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Economic Times
6 days ago
- Business
- Economic Times
F&O trade volumes slump nearly 20% after Sebi ban on Jane Street
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Volumes on India's thriving futures and options dropped nearly a fifth last week after Securities and Exchange Board of India's (Sebi) ban on New-York-based quantitative trading firm Jane Street for alleged market manipulation . The recovery to the recent peak in trading activity may not happen immediately, which may squeeze exchanges' earnings. The daily average turnover in index options trade on the NSE, which commands the majority in derivatives trading volumes in India, declined by nearly 17.4% last week from previous week."The recent dip in options turnover is likely due to the exit of a large market-making participant, which has impacted market liquidity and efficiency," said Vaibhav Sanghavi, CEO, ASK Hedge interim, ex-parte order probed into alleged index manipulation by Jane Street involving bank shares and Bank Nifty index futures and options, while banning it from trading in Indian market. The regulator's investigations showed the trading firm was engaged in manipulative trades on expiry days of Bank Nifty derivatives that pushed outcome in its favour. The absence of Jane Street in market has had a ripple effect with other large firms cutting the size of their the weekly options expiry day of Thursday-the most active trading day-turnover was down over 21% to about ₹472.5 lakh crore from ₹601.2 lakh crore a week ago, as per data from ETIG. Vipin Kumar, assistant vice-president of derivatives and technical research at Globe Capital Market, said during the entire expiry week (July 4 to July 10), index futures volumes were down by nearly 24% while index options volume was down by 16.5%, when compared with the entire previous expiry week (June 27 to July 3). Shares of BSE listed on the NSE, and NSE traded in unlisted market, declined in face of drop in volumes. Since Sebi put out order on July 3, NSE shares have dropped 6% to ₹2,150 as on July 13, as per data from BSE stock is down 16%. "It's too early to determine if this loss of turnover is permanent, but it will certainly impact revenues at the exchange-level if prolonged," said said volumes may have also declined as a result of lower volatility due to choppy trading since the start of July. 'The index was trading in a tight range of less than a percent and volumes are usually low during this kind of market move,' he said.'On July 11, Nifty breached that range on the downside and we recorded a sharp uptick in the volumes of index futures, stocks futures and stocks options that were up by 17%, 18% and 28%, respectively compared with the same day the previous week.'Sanghavi said that while this may reduce turnover in the short term, it also creates a more level playing field, limiting the advantage of high-frequency or algorithmic traders who typically account for 40-45% of options volume. Rajesh Palviya, head of technical and derivatives research at Axis Securities, said liquidity could improve once mutual funds launch SIFs, which could build derivative books of Rs 30,000- Rs 40,000 crore over time
Time of India
6 days ago
- Business
- Time of India
F&O trade volumes slump nearly 20% after Sebi ban on Jane Street
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Volumes on India's thriving futures and options dropped nearly a fifth last week after Securities and Exchange Board of India's (Sebi) ban on New-York-based quantitative trading firm Jane Street for alleged market manipulation . The recovery to the recent peak in trading activity may not happen immediately, which may squeeze exchanges' earnings. The daily average turnover in index options trade on the NSE, which commands the majority in derivatives trading volumes in India, declined by nearly 17.4% last week from previous week."The recent dip in options turnover is likely due to the exit of a large market-making participant, which has impacted market liquidity and efficiency," said Vaibhav Sanghavi, CEO, ASK Hedge interim, ex-parte order probed into alleged index manipulation by Jane Street involving bank shares and Bank Nifty index futures and options, while banning it from trading in Indian market. The regulator's investigations showed the trading firm was engaged in manipulative trades on expiry days of Bank Nifty derivatives that pushed outcome in its favour. The absence of Jane Street in market has had a ripple effect with other large firms cutting the size of their the weekly options expiry day of Thursday-the most active trading day-turnover was down over 21% to about ₹472.5 lakh crore from ₹601.2 lakh crore a week ago, as per data from ETIG. Vipin Kumar, assistant vice-president of derivatives and technical research at Globe Capital Market, said during the entire expiry week (July 4 to July 10), index futures volumes were down by nearly 24% while index options volume was down by 16.5%, when compared with the entire previous expiry week (June 27 to July 3). Shares of BSE listed on the NSE, and NSE traded in unlisted market, declined in face of drop in volumes. Since Sebi put out order on July 3, NSE shares have dropped 6% to ₹2,150 as on July 13, as per data from BSE stock is down 16%. "It's too early to determine if this loss of turnover is permanent, but it will certainly impact revenues at the exchange-level if prolonged," said said volumes may have also declined as a result of lower volatility due to choppy trading since the start of July. 'The index was trading in a tight range of less than a percent and volumes are usually low during this kind of market move,' he said.'On July 11, Nifty breached that range on the downside and we recorded a sharp uptick in the volumes of index futures, stocks futures and stocks options that were up by 17%, 18% and 28%, respectively compared with the same day the previous week.'Sanghavi said that while this may reduce turnover in the short term, it also creates a more level playing field, limiting the advantage of high-frequency or algorithmic traders who typically account for 40-45% of options volume. Rajesh Palviya, head of technical and derivatives research at Axis Securities, said liquidity could improve once mutual funds launch SIFs, which could build derivative books of Rs 30,000- Rs 40,000 crore over time
Miami Herald
09-07-2025
- Business
- Miami Herald
Interactive Strength Inc. (Nasdaq: TRNR) Receives 'Buy' Rating and $15 Price Target in Maxim Group Research Initiation
First comprehensive sell-side report on TRNR cites more than 800% growth in expected 2025 revenue Valuation driven by stock-for-stock M&A model and potential crypto-treasury upside AUSTIN, TEXAS / ACCESS Newswire / July 9, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands and pending acquirer of Sportstech, today announced that Maxim Group LLC, a leading New-York-based investment bank, has initiated equity research coverage on TRNR with a "Buy" recommendation and a price target of $15.00 per share, based on its independent assessment of the Company's potential operating performance and valuation relative to peers. The inaugural report was authored by Thomas Forte, CFA, Managing Director & Senior TMT Analyst, following several months of due diligence on TRNR's specialty-fitness roll-up strategy and AI-focused Digital Asset Treasury Strategy. Forte wrote in the 12-page initiation note that: "Interactive Strength's acquisition of Wattbike and the pending purchase of Sportstech take the company to a much larger scale for sales and adjusted-EBITDA earnings potential. We expect revenue to ramp from $5.4 M in 2024…to $105 M in 2026, and we are initiating coverage with a Buy rating and a $15 price target." Trent Ward, TRNR Co-Founder & CEO, commented that "Maxim Group's coverage marks our entry into the formal sell-side research ecosystem and validates the increased investor interest we're seeing in TRNR. Analyst coverage is often the first step toward greater liquidity and more appropriate valuation for emerging public companies, and we're pleased to have a seasoned TMT analyst recognize the strength of our model." Highlights from Maxim's initiation Buy rating; $15 target - implies ~130 % upside from the July 8th, 2025 closing drivers: Wattbike & Sportstech contributions, margin expansion as scale builds within a large and growing addressable market, and upside optionality from the AI-focused $FET Digital Asset Treasury Sportstech closing, international expansion, new partnerships and corporate wellness offerings. Access to the report Maxim Group research is available only to the firm's clients. Interested investors should contact their Maxim Group sales representative directly or reach out to ir@ in order to be introduced in order to access the report. TRNR Investor Contactir@ About Maxim Group Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York City, providing a range of financial services to emerging-growth companies and institutional investors. The firm is a member of FINRA, SIPC and Nasdaq. About Interactive Strength Inc.: Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol:TRNR). CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move - making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. Forward Looking Statements:This press release includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as "believe", "project", "expect", "anticipate", "estimate", "intend", "strategy", "future", "opportunity", "plan", "may", "should", "will", "would", "will be", "will continue", "will likely result" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the comments made by the Maxim analyst, including, achieving a $15 share price, more than 800% growth in 2025 revenue, having potential crypto-treasury upside, completing the pending acquisition of Sportstech, achieving much larger scale for sales and adjusted-EBITDA earnings, achieving revenue of $105 million in 2026, as well as having increased investor interest, greater liquidity and more appropriate valuation in the future or the relative strength of the Company's business model, margin expansion and growing addressable market. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements. # # # SOURCE: Interactive Strength Inc.
USA Today
09-07-2025
- Business
- USA Today
Interactive Strength Inc. (Nasdaq: TRNR) Receives "Buy" Rating and $15 Price Target in Maxim Group Research Initiation
First comprehensive sell-side report on TRNR cites more than 800% growth in expected 2025 revenue Valuation driven by stock-for-stock M&A model and potential crypto-treasury upside Interactive Strength Inc. (Nasdaq:TRNR) ('TRNR' or the 'Company'), maker of innovative specialty fitness equipment under the Wattbike, CLMBR and FORME brands and pending acquirer of Sportstech, today announced that Maxim Group LLC, a leading New-York-based investment bank, has initiated equity research coverage on TRNR with a 'Buy' recommendation and a price target of $15.00 per share, based on its independent assessment of the Company's potential operating performance and valuation relative to peers. The inaugural report was authored by Thomas Forte, CFA, Managing Director & Senior TMT Analyst, following several months of due diligence on TRNR's specialty-fitness roll-up strategy and AI-focused Digital Asset Treasury Strategy. Forte wrote in the 12-page initiation note that: 'Interactive Strength's acquisition of Wattbike and the pending purchase of Sportstech take the company to a much larger scale for sales and adjusted-EBITDA earnings potential. We expect revenue to ramp from $5.4 M in 2024…to $105 M in 2026, and we are initiating coverage with a Buy rating and a $15 price target.' Trent Ward, TRNR Co-Founder & CEO, commented that 'Maxim Group's coverage marks our entry into the formal sell-side research ecosystem and validates the increased investor interest we're seeing in TRNR. Analyst coverage is often the first step toward greater liquidity and more appropriate valuation for emerging public companies, and we're pleased to have a seasoned TMT analyst recognize the strength of our model.' Highlights from Maxim's initiation Buy rating; $15 target – implies ~130 % upside from the July 8th, 2025 closing price. Key drivers: Wattbike & Sportstech contributions, margin expansion as scale builds within a large and growing addressable market, and upside optionality from the AI-focused $FET Digital Asset Treasury Strategy. Catalysts: Sportstech closing, international expansion, new partnerships and corporate wellness offerings. Access to the report Maxim Group research is available only to the firm's clients. Interested investors should contact their Maxim Group sales representative directly or reach out to ir@ in order to be introduced in order to access the report. TRNR Investor Contact ir@ About Maxim Group Maxim Group LLC is a full-service investment bank and wealth-management firm headquartered in New York City, providing a range of financial services to emerging-growth companies and institutional investors. The firm is a member of FINRA, SIPC and Nasdaq. About Interactive Strength Inc.: Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol:TRNR). CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move – making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. Forward Looking Statements: This press release includes certain statements that are 'forward-looking statements' for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as 'believe', 'project', 'expect', 'anticipate', 'estimate', 'intend', 'strategy', 'future', 'opportunity', 'plan', 'may', 'should', 'will', 'would', 'will be', 'will continue', 'will likely result' or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the comments made by the Maxim analyst, including, achieving a $15 share price, more than 800% growth in 2025 revenue, having potential crypto-treasury upside, completing the pending acquisition of Sportstech, achieving much larger scale for sales and adjusted-EBITDA earnings, achieving revenue of $105 million in 2026, as well as having increased investor interest, greater liquidity and more appropriate valuation in the future or the relative strength of the Company's business model, margin expansion and growing addressable market. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements. # # # SOURCE: Interactive Strength Inc. View the original press release on ACCESS Newswire
Business Wire
04-07-2025
- Business
- Business Wire
RoomUnity Protects Its US Real Estate Portfolio Against Insurance Inflation with Eventual's Premium Lock
NEW YORK--(BUSINESS WIRE)--RoomUnity, a vertically-integrated real estate firm, finalized its Premium Lock transaction across its US rental portfolio. This transaction secures RoomUnity's long-term visibility into future insurance pricing and provides meaningful downside protection. Premium Lock enables multi-year insurance pricing predictability for real estate owners and operators, and is sold by Eventual, an insurance technology company based in New York City. "When the tariff news broke, ushering in a new regime in global trade, we accelerated our efforts to protect our portfolio from inflation" Share Amidst potentially escalating climate events and uncertainties in global trade, RoomUnity undertook a comprehensive effort to mitigate its portfolio from potential cost inflation. The transaction with Eventual provides a strategic mechanism to lock in insurance premium thresholds, thereby insulating RoomUnity's operations from potential future premium spikes. "When the tariff news broke, ushering in a new regime in global trade, we accelerated our efforts to protect our portfolio from inflation," said Yoon Lee, Founder at RoomUnity. "If significant increases in construction cost materialize, we expect insurance premiums to potentially increase as well, given higher theoretical replacement cost. Eventual's Premium Lock solution allows us to continue to pursue our mission of more energy-efficient and environmentally sustainable properties." Eventual's CEO, Dylan DiMarchi, added, "This transaction with RoomUnity illustrates a growing theme, that American real estate owners are seeking tools for better long-term operating and underwriting predictability. New climate, macroeconomic, and regulatory uncertainty are playing a major role here.' About RoomUnity RoomUnity is a tech-enabled housing brand under King's Gate. RoomUnity specializes in creating and managing community-oriented living spaces, providing free flatmate introductions and sustainable, furnished housing. King's Gate is a vertically integrated firm with capabilities in real estate investment, management, and advisory, with a diverse portfolio in the US and Asia. Dedicated to stewarding long-term asset value and delivering superior returns, we combine our data-driven approach with operational and technological rigor. About Eventual Eventual is a New-York-based insurance technology company making American real estate owners more financially resilient to new climate risks. The company's flagship Premium Lock product addresses recent insurance volatility by predicting multi-year insurance escalations for every address in America. Taking inspiration from interest rate cap markets, Premium Lock combines an embedded risk-transfer product with best-in-class predictive modeling.
