| February 08, 2023 | | | | | Jeff Bergstrom
Editor
John Lothian News | |
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| | | | Lead Stories | | | Turkey Halts Stock Market Trading After $35 Billion Wipeout
Tugce Ozsoy and Taylan Bilgic - Bloomberg
Turkey's stock exchange suspended trading for the first time in 24 years, following a selloff that erased $35 billion from the value of its main equities gauge in the wake of two devastating earthquakes. "Our stock exchange has decided to halt trading in equities, futures and options markets," Borsa Istanbul said in a statement on Wednesday morning, following two market-wide circuit breakers. It didn't say when trading would resume.
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****** A humanitarian disaster spills over into Turkey's financial markets.~JJL
Low visibility, low volatility make strange pairing
Mike Dolan - Reuters
Like mirages on the horizon, recession forecasts seem to be appearing and disappearing with great regularity - questioning any investment conviction, the reliability of pandemic-distorted data and still-low volatility gauges in financial markets.
In just six weeks of 2023, economic forecasters have hurriedly revised away this year's long-assumed recessions in euro zone and the United States - confounded as they were by a mix of warm weather in Europe and some wild U.S. jobs market revisions and statistical quirks that have dramatically reshaped the interest rate outlook stateside.
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Why hedge fund veteran Jim Chanos sees short-selling making a comeback
Bilal Jafar - Financial News
Short-sellers had a lean period since the 2008 financial crisis but amid a long bull market and low-interest rate environment, American short-seller Jim Chanos now sees a trend reversal despite the market rally in January.
The founder of Kynikos Associates, who won big on his short bets against Enron Corporation after exposing its accounting fraud, said that the stage is now set for a greater period of shorts, similar to the wake of the dotcom bubble.
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| | | | | | Exchanges | | | NYSE US Exchanges to Close in Observance of Washington's Birthday
NYSE
In observance of Washington's Birthday, the New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, NYSE National, NYSE American Options, NYSE Arca Options, and NYSE Bonds markets will be closed on Monday, February 20, 2023.
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Cboe Global Markets to Present at the Credit Suisse Financial Services Forum on February 15
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced that Ed Tilly, Chairman and Chief Executive Officer, and Brian Schell, Executive Vice President, Chief Financial Officer and Treasurer, will present at the Credit Suisse Financial Services Forum on Wednesday, February 15 at 8:35 a.m. ET.
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Exchange operator CME's profit tops views in volatile quarter
Anirban Chakroborti and John Mccrank - Reuters
CME Group Inc (CME.O) on Wednesday reported fourth-quarter profits above Wall Street expectations, as global pricing pressures, rising interest rates and recessionary fears drove greater use of the futures exchange operator's risk hedging tools.
Red-hot inflation, paired with the U.S. Federal Reserve's hawkish monetary policy, roiled markets in the quarter, helping boost CME's average daily volume (ADV) nearly 6% to 21.8 million contracts in the three months ended Dec. 31.
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January 2023 figures at Eurex; Interest rate derivatives continued their positive trend (up 21 percent) in January; Traded volume in GC Pooling increasing nearly fivefold to EUR 35.8 billion y-o-y; Notional outstanding in OTC interest rate swaps up 15 percent
Eurex
Eurex began the year with an 8 percent increase in total traded volume to 144.6 million contracts in January, compared to 133.4 million in the same month last year. Interest rate derivatives again recorded the largest increase, up 21 percent year-on-year in January from 45.2 million to 54.7 million. Index derivatives increased by 5 percent, from 65.7 million to 68.7 million contracts traded. Trading in equity derivatives fell by 6 percent year-on-year in January, from 22.3 million to 20.9 million contracts.
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Cboe Global Markets is looking for a director of US equities sales in Chicago.
| | | | | | Regulation & Enforcement | | | Societe Generale Gets Pulled Into SEC's Widening Messaging Probe (EPA:GLE)
Steven Arons - Bloomberg
Societe Generale SA has been drawn into the industry-wide investigation by the US Securities and Exchange Commission whether banks' staff have made use of unauthorized communication channels.
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| | | | | | Technology | | | BlackRock first to adopt Tradeweb's new ETF iNAV service
Laurie McAughtry - TheTrade
Electronic marketplace Tradeweb has today launched a new market data service to calculate real-time iNAVs for ETFs, with BlackRock becoming the first issuer to use the service for its iShares ETF suite in Europe.
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| | | | | | Moves | | | Nick Grossi has been promoted to executive director, software engineering, development, support and governance at the Options Clearing Corporation.
| | | | | | Strategy | | | 26 Meme Stock Alternatives: Momentum Investing Advice, Evercore
Marley Jay - Business Insider
Somehow meme stocks have returned.
January tends to be "opposite day" on the stock market, as investors often spend the month buying whatever assets did the worst the year before in the hopes that poor performers will rebound. That was definitely the case last month and in early February, when investors snapped up tech and growth stocks after dumping them throughout 2022.
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Market Reacts to State of the Union
Cboe (Video)
In today's #Vol411, @JoeTigay covers the market's reaction to the #SOTU, trends in the $VIX complex and ongoing narratives surrounding interest rates.
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| | | | | | Miscellaneous | | | 'Flash Boys' Improve $7.5 Trillion Currency Trading, Watchdog Says; High-frequency traders provide better average liquidity: study; Such firms are taking greater share of global FX market
Eva Szalay - Bloomberg
High-frequency traders are often singled out as the culprits behind a lack of prices when markets get jumpy. But the activities of these controversial companies have gained a stamp of approval from the UK's regulator, at least in currency markets. According to a new study published by the Financial Conduct Authority in January, computer-driven trading firms are better at handling a pick-up in volatility than banks and contribute the "dominant" share of new information into exchange rates. "It turns out that HFTs' price-changing limit and cancel orders contribute nearly half of overall price discovery," the study's authors wrote in a paper. "On average or during normal market times, we find HFTs provide better order-book liquidity than dealers," the authors added.
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