| July 30, 2024 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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CQG's Kevin Darby Discusses AI Innovations and Market Integration at Options Conference
JohnLothianNews.com
Kevin Darby, vice president of CQG, sat down with John Lothian News at the Options Conference in Asheville, North Carolina, for the JLN Industry Leader video series sponsored by the Options Clearing Corporation (OCC). JLN asked Darby about CQG's advancements and strategies in the realm of artificial intelligence (AI) and machine learning (ML) within the financial markets.
Watch the video »
| | | | | | Lead Stories | | | Hedge funds pile into euro systematic gamma selling; Range-bound rates markets in Europe entice hedge funds to sell short-dated straddle positions
Rebekah Tunstead - Risk.net
As a degree of certainty starts to emerge regarding the path of interest rates in Europe, dealers say hedge funds are increasingly willing to systematically sell rates volatility to take advantage of range-bound markets. Coming into the year, euro rates markets expected a series of cuts from the European Central Bank, but these only materialised on June 6 when the central bank lowered its policy rate by 25 basis points to 3.75%. Since then, two-year rates have remained between 3.4% and 3.05% and
/jlne.ws/3WkpH0q
India markets regulator proposes slew of measures to curb options trading frenzy
Jayshree P Upadhyay - Reuters
India's markets regulator on Tuesday proposed a series of measures to curb a trading frenzy in options, including raising the minimum trading amount by over three times, reducing the number of contracts expiring each week and hiking trading margins.
The steps, which follow an increase in tax on derivative transactions last week, are intended to curb the participation of retail investors in the options market and will have a significant impact on volumes, traders said.
/jlne.ws/4fohZLw
Hedge Funds Selling Industrials at a Record Pace, Goldman Says
Esha Dey and Natalia Kniazhevich - Bloomberg
Hedge funds are rapidly unwinding their bets in industrials stocks, and rotating into the corners of the market exposed to commodities, such as energy and materials, amid growing geopolitical risks and concerns about economic slowdowns in the US and China. Industrials was the most net-sold US sector last week, according to Goldman Sachs Group Inc.'s prime brokerage desk report. More strikingly, the risk unwinds in the group in total dollar terms since July 11 were the largest on record over a two-week period, the report said, noting that it points to "capitulatory behavior" in the space, Vincent Lin wrote in the note to clients.
/jlne.ws/3ActzJm
Ignore the Pain. Why the Tech Selloff Is a Sign of a Healthy Market.
Ian Salisbury - Barron's
It's been a rocky month for the stocks. While no one likes volatility, recent moves have helped right what has been a seriously out-of-whack stock market. The market's new, more stable posture could set up investors for further gains later this year.
/jlne.ws/3WszGRf
ETFs are eating the bond market; And changing its nature in the process
Robin Wigglesworth and Will Schmitt - Financial Times
At the start of the century, Barclays Global Investors launched a weird little fund in Canada, a backwater of global finance. Today, its myriad offspring are rewiring swaths of the $130tn bond market.
BGI's creation was an exchange-traded fund, which occupied a pretty exotic corner of the investment industry. ETFs had only been around for a decade and there were less than 90 in existence, with total assets of $70bn. But this was a niche product even for a niche industry: rather than some big stock market index, this ETF would track the Canadian bond market.
/jlne.ws/3zWzIt5
| | | | | | Exchanges | | | Abaxx Announces Post Abaxx Exchange Launch Investor Events
Abaxx
Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, announces participation in three upcoming investor-focused events:
/jlne.ws/3WHZiLi
| | | | | | Regulation & Enforcement | | | The CME Group member class action lawsuit has lost its judge, as the Honorable Celia G. Gamrath, Judge of the Circuit Court of Cook County, has been appointed by the Illinois Supreme Court to the First District Appellate Court. She is filling the unexpired term of Justice Mary Ellen Coghlan, who will retire effective August 31, 2024. Gamrath is running unopposed for this same position in the November election to fill the term that ends on December 2, 2024.
What this means is that the case will get a new judge. Gamrath struck the CME's motion for a summary judgment scheduled for September 17, 2024 from the schedule, as she no longer has control of the case as an Appellate Court judge.
This will cause months of delay for the case as a new judge is assigned the docket and gets up to speed on the cases, including this 10-year-old one. ~JJL
Short-Seller Andrew Left Pleads Not Guilty to Fraud Charges; Left's trial date over fraud allegations set for September
Tom Schoenberg and Maia Spoto (BLAW) - Bloomberg
Famed short-seller Andrew Left pleaded not guilty to US charges that he committed fraud, setting the stage for a high-profile legal battle over his strategies. Left on Monday made his first appearance in federal court in Los Angeles since being charged last week by the Justice Department. Prosecutors allege Left manipulated the market to benefit his trading and made false statements to investigators. If convicted, he could face decades behind bars. During a hearing that lasted about 40 minutes, Magistrate Judge Rozella Oliver imposed a $4 million bond with $1 million of it collateralized. She gave him until Aug. 5 to come up with the $1 million.
/jlne.ws/3WGQRjy
| | | | | | Moves | | | Fenics Market Data announced in its newsletter that Sean Smith will be joining the firm as managing director of business development and will be focused on developing relationships with FMX Futures clients while also advising on the index and benchmarking business. Sean most recently was with Qontigo and has had stops with FTSE Russell, CME Group (twice) and Eurex US. He began his career at O'Connor & Associates in the mid-1980s as a runner on the Philadelphia Stock Exchange. He later became an equity derivatives trader in New York on the NYSE and AMEX and also traded on the CME in S&P options and Eurodollars.
FMD also announced that Vernice Moh has joined the firm as managing director, head of sales for Asia Pacific. She will be based in Singapore. ~JJL
| | | | | | Strategy | | | Probability of Reaching Max Loss Using Iron Condors
tastytrade
If you want to trade like a tastylive trader, you have to learn how to talk like a tastylive trader. Sit down with Tom and Tony as they dish out and discuss popular trading topics that give you an edge when opening, closing and managing your trades.
/jlne.ws/3LNf3dM
| | | | | | Miscellaneous | | | What a Trump Presidency Could Mean for the Cryptocurrency Industry
WOLF Financial - The Street
In a notable shift from his previous criticism, former President Donald Trump has recently adopted a more favorable view of cryptocurrencies. This change could significantly impact the cryptocurrency industry if he were to return to office. Previously labeling digital currencies as a threat to the U.S. dollar and denouncing their volatility, Trump has now recognized their potential benefits. His new stance was highlighted in recent public speeches, where he discussed the innovation and opportunities digital currencies could bring to the financial system. This change of heart is significant as Trump spoke at the Bitcoin Conference last week in Nashville, TN.
/jlne.ws/4d247Fa
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