been this thank you for being here thank you so we know there's been this great competition between cboe and c m e but give us a little bit history of how are they both doing now we reported those volume numbers but what are they doing to try to get ahead of each others yes so c.b.o.t. and c.m.e. group both launched their big point futures derivatives markets last year in december at approximately the same time so there volumes have been quite some march and april this year when see any group started to pull ahead of the market so because of that both of these exchanges right now are under tremendous pressure to gain traction because it is very rare for the sip for very similar futures products to thrive in more than one venue at a time and so this is expression crucial because as you mentioned ice will be launching their futures product in the near future as well in november they're in november this year so their product is slightly different this is going to be physically subtle reza c.m.e. and c.b.l. which is more cash settled so there are some key differences between the contracts an

overnight funds and it's all transparent it's regulated without partners cboe runs the board options exchange of goggle board options exchange we wanted to create a transparent regulated competitively determined benchmark that everybody would think was fair and represented the real cost of money looks like you're well on your way and being from chicago it makes me think about all the everett dirksen quote you know a billion here a billion there it starts to be real money you know nine hundred million is certainly a lot particularly from whence you started is that enough at this point for banks to actually rely upon it or is this still in a period where they want to see a little bit more liquidity a little more volume we are getting close to the answer you know a bar that i feel like sis if it's rolling this stone up and. that awaiting a verdict price down but where where that tipping point now in the reason that as i mentioned to you before the show we're on a p.r. tour now we get hit in chicago we didn't want to really represent that thought we wanted to represent a concrete number

club appears to address addressed just about every weak point in the squad i really think they're at cboe going to challenge city i think united would expect to be in the mix for the title if they finish second again look united they want to win the title what's most important thing but only wanting us to do that manchester city again take some stopping if you look at will all of them the summer you take second place united again will be two as for leicester i think with the money they've spent they're going to be looking to be challenging but your. the second round of the p.g.a. championship will be completed on saturday after it was postponed by thunderstorms gary woodland holds a one shot lead on a day that the record backs were rerouted us open champion pricks kept karen thousand african child support so both write themselves into the record books as they stormed up the leader board the paddy equaling the lowest around in tournament history with a seven under sixty three while the number forty four gary woodland holds a one shot lead after posting a record low halfway score for the pa

a rival at the cboe has been relatively flat at about 5,000 bitcoin equivalents a day and why is this lean gettidenly more they're allowing some form of bitcoin futures trading. some may also prefer the settlement method the cme uses what's important is the increase in futures volume on the cme has occurred while bitcoin went from 6,000 in june to over 8,000 in july and all of the way back down to about 6,000. it means that at least some traders are perfectly willing to trade bitcoin futures on the way up and also on the way down. it seems like a more active market out there >> back to you, melissa. >> bob pisani on the nyse. what is behind the rally micha michael moros of genesis capital, one of the largest crypto traders on the street welcome to the show. >> thanks for having me. >> why do you think it's been above 7,000. >> think the biggest news in the last week is in a call about a week ago the sec rejected nine bitcoin etfs and in the days leading up to the rejection you see a rise in bitcoin across the exchanges and we saw an increase in genesis capital where people were taking

overnight funds and it's all transparent it's regulated without partners cboe who runs the board options exchange of goggle board options exchange we wanted to create a transparent regulated competitively determined benchmark that everybody would think was fair and represented the real cost of money looks like you're well on your way and being from chicago it makes me think about all the everett dirksen quote you know a billion here billion there it starts to be real money you know nine hundred million is certainly a lot particularly from whence you started is that enough at this point for banks to actually rely upon it or is this still in a period where they want to see a little bit more liquidity a little more volume we are getting close to the answer you know a bar that i feel like sis if it's rolling this stone up. and waiting if it to christ down but where where that tipping point now in the reason that as i mentioned to you before the show we're on the p r two or now we hit in chicago we didn't want to really represent that thought we wanted to represent a concrete number that was

overnight funds and it's all transparent it's regulated without partners cboe who runs the board options exchange of goggle board options exchange we wanted to create a transparent regulated competitively determined benchmark that everybody would think was fair and represented the real cost of money looks like you're well on your way and being from chicago it makes me think about all the everett dirksen quote you know a billion here billion there it starts to be real money you know nine hundred million is certainly a lot particularly from whence you started is that enough at this point for banks to actually rely upon it or is this still in a period where they want to see a little bit more liquidity a little more volume we are getting close to the answer you know a bar that i feel like sis if it's rolling the stone up. and waiting if it to christ down but where where that tipping point now in the reason that as i mentioned to you before the show we're on the p r two or now we hit in chicago we didn't want to really represent that thought we wanted to represent a concrete number that was o

government says the offer has been postponed not canceled overt mughal nicky's a senior analyst at the cboe group it's a consultancy and advocacy organization he says saudi arabia is economic outlook is improving. we have to remember back when this i.p.o. was announced it was early two thousand and sixteen the economic context was very different than it is now saudi arabia was coming off of a year where their budget deficit reached close to one hundred billion dollars the price of oil was still low there were a lot of reforms that were on the agenda but had yet to be implemented and i think we have to remember that that's the context within which the i.p.o. idea came about now. after the enthusiasm around that i.p.o. has subsided we see a very different economic context in saudi arabia the i.m.f. issued relatively positive consultation that they concluded in july we saw growth non oil growth reaching about two point three percent a decrease in the but year on year budget deficit from about nine to four point five percent expected in two thousand and eighteen and also the introduction of var

. >> it's been a bit of a wild ride and let's take a look at the mechanics and today we had cboe andion. a friend of mine has looked at a lot of this futures expiration and this is what happens to bitcoin before and after expiration you see i have t-minus 6 and t-minus 3 and t-minus 1. here's expiration right there. on average in 2018, you've seen bitcoin down, almost 7 per% andn expiration comes and then the next six days you see an increase of about 6% and that happened basically on average each of the expiration so let's take a look at one particular one let me hit clear we'll go to the next one and let's look at what happened in april. so again, we have right after expiration, what happened to bitcoin? we started low and we happeneded up at the peak, almost a 20% increase in bitcoin six days after the expiration in april? why did i take april bk will give you an answer take a look at this and thfis ws the number of sorts and that's now, we are at another high and you saw today and let me see if i can clear that last one and i don't know if you can see this, and you started to see

if you look at the skew in cboe you can see uncertainty there at high levels.arkets are concerned. that the picture from the vix does not completely convey the amount of concerns people have about risk. our view is the recession is a low probability event. if the odds of a recession are the vixpercent in fact is correctly pricing in limited risks. the risk of military engagement with iran is high. it is not zero. is it 20, 30%? yes. recommend client stay invested. being withk you for us. coming up, disney reports results. how it is trend to get a acre piece of the streaming market, next. this is bloomberg. ♪ >> this is bloomberg daybreak. later, the cumberland advisors chairman. now two-year your boom -- bloomberg business flash. the biggest american aluminum maker asking for really from tariffs that were meant to help it. the company once a form of the lightweight metal unavailable from u.s. producers. they are using everything from coca-cola cans to boeing jetliners. cello plans to buy a mortgage lender. the home listings website operator is acquiring mortgag