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 - 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]

Core Insights - Investors are significantly increasing their positions related to market volatility, with net dealer long positions in VIX futures reaching approximately 87,000 contracts, the highest level in at least four years [1][4]. Group 1: Market Trends - The surge in VIX futures positions is partly driven by a rush into exchange-traded products that aim to profit from volatility spikes, with the S&P 500 VIX Short-Term Futures ETN (VXX) seeing assets grow by over 312% in the past year to around $1 billion [3]. - The 2x leveraged long VIX futures ETF (UVIX) has also experienced a 215% increase in inflows, indicating strong investor interest in volatility hedging [3]. Group 2: Investor Behavior - Dealer positions have shifted from net short exposure to a firmly positive stance, suggesting that investors are actively seeking protection against potential market shocks [4]. - The current demand for hedges has become concentrated, as dealers are forced to hedge by taking on additional long exposure in futures contracts [5]. Group 3: Market Conditions - The increase in volatility positions coincides with equity markets reaching record highs, while also facing macroeconomic uncertainties, rising geopolitical tensions, and changing monetary policies [5]. - Despite a broadly bullish outlook on Wall Street, concerns about a potential market correction persist, particularly due to elevated stock valuations and recession risks, especially among major technology companies [6].

Group 1: Market Overview - The market is currently under pressure due to the potential government shutdown, which raises concerns about the availability of jobs data and reliance on non-traditional data sources [2][3] - Despite the potential shutdown, it is anticipated that the market may not react as negatively as expected, presenting a buying opportunity for investors [3] Group 2: American Express - American Express is positioned well due to its focus on high-income consumers, which has shown resilience in economic data [5][6] - The company's "platinum refresh" strategy has historically reduced customer attrition rates, indicating strong customer loyalty [7] - The stock has appreciated approximately 23% over the past 12 months, suggesting a period of strength for financial companies [8] Group 3: CME Group - CME Group is innovating in market infrastructure with a focus on tokenization and blockchain, which could enhance efficiency and lower costs for end users [14][16] - The company is experiencing a shift towards event contracts, which are gaining popularity in the retail space [15] - Recent price movements indicate a potential recovery, with key resistance levels identified around 275 and 281 [20][21] Group 4: Spotify - The announcement of CEO Daniel Ek stepping down has led to a 5% drop in shares, but this is viewed as a buying opportunity rather than a red flag [22][23] - Spotify holds a dominant position in the global music streaming market, with a 45% share excluding China and Russia, and is expanding its revenue streams [25][26] - Year-to-date, Spotify shares are up nearly 55%, despite recent volatility due to leadership changes [32]

European Banking Authority stablecoin. Photo by BeInCrypto Europe’s largest exchange operator is moving to put stablecoins inside its market infrastructure. The step is designed to push the euro closer to relevance in digital finance. Deutsche Börse Group said it will work with Circle Internet Financial to deploy the issuer’s euro- and dollar-backed tokens under the EU’s new crypto rulebook. The initiative also follows recent pilots where Circle’s USDC and EURC were used by Visa to test faster cross-borde ...

Deutsche Börse Group (DB1) signed a memorandum of understanding with Circle Internet Group (CRCL) to bring regulated stablecoins into Europe’s financial market infrastructure. The agreement aims to integrate Circle’s euro- and dollar-pegged tokens, EURC and USDC, into trading, settlement and custody services across the exchange operator’s platforms, the firms said in a statement on Tuesday. There has been a flurry of stablecoin activity focused on Europe of late, with the likes of SogGen’s FORGE subsidia ...

Core Insights - Nasdaq will review its third quarter 2025 financial results on October 21, 2025, at 8:00 AM ET, with senior management available for questions from the investment community following prepared remarks [1] - The press release and results presentation will be available on the Nasdaq Investor Relations website at approximately 7:00 AM ET on the same day [2] Company Overview - Nasdaq is a leading global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators, facilitating their interaction with global capital markets and the financial system [3] - The company aims to deliver world-leading platforms that enhance liquidity, transparency, and integrity within the global economy [3] - Nasdaq offers a diverse range of data, analytics, software, exchange capabilities, and client-centric services to help clients execute their business vision confidently [3]

Core Insights - TMX Group has launched its inaugural Reconciliation Action Plan aimed at enhancing Indigenous inclusion in Canadian capital markets [1][2] - The plan is developed through extensive engagement with Indigenous organizations and focuses on four key pillars [2] Group 1: Reconciliation Action Plan Overview - The Reconciliation Action Plan outlines TMX Group's long-term commitments to Indigenous reconciliation in Canada [1] - CEO John McKenzie emphasized the importance of financial markets in creating opportunities and economic growth for Indigenous communities [2] Group 2: Key Pillars of the Action Plan - **Pillar 1: Capital Realignment** - Support increased capital flows to First Nations, Inuit, and Métis businesses, communities, and priorities [4] - **Pillar 2: Relationships** - Establish long-term relationships with Indigenous peoples and organizations to achieve prosperity [4] - **Pillar 3: Truth, Learning and Action** - Advance learning opportunities and demonstrate commitment through transparent reporting [4] - **Pillar 4: Talent Development** - Support the current and next generation of Indigenous talent in the financial sector [4] Group 3: TMX Group Operations - TMX Group operates global markets and provides various services including listing markets, trading markets, and technology solutions [3] - The company has a presence in North America and key international markets, enhancing its operational reach [5]

Core Points - The SEC and CFTC are hosting a joint roundtable on regulatory harmonization for digital assets, highlighting the importance of collaboration between traditional finance and crypto firms [1][2][6] - The event will feature three panels discussing the coordination between the SEC and CFTC, focusing on trading platforms, market participants, and digital asset services [2][3] Panel Discussions - The first panel will cover the history of SEC-CFTC cooperation, featuring industry experts from organizations like SIFMA and Interactive Brokers [3] - The second panel, expected to attract significant attention, will focus on trading platforms and include leaders from both Wall Street and the crypto sector [3][4] - The final panel will discuss the benefits of harmonized rules for investors, featuring representatives from major firms like Crypto.com, Citadel, and Robinhood [5] Regulatory Implications - The inclusion of both crypto platforms and traditional financial institutions in the discussions indicates a significant shift in the regulatory landscape [4][7] - The agenda reflects a growing momentum for aligning the regulatory approaches of the SEC and CFTC, which could impact exchanges, custody providers, and stablecoin issuers in the U.S. [6]

Core Insights - The total short interest in Nasdaq Global Market securities increased to 14,035,983,054 shares as of September 15, 2025, up from 13,901,511,651 shares on August 29, 2025, indicating a growing bearish sentiment among investors [1] - The average short interest across all 5,014 Nasdaq securities reached 17,146,159,646 shares, reflecting an increase from 16,958,657,192 shares in the previous reporting period [3] Nasdaq Global Market - Short interest in 3,341 Nasdaq Global Market securities totaled 14,035,983,054 shares at the end of the settlement date of September 15, 2025, compared to 13,901,511,651 shares in the prior period [1] - The mid-September short interest represents an average of 2.49 days, slightly up from 2.39 days in the previous reporting period [1] Nasdaq Capital Market - In the Nasdaq Capital Market, short interest in 1,673 securities totaled 3,110,176,592 shares at the end of the settlement date of September 15, 2025, compared to 3,057,145,541 shares previously [2] - This represents an average daily volume of 1.08 days, down from 1.10 days in the prior reporting period [2] Overall Market Summary - The total short interest across all Nasdaq securities reached 17,146,159,646 shares as of September 15, 2025, compared to 16,958,657,192 shares in the previous reporting period [3] - The average daily volume for all securities is now 2.01 days, compared to 1.97 days previously [3] Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4]