COMMENTARY & INSIGHT

A Chat with Boris Ilyevsky on ISE Gemini
The International Securities Exchange launched a second options exchange, ISE Gemini, on August 5, its latest effort to gain an edge in the hyper-competitive equity options field. JLN editor Sarah Rudolph spoke with Boris Ilyevsky, managing director of ISE’s options exchanges, about the Gemini’s pricing structure and first offerings, the difference between ISE’s two venues and the equity options landscape.
http://jlne.ws/193GXZD

LEAD STORIES

More Taper Chatter Gives VIX a Kick
The Options Insider
The market fell off yesterday mostly as a result of the chatter on the “taper talk”.  With economic data improving the reason for the Fed to become a bigger holder of debt is looking less and less like a necessary idea.  From a volatility point of view how is the market starting to absorb the fact that the easy money days are soon to be over?  The answer to that is the upside in VIX is starting to pick up.
http://jlne.ws/15M5QKr  

Crude Options Volatility Slides With Futures on Fed Speculation
Bloomberg News
Crude oil options volatility fell with the underlying futures amid speculation the Federal Reserve will reduce stimulus. Implied volatility for at-the-money options expiring in September was 21.34 percent on the New York Mercantile Exchange at 4 p.m., down from 22.07 yesterday.
http://jlne.ws/15M7v2C

Videocast: Large selling of VIX calls
OptionMONSTER
http://jlne.ws/15M9Ni8

Brazil to Buy Coffee Above Market Price Through Option Contracts
Bloomberg News
Brazil, the world’s biggest coffee producer and exporter, will offer to buy as many as 3 million bags of the commodity at above-market prices through options contracts to aid growers as futures trade near a four-year low.
http://jlne.ws/15McfW2

ConvergEx Group’s LiquidPoint Launches New Market Data Service   
Exchanges’ Complex Order Book Data Feed Now Available via Normalized uCOB API
Press Release
ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced that LiquidPoint, its options technology business, has launched a new market data service that makes Complex Order Book data from all seven applicable options exchanges available through a single LiquidPoint API.
http://jlne.ws/15M3IT3

EXCHANGES

NYSE Euronext Announces Trading Volumes for July 2013
Global Derivatives ADV Up Year-over-Year but Down Sequentially, Ex BclearEuropean and U.S. Cash Equities ADV Down Year-over-Year and Sequentially
http://jlne.ws/15M2Ldc

Futures Tied to Hong Kong, China Show Market Convergence: HKex
Bloomberg News
Futures linked to the CES China 120 Index are a step toward the convergence of stock markets in Hong Kong and China, according to an official from Hong Kong Exchanges & Clearing Ltd.
http://jlne.ws/15M6EPn

CBOE Holdings PT Raised to $51.00 (CBOE)
WatchList News
CBOE Holdings Inc. logoInvestment analysts at Jefferies Group boosted their target price on shares of CBOE Holdings (NASDAQ:CBOE) from $47.00 to $51.00 in a note issued to investors on Monday, ARN reports. The firm currently has a “hold” rating on the stock. Jefferies Group’s price target indicates a potential upside of 4.64% from the stock’s previous close.
http://jlne.ws/15M94O5

STRATEGY

What’s a Better Hedge — VIX or SPX?
TheStreet.com
Equity investors who want a broad-based hedge have essentially three vehicles from which to choose: equity index options (SPY, SPX, ES, etc.), CBOE Volatility Index (VIX) futures (or their ETF permutations) and VIX options. Which is best?
http://jlne.ws/15MbIDl

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