| August 16, 2022 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
The Spread: A Guide to Careers in the Options Industry; David Prosperi Discusses Best Practices for Success in Options With JLN's Alex Teng; Cost of Carrying the Underlying Asset Forward in Time
JohnLothianNews.com
In this episode of Options Discovery, Alex goes over the difference between quantitative and support roles within firms in the options industry. He talks about the types of roles that are available and how you can have a successful career in options without being a trader. At the end of the episode Alex interviews David Prosperi, a longtime public relations and media executive in the financial industry, about his career choices and advice he would give to those just starting.
Watch the video »
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Complete Interview: David Prosperi; How to Be Successful in the Options Industry
JohnLothianNews.com
In this full interview, Alex talks to longtime financial industry executive David Prosperi. David opens up about how he was able to be successful working on the public relations side of the industry and discusses the career experiences he learned from the most. He finishes the interview by giving advice to those looking to start a career in the options industry and talking about his time in the Reagan White House.
Watch the video »
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Registration is open for FIA Expo taking place this 14-15 November at a new location - the Sheraton Grand Riverwalk Chicago. Experience compelling panels that build your knowledge, product demos that deliver innovative solutions, and networking opportunities that celebrate human connections. Whether you're a trader chasing the latest trends affecting the markets, a back office manager seeking ways to increase operational efficiency or a business strategist looking for what's next, you'll find it at Expo. This year, FIA is offering full conference, single day and exhibits plus registration options. Learn more and register by 2 September for the best rates!
Register HERE
| | | | | | Lead Stories | | | ETF Battle for Stock-Volatility Bettors Heats Up With New Funds (SPKX) (SPKY)
Denitsa Tsekova - Bloomberg
Two US funds that wager on the scale of the stock market's swings are launching Tuesday, expanding the world of exchange-traded products that give everyday investors the ability to place the type of bets once reserved for Wall Street speculators.
The ConvexityShares 1x Spikes Futures ETF (ticker SPKX) and the ConvexityShares Daily 1.5x Spikes Futures ETF (SPKY) peg their performance to a measure of equity-price moves, with the latter allowing investors to place an amplified bet.
/jlne.ws/3Ptvg7d
'Broken' Barclays ETN (VXX) Soars to 33% Premium With Issuance Halted
Katherine Greifeld - Bloomberg
Barclays Plc's famous paperwork blunder is still causing trouble in one of its largest exchange-traded notes as stock volatility craters.
The $445 million iPath Series B S&P 500 VIX Short-Term Futures ETN (ticker VXX) closed Friday at a record 33% premium to the net value of its assets, Bloomberg data show.
Barclays was forced to suspend issuance of the product after it sold $15 billion more in structured notes and ETNs than it had permission for.
/jlne.ws/3SN0LvU
Hedge fund Elliott sold Twitter stake before Elon Musk backed away from deal
Antoine Gara - Financial Times
The activist hedge fund Elliott Management sold its entire equity stake in Twitter in the second quarter, a period during which the social media company's shares rallied dramatically after agreeing a $44bn takeover by Elon Musk in April.
A securities filing on Monday showed that Elliott had no common stock in Twitter as of June 30, down from 10mn shares that were worth $387mn on March 31.
/jlne.ws/3A2EQYZ
Warren Buffett's Berkshire Hathaway Keeps Spending Through Volatile Markets
Akane Otani - WSJ
Warren Buffett's Berkshire Hathaway Inc. scooped up millions more shares of Apple Inc. and doubled down on its energy investments, while the stock market swooned in the second quarter.
The moves were made public in Berkshire's 13F filing, which was released after the stock market closed Monday. Regulations require institutional investors managing more than $100 million to file the form, which lays out firms' equity holdings as of the end of the most recent quarter, as well as the size and market value of their positions.
/jlne.ws/3bY6uOZ
Meme stock Bed Bath & Beyond soars after investor Ryan Cohen's latest bets
Medha Singh and Bansari Mayur Kamdar - Reuters
Shares of Bed Bath & Beyond Inc (BBBY.O) surged 60% to a near five-month high in volatile trading on Tuesday, as retail investors flocked to the stock after a filing revealed activist investor Ryan Cohen's latest bet on the home goods retailer.
The stock rose as much as 78.8% to $28.60 during the session and trading was halted multiple times for volatility.
/jlne.ws/3pnNAEj
| | | | | | Exchanges | | | Miami International Holdings and T3 Index Announce Launch of ConvexityShares ETFs Offering Exposure to SPIKES Volatility Index
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX ), MIAX PEARL, LLC (MIAX Pearl ), MIAX Emerald, LLC (MIAX Emerald ), Minneapolis Grain Exchange, LLC (MGEXâ¢) and The Bermuda Stock Exchange (BSXâ¢) and T3 Index today jointly announced the launch of two new ConvexityShares⢠exchange traded funds (ETFs) developed to provide investors with access to a new product designed to manage volatility exposure.
/jlne.ws/2K3gU18
| | | | | | Regulation & Enforcement | | | SFC issues quarterly report
SFC
The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from April to June 2022. During the quarter, the SFC began a consultation on proposed enforcement-related amendments to the Securities and Futures Ordinance (SFO) to enable it to take more effective enforcement actions to protect the interests of investors and uphold market quality. The SFC also consulted the public on proposed changes to the position limit regime for listed futures and options contracts to address the needs of the market and better align the regime with the SFC's regulatory policies and objectives.
/bit.ly/3C63n28
SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts
SEC
The Securities and Exchange Commission today charged 18 individuals and entities for their roles in a fraudulent scheme in which dozens of online retail brokerage accounts were hacked and improperly used to purchase microcap stocks to manipulate the price and trading volume of those stocks. Those charged include Rahim Mohamed of Alberta, Canada, who is alleged to have coordinated the hacking attacks, and several others in and outside the U.S. who allegedly benefited from or participated in the scheme.
/jlne.ws/3zZiqId
| | | | | | Strategy | | | Bed Bath & Beyond Options Trading Heats Up
Gunjan Banerji - WSJ
One of the most-traded options contracts in the market today is a bullish option on Bed Bath & Beyond stock, according to data provider Trade Alert.
/jlne.ws/3JWDdAN
Watch What The VIX/VXV Ratio Is Showing
Ismael De La Cruz - Investing.com
During the last six U.S. recessions, the S&P 500 gained an average of +61% between its recessionary low and when the NBER declared that the economic contraction had officially ended.
As a matter of fact, throughout the last 150 years, there have been 30 recessions in the U.S., and the S&P 500 managed to average a +6.9% annualized gain over that period (after adjusting for inflation).
/jlne.ws/3bWHuHN
| | | | | | Miscellaneous | | | Ken Griffin's Citadel Securities Trading Revenue Hits Record $4.2 Billion
Paula Seligson and Katherine Doherty - Bloomberg
Ken Griffin's Citadel Securities raked in a record $4.2 billion in first-half net trading revenue, capitalizing on this year's surge in market volatility and stepping up its competition with the biggest banks.
Revenue soared about 23% from last year's first half, according to people with knowledge of the situation. Citadel Securities has posted 10 consecutive quarters of net trading revenue in excess of $1 billion, with eight of those surpassing $1.5 billion, the people said, asking not to be identified disclosing private information.
/jlne.ws/3dzy4CL
Watch Why Don't Markets Care?
Bloomberg (Video)
Why don't markets care? That was Monday's question of the day posed by Alix Steel and Guy Johnson to Tom Hearden, Skyland Capital Senior Trader, on "Bloomberg Markets: Americas".
/jlne.ws/3bTUzBW
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| | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| | | Jeff Bergstrom
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