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Tag Archives: market makers

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…

Vela to acquire Object Trading complementing its recent acquisition of OptionsCity; They’re The World’s Fastest Traders. Why Aren’t They Thriving?; Why Everyone’s Trading Volatility Newsletter,Options

Lead Stories Vela to acquire Object Trading complementing its recent acquisition of OptionsCity; Acquisition enables Vela to offer a comprehensive software and managed services solution across the entire electronic trading workflow Vela Trading Technologies LLC (Vela), an award-winning global leader in high performance trading, market data, and analytics technology, has signed a definitive agreement to acquire Object Trading, a global provider of a fully-managed Direct Market Access (DMA) platform, pre-trade risk controls, and analytics applications. /goo.gl/qzVNsV ****SD: Who’s going to be number three? My Spidey sense is tingling a bit. When Brian Cassin, Vela’s head of product strategy, spoke at…

Central bankers fuel volatility in FX and bonds; Millennial investing in derivatives like options and futures; Tech Stocks Hit More Turbulence Than the Rest of the Market Newsletter,Options

Observations & Insight Bits & Pieces from yesterday’s FOW-JLN Trading Chicago Event: Things ain’t great Spencer Doar – JLN First, if you’ve been in a cave, look at the VIX today – popped to over 15 and has now dropped into the 13 handle. The options panel at the FOW-JLN Trading Chicago Event yesterday was a lively affair. The panel featured moderator Chip Dempsey, OCC SVP and Chief Commercial Officer; Euan Sinclair, partner at Talton Capital Management; Paul Jiganti, MD options business development with IMC; Steve Crutchfield, head of market structure at CTC; and Dash Financial CEO Peter Maragos. Some…

China’s Big Derivatives Push Aims at Global Pricing Power; OCC News – May 2017; Euronext expects London to lose euro clearing after Brexit Newsletter,Options

Observations & Insight Liquidity Providers Unduly Penalized By Capital Rules: CTC’s Crutchfield JohnLothianNews.com What’s a market maker to do when it can’t warehouse risk? The options industry has a problem with bank capital rules. In this JLN video, Steve Crutchfield, head of market structure with CTC, discusses the burdens placed on market makers due to rules that are out of touch with the stated goals of post-crisis reforms, as well as structural issues within options markets. There are only three major banks with a significant footprint in clearing for options market making firms. Those banks’ ability to conduct clearing business…

Liquidity Providers Unduly Penalized By Capital Rules: CTC’s Crutchfield Exchanges, OTC & Clearing,Interview,Options,Video,video

Financial Reform Objectives at Odds with Effects of Rules What’s a market maker to do when it can’t warehouse risk? The options industry has a problem with bank capital rules. In this JLN video, Steve Crutchfield, head of market structure with CTC, discusses the burdens placed on market makers due to rules that are out of touch with the stated goals of post-crisis reforms, as well as structural issues within options markets.    There are only three major banks with a significant footprint in clearing for options market making firms. Those banks’ ability to conduct that business is under pressure…

The Yin and Yang of Options Markets Options,Video,video

Henry Schwartz, president of Trade Alert, thinks the options industry is doing well given current market conditions, but is quick to acknowledge its much publicized struggles. In this video from the Options Industry Conference in Scottsdale, Ariz., Schwartz talks about the interrelated forces at work in options markets today and how they are both hurting and helping the industry. For more on Schwartz’ take on the industry, see Not as Bad as it Seems: Schwartz Addresses the State of the Options Industry.

Steven Crutchfield of NYSE Discusses New Management Structure and Options Technology Interview,Options,Tech / HFT,Video

Steven Crutchfield was named CEO of NYSE Euronext’s two U.S. options exchanges, NYSE Amex Options and NYSE Arca Options earlier this month. The move marks a new management strategy for NYSE’s options markets, which had been managed separately. Crutchfield spoke with John Lothian News editor-in-chief Jim Kharouf about the new management structure, new initiatives for market makers and in risk management as well as dealing with lower options volumes this year.

Gary Delany – Options Industry Council (OIC) Interview,Options,Video

Gary Delany

JLN Options editor Sarah Rudolph sat down with Gary Delany, Director of European Marketing and Education for the Options Industry Council (OIC), to discuss some of the findings of the study, “European Demand for U.S. Listed Equity Options,” including identifying the biggest users of US options and the barriers to trading. The OIC commissioned study conducted by the TABB Group found strong European demand for US listed options. The study included interviews with 29 participants from a cross section of US and European firms active in the US listed options industry, including broker-dealers, market makers, data providers, hedge funds, and…