need for caution due to geopolitical and macroeconomic uncertainties that may affect transaction execution [51] Alternatives and AI Integration - UBS has merged its alternatives capabilities, becoming the fifth largest limited partner in the industry with **$330 billion** in assets [61] - The company aims to increase its allocation to alternatives from **5%** to around **10%** over time [62] - AI is expected to enhance operational efficiencies, particularly in back-end processes, with a focus on client benefits [78] Conclusion - UBS is committed to completing its integration and enhancing its capabilities while navigating a complex regulatory environment and competitive landscape [15][17] - The company is focused on long-term growth, client engagement, and leveraging technology to improve service delivery and operational efficiency [80]

Core Insights - The 2023 Credit Suisse crisis elicited a strong emotional response in Switzerland, as noted by UBS CEO Sergio Ermotti at a financial services conference in Florida [1] Company Insights - UBS CEO Sergio Ermotti highlighted the emotional impact of the Credit Suisse crisis on Switzerland, indicating the significance of the event for the financial landscape [1] Industry Insights - Current regulatory proposals are being discussed in the aftermath of the Credit Suisse crisis, reflecting the industry's response to the challenges faced [1]

Core Insights - UBS Group AG's India subsidiary has leased an entire commercial tower in Pune's Yerwada micro market for over Rs 263 crore, indicating a significant investment in managed office spaces [6] - The lease spans approximately 165,290 sq ft, accommodating around 1,520 seats, and commenced on January 15 [6] - The agreement includes a starting rental of about Rs 240 per sq ft per month with a 5% annual escalation over a five-year period [6] Lease Details - The lease covers the ground floor to the seventh floor of the building and includes a lock-in period of 60 months for Smartworks Coworking Spaces Ltd, while UBS has a 30-month lock-in commitment [6][5] - UBS has paid a security deposit of approximately Rs 23.8 crore, equivalent to six months' rent [6] - As part of the sub-lease agreement, UBS will have external signage rights on the building [6] Market Trends - The transaction highlights the increasing trend of enterprise-grade managed office deals in India, with multinational companies outsourcing workplace management to specialized operators [5] - Long-term enterprise contracts provide workspace providers with predictable occupancy and stable cash flows, while offering occupiers benefits such as faster expansion and lower upfront capital expenditures [5] - The Yerwada and Airport Road micro market is becoming a key office corridor in Pune, benefiting from proximity to the airport and established IT and business parks [6]

Core Viewpoint - Standard Chartered has appointed Raza Jafree as the global head of private client sales to enhance its service offerings for single-family offices and ultra-high net worth clients through a new partnership between its corporate and investment bank and wealth unit [1] Group 1 - The appointment of Raza Jafree signifies a strategic move by Standard Chartered to strengthen its focus on private client services [1] - The new partnership aims to better serve the needs of single-family offices and ultra-high net worth clients, indicating a targeted approach in wealth management [1]

Is crypto dead. >> Capital, technology, and culture. And if you look at those three things, I think they're good ways to identify whether or not you continue to see the momentum gives you then a signal to say, is this something that you want to continue investing in or looking at to invest in or considering to to enter, right.What is a good predictor of uh innovation, adoption. It boils down to three things. in my [music] face.She's the queen of the game. Stacking crypto like it's her claim the fame. If you ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv UBS banked Ghislaine Maxwell for years, moving her money after Epstein's arrest February 8, 20265:04 AM UTCUpdated ago By Elisa Martinuzzi, Nivedita Balu and John O'Donnell Item 1 of 2 Ghislaine Maxwell and Jeffrey Epstein are seen in this image released by the Department of Justice in Washington, D.C., U.S., on December 19, 2025 as part of a new trove of documents from its investigations into ...