JLN News

Euronext CEO Stéphane Boujnah discusses markets during war time and platform consolidation in Europe

Euronext CEO Stéphane Boujnah discusses markets during war time and platform consolidation in Europe

2021 was a watershed year for Euronext with its acquisition of Borsa Italiana. “It was a transaction that changed the scale of Euronext,” said Stéphane Boujnah, CEO and chairman of Euronext’s managing board. Boujnah spoke with John Lothian News at the FIA Boca 2022 conference about the impact of the Ukraine War on European markets and what’s in the future for the platform that bills itself as the “One unique marketplace connecting seven European economies.”   

ICE Mortgage Fixed Rate Lock Index Futures Seek to Solve A Problem As Old As Interest Rate Futures

ICE Mortgage Fixed Rate Lock Index Futures Seek to Solve A Problem As Old As Interest Rate Futures

ICE is trying to solve a problem as old as interest rate futures, but is bringing to bear new resources and businesses it has acquired and grown over the last several years. That problem is how to hedge mortgage rates. 
John Lothian News talked to David Farrell, chief operating officer of ICE Futures US, about ICE Mortgage Rate Lock Index futures, which are to launch on June 13, 2022, subject to regulatory approval.

Institutional Trading, Options Growth Among Q1 2022 Trends, say FIA Webinar Participants

Institutional Trading, Options Growth Among Q1 2022 Trends, say FIA Webinar Participants

The trend for the first quarter of 2022 is a revival of institutional trading – along with continued rapid growth in the options space, according to an FIA webinar Thursday morning hosted by Will Acworth, senior vice president of publications, data & research, FIA, with Morgan Stanley’s Reed Staub, executive director, head of US interest rate futures, and Erin Perzov, head of futures content. 

Citadel Securities’ Troy Kane discusses the growth of retail trading, Citadel’s wade into Crypto, and its growth in Asian markets

Citadel Securities’ Troy Kane discusses the growth of retail trading, Citadel’s wade into Crypto, and its growth in Asian markets

Troy Kane got his start when he was 14 years old working on the trading floors of the Chicago Board of Trade for his mother’s company and clerking for locals. “My first job was to collect the trading cards every 15 minutes and tally up positions,” Kane said. “So if you were wrong, you were usually fired that day, so you better not be wrong. I did that every summer in high school and learned the business from the ground up.”

CFTC Chairman Rostin Behnam Gears Up for Full CFTC

CFTC Chairman Rostin Behnam Gears Up for Full CFTC

Rostin Behnam had the advantage of being a CFTC commissioner since 2017 before being confirmed as chairman in December of 2021, giving him insight into the organization and good working relationships with its staffers.

JLN spoke to Behnam at the International Futures Industry Conference in Boca Raton, Fla., about the start of his chairmanship and what he hopes to accomplish.

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 Fildes’ Down Under View From FIA Boca 2022

John Fildes’ Down Under View From FIA Boca 2022

John Lothian News interviewed John Fildes of Bain & Company, Inc. of Australia at FIA Boca 2022 about the crypto space, exchange consolidation, payment for order flow and his perspective from down under. Fildes, who was formerly the CEO of Chi-X Australia, is now the capital markets practice lead and expert partner with Bain & Company.

Fildes weighed in on Jump Trading and the wormhole hack, Citadel’s getting into crypto and the 24/7 nature of the crypto business and its impact.

Lukken Happy to Be Back at Boca; Hails Conference a Success

Lukken Happy to Be Back at Boca; Hails Conference a Success

Walt Lukken was not the last interview JLN conducted during Boca, but he was the second to last. The JLN team interviewed the FIA president & CEO on the back patio of the Mizner Conference Center on the last day of the conference minutes before he offered his closing words.

All that was left of the conference was the golf and the closing cocktail party later, which, like the rest of the conference, would be moved indoors. We interviewed Lukken tucked under the arched portico of the conference center, as our regular interview space was being disassembled to ready the area for the next event.

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.

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The Spread

Market Volatility Not Over, Allspring’s Miletti Says

Lead Stories Market Volatility Not Over, Allspring's Miletti Says Bloomberg (Video) Ann Miletti, head of active equity at Allspring Global Investments, says the recent market rally has been healthy but the volatility isn't over yet. She speaks on "Bloomberg Markets:...

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