Over the past year, we have maintained a neutral stance on London Stock Exchange Group ( OTCPK:LDNXF ) ( OTCPK:LNSTY ), a position that has proved prudent, particularly in recent months. Following the Q1 results, we highlighted that the sharesBuy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed as the ...

Group 1 - The article discusses the Dream Exchange's mission to support Black entrepreneurs, highlighting its appeal to staff and the community [1] - There are concerns regarding the Dream Exchange's connections to a religious group, which has surprised some employees [1] - The juxtaposition of the Dream Exchange's inclusive message and its affiliations raises questions about its operational transparency [1] Group 2 - The Dream Exchange aims to create opportunities for Black entrepreneurs, which aligns with broader industry trends focusing on diversity and inclusion [1] - The involvement of a religious group may impact the company's public perception and stakeholder trust [1] - The article suggests that the Dream Exchange's dual identity could influence its future growth and partnerships within the financial sector [1]

Group 1 - BlackRock Inc. is exploring the tokenization of its exchange-traded funds (ETFs), aligning with a broader trend in Wall Street to integrate real-world assets onto blockchains [1][2] - The tokenization would allow fund shares, typically traded during market hours, to be issued as tokens on the blockchain, pending regulatory approval [2] - BlackRock offers various ETFs under the iShares brand, including the iShares MSCI Emerging Markets ETF, iShares Bitcoin Trust ETF, and iShares Core S&P 500 ETF [3] Group 2 - BlackRock previously launched the BlackRock USD Institutional Digital Liquidity Fund, which allows qualified investors to earn U.S. dollar yields, marking its initial venture into tokenization [3][4] - The fund, initially launched on Ethereum, is now accessible on seven blockchains and has a market valuation exceeding $2 billion [4] - Nasdaq has filed with the SEC to allow trading of tokenized stocks, which will provide holders the same rights and benefits as traditional shares [4][5] Group 3 - Robinhood Markets has also launched tokenized stocks in Europe, including shares from notable private companies like OpenAI and SpaceX [5] - BlackRock shares closed 2.84% higher at $1,134.18, with a year-to-date gain of over 10% [5] - The stock currently shows a moderately high Momentum score but lags in the Value metric [6]

Core Insights - Nasdaq is moving towards integrating blockchain technology with traditional finance by filing with the SEC to allow trading of tokenized equities and ETPs on its platform [1][5] - The integration aims to enhance market efficiency, reduce settlement times, and automate trading processes while maintaining investor protections [2][4] Nasdaq's Initiative - The filing allows member firms and investors to choose between tokenized and traditional securities at order entry, with the DTC managing the clearing and settlement of tokenized assets [3][6] - Nasdaq's goal is to incorporate digital assets into its existing infrastructure, promoting financial innovation while ensuring stability and fairness [5][6] Benefits of Tokenization - Tokenized securities will represent digital versions of traditional shares, maintaining the same value and rights, thus preventing market fragmentation [6] - The initiative is part of a broader trend towards tokenization, which has seen significant growth, with the RWA market expanding from $5 billion in 2022 to $15 billion in 2023, marking a 308% increase [8] Industry Trends - Major financial institutions are increasingly adopting tokenization, as evidenced by BlackRock's BUIDL Treasury fund on Ethereum, which exceeded $500 million in mid-2024 [9] - The World Economic Forum has highlighted the potential for tokenization to enhance cross-border efficiency in financial transactions [9]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) emphasizes strategic investment to maintain global competitiveness, particularly in data platform optimization and trading settlement system upgrades [1] Group 1: Strategic Investments - HKEX's CEO, Charles Li, stated that the company will not hesitate to increase capital expenditure to enhance its competitive edge [1] - The focus areas for investment include optimizing data platforms and upgrading trading settlement systems [1] Group 2: Trading Hours and Market Practices - Regarding the extension of trading hours, HKEX is observing Nasdaq's plan to implement a 24-hour trading mechanism by the second half of 2026 [1] - HKEX will adopt a cautious and gradual approach, studying international peers' experiences while considering local market conditions [1] - The process of extending trading hours will depend on the upgrade of trading systems, improvement of risk management frameworks, and maturity of regulatory frameworks [1] Group 3: Settlement Cycle Discussions - HKEX is actively discussing the possibility of shortening the settlement cycle for the cash market [1] - The technical systems of HKEX are expected to support a T+1 settlement cycle by the end of this year, but the implementation will require feedback from various market participants [1]

Core Insights - Miami International Holdings (NYSE: MIAX) has experienced a successful public debut, attracting investor interest due to its rapid growth and operational leverage [1]. Group 1: Company Performance - The shares of Miami International Holdings have shown strong performance in the public market, indicating positive investor sentiment towards this stock exchange group [1]. Group 2: Market Trends - The company is part of a rapidly growing sector of stock exchanges, which has been benefiting from real operating leverage in recent times [1].

Group 1 - B3 - Brasil, Bolsa, Balcao (OTCPK:BOLSY) reported stagnation in revenue sources for 2Q25, with pressures on various revenue lines due to higher rates [1] - The company experienced declines in stock trading, credit issuance, and long-only investment activities, indicating a challenging operational environment [1] - The focus of Quipus Capital is on operational aspects and long-term earnings power rather than market-driven dynamics, suggesting a conservative investment approach [1] Group 2 - The article emphasizes that most calls from Quipus Capital will be holds, reflecting a cautious stance in a bullish market [1] - A small fraction of companies are deemed suitable for buy recommendations at any given time, highlighting a selective investment strategy [1] - The information provided in hold articles is intended to inform future investors and encourage skepticism in a generally optimistic market [1]

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has decreased slightly from the previous reporting period, indicating a potential shift in market sentiment towards these securities. Group 1: Nasdaq Global Market - As of July 31, 2025, short interest in 3,285 Nasdaq Global Market securities totaled 13,683,072,188 shares, down from 13,792,841,090 shares in the prior period [1] - The average short interest represented 2.15 days compared to 2.37 days in the previous reporting period [1] Group 2: Nasdaq Capital Market - Short interest in 1,658 securities on The Nasdaq Capital Market reached 2,910,549,464 shares at the end of July 31, 2025, an increase from 2,853,251,720 shares in the previous period [2] - The average daily volume remained stable at 1.00 day for both reporting periods [2] Group 3: Overall Nasdaq Securities - Total short interest across all 4,943 Nasdaq securities was 16,593,621,652 shares as of July 31, 2025, a slight decrease from 16,646,092,810 shares in the previous reporting period [3] - The average daily volume for all securities was 1.56 days, down from 1.84 days in the prior period [3] Group 4: Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own or any sale completed by delivering a borrowed security [4]

Core Insights - TMX Group reported a significant decrease in financing activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for July 2025, with total financings raised down 68% from the previous month but up 255% compared to July 2024 [2][4]. TSX Summary - In July 2025, TSX welcomed 12 new issuers, a decrease from 25 in June 2025 and an increase from 10 in July 2024 [2][5]. - Total financings raised amounted to $1.22 billion, a sharp decline from $3.77 billion in June 2025 but a significant increase from $343.36 million in July 2024 [5]. - The total number of financings was 27, down from 55 in the previous month and up from 17 in July 2024 [2][5]. - Year-to-date statistics show 152 new issuers listed, a 76.7% increase from 86 in 2024, and total financings raised of $9.71 billion, down 8% from $10.56 billion in 2024 [6]. TSXV Summary - TSXV had one new issuer in July 2025, down from five in June 2025 and three in July 2024 [4][7]. - Total financings raised were $705.31 million, a slight decrease of 3% from the previous month but up 49% from July 2024 [4][8]. - The total number of financings was 139, compared to 100 in June 2025 and 93 in July 2024 [4][8]. - Year-to-date statistics indicate 23 new issuers listed, a decrease of 20.7% from 29 in 2024, with total financings raised of $4.02 billion, a 63% increase from $2.46 billion in 2024 [9]. Market Capitalization - The market capitalization of listed issues on TSX was approximately $5.56 trillion in July 2025, reflecting growth from $4.63 trillion in July 2024 [5][6]. - TSXV's market capitalization was around $112.08 billion, up 42.2% from $78.83 billion in July 2024 [9].

Core Insights - TMX Group Limited reported trading statistics for July 2025, showing significant increases in trading volume, value, and transactions compared to previous months and the same month last year [1][2]. Trading Statistics - Total trading volume across all TMX equities marketplaces in July 2025 was approximately 12.97 billion shares, a decrease from 13.25 billion in June 2025 but an increase from 9.57 billion in July 2024 [2]. - The total value of trades in July 2025 was approximately $301.14 billion, down from $318.00 billion in June 2025 but up from $240.62 billion in July 2024 [2]. - The number of transactions in July 2025 reached 23.87 million, an increase from 22.65 million in June 2025 and 19.67 million in July 2024 [2]. Daily Averages - Daily average trading volume in July 2025 was approximately 589.7 million shares, down from 630.8 million in June 2025 but up from 434.8 million in July 2024 [3]. - Daily average trading value was approximately $13.69 billion in July 2025, down from $15.14 billion in June 2025 but up from $10.94 billion in July 2024 [3]. - Daily average transactions were approximately 1.08 million in July 2025, slightly up from 1.08 million in June 2025 and significantly up from 894,180 in July 2024 [3]. Year-to-Date Statistics - Year-to-date trading volume for 2025 reached approximately 88.93 billion shares, an increase of 18.6% compared to 75.00 billion shares in 2024 [4]. - The year-to-date value of trades in 2025 was approximately $2.21 trillion, up 28.9% from $1.72 trillion in 2024 [4]. - Total transactions year-to-date in 2025 were approximately 174.60 million, a 22.0% increase from 143.17 million in 2024 [4]. Toronto Stock Exchange Specifics - In July 2025, the Toronto Stock Exchange recorded a trading volume of approximately 7.82 billion shares, down from 8.67 billion in June 2025 but up from 6.42 billion in July 2024 [6]. - The value of trades on the Toronto Stock Exchange in July 2025 was approximately $282.84 billion, down from $301.25 billion in June 2025 but up from $224.91 billion in July 2024 [6]. - The number of transactions on the Toronto Stock Exchange in July 2025 was approximately 21.07 million, an increase from 20.06 million in June 2025 and 17.45 million in July 2024 [6]. TSX Venture Exchange Highlights - The TSX Venture Exchange saw a trading volume of approximately 4.00 billion shares in July 2025, an increase from 3.50 billion in June 2025 and significantly up from 2.27 billion in July 2024 [10]. - The value of trades on the TSX Venture Exchange in July 2025 was approximately $2.28 billion, up from $1.99 billion in June 2025 and from $988.30 million in July 2024 [10]. - The number of transactions on the TSX Venture Exchange in July 2025 was approximately 1.13 million, an increase from 967,728 in June 2025 and 615,191 in July 2024 [10]. TSX Alpha Exchange Overview - The TSX Alpha Exchange reported a trading volume of approximately 1.11 billion shares in July 2025, up from 1.04 billion in June 2025 and from 853.71 million in July 2024 [14]. - The value of trades on the TSX Alpha Exchange in July 2025 was approximately $15.28 billion, an increase from $14.09 billion in June 2025 and from $14.26 billion in July 2024 [14]. - The number of transactions on the TSX Alpha Exchange in July 2025 was approximately 1.56 million, slightly down from 1.53 million in June 2025 but comparable to 1.56 million in July 2024 [14]. Montreal Exchange Performance - The Montreal Exchange recorded a derivatives volume of approximately 17.88 million contracts in July 2025, an increase from 17.29 million in June 2025 and from 14.20 million in July 2024 [22]. - Open interest in contracts on the Montreal Exchange was approximately 29.71 million in July 2025, up from 27.55 million in June 2025 and from 18.28 million in July 2024 [22]. - Year-to-date derivatives volume for 2025 reached approximately 136.51 million contracts, a 28.0% increase from 106.67 million contracts in 2024 [23].