Lead Stories

Sprecher Has Tough Task Killing PFOF
Dan Collins – Dan Collins Report
In doing research for an upcoming post—on one of the previous periods trend following was declared dead—I came across a story in an old issue of Futures that relates to Intercontinental Exchange Chairman and CEO Jeff Sprecher’s recent declaration to end payment-for-order-flow (PFOF) on the exchanges he is acquiring.
http://jlne.ws/1aans4l

Options Traders See Junk Bonds Falling Further  
Kaitlyn Kiernan – The Wall Street Journal
High-yield bonds have taken a big hit in recent sessions, in a selloff that some options traders think will continue.
http://jlne.ws/11YymkC

S&P 50-day MA Key Level
Dan Collins – Dan Collins Rerport
Randy Frederick, Managing Director of Active Trading & Derivatives at the Charles Schwab Center for Financial Research, says last week’s sell-off in bonds and equities in response to Federal Reserve Board Chairman Ben Bernanke acknowledging that QE3 purchase will likely be pared back this year may provide a buying opportunity but he stresses caution.
http://jlne.ws/17AEJU8

A New Trio Of S&P 500 Overlay ETFs
NASDAQ
Is the ETF world ready for another pair of volatility overlay strategies? How about another covered-call strategy?
Ready or not, here they come. Three new funds launched Monday, all using the S&P 500 as a starting pointing and blending in derivatives to achieve a stated goal.
http://jlne.ws/17AGBMA

Videocast: Rally saps VIX momentum
optionMONSTER
http://jlne.ws/17AGhO4

U.S. Civil Charges Against Corzine Are Seen as Near
Ben Protess – Dealbook
Federal regulators are poised to sue Jon S. Corzine over the collapse of MF Global and the brokerage firm’s misuse of customer money during its final days, a blowup that rattled Wall Street and cast a spotlight on Mr. Corzine, the former New Jersey governor who ran the firm until its bankruptcy in 2011.
http://jlne.ws/11YwJDj

Wall Street Pay Set to Increase in 2013 
Aaron Lucchetti – The Wall Street Journal
June has been a turbulent month in the markets, but Wall Street is still on course for a strong year in pay, according to a new report by executive search firm Options Group.
http://jlne.ws/17AFgFE

Trading Technologies Becomes First ISV to Pass CME Europe Conformance
Press Release (TT)
Trading Technologies International, Inc. (TT) today announced it has become the first independent software vendor (ISV) to pass conformance with CME Europe, a new London-based futures exchange and wholly owned subsidiary of CME Group that is scheduled to launch September 9, 2013, pending regulatory approval. TT will provide “day one” access to CME Europe, which will offer trading of FX futures and other products through the CME Globex electronic trading platform.
http://jlne.ws/17AFPPV

Exchanges

European CEOs lock horns over NLX
FOW
Nasdaq OMX NLX’s chief executive Charlotte Crosswell, representing the first woman to appear on an leadership panel at the FIA IDX expo today, was immediately pushed to defend her platforms pricing model in today’s discussion writes Jonathan Watkins.
Eurex CEO, Andreas Preuss’ candid comments came on a panel which is sometimes rather reserved in their responses, as he questioned the motives behind those funding the NLX project.
http://jlne.ws/17AFufP

Here’s What The NYSE-ICE Deal Means For The CME Group
Trefis
The merger will make the combined entity the third largest exchange in the world, only behind Hong Kong Exchanges and Clearing Limited and the CME Group (NASDAQ:CME). [2] The deal will also provide ICE an opportunity to expand rapidly into the European derivatives market by exploiting the capabilities of NYSE’s LIFFE platform.
http://jlne.ws/11Yy7WI

ICE chief eyes local jurisdictions after EU approval
John Bakie  – The Trade
Chairman and CEO of IntercontinentalExchange (ICE) Jeffrey Sprecher said today his firm would focus on meeting guidelines in individual European states for its acquisition of exchange operator NYSE Euronext, after the deal received approval from the European Commission.
http://jlne.ws/11YwsQY

Exchanges Agree to Add Smaller Trades to U.S. Stock Volume Count
Sam Mamudi – Traders Magazine
The New York Stock Exchange, the Nasdaq Stock Market and the Financial Industry Regulatory Authority Inc. agreed on a plan to add odd lots to official records of daily trading in individual stocks and the overall market, Colin Clark, NYSE Euronext senior vice president and representative to the CTA Operating Committee, said in an e-mailed message.
http://jlne.ws/11YwYhS

Regulation

Regulator Criticizes Exchange Efforts on ‘Wash Trades’ 
Jamila Trindle and Jacob Bunge – The Wall Street Journal
A Commodity Futures Trading Commission official said Monday a new program by CME Group aimed at preventing illegal trades on the futures exchange needs more scrutiny.
http://jlne.ws/11YxtZd

Technology

Trading Community Looks To Big Data To Uncover Patterns of Abuse
Elliot M. Kass – Securities Technology Monitor
Heralding the next big thing in financial market enforcement, regulators, exchanges and trading firms are turning their attention from specific alerts of insider trading to identifying larger patterns of abuse.
http://jlne.ws/11YwBne

Goldman Sachs and Trading Technologies Enter into Global Software and TTNET Distribution Agreement
Press Release (TT)
Trading Technologies International, Inc. (TT) today announced that it has extended its existing software license agreement with Goldman Sachs. Under the new agreement, Goldman Sachs has added TTNET to its suite of futures trading systems offered to the firm’s institutional clients.
http://jlne.ws/1aanzNl

Strategy

How to Sell Fear — At a Profit 
Steven M. Sears – Barron’s
Investors are running scared, which means that you can sell puts on dividend stocks and pocket a big premium.
http://jlne.ws/14voFgu

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