Mar 19 2013 | 3:55 PM
Based on my communication with 33.2 oz. mini-sized gold and 1,000 oz. mini-sized silver futures traders, whether by email, live event or webinar, I have noticed a thirst for a deeper understanding of the underlying markets. A common element of the over the counter precious metals markets is the London-based fix. Both mini gold (YG) and mini silver (YI) are open and trading while the fixes are being set. In this note, I provide some background on the twice daily London spot...
Senior Vice President, NYSE Liffe US Precious Metals Derivatives
Mar 19 2013 | 3:46 PM
March 18, 2013 was the first day for trading the mini options. Now since this is my fifth blog about minis, I’ll simply tell you that they are option contracts that have a 10 multiplier and a 10 share deliverable and refer you back to my past blogs for more detail and strategies.
Mini madness started with 21,730 contracts traded across the industry with NYSE Euronext US options exchanges pulling down 11,405 of those contracts for a 52.49% combined market share of the minis.
AAPL7 traded 8,755, AMZN7 traded 1,017, GLD 7 traded 3,953, GOOG7 traded 545 and SPY7 traded 7,551 contracts across the industry. But volume is not the entire story. Early in the day I observed quotes, that were wider than the quotes on standard options with the same strike price. As the day went on I began to see mini quotes coming in line with the standard quotes. At about 10:45 I noticed that some, not all, mini quotes in SPY7 were only 1 cent wider than the standard option quote. I saw the same...
Managing Director, NYSE Amex Options
Mar 19 2013 | 10:28 AM
Laura V. Morrison is Senior Vice President of Global Index and Exchange Traded Products for NYSE Euronext. In this capacity, Laura is responsible for driving the expansion of trading and listing services for Exchange Traded Products (ETP) in the United States.
“If softball was easy, they’d call it baseball.” That’s the slogan on the t-shirt my daughter, Jamie, wore this weekend to watch her sister’s softball tournament in Pennsylvania. While we supported Zoe, who played second base, and her travel team, the Manhattan Mayhems, I thought about the several powerful conversations, which took place on International Women’s Day (our first ever at NYSE) in several meeting rooms, executive suites and on...
Mar 19 2013 | 9:39 AM
From The Trading Floor: Equities are trading higher this morning as investors are shaking off the turmoil in Cypress and instead are focusing on better than expected data out of the housing market
- New U.S. home construction rose in February to 917,000 homes, up 0.8% from the revised 910,000 pace in January.
- Building Permits rose to 946,000, the highest level in almost 5 years, adding to the signs of progress in the housing market that’s helping boost the economy
- The FOMC meeting begins today - Most market watchers expect interest rates, forward guidance, and the $85 billion a month pace of asset purchases to stay unchanged
- There is a Plan B in Cyprus that will be voted on around noon. Under this plan, there would be no tax on deposits under €20,000, a 6.75 percent tax on deposits between €20,000 - €100,000 and 9.9 percent on deposits above €100,000........not expected to pass
Managing Director, The Capital Markets Desk
Mar 19 2013 | 8:30 AM
Ahead of the Bell: Dow futures are trading up 24 points and S&P futures are trading up 3 points as concerns eased over the banking debacle in Cyprus. Cyprus's government proposed to spare small savers from a divisive levy on bank deposits in a last-minute attempt to win parliamentary backing for an international bailout and avoid default and a banking collapse. However, it is likely that lawmakers will reject the tax, which would bring the smallest euro zone state even closer to financial destruction and potentially cause turmoil for the rest of the nation. Investors will look ahead to housing data including housing starts and building permits for February. Economists forecast a 915,000 annualized rate in February compared to 890,000 in January, and a total of 925,000 permits in February compared with 904,000 in the prior month.
- On the economic calendar today, February housing starts will...
Director, Market Watch & Corporate Actions