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June 24, 2025 04:01 AM GMT M Idea From the Global Director of Research | North America Charts That Caught My Eye A guiding principle at Morgan Stanley Research is to enhance your investment process by delivering unique insights that separate the signal from the noise. An intuitively designed and well-crafted chart can often accomplish this with exceptional clarity. With that mission in mind, these charts in our recently published research stood out to me. Please reach out to me with feedback on these or any ...

Core Viewpoint - Flow Traders is preparing for its 2Q 2025 results, highlighting increased market trading volumes and volatility across various asset classes, which positively impacted its business performance [2][10]. Market Environment - Market trading volumes and volatility increased in the second quarter across most asset classes and regions, with significant increases in early April, followed by a return to normal levels in May and June [3]. - In Equity, trading volumes and volatility increased across all regions compared to the same period a year ago and the first quarter [3]. - Fixed Income market trading volumes also saw an increase year-on-year and quarter-on-quarter, while volatility remained relatively flat [3]. - Digital Assets experienced a slight year-on-year increase in trading volumes but a significant decrease compared to the first quarter, with volatility declining meaningfully [3]. Equity Market Insights - European exchanges such as Euronext, Deutsche Börse, and the London Stock Exchange reported double-digit increases in trading volumes year-on-year and quarter-on-quarter, particularly in April [4]. - In the Americas, both Nasdaq and NYSE also saw double-digit increases in trading volumes [4]. - APAC exchanges, including Hong Kong, Tokyo, and Shanghai, experienced double-digit volume increases compared to the same period last year, though less pronounced than in the first quarter [4]. Volatility Trends - Volatility indicators such as VSTOXX in Europe, VIX in the Americas, and JNIV in Japan showed double-digit increases compared to the same period last year and the first quarter [5]. - The VHSI in Hong Kong increased year-on-year but remained flat quarter-on-quarter [5]. Fixed Income Insights - Fixed Income trading volumes increased by double digits across most products on Tradeweb and MarketAxess compared to the same period last year and the first quarter, although the magnitude was smaller than in Equity [6]. - Fixed income volatility, as indicated by the MOVE index, saw slight increases both year-on-year and quarter-on-quarter [6]. Digital Assets Performance - Bitcoin trading volumes increased slightly year-on-year but decreased by double digits quarter-on-quarter, with volatility also declining significantly [7]. ETP Market Volumes - Flow Traders reported a 53% year-on-year increase in On and Off Exchange Value Traded in EMEA, 43% in the Americas, 78% in APAC, and 48% globally [8]. - Average volatility, as indicated by the VIX, was up 77% quarter-to-date compared to the same period last year [8]. Impact on Flow Traders - The increase in trading volumes and volatility positively contributed to Flow Traders' Net Trading Income (NTI) compared to the same period last year [10]. - NTI performance was comparable to the first quarter, as volumes and volatility returned to normal levels in May and June after a surge in early April [10]. - All regions showed improvement compared to the same period last year, with the Americas also improving compared to the first quarter [10].

Group 1 - Marubeni has experienced a significant rally of over 35% since March 2023 [1] Group 2 - The analyst has a background in IT and focuses on providing differentiated insights for investing and trading [2] - The analyst emphasizes a moderate approach to investment, particularly after experiencing losses during the Global Financial Crisis [2] - The analyst covers various themes including automated supply chains, Generative AI, and the deflationary nature of software [2]