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].

Core Insights - Assurant, Inc. is a global provider of risk management solutions with a market cap of $11.4 billion, operating across the Americas, Indo-Pacific, and Europe [1] Performance Overview - Assurant has underperformed the broader market, with AIZ stock gaining 6.4% year-to-date and 71 basis points over the past 52 weeks, compared to the S&P 500 Index's gains of 12.3% in 2025 and 11% over the past year [2] - The company also lagged behind the Financial Select Sector SPDR Fund's 6.9% gains in 2025 and 3% increase over the past 52 weeks [3] Financial Results - Following the release of solid Q3 results, Assurant's stock prices increased by 1.7%. The company reported a year-over-year revenue growth of 8.9% to $3.2 billion, exceeding expectations by 2.7% [4] - Adjusted EPS for the quarter soared 91% year-over-year to $5.73, beating consensus estimates by 35.5% [4] Future Projections - For the full fiscal year 2025, analysts expect Assurant to deliver an adjusted EPS of $19.39, reflecting a 16.5% year-over-year increase. The company has a strong earnings surprise history, surpassing estimates in each of the past four quarters [5] - The consensus rating among nine analysts covering AIZ is a "Moderate Buy," with five "Strong Buys," one "Moderate Buy," and three "Holds" [5] Analyst Ratings and Price Targets - The current analyst configuration is slightly less optimistic than two months ago, with six analysts previously giving "Strong Buy" recommendations. An analyst maintained an "Outperform" rating and raised the price target from $248 to $254 [6] - The mean price target of $253.67 suggests an 11.8% premium to current price levels, while the highest target of $265 indicates a potential upside of 16.8% [6]

Core Insights - Tokio Marine has agreed to acquire Commodity & Ingredient Hedging (CIH) for $970 million, enhancing its risk management solutions in the agricultural sector [1][4] - CIH provides integrated risk management services, including consulting, brokerage, and insurance, through a proprietary technology platform [1][2] - The acquisition is expected to close in the first quarter of 2026, pending regulatory approval [4] Company Overview - CIH is based in Chicago and specializes in risk management for clients in agriculture and commodity sectors [1] - The company combines advisory and execution functions, allowing clients to manage commodity price exposure effectively [2][3] - CIH's technology platform offers a unified method for clients to monitor, analyze, and manage risk [3] Strategic Implications - The acquisition will enhance Tokio Marine's specialty offerings in the US agricultural sector and broaden its non-insurance risk solutions capabilities [4] - Tokio Marine HCC's CEO highlighted the importance of CIH's agricultural expertise and innovative technology in managing price volatility [5] - This partnership aligns with Tokio Marine Group's long-term strategy to diversify and grow through fee-based services [5]

最容易踩的就是"策略漂移"的坑。听起来挺专业，说白了就是基金经理跑偏了。比如你买的是主打价值 投资的股票私募，结果经理看着科技股涨得猛，偷偷把大半资金都砸进去。市场一转向，之前赚的全吐 回去不说，本金都得搭进去。我认识的一个理财顾问就遇到过，客户买的"稳健型"产品，最后持仓里全 是高波动的小票，客户找上门的时候，经理都躲着不敢见。 最近身边玩基金的朋友，嘴里总挂着"私募"俩字。前几天聚餐，做外贸的张姐说她买的某股票策略私 募，今年收益都快30%了，说得旁边刚买指数基金的小李直拍大腿。 说实话，我一开始也以为是小圈子的个别情况，直到查了下数据——哦哟，不是个别是普遍。大概是 说，今年以来大部分私募都挣钱了，尤其是股票策略的，平均收益比其他策略都高，连不少平时稳扎稳 打的产品都涨了不少。科技股和资源股轮着涨，正好踩中了股票策略的路子，量化多头那种更是赚得盆 满钵满。 但你别说，越是这种时候越要拎清楚。我堂哥2023年就是看着私募收益排行榜冲进去的，结果不到半年 就亏了20%，至今还没解套。他当时就犯了个通病：只看收益数字，压根没琢磨背后的风险。 还有管理人"掉链子"的问题，这才是最吓人的。不是我危言耸听，真有私募 ...

Risk & Responsibility: Brandon Van Dyke On The High Stakes Deal https://t.co/3NafCF3BhK ...

How to respond to disasters is an ever more pressing problem for much of Asia. Taking action before ruination falls is an increasingly popular tactic https://t.co/R03XuVc3Hm ...

steakhouse financial now controls over 50% of all ethereum usdc on morpho. zero exposure to stream finance collapse. captured $115k in fees the same week everyone else imploded. gauntlet also untouched with $1.7b under management. capital rotation to actual risk managers already started. the curators who survived just became monopolies. ...

Core Insights - The Calamos Nasdaq Autocallable Income ETF (CAIQ) was launched on November 20, 2025, to provide investors with stable, higher, and predictable income amidst traditional yield challenges and equity market volatility [1][6]. Group 1: Product Overview - CAIQ aims to deliver high monthly income and potential long-term principal appreciation through a portfolio of autocallable yield notes linked to the performance of a stable-volatility Nasdaq-100-based index [2][6]. - The fund utilizes the MerQube Nasdaq-100 Vol Advantage Autocallable Index, which is designed for autocallable strategies, targeting an implied volatility of 35% and managing downside risk with defined barriers [3][4]. Group 2: Income Generation and Risk Management - CAIQ's autocallable notes provide regular income as long as the MerQube index does not fall below a predetermined barrier level of -30%, allowing for consistent yield even during flat or modestly declining market conditions [4][5]. - The fund employs a diversified approach with over 52 autocallables, creating a laddered structure that aims to smooth income generation and reduce timing risk [5][10]. Group 3: Market Position and Strategy - The launch of CAIQ builds on the success of the Calamos Autocallable Income ETF (CAIE), which has attracted significant inflows and generated substantial monthly yield since its launch on June 25, 2025 [6][7]. - CAIQ is positioned as a tax-efficient investment option, designed to provide distributions with favorable tax treatment compared to ordinary income [10].

Leverage on prediction markets like @Kalshi and @Polymarket is hard because one jump can nuke a lender's capital@Kaleb0x recommends that lenders pass that risk back to traders by charging them a fair, upfront feeBookmark this one for a weekend read ⬇️Kaleb (@Kaleb0x):Leverage on prediction markets is hard because one jump can nuke a lender's capitalLenders must pass that risk back to traders by charging them a fair, upfront feeIn my latest @MessariCrypto piece I break down how to price that risk and compute ...

Core Insights - Marsh & McLennan Companies, Inc. (MMC) is positioned for significant growth, driven by momentum in its Consulting segment, particularly Mercer and Oliver Wyman, with improving earnings expectations indicating healthy forward traction [1][10] Financial Performance - The market valuation of Marsh & McLennan is $87.7 billion, and it holds a Zacks Rank 3 (Hold), suggesting it is reasonable for investors to retain the stock [2] - The Zacks Consensus Estimate projects earnings of $9.61 and $10.28 per share for 2025 and 2026, respectively, reflecting growth of 9.2% and 6.9% from prior periods [3] - Revenue estimates indicate increases of 10.1% in 2025 and 4.7% in 2026, supported by strong renewals, new business gains, and geographic improvements [4] Strategic Initiatives - Strategic acquisitions are a key component of MMC's long-term strategy, enhancing geographic presence and specialization [5] - The company has maintained steady operating cash flow, with a recent 10% dividend increase authorized in July 2025, marking the 16th consecutive year of dividend growth [6] Market Environment - The operating environment is favorable, with rising demand for advisory services and increased awareness of risk management among corporate clients [8] - Rate increases in the commercial property and casualty sector are expected to be a significant revenue driver [4]