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Author Archives: Jon Matte

About Author

Matte is chief operating officer of John J. Lothian & Co. He edits the John Lothian Newsletter, JLN Forex and MarketsWiki.

John Lothian Newsletter: Exchanges issue summary of data processor meeting; Swiss Demand for Currency Automation Seen Reshaping Trading; CBOE bond volatility futures make silent debut Standard

First Read A Plan to Make Chicago the STEM Capital of the World Starts with Us By John J. Lothian (Here is the gist of my speech at the LaSalle Street After Hours Affair for the Chicago Area Council of the Boy Scouts of America.) This is not a branding exercise. This is a strategic plan. I admit it is a bold one and I rightly call myself crazy for even thinking it up. However, I want to make Chicago the STEM (Science, Technology, Engineering & Mathematics) capital of the world. Again. Again? Yes, again. I want to bring a…

John Lothian Newsletter: LSE to conclude Russell deal within weeks; CFTC to Look Into Disclosure of Identities of Swap Counterparties; Rolet: US is our ‘number one’ market Standard

First Read Bits & Pieces By John J. Lothian The WMBA held a very successful SEFCON V in New York yesterday, with over 350 people in attendance. The media company Profit & Loss organized the event for the WMBA this year and attracted more media to the event than the FIA had for the recent EXPO. John Lothian News was well represented with Doug Ashburn, RJ Roxas and myself in attendance, with Doug and RJ conducting video interviews on the side. Expect a video recap of issues addressed at SEFCON V and confronting the SEF and Interdealer Broker community to…

John Lothian Newsletter: ICE to Plan Waiving Libor Usage Fee for Small Banks; Bats seeks European expansion with senior hire; 5 Big Banks Fined USD3.3 Billion in Foreign Exchange Scandal Standard

First Read Unfinished Jim Kharouf There are stories I wonder about – like whatever happened to X? One that has been bugging me is MF Global, which filed for bankruptcy just over three years ago on October 31, 2011. We all know what happened to the firm, but what of any investigation into Jon Corzine and his merry band of misfits? I recall the Congressional hearings and so-called SEC and CFTC investigations and pleading the fifth amendment. But what’s become of that? Just a thought. ++++ Steve Tucker, S&P Capital IQ – Dynamic Data: How markets use and consume information…

John Lothian Newsletter: SEC chief says undertaking comprehensive US stock market review; CME Europe eyes Q1 swap future launch; Brokers Attack SEC’s Plan as Trojan Horse Designed to Hurt Them Standard

First Read New York Bound Jim Kharouf John Lothian and Doug Ashburn are off to New York for the next couple days to attend SEFCON, the annual SEF Conference. It will be the first SEFCON for Chris Giancarlo as a commissioner at the CFTC, who has an op/ed piece in today’s Financial Times. We’ll see what else is new from the guys and whether I Love NY T-shirts will be brought back, with I Love SEFs on the back. ++++ A Perfect Ten? CBOE’s Latest Vol Contract Could Be A Stunner Sarah Rudolph – JLN The CBOE Futures Exchange announced…

John Lothian Newsletter: Big bourses take on dark pool competitors; Regulators Consider Easing Volcker Trading Rules; Thomson Reuters Suspends System That Tracks Dark Pools Standard

First Read Bits & Pieces By John J. Lothian Things in the office today are going to be awkward as Green Bay Packer fan Jim Kharouf tries not to rub in the drubbing his team gave the Chicago Bears. His constant smile today will just be obnoxious. We will survive it though. This week is the LaSalle Street After Hours Affair supporting the Chicago Area Boy Scouts of America. Yours truly is delivering the keynote address at the affair. It was at this event in 2002 that I decided to become a Boy Scout Adult Volunteer. I became a Den…

John Lothian Newsletter: ICE wins race to run London gold fix; JPMorgan Spars With CME Over USD 375 Million; SEC Lets Eaton Vance Offer New Kind of ETF Standard

First Read The End of an Expo Doug Ashburn and Jim Kharouf Another FIA Expo has come and gone and, for us anyway, it was one for the ages. The tone of the conference was much more positive than recent years, with a more conciliatory CFTC, an industry that has seen green shoots amid recent volatility and a general feeling that we are emerging from a difficult era as a more dynamic and forward-looking industry. We partnered with our friends at Cinnober to conduct a series of short video interviews with the industry on transparency – what is needed to…

John Lothian Newsletter: Nasdaq Wins Committee Vote for Right to Run Stock Feed; JPX Boosting Trading Speed to Gain Edge on Competition; Moody’s sees USD 14.5bn FX fines for top banks Standard

First Read Remarks Of CFTC Chairman Timothy G. Massad Before The Futures Industry Association Expo 2014 jlne.ws/10z3rlt ***DA: The theme of his speech seemed to be “reassurance.” He demonstrated a willingness to work with the industry, both here and abroad, to tweak the parts of the new regulatory regime if such tweaks are necessary for the good of the industry. Combined with the three rules put forward on Monday – residual interest, recording of transactions and volumetric optionality, I see a more sensible commission. Maybe we can reverse the dwindling FCM trend ++++ Fidessa Examines How Algos Bring Efficiency And…

John Lothian Newsletter: Asia futures focus takes wind from Chicago’s sails; ICE chief blasts rival’s tactics to lure users; Nasdaq to Test Lower Trading Fees Standard

First Read Bits & Pieces, FIA EXPO Edition By John J. Lothian The Futures Industry Association’s EXPO started with a bang yesterday with pre-EXPO events like the PhillipCapital Asia Panel I moderated and dinners and cocktail parties all over Chicago. The second annual PhillipCapital Asia panel discussion was a success, with about 160 people in attendance. With representatives from SGX, HKEx, TFEX, TOCOM and DGCX, along with the CEO of PhillipCapital Singapore, we had an enlightening and engaging discussion. I always judge a panel by the discussion and if I can get any jokes off, and it worked on all…

John Lothian Newsletter: ICE to launch in Singapore from March; SEC Inches Closer to ‘Five-Cent Tick’ Test; Subsea Cable Route Woos U.S. Speed Traders to ASX Futures Standard

First Read It’s Not Over Douglas Ashburn – JLN What a difference a year makes. Last year, on the eve of FIA Expo, we wrote a column (It’s Over – A Dinner Conversation) in which we spelled out the arguments made by a group of industry participants, over wine and grilled meat, who were basically saying that the futures model is old and broken, and new regulations and capital requirements have crippled the industry with little hope of recovery. The conversation this year, however, was a 180 degree turn. Everyone at the table – a cross-section of industry folks such…