Group 1: European Market Liquidity - The largest liquidity pool for equity in Europe has been established, although it remains smaller than that of the US [3] - This liquidity pool trades between 11 and 12 billion euros daily, with an aggregate market capitalization exceeding 6.5 trillion euros, more than twice the size of the London equity market and three times that of the Frankfurt equity market [2] Group 2: Integration and Market Infrastructure - The integration of Greek capital markets within the Euronext family is significant, demonstrating a commitment to real capital market union [4] - The purpose of market infrastructure is emphasized as connecting local economies with global markets to finance the real economy [4] Group 3: Greece's Economic Recovery - Greece has seen a turnaround, borrowing for 10-year bonds at approximately 3.3%, which is cheaper than the UK and France [6][7] - Greece is celebrating its second or third year of budget surplus, indicating a significant improvement in its economic situation [7] - The reforms implemented over the past years and the efforts of Greek society are highlighted as key factors in this recovery, making it an opportune time for investment in Greece [8]

分组1 - Nvidia reported a strong third quarter, with earnings up 65% year-over-year and revenue rising 62%, leading to a 5% increase in shares after hours [5][2] - The company provided guidance for current quarter sales of $65 billion, exceeding analyst expectations by approximately $3 billion [5] - CEO Jensen Huang emphasized the robust demand for Nvidia's advanced Blackwell chips, stating that sales are "off the charts" due to accelerating AI compute demand [5][6] 分组2 - Huang addressed concerns about an AI bubble, asserting that Nvidia's position in the tech sector is strong and distinct from other companies [6][13] - Despite the positive outlook, there are concerns regarding customer concentration, with four major customers accounting for 61% of sales, which poses risks [8][9] - Nvidia's sales in China were impacted by geopolitical issues, with significant purchases not materializing as expected [10][11] 分组3 - The market reacted positively to Nvidia's earnings, with strong gains in US futures and European markets following the announcement [16][18] - Analysts noted that while Nvidia's execution was commendable, there remains uncertainty about future demand and the ability of customers to monetize their AI investments [18][29] - The broader market sentiment is influenced by Nvidia's performance, but there are concerns about the sustainability of the AI trend and its implications for other sectors [31][34]

Core Insights - Singapore is enhancing its stock market appeal for companies and investors through a partnership with Nasdaq to facilitate dual listings in the U.S. and Singapore [1][2] - The initiative introduces a "Global Listing Board" for companies with a market capitalization exceeding 2 billion Singapore dollars (approximately $1.5 billion) [1] Group 1 - The partnership aims to provide firms with access to global capital, investors, and liquidity via a unified cross-border listing framework [2] - A significant feature includes the simplification of regulatory obligations and fundraising processes, allowing companies to use a single set of documents for compliance on both exchanges by mid-2026 [3] - This dual listing approach enables continuous price discovery across different time zones, enhancing risk management for investors [4] Group 2 - The initiative is described as the "first of its kind," particularly beneficial for companies with an Asian presence seeking global exposure while maintaining a singular regulatory experience [4] - This move aligns with the Singapore government's broader strategy to boost the attractiveness of its stock market for companies looking to list and access growth capital [4]

ANNOUNCEMENT EURONEXT N.V. (“Euronext” or the “Offeror”) announces the successful outcome of its voluntary share exchange tender offer made to acquire the ordinary registered shares of HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A. (“ATHEX”) 19 November 2025 INTRODUCTION In accordance with article 23 of Greek Law 3461/2006, as amended and in force (the “Law”), Euronext announces the successful outcome of its voluntary share exchange tender offer (the “Tender Offer”), which it submitted on 30 July 2025, to ...

ANNOUNCEMENT EURONEXT N.V. (“Euronext” or the “Offeror”) announces the successful outcome of its voluntary share exchange tender offer made to acquire the ordinary registered shares of HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A. (“ATHEX”) 19 November 2025 INTRODUCTION In accordance with article 23 of Greek Law 3461/2006, as amended and in force (the “Law”), Euronext announces the successful outcome of its voluntary share exchange tender offer (the “Tender Offer”), which it submitted on 30 July 2025, to ...

Euronext announces the success of the voluntary share exchange tender offer to acquire ATHEX Group Strong shareholder support reflects confidence in the future growth trajectory of Euronext ATHEX to join Euronext’s best-in-class trading and post-trade technology, boosting the visibility and attractiveness of the Greek market on an international scaleThis result reinforces Euronext’s leadership in Europe and advances the Group’s diversification strategy Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Pa ...

Summary of Nasdaq Conference Call Company Overview - **Company**: Nasdaq (NasdaqGS:NDAQ) - **Date**: November 19, 2025 - **Speaker**: Sarah, CFO of Nasdaq Key Industry Insights Generative AI (Gen AI) Impact - Nasdaq has been preparing for Gen AI for over a decade, having invested in cloud and AI technologies since 2014 and 2015 respectively [6][10] - The company emphasizes the importance of contributory data, which is unique and not easily replicable, as a competitive advantage for Gen AI applications [6][7] - Examples of contributory data include: - **Verafin**: Over $10 trillion in total assets from 2,700 banks, developed over 15 years [7] - **eVestment**: Utilized by allocators for around 89,000 strategies [7] - Gen AI applications are expected to enhance efficiency in compliance and fraud detection for banks, potentially reducing the need for human intervention in 80% of sanctions processes [8][9] Financial Performance and Growth - Nasdaq has seen a significant increase in enterprise signings for Verafin, with three times the amount of signings in the current year compared to previous periods [13] - The average contract value (ACV) of signings has doubled, indicating strong demand [13] - The cross-sell pipeline remains steady at approximately 15%, with ongoing efforts to expand into new markets, including Europe [13][14] Capital Market Technology - Nasdaq reported a 13% growth in capital market technology in Q3, driven by advancements in Gen AI across various business segments [15] - The company operates about 20 exchanges across the Nordics and the U.S., benefiting from new entrants in the digital space [19] Regulatory Technology (Reg Tech) - Nasdaq anticipates the implementation of smart regulation, which will provide clarity for clients and enhance the adoption of regulatory solutions [22][23] - The company has a strong international presence with coverage in 55 countries and 110 regulators, making it difficult for competitors to replicate [23] Data Business - Nasdaq's data business is divided into regulated data and proprietary data, with significant growth in both areas [36][37] - The company is expanding its data offerings to include local stocks from the Nordics and alpha-generating datasets for hedge funds [37][38] Tokenized Securities - Nasdaq has proposed a framework for tokenized securities that aims to enhance liquidity while maintaining investor protections [39][40] - The proposal allows for settlement options in both traditional and tokenized forms, potentially improving efficiency in capital markets [40] Cost Synergies and Expense Management - Nasdaq has exceeded its synergy guidance, achieving approximately $150 million in cost efficiencies year-to-date [41] - The company is focused on maintaining a balance between expense growth and revenue growth, with a specific emphasis on leveraging Gen AI for operational efficiencies [42] Capital Allocation Strategy - Nasdaq is prioritizing organic growth and maintaining a progressive dividend policy while considering share repurchases and debt management [45][46] - The company remains open to potential bolt-on acquisitions but emphasizes organic investments as the primary focus [46] Additional Insights - Nasdaq's brand recognition as a top global brand enhances its listings franchise, contributing to its market position [28][29] - The index business has grown significantly, with an increase in assets under management (AUM) from $100 billion in 2017 to $800 billion [30][32] This summary encapsulates the key points discussed during the Nasdaq conference call, highlighting the company's strategic focus on technology, growth, and market positioning.

The Toronto Stock Exchange is planting deeper roots in the US. TMX Group just opened a new office in Manhattan as part of a bigger push to grow its footprint beyond Canada. CEO John McKenzie joined Bloomberg Open Interest to talk about the company's growth. ...

Core Insights - Deutsche Boerse is planning to integrate stablecoins issued by Societe Generale into its settlement business to promote wider usage of these tokens [1] Company Summary - Deutsche Boerse aims to enhance its settlement operations by incorporating stablecoins from Societe Generale, indicating a strategic move towards digital asset integration [1] - Societe Generale's stablecoins are expected to play a significant role in this initiative, reflecting the growing interest in digital currencies within traditional financial systems [1]

Group 1 - The Nasdaq is experiencing multi-year strength due to factors such as ongoing interest rate cuts by the Federal Reserve, which make borrowing cheaper and encourage corporate investment and consumer spending [1] - AI enthusiasm is driving earnings growth and significant investments in major tech companies, contributing to the Nasdaq's performance [1] - Strong consumer spending, supported by a solid economy and the holiday season, along with continued corporate earnings expansion in the tech sector, provides a solid foundation for Nasdaq gains heading into the new year [1] Group 2 - Potential headwinds for the Nasdaq rally include high valuations in tech stocks, which may be vulnerable if growth does not meet expectations [2] - Economic uncertainties such as potential trade tensions, new tariffs, or a cooling labor market could pose risks to the Nasdaq [2] - The Nasdaq's heavy reliance on a few mega-cap tech companies creates concentration risk, where any issues with these leaders could lead to broader market volatility [2] Group 3 - The Nasdaq is up 54% year-to-date, following a 26% return in 2024, and has rallied about 59% since April 2025 with minimal corrections [4] - The 50-day simple moving average (SMA) has supported the April rally, with only five retests, indicating a strong upward trend [4] - Despite concerns of overextension and potential corrections, the Nasdaq has continued to defy predictions of downturns, showing little sign of reversing its trend [4] Group 4 - The December Nasdaq futures contract will soon roll over to the March contract, with significant historical correlations observed in previous years [6] - The correlation percentages for years such as 1997, 2010, 2014, 2018, and 2021 are all above 87%, indicating a strong historical trend [6] - Current correlation trends show a steady uptrend into year-end, providing a potential roadmap for future market behavior [6]