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CME traded their first emini IPOX Futures Trades (IPOZ0) on Globex

November 04, 2020

Hits & Takes
John Lothian & JLN Staff

There is no clear winner of the U.S. Presidential election yet. Hang on. Relax. Stay cool. Let the process work.

Senator Kelly Loeffler has advanced to a run-off election in her attempt to hold onto the Senate seat to which she was appointed. She recieved 1,229,561 votes, or 26.5% of the total. Rev. Raphael Warnock, a Democrat in the race, had 1,479,590 votes, or 31.9% of the total votes cast.

There is still time to register for FIA’s virtual Futures and Options Expo, taking place this 10-12 November. Expo-V brings you three days of programming including keynote sessions with Dr. Kathy Neuzil, SEC Commissioner Hester Peirce, revered Silicon Valley journalist Kara Swisher and CFTC Chairman and Chief Executive Heath Tarbert as well as 1:1 interviews with exchange leaders from Cboe Global Markets, CME Group, Eurex, ICE and Nasdaq. Industry experts will also explore lessons learned from the pandemic, trends shaping what’s next for cleared derivatives and opportunities to diversify the industry. Expo-V features a robust exhibit hall with more than 20 exhibitors and 9 fintech start ups in the Innovators Pavilion. This is your opportunity to connect with the cleared derivatives community. Learn more at and REGISTER!

The CME traded their first emini IPOX Futures Trades (IPOZ0) on Globex yesterday. This comes on top of the IPOX ETFs having surpassed $2 billion in AUM in late October.

ISDA’s Scott O’Malia has his latest podcast, “Episode 3: Building Momentum in Alternative Rates.” He will discuss how LIBOR is on the way out and what will replace it.

It is too late now, but states like Georgia should use a ranked-choice voting method for their statewide elections in cases where there are multiple candidates and no one gets a majority of votes. In this type of election, a vote ranks all of the candidates. All of the information about who the voters prefer is with the election officials. The election officials methodically remove the candidate who received the least number of votes and replace that voters’ choice with their next choice. The votes are then counted again. This proceeds until someone has over 50% of the vote. It would have saved a lot of money for a runoff election and given the state and the country greater certainty. Also, this method was suggested on a Scouting blog for use in a Senior Patrol Leader election as a way to reduce bad feelings about who did or did not get votes.

How much trading was there in October in front of the U.S. Presidential election? Well, the OCC reported October 2020 total cleared contract volume was 636,709,236 contracts, up 41.1 percent from October 2019. This marks the highest October ever and the fourth-highest month on record. Year-to-date average daily cleared contract volume through October was 28,862,569 contracts, up 46.3 percent from October 2019.

There were two new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. Peter Maragos, the CEO of Dash Financial, made a contribution, as did Jeff Gilfillan, vice president of Phillip Capital. Gilfillan is a veteran futures broker and strategist. Maragos is the CEO of one of the most interesting firms in the markets. You never know what they are going to do next.

Peak6 has a story on their website “Meet coder turned trader Roxy Rong.” You can read about how coding is Rong’s superpower!

The word of the day is “scupper.” A secondary definition is “to defeat or put an end to.” I saw this word used in an Ant Financial story, not a Presidential election story.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL