A product born in crypto's most fevered era is being quietly rebuilt for the US stock market trading 24-7, with no brokers and no closing bell. The perpetual swap, or perp, is a derivative that lets traders take long or short positions on a digital asset's price, without ever owning it. Now developers are extending that model to traditional assets and benchmarks. Bloomberg's Muyao Shen reports on "Bloomberg Crypto". ...

Core Insights - XRP's first US exchange-traded fund (ETF) has surpassed $100 million in assets under management (AUM) shortly after its launch, indicating strong institutional interest in regulated digital asset exposure [1][2] - The fund, launched in September, provides direct spot access to XRP and reflects a significant shift towards integrating digital assets into mainstream finance [2] - Regulatory delays from the US Securities and Exchange Commission (SEC) have stalled several pending spot XRP ETF applications, impacting the approval process for new products [3] Institutional Activity - Despite regulatory challenges, institutional interest in XRP is growing, as evidenced by the CME Group's introduction of XRP options following a successful uptake of XRP futures contracts [4] - The CME Group reported over 567,000 XRP futures contracts traded, amounting to approximately $26.9 billion in notional volume, equivalent to about 9 billion XRP tokens [4] - Client demand for new options products has increased as traders look to hedge against volatility and diversify their exposure [5]

Core Insights - Institutional investors are increasingly engaging with CME Group's regulated crypto derivatives markets, leading to record levels of open interest in futures and options for ether (ETH), solana (SOL), and XRP [1][2][3] Group 1: Market Trends - Since October 10, open interest in CME's crypto futures and options has surged by 27%, attributed to a migration from offshore markets following recent liquidations [1] - On Tuesday, open interest in ETH futures reached a record 48,600 contracts, while SOL and XRP futures also achieved all-time highs of 20,700 and 10,100 contracts, respectively [2] - Options open interest hit $9 billion, indicating a growing preference for CME's regulated products over offshore alternatives [2] Group 2: Participation and Volume - The top 10 days for open interest occurred in October, reflecting strong conviction and increased participation in the regulated crypto derivatives market [3] - In the third quarter, CME reported combined crypto futures and options volume exceeding $900 billion, with average daily open interest at $31.3 billion [4] - Over 1,000 large open interest holders were active during this period, suggesting a broadening usage of these products beyond a niche market [4] Group 3: Product Performance - The growth in interest is not limited to bitcoin or ether; CME's solana and XRP futures have also gained significant traction [5] - By September, solana futures reached $2.1 billion in open interest, while XRP futures hit $1.4 billion [5]

Market Overview - The U.S. government shutdown is expected to last longer than previous instances, with prediction markets indicating a potential duration of 40 days, surpassing the 35-day record from 2019 [2] - Traders on Polymarket assign a 96% chance of a 25-basis-point cut at the upcoming October 29 FOMC meeting, followed by an 85% chance of another cut in December [3] Federal Reserve Independence - The Federal Reserve remains insulated from the government shutdown, allowing it to continue holding policy meetings and adjusting rates [3] Economic Data Impact - The shutdown has delayed key economic reports such as jobs, inflation, and GDP, which may force the Fed to make decisions based on incomplete data [4] Cryptocurrency Market - Bitcoin is trading above $108,000, experiencing a 1.8% decline as traders unwind gains amid macro uncertainty [6] - Ethereum is retesting the $4,100 resistance, with treasury firms SharpLink and BitMine purchasing a combined $278 million in ETH over the past week [6] Gold and Silver Market - Gold fell 5.5% to $4,121.50 and silver dropped 7.5% to $48.37, marking significant one-day declines as traders took profits after a rally [7] Japanese Market - Japan's Nikkei 225 rose after exports grew 4.2% year-on-year in September, indicating stronger shipments to Asia despite weaker U.S. demand [7]

Core Insights - CME Group and FTSE Russell have announced a 12-year extension of their exclusive licensing agreement for futures, options on futures, and OTC-cleared products based on FTSE Russell indexes [1][2] - The partnership aims to provide global market participants with effective tools for managing equity index exposure, highlighting the growth in trading volumes and liquidity in FTSE Russell-linked products [2][5] CME Group Overview - 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 [4] - The company has seen significant trading activity, with over 573 million FTSE Russell index-related futures and options on futures contracts traded since the previous licensing agreement in 2015, and an average daily volume of 306,000 contracts year-to-date [2][4] FTSE Russell Overview - FTSE Russell is a global index leader, with approximately $18.1 trillion benchmarked to its indexes, serving institutional and retail investors worldwide [5][6] - The organization emphasizes a transparent, rules-based methodology for index design and management, adhering to high industry standards and focusing on innovation and customer partnerships [6][7]

Core Insights - The "Swap Connect" mechanism is being optimized to enhance the interconnectivity of the interest rate swap market between mainland China and Hong Kong, which is a significant step in China's financial market opening [1][2]. Group 1: Mechanism Optimization - The daily net limit for interest rate swaps will be increased from 20 billion to 45 billion yuan starting October 13, 2025, allowing greater participation from foreign investors and improving the attractiveness of RMB assets [1]. - A dynamic assessment mechanism for daily net limits will be implemented to adjust quota allocations based on market supply and demand, preventing trading interruptions due to insufficient quotas [1][3]. - The introduction of a dynamic adjustment mechanism for market makers will enhance pricing efficiency and reduce the market influence of any single institution, leading to fairer and more transparent pricing [3]. Group 2: Market Participation and Growth - Since its launch on May 15, 2023, "Swap Connect" has seen a steady increase in transaction volume and the number of participating investors, with 82 foreign investors from 15 countries and regions engaging in over 15,000 RMB interest rate swap transactions totaling a nominal principal of 8.15 trillion yuan by August 2025 [2]. - The increase in the daily net limit to 45 billion yuan is expected to meet the growing demand from foreign investors for RMB interest rate risk hedging, thereby enhancing market liquidity [1][2]. Group 3: Future Directions - Future optimization directions for the "Swap Connect" mechanism include expanding the variety of products offered, improving cross-border collaboration efficiency, and refining the evaluation standards for market makers [3][4].

Core Insights - The introduction of interest rate swap contracts based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" aims to enhance risk management tools for overseas investors [1][2] - The first day of trading saw participation from 31 domestic and foreign institutions, with a total of 53 transactions and a nominal principal amount of 6.46 billion yuan [1] - Since its launch on May 15, 2023, the "Swap Connect" has facilitated over 15,000 transactions with a cumulative nominal principal of approximately 8.15 trillion yuan from 82 foreign financial institutions across 15 countries and regions [2] Group 1 - The "Northbound Swap Connect" was launched to provide overseas investors with diversified interest rate risk management tools [1] - The successful execution of the first day of trading and settlement indicates a smooth operation of the new business and system [1] - The "Swap Connect" has become a vital channel for foreign institutional investors to manage RMB interest rate risk [2] Group 2 - The initiative retains the regulatory rules, market structure, and trading habits of both regions, ensuring a seamless integration for international investors [2] - The platform has significantly increased trading activity, reflecting its growing importance in the financial derivatives market [2] - The introduction of LPR-based swaps is expected to further enrich the risk management options available to overseas investors [1]

Core Insights - The introduction of large-sized and Micro futures for SOL and XRP by CME Group aims to provide market participants with additional options for diversifying returns and managing risk in the cryptocurrency space [1][6]. Group 1: Market Performance and Volatility - Bitcoin (BTC) has the lowest standard deviation of daily returns at 2.91%, making it the least volatile asset among the compared cryptocurrencies, with an average daily return of 0.27% [2]. - Ethereum (ETH) shows a moderate mean daily return of 0.24% and a lower standard deviation of 4.10%, indicating a more stable profile compared to XRP and SOL [2]. - Solana (SOL) has a standard deviation of 5.13%, indicating high volatility, with a mean daily return of 0.32%, which is higher than BTC and ETH but lower than XRP [3]. - XRP exhibits the highest average daily return at 0.52% and a standard deviation of 5.89%, indicating it is the most volatile asset in the group [3][4]. Group 2: Risk and Return Dynamics - There is a linear relationship between risk and returns among the four cryptocurrencies, where higher returns are associated with higher volatility [4]. - BTC is identified as the most stable option, while ETH provides a balance between risk and return, contrasting with XRP and SOL, which offer higher potential returns but with increased volatility [4]. Group 3: Diversification and Correlation - Traditional diversification principles apply to cryptocurrency investing, where less correlated assets can help cushion portfolios against adverse price movements [5]. - The correlation matrix indicates that XRP has relatively low correlations with BTC, ETH, and SOL, making it a suitable option for diversification [5]. Group 4: Trading Activity and Market Impact - Since their launch, trading volumes for Solana and XRP futures have increased, reaching an average daily volume (ADV) of $212.4 million for Solana and $178.3 million for XRP [7]. - Open interest for Solana futures is currently at $1.8 billion, while XRP futures stand at $1.2 billion, indicating strong market activity and the importance of these products in professional crypto strategies [7]. Group 5: Market Capitalization - As of September 12, 2025, the market capitalizations are as follows: Bitcoin at $2.3 trillion, Ethereum at $556 billion, XRP at $182 billion, and Solana at $130 billion [12].

Group 1: Report Information - Report Title: Stock Index Option Data Daily Report [2] - Date: September 17, 2025 [3] - Research Institute: Guomao Futures Research Institute [3] - Analyst: Li Zeju from the Financial Derivatives Center [3] - Data Sources: Wind, Guomao Futures Research Institute [3] Group 2: Market Overview - Index Performance: The Shanghai Composite Index rose 0.04% to 3861.87 points, the Shenzhen Component Index rose 0.45%, the ChiNext Index rose 0.68%, the Beixin 50 rose 0.63%, the Kechuang 50 rose 1.32%, the Wind All A rose 0.48%, the Wind 4500 fell 0.1%, and the CSI A500 rose 0.03% [5] - A-share Trading Volume: The total trading volume of A-shares was 2.37 trillion yuan, compared with 2.3 trillion yuan the previous day [5] Group 3: Index Quotes | Index | Turnover (billion yuan) | Closing Price | Change (%) | Volume (billion) | | --- | --- | --- | --- | --- | | SSE 50 | 1554.30 | 2947.8222 | -0.50 | 4523.3367 | | CSI 300 | - | 7483.6282 | -0.21 | 249.27 | | CSI 1000 | - | - | 0.92 | 309.01 | [3] Group 4: CFFEX Stock Index Option Trading | Index | Call Option Volume (million contracts) | Put Option Volume (million contracts) | Volume PCR | Call Option Open Interest (million contracts) | Put Option Open Interest (million contracts) | Open Interest PCR | | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2.94 | 1.67 | 0.57 | 3.83 | 0.61 | 0.61 | | CSI 300 | 0.64 | 23.86 | 0.80 | 10.60 | 14.99 | 0.80 | | CSI 1000 | 37.50 | 20.75 | 0.81 | 16.75 | 16.89 | 1.09 | [3] Group 5: Volatility Analysis - SSE 50 Volatility: Analyzed historical volatility, historical volatility cone, and volatility smile curve [3][4] - CSI 300 Volatility: Analyzed historical volatility, historical volatility cone, and volatility smile curve [3][4] - CSI 1000 Volatility: Analyzed historical volatility, historical volatility cone, and volatility smile curve [3][4]

Core Viewpoint - Cboe Europe Derivatives plans to launch Flexible Exchange® (FLEX) options in Europe in Q1 2026, allowing investors to customize options contracts to meet specific risk management needs, addressing the demand for sophisticated strategies in volatile markets [1][4]. Group 1: FLEX Options Features - FLEX options enable customization of key contract terms such as strike prices, expiration dates, settlement types, and exercise styles within a regulated exchange environment, combining OTC adaptability with exchange transparency [2]. - The introduction of FLEX options is expected to support the growth of defined-outcome ETFs in Europe, which have seen significant growth in the U.S. from $5 billion in 2019 to over $70 billion in 2025 [3]. Group 2: Market Positioning and Infrastructure - Cboe has a history of FLEX options in the U.S. since 1993, with open interest growing from 2 million in 2019 to 35 million in 2025, indicating strong institutional demand for customizable hedging solutions [5]. - Contracts will be cleared through Cboe Clear Europe, enhancing capital efficiency and reducing counterparty risk, appealing to asset managers and ETF issuers [6]. Group 3: Impact on ETFs and Issuers - The adoption of FLEX options is linked to the expansion of defined-outcome ETFs, with support from experienced issuers like First Trust Global Portfolios and Vest Financial, indicating a strong interest in deploying similar products in Europe [9][10]. - ETF issuers view FLEX options as foundational for developing defined-outcome products, enabling European investors to access U.S.-style strategies locally [11]. Group 4: Integration into European Derivatives Market - The launch of FLEX options aligns with CEDX's mission to enhance participation in Europe's derivatives markets by offering innovative exchange-traded products, potentially attracting asset managers looking to replicate U.S. product structures [12]. - FLEX options provide institutional investors with a crucial risk management tool amid rising market complexity, potentially reducing reliance on OTC trades and simplifying oversight [13]. Group 5: Future Outlook - The expansion of FLEX options across additional underlyings in 2026 could lead to strong growth in defined-outcome strategies in Europe, supported by a robust menu of exchange-traded building blocks [14]. - The introduction of FLEX contracts may shift demand from OTC to exchange-traded solutions, enhancing investor choice and market transparency [15].