Group 1 - Cboe Global Markets reported better-than-expected fourth-quarter results, with adjusted earnings increasing by 46% to $3.06 per share and net revenue rising by 28% to $671.1 million [1] - Analysts had anticipated earnings of $2.94 per share on revenue of $659.5 million, indicating that Cboe outperformed market expectations [1] - The company experienced record trading volumes in index and options, contributing to its strong financial performance [1] Group 2 - Cboe Global Markets' stock showed improved price performance, earning an upgrade to its IBD Relative Strength Rating [1] - The company's Relative Strength Rating rose to 74, reflecting its positive market position [1] - Cboe is attempting to close in on key technical measures, indicating a focus on enhancing its market standing [1]

capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off- Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV ...

New York-based Nasdaq, Inc. (NDAQ) is a global financial technology and exchange operator best known for running the Nasdaq stock market, one of the world’s largest electronic trading platforms. Valued at $50.5 billion by market cap, the company provides marketplace services, data and analytics, index solutions, and financial technology to exchanges, brokers, asset managers, and corporations worldwide. Shares of this leading global technology company have underperformed the broader market over the past y ...

Core Insights - TMX Group Limited (OTC:TMXXF) reported earnings per share (EPS) of $0.43, exceeding the estimated $0.40, supported by record revenue of $457.8 million in Q4 2025, a 16% increase from $393.3 million in Q4 2024 [2][6] - Despite strong revenue growth, diluted EPS fell by 29% to $0.41 in Q4 2025 from $0.58 in Q4 2024, primarily due to net foreign exchange losses, while adjusted diluted EPS rose by 22% to $0.60, indicating underlying financial strength [3][6] Financial Metrics - The company has a price-to-earnings (P/E) ratio of approximately 20.02, a price-to-sales ratio of about 6.65, and an enterprise value to sales ratio of around 7.55, reflecting strong market valuation relative to revenue [4] - TMX Group's enterprise value to operating cash flow ratio is approximately 21.02, with an earnings yield of about 4.99%, demonstrating its ability to generate earnings per dollar invested [5] - The debt-to-equity ratio stands at approximately 0.46, indicating a moderate level of debt and a balanced financial structure [5]

Core Viewpoint - Gold prices remain below $5,000 amid high volatility, with CME Group increasing margin requirements for precious metals [1] Group 1: Gold Market - Gold futures in New York increased by 0.1% to $4,891.10 per troy ounce, indicating a potential weekly gain of 3% [1] - The volatility in the gold market is expected to continue until price discovery improves, leading to erratic trading patterns [1] Group 2: Silver Market - Silver prices decreased by 4.1% to $73.56 per ounce, on track for a weekly decline exceeding 6% [1] - The high volatility in the silver market is also anticipated to persist, mirroring trends observed in gold [1]

Core Insights - TMX Group reported strong financial performance for Q4 2025, with record revenue of $457.8 million, a 16% increase from $393.3 million in Q4 2024, and a 20% increase in operating income for the year [1][11][12] - The company experienced a 13% increase in organic revenue and a resurgence in financing activity, contributing to double-digit revenue growth across all segments [1][12] - TMX Group announced a 9% increase in its quarterly dividend, reflecting its commitment to delivering value to shareholders [1][12] Financial Performance - Revenue for Q4 2025 was $457.8 million, up $64.5 million or 16% from Q4 2024 [10][20] - Operating expenses increased by 19% to $252.1 million, driven by various factors including higher headcount and integration costs related to recent acquisitions [10][40] - Net income attributable to equity holders decreased by 28% to $115.2 million, primarily due to foreign exchange losses compared to gains in the previous year [13][47] Revenue Breakdown - Derivatives Trading and Clearing revenue increased by 27%, driven by higher rates per contract and a 10% increase in trading volumes [14][25] - Capital Formation revenue rose by 13%, reflecting higher additional listings and initial listing fees [22][20] - Global Insights revenue grew by 16%, with significant contributions from TMX VettaFi and TMX Datalinx [30][36] Earnings Per Share - Basic and diluted earnings per share for Q4 2025 were $0.41, down 29% from $0.58 in Q4 2024, largely due to foreign exchange losses [11][19] - Adjusted diluted earnings per share increased by 22% to $0.60, reflecting improved operational income [11][19] Operating Expenses - Compensation and benefits expenses rose by 16% to $117.8 million, influenced by costs related to recent acquisitions [40][43] - Selling, general, and administrative expenses surged by 46% to $53.1 million, reflecting increased operational activities [40][46] - Depreciation and amortization expenses increased by 12% to $47.0 million, driven by ongoing projects [40][46] Market Activity - The overall volume of securities traded on TMX's equities marketplaces increased by 38%, with notable growth on TSX and TSXV [32] - TMX's market share in domestic equities trading remained stable at approximately 61% [32] Dividend Announcement - TMX Group's Board approved a dividend increase of $0.02 to $0.24 per common share, marking the fourth increase in two years [12][21]

Financial Data and Key Metrics Changes - ICE reported record adjusted earnings per share of $6.95 for 2025, a 14% increase year-over-year, marking the best performance in the company's history [5] - Full year net revenues reached a record $9.9 billion, up 6% year-over-year, with 5% growth in recurring revenues and 8% growth in transaction revenues [6] - Adjusted operating income was $6 billion, up 9% year-over-year, demonstrating the quality and scalability of the business model [8] - Adjusted free cash flow for the year was $4.2 billion, with $1.3 billion used for stock repurchases and a 6% increase in dividends [9] Business Line Data and Key Metrics Changes - The exchange segment achieved record fourth quarter net revenues of $1.4 billion, up 9% year-over-year, with transaction revenues growing 8% [10] - Fixed income data and services segment revenues totaled $608 million in the fourth quarter, with recurring revenues reaching a record $507 million, growing 7% year-over-year [13] - Mortgage technology revenues totaled $532 million in the fourth quarter, up 5% year-over-year, with transaction revenues increasing by 20% [15] Market Data and Key Metrics Changes - The global derivatives markets saw 2.3 billion futures and options contracts traded in 2025, surpassing the prior record by 13% [21] - Average daily volumes in the energy complex increased by 27% year-over-year in January 2026, indicating strong momentum [22] - Open interest in Brent crude oil was up 35% at the start of 2026, reflecting strong demand and market activity [61] Company Strategy and Development Direction - ICE is focusing on integrating new technologies, including AI and blockchain, to modernize its mortgage technology stack and improve operational efficiencies [49][50] - The company is developing a tokenized securities platform for NYSE, aiming to enhance capital efficiencies while maintaining regulatory compliance [38][39] - ICE plans to expand its data center footprint and invest in AI infrastructure to meet growing customer demand and drive future productivity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver profitable growth and shareholder value creation in 2026, supported by a diversified business model and operational discipline [19] - The macro environment remains dynamic, with geopolitical tensions and regulatory changes influencing market conditions, but ICE's infrastructure is positioned to perform through these cycles [37] - The mortgage market is showing signs of improvement, with a rebound in refinancing activity expected to influence demand trends positively [46][49] Other Important Information - The company exceeded its synergy targets from the Black Knight acquisition, with annualized expense synergies reaching approximately $230 million [7] - ICE's NYSE listings business facilitated $25 billion in new IPO capital formation in 2025, welcoming 71 new operating companies [12] Q&A Session Summary Question: Update on the mortgage technology outlook and demand trends - Management indicated that the mortgage market is improving, with approximately 4 million loans currently in the money to refinance, which could increase significantly with further rate decreases [46][47] - The company is leveraging AI to modernize its mortgage technology stack, enhancing efficiency and reducing costs for clients [49][50] Question: Concerns about AI disruption in data and analytics businesses - Management emphasized the proprietary nature of their data and the unique value it provides, which cannot be easily replicated [53][54] Question: Outlook for the futures business and sustainability of growth - Management noted that geopolitical issues and evolving market dynamics are driving strong demand in the energy sector, with Brent and crude oil volumes showing significant year-over-year increases [61][62]

Core Viewpoint - CBOE Global Markets is poised for a significant earnings report on February 6, 2026, with analysts projecting an EPS of $2.93 and revenue of $662.2 million, driven by year-over-year revenue growth [1][2]. Financial Performance - The anticipated increase in earnings is attributed to higher revenues for the quarter ending December 2025, which is critical for the company's stock price movement [2]. - CBOE's price-to-earnings (P/E) ratio stands at 28.86, indicating a positive investor outlook on future earnings potential [3]. - The price-to-sales ratio of 6.15 reflects the market's valuation of CBOE's revenue, suggesting strong investor confidence [3]. Market Valuation - The enterprise value to sales ratio is 6.17, and the enterprise value to operating cash flow ratio is 23.31, highlighting the market's valuation of CBOE's total worth relative to its sales and cash flow [4]. - An earnings yield of 3.47% provides insight into the return on investment for shareholders [4]. - The debt-to-equity ratio of 0.33 indicates a balanced financial structure with moderate debt levels compared to equity [4]. Financial Stability - CBOE's current ratio of 1.72 suggests a solid ability to cover short-term liabilities with short-term assets, indicating financial stability [5]. - The management's discussion during the earnings call will be crucial for assessing the sustainability of immediate price changes and future earnings projections [5].

Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for January 2026 compared to the previous year and month, indicating strong market activity and growth [1][2]. Trading Volume Statistics - Multi-listed options reached an average daily trading volume (ADV) of 14,093 thousand contracts, a 7.2% increase year-over-year from January 2025 [3]. - Index options saw a notable rise to 5,477 thousand contracts, marking a 20.8% increase compared to January 2025 [3]. - Futures trading volume increased to 230 thousand contracts, up 4.6% from the previous year [3]. - U.S. equities on-exchange matched shares totaled 1,872 million, reflecting a 14.3% year-over-year growth [3]. - Off-exchange U.S. equities matched shares skyrocketed to 241 million, a remarkable 189.5% increase from January 2025 [3]. - Canadian equities matched shares reached 239,258 thousand, a 50.3% increase year-over-year [3]. - European equities matched shares totaled 15,218 million, up 33.2% from the previous year [3]. - Australian equities matched shares increased to 1,041 million, a 60.0% rise compared to January 2025 [3]. - Global FX trading set a new record with an aggregate monthly ADV of $67.2 billion, a 33.6% increase year-over-year [5]. Notable Achievements - Cboe Europe Periodic Auctions achieved a record monthly average daily notional value (ADNV) of €5.3 billion in January 2026 [4]. - A record 287 thousand S&P 500 Index (SPX) options contracts were traded during Cboe's Global Trading Hours session on January 20, surpassing the previous record set in April 2025 [6]. - Mini-SPX (XSP) options also set a monthly volume record in January with an ADV of 150 thousand contracts [6].

Key Takeaways CME posted Q4 EPS of $2.77, beating estimates, while revenues rose 8.1% year over year to $1.6B.CME revenue growth was driven by higher clearing and transaction fees and 14.5% jump in market data services.CME achieved a record 27.4M ADV, led by Equities and Metals, while Interest Rate and Forex volumes fell.CME Group (CME) reported fourth-quarter 2025 adjusted earnings per share of $2.77, which beat the Zacks Consensus Estimate by 0.7%. The bottom line improved 9.9% year over year. Quarterly r ...