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 [4] - Net revenues totaled $2.4 billion, supported by a 5% increase in recurring revenue [4] - Adjusted operating expenses for the third quarter were $981 million, with disciplined cost management contributing to this figure [4][5] - The adjusted tax rate for the third quarter was 21%, benefiting from prior year tax audit settlements [5] Business Line Data and Key Metrics Changes - Exchange segment net revenues reached $1.3 billion, with transaction revenue at $876 million [6] - 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 were 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% [7][19] - 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 integration to enhance operational efficiency and customer solutions, with the ICE Aurora platform being a key initiative [14][15] - Strategic investments in data center infrastructure are aimed at supporting business growth and meeting increasing customer demand [25] - The company is positioning itself to leverage blockchain technology and improve collateral management through its investment in Polymarket [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic conditions and maintain growth, citing strong performance in the third quarter [41] - The company anticipates continued growth in recurring revenues and transaction volumes, driven by strategic investments and market demand [20][41] - Management highlighted the importance of maintaining high standards in listings and the impact of regulatory changes on market dynamics [9][34] Other Important Information - The company returned $674 million to shareholders during the quarter, including approximately $400 million in share repurchases [5] - The company expects fourth quarter adjusted operating expenses to be in the range of $1.005 billion to $1.015 billion [5][6] Q&A Session Summary Question: Impact of AI in mortgage origination and servicing - Management discussed the transition of mortgage platforms to systems of intelligence, enhancing operational efficiencies and compliance [45][51] Question: Short-term dynamics regarding Flagstar and PennyMac - Management noted that Flagstar's exit would impact revenues, while PennyMac's contribution would not be felt until 2028 [64][66] Question: Details on Polymarket's data licensing and blockchain technology - Management emphasized the innovative architecture of Polymarket and its potential to enhance ICE's workflows and trading efficiency [70][86]

Group 1 - The Hong Kong Stock Exchange (HKEX) has seen positive market reactions since launching its technology listing service in May, allowing for greater flexibility for companies to submit applications confidentially. Approximately 300 companies have applied for listings, with nearly half from the technology sector, followed by healthcare and biotechnology [1] - The HKEX aims to continue optimizing its listing processes to enhance flexibility for companies, and it is considering potential improvements to the dual-class share structure introduced seven years ago [1] - The HKEX's office in Riyadh, Saudi Arabia, has commenced operations, which is expected to strengthen communication and collaboration with regional partners. The first consumer company headquartered in the Middle East plans to list in Hong Kong, indicating initial success for the exchange [1] Group 2 - The HKEX emphasizes that it operates as a rules-based exchange, with the fundamental principle that listed companies must have substantial business operations. The exchange is currently researching virtual currency, focusing on how to optimize or advance market infrastructure related to virtual assets [2]

Core Insights - Investors today have a wide range of options for investment, including private markets and cryptocurrencies, making traditional stocks seem outdated [1][2] - Exchanges are increasingly collaborating rather than competing, reflecting a shift in the investment landscape [2] Market Performance - Stock markets are performing well, with indices reaching all-time highs, driven by retail investors engaging with popular companies and investment trends [3] - The U.S. market is showing signs of recovery, with more companies looking to go public, including private equity and government-backed firms [4] IPO Trends - Saudi Arabia has seen a significant increase in IPOs, rising from 8-9 annually to around 40-45 [5] - Hong Kong has completed nearly 80 IPOs recently, indicating a recovery in investor confidence regarding Chinese stocks [5] Investor Behavior - The rise in global IPOs is attributed to investors seeking diversification to mitigate market volatility caused by geopolitical uncertainties and protectionist policies [6] - There is a strong demand for investments in sectors like AI, semiconductors, and green technology, alongside a new trend in consumer products, exemplified by the popularity of Labubu dolls [6]

India’s largest commodity exchange temporarily suspended trading due to a technical problem, leaving market participants unable to execute orders or access live prices https://t.co/TeBtut1jhA ...

Core Insights - Deutsche Boerse reported a 6% increase in third-quarter net profit, surpassing analysts' expectations [1] - The company reaffirmed its forecasts for the year despite facing low trading volumes [1] Financial Performance - The net profit for the third quarter rose by 6%, indicating strong financial performance [1] - Analysts had anticipated lower results, highlighting the company's better-than-expected performance [1] Future Outlook - Deutsche Boerse is maintaining its forecasts for the year, suggesting confidence in its business strategy and market conditions [1] - The company is navigating challenges related to low trading volumes but remains optimistic about future performance [1]

Core Insights - CME Group Inc. is recognized as a dominant and highly profitable exchange, demonstrating strong growth and robust margins [1] Group 1: Company Performance - CME Group Inc. has been identified as a powerhouse in the exchange sector, continuing to deliver strong growth [1] - The company maintains robust profit margins, indicating effective operational efficiency [1] Group 2: Investment Opportunities - The service "Value in Corporate Events" offers insights into major corporate events such as IPOs, mergers & acquisitions, and earnings reports, aiming to identify the best investment opportunities [1]

Core Insights - CME Group Inc. is recognized as a dominant and highly profitable exchange, demonstrating strong growth and robust margins [1] Group 1 - CME Group Inc. continues to perform well, maintaining its status as a powerhouse in the exchange industry [1] - The company is noted for delivering strong growth while achieving high profit margins [1] - The investing group "Value In Corporate Events" focuses on identifying opportunities in major corporate events such as IPOs, mergers & acquisitions, and earnings reports [1]

Core Viewpoint - CBOE Global (CBOE) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][2]. Earnings Estimates and Stock Price Movement - Changes in a company's future earnings potential, as reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements [3]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [3]. CBOE's Earnings Outlook - For the fiscal year ending December 2025, CBOE is expected to earn $9.81 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 2.5% over the past three months [7]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [6]. - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings across over 4,000 stocks, ensuring that only the top 20% receive a "Strong Buy" or "Buy" rating [8][9]. Implications of the Upgrade - The upgrade of CBOE to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for higher stock movement in the near term due to favorable earnings estimate revisions [9].

This year has been dismal for London’s initial public offerings market. A number of high-profile companies have chosen to list elsewhere, fundraising has been at 30-year lows and in September it slipped out of the world’s top 20 listing destinations. How did one of the world’s most storied exchanges and Europe’s biggest equity market begin to lose its appeal as an IPO hotspot? https://t.co/oRuehuO6AE ...

Core Points - Cboe Global Markets has declared a quarterly cash dividend of $0.72 per share for the fourth quarter of 2025, payable on December 15, 2025, to stockholders of record as of November 28, 2025 [1] Company Overview - Cboe Global Markets is recognized as the world's leading derivatives and securities exchange network, providing advanced trading, clearing, and investment solutions globally [2] - The company offers trading solutions across multiple asset classes, including equities, derivatives, and foreign exchange, in regions such as North America, Europe, and Asia Pacific [2] - Cboe is dedicated to creating a trusted and inclusive global marketplace that supports sustainable financial futures for its users [2]