Core Viewpoint - South Korea's main stock exchange is negotiating with financial authorities to relax regulations on high-risk leveraged exchange-traded products, as the recent surge in local stock prices has not attracted retail investors back to the market [1] Group 1 - The main bourse in South Korea is experiencing a record rally in local shares [1] - Despite the rally, retail investors have not returned to the domestic market [1] - The discussions with financial authorities aim to ease existing rules that currently ban high-risk leveraged exchange-traded products [1]

Core Viewpoint - The China Securities Regulatory Commission has approved an adjustment to the financing margin ratio for the Shanghai and Shenzhen North Exchanges, increasing the minimum financing margin ratio from 80% to 100% for new financing contracts, aimed at reducing leverage and protecting investors' rights [1] Group 1 - The financing margin ratio was previously lowered from 100% to 80% in August 2023, which led to a steady increase in financing scale and trading volume [1] - Recent trends show a significant increase in financing transactions and relatively ample market liquidity, prompting the adjustment to return the margin ratio to 100% [1] - The adjustment applies only to new financing contracts, while existing contracts will continue to follow the previous regulations [1]

Core Insights - TMX Group reported significant activity on the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for December 2025, highlighting a notable increase in new issuers compared to previous months and years [2][4]. TSX Summary - TSX welcomed 84 new issuers in December 2025, a substantial increase from 15 in November 2025 and 7 in December 2024 [2]. - Total financings raised in December 2025 amounted to approximately $3.00 billion, a decrease of 29% from the previous month but an increase of 151% compared to December 2024 [2][6]. - The total number of financings in December 2025 was 37, down from 43 in November 2025 and up from 26 in December 2024 [2][6]. - Year-to-date statistics for 2025 show 375 new issuers listed, a 153.4% increase from 148 in 2024 [7]. - Total financings raised year-to-date in 2025 reached approximately $23.26 billion, a 44% increase from $16.15 billion in 2024 [7]. TSXV Summary - TSXV had 2 new issuers in December 2025, compared to 3 in November 2025 and 2 in December 2024 [4]. - Total financings raised in December 2025 were approximately $1.57 billion, a 14% decrease from the previous month but a 222% increase from December 2024 [4][8]. - The total number of financings in December 2025 was 123, down from 153 in November 2025 and up from 120 in December 2024 [4][8]. - Year-to-date statistics for 2025 indicate 38 new issuers listed, a decrease of 20.8% from 48 in 2024 [9]. - Total financings raised year-to-date in 2025 reached approximately $10.09 billion, a 114.7% increase from $4.70 billion in 2024 [9]. Market Capitalization - The market capitalization of listed issues on TSX reached approximately $6.28 trillion in December 2025, up from $4.90 trillion in December 2024, reflecting a 28.1% increase [6][7]. - TSXV's market capitalization was approximately $142.03 billion in December 2025, an increase of 59.9% from $88.81 billion in December 2024 [8][9].

National Stock Exchange of India Ltd (NSE), the country’s largest exchange, plans to file its draft prospectus ‍for its long awaited public listing by the end of March, according ​to two people familiar with the matter.The exchange ‌is in discussions with investment bankers and law firms ​to finalise the prospectus and gauge investor appetite for what could be one of India’s biggest ever initial public offerings, the sources said.NSE has not indicated how much of its equity would be listed. A platform that ...

Core Insights - Euronext announced trading volumes for December 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] 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, making it a significant player in debt and fund listings globally [3] - Euronext accounts for 25% of European lit equity trading, offering a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3] Recent Developments - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange (ATHEX), enhancing its pan-European market infrastructure [4]

Core Insights - TMX Group Limited reported significant increases in trading statistics for December 2025 across its marketplaces, including the Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, and Montréal Exchange [1] Trading Statistics - Total trading volume in December 2025 reached 16,242,244,527 shares, up from 14,208,169,648 in November 2025 and 11,889,867,199 in December 2024, marking a year-over-year increase of 36.5% [2] - The total value of trades in December 2025 was $382,012,822,955, compared to $348,072,436,278 in November 2025 and $293,372,588,752 in December 2024, reflecting a year-over-year increase of 30.2% [2] - The number of transactions in December 2025 was 26,919,186, slightly down from 28,095,632 in November 2025 but up from 20,701,916 in December 2024 [2] Daily Averages - Daily trading volume averaged 792.3 million shares in December 2025, an increase from 710.4 million in November 2025 and 609.7 million in December 2024 [3] - Daily average trading value was $18,634.8 million in December 2025, up from $17,403.6 million in November 2025 and $15,044.7 million in December 2024 [3] - Daily average transactions were 1,313,131 in December 2025, down from 1,404,782 in November 2025 but up from 1,061,037 in December 2024 [3] Year-to-Date Statistics - For the year 2025, total trading volume reached 167,617,991,815 shares, a 26.5% increase from 132,487,069,253 shares in 2024 [4] - The total value of trades year-to-date in 2025 was $4,009,884,446,293, representing a 29.4% increase from $3,098,121,383,229 in 2024 [4] - The number of transactions year-to-date in 2025 was 312,634,059, up 25.6% from 248,855,010 in 2024 [4] Toronto Stock Exchange - In December 2025, the Toronto Stock Exchange recorded a trading volume of 9,486,106,262 shares, up from 8,908,413,019 in November 2025 and 7,708,838,580 in December 2024 [6] - The value of trades on the Toronto Stock Exchange in December 2025 was $360,286,533,284, compared to $325,825,113,125 in November 2025 and $274,446,030,031 in December 2024 [6] - The number of transactions on the Toronto Stock Exchange in December 2025 was 22,635,269, down from 23,960,280 in November 2025 but up from 18,142,502 in December 2024 [6] TSX Venture Exchange - The TSX Venture Exchange reported a trading volume of 5,362,031,737 shares in December 2025, an increase from 4,048,567,315 in November 2025 and 3,051,837,733 in December 2024 [10] - The value of trades on the TSX Venture Exchange in December 2025 was $4,414,555,690, compared to $3,431,901,111 in November 2025 and $1,308,464,098 in December 2024 [10] - The number of transactions on the TSX Venture Exchange in December 2025 was 1,959,619, up from 1,591,029 in November 2025 and 697,660 in December 2024 [10] TSX Alpha Exchange - The TSX Alpha Exchange recorded a trading volume of 1,364,927,322 shares in December 2025, up from 1,221,120,861 in November 2025 and 1,105,572,371 in December 2024 [14] - The value of trades on the TSX Alpha Exchange in December 2025 was $16,586,344,207, down from $18,065,379,256 in November 2025 but similar to $16,871,957,031 in December 2024 [14] - The number of transactions on the TSX Alpha Exchange in December 2025 was 2,215,266, down from 2,430,819 in November 2025 but up from 1,790,296 in December 2024 [14] Montréal Exchange - The Montréal Exchange reported a derivatives volume of 19,928,614 contracts in December 2025, slightly down from 20,484,351 in November 2025 but up from 16,750,195 in December 2024 [22] - The open interest in contracts on the Montréal Exchange was 31,429,744 in December 2025, down from 33,839,881 in November 2025 but up from 23,611,466 in December 2024 [22] - Year-to-date derivatives volume for 2025 was 234,406,982 contracts, a 19.3% increase from 196,457,160 contracts in 2024 [23]

Core Viewpoint - Nasdaq, Inc. (NDAQ) stock has increased by over 16.4% in the last two months and is up 2.6% this year, leading to speculation about its investment potential ahead of upcoming results expected on January 30 [1][3] Price Performance - NDAQ is currently trading at $99.69, which is a 16.4% increase from its recent low of $85.56 on November 5 [3] - Analysts have raised their average price targets for NDAQ, with the current average target at $104.20, up from $101.89 previously [4] Analyst Expectations - The mean analyst survey price target has increased from $104.50 to $107.00, while another source reports an average target of $108.72 from 12 analysts [4] - Analysts expect an average upside of around 7% from the current price, with a target of $106.64 [4] Investment Strategy - There is speculation that analysts may be waiting for the upcoming results before making further investment decisions [5] - A suggested strategy for investors is to sell short out-of-the-money put options to potentially lower the buy-in price while generating income [5] Options Trading - NDAQ options are available monthly, with the upcoming January 16, 2026 expiration showing a $0.28 midpoint premium for the $95.00 strike price put option [6] - This option could yield a 10-day return of 0.295%, translating to a one-month yield of 0.88% if repeated [7] - For the February 20, 2026 expiration, the same put option has a midpoint premium of $1.18, representing an income yield of 1.24% for a $9,500 investment over 45 days [7]

羊城晚报全媒体记者 莫谨榕 2024年，国际资本市场仍弥漫着对香港国际金融中心地位的疑虑，其时刚刚上任的香港交易所集团行政 总裁陈翊庭驳斥所谓"香港是国际金融中心遗址"的论调过于片面。如今，香港资本市场已经完成了逆 袭，数据显示，香港交易所2025年有114家企业完成IPO，合计募资约2863亿港元，不仅超过2023年与 2024年两年募资总和，更强势登上全球交易所IPO募资额榜首。 "遗址论"不攻自破！在陈翊庭看来，香港拥有"与内地资本市场独特的互联互通机制，高度国际开放、 流动性充裕且多元化的市场，还有持续创新的决心"，正积极拥抱"成为全球金融市场核心的巨大机 遇"。 香港IPO市场的回暖得益于龙头企业的相继奔赴。2025年港股迎来8只融资破百亿港元的超大型新股上 市，占总融资额约五成。排在首位的宁德时代募资约410亿港元，不仅是2025年内全球第二大IPO纪 录，也创下近4年港股最大IPO纪录，其国际配售认购倍数达15.2倍，散户认购倍数高达151.2倍，全球 资金纷纷抛出橄榄枝。 港交所敲锣声不断，正成为全球资金的蓄水池。本轮港股IPO浪潮中，大量外资机构成为了基石投资 者。记者统计发现，2025年以 ...

Core Viewpoint - The Christian Social Union (CSU) in Germany is supporting Chancellor's initiative for a single European stock exchange to enhance European listings and stimulate economic growth [1] Group 1 - The CSU is the sister party to the Christian Democratic Union (CDU) led by Friedrich Merz [1] - The initiative aims to facilitate European listings, which could potentially lead to increased investment opportunities within the region [1] - The move is positioned as a strategy to bolster economic growth across Europe [1]

Core Insights - The S&P 500 ended 2025 with a 16% gain, indicating a strong overall market performance for the year [1] - The Nasdaq Composite is experiencing its longest losing streak since April, with a decline of 0.2% on Wednesday, marking four consecutive days of losses [2] Market Performance - The Nasdaq Composite has been trading sideways after reaching a record high on October 29, suggesting a period of consolidation following significant gains [2] - High-flying artificial intelligence stocks are under increased scrutiny regarding their spending and soaring valuations, contributing to the recent declines in the Nasdaq [2]