| July 26, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
CME Group's Derek Sammann on the Future of Markets panel at IDX and CME's growth in international markets, emerging markets, and options
JohnLothianNews.com
JLN Correspondent Julie Ros talked to Derek Sammann, senior managing director and global head of commodities, options and international markets at CME Group, at the IDX conference in London in June. She asked Sammann about his reflections on the Future of Markets panel at IDX. He said that each of the panelists brought a different perspective to such topics as what grows markets and in particular "product development through the lens of client need."
Watch the video »
| | | | | | Lead Stories | | | Citi Says New Capital Rules Could Hinder Derivatives, Prime Brokerage Services
Jenny Surane and Sonali Basak - Bloomberg
Citigroup Inc. said a slew of new capital requirements that regulators will propose this week could hinder the bank's ability to trade certain products like exotic derivatives or offer prime brokerage services.
/jlne.ws/454HMCz
The S&P 500 Hasn't Had Many Ugly Days This Year. That's a Pretty Good Sign.
Jacob Sonenshine - Barron's
The S&P 500 has simply avoided painful trading sessions, with declines of 1% or more, in 2023. That isn't a coincidence and it likely means the index can keep chugging higher.
It is particularly notable because awful days on Wall Street were the hallmark of the 2022 stock market. The S&P 500 began sliding into a bear market from a record high in January as rising inflation made it clear that the Federal Reserve would have to raise interest rates to get prices back under control. Last year saw many days when the S&P 500 fell by several percentage points.
/jlne.ws/3Qfx9Zl
Hedging Stock-Market Sell-Off Hasn't Been This Cheap Since 2008: BofA
Zahra Tayeb - Markets Insider
Investors looking to hedge against US stock-market weakness are in for a bargain.
Put options on the S&P 500 â which are used to hedge losses in the index over the coming 12 months â haven't been this cheap since 2008, according to Bank of America.
/jlne.ws/44J8cdh
Singapore's GIC warns of the end of an era for private equity
Mercedes Ruehl - Financial Times
Singapore's GIC, one of the world's largest institutional investors, has warned that the golden age for private equity firms has "come to an end".
The sovereign wealth fund, which has estimated assets of more than $700bn and is one of the largest backers of buyout funds, said a new era of higher interest rates and volatility had created challenges.
/jlne.ws/4780c7e
Fed raises interest rates, leaves door open to another increase
Howard Schneider and Michael S. Derby - Reuters
The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The rate hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, and the accompanying policy statement left the door open to another increase.
/jlne.ws/3Y6YX47
Bitcoin (BTC) Trading Volume at 30-Month Low Amid Sub-$30,000 Price
Chung Ying Ho - Bloomberg
A metric tracking how much Bitcoin is being bought and sold has slid to a 30-month low as the largest digital asset holds below $30,000.
The seven-day average of Bitcoin spot trading volume on July 22 was the least since around the start of 2021 amid subdued price swings, K33 Research said.
/jlne.ws/3rJx5XJ
| | | | | | Exchanges | | | Derivatives exchange CME Group's profit rises on robust demand
Jaiveer Shekhawat and Laura Matthews - Reuters
CME Group Inc (CME.O) reported a rise in second-quarter profit on Wednesday, as traders turned to the world's largest derivatives exchange to hedge against market volatility triggered by recession fears.
Demand for CME's risk-hedging investment products held steady as investors navigated a market riddled with worries of a looming recession and high interest rates.
/jlne.ws/3O6ru5f
CME Group Inc. Reports Second-Quarter 2023 Financial Results
CME Group
CME Group Inc. (NASDAQ: CME) today reported financial results for the second quarter of 2023.
The company reported revenue of $1.4 billion and operating income of $839 million for the second quarter of 2023. Net income was $778 million and diluted earnings per common share were $2.14. On an adjusted basis, net income was $836 million and diluted earnings per common share were $2.30. Financial results presented on an adjusted basis for the second quarter of 2023 and 2022 exclude certain items, which are detailed in the reconciliation of non-GAAP results.
/jlne.ws/44FKNcI
| | | | | | Regulation & Enforcement | | | CFTC codifies no-action relief on DCO reporting
Jeff Reeves and Kyle Glenn - FIA
The US Commodity Futures Trading Commission finalized a rule on reporting requirements for Derivatives Clearing Organizations (DCOs) at a public meeting on July 26, codifying existing no-action relief from the agency and forgoing previous proposals that would have required additional reporting related to cyber-related incidents.
/jlne.ws/3Y71H1m
South Korea launches interagency investigation team to tackle rising crypto crimes
Reuters
South Korea launched an interagency investigation unit to tackle crypto-currency crimes on Wednesday amid a surge in illegal activities in the market and a lack of legal protections for investors.
The Joint Investigation Centre for Crypto Crimes will be manned by some 30 personnel from judicial, financial, tax and customs agencies, the Prosecutors' Office said in a statement.
/jlne.ws/3Dwlttv
| | | | | | Strategy | | | Nasdaq-100 And A Lack Of Volatility On PPI Days
Russell Rhoads - Nasdaq
Inflation has been all the rage as far as what the markets focused on over the past year or so. Based on that alone we would expect the Producer Price Index (PPI) release on Wednesday January 18 to be a very volatile day for stocks. However, based on 2022 price action, the opposite may be the case.
/jlne.ws/43JuAlr
Inflation and National Debt
Cboe (Video)
In #Vol411, @JoeTigay covers the varying perspectives on what today's #FOMC decision will mean for #markets. $SPX $VIX
/jlne.ws/44EKajq
| | | | | | Miscellaneous | | | Out of office: the rise of the 'workcation'
Simon Kuper - Financial Times
Dalia Hamiyeh, a communications executive at Publicis in Lausanne, will spend a week this summer working remotely in her family's homeland of Lebanon. In 2022, the French media group began allowing staff to work for up to six weeks a year from any of the 100-plus countries where it has offices. "Most of us use the time in summer," said Hamiyeh.
/jlne.ws/44W11hi
Like Trading Stocks in Your PJs? You've Got Options
Alexander Osipovich - WSJ
Interactive Brokers said it has enabled overnight trading in more than 10,000 stocks and exchange-traded funds, the latest step in the direction of 24-hour stock trading by a major retail brokerage.
/jlne.ws/3DPgrsx
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