In today’s briefing:
- CBA (CBA AU): FY 2025 Results Drive Sharp Intraday Moves – Insights for Options Traders
- 2025 1H Listing Report
- Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator
- MDAI: Second Quarter Results
- Lucror Analytics – Morning Views Asia
CBA (CBA AU): FY 2025 Results Drive Sharp Intraday Moves – Insights for Options Traders
- Context: Commonwealth Bank of Australia (CBA AU)’s FY 2025 results delivered record profits but missed analyst expectations, prompting a sharp share price adjustment.
- Insights: Detailed review of intraday price action and implied volatility behavior following the announcement shows how the market digested the results and how implied volatility established a new equilibrium.
- Why Read: Offers a concise, data-driven view of how Australia’s largest bank’s results influenced market dynamics. Gain practical perspective on intraday trading patterns and where implied volatility might be heading
2025 1H Listing Report
- The introduction of Binance Alpha has been the most significant development in the exchange listing landscape in 1H 2025. Within 7 months, it evolved from trading in Binance wallet only to a 2.0 version that funnels Binance exchange liquidity directly to DEX trading, which was then followed by the introduction of a trading incentive program Alpha points.
- Binance Alpha listings placed a greater emphasis on tokens with an FDV under $100 million, a segment traditionally overlooked by Binance. With the launch of 2.0 and Alpha points, tokens listed through this program have been outperforming listing events on other exchanges, including Binance’s own, in both price and trading volumes.
- The growth of Alpha created competition for other exchanges. Mid-size exchanges have seen fewer listing events, and Alpha listings might be filling this void. Binance’s own listings have also been affected: the first 30-day trading volume for large FDV tokens shrunk by 20% on Binance, while this metric grew on Upbit, OKX, and Bybit. Additionally, Binance-listed tokens showed a below-average price performance compared to other exchanges.
Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator
- Miami International Holdings (MIAX US) priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
- Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
- MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.
MDAI: Second Quarter Results
- Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
- The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
- Spectral is distinguished by its combination of MSI and AI to improve diagnoses.
Lucror Analytics – Morning Views Asia
- UST yields declined by 5-6 bps across the curve yesterday, as the market further firmed up expectations of a 25 bp Fed rate cut in September.
- As of yesterday, Fed-dated OIS were pricing in a 26 bp rate cut next month and 64 bps of rate cuts for the remainder of 2025.
- The yields on the 2Y UST and 10Y UST both declined 6 bps to 3.68% and 4.23%, respectively.
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