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Author Archives: Sarah Rudolph

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Rudolph is managing editor of John Lothian News (JLN).

Interview: Russell Rhoads, CBOE Options Institute Standard

An Interview with Russell Rhoads, CFA , instructor at the CBOE Options Institute Options education is one of the biggest drivers of increased options trading volumes in the U.S., and the CBOE Options Institute is one of the leaders in that arena. JLN Options editor Sarah Rudolph spoke with Russell Rhoads about how the Institute’s program for college and graduate school students works and what they are learning. Q: You are in charge of the CBOE Options Institute’s college program. Can you tell us a little about how that program works? A: The idea for the College Day program came…

Interview: BOX CEO Tony McCormick A Year Later Standard

BOX CEO Tony McCormick A Year Later JLN Options Newsletter last spoke with Tony McCormick, CEO of the Boston Options Exchange (BOX), in November 2009. He discussed some of the changes the exchange was making, including abandoning the maker-taker model in favor of a price-time model that rewards the liquidity taker. Now, a year later, he spoke with Sarah Rudolph about the results of those changes and what will be happening with BOX and the options industry in 2011. Q: We last spoke about a year ago, although more recently JLN Options talked with John Goode, BOX’s CIO, about some…

Interview: Jeromee Johnson, VP of market development at BATS, on BATS Options’s new directed order proposal Standard

While the big news today is that BATS Global Markets is in exclusive talks to acquire Chi-X Europe, BATS’s subsidiary BATS Options Exchange recently filed a proposal with the Securities Exchange Commission to apply a new “directed order” model at that exchange. A Wall Street Journal article said: “The proposal would not see all options prices on BATS’s market quoted in half-cent increments. Rather, traders offering to improve prices for incoming options orders would be able to offer a “midpoint price,” which could come in at half a cent depending on the size of the spread between the bid and…

Interview: Evolving Technology Enables Transaction Cost Analysis in Options Market Standard

Evolving Technology Enables Transaction Cost Analysis in Options MarketAs trading technology evolves, it enables traders to capture holistic and detailed data about the costs related to their trading activity. Ubiquitous in the equity markets and moving into the options space, Transaction Cost Analysis (TCA) is the practice of viewing a trade from inception to execution and analyzing the market conditions before and after the order is placed to collect transaction costs and trade efficiencies. MarketsWiki’s Jessica Titlebaum sat down with LiveVol’s Catherine Clay and Kevin Nichols to discuss this new concept and how it could potentially revolutionize the options markets….

An Interview with David Harris, CEO of CBOE Stock Exchange (CBSX) Standard

An interview with David Harris, CEO of CBOE Stock Exchange (CBSX) David Harris is the president and CEO of CBOE Stock Exchange, which was created by the Chicago Board Options Exchange and four market-maker partners in 2007. In October 2010 CBSX inverted its maker-taker pricing and now gives rebates to liquidity takers. He spoke with Sarah Rudolph about the exchange’s new pricing model and how it fits in with trends in the equities industry. Q: There has been a trend in recent years for exchanges to adopt a maker-taker pricing model, but now a few stock exchanges, such as CBSX,…

An Interview with Marty Leamy, President of Orc Software Americas Standard

Martin J. Leamy is president of Orc Software Americas, the U.S.-based subsidiary of Orc Software. He is responsible for sales and marketing initiatives as well as support and engineering. He joined Orc in 2009 and has been in the software and technology industry for more than 20 years. He spoke with Sarah Rudolph, the editor of JLN Options Newsletter, about regulatory uncertainty, high frequency trading, and Orc’s recent move to offer access to the Brazilian markets through the broker Alpes Corretora de Cambio. Q: Would you give me a little bit of background on Orc’s growth as a company? A:…

An Interview with Jay Caauwe, CBOE’s Director of Business Development Standard

An Interview with Jay Caauwe, CBOE Director of Business Development Jay Caauwe has been at the Chicago Board Options Exchange since 2003, when he joined as Senior Business Analyst. He has also been an independent trader. He talked with Sarah Rudolph, editor of the JLN Options Newsletter, about the recent volume records in the VIX futures traded at the CBOE Futures Exchange, a subsidiary of CBOE. Q: As CBOE’s director of business development, did you have a role in developing the VIX futures products traded at CBOE Futures Exchange (CFE)? A: The product was “built” before I came to the…

An Interview with Michael McClain, Executive VP Business Operations at the Options Clearing Corporation Standard

An Interview with Michael McClain, Executive Vice President, Business Operations Group of The Options Clearing Corporation (OCC) Michael McClain has been with the OCC since 2001. He recently participated in a panel at the FIA Expo Chicago on “The Impact of Regulatory Reform on the Equity Options Markets.” He spoke with Sarah Rudolph, editor of JLN Options, about OCC’s new agreement with Standard & Poor’s to clear over-the-counter options. Q: OCC and Standard & Poor’s recently agreed to a deal for OCC to clear customized (OTC) options contracts on the S&P index products. Could you tell me a little bit…

An Interview with John Goode, CIO of Boston Options Exchange (BOX) Standard

John Goode is the chief information officer at the Boston Options Exchange (BOX), responsible for technology strategy, execution, and operations. He has been in the industry for 20 years and has held leadership positions in strategy, management, architecture, and the design of high performance systems. He discussed BOX’s most recent technology upgrades, and what the exchange is planning for the future, with Sarah Rudolph, editor of the JLN Options Newsletter. In addition to a number of technology upgrades, The Boston Options Exchange Group, LLC announced on Nov. 9 that it had signed a new 5-year lease at 101 Arch Street,…