Core Insights - The Acuiti management report provides an analysis of the proprietary trading sector, focusing on operational performance, strategic exchange relationships, and the growth of new markets in 2025 [1] 24/7 Trading Debate - There is a divided sentiment among proprietary traders regarding the shift to 24/7 trading, with 37% expressing optimism and 38% holding a negative view [2][5] - Support for 24/7 trading is stronger in the US compared to Europe, with nearly 60% citing the ability to respond to news at any time as a key benefit [3] Concerns and Challenges - Over 80% of respondents highlight staffing and operational demands as significant concerns, along with infrastructure costs and complex risk management [4] - The first half of 2025 faced challenges such as tariff-related volatility, hiring difficulties for staff with trading and AI expertise, and rising exchange fees [9] Performance Overview - More than 80% of firms reported better results in H1 2025 compared to H1 2024, with nearly 90% performing better than in a typical year [10] - Key profit sources included equities, crypto, and listed interest rates, with Asia, South America, and North America identified as regions with the most opportunities [10] Market Trends - There is growing interest in listed FX options, with support for a shift from OTC to listed venues due to standardization and reduced counterparty risk [11] - The report notes liquidity issues in CME agricultural contracts, but only 5% of respondents described them as significant [13] Exchange Growth - The Avelacom Exchange Growth Index ranked several exchanges as the fastest-growing venues, with new contracts attracting significant activity [15] Strategic Insights from Kraken - Kraken's Head of Exchange outlined plans to expand into equities, tokenized assets, and derivatives, emphasizing tokenization for collateral efficiency and the MiCA framework as a regulatory model [16]