Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, Alpha-X & Alpha DRK and Montréal ExchangeToronto, Ontario--(Newsfile Corp. - February 6, 2026) - TMX Group Limited today announced January 2026 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX).All TMX Equities Marketplaces *January 2026December 2025January 2025Volume 19,819,944,91616,242,244,52711,704,905,256Value $433 ...

MarketAxess (MKTX) reported $209.41 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 3.5%. EPS of $1.68 for the same period compares to $1.73 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $212.7 million, representing a surprise of -1.55%. The company delivered an EPS surprise of +1.45%, with the consensus EPS estimate being $1.66.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- a ...

Presentation Title in Title Case Presentation subtitle in sentence case Fourth Quarter 2025 Earnings Supplement Presenter Name Event name xx Month 201x © 201X Virtu Financial. All rights reserved. Not to be reproduced or retransmitted without permission. Compliance #XXXX-XXXX Performance Highlights Normalized Adj. EPS1 $1.85 4Q 2025 Key Financials Summary Recent Results Adj. NTI1 $613M Adj. NTI/day1 $9.7M Adj. EBITDA1 $442M Adj. EBITDA Margin1,2 72% Debt to LTM Adj. EBITDA1 1.5x $5.5M $6.4M $7.3M $5.4M $7.8 ...

Group 1 - The company reported fourth-quarter earnings that matched analyst expectations with adjusted earnings per share of $1.39 and record revenue of $6.34 billion, reflecting a 19% increase year over year [1] - Total client assets rose 18% year over year to a record $11.90 trillion, with core net new assets totaling $163.9 billion for the quarter [2] - The net interest margin expanded to 2.90%, an increase of 57 basis points from the previous year, while asset management and administration fees increased by 15% to $1.7 billion [3] Group 2 - Trading revenue climbed 22% compared to the prior-year quarter, indicating strong performance in trading activities [3] - Full-year inflows reached $519.4 billion, reflecting organic growth of 5.1% [2]

Core Insights - Charles Schwab's fourth-quarter 2025 adjusted earnings per share (EPS) of $1.39 exceeded the Zacks Consensus Estimate of $1.37, marking a 38% year-over-year increase [1][9] - Despite strong results, shares fell nearly 1.5% in pre-market trading due to rising expenses [1][9] Financial Performance - The quarterly results were bolstered by robust asset management performance and increased trading revenues, alongside higher net interest revenues (NIR) and solid brokerage account growth [2] - Net income on a GAAP basis reached $2.46 billion or $1.33 per share, up from $1.84 billion or 94 cents per share in the same quarter last year [2] - For the full year 2025, adjusted EPS was $4.87, surpassing the consensus estimate of $4.84, and net income increased by 49% to $8.85 billion [3] Revenue and Expenses - Quarterly net revenues hit a record $6.33 billion, a 19% increase year over year, driven by a 25% rise in NIR, 22% in trading revenue, and 15% in asset management and administration fees [4] - Total non-interest expenses on a GAAP basis rose 4% to $3.16 billion, with adjusted total expenses increasing 6% year over year to $3.03 billion [5] - The pre-tax profit margin improved to 50.2% from 43.3% in the prior-year quarter [5] Client Metrics - As of December 31, 2025, total client assets reached a record $11.9 trillion, an 18% increase year over year [6] - The company added 1.27 million new brokerage accounts during the quarter, bringing the total to 38.5 million active brokerage accounts [6] Share Repurchase - During the reported quarter, Schwab repurchased 29.2 million shares for $2.7 billion [7]

Core Insights - Charles Schwab (SCHW) is expected to report fourth-quarter and 2025 results on January 21, with anticipated year-over-year increases in earnings and revenues [1][9] - The company has a strong earnings surprise history, surpassing the Zacks Consensus Estimate in the last four quarters with an average beat of 6.6% [2] Earnings Expectations - The Zacks Consensus Estimate for fourth-quarter earnings is $1.34 per share, indicating a 32.7% rise from the previous year [16] - The consensus estimate for quarterly sales is $6.24 billion, suggesting a 17.2% increase from the prior-year quarter [17] Revenue Drivers - Trading revenues are projected to rise, with the Zacks Consensus Estimate set at $1.03 billion, reflecting a 17.6% increase year-over-year [4] - Net interest revenues (NIR) are expected to reach $3.13 billion, marking a 23.7% increase from the previous year [6] - Asset management and administration fees are estimated at $1.70 billion, indicating a year-over-year growth of 12.5% due to strong equity market performance [7] Market Conditions - Client activity and market volatility were solid in the fourth quarter, influenced by factors such as the longest U.S. government shutdown, a dip in consumer sentiment, easing monetary policy, and a dominant AI theme [3] - The average interest-earning assets for the quarter are estimated at $434 billion, reflecting a year-over-year rise of 1.9% [4] Expense Outlook - Operating expenses are expected to remain elevated due to regulatory spending, strategic acquisitions, and efforts to enhance business efficiency [8] - Management anticipates expenses for 2025 to rise by approximately 5.25% or slightly higher [10] Strategic Developments - In November, Schwab announced an agreement to acquire Forge Global Holdings, Inc. for $660 million, expected to close in the first half of 2026 [11] - This acquisition aligns with Schwab's strategy to enhance private market capabilities for retail and advisor clients [13]

Core Insights - JPMorgan Chase reported strong third-quarter earnings, exceeding Wall Street expectations and solidifying its status as an industry bellwether in a robust economic environment under the Trump administration [1][2] Financial Performance - Earnings per share reached $5.07, surpassing analyst consensus of $4.85 to $4.84, and reflecting a 16% increase from $4.37 in the same quarter last year [2] - Net income for the quarter was $14.4 billion, showing a double-digit increase, while revenue rose 9% year over year to $47.1 billion, up from $42.65 billion [2] Trading and Investment Banking - Trading revenue hit a quarterly high of $8.9 billion, driven by market volatility and regulatory easing, with fixed income trading increasing by 21% to $5.6 billion and equities trading jumping 33% [3] - The investment banking segment saw a 16% rise in fees, attributed to a rebound in mergers and acquisitions, supported by favorable regulatory changes [3] Economic Context - The U.S. economy remains resilient, characterized by low unemployment and rising wages, which have improved consumer financial health and sustained demand for credit products [4] - Market-friendly policies from the current administration, including lower capital requirements, have contributed to increased capital markets activity [4] Market Reaction - Despite strong results, JPMorgan shares experienced a slight dip in premarket trading, reflecting broader market sensitivities and caution regarding a potential market correction [5] - Year-to-date, the stock is up over 28%, with analysts maintaining a consensus rating of "buy" and anticipating further earnings momentum [5]

Core Insights - Charles Schwab (SCHW) is expected to report strong third-quarter 2025 results on October 16, with significant year-over-year growth in earnings and revenues [1][11] - The company has a history of exceeding earnings estimates, with an average surprise of 5.87% over the last four quarters [2] Trading Revenues - Client activity was robust in Q3, driven by market volatility and changes in Federal Reserve policies, leading to strong year-over-year growth in core net new assets and an increase in new brokerage accounts [3] - Trading revenues are estimated at $895.7 million, reflecting a 12.4% increase from the previous year, with a more optimistic projection of $923.4 million [4] Net Interest Revenues (NIR) - The average interest-earning assets for the quarter are expected to be stable at $419.4 billion, with a projection of $426.4 billion [5] - Despite a recent interest rate cut by the Fed, NIR is anticipated to rise by 31.8% to $2.92 billion, with a more conservative estimate of $2.87 billion [6] Asset Management and Administration Fees - Strong equity market performance is likely to boost asset management and administration fees, with a consensus estimate of $1.63 billion, indicating a 10.2% growth, while projections suggest a rise to $1.64 billion [7] Expenses - Operating expenses are expected to increase due to regulatory spending, marketing, and branch expansion efforts, with total expenses projected at $3.05 billion, up 1.4% from the prior year [8][9] Earnings and Sales Estimates - The Zacks Consensus Estimate for earnings has been revised upward by nearly 1% to $1.22 per share, indicating a substantial 58.4% increase year-over-year [14] - The consensus estimate for sales stands at $5.91 billion, suggesting a 22% increase [14] Earnings ESP and Zacks Rank - The Earnings ESP for Schwab is +1.93%, indicating a high likelihood of beating the consensus estimate [12] - The company currently holds a Zacks Rank of 3 (Hold) [13]

Core Insights - TMX Group Limited reported significant increases in trading statistics for September 2025 across its marketplaces, indicating robust market activity and growth compared to previous months and the same period last year [1][2][4]. Trading Statistics Overview - Total trading volume in September 2025 reached 17,189,380,707, a substantial increase from 12,200,372,060 in August 2025 and 11,493,486,995 in September 2024 [2]. - The total value of trades in September 2025 was $378,148,495,945, up from $300,143,130,282 in August 2025 and $285,041,200,207 in September 2024 [2]. - The number of transactions in September 2025 was 27,283,644, compared to 23,188,885 in August 2025 and 20,326,563 in September 2024 [2]. Year-to-Date Performance - Year-to-date trading volume for 2025 reached 118,321,448,158, reflecting a 22.3% increase from 96,753,089,762 in 2024 [4]. - The year-to-date value of trades in 2025 was $2,890,848,038,018, representing a 28.5% increase from $2,248,873,978,197 in 2024 [4]. - The total number of transactions year-to-date in 2025 was 225,075,577, up 22.0% from 184,475,496 in 2024 [4]. Daily Averages - Daily average trading volume in September 2025 was 818.5 million, compared to 610.0 million in August 2025 and 574.7 million in September 2024 [3]. - The daily average value of trades in September 2025 was $18,007.1 million, an increase from $15,007.2 million in August 2025 and $14,252.1 million in September 2024 [3]. - Daily average transactions in September 2025 were 1,299,221, up from 1,159,444 in August 2025 and 1,016,328 in September 2024 [3]. Exchange-Specific Insights Toronto Stock Exchange - In September 2025, the Toronto Stock Exchange recorded a trading volume of 9,859,266,723, up from 7,604,943,671 in August 2025 and 7,963,437,833 in September 2024 [6]. - The value of trades on the Toronto Stock Exchange in September 2025 was $354,597,976,029, compared to $280,671,320,926 in August 2025 and $269,193,775,897 in September 2024 [6]. - The number of transactions was 23,443,698 in September 2025, an increase from 20,421,300 in August 2025 and 18,065,441 in September 2024 [6]. TSX Venture Exchange - The TSX Venture Exchange saw a trading volume of 5,805,056,692 in September 2025, significantly up from 3,498,516,039 in August 2025 and 2,579,115,123 in September 2024 [10]. - The value of trades on the TSX Venture Exchange was $4,442,233,002 in September 2025, compared to $2,130,980,680 in August 2025 and $1,114,922,138 in September 2024 [10]. - The number of transactions was 1,807,632 in September 2025, up from 1,017,167 in August 2025 and 634,123 in September 2024 [10]. TSX Alpha Exchange - The TSX Alpha Exchange reported a trading volume of 1,480,458,760 in September 2025, an increase from 1,060,876,293 in August 2025 and 935,910,396 in September 2024 [14]. - The value of trades was $18,165,169,218 in September 2025, compared to $16,543,069,653 in August 2025 and $14,237,884,724 in September 2024 [14]. - The number of transactions was 1,900,198 in September 2025, up from 1,642,796 in August 2025 and 1,577,759 in September 2024 [14]. Montreal Exchange - The Montreal Exchange recorded a derivatives volume of 19,774,523 contracts in September 2025, compared to 18,282,483 in August 2025 and 16,986,901 in September 2024 [23]. - Open interest in contracts was 30,757,922 in September 2025, up from 30,548,176 in August 2025 and 19,645,947 in September 2024 [23]. - Year-to-date derivatives volume for 2025 was 174,563,536 contracts, reflecting a 23.0% increase from 141,951,551 contracts in 2024 [24].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Securities Broker/Dealer in China - **Period Covered**: 1H25 Core Insights and Arguments 1. **Revenue and Earnings Growth**: Brokers reported better-than-expected revenue and earnings growth in 1H25, with net profit increasing by 40% YoY (excluding one-offs) and total operating income rising by 24% YoY [1][9][10] 2. **Fee Income Recovery**: Fee income returned to double-digit growth for the first time since 2022, with an 18% YoY increase in fee income and a 48% YoY surge in trading income on average [1][33] 3. **Market Sentiment**: The growth was supported by a rebound in market sentiment, strong market turnover, and a recovery in equity fund AUM [1][33] 4. **Brokerage Fee Growth**: Brokerage fees grew by 35% YoY on average, accounting for 24% of revenue, driven by market share gains and improved client mix [34] 5. **Offshore Revenue Contribution**: Offshore revenue contribution increased to 12% in 1H25 from 9% in 2024, with CICC leading at 31% revenue contribution from offshore [3][27] 6. **Trading Income Dynamics**: Trading income surged by 48% YoY, contributing to 48% of operating income, with CITICS and CICC leading in trading yield [50][52] 7. **Investment Banking Opportunities**: Investment banking fees contributed to 6% of revenue, with significant growth driven by HK IPOs, particularly for CICC and CITICS [45][49] 8. **Cost-to-Income Ratio Improvement**: All brokers saw improvements in their cost-to-income ratios due to strong revenue growth [16][60] Additional Important Insights 1. **A-Share Market Performance**: The A-share market recorded the strongest half-year average daily turnover (ADT) in history at RMB1.98 trillion, which is expected to drive brokerage commissions and product sales fees in 3Q25E [2][35] 2. **Asset Management Growth**: Asset management fees grew by 3-29% YoY, with stock and hybrid mutual fund AUM reaching a new high of RMB8.8 trillion [39][41] 3. **New Stock Accounts**: There was a sequential improvement in new stock accounts opened, with 1.96 million in July and 2.65 million in August [36] 4. **Mixed Trading Outlook**: While trading income is expected to remain strong, there are concerns about bond market performance affecting trading income in 3Q25E [4][51] 5. **Regulatory Environment**: The regulatory focus may shift towards loosening IPO requirements for the STAR Market, which could impact future A-share IPO fundraising [45] This summary encapsulates the key points discussed in the conference call, highlighting the positive trends in revenue, fee income, and market dynamics while also noting potential challenges and regulatory considerations.