Group 1 - The core viewpoint is that more overseas long-term investors are positioning themselves in Hong Kong stocks this year, indicating a growing interest in the market [1] - The Hong Kong Stock Exchange (HKEX) is exploring the possibility of shortening the settlement cycle to T+1, aiming to enhance investor returns and optimize the platform based on feedback from mainland investors [1] - Average daily trading volume for the first eight months of the year reached HKD 248.3 billion, with a noticeable increase in trading volume from southbound trading, reflecting heightened enthusiasm from mainland investors towards Hong Kong stocks [1] Group 2 - HKEX plans to expand the range of exchange-traded fund (ETF) connect products to improve liquidity and competitiveness in the Hong Kong stock market [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is actively optimizing its listing system to support the development of technology companies and will continue to enhance its arrangements to meet the diverse needs of enterprises and investors [2] Group 1 - HKEX's CEO, Charles Li, emphasized the importance of adapting the listing mechanism to keep pace with the evolving market [2] - The exchange has been focusing on improving its listing policies in recent years to better cater to technology firms [2] - Future efforts will include ongoing enhancements to ensure the listing framework remains relevant and effective [2]

Acquisitions & Expansion - Kraken, a U.S crypto exchange, acquired proprietary trading platform Breakout [1] - The acquisition is part of Kraken's efforts to expand services [1] - Kraken is planning a public offering [1]

Core Insights - Cboe Global Markets reported record trading volumes in August 2025, with significant increases in various segments compared to the previous year [1][9] - The average daily trading volume (ADV) across Cboe's four U.S. options exchanges reached an all-time high of 19.2 million contracts [9] Trading Volume Highlights - Multiply-listed options saw an ADV of 14.3 million contracts, a 38.5% increase from August 2024 and a 17.3% increase from July 2025 [4] - Index options ADV was 4.9 million contracts, up 11.1% year-over-year and 9.5% month-over-month [4] - U.S. equities on-exchange matched shares totaled 1.646 billion, reflecting a 30.8% increase from the previous year [4] - U.S. equities off-exchange matched shares surged to 229 million, a 194.9% increase compared to August 2024 [4] - European equities trading volume increased by 26.3% year-over-year to €10.701 million [4] - Global FX trading volume decreased by 4.9% to $48.819 million compared to the previous month [4] Market Share and Performance - Cboe Clear Europe reported 98,364 cleared trades, a slight decrease of 0.5% from the previous year [4] - The net settlements in Cboe Clear Europe increased by 13.5% year-over-year to 1,115 [4] - The company continues to expand its market presence across multiple asset classes, including equities, derivatives, and FX [5]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 46.6 trillion at the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [1] - The average daily trading amount in August was HKD 279.1 billion, up 192% from HKD 95.5 billion year-on-year [1] - For the first eight months of 2025, the average daily trading amount was HKD 248.3 billion, a 132% increase from HKD 106.8 billion in the same period last year [1] Derivative Products - The average daily trading volume of futures and options for the first eight months of 2025 was 1,660,900 contracts, a 13% increase from 1,473,911 contracts year-on-year [2] - The average daily trading volume of stock options was 863,627 contracts, up 29% from 670,560 contracts in the previous year [2] - The average daily trading volume of RMB currency futures was 112,121 contracts, a 30% increase from 86,010 contracts year-on-year [2] New Listings and Fundraising - There were 59 new listed companies in the first eight months of 2025, a 37% increase from 43 companies in the same period last year [1] - The total amount raised through initial public offerings (IPOs) was HKD 134.5 billion, a significant increase of 579% from HKD 19.8 billion year-on-year [1] - The total fundraising amount for the first eight months reached HKD 368.8 billion, up 322% from HKD 87.3 billion in the previous year [1]

Core Points - Nasdaq proposed enhancements to its initial and continued listing standards to reinforce capital formation, investor protection, and market integrity [1][2] - The updates include increased requirements for minimum public float and capital raised during IPOs, along with stricter suspension and delisting procedures for non-compliant companies [1][2][5] Summary by Sections Revised Standards - The new standards aim to improve investor protection and market integrity, reflecting Nasdaq's commitment to adapt to market realities [2] - Enhanced requirements include a minimum public offering proceeds of $25 million for companies operating in China and a minimum market value of public float of $15 million for new listings [3][7] Liquidity Requirements - Nasdaq is recalibrating its minimum liquidity standards to align with current market dynamics and company valuations [2] - The proposed changes are part of a broader industry effort to examine trading behaviors in small company securities [2] Compliance and Oversight - Nasdaq will continue to refer cases of potentially manipulative trading to the SEC and FINRA, enhancing cooperation with regulators to maintain high standards [4] - The proposed rules will be submitted to the SEC for review, with a 30-day period for companies already in the listing process to comply with prior standards [5] Historical Context - The changes build on Nasdaq's previous regulatory leadership, including rules for IPOs from "restrictive markets" and adjustments to improve liquidity and compliance timelines [6][13] - Previous rules required companies from restrictive markets to have a minimum public offering size of $25 million, consistent with the new proposals [6][7]

Core Viewpoint - Euronext has announced a share repurchase program involving the buyback of 101,000 shares as part of its Long-Term Incentive plans, set to take place from September 4, 2025, to October 6, 2025 [1]. Group 1: Share Repurchase Program - The share repurchase program will be executed by an independent agent [1]. - This initiative is authorized by the General Meeting of Shareholders held on May 15, 2025 [2]. Group 2: Company Overview - Euronext is 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].

ASX Conference Summary Company Overview - **Company**: ASX (ASXF.Y) - **Event**: ASX CEO Connect Conference - **Date**: September 01, 2025 Key Points Business Segments - ASX operates four main business lines: listings and cash equities, derivatives, technology and data services, and post-trade services [1][2] - The diversification across these segments has contributed to resilient financial performance through various market cycles [1] Financial Performance - For FY2025, ASX reported operating revenue of **$1.11 billion**, a **7% increase** from the previous year [2] - Underlying net profit after tax rose by **7.5%**, benefiting from growth in net interest income [2] - A fully franked final dividend of **$112.01 per share** was declared, reflecting an **85% payout ratio** of underlying NPAT, totaling **$223.03 per share**, up **7.4%** [3] - EBITDA margin increased by **70 basis points** to **62.8%** [3] - Underlying return on equity improved by **60 basis points** to **13.6%** [3] Strategic Initiatives - ASX is undergoing a transformation journey with a five-year strategy aimed at modernizing technology and enhancing operational risk management [3][4] - The **ACCELERATE program** is a key initiative focused on operational risk management and resilience, emphasizing capability and culture improvements [4][5] - Investment in technology modernization is a priority, with ongoing progress on the **CHESS replacement project** [6][7] Regulatory Compliance - The Australian Securities and Investments Commission (ASIC) has initiated a compliance assessment of ASX, with an expert panel reviewing governance and risk management practices [7][8] - ASX is cooperating fully with the inquiry, which is expected to conclude by March 2026 [8] Market Position and Competition - ASX is experiencing a recovery in its listings business, with a good pipeline of companies interested in listing [12][13] - The competitive landscape includes local competitors like Cboe Australia, which has been active in cash equities and ETF listings for over a decade [16][17] - ASX maintains a strong value proposition and continues to evolve to meet competitive challenges [16][17] Data and AI Integration - Demand for ASX data has increased significantly, driven by market participants utilizing AI for trading strategies [19] - ASX is exploring the use of AI tools internally to enhance data utilization [20] - The company has launched new debt market activity products, providing previously unavailable data on fixed income instruments [21][22] Branding and Communication - ASX has been undergoing a rebranding process to improve digital communication effectiveness, including a new logo and color scheme [23][24] Long-term Outlook - ASX is well-positioned to benefit from structural tailwinds and macro factors that support long-term growth [10] - The company aims to drive long-term shareholder value through ongoing investments and strategic initiatives [6][10] Additional Insights - ASX acknowledges the importance of trust and confidence in its operations, especially following recent incidents that highlighted operational challenges [9][10] - The company is committed to sustainability and supporting the energy transition as part of its role in financial markets [10]

Group 1 - Hong Kong Stock Exchange (HKEX) announced optimization of collateral arrangements for its securities and derivatives clearing houses to enhance market efficiency and reduce costs for participants [1] - The interest calculation method for cash collateral will be adjusted to align with international market standards, calculated daily as the overnight reference rate minus fees [1] - The financing cost for non-cash collateral will be reduced from 0.5% per annum to 0.25% [1] Group 2 - The new arrangements will be uniformly adopted by the Central Clearing and Settlement System, Hong Kong Futures Clearing Corporation, and Hong Kong Stock Options Clearing Limited, applicable to all accepted currencies [1] - The fee for the period from October 2025 to December 2026 will be set at 0.8%, decreasing by 10 basis points annually until it reaches 0.5% by the end of 2028 [1] - The new policies have been approved by the Hong Kong Securities and Futures Commission and will take effect on October 2, 2025 [1] Group 3 - HKEX's Chief Operating Officer emphasized the commitment to enhancing the vitality, resilience, and competitiveness of the Hong Kong market through these new arrangements [2] - The measures aim to improve the efficiency of collateral usage, facilitating participants in executing various trading strategies and managing investment risks [2] - Recent initiatives to increase position limits for stock options and index derivatives have significantly enhanced the capital efficiency of settled positions [2]

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