| April 05, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
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Luc Fortin Talks MX International Volume Growth with JLN at FIA Boca 2023
JohnLothianNews.com
Montreal Exchange President and CEO Luc Fortin, who is also head of trading at TMX Group, spoke to JLN at the FIA International Futures Industry Conference for the JLN Industry Leaders video series.
Watch the video »
| | | | | | Lead Stories | | | Traders Rush to Cover Options Exposure During Peak Fed Uncertainty
Edward Bolingbroke - Bloomberg
Bond traders, lacking conviction about what the Federal Reserve will do next, have been dumping positions in interest-rate options at a breakneck pace. That's also putting downward pressure on rate volatility following a surge in the immediate aftermath of the failure of Silicon Valley Bank. The theme has been most evident in options linked to the Secured Overnight Financing Rate, which closely tracks the US central bank's benchmark, as traders have cashed in on bullish bets that have paid off as bond yields have come down.
/jlne.ws/43bkevI
Recession Risks Have Soared Because of the Banking Fiasco, Pimco Says
George Glover - Markets Insider
The risk of a US recession has increased because the banking turmoil will likely trigger a credit crunch, according to Pimco.
The fixed-income investing giant warned Tuesday that the collapse of SVB and Signature Bank in March and the volatility that followed will spur lenders to trim their balance sheets by offering fewer loans - potentially causing a slowdown in spending and investments, leading to an economic slump.
/jlne.ws/3KAwDlv
Bitcoin's Spot-to-Derivatives Trading Volume Ratio Slides to Lowest in 11 Months
The decline indicates renewed risk appetite in the crypto market.
Omkar Godbole - CoinDesk
/jlne.ws/3zymAHb
| | | | | | Exchanges | | | Cboe Europe now the leading exchange for European equities liquidity and price formation
The Trade (Sponsored by Cboe Europe)
Cboe Europe has made big gains in its market share over the last two years - enjoying particular success in its lit orderbooks, which have grown from 15% of all lit trading in January 2021 to 28.1% in March 2023. But more interesting than these market share gains are the recent inflection points in market quality, where for the first time, Cboe's orderbooks now lead those of the primary exchanges on key indicators.
/jlne.ws/3milFrg
ICE Reports Highest Trading Volumes in Euribor for Ten Years
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced the highest trading volumes in Euribor derivatives, the benchmark for managing short term Euro-related interest rate risk, for ten years. In March 2023, a record 49.5 million Euribor futures and options contracts traded. This surpassed the monthly volume record last set in January 2013.
/jlne.ws/3Mivosg
March 2023 figures at Eurex; OTC Clearing and Repo volumes continued their upward trend; Daily GC Pooling volumes more than doubling to EUR 114.9 billion y-o-y; Notional outstanding in OTC clearing up 18 percent
Deutsche Boerse
Eurex, Europe's leading derivatives exchange, reports a 6 percent increase in total trading volume to 260.9 million contracts in March from 246.2 million contracts in the same month last year. Interest rate derivatives again recorded the largest increase, rising 23 percent year-on-year in March from 81.3 million to 99.7 million. Index derivatives increased slightly by 1 percent, from 127.9 million to 129.7 million contracts traded. Equity derivatives trading declined 15 percent from March 2022 to 31.2 million contracts.
/jlne.ws/3zwGZwk
Cboe Europe Derivatives (CEDX) First Quarter 2023 Update
Cboe
CEDX has had a busy and exciting Q1 as we continued our journey to creating a modern, vibrant pan-European equity derivatives marketplace that brings greater efficiencies to participants and grows the European market overall.
/jlne.ws/3GmEUqx
| | | | | | Regulation & Enforcement | | | The pain and SOFRing are almost over
Alexandra Scaggs - Financial Times
For a minute there, it seemed like global regulators were postponing the death of Libor yet again.
The plan was that ICE would stop publishing the scandal-ridden benchmark at the end of June 2023. Then the FCA announced Monday that daily rates would be published through September 2024.
But there's something funny about the "synthetic US dollar Libor" that will be introduced July 1.
/jlne.ws/3zzA5GF
| | | | | | Technology | | | Front-office outsourcing in crypto derivatives markets set to rise; The whitepaper Changing Approaches to Crypto Trading Technology is available to download via the link: https://www.acuiti.io/changing-approaches-to-crypto-trading-technology
Acuiti & Trading Technologies
Crypto derivatives market participants are set to increase their use of third-party trading technology as the quality and sophistication of the products on offer continues to increase, a newly published study by Acuiti has found. The whitepaper Changing Approaches to Crypto Trading Technology is based on a survey conducted in Q4 2022 of Acuiti's Crypto Derivatives Expert Network and is published today in partnership with Trading Technologies, a global capital markets technology platform provider.
/jlne.ws/3m4QFv4
TNS Deploys Cloud Compute Servers and Network Hardware for Coinbase Derivatives Exchange
TNS
Transaction Network Services (TNS) today announced the deployment of a TNS cloud-based financial trading infrastructure solution for the Coinbase Derivatives Exchange (CDE). The partnership supports a significant enhancement to the regulated futures exchange. The TNS deployed hardware solution for CDE consists of the recently announced TNS Dedicated Server offering that will enhance the Coinbase Derivatives Exchange infrastructure collocated in Secaucus, NJ and Aurora, IL
/jlne.ws/437Yd0r
| | | | | | Strategy | | | Trump's Arrest Is Bad for Stocks. 1 Move to Make Now.
Steven M. Sears - Barron's
The arrest of former President Donald Trump poses a major risk for the stock market.
The midsummer deadline for Congress to raise the debt ceiling could morph into a Republican attack on profligate Democratic spending, injecting extraordinary volatility into the global financial system. That could turn a prosaic vote into a battle royale over the nation's extraordinary debt and tax-and-spending ways.
/jlne.ws/3Kx7aJz
Gold Prices Are Near All-Time Highs. 3 Reasons for the Rise.
Nicholas Jasinski - Barron's
Gold prices are headed toward record highs Tuesdayâand they might not stop there.
At $2,042 an ounceâup 2.1% on Tuesdayâthe gold price has less than 1.5% to rise to hit its record high of $2,069.40 set in 2020. The shiny, yellow metal has gained 12% over the past month alone and is up 25% from its recent low in November.
/jlne.ws/3nFJj1g
Recession Ahead?
Cboe
In today's #vol411 @JoeTigay talks #recession, #bonds, #equities, and #utilities.
/jlne.ws/3ZIhItJ
| | | | | | Events | | | DeFi and Other Fi
FIA
This webinar will explain and explore DeFi, CeFi, TradFi, GameFi, and other Fi and their intersections with digital assets. The speakers will discuss where we are and where we may be going from a regulatory, policy, and enforcement perspective.
/jlne.ws/3GlSQkN
| | | | | | Miscellaneous | | | Personal Finance: Stock Market Cassandras and Pollyannas Are Stuck in Limbo
Jonathan Levin - Bloomberg
Doomsayers get a lot of the attention, and perma-bulls get the rest. But in the past 11 months, they've all been wrong.
/jlne.ws/40MNiI8
Stock-Based Pay and Bonuses Fall Under Finance Chiefs' Cost-Cutting Knife
Mark Maurer and Jennifer Williams-Alvarez - WSJ
Some finance executives are tweaking compensation expensesâincluding stock-based pay and bonus eligibilityâin the latest move among U.S. companies to cut costs from increasingly lean operations as recession concerns grow.
/jlne.ws/3mbHR6z
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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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| | | Jeff Bergstrom
Editor
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