Australia’s stock exchange operator will have to hold an additional $150 million in capital after an expert panel found failings in its governance, risk management and culture. The local securities exchange, which has a market value of $11 billion, has also agreed to a series of reforms as part of an agreement with the Australian Securities and Investments Commission revealed on Monday.An inquiry began after a series of embarrassing events for the bourse, including a December 20, 2024, settlement failure ca ...

Markets are often most convincing when risk is quietly shifting. Breakouts attract attention, reinforce prevailing narratives, and draw in incremental capital. But when those breakouts fail, especially within expanding volatility structures, they tend to reveal something more important than continuation: who is actually in control of liquidity.That is where the Nasdaq (NASDAQ:NDAQ) complex finds itself now.Despite a still-intact bullish weekly trend in the Nasdaq Composite (IXIC) and Nasdaq-100 (NDX), recen ...

At a time when listing deals are scarce, Nasdaq has enjoyed one of the world's most packed initial-offering calendars. ...

Core Viewpoint - Nasdaq has proposed a new rule to block IPOs even if companies meet listing standards if there are red flags indicating potential stock manipulation [1] Group 1 - The proposed rule aims to enhance the integrity of the IPO process by allowing Nasdaq to intervene based on detected vulnerabilities [1] - This move reflects a proactive approach to prevent market manipulation and protect investors [1] - The rule signifies a shift in regulatory practices, emphasizing the importance of scrutinizing companies beyond just meeting standard requirements [1]

PresentationJan StreckerHead of Investor Relations Welcome, ladies and gentlemen, and thank you for joining us today for the Capital Markets Day of Deutsche Börse Group. It's great to see so many of you here in the room today, but we would also like to extend a warm welcome to the participants on the live video webcast. We have a full agenda today. The presentations will last for around about 2 hours, maybe a little bit more. And afterwards, there is sufficient time to address all of your questions. At arou ...

Core Insights - Euronext announced the results of the annual review for the PSI® index, effective from December 22, 2025, with no changes in the index composition for the December 2025 quarterly review [1][2]. Company Overview - Euronext operates as a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [4]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion, making it a significant player in European equity trading, handling 25% of European lit equity trading [5]. Recent Developments - In November 2025, Euronext successfully acquired a majority stake in the Athens Stock Exchange (ATHEX), enhancing its pan-European market infrastructure [6].

Group 1 - The focus is shifting to Euronext (EUXTF, ERNXY) for an updated assessment after reviewing London Stock Exchange Group plc and Deutsche Börse AG [1] - The analysis is conducted by buy-side hedge professionals who specialize in fundamental, income-oriented, long-term analysis across sectors in developed markets [1] Group 2 - The analyst has a beneficial long position in the shares of EUXTF and ERNXY through stock ownership, options, or other derivatives [2] - The article expresses the analyst's own opinions and is not influenced by compensation from any company mentioned [2]

Group 1: Retirement Concerns - More Singaporeans are questioning if the traditional reliance on CPF and property is sufficient for retirement as costs rise and ambitions increase [1] - The aspiration to build a stock portfolio for dividends and wealth accumulation is seen as a pathway to a stress-free retirement, but its feasibility is under scrutiny [1] Group 2: Stock Performance and Income Generation - Stocks provide both steady dividend income and long-term capital appreciation, contributing to their superior performance compared to other asset classes [2] - The Straits Times Index (STI) has delivered an annualized total return of 8.38% over the past decade, highlighting the growth potential of equities [2] - Dividend portfolios, such as those tracked by the iEdge APAC Financials Dividend Plus Index, currently yield 5.22% on a trailing basis, offering reliable income [3] Group 3: Inflation and Dividend Growth - Companies like Singapore Exchange (SGX) have increased dividends from S$0.30 per share in FY2018 to S$0.375 in FY2025, reflecting a growth rate of approximately 3.2% annually, which outpaces Singapore's average inflation rate of 2.24% [3][4] - Mapletree Logistics Trust (MLT) also demonstrates strong dividend growth, with annual payouts increasing from S$0.079 in FY2018/2019 to S$0.088 in FY2021/2022, growing at over 5% annually [4] Group 4: Risks of Stock Investments - Stock portfolios are subject to market volatility, which can impact retirees who withdraw funds during downturns, locking in losses [6] - The pandemic highlighted risks when CapitaLand Integrated Commercial Trust (CICT) saw a 27.4% drop in DPU from S$0.1197 in FY2019 to S$0.0869 in FY2020 due to rental waivers and lower tenant sales [8] Group 5: Diversification and Income Planning - Successful income portfolios should diversify across dividend stocks, REITs, and growth companies to mitigate risks and ensure steady returns [10] - A well-structured dividend portfolio yielding 5% on S$1 million can generate about S$50,000 annually, providing a sustainable cash flow for retirement [11][12] Group 6: Asset Class Comparison - Singapore's Central Provident Fund (CPF) offers guaranteed returns but lacks flexibility, while bonds provide predictable income but may underperform against inflation [14] - Stocks are characterized by high liquidity and potential for growth, with a long-term return of approximately 8% per year, but they require emotional discipline and a long investment horizon [15] Group 7: Retirement Income Goals - A "comfortable" retirement is often defined as replacing 60-80% of pre-retirement income, translating to an annual target of S$40,000 to S$60,000 for many Singapore households [16] - A retirement portfolio of S$1 million to S$1.5 million, yielding 4% to 5%, can support this income level without depleting capital too quickly [17] Group 8: Ongoing Retirement Planning - Sustainable retirement planning involves balancing withdrawals, dividends, and capital growth, ensuring that wealth is replenished over time [18] - Regular reviews and strategic reinvestment of surplus income can significantly extend the lifespan of a retirement portfolio [18]

Many Singapore investors rely on CPF as the foundation of their long-term savings. With guaranteed interest of 2.5% in the OA and 4% in the SA, CPF offers stability that is difficult to match.But while CPF provides a strong baseline, it is not the only way to earn steady, predictable returns. Investors who are looking for additional income, greater flexibility and the potential for long-term growth may consider dividend-paying stocks as a complement to CPF.One approach is to focus on cash-rich, fundamentall ...

Core Thesis - Nasdaq, Inc. is experiencing strong growth driven by its Capital Access Platforms and is positioned for continued value creation through disciplined cost control and strategic initiatives [1][4]. Financial Performance - Nasdaq reported total net revenue of $1,315 million for Q3 2025, reflecting a 1% sequential increase and an 11% year-over-year growth, primarily from Capital Access Platforms which grew 4% Q/Q and 9% Y/Y to $546 million [2]. - Adjusted operating expenses remained stable at $583 million, resulting in strong margins of 55.7%, while adjusted EPS increased by 4% Q/Q and 19% Y/Y to $0.88, exceeding consensus estimates by 4% [2]. Strategic Initiatives - The company achieved $150 million in expense savings from the Adenza acquisition and is on track to realize $100 million in revenue synergies by 2027 through cross-selling initiatives [3]. - Nasdaq has reduced its leverage to 3.1x, with a target of 3.0x by the end of 2025, supported by $69 million in debt repayment and an S&P credit upgrade to BBB+ [3]. Market Position and Future Outlook - Capital Access Platforms are highlighted as a key growth area, supported by strong trends in Index, Data, and Listings, while Financial Technology growth was slightly below expectations [4]. - The company completed the sale of Solovis to focus on higher-value platforms and maintains confidence in its IPO pipeline, reg-tech partnerships, and tokenization initiatives for long-term growth [4]. - Overall, Nasdaq's performance indicates resilient growth and a solid execution strategy, positioning the company well for future opportunities [4].