| | | | | | | April 22, 2025 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Lead Stories | | | Big-Tech Dip Buyers Vanish in Options Market With Earnings Ahead
Bernard Goyder - Bloomberg
As earnings season kicks into gear, options traders are wary that the battered shares of the biggest US technology companies are headed for more turbulence in a stock-market rout that shows no signs of easing.
Chalk it up as more proof that the buy-the-dip mentality is on the way out. While this year's selloff has been particularly brutal for the shares of companies such as Nvidia Corp., Tesla Inc., Apple Inc. and other members of the so-called Magnificent Seven, options traders are increasingly favoring protection against further declines.
/jlne.ws/42IyIDE
Chicago Exchange Goes After Wheat Contract Famous in Minneapolis
Michael Hirtzer - Bloomberg
The battle for spring-wheat supremacy has begun.
The CME Group, one of the world's largest derivatives marketplaces, has launched new futures and options for the grain variety dubbed the "aristocrat" for helping improve flours for bagels, croissants, hearth breads and pizza crust. Trading of this type of wheat has been dominated for more than a century by MIAX Futures Exchange, formerly known as the Minneapolis Grain Exchange.
/jlne.ws/4cG8Sol
Dow Headed for Worst April Since 1932 as Investors Send 'No Confidence' Signal; Few think administration's negotiations with trade partners will yield results soon enough to ease the strain
Hannah Erin Lang - The Wall Street Journal
The Trump rout is taking on historic dimensions.
The Dow Jones Industrial Average shed almost 1,000 points on Monday and is headed for its worst April performance since 1932, according to Dow Jones Market Data.
/jlne.ws/440tEwR
3 clues about what's next for the S&P 500 after weeks of tariff-fueled selling
Matthew Fox - Business Insider
From the trade tariffs to President Donald Trump threatening to fire Federal Reserve Chairman Jerome Powell, investors are grappling with sky-high uncertainty that could fuel an economic downturn.
This noise has resulted in considerable volatility. After hitting a record high in January, the S&P 500 declined nearly 20% before rallying. On Monday, the index fell more than 2%, but has rebounded roughly the same amount today.
/jlne.ws/4ixsT1U
Franklin Templeton Launches New ESG-Tilted ETFs in Europe
Lauren Gibbons - etf.com
Franklin Templeton has launched an S&P 500 ETF and an S&P World ETF with ESG tilts in Europe. The Franklin S&P 500 Screened UCITS ETF (SP5S) and Franklin S&P World Screened UCITS ETF (SPWR) are listed on Deutsche Borse and will list on the London Stock Exchange (LSE) and Euronext Paris on April 17 and Borsa Italiana on April 24, with total expense ratios (TERs) of 0.09% and 0.14%, respectively.
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| | | | | | Exchanges | | | MIAX Options And MIAX Emerald Options - Reminder: Effective For trade dates April 21, 2025 Through April 25, 2025, 2X OPENING And INTRADAY Valid And Priority Quote Spread Relief In All Symbols
Mondovisione
Multiplier: 2X
Reason: In maintenance of a fair and orderly market.
Time: OPENING and INTRADAY
Subject Summary: Please be advised, effective for trade dates April 21, 2025 through April 25, 2025, the MIAX Regulatory Department has granted 2 times OPENING and INTRADAY quote parameter relief for all symbols on MIAX Options and MIAX Emerald Options. Please note, standard quote width is $5 wide, two (2) times width is $10. The quote width listed in the following will be two (2) times the listed width.
/jlne.ws/4cDLesA
| | | | | | Regulation & Enforcement | | | CFTC Seeks Input on 24/7 Derivatives Trading, Perpetual Futures
Lydia Beyoud and Nicola M White - Bloomberg
"The CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants," acting Chairman Caroline Pham said in the press release. "One evolving trend is the move to 24/7, 24/6, or 24/5 trading hours." Equities exchanges are already planning to allow retail traders to buy and sell stocks nearly 24 hours a day, seven days a week. The Securities and Exchange Commission recently approved 24 Exchange to offer 23-hours-a-day, five days a week trading. Nasdaq Inc. has also said it intends to extend its weekly trading hours. Some brokers like Robinhood Markets Inc. already allow 24-hour trading for five days a week.
/jlne.ws/4lGTTi4
CFTC Staff Seek Public Comment on 24/7 Trading
CFTC
The Commodity Futures Trading Commission's Divisions of Market Oversight, Clearing and Risk, and Market Participants today issued a Request for Comment to better inform them on the potential uses, benefits, and risks of trading on a 24/7 basis in the derivatives markets the CFTC regulates. "As I have long said, the CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants," said Acting Chairman Caroline D. Pham. "One evolving trend is the move to 24/7, 24/6, or 24/5 trading hours. I look forward to the public comments on this market innovation."
/jlne.ws/4jkfGdN
| | | | | | Technology | | | Trading Technologies announces new clients for TT Futures TCA in Europe and U.S.; Offering helps Bowmoor Capital, SummerHaven Investment Management refine sophisticated trading strategies, ensure best execution for their clients
Trading Technologies International, Inc.
Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, today announced that Bowmoor Capital, a London-based global macro investment advisor, and SummerHaven Investment Management, a Connecticut-based commodity-focused asset management firm, have deployed the new TT Futures TCA solution to inform their trade execution and algorithmic trading strategies and ensure they are achieving best execution on behalf of their clients.
/jlne.ws/4itMIHs
Cboe Silexx removes nightly restarts
Maria Nikolova - FX News Group
Cboe Silexx, a multi-asset OEMS that caters to the professional marketplace, has announced a series of enhancements as part of version 25.4.
Cboe Silexx is removing nightly restarts - the system will now run 24 hours a day, 6 days a week for uninterrupted access during trading hours. The new maintenance time is Saturday around midnight EST.
/jlne.ws/4cMO6DG
| | | | | | Strategy | | | Tesla could see big swings on earnings. This 'Iron Condor' options trade can mitigate volatility risk
Nishant Pant - CNBC
In a year dominated by pessimism, Tesla has plunged 54% from its December highs, reflecting the deeply bearish sentiment that currently surrounds the stock. As a sentiment-driven name, extreme negativity often sets the stage for unexpected upside surprises-and that's where the real risk can lie for those on the sidelines.
/jlne.ws/42pmAbW
| | | | | | Education | | | Tax-Aware Hedging with Options
Bill Speth, Portfolio Manager, Bosun Options Solutions - Cboe
Toward the end of 2024, many Bosun clients shifted their focus from capital appreciation to capital preservation amid growing concerns about a stock market correction. In recent months, a number of sell-side firms have lowered both short- and long-term forecasts for the U.S. stock market. Goldman Sachs has estimated that the S&P 500 will deliver an annualized nominal total return of 3% over the next 10 years1. Over the last 10 years, annualized returns were 13%.
Some investors who desire to reduce risk will simply sell their riskier holdings and replace them with safer assets.
/jlne.ws/3YcCEey
| | | | | | Miscellaneous | | | Citi-Backed Platform Spark to Hire 13 as Currency Trading Surges
Ruth Carson - Bloomberg
Spark Systems Pte. is looking to boost its foreign-exchange sales and developer ranks with up to 13 hires as trading volumes ramp up alongside market volatility. The FX platform, which is backed by Citigroup Inc. and HSBC Holdings Plc, plans to hire around three currency sales personnel and 10 technology developers over the coming year, Chief Executive Officer Wong Joo Seng said in an interview.
/jlne.ws/4ji3hqP
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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
Publisher | | | Sarah Rudolph
Editor-in-Chief
| | | Jeff Bergstrom
Editor
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