Group 1 - CME Group reached a 52-week high of $286.48 on May 7, with shares closing at $284.82, reflecting a 22% year-to-date gain, outperforming peers Cboe Global Markets and Intercontinental Exchange, which gained 19.9% and 18.5% respectively [1][2] - CME Group is the largest futures exchange globally, with a market capitalization of $102.6 billion and an average trading volume of 2.6 million shares over the last three months [2][3] - The company's diverse portfolio in emerging markets, electronic trading growth, and strong global presence are expected to drive future growth [3][24] Group 2 - CME shares are trading above both the 50-day and 200-day moving averages, indicating a bullish trend [7] - The price-to-earnings ratio of CME Group is 25.33X, higher than the industry average of 24.55X, indicating a premium valuation [11][13] - Analysts project a potential downside of 4.6% based on the average price target of $270.39 per share [15] Group 3 - The Zacks Consensus Estimate for 2025 earnings is $11.11, reflecting an 8.3% year-over-year increase, with revenues expected to rise to $6.5 billion [17][18] - Return on equity for CME was 14%, slightly above the industry average of 13.9%, while return on invested capital (ROIC) was around 10% over the last few years, but only 0.6% in the trailing 12 months [21][22] - CME Group benefits from heightened market volatility, which increases trading activity and transaction fees, contributing significantly to revenue [24] Group 4 - The company is experiencing rising electronic trading activity and increased interest in crypto assets, positioning it well for future growth [25][29] - CME has a strong capital base supporting initiatives to expand its market data business and product range [27] - Despite concentration risk in Interest Rate and Equity products, CME's global presence and product portfolio are expected to drive growth [28][30]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $209 million, compared to $210 million in the prior year, indicating a slight decrease [28] - Commission revenue decreased by 2%, primarily due to lower fees per million and market share in U.S. Credit, partially offset by strong market volumes driven by increased volatility [28][32] - Services revenue increased by 7%, with Information Services revenue rising by 9% to $13 million, driven by new contracts [29] - Operating expenses increased by 2% to $120 million, reflecting cost discipline and lower variable costs [33] - Diluted earnings per share were reported at $0.40, or $1.87 per share excluding notable items [30] Business Line Data and Key Metrics Changes - Record U.S. Credit Average Daily Dollar (ADD) was $9 billion, up 2% [12] - International products saw record ADD of $6 billion, up 11% [12] - Municipal bonds experienced a significant increase in Average Daily Volume (ADV) of 42% [13] - Automation trade volumes reached a record of $110 billion, up 17% [14] - Open Trading ADV hit a record of $5 billion, an increase of 8% [15] Market Data and Key Metrics Changes - U.S. High Grade estimated market share increased to 20% in March, the highest since December 2023 [10] - U.S. High Grade market share was reported at 19.4%, up 120 basis points year-over-year [24] - Total trading ADV grew 68% year-over-year to a record $57 billion, with total credit ADV increasing by 32% to $18 billion [23] Company Strategy and Development Direction - The company is focusing on expanding its algo suite for rates and launching an enhanced Request for Quote (RFQ) solution [8][10] - The strategy includes diversifying product offerings and enhancing technology investments to drive growth in U.S. Credit market share [5][39] - The company plans to roll out a high-touch block trading solution and a new Midex solution to address dealer needs [44][22] Management Comments on Operating Environment and Future Outlook - Management noted that the current market environment is characterized by uncertainty, which is favorable for the business model [42] - There is an expectation of higher levels of volatility in the market, which could drive increased turnover in the bond market [43] - The company is optimistic about the growth opportunities presented by new product releases and the current market conditions [44][46] Other Important Information - The company expects to close the RFQ Hub transaction later in May, which will consolidate RFQ Hub into its financials [37] - The effective tax rate is expected to increase to 41% to 42% due to a new reserve for uncertain tax positions [36] Q&A Session Summary Question: Outlook for increased share gain moving forward - Management indicated that the current market environment is favorable for share gains, with expectations of continued volatility and liquidity needs from clients [42][43] Question: April market behavior and client share - Management observed sustained market velocity and heightened trading activity, even as volatility decreased from peak levels [50][51] Question: Fee capture in high grade - Management explained that increased portfolio trading and dealer-to-dealer business, which have lower capture rates, are impacting overall fee capture [56][60] Question: Strength of portfolio trading solution - Management highlighted enhancements in the portfolio trading solution and positive client feedback, indicating strong demand for analytics and data [66][68] Question: Rollout of X Pro into Europe - Management expressed optimism that the rollout of X Pro would accelerate portfolio trading share, as it has already captured significant market share in the U.S. [111]

Core Insights - CBOE Global Markets reported strong Q1 2025 earnings, demonstrating resilience during market volatility [1] Company Overview - CBOE Global Markets operates as an options exchange and clearing corporation with a global presence and various adjacent business segments [1]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 30 April 2025 | 12:55PM HKT Hong Kong Exchanges (0388.HK): 1Q25 First Take: in-line; Buy HKEX reported 1Q25 EPS of HK$3.23, up 38% yoy, 2% higher vs GSe. Revenue was modestly ahead and costs slightly below GSe. EBITDA was 2% higher, and eff. tax rate was 16%, in-line with GSe. And hence, NPAT was 2% above GSe. That said, profit excluding investment income was 6% below GSe. However, excluding the HK$90mn FCA payment, the miss was 3% on profit excluding II. We would expect a muted ...

Core Insights - CBOE Global reported revenue of $565.2 million for Q1 2025, a 12.6% year-over-year increase, with EPS of $2.50 compared to $2.15 a year ago, exceeding Zacks Consensus Estimates [1] - The company achieved a revenue surprise of +1.54% and an EPS surprise of +5.93% compared to analyst expectations [1] Financial Performance Metrics - Average Revenue Per Contract for Futures was $1.74, slightly below the $1.76 estimate [4] - Average Daily Volume for Multi-listed options was 13.41 million, exceeding the 12.99 million estimate [4] - Access and capacity fees generated $97.80 million, surpassing the $96.55 million estimate, reflecting an 8.6% year-over-year increase [4] - Market data fees totaled $77.80 million, above the $75.92 million estimate, with an 8.1% year-over-year increase [4] - Other revenue was $25 million, below the $28.23 million estimate, representing a -5.3% change year-over-year [4] - Net transaction and clearing fees reached $832.60 million, exceeding the $788.83 million estimate, with a 15.9% year-over-year increase [4] - Regulatory fees surged to $161.80 million, significantly above the $90.18 million estimate, marking a 222.3% year-over-year increase [4] Stock Performance - CBOE shares returned -2% over the past month, compared to a -0.5% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near term [3]

Core Insights - IntercontinentalExchange (ICE) reported revenue of $2.47 billion for Q1 2025, an 8% year-over-year increase, with EPS of $1.72 compared to $1.48 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] Revenue Performance by Segment - Mortgage Technology Segment: Revenue of $510 million, slightly below the estimated $512.49 million, representing a 2.2% year-over-year increase [4] - Exchanges Segment (less transaction-based): Revenue of $1.37 billion, exceeding the estimated $1.35 billion, with an 11.8% year-over-year increase [4] - Fixed Income and Data Services Segment: Revenue of $596 million, slightly below the estimated $602.82 million, reflecting a 4.9% year-over-year increase [4] - Exchanges Segment - Data and Connectivity Services: Revenue of $246 million, above the estimated $242.38 million, with a 4.7% year-over-year increase [4] - Exchanges Segment - Energy: Revenue of $557 million, exceeding the estimated $543.91 million, showing a significant 21.9% year-over-year increase [4] - Exchanges Segment - Ags and Metals: Revenue of $64 million, below the estimated $65.19 million, representing an 11.1% year-over-year decrease [4] - Exchanges Segment - Financials: Revenue of $156 million, above the estimated $149.41 million, with a 15.6% year-over-year increase [4] - Exchanges Segment - Cash Equities and Equity Options: Revenue of $119 million, exceeding the estimated $114.55 million, reflecting a 20.2% year-over-year increase [4] - Exchanges Segment - OTC and Other: Revenue of $103 million, slightly below the estimated $104.75 million, with no year-over-year change [4] - Mortgage Technology Segment - Servicing Software: Revenue of $221 million, above the estimated $212.02 million [4] - Exchanges Segment - Listings: Revenue of $122 million, slightly below the estimated $122.55 million, with no year-over-year change [4] - Fixed Income and Data Services Segment - Fixed Income Execution: Revenue of $31 million, slightly below the estimated $31.11 million, reflecting a 19.2% year-over-year increase [4] Stock Performance - ICE shares have returned -1.5% over the past month, compared to the Zacks S&P 500 composite's -0.7% change, with a Zacks Rank 2 (Buy), indicating potential outperformance in the near term [3]

Core Insights - Founder-led companies, while representing less than 5% of the S&P 500 index, contribute significantly to the market, accounting for nearly 15% of the total index's market capitalization, particularly in the technology sector [3][4]. Group 1: Founder-led Companies - Founders exhibit a unique passion and risk appetite, often leading to innovative and successful ventures that reflect their core values [2][5]. - Notable founder-led companies include NVIDIA, Amazon, Meta, Tesla, Berkshire Hathaway, and Netflix, which have redefined industries and created trillion-dollar valuations [3]. Group 2: Performance of Founder-led Companies - A Harvard Business Review study indicates that founder-led companies achieved a market-adjusted return of 12% over three years, contrasting with a negative 26% return for companies with professional CEOs [7]. - Current appealing stocks identified include Netflix, Intercontinental Exchange, and Affirm Holdings [7]. Group 3: Netflix - Netflix, co-founded by Reed Hastings, has a market capitalization of $387.7 billion and has transitioned from DVD rentals to a leading streaming service [9]. - The company is focusing on expanding its original content portfolio and has launched low-priced mobile plans in various countries to drive international growth [11]. - Netflix projects revenues between $43.5 billion and $44.5 billion for 2025, with an operating margin of 29% [13]. Group 4: Intercontinental Exchange (ICE) - ICE, founded by Jeffrey Sprecher, has a market capitalization of $95.6 billion and has reported record net revenues and earnings for 19 consecutive years [14]. - The company is well-positioned for growth due to the digitization of the U.S. residential mortgage industry and the integration of Ellie Mae into its operations [16]. Group 5: Affirm - Affirm, with a market capitalization of $16.3 billion, is a key player in the Buy Now Pay Later (BNPL) segment, collaborating with over 337,000 active merchant partners [18]. - The company aims for profitability starting in Q4 of fiscal 2025 and is planning international expansion into Australia and Western Europe [19].

Wall Street analysts expect CBOE Global (CBOE) to post quarterly earnings of $2.36 per share in its upcoming report, which indicates a year-over-year increase of 9.8%. Revenues are expected to be $556.64 million, up 10.9% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 6.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company reveals its e ...

Core Viewpoint - Cboe Global Markets has launched Cboe FTSE Bitcoin Index futures, expanding its digital asset derivatives offerings to meet growing customer demand for crypto-based products [1][3][7] Group 1: Product Details - The new XBTF futures are cash-settled contracts, simplifying the trading process by eliminating the need for physical delivery of bitcoin at expiration [2][7] - XBTF futures are exclusively listed on Cboe Futures Exchange and are designed to provide market participants with tools to express views on bitcoin or manage associated risks [2][3] - The XBTF Index, which these futures are based on, represents 1/10th the value of the FTSE Bitcoin Index and is developed in collaboration with Digital Asset Research [4][7] Group 2: Market Context - The launch of XBTF futures follows Cboe's introduction of cash-settled options on the Cboe Bitcoin U.S. ETF Index, creating a complementary suite of bitcoin-related index derivatives [3][4] - Cboe aims to build a comprehensive ecosystem for efficient and flexible access to bitcoin exposure and risk management, reflecting the increasing institutional interest in digital assets [3][4] Group 3: Industry Support - Barak Capital and Prime Trading, LLC have expressed support for the new XBTF futures, highlighting the importance of efficient and stable markets for digital assets [4][4] - These firms will act as liquidity providers, contributing to the overall market stability and trading experience for Cboe's customers [4][4]

央行：探索上海黄金交易所特定品种交割国际化 设置境外交收库 智通财经4月21日电，中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发《上海国 际金融中心进一步提升跨境金融服务便利化行动方案》。其中指出，增强重要金融平台配置全球资源功 能。高水平筹建国际金融资产交易平台，打造成为配置全球金融资源、方便国际投资者深度参与中国金 融市场的重要功能性平台。支持上海黄金交易所等与境外交易所开展产品授权合作，扩大人民币基准价 格在国际主流市场应用。探索上海黄金交易所特定品种交割国际化，设置境外交收库。 ...