| August 31, 2018 | | | |  | Spencer Doar
Editor
John Lothian News | |
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| | | | Lead Stories | | | Yet another big-name equity derivatives MD changes seats
Beecher Tuttle - eFinancialCareers
J.P. Morgan has lost a big name within its global equity derivatives team. Jason Cuttler, who spent the last two years at JPM after a lengthy career at Goldman Sachs, has left the bank and is currently on gardening leave, suggesting he's been poached by another firm. Cuttler didn't respond to a request for comment on where he's heading.
/goo.gl/AsyZ8k
****SD: There have been lots and lots of moves this year.
Germany aligns with the UK against Brussels on GBP100 trillion derivatives danger
Ambrose Evans-Pritchard and Tim Wallace - The Telegraph
The German regulator BaFin has read the riot act to complacent EU officials in Brussels, demanding urgent action by the EU side to avert mayhem in the vast derivatives market after Brexit.
bit.ly/2LI2xec
Cboe is telling market makers it is close to launching ether futures
Frank Chaparro - Business Insider Prime (SUBSCRIPTION)
Cboe, the exchange group behind the first market for bitcoin futures, is telling market makers that it is getting close to launching ether futures.
/read.bi/2oq4qTG
****SD: If the bitcoin ETF approval isn't going to happen any time soon, might as well move on, right? The question now - well, it's been my question for a while - is "When is Cboe going to launch the options?"
Nafta Talks Between U.S. and Canada Turn Tense as Deadline Looms
Alan Rappeport - NY Times
Trade negotiations between the United States and Canada headed down to the wire on Friday morning, as both countries struggled to make concessions on their priorities, raising the prospect that talks to salvage the North American Free Trade Agreement could falter.
/nyti.ms/2LJGdkf
****SD: CNBC has Canada's Freeland says 'we're not there yet' on NAFTA deal following report of explosive Trump comments on trade talks and Reuters has U.S., Canada slug it out as deadline looms to clinch NAFTA deal
Pound Volatility Eyes Course North as Brexit Headlines Return
Vassilis Karamanis - BloombergQuint
Volatility in the pound may rise to its highest level since March as the U.K. and the European Union enter the final stage of Brexit talks.
A gauge of swings over one month climbed to its highest in two weeks as comments from EU chief negotiator Michel Barnier on the chances of a Brexit deal moved the currency. As more headlines emerge, implied volatility is likely to rise before a summit of EU leaders on Sept. 20.
bit.ly/2LKVAZI
| | | | | | Exchanges and Clearing | | | BSE looks to prevent trade reversals in all equity derivative contracts from Monday
Press Trust of India via Economic Times
To ensure safety of the securities markets, top stock exchange BSE has decided to introduce the mechanism to automatically cancel reversal trades executed on all contracts in equity derivatives segment from Monday.
bit.ly/2LJaG21
New 'Speed Bump' Planned for U.S. Stock Market
Alexander Osipovich - WSJ
Cboe Global Markets Inc. is seeking to introduce a brief delay on one of its markets, becoming the latest U.S. stock-exchange group to attempt to hit the brakes on high-frequency traders, people familiar with the situation said.
/on.wsj.com/2LFT72M
****SD: What does this portend for Cboe's options exchanges? The idea of speed bumps in options markets has been discussed. MarketWatch has Cboe weighs introducing a 'speed bump' in one of its stock markets
JPX Report 2018
Mondovisione
The JPX is glad to inform you of the publication of the JPX Report 2018.
/goo.gl/SjSTxn
****SD: Hop to page 66 for some data on the most traded options and futures contracts.
Shanghai crude futures eat into Western benchmarks as China pushes yuan
Henning Gloystein - Reuters
....Zhang Huiyao of Huatai Futures said more industrial players and pure trading companies would also help.
"We are hoping the exchange will create more derivatives contracts linked to the current crude oil futures to engage more diverse investors," she said.
Commodity exchanges often build futures volumes by introducing related contracts, which could include buy/sell options, forward contract time spreads or, in the case of a crude contract, derivatives for refined fuel products.
/reut.rs/2LOU49a
****SD: The above excerpt is about halfway through the story.
Deutsche Boerse cools post-Brexit euro clearing ambitions
laf Storbeck - Financial Times (SUBSCRIPTION)
Deutsche Boerse chief executive Theo Weimer has toned down his previously bullish ambition to quickly win a large chunk of the clearing market for euro-denominated derivatives.
/on.ft.com/2LLJD66
Eurex strengthens asset class focus
Eurex Exchange
In an update to its organisational set-up, Eurex, one of the world's leading derivatives markets and part of Deutsche Boerse Group, enhances its asset class focus by combining the sales and product design functions for equity index and for fixed income derivatives, respectively.
The new organisational set-up supports the implementation of Deutsche Boerse's growth agenda "Roadmap 2020". The new structure builds on Eurex' integrated value proposition and links into the set-up of many clients' trading operations. Bundling exchange-traded and OTC products under individual asset class leadership enables Eurex to further strengthen its holistic product and service offering, especially as the regulatory agenda seeks to shift standardised OTC business on exchange and to clearing.
bit.ly/2N5BWMB
| | | | | | Regulation & Enforcement | | | Time running out for EU Brexit temporary permissions regime
Lukas Becker - Risk.net
Fears are growing that UK central counterparties (CCPs) may force their European Union clearing members to remove more than GBP38 trillion notional of existing positions if the European Commission does not provide guarantees within the next four months on temporary recognition for UK clearing houses after Brexit. Such a porting of positions is a mammoth task that market participants say will be hugely challenging to complete between now and March 2019.
bit.ly/2N7nfZF
Why you shouldn't make any plans around the chatter of tying capital gains to inflation; For most, tying capital gains to inflation won't mean much
Annie Nova - CNBC
The administration's interest in allowing investors to factor in inflation when calculating their capital gains tax liability is mounting.
On Thursday, President Donald Trump said he's thinking "very strongly" about doing so. That comes after Treasury Secretary Steven Mnuchin announced earlier this month that he was considering a proposal on it, as well.
Don't brace for a tax break just yet, experts say.
/cnb.cx/2LLDVBc
NY Cybersecurity Deadline Looms
Rob Daly - Markets Media
In a few short days, the rubber meets the road for those financial organizations that fall under the New York State Department of Financial Services' cybersecurity regulation.
bit.ly/2LFXc76
| | | | | | Strategy | | | Staying Bearish on Swedish Krona Is Costly and May Be Redundant
Vassilis Karamanis and Love Liman - Bloomberg (SUBSCRIPTION)
Concerns over Riksbank and elections may already be priced in; Betting on krona gains through options is cheapest since May
/bloom.bg/2LIDEz5
FX Options Update: August 31, 2018
Dan Larsen - TradingFloor.com
Saxo Bank head of FX trading Dan Juhl-Larsen's latest report on the FX Options space is now live, with a look at Brexit, the pound, and EURSEK ahead of Sweden's pivotal September 9 election.
bit.ly/2LK4aIm
Why the stock market rally is smarter than the experts
Tim Mullaney - MarketWatch
There are always a million reasons why every market rally is supposed to end, and a million experts (actual and would-be) to explain why.
Valuations are too high, charts augur poorly (whether technical analysis or horoscopes, which quants insist are not the same thing) or we might all be deprived of President Trump's big, big brain through impeachment, a fate Trump assured us this week would leave us all in the poorhouse.
/goo.gl/4Ncv3x
| | | | | | Miscellaneous | | | After Years in the Dog House, Hedge Funds Are Regaining Investor Favor
Amy Whyte - Institutional Investor
For the first time since 2016's rash of hedge fund redemptions, there are more investors happy with hedge fund performance than unhappy.
bit.ly/2LJwfiX
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