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Nasdaq: Q&A with Oliver Albers – Data Is Revolutionizing Markets Americas,Blog,Exchanges, OTC & Clearing,Fintech,Interview,Investing & Trading,Mwiki,Tech / HFT

Three Changes to Enhance Fairness, Transparency and Competition Editors note: Nasdaq shared with John Lothian News an internally produced question and answer interview with Oliver Albers, SVP and Head of Strategic Partnerships for Nasdaq’s Global Information Services. Note from Nasdaq: Here at Nasdaq, we often say, “information is the lifeblood of markets.” That’s especially true in today’s digital era, and it’s not hyperbole. Market data is far more than simply a collection of buy and sell orders communicated on stock-trading platforms. It’s the collection and curation of billions of individual data points that are the essential fuel for the entire market in…

New Cboe VIX case; Market maker tech spend; Virtu in Japan Newsletter,Options

Observations & Insight 10 Years of PHLX @ Nasdaq Spencer Doar – JLN The oldest stock exchange in the United States hit another milestone – the Philadelphia Stock Exchange (PHLX) celebrated its 10-year anniversary as a part of the Nasdaq family on July 24. While the ’07-’08 timeframe is best remembered in financial circles as the time of “bailout this” and “subprime that,” it was a transformational period for non-crisis reasons at Nasdaq. Nasdaq purchased PHLX – founded in 1790 as a venue for bond trading – for $652 million in 2008. At the time PHLX was the third largest…

OCC margin breaches spike in Q1; Flash crash blame game Newsletter,Options

Observations & Insight Traders Grapple With a Big Question: Are Tariffs Priced In? Samuel Potter – Bloomberg After months of simmering tension between the world’s two largest economies, the U.S. will impose tariffs on $34 billion worth of Chinese goods at just after midnight on Friday. The key question for financial markets: will it trigger fresh volatility, or is the trade war escalation already priced in? /jlne.ws/2Kzbiv7 ****SD: Well?! Are they? Lead Stories OCC margin breaches spike in Q1 Alessandro Aimone – Risk.net (SUBSCRIPTION) The Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing house, reported 38 margin breaches…

tastytrade raises $20m; February’s legacy; ETFs using derivatives; CME latency tricks Newsletter,Options

Observations & Insight Hot Friday In Chicago SD – JLN With all the trade rhetoric floating around and the market’s intraday gyrations, I haven’t felt the onset of stereotypical summer sluggishness. Until today. Something about waking up to “excessive heat” warnings on my weather app, spot VIX opening lower (S&P 500 up, Dow up, Russell up) and it being a slightly slow day for options news just feels like summer. Well, that and the fact that an array of fireworks have been going off in my neighborhood’s alleys since Wednesday… Speaking of black powder, it’s a short week next week…

JPM sees signs of VIX fix working; Goldman’s new team; BNY’s FX options Newsletter,Options

Observations & Insight The Curve Spencer Doar – JLN One of yesterday’s top stories was Bloomberg’s Rare Shift in ‘Fear Gauge’ Shows Depth of Market Angst. At the time we published, the front month July VIX futures contract traded higher than August by more than .5 – defying the curve’s normal contango. However, that is a far cry from when the whole curve went into backwardation after the early Feb blowup and by the end of Monday that inversion was down to .08. By the time of publishing, that particular kink in the curve went away. Today’s open plotted with…

Shortwave trading; “Quitaly” update; Warning bells Newsletter,Options

Observations & Insight OCC 2017 Interactive Annual Report OCC On behalf of the Board of Directors and my fellow colleagues at OCC, I am pleased to share with you our 2017 annual report. Over the past year, the team achieved a number of key milestones that position OCC for continued resiliency, innovation and growth while strengthening our role as an industry leader and market influencer. /goo.gl/9USqKf ****SD: I like the multi-media aspect of this report – videos with Walt Lukken, Bill Brodsky and more are included. Some numbers – $78.7 million refunded to clearing members; $15.2 billion held in clearing…

JPM’s $65m ISDAFIX fine; EU HFT rules; Blockchain for margin and collateral? John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff The MontrÈal Exchange announced new futures on exchange-traded funds (ETF) and trust units are now available.~JJL The European Banking Authority released its 2017 annual report. A few of the key areas earmarked for extra focus in 2018 are: preparation for Basel III implementation, improving credit risk modelling, developing a common framework for non-performing loans, and third-country equivalence.~SD According to a recent study from FTSE Russell, “the green economy represents 6 percent of the market capitalization of global listed companies, approximately US$4 trillion.” That’s roughly the same as fossil fuels. ~SD Bank of Canada…

Short volatility Waterloo; Hedging activity pop; VIX ETPs in all their glory Newsletter,Options

Observations & Insight Vol-cano Erupts – How’s Seth Golden Doing? Spencer Doar – JLN Last year there were a few stories that came across the desk regarding the juniorization of firms and how removing experienced senior personnel could present risks of its own. After all, if you came into the markets in the 2010s, how would you have experience with crazy drawdowns? (Myself included.) Maybe some are ahead of the curve and have at least seen Trading Places. Well, a lot of staff just gained some experience. The options and volatility stories of the day are intertwined and generally fall…

Hudson River to acquire Sun Trading as HFT continues to contract; What Could Kill the Bitcoin Boom; BitConnect Closes Exchange as States Warn of Unregulated Sales John Lothian Newsletter,Newsletter

First Read You Can’t Rain On Our Parade: Cboe’s Big 2017 Includes Bitcoin Futures. Can It Overcome Regulatory, Margin and Volatility Headwinds? Jim Kharouf – John Lothian News To hear Cboe Global Markets Chairman and CEO Ed Tilly tell it, his exchange group is firing on all cylinders and adding new ones to the engine. The exchange boasts the top US equity options market and has a lock on volatility products with the VIX futures and options and related exchange traded products. Cboe now has the top pan-European equity market and the second ranked US stock market, as well as…