Core Insights - Nasdaq reported an increase in short interest across its listed securities as of the mid-September settlement date compared to August 29 [2] Summary by Category - **Short Interest Data** - Short interest in 5,014 securities totaled 17,146,159,646 shares at the September 15 settlement date [2] - This represents an increase from 4,988 issues and 16,958,657,192 shares reported previously [2]

Core Viewpoint - Saudi Arabia's stock market experienced its largest daily increase since 2020, driven by expectations that the market regulator may relax foreign ownership limits on listed companies, potentially revitalizing interest in the stock exchange [1][4]. Group 1: Market Reaction - The Saudi benchmark index surged over 5%, reaching its highest level since May, following reports of potential regulatory changes [1]. - The index has seen a year-to-date decline of 9.6%, underperforming regional markets such as Dubai and Kuwait, which are up 13.8% and 20% respectively [3]. Group 2: Potential Inflows - If the foreign ownership cap is lifted to 100%, it could attract an additional $9.5 billion to $10 billion in passive inflows from MSCI and FTSE index trackers, according to UBS projections [2]. - The easing of foreign ownership rules is expected to enhance the weight of Saudi public companies in major indexes, thereby increasing foreign investment [4]. Group 3: Market Liquidity and Participation - The anticipated regulatory changes are expected to strengthen liquidity and depth in the Saudi market, tighten bid-ask spreads, and expand institutional participation [5]. - Saudi Arabia has been actively working to attract foreign investors through various initiatives, including establishing exchange-traded funds with partners in Asia [5]. Group 4: Broader Regulatory Context - In January, regulators allowed foreigners to purchase shares in companies owning real estate in Mecca and Medina, while maintaining restrictions on direct land ownership [6].

Group 1 - Nasdaq announced the delisting of certain securities that were previously suspended from trading on its platform [2] - The specific securities listed for delisting include Digital Brands Group (DBGI) warrants, which were suspended on December 18, 2024 [2]

Core Viewpoint - The Australian Securities Exchange (ASX) must implement foundational changes in governance, culture, and risk management following a trading settlement failure, as emphasized by the Reserve Bank of Australia (RBA) [1][2][3] Group 1: Regulatory Oversight - The RBA has stated that ASX's clearing and settlement units do not meet key regulatory standards and will closely monitor improvements [1][2] - The RBA indicated that further regulatory responses will be considered if ASX fails to enhance its operations [2] Group 2: Operational Performance - ASX is currently not meeting the expectations of regulators for a critical national infrastructure operator, highlighting the need for resilient and secure clearing and settlement facilities [3] - The average daily cash market trading value for ASX in the past financial year was A$6.1 billion (approximately $4.04 billion) [4] Group 3: Recent Incidents and Responses - ASX faced criticism after deferring a day's worth of trading settlements due to a breakdown in its Clearing House Electronic Subregister System (CHESS) [5] - ASX's Chief Executive acknowledged the need to rebuild trust with regulators and mentioned ongoing efforts to improve contingency arrangements for CHESS [5][6]

Group 1 - The Nasdaq has announced new rule changes for small China-based companies seeking to go public in the United States [1] - These changes will require China-based companies to meet specific criteria before listing on the Nasdaq [1] - The implementation of these rules is expected to impact the number of Chinese companies pursuing U.S. listings [1]

Core Viewpoint - Euronext has successfully completed a share repurchase program, acquiring 101,000 shares at an average price of €137.75 as part of its Long-Term Incentive plan [1][2]. Group 1: Share Repurchase Program - The share repurchase program was executed by an independent agent from September 4 to September 19, 2025, in accordance with the authorization granted by Euronext's General Meeting of Shareholders on May 15, 2025 [2]. Group 2: Company Overview - Euronext operates as a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [3]. - As of June 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a total market capitalization of €6.3 trillion, making it a significant player in debt and fund listings globally [4]. - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [4].

Core Insights - Blue-chip stocks are essential for a stable investment portfolio, providing a reliable source of passive income through dividends [1] Group 1: DBS Group (SGX: D05) - DBS is Singapore's largest bank by market capitalization, offering a wide range of banking, insurance, and investment services [3] - In 1H 2025, total income rose by 5% year on year to S$11.6 billion, driven by a 3.2% increase in net interest income to S$7.3 billion [3] - Fee and commission income surged 17% year on year to S$2.4 billion, with profit before tax reaching a record S$6.8 billion, up 3% year on year [4] - Net profit decreased by 1% year on year to S$5.7 billion due to a 15% global minimum tax rate [4] - An interim dividend of S$0.75 was declared, which is 39% higher than the previous year's S$0.54 [5] Group 2: Singapore Exchange Limited (SGX: S68) - SGX is the sole stock exchange operator in Singapore, enjoying a natural monopoly [6] - For FY2025, net revenue increased by 11.7% year on year to S$1.3 billion, with net profit excluding one-off items climbing 16% year on year to S$609.5 million [6] - A final dividend of S$0.105 was declared, 16.7% higher than the previous year's S$0.09 [7] - SGX anticipates medium-term revenue growth of 6% to 8% per annum, supported by product developments and global partnerships [8] Group 3: Singapore Technologies Engineering (SGX: S63) - STE operates in aerospace, smart city, and public security sectors, known for consistent dividend payouts [9] - Revenue for 1H 2025 rose 7.2% year on year to S$5.9 billion, with operating profit improving by 15.2% year on year to S$602.2 million [9] - Net profit increased nearly 20% year on year to S$402.8 million, with an interim dividend of S$0.04 declared [10] - The order book stood at S$31.2 billion, with S$5 billion expected to be delivered for the remainder of the year [10] Group 4: SATS Ltd (SGX: S58) - SATS provides air cargo handling services and is Asia's leading airline caterer, operating over 225 stations across 27 countries [12] - Revenue for 1Q FY2026 rose 9.9% year on year to S$1.5 billion, while operating profit increased nearly 11% year on year to S$125.2 million [13] - Net profit increased by 9.1% year on year to S$70.9 million, with cargo tonnage reaching a record high of 3.2 million tonnes [13] - The number of flights handled rose 3.2% year on year to 279,100, and meals served increased by 5.6% year on year to 39.1 million [14]

Group 1 - The focus has shifted to Euronext after an update on diversified European financials, with a recent upgrade of London Stock Exchange Group to a Buy rating [1] - The analysis is conducted by buy-side hedge professionals who perform fundamental, income-oriented, long-term analysis across sectors globally in developed markets [1] Group 2 - The analyst has a beneficial long position in the shares of Euronext (EUXTF, ERNXY) through stock ownership, options, or other derivatives [2] - The article expresses the analyst's own opinions and is not influenced by compensation from any company mentioned [2]

Group 1 - The dual-listing of Jiaxin International Resources at the Astana International Financial Centre (AIFC) and Hong Kong stock exchanges is seen as an "icebreaker" for Kazakh and Chinese companies interested in cross-border equity and debt deals [1][2] - AIFC's governor noted that the listing has generated significant interest from both Kazakhstani and Chinese companies looking to pursue similar opportunities [1][2] - The AIFC is positioned as a financial gateway for Chinese investments into Central Asian and Eurasian markets, aligning with China's Belt and Road Initiative [3][4] Group 2 - There is growing interest from Chinese financial firms, including brokers and underwriters, in collaborating with potential Kazakh issuers in equity capital and fixed income due to the liquidity available in Hong Kong [3] - The AIFC currently hosts 889 Chinese enterprises across various sectors, including wholesale and retail trade, finance, insurance, information technology, mining, manufacturing, and construction [4] - The AIFC's financing tools and investment structures are designed to attract Chinese investors in infrastructure, energy, and technology sectors in Kazakhstan [4][5] Group 3 - The AIFC applies English common law and international arbitration to ensure efficient dispute resolution, enhancing its appeal to international investors [5] - The Astana International Exchange (AIX) is the first stock exchange in Central Asia to offer diverse and sustainable financing solutions to support the Belt and Road Initiative [5]

Core Insights - The London Stock Exchange Group (LSEG) and Nasdaq are advancing in tokenization, creating pressure on other exchange operators to develop their own blockchain infrastructures [2][8]. Group 1: LSEG Developments - LSEG launched its Digital Markets Infrastructure (DMI) on September 15, which is a new tokenization platform for private funds, described as "blockchain-powered" [3]. - The DMI platform is less "on-chain" compared to existing solutions, as tokens do not represent legal assets but exist as digital records maintained by LSEG [4]. - LSEG's role extends beyond operating the London Stock Exchange, as it is a significant player in global financial markets through its subsidiaries like London Clearing House (LCH) and Refinitiv [4][5]. Group 2: Nasdaq Initiatives - Nasdaq filed a proposal on September 8 to allow the listing of tokenized securities on its exchange, aiming to integrate tokenized and traditional shares on the same order book [6]. - If approved, Nasdaq would become the first major global exchange to list security tokens, following the Luxembourg Stock Exchange [7]. - Nasdaq's initiative highlights the critical role of distributed ledger technology (DLT) in the securities lifecycle, encompassing issuance, distribution, and post-trade settlement [7]. Group 3: Competitive Landscape - Other major exchange operators, particularly the New York Stock Exchange (NYSE) owner Intercontinental Exchange (ICE), have been notably absent from recent blockchain innovations, risking falling behind in the tokenization race [9].