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Author Archives: Jeff Bergstrom

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Bergstrom is chief information officer of John J. Lothian & Co. He edits MarketsWiki and JLN Options.

JLN Options: Gary Katz on ISE Gemini; VIX Trader Pays $6.7 Million Betting That Fear Gauge May Double; The Options Market Is Pricing In Big Moves When These 14 Stocks Announce Earnings Standard

Commentary and Insight   Born Under a Good Sign: Gary Katz Says ISE Gemini Off to Fast Start JohnLothianNews.com Gary Katz, president and CEO of the International Securities Exchange (ISE), has seen the options markets change dramatically since he co-founded the all-electronic options exchange in 2000. Now with the launch of ISE Gemini in August, the ISE is looking to add another exchange model that differs from the flagship exchange. Gemini also represents the 12th US options exchange. Katz sat down with JLN editor-in-chief Jim Kharouf about the new exchange, which garnered 2 percent marketshare of the total industry options…

JLN Financials: Goldman fixed income trading worst in class; Journal Ordered Not to Divulge Libor Names; European Central Bank to put banks, and itself, to the test Standard

First Impressions Today’s first impressions come from Alex Sedgewick, head of research for MarketAxess. Taking the temperature of the bond markets Over the last two months traders have been particularly focused on a series of potentially market moving news items. In September the Fed announced that it would delay tapering its monthly asset purchase program. More recently markets have been focused on the potential breaching of the debt ceiling, a possible US default and President Barack Obama’s nomination of Janet Yellen to become Federal Reserve Chairman. Looking at several indicators of the health of the market suggests that through all…

JLN Options: VIX 21% Tumble Means Shorts on Volatility Double Money: Options; Gold is so yesterday, the VIX is the new safe haven Standard

Commentary and Insight   Single Minded: Tom Regazzi of UBS Finds a Niche with Single Stock Futures JohnLothianNews.com Single stock futures in the United States were launched in 2001, but are often forgotten since their big splash introduction twelve years ago. Quietly, however, single stock futures have been growing nicely at OneChicago, the sole marketplace for the instrument. Through the first nine months of 2013, its volumes are up 49 percent, with 6.96 million contracts traded, topping total volumes posted in all of 2012. This market has also caught the eye of UBS and Tom Regazzi, managing director at the…

JLN Financials: Debt deal fails to impress world markets; China’s Dagong Cuts U.S. Credit Rating After Debt Limit Raised; Wait, Gold Is Up on the Senate Deal? Standard

First Impressions Let’s dump the debt-ceilingJim Kharouf, editor-in-chief, John Lothian NewsIt is not clear whether this is simply a fun academic exercise for, um academics, many of which are segregated from real world experience, or an idea that actually should garner some action. The debt ceiling, which limits the amount which the US government can borrow, is now under fire by many economists. In CBC’s story “U.S. government shutdown: Is the debt ceiling a ‘stupid’ idea?,” John Blank of Zacks Investment Research cites a January report from the University of Chicago which found that 84 percent of economists surveyed, agreed…

JLN Options: Finally, a Deal! But Not Before Shutdown Spooks Investors; Fear of Missing Out Hits Volatility Index Standard

Lead Stories Finally, a Deal! But Not Before Shutdown Spooks Investors Steven Russolillo – The Wall Street JournalSenate leaders have finally reached a bipartisan deal, but not before the wrangling in Washington thoroughly spooked stock investors…More than $13 billion were pulled from U.S. stock funds over the past three weeks.http://jlne.ws/1es06H5**And of course they are merely kicking the can down the road and we will be back at this in three months (assuming the House passes the Senate’s bill which seems likely).  It is a dangerous game of brinksmanship running to the edge and stopping just short.  Some day they might…

JLN Financials: Senate cuts deal to raise U.S. debt ceiling, reopen government; The debt-ceiling doomsday device; Who Says Gold Is Money? Standard

First Impressions Do What You Say, or Stop Saying ItJon MatteMartin Wolf (“The Debt-ceiling Doomsday Device”) talks about the idiocy of having a deadline beyond which is placed the self-imposed punishment of the partial destruction of a major world economic player.  He’s right, but I’ll add to that the idiocy of having a line in the sand that we must obey… except that every single time we smudge out and redraw it so we don’t have to cross it OR be limited by it. These are the same people who try to get their kid to go to bed every…

JLN Options: Investors Embrace Volatility as Debt-Limit Deadline Looms; ISE Trades 20 Millionth Contract through Implied Order Functionality Standard

Lead Stories Investors Embrace Volatility as Debt-Limit Deadline Looms Chris Dieterich – The Wall Street JournalStock investors so far have yawned at the likelihood of a U.S. default on its debt, but trading activity in exchange-traded funds tied to the VIX is soaring, indicating traders are loading up on hedges just in case events don’t turn out as they expect. http://jlne.ws/19LlOAv October Calm Keeps Market Swings Below Monthly AverageWhitney Kisling, Nikolaj Gammeltoft & Liz Capo McCormick – BloombergEven with a deadline looming for the U.S. to avoid a debt default, it’s been a comparatively calm October for financial markets.Daily swings…

JLN Options: Using Exchange-Traded Volatility Notes? Be Prepared to Spend Money, Be Wrong; Brent options trading disrupted by Ice expiry date shift Standard

Commentary and Insight John Lothian News Launches New Comprehensive News WebsiteJLN Announces JLN Financials; Sarah Rudolph Named Managing Editor of JLN John Lothian News (“JLN”) is pleased to announce the launch of an eponymous comprehensive news website, dev.johnlothiannews.com. The new site will combine content from all previous JLN news sites and MarketsWiki.tv into a single dynamic multimedia news portal, displaying all JLN original content, newsletters, commentaries, stories, videos and interviews. JLN is also pleased to announce the launch of JLN Financials, a new newsletter that will replace JLN Interest Rates, JLN FX and parts of JLN Metals. JLN Financials coverage…

JLN Financials: As crisis fades, G20 tries to get its mojo back; World Keeps Full Faith in U.S. Treasuries If Not Politics; Time for Treasurers to Sell Short-Term U.S. Debt? Standard

Welcome to JLN Financials, a daily newsletter from John Lothian News that combines stories from the interest rate, forex, index, and gold markets. JLN Financials replaces the newsletters we previously published for those individual markets. This new and improved publication includes key stories from those markets and pulls together common news threads. It also features more original content and comments from our editorial team. It will be published daily and delivered to the inbox of all who originally subscribed to any of the previous newsletters. However, if you do not wish to receive this newsletter you may unsubscribe by clicking…