Hong Kong Bourse Plans to Start Zero-Day Options Trading in 2026
Hong Kong Exchanges & Clearing Ltd. is planning to start offering so-called 'zero-days to expiry' contracts on the Hang Seng Index, according to people familiar with the matter who asked not to be named because the matter is private. The bourse has been consulting with market participants and the feedback has been positive, they added.
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Reyna Silver Receives Final Court Order for Acquisition by Torex Gold
VANCOUVER, BC AND HONG KONG, CHINA / / August 15, 2025 / Reyna Silver Corp. ("Reyna Silver" or the "Company") (TSXV:RSLV)(OTCQB:RSNVF)(FRA:4ZC) is pleased to announce that the Company has received a final order (the "Final Order") from the Supreme Court of British Columbia approving the statutory plan of arrangement (the "Transaction") with Torex Gold Resources Inc. ("Torex") (TSX:TXG). The Transaction is anticipated to be completed on Wednesday, August 20, 2025. Reyna Silver has applied to the TSX Venture Exchange (the "Exchange") to delist its common shares form trading on the Exchange following closing of the Transaction. Reyna Silver will request that trading in its common shares be halted after market close on Tuesday, August 19, 2025. On Behalf of the Board of Directors of Reyna Silver Corp. Jorge Ramiro MonroyChief Executive Officer For Further Information, Please Contact: Jorge Ramiro Monroy, Chief Executive Officerinfo@ (852) About Reyna Silver Corp. Reyna Silver is a growth-oriented junior exploration and development company. Reyna Silver focuses on exploring for high-grade, district-scale silver deposits in Mexico and the United States. In Nevada USA, Reyna Silver has entered into an option to acquire 70% of the 12,058-hectare "Gryphon Summit Project". The Gryphon Project shows features indicating uniquely superimposed/overprinted Silver-Lead-Zinc-Copper Carbonate Replacement (CRD), Carlin Gold and Critical Metals mineralization. Also in Nevada, Reyna Silver is advancing its option to acquire 100% of the "Medicine Springs Project" where Reyna Silver is exploring a potentially significant Silver-Lead-Zinc-Copper CRD-skarn-Porphyry system. Reyna Silver's Mexican assets are 100% owned and include the "Guigui Project"and "Batopilas Project", both located in Chihuahua State. The Guigui Project covers the interpreted source area for the Santa Eulalia Carbonate Replacement Deposit District and Batopilas covers most of Mexico´s historically highest-grade silver system. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this news release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, closing of the Transaction and the delisting of Reyna Silver's common shares from the Exchange. Such forward-looking statements are based on a number of assumptions of management, including, without limitation, the Company's ability to satisfy the terms and conditions precedent of the Transaction in order to consummate the Transaction; the ability of Reyna Silver and Torex to complete the Transaction; the Company's ability to secure legal and regulatory approvals required to complete the Transaction; and the Company's ability to continue with its stated business objectives and obtain required approvals. Additionally, forward-looking information involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: risks associated with the businesses of Torex and Reyna Silver; risks related to the satisfaction or waiver of certain conditions to closing of the Transaction; non-completion of the Transaction; the failure of the Company to obtain all court and regulatory approvals required for the Transaction; and other risk factors as detailed from time to time and additional risks identified in the Company's and Torex's filings with Canadian securities regulators on SEDAR+ in Canada (available at Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this news release by you or any of your representatives or for omissions from the information in this news release. SOURCE: Reyna Silver Corp. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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CVOL Skew Ratio: Can Options Offer Useful Insights on Market Direction?
Can the CME Group Volatility Index (CVOL) skew ratio offer clues to market participants' sentiment on which way the direction of a particular futures market might trend? In our second article on CVOL, we analyze how different skew configurations – negative or positive – might offer nuanced insights into investor expectations. Before that, let's examine what is CVOL and how it works. CVOL is a suite of implied volatility indices measuring 30-day forward volatility across all option strike prices of key futures markets. It's based on a simple variance methodology to measure the volatility across all strikes for a given futures market.1 Volatility indices may be considered a sentiment indicator as they attempt to capture the view of a wide range of options-market participants. The skew ratio is one of CVOL's five derivative metrics, and what it suggests about a futures market's sentiment of direction. CVOL Skew Ratio To understand the skew ratio, let's first explain what it may imply and then how it is calculated. The ratio may suggest the option market participants' perception of an upward or downward direction of its underlying futures market. The skew ratio is either above or below 1.0. There are three possibilities of sentiment. If the ratio is above 1.0 and moving higher, it implies the underlying futures market is perceived by options market participants for the price to more likely increase. If the ratio is below 1.0 and moving lower, it suggests the options participants' perception of the underlying futures market to more likely decline. If the ratio is moving towards 1.0 from either a higher or lower level, it suggests the underlying futures market might be moving sideways, is in balance, or at least has no suggestion of direction. The skew ratio is calculated by dividing the Up Variance (UpVar) of a futures market's options by the Down Variance (DnVar) of a futures market's options. UpVar and DnVar, which are also derivative metrics of the CVOL suite, measure volatility in the individual option wings. UpVar measures the volatility of out-of-the-money call options to determine upside risk. DnVar measures the volatility of out-of-the-money put options to determine the downside risk.2 Skew ratio takes these values and divides one by the other to determine the skewness of the volatility curve, which in this case UpVar being divided by DnVar. This creates a normalized ratio that shows how excess volatility may be in out-of-the-money calls versus puts or vice versa. Also, since it is expressed as a ratio, it is a useful tool for comparing skewness across asset classes. Skew Ratio Examples Figure 1 notes a seasonal tendency in both natural gas options and CVOL's skew ratio; during the winter months (the grey bars), the natural gas skew ratio tends to rise as options market participants seek upside protection from sudden cold bursts that could drive up demand for the common source of heating energy. The skew ratio is also suggesting the options participants are expecting higher prices. This is notable in the cold flash of the winter of 2018/2019 when upside volatility quickly rose alongside the skew ratio due to sudden increased demand of heating. Figure 2 demonstrates how the skew ratio generally tends to move in tandem with the direction of crude oil futures. In early May 2025, crude oil futures fell below $60 per barrel. Simultaneously the skew ratio was below 1, suggesting the crude oil option market perceived the market to trade sideways or perhaps continue its decline since peaking in January. However, as Middle East tensions increased between May and June, crude oil prices rallied and the skew ratio climbed from below 1 to 1.8, showing market participants sought upside risk protection via options on expectations for the possibility of escalating tensions. Going forward, the skew ratio has maintained a level above 1, thus the options market suggests crude oil futures would maintain an elevated price relative to the April and May prices. Examples of the Skew ratio and Convexity occurring simultaneously As the previous examples focused on the skew ratio in isolation of other CVOL metrics, sometimes various CVOL metrics move in tandem, suggesting a more complicated or nuanced market environment. The examples below demonstrate movements in the skew ratio suggesting an options market perspective of market direction, while convexity (see convexity paper) shifts, proposing uncertainty of direction. Figure 3 notes that as the Euro futures began to rally against the U.S. dollar in early March, the skew ratio simultaneously shifted quickly from 0.90 to 1.05 and convexity quickly spiked and then declined. As tariffs were introduced, the FX markets were in flux amid questions of how trade policies would be finalized and the implications of those policies/agreements. By April, convexity increased as more variance occurred at the wings of the strike prices versus at-the-money (ATM) strike price. So here, a rising convexity indicated the market was pricing in some sort of a move, with skew ratio indicating the probability of that move being likely to be to the upside in the underlying futures market As fighting in Ukraine continued into October 2022, wheat futures prices rallied from about $7.50 per bushel in the summer to just over $9 per bushel by October (Figure 4). Wheat's skew ratio also increased as a rally developed. Simultaneously, convexity was also increasing, implying the options market's increasing uncertainty for the future direction of wheat futures. Fundamentally, this related to the Black Sea Grain Initiative agreement with a November 19 deadline to allow Ukraine to continue exporting food and fertilizer through three Black Sea shipping ports.3 Particularly interesting is the marked increase in convexity in early November while the skew ratio remained steady at elevated levels. This non-parallel move in convexity and skew ratio indicates that the risk premium was continually being purchased in both calls and puts (relative to at-the-money) as reflected by a rising convexity. The skew ratio remaining stable while convexity jumped indicates that risk was being purchased in both out-of-the-money puts and calls as opposed to just calls. If the latter was true (i.e. continual purchase of protection for upside risk with the purchase of out-of-the-money calls), the skew ratio would have risen as well. While the skew ratio has the power of indicating potential directionality in the market, convexity is still an important metric to follow for gauging uncertainty and price of risk in out-of-the-money options. Figure 5 shows front-month copper futures' skew ratio reacting to the back-and-forth news cycle surrounding the proposed copper tariffs in April. This led to market participants seeking upside protection due to concerns of the impact on copper-related supply chains as the metal has a variety of applications including construction, wiring, the energy transition and solar panels. Simultaneously, convexity also increased, suggesting market participants may have conflicting sentiments about copper. Summary The skew ratio is derived from volatility of OTM calls relative to the volatility of OTM puts. It can note market sentiment of a given futures market. Moving above 1.0 implies a bullish sentiment while moving below 1.0 suggests a bearish sentiment. It helps to view the skew ratio in relation with other CVOL metrics. As noted above, it's possible for the skew ratio to offer directional market sentiment of an underlying futures market, while convexity can also suggest general uncertainty for future direction. This would suggest conflicting views of market sentiment. Examining these metrics in the context of market fundamentals can be helpful. References CME Group Volatility Index (CVOL™) CME CVOL: Cross Asset Implied Volatility Indices January 2025 Slide Presentation The Black Sea Grain Initiative: What was achieved? Why was it important? All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service. All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience. CME Group Inc. does not have control over the content, accuracy, quality, or legality, of any third-party product, service, or content advertised on this webpage. The presence of such advertisements on this webpage does not signify any association, partnership, or endorsement of the third-party or its content by CME Group Inc. Full disclaimer Copyright © 2025 CME Group Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Nvidia, AMD Agree to 15% Export Levy on China AI Chips
Nvidia (NVDA, Financials) and Advanced Micro Devices (AMD, Financials) will give the U.S. government 15% of revenue from certain AI chip sales to China in return for export licenses, the White House said Tuesday. Warning! GuruFocus has detected 5 Warning Signs with NVDA. The agreements cover Nvidia's China-specific H20 chip and AMD's equivalent processors, designed to meet U.S. export limits. President Donald Trump negotiated the deals, which could be extended to other firms. Trade lawyers say the plan may violate federal rules banning export taxes and limiting licensing fees, setting up potential legal fights. Nvidia's H20 had been projected to bring in over $8 billion in quarterly sales before the new restrictions. Investors will be watching whether Chinese chipmakers' push to replace U.S. tech eats into demand. This article first appeared on GuruFocus.
