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Tag Archives: WFE

WFE Response to “the Committees”; Robinhood aims for IPO JLN Options Newsletter,Newsletter,Options

Observations & Insight Friday’s Notes Spencer Doar – JLN President Trump indicated he is has another $267 billion worth of Chinese goods to add to the tariff list “if he wants.” In case you missed its publication in April, OCC President and COO John Davidson published A Decade After the Financial Crisis, These Lessons Can’t Be Forgotten. It’s worth a revisit now for obvious reasons. There have been plenty of stories about the financial crisis and its aftershocks to highlight this week, but the following – Millennials Are Sitting Out the Bull Stock Market by Barry Ritholtz for Bloomberg –…

VIX Isn’t Broke; CAT Privacy Bill; WMDs for next crash Newsletter,Options

Observations & Insight The State of Options Market Making in One Image; Happy 45th Anniversary of the Black Scholes Formula At the Options Industry Conference in Amelia Island, Fla., Trade Alert President Henry Schwartz gave his annual “State of the Industry” presentation. The presentation is always chock full of great graphs and information – the word cloud image above is always a favorite. In the picture, liquidity providers are sized according to their industry presence – the bigger the firm’s book, the bigger its name appears. Schwartz said Susquehanna is not sized to the same scale as the rest because…

Nandini Sukumar Explains the WFE’s Mission and Vision Feature,MWEd,Video,video

Nandini Sukumar took the reins as CEO of the World Federation of Exchanges in 2015. Under her leadership, the 57-year-old organization has been revitalized and its membership now represents more than 200 market infrastructure providers. She spoke with JLN’s Jim Kharouf about how WFE approaches key issues facing exchanges, clearing houses and other market participants. She said one of the organization’s main points of focus, now 10 years since the 2008 financial crisis, is maintaining trust in the exchange space. Produced by Mike Forrester    

The Future of Exchanges Will Feature More Collaboration, WFE Report Says Feature

Exchanges will have to spend more, share more and collaborate more in the coming years, according to a published report from the World Federation of Exchanges (WFE) and Oliver Wyman. The report, issued on Thursday at the 35th IOMA: The WFE’s Clearing & Derivatives Conference in Chicago focused on the recent trends for the exchange, CCP and market infrastructure providers since the 2008 financial crisis. It points out that five key themes will emerge in the coming decade: higher standards for market integrity; surveillance and supervision as both a regulatory function and customer service; broad industry cooperation and collaboration; near…

Frankfurt Is the Big Winner in Battle for Brexit Bankers; Robotic Hogwash! Artificial Intelligence Will Not Take Over Wall Street; Wall Street Profits by Putting Investors in the Slow Lane John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff Yesterday was a success for the MarketsWiki Education World of Opportunity at the Stuart School of Business at Illinois Tech in Chicago. We had six strong speakers who were appreciated by the audience of industry interns. Rick Cooper, a professor at IIT’s Stuart School of Business, talked about the importance of the markets for funding companies and ensuring fair prices, and how participants help the economy in general by driving out market inefficiencies. Tom Sexton, NFA CEO, said that without regulation from bodies such as his (and FINRA, and the CFTC, etc.)…

Chess Moves: Can Exchange M&A Really Make Shareholders And Customers Happy? Blog,Feature

I put CBOE’s John Deters on the spot. “Do you care about your customers, John?” I asked. “Yes, we care very much about our customers,” he replied. As chief strategy officer and head of multi-asset class solutions at CBOE Holdings, Deters really does care about them.  But that is a question end users often ask about exchanges today, especially as we look at the M&A activity in the stock, futures and options space. On a panel I moderated at the IOMA: WFE Conference in Frankfurt, we addressed the issue of consolidation with Deters as the lone exchange representative, Gedon Hertshten,…

ETFs Create Stock Markets That Are Both Mindless and Too Expensive, Study Says; Equity derivatives no longer dominate derivatives trade; One Very Big Strike Against Active Management John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian Healing wishes are in order for Cinnober Executive Chairman Nils-Robert Persson, who joined the club by undergoing knee replacement surgery. No word on whether he used a Nasdaq listed company’s joint hardware for the surgery. My presentation and panel for the Chicago Civic Federation at the Federal Reserve went well yesterday, though I could have been a lot sharper. The feedback was good, but my own grading was not high for my performance. I did learn a lot about government bankruptcy and the challenges faced by the City of Chicago and…

Dismantling Dodd-Frank May Have to Wait; How the Euro Could Break Up—or Be Saved; UK’s May defeated as lawmakers demand power to reject final Brexit terms John Lothian Newsletter,Newsletter

First Read More power to ’em: Nodal acquired by EEX Spencer Doar – JLN The UK doesn’t want ICE to have Trayport. The LSE/Deutsche Boerse deal looks dead in the water. But in one neck of the exchange woods ó power ó all parties appear happy. Last Friday, the energy exchange EEX (part of the Deutsche Boerse empire) agreed to buy the U.S. based Nodal Exchange in an all-share deal, instantly turning the franchise global. /goo.gl/CxWwSC **JK: Our interview with Paul Cusenza about Nodal and EEX. ++++ Playing With No Reserves Sean Brown – YCharts Working at a startup or…

Hedging demand perks up even as volatility craters; Derivatives market is short of a $3.7tn lifeboat; Trapped China Cash Breathes Life Into Hong Kong Yuan Banking Newsletter,Options

Lead Stories Hedging demand perks up even as volatility craters Saqib Iqbal Ahmed – Reuters Soaring U.S. share prices and plunging market volatility measures may paint a picture of optimism, but there are signs in the equity options market that investors have started to question how long this goldilocks period can last. jlne.ws/2lvZDxd Derivatives market is short of a $3.7tn lifeboat John Dizard – Financial Times For institutions that use derivatives, collateral put up by their counterparties provides the same reassurance lifeboats do on a ship. Unfortunately, for all the post-crisis reforms, it would appear that we are a couple…