Financial Data and Key Metrics Changes - The company reported revenue of $415 million for H1 2025, representing a year-on-year growth of 4% [39] - EBITDA for the same period was $185 million, reflecting a significant increase of 1512% year-on-year [38] - Total customer deposits more than doubled to $3.1 billion, with an average deposit per active customer reaching approximately $17,000 [24][38] - The company ended the first half with cash balances of approximately $938 million and no debt [6][41] Business Line Data and Key Metrics Changes - Non-OTC revenues accounted for approximately 13% of the group's total revenue in 2025, up from just 1% when the futures business was acquired in 2021 [23] - The futures business saw customer segregated funds grow to approximately $850 million, a 140% increase from the previous year [25] - 66% of OTC revenue was derived from customers who have been trading with the company for over three years, indicating strong customer retention [8] Market Data and Key Metrics Changes - The company expanded its geographic reach with new offerings in Japan and the conditional acquisition of MetaEquities in India [5] - The UAE and the US were highlighted as key markets driving growth [5] Company Strategy and Development Direction - The company aims to deepen customer engagement and enhance retention through investments in technology and customer service [9] - The strategic roadmap focuses on diversification into non-OTC products and expanding operations in new markets [49] - The company is committed to being carbon negative by 2030 and has moved to a more energy-efficient headquarters [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the structural growth opportunities ahead and the positive momentum in the business [4] - The company is well-positioned to leverage its proprietary technology and regulatory licenses to drive future growth [20][47] Other Important Information - The company announced shareholder returns of $365 million for the year to date, equivalent to 11% of its market capitalization as of June 30, 2025 [6] - Plus500 has been recognized as the best-performing share in the FTSE All Share Index over the last twelve years [7] Q&A Session Summary Question: Impact of regulatory changes in India on MetaEquities - Management views the new regulatory changes in India as positive, as they support a more structured and regulated market environment [54][55] Question: Growth in non-OTC customer deposits - The company has exceeded its initial targets for non-OTC customer deposits, but management emphasizes the importance of balancing growth across both OTC and non-OTC segments [56][57] Question: Dynamics behind growth in customer deposits - Growth in customer deposits is driven by onboarding new institutional customers and introducing brokers, which has led to increased deposits from their customer bases [61][62] Question: Improvements in customer retention - The company has focused on enhancing its technology stack and integrating AI and big data capabilities to improve customer retention and reduce churn rates [64] Question: Future revenue acceleration from non-OTC products - Management anticipates continued growth in revenues from non-OTC products as the company invests in new fundamentals and expands its offerings [67] Question: Marketing efficiency improvements - The company has optimized its marketing strategies, leading to lower customer acquisition costs while increasing the quality of earnings and customer longevity [72]

Group 1 - The Chicago Mercantile Exchange (CME) has updated its Bitcoin commodity trading volume report as of July 22 [1]

Core Insights - Intercontinental Exchange (ICE) reported a record trading volume of 1.2 billion futures and options contracts in the first half of the year [1] Group 1 - The trading volume of ICE's futures and options contracts reached an all-time high [1]

Core Insights - The Intercontinental Exchange (ICE) reported a record trading volume of 1.2 billion futures and options contracts in the first half of the year [1] Group 1 - ICE achieved a significant milestone with trading volumes reaching 1.2 billion contracts, indicating strong market activity [1]

Group 1 - The average daily trading volume of futures at the Chicago Board Options Exchange (CBOE) decreased by 21.2% in June [1] - The trading volume of index options increased by 18.6% [1] - The trading volume of listed options grew by 7.6% across multiple locations [1]

Group 1 - The Intercontinental Exchange (ICE) has increased the margin for Brent crude oil futures by 24% [1]

Core Insights - The Chicago Board Options Exchange (CBOE) Volatility Index increased by 3.06 points, reaching 21.08 points, marking the highest level since May 23 [1] Group 1 - The rise in the CBOE Volatility Index indicates increased market uncertainty and potential volatility in the near term [1] - The current level of the index suggests that investors may be anticipating significant market movements [1] - The increase in volatility could impact trading strategies and risk management approaches for investors [1]

Core Viewpoint - The document outlines the management system for securities investment and financial derivatives trading of the company, emphasizing risk control, compliance with laws, and protection of investor rights [1][2]. Group 1: General Principles - The system aims to regulate the company's securities investment and financial derivatives trading, ensuring risk control and compliance with relevant laws and regulations [1]. - Securities investment includes various activities such as new stock subscriptions, stock repurchases, and bond investments [1]. - Financial derivatives trading encompasses products like forwards, futures, swaps, and options, with underlying assets that can include securities, indices, interest rates, and commodities [1][2]. Group 2: Scope and Applicability - The system applies to the company and its consolidated subsidiaries, requiring subsidiaries to obtain company approval before engaging in securities investment and derivatives trading [2][3]. - Certain investment behaviors, such as fixed-income investments or acquiring over 10% of another company's shares for more than three years, are excluded from this system [2]. Group 3: Approval Authority - The board of directors must review investment risks and control measures for securities investments exceeding 1% of the company's latest audited net assets or 10 million RMB [3]. - Investments exceeding 5% of net assets or 50 million RMB require both board and shareholder meeting approvals [3]. Group 4: Risk Control Measures - The company must use its own funds for securities investment and derivatives trading, avoiding the use of raised funds or non-compliant sources [3][10]. - A risk emergency response mechanism must be activated in case of significant market changes or operational violations [10]. Group 5: Internal Management and Auditing - The board and shareholders are the main decision-making bodies for securities investment and derivatives trading, with the management executing operations within authorized limits [6]. - The audit department is responsible for supervising trading activities and must conduct audits at least biannually [7]. Group 6: Information Disclosure - The company must disclose its securities investment and derivatives trading activities according to the Shanghai Stock Exchange rules [13]. - Any significant risks or potential risks must be reported to the exchange and publicly announced when they meet disclosure standards [13]. Group 7: Legal Responsibilities - Violations of laws or internal regulations in trading activities will lead to serious consequences for responsible personnel, including legal accountability [15].

Core Insights - The Chicago Board Options Exchange (CBOE) Volatility Index reached a two-week high, increasing by 3.14 points to 23.42 points [1] Group 1 - The CBOE Volatility Index is a key measure of market volatility and investor sentiment [1] - The increase in the index indicates rising uncertainty in the market [1] - A level of 23.42 points suggests heightened expectations of future volatility [1]

Core Insights - The Chicago Board Options Exchange (CBOE) Volatility Index has reached a low not seen in over six weeks, with a recent decline of 1.72 to a level of 20.18 [1] Group 1 - The CBOE Volatility Index is a key measure of market volatility and investor sentiment [1] - The recent drop indicates a potential decrease in market uncertainty and risk perception among investors [1] - A level of 20.18 suggests a relatively calm market environment compared to historical volatility levels [1]