 | Jeff Bergstrom
Editor
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| Lead Stories | European Options Markets on 'Cusp of Change'
Shanny Basar - MarketsMedia
Cboe Global Markets believes that options markets in Europe are on the cusp of change as CEDX, its pan-European derivatives market, aims to make the region's options mainstream on the global stage.
Iouri Saroukhanov, head of European derivatives at Cboe Global Markets oversees Cboe Europe Derivatives, and told Markets Media that the geopolitical scene is changing. There is more interest globally towards the European capital markets and the European Commission is helping to fuel that excitement though the Savings and Investments Union (SIU) initiative.
/jlne.ws/4kVViR8
Massive Bitcoin Options Expiry on Deribit Signals Investor Optimism
Coindoo
The largest quarterly options expiry of 2025 just wrapped up, and Bitcoin markets felt the impact.
Deribit, the leading crypto derivatives exchange, shattered records by hitting over $40 billion in open interest for BTC options ahead of the June 27 expiration, according to The Block's data dashboard.
/jlne.ws/44Dfx08
Redefining Portfolio Resilience Beyond the 60/40 Allocation
Cboe
The 60/40 stock-bond allocation has long been the foundation of diversified investing but recent years have made it clear that relying on bonds to provide consistent protection may no longer be prudent. Bond returns are taxed at the highest rates, lack upside and can suffer during both inflationary and disinflationary shocks. Moreover, bond-heavy portfolios leave little room to maneuver when risks rise and they offer limited flexibility in aligning with investor-specific needs.
/jlne.ws/40nrrZt
Wall Street buoyed by Lutnick's 10-deal pipeline, but analyst warns the calm may merely be the 'eye of the storm'
Eleanor Pringle - Fortune
Markets have entered a period of relative calm despite recent volatility driven by geopolitical tensions and President Trump's tariffs. The S&P 500, Nasdaq, and FTSE 100 all posted modest gains and are nearing their all-time highs. Investors were cheered by U.S. Commerce Secretary Lutnick statements about imminent trade deals the White House is prepared to sign with key partners. Analysts caution that this may just be a temporary lull before renewed uncertainty around the upcoming tariff deadline. Despite the macroeconomic factors swirling over Wall Street, a relative calm has descended across markets. At the time of writing, the S&P 500 is up 0.8% over the past day, the Nasdaq was up 1% and the FTSE 100 up 0.5% in early trading this morning. S&P futures were up 0.23% this morning, premarket.
/jlne.ws/4kaWjU4
Coinbase Shares Hit First Record Since 2021 on Stablecoin Fervor
Matthew Griffin - Bloomberg
Despite volatility risks, some analysts predict further surges in the stock, citing a potential new digital assets framework and Coinbase's emergence as a premier crypto financial platform.
Coinbase Global Inc. shares closed at the highest level ever, capping off a rally fueled by growing acceptance of the cryptocurrency industry on Wall Street and in Washington.
The crypto-exchange operator's stock rose 5.5% on Thursday to $375.07. The previous high was $357.39 in November 2021, just months after the company went public through a direct listing.
/jlne.ws/3GhEy7T
Hedge funds scale back steepener positions as risks rise; Uncertainties around US Treasury issuance and timing of rate cuts see investors trim 'consensus' trade
Rebecca Baird-Remba and Lukas Becker - Risk.net
For months, macro hedge funds have been betting that the US Treasury yield curve will continue to steepen. But with the steepening trend easing amid uncertainties around the US budget bill and rate cut timings, a number of macro funds have unwound their positions, or even moved into tactical flattening trades.
/jlne.ws/44Cpf2T
BlackRock Launches New Global Government Bond Hedged ETF
Mallika Mitra - ETF.com
BlackRock launched a new exchange-traded fund Thursday designed to offer investors exposure to a globally diversified portfolio of government bonds. The iShares Global Government Bond USD Hedged Active ETF (GGOV) uses a currency hedge on the non-U.S. bonds that seeks to raise the yield on those exposures when the U.S. policy rates are elevated relative to their global counterparts, according to a press release. GGOV is managed by the BlackRock Tactical Asset Allocation team, and its benchmark index is the Bloomberg Global Treasury USD Hedged Index. The expense ratio is 0.39%.
/jlne.ws/44y9UQV
Trump's World Liberty Gains Another International Crypto Partner
Teresa Xie - Bloomberg
World Liberty Financial Inc. is entering into a partnership with an arm of Re7 Capital, a decentralized-finance hedge fund based in London that is set to receive up to $10 million in investment from Hong Kong family office VMS Group. No financial terms were disclosed. The Trump family affiliated decentralized finance platform plans on launching a USD1 stablecoin vault on Euler and Lista with Re7 Labs, the innovation arm of Re7 Capital, according to a joint statement between World Liberty Financial and Re7. The move is a part of a larger initiative to scale World Liberty's USD1 on Binance's BNB Chain, the decentralized blockchain ecosystem of the world's largest crypto platform.
/jlne.ws/3FXCyBK |
| Exchanges | Horizon launches three new ETFs on CBOE to address market challenges
Investing.com
Investment solutions provider Horizon introduced three new Exchange Traded Funds (ETFs) on the Chicago Board Options Exchange (CBOE) on Thursday, expanding its ETF lineup that began with two funds launched in January. The ETFs will trade in USD on the CBOE.
The new offerings include the Horizon Core Equity ETF (CBOE:STOX), Horizon Dividend Income ETF (CBOE:DIVN), and Horizon Managed Risk ETF (CBOE:SFTY).
/jlne.ws/44B16tw
New position limits for key exchange-traded derivatives to take effect
SFC
The Securities and Futures Commission (SFC) announced today that with effect from 2 July 2025, the position limits for the futures and options contracts of Hang Seng Index, Hang Seng China Enterprises Index and Hang Seng TECH Index will be increased by 50%, 108% and 43% respectively to 15,000, 25,000 and 30,000 position delta (Note 1).
/jlne.ws/446gMoC |
| Strategy | Watch This Level on the VIX
Karishma Vanjani - Barron's
Wall Street's fear index, or Cboe Volatility Index, has calmed down, with this week marking a notable move below 17. That's good news for the market.
The level is important because it's the initial support line for the VIX. Support is the price an asset hasn't managed to break below in a recent period.
/jlne.ws/446x4xN
This Hedge Fund Legend Made 30% Returns for 30 Years-By Breaking the No. 1 Rule of Investing
Nick Thomas - Benzinga
Stan Druckenmiller's path to becoming one of history's most successful hedge fund managers reads like a case study in unconventional career pivots. Starting as an English major who dreamed of becoming a professor, Druckenmiller didn't discover economics until his junior year-and only then because he wanted to better understand the newspaper.
/jlne.ws/4l6a7Rl |
| Miscellaneous | Stablecoins Are All the Buzz. When You Might Actually Use Them.
Nate Wolf - Barron's
For an asset class touted as a boring alternative to volatile cryptocurrencies like Bitcoin and Ethereum, stablecoins have generated plenty of attention this June.
The Senate advanced legislation last week to establish a regulatory framework for stablecoins. Shares of the stablecoin-issuer Circle Internet Group have popped more than 600% from their June 5 initial public offering. Meanwhile, retail goliaths Amazon.com and Walmart have explored launching their own tokens, and fintech company Fiserv actually announced one.
/jlne.ws/4epUzoZ |
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