华尔街分析称，投资者每天持续不断的期权卖出浪潮，正在让美股重新冲击历史高点的行情放缓。 总的来说，大量短期期权卖出策略对市场价格形成了"摩擦效应"，尤其是零日到期期权和"铁鹰策略 （下文有解释）"，使得做市商在对冲风险时产生卖压，从而抑制指数上涨。但是，收盘后风险消退可 能带来隔夜跳空，短期扰动明显但可持续性存疑。 随着投资者越来越关注短时间窗口内的波动来管理风险，从零天到五天到期的期权合约影响力显著上 升。尤其是零日到期期权，成交量不断创下新高，占据标普500指数整体成交量的大约六成。 同时，瑞银指出，一种名为"铁鹰"的策略在散户中十分流行。铁鹰式组合是一种典型的中性期权策略， 本质是在预期标的价格将在一段时间内维持区间震荡时，通过同时卖出一组看涨和看跌价差来赚取时间 价值衰减。 瑞银的衍生品策略师表示，标普500一日到期期权中的"卖出铁鹰式组合"，可能压制了近期的反弹。 瑞银衍生品策略师基兰·戴蒙德（Kieran Diamond）表示，这类一日到期的铁鹰交易已经在标普期权仓位 结构中留下非常明显的痕迹，甚至可能正在影响标的资产的价格走势。 铁鹰策略的目标是在市场维持窄幅震荡时赚取权利金。当市场价格在临近收 ...

Group 1: Global Derivatives Market Trends - The global derivatives market is focusing on all-day trading to better serve global investors and reduce weekend trading risks, with CME Group providing trading services for five days a week and 23 hours a day [1] - CME Group plans to launch 24/7 trading for cryptocurrency futures and options in early 2026, pending regulatory approval [1] - The SPAN system, a standard for margin calculation, is undergoing a significant upgrade to SPAN 2, which aims to integrate new modeling, self-adjusting reports, and margin replication features [1] Group 2: Regulatory Changes and Clearing Services - New SEC regulations will require centralized clearing for U.S. Treasury and repo market transactions, with compliance deadlines set for December 31, 2026, and June 30, 2027, respectively [2] - CME Group has submitted an application to establish an independent clearinghouse to provide direct securities clearing services, addressing the need for enhanced clearing capabilities and operational resilience [2] - CME Group is migrating its core trading and clearing services to Google Cloud to leverage scalability, resilience, and advanced technology capabilities [2] Group 3: Market Data and Collaboration - CME Group is collaborating with key technology partners in China, such as Yisheng International and Shanghai Pengbo Financial Information Co., to meet the growing demand for market data among Chinese investors [2] - Chinese investors utilize CME Group's market data as a critical reference tool for making informed decisions in domestic futures trading and effectively managing risk exposure [2] Group 4: Product Innovation - The rise of zero-day options is highlighted, offering precise hedging opportunities but also presenting high volatility, necessitating enhanced investor education and risk disclosure [3] - A strong, stable, and deep Asia-Pacific futures ecosystem is deemed crucial for regional economic development, with recommendations for China to focus on developing trading technologies that seamlessly integrate with new cloud services [3]

Group 1 - Retail investors are currently dominating the U.S. stock market, as indicated by major Wall Street institutions like JPMorgan, Barclays, and Charles Schwab [1][2][3] - Barclays' proprietary stock frenzy index shows that the proportion of stocks in the "frenzy zone" is reaching its highest level of the year, reflecting the aggressive use of zero-day options by retail investors [2][4] - The best-performing stocks since the market low on April 9 are concentrated in unprofitable tech stocks and heavily shorted stocks, showcasing the distinct investment preferences of retail investors [1][3] Group 2 - The popularity of zero-day options among retail investors indicates a significant shift in risk appetite, allowing them to gain high leverage with relatively small capital [2][4] - Institutional investors have been forced to adjust their portfolios due to the active participation of retail investors, although they have not adopted aggressive risk-taking strategies [3][4] - The decline in market volatility, driven by stabilizing economic data such as GDP and inflation, is attracting more funds from volatility-controlled funds into the stock market [4]