Prediction Markets, Stablecoins, And Treasury Clearing Dominate Acuiti’s Q4 2025 Clearing Report
Takeaway
Prediction Markets: Opportunity Meets Regulatory Risk
Prediction markets have moved into focus following the CME Group–FanDuel initiative that brought to a mainstream venue. Acuiti reports that while 79% view growth potential, 61% express concern about the precedent of an platform-owned FCM, citing possible conflicts and competitive imbalance. A further 84% say limited client demand is keeping them on the sidelines for now.
Operational hurdles — unconventional expiries, bespoke settlement models, and risk controls — complicate onboarding, yet the combination of retail engagement and regulated venues positions event contracts as a nascent, promising asset class.
Takeaway
Stablecoins Gain Ground As Settlement Innovation Accelerates
Acuiti finds strong institutional momentum toward stablecoin usage in margin and settlement: 92% of respondents would accept stablecoins as margin now or in the near future. Cited advantages include quicker settlement, improved liquidity, and reduced counterparty friction.
The principal brake is regulatory amlargeuity, followed by integration challenges with legacy treasury and margin systems. Acuiti concludes that mainstream adoption will track with harmonized rules and mature custody frameworks.
Takeaway
U.S. Treasury Clearing: Countdown To Compliance
With the SEC clearing mandate approaching (cash trades by December 2026; repo by mid-2027), clearing firms are aligning models and technology. Respondents favored the FICC done-away model (50%), ahead of CME (36%) and ICE (14%). While 73% are satisfied with CCP proposals, workflow transition risk and collateral processes remain top concerns.
Client demand appears evenly split between done-with and done-away structures, though sentiment is tilting toward unbundled models that broaden counterparties and reduce operational dependency.
Takeaway
EMIR 3.0, Retail Flow, And Crypto Liquidity
EMIR 3.0: 44% are considering joining ICE Clear Netherlands for STIRs, pending technical clarity. 41% oppose minimum account charges at some EU CCPs, viewing them as punitive for smaller members.
Retail Liquidity: 38% describe retail flow as too risky or operationally costly; only 19% view strong opportunity. Most firms are consolidating focus on institutional client segments.
are split — one-third expect liquidity to migrate to TradFi platforms; another third view regulated European venues gaining share under MiCA and EMIR 3.0.
Takeaway
Technology Budgets Point To Automation And Real-Time Risk
More than half of respondents plan to increase technology budgets in 2026, targeting post-trade automation, treasury and repo clearing tooling, and . Firms are preparing for a digitally integrated model where tokenization, automation, and cross-asset connectivity converge.
Takeaway
