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Author Archives: Spencer Doar

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Graduate of University of Minnesota School of Journalism and Mass Communication

Timely Capital Relief Comments From Fed Chair Powell or: The Options Market Stability Act Was On TV! Standard

During Federal Reserve Chairman Jerome Powell’s testimony on Capitol Hill, Rep. Randy Hultgren asked Chairman Powell about targeted capital relief for bank-affiliated clearers of options liquidity providers. Recall that Rep. Hultgren authored legislation – the Options Market Stability Act – that just passed the House. That legislation seeks to provide relief for clearers by directing banking regulators “to consider a number of items including the availability of liquidity, the economic value of delta weighting and netting of positions, safety and soundness of financial institutions and overall financial stability. The legislation also requires the Federal Reserve to submit a report to…

Hultgren Questions Powell On Options Market; Pound Volatility; VIX Futures Settlement Standard

Observations & Insight Timely Capital Relief Comments from Fed Chair Powell or: The Options Market Stability Act Was On TV! Spencer Doar – JLN During Federal Reserve Chairman Jerome Powell’s testimony on Capitol Hill, Rep. Randy Hultgren asked Chairman Powell about targeted capital relief for bank-affiliated clearers of options liquidity providers. Recall that Rep. Hultgren authored legislation – the Options Market Stability Act – that just passed the House. That legislation seeks to provide relief for clearers by directing banking regulators “to consider a number of items including the availability of liquidity, the economic value of delta weighting and netting…

China/HKEX battle heats up; ETFs Unlikely to Cause Widespread Mkt Disruption Standard

First Read Hits & Takes JLN Staff The JLN Team was saddened to learn of the passing of FIA employee Bernadette Connolly, who passed away after a long illness. Bernie was loved and very respected, as FIA so appropriately shares in their tribute further down the newsletter.~JJL Thinking about purchasing a foreign car in the United States? You should consider putting the pedal to the metal on that urge as the WSJ reported that U.S. dealers expect an imported vehicle to cost $5,800 more after a 25 percent tariff increase. ~SD For the first time since 2008, 3mo T-bills hit…

Banks’ sizzling derivatives trading; Options markets creeping fear Standard

Observations & Insight June 2018 Global Derivatives Volumes via FIA ++++ Shortwave Trading – Part IV – Sleuthing Examples, Research Tools, Techniques, and Deputy Antenna Sleuth Homework Bob Van Valzah – Sniper In Mahwah After my first few public posts about shortwave trading, I gradually realized that I’d inadvertently created a worldwide network of deputy antenna sleuths. This is the final post in the Shortwave Trading series since the terms of my forthcoming employment agreement will prohibit me from future public talk on the technology of trading. I want to leave behind details on some of the research tools and…

Trump’s Defense of Putin Too Much for Some Republicans; U.K.’s May in Brexit Turmoil Standard

First Read Hits & Takes JLN Staff The word of the day in the United States is: Treason.~JJL On Saturday, WGN Television held a Trading Tech 300 session with Demetrius Ivory teaching the weather merit badge to a group of Boy Scouts and one girl STEM Scout. At the class we learned what a CME is in the world of weather. A CME, or coronal mass ejection, is a significant release of plasma and magnetic field from the solar corona. They often follow solar flares and are normally present during a solar prominence eruption. ~JJL Later this week Advantage Futures…

Goldman’s Next Step For Post-Blankfein Era; Buy-side voluntary clearing Standard

First Read Hits & Takes JLN Staff Since I will not be at the final day of MarketsWiki Education World of Opportunity on August 2, the JLN team will take turns introducing the speakers that day. Sarah Rudolph, Spencer Doar, Jeff Bergstrom and summer intern Robby Lothian will take turns. I will be in a hospital bed recovering from hip replacement surgery.~JJL For the first time in over 10 years, I will not be attending Boy Scout summer camp. My hip to be replaced the next week is too much to handle while living in a tent for a week.~JJL…

Shortwave Trading Mystery Continues; VIX ETF Love Affair Standard

Observations & Insight Sweet Home Chicago SD – JLN JLN’s first round of our annual MarketsWiki Education series wrapped up in New York on Wednesday – another successful installment with great speakers and a sellout crowd of interns. Thanks to all our speakers and sponsors and Nasdaq and Reuters for letting us use their spaces to host the TED-styled talks. After a late night delay at LaGuardia, the JLN team was back home a hair before midnight Wednesday night. As we’re still piecing ourselves back together from the NY hecticness and heat, there will not be an episode of “The…

VIX lawsuit update; Treasury options; CCP margin Standard

Lead Stories VIX MDL Lead Should Have Young, Diverse Attys, Judge Says Lauraann Wood – Law360 (SUBSCRIPTION) The Illinois federal judge overseeing multidistrict litigation over alleged manipulation of the Chicago Board Options Exchange’s volatility index told investors’ attorneys he’ll be looking for details on team diversity and the potential for “substantive work for junior attorneys” in any lead counsel applications they submit. /goo.gl/XRDRsz ****SD: Am I missing something? This feels like code for “please represent yourself with less experienced counsel”? That sounds good for the defense… Treasury Short Bets May Be on Borrowed Time Liz McCormick and Edward Bolingbroke –…

The LIBOR Transition Standard

LIBOR, a key benchmark for short-term lending between banks, has had its reputation sullied in the wake of rigging scandals. Now, markets are struggling to find proper replacements. SONIA, a sterling interest rate replacement, is live. In this video, CurveGlobal CEO Andy Ross talks about how futures markets are adapting to the transition and what tools are available to aid with the switch.   Produced by Mike Forrester Interview by Jim Kharouf