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Sailing the Chaos of a Trump Rally; Why A Trump Presidency is Fed Positive; Stock market struggles to extend last week’s postelection rally Newsletter,Options

Observations & Insight A Basel netting issue: Pushing for less burdensome capital requirements in the options market Spencer Doar – JLN The unintended consequences of financial regulation have been seeping into the markets since the first rule was made in the wake of the financial crisis. One prime example is the leverage ratio, which determines the required capital of general clearing members. The actual calculation of the capital requirement within the Basel III leverage ratio framework is a particular sticking point for the OCC. Right now, the Current Exposure Method (CEM) is used in the calculation, whereas the OCC and…

SPX Options Market Not Certain on Election Results; Cost of Hedging Europe Stocks Rises to Brexit High as U.S. Votes; Election 2016 – Must-Read Market Theories for Before and After the Vote Newsletter,Options

Observations & Insight Something is going to happen Spencer Doar – JLN So, there’s this thing happening that is a real big deal. As a result, I’ve added a U.S. Election section to the newsletter. Hopefully, we will know who won by sometime around 10 p.m. Central tonight, which was about when the 2008 and 2012 elections were called. If that is the case and it looks like there will be a peaceful transition of power, I expect our U.S. Election section will go the way of the dodo in short order. If we get some Florida nonsense or cray…

Options Are Pricing In One of the Biggest Stock Moves on Record for the Election; Hedging activity rises as odds on Donald Trump win fall; Election At Top of Market’s Mind, But More Earnings Could Keep Things Humming Newsletter,Options

Observations & Insight Wizards of Today’s Markets: Jack Schwager, Part 1 Trading Technologies We recently ran our third “Wizards of Today’s Markets” Q&A, rounding off our trio of Chicago trading legends with TransMarket Group’s Ray Cahnman. To close out the series, we thought it would be fitting to talk with the originator of the “Market Wizards” moniker himself, Jack Schwager. Jack authored “Market Wizards”—a series of interviews with some of the most successful traders in a variety of different markets—in 1989 after publishing the more technical “A Complete Guide to the Futures Markets” in 1984 (a revised version of which…

Dealing with structural complexity in global derivatives markets; The VIX – Not So Fearsome After All?; Treasury Yield Curve Flattens as Draghi Downplays Altering QE Newsletter,Options

Observations & Insight Run Gary Run By Jim Kharouf It has been almost two years since Gary Gensler left the Commodity Futures Trading Commission as perhaps its most talked about, debated and in some circles, despised chairman. To some, his unrelenting drive to pound home rules established by the Dodd-Frank Act was considered a declaration of war against the derivatives industry. To his supporters, his determination was lauded, and he was considered one of the guys who was ready to stand up to Wall Street and LaSalle Street all in the name of Main Street. Now Gensler has grabbed attention…

FIA’s Walt Lukken on Reg AT and the 2016 Agenda Blog,Regulation,Video

Walt Lukken, president and CEO of the FIA, spoke with JLN about what is in store for the rest of the year at the trade organization. The FIA has been coordinating with 10 working groups on what upcoming rules about automated trading (Reg AT) should look like for the futures industry. Lukken said that the FIA believes it would be best to break Reg AT into two more manageable parts.  The first portion would focus on getting pre-trade risk controls up to snuff, and the second part would delve into the more contentious parts of Reg AT, such as definitions…

John Lothian Newsletter: LME to freeze warehouse charges for 5 years; J.P. Morgan’s Jamie Dimon: Fintech’s Got Nothing on Us; Pre-Trade Risk Controls Add Resiliency to Markets John Lothian Newsletter,Newsletter

First Read MarketsWiki Education Series in Chicago, Day TwoBy Sarah Rudolph and Spencer Doar If you want to know where technology is going and how to navigate your way through, Thursday’s MarketsWiki Education event was the place to be. Drew Shields, chief technology officer at Trading Technologies, started the second day of MarketsWiki Education World of Opportunity series by challenging another packed house of interns to resist falling in line with the status quo. Shields knows firsthand how far hunger and initiative can get you in this industry. He’s chief technology officer at a premier technology firm and never took…

John Lothian Newsletter: Deutsche Börse reconsiders vote threshold on LSE deal; Black Hole of Negative Rates Is Dragging Down Yields Everywhere; London Stock Exchange Group Launches Online Private Placement John Lothian Newsletter,Newsletter

First Read Knowledge Is Power: A MarketsWiki Education JourneyDoug Ashburn, JLN“There is a lot of competition out there, but that is what our markets are all about. It is the essence of what we do. We innovate because of competition.” With those words, CME Group Chairman Emeritus Leo Melamed kicked off the inaugural MarketsWiki Education event in 2013. We have come a long way since then; the event has expanded its reach each year and in 2016 will visit five cities, beginning in Chicago July 12-15. For more information on the Chicago event, or to register, click HEREThe goal of…

John Lothian Newsletter: Goldman, Deutsche Bank Say Pound Plunge Is Just Getting Started; CBOE Launches Second Index Series That Targets Investment Outcomes; John Lothian Newsletter,Newsletter

First Read “Cannot be done”: ISE’s Gary Katz Tells The Inside Story Of The Biggest Disruptor To The Options IndustryJim Kharouf, JLN It’s been quite a ride for almost 20 years for Gary Katz, now officially the former co-founder, president and CEO of the International Securities Exchange Nasdaq closed the deal to buy ISE from Deutsche Boerse on June 30, ending one of the most pioneering and successful runs for an exchange in the history of financial markets. Co-founded in 1997 by Katz, David Krell, William Porter and Marty Averbuch, the group set out to create the first fully electronic…

John Lothian Newsletter: Deutsche Börse suggests dual holding company after LSE merger; German stock market sold Market News International; London’s financial district urges fast action on EU trade terms John Lothian Newsletter,Newsletter

First Read Bits & PiecesBy John J. Lothian First things first. Have you signed up your interns yet for our Chicago or New York MarketsWiki Education World of Opportunity series? Today is the day. Go here to sign them up. We have added John Rapa, chief executive officer at Tellefsen and Company, as a speaker for our MarketsWiki Education World of Opportunity New York events. He joins Nasdaq president and COO Adena Friedman, veteran equity strategist and CNBC personality Kenny Polcari, Gary DeWaal, arguably the most entertaining derivatives lawyer on the planet, and an additional half dozen financial luminaries in…