Summary of TMX Group FY Conference Call - September 08, 2025 Company Overview - **Company**: TMX Group (OTCPK:TMXX.F) - **Industry**: Financial Services, specifically focusing on exchanges, asset management, and trading. Key Points Macro Environment and Market Performance - Global uncertainty and interest rate outlook are driving elevated trading volumes across TMX's marketplaces, with open interest growth of approximately **60% year-to-date** on the Montreal Exchange [2][3] - Equity volumes have increased by **14% year-over-year**, indicating strong market activity [2] IPO Market and Listings - There are signs of a global resurgence in IPO activity, with Canada traditionally following the US market trends [4] - The current IPO pipeline is robust and diverse, with over **50%** of the pipeline consisting of companies outside Canada, particularly in the innovation sector [5][6] Trading Business and Derivatives - TMX has seen strong growth in Canadian derivatives, particularly in longer-term contracts, with the two-year and five-year contracts showing growth rates of approximately **27%** and **30%** respectively [11] - The company categorizes its derivatives trading and clearing business as a strong grower, with a **CAGR of about 11%** over the last ten years [10] Technology and Innovation - TMX launched a new ATS in the US, which has shown solid trading volume growth, leveraging in-house technology from both the Montreal and Toronto Exchanges [12][14] - The company is exploring opportunities to port this technology back to Canada to enhance existing trading platforms [16][17] Post-Trade Modernization - TMX's post-trade modernization project has successfully gone live, allowing for the introduction of new products like SGC Notes and CCMS, which are expected to generate meaningful revenue moving into 2026 [21][22] Global Insights and Trayport - The Trayport business is experiencing strong growth driven by client renewals and geographic expansion, particularly in Japan and the US [24][29] - TMX added **82 new client logos** in the last year and a half, indicating ongoing market expansion [25] ETF Growth and Vedify - ETFs are one of the fastest-growing subsectors in asset management, with Vedify focusing on creating bespoke indices and launching ETFs based on client needs [36][37] - Vedify has been growing at a pro forma basis of **15%** since its acquisition, indicating strong performance [40] M&A Strategy - TMX is open to pursuing acquisitions that align with its growth strategy, with a focus on maintaining a leverage ratio within the target range of **1.5 to 2.5 times** [56][58] - The company is interested in both small tuck-in acquisitions and larger, more impactful acquisitions if they align with strategic goals [62] Digital Assets and Market Trends - TMX is monitoring the evolving landscape of digital assets and tokenization, with a cautious approach based on regulatory developments in the US [63][64] - The company is prepared to support Canadian banks in meeting client demand for crypto-related services, contingent on market conditions [66] Retail Engagement - Canadian retail investors are generally more conservative compared to their US counterparts, with limited engagement in options trading [72] - TMX is willing to create markets if there is sufficient demand, indicating a responsive approach to market needs [74] Data Links and Revenue Growth - Data Links is experiencing growth driven by increased demand for colocation services and cross-selling opportunities following the acquisition of Vedify [75][76] - The company is exploring additional datasets to complement its trading data, aiming to enhance the quality and value of its offerings [78][79] Conclusion TMX Group is navigating a complex macroeconomic environment while capitalizing on growth opportunities in trading, technology, and asset management. The company is focused on innovation, strategic acquisitions, and responding to market demands, positioning itself for continued success in the financial services industry.

Company Overview - Fundstrat 联合创始人 Tom Lee 的 SPAC 公司 FutureCrest Acquisition 已于 9 月 5 日向美国 SEC 提交了 250 million 美元的 IPO 申请 [1] Investment Focus - 该 blank-check 公司目标投资于 AI（人工智能）, fintech（金融科技）和 digital assets（数字资产）领域 [1] Stock Market Information - FutureCrest Acquisition 计划在纳斯达克上市，股票代码为 FCRSU [1]

Market Trends & Regulatory Landscape - The cryptocurrency market is facing challenges, but industry leaders are actively involved, with institutions like Jamie Diamond's company now embracing digital assets [1][3] - Market consolidation is observed after significant events like Bitcoin ETF approvals and presidential elections, and is expected after the approval of the stable coin bill [2] - The SEC is making serious efforts to address open questions on transfer agency, compliance, and interoperability to encourage more tokenization within the US [9] Bitcoin & Cryptocurrency Outlook - The industry anticipates significant growth in the Bitcoin price and crypto market, driven by institutional adoption and nation-state involvement [3][4] - Bitcoin is consolidating, which is considered normal after major events [1][2] - Bitcoin's limited supply of 21 million units distinguishes it from other assets like gold [5] - The trajectory of Bitcoin and digital assets is expected to be parabolic as capital markets gain access [5] Cardano Developments & Challenges - Cardano's ETF approval odds have surged to 87%, with a decision deadline set for October 26th, 2025 [11] - Cardano released their next Cardano improvement proposal (CIP) for public comment [11] - Laos is a major milestone in Cardano's scalability push, adding express lanes for faster transaction processing [12][13] - The Cardano founder expressed frustration with the Cardano Foundation over alleged $600 million malfeasance, which was later cleared by an internal audit [15] World Mobile Chain (WMC) - World Mobile Chain (WMC), an L3 for telecom, is listed on Token Terminal and has 22 million daily active users [21] - WMC is the fifth most-used chain in the crypto space by real activity [21][22]

Core Insights - JPMorgan is expanding its digital banking operations in Germany, aiming to strengthen its European presence and leverage its successful U.K. digital bank model [1][11] - The German market presents both opportunities and competition, with established banks and digital challengers already present [2] - The company plans to establish its headquarters in Berlin by the end of the year, highlighting the strategic importance of the German market [3] Expansion Strategy - The expansion into Germany is part of JPMorgan's long-term strategy to focus on digital banking as a growth driver, which is expected to improve margins and diversify revenue streams [4] - The move is seen as a launchpad for further retail growth across Europe, reinforcing the company's global ambitions [4][11] Market Context - Germany is Europe's largest economy, making it a significant target for digital banking expansion [2] - Competitors like Banco Bilbao Vizcaya Argentaria and Deutsche Bank are also enhancing their digital offerings, indicating a competitive landscape [5][7] Financial Performance - JPMorgan's shares have increased by 26.8% this year, outperforming the S&P 500 Index's 10.1% gain [9] - The company trades at a price-to-tangible book (P/TB) ratio of 3.12X, above the industry average [13] Earnings Estimates - The Zacks Consensus Estimate indicates a nearly 1% decline in JPMorgan's 2025 earnings, with a projected growth rate of 4.1% for 2026 [15] - Recent earnings estimates for 2025 and 2026 have been revised upward, reflecting positive market sentiment [15]

There will be a joint SEC-CFTC roundtable on rulebook harmonization on Sept. 29. As detailed by the PWG Report on Digital Assets, we are committed to using our existing authorities to establish fit-for-purpose regulations for innovative products and trading platforms. ...

Core Points - Bullish Europe GmbH has secured a license under the Markets in Crypto-Assets Regulation (MiCAR) from BaFin, enhancing its regulatory compliance in the EU [1][2] - The MiCAR approval positions Bullish to meet the growing institutional demand for regulated trading venues in Europe, which is the second largest cryptoasset economy globally [2][3] - The company emphasizes its commitment to rigorous regulatory standards and ongoing oversight by BaFin, which is respected by institutional investors [2][3] Company Overview - Bullish is an institutionally focused global digital asset platform providing market infrastructure and information services, including a regulated digital assets exchange and market data analytics [4] - The platform operates under multiple regulations in the US, Germany, Hong Kong, and Gibraltar, ensuring a broad reach and compliance [4] - Bullish offers various services such as CoinDesk Indices and CoinDesk Data, catering to both digital assets and traditional finance industries [4]

Core Viewpoint - Bullish, a global digital asset platform, will release its Q2 2025 financial results on September 17, 2025, and will host an earnings conference call at 5:30 p.m. Eastern Time on the same day [1]. Group 1: Financial Results and Metrics - The earnings conference call will be accessible via a live webcast on the Bullish Investor Relations website, with a replay and transcript available afterward [2]. - Bullish plans to report select monthly metrics to provide investors with more frequent updates on trading volume, average trading spread, and volatility measures for Bitcoin and Ethereum [3]. - The first monthly metrics package will be released today, with future metrics expected to be published at the end of each month [4]. Group 2: Company Overview - Bullish operates as an institutionally focused global digital asset platform, offering market infrastructure and information services, including a regulated digital assets exchange and various data and analytics services [5]. - The Bullish Exchange integrates a high-performance central limit order book matching engine with automated market making to ensure deep and predictable liquidity, and is regulated in multiple jurisdictions including the U.S., Germany, Hong Kong, and Gibraltar [5]. - CoinDesk Indices and CoinDesk Data provide benchmarks and market analytics for digital assets, while CoinDesk Insights covers news and insights related to digital assets and blockchain technology [5]. Group 3: Investor Communication - The company utilizes its Investor Relations website and social media accounts to disseminate material information relevant to investors, encouraging regular review of updates alongside SEC filings and press releases [6].

.@SECGov released its latest rulemaking agenda Thursday, which focuses heavily on easing regulation of the crypto sector and following through on promises to integrate digital assets with the traditional American economy. https://t.co/wnASKiWm8e ...

Core Viewpoint - Blink Charging Co. is set to integrate cryptocurrency payment options into its EV charging network by the end of 2025, positioning itself at the intersection of electric vehicle infrastructure and digital assets [1][2][3]. Group 1: Company Strategy - The integration of cryptocurrency payments aims to enhance convenience and flexibility for EV drivers, aligning with the growing trend of digital finance [2][4]. - Blink's Chief Technology Officer emphasized the company's commitment to innovation and serving the EV community with advanced payment technologies [3]. - Future developments may include loyalty rewards programs and additional features to increase driver value, with a broader rollout planned before the end of the year [3]. Group 2: Industry Context - The move reflects the increasing adoption of electric vehicles and the rising significance of cryptocurrency in global finance [2][3]. - By exploring digital currencies, Blink is enhancing its commitment to making EV charging more seamless and providing additional payment options for drivers [4]. Group 3: Company Overview - Blink Charging Co. is a leader in the EV charging equipment and services sector, facilitating the transition to electric transportation through innovative solutions [5]. - The company's offerings include a proprietary EV charging network, equipment, and services, supported by cloud-based software for operation and maintenance [5]. - Blink has established strategic partnerships to promote EV charging adoption across various locations, including parking facilities, workplaces, and public areas [5].

Core Viewpoint - Grayscale has launched the Grayscale® Ethereum Covered Call ETF (Ticker: ETCO), aimed at providing investors with exposure to Ether while generating potential income through a covered call writing strategy [1][2]. Group 1: Fund Overview - The Grayscale® Ethereum Covered Call ETF is designed to complement existing Ethereum investments by adding an income component, targeting current income generation and capturing returns linked to Ether [2][4]. - The Fund employs a strategy of systematically writing call options near current spot prices to capitalize on Ether's volatility, with income distributed to shareholders [3][4]. Group 2: Investment Strategy - ETCO prioritizes income generation through an income-first strategy, appealing to investors seeking consistent cash flow and high-yield opportunities [4]. - The Fund is actively managed and fully options-based, intending to distribute income on a bi-weekly basis [4]. Group 3: Market Position - As the second largest investable opportunity in crypto by market cap, Ether represents a compelling diversification play for many investors in digital assets [1]. - The Fund joins Grayscale's suite of income-focused products, including the Grayscale Bitcoin Covered Call ETF and Grayscale Premium Income ETF, reflecting the firm's commitment to innovative investment solutions [2].