Group 1: Cboe's New Product Launch - Cboe plans to introduce continuous Bitcoin and Ethereum futures for U.S. customers in November, pending regulatory approval [1] - These futures contracts will last 10 years, providing investors with continuous long-term market access to Bitcoin and Ethereum [1] - Cboe aims to bring the utility of perpetual futures, which have gained strong adoption in offshore markets, to the U.S. regulated futures exchange [2] Group 2: Market Context and Developments - The contracts will be cash-settled and aligned to real-time spot market prices, enhancing transparency for U.S. traders [2] - Cboe has been active in the crypto ETF space, filing for rule changes with the SEC to allow the listing of funds tracking the spot price of major altcoins [3] - Cboe BZX and NYSE Arca have submitted proposals to the SEC to change how crypto ETFs are approved, seeking automatic listing for certain products [4] Group 3: Current Market Prices - Bitcoin was recently trading at $111,305, having dropped by nearly 1% over a 24-hour period [5] - Ethereum was priced at nearly $4,289, remaining relatively flat during the same period [5]

Core Viewpoint - Cboe plans to launch "Continuous futures" for bitcoin and ether on November 10, pending regulatory approval, aiming to adapt perpetual futures contracts to U.S. regulations [1][4] Group 1: Product Features - Cboe's Continuous futures contracts will have a duration of up to 10 years, unlike traditional futures that expire monthly or quarterly, reducing the need for traders to roll positions [2] - The contracts will be adjusted daily against spot prices through a transparent funding rate mechanism, allowing long-term exposure without the need for rebalancing [2][3] - Settlement of the contracts will be in cash, meaning no actual bitcoin or ether will change hands, with payouts linked to the spot price of the cryptocurrencies [3] Group 2: Market Impact - Continuous futures are expected to attract institutional market participants, existing CFE customers, and a growing segment of retail traders interested in crypto derivatives [4] - The futures will be cleared through Cboe Clear U.S., which is regulated by the Commodity Futures Trading Commission (CFTC) [4]

Group 1: Visa - Visa operates one of the largest electronic payment networks globally, facilitating transactions for individuals and businesses across 200 countries and territories [3][4] - In the 2024 fiscal year, Visa processed 234 billion transactions, averaging 829 million transactions per day, showcasing its extensive network effect and competitive advantage [4] - Visa's asset-light business model allows it to earn fees from processing and network services, resulting in consistent double-digit revenue growth and strong free cash flow [5] - Management views stablecoins as an opportunity rather than a threat, aiming to integrate them into its payments ecosystem to enhance cross-border transactions [6] - Visa is considered a solid blue-chip stock due to its strong network effects, stable cash flow, and resilience in growing with the global economy [7] Group 2: Progressive - Progressive is one of the largest auto insurers in the U.S., also providing home, renters, and commercial insurance [8] - The company excels in risk management through data analytics, particularly with its usage-based insurance product, SnapShot [9] - Progressive's combined ratio has averaged 91.6% since 2002, indicating profitable underwriting well below the industry average of around 100% [10] - The company has demonstrated steady premium growth and underwriting profitability, solidifying its status as a blue-chip stock [11] Group 3: CME Group - CME Group operates the world's largest derivatives exchange, offering futures and options across various asset classes [12] - The company benefits from robust network effects and deep liquidity pools, essential for effective risk management, especially during market stress [13] - CME has achieved all-time quarterly volume records in key products, indicating strong demand and resilience in revenue from clearing and transaction fees [13][14] - The company is well-positioned to benefit from increased hedging demand and the ongoing electronification of trading amid global uncertainty [14] Group 4: Chubb - Chubb is the world's largest publicly traded property and casualty insurer, underwriting various insurance policies across multiple lines [15] - The company's scale, diversification, and underwriting expertise contribute to consistent profitability and strong cash flow generation [16] - Chubb has a long history of dividend growth, rewarding shareholders for 32 consecutive years, and is positioned to capitalize on rising global insurance demand [16][17]

Partnerships & New Ventures - FanDuel 与美国最大的衍生品交易所 CME 合作，提供股票、商品价格甚至通货膨胀的投注 [1]