The companies, products and regulatory developments shaping the broker industry.
Ahead of a proposed December 6 launch, Nasdaq's 9pm–4am ET session adds new ports, next-day trade-date assignment and specialised controls, not just longer opening hours.
A reconstruction of Nasdaq's quarterly and nine-month accounts shows that cash-equity net revenue retained a larger share of gross trading revenue in Q3, after the same ratio had declined in the first half.
CME, Cboe, Nasdaq and ICE all reported strong growth in information-oriented businesses. A line-by-line reconstruction shows why adding their headline categories mixes feeds, connectivity, indices, workflow software and execution services.
The restructuring programme has closed and management says more than $160 million of net expense synergies were actioned, but the statutory-versus-adjusted earnings gap remains substantial.
Nasdaq’s total assets fell $3.67bn, but $3.31bn of the decline came from member collateral recorded with an equal liability; most remaining pledged assets were off balance sheet.
Market Services gross revenue increased $254m, while transaction-based expenses increased $248m. Net revenue rose only $6m, and Section 31 fees made up 35.5% of cash-equity gross revenue.
SEC release 34-106824 describes a new fee filing for TotalView Plus and Basic Plus, aimed at consolidating Nasdaq group data products at or below existing combined fees.
Nasdaq Investment Firm B.V. is authorised for a planned institutional volume-targeted execution service using PureStream technology.
The two equity venues are deleting references to an unlaunched interface, a rulebook clean-up that should not be confused with an outage or retirement of clients' active FIX connections.
Nasdaq will publish complaints and a broader set of decisions, removing a $10,000 sanction threshold. Complaints must be labelled as unadjudicated allegations.
New Nasdaq ETPs outside the optional Initial ETP Open process will halt at the start of the Night Session and open through a Halt Cross. Nasdaq generally expects a 9 a.m. opening.
Nasdaq’s new Eqlipse Digital platform is designed for market operators building tokenised securities infrastructure. It supports digital representations and native digital instruments but does not itself mean an exchange has authorised or launched every described use case.
Nasdaq reported third-quarter net revenue growth of 13%, financial-technology revenue of $529m and index revenue of $286m. Its $3.365bn annualised recurring revenue is a run-rate measure, not three-month sales.
The Carteret network incident affected primary and secondary US-equities feeds, while matching activity reportedly continued.
Commercial proposals are adding AI charges, while vendor terms distinguish data access, model use and redistribution. The study’s price figures concern selected agreements.