Core Viewpoint - Euronext has announced a voluntary share exchange offer to acquire all shares of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), aiming to enhance the integration of European capital markets and provide significant benefits to the Greek market [1][3][6]. Company Overview - Euronext is the leading European capital market infrastructure, managing approximately 25% of European cash equity trading and operating in major financial hubs [4][24]. - ATHEX operates the Greek capital market, with diversified operations including custody, settlement, clearing, and trading, generating significant revenue from its CSD and clearing business [7][8]. Offer Details - The offer is structured as a share exchange at a fixed conversion rate of 20,000 ATHEX ordinary shares for each new Euronext share, valuing ATHEX at €7.14 per share, approximately €412.8 million on a fully diluted basis [2][15]. - The offer represents a premium of approximately 27% on ATHEX's 3-month volume-weighted average undisturbed share price as of June 30, 2025 [16]. Strategic Rationale - The combination is expected to enhance the visibility of Greek markets to global investors, increase market liquidity, and create new growth opportunities [3][10][11]. - Euronext aims to deliver €12 million in annual run-rate cash synergies by 2028, with implementation costs expected to be €25 million [6][14]. Economic Context - Greece has experienced strong economic growth, supported by rising investment and growing international confidence, making it an opportune time for investment [7][8]. - ATHEX recorded a net revenue of €52.0 million in 2024, a 76% increase compared to 2020, indicating a robust recovery and growth potential [8]. Governance and Management - Following the acquisition, Greece will be represented at the Group level in Euronext's governance, with plans for an independent figure from the Greek financial ecosystem to join the Supervisory Board [20]. - The CEO of ATHEX is expected to join the Managing Board of Euronext, ensuring continued local representation [20].

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY, OR CONSTITUTE A VIOLATION OF, THE RELEVANT LAWS OF THAT JURISDICTION OR REQUIRE EURONEXT AND/OR ATHEX TO TAKE ANY FURTHER ACTION. PLEASE SEE THE IMPORTANT DISCLAIMERS AT THE END OF THIS ANNOUNCEMENT. ANNOUNCEMENT OF A VOLUNTARY SHARE EXCHANGE OFFER MADE BY EURONEXT N.V. TO ACQUIRE THE ORDINARY REGISTERED SHARES OF HE ...

Osaka Exchange plans to expand its market making program for single stock options amid efforts to increase derivatives trading in Japan https://t.co/KGLqIoCS6S ...

Core Insights - Hong Kong Exchanges and Clearing Limited (HKEX) reported that its wholly-owned subsidiary, Hong Kong Stock Exchange (HKSE), achieved an average daily trading volume of HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [1][3] - As of June 30, 2025, the market capitalization of Hong Kong reached HKD 42.7 trillion, up 33% from HKD 32.1 trillion in the same period last year, highlighting the resilience and vitality of Hong Kong as a global financial center [3] - The strong performance of the secondary market in Hong Kong included a continuous rebound in stock market trading volume and a significant increase in derivatives trading volume [3] Trading Volume and Market Performance - The average daily trading volume of leveraged and inverse products rose to HKD 4.2 billion in the first half of 2025, a 75% increase from HKD 2.4 billion in the same period last year [3] - Hong Kong has established itself as a leading diversified ecosystem for leveraged and inverse products in Asia, with the launch of the first batch of individual stock leveraged and inverse products in the region this year [3] Market Dynamics - The first half of 2025 is characterized as a breakthrough period for Hong Kong's capital markets, with strong trading volumes in the securities market coupled with a growing derivatives market [3] - The robust performance of the secondary market demonstrates both resilience and innovative momentum, enabling Hong Kong to continuously attract international capital and provide investors with diversified investment tools [3]

Core Insights - Cboe Global Markets, Inc. (CBOE) is anticipated to show improvements in both revenue and earnings for Q2 2025, with revenue expected at $572.24 million, reflecting an 11.3% year-over-year growth [2] - The earnings consensus estimate is $2.42 per share, indicating a 12.5% increase from the previous year, with a slight upward revision of 0.8% in the last 30 days [3] Revenue and Earnings Estimates - The Zacks Consensus Estimate for CBOE's second-quarter revenues is $572.24 million, which is an 11.3% increase from the prior year [2] - The earnings estimate for the quarter is $2.42 per share, representing a year-over-year increase of 12.5% [3] Earnings Prediction Model - The earnings prediction model indicates a likely earnings beat for Cboe Global, supported by a positive Earnings ESP of +0.66% and a Zacks Rank of 3 (Hold) [4][5] Factors Influencing Q2 Results - Growth in index options, higher transaction and clearing fees, and increased access and capacity fees are expected to positively impact CBOE's Q2 performance [6] - Increased revenues from cash and spot markets, as well as derivatives markets, are anticipated due to higher transaction volumes on Cboe exchanges [7] Fee Structure and Revenue Breakdown - The company expects higher revenues from proprietary market data fees, with estimates of $81.1 million for market data revenues and $96.6 million for access and capacity fees [9] - Increased transaction and clearing fees are projected to benefit both cash and spot markets as well as the derivatives business [8] Product Performance - Cboe Global is expected to benefit from strong performance in proprietary products, including VIX futures and SPX options, along with growth in multi-listed options trading [12] - Continued share buybacks are anticipated to support the bottom line for the quarter [12]

Core Viewpoint - Analysts forecast that CBOE Global (CBOE) will report quarterly earnings of $2.42 per share, reflecting a year-over-year increase of 12.6%, with anticipated revenues of $572.24 million, an increase of 11.4% compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has been revised 0.7% higher over the last 30 days, indicating a collective reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Revenues- Net transaction and clearing fees' at $423.80 million, indicating a year-over-year change of +13.3% [5]. - 'Revenues- Futures- Transaction and clearing fees' are projected to reach $28.59 million, reflecting a change of +1.7% from the prior-year quarter [5]. - The consensus estimate for 'Revenues- Global FX- Transaction and Clearing Fees' stands at $19.39 million, with a year-over-year change of +13.4% [6]. - 'Revenues- Options- Transaction and clearing fees' are estimated at $436.32 million, suggesting a change of +13.1% year over year [6]. - 'Revenues- Options- Market data fees' are forecasted to reach $34.73 million, indicating a change of +12% year over year [6]. - 'Revenues- Options- Access and capacity fees' are expected to be $43.68 million, reflecting a change of +5% from the prior-year quarter [7]. Volume Metrics - Analysts predict 'Average Daily Volume by Product - Options - Multi-listed options' to reach 12.58 million, compared to 10.37 million in the previous year [7]. - 'Average Daily Volume by Product - Options - Index options' is expected to reach 4.62 million, up from 4.02 million year-over-year [8]. - 'Average Daily Volume by Product - Futures' is projected at 238.83 thousand, down from 253.60 thousand in the same quarter last year [8]. - 'Average Daily Volume by Product - Options' is estimated to reach 17.20 million, compared to 14.38 million in the previous year [9]. - The average prediction for 'Average Daily Notional Volume by Product - Global FX' is 55.22 billion, up from 47.70 billion in the same quarter last year [9]. - 'Average Daily Volume - Total Industry Options' is expected to reach 53.21 million, compared to 46.13 million in the same quarter last year [10]. Stock Performance - Over the past month, CBOE shares have recorded returns of +3.6%, aligning with the Zacks S&P 500 composite's +3.6% change, indicating a performance that is likely to align with the overall market [11].

28 July 2025 | 1:35PM HKT Hong Kong Exchanges (0388.HK) HK equity market activity pulse check; raise EPS/TP; Buy 0388.HK 12m Price Target: HK$500.00 Price: HK$435.80 Upside: 14.7% HKEX share price is ~20% below its 2021 peak, despite rising BBG consensus EPS estimates and one year rolling data on the biggest earnings driver (cash equity ADT) rising to all time high levels (HK$200bn+). We conduct a pulse check on HKEX's earnings drivers from listing related, to cash and derivatives market activity. Our key o ...

Summary of Morgan Stanley Investor Pulse Survey Q3 2025 Industry Overview - The survey focuses on the sentiment of self-directed retail investors in the US equity market for Q3 2025, indicating a shift towards bullishness compared to previous quarters. Key Findings Investor Sentiment - 62% of investors are now bullish on US equities, a significant increase from 49% in Q2 2025, marking the highest level since the survey began in Q1 2023 [3][10][16] - 66% of respondents believe the market will rise by the end of Q3 2025, up 17 percentage points from Q2 [10][12] - The bearish sentiment decreased by 13 percentage points, with only 22% expecting a market decline [10][11] Economic Outlook - A solid majority of retail investors now view the economy as expanding, a notable shift from the recession outlook in Q2 [2][10] - 64% of investors expect volatility to increase in Q3, but this is a decrease from 71% in Q2 [11][19] Portfolio Strategy - Fewer investors plan to change their portfolio allocations, with 41% indicating no changes, an increase from 37% in Q2 [24][28] - The technology sector remains the top investment choice, with 57% of investors favoring it, up 9% from the previous quarter [30][31] - Energy is the second most preferred sector, with 43% of investors showing interest, an increase from 41% [30][31] Risk Tolerance - The share of investors displaying higher risk tolerance rose to 44%, while those who are risk-averse fell to 17% [54][55] - 57% of investors are increasing the time spent managing their portfolios, up from 55% in Q2 [54][57] Asset Class Preferences - Interest in large and mid-cap US companies increased, with 58% and 50% of investors respectively showing interest, both up from the previous quarter [37][39] - Interest in fixed income investments has cooled, with recommendations for bonds falling from 39% to 34% [38][46] Online Trading Platforms - Investor sentiment varies significantly across online trading platforms. 81% of Robinhood users expect markets to rise, compared to 77% at Schwab and 66% among the broader population [6][61][62] - Robinhood's user base is younger and more active, with 78% identifying as active investors, while only 57% of Schwab investors do [61][66] Additional Insights - Inflation remains the top concern for investors at 39%, followed by tariffs at 33% and market volatility at 24% [23][25] - North America is perceived as the region with the highest investment potential, with 72% of investors favoring it, an increase of 9% from Q2 [31][34] This summary encapsulates the key insights from the Morgan Stanley Investor Pulse Survey for Q3 2025, highlighting a notable shift in investor sentiment towards optimism and increased engagement in the equity market.

Company Overview - Cboe Global Markets is a leading global exchange operator, known for being the largest options exchange in the U.S. and the largest stock exchange in Europe [1]. Business Segments - The company operates through multiple segments, including Options, North American Equities, and Europe [1].

Financial Data and Key Metrics Changes - Nasdaq reported net revenue of $1.3 billion, a year-over-year increase of 12% [8] - Solutions revenues reached $991 million, representing a 10% year-over-year growth [8] - Annualized recurring revenue (ARR) grew 9% to $2.9 billion [9] - Operating income was $721 million, with a 24% growth in EPS [9][30] - Operating expenses increased just under 8% year-over-year, primarily due to the timing of the annual compensation cycle [9] Business Line Data and Key Metrics Changes - Capital Access Platforms generated 9% revenue growth and 6% ARR growth [11] - Financial Technology delivered 10% revenue growth and 11% ARR growth, with notable growth in Financial Crime Management Technology (19%) and Regulatory Technology (10%) [11] - Market Services achieved 21% net revenue growth [11] Market Data and Key Metrics Changes - Nasdaq welcomed 38 new operating companies in Q2, achieving a 79% win rate and raising $3.6 billion [13] - The European listings business saw six new listings, with a total of €2 billion raised, representing a fivefold increase compared to the first half of 2024 [14] - Strong inflows of $20 billion in the quarter contributed to a record ETP AUM of $745 billion [15] Company Strategy and Development Direction - Nasdaq is focused on technology transformation, particularly in AI, to enhance operational efficiency and client services [10][25] - The company is committed to expanding its product offerings and enhancing its competitive position through strategic partnerships and innovations [17][27] - Nasdaq aims to leverage digital assets and stablecoin developments to improve capital market efficiencies [71][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the U.S. economy, despite macroeconomic uncertainties [10] - The sales pipeline remains robust, particularly in financial technology solutions, with expectations for continued growth into 2026 [28] - Nasdaq is well-positioned to navigate economic challenges and capitalize on strategic opportunities [28][44] Other Important Information - Nasdaq's efficiency program is on track, with approximately $130 million actioned out of a $140 million target by the end of Q2 [25] - The company generated free cash flow of $467 million in Q2, supporting dividends and share repurchases [42] - Nasdaq repurchased 1.2 million shares for approximately $100 million during the quarter [43] Q&A Session Summary Question: Opportunity set for Adjentic AI - Management highlighted distinct programs for AI in product development and business efficiency, focusing on enhancing automation and client support [48][52] Question: Sales momentum and pipeline dynamics - Management noted a healthy pipeline across FinTech, with significant growth in enterprise client signings expected to contribute to revenue in Q4 and 2026 [56][58] Question: Impact of tariff-driven volatility on customer conversations - Conversations normalized in May and June after initial elongation due to market uncertainties, with improved clarity around regulatory obligations aiding pipeline stability [62][64] Question: Digital ecosystem leverage and opportunities - Management discussed the potential for stablecoin and tokenization to enhance capital market efficiencies, emphasizing the importance of regulatory engagement [71][75] Question: Dynamics in the Index business - Management emphasized a strong focus on alpha generation through new product creation and partnerships, resulting in significant inflows and product adoption [78][80] Question: Strength in FinTech and capital markets - Management attributed strong ARR growth to broad-based demand across various segments, including significant upsells and new client signings [88]