| | | | | | | July 16, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | | 
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| | | | Lead Stories | | | Kraken Launches US Derivatives Platform After NinjaTrader Deal; Kraken has introduced a regulated US derivatives trading platform following its $1.5 billion acquisition of NinjaTrader, expanding institutional access to Bitcoin and other CME-listed futures.
BiTBO
Kraken has unveiled its new US-regulated derivatives trading platform, marking a significant expansion for the exchange in the American market. The launch follows Kraken's $1.5 billion acquisition of NinjaTrader, a major retail futures brokerage specializing in equity and commodity derivatives.
Kraken expands US offerings
The new service, dubbed Kraken Derivatives US, is initially available in Vermont, West Virginia, North Dakota, Mississippi, and Washington, D.C. This move integrates CME-listed bitcoin and other cryptocurrency futures into the Kraken Pro platform, offering institutional-grade trading options alongside the exchange's established spot market.
/jlne.ws/4kDPF9d
JPMorgan Goes Global With HOLA ETF-Stocks Plus BuiltâEUR'In Crash Protection
Chandrima Sanyal - Benzinga
J.P. Morgan Asset Management is adding a global flavor to its options-based ETF family. The company launched the JPMorgan International Hedged Equity Laddered Overlay ETF
HOLA on Monday, a fund intended to produce income from foreign equities while mitigating downside risk through a laddered options overlay. If the ticker didn't tip it off, this ETF would like to welcome volatility with open arms ... and a hedge.
Hedged Exposure, Global Reach
HOLA pairs a diversified portfolio of international stocks with a laddered options strategy to cushion investors from sudden market plunges. It's patterned after JPMorgan's U.S.-centric JPMorgan Hedged Equity Laddered Overlay ETF, which experienced high investor demand for its defined-risk investment strategy during volatile times.
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Jane St impact: Are mysterious price moves in Nifty 50 options sign of market manipulation?
Chiranjivi Chakraborty - MSN
As India's securities regulator ramps up scrutiny of the options market, some investors are pointing to mysterious moves in contracts tied to the nation's benchmark index as evidence of questionable trading activity.
Traders say one tell-tale sign of abnormal price action can be seen in the so-called straddle on the NSE Nifty 50 Index. A hard-to-explain increase in its price during expiration days has become a common sighting in recent years, though it doesn't always happen. It was visible as recently as mid-May.
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Kraken's US derivatives launch reflects broader 'unified access' trend; The offering of CME-listed crypto futures via Kraken Pro follows the company's acquisition of NinjaTrader
Ben Strack - Blockworks
Kraken's latest US offering reflects a theme we've seen again and again this year: building out a one-stop shop and/or multi-asset trading platform and/or unified investing experience. (I'll let you pick the buzzy marketing language.)
The crypto exchange in May closed on its acquisition of NinjaTrader - a company with a CFTC-registered FCM license that allows Kraken to offer crypto derivatives in the US. A couple months later, here we are: CME-listed crypto futures available via Kraken Pro. The company plans to offer commodity, fixed income, FX and equity futures later this year.
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Jane Street rivals call for wider probes of manipulation claims; Sebi allegations raise concerns about similar behaviour in US and European markets
Helen Bartholomew, Lukas Becker and Joe Parsons - Risk.net
Recent revelations about Jane Street's trading activities in India have raised concerns about possible manipulation of options markets and prompted calls for further investigations. On July 4, the Securities and Exchange Board of India (Sebi) published a bombshell order accusing Jane Steet of manipulating the local equities market. The regulator demanded the US trading firm repay INR48.4 billion
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Dogecoin (DOGE) Price: Support Holds Strong as Options Volume Surges 1546%; Dogecoin defends $0.19 support after recent drop, with derivatives showing bullish bias but liquidation risks mounting.
Trader Edge - Coincentral
The cryptocurrency experienced a strong rally earlier in July, reclaiming the $0.19 support zone and sparking optimism for a potential move toward $0.25. This upward momentum was supported by rising volume and increased market participation from buyers.
Trading data shows DOGE rose 5.05% from $0.190 to $0.200 between July 15 and July 16, with trading occurring in a $0.011 range. The price action demonstrated 5.48% volatility during this period.
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KKR Urges Investors to Embrace Risk Assets, Hedge Weaker Dollar
Ye Xie - Bloomberg
Investors may underestimate the potential for further gains in stocks and other risk assets but they should hedge against the threat of a weaker dollar, higher bond yields and greater volatility, according to KKR & Co. Loosening financial conditions, policy easing by global central banks, improving productivity and a lack of net issuance provide a supportive backdrop for risk investments, said Henry McVey, head of global macro and asset allocation at the alternative asset manager.
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VIX Pares Gains After Trump Says He Isn't Planning to Fire Powell
Krystal Hur - The Wall Street Journal
Wall Street's so-called fear gauge pared its gains Wednesday after President Trump threw some cold water on reports he is looking to fire Federal Reserve Chair Jerome Powell. The Cboe Volatility Index, which tracks investors' bets on stock swings over the next 30 days, recently traded at 18.01 after reaching as high as 19.48 earlier in the session.
"We're not planning on doing anything. We're very concerned," Trump told reporters at the White House on Wednesday in response to questions about firing Powell. "He's doing a lousy job, but no, I'm not talking about that. Fortunately, we get to make a change in the next eight months or so."
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| | | | | | Exchanges | | | Global Exchange Revenues Total $58.9 Billion in 2024, Rising 7.5% On Increased Demand for
Press Release via Traders Magazine
New Report by Burton Taylor, part of TP ICAP
Global exchange revenues continue a years-long growth trend, gaining 7.5% for a record $58.9 billion in 2024. With the S&P 500 Index achieving a total return in 2024 of 25%, the STOXX Europe 600 Index rising 6% from the previous year, and the Vanguard Total Bond Market Index Fund recording a return of 5.1%, the business of exchanges was buoyed by a tailwind in the major global financial centers.
The exchanges' Market Technology and Access (MT&A) business grew 38% from 2023, Trading, Clearing and Settlement (TC&S) increased 9.8%, Information Services (IS) was up 2.8% YoY, while declining by 0.2% in the Listings and Issuer Services (L&IS) segment., according to a new report published today by Burton Taylor Consulting.
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ProShares Launches Leveraged Solana and XRP ETFs Following NYSE Arca Approval
Helene Braun - CoinDesk
Two new crypto exchange-traded funds (ETFs) targeting Solana (SOL) and XRP (XRP) are launching in the U.S. on Tuesday, marking another step in the expanding intersection of traditional finance and digital assets. ProShares, a major player in leveraged ETFs, rolled out the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP). Both products aim to deliver twice the daily performance of their respective underlying cryptocurrencies, but do so using regulated futures contracts - not by holding the tokens themselves, ProShares said in a press release.
/jlne.ws/3TIw7pd
Why multi-asset funds are back in fashion - and what it means for Asia-Pacific investors
Eurex
Over the past twelve months, multi-asset funds have experienced a significant resurgence. A combination of rising market volatility, shifting macroeconomic dynamics, and changing investor needs has revived interest in this diversified investment strategy.
Particularly across Asia, including Japan, Hong Kong, and Australia, funds are rediscovering the value of multi-asset portfolios as they seek to mitigate uncertain markets and capitalize on opportunities across various sectors.
Much of this investment is being directed toward Europe, which over the past year has provided diversification and a wide range of trading opportunities across asset classes.
/jlne.ws/4eStPgZ
Euronext calls for action to integrate EU capital markets: an interview with Euronext's new Chief Policy Officer, Jakub Michalik
Euronext
Last week, Euronext released its new policy memo, 'Breaking barriers: a blueprint for capital markets integration in the EU,' calling for decisive reform to unify and strengthen Europe's fragmented capital markets. The paper outlines how the EU's EUR13 trillion in private savings can be better channelled into productive investments if structural obstacles such as fragmented supervision, disjointed post-trade infrastructure and opaque market structures hampering liquidity pools are finally addressed.
/jlne.ws/4lUG4vJ
| | | | | | Regulation & Enforcement | | | FIA CEO Lukken testifies on federal oversight of digital commodities; US Senate Committee on Agriculture, Nutrition and Forestry Stakeholder Perspectives on Federal Oversight of Digital Commodities
FIA
15 July 2025
Chairman Boozman, Ranking Member Klobuchar and Members of the Committee, thank you for the opportunity to testify about the regulation of digital commodities.
I am President and CEO of FIA, the leading trade organization for the futures, options and cleared derivatives markets globally. Prior to FIA, I had the honor of working for this Committee during the passage of the Commodity Futures Modernization Act (CFMA) of 2000. I then went on to serve as a Commissioner and Acting Chairman of the Commodity Futures Trading Commission (CFTC) for seven years, which included leading the agency during the financial crisis of 2008.
My testimony today will focus on the strengths of the CFTC and its regulatory framework and offer the following recommendations for the Committee's consideration:
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Angel One posts lower quarterly profit on derivative trading curbs; The company's consolidated profit fell to $13.3 million in the three months ended June 30, compared with Rs 293 crore a year earlier.
Business Standard
Indian brokerage Angel One on Wednesday posted a 61 per cent fall in first-quarter profit, as tighter rules for equity derivatives trading in India weighed on retail activity, a key driver for the brokerage's earnings. The company's consolidated profit fell to $13.3 million in the three months ended June 30, compared with Rs 293 crore a year earlier.
The Securities and Exchange Board of India in October last year raised the entry barrier for derivatives trading by nearly tripling the minimum trading lot size and limiting weekly options contracts to one per exchange, making it more costly to trade in the asset class.
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| | | | | | Moves | | | Liquidnet appoints listed derivatives sales trader; Individual joins from TP ICAP and previously spent almost 15 years at BBVA in various roles.
Natasha Cocksedge - The Trade
Juan Ferrer Pons has joined Liquidnet as a listed derivatives sales trader, as part of the firm's wider push to expand its listed derivatives business. In his new role, Ferrer Pons will be based out of Madrid and is set to support the firm's members in Continental Europe by providing tailored liquidity solutions and helping them navigate local markets to enhance regional execution. Ferrer Pons joins from TP ICAP, where he worked as an equity derivatives broker for more than three years.
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| | | | | | Strategy | | | The Hedging Shift: Why Option-Based Strategies Are the Future in FX Volatility
Isaac Lane - AI Invest
Amid rising costs, retaliatory tariffs, and currency swings that have turned global trade into a financial rollercoaster, companies are rethinking their foreign exchange (FX) hedging strategies. While Canadian firms have been shortening their hedges to ride out volatility, U.S. firms face a different calculus: longer-dated, option-based hedging offers a smarter way to balance risk and flexibility in an unpredictable environment. The data shows why this shift is critical-and how investors can profit from it.
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Robinhood Stock Will Benefit From a Volatile Market. How to Play It.
Steven M. Sears - Barron's
Disagreement makes markets-and volatility.
Huge swaths of investors, and even entire markets, disagree over the growth rates of corporate earnings and the economy. Yet the primary barometer of stock and options volatility, the Cboe Volatility Index, or VIX, is acting like everything is fine. Many stock analysts think corporate earnings will keep growing over the next few quarters. If they are right, stock prices should advance. Many economists think President Donald Trump's tariff policies are bad for earnings and corporate and consumer spending. If they are right, stocks should decline.
/jlne.ws/3UdNsqi
This VIX Butterfly Spread has a 9 to 1 Reward to Risk Ratio
Gavin McMaster - Yahoo Finance
Market volatility remains subdued since April as measured by the CBOE Volatility (VIX) Index. VIX is a real-time index that represents the market expectation for near-term volatility in the S&P 500 index. Investors and traders have long used VIX as a measure of the level of risk, fear or stress in the market.
Yesterday, the VIX Index closed at 17.38, which is towards the lower end of the range for the year. Today, we're going to look at a long call butterfly using VIX options as a way to profit if volatility starts to rise next year.
/jlne.ws/44PN1Y1
35 Years of Market Tops: How VIX Behaves Over Time
Kai Zeng - tastylive
The market continues to climb, reaching all-time highs multiple times since the 2024 election and extending our decade-long bull run. The VIX is currently trading near 16, lower than the long-term average and median of 20 and 18, respectively, since 1990.
To understand this relationship better, we analyzed SPX and VIX data from the past 35 years, starting from 1990. Our analysis revealed two distinct decades with significant occurrences of market highs: The dot-com era from 1990 to 2000, and the current period from 2014 to now.
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| | | | | | Events | | | Cboe Europe is holding a webinar tomorrow in Dutch from Cboe Europe Derivatives (CEDX) and Interactive Brokers. This is the third session of a four-part Dutch-language series that will explore why investors trade options. You can register HERE.
| | | | | | Miscellaneous | | | Mid-Year Options Trends Update: Surprises and Shakeups Galore!
Options Insider Special Events | Jul 16, 2025 | Options Insider Special Events
In this episode, Mark Longo provides a comprehensive midyear analysis of Google Trends data related to the options market. The discussion covers key terms like 'options trading', 'call options', 'covered calls', 'cash secured puts', and 'put options'. Surprising insights include the peak interest times for these terms, the top states showing interest, and notable spikes and declines. Key dates discussed include April 8th and June 8th. The episode concludes with an invitation for listeners to suggest other search terms for future analyses.
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The hedge fund manager who earned $100m working remotely in the countryside
Sarah Butcher - eFinancial Careers
It's not easy to find a high paying financial services job that allows you to work remotely. But if you're good enough, it seems that you can name your terms and work from anywhere.
/jlne.ws/4lA19fp
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