| August 02, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
Contango CEO Clive Furness on AI, volatility, and ESG in the commodities space
JohnLothianNews.com
John Lothian News Correspondent Julie Ros caught up with Contango CEO Clive Furness right after he had moderated a panel at FIA IDX London 2023 called "The Great Debate." The debate was on the question of whether AI will spell the end of our markets as we know them. Furness said the two "fantastic" teams debated with much humor. The motion was defeated, meaning the house did not believe AI would end markets as we know them. Nevertheless, there are still important questions that need to be addressed, Furness said.
Watch the video »
| | | | | | Lead Stories | | | Wall Street's Biggest Bull Gets a Little More Cautious on the Stock Market
Teresa Rivas - Barron's
It seems that nearly every week another firm raises its target for the S&P 500, as the bull market charges on. If there's any chance of late-summer torpor, August is certainly the month for it, but the outlook remains fairly sunny.
The S&P 500 has climbed nearly 20% to 4,589 through the first seven months of the year, and plenty of market commentators expect more gains to come. Just this week, Citigroup said it expects the index to reach 5,000 by the middle of next year, and one well-known bear issued a mea culpa. The rally's path forward doesn't look that difficult, given stocks' recent momentum and the upbeat data behind it.
/jlne.ws/3Krnhbg
Stocks Are in a 'Slow-Motion Meltup' As Investors Jump Into Bull Market
Jennifer Sor - Markets Insider
Stocks are in a "slow-motion meltup," as investors start to believe that the bull market can last, DataTrek said in a note this week.
The research firm pointed to unusually low volatility in the stock market, with the S&P 500's current realized volatility gauge measuring at 0.8% over the last 100 days. That puts the benchmark index "solidly in bull market territory," as the bull/bear market line has held around 1.1% since April, according to DataTrek co-founder Nicholas Colas.
/jlne.ws/3KoYapy
US Crude Stockpiles Fall by Record Volume After OPEC+ Cuts, EIA Says
Devika Krishna Kumar - Bloomberg
US crude stockpiles plunged by a record 17.05 million barrels last week, in the latest sign of a tightening global market following output cuts by OPEC+.
American inventories are now at the lowest since January, US government data showed, a welcome sign for oil bulls who have been expecting tighter balances for months. Crude futures have recently rallied above $80 a barrel on the back of new production limits by Saudi Arabia and declining exports from Russia.
/jlne.ws/3KoLleQ
| | | | | | Exchanges | | | OCC Clears 877.9M Contracts in July 2023
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through July 2023 was 44.6 million contracts, up 9.9 percent compared to year-to-date average daily volume through July 2022. Total volume was 877.9 million contracts, up 18.3 percent compared to July 2022.
/jlne.ws/47dfdoh
CME Group Reports Second-Highest July ADV on Record; Strongest July ADV in company history for interest rate, agricultural and options products; SOFR futures and options continue strong ADV growth
CME Group
CME Group, the world's leading derivatives marketplace, today reported its July 2023 market statistics, reaching an average daily volume (ADV) of 19.9 million contracts during the month, the second-highest July ADV in company history. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3rN0uA2
Cash market sales statistics for July 2023
Deutsche Boerse Group
A trading volume of EUR 88.93 billion was achieved on Deutsche Boerse's cash markets in July (previous year: EUR 104.53 billion / previous month: EUR 106.02 billion). Of this, EUR 86.17 billion was attributable to Xetra (previous year: EUR 102.24 billion / previous month: EUR 103.15 billion), which means that the average daily Xetra turnover was EUR 4.10 billion (previous year: 4.87 EUR bn / previous month: EUR 4.69bn). Turnover on the Frankfurt Stock Exchange was EUR 2.76 billion (previous year: EUR 2.29 billion / previous month: EUR 2.87 billion).
/jlne.ws/45dFz7B
The Taiwan Futures Exchange Marks 25 Years: From Local to Regional and International
Tzu-Hsin Wu - Taiwan Futures Exchange
It has been a quarter of a century since the Taiwan Futures Exchange (TAIFEX) launched its first product - the TAIEX Futures contract. With Taiwan being the nexus of global supply chains, TAIFEX has grown from a local to a regional and international exchange, offering a wide range of equity, commodity and foreign-exchange futures and options trading around the clock. Over the past three years, over 300 million contracts have been traded annually on TAIFEX.
/jlne.ws/3rUWNsg
Xinhua: Shanghai bourse starts synthetic rubber futures trading
Shanghai Futures Exchange
Synthetic rubber futures and options were listed for trading on the Shanghai Futures Exchange on Friday, which increased the total number of futures derivatives listed in China to 120. In morning trading, 75,000 lots of the new futures changed hands, with a turnover of 3.99 billion yuan (about 559.3 million U.S. dollars).
/jlne.ws/3YgXAjo
| | | | | | Regulation & Enforcement | | | The Failed Promise of Unregulated Crypto
Chris Edmonds, Chief Development Officer, ICE - John Lothian News
Markets have short memories. Four years ago, ICE created a fully-regulated, physically-delivered crypto futures market, with institutional-grade custody provided by ICE's then-subsidiary, Bakkt. The custodian was regulated by the New York State Department of Financial Services - a license which is, rightly, not easy to obtain - and all crypto transactions were protected by our highly regulated clearing house. Why did we start here? The answer is simple. The history of markets shows that physically delivered commodities provide price signals and allowing such pricing to occur in a transparent manner with clear rules INCREASES consumer confidence.
/jlne.ws/3QqKwG7
***** Chris Edmonds is a stout defender of the performance of our current market structure and all the thoughtful time and effort that went into creating it.~JJL
Money Managers Run to File Ether Futures ETFs
Vicky Ge Huang - WSJ
Six asset managers have filed paperwork in the past week with the Securities and Exchange Commission for exchange-traded funds that track the ether cryptocurrency.
The rush of filings for futures-based ether ETFs came after the SEC staff told asset managers they are ready to review such filings, according to people familiar with the matter. An SEC spokesman declined to comment.
/jlne.ws/3YhxsF4
| | | | | | Technology | | | ION connects Tier 1 sell-side automated trading solution to Cboe Europe Derivatives; Users of the all-in-one solution will gain access to Cboe Europe Derivatives (CEDX) futures and options on single country and pan-European equity indices.
Annabel Smith - The Trade
ION and Cboe Europe Derivatives (CEDX) are set to expand Tier 1 banks and brokers' access to pan-European derivatives markets through a new collaboration. As part of the agreement, ION will provide direct access to CEDX via its cleared derivatives all-in-one automated trade workflow solution, XTP Execution, which offers Tier 1 banks and brokers integrated order management, connectivity and order execution.
/jlne.ws/3QhYtWU
| | | | | | Strategy | | | How to Bet on the Financial Industry With Options.
Steven M. Sears - Barron's
How much better can it get?
The high valuation and hot momentum that defines many stocks, and the broad market, is creating a conundrum for investors.
The S&P 500 index SPX - 1.39% is up about 21% this year, and a number of stocks are up more than 100% over the same period.
/jlne.ws/43TIUYs
Debt Downgrade
Cboe (Video)
In #Vol411, @JoeTigay lets us know that across the board, interest rates are rising, that the worst performing stocks today are growth companies, with the #Nasdaq Index down over 1.5% and more.
/jlne.ws/43N1z8o
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