| | | | | | | May 05, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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|  | | | | Observations & Insight | | | Editor's Note: Apologies to our readers for the delay in getting the newsletter to you. The email service we use to deliver this newsletter had some issues. We believe the problem has been solved and we hope to be back to normal by tomorrow.~JB
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With ADV of just over 1.84M in April, Treasury options met increased risk management needs at a variety of points along the curve putting a number of our solutions in focus, including: 2-Year Options: A new all-time high for monthly ADV, up 20% YoY. Ultra 10-Year Note Options: This burgeoning market saw a new record in both ADV and ADOI in April. 30-Year T-Bond Options: With 30-Year Treasuries trading in a 50bps range in April, ADV for T-Bond options smashed the previous record by over 20%. â Explore TreasuryWatch for more analysis
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Flow Traders and Deribit have launched W3BWAVE, the Netherlands' first dedicated crypto talent pool, to equip students and recent graduates with the skills needed for careers in digital assets and trading as crypto rapidly transforms financial markets. W3BWAVE offers participants hands-on exposure to centralized and decentralized trading, DeFi, ETPs, options, quantitative research, blockchain implementation, and exchange security, while fostering networking and knowledge sharing among passionate peers. The initiative addresses a gap in Dutch education around digital assets. It aims to cultivate the next generation of crypto traders and developers through continuous learning, industry events, and mentorship from leading firms. ~JJL
| | | | | | Lead Stories | | | Option Traders Bet on Aussie Outshining Kiwi as Trade Fears Ebb
David Finnerty - Bloomberg
Investors are buying currency options on the Australian dollar, wagering it will outperform its New Zealand counterpart as global trade tensions ease.
The Australian dollar is rebounding from its lowest level versus the kiwi since February 2024 and may pass through 1.10, according to Westpac Banking Corporation. All of the currency pair's option trades last week sized at or above notional A$60 million ($38.5 million) on The Depository Trust and Clearing Corporation were call options, a strategy that will be rewarded if the exchange rate rises further.
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Trump's crypto-friendly stance lures firms to US market; Options exchange Deribit is latest company to look at building presence after president's pledge to make US world's 'crypto capital'
Philip Stafford - Financial Times
Deribit, the world's largest cryptocurrency options exchange, is looking to enter the US market, joining a host of European and Asian cryptocurrency companies that are trying to exploit President Donald Trump's pledge to make the country the global centre for digital assets. The Dubai-based group, which handled a notional $1.3tn of deals last year, is "actively reassessing potential opportunities" in the US, chief executive Luuk Strijers told the Financial Times, after "the recent shift towards a more favourable regulatory stance on crypto in the US".
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Merrill Lynch, Morgan Stanley, Wells Fargo And UBS Will Offer Bitcoin ETFs To Clients By Year-End, Bitwise CIO Says, Predicting Record Inflows
David Okoya - Benzinga
Bitwise CIO Matt Hougan has said major financial institutions will soon start soliciting Bitcoin ETF investments from their clients. Spot Bitcoin exchange-traded funds have been among the most successful ETF launches in history. But they have also been operating with a handicap.
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Short Sellers Bet Against Private Credit Lenders
Kat Hidalgo and Neil Callanan - Bloomberg
Hedge funds are betting that trade wars, a shrinking economy and rising strain among borrowers will begin to hit private credit in the US. So far, the gamble's paying off. Short sellers have made about $1.7 billion on paper so far this year from wagers against seven of the biggest direct lenders, including Apollo Global Management Inc., Ares Management Corp. and Blue Owl Capital Inc., according to data compiled by S3 Partners LLC.
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| | | | | | Exchanges | | | CME Group Crypto Derivatives Volume Soars 129% in April With ETH Leading the Charge
Francisco Rodrigues - CoinDesk
CME Group's cryptocurrency derivatives market posted a steep increase in trading activity in April, reaching a new average daily volume (ADV) of 183,000 contracts worth $8.9 billion in notional terms, the firm reported. That marks a 129% jump compared to the same month last year, suggesting growing institutional interest in crypto markets.
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Cboe May Return to M&A Under New CEO
Shanny Basar - MarketsMedia
Craig Donohue, who will take over as chief executive of Cboe Global Markets, successfully completed more than $20bn in mergers and acquisitions when he led CME Group, and will consider both organic and inorganic growth strategies. Fredric Tomczyk, chief executive of Cboe Global Markets, began the first quarter results call on 2 May 2025 by expressing support for the announced appointment of Craig Donohue as Cboe's new chief executive. He said: "Donohue is a seasoned, visionary leader who brings a wealth of experience to the role and is deeply respected across the industry."
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OCC April 2025 Monthly Volume Data
OCC
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Robinhood Rival EToro Group and Its Backers Seek $500 Million in US IPO
Matthew Griffin - Bloomberg
EToro Group Ltd. and some of its shareholders are seeking to raise as much as $500 million in a US initial public offering, after the trading and investment platform paused its listing plans amid tariff-related stock volatility.
The Israel-based company and some of its shareholders are offering 10 million shares for $46 to $50 each, according to a filing Monday with the US Securities and Exchange Commission. At the top of the price range, EToro would have a market value of about $4 billion based on the outstanding shares listed in its filing.
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Intercontinental Exchange Reports April Statistics; Record total Futures & Options ADV, including records across Energy and Financials
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported April 2025 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. April highlights include:
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SIX Exchanges Figures: April 2025
BME-X
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
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Cash market trading volumes in April 2025
Deutsche Borse
Deutsche Borse's cash markets generated a turnover of EUR188.49 billion in April (previous year: 119.45 billion / previous month: EUR206.03 billion).
EUR183.83 billion were attributable to Xetra (previous year: EUR115.82 billion / previous month: EUR201.09 billion), bringing the average daily Xetra trading volume to EUR9.19 billion (previous year: EUR5.52 billion / previous month: EUR9.58 billion). Trading volumes on Börse Frankfurt were EUR4.57 billion (previous year: EUR3.63 billion / previous month: EUR4.94 billion).
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NZX Shareholder Metrics - April 2025
Mondovisione
Please see attached NZX Limited shareholder metrics for April 2025.
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| | | | | | Moves | | | ON THE MOVE: OCC Names Stephen Luparello; Wilshire Adds Jason Schwarz
Anna Lyudvig - Traders Magazine
OCC, the world's largest equity derivatives clearing organization, has appointed Stephen Luparello as Chairman, succeeding Craig Donohue, who resigned to pursue another career opportunity. Luparello is a Public Director on OCC's Board of Directors, most recently serving on the Compensation and Performance Committee (Chair) and the Regulatory Committee (Chair). He will serve as Chair for the remainder of Donohue's term, which runs through April 2026. Luparello's career in financial markets includes stints as Managing Director and General Counsel for Citadel Securities, and Director of the U.S. Securities and Exchange Commission's Division of Trading & Markets.
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| | | | | | Strategy | | | World's Riskiest Bonds Lure Traders After Tariff Turmoil
Vinicius Andrade and Jorgelina Do Rosario - Bloomberg
Investors are dipping their toes back into some of the riskiest emerging-market bonds, snapping up high-yield government debt that has been made cheap by tariff-induced volatility.
Money managers including Ninety One UK Ltd., Vontobel Asset Management and TCW Group Inc. argue that some prices have fallen to a level that justifies taking on the risk of sovereign defaults, which they say has been overblown.
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| | | | | | Events | | | FIA is hosting a webinar on May 8 to discuss the exceptional volatility and record trading volumes seen in global futures and options markets during the first quarter of 2025. The session will provide an overview of global trends in exchange-traded derivatives (ETD) volume and open interest, followed by a deep dive into commodity futures led by guest speaker Guy Wolf, global head of market analytics at Marex. Wolf will explore how tariff-related announcements and long-term supply and demand trends are impacting commodity markets. This event is open to all and moderated by FIA's Will Acworth. ~JJL
Options Industry Convenes in Palm Beach Gardens for Annual Conference
Anna Lyudvig - Traders Magazine
The options trading world turns its focus to the PGA National Resort this May as the 43rd Annual Options Industry Conference (OIC) convenes from May 6-8, 2025. Drawing a wide array of participants-from exchanges and brokerages to regulatory experts and fintech innovators-the event is poised to tackle some of the most pivotal topics shaping the future of derivatives markets. Traders Magazine caught up with Ed Modla, Executive Director, Investor Education, and Mat Cashman, Principal, Investor Education at OCC, to learn more.
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| | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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Editor
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