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Author Archives: Spencer Doar

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Graduate of University of Minnesota School of Journalism and Mass Communication

JLN Options: Draghi May Send Dovish Signals at Policy Meeting to Temper Market Expectations; Options decline despite vol jump [in 2015]; No Calm in Sight as Volatility Surges From Stocks to Bonds Standard

Observations & Insight Getting Squeezed: Introducing Brokers Numbers Waning, Growth Wanting, Future Questioned New Introducing Broker numbers hit historical low; IB Numbers Shrink 17 percent Since Financial Crisis By John J. Lothian There is a funny story about former MF Global CEO Jon Corzine, when he held his first all company conference call with employees. He said he was impressed with how many investment bankers the firm had, having no clue that the number of IBs affiliated with MF Global actually meant introducing brokers. The fate of the company was probably sealed right then and there. While investment bankers have…

JLN Financials: Beijing’s meddling is shaking the markets; Simplify, Shrink? Please. Wells Fargo Climbs Past Citi in Assets; Mismatched trade detection poses risks for banks Standard

First Impressions Gareth Parker, FTSE Russell – The Boring Bit of the Investment Management World, And Why It’s Not MarketsWikiEducation.com “Smart Beta is essentially the indexing of interesting ideas. These index guys are turning expensive good techniques into cheap good techniques.” Picture if you will a time and place where there is no such thing as an index – no Dow Jones Industrial Average, Russell 2000, no FTSE 100. How would you measure relative performance? The answer is, you wouldn’t, and it was not so long ago that we didn’t. Gareth Parker takes us through a brief history of indexing,…

JLN Options: CME, Morningstar CEOs mull financial technology hub; Goldman Sachs – Market volatility is here to stay, but the recent ructions are unlikely to last; Europe Stocks Enter Bear Market Only 9 Months After Record High Standard

Observations & Insight Chicago Board Options Exchange: Back to the Futures Spencer Doar – JLN Wednesday, January 13th, was the CBOE‘s annual press luncheon — a chance to hear from the horse’s mouth what has been going on in the stable. The key takeaway from CEO Edward Tilly and President/COO Edward Provost was the development of their next generation trade engine, CBOE Vector. Vector has been in the works for two years and and is ready to be rolled out, beginning in Q3 of 2016 for products listed on the CBOE Futures Exchange (CFE). The current system, CBOEdirect, traces its…

JLN Financials: Wall Street’s Straight Man in Washington; A Towering Chinese Debt Mountain Looms Over Markets; Kenya’s ex-PM accuses US banks of helping the government steal $1 billion from the country’s first Eurobond Standard

First Impressions STAC Tackles Volatility, Social Media and Blockchain Sarah Rudolph – JLN The Security Traders Association of Chicago holds its Midwinter Meeting this week at the Hilton, bringing in industry participants from a variety of warmer climes than Chicago. Day one covered such seemingly disparate issues as volatility and volatility products, social media for traders, and Bitcoin/Blockchain technology. Some highlights from the panel called “Volatility: Shaken Up with New Products and Less Risk”, moderated by the CBOE’s Matt Moran, included: If you look at skew worldwide, it is highest in the U.S. One reason for this, according to Joe…

JLN Options: Momentum Darlings Hit Wall in S&P as Hedge Fund Stocks Slide; U.S. options still see gloom for energy, just not as much as before; Crude Oil Prices To Remain Relatively Low Through 2016 And 2017 Standard

Observations & Insight Chicago Board Options Exchange: Back to the Futures Spencer Doar – JLN Yesterday was the CBOE‘s annual press luncheon — a chance to hear from the horse’s mouth what has been going on in the stable. The key takeaway from CEO Edward Tilly and President/COO Edward Provost was the development of their next generation trade engine, CBOE Vector. Vector has been in the works for two years and and is ready to be rolled out, beginning in Q3 of 2016 for products listed on the CBOE Futures Exchange (CFE). The current system, CBOEdirect, traces its roots back…

Chicago Board Options Exchange: Back to the Futures Standard

Wednesday, January 13th, was the CBOE’s annual press luncheon — a chance to hear from the horse’s mouth what has been going on in the stable.  The key takeaway from CEO Edward Tilly and President/COO Edward Provost was the development of their next generation trade engine, CBOE Vector.  Vector has been in the works for two years and and is ready to be rolled out, beginning in Q3 of 2016 for products listed on the CBOE Futures Exchange (CFE).  The current system, CBOEdirect, traces its roots back to 2001, with architecture that has been retrofitted with new bells and whistles…

JLN Options: U.S. Banks And Derivatives Risk; Bets Against Yuan Face Rocky Road; OptionWeb Targets French Market via Partnership with Paris St. Germain Standard

Observations & Insight The Future of the Future in Asia Lewis Richardson – Derivatives Business Development Manager – Fidessa Asia continued to be front and centre on the world stage throughout last year, in futures terms at least. The Asian markets, bolstered by the entry of ICE and pending entry of Eurex, have become the only region in the world to see a growing number of Futures Commission Merchants setting up shop. Healthy volumes were helped by Chinese institutions looking to combat the decline in domestic markets by venturing further afield. The rise of the Asian superbroker, a trend we…

JLN Financials: S&P says corporate credit conditions worsening at fastest pace since crisis; JPM looks to pull the plug on Bloomberg terminals; Junk Bonds Signal 44% Recession Risk in 2016, Fridson Says Standard

First Impressions Survey Says – Give the readers what they want! Yesterday we kicked off our 2016 survey campaign. Help us help you by giving us three minutes of your time and sharing your thoughts. Plus, we tried to make it fun and colorful. The final kicker? You could win an Apple Watch. Click HERE to get started. Quote of the Day “Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small.” Economists at the Royal Bank of Scotland in the story, “Sell everything ahead of…

JLN Options: Investors in Market Volatility Enjoy Wild Ride; Chinese Options Signal Stocks Not Yet Out of the Woods; Strong dollar inflicts more pain on oil as bearish options bets build Standard

Observations & Insight What a dig deeper reveals about the listed US equity option market Gary Delany – Tradingfloor.com Research firm TABB Group estimated in an April 2014 survey that 24% of the total listed equity option volume in the US came from retail customers, 28% from institutional customers, and 48% from market makers. bit.ly/1RJu1PN ***SR: The OIC’s Gary Delany reports on the TABB Group study, as well as a Harris Poll study on reasons why US investors use equity options. The article contains links to both. Beating the Odds – Susquehanna International – Jeff Yass Philadelphia Magazine Jeff Yass…