Core Insights - Flow Traders Ltd. reported a decline in net trading income and total income for 4Q25 compared to 4Q24, with net trading income at €123.8 million, down 20%, and total income at €121.0 million, down 24% [4][5] - For the full year 2025, net trading income increased by 4% to €485.8 million, while total income remained flat at €480.5 million [4][5] - The company experienced a significant increase in ETP value traded, with a 22% rise in 4Q25 to €516 billion and a 26% increase for the full year to €1,940 billion [4][7] Financial Performance - Fixed operating expenses rose by 17% to €52.4 million in 4Q25, primarily due to increased employee and technology expenses [4] - Total operating expenses decreased by 6% to €71.8 million in 4Q25, attributed to lower variable employee expenses [4] - EBITDA for 4Q25 was €49.2 million, a decrease of 41% year-on-year, with an EBITDA margin of 41% compared to 52% in 4Q24 [4][5] Profitability Metrics - Net profit for 4Q25 was €35.1 million, down 44% from €63.2 million in 4Q24, resulting in basic and diluted EPS of €0.81 and €0.78, respectively [4][5] - Full year net profit decreased by 16% to €133.6 million, with basic EPS of €3.07 and diluted EPS of €2.98 [4][5] Regional Revenue Breakdown - In 4Q25, revenue from Europe was €76.9 million, down 12% year-on-year, while the Americas saw an 11% increase to €20.2 million, and Asia experienced a 56% decline to €23.9 million [2][6] - For the full year, European revenue increased by 3% to €281.7 million, while revenue from the Americas decreased by 18% to €76.8 million, and Asia's revenue increased by 9% to €122.0 million [2][6] Market Environment - European equity trading volumes increased in 4Q25 compared to the previous year and the third quarter, with average volatility remaining relatively flat [10] - In the Americas, equity trading volumes on Nasdaq and NYSE also saw increases year-on-year and quarter-on-quarter, while fixed income trading volumes decreased quarter-on-quarter but increased year-over-year [13] - Asian equity trading volumes showed mixed trends, with increases in Hong Kong and Shanghai but declines quarter-on-quarter [14] Strategic Initiatives - The company is focusing on expanding its global ETP leadership and enhancing its trading infrastructure through investments in technology and AI [17][18] - Flow Traders has launched operations in China, aiming to tap into this growth segment aligned with its ETP strengths [19] - A strategic partnership with Dinari has been established to provide 24/7 trading of tokenized U.S. equities, reflecting the company's commitment to innovation in digital assets [23]

Core Insights - Jump Trading is acquiring small stakes in Kalshi Inc. and Polymarket in exchange for providing liquidity on their prediction-market platforms [1][2][3] Group 1: Company Agreements - The agreement with Kalshi involves a fixed amount of equity, while the stake in Polymarket will increase over time based on the trading capacity provided by Jump [2] - The deals are structured like venture agreements, where Jump receives equity in return for trading resources [4] Group 2: Market Context - Jump Trading, founded in 1999, is expanding into prediction markets, which are rapidly growing and allow betting on various outcomes, including elections and sports events [3][7] - Polymarket is currently valued at $9 billion, and Kalshi has an $11 billion valuation following their latest fundraising rounds [3] Group 3: Market-Making Dynamics - Market-makers like Jump use their own capital to facilitate trades, profiting from price movement differences and maintaining market activity during uncertain times [6] - Incentives are provided to market-makers on exchanges like Nasdaq and NYSE for achieving certain trading volumes [6] Group 4: Industry Expansion - Jump's entry into prediction markets is part of a broader strategy to diversify beyond traditional asset classes, with over 20 staff members now focused on trading in this sector [7]

Financial Data and Key Metrics Changes - Tradeweb achieved record revenues of $521 million in Q4 2025, reflecting a 12.5% year-over-year increase on a reported basis and a 9.9% increase on a constant currency basis [24] - Annual revenue for 2025 surpassed $2 billion for the first time, marking a 19% year-over-year growth [9] - Adjusted EBITDA margin for 2025 was 54%, an increase of 64 basis points compared to 2024 [26] Business Line Data and Key Metrics Changes - Rates business produced record revenue in Q4, driven by organic growth in swaps, global government bonds, and mortgages [8] - Credit growth was led by strong performance in European credit, municipal bonds, and emerging market credit, while U.S. credit faced challenges with a nearly 30% decline in retail corporate credit revenues [16] - Other revenues surged over 90% year-over-year, primarily from emerging digital asset initiatives [9] Market Data and Key Metrics Changes - European client revenues grew over 25% in 2025, while Asian client revenues increased by over 35% [11] - U.S. Treasury revenues saw a modest increase of 1% year-over-year despite a significant decline in intraday volatility [12] - EM credit revenues grew 25% year-over-year, indicating strong momentum in emerging markets [19] Company Strategy and Development Direction - The company aims to continue investing in technology and innovation, particularly in digital assets and international markets, to drive long-term growth [33] - Tradeweb is focused on expanding its electronic trading capabilities and enhancing client connectivity across global markets [38] - The company is positioned to capitalize on the growing interconnectedness of global markets and the shift towards automation in trading [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a constructive market environment in 2026, driven by strong issuance activity and the impact of AI on trading [38] - The company anticipates continued growth in rates trading due to increased funding needs from both public and private sectors [45] - Management highlighted the importance of maintaining flexibility in expense management to support revenue growth through various market cycles [67] Other Important Information - The board declared a quarterly dividend of $0.14 per share, a 17% increase year-over-year [32] - The company repurchased approximately 990,000 shares for $106 million during the quarter and has authorized a new share repurchase program for up to $500 million [32] Q&A Session Summary Question: Outlook for the market in 2026 and revenue growth in January - Management noted that the market environment is favorable, with strong issuance activity and a significant increase in January revenues, particularly in global swaps and ETFs [46][47] Question: Utilization of AI across the Tradeweb platform - Management discussed the integration of AI to enhance efficiency and effectiveness in trading, focusing on predictive AI models to unlock new market opportunities [59][61] Question: Outlook for the mortgage trading business - Management expressed optimism about the mortgage business, citing increased primary issuance and potential for growth if rates decline [76]

Axi 扩大法币结算型加密货币永续期货的交易渠道悉尼, Jan. 20, 2026 (GLOBE NEWSWIRE) -- 随着数字资产市场环境不断演变，交易者持续青睐灵活且高流动性的产品，加密货币永续期货正逐步成为 2026 年初最具代表性的交易工具之一。 年初交易数据显示，加密货币永续期货（简称“永续合约”）依旧位列全球交易最活跃的加密衍生品行列。 这类产品持续受到散户和专业交易者青睐，其吸引力在于无固定到期日、深度流动性以及全天候交易准入。 如今，永续期货在加密货币衍生品总交易量中占据重要份额，进一步巩固了其核心交易工具的地位。 与此同时，交易者愈发关注那些在结构化交易环境中提供透明定价、稳健执行及多资产类别交易渠道的平台。 在此背景下，Axi 表示其加密货币永续期货产品的用户活跃度持续上升，交易者越来越倾向于将加密货币投资与外汇、指数、大宗商品及股票交易相结合。 与众多专注加密货币的交易平台不同，Axi 在受监管的交易环境下提供法币结算型加密货币永续期货交易服务，无需稳定币兑换，并可通过单一平台实现更清晰的账户管理及跨市场资产配置。 Axi 新业务负责人 Stuart Cooke 表示：“2026 年 ...

China is pulling the plug on a key advantage held by high-frequency traders, removing servers dedicated to those firms out of local exchanges’ data centers, according to people familiar with the matter. Commodities futures exchanges in Shanghai and Guangzhou are among those that have ordered local brokers to shift servers for their clients out of data centers run by the bourses, according to the people, who said the move was led by regulators. The change doesn’t only affect high-frequency firms but they a ...

Core Insights - Trump Media & Technology Group's stock experienced a significant increase of 14.7% in December, driven by major merger news, although it remains down approximately 60% over the past year [1][3]. Group 1: Merger and Acquisition - Trump Media announced a $6 billion all-stock merger with TAE Technologies, aiming to create one of the world's first publicly traded fusion companies [3]. - The merger is expected to close around mid-2026, with plans to begin production on a fusion power plant this year [5]. - The shift towards nuclear energy marks a significant pivot for Trump Media, which has previously explored various business avenues including social media and financial trading services [4]. Group 2: Market Performance - Following the merger announcement, Trump Media's stock continued to rise, with an additional increase of approximately 5% in 2026 due to plans to distribute cryptocurrency tokens to shareholders [6][7]. - The company's stock gains are attributed to its strategic partnerships and the potential growth in energy demand related to artificial intelligence [5][8]. Group 3: Business Strategy and Challenges - Trump Media has leveraged its connections to former President Donald Trump to attract investor support and facilitate partnerships [8]. - Despite the positive market response, the company has yet to establish significant revenue streams, raising questions about the sustainability of its growth initiatives [8].

Core Viewpoint - Flow Traders is preparing for its 4Q 2025 results, highlighting increased market trading volumes and volatility across various asset classes, which positively impacts its business performance [2][11]. Market Environment - Market trading volumes and volatility in 4Q 2025 were higher year-on-year and quarter-on-quarter across most asset classes and regions, except for some declines in specific areas like China and Hong Kong [3]. - In Equity, trading volumes increased across most regions, with European exchanges and the Americas showing significant growth [4][5]. - In APAC, mixed volume trends were observed, with Hong Kong and Shanghai seeing year-on-year increases but quarter-on-quarter declines, while Tokyo experienced growth in both comparisons [6]. - Fixed Income trading volumes were flat to slightly up, but volatility levels declined [7]. - Digital Assets saw flat year-on-year trading volumes but a significant quarter-on-quarter increase, with Bitcoin's volatility showing similar trends [8]. ETP Market Volumes - On and Off Exchange Value Traded increased significantly, with EMEA up 23%, Americas up 68%, APAC up 65%, and globally up 65% year-on-year [9]. - Compared to the previous quarter, On and Off Exchange Value Traded rose by 33% in EMEA, 34% in the Americas, 18% in APAC, and 30% globally [10]. Impact on Flow Traders - The increase in market trading volumes and volatility positively impacted Flow Traders' performance across all regions compared to the previous quarter [11]. - Fixed Operating Expenses remained within the previously guided range for the quarter [11].

Core Insights - Lion Group Holding Ltd. (LGHL) has acquired 88.49 units of Bitcoin (BTC) for $8 million, reinforcing its strategy to diversify and strengthen its digital assets treasury [1][2] - The acquisition positions Bitcoin as a core reserve asset within LGHL's portfolio, reflecting its commitment to leveraging Bitcoin's status as a leading digital currency [1][2] Company Strategy - The CEO of LGHL, Wilson Wang, emphasized that Bitcoin is a cornerstone of the digital asset ecosystem, providing security, scarcity, and global adoption, which contribute to its long-term value [2] - The strategic acquisition aims to fortify LGHL's treasury against macroeconomic uncertainties and align its platform's innovation with Bitcoin, which is viewed as essential for sustainable growth in trading operations [2] Treasury Holdings - As of December 11, 2025, LGHL's treasury includes 88.49 BTC, 194,727 Hyperliquid (HYPE) tokens, and 10,820 Solana (SOL) tokens, indicating a diversified digital asset portfolio [5]

在金融市场中，交易操作体验的优化直接关系到用户的成功率和满意度。FXGT作为一款前沿的交易平台，通过持续的创新功能迭代，致力于为用户提供无 缝的、支持性的环境。首先，人工智能辅助分析工具的引入标志着一次重大突破。该工具能实时扫描全球市场数据，为交易者提供简明洞察，帮助识别潜在 趋势和风险信号。这避免了传统交易中需要手动筛选海量数据的繁琐过程，大幅提升了决策速度。例如，用户只需输入简单指令，平台就能生成可视化的建 议图表，减少了操作中的犹豫和失误。这使得新手交易者能更快上手，资深用户则能专注于策略深化，从而在快节奏的市场中占据主动。 r 1 7 11 - 4 7 CHAN 曾有1 Tip PT 11 GT and the 14 r n rig dia :13 ili 型 상품 E B a lin ri u 其次，一键交易执行机制的实现是优化操作效率的核心。过去，交易者需要经过多重步骤来下单或调整仓位，容易引发延误和错误。现在，FXGT将关键操 作整合为单一按钮，如"开仓"或"止损"，用户在确认后即可瞬时完成交易。这种设计减少了人工介入，降低了操作复杂度。尤其在高波动环境中，一键功能 确保了执行速度和准确性，避免 ...

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading activities [1]. Group 1 - The website provides general news, personal analysis, and third-party content intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for any financial actions, including investments or purchases [1]. - The content is not tailored to individual financial situations or needs, highlighting the necessity for users to apply their own discretion [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - Users are encouraged to perform their own research before making investment decisions and to avoid investing in instruments they do not fully understand [1].