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Nasdaq to buy Cinnober; Nordic Power Whale Booted After $117 Million Loss John Lothian Newsletter,Newsletter

First Read What does your clearinghouse DEFCON scale look like today? By Jim Kharouf Talk about timing. Ten years after the collapse of the global financial market and a decade of rebuilding it, Nasdaq reports that Nasdaq Clearing had to cover for a clearing member default of EUR114 million on Nasdaq Nordic, a default so large it took up 68 percent of the default funds from other clearing member firms. According to reports from the Financial Times and Bloomberg, a trader by the name of Einar Aas (one letter off from a joke here), defaulted on Nasdaq’s power market on…

What does your clearinghouse DEFCON scale look like today? Commentary,Feature

Talk about timing. Ten years after the collapse of the global financial market and a decade of rebuilding it, Nasdaq reports that Nasdaq Clearing had to cover for a clearing member default of €114 million on Nasdaq Nordic,  a default so large it took up 68 percent of the default funds from other clearing member firms. According to reports from the Financial Times and Bloomberg, a trader by the name of Einar Aas (one letter off from a joke here), defaulted on Nasdaq’s power market on September 11, forcing Nasdaq Clearing to tap into clearing member default funds. Aas reportedly was…

The Spread – The Colo Down-low – 9/7 The Spread,Video,video

“The Spread” hasn’t covered Aurora, Ill. during its time on the web. We tick that box in this week’s recap.  Stories referenced:  Data Center Dynamics – CyrusOne installs 350ft tower for fast wireless access to Illinois campus (From January 2018) Crain’s Chicago Business – Data center company sues Aurora over telecom tower World Intellectual Property Review – Nasdaq patent review dropped, but court clash continues   Produced by Mike Forrester    

The Growing Value of Data – Oliver Albers, Nasdaq MarketsWiki Education,MWEd,Video,video

“When I started in this business, data was very, very uncool. Trust me.”  Data is not uncool any longer. Consider that every minute there are more than 12 million texts sent and more than 4.3 million YouTube videos watched. It is estimated that humanity’s accumulated digital data haul will be more than 44 trillion gigabytes by 2020.  There is even a band called Big Data.  In this video from MarketsWiki Education’s New York event, Nasdaq’s Oliver Albers, senior vice president and head of strategic partnerships for global information services, talks about the value to be had in the ever-growing data economy. …

Nasdaq vs. MIAX lawsuit update; SIP reforms on horizon?; Commodities revenue JLN Options Newsletter,Newsletter,Options

Observations & Insight X_TRADER Transformed The Industry: Now It’s Time To Do It Again Jim Kharouf – JLN The announcement that Trading Technologies will be shutting down its X_TRADER platform is not a big surprise. But what that platform has done over its 25-year lifespan certainly is. And what the new TT platform may do in the coming months and years may be equally astounding. Taking a look back, there’s not a single ISV trading platform that has had a greater impact on the industry than X_TRADER. Launched in 1994, the technology that included patented breakthroughs like the ubiquitous price…

New CyrusOne Colo Service; VIX lawsuit; Saudi options due after futures launch JLN Options Newsletter,Newsletter,Options

Observations & Insight August 2018 Options Exchange Marketshare via OCC ++++ Wednesday Bits Spencer Doar – JLN Market participants have until September 14 to comment on a Nasdaq proposal “to codify the definitions of the current protocols that Participants can use to enter quotes and orders on the Exchange and introduce a new protocol.” If you’re not a market maker, consider yourself excused from reading that. Pretty much the protocol formerly known as “OTTO” is going to be “QUO.” And the old “OTTO” is going to replaced by a new, revamped “OTTO.” Got that? Cboe is continuing its rebranding efforts,…

Nasdaq admits closing auction blunders; Cboe telling market makers it’s close to ether futures launch John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff The World Federation of Exchanges’ monthly publication, Focus, is out. In it are comments from the OCC’s Craig Donohue about its new initiatives, a Q&A with ASX’s Dominic Stevens, an interview with the LME’s Kate Eged and more.~SD B3’s Mini Dollar Futures Contract hit a record volume Thursday with 1,770,971 contracts, topping the previous record of 1,673,987 on June 7, 2018.~JK Renato Mariotti, joined by WGN Radio’s Patti Vasquez, debuted a news podcast called “On Topic” this week. He is also the featured MarketsWiki Education video today. See below. ~SD DRW is looking…

The Markets Will Stop a Trade War; Nasdaq’s Crypto Policing Meeting; Forest Fires John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff We have three changes for the upcoming MarketsWiki Education World of Opportunity series in Chicago. Renato Mariotti was called to Atlanta by CNN on Monday, so he will not be speaking on Thursday, August 2. We have moved Bill Weldon from Tuesday to Monday to fill Renato’s space and moved Jessica Darmoni from Thursday to Tuesday to fill Bill’s vacated spot. There is always some last minute change. ~JJL Priceonomics posted a blog about which companies in the S&P 500 generated the most revenue per employee (RPE) in 2017. 13 of the top…

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…