| July 29, 2022 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Lead Stories | | | Top 4 Tips for Options Trading: Legendary Options Trader
Laila Maidan - Business Insider
Tony Saliba was only 23 years old when he started trading options over four decades ago in 1979. Back then, it was a pilot program but he took an interest in it because it was a dynamic approach to trading.
"Options were the newest security, and being from Chicago, a young kid who caddied for these brokers that worked down in Florida, I became very curious about it. But also, it had the most nonlinear payout possibilities," Saliba told Insider.
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Cboe Partners With Snowflake to Move Corporate Data to Cloud; Tech firm's platform can also guard against cyber attacks; Exchanges turn to cloud to offload data, analytics functions
Katherine Doherty - Bloomberg
Cboe Global Markets Inc. is working with Snowflake Inc. to shift its corporate data and analytics software to the cloud, as exchanges elect to offload certain technology functions to outside firms. Cboe plans to integrate more capabilities through Snowflake's service, and to use the technology firm as a security blanket to detect and respond to potential cybersecurity attacks, the Chicago-based exchange said. Snowflake's platform can create a more seamless experience for users, said Eileen Smith, senior vice president of data and analytics at Cboe.
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Tesla volatility spurs creation of first hedged single-stock ETF
Steve Johnson - Financial Times
Just weeks after the first leveraged single-stock exchange traded funds listed in the US, investors are being offered the polar opposite in a Tesla-based offering that hedges for steep declines in its price.
The world's first "risk managed" single-stock ETF, from Illinois-based Innovator Capital Management, is designed to protect investors from large losses â in return for capping the potential upside.
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The Fed vowed to crush inflation with higher rates. Then the stock market rallied. Here's why. (It's not good news.)
Alfonso Peccatiello - MarketWatch
''We are now at levels broadly in line with our estimates of neutral interest rates, and after front-loading our hiking cycle until now we will be much more data-dependent going forward.''
â Jerome Powell, July 2022 FOMC press conference
The Federal Reserve on Wednesday raised interest rates by another 75 basis points despite acknowledging that economic growth is clearly slowing. The central bank, under Powell, reiterated that the path of least resistance is well-represented by the so-called dot plot: More hikes ahead â all the way to a fed funds rate of 3.75%!
And yet, the stock market has staged a humongous rally, led by the most valuation-sensitive and risk-sentiment-driven asset classes: Nasdaq stocks COMP, 1.53% and crypto.
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| | | | | | Exchanges | | | Exchange operator Cboe writes down bulk of ErisX acquisition
Reuters
Cboe Global Markets Inc (CBOE.Z) on Friday reported second-quarter profit slightly below Wall Street expectations as compensation costs rose, and also said it took a $460 million writedown on its recent purchase of digital asset exchange ErisX.
The global exchange operator's net income, excluding one-time items, rose to $1.67 per share, in the three months ended June 30, which was 2 cents below the consensus estimate of analysts, according to Refinitiv IBES data.
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Cboe Global Markets Reports Results for Second Quarter 2022
Cboe
Second Quarter Highlights*
Diluted EPS for the Quarter of $(1.74), Down 278 percent, primarily due to the impairment of goodwill recognized in the Digital reporting unit; Adjusted Diluted EPS1 for the Quarter of $1.67, Up 21 percent; Net Revenue for the Quarter of $424 million, Up 21 percent; Increases Organic Total Net Revenue Growth Target for 2022 to 9 to 11 percent, from 5 to 7 percent; Increases Data and Access Solutions Organic Net Revenue Growth Target to 10 to 13 percent, from 8 to 11 percent; Increases 2022 Adjusted Operating Expense Guidance2 to $659 to $667 million, from $617 to $625 million.
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China approves trading of soybean, soyoil options on Dalian exchange
Reuters
China's securities regulator has approved trading of soybean and soyoil options on the Dalian Commodity Exchange, it said on Friday.
Options trading for the Dalian exchange's soybean contracts and its soyoil contract will begin on Aug. 8, the China Securities Regulatory Commission (CSRC) said in a statement.
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Euronext publishes Q2 2022 results
Euronext
Euronext, the leading pan-European market infrastructure, today publishes its results for the second quarter 2022.
Q2 2022 revenue and income up +2.5% pro forma[1], compared to Q2 2021 underlying revenue and income[2], to EUR374.7 million (+14.0% reported, +EUR45.9 million) driven by the growth of non-volume related business and trading activities:
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| | | | | | Regulation & Enforcement | | | Why the SEC Is Calling More Cryptocurrencies Securities and What That Means
Lydia Beyoud and Allyson Versprille - Bloomberg
Cryptocurrency traders have been put on notice that the US Securities and Exchange Commission considers a range of widely traded digital assets to be securities, a position that could impose regulatory requirements that many boosters say could be crippling. But figuring out what does or doesn't make a coin a security is a complicated question.
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JPMorgan's Gold 'Boss' Michael Nowak Led Group Plot to Spoof Prices, Jury Told
Joe Deaux and Tom Schoenberg - Bloomberg
Michael Nowak was "the boss" of a plot at JPMorgan Chase & Co. to manipulate gold and silver prices and worked with the top trader and salesman on the bank's precious metals desk to "spoof" markets with bogus buy and sell orders, a federal prosecutor told jurors in Chicago.
"For years, executives at one of the world's largest banks conspired to manipulate the markets for precious metals," Matthew Sullivan, an attorney in the US Department of Justice, said Thursday during closing arguments in the trial of Nowak, Gregg Smith and Jeffrey Ruffo. "All three worked together toward the same goal: earning profits for the precious-metals desk by spoofing."
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| | | | | | Technology | | | NSE IFSC-SGX Connect launched by Prime Minister of India Narendra Modi
SGX
Singapore Exchange (SGX Group) and the National Stock Exchange of India (NSE) announced today that the NSE IFSC-SGX Connect is ready to trade and clear Nifty equity derivatives for global institutions, a major step towards further connecting the world's investors to India.
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| | | | | | Miscellaneous | | | Why a Fed-Driven Recession Is Preferable to Stagflation
Dana M. Peterson - Barron's
Six months later, Russia's war is still taking a terrible toll on millions of Ukrainians, but also on billions more people around the world through rapidly rising inflation, shortages, financial market volatility, and risks of recession.
Although some commodity prices have eased from their year-to-date peaks, they remain elevated, stoking the cost of intermediate and final goods that utilize these products. Higher input costs for firms are being passed onto consumers, causing both price spikes for household basics and aggressive interest rate hikes by central banks. Higher interest rates not only reduce domestic demand but also place overly-indebted economies at risk of default.
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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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Editor-in-Chief
| | | Jeff Bergstrom
Editor
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