Commentary

John’s Take: Why I hate Chuck Mackie and Thoughts on FTX’s CFTC Request

John’s Take: Why I hate Chuck Mackie and Thoughts on FTX’s CFTC Request

I have a love/hate relationship with Chuck Mackie. I love him because he is a great guy, good citizen and cheerful practitioner of solving the world’s problems with market based solutions. I hate him because he really knows how to make me work, and work hard. Don’t worry, there are others on this list too (Hello Barbara).

On Thursday Chuck emailed me and asked when I was going to write a comment letter for the FTX request to the CFTC for LedgerX LLC, doing business as FTX US Derivatives, “to amend its order of registration as a DCO to allow it to modify its existing non-intermediated model.”

John’s Take – Hitesh Mittal of BestEx Research on Payment for Order Flow

John’s Take – Hitesh Mittal of BestEx Research on Payment for Order Flow

This week comedian and TV star Jon Stewart shined a big bright light on the subject of payment for order flow in equities trading on an episode of his show, The Problem with Jon Stewart. While his take is always entertaining and sometimes impactful, I wanted to share with you another source that has also looked at the subject.

Hitesh Mittal and Kathryn Berkow of BestEx Research released a paper last year titled “The Good, The Bad & The Ugly of Payment for Order Flow” that looked at the impact of the practice on institutional investors.

New Non-Price Oriented Risks to Manage: Covid and Cancer

New Non-Price Oriented Risks to Manage: Covid and Cancer

This newsletter is all about managing non-price oriented risks. I used to have a lot of trading related risks when I was an online futures broker and actively managing money as a Commodity Trading Advisor. Today I have different kinds of non-price oriented risks to manage, ones that would fall into our Wellness Exchange section: COVID-19 and cancer. 

Suzanne Cosgrove Accepts New Role, Leaves JLN for PR Agency; Alex Perry Promoted from Intern to Associate Editor

Suzanne Cosgrove Accepts New Role, Leaves JLN for PR Agency; Alex Perry Promoted from Intern to Associate Editor

JLN Deputy Managing Editor Suzanne Cosgrove gave her notice to John Lothian News and accepted a position with Purpose Brand, a woman-run, Chicago-based PR, brand, and digital marketing company that’s all about diversity and inclusion and seeks to expand its coverage of financial firms. She leaves JLN at the end of the year and starts her new position on January 3, 2022.

U.S. Growth Slows, But Tesla Options Rev Up; Cboe Goes Nanos For Retail; John’s Take Previews Expo; Strategizing with Butterfly Spreads – The Spread – October 29, 2021

U.S. Growth Slows, But Tesla Options Rev Up; Cboe Goes Nanos For Retail; John’s Take Previews Expo; Strategizing with Butterfly Spreads – The Spread – October 29, 2021

– The U.S. economy sputtered to a 2% growth rate in Q3, but Tesla traders are unfazed; Cboe expands S&P 500 Index options offerings for retail with smaller options; ethereum gets a boost from new ETF expectations; 
– John’s Take previews next week’s in-person return of FIA Expo;
– Catching up with long butterfly spreads in the Term of the Week with Jermal Chandler.

Crypto Steals Headlines With Cboe-ErisX Deal, U.S. Bitcoin ETF; John’s Take Connects With ICE Mortgage Tech;  A Look at Cash-Secured Puts – The Spread – October 22, 2021

Crypto Steals Headlines With Cboe-ErisX Deal, U.S. Bitcoin ETF; John’s Take Connects With ICE Mortgage Tech; A Look at Cash-Secured Puts – The Spread – October 22, 2021

– Crypto edges into the mainstream with Cboe-ErisX acquisition announcement, first-ever bitcoin U.S. ETF debut; SEC’s GameStop study a reflection without regulation;
– John’s Take reviews the data-driven mortgage experience with ICE Mortgage Technology;
– Are you bullish on a stock? The Term of the Week looks at a cash-secured put strategy with Jermal Chandler.

Analysis: What Can We Learn From the DOJ’s Latest Spoofing Conviction?

Analysis: What Can We Learn From the DOJ’s Latest Spoofing Conviction?

“I know how to game this stuff.” “One can definitely manipulate if you’re aggressive.” “If you spoof this it really moves.” These excerpts from online chats among traders and hedge fund managers more than a decade ago played a key role in the Justice Department’s successful prosecution of two Wall Street traders in the latest trial to take on ”spoofing,” a form of market manipulation that was criminalized in the 2010 Dodd-Frank Act.

Fed’s Powell Takes Center Stage; New Company Offers Options Solutions; Explaining Volatility Skew – The Spread – August 27, 2021

Fed’s Powell Takes Center Stage; New Company Offers Options Solutions; Explaining Volatility Skew – The Spread – August 27, 2021

In this week’s options news, the Fed’s Jackson Hole pronouncements placate the markets; meme stocks take off on a lark; volatility skew rises as traders remain divided; bitcoin and ethereum options hunker down ahead of expiration and Eurex plans to launch a first; John’s Take looks at a new options business with seasoned players; And Jermal Chandler kicks off this week’s options “Term of the Week” with the important concept of volatility skew.

CME Buying Cboe? Options News, John’s Take and Term of the Week in The Spread  – August 20, 2021

CME Buying Cboe? Options News, John’s Take and Term of the Week in The Spread – August 20, 2021

— Will CME Group finally buy Cboe Global Markets?; Options volume outpaces exchange-traded derivatives action; Will the Fed taper sooner or later?; Volatility comes back as August options expire;
— John Lothian talks about Cboe sharks, MIAX SPIKES and remembers Philip McBride Johnson;
— Tastytrade’s Jermal Chandler explains why you need to keep a close watch on gamma in the “Term of the Week.”

ICE to Start Rival Gas Market in London to Sidestep EU Price Cap

ICE to Start Rival Gas Market in London to Sidestep EU Price Cap

First Read Hits & Takes John Lothian & JLN Staff Thank you to all who replied to my request to help one of my Eagle Scouts who was recently laid off on the West Coast and is looking for new opportunities in the climate tech and sustainability space. You are...

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