| October 09, 2024 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | FIA has announced the selection of 10 startups for the 2024 Innovators Pavilion, which will be part of its annual Futures and Options Expo in Chicago from November 18-20. This showcase highlights fintech innovations relevant to derivatives trading and clearing. FIA President Walt Lukken emphasized the importance of innovation in the cleared derivatives markets, expressing enthusiasm for the startups' pitches and the potential for partnerships. The selected startups, chosen by an independent committee for their innovative products and services relevant to the global futures, options, and swaps markets, include Abaxx (a commodity futures exchange), AnthologyAI (consumer data analytics), ClearToken (an independent clearinghouse for digital assets), Grao Direto (a trading platform for grains), IMX Health (futures based on healthcare claims data), Membrane Labs (software for crypto lending and derivatives), Percent (access to the private credit market), Theia Analytics (quantitative governance and regulatory risk analytics), Tradewell Technologies (trading technology for corporate bonds), and Vorticity (a Value at Risk calculation engine). ~JJL
| | | | | | Lead Stories | | | Who and what is driving oil price volatility; Algos versus humans
George Steer - Financial Times
A "geopolitical risk premium" is a fuzzy concept, roughly equivalent in today's oil market to an extra $5 charged for each of the 6bn or so "virtual" barrels traded every day. That the planet consumes (just) 100mn real barrels every 24 hours shows how dominated by speculators the oil market has become. This in turn explains why, alongside the many other obvious catalysts, prices have been as volatile as they have over the past few weeks.
/jlne.ws/4dJht8G
One of Wall Street's biggest bears is turning upbeat on the stock market for the first time in 2 years
Matthew Fox - Markets Insider
Strategists at JPMorgan have been bearish on the stock market since October 2022.
But that seems to be changing, based on a Tuesday note from JPMorgan chief global equity strategist Dubravko Lakos-Bujas.
/jlne.ws/3NisP8T
Marex agrees terms to acquire UK FX specialist Hamilton Court Group
Marex Group plc
Marex Group plc ('Marex' or the 'Group'; NASDAQ: MRX), the diversified global financial services platform, today announces that it has agreed terms to acquire Hamilton Court Group which will expand the foreign exchange (FX) services it offers clients, consistent with its strategy to bring new clients and new capabilities onto its platform and diversify its earnings. Headquartered in London, Hamilton Court Group offers a full suite of FX products, ranging from bespoke complex FX options and derivative structures to more 'vanilla' products such as forwards, spots and swaps. Its clients are primarily mid-sized UK and European corporates and it has about 170 employees located in London, Milan, Madrid and Toronto.
/jlne.ws/3NpIyTz
Treasury market volatility surges as investors rethink interest rate bets; Bond traders brace for inflation data on Thursday after jobs figures smashed expectations
Jennifer Hughes and Ian Smith - Financial Times
Volatility in the $27tn US Treasury market has surged to its highest level since the start of the year, as nervy investors quickly readjust their expectations for how quickly the Federal Reserve will cut interest rates.
Stellar jobs numbers on Friday sparked one of the biggest daily swings in bond yields this year, as investors pencilled in a slower pace of rate cuts. The 10-year yield, which had been falling since late April, jumped 0.13 percentage points on the day as prices fell, and is now trading above those levels at about 4.02 per cent.
/jlne.ws/4gYVkWH
Can a crypto ETF die of apathy?
Bryce Elder - Financial Times
Monday's new activity of .âEURâ°.âEURâ°. zero!âEURâ°.âEURâ°.âEURâ°.âEURâ°. gives the combined ether spot ETF complex a $6.7bn net asset value - though the important word there is "net". The Grayscale Ethereum Trust (ETHE) zombie fund accounts for slightly more than $4bn of the total, having converted from a trust to an ETP in July. Five spot ether ETF issuers have introductory offers that waive fees, which are typically about 0.25 per cent a year. Grayscale charges its legacy clients 2.5 per cent. Any punter that volunteers to pay that rate may be seeking to avoid tax (or other government functions), or could be stuck with the wreckage of arbitrage trades gone bad. Whatever the excuse, this $4bn now looks like dead money.
/jlne.ws/3XWOTuU
Oil Faces Rockiest Start to a Month Since 2022 as War Risk Soars
Alex Longley - Bloomberg
Oil prices have seen their most volatile start to a month in almost two years as the spiraling tensions between Iran and Israel spur a bumper bout of volatility.
So far in October, Brent crude has traded in an average daily range of $3.73, the biggest for the same period in any month since December 2022, according to data compiled by Bloomberg.
/jlne.ws/482Vk3T
| | | | | | Exchanges | | | SGX latest to report strong month with 35% volume hike
Radi Khasawneh - FOW
Singapore Exchange (SGX) has reported growth across its equities, commodities and foreign exchange segments, as APAC exchanges reaped a volume benefit from a shift in regional sentiment.
/jlne.ws/4dWd1DX
| | | | | | Regulation & Enforcement | | | Crypto.com sues US SEC after receiving legal threat from regulator
Reuters
Crypto.com filed a lawsuit against the U.S. Securities and Exchange Commission on Tuesday, alleging that the federal agency is overstepping its jurisdiction by regulating the cryptocurrency industry.
The crypto trading platform said its move follows the receipt of a "Wells notice" from the top U.S. markets regulator on the grounds that tokens traded on its platform qualified as securities.
/jlne.ws/3YslPNn
| | | | | | Technology | | | Bitnomial Exchange deploys Eventus platform for trade surveillance amid rapid growth
Eventus, Bitnomial
Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, and Bitnomial, Inc. a digital asset derivatives exchange company that operates CFTC regulated exchange, clearinghouse and settlement businesses, today announced that Bitnomial Exchange has selected the Eventus Validus platform for all of its trade surveillance needs. Bitnomial sought a comprehensive, scalable trade surveillance solution as the firm has grown extensively and expanded into new products and business lines.
/jlne.ws/3zQE5X3
| | | | | | Moves | | | Point72 to Move Tokyo Office as Its Japan Footprint Expands
Lisa Du - Bloomberg
Billionaire Steve Cohen's Point72 Asset Management is almost doubling its office space in Tokyo as it moves to a newer skyscraper in the capital's central financial district. The US hedge fund will move to Otemachi One Tower early next year, according to a person familiar with the matter. The new location, near the Imperial Palace, will be nearly twice the size of its current office, the person added.
/jlne.ws/3NE5ZZP
| | | | | | Strategy | | | Who and what is driving oil price volatility
George Steer - Financial Times
A "geopolitical risk premium" is a fuzzy concept, roughly equivalent in today's oil market to an extra $5 charged for each of the 6bn or so "virtual" barrels traded every day.
That the planet consumes (just) 100mn real barrels every 24 hours shows how dominated by speculators the oil market has become. This in turn explains why, alongside the many other obvious catalysts, prices have been as volatile as they have over the past few weeks.
/jlne.ws/4dJht8G
| | | | | | Miscellaneous | | | The $100 Million Election Bet Is Here
Gunjan Banerji - The Wall Street Journal
The election betting market is heating up. Institutional traders can now place election wagers of as large as $100 million on Kalshi, the trading startup that offers yes-or-no contracts on a range of political and other events, the company said Wednesday. Kalshi started offering election trades for the first time this month, thanks to a recent U.S. court ruling that legalized election betting. Hedge funds and big corporations looking to protect against election risks have expressed interest in such trades, said Tarek Mansour, the firm's co-founder.
/jlne.ws/3Nj2YOb
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