Acuiti press releases - kn

Acuiti launches ETF Network and publishes inaugural ETF Insight Report - Acuiti

Hena Hadi — Tue, 03 Feb 2026 05:00:00 GMT

London – 3 February 2026: Acuiti, a leading provider of management intelligence and networking for global derivatives markets, today launched its new ETF Network, expanding its unique research and events model into one of the financial industry’s fastest-growing segments.

The new network brings Acuiti’s established format of connecting senior executives through anonymised quarterly surveys, in-depth research reports and intimate invite-only events to the ETF market.

The launch was marked by the publication of the inaugural quarterly ETF Management Insight Report and comes off the back of seven years operating in the listed derivatives market.

“The ETF market is a source of significant growth and innovation and is a market that we have followed closely for some time,” said Will Mitting, founder and managing director at Acuiti.

“With our expansion into ETFs, we bring senior executives in the market a source of intelligence they can’t get from public sources. Our ETF Network offers a platform through which they can share insights, benchmark strategies and better understand where the market is heading to improve decision making.”

The ETF Network follows Acuiti’s successful model, currently serving over 6,000 senior executives in the derivatives market. Members of the network participate in quarterly surveys addressing critical market trends, regulatory developments, technology adoption and competitive dynamics.

Each quarter, members receive a comprehensive report combining survey insights and independent market analysis. Acuiti also offers closed-door events leveraging Acuiti’s unique event model in which senior decision-makers meet to discuss emerging trends and common challenges in a private forum.

“Our derivatives networks have proven that senior executives value our model of information sharing,” said Olivia Bray, COO at Acuiti. “They participate because they gain more than they contribute and our peer-to-peer intelligence helps them stay ahead. We’re bringing that same value to the ETF market at exactly the moment when understanding competitive dynamics and market direction matters most.”

The ETF Expert Network is open to senior executives at asset managers, ETF issuers, market makers, exchanges, platforms and service providers across the global ETF ecosystem.

Building off the success of the first ETF event held in London last November, Acuiti will also host three ETF events this year in Hong Kong, New York and London.

You can request to download the Q1 2026 ETF Management Insight Report here.

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For more information, contact:

For Acuiti:

Will Mitting

Tel.: +44 (0) 203 998 9190

Email: willmitting@acuiti.io

About Acuiti

Acuiti provides research, intelligence, and networking for senior executives across global derivatives and ETF markets. Through its Expert Networks, bespoke research, Content Agency, and unique event model, Acuiti delivers the market intelligence and access that drives strategic decision-making. The company’s network includes over 6,000 senior executives at hedge funds, asset managers, proprietary trading firms, and sell-side institutions worldwide.

Structural shifts and rising volumes put pressure on quant firms’ trading infrastructure - Acuiti

Hena Hadi — Tue, 27 Jan 2026 05:00:00 GMT

70% + of quant firms see market data infrastructure affected by high volatility

LONDON, 27 January 2026 – Rising market data volumes, spikes in data traffic and the redistribution of liquidity beyond traditional trading hours, are forcing quantitative trading firms to rethink their trading infrastructure, a new report from Acuiti and Exegy has found.

2026 State of Trading Infrastructure: How Structural Shifts Are Redefining Market Data and Trading at Quantitative Firms, which is released today, is based on a global survey and series of interviews with senior trading and technology leaders at 61 quantitative trading firms.

The report found that market data volumes are rising significantly, and unpredictable bursts of activity during periods of volatility are becoming more frequent, which is placing significant pressure on operations. The research also found that extended trading hours and the fragmentation of liquidity across venues are challenging front-office technology infrastructure that was built to accommodate traditional trading windows. As liquidity increasingly forms outside traditional US trading windows, firms are having to invest in adapting systems.

Nearly three-quarters of respondents reported market data performance issues during volatile conditions, ranging from latency spikes to dropped data and even full outages. In addition, just 29% of respondents said that their front-office infrastructure was capable of processing the volumes they expect at the end of the decade without further investment.

In addition, the growing integration of crypto markets into quantitative strategies is adding further complexity. With digital asset markets operating 24/7 and with unique volatility patterns and data requirements, firms are rethinking how market data is processed and scaled across asset classes.

The key findings are:

Liquidity is shifting beyond the traditional trading day: Extended trading hours and global participation are redistributing liquidity across overnight and out of hours sessions, introducing new price signals and operational challenges for firms set up to trade the US trading window
Market structure changes are driving higher data volumes: Adjustments to tick sizes, lot definitions and related rules are increasing quote churn and steadily raising market data traffic
Data variability now poses a greater risk than steady growth: Unpredictable spikes driven by volatility and automation are straining systems in addition to average volume increases
Cross-asset strategies including crypto are increasing complexity: 24/7 digital markets are being integrated into quantitative workflows, adding new data sources and volatility profiles to existing infrastructure
Preserving competitive latency is increasingly challenging: Rising data volumes, bursts of high volumes of traffic and expanding market coverage make it harder for firms to maintain their relative latency position, particularly during periods of volatility.

“Volatility has been an ever-present factor in global markets since 2020 and this is presenting both significant opportunity and also challenges for quant firms,” said Ross Lancaster, Head of Research at Acuiti. “This research suggests that firms are increasingly missing opportunities not because of strategy, but because their infrastructure cannot absorb today’s volumes and structural complexity.”

David Taylor, CEO of Exegy, said: “Traditional systems designed for more predictable market conditions perform poorly in markets that react instantly and trade continuously. Our report confirms that market data infrastructure is a persistent challenge, and firms recognize the need to invest to compete in modern markets. Provisioning for peak capacity in the next three to five years not only assures stability but also delivers consistent performance in high volume and high opportunity market conditions.”

Latency remains a critical competitive factor for firms, with 86% of respondents stating that it is important to their trading strategies. However, the study finds that maintaining relative latency under peak load conditions is becoming more difficult in the wake of expanding market coverage and rising data volumes.

The full whitepaper, 2026 State of Trading Infrastructure: How Structural Shifts Are Redefining Market Data and Trading at Quantitative Firms, is available to download at https://hubs.li/Q040j8s60.

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For more information, contact Hena Hadi at Acuiti

Tel.: +44 (0) 203 998 9687

Email: henahadi@acuiti.io

John Norris at Moonlight IQ

Email: exegy@moonlightiq.com

About Acuiti

Acuiti is a management intelligence platform designed to provide Senior Industry Professionals in the Derivatives Industry with high-value insight into industry-wide performance and business operations. Acuiti provides a platform through which our exclusive network of Senior Industry Executives can share and source information on day-to-day operational challenges, providing them and their management teams with increased transparency and in-depth analysis to make more informed decisions and benchmark company performance. Financial Institutions benefiting from our services include Banks, Non-bank FCMs, Brokers, Proprietary Trading Firms, Hedge Funds and Asset Managers.

About Exegy

Exegy provides high-performance market data and trading infrastructure to the world’s most demanding capital markets firms. Our platforms are designed to help firms process, distribute, and act on market data with deterministic performance, even as volumes, volatility, and market complexity continue to rise.

Drawing on deep expertise across software, FPGA acceleration, and managed services, Exegy delivers architectures that support the full spectrum of latency requirements—from ultra-low latency strategies to broader cross-asset workflows—on a unified technology stack. Recent deployments have demonstrated significant infrastructure efficiency gains, including reductions in server footprint of up to 47%, while preserving performance under peak load.

Exegy works closely with clients across quantitative trading, brokerage, and global banking to ensure infrastructure evolves in step with changing market structure, regulatory requirements, and trading strategies. With a focus on reliability, scalability, and operational simplicity, Exegy helps firms treat market data infrastructure as a strategic capability rather than an operational constraint.

Retail adoption of futures and options set to accelerate in Europe - Acuiti

Hena Hadi — Tue, 16 Dec 2025 05:00:00 GMT

LONDON, 10 December 2025 – Retail adoption of futures and options is set to accelerate in Europe as retail brokers are increasingly offering the products to clients, a new study published today by Acuiti has found.

Retail trading has become an important source of liquidity across global listed derivatives markets, most notably in the US. Europe, which has historically lagged behind in retail trading of futures and options, is currently experiencing rapid growth as more retail brokers offer the products to clients.

This trend towards retail brokers offering futures and options is being driven by three core factors: a desire to retain clients as they increase the sophistication of their trading strategies, a diversification of products and the need to offer a true multi-asset platform to clients and the increased competition from US retail brokers entering the European market.

The Transition From CFDs to Listed Derivatives: How regulation, competition and innovation are reshaping retail trading in Europe, sponsored by CME Group, is based on surveys and interviews with senior executives at top retail brokerages and neobanks across Europe.

The report found that almost half of retail brokers in Europe that are not currently offering futures and options are either planning to launch them soon or considering doing so. Just 21% of firms that weren’t currently offering the products to clients said that they would not consider doing so.

The report’s key findings include:

• Retail trading has become a significant liquidity source across global markets, particularly in the US. Europe has lagged historically behind the US, but that is beginning to change.

• Regulation is the top concern with 76% for retail brokers operating in Europe and 62% of firms offering CFDs are very concerned about future regulatory constraints in the products.

• Futures and options are gaining momentum as 67% of retail brokers view listed derivatives as very important to their retail strategy over the next two years driven by client demand, higher customer retention, additional revenue streams and product diversification.

• Adoption of futures and options by retail brokers in Europe is likely to accelerate as 79% of firms not currently offering them are either planning to offer them or considering doing so.

• US brokers entering Europe are intensifying competition – 39% see this as a significant challenge.

“Based on this study, the adoption of futures and options by retail traders in Europe looks set to further accelerate. Restrictions on offering OTC instruments to retail clients are growing, the sophistication of retail investors across the continent is increasing and new competition is coming from US retail brokers, who specialise in futures and options,” says Will Mitting, founder of Acuiti.

“In response, retail brokers are increasingly looking to listed derivatives markets to retain clients, diversify their product offering and build additional revenue streams.”

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For more information, contact Hena Hadi at Acuiti.

Tel.: +44 (0) 203 998 9190

Email: henahadi@acuiti.io

About Acuiti

Derivatives market sentiment rises in Q4 reversing two quarters of decline - Acuiti

Hena Hadi — Fri, 21 Nov 2025 05:00:00 GMT

London – 21 November 2025: Business confidence across the global derivatives industry increased in Q4 after two consecutive quarters of the declining optimism, the latest SGX Global Market Sentiment Index, published today by SGX Group and Acuiti, has found.

The Q4 2025 index of industry sentiment rose to 71, up from 68 in Q3, as firms look ahead to a busy end of the year across equity, fixed income and energy markets. However, optimism remains well below its high in Q1 2025.

The SGX Global Market Sentiment Index is a quarterly benchmark of business confidence across the global derivatives industry, based on a survey of senior executives in Acuiti’s global network, covering proprietary trading, asset management, hedge funds, clearing firms and sell-side execution desks.

Sell-side clearing firms continued to top the index, buoyed by strong interest rate activity in several countries – most notably Japan – and elevated interest rates. Sell-side execution desks also saw rising confidence fuelled by expected volatility in energy markets towards the end of the year.

Meanwhile, proprietary trading firms recovered from a drop in confidence last quarter, with the strongest optimism seen among low-latency and algorithmic firms. Confidence among senior hedge fund and asset management executives remained relatively flat quarter-on-quarter.

“Overall as we head towards the end of the year, the derivatives market is in a bullish mood as expected levels of volatility in the market will drive volumes and the need to hedge and reposition,” said Will Mitting, Managing Director of Acuiti.

“We have seen an uptick in optimism as a result of the uncertainty in the market. However, there remains caution in some areas over the rising risk of a correction in global stock prices, particularly among some asset managers that are more exposed to directional market trends.”

This quarter’s report also takes a deep dive into how firms are approaching investment in Asia’s derivatives market and finds growing interest in seizing the unique opportunities that are on offer across the continent.

Of those firms that trade in Asian derivatives markets, two-thirds have increased their exposures during 2025. China and India dominate the list of countries that firms see opportunities within but Japan, Singapore, Vietnam, Taiwan and South Korea also feature prominently – reflecting the diversity of the region.

Download the full report here: https://www.acuiti.io/wp-content/uploads/2025/11/2025-Q4-SGX-Sentiment-Survey.pdf.

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For more information, contact:

For Acuiti:

Will Mitting

Tel.: +44 (0) 203 998 9190

Email: willmitting@acuiti.io

About Acuiti

Acuiti is a management intelligence platform that provides senior professionals in the derivatives industry with high-value insights into industry-wide performance and operations. Our platform allows an exclusive network of senior industry executives to share and source information on day-to-day challenges, giving their management teams greater transparency and analysis to make informed decisions and benchmark performance. Network members include senior executives at banks, non-bank FCMs, brokers, proprietary trading firms, hedge funds, and asset managers.

About Singapore Exchange (SGX Group)

SGX Group seeks to serve as the world’s most trusted and efficient international marketplace, operating equity, fixed income, currency and commodity markets to the highest regulatory standards. As one ecosystem with global relevance and influence, we offer multiple growth avenues to our stakeholders through listing, trading, clearing, settlement, depository, data and index services. We are committed to lead on climate action by developing a world-class transition financing and trading hub through SGX FIRST (Future in Reshaping Sustainability Together), our multi-asset sustainability platform. Headquartered in AAA-rated Singapore, we are globally recognised for our risk-management and clearing capabilities. Find out more at www.sgxgroup.com.

Prediction markets on the cusp of significant institutional growth - Acuiti

Hena Hadi — Fri, 14 Nov 2025 05:00:00 GMT

London – 14 November 2025: Just under half of proprietary trading firms across the globe are evaluating trading in prediction markets, including three-quarters of US-based firms, the latest Acuiti Proprietary Trading Management Insight Report has found.

Prediction markets are among the fastest growing areas within global trading and are generating growing interest within the proprietary trading community. Largely driven to date by retail participation, these markets now look set to gain increased traction from institutional firms.

This quarter’s report found that 10% of proprietary trading firms are already trading on prediction markets with a further 35% considering doing so. In the US, three-quarters of firms were either trading prediction markets or considering doing so.

Of those firms that were already trading on prediction markets, almost all were either ultra-low latency or predominantly algo – although interest in trading the markets is broader. However, predominantly point-and-click firms were currently not likely to be evaluating the market at this stage.

“Prediction markets are potentially on the cusp of significant institutional growth, which will drive liquidity and volumes on the market, as well as revenues for the venues and brokers that offer the contracts,” says Will Mitting, founder of Acuiti.

“However, while there is opportunity, there are also unique challenges associated with firms trading the market, which we look at in the report. Risk management is a key challenge. It is easy to see how a prop firm models where the price of gold or the S&P might be at the end of the day, or even the likely outcome of a sporting event, but how do you model the likely date of Taylor Swift’s wedding?”

The quarterly Proprietary Trading Management Insight Report, which was released today and is produced in partnership with Avelacom, is based on a survey of the Acuiti Proprietary Trading Expert Network, which comprises senior proprietary trading executives around the world. The report provides insights into the key trends facing the community.

“As more proprietary trading firms consider trading prediction markets, low-latency infrastructure will remain essential for maintaining a competitive edge,” says Aleksey Larichev, CEO of Avelacom. “Looking ahead to 2026, we anticipate growing demand for colocation services and low latency connectivity across both new and established markets. Reliability and redundancy will become increasingly important to align with firms’ risk management frameworks.”

This quarter’s report also found that proprietary trading firms are looking ahead to 2026 with confidence with over 70% of the network anticipating an above-average performance for their business next year. This is filtering through to technology investment with firms boosting budgets in 2026.

Other key findings in this quarter’s report include:

Proprietary trading firms are still planning to start trading in India but recognise increased regulatory risk following SEBI’s charges against Jane Street
UK proprietary trading firms are calling on the FCA to reduce capital requirements under IFPR
Low latency firms in the US are adjusting approaches to hiring following the introduction of a $100,000 charge for H-1B visas

The report also features a Q&A with Osaka Exchange’s Kensuke Yasu on growing volumes, the upcoming launch of FX, the opportunities for proprietary trading firms and the potential to launch crypto derivatives.

Download full report here: https://www.acuiti.io/proprietary-trading-management-insight-report-q4-2025/

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For more information, contact Will Mitting at Acuiti.

Tel.: +44 (0) 203 998 9190

Email: willmitting@acuiti.io

About Acuiti

About Avelacom

Avelacom provides global market access through ultra-low-latency connectivity, market data, colocation, and on-demand infrastructure solutions. Our key advantage lies in our full control of proprietary network infrastructure. We design, build, and operate fiber and microwave networks to deliver industry-leading latency performance. Avelacom also supports clients in emerging regions, including Latin America, Asia, Africa, Eastern Europe, and the Middle East, offering 99.9% uptime and 24/7 support.

www.avelacom.com

European asset managers call for greater restrictions on pre-hedging - Acuiti

olivia — Tue, 28 Oct 2025 04:00:00 GMT

European asset managers call for greater restrictions on pre-hedging

LONDON, 28 October 2025 — European asset managers are calling for greater restrictions and the introduction of global standards on pre-hedging as they raise concerns over adverse pricing and a lack of disclosure, a new study published today by Acuiti has found.

The research reveals widespread concerns about pre-hedging, the process in which a dealer or liquidity provider hedges a client transaction before it has been awarded. These concerns include transparency, conflicts of interest and market fairness, with strong calls for enhanced regulation and industry standards governing pre-hedging.

Pre-Hedging in Focus: How European Asset Managers View Dealer Practices and Market Impact, commissioned by Susquehanna, is based on survey and interviews with senior executives at the top asset management firms across Europe.

It highlights that while pre-hedging is widely known as a risk management tool, the buy-side is increasingly uneasy about the practice and how it is conducted.

Key findings include:

92% of respondents said that pre-hedging has the potential to move the price away from their trade and provide a disadvantageous price
Over 80% of respondents believe dealers should only hedge their positions after the trade has been awarded
Only 7% of respondents said that pre-hedging should remain largely unrestricted
Just 4% of respondents said they always know when a dealer is pre-hedging their trades
Almost half of respondents have observed suspected pre-hedging activity, often leading to increased volatility and worse pricing
Nearly 80% of asset managers surveyed supported more stringent regulation, either through clearer disclosure rules (41%) or outright restrictions in certain cases (37%)
59% believe dealers should always disclose pre-hedging on a trade-by-trade basis, and 50% want dealers to obtain prior client consent

“Pre-hedging is a complex and often misunderstood part of market structure. Our research shows that while asset managers accept that dealers need tools to manage risk, they are increasingly concerned about the potential for pre-hedging to disadvantage clients” says Ross Lancaster, head of research at Acuiti.

“In our opinion, pre-hedging is unacceptable and should be banned as it can have a detrimental impact on the price received by the end-investor. We believe the results of this study support our view,” says Emma Lokko, head of market structure (Europe) at Susquehanna.

Currently, regulatory approaches to pre-hedging vary significantly by region and asset class. While some jurisdictions address the practice indirectly through market abuse and best execution rules, there are no global standards. This is beginning to change, with bodies such as IOSCO working towards coordinated guidelines — a development that this survey found the larger European asset managers broadly support.

The full whitepaper, Pre-Hedging in Focus: How European Asset Managers View Dealer Practices and Market Impact, is available to download at https://www.acuiti.io/pre-hedging-in-focus/

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For more information, contact Will Mitting at Acuiti

Tel.: +44 (0) 203 998 9190

Email: willmitting@acuiti.io

About Acuiti

Buy-Side and Proprietary Trading firms take control of margin management and eye self-clearing - Acuiti

Hena Hadi — Mon, 15 Sep 2025 04:00:00 GMT

London, September 15 2025 — Hedge funds, asset managers and proprietary trading firms are taking greater control of margin and clearing operations, with a growing number exploring or adopting self-clearing, a new report from Acuiti has found.

Margin Management and the Rise of Self-Clearing, which is released today in partnership with FIS, highlights how regulatory changes, market conditions, cost pressures, and advances in technology are reshaping how buy-side and proprietary trading firms approach post-trade operations across global derivatives markets.

Based on a survey and interviews with 64 senior executives from leading buy-side institutions and proprietary trading firms, the report analyses how firms are taking more control over margining and clearing operations.

The rise of self-clearing on select markets by small numbers of larger hedge funds and proprietary trading firms has been a notable trend over the past five years. The report found that self-clearing is likely to become increasingly common and will not be limited to the larger firms in the market.

Overall, 44% of firms that took part in the study were open to self-clearing in the future. This is being largely driven by the SEC’s treasury clearing mandate in the US – a factor cited by 75% of respondents as an important consideration in their evaluation of self-clearing.

“With the U.S. Treasury clearing mandate acting as a catalyst, we expect the self-clearing trend to accelerate further over the next five years, although the number of exchanges that firms self-clear on is likely to remain limited,” said Acuiti’s Head of Research, Ross Lancaster.

“As firms review their technology and operational requirements to self-clear, we expect more to explore Business-Process-as-a-Service (BPaaS) options to reduce the barriers to entry.”

The report also found that 69% of respondents had taken more control over margin calculations and payments in the past five years. This has been driven by market volatility that has led to significant and often unexpected margin calls. As a result, firms are seeking to gain greater visibility and control over margin.

While larger firms have already invested in dedicated margin desks and advanced modelling tools, many smaller firms are looking to bring in technology that will provide greater visibility of margin requirements.

Meanwhile, the report finds that the shift towards cloud-based hosting of technology continues to gain momentum, with nearly 40% of firms now hosting core post-trade and risk management functions in the cloud to enhance scalability and data analytics.

“This research we’ve built in partnership with Acuiti is key for understanding how buy-side and proprietary trading firms are evolving to solve for their regulatory and market headwinds,” said Markus Schmitz, Head of Cleared Derivatives at FIS. “However, there’s a second major takeaway in the findings, and that is the discussion of how they will get there. Firms looking to take more control of operations like margin management and self-clearing will need to take a hard look at their tech stack, and cloud-based solutions are clearly going to be seen as key given the benefits gained in scalability and modularity.”

The full report, which provides a detailed breakdown of industry trends, challenges, and strategic responses, is available to download via the link here: https://www.fisglobal.com/engagement/landing/operations/margin_management_and_the_rise_of_self_clearing.

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For more information, contact Will Mitting at Acuiti

Tel.: +44 (0) 203 998 9190

Email: willmitting@acuiti.io

About Acuiti

About FIS

FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology to the world across the money lifecycle underpinning the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index.

To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and X.

Proprietary trading firms split on prospect of 24/7 trading - Acuiti

Hena Hadi — Fri, 12 Sep 2025 04:00:00 GMT

The Proprietary Trading Management Insight Report is free to read for executives at proprietary trading firms, to request your copy visit: https://www.acuiti.io/proprietary-trading-management-insight-report-q3-2025-2/

London – 12th September 2025: Proprietary trading firms are divided on whether 24/7 trading will be a good thing for the market, the latest Acuiti Proprietary Trading Management Insight Report has found.

The concept of round-the-clock trading is gathering momentum after Coinbase became the first CFTC-regulated exchange to launch 24/7 Bitcoin and Ethereum trading. In addition, major exchange groups have mooted the prospect of continuous trading in traditional asset classes on their markets.

This quarter’s report found that prop firms are evenly split on their attitudes towards 24/7 trading. 37% of the network were either very positive (10%) or quite positive (27%) while 38% of the network had a very negative (15%) or quite negative (23%) view.

While firms were split on the benefits, there was more alignment on the challenges. The main concern around 24/7 trading by far was related to operational staffing and resource requirements.

Only 16% of respondents said that meeting the demands of 24/7 trading would require no investment. However, 45% said it would only take a small investment while just 5% said it would more than double their cost base.

“The proprietary trading community recognises the potential benefits of 24/7 trading but is cautious about the operational and liquidity challenges it introduces,” said Ross Lancaster, Head of Research at Acuiti. “It is clear that infrastructure across the market, particularly with regards to payments and the movement of collateral will have to be upgraded.”

“The discussion around 24/7 trading is multifaceted with different jurisdictions and asset classes having different considerations,” said Aleksey Larichev, CEO of Avelacom. “Avelacom’s experience of providing always-on infrastructure across both crypto and traditional markets allows us to support our clients, whichever path is adopted.”

The report also covered attitudes to liquidity provision and market maker schemes at exchanges. Firms in the network urged exchanges to avoid overly complex schemes and to keep incentive programmes flexible and short-term.

Competitive incentive structures, clear quoting obligations and transparency in how the schemes are evaluated were said to be the key components of a good scheme.

Other key findings in this quarter’s report include:

Regulation and finding skilled staff were the top challenges for proprietary trading firms in H1 2025
Proprietary trading firms performed well during H1 with 67% reporting a better period than in H1 2024
41% of proprietary trading firms would like to see exchanges do more to move FX options from OTC to listed markets

The report also features a Q&A with Kraken’s Shannon Kurtas on everything from regulation to stablecoins and crypto market structure.

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For more information, contact Will Mitting at Acuiti

Tel.: +44 (0) 203 998 9190

Email: willmitting@acuiti.io

About Acuiti

About Avelacom

Avelacom provides global market access solutions with ultra-low latency connectivity and IT infrastructure for market makers and arbitrage trading firms. We design and build proprietary paths across both TradFi and crypto markets, delivering the lowest latencies. Our network supports dual, tri, and quad redundancy to ensure 99.9% uptime. Services also include colocation and servers on demand.

www.avelacom.com

Derivatives market sentiment drops for the second consecutive quarter in Q3 - Acuiti

olivia — Thu, 04 Sep 2025 04:00:00 GMT

London – 04 September 2025: Business confidence across the global derivatives industry declined for the second consecutive quarter, according to the latest SGX Global Market Sentiment Index, published today by SGX Group and Acuiti.

The Q3 2025 index of industry sentiment fell to 68, down from 74 in Q2, reflecting expectations of slower revenue growth from market participants amid falling volumes, reduced volatility and ongoing geopolitical uncertainty.

This marks the second consecutive quarterly fall in optimism following a record high of 78 in Q1 2025 in the wake of the inauguration of Donald Trump as US president.

Sentiment among proprietary trading firms recorded the sharpest decline, falling from 81 in Q2 to 63 this quarter. Firms reported that events which earlier in the year triggered sharp market moves are now having a diminished impact, resulting in fewer trading opportunities.

Hedge funds were the only segment to report improved sentiment, rebounding from a Q2 low of 61 to 68 in Q3. The recovery from April’s market volatility and growing optimism among CTAs contributed to the uplift. However, concerns remain around unpredictability and macroeconomic risk.

“While the first half of 2025 was a profitable period for many firms, the industry is entering a more cautious phase,” said Will Mitting, Managing Director of Acuiti. “Market participants are adjusting to more muted responses to macro events and lower volatility across major asset classes.

“While there is still plenty of opportunity to be had across global derivatives markets, both volumes and volatility have fallen back since their record highs in April.”

This quarter’s report also takes a deep dive into FX markets, particularly emerging market currencies. The report looks at how firms are sourcing information on liquidity and expectations for the top performing major emerging market currency in 2025.

Download the full report here: https://www.acuiti.io/the-sgx-global-market-sentiment-report-q3-2025/

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For more information, contact:
For Acuiti:
Will Mitting
Tel.: +44 (0) 203 998 9190
Email: willmitting@acuiti.io

About Acuiti
Acuiti is a management intelligence platform that provides senior professionals in the derivatives industry with high-value insights into industry-wide performance and operations. Our platform allows an exclusive network of senior industry executives to share and source information on day-to-day challenges, giving their management teams greater transparency and analysis to make informed decisions and benchmark performance. Network members include senior executives at banks, non-bank FCMs, brokers, proprietary trading firms, hedge funds, and asset managers.

About Singapore Exchange (SGX Group)
SGX Group seeks to serve as the world’s most trusted and efficient international marketplace, operating equity, fixed income, currency and commodity markets to the highest regulatory standards. As one ecosystem with global relevance and influence, we offer multiple growth avenues to our stakeholders through listing, trading, clearing, settlement, depository, data and index services. We are committed to lead on climate action by developing a world-class transition financing and trading hub through SGX FIRST (Future in Reshaping Sustainability Together), our multi-asset sustainability platform. Headquartered in AAA-rated Singapore, we are globally recognised for our risk-management and clearing capabilities. Find out more at www.sgxgroup.com.

Tokenised gold derivatives poised for growth as part of wider institutional interest in tokenisation of real-world assets - Acuiti

olivia — Tue, 17 Jun 2025 04:00:00 GMT

London, 17 June: Tokenised gold derivatives are set for significant institutional growth as part of a wider adoption of tokenised assets, a report from Acuiti has found.

From Bullion to Blockchain: Digital Gold Derivatives and the Future of Tokenisation, explores the accelerating institutional interest in tokenised gold derivatives, with 86% of surveyed firms expressing intent to explore these products within the next year.

While still in the early stages of adoption, particularly among traditional financial institutions, the market is already seeing meaningful engagement from digital asset trading firms. These early adopters are drawn by the potential for 24/7 trading, reduced transaction costs and faster settlement.

The findings of this report highlight a strong underlying interest in tokenised gold derivatives that exceeds current levels of active trading and points to significant growth over the next 12 months.

Although only 4% of surveyed institutions are currently active in the space, a striking 86% indicated interest or intent to explore tokenised gold within the next year. Digital-native firms are leading the way, with 83% expressing plans to trade these products soon, while traditional financial institutions show growing awareness and cautious optimism.

“Tokenised gold derivatives represent a significant step forward in the evolution of financial markets,” said Ross Lancaster, head of research at Acuiti. “While regulatory uncertainty and liquidity constraints remain key challenges, our research shows strong underlying demand for tokenised gold derivatives and a wider pool of tokenised real world assets.”

In December, digital assets exchange Deribit launched gold futures and options based on Pax Gold, a token created by Paxos that is backed 1:1 by a fine troy ounce of LMBA good delivery gold vaulted in London.

These developments mark the first steps in a move to a digital derivatives market made up of tokenised assets and collateral settled on a blockchain. This promises to bring new efficiencies and dynamics to the market.

“The response to Pax Gold derivatives has been strong from day one. We launched these products to meet growing demand from our clients for access to gold in a format that fits their trading strategies: liquid, 24/7 and fully on-chain.

“It’s clear that tokenised commodities are more than a trend, they’re becoming part of the core strategy for both traditional and crypto native traders,” said Shaun Fernando, Chief Risk Officer at Deribit.

Key findings from the report include:

Institutional awareness varies significantly, with 75% of digital asset firms being very familiar with tokenised gold, compared to only 43% of traditional finance institutions.
Liquidity and regulatory clarity are the primary drivers for adoption, with 66% of respondents identifying liquidity constraints as a major barrier.
86% of respondents expressed interest in using tokenised real-world assets, including gold, as collateral in derivatives trading, contingent on regulatory clarity and improved market infrastructure.
Tokenised gold derivatives are perceived as complementary rather than disruptive, with 59% of respondents expecting them to play a niche role alongside traditional gold instruments.

The report also underscores the potential of tokenized gold to serve as collateral in derivatives trading, with 89% of respondents identifying precious metals as the most suitable category for tokenisation.

For further information or to access the full 2025 Tokenised Gold Derivatives Report, please visit: https://www.acuiti.io/from-bullion-to-blockchain-digital-gold-derivatives-and-the-future-of-tokenisation/.

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For more information, contact Will Mitting at Acuiti.

Tel.: +44 (0) 203 998 9190

Email: willmitting@acuiti.io

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