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Tag Archives: Virtu

Negative Gamma and Oil; CAT Concerns; Brexit Volatility JLN Options Newsletter,Newsletter,Options

Observations & Insight Natural Gas ETN Volume Tops S&P 500, Nasdaq ETFs on Blowup Fears Luke Kawa and Rachel Evans – Bloomberg DGAZ bets against natural gas as prices soar on cold forecast; Note tumbled more than 50 percent but appears to have survived Cold weather in the U.S. is sending an extra shiver down the spines of investors who hold an exchange-traded note that bets against natural gas and just had its worst-ever day. /bloom.bg/2DFML3M ****SD: Ahhh, the infamous “acceleration event.” Now where has this come up before…? It’s also perfect timing for this to happen to DGAZ, as…

Virtu aims for new revenue mix; War stories from the trading desk; Liquidity risk JLN Options Newsletter,Newsletter,Options

Observations & Insight Bits and Pieces Spencer Doar – JLN SIFMA’s Listed Options Symposium is next Thursday, November 15, in New York. If you’re like me and can’t attend, SIFMA is offering a webinar, too. Register here. John pointed out in this morning’s newsletter that NYSE’s FANG+ Index Futures posted record ADV in October of 3,100 contracts. But NYSE’s options on that index are not getting much volume – each time I check it’s a handful or two of contracts. As of this writing, today 11 contracts have changed hands. Today is Molly McGregor’s last day with Hanweck. The firm…

Virtu to buy ITG; Nov still packed with events; A relieved VIX JLN Options Newsletter,Newsletter,Options

Lead Stories Virtu Financial to buy independent brokerage ITG for $1 billion Reuters (Reuters) – High-speed trading firm Virtu Financial Inc is buying independent brokerage Investment Technology Group Inc (ITG) for about $1 billion, ITG said on Wednesday as Virtu looks to add more big institutional investors. /jlne.ws/2DpWyuT ****SD: There were reports in early October that the two were in talks. Virtu announced its third quarter earnings today, too. Other sources with the ITG/Virtu news are Financial News, Barron’s, the WSJ, The Trade, and the Financial Times. Not Just Midterms: Investors Bracing for Packed November Calendar Amrith Ramkumar and Gunjan…

Virtu to Buy ITG in Almost $1 Billion Deal; CME’s Nex to apply for Dutch exchange licence John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff From Trading Technologies: “It is with sadness we share that Louise Moore, a London-based customer success manager at TT for the last five years, lost her 2-year battle with cancer over the weekend. Louise joined TT’s London team 7 years ago as a consultant after working as a manager at MF Global. She touched many people with her outgoing personality, big sense of humor and bravery. She worked in this industry for more than 20 years and made many friends. She will be deeply missed by those who knew her, especially her TT…

Virtu/ITG – Two great tastes; Tradeweb chief stokes M&A speculation; Rate worries JLN Options Newsletter,Newsletter,Options

Observations & Insight Monday Miscellany Spencer Doar – JLN Front month VIX futures are (still) trading higher than November VIX futures, albeit not my much (as of this writing). There was no episode of “The Spread” this past week. We are working on some special Spooktacular editions about the fear gauge. Stay tuned. John was in D.C. this past week. He attended Friday’s CFTC Technology Advisory Committee (“TAC”) meeting and shared his opinion on crypto. (His comments start at ~103:30, just after Gary DeWaal.) There is yet another hurricane threatening the U.S. – Michael strengthened to a Category 1 and…

Virtu Is Pursuing ITG Takeover; Speculative Hedge Fund Bets JLN Options Newsletter,Newsletter,Options

Lead Stories Virtu Is Pursuing Takeover of Investment Technology Group Nick Baker and Annie Massa – Bloomberg (SUBSCRIPTION) Companies have been holding recent discussions about a deal; Potential transaction would follow Virtu’s purchase of KCG High-speed trading firm Virtu Financial Inc. is seeking to acquire independent brokerage Investment Technology Group Inc. as pressure mounts for proprietary traders to branch out. /jlne.ws/2Qt0n4M ****SD: Wow. The consolidation trend marches on (potentially). Volatility likely to reach capital markets eventually, experts say Charles Tomlinson – SmartBrief Capital markets haven’t shown much of a response to economic volatility, but that is likely to change, panelists…

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…

Shortwave trading; “Quitaly” update; Warning bells Newsletter,Options

Observations & Insight OCC 2017 Interactive Annual Report OCC On behalf of the Board of Directors and my fellow colleagues at OCC, I am pleased to share with you our 2017 annual report. Over the past year, the team achieved a number of key milestones that position OCC for continued resiliency, innovation and growth while strengthening our role as an industry leader and market influencer. /goo.gl/9USqKf ****SD: I like the multi-media aspect of this report – videos with Walt Lukken, Bill Brodsky and more are included. Some numbers – $78.7 million refunded to clearing members; $15.2 billion held in clearing…

Papal comments; VIX settlement w/o the complaining; Barrier reverse convertibles Newsletter,Options

Observations & Insight Pope Calls Derivatives Market a ‘Ticking Time Bomb’ Sridhar Natarajan – Bloomberg Warren Buffett once called them “financial weapons of mass destruction.” Now Pope Francis, of all people, is taking aim at derivatives. /bloom.bg/2L65vKa *****SD: I thought Warren Buffett talking to Katy Perry about bitcoin was weird… But then again, I heard the pope was reading the new Dan Brown book “Disciples and Derivatives.” (Btw, he’s talking about credit default swaps, not derivatives markets overall.) Perhaps the oddest part from the so-called Holy See Press Office’s release, is the overuse of the qualifier “so-called.” There are four…