Observations & Insight
The Spread: Moonshot
This week on The Spread, bitcoin options hit records for bullishness, the OCC adds two industry veterans to its board of directors, and more.
MIAX Welcomes Industry Veteran Andy Nybo as the Company’s First Chief Communications Officer
Miami International Holdings, the parent holding company of MIAX, today announced the addition of Andy Nybo as the company’s first chief communications officer. In this newly created role, Nybo leads the growing company’s marketing and communications functions. Nybo brings more than 30 years of experience in the securities industry to his role at MIAX, including a focus on technology and its impacts on derivatives, fixed income and equity market structure. Most recently, Nybo served as managing director at Burton-Taylor International Consulting where he led the organization, including managing its research and consulting activities for international exchange clients.
Cboe Receives Regulatory Approval to Launch Periodic Auctions for U.S. Equities Trading
Traders Magazine (press release)
Cboe Global Markets, Inc., a market operator and global trading solutions provider, today announced it has received approval from the U.S. Securities and Exchange Commission (SEC) to introduce periodic auctions on Cboe BYX Equities Exchange – bringing to the U.S. equities markets a new, innovative intraday auction mechanism based on a reimagining of a process that it first launched in Europe. Cboe expects to launch U.S. periodic auctions in the third quarter of 2021.
Worst Yuan Selloff in Year Drives Traders Back to Daily Fix
China’s daily yuan fixing is once again drawing attention. The currency is set for its biggest monthly slide since last March, spurring traders to look closely at the reference rate again to scour for policy signals. A drop in the currency on Thursday to levels last seen in December was followed by the People’s Bank of China setting the reference rate to the dollar at the weakest level in almost three months. On Monday, the authorities fixed the yuan even lower, showing little appetite to push back against the weakness.
Exchanges and Clearing
Equity Index Derivatives: Introduction of Total Return Futures on FTSE 100 Index (Update)
This circular contains an update of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland with respect to the Day Count Convention ACT/365 for FTSE 100 Index Total Return Futures, with effect from 29 March 2021.
Delisting of the South American Short-Dated New Crop Soybean Options Contract
Effective today, Monday, March 29, 2021, The Board of Trade of the City of Chicago, Inc. (“CBOT” or “Exchange”) delisted the South American Short-Dated New Crop Soybean Options contract (the “Contract”) as set forth in the table below. There is no open interest in the Contract.
Broadridge Extends Capital Markets Franchise with Acquisition of Itiviti
Significantly strengthening its capital markets capabilities and enhancing its position as a global Fintech leader, Broadridge Financial Solutions, Inc., today announced it has signed a definitive agreement to acquire Itiviti Holding AB (“Itiviti”), a leading provider of trading and connectivity technology to the capital markets industry, in an all-cash transaction valued at EUR2.143 billion (approximately $2.5 billion) from Nordic Capital.
ON THE MOVE: JonesTrading Adds Macaluso and Everett; Moves at Citi
Quant trading firm Jane Street poached Aaron Katzman, a senior equity derivatives trader, from Barclays, Insider reported, citing sources familiar with the matter. Katzman will be a single-stock options trader at Jane Street. He joined Barclays in 2008 and rose to managing director on the equity volatility desk, focusing on tech stocks, Insider reported.
Fundamentals of Futures & Options (also applicable to Series 3 Exam)
For more than 30 years, IFM has consistently provided learners with a solid foundation and understanding of futures and options markets and trading including terminology, risk management, pricing, and basic trade strategies. This instructor-led virtual course includes lectures from an engaging instructor with real-world expertise and supported by class discussion, practice exercises and educational materials. The course fee includes two must-read industry books – Futures and Options and the Guide to U.S. Futures Regulation.
Date May 10, 2021 12:00 p.m. – May 14, 2021 2:00 p.m.
Location: Virtual Live. 2-hour sessions over 5 days.
Instructor: Marti Tirinnanzi
Class size registration is limited to approximately 20 participants to promote student participation and interaction.
A New Virtual Experience
The Options Industry Conference is Going Virtual in 2021. Join OCC and the options exchanges for the 39th annual Options Industry Conference, April 28-29, 2021. While the conference will be held virtually for the first time in history, the focus will continue to be the key topics facing the options industry today, from the regulatory shifts in the U.S. and Europe to the technological developments that are driving monumental change in markets around the globe.
DOJ enforcement priorities in commodities & derivatives markets: A discussion with DOJ leadership
April 13, 2021 • 1:00 p.m. – 2:00 p.m. ET
During this discussion, James McDonald, Sullivan & Cromwell Partner, will interview Robert Zink, U.S. Department of Justice, Acting Assistant Attorney General (and Chief of the DOJ Fraud Section from January 2019 to August 2020), regarding DOJ’s enforcement priorities in the commodities and derivatives markets and white collar area more generally.
(Podcast) Volatility Views 440: What Do We Do Now?
Volatility Views – Options Insider Radio Network
Host: Mark Longo, The Options Insider Media Group
Matrix Hot Seat: Andrew Giovinazzi, The Option Pit
MIAX Hot Seat: Tom Jarck, Miami Exchange Group