Under the proposal, the benefit of offsetting positions across different expiries will not be available on the day of expiry for singlestock derivative contracts expiring that day.

The review follows feedback from market participants flagging potential risks arising from calendar-spread benefits on expiry days for single-stock contracts. A calendar spread is when a trader holds the same stock’s derivatives with two different expiry dates, which lowers margin because the positions offset each other. The risk appears on expiry day when the near-month contract expires and the hedge no longer exists. This leaves the trader exposed to one-way moves on the remaining position.

“It is clarified that the existing margin calculations for calendar-spread positions shall remain unchanged for calendar-spread positions involving all expiries other than the contracts expiring on a given day,” Sebi said in a circular. The new rule will take effect three months from the date of the circular.

Currently, for index derivatives, calendar-spread benefits are already unavailable on the day of expiry for contracts maturing that day.

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Sebi said the proposal would align the treatment of calendar spreads in single-stock derivatives with that of index derivatives and give trading members sufficient time either to bring in additional margin on expiry day or roll over positions.
“In the absence of such formulation, there remains a risk of sudden increase in margin on the day following expiry of one leg of the calendar-spread position, with limited recourse available to trading members in case of margin shortfall or an open leg showing significant adverse price movement,” it added.

The goal for any Super Bowl ad this week is for consumers to take action after seeing their campaign instead of just watching.

For Fanatics Sportsbook, that has been the case even before kickoff after a viral Kendall Jenner ad that invoked the “Kardashian Kurse,” the long-running internet joke that any basketball player who gets close to the world-famous sisters becomes subject to.

Fanatics Betting & Gaming CEO Matt King said the ad has “exceeded our expectations,” and the digital sports giant is already seeing it paying dividends.

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Kendall Jenner with Fanatics Sportsbook for a 2026 Super Bowl commercial. (Fanatics Sportsbook / Fox News)

“We’ve seen a big spike in downloads, and we’re seeing that accelerate as we get closer to the game,” King said in a recent interview.

It was Jenner’s first-ever Super Bowl ad, and it sparked talk between football fans and casual “Big Game” watchers. Jenner even went on “The Tonight Show,” where she told Jimmy Fallon she would be backing the New England Patriots with a whopping $1 million bet.

If that wasn’t enough, one of her ex-boyfriends “affected” by the “Kardashian Kurse,” Phoenix Suns star Devin Booker, added to the viral aspect of the campaign with some Instagram back-and-forth with Jenner.

KENDALL JENNER TURNS ‘KARDASHIAN KURSE’ INTO SUPER BOWL LX BETTING STRATEGY FOR FANATICS SPORTSBOOK

It’s been a dream campaign for the brand, but one that King says is a tribute to everything Fanatics tries to do with every part of its vast sports and culture ecosystem.

“From day one, we were excited to partner with an icon like Kendall Jenner and, obviously, in today’s marketing world, doing something that kind of blends the social environment with the traditional media environment is truly a unique opportunity, but that’s the way you’re going to get maximum impact,” he explained. 

“Dropping it on social and just seeing, frankly, the momentum and life it took on for itself was truly incredible. It’s the definition of going viral. You’re not the first person to tell me their wife or partner told them about the ad, which we absolutely love.

“So, really what it’s about is great creative execution with a great talent and dropped the right way that it took on the life of its own.”

Fanatics Betting & Gaming CEO Matt King is excited for another Super Bowl. (Fanatics / Fox News)

King added that most of the action so far has been on the Seattle Seahawks, meaning the public on Fanatics Sportsbook is fading, or going against, Jenner’s pick of the Patriots. That could change, though.

“We’re nowhere close to kickoff, so we have a lot more action to come in,” King said.

The Super Bowl is one of the most watched sporting events in the world every year, and with the legalization of sports gambling, the casual fan may try to place a bet. Whether it’s going with or against Jenner, guessing the correct Gatorade color poured on the winning coach or using Fanatics Markets, the company’s platform in the rapidly growing prediction market space, King emphasized the availability of responsible gaming tools.

“Responsible gaming obviously is important to us every day,” he said. “It is something where we want to put our tools, like deposit limits, front and center for everybody. When you get a lot of new users into the platform, a core part of our what we call our early-life journey for all users is to educate them about the tools that exist. The same will be true on Super Bowl Sunday for all new users to make them understand the tools are there in our experience with us and allow them to set limits if they want to.”

The Super Bowl ad campaign for Fanatics Sportbook with the Super Bowl on Sunday in Santa Clara completes a successful NFL season for the brand, which continues to find creative ways to break into a highly competitive industry.

Kendall Jenner arrives on “The Tonight Show” Jan. 28, 2026. (Todd Owyoung/NBC via Getty Images / Getty Images)

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“From our perspective, from the day we started this business, it was all about how we build a proposition that’s the best in the market,” King said. “We want consumers to kind of look at everything we offer together and say, “Fanatics is the best in the market.’ 

“We think, this football season, we really helped demonstrate we’re the best in the market, whether that’s the up to 10% FanCash you can earn, the Fair Play, the customer feedback on Fair Play has been truly incredible. If you look at social and the moments it happens, it’s a real differentiator.

“Candidly, our biggest challenge is really about awareness. So, our approach to growing the business is how do we focus on just raising awareness for all the things we can offer fans and have them recognize there is an alternative in the market that is superior? A lot of our work — you can see it in the Super Bowl campaign — is how we build awareness for the brand.”

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Treasury said it doesn’t plan to change note-and-bond auctions “for at least the next several quarters,” which was as expected.

It also continues to evaluate demand for different Treasurys as it considers increasing future auction sizes.

Using new language, the Treasury said it is monitoring Federal Reserve purchases of short-term Treasury bills and “growing demand for Treasury bills from the private sector.”

That signals officials think that they could lean more on bills for funding than in the past.

In recent trading, the yield on the 10-year Treasury note was 4.286%, according to Tradeweb, up from 4.272% on Tuesday.

Bitcoin prices tend to be volatile, but analysts with Deutsche Bank said in a note on Wednesday that the latest drop was “triggered by” Trump’s nomination of Kevin Warsh, as the new chair of the Federal Reserve. Some believe he will take a more “hawkish” approach, keeping interest rates higher, whereas looser monetary policy tends to support investment in assets such as crypto currencies.

At only 20 years old, Sara Bejlek has already established herself as one of the most promising young talents on the WTA Tour. The Czech left-hander, once the world’s No. 4 junior, has transitioned to the professional ranks with impressive speed and maturity. In 2026 she sits inside the top 100 for the first time in her career and is widely regarded as the next big breakout star from the tennis powerhouse nation that produced Petra Kvitová, Karolína Plíšková, Barbora Krejčíková and Markéta Vondroušová.

Here are the 10 essential things every tennis fan should know about Sara Bejlek right now.

1. Record-Setting Junior Career

Bejlek was one of the most dominant juniors of her generation. She reached a career-high junior ranking of No. 4 in the world and won four ITF junior titles, including back-to-back Grade 1 titles in 2021 (Czech Indoor and Czech Open). She made the semifinals of the 2022 Australian Open juniors and the quarterfinals of the French Open juniors the same year. Her junior highlight came at the 2021 US Open juniors, where she reached the final before falling to Robin Montgomery.

She turned pro full-time at 16 and never looked back.

2. Fastest Climb to the WTA Top 200

Bejlek cracked the WTA top 200 for the first time in May 2023 at age 17 after winning three consecutive ITF W60 titles on clay (Prerov, Otočec, Prague). She became the youngest Czech woman to reach that milestone since Karolína Muchová in 2015. By the end of 2024 she was ranked No. 139 and in 2025 she finished the year at No. 92—her first top-100 season.

3. Clay-Court Specialist with Serious Power

Bejlek is a classic clay-court player with heavy topspin groundstrokes, excellent movement, and a dangerous lefty forehand that can flatten out into winners. Her average forehand speed on clay exceeds 78 mph, placing her among the fastest-hitting teenagers on tour. She won 78% of her main-draw ITF matches on clay between 2022 and 2025.

She is particularly dangerous when dictating with her forehand from the baseline and using sharp angles to open the court.

4. Breakthrough 2025 Season: First WTA Quarterfinal & Top-100 Finish

2025 was the breakout year. Bejlek reached her first WTA quarterfinal at the Prague Open in July (lost to Linda Nosková), made the third round of the US Open as a qualifier (defeating former top-20 player Elise Mertens), and finished the season inside the top 100 for the first time. She won two ITF W75 titles and reached the final of an ITF W100, posting a 52–19 win-loss record.

5. First WTA-Level Win Over a Top-20 Player

In the second round of the 2025 US Open, Bejlek defeated world No. 18 Elise Mertens 6–4, 7–5 in a tense three-set battle that lasted 2 hours 18 minutes. It was her first victory over a top-20 opponent and the biggest win of her career at the time. She followed it with a gritty third-round loss to eventual semifinalist Jessica Pegula.

6. Mental Toughness & Clutch Play

Bejlek has already shown championship-level composure in deciding sets. In 2025 she won 14 of her last 17 deciding sets and converted 68% of her break points in matches that went the distance. Coaches and opponents frequently praise her “ice-in-the-veins” mentality on big points.

7. Left-Handed Advantage & Serve Potential

As a lefty, Bejlek creates unique angles with her forehand and serve that right-handers find difficult to read. Her first serve averages 105–108 mph and she has been working intensively on adding kick and slice variety to her second serve. Analysts believe her serve could become a significant weapon once she adds more consistency and placement.

8. Czech Tennis Factory Continues to Produce

Bejlek is the latest product of the Czech tennis development system that has produced more Grand Slam champions per capita than any other nation over the last 15 years. She trains at the Prague Tennis Academy under coach David Škoch (former Davis Cup player) and frequently practices with Karolína Muchová and Linda Nosková. The Czech Republic now has six women ranked inside the top 100 in early 2026 — the most of any country outside the United States.

9. Off-Court Personality & Growing Brand

Bejlek is known for her dry humor, love of heavy metal music (she has Metallica and Slipknot tattoos), and candid interviews. She frequently engages with fans on social media and has built a loyal following in Central Europe. Her signature celebration—a quick double fist-pump followed by a point to the sky—has become recognizable.

She signed endorsement deals with Nike, Babolat, and a Czech energy-drink brand in 2025 and is starting to appear in fashion campaigns in Prague.

10. 2026 Goals: Top 50, First WTA Title & Grand Slam Fourth Round

Entering the 2026 season ranked No. 92, Bejlek is projected by most analysts to finish the year inside the top 50. Her goals are clear: win her first WTA title, reach the fourth round of a Grand Slam, and break into the top 40. With a healthy clay-court swing (she excels in Europe’s spring swing) and continued improvement on hard courts, many believe 2026 could be the year she truly announces herself as a top-30 player.