Cboe Keeps Old-School Pit Alive With New Chicago Trading Floor

Jun 6, 2022

Observations & Insight

The Cboe opened its new options trading floor in the Chicago Board of Trade Building today. The new trading floor looks great and modern. It also has that iconic view north along LaSalle Street. It is nice to see open outcry make a comeback. I’m also willing to bet Ceres restaurant is happy to see the traders return. You can watch Ed Tilly’s speech and see the opening bell rung here. (shot from my cell phone so the quality is not great) ~JB

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Cboe’s Arianne Adams Brings The Outside Experience Into Cboe
JohnLothianNews.com

Arianne Adams, formerly Arianne Criqui, came to Cboe Global Markets after spending more than eight years at Goldman Sachs, so JLN asked her, How did watching the Cboe from the outside help you with your job?

Watch the video »

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XFA’s Bill Looney Talks Pandemic Changes In Markets To JLN At OIC 2022
JohnLothianNews.com

Bill Looney of broker XFA was interviewed by JLN at the 2022 Options Conference in San Antonio, Texas about how the firm responded to the pandemic and changes in the markets since March 2020.

Watch the video »

Lead Stories

Cboe Keeps Old-School Pit Alive With New Chicago Trading Floor
Katherine Doherty – Bloomberg
Cboe Global Markets Inc. is returning to its roots in Chicago’s financial district with the opening of a new trading floor.
The company moved its Cboe Options Exchange into a remodeled space in the Chicago Board of Options building. The 40,000-square-foot (3,716-square-meter) space, which opens Monday, gives market participants updated equipment and additional physical space to execute trades in the options market.
/jlne.ws/3mnqITX

Quant hedge funds reap windfall during 2022 market ructions; Computer-driven managers post biggest gains since financial crisis after ‘dead decade’
Laurence Fletcher – FT
Hedge funds that use powerful computers to run their portfolios are making huge profits in this year’s market turmoil, marking a resurgence for a sector trying to recover from a long stretch of weak performance. Trend-following hedge funds, which use mathematical models to try to predict market movements, had struggled for years in an era dominated by central bank bond-buying — a stimulus tool that suppressed much of the volatility on which they thrive. But the $337bn industry is now making its biggest gains since the 2008 financial crisis, according to data provider HFR.
/jlne.ws/3GZYMPp

Navigating Market Volatility
Barrons (Video)
Anik Sen of PineBridge Investments explains where he’s finding value amid market weakness and Katie Stockton of Fairlead Strategies offers key technical levels to monitor.
/jlne.ws/3GXYwk8

What Are Doom And Gloom Forecasters Missing?
Tom Aspray – Forbes
The stock market rally stalled on Friday as the positive monthly jobs report increased fears that the Fed’s efforts to lower inflation would be more difficult. Those who think we are already in a recession did not question the 1.63% decline in the S&P 500 but may have second-guessed their economic outlook.
/jlne.ws/3xn1ATD

Exchanges

Cboe Opens New Trading Floor, Begins New Era of Open Outcry
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today celebrates the grand opening of its new trading floor in Chicago at 141 W. Jackson Boulevard. Cboe’s new trading floor returns to the same space where it was founded in 1973 as the first listed options exchange in the U.S.
Cboe’s leadership team and associates, alongside members of the Cboe trading floor community and other industry guests, will gather on-site for a special celebration, including an Opening Bell ceremony at 8:30 am C.T. and a Closing Bell ceremony at 3:15 pm C.T., to commemorate the first day of trading on the new floor.
/jlne.ws/3xneNvx

Cboe Global Markets Reports Trading Volume for May 2022
CBOE
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported May monthly trading volume statistics across its global business lines.
/bit.ly/3Q5uW08

Miami International Holdings, Inc. Announces Confidential Submission of Draft Registration Statement Related to Proposed Public Offering
MIAX
Miami International Holdings, Inc. (MIH) today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The registration statement is expected to become effective after the SEC completes its review process, subject to market and other conditions.
/jlne.ws/2K3gU18

Miami International Holdings Reports May 2022 Trading Results; Multiple Exchanges Set New Volume Records
MIAX
Miami International Holdings, Inc. (MIH) today reported May 2022 trading results for its U.S. exchange subsidiaries – MIAX , MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Group™), and Minneapolis Grain Exchange (MGEX™).
/jlne.ws/2K3gU18

Tradeweb Reports May Trading Volume of $25 Trillion
MarketsMedia
Tradeweb Markets, a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, reported trading volume for May 2022. Total trading volume for May 2022 was $25.0 trillion (tn). Average daily volume (ADV) for the month was $1.19tn, an increase of 21.4 percent (%) year-over-year (YoY).
/jlne.ws/3MpqBBU

Regulation & Enforcement

Elliott Sues the LME For $456 Million Over Nickel Chaos
Alfred Cang – Bloomberg
Paul Singer’s Elliott Investment Management is seeking $456 million in damages from the London Metal Exchange over its decision in March to cancel billions of dollars worth of nickel trades after a massive short squeeze.
The move by the activist investor ratchets up pressure against the LME, which has been widely criticized for its handling of the crisis in nickel. The exchange is also facing a review by UK regulators, while the nickel market has been stuck in an extended limbo of low liquidity and volatility.
/jlne.ws/3MiUSC9

Moves

MEMX Brings Geralyn Endo and Ben Willet; Jorge Hendrickson and Mark McGoldrick to JonesTrading
Anna Lyudvig – Traders Magazine
MEMX has brought on two industry experts to aid in the build out of its new options exchange. Geralyn Endo will lead options sales efforts by managing client relationships and identifying new revenue opportunities. She joins the team from Cboe Global Markets, where she was VP, Global Head of Client Engagement, Data & Access Solutions. Ben Willet, formerly a Director of Operations, NA Equities at Cboe Global Markets, has joined MEMX as a Market Operations Analyst. He will be the first point of contact for options members, ensuring timely responses for all interactions. He will also be involved in monitoring exchange activity to mitigate operational risk.
/jlne.ws/3mlbj6p

Strategy

6 Monster Stock Market Predictions: CPI, Options Expiration May See Market Slide
Michael Kramer – Investing.com
The week of June 6 will feature the CPI report on June 10. Estimates are for CPI to have risen by 0.7% m/m vs. 0.3% last month and rise 8.3% y/y vs. 8.3% last month.
So there will be no material improvement in the inflation outlook for May. Core CPI is estimated to have risen by 0.5% m/m vs. 0.6% last month and 5.9% y/y vs. 6.2% last month, just a mild improvement.
/jlne.ws/3GSPEMk

Stock Market Outlook: Rebound to Extend If 3 Indicators Improve
Matthew Fox – Markets Insider
The S&P 500 has staged a 9% rally from its May 20 low, and now investors are wondering if this is just a bear market rally or a sustainable bounce that could ultimately end the current downtrend and lead to new highs in the stock market.
In a bid to guess what might happen next, Bank of America is monitoring three key technical indicators to gauge if the current stock market rally has more gas in the tank, according to a Monday note from analyst Stephen Suttmeier.
/jlne.ws/3MhPNdu

Miscellaneous

Male Executives Control 99 Times More S&P 500 Shares Than Women
Jeff Green – Bloomberg
Women account for about a quarter of the top executives at S&P 500 companies and they only control about 1% of the value of shares held among their fellow corporate leaders, new research shows.
/jlne.ws/3mpR1so

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