Hyperliquid founder Jeff criticized certain centralized exchanges for severely underreporting liquidation data, noting that even if thousands of liquidations occur within a single second, only one may be publicly shown—resulting in actual underreporting by up to 100 times.https://t.co/zKarkYtFAV ...

Market Regulation - The Stock Exchange of Thailand is considering easing some of its rules to boost market liquidity [1]

Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 49.9 trillion at the end of September 2025, a 35% increase from HKD 36.9 trillion in the same period last year [1] - The average daily trading amount in September was HKD 3,167 billion, up 87% from HKD 1,692 billion in the same month last year [1] - For the first nine months of 2025, the average daily trading amount was HKD 2,564 billion, a 126% increase from HKD 1,133 billion in the same period last year [1] Derivative Products Market - The average daily trading volume of futures and options for the first nine months of 2025 was 1,681,869 contracts, an 11% increase from 1,515,613 contracts in the same period last year [2] - The average daily trading volume of stock options was 886,323 contracts, up 27% from 698,817 contracts year-on-year [2] - The average daily trading volume of stock futures was 8,616 contracts, a 7% increase from 8,026 contracts last year [2] New Listings and Fundraising - There were 69 new listings in the first nine months of 2025, a 53% increase from 45 new listings in the same period last year [1] - The total fundraising amount for initial public offerings (IPOs) in the first nine months was HKD 1,829 billion, a 229% increase from HKD 556 billion year-on-year [1] - The total fundraising amount for the first nine months reached HKD 4,440 billion, up 252% from HKD 1,261 billion in the same period last year [1] Historical Records - On September 17, 2025, the weekly trading volume of stock options reached a historical high of 277,589 contracts [3]

Core Insights - Euronext announced trading volumes for September 2025, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] Market Position - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion [3] - Euronext is recognized as the largest global center for debt and fund listings, handling 25% of European lit equity trading [3] - The company offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3]

Core Insights - The Intercontinental Exchange (ICE) plans to invest up to $2 billion in the betting platform Poly Market, indicating a significant shift in traditional finance towards decentralized markets and blockchain technology [1][2]. Investment Details - Poly Market recently raised $200 million at a valuation of $1 billion in June, and the new investment from ICE would increase its valuation to approximately $8 billion [2]. - The investment from ICE positions it at the forefront of two rapidly growing trends: retail prediction markets and tokenization [2]. User Growth and Market Position - Poly Market has approximately 250,000 users, surpassing its direct competitor Kelshi, highlighting its strong position in the sports betting platform space [3]. Industry Trends - The investment reflects a broader trend of traditional finance recognizing the importance of innovation and disruption in legacy systems, which was not as prevalent a decade ago [4].

Core Insights - Miami International Holdings, Inc. (MIAX) reported significant trading results for September 2025, highlighting its position as a technology-driven leader in regulated financial markets across multiple asset classes [1][5]. Trading Volume and Market Share - The MIAX Exchange Group achieved a monthly average daily volume (ADV) record of 10.8 million contracts in September 2025, representing a 73.1% increase compared to September 2024 [5]. - Year-to-date (YTD) ADV reached 9.0 million contracts, a 40.4% increase from the same period in 2024 [5]. - The U.S. options industry saw an ADV of 61,299 contracts in September 2025, a 39.5% increase from September 2024 [4]. - MIAX Futures recorded a YTD ADV of 14,633 contracts, marking a 14.1% increase from the previous year [5]. Market Share Records - MIAX set a daily market share record of 20.0% on September 23, 2025, and a monthly market share record of 17.6% for September 2025 [5]. - The YTD market share record stood at 16.7% [5]. New Developments - MIAX launched the MIAX Sapphire options trading floor on September 12, 2025, enhancing access to the multi-listed U.S. options market for its participants [5].

Core Insights - Cboe Global Markets reported record-breaking options trading activity in September and Q3 2025, driven by strong investor engagement and growth in proprietary index products [3][4][12] Trading Volume Highlights - Total U.S. options volume reached an average daily volume (ADV) of 20.5 million contracts in September and 18.8 million in Q3, both setting new records [7] - Index options volume achieved a new quarterly ADV record of 4.9 million contracts, with an all-time high of 4.3 million SPX options contracts in September [7] - Mini-SPX options recorded a quarterly ADV of 119,000 contracts, indicating increased adoption among institutional and retail investors [7] Global Trading Performance - Cboe's international businesses experienced double-digit growth in equities and FX trading volumes across multiple regions [5] - European equities trading volume rose 16.5% year-over-year to €11.8 billion in matched notional value for September [8] - Canadian equities increased by 29.6% year-over-year, totaling nearly 193 billion matched shares [8] - Australian equities advanced 17.3% year-over-year to AUD 1.05 billion [8] - Global FX volumes increased by 9% year-over-year, totaling $52.4 billion in average daily volume [8] RPC and Net Revenue Capture Guidance - Preliminary guidance for Q3 2025 average revenue per contract (RPC) and net revenue capture was provided, reflecting three-month rolling averages [6] - RPC values are influenced by exchange fee structures, transaction mix, and volume-based discounts, serving as a measure of pricing efficiency [10] Market Context and Outlook - Strong market engagement and volatility supported record-breaking derivatives volumes, with the integration of digital futures contributing to growth momentum [11] - Cboe's global expansion and ongoing investment in technology, clearing, and data services are central to its diversified revenue model [12]

Core Insights - TMX Group Limited reported significant increases in trading statistics for September 2025 across its marketplaces, indicating robust market activity and growth compared to previous months and the same period last year [1][2][4]. Trading Statistics Overview - Total trading volume in September 2025 reached 17,189,380,707, a substantial increase from 12,200,372,060 in August 2025 and 11,493,486,995 in September 2024 [2]. - The total value of trades in September 2025 was $378,148,495,945, up from $300,143,130,282 in August 2025 and $285,041,200,207 in September 2024 [2]. - The number of transactions in September 2025 was 27,283,644, compared to 23,188,885 in August 2025 and 20,326,563 in September 2024 [2]. Year-to-Date Performance - Year-to-date trading volume for 2025 reached 118,321,448,158, reflecting a 22.3% increase from 96,753,089,762 in 2024 [4]. - The year-to-date value of trades in 2025 was $2,890,848,038,018, representing a 28.5% increase from $2,248,873,978,197 in 2024 [4]. - The total number of transactions year-to-date in 2025 was 225,075,577, up 22.0% from 184,475,496 in 2024 [4]. Daily Averages - Daily average trading volume in September 2025 was 818.5 million, compared to 610.0 million in August 2025 and 574.7 million in September 2024 [3]. - The daily average value of trades in September 2025 was $18,007.1 million, an increase from $15,007.2 million in August 2025 and $14,252.1 million in September 2024 [3]. - Daily average transactions in September 2025 were 1,299,221, up from 1,159,444 in August 2025 and 1,016,328 in September 2024 [3]. Exchange-Specific Insights Toronto Stock Exchange - In September 2025, the Toronto Stock Exchange recorded a trading volume of 9,859,266,723, up from 7,604,943,671 in August 2025 and 7,963,437,833 in September 2024 [6]. - The value of trades on the Toronto Stock Exchange in September 2025 was $354,597,976,029, compared to $280,671,320,926 in August 2025 and $269,193,775,897 in September 2024 [6]. - The number of transactions was 23,443,698 in September 2025, an increase from 20,421,300 in August 2025 and 18,065,441 in September 2024 [6]. TSX Venture Exchange - The TSX Venture Exchange saw a trading volume of 5,805,056,692 in September 2025, significantly up from 3,498,516,039 in August 2025 and 2,579,115,123 in September 2024 [10]. - The value of trades on the TSX Venture Exchange was $4,442,233,002 in September 2025, compared to $2,130,980,680 in August 2025 and $1,114,922,138 in September 2024 [10]. - The number of transactions was 1,807,632 in September 2025, up from 1,017,167 in August 2025 and 634,123 in September 2024 [10]. TSX Alpha Exchange - The TSX Alpha Exchange reported a trading volume of 1,480,458,760 in September 2025, an increase from 1,060,876,293 in August 2025 and 935,910,396 in September 2024 [14]. - The value of trades was $18,165,169,218 in September 2025, compared to $16,543,069,653 in August 2025 and $14,237,884,724 in September 2024 [14]. - The number of transactions was 1,900,198 in September 2025, up from 1,642,796 in August 2025 and 1,577,759 in September 2024 [14]. Montreal Exchange - The Montreal Exchange recorded a derivatives volume of 19,774,523 contracts in September 2025, compared to 18,282,483 in August 2025 and 16,986,901 in September 2024 [23]. - Open interest in contracts was 30,757,922 in September 2025, up from 30,548,176 in August 2025 and 19,645,947 in September 2024 [23]. - Year-to-date derivatives volume for 2025 was 174,563,536 contracts, reflecting a 23.0% increase from 141,951,551 contracts in 2024 [24].

Core Viewpoint - Euronext has received all necessary regulatory approvals to launch a voluntary exchange offer to acquire all common registered shares of Hellenic Exchanges-ATHEX Stock Exchange S.A. (ATHEX) at an exchange ratio of one Euronext share for every twenty ATHEX shares, reflecting confidence in the Greek economy and the potential for integration into the Eurozone [1][2][4]. Group 1: Strategic Rationale - The integration of ATHEX into Euronext's Group will connect Greek financial market participants to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion [2]. - Euronext's interest in ATHEX indicates strong confidence in the growth potential of the Greek economy and the benefits of further integration with international investors [2]. - The combination aims to enhance the visibility and attractiveness of the Greek market on an international scale, establishing ATHEX as a financial hub in Southeast Europe [4][5]. Group 2: Board Support and Governance - The Board of Directors of ATHEX has unanimously supported the Tender Offer and has entered into a cooperation agreement with Euronext [3]. - All ATHEX Board members owning shares, including the CEO, have committed to tender their shares, pending a favorable opinion from the Board as required by Greek law [3]. Group 3: Tender Offer Details - The Acceptance Period for the Tender Offer commences on 6 October 2025 and ends on 17 November 2025 [7][15]. - A minimum of 38,759,500 ATHEX shares, representing 67.0% of total voting rights, must be tendered for the offer to proceed [8]. - If Euronext acquires at least 90.0% of ATHEX's voting rights, it will exercise its squeeze-out right, allowing non-accepting shareholders to sell their shares [10]. Group 4: Financial Impact and Integration - Euronext anticipates annual run-rate cash synergies of €12 million by the end of 2028, primarily through the migration of Greek trading to its Optiq platform and the harmonization of central functions [12]. - The transaction is expected to be accretive for Euronext shareholders after the realization of synergies in the first year [12]. - Euronext aims to maintain spare debt capacity for future diversification deals while enhancing the liquidity of its stock [13]. Group 5: Future Governance and Structure - The CEO of ATHEX is proposed to join Euronext's Managing Board, and an independent representative from the Greek financial ecosystem will be nominated for the Supervisory Board [14]. - The Hellenic Capital Market Commission (HCMC) will continue as the primary supervisory authority for Greek markets and will be invited to join Euronext's College of Regulators [14].

Core Insights - Cboe Global Markets, Inc. reported September trading volume statistics and provided guidance for revenue per contract/net revenue capture metrics for Q3 2025 [1] Trading Volume Statistics - The report includes an overview of September trading statistics and market share by business segment [1] - Specific volume data in select index products is highlighted [1] Revenue Metrics - The report details RPC/net revenue capture, which is reported on a one-month lag across business lines [1]