The Spread: New Beginnings

Suzanne Cosgrove

Suzanne Cosgrove

Editor

Welcome to The Spread, I’m Matt Raebel.

This week saw the beginning of Joe Biden’s term as president of the United States – along with the return of a flood of Joe Biden memes that haven’t been seen on social media since the Obama administration. I never realized how much I missed memes about Biden making dad jokes.

With the new president came his pick for the chairman of the SEC, Gary Gensler, who was responsible for a number of reforms for the derivatives industry in the late two thousands while working for the Obama administration. Prior to his recent nomination, he worked at MIT’s Sloan School of Management teaching and writing about financial technology and digital currencies. Maybe with his expertise, the government will finally track down Satoshi.

Heath Tarbert has officially stepped down as chairman of the CFTC, with Rostin Behnam named acting chair. Rumor has it that Chris Brummer, an economics expert who teaches at Georgetown University, is the top pick for the permanent chairman of the agency, but White House officials have neither confirmed nor denied this.

Trading Technologies, the Chicago-based fintech company also known as TT, is rumored to be in the middle of a sale. News broke this week that the company’s former chairman and CEO Rick Lane has stepped down, and Tim Geannopulos, the former global head of sales at Trading Technologies, has stepped up to the role. If the rumors are true and TT is in the process of being bought, why the change in leadership now? John Lothian asked that question in an article he published on John Lothian News dot com this week. I’ll give you a hint: it may have something to do with Geannopulos’ former title with the company.

On Thursday, news broke that IG Group Holdings has agreed to buy tastytrade, a brokerage and financial media company, for a billion dollars. This allows the U.K.-based company to break ground in the U.S. options market – good timing, given the retail options explosion that began last year.

One final story for this week – FIA announced that registration for FIA Boca is now open. The event was cancelled last year due to concerns over COVID, but this year the event will be totally virtual. It’s too bad the event won’t actually take place in Boca this year, but maybe if everyone sets their Zoom backgrounds to sandy beaches and palm trees, it’ll be almost as good. You can find the link to register in the “sources” section below this video.

That’s gonna do it for The Spread this week – check out John’s article, as well as the rest of John Lothian News dot com for more news. I’ll talk to you next week – until then, stay safe and happy trading.

Sources:

Registration is open!
FIA.org
https://bit.ly/3qADb6G

What to Know About Gary Gensler, Wall Street’s New Watchdog
Liz Moyer – Barron’s
http://bit.ly/2Y0Vjdz

CFTC chair steps down, academic Chris Brummer in lead to replace him: sources
Jarrett Renshaw, Karen Brettell, Michelle Price – Reuters
http://reut.rs/2Y6S704

Why Do You Hire A Super Salesman To Run Trading Technologies?
John Lothian – JLN
http://bit.ly/3c5Blqi

Britain’s IG Group to Buy U.S. Options Firm Tastytrade for $1 Billion
Alexander Osipovich – WSJ
http://on.wsj.com/3o5U5by

John Lothian Newsletter

Today’s Newsletter

Libor’s Final Days Begin With Push to Shake Up Swaps Market

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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Past The Spread Episodes

The Spread – July 23, 2021

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.”

The Spread – July 16, 2021

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.”

The Spread – July 9, 2021

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 Spread – July 2, 2021

The Spread – July 2, 2021

Finra socks Robinhood with its biggest-ever fine; Cboe acquires Chi-X Asia Pacific; OCC reports another volume gain; NIO takes its cue from options; John Lothian weighs in with his take; Looking for volatility; and Jermal Chandler explains hedging in the options “Term of the Week.”

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