Chicago Chapter of QWAFAFEW Presents:
Commodity Trading Risk Management

Chicago QWAFAFEW and William Blair will host an early evening event featuring two perspectives on commodity trading risk management.

The speakers will be Hilary Till, Co-Founder of Premia Research LLC and Research Associate at the EDHEC-Risk Institute, and Mark Shore, Founder and Chief Research Officer of Shore Capital Research LLC

The event will be held at the new offices of William Blair in the William Blair Building at 150 North Riverside Plaza.

Topics:
Hilary Till’s talk is titled “Commodity Trading Strategies, Common Mistakes, and Catastrophic Blowups.” She will provide her current perspectives on the always dynamic and frequently opaque commodity markets, including (1) commodity trading strategies, (2) common mistakes, and (3) catastrophic blowups. The specific commodity trading strategies to be discussed are trend-following and calendar spreads. The common mistakes are (1) targeting returns rather than risk metrics, (2) establishing inappropriate trade sizing, and (3) failing to fully appreciate the psychological discipline required for trading. The presentation also includes case studies on the catastrophic derivatives blowups at Amaranth and MF Global.

Mark Shore’s talk is titled “Risk Management of a CTA, Looking Behind the Curtain.” Mark will discuss his experience as the former COO of VK Capital ($300 million AUM) responsible for the risk management and due diligence of the CTA's strategies.

Hilary Till is the Solich Scholar at the J.P. Morgan Center for Commodities (JPMCC), University of Colorado Denver Business School; and the Contributing Editor of the JPMCC’s Global Commodities Applied Research Digest. She is also a principal of Premia Research LLC, which designs custom investment indices that are calculated by S&P Dow Jones Indices. Prior to Premia, Hilary was the Chief of Derivatives Strategies at Putnam Investments, and a Quantitative Analyst at the Harvard Management Company. Her additional academic affiliations include her membership in the North American Advisory Board of the London School of Economics and Political Science and her position as a Research Associate at the EDHEC-Risk Institute in Nice, France. In Chicago, she is a member of the Federal Reserve Bank of Chicago’s Working Group on Financial Markets. Hilary was a founding member of the Chicago QWAFAFEW and served on its Steering Committee.

Mark Shore is an expert on alternative investments with more than 25 years of experience in the capital markets including his stints as COO of VK Capital, ($300 million AUM), a wholly-owned Morgan Stanley commodity trading advisor business unit, and as Head of Risk at Octane Research, ($1.1 billion AUM), a Swiss-based alternative investment firm. Mark is the Founder and Chief Research Officer of Shore Capital Research LLC. His research and market notes can be found here and Seeking Alpha and several other locations.

He publishes research, consults on alternative investments, conducts educational workshops and frequently speaks at investment conferences. He is also an Adjunct Professor at DePaul University where he teaches the only known accredited course on managed futures. Mark received his MBA from the University of Chicago and recently became a doctoral candidate. Mark is a current member of the Chicago QWAFAFEW Steering Committee.

​Date: October 4th, 2017
Time: Doors will open at 5:00 pm for conversation, light food and drinks. The event will start at 5:30 pm and officially end at 7:00 pm.
​Venue:  William Blair in the William Blair Building at 150 North Riverside Plaza, Chicago, IL

For more information and registration click here

QWAFAFEW is an informal organization for discussions of quantitative investment topics. QWAFAFEW has active chapters in Chicago, Boston, Hartford, New York, Denver, Princeton, and San Francisco.

The NIBA Presents:
Annual NIBA Fall Chicago Conference 2017

“The Fall Chicago Conference is the largest of the association’s annual events. Industry leaders from all aspects of the business come together to discuss and educate on the most relevant topics for our membership. Registration is required and space will be limited.”

Established in 1991—the ​National Introducing Brokers Association (NIBA) was created to serve as an independent representative for Introducing Brokers. Today the NIBA known as the NIBA, and is one of the foremost, nationally recognized organizations providing representation and education for registered derivatives professionals including IBs, CTAs, CPOs, and APs.
​
The agenda of the conference includes:
-Opening Remarks from the NIBA
-Keynote Speaker – Jack Schwager
-Compliance Panel – When to Fight vs When to Settle an Enforcement Action
-State of the Industry Armchair Address
-Economic Update – Blu Putnam
-Cryptocurrency Trading Panel
-Fintech – Big Data and AI in the Futures Industry
-Quant Corner Breakout Session – Featuring Mathematical Finance Programs from the University of Chicago, Northwestern University, DePaul University and IIT
-NFA Rep Panel
-Weather Presentation – Megan Glaros
-Raffle Give Away (Bitcoin)
-Conference Wrap-up
 
Date: Thursday September 14th, 2017
Time: All day
Venue: CME Group Inc., 20 S. Wacker Drive, Chicago, IL 60606
 
Reception immediately following the event
For more information and registration click here

John Lothian News Hosts:
MarketsWiki Education Intern Recruiting event

The Monday of FIA Expo week in Chicago students interested in summer internships in the financial markets community are invited to a jobs fair and presentation from industry leaders.
​
The event will be on Monday, October 16 at the Chicago Board Options Exchange at 400 South LaSalle, right off the Van Buren Brown Line stop.

Following the presentations there will be more time for networking and meetings with recruiters.

Details are below and a preliminary sign up form. They will be sharing a webpage for resume uploading in the coming weeks. They will also be welcome to share a 60 second elevator pitch video on the site that will be shared with firms recruiting interns.

Details:
Tentative timeline of events:
2 p.m. – 3 p.m. Meet the students: Interviews and quick meetings with potential interns
3 p.m. – 4:30 p.m. MarketsWiki speakers present (6 speakers, 10-12 minutes each)*
4:30 p.m. – 5:30 p.m. Networking and more meetings with students

For more information and registration click here

CTAExpo LLC Presents:
CTA Expo: Emerging Manager Forum 2017

CTA Expo is designed to provide CTA’s and FX Traders the foundation of knowledge they need from both an operational and marketing perspective to raise AUM, and the opportunity to network with Family Offices, Professional Capital Raisers, Individual Investors, Allocators and IRA’s looking to identify trading talent as a source of Alpha.
​
Topics Include:
-CREATING A PERFORMANCE/SUCCESS FOCUSED MINDSET
-REGULATORY CHALLENGES FOR INVESTORS AND MANAGERS… 2017 UPDATE
-THE ALTERNATIVE SHARK TANK
-KEYNOTE CONVERSATION
-THIRTY YEARS OF MARKETING ALTERNATIVE FUNDS… NEW CHALLENGES AND OPPORTUNITIES
-CYBERSECURITY … WHAT ALTERNATIVE INVESTORS AND MANAGERS NEED TO KNOW IN A CONSTANTLY EVOLVING ENVIRONMENT
-THE MEDIA AND HOW TO OUTMARKET YOUR COMPETITION IN A COMPETITIVE WORLD
-PLATFORMS… THEIR SELECTION AND USE FOR MANAGERS AND INVESTORS
 
Speakers Include:
-Robin Fink (Senior Vice President, Finch Capital
-Bucky Isaacson (CTA Expo, LLC)
-Frank Pusateri (CTA Expo, LLC)
-Russ Rausch (Founder, Vision Pursue, LLC)
-Cheryl Fitzpatrick (Principal, Futures Compliance Inc.)
-Marc Nagel (Marc Nagel Consulting)
-Michael Dubin (Managing Director, Silvercrest Asset Management Group, LLC)
-Michelle Chopper (Consulting an Advisory Group, Arthur Bell)
-Carlos Cabrera (Head Institutional Prime Services, ADM Investor Services, Inc)
-Brett Horton (Consultant)
-Thalius Hecksher (Global Director, Trident Fund Services)
-Vivin Oberoi (Katonah Capital Partners)
-Kyle Schultz (Ravinia Investment Management LLC)
-Emil van Essen (Emil van Essen LLC)
-Brent Belote (Cayler Capital LLC)
-Colby Borders (CME Group)
-Bryan Durkin (CEO, CME Group)
-Bobby Schwartz (Managing Partner, RCM Alternatives)
-Michael Manning (Principal, Stratton Capital Management LTD)
-Bryant O.C. Wallace (Founder, Wall Scott Solutions)
-Matthias Knab (Publisher and CEO, Opalesque Ltd)
-Amy Bensted (Head of Hedge Funds, Prequin)
-David Young (President, Gemini Alternative Funds, LLC)
-Ole Rollag (Managing Principal, Murano Systems)
-Ranjan Bhaduri (Chief Research Officer, Sigma Analysis & Management)

Date: Thursday September 14th, 2017
Venue: UBS Center, One North Wacker Drive, Chicago, IL 60606
Time: All day. Reception immediately following the conference
 
For more information and registration click here
 
About CTA Expo:
The CTA Expo and Emerging Manager Forum conferences were started in 2008 to help Professional
Investors, Allocators, Capital Raisers, Institutions, and RIA’s meet and identify new and emerging talent
in the Hedge Fund, CTA, FX, and Alternative Management space to promote alternative investments.
Events are offered in New York, Chicago, and Miami.

​The NIBA and DePaul University's Arditti Center for Risk Management Present:

The 4th Annual Futures Industry Joint Symposium  

Each year industry leaders discuss the topics most relevant to NIBA members, and together, we create actionable solutions. Registration is required – attendance is complimentary for registered derivatives professionals.

Agenda:
Jerry Nolan, NIBA Board Member, Event Chairman
Dr. Carl Luft, DePaul University, Event Co-Chairman
Mark Washack, Wedbush Futures, Event FCM Chairman

Keynote
John Lothian, John J. Lothian News

Break

Welcome Back
Steve Petillo, NIBA Board Member, Event C0-Chairman 
“Allocator Triage/Operational Integrity”
Moderator: Mark Shore, Shore Capital Research LLC & DePaul University
Panelists: Tony Lombardi, AON Hewitt
Jeff Malec, RCM, LLC
Joel Handy, Efficient Capital Management
Bryan Johnson, Johnson & Company

Marketing Managed Accounts & Funds: Regulatory Traps/Considerations
Moderator: Matt Kluchenek, Baker & McKenzie
Panelists: Shane O’Mara, NFA
Turnkey Trading Partners
Chris Metseff, Blue River Partners, LLC


NIBA Update & Meeting Wrap-up
Mike Burke, NIBA President

Date: Thursday July 20th, 2017
Time: 1:30pm to 5pm. Reception immediately after
Venue: DePaul University, 1 E Jackson Blvd, Chicago, IL 60604
​
For more information and registration click here

About the NIBA: Established in 1991—the the National Introducing Brokers Association (NIBA) was created to serve as an independent representative for Introducing Brokers. Today we are now known as the NIBA, and is one of the foremost, nationally recognized organizations providing representation and education for registered derivatives professionals including IBs, CTAs, CPOs, and APs.
 

FOW and John Lothian News Present:
Trading Chicago
​
Trading Chicago, a specialist event aimed at CTAs, props and hedge funds in the US derivatives market. 
Join over 250 delegates from the local, regional and international CTA, prop and hedge fund community for a range of panel discussions covering the US derivatives market, Ted style talks and a debate on the future of Dodd-Frank.
Don’t miss out on the opportunity to hear expert speakers and network with key industry players at the event.

Topics Include:
Debate: Dodd-Frank Should be repealed
Derivatives markets in an age of populism 
Fixed income trading: the opportunity in uncertainty
Ted talk
Is the current US options market structure sustainable? 
Customizable technology: buy and build 
Ted talk: Machine Learning in Trading
Is the speed race over? Is data the edge today? 
Mifid II: impact on the US market

Speakers Include:​

Jesper Alfredsson, President Americas, Itiviti
Chris Anderson, Strategic Research, Senior Product Manager, Itiviti
Juan Arciniegas, Shareholder, Vedder Price
Garrett Baldwin, Economist and Editor-at-large, Money Map Press
Steve Crutchfield, Head of Market, CTC
Robert D'Arco, CEO, Rival Systems
Hazen Dawani, CEO and Co-Founder, OptionsCity
Chip Dempsey, Senior Vice President and Chief Commercial Officer, OCC
Gary DeWaal, Special Counsel, Katten Muchin Rosenman LLP
Julie Dixon, Managing Principal, Titan Regulation
Matthew Dixon, Assistant Professor of Finance and Statistics, Illinois Institute of Technology
Jay Feuerstein, Founder, Xenon Capital
Ilya Gorelik, CEO, Deltix
Carl Gilmore, President, Integritas Financial Consulting
Tim Gits, Senior Vice President, Head of Fixed Income Trading & Clearing Sales, Eurex
Daniel Gramza, Owner, Gramza Capital Management
Steve Grob, Director of Group Strategy, Fidessa
Chris Hehmeyer, CEO, Hehmeyer Trading + Investments
Paul Jiganti, Managing Director Operations Business Development, IMC
Robert Kallay, Director Trading Operations, Andrie Trading Companies
Jim Kharouf, CEO, John Lothian News
David Klusendorf, CIO, Typhon Capital Management
Richard Mackey, President, RGS
Peter Maragos, CEO, Dash Financial Technologies
Will Mitting, Managing Director, Global Investor Group
Chris Monnery, US Head of Product Marketing, Electronic Execution, Fidessa
Mike O'Hara, Senior Vice President, Wedbush
Brian Peterson, Partner, Algorithmic Trading Lead, DV Trading
Craig Pirrong, Professor of Finance, University of Houston
Jonathan Shaw, Risk Manager, TransMarket Group LLC
Euan Sinclair, Partner, Talton Capital Management
Leslie Sutphen, President, Financia Markets Consulting LLC
Thom Thompson, Business Development Consultant, TGT Consulting
Jennifer Tveiten-Rifman, Chief Compliance Officer, Gelber Group
Joshua Yang, Partner, K&L Gates LLP

Date: June 28th
Venue: Swissotel, Chicago, IL
Time: All day
Reception to follow event

For more information and registration click here

DePaul University Presents:
When Black Swans Aren’t:
Geopolitical Risk Management in the Age of “Extreme” Events

The past year has seen many seemingly unexpected events come to pass, from Brexit to the United States Presidential Election. The upheaval has continued into 2017: the rise of the National Front and Marine Le Pen in the French Election; the growing fractures in long-standing international alliances like NATO, NAFTA, and the European Union; and the wave of autocracy, nationalism, and populist retrenchment in the face of globalization.

However, are we witnessing a series of "black swan" events? Could we see any of this coming? What types of models and practices can be used to identify and absorb the myriad financial, strategic, political, and operational risks associated with the current global upheaval and the realities of the twin, competing forces of populism and globalization?
 
We'll begin with a keynote dialogue between two recognized experts in the field: Professor Guntram Werther of Temple University and Professor Tom Mockaitis of DePaul University.
 
Following the keynote discussion will be two panels of experts from the financial, insurance, political science, and macro-global fields that explore the current geopolitical risk climate. We'll discuss the effects and ramifications of globalization, the global wave of retrenchment and nationalism, and the changing nature of borders and failed states. How can companies properly manage geopolitical risk—whether through mitigation, avoidance, or transference—present in the world today?

Date: Thursday, June 22nd, 2017
Time: 11:30 am to 4:30 pm; (boxed lunch and reception included)
Venue: DePaul University Loop Campus, Chicago, IL

For more information and a 50% discount on ticket prices,
please click here
Tickets are $150, with the above link the price is discounted to $75.

Summary
The unemployment rate is a mean reverting indicator offering moments of oversold and overbought conditions.

The variance between the maximum and minimum rates of a given year, may indicate the stability of the unemployment rate.

Understanding the tendencies of the U-3 rate, may offer some clues toward future direction of the labor market.
​
In recent months, a growing debate has appeared asking if the U.S. unemployment rate (U-3, the official unemployment rate) is indicating the economy has reached or nearing full employment.

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Copyright ©2017. Contact Mark Shore for permission for republication at info@shorecapmgmt.com Mark Shore has more than 25 years of experience in the futures markets and managed futures, publishes research, consults on alternative investments and conducts educational workshops. www.shorecapmgmt.com 
​
Mark Shore is also an Adjunct Professor at DePaul University’s Kellstadt Graduate School of Business, where he teaches the only known accredited managed futures course in the country. He is also a Board Member of the Arditti Center for Risk Management at DePaul University.
Past performance is not necessarily indicative of future results. The opinions expressed are only for educational purposes. Please talk to your financial advisor before making any investment decisions.

You are cordially invited to join Chicago QWAFAFEW, along with other co-sponsors CBOE, Chicago CAIA, and Chicago PRMIA for a free event featuring presentations by Joe Gits and Edward Szado.

When: Wednesday, April 5, 2017 from 5:00 p.m. to 7:00 p.m.
Where: CBOE 4th Floor, 400 So. La Salle St., Chicago, IL 60605

Topics to be discussed include: 
•  Developing investable and actionable intelligence from analysis of sentiment trends on social media;
•  Utilizing sentiment and options-based benchmark indices showing stock-like returns and bond-like volatility;
•  Analysis of the volatility risk premium and the persistence of "rich” pricing for index options;
•  Review of the performance of dozens of funds that use options-based strategies.

Register: To register for the April 5 event please visit this webpage http://bit.ly/CBOE-Apr5 by the end of the month (space is limited).
​
Panel Members:
·  Joe Gits, CFA, CEO and Co-Founder, Social Market Analytics (SMA)
·  Edward Szado, Ph.D., CFA, Assistant Professor of Finance, Providence College.
·  Moderator: Matt Moran, VP, CBOE 
Biographies:
Joe Gits, CFA, is CEO and Co-Founder of Social Market Analytics (SMA), and he is a pioneer in the emergence and growth of quantitative trading systems and alternative data. Prior to launching Social Market Analytics (SMA), he co-founded Quantitative Analytics, Inc. (QAI), a market-leading provider of integrated database solutions for quantitative researchers and traders. Joe integrated QAI’s technology into Thomson Financial (now Thomson Reuters), after its 2007 acquisition. He oversaw the development and maintenance of the content, analytics and APIs that drove historical analytics. Joe earned his MBA from DePaul University and his BA from the University of Iowa. He is a CFA Charterholder.
​
Edward Szado, Ph.D., CFA, is Assistant Professor of Finance, Providence College. He is also the Director of Research at the Institute for Global Asset and Risk Management and received his Ph.D. in Finance from the Isenberg School of Management, University of Massachusetts, Amherst. He has taught Risk Management at the Boston University School of Management, Derivatives at Clark University and a range of finance courses at the University of Massachusetts Amherst. He is a former options trader and his experience includes product development in the areas of volatility-based investments and structured investment products. He is also a Chartered Financial Analyst and has consulted for the Options Industry Council, the Chicago Board Options Exchange, the Chartered Alternative Investment Analyst Association and the Commodity Futures Trading Commission.
 
QWAFAFEW is an informal organization for discussions of quantitative investment topics. QWAFAFEW has active chapters in Chicago, Boston, Hartford, New York, Denver, Princeton, and San Francisco.
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Current Chicago QWAFAFEW Steering Committee members: 

• Adam Cohen, Zacks Investment Research, Inc.
• Barry Feldman, IMCI, LLC
• Ben Johnson, Morningstar, Inc.
• Mark Shore, Shore Capital Research and DePaul University
• Matthew Moran, Chicago Board Options Exchange
• Ram Ben-David, Eckhardt Trading Company

Recent emeritus members: 

• Cindy Tsai, Environment Envisioned, Inc. 
• Peter Carl, William Blair and Company
• Steve Greiner, Charles Schwab