Core Insights - Nasdaq and CME Group have unified their crypto indexing efforts, reintroducing the Nasdaq Crypto Index as the Nasdaq-CME Crypto Index [1][9] - The new index aims to serve as a foundational benchmark for investors seeking diversified exposure in the crypto market as regulatory clarity and institutional participation grow [3][4] Index Structure and Purpose - The Nasdaq-CME Crypto Index combines two established market standards to provide governance and diversification comparable to traditional asset classes [4] - It tracks a basket of major digital assets, including Bitcoin, Ether, XRP, Solana, Chainlink, Cardano, and Avalanche, reflecting a broader market rather than focusing solely on Bitcoin [4][5] - The index is designed to align with institutional risk and compliance expectations, featuring a governance structure overseen by a joint committee and a published methodology [6][7] Market Trends and Future Applications - There is a growing trend among investors towards index-based exposure in the crypto market, similar to the evolution seen in equity and commodity markets [5][6] - The index is expected to support a wider range of regulated products, including exchange-traded funds and structured investment vehicles [8][9]

Group 1: Core Insights - Prediction markets are evolving from a niche interest to a significant financial signal, with increasing liquidity making them more relevant for investors [1][2] - The structural change in prediction markets is marked by a rise in liquidity, which is essential for these markets to transition from curiosity to tradable assets [2] - Event contracts are being recognized as a legitimate way to express investment convictions, similar to traditional stock investments, indicating a shift in mindset towards their utility [3] Group 2: Institutional Developments - There is growing institutional validation for prediction markets, highlighted by significant investments from major players like Intercontinental Exchange Inc and partnerships such as CME Group with FanDuel [4][5] - Platforms like Polymarket and Kalshi are achieving multi-billion-dollar valuations, further indicating the increasing acceptance and potential of prediction markets [4] Group 3: Changing Investor Behavior - Investor behavior is shifting, with event contracts being integrated into daily information consumption, akin to reading major financial publications [6] - As liquidity improves, this new habit of utilizing prediction markets is expected to spread, influencing trading behaviors and market perceptions [6]

Core Viewpoint - The article discusses the role of CME Group in the silver market, highlighting its significance in trading and pricing of silver commodities [1][2]. Group 1: CME Group's Role - CME Group is a major player in the silver market, providing a platform for trading silver futures and options [1]. - The company offers various silver products, including 999.9 silver bars, which are essential for investors and traders [2]. Group 2: Market Insights - The article emphasizes the importance of silver as a commodity, particularly in times of economic uncertainty, where it serves as a hedge against inflation [1]. - It notes the growing interest in silver investments, driven by both industrial demand and investment purposes [2].

Core Insights - MIAX Exchange Group achieved a record 2.4 billion multi-listed options contracts in 2025, marking a 41.1% increase compared to 2024 [1] - The average daily trading volume (ADV) for MIAX Exchange Group reached 11.1 million contracts in Q4 2025, a 46.5% year-over-year increase [5] - MIAX Exchange Group's annual market share reached a record 17.1% in 2025, reflecting a 13.1% increase year-over-year [5] Trading Volume and Market Share - The average daily trading volume for U.S. multi-list options in December 2025 was 53,703 thousand contracts, an 11.4% increase from December 2024 [4] - MIAX Exchange Group's options ADV in December 2025 was 9,201 thousand contracts, a 16.7% increase from December 2024 [4] - MIAX Futures achieved an annual ADV record of 12,989 contracts in 2025, a 2.7% increase year-over-year [5] Performance Comparison - MIAX Exchange Group's quarterly market share reached 18.2% in Q4 2025, a 14.1% increase year-over-year [5] - The market share for MIAX Exchange Group options was 17.1% in December 2025, up from 15.1% in December 2024 [4] - MIAX Pearl's ADV in December 2025 was 120 million, a decrease of 34.3% from December 2024 [4]

Core Insights - The market returned 16% last year, indicating a strong performance in investment opportunities [1] Group 1: Analyst Insights - Leo Nelissen focuses on major economic developments related to supply chains, infrastructure, and commodities, providing analysis and actionable investment ideas [1] - The emphasis is placed on dividend growth opportunities, which are critical for income-focused investors [1]

Core Viewpoint - Nasdaq is set to announce its fourth quarter and full year 2025 financial results on January 29, 2026, with senior management available for questions from the investment community following the prepared remarks [1][2]. Group 1: Financial Results Announcement - The announcement will include a review of Nasdaq's financial performance for the fourth quarter and the entire year of 2025 [1]. - The results call is scheduled for 8:00 AM Eastern Time on January 29, 2026 [1]. Group 2: Access to Information - Participants can access the conference via webcast through the Nasdaq Investor Relations website [2]. - The press release and results presentation will be available on the Nasdaq Investor Relations website at approximately 7:00 AM Eastern on the same day [2]. Group 3: Company Overview - Nasdaq is a global technology company that serves various financial market participants, including corporate clients, investment managers, banks, brokers, and exchange operators [3]. - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings of data, analytics, software, and client-centric services [3].

Core Insights - The financing adjustment in Spot-Quoted futures has a minimal impact on a trader's profit and loss (PnL), particularly for positions held overnight [3][4][13] - Spot-Quoted futures (SQFs) provide retail traders with access to key benchmark futures products at a low notional value, allowing for capital efficiencies and trading at the spot price [5][13] - The average daily financing amount across six listed SQFs is approximately $0.45, which is relatively small compared to the daily index moves [4][12] Financing Adjustment Impact - The daily financing adjustment represents less than 2% of the total PnL move across all six Spot-Quoted futures products at CME Group [9][10] - When comparing the financing adjustment to the high-low range for a trading day, it accounts for about 1% of the daily move within an index [11][12] - The financing adjustment is typically between 0.01% to 0.04% of the notional position taken, indicating its minimal nature [14] Trading Characteristics - SQFs are designed to allow trading with low upfront capital commitment and do not require full funding of the position, which enhances accessibility for retail traders [3][5][13] - The trading activity in SQFs has significantly increased, achieving a record average daily volume (ADV) of 120,000 contracts in Q4 2025 [3] - The financing component is only incurred for positions held overnight, making it irrelevant for intra-day traders [1][2]

Core Insights - CME Group reported record trading activity in 2025 with average daily volume (ADV) reaching 28.1 million contracts, a 6% increase from the previous year, highlighting its central role in global risk management amid macro volatility and institutional participation [1] Trading Activity Overview - In the fourth quarter, ADV climbed to a record 27.4 million contracts, with December ADV reaching 23.5 million, marking the strongest December on record, driven by heightened demand for hedging tools due to shifting rate expectations and commodity price volatility [2] Interest Rates and Equities - Interest rate products were the backbone of CME's activity, with full-year interest rate ADV rising 4% to a record 14.2 million contracts, driven by heavy trading in U.S. Treasury futures and options, as well as SOFR-linked products [3] - U.S. Treasury futures and options posted a record annual ADV of 8.3 million contracts, while SOFR futures and options reached 5.4 million, indicating traders' positioning around Federal Reserve policy [3] Equity Index Derivatives - Equity index derivatives saw strong demand, with ADV across equity index products increasing 8% year-on-year to 7.4 million contracts, significantly influenced by micro contracts [4] - Micro E-mini Nasdaq-100 and Micro E-mini S&P 500 futures both posted record volumes, reflecting sustained retail and professional participation in smaller-sized contracts [4] Cryptocurrency Derivatives - Cryptocurrency derivatives experienced explosive growth, with CME reporting a 139% increase in crypto ADV in 2025 to a record 278,000 contracts, representing approximately $12 billion in notional value [5] - Micro Ether futures led the segment, followed by Micro Bitcoin futures, as traders favored capital-efficient instruments tied to digital assets [5] Fourth Quarter Performance in Crypto - The momentum in crypto trading continued into the fourth quarter, with crypto ADV reaching a quarterly record of 379,000 contracts, and December alone seeing 339,000 contracts traded, reflecting rising institutional engagement with regulated crypto markets [6] Global Participation - International trading activity reached new highs, with ADV outside the U.S. rising 8% to a record 8.4 million contracts, driven by strong participation from Europe, the Middle East, and Africa [7] - CME's markets benefited from global diversification of trading flows and increased cross-border demand for benchmark derivatives [7]

CME Group's (CME) cryptocurrency derivatives trading volume surged to record highs last year, with average daily volume jumping 139% year-over-year to 278,000 contracts even as the largest tokens fell. The volume equates to roughly $12 billion in daily notional value, according to data released by the company, and marks the crypto products' strongest annual performance since their debut in 2017. The exchange pointed to its micro-ether and micro-bitcoin futures contracts as record performers, with averag ...

Core Insights - CME Group reported record average daily volume (ADV) of 28.1 million contracts for the full year 2025, a 6% increase from 2024 [1] - Q4 2025 ADV reached a record 27.4 million contracts, while December ADV also set a record at 23.5 million contracts [1] Full-Year 2025 Highlights - Record annual ADV was achieved across various asset classes including interest rate, energy, agricultural, metals, and cryptocurrency products [2] - U.S. Treasury and SOFR complexes also saw record annual ADV [2] - International ADV increased by 8% to a record 8.4 million contracts, with notable growth in EMEA and APAC regions [3] Q4 2025 Highlights - Interest Rate ADV increased by 4% to a record 14.2 million contracts [3] - Equity Index ADV rose by 22% to 7.7 million contracts, with Micro E-mini Nasdaq 100 futures ADV increasing by 41% [3] - Energy ADV reached 2.5 million contracts, while Agricultural ADV increased by 2% to 1.8 million contracts [3] December 2025 Highlights - December saw record ADV in Metals at 1.3 million contracts, with Micro Gold futures ADV increasing by 312% to 449,000 contracts [6] - Cryptocurrency ADV reached a record of 339,000 contracts in December, representing a notional value of $9.4 billion [6] - BrokerTec U.S. Repo average daily notional value increased by 14% to $386 billion [6]