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Are Traders Creating a Bizarre New Feedback Loop?; Lies, Damn Lies, and Financial Statistics; ICE Clear Credit Expands Clearing for Global Financial Corporate Single Name CDS John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian It has been two years since Spencer Doar joined John Lothian News as an intern, then later becoming a full-time employee and integral part of the JLN Team. He has the second longest employment streak at the company of someone who is a Chicago White Sox fan. Not sure how that happened. Our survey prize went to Kevin Brennan of INTL FC Stone. Congratulations Kevin, I hope you enjoy your Amazon Echo. Thank you to all who participated in our survey. We greatly appreciate it. My friends at the Pathway to…

Staff for Florida regulators recommend continued gas hedging despite nearly $7 billion in losses; Reinventing the (Algo) Wheel; These Winning Positions Could Turn Into Market Migraines Newsletter,Options

Observations & Insight When it comes to web searches, more options than expected Spencer Doar – JLN When compiling the options newsletter, we check a variety of search terms, feeds and websites to get a picture of the day’s activity. Given the ambiguity of “options” as a search term (even with added modifiers), searches invariably pull in results that have no relation to options in a derivatives sense. And that isn’t the the only instance of disparate search yields. You might be familiar with the Office of the Comptroller of the Currency, or OCC, which can be slightly confusing in…

Uncovering the Secret History of Wall Street’s Largest Oil Trade; Cowen Group to Buy Brokerage Firm Convergex for $116 Million; Hedge funds square up most of their former record bullish position in oil Newsletter,Options

Observations & Insight March Marketshare via OCC ++++++ No Garfield Needed – A Good Case of the Mondays at CME Spencer Doar – JLN Yesterday was the first trading day for CME’s Monday weekly options on the S&P 500 and E-Mini S&P. The launch comes after the success of the Wednesday weeklies that were launched in September 2016 — now some 50-60k of the Wednesday contracts are traded daily. The CME debuted Mondays this month ahead of the French elections after seeing how much trading activity other political events of 2016 caused during off-hours. “What’s interesting is that even though…

Davidson Joins OCC as President and Chief Operating Officer; DTCC names Michael McClain GM, equity clearing; The Least Volatile Quarter On Record Since the 1960s Newsletter,Options

Observations & Insight OCC Moves Continue Spencer Doar – JLN The plan was for a Post-April Fool’s Day humorous bits and pieces for options, but then actual news just kept cropping up, so look for it tomorrow. What could be more important than pithy comments about the weird options-related search results? The fact that the rotation at the OCC continues! (And my mind is definitely on rotations as MLB is back.) Today, OCC announced that John P. Davidson agreed to become President and COO of the organization starting May 8. Davidson was on the OCC’s board of directors from 2002…

FASB Proposal Looks to Trim ‘Hedge Accounting’ Requirements; Rule volatility as Brexit countdown unsettles sterling; Asia Volatility Rises as Stocks Fall After U.S. Health-Care Flop Newsletter,Options

Observations & Insight Options exchanges resume routing to CBOE after connectivity issue Saqib Iqbal Ahmed – Reuters Several U.S. options exchanges, including those run by Nasdaq Inc (NDAQ.O) and the New York Stock Exchange, declared “self-help” alerts against CBOE Holdings Inc’s (CBOE.O) CBOE Options Exchange for a short time on Monday, signaling problems processing trades. reut.rs/2nfmSfn ****SD: While the CBOE alert yesterday said that “as of 9:08 a.m. CT, connectivity was re-established” all of the issues weren’t settled ’til around a quarter to 11 a.m. CT. When self-help is invoked against such a sizable entity as the CBOE… Let’s just…

US Options Volume Slips in February as Volatility Retreats Further ; ‘Crisis fatigue’ on show as hedging absent in face of stock shock; Suddenly, stock-market investors fear Trump will drop the fiscal-policy baton Newsletter,Options

Observations & Insight Getting The View From the Top By Jim Kharouf, JLN Today we begin our annual Exchange Leaders Series – video interviews shot at the FIA Boca 2017 conference last week. We unofficially led off with CME’s Terry Duffy before the conference (part 1 here and part 2 here). ICE Chairman and CEO Jeff Sprecher leads off our series with his thoughts about where the industry is going in terms of data and analytics. This is a company that has invested billions into the data and analytic space in the past few years, culminating with the $5.2 billion…

Markets calm in the face of March madness; For Once, the Fed Is Showing It’s Smarter Than the Markets; Politics Hedges Become Pain Trade for Europe Stock Investors Newsletter,Options

Observations & Insight Vision: What Richard Sandor Saw And Still Sees In Carbon Markets JohnLothianNews.com Richard Sandor has seen just about everything in his career as the “father of financial futures.” From creating the first interest rate futures contract to founding the Chicago Climate Exchange, he tells it all in his latest book, “How I Saw It: Analysis and Commentary on Environmental Finance”. He spoke with John Lothian News about just how far carbon markets have come since 1999. “It’s amazing to me, where we came from in the last two decades and during the period of this book, from…

OCC Educating Lawmakers on Potential Impact of Tax Reform on Listed Equity Options Market; Low VIX Got You Down? These Fear Gauges May Do the Trick; Does the CBOE takeover of BATS go against the spirit of MiFID? Newsletter,Options

Lead Stories OCC Educating Lawmakers on Potential Impact of Tax Reform on Listed Equity Options Market Craig Donohue – OCC Last November?s national election results brought dramatic change to Washington, D.C., not only in the White House, but also on Capitol Hill. One of the areas that OCC and the U.S. Securities Markets Coalition has been paying close attention to is the issue of comprehensive tax reform and its potential impact on the U.S. listed equity options markets. Over the past three years, policymakers from both parties have proposed a variety of financial product tax reform proposals that could impact…

Traders Pile On Long Positions As Nifty Hits Lifetime High; China to Allow Onshore Bond Buying via Hong Kong This Year; Oil at $40 No Problem as U.S. Drillers Snub OPEC With Hedges Newsletter,Options

Lead Stories Traders Pile On Long Positions As Nifty Hits Lifetime High Agam Vakil – Bloomberg The Nifty 50 index advanced 1.7 percent on Tuesday hitting a new lifetime high of 9,122 on an intraday basis and even managed to close above the 9,000-mark for the first time on record. The index, which was trading in a tight range for the last couple of weeks, soared to record highs after Prime Minister Narendra Modi’s party secured an impressive mandate in the country’s largest state. bit.ly/2n0dFu6 China to Allow Onshore Bond Buying via Hong Kong This Year Bloomberg China will allow…