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Tag Archives: quantitative easing

Bond wolves; Hedging for the shale boom; Jump Trading shakeup; More BTC Newsletter,Options

Observations & Insight Jim Kharouf Resigns as CEO of John J. Lothian & Company, Inc.; Will Continue Work with Company in Freelance Role Jim Kharouf is stepping down as CEO of John J. Lothian & Company, Inc. at the end of the year after having assumed the role on January 1, 2017. Kharouf is leaving the company as an employee, but will continue to work with John Lothian News and John Lothian Productions as an independent contributor. He will also be exploring his own bespoke initiatives, including in the Fintech sector. Despite accomplishing much during his tenure at the company…

Goldman’s options retreat; ICE says not over-reliant on data sales; RenTech’s Mercer steps down John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff Earlier this week, Philip Bergstrom, the brother of Jeff Bergstrom (CIO of John J. Lothian & Company, Inc.) passed away. Phil lived in California for most of his adult life, but grew up in Glenview, IL. Phil was also the step-brother to John Lothian’s wife Cheryl. We offer our condolences to the Bergstrom, Lothian and Howard families.~JLN Congratulations to Nasdaq CEO Adena Friedman, who was named as #20 on Forbes 2017 Most Powerful Women list.~JJL The annual energy consumption for Bitcoin transactions is now estimated at more that 24 TWh, which is…

VIX Bits: The Thermometer Isn’t Broken Blog,Commentary,Options

On the 30th anniversary of the ‘87 market crash last week, Cboe, in collaboration with ProShares, hosted a panel discussion “Current Dynamics of the VIX Market.” There was a lot to glean – from the applications of VIX ETPs to unique characteristics of VIX futures to general perceptions of volatility. Dominic Salvino, Group One’s VIX options specialist, had an analogy for the current low levels of VIX, comparing it to high February temperatures in Chicago. On February 18, the thermometer reached 70 degrees Fahrenheit, only the fourth time that’s happened since 1971. Is that weird? Yes. Is it worth noting?…

Long-Term Investors are Gamblers?; Insider Trading Case Tests Friendship; Math Geeks Scramble to Defend Index Boon John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff People lined up on LaSalle Street at midday yesterday like there was a sports championship parade happening. Instead, it was just an eclipse.~JJL John M. Ruth has joined Grey Street Capital as Chief Operating Officer. Ruth was formerly the CEO of ABN AMRO Clearing Chicago LLC.~JJL Check out SGX‘s Bull Charge, Climb for Charity.~JJL Cinnober has taken over the @MovetoStockholm Twitter handle for the week.~JJL Bruce Tuckman was appointed chief economist at the CFTC yesterday. And tells us he couldn’t be Chicago Mayor Rahm Emanuel‘s older brother. ~SD At the NFA yesterday,…

Will Options Trading Bring Institutional Investors to Bitcoin?; Nevermind the VIX – Stock Volatility Is Rising in Subtle Ways; Volatility Gauges Tumble to New Lows Amid Complacency Fears Newsletter,Options

Observations & Insight Learning to live with low vol Jean Boivin and Ed Fishwick – BlackRock Investment Institute Digging into U.S. equity volatility patterns dating back more than a century, we find low market vol can last for years and tends to overlap with subdued macroeconomic vol. Combined with our view that the U.S. economic cycle has room to turn, we believe this environment helps foster risk-taking. jlne.ws/2vLZiij ****SD: I missed this when it came out at the end of July. Here is a link to the full PDF – the above is a synopsis. From the report: “Running a…

John Lothian Newsletter: Nasdaq to Buy International Securities Exchange; Here’s Why Fintech Companies Are Opting to Stay Private; Why Citadel opposes IEX’s stock exchange application John Lothian Newsletter,Newsletter

First Read The Curious (or Not So Curious) Case of Our Current Regulatory Environment Carl Gilmore, President, Integritas Financial Consulting In the old days on the exchange trading floors there used to be a saying – “No matter what you did the night before, you have to make the bell.” The clear implication being that a hangover was no excuse for not showing up and doing your job. In some ways the current regulatory environment is like a big hangover. It shouldn’t surprise anyone that after the credit crisis, MF Global, Peregrine, Lehman and Sentinel, etc. that the regulatory community…

John Lothian Newsletter: Spoofing Warnings Sent as Finra Teaches Brokers to Spot Cheats; Global Banks Rewrite Contracts in Bid to Avert Lehman Repeat; Convergex Partners with FCStone to Launch Futures Prime Brokerage John Lothian Newsletter,Newsletter

First Read Bits & Pieces by John J. Lothian Yesterday was Veteran’s Day in the U.S. My daughter Katherine took to Facebook to share her thoughts on the holiday and wrote the following: “Today is a day of celebration and remembrance of those who have fought for us. Today is also 3 months since I came home from Japan and the best experience of my life. In Japan I spent 12 days camping with 34,000 people from 130+ countries. So many people from so many different countries and cultures. But we were there peacefully. Meeting people from countries America has…

JLN Financials: Bank Of America Says Fed Needs To Test Interest On Reserves Power; The ECB’s second funding offer: Thanks but no thanks; Russia hikes interest rates; Greek euro fears hit markets again Financials,Newsletter

First Impressions Pipelines: Nick Solinger talks market infrastructure for SEFs JohnLothianNews.com It’s been a historic year for swap execution facilities as more were launched in the wake of Dodd-Frank rulemaking by the Commodity Futures Trading Commission. Nick Solinger, head of product strategy and chief marketing officer of Traiana, said that its been a good year for firms getting connected to SEFs and for SEFs getting off the ground. The firm connected 16 FCMs to 16 SEFs with six more on the way. “The typical FCM has been able to clear, three, four, five, six different venues with that one connection…

Jackson Hole Wonkweek Commentary,Financials

The world’s central bankers, policy wonks and other financial bigwigs head to Jackson Hole, Wyoming this week for the annual retreat sponsored by the Kansas City Federal Reserve. Even though it has been four years since then-Fed Chairman Ben Bernanke surprised the markets by using Jackson Hole as the springboard for the second round of quantitative easing (QE2), the financial media still treat the event as if major policy announcements are the norm.