Perpetual Futures Primer; Munich Re ESG call; ECB thoughts

Research evidence excerpt

Perpetual Futures Primer; Munich Re ESG call; ECB thoughts

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 30 June 2026

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

4 Key Highlights Today:

1. Derivatives Exchanges - A Primer on Perpetual Futures.

2. Munich Re: Takeaways from our Sustainability Connect Call.

3. ECB: Lagarde retains a clear hawkish bias.

4. Upcoming J.P. Morgan Events: Euronext CEO roadshow London today; French Financials Tour July 6th, Greek Banks

tour also July 6th. Do let me know if you’d like further details on any of these.

Use the links below to jump straight to each section:

The Detailed Highlights

Post results, Newswires & Away from Us

Global Financials wrap, Trading Recap and Colour

Global Financials Research Links

Global Macro Research Links

Save the Date: J.P. Morgan Events

J.P. Morgan Financials Contacts

Derivatives Exchanges - A Primer on Perpetual Futures. A primer from our US Diversfied Financials analyst Ken

Worthington on Perpetual futures which have weighed on the US exchanges stocks over the last few weeks - causing the

European players to underperform as global valuations decline. Perpetual Futures — commonly referred to as “perps” —

dominate cryptocurrency trading globally. Recent approval by the CFTC for Bitcoin perps for Kalshi and Coinbase and the

growth of perpetual futures trading in real-world-assets at Hyperliquid have further increased the product’s visibility to U.S.

investors who are trying to better evaluate their outlook. We see perps, which are currently retail products traded outside the U.S.,

having broader appeal to U.S.