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Goldman exits options market making; Historic volatility; SocGen struggles Newsletter,Options

Lead Stories Goldman Sachs to Withdraw From Part of U.S. Options Market Brian Louis – Bloomberg Will stop serving as a market maker on U.S. exchanges; Traders struggling with high costs, low volatility in options Goldman Sachs Group Inc. will stop serving as a market maker on U.S. options exchanges, following others in exiting that business amid high costs, sluggish volume and low volatility. /goo.gl/hxa23m ****SD: WSJ here. What’s the tech angle? More bronze than gold? Other “Goldman struggles” news from Reuters – Goldman taps energy execs in bid to turn around commodities unit Historic Volatility Recently Dropped Below 1.7…

HFTers adjust; “Low” VIX in context; Chinese firms rush to FX hedges Newsletter,Options

Lead Stories High-frequency traders adjust to overcapacity and leaner times Nicole Bullock – Financial Times Recalling the years around the financial crisis may still bring a shudder to many on Wall Street, but for high-speed traders 2008-2009 were pay dirt. The high-frequency trading industry was still in an early stage. Recent regulatory change, opening the way for competition, and computing advances had paved the way for its rapid development. As markets took fright through the crisis, there was plenty of price volatility and high volumes of asset dealings — the raw materials for any trader to make money. jlne.ws/2ydkdKX ****SD:…

VIX Hedging and College Sports; Convergex’s CEO Noll to Leave Firm; China Considers Changing Yuan Fixing Formula to Curb Swings Newsletter,Options

Observations & Insight Options Adoption: Growth Potential in the Advisory Space JohnLothianNews.com In this JLN video, Emily Sweet, senior analyst with Cerulli Associates, goes through some key findings from a study the firm conducted titled “How Financial Advisors Use and Think About Exchange-listed Options.” The study, sponsored by the Options Industry Council, surveyed 600-plus financial advisors who both use and do not use options on behalf of clients. Read the rest and watch the video » Lead Stories VIX Hedging and College Sports Matt Levine Bloomberg We talked on Wednesday about the CBOE Volatility Index, the VIX, which is an…

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…

Sectors Go Wild: S&P 500 Correlations Crumble; Clearinghouses Park Billions in New Fed Accounts; Yuan Options Most Bearish Since June as Traders See Sharper Drop Newsletter,Options

Observations & Insight Holiday Publishing Note Due to Thanksgiving, we will not be publishing this newsletter on Thursday or Friday. We will be back on Monday, albeit a few pounds heavier. A quick “Did you know?” about the holiday: Everybody has heard the old refrain that eating turkey makes people tired because of the amino acid tryptophan. However, turkey has pretty much the same amount of tryptophan as other meats and research shows that turkey doesn’t have any significant effect on drowsiness. In fact, simple overeating is the most common cause of post-meal lethargy. Tired or not, enjoy your Thanksgiving,…

John Lothian Newsletter: Swift CEO Expects More Hacking Surprises as Fix Is Years Away; Data Terminal anxiety as big banks cut costs; ICAP Lands Deal for Mainland China’s Yuan-Trading Platform John Lothian Newsletter,Newsletter

First Read Off to London and IDXBy John Lothian Doug Ashburn, Jim Kharouf and I and two interns are headed to IDX next week in London. We will be conducting video interviews from The Brewery and attending the conference there. Our schedules are filling quickly, but if you will be in London next week and would like to meet, please drop a line. My daughter Katherine and one of my Eagle Scouts, Tony Buscaglia, are the two interns. They are experienced travelers as both attended the World Scout Jamboree in Japan last summer. If you get a chance to say…

John Lothian Newsletter: Swift CEO Expects More Hacking Surprises as Fix Is Years Away; Data Terminal anxiety as big banks cut costs; ICAP Lands Deal for Mainland China’s Yuan-Trading Platform John Lothian Newsletter,Newsletter

First Read Off to London and IDXBy John Lothian Doug Ashburn, Jim Kharouf and I and two interns are headed to IDX next week in London. We will be conducting video interviews from The Brewery and attending the conference there. Our schedules are filling quickly, but if you will be in London next week and would like to meet, please drop a line. My daughter Katherine and one of my Eagle Scouts, Tony Buscaglia, are the two interns. They are experienced travelers as both attended the World Scout Jamboree in Japan last summer. If you get a chance to say…

John Lothian Newsletter: National Stock Exchange relaunches, aims to shake up U.S. industry; ASX eyes ‘blockchain’ for risk management of market trades; OPEC Sees Demand for Its Crude Oil Falling for Rest of Decade John Lothian Newsletter,Newsletter

First Read MF Global Advocate Koutoulas At Center Of Controversy Again By Mark Melin – Value Walk Until recently, the derivatives industry was most often ignored, overlooked and dismissed as too complex or arcane to warrant attention in the mainstream. For many who worked deep in the industry, this was just fine. They didn’t seek the limelight or public acclaim. But scandals such as the $1.6 billion disappearance of funds in the MF Global case and a stunning if oddball fraud and suicide attempt at Peregrine Financial Group (PFG) put the industry and its regulators into the limelight. Now that…

John Lothian Newsletter: World Leaders Meet in Paris to Overcome Divisions on Climate Change; Deutsche Börse to encourage hidden trades; Wall Street Group Pushes Trading of China’s Yuan in U.S. John Lothian Newsletter,Newsletter

First Read All Eyes on Paris, and…Singapore By JLN Staff All eyes are on Paris this week, site of the recent terrorist attacks, as the city hosts the COP21 climate change talks that only potentially hold the fate of the planet in their grip. Next week, the focus for the derivatives and trading worlds will shift to Asia, where the FIA will hold its FIA Asia conference. Our Editor-in-Chief Jim Kharouf will continue his 2015 globetrotting tour by heading to Singapore and to Hong Kong for the conference and some video production work. Jim just returned from Florida from the…