| October 26, 2023 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | 
Options Discovery Episode 23: Intro To JEPI And JEPQ, JP Morgan's Covered Call ETFs; Rich Excell, Discusses Covered Call ETFs
JohnLothianNews.com
In this episode of Options Discovery, Asma Awass introduces covered call ETFs, more specifically JEPI and JEPQ. This episode includes a breakdown of covered call ETFS and the metrics of JEPI and JEPQ. Asma then sits down with Rich Excell, an experienced hedge fund portfolio manager and clinical assistant professor in finance, to discuss JEPI and JEPQ in more depth. Asma and Rich discuss the benefits of JEPI and JEPQ, the strategy behind them, their recent growth, and more.
Watch the video »
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JEPI And JEPQ, JP Morgan's Covered Call ETFs; Veteran Portfolio Manager, Rich Excell, Discusses Covered Call ETFs And More
JohnLothianNews.com
In this Options Discovery full interview, Asma Awass speaks with Rich Excell, a veteran portfolio manager and host of the Investment Exchange Forum & Macro Matters Podcast. Rich talks about a variety of topics from his career including his experiences as a portfolio manager and his blog Excell with Options. Rich also gives insight into the benefits of JEPI and JEPQ, the strategy behind them, their recent growth, and more. Feel free to learn more these two ETFs here: https://am.jpmorgan.com/us/en/asset-JEPI https://am.jpmorgan.com/us/en/asset-JEPQ
Watch the video »
| | | | | | Lead Stories | | | Traders Pile Into New Treasury Shorts, Fading Rally Driven by Bill Ackman
Edward Bolingbroke - Bloomberg
Short sellers are betting on fresh pain ahead for bondholders.
Traders in the US interest rate futures market piled into new short positions on Wednesday, fading the prior day's Treasuries rally spurred by billionaire investor Bill Ackman saying he was no longer short the Treasury market.
/jlne.ws/3MiACnj
Middle-Aged Salarymen Amp Up FX Trades to Exploit Volatile Yen (JPY USD)
Mia Glass - Bloomberg
Salarymen scrolling through their phones on the subway are a common sight in Tokyo, but they aren't all playing Pokémon Go - many are on trading apps, aggressively buying and selling the yen to profit from short-term swings.
Retail currency traders are having a field day as speculation mounts that the Bank of Japan is getting closer to raising its rock-bottom interest rates, with some betting on a move as soon as next week. The cohort of mainly middle-aged men is amplifying volatility in the fast-paced currency markets by seizing on intraday moves in a departure from their previous focus on interest rate differentials.
/jlne.ws/4780FWi
CME Group CEO: Buying government treasuries and not hedging is a 'very risky proposal'
CNBC
CME Group CEO Terry Duffy joins 'Squawk on the Street' to discuss how the volatility in the rate markets has impacted the CME's business, what Duffy chalks up the move in rates to, and more.
/jlne.ws/3tWvHli
| | | | | | Exchanges | | | OCC sees cloud-based future for clearing
Bernard Goyder - Risk.net (Subscription)
The chief risk officer of the Options Clearing Corporation believes more central counterparties (CCPs) will follow its lead and move their core systems and infrastructure to the cloud.
/jlne.ws/3QaUoC5
Goldman's JPMorgan Copycat ETF Launches in 'Early Days' of Boom
Katherine Greifeld - Bloomberg
Goldman Sachs Group Inc. is the latest exchange-traded fund issuer attempting to take market share from JPMorgan Chase & Co.'s breakout active strategy lineup.
The actively managed Goldman Sachs S&P 500 Core Premium Income ETF (ticker GPIX) and the Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) both begin trading Thursday, according to a press release. GPIX and GPIQ track the S&P 500 and the tech-heavy Nasdaq 100, respectively, while also selling call options tied to their benchmarks for additional yield. Each fund charges 29 basis points.
/jlne.ws/3FzBWhI
MIAX Options - Complex Order Legging Through The NBBO
Press Release
The MIAX Options Exchange has delayed a proposal to amend Exchange Rule 518 to permit component legs of complex orders that leg into the Simple Order Book to execute at prices outside of the NBBO until 2024.
The Exchange's proposal, once implemented, will remove the stipulation that provides that the execution price of each component not be at a price that is outside the NBBO.
/jlne.ws/470OxGi
Miami International Holdings Participates in World Investor Week's Ring the Bell for Financial Literacy 2023 Ceremony
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX ), MIAX PEARL, LLC (MIAX Pearl ), MIAX Emerald, LLC (MIAX Emerald ), MIAX Sapphire, LLC (MIAX Sapphireâ¢), Minneapolis Grain Exchange, LLC (MGEXâ¢), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX), and Dorman Trading, LLC (Dorman Trading), today participated in the World Federation of Exchanges' (WFE) 'Ring the Bell for Financial Literacy 2023' ceremony by ringing the opening bell at its Princeton, N.J. headquarters as part of IOSCO World Investor Week (WIW) 2023.
/jlne.ws/40ca5xr
| | | | | | Regulation & Enforcement | | | Griffin Says Scrutiny of SEC Basis Trade 'Utterly Beyond Me'; He says the strategy saves US taxpayers billions every year; Citadel founder comments at Robin Hood Investors Conference
Hema Parmar - Bloomberg
Citadel founder Ken Griffin rebuffed regulators' critique of the so-called basis trade, saying their efforts are "utterly beyond me." Hedge funds and others who employ the strategy are helping to provide liquidity and fund the Treasury market efficiently, reducing costs for taxpayers, Griffin said Wednesday at the Robin Hood Investors Conference in New York, according to people familiar with the matter. "This is totally lost on Gary Gensler and totally lost on the Fed," Griffin said during a conversation with fellow billionaire Paul Tudor Jones.
/jlne.ws/479EyyJ
***** I get worried when Ken Griffin gets confused.~JJL
| | | | | | Strategy | | | Hedge Fund Manager Louis Bacon's Top 12 Stock Picks
Ruchi Gupta - Yahoo Finance
In this article, we discuss hedge fund manager Louis Bacon's top 12 stock picks. You can skip our detailed analysis of Bacon's hedge fund and its performance over the years and go directly to read Hedge Fund Manager Louis Bacon's Top 5 Stock Picks.
Louis Bacon earlier this year scored a big legal victory after a New York Judge awarded him $203 million in damages in a defamation case against Canadian fashion Mogul Peter Nygard. While the record award continues to make waves, the billionaire investor is also best known for his investing skills as one of the most revered hedge fund managers.
/jlne.ws/3tXqgm8
Volatility Spike
Cboe
In #Vol411, Scott Bauer @cboesib lets us know that we saw #volatility spike yesterday and this morning as the S&P 500 Index ended well below 4200 yesterday (for the first time since May), the $VIX futures curve appears to be almost flat and more.
/jlne.ws/46LIDcu
| | | | | | Miscellaneous | | | Israel-Hamas War: Markets Aren't Yet Worried That It Will Spread
Tyler Cowen - Bloomberg
Despite the continuing war in the Middle East, most markets have been relatively calm. Stock exchanges have not plunged, while volatility appears manageable, indeed ordinary. If you were looking at just the markets (except for Israel's), you might not even know there is a war on.
/jlne.ws/3QvzrDq
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