XTP Risk Janus is an intraday solution for pre-trade to post-trade risk management. 

The new development has been created by LIST, an ION company, and integrates the XTP Risk Janus and its Margin Engine often used in cleared derivatives trading, to improve the accuracy of CME’s SPAN2 Approximation algorithm, launched in 2023.  

The solution, which has been enhanced using AI, is expected to allow traders to obtain faster and more precise margin estimates, improving decision making and risk control outcomes in real-time.  

“We explored the possibility of using AI to apply a correction factor to SPAN2 Approximation to bring it closer to the original SPAN2 calculations,” said Riccardo Bernini, head of the financial engineering team at LIST.  

“The outcome is surprisingly good and gives our clients faster, more precise margin estimates. It ensures that they can effectively manage risk and make informed trading decisions with the speed required for pre-trade validation.” 

The new model integrates the CME SPAN 2 deployable library to calculate CME margin requirements for cleared derivatives trading and provides the option to use the group’s later algorithm, CME SPAN2 Approximation when quicker calculations are needed.  

ION has said the innovation will address issues associated with the CME SPAN 2 original model. Through improving the accuracy of CME’s SPAN 2 Approximation calculations with AI, LIST’s solution is expected to produce results which closely match the original model while also maintaining speed-efficient pre-trade validation.  

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Teyu Che Chern

The move will deploy Integral’s platform across Phillip Nova’s NDF and FX instruments and will incorporate the fintech’s fixed-fee subscription model across the combined offering to target growing NDF demand in Asia-Pacific.  

It is expected that the expansion will provide more streamlined operational costs, mitigate cost volatility in times of volume fluctuation and allow Phillip Nova to scale its business more easily.  

“With more clients trading NDFs and FX swaps, it’s important that we continue building on infrastructure that’s both scalable and cost-efficient,” said Teyu Che Chern, chief executive of Phillip Nova.  

“Expanding our partnership with Integral lets us handle growing volumes without compromising on performance – and that’s key as we continue to grow our presence in the region.” 

The recent launch forms an extension of the two companies’ ongoing partnership, which saw Phillip Nova driving the growth of its FX spot and contract for difference (CFD) business through combining Integral’s end-to-end FX trading solution in 2021. 

Harpal Sandhu, chief executive of Integral, said: “We have witnessed first-hand how our platform’s fixed-fee pricing can enable brokerages to scale and tap into new audiences, and we are excited to support Phillip Nova as it continues to grow, innovate, and expand its footprint.” 

Read more – LMAX Group goes live with FX NDF trading in Singapore and London 

The expansion follows a drive to accommodate the market increase in NDF demand across the APAC region seen in recent years. In June 2024, LMAX Group launched FX NDF trading in Singapore and London, following the Group’s subsidiary, LMAX Exchange Singapore, receiving a recognised market operator (RMO) licence from the Monetary Authority of Singapore (MAS) in November the previous year.  

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Giovanni Vicioso

The move is expected to provide market participants with greater choice, with options between trading both a micro-sized contract (2,500 XRP) and a larger-sized contract (50,000 XRP). 

Launch is scheduled for 19 May 2025, pending regulatory approval, and follows increased demand for regulated digital asset derivatives within the industry.   

Giovanni Vicioso, global head of cryptocurrency products at CME Group said: “Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients’ investment and hedging strategies.” 

Read more – CME Group to launch Solana futures in March 

The XRP futures will be cash-settled and based on the CME CF XRP-Dollar Reference Rate, which serves as a once-a-day reference rate of the US XRP dollar price, calculated at 16:00 GMT daily.  

The new XRP futures will join the company’s crypto product suite containing bitcoin and ether futures and options and follows the development of CME’s Solana (SOL) futures, of which 43,000 have been traded since the product was launched on 17 March 2025.  

XRP futures are also set to be brought to Robinhood, in a push to expand retail access to futures trading.  

JB Mackenzie, vice president and general manager of futures and international at Robinhood said: “Our customers have shown a deep interest in digital assets, and they will soon be able to access an even wider variety of crypto futures to complement Robinhood’s existing spot crypto offerings.” 

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The launch aligns with an increased push to expand the firm’s product portfolio in European fixed income derivatives.  

The firm, which is a subsidiary of Deutsche Börse Group, claims that liquidity in the EU bonds market will be strengthened through offering a physically deliverable futures contract and hopes to bolster the EU’s position as a major issuer in the European and global capital markets.  

 “The launch of the Euro-EU bond futures is more than just a new product for Eurex,” said Matthias Graulich, global head of products and markets at Eurex. 

“It is a strategic commitment to supporting European ambitions for greater autonomy at a time when the continent is relying on additional debt issuance and investors are seeking tailored tools to manage their exposure to EU debt. This step complements and re-affirms Eurex’s ‘Home of the Euro Yield Curve strategy’.” 

Eurex has also said that the launch will aid market participants in decisions surrounding risk management and trading opportunities, through aligning cash, repo and derivatives markets with international fixed income standards. 

The move builds on conversations between Eurex and market participants and the EU Commission and follows the addition of the EU commission to Eurex repo as a trading member in 2024.  

Read more – Bloomberg Tradebook integrates with Eurex Enlight 

Futures and options expansion has been a focus for Eurex in recent months. In February 2025, the firm announced a collaboration with Bloomberg Tradebook, with the development being made available on all Eurex equity options and futures, alongside all foreign exchange (FX) derivatives.  

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Umesh Gajria

The exchange operator said the move will support the launches of its MIAX Bloomberg 500 Index futures and options products, planned for the second half of 2025.  

MIAX Futures will list MIAX Bloomberg 500 Index futures, subject to certain filings with the Commodities Futures Trading Commission (CFTC). MIAX Bloomberg 500 Index options will also be listed on MIAX Options, subject to approval from the Securities and Exchange Commission (SEC).  

Thomas P. Gallagher, chairman and chief executive of MIH said: “The industry is looking for alternative ways to manage its US equity exposure and we believe our new MIAX Bloomberg 500 Index Futures and Options will offer competitive fees, enhanced product choice and more appropriate contract sizes to support the evolving needs of retail and institutional investors.” 

The launch of MIAX Bloomberg 500 Index futures will make the product the first financial future to be traded on the MIAX Futures Onyx platform, pending filing with the CFTC. 

“We are thrilled that our flagship B500 Index will be more broadly available through both the MPF and OPRA,” said Umesh Gajria, global head of index-linked products at Bloomberg Index Services Limited.  

“The availability of BBX will allow the industry to more easily incorporate the data into trading, risk and analytical models, creating the foundation for the B500 suite of products we are building in collaboration with MIAX.” 

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Jarrod Yuster

Through the “strategic relationship” Pico is set to leverage its deep industry expertise to boost Coinbase Derivatives’ connectivity infrastructure. 

Jarrod Yuster, chair, founder and chief executive of Pico, said: “We recognise the growing demand for advanced technology infrastructure, high-performance connectivity, data and analytics in the digital assets industry.”

“[…] We have again proven our ability to provide innovative, reliable and scalable solutions tailored to the needs of digital asset markets, as well as leading banks, exchanges, asset managers and trading firms.” 

Read more: Coinbase wins approval to offer federally regulated crypto futures trading to eligible US customers

Specifically, the move entails a complete infrastructure migration, including relocating existing systems whilst ensuring operational continuity. 

In addition, the intra-colocation connectivity which has been introduced works to optimise communications between critical infrastructure components. The relationship will also connect Coinbase Derivatives and Pico clients.

“[Coinbase] provided a dedicated customer service team that gave us comprehensive oversight into the migration and ensured successful execution with minimal disruption to our operations,” added Greg Tusar, vice president of institutional product for Coinbase. 

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Ivan Brown

The exchange operator said the new venue will align with the needs of options industry participants and tackle risk management challenges in the market. 

The firm announced the launch of the US options exchange in September 2024, and efforts have already been made to expand IEX’s options team, file the proposed rule book with the US Securities and Exchange Commission (SEC) and maintain engagement with regulatory authorities and industry stakeholders.  

Read more – IEX Group to launch its first options exchange 

Ivan Brown, who leads business and product development for IEX Options said: “The options market continues to grow rapidly, driving demand for innovative solutions that help participants quote confidently, manage risk and deploy capital effectively, and expand their competitive toolkit. 

“We’re encouraged by the strong and ongoing engagement with our clients, who recognise the utility of a differentiated exchange model that helps provide new solutions for a fast-growing and robust market.” 

The exchange will be an electronic venue, providing access to the entire multi-listed options market while relying on a pro-rata model.  

IEX has said that the launch will tackle challenges facing the options market, specifically adverse selection, by leveraging the firm’s previous experience in building equities solutions for performance and protection.  

Following the announcement of the launch last year, the firm also stated that minimal effort will be required to onboard current members of its equities exchange onto the new venue.  

John Palmer, head of options at IEX said: “We’ve taken the time to build a market architecture designed to enhance market participants’ ability to manage risk, with the goal of driving more liquidity and better prices for the market at large. The positive response from our clients reinforces our confidence in the value IEX Options will bring to the market.” 

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One Trading has unveiled a new regulated perpetual trading venue, increasing the European crypto-assert exchange’s accessibility to both institutional and eligible retail clients.  

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Megan Morgan

The derivatives and securities exchange network has said that the launch will complement Cboe’s S&P 500 Index (SPX) options.  

The expansion comes following increasing conversations around equity index exposure in recent years, as well as growing interest in options to manage US equity market exposure and volatility.  

Belvedere Trading will act as the lead market maker. 

Megan Morgan, head of market structure at Belvedere Trading, said: “The addition of S&P 500 Equal Weight Index options by Cboe is timely and we are excited for the opportunity to serve as the lead market maker. We have long found value in the S&P 500 Index ecosystem and Cboe’s trading floor, and as the market evolves, more tools in the toolkit are always welcomed.” 

Through using the S&P 500 EWI options, the exchange provider aims to allow market participants to make directional trades based on their views of macro trends and shifts in equity market dynamics.  

Catherine Clay, global head of derivatives at Cboe said: “We expect these options to cater to both retail and institutional investors looking to diversify and implement a variety of trading strategies, ultimately providing them greater choice and ability to tailor their exposure to fit their needs.  

Cboe said that an S&P 500 EWI options contract would have a mid-sized notional value of approximately $63,200 as of market close on 7 April, to open up greater options access to more market participants.  

Similarly, the launch also addresses challenges of physical delivery through cash settlement, as well as the risk of early assignment and uncertainty around implementing hedging strategies through European-style expiration.  

Read more: Cboe to launch FTSE Bitcoin Index Futures 

Cboe has made several moves to expand the derivatives suite available on its venues in recent months. The exchange unveiled plans earlier this month for its new FTSE Bitcoin Index Futures (XBTF) with the aim of driving expansion in the digital asset markets. Trading is scheduled on the Cboe Futures Exchange for 28 April. 

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The deal is valued at $3.1 billion and is set to be divided evenly between S&P Global and CME Group as each hold a 50% interest. The acquisition is subject to customary purchase price adjustments. 

KKR confirmed that its focus is on increasing OSTTRA’s investments in technology and innovation across its post-trade solutions platform. 

Deal is expected to close in H2 2025, subject to closing conditions and regulatory approval.

“We have long admired OSTTRA for its mission-critical solutions, deep customer relationships, and strong market position, which we believe provide a great foundation for future growth,” said Webster Chua, partner at KKR.

“We look forward to working with the OSTTRA team and leveraging our experience in the tech-enabled and financial services sectors to help the company further innovate and drive value for its customers.”

Read more: Fireside Friday with… CME Group’s Serge Marston

OSTTRA was established in 2021 – a joint venture between CME Group and S&P Global. The firm offers post-trade services across: interest rates, FX, credit and equity asset classes. 

Clients include banks, broker-dealers, asset managers, and other market participants.

Upon completion of the deal, current co-CEOs Guy Rowcliffe and John Stewart will remain at OSTTRA and continue to lead the company.

Terry Duffy, CME group chair and chief executive, said: “OSTTRA has generated significant growth over the past several years, and we are pleased with the role our joint venture played in driving the company forward. Looking ahead, as the post-trade marketplace continues to evolve, we are confident that KKR will further scale this business and extend the important efficiencies that OSTTRA delivers to clients.”

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