| | | July 15, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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 | | | Observations & Insight | | | 
Cboe's Saroukhanov Sees Retail Surge Driving European Equity Options Growth
JohnLothianNews.com
LONDON, UK-(JLN) - July 15, 2025 - Cboe Global Markets is seeing robust growth in equity options across Europe, fueled primarily by increasing retail participation, according to Iouri Saroukhanov, head of European derivatives at Cboe. Speaking with John Lothian News at FIA IDX in London, Saroukhanov highlighted recent platform enhancements, including the addition of new market makers and liquidity providers since June 1, which have contributed to rising volumes.
Watch the video »
| | | | Lead Stories | | | Tariff Threat Dismissed as Implied Volatilities Fall
Mandy Xu - Cboe
Implied volatilities fell across asset classes last week despite renewed trade headlines as investors largely shrugged off the new tariff threats. Credit volatility declined the most, with VIXIG index falling over 3 pts to 23bps vol, trading almost 1 std. dev. below its long-term average and screening as the cheapest cross-asset vol. All this is far cry from the last time President Trump threatened large-scale tariffs against US trading partners, when implied volatilities surged across asset classes following the "Liberation Day" announcement. The lack of a reaction this time shows investors have grown desensitized to tariff headlines and view this as just part of a negotiating tactic toward an eventual deal.
/jlne.ws/4nRIFs2
Jane Street deposits $567 million so it can resume India trading
Jayshree P Upadhyay - Reuters
U.S. high-frequency trading giant Jane Street, which has been accused of market manipulation by Indian authorities, has deposited $567 million in an escrow account so that it can resume trading in the country.
The Securities and Exchange Board of India (SEBI) barred the firm this month from buying and selling securities in the Indian market and put a freeze on $567 million of its funds. Jane Street was only to be allowed to resume trading if an equivalent amount was deposited in an account that gives the regulator rights over the money until its investigation is complete.
/jlne.ws/40W7Y2l
Investors seek protection from risk of Fed chief's ouster
Carolina Mandl, Matt Tracy and Gertrude Chavez-Dreyfuss - Reuters
President Donald Trump's renewed calls for Federal Reserve Chair Jerome Powell's resignation have prompted investors to protect portfolios against the risk of higher inflation, as a central bank more willing to lower interest rates could fuel price rises and make lenders demand higher compensation to hold bonds.
While a Fed chief more friendly to cutting rates could be mixed for equities in the short term, it would translate into a weaker U.S. dollar, increased volatility in the Treasuries market and higher longer-term rates, meaning more expensive borrowing costs for mortgages and corporate bonds.
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Citigroup Traders Post Bumper Haul on Trump's Tariff Upheaval
Todd Gillespie - Bloomberg
Citigroup Inc.'s traders rode the tariff-induced volatility in markets to their best second quarter in five years, with revenue buoyed by record trading volumes in the quarter. Revenue from the bank's fixed-income trading business soared 20% to $4.3 billion, beating the $3.9 billion predicted by analysts in a Bloomberg survey. Citigroup's stock traders hauled in $1.6 billion, also surpassing expectations, aided by a surge in prime balances to record levels during the period.
/jlne.ws/4ltY4NL
BlackRock's assets hit record $12.5 trillion on second-quarter market rally
Anirban Sen and Ateev Bhandari - Reuters
BlackRock's (BLK.N) assets under management hit a new high in the second quarter as global markets rallied on the prospect of trade deals and interest-rate cuts from the U.S. Federal Reserve, brushing aside earlier tariff-related jitters.
A robust labor market and hopes that President Donald Trump would ease some of his harsher trade measures pushed major U.S. indices to all-time highs through the end of June.
/jlne.ws/3GBWzht
Bitcoin is a volatility hedge, says market strategist
Bloomberg (Video)
Tally Leger, chief market strategist at The Wealth Consulting Group, says Bitcoin is doing exactly what it was built for, as it "functions as kind of a mitigating force or portfolio insurance and they did their job in the high volatility drawdowns" earlier this year.
/jlne.ws/4kE8CbK
| | | | Exchanges | | | Cboe Canada Welcomes Hamilton ETFs with Launch of Groundbreaking DayMAX Suite
Cboe
Cboe Canada Inc. ("Cboe Canada") is proud to welcome Hamilton Capital Partners ("Hamilton ETFs") as it's latest ETF issuer, with today's launch of the DayMAX suite of ETFs. Now listed and trading on Cboe Canada under the symbols QDAY, SDAY, and CDAY, the new ETFs offer access to Canadian and U.S. equities and are the first-ever Canadian ETFs to utilize zero days to expiration ("0DTE") options to provide income.
/jlne.ws/3IvBKon
Eurex Announces Changes to Its Executive Board
Eurex
Eurex announces changes to its Executive Board reflecting recent organizational changes. As of July 15, 2025, Matthias Graulich will join the Executive Board of Eurex Frankfurt AG. Graulich will continue to serve as a member of the Executive Board of Eurex Clearing AG, a position he has held since August 2014. Also, effective July 15, the Exchange Council appointed Graulich to the Management Board of Eurex Deutschland. The appointment of Matthias Graulich to the Executive Board of Eurex Frankfurt AG, in addition to his position on the Executive Board of Eurex Clearing AG, reflects his broader responsibility in the new organizational setup announced on March 31, 2025. Graulich leads the Global Products & Markets team at Eurex, covering all product and market development activities across trading and clearing and all asset classes.
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| | | | Regulation & Enforcement | | | FCA statement on market reforms and what's to come
FCA
We're making significant reforms to our capital markets, to maintain the UK's position as one of the most competitive and compelling places to raise capital and invest. Our capital markets power the nation's economic engine. They are the largest in Europe, while London is the second biggest financial services centre in the world. We have world-leading derivatives, debt issuance, foreign exchange and commodity trading sectors. We are second only to the US in asset management. Those strengths are why the UK is the world's largest net exporter of financial services.
/jlne.ws/4nKApKJ
Eurex Expands Global Index Derivatives Suite with First Futures on the MSCI Korea Index
Eurex
Eurex, one of the world's leading derivatives exchanges and part of Deutsche Börse Group, announces the launch of Futures on the MSCI Korea Index. With this launch Eurex provides efficient and cost-effective access to the Korean equity market, supporting international investors diversifying exposures worldwide on a single venue. Trading will start on July 14, 2025. Eurex is currently the only derivatives exchange outside of Korea offering access to a Korean equity index. As of June 30, 2025, Korea accounts for 10.73 percent of the MSCI Emerging Markets (EM) Index, ranking as the fourth-largest country allocation in the index, which captures large- and mid-cap representation across 24 EM countries.
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| | | | | | Strategy | | | Confirm and Send: Effective Strategies for Managing Options Trades
tastylive (Video)
In this episode of Tasty Live, the conversation centers on strategies for managing options trades, particularly vertical put spreads and strangles. Viewers ask about risk management, rolling positions, and maximizing profit potential. Tom and Tony emphasize the importance of closing trades before the close if they're not performing well and suggest that rolling options can be beneficial if it reduces risk. Overall, the discussion highlights the need for flexibility in strategy depending on market conditions and individual risk tolerance.
/jlne.ws/4lulDWD
IV Rank Your Market Opportunity Indicator
tastylive (Video)
Tom Sosnoff and Thomas discuss the significance of implied volatility rank (IVR) in options trading. Thomas presents his research, highlighting how a low IVR requires selling higher Delta puts for the same premium, increasing risk. In contrast, a higher IVR allows traders to capture premiums with lower risk by selling lower Delta puts. They advise traders to adjust position sizes based on IVR levels, emphasizing that IVR sets expectations rather than predicting outcomes.
/jlne.ws/4nRMe1t
| | | | Miscellaneous | | | Walleye, Former Trader Spar Over Hedge Fund's Non-Compete Terms
William Shaw, Nishant Kumar, and Hema Parmar - Bloomberg
Walleye Capital is feuding with a former top trader over his ability to form a new venture after he left the hedge fund earlier this year.
Geoff Tennican joined Walleye about 12 years ago and oversaw its volatility arbitrage business - a strategy linked to swings in asset prices - until his departure, according to his lawsuit in a California state court. Between 2020 and 2024, he estimates that his part of the business earned more than $500 million for Walleye, with profits exceeding $200 million in 2022 alone, making him one of its biggest earners.
/jlne.ws/4kJvneL
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