Cboe will maintain presence in Japan for its Global Derivatives and Cboe Data Vantage businesses CHICAGO and TOKYO, July 23, 2025 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its decision to wind down its Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. Cboe expects to suspend operations for these businesses on August 29, 202 ...

Financial Data and Key Metrics Changes - CME Group generated revenue of $1,700,000,000, up 10% from the second quarter in 2024 [12] - Adjusted operating income reached a record $1,200,000,000, up 14% year over year [12] - Adjusted net income was $1,100,000,000, with adjusted diluted earnings per share at $2.96, both up 16% from the previous year [13] - Average daily volume exceeded 30,200,000 contracts, representing a 16% increase compared to the same period last year [7][8] - Adjusted operating margin improved to 71%, up from 69.1% in the same period last year [13] Business Line Data and Key Metrics Changes - Financial products volume grew by 17%, while commodity sector volume increased by 15% [8] - Record quarterly volume from international business averaged 9,200,000 contracts per day, up 18% from the prior year [9] - Retail trading saw over 90,000 new participants, a 56% increase year over year, contributing to a record average daily volume of 4,100,000 contracts in Micro products [10][39] Market Data and Key Metrics Changes - EMEA region recorded a 15% increase in average daily volume, while APAC saw a 30% increase [9] - The strong growth in open interest was up by 7% from the end of Q2 2024 and 10% from year-end 2024 [8] Company Strategy and Development Direction - CME Group is focusing on retail traders and expanding partnerships with new online brokers to meet increasing demand [9][39] - The company announced a ten-year extension of its exclusive license to offer futures and options on NASDAQ indexes, ensuring continued access to these products [10][11] - CME Group is exploring tokenization technology in partnership with Google, aiming to enhance market efficiencies [76][78] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of markets amid global uncertainties, including geopolitical tensions and rising debt levels [20][22] - The company anticipates continued demand for risk management products, although predicting specific volume levels remains challenging [19][22] - Management expressed optimism about the retail segment's growth and the potential for further participation across various asset classes [31][32] Other Important Information - CME Group's adjusted effective tax rate was 23.3% for the quarter [13] - Capital expenditures for the second quarter were approximately $19,000,000, with cash at the end of the quarter totaling $2,200,000,000 [13] Q&A Session Summary Question: What are the key drivers that can sustain strong hedging activities going into the second half? - Management noted the difficulty in predicting volumes but emphasized the ongoing global risks that necessitate risk management [19][20] Question: Can you discuss the recent take-up of retail traders and their trading behavior? - Management reported unprecedented growth in retail participation and expressed confidence in continued engagement across various asset classes [30][39] Question: How is the company thinking about capital deployment given the cash balances? - Management indicated a balanced approach to capital deployment, focusing on opportunistic buybacks and maintaining a variable dividend structure [52][54] Question: How have tariffs impacted the physical commodities business? - Management noted that tariffs have led to market dislocations, increasing trading activity and volumes across various client segments [60][61] Question: Can you provide an update on FX Spot Plus and its impact? - Management reported strong initial uptake with significant daily volumes and new participants, enhancing market quality [110] Question: What are the company's views on stablecoins and tokenization? - Management is optimistic about the potential efficiencies from tokenization and is actively working on partnerships to implement these technologies [76][78]

Summary of HK Exchanges & Clearing Conference Call Company Overview - **Company**: HK Exchanges & Clearing (0388.HK) - **Industry**: Financial Services, specifically focused on stock exchange operations in Hong Kong Key Financial Highlights - **2Q25 Revenue Growth**: Expected to increase by 28% year-over-year (YoY) to HK$6,933 million, driven by strong trading activity and higher fees [1][12] - **Profit Growth**: Anticipated profit growth of 32% YoY, with earnings per share (EPS) projected at HK$3.28, up from HK$2.49 in 2Q24 [1][12] - **Average Daily Volume (ADV)**: Recorded at HK$238 billion in 2Q25, representing a 95% increase YoY but a slight decline of 2% quarter-over-quarter (QoQ) [3][9] - **Net Investment Income**: Expected to rise by 8% QoQ, attributed to a larger margin fund size despite lower interest rates [4][9] Trading Activity Insights - **Southbound Trading**: Southbound ADV surged by 154% YoY, contributing significantly to overall trading volume, with its share of total HK turnover exceeding 50% in 2Q25 [3][20] - **Northbound Trading**: Northbound ADV increased by 17% YoY but fell by 20% QoQ, indicating a mixed performance [3] - **Derivatives Trading**: ADV for derivatives decreased by 17% QoQ, reflecting a more muted trading environment [3] Market Conditions and Outlook - **Interest Rates**: The average six-month HIBOR dropped to 3.89% in 2Q25 from 4.16% in 1Q25, impacting net investment income but offset by higher margin requirements [4] - **Future Projections**: The company raised its ADV assumption for 2025 to HK$225 billion, reflecting confidence in resilient trading activities and a favorable low-rate environment [5][28] - **Earnings Estimates**: EPS estimates have been adjusted slightly upward, with expected growth of 20% YoY for 2025 and 8% for 2026 [29] Valuation and Investment Thesis - **Price Target**: Maintained at HK$500, indicating a potential upside of 16% from the current price of HK$432.60 [7][32] - **Market Sentiment**: The company is viewed as an attractive investment due to reduced financial risks, a transition towards innovation-driven growth in China, and rising IPO volumes [38][39] - **Consensus Rating**: 89% of analysts rate the stock as Overweight, reflecting strong market confidence [40] Risks and Considerations - **Geopolitical Uncertainties**: Ongoing geopolitical tensions and trade tariff concerns could impact trading volumes and market sentiment [48] - **Interest Rate Fluctuations**: Potential further declines in interest rates may negatively affect net investment income in the latter half of 2025 [29] Additional Insights - **Cost-Income Ratio**: Improved to 23% in 2Q25, down from 27% YoY, indicating better operational efficiency [12] - **Future ADV Projections**: Expected to reach HK$240 billion in 2026 and HK$265 billion in 2027, reflecting continued growth in trading activity [30][43] This summary encapsulates the key points from the conference call, highlighting the financial performance, market conditions, and future outlook for HK Exchanges & Clearing.

Group 1 - The London Stock Exchange Group (LSEG) is considering the possibility of launching 24-hour trading and extending its trading hours, engaging in discussions about commercial, policy, and regulatory aspects [1][2] - The exploration of extended trading hours includes evaluating technology upgrades, regulatory implications, and the potential impact on liquidity, which is currently concentrated during the opening and closing auctions [2] - LSEG's parent company has faced challenges in attracting new listings, leading to reforms aimed at enhancing competitiveness with exchanges in New York and the European Union post-Brexit [5][7] Group 2 - In March, Nasdaq announced plans for 24-hour trading, joining other exchanges like Cboe Global Markets and Intercontinental Exchange in extending trading hours [3] - LSEG reported stronger than expected first-quarter income, driven by robust growth in its markets division and strong performance across other business segments [4]

港交所称，其股票现货市场自1992年以来一直采用T+2结算周期，而其他国际股票市场在过去20年间也 逐渐将结算周期缩短至T+2。近年来，许多市场已转向或正在考虑转向T+1或更短的结算周期。根据世 界交易所联合会和国际交易所的统计数据，港交所预计，到2027年底，全球股票市场88%的交易将采用 T+1或T+0结算周期。 据悉，讨论文件列出了缩短香港股票现货市场现行T+2结算周期的潜在好处和挑战，并参考了其他主要 市场在缩短结算周期过程中的经验，为所有市场参与者展开深入讨论提供了基础。 新华财经北京7月16日电据港交所16日消息，港交所16日刊发了有关缩短香港股票现货市场结算周期的 讨论文件，旨在引导市场就此展开讨论，并与业界就如何及何时缩短结算周期达成共识。 港交所进一步表示，如讨论文件所示，香港向T+1结算周期过度既有好处，也面临挑战。潜在的好处包 括提高市场效率、降低系统性风险，以及让香港市场与其他国际市场更紧密地接轨。同时，转向T+1也 会带来挑战，尤其是对于需要应对时区差异、外汇转换以及更短结算时间窗口的市场参与者来说。为适 应这种变化，市场参与者需要升级系统、实现流程自动化，并与整个市场协调配合，以保 ...

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NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Singapore Exchange Ltd. (SGX: S68; OTCQX: SPXCY, SPXCF), Asia’s most international multi-asset exchange operating equity, fixed income, currency and commodity markets, has qualified to trade on the OTCQX® Best Market. Singapore Exchange Ltd. begins trading today on OTCQX under the symbols “SPXCY, SPXCF.” U.S. investors can find ...

Investment Rating - The investment rating for Hong Kong Exchanges is "Buy" with a 12-month target price of HK$450, indicating an upside potential of 10.2% from the current price of HK$408.20 [3][2]. Core Insights - The report revises the earnings per share (EPS) estimates for Hong Kong Exchanges for 2025E, 2026E, and 2027E down by -1.8%, -1.5%, and -1.2% respectively, based on updated volume data for June 2025 and July 2025 [1][2]. - The investment income estimates have also been updated to reflect the latest HIBOR forecasts, but the overall investment thesis remains unchanged [1]. - The target price is derived from a 3-stage Dividend Discount Model (DDM), implying a price-to-earnings (P/E) ratio of 37X for 2026E [2][3]. Financial Projections - Market capitalization is reported at HK$517.5 billion (approximately $65.9 billion) [3]. - Revenue projections for the upcoming years are as follows: 2024E at HK$22,374 million, 2025E at HK$25,351.9 million, 2026E at HK$26,573 million, and 2027E at HK$28,025.7 million [3]. - EPS estimates are revised to HK$10.32 for 2025E, HK$11.49 for 2026E, and HK$12.04 for 2027E [3]. - The report indicates a dividend per share (DPS) of HK$9.26 for 2025E, with a projected dividend yield of 3.5% [3]. Risks and Methodology - The report identifies potential downside risks including increased competition from onshore capital markets, lower trading velocity in the cash market, fee pressure from reduced fees in China, and a sustained deflationary environment in China [2]. - The methodology for the target price is based on a 3-stage DDM approach, which is a standard valuation method used in the industry [2].

Strategic Shift - Coinbase is evolving beyond a simple exchange, focusing on building foundational infrastructure [1] - Exchanges failing to adapt and become infrastructure providers risk becoming irrelevant [2] Business Expansion - The company facilitated $500 million in lending within 5 months [2] - Coinbase has acquired Liquifi, Definitive, and Ledn [2] - Zero-fee USDC transactions are offered for businesses [2] - The company has secured an EU MiCA license [2] - Perpetual futures (perps) and decentralized exchanges (DEX) are being integrated into the main app [2] Market Valuation - The market capitalization of $91 billion indicates market recognition of Coinbase's strategy [2]

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