Your guide to the happenings in derivatives markets and trading since 2000
Featured Video
THE HISTORY OF FINANCIAL FUTURES EPISODE: GAME CHANGERS, PART II
JLN Options Newsletter
The Spread – July 30, 2021
Earnings season in full bloom; Options lead year-to-date derivatives volume; Robinhood’s IPO; John gets real with Get Real VR: Conflicting factors underpin volatility; Cboe cleared for fall European competition; and the Cboe Options Institute’s Kevin Davitt talks about vega in this week’s “Term of the Week.”
Lead Stories
The Spread – July 30, 2021
Earnings season in full bloom; Options lead year-to-date derivatives volume; Robinhood’s IPO; John gets real with Get Real VR: Conflicting factors underpin volatility; Cboe cleared for fall European competition; and the Cboe Options Institute’s Kevin Davitt talks about vega in this week’s “Term of the Week.”
The Complete 2021 MarketsWiki Education World of Opportunity Virtual Event & Additional Videos
The 2021 JLN MarketsWiki Education World of Opportunity was held on July 21 as a virtual event and featured an interview with Small Exchange CEO Donnie Roberts and an interview of and presentation from Get Real VR partner Ed Haravon.
John Lothian News Daily Update
The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.
John Lothian Newsletter
The Spread – July 30, 2021
Earnings season in full bloom; Options lead year-to-date derivatives volume; Robinhood’s IPO; John gets real with Get Real VR: Conflicting factors underpin volatility; Cboe cleared for fall European competition; and the Cboe Options Institute’s Kevin Davitt talks about vega in this week’s “Term of the Week.”
MW Page of the day
Secured Overnight Financing Rate (SOFR)
The Fed-backed Alternative Reference Rates Committee has endorsed a series of forward-looking term benchmarks created by CME Group based on SOFR, a replacement for Libor.
Lead Stories
The Spread – July 30, 2021
Earnings season in full bloom; Options lead year-to-date derivatives volume; Robinhood’s IPO; John gets real with Get Real VR: Conflicting factors underpin volatility; Cboe cleared for fall European competition; and the Cboe Options Institute’s Kevin Davitt talks about vega in this week’s “Term of the Week.”
The Complete 2021 MarketsWiki Education World of Opportunity Virtual Event & Additional Videos
The 2021 JLN MarketsWiki Education World of Opportunity was held on July 21 as a virtual event and featured an interview with Small Exchange CEO Donnie Roberts and an interview of and presentation from Get Real VR partner Ed Haravon.
Charles Farra – The Path to Electronic Trading Has Many Steps and Flights
For Charles Farra, there were many steps on the path to electronic trading that saw him start as a runner for Cargill Investor Services in 1981 and work his way up in the organization. He would serve the firm in Chicago, London and Tokyo during a time when new products and big markets led to incredible growth in the futures industry.
Cannabis shares pull back as U.S. regulatory momentum fizzles
Nasdaq IR Intelligence analyst Saleem Daya explains why the sector’s heated year-end performance cooled in Q2; cites rising yields, retail investor fatigue as action on U.S federal legislation remains stalled.
Options Continue to Lead Derivatives Volume Uptrend, but Q2 Lags, FIA Data Show
Global futures and options volumes continued to trend higher in the first half of 2021 compared to both 2020 and 2019, with growth largely driven by options trading, according to Futures Industry Association data released late Tuesday. Exchange-traded futures and options volume was up 32.1% compared with the total logged in the first six months of 2020, with 28.9 billion contracts traded in the first half of 2021.
John Lothian Newsletter
Today’s Newsletter
The Spread – July 30, 2021
Earnings season in full bloom; Options lead year-to-date derivatives volume; Robinhood’s IPO; John gets real with Get Real VR: Conflicting factors underpin volatility; Cboe cleared for fall European competition; and the Cboe Options Institute’s Kevin Davitt talks about vega in this week’s “Term of the Week.”
We visit more than 100 websites daily for financial news (Would YOU do that?)
Featured Video
THE HISTORY OF FINANCIAL FUTURES EPISODE: GAME CHANGERS, PART II
JLN Options Newsletter
Today’s Newsletter
The Spread – July 30, 2021
Earnings season in full bloom; Options lead year-to-date derivatives volume; Robinhood’s IPO; John gets real with Get Real VR: Conflicting factors underpin volatility; Cboe cleared for fall European competition; and the Cboe Options Institute’s Kevin Davitt talks about vega in this week’s “Term of the Week.”
Everything you need to know about Options Today
John Lothian News Daily Update
The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.
Yra Harris – Open Outcry Traders History Project – Part 2
In the early days of the Chicago Mercantile Exchange, economic opportunity was phenomenal, said CME currency trader Yra Harris. ”I used to say it was like Jed Clampett [the character in the old TV series “The Beverly Hillbillies” who struck it rich] shooting at the ground and hitting oil.” It was a booming business.
Yra Harris – Open Outcry Traders History Project – Part 1
Yra Harris was on a career track to become a college professor in the 1970s, earning a master’s degree in economics. But when he came home from school his parents gave him $250 for a suit and told him to go look for a job. He did, interviewing at Continental Bank, First Chicago and other banks, but he said he had “broader expectations,” as well as aspirations to go to Washington to work for a congressional committee. A family friend suggested he get an IMM (International Monetary Market) seat at the CME for $10,000, but it wasn’t until May 1977 that he got a membership.
Larry Abrams – Open Outcry Traders History Project – Part 1
Larry Abrams’ career started with a chance encounter on a ski lift which was prompted by a good deed. He and some friends helped to push a stranded car that was stuck during a blizzard in Park City, Utah. The next day on the lift line he was paired with the man whose car he had helped push out the night before, who happened to be an options market maker at the Cboe. By the time he got off the lift line, he knew that was what he wanted to do.
The Spread – July 23, 2021
Volatility makes a return appearance as the Delta variant jangles nerves; Treasury bond yields perk up; July options expire; John Lothian chats with Cboe’s Ed Tilly about a World of Opportunity; UBS and SEC reach a settlement; FIA Tech expands; and the Options Institute’s Kevin Davitt explains why contract size matters in the “Term of the Week.”
‘Weed Out the Dreamers’ to Make Hemp Sustainable
In a midyear update with JLN, PanXchange CEO Julie Lerner says the hemp industry needs to turn its focus to farm economics; sees continued promise in carbon credits.
Ed Tilly: Opportunities at Cboe Global Markets – MWE World of Opportunity
Cboe Global Markets Chairman, President and Chief Executive Officer Ed Tilly sat down with John Lothian News over Zoom for the MarketsWiki Education World of Opportunity series to discuss current opportunities at the Cboe as the exchange operator continues to expand globally. He also talked about how Cboe is responding to increased retail investor demand. He noted opportunities are still available on the trading floor and mused about what he would do if he were starting his career today.
Robin Wood – From Greenwood Project and University of Illinois to the NFA – World of Opportunity
Robin Wood found the Greenwood Project via a group chat while a student at the University of Illinois and that connection led to an internship and full-time position with the National Futures Association. Wood was interviewed by NFA communications specialist Joseph McCarthy in the offices of John Lothian News for the MarketsWiki Education World of Opportunity video series. She talks about the Greenwood Project and her experiences at NFA, including joining the futures regulator during a pandemic.
Andre Buckles: Working From Home – MWE World of Opportunity
Andre Buckles is the executive director of talent recruitment at the OCC. He spoke to John Lothian News for the MarketsWiki Education World of Opportunity video series about the work from home environment and how to make it work. He offered insights as an engaged worker in a remote working world. He spoke about six different ways to be engaged in a virtual environment.
The Spread – July 16, 2021
Options traders torn between higher Inflation and steady Fed policy; June market share up at MIAX; John Lothian talks about a World of Opportunity; SEC charges binary options shop with fraud; Moscow Exchange set to offer quarterly options on U.S. stock index futures; and the Options Institute’s Kevin Davitt talks about implied volatility in the “Term of the Week.”
Meaghan Dugan Cooks Up a Stellar Path to Electronic Trading
NYSE executive Meaghan Dugan always worked in kitchens as a youth and had dreams of becoming a famous chef. She even earned a degree in culinary science. However, instead of donning a poofy cap for a career as a chef, she pursued a career in the markets at the Pacific Stock Exchange and wore a colorful jacket.
Charles Farra – The Path to Electronic Trading Has Many Steps and Flights
For Charles Farra, there were many steps on the path to electronic trading that saw him start as a runner for Cargill Investor Services in 1981 and work his way up in the organization. He would serve the firm in Chicago, London and Tokyo during a time when new products and big markets led to incredible growth in the futures industry.
Cannabis shares pull back as U.S. regulatory momentum fizzles
Nasdaq IR Intelligence analyst Saleem Daya explains why the sector’s heated year-end performance cooled in Q2; cites rising yields, retail investor fatigue as action on U.S federal legislation remains stalled.
Options Continue to Lead Derivatives Volume Uptrend, but Q2 Lags, FIA Data Show
Global futures and options volumes continued to trend higher in the first half of 2021 compared to both 2020 and 2019, with growth largely driven by options trading, according to Futures Industry Association data released late Tuesday. Exchange-traded futures and options volume was up 32.1% compared with the total logged in the first six months of 2020, with 28.9 billion contracts traded in the first half of 2021.
Yra Harris – Open Outcry Traders History Project – Part 2
In the early days of the Chicago Mercantile Exchange, economic opportunity was phenomenal, said CME currency trader Yra Harris. ”I used to say it was like Jed Clampett [the character in the old TV series “The Beverly Hillbillies” who struck it rich] shooting at the ground and hitting oil.” It was a booming business.
Yra Harris – Open Outcry Traders History Project – Part 1
Yra Harris was on a career track to become a college professor in the 1970s, earning a master’s degree in economics. But when he came home from school his parents gave him $250 for a suit and told him to go look for a job. He did, interviewing at Continental Bank, First Chicago and other banks, but he said he had “broader expectations,” as well as aspirations to go to Washington to work for a congressional committee. A family friend suggested he get an IMM (International Monetary Market) seat at the CME for $10,000, but it wasn’t until May 1977 that he got a membership.
Larry Abrams – Open Outcry Traders History Project – Part 1
Larry Abrams’ career started with a chance encounter on a ski lift which was prompted by a good deed. He and some friends helped to push a stranded car that was stuck during a blizzard in Park City, Utah. The next day on the lift line he was paired with the man whose car he had helped push out the night before, who happened to be an options market maker at the Cboe. By the time he got off the lift line, he knew that was what he wanted to do.
The Spread – July 23, 2021
Volatility makes a return appearance as the Delta variant jangles nerves; Treasury bond yields perk up; July options expire; John Lothian chats with Cboe’s Ed Tilly about a World of Opportunity; UBS and SEC reach a settlement; FIA Tech expands; and the Options Institute’s Kevin Davitt explains why contract size matters in the “Term of the Week.”
‘Weed Out the Dreamers’ to Make Hemp Sustainable
In a midyear update with JLN, PanXchange CEO Julie Lerner says the hemp industry needs to turn its focus to farm economics; sees continued promise in carbon credits.
Ed Tilly: Opportunities at Cboe Global Markets – MWE World of Opportunity
Cboe Global Markets Chairman, President and Chief Executive Officer Ed Tilly sat down with John Lothian News over Zoom for the MarketsWiki Education World of Opportunity series to discuss current opportunities at the Cboe as the exchange operator continues to expand globally. He also talked about how Cboe is responding to increased retail investor demand. He noted opportunities are still available on the trading floor and mused about what he would do if he were starting his career today.
Robin Wood – From Greenwood Project and University of Illinois to the NFA – World of Opportunity
Robin Wood found the Greenwood Project via a group chat while a student at the University of Illinois and that connection led to an internship and full-time position with the National Futures Association. Wood was interviewed by NFA communications specialist Joseph McCarthy in the offices of John Lothian News for the MarketsWiki Education World of Opportunity video series. She talks about the Greenwood Project and her experiences at NFA, including joining the futures regulator during a pandemic.
Andre Buckles: Working From Home – MWE World of Opportunity
Andre Buckles is the executive director of talent recruitment at the OCC. He spoke to John Lothian News for the MarketsWiki Education World of Opportunity video series about the work from home environment and how to make it work. He offered insights as an engaged worker in a remote working world. He spoke about six different ways to be engaged in a virtual environment.
The Spread – July 16, 2021
Options traders torn between higher Inflation and steady Fed policy; June market share up at MIAX; John Lothian talks about a World of Opportunity; SEC charges binary options shop with fraud; Moscow Exchange set to offer quarterly options on U.S. stock index futures; and the Options Institute’s Kevin Davitt talks about implied volatility in the “Term of the Week.”
Meaghan Dugan Cooks Up a Stellar Path to Electronic Trading
NYSE executive Meaghan Dugan always worked in kitchens as a youth and had dreams of becoming a famous chef. She even earned a degree in culinary science. However, instead of donning a poofy cap for a career as a chef, she pursued a career in the markets at the Pacific Stock Exchange and wore a colorful jacket.
Tim Brennan Took the Leap to a New Frontier of Trading
Tim Brennan did not know what he wanted to do after graduating from a small liberal arts college with a degree in psychology. As with many other traders from this era, his mom had a friend who could get him a job as a runner at the Chicago Board Options Exchange.
Alex Lamb Aways Landed Amid Opportunity In Early Years Of European Futures Trading – Part 2
Alex Lamb pursued one opportunity after another in the burgeoning financial futures markets in Europe starting in the mid-1970s, then later with technology providers to markets around the world that migrated to electronic formats. After he hired Gary Kemp as a programmer to connect GMI and DTB and then develop a front-end screen that turned into Trading Technologies’ desktop offering, Kemp returned the favor and hired Lamb at TT.
Alex Lamb Always Landed Amid Opportunity in Early Years of European Futures Trading – Part 1
Alex Lamb wanted to be a helicopter pilot in the U.K. Royal Airforce. He never had the chance, but he strategically landed opportunity after opportunity in the banking, trading and related technology businesses during his long and varied career.
Lamb even helped launch the firm Trading Technologies, outlining to then contractor Gary Kemp what he wanted for a new electronic trading screen that would allow brokers to enter orders for multiple accounts and be able to track them more efficiently. That was the genesis of the screen that became Trading Technologies’ desktop offering.
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