Cboe Global Markets Declares First-Quarter 2026 Dividend [Accessibility Statement] Skip NavigationCHICAGO, Feb. 13, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its Board of Directors has declared a quarterly cash dividend of $0.72 per share of common stock for the first quarter of 2026. The first-quarter 2026 dividend is payable on March 13, 2026, to stockholders of record as of February 27, 2026.About Cboe Glo ...

Core Insights - Morgan Stanley's strategic shift towards wealth and investment management is aimed at stabilizing its earnings profile, moving away from the volatility of deal-making and trading. By 2025, these segments are projected to contribute 54% of total net revenues, a significant increase from 26% in 2010 [1][9]. Wealth and Investment Management - The wealth and investment management segments are characterized by recurring revenues, which are generally more resilient compared to transaction-driven investment banking. This stability is supported by long-term client relationships and diverse service offerings [2][3]. - Morgan Stanley has enhanced its wealth management capabilities through acquisitions, including E*TRADE and Eaton Vance, which have expanded its distribution and client engagement [3]. Asset Growth and Financial Targets - By the end of 2025, Morgan Stanley aims to manage total client assets of $9.3 trillion, bolstered by $356 billion in net new assets, positioning the firm close to its $10 trillion target [4][9]. Investment Banking Outlook - The investment banking sector is experiencing a resurgence, with global M&A activity increasing by 41% year-over-year to $4.81 trillion, driven by a favorable regulatory environment and economic conditions [6][7]. - Morgan Stanley's investment banking revenues rose by 23% in 2025, following a 35% increase in 2024, indicating a strong recovery in deal-making and IPO activities [8][9]. Strategic Collaborations - Morgan Stanley's partnership with Mitsubishi UFJ Financial Group is expected to enhance profitability through operational synergies in Japan, solidifying its market position [10]. - The collaboration with Zerohash will allow E*TRADE clients to trade cryptocurrencies, potentially increasing revenues through trading spreads and advisory fees [12]. Financial Health and Capital Distribution - As of December 31, 2025, Morgan Stanley reported long-term debt of $341.7 billion and average liquidity resources of $385.9 billion, indicating a robust balance sheet [13]. - The company has increased its quarterly dividend by 8% to $1.00 per share and has a share repurchase program of up to $20 billion, reflecting strong capital distribution plans [14][15]. Earnings Prospects and Valuation - Analysts have revised upward the earnings estimates for Morgan Stanley, projecting growth of 8.4% and 7.1% for 2026 and 2027, respectively [16][18]. - The stock is currently trading at a forward P/E of 16.34X, higher than the industry average of 14.96X, indicating a stretched valuation compared to peers [19][21]. Stock Performance - Morgan Stanley's shares have increased by 32.8% over the past year, outperforming the industry and the S&P 500, although it has lagged behind Goldman Sachs [22][25].

Core Insights - Euronext announced trading volumes for January 2026, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] Market Position - As of December 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.7 trillion, making it a significant player in global debt and fund listings [3] - Euronext accounts for 25% of European lit equity trading, offering a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3] Recent Developments - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange (ATHEX), enhancing its pan-European market infrastructure [4]

Core Viewpoint - Tradeweb Markets Inc. is a significant player in the electronic trading sector, with upcoming quarterly earnings expected to meet or exceed Wall Street estimates, which could impact stock performance positively or negatively depending on actual results [1][2]. Financial Performance Expectations - The company is projected to report earnings per share (EPS) of $0.85 and revenue of approximately $516.1 million for the quarter ending December 2025 [1][5]. - The anticipated year-over-year increase in earnings is primarily driven by higher revenues for the quarter [2]. Market Valuation Metrics - Tradeweb has a price-to-earnings (P/E) ratio of approximately 33.69, indicating investor willingness to pay for earnings [3][5]. - The price-to-sales ratio is about 10.64, reflecting the market's valuation of the company's revenue [3]. - The enterprise value to sales ratio stands at around 9.76, suggesting the company's total valuation relative to its sales [3]. Cash Flow and Financial Stability - The enterprise value to operating cash flow ratio is approximately 17.79, providing insight into cash flow generation relative to valuation [4]. - Tradeweb's earnings yield is about 2.97%, indicating the return on investment [4]. - The company maintains a low debt-to-equity ratio of 0.022, suggesting financial stability [4][5]. - A current ratio of 4.11 highlights Tradeweb's strong liquidity and ability to cover short-term liabilities [4][5].

Core Viewpoint - Euronext has successfully completed a €250 million share repurchase program, repurchasing approximately 1.90% of its share capital at an average price of €127.03 per share [1][2]. Group 1: Share Repurchase Program Details - The share repurchase program was executed from November 18, 2025, to January 27, 2026, totaling 1,967,993 shares [1]. - The program was conducted in compliance with applicable regulations, including the Market Abuse Regulation and was authorized by the General Meeting of Shareholders on May 15, 2025 [2]. Group 2: Future Actions - During the 2026 Annual General Meeting scheduled for May 20, 2026, the Managing Board will seek authorization to confirm the cancellation of the repurchased shares [3]. Group 3: Company Overview - Euronext is a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, and settlement [5]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a market capitalization of €6.5 trillion, handling 25% of European lit equity trading [6]. - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange, further expanding its market presence [7].

Financial Data and Key Metrics Changes - 2025 was a record-breaking year for the company, achieving new full-year record levels in revenue, net interest income, fees, non-interest income, earnings per share, loans, and deposits [5] - End-of-period deposits grew by 6% year-over-year, with significant traction in both non-interest-bearing and time deposits [5] - End-of-period loans also increased by 6%, driven by growth in commercial and industrial (C&I) and residential mortgage lending [5] - Tangible book value per share grew by 17%, and the company generated a 17% return on tangible common equity [6] Business Line Data and Key Metrics Changes - Fee income grew by 12% in 2025, achieving record levels driven by strong performance in wealth management, derivatives, foreign exchange, deposit fees, and lending fees [11] - C&I loan growth in Q4 was primarily driven by new relationships, with expectations for continued strength in 2026 [9] - Residential mortgage lending also performed well, with a strong pipeline expected to contribute consistently to growth [9] Market Data and Key Metrics Changes - The company reported a fourth-quarter net interest income of $658 million, benefiting from short-term liability sensitivity and favorable deposit mix shifts [10] - The cost of deposits decreased by 23 basis points quarter-over-quarter, with a total reduction of 105 basis points since the start of the cutting cycle [10] Company Strategy and Development Direction - The company remains committed to disciplined capital management and delivering top-tier returns for shareholders through prudent growth and robust risk management [7] - A focus on deposit growth through dedicated business checking campaigns is planned to continue into 2026 [8] - The company aims to maintain a balanced growth strategy across multiple loan categories, including C&I, CRE, and residential mortgages [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic outlook for 2026, anticipating stronger loan growth compared to 2025 [20] - The company is focused on maintaining high performance relative to peers, regardless of economic conditions [22] - Management expects net interest income growth to be in the range of 5%-7% for 2026, driven by balance sheet growth [11] Other Important Information - The board declared a $0.20 increase to the quarterly dividend, raising it to $0.80 per share, a 33% increase [7] - The company’s regulatory capital ratios remain well above regulatory requirements, with a Common Equity Tier 1 capital ratio of 15.1% [16] Q&A Session Summary Question: Loan growth expectations for 2026 - Management acknowledged strong loan growth in Q4 but emphasized caution in projecting future growth due to potential economic volatility [21] Question: Areas of expense growth - The company is investing in technology, hiring for wealth management, commercial banking, and risk management, with a focus on supporting future growth [25][26] Question: Fee income growth trends - Management aims to continue double-digit growth in fee income, supported by investments in various business areas [33] Question: Commercial real estate (CRE) growth opportunities - Management expects to see increased activity in CRE lending, focusing on long-term relationships with experienced operators [34][36] Question: Capital management and buyback strategy - The company will continue to be opportunistic with buybacks, focusing on creating value for shareholders [100] Question: Credit charge-off guidance for 2026 - The increase in charge-off guidance reflects potential individual credit issues, despite overall strong credit metrics [46][48] Question: Net interest margin outlook - Management expects to offset declining rates with balance sheet growth, maintaining a focus on dollar net interest income [52] Question: Deposit costs and trends - The company has been disciplined in managing deposit costs and expects to maintain a beta exceeding 0.5 [45] Question: Blockchain and cryptocurrency integration - Management is monitoring developments in blockchain technology but sees it as still early for significant integration into their services [70]

21世纪经济报道 记者 崔文静 看点一：自营与资管业务如何隔离？交易单元特权时代是否终结？ 1月16日，中国证监会就《衍生品交易监督管理办法（试行）（征求意见稿）》面向社会公开征求意见。 新规直指衍生品业务的核心风险点，对经营机构的内部治理提出了更为细致的要求。 此次修订在2023年初版草案基础上，充分吸纳了行业反馈，旨在为快速发展的衍生品市场构建一套更为完善、可操作的监管规 则体系。 修订内容直指市场关切的核心领域，不仅明确了业务隔离、穿透监管等关键风险防控要求，也对产品创新与服务实体经济的边 界作出了更清晰的界定。 对于证券公司、期货公司、实体企业及各类专业投资者而言，这份新规意味着其日常的业务运营、风险管理和套期保值策略都 将迎来明确而具体的合规指引，一个更加规范、透明的衍生品市场发展新阶段即将开启。 新规实施后，这种"分仓"操作将暴露在统一的监控之下。监管层能够识别出一个交易群体背后的真实风险总量，从而更有效地 防范市场操纵和过度投机。这要求相关交易者必须重新评估其多市场组合的合规性，风控模型也需要相应升级，将场内外衍生 品头寸进行一体化管理。 看点三：严控"复杂衍生品"，企业套保如何合规避险？ 新规 ...

Core Insights - Whales have adopted a bearish stance on Robinhood Markets, with 54% of trades being bearish compared to 27% bullish [1] - The price target for Robinhood Markets is projected between $50.0 and $140.0 based on recent options activity [2] - Significant options trades indicate a mix of bearish and bullish sentiments, with notable put and call trades [8] Options Activity - A total of 33 trades were detected, with 16 puts amounting to $921,264 and 17 calls totaling $975,755 [1] - The volume and open interest trends provide insights into liquidity and investor interest, particularly within the $50.0 to $140.0 strike price range over the past 30 days [3] Market Status - Current trading volume for Robinhood Markets stands at 4,220,219, with the stock price at $119.94, reflecting a decrease of 0.42% [14] - Analysts have issued a consensus target price of $154.0, with varying ratings from different firms, including Equal-Weight and Overweight [11][12]

Group 1 - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics, with a primary emphasis on a global, long-run macro view for investment considerations [1] - Long-horizon research will concentrate on digital assets, macroeconomic factors, and general value opportunities, while short-horizon research will target options and volatility for income generation and hedging [1]

John Marshall, Head of Derivatives Research at Goldman Sachs says options and other derivatives trading is going to be a bigger part of portfolios in 2026. He also thinks investors are less likely to buy treasury volatility. He joined the discussion on "Bloomberg Markets" with Scarlet Fu and Natalia Kniazhevich. ...