Financial Data and Key Metrics Changes - The company reported an adjusted profit before tax of $303 million for the first nine months of 2025, up 26% year-on-year, with Q3 profit at $101 million, a 25% increase year-on-year [4][14] - Q3 revenues grew 24% to $485 million, while revenues for the first nine months increased by 23% to $1.45 billion, with margins expanding to 20.9% [9][14] - Adjusted basic EPS for Q3 was $1.01 per share, up 23% year-on-year [15] Business Line Data and Key Metrics Changes - The clearing segment grew 14% year-on-year, driven by record client balances and higher volumes, with adjusted profit before tax margins slightly declining to 50% due to regional expansion investments [16] - Agency and Execution revenues increased by 52%, with securities revenue up 82%, primarily driven by Prime Services [16][19] - Market making revenues declined by 16% due to challenging market conditions, particularly in metals and agriculture [18] Market Data and Key Metrics Changes - Exchange volumes were down 8% year-on-year and 14% lower than in Q2, with volatility at its lowest level in the past year [10] - Despite lower exchange volumes, the company maintained strong performance in clearing and agency execution, demonstrating the value of its diversified model [14][19] Company Strategy and Development Direction - The company aims to deliver sustainable profit growth in the 10%-20% range, with 10% expected to be organic and 40% from inorganic opportunities [25] - The firm is focused on diversifying its business mix to enhance earnings resilience, with prime services now accounting for nearly a quarter of total profits [12] - The company has an attractive M&A pipeline and recently announced the acquisition of Winterflood, expected to transform its UK equity market-making business [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter, noting strong performance across all business lines and record levels in the solutions franchise [29][30] - The company remains mindful of headwinds such as rate reductions and lower exchange volumes but believes its diversified business model will continue to perform strongly [25][26] - The firm is well-positioned to capture opportunities in emerging markets, including crypto and stablecoin services [41][78] Other Important Information - The company announced a quarterly dividend of $0.15 per share for Q3 2025, to be paid on December 3rd [23] - Total assets increased to $33 billion at the end of September, driven by growth in client balances and securities [22] Q&A Session Summary Question: Insights on the fourth quarter performance - Management noted strength across all business lines, with October being a record month, indicating expectations for a record quarter in Q4 [29][30] Question: Client pipeline in Clearing and Prime - The company is seeing a mix of small and large client additions, with strong interest from sophisticated players looking to diversify their clearing [32][34] Question: Exposure to crypto and future opportunities - The company has built capabilities for clearing crypto futures and is exploring a comprehensive set of services in the crypto space, including prime brokerage for crypto [39][41] Question: Competitive environment and dealer behavior - Management observed active involvement from banks seeking to access market liquidity, with no significant changes in competition for clearing mandates [64][66] Question: M&A pipeline for 2026 - The company anticipates a very active M&A year in 2026, benefiting from strong interest from firms wanting to join the Marex organization [70]

国际金价拉升，COMEX黄金期货涨0.81%，报3992.6美元/盎司。 降息概率 美联储理事米兰表示，ADP数据是个令人欣喜的意外；政府停摆前的就业市场趋势似乎依然存在；就业 市场数据表明利率可能低于当前水平；美联储政策仍过于限制性，当前政策存在风险；认为继续降息仍 然是合理的。并表示，不应当机械地通过政策对股市上涨做出反应。 据CME"美联储观察"：美联储12月降息25个基点的概率为62.5%，维持利率不变的概率为37.5%。美联 储到明年1月累计降息25个基点的概率为54.8%，维持利率不变的概率为25.9%，累计降息50个基点的概 率为19.4%。 11月5日，美股三大指数盘中拉升，至收盘集体上涨，纳指涨0.65%，道指涨0.48%，标普500指数涨 0.37%。 大型科技股普涨，谷歌涨超2%，创历史收盘新高。特斯拉涨超4%，英特尔涨逾3%，Meta涨超1%，苹 果、奈飞、亚马逊小幅上涨；微软、英伟达跌超1%。 热门中概股涨跌不一，纳斯达克中国金龙指数涨0.15%。个股方面，富途控股涨超4%，唯品会、好未来 涨超2%，蔚来、霸王茶姬涨超1%；新东方、小鹏汽车跌逾3%，贝壳、BOSS直聘跌超2%，百度跌 ...

Market Performance - US stock indices collectively rose, with Nasdaq up 0.65%, Dow Jones up 0.48%, and S&P 500 up 0.37% [1] Company News - Notable short-seller Michael Burry has bet over $1 billion against Nvidia and other tech companies [2] - Mixed performance in popular Chinese concept stocks, with Nasdaq Golden Dragon China Index up 0.15% [2] Commodity Market - Spot gold rebounded by 1.28% to $3982.32 per ounce, while COMEX gold futures rose approximately 0.8% [3] - International crude oil futures continued to decline, with WTI crude oil futures for December down 1.59% and Brent crude oil futures for January down 1.43% [3] - OPEC announced major oil-producing countries will pause production increases early next year [3] Precious Metals Outlook - UBS indicated that the recent pullback in gold prices is temporary, forecasting a potential rise to $4700 per ounce if geopolitical or market risks escalate [4] - GF Securities noted that declining real interest rates provide marginal support for gold prices, with expectations of continued monetary easing and rising inflation [4] Cryptocurrency Market - Cryptocurrencies experienced a rebound, with Bitcoin up 2.68% and Ethereum up over 6%, despite a significant drop in trading volumes by 20%-40% [5][6] - Over 176,000 traders faced liquidation, totaling $374 million, primarily from short positions [5] - Experts suggest that the cryptocurrency market may undergo a prolonged consolidation period, with Bitcoin's price recovery dependent on market liquidity and confidence [7][8]

Group 1 - Guizhou Moutai plans to repurchase shares worth between 1.5 billion to 3 billion yuan and will cancel the repurchased shares [2][3] - Guizhou Moutai will distribute a cash dividend of 23.957 yuan per share in mid-2025, totaling 30 billion yuan [2][3] - SK Hynix has increased the price of HBM4 supplied to Nvidia by 50% compared to the previous generation [3] Group 2 - The North American film market recorded its lowest box office in 27 years in October [3] - The global bond issuance has reached a record high of 5.94 trillion dollars this year [3] - The average growth rate of Chinese intelligent robot companies is expected to exceed 50% this year [3]

Company - Qualcomm reported revenue and profit exceeding expectations, along with a strong outlook for future performance [3] - Snap released a robust earnings guidance and a $400 million partnership agreement with Perplexity, resulting in a 25% surge in its stock price [3] - Apple is reportedly planning to integrate Google's AI technology to significantly update Siri [3] - Eli Lilly and Novo Nordisk are set to announce a pricing agreement for weight loss drugs with the U.S. government on Thursday [3] - Meta's substantial expenditures are reminiscent of the previous downturn in stock prices due to the metaverse initiative [3] - Bank of America stated it will increase profits and control costs in an effort to revitalize its stock performance [3] Industry - The U.S. third-quarter household debt grew by 1.1%, reaching $18.59 trillion [3] - RBC warned that the U.S. dollar may face a risk of a significant decline similar to the internet bubble burst, potentially dropping by 40% [3] - The commodity overview indicates a continued decline in oil prices, a rebound in gold prices, and a recovery in copper prices [3] - Analysts suggest that U.S. Treasury bonds may strengthen by year-end, driven by a return of risk-averse sentiment rather than interest rate cuts [3] - Barclays indicated that if repurchase rates remain high, the Federal Reserve may need to intervene [3] - EIA reported an increase of 5.202 million barrels in U.S. crude oil inventories last week, contrary to the expected decrease of 286,000 barrels [3]

记者丨刘雪莹 赖镇桃 编辑丨江佩霞 视频丨柳润瑛 美东时间周三，美股三大指数集体收涨。纳指涨0.65%，道指涨0.48%，标普500指数涨0.37%。 谷歌涨超2%，创历史收盘新高。 特斯拉涨超4%，英特尔涨逾3%，Meta涨超1%，苹果、奈飞、亚马逊小幅上 涨；微软、英伟达跌超1%。Pinterest跌超21%，创该公司美国IPO以来第二最差单日表现，超微电脑也大跌 11%。 | 名称 | 现价 | 涨跌 一 | | --- | --- | --- | | 特斯拉(TESLA) | 462.258 | 4.05% | | TSLA.O | | | | 谷歌(ALPHABE... | 284.750 | 2.41% | | GOOG.O | | | | 脸书(META PLA ... | 635.950 | 1.38% | | META.O | | | | 亚马逊(AMAZON) | 250.200 | 0.35% | | AMZN.O | | | | 苹果(APPLE) | 270.140 | 0.04% | | AAPL.O | | | | 微软(MICROSO ... | 507.160 | -1.39 ...

Market Overview - Major U.S. indices rose, with the Dow Jones up 225.76 points (0.48%) closing at 47,311 points, Nasdaq up 151.16 points (0.65%) at 23,499.8 points, and S&P 500 up 24.74 points (0.37%) at 6,796.29 points [1] - European indices also saw gains, with Germany's DAX30 up 102.18 points (0.43%) at 24,047.82 points, and the UK's FTSE 100 up 61.29 points (0.63%) at 9,776.25 points [2] Employment Data - The ADP report indicated an increase of 42,000 jobs in October, surpassing the Dow Jones estimate of 22,000 jobs, while September's data was revised to a loss of 29,000 jobs [5] - The ISM reported that the non-manufacturing PMI rose from 50.0 in September to 52.4 in October, indicating a recovery in service sector activity, although employment remains weak with the employment index at 48.2 [6] Commodity Prices - Crude oil prices fell, with light crude down $0.96 to $59.60 per barrel (1.59% drop) and Brent crude down $0.92 to $63.52 per barrel (1.43% drop) [2] - Gold prices increased by over 1%, reaching $3,979.05 [4] Company News - Google will assist Apple in running Siri, with Apple expected to pay approximately $1 billion annually for Google's AI technology [9] - ARM Holdings reported Q3 revenue of $1.135 billion, a 34% year-over-year increase, with adjusted EPS of $0.22 compared to $0.10 last year [9] - Qualcomm's Q4 revenue for fiscal year 2025 was $11.27 billion, a 10% increase year-over-year, despite a net loss of $3.117 billion due to a one-time tax expense [10]

周三，三大指数上涨。美国总统特朗普此前表示，美国股市将创下更多纪录高位。ADP发布的数据显 示，10月增加了42000个工作岗位，超过了道琼斯普遍预期的增加22000个。 【美股】截至收盘，道指涨225.76点，涨幅为0.48%，报47311点；纳指涨151.16点，涨幅为0.65%，报 23499.8点；标普500指数涨24.74点，涨幅为0.37%，报6796.29点。美光科技(MU.US)涨近9%，特斯拉 (TSLA.US)涨近4%，英伟达(NVDA.US)跌近2%，超微电脑(SMCI.US)大跌11%，Rivian(RIVN.US)大涨 23%。纳斯达克中国金龙指数收涨0.15%，小鹏汽车(XPEV.US)跌近4%。 【欧股】德国DAX30指数涨102.18点，涨幅0.43%，报24047.82点；英国富时100指数涨61.29点，涨幅 0.63%，报9776.25点；法国CAC40指数涨6.70点，涨幅0.08%，报8074.23点；欧洲斯托克50指数涨7.45 点，涨幅0.13%，报5667.65点；西班牙IBEX35指数涨78.08点，涨幅0.49%，报16101.08点；意大利富时 MIB指数 ...

And joining me now is the mayor of Miami. That would be his honor, Francis Suarez. Sir, your honor, this conference is is going to showcase your city as a financial powerhouse.Okay. What makes you say Miami is already a financial powerhouse. >> Well, first of all, Stuart, I just want to thank you uh as I sunset in this stage of my career as mayor into into the future.I just want to say thank you because you've always invited me on to your show. You've always been amazing with me and given me an opportunity ...

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with major cryptocurrencies like Bitcoin and Ethereum seeing substantial price drops, attributed to a combination of cooling market sentiment and leveraged positions being liquidated [1][2][3]. Market Performance - On November 5, Bitcoin fell to a low of $99,075.89, marking a decline of over 20% from its historical high of $126,080 on October 6 [1][2]. - Ethereum's price dropped nearly 35% from its peak of $4,946.05 on August 24, with a 24-hour decline of 15% at one point [1][2]. - By the end of the day on November 5, Bitcoin was priced at $101,905, reflecting a 24-hour drop of 1.7%, while Ethereum was at $3,307.12, down 5.4% [1]. Causes of the Downturn - Analysts attribute the Bitcoin price drop to a combination of cooling market sentiment and the unwinding of leveraged positions, with a significant number of liquidations occurring [2][3]. - The overall risk appetite in the market has decreased, influenced by declines in U.S. stock indices, which has led to a withdrawal of funds from riskier assets, including cryptocurrencies [2][3]. - The cryptocurrency fear index has reached a six-month low of 20, indicating heightened fear among investors and a tendency to withdraw from more volatile assets [2]. Liquidation Impact - Data from Coinglass indicates that over 438,736 traders were liquidated in the past 24 hours, with a total liquidation amount of $1.719 billion, primarily from long positions [3]. - The liquidation events are described as a chain reaction of price breaks, insufficient margin, and forced sell-offs, contributing to further price declines [3]. Regulatory Environment - The People's Bank of China has reiterated its stance against domestic cryptocurrency trading, emphasizing ongoing efforts to combat illegal financial activities related to virtual currencies [4]. - Investors are reminded that digital assets carry high risks, with price volatility and market sentiment differing significantly from traditional assets [4].