What is the state of the proprietary trading sector in 2025? The latest Acuiti management report, produced with Avelacom, tries to provide the answers. Drawing on insights from senior executives across the globe, the Q3 2025 analysis covers operational performance, strategic exchange relationships, and the growth of new markets, setting the stage for a deeper exploration.

24/7 Trading Debate

A central theme of the Acuiti report is the industry's debate over the shift toward 24/7 trading in traditional markets. The survey highlights a clear split in sentiment among proprietary traders. 37% of respondents expressed some level of optimism, with 10% very positive and 27% somewhat positive.

Conversely, 38% held a negative view, including 23% somewhat negative and 15% very negative. The remaining 25% reported a neutral stance, reflecting the highly divisive nature of this potential market change.

Support is stronger in the US compared to Europe. Firms with ultra-low latency technology are generally more supportive, while those with less advanced systems are less so. The key benefit cited, by nearly 60%, is the ability to respond to news at any time. Other advantages mentioned include higher revenue potential, reduced overnight risk, and global time zone alignment.

Concerns dominate the discussion. More than 80% highlight staffing and operational demands as the biggest issue. Other concerns include infrastructure costs, complex risk management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, thin liquidity, and limited round-the-clock payment access.

A total of 80% believe 24/7 trading will become a reality. Of those, 27% see it happening within 3 years, 34% within 5 years, 17% within 10 years, and only 2% believe it will take longer than a decade. A significant 20% believe it will never happen.

Exchanges and Liquidity Agreements

The survey also addresses exchange liquidity provision schemes. CME, SGX, TMX, Eurex, and ICE Futures Europe were named as leading venues. Respondents value competitive incentives, clear obligations, and transparent evaluation processes.

Concerns were raised about market makers Market Makers Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Read this Term exploiting these programs. Suggestions for improvement include shorter-term incentives for new contracts, avoiding early changes to schemes, and rewarding consistent liquidity. Eurex’s program for EURO STOXX 50 Index Options was cited as a positive model.

H1 2025 Performance Review

The first half of 2025 was influenced by tariff-related volatility and fluctuations in US technology markets. The biggest challenge reported was hiring staff with both trading and artificial intelligence expertise. Rising exchange fees and regulatory pressure were also noted.

Despite these issues, performance was strong. More than 80% of firms reported better results than in H1 2024, and nearly 90% did better than in a typical year. Budget outcomes were mixed. Equities, crypto, and listed interest rates were key sources of profit. Options delivered varied results. Regions with the most opportunity were Asia, South America, and North America.

Hot Topics

The report highlights interest in listed FX options. All members trading FX supported a shift from OTC to listed venues. Supporters pointed to standardization and reduced counterparty risk. Others noted the flexibility and liquidity advantages of OTC markets.

Liquidity in CME agricultural contracts was also discussed. Half of respondents reported some issues in the past year, but only 5% described them as significant. Most said the challenges were not unique to CME.

Markets and Contracts

The Avelacom Exchange Growth Index ranked Guangzhou Futures Exchange, ISE Securities Exchange, MAX Sapphire, Pakistan Mercantile Exchange, and FMX Futures Exchange as the fastest-growing venues in Q2.

New contracts attracting the most activity included MCX Gold Ten Future, CBOT Hard Red Spring Wheat Future, Coinbase Nano XRP Future, SGX BRL/USD Future, and Shanghai Cast Aluminium Alloy Future.

Kraken’s Strategy

The report concludes with a Q&A with Shannon Kurtas, Head of Exchange at Kraken. He outlined the firm’s plans to expand beyond crypto into equities, tokenized assets, and derivatives across metals, energy, and FX.

He emphasized tokenization as a tool for collateral efficiency and noted Europe’s MiCA framework as a regulatory model. He also highlighted rising competition in perpetual futures and predicted further convergence between traditional and digital markets.