| July 12, 2021 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
The Spread - July 9, 2021
JohnLothianNews.com
Chicago, a data destination; the SEC, Robinhood and payment for order flow; John Lothian weighs in with his take; Retail trading continues to percolate; and Cboe's Kevin Davitt explains the differences between equity and index options in the "Term of the Week."
Watch the video »
| | | | | | Lead Stories | | | Hedge funds took profits as U.S. oil price hit highest in more than six years
John Kemp - Reuters
Portfolio managers took profits on their bullish petroleum positions after OPEC+ failed to reach agreement on increasing production and U.S. oil prices hit their highest level since late 2014.
Hedge funds and other money managers cut their combined position in the six most important petroleum futures and options contracts by the equivalent of 63 million barrels to 877 million barrels in the week to July 6.
/reut.rs/3AU2CpH
Can Robinhood Ride the Bull?
WSJ
Robinhood, the commission-free meme-stock dream shop, is going public. There's talk of a bubbly $40 billion valuation. Woohoo! Plus, the company has announced that up to 35% of the new shares in the initial public offering are reserved for its own retail customers. Groundbreaking? I don't know. If Robinhood really is the future of Wall Street, why not take itself public and sell 100% of the new shares to retail customers? Who needs Goldman Sachs and JP Morgan ?
/on.wsj.com/3wuptoA
European stocks hit all-time highs but economic worries remain
Sruthi Shankar and Susan Mathew - Reuters
European stocks scaled new highs on Monday on broad-based gains, but worries about the pace of economic recovery made defensive sectors the best bid while travel stocks slumped with the Delta variant of coronavirus becoming dominant.
The pan-European STOXX 600 index rose 0.7% and hit 461.10, extending gains from Friday after a tumultuous week. Germany's DAX also briefly touched a new high of 15,806.900 before closing just below that level.
/reut.rs/3wzUh7o
Wave of Bullish Oil Bets Drives Big Price Moves
Hardika Singh and Amrith Ramkumar - WSJ
Hedge funds and other speculative investors recently pushed bets on rising oil prices to their highest level in years, a sign that one-sided positioning is sparking big moves in the world's busiest commodity market.
The ratio of bullish bets on U.S. crude to bearish wagers surged to 23-to-1 during the week of June 15, the highest level since the summer of 2018 and nearly triple the figure from five weeks earlier, Commodity Futures Trading Commission data show. While the ratio has edged lower in more recent weeks, it has stayed at levels considered elevated by many analysts and well above 6-to-1, where it started the year.
/on.wsj.com/3yQVokq
Crypto trading volume fell 43% in June following China's crackdown on the sector
Ethan Wu - Markets Insider
Lower prices and volatility sent cryptocurrency trading volumes sliding 42.7% in June as China booted miners out of the country and cracked down on crypto use broadly, according to a report from CryptoCompare.
The analytics firm found that trading volumes plunged to $2.7 trillion in a broad-based slowdown that hit all major crypto exchanges. The highest daily volume in June was down 42.3% from the equivalent peak in May.
/bit.ly/3hxNnLy
| | | | | | Exchanges | | | CME Group International Average Daily Volume Reached 5.1 Million Contracts in Q2 2021, Up 6% from Q2 2020
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced that its international average daily volume (ADV) reached 5.1 million contracts in Q2 2021, up 6% year on year.
/bit.ly/3i3gYvh
SGX reports market statistics for June 2021
SGX
Derivatives traded volume rises on increased risk-management demand; Secondary fundraising climbs to highest amount in a year; Singapore Exchange (SGX) today released its market statistics for June 2021. Derivatives total traded volume on SGX rose 5% month-on-month (m-o-m) to 18.9 million contracts, the highest in three months.
SGX's suite of pan-Asia benchmark equity derivatives climbed 4% m-o-m in June to 13.5 million contracts. This included a 14% m-o-m increase in SGX FTSE China A50 Index Futures to 7.9 million contracts and a 7% m-o-m gain in SGX Nikkei 225 Index Futures to 1.2 million contracts.
/bit.ly/3B3eupN
| | | | | | Moves | | | OCC CSO Mark Morrison Named as Top 100 CISO in 2021
OCC
OCC's Chief Security Officer, Mark Morrison, was recently named as one of the Top 100 CISOs (C100) in the United States by Security Current's CISOs Connectâ¢. The C100 recognizes leaders in cybersecurity across the private sector, government, and academia for their contributions to the industry, excellence in organizational protection, and support of the next generation of cyber professionals.
/bit.ly/2T6938h
Quantitative Trader (Job Posting)
Chicago Trading Company
We are seeking an experienced Quantitative Trader to join one of our highly profitable options market-making desks. Our trading teams require individuals that can marry trading intuition, quantitative research and technical acumen in order to capitalize on short and medium-term opportunities in volatility market making. This role offers an outstanding opportunity in leadership, strategy development and risk management in a team trading environment where collaboration and continuous improvement are greatly rewarded.
/bit.ly/3e8lec3
| | | | | | Strategy | | | Stay bullish and buy dips in the S&P 500 because it will keep grinding higher, says this strategist
Jack Denton - MarketWatch
The S&P 500 pushed higher on Monday, continuing from fresh records reached on Friday after a bumpy week of trading on Wall Street.
That grind higher should continue, with the blue-chip index heading for more highs ahead, according to financial newsletter The Kobeissi Letter in our call of the day.
/on.mktw.net/3hzmdUJ
Chinese and European Central Banks Have Cheered Up The Markets
Investing.com
Last week was quite unsettling for financial markets, but investor optimism is high at the beginning of the new week. US stocks closed mostly higher last Friday, and Asian indices rallied for relief in Monday's session.
The reasons for investor optimism are real: Major global central banks still maintain a soft stance and are prepared to step up support if the upside momentum wears off. For instance, last week, the Chinese central bank lowered its reserve requirement rate, a policy easing to support an economy that has started to show signs of slowing growth.
/bit.ly/3kb4WTE
| | | | | | Events | | | U.S. Tax Considerations for Listed Options Registration
onlinexperiences.com
You're invited to a live 70-minute webinar hosted by the Cboe Options Institute to explore U.S. Tax considerations for Listed Options, including a discussion of the outlook for possible legislative and regulatory initiatives that may impact the taxation of options moving forward. Join Matthew Stevens, David Kirk, Joe DeSipio, Roy Haya, and Matt Moran.
Continuing education (CE) credit available - This webcast is accepted for one hour of CFP , CIPM , RMA , CIMC , CIMA , or CPWA CE Credit for webcast attendees. CFA Institute members may self-document their continuing professional development activities in their online CE tracker.
Air Date: Wednesday, July 14, 2021
Start Time:12:00 pm ET
Duration: 70 minute Webinar and 15 minute Q&A
/bit.ly/3dmg1vm
Virtual Derivatives and Futures Law Committee Mid-Year Program [CC]
American Bar Association
Join us for the Virtual Derivatives and Futures Law Committee Mid-Year Program
Keynote Presentation - Wednesday, July 21 10:00 a.m. - 10:30 a.m. ET
Fireside Chat on Crypto and Fintech - Wednesday, July 21 10:30 a.m. - 11:00 a.m. ET
/bit.ly/3k91FEj
| | | | | | Miscellaneous | | | Wall Street Dealmakers Step Into Limelight With Windfall Nearing
Sonali Basak - Bloomberg
It's trading places all over again on Wall Street -- this time, on a multi-billion dollar scale.
Trading desks that last year raked in their biggest haul in almost a decade are expected to report a sharp drop in second-quarter revenue this week as life returns to normal and pandemic-induced market volatility fades. Meanwhile, on the ascent: investment bankers who are scrambling to keep up with a record deluge of deals, fueled by rebounding corporate confidence and free-spending private equity firms.
/bloom.bg/3hzquaL
Historic trend reverses as ETF fees head higher
Steve Johnson - Financial Times
Management charges for exchange traded funds have stopped falling, and in some cases started to rise for the first time, potentially signalling an end to a multi-decade trend of ever-lower fees.
A ferocious price war caused asset-weighted annual fees for US-listed ETFs to tumble 43 per cent to 19 basis points between 2012 and 2020, according to calculations by JPMorgan.
/on.ft.com/3wuKiQB
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| | | Jeff Bergstrom
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