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CME Group broke its single-day record for cryptocurrency futures and options trading, logging 794,903 contracts on November 21, the company said. The spike, which surpasses the previous record set in August, highlights a surge in demand for regulated crypto derivatives during a time of heightened market volatility. The Chicago-based exchange has seen activity in its crypto suite climb throughout 2025, fueled by both institutional players and retail investors. Giovanni Vicioso, CME’s global head of cryptoc ...

Core Insights - CME Group set a new record for open interest in U.S. Treasury futures and options, reaching 35,120,066 contracts on November 20, 2025, and recorded a trading volume of 44,839,732 contracts on November 21, marking the second-highest daily volume ever [1][2]. Group 1: Market Performance - The strong open interest and trading volume reflect market participants' demand for liquidity and efficiency amid economic uncertainty and Federal Reserve easing [2]. - CME Group is recognized as the leading interest rate market, offering a wide range of benchmark products including U.S. Treasuries and SOFR [2]. Group 2: Client Benefits - Clients can achieve over $20 billion in daily margin savings through CME Group's interest rate products, which also allow for portfolio margining with other cleared interest rate swaps and futures [3]. - The U.S. Treasury and SOFR futures are designed to enhance risk management capabilities for clients [3]. Group 3: Company Overview - CME Group operates as a comprehensive derivatives marketplace, enabling clients to trade across various asset classes including interest rates, equity indexes, foreign exchange, and more [4]. - The company provides futures and options trading through the CME Globex platform and is a leading central counterparty clearing provider [4].

Core Viewpoint - CME Group's third-quarter 2025 earnings report shows adjusted earnings per share of $2.68, surpassing estimates, but revenues have declined year-over-year due to lower clearing and transaction fees and trading volumes [2][3]. Financial Performance - Revenues for CME Group were $1.5 billion, reflecting a 2.9% decrease year-over-year, primarily driven by lower clearing and transaction fees [3]. - Total expenses increased by 0.8% year-over-year to $565 million, exceeding estimates due to higher compensation, technology, and professional fees [3]. - Operating income fell by 5% from the prior year to $972.6 million, below the estimated $1 billion [4]. Trading Volume and Rates - Average daily volume (ADV) reached a record of 25.3 million contracts, down 10.4% year-over-year, with declines across various product lines [4]. - The total average rate per contract was 70.2 cents [4]. Financial Position - As of September 30, 2025, CME Group had $3.6 billion in cash and marketable securities, an 8.5% decrease from the end of 2024 [5]. - Long-term debt increased by 27.7% to $3.4 billion, while shareholders' equity rose by 6.4% to $28.2 billion [5]. Capital Deployment - CME Group distributed $3.5 billion in dividends during the first nine months of 2025, totaling $29.5 billion since the introduction of the variable dividend policy in early 2012 [6]. Market Sentiment - Recent estimates have remained flat, indicating a stable outlook from investors [7]. - CME Group holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [10]. VGM Scores - CME Group has a poor Growth Score of F, a Momentum Score of B, and a Value Score of D, placing it in the bottom 40% for value investors, resulting in an overall VGM Score of F [8].

Core Insights - Intercontinental Exchange (ICE) stock is currently trading within a support zone of $145.97 to $161.33, from which it has historically rebounded, achieving an average peak return of 19.6% on three occasions over the past decade [2][4] Financial Performance - ICE reported a 10% adjusted EPS growth for Q3 2025 and a 7% increase in dividends, indicating continued growth [4] - The company has a revenue growth of 16.3% over the last twelve months (LTM) and an average growth of 10.0% over the past three years [10] - ICE's free cash flow margin stands at nearly 32.5%, with an operating margin of 38.2% for LTM [10] Market Position and Strategy - The recent launch of IRM 2 for energy clearing and the integration of AI technology in mortgage sectors are expected to enhance efficiency [4] - Analysts maintain a "Buy" consensus on ICE, forecasting over 25% upside potential, supported by diversified revenue channels and high operating margins of 59% adjusted [4] Industry Context - The company benefits from industry tailwinds in fintech and data analytics, which enhance demand and help offset cyclical vulnerabilities in the energy sector [4] - Share buybacks and debt reduction strategies further strengthen ICE's financial position [4] Historical Performance and Risks - ICE has shown significant susceptibility to market downturns, with a 74% decline during the Global Financial Crisis and declines of about 33% and 34% during the Inflation Shock and Covid Pandemic, respectively [6]

Core Viewpoint - Morgan Stanley upgraded Nasdaq (NDAQ) to Overweight from Equal-Weight due to both cyclical and secular tailwinds that are expected to drive accelerated revenue growth [4] Group 1: Company Upgrades and Downgrades - Nasdaq (NDAQ) was upgraded to Overweight from Equal-Weight by Morgan Stanley [4] - MarketAxess Holdings (MKTX) was downgraded to Equal-Weight from Overweight by Morgan Stanley [4]

Summary of Nasdaq Conference Call Company Overview - **Company**: Nasdaq, Inc. (NasdaqGS:NDAQ) - **Date of Conference**: November 18, 2025 - **Participants**: Michael Cho (Equity Analyst, JPMorgan), Sarah Youngwood (CFO, Nasdaq) Key Points Industry and Market Dynamics - Nasdaq has observed a strong recovery in equity markets and listings following a shutdown, indicating a productive year in 2025 despite challenges [7][15] - The company has a robust pipeline for IPOs and capital raises, with a strong outlook for 2026 [12][7] - Nasdaq's capital access platforms have performed well, contributing positively to the overall business [8] Capital Markets and Listings - There is ongoing activity planned for the remainder of 2025, with a strong pipeline for 2026, although not all issuers are looking to list immediately [12] - The dual share class structure and E-ETFs are emerging trends, with Nasdaq well-positioned to benefit from potential approvals in the coming years [21][23] Data Business Performance - Nasdaq has increased its expectations for the full year due to strong performance in data and listings [30] - The company is leveraging its global franchise to attract investors interested in U.S. markets, which are viewed as the deepest and widest capital markets [30] - Nasdaq is recognized as a gold standard for data, benefiting from trends in retail trading and globalization [31] Private Markets and Strategic Divestments - Nasdaq has divested from Solovis due to a lack of synergies with its core investment business, focusing instead on areas with greater potential for innovation and shareholder value [43][44] - The company is expanding its private market data offerings, including partnerships to enhance its data ecosystem [52] Verafin and Fraud Detection - Verafin is experiencing growth driven by tier one and tier two clients, with a focus on integrating behavioral data from BioCatch to enhance fraud detection capabilities [60][81] - The partnership with BioCatch aims to combine transactional and behavioral data, providing significant value to clients [82] Financial Outlook and Capital Allocation - Nasdaq generates approximately $2 billion in cash flow annually, with a focus on organic growth and a balanced approach to capital allocation, including dividends and share repurchases [97][99] - The company aims to maintain a leverage ratio of around three times by the end of the year, indicating a strong financial position [99] Regulatory Environment - Nasdaq does not perceive significant regulatory threats in financial crime management, viewing regulatory developments as opportunities for growth [77][78] Conclusion - Nasdaq is well-positioned for future growth with a strong pipeline in listings, a robust data business, and strategic partnerships enhancing its offerings in fraud detection and private markets. The company maintains a balanced approach to capital allocation while focusing on organic growth opportunities.

Group 1 - Nvidia's performance is positively influencing futures, with key indexes attempting to recover from recent losses [1] - Merck's stock experienced a significant increase due to a surprise win for its drug, sotatercept, in treating pulmonary hypertension [2] - CME Group and Marathon Petroleum are highlighted as strong stocks to monitor in the current market environment [1] Group 2 - Ligand Pharma's stock has surged by 88% this year, driven by its involvement in two major drugs [4] - The market is seeing a focus on stocks near buy points, including CrowdStrike and Valero, as oil refinery margins improve [4] - Merck is actively engaging in acquisitions, exemplified by its $9.2 billion deal for Cidara Therapeutics [4]

Core Points - Euronext successfully launched a €600 million bond issuance with a 3-year maturity and an annual coupon of 2.625%, rated "A-" by S&P [1][3] - The bond issuance was significantly oversubscribed, with an order book exceeding €3 billion, indicating strong investor confidence [2][3] - Proceeds from the bond will be utilized for general corporate purposes, including refinancing existing debt, aligning with Euronext's strategic goals [2][3] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [5] - 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 European equity trading [6] - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [6]

Core Insights - Nvidia's upcoming earnings report is highly anticipated, with futures indicating market interest [1] - CME Group's stock is showing a first-stage cup base pattern, with an entry point at $288.28 and support at the 200-day line [1] - Merck has recently broken out past its latest buy point amidst ongoing stock market volatility [2] Group 1: Company Performance - CME Group Cl A has achieved a relative strength rating upgrade, reaching an 80-plus benchmark [4] - The stock market is experiencing volatility, impacting trading exchanges like CME and Cboe, which have lost support levels [4] Group 2: Market Trends - The stock market is currently volatile, with various sectors, including Netflix and ADMA, being affected [4] - CrowdStrike is highlighted as a stock to watch, indicating potential investment opportunities as the market stabilizes [4]