Helping the world manage non-price oriented market risk since 2000
Lead Stories
MWE SHORT: JB Mackenzie – Building a Foundation
“Ask yourself if you’d be interested in an operations or compliance job. Because that gives you a foundation to help you excel.”
MWE SHORT: Jay Feuerstein – Breaking Down Managed Futures
“It’s a strategy that makes money over time, but actually makes a lot of money when the world blows up.”
Catching Up with Trading Technologies CEO Keith Todd at FIA EXPO 2022
John Lothian News caught up with Trading Technologies CEO Keith Todd at the recent FIA EXPO 2022 in Chicago about recent announcements from TT and updates on its progress under its new owners.
Options Discovery
OPTIONS DISCOVERY EPISODE 10: EXPLORING DIFFERENT TYPES OF FIRMS IN THE OPTIONS INDUSTRY; ALLARD JAKOBS TALKS ABOUT THE OPTIONS INDUSTRY AND WHAT IT TAKES TO LEAD AN OPTIONS FIRM
In this episode of Options Discovery, Alex introduces the different types of firms that make up the options industry.
The JLN Daily Update
The JLN Newsletter turned into a daily podcast.
MW Page of the day
TP ICAP
TP ICAP, the world’s largest interdealer-broker, registered as a digital-asset provider with the U.K.’s Financial Conduct Authority in an attempt to break into the crypto world with its Fusion Digital Assets marketplace.
FTX Collapse Draws Senate Hearing Scrutiny as Crypto Oversight in Focus
First Read Hits & Takes John Lothian & JLN Staff If you have not watched Options Discovery with Alex Teng of JLN, you are missing something. This young man, a finance major in his senior year at the University of Illinois at Chicago, is really coming into his...
Trader Makes $36 Million Options Bet on S&P 500 Stock Rally in December
Lead Stories Trader Makes $36 Million Options Bet on S&P 500 Stock Rally in December Lu Wang - Bloomberg One trader spent about $36 million on a options wager Wednesday that will pay off if the S&P 500 rallies 5% in December. The trade saw someone purchase...
John Lothian News Sponsors
MWE SHORT: Elaine Wah – Problems, Solutions and Results
“Ultimately I think that anyone who believes in fairness, or believes that people should compete on the merits of their ideas and hard work rather than advantages that they have purchased, can appreciate why IEX was created and why it has succeeded so far.”
Trading of futures and options on track to a record year – FIA
Trading of futures and options is on track to a record year, with higher levels of trading activity in many sectors, notably interest rate and equity index contracts, according to the FIA’s Will Acworth, who went over the volume numbers for the first nine months of 2022 in a FIA webinar titled, “Q3 2022 Trends in Futures and Options Trading” Wednesday.
The long and short of marketing in the markets
You could be forgiven for thinking that the importance of long and short in markets is only related to the positions you or your clients hold, or your tech that facilitates, clears, monitors and informs trading activity. However, there is an equally important long and short in marketing in the markets.
MWE SHORT: Donna Heidkamp – Strive for Self Improvement
“Having the chance to be on the front lines working with the markets is an invaluable experience no matter what you do in the industry, no matter where you end up or what path you take.”
MWE SHORT: Anna Irrera – The Birth of Fintech
“Fintech is an incredibly broad term. It means the ATM you’re using in a bodega, but it also means the sophisticated software used to spot fishy behavior in markets.”
A New Solution for Hedging Used Vehicle Price Exposure Amid Increasing Volatility
If you’re an entity that owns a large automotive fleet – a car rental agency or the finance arm of an automaker with a sizable lease portfolio – today’s skyrocketing used car prices have likely pushed your portfolio’s value into the stratosphere.
MWE SHORT: Morgan Slade – Quant Trading and Superpowers
“You have a chance, single-handedly, without anyone looking at your resume, to try and change an industry.”
In this video from MarketsWiki Education’s World of Opportunity event in New York, Morgan Slade, CEO of CloudQuant, discusses the difficulties most people face when trying to enter high finance.
CFTC Commissioner Seeks Public Accountability for Wall Street by Applying HEAT
Christy Goldsmith Romero Uses CFTC Pulpit to Call for Financial Law Enforcement by Accountability, Justice and Deterrence
CFTC Commissioner Christy Goldsmith Romero issued a statement in September on a “Proposal for Heightened Enforcement Accountability and Transparency in Settlements.” She proposed a HEAT test to require more defendants to admit wrongdoing in settlements.
John Lothian News wanted to know more about Goldsmith Romero’s thoughts on the matter and the origins of the HEAT test, so we interviewed her over Zoom from her CFTC offices.
John Vaile Saw the Potential of Financial Futures and Helped Make Them A Success
John Vaile had an aunt who invested in the stock market who bought Vaile some stock when he was 10 years old and that experience caused him to want to be a stockbroker. As a result, Vaile became a student of the market.
He went to a couple of different colleges in Illinois, then ended up in a program at Wharton for students who did not graduate from college.
Vaile was working for Morgan Stanley and living in Lake Geneva, WI, surrounded by friends in the futures markets and he wanted to get involved with what was happening. He said he badgered Morgan Stanley to get involved. They gave him permission, but he said he could see how long it would take for them to truly become involved and he did not have the patience for that.
MWE SHORT: Joe Guinan – The Cycle of Life
“It shocks me everyday at five o’clock when I see the race to the elevator, as if only the first few will make it out of the building. Just because you have to work till five at the beginning of your career, doesn't mean you can only work till five.” In this video...
Justin Schack Talks Topics from the recent Rosenblatt Securities Global Leader Conference
Rosenblatt Securities held its Global Exchange Leader Conference this past September, and John Lothian News spoke with Justin Schack, managing director and partner at Rosenblatt Securities, about who attended, what the big topics were and what was different about the conference in 2022.
MWE SHORT: Drew Shields – Next-Generation Product Development
“There will always be someone as smart or smarter than you and you have no control over that. The only thing you have control over is whether you have more drive, more passion than others.”
MWE SHORT: Justin Schack – Making Modern Market Structure
“The whole point of Reg NMS was to deal with the 10 years of change that had already happened — that of course made things even more complex. And there are things about Regulation NMS that we’re dealing with today that some people find problematic. But it is not a new thing and it’s just another block in what I like to call the Jenga tower of market structure.”
MWE SHORT: Gary DeWaal – Regulation, Compliance and the Grandma Test
“Don’t let the perfect be the enemy of the good, and remember to apply ‘the grandma test.'”
MWE SHORT: Karen Wuertz – Opportunity Behind Many Doors
“We’re looking for the bad apples, trying to find them as quickly as we can, and putting them out of business.”
MWE SHORT: Steve Woodyatt – Blurring the Buy and Sell Sides
Over the last 10 years the buy and sell sides have undergone drastic shifts due to two main factors: unbundling and fragmentation. In this talk from MarketsWiki Education’s London event, Steve Woodyatt, CEO of Datarwe, discusses those two phenomena.
MWE SHORT: Donna Heidkamp – Strive for Self Improvement
“Having the chance to be on the front lines working with the markets is an invaluable experience no matter what you do in the industry, no matter where you end up or what path you take.”
MWE SHORT: Anna Irrera – The Birth of Fintech
“Fintech is an incredibly broad term. It means the ATM you’re using in a bodega, but it also means the sophisticated software used to spot fishy behavior in markets.”
A New Solution for Hedging Used Vehicle Price Exposure Amid Increasing Volatility
If you’re an entity that owns a large automotive fleet – a car rental agency or the finance arm of an automaker with a sizable lease portfolio – today’s skyrocketing used car prices have likely pushed your portfolio’s value into the stratosphere.
MWE SHORT: Morgan Slade – Quant Trading and Superpowers
“You have a chance, single-handedly, without anyone looking at your resume, to try and change an industry.”
In this video from MarketsWiki Education’s World of Opportunity event in New York, Morgan Slade, CEO of CloudQuant, discusses the difficulties most people face when trying to enter high finance.
CFTC Commissioner Seeks Public Accountability for Wall Street by Applying HEAT
Christy Goldsmith Romero Uses CFTC Pulpit to Call for Financial Law Enforcement by Accountability, Justice and Deterrence
CFTC Commissioner Christy Goldsmith Romero issued a statement in September on a “Proposal for Heightened Enforcement Accountability and Transparency in Settlements.” She proposed a HEAT test to require more defendants to admit wrongdoing in settlements.
John Lothian News wanted to know more about Goldsmith Romero’s thoughts on the matter and the origins of the HEAT test, so we interviewed her over Zoom from her CFTC offices.
John Vaile Saw the Potential of Financial Futures and Helped Make Them A Success
John Vaile had an aunt who invested in the stock market who bought Vaile some stock when he was 10 years old and that experience caused him to want to be a stockbroker. As a result, Vaile became a student of the market.
He went to a couple of different colleges in Illinois, then ended up in a program at Wharton for students who did not graduate from college.
Vaile was working for Morgan Stanley and living in Lake Geneva, WI, surrounded by friends in the futures markets and he wanted to get involved with what was happening. He said he badgered Morgan Stanley to get involved. They gave him permission, but he said he could see how long it would take for them to truly become involved and he did not have the patience for that.
MWE SHORT: Joe Guinan – The Cycle of Life
“It shocks me everyday at five o’clock when I see the race to the elevator, as if only the first few will make it out of the building. Just because you have to work till five at the beginning of your career, doesn't mean you can only work till five.” In this video...
Justin Schack Talks Topics from the recent Rosenblatt Securities Global Leader Conference
Rosenblatt Securities held its Global Exchange Leader Conference this past September, and John Lothian News spoke with Justin Schack, managing director and partner at Rosenblatt Securities, about who attended, what the big topics were and what was different about the conference in 2022.
MWE SHORT: Drew Shields – Next-Generation Product Development
“There will always be someone as smart or smarter than you and you have no control over that. The only thing you have control over is whether you have more drive, more passion than others.”
MWE SHORT: Justin Schack – Making Modern Market Structure
“The whole point of Reg NMS was to deal with the 10 years of change that had already happened — that of course made things even more complex. And there are things about Regulation NMS that we’re dealing with today that some people find problematic. But it is not a new thing and it’s just another block in what I like to call the Jenga tower of market structure.”
MWE SHORT: Gary DeWaal – Regulation, Compliance and the Grandma Test
“Don’t let the perfect be the enemy of the good, and remember to apply ‘the grandma test.'”
MWE SHORT: Karen Wuertz – Opportunity Behind Many Doors
“We’re looking for the bad apples, trying to find them as quickly as we can, and putting them out of business.”
MWE SHORT: Steve Woodyatt – Blurring the Buy and Sell Sides
Over the last 10 years the buy and sell sides have undergone drastic shifts due to two main factors: unbundling and fragmentation. In this talk from MarketsWiki Education’s London event, Steve Woodyatt, CEO of Datarwe, discusses those two phenomena.
MWE SHORT: Cathy Lyall – 30 Years of Change
Cathy Lyall’s first day in the markets was 1987’s Black Monday. She had planned on going into foreign affairs but snagged a job as a futures broker the Thursday before the crash from her boyfriend, a cash bond broker. She also signed her first mortgage in London the Friday before Lehman Brothers collapsed. Life events when synced with world events yield perspective.
MWE SHORT: Bill Looney – The Champions’ Mindset
“The more you apply your inherent skill set to a job, and the more that job requires your inherent skill set, the greater the formula is for success. And, more importantly, the happier you’ll be.”
MWE SHORT: Bill Harts – Modern Markets Initiative: How a Small Group of Traders Improved Markets for All
“The most liquid stocks in the world used to trade at a minimum spread of one-eighth, but was quite often trading at a quarter spread. If you were an average retail investor buying 100 shares, you would have been paying an extra $25 for that stock, just in terms of the spread costs (putting commission aside). Today, that quarter spread is less than a penny.”
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