Invest in our Industry’s Future
Sign up your Interns and Summer Workers Today for our Education Series

I want you to make an investment in the future of our industry, our markets and our common good.  I want you to sign up your interns, your summer workers and even newer employees for our Chicago-based Intern Education Series.

We have put together an impressive list of industry leaders, innovators, entrepreneurs, attorneys, technologists, investors, traders and other industry participants for this series. Your interns and the like should be part of the audience for this program. 

I believe this will be an investment that will pay you and your firm(s) back in multiples in the years to come.

We want to show these young people and new industry professionals the challenges, obstacles and opportunities present today in our markets.  We want to plant the seeds that may blossom into the fruits of innovation, technological advancement, regulatory improvement and fields of new traders and trading firms.

As just one benefit of attending the series, we will offer one free Series 3 Training Course from the Institute of Financial Markets, or IFM, to a participant at each of the series’s events. 

You can sign up your employees here and then click here to pay for them.  If you have a large group, please contact me at johnlothian@johnlothian.com and we can work out a special pricing package for them.

~John J. Lothian

Lead Stories

TOM, BinckBank Infringe Euronext Trademark Rights, Court Says
Nandini Sukumar & Maud van Gaal  – Bloomberg
TOM and online broker BinckBank NV (BINCK), based in Amsterdam, have to remove all AEX-ticker symbols, used to indicate options based on NYSE Euronext’s benchmark AEX-Index for Dutch stocks, from their websites within four weeks, The Hague District Court said in a preliminary ruling today.
http://jlne.ws/12yJvd7

June 2013 busiest month on record for VIX futures trading at CFE
Hedgeweek
June 2013 was the most active trading month for futures on the CBOE Volatility Index (VIX) in exchange history.
New records for total trading volume and average daily volume (ADV) were set during the month and for the second quarter of the year.
http://jlne.ws/12yJ5TX

BlackRock: Volatility Is an Asset  
Steven M. Sears – Barron’s
The world’s biggest asset manager recommends that clients consider volatility as an asset class and include a strategy using it in their portfolios.
http://jlne.ws/12yIXUm

Videocast: VIX pits see lower volatility
optionMONSTER
http://jlne.ws/11w8dQi

Thomson Reuters to Suspend Early Peeks at Key Index
Peter Lattman – Dealbook
Over the last several years, an exclusive group of investors has paid a steep premium to receive the results of a closely watched economic survey a full two seconds before its broader release. Those two seconds can mean millions of dollars in profits for the investors, who practice a computer-driven strategy called high-frequency trading.
http://jlne.ws/183Lw8Y

It’s Not Just Thomson Reuters – Elite Investors Get Tons of Unfair Advantages: Blodget
Bernice Napach – Yahoo Finance
Two seconds: that’s the lead time a select group of investors had to receive a copy of the University of Michigan consumer confidence report before other institutional investors. While two seconds may not sound like much, it was often worth millions of dollars to high-frequency traders who account for about half of all daily U.S. stock trading.
http://jlne.ws/12yHNZ7

High-frequency traders race to find new markets 
FOW
Recent decisions by firms that use high-frequency trading strategies to move away from more established trading venues in favour or emerging markets continues a trend that has been developing since the financial crisis, finds Galen Stops.
http://jlne.ws/12yHYUq

Don’t laugh off Winklevoss twins’ Bitcoin ETF
Chuck Jaffe – MarketWatch
Over the years, fund-industry watchers have laughed about a lot of wild investment ideas.
Sometimes they laughed first. Sometimes they have gotten the last laugh.
http://jlne.ws/12yI3Yd

 

Regulation

U.S. swaps regulator calls vote on cross-border rule
Douwe Miedema – Reuters
The top U.S. derivatives regulator will meet next week to vote on how its rules apply to foreign companies that want to do business with U.S. firms, a sign it may be nearing a compromise on a thorny issue that has invoked the wrath of foreign regulators.
http://jlne.ws/12yIwth

20 Words That Will Make or Break Financial Reform
Rana Foroohar – Time
Derivatives, those complex exploding financial securities that were at the heart of the 2008 Lehman Brothers collapse and global financial crisis, have been at the top of bank reformers’ agenda over the past five years. Figuring out a way to make them — and thus our financial system — safer has been one of the chief focuses of the Dodd-Frank financial-reform bill. But in the next week, a fight over some 20 words in that bill will come to a head, and if the battle goes the wrong way, it will put us right back to where we were in 2008 — with a system that is neither transparent, nor safe.
http://jlne.ws/183LttW

Strategy

Market sell-off hurts risk parity, similar strategies
Thao Hua – Pensions & Investments
Some investment strategies intended to better protect institutions in a highly volatile environment are showing cracks under the pressure of the recent market sell-off.
http://jlne.ws/11w8Qtc

How My Friend At Goldman Sachs Trades Options
William Meade – ETF Daily News
I am privileged to have a friend from graduate school that is one the smartest options guys at Goldman Sachs.  I see a lot of Goldman Sachs research on options, which includes a weekly report with all of their recommended option trades, as well as any published research, white papers, and studies that Goldman has done on options.
http://jlne.ws/184rbAy
** More an Options-101 thing than how the billionaires trade options. -JB

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