MSCI (MSCI) Q2 2025 Earnings Call July 22, 2025 11:00 AM ET Company ParticipantsJeremy Ulan - Head - IR & TreasurerHenry Fernandez - Chairman & CEOBaer Pettit - President & COOAndrew Wiechmann - CFOAlexander Hess - VP - Equity ResearchFaiza Alwy - MD - US Company ResearchCraig Huber - CEO & MDScott Wurtzel - SVP - Equity ResearchWahid Amin - Equity Research AssociateRussell Quelch - Managing DirectorConference Call ParticipantsAlex Kramm - MD & Senior Equity Research AnalystManav Patnaik - MD & Equity Resea ...

Financial Data and Key Metrics Changes - MSCI reported revenue growth of over 9% in Q2 2025, adjusted EBITDA growth of over 10%, and adjusted earnings per share growth of almost 15% [6][24] - Free cash flow exceeded $300 million year-to-date, with $286 million worth of shares repurchased at an average price of $557 per share [6][24] - Total run rate growth was 11%, driven by record AUM levels in ETF products linked to MSCI indices, and asset-based fee run rate growth was 17% [6][24] Business Line Data and Key Metrics Changes - Subscription run rate growth was double-digit across various client segments, including 10% for banks and broker dealers, 12% for hedge funds, and 17% for wealth managers [14][19] - The index and asset-based fee franchise was identified as a key growth engine, with strong ABF run rate growth reflecting the importance of MSCI indices in global investing [7][24] - Private assets saw a run rate growth of nearly 13%, with significant product launches enhancing capabilities [10][11] Market Data and Key Metrics Changes - Total equity index ETF AUM linked to MSCI indices surpassed $2 trillion for the first time, driving total AUM balances to $6 trillion [8][24] - Equity ETFs linked to MSCI indexes experienced $49 billion of inflows during Q2, capturing 29% of all inflows into indexed equity ETFs [24] - Indexed equity ETFs linked to MSCI Developed Markets ex U.S. Indexes captured $32 billion, representing over 50% of all flows into DM ex U.S. indexed equity ETFs [24] Company Strategy and Development Direction - MSCI is focused on expanding its capabilities in private capital solutions and enhancing its product offerings to drive adoption across the investment community [10][11] - The company aims to leverage its integrated franchise to create powerful network effects for clients, particularly in sustainability and climate solutions [12][13] - MSCI is adapting its tools to capture new opportunities in the sustainability space despite current cyclical slowdowns [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the company, emphasizing the importance of asset-based fees and the transformation towards non-active asset management client segments [60][62] - The current dynamics in the market are expected to persist for the next several quarters, with a focus on maintaining and enhancing retention rates across client segments [28][51] - Management highlighted the ongoing demand for climate solutions and the need for banks and insurance companies to understand climate risks [92][94] Other Important Information - MSCI's retention rate for private assets remained stable at slightly over 91% [28] - The company completed its largest deal ever for MSCI Wealth Manager during the quarter, indicating strong demand for unified solutions [19][24] - MSCI is seeing promising growth potential among insurance companies, particularly for products supporting index-linked annuities and climate tools [21][22] Q&A Session Summary Question: Potential help from asset flows into international markets - Management noted that the rotation of assets from the U.S. to international markets is a significant boost for the asset-based fee business, with $6 trillion of client assets indexed to MSCI indices [34] Question: Accelerating growth for asset managers - Management indicated that to accelerate total subscription run rate, non-active asset managers need to grow faster, and they are focusing on creating new products and enhancing sales efforts [39][40] Question: Impact of consolidation on results - Management acknowledged ongoing consolidation in the industry but does not expect it to significantly impact results in the near term [45] Question: Retention rates and outlook - Management explained that retention rates can be lumpy, with recent lower retention in analytics and sustainability due to client events and budget pressures [50][51] Question: Sales environment and outlook - Management characterized the sales environment as consistent with recent quarters, with a healthy pipeline of products and sustained favorable market dynamics [55][56] Question: Demand for custom indexes - Management remains confident in the growth opportunity for custom indexes, despite slight fluctuations in quarterly numbers [66] Question: Active ETFs and market positioning - Management highlighted significant growth opportunities in active ETFs, with ongoing dialogues with active asset managers [72][73] Question: Cost guidance and market assumptions - Management reiterated that expense guidance remains unchanged, with AUM levels expected to influence costs towards the middle of the guidance range [78][79] Question: Growth opportunities in fixed income and wealth management - Management expressed confidence in sustaining growth rates in fixed income and wealth management, with ongoing investments in capabilities [82][83] Question: Deceleration in hedge fund subscription growth - Management noted that the hedge fund segment is inherently lumpy, and recent deceleration is not indicative of long-term trends [86][87] Question: Acceleration of non-active subscription growth - Management indicated that significant opportunities exist in the fast money segment and wealth management, with ongoing efforts to prioritize and build up these areas [90][92]

LONDON, July 21, 2025 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI"), a division of S&P Global (NYSE: SPGI) and the world's leading index provider, today announced that it has entered into a definitive agreement to acquire ARC Research, a subsidiary of ARC Group, and the leading independent provider of investment performance data, benchmarking capabilities and insights in the private wealth market.ARC Research maintains the world's largest proprietary dataset of more than 500,000 private client portfolio ...

币圈大事件。 继稳定币第一股圆环互联网（CRCL.N）上市后，加密货币产业再度迎来重磅IPO。拥有加密货币交易所和加密货币媒体的Bullish公司向美国证券交易委员会 （SEC）提交注册文件，申请在纽交所上市交易，发行价格和融资规模则仍未确定。 Bullish做什么？ Coindesk业务分为三块，包括数据业务CoinDesk Data、指数服务业务CoinDesk Indices以及媒体业务CoinDesk Insights。CoinDesk Data提供一整套数字 资产市场数据和分析，提供对价格、趋势和市场动态的实时洞察，公司赚取各种类型的订阅和服务费；公司发布的CoinDesk Indices提供一系列可交易的专有 和单一资产基准和指数，用于跟踪数字资产和传统金融行业全球机构的数字资产表现，公司通过授权赚取许可费；CoinDesk Insights运营Coindesk.com，涵 盖有关数字资产、基础市场、政策和区块链技术的新闻和见解。公司从广告、赞助和活动中赚取费用。 另外，公司还持有超过2.4万个比特币，上市后能够排进全球上市公司比特币持有量前五。 公开资料显示，Bullish成立于2021年，由区 ...

Core Insights - Euronext announced trading volumes for June 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] - Euronext provides clearing and settlement services through Euronext Clearing and its Securities CSDs in Denmark, Italy, Norway, and Portugal [2] Market Position - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 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 Points - S&P Dow Jones Indices is updating the market capitalization eligibility criteria for additions to the S&P Composite 1500 Indices effective July 1, 2025 [1] - The updated market capitalization ranges for the indices are as follows: S&P 500 will require a minimum of US$ 22.7 billion, S&P MidCap 400 will require between US$ 8.0 billion and US$ 22.7 billion, and S&P SmallCap 600 will require between US$ 1.2 billion and US$ 8.0 billion [5] - The criteria are reviewed quarterly to reflect current market conditions and are based on the three-month average cumulative total company level market capitalization of the S&P Total Market Index [1][5] Market Capitalization Ranges - Previous market capitalization eligibility criteria for S&P 500 was US$ 20.5 billion or more, S&P MidCap 400 was US$ 7.4 billion to US$ 20.5 billion, and S&P SmallCap 600 was US$ 1.1 billion to US$ 7.4 billion [5] - The updated criteria will now categorize companies into percentiles: S&P 500 at the 85th percentile, S&P MidCap 400 between the 85th and 93rd percentiles, and S&P SmallCap 600 between the 93rd and 99th percentiles [5] Additional Information - The U.S. Indices methodology document will be updated to reflect these changes, and historical market cap ranges dating back to 2007 can be found in Appendix A of the methodology [3] - S&P Dow Jones Indices is recognized as the largest global resource for index-based concepts, data, and research, with a significant amount of assets invested in their indices [3][4]

Core Viewpoint - Euronext is in discussions to potentially acquire up to 100% of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), valuing ATHEX at €6.90 per share, which would amount to approximately €399 million for the entire share capital on a fully diluted basis [1][4]. Group 1: Euronext's Strategic Intent - Euronext aims to consolidate European capital markets through a potential combination with ATHEX, enhancing growth and synergy opportunities [2]. - The merger would promote the harmonization of European capital markets, utilizing a unified trading and post-trade technology framework [2]. Group 2: Market Position and Impact - Euronext manages about 25% of cash equity trading in Europe and operates in major financial hubs, which would allow Greek market participants access to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion [3][8]. - The integration of ATHEX into Euronext's infrastructure is expected to enhance the development and international attractiveness of Greek markets [3]. Group 3: Confidence in Greek Economy - Euronext's interest in ATHEX reflects confidence in the growth potential of the Greek economy and the integration of Greek capital markets into the Eurozone and EU [4].

Core Insights - The S&P CoreLogic Case-Shiller Indices reported a 2.7% annual gain in U.S. home prices for April 2025, a decrease from 3.4% in March 2025 [1][2] - The 10-City Composite Index showed a 4.1% annual increase, down from 4.8%, while the 20-City Composite Index posted a 3.4% increase, down from 4.1% [2] - New York led the 20 cities with a 7.9% annual gain, while Tampa experienced the lowest return at -2.2% [2][6] Year-over-Year Performance - The U.S. National Home Price NSA Index recorded a 2.7% annual return in April, reflecting a broad-based deceleration in price gains [2][5] - The 20-City Composite Index increased by 3.4%, and the 10-City Composite Index rose by 4.1%, both significantly lower than their recent peaks [5] - Approximately 1.7 percentage points of the annual increase occurred in the last six months, indicating recent price momentum rather than sustained growth [5] Month-over-Month Performance - The pre-seasonally adjusted U.S. National Index saw a 0.6% gain in April, while both the 10-City and 20-City Composite Indices reported a 0.7% increase [3][7] - After seasonal adjustment, the U.S. National Index decreased by 0.4%, suggesting that the raw gain was weaker than typical spring patterns would predict [3][7] Regional Analysis - A significant shift in regional performance was noted, with New York, Chicago, and Detroit leading annual gains, contrasting with previous pandemic-era trends [4][6] - Tampa and Dallas were among the few metros to report annual declines, highlighting the impact of affordability constraints on previously overheated markets [6][9] - The market is increasingly driven by local fundamentals rather than national trends, indicating a transition to a more selective environment [10] Market Dynamics - Mortgage rates remained in the mid-6% range, contributing to high monthly payment burdens and limiting potential buyers [8] - Housing supply is constrained, with existing homeowners reluctant to sell at lower rates, maintaining a price floor in the market [9] - The current housing market is characterized by a transition from rapid price appreciation to moderate growth, suggesting a healthier trajectory [10]

Euronext announces volumes for May 2025 Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 10 June 2025 – Euronext, the leading European capital market infrastructure, today announced trading volumes for May 2025. Euronext informs that the template has been aligned with the new reporting framework, which was implemented as of the first quarter 2025 results publication. Monthly and historical volume tables are available at this address: euronext.com/investor-relations#monthly-volumes CONTACTS AN ...

新加坡金管局与新加坡警察部队6月6日发布联合声明称，6月20日起封锁无牌交易平台Octa、XM的网站 使用权限。声明称，这些平台在未获许可的情况下向新加坡客户提供和宣传服务，如杠杆式外汇交易、 商品、指数与股票，已违反2001年证券与期货法令。该法令第82条规定，若要从事资本市场产品买卖等 受监管活动，必须持有资本市场服务执照。(智通财经) ...