| July 11, 2024 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | 
Vermiculus Chairman Envisions Future of Exchange Tech: Microservices and AI Lead the Way
JohnLothianNews.com
In a recent interview at London's Park Plaza Westminster Hotel during the FIA's International Derivatives Week, Nils-Robert Persson, chairman of the Swedish technology firm Vermiculus, shared insights into the company's innovative approach to financial technology and its vision for the future of exchange systems.
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 »
| | | | | | Lead Stories | | | Firms launch options on swap-based Bitcoin ETF
Suzanne McGee - Reuters
Options on just-launched leveraged products that track the spot price of bitcoin via derivative swaps began trading on Thursday, a first for the cryptocurrency exchange-traded fund (ETF) universe.
Investors will now be able to buy options on the T-Rex 2x Long Bitcoin Daily Target ETF and the T-Rex 2x Inverse Bitcoin Daily Target ETF , which were launched on Wednesday, Rex Shares and Tuttle said.
/jlne.ws/3WgMsDM
Wall Street's 'Fear Gauge' Is Super Zen Right Now. What That Means for Stocks.
Amethyst Martinez - Barron's
Wall Street's so-called fear gauge seems to be lacking the fear part lately.
/jlne.ws/4cBuIbU
VIX falls after softer-than-expected inflation report
Christine Idzelis - MarketWatch
The stock market's fear gauge fell Thursday morning, as investors digested fresh data showing U.S. inflation continued to ease in June.
The Cboe Volatility Index, which trades under the ticker symbol VIX, was down 0.9% at 12.73, according to FactSet data, at last check. The VIX has been trading well below its long-term average of around 20, as the U.S. stock market rallied this year.
/jlne.ws/3XUlxih
JPMorgan Says Record-High US Stocks Make Hedging Difficult; Investors are looking to equal-weighted S&P 500 Index; Megacap tech firms have propelled stock gains this year
Jan-Patrick Barnert and Michael Msika - Bloomberg
The artificial intelligence rally is driving stocks to fresh all-time highs, and hedging those gains requires greater creativity, according to JPMorgan Chase & Co. For traders, the difficulty is hedging any potential downturn while not betting directly against wider momentum and the AI trade, JPMorgan's Cash Equity Trader Matt Reiner wrote in a client note. "Shorts are getting torched," he said. "Investors are more and more looking to balance their books with short equal-weighted S&P 500 Index as a last resort."
/jlne.ws/3S7njZB
Quant Hedge Funds Dealt Fresh Blow From China's Short-Sale Curbs
Bloomberg
One after another, the money-making trading formulas for China's quantitative hedge funds are disappearing. After blaming quants for roiling the stock market and phasing out their leveraged market-neutral strategy earlier this year, regulators are deepening restrictions on short selling, jeopardizing long-short products that manage an estimated 50 billion yuan ($6.8 billion).
/jlne.ws/3XXlJ02
Beyond the Data: Higher speed and lower latency fastest growing priorities for algo users; Wesley Bray dives into the latest data from The TRADE's Algorithmic Trading Survey - Hedge Funds, delving into the shifting motivations behind algorithm usage across the buy-side, including key areas of focus for hedge funds going forward.
Wesley Bray - The Trade
The TRADE recently delved beyond the data to share findings from our annual Algorithmic Trading Survey - Hedge Funds 2024, which indicated that hedge funds were happier than ever with their algo providers. Holistically, 2024 proved to be positive for algorithmic trading providers, with the overall rating for performance sitting at 5.86 - significantly higher than 2023 and demonstrating the highest survey average from hedge fund respondents since we began tracking their results separately in 2016.
/jlne.ws/3zCIIUd
Quant Hedge Funds Dealt Fresh Blow From China's Short-Sale Curbs
Bloomberg
One after another, the money-making trading formulas for China's quantitative hedge funds are disappearing. After blaming quants for roiling the stock market and phasing out their leveraged market-neutral strategy earlier this year, regulators are deepening restrictions on short selling, jeopardizing long-short products that manage an estimated 50 billion yuan ($6.8 billion).
/jlne.ws/3XXlJ02
Spot Bitcoin ETF Exempted As Options Trading Opens For Inverse Funds; Spot Bitcoin ETF Options trading bid just got stirred after T-REX launched the same product for 2X-Leveraged and Inverse Funds
Godfrey Benjamin - CoinGape
While the broad cryptocurrency sector awaits approval for spot Ethereum Exchange-traded Funds (ETFs), options trading just went live for 2X leveraged and inverse Bitcoin ETFs. Latest ETF Products on The Block On Thursday, REX Shares and Tuttle Capital Management (T-REX) announced a new product for their trading ETF lineup. The firms stated that options are now available exclusively for their T-REX ETFs. This includes the T-REX 2X Long Bitcoin Daily Target ETF (BTCL) and the T-REX 2X Inverse Bitcoin Daily Target ETF (BTCZ) for sophisticated traders. In the firm's opinion, this exclusive offering affords Bitcoin investors the avenue to engage in the market with greater flexibility and strategic depth.
/jlne.ws/4cDTW9q
| | | | | | Exchanges | | | Miami International Holdings Reports Trading Results for June 2024; YTD Volumes Reach Record Levels on Multiple Options and Equities Exchanges
MIAX Press Release
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies, today reported June 2024 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX). June 2024 and Year-to-Date Trading Volume and Market Share Highlights
/jlne.ws/3Wj0THm
Abaxx picks ION XTP for clearing analytics
Radi Khasawneh - FOW
Abaxx Commodity Futures Exchange and Clearinghouse, which launched its Singapore venue at the end of last month, has opted to use ION's XTP platform to reconcile and manage clearing member positions ahead of scaling up the new market
/jlne.ws/3xVXqFf
CME Group and CF Benchmarks to Launch Two New Cryptocurrency Reference Rates and Real-Time Indices on July 29
CME Group
CME Group, the world's leading derivatives marketplace, and CF Benchmarks, the leading provider of cryptocurrency benchmark indices, today announced plans to launch two new cryptocurrency reference rates and real-time indices for XRP and Internet Computer (ICP), which will be calculated and published daily by CF Benchmarks, beginning July 29.
/jlne.ws/4bAUcER
Equity Trader Alert #2024 - 43 Update: Nasdaq Introduces Order Port Level Purging Functionality
Nasdaq
As previously announced in ETA #2024-11, The Nasdaq Stock Market (Nasdaq), Nasdaq BX, and Nasdaq PSX will be introducing order port level purging functionality. Please note that the initial implementation will only include the ability to cancel open orders, and the ability to disable/re-enable order entry on a given port will be introduced at a later date.
/jlne.ws/3zxiC4Q
| | | | | | Strategy | | | Option market sees a 6% chance S&P 500 drops 10% over next 3 months
Sam Boughedda - Investing.com
The option market is currently signaling a relatively low probability of a significant downturn for the S&P 500 over the next quarter, according to Piper Sandler.
The investment bank estimates a 6% chance of the index falling by 10% within the next three months. While this figure may seem elevated, Piper Sandler suggests it could be even lower at around 5%.
/jlne.ws/4bF2knK
UBS recommends these options trades to sponge off rival earnings reports
Steve Goldstein - MarketWatch
One of the features of this stock-market run, which on Wednesday carried the S&P 500 SPX to its 37th record high of the year, is just how much complacency there is, as measured by low readings of implied volatility VIX.
Derivatives strategists at UBS say that could continue. "We could continue to witness volatility 'under the hood' as names report more dispersed results, well reflected in the higher beat rates of realized vs. implied moves over the last several earnings seasons.
/jlne.ws/3WgSB2M
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