EQUITY TECHS: Price Signal Summary - S&P E-Minis Pierces A Key Support 

• There have been reports that Andrew Douglas, chair of the UK's Accelerated Settlements Taskforce (AST), has proposed a date of 11 October 2027 for the move to T+1. This is in line with the recommendation made by ESMA for the EU and a similar announcement by Switzerland last week. The final recommended date and implementation plan will be announced in February.
• Note that this was widely expected (as it makes sense to coordinate the move to T+1 with the EU and Switzerland) and the last report had recommended a move by the end of 2027.
• The last report from the AST was published in March (see here).

No particular cross-investor cohort themes within the latest CFTC CoT report:

• Leveraged funds added to existing net shorts in both TY & UXY futures, while they trimmed net shorts across the remainder of the curve. The net short cover element was more prominent in DV01 equivalent terms. They remain net short across all contracts.
• Meanwhile, asset managers added to existing net longs in TY, UXY and WN futures, while trimming net longs across the remainder of the curve. The net long setting element was slightly more prominent in DV01 equivalent terms. They remain net long across all contracts.
• Non-commercial investors added to net shorts in FV, TY & UXY futures, while adding to net longs in US futures and trimming net shorts in TU & WN futures. They remain net short in all contracts outside of US.

Source: MNI - Market News/Bloomberg

SOFR FIX - Source BBG/CME:

• 1M 4.31300
• 3M 4.29387
• 6M 4.24623
• 12M 4.17975