Core Insights - The European Commission (EC) is investigating potential collusion between Deutsche Börse and Nasdaq regarding the listing, trading, and clearing of certain derivatives [2] Group 1 - The investigation is reminiscent of the 2007 antitrust case involving the International Securities Exchange (ISE) [2]

Core Insights - Intercontinental Exchange, Inc. (NYSE:ICE) has been discussed positively by Jim Cramer, who has been a long-time supporter of the company, indicating a bullish sentiment towards the exchanges market [2][3] - The stock has experienced a decline since mid-August but has shown signs of stabilization recently, with the Relative Strength Index (RSI) indicating it is coming off extremely oversold levels, suggesting potential for recovery [3] Company Performance - ICE's stock price has been under pressure, with a noted decline since mid-August, but recent trends suggest that heavy selling may have stopped [3] - The stock was down by 21 cents during a recent discussion, reflecting market reactions to Walmart's decision to shift to the NASDAQ [2] Market Context - Cramer highlighted the competitive dynamics between the New York Stock Exchange and NASDAQ, questioning whether Walmart would be better served on NASDAQ, which may reflect broader market sentiments regarding exchange performance [2] - The discussion around ICE comes amid a broader context of a "hidden" bull market in exchanges, indicating potential growth opportunities within this sector [2]

We have a great relationship with the Singapore Exchange. We've been a two decade partner on the technology side and and we have really worked very hard to help them advance their markets. We've we've had different dual listing programs with them.But this one's special and this one is different. The most important difference is if you look at it from the point of view of the issuer itself, these great growth companies that are here in Asia, they want to be able to be able to tap the domestic markets here an ...

转自：新华财经 【资讯导读】 •上海黄金交易所强化风控应对市场波动 •新交所携手纳斯达克推"全球上市板" •美国9月就业数据喜忧参半 •美联储官员对12月降息持谨慎态度 【市场资讯】 •上海黄金交易所近日发布通知指出，当前市场面临多重不稳定因素，为防范潜在风险，要求各会员单 位完善应急预案，及时采取风控措施，并提醒投资者合理控制仓位、理性投资，共同维护市场平稳运 行。 •新加坡证券交易所与纳斯达克达成合作，计划于2026年中联合推出"全球上市板"。符合条件的公司 （市值超20亿新元）仅需一次申请，即可同步在新加坡和纽约两地上市，提升跨境融资效率。 •克利夫兰联储主席哈马克明确反对继续降息，强调高通胀仍未受控，主张维持更具限制性的货币政 策。 •芝加哥联储主席古尔斯比表示，对12月再次降息"感到不安"，指出通胀回落已显停滞甚至出现反弹迹 象。尽管经济整体强劲，但他警告不宜过早大幅降息，尤其在9月CPI仍高于2%目标的背景下。 •美国9月非农新增就业11.9万人，远超预期，但7月和8月合计下修3.3万人。同期失业率意外升至4.4%， 创2021年10月以来新高。 •美国上周初请失业金人数降至22万，而续请人数则攀 ...

Group 1 - Nasdaq and the Singapore Exchange have formed a partnership to facilitate dual listings between Singapore and the U.S. [2] - This initiative represents a significant move towards closer integration of two major global financial centers [2]

Core Insights - SGX Group and Nasdaq are partnering to create a new dual listing framework that connects the U.S. and Singapore capital markets, allowing companies with a market capitalization of S$2 billion and above to raise capital more efficiently [1][2] - The Global Listing Board is set to launch around mid-2026, aiming to simplify the dual listing process by reducing regulatory complexity and costs for companies [2][5] Group 1: Market Impact - The initiative is expected to enhance market liquidity and regulatory alignment, facilitating growth for companies ranging from startups to established firms in both markets [3][4] - Institutional investors in Singapore have shown strong support for this platform, which is anticipated to provide a pathway for companies to access both U.S. and Singapore markets [3] Group 2: Regulatory Framework - The proposed regulatory framework will establish prospectus disclosure requirements in Singapore that align with U.S. standards, allowing for a single set of offering documents for dual listings [5] - The framework is still subject to finalization and regulatory processes, with more details to be released ahead of the mid-2026 launch [5] Group 3: Strategic Collaboration - The partnership is seen as a strategic move to strengthen ties between the U.S. and Singapore capital markets, with leaders from both SGX and Nasdaq emphasizing the importance of cooperation and shared standards [6] - The initiative is part of broader efforts by the Singapore Government to enhance the attractiveness of its stock market for high-growth companies [4][6]

Core Insights - Cboe Global Markets is set to launch Cboe Bitcoin Continuous Futures (PBT) and Cboe Ether Continuous Futures (PET) on December 15, 2025, pending regulatory review [1] - The Continuous Futures aim to provide long-term exposure to bitcoin and ether, featuring a 10-year expiration at listing and daily cash adjustments to create perpetual-style exposure [1] - The introduction of these futures is designed to enhance portfolio and risk management for investors while offering leveraged exposure to digital assets [1] Product Features - Continuous Futures will offer benefits similar to traditional futures, including capital efficiency, volatility management, tactical trading, and the ability to enter short positions [1] - The PBT and PET futures will utilize the Cboe Kaiko Real-Time Rate to track the underlying digital assets, with a daily Funding Amount applied to open positions for price alignment [1] - These futures will be cash-settled and centrally cleared through Cboe Clear U.S., which helps mitigate counterparty risk [1] Market Demand and Education - The structure of Continuous Futures addresses the needs of institutional investors seeking efficient, long-term crypto exposure while eliminating the operational friction of rolling positions [1] - Cboe is focused on expanding educational efforts to help market participants understand the utility of these new futures, with courses scheduled for December 17, 2025, and January 13, 2026 [1] - Trading for PBT and PET futures will be available on a 23×5 basis, from Sunday to Friday, 6 p.m. ET to 5 p.m. ET [1] Company Overview - Cboe Global Markets provides trading, clearing, and investment solutions across various asset classes, including equities, derivatives, and FX, in North America, Europe, and Asia Pacific [2]

Summary of Intercontinental Exchange (ICE) 2025 Conference Call Company Overview - **Company**: Intercontinental Exchange (NYSE: ICE) - **Revenue**: Approximately $10 billion - **EBITDA**: Approximately $6.5 billion - **Focus Areas**: Day-to-day operations, capital allocation, investment in business growth, and budget process for the upcoming year [2][3][4] Key Points Financial Performance and Strategy - ICE generates a healthy cash flow, allowing for diversified investments across various asset classes globally [4][5] - The company ended Q3 with a gross debt to EBITDA ratio of approximately 2.9 times, within its target range of 2.75-3 [6][7] - Plans to continue stock buybacks while also paying down debt, depending on M&A opportunities [8][9][10] Energy Market Outlook - The energy business has historically seen high single-digit revenue growth, with open interest indicators showing continued strength [14][15] - LNG trade is expected to double over the next couple of decades, indicating strong demand for energy consumption [16] - The Brent index and TTF (Title Transfer Facility) are becoming increasingly important benchmarks for oil and gas trading, with significant growth potential [17][19][20] Competitive Landscape - ICE maintains a strong market share in key contracts, with Brent open interest at mid to high 90% and €STR at over 70% [22][23] - The competitive environment among exchanges remains stable, with ICE continuing to capture market share during high-volume trading days [24] Innovation and Technology - Investment in Polymarket, a prediction market, aims to enhance ICE's market infrastructure and technology capabilities [26][27] - Exploring the use of stablecoins for collateral management to improve efficiency in clearinghouses [30] - Introduction of a new risk model (IRM2) to enhance efficiency across portfolios [31] Mortgage Sector Developments - The mortgage origination process is stabilizing, with expectations for improvement compared to the previous year [37][38] - ICE is on track to achieve $200 million in expense synergies from the Black Knight acquisition by the end of the year, potentially reaching $230 million over five years [40][41] - AI initiatives are being implemented to reduce origination costs and improve customer service efficiency [43][44][45] Strategic Partnerships - The partnership with JPMorgan is progressing well, with interest from other banks in outsourcing mortgage services to ICE [50][51] Future Market Structure - ICE is positioning itself to adapt to changing market structures through investments in innovative technologies like Polymarket [53][54] - The company aims to remain flexible and responsive to market demands as they evolve [54] Additional Insights - The integration of AI in mortgage processes is still in the exploratory phase, focusing on enhancing efficiency while maintaining necessary human oversight [46][47] - The competitive landscape for futures contracts remains challenging, but ICE's strong market share indicates resilience [22][24]

Core Insights - Cboe Global Markets, Inc. (CBOE) is a prominent global exchange operator with a market cap of $27 billion, known for its VIX volatility index [1] Performance Summary - CBOE shares have increased by 28.5% over the past 52 weeks, outperforming the S&P 500 Index, which gained 13.7% during the same period [2] - Year-to-date, CBOE's stock is up 32%, compared to the S&P 500's return of 13.4% [2] - CBOE has also outperformed the iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI), which rose 13.7% over the past 52 weeks and 17.3% year-to-date [3] Earnings Performance - On October 31, CBOE's shares surged 3.7% following its Q3 earnings release, with total revenue reaching a record $1.1 billion, an 8.1% year-over-year increase [4] - Adjusted EPS for the quarter was $2.67, marking a 20.3% increase from the previous year and exceeding analyst estimates by 5.5% [4] Future Earnings Expectations - Analysts project CBOE's EPS to grow by 17.2% year-over-year to $10.09 for the current fiscal year ending in December [5] - CBOE has a mixed earnings surprise history, exceeding consensus estimates in three of the last four quarters [5] Analyst Ratings - Among 18 analysts covering CBOE, the consensus rating is a "Hold," consisting of four "Strong Buy," 11 "Hold," and three "Strong Sell" ratings [5] - Recent changes in analyst recommendations include three suggesting a "Strong Buy" and two recommending "Strong Sell" [6] - RBC Capital's Ashish Sabadra maintained a "Hold" rating with a price target of $254, while the mean price target is $256.93, and the highest target suggests a 12.5% potential upside from current levels [6]

Core Insights - Cboe Futures Exchange is set to launch Bitcoin (PBT) and Ether (PET) Continuous Futures on December 15, 2025, pending regulatory approval, marking a significant development in US crypto derivatives [1][2] - The new products aim to provide professional investors with long-term, capital-efficient exposure to Bitcoin and Ether, eliminating the operational friction associated with rolling expiring futures [2][4] Group 1: Product Features - Continuous Futures will have a 10-year expiration and feature daily cash adjustments, mirroring perpetual swaps while complying with US derivatives regulations [2][5] - The contracts will be cash-settled, centrally cleared, and governed by CFTC-regulated standards, ensuring adherence to US margin requirements [5] - A daily "Funding Amount" will be applied to open positions, aligning futures pricing with spot markets [6] Group 2: Market Context - Perpetual futures have historically been traded offshore due to regulatory constraints in the US, and Cboe's introduction of these products aims to bring a regulated version to institutional investors [3][4] - The move is expected to enhance transparency, provide clear protections, and align with regulatory standards, addressing the needs of institutional investors seeking efficient crypto exposure [3][7] Group 3: Industry Implications - The introduction of perpetual-style futures in a US-regulated environment is anticipated to expand access to these products, facilitating better portfolio and risk management for investors [4][7] - The structure of the new futures contracts is designed to remove rolling risks while maintaining transparency and oversight, aligning with industry calls for integrated risk management in financial innovations [8]