| May 05, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | |
A Discussion with the Founders of Quantitative Brokers
JohnLothianNews.com
John Lothian held a discussion with Christian Hauff and Robert Almgren, founders of Quantitative Brokers, about the history, development and future of the firm. This podcast discussion includes stories about how the firm started, the problems it was trying to solve, the technology it uses and anecdotes about use cases from customers. John asked them about what licenses they needed to conduct the business. They were in a unique class at Eurex. In the U.S. they are registered as an Independent Introducing Broker.
Listen to the podcast »
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CQG's Moroney and Kenny talk to John Lothian News about new Broadridge partnership and new products and technology
JohnLothianNews.com
John Lothian News spoke to CQG's CEO, Ryan Moroney, and its SVP of Client Relations, Pat Kenny, at the FIA Boca Conference 2023 in Florida in March about their new partnership with Broadridge, their year-on-year growth, customer challenges, and new products including CQG One.
Watch the video »
| | | | | | Lead Stories | | | Financial market's disconnect with Fed gets wider after Friday's U.S. jobs report
Vivien Lou Chen - MarketWatch
Friday's surprisingly robust U.S. jobs report is creating another point of contention in the already-wide disconnect between financial markets and Federal Reserve policy makers.
That's because the employment data for April could be taken in one of two ways.
On one hand, there was a better-than-expected 253,000 new jobs created, a sharp rise in hourly wages, and a drop in unemployment to 3.4% â all of which were seen as supporting the case for the Fed to remain vigilant on inflation, said investors, analysts, and some economists.
/jlne.ws/3HHWLJc
Short Sellers Reaped Nearly $400M in a Day From the Bank Stock Rout
Ryan Hogg - Markets Insider
Short sellers made nearly $400 million in the space of a day betting against regional banks including PacWest Bancorp and Western Alliance Bancorp, a report says.
Reuters reported that investors shorting the regional banks, which also included First Horizon Corp., took in $378.9 million during Thursday's trading session, citing data from ORTEX, a financial analytics platform monitoring short interest.
/jlne.ws/3HJvOVo
Short Sellers of US Banks Risk Big Squeeze as PacWest Struggles
Ishika Mookerjee - Bloomberg
Crowded equity trades and possible policy remediation for US regional banks may bring an end to a trade that's roiled broader markets but proved lucrative for some short sellers.
After implosions of institutions like Silicon Valley Bank and First Republic Bank set the market on edge, the rout deepened Thursday, with the KBW Regional Banking Index extending this year's decline to 31%. Fueling the losses was a report that PacWest Bancorp is exploring strategic options.
/jlne.ws/3B13qdY
Bove Says Shorting Bank Stocks Does 'A Meaningful Service'
Carmen Reinicke and Lydia Beyoud - Bloomberg
Hedge funds and traders betting against bank stocks are filling a critical role, according to Odeon Capital Group's Dick Bove.
"The funds and others who are shorting bank stocks are doing the American public a meaningful service," analyst Bove said in a note. "They are winnowing the banking industry and forcing these companies to stabilize their financial statements."
/jlne.ws/3HHZXVc
Mohamed El-Erian: 3 Reasons It's Not Too Early To Criticize the Fed
Stevie Rosignol-Cortez - Barron's
The story of the Federal Reserve's efforts to rein in inflation is still being written. But Mohamed El-Erian, chief economic advisor at Allianz and chair of Gramercy Funds Management, says it's not too early to critique the job the central bank has done thus far.
In fact, El-Erian says criticizing the Fed when it missteps is essential.
/jlne.ws/3HEQsGw
US stocks tumble as investors fret over new bout of banking sector volatility
Jennifer Sor - Business Insider
All three indexes ended the day lower, with the Dow Jones Industrial Average shedding almost 300 points.
Shares of PacWest dropped 50% as confidence continued to waver in the US banking sector. Meanwhile, Western Alliance stock dropped nearly 40% the lender denied a recent report that executives are exploring a possible sale.
/jlne.ws/3I6wDbp
| | | | | | Exchanges | | | Exchange operator Cboe profit rises as market volatility lifts trading volumes
Siddarth S and John Mccrank - Reuters
Cboe Global Markets (CBOE.Z) on Friday reported first-quarter profit above Wall Street expectations, as the exchange operator's trading volumes swelled on market gyrations amid a banking crisis and rising interest rates.
Cboe, which provides trading platforms for equities, foreign exchange and derivative products in various regions, reported adjusted earnings per share of $1.90, 3 cents above analysts' mean estimate, according to Refinitiv data.
/jlne.ws/3HIAGdJ
Cboe Global Markets Reports Record Results for First Quarter 2023
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the first quarter of 2023. "Cboe marked an important milestone last week as we celebrated our fiftieth anniversary. The years since our founding in 1973 have been marked by relentless innovation and our record first quarter results reported today demonstrate that Cboe is as well positioned as ever to deliver value for our customers and shareholders for years to come," said Edward T. Tilly, Cboe Global Markets Chairman and Chief Executive Officer.
/jlne.ws/3LZbgee
Miami International Holdings Reports Trading Results for April 2023; MIAX Pearl Equities Sets Monthly Market Share Record
MIAX
Miami International Holdings, Inc. today reported April 2023 trading results for its U.S. exchange subsidiaries - MIAX , MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEXâ¢). April 2023 Trading Volume Highlights Total multi-listed monthly options volume for the MIAX Exchange Group reached 112.9 million contracts, a 9.7% increase year-over-year (YoY) and representing a monthly market share of 16.28%, a 15.6% increase YoY.
/jlne.ws/3NGgrRy
MGEX Reports Trading Results for April 2023; SPIKES Futures Sets Open Interest Record
Minneapolis Grain Exchange (MGEXâ¢), a Designated Contract Market
MGEX
(DCM) and Derivatives Clearing Organization (DCO), today reported April 2023 trading volume of 240,298 contracts, representing a 2.0% decrease year-over-year (YoY) from the same period in 2022 and a 1.0% decrease from March 2023.
/jlne.ws/3LW3NN4
FTX gets approval for LedgerX sale, asserts $3.9 billion Genesis claim
Dietrich Knauth - Reuters
Bankrupt crypto exchange FTX received U.S. bankruptcy court permission on Thursday to sell its LedgerX business for $50 million, raising additional funds to repay creditors.
At a hearing in Wilmington, Delaware, U.S. Bankruptcy Judge John Dorsey signed off on FTX's sale of LedgerX, its non-bankrupt crypto derivatives trading platform, to an affiliate of Miami International Holdings.
/jlne.ws/42sdZSL
| | | | | | Regulation & Enforcement | | | Statement on Current Market Events
Chair Gary Gensler - SEC
As I've said, in times of increased volatility and uncertainty, the SEC is particularly focused on identifying and prosecuting any form of misconduct that might threaten investors, capital formation, or the markets more broadly.
/jlne.ws/42d9JH9
Bank stocks' volatility draws scrutiny for potential market manipulation: report
Mike Murphy - MarketWatch
State and federal authorities are looking into the possibility of market manipulation behind recent volatility in bank stocks, according to a report Thursday.
Reuters reported that the wild stock swings and increased short-selling activity for banks that have solid fundamentals, including sufficient capital, have drawn the attention of state and federal officials and regulators, who are assessing potential market manipulation.
/jlne.ws/42qi0aq
Banking group asks SEC for probe after alleging abusive short-selling practices
Steve Goldstein - MarketWatch
The trade group representing U.S. banks has asked the Securities and Exchange Commission to take action against what it calls market manipulation and abusive short-selling practices after the latest nosedive in the stock market.
The American Bankers Association letter to SEC Chair Gensler is dated Thursday, which saw another round of mass selling of regional banks.
/jlne.ws/42M2wOn
| | | | | | Strategy | | | Markets Moving on Regional Banks
Cboe (Video)
Dan Deming @djd551 on the steepening of the $VIX #futures curve, most active #VIX #options and what to look out for in #markets next week. #Vol411
/jlne.ws/3LXrDqH
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