| | | | | | | March 19, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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Henry Hub Natural Gas options ADV is nearly 400K contracts, with more than half the volume originating on-screen. Most Energy options traders execute on-screen strategies on CME Direct. Request a demo to see why., showing electronic options strategies, quantity and price. | | | | | | Lead Stories | | | Miami International Holdings proposes cash offer to acquire remaining share of The International Stock Exchange; Cash consideration values the entire issued and to be issued ordinary share capital of TISE at an estimated ÃGBP70.4 million.
Wesley Bray - The Trade
Miami International Holdings (MIH) and The International Stock Exchange Group (TISE) have reached an agreement on a recommended cash offer for MIH - via its wholly-owned subsidiary MIH East Holdings - to acquire TISE.
The move will see MIH acquire the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings.
/jlne.ws/3DMCxiR
Bitcoin Storm Could Be Brewing, Crypto OnChain Options Platform Derive Says
Omkar Godbole - CoinDesk
The calm that has returned to the bitcoin (BTC) market may be short-lived, potentially setting the stage for a storm that could trigger significant price volatility, according to insights from the decentralized crypto on-chain options platform Derive. Since March 12, BTC has settled in the $80K-$85K range in a consolidation typically seen after a notable directional move. Prices tanked from $100K to under $80K in preceding weeks due to several factors, including President Donald Trump's tariffs and disappointment about the lack of new purchases in the U.S. strategic BTC reserve.
/jlne.ws/3RkcGSk
Euronext Sees Investors Moving Money to Europe in US Rethink
Claudia Cohen and Tom Mackenzie - Bloomberg
Euronext NV Chief Executive Officer Stephane Boujnah said investors are increasingly moving money to Europe amid prospects for higher government spending and as investors reevaluate the US markets. The policies of the Trump administration in the US have created "massive volatility," accelerating a flow of funds globally to Europe, where valuations remain cheaper, Boujnah said in an interview on Bloomberg TV.
/jlne.ws/3DSNkYO
Solana ETFs Are Coming to Wall Street in Latest Crypto Push
Isabelle Lee - Bloomberg
An upstart ETF firm is debuting the first-ever funds tracking futures in Solana, the sixth-largest cryptocurrency, after the blockbuster success of Bitcoin products.
Florida-based Volatility Shares LLC is launching a pair of funds tracking Solana futures Thursday, according to an effective registration statement. The products will be the first of its kind to offer exposure to Solana, which has a market value of around $67 billion.
/jlne.ws/3RhjHmT
Strategy's Bitcoin Gambit Takes New Form With 'Perpetual' Stock
Bailey Lipschultz and Gowri Gurumurthy - Bloomberg
Michael Saylor's Strategy is pulling just about every lever it can to pool cash to build on its mammoth Bitcoin stockpile, planning to sell another stock-like product with a twist: It can't be converted into shares and is intended to trade forever.
The so-called perpetual strife preferred stock is being pitched to investors with an eye-catching 10% dividend, a higher coupon than a separate preferred offering the former MicroStrategy Inc. completed in January. The structure is notable because unlike the previous deal, there's no conversion price. It's another unique step for the company which has been pumping out different instruments and selling shares to raise money and in turn to buy more Bitcoin.
/jlne.ws/4bD6tKM
Sebi's options plan that spooked many could be in for a review
Ram Sahgal and Neha Joshi - Mint
The market regulator may review its contentious proposal to introduce a gross limit for all clients trading in index options after receiving feedback against such a rule from several market participants, a person aware of the development said.
/jlne.ws/4kEMj7i
| | | | | | Exchanges | | | Miami International Holdings Announces Offer to Acquire The International Stock Exchange
MIAX
Miami International Holdings, Inc. (MIH) and The International Stock Exchange Group Limited (TISE) today announced that they have reached agreement on the terms of a recommended cash offer to be made by MIH, via MIH's wholly-owned subsidiary, MIH East Holdings, Limited (MIH East Holdings), to acquire the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings (the Acquisition). The cash consideration for the Acquisition, of ÃGBP22.50 per TISE ordinary share, values the entire issued and to be issued ordinary share capital of TISE at approximately ÃGBP70.4 million ($91.5 millionù), representing approximately ÃGBP66.4 million ($86.4 millionù), net of proceeds received from the expected exercise of options subsisting under the TISE Share Plans. MIH East Holdings currently owns 29.46% of the issued ordinary share capital in TISE.
/jlne.ws/4iCH1rg
Cboe to Sell Market Data in China
Adam Inzirillo - MarketsMedia
This year has gotten off to a busy start for Cboe Data VantageSM. I started the new year with a trip to China, where Cboe will now be able to sell market data. This was an incredibly exciting development for us as we have been continuously working to enhance U.S. market access in the Asia Pacific region in response to customer demand.
Similarly, the demand for more access to U.S. equities markets - potentially on a 24-hours, five-days-a-week (24Ãâ5) basis - has never been stronger. And we recently shared that Cboe is prepared to deliver around-the-clock trading, as soon as the necessary regulatory approvals and industry developments are in place. Cboe currently offers Global Trading Hours for several proprietary products, making us well positioned to expand trading in other asset classes. In the meantime, Cboe Data Vantage's robust U.S. equities market data offerings enable participants around the world to gain insight into the current market environment.
/jlne.ws/4ihy9aD
Cboe Global Markets Announces Date of First-Quarter 2025 Earnings Release and Conference Call
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the first quarter of 2025 before the market opens on Friday, May 2, 2025. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET). A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor Relations section of Cboe's website at ir.cboe.com under Events. The presentation will be archived on the company's website for replay. A replay of the recording is expected to be available two hours after the conference call ends. To listen to the live conference call via telephone, please dial (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and use the Conference ID 8325940.
/jlne.ws/4htbveg
CME Group Announces First Trades of Solana (SOL) Futures
CME Group
CME Group, the world's leading derivatives marketplace, today announced its new Solana (SOL) futures are now available for trading in both a micro-sized (25 SOL) and a larger-sized contract (500 SOL). The first trade, a block, took place on Sunday, March 16, and was executed between FalconX and StoneX. "We are pleased to see such early support for our new futures contracts," said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. "The addition of SOL and Micro SOL futures to our regulated cryptocurrency suite will provide investors with the capital-efficient tools they need to support their growing cryptocurrency investment and hedging strategies."
/jlne.ws/42195NU
ForexClear posts record $2.8bn aggregate margin call; Volume growth and increased risk exposures drive Q4 spike
Joshua Walker - Risk.net
LCH's ForexClear called a record $2.8 billion of initial margin (IM) in aggregate on a single day in the fourth quarter of 2024, the highest daily total in the clearing service's eight-year reporting history. The aggregate IM call was 68.2% higher than the previous record of $1.7 billion set in the first quarter of last year and more than double the $1.2 billion set in Q3.
/jlne.ws/4ixdPlA
| | | | | | Technology | | | Cboe Silexx adds FLEX position support
Maria Nikolova - FX News Group
Cboe Silexx, a multi-asset order execution management system (OEMS) that caters to the professional marketplace, has announced a series of enhancements as part of version 25.3.
Cboe Silexx announces the release of FLEX position support. Fixed, % and DAC price types. These will now be viewable in the portfolio module or via API if position tracking is enabled.
/jlne.ws/3FBRNPY
| | | | | | Strategy | | | Tesla Stock Is Down for 8 Straight Weeks. The Market Is Overreacting.
Steven M. Sears - Barron's
Tesla stock looks attractive for aggressive investors who can handle being bullish when so many others are bearish-and can handle a little surrealism.
/jlne.ws/4iENVwb
CCP models vulnerable to Trump risk; Volatility of 'will he, won't he' tariff strategy could confound clearing house risk models
Luke Clancy - Risk.net
Clearing houses are facing challenges in updating their stress scenarios to account for the uncertainty around US economic policies, sources warn. In February, US president Donald Trump hit Canada and Mexico with a 25% tax on imports, only to retreat days later when markets reacted badly. Last week, he threatened to double tariffs on Canadian steel and aluminium to 50%, then reversed course the next day. China is subject to blanket 20% tariffs on imported goods.
/jlne.ws/3FzKqJ5
Market Likely to Endure Deeper Selloffs Before Support From Trump, Fed
Christian Dass - Bloomberg
While there is little sign yet of a bear market despite a gradual shift higher in volatility, investors looking for support from Donald Trump or the Federal Reserve may have to endure deeper selloffs.
The "Fed put" may be removed as the US central bank is likely to keep rates higher for longer in the context of sticky inflation, Karim Chedid, Head of EMEA Investment Strategy at BlackRock, said Tuesday in London during a panel at the Bloomberg Intelligence Volatility Forum. Also, Trump 2.0 has seen the US president care less about the stock market than he did the first time around.
/jlne.ws/4iFjV3c
Is Volatility Flattening?
Michael "Dr. Data" Rechenthin - tastylive
The VIX has dropped but volatility remains elevated-plus two trade ideas
The sharper drop in the VIX at the beginning of this month (March 10) suggests traders expected more short-term volatility, but that expectation moderated by March 17.
With the curve flattening, short-term volatility expectations have become more stable, but the overall level of volatility across the curve remains high relative to the average.
/jlne.ws/4iVUXwo
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