Business Development - Coinbase plans to offer tokenized stocks and prediction markets to U S users [1] - Coinbase aims to become an 'everything exchange' [1]

Core Insights - Euronext achieved record revenue and income of €465.8 million in Q2 2025, reflecting a 12.8% increase year-over-year, driven by organic growth and acquisitions [1][8][26] - The company reported a strong adjusted EBITDA of €297.3 million, up 15.8% compared to Q2 2024, with an adjusted EBITDA margin of 63.8% [9][29][30] - Euronext's diversified business model allowed it to capture favorable market conditions, resulting in five consecutive quarters of double-digit topline growth [8][9] Financial Performance - Total revenue and income for Q2 2025 was €465.8 million, a 12.8% increase from €412.9 million in Q2 2024 [3][26] - Underlying operational expenses excluding depreciation and amortization (D&A) were €168.4 million, reflecting a 7.9% increase year-over-year [28][26] - Adjusted net income rose to €204.4 million, a 23.8% increase compared to €165.2 million in Q2 2024, with adjusted EPS at €2.02, up 27.0% [27][33] Revenue Breakdown - Securities Services revenue grew to €86.2 million, a 6.5% increase, driven by higher assets under custody and settlement activity [5][16] - Capital Markets and Data Solutions revenue increased to €165.4 million, up 12.0%, supported by the expansion of Advanced Data Solutions and strong performance in Corporate and Investor Solutions [5][18] - FICC Markets revenue reached €87.7 million, a 20.1% increase, driven by record performance in fixed income trading and clearing [15][22] Strategic Initiatives - Euronext is expanding its presence in the Nordics through the acquisition of Admincontrol, enhancing its subscription-based revenue and SaaS offerings [14][11] - The company announced a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (ATHEX), valued at approximately €412.8 million [41][42] - Euronext aims to integrate European capital markets and expects the ATHEX acquisition to deliver €12 million in annual run-rate cash synergies by the end of 2028 [43][44] Market Position - Euronext's market share in cash equity trading averaged 63.5% in Q2 2025, with average daily cash trading volumes of €13.4 billion, up 21.2% year-over-year [24][25] - The company is well-positioned to become the clearing house of choice for European repo markets, supported by strategic partnerships and initiatives [10][11] - Euronext's total assets under custody reached €7.34 trillion, reflecting a 4.5% increase compared to the end of Q2 2024 [16]

Core Insights - IntercontinentalExchange (ICE) reported a revenue of $2.54 billion for the quarter ended June 2025, reflecting a year-over-year increase of 9.8% and surpassing the Zacks Consensus Estimate by 0.71% [1] - Earnings per share (EPS) for the same quarter was $1.81, up from $1.52 in the previous year, exceeding the consensus EPS estimate by 2.26% [1] Revenue Breakdown - Mortgage Technology Segment generated $531 million, slightly below the average estimate of $535.23 million, marking a year-over-year increase of 4.9% [4] - Exchanges Segment (less transaction-based) reported revenues of $1.1 billion, significantly lower than the estimated $1.39 billion, representing a decline of 12% year-over-year [4] - Fixed Income and Data Services Segment achieved $597 million, slightly above the average estimate of $595.14 million, with a year-over-year growth of 5.7% [4] - Fixed Income Execution within the Fixed Income and Data Services Segment reported $32 million, close to the estimate of $32.93 million, reflecting a year-over-year increase of 6.7% [4] - Mortgage Technology Segment's Servicing Software generated $220 million, below the estimate of $225.01 million, with a year-over-year growth of 3.8% [4] - Data and Analytics within the Mortgage Technology Segment reported $66 million, slightly below the estimate of $67.43 million, with a year-over-year increase of 6.5% [4] - Closing Solutions in the Mortgage Technology Segment achieved $58 million, exceeding the estimate of $52.42 million, representing an 11.5% year-over-year increase [4] - Origination Technology within the Mortgage Technology Segment reported $187 million, slightly above the estimate of $185.57 million, with a year-over-year growth of 3.9% [4] - Energy revenues in the Exchanges Segment reached $595 million, surpassing the estimate of $580.18 million, with a significant year-over-year increase of 26.9% [4] - Agricultural and Metals revenues in the Exchanges Segment were $65 million, slightly above the estimate of $64.74 million, reflecting a year-over-year decline of 8.5% [4] - Financials in the Exchanges Segment reported $158 million, exceeding the estimate of $156.72 million, with a year-over-year increase of 19.7% [4] - Cash Equities and Equity Options in the Exchanges Segment achieved $123 million, above the estimate of $119.39 million, representing a year-over-year increase of 10.8% [4] Stock Performance - ICE shares have returned +2.2% over the past month, compared to a +2.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Euronext submits a voluntary share exchange offer for the Athens Stock Exchange valuing the Greek bourse at around €425.9 million on a fully diluted basis https://t.co/9WS5zzQ4y1 ...

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].