Global Custody Pro - 06 August 2025

📰 Welcome to the Newsletter

Welcome to Global Custody Pro, read by custody professionals like you. I'm Brennan McDonald, Managing Editor. I write about the global custody industry, having spent over 12 years in financial services, including working at a global custody bank. An AI voice reads the audio version of this newsletter. Have feedback? Just reply to this email or connect with us on LinkedIn.

Table of Contents

• 🌏 Global Custody News

  • Euronext bids €413m for Athens bourse

  • Cboe raises 2025 revenue guidance after record Q2

  • TMX boosts dividend on strong Q2 revenue growth

  • ICE lifts outlook on record Q2 profit

• 🚀 Digital Asset News

  • What To Watch For Digital Assets?

  • Coinbase Q2 transaction revenue falls 39%

  • AMINA Bank adds SUI custody and trading

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🌏 Global Custody News

Euronext bids €413m for Athens bourse

• Driving the news: Euronext has submitted a voluntary share exchange offer to acquire the Athens Stock Exchange (ATHEX), valuing the Greek bourse at approximately €412.8 million. The ATHEX board of directors has unanimously supported the offer and entered into a cooperation agreement.

• Record Quarterly Revenue: The announcement coincided with Euronext reporting record quarterly revenue of €465.8 million for the second quarter of 2025, a 12.8% increase from the prior year. The performance was driven by favourable market conditions and volatility, which led to record fixed income trading, a 20.1% rise in FICC market revenue, and a 16.2% increase in cash equity trading and clearing revenue.

• The Bottom Line: The transaction is projected to deliver €12 million in annual run-rate cash synergies by the end of 2028 and is expected to be accretive to earnings per share in the first year after completion.

• What they're saying: CEO Stéphane Boujnah said the move strengthens Euronext as the "consolidator of European capital markets," adding that "this is the right time to invest in Greece." He noted the combination would position the group as the "backbone of the European Savings and Investment Union."

Cboe raises 2025 revenue guidance after record Q2

• Driving the news: Cboe has lifted its full-year 2025 outlook for total organic net revenue growth to "high single digit" from "mid to high single digit", after reporting record net revenue of $587.3 million for the second quarter, up 14 per cent year-on-year.

• By the Numbers: The result was propelled by a 19 per cent revenue increase in its Options segment, where total average daily volume grew 20 per cent. The Data Vantage division saw an 11% increase in net revenue, while Futures revenue declined by 14%.

• The big picture: The company attributes its performance to secular trends, including the broader adoption of derivatives and the growth of trading in shorter-dated options. Revenue from Europe and the Asia Pacific grew 30 per cent, and its Cboe Clear Europe business increased its market share of equities cleared to 39.5 per cent.

TMX boosts dividend on strong Q2 revenue growth

• Driving the news: TMX Group's revenue increased 15% year-over-year to $421.7 million for the second quarter, with adjusted diluted earnings per share rising 21% to $0.52. Following the strong results, the company increased its quarterly dividend by 10% to $0.22 per share, its fifth consecutive increase in three years.

• Under the Hood: The revenue increase was driven by significant growth across key segments, including a 33% rise in Derivatives Trading and Clearing, a 26% increase in TMX Trayport revenue, an 18% increase in Equities and Fixed Income Trading, and a 17% increase in TMX VettaFi.

• Key Move: The company successfully launched its Post Trade Modernisation (PTM) project on 28 April 2025. TMX stated the new systems will enable faster, more cost-effective updates and provide new capabilities for its post-trade businesses.

ICE lifts outlook on record Q2 profit

• Driving the news: Intercontinental Exchange reported record financial results for the second quarter of 2025, with adjusted diluted earnings per share rising 19% to $1.81 and net revenues growing 9% on a constant currency basis to $2.54 billion.

• Why it matters: The performance was driven by a 25% constant currency surge in energy revenues and a 20% increase in interest rate revenues within its Exchanges segment. Its Mortgage Technology division also saw its adjusted operating margin expand by six percentage points to 42%.

• On the Radar: Citing strong performance, ICE raised its full-year 2025 growth guidance for Exchanges recurring revenue to between 4% and 5%, up from a "low-single digits" forecast. The company returned over $1 billion to shareholders in the first half of the year.

Weekly AI Transformation Insights

Every Friday, I decode how AI is reshaping business costs, risk, and governance, backed by independent research and hands-on testing of the latest AI tools. No hype. Just practical intelligence for strategic decision-making.

[Browse the archive →] https://www.brennanmcdonald.com/

🚀 Digital Asset News

What To Watch For Digital Assets?

• Our Take: The shift in regulatory posture in the USA so far in 2025 has led to a significant change in how global custodians and regulated entities approach digital assets. The proof is in the assets under custody, though - the dollar amounts involved are still de minimis aside from those assets held in custody for exchange-traded products.

• Metrics To Watch: The key metric we’re watching is what the global custodians report at the end of 2025 for the performance of their digital asset units. It’s unlikely that at the current rate of change, we’ll see trillions in AuC/A anytime soon, but it’s well worth watching.

• Stablecoin Threats: A bigger “threat” looming on the horizon is what more institutional adoption of stablecoins means in the medium term for FX revenues. A lot of processes around cross-border trades are still quite legacy, so this change could take a very long time, given the industry is so focused on the move from MT to MX messaging, which finalises in November 2025.

Coinbase Q2 transaction revenue falls 39%

• By the Numbers: Coinbase reported Q2 total revenue of $1.5 billion, with transaction revenue falling 39% quarter-on-quarter to $764 million. Subscription and services revenue was more resilient, declining 6% to $656 million, as the company generated $512 million in Adjusted EBITDA.

• Why it matters: The headline net income of $1.4 billion was driven by a $1.5 billion pre-tax gain on strategic investments and a $362 million gain on crypto assets. Excluding these, Adjusted Net Income was $33 million. Total operating expenses increased to $1.5 billion, primarily due to a $307 million expense related to a May data breach incident.

• Zoom in: The firm's custody business delivered strong results, with Assets Under Custody reaching a record $245.7 billion. The company maintained its position as the custodian for over 80% of US-domiciled bitcoin and ether ETF assets as of the end of the quarter.

AMINA Bank adds SUI custody and trading

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