Core Insights - Abaxx Technologies has appointed Leah Wald as a Commercial Advisor to enhance the commercial readiness of its Digital Title platform ahead of a multi-market pilot program [1][2] - The company is focusing on initiatives such as tokenized gold markets and tokenized money market funds to facilitate real-time collateral transfers, aiming for institutional adoption [2][4] - Wald's extensive experience in scaling digital asset businesses and launching innovative financial products is expected to align with Abaxx's goals [3][4] Company Developments - The Digital Title pilot program includes tokenization of in-vault gold to make it a high-quality liquid asset (HQLA) [2] - Abaxx has launched a new podcast series titled "Re-engineering Tokenization" to discuss the barriers to current tokenization approaches and promote its law-anchored digital title technology [5] - The company aims to build market infrastructure and financial technology tools for the next generation of smarter markets [4][6] Market Positioning - Abaxx Technologies is positioned as a leader in developing financial technologies that enhance communication, trade, and transactions [7] - The company operates the Abaxx Exchange and Abaxx Clearing, focusing on facilitating the shift towards a low-carbon economy through various commodity markets [8] - Abaxx Spot is modernizing physical gold trading by enabling secure electronic transactions and supporting physical delivery for gold futures contracts [9]

Core Perspective - Japan aims to become a global leader in blockchain technology, with Startale focusing on exporting blockchain infrastructure and developing enterprise-grade solutions [1][2][3] Company Strategy - Startale's long-term vision includes establishing Japan as a competitive player in the blockchain space, particularly through its joint venture Soneium with SBI [3][4] - The company emphasizes compliance and reliability over speculation, targeting enterprises like Sony and SBI that require secure and compliant blockchain solutions [2][6] Market Positioning - Startale is positioning Soneium as a compliance-first Layer-2 platform, aiming to blend financial infrastructure with entertainment-driven adoption [6][12] - As of September 2025, Soneium processed over 295 million transactions, indicating significant scale and user engagement [8] Competitive Landscape - The Layer-2 market is experiencing slowing capital inflows, making Soneium's perception critical for its success [7] - Soneium's Total Value Secured (TVL) is significantly lower compared to competitors like Arbitrum and Base, highlighting the need for improved user engagement and quality of usage [9][12] Token Design and Revenue Model - Soneium currently uses ETH for gas fees, with plans for a native token in the future, focusing on sustainable revenue from sequencer fees and joint ventures [11][12] - The company aims to reinvest revenues back into the ecosystem rather than relying on short-lived token incentives [11] Regulatory and Compliance Framework - Startale's strategy is built on regulatory clarity, aiming to create a framework that balances innovation with compliance, positioning Japan as a model for global tokenization [24][25] - The company is focused on building trust among enterprises by prioritizing auditability and predictable costs in its blockchain solutions [16][17] Future Outlook - Startale plans to tokenize various forms of entertainment content, leveraging Sony's intellectual property to drive native demand [13][14] - The company is also exploring the role of tokenization in redefining financial instruments like ETFs, aiming for real-time settlement and transparent ownership [22][23]

Financial Data and Key Metrics Changes - SEI reported an EPS of $1.30, marking an all-time high excluding one-time items, with earnings growth of 8% sequentially and 17% year over year [4][13] - Net sales events totaled $31 million, with a record sales quarter in Investment Manager Services, reflecting strong demand for outsourcing and client expansions [5][10] - Year-to-date net sales surpassed $100 million, a record for SEI through the third quarter [10] Business Line Data and Key Metrics Changes - Private banking revenue increased by 4% year over year, driven by growth in the SWP platform [14] - Investment Manager Services experienced double-digit revenue and operating profit growth, with alternatives showing robust growth in both the U.S. and EMEA [14] - Advisors' business posted the highest year-over-year revenue growth among all segments, supported by market appreciation and the integrated cash program [14] Market Data and Key Metrics Changes - Assets under administration grew broadly across CITs, alternatives, and traditional funds, with alternatives driving the majority of growth [18] - Assets under management increased, with modestly positive net flows in advisors, driven by growth in ETFs and SMAs [18] Company Strategy and Development Direction - SEI is focused on disciplined execution, transparent communication, and creating long-term value for clients and shareholders [4] - The company is investing in technology, automation, and talent to drive margin expansion and support future growth [11][20] - SEI is well-positioned in the outsourcing fund administration market, engaging with large alternative asset managers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sales pipeline and the ability to capitalize on growth opportunities, despite a recent contract loss in private banking being a one-off event [10][27] - The company is optimistic about the impact of AI and tokenization initiatives on efficiency and scalability [11] Other Important Information - SEI ended the quarter with $793 million in cash and no net debt, with share repurchases totaling $142 million in Q3 [19][20] - The company made a $50 million investment in LSV's market-neutral hedge fund, contributing positively to Q3 results [20] Q&A Session Summary Question: Sales events from alternatives - Management noted that two-thirds of sales events were from alternatives, with a mix of large and small clients contributing to this growth [23][25] Question: Details on the known contract loss in private banking - Management clarified that the contract loss was a one-off due to a major operating model change by the client, not indicative of a trend [26][27] Question: Integrated cash program and fixed rates - The company is currently earning about 370 basis points on the integrated cash program and is monitoring investor yields as rates change [32] Question: Expense growth in private banking - Management indicated that the expense growth is related to investments in talent and onboarding new clients, not unusual [34][35] Question: Future margin expectations for Investment Manager Services - Management expects strong margins going forward but acknowledges the need for ongoing investments [40] Question: International market strategy - The company is in the early phases of defining its go-to-market strategy for international markets, focusing on existing jurisdictions [46][47] Question: Buyback pace and Stratos acquisition - Management plans to return 90% to 100% of free cash flow to shareholders through dividends or buybacks, with the pace of buybacks expected to continue [50] Question: Impact of credit fears on private credit servicing - Management reported no significant impact on the private credit servicing pipeline, as their clients are well-positioned to manage credit risk [51][53] Question: High-risk relationships in private banking - Management stated there are currently no known high-risk relationships in the private banking portfolio [57][59]

After joining industry leaders at the @federalreserve, today @SergeyNazarov met back-to-back with key Senate Democrats and Republicans on Capitol Hill to advance U.S. market structure legislation for digital assets.Across the meetings, Sergey’s message was consistent: blockchain technology’s built-in transparency and auditability can make financial systems more secure while strengthening consumer protections.The dialogue centered around building compliance frameworks that leverage onchain data and outlining ...

Core Viewpoint - IBM Common Stock (NYSE:IBM) is highlighted as a trending stock due to its multiple revenue streams and exposure to AI and tokenization, making it a "defensive" investment option in the current market environment [1][2]. Group 1: Company Overview - IBM underwent a management change in 2020, shifting its focus significantly towards AI and enterprise architecture, which includes a consulting arm that aids in governance and regulatory compliance [2]. - The company is deeply integrated with financial institutions, leveraging its consulting capabilities to remain relevant in decision-making processes related to AI [2]. Group 2: Market Position and Strategy - IBM is positioned as a key player in the emerging themes of tokenization and market access, which are expected to gain traction alongside AI developments [2]. - The company’s multiple revenue streams encompass AI, tokenization, and operational efficiency, allowing it to mitigate macroeconomic uncertainties through recurring enterprise workloads [2]. Group 3: Investment Sentiment - There is a belief that while IBM has potential as an investment, other AI stocks may offer higher returns with limited downside risk, indicating a competitive landscape in the AI sector [3].

Core Insights - Gold prices have experienced a significant decline, with a market capitalization loss of nearly $2.5 trillion, marking the largest two-day drop since 2013, trading at $4,058.19 per ounce, down 0.97% [1] - The total market cap of tokenized gold has decreased by approximately 7% in the past 24 hours, standing at $3.8 billion [2] Tokenized Gold Performance - Tether Gold (XAUt) saw a price drop of 4% in 24 hours, trading at $4,040.85 [3] - PAX Gold (PAXG) fell by 3.9%, with a trading price of $4,090.41, each token backed by one troy ounce of gold stored in LBMA vaults [3] - Kinesis Gold (KAU) decreased by more than 4%, trading at $131.19, with each token backed by 1 gram of gold [4] - VeraOne (VRO) was the most affected, dipping over 7% in 24 hours, trading at $129.83, with each token backed by 1 gram of LBMA gold [4]

Ethereum Adoption - Ethereum adoption is indicated by Real World Assets (RWAs) [1] - Tokenization is happening on Ethereum faster than people realize [1] Market Risk - Short term pullback in price becomes a risk when people are waiting in lines to buy something [1]

RT Token Terminal 📊 (@tokenterminal)🚨🆙 ICYMI: There's ~$3.7 billion worth of tokenized gold on @ethereum.The tokenized supply is up by ~240% since the start of the year. https://t.co/VxHiL8RbVA ...

Financial Data and Key Metrics Changes - CME Group generated revenue of $1.5 billion in Q3 2025, down 3% from Q3 2024, with an average rate per contract of $0.702, resulting in clearing and transaction fees of $1.2 billion [9][10] - Market data revenue reached a record $203 million, up 14% year-over-year [9] - Adjusted net income was $978 million, with adjusted diluted earnings per share at $2.68, both slightly above the previous year's figures [10][11] - Adjusted operating income was $1.1 billion, reflecting a 68.4% operating margin for the quarter [9] Business Line Data and Key Metrics Changes - The average daily volume for the quarter was 25.3 million contracts, the second highest in CME Group's history for Q3 [5] - The crypto complex traded a record 340,000 contracts per day, up over 225% compared to the previous year, driven by the success of Solana and XRP futures [6] - FX Spot+ set new volume records every month in Q3, indicating strong demand for new trading opportunities [7] Market Data and Key Metrics Changes - CME Group saw significant growth in open interest, reaching 126 million contracts at the end of September, the highest in five years [5] - WTI futures market share increased to 76% in Q3, up from 74% in the previous quarter, while WTI options maintained a 91% market share [61] Company Strategy and Development Direction - CME Group is focused on innovation and expanding product offerings, including the introduction of 24/7 trading for cryptocurrency futures and options starting early next year [8] - The partnership with FanDuel aims to enhance retail strategy, potentially reaching 13 million accounts [14][16] - The company is extending its FTSE Russell Index derivatives license through 2037, ensuring continuity and value for clients [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth despite a general pullback in volatility across asset classes [5] - The company remains focused on driving earnings growth by expanding its customer base and innovating products [11] - Management acknowledged the importance of credibility in markets and emphasized the potential for growth in the retail sector without necessarily pursuing acquisitions [17] Other Important Information - CME Group's adjusted effective tax rate was 22.6% for the quarter [9] - The company paid dividends of $455 million in Q3 and approximately $3.5 billion over the first nine months of the year [10] Q&A Session Summary Question: Long-term retail strategy and potential M&A - Management highlighted the evolving strategy in retail, emphasizing distribution efficiencies and the importance of the partnership with FanDuel to access a large customer base [14][16] Question: Growth in event contracts, particularly sports-related - Management clarified that while there is interest in sports event contracts, the decision to list them depends on regulatory approval and the readiness of partners [24][25] Question: Energy market outlook and share shifts - Management noted a slight decrease in energy volumes but highlighted growth in crude and natural gas markets, particularly in Europe and Asia [61] Question: Market data revenue growth and pricing opportunities - Management reported a 14% increase in market data revenue, driven by international demand, and announced a 3.5% price increase for data products effective January 1, 2026 [114]

Financial Data and Key Metrics Changes - CME Group generated revenue of $1.5 billion in Q3 2025, down 3% from Q3 2024, with an average rate per contract of $0.702, resulting in clearing and transaction fees of $1.2 billion [8][9] - Market data revenue reached a record $203 million, up 14% year-over-year, marking the 30th consecutive quarter of revenue growth [8][100] - Adjusted net income was $978 million, or $2.68 per share, slightly above the previous year's strong performance, representing the third highest quarter in the company's history [9][10] Business Line Data and Key Metrics Changes - Average daily volume for the quarter was 25.3 million contracts, the second highest in CME's history for Q3, with quarter-end open interest at 126 million contracts, the highest in five years [4][5] - The crypto complex traded a record 340,000 contracts per day, up over 225% year-over-year, driven by the success of Solana and XRP futures [5] - FX Spot Plus set new volume records every month in Q3, indicating strong demand for innovative trading solutions [6] Market Data and Key Metrics Changes - CME Group maintained a 76% market share in WTI futures, up from 74% in the previous quarter, and held a 91% share in WTI options markets [56] - Natural gas complex grew by 2% in Q3, with NACAS options up 12%, reflecting ongoing demand for U.S. LNG exports [58] Company Strategy and Development Direction - CME Group is focused on innovation and expanding product offerings, including the introduction of 24/7 trading for cryptocurrency futures and options starting early next year [7] - The partnership with FanDuel aims to enhance retail strategy, potentially reaching 13 million accounts and expanding distribution of CME products [12][16] - The company is committed to maintaining strong capital efficiencies and exploring new market opportunities without necessarily pursuing acquisitions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth driven by customer demand and innovative products, despite a general pullback in volatility across asset classes [4][5] - The outlook for energy markets remains positive, with expectations of growth in crude and natural gas trading as U.S. energy products continue to globalize [58] - Management emphasized the importance of credibility in markets and the potential for future growth in retail and prediction markets [16][36] Other Important Information - CME Group announced the extension of its FTSE Russell Index derivatives license through 2037, ensuring continuity and value for clients [6] - The company is preparing for 24/7 trading in crypto markets by 2026, with ongoing efforts in tokenization of cash and other assets [70][76] Q&A Session Summary Question: Can you talk about your long-term retail strategy? - Management highlighted the importance of the partnership with FanDuel and the potential to reach 13 million accounts, emphasizing a strong position to grow retail business organically without M&A [12][16] Question: Is CME Group considering sports-related event contracts? - Management stated that they are prepared to offer sports event contracts once regulatory approval is secured, emphasizing the need for government clarity on the classification of these contracts [20][22][36] Question: What is the outlook for energy markets? - Management noted that while energy volumes were down in Q3, there is still strong growth potential in crude and natural gas markets, particularly in Europe and Asia [56][58] Question: How are you thinking about capital deployment after the recent sale? - Management indicated that proceeds from the sale were approximately $1.55 billion, with plans to review potential uses of capital, including buybacks and dividends [63][64] Question: Can you elaborate on the hurdles for 24/7 trading? - Management discussed the need for tokenization and operational readiness for 24/7 trading, starting with crypto markets, while noting that demand from other asset classes is still being assessed [70][76]