Fintech PR
HKEX QUARTERLY RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023 – Q3 REVENUES UP 18%; Q3 PROFITS UP 30%
HONG KONG, Oct. 20, 2023 /PRNewswire/ —
Highlights
Commenting on the results, Hong Kong Exchanges and Clearing Limited (HKEX) Chief Executive Officer Nicolas Aguzin said: “This was another good quarter of strategic progress for the Group, accompanied by strong headline financials. Quarterly revenue was up 18 per cent, core business revenue was up 9 per cent and profit attributable to shareholders was up 30 per cent compared with the 2022 comparable period.
Despite challenging global markets, these results reflect HKEX’s resiliency, the purposeful ongoing diversification of the business, our active management of costs and the team’s resolute focus on the execution of our strategy. Highlights included the continued health and growth in HKEX’s Derivatives Markets, the go-live of a new smart-contract settlement platform, HKEX Synapse in October, and the confirmed launch of FINI, Hong Kong’s new digitalised IPO settlement platform for later this quarter.
The macro backdrop remains fragile, but the business is in good shape and is well-positioned to capitalise on slowly improving market sentiment. Looking forward we will continue to place our customers at the heart of all that we do as we leverage our unique China connectivity and continue to strengthen the attractiveness and competitiveness of our markets and our offering.”
Strategic Highlights
- ADV of derivatives contracts traded on HKFE, Bond Connect Northbound ADT and ADT of ETPs all reached record nine-month highs
- OTC Clear’s total clearing volume in Q3 2023 reached a record quarterly high
- Launch of HKEX Synapse on 9 October 2023, a new smart contract-powered platform, accelerating the settlement process for Stock Connect Northbound Trading
- Confirmed launch for FINI, Hong Kong’s new digitalised IPO settlement platform
- Consultation paper on GEM Listing Reforms published
- Introduction of block trading under Stock Connect announced
- The LME Group announced two key initiatives under its two-year Action Plan: extending the use of volume-weighted average prices to determine Closing Prices in its most liquid contracts; and the approval of the first fast track brand registration for nickel
Financial Highlights
- Q3 2023 revenue and other income of HK$5,084 million, up 18 per cent compared with Q3 2022 Core business revenue up 9 per cent against Q3 2022, attributable to the increase in net investment income from Margin Funds and Clearing House Funds, partly offset by lower listing fees
- Net investment income from Corporate Funds of HK$360 million, compared to a Q3 2022 loss of HK$46 million, driven by higher investment income from internally-managed Corporate Funds, and lower fair value losses on the externally-managed investment funds (External Portfolio) of HK$5 million (Q3 2022: losses of HK$148 million)
- Operating expenses up 1 per cent, attributable to higher staff costs and IT costs, partly offset by lower charitable donations and professional fees
- EBITDA margin of 74 per cent, 4 percentage points higher than Q3 2022
- Profit attributable to shareholders of HK$2,953 million, 30 per cent higher than Q3 2022
Key Financials
|
Q3 2023 HK$m |
Q3 2022 HK$m  |
Change |
|
|
Revenue and other income |
|||
|
Core business revenue |
4,696 |
4,324 |
9 % |
|
Donation income of HKEX Foundation |
28 |
40 |
(30 %) |
|
Net investment income/(loss) of Corporate Funds |
360 |
(46) |
N/A |
|
5,084 |
4,318 |
18 % |
|
|
Operating expenses |
1,304 |
1,291 |
1 % |
|
EBITDA |
3,706 |
2,984 |
24 % |
|
Profit attributable to shareholders |
2,953 |
2,263 |
30 % |
|
Capital expenditure |
329 |
295 |
12 % |
|
Basic earnings per share |
$2.33 |
$1.79 |
30 % |
For more information, please refer to HKEX’s announcement here.
View original content:https://www.prnewswire.co.uk/news-releases/hkex-quarterly-results-for-the-nine-months-ended-30-september-2023–q3-revenues-up-18-q3-profits-up-30-301962898.html
HONG KONG, Nov. 27, 2024 /PRNewswire/ — Fintica AI Ltd, a leading innovator in next-generation AI solutions for capital markets, and Legend Arb Trading Limited, a Hong Kong-based proprietary trading firm with a global footprint across major financial hubs such as Shanghai, Taiwan, and Singapore, have announced a strategic investment and partnership.
Through this collaboration, Legend Arb has made a strategic investment in Fintica AI, strengthening the partnership between the two companies. This alliance will empower Legend Arb to advance its quantitative trading capabilities by harnessing Fintica AI’s unique unsupervised artificial intelligence technology. The partnership also aims to launch innovative new products and solutions. Simultaneously, Fintica AI will expand its business development efforts and market presence in Hong Kong and the Greater China region.
Kace Lam, Chief Executive Officer of Legend Arb, stated:
“Legend Arb is excited to collaborate with Fintica AI and its world-class AI technology team, known for pioneering advancements in quantitative modeling for financial markets. By combining Fintica AI’s deep academic and R&D expertise with our robust trading experience, we are poised to unlock significant value and drive innovation in quantitative trading strategies.”
Philippe Metoudi, Chief Executive Officer of Fintica AI, remarked:
“This partnership with Legend Arb represents a significant step forward in our mission to revolutionize the financial markets with advanced AI solutions. By joining forces, we can harness our respective strengths, explore the untapped potential of Hong Kong and Greater China’s financial sector, and deliver transformative innovations that shape the future of quantitative investment.”
About Fintica AI Ltd:
Fintica AI is a leading fintech company specializing in advanced AI solutions for capital markets. Its flagship platform, Spectrum MRI, delivers state-of-the-art tools for identifying market regimes across asset classes, including equities, fixed income, and commodities. By offering predictive analytics and robust risk-management capabilities, Fintica AI empowers investment managers, quantitative analysts, and strategic allocation teams with cutting-edge decision support tools. Headquartered in Tel Aviv, the company maintains a strong presence in major global financial hubs, driving innovation and excellence in the financial industry.
About Legend Arb Trading Limited:
Legend Arb is a Hong Kong-based proprietary trading company with a global presence in major financial centers like Shanghai, Taiwan, and Singapore. Specialized in pricing of Chinese-related products, equity index futures, and commodities futures, Legend Arb acts as a committed market maker to provide liquidity for HKEX and SGX.
For further information:
Visit www.fintica-ai.com
email [email protected].
View original content:https://www.prnewswire.co.uk/news-releases/fintica-ai-and-legend-arb-of-hong-kong-announce-strategic-investment-and-partnership-302317533.html
Fintech PR
24 Exchange Receives SEC Approval of its New National Securities Exchange, “24X National Exchange”
24X National Exchange Plans to be the First Exchange to Offer U.S. Equities Trading 23 Hours-Per-Day on Weekdays
STAMFORD, Conn., Nov. 27, 2024 /PRNewswire/ — 24 Exchange announced today that it has received approval from the U.S. Securities and Exchange Commission to operate 24X National Exchange as the first national securities exchange in the U.S. that allows trading of U.S. securities 23 hours each workday. The extended hour trading is subject to Equity Data Plans making changes that would facilitate overnight trading hours and 24X National Exchange making an additional rule filing with the SEC confirming the changes and the Exchange’s ability to comply with the Securities Exchange Act.
24X National Exchange will be subject to the SEC’s ongoing regulatory oversight and full range of investor protections. The new Exchange will enable retail and institutional customers anywhere in the world to trade in U.S. equities via broker-dealers who are approved members of 24X National Exchange.
24X National Exchange will be launched in two stages. A first stage will open in the second half of 2025, with the Exchange operating from 4:00AM ET to 7:00PM ET on weekdays. The second stage, which will launch once the conditions noted above are met, will offer trading in U.S. equities from 8:00PM ET on Sunday through 7:00PM ET on Friday. A one-hour operational pause will occur during each trading day to accommodate routine software upgrades and functionality testing.
24 Exchange CEO and Founder Dmitri Galinov said: “The SEC’s approval of our new exchange is a thrilling development that the 24X Team has been working toward for many years. Traders are most at-risk when the market is closed in their geographic location. 24X National Exchange will seek to alleviate this problem by facilitating around-the-clock U.S. equities trading for broker-dealers and their institutional and retail customers.”
As the first national securities exchange approved by the SEC to operate 23 hours each weekday, subject to the conditions noted above, 24X National Exchange will initially focus on capturing the expanding demand in the APAC region for overnight liquidity in U.S. equities.
The 24X National Exchange will run on a proven, state-of-the-art technology platform provided by MEMX Technologies. The new Exchange’s executive team will place a high priority on enhancing client experience through continuous technology innovations and improvements.
“With this historic SEC approval in place, we will build and operate a customer-driven Exchange that can rapidly align with market demands and adapt quickly to client feedback,” Galinov added. “We look forward to bringing a superior trading experience to global customers. 24X National Exchange will deliver the cost efficiency, speed, resilience, and adaptability that the company’s financial institutional customers have long come to expect.”
24X National Exchange will close on U.S. market holidays, similar to the schedules maintained by the NYSE and Nasdaq.
24 Exchange through 24X Bermuda Limited, an affiliate of 24X National Exchange, will continue to offer FX NDFs, Swaps and Spot trading to institutional clients. Since its launch in 2019, 24 Exchange’s multi-asset offering through a single trading interface has enabled clients to access increased liquidity at lower cost.
About 24 Exchange
24 Exchange allows market participants to seamlessly exchange their exposures at the lowest possible cost. 24 Exchange’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. More information is available at https://24exchange.com/.
Media Contact:
Eric Andrus, KARV
[email protected]
Phone: +1 (212) 333-0275
View original content:https://www.prnewswire.co.uk/news-releases/24-exchange-receives-sec-approval-of-its-new-national-securities-exchange-24x-national-exchange-302317888.html
DUBAI, UAE, Nov. 28, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, unveiled a new candidate for a potential Bybit Spot listing via ByVotes, HPOS10I (HarryPotterObamaSonic10Inu). Voting is now open for Bybit users with an opportunity to divide a prize pool of 1,800,000 HPOS10I.
From now to Nov. 29, 8AM UTC, supporters of HPOS10I may cast their votes for the project in two simple steps: deposit eligible assets into their Bybit account to produce a holdings snapshot, and head over to ByVotes to cast their votes. With sufficient votes from the community, the project will be listed on Bybit Spot, and the voters will receive a share of the airdrop from HPOS10I.
The iconic memecoin was the first of its kind to fuse the realm of fantasy and the chaotic lure of crypto, leaving its mark in crypto history since its launch in May 2023. It is known for its vibrant community, the Sproto Gremlins, an NFT collection of 3,333 exclusive unique manifestations of HPOS10I’s egregore.
Bybit has recently revamped ByVotes to raise the bar for listing requirements and yield more power to the community. Users now have more control over the number of votes they get by increasing holdings or by referrals, while unlocking more earning potentials from project listings.
The new mechanism enhanced both project quality and community engagements. A variety of tokens have achieved 100% listing odds via ByVotes, including CHILLGUY, LUCE, and NEIROCTO, among others. Multiple projects featured exclusive airdrops for the community that helped them become listed on Bybit Spot.
ByVotes provides an arena for niche projects where participants stand to be rewarded from various prize pools if the projects they vote for succeed in getting listed status on Bybit Spot: ByVotes Spot.
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/hpos10i-lands-on-byvotes-to-get-community-backing-for-bybit-listing-302317782.html
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