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Tag Archives: Steve Crutchfield

BOXing: Let the Bodies Hit the (Options) Floor Feature,Options

Golly, there’s been a ton of action in options markets lately. First, the surge of crypto news. Last week, MIAX’s investment in LedgerX received airtime as LedgerX was approved as a derivatives clearing organization (DCO), paving the way for bitcoin options. Then CBOE got into the fray with its announcement yesterday that it has partnered with Gemini, the cryptocurrency endeavor backed by the Winklevoss twins, to use its market data to create bitcoin futures. (I expressed my skepticism of the timeline laid out by CBOE yesterday, as they mentioned a possible Q4 launch or early 2018. I am dubious of…

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…

Just Floored: Who Says Jeff Sprecher hates open outcry? Blog

Open outcry is still alive and well in New York. The New York Stock Exchange opened a new trading floor for the NYSE Amex options market this week, a completely renovated space that also houses: NYSE’s US cash equities, ICE Futures US members, NYSE Arca’s customer service and the NYSE/ICE’s national operations center. The 7,000-square-foot space, with 22-foot ceilings, has been renamed “The Buttonwood Room,” a tip of the cap to the origins of the NYSE, and a shift away from the room’s less than flattering name of “The Garage,” as it was called when it originally opened in 1922….

JLN Options: S&P 500 record runs are small but steady; Why It’s So Tricky to Time Volatility Spikes; Oil VIX Is Up 209% and Brazil VIX Is Up 45% in 2014 Y-T-D Newsletter,Options

Observations & Insight Wrapping it Up Doug Ashburn – JLN Today’s newsletter features a snapshot of volatility from several asset classes – equities, oil and gold to name a few – and also includes a bit of a look-back on 2015, as many of our regular resources use this period to publish their year-end reviews. Today we feature part I of CBOE Options Hub’s 2014 volatility review. Mr. Moran features a series of five charts that nicely sum up volatility, volume, skew and term structure. Also, we re-feature one of our best MarketsWiki Education videos from this past summer –…

Steve Crutchfield, EVP at IntercontinentalExchange – How to Build an Options Trading System (In Ten Minutes) Tech / HFT,Video

“You’ve got to come up with some numbers that describe the universe based on data that fit that model.” Steve Crutchfield, Executive Vice President at IntercontinentalExchange, explains the three key components of building a trading system. Beginning with a brief history of the New York Stock Exchange, Crutchfield gives a glimpse of trading activity in its early stages and its evolution into today’s intricate electronic systems. Crutchfield emphasizes that looking at historical data and determining which numbers to pull out from it is a difficult problem to solve, among many other challenges in the trading world today.

A Breakthrough for Institutional Investors Trading SPY Options Blog,Options,Topics

Sarah Rudolph

Institutional investors such as pension funds and mutual funds are a crucial step closer to being able to take large positions on SPY options, which overlie the SPDR S&P 500 ETF Trust.  The Financial Industry Regulatory Authority (FINRA) has just received approval to eliminate position limits on the options, which were previously set at 900,000 contracts. NYSE Amex Options was the first exchange to file for and receive approval to eliminate position and exercise limits for the SPY options, in August 2012.  The other options exchanges followed and received approval as well. However, FINRA still had position limits on their…

John Lothian Newsletter: CBOE looks to set up London base; Citigroup to launch commodity trade finance business; Liquidnet launches Philippines dark pools John Lothian Newsletter,Newsletter

CBOE announces plans to expand into London with VIX futures.  Citigroup, seeing the European exodus from commodity trading by banks and other firms, decides to take a seat at the table.  Liquidnet opens up its ninth dark venue in Asia in the Philippines.