Cboe Global Markets’ Ed Tilly to Serve as Chairman of the World Federation of Exchanges
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced that its Chairman, President and CEO Ed Tilly has been appointed Chairman of the World of Federation of Exchanges (WFE), the global industry group for exchanges and clearinghouses (CCPs) around the world. Mr. Tilly was previously Vice Chairman of the WFE from 2018 to 2021 and began serving a two-year term as Chairman of the WFE on September 9.
***** Tilly follows in the footsteps of his mentor, Bill Brodsky, who also served as the chairman of the WFE. ~JJL
NYSE Arca Options to Get Upgrade
Anna Lyudvig – Traders Magazine
The New York Stock Exchange is planning to redesign and upgrade its NYSE Arca Options platform in November, Traders Magazine can reveal.
NYSE Arca Options is a hybrid exchange trading platform that combines an electronic system with an open-outcry trading floor in San Francisco.
Tim Reilly, Head of U.S. Sales and Relationship Management at NYSE, said that NYSE has an integrated core matching engine trading technology platform called NYSE Pillar that will enable member firms to connect to all NYSE equities and options markets using a standard protocol.
Debt Markets’ Eerie Calm Echoing 2007 Is Reason for Unease
John Authers – Bloomberg
When markets get dull, it is an old standby for financial commentators to say that they’re too quiet. But sadly, even that might not be true this time. Or at least, it’s not true of the remarkably steady advance of the U.S. stock market.
Bitcoin Could Eventually Collapse, Swedish Central Banker Warns
Ott Ummelas – Bloomberg
The governor of Sweden’s central bank compared buying and selling Bitcoins to trading stamps, questioning the staying power of currencies without government backing.
With GameStop earnings on tap, options traders bet on muted movesWith GameStop earnings on tap, options traders bet on muted moves 1
Saqib Iqbal Ahmed – Reuters
Options traders are expecting comparatively subdued moves in GameStop Inc shares around its earnings report, as the company that helped spark the so-called meme stock phenomenon prepares to report quarterly results on Wednesday.
The World Federation Of Exchanges Publishes First-Half 2021 Market Highlights.
The World Federation of Exchanges (“The WFE”), the global industry group for exchanges and CCPs, today published its first-half market highlights.
The data for the first half of 2021 confirms the growth trend that we observed at the end of 2020, with many indicators reaching record levels, particularly in the Americas. The roll-out of the Covid-19 vaccines, the additional stimulus packages approved by governments, the savings accumulated during the pandemic, and an increased confidence in the economic recovery boosted the markets.
MIAX Reports Record SPIKES Futures Trading on MGEX in August 2021, Daily Record Volume of 13,342 Contracts Traded on September 8, 2021
August 2021 Average Daily Volume of 3,904 contracts, up 144.7% over July 2021
MIAX , creator and operator of high-performance securities exchanges, products and services, today announced average daily volume (ADV) for SPIKES Futures in August 2021 reached 3,904 contracts, a new monthly record and representing a 144.7% increase over the 1,596 ADV in July 2021. In addition, SPIKES Futures volume on September 8, 2021 totaled a new daily record of 13,342 contracts.
MIAX Exchange Group – Moment of Silence on Friday, September 10, 2021
Please be advised the MIAX Exchanges will observe a one minute moment of silence at 9:20 A.M. Eastern on Friday, September 10, 2021 to honor 9/11 victims, survivors, and their families.
While trading will not be affected, we encourage our members and participants to join us in this silent tribute.
SGX welcomes Korea Investment & Securities Co as Derivatives Trading Member
Singapore Exchange (SGX) today welcomed Korea Investment & Securities Co., Ltd. (KISCL) as a Trading Member of its derivatives market.
Based in Seoul, KISCL was incorporated in 1974 as the first investment trust company in South Korea. KISCL provides financial services including securities dealing and brokerage services, corporate finance, asset management and investment trust.
Delta Exchange launches options trading for Solana and Cardano
Crypto derivatives markets are growing in popularity as traders seek strategic, short-term exposure to digital assets.
Crypto derivatives platform Delta Exchange announced Wednesday that it has launched futures trading on Solana (SOL) and Cardano (ADA), giving investors a new access point to the leading altcoins.
The initial rollout of SOL and ADA call and put options will have daily maturities, with weekly and monthly maturities to be made available at a later date.
Regulation & Enforcement
CFTC’s Berkovitz Plans to Leave Wall Street Regulator Next Month
Benjamin Bain – Bloomberg
Dan Berkovitz, a Democratic member of the Commodity Futures Trading Commission, will leave the Wall Street regulator next month.
Berkovitz’s exit, which he announced in a Thursday statement, will leave the five-person U.S. derivatives regulator with only two members. Rostin Behnam, another Democrat on the panel, is expected to be President Joe Biden’s pick to lead the CFTC. Dawn Stump, a Republican commissioner, is remaining in her seat.
CFTC Departure to Leave Five-Person Panel with One Republican, One Democrat
Paul Kiernan – WSJ
One of the three remaining members of the Commodity Futures Trading Commission said Thursday he plans to resign, leaving the five-person panel that regulates derivatives evenly split between one Republican and one Democrat.
Rival Systems Releases Real-Time Customer Portfolio Margin and Risk Based Haircuts
Rival Systems (Rival), an award-winning provider of trading and risk management software, today announced the addition of real-time Customer Portfolio Margin (CPM) and Risk Based Haircuts (RBH) to its enterprise risk platform. Rival’s fully hosted and managed solution is integrated with the OCC’s parameters and option valuations to accurately calculate margin based on start of day and current positions. Users can view real-time margin across all their accounts and set alerts to trigger when open, current or percent change in margin hit user defined thresholds.
L Squared Completes Acquisition Of Sterling Trading Tech; Sterling Trading Tech Is A Leading Provider Of Professional Trading Technology Solutions For The Global Equities, Options, And Futures Markets
Sterling Trading Tech
L Squared Capital Partners (“L Squared”) is pleased to announce the acquisition of Chicago, IL based Sterling Trading Tech (“STT” or the “Company”) from LLR Partners and other investors, a leading SaaS provider of financial technology for the global capital markets. The investment represents L Squared’s fourth platform investment in Fund III, a $505 million private equity fund that closed in September 2020. STT’s management also participated in the acquisition.
Robinhood Stock Is Under Fire. Here’s How to Play It Now.
Steven M. Sears – Barron’s
The party is over. Or maybe not.
At any given moment, the world’s most sophisticated trading firms, including Citadel Securities and Susquehanna Investment Group, are paying good money for orders from brokerages that cater to individual investors.
Some firms now pay as much as 40 cents per options contract, and fractions of a penny for stocks, to take the other side of trades. That allows brokerages like Robinhood Markets (ticker: HOOD) to charge zero trading commissions to their clients and many others to charge deeply discounted commissions.
GameStop Stock Drops as New CEO Fails to Wow Critics. Here’s What Happened.
Connor Smith – Barron’s
GameStop CEO Matt Furlong’s first earnings call since stepping into his role in June was a bit of a dud. It lasted eight minutes and didn’t do much to win over critics.
GameStop stock (ticker: GME) was down 1.5% at 1:05 p.m. after falling as much as 7.5% to $183.57 in Thursday morning trading following the company’s wider-than-expected net loss. That could change rapidly, as GameStop often swings based on nonfundamental factors like short seller activity, retail trader chatter, and options volume.
Opinion: Stock-market bulls are in control — but what a tight range for the S&P 500
Lawrence G. McMillan – MarketWatch
The S&P 500 index continued to trade at new all-time highs through Sept. 2, but has faltered a bit after Labor Day (in particular, after the unemployment report on Sept. 3). Still the trend of the SPX SPX, -0.37% chart is positive in that it remains above support and the moving averages are rising.
The advance since the last correction of any significance in mid-August has been strong and swift. That’s the good news. The bad news is that the only verified support level – at 4370 – is well below current prices. There might be support near 4460, but it has not been tested. For now, there is resistance at the all-time highs at 4545.
SGX Cares rolls out new Mini Challenge as fundraising gathers pace
New 5km event to serve as warmup to 18th annual Charity Run
SGX Cares is home to CSR pillars of Bull Charge, Outreach and Financial Literacy
Singapore Exchange (SGX) is introducing a new Mini Challenge running event for individuals and teams from its international network of corporate partners, as fundraising for SGX Cares Bull Charge beneficiaries gathers pace ahead of the annual Charity Run grand finale.
Whining From Crypto-Company Executives Has Got to Stop
Linette Lopez – Business Insider
The whining about financial regulation from crypto executives has got to stop. Not only is it a mind-bending display of entitlement, but it also never fails to demonstrate how little some of these individuals — seeped in the tech world — have bothered to learn about finance.
Take Brian Armstrong, CEO of Coinbase, for example. On Tuesday he took to Twitter to accuse the Securities and Exchange Commission of being “sketchy” for telling his company that it cannot issue a product that the regulator deemed a security, and for launching an investigation into the company.
Billionaire investor Leon Cooperman says if you don’t understand bitcoin, you’re old – and if you’re nervous about the world, gold is a better store of value
Shalini Nagarajan – Markets Insider
Billionaire investor Leon Cooperman told CNBC that people who don’t understand bitcoin are likely to be old, and said gold is a better store of value for those looking for a stable haven for their cash.
The Omega Advisors chairman noted that while veteran investor Barry Diller sees cryptocurrencies as a “con job,” he doesn’t know whether they are. Instead, he admits that he is in the dark about the digital assets.
VIX ETFs Climb As Investors Ponder A Stock Pull-Back Or Correction
Ian Young – ETF Trends
September has often been a challenging month for stocks. Over the last few days, volatility has been climbing as stocks have sold off, prompting some financial experts to ponder if this is the beginning of a stock correction or just another pullback.
“Perhaps,” said Nancy Tengler, chief investment officer at Laffer Tengler Investments.