| December 14, 2022 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
MWE SHORT: Boris Ilyevsky - Growing Up with Options
JohnLothianNews.com
When Boris Ilyevsky joined the fledgling International Securities Exchange back in 1999, he had no idea what it would entail. He quickly learned that starting out at a startup meant wearing a number of hats - customer service, business development, technology and more. Sixteen years later, he is still with ISE, and in many ways the exchange still embraces the startup mentality. In this MarketsWiki Education talk, he takes us through the ins and outs of a startup and the Golden Rule of customer service. He also reminds us that, unless one is working at Pizza Hut, one should never answer the customer service line with the greeting "Pizza Hut."
Watch the video »
| | | | | | Lead Stories | | | CME Group's Micro WTI Options Volume Surpasses 100,000 Contracts Traded
CME Group
CME Group, the world's leading derivatives marketplace, today announced that Micro WTI options volume surpassed 100,000 contracts on December 13, 2022.
"Traders are facing unprecedented volatility as markets react to recession risk, OPEC and U.S production shifts, changing demand from China, geopolitical events and other factors," said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. "As a result, we are seeing an increase in demand for the flexibility and capital efficiency of our Micro WTI options to navigate uncertainty and express a view on how these variables could evolve. We are pleased that our Micro WTI futures and options continue to grow as market participants increasingly seek access to our global benchmark."
/jlne.ws/3HGSE13
Tether Hedge Fund Shorts Rise as FTX Reveals Crypto Cracks (USDT)
Annie Massa and Katherine Burton - Bloomberg
Before Sam Bankman-Fried was arrested in the Bahamas and charged with fraud this week, and before the demise of a $60 billion crypto ecosystem decimated digital asset lenders in May, there was the industry's original bogeyman: Tether.
A handful of hedge funds are now turning their focus back to the $66 billion stablecoin, which they warn could be the next crypto catastrophe â one that would make the implosion of Bankman-Fried's FTX exchange look small in comparison.
/jlne.ws/3WcKdOO
Stock Market Outlook: Market Will Be Gripped by Panic in Early 2023
Jennifer Sor - Markets Insider
Stocks will be gripped by investor panic and retest lows in the first half of next year, according to Evercore analyst Julian Emanuel.
Emanuel pointed to difficulties faced by stocks this year, which he describes as a "lazy river of volatility" down to the 3,600 level, when the S&P was down 25% year-to-date in June to cap off its worst first-half of the year since 1970. The benchmark index has rebounded since then, but equities are still in for more downside, as investors haven't yet seen emotional volatility, he warned.
/jlne.ws/3BYqCKP
Don't Get Too Excited Over One Good Inflation Report
John Authers - Bloomberg
Let's be clear: the US consumer price index report for November was good, better than expected and tended to confirm reasonable hopes that inflation is beginning to trend downward. After several very ugly upside surprises since the beginning of last year, it was reassuring indeed for prices to rise at a slower pace than economists forecsast.
/jlne.ws/3uNRol1
| | | | | | Exchanges | | | China financial futures exchange adjusts rules for new option product
Reuters
The China Financial Futures Exchange on Wednesday tweaked its trading limit rules to add a new product that will debut on Monday.
The options based on the SSE 50 Index (.CSI000016) will start trading on the exchange on Dec. 19.
/jlne.ws/3BAjPXq
CME Group Announces 2023 Annual Meeting Date
CME Group
CME Group Inc. (NASDAQ: CME), the world's leading derivatives marketplace, today announced it will conduct its 2023 annual meeting of shareholders at 10:00 a.m. Central Time on Thursday, May 4, 2023. Additional information will be provided in the company's proxy statement.
/jlne.ws/3hqlKa5
Societe Generale joins Spectrum Markets as market maker; The bank will act as a liquidity provider for the pan-European derivatives marketplace, in the latest move towards attracting retail investor flow.
Laurie McAughtry - The Trade
Spectrum Markets, a pan-European trading venue for securitised derivatives, today welcomes Societe Generale as its newest member, significantly increasing the available range of instruments for investors in Finland, Norway, Sweden and Spain.
/jlne.ws/3HABody
| | | | | | Regulation & Enforcement | | | SEC Set to Propose Rules That Would Squeeze Stock-Market Middlemen
Paul Kiernan and Alexander Osipovich - WSJ
Regulators are set to propose the biggest changes to U.S. stock-market rules since the mid-2000s, aiming to give small investors better prices on their trades and reduce some advantages enjoyed by high-speed trading firms.
The Securities and Exchange Commission is preparing to vote on four proposals, along with a separate final rule related to insider trading, at a meeting on Wednesday. If a majority of the SEC's five commissioners vote to issue the proposals, they will be open to public comment until at least March 31 before the agency can decide whether to finalize them.
/jlne.ws/3VWPhr2
Sam Bankman-Fried charged in one of 'biggest financial frauds' in US history
Stefania Palma, Joshua Chaffin, Joshua Oliver and Kadhim Shubber - Financial Times
Sam Bankman-Fried has been accused of engineering "one of the biggest financial frauds in American history" as US prosecutors filed criminal charges against the founder of failed cryptocurrency exchange FTX.
In an indictment unsealed on Tuesday, the US Department of Justice charged Bankman-Fried with eight counts including conspiracy to commit wire fraud on customers and lenders, money laundering and violations of campaign finance laws. Bankman-Fried, who was arrested in the Bahamas on Monday, faces years in prison if convicted.
/jlne.ws/3uLIkNr
| | | | | | Technology | | | ICE builds out low-latency trading connectivity in Asia
WatersTechnology
Intercontinental Exchange (ICE) is expanding its Ice Global Network in Asia with new access centers in Hong Kong, Shanghai, and Tokyo. These enhancements include ultra-low-latency access to local markets, including the Hong Kong Stock Exchange (HKEx), the Japan Exchange Group (JPX), and the Shanghai Futures Exchange (SHFE).
/jlne.ws/3BAODHj
| | | | | | Miscellaneous | | | Do You Get the Best Prices Trading Stocks?
Alexander Osipovich - WSJ
One morning in September, Phil Hanson clicked a button on his TD Ameritrade screen and sold 100 shares of Immunovant Inc.
It was among the millions of trades made by individual investors that day. The Houston resident's order didn't go to the New York Stock Exchange or Nasdaq Inc., where buyers and sellers haggle over the company's shares.
/jlne.ws/3PpNY1f
How to Do Fraud at a Futures Exchange
Matt Levine - Bloomberg
Here is how you run a futures exchange:
/jlne.ws/3uQZzNp
A framework for fraud: How FTX was a scam from the very beginning
Lukas I. Alpert - MarketWatch
When Sam Bankman-Fried launched his crypto currency exchange FTX in 2019, it was an immediate hit.
Building off the success of his proprietary trading firm, Alameda Research, he was soon attracting top venture capital investors and, more importantly, customers to his crypto derivatives exchange.
/jlne.ws/3hrw7um
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| | | Jeff Bergstrom
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