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Group 1: Market Overview - Markets are cyclical, and sentiment can shift quickly, indicating a potential return of risk appetite [1] - Leadership in stocks is crucial during market upswings, as not all stocks will rise equally [1] Group 2: Singapore Exchange Limited (SGX) - SGX is recognized as a long-term dividend income player and is Singapore's sole approved stock exchange, allowing it to generate strong cash flows with low capital expenditure [2] - In the first half of fiscal year 2026, SGX reported a net revenue increase of 10.1% YoY to S$636.6 million and an adjusted net profit rise of 11.6% YoY to S$357.1 million [3] - The interim quarterly dividend declared is S$0.110 per share, contributing to a total dividend of S$0.2175 for 1HFY2026, a 20.8% YoY increase [4] Group 3: SATS Ltd - SATS is positioned as a cyclical recovery play, benefiting from the rebound in global air travel and increased cargo volumes, with a revenue increase of 9.1% YoY to S$3.08 billion in 1HFY2026 [5] - The net profit for SATS in 1HFY2026 was S$149.8 million, up 11.2% from the previous year [5] - An interim dividend of S$0.02 represents a 33% increase from the previous year, although inflation and economic slowdown may pose challenges [6] Group 4: Frasers Centrepoint Trust (FCT) - FCT is a quality REIT focused on suburban retail malls, which comprise 97.3% of its portfolio, providing stable income from essential services [7][8] - The trust has a debt of S$421.3 million due in FY2026 and benefits from refinancing at lower rates, with an average borrowing cost of 3.5% [8][9] - FCT has consistently paid dividends since 2006, with a 0.6% YoY increase in distribution per unit to S$0.12113 for FY2025 [9] Group 5: iFAST Corporation - iFAST is a rapidly growing fintech company in Singapore, driven by increasing assets under administration and recurring fee income [10] - In 3Q2025, gross revenue reached S$135.82 million, a 37% YoY increase, with net profit rising 54.7% YoY to S$26.01 million [11] - The company announced a third interim dividend of S$0.023 per share, a 53% increase from the previous year, with guidance suggesting a potential payout of S$0.082 for FY2025, indicating confidence in cash flow stability [11]

近日，上交所、深交所、北交所、港交所陆续发布2026年春节休市安排及相关提醒。 其中，上交所、深交所、北交所，加上周末休市，均从2月14日（年廿七）至2月23日（初七）连续休市 11天，沪港通、深港通也停止交易11天；港交所2月16日（除夕）上午开市半天、下午休市，2月17日至 19日（初一至初三）休市3天。 深交所 近日，深交所发布"关于2026年春节休市安排的通知"及"关于2026年春节期间深港通下的港股通交易日 安排的通知"： 上交所 2月5日，上交所发布"关于2026年春节休市安排的公告"及"关于2026年春节期间沪港通下港股通交易日 安排的通知"： 2月15日（星期日）至2月23日（星期一）休市，2月24日（星期二）起照常开市。另外，2月14日（星期 六）、2月28日（星期六）为周末休市。 2月15日（星期日）至2月23日（星期一）不提供港股通服务，2月24日（星期二）起照常开通港股通服 务。另外，2月14日（星期六）、2月28日（星期六）为周末休市。 港交所 据港交所日历，港股将于2026年2月17日（初一）至19日（初三）休市，此外，2月16日（除夕）上午开 市半天，下午休市。 2月15日（星期 ...

Group 1 - The Shanghai Stock Exchange will be closed for the Spring Festival from February 15 (Sunday) to February 23 (Monday), reopening on February 24 (Tuesday) [1] - The Shenzhen Stock Exchange has the same holiday schedule, closing from February 15 (Sunday) to February 23 (Monday) and resuming operations on February 24 (Tuesday) [3] - The Beijing Stock Exchange will also observe the same holiday period, closing from February 15 (Sunday) to February 23 (Monday) and reopening on February 24 (Tuesday) [8] Group 2 - During the Spring Festival, the Hong Kong Stock Connect under the Shenzhen Stock Exchange will not provide services from February 15 (Sunday) to February 23 (Monday), resuming on February 24 (Tuesday) [6] - The Beijing Stock Exchange will conduct a trading system joint debugging test on February 23 (Monday) from 9:15 to 12:00 to ensure normal trading after the holiday [8] Group 3 - The National Sports Administration's lottery management center announced that the lottery market will be closed from February 14 (Saturday) 00:00 to February 23 (Monday) 24:00, with the exception of instant lottery sales [10]

Core Insights - TMX Group Limited reported significant increases in trading statistics for January 2026 across its marketplaces, indicating robust market activity and growth compared to previous periods [1][2]. Trading Volume and Value - Total trading volume in January 2026 reached approximately 19.82 billion, up from 16.24 billion in December 2025 and 11.70 billion in January 2025, marking a year-over-year increase of 69.3% [2][4]. - The total trading value for January 2026 was approximately $433.21 billion, compared to $382.01 billion in December 2025 and $286.63 billion in January 2025, reflecting a 51.1% increase year-over-year [2][4]. Transaction Statistics - The number of transactions in January 2026 was 35.67 million, a significant rise from 26.92 million in December 2025 and 23.23 million in January 2025, representing a 53.6% increase year-over-year [2][4]. Daily Averages - Daily average trading volume for January 2026 was approximately 943.8 million, compared to 792.3 million in December 2025 and 532.0 million in January 2025, showing a 77.4% increase year-over-year [3][5]. - Daily average trading value was approximately $20.63 billion in January 2026, up from $18.63 billion in December 2025 and $13.03 billion in January 2025, indicating a 58.3% increase year-over-year [3][5]. Toronto Stock Exchange Performance - The Toronto Stock Exchange recorded a trading volume of approximately 10.66 billion in January 2026, up from 9.49 billion in December 2025 and 7.26 billion in January 2025, reflecting a 46.8% increase year-over-year [6][8]. - The trading value for the Toronto Stock Exchange in January 2026 was approximately $401.72 billion, compared to $360.29 billion in December 2025 and $263.19 billion in January 2025, marking a 52.6% increase year-over-year [6][8]. TSX Venture Exchange Highlights - The TSX Venture Exchange saw a trading volume of approximately 7.35 billion in January 2026, significantly up from 5.36 billion in December 2025 and 3.18 billion in January 2025, representing a 131.3% increase year-over-year [10][12]. - The trading value for the TSX Venture Exchange was approximately $7.26 billion in January 2026, compared to $4.41 billion in December 2025 and $1.55 billion in January 2025, reflecting a remarkable 368.9% increase year-over-year [10][12]. TSX Alpha Exchange Insights - The TSX Alpha Exchange reported a trading volume of approximately 1.77 billion in January 2026, up from 1.36 billion in December 2025 and 1.24 billion in January 2025, indicating a 43.0% increase year-over-year [14][16]. - The trading value for the TSX Alpha Exchange was approximately $23.29 billion in January 2026, compared to $16.59 billion in December 2025 and $21.06 billion in January 2025, showing a 10.6% increase year-over-year [14][16]. Montreal Exchange Derivatives Statistics - The Montreal Exchange reported a derivatives volume of 17.66 million contracts in January 2026, down from 19.93 million contracts in December 2025, reflecting a 5.7% decrease year-over-year [23][24]. - Open interest in contracts was 31.15 million in January 2026, compared to 25.75 million in January 2025, indicating a 21.0% increase year-over-year [23][24].

Core Insights - Euronext announced trading volumes for January 2026, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] Market Position - As of December 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.7 trillion, making it a significant player in global debt and fund listings [3] - Euronext accounts for 25% of European lit equity trading, offering a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3] Recent Developments - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange (ATHEX), enhancing its pan-European market infrastructure [4]

Core Insights - The International Stock Exchange (TISE) achieved a record 1,140 new listings in 2025, marking a 19.7% year-on-year increase [1] - The total number of securities on TISE's Official List reached 4,818 by December 31, 2025, reflecting a 7.4% year-on-year growth [2] - The market value of listed securities hit £797 billion at the end of 2025, representing a 12.6% increase compared to the previous year [2] Company Performance - TISE's CEO, Cees Vermaas, highlighted the milestone year for the exchange, particularly noting MIAX's acquisition of TISE in June 2025 and the strong growth in listings [3] - The exchange's issuer base expanded to 38 territories, with the UK contributing 46.9% of new listings and the European Union accounting for a record 31.1% [4] Sector Highlights - The number of private equity debt securities listed on TISE reached 2,135, with 407 new listings in 2025, an 18.7% increase year-on-year [8] - High yield bonds saw significant growth, with 220 new listings in 2025, resulting in a total of 533 high yield bonds, a 74.6% increase [8] - Securitization bonds totaled 631, with 150 new listings, marking an 8.7% increase [8] - TISE became the largest market for listed UK REITs, with a total of 41 REITs listed [8] - The value of listings supporting environmental, social, and sustainable initiatives reached £32.2 billion, a 25.3% increase year-on-year [8]

Core Viewpoint - Nasdaq is proposing a "fast entry" rule to allow newly listed large-cap firms to join the Nasdaq 100 Index after just 15 trading days, significantly reducing the current waiting period of at least three months [1][6]. Group 1: Proposed Changes - The "fast entry" rule aims to adapt to the longer waiting times companies experience before going public, allowing for quicker inclusion of significant market value into the index [2][3]. - The proposed change is part of an industry consultation that will conclude later this month, with potential implementation after the quarterly rebalance in March [6]. Group 2: Market Impact - The Nasdaq 100 Index is benchmarked to over $600 billion in exchange-traded funds globally, making it a crucial gauge for the stock market, especially amid the AI boom benefiting large tech companies [3][7]. - Companies like SpaceX, with a potential valuation of $1.3 trillion, are expected to go public this year, which would significantly impact the Nasdaq 100 if included quickly [2]. Group 3: Competitive Landscape - Other index managers, such as MSCI, have already adopted faster inclusion methods for large IPOs, highlighting the competitive pressure on Nasdaq to attract new listings [5]. - The proposed changes are seen as a way to make the index more representative of the market in a timely manner, addressing concerns from passive fund managers about missing out on new stock rallies [3][7].

Core Insights - Singapore's blue-chip earnings season is critical as major companies prepare to report their financial performance, with a focus on sustainable dividend growth and operational metrics [1][2] CapitaLand Integrated Commercial Trust (CICT) - CICT has made significant investments, including acquiring a 55% stake in CapitaSpring for S$1.05 billion, and integrating ION Orchard to enhance its portfolio [3] - For the nine months ending September 2025, CICT reported gross revenue of S$1.19 billion and net property income (NPI) of S$874.2 million, reflecting modest year-on-year increases of 0.1% and 0.2% respectively [4] - Shopper traffic and tenant sales surged by 24.8% and 19.2% YoY, largely driven by ION Orchard, while excluding this asset, growth was more modest at 4.5% and 1.0% respectively [5] - CICT's leverage stands at 39.2% with an average cost of debt at 3.3%, raising concerns about whether NPI growth can outpace rising debt costs [6] Keppel Ltd - Keppel has transformed into an asset-light model, monetizing approximately S$2.4 billion in assets in the first nine months of 2025, totaling S$14 billion since late 2020 [7] - The M1 divestment is expected to unlock nearly S$1 billion in cash, highlighting the company's focus on shareholder returns [7] - Keppel's management aims to balance asset sales with generating recurring income to sustain dividends as one-off windfalls diminish [9] - An additional S$500 million in asset sales is targeted, with investor interest in how much cash will be reinvested versus distributed to shareholders [10] Singapore Exchange (SGX) - SGX reported a net revenue increase of 11.7% YoY to nearly S$1.3 billion, driven by a 49.7% surge in currency derivatives and an 18.7% rise in cash equities [11] - The board proposed a final quarterly dividend of S$0.105 per share, raising total FY2025 dividends to S$0.375, up from S$0.345 in FY2024, with a commitment to increase dividends by S$0.0025 quarterly through FY2028 [12] - SGX's performance is closely tied to market volatility and trading volumes, with the Fixed Income, Currencies and Commodities segment being a key growth driver [13] - Maintaining revenue growth guidance of 6% to 8% is crucial for sustaining the dividend escalator [14] Investor Considerations - Upcoming earnings reports will focus on whether CICT's premium acquisitions yield premium returns, Keppel's monetization strategy can sustain dividends, and SGX's market activity supports its dividend growth [15][16]

Temasek Holdings Pte. and Life Insurance Corporation of India Ltd. are likely to be key sellers in the potential $2.5 billion initial public offering of India’s top bourse, the National Stock Exchange of India Ltd., according to a person familiar with the matter.State Bank of India Ltd. and SBI Capital Markets Ltd. are also likely to participate as sellers in the long-awaited IPO, which is expected to consist solely of existing shareholders offering between 4 per cent and 4.5 per cent of the company’s equit ...