RT Mike Selig (@ChairmanSelig)Pleased to see @POTUS and @SecRollins host our nation's farmers today at the @WhiteHouse. At the @CFTC, we're proud to complement their efforts by ensuring American farmers and ranchers can effectively use derivatives markets every day to manage their risks. ...

Core Insights - Hyperliquid traders can now access perpetual futures tracking the S&P 500 through a licensing agreement between S&P Dow Jones Indices and Trade[XYZ], allowing for continuous speculation on major U.S. companies [1] - This marks the first opportunity for non-U.S. investors to gain leveraged exposure to the S&P 500 using a licensed digital product [1] Market Developments - Trade[XYZ] has expanded market access to real-world assets like gold and oil on Hyperliquid, offering contracts settled in Circle's USDC stablecoin [2] - The popularity of perpetual futures tied to indices and ETFs is increasing on Hyperliquid, with these products accounting for 5.5% of trading volumes at $215 million [2] Industry Trends - The new licensing agreement indicates that traditional finance companies are increasingly exploring the on-chain proliferation of perpetual futures [3] - Hyperliquid's native token, HYPE, experienced a 7% increase to around $43, despite a 27% decline from its all-time high of $59 in September, while still showing a 225% increase over the past year [3] Regulatory Landscape - The CFTC plans to establish a regulatory framework for perpetual futures in the U.S., addressing concerns that previous regulations pushed related activities offshore [4] Product Overview - Perpetual futures allow traders to speculate indefinitely on an asset, with prices anchored to the underlying asset through periodic funding rate payments, becoming the dominant derivative form in global crypto markets [5]

Core Insights - The prediction market industry is rapidly expanding, attracting attention from major financial exchanges like CME and Cboe, which are calling for regulatory clarity to manage this growth [1][6][8] - The popularity of sports betting within prediction markets has raised legal concerns, with some states arguing that these markets operate as unlicensed gambling [7][8] - The emergence of young founders in the prediction market space, such as Shayne Coplan and Tarek Mansour, has shifted the focus of industry gatherings, highlighting a significant change in Wall Street dynamics [5][12][14] Industry Dynamics - Major exchanges are interested in both profiting from and regulating prediction markets, indicating a complex relationship between traditional finance and this new asset class [2][4] - The Futures Industry Association conference showcased the growing interest in prediction markets, with significant participation from executives and regulators discussing the industry's future [4][12] - The involvement of high-profile figures, including political connections, suggests that the prediction market industry is gaining legitimacy and influence [9][14] Market Trends - The prediction market sector is increasingly targeting retail traders, leveraging the success of platforms like Kalshi and Robinhood to capture market share [10][11] - There is a notable shift in perception, with prediction markets transitioning from a fringe phenomenon to a central topic of discussion among financial professionals [12][14] - The competition between prediction markets and traditional gambling companies is intensifying, as evidenced by the declining share prices of established gambling firms in light of Kalshi's success [16][17]

Core Insights - CME Group's energy complex achieved a record daily trading volume of 8.3 million contracts on March 6, 2026, surpassing the previous record of 7.9 million contracts set on March 3, 2026 [1] Volume Highlights - Micro Crude Oil futures reached a record volume of 748,729 contracts on March 6, 2026 [1] - The crude oil complex recorded a volume of 5.73 million contracts on the same day [1] - Energy options also hit a record volume of 1.43 million contracts on March 6, 2026 [1] - CME Group Refined Products, particularly RBOB Gasoline and New York Harbor Ultra-low Sulfur Diesel (ULSD) futures and options, achieved a new single-day record of 1.25 million contracts traded on March 3, 2026 [1] - The top five volume days for the energy complex all occurred within the past week, resulting in a five-day average volume of 1.09 million contracts [1] Market Context - The increase in trading volume is attributed to geopolitical shifts causing uncertainty in the global energy sector, leading market participants to utilize CME Group's platforms for risk management [1]

Core Insights - The distinction between Polly Market and County is significant, with Polly Market operating primarily outside of U.S. jurisdiction, while County is under the oversight of the CFTC [1][2][3] - The CFTC is actively working to establish regulations for U.S.-based prediction markets, emphasizing the importance of compliance and market integrity [2][4] - Recent actions by the CFTC, including disciplining traders for insider trading on County, highlight its jurisdiction and regulatory focus [3] Regulatory Landscape - The CFTC's advisory on County indicates a positive stance towards its regulatory actions, while Polly Market remains in a gray area due to its operations outside U.S. jurisdiction [3][4] - There is ongoing discussion about whether Congress will clarify rules regarding material non-public information in prediction markets, which the CFTC is currently addressing [4] Market Dynamics - Derivatives markets allow for greater tolerance of insider information usage, as participants are often well-informed about the risks they are hedging [5][6] - Prediction markets differ significantly, as individuals close to events may possess detailed insights that raise questions about information secrecy and trading ethics [6][7] - Enforcement of regulations in pseudonymous markets like Polly Market poses significant challenges for regulators [7]

Core Insights - CME Group has achieved a new open interest record of 403,113 contracts in Dairy futures and options as of February 27, 2026, alongside a record monthly average daily volume (ADV) of 11,234 contracts in February, surpassing the previous record of 9,514 contracts set in September 2025 [1] Dairy Futures and Options Performance - The increase in open interest and volume is attributed to tightening inventories of nonfat dry milk and butter, as well as strong demand for whey protein, prompting clients to utilize CME Group's services for risk management [1] - Cash-Settled Cheese futures and options reached a record open interest of 90,378 contracts on February 26, with a monthly ADV of 2,985 contracts [1] - Class IV Milk futures and options also recorded a monthly ADV of 1,443 contracts, marking a significant performance in the Dairy sector [1] CME Group Overview - CME Group is recognized as the world's leading derivatives marketplace, providing a platform for trading futures, options, cash, and OTC markets, which enables clients to optimize portfolios and manage risk effectively [1] - The company offers a diverse range of global benchmark products across major asset classes, including agricultural products, and operates one of the leading central counterparty clearing providers, CME Clearing [1]

Core Insights - CME Group achieved a new monthly average daily volume (ADV) record of 37.6 million contracts in February 2026, marking a 14% increase year-over-year [1] Volume by Asset Class - Cryptocurrency ADV reached 322,000 contracts, equivalent to $9.3 billion notional [1] - Foreign Exchange ADV was 946,000 contracts [1] - Metals ADV totaled 1.5 million contracts [1] - Agricultural ADV was 2.3 million contracts [1] - Energy ADV amounted to 3.2 million contracts [1] - Equity Index ADV reached 8.4 million contracts [1] - Interest Rate ADV was 21.3 million contracts [1] Notable Increases in Specific Products - Interest Rate ADV increased by 11%, with record U.S. Treasury futures and options ADV of 13.7 million contracts [1] - Record 10-Year U.S. Treasury Note options ADV was 1.4 million contracts [1] - Record 2-Year U.S. Treasury Note futures ADV was 1.9 million contracts [1] - Record 5-Year U.S. Treasury Note futures ADV was 3.2 million contracts [1] - Record 10-Year U.S. Treasury Note futures ADV was 3.7 million contracts [1] - Equity Index ADV increased by 16%, with Micro E-mini S&P 500 futures ADV rising by 28% to 1.4 million contracts [1] - Micro E-mini Nasdaq-100 futures ADV increased by 37% to 2.2 million contracts [1] - Energy ADV increased by 12%, with WTI Crude Oil futures ADV rising by 35% to 1.1 million contracts [1] - Agricultural ADV increased by 11%, with record Chicago SRW Wheat futures ADV of 213,000 contracts [1] - Metals ADV surged by 88%, with Micro Silver futures ADV increasing by 865% to 205,000 contracts [1] - Cryptocurrency ADV increased by 45%, with Ether futures ADV rising by 65% to 24,000 contracts [1] BrokerTec Performance - BrokerTec's overall average daily notional value (ADNV) increased by 16% to a record $1.042 trillion in February [1] - European Repo ADNV increased by 11% to €369 billion [1] - U.S. Repo ADNV increased by 18% to $383 billion [1]

Core Insights - CME Group has achieved a record high open interest (OI) of 36,328,151 contracts in U.S. Treasury futures and options as of February 19, 2026, surpassing the previous record of 35,120,066 contracts set in November 2025 [1] Group 1: Open Interest Records - The record OI indicates a growing interest from clients in U.S. Treasury markets amid increasing uncertainty regarding monetary policy, government spending, and inflationary pressures [1] - Additional records include: - 2-Year U.S. Treasury Note futures and options OI of 5.8 million contracts - 5-Year U.S. Treasury Note futures OI of 7.9 million contracts - 10-Year U.S. Treasury Note futures and options OI of 12.6 million contracts - 30-Year U.S. Treasury Bond futures and options OI of 3.6 million contracts - 2,100 large open interest holders (LOIH) in U.S. Treasury futures [1][1][1] Group 2: Market Position and Offerings - CME Group is recognized as the world's leading interest rate market, providing a wide range of futures and options for benchmark products, including U.S. Treasuries and SOFR [1] - The U.S. Treasury and SOFR contracts are traded alongside BrokerTec cash securities on the CME Globex platform, enhancing liquidity and execution efficiency [1] - CME Group's offerings include portfolio margining with cleared interest rate swaps and futures, as well as cross-margining with FICC-cleared cash U.S. Treasury notes, bonds, and certain Repo transactions [1]

Core Viewpoint - CME Group is set to launch 24/7 trading for crypto futures and options starting May 29, allowing continuous trading with a two-hour weekly maintenance break over the weekend, marking a significant shift in the trading landscape for cryptocurrencies [1][2]. Group 1: Trading Details - Starting May 29, all CME crypto futures and options will trade continuously, with a two-hour maintenance break on weekends, a change from the previous 23-hour trading schedule on weekdays [2]. - Transactions during the Friday to Sunday period will have a trade date of the following business day, with clearing, settlement, and reporting also processed the next business day [3]. Group 2: Industry Context - The move towards 24/7 trading aligns with broader trends on Wall Street, where major players are also exploring nonstop trading options, influenced by the crypto industry's growth [7]. - The CEOs of Nasdaq and the New York Stock Exchange have indicated they are working to enable 24/7 stock trading, with crypto playing a central role in this transition [8]. Group 3: Regulatory and Market Implications - CME's shift to 24/7 trading is pending regulatory review, with CFTC chair Mike Selig expressing support for the initiative, particularly for the crypto market, while noting that not all markets may benefit from such a model [5][6]. - The adjustment would allow institutional investors to manage their crypto positions during periods of market volatility outside standard trading hours, addressing the significant price swings often seen in the crypto market during weekends [7].

Core Insights - CME Group will launch 24/7 trading for its regulated Cryptocurrency futures and options starting May 29, pending regulatory review [1][2] - Client demand for risk management in the digital asset market has reached an all-time high, resulting in a record $3 trillion in notional volume for Cryptocurrency futures and options in 2025 [2] - The continuous trading will include a two-hour weekly maintenance period over the weekend, with holiday or weekend trades dated to the following business day [2] Company Performance - CME Group has reported an average daily volume (ADV) of 407,200 contracts, which is a 46% increase year-over-year, and an average daily open interest of 335,400 contracts, up 7% year-over-year [5] - The futures ADV specifically reached 403,900 contracts, marking a 47% increase year-over-year [5] Market Position - CME Group is recognized as the world's leading derivatives marketplace, facilitating trading across various asset classes including interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products, and metals [3] - The company operates the CME Globex platform for futures and options trading, BrokerTec for fixed income trading, and EBS for foreign exchange trading, alongside being a major central counterparty clearing provider [3]