Core Insights - Euronext has completed the acquisition of Admincontrol for an enterprise value of NOK 4,650 million, which aligns with its capital allocation policy and is expected to yield a return on capital employed (ROCE) exceeding the weighted average cost of capital (WACC) within three to five years post-acquisition [1][2][3] Group 1: Acquisition Details - Admincontrol will be integrated into Euronext Corporate Solutions, enhancing its presence in the Nordics and the UK, and significantly scaling up Euronext's SaaS offerings [2][4] - The acquisition is expected to more than double the size of Euronext's governance offering and broaden its capabilities with advanced solutions for critical workflows [2][4] Group 2: Financial Performance - Admincontrol has demonstrated strong financial performance with double-digit annual growth over the past five years, reporting NOK 452 million in revenues and NOK 200 million in EBITDA with a 44% EBITDA margin in 2024 [3] - From Q2 2025, Admincontrol's revenue will be incorporated into Euronext's Corporate and Investor Solutions and Technology Services, which generated €170.8 million in 2024 [3] Group 3: Strategic Implications - The acquisition positions Euronext Corporate Solutions as a leader in the governance SaaS market, expanding its client base in the Nordics and leveraging Euronext's extensive network and expertise across Europe [4] - Both Euronext and Admincontrol's leadership express optimism about the growth potential and synergies that will arise from this acquisition, emphasizing the importance of excellent governance for their network of issuers and customers [4]

Group 1 - The trading activity on the Tradeweb European ETF marketplace reached an all-time record in total traded volume [3]

Financial Data and Key Metrics Changes - In 2024, CME Group achieved record revenue of $6.1 billion, a 10% increase compared to 2023, driven by strong average daily volume (ADV) of 26.5 million contracts per day, up 9% from the previous year [17][18] - Adjusted operating income for 2024 was $4.2 billion, reflecting a 12% year-over-year increase, with an adjusted operating margin of 68.3% [17] - The company reported adjusted net income of $3.7 billion, up 10% from 2023, and diluted earnings per share (EPS) of $10.26, the highest in its history [18] - For Q1 2025, CME Group's ADV reached 29.8 million contracts per day, setting a new record, with revenue surpassing $1.6 billion, a 10% increase year-over-year [19] Business Line Data and Key Metrics Changes - CME Group saw annual ADV records across its interest rate, foreign exchange, metals, and agricultural complexes in 2024 [17] - The company reported a year-to-date ADV of 31 million contracts per day in 2025, an 18% increase from the same period in 2024, with growth across all six asset classes [17] Market Data and Key Metrics Changes - CME Group's market position remains strong, with 99.99% of the business in SOFR contracts, despite competition from new exchanges like FMX, which has negligible trading volume [35][36] - The company continues to create significant efficiencies for clients, generating approximately $24 billion in daily savings in interest rates alone [36] Company Strategy and Development Direction - CME Group emphasizes its commitment to providing risk management tools and growing earnings for shareholders, focusing on operational efficiencies and client value propositions [28][36] - The company has a flexible capital return policy, including a quarterly dividend of $1.25 per share, up 9% from the previous year, and a share repurchase program of up to $3 billion [19][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted that 2024 was the best year in CME Group's history, driven by global market participants seeking stability amid economic uncertainty [16] - The company remains optimistic about its future, with strong performance continuing into 2025 and a robust capital return strategy in place [21][20] Other Important Information - CME Group has returned over $28 billion to shareholders since adopting its variable dividend policy in 2012, including $3.8 billion in the last year [20] - The company plans to align its annual variable dividend timing with the Q1 regular dividend payment starting in 2026 [19] Q&A Session Summary Question: Impact of Passive Mutual Funds on Corporate Governance - A shareholder raised concerns about the growing ownership concentration of passive index funds and its implications for long-term corporate planning [24][25] - Management responded that they do not see inherent conflicts of interest and focus on providing risk management tools and growing earnings for shareholders [26][28] Question: Competition from New Exchanges - A shareholder inquired about the competition from FMX and its impact on CME Group [35] - Management noted that FMX's trading volume is minimal and emphasized CME's strong market position and efficiency in risk management [36] Question: Future Tax Proposals in Chicago - A shareholder asked about potential future tax proposals affecting trading [40] - Management clarified that the city of Chicago lacks the legal authority to impose such taxes, and state officials have opposed any transaction taxes on exchanges [41] Question: Status of Ongoing Litigation - A shareholder inquired about the status of a lawsuit involving the company [41] - Management indicated that the litigation is ongoing, with a court date set for July 7, and expressed confidence in their position [42]

Core Insights - OTC Markets Group Inc. reported financial results for the first quarter of 2025, highlighting a focus on overnight trading and the upcoming launch of the OTCID Basic Market [2][4] - The company emphasized the importance of diversified revenue streams and synergistic business lines, with notable growth in OTC Link and Market Data Licensing revenues [2][4] Financial Performance - Gross revenues reached $30.4 million, a 10% increase compared to the first quarter of 2024 [3][4] - Net revenues also increased by 10% to $29.4 million, with revenues less transaction-based expenses rising by 7% to $27.1 million [3][4] - Operating income grew by 9% to $7.3 million, while net income saw a modest increase of 1% to $6.0 million [4][5] - The operating profit margin was reported at 24.7%, slightly down from 25.0% in the previous year [4][5] Revenue Breakdown - OTC Link revenues increased by 22% to $6.6 million, driven by higher trading volumes and connectivity revenue [3][9] - Market Data Licensing revenues rose by 15% to $12.8 million, with professional user revenues increasing by 20% and non-professional user revenues by 45% [3][9] - Corporate Services revenues experienced a slight decline of 1% to $11.1 million, attributed to a lower number of companies in the markets [3][9] Shareholder Returns - The company returned $5.1 million to shareholders in the quarter, consisting of $2.2 million in dividends and $2.9 million in stock repurchases [4][6] - A quarterly cash dividend of $0.18 per share was declared, payable on June 18, 2025 [6] Market Activity - The average daily trades during the quarter were approximately 56,000, compared to about 34,000 in the prior year [4][9] - The company plans to launch OTCID in July 2025, which will replace the Pink Current Market [4][9]

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics. About Nasdaq Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We ...

Core Insights - CME Group reported an all-time monthly average daily volume (ADV) record of 35.9 million contracts in April 2025, representing a 36% increase year-over-year [1][2][3] Volume Growth by Product - Interest rate ADV grew 46% to 18.4 million contracts in April 2025 [2][4] - Equity index products reached a record monthly ADV of 9.7 million contracts [2][4] - Metals products also set a new record with an ADV of 1 million contracts [2][4] - SOFR futures achieved a monthly volume record of 6 million contracts [2] - Micro E-mini Nasdaq-100 futures reached 2.3 million contracts, while Micro E-mini S&P 500 futures hit 2 million contracts [2] - U.S. Treasury options recorded an ADV of 1.8 million contracts [2] International Volume Performance - International ADV reached 10.9 million contracts for the first time, driven by record EMEA ADV of 7.8 million contracts, Asia ADV of 2.6 million contracts, and Latin American ADV of 235,000 contracts [3] Detailed Product Highlights - Energy ADV was 3.3 million contracts, with WTI Crude Oil futures increasing 29% to 1.3 million contracts [4] - Agricultural ADV was 2.1 million contracts, with corn futures increasing 18% to 514,000 contracts [4] - Foreign Exchange ADV reached 1.3 million contracts, with Japanese Yen futures increasing 43% to 243,000 contracts [4] - Cryptocurrency ADV surged 129%, with Micro Bitcoin futures increasing 115% to 78,000 contracts [4] Additional Market Statistics - BrokerTec U.S. Repo average daily notional value (ADNV) increased 28% to a record $378 billion [7] - EBS Spot FX ADNV increased 46% to $89.3 billion [7] - Customer average collateral balances for cash collateral were $78.6 billion and for non-cash collateral were $173.7 billion [7]

Core Viewpoint - Intercontinental Exchange (ICE) reported strong first-quarter 2025 results, with adjusted earnings per share of $1.72, exceeding estimates and reflecting a 16.2% year-over-year increase [1][11] Financial Performance - Net revenues reached a record $2.5 billion, up 11.7% year over year, surpassing estimates by 0.5% [2] - Total operating expenses increased by 2% year over year to $1.3 billion, driven by higher compensation, acquisition costs, and occupancy expenses [2] - Adjusted operating income rose 11% year over year to $1.5 billion, with an adjusted operating margin expanding by 200 basis points to 61% [3] Segment Performance - Exchanges segment net revenues were $1.4 billion, up 12% year over year, with adjusted operating income of $1 billion, reflecting a 12.8% increase [4] - Fixed Income and Data Services revenues were $596 million, a 5% increase year over year, with adjusted operating income rising 5.4% to $273 million [5] - Mortgage Technology revenues increased by 2% to $510 million, with adjusted operating income up 9.7% to $203 million [6] Financial Update - As of March 31, 2025, cash and cash equivalents were approximately $2 billion, a 1.6% increase from the end of 2024, while long-term debt rose to $17.3 billion [7] - Total equity was $28 billion, up 1.2% from the end of 2024, with operating cash flow at $966 million, down 4.3% year over year [7] Guidance and Shareholder Returns - For the second quarter of 2025, GAAP operating expenses are expected to be between $1.23 billion and $1.24 billion, with adjusted operating expenses projected between $980 million and $990 million [9] - ICE repurchased $241 million of its common stock and paid $278 million in dividends in the first quarter, with a dividend of 48 cents per share approved for the second quarter [10]

Financial Performance Highlights - ICE achieved record net revenues of $2473 million, an increase of 8% compared to $2290 million in 1Q24[6] - The company reported record adjusted operating income of $1509 million, up 11% from $1360 million in 1Q24[6] - Adjusted diluted EPS reached a record $172, a 16% increase compared to $148 in 1Q24[6] - ICE returned $519 million to shareholders, including $241 million in share repurchases during the quarter[8] Segment Performance - Exchanges segment net revenues totaled $1367 million, a 12% increase from $1223 million in 1Q24, with transaction revenues up 15%[9] - Energy revenues within the Exchanges segment increased by 23% to $557 million compared to $457 million in 1Q24[9, 19] - Fixed Income & Data Services revenues grew by 5% to $596 million, compared to $568 million in 1Q24, with Fixed Income Execution up 16%[12] - Mortgage Technology segment revenues increased by 2% to $510 million, compared to $499 million in 1Q24, with Closing Solutions revenues up 9%[15] Financial Position - The company's leverage ratio ended 1Q25 at approximately 32x[8] - Unrestricted cash stood at $783 million[42] - Total debt amounted to $203 billion[42]

Group 1 - CME Group is initiated with a Strong Buy rating and a price target of $332.96, highlighting its position as a global leader in futures and options trading [1] - The company operates in an institutionalized arena where trillions in futures and options are traded, routed, and cleared daily, emphasizing its critical role in the financial markets [1] - Moretus Research focuses on identifying companies with durable business models and mispriced cash flow potential, applying a structured framework for investment analysis [1] Group 2 - Moretus Research combines rigorous fundamental analysis with a judgment-driven process, aiming to provide clarity and actionable insights for serious investors [1] - The research emphasizes comparability, simplicity, and relevance in valuation, tailored to each company's business model and capital structure [1] - The coverage tends to favor underappreciated companies undergoing structural changes or temporary dislocations, where disciplined analysis can lead to asymmetric returns [1]

I'm a passionate investor from the Netherlands with 12 years of stock market experience. My articles usually contain a good overview of important investment criteria. A stock for my portfolio is of interest to me if the company has the following characteristics:1. Companies that are growing in both revenue, earnings and free cash flow.2. Companies that have excellent growth prospects.3. Stocks with favorable valuations.I prefer steadily growing companies with high free cash flow margins, dividend stocks and ...