(Bloomberg) -- Intercontinental Exchange Inc. won approval to operate a clearinghouse for US Treasuries, becoming the latest provider of the service under new regulations for the world’s largest debt market. The firm plans to clear US Treasuries after it got permission from the US Securities and Exchange Commission to operate, according to Paul Hamill, chief commercial officer of the company’s ICE Clear Credit unit. This service is now live, and preparing to add repurchase agreements by the end of the year. ...

Core Insights - CME Group Inc. will announce its earnings for Q4 and the full year of 2025 on February 4, 2026, before market opening [1] - The company will provide written highlights at 6:00 a.m. Central Time and hold an investor conference call at 7:30 a.m. Central Time on the same day [1] Company Overview - CME Group is the world's leading derivatives marketplace, facilitating trading in futures, options, cash, and OTC markets [3] - The company offers a wide range of global benchmark products across major asset classes, including interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products, and metals [3] - CME Group operates the CME Globex platform for futures and options trading, BrokerTec for fixed income trading, and EBS for foreign exchange trading [3] - It also functions as a leading central counterparty clearing provider through CME Clearing [3]

Core Insights - Gemini Space Station Inc. has received approval from the Commodity Futures Trading Commission (CFTC) to operate a derivatives exchange, marking its entry into the prediction markets sector [1][4] - The company plans to allow US customers to trade event contracts related to economic, financial, political, and sports forecasts through its website and mobile app [2] - Following the approval, Gemini's shares surged by as much as 28% in extended trading, indicating strong market interest [3] Company Developments - Gemini aims to expand its derivatives offerings to include crypto futures, options, and perpetual contracts, which are already popular in overseas markets [3] - The approval process for Gemini's derivatives exchange took over a year, highlighting the regulatory challenges in launching such platforms [4] - Tyler Winklevoss, co-founder of Gemini, has been appointed to the CFTC's CEO Innovation Council, which includes other notable figures from the digital assets industry [6] Industry Context - The approval of Gemini's derivatives exchange reflects a growing interest in prediction markets and crypto-related derivatives, despite ongoing legal uncertainties in the sector [4] - The move positions Gemini alongside other crypto-native firms like Polymarket, which are exploring the intersection of digital assets and prediction markets [4]

Core Thesis - CME Group Inc. is experiencing mixed financial results, with a focus on strategic initiatives and potential growth opportunities despite recent revenue declines [2][3][4]. Financial Performance - Total net revenue for Q3 2025 was $1.54 billion, down 9% sequentially and 3% year-over-year, primarily due to weaker clearing and transaction fees [2]. - Adjusted EPS was $2.68, flat year-over-year but 2% above consensus, supported by stronger non-operating income of $214 million [3]. - Trading volumes softened, with total futures and options average daily volume (ADV) down 16% quarter-over-quarter to 25.3 million [3]. Cost Management - Management lowered its full-year expense guidance by $10 million to $1.625 billion, citing reduced costs related to Google migration and professional services [4]. Strategic Initiatives - CME is prepared to support FanDuel-related prediction markets pending regulatory approval and is cautious about certain election contracts [5]. - The company is working with Google on tokenization of cash for collateral, enabling 24/7 trading infrastructure [5]. - CME announced a 3.5% increase in market data pricing effective January 2026 [4]. Market Position - CME Group's stock price was $278.99 as of December 1st, with trailing and forward P/E ratios of 27.03 and 24.10 respectively [1]. - The company is not among the 30 most popular stocks among hedge funds, with 75 hedge fund portfolios holding CME at the end of Q2, up from 73 in the previous quarter [7].

Core Points - CME Group Inc. will announce its third-quarter earnings for 2025 on October 22, 2025, before market opening [1] - The earnings press release will be available on the company's website at 6:00 a.m. Central Time, followed by an investor conference call at 7:30 a.m. Central Time [1][2] Company Overview - CME Group is the world's leading derivatives marketplace, facilitating trading in futures, options, cash, and OTC markets [3] - The company provides a wide range of global benchmark products across major asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals [3] - CME Group operates the CME Globex platform for futures and options trading, BrokerTec for fixed income trading, and EBS for foreign exchange trading [3] - The company also runs CME Clearing, one of the leading central counterparty clearing providers globally [3]

Group 1 - CME Group Inc. will announce its second quarter 2025 earnings on July 23, 2025, before market opening [1] - Written highlights will be available on the company's website at 6:00 a.m. Central Time on the same day [1] - An investor conference call will take place at 7:30 a.m. Central Time, where executives will answer analysts' questions [1][2] Group 2 - CME Group is the world's leading derivatives marketplace, facilitating trading in futures, options, cash, and OTC markets [3] - The company offers a wide range of global benchmark products across major asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals [3] - CME Group operates the CME Globex platform for futures and options trading, BrokerTec for fixed income trading, and EBS for foreign exchange trading [3]