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Volatility fallout in Hawaii; No fear, no greed?; LJM lawsuit Standard

Observations & Insight Hawaii Pension Parts Ways With CIO Amy Whyte – Institutional Investor Chief investment officer Vijoy Chattergy is no longer employed with Hawaii’s $16 billion state pension fund, where he had served as CIO since 2012, Institutional Investor has learned. An automatic response from Chattergy’s former email account states that he is no longer with the Employees’ Retirement System of the State of Hawaii. The retirement system’s executive director Thomas Williams did not respond to multiple requests for comment by press time. bit.ly/2FkpIcG ****SD: Not the only head to roll after the volatility spike. This Hawaii CIO move…

Temenos and Fidessa forge banking software tie-up; Ex-CFTC Counsel Is Likely Pick for Dem Slot Standard

First Read Hits & Takes JLN Staff Correction/Clarification: A clarification on an item in Monday’s JLN: DRW Cumberland’s Bobby Cho said Cumberland’s proportion of crypto-to-crypto trades now represents about 25 percent of its trades, versus crypto-to-fiat trades, meaning that counterparties now increasingly want to trade bitcoin to ethereum (or some other crypto combination), whereas in the past it was predominantly bitcoin to dollar (or other fiat currency). The item could have been interpreted as crypto trades account for 25 percent of all DRW trading, which is inaccurate.~JK The CFTC collected $413 million in fines last year, which means an investment…

Nassim Taleb Interview; Temenos and Fidessa deal?; The War On VIX Standard

Observations & Insight The Spread – Week of 2/12 – 2/16 JohnLothianNews.com Manipulating, gaming, rigging – that’s the nature of VIX talk this week. But before we get to those allegations in this week’s options recap, we cover a few other stories that didn’t get as much press. Watch the video here » Lead Stories The age of uncertainty: chaos theorist Nassim Nicholas Taleb reveals how to survive the Trump era Josh Glancy – The Sunday Times From reading his books, I expected Nassim Nicholas Taleb to be angry, obnoxious and vitriolic. I was anticipating a man who would preach…

Temenos in advanced talks to buy Fidessa; Congress sets sights on cryptocurrency rules; Bitcoin surges Standard

First Read Hits & Takes JLN Staff This Thursday in Chicago, the FIA will hold its 2018 Annual Meeting & Washington Update where Walt Lukken will mention CQG’s Pat Kenny at least three times during his remarks. That is just my prediction.~JJL This year’s FIA International Conference in Boca Raton, Florida will be the 43rd. The FIA Law and Compliance Division Conference on May 2 to 4 in Washington, DC will be its 40th.~JJL Trading Technologies’ annual Tennis Tournament benefiting Futures For Kids will be held on March 13th at FIA Boca. Sign up here.~JK Euronext is participating in the…

Wedbush’s Bob Fitzsimmons Says We’re Just Beginning To Build A Market For Bitcoin Standard

Bitcoin, The Long View: Wedbush’s Bob Fitzsimmons Says We’re Just Beginning To Build A Market For Bitcoin In December 2016, it was announced Bob Fitzsimmons would take the reins at Wedbush Securities as managing director and head of Wedbush Futures. Almost a year to the day later, he pushed Wedbush to be one of the first FCMs to offer a brand new product, bitcoin futures from Cboe Futures Exchange and CME Group. JLN’s Jim Kharouf sat down with him at the recent Fintank CryptoCon event to talk about just how well the separate contracts are doing, who is trading them…

Market’s $3 Trillion Trauma; FCA and CFTC to collaborate on fintech innovation; Euronext Plans More Acquisitions Standard

First Read Hits & Takes JLN Staff Welcome to Presidents’ Day in the U.S. This is the day when U.S. Presidents have historically taken the day off from Twitter. Just kidding. But it is the day we are not going to publish JLN Options and the JLN staff gets the rest of the day off. Have a great day!~JJL Last week’s CryptoCon 2018 produced some interesting insights into the cryptocurrency space. DRW Cumberland’s Bobby Cho and Jim Radecki revealed just how large that operation is today, with crypto trades representing about 25 percent of DRW’s trades on 30 different currencies…

The Spread – Week of 2/12 to 2/16 Standard

Manipulating, gaming, rigging – that’s the nature of VIX talk this week. But before we get to those allegations in this week’s options recap, we cover a few other stories that didn’t get as much press. The following are stories referenced in this week’s episode of The Spread: Gulf Times – China to curb option trades after one bet soared 2,250% Reuters – Colombia aims to kick-start oil hedging program – finance minister WSJ – Harvard, Hawaii Gambled on Market Calm—Then Everything Changed JLN – What’s the Deal With the VIX Manipulation Letter? Inaccuracy and Misunderstanding CNBC – Ex-CFTC head…

Wild, But Not Crazy; Peter Thiel’s Volatility Bet; Decca’s big short vol losses Standard

Observations & Insight Another Nation to Start Hedging its Oil Production Spencer Doar – JLN Last Friday, Colombia’s finance minister said the country was planning an oil hedging program along the same lines as Mexico’s annual derivatives play. (Apologies the story wasn’t in the newsletter earlier – sometimes late Friday articles get lost over the weekend.) This has potentially huge repercussions for oil derivatives markets. As a point of comparison, the Mexican “Hacienda hedge” is the biggest annual oil deal, according to Bloomberg. (That linked story is a great longform on how the Hacienda hedge comes together.) From 2007 to…

US blocks Chinese-led takeover of Chicago exchange; This Short Seller Pressed ‘Tweet.’ Then the FBI Showed Up; Standard

First Read Hits & Takes JLN Staff Thursday’s near half marathon (almost 13.1 hours), CryptoCon 2018 event by FinTank was a smashing success by all accounts with coverage of everything from initial coin offerings to crypto markets from several different vantage points – lawyers, traders, brokers and exchanges. Well done, FinTank. You will see more coverage from the event below and in the coming days.~JK Wednesday’s Technology Advisory Committee of the CFTC fell on Valentines Day, which was also Ash Wednesday. Each member of the TAC was given a cupcake at their seat. No one was brave enough to eat…