Brokers, Asset Managers & Exchanges: Takeaways after 8 industry contact meetings: CME CBOE ICE COIN ARES OWL

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Brokers, Asset Managers & Exchanges: Takeaways after 8 industry contact meetings: CME CBOE ICE COIN ARES OWL

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Brokers, Asset Managers & Exchanges

Takeaways after 8 industry contact

meetings: CME CBOE ICE COIN ARES OWL

Industry Overview

Over the past two weeks, we held group meetings with industry contacts including a co- 22 June 2026

founder/co-CEO of a leading private credit manager, an Alts gatekeeper at one of the Equity

major wirehouses, a managing partner of a prominent law firm focusing on financial United States

services in Washington DC, the CEO of one of the largest fixed income e-trading firms, a Brokers, Asset Managers and

managing partner of a leading VC firm focused on digital assets, an options industry Exchanges

expert and multiple bank sales/trading senior executives. Here are our takeaways:

Craig Siegenthaler, CFA

Perpetual futures: More disruptive in futures (vs options) ResearchBofAS Analyst

+1 646 855 5004

Across our discussions, there was clear consensus that perps are not a close substitute craig.siegenthaler@bofa.com

for options given their differing user bases and use cases. The majority of index options Eli Abboud

activity is spread trading, which cannot be replicated via perps. To the extent that perps Research Analyst

BofAS

have gained traction abroad, we believe those users are outside CBOE’s SAM and lack +1 646 855 5791

access to highly-liquid/regulated alternatives. Instead, we believe perpetuals pose a eli.abboud@bofa.com

more credible threat to cash-settled financial futures—especially products where activity Kareem Seif Research Analyst

is largely limited to the front month. Perps remove the need to roll, thereby eliminating BofAS

transaction costs and mitigating negative roll yield.