Financial Performance Highlights - SiriusPoint achieved a Q3 2025 operating earnings per share of $0.72, a 41% year-over-year increase[61] - The company's book value per share (excluding AOCI) grew by 6% in Q3 2025 and 16% year-to-date, reaching $16.47[19] - SiriusPoint's Q3 2025 core combined ratio was 89.1%, marking twelve consecutive quarters of underwriting profit[19] - The operating return on equity was 17.9% in Q3 2025 and 16.1% for the first nine months of 2025[19] Growth and Underwriting Discipline - Gross premiums written (GPW) for the core segment increased by 26% in Q3 2025, reaching $872 million[61] - Net premiums written (NPW) for the core segment increased by 32% in Q3 2025[61] - The company is focused on low-volatility business lines, with over 50% of growth coming from lines less correlated with P&C pricing cycles, such as Accident & Health and Surety[45] Strategic Initiatives and Capital Management - SiriusPoint agreed to sell two MGAs for $389 million, which is expected to increase book value per share by an additional $1.75 upon closing[19] - The company's BSCR ratio is estimated at 226% for Q3 2025[19] - SiriusPoint is targeting a 12-15% return on equity across the cycle[12]

First trade of the day. I'm going to try to get long here and I am in. As soon as it hits this level, I'm going to reduce risk.We're running into this other fair value gap. I'm going to go ahead and take profit here for 3200. Nice clean first trade.I'm going to try to take a short position right here. Now, I need price to start to flip down. All right, so we have our change of character now.I'm going to be reducing risk to break even here in just a second. Trade starting to move really nicely in our directi ...

Core Insights - FXCubic achieved a significant milestone by processing over 3,000 yards in trading volume during September 2025, reinforcing its position as a trusted liquidity technology provider [1][2] - The measurement of FXCubic's trading volume excludes double-counted and prop trading volumes, highlighting the accuracy and authenticity of the reported figures [2] - The FXCubic Bridge is recognized for its reliability, speed, and transparency, making it the preferred technology for major brokers in the global trading industry [3] Company Performance - FXCubic's CEO, Ege Kozan, emphasized the company's growth and the successful investment in performance and stability, particularly during a volatile year [3] - The FXCubic Bridge has gained a reputation for delivering stable operations during market volatility, outperforming other systems that may slow down or fail [4] - The company is expected to see continued growth in client adoption and trading activity, anticipating Q4 2025 to be its strongest quarter to date [5] Industry Position - FXCubic's technology is favored by some of the largest and most respected brokers, supporting prominent trading platforms while remaining adaptable for mid-sized and large brokers [3] - The advanced architecture and proactive risk management tools of FXCubic enable brokers to operate efficiently, even in turbulent market conditions [4] - The company aims to expand its footprint among retail-focused brokerages worldwide as trading activity remains elevated [5]

Core Viewpoint - Industrial Bank reported a slight decline in operating income and a modest increase in net profit for the first three quarters of 2025, indicating a stable yet challenging financial environment [2][5]. Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 161.23 billion yuan, a year-on-year decrease of 1.82% [2][5]. - The net profit attributable to shareholders was 63.08 billion yuan, reflecting a slight increase of 0.12% year-on-year [2][5]. - In Q3 alone, operating income was 50.78 billion yuan, down 0.78% year-on-year, while net profit for the same period was 19.94 billion yuan, a decrease of 0.08% [2][5]. Asset Quality - As of September 2025, the non-performing loan (NPL) ratio stood at 1.08%, an increase of 0.01 percentage points from the end of the previous year [2][8]. - The ratio of special mention loans decreased to 1.67%, down 0.04 percentage points from the end of the previous year [2][8]. - The bank reported a total NPL balance of 64.56 billion yuan, an increase of 3.08 billion yuan compared to the previous year [8]. Loan and Deposit Growth - The total assets of Industrial Bank reached 10.67 trillion yuan, growing by 1.57% from the end of the previous year [5]. - Customer loan balances amounted to 5.99 trillion yuan, reflecting a growth of 4.42% year-on-year [5]. - Customer deposits increased to 5.83 trillion yuan, a rise of 5.47% from the previous year [5]. Non-Interest Income - The bank's net fee and commission income was 20.08 billion yuan, showing a year-on-year increase of 3.79% [6]. - Other non-interest income totaled 30.19 billion yuan, which decreased by 9.28% due to market interest rate fluctuations [6]. Risk Management - The bank has maintained a provision coverage ratio of 227.81%, although this represents a decrease of 9.97 percentage points from the previous year [8]. - The bank has focused on risk management, particularly in the corporate real estate and credit card sectors, where new non-performing loans have decreased year-on-year [8][9]. Strategic Focus - The bank aims to enhance its professional service capabilities and optimize product design and business processes to improve customer experience [9].

Chair Powell, are you uncomfortable with how market pricing has assumed a rate cut is a foregone conclusion at your next meeting. >> Well, I as I just mentioned, um a further reduction in the policy rate of December meeting is not a foregone conclusion as I've just said. So, uh I would say that that needs to be taken on board. We had um you know, I would just say this uh 19 participants on the committee.Everyone works very hard at this and takes their obligations to serve the American people very seriously. ...

POWELL: Today's cut was risk management ...

Deal Rationale & Market Trends - Private markets are experiencing significant growth, with the average company staying private for 14 years, a substantial increase from 5 years 20 years ago [2] - This trend presents challenges for average investors, limiting their access to wealth creation opportunities primarily available to institutional investors and VCs [3] - Morgan Stanley's acquisition of Equity Zen aims to address the challenges of illiquidity for employees and limited access for average investors in private markets [4] - Other firms are also expanding their reach into private markets through exchanges or data collection, indicating a growing trend [9] Morgan Stanley & Equity Zen Synergies - Morgan Stanley possesses significant demand with $7 trillion in assets and 20 million clients, along with supply through its cap table management of thousands of private market companies and its partnership with Carta [5] - Equity Zen bridges the gap between Morgan Stanley's demand and supply in the private market [6] - The integration of Equity Zen will improve investor protections by professionalizing the private market part of the ecosystem and fitting it into Morgan Stanley's overall risk management framework [8] Investor Protection & Risk Management - Morgan Stanley takes investor protection seriously, leveraging its AML policies, KYC procedures, risk tolerance framework, and asset allocation framework [7] - Integrating private market shares into a holistic asset allocation will address risk, with private market investments not recommended to be 100% of a portfolio [11] - Morgan Stanley is working with its global investment team to ensure that every client participating in the private market does so in a risk-managed fashion [12] Client Demand & Portfolio Allocation - Morgan Stanley has seen "off the charts" demand from clients for private market access [12] - The firm aims to extend access beyond its highest net worth clients to its entire 20 million clients and Equity Zen's nearly 1 million clients [13] - The overall allocation towards alternative investments (alts) in a portfolio is around 10-15%, and private market investments would fit into this category [15]

Summary of ADF Group Inc. Conference Call on Groupe Lahr Acquisition Company and Industry - **Company**: ADF Group Inc. - **Acquisition Target**: Groupe Lahr - **Industry**: Machining, welding, and industrial mechanics, with a focus on the hydroelectric sector Core Points and Arguments - **Acquisition Details**: ADF Group Inc. finalized the acquisition of 100% of Groupe Lahr's shares on September 18, 2025, for a total consideration of $20.4 million, which includes $16.4 million in cash and $4 million in subordinate voting shares [4][6] - **Financial Performance of Groupe Lahr**: Groupe Lahr generated revenues of $80.9 million for the fiscal year ended December 31, 2024, and had an order backlog of $104.5 million as of July 31, 2025 [7] - **Integration Process**: ADF Group Inc. and Groupe Lahr's management teams have begun the integration process, with Lahr's results expected to be consolidated in ADF's financial statements starting October 31, 2025 [8] - **Growth Expectations**: ADF Group Inc. anticipates doubling Groupe Lahr's order backlog by the end of 2027, leveraging synergies and existing client relationships, particularly with Hydro-Québec [9][10] - **Investment Plans**: ADF plans to invest over $35 million in Lahr's fabrication plant over the next 24 months, including the construction of a new administrative building and a production area [12][11] - **Operational Efficiencies**: The investment aims to modernize equipment and increase fabrication capacity, which is expected to enhance operational efficiencies [11][12] Additional Important Information - **Market Dynamics**: The acquisition is timely due to significant investments in hydroelectric projects in Canada, with Hydro-Québec planning to invest over $35 billion by 2035 [9] - **Client Diversification**: Post-acquisition, ADF Group Inc. expects to diversify its client base, reducing reliance on a few major clients [20][22] - **Margin Improvement**: While specific margin forecasts were not provided, there is an expectation that Groupe Lahr's margins will improve due to capital investments and operational synergies [25][27] - **Risk Management**: ADF Group Inc. emphasizes a careful approach to risk management, which is expected to mitigate inherent risks associated with the acquisition and market conditions [16][14] This summary encapsulates the key points discussed during the conference call regarding ADF Group Inc.'s acquisition of Groupe Lahr, highlighting the strategic importance of the acquisition, expected growth, and operational improvements.

Core Insights - Mr. Mavroudis is a professional portfolio manager with a focus on risk management and financial market analysis [1] - He has successfully navigated major crises, including the COVID-19 pandemic and the PSI [1] - Mr. Mavroudis is the CEO of FAST FINANCE Investment Services, a registered Greek company [1] Professional Background - Holds an MSc in Financial and Banking Management, an LLM in Law, and a BSc in Economics, graduating as valedictorian [1] - Certified portfolio manager and analyst for financial instruments, with additional certifications in derivatives and securities market-making [1] - Licensed Class A accountant-tax consultant and member of the Economic Chamber of Greece [1] Contributions and Engagement - Writes daily articles for reputable financial media and appears as a guest commentator on various platforms [1] - Published three books on investments and teaches in educational seminars [1] - Engages with the investment community through Seeking Alpha to foster mutual growth and knowledge sharing [1]

Core Insights - Mr. Mavroudis is a professional portfolio manager with a focus on risk management and financial market analysis [1] - He has successfully navigated major crises, including the COVID-19 pandemic [1] - Mr. Mavroudis is the CEO of FAST FINANCE Investment Services, a registered Greek company [1] Professional Background - Holds an MSc in Financial and Banking Management, an LLM in Law, and a BSc in Economics, graduating as valedictorian [1] - Certified portfolio manager and analyst for financial instruments by the Hellenic Capital Market Commission [1] - Licensed Class A accountant-tax consultant and member of the Economic Chamber of Greece [1] Contributions and Engagement - Writes daily articles for reputable financial media and appears as a guest commentator on television and online programs [1] - Published three books on investments and teaches in educational seminars [1] - Engages with the investment community through Seeking Alpha to foster mutual growth and knowledge sharing [1]