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Upon adding the 2% dividend (assuming no compounding), the stock would have underperformed the reference rate by 13%.The risk premium taken by investing in the stock would be -15% (i.e. a negative equity risk premium of 15%).For example, if a given company’s stock produced a loss of -10% over 1 year, its reference rate was +5%, and the stock held a dividend yield of +2%:Periodic income, while not always guaranteed, can reflect the consistent return attributable to an underlying investment.This premium refle ...

Core Viewpoint - Nasdaq, Inc. announced updated terms for its cash tender offers to purchase outstanding senior notes, increasing the caps for both the 2028 and 2052 notes, reflecting a strategic move to manage its debt obligations effectively [1][5]. Group 1: Tender Offer Details - The total cap for the 2028 Notes has been increased to $83,011,000 from a previous cap of $80,000,000, while the cap for the 2052 Notes has been raised to $16,989,000 from $10,000,000 [1]. - The tender offers will expire on December 30, 2025, with an early settlement date set for December 17, 2025, for notes validly tendered by the early tender date [6]. - The total consideration for the 2028 Notes is $1,033.67 per $1,000 principal amount, while for the 2052 Notes, it is $777.38 per $1,000 principal amount [3][7]. Group 2: Financial Implications - The total consideration includes an early tender premium of $30.00 per $1,000 principal amount of notes accepted for purchase [7]. - All notes accepted for purchase will be retired and canceled, ceasing to be outstanding obligations of the company [8]. Group 3: Management and Contact Information - J.P. Morgan Securities LLC is acting as the dealer manager for the tender offers, providing assistance to investors regarding the terms and conditions [9]. - D.F. King & Co., Inc. serves as the tender and information agent, handling inquiries related to the procedures for tendering notes [10].

Group 1 - The Intercontinental Exchange reported record trading volumes for benchmark European gas contracts in 2025 [1] - The company plans to extend trading hours to accommodate increased trading activity [1]

Core Points - Nasdaq, Inc. announced early results of its cash tender offers for its outstanding Notes, with a total cap of $83,011,000 for the 5.350% Senior Notes due 2028 and $16,989,000 for the 3.950% Senior Notes due 2052, reflecting increases from previously announced caps [1][2] - The tender offers are subject to conditions outlined in the Offer to Purchase dated December 1, 2025, and the company has elected to make payments for validly tendered Notes on December 17, 2025 [1][3] - The aggregate principal amount tendered for the 2028 Notes was $287,683,000, with a proration factor of 29%, while the 2052 Notes had $88,876,000 tendered with a proration factor of 19% [4][6] Tender Offer Details - The tender offers will expire on December 30, 2025, unless extended or terminated earlier [5] - The Total Consideration for each $1,000 principal amount of Notes accepted for purchase will include an early tender premium of $30.00, calculated based on the applicable fixed spread and yield of U.S. Treasury Reference Security [6][7] - The company intends to fund the purchase of the validly tendered and accepted Notes with available cash and other liquidity sources [8] Additional Information - J.P. Morgan Securities LLC is the dealer manager for the tender offers, and D.F. King & Co., Inc. serves as the tender and information agent [9][10] - The complete terms and conditions of the tender offers are detailed in the Offer to Purchase [9]

Core Viewpoint - Miami International Holdings, Inc. announced a secondary public offering of 6,750,000 shares of its common stock priced at $41.00 per share, with the offering expected to close on December 15, 2025, subject to customary closing conditions [1]. Group 1: Offering Details - The offering consists entirely of secondary shares, including shares to be issued upon the exercise of warrants sold by certain selling stockholders [1]. - The underwriters have a 30-day option to purchase up to an additional 1,012,500 shares from the selling stockholders [2]. - The company will not sell any shares in the offering and will not receive any proceeds from it [2]. Group 2: Management and Registration - J.P. Morgan, Morgan Stanley, and Piper Sandler acted as lead joint bookrunning managers for the offering, with additional support from Raymond James, Rosenblatt, William Blair, and Keefe, Bruyette & Woods [2]. - A registration statement for these securities was filed with the SEC and declared effective on December 11, 2025, with the offering made only by means of a prospectus [3]. Group 3: Company Overview - Miami International Holdings, Inc. is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies [4]. - The company operates nine exchanges, including MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, MIAX Futures, MIAXdx, The Bermuda Stock Exchange, and The International Stock Exchange [4].

Core Insights - The House Financial Services Committee is conducting a live hearing with executives from Google, Nasdaq, and Zillow regarding the increasing influence of AI in financial services [1] - The session is titled "From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services" and focuses on the risks, regulatory gaps, and future implications of AI in finance [1] - There is a growing urgency to find a balance between innovation, consumer protection, and the stability of the financial system [1] Industry Implications - The hearing indicates a significant shift in how financial services are integrating AI technologies, highlighting the need for regulatory frameworks [1] - Executives from major companies are being scrutinized, suggesting that the industry is under pressure to address potential risks associated with AI [1] - The discussion reflects broader trends in the financial sector towards embracing technological advancements while ensuring safety and compliance [1]

Deutsche Börse Capital Markets Day Summary Company Overview - **Company**: Deutsche Börse Group - **Event**: 2025 Capital Markets Day - **Date**: December 10, 2025 Key Messages and Financial Outlook - **Growth Commitment**: Deutsche Börse is committed to achieving an 8% growth in net revenues, excluding treasury results, driven by structural trends and technology advancements [4][6] - **Cost Management**: The company anticipates a 3% growth in costs over the next few years, leading to a margin expansion of approximately 3 percentage points [5][6] - **Revenue Target**: The target for net revenues is set at EUR 6.4 billion for the upcoming year, with a focus on maintaining a balanced portfolio across four segments [13][15] - **Cash Flow Generation**: Strong cash flow generation is expected, with a commitment to share buybacks amounting to EUR 500 million in 2026 [6][7] Strategic Focus Areas - **Market Transformation**: Deutsche Börse aims to lead transformations in European capital markets and adapt to new asset class dynamics, including digital assets and alternatives [16][34] - **Buy-Side Growth**: The buy-side segment is projected to grow at 8%, with 36% of revenues currently derived from this sector. The company is positioned as a neutral infrastructure provider to address margin compression issues faced by asset managers [23][24] - **Technological Advancements**: The company has invested significantly in technology, with 74% of its capacity now in the cloud, enhancing its ability to leverage AI and improve operational efficiency [10][26] Industry Dynamics - **European Market Trends**: Despite challenges, there are structural growth opportunities in Europe, particularly in pension and retail investments, which are expected to drive demand for market infrastructure [31][32] - **Asset Class Evolution**: The emergence of new asset classes, including digital assets, presents opportunities for Deutsche Börse to expand its offerings and maintain relevance in a changing market landscape [34] Operational Insights - **Global Footprint**: Deutsche Börse has a significant global presence, with 16,000 employees, and is the largest infrastructure provider in many markets [10][11] - **Client Engagement**: The company emphasizes strong relationships with clients, boasting a high retention rate of over 92% across its businesses [52] M&A Strategy - **M&A as a Growth Driver**: M&A will complement organic growth strategies, with a disciplined approach to capital allocation ensuring that acquisitions are accretive and aligned with the company's growth objectives [36][41] Conclusion - **Commitment to Transformation**: Deutsche Börse is dedicated to leading market transformations while ensuring sustainable growth through strategic investments, cost management, and technological innovation [43][44]

Core Viewpoint - Miami International Holdings, Inc. ("MIAX") has announced a proposed secondary public offering of 6,750,000 shares of its common stock, which will be sold by certain selling stockholders, with no proceeds going to the company itself [1][2]. Group 1: Offering Details - The offering consists entirely of secondary shares, with the underwriters having a 30-day option to purchase an additional 1,012,500 shares from the selling stockholders [2]. - The company will not sell any shares in the offering and will not receive any proceeds from it [2]. Group 2: Underwriters - J.P. Morgan, Morgan Stanley, and Piper Sandler are acting as lead joint bookrunning managers for the proposed offering, while Raymond James, Rosenblatt, William Blair, and Keefe, Bruyette & Woods are acting as joint bookrunning managers [3]. Group 3: Regulatory Information - A registration statement on Form S-1 has been filed with the SEC but has not yet become effective, meaning shares cannot be sold or offers accepted until it is effective [5]. - The offering will be made only by means of a prospectus, which can be obtained for free from the SEC's website or directly from the underwriters [4]. Group 4: Company Overview - Miami International Holdings, Inc. is a technology-driven leader in building and operating regulated financial markets across multiple asset classes, operating nine exchanges including options, futures, equities, and international markets [6].

Market Overview - The current market action is heavily influenced by the Federal Reserve meeting, with particular attention on Fed Chair Powell's commentary and its impact on the bond market [2][3][4] CME Group - CME Group is identified as a long-term investment opportunity, driven by the increasing participation of retail traders in the derivatives and options markets, particularly in event contracts [5][6] - The company is positioned to standardize and centralize trading in these emerging markets, similar to historical developments in the options and futures markets [7][8] - Current technical analysis indicates a downward trend with potential support around 270, while resistance is noted between 281 to 286 [10][11][12] IBM - IBM's recent acquisition of Confluent for $11 billion enhances its capabilities in real-time data streaming, crucial for AI applications, thereby strengthening its enterprise solutions [15][18] - The acquisition aligns with IBM's strategy to partner with AI models rather than compete, positioning the company favorably in the enterprise AI modernization space [16][19] - Technical analysis shows IBM's stock is currently trading at 312.48, up 42% year-to-date, with notable support around 288 and resistance near 315 [25][21][20] Walmart - Walmart has reported strong earnings, reflecting a shift towards a diversified tech-enabled platform, with a focus on e-commerce and AI to enhance operational efficiency [26][28] - The company is evolving its business model to include high-margin growth engines such as digital ads and memberships, which are expected to improve long-term profitability [29] - Technical analysis indicates Walmart is trading at 113.91, up over 21% in the last 12 months, with key support levels around 109 and resistance near 116.27 [36][31][32]