 | | | | | | | | December 04, 2024 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Observations & Insight | | | It has been a very good year for principal traders, but DRW's Don Wilson seems to be having an exceptional year. Besides being named to the FIA Futures Hall of Fame alongside such luminaries as ICE's Jeff Sprecher and CME Group's Terry Duffy, Don has just been given the Risk Awards 2025 Lifetime Achievement Award. Risk.net has a nice write up about Don and his life story.
Cboe Global Markets announced via LinkedIn the closure of its Cboe Digital LinkedIn account effective at the end of the year, encouraging followers of crypto-related news to connect with its main Cboe Global Markets LinkedIn account for future updates. ~JJL
| | | | | | Lead Stories | | | OPEC+ Dilemma and Trump Uncertainty Keep Oil Volatility Sliding
Alex Longley - Bloomberg
With OPEC+ set to make a pivotal decision on production policy, oil prices remain resolutely rangebound, even with a second Trump presidency imminent and risks remaining in the Middle East and Ukraine. A gauge of US crude market volatility fell to its lowest level since August in recent days. That comes with prices trading in a band of about $6 a barrel since the middle of October, as benchmark West Texas Intermediate bounces around $70 a barrel.
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Nobody wants to be short this market: "equity repo" edition; Cozzie livs? More like cozzie levs
Alexandra Scaggs - Financial Times
The cost of living has been on everybody's mind. But won't anyone spare a thought for the cost of leverage? It's going up, says Societe Generale (with our emphasis): The cost of funding synthetic (i.e. leveraged) exposure to large cap equities has risen to all-time highs (exemplified by the US, but also seen across Europe and other equity markets). While regulation-led constraints on balance sheet usage have been a persistent feature since 2013 (post Basel III implementation) and continue to impose constraints to this day, most of this rise in funding cost can be explained by the imbalance between this limited supply and growing demand rising from the spectacular rise in equities over the past two years. End-of-year effects have likely worsened the problem.
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| | | | | | Exchanges | | | Miami International Holdings Reports Trading Results for November 2024; Multi-listed Options; Market Share Up 9.3% with Record Volume across Multiple Options and Equities Exchanges
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported November 2024 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl, MIAX Emerald and MIAX SapphireTM (collectively, the MIAX Exchange Group), and MIAX FuturesTM.
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Cboe Global Markets to Present at the Goldman Sachs 2024 U.S. Financial Services Conference on December 11
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, announced today that Jill Griebenow, Executive Vice President and Chief Financial Officer, and David Howson, Executive Vice President and Global President, will present at the Goldman Sachs 2024 U.S. Financial Services Conference in New York City on Wednesday, December 11 at 1:00 p.m. ET.
/jlne.ws/3OEtQsF
CME Group Announces CME Term EURSTR Reference Rates
CME Group
CME Group, the world's leading derivatives marketplace, today announced it will provide CME Term EURSTR Reference Rates to meet client demand for a term rate anchored in EURSTR markets. Published in beta today, the rates are based on CME Group's liquid EURSTR futures and OTC swap market data. They are published in 1-month, 3-month, 6-month and 12-month tenors.
/jlne.ws/3ZBrsZS
| | | | | | Technology | | | TNS launches market data monitoring for banks and hedge funds
Rick Steves - Finance Feeds
Transaction Network Services (TNS) has launched called Data Usage Optimizer (DUO), a new data usage optimization product designed to help buy-side and sell-side firms streamline market data costs. DUO generates actionable market data usage reports identifying where subscription fees can be reduced by pinpointing unused data feeds.
/jlne.ws/3ZkM8En
| | | | | | Strategy | | | Bitcoin Could Keep Surging in Trump 2.0. Here's the Smart Way to Play It.
Steven M. Sears - Barron's
When Donald Trump returns to the White House in January after a four-year interregnum,Bitcoin is expected to be a key beneficiary.
/jlne.ws/3ZmUcEj
How Bitcoin ETF options unlock new strategies for retail and institutional investors; Retail and institutional investors embrace Bitcoin ETF options to hedge risks and enhance portfolio returns.
Rob Nelson - The Street
The rise of options-based ETFs is opening new opportunities for both retail and institutional investors, particularly in markets like bitcoin.
Roundtable anchor, Rob Nelson, explored the implications of these financial tools with Gav Blaxberg, CEO of WOLF Financial, and Mauricio Di Bartolomeo, Co-Founder and CSO of Ledn. The conversation delved into how these products are reshaping strategies for corporations, traders, and investment managers alike.
/jlne.ws/4gleTHE
Short-Squeeze Risk Rises for French Stocks as Barnier Faces Vote; Edmond de Rothchild warns against bounce in beaten-down CAC 40; Barclays strategists says traders should look to hedge upside
Julien Ponthus and Michael Msika - Bloomberg
Investors should beware a potential short squeeze in French stocks as the beaten-down market has already priced most of the potential political stress. Benjamin Melman, global chief investment officer at Edmond de Rothschild Asset Management, said French blue chips have already priced in most of the stress from the possible fall of Prime Minister Michel Barnier's government. "The situation in France remains worrying but beware a short squeeze," said Melman, referring to a situation when investors who were betting on the fall of an asset need to urgently buy back their positions when the market goes against them. That could fuel further gains in the securities they're selling.
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Stocks and bonds haven't moved together like this in three decades - and that's putting portfolios at risk, says State Street; Analyst: 'Stock, sector, and geographical diversification attributes are as weak as ever.'
Steve Goldstein - MarketWatch
It's the time of year when many investors click on their brokerage account and set up their strategy for the next 12 months.
Matthew Bartolini, head of SPDR Americas Research at State Street Global Advisers, says there's a key reason why a typical 60/40 portfolio -60% stocks, 40% bonds - is at risk.
/jlne.ws/3Zo8W5W
| | | | | | Miscellaneous | | | Cryptocurrency Trading Is Now Bigger Than Stocks in South Korea
Sidhartha Shukla - Bloomberg
The declaration of martial law by South Korean President Yoon Suk Yeol amid a political dispute in the country shocked the world - including, for a brief period, crypto markets.
Market reaction to the news was much more exaggerated on Korean exchanges, with the price of Bitcoin against US dollar-pegged stablecoin Tether falling as low as $71,814.99 on Tuesday, at the same time that a Bloomberg composite of Bitcoin prices across global exchanges showed it trading around $93,600.
/jlne.ws/4fVX02A
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