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Cboe approval shakes up stock market’s closing auction; Euronext Acquires InsiderLog; Goldman Is Worth Less Than Morgan Stanley for the First Time in a Decade John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff OCC total cleared volume topped 30.3 million contracts on January 16, the first time since January 2016. Total cleared futures volume at OCC was the fourth highest ever, at 1.1 million contracts.-via Twitter~SD Peter Lenardos, who served as a managing director at RBC Capital Markets for the past seven years, left the company last week. The well-known analyst, who covers exchanges and other publicly traded firms in the financial services area, will be pursuing other opportunities. His deputy, Elliott Broadbent, is believed to have left as well.~JK Cboe did have record volume Tuesday…

Fed plan threatens FCM capital jump; Shorting vol; Macquarie leapfrogs Goldman Newsletter,Options

Lead Stories Fed G-Sib plan threatens 50bp jump in FCM capital Louie Woodall – Risk.net A below-the-radar move to tweak the way the US Federal Reserve assesses systemic risk could force banks to raise billions of dollars in extra capital to support their client clearing businesses, critics claim. A rule change proposed by the Fed on August 24 would require banks to include all cleared derivatives transactions in its Banking Organization Systemic Risk Report, known as FR Y-15. The report is used to calculate the capital surcharge for the eight US global systemically important banks. The new reporting requirement would…

CFTC, Chicago trading firm reach $2.5 million ‘spoofing’ deal; Chicago futures firm 3Red Trading to pay $2.5m spoofing fine; Goldman, JPMorgan to invest in blockchain startup Axoni John Lothian Newsletter,Newsletter

First Read Tim Edwards, S&P Dow Jones Indices – The Relative Importance of Skill, Conviction and Blind Luck in Beating the Market MarketsWikiEducation.com “I believe that the next big trend in our industry is going to be far more customized, far more bespoke, and it’s all going to be available at low cost because of technology.” When Google was readying for its IPO in 2004, employees were given educational courses in finance and investing. Then senior vice president Jonathan Rosenberg was worried that Google employees — many soon to be minted millionaires — would be taken advantage of by all…

Historic Risk Management Rules and Practices Go Live on March 1, 2017 in Leading Markets; Clearing houses not “too big to fail” – CFTC; Goldman Tells Stock Pickers to Rejoice as Correlations Decline Newsletter,Options

Lead Stories Historic Risk Management Rules and Practices Go Live on March 1, 2017 in Leading Markets Seyfarth Shaw LLP – JDSupra For the first time in the history of derivatives, regulators in leading markets will require assets to collateralize many derivatives which are not settled in a regulated clearinghouse. It is not possible to overstate the significance of this global regulatory development, which began to take effect in the United States on September 1, 2016, and will continue to apply in 2017 in several industries domestically and across national borders. jlne.ws/2h3sWEV Clearing houses not “too big to fail” –…

JLN Options: Jumbo SPY Options Start Slow Amid Industry Criticism Newsletter,Options

Lead Stories Jumbo SPY Options Start Slow Amid Industry Criticism Kaitlyn Kiernan, The Wall Street JournalAn effort to create jumbo-sized options linked to larger blocks of shares for the popular SPRD S&P 500 exchange traded fund is off to a rough start.The new contracts, launched by BOX Options Exchange LLC, represent an attempt to break Chicago Board Options Exchange’s lock on heavily-traded–and lucrative–options contracts tied to the Standard & Poor 500-stock index.http://jlne.ws/15Kl0QV Goldman may create own Bloomberg-like techMark DeCambre and Kaja Whitehouse, New York PostGoldman Sachs is mulling reducing its reliance on the ubiquitous Bloomberg LP terminals, The Post has learned….

JLN Options: Fear Gauge Jolted Higher as Stocks Slip Newsletter,Options

Commentary New OIC Whitepaper Studies Financial Advisors’ Use of OptionsA new whitepaper from the Options Industry Council (OIC) titled “Tales from the Front” offers highlights from interviews with ten advisors who have used options in their practices successfully. The panel of advisors came from large wirehouse firms as well as regional and independent firms. The OIC found that the advisors are using options in at least one-third of their client accounts, and some are using them with most or all their clients. Clients of investment advisors are generally more open to using options as hedging strategies for risk management, although…

JLN Options: No Nervousness on ‘Fiscal Cliff,’ but It’s a Headwind Newsletter,Options

Lead Stories No Nervousness on ‘Fiscal Cliff,’ but It’s a HeadwindBob Pisani, CNBCSo the spread between the cash VIX (roughly 16) and the most active front month contract (February, at roughly 17) is about 100 basis points. The normal spread is at least 200 basis points. Not only is there no worry, but there is less demand for protection than might be expected.http://jlne.ws/STnlRf The Biggest Waste of Money in 2012Dan Caplinger, The Motley FoolSmart investors understand that in order to earn healthy returns, you have to be willing to take on risk. But along the way, some investors decided that…