Core Insights - Nasdaq achieved a record trading volume of 2,506,428,416 shares, amounting to $102.455 billion, during the Russell Reconstitution, marking the largest liquidity event in its history [2][3] - The Nasdaq Closing Cross has significantly improved its efficiency, reducing latency by over 85% while managing a trade volume growth of over 550% and a notional volume growth of over 1500% since its inception [6] Nasdaq's Role and Technology - The Nasdaq Closing Cross plays a vital role in capital markets infrastructure, facilitating transparent price formation and processing trades during high-volume events [3] - Nasdaq has invested in market modernization and capacity enhancement to maintain liquidity and resilience in response to increasing trading volumes [6][7] Russell US Indexes - The Russell US Indexes, which are subsets of the Russell 3000E™ Index, represent approximately 98% of the US equity market and are crucial for investors tracking market performance [4] - Approximately $10.6 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes, highlighting their significance in the investment community [4] Market Impact - The Russell Reconstitution day is a highly anticipated trading event, prompting asset managers to adjust their portfolios according to the newly reconstituted indexes [5] - The successful completion of this year's rebalancing reflects the investment community's trust in the transparent and rules-based process of the Russell US Indexes [3][5] Future Developments - Nasdaq recently launched Eqlipse, a fourth-generation marketplace technology platform, to enhance trading infrastructure and support global capital markets [7][8] - The company aims to deepen strategic technology partnerships with over 135 clients worldwide, reinforcing its commitment to improving liquidity and market integrity [8]

Group 1 - Nasdaq has scheduled its second quarter 2025 financial results announcement for July 24, 2025, at 8:00 AM Eastern [1] - The announcement will be reviewed by Nasdaq's CEO, CFO, and senior management team, who will also be available for questions from the investment community [1] - The press release and results presentation will be available on the Nasdaq Investor Relations website at approximately 7:00 AM Eastern on the same day [2] Group 2 - Nasdaq is a global technology company that serves various financial market participants, including corporate clients, investment managers, banks, brokers, and exchange operators [3] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings of data, analytics, software, and client-centric services [3] - Nasdaq encourages interested parties to learn more about its technology solutions and career opportunities through its online platforms [3]

Core Insights - Intercontinental Exchange Inc. (ICE) has reached a 52-week high of $181.65, closing at $180.53, with a year-to-date gain of 21.2%, outperforming its industry and the S&P 500 composite [1] - ICE's market capitalization stands at $103.55 billion, with an average trading volume of 3.2 million shares over the last three months [2] - The company is trading above its 50-day and 200-day simple moving averages, indicating strong upward momentum [3] Financial Performance - The Zacks Consensus Estimate for ICE's 2025 earnings per share indicates a year-over-year increase of 14.5%, with revenues projected at $9.96 billion, reflecting a 7.3% improvement [8] - The expected long-term earnings growth rate for ICE is 13.3%, surpassing the industry average of 10.1% [9] - ICE has surpassed earnings estimates in three of the last four quarters, with an average surprise of 1.30% [13] Analyst Sentiment - Seven out of nine analysts have raised their estimates for ICE's 2025 earnings, and seven out of ten have done so for 2026 over the past 60 days, leading to a 1.3% and 1.2% increase in consensus estimates for those years, respectively [10] - The average price target from 17 analysts is $194.18 per share, suggesting a potential upside of 7.3% from the last closing price [11] Strategic Positioning - ICE is well-positioned to benefit from the accelerated digitization in the mortgage industry, supported by strategic acquisitions that have enhanced service offerings and delivered expense synergies [6][15] - The company boasts the largest mortgage network in the U.S., which positions it favorably for growth in the residential mortgage sector [15] Valuation - ICE shares are trading at a forward price-to-earnings ratio of 24.72X, which is lower than the industry average of 26.25X, providing a better entry point for investors [7] Growth Drivers - Key drivers for ICE's growth include strength in global data services, index business, pricing and reference data, and the ICE Global Network offering [14] - Continuous strategic investments and a low-risk balance sheet contribute to ICE's long-term stability and growth potential [6][15] Dividend History - ICE has demonstrated an impressive dividend history, having more than doubled its dividends over the last six years, indicating strong financial health and commitment to returning value to shareholders [17]

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased, indicating a growing bearish sentiment among investors as of June 13, 2025 Group 1: Nasdaq Global Market - Short interest in 3,207 Nasdaq Global Market securities totaled 13,689,191,607 shares, up from 13,504,275,894 shares in the previous reporting period [1] - The mid-June short interest represents an average of 2.32 days, compared to 2.19 days for the prior reporting period [1] Group 2: Nasdaq Capital Market - Short interest in 1,642 securities on The Nasdaq Capital Market reached 2,687,331,325 shares, an increase from 2,610,068,615 shares in the previous period [2] - The average daily volume remained stable at 1.00 day for both reporting periods [2] Group 3: Overall Nasdaq Securities - Total short interest across all 4,849 Nasdaq securities was 16,376,522,932 shares, compared to 16,114,344,509 shares in the previous reporting period [3] - This represents an average of 1.72 days of short interest, up from 1.54 days in the prior period [3] Group 4: Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own or any sale completed by delivering a borrowed security [4]

Group 1 - CME Group Inc. will announce its second quarter 2025 earnings on July 23, 2025, before market opening [1] - Written highlights will be available on the company's website at 6:00 a.m. Central Time on the same day [1] - An investor conference call will take place at 7:30 a.m. Central Time, where executives will answer analysts' questions [1][2] Group 2 - CME Group is the world's leading derivatives marketplace, facilitating trading in futures, options, cash, and OTC markets [3] - The company offers a wide range of global benchmark products across major asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals [3] - CME Group operates the CME Globex platform for futures and options trading, BrokerTec for fixed income trading, and EBS for foreign exchange trading [3]

All 12 Nominated Directors Elected Nasdaq Board Re-elects Adena T. Friedman as Chair of the Board NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) shareholders elected all nominated directors at the company’s Annual Meeting of Shareholders on Wednesday, June 11, 2025. All directors will serve one-year terms. The elected board members are: Melissa M. Arnoldi, EVP and General Manager for Business Solutions, AT&T Inc.Charlene T. Begley, Retired SVP and CIO, General Electric CompanyAdena ...

Core Viewpoint - Abaxx Technologies Inc. has launched its physically-deliverable Gold Singapore Futures, which began active trading on June 12, 2025, providing a new tool for price discovery and hedging in the Asian market [1][3]. Company Overview - Abaxx Technologies is a financial software and market infrastructure company, and the majority shareholder of Abaxx Singapore Pte Ltd., which owns the Abaxx Commodity Exchange and Clearinghouse [1][7]. - The company aims to create Smarter Markets by developing better tools and technology to address significant societal challenges, including the energy transition [6]. Product Details - The Gold Singapore Futures contract is a USD-denominated, kilobar-sized product designed for the regional physical bullion trade, deliverable into approved vaults in Singapore [2][3]. - This contract is tailored for refiners, industrial consumers, banks, and physical traders in Asia, addressing the growing demand for regional price transparency [3][5]. Market Participation - The initial trading sessions of the Gold Singapore Futures saw participation from eight market makers, including firms from Singapore, Hong Kong, London, and Thailand, with expectations for more participants in the future [4]. - KGI Securities Singapore expressed enthusiasm for the new offering, highlighting its relevance to the Asian market and commitment to providing comprehensive solutions in commodities [5]. Trading Specifications - The Abaxx Gold Singapore Futures contract is available for trading 14 hours per day, Monday through Friday, facilitating access for market participants [5].

Group 1 - Total traded volume on the Tradeweb European ETF marketplace reached EUR 62 billion [3]

Summary of MarketAxess (MKTX) Conference Call Company Overview - **Company**: MarketAxess (MKTX) - **Industry**: Electronic fixed income trading venue, primarily focused on credit markets, with expansion into new geographies and asset classes [3][3] Key Points and Arguments Strategic Focus Areas - **Execution of Strategy**: Emphasis on providing the right metrics, data, and analytics to enhance business execution [11][11] - **Capital Deployment**: Increased share repurchase authorization leading to $60 million in buybacks in 2025 compared to $24 million in 2024 [14][14][15][15] - **Expense Management**: Focus on good corporate hygiene and expense discipline, including partnerships with technology firms like Pragma to enhance efficiency [16][18] Market Conditions and Performance - **Volatility and Volume Trends**: - April saw high volatility with CVIX at 56 for high grade and 390 for high yield, normalizing to 33 and 190 respectively in May [20][20][24][24] - Elevated trading volumes sustained through May, driven by increased velocity in the market [22][23] - **Market Share**: - High grade market share increased to 19.9% in May from 19.4% in April, indicating growth in investment grade trading [30][34] - Portfolio trading market share has grown to over 20%, with ongoing enhancements to maintain competitiveness [57][60] Innovations and Technology - **Automation and Algorithms**: Introduction of automation tools like AutoX and adaptive algorithms (ADX) to enhance trading efficiency, with 250 clients onboarded [43][45] - **Block Trading Protocols**: Successful early adoption in emerging markets (EM) and Eurobonds, with significant volume increases (116% in Eurobonds and 24% in EM) [49][49] - **Portfolio Trading Enhancements**: Completion of feature set for portfolio trading, focusing on net hedging and benchmark capabilities [59][60] Emerging Markets (EM) Focus - **Growth in EM**: EM is now the largest business segment, with significant contributions from countries like Mexico, Brazil, and South Korea. Year-to-date volumes are up 14% [82][86][89] - **Local vs. Hard Currency**: Hard currency trading constitutes 60% of the EM business, with local currency trading representing 40%, indicating potential for growth in local markets [86][86] Competitive Landscape and Pricing - **Pricing Stability**: Pricing within traditional RFQ and open trading has remained steady, with fluctuations attributed to macroeconomic factors rather than pricing pressure [97][99] - **Protocol Mix**: New protocols like portfolio trading come with lower fee captures, but present opportunities for incremental revenue growth [100][102] Additional Important Insights - **Talent Acquisition**: Ongoing recruitment of key personnel to enhance product development and client solutions, indicating a commitment to innovation and market responsiveness [66][70] - **Client-Centric Approach**: Continuous engagement with clients to understand their needs and enhance service offerings, particularly in the block trading and portfolio trading spaces [50][56][60] This summary encapsulates the critical insights and developments discussed during the MarketAxess conference call, highlighting the company's strategic focus, market performance, technological innovations, and competitive positioning.

Group 1 - At the end of the settlement date of May 30, 2025, short interest in 3,184 Nasdaq Global Market securities totaled 13,504,275,894 shares, a decrease from 13,735,568,588 shares reported for the prior settlement date of May 15, 2025, indicating a decline in short interest [1] - Short interest in 1,632 securities on The Nasdaq Capital Market totaled 2,610,068,615 shares at the end of the settlement date of May 30, 2025, down from 2,731,907,808 shares in the previous reporting period [2] - Overall, short interest in all 4,816 Nasdaq securities totaled 16,114,344,509 shares at the May 30, 2025 settlement date, compared to 16,467,476,396 shares at the end of the previous reporting period, reflecting a decrease in short interest across the board [3] Group 2 - The average daily volume for short interest in the Nasdaq Global Market decreased from 2.41 days to 2.19 days, while the Nasdaq Capital Market maintained an average of 1.00 day [1][2] - The total number of shares sold short by all broker/dealers is reflected in the open short interest positions reported for each Nasdaq security, indicating the level of market sentiment towards these securities [4]