(Reuters) -Robinhood Markets and Susquehanna International Group on Tuesday struck a deal to take over a regulated exchange run by ​Miami International Holdings, giving the companies a major boost in their push ‌to establish a stronghold in prediction markets. The companies are acquiring a 90% stake in LedgerX, ‌which was a part of now-defunct crypto exchange FTX. The platform began operating under the MIAX umbrella after parent company Miami International Holdings acquired LedgerX from the FTX bankruptcy ...

Market Volatility and Trading Activity - US Treasury yields experienced significant fluctuations in April, with the 10-year note rising from 3.87% on April 4 to 4.59% on April 11 following tariff announcements by President Trump [1] - Despite the volatility in Treasury yields, trading in CME's interest rate markets remained stable, with average daily volume (ADV) increasing by 46% to a record 18.4 million contracts [2] Liquidity and Risk Management - CME Group's fixed income markets maintained liquidity during periods of high volatility, with rates markets consistently trading at minimum price increments [3] - The technology and processing systems at CME played a crucial role in sustaining liquidity and managing risk, allowing clients to trade efficiently even during market stress [5] - Liquidity at CME remained robust, with market-makers actively quoting despite tighter and more expensive conditions [5] Performance Metrics - BrokerTec, CME's interdealer platform for US government debt trading, saw ADV more than double from $106.6 billion to $249.2 billion in the week following the tariff announcement, marking a 134% increase [6][7] - CME's extensive portfolio margining program generates $20 billion to $25 billion daily for clearing members, with cross-margining agreements contributing significantly to margin savings [10] Product Innovation and Retail Engagement - CME has expanded its product offerings to attract retail investors, launching e-micro contracts and spot quoted futures, which have seen over four billion micro contracts traded since their introduction [12][13] - Institutional clients are also utilizing CME's retail products for more precise hedging, indicating a crossover appeal [14] - CME is actively seeking feedback from institutional clients to enhance its product offerings, particularly in the competitive crypto market [15]

Core Insights - The total short interest in Nasdaq securities increased to 17,958,812,154 shares as of November 14, 2025, up from 17,265,222,015 shares in the previous reporting period [3] - The average days to cover for all Nasdaq securities rose to 1.75 days compared to 1.54 days in the prior period, indicating a higher level of short selling activity [3] Nasdaq Global Market - Short interest in 3,414 Nasdaq Global Market securities reached 14,632,128,542 shares, an increase from 14,079,841,205 shares reported for the previous settlement date [1] - The average days to cover for the Global Market securities was 2.16 days, up from 1.99 days in the prior reporting period [1] Nasdaq Capital Market - In the Nasdaq Capital Market, short interest totaled 3,326,683,612 shares across 1,697 securities, compared to 3,185,380,810 shares in the previous period [2] - The average daily volume remained stable at 1.00 day for both reporting periods [2] 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]

Slovenia thwarted a Croat government agency’s attempt to take over the Ljubljana Stock Exchange https://t.co/f69qumUns6 ...

Core Insights - CME Group set a new single-day record for cryptocurrency futures and options trading with 794,903 contracts on November 21, surpassing the previous record from August, indicating a surge in demand for regulated crypto derivatives during volatile market conditions [1] Group 1: Trading Activity - The Chicago-based exchange has experienced a continuous increase in activity within its crypto suite throughout 2025, driven by both institutional and retail investors [2] - CME's year-to-date average daily volume (ADV) for crypto now stands at 270,900 contracts, valued at $12 billion in notional terms, reflecting a 132% increase compared to the same period last year [4] - In the fourth quarter of 2025, average daily volume has surged by 106% from the same period in 2024, reaching 403,200 contracts with a notional value of $14.2 billion [5] Group 2: Open Interest - Open interest, which represents the number of outstanding contracts, has risen by 82% year-over-year to 299,700 contracts, totaling $26.6 billion in notional value [4] - For the fourth quarter alone, open interest grew by 117%, totaling 493,700 contracts valued at $35.4 billion [5] Group 3: Market Demand - The increase in trading volume indicates a growing interest among investors for regulated exposure to crypto markets, even amidst ongoing uncertainty [6] - Giovanni Vicioso, CME's global head of cryptocurrency products, noted that the rising demand reflects the need for tools that assist in managing risk in an unpredictable market [2]

Core Insights - CME Group set a new record for open interest in U.S. Treasury futures and options, reaching 35,120,066 contracts on November 20, 2025, and recorded a trading volume of 44,839,732 contracts on November 21, marking the second-highest daily volume ever [1][2]. Group 1: Market Performance - The strong open interest and trading volume reflect market participants' demand for liquidity and efficiency amid economic uncertainty and Federal Reserve easing [2]. - CME Group is recognized as the leading interest rate market, offering a wide range of benchmark products including U.S. Treasuries and SOFR [2]. Group 2: Client Benefits - Clients can achieve over $20 billion in daily margin savings through CME Group's interest rate products, which also allow for portfolio margining with other cleared interest rate swaps and futures [3]. - The U.S. Treasury and SOFR futures are designed to enhance risk management capabilities for clients [3]. Group 3: Company Overview - CME Group operates as a comprehensive derivatives marketplace, enabling clients to trade across various asset classes including interest rates, equity indexes, foreign exchange, and more [4]. - The company provides futures and options trading through the CME Globex platform and is a leading central counterparty clearing provider [4].

Core Viewpoint - CME Group's third-quarter 2025 earnings report shows adjusted earnings per share of $2.68, surpassing estimates, but revenues have declined year-over-year due to lower clearing and transaction fees and trading volumes [2][3]. Financial Performance - Revenues for CME Group were $1.5 billion, reflecting a 2.9% decrease year-over-year, primarily driven by lower clearing and transaction fees [3]. - Total expenses increased by 0.8% year-over-year to $565 million, exceeding estimates due to higher compensation, technology, and professional fees [3]. - Operating income fell by 5% from the prior year to $972.6 million, below the estimated $1 billion [4]. Trading Volume and Rates - Average daily volume (ADV) reached a record of 25.3 million contracts, down 10.4% year-over-year, with declines across various product lines [4]. - The total average rate per contract was 70.2 cents [4]. Financial Position - As of September 30, 2025, CME Group had $3.6 billion in cash and marketable securities, an 8.5% decrease from the end of 2024 [5]. - Long-term debt increased by 27.7% to $3.4 billion, while shareholders' equity rose by 6.4% to $28.2 billion [5]. Capital Deployment - CME Group distributed $3.5 billion in dividends during the first nine months of 2025, totaling $29.5 billion since the introduction of the variable dividend policy in early 2012 [6]. Market Sentiment - Recent estimates have remained flat, indicating a stable outlook from investors [7]. - CME Group holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [10]. VGM Scores - CME Group has a poor Growth Score of F, a Momentum Score of B, and a Value Score of D, placing it in the bottom 40% for value investors, resulting in an overall VGM Score of F [8].

Core Insights - Intercontinental Exchange (ICE) stock is currently trading within a support zone of $145.97 to $161.33, from which it has historically rebounded, achieving an average peak return of 19.6% on three occasions over the past decade [2][4] Financial Performance - ICE reported a 10% adjusted EPS growth for Q3 2025 and a 7% increase in dividends, indicating continued growth [4] - The company has a revenue growth of 16.3% over the last twelve months (LTM) and an average growth of 10.0% over the past three years [10] - ICE's free cash flow margin stands at nearly 32.5%, with an operating margin of 38.2% for LTM [10] Market Position and Strategy - The recent launch of IRM 2 for energy clearing and the integration of AI technology in mortgage sectors are expected to enhance efficiency [4] - Analysts maintain a "Buy" consensus on ICE, forecasting over 25% upside potential, supported by diversified revenue channels and high operating margins of 59% adjusted [4] Industry Context - The company benefits from industry tailwinds in fintech and data analytics, which enhance demand and help offset cyclical vulnerabilities in the energy sector [4] - Share buybacks and debt reduction strategies further strengthen ICE's financial position [4] Historical Performance and Risks - ICE has shown significant susceptibility to market downturns, with a 74% decline during the Global Financial Crisis and declines of about 33% and 34% during the Inflation Shock and Covid Pandemic, respectively [6]

Core Viewpoint - Morgan Stanley upgraded Nasdaq (NDAQ) to Overweight from Equal-Weight due to both cyclical and secular tailwinds that are expected to drive accelerated revenue growth [4] Group 1: Company Upgrades and Downgrades - Nasdaq (NDAQ) was upgraded to Overweight from Equal-Weight by Morgan Stanley [4] - MarketAxess Holdings (MKTX) was downgraded to Equal-Weight from Overweight by Morgan Stanley [4]

Summary of Nasdaq Conference Call Company Overview - **Company**: Nasdaq, Inc. (NasdaqGS:NDAQ) - **Date of Conference**: November 18, 2025 - **Participants**: Michael Cho (Equity Analyst, JPMorgan), Sarah Youngwood (CFO, Nasdaq) Key Points Industry and Market Dynamics - Nasdaq has observed a strong recovery in equity markets and listings following a shutdown, indicating a productive year in 2025 despite challenges [7][15] - The company has a robust pipeline for IPOs and capital raises, with a strong outlook for 2026 [12][7] - Nasdaq's capital access platforms have performed well, contributing positively to the overall business [8] Capital Markets and Listings - There is ongoing activity planned for the remainder of 2025, with a strong pipeline for 2026, although not all issuers are looking to list immediately [12] - The dual share class structure and E-ETFs are emerging trends, with Nasdaq well-positioned to benefit from potential approvals in the coming years [21][23] Data Business Performance - Nasdaq has increased its expectations for the full year due to strong performance in data and listings [30] - The company is leveraging its global franchise to attract investors interested in U.S. markets, which are viewed as the deepest and widest capital markets [30] - Nasdaq is recognized as a gold standard for data, benefiting from trends in retail trading and globalization [31] Private Markets and Strategic Divestments - Nasdaq has divested from Solovis due to a lack of synergies with its core investment business, focusing instead on areas with greater potential for innovation and shareholder value [43][44] - The company is expanding its private market data offerings, including partnerships to enhance its data ecosystem [52] Verafin and Fraud Detection - Verafin is experiencing growth driven by tier one and tier two clients, with a focus on integrating behavioral data from BioCatch to enhance fraud detection capabilities [60][81] - The partnership with BioCatch aims to combine transactional and behavioral data, providing significant value to clients [82] Financial Outlook and Capital Allocation - Nasdaq generates approximately $2 billion in cash flow annually, with a focus on organic growth and a balanced approach to capital allocation, including dividends and share repurchases [97][99] - The company aims to maintain a leverage ratio of around three times by the end of the year, indicating a strong financial position [99] Regulatory Environment - Nasdaq does not perceive significant regulatory threats in financial crime management, viewing regulatory developments as opportunities for growth [77][78] Conclusion - Nasdaq is well-positioned for future growth with a strong pipeline in listings, a robust data business, and strategic partnerships enhancing its offerings in fraud detection and private markets. The company maintains a balanced approach to capital allocation while focusing on organic growth opportunities.