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Tag Archives: market structure

The Spread – Week of 12/18 Feature,Video,video

The Spread is a brief recap of some of the notable activity in the options world. This is Episode 3 and an improvement on “Revenge of the Sith.” The following are stories referenced in this week’s episode: WSJ – A Million-Dollar Bet That Bitcoin Will Hit $50,000 JLN – Seed CX Swaps Hemp For Cryptocurrencies OCC – Advocating for a stronger U.S. options market Reuters – LCH begins credit options clearing Bloomberg – Trader Turns $60 Million Profit in Sharpest Bond Selloff of 2017

Advocating for a stronger U.S. options market; $60m bond trade; BofA to Become MiFID II Venue for Derivatives Newsletter,Options

Observations & Insight Bittrex Inc. takes controlling strategic stake in Seed opening new trading opportunities for Institutional Crypto Trading Seed CX Seed CX Ltd (“Seed”) today announced a strategic investment by Bittrex Inc., a US-based cryptocurrency trading platform. Seed is currently onboarding institutional participants and will launch spot and derivative crypto trading in Q1 2018. Bittrex is one of the largest crypto trading venues in the world, with over $3 billion notional traded on a daily basis and over 2 million customers. Seed operates a swap execution facility, Seed SEF, registered with the Commodity Futures Trading Commission. Edward Woodford, CEO…

LME Working To Get Exchange Structure Right Feature,Video,video

“I think we have to be honest that no market structure is going to be the optimal solution for all of its customers. No exchange is in a position where it doesn’t have these open questions. But we probably have more open questions than most at the moment.” The London Metal Exchange and its newly minted CEO Matt Chamberlain spent the first part of 2017 implementing all sorts of admittedly stressful updates and revamps to its trading technology. Now, Chamberlain’s task is to adapt the exchange’s structure for the 21st century. The LME released a discussion paper earlier in the…

Nasdaq’s Kennedy Sees Plenty of Room for Options Industry Growth Blog

While the options industry has been incredibly resilient in the face of challenges, Kevin Kennedy, senior vice president, head of U.S. options with Nasdaq, sees the need for growth.  In this video from the Options Industry Conference in Scottsdale, Ariz., Kennedy talks about opportunities to improve the functioning of options markets. Some things Kennedy believes should be addressed are auctions, the number of listed underlyings and spread width. He hopes Nasdaq can take a leadership role in revamping market structure and tailoring the regulatory environment to better suit end users.  Sponsored by:  

The Great US Options Octopus; The 2017 Short Trade That’s Getting Pummelled This Week; Options Traders’ `Butterfly’ Bets Signal Oil Rally Not Over Newsletter,Options

Lead Stories The Great US Options Octopus The Trade Derivatives – Spring 2017 The US options market is a conundrum. Although volumes have remained flat over the past five years, the number of exchanges has expanded to 14, with the potential of another opening just around the corner. During this time the number of market-makers has dropped dramatically, from about 60 market-makers quoting on multiple exchanges five years ago to only 15 today. /goo.gl/I8jV9V ****SD: This is a link to the page 46 of the magazine where the story starts. Nice encapsulation of the issues although due to production turnaround…

Regulation as a Main Driver of Change in the Sell Side Industry – Karl Hagerman, SEB MarketsWiki Education,MWEd,Video,video

“Technology is really becoming an enabler to stay compliant because you can understand the huge amount of data in these complex networks that you have to store, structure and provide to the authorities if requested. That is lot of big data management.” Karl Hagerman works in the engineering team for the Sweden-based corporate bank SEB. He witnessed the regulations and financial innovations that have shaped the Nordic markets over the past thirty years and will “radically change” markets in 2018. Before 2007 and after some early exchange consolidation, all the trading in Sweden was done at one exchange, OMX, in…

The New Bond: KCG’s Dan Coleman Looks To Plug Exchange Model Into US Treasury Market, and How It Might Just Succeed Commentary,Feature

There are few markets, if any, that garner attention like the US Treasury market. And there are few markets as ripe for disruption as the US Treasury market. Earlier this month, at the WFE Annual Meeting in Cartagena, Colombia, KCG’s CEO Daniel Coleman outlined his vision for a new US Treasury market, which would transform it into a structure similar to a traditional equities market with bank and non-bank market makers, transparent trading platforms and efficient settlement or clearing services.   The marketplace may indeed be evolving into the structure Coleman advocates, as the Federal Reserve Bank of New York…

Haim Bodek, Decimus Capital Markets – A Flash Course on Market Structure Regulation,Tech / HFT,Video

“In the market there are edges that are permissible, and edges that are impermissible. It is the impermissible ones that you should care about. If it doesn’t smell right, leave.” The 2014 publication of Michael Lewis’ Flash Boys ignited a firestorm of accusations and lawsuits regarding the tactics used by certain trading firms. It has also led to a robust national debate on market structure. Haim Bodek, a former algorithmic trader who now assists the Securities and Exchange Commission in whistleblower cases, frames this debate by explaining the regulation that created the current market structure. He goes on to explain…

MarketFactory CEO James Sinclair Explores Trends in Foreign Exchange Market Structure Financials,Interview,Tech / HFT,Video

James Sinclair is CEO and co-founder of MarketFactory, a financial technology company that provides feed handlers to the forex market. The company’s FX Aggregator product is a single API that connects to all sources of liquidity in the foreign exchange market, including ECNs, banks, brokers and futures exchanges. Sinclair has been a foreign exchange market expert for over 25 years, having spent several years as head of research and strategy at EBS, both before and after its 2006 acquisition by ICAP. He also spent 12 years as a vice president of Asia/Pacific at Citibank. Sinclair spoke with John Lothian News…