CME Group CEO Terry Duffy has accused the Commodity Futures Trading Commission of double standards, citing the agency's approval of similar products on prediction markets while blocking CME's 24/7 crude oil futures and delaying compute futures. Speaking at the inaugural Innovation Advisory Committee meeting on Friday, Cboe chief Craig Donohue also pointed to inconsistencies."Our job I think as an industry is to promote responsible innovation and fair competition, and it is to effectuate safety and soundness and customer protection. We can't do that when we blur the lines on what is black and white - there is a limit," he said.

Outgoing Euronext CEO Stéphane Boujnah said Europe is closer than ever to a deal to integrate its capital markets, as he reflected on a decade of acquisitions that transformed Euronext into Europe's largest stock exchange operator. Boujnah, who will step down in 2027, said stronger European capital markets are increasingly important as the region competes with the US and China.

The Australian Securities Exchange and Bloomberg Indices have introduced the country's first exchange-traded bond and credit index futures to provide institutional investors with a simplified way to access and manage exposure to Australian fixed income markets. The contracts, based on the Bloomberg AusBond Composite Index and Bloomberg AusBond Credit Index, aim to boost liquidity, reduce transaction costs and enhance risk management.

Perpetual futures do not undermine traditional futures exchanges but rather complement them by expanding hedging access and extending price discovery, according to a study from the Hyperliquid Policy Center. The study shows that perpetual futures effectively manage overnight and weekend gap risk without fragmenting liquidity or increasing volatility.

India's equity derivatives market is skewing younger, with traders under 30 making up a rising share of individual participants in FY26, according to a SEBI report. SEBI found younger, lower-income and smaller-town traders were more likely to incur losses, highlighting the retail risk behind the broader shift into short-term derivatives trading.

Jane Street's classification has come under scrutiny, with finance commentators debating whether it should be considered a proprietary trading firm or a hedge fund. This distinction is not merely semantic, as it influences how the firm is perceived in terms of regulatory oversight and systemic risk. Traditional proprietary trading firms are seen as posing less threat to market stability compared to hedge funds, largely due to differences in structure and risk exposure.

Kalshi has blocked customers in Washington state amid a legal dispute over prediction markets, with a King County judge requiring Kalshi to block residents from seven event-contract categories. Kalshi is seeking reconsideration after Washington delayed enforcement against competitor OG. Meanwhile, Michigan and Nevada also restrict Kalshi as litigation over federal preemption continues nationwide.

Andrew Douglas, chair of the UK Accelerated Settlement Taskforce, says the UK's shift to T+1 settlement isn't a "slam dunk" despite the experience firms have gained from the US and other markets. Douglas notes the UK is approaching T+1 as part of a broader digitalization effort, which includes modernizing post-trade infrastructure. Douglas emphasizes the importance of settlement efficiency, as firms with automated processes will be more attractive counterparties under T+1.

ESMA's plan to merge three EU reporting regimes is meant to cut firms' compliance burden and improve regulatory visibility across markets. Critics warn the reforms may deliver limited savings and still fall short of a complete derivatives picture if they fail to align with single-sided reporting.

Correct answer: Jane Street