Weekly Recap for Week Ended November 7, 2025
Weekly Recap of Major Micro / Macro Data Points and Things to Look Forward to in the Week Ahead
Significant News / Developments from Week Ended Nov. 7, 2025
Pieces I’ve put out in the past week:
Past week was a busy one folks. Sorry for flooding everyone’s inboxes (particularly Thursday) but I’m trying to keep myself accountable in a timely manner. I do appreciate everyone who reads these updates and I hope you are finding the information valuable.
Should be a little quieter this upcoming week but we will be getting ETOR 3Q25 EPS, SCHW & HOOD official October Metrics and a couple conference appearances.
Cboe Global Markets, Inc. (CBOE) 3Q25 Earnings Review
October Exchange Volumes (CBOE, CME, ICE, MIAX, NDAQ) – Volumes and Volatility Increase in October; MIAX Surpasses ICE in Multi-List Options Market Share
Miami International Holdings Inc. (MIAX) 3Q25 Earnings Review
Fixed Income Trading Platforms (MKTX, TW) - October Metrics
The Charles Schwab Corporation (SCHW) Announces Acquisition of Forge Global (FRGE)
Robinhood Markets, Inc. (HOOD) 3Q25 Earnings Review
Online Brokers (HOOD, IBKR, SCHW) - September Metrics Review
MarketAxess Holdings Inc. (MKTX) 3Q25 Earnings Review
Other notable news:
Prediction Markets
Winklevoss-Founded Gemini (GEMI Moves to Enter Prediction Markets
GEMI is looking to move into prediction markets soon
In May it applied for regulatory approval with the CFTC to create its own derivatives exchange though the application is still pending and the approval process is likely to be extended given the government shutdown
MyPrize Becomes the First Social Gaming Business to Offer Prediction Markets in Strategic Partnership with Crypto.com
MyPrize is the fastest growing social gaming business in the US
It has announced a partnership with Crypto.com to bring prediction markets for sports, crypto politics and more to its 1M+ users globally
DraftKings (DKNG) CEO says prediction markets aren’t luring customers away from sports betting
CEO Jason Robins suggests that prediction markets are an entirely different product than what DraftKings traditionally offers
However, DKNG did recently acquire RailBird to launch its own prediction markets platform
Google Finance Integrates Polymarket, Kalshi Prediction Market Data
Roll-out expected in coming weeks
Once users have access they will be able to ask questions in the search bar and be presented with relevant data from prediction markets
Crypto
Crypto’s Retail Era Rattled With ETFs Facing $89,600 Pain Point
The average Bitcoin cost basis for all lifetime inflows into US Spot Bitcoin ETFs is around $89,613
Some are concerned that if Bitcoin reaches that level positioning could flip
Coinbase Faces Flak from Traditional Bankers on Its Push for Trust Bank Charter
U.S. bank lobbying groups The Independent Community Bankers of America and the Bank Policy Institute have written letters to the OCC opposing COIN’s effort to obtain a bank charter
The arguments from the lobbying groups suggest that COIN’s trust bank would struggle to operate at a profit in a bear market and that the OCC would face difficulties in safely dissolving the trust if it failed
Foreign-Exchange Veterans Seek to Rebuild Crypto in Wall Street’s Image
A group of former FX professionals is seeking to build venues for crypto trading that focus only on matching buyers and sellers while leaving custody and credit to other providers unlike most crypto venues today which provide all of the above
They believe this distinction will help make crypto a more “grown-up” asset class
Stablecoin-enabled payments infrastructure platform Zynk raises $5 million from Coinbase Ventures and others
Zynk has said it will use the funding to expand its payment corridors, enhance liquidity and compliance infrastructure and develop partnerships with payment providers
Fintech Ripple gets $40 billion valuation after $500 million funding
Ripple has raised $500M in funding from Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace
Switzerland is crossing the crypto Rubicon
The Swiss government has launched a consultation on allowing stablecoins to be issued in the country
The proposal sketches out new licenses for payment instrument institutions and crypto institutions that would bring stablecoin issuers under Swiss financial law
Crypto trading app Fomo raises $17M Series A from Benchmark
The trading platform has onboarded over 120k users, is doing $20-$40M a day in volume and about $150k in daily revenue
Tokenization
UBS, Chainlink Execute First Onchain Tokenized Fund Redemption in $100T Market
UBS completed the first onchain redemption of a tokenized fund using Chainlink’s digital transfer agent
The transaction involved the tokenized UBS USD Money Market Investment Fund Token
BTCC Reports $29.2B in Tokenized RWA Futures Trading Amid Broader On-Chain Growth
Trading activity in BTCC’s real world asset futures reached $29.2B USDT across 2Q25 and 3Q25
The exchange posted $16.4B in volume during 2Q and $12.8B in 3Q
Chainlink Introduces CRE to Fast-Track Institutional Tokenization
Chainlink Runtime Environment (CRE) is a platform for institutions to deploy smart contracts across multiple blockchains with built-in compliance and data integration
It is already being used by J.P. Morgan and UBS and further features are to be added in 2026
Franklin Templeton (BEN) brings tokenized USD money market fund to Hong Kong
The fund will be initially only available to institutional and professional investors
Eventually it plans to offer a retail-approved tokenized fund
Retail Investors
Retail Traders Post Worst Day Since April as Tech Rally Stumbles
Goldman Sachs’ Retail Favorites Index was down 3.6% on Tuesday, the worst decline since April 10, following a disappointing earnings report from Palantir and Michael Burry disclosing short positions against Palantir and Nvidia
Groww Parent Company Billionbrains Garage Ventures Set to Go Public
Groww is Bengaluru-based Indian retail trading platform that offers trading in stock, ETFs, mutual funds, IPO shares, futures, options and more
The company has over 18M transacting users on the platform and 2.6T INR in client assets (~29.5B USD)
Private equity investor body sounds alarm over rush of retail money
A report from Institutional Limited Partners Association has warned that the number of deals needed to deploy the rush of retail dollars into the private equity sector could pull fund managers’ attention away from investing capital of pension plans and endowments
Apollo’s (APO) Rowan Targets Retail-Focused Firms to Back Private Asset Growth
Apollo plans to use partnerships with asset manager firms that already serve retail investors to reach this new client base
Apollo has already struck partnerships with State Street (STT) and Lord Abbett on funds focused on individuals
Traditional Markets
TXSE Raises Second Round of Financing
Second round of financing comes from J.P. Morgan (JPM) and brings total capital raised to more than $250M
Investors in TXSE now include JPM, SCHW, BLK, and Citadel, among others
TXSE plans to launch trading in U.S. equities in early 2026 with ETP and corporate listings to follow
Regulators call for action on ‘front-running’ by market makers
Iosco has called for a limit on “pre-hedging” activity by market makers and dealers
In pre-hedging a market maker will buy or sell a security before they win an order to manage inventory and protect themselves from anticipated price changes
The practice typically occurs in competitive request for quote systems
Ornn Raises $5.7M in Seed Round to Launch World’s First Compute Futures Exchange
Ornn is building a compute exchange hoping to introduce U.S. regulated cash-settled traditional and perpetual futures on compute hours
Ornn believes this will allow AI data companies to lock in training and inference costs through long hedges, allow data center operators and cloud providers to presell capacity and stabilize revenue through short hedges, and allow lenders and investors to manage collateral risk tied to GPU depreciation
Ornn’s compute price indices track the cost of GPU compute across cloud and on-prem providers
Wall Street Upstarts Shake Up ETF World as Big Three Lose Ground
Barriers to entry in the ETF space have come down dramatically in recent years thus there has been a flood of new entrants entering the space, with 60 new ETF issuers entering the market over the past two years
Given the wave of new entrants the largest players in the space BlackRock (BLK), Vanguard and State Street (STT) have only drawn in 57% of ETF inflows YTD, their lowest share on record
Adena Friedman Sees Three Key Ways Blockchain Can Help Reshape Finance
NDAQ CEO Adena Friedman has said blockchain can reshape traditional financial infrastructure by overhauling post trade systems, unlocking trapped capital in clearinghouses, and enabling faster payments
Why the bond market still relies on voice
Despite the increase in algorithmic trading in the bond market in recent years, 50% of corporate credit still trades via voice
While algo trading has grown, it has freed up humans to focus on larger block trades, which have only grown in size in recent years
The bond market remains too idiosyncratic for all trading to migrate to electronic platforms and when things get choppy traders want to hear a voice on the other end of a trade
Brussels opens probe into Deutsche Börse and Nasdaq (NDAQ) over derivatives
The European Commission has opened an investigation into Deutsche Borse and Nasdaq into possible collusion between the two to not compete in listing, trading and clearing of certain derivatives
Global Bond Sales Binge Hits Record $5.95 Trillion This Year
Issuance has been dominated by financial institutions and governments
Despite the issuance binge, demand is outpacing net supply
Citadel Securities Hires Sales Co-Heads for Block Equity Trades
Hired Joseph Anastasio from Citigroup and Samuel French from BofA to lead sales for large equity block trades
These hires follow Elan Luger who was hired as head of high-touch equities trading as Citadel is working to grow its institutional business
Company Specific Updates for Week Ended Nov. 7, 2025
Exchanges
Cboe Global Markets, Inc. (CBOE 0.00%↑)
Reports October Volumes
Previewed much of this in my report from Monday here
If volume holds through quarter-end should see decent uplift in transaction volume Q/Q
CBOE Volume and RPC Metrics
Source: company documents
CME Group Inc. (CME)
Livestock sector optimism fuels a modest rise in farmer sentiment
Farmer sentiment rose 3 points in October to 129
Current conditions index rose 8 points to 130
Future expectations index was unchanged at 129
Declares 4Q25 Dividend of $1.25
Unchanged from prior quarter
Reports Official October Volumes
Previewed much of this in my report from Monday here
If volume holds through quarter-end should see decent uplift in transaction volume Q/Q
CME Volume and RPC Metrics
Source: company documents
Intercontinental Exchange, Inc. (ICE 0.00%↑)
CFO to Present at J.P. Morgan Ultimate Services Conference
Tuesday, November 18 at 11:40am ET
Files prospectus for debt issuance
Use of proceeds to refinance debt due in 2025
Reports October Volumes
Volumes started 4Q solid with all products up Y/Y
RPCs were also solid with futures RPC +1% M/M, options RPC +20% M/M and equities RPC unchanged M/M
For a deeper look at volume trends and EPS upside see my report from Monday here
ICE Volume Metrics
Source: company documents
Miami International Holdings Inc. (MIAX)
Reports October Volumes
Previewed much of this in my report from Monday here
Reports record options market share in October and surpasses ICE for first time ever
If volume holds through quarter-end should see decent uplift in transaction volume Q/Q
Reports 3Q25 EPS
Solid first quarter as public co.
Market share gains continue to impress
Exchange operating leverage on display
More detail available in my full 3Q25 EPS recap piece here
MIAX Volume and Market Share Statistics
Source: company documents
MIAX Earnings Summary
Source: company documents
Nasdaq, Inc. (NDAQ)
Reports October Volumes
Volume across the board was up a good amount Y/Y in October
For a deeper look at volume trends and EPS upside see my report from Monday here
NDAQ Volume Metrics
Source: company documents
Fixed Income Trading Platforms
MarketAxess Holdings Inc. (MKTX)
Unveils Fixed Income’s First Opening & Closing Auctions
MarketAxess has developed an opening and closing auction protocol for U.S. High Grade and U.S. High Yield credit trading
The new protocol is expected to go live in the coming weeks, and development was completed in consultation with an advisory group consisting of AllianceBernstein, BlackRock, DWS and State Street
The new protocol is expected to unveil greater price formation and liquidity at the beginning and end of the trading day
Files 3Q25 10-Q
Reports October Volume Metrics
Volumes declined both M/M and Y/Y
Picks up market share in USHG and USHY M/M
Fee Per Million in October unchanged M/M across both credit and rates
More detail available in my fixed income trading platforms recap here
Reports 3Q25 EPS
EPS beats street forecast by 8% on lower expenses, slightly higher revenue
More detail can be found in my full recap here
MKTX Reported Monthly ADV ($M) and Market Share Statistics
Source: company documents
MKTX Earnings Summary and Key Metrics
Source: company documents
Tradeweb Markets Inc. (TW 0.00%↑)
Appoints Sandra Buchanan as Chief People Officer
Previously she served as Chief Human Resources Officer at GCM Grosvenor
She will join the Executive Committee and report to CEO Billy Hult
Brings U.S. Treasury Benchmark Data On-Chain Via Chainlink
TW has collaborated with Chainlink, an operator for on-chain finance, to publish the Tradeweb FTSE U.S Treasury Benchmark Closing Prices on-chain via DataLink, an institutional grade publishing service powered by Chainlink
The collaboration allows institutions to leverage TW’s treasury data in an always-available environment
Through this collaboration, TW and Chainlink aim to unlock new opportunities for innovation and 24/7 access to markets
Reports October Volume Metrics
Volumes decline M/M but increased Y/Y
Cedes some share to MKTX in USHG and USHY credit M/M
More detail available in my fixed income trading platforms recap here
TW Reported Monthly ADV ($B) and Market Share Statistics
Source: company documents
Online Brokers
eToro Group Ltd. (ETOR 0.00%↑)
Launches Club Subscription, Unlocking Platinum Tier Benefits
Benefits include eToro Visa debit card, unlimited access to eToro’s AI analyst, a dedicated account manager, higher crypto staking revenue, discounts on conversion fees and discounted tax returns
Subscribers also get access to exclusive Smart Portfolios and premium research content
Previously these perks were only available to users with balances of $25k or more
Subscription will initially be available to users in the UK and EU with additional regions to follow
Subscription price $4.99 per month or $49.99 per year
Rewards crypto deposits with 1% back in stocks in the UK and Europe
1% back on crypto transfers into eToro Crypto Wallet will be in local stock of their choice
eToro to present at KBW Fintech & Payments Conference
Wednesday, November 12 at 3:25pm ET
Robinhood Markets, Inc. (HOOD 0.00%↑)
Team’s Up with Sage Home Loans to Democratize Access to Homeownership
Through an agreement with Sage Home Loans, all Robinhood Gold subscribers can access mortgage rates at least 0.75% below the national average along with a $500 credit towards closing costs on new home purchases or refinances
To Present at Wolfe Research Wealth Symposium
Wednesday, November 12 at 10:15am ET
Files 3Q25 10-Q
Announced Anticipated Date for Reporting October Monthly Metrics
Thursday, November 13 post- close
Reports 3Q25 EPS
Revenue and EPS beat street
More detail can be found in my full recap here
HOOD Earnings Summary and Key Metrics
Source: company documents
Interactive Brokers Group, Inc. (IBKR 0.00%↑)
Financial Advisors Are Increasingly Optimistic Heading into Year-End
More than half of financial advisors are bullish on US Markets
47% hold a positive outlook on global markets
59% have changed their views on the market since June
Reports October Monthly Metrics
Client accts. +33% Y/Y
DARTs +16% M/M (+58% Y/Y)
est. NNA 20% annualized growth rate
Margin balances +6% M/M
IBKR October Monthly Metrics
Source: company documents
The Charles Schwab Corporation (SCHW 0.00%↑)
Advisor Services Expands Schwab Advisor ProDirect Program
SCHW is now making its Advisor ProDirect program available to current independent RIA client firms as well as to advisors moving to independence (which the program was initially rolled out for in July)
The roll out to existing RIAs will begin in January
Most ETF Investors Can Envision Moving to ETF-Only Portfolios
Announces Acquisition of Forge Global FRGE For $660M
More detail can be found in my piece here
Company Specific Updates Anticipated for the Upcoming Week (Ended Nov. 14, 2025)
Exchanges
None to Note
Fixed Income Trading Platforms
None to Note
Online Brokers
eToro Group Ltd. (ETOR)
3Q25 Earnings Release
Monday, November 10 pre-market
Conference call 8:30am ET
Presents at KBW Conference
Wednesday, November 12 at 3:25pm ET
Robinhood Markets, Inc. (HOOD)
Presents at Wolfe Wealth Symposium
Wednesday, November 12 at 10:15am ET
October Monthly Metrics Release
Thursday, November 13 post-close
The Charles Schwab Corporation (SCHW)
October Monthly Metrics Release
Friday, November 14 pre-market
Next Four Weeks Calendar
Source: Company press releases and my estimates around timing
Major Macro Updates for Week Ended Nov. 7, 2025
S&P U.S. Manufacturing PMI (Oct.) – 52.5 vs. prior 52.2
ISM Manufacturing (Oct.) – 48.7% vs. consensus 49.3% and prior 49.1%
Auto Sales (Oct.) – 15.3M vs. prior 16.4M
ADP Employment (Oct.) – 42k vs. consensus 22k and prior (29k)
S&P U.S. Services PMI (Oct.) – 54.8 vs. consensus 55.2 and prior 55.2
ISM Services (Oct.) – 52.4% vs. consensus 50.5% and prior 50.0%
Preliminary Consumer Sentiment (Nov.) – 50.3 vs. consensus 53.0 and prior 53.6
Consumer Credit (Sep.) – $13.1B vs. consensus $10.0B and prior $363.2M
Major Macro Updates Scheduled for the Upcoming Week (Ended Nov. 14, 2025)
Monday, Nov. 10
None to Note
Tuesday, Nov. 11
NFIB Optimism Index (Oct.) – prior 98.8
Wednesday, Nov. 12
None to Note
Thursday, Nov. 13
None to Note (Unless the Government Reopens)
Friday, Nov. 14
None to Note (Unless the Government Reopens)
Exchange Volume Update
Exchange Volumes Over Past Week and W/W Trends
For the week ended November 7, 2025, volumes were mixed but mainly lower W/W while volatility increased W/W.
The average VIX for the week was up 11% from the prior week, average realized volatility was up 1% W/W, average volatility of volatility (as measured by the VVIX) was up 1% W/W and the average MOVE index (U.S. Treasuries volatility) was up 6% W/W.
Futures average daily volumes (ADV) were mixed as CBOE futures volumes were up 35% W/W, CME futures volumes were down 8% W/W, and ICE futures volumes were unchanged W/W.
Total U.S. Equities ADV was down 2% W/W, as TRF volumes fell 4% W/W and on-exchange volumes were up 1% W/W. Industry equity options volumes were unchanged W/W while index options volumes rose 7% W/W.
In terms of market share trends for the past week, NDAQ and other exchanges picked up share in U.S. equities on-exchange trading while CBOE, ICE, and MIAX gave up some share on the week. Within U.S. equity options, NDAQ picked up share while CBOE, ICE, MIAX and other exchanges ceded share in the week.
CME Futures Volumes (M)
Source: Company Daily Volume Releases
ICE Futures (M), U.S. Equities (B) and U.S. Equity Options (M) Volumes
Source: Company Daily Volume Releases, Cboe Global Markets and OCC
CBOE Options (M), Futures (K), U.S. Equity (B), and FX Volumes ($B)
Source: Company Daily Volume Releases and OCC
NDAQ U.S. Equity (B) and Option (M) Volumes
Source: Cboe Global Markets and OCC
MIAX U.S. Equity (B) and Option (M) Volumes
Source: Cboe Global Markets and OCC
U.S. Total Industry Equity Volumes (B)
Source: Cboe Global Markets
U.S. Equities Market Share Trends (On-Exchange Traded Volume Only)
Source: Cboe Global Markets
U.S. Total Industry Equity Option and Index Option Volumes (M)
Source: OCC
U.S. Options Market Share Trends
Source: OCC
Volatility Metrics
Source: Yahoo Finance
Exchange Volumes MTD / QTD / YTD Trends
For the month to date, exchange volumes are trending mainly lower M/M but mainly higher Y/Y. This comes as volatility is mixed M/M but mostly higher on a Y/Y basis.
The average VIX in November is up 15% Y/Y while realized volatility is up 8% Y/Y and volatility of volatility is up 7% Y/Y. Treasuries volatility is lower Y/Y as the average MOVE index in November is down 34% Y/Y.
Futures volumes are mixed Y/Y as ICE futures ADV is unchanged vs. November 2024 ADV. Meanwhile, CME ADV is down 12% Y/Y while CBOE futures ADV is up 17% Y/Y.
In terms of equities and options volumes, total U.S. equities ADV is up 41% MTD while option volumes are up 25% for equity options and up 34% for index options.
In terms of market share trends for the month-to-date, NDAQ and Other exchanges have picked up share in U.S. equities on-exchange trading relative to last month’s levels while CBOE, MIAX, and ICE have given up some share. Within U.S. equity options, NDAQ has picked up share vs. last month while CBOE, ICE, MIAX and other exchanges have ceded share.
For further details on MTD, QTD and YTD ADV please see the charts below.
CME Futures Volumes (M)
Source: Company Daily Volume Releases
ICE Futures (M), U.S. Equities (B) and U.S. Equity Options (M) Volumes
Source: Company Daily Volume Releases, Cboe Global Markets and OCC
CBOE Options (M), Futures (K), U.S. Equity (B), and FX Volumes ($B)
Source: Company Daily Volume Releases and OCC
NDAQ U.S. Equity (B) and Option (M) Volumes
Source: Cboe Global Markets and OCC
MIAX U.S. Equity (B) and Option (M) Volumes
Source: Cboe Global Markets and OCC
U.S. Total Industry Equity Volumes (B)
Source: Cboe Global Markets
U.S. Equities Market Share Trends (On-Exchange Traded Volume Only)
Source: Cboe Global Markets
U.S. Total Industry Equity Option and Index Option Volumes (M)
Source: OCC
U.S. Options Market Share Trends
Source: OCC
Volatility Metrics
Source: Yahoo Finance
Major Indices, Interest Rates and Company Share Price Trends
The market closed out the week down 2% W/W as concerns over the AI trade took hold. Yields were flat to down on the week as the curve steepened and the EOP VIX was up 9% on the week.
In terms of the companies I follow, HOOD showed the weakest performance, falling 11% on the week after reporting earnings on Wednesday evening. In the rest of the eBroker space, BULL fell 11% on no meaningful news, ETOR declined 6% while IBKR was flat and SCHW rose 1% after announcing its acquisition of FRGE. in exchange land, MIAX rose 11% after reporting its first earnings release as a public company Wednesday evening, CBOE and CME were both up 4% on renewed volatility over the past week while ICE and NDAQ were each up 2%. In the fixed income space, MKTX rose 5% after reporting earnings results Friday morning while TW was up 4%.
Source: Yahoo Finance, FRED, U.S. Department of the Treasury
Comp Sheet
Source: Yahoo Finance
Guidance Tracker
Exchanges
Cboe Global Markets, Inc. (CBOE)
Source: Company documents
Note: CBOE provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
CME Group Inc. (CME)
Source: Company documents
Note: CME provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
Intercontinental Exchange, Inc. (ICE)
Source: Company documents
Note: ICE provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
Nasdaq, Inc. (NDAQ)
Source: Company documents
Note: NDAQ provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
Fixed Income Trading Platforms
MarketAxess Holdings Inc. (MKTX)
Source: Company documents
Note: MKTX provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
Tradeweb Markets Inc. (TW)
Source: Company documents
Note: TW provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
Online Brokers
Robinhood Markets, Inc. (HOOD)
Source: Company documents
Note: HOOD provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
Interactive Brokers Group, Inc. (IBKR)
Source: Company documents
Note: IBKR provided additional guidance points / commentary on its 2Q25 earnings call, but key annual highlights are included above for the sake of simplicity
The Charles Schwab Corporation (SCHW)
Great roundup of the brokrage space. The online broker competiton between IBKR, SCHW, and HOOD is heating up, especially with prediction markets entering the mix. IBKR's strengh in international markets gives them an edge, but these new verticals could shake things up.