Group 1 - Total traded volume on the Tradeweb European ETF marketplace reached EUR 60.4 billion [3]

Group 1 - At the end of the settlement date of June 30, 2025, short interest in 3,257 Nasdaq Global Market securities totaled 14,138,758,851 shares, an increase from 13,689,191,607 shares reported for the prior settlement date of June 13, 2025 [1] - Short interest in 1,636 securities on The Nasdaq Capital Market totaled 2,790,159,938 shares at the end of the settlement date of June 30, 2025, compared to 2,687,331,325 shares in the previous reporting period [2] - Overall, short interest in all 4,893 Nasdaq securities totaled 16,928,918,789 shares at the June 30, 2025 settlement date, up from 16,376,522,932 shares at the end of the previous reporting period [3] Group 2 - The mid-June short interest represents 2.59 days compared to 2.32 days for the prior reporting period [1] - The average daily volume for the Nasdaq Capital Market was 1.00 day for both the current and previous reporting periods [2] - The overall average daily volume for all Nasdaq securities was 1.72 days, unchanged from the prior reporting period [3] Group 3 - The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations [4] - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4]

Core Insights - CME Group reported a record international average daily volume (ADV) of 9.2 million contracts in Q2 2025, representing an 18% increase year over year [1] - The growth in ADV was driven by record quarterly volumes in various product categories across regions, including EMEA and APAC [1][2] Group 1: Regional Performance - EMEA ADV reached a record 6.7 million contracts, up 15% from the previous year, with significant increases in Equity Index (43%), Energy (15%), Interest Rate products (12%), and Metals (5%) [2][7] - APAC ADV hit 2.2 million contracts, a 30% increase year over year, driven by Energy products (67%), Metals (34%), and Agricultural products (13%) [3][7] - Canada ADV reached 190,000 contracts, up 17% year on year, with Interest Rate and Equity Index products increasing by 19% and 35% respectively [3] - LatAm ADV was 189,000 contracts, a 4% increase from 2024, with Foreign Exchange and Metals products achieving quarterly records, growing by 30% and 3% respectively [4] Group 2: Global Performance - Globally, CME Group reported a record quarterly ADV of 30.2 million contracts in Q2 2025, up 16% year over year, driven by record volumes in Interest Rate, Agricultural, and Metals products [4]

Group 1 - Nasdaq reported monthly volumes for June 2025, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended June 30, 2025 [1] - A data sheet with detailed information is available on Nasdaq's Investor Relations website [1] Group 2 - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators [2] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity in the global economy [2] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services [2]

Core Insights - MarketAxess Holdings Inc. achieved over $1 trillion in total credit trading volume in Q2 2025, marking a historic milestone for the company with a 20% year-over-year increase [1][9] - The rates trading business also reached a new high of $2 trillion in total volume for the quarter, reflecting a 55% increase from the previous year [1][9] Trading Performance - High-yield and Eurobonds credit businesses experienced 25% year-over-year growth [2] - Emerging markets saw a 20% increase in average daily volume (ADV) compared to the same period last year [2] - Agency and other government bonds in rates trading surged by 81%, while U.S. government bonds grew by 54% [2] Transaction Fees - Total credit average transaction fees per million (FPM) declined by 7% year-over-year due to protocol mix [3] - Total rates FPM fell by 12% as a result of changes in product mix [3] Market Demand - The total trading ADV was recorded at $49 billion, up 43% year-over-year, indicating strong demand for MarketAxess's electronic trading services [4] - The estimated market share of U.S. credit portfolio trading increased to 17.5%, up from 15.1% a year ago [4] Strategic Developments - MarketAxess is diversifying beyond core fixed-income trading, including acquiring a majority stake in RFQ-hub Holdings LLC [5] - The company launched the first fully electronic trading workflow for Indian Government Bonds accessible to Foreign Portfolio Investors [5] Peer Comparison - CME Group is set to launch CME FX Tape+, aiming to provide an unbiased view of the FX market [6] - Intercontinental Exchange acquired the American Financial Exchange to complement its global index business and mortgage technology network [7] Valuation and Estimates - MarketAxess shares have declined by 1.8% year-to-date, contrasting with the industry's growth of 21.1% [8] - The forward price-to-earnings ratio for MarketAxess is 27.86X, higher than the industry average [11] - The Zacks Consensus Estimate for Q2 2025 earnings suggests an 11.1% year-over-year rise, with a full-year earnings prediction of a 2.9% increase [12]

Market Regulation & IPO - Shenzhen Stock Exchange urges brokers to expedite ChiNext board listing applications [1]

Exchange Development - NSE International Exchange aims to attract its first equity listing in a foreign currency this quarter [1] - This listing is expected to demonstrate a new fundraising avenue for firms [1]

Core Insights - CME Group reported record average daily volume (ADV) of 30.2 million contracts for Q2 2025, with June ADV reaching 25.7 million contracts, marking significant growth year-over-year [1][2] Q2 2025 Highlights - ADV grew 15% year-over-year, with record volumes in interest rate, agricultural, and metals products [2] - SOFR futures achieved a quarterly ADV record of 4.6 million contracts [2] - International ADV reached a record of 9.2 million contracts [2][3] Asset Class Performance - Interest Rate ADV reached 15.5 million contracts, with 5-Year U.S. Treasury Note futures at 2 million contracts and 2-Year U.S. Treasury Note futures at 1.1 million contracts [3] - Equity Index ADV increased 13% to 7.7 million contracts, with Micro E-mini S&P 500 futures at a record 1.5 million contracts [3] - Energy ADV increased 26% to 3.1 million contracts, with WTI Crude Oil options at a record 265,000 contracts [3] - Agricultural ADV reached a record of 2 million contracts, with Soybean Oil futures at 210,000 contracts [3] - Cryptocurrency ADV surged 136% to 190,000 contracts, with Micro Ether futures at a record 84,000 contracts [3] Monthly Performance - June 2025 saw record monthly ADV in various categories, including WTI Crude Oil options at 307,000 contracts and Micro Gold futures at 258,000 contracts [6] - BrokerTec U.S. Repo average daily notional value increased 18% to $359 billion [6] - EBS Spot FX average daily notional value increased 10% to $64 billion [6]

Core Viewpoint - CME Group is launching CME FX Tape+, a new service aimed at enhancing transparency and providing centralized reference prices in the fragmented FX market [1][2]. Group 1: Product Launch - CME FX Tape+ will offer a comprehensive view of FX market liquidity from various marketplaces, including FX futures, EBS Market, FX Spot+, and FX Link, and is set to launch later this year [1]. - The service will initially cover 10 major currencies and will provide a composite 'true' spot mid-price based on actionable liquidity from CME Group's FX spot and futures markets [2]. Group 2: Market Impact - By aggregating price information from a network of 1,400 institutions and over 100,000 active FX market participants, CME Group aims to improve transparency in the FX market [2]. - CME FX Tape+ will allow users to better manage trading costs and benchmark their strategies through a unique view of centralized spot and forward liquidity [2]. Group 3: Data Dissemination - The reference data from CME FX Tape+ will be disseminated at 250 millisecond intervals via websocket API and historic market data files, enhancing the ability of market participants to analyze trade costs and execution [3]. Group 4: Company Overview - CME Group is recognized as the world's leading derivatives marketplace, facilitating trading across various asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals [4]. - The company operates multiple trading platforms, including CME Globex for futures and options, BrokerTec for fixed income, and EBS for foreign exchange trading [4].

Core Insights - Nasdaq achieved a record trading volume of 2,506,428,416 shares, amounting to $102.455 billion, during the Russell Reconstitution, marking the largest liquidity event in its history [2][3] - The Nasdaq Closing Cross has significantly improved its efficiency, reducing latency by over 85% while managing a trade volume growth of over 550% and a notional volume growth of over 1500% since its inception [6] Nasdaq's Role and Technology - The Nasdaq Closing Cross plays a vital role in capital markets infrastructure, facilitating transparent price formation and processing trades during high-volume events [3] - Nasdaq has invested in market modernization and capacity enhancement to maintain liquidity and resilience in response to increasing trading volumes [6][7] Russell US Indexes - The Russell US Indexes, which are subsets of the Russell 3000E™ Index, represent approximately 98% of the US equity market and are crucial for investors tracking market performance [4] - Approximately $10.6 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes, highlighting their significance in the investment community [4] Market Impact - The Russell Reconstitution day is a highly anticipated trading event, prompting asset managers to adjust their portfolios according to the newly reconstituted indexes [5] - The successful completion of this year's rebalancing reflects the investment community's trust in the transparent and rules-based process of the Russell US Indexes [3][5] Future Developments - Nasdaq recently launched Eqlipse, a fourth-generation marketplace technology platform, to enhance trading infrastructure and support global capital markets [7][8] - The company aims to deepen strategic technology partnerships with over 135 clients worldwide, reinforcing its commitment to improving liquidity and market integrity [8]