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Electronic Trading Adoption and Crypto Parallels – Richard Sandor, AFX Feature,Mwiki,Video,video

“Sometimes these exogenous shocks force us to look at things that we do in a different way.” The financial industry has adapted to new technologies before, but AFX CEO and Chairman Richard Sandor believes blockchain will gain traction in financial services much quicker than electronic trading did. In this video from JLN’s annual series with industry leaders, Sandor talks about why he is a “buyer” of the crypto ecosystem.  

Filings reveal DRW’s climb into top rank of trading firms; BlackRock’s Message: Contribute to Society, or Risk Losing Our Support; Euromoney’s RISI unit raided by EU antitrust authorities John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff The CBOE is holding its press lunch today in Chicago. It is the Chicago financial press’s opportunity to ask tough questions to the CBOE management team. My money’s on the first question being about bitcoin.~JJL A few names mentioned in Bloomberg’s Bitcoin Frenzy Helps Crypto Hedge Funds Reap 1,100% Gains include: Lee Robinson, who co-founded the Altana Digital Currency Fund along with Alistair Milne; Cedric Jeanson of BitSpread Group; Manuel Anguita of Silver 8 Partners; and Daniel Masters, co-founder of Global Advisors Bitcoin Investment Fund. As always, can they keep it going?~JK Hong…

Cost of Protecting Against Market Swings Is at Its Highest Ever; DRW’s Don Wilson bets on a return to market volatility; Managing Duplicate Reporting Under CAT Newsletter,Options

Lead Stories Cost of Protecting Against Market Swings Is at Its Highest Ever Cecile Vannucci – Bloomberg While the CBOE Volatility Index declined last week, the cost of protecting against large market swings has surpassed a peak hit following the Brexit vote, reaching a fresh all-time high. bloom.bg/2nWFnFg ****SD: Aka, so quit talking about a low VIX. DRW’s Don Wilson bets on a return to market volatility Gregory Meyer and Philip Stafford – Financial Times Don Wilson says his company is “in the business of taking risk”. DRW, named after his initials, is one of the world’s largest proprietary trading…

The Dispersion Trade; Kolanovic Sees Higher Risk Potential In 2017, Volatility Not Properly Priced; A Trader’s Guide to Donuts, Wheat and Algorithms … Newsletter,Options

Observations & Insight JLN Options To Have Guest Editor: The Schwartz Will Be With Us As much as I’m sure you all love the JLN team’s snark and irreverence, sometimes we shake things up. As such, next week we will have a guest editor: Trade Alert’s Henry Schwartz. Schwartz will provide his insight and commentary for JLN Options. Enjoy the different spin next week! ++++ Jim Kharouf Named New CEO of John J. Lothian & Company, Inc.; John Lothian Moves to Executive Chairman; Kharouf Gets Equity Stake In Firm James Kharouf has been named CEO of John J. Lothian &…

OCC Names New CFO, Treasurer, and Chief Compliance Officer; Volume on Oil Derivatives Hits Record as Traders Eye $60 a Barrel; OPEC Deal Upends Everything in Oil Market, Not Just Prices Newsletter,Options

Observations & Insight November Options Exchange Marketshare via OCC ++++ The View from Convergex: Reinvention, Options and Market Structure Spencer Doar – JLN It may come as a surprise that Convergex, the agency brokerage with headquarters in New York, has a hand in approximately 20 percent of all options routed through U.S. listed options exchanges and actually executes some 8 percent of daily options volume. The company has been reinventing itself over the last two-and-a-half years under the leadership of Eric Noll, who became CEO in the wake of a 2013 settlement. Convergex’s reputation took a hit when it admitted…

Jeff Levoff, Partner, DRW – Make a Market: Proprietary Trading in the Modern Era MarketsWiki Education,Video

“This is not a get-rich-quick scheme. It’s hard work to try to find positive expected value. That’s what we do every day.” Conceptually, proprietary trading is easy. One must follow two simple steps – finding positive expected value and managing the risk of positions taken. The devil, as always, is in the details. When Jeff Levoff, partner at DRW, began in the business, positive expected value was an easier proposition. A simple Black-Scholes based software suite would spit out theoretical values, and market makers like Levoff would actively bid below theoretical value, offer above it and – voila! – positive…

Knowledge Is Power: A MarketsWiki Education Journey Blog

“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, and on July 19 in New York. Chicago registration has closed. For more information on the event series and to register for New York event,…

Knowledge Is Power: A MarketsWiki Education Journey Blog

“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, and on July 19 in New York. Chicago registration has closed. For more information on the event series and to register for New York event,…

John Lothian Newsletter: Manipulation or Brilliant Trade? The Curious Case of Don Wilson; Deutsche Boerse reshuffles Eurex leadership; A reason for the ‘Fear Gauge’ to be afraid? John Lothian Newsletter,Newsletter

First Read “You can always tell the pioneers by the arrows in their back” Carl Gilmore, President, Integritas Financial Consulting That venerable quote, originally anonymous, was mentioned by our own John Lothian at the Executive Club of Chicago breakfast yesterday featuring CME Group CEO Phupinder Gill. John did a great job as mediator, which by the way, was his first time speaking publicly since his surgery. Gill also did a great job. He was realistic and in tune with the fact that change will come and the future of our industry is all about technology. A very refreshing stance as…