| November 01, 2022 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Lead Stories | | | The surprisingly chilled bear market â credit edition
Robin Wigglesworth - Financial Times
FTAV last week wrote about how, given the scale of the downturn, the equity bear market has been remarkably tranquil. Belatedly we've come across some interesting further points on the surprisingly orderly credit markets.
Obviously, credit markets have also puked this year. But it has been a controlled, strategic, the-day-afterwards discharge rather than a messy post-kebab 3am accident. As Calderwood Capital put it more decorously in a recent Popular Delusions report, credit is priced "too tight to buy, but too wide to short".
/jlne.ws/3fsHgtR
Ag Economy Barometer declines again, producers express concern about interest rate policy
CME Group
Farmer sentiment weakened again in October as the Purdue University/CME Group Ag Economy Barometer dropped 10 points to a reading of 102. Both of the barometer's sub-indices also declined this month. The Current Conditions Index dipped 8 points to a reading of 101 while the Future Expectations Index dropped 11 points to a reading of 102. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted between October 10-14.
/jlne.ws/3SPb8OI
GameStop, Getty Surge as Meme and De-SPAC Frenzy Returns (GME, GETY)
Matt Turner and Norah Mulinda - Bloomberg
Retail traders returned in force on Monday, creating a volatile session for de-SPAC firms like Getty Images Holdings Inc.. as well as meme stock favorites including GameStop Corp.
Shares of Getty Images, which went public earlier this year after merging with a blank-check firm, climbed 35% -- their biggest one-day jump since July. GameStop had a similar rollercoaster ride after it spiked as much as 24% before ultimately paring nearly its entire gain to close up 0.5%.
/jlne.ws/3TUiJN3
| | | | | | Exchanges | | | B2C2 Launches Electronic OTC Options Trading for Crypto
Anna Lyudvig - Traders Magazine
B2C2, the world's largest crypto liquidity provider and institutional digital asset pioneer, has gone live with electronic options trading for the over-the-counter (OTC) crypto market.
"Providing our clients with the ability to trade OTC options electronically reflects significant growth in institutional demand for derivatives over the past 12 months," said Johannes Woolard, Head of Options, B2C2.
/jlne.ws/3SXOeVn
TP ICAP Gets Boost From Frenzied Rates Market, Strong US Dollar
Joe Easton and Leonard Kehnscherper - Bloomberg
TP ICAP Group Plc said its broking business has benefited from higher volatility in rates trading and the continued strengthening of the US dollar. Global Broking revenue was up 12% in the third quarter, the London-based company said in a trading update Tuesday. The surge was driven by "favorable market conditions" in rates trading, the broker's largest and most profitable asset class. TP ICAP said it also got a fillip from the strong US dollar with about 60% of the group's revenue denominated in dollars.
/jlne.ws/3UjhpDv
Miami International Holdings Announces SPIKES Futures and Options are Now Trading in Penny Increments
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX ), MIAX PEARL, LLC (MIAX Pearl ), MIAX Emerald, LLC (MIAX Emerald ), Minneapolis Grain Exchange, LLC (MGEXTM), The Bermuda Stock Exchange (BSXTM) and Dorman Trading, LLC announced today that SPIKES Futures and Options are now trading in penny ($0.01) increments.
/jlne.ws/2K3gU18
Eurex launches new incentive program for euro clearing in the EU
Eurex
To support buy-side clients starting clearing OTC interest rate derivatives positions in the EU, Eurex Clearing is now offering special incentives. This is a further step in support of the regulatory objectives to bring more Euro Clearing into the EU and in turn reduce reliance on CCPs outside the EU.
/jlne.ws/3FBZi7A
Amendment to the Daily Settlement Procedure for All Options on Emini S&P 500 Futures and Options on Micro E-mini S&P 500 Futures Contracts
CME Group
Effective Sunday, December 4, 2022, for trade date Monday, December 5, 2022, and pending all relevant CFTC regulatory review periods, Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will amend the daily settlement procedure for all Options on E-mini S&P 500 Futures and all Options on Micro E-mini S&P 500 Futures contracts (the "Contracts") for trading on the CME Globex electronic trading platform ("CME Globex") and for submission of clearing via CME ClearPort. Specifically, the amendment to the daily settlement method for the Contracts will change from utilizing an interest rate curve input derived from the Secured Overnight Financing Rate ("SOFR") market to instead utilizing an interest rate curve input derived from the Contracts' market quotations directly. Note that the final settlement procedure for the referenced options will remain unchanged.
/jlne.ws/3zy7nGy
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