 | | | | | | | | January 17, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | Editor's Note: JLN Options will not be published on Monday, January 20, in observance of Inauguration Day and the Martin Luther King Jr. holiday. We will be back on Tuesday, January 21. Have a great weekend! ~JB
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In exchange technology news, Cboe Global Markets has introduced Cboe Titanium (Cboe Ti) as the new brand for its exchange technology platform, reflecting its strength, resilience, and innovation. Cboe Ti powers the company's global options, equities, and futures markets and is set to complete its technology migrations by mid-2025, unifying all operations under a scalable, globally consistent platform. Designed for efficiency and flexibility, Cboe Ti allows the development of features and products that can be deployed globally while being locally optimized. In 2024, amid record trading volumes, Cboe maintained 99.9% uptime across all platforms and launched enhancements like Dedicated Cores, reducing latency by 60%. ~JJL
| | | | | | Lead Stories | | | Seagull to albatross: Indian importers' option strategy hit by rupee's plunge
Nimesh Vora - Reuters
For nearly two years, Indian importers flocked to a commonly used option strategy to hedge their forex risks amid the rupee's tranquillity, but a precipitous slide in the currency's value recently and a surge in its volatility have left them exposed.
This strategy, called the 'seagull', allows an importer to hedge their future dollar payments for a lower cost than a regular forward contract but does not lock in a predefined rate, leaving them exposed to any sharp currency declines.
/jlne.ws/4heYzbS
Trump plans to designate cryptocurrency as a national priority
Stephanie Lai and Olga Kharif - Bloomberg
President-elect Donald Trump is planning to release an executive order elevating crypto as a policy priority and giving industry insiders a voice within his administration, according to people familiar with the plans. The order is expected to name crypto as a national imperative or priority - strategic wording intended to guide government agencies to work with the industry, according to people familiar with the matter. It is also slated to create a crypto advisory council to advocate for the industry's policy priorities, said the people who requested anonymity to discuss an executive order that is not yet public.
/jlne.ws/3E1datp
'Regime shift' in market volatility likely underway, according to Cboe's Mandy Xu
CNBC (Video)
Mandy Xu, Cboe Global Markets head of derivatives markets intelligence, joins 'Fast Money' to discuss what she expects volatility to look like in 2025.
/jlne.ws/3E3swO8
Litecoin ETF Draws Near as Nasdaq Files Form Key to SEC Approval; Exchange files 19b-4 with Canary Capital for Litecoin ETF; Filing gets things 'rolling downhill with the SEC,' BI says
Isabelle Lee - Bloomberg
Nasdaq and Canary Capital Group submitted new filings to the US Securities and Exchange Commission this week that are key to gaining the regulator's approval for a spot Litecoin ETF. A so-called form 19b-4, required to be filed by the exchange that would list the fund, was submitted on Wednesday, shortly after an updated registration application known as an S-1 was filed by Canary, a new digital asset-focused investment firm. The SEC must sign off on both before an ETF can start trading.
/jlne.ws/3PGh4uo
A U.S. Hedge-Fund Star Wants to Rescue British Investors. They Should Thank Him and Leave; Saba's Boaz Weinstein has sparked controversy by trying to get control of seven underperforming trusts
Jon Sindreu - The Wall Street Journal
Will American money save or ravage Britain's beleaguered closed-end fund industry? As an acrimonious battle rages in the City of London, maybe the real question is whether it should be saved at all. The controversy has been sparked by Boaz Weinstein, founder of New York-based hedge fund Saba Capital Management, whose long-held passion is investing in closed-end funds.
/jlne.ws/4jmZE3c
Trump's Economic Plans Could Cause Inflation: IMF Chief Economist
Daniel AVIS - Barron's
Donald Trump's economic plans risk reigniting US inflation, International Monetary Fund (IMF) chief economist Pierre-Olivier Gourinchas told AFP, a few days before the president-elect returns to the White House.
Trump's proposals to hike tariffs and curtail immigration would likely constrain the supply side of the economy and push up prices, Gourinchas said in an interview.
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| | | | | | Exchanges | | | Wrapping Up 2024 with Cboe's Associate Resource Groups
Cboe
At Cboe, Associate Resource Groups (ARGs) are central to fostering a culture of inclusiveness and belonging. In 2024, our ARGs grew, celebrated holidays and hosted educational events to spread awareness and foster a dynamic workplace. Our ARGs: Cboe Women's Initiative, Male Allyship, Women in Tech, Cboe V.E.T.S., PRISM+, APIN, Cboe Unidos, BEAM, Cboe Earth and newly added SAGE continue to evolve as we head into 2025.
/jlne.ws/3PEdwIL
Shanghai International Energy Exchange has released its Circular on Market Maker Applications for Futures and Options Products
Shanghai Futures Exchange
Shanghai International Energy Exchange has released its Circular on Market Maker Applications for Futures and Options Products as follows: To improve the functioning of the futures and options markets, and better serve the real economy, the Shanghai International Energy Exchange ("INE") now accepts applications for new market makers for relevant INE futures and options products in accordance with the Market-Making Management Rules of the Shanghai International Energy Exchange. Details about this application are as follows:
/jlne.ws/40dem4g
Index Industry Association Appoints Kirsten Wegner as New CEO
Index Industry Association
The Index Industry Association (IIA), serving as the global voice of independent index providers, today announced the appointment of Kirsten Wegner as its new Chief Executive Officer. Wegner succeeds Rick Redding following his retirement after thirteen years as the IIA's CEO since its founding in 2012. In this role, she will work with the IIA's 17 member firms and its Board of Directors to set high level strategic direction, lead the IIA's public policy and communications initiatives, serve as an index industry spokesperson and represent the IIA in front of policy makers, regulators, investors and other key industry stakeholders.
/jlne.ws/3WgRhMH
| | | | | | Strategy | | | Traders Say Ignore the Daily Trump Noise, Focus on the Long Term; Traders focusing on the stock upside of pro-growth agenda; Optimism shadowed by uncertainty about details of new policies
Esha Dey, Bailey Lipschultz, and Carter Johnson - Bloomberg
Wall Street traders know what to expect from Donald Trump's White House return: policy shifts rolled out in late night social-media posts, threats to trading partners, and plenty of market volatility. What they're less sure about? How to predictably gin up quick profits by seizing on it all. Take last week. On Jan. 6, traders bid up S&P 500 futures and drove down the dollar after the Washington Post reported that Trump's aides were considering rolling back his tariff plans. The opportunity, though, fizzled nearly as quickly as it emerged when Trump shot the story down just before the stock market's open.
/jlne.ws/4alS58V
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