Core Insights - JPX Market Innovation & Research (JPXI) is advancing towards Japan Exchange Group's (JPX) goal of becoming a global finance and information platform, supported by Amazon Web Services (AWS) [1][9] - The development of J-WS, JPX's common infrastructure platform on AWS, aims to enhance operational quality and functionality for JPX Group's data and digital services [2][3] Infrastructure and System Migration - JPXI is migrating the Timely Disclosure Network (TDnet) to J-WS to improve system stability, resilience, and cybersecurity [3][4] - The migration will utilize a multi-layered redundant configuration, enhancing resilience against large-scale disruptions [4] Collaboration and Technological Advancements - JPXI is collaborating with Fujitsu Limited to upgrade TDnet's infrastructure, focusing on performance and processing capacity for disclosure materials [4][5] - A new service using AWS's generative AI is being developed to assist listed companies in preparing disclosure documents [5] Future Plans and Ecosystem Development - JPXI plans to create a dedicated platform for secure connections between JPX's exchanges and listed companies, facilitating information management [5][6] - The aim is to build an ecosystem for collaboration among financial institutions, information vendors, and startups using a common data infrastructure [6] Project Delivery and Data Services - JPXI has rapidly delivered key projects like the Carbon Credit Market System and J-LAKE, an integrated data services platform [7] - J-LAKE consolidates market and alternative data, enabling advanced analysis through AI and machine learning [7] Market Vision and Leadership - JPX's long-term vision 'Target 2030' aims to enhance the appeal of Japan's financial and capital markets [8] - Collaboration with AWS is expected to drive innovation in data and digital initiatives, making Japan's capital markets more efficient and transparent [9]

Summary of HKEX 3Q25 Earnings Call Company Overview - **Company**: Hong Kong Exchanges and Clearing Limited (HKEX) - **Ticker**: 0388.HK Key Financial Highlights - **Earnings Per Share (EPS)**: Reported at HK$3.88, representing a 56% year-over-year increase, which is 9% higher than Goldman Sachs estimates (GSe) and 4% above Visible Alpha consensus of HK$3.72 [1][6] - **Total Revenues**: Increased by 6% compared to GSe, with a significant rise of 45% year-over-year when including investment income [6] - **Investment Income**: Approximately HK$1,064 million, down 37% quarter-over-quarter and 14% year-over-year, but 58% higher than expectations due to better yield and margin fund balance [6][7] - **Operating Expenses (OPEX)**: In line with GSe, with a year-over-year growth of 7% [6] - **Net Profit**: Increased by 63% year-over-year, reaching HK$4.9 billion, which is 9% ahead of GSe [6][7] Business Performance - **Trading and Clearing Businesses**: Significant growth attributed to a 150% year-over-year increase in cash equity average daily turnover (ADT) [6] - **Derivatives**: Hong Kong derivatives average daily volume (ADV) increased by 10%, while LME ADV rose by 3% year-over-year [6] - **Non-Transactional Revenue**: Modestly above GSe, indicating stable performance in depository, market data, and listing services [6] Cost Management - **Cost Growth**: Staff costs grew by 9% year-over-year, while non-staff costs increased by 3% [6] - **EBITDA Margin**: Reported at 80%, a cycle high, almost matching 1Q21 levels [6] Investment Outlook - **Rating**: Goldman Sachs maintains a "Buy" rating on HKEX with a target price of HK$544, implying a 27.8% upside from the current price of HK$425.60 [3][9] - **Risks**: Potential risks include increased competition from onshore capital markets, lower market velocity, fee pressure from reduced fees in China, and a deflationary environment in China [8] Additional Insights - **Market Capitalization**: Approximately HK$539.6 billion [9] - **Forecasted Revenue Growth**: Expected to reach HK$30.86 billion by 2027 [9] - **Dividend Yield**: Projected to be around 3.1% by 2027 [9] This summary encapsulates the key financial metrics, business performance, cost management, investment outlook, and additional insights regarding HKEX's third-quarter results for 2025.

Summary of Hong Kong Exchanges (0388.HK) Conference Call Company Overview - **Company**: Hong Kong Exchanges (0388.HK) - **Market Capitalization**: HK$537.1 billion / $69.1 billion - **Current Price**: HK$423.60 - **Target Price**: HK$562.00 - **Upside Potential**: 32.7% Key Financial Highlights - **3Q25 Earnings**: Earnings exceeded expectations, driven by better-than-expected investment income - **Core Profits**: Grew by +101% year-over-year, supported by a +141% year-over-year increase in cash Average Daily Turnover (ADT) [2][20] - **Revised EPS Estimates**: FY25E/26E/27E/28E EPS revised up by +5%/+4%/+4%/+5% [2][20] - **Forward P/E Ratio**: Approximately 30X, below mid-cycle P/E of ~35X [2] Revenue and Growth Projections - **Revenue Forecasts**: - FY25E: HK$28,682.1 million - FY26E: HK$29,784.9 million - FY27E: HK$31,627.6 million [5][20] - **Total Revenue Growth**: Projected at 28.2% for FY25E, followed by 3.8% and 6.2% for FY26E and FY27E respectively [12] - **EPS Growth**: Expected to be 32.8% for FY25E, with subsequent growth rates of 3.1% and 6.0% for FY26E and FY27E [12] Key Drivers for Share Price Re-rating 1. **Consensus Upward Revisions**: Anticipated increases in ADT estimates [2] 2. **P/E Premium Expansion**: Potential for HKEX's P/E to expand relative to Hang Seng Index (HSI) and HSTECH index [2] 3. **Growth of HK-listed Companies**: Expected acceleration in growth rates for companies listed in Hong Kong [2] Important Financial Ratios - **Return on Equity (ROE)**: Projected at 31.0% for FY25E [11] - **Dividend Yield**: Expected to decrease from 3.5% in FY24 to 2.9% in FY25E [11] - **Net Margin**: Anticipated to be 60.4% for FY25E [12] Income Statement Insights - **Total Revenue**: Expected to reach HK$22,374.0 million in FY24, increasing to HK$28,682.1 million in FY25E [15] - **Investment Income**: Operating investment income projected at HK$4,829.2 million for FY25E [15] - **Net Income**: Forecasted net income of HK$17,325.3 million for FY25E [15] Balance Sheet Highlights - **Total Assets**: Expected to grow from HK$381,629.0 million in FY24 to HK$477,451.4 million in FY27E [16] - **Total Liabilities**: Projected to increase from HK$327,222.0 million in FY24 to HK$397,736.5 million in FY27E [18] Conclusion - The company is positioned for significant growth driven by strong earnings performance, favorable market conditions, and strategic revisions in revenue and EPS forecasts. The investment thesis remains positive with a Buy rating supported by a substantial upside potential in share price.

The pan-European exchange group Euronext on Thursday ...

Core Viewpoint - Euronext has announced a share repurchase programme with a maximum amount of €250 million, reflecting its proactive capital allocation strategy and confidence in growth prospects [1][2]. Group 1: Share Repurchase Programme Details - The programme aims to reduce Euronext's share capital, with all repurchased shares to be cancelled [6]. - The maximum amount allocated for the programme is €250 million, and it will run from 18 November 2025 until a maximum of 31 March 2026 [6]. - Euronext plans to repurchase approximately 2% of its ordinary shares, as authorized by the General Meeting on 15 May 2025, with a limit of 10% [6]. Group 2: Financial and Regulatory Compliance - The programme is designed to maintain Euronext's credit rating and financial flexibility while adhering to its dividend policy of a 50% payout of reported net income [2]. - Euronext has established a non-discretionary arrangement with a financial intermediary to conduct the repurchase, ensuring compliance with applicable regulations, including the Market Abuse Regulation [2][3]. Group 3: Company Overview - Euronext is a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, and settlement [7]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion, handling 25% of European lit equity trading [8].

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Insights - The Hong Kong Stock Exchange (HKEX) reported record high profits driven by high trading activity, with revenue and net profit for the first three quarters of 2025 reaching HKD 218.5 billion and HKD 134.2 billion, respectively, representing year-on-year increases of 36.6% and 44.8% [1][6] - In Q3 2025 alone, the company achieved revenues and net profits of HKD 77.8 billion and HKD 49.0 billion, marking year-on-year increases of 44.7% and 55.8%, and quarter-on-quarter increases of 8% and 10% [1][6] - The report highlights significant growth in various segments, including trading, listing, clearing, custody, data, and investment income, with year-on-year increases of 57.3%, 17.1%, 65.7%, 24.9%, 8.1%, 10.3%, and 4.4%, respectively [1] Summary by Sections Financial Performance - For the first three quarters of 2025, the average daily trading (ADT) in the Hong Kong stock market was approximately HKD 2,564 billion, a year-on-year increase of 126.3%, with Q3 ADT reaching HKD 2,864 billion, up 142.3% year-on-year and 20% quarter-on-quarter [2] - The number of IPOs in the Hong Kong market reached 69 in the first three quarters of 2025, raising HKD 1,883 billion, a year-on-year increase of 238.7% [2] - The report notes that the average daily trading volume for derivatives and LME continued to grow, with contract numbers and commodity ADV increasing by 11% and 4% year-on-year, respectively [2] Investment Income - Margin investment income was a key support for overall investment income, with a 16% increase in margin investment income driven by a 47% year-on-year increase in margin size [3] - The report indicates that external portfolio returns were down 39% year-on-year due to the redemption of external portfolios, which may impact overall investment income for the year [3] Future Outlook - The report expresses optimism regarding the deepening of mutual market access and the appreciation of the Renminbi, leading to an increase in the company's valuation [3] - The forecast for net profit for 2025 has been raised to HKD 180 billion [3]

Core Insights - Euronext announced its trading volumes for October 2025, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] - Euronext provides clearing and settlement services through Euronext Clearing and its CSDs in Denmark, Italy, Norway, and Portugal [2] Market Position - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion [3] - Euronext is recognized as the largest global center for debt and fund listings, handling 25% of European lit equity trading [3] - The company offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3]

Core Viewpoint - The report from Kaiyuan Securities indicates that the Hong Kong stock market is experiencing long-term asset expansion driven by the AtoH wave and the return of Chinese concept stocks, alongside sustained net inflows from southbound capital, leading to increased trading volume and high growth in related revenues for Hong Kong Exchanges and Clearing Limited (HKEX) [1] Group 1: Revenue and Trading Volume Growth - The active spot ADT has driven significant increases in trading and settlement revenues, with trading fees and system usage fees reaching HKD 7.8 billion, a year-on-year increase of 57%, including spot/derivatives/commodity revenues of HKD 4.7 billion/HKD 2.0 billion/HKD 1.1 billion, reflecting increases of 116%/15%/6% respectively [2] - The trading volume for Hong Kong stocks reached new highs, with southbound ADT at HKD 1,259 billion, a year-on-year increase of 229%, and northbound ADT at RMB 2,060 billion, a year-on-year increase of 67% [2] - The primary market for Hong Kong stocks remains robust, with 69 new listings in the first three quarters of 2025, a 53% increase year-on-year, and total fundraising amounting to HKD 1,883 billion, more than three times that of the same period in 2024 [2] Group 2: Investment Returns and Dividend Expectations - The investment return rate for HKEX has decreased, with net investment income of HKD 3.89 billion in 2025, a year-on-year increase of 4%, and project investment/margin investment returns at 4.7%/2.0%, down from 5.7%/2.2% in the first half of 2025 [3] - The expected dividend yield for 2025 is 3.0%, assuming a constant payout ratio of 90%, with the current U.S. Treasury yield at 4.10% [3] - The current PE-TTM is 31.2 times, positioned at the 22nd percentile over the past decade, with a dynamic PE of 30.2 times, indicating potential for valuation improvement [3]

Core Insights - Cboe Global Markets reported record trading volumes in October 2025, with an average daily volume (ADV) of 21.4 million contracts across its four options exchanges, driven by significant increases in multi-listed options and proprietary index options [5]. Trading Volume Statistics - Multi-listed options reached an ADV of 15.9 million contracts, a 47.2% increase year-over-year from October 2024 [3]. - Index options saw an ADV of 5.5 million contracts, marking a 38.6% increase compared to September 2025 [3]. - U.S. equities matched shares on-exchange totaled 2,020 million, reflecting a 56.7% increase from the previous year [3]. - Off-exchange U.S. equities matched shares reached 227 million, a substantial 195.0% increase year-over-year [3]. - Canadian equities matched shares totaled 211,986 thousand, a 33.6% increase from October 2024 [3]. - European equities matched shares were reported at 13,192 million, a 25.2% increase compared to the previous year [3]. - Global FX trading volume was $55,134 million, a 24.3% increase from October 2024 [3]. Notable Records - Trading in S&P 500 Index (SPX) options set multiple records, including a new monthly ADV record of 4.4 million contracts and a single-day record of 6.4 million contracts on October 10 [5]. - The zero-days-to-expiry (0DTE) options also set a monthly ADV record of 2.7 million contracts [5]. Cboe's Business Overview - Cboe Global Markets operates as a leading derivatives and securities exchange network, providing trading solutions across various asset classes including equities, derivatives, and FX in North America, Europe, and Asia Pacific [5].

Core Insights - The article discusses the emergence of "crypto blockchain stocks" as a significant market segment driven by the blockchain revolution and its application to real-world assets and financial infrastructure [1][2]. Group 1: Definition and Scope - "Crypto blockchain stocks" refer to companies whose business models are linked to both the digital-asset ecosystem and blockchain technology, extending beyond just cryptocurrency mining or exchanges [2][4]. - Companies involved in building blockchain infrastructure, providing services, tokenizing assets, or integrating crypto payments qualify as crypto blockchain stocks [4]. Group 2: Market Dynamics - Analysts have begun to compile curated lists of publicly traded firms that provide exposure to the crypto blockchain theme, which includes a diverse range of companies from payment firms to mining operations [5]. - Notable examples of companies in this space include Block, Inc., which has invested in Bitcoin and created a crypto-friendly payment ecosystem, and Amazon.com, Inc., which offers blockchain-as-a-service through its AWS unit [5].