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These two formats are a lot more similar than their acronyms suggest.

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© 2026 Forbes Media LLC. All rights reserved.

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Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

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5 Things to Know is CNBC's Morning Squawk newsletter, a before-the-bell briefing on the most important news, trends and analysis that investors need to start their trading day. Subscribe here to ...