Key Takeaways CBOE posted Q4 adjusted EPS of $3.06, up 46% year over year, driven by record revenues and higher volumes. CBOE saw options, equities, futures and FX revenues rise, lifting adjusted operating margin by 610 bps. CBOE ended 2025 with doubled cash levels, issued mid single-digit organic revenue growth guidance for 2026. Cboe Global Markets, Inc. (CBOE) reported fourth-quarter 2025 adjusted earnings of $3.06 per share, which beat the Zacks Consensus Estimate by 4.4%. The bottom line increased 46% ...

Core Insights - Cboe Global Markets reported significant increases in trading volumes across various segments for January 2026 compared to the previous year and month, indicating strong market activity and growth [1][2]. Trading Volume Statistics - Multi-listed options reached an average daily trading volume (ADV) of 14,093 thousand contracts, a 7.2% increase year-over-year from January 2025 [3]. - Index options saw a notable rise to 5,477 thousand contracts, marking a 20.8% increase compared to January 2025 [3]. - Futures trading volume increased to 230 thousand contracts, up 4.6% from the previous year [3]. - U.S. equities on-exchange matched shares totaled 1,872 million, reflecting a 14.3% year-over-year growth [3]. - Off-exchange U.S. equities matched shares skyrocketed to 241 million, a remarkable 189.5% increase from January 2025 [3]. - Canadian equities matched shares reached 239,258 thousand, a 50.3% increase year-over-year [3]. - European equities matched shares totaled 15,218 million, up 33.2% from the previous year [3]. - Australian equities matched shares increased to 1,041 million, a 60.0% rise compared to January 2025 [3]. - Global FX trading set a new record with an aggregate monthly ADV of $67.2 billion, a 33.6% increase year-over-year [5]. Notable Achievements - Cboe Europe Periodic Auctions achieved a record monthly average daily notional value (ADNV) of €5.3 billion in January 2026 [4]. - A record 287 thousand S&P 500 Index (SPX) options contracts were traded during Cboe's Global Trading Hours session on January 20, surpassing the previous record set in April 2025 [6]. - Mini-SPX (XSP) options also set a monthly volume record in January with an ADV of 150 thousand contracts [6].

CHICAGO, Feb. 4, 2026 /PRNewswire/ -- CME Group Inc. (NASDAQ: CME) today reported financial results for the fourth quarter and full year of 2025. 1 The company reported revenue of $1.6 billion and operating income of $1.0 billion for the fourth quarter of 2025. Net income was $1.2 billion and diluted earnings per common share were $3.24. On an adjusted basis, net income was $1.0 billion and diluted earnings per common share were $2.77. Financial results presented on an adjusted basis for the fourth quarter ...

Core Viewpoint - The Finance Minister's proposal to increase the Securities Transaction Tax (STT) on futures to 0.05% is expected to have a structurally negative impact on the capital market ecosystem, particularly affecting futures and options (F&O) driven businesses [1][11]. Market Reaction - The benchmark stock indices, Sensex and Nifty, experienced significant declines, with Sensex dropping by nearly 2% and settling at 80,722.94, down 1,546.84 points or 1.88% [2][3]. - The NSE Nifty fell by 495.20 points or 1.96%, closing at 24,825.45, with an intraday low of 24,571.75, a drop of 2.95% [3][7]. Impact on Trading and Liquidity - Higher transaction costs due to the increased STT are likely to reduce trading volumes, dampen short-term momentum, and lower profitability for active market participants [12][16]. - Foreign Institutional Investor (FII) participation in derivatives may decline as post-tax trading efficiency diminishes, which could negatively impact overall market liquidity [13][8]. Sector Performance - Among the 30 Sensex firms, State Bank of India and Adani Ports saw significant losses of 5.61% and 5.53%, respectively, with other companies like Bharat Electronics, ITC, Tata Steel, UltraTech Cement, and Reliance Industries also among the laggards [6][7]. - Conversely, Tata Consultancy Services, Infosys, Sun Pharma, and Titan were noted as gainers during this period [8][7]. Long-term Outlook - While the proposed STT increase is seen as a short-term dampener for capital market entities, some analysts suggest it may have positive implications in the long term [9]. - The budget also aims to support sectors affected by global trade tariffs and focuses on emerging areas such as data centers, semiconductors, and biopharma, which may provide some resilience to the market [10].

Core Thesis - MSCI Inc. is viewed positively due to its strong fundamentals and consistent revenue growth, despite recent stock underperformance [1][3]. Company Overview - MSCI Inc. provides essential decision support tools and solutions for the investment community, including indexes for various financial products like ETFs and mutual funds [2]. Recent Performance - MSCI shares have decreased approximately 14.5% over the past year and only increased about 8% over the last three years, underperforming the S&P 500 [3]. - The company's revenue growth has outpaced share price performance, indicating improved valuation despite limited stock appreciation [3]. Financial Growth - Revenue grew from approximately $1.7 billion in 2020 to an estimated $2.86 billion by the end of 2024, reflecting nearly two decades of steady expansion [4]. - Annual revenue growth has typically ranged between 8% and 12% since around 2015, supported by a diversified platform and high client retention rates near 95% [4]. Market Dynamics - Recent stock weakness is attributed to a slowdown in growth rather than business deterioration, with revenue growth slowing to about 7% over the trailing twelve months [5]. - MSCI's trailing P/E is around 34, which is below historical levels that often reached the 40s or higher [5]. Future Outlook - Analysts project approximately 12% annual earnings growth through 2029, indicating attractive long-term return potential [5]. - Recent positive developments include a modest increase in 2025 free cash flow guidance and several product launches across various sectors [5].

Core Insights - Cboe Global Markets reported December and full year 2025 trading volume statistics, highlighting record trading volumes across various segments, including options and equities [1][4]. Trading Volume Highlights - Total volume traded across Cboe's four options exchanges reached 4.6 billion contracts in 2025, with an average daily volume (ADV) of 18.4 million contracts, marking the sixth consecutive record-breaking year [4]. - Multi-listed options accounted for 3.4 billion contracts traded, with an ADV of 13.5 million contracts [4]. - Proprietary index options product suite traded 1.2 billion contracts, achieving an ADV of 4.9 million contracts [4]. - S&P 500 Index (SPX) options traded 970.6 million contracts, with an ADV of 3.9 million contracts, and SPX zero-days-to-expiry (0DTE) options reached an ADV record of 2.3 million contracts, representing 59% of total SPX volume [4]. - Cboe Volatility Index (VIX) options traded 215.6 million contracts, with an ADV of 862 thousand contracts [4]. U.S. Equities Performance - BIDS Trading reported a yearly ADV record of 155 million matched shares, reflecting a 96% increase year-over-year [5]. European Equities and Global FX - Cboe Europe Equities achieved a record yearly average daily notional volume (ADNV) of €12.8 billion and a market share of 25% [9]. - Global FX reported a spot ADNV of $49.7 billion, surpassing the previous year's record of $45.4 billion [9]. Revenue Per Contract Guidance - Projected RPC/net capture metrics for the fourth quarter of 2025 indicate an increase in average revenue per contract across various products, including multi-listed options at $0.075 and index options at $0.937 [8].

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Group 1: Market Overview - The recent crypto market bust has made investors more cautious, particularly affecting the most hyped sectors of the industry [1] - The universe of crypto investment alternatives has expanded significantly, including direct cryptocurrency purchases, spot ETFs, derivatives, and shares in mining and treasury companies [2] Group 2: Bitcoin and Treasury Companies - Bitcoin's price has dropped as much as 36% from its record high of $126,223 on October 6, remaining around 30% below that peak [3] - Treasury companies holding significant portions of their assets in cryptocurrencies have seen their stock prices decline sharply, with Strategy Inc's stock down 54% from Bitcoin's October peak [4][5] Group 3: Mining Companies - Mining companies like IREN, CleanSpark, Riot, and MARA Holdings, previously favored by investors, are now pivoting to AI data centers due to setbacks in the crypto market [5][6] - These mining stocks have performed well this year by combining exposure to digital assets and AI themes [6]