Core Points - Euronext has submitted a request to revise its voluntary tender offer for the ordinary registered shares of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) [2][5] - The initial tender offer required at least 38,759,500 ATHEX shares, representing 67% of total voting rights, to be validly tendered [4] - The revised terms lower the minimum number of shares required to 30,174,001, which corresponds to 50% plus one share of total voting rights [5] - The acceptance period for the tender offer remains unchanged, running from October 6, 2025, to November 17, 2025 [6] Summary of Tender Offer - Euronext's tender offer was initially submitted on July 30, 2025, and was approved by the Hellenic Capital Market Commission (HCMC) on October 3, 2025 [2][3] - The revised tender offer is subject to HCMC approval and does not extend the acceptance period [6] - Shareholders who accepted the original tender offer will also be considered as having accepted the revised terms [7] Advisory Statement - Deutsche Bank AG is acting as the advisor to Euronext for the tender offer, confirming the Offeror's capability to issue and deliver the required shares [8][10] - The advisor considers the tender offer credible, contingent upon the fulfillment of the revised terms and conditions [10]

Core Viewpoint - Euronext has submitted a request to revise its voluntary tender offer for the ordinary registered shares of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), reducing the minimum number of shares required for the offer's completion from 38,759,500 to 30,174,001 shares, which corresponds to 50% plus one share of ATHEX's total voting rights [4][5]. Group 1: Tender Offer Details - On July 30, 2025, Euronext submitted a voluntary tender offer to acquire all ordinary registered shares of ATHEX [2]. - The Hellenic Capital Market Commission (HCMC) approved the information circular related to the tender offer on October 3, 2025 [3]. - The original prerequisite for the tender offer required at least 67% of ATHEX's total voting rights to be tendered [4]. - The revised terms submitted on November 7, 2025, lower the minimum number of shares required for completion to 30,174,001 [5]. - The acceptance period for the tender offer remains unchanged, starting on October 6, 2025, and ending on November 17, 2025 [6]. Group 2: Shareholder Acceptance - Shareholders who have accepted the original tender offer will also be considered as having accepted the revised terms [7]. Group 3: Advisory Statement - Deutsche Bank AG is acting as the advisor to Euronext for the tender offer, confirming the Offeror's capability to issue and deliver the required shares [8][10].

Core Insights - Wall Street experienced a significant decline on November 6, 2025, primarily due to a sell-off in technology stocks and concerns regarding the ongoing U.S. government shutdown, which is the largest in history [1][9] Investment Strategy - Equity investors are advised to focus on dividend growth stocks rather than high price-yielding stocks, as companies with a history of raising dividends typically demonstrate strong financial health, providing a defensive hedge against economic uncertainty [2][4] - Stocks with a strong history of year-over-year dividend growth are considered to form a healthier portfolio with greater potential for capital appreciation compared to simple dividend-paying stocks [3][6] Selected Dividend Growth Stocks - Five dividend growth stocks identified as solid investment choices include: - **Vertiv (VRT)**: Expected revenue growth of 27.5% year-over-year for 2025, long-term earnings growth rate of 30%, and an annual dividend yield of 0.08% [10][11] - **Tapestry Inc. (TPR)**: Projected revenue growth of 3.20% for fiscal 2026, long-term earnings growth rate of 7.60%, and an annual dividend yield of 1.46% [11] - **HCA Healthcare (HCA)**: Anticipated revenue growth of 7.4% for 2025, long-term earnings growth rate of 12.3%, and an annual dividend yield of 0.61% [12] - **Lam Research (LRCX)**: Expected revenue growth of 12.7% for fiscal 2026, long-term earnings growth rate of 20.3%, and an annual dividend yield of 0.63% [13] - **CBOE Global Markets (CBOE)**: Projected revenue growth of 13.2% for 2025, long-term earnings growth rate of 16.3%, and an annual dividend yield of 1.15% [14] Investment Criteria - Stocks selected for their strong fundamentals include criteria such as: - 5-Year Historical Dividend Growth greater than zero, indicating a solid dividend growth history [6] - 5-Year Historical Sales Growth greater than zero, reflecting strong revenue growth [7] - 5-Year Historical EPS Growth greater than zero, indicating solid earnings growth [7] - Next 3-5 Year EPS Growth Rate greater than zero, suggesting expected earnings growth to sustain dividend payments [7] - Price/Cash Flow less than the industry average, indicating undervaluation [8] - 52-Week Price Change greater than the S&P 500, ensuring stock appreciation [8] - Top Zacks Rank of 1 (Strong Buy) or 2 (Buy), indicating potential outperformance [8][10]

Core Insights - Euronext reported a revenue increase of 10.6% to €438.1 million in Q3 2025, marking the sixth consecutive quarter of double-digit growth driven by non-volume-related businesses and resilient trading revenues [1][6][23] - The company announced a share repurchase program of up to €250 million, reflecting confidence in its growth prospects and a proactive approach to capital allocation [4][9] Financial Performance - Revenue and income for Q3 2025 reached €438.1 million, up from €396.3 million in Q3 2024, representing a 10.6% increase [3][23] - Adjusted EBITDA was €276.7 million, a 12.6% increase from €245.8 million in Q3 2024, with an adjusted EBITDA margin of 63.2% [4][26] - Reported net income decreased by 6.1% to €149.7 million, with adjusted net income down 6.5% to €169.0 million [30][24] Revenue Breakdown - Non-volume-related revenue accounted for 60% of total revenue, covering 162% of underlying operating expenses [1][4] - Securities Services revenue grew to €77.3 million, up 6.0%, driven by growth in custody and settlement services [4][12] - Capital Markets and Data Solutions revenue increased by 13.9% to €168.4 million, supported by contributions from Admincontrol and Advanced Data Solutions [4][14] - FICC Markets revenue rose 11.0% to €81.9 million, while Equity Markets revenue increased by 6.6% to €93.7 million [4][21] Strategic Developments - Euronext launched the first fully integrated European marketplace for ETFs, aiming to unify the ETF market and enhance operational efficiency [7][34] - The company introduced mini-sized, cash-settled futures on major European government bonds, expanding its derivatives offerings [10][33] - Euronext initiated a voluntary exchange offer to acquire all shares of ATHEX, enhancing its competitive position in the European capital market [10][35] Operational Efficiency - Underlying operating expenses, excluding depreciation and amortization, were €161.4 million, reflecting a 7.3% increase due to growth investments [4][25] - The company successfully reduced its net debt to EBITDA ratio from 1.8x to 1.5x within three months, indicating effective deleveraging [9][4]

Core Viewpoint - Swiss stock exchange operator SIX anticipates a net loss of approximately 300 million Swiss francs ($378.26 million) for 2025, primarily due to an impairment of around 550 million francs on its 10.5% stake [1] Financial Performance - The expected net loss for 2025 is attributed to significant impairment charges [1] - The impairment amount is estimated at roughly 550 million Swiss francs [1] Stakeholding Impact - SIX holds a 10.5% stake that is directly influencing the anticipated financial results for 2025 [1]

Group 1 - The core point of the article highlights that in the third quarter of 2025, refinancing activities dominated the Shenzhen Stock Exchange's acceptance of projects, with 37 cases compared to only 2 IPOs [1] - In the same quarter, the Shenzhen Stock Exchange processed 11 major asset restructuring cases, indicating a strong focus on refinancing and restructuring rather than new IPOs [1] - The trend is further emphasized when looking at the first three quarters of 2025, where a total of 34 IPOs were accepted, while refinancing cases reached 75, solidifying the dominance of refinancing in the acceptance process [1] Group 2 - The article mentions that there were two cases of oral warnings issued due to violations related to R&D investment, underscoring the strict regulatory scrutiny on the authenticity and accuracy of R&D expenditures [1] - In the registration phase, refinancing also led with 17 cases, while both IPOs and major asset restructurings had 2 cases each that completed registration [1] - The article notes that there were 5 IPO projects that terminated their review process during the quarter, primarily concentrated in the IPO sector [1]

Group 1 - The core point of the article highlights that in the third quarter of 2025, refinancing activities dominated the Shenzhen Stock Exchange's acceptance process, with 37 cases compared to only 2 IPOs [1][3] - In the registration phase, refinancing also led with 17 cases, while both IPOs and major asset restructurings had 2 cases each [1] - The trend over the first three quarters shows a significant increase in refinancing, with a total of 75 refinancing cases accepted compared to 34 IPOs, reinforcing refinancing's leading position [1] Group 2 - The article also emphasizes two cases of IPO supervision related to violations in R&D investment, highlighting issues such as inadequate management of external experimental materials and inaccurate cost accounting [3] - Despite the identified responsibilities of the issuers and intermediaries, the Shenzhen Stock Exchange only issued verbal warnings, reflecting a regulatory approach that aims to encourage rectification rather than impose severe penalties [3] - Additionally, the exchange summarized five common rectification issues in the acceptance phase, providing clear guidance for market participants on submission requirements [3]

Core Insights - Morgan Stanley leads a $90 million financing round for the Texas Stock Exchange, aiming to strengthen its position in a market dominated by Nasdaq and NYSE [1] - The total funds raised by the Texas Stock Exchange parent company, TXSE Group, now exceed $250 million following this transaction [1] - Morgan Stanley will join TXSE Group as an observer, indicating a strategic partnership [1]

Core Insights - The trading venue has successfully raised $90 million, increasing its total funding to over $250 million in preparation for a planned launch in 2026 [1] Funding Details - The recent funding round contributed $90 million to the trading venue's total, which now exceeds $250 million [1]

Hong Kong's market regulator is conducting a comprehensive review of the listing regime to attract more innovative companies, while also closely monitoring how firms use digital assets as part of their treasury operations, according to the chairman of the Securities and Futures Commission (SFC). "These ongoing reviews will promote the market development of Hong Kong while at the same time ensure sufficient investor protection is in place," Kelvin Wong Tin-yau said in a media briefing on Tuesday. There was ...