Core Viewpoint - The London Stock Exchange Group (LSEG) is transitioning from a traditional exchange to a diversified global financial market infrastructure and data services company, with a strong focus on data and analytics, which now accounts for approximately 50% of its £9 billion revenue [4][7]. Group 1: Transformation and Strategy - LSEG's CEO, David Schwimmer, emphasizes the importance of AI as a revolutionary opportunity for the financial industry, planning to integrate AI through three core strategies: enhancing product offerings, adapting data for AI compatibility, and implementing an "intelligent enterprise" strategy [4][11]. - The company has significantly increased its investment in private markets, launching the PISCES system to facilitate trading of private company equity, reflecting a shift in focus from public market IPOs to private capital [4][14][15]. Group 2: Market Insights and Growth - LSEG's team in China has grown to approximately 1,200 employees, actively engaging in data services, indices, and foreign exchange trading, with a positive outlook on the Chinese market due to improved geopolitical stability and market activity [5][6]. - The company is closely monitoring China's financial market reforms, such as the introduction of the Futures and Derivatives Law, which enhances the attractiveness of China's derivatives market to international participants [5][6]. Group 3: Revenue Structure and Business Model - LSEG's revenue structure is diversified, with 50% from data and analytics, 30% from trading and clearing services, and 20% from indices and risk insight services, indicating a departure from traditional exchange operations [7][8]. - The company aims to provide comprehensive services across the trading lifecycle, integrating market infrastructure with data and analytics to enhance client offerings [9][10]. Group 4: AI Integration and Competitive Advantage - LSEG is leveraging its data resources and partnerships with AI model providers to enhance its service offerings, allowing clients to access data through their preferred AI models [11][12]. - The integration of AI is seen as a unique advantage, enabling LSEG to reach traditional and new clients through innovative channels [13]. Group 5: Private Market Focus and PISCES System - The PISCES system allows private companies to trade equity while maintaining confidentiality and minimizing disclosure obligations, catering to the needs of firms that wish to protect sensitive information [15][17]. - This system is designed to facilitate flexible trading windows, enabling companies to connect with global institutional investors without the need for prior buyer identification [16][17].

Core Viewpoint - The resurgence of gold as a preferred asset is driven by its ability to serve as a stable anchor in a volatile macroeconomic environment, moving beyond traditional banking and ETFs into more complex trading structures [2][3]. Group 1: Transformation of Gold in Trading - Gold is being digitized and integrated into trading systems, allowing for high-frequency trading and complex financial structures, marking a shift from its traditional low-frequency, allocation-based use [4][5]. - The introduction of on-chain gold and synthetic assets enables gold to be traded frequently and programmatically, filling a gap between volatile crypto assets and traditional safe-haven assets [5]. Group 2: Changing User Dynamics - Users are evolving, with many holding both crypto and traditional assets, necessitating a tool like gold that can hedge risks and smooth volatility within the same account system [7]. - The boundaries between traditional finance (TradFi) and crypto are dissolving, making it logical to treat gold as a frequently traded asset [8]. Group 3: Market Engagement Strategies - Exchanges are not merely listing gold but are actively designing engagement strategies around it, with various platforms adopting different approaches to attract users [10]. - Bybit focuses on a yield pool strategy with its on-chain gold product, while Gate emphasizes a high-frequency, low-barrier trading experience, integrating gold into a unified account system with other financial assets [11][12]. Group 4: User Participation Models - Bybit's model assumes users view gold as a stable asset, leading to passive participation, while Gate's model encourages continuous engagement and active participation in trading [13][14]. - The contrasting designs reflect different assumptions about user roles, with one focusing on waiting for results and the other on creating results through ongoing participation [15]. Group 5: Broader Market Implications - The current interest in gold is not merely a trend but a response to the need for reliable assets in a shifting market landscape, where traditional risk pricing is becoming less effective [18]. - Gold's inherent value and universal recognition make it a reliable asset during times of uncertainty, positioning it as a critical component in the evolving financial ecosystem [9][18].

Group 1 - Tokenization leverages blockchain technology to create digital tokens representing various assets such as stocks, bonds, real estate, and art, enabling trading by anyone globally at any time [1] - Stablecoins, typically valued at US$1, have increased the demand for tokenizing other financial assets [1] Group 2 - Intercontinental Exchange is developing a platform to facilitate trading of tokenized company shares, pending regulatory approval, as part of its strategy to enhance transaction clearing capabilities for 24/7 trading of tokenized securities [2] - The platform aims to potentially integrate tokenized collateral, expanding the scope of trading activities [2] Group 3 - Intercontinental Exchange is collaborating with Citigroup, Bank of New York Mellon, and other financial institutions to support tokenized deposits across its six global clearinghouses [3]

Core Insights - The collaboration between SGX and Nasdaq to launch a Global Listing Board is expected to enhance Singapore's market structure, allowing Asian companies with a market capitalization of at least S$2 billion to access US liquidity without regulatory barriers [1] SGX (Singapore Exchange) - SGX is a direct beneficiary of the SGX-Nasdaq partnership, being the sole integrated securities and derivatives exchange operator in Singapore, which operates a diversified marketplace [2] - For FY2025, SGX reported an 11.7% year-on-year revenue increase to just under S$1.3 billion, with net profit after tax rising 8.4% to S$648 million, driven by growth across equities, currencies, and derivatives [3] - SGX's total dividend for FY2025 was S$0.375 per share, a 9% increase year-on-year, with a payout ratio of 65.8% [3] - Dividends are projected to increase by S$0.0025 each quarter from FY2026 to FY2028, contingent on earnings growth [4] - SGX's unique position allows it to benefit from every listing through the liquidity generated by trades [5] ST Engineering (STE) - STE operates in diversified sectors including Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom, with a revenue growth of 9% to S$9.1 billion for the first nine months of 2025 [6] - The company secured S$14 billion in new contracts and unlocked S$594 million from recent divestments, enhancing its cash position [6] - STE's proposed total dividend for 2025 is S$0.23 per share, reflecting a 35.3% year-on-year increase [7] - STE aims for a revenue target of S$17 billion by 2029, with net profit growth expected to outpace revenue growth by up to 5% [7] - STE's strong credit ratings (Aaa by Moody's and AA+ by S&P Global) position it as a quality industrial stock appealing to global investors [8] Venture Corporation - Venture Corporation differentiates itself with its "EMS++" strategy, focusing on high-mix, complex manufacturing processes [9] - For 3Q2025, revenue was S$627.2 million, a 2.8% decrease quarter-on-quarter, attributed to reduced demand in the Lifestyle Consumer technology sector [10] - Despite a 3% drop in earnings per share to S$0.192, Venture maintained a resilient net margin of 8.9% and paid dividends of S$0.30 per share, a 20% increase year-on-year [11] - The company has over S$1 billion in net cash as of 3Q2025, even after accounting for dividends and share buybacks [11] - Future growth is expected from data center connectivity and contract wins in semiconductor, automation, and life sciences [12] - Venture trades at a P/E of 20.4, which is undervalued compared to the NASDAQ 100 index's P/E of 32.7, making it attractive to NASDAQ investors [12] Investment Implications - The three companies, each with a market capitalization exceeding S$2 billion, are positioned to benefit from the SGX-Nasdaq dual listing, providing diverse sector exposure [13] - The SGX-Nasdaq partnership represents a structural shift that could enhance the valuation of Singapore companies, particularly those with solid dividend payouts and global growth prospects [14] - SGX offers increased liquidity in the local stock market, while STE provides exposure to global industrial growth, and Venture represents a tech-driven value play [16]

Group 1 - The New York Stock Exchange (NYSE) is developing a digital platform for 24/7 trading of digital tokens, separate from its traditional weekday operations [1] - This platform aims to enable instant settlement of transactions, dollar-sized orders, and stablecoin-based funding, enhancing trading flexibility [1] - The initiative is part of Intercontinental Exchange's strategy to expand transaction clearing capabilities for tokenized securities and potentially integrate tokenized collateral [3] Group 2 - Tokenization leverages blockchain technology to create digital tokens representing various assets, allowing for trading by anyone, anywhere, at any time [2] - Stablecoins, typically valued at $1, have increased the demand for tokenizing financial assets [2] - Intercontinental Exchange is collaborating with Citigroup, Bank of New York Mellon, and other lenders to facilitate tokenized deposits across its global clearinghouses [4]

The New York Stock Exchange is building a platform to trade tokenised versions of US-listed equities and exchange-traded funds and settle those trades on the blockchain. The platform will allow instant settlement, 24/7 trading and stablecoin-based funding, according to a company statement on Monday. Intercontinental Exchange Inc, owner of the New York Stock Exchange, is seeking US regulatory approval to launch the new platform some time this year. If approved, the platform will “power a new NYSE venue t ...

Core Viewpoint - Intercontinental Exchange has developed a platform for trading and on-chain settlement of tokenized securities to meet the global demand for U.S. equities [1] Group 1 - The new platform aims to capitalize on the increasing interest in tokenized securities [1]

Group 1: ServiceNow, Inc. - ServiceNow, Inc. is distinguishing itself from other software companies, according to Malcolm Ethridge, managing partner at Capital Area Planning Group [1] - authID Inc. announced a new identity verification integration with ServiceNow to enhance security for contact centers amid rising fraud risks [1] Group 2: Intercontinental Exchange, Inc. - Bill Baruch, founder & president of Blue Line Capital, expressed a favorable view on Intercontinental Exchange, Inc. [2] - TD Cowen analyst Bill Katz maintained a Buy rating on Intercontinental Exchange and raised the price target from $175 to $193 [2] Group 3: Apollo Global Management, Inc. - Apollo Global Management led a $3.5 billion financing package for Valor Compute Infrastructure, which will support a $5.4 billion acquisition and lease of data-center infrastructure [3] - The financing will include Nvidia's GB200 GPUs for a subsidiary of Elon Musk's AI company, xAI, aimed at supporting ongoing model training and the development of its AI chatbot, Grok [4] - Apollo Global Management shares increased by 0.1% to close at $144.15 [5]

Core Thesis - Miami International Holdings, Inc. (MIAX) is positioned as a technology-driven exchange focused on options and futures trading, primarily serving institutional participants rather than retail investors [2][5]. Company Overview - MIAX operates critical infrastructure for global financial markets and functions as an intermediary that facilitates trades and manages associated data [2]. - The company has developed most of its trading technology in-house over the past decade and is set to open a physical trading floor in Miami [3]. Competitive Landscape - MIAX competes with established exchanges like Nasdaq, CBOE, and Intercontinental Exchange, while CME Group acts as a partner by distributing MIAX products [4]. - The exchange model of MIAX is similar to that of Visa or Mastercard, creating value through high-volume transactions [3]. Financial Performance - For the first half of 2025, MIAX reported revenue of $655 million, reflecting a 21% year-over-year increase, with adjusted EBITDA margins around 45% [5]. - The stock price has appreciated by 47.52% since its IPO, indicating strong market performance [5]. IPO and Future Outlook - MIAX raised nearly $400 million in its IPO, with funds allocated for debt repayment and strengthening the balance sheet [6]. - The company is currently valued at approximately 16x to 17x adjusted EBITDA, reflecting the durability of its exchange model and the need for further execution [7].

Core Viewpoint - Cboe Global Markets, Inc. is set to announce its fiscal fourth-quarter earnings for 2025, with analysts expecting a significant increase in profit per share compared to the previous year [1][2]. Financial Performance - Analysts anticipate CBOE will report a profit of $2.60 per share on a diluted basis, reflecting a 23.8% increase from $2.15 per share in the same quarter last year [2]. - For the full fiscal year, CBOE's expected EPS is $10.21, which is an 18.6% increase from $8.61 in fiscal 2024, with further growth projected to $10.80 in fiscal 2026, representing a 5.8% year-over-year rise [3]. Stock Performance - CBOE stock has outperformed the S&P 500 Index, gaining 38.3% over the past 52 weeks compared to the S&P 500's 19.7% increase, and also surpassed the Financial Select Sector SPDR Fund's 16.8% gains during the same period [4]. - Following the Q3 results announcement, CBOE shares closed up by 3.7%, with revenue reported at $605.5 million, marking a 13.8% year-over-year increase, and adjusted EPS rising 20.3% to $2.67 [5]. Analyst Ratings - The consensus opinion on CBOE stock is cautious, with a "Hold" rating overall; among 16 analysts, three recommend a "Strong Buy," ten suggest a "Hold," and three advise a "Strong Sell" [6]. - CBOE currently trades above its mean price target of $263.62, with a Street-high price target of $310 indicating a potential upside of 17.4% [6].