| June 24, 2025 | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| Observations & Insight | | | 
IEX Targets Adverse Selection in Options Market With Technology-Driven Approach
JohnLothianNews.com
PALM BEACH GARDENS, Fla. (JLN)-June 23, 2025 - IEX is leveraging its expertise in equity market structure to tackle adverse selection in the U.S. options market, aiming to empower market makers and improve pricing for investors, Ivan Brown, options business development lead at IEX, said at the 2025 Options Industry Conference.
Watch the video »
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| | | Lead Stories | | | ICE energy options latest to hit single day trading records
Radi Khasawneh - FOW
Intercontinental Exchange (ICE) has set energy options trading records, marking the latest highs from the US exchange as traders seek to hedge their positions against the crisis in the Middle East.
ICE on Monday hit a single day oil options volume high of 950,233 contracts, beating the previous record of 937,913 lots on June 13 and marking the second single day record this month, according to the exchange.
/jlne.ws/4nmSEWk
Oil Traders Piled Into Leveraged Bearish Oil ETF Before Rout
Mia Gindis and Alex Longley - Bloomberg
An exchange-traded product that profits when oil prices fall is on track for its biggest monthly inflow since 2023 as investors correctly wagered that crude's conflict-driven spike would prove short-lived.
The ProShares UltraShort Bloomberg Crude Oil ETF pulled in cash in eight of the last nine sessions for which data are available, putting it on track for a monthly inflow of $121 million, according to data compiled by Bloomberg. The fund seeks to return twice the inverse of the daily performance of its underlying index.
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Fear gauges slide after Israel-Iran ceasefire
Jamie Chisholm - MarketWatch
Investors are trimming bets on heightened volatility in equity and oil markets after Israel and Iran agreed to a ceasefire.
The Cboe Volatility index, or VIX, a measure of expected S&P 500 volatility, known as Wall Street's fear gauge, is down nearly 7% on Tuesday to 18.5.
/jlne.ws/4lkiKr1
Trump is on edge about the Israel-Iran ceasefire, but markets are celebrating
Jennifer Sor - Business Insider
President Donald Trump appears to still be on edge from the conflict that unfolded between Israel and Iran over the last several weeks, but the market appears eager to resume its rally toward record highs.
Trump said Israel and Iran had agreed to a ceasefire on his Truth Social account Monday evening - news that was welcomed by investors, even as the president fired off a series of posts on Tuesday urging Israel to stick to the agreement he brokered.
/jlne.ws/3HUuq5s
Wall Street has a short memory for global crises
Josh Schafer - Yahoo Finance
Rising tensions in the Middle East haven't shaken the stock market yet. Since Israel's missile strike on Iran on June 13, the S&P 500 is essentially flat. This includes a 1.0% rise on Monday in the immediate reaction to the US strikes on Iran from June 21 and Iran's subsequent retaliation. Futures tied to the major US stock indexes pointed higher on Tuesday too, amid hopes that a US-brokered ceasefire between Israel and Iran could lay the groundwork for a more permanent end to hostilities. Largely, strategists have argued that as long as their response doesn't imminently threaten to significantly spike oil prices, large pain in stocks isn't expected.
/jlne.ws/4k3Eqqc
BlackRock launches Texas ETF as state draws investor interest
Reuters
BlackRock said on Tuesday it had launched a Texas-focused exchange-traded fund, as the state gains traction as a rising hub of economic activity in the United States. The Lone Star State's low taxes, business-friendly policies and growing tech and energy sectors have attracted investors and asset managers looking to tap into its long-term growth potential.
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Private Funds for Retail Investors Jump to $350 Billion, Morningstar Says
Silla Brush - Bloomberg
Wealthy retail investors in the US piling into private credit are pushing the market for semi-liquid funds to about $350 billion and exposing themselves to new risks, according to a Morningstar Inc. report. The total market for semi-liquid funds has surged 60% since the end of 2022, according to Morningstar, which on Tuesday is unveiling new risk and volatility analytics for financial advisers to assess private markets.
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| | | Exchanges | | | Euronext Introduces Mini Options on German Stocks
MarketsMedia
Euronext introduces Mini Single Stock Options on German underlyings following the successful launch of Mini French and Dutch Options, further expanding its derivatives product offering and bringing innovation to the market.
/jlne.ws/3G7r5zy
Miami International Holdings Announces $40 Million Investment from Warburg Pincus to Support Global Expansion
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has obtained $40 million in incremental funding from Warburg Pincus, a leading global growth investor.
The proceeds were used to finance a portion of MIH's acquisition of The International Stock Exchange (TISE), a leading market in Europe for listing high yield bonds, structured finance products and securitization transactions. The investment provides significant support for MIH's global expansion as it executes on its strategy of building a diversified revenue stream across multiple geographies.
/jlne.ws/4kTrmoF
Cboe Global Markets Announces Date of Second-Quarter 2025 Earnings Release and Conference Call
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the second quarter of 2025 before the market opens on Friday, August 1, 2025. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET).
A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor Relations section of Cboe's website at ir.cboe.com under Events. The presentation will be archived on the company's website for replay. A replay of the recording is expected to be available two hours after the conference call ends. To listen to the live conference call via telephone, please dial (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and use the Conference ID 6775785.
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Big US banks expected to ace stress tests, boost dividends
Nupur Anand - Reuters
The biggest U.S. lenders are expected to clear the Federal Reserve's annual health check this year, showing they have ample capital that can be used to boost dividends, analysts said.
The results of the central bank's so-called "stress tests" on Friday will determine how much cash lenders would need to hold to withstand a severe economic downturn. A less strenuous methodology this year means banks will probably perform better and return more money to investors via dividends and share buybacks, analysts said.
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| | | Moves | | | Millennium selects hedge fund sales specialist for fixed income trading role; New appointment joins from Deutsche Bank and has also previously worked at Goldman Sachs.
Natasha Cocksedge - The Trade
Vicky Mok has joined investment management firm Millennium as a fixed income trader. The move sees London-based Mok leaving her most recent position as vice president of hedge fund sales at Deutsche Bank, which she had held from July 2022 to March 2025. Prior to her time at Deutsche Bank, she served at Goldman Sachs for more than seven years, and held the position of vice president of futures sales and trading from December 2020 to July 2022.
/jlne.ws/44gqWlc
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| | | Strategy | | | SPX Skew in the 99th Percentile High as Downside Risks Rise
Mandy Xu - Cboe
Following this weekend's strikes by the US, oil markets remain fairly stable as investors wait for Iran's response. WTI 1M implied volatility surged to as high as 68% last week before ending the week at 51%. The WTI 1M implied-realized vol spread has halved from a high of 30 pts to 14 currently, as fears of significant oil supply disruption have abated somewhat. Notably, US inflation expectations have barely budged on this latest jump in oil prices, in sharp contrast to the 2022 Russia/Ukraine invasion.
/jlne.ws/3ZKYJ4L
Two ETFs that have beaten value stock indexes with this simple approach; These funds steer clear of typical value metrics that are based on price ratios
Philip van Doorn - MarketWatch
Investors and money managers often assign stocks to value or growth camps. Value stocks tend to be those of mature companies that trade at relatively low ratios of price to earnings or to book value. Growth stocks tend to command a premium because the companies are expanding rapidly.
But there are different ways to select value stocks. It turns out that two of Invesco's exchange-traded funds that focus on companies that have been reducing share counts quickly by buying back shares have outperformed traditional value-stock indexes.
/jlne.ws/3Ib9Uxq
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| | | Miscellaneous | | | Star Trader Who Lost His Touch Bounces Back as Hedge Fund Coach; Danny Yong's pivot at Dymon Asia is beating returns at larger global peers.
David Ramli and Bei Hu - Bloomberg
For almost two decades, Danny Yong was a hedge fund star used to winning. After stints at global giants including Citadel and Goldman Sachs Group Inc., he co-founded his own firm that soon became a powerhouse in Asia. Double-digit returns were common in those heady days.
But in 2019, after three straight years of getting crushed by the markets, Yong was forced to answer two probing questions faced by many high-octane traders: Had he lost his touch? And was it time to quit?
/jlne.ws/46dMJwv
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