FIA SmartBrief
Plus, CME Group sees record volume amid commodity market volatility
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April 21, 2026
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RBI eases curbs on rupee derivatives
The Reserve Bank of India has partially rolled back restrictions on rupee derivatives, allowing authorized dealers to resume offering non-deliverable contracts with some limits on related-party transactions. The move follows earlier measures to curb speculation, while maintaining safeguards on certain foreign exchange dealings.
Full Story: The Times of India (4/21), Business Standard (India) (tiered subscription model) (4/21), Finimize (4/21)
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Prediction markets ramp up lobbying as scrutiny grows
Prediction market firms are sharply increasing lobbying spend--up over 60% year-on-year--as US lawmakers push to regulate the fast-growing sector like gambling. With billions in weekly trading and rising insider-trading concerns, the industry is fighting to stay under lighter commodities rules rather than stricter state-level oversight.
Full Story: Bloomberg (4/20)
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Industry Developments
 
CME Group sees record volume amid commodity market volatility
CME Group has reported record trading volumes and open interest amid volatility caused by the US-Iran war, with average daily volume reaching 41.1 million contracts in March, a 33% increase from last year. Derek Sammann, senior managing director and global head of commodities markets, notes significant growth in the Asia-Pacific region, particularly in metals, energy, and agricultural products. The company plans to invest in technology and expand its customer base to sustain this growth.
Full Story: Futures & Options World (4/21)
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HKEx eyes 2027 zero-day options launch
Hong Kong Exchanges & Clearing plans to introduce zero-day options on the Hang Seng Index as early as 2027, following a surge in demand for short-dated derivatives globally. The move aims to boost trading activity and align with trends seen in US markets, where such contracts now dominate options volume.
Full Story: Bloomberg (4/21)
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LMAX swaps unit reportedly hit by staff exodus
A wave of departures from LMAX's swaps and derivatives unit, including former FX HedgePool CEO Jay Moore, has reportedly raised concerns about the future of its FX swaps platform. Client uncertainty has led some users to pause activity as questions grow over the product's strategy and ability to maintain key relationships, sources say.
Full Story: Risk (subscription required) (4/21)
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Banks push quant trading to wider investors
Wall Street banks are expanding sales of quantitative investment strategies to pension funds, endowments and wealthy clients, driving rapid growth in the business. Assets in these rule-based trading programs have surged in recent years as investors seek alternatives to traditional strategies amid market volatility and AI-driven shifts.
Full Story: The Wall Street Journal (4/20)
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Polymarket reportedly targets funding at $15B valuation
Prediction market platform Polymarket is reportedly in talks to raise an additional $400 million after recently securing funding at a $15 billion valuation. The move comes amid surging trading volumes and intensifying competition with rival Kalshi, which currently commands a higher valuation.
Full Story: PYMNTS (4/20), The Information (4/20), Bloomberg (4/20)
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Optiver bets on AI-crypto convergence
European market maker Optiver has taken a stake in VC firm Eden Block to gain early exposure to startups in AI and digital assets. The move highlights growing institutional interest in technologies like tokenization and perpetual futures, seen as reshaping trading infrastructure.
Full Story: Bloomberg (4/20)
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Mercuria reportedly taps Asia for war-driven liquidity
Commodity trader Mercuria is reportedly seeking at least $200 million in new financing from Asian banks, as higher energy prices driven by the Iran war increase the cost of buying cargoes. The move reflects a broader scramble among trading houses to secure more credit despite strong profit opportunities from market volatility.
Full Story: Bloomberg (4/21)
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Citadel: Trump's social media shakes up oil market amid Iran war
Financial Times (4/20)
 
 
Nasdaq Dubai raises $8B in Q1 fixed-income listings
Markets Media (4/20)
 
 
Nigerian Exchange to extend trading hours to boost liquidity
The Trade (UK) (4/20)
 
 
"Gazumping" pushes hedge fund pay to $50M-plus
Bloomberg (4/20)
 
 
Hedge funds ramp up options bets against the dollar
Bloomberg (4/21)
 
 
BMLL makes senior hires to drive global expansion
Futures & Options World (4/21)
 
 
Trading Technologies appoints Garrow as CSO, Monroe as CRO
Futures & Options World (4/20)
 
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