（文章来源：每日经济新闻） 每经AI快讯，10月6日，芝加哥商品交易所（CME）交易的日本日经平均指数期货上涨4.5%。 ...

Core Insights - The article discusses the evolution and significance of exchanges in the financial marketplace, highlighting their network effects and the value they create through increased trading activity [2][4][5]. Group 1: Historical Context and Market Dynamics - The New York Stock Exchange (NYSE) was founded in 1792, and over time, entry into this marketplace became increasingly expensive, with memberships selling for over $6 million in inflation-adjusted dollars by the 1990s [1]. - Exchanges benefit from network effects, where increased participation leads to more trading activity, enhancing liquidity and attracting more traders [2][3]. Group 2: Key Exchange Players - CME Group Inc. (CME) is a leader in futures trading, holding over 95% market share in U.S. interest rate futures and issuing all futures contracts on major indexes like the S&P 500 [8]. - Cboe Global Markets Inc. (CBOE) has established a dominant position in index options, maintaining a 99% market share, and has seen a 24% return since being recommended as a top cyclical stock [12][13]. - Robinhood Markets Inc. (HOOD) has capitalized on the meme stock phenomenon and is now exploring opportunities in prediction markets, which analysts expect to grow 28% annually through 2030 [15][17]. Group 3: Investment Opportunities - CME shares rose as much as 25% following a selloff, indicating a favorable buying opportunity for investors looking to capitalize on volatility [9][10]. - Cboe's revenue growth accelerated from 5% to 14%, driven by rising volatility and increased popularity of zero-day-to-expiry options, suggesting continued upward momentum for the stock [13][14]. - Robinhood's expansion into prediction markets could lead to significant growth, especially as it positions itself ahead of competitors in a nascent market [16][19]. Group 4: Emerging Markets - A potential $4 trillion trading market is emerging, linked to President Trump's Executive Order 14178, which could revolutionize global financial markets [21][22].

The world’s largest derivatives marketplace plans to offer customers round-the-clock trading for its cryptocurrency products next year, @CMEGroup said on Thursday. https://t.co/XwKcNVWmE3 ...

Core Insights - CME Group is expanding its cryptocurrency offerings to include 24/7 trading for futures and options, responding to client demand for continuous trading opportunities [1][3] - The new trading schedule is expected to commence by early 2026, pending regulatory approval, with trades executed during TradFi market closures being dated to the next business day [2] Company Overview - CME Group holds the highest notional value in certain products globally and ranks among the top 10 in others, being the third-largest marketplace by the number of contracts available for trading [4] - As of September 18, the crypto notional open interest at CME Group reached a record $39 billion, with an average of 335,200 open contracts daily in August [4] Market Context - The cryptocurrency derivatives market extends beyond CME Group, with significant activity occurring on crypto-native centralized platforms and increasingly on decentralized exchanges [6] - Total open interest in the cryptocurrency derivatives market is currently $218.48 billion, reflecting a 3.35% increase in the last 24 hours, with Bitcoin and Ethereum leading in open interest [7] - Other traditional finance companies, such as Nasdaq, are also expanding their crypto offerings, indicating a broader trend towards a more crypto-friendly regulatory environment [7]

Core Insights - CME Group will launch 24/7 trading for its cryptocurrency futures and options products in early 2026, pending regulatory review, to meet increasing client demand for continuous risk management in the cryptocurrency market [1][8] Client Demand - Tim McCourt, global head of equities, FX, and alternative products at CME Group, highlighted the necessity of aligning regulated markets with the fast-paced digital asset sector to cater to client needs [2][3] Trading Operations - The cryptocurrency futures and options will trade continuously on the CME Globex platform, with only a two-hour weekly maintenance pause scheduled over the weekend [3] - Any trades conducted during weekends or holidays will be recorded with the following business day as the official trade date, ensuring consistent clearing, settlement, and regulatory reporting [4] Market Activity - CME Group reported record growth in its cryptocurrency derivatives complex, with notional open interest reaching $39 billion in September 2025 [5] - August 2025 saw an average daily open interest of 335,200 contracts, a 95% year-on-year increase, representing $31.6 billion in notional value, and an average daily trading volume of 411,000 contracts, a 230% increase from the previous year, equivalent to $14.9 billion in notional value [6] Market Expansion - CME Group offers a wide range of benchmark products across various asset classes, including digital assets, and operates through CME Globex, BrokerTec, and EBS, supported by CME Clearing [7] - The introduction of continuous trading for cryptocurrency products reflects the growing maturity of digital assets and strengthens CME's role as a bridge between traditional finance and the 24/7 nature of the crypto economy [8]

Core Insights - CME Group plans to offer 24/7 trading for its cryptocurrency products, including Bitcoin and Ethereum futures and options, starting in early 2026, pending regulatory review [1][2] - The demand for around-the-clock cryptocurrency trading has increased, driven by market participants' need to manage risk daily [2] - CME's cryptocurrency futures and options have reached record volumes this year, with notional open interest hitting $39 billion in mid-September and outstanding contracts increasing by 95% year-over-year [3] Group 1 - CME Group's cryptocurrency futures and options will be tradable 24/7 starting in early 2026, pending regulatory review [1] - The shift to 24/7 trading aligns CME more closely with crypto markets, although it will include a two-hour weekly maintenance period [2] - Client demand for continuous trading has grown, reflecting the evolving needs of market participants [2] Group 2 - CME's cryptocurrency products have seen record volumes this year, indicating a deeper integration of crypto into traditional finance [3] - Notional open interest reached a record $39 billion in mid-September, with outstanding contracts at 335,200 in August, marking a 95% increase year-over-year [3] - CME has been proactive in monitoring trading activities to prevent market manipulation, which is crucial for regulatory approvals [5]

Core Insights - CME Group will offer 24/7 trading for its cryptocurrency futures and options starting in early 2026, pending regulatory review [1][2] - The decision is driven by increasing client demand for continuous trading to manage risk effectively [2] - CME Group's cryptocurrency products have seen record trading volumes in 2025, indicating strong market interest [3][5] Trading Details - The continuous trading will occur on the CME Globex platform, with a two-hour maintenance period each week [2] - All trades executed during holidays or weekends will be dated for the next business day, with clearing and settlement processed accordingly [2] Market Performance - CME Group reported a record notional open interest of $39 billion on September 18, 2025 [5] - August 2025 saw an average daily open interest of 335,200 contracts, a 95% increase year-on-year, representing an average notional value of $31.6 billion [5] - The average daily volume (ADV) for August reached 411,000 contracts, up 230% year-on-year, equating to a notional value of $14.9 billion [5] - There were over 1,010 large open interest holders in cryptocurrency products during the week of September 25, 2025 [5]

Core Insights - CME Group reported record average daily volume (ADV) of 25.3 million contracts in Q3 2025 and 26.1 million contracts in September 2025, marking the second-highest ADV on record for both periods [1][2] Q3 2025 Highlights - Interest Rate ADV reached 13.4 million contracts, with U.S. Treasury options ADV increasing by 7% to 1.4 million contracts and 30 Day Fed Funds futures ADV increasing by 5% to 555,000 contracts [3] - Equity Index ADV was 6.3 million contracts, while Energy ADV stood at 2.3 million contracts [3] - Agricultural ADV totaled 1.7 million contracts, with Soybean Meal futures ADV increasing by 5% to 176,000 contracts [3] - Foreign Exchange ADV was 834,000 contracts, and Metals ADV reached 825,000 contracts [3] - Cryptocurrency ADV hit a record of 340,000 contracts, representing a notional value of $14.1 billion [3] - International ADV was 7.4 million contracts, with EMEA ADV at 5.4 million contracts, APAC ADV at 1.7 million contracts, and Latin America ADV at 151,000 contracts [3] September 2025 Highlights - Interest Rate ADV was 13.3 million contracts, with U.S. Treasury options ADV increasing by 21% to 1.5 million contracts and 30 Day Fed Funds futures ADV increasing by 5% to 743,000 contracts [3] - Equity Index ADV reached 7 million contracts, while Energy ADV remained at 2.3 million contracts [3] - Agricultural ADV was 1.5 million contracts, with Foreign Exchange ADV at 1.1 million contracts and Metals ADV at 1 million contracts [3] - Micro Gold futures ADV increased by 214% to 347,000 contracts, and Cryptocurrency ADV was 309,000 contracts, with a notional value of $13.7 billion [3] Additional Information - BrokerTec U.S. Repo average daily notional value (ADNV) increased by 31% to a record $401 billion, while European Repo ADNV increased by 4% to €298 billion [3] - Customer average collateral balances for cash collateral were $132.7 billion and for non-cash collateral were $153 billion for the rolling 3-months ending August 2025 [3]

Core Insights - Institutional investors are increasingly adopting CME's futures for XRP and Solana, alongside growth in Bitcoin and Ether derivatives [1][2] - Total crypto futures open interest has doubled year-over-year, reaching $30 to $35 billion daily, indicating significant institutional activity [2][3] - CME's cash-settled futures provide a regulated way for institutions to gain exposure to cryptocurrencies without direct ownership [2][3] Futures Contracts and Open Interest - Futures contracts are standardized agreements to buy or sell an asset at a predetermined price on a future date, with open interest representing the number of active contracts [3] - XRP and Solana futures have reached record highs in open interest, with Solana hitting the $1 billion mark in August, just five months after launch [4][5] - Ether futures open interest reached $9.05 billion, peaking at $10.42 billion in August, while Ether options also hit a record high of over $1 billion in September [6][7] Market Dynamics - The rapid accumulation of open interest in Solana is notable, taking five months to reach $1 billion compared to Ether's eight months and Bitcoin's three years [5] - The introduction of regulated crypto futures and spot ETFs in the U.S. has enhanced market legitimacy and transparency, attracting more institutional capital [8]

Apparently…CME Group CEO flipped of the Polymarket CEO during the CFTC SEC roundtableIf this is real …1) Hilarious because ridiculous 2) Show regardless of wealth or status, they are just people https://t.co/bx4J24Y75o ...