Intercontinental Exchange, Inc. (ICE) is a leading global operator of financial markets that manages exchanges and clearinghouses worldwide. The company provides platforms for trading futures, options, equities, and commodities, as well as data, analytics, and mortgage technology solutions. ICE enhances market transparency, facilitates risk management, and supports capital raising across various asset classes. Its headquarters is in Atlanta, Georgia, USA, where it drives efficient market connectivity and ...

Group 1 - Growth in retail is stalling, with no growth in core product lines such as equities and fixed income, while wholesale remains flat [1] - Corporate services, particularly investment banking, are leading the growth [1] - The focus is on long-only investment strategies, evaluating companies from an operational and buy-and-hold perspective [1] Group 2 - The articles emphasize operational aspects and long-term earnings power of companies rather than market-driven dynamics [1] - Most recommendations will be holds, indicating a cautious approach to investment opportunities [1] - A small fraction of companies are deemed suitable for a buy at any given time, highlighting a selective investment strategy [1]

Nov 18, 2025 10:00 AM Eastern Standard Time For more information on trading on the Taipei Exchange, please visit: David Friedland, Head of APAC for Interactive Brokers, commented, "Adding TPEx reinforces our ongoing commitment to continually extending the suite of products available to our clients. " Share Interactive Brokers is one of the few global trading platforms connected to TPEx, a leading Asian exchange for shares of small and medium-sized enterprises (SMEs). Through TPEx, clients can diversify thei ...

Core Insights - Euronext has received regulatory approvals from the Hellenic Capital Market Commission (HCMC) for its acquisition of a qualifying holding in Hellenic Exchanges – Athens Stock Exchange S.A. Holding (ATHEX Group) and its subsidiaries [1][2] - The acquisition is now unconditional, marking a significant step in Euronext's commitment to the Greek capital markets and enhancing its pan-European market infrastructure [3] - The acceptance period for the Tender Offer will conclude on 17 November 2025, with results to be announced on 19 November 2025 [4] Regulatory Approvals - The HCMC approved Euronext's suitability and that of its reference shareholders for the acquisition [1] - The change of control due to ATHEX's participation in the Hellenic Energy Exchange S.A. and EnEx Clearing House Single Member S.A. has also been approved [2] Acquisition Details - The Tender Offer is no longer subject to any regulatory approval, confirming its unconditional status [3] - Euronext aims to strengthen its position in the Greek capital markets through this acquisition [3]

Core Viewpoint - Euronext has announced a share repurchase programme with a maximum amount of €250 million, reflecting its proactive capital allocation strategy and confidence in growth prospects [1][2]. Group 1: Share Repurchase Programme Details - The programme aims to reduce Euronext's share capital, with all repurchased shares to be cancelled [6]. - The maximum amount allocated for the programme is €250 million, and it will run from 18 November 2025 until a maximum of 31 March 2026 [6]. - Euronext plans to repurchase approximately 2% of its ordinary shares, as authorized by the General Meeting on 15 May 2025, with a limit of 10% [6]. Group 2: Financial and Regulatory Compliance - The programme is designed to maintain Euronext's credit rating and financial flexibility while adhering to its dividend policy of a 50% payout of reported net income [2]. - Euronext has established a non-discretionary arrangement with a financial intermediary to conduct the repurchase, ensuring compliance with applicable regulations, including the Market Abuse Regulation [2][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 [7]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion, handling 25% of European lit equity trading [8].

Euronext announces volumes for October 2025 Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 6 November 2025 – Euronext, the leading European capital market infrastructure, today announced trading volumes for October 2025. Monthly and historical volume tables are available at this address: euronext.com/investor-relations#monthly-volumes CONTACTS ANALYSTS & INVESTORS – ir@euronext.com Investor Relations Judith Stein +33 6 15 23 91 97 Margaux Kurver +33 6 84 16 85 03 MEDIA – mediateam@euronext. ...

Core Insights - Invesco Ltd. has shown strong stock performance, outperforming the broader market and financial sector over the past year [2][3] - The company reported impressive quarterly results for Q3 2025, with significant year-over-year growth in earnings and assets under management [4] - Analysts have a mixed outlook on Invesco, with a consensus rating of "Hold" and expectations for continued earnings growth [5][6] Group 1: Company Overview - Invesco Ltd. is a global investment management firm founded in 1935, headquartered in Atlanta, Georgia, with a market cap of approximately $10.3 billion [1] Group 2: Stock Performance - Invesco's shares have increased by over 33% in the past 52 weeks, compared to an 18.5% rise in the S&P 500 Index [2] - The stock has also risen 33% year-to-date, while the S&P 500 has gained 15.1% during the same period [2] Group 3: Financial Performance - In Q3 2025, Invesco reported adjusted earnings per share of $0.61, reflecting a 38.6% year-over-year increase [4] - The company's assets under management reached approximately $2.1 trillion, marking an 18.3% year-over-year growth [4] Group 4: Analyst Ratings and Expectations - For the fiscal year ending December 2025, analysts project Invesco's EPS to grow by 11.7% year-over-year to $1.91 [5] - The consensus rating among 16 analysts is "Hold," with three "Strong Buy" and thirteen "Hold" ratings [5] - TD Cowen has reiterated a "Buy" rating with a price target of $30, while the mean price target of $26.46 suggests a 13.9% premium to current levels [6]

Core Insights - Euronext announced trading volumes for September 2025, 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 September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion [3] - Euronext is recognized as the largest global center for debt and fund listings, handling 25% of European lit equity trading [3] - The company offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3]

Core Viewpoint - Euronext has received all necessary regulatory approvals to launch a voluntary exchange offer for all common registered shares of Hellenic Exchanges-ATHEX Stock Exchange S.A. (ATHEX), proposing an exchange ratio of one Euronext share for every twenty ATHEX shares [1][4]. Strategic Rationale for the Tender Offer - The integration of ATHEX into Euronext's Group will connect Greek financial market participants to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion, reflecting Euronext's confidence in the Greek economy and its growth potential [2]. - The combination aims to enhance the visibility and attractiveness of the Greek market on an international scale, positioning ATHEX as a financial hub in Southeast Europe [4][7]. Support from ATHEX Board of Directors - The Board of Directors of ATHEX has unanimously supported the Tender Offer and has signed a cooperation agreement with Euronext, with all directors owning shares committing to tender their shares [3]. Details of the Tender Offer - The Acceptance Period for the Tender Offer commences on 6 October 2025 and ends on 17 November 2025, requiring a minimum of 38,759,500 ATHEX shares to be tendered for the offer to proceed [7][8]. - Euronext will exercise its squeeze-out right if it acquires at least 90% of ATHEX's voting rights, allowing non-accepting shareholders to exercise their sell-out rights [10]. Financial Impact and Integration Plan - Euronext anticipates annual run-rate cash synergies of €12 million by the end of 2028, with implementation costs estimated at €25 million, making the transaction accretive for Euronext shareholders in the first year [12]. - The transaction aligns with Euronext's investment criteria, preserving debt capacity for future diversification deals and enhancing stock liquidity [13]. Governance and Regulatory Oversight - The CEO of ATHEX is proposed to join Euronext's Managing Board, and an independent representative from the Greek financial ecosystem will be nominated for the Supervisory Board [14]. - The Hellenic Capital Market Commission (HCMC) will remain the primary supervisory authority for Greek markets and will join Euronext's College of Regulators [14]. Expected Timetable of Events - Key dates include the approval of the Information Circular on 3 October 2025, the commencement of the Acceptance Period on 6 October 2025, and the announcement of the results on 19 November 2025 [15][16].

Core Insights - The 60/40 investment strategy, rooted in Harry Markowitz's modern portfolio theory, advocates for a mix of 60% equities and 40% fixed-income securities to balance risk and return [1][2][3] Historical Context - The 60/40 portfolio gained popularity in the early 1990s, becoming a standard interpretation of modern portfolio theory, appealing to both individual and institutional investors [3] - Historical analysis by Morningstar indicates that the 60/40 portfolio has been less painful during market downturns compared to equities alone, particularly during the Great Depression and the Lost Decade of the 2000s [4][5] Recent Developments - The year 2022 marked a significant shift as both equities and bonds faced simultaneous declines due to geopolitical tensions from Russia's invasion of Ukraine and supply chain disruptions from the COVID-19 pandemic, leading to rising inflation [6] - As of September 2024, while the stock market has recovered its 2022 highs, the bond market remains underperforming due to ongoing aggressive interest rate hikes by the Federal Reserve that began in March 2022 [7]