Italian state lender Cassa Depositi e Prestiti (CDP) is pushing for pan-European exchange operator Euronext to replace Fabrizio Testa as chief executive of the Milan bourse, three sources familiar with the matter told Reuters on Tuesday. ...

Core Insights - TMX Group Limited, trading as TMXXF, is a significant entity in the financial services sector, operating various exchanges including the Toronto Stock Exchange and providing trading, clearing, and data solutions [1] - RBC Capital has maintained an "Outperform" rating for TMXXF, indicating expectations for the stock to perform better than the overall market, with the current stock price at $33.99, reflecting a 2.01% increase [2][6] - The recent Q4 2025 earnings call provided insights into TMX Group's financial performance, helping investors assess the company's health and strategic direction [3] Financial Performance - TMXXF's stock price has seen fluctuations over the past year, with a high of $42.19 and a low of $32.93, currently priced at $33.99, which is closer to its yearly low, suggesting potential for growth [4] - The market capitalization of TMXXF is approximately $9.46 billion, indicating a strong presence in the market [4][6] - The trading volume for TMXXF is low, with only 100 shares traded today, which may indicate limited liquidity affecting price stability [5][6]

Summary of TMX Group Conference Call Company Overview - **Company**: TMX Group - **Industry**: Canadian capital markets ecosystem, including exchanges, derivatives markets, and data services - **Key Components**: - Blue chip and junior equity exchanges - Montreal Exchange for derivatives - Clearing and settlement infrastructure - International operations including TradePort in the UK and VettaFi in the U.S. [3][4] Core Business Insights - **Recurring Revenue Target**: Long-term target is to achieve two-thirds of revenue from recurring sources, currently at 52% down from 55% due to strong performance in trade business [5][6] - **International Revenue**: 51% of business is now outside Canada, with a target of 50% from Global Insights, currently at 44% [6] - **Trayport Performance**: Trayport, a key growth area, showed 12% growth in constant currency, down from 17% in the previous year, attributed to market maturity and lack of volatility [7][11] - **Growth Opportunities**: Expansion in U.S. gas and power markets, early-stage growth in Japan, and transitioning oil markets to on-screen trading [13][14] VettaFi and Global Insights - **VettaFi Growth**: Achieved 25% year-over-year growth in 2025, with 13% from organic growth and 12% from acquisitions [22] - **Assets Under Management**: Increased from CAD 32 billion to over CAD 80 billion since acquisition [24] - **Product Development**: Focus on expanding indices and asset classes, including fixed-income products and distribution capabilities [23] AI and Technology Integration - **AI as a Beneficiary**: TMX Group views itself as a net beneficiary of AI, leveraging proprietary data platforms to enhance product offerings [28][30] - **Efficiency Gains**: AI tools are being used to improve development speed and product testing, allowing for better market delivery [35][36] - **Revenue Opportunities**: AI is expected to enhance client products and self-service capabilities, with over 90% adoption of AI tools across the company [38][39] Trading Business Insights - **Derivatives Market**: Experienced over 30% growth last year, with open interest up 20% despite a 5-6% decline in total volume year-over-year [42][43] - **Options on ETFs**: Continued adoption is a significant growth driver, with regulatory efforts to expand capacity [44] - **Canadian Equities Landscape**: TMX Group maintains a strong competitive position despite challenges from international players like CBOE [51][52] Capital Formation and IPO Pipeline - **Strong Financing Activity**: 60% year-over-year increase in financing activity, with a deep pipeline of companies ready for IPOs [66][68] - **Market Confidence**: Despite recent market volatility, there is optimism about the ability to execute good deals [68] Expense Management and M&A Strategy - **Expense Growth**: Targeting 5% year-over-year expense growth, with a focus on positive operating leverage [73][74] - **M&A as Strategy Accelerator**: TMX Group actively seeks acquisitions that align with its growth strategy, focusing on enhancing data capabilities and market reach [76][77] Conclusion - **Overall Outlook**: TMX Group is positioned for continued growth through strategic expansion, technology integration, and a robust IPO pipeline, while maintaining a focus on operational efficiency and market leadership in the Canadian capital markets [66][68][76]

Core Insights - Cboe Global Markets, Inc. is a leading provider of market infrastructure and tradable products, including options, futures, and equities, operating one of the largest options exchanges globally [1] - RBC Capital has set a new price target for Cboe at $303, indicating a potential increase of about 9.85% from its current trading price of $275.82 [1][5] - The company's market capitalization is approximately $28.99 billion, reflecting its significant presence in the financial markets [3][5] Financial Performance - Cboe's stock is currently priced at $277.01, reflecting a 1.33% increase or $3.65, with trading occurring between $272.30 and $277.01 during the day [2] - Over the past year, Cboe's stock has experienced a high of $279.33 and a low of $200.88, indicating market volatility [2] Strategic Direction - Insights from C-suite executives during the recent Q4 2025 earnings call provide valuable perspectives on Cboe's future outlook and growth strategies [4] - The earnings call likely covered key financial metrics and operational highlights, essential for understanding Cboe's approach to maintaining its competitive edge in the market [3][4]

Markets have seen a surge in volatility in recent months, fueled by uncertain trade policies and heightened ‌geopolitical tensions, leading ‌traders to take more bets and hedge their positions. Exchanges across Wall Street, including CME ‌Group, Cboe's total options market share, however, fell to 29.2% sequentially from 30.9%. The company provides trading platforms for equities and derivatives, including products linked to its flagship VIX volatility index, often referred to as the market's "fear gauge."L ...

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% ...

CME Group, Cboe Report As Prediction Markets Tempt Exchanges | Investor's Business DailyMARKET OUTLOOK: [Investing Pro Says 'Optimism Pays' In Today's Economy]---Cboe Global Markets (CBOE) stock pared losses Friday morning after the exchange operator announced better-than-expected fourth-quarter results. The company's adjusted earnings jumped 46% to $3.06 per share, as net revenue rose 28% to $671.1 million. Analysts polled by FactSet expected earnings of $2.94 a share on revenue of $659.5 million. Chicago- ...

capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities – Off-Exchange data reflects BIDS Trading. For U.S. Equities – Off- Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV ...

New York-based Nasdaq, Inc. (NDAQ) is a global financial technology and exchange operator best known for running the Nasdaq stock market, one of the world’s largest electronic trading platforms. Valued at $50.5 billion by market cap, the company provides marketplace services, data and analytics, index solutions, and financial technology to exchanges, brokers, asset managers, and corporations worldwide. Shares of this leading global technology company have underperformed the broader market over the past y ...

TMX Group Limited (OTC:TMXXF) reported earnings per share (EPS) of $0.43, surpassing estimates and indicating strong financial performance.The company achieved a record revenue of $457.8 million in Q4 2025, a 16% increase year-over-year, showcasing its ability to expand and adapt.Despite a decrease in diluted EPS due to net foreign exchange losses, adjusted diluted EPS rose by 22% to $0.60, reflecting underlying financial strength and operational efficiency.TMX Group Limited, trading under the symbol OTC:TM ...