Breaking News

John Lothian Newsletter: Hillary Clinton to Propose High-Frequency Trading Tax, Volcker Rule Changes; Regulatory delays weigh on CME’s European clearing house; ICE selected to operate ISDA margin utility

First Read

Fitch Learning Appoints Diane Saucier as Client Relationship Manager in Chicago
Press Release
Fitch Learning is pleased to announce the appointment of Diane Saucier as Client Relationship Manager, based in Chicago.
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***** WILD president and John J. Lothian & Company, Inc. advisory committee member opens up a new role for Fitch Learning.

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Citadel’s Ken Griffin Settles Divorce Case
By ROB COPELAND, WSJ
Billionaire hedge-fund manager Kenneth Griffin settled his closely-watched divorce case, shortly before his wife was expected to testify publicly.
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****** Thank goodness this is over and Ken can go back to buying overpriced real estate.

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All Climate Change Is Local
By Michael R. Bloomberg & John F. Kerry – Bloomberg
When world leaders gather in Paris in December to negotiate a global agreement on climate change, they will have a powerful ally standing behind them and urging them onward: mayors. In fact, mayors have already helped set the stage for success in Paris, by establishing models of cooperation that provide a strong foundation for the negotiations.
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****** Did I mention Michael Bloomberg was thinking of running for president? How about John Kerry for vice president?

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Nasdaq’s SMARTS Launches Trade Surveillance Monitoring for Dark Pools; New Capabilities Brings Transparency to Dark Trading Activity
Nasdaq
Nasdaq (Nasdaq:NDAQ), the world’s leading provider of trade surveillance technology to marketplaces, regulators and market participants, has officially launched new trade surveillance monitoring capabilities for dark trading activity alongside its award-winning SMARTS Trade Surveillance platform.
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***** We will find out if SMARTS can hold its breath in the dark pools.

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Wall Street’s Shrunken Role in New York City’s Economy
By JOHN CARNEY, WSJ
Wall Street just isn’t as vital to New York City as it used to be.
Jobs in the securities industry account for just 2% of the 500,000 jobs created in New York City since the end of the recession, according to a recent report by New York State Comptroller Thomas DiNapoli. During two previous recoveries, Wall Street accounted for an average of 10% of job creation.
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***** I predict New York will coming roaring back. There is too much happening that could change everything.

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Pumpkin pie may be missing by Christmas, thanks to climate change; Crop yields are down by half in the Illinois town that produces 85% of the world’s canned pumpkin, threatening to deprive Americans of their beloved pie
The Guardian
Crop yields are down by half in the midwestern fields that produce the bulk of pumpkins for pies, threatening to deprive many Americans of the custardy dessert this Christmas – although Thanksgiving will probably be all right.
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****** This is on my list of commodities we must protect, right after hops and barley.

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Women In Listed Derivatives 4th Annual Symposium | The Evolution of Women in Listed & OTC Derivatives
JohnLothianNews.com

Come join us for an interesting and inspiring symposium on the constant changing nature of the derivatives industry and the role of women in it. Three panels – The Generation Shift; Evolution of Women in Risk and IT Roles; and Evolution of Trading – will feature 11 speakers, as well as remarks from Craig S. Donohue, executive chairman of OCC.
Watch the video »
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MarketsWiki Education London 2015
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Is Elon Musk the Next Bugsy Siegel?
Darrell Preston – Bloomberg
S&P says Nevada’s Tesla investment will raise wages, taxes
Nevada is moving away from dependence on gambling, tourism
Elon Musk’s Tesla Motors Inc’s new battery plant in Nevada may do what mobster Bugsy Siegel did for the state back in the 1940s: Spark a new industry that will help drive the local economy.
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***** Not the comparison I would want, but then it does work a bit. Let’s hope it ends better for Elon.

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Lead Stories

Hillary Clinton to Propose High-Frequency Trading Tax, Volcker Rule Changes; Former New York senator taking aim at dark pools, bank investing in hedge funds.
Jennifer Epstein – Bloomberg
Hillary Clinton will propose a tax aimed at penalizing “harmful” high-frequency trading strategies and offer ways to strengthen the Volcker Rule, as she unveils another set of proposals Thursday aimed at what she has termed risky Wall Street behavior.
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Regulatory delays weigh on CME’s European clearing house
Financial News
The European arm of the Chicago Mercantile Exchange Group’s clearing operation racked up net losses of £13 million in 2014, after it continued to be hit by delays to the introduction of central clearing in Europe. The loss, down slightly from £15.7 million in 2013, brings the clearing house’s cumulative losses to £56.7 million since it began operations in 2011, according to the accounts submitted to Companies House on October 3.
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ICE selected to operate ISDA margin utility
The Trade News
The International Swaps and Derivatives Association (ISDA) has selected the ICE Benchmark Administration to build and operate a crowdsourcing utility for the ISDA Standard Initial Margin Model (SIMM).
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BlackRock seeks share trading rules shift
Joe Rennison – FT
BlackRock, the largest asset manager in the world, is calling for greater harmonisation of rules governing US equity trading after a bout of volatility rattled share markets during August.
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Deutsche Bank shares hit after flagging EUR6.2bn third-quarter loss
Laura Noonan, Investment Banking Correspondent – FT
Deutsche Bank may pay no dividend at all this year after reporting exceptional costs of EUR7.6bn in the third quarter, Germany’s biggest bank warned in an unscheduled announcement on Wednesday night.
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SEC Finds That Blackstone Charged Too Many Fees
By Matt Levine – Bloomberg
Today the Blackstone Group agreed to pay $39 million to settle a Securities and Exchange Commission case charging that it ripped off investors over “monitoring fees”; $29 million of the settlement will go to the investors. It is a strange case: When you read in the SEC order about what Blackstone did, it does sound a bit like a rip-off, albeit a common one. But then when you read about what Blackstone disclosed — basically, everything — it is harder to figure out why the SEC is involved.
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Treasury and swap futures combo floated
Mike Kentz, IFRe
A group of industry players have floated two new rate futures products that aim to solve problems with existing Treasury futures products and reduce reliance on over-the-counter liquidity. Acceptance and listing of the products would put them squarely in competition with a host of recently launched hybrid swap futures offered by major derivatives exchanges, as well as a handful still being planned.
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Senate Democratic Inquiry Targets Banks, Wall Street Settlements; Banking Committee member Sherrod Brown wants to know whether banks
By ARUNA VISWANATHA and RYAN TRACY, WSJ
A powerful Democratic senator has launched an inquiry into bank misconduct, asking top financial institutions to turn over information about the settlements they have entered into with federal agencies over the past decade.
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Why the Ride up for Interest Rates Could Be Much Bumpier Than the Road Down; Here are theories why global interest rates, after 30 years of decline, may be about to rise again.
Tomas Hirst – Bloomberg
Global interest rates have been in decline for the past 30 years, but a growing number of economists argue that this could soon be about to change.
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IMF warns of fresh shocks to global financial stability
Chris Giles in Lima – FT
The world risks a slide into a fresh financial crisis leading to global recession if governments and policymakers mishandle market stability risks, the International Monetary Fund warned on Wednesday.
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Trafigura details more of Claude Dauphin’s past
Neil Hume and David Sheppard – FT
Commodity trader believed in staying nimble, liquid and hungry
Almost 1,000 people crowded into Eglise de Saint-Joseph in the centre of Geneva on Wednesday to pay their respect to Claude Dauphin, the co-founder of Trafigura.
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China launch of renminbi payments system reflects Swift spying concerns
Gabriel Wildau in Shanghai, FT
China launched a cross-border renminbi payments system on Thursday, a big step in its drive to boost international use of the Chinese currency and protect itself from US spy agencies with access to the Swift system.
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Wall Street is rolling in dough again
Millie Dent, The Fiscal Times
The stock market may not have gained much over the first six months of the year, but Wall Street’s banks still posted their strongest first half since 2011, generating $11.3 billion in profits — a 29 percent jump from 2014 levels, according to a new report by New York State Comptroller Thomas P. DiNapoli.
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FSB calls for niche FX benchmarks reform
by Solomon Teague – Euromoney
The Financial Stability Board (FSB) has issued a progress report for the reform of the FX benchmarks business, expressing satisfaction with the overall progress the industry has made – but it called for a greater role for smaller benchmarks other than WM, while suggesting smaller banks are also lagging their larger peers.
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Six Rules For Navigating Volatile Markets
By Mohamed A. El-Erian, Bloomberg
The gyrations of U.S. equity markets on Wednesday — the Dow Jones Industrial Average initially surged almost 200 points, turned negative, then finished the day up 122.10 points — were yet another demonstration of generalized increased volatility.
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BlackRock board bows to call for shareholder rights
Stephen Foley in New York – FT
BlackRock plans to give its shareholders the ability to nominate directors to the board, extending to its own investors a right that it has campaigned for at its portfolio companies.
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Regulatory

Broker went on nights to help trader Hayes, prosecutor tells London Libor Reuters
Danny Wilkinson, a former London manager at interdealer broker ICAP, was so keen to help Tom Hayes from his first day as a UBS trader he changed the shifts of broker Darrell Read to allow the two to work together, a prosecutor told London’s second Libor trial on Wednesday.
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Hillary Clinton to lay out plans for reining in Wall Street
By Laura Meckler and Andrew Ackerman – MarketWatch
Democrat Hillary Clinton is moving closer to the populist wing of her party with a suite of proposals aimed at curbing some Wall Street risk-taking and holding more individuals accountable for misconduct.
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Derivatives, shadow-banking rules must remain G-20 priorities, EU says
John Rega, MLex (Subscription Required)
The EU is urging the world’s leading economies to keep up the pressure for long-promised rules on derivatives and shadow banking after completing higher capital requirements for the biggest banks.
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Former SEC Commissioner to Join Electronifie Board
By SARAH KROUSE, WSJ
Upstart corporate bond trading platform Electronifie Inc. is adding a former Securities and Exchange Commissioner to its board.
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Trade Reporting Notice; Dissemination of Qualified Contingent Trades Reported to FINRA
FINRA
Effective November 16, 2015, over-the-counter transactions in NMS stocks that are reported to FINRA as qualified contingent trades (QCTs) will be identified as such for purposes of public dissemination. This change affects dissemination only; firms are not required to change the way they report QCTs to FINRA.
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SIFMA Market Close Recommendations for the Columbus Day and Sports Day Holidays
SIFMA
SIFMA Recommends Full Market Close on October 12 in Observance of the US Columbus Day Holiday in the US, UK and Japan and the Sports Day Holiday in Japan
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Exchanges & Trading Facilities

Euronext announces record trading in Rapeseed
Euronext
Euronext today announced record trading in its Rapeseed grains Futures contract on 6 October 2015 with 21,140 lots traded. This record surpasses the previous record of 20,881 lots in October 2013.
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Nasdaq to debut exchange-like surveillance for dark pools
By James Rundle – Financial News
Nasdaq is preparing to release surveillance technology for dark pools through its Smarts platform, amid growing regulatory focus on the monitoring of trades.
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AROUNDTOWN PROPERTY HOLDINGS PLC LISTS ON ALTERNEXT PARIS
Market capitalisation EUR2.1bn
Euronext
Euronext today welcomed the real-estate investment group Aroundtown Property Holdings for its listing on Alternext Paris.
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DME named “Asia Exchange of the Year” by Energy Risk
DME
The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, was named “Asia Exchange of the Year” at the 8th Energy Risk Awards Asia 2015, which took place last night in Singapore.
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Nadex Q3 2015: Another Quarter of Record Volume; Total trading volume reaches new high for third straight quarter; New education website (binaryoptions.nadex) launched; Nadex named Top 100 Finalist for Chicago Innovation Awards
NADEX
The North American Derivatives Exchange (Nadex) today announced that the volume of binary options and spread contracts traded on the exchange in the third quarter of 2015 was 70% ahead of Q3 2014. This marks the third consecutive quarter of record volume.
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Boerse Stuttgart Launches New Exchange System, Xitaro, Powered by Nasdaq
NASDAQ
Nasdaq’s Genium INET is Now Powering Germany’s Leading Exchange for Retail Investors
Nasdaq (Nasdaq:NDAQ) and Boerse Stuttgart have officially announced that Boerse Stuttgart, Germany’s leading exchange for retail investors, has gone live on Genium INET. The system named Xitaro will be used for trading of all asset classes including equities, fixed income, exchange traded products and securitized derivatives. In addition to delivering the exchange system, Nasdaq is also providing Boerse Stuttgart with hosting and technical operations services.
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Hedge Funds & Managed Futures

Asset managers urged to embrace technology
The Trade News
Asset managers must embrace new technology, such as mobile applications and digitised, real-time investor reporting if they are to retain their competitive edge, according to Linedata.
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Hedge fund losses surpass $88bn during August; Worst losses since 2008
Laura Dew – InvestmentWeek
Hedge funds suffered their worst losses since 2008 during August’s volatility, losing more than $88bn.
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Investing: Lessons learned in the past decade
Business Journal
Ever wondered what has changed in investing over the past decade? To give my view on the question, I reviewed my investing columns during that 10-year period. Last decade I wrote a column for the Colorado Springs Business Journal, while this decade I’ve written for other publications — The Wall Street Journal, CBS MoneyWatch and various AARP publications.
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All eyes on ADM and Bunge after Cargill profit jumps 20 percent
BY KARL PLUME, Reuters
A 20 percent quarterly profit jump for global grains trader Cargill Inc [CARG.UL] suggests recent disappointing quarterly earnings from rival agribusinesses Archer Daniels Midland Co (ADM.N) and Bunge Ltd (BG.N) may be more of a blip than long- term concern, analysts said.
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Goldman Sachs’ hot new fund is off to a flying start
Matt Turner, Chron
One of Goldman Sachs’ new exchange-traded funds — which launched just over a week ago — has received a $150 million investment from a single firm, according to people familiar with the matter.
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Local producers Saracen and St Barbara strike gold
THE AUSTRALIAN
Australian gold producers are again feeling pretty pleased with themselves. So much so that, as was the case in the preceding June quarter, they are putting out the good news on their September quarter performance early, albeit in abbreviated formats ahead of their full quarterly reports, due at the end of the month.
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Banks & Brokers

Morgan Stanley bond team faces the question: Can Fed avoid QE4?
By Bloomberg
A year that started with almost everyone calling for the Federal Reserve to raise interest rates is drawing to a close with one of the world’s largest bond dealers saying there’s increasing chatter about the need for additional stimulus.
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IG Group revises client agreements in Swiss Franc surge cases
Reuters
IG Group Holdings Plc has changed the terms of client accounts that were affected by a surge in the Swiss Franc earlier this year after intervention from the UK’s Financial Ombudsman Service (FOS).
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Deutsche Bank May Swell $14 Billion Selloff in China Bank Stakes
Bloomberg News
Foreign lenders cut their holdings to free up capital
China banks trade below book value as profit growth cools
Deutsche Bank AG’s signal that it may sell a $3.5 billion stake in Huaxia Bank Co. shows the fading appetite among global lenders for tie-ups with their Chinese counterparts.
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Deutsche Bank Sees $7 Billion Quarterly Loss on Writedowns
Michael J. Moore – Bloomberg
Deutsche Bank AG expects to report a surprise third-quarter loss of 6.2 billion euros ($7 billion) and may eliminate its dividend for the year after writing down the value of its two biggest divisions and boosting its reserve for legal costs.
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For Goldman, Success in Social Impact Bond That Aids Schoolchildren
By NATHANIEL POPPER, NY Times
Financial results at Goldman Sachs are going to look a little bit better this quarter because of the educational success of 100 or so kindergarten pupils in Utah.
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UBS equity derivatives pioneer di Stasi switches role
By Bernard Goyder , Financial news
The banker who has spearheaded UBS’s push into corporate equity derivatives has switched to a new post, with the Swiss bank promoting its co-heads of cash equities in Europe to fill his role.
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Ex-Deutsche Bank trader files wrongful dismissal suit
By Olga Popova and Katya Golubkova – Reuters
The ex-Deutsche Bank trader at the centre of an international investigation into cross-border share trades said on Wednesday he was suing his former employer for wrongful dismissal.
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One of the most senior women at Goldman Sachs is retiring
By Portia Crowe, Business Insider
Goldman Sachs’ global treasurer, Liz Beshel Robinson, is retiring from the bank, according to a statement from CFO Harvey Schwartz.
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Credit Suisse prepares substantial capital raising
Patrick Jenkins and Ralph Atkins in Zurich – FT
Tidjane Thiam, Credit Suisse’s new chief executive, is preparing to launch a substantial capital raising when he unveils his strategic plan for the bank in two weeks’ time, according to people briefed on the plan.
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Clearing & Settlement

IBA Selected as New ISDA SIMM Crowdsourcing Utility
ISDA
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that ICE Benchmark Administration Limited (IBA) has been selected to build and operate a crowdsourcing utility for the ISDA Standard Initial Margin Model (ISDA SIMM).
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China Starts Cross-Border Yuan Payment System to Bolster Usage
Bloomberg Business
The People’s Bank of China on Thursday initiated the first phase of the China International Payment System, which provides clearing and settlement services, it said in a statement on its website. Some 19 lenders including Industrial & Commercial Bank of China Ltd. and HSBC Holdings Plc’s subsidiary in China are directly participating, the PBOC said.
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Indexes & Products

Market rules behind Aug ETF trading issues -BlackRock
BY TREVOR HUNNICUTT
U.S. stock exchange rules designed to protect investors from market routs backfired on Aug. 24, exacerbating a selloff in exchange traded funds, BlackRock Inc said in a report published Wednesday.
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Value ETFs May Get Their Day In The Sun
Benzinga
Given all the talk about market volatility this year, it might be surprising for some investors to learn that the momentum factor has outpaced the value factor. For example, the Russell 1000 Value Index is being soundly thumped by the S&P 500 and the Russell 1000 Growth Index.
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Santiago Exchange And S&P Dow Jones Indices Launch First Chilean Sustainability Index; Agree To Explore Broader Indexing Agreement
MarketWatch
Bolsa de Santiago (“Santiago Exchange”) and S&P Dow Jones Indices (“S&P DJI”) announced today the launch of the first sustainability index in Chile. The Dow Jones Sustainability Chile Index is the first of its kind in Chile using the Dow Jones Sustainability Indices’ methodology and the first to use the Santiago Exchange’s blue chip IPSA Index (Indice de Precios Selectivo de Acciones) as the underlying universe.
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One Theory of Why the VIX Sputtered on Aug. 24
Saumya Vaishampayan – WSJ
There’s a new theory about why the stock market’s volatility gauge wasn’t calculated for nearly a half hour on the tumultuous morning of Aug. 24.
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Supporters hope for addition of mainland company shares to MSCI index
By TANZEEL AKHTAR, WSJ
Investor concerns over China’s economy reached a fever pitch this summer as China’s stock market flailed. Despite the selloff, some proponents of China exchange-traded funds are steadfast.
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Technology

Blockchain Pioneer Symbiont Appoints Industry Veterans to Advisory Board
PRNewswire
Symbiont, a pioneer in the use of blockchains and the creator of Smart Securities, today announced that it has appointed two financial industry veterans, Maureen O’Hara and Dr. Keith B. Jarrett to its Advisory Board. These appointments will provide proven expertise and guidance to the Symbiont team in the areas of market structure and the adoption of disruptive financial technologies.
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Amazon rolls out new services for cloud
Reuters
Amazon.com Inc’s cloud business, Amazon Web Services, has launched a service to help companies analyze their data and a briefcase-like product that will let them ship large amounts of data for storage on the cloud.
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Enforcement

Blackstone Charged With Disclosure Failures
SEC.gov
An SEC investigation found that Blackstone Management Partners, Blackstone Management Partners III, and Blackstone Management Partners IV failed to adequately disclose the acceleration of monitoring fees paid by fund-owned portfolio companies prior to the companies’ sale or initial public offering. The payments to Blackstone essentially reduced the value of the portfolio companies prior to sale, to the detriment of the funds and their investors. The SEC investigation also found that fund investors were not informed about a separate fee arrangement that provided Blackstone with a much greater discount on services by an outside law firm than the discount that the law firm provided to the funds.
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Blackstone in $39 Million SEC Settlement; Buyout firm agrees to pay $39 million settlement
By LISA BEILFUSS and ARUNA VISWANATHA, WSJ
Blackstone Group LP agreed to pay about $39 million to settle Securities and Exchange Commission charges over some of the buyout-fund manager’s fee practices, in the agency’s second settlement with a big private-equity firm stemming from its broad examination of the industry.
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FINRA Expels Halcyon Cabot Partners and Bars CEO and CCO for Fraud, Sales Practice Abuses, and Widespread Supervisory and AML Failures
FINRA
Firm Engaged in Scheme to Conceal Kickback of Private Placement Fees
The Financial Industry Regulatory Authority (FINRA) announced today that it has expelled New York-based Halcyon Cabot Partners, Ltd., and barred Chief Executive Officer Michael Morris and Chief Compliance Officer Ronald Heineman from the securities industry, for fraud, sales practice abuses, and widespread supervisory and anti-money laundering failures. FINRA found that Halcyon, Morris and Heineman engaged in a scheme to conceal a kickback of private placement fees.
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Environmental & Energy

California: Climate Change Law Signed
By IAN LOVETT, NY Times
Gov. Jerry Brown on Wednesday signed a law to bolster California’s use of renewable energy and make buildings more efficient, but it does not include a reduction in gasoline use that he had promoted. The law will require the state to generate half its energy from renewable sources by 2030, up from a current target of 33 percent by 2020. The centerpiece of the law was a mandatory 50 percent reduction in the use of petroleum across the state, but that piece of the legislation was withdrawn amid opposition from the oil industry.
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Oil CEOs Differ on Carbon Strategy, Highlighting Industry Divide; U.S., European companies are split over approach to emissions ahead of climate-change summit
By SARAH KENT and AMY HARDER, WSJ
The chief executives of Royal Dutch Shell PLC and ExxonMobil Corp. laid out contrasting visions this week for reducing fossil-fuel emissions, illustrating a divide between American and European energy companies ahead of a United Nations climate-change summit.
jlne.ws/1MgU6nA

California governor signs bill aiming to double energy efficiency; Jerry Brown signs ambitious climate change measure – also intended to increase renewable electricity use to 50% – after political loss against oil interests
Associated Press
California’s governor on Wednesday signed an ambitious bill to combat climate change by increasing the state’s renewable electricity use to 50% and doubling energy efficiency in existing buildings by 2030.
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Asia-Pacific

China’s yuan seen to play a bigger role as funding currency
By Reuters
China’s yuan is likely to be increasingly used as a financing currency for global borrowers in addition to its current role mainly as an investment tool if Beijing cuts interest rates further as expected to support the cooling economy
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Frontier Markets

Qatar’s Wealth Fund Said Interested in Glencore Agriculture Sale
Javier Blas – Bloomberg
Glencore looking to sell stake in business to help reduce debt
Singapore, Mitsui and Canada top pension fund also interested
The sovereign wealth fund of Qatar has joined investors expressing an interest in buying a minority stake in Glencore Plc’s agriculture business, according to three people familiar with the conversations.
jlne.ws/1LnNCOy

Man Who Called China’s Boom and Bust Says Use This Rally to Sell
Kyoungwha Kim, Cindy Wang – Bloomberg
Bocom’s Hao Hong breaks ranks with peers on stock outlook
Volatility in the world’s wildest stock market is finally receding. If that’s one argument for buying Chinese shares, Bocom International Holdings Co.’s Hao Hong has a long list of reasons why you shouldn’t.
jlne.ws/1jem9c1

Discounts shrink in chana futures
BS Reporter
The government’s decision to permit states to impose stock limits on commodities stored in warehouses registered with the Warehouse Development and Regulatory Authority (WDRA) has started impacting futures prices, especially that of chana.
jlne.ws/1VGDeXW

Financial Technologies (India) updates on divestment in IEX
Business Standard
Concludes sale of 2.60% stake in IEX to Aditya Birla Capital Advisors
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Miscellaneous

Cargill spawns new era in aquaculture with completion of EWOS transaction
Cargill
Deal marks entry into salmon feed business, expands presence in global aquaculture
Cargill is ushering in a new era in meeting the world’s demand for protein with the completion of its acquisition of EWOS, a global leader in salmon nutrition, for 1.35 billion euros. In August, Cargill entered into an agreement with Altor Fund III and Bain Capital Europe III to acquire EWOS. The deal closed today after meeting all necessary country regulatory approvals.
jlne.ws/1ZfYxEp

Journalist found guilty for aiding computer hackers
BY DAN LEVINE
A California jury found journalist Matthew Keys guilty on three criminal counts related to helping members of the Anonymous hacking collective gain access to a former employer’s computers, a spokeswoman for the U.S. Department of Justice said on Wednesday.
jlne.ws/1MfZSBz

Cheating claims put spotlight on US fantasy sports
Shannon Bond and Gina Chon in Washington – FT
Daily fantasy sports is a big business in the US, promising billions of dollars in prizes for players and generating millions in revenues for operators. But DraftKings and FanDuel, the industry’s largest companies, are coming under pressure after allegations that their employees may be using access to insider data to win big on other fantasy sites.
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About Author

Doug Ashburn is a former editor-at-large of John Lothian News. He left in late 2016 and is now the managing editor of T3 Custom.