Hong Kong Exchanges and Clearing (HKEX), the operator of Asia's third-largest stock market, on Wednesday reported its best quarterly and nine-month earnings on record on the back of rising turnover and initial public offerings (IPOs). Net profit for the three months to September rose 56 per cent from a year earlier to HK$4.9 billion (US$628 million), or HK$3.88 per share, beating analysts' estimate of HK$4.7 billion, according to an exchange filing. It was HKEX's best quarterly profit, exceeding the HK$4 ...

Core Insights - Nasdaq CEO Adena Friedman believes blockchain will transform the traditional financial system by enhancing post-trade infrastructure, improving collateral mobility, and facilitating faster payments [1][3]. Group 1: Post-Trade Infrastructure - The current post-trade processes are fragmented and rely on outdated infrastructure, which creates unnecessary friction and ties up capital [2][4]. - Blockchain technology has the potential to unify and streamline these workflows, reducing inefficiencies and accelerating financial activities [2][4]. Group 2: Collateral Management - Digital assets can enhance the movement and management of collateral, allowing for quicker transfers across platforms and borders [3]. - Friedman emphasizes the importance of creating a collateral mobility effort to free up significant amounts of capital [3]. Group 3: Payment Systems - The existing payment infrastructure is seen as a bottleneck that hinders capital flow [4]. - Improving or rebuilding payment systems using blockchain could unlock substantial capital currently trapped in outdated processes, facilitating easier fund movement across various platforms and asset classes [4]. Group 4: Nasdaq's Initiatives - Nasdaq has initiated steps towards integrating blockchain by filing with the U.S. Securities and Exchange Commission to support trading of tokenized securities [5]. - The proposed framework allows for tokenized settlement, enabling trades to be routed for delivery into digital wallets while maintaining the existing securities structure [5].

Core Insights - Intercontinental Exchange, Inc. (ICE) reported Q3 2025 financial results with a consolidated net income of $816 million and net revenues of $2.4 billion, supported by a 5% increase in recurring revenue [1][2] - The growth in recurring revenue was driven by a 9% increase in exchange data and a 7% rise in fixed income and data services, indicating strong demand for proprietary data offerings [2] - ICE is enhancing its AI capabilities by leveraging its operational expertise, differentiated proprietary data, and network effects of its platform [3] Financial Performance - The company decreased its outstanding debt by approximately $175 million, resulting in a gross leverage ratio of just over 2.9x EBITDA [4] - For Q4 2025, ICE anticipates adjusted operating expenses between $1.005 billion and $1.015 billion [4] Market Position and Outlook - Despite some trading volume slowdowns in energy markets, ICE is viewed as maintaining a defendable, industry-leading position across multiple business lines, with potential for favorable long-term trends [4] - The investment management company Macquarie Asset Management noted that ICE's stock fell out of favor during the quarter, but emphasized the long-term structural aspects of the energy market that support sustained commodity volatility [4]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is open to reviewing the "Weighted Voting Rights (WVR)" listing rules, indicating a willingness to adapt to market feedback and improve the listing system [1] Group 1: Listing Rules and Governance - HKEX has revised its listing rules, which now require boards to have a non-single gender composition and to include at least one director of a different gender [1] - The next step for HKEX is to establish a talent pool for female directors to ensure a steady supply of qualified candidates [1] Group 2: Market Position and Applications - HKEX is viewed as a stable and reliable market for US-listed Chinese companies considering a listing in Hong Kong, particularly due to its attractive interconnectivity trading mechanisms with mainland China [1] - Currently, HKEX is processing over 300 listing applications, with the actual number expected to be higher when including confidential submissions [1]

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Core Insights - Cboe Global Markets, Inc. (CBOE) reported third-quarter 2025 adjusted earnings of $2.67 per share, exceeding the Zacks Consensus Estimate by 5.5% and reflecting a 20% year-over-year increase [1][8] - The company achieved record total adjusted revenues of $605.5 million, a 14% year-over-year increase, driven by strong performance in derivatives markets, Data Vantage, and cash and spot markets [2][8] Operational Details - Options revenues increased by 19% year over year to $380.8 million, attributed to growth in market data, access and capacity fees, and higher net transaction and clearing fees due to increased average daily volume [2] - North American Equities revenues rose 6% year over year to $103.5 million, while Europe and Asia Pacific revenues surged 24% to $69.1 million [3] - Futures net revenues decreased by 22% year over year to $29.6 million, primarily due to lower net transaction and clearing fees [3] - Global FX net revenues increased by 13% year over year to $22.5 million, driven by higher net transaction and clearing fees [4] Financial Update - CBOE exited the third quarter with cash and cash equivalents of $1.5 billion, a 62.6% increase from the end of 2024 [6] - Total assets rose 16.4% year over year to $9.1 billion, while total shareholders' equity increased by 14.1% to $4.9 billion [6] Share Repurchase and Dividend Update - In Q3, CBOE paid out cash dividends totaling $75.7 million, or 72 cents per share, and had approximately $614.5 million remaining under its existing share repurchase authorizations [9] Guidance Update - CBOE expects organic total net revenue growth in the low double-digit to mid-teens range for 2025, an increase from previous guidance of high single-digit growth [10] - Adjusted operating expenses are anticipated to be between $827 million and $842 million for 2025, down from earlier guidance [11] - Capital expenditures are projected to be in the range of $73 million to $83 million for 2025, also a reduction from previous estimates [12]

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Core Insights - Cboe Global Markets reported record financial results for Q3 2025, with net revenue of $605.5 million, diluted EPS of $2.85, and adjusted diluted EPS of $2.67, reflecting year-over-year growth of 14% and 20% respectively [2][13] - The company is undergoing a strategic realignment to focus on core strengths and growth opportunities, including the initiation of a sales process for Cboe Australia and Cboe Canada, and exiting U.S. and European Corporate Listings [3][8] Financial Performance - Total net revenue for Q3 2025 increased by 14% compared to Q3 2024, driven by strong performance in derivatives, cash and spot markets, and Data Vantage [2][19] - Adjusted operating expenses for Q3 2025 were $210.2 million, up from $204.0 million in Q3 2024, primarily due to increased compensation and benefits [16] - The effective tax rate for Q3 2025 was 30.1%, up from 29.3% in Q3 2024, influenced by the recognition of uncertain tax positions [17] Business Segment Performance - Options segment achieved record net revenue of $380.8 million, a 19% increase from Q3 2024, supported by a 26% rise in total options average daily volume [21] - North American Equities net revenue rose by 6% to $103.5 million, while European and Asia Pacific segment revenue increased by 24% to $69.1 million [19][32] - Futures segment revenue decreased by 22% to $29.6 million, attributed to a decline in net transaction and clearing fees [32] Strategic Initiatives - The company is increasing its 2025 organic total net revenue growth guidance to 'low double-digit to mid-teens' from 'high single-digit' [8][33] - Cboe is also lowering its full-year adjusted operating expense guidance to a range of $827 million to $842 million [8][33] - The strategic realignment aims to enhance the company's position in the derivatives market and capitalize on emerging opportunities [3][8] Market Position - Cboe's options exchanges held a market share of 30.9% in Q3 2025, up from 30.5% in the same period last year [21] - The company’s U.S. Equities exchanges experienced a decline in market share to 9.8% from 10.9% in Q3 2024, reflecting increased off-exchange trading [21][32] - Cboe's European Equities market share improved to 25.4% from 23.8% year-over-year [32]

Core Insights - Cboe Global Markets has appointed JJ Kinahan as Senior Vice President, Head of Retail Expansion and Alternative Investment Products, to lead a new business vertical focused on alternative investment products for retail customers [2]. Group 1: Leadership and Strategy - JJ Kinahan will oversee product strategy, regulatory alignment, and market execution for innovative offerings such as event-based trading, prediction markets, crypto derivatives, and tokenized instruments [2]. - Rob Hocking, Global Head of Derivatives at Cboe, emphasized the significant opportunity for growth in areas where Cboe can lead and differentiate, highlighting Kinahan's exceptional track record and commitment to investor education [2]. - Craig Donohue, CEO of Cboe, noted that the company has strengthened its leadership team with strategic hires, positioning Cboe to capitalize on emerging opportunities in retail-oriented digital, crypto, and event markets [2]. Group 2: Background of JJ Kinahan - Prior to joining Cboe, Kinahan was the CEO of IG US Holdings, overseeing multiple trading platforms, and has held significant roles at TD Ameritrade and Charles Schwab [2]. - Kinahan's experience includes being a market maker at the Chicago Board Options Exchange and positions at ING Bank and Van Der Moolen, showcasing his extensive background in the financial industry [2]. Group 3: Cboe's Market Position - Cboe Global Markets is recognized as a leading derivatives and securities exchange network, providing trading solutions across multiple asset classes globally [3]. - The company is committed to building a trusted and inclusive global marketplace, enabling individuals to pursue sustainable financial futures [3].

Financial Data and Key Metrics Changes - Third quarter adjusted earnings per share were $1.71, up 10% year over year, marking the best third quarter in the company's history [5] - Net revenues totaled $2.4 billion, supported by a 5% increase in recurring revenue [5] - Adjusted operating expenses for the third quarter were $981 million, with disciplined cost management contributing to this figure [5][6] - The adjusted tax rate for the third quarter was 21%, benefiting from prior year tax audit settlements [6] Business Line Data and Key Metrics Changes - Exchange segment net revenues reached $1.3 billion, with transaction revenue totaling $876 million [7] - Recurring revenues in the Exchange segment totaled a record $389 million, up 7% year over year, driven by a 9% growth in exchange data services [8] - Fixed income and data services segment revenues totaled a record $618 million, with transaction revenues of $123 million [9] - Mortgage Technology revenues totaled $528 million, up 4% year over year, with recurring revenues at $391 million [11] Market Data and Key Metrics Changes - Open interest across futures and options surged 16% year over year, with energy futures up 14% and interest rate futures climbing 37% [8] - Global gas portfolio volumes increased 20% year to date, with significant growth across North America, Europe, and Asia [20] - Power markets saw volumes up 21% year to date, reinforcing the synergy between gas and power markets [20] Company Strategy and Development Direction - The company is focusing on AI to enhance operational efficiency and deliver analytical insights, with the ICE Aurora platform being a key initiative [15][18] - Strategic investments in data center infrastructure are aimed at supporting increased demand for data and AI integration [10][24] - The company is positioning itself to leverage blockchain technology through its investment in Polymarket, aiming to enhance its clearing and trading capabilities [31][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic conditions, highlighting strong demand for risk management tools [19][40] - The company anticipates continued growth in recurring revenues and is focused on extending its track record of growth into 2026 [14][40] - Management acknowledged the challenges posed by regulatory environments but remains optimistic about the evolution of markets and technology integration [32][36] Other Important Information - The company returned $674 million to shareholders during the quarter, including approximately $400 million in share repurchases [6] - The company reduced debt outstanding by roughly $175 million, lowering gross leverage to just over 2.9 times EBITDA [6] Q&A Session Summary Question: Impact of AI in mortgage origination and servicing - Management highlighted that AI has transformed their platforms from systems of record to systems of intelligence, enhancing operational efficiencies and sales [44][46] Question: Short-term dynamics regarding Flagstar and PennyMac - Management noted that while Flagstar's exit will impact revenue, the overall sales performance remains strong, with new client acquisitions expected to offset losses [49][53] Question: Details on Polymarket's data licensing and blockchain technology - Management emphasized the innovative aspects of Polymarket's smart contracts and the potential for increased trading efficiency through 24/7 collateral management [60][62] Question: Clarification on fourth quarter revenue guidance - Management clarified that the guidance referred to recurring revenue levels remaining stable, with typical seasonal impacts expected [71][73] Question: Long-term outlook on competition in the mortgage space - Management expressed confidence in their independent, well-capitalized position, emphasizing the importance of being a neutral technology provider [75][78]