| July 16, 2021 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | 
Meaghan Dugan Cooks Up a Stellar Path to Electronic Trading
JohnLothianNews.com
NYSE executive Meaghan Dugan always worked in kitchens as a youth and had dreams of becoming a famous chef. She even earned a degree in culinary science. However, instead of donning a poofy cap for a career as a chef, she pursued a career in the markets at the Pacific Stock Exchange and wore a colorful jacket.
Watch the video »
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| | | | | | Lead Stories | | | Crypto Insiders Posit Bitcoin Price Floor Around $30,000 Level
Joanna Ossinger - Bloomberg
Delta Exchange says options activity backs that support point; Bitcoin has been sliding lower in a narrow range after rout
Bitcoin has been grinding lower in a trading range just above $30,000, prompting cryptocurrency insiders to flag the round number as a potential floor for the virtual coin.
/bloom.bg/3iggkLl
The Meme Stocks Can't Fail
Matt Levine - Bloomberg
I wrote last month that "'if you buy AMC stock it comes with popcorn' is the greatest capital-markets innovation of the century so far," and I meant it. AMC Entertainment Holdings Inc. needed money, to deal with debt maturities and to expand its business. It has not had a particularly great few years due to, you know, pandemic etc. Traditionally if you are a company that needs money to deal with debt maturities, and you have not had a great few years, you will have a hard time raising that money. Your cost of capital will be high. The investors who are willing to finance you will be tough, mean investors who ask for a lot in exchange for the money you desperately need.
/bloom.bg/3zbjJC1
Demand for loan ETFs 'skyrockets' as inflation worries intensify
Steve Johnson - Financial Times
Demand for exchange traded funds investing in senior loans has rocketed this year as investors hunt for respite from rising inflation.
A net $7.3bn has been pumped into the sector so far this year, according to CFRA Research, almost doubling its asset base to $16bn.
The trend is linked to rising inflation and interest rate expectations in the US and elsewhere, leading investors to favour floating-rate loans over fixed-rate bonds.
/on.ft.com/3z2LA7c
Normalizing Market Activity Leads Capital Markets Results Lower in 2Q21
Fitch Ratings
The five largest U.S. banks' capital markets revenues declined 17% in 2Q21 as the market dynamics observed in 2020 and 1Q21 began to abate. Market volatility, as measured by the VIX index, declined to an average close of 18 in the quarter compared to 35 a year prior. As a result, the downdraft from capital markets business contributed to lower revenues at Bank of America Corp. (BAC), Citigroup, Inc. (C), The Goldman Sachs Group, Inc. (GS), JPMorgan Chase & Co. (JPM), and Morgan Stanley (MS).
/bit.ly/2ULn23L
| | | | | | Exchanges | | | Settlement efficiency: failure is not an option
Eurex
Eurex is committed to transparent and efficient markets. Consequently, we are glad to observe the additional focus that market participants are placing on settlement efficiency in their efforts to prepare for the Settlement Discipline Regime (SDR). Settlement inefficiency can have financial impacts and other undesirable effects. But how to increase settlement efficiency? Michael Jahn, Head of Sales & Business Development at Eurex STS, answers this question in an op-ed for Securities Finance Times (issue 281).
/bit.ly/36GFBsC
Wall Street Moves to Close Markets for Juneteenth in 2022
Trade association recommends that bond markets close for the full day on June 20 of next year
Alexander Osipovich - The Wall Street Journal
Stock and bond markets are moving toward shutting down in honor of Juneteenth next year.
The Securities Industry and Financial Markets Association recommended this week that bond markets close for the full day on Monday, June 20, 2022, in observance of the new federal holiday that falls on a Sunday next year. Juneteenth commemorates the end of slavery in the U.S.
/on.wsj.com/3kv0cIq
| | | | | | Technology | | | Exela stock rallies on very heavy volume, as options trading is launched
Tomi Kilgore - MarketWatch
Shares of Exela Technologies Inc. XELA, 1.25% rose 4.9% in very active afternoon trading Friday, but pared earlier intraday gains of as much as 22.7%, after the business process automation company said NYSE Arca launched options trading in its stock. Trading volume swelled to 133.7 million shares, already well above the full-day average of about 110.2 million shares over the past 30 days, according to FactSet.
/on.mktw.net/3eqqcAZ
| | | | | | Strategy | | | Investors increasingly looking for downside protection by buying put options: RBC's Amy Wu Silverman (video)
BNN Bloomberg
Amy Wu Silverman, head of derivatives at RBC Capital Markets, joins BNN Bloomberg to help set up the trading day. She notes that investors are increasingly looking for downside protection by buying things like put options. She also says that for investors who are long FANGMAN names, owning calls and call spreads instead of stock is a compelling way to take gains, while leaving room for upside.
/bit.ly/2UVg5wU
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