I Still Believe in the Futures Industry Model
I still believe in the futures industry segregated funds model. In fact as strange as it may seem, my own experience, or that of my former firm with Refco and MF Global, has only strengthened my...
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John Lothian Newsletter: Euronext Said to Plan Sale of Up to 30% Stake Before...
First Read Disaster Recovery is Staying Warm John Lothian John J. Lothian & Company, Inc. has been in disaster recovery mode the last couple of days, working from home, as the cold weather which...
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John Lothian Newsletter: Aequitas revises exchange proposal; SEC may seek...
First Read Open for Business: SEFs Navigate the New Regulatory Environment JohnLothianNews.com Swap execution facilities (SEFs) were given life by the Dodd-Frank Act, which requires over-the counter...
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John Lothian Newsletter: Nasdaq CEO Sees Winning SEC Approval for Private...
First Read Euronext’s Roland Bellegarde Said to Plan Departure Before IPO Nandini Sukumar – Bloomberg Euronext NV is poised to lose one of its top executives as the European stock-exchange operator...
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John Lothian Newsletter: NYSE owner says outlawing exchange rebates would...
First Read Challenger ATS Brasil prepares to take on BM&F Bovespa “super monopoly” Elliott Holley – Banking Technology After nearly a decade of trying, ATS Brasil is finally poised to launch an...
View ArticleA Market Structure Conundrum
In today’s top story, SEC Chair Mary Jo White is calling for more transparency in the corporate bond market. In fact, many of the recommendations would make the bond market function like our equity...
View ArticleJLN Financials: Doubts raised over global forex platform; Look Out for...
First Impressions Thank You for Playing Today’s JLN Financials newsletter is topped by three stories with a common theme. Can you spot it? Let’s play. Six years after the global financial crisis and...
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John Lothian Newsletter: BATS Faces Record SEC Fine Over Direct Edge’s...
First Read Clear Skies Ahead: Terry Duffy of CME Group Says Clearing Is Industry Driver JohnLothianNews.com With the bulk of US financial reforms now in place, financial markets appear to be pulling...
View ArticleForeign exchange trading; “Same as it ever was”. A market ripe for disruption
When I first began trading FX in the age when dinosaurs roamed the earth, spot was traded through brokers and once in a while on the Reuters dealing system or via Telex. And of course direct over the...
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UK must wake up to risks of LSE/Deutsche Börse exchange deal; Drop the...
First Read Maker or Taker? By John J. Lothian “Maker – Taker” is a market model that rewards market participants for offering liquidity – “making” – and penalizes them for “taking” market liquidity....
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HKEX and LME Announce New LME Chief Executive and Leadership Structure;...
First Read Bits & Pieces By John J. Lothian David Setters is turning 60 this weekend and of course some friends are gathering to celebrate this happy occasion. What they are also doing is giving...
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Hedge Funds Facing U.S. Criminal Probe Over Bond Valuations; Deutsche Börse...
First Read Options Industry Conference Update: Congress Continues To Push For Avoiding Unintended Consequences in Tax and Dodd-Frank reforms By Jim Kharouf and Jeff Bergstrom, JLN The 35th Annual...
View ArticleSetting the Stage for Regulatory Divergence
At Trading Chicago presented by FOW and John Lothian News, Gary DeWaal, special counsel with Katten Muchin Rosenman, spoke to JLN about how the United States is beginning to diverge from the rest of...
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CBOE to launch bitcoin future contracts; LedgerX Will Transform...
Observations & Insight July 2017 Options Exchange Marketshare via OCC ****SD: In case you missed the OCC’s release yesterday about July cleared volume, you can find that here. ++++++ The Concept of...
View ArticleStock Returns and Politics = Not Normal; VIX The Tail Wagging The Dog?; Euro...
Lead Stories Stock Returns, Like Politics, Are Not Normal; There are two primary reasons for the protracted decline in both implied and realized volatility. Dean Curnutt – Bloomberg Perhaps no...
View ArticleU.S. considering ‘material changes’ to ‘Volcker Rule’; Stock Bulls in Trump...
First Read The Man Who Molded Chicago’s Merc; Leo Melamed, chairman emeritus of CME Group, helped make his company the world’s largest manager of financial exchanges. Now he’s focusing on the...
View ArticleVol products in the spotlight; Cboe’s pain; New VIX ETP Danger
Lead Stories Wall Street’s volatility products in the spotlight; Market retains potential for upsets after February’s ‘Vix-mageddon’ Christian Pfrang and Robin Wigglesworth – Financial Times...
View ArticleScholes on team launching low-vol cryptocurrency; CFTC ‘astounded’ as...
Lead Stories Saga token: Nobel winner Myron Scholes on team launching low-volatility cryptocurrency Eshe Nelson and Joon Ian Wong – Quartz Last year, when the price of bitcoin rose 1,000%, you might...
View ArticleTreasury Pushing For Capital Rule and Volcker Changes
The US Treasury Department is addressing capital intensive rules that have constrained market participants from capital markets to community banks under the Volcker rule. Craig Phillips, counselor to...
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CME Record International ADV; Martin Act Opposition; Nasdaq Completes...
First Read Hits & Takes JLN Staff Congratulations to the World Federation of Exchanges on its IOMA Clearing & Derivatives Conference, concluded on Friday. The event, as usual, attracted...
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