Chessis: Chess Analysis

About Chessis: Chess Analysis

The US Federal Reserve raised the effective federal funds rate by 0.25% to a range of 3.75%-4% on Wednesday, representing its first rate hike in three years as the economy grapples with sticky inflation, record-high energy prices and rising bond rates with no end in sight to the ongoing war with Iran that kicked off in February.

Investors began 2026 expecting multiple rate cuts, which tend to juice capital markets and spur dealmaking activity. But on 28 February things changed quickly after joint US-Israeli attacks on Iran largely curtailed traffic through the Strait of Hormuz, the vital Middle East waterway where some 20% of the world’s oil transited before the conflict began.

Several factors weighed heavily on the decision to raise rates. The average nationwide gas price now is $4.36 compared to $3.18 a year ago, per AAA, and the average diesel price of $6.31 is a record. Brent crude oil has crested over $100 per barrel compared to about $68 a year ago. Inflation was 3.4% in August, compared to 2.9% last year. And US 10-, 20- and 30-year Treasuries have reached their highest rates in decades.

How to play Chessis: Chess Analysis

Launch dates for the MLB team futures contracts weren’t revealed, but spring training for the 2027 season commences on Friday, Feb. 19, according to the league schedule.

The initial batch of FSPIs launched with NHL performance gauges, triggering a wave of filings from exchange-traded fund (ETF) issuers seeking to launch futures-based funds for each professional hockey team. One issuer even filed plans for leveraged ETFs tied to the NHL indexes.

A similar scenario is playing out on the back of the MLB index introduction. Both LeagueShares and RexShares filed plans for ETFs tied to the FutureSports MLB indexes.

What is Chessis: Chess Analysis?

The difference is all about the risk function. A sportsbook employs traders to price bets and manage its exposure. An exchange provides an API through which firms compete to quote prices and supply liquidity.

“Here’s an API. Bernard and 88 other people can market-make all these request-for-quotes (RFQs),” Marantelli says. “Some people might come in and just do esports because they’re esports experts. Others do everything. Some focus on same-game parlays. But it’s a sportsbook.”

The institutional layer is largely invisible to customers presented with a P2P proposition. Retail users may technically trade against one another, but the depth required by a mass-market product cannot be supplied by occasional customers alone. Professional firms must be prepared to quote continuously and commit substantial capital.