The Rise of Tokenized Stocks Is Being Driven by Legacy Finance Last week, the SEC approved Nasdaq’s (NASDAQ: $NDAQ) proposal to allow certain stocks and ETFs to trade in tokenized form alongside their traditional versions, with settlement still running through the Depository Trust Company. Eligible names include Russell 1000 stocks and major index ETFs. ICE (NYSE: $ICE), the parent of the NYSE, is building a similar platform, and regulators said earlier this month that banks will not face extra capital cha ...

Core Viewpoint - The company has maintained a long-term position in Intercontinental Exchange (ICE), which aligns with its investment philosophy due to its strong competitive advantages and market position [1]. Investment Principles - The company focuses on investing in firms with consistent earning power and durable competitive advantages [1]. - A sufficient margin of safety is a priority in investment decisions [1]. - Preference is given to companies that generate substantial cash flow and consistently achieve above-average returns on capital [1]. - The company favors firms with conservative leverage to mitigate financial risk [1]. - Maintaining an appropriate level of cash is essential to capitalize on market volatility [1].

Core Viewpoint - The U.S. Securities and Exchange Commission has approved a Nasdaq proposal to allow certain stocks to be traded and settled in tokenized form, indicating a significant step towards integrating blockchain-based settlement into mainstream equity markets [1] Group 1: Regulatory Developments - The approval from the U.S. Securities and Exchange Commission marks a pivotal moment for the adoption of blockchain technology in equity trading [1] - Nasdaq's initiative reflects the growing interest among exchange operators to innovate and enhance trading mechanisms through technology [1] Group 2: Market Implications - The move towards tokenized trading could potentially streamline settlement processes and increase efficiency in equity markets [1] - This development may attract more investors and participants to the market, as it aligns with the increasing trend of digital asset integration [1]

Group 1 - The U.S. Securities and Exchange Commission approved Nasdaq's proposal to trade certain stocks in tokenized form, marking a significant step towards integrating blockchain-based settlements into mainstream equity markets [1][2] - Nasdaq's proposal, filed in September, aims to amend its rules to allow listed stocks and exchange-traded products to be traded either as traditional shares or as blockchain-based digital tokens [3] - Initially, securities eligible for tokenized trading will be limited to stocks in the Russell 1000 Index and exchange-traded funds tracking major benchmarks like the S&P 500 and Nasdaq 100 [3] Group 2 - Exchange operators are intensifying efforts to capitalize on the tokenization trend as cryptocurrency regulations ease under the Trump administration [2] - Intercontinental Exchange has also developed a platform for trading and on-chain settlement of tokenized securities and is seeking regulatory approvals for this initiative [4]

Key Takeaways Cboe Global benefits from diversified revenues and recurring non-transaction income streams. CBOE projects mid-to-high single-digit Data Vantage growth, driven by demand and global expansion. Cboe Global faces rising expenses, competition, and currency and credit risk exposure. Cboe Global Markets, Inc. (CBOE) shares have gained 33.3% in the past year against the industry's decline of 0.9%. The Finance sector has returned 9.7%, and the Zacks S&P 500 composite has appreciated 23.1% in the said ...

Headquartered in Chicago, Illinois, Cboe Global Markets, Inc. (CBOE) runs a global network of securities and derivatives exchanges, delivering trading, clearing, and market data across equities, options, futures, and foreign exchange. With a market cap of approximately $30.5 billion, the company sits in the “large-cap” territory, a space reserved for firms valued above $10 billion. The scale is strengthening Cboe’s ability to expand into listings, deepen its market data offerings, and roll out index-linke ...

此外建议还将保密申请范围由二次上市、生物科技及特专科技公司扩容至所有新申请人；并强化上市申 请退回机制，公布保荐人、会计师事务所、律师事务所等中介机构身份，以强化信息披露。2025 年港 股IPO 募资额重回全球第一，2026 年至今IPO 募资972 亿港元，是25 年同期的5 倍以上。 为巩固香港作为成长型企业首选集资地和全球资本布局亚洲首选市场，港交所上市制度进一步优化，我 们继续看好上市制度改善和人民币预期升值下港交所的配置价值，推荐配置。我们维持2026 年归母净 利润同比+9.8%至195亿港元的盈利预测，对应PE 为26 倍，维持"买入"评级。 风险提示：权益市场大幅回调、上市制度改革不及预期等。 事件：3/13 联交所刊发《咨询文件》，就一系列有关提升香港上市机制竞争力的建议咨询市场意见， 是2018 年推行一系列上市改革后再次优化。 优化"同股不同权"上市制度，1）降低对采用不同投票权架构公司的市值和财务要求，将过去市值≥400 亿港元或市值≥100 亿港元及最近一个会计年度的收入门槛≥10 亿港元的门槛，降低为市值≥200 亿港元 或市值≥60亿港元及最近一个会计年度的收入门槛≥6 亿港元 ...

Cboe Global Markets Announces Date of First-Quarter 2026 Earnings Release and Conference Call Accessibility StatementSkip Navigation CHICAGO, March 17, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity derivatives, will announce its financial results for the first quarter of 2026 before the market opens on Friday, May 1, 2026. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET). A live ...

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Core Viewpoint - Cboe Global Markets has submitted a proposal to the SEC to launch near 24x5 U.S. equities trading on its EDGX exchange, aiming for a December 2026 launch pending regulatory approval and infrastructure readiness [1][2][3]. Group 1: Trading Hours and Structure - Cboe plans to make all listed NMS stocks available for trading from Sunday 9 p.m. ET to Friday 8 p.m. ET, with a one-hour operational pause from 8 to 9 p.m. ET Monday through Thursday [2]. - The trading will exclude U.S. market holidays and all trades will be cleared through the Depository Trust and Clearing Corporation (DTCC) [2]. Group 2: Market Demand and Growth - There has been significant growth in demand for U.S. equities outside traditional trading hours, with Cboe's U.S. Equities Early Trading Hours volumes increasing by 590% in average daily volume from February 2022 to February 2026 [3][4]. - Cboe currently offers trading from 4 a.m. ET to 7 a.m. ET on two of its four exchanges, including EDGX [3]. Group 3: Infrastructure and Data - Critical components for launching overnight trading include enhancing market access and providing high-quality, real-time data [5]. - Cboe is expanding its Cboe One U.S. Equities Feed, which provides consolidated, real-time market data from its four U.S. equities exchanges, which accounted for 20.2% of U.S. equities on-exchange trading in 2025 [5][6]. Group 4: Operational Expertise - Cboe has a strong track record in operating around-the-clock trading in derivatives and FX markets, leveraging this expertise to ensure robust market and investor protections [3][4]. - The company operates a follow-the-sun model in its FX markets, providing continuous operational coverage and client support across global time zones [4].