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Author Archives: Spencer Doar

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Graduate of University of Minnesota School of Journalism and Mass Communication

Nasdaq vs. MIAX lawsuit update; SIP reforms on horizon?; Commodities revenue Standard

Observations & Insight X_TRADER Transformed The Industry: Now It’s Time To Do It Again Jim Kharouf – JLN The announcement that Trading Technologies will be shutting down its X_TRADER platform is not a big surprise. But what that platform has done over its 25-year lifespan certainly is. And what the new TT platform may do in the coming months and years may be equally astounding. Taking a look back, there’s not a single ISV trading platform that has had a greater impact on the industry than X_TRADER. Launched in 1994, the technology that included patented breakthroughs like the ubiquitous price…

Lessons from My Crypto Career Risk – Tim McCourt, CME Group Standard

“[In July 2000, my boss] said, ‘Tim, tomorrow, you’re going to start on the equity derivatives desk at JP Morgan.’ I was like, ‘Fantastic. I’m super excited.’ I go home, no one really has a laptop, I got my  first cell phone two weeks before – it’s not web-enabled – so I go bring out a red Merriam-Webster dictionary and look up ‘equity’ and ‘derivative.’ All right, I’m ready for my first day tomorrow. I had no idea what it was. But that didn’t stop me. ”  Tim McCourt, managing director, global head of equity products and alternative investments at…

New CyrusOne Colo Service; VIX lawsuit; Saudi options due after futures launch Standard

Observations & Insight August 2018 Options Exchange Marketshare via OCC ++++ Wednesday Bits Spencer Doar – JLN Market participants have until September 14 to comment on a Nasdaq proposal “to codify the definitions of the current protocols that Participants can use to enter quotes and orders on the Exchange and introduce a new protocol.” If you’re not a market maker, consider yourself excused from reading that. Pretty much the protocol formerly known as “OTTO” is going to be “QUO.” And the old “OTTO” is going to replaced by a new, revamped “OTTO.” Got that? Cboe is continuing its rebranding efforts,…

OCC Volumes; Flash Crashes; Position Limits Standard

Observations & Insight Remember, Remember the 15th of September Spencer Doar – JLN It’s that time of year again – the annual financial crisis reflection period. This year markets have a nice, round anniversary number to glom onto. I believe 10-year anniversaries traditionally merit gifts of tin or aluminum. I’m unsure who would be best to send those trinkets to… So there are plenty of stories floating around with plenty more to come. Here is what I expect to be one of many article lists covering issues, lessons and prognostications related to the global financial crisis. (I do hope the…

The Spread – This Is How We Do It – 8/24 Standard

It’s not often that “The Spread” highlights music in the industry (the exception being the DJ activities of Goldman Sachs’ incoming CEO), so today is a treat. Apparently some BNP traders responsible for trying to rig ISDAfix to benefit derivatives positions like to make song references in their messaging.  The following are links to the stories (and songs) referenced in this week’s episode:  Bloomberg – Citing Salt-N-Pepa, BNP Traders Tried to Rig Benchmark Rate YouTube – Salt-N-Pepa’s “Push It” YouTube – Montell Jordan’s “This Is How We Do It” eFinancialCareers – Yet another big-name equity derivatives MD changes seats eFinancialCareers – Barclays inexplicably…

Another Big Personnel Move; BaFin supports UK in Brexit derivatives spat Standard

Lead Stories Yet another big-name equity derivatives MD changes seats Beecher Tuttle – eFinancialCareers J.P. Morgan has lost a big name within its global equity derivatives team. Jason Cuttler, who spent the last two years at JPM after a lengthy career at Goldman Sachs, has left the bank and is currently on gardening leave, suggesting he’s been poached by another firm. Cuttler didn’t respond to a request for comment on where he’s heading. /goo.gl/AsyZ8k ****SD: There have been lots and lots of moves this year. Germany aligns with the UK against Brussels on GBP100 trillion derivatives danger Ambrose Evans-Pritchard and…

Nasdaq admits closing auction blunders; Cboe telling market makers it’s close to ether futures launch Standard

First Read Hits & Takes JLN Staff The World Federation of Exchanges’ monthly publication, Focus, is out. In it are comments from the OCC’s Craig Donohue about its new initiatives, a Q&A with ASX’s Dominic Stevens, an interview with the LME’s Kate Eged and more.~SD B3’s Mini Dollar Futures Contract hit a record volume Thursday with 1,770,971 contracts, topping the previous record of 1,673,987 on June 7, 2018.~JK Renato Mariotti, joined by WGN Radio’s Patti Vasquez, debuted a news podcast called “On Topic” this week. He is also the featured MarketsWiki Education video today. See below. ~SD DRW is looking…

Avoiding Spoofing Shortfalls – Renato Mariotti, Thompson Coburn Standard

  Renato Mariotti prosecuted Michael Coscia for spoofing as a federal prosecutor, ran for Illinois attorney general and can frequently be seen on cable television commenting on current events.  So when he talks about spoofing and markets, as he does in this MarketsWiki Education video, take heed. Now a partner at Thompson Coburn, Mariotti is defending Jitesh Thakkar against spoofing charges.  Produced by Mike Forrester

Salt-N-Pepa and rate rigging; Barclays personnel move; Stocks-VIX correlation breakdown Standard

Observations & Insight Citing Salt-N-Pepa, BNP Traders Tried to Rig Benchmark Rate Matt Robinson – Bloomberg BNP Paribas SA traders referenced song lyrics when trying to rig a benchmark for interest-rate derivatives, with a favorite tune being a 1987 rap hit by Salt-N-Pepa, according to U.S. regulators. /bloom.bg/2MYK69N ****SD: Swaptions spotted in the wild! I love cases that lead to public scrutiny of trader chats. Here’s |a link to the Salt-N-Pepa song in question and here’s a link to the Montell Jordan song referenced. (Do you think the traders worked up a sweat trying to push it? Did they get…