ETF Innovations, 0DTE Options, and Fed uncertainty reshapes trading.
Thinned summer liquidity, surging ETF flows, and the growth of zero days to expiry (0DTE) options are reshaping market dynamics in the second half of 2025, says Matt Howell, global head of trading strategy at T. Rowe Price. He discusses the drivers for ETF innovations and shorter-dated products; he looks at the impact these flows are having on market volatility and how they are reshaping the way traders are reacting and trading volatility.
With the September US Federal Reserve meeting looming and the Fed Chair’s term ending in May 2026, Howell shares his views on the implications of a wholesale market regime change in the US and speaks to the biggest upcoming issues multi-asset desks need to be paying attention to over the next few months.
