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Author Archives: Sarah Rudolph

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Rudolph is the managing editor and head of editorial operations at John Lothian News (JLN).

Interview: Thomas A. Wittman, Senior Vice President of NASDAQ OMX and Head of US Options Standard

An interview with Thomas A. Wittman, Senior Vice President of NASDAQ OMX and Head of US Options Thomas A. Wittman is Senior Vice President of NASDAQ OMX and Head of US Options, which is part of NASDAQ OMX Group’s US Transaction Services business. Based in Philadelphia, PA, he manages the NASDAQ OMX PHLX operation and oversees the day to day responsibilities for both PHLX and NOM markets. He spoke with JLN Options editor Sarah Rudolph about Nasdaq OMX’s growth strategies, new products, and the Qualified Contingent Cross. [See related story on ISE in Lead Stories] Q: How long have you…

Interview: A Talk with Steven Crutchfield, CEO of NYSE Amex Options Standard

A Talk with Steven Crutchfield, CEO of NYSE Amex Options Last month NYSE Euronext announced a deal to sell a majority of its NYSE Amex options market to seven large dealers: Citadel, Goldman Sachs, Bank of America, Citigroup, TD Ameritrade, UBS AG and Barclays. The deal would give 52.8 percent of the exchange to the dealers, and NYSE would maintain ownership of NYSE Arca, according to the Financial Times. JLN Options editor Sarah Rudolph spoke with Steven Crutchfield, chief executive officer of NYSE Amex Options, about the deal and about Amex Options’ growing market share and what the exchange is…

Jeromee Johnson of BATS Exchange on growing volume at an “upstart” Standard

Jeromee Johnson of BATS Exchange on growing volume at an “upstart” What with all the rumors, speculations and calculations about whether NYSE Euronext will merge with Deutsche Boerse or Nasdaq OMX and ICE, and what will happen to the U.S. options industry in either case, the smaller options exchanges have not been getting much press lately. Electronic marketplaces such as BATS were set up to challenge the established (formerly floor-based) exchanges. BATS Exchange, a relative newcomer, recently announced its best month ever in U.S. equity options market share in March with 2.9 percent of the volume. The record follows other…

Interview: John Hiatt, Director, Research at CBOE, on the New Options on Volatility Indexes and the CBOE Crude Oil ETF Standard

The Chicago Board Options Exchange recently announced a slew of new derivative products on its volatility indexes, as well as record trading in its VIX options. The exchange proposed new options on the CBOE Crude Oil ETF Volatility Index as well as options on five volatility indexes that track individual stocks. In addition, the CBOE Futures Exchange launched security futures trading on the popular CBOE Gold ETF Volatility Index (GVZ) on March 25. And Tuesday, March 15 marked the first time in CBOE’s history that VIX options volume passed the one-million-contract mark in a single trading session, with 1,038,002 contracts…

Five Minutes with Dan Stern Standard

Dan Stern

Daniel B. Stern is managing member of Stern Investment Advisors, LLC in Chicago, which he started in August of 2004. He has been in the trading and financial services industry for 35 years, beginning as a soybean trading at the Chicago Board of Trade, where he is still an active member. In 1988 he became a member of the Chicago Board Options Exchange (CBOE), where he was a market maker in the S&P 100 index. (He does not trade futures and options for Stern Advisors, however.) Stern is also licensed to sell life and health insurance as well as variable…

Gary Katz, ISE’s CEO, on the Qualified Contingent Cross Standard

Last month the Securities and Exchange Commission approved the International Securities Exchange’s new qualified contingent cross (QCC) order type after a 20-month fight between ISE and several of its competitors. The CBOE had circulated a petition objecting to the QCC orders, saying they could harm the U.S. options market. ISE launched the QCC orders on February 28. JLN Options editor Sarah Rudolph spoke with Gary Katz, Chief Executive Officer of the ISE, about how the QCC works and his opinion on the controversy. Q: Would you explain how a qualified contingent cross works? A: An ISE member firm that has…

Five Minutes with Jubin Pejman Standard

Jubin Pejman is the founder and managing director of FCM360, a technology solutions provider for derivatives trading firms. He has had a varied career in the financial space, working for firms ranging from Oppenheimer to Long Term Capital Management to Trayport and GFI over the past 15-plus years. Pejman spoke about his days at Long Term Capital Management and where he thinks trading technology and energy and commodities trading is going. Q: How did you get started? A: My first official job on Wall Street out of school was managing a cash portfolio at Oppenheimer. Then I went to Long…

Interview: CBOE’s John Hiatt on the exchange’s new futures and options on the CBOE Gold ETF VIX Standard

CBOE Holdings recently announced plans to launch futures and options on the CBOE Gold ETF Volatility Index (GVZ). The CBOE Gold ETF Volatility Index (“Gold VIX”) is calculated using the same CBOE VIX methodology applied to options on the SPDR Gold Trust (Ticker – GLD). The Gold VIX is an estimate of the expected 30-day volatility of GLD, calculated using real-time bid/ask quotes of GLD options that are listed on CBOE. Pending regulatory approval, CBOE Futures Exchange expects to begin trading the futures on March 25, and the options a few weeks later. JLN Options editor Sarah Rudolph spoke with…

Interview: Kevin Cook on teaching “Probability for Traders” Standard

Kevin Cook is OptionsProfits Contributor at TheStreet, and was previously Education Manager and Retail Instructor at the Options News Network (ONN.tv) He will be teaching a course entitled “Probability for traders: Survival training for speculators”, at the Northwestern University’s School of Continuing Studies in Chicago, beginning March 1st. He spoke with Sarah Rudolph about what the course offers traders and about the lessons he has learned in the industry. Q: What instruments does the course involve? I see that forex and stocks are mentioned, but can it be applied to options as well? A: The course really applies to all…