智通财经APP获悉，交易员们正押注于期权交易，期望一旦欧洲央行在明年年中前能出乎市场意料地多 次下调利率，就能获得丰厚的利润。本周的押注目标是预计欧洲央行政策制定者在 6 月前实现多达三次 25 个基点的降息，这一降幅远高于货币市场所暗示的 10 个基点的降幅。盈利最多的结果将是收益近 900万欧元(约合 1050 万美元)，是初始投入的 30 多倍，但成功的可能性却不到 1%。 就在这些押注不断增加的同时，货币市场也逐渐降低了进一步放宽货币政策的可能性。欧洲央行政策制 定者在 6 月份将存款利率降至 2%后，已表明紧缩周期即将结束。 此前的各类期权交易在最近几周的预期是，到明年年中将利率下调幅度控制在 25个基点或更小。加上 新的押注，目前因降息而获益、6月份到期的未平仓合约合约总量已达到 135 万份——是五周前水平的 两倍多。其中，9 月到期的合约数量增长幅度最大，增加了 50%。 据经济学家们所做预测，欧洲央行的存款利率在 2027 年之前都将维持在 2%的水平。但这一预测并未 阻止一些分析师做出进一步降息的预测。摩根士丹利预计，由于其对经济增长放缓和工资增长放缓的预 期，该基准利率将在 3 月份降至 ...

Group 1 - The core viewpoint of the article is that Miami International Holdings (MIAX) has successfully launched its IPO on the New York Stock Exchange, marking one of the largest listings for an exchange operator in U.S. history [1] - MIAX's IPO raised $345 million by selling 15 million shares at a final pricing of $23, which was above the initial price range of $19 to $21 [1] - The company has been preparing for this IPO since it filed a confidential application in 2022, and it is notable that few exchange operators have gone public in the U.S. since the early 2000s [1] Group 2 - MIAX operates nine exchanges covering multiple asset classes, with a significant portion of its revenue derived from options trading [1] - As of the first half of 2025, MIAX is projected to hold a 16% market share in the U.S. options market, ranking just behind NYSE, Nasdaq, and Cboe [1] - The company has expressed interest in expanding into cryptocurrency futures if opportunities arise, indicating a willingness to collaborate with partners in the crypto space [2]

Core Insights - Robinhood reported a strong quarterly performance driven by the cryptocurrency trading boom, exceeding market expectations with total revenue of $989 million, a 45% year-over-year increase, and a net profit of $386 million, a 105% increase [1][2] - The company's cryptocurrency trading revenue was a standout, growing 98% year-over-year to $160 million, marking the fifth consecutive quarter of triple-digit growth [1][2] Revenue Growth - The impressive performance was attributed to significant increases in trading volumes across stocks, options, and cryptocurrencies [2] - Trading revenue, interest income, and other income are the main revenue sources, with cryptocurrency trading becoming a key growth driver [2][3] - Options trading revenue rose 46% to $265 million, while stock trading revenue increased 65% to $66 million [3] User Growth and Engagement - Robinhood saw a substantial increase in user engagement, with 2.3 million new funded accounts in Q2 2025, bringing the total to 26.5 million [3] - The average revenue per user increased by 34% year-over-year to $151, indicating enhanced user value [3] Long-term Financial Management - The platform's retirement account assets surpassed $20 billion, with 1.5 million clients holding retirement accounts, showcasing progress in long-term investment strategies [4] - Total assets on the platform surged 99% year-over-year to $279 billion, driven by strong net deposits and asset acquisitions [4] Market Position and Future Outlook - Despite its rapid growth, Robinhood has not been included in the S&P 500 index, raising concerns about its long-term financial stability and reliance on volatile trading revenues [5] - The company is expanding into tokenized financial products, which has sparked regulatory scrutiny and concerns about compliance and investor protection [6] - CEO Vlad Tenev expressed a preference for partnerships over obtaining a banking license, indicating a strategic approach to entering banking-related services [6]