| February 15, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Lead Stories | | | Cboe Global Markets to launch US options market data offering
Wesley Bray - The Trade
Cboe Global Markets is set to launch a new real-time US options market data solution named Cboe One Options Feed on 1 March 2023, subject to regulatory approval.
The new data offering will utilise a single market data feed to provide a real-time view of US options pricing derived from Cboe.
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OCC Comment on CFTC RIN 3038-AF12 Reporting and Information Requirements for Derivatives Clearing Organizations
OCC
The Options Clearing Corporation ("OCC") appreciates the opportunity to submit these comments on the above-reference proposal ("Proposal" or "Proposed Rules") under the Commodity Exchange Act ("Exchange Act"). The Proposal would amend certain of the daily and event reporting requirements for derivatives clearing organizations ("DCOs") under Part 39 of the CFTC's regulations.
OCC supports and appreciates the Commission revisiting the Part 39 reporting requirements in light of the feedback it has received from DCOs and the Commission's experience with Part 39 reporting following the most recent amendments in 2020. Given the compliance and technology resources required to ensure timely and accurate daily and event reporting, OCC further supports the Commission's continued focus in the Proposed Rules to ensure that it is receiving the most relevant data from DCOs to support the Commission's supervision function.
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Investors should not expect much relief from volatility
Anne Walsh - Financial Times
2022 was such a white-knuckle year for interest rates and market valuations. Investors should be forgiven for hoping that 2023 will be different. It will be different, but they should not expect much relief from volatility.
The strong US jobs figures for January demonstrate that real-time economic releases still have the power to surprise. But the more meaningful long-term matter for investors to keep in mind is that we have transitioned from a world of quantitative easing to one of tightening.
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Borsa Istanbul 100 Index: Turkey Stocks Surge in Post-Quake Reopening
Tugce Ozsoy - Bloomberg
Turkish stocks soared on their return from a week-long suspension after authorities threw their full weight behind the market to avoid a repeat of last week's rout.
The Borsa Istanbul 100 Index closed 9.9% higher on Wednesday, outperforming all other major world markets, the biggest single-day advance since 2008. Investors took heart from government efforts to channel billions of liras from state institutions into stocks and steps by the local exchange to contain volatility.
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Oil Hedging Ramps Up in Sign That Market Is Stabilizing
Devika Krishna Kumar and Alex Longley - Bloomberg
Major oil producers, including Petroliam Nasional Bhd. and Hess Corp., have locked in hedges to protect against falling prices in the latest sign that markets are stabilizing after an extremely volatile year that drove traders from the commodity.
Petronas, as the Malaysian company is known, has been using put options as a way to counterbalance against declines in the market, which lowers prices for its oil. The state producer has used a so-called put spread strategy that limits its gains in the event of a big slump, according to people familiar with the matter.
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The Economy Might Not Crash After All. 'No Landing' Could Still Mean Trouble.
Teresa Rivas - Barron's
There's a new entry to the hard-landing/soft-landing debateâno landing at all. Just don't expect it to be good news for the stock market.
Recent headlines have remained focused on whether the Federal Reserve will be able to engineer a smooth slowdown in the economy as it attempts to tame inflation or be forced to engineer a recession to bring the consumer price index's growth rate back to its 2% target. Yet a third option is possible, one where it never touches the ground at all.
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Hedge funds fell behind global stock markets in January
Bilal Jafar - Financial News
Despite the strong performance of crypto, technology, and emerging markets-focused funds, the hedge fund industry struggled to match stock market returns in January.
Hedge funds returned 3.67% on average last month compared to the S&P 500's 6.28% gain, data from alternative investment research firm BarclayHedge shows.
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| | | | | | Exchanges | | | Cboe Global Markets to Launch Cboe One Options Feed, A New, Real-Time U.S. Options Market Data Solution
Cboe Global Markets
Consolidated, real-time U.S. options pricing from the largest U.S. options exchange operator; Through a single market data feed, Cboe One Options Feed will publish aggregated BBO of all displayed orders for securities traded on Cboe's four options exchanges; Aims to meet investor demand for a cost-effective alternative to existing offerings
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced it expects to launch the Cboe One Options Feed, beginning March 1, 2023, subject to regulatory approval. Through a single market data feed, the new data offering will provide a comprehensive, real-time view of U.S. options pricing derived from the largest U.S. options exchange operator.
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DBS Digital Exchange Saw 80% Growth in Bitcoin Traded Amid Crypto Winter
Joanna Ossinger - Bloomberg
DBS Group Holdings Ltd. reported an uptick in Bitcoin trading volume on its digital exchange last year amid a broader decline in cryptocurrency prices.
The number of Bitcoin traded on the DBS Digital Exchange surged 80% last year, while the number in custody as of Dec. 31 more than doubled from a year earlier, according to a statement Wednesday.
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NSE signs a Data Licensing Agreement with CME Group for WTI Crude Oil and Natural Gas contracts
NSE
India's leading stock exchange, National Stock Exchange (NSE), has signed a data licensing agreement with CME Group, the world's leading derivatives marketplace, allowing NSE to list, trade and settle rupee denominated NYMEX WTI Crude Oil and Natural Gas (Henry Hub) derivatives contracts for Indian market participants. The addition of NYMEX WTI Crude Oil and Natural Gas (Henry Hub) contracts will expand the NSE product offering and its overall commodity segment. NSE has applied to the Securities and Exchange Board of India (SEBI) seeking approval to launch the additional futures contracts.
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| | | | | | Regulation & Enforcement | | | Wall Street watchdog shortens time-frame for stock trades, proposes new investment adviser rules
Douglas Gillison and Chris Prentice - Reuters
Wall Street's top regulator on Wednesday adopted rules tightening the time-frame for stock trades in an effort to tamp down the kind of risk seen in 2021's GameStop fiasco, when retail investors suffered heavy losses.
The U.S. Securities and Exchange Commission (SEC) also proposed changing rules protecting client assets held by investment managers, in a move that would likely prevent cryptocurrency platforms from serving a key marketplace role.
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SEC to Vote on Safeguarding Crypto, and Speeding Trades
Bill Alpert - Barron's
This morning, the U.S. Securities and Exchange Commission will vote on a new rule that's one of the first to explicitly protect investors' cryptocurrency assets. The rule would require investment advisors to have a third-party custodian hold a customer's assetsâwhether digital currencies like Bitcoin, or physical assets like art.
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SEC pushes for tougher custody rules on assets including crypto
Jennifer Hughes - Financial Times
Wall Street's top regulator has proposed toughening safeguards around investors' assets after the collapse of several high-profile crypto companies last year revealed that customer funds were not as safe as had been advertised.
The US Securities and Exchange Commission, on Wednesday agreed to propose rules that would force investment advisers to secure all the client assets that they manage including so-called alternatives, such as cryptocurrencies and art, with qualified custodians.
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FIA backs SIFMA comments on proposed FinCEN rule regarding access to beneficial ownership information
FIA
FIA has submitted a letter to the Financial Crimes Enforcement Network (FinCEN) related to a proposed rule titled Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities. In its comments to FinCEN, FIA noted its supports for a separate comment letter from the Securities Industry and Financial Markets Association (SIFMA) that would make the proposed rule more useful and cost-effective for FIA members who operate in futures and derivatives markets.
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SEC Sets Challenging T+1 Implementation Date
Shanny Basar - MarketsMedia
The Securities and Exchange Commission has announced that the US will cut its settlement cycle by one day by 28 May 2024, which is earlier than anticipated.
The standard settlement cycle for most broker-dealer transactions in securities will be reduced from two business days after a trade, T+2, by one day to T+1. Gary Gensler, chair of the SEC, said in a statement that the change will reduce latency, lower risk, promote efficiency and greater liquidity in the markets.
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| | | | | | Moves | | | Cboe Australia Announces Planned Retirement Of CEO Vic Jokovic, Appoints Emma Quinn As Successor
Cboe Global Markets
Cboe Australia ("Cboe Australia") today announced the planned retirement of Cboe Australia CEO Vic Jokovic, effective March 31, 2023. Industry veteran Emma Quinn has been appointed as his successor and will assume the position of President, Cboe Australia, as of March 27, 2023. Mr. Jokovic will remain in an advisory role to help ensure a seamless leadership transition and will also continue in his current board roles with Cboe Australia and other members of the Cboe group.
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| | | | | | Strategy | | | The VIX in a Bear Market
Cboe (Video)
In today's #Vol411, @JoeTigay covers #CPI and $VIX trading activity
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| | | | | | Miscellaneous | | | Why not just print more money and not tell anyone? TikTok and Reddit are obsessed
Beth Pinsker - MarketWatch
As inflation stubbornly clings to the U.S. economy, people are increasingly looking for solutions, and at the top of the list is this one: Why not just print more money? And why not do it without telling people, so that it doesn't backfire with even more inflation?
The idea pops up all over, and the approaches to explaining it range from Jack Corbett on NPR's popular Planet Money TikTok channel to a discussion on the "ask science" subReddit to various YouTube contributors like Money & Macro.
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| | | Jeff Bergstrom
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