Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>With CHF last at 0.9033, we are +5% (unlevered) on the cross since the Fri Jan 16th call where it closed at 0.8587. I continue to believe and feel this is a big trade for the year, I am a lot more relaxed now that we are on the other side of the ECB and Greek election and think we are north of 1.02-1.05 in the 2nd half of the year </li><li>The size of ECB QE is not priced in – There is massive European Equities Upside!&nbsp;The case here is simple, we’ve just come out of a greater than anticipated QE from the ECB, that is open ended and set to run until Sep 2016.&nbsp;Whilst the market was more likely thinking we’d get a Euros 500-700bn handle, we got over a trillion euros worth, with a lot fewer parameters or caps than would have been expected by those pesky conservative Bundesbankers – who keep wanting to turn off the taps (I know I know, how dare they). </li></ul>

With CHF last at 0.9033, we are +5% (unlevered) on the cross since the Fri Jan 16th call where it closed at 0.8587. I continue to believe and feel this is a big trade for the year, I am a lot more relaxed now that we are on the other side of the ECB and Greek election and think we are north of 1.02-1.05 in the 2nd half of the year The size of ECB QE is not priced in – There is massive European Equities Upside!&nbsp;The case here is simple, we’ve just come out of a greater than anticipated QE from the ECB, that is open ended and set to run until Sep 2016.&nbsp;Whilst the market was more likely thinking we’d get a Euros 500-700bn handle, we got over a trillion euros worth, with a lot fewer parameters or caps than would have been expected by those pesky conservative Bundesbankers – who keep wanting to turn off the taps (I know I know, how dare they). 

The size of ECB QE is not priced in – Massive European Equities Upside

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>A stock that should benefit from the resumption of Japan's bull market</li>
<li>Utility type stock poised to rerate  as a growth narrative starts</li>
<li>The stock has recently broken out of its 18 month downtrend</li>
</ul>


A stock that should benefit from the resumption of Japan's bull market
Utility type stock poised to rerate  as a growth narrative starts
The stock has recently broken out of its 18 month downtrend


From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Intercontinental Exchange / Equity Bottom-Up

<ul><li>Intercontinental Exchange, the parent of the New York Stock Exchange, has confirmed a $2 billion investment in Polymarket, a blockchain-based prediction platform that lets users speculate on outcomes across politics, sports, finance, and pop culture.</li><li>The investment, announced on October 7, 2025, values Polymarket at approximately $8 billion pre-investment and marks a decisive move by ICE into decentralized finance (DeFi).</li><li>ICE will fund the deal entirely in cash, with no expected material impact on its 2025 earnings or capital return plans.</li></ul>

Intercontinental Exchange, the parent of the New York Stock Exchange, has confirmed a $2 billion investment in Polymarket, a blockchain-based prediction platform that lets users speculate on outcomes across politics, sports, finance, and pop culture.The investment, announced on October 7, 2025, values Polymarket at approximately $8 billion pre-investment and marks a decisive move by ICE into decentralized finance (DeFi).ICE will fund the deal entirely in cash, with no expected material impact on its 2025 earnings or capital return plans.

Intercontinental Exchange (ICE)'s $2 Billion Bet On Polymarket: Is Wall Street Ready For The Prediction Market Revolution!

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Quantitative Analysis

<ul>
<li>Financials Exchanges have hit record highs in Global fund ownership, with 58% of global funds invested and 49% ahead of the MSCI ACWI index.</li>
<li>CME Group and London Stock Exchange lead momentum, both reaching record ownership after strong inflows through 2023–2024.</li>
<li>Despite growth, ownership breadth remains shallow, with only a few stocks widely held, leaving room for further expansion in positioning.</li>
</ul>


Financials Exchanges have hit record highs in Global fund ownership, with 58% of global funds invested and 49% ahead of the MSCI ACWI index.
CME Group and London Stock Exchange lead momentum, both reaching record ownership after strong inflows through 2023–2024.
Despite growth, ownership breadth remains shallow, with only a few stocks widely held, leaving room for further expansion in positioning.


Global Financial Exchanges: A Sector on the Rise

<ul><li>Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary business segments.</li><li>The second-quarter adjusted earnings per share reached a historical high of $1.81, a 19% increase year-over-year, while net revenue climbed 9% to $2.5 billion.</li><li>This performance was underpinned by contributions from all three major business areas: Exchange, Fixed Income and Data Services, and Mortgage Technology.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary business segments.The second-quarter adjusted earnings per share reached a historical high of $1.81, a 19% increase year-over-year, while net revenue climbed 9% to $2.5 billion.This performance was underpinned by contributions from all three major business areas: Exchange, Fixed Income and Data Services, and Mortgage Technology.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?

United States

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces.  The Company operates electronic energy markets and soft commodity exchanges as well.  ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

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Intercontinental Exchange (ICE US)

The size of ECB QE is not priced in – Massive European Equities Upside

With CHF last at 0.9033, we are +5% (unlevered) on the cross since the Fri Jan 16th call where it closed at 0.8587. I continue to believe and...

Kay Van-Petersen

From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

The operator of Japanese exchanges is poised to benefit from the country's bull market resurgence as it breaks out of a prolonged downtrend.

Rikki Malik

Intercontinental Exchange (ICE)'s $2 Billion Bet On Polymarket: Is Wall Street Ready For The Prediction Market Revolution!

Intercontinental Exchange, the parent of the New York Stock Exchange, has confirmed a $2 billion investment in Polymarket, a blockchain-based...

Baptista Research

Global Financial Exchanges: A Sector on the Rise

Financials Exchanges are at record exposure levels, led by CME and LSE. Momentum is strong, but breadth is shallow, with few stocks widely...

Steven Holden

Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?

Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary...

Baptista Research

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