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Jos Dijsselhof is stepping down as CEO of the Swiss stock exchange after seven years, with Bjørn Sibbern set to take over on January 1, 2025. Sibbern, who joined earlier this year, previously managed stock exchanges at Nasdaq in the Nordic and Baltic regions.
SIX, the Swiss stock exchange operator, has appointed Bjørn Sibbern as CEO of the entire Group starting in 2025, succeeding Jos Dijsselhof, who is leaving for a new opportunity in the Middle East. Sibbern, who joined SIX in early 2024 from Nasdaq, has extensive experience in capital markets and has overseen significant IPOs during his tenure. Dijsselhof will remain until February 2025 to ensure a smooth transition, while Tomas Kindler will manage the exchanges on an interim basis until a successor is appointed.
Swiss stock exchange operator SIX has appointed Bjørn Sibbern as CEO, effective January 1, 2025, following the departure of Jos Dijsselhof after seven years. Sibbern, who has extensive experience in capital markets and previously led SIX’s international exchange business, will ensure a smooth transition until the end of February. Under Dijsselhof, SIX underwent significant strategic transformation, including the sale of its card business and the acquisition of the Spanish stock exchange BME.
AUD/USD rose to 0.6525, buoyed by stabilizing commodity prices and the appointment of Scott Bessent as US Treasury secretary by President-elect Trump. The US dollar weakened against several currencies, while upcoming economic events include the October CPI release and a speech by RBA Governor Michelle Bullock. Recent Australian inflation data showed a slight decline, with expectations for the October CPI to rise by 2.3% YoY, amid ongoing government cost-of-living rebates.
The speculative frenzy on Wall Street is intensifying, with gamblers pouring billions into leveraged markets despite a cooling trend in traditional stocks and corporate credit. Heavy trading and significant price fluctuations are evident in assets like cryptocurrencies and leveraged exchange-traded funds, even as volatility in the S&P 500 and Nasdaq 100 begins to stabilize.
Coinbase shares and Bitcoin are nearing record highs, driven by speculation around a potential takeover of Bakkt Holdings by the Trump Media and Technology Group and the recent launch of Bitcoin options trading on Nasdaq. The psychological milestone of $100,000 for Bitcoin could attract more investors but may also prompt profit-taking. Despite the bullish sentiment, risks remain, particularly if regulatory changes in the U.S. fall short of expectations.
Bitcoin surged to a record high above $94,000, driven by investor optimism surrounding President-elect Donald Trump"s transition and the launch of bitcoin ETF options trading. The cryptocurrency reached $94,686.79, with significant gains seen in related stocks like Coinbase and MicroStrategy. Traders are closely monitoring Trump"s appointments for key financial positions, anticipating a more favorable regulatory environment for cryptocurrencies.
Options on BlackRock’s iShares Bitcoin Trust ETF (IBIT) began trading on Nasdaq, allowing investors to hedge their bitcoin exposure. In the first hour, 73,000 options contracts were traded, marking IBIT as one of the most active non-index options. This development is expected to enhance the U.S. derivatives market for bitcoin, attracting new investors and enabling diverse trading strategies, which could reduce volatility. Analysts anticipate the emergence of new funds incorporating these options, further expanding the ecosystem.
Super Micro Computer shares surged over 30% after appointing BDO as its new auditor and submitting a compliance plan to Nasdaq, aiming to retain its listing. Despite this rebound, the company has lost about 75% of its value since March, amid ongoing scrutiny over accounting practices and a DOJ probe. Super Micro, a key player in the AI sector, reported sales exceeding $15 billion last fiscal year, but has faced significant challenges following a delay in filing its annual report.
Young investors, particularly millennials and Gen Z, are increasingly turning to exchange-traded funds (ETFs) for their retirement accounts, with 81% and 75% ownership rates, respectively. The appeal lies in lower costs, tax efficiency, and the ability to trade throughout the day, unlike mutual funds. However, new investors should research their exposure and be aware of IRS wash sale rules that can affect tax loss benefits.
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