Getting Back In The Trading Job Market with STA

·21 min·2 clips

Why are there 900,000 options strikes creating an onerous burden for market makers?

The episode opens with host Mark Longo introducing the show from the Options Industry Conference in Miami, Florida, with background crowd noise. He welcomes back guest Jim Toews, president of the Securities Traders Association (STA). Toews explains that the OIC conference is a must-attend event for options professionals due to its networking and content. The discussion shifts to STA's current initiatives, focusing on options market structure issues. Toews details the problem of proliferating options strikes, noting there are about 900,000 strikes across 4,000 products, which creates quoting burdens for market makers. STA and SIFMA have approached the SEC to rationalize strike listing and delisting processes. Longo expresses skepticism about progress, citing the long-standing penny pilot as an example of regulatory inertia. Toews agrees that pilots are difficult to unwind and emphasizes seeking other solutions. The conversation broadens to how STA considers multiple asset classes like options and ETFs in its advocacy, avoiding siloed approaches. Longo asks about STA's involvement in crypto, given its growth. Toews explains STA is exploring crypto and cannabis from a job placement perspective, as these emerging industries offer opportunities for traders displaced by technology. He notes the cultural clash between crypto enthusiasts and traditional finance professionals. Longo then inquires about STA's upcoming annual market structure conference in Washington, D.C., scheduled for October 2-4. Toews reveals a new initiative: STA is offering 10 packages for unemployed traders, including complimentary conference registration, two nights hotel accommodation, and travel vouchers. He encourages listeners to email [email protected] to apply. Toews states this effort will expand, with more announcements planned over the summer, potentially involving partnerships with other associations for career fair-type events. The episode concludes with Longo thanking Toews and previewing future updates on these initiatives.

As heard by us

Mark Longo and Jim discuss options strikes, SEC pilots and STA's work across markets.

At the Options Industry Conference in Miami, Mark Longo and Jim start with the removal of options strikes, then turn to the SEC's use of pilots. They weigh when a pilot helps and why it can be hard to unwind.

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Why you'd press play

If SEC pilots and options strikes affect your work, hear STA's perspective from the Options Industry Conference in Miami.

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