| March 31, 2023 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
|
| | | | Observations & Insight | | | Gain Small-Cap Exposure with Options on the Russell 2000 Index
Learn why small-cap indexes like the Russell 2000 have historically outperformed large-cap counterparts, and how an options strategy can help you manage your risk while expressing an opinion on the index.
++++
Trading Technologies CEO Keith Todd discusses TT's strategic plans for growth and acquisition of AxeTrading
JohnLothianNews.com
Keith Todd was interviewed by John Lothian News at the FIA International Futures Conference in Boca Raton, FL about Trading Technologies and its strategic plans for growth. JLN asked him about the strategy behind acquiring AxeTrading. He discussed Axe's strong base, the global/local transformation of Trading Technologies, and its move into other asset classes. Todd discussed meeting customer needs and how to best embrace new efficiencies while ensuring systems are resilient. He talked about TT's role in the exchange ecosystem. Finally, Todd discussed the TT platform business.
Watch the video »
| | | | | | Lead Stories | | | Explainer: How a massive options trade by a JP Morgan fund can move markets
Saqib Iqbal Ahmed - Reuters
A nearly $15 billion JP Morgan fund is expected to reset its options positions on Friday, potentially adding to equity volatility at the end of a strong quarter for U.S. stocks.
Analysts have in the past pointed to the JPMorgan Hedged Equity Fund's quarterly reset roiling markets, and see it as a source of potential volatility during Friday's session.
/rb.gy/vzos
ETFs benefit as US advisers dump mutual funds
Nicole Jao - Financial Times
Asset managers must offer products that better align with advisers' needs for flexibility and cost-efficiency, research from Cerulli Associates shows.
Advisers across all channels have become increasingly conscious of the price they pay for access to investment strategies as their clients become even more aware of fees, said Matt Belnap, associate director at the researcher. Shops need to respond to this increasing margin pressure and scale with products that offer more flexibility, as well as with active strategies that are priced appropriately to compete with index options, he said.
/rb.gy/tv6x
This Bond Market Signal Warns Trouble Is Brewing in the Banking System
William Edwards - Business Insider
The bond market is flashing a warning sign that something is going awry in the banking system, says Jim Bianco, the founder of market research firm Bianco Research.
That alarm bell is heightened volatility in the bond market, Bianco told Insider this week. The Intercontinental Exchange Bank of America MOVE Index â which measures bond-market volatility, similar to how the CBOE Volatility Index (VIX) measures volatility in the stock market â has shot up to its second-highest level in three decades.
/jlne.ws/3nvv6E1
The New Bull Market in Stocks Has Begun, Fundstrat Says
Jennifer Sor - Markets Insider
A new bull market in stocks has taken off, and history shows the bear narrative is falling apart, according to Fundstrat's head of research Tom Lee.
In a note on Friday, Lee pointed to the strong gains the S&P 500 in recent months, with the benchmark stock index up 5.5% over the past quarter. Stocks were up a similar amount the previous period, surging 7% in the last quarter of 2022.
/jlne.ws/3M8jLnU
Inflation Traders See Scope for Fed Pause to Extend TIPS Gains
Michael Mackenzie - Bloomberg
Investors are seeking protection for inflation that's poised to stay higher for longer because they expect the Federal Reserve to abandon its fight for price stability prematurely to support the financial sector.
Rates traders are betting that banking-sector turmoil will lead the Fed to pause its year-long tightening campaign soon, with rate cuts to follow. It's a backdrop that would potentially reignite inflation, which has spurred demand for Treasury Inflation-Protected Securities in the past couple weeks.
/jlne.ws/3JYm6Pn
Bitcoin's (BTC) Surge Makes It the Best Performing Asset in Q1 2023
Bloomberg
Bitcoin's surprising fast exit from its "crypto winter" has once again put the notoriously volatile digital currency atop the leader-board in the first quarter for being the best-performing asset class by a wide margin.
With a roughly 70% gain, Bitcoin is closing out its best quarter since the three months ended March 2021, when it surged some 103%, Bloomberg data show. That vastly outstrips the S&P 500's 5.5% year-to-date advance, the Nasdaq 100's 19% uptick and the iShares 20+ Year Treasury Bond ETF's 5.3% jump.
/jlne.ws/3TWQ377
Lagarde Says Core Inflation Still 'Significantly' Too High
Alessandro Speciale - Bloomberg
European Central Bank President Christine Lagarde said underlying inflation remains "significantly too high" â even after the headline measure of price gains for the euro zone dropped by the most on record this month.
Core inflation, which strips out volatile energy and food costs, accelerated to an all-time high of 5.7% in March, while the main number plunged to 6.9% from 8.5%.
/jlne.ws/3K1EUxf
| | | | | | Exchanges | | | Euronext publishes its 2022 Universal Registration Document
Euronext
Euronext, the leading pan-European market infrastructure, today announced it has filed its 2022 Universal Registration Document, prepared in ESEF format (European Single Electronic Format), including the 2022 Annual Financial Statements and Directors' Report to the Stichting Autoriteit Financiële Markten (the "AFM"), on 30 March 2023, as competent authority under Regulation (EU) 2017/1129.
/rb.gy/0gvz
MIAX Options, Pearl Options and Emerald Options Exchanges April 1, 2023 Fee Changes
Press Release
Effective April 1, 2023, pending filing with the SEC, MIAX Options, MIAX Pearl Options and MIAX Emerald Options will amend the following fees:
/rb.gy/hp26
| | | | | | Regulation & Enforcement | | | The SEC Tries to Do Too Much, Too Fast
Kevin Kennedy - WSJ
U.S. equities markets are a cornerstone of the global economy and serve investors and issuers better than any other. This reputation has been earned over time thanks to the Securities and Exchange Commission's record of making strategic and incremental enhancements to markets with input from industry and the public.
/rb.gy/nwde
Wall Street lines up against Gensler on one of his controversial ideas
Bob Pisani - CNBC
Today is the final day for the trading industry and investors to submit comments on one of Securities and Exchange Commission Chair Gary Gensler's most controversial proposals: a partial overhaul of the U.S. trading system.
The package is so complex and potentially far-reaching that Gensler has broken them into four separate proposals. Two of them have sizeable industry support and are likely to be adopted. But two others are facing serious opposition and, at least one â the effort to replace payment for order flow by an auction process which came out of the GameStop meme stock controversy â may end in litigation to prevent it from seeing the light of day.
/rb.gy/84mk
Inside Crypto's New War for Survival
Joe Light - Barron's
After Coinbase Global (ticker: COIN) disclosed that the Securities and Exchange Commission had issued it a "Wells notice," essentially warning of a lawsuit, industry executives and lawyers mobilized into action. The morning after the disclosure, an internal chat channel at the Blockchain Association trade group lit up, with one commentator comparing SEC Chair Gary Gensler to The Godfather's rising mob boss.
/rb.gy/sjsr
| | | | | | Strategy | | | Wild Quarter for Markets Might Foretell Further Turbulence
Akane Otani - WSJ
Markets showed their resilience in the first quarter, despite being rocked by shock waves that few anticipated.
Investors began the year feeling largely upbeat. Inflation appeared to be subsiding, and many bet that would lead the Federal Reserve to switch quickly from raising interest rates to cutting them.
/rb.gy/6mco
Opinion: The S&P 500 has hit a wall, but powerful market forces are shaping up to push it through
Lawrence G. McMillan - MarketWatch
The stock market, as measured by the S&P 500 Index SPX, 1.32%, continues to struggle to make headway. The downtrend that began at the beginning of February is still in place. It is a series of lower highs and lower lows on the SPX chart, and the S&P 500 has repeatedly run into resistance at or below 4080. In fact, the entire area between 4080 and 4200 is a roadblock.
/jlne.ws/3zl9bC6
Market Momentum
Cboe (Video)
Dan Deming @djd551 talks about shifts in the $VIX term structure and active #options contracts in #Vol411.
/rb.gy/qure
| | | | | | Miscellaneous | | | How Trump's Indictment Spells Trouble for Stocks and the Economy
Ben Levisohn - Barron's
Former President Donald Trump's indictment by a New York grand jury is one more reason that Congress, which desperately needs to compromise on fiscal issues, will have a tough time doing so. And that could spell trouble for the U.S. stock market and economy.
/jlne.ws/40ST36z
| | | | |  | | | | JLN Options is sponsored by: | | | | | |  |  |  |  | | | | | |  |  |  | | |
|
|
| | | |
| | | | 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
Publisher | | | Sarah Rudolph
Editor-in-Chief
| | | Jeff Bergstrom
Editor
| | |
|
|
| |
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2023 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
