The Hong Kong stock exchange has proposed standardising board lot sizes, reducing the number of trading units from more than 40 to eight options in a bid to boost market efficiency and liquidity. Bourse operator Hong Kong Exchanges and Clearing (HKEX) was proposing to limit the choices listed companies make regarding their trading unit size, or board lot, from one share to a maximum of 10,000 shares, according to a consultation paper published on Thursday. The options in between are: 50, 100, 500, 1,000, ...

Core Viewpoint - Hong Kong Exchanges and Clearing (HKEX) has revised its post-listing public float rules to enhance capital management flexibility for companies while improving market transparency [1][3]. Group 1: New Public Float Rules - Listed companies can now meet an alternative ongoing public float threshold of at least 10% of issued shares with a market value exceeding HK$1 billion (approximately US$128.5 million) [1][2]. - For mainland China-listed firms, their Hong Kong shares must represent at least 5% of total issued shares or have a market value of at least HK$1 billion [2]. Group 2: Implementation and Impact - The new requirements will take effect on January 1, 2026, following a two-month consultation that garnered 43 responses [3]. - Current regulations require issuers to maintain at least 25% of their issued shares held by the public, with a potential lower float of 15% to 25% for companies with a market capitalization above HK$10 billion at listing [4]. Group 3: Market Liquidity and Competitiveness - The reforms are anticipated to enhance market liquidity and attract high-quality companies, thereby strengthening the competitiveness of Hong Kong's capital markets [5]. - The tiered public float structure is expected to provide issuers with greater flexibility, supporting large-cap companies and A+H share listings in Hong Kong [6]. - Companies will be able to adjust their equity structures more efficiently in response to market conditions, offering much-needed flexibility in capital management [7].

Magellan Asset Management, an investment management company, released the third quarter 2025 investor letter for “Magellan Global Fund”. A copy of the letter can be downloaded here. The fund focuses on outstanding companies at attractive prices and, at the same time, leverages a deep understanding of the macroeconomic landscape to manage risk. As measured by the MSCI World Index in USD, the global equities rose 7.3% in the September quarter. The portfolio underperformed the index in the quarter due strong p ...

Nasdaq has asked the Securities and Exchange Commission to approve trading sessions outside traditional market hours as it tries to capitalize on growing global demand for US stocks. Read more: https://t.co/OYQk8CTbGX📷️: Michael Nagle/Bloomberg https://t.co/gLDQMJkZzQ ...

Core Insights - The CEO of Hong Kong Stock Exchange (HKEX), Charles Li, outlined a strategic vision for HKEX to become a financial superhub connecting China, Asia, and the global market by 2025 [1] Group 1: Market Performance - In 2025, HKEX experienced significant growth, with record trading volumes and over 100 new listings, including the two largest IPOs globally, raising over 270 billion HKD [2] - The growth was driven by global capital seeking diversification and a shift in China's economic model towards high-value and innovative industries, attracting international investment [2] Group 2: Strategic Initiatives - HKEX's strategy for the next decade includes three core initiatives: - Enhancing a diversified asset ecosystem by expanding product offerings in stocks, derivatives, fixed income, currencies, and commodities, aiming to establish Hong Kong as a commodities hub [4] - Continuously improving technology and operational capabilities to ensure market efficiency, including consulting on settlement cycle reforms and integrating AI technologies [4] - Actively developing emerging businesses such as data, indices, digital currencies, and asset tokenization to enhance market liquidity and provide comprehensive investment tools for global investors [5] Group 3: Connectivity and Opportunities - HKEX's unique advantage lies in its connectivity with mainland capital markets, which has successfully attracted global capital through mechanisms like Stock Connect and Bond Connect [6] - The company aims to strengthen this advantage by promoting the opening of China's capital markets and the internationalization of the Renminbi, while also connecting other Asian markets with Chinese opportunities [6]

Market Overview - US stock futures are struggling to recover from a losing session as investors await the delayed November jobs report, which is crucial for interest rate decisions in the upcoming year [1][3] - Dow Jones Industrial Average futures are slightly below the flatline, S&P 500 futures have decreased by 0.1%, and Nasdaq futures have fallen by 0.2% [1] Employment Data - The November nonfarm payrolls report is expected to show a modest increase of 40,000 jobs, with the unemployment rate projected at 4.4% [4] - This report is significant as it will influence the Federal Reserve's policy decisions regarding potential rate cuts next year [4][5] Corporate Developments - Ford is set to take a $19.5 billion charge as it shifts focus away from electric vehicles, which has positively impacted its shares in premarket trading [5][16] - Roku shares increased by 4% following an upgrade from Morgan Stanley, while Gitlab shares fell by 3% after a downgrade by KeyBanc [6] - Zillow's stock dropped by 2% in premarket trading after a significant decline of 8% on Monday, attributed to Google's announcement of testing real estate listings in search results [6][7] Nasdaq Trading Hours - Nasdaq is seeking SEC approval to extend trading hours to 23 hours during weekdays, which would allow for an additional trading session from 9 p.m. to 4 a.m. ET [8][9] - This move is seen as a response to growing interest in trading US stocks outside traditional market hours, potentially increasing liquidity and allowing for real-time reactions to market developments [10][12] Cryptocurrency Market - Bitcoin has dropped below $86,000, indicating weakening investor sentiment and a shift deeper into bear market territory [13] - The cryptocurrency has been trading within a range of $85,000 to $94,000, with low volumes and a lack of interest noted across crypto markets [14][15]

Market Trends - Binance API update suggests the potential introduction of stock perpetual contracts [1] - Cryptocurrency exchanges are increasingly targeting traditional finance (TradFi) markets [1]

Group 1 - Cboe Global Markets, Inc. will announce its financial results for Q4 2025 on February 6, 2026, before market opens [1] - A conference call with senior management will take place at 7:30 a.m. CT (8:30 a.m. ET) [1] - The conference call will be accessible via a live audio webcast on Cboe's Investor Relations website, with a replay available two hours after the call [2] Group 2 - Cboe Global Markets is recognized as the world's leading derivatives and securities exchange network [3] - The company offers advanced trading, clearing, and investment solutions across multiple asset classes, including equities, derivatives, and FX in North America, Europe, and Asia Pacific [3] - Cboe is dedicated to creating a trusted and inclusive global marketplace for sustainable financial futures [3]

Core Insights - The total short interest in Nasdaq Global Market securities increased to 14,879,370,342 shares as of November 28, 2025, up from 14,632,128,542 shares on November 14, 2025, indicating a rise in bearish sentiment [1] - The average short interest across all Nasdaq securities reached 18,191,305,171 shares, compared to 17,958,812,154 shares in the previous reporting period, reflecting a growing trend in short selling [3] Nasdaq Global Market - Short interest in 3,453 Nasdaq Global Market securities totaled 14,879,370,342 shares at the end of the settlement date of November 28, 2025, compared to 14,632,128,542 shares in 3,414 issues reported for the prior settlement date [1] - The short interest represents an average of 2.22 days, slightly up from 2.16 days in the previous reporting period [1] Nasdaq Capital Market - Short interest in 1,698 securities on The Nasdaq Capital Market was 3,311,934,829 shares at the end of the settlement date of November 28, 2025, down from 3,326,683,612 shares in the previous reporting period [2] - This represents a consistent average daily volume of 1.00 day, unchanged from the previous reporting period [2] Overall Nasdaq Securities - The total short interest across all 5,151 Nasdaq securities was 18,191,305,171 shares as of November 28, 2025, compared to 17,958,812,154 shares in the previous reporting period [3] - The average daily volume for all securities increased to 1.82 days from 1.75 days in the prior reporting period [3] Short Selling Definition - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a security borrowed by or for the account of the seller [4]

Summary of Intercontinental Exchange (ICE) Conference Call - December 09, 2025 Company Overview - **Company**: Intercontinental Exchange (NYSE: ICE) - **Industry**: Financial Services, Trading, Data, and Mortgage Services - **CEO**: Jeff Sprecher Key Points Market Structure and Tokenization - Tokenization is expected to significantly impact financial services, particularly in capital movement, allowing for 24/7/365 transactions [7][8][9] - Current legacy systems are resistant to change, which may hinder the adoption of tokenized money [7][8] - The trend towards a more dollar-denominated world is evident, with stablecoins like Tether gaining traction in various regions [10][11] Role of Market Operators - Traditional exchanges, like the New York Stock Exchange, will continue to play a crucial role in connecting buyers and sellers despite the rise of decentralized finance (DeFi) [16][17][18] - Legacy operators must adopt new technologies to remain relevant in a changing market landscape [18] Investment in Polymarket - ICE invested $2 billion in Polymarket, the largest non-sports prediction market, to gain insights into DeFi protocols and enhance technological capabilities [19][20] - The partnership aims to facilitate knowledge transfer and regulatory compliance in the U.S. [21][22] - Polymarket's model allows for rapid creation and dissemination of contracts, which contrasts with traditional exchange regulations [23][24] Energy Business Growth - ICE's energy business continues to grow, driven by the globalization of liquefied natural gas and increasing energy demand in Asia [34][35] - Open interest in European natural gas contracts has increased by 46% year-over-year, indicating robust market activity [36] Data Centers as Revenue Drivers - ICE is expanding its data center capacity, which serves high-frequency traders and brokerages, and is becoming a significant revenue source [37][38] - The company plans to build a second data center to meet growing demand for co-location services [40][41] Mortgage Business Dynamics - The mortgage segment is experiencing cyclical headwinds but is expected to rebound with lower rates and increased refinancing activity [46][48] - ICE is leveraging AI to enhance mortgage services, focusing on predicting home values and client creditworthiness [58][59] - The potential for tokenization in the mortgage space is acknowledged, but regulatory challenges remain significant [61] AI Implementation - ICE has established an AI Center of Excellence to improve operational efficiencies and streamline language-oriented tasks [66][67] - The use of AI is expected to slow expense growth rather than eliminate positions, reflecting a cautious approach to automation [68][70] M&A Opportunities - ICE is currently focused on share buybacks due to perceived stock undervaluation, but remains open to M&A opportunities if they align with strategic goals [74][75] Additional Insights - The conversation highlighted the importance of adapting to technological advancements while maintaining the core functions of traditional financial markets [18][24] - The integration of AI and data analytics is seen as a critical factor for future growth across various segments of ICE's business [66][68]