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Market Overview - The total market capitalization of the Hong Kong securities market reached HKD 44.9 trillion by the end of July 2025, a 44% increase from HKD 31.1 trillion in the same period last year [1] - The average daily trading amount in July 2025 was HKD 2,629 billion, up 167% from HKD 986 billion in the same month last year [1] Securities Market - The average daily trading amount for the first seven months of 2025 was HKD 2,437 billion, a 124% increase from HKD 1,086 billion in the same period last year [2] - The average daily trading amount for derivative warrants in the first seven months of 2025 was HKD 75 billion, up 63% from HKD 46 billion last year [2] - The average daily trading amount for bull and bear certificates was HKD 96 billion, a 75% increase from HKD 55 billion last year [3] - The average daily trading amount for exchange-traded funds (ETFs) was HKD 333 billion, up 180% from HKD 119 billion last year [3] - The average daily trading amount for leveraged and inverse products was HKD 39 billion, a 70% increase from HKD 23 billion last year [3] - There were 53 new listed companies in the first seven months of 2025, a 33% increase from 40 companies last year [3] - The total amount raised through initial public offerings (IPOs) was HKD 1,279 billion, a significant increase of 611% from HKD 180 billion last year [3] - The total fundraising amount for the first seven months of 2025 was HKD 3,318 billion, up 297% from HKD 835 billion last year [4] Derivative Products Market - The average daily trading volume for futures and options in the first seven months of 2025 was 1,671,497 contracts, an 11% increase from 1,499,137 contracts last year [5] - The average daily trading volume for stock options was 864,892 contracts, up 27% from 680,980 contracts last year [5] - The average daily trading volume for stock futures was 8,631 contracts, an 8% increase from 8,017 contracts last year [5] - The average daily trading volume for RMB currency futures was 112,429 contracts, a 36% increase from 82,833 contracts last year [5]

Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for July 2025 compared to July 2024, indicating strong market activity and growth in multiple asset classes [1][5][9] Trading Volume Statistics - Average Daily Trading Volume (ADV) for multiply-listed options reached 12,215 thousand contracts, a 9.6% increase year-over-year from 11,145 thousand contracts in July 2024 [4] - Index options saw an 8.0% increase in ADV, totaling 4,469 thousand contracts compared to 4,140 thousand contracts in July 2024 [4] - U.S. equities on-exchange matched shares increased by 39.9% to 1,790 million shares from 1,280 million shares in July 2024 [4] - U.S. equities off-exchange matched shares surged by 84.8% to 141 million shares from 76 million shares in July 2024 [4] - European equities trading volume rose by 35.3% to €12,490 million from €9,229 million in July 2024 [4] - Cboe Europe Equities achieved record market shares of 26.6% for overall trading and 34.7% for continuous trading in July [5] Notable Records - Cboe's S&P 500 Index (SPX) options set a monthly volume record in zero-days-to-expiry (0DTE) trading, with an ADV of 2.2 million contracts [9] - SPX options recorded their third most active trading day on July 31, with 4.8 million contracts traded [9]

Core Points - Euronext has announced the cancellation of 2,692,979 ordinary shares as part of its €300 million share repurchase program completed on 10 March 2025 [1] - The cancellation aligns with the company's intention to reduce capital, as previously stated in the announcement of the share repurchase program on 7 November 2024, and was approved by shareholders during the Annual General Meeting on 15 May 2025 [1] - Following the cancellation, Euronext's issued share capital is now €162,468,044.80, divided into 101,542,528 ordinary shares [2] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [4] - The company operates MTS, a major electronic fixed income trading market, and Nord Pool, the European power market, while also providing clearing and settlement services through Euronext Clearing and its CSDs in Denmark, Italy, Norway, and Portugal [4] - As of June 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, handling 25% of European lit equity trading [5]

MIAX母公司Miami International Holdings计划在纽约进行首次公开募股，Miami International Holdings计 划以每股19至21美元的价格发行1500万股股票。此次IPO预计将募集高达3.15亿美元，所得资金将用于 偿还债务和其他用途。 MIAX是美国的一家交易所运营商，与CME Group和Intercontinental Exchange等公司竞争。在2025年上 半年，Miami International的营收增长了21.4%，达到6.549亿美元，调整后收益几乎翻了两番，达到6780 万美元。 MIAX成立于2007年，目前已成为美国第四大期权交易所，并在六月份收购了欧洲上市平台International Stock Exchange，以扩大全球业务。摩根大通、摩根士丹利和Piper Sandler是此次IPO的主要联合账簿管 理人。 ...

Core Insights - Cboe Global Markets reported record revenue and earnings per share (EPS) for Q2 2025, achieving non-GAAP EPS of $2.46, exceeding analyst expectations of $2.44, and GAAP revenue of $587.3 million, surpassing estimates of $575.1 million [1][2] - The company experienced strong growth in derivatives, market data services, and global foreign exchange units, while facing a decline in market share in the Options and North American Equities segments [1][5][6] - Management raised growth expectations for the remainder of FY2025 and tightened expense guidance despite ongoing competitive pressures [1][12] Financial Performance - Non-GAAP EPS increased by 14% year-over-year from $2.15 in Q2 2024 [2] - GAAP revenue for the Options segment grew by 19% to $364.8 million, supported by a 20% increase in average daily volumes [5] - The North American Equities segment reported flat GAAP net revenue of $98.4 million, with market share declines in both US and Canadian equities [6] - The Europe and Asia Pacific segment achieved 30% revenue growth, reaching $70.4 million, with market share gains in European equities [7] - Futures revenue declined by 14% to $30.1 million, while Global FX revenue increased by 19% to $23.6 million [8] Strategic Focus - Cboe operates marketplaces for a variety of assets, including stocks, options, futures, and foreign currencies, and is focused on product innovation and international expansion [3][4] - The company is enhancing its market data and analytics platform, Data Vantage, and has integrated digital business lines into its Futures unit [4][8] - Management has increased full-year 2025 organic net revenue growth guidance to "high single digits" and adjusted operating expense guidance to $832 million to $847 million [12] Shareholder Returns - The company returned $66.4 million in dividends and $35.3 million in share repurchases during the quarter, maintaining a quarterly dividend of $0.63 per share [9][13]

Core Insights - Cboe Global Markets, Inc. (CBOE) reported second-quarter 2025 adjusted earnings of $2.46 per share, exceeding the Zacks Consensus Estimate by 1.6% and reflecting a year-over-year increase of 14.4% [1][9] - Total adjusted revenues reached a record $587.3 million, up 14% year over year, driven by growth in derivatives markets, Data Vantage, and cash and spot markets [2][9] Financial Performance - Options revenues increased by 19% year over year to $364.8 million, supported by higher market data, access and capacity fees, and increased net transaction and clearing fees due to a rise in total options average daily volume [3] - North American Equities revenues remained flat at $98.4 million year over year, with higher access and capacity fees offset by lower net transaction and clearing fees [3] - Europe and Asia Pacific revenues grew by 30% year over year to $70.4 million, driven by increased net transaction and clearing fees [4] - Futures net revenues decreased by 14% year over year to $30.1 million, primarily due to a 19% decline in net transaction and clearing fees [4] - Global FX net revenues rose by 19% year over year to $23.6 million, mainly due to higher net transaction and clearing fees [4] Operating Metrics - Adjusted operating expenses were $213.3 million, an increase of 8.2% year over year, mainly due to higher compensation, benefits, and technology support services [5] - Adjusted operating income grew by 18.5% year over year to $374 million, surpassing estimates [5] - Adjusted operating margin expanded to 63.7%, an increase of 230 basis points year over year [6] Financial Position - CBOE ended the second quarter with cash and cash equivalents of $1.26 billion, a 36.5% increase from the end of 2024 [7] - Total assets rose to $9 billion, up 16.2% from the end of 2024 [7] - Long-term debt was $1.4 billion, a slight increase of 0.06% from the end of 2024 [7] - Total shareholders' equity increased by 9% to $4.7 billion from December 31, 2024 [7] Shareholder Returns - CBOE paid out cash dividends of $66.4 million or 63 cents per share and repurchased shares worth $35.3 million in the second quarter [10] - Approximately $614.5 million remains under the current share repurchase authorization as of June 30, 2025 [10] Guidance - CBOE anticipates high single-digit organic revenue growth and has adjusted 2025 expense guidance downwards [11] - Adjusted operating expenses are expected to be in the range of $832 million to $847 million, lower than previous guidance [11] - The company reaffirms capital expenditures for 2025 to be in the range of $75 million to $85 million [13]

Financial Data and Key Metrics Changes - Cboe reported a 14% year-over-year increase in net revenue, reaching a record $587 million, and adjusted diluted EPS also grew by 14% to $2.46 [8][21] - Adjusted operating expenses increased by 8% year-over-year to $213 million, while adjusted operating EBITDA grew by 19% to $387 million, resulting in an adjusted operating EBITDA margin expansion of 2.3 percentage points to 65.8% [21][22] Business Line Data and Key Metrics Changes - Derivatives markets net revenues increased by 17%, with options volumes rising due to heightened market volatility [9][21] - DataVantage business saw an 11% year-over-year revenue growth, driven by strong new subscription and unit sales [15][24] - Cash and spot markets net revenue grew by 11%, with European cash equities business showing robust performance and a 30% year-over-year increase [13][21] Market Data and Key Metrics Changes - The Europe and Asia Pacific segment achieved a 30% year-over-year growth, driven by a 39% increase in net transaction and clearing fees [13][21] - SPX options volumes increased by 21% year-over-year, with Mini SPX options average daily volume rising by 50% [9][11] Company Strategy and Development Direction - Cboe is focused on optimizing growth in core businesses while exploring organic and inorganic investment opportunities [32][38] - The decision to close the Japanese equities business reflects a strategy to redirect resources to higher potential return activities [14][26] - The company aims to leverage its advanced technology and differentiated product offerings to enhance its DataVantage business [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of options as an asset class, supported by increasing retail participation and international expansion [12][32] - The company is committed to maintaining a flexible balance sheet and effectively allocating capital to produce sustainable shareholder value [28][32] Other Important Information - Cboe expects to record a pretax charge of approximately $5 million related to the wind down of its Japanese equities business [26] - The company repurchased $35 million in shares during the quarter, bringing year-to-date repurchases to $65 million [28] Q&A Session Questions and Answers Question: Key priorities for the new CEO - The new CEO emphasized optimizing growth in core businesses and exploring both organic and inorganic growth opportunities, with a focus on strategic and financial rationale [38][40] Question: Evaluation of business footprint - The CEO mentioned a rigorous evaluation of all business activities to ensure capital is allocated to the best growth opportunities, citing the closure of the Japan equities business as an example [42][43] Question: DataVantage revenue guidance - Management remains confident in the full-year guidance for DataVantage, highlighting strong new subscription sales and international demand as key drivers [46][49] Question: Long-term growth for index options volume - Management believes there is significant potential for growth in index options, particularly through partnerships with retail broker dealers and expansion in the Asia Pacific region [51][52] Question: Competitive environment for single stock zero DTE - Management sees single stock zero DTEs as complementary to index options, with retail traders likely to migrate to index options as their sophistication increases [55][56] Question: Strategic relationship with S&P Global - The CEO views the relationship with S&P Global as long-term and valuable, aiming for mutual growth and innovation [60][61] Question: Globalization strategy - The company is focused on importing flow from outside the U.S. into its markets, particularly through data and analytics initiatives [64][65] Question: Evolution of the securities exchange industry - The CEO noted that the retail trend is a long-term structural change, with a focus on remaining relevant and competitive in a dynamic environment [69][70]

Financial Performance - Cboe's net revenue for Q2 2025 reached $587.3 million, a 14% increase year-over-year[37, 45] - Adjusted operating EBITDA for Q2 2025 was $387 million, up 19% year-over-year, with a margin of 65.8%[38, 39] - Adjusted diluted EPS for Q2 2025 was $2.46, a 14% increase year-over-year[41, 42] Segment Performance - Options net revenue increased by 19% to $364.8 million in Q2 2025, driven by higher transaction and clearing fees[14, 66] - North American Equities net revenue remained roughly flat at $98.4 million in Q2 2025[14, 67] - Europe and Asia Pacific net revenue increased by 30% to $70.4 million in Q2 2025, reflecting transaction and non-transaction revenue growth[14, 69] - Futures net revenue decreased by 14% to $30.1 million in Q2 2025, due to a decrease in ADV[14, 72] - Global FX net revenue increased by 19% to $23.6 million in Q2 2025, driven by higher transaction and clearing fees[14, 74] Data and Market Trends - Data Vantage net revenue grew 11% organically year-over-year in Q2 2025, reaching $155.1 million[47, 49] - Total options ADV was up 20%, with index options ADV up 17% and multi-listed options ADV up 22%[14, 66] - U S Equities On-Exchange matched ADV increased 43% to $1.9 billion in Q2 2025[26]

Financial Performance - Cboe Global Markets reported record quarterly net revenue of $587 million, a 14% increase year-over-year from $513.8 million in Q2 2024 [2][9] - Diluted EPS for Q2 2025 was $2.23, up 68% compared to $1.33 in Q2 2024, while adjusted diluted EPS increased 14% to $2.46 [8][9] - Total operating expenses decreased to $248.2 million from $303.7 million in Q2 2024, primarily due to the prior year's impairment of intangible assets [9] Business Segment Performance - Derivatives net revenue grew 17%, driven by strong volumes in the options business, with options revenue reaching $364.8 million, up 19% from the previous year [7][15] - Data Vantage reported an 11% increase in net revenue, while Cash and Spot Markets also saw an 11% rise [2][9] - Futures net revenue decreased by 14% to $30.1 million, attributed to a decline in net transaction and clearing fees [12][15] Guidance and Outlook - The company raised its organic total net revenue growth guidance for 2025 to high single digits from mid to high single digits [2][16] - Adjusted operating expense guidance for 2025 was lowered to a range of $832 million to $847 million, down from $837 million to $852 million [2][16] - The effective tax rate for adjusted earnings is expected to be between 28.5% and 30.5% for the full year 2025 [16] Capital Management - As of June 30, 2025, Cboe had cash and cash equivalents of $1,256.3 million and total debt of $1,442.0 million [18] - The company paid cash dividends of $66.4 million during Q2 2025 and repurchased approximately 161,000 shares at an average price of $219.77 per share [19]