Group 1 - CME Group Inc. will announce its second quarter 2025 earnings on July 23, 2025, before market opening [1] - Written highlights will be available on the company's website at 6:00 a.m. Central Time on the same day [1] - An investor conference call will take place at 7:30 a.m. Central Time, where executives will answer analysts' questions [1][2] Group 2 - CME Group is the world's leading derivatives marketplace, facilitating trading in futures, options, cash, and OTC markets [3] - The company offers a wide range of global benchmark products across major asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals [3] - CME Group operates the CME Globex platform for futures and options trading, BrokerTec for fixed income trading, and EBS for foreign exchange trading [3]

All 12 Nominated Directors Elected Nasdaq Board Re-elects Adena T. Friedman as Chair of the Board NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) shareholders elected all nominated directors at the company’s Annual Meeting of Shareholders on Wednesday, June 11, 2025. All directors will serve one-year terms. The elected board members are: Melissa M. Arnoldi, EVP and General Manager for Business Solutions, AT&T Inc.Charlene T. Begley, Retired SVP and CIO, General Electric CompanyAdena ...

Core Viewpoint - Abaxx Technologies Inc. has launched its physically-deliverable Gold Singapore Futures, which began active trading on June 12, 2025, providing a new tool for price discovery and hedging in the Asian market [1][3]. Company Overview - Abaxx Technologies is a financial software and market infrastructure company, and the majority shareholder of Abaxx Singapore Pte Ltd., which owns the Abaxx Commodity Exchange and Clearinghouse [1][7]. - The company aims to create Smarter Markets by developing better tools and technology to address significant societal challenges, including the energy transition [6]. Product Details - The Gold Singapore Futures contract is a USD-denominated, kilobar-sized product designed for the regional physical bullion trade, deliverable into approved vaults in Singapore [2][3]. - This contract is tailored for refiners, industrial consumers, banks, and physical traders in Asia, addressing the growing demand for regional price transparency [3][5]. Market Participation - The initial trading sessions of the Gold Singapore Futures saw participation from eight market makers, including firms from Singapore, Hong Kong, London, and Thailand, with expectations for more participants in the future [4]. - KGI Securities Singapore expressed enthusiasm for the new offering, highlighting its relevance to the Asian market and commitment to providing comprehensive solutions in commodities [5]. Trading Specifications - The Abaxx Gold Singapore Futures contract is available for trading 14 hours per day, Monday through Friday, facilitating access for market participants [5].

Group 1 - Total traded volume on the Tradeweb European ETF marketplace reached EUR 62 billion [3]

Summary of MarketAxess (MKTX) Conference Call Company Overview - **Company**: MarketAxess (MKTX) - **Industry**: Electronic fixed income trading venue, primarily focused on credit markets, with expansion into new geographies and asset classes [3][3] Key Points and Arguments Strategic Focus Areas - **Execution of Strategy**: Emphasis on providing the right metrics, data, and analytics to enhance business execution [11][11] - **Capital Deployment**: Increased share repurchase authorization leading to $60 million in buybacks in 2025 compared to $24 million in 2024 [14][14][15][15] - **Expense Management**: Focus on good corporate hygiene and expense discipline, including partnerships with technology firms like Pragma to enhance efficiency [16][18] Market Conditions and Performance - **Volatility and Volume Trends**: - April saw high volatility with CVIX at 56 for high grade and 390 for high yield, normalizing to 33 and 190 respectively in May [20][20][24][24] - Elevated trading volumes sustained through May, driven by increased velocity in the market [22][23] - **Market Share**: - High grade market share increased to 19.9% in May from 19.4% in April, indicating growth in investment grade trading [30][34] - Portfolio trading market share has grown to over 20%, with ongoing enhancements to maintain competitiveness [57][60] Innovations and Technology - **Automation and Algorithms**: Introduction of automation tools like AutoX and adaptive algorithms (ADX) to enhance trading efficiency, with 250 clients onboarded [43][45] - **Block Trading Protocols**: Successful early adoption in emerging markets (EM) and Eurobonds, with significant volume increases (116% in Eurobonds and 24% in EM) [49][49] - **Portfolio Trading Enhancements**: Completion of feature set for portfolio trading, focusing on net hedging and benchmark capabilities [59][60] Emerging Markets (EM) Focus - **Growth in EM**: EM is now the largest business segment, with significant contributions from countries like Mexico, Brazil, and South Korea. Year-to-date volumes are up 14% [82][86][89] - **Local vs. Hard Currency**: Hard currency trading constitutes 60% of the EM business, with local currency trading representing 40%, indicating potential for growth in local markets [86][86] Competitive Landscape and Pricing - **Pricing Stability**: Pricing within traditional RFQ and open trading has remained steady, with fluctuations attributed to macroeconomic factors rather than pricing pressure [97][99] - **Protocol Mix**: New protocols like portfolio trading come with lower fee captures, but present opportunities for incremental revenue growth [100][102] Additional Important Insights - **Talent Acquisition**: Ongoing recruitment of key personnel to enhance product development and client solutions, indicating a commitment to innovation and market responsiveness [66][70] - **Client-Centric Approach**: Continuous engagement with clients to understand their needs and enhance service offerings, particularly in the block trading and portfolio trading spaces [50][56][60] This summary encapsulates the critical insights and developments discussed during the MarketAxess conference call, highlighting the company's strategic focus, market performance, technological innovations, and competitive positioning.

Group 1 - At the end of the settlement date of May 30, 2025, short interest in 3,184 Nasdaq Global Market securities totaled 13,504,275,894 shares, a decrease from 13,735,568,588 shares reported for the prior settlement date of May 15, 2025, indicating a decline in short interest [1] - Short interest in 1,632 securities on The Nasdaq Capital Market totaled 2,610,068,615 shares at the end of the settlement date of May 30, 2025, down from 2,731,907,808 shares in the previous reporting period [2] - Overall, short interest in all 4,816 Nasdaq securities totaled 16,114,344,509 shares at the May 30, 2025 settlement date, compared to 16,467,476,396 shares at the end of the previous reporting period, reflecting a decrease in short interest across the board [3] Group 2 - The average daily volume for short interest in the Nasdaq Global Market decreased from 2.41 days to 2.19 days, while the Nasdaq Capital Market maintained an average of 1.00 day [1][2] - The total number of shares sold short by all broker/dealers is reflected in the open short interest positions reported for each Nasdaq security, indicating the level of market sentiment towards these securities [4]

Core Insights - Nasdaq, Inc. (NDAQ) achieved a 52-week high of $85.72, closing at $85.61, with a 44.3% increase over the past year, outperforming the Finance sector and the Zacks S&P 500 composite but underperforming its industry [1][7]. Performance Comparison - NDAQ outperformed peers such as Cboe Global Markets, Intercontinental Exchange, and CME Group, which gained 29.7%, 33.4%, and 38.1% respectively in the past year [2]. - The company has a market capitalization of $49.15 billion, with an average trading volume of 3.6 million shares over the last three months [2]. Technical Analysis - Nasdaq shares are trading above the 50-day and 200-day simple moving averages of $77.41 and $77.04, indicating strong upward momentum [5]. Revenue and Growth Projections - For 2025, NDAQ anticipates Capital Access Platforms revenue growth between 5% to 8% and aims for 40-50% of total revenues to come from SaaS [7][19]. - The Zacks Consensus Estimate for 2025 earnings per share indicates a 13.1% year-over-year increase, with revenues expected to reach $5.05 billion, reflecting an 8.5% improvement [9]. Financial Metrics - Nasdaq's return on equity over the trailing 12 months was 15.38%, surpassing the industry average of 13.93% [15]. - The return on invested capital (ROIC) was 6.8%, better than the industry average of 5.2% [16]. Strategic Focus - The company's growth strategy emphasizes revenue generation from high-growth Market Technology and Investment Intelligence segments, along with expansion in the Anti-Financial Crime sector [17]. - Nasdaq is also focusing on strong growth from its index and analytics businesses, with moderate growth expected in exchange data products [18]. Valuation - Nasdaq shares are trading at a forward price-to-book value of 25.52X, lower than the industry average of 26.18X, indicating they are relatively affordable [8]. Earnings Surprise History - Nasdaq has consistently surpassed earnings estimates in the last four quarters, with an average surprise of 4.75% [11]. Analyst Outlook - The average price target from 18 analysts for NDAQ is $85.94 per share, suggesting a potential upside of 2.31% from the last closing price [12]. Dividend Strategy - Nasdaq has a strong dividend history, with plans to achieve a payout ratio of 35-38% by 2027 [24].

Group 1 - CME Group Inc. has seen a stock price increase of 40% over the past year, reaching an all-time high of $290 [1] - The analysis emphasizes a focus on clear and disciplined breakdown of companies, highlighting the importance of following numbers and underlying business rather than narratives [1]

Investment Rating - The report maintains a "Buy" rating for Intercontinental Exchange Inc. (ICE) with a 12-month price target of $191, indicating an upside of 8.4% from the current price of $176.12 [33] Core Insights - ICE's Energy business is projected to continue its robust growth trajectory, supported by structural tailwinds such as the globalization of natural gas, increasing Brent dominance, and the U.S. administration's push for energy exports [2][4] - The Mortgage segment is showing signs of improvement, with management confident in capturing a larger share of the $14 billion revenue total addressable market (TAM) as industry headwinds diminish [24] - The Fixed Income & Data Services segment is expected to achieve over 5% growth driven by unique data offerings and increasing demand for analytics [29][31] Summary by Sections Energy Business - ICE's Energy revenues are on track for another record year, with over $2 billion in annual revenues, accounting for more than 20% of total revenues and over 25% of operating income [2] - Year-to-date growth in Energy revenues exceeds 20%, following a 25% growth last year and 29% growth in 2023 [2] - The firm anticipates continued growth in LNG and natural gas benchmarks, with TTF volumes up approximately 30% year-to-date [4][15] Mortgage Segment - The mortgage business has undergone significant transformation, with management seeing early signs of idiosyncratic growth that could outweigh broader industry challenges [24] - Recent improvements in origination volumes, with new purchases up 10% year-over-year and refinancing up 50% year-over-year, support a positive near-term outlook [24][27] Fixed Income & Data Services - The Fixed Income segment is experiencing steady growth, driven by demand for unique pricing content and analytics, with the index business contributing over $100 million in revenue [29][31] - Management expects continued growth in fixed income Active ETFs and further integration of unique data sets from the mortgage franchise [31] Data Centers and Connectivity - ICE is expanding its data center capabilities to support future connectivity revenue growth, driven by rising demand from various market participants [32] - The firm operates its private cloud, which is more cost-effective compared to outsourcing, enhancing operational efficiency and easing future M&A integration [32]

Summary of Key Points Core Viewpoint - The Q1 2025 earnings season for S&P 500 companies has been largely positive, with several companies, including Palantir, Cboe Global Markets, and Eaton, reporting record results, driven by strong demand and positive guidance for future growth [1][15]. Group 1: Palantir - Palantir reported a 39% year-over-year increase in sales, reflecting strong demand and raising its sales outlook for the current year significantly [2][4]. - The customer count grew nearly 40% year-over-year and 8% sequentially, with a record U.S. commercial total contract value of $810 million, up 180% year-over-year [3]. - Analysts have revised their sales expectations for Palantir, with the current Zacks Consensus estimate at $3.9 billion, up nearly 20% from last year, and a forecasted 37% year-over-year sales growth [4]. Group 2: Cboe Global Markets - Cboe Global Markets achieved record adjusted EPS of $2.37, a 21% increase year-over-year, and record net revenue of $562.5 million, up 13% year-over-year [5]. - The company reported record Options net revenue of $352.4 million, up 15% year-over-year, and global FX net revenue of $21.3 million, climbing 16% year-over-year [6]. - Following the strong results, analysts have notably revised their earnings expectations higher, indicating a favorable near-term earnings outlook [9]. Group 3: Eaton - Eaton posted record Q1 adjusted EPS of $2.72, a 13% increase year-over-year, and record Q1 sales of $6.4 billion, up 7% year-over-year, with segment margins reaching 23.9%, an 80 basis points increase year-over-year [10]. - The company has demonstrated a commitment to rewarding shareholders, with a 7% five-year annualized dividend growth rate, reflecting strong dividend growth over the last decade [13].