Group 1: Market Context - Increased uncertainty in the economy and market volatility benefit global financial operators who profit from heightened trading activity [1][2] - Geopolitical tensions, mixed data signals, and tech bubble concerns continue to drive investor behavior and trading volume [2] Group 2: CME Group Overview - CME Group is identified as the world's largest derivatives marketplace, executing contracts on major exchanges including CBOT, CME, NYMEX, and COMEX [3] - The company reported a fifth consecutive record year in average daily volume (ADV) of contracts traded, with a notable 114% year-over-year increase in ADV in its metals segment during Q4 [4] Group 3: Customer Base and Growth - CME Group's retail customer base grew by 23% in 2025, surpassing 600,000 accounts, primarily through intermediary platforms like Robinhood [5] - The increase in retail accounts correlates with the rising trading volume, indicating a growing interest in derivatives trading [5] Group 4: Financial Metrics - CME Group's forward price-to-earnings (P/E) ratio stands at 25.7, slightly above previous quarters, suggesting investor expectations for stronger earnings growth [6] - The company offers a dividend yield of 1.7% at the current share price, with management targeting a payout of 50% to 60% of the prior year's cash earnings [7]

28 July 2025 | 1:35PM HKT Hong Kong Exchanges (0388.HK) HK equity market activity pulse check; raise EPS/TP; Buy 0388.HK 12m Price Target: HK$500.00 Price: HK$435.80 Upside: 14.7% HKEX share price is ~20% below its 2021 peak, despite rising BBG consensus EPS estimates and one year rolling data on the biggest earnings driver (cash equity ADT) rising to all time high levels (HK$200bn+). We conduct a pulse check on HKEX's earnings drivers from listing related, to cash and derivatives market activity. Our key o ...