Cboe at ‘Critical Inflection Point’

Nov 17, 2021

Lead Stories

Cboe at ‘Critical Inflection Point’
Ed Tilly, chairman, president and chief executive of Cboe Global Markets, said the exchange group is at a critical inflection point as it focuses on the strategic growth drivers of data and analytics, global derivatives and digital assets.
Tilly said: “We chose this time because we believe Cboe is at a critical inflection point in our next phase of growth. As we broaden our global footprint, we have an unmatched opportunity to evolve the CBOE network.”

Bill Hwang Made a Huge, Secret Bank Bet Before Archegos Collapse; His wager on a bank’s shares sent the price rocketing before the lender raised capital. Then Archegos imploded, taking the stock down too.
Sridhar Natarajan and Katherine Burton – Bloomberg
It’s a move that’s almost unthinkable even for Wall Street’s most maverick investors, for fear of landing in regulatory crosshairs. But buried in the billions Bill Hwang wagered and lost, the man behind Archegos Capital Management used derivatives to secretly build a more-than 20% stake in a U.S. regional bank, right under the noses of financial watchdogs, according to people with knowledge of the situation. That sent the stock on a wild surge, and when Archegos collapsed, a dramatic plunge.

Currency Traders Brace for Rocky Path to Central Bank Meetings
Libby Cherry and Vassilis Karamanis – Bloomberg
Higher volatility environment expected for FX into December
Cost of hedging euro-dollar climbs the most since March 2020
Foreign-exchange traders are betting on bigger price swings as markets attempt to second-guess the conclusions of a clutch of central bank meetings toward the end of the year.
The Federal Reserve, European Central Bank and the Bank of England will give monetary policy decisions within a mere 24 hours come mid-December. The cost of hedging against volatility in the euro against the dollar over the next month has already climbed the most this week since the pandemic struck in March 2020, and options markets suggest the moves are far from over.


Opening address of Loh Boon Chye, CEO, SGX at Singapore Capital Markets Symposium 2021
1) Good afternoon to our Guest-of-Honour, Mr. Ravi Menon, Managing Director of the Monetary Authority of Singapore and to all our guests – a warm welcome and thank you for joining us today. It is a busy week with many events, so we are grateful for your presence.
2) Several years ago, I shared my views in a commentary on how it was an ambitious but achievable task for Singapore to be a global technology hub, if all the wheels in the ecosystem were set in motion. Singapore has many things going for us and we are all part of the blueprint of success.

Regulation & Enforcement

The Basel III regulations and what do they mean for gold?
Though delays have set back the implementation of the regulations until at least 2023, when they come in, it could move the needle for gold prices.
Proactive Investors Australia
Global banking regulations are in the news, with the UK and the European Union recently announcing that they would delay the rollout of changes to the Basel III regulations until at least 2023.
The Basel III accord is the third in a series of recommendations for regulations in the banking sector across the globe, designed to mitigate risk within the sector by requiring banks to maintain leverage ratios and keep reserve capital on hand.


Hedge Funds, It’s Time To Do Some Real Activism
Anjani Trivedi – The Washington Post
Toshiba Corp is self-medicating with a dose of activism. Nice try, but the almost century-and-a-half-old company will need something a lot stronger.
After a run of accounting scandals, a near brush with bankruptcy and scathing findings earlier this year that Toshiba had worked with the government to block shareholders from exercising their rights, the storied Japanese conglomerate has come up with yet another way to reimagine itself and pacify investors. But the new plan, released last week, isn’t really what investors and shareholders had asked for, nor is it entirely in keeping with apologetic promises made in June this year.

Inflation and Market Volatility are Among Top Concerns of American Investors, According to New F&G Survey
Fidelity & Guaranty Life
Nearly three quarters of American investors (73%) are very or somewhat worried about inflation impacting their retirement, according to a new survey from F&G, part of the FNF family of companies and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients. The company’s second annual Risk Tolerance Tracker asked American investors1 how the events of the last six to nine months have shifted their views on risk.

12 Wines for Thanksgiving and Beyond; The characteristics that make a bottle great for the holiday work for just about any occasion. These wines not only taste good, they feel good.
Eric Asimov – NY Times
Thanksgiving is the most singular meal of the year for most Americans. It’s usually the biggest dinner party, with dishes cooked maybe once a year, often by many different people. It may also be the only day of the year when generally compartmentalized groups of family and friends blend together.

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