在全球能源市场格局深度调整、碳中和目标加速推进的背景下，能源衍生品市场正迎来新的发展机遇与 挑战。近日，期货日报记者专访了芝商所能源与环境产品全球负责人Peter Keavey，请他从全球主要衍 生品交易所的角度分享近两年在能源领域观察到的一些变化。 非美市场活跃度持续上行 亚太需求助天然气期货交易量快速增长 谈及芝商所在能源衍生品市场的核心竞争力，Peter Keavey首先聚焦WTI原油衍生品。"WTI原油不仅是 北美市场的重要定价基准，而且自2023年被纳入全球指数以来，已成为全球原油市场最重要的定价标 杆。"他介绍道，2025年前三季度，芝商所WTI原油期货日均交易量在94.3万张，同比增长5%，期权市 场流动性也持续攀升。 谈及中国市场，Peter Keavey表示："作为重要的需求中心，随着供应链变化和市场波动性加剧，中国企 业一直活跃在我们的市场中。"据他介绍，中国大型油气企业已在休斯敦、伦敦、新加坡设立交易团 队，积极参与WTI原油、国际LPG等产品交易。 Peter Keavey举例称，目前市场已出现WTI原油与INE原油、国际LPG与大连商品交易所LPG合约的跨市 场套利交易，"这体现了中 ...

Core Insights - The prediction markets are experiencing significant growth, with Robin Hood partnering with Susuana to launch a predictions futures market, indicating a booming trend in this sector [1][2] - CME Group is positioned to capitalize on the emerging prediction markets, similar to how it did with futures markets in the past [3][4] Group 1: Market Dynamics - Robin Hood is tapping into the emerging retail client base, which is increasingly interested in prediction markets, akin to the early days of futures trading [2][3] - The prediction markets are fragmented, with various platforms like Interactive Brokers and sportsbook-style platforms, indicating that the market is still in its infancy [3] - CME Group is adopting a regulatory-first approach to standardize the market structure for prediction markets, which could lead to significant opportunities [3][4] Group 2: Investor Behavior - There is a notable increase in younger investors entering the market, with brokerage firms reporting a rise in new accounts, particularly on platforms like Robin Hood [5][6] - Social media is heavily influencing the trading behavior of younger investors, driving order flow and engagement in prediction markets [6] - Prediction markets serve as a simpler entry point for new investors, allowing them to engage with trading through straightforward yes or no questions, making it more accessible than traditional options trading [7]

Group 1 - The first comprehensive ranking of global futures exchanges was released by Fudan University, filling a gap in the field of quantitative assessment [1] - The ranking includes 16 influential futures exchanges, with the observation period from 2016 to 2025, showing CME, ICE, and HKEX as the top three [1] - The Shanghai Futures Exchange has made significant progress, ranking among the second tier of exchanges due to the rapid growth of China's commodity trade [1] Group 2 - The global commodity futures exchange industry has seen three notable trends: significant market growth, enhanced innovation capabilities, and increased challenges in risk management due to macroeconomic uncertainties [2] - The trading volume of global commodity futures and options has increased by over 60% in the past five years, with an annual compound growth rate exceeding 10% [2] - The Shanghai Futures Exchange has introduced innovative products, including the first domestic crude oil futures and the first shipping index futures, reflecting a focus on green and technological advancements [2] Group 3 - Building a world-class exchange is a systematic project that involves various factors beyond the exchange's development level, including the financial and economic systems [3] - A new comprehensive evaluation index system for exchanges has been developed, which is expected to evolve into a "Shanghai standard" for assessing exchange competitiveness [3] - The Shanghai Futures Exchange has made substantial progress in the steel futures sector, leading globally in trading volume and becoming a key pricing reference for steel trade [3]

Core Insights - The first comprehensive ranking of global futures exchanges was released by Fudan University, with CME, ICE, and HKEX taking the top three spots [1][2] - The ranking evaluates 16 influential futures exchanges based on a multi-dimensional assessment framework, covering aspects such as capacity, governance, and macro performance [2][4] Group 1: Market Trends - Significant growth in market size has been observed, with global futures and options trading volume increasing over 60% in the past five years, averaging a compound annual growth rate (CAGR) of over 10% [3] - The domestic futures and options trading volume in China has nearly doubled, with a CAGR of approximately 14% [3] - The innovation capability of exchanges is on the rise, focusing on new technologies and renewable energy, with notable product launches such as crude oil futures and shipping index futures [3] Group 2: Risk Management and Challenges - The macro environment's uncertainty poses greater challenges for exchanges' risk management capabilities, highlighted by geopolitical events affecting commodity supply chains [3] - Chinese futures exchanges have effectively utilized their regulatory framework to stabilize price fluctuations, providing reliable price signals to global clients [3][4] Group 3: Future Directions - The development of China's futures market has been significant, with commodity trading volume leading globally, laying a solid foundation for becoming a world-class futures exchange [4] - Recommendations for exchanges include launching more international products, simplifying participation processes for foreign investors, and promoting "Shanghai prices" in international markets to enhance global competitiveness [4]

Swiss crypto bank AMINA Bank and Deutsche Börse’s Crypto Finance Group said Wednesday they have completed a pilot on Google Cloud’s Universal Ledger platform to settle fiat currency payments in real time between Swiss banks. The pilot, which ran with other unnamed banking partners, allowed around-the-clock settlement of payments across institutions while preserving compliance with Swiss financial standards. Crypto Finance served as the designated Currency Operator, onboarding banks and enforcing transacti ...

The bond markets, in the words of US president Donald Trump, “were getting yippy” in April.US Treasury yields swung wildly after Trump levied steep tariffs on more than 100 countries on April 2, with the benchmark 10-year note lurching from a low of 3.87% on April 4 to 4.59% on April 11. And yet trading in CME’s interest rate markets, the largest in the world, remained astonishingly calm through April, with all major contracts trading at their minimum price increments – half of 1/32nd of a point, for the 1 ...

Group 1 - The first comprehensive ranking of global futures exchanges was released by Fudan University, filling a gap in the field with a scientific quantitative assessment [1] - The ranking evaluates 16 influential futures exchanges using a multi-dimensional indicator system that includes capacity, governance, and macro performance [1][4] - The evaluation framework consists of 11 secondary indicators and 30 quantifiable metrics, assessing aspects such as price influence, risk management, and service capabilities [1] Group 2 - The 2025 ranking results show that CME, ICE, and HKEX are the top three global futures exchanges, with CME and ICE maintaining their leading positions due to their comprehensive advantages [2] - The rapid growth of China's commodity trade has allowed domestic futures exchanges to narrow the gap with global leaders, with Shanghai Futures Exchange entering the second tier [2] - In the Asia-Pacific region, HKEX and Shanghai Futures Exchange lead in commodity business, reflecting the regional market dynamics [2] Group 3 - The global commodity futures exchange industry is experiencing significant growth, with trading volumes increasing over 60% in the past five years and an annual compound growth rate exceeding 10% [3] - Innovation is on the rise, with exchanges focusing on new technologies and renewable energy, leading to the launch of various new futures products [3] - The macroeconomic environment presents challenges for risk management, as geopolitical events have caused significant price volatility in commodity markets [3]

CME Group broke its single-day record for cryptocurrency futures and options trading, logging 794,903 contracts on November 21, the company said. The spike, which surpasses the previous record set in August, highlights a surge in demand for regulated crypto derivatives during a time of heightened market volatility. The Chicago-based exchange has seen activity in its crypto suite climb throughout 2025, fueled by both institutional players and retail investors. Giovanni Vicioso, CME’s global head of cryptoc ...

Core Insights - CME Group's Cryptocurrency futures and options suite achieved an all-time daily volume record of 794,903 contracts on November 21, surpassing the previous record of 728,475 contracts set on August 22, 2025 [1][2]. Trading Highlights - The demand for regulated crypto risk management tools is increasing amid market uncertainty, with both large institutions and retail traders contributing to record activity [2]. - Year-to-date, the overall cryptocurrency average daily volume (ADV) is 270,900 contracts, equivalent to $12 billion in notional value, reflecting a 132% increase year-over-year [5]. - The average open interest (OI) for the same period is 299,700 contracts, or $26.6 billion in notional value, which is an 82% increase year-over-year [5]. - In Q4, the ADV reached 403,200 contracts ($14.2 billion in notional), marking a 106% increase compared to Q4 2024, with average OI at 493,700 contracts ($35.4 billion in notional), up 117% year-over-year [5]. Product Suite Performance - The Micro Bitcoin futures and options reached a record daily volume of 210,347 contracts [4]. - The Micro futures and options suite also achieved a new daily volume record of 676,088 contracts [4].

Core Insights - CME Group set a new record for open interest in U.S. Treasury futures and options, reaching 35,120,066 contracts on November 20, 2025, and recorded a trading volume of 44,839,732 contracts on November 21, marking the second-highest daily volume ever [1][2]. Group 1: Market Performance - The strong open interest and trading volume reflect market participants' demand for liquidity and efficiency amid economic uncertainty and Federal Reserve easing [2]. - CME Group is recognized as the leading interest rate market, offering a wide range of benchmark products including U.S. Treasuries and SOFR [2]. Group 2: Client Benefits - Clients can achieve over $20 billion in daily margin savings through CME Group's interest rate products, which also allow for portfolio margining with other cleared interest rate swaps and futures [3]. - The U.S. Treasury and SOFR futures are designed to enhance risk management capabilities for clients [3]. Group 3: Company Overview - CME Group operates as a comprehensive derivatives marketplace, enabling clients to trade across various asset classes including interest rates, equity indexes, foreign exchange, and more [4]. - The company provides futures and options trading through the CME Globex platform and is a leading central counterparty clearing provider [4].