每经AI快讯，芝商所(CME)宣布其金属交易在1月26日创下新的单日纪录，达3338528笔合约，较2025年 10月17日(周五)创下的2829666笔合约的单日交易纪录增长了18%。 ...

Core Insights - CME Group achieved a new single-day record of 3,338,528 contracts in its metals complex on January 26, 2026, representing an 18% increase from the previous record of 2,829,666 contracts set on October 17, 2025 [1][2]. Group 1: Trading Activity - The record trading day was driven by growing demand for CME Group's precious metals contracts, with Micro Silver futures reaching a daily record volume of 715,111 contracts and record open interest of 35,702 contracts [2]. - It was also noted as a top five trading day for Silver futures, Micro Gold futures, and 1-Ounce Gold futures [2]. Group 2: New Product Launch - CME Group plans to launch 100-Ounce Silver futures on February 9, 2026, to meet the increasing retail demand, pending regulatory review [3]. Group 3: Market Position - CME Group is recognized as the world's leading derivatives marketplace, providing clients with access to a wide range of trading options across various asset classes, including metals [3].

Core Viewpoint - The Chicago Mercantile Exchange (CME) reported that natural gas-related contracts reached a record high trading volume of 2,576,346 contracts on Tuesday, surpassing the previous record of 2,239,081 contracts set on November 14, 2018 [1] Group 1 - The trading volume of natural gas contracts at CME has set a new historical high [1] - The previous record for natural gas contract trading volume was established in November 2018 [1]

Core Insights - CME Group's natural gas complex achieved a new single-day record of 2,576,346 contracts traded on January 20, 2026, representing a 15% increase from the previous record of 2,239,081 contracts on November 14, 2018 [1][2] Group 1: Trading Records - The trading volume for Henry Hub options reached 811,662 contracts, which is up 28% from the previous record [2] - Dutch TTF options also saw a record volume of 35,480 contracts, marking a significant increase of 202% from the previous record [2] Group 2: Market Demand - Increased demand for heating across the U.S. has led clients to engage with CME Group's natural gas markets in record numbers to manage price risk [2] - The company emphasizes its commitment to providing deep liquidity for market participants to effectively hedge their positions [2] Group 3: Company Overview - CME Group is recognized as the world's leading derivatives marketplace, facilitating trading in futures, options, cash, and OTC markets [4] - The company offers a wide range of global benchmark products across major asset classes, including energy, agricultural products, and metals [4]

Core Insights - A significant shift is occurring in the crypto derivatives market, particularly affecting the cash-and-carry trade, which is showing signs of collapse [2][4] - Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has fallen below that of Binance for the first time since 2023, indicating a change in market dynamics [2][6] Market Structure Changes - The cash-and-carry trade, where institutions buy spot Bitcoin and sell futures to exploit pricing gaps, is diminishing, reflecting a deeper transformation in the crypto market structure [2][4] - The CME had been the preferred exchange for executing these trades, especially after the launch of spot Bitcoin ETFs in early 2024, which initially provided attractive returns [3][4] Yield and Returns - Annualized returns on the delta-neutral strategy, which previously reached double digits, have significantly decreased, with current one-month annualized yields around 5%, the lowest in years [4][5] - The basis, which was approximately 17% a year ago, has now compressed to about 4.7%, barely covering funding and execution costs, diminishing the trade's attractiveness [5] Open Interest Trends - CME Bitcoin futures open interest has dropped below $10 billion from a peak of over $21 billion, while Binance's open interest remains stable at around $11 billion, indicating a pullback from hedge funds and larger US accounts [6] - This shift does not represent a complete withdrawal from crypto but rather a strategic retreat as market conditions change [6] Trading Dynamics - Crypto exchanges like Binance dominate the perpetual futures market, which accounts for the largest trading volumes in the crypto sector [7] - CME has introduced smaller-sized, longer-dated futures contracts for crypto assets, allowing investors to hold positions for extended periods without needing to roll into new contracts [7]

Core Viewpoint - CME Group announced the launch of a 100-ounce silver futures contract on February 9, 2026, pending regulatory approval, aimed at attracting retail traders amid geopolitical uncertainties and energy transitions [1] Group 1: Product Launch - The 100-ounce silver futures will be cash-settled based on the daily settlement price of the global benchmark silver futures and will be listed on the COMEX [1] - This new contract is expected to provide a broader range of participants with investment opportunities, benefiting from the liquidity and efficiency of the futures market [1] Group 2: Market Demand and Trends - There is a growing appeal of silver to retail traders who seek to diversify their risk exposure through various metal products [1] - The demand for silver is currently high, prompting CME Group to expand its small-scale product offerings [1] Group 3: Industry Insights - Robinhood Markets expressed that the new futures contract aligns with their mission to democratize financial services, offering customers a lower capital way to trade silver [1] - Plus500US noted that the new contract will allow global customers to seize silver market opportunities in a more flexible and cost-effective manner [1] Group 4: Trading Volume Records - In 2025, retail demand for CME Group's metal futures surged, leading to record trading volumes, with micro gold and micro silver futures averaging 301,000 and 48,000 contracts per day, respectively [1] - The cumulative trading volume for the 1-ounce gold futures contract, launched on January 13, 2025, exceeded 6 million contracts [1]

Core Insights - CME Group Inc. is the world's largest financial derivatives exchange, currently showing solid upward momentum as it trades above its 50-day and 200-day simple moving averages [1][8] Price Targets and Valuation - The average price target for CME Group, based on 15 analysts, is $294.07, indicating a potential upside of 5.21% from the last closing price of $279.50 [2] - CME is trading at a 12-month forward price-to-earnings ratio of 23.75X, which is below the industry average of 25.17X, and is cheaper than peers SPGI and CBOE [4][5] Share Performance - CME Group shares have increased by 20.3% over the past year, outperforming the industry growth of 13.7% and peers like Deutsche Borse AG and S&P Global Inc. [3] Financial Strength and Growth Drivers - CME generates high profits and strong cash flow, providing financial stability even during periods of low trading activity [11] - The company benefits from higher market volatility, which enhances trading activity, and is experiencing rising electronic trading volumes alongside growing interest in crypto-related products [11][12] Organic Growth and Competitive Position - A key strength of CME is its ability to grow organically, supported by strong network effects and deep liquidity in its flagship contracts [13] - CME's ongoing investments and disciplined cost management are yielding favorable results [13] Financial Health - As of September 30, 2025, CME had $2.6 billion in cash and $3.4 billion in debt, indicating good liquidity and manageable debt levels [14] Dividend Policy - CME pays a stable quarterly dividend along with an annual variable dividend, appealing to income investors, but the high payout ratio suggests limited reinvestment in growth initiatives [15] Risks and Competitive Landscape - CME faces concentration risk as interest rate and equity products account for a significant portion of its revenues, and it operates in a competitive landscape with potential regulatory challenges [16] Conclusion - CME is characterized as a strong and stable company with solid profitability and reliable dividends, but the upside appears limited due to rising competition [17]

Core Viewpoint - The article highlights the significant rise in gold and silver prices, with silver's performance exceeding market expectations, leading to substantial losses for short-sellers like TD Securities [1][3]. Group 1: Current Market Performance - As of January 20, gold reached $4734.096 per ounce, up 1.39%, while silver was priced at $95.241 per ounce, up 0.89%, with a year-to-date increase of over 33% [1][2]. - TD Securities faced a loss of $606,000 from a short position in silver, marking their second significant loss due to shorting silver in recent months [3][5]. Group 2: Market Dynamics and Predictions - The Bloomberg Commodity Index's rebalancing has been fully absorbed by the market, with new long positions emerging that offset approximately $7.5 billion in outflows [3][4]. - Analysts predict that silver will face significant selling pressure in 2026, with estimates suggesting a $7 billion sell-off, while gold's sell-off is expected to be around $2.1 billion [4]. Group 3: Future Outlook - Despite recent losses, TD Securities maintains that the silver market is overbought, with potential catalysts for a market correction, such as changes in import tariffs on silver [5]. - Analysts from various institutions express optimism for silver's long-term prospects, citing its dual role as a financial and industrial asset, with potential price targets reaching $100 per ounce [8][9]. - The Chicago Mercantile Exchange plans to launch a new 100-ounce silver futures contract in February 2026 to meet growing retail demand, enhancing market accessibility [10][11].

Core Viewpoint - CME Group is set to launch futures contracts for Cardano (ADA), Chainlink (LINK), and Stellar (XLM), pending regulatory approval, which will enhance institutional access to these altcoins [1][5]. Group 1: Product Details - The new futures contracts will be available in both standard and micro contract sizes, catering to institutional clients and retail traders [2]. - Standard contracts will consist of 100,000 ADA, 5,000 LINK, or 250,000 XLM, while micro contracts will include 10,000 ADA, 250 LINK, or 12,500 XLM, allowing for lower financial commitment [3]. - The expansion of the crypto product suite aims to provide capital efficiency and versatility for trading strategies [3]. Group 2: Market Context - The introduction of these futures contracts comes in response to increasing demand for regulated cryptocurrency investments, with CME Group reporting a 139% increase in average daily volume of crypto derivatives to 278,000 contracts in 2025, amounting to a notional value of $12 billion [4]. - CME Group's offerings now include futures and options for Bitcoin (BTC), Ethereum (ETH), XRP, and Solana, reflecting a comprehensive approach to regulated crypto products [5]. Group 3: Market Reaction - Following the announcement, the prices of ADA, LINK, and XLM showed minimal changes, with ADA down 2.2% to $0.39, XLM down 1.1% to $0.22, and LINK down 0.49% to $13.7 [6][7]. - The overall market capitalization experienced a nearly 1% decline during the same period, indicating subdued market performance despite the introduction of new products [7].

Group 1 - TD Cowen raised the target price for Chicago Mercantile Exchange from $290 to $305 [1] - The rating was upgraded from "Hold" to "Buy" [1]