| September 09, 2024 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
New Eurex CEO Outlines Vision for European Derivatives Exchange
JohnLothianNews.com
In a recent video interview at the FIA IDX conference in London, Robbert Booij, the newly appointed CEO of Eurex Frankfurt AG, shared his insights and plans for the leading European derivatives exchange. Speaking with John Lothian News, Booij reflected on his transition from the banking sector to heading an exchange and outlined his strategic vision for Eurex.
Watch the video »
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Exberry CEO Previews Groundbreaking Tech Day for Exchange Industry
JohnLothianNews.com
In a recent video interview at the FIA IDX conference in London, Guy Melamed, CEO of Exberry, shared insights about the upcoming Tech Day 2024, a pioneering conference set to bring together exchange industry professionals in Amsterdam on October 9th. This event, organized by the Association of Futures Markets (AFM) in collaboration with Exberry, marks the first time non-members will be invited to participate, signaling a new era of openness in the exchange technology sector.
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| | | | | | Lead Stories | | | Options Markets Laser-Focused on Fed Before Election Takes Over; Stock volatility premium ratcheted down from recent elections; Crypto showing surprising 'amount of fear': BlockFills' Divine
Bloomberg News
Across global financial markets, options traders are preparing to unleash a wave of wagers tied to the US election - just as soon as the Federal Reserve's policy announcement is out of the way.
The closely contested presidential election has faded into the background with investors focused on the Sept. 18 Fed meeting. Any policy missteps threaten to roil markets already on edge over signs of slowing economic growth.
/jlne.ws/4dQ0D94
The Boom in Zero-Day Options Is Coming for Tesla and Nvidia; Brokers and exchanges discuss expanding #0dte to options on individual stocks
Alexander Osipovich - The Wall Street Journal
A popular, fast-paced trade has boosted the options market to record volumes in recent years. Now, Wall Street is looking to push it even further. Zero-day-to-expiry options let investors bet on whether a particular stock-market index will rise or fall by the end of the day. They have drawn an enthusiastic following among amateur investors, even as skeptics call them a form of gambling. They are sometimes known by the hashtag #0dte.
/jlne.ws/4cYECDT
S&P 500 just saw its worst first week of September since 1953, this chart shows; 'There have only been four other years where the S&P 500 dropped 2.5% or more to kick off the month,' according to Bespoke
Christine Idzelis - MarketWatch
The S&P 500 index just had a particularly ugly start to September in a historically rough month for the U.S. stock market, according to Bespoke Investment Group.
"Since 1953, when the five-day trading week in its current form began, this year ranks as the worst first week for the S&P 500 on record," Bespoke, a wealth-management and research firm, said in an emailed note Monday. The S&P 500 has started September with a decline of 4.25% through Friday, according to FactSet data.
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Funds actively cover CBOT corn, soy shorts as US demand picks up
Karen Braun - Reuters
Speculators last week staged the largest round of short covering in four months across U.S. grains and oilseeds, though the collective mood remains the most bearish ever for the date.
This is anchored by a massive fund short in Chicago soybeans, resulting from ample global supplies and what had been poor export demand for U.S. beans. But demand for U.S. corn has been decent and investors have cut back on their price pessimism.
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New Hedge Fund Gains Backing for Bets on Japan Market Revival
Bei Hu - Bloomberg
Hong Kong-based Sengu Capital Ltd. is starting a new hedge fund focused on improving corporate management in Japan, tapping into the country's financial market revival. The company will start trading for the fund in early October, Chief Investment Officer Yoshihiko Ohira and Chief Operating Officer Xavier Fanjaud said in an interview. The Japan fund lured multiyear backing from HS Group (Hong Kong) Ltd., a provider of strategic capital to such fledgling managers in exchange for a cut of their fee revenue.
/jlne.ws/4ejn7PP
Hedge funds flock to Japan as market heats up
Summer Zhen - Reuters
Japan has emerged as a standout in Asia's subdued $400 billion hedge fund sector, drawing fund launches while other regions suffer closures in an indicator that wild volatility in August has not derailed a revival in Japanese capital markets.
Hedge fund liquidations in Asia have outpaced new launches since 2023 mostly due to China's faltering stock market.
/jlne.ws/3Zh8CaI
| | | | | | Exchanges | | | Cboe to "Unleash" Growth Once Migrations are Complete
Shanny Basar - MarketsMedia
Cboe Global Markets is due to complete the last of the migrations from its recent acquisitions to a common technology platform in the first quarter of 2025, which chief executive Fredric Tomczyk said will unleash growth.
Tomczyk is approaching the one-year anniversary of his appointment as chief executive. Cboe said in a statement on 19 September 2023 that Tomczyk would become chief executive with immediate effect. He was previously on the board of Cboe Global Markets and a former president and chief executive of financial services group TD Ameritrade.
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Cboe Canada Welcomes First Trust for Launch of Dividend Focused ETF
Business Wire
Cboe Canada Inc. ("Cboe Canada") is pleased to welcome FT Portfolios Canada Co. ("First Trust Canada") for the launch of a new ETF. The First Trust SMID Cap Rising Dividend Achievers ETF is now trading on Cboe Canada, with both units and hedged units available, under the symbols SDVY and SDVY.F respectively.
The ETF seeks to track the performance of the Nasdaq US Small Mid Cap Rising Dividend AchieversTM Index (the "Index") by holding securities of First Trust SMID Cap Rising Dividend Achievers ETF, a U.S.-listed index ETF. The Index is designed to measure the performance of securities in the small to mid-capitalization space determined to have increased their dividend value over the previous three year and five year annual periods, while being best positioned to continue the dividend increase.
/jlne.ws/3MFpfFM
SGX Group reports market statistics for August 2024
SGX
Singapore Exchange (SGX Group) today released its market statistics for August 2024. Elevated volatility following the market dislocation in the earlier part of the month drove trading activity in equity derivatives as well as record foreign exchange (FX) futures volume. Derivatives traded volume rose 4% year-on-year (y-o-y) in August to 24.6 million contracts, with daily average volume (DAV) up 8% y-o-y at 1.1 million contracts. Securities daily average value (SDAV) climbed 28% y-o-y to S$1.4 billion, as market turnover increased 22% y-o-y to S$28.8 billion - the highest since March 2022.
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TAIFEX Newsletter - September 2024
TAIFEX
TAIFEX's Trading Volume Surged in August
TAIFEX reported a total trading volume of 272,681,247 contracts from January to August, with an average daily volume (ADV) of 1,704,258 contracts, making a surge of 23.31% compared to the same period in 2023. Among its core products, TAIEX Options (TXO), Mini-TAIEX Futures (MTX), and TAIEX Futures (TX) showed strong momentum, with ADV rising by 15.49%, 28.80%, and 22.56%, respectively. Meanwhile, the newly launched Micro TAIEX Futures (TMF) swiftly gained market traction, achieving an ADV of 138,149 contracts in August. Retail investors were highly active, accounting for 64.03% of the volume, while foreign institutions contributed 17.03%.
/jlne.ws/4giXSyH
JSE Joins Forces With DataBP To Transform Business Model Through Cloud Marketplace Adoption
Press Release via Mondovisione
The Johannesburg Stock Exchange (JSE), Africa's largest exchange, has collaborated strategically with DataBP to launch a ground-breaking cloud Marketplace which aims to transform the JSE's data offerings. This new digital marketplace will serve as the central hub for all JSE data products and services. The launch of the Marketplace is a major milestone in the JSE's digital growth journey. The bourse has digitised client contracting for index agreements and introduced Trade Explorer for member analytics services. With its core data now cloud-hosted, the JSE is gearing up to launch a virtual storefront that allows clients to easily purchase data online.
/jlne.ws/4gfJ3wS
JSE and DataBP collaborate on new cloud marketplace; New offering will serve as the central hub for all the Johannesburg Stock Exchange's (JSE) data products and services.
Wesley Bray - The Trade
The Johannesburg Stock Exchange (JSE) has entered a strategic collaboration with DataBP to launch a cloud marketplace aiming to enhance the JSE's data offerings. The new data marketplace will serve as the central hub for all of the exchange's data products and services.
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| | | | | | Regulation & Enforcement | | | OCC Comment Letter on FRB Docket No. OP-1831, Proposal to Expand Fedwire Funds Service and National Settlement Service Operating Hours
Megan M. Cohen, General Counsel and Corporate Secretary - OCC
The Options Clearing Corporation ("OCC") appreciates the opportunity to submit our comments to the Federal Reserve Board ("FRB" or the "Board") on the above-referenced proposal ("Proposal" or "Proposed Rules"). The Proposal would expand the operating hours of the Fedwire Funds Service ("FFS") to 22 hours per day, 7 days per week, every day of the year (22x7x365) and to correspondingly expand the operating hours of National Settlement Service ("NSS"), with NSS closing 30 minutes earlier than FFS. OCC writes in support of the Proposal, as detailed below, and offers responses to selected requests for comment from the Release.
/jlne.ws/3Zif5SN
| | | | | | Strategy | | | BofA Sees Utility Stocks Outperforming as Volatility Climbs, Interest Rates Fall; 'Prefer the tortoise' of income stocks, Subramanian says; BofA upgrades sector to overweight from market weight
Geoffrey Morgan - Bloomberg
Higher volatility over the short, medium and long term will make utilities and other quality and income stocks more attractive relative to growth peers, Bank of America Corp. equity and quant strategist Savita Subramanian said Monday.
Subramanian upgraded the utilities sector to overweight from market weight on a view that higher volatility and falling interest rates will drive better returns than those generated by technology stocks.
/jlne.ws/4ebmRly
The stock market is headed for a tough 8 weeks but could see a 10% rally into year-end, Fundstrat's Tom Lee says
Jennifer Sor - Markets Insider
The stock market is headed for a tough two months, but investors could still see a strong rally by the end of the year, according to one of Wall Street's most bullish forecasters.
Tom Lee, the head of research at Fundstrat, issued a rare bearish call for stocks in the short-run on Monday, predicting the next eight weeks could be difficult for investors. That's largely due to turbulence stemming from the upcoming presidential election, he said in a video to Fundstrat clients, pointing to the latest presidential polls, which show Harris and Trump remain neck-and-neck.
/jlne.ws/3ZeL0n5
Europe's heading for a recession as the U.S. consumer buckles, strategist warns
Steve Goldstein - MarketWatch
Europe is heading into a recession as the U.S. consumer buckles, a strategist warned, advising investors to shift into defensive stocks.
BCA chief European strategist Mathieu Savary says investors should focus on forward-looking indicators rather than current measures that show the economy is still expanding.
/jlne.ws/3zad9RQ
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