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Tag Archives: market structure

Cboe lawsuit; Background on LJM losses; Vol to stay? Newsletter,Options

Observations & Insight Access-Fee Pilot: Fewer Fees, More Fragmentation? Rob Daly – MarketsMedia The access-fee pilot proposed by the U.S. Securities and Exchange Commission may increase fragmentation in the equity markets as Cboe Global Markets considers launching two additional order books to offset the pilot’s fee caps and prohibitions. “We have six exchanges, but we use four for equities and four for options,” said Chris Concannon, president and COO of Cboe, during the National Security Traders Association’s 2018 Market Structure Symposium in Chicago. “I promised the industry previously that we would not light up those books, but with the access-fee…

When a Good Plan Comes Together – Lou Eccleston, TMX Feature,Mwiki,Video,video

When Lou Eccleston became TMX Group CEO three and a half years ago, he needed to turn around declining organic revenue and profitability. Once that was achieved, eyes turned to growth. Eccleston and TMX were able to jumpstart that growth by acquiring the energy platform Trayport last year.  In this video from JLN’s annual series with industry leaders, Eccleston talks about the changing ideology at TMX Group and how the group is positioning itself for international clientele. Produced by Mike Forrester Interview by Spencer Doar

Options Market Structure Issues; Timely VIX Hedging; No SPY Alternative for Traders Newsletter,Options

Observations & Insight Turn Yourself In, It’ll Be Easier: Bank Cooperation On Spoofing Charges Saves Millions Jim Kharouf – JLN Over the past several months, there has been a fair amount of talk about the Commodity Futures Trading Commission’s push on the so-called “self-reporting” initiative launched last September and aimed at taking it easier on firms that come forward with wrongdoing. Yesterday’s announced spoofing charges and fines include one of the first such self-reporting cases, with HSBC Securities settling for $1.6 million, Deutsche Bank for $30 million and UBS for $15 million. For the rest of the commentary, click HERE…

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. / ****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…