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‘Pay no attention to that man behind the curtain’


Will Wilkinson, The Epicurean Dealmaker, Mirror, MIrror, on the Wall…, here.

I am not The Epicurean Dealmaker.

It is worth reminding you periodically of this, O Dearly Beloved, because as Mr. Wilkinson notes the persona to which you ascribe the words you so faithfully read on this site does not exist. For that matter, the persona you ascribe to Will Wilkinson—“Will Wilkinson”—does not exist, either. It is a construct, formed partially out of the meaning, motivation, and character you impute to the words he writes and the actions and interactions he pursues on the internet among an audience of people who are personal strangers to him. He sketches the outline of his character with words, and he and his readers fill the picture in. Whether the creation of an online persona is a primary motivation for personal blogging, as Mr. Wilkinson maintains, or simply a (hopefully) beneficial side product thereof is not really my concern. But everybody does it.

The True Epicurean Dealmaker will deny their own existence.

Finextra, DTCC warns demand for collateral set to overwhelm system infrastructures, here.

In a new white paper, the DTCC predicts that the raft of new rules and requirements being brought in around the world in the wake of the 2008 financial crisis could see rising margin calls running as high as 1000% and demand for collateral outstripping supply.

The paper cites a Bank of England study which estimates that collateral demands could hit $800 billion and a ISDA calculation that new initial margin requirements for OTC derivatives could top $10 trillion.

Finextra, Bank of America Merrill Lynch consolidates options trading algos, here.

“Options traders are looking for sophisticated strategies without all the intricacies on the front-end,” said Jonathan Werts, head of Electronic Derivatives. “In response, we’ve revamped our algo offering by reducing parameter complexity and streamlining the process, making strategy selection more intuitive for traders.”

Clean Sweep and Fast Sweep are liquidity-seeking algos that leverage the best of both worlds: smart posting logic and aggressive liquidity capture. Delta-Adjusted is the firm’s adaptive algorithm that allows an order to dynamically update according to order level parameters and the changing market. And finally, Smart Spreads is the multi-legged strategy that intelligently moves spread orders among multiple exchange complex order books in an effort to maximize fill rates.


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