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John Lothian Newsletter: 17 Brokerage Firms Agree to End Analysis Previews; Credit Suisse ‘helped US tax evaders’; London and Singapore make move on renminbi trading

What is the John Lothian Newsletter? Edited by John Lothian and Jon Matte, our flagship newsletter provides daily news and commentary about the global exchange traded derivatives, securities and related OTC markets. The newsletter is offered on a voluntary pay basis. If you find it useful, we ask that you pay for it. Free for students and journalists. Subscribe  Make a Payment

First Read

CME Group Launches FuturesFundamentals.com Educational Website
CME Group, the world’s leading and most diverse derivatives marketplace, announced today that it has launched FuturesFundamentals.com, an innovative educational website to help explain the role of futures markets in everyday life.
jlne.ws/1fqINDQ

***** This is an excellent production from the CME. The way this industry is going to grow like it used to grow is through education, education and education.

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ADM’s Juan Luciano Takes Over President Role From CEO
Shruti Date Singh – Bloomberg
Archer-Daniels-Midland Co. Chief Operating Officer Juan Luciano took on the additional role of president, a title previously held by the current chairman and chief executive officer of the world’s largest corn processor.
jlne.ws/1fqIKrv

***** Mr. Luciano is the new P-ADM.

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CBOT oats trading limits expand after rally to record high $5.03
Reuters
The daily trading limit for Chicago Board of Trade oat futures and options will increase to 30 cents a bushel when the markets reopen after the front month contract rallied the 20-cent limit to an all-time high of $5.03 on Tuesday.
jlne.ws/1fqINUh

***** I once wrote a story, many years ago, about the inelasticity of oat prices due to the way they were grown by many small producers. Someone with a few acres of oats is unlikely to put them into the marketplace due to a small, or even large, price increase. It is just not worth it.

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Montréal Exchange Sets New Daily Trading Records
TMX Group Limited today announced that Montréal Exchange set an overall volume record of 758,731 contracts traded on February 24, 2014, surpassing the previous record of 701,657 contracts established on February 15, 2013
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***** Volume records at futures exchanges are so retro.

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Time to embrace European derivatives competition
Daniel Hodson – FT.com
For decades, the European derivatives landscape has been dominated by national exchanges, often monopolies and duopolies in local markets. These dominant institutions have so often entrenched themselves by either being, or moving to, the vertical silo model controlling both trading and clearing, thus locking in, or locking out market participants.
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****** Competition comes in many forms. I prefer the marketplace to rent seeking. Lobbying is not an innovation.

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CME Ex-CEO Tackles Options Market Risk in New Clearinghouse Role
Nandini Sukumar – Bloomberg
Craig Donohue, the new chairman of Options Clearing Corp., says he’s focused on improving the organization’s operations after regulators criticized how it managed risk in the $1.2 trillion U.S. equity options market. “My focus and part of my role and responsibility is to make sure we have a highly compliant organization,” Donohue, who became OCC’s chairman in January, said during a phone interview yesterday. He previously served as chief executive officer of Chicago-based CME Group Inc., owner of the world’s biggest futures exchange.
(via email)

***** For more, check out JLN’s video interview with Craig from earlier this month, at jlne.ws/1b2yj2a

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U.S. senator presses CFTC nominees to rein in banks in physical market
Reuters
Regulators should clamp down on banks owning metals warehouses, oil pipelines and other commodity assets, Democratic Senator Sherrod Brown told two nominees to the country’s derivatives regulator on Tuesday.
jlne.ws/1fqIKrw

***** Everytime I see the words “clamp down” I think of going to the dentist. It is not a pleasant thought.

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The Bitcoin Collective Delusion
Barry Ritholtz – Bloomberg View
When I first started traveling for work, I was surprised and amused by the various currencies I saw. Pre-euro, one would encounter a multitude of paper bills of different sizes and colors, each imprinted with a famous man or woman I probably hadn’t heard of.
jlne.ws/1fqIKry

***** This is a good time to get out the book “Extraordinary Popular Delusions and the Madness of Crowds” by Charles Mackay first published in 1841. Check it out if you have not.

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Geithner’s Book to Tackle His Image as Wingman of Wall Street
Kasia Klimasinska – Bloomberg
Timothy Geithner’s memoir will explain his decisions during the global financial crisis, tackle any misperceptions and describe surviving a political firestorm from Wall Street to Main Street, he said.
jlne.ws/1fqINDT

***** For the record, Tim Geithner did not work at Goldman Sachs. Many people think that, but it is not true.

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MarketsWiki

MarketsWiki Page of the Day
Mt. Gox
jlne.ws/1egp8uD

MarketsWiki Recent Updates

People

Kelly Loeffler

Companies, Organizations and Groups

Jefferies & Company, Inc.; Mt. Gox; IntercontinentalExchange; Eris Exchange; European Energy Exchange AG; European Commodity Clearing AG (ECC)

Products

CME Group Barclays U.S. Aggregate Bond Index; CME Group interest rate products; NYSE Liffe US 10-Year Note Futures; CME Group 10-Year U.S. Treasury notes

Miscellaneous

Mortgage-backed secutities

Statistics

47,285,611 pages viewed, 7,824 articles, 179,758 edits
MarketsWiki Statistics

Lead Stories

17 Brokerage Firms Agree to End Analysis Previews
GRETCHEN MORGENSON – NYTimes.com
Seventeen brokerage firms, including Citigroup, Goldman Sachs, JPMorgan Chase and Merrill Lynch, have agreed to stop participating in money management surveys aimed at tapping into research analysts’ changing views on companies before those opinions are publicly issued.
jlne.ws/1fqIKrz

Credit Suisse ‘helped US tax evaders’
Gina Chon in Washington, Kara Scannell in New York and James Shotter in Zurich – FT.com
Credit Suisse made false claims in US visa applications, conducted business with clients in secret elevators and shredded documents to help more than 22,000 American customers avoid US taxes, according to a scathing report by a US congressional committee.
jlne.ws/1fqINDU

London and Singapore make move on renminbi trading
Jeremy Grant in Singapore – FT.com
Britain and Singapore have agreed to co-operate on developing trading of the renminbi, the Chinese currency, as part of an unprecedented “financial dialogue” between the two global financial centres.
jlne.ws/1psGrwQ

Government influence tops managers’ worry list
Mark Cobley – Financial News
Fund managers’ top worry for 2014 is the extent to which government action is still driving investment markets, according to a survey from consultancy Towers Watson.
jlne.ws/1fqIKrA

Bank of America Discloses 2 New Investigations
NYTimes.com
Bank of America said that it was facing two new investigations related to its activities in foreign currency exchange markets and its handling of government-backed mortgages in the United States.
jlne.ws/1fqINDV

Markit founder maintains a transatlantic approach
Philip Stafford – FT.com
A New York listing for a UK-headquartered company will be another element to a working life spent crossing the Atlantic for Lance Uggla, chief executive of data provider Markit.
jlne.ws/1fqIKrB

Hong Kong exchange joins the D club
Michelle Price in Hong Kong – Financial News
Diversification is the watchword for international exchanges these days and the Hong Kong Exchanges and Clearing – widely regarded as among the most well-positioned bourses globally – is no different.
jlne.ws/1fqIKrD

Defending Bitcoin, Andreessen Says Mt. Gox Is ‘Like MF Global’
NYTimes.com
The apparent collapse on Monday of Mt. Gox, the most prominent exchange for Bitcoin, spooked many holders of the virtual currency, as they tried to determine whether the problems pointed to larger flaws in the Bitcoin system.
jlne.ws/1fqINDW

High-Tech Push Worries Some Farmers
WSJ.com
Big agricultural companies say the next revolution on the farm will come from feeding data gathered by tractors and other machinery into computers that tell farmers how to increase their output of crops like corn and soybeans.
jlne.ws/1fqIKrE

Risk Management: The Newest Alpha Strategy
Al Chiaradonna – TabbFORUM
Risk management often is viewed as a barrier to growth, but better data management and reporting ultimately can lead to improved profitability. As a first step, firms should consider a business model transformation that will allow them to organize their business around relationship-based data and a single, unified platform.
jlne.ws/1fqINDX

Regulatory

Esma’s Verena Ross calls for industry engagement on Mifid II bond rules
Anish Puaar – Financial News
The executive director of Europe’s top securities regulator has called on the industry to help it craft new rules designed to improve transparency in the region’s “fragile” bond markets.
jlne.ws/1fqINDY

Cost of regulation lighter than feared at JP Morgan
Matt Turner – Financial News
JP Morgan has provided an update on impact of regulatory changes in the derivatives market on its business. The conclusion: not as bad as had been feared.
jlne.ws/1fqIKrG

ESMA official responds to liquidity fears
Joel Clark – Euromoney magazine
ESMA has had frequent discussions over the definition of liquidity during the past three years and is mindful of the need to monitor the impact regulations such as Mifid II could have on liquidity on the FX markets, its executive-director tells the Association for Financial Markets in Europe.
jlne.ws/1fqINUc

Trade reporting special report
Energy Risk staff – Risk.net
Derivatives trade reporting is mandatory in the US and Europe under Dodd-Frank and Emir rules.
jlne.ws/1fqIKrH

Statement On The Re-Opening Of The Comment Period For Asset-Backed Securities Disclosure And Registration, SEC Commissioner Michael S. Piwowar
jlne.ws/1fqINUd

Self-Managed Superannuation Funds And Complex Products: ASIC Update – A Speech By Greg Tanzer, Commissioner, Australian Securities And Investments Commission At The SMSF Professionals’ Association Of Australia (SPAA) Conference, 21 February 2014.
jlne.ws/1fqIKrI

Verena Ross, Executive Director ESMA, Delivers Keynote Speech At AFME European Market Liquidity Conference – Liquidity And New Financial Market Regulation
jlne.ws/1fqIKrK

Slide Presentation (PDF): Regarding Audit Committees At SEC Speaks 2014 – Paul Beswick, Chief Accountant, Office of the Chief Accountant, Feb. 25, 2014
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The FCA publishes report into mortgage lenders’ arrears management and forbearance
jlne.ws/1fqIKrM

Exchanges & Trading Facilities

ICE raises margin requirements for coffee, sugar, soybean oil
Reuters
ICE Futures U.S. on Tuesday raised initial margin requirements for trading arabica coffee, raw sugar and soybean oil effective with the opening of business on Feb. 26.
jlne.ws/1fqIKrN

Nasdaq Says No Merger Discussions With LSE, Euronext
Nandini Sukumar – Bloomberg
Nasdaq OMX Group Inc. Chief Executive Officer Robert Greifeld said he’s not engaged in merger talks with London Stock Exchange Group Plc or Euronext NV, the European market operator on the verge of being spun off.
jlne.ws/1hfE7FU

Nasdaq OMX opens up on China opening up
Chris Dodd – FinanceAsia.com
Nasdaq OMX might be a US-European exchanges group but on Tuesday it took time out to update reporters on how it sees Asia.
jlne.ws/1mHgnza

Rusal, LME Gear Up For Courtroom Showdown
Laura Clarke – MoneyBeat – WSJ
The London Metal Exchange may have to start again on reforms to its contentious warehousing system. On Wednesday, United Co. Rusal, the world’s largest aluminium producer, will seek a judicial review of the exchange’s rule changes in London’s High Court.
jlne.ws/1fryFk4

FESE De La Vega Prize 2014 – Competition Open
The Federation of European Securities Exchanges (FESE) will award the Josseph de la Vega Prize 2014 for an outstanding research paper related to the securities markets in Europe.
jlne.ws/1fqINUj

NGX Celebrates 20th Anniversary and Announces Charity Trading – TMX Group Marks The Occasion With A Market Open Ceremony
jlne.ws/1fqIKI3

CBOE Holdings to Present at Raymond James Institutional Investors Conference on Tuesday, March 4
jlne.ws/1dvN3C9

Hedge Funds & Managed Futures

SAC Capital to Hire ‘Chief Surveillance Officer’ to Boost Compliance
Rob Copeland – MoneyBeat – WSJ
SAC Capital Advisors LP, the hedge-fund firm that agreed last year to plead guilty to insider-trading, has created the position of “chief surveillance officer” after an internal review of its operations, according to an employee memo Tuesday.
jlne.ws/1fqIKI5

Kravis Says Private Equity Does Poor Job of Discussing Its Benefits
NYTimes.com
Henry Kravis, the co-founder of the private equity firm Kohlberg Kravis Roberts, and other industry leaders think the private equity sector has a bit of an image problem.
jlne.ws/1fqIKI6

Argentina Takes Its Debt Case to the U.S. Supreme Court
STEVEN M. DAVIDOFF – NYTimes.com
Argentina has now staked the future of its debt, and perhaps its financial fate, with the United States Supreme Court. Yes, you read that right.
jlne.ws/1fqINUn

U.S. Private-Equity Tax Change Doubtful This Year, Says Carlyle Co-Founder
WSJ.com
Carlyle Group LP co-founder David Rubenstein said U.S. lawmakers are “unlikely” to take up legislation this year that could potentially increase taxes on deal profits reaped by private-equity managers.
jlne.ws/1fqIKI7

Markowitz attacks hedge fund diversification claims
Kris Devasabai – Risk.net
Harry Markowitz, one of the pioneers of modern portfolio theory and 2009 Nobel prize winner, has claimed alternative investments such as hedge funds rarely offer the diversification benefits sought by their investors.
jlne.ws/1fqIKI9

National Association of Pension Funds Response To Financial Conduct Authority Consultation On Use Of Dealing Commission Calls For Full Transparency Of Costs And Unbundling Of Research
jlne.ws/1fqIKIa

Banks & Brokers

U.S. Senate to grill bankers, prosecutors over Swiss tax spat
Reuters
U.S. senators will grill both sides in a five-year-old conflict over Swiss bankers helping Americans dodge taxes, questioning U.S. law enforcers and Swiss bankers in a hearing on Wednesday.
jlne.ws/1fqIKIc

Dougan defends Credit Suisse against tax evasion claims
Gina Chon in Washington – FT.com
Credit Suisse chief executive Brady Dougan will hit back on Wednesday against allegations that the bank helped US clients avoid taxes, telling a Senate subcommittee that the bank conducted an expansive internal investigation, shut down client relationships and required US customers to prove tax compliance.
jlne.ws/1fqINUp

Barclays pulls down shutters on European, U.S. power trading desks
Reuters
Britain’s Barclays Plc said on Tuesday it has closed its power trading desks in London and New York, joining a string of global investment banks that are paring down their commodity market activities as increased regulations bite.
jlne.ws/1fqINUr

Dimon Sees Threat From Silicon Valley
Sarah Krouse – MoneyBeat – WSJ
Silicon Valley wants to eat J.P. MorganJPM -1.72%’s lunch. That’s at least how chief executive Jamie Dimon see it.
jlne.ws/1fqINUt

The Secrecy and Perks Of Credit Suisse’s Offshore Bank Accounts
Alan Zibel – MoneyBeat – WSJ
Parking millions in a Swiss bank account comes with perks – and necessitates some secretive behavior, as a report by a Senate investigative panel makes clear.
jlne.ws/1fqIKId

JPMorgan compliance chief leaves firm: WSJ
Reuters
JPMorgan Chase & Co’s compliance chief has quit the largest U.S. bank, roughly a year after being appointed to the position, the Wall Street Journal reported on Tuesday.
jlne.ws/1fqINUu

Goldman Poaches BofA Leveraged Finance Honcho Murphy
Gillian Tan – MoneyBeat – WSJ
Goldman Sachs Group Inc. has poached Bank of America Merrill Lynch’s co-head of global leveraged finance Alice, “A.J.” Murphy, and will give her the coveted role of partner at the elite investment bank.
jlne.ws/1fqIKIe

Hunting credit, firms look beyond wary EU banks
Reuters
When David Armitt needed to refinance loans last year for his 153-year-old manufacturing company in Yorkshire, he found British banks reluctant to lend. So he took the nuclear option.
jlne.ws/1fqIKIf

Clearing & Settlement

Omgeo CTM Community Grows by 33 Percent in 2013
Omgeo, the global standard for institutional post-trade efficiency, today announced that its Omgeo Central Trade Manager community has increased by 33 percent in 2013, with the addition of over 150 broker/dealers and 280 investment managers.
jlne.ws/1fqINUv

ISDA: Memorandum On Enforceability Of Close-Out Netting In China
jlne.ws/1fqIOaI

Indexes & Products

BME Expands Its IBEX Index Family – They Will Be Calculated And Disseminated In Real Time As Of 13 March
jlne.ws/1fqIOaK

STOXX Changes Composition Of Benchmark Indices – Results Of The First Regular Quarterly Review To Be Effective On March 24, 2014
jlne.ws/1fqIKIg

Deutsche Börse: DAX Has Been Licensed To Nikko Asset Management To Underlie Passive Mutual Fund In Japan
jlne.ws/1fqIKIi

HKEx Welcomes Government Proposals To Waive The Stamp Duty For All ETFs
jlne.ws/1fqIOaM

Five New Db X-Trackers ETFs Launched On Xetra – ETFs Provide Access To Euro Bonds From The Euro Zone And MSCI AC World
jlne.ws/1fqIOaO

Technology

Canary Wharf goes in search of the future titans in tech
Anna Irrera – Financial News
Over the past two decades, the skyscrapers of Canary Wharf have become powerful symbols of London’s towering financial sector. Its developers are now betting the area can also become synonymous with the brightest financial technology start-ups in the world.
jlne.ws/1fqIKYw

Bloomberg Helps Fixed Income Dealers Navigate Electronic Markets
Today, Bloomberg unveiled its Electronic Trade Order Management Solution, or ETOMS, a managed service used by U.S. regional broker-dealers to access and engage fixed income electronic markets as both liquidity providers and liquidity takers.
jlne.ws/1fqIOaQ

Abacus Group partners with Imagineer Technology Group | Financial Industry & Algorithmic Trading News
Abacus Group, the provider of hosted IT solutions for hedge funds and private equity funds, and Imagineer Technology Group have announced a strategic partnership to host Imagineer’s Clienteer software platform in the AbacusFLEX private cloud environment.
jlne.ws/1fqIKYx

Options Opens New Central London Office
Options, the leading private financial cloud provider for the global capital markets industry, today announced it has opened a new office in the heart of London’s West End.
jlne.ws/1fqIOaS

Finextra: Aviva Investors goes live with Commcise commission management system
Aviva Investors have implemented a new multi-broker, integrated Commission Sharing Agreement and Share-of-Wallet management software solution from Commcise.
jlne.ws/1fqIOaU

b-next Continues To Expand International Team With The Hire Of Pete Hudson
jlne.ws/1fqIKYz

Enforcement

SEC Announces Charges Against Arizona-Based Private Equity Fund Manager In Expense Misallocation Scheme
The Securities and Exchange Commission today announced charges against an Arizona-based private equity fund manager and his investment advisory firm for orchestrating a scheme to misallocate their expenses to the funds they manage.
jlne.ws/1fqIOaW

The Financial Conduct Authority fines FXCM UK GBP4 million for making ‘unfair profits’ and not being open with the FCA
The FCA has fined Forex Capital Markets Ltd and FXCM Securities Ltd (“FXCM UK”) GBP4,000,000 for allowing the US based FXCM Group to withhold profits worth approximately GBP6 million ($9,941,970) that should have been passed on to FXCM UK’s clients.
jlne.ws/1fqIKYB

Morgan Stanley could pay $275 million to settle SEC probe
Reuters
Morgan Stanley has reached a $275 million proposed settlement with the U.S. Securities and Exchange Commission that would allow the Wall Street bank to move past a substantial legal overhang from the financial crisis.
jlne.ws/1fqIOaY

Ex-Madoff Executive Tells Jury She Wasn’t Fazed by Backdated Trades
Erik Larson – Bloomberg
Annette Bongiorno, who ran the investment advisory business at the center of Bernard Madoff’s $17 billion Ponzi scheme, told a jury she backdated customer trades almost every day and didn’t realize it was wrong.
jlne.ws/1fqIOaZ

Emails suggest ex-Jefferies trader’s fraud, U.S. agent testifies
Reuters
Jesse Litvak, a former trader at Jefferies Group Inc, made extra commissions and profits by defrauding big Wall Street firms such as JPMorgan Chase & Co and AllianceBernstein Holding LP on bond trades, a U.S. Treasury Department agent said at Litvak’s fraud trial.
jlne.ws/1fqIOb0

Ex-Jefferies Trader’s Customers Say Lies Part of the Job
John Dillon and Chris Dolmetsch – Bloomberg
Ex-Jefferies & Co. trader Jesse Litvak’s former customers told a jury during his fraud trial in Connecticut that lies and misrepresentations are a common part of the give-and-take of bond trading.
jlne.ws/1mw7a9q

Environmental & Energy

For the Supreme Court, a Case Poses a Puzzle on the E.P.A.’s Authority
The New York Times
In trying to decide whether the Environmental Protection Agency has the authority under two programs to regulate greenhouse gas emissions from stationary sources like power plants, the Supreme Court on Monday faced what Justice Elena Kagan called “the conundrum here.”
jlne.ws/1foyUwf

**RKB — Justice Kennedy, who may hold the decisive vote: “I couldn’t find a single precedent that strongly supports your position.”

Hopes raised over US emissions regulation
Financial Times
The Obama administration’s attempt to regulate greenhouse gas emissions from new power plants and other industrial sources could remain substantially intact even if some of its plans are struck down by the Supreme Court, the court was told on Monday.
jlne.ws/1cKTq7S

**RKB — Misleading headline?

Obama’s carbon emissions crackdown faces yet another day in court
Business Green
The long-running legal saga that could ultimately shape the US, and hence the world’s, response to climate change has taken yet another dramatic twist, as the Supreme Court once again heard arguments yesterday over the legality of the Obama administration’s new emissions regulations.
jlne.ws/1lij88D

Asia-Pacific

HKEx Earnings: New Listings Lift Hong Kong Exchange’s Profits
WSJ.com
Hong Kong’s stock exchange profits rose 11% during 2013 as trading volumes on the bourse were buoyed by a rush of new listings late in the year.
jlne.ws/1fqIKYC

JSCC Launches New Client Clearing Service Using Calypso Technology
Calypso Technology Inc., the leading integrated capital markets platform provider, today announced that Japan Securities Clearing Corporation (JSCC), a member of the Japan Exchange Group, has gone live with the Calypso system for client clearing of JPY interest rate swaps (IRS) and collateral management.
jlne.ws/1fqIKYE

Singapore Exchange Upgrades Corporate Actions
Michael Shashoua – WatersTechnology
The SGXNet data entry portal and SGXNews information delivery service will collect and distribute data using ISO standard messages starting March 24, moving away from PDF submissions
jlne.ws/1fqIKYG

HKEx 2013 Final Results
jlne.ws/1fqIOre

Presentation By HKEx Chief Executive Charles Li And Group Chief Financial Officer Paul Kennedy On 2013 Final Results Announcement
jlne.ws/1fqIOrg

Tokyo Stock Exchange: Alert On Fraudulent Solicitation For Investment In Securities Using Names Similar To Those Of JPX Group Companies
jlne.ws/1fqIKYH

Tokyo Stock Exchange: Futures & Options Trading Rules Upon Derivatives Markets Integration (Information Sheet)
jlne.ws/1fqIKYJ

Tokyo Stock Exchange: Information Related To Integration Of Derivatives Markets
jlne.ws/1fqIOri

Tokyo Stock Exchange: New ETFs Included In Real-Time Dissemination Of “TSE Indicative NAV”
jlne.ws/1fqIKYL

HKEX 2013 Remuneration Committee Report
jlne.ws/1fqIOrk

Frontier Markets

DGCX And China’s Dalian Commodity Exchange Launch Plastics Futures Simultaneously
The Dubai Gold and Commodities Exchange and Dalian Commodity Exchange today announced the simultaneous launch of their respective polypropylene futures contracts at the Middle East Plastics Seminar in Dubai.
jlne.ws/1fqIKYN

Egyptian Exchange’s Chairman: The Egyptian Economy Needs A Strong State And A Real Desire For Reform
jlne.ws/1fqIOrm

ADX Receives Erbil Stock Exchange Delegation
jlne.ws/1fqIKYP

With The Listing Of MPHC , The Number Of Listed Companies On Qatar Exchange (QE) Reaches 43
jlne.ws/1fqIOro

DFM Signs Up For Gold Partner Of CBL International’s Educational Programs In Dubai – The Two Sides Ink Memorandum Of Understanding Defining Key Areas Of Cooperation
jlne.ws/1fqILf3

African Securities Exchanges Association ASEA Newsletter- February 2014 Edition
jlne.ws/1fqIOrs

Miscellaneous

Sants takes role at Kate Middleton-backed children’s charity
Vivek Ahuja – Financial News
Sir Hector Sants, the former Financial Services Authority chief executive who joined Barclays last year before stepping down due to stress, has become a trustee of an Oxford-based children’s charity whose royal patron is the Duchess of Cambridge.
jlne.ws/1fqILf5

Jon Matte
Jon Matte COO & Editor Matte is chief operating officer of John J. Lothian & Co. He edits the John Lothian Newsletter, JLN Forex and MarketsWiki. Author Archive  |  MarketsWiki Bio  |  LinkedIn  |  Email

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