Core Viewpoint - Nasdaq is seeking SEC approval to list tokenized shares, representing a significant step towards integrating blockchain technology into traditional finance [1][7]. Group 1: Nasdaq's Initiative - Nasdaq's proposal involves tokenized shares that are digital replicas of traditional equities, backed one-for-one by actual shares, allowing for programmable assets that can trade 24/7 and settle instantly [1][4]. - This move signifies a shift for Nasdaq from merely experimenting with blockchain to actively participating in the crypto space, reflecting a broader trend in institutional adoption of digital assets [2][4]. Group 2: Regulatory Environment - The SEC's changing stance under new leadership suggests a more favorable view of blockchain technology in traditional finance, with Nasdaq's proposal designed to align with regulatory requirements [3][7]. - The emphasis on regulated custody and a permissioned network indicates a cautious approach to integrating blockchain while maintaining control [3][9]. Group 3: Market Context - The digital-assets market is recovering from previous downturns, with successful initiatives like spot bitcoin ETFs and tokenization pilots by major financial institutions indicating a new phase of experimentation [4][8]. - The potential benefits of tokenization include reduced settlement delays, fractional ownership, and easier cross-border trading, although trust in the underlying technology remains crucial [5][6]. Group 4: Broader Implications - The initiative by Nasdaq, alongside other exchanges testing tokenized platforms, could signify a pivotal moment for the acceptance of tokenization in mainstream finance [7][9]. - While the move may not revolutionize markets immediately, it represents a significant step towards blurring the lines between digital assets and traditional securities [8][9].

Core Insights - France has approved the Lightning Stock Exchange (Lise), marking a significant shift in public markets and IPOs towards a fully tokenized equity exchange [1] - Lise has obtained a DLT TSS license under the EU's DLT Pilot Regime, allowing blockchain-based financial infrastructures to operate within traditional legal frameworks [1][2] - The exchange aims to facilitate access to public markets for small and mid-cap firms, which have historically faced challenges in going public [4] Regulatory and Institutional Support - The approval of Lise was achieved in collaboration with key institutions including the Banque de France, ESMA, AMF, and the European Central Bank [2] - Lise is backed by major financial institutions such as BNP Paribas, Bpifrance, and CACEIS, positioning it as a significant player in the French fintech landscape [4] Technological Advancements - The integration of trading and post-trading operations on a single distributed ledger allows for instant transactions, reducing settlement delays and counterparty risk [3] - Lise's model could enable 24/7 trading, a first for European capital markets [3] Market Impact and Future Prospects - Analysts suggest that Lise's approval could position France as a leader in tokenized securities within Europe, paving the way for on-chain IPOs and equity trading [5] - The exchange plans to host its first IPOs in early 2026, introducing a new model of digital public offerings that combines traditional finance with blockchain efficiency [5] Broader Trends in Tokenization - The global trend of tokenization is gaining momentum, with real-world asset (RWA) tokenization surpassing $33.9 billion, reflecting a 10% increase in the past month [6] - Private credit leads the tokenization sector with $17.5 billion, followed by U.S. Treasury debt at $8.3 billion and commodities at $2.8 billion [6] - Ethereum dominates the RWA market with $12.1 billion in tokenized assets, accounting for approximately 57.5% of the market [6]

Core Viewpoint - Euronext CEO Stéphane Boujnah supports the initiative by German Chancellor Friedrich Merz for the establishment of a European stock exchange aimed at bolstering European companies and fostering growth [1] Group 1 - The call for a European stock exchange is seen as a strategic move to enhance the support for European companies [1] - The initiative is expected to contribute positively to the growth of the European economy [1]

Core Points - The Tel Aviv Stock Exchange (TASE) will publish its financial statements for the period ended September 30, 2025, on November 11, 2025, after market close [1] - A conference call will be held on the same day at 8:00 PM (Israeli time) to review the financial statements, hosted by the CEO and CFO of the company [2][3] - The conference call will be conducted in English and will include a Q&A session, with a recording available on the company's website the following day [3][4] Financial Reporting - Financial statements and investor presentations will be accessible on TASE's MAYA website and the Israel Securities Authority's MAGNA website [2] - The interim financial statements will provide full and precise information for the period ended September 30, 2025 [4] Market Engagement - Bank Leumi has joined TASE's tailor-made market-making program, marking a significant development in TASE's market operations [6] - Bill Ackman, a prominent investor, opened trading at TASE, emphasizing the importance of the exchange in supporting Israel's economy [7][8]

Core Insights - The New York Stock Exchange (NYSE) is experiencing a significant increase in trading activity, processing 1.2 trillion order messages per day, a threefold increase from four years ago [1][2] - The surge in trading volume is attributed to AI-driven trading, algorithmic strategies, and high-speed market participants, fundamentally transforming U.S. market structures [1][2] Trading Volume and Market Dynamics - In April, a peak day for the NYSE saw 1.2 trillion incoming order messages, compared to about 350 billion messages per day during the early days of the COVID pandemic four years ago [2] - Each message represents a buy order, sell order, or match, indicating that stocks are changing hands at unprecedented speeds [2] AI Integration in Market Surveillance - The NYSE has integrated artificial intelligence to monitor trading flows in real time, as human oversight is no longer sufficient to keep pace with market activity [3] - AI functions as a regulatory tool, scanning for market manipulation, spoofing, and cyberattacks amidst the high volume of daily messages [3] Cybersecurity Measures - The NYSE operates a private, offline data center, which is unique among exchanges, to address rising cybersecurity concerns alongside increasing message volume [4] - This data center is isolated from the public internet, utilizing point-to-point links to enhance security and protect critical infrastructure [5]

Core Points - Trading in Apollomics Inc. Class A ordinary shares and warrants will resume on October 15, 2025, at 9:00 a.m. and 9:05 a.m. Eastern Time respectively [1] - Trading was previously halted on September 17, 2025, at 2:37:17 p.m. Eastern Time [1] Company Information - Apollomics Inc. is listed on the Nasdaq Stock Market under the symbols APLM for Class A ordinary shares and APLMW for warrants [1] - For further information, stakeholders are encouraged to contact the company directly or check the Nasdaq website [2]

Core Points - Trading in QMMM Holdings Limited has been halted by Nasdaq for additional information requested from the company [1] - The Securities and Exchange Commission (SEC) previously suspended trading in QMMM from September 29, 2025, to October 10, 2025 [1] - The last sale price of QMMM's ordinary shares was $119.40 [1] Summary by Sections - **Trading Suspension** - Nasdaq has halted trading in QMMM Holdings Limited pending further information [1] - The SEC's trading suspension was in effect from 04:00 on September 29, 2025, to 23:59 on October 10, 2025 [1] - **Company Information** - Trading will remain halted until QMMM Holdings Limited fully satisfies Nasdaq's request for additional information [2] - For further news and information, stakeholders are advised to contact the company directly or check under the company's symbol on the Nasdaq website [2] - **Contact Information** - Nasdaq Media Contact: Michelle Mendiola, email: michelle.mendiola@nasdaq.com [4] - Additional information about Nasdaq can be found on their official website [3]

Core Insights - Hong Kong's status as a leading international financial center relies on its ability to adapt to the evolving needs of China's economy, as highlighted by Wang Lei, CEO of Huatai Financial Holdings [2][5]. Group 1: Financial Innovation and Historical Context - Hong Kong has historically introduced various financial innovations, such as red chips and H-shares, to cater to both foreign capital and the needs arising from mainland China's reforms [3]. - The city has established specific listing rules, including Chapters 18A and 18C, to facilitate the growth of specialized sectors [3][7]. Group 2: Current Trends and Opportunities - There is a notable increase in Chinese hi-tech and biotech start-ups pursuing listings in Hong Kong, driven by advancements in artificial intelligence and partnerships with global pharmaceutical companies [5][6]. - The Hong Kong stock exchange has implemented measures to expedite the IPO application process, reclaiming its position as the world's leading venue for initial public offerings [6]. Group 3: Regulatory Changes - In May, the Hong Kong stock exchange permitted confidential filings for biotech start-ups and high-growth firms in sectors like AI and robotics, aiming to attract more listings [7]. - Regulatory bodies have reduced the IPO review timeline for existing mainland-listed companies to 40 business days, enhancing the efficiency of the listing process [7].

Core Insights - TMX Group reported significant financing activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for September 2025, highlighting a notable increase in total financings raised compared to previous months and the same month last year [2][4]. TSX Summary - In September 2025, TSX welcomed 29 new issuers, a decrease from 44 in August 2025 but an increase from 13 in September 2024 [2]. - Total financings raised in September 2025 reached approximately $1.34 billion, marking a 354% increase from the previous month and a 120% increase from September 2024 [5]. - The total number of financings in September 2025 was 55, down from 62 in August 2025 but up from 31 in September 2024 [5]. - Year-to-date statistics show 225 new issuers listed in 2025, a 94% increase from 116 in 2024, and total financings raised year-to-date reached approximately $11.34 billion, a decrease of 11.9% from 2024 [6]. TSXV Summary - TSXV had three new issuers in September 2025, compared to one in August 2025 and five in September 2024 [4]. - Total financings raised in September 2025 were approximately $630 million, a decrease of 22% from the previous month but an increase of 63% from September 2024 [7]. - The total number of financings in September 2025 was 119, down from 124 in August 2025 but up from 94 in September 2024 [7]. - Year-to-date statistics indicate 27 new issuers listed in 2025, a decrease of 30.8% from 39 in 2024, with total financings raised reaching approximately $5.46 billion, a 67.3% increase from 2024 [8]. New Listings - Notable new listings on TSX in September 2025 included various ETFs and consumer products companies, such as BetaPro ETFs and Canada Packers Inc. [9][10]. - On TSXV, new listings included mining companies like Asante Gold Corporation and Pecoy Copper Corp. [11].

Core Viewpoint - The Beijing Stock Exchange (BSE) will switch to a new securities code (920) for all existing stocks starting from October 9, 2025, enhancing its independent market identity and improving stock recognition [1][2][4]. Group 1: Code Switching Details - The BSE will implement the new 920 code for 248 existing stocks, with a corresponding code mapping available on its official website [2][3]. - The transition to the new code has been in preparation for two years, following the China Securities Regulatory Commission's (CSRC) directive to enhance stock identification [2][3]. - The new code will not affect trading rules, and the trading methods, price limits, and trading hours will remain unchanged [1][4]. Group 2: Investor Impact - The continuity of the stock's identity and investor rights will remain intact post-code switch, with historical trading information displayed under the new code [4][5]. - Investors will see their holdings transition from the old code to the new code without any changes to their ownership duration or related information [4][5]. - Brokerage firms are required to support trading with both old and new codes, ensuring that clients can access complete trading records since the stock's listing [5][6]. Group 3: Brokerage Firm Preparedness - Multiple brokerage firms have announced readiness for the code switch, advising clients to upgrade their trading terminals to the latest version [5][6]. - Brokerages will ensure that the transition is seamless, with automatic updates to trading apps and systems to reflect the new codes [6].