Core Viewpoint - CBOE Global (CBOE) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][2]. Earnings Estimates and Stock Price Movement - Changes in a company's future earnings potential, as reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements [3]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. CBOE's Earnings Outlook - For the fiscal year ending December 2025, CBOE is expected to earn $9.81 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 2.5% over the past three months [7]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [6]. - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings across over 4,000 stocks, ensuring that only the top 20% receive a "Strong Buy" or "Buy" rating [8][9]. Implications of the Upgrade - The upgrade of CBOE to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for higher stock movement in the near term due to favorable earnings estimate revisions [9].

This year has been dismal for London’s initial public offerings market. A number of high-profile companies have chosen to list elsewhere, fundraising has been at 30-year lows and in September it slipped out of the world’s top 20 listing destinations. How did one of the world’s most storied exchanges and Europe’s biggest equity market begin to lose its appeal as an IPO hotspot? https://t.co/oRuehuO6AE ...

Core Points - Cboe Global Markets has declared a quarterly cash dividend of $0.72 per share for the fourth quarter of 2025, payable on December 15, 2025, to stockholders of record as of November 28, 2025 [1] Company Overview - Cboe Global Markets is recognized as the world's leading derivatives and securities exchange network, providing advanced trading, clearing, and investment solutions globally [2] - The company offers trading solutions across multiple asset classes, including equities, derivatives, and foreign exchange, in regions such as North America, Europe, and Asia Pacific [2] - Cboe is dedicated to creating a trusted and inclusive global marketplace that supports sustainable financial futures for its users [2]

Group 1: Eurozone Banking Challenges - Eurozone banks are facing significant challenges due to a sell-off in US Treasury securities and a weakening dollar, complicating their reliance on USD-denominated liquid assets [3][8] - The interconnectedness of global financial systems is highlighted, with trade disputes potentially impacting monetary stability [3] Group 2: Geopolitical Developments in Ukraine - A notable shift in the Ukraine conflict has occurred, with President Zelenskiy and European leaders supporting President Trump's call for an immediate ceasefire and using the current line of contact as a basis for negotiations [4][8] - Discussions include potential territorial exchanges and the need for strong security guarantees for Ukraine [4] Group 3: China's Oil Import Quota - China has set its crude oil import quota for non-state trade for 2026 at 257 million metric tons, unchanged from 2025, indicating a consistent energy import strategy [5][8] - The country aims to expand its strategic petroleum reserves to approximately 1 billion barrels by 2026, which is crucial for global oil balances amid projected supply gluts [5] Group 4: US Government Shutdown - The US government shutdown has entered its fourth week, with discussions among Republicans about a longer stopgap bill to fund the government as the initial deadline approaches [6][8] - The ongoing fiscal uncertainty has led to widespread frustration among the public, as indicated by a recent poll [6] Group 5: CBOE Trading Hours Extension - CBOE is proposing to extend options trading hours to include new morning and afternoon sessions, aiming to enhance global market access and align with underlying equities [9] - This initiative responds to a 68% surge in options volume over the past two years, indicating growing demand for extended trading hours [9] Group 6: Energy Sector Developments - Phillips 66 and Kinder Morgan have initiated an open season for a proposed fuel pipeline system from Texas to Arizona and California to address West Coast supply concerns due to refinery closures [10] - The Supreme Court is set to hear arguments regarding President Trump's tariffs, which have been claimed to amount to an illegal $3 trillion tax [10] - France's retail sales experienced a year-on-year decline of -1.2% in September, following a previous drop of -1.0% [10]

Group 1 - Cboe Global Markets is seeking to extend trading hours for U.S. equity options, aiming to move towards "near 24/5" trading [1] - The proposed new trading periods include an early session from 7:30 to 9:25 and a post-market session from 16:00 to 16:15 [1] - This initiative aligns with the growing trend of extended trading hours in the U.S. market, driven by increased demand from retail investors and a surge in 0DTE (zero days to expiration) contracts [1] Group 2 - The demand for extended trading hours has significantly increased post-COVID-19, as investors need to respond to market events in real-time [2] - Several trading platforms, including Robinhood and Interactive Brokers, have already enabled 24-hour trading for U.S. stocks through alternative systems [2] - For true 24-hour trading to be implemented on major exchanges like Nasdaq or NYSE, upgrades to clearing infrastructure by DTCC and SIP are necessary [2]

Core Insights - Hong Kong Exchanges and Clearing (HKEX) anticipates continued growth in its ETF market following record turnover and new listings this year [1] - The average daily turnover in ETFs reached a record HK$37.8 billion (US$4.8 billion) in the first nine months, with 225 ETFs attracting more investors from various regions [1][5] - Hong Kong is now the world's third-largest ETF market, with a market size of HK$315.8 billion, trailing mainland China and the US [3] Market Performance - The benchmark Hang Seng Index increased by 35% in the first nine months, making it one of the best-performing major indices globally [5] - Mainland investors traded an average of HK$4.2 billion in ETFs per day in Hong Kong, marking a 128% increase year-on-year [7] - International investors' trading in mainland ETFs grew by 142% to 3.2 billion yuan (US$449 million) per day [7] Connectivity and Growth Factors - Connectivity is deemed critical for the growth of the Hong Kong ETF market, as highlighted by HKEX's head of exchange-traded products [4] - The cross-border ETF Connect mechanism has facilitated international investors' access to 273 ETFs listed in Shanghai and Shenzhen, while allowing mainland investors to access 17 ETFs in Hong Kong [5]

Summary of Hong Kong Exchanges (0388.HK) Research Call Company Overview - **Company**: Hong Kong Exchanges (HKEX) - **Ticker**: 0388.HK - **Market Capitalization**: HK$538.1 billion / $69.2 billion Key Financial Updates - **Earnings Per Share (EPS) Estimates**: - Revised for FY2025E: +0.8% - Revised for FY2026E: -0.5% - Revised for FY2027E: +0.1% - FY2028E EPS introduced at HK$15.4 [1][2][3] - **Revenue Projections**: - FY2025E: HK$27,732.1 million - FY2026E: HK$28,891.9 million - FY2027E: HK$30,861.9 million [3] - **Price Target**: - 12-month target price remains at HK$544, implying a 40X P/E for FY2026E [1][2][3] Investment Thesis - **Rating**: Buy - **Upside Potential**: 28.2% from current price of HK$424.40 [3] Risks Identified - Increased competition from onshore capital markets [2] - Lower trading velocity in the cash market [2] - Fee pressure due to reduced fees onshore in China [2] - Sustained deflationary environment in China [2] Financial Ratios - **P/E Ratios**: - FY2025E: 25.4 - FY2026E: 32.5 - FY2027E: 31.3 - FY2028E: 29.3 [3] - **Return on Equity (ROE)**: - FY2025E: 24.8% - FY2026E: 29.7% - FY2027E: 29.2% - FY2028E: 26.5% [3] - **Dividend Per Share (DPS)**: - FY2025E: HK$11.69 - FY2026E: HK$12.19 - FY2027E: HK$13.02 [3] Additional Insights - The investment thesis remains unchanged despite minor adjustments in EPS estimates [1] - The methodology for the price target is based on a 3-stage Dividend Discount Model (DDM) [2] - The report highlights the importance of monitoring macroeconomic conditions in China, which could impact HKEX's performance [2] Conclusion - HKEX is positioned for growth with a solid investment rating and a clear target price, but investors should remain cautious of the identified risks that could affect future performance [1][2][3]

Investment & Expansion - Coinbase Global invested in Mumbai-based CoinDCX [1] - The investment aims to deepen Coinbase's exposure to India and the Middle East [1]

ASX aims to encourage more listings by speeding up IPOs and broadening index eligibility, as Australia’s main exchange operator contends with competition from Cboe Global Markets https://t.co/tVmRnMn4zH ...

Core Viewpoint - Raymond James upgraded Intercontinental Exchange (ICE) from Outperform to Strong Buy with a price target of $210.00, citing the company's strong long-term growth potential despite a temporary decline in trading activity [1]. Group 1: Trading Activity and Market Conditions - Subdued market volatility and lack of major weather-related disruptions negatively impacted ICE's energy futures trading volumes in Q3 [2]. - Analysts consider these factors as short-term issues, suggesting that ICE will benefit from the ongoing globalization of energy markets [2]. Group 2: Competitive Landscape and Business Model - Concerns regarding artificial intelligence as a competitive threat to ICE are downplayed, with analysts highlighting the company's diversified business model and established market infrastructure as sources of resilience [3]. - The merger between Rocket Mortgage and Mr. Cooper is identified as a potential catalyst for ICE's mortgage technology business [3]. Group 3: Financial Performance and Valuation - Analysts assert that ICE has built a robust and diversified platform capable of delivering consistent revenue and earnings growth across different market conditions [4]. - The current valuation of ICE, at approximately 21 times its 2026 non-GAAP EPS estimate, is viewed as attractive by analysts [4].