| | | | | | | April 28, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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|  | | | | Lead Stories | | | Lots More on How TikTok Options Traders Got Quiet; Benn Eifert on the Greeks.
Tracy Alloway and Joe Weisenthal - Bloomberg
Over the last few years, retail traders have gotten into options in a major way. Selling puts, buying calls, trading volatility - what used to be the domain of niche experts engaged in practical hedging has exploded into the public sphere. And there was a lot of easy money during a time when every dip was bought, and stocks mostly just went up. But what have we seen in recent weeks, with the extraordinary trading since April 2? On this episode we bring back one of our favorite guests, Benn Eifert of QVR Advisors. He describes what's been going on in the markets, and why a lot of social media "volfluencers" have suddenly gotten very quiet.
/jlne.ws/4lQB8sF
Grayscale Still Tops All US Spot Bitcoin ETFs in Revenue; Despite heavy outflows since January 2024, GBTC's 1.5% fee still generates $268 million a year, outpacing rivals' combined $211 million.
Vince Dioquino - Decrypt
Grayscale's Bitcoin Trust ETF (GBTC) generates more revenue than all other spot Bitcoin exchange-traded funds combined, despite charging fees that are up to seven times higher than its competitors. GBTC is still "making more $$$ than all of the other ETFs combined ... " Nate Geraci, president of ETF Store, stated on X on Sunday. "And it's not even close."
/jlne.ws/434mGWC
As Markets Swooned, Pros Sold-and Individuals Pounced; Hedge funds have sold a net $1 trillion of shares this year, while 97% of Vanguard 401(k) investors avoided trading in early April
Gregory Zuckerman and Gunjan Banerji - The Wall Street Journal
In the market chaos of recent weeks, professional investors headed for the exits while individuals held steady. It's a dynamic that upends the conventional wisdom on Wall Street about how investors behave during market turmoil. So far this year, hedge funds have sold over $1 trillion more shares than they have purchased, even as individuals have made $50 billion a month in net stock purchases, "with little interruption," according to JPMorgan.
/jlne.ws/4izW1FK
Wall Street Sees Bessent Playing Safe on Debt After Market Chaos
Chris Anstey - Bloomberg
Treasury Secretary Scott Bessent's debt-management team is expected to keep the department's plans for sales of longer-dated securities steady, especially after recent swings in the $29 trillion market.
Despite having criticized his predecessor Janet Yellen for tilting US debt toward short-dated Treasuries, Bessent since taking office in January has said the department is "a long way" from replacing them with longer-term debt. Accordingly, Wall Street expects no changes in Wednesday's announcement of projected auction sizes for the May-to-July quarter.
/jlne.ws/44g7TJC
| | | | | | Exchanges | | | Nasdaq Offers New Electronic Flex Options on ISE
Press Release - Traders Magazine
In recent years, U.S. options have seen significant growth in volume and overall interest from institutional investors, as these derivative products allow for greater risk management and downside protection in today's rapidly changing market conditions. This week Nasdaq launched electronic Flexible Exchange Options (Flex Options) on the Nasdaq International Securities Exchange (ISE), providing options contracts tailored to meet the specific requirements of investors, enabling market participants to have greater flexibility in responding to shifting trading environments.
/jlne.ws/3ESatuK
VSTOXX turns 20: Experts appraise the volatility index's standing in equity markets
Eurex
The VSTOXX was introduced on April 20, 2005, during a calm and positive time for equity markets. The launch was a significant moment for European investors, offering a transparent measure of implied volatility that could be used to inform investment decisions.
Not only was the VSTOXX quickly adopted as the region's undisputed gauge of market stress, but it also helped broaden access to volatility as an investable asset class in Europe and facilitated multiple volatility trading strategies. In 2024, over 21 million futures and options on VSTOXX exchanged hands on Eurex.
/jlne.ws/3S6Dshv
ESG Index Derivatives Development Update Q1/2025; 2025 - A strong first quarter for ESG Index Derivatives
Eurex
The Eurex ESG Index Derivatives segment maintained its strong momentum in Q1 2025, building upon the substantial growth seen in 2024 with a peak in notional volume.
/jlne.ws/4jU8KnP
Euronext launches the European Common Prospectus to accelerate capital market integration and boost IPO activity across the EU
Euronext
Euronext today announced the launch of the European Common Prospectus, a single, standardised template for equity issuances that marks a pivotal step towards deeper integration of European capital markets. This landmark initiative demonstrates Euronext's long-standing commitment to reduce regulatory fragmentation, enhance transparency and promote cross-border investment across Europe. To enhance European long-term competitiveness and innovation, it is essential to improve access to European capital markets. The full implementation of the Listing Act to simplify European rules for listing is not expected until June 2026. In the meantime, there is a clear and immediate need to boost IPO activity in Europe and to compete on a global level. To meet this need, Euronext began to develop a new European Common Prospectus in November 2024, following the publication of the Listing Act.
/jlne.ws/3GCAQ8w
ETF Market Report: 1st Quarter 2025; Discover the latest figures about the development of the ETF segment at SIX Swiss Exchange, one of Europe's top 3 ETF venues - including statistics for Quote on Demand (QOD).
SIX
For the fourth time in a row, both revenue and the number of transactions in the Swiss ETF market increased. The turnover generated in the first quarter of CHF 32.086 billion was the highest since the first quarter of 2022. A new record closing high was reached with 844,174 trades. The range of newly listed ETFs on SIX Swiss Exchange increased by 65 units in the first quarter, eight more units than in the previous quarter. The total number of ETFs listed on SIX Swiss Exchange amounted to 1,930 units by 31 March, corresponding to an increase of 45 compared to the fourth quarter of 2024.
/jlne.ws/3Gwcc9S
| | | | | | Technology | | | DeFi Technologies' Subsidiary Stillman Digital Strengthens Institutional Access to its Deep OTC Liquidity Through Talos Integration and Strategic Trading Leadership Appointment
Cboe
Through this collaboration, Talos users can now directly access Stillman Digital's regulated liquidity, benefiting from tailored liquidity solutions, high-speed execution, and consistently tight spreads. This integration is expected to increase Stillman Digital's trading volumes by connecting to Talos's global institutional user base, positioning the company for accelerated revenue growth.
Since its inception, Talos has facilitated nearly half a trillion dollars in digital asset trading volume, serving as a critical gateway for institutional market participants. The addition of Stillman Digital to the Talos Provider Network further enhances the depth and diversity of liquidity available to Talos clients, while broadening Stillman Digital's reach to a global base of top-tier institutional investors.
/jlne.ws/42xlr1X
| | | | | | Strategy | | | An Awarding-Winning Options-Based Active ETF
Todd Rosenbluth - VettaFi
U.S.-listed actively managed ETFs gathered nearly $300 billion in 2024, representing 26% share of the industry's record cash haul. This was more than double the inflows for the prior year and a nearly four-fold increase from three years earlier. Given such growth, I was particularly interested to see what recent ETF active launch stood out to my analyst peers. I attended the recent ETF.com's awards and was provided the answer.
/jlne.ws/4iDQ2Qk
| | | | | | Miscellaneous | | | Trump Promised a Markets Boom. 100 Days In, Stocks Have Only Seen Damage
Esha Dey - Bloomberg
Donald Trump promised Americans a "boom like no other" if they elected him president. But based on the stock market's performance during his first 100 days in office, it depends on what you mean by "boom." The action certainly has been explosive - just not in the way investors were hoping. By April 30, Trump will have closed out his first 100 days in office. Despite last week's rally, the S&P 500 Index is down about 8% since his inauguration and on track for its worst run during a president's first 100 days since Gerald Ford in 1974, following Richard Nixon's resignation.
/jlne.ws/447LSfV
Wall Street is changing. See the firms young people want to work for today.
Emmalyse Brownstein - Business Insider
Twenty years ago, getting jobs in private equity was an ultra-niche choice for MBA grads at the prestigious Wharton School.
According to the school's career report for 2004, just over 4% of MBA students in that year's graduating class were headed for jobs in private equity and venture capital. By contrast, more than 23% had landed investment banking and brokerage jobs.
/jlne.ws/3YSp2Fr
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