| December 09, 2022 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Lead Stories | | | Options Traders Expect Next Week's Inflation Data to Rattle Markets
Eric Wallerstein - WSJ
Consumer-price readings have fueled market gyrations much of the year. Options traders think the next data release on Tuesday, Dec. 13 will be no different.
The options market currently implies a roughly 2.4% move for the S&P 500 and 3% swing for the Nasdaq Composite on Tuesday, according to Tom Borgen-Davis, head of equity research at market-maker Optiver. And if the print surprises Wall Street, the reaction is likely to be even more dramatic.
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Oil Swings to Loss After US Pipeline Outage Boosts Volatility
Devika Krishna Kumar and Alex Longley - Bloomberg
Oil tapped a fresh one-year low, finishing a volatile trading session where supply concerns following a pipeline outage sent prices soaring.
West Texas Intermediate fell to $71.60 in New York, the lowest since December last year, erasing earlier gains of as much as 4.8% where the price briefly surpassed $75. The Keystone oil pipeline, which can haul more than 600,000 barrels of crude daily from Canada into the US, was halted due to a leak, people familiar with the matter said. No timeline was given for its restart.
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Hedge Funds Lure Oil Traders With Seven-Figure Signing Bonuses
Devika Krishna Kumar - Bloomberg
The oil market's rollercoaster volatility is translating into multimillion-dollar signing bonuses for some of the traders who can stomach it.
This year, one oil trader scored a $5 million signing bonus after joining a multi-strategy hedge fund. It's far from the only massive number. Signing bonuses in the $1 million to $5 million range are becoming more common, though higher payouts are seen only in exceptional cases.
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Is the Bear Market Over? Stocks Need Just One More Big Drop.
Jacob Sonenshine - Barron's
Stocks may be putting this year's bear market behind them, but history indicates it may take one more downward jolt to end the debacle.
There is some positive news. The S&P 500 has gained about 10% from its lowest close of the year, hit in early October, but it is still down in the mid-teens in percentage terms from the record high it reached in early January. Stocks enter a bear market when they fall 20% from a high, and they are considered to have moved out of one with a gain of 20% from a low.
That means that while the index has made a comeback, it is still in bear territory.
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JP Morgan Asset Managers Buck Wall Street, Predict Stock Gains in 2023
Anil Varma - Markets Insider
The past few weeks have seen an ever-louder chorus of Wall Street pundits put forward an increasingly grim outlook for the economy and markets in 2023, as the fallout of an all-out war on inflation by central banks.
Wall Street banks from Morgan Stanley and Bank of America to Deutsche Bank have warned that US stocks could plunge next year, due to an economic downturn and liquidity risks fueled by the Federal Reserve's interest-rate increases. Goldman Sachs CEO David Solomon sees just a 35% chance that the US economy avoids a recession.
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Forget What You've Learned About Investing in the Last 20 Years; The volatility in stock markets is telling us the story of huge structural change - one that takes us back to an old normal.
Merryn Somerset Webb - Bloomberg
The Association of Investment Companies recently polled UK fund managers, asking them what sectors they expect to perform best over the next year and over the next five years. The top two answers over both time frames were energy (28% over 12 months) and information technology (21%). All the other sectors lagged far behind (11% said healthcare).
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| | | | | | Exchanges | | | Best in Biz Awards Honors OCC Corporate Communications as 'PR Department of the Year'
The Options Clearing Corporation
OCC today announced that its Corporate Communications team was named PR Department of the Year in the 12th Annual Best in Biz Awards, an independent business awards program judged by editors and reporters from top-tier publications in North America. OCC's Corporate Communications team consists of five individuals who work together to develop and implement OCC's corporate marketing and communications strategy, including external relations (brand awareness and public relations), internal relations (employee communication and engagement), social media, and creative/design.
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***** Congratulations to Michael Short and his team on a well-deserved honor.~JJL
China to launch SSE 50 stock index options trading from Dec 19 - regulator
Reuters
China securities regulator on Friday agreed China's Financial Futures Exchange to launch SSE 50 stock index options trading from Dec. 19, China Securities Regulatory Commission said in a statement on Friday.
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MIH Commemorates 10-Year Anniversary of MIAX Options Exchange
MIAX Press Release via Traders Magazine
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX ), MIAX PEARL, LLC (MIAX Pearl ), MIAX Emerald, LLC (MIAX Emerald ), Minneapolis Grain Exchange, LLC (MGEXTM), The Bermuda Stock Exchange (BSXTM), and Dorman Trading LLC announced today the celebration of the 10-year anniversary of the launch of MIAX Options with a ceremonial bell ringing at its Princeton, N.J. headquarters.
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CME Group Declares Annual Variable Dividend
CME Group
CME Group Inc., the world's leading derivatives marketplace, today declared its annual variable dividend, amounting to $4.50 per share. The dividend is payable January 18, 2023, to shareholders of record on December 28, 2022.
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Key takeaways from the Digital Assets Trading 2022 whitepaper
Eurex
Our recently published Digital Asset Trading 2022 Whitepaper, produced in partnership with Acuiti, surveyed 191 firms from across the market to learn more about institutional adoption of digital assets, the instruments they trade, and the opportunities and challenges of trading cryptocurrencies. Find out more about the report key takeaways:
1. Institutional adoption timelines have not been affected by recent volatility
Despite the extreme price declines of the crypto winter and the shock of the Terra-Luna collapse, institutions have not abandoned their interest in digital assets. However, these events, as well as the recent bankruptcy of FTX, are likely to strengthen existing trends toward adoption. One of the most popular methods among TradFi firms for gaining exposure to digital assets has been derivatives hosted on traditional exchanges.
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Keynote Speech by Loh Boon Chye, CEO, SGX Group, OMFIF Asia Forum 2022
SGX Group
Introduction 1. A very good morning to the OMFIF team and everyone here today. It is indeed SGX Group's pleasure to host the OMFIF Asia Forum in Singapore again and thank you for this opportunity to speak. 2. We last hosted this forum back in 2019 and so many unprecedented and unexpected events have happened around the world in just three years. 3. Prakash has provided very useful perspectives into the macro environment and global economic outlook.
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Euronext announces December 2022 quarterly review results of the MIB ESG Back
Euronext
Milan - 9 December 2022 - Euronext today announced the results of the quarterly review for the MIB ESG index, which will be implemented after markets close on Friday 16 December 2022 and will be effective from Monday 19 December 2022.
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| | | | | | Regulation & Enforcement | | | SEC should abandon its misguided and costly proposal for fund names
Susan Olson - Financial Times
Names can be a beginning, yet they can only describe so much. To make investment decisions, an accurate description of the product is far more important than the name alone. It's like choosing a movie based solely on its title: do you simply look at the name, or do you watch the trailer first?
For 20 years, the US Securities and Exchange Commission has required regulated funds to have a name that is not misleading. For example, funds with names that suggest specific types of investments, industries or geographic regions, such as "healthcare" or "Europe", must hold at least 80 per cent of their assets accordingly. This makes sense.
/tinyurl.com/yck54s9n
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| | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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Editor
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