| October 12, 2023 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | John Lothian & JLN Staff
Sometimes it is not what a press release says, but what it doesn't say that speaks the loudest. Such was the case yesterday when Cboe announced Cboe Global Markets Announces New Leadership Appointments to Support Continued Global Growth. Nowhere in that announcement was the news that Arianne Adams, formerly Cboe's head of derivatives who was replaced by Catherine Clay, had left the company.
Bloomberg read through the unwritten message and confirmed with Cboe that Adams had left the company in a story titled "Cboe Shakes Up Top Leadership as Arianne Adams Leaves the Firm." Adams departure follows that of former Cboe Ed Tilly, who resigned in September after an investigation found he "did not disclose personal relationships with colleagues, which violated Cboe's policies."
With the Cboe stock up as much as 8% at its all-time highs on Tuesday since Tilly's resignation, my theory about Cboe being bait rather than a shark keeps getting more relevant. It also makes you wonder whether factions on the board who wanted to sell the company while options trading was hot, or for other reasons, were fighting against a CEO who did not want to sell. When I look at the composition of the Cboe board, it looks like a group put together to sell the exchange. I can understand how this board, or a strong faction on it, may have come to that conclusion. I expect the open market Cboe auction to continue.
| | | | | | Lead Stories | | | Global Options Trading Has Now Overtaken Futures Volume
Katherine Doherty, Isis Almeida, and Elena Popina - Bloomberg
Crypto may have grabbed headlines last year, but the talk on Wall Street these days is all about options.
Retail investors are flocking to options, which give the holder the right to buy or sell a security, as a relatively cheap way to bet on stocks. Institutional investors are taking advantage too, as options offer a less expensive way to limit losses in times of volatile markets.
/jlne.ws/46vhfiW
Options traders see larger-than-usual stock swings as banks report results
Saqib Iqbal Ahmed - Reuters
Options traders are braced for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed.
Big banks, including JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup Inc (C.N) are set to report financial results on Friday, with others, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), due next week.
/jlne.ws/3txGySQ
Rally in U.S. stocks sparked by unusual option-market trading activity, strategist says
Joseph Adinolfi - MarketWatch
Unusual trading activity in the options market may help explain the rally in U.S. stocks that has taken place since last Friday, analysts say.
The composite put-call ratio, which compares volume in bearish options to volume in bullish options for all equity options trading on the U.S.'s 16 options exchanges, surged to its highest level in more than nine months last week.
/jlne.ws/3rGnilz
SEC poised to shine light on short selling with stock loan disclosure; Securities lenders would be forced to report deals within 15 minutes under proposed US rule
Jennifer Hughes and Brooke Masters and Stefania Palma - Financial Times
Short sellers and other market participants will have to quickly disclose deals to borrow securities under rules expected to be adopted by US financial watchdogs this week as part of a broad regulatory push for greater market transparency. Investors, typically hedge funds wagering that securities will fall in value - known as short selling - need to borrow stocks and bonds to make the bets before returning them to their owners.
/jlne.ws/3tpGLap
FIA EXPO: Walt Lukken Defends Derivatives Trading Amid Volatility. Zero-Day-Expiring Options; Lukken dismissed the idea that a tipping point might soon be reached where trading turns into gambling
Rick Steves - Finance Feeds
Walt Lukken, President and CEO of the Futures Industry Association (FIA) spoke to journalists at a press briefing at the recent FIA EXPO 2023. Lukken touched on various themes, from cutting-edge technology to regulatory challenges, providing a comprehensive overview of the present landscape and a window into what lies ahead.
/jlne.ws/3PO1nAV
| | | | | | Regulation & Enforcement | | | Commissioner Johnson to Give a Keynote and Participate in A Fireside Chat at the Symposium on Derivatives and Financial Regulation in Montreal, Canada
Commodity Futures Trading Commission
Commissioner Kristin N. Johnson will give a keynote and participate in a fireside chat at the Symposium on Derivatives and Financial Regulation in Montreal, Canada hosted by the CDPQ.
/jlne.ws/3RU38Ps
| | | | | | Moves | | | People news - September/October 2023
Katie Raymond - FIA
Appointments, promotions and other people news in the derivatives industry
/jlne.ws/3RUEgqU
| | | | | | Strategy | | | Contango
Cboe (Video)
In #Vol411, Scott Bauer @cboesib overviews what a 'normal' $VIX #futures curve looks like, the general amount of time that a state of contango occurs, how backwardation happens and what it signifies and more.
/jlne.ws/3FfckGJ
| | | | | | Miscellaneous | | | Chinese Bribes, Thai Prostitutes and an End to the Lies: Caroline Ellison's Explosive Second Day of Testimony Against Sam Bankman-Fried
Sam Kessler, Helene Braun, Nikhilesh De and Elizabeth Napolitano - CoinDesk
Caroline Ellison wept on the witness stand near the end of her second day testifying against her former boss and ex-boyfriend, fallen cryptocurrency mogul Sam Bankman-Fried. The diminutive and soft-spoken former CEO of Alameda Research described the unraveling last November of her hedge fund and its sister company, the FTX exchange, and the "relief" she felt as revelations about their fraud became public.
/jlne.ws/3LXwybY
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