| Jeff Bergstrom
Editor
John Lothian News | |
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July 11, 2025 |
Lead Stories
Bitcoin Options Traders Eye $120,000 as Token Extends Record Run
David Pan and Sidhartha Shukla - Bloomberg
Bitcoin options traders are already setting their sights on higher prices as the original cryptocurrency extends its record-breaking rally for a second day.
As Bitcoin breached $116,000 for the first time, the open interest, or the number of outstanding contracts on the Deribit exchange, has become concentrated around Bitcoin call options with $115,000 and $120,000 strike prices. Longer-term options expiring in late September and December have seen elevated open interest at $140,000 and $150,000.
/jlne.ws/3GCVLsD
Citadel Securities Buys Morgan Stanley's Options Market Maker
Katherine Doherty - Bloomberg
Citadel Securities bought Morgan Stanley's unit focused on electronic market-making for US equity options, expanding the firm's already dominant role in the popular derivatives, according to people familiar with the matter.The trading firm founded by billionaire Ken Griffin acquired Morgan Stanley's on-exchange options business and took on a large portfolio of equity options positions, the people said. The deal includes specialist posts on venues including Cboe, Nasdaq, NYSE and MIAX, the people said, asking not to be identified discussing private information.
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In Ominous Sign, Sellers Are Vanishing as US Stocks Smash Record
Natalia Kniazhevich - Bloomberg
Sellers are growing scarce in the US stock market, a potentially ominous sign of overconfidence as equities roar to new highs.
Equities have been on a tear, with the S&P 500 Index clocking its fifth record high in nine trading days on Thursday. When stocks do decline, there appears to be little conviction behind the moves: Trading volume for stocks that are falling has accounted for just 42% of total turnover on US exchanges over the past month, on average. That's the least since 2020, according to data compiled by Thrasher Analytics.
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Jane Street Fallout Hits Top India Bourse's Pre-IPO Valuation
Ashutosh Joshi - Bloomberg
A temporary trading ban imposed by India's securities regulator on Jane Street Group LLC is fueling concerns that volumes in the nation's bustling derivatives market may drop, hurting business at the top exchange.
Shares of National Stock Exchange of India Ltd., which commands over 90% of the equity derivatives space, have fallen almost 10% from their recent highs in the private market. They are changing hands at about 2,100 rupees to 2,150 rupees apiece, according to Umesh Chandra Paliwal, co-founder of trading platform UnlistedZone.
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Upstart Money Managers Lure Retail-Trader Billions With High-Risk ETFs; Matthew Tuttle is one of the leading architects of leveraged single-stock ETFs, which now command about $22 billion and counting.
Emily Graffeo and Vildana Hajric - Bloomberg
At Matthew Tuttle's home office in Greenwich, Connecticut, the big money isn't made in his trading software - it's made in the two extra screens he has rigged up next to it. "This is a Discord, that's a Discord, this is a Discord," the 56-year-old says, pointing to multiple windows on each display where the online messaging platform is running. These screens are the secret behind the success of this unorthodox money manager, who oversees $4.5 billion with a team working entirely from home. They're also key to a boom that's testing the limits of America's $11.7 trillion market for exchange-traded funds.
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The secret giant of finance; In India, Jane Street fights accusations of market manipulation
FT Podcast - Unhedged Podcast
Jane Street is one of the biggest traders in the world, and they have become embroiled in accusations of market manipulation in India. Today on the show, Katie Martin and special guest Robin Wigglesworth, from the FT's Alphaville newsletter, try to explain how Jane Street got so big and why it matters. Also they go short bed bugs and short Strategy's strategy.
/jlne.ws/4604Shi
Why Wall Street Isn't Too Concerned About Tariffs
Gunjan Banerji - The Wall Street Journal
Late Thursday, President Trump threatened a 35% levy on Canadian imports, higher than the current 25% rate. Wall Street shrugged.
Major indexes edged lower in trading Friday, but the losses were small. The S&P 500 is just a hair away from the record hit this month. So, why aren't the latest headlines spooking investors?
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Exchanges
Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date June 30, 2025
Nasdaq
At the end of the settlement date of June 30, 2025, short interest in 3,257 Nasdaq Global MarketSM securities totaled 14,138,758,851 shares compared with 13,689,191,607 shares in 3,207 Global Market issues reported for the prior settlement date of June 13, 2025. The mid-June short interest represents 2.59 days compared with 2.32 days for the prior reporting period. Short interest in 1,636 securities on The Nasdaq Capital MarketSM totaled 2,790,159,938 shares at the end of the settlement date of June 30, 2025, compared with 2,687,331,325 shares in 1,642 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period's figure was 1.00.
/jlne.ws/4loB0jF
Nasdaq Appoints Christian Sjoberg As President Of Nasdaq Clearing AB
Mondovisione
Nasdaq (Nasdaq: NDAQ) today announced the appointment of Christian Sjoberg as President of Nasdaq Clearing AB, with an expanded role that include added responsibility as Head of Post-Trade Strategy in Europe. In this role, Christian will lead Nasdaq's central counterparty clearing house (CCP) and oversee the strategic development of post-trade services across Europe. Nasdaq Clearing AB is a leading European central counterparty (CCP), providing clearing services across derivatives, fixed income, and commodities markets. With a strong foundation in the Nordic region, it plays a vital role in safeguarding financial stability by managing counterparty risk and ensuring the integrity of cleared markets.
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Canadian Cash Equities June Highlights
Cboe
/jlne.ws/44WQuoW
Cboe Clear Europe Highlights the Importance of Clearing Competition for Market Integration
Cboe (Video)
In this video, Tim Beckwith of Cboe Clear Europe outlines the CCP's recent progress on fully interoperable and preferred clearing, and highlights how fostering competition in clearing is key to building more efficient and integrated capital markets across Europe.
/jlne.ws/4lHAVaZ
Regulation & Enforcement
The SEC opened the 'floodgates' for crypto ETFs, experts say, marking a new era for the industry
Nino Paoli - Fortune
The Securities and Exchange Commission's latest guidance bangs the door wide open for an influx of funds exposed to cryptocurrencies like Solana, Ripple's XRP, and potentially even President Donald Trump's memecoin, experts told Fortune. The new Trump-appointed SEC chairman Paul Atkins is one step closer to his vision of a decentralized finance movement after the SEC released new guidance this month giving asset managers more details on getting exchange-traded products tied to cryptocurrencies approved by the commission. The move invites an anticipated gush of funds exposed to cryptocurrencies like Solana, Ripple's XRP, and potentially even Trump's memecoin, experts told Fortune.
/jlne.ws/4kzT890
Technology
Man Group Says Agentic AI Is Now Devising Quant Trading Signals
Justina Lee - Bloomberg
Man Group's quant equity unit says it has begun using a new artificial-intelligence system that can generate, code and backtest trading ideas - marking the arrival of agentic AI at the world's largest listed hedge fund. Boston-based Man Numeric says it built the tool - known internally as AlphaGPT - to mimic how its researchers develop new investment signals. It digs into data for ideas, writes the code for potential strategies and then tests them on historic data. Such a system that can autonomously perform multi-step tasks is known as agentic AI, one of the hottest trends right now in Silicon Valley.
/jlne.ws/4kudpMX
Strategy
How some pros use options to trade Nvidia and other tech stocks while limiting risk; With Nvidia's stock at record highs, some investors might be wary of buying. Options strategists suggest other ways to play the name.
Laila Maidan - MarketWatch
With Nvidia Corp.'s stock in record territory and up 22% so far this year, investors may be wondering what to do from here. For some, the recent positive momentum makes Nvidia shares a tempting buy, but others may be wary of the recent run-up, even if they're bullish on the company's prospects.
In that situation, investors who don't want to outright buy the stock at fresh highs may turn to options to capture the potential for future upside while limiting risk.
/jlne.ws/4lmJXcW
Don't fear the volatility rollercoaster .âEUR‰.âEUR‰.âEUR‰enjoy the ride; Fund managers should engage closely with companies to seek out opportunities in choppy markets
Tobias Bucks - Financial Times
Is market volatility the new normal? Your answer to this question will inevitably depend on how long you think a phenomenon has to persist before it can genuinely be accepted as part of the status quo.
All things considered, I would suggest market uncertainty can now be regarded as par for the course. I say this not just because it has been going on for months but because there seems precious little reason to suppose it will end anytime soon.
/jlne.ws/4eIWbud
Miscellaneous
Jane Street Should Put Its Secret India Sauce to the Test; Rival firm XTX says the New York trader's strategies, which have landed it in trouble with the local regulator, are easy enough to measure.
Andy Mukherjee - Bloomberg
Jane Street Group has told its employees that the Indian regulator, which has accused it of market manipulation, is "fundamentally mistaken" about its trades. A math nerd in London thinks there may be a way to find out.
The Securities and Exchange Board of India sent ripples through trading rooms around the world last Friday when it temporarily banned Jane Street from the local market and froze 48.4 billion rupees ($565 million) in what it alleges to be unlawful gains.
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