Winklevoss Twins’ Gemini Sued by CFTC Over Bitcoin Futures

Jun 3, 2022

Lead Stories

Winklevoss Twins’ Gemini Sued by CFTC Over Bitcoin Futures; Regulator claims company misled staff in seeking go-ahead; Futures contract listed on Cboe in 2017 was first of its kind
Bob Van Voris and Lydia Beyoud – Bloomberg
The Winklevoss twins’ Gemini Trust Co. is being sued by the Commodity Futures Trading Commission for allegedly misleading the derivatives regulator in a bid to launch the first US-regulated Bitcoin futures contract. The CFTC said Thursday that Gemini “made false and misleading statements” from July to December 2017 about how it would prevent manipulation in Bitcoin prices that were to serve as a reference for the derivatives based on the cryptocurrency. In a lawsuit filed in federal court in Manhattan, the agency sought trading and registration bans, as well as fines.
/jlne.ws/3xcM5xi

Watch Have We Hit Peak Volatility?
Bloomberg (Video)
Have we hit peak volatility? That was Thursday’s question of the day posed to Amy Wu Silverman, RBC Capital Markets Managing Director & Equity Derivatives Strategist, by Alix Steel and Anna Edwards on “Bloomberg Markets: Americas.”
/jlne.ws/3amUDZA

Black Swan Investor Mark Spitznagel Watching for ‘Greatest Credit Bubble’ to Pop
Sonali Basak – Bloomberg
Mark Spitznagel is paid to be prepared for when the market’s weakest links are exposed in a big way.
Right now, the Universa Investments founder, whose fund aims to protect clients during black swan events, says the financial system is most vulnerable to “the greatest credit bubble of human history.”
/jlne.ws/38LnlTs

U.S. Stocks Slide After Jobs Report
Caitlin Ostroff and Corrie Driebusch – WSJ
U.S. stocks dropped Friday and were poised for weekly losses, after the latest employment report showed the U.S. labor market added jobs at a strong but slower clip in May.
The S&P 500 slipped 1.2% in midday trading, while the Dow Jones Industrial Average fell 183 points, or 0.6%, and the Nasdaq Composite declined 2%. All three indexes are on course for losses of less than 1% for the week.
/jlne.ws/38MzSWV

Sudden 99.99% Drop in Nifty 50 Option Triggers Exchange Warning
Bloomberg Law
A short-lived tumble in the price of an option on India’s Nifty 50 stock index has elicited a warning from the world’s biggest derivatives exchange and stirred speculation about potential losses for the unidentified trader who caused the plunge.
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Exchanges

CBOE Completes Acquisition Of Canadian Securities Exchange NEO; NEO Exchange is a Toronto-based Canadian stock exchange operator that is fully operational since 2015.
Finance Feeds
Cboe Global Markets has completed the acquisition of NEO Exchange, a fully registered Canadian securities exchange with a diverse product and services set ranging from corporate listings to cash equities trading and a non-listed securities distribution platform (NEO Connect).
/jlne.ws/3GLXZS0

NYSE Pillar Options: June 11th Testing Opportunity Reminder
NYSE
On Saturday, June 11, 2022, NYSE Arca Options will offer the next end-to-end weekend Production test opportunity in preparation for its migration to NYSE Pillar, which begins on July 11th. In addition to June 11th, one final end-to-end testing opportunity will also be offered on June 25th.
/bit.ly/3xgSVlH

May 2022 figures at Eurex
Eurex
Interest rate derivatives showing strongest growth among listed derivatives (up 21 percent); Repo volumes increasing by 68 percent y-o-y; Notional outstanding in long-dated OTC interest rate swaps up 25 percent
/bit.ly/3x4OWY2

Miami International Holdings, Inc. Announces Confidential Submission of Draft Registration Statement Related to Proposed Public Offering
MIAX
Miami International Holdings, Inc. (MIH) today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The registration statement is expected to become effective after the SEC completes its review process, subject to market and other conditions.
/jlne.ws/2K3gU18

Strategy

43 Stocks to Buy Now As Recession Risks, Volatility Rise: UBS
James Faris – Business Insider
Investors have been punished this year for using the “buy the dip” strategy that worked so well for much of the past decade.
Most stocks outside the scorching-hot energy sector have been weighed down by a litany of concerns, including four-decade-high inflation, tighter financial conditions, the Russia-Ukraine war, and an increasingly popular sentiment that another
recession
is coming. Those fears have sent US stocks, as measured by the S&P 500, down over 12% year-to-date.
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Education

New Investor Resource: ODD Quick Guide
The Options Industry Council (OIC)
Prior to buying or selling an option, investors should read Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD). It explains the characteristics and risks of exchange traded options. Brokers are required to provide investors with the document prior to investing in options. A copy of the document can also be obtained from any exchange on which options are traded or The Options Clearing Corporation (OCC) .
Through the programs and services of The Options Industry Council (OIC)SM, OCC has created an ODD Quick Guide to support your understanding of disclosures for option investors. The resource is designed to help you navigate the disclosure document, explore the topics covered and understand the options terminology used throughout. The guide emphasizes stock (also known as equity) options and index options.
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PredictIt Betting on US Elections Nixed by American Regulators

PredictIt Betting on US Elections Nixed by American Regulators

First Read Hits & Takes John Lothian & JLN Staff The first sign of fall is not a leaf falling from a tree, or a leaf turning color, but instead registration for FIA's EXPO opens. Yes indeed, the FIA EXPO registration is open for the November 14 and 15 event...

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The Spread

Volatility Spike Brews in Charts Signaling Test for Equity FOMO

Lead Stories Volatility Spike Brews in Charts Signaling Test for Equity FOMO Akshay Chinchalkar - Bloomberg Rising volatility may be about to test the US stock market's 13% jump from June lows. That's the picture painted by technical charts looking at the Cboe...

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