 | | | | | | | | January 15, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | 
Trading Technologies Broker Scorecard Brings Back Refreshing Memory
JohnLothianNews.com
Trading Technologies yesterday announced the launch of its Broker Scorecard, "a first-of-its-kind monthly report ranking global and regional equity brokers by liquidity and execution quality."
Execution quality was a factor I used to compete when I was an electronic broker working with Commodity Trading Advisors, executing orders for them. In fact, in one case I invested money with a CTA in order to show how well I could execute the orders for their trading system.
The trading system was designed by Mark Brown, a genius trading system developer, Omega Tradestation savant, and one of the many characters I met on the internet in my early days on the net.
Read more »
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Crain's Chicago Business 2025 "Who's Who in Chicago Business" highlights prominent leaders shaping the financial services and legal sectors in Chicago. In financial services, the list includes Terrence Duffy, Chairman and CEO of CME Group; John R. Ettelson, Chairman Emeritus of William Blair; David Fisher, Chairman, President, and CEO of Enova International; and Brent W. Gledhill, President and CEO of William Blair. Darrel Hackett, CEO of BMO Financial and President and CEO of BMO Bank, is also recognized, alongside Kunal Kapoor, CEO of Morningstar, and Christopher Keogh, Head of Midwest for Goldman Sachs Group. Other notable figures include Cary Kochman, Global Co-head of M&A and Chairman of Citigroup's Chicago office; John Koudounis, President and CEO of Calamos Investments; and Anthony Maggiore, Managing Director for JPMorgan Chase's Midwest and Canada Middle Market. The list also features Joseph Mansueto, Owner and Chairman of Chicago Fire Football Club and Executive Chairman of Morningstar; Michael O'Grady, Chairman and CEO of Northern Trust; Fredric Tomczyk, CEO of Cboe Global Markets; and Donald "Don" Wilson Jr., CEO of DRW. In the law category, Renato Mariotti, Partner at Paul Hastings, stands out for his contributions to the legal profession. ~JJL
| | | | | | Lead Stories | | | Crypto Options Venue Deribit Draws Interest From Buyers; Kraken said to have looked at the company without proceeding; Crypto M&A is heating up following Trump's election win
Ryan Weeks, Olga Kharif, and Suvashree Ghosh - Bloomberg
Deribit, the world's largest trading platform for Bitcoin and Ether options, has drawn interest from potential acquirers and is working with a financial adviser to review opportunities, according to people with knowledge of the matter. Deribit is working with Financial Technology Partners LLC, said the people, who declined to be identified discussing a confidential process. FT Partners was initially hired in early 2023 to help arrange secondary stock sales for existing Deribit investors, though its general advisory mandate now also includes assessing bids for the whole firm, the people said.
/jlne.ws/3Wi4sNq
Crypto Hedge Funds Had Great 2024, But Failed to Top Bitcoin; Many crypto hedge funds notched double-digit returns in 2024; But fewer were able to beat Bitcoin's 120% advance last year
Muyao Shen and Vildana Hajric - Bloomberg
During a great year for cryptocurrencies, hedge funds focused on digital assets unsurprisingly did very well, too. It's just that many didn't do as well as the industry's most famous token: Bitcoin. Last year, a number of crypto hedge funds logged double-digit returns, with the VisionTrack Composite Index, which tracks the performance of 130 crypto-dedicated hedge funds, jumping 40%, according to data provided by Galaxy's VisionTrack.
/jlne.ws/4h0IjM3
Bitcoin derivatives market signals increased volatility ahead of Trump inauguration
Brian McGleenon - The Block
The bitcoin derivatives market is signaling increased expectations for volatility as President-elect Donald Trump is preparing for his second inauguration on Jan. 20.
Trump is set to return to the White House, becoming only the second president in U.S. history to serve non-consecutive terms, following Grover Cleveland who embarked on a second term in 1893. However, unlike Trump, Cleveland was notably opposed to implementing high tariffs.
/jlne.ws/3PFdsZv
Trump's US presidency return ushers in new era of volatile markets
Lewis Krauskopf and Suzanne McGee - Reuters
Donald Trump's inauguration on Monday could herald a more volatile period for markets, with the Republican seen moving quickly on a wide swath of issues including trade and immigration that are expected to swing asset prices.
Trump's tariff plans could further fan inflation fears that pressures bond and stock prices, while efforts to tighten immigration controls could also reverberate through those markets. Moves to ease regulation are poised to lift assets, including crypto and bank stocks.
/jlne.ws/42hiGlO
JPMorgan Says Altcoin-ETF Inflows May Be as High as $14 Billion; Bank based estimates on 'adoption rate' of Bitcoin ETFs
Isabelle Lee - Bloomberg
JPMorgan Chase & Co. analysts estimate that a proposed batch of exchange-traded funds holding alternative cryptocurrencies may attract inflows of as much as $14 billion should they get approved by the US Securities and Exchange Commission. Analysts at the New York-based bank predict the suite of proposed Solana ETFs will take in anywhere from $3 billion to $6 billion within six to 12 months while the cohort of XRP funds will gather $4 billion to $8 billion in the same time period.
/jlne.ws/3Cb2MP0
Thailand Mulls Allowing First Bitcoin ETF in Bid to Boost Sector; The regulator may permit ETFs that invest directly in Bitcoin; A fund-of-funds offering Bitcoin exposure launched last year
Anuchit Nguyen - Bloomberg
Thailand may permit Bitcoin exchange-traded funds to list on local exchanges for the first time as the country vies to nurture a digital-assets hub. The Securities and Exchange Commission is considering allowing individuals and institutions to invest in local Bitcoin ETFs, Secretary-General Pornanong Budsaratragoon said. Thailand's One Asset Management launched a fund-of-funds offering exposure to overseas Bitcoin ETFs in June 2024, but the country hasn't yet given the green light to vehicles that invest directly in the original cryptocurrency.
/jlne.ws/4fXC7Dm
| | | | | | Exchanges | | | Cboe Unveils New Brand for Exchange Technology Platform, Marking New Chapter in Technology Innovation and Growth
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today unveiled a new brand identity for its exchange technology platform, signaling an exciting new chapter in Cboe's ongoing evolution and deepening commitment to delivering best-in-class trading technology and innovation for market participants around the globe. The technology platform powering Cboe's world-class exchange operations for trading options, futures and equities across its markets globally is now named Cboe TitaniumSM (Cboe TiSM).
/jlne.ws/4hijJpC
FIA hires new SVP of Global Events, Marketing and Communications
FIA
FIA hired a new Senior Vice President of Global Events, Marketing and Communications. Melissa Brunton joins the FIA team from the Direct Selling Association (DSA), where she served as SVP of Education and Meeting Services.
/jlne.ws/42y2T2b
| | | | | | Regulation & Enforcement | | | Trump's new SEC leadership poised to kick start crypto overhaul, sources say
Hannah Lang and Chris Prentice - Reuters
Top Republican officials at the U.S. Securities and Exchange Commission are poised to begin overhauling the agency's cryptocurrency policies potentially as early as next week when President-elect Donald Trump takes power, said three people briefed on the matter.
Among the measures commissioners Hester Peirce and Mark Uyeda are weighing are initiating the process that would ultimately lead to guidance or rules clarifying when the agency considers a cryptocurrency to be a security, and reviewing some crypto enforcement cases pending in the courts, two of the people said.
/jlne.ws/4jeExjN
CFTC's Review of Nadex Sports Contract Submissions
CFTC
The Commodity Futures Trading Commission today notified the North American Derivatives Exchange, Inc. (Nadex) d/b/a Crypto.com it will initiate a review of the two sports contracts that were self-certified and submitted to the CFTC on Dec. 19, 2024. As described in the submissions, the contracts are cash-settled, binary contracts.
/jlne.ws/3WnVlef
| | | | | | Strategy | | | The Market Is Looking Riskier. This Trade Will Calm Your Nerves.; Stock and bond investors are in sharp disagreement about what Trump's policies will mean for the economy. This options trade offers a way to profit from a broad market selloff-and eventual rebound.
Steven M. Sears - Barron's
The strong December jobs report exposed some critical facts that were previously obfuscated by rising stock prices.
Chief among the risk factors that now demand vigilance:
/jlne.ws/3E6opAy
| | | | | | Miscellaneous | | | JPMorgan Traders Notch Record Fourth Quarter on Volatility; Fixed-income trading beats estimates as equities falls short; Bank again sets record for annual profit, with $58.5 billion
Hannah Levitt - Bloomberg
JPMorgan Chase & Co.'s traders scored their biggest fourth-quarter haul ever, boosted by volatility tied to the US elections in November.
Trading revenue at the firm rose 21% from a year earlier, jumping to $7.05 billion. Fixed-income was the star, with revenue beating analysts' estimates, while equities-trading revenue fell short.
/jlne.ws/4fWPfsd
Goldman Profit Doubles as Stock Traders Score Record Haul; Firm logs $4.1 billion of net income in the fourth quarter; Bank is betting improving outlook will drive better results
Todd Gillespie - Bloomberg
Goldman Sachs Group Inc. cruised past estimates as its equity traders delivered their best year on record.
The firm's fourth-quarter profits more than doubled to $4.1 billion, buoyed by strength in its investment bank, expansion of its money-management business and a surprise $472 million gain from balance-sheet bets.
/jlne.ws/4ahymr0
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