| September 07, 2021 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | Longtime CBOE executive Phil Slocum passed away September 3 at the age of 69 from complications from appendiceal cancer. Slocum retired in 2017 after 42 years, his entire adult working career, at the exchange. Slocum was appointed in 2015 as the firm's first chief risk officer.
Here is the recap of his career in his own words from his LinkedIn profile:
Phil Slocum joined the CBOE in 1975 as a management trainee and Trading Floor Price Reporter. During the 70's and 80's he coordinated trading floor, computer room and office expansion projects and the design and successful relocation of the CBOE to a new building. During the next decade Phil helped conceive and implement CBOE's trading automation. During the 90's he directed CBOE's competitive efforts to win order flow commitments from member firms. In 1999 he became responsible for planning and directing all Exchange trading functions. As head of the Trading Operations Division, he was responsible for Trading Systems, Help Desk, Floor Operations, Market Data, Intermarket Linkage, Post Trade Processing and Telecommunications with a primary focus on the conception, rollout and enhancements of CBOE's Hybrid trading system. In 2014 he facilitated negotiations with FINRA to transition most of the CBOE Regulatory Services staff and functions to FINRA. In 2015 he led CBOE's acquisition of market data and analytics firm Livevol. Phil was President of the CBOE Livevol Board of Directors, a member of the CBOE PAC Board, a member of CBOE's Financial Disclosure and Controls Committee and a Trustee of the CBOE Retirement Plan. In December 2015 CBOE appointed Phil to be its first Chief Risk Officer.
JLN wishes to offer our condolences to the Slocum family and his friends and former colleagues at the Cboe and the options industry.
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Today Cboe Europe Derivatives launched with clearing provided by EuroCCP, Cboe's pan-European clearing house. The first trades were successfully executed and cleared, Cboe reported. -- Cboe
| | | | | | Lead Stories | | | Cboe and EuroCCP Debut New European Derivatives Market
Cboe Global Markets
Cboe Europe Derivatives launched on Monday 6 September with clearing provided by EuroCCP, Cboe's pan-European clearing house; First trades successfully executed and cleared; New exchange underscores Cboe's growth as a global market infrastructure provider
Cboe Europe, the pan-European exchange operator and subsidiary of Cboe Global Markets, Inc. (Cboe: CBOE), today announced the successful launch of Cboe Europe Derivatives ('CEDX'), a new Amsterdam-based futures and options marketplace.
CEDX opened for trading on Monday 6 September, offering futures and options based on Cboe Europe single country and pan-European indices, and successfully executed and cleared its first trades. Contracts traded on CEDX are cleared at EuroCCP, Cboe's pan-European clearing house, allowing customers to benefit from efficiencies in trading and clearing.
/jlne.ws/2Yz8gix
U.K. Stock Pickers Rake In Cash as Investors Snub Index Funds
Ronan Martin - Bloomberg
Faith in asset managers has finally returned as British investors sidestep index trackers and flock to funds overseen by humans.
Actively managed equity funds in the U.K. raked in 1.3 billion pounds ($1.8 billion) in August compared to just 4 million pounds for their passive rivals, the largest gap since data provider Calastone began tracking the activity in 2015. Stock pickers have hauled in triple the cash of index funds this year, thanks to market volatility and surging demand for sustainable investments.
/bloom.bg/3jPTiwI
Oil attracts heavy fund buying as prices bounce
John Kemp - Reuters
Hedge funds purchased petroleum last week at the second-fastest rate this year after Hurricane Ida disrupted offshore oil wells and onshore refineries in the Gulf of Mexico.
Money managers purchased the equivalent of 60 million barrels in the six most important petroleum futures and options contracts in the seven days to Aug. 31.
/reut.rs/3habLCs
| | | | | | Exchanges | | | Euronext expands Eurozone Banks Index derivatives suite
The new option contract will beat competitors' offerings with stronger financial advantages, the exchange operator claimed.
Wesley Bray - The Trade
Euronext has launched an option contract based on its Eurozone Banks Index, co-designed with market participants to meet their demands for an alternative product.
The announcement follows the launch of a future contract on the Euronext Eurozone Banks Index in May earlier this year, which it claimed to have traded more than 10,500 lots with a total nominal value traded of EUR290 million.
/bit.ly/3tkV4ZM
Euronext launches option contract on Euronext Eurozone Banks Index Future
Euronext
Euronext today announced the launch of an option contract on the Euronext Eurozone Banks Index which has been co-designed with market participants.
The launch of this option contract follows the successful launch of a future on the Euronext Eurozone Banks Index in May 2021. Over 10,500 lots have been traded on the contract, representing a total nominal value traded of EUR290 million.
/bit.ly/3BNdGVo
August 2021 monthly figures at Eurex
Eurex
Notional outstanding volumes in interest rate swaps (IRS) jumped by 31 percent in August 2021 compared to the same month last year, from 7,740 billion EUR to 10,148 billion EUR. Across all instruments, total notional outstanding grew by 7 percent across the same period, from 19,266 billion EUR to 20,612 billion EUR. With respect to average daily cleared volumes, the figure for IRS was up by 96 percent year-on-year in August - growing from 9 billion EUR to 19 billion EUR - while the overall figure showed a small drop of 4 percent, from 72 billion EUR to 69 billion EUR.
/bit.ly/3tkvPad
HKEX Sees a Surge of 10% on Securities Market Cap for August 2021
The average daily turnover of futures and options for the first eight months of the year soared by 2%.
Finance Magnates
Hong Kong Exchanges and Clearing (HKEX), which operates Asia's largest stock market by market cap, released its trading metrics for August, revealing that its market capitalization for the period was $46.8 trillion in securities markets. According to the report, it represented an increase of 10% from last year.
/bit.ly/3BTxhU3
| | | | | | Technology | | | Cboe collaborates with SmartStream for newly launched European derivatives exchange; SmartStream's reference data utility (RDU) has made Cboe Europe's data available to its clients following its launch on 6 September.
Annabel Smith - The Trade
Cboe has collaborated with reference data utility (RDU), SmartStream Technologies, to expand the data coverage of its new European derivatives exchange which launched earlier this week. Through the collaboration, the RDU has made Cboe Europe's data available to its clients via its Exchange Traded Derivative Service to ensure that all participants are familiarised with the processes needed to manage the new exchange's data.
/bit.ly/2WW3RWa
****SR: The press release from SmartStream is here.
| | | | | | Strategy | | | Will Negative Seasonality Spoil the SPX Party This Month?
Nasdaq
"As just about everybody knows at this point, September is a seasonally weak time of year for the equity market, and the gauges from our Stock Seasonality tool below illustrate this trend. Over the last ten years, the week following the close on 9/3 has seen a median decline of 0.43% which ranks in the 15th percentile relative to all other periods." - Bespoke, Sept. 3, 2021
/bit.ly/3nalvQN
| | | | | | Miscellaneous | | | TP ICAP Slams Working From Home, Says It Hampers Risk-Taking
Joe Easton - Bloomberg
Real risk-taking happens in the office. That's the view of the world's largest interdealer broker, TP ICAP Group Plc.
The firm warned in its interim results that markets are "uncommonly quiet," with depressed yields providing fewer opportunities to trade.
/bloom.bg/3tkIVEn
Broker TP ICAP's shares plunge to lowest since Nov after first-half profit slide
Aby Jose Koilparambil - Reuters
TP ICAP (TCAPI.L), the world's largest inter-dealer broker, reported on Tuesday a 35% plunge in half-year profit as trading in its global broking and energy and commodities businesses tailed off from highs seen during the height of the pandemic.
Shares of the firm slipped as much as 7.5% to 182.34 pence, their lowest level since November last year.
/reut.rs/3jQlaAL
Sebi tweaks position limits for currency derivative contracts. Check new numbers
Livemint
The Securities and Exchange Board of India (SEBI) on Tuesday revised the client level position limits for trading in cross-currency futures and options contracts.
Sebi in a circular said that based on feedback received from stock exchanges and clearing corporations and upon a review of the same, it had been decided to revise the client level position limits, per stock exchange.
/bit.ly/3jX6wYN
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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
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| | | Jeff Bergstrom
Editor
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