Exchanges/OTC & Clearing
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 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.
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.”
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 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.
The Spread – July 9, 2021
Chicago, a data destination; SEC, Robinhood and payment for order flow; John Lothian weighs in with his take; Retail trading continues to percolate; and Cboe’s Kevin Davitt explains the differences between equity and index options in the “Term of the Week.”
The Innovator’s Dilemma Meets Fertik’s Law
The late author and Harvard professor Clayton Christensen coined the phrase “the innovator’s dilemma” in his popular book by the same name. In the book he describes why some well-run companies lose their dominant market position through the entrance of a competitor with a disruptive technology.
He uses as an example the personal computer and its smaller, slower disc drives, which disrupted “big iron” mainframe computers by offering a cheaper solution that was good enough.
The CME Group’s dominant market position in the U.S. futures market, which some classify as a monopoly, has spawned two separate challengers built on the model of the innovator’s dilemma. The Small Exchange and the Fair Exchange are seeking to disrupt the CME’s dominant position, or at least carve out a place of their own in the U.S. futures market landscape.
Looking for ‘the Right Type of Disruption’ in the Wild West of Hemp
After a long career in exchange-traded derivatives, Jack Bouroudjian, chairman of the Global Smart Commodity Group, is doing an about-face, turning to blockchain technology and tokenized settlement to facilitate trading.
The Spread – June 18, 2021
Inflation really is a thing; Small traders are still big; John Lothian weighs in on the current trading landscape; and Nasdaq wins the May options market share race. All in this and the debut of the options “Term of the Week” in The Spread.
Walt Lukken and Nick Solinger Explain FIA Tech Investor Deal
FIA Tech announced yesterday a deal to take on 10 global banks as investors in the company in order to grow the for-profit FIA-affiliated firm. John Lothian interviewed FIA Chairman and CEO Walt Lukken and FIA Tech President and CEO Nick Solinger over Zoom about the deal.
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Libor’s Final Days Begin With Push to Shake Up Swaps Market
First Read $51,906/$300,000 (17.3%) ++++ Hits & Takes John Lothian & JLN Staff The SEC issued an "Opinion of the Commission" on Monday in a case between ABN AMRO Chicago LLC and Chicago Board Options Exchange, Inc. and C2 Options Exchange, Inc. Here is a...
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Some of DeFi’s Leading Investors Are Backing a New Options Protocol
Observations & Insight The SEC issued an "Opinion of the Commission" on Monday in a case between ABN AMRO Chicago LLC and Chicago Board Options Exchange, Inc. and C2 Options Exchange, Inc. Here is a summary of the opinion: "ABN AMRO Clearing Chicago LLC petitions...
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