Richard Bornhoft

Richard Bornhoft, founder of the Bornhoft Group, discusses what he looks for in CTAs

Richard Bornhoft is founder, president and CIO at Bornhoft Group and has specialized in the creation and oversight of CTA-managed futures portfolios for more than 30 years. He sat down with JLN editor-in-chief Jim Kharouf to talk about the managed futures space, the opportunities in the space and the challenges that are still facing the industry.

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Traders Turn to Options to Brace for Fall Volatility
Kaitlyn Kiernan – The Wall Street Journal
Low readings on the market’s so-called fear gauge may be misleading given heightened activity in options bracing for a market slide.

Is a Fearless Stock Market Cause for Concern?
Is the VIX flashing a warning sign of trouble ahead for stocks?

S&P; 500 Valuation vs VIX Shows Concern Lacking: Chart of the Day
David Wilson – Bloomberg
Investors are becoming overly content about the prospects for stocks after more than four years of gains, according to David Bianco, chief U.S. equity strategist at Deutsche Bank AG.

Videocast: ‘No fear’ in August VIX action

Russia embraces high-frequency trading
Anish Puaar – Financial News
Efforts to attract more high-speed trading to Russia are gathering pace, with the Moscow Exchange launching a number of initiatives designed to increase liquidity and open the market to international trading firms.
**In Soviet Russia exchange trades you. (hat tip to Yakov Smirnoff) -JB 

Derivative Clearing Houses Shouldn’t Be Too Big to Fail, Either
Mayra Rodriguez Valladares – American Banker
Since the financial crisis, global regulators have been pushing to have as many over-the-counter derivative products as possible cleared with central counterparties, to improve transparency and minimize operational and credit risks…
The regulators’ intentions are good, but in my experience, any time business surges at any institution, risk managers and supervisors should be paying much more attention to the firm’s increased operational risk.

Apple options volume soars on Icahn investment
Angela Moon and Doris Frankel – Reuters
Trading in Apple Inc (AAPL.O) options surged on Tuesday after activist investor Carl Icahn revealed via Twitter a large stake in the tech company, which he believes to be undervalued.

Fed links leveraged ETFs to 1987 crash
Mike Foster – Financial News
Federal Reserve board member Tugkan Tuzun has warned leveraged exchange-traded funds could be the next problem for the stock market and could trigger a crash similar to that in 1987.


The Opposite Sketches: The Pay-To-Make Exchanges
Last week, the maker-taker exchanges was touched upon: Nasdaq OM, NYSE Arca (formerly Pacific Stock Exchange) and BATS. These trading venues offer a significant rebate to liquidity providers (limit orders) and charge a taker fee to liquidity sources.

Exchange operator BATS takes on two new private equity investors
John McCrank – Reuters
BATS Global Markets said on Wednesday that private equity firms Spectrum Equity and TA Associates acquired minority stakes in the U.S. and European exchange operator from Lehman Brothers Holdings Inc.

New Derivatives Exchange Targets Regulation
Zarna Patel – Wall Street & Technology
Global Markets Exchange Group International LLP (GMEX) just launched as a derivatives exchange after over a year of extensive planning by co-founder and CEO Hirander Misra, and President and Managing Director, Vj Angelo.

IntercontinentalExchange Sets Daily Open Interest Record for ICE WTI Crude Futures
Press Release (ICE)
IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, today reported a daily record for open interest in ICE West Texas Intermediate (WTI) Light Sweet Crude Oil futures contracts traded on ICE Futures Europe of 650,583 contracts on August 13. The previous daily open interest record was 649,982 on November 8, 2007.


Live Webinar: Techniques for Successful Energy Trading
– Presented by CME Group and OptionsCity Software
– Wednesday, August 21 at 2:00pm CST / 3:00pm EST
Energy markets bring together a large and diverse community of market participants of buyers and sellers trying to protect themselves from price and volatility risk. This webinar will highlight current energy opportunities and will also demonstrate how to leverage OptionsCity Metro to successfully trade energy products on the CME Globex using an LN contract example.

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