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Financial news updates from John Lothian News.

Look Who’s Talking Standard

Last week many of us were surprised to hear EF Hutton talk again – Wow! They exist? – when Hutton issued three press releases over eight days. Hutton has emerged as potentially much cooler, socially conscious version of a money machine and not just because the money takes the form of cryptocurrency. It seems that Hutton’s brand had been hanging out somewhere deep in Citigroup until half a dozen years ago when it was resurrected and sent out to fare on its own. EF Hutton today is a broker dealer unit of HUTN, Inc. Based in Springfield, Ohio, HUTN’s CEO…

Cinnober’s new CEO will have to consider the next move Standard

The news that Veronica Augustsson was out as CEO of Cinnober Financial Technologies and newcomer Peter Lenardos was in was a shock. Augustsson, who had been CEO the past six years and with the firm since 2002, grew up with the company and reached a pinnacle few women ever reach. She did so with warmth and a friendly smile, but she also had a vision to diversify the company into a variety of sectors beyond its core business of real-time clearing, risk and surveillance systems for exchanges. After all, there is a limited number of exchanges with clearing houses –…

Tech firms looking to change the technology stack Standard

The question for the industry today is whether firms have hit the technology breaking point. In other words, can firms continue to maintain and sustain the technology they’ve built over the past 20-plus years? A new breed of tech firms is emerging to help address this challenge. There are increasing signs that the so-called “technology stack” at various firms is not economically sustainable, nor is it necessarily more efficient. For years, various technology vendors have been expanding their product mixes to handle front, middle and back office responsibilities for firms. The industry is seeing a mix of established tech vendors…

Joe O’Neill, New York Commodity Exchange(s) Executive, Passes Away Standard

Longtime New York commodity exchange executive Joe O’Neill passed away on August 4, 2018 at the age of 74. This plain statement tells little of a life lived in the most colorful of times in New York commodity exchange history or a career that included launching the first financial futures (before CME/IMM by 2 years), the creation of the Dollar Index Contract (with the help of Paul Tudor Jones) and being the consultant for the futures trading aspects of the script of the hit movie “Trading Places.” O’Neill started working in the exchange space in New York in 1970 when…

A former Goldman Sachs exec is joining a crypto-trading firm as it eyes a major global expansion Standard

crypto markets update 2

A former Goldman Sachs exec is joining a crypto-trading firm as it eyes a major global expansion Frank Chaparro – Business Insider Circle, the cryptocurrency exchange operator, has snagged a former Goldman Sachs executive to help navigate the murky regulatory waters as it expands globally, Business Insider has learned. /jlne.ws/2AdGMCg Bitcoin Bounces as Traders Seek Silver Lining in SEC ETF Denial Olivia Schaber and Rachel Evans – Bloomberg Dissenting SEC Commissioner Peirce reiterated support for ETF; Peirce was outvoted 3-1 when regulator rejected the fund Cryptocurrency traders don’t know who to believe in the long-running battle to create an exchange-traded…

The Winklevoss Twins Want To Sell You A Bitcoin Fund Standard

crypto markets update 2

The Winklevoss Twins Want To Sell You A Bitcoin Fund; The Winklevoss twins filed a form with the SEC that’s the first step to selling shares in a fund that would track the price of Bitcoin. A look at the next move for the Facebook-suing twins. Matthew Zeitlin – BuzzFeed News Tyler and Cameron Winklevoss, impossibly strong-jawed and broad-shouldered rowers, tech entrepreneurs, and famous litigators of Mark Zuckerberg, are now two of the biggest and most famous players in Bitcoin, the cryptographic, digital currency whose wild price gyrations and security issues captivated the business press for a few weeks in…

Steve Bannon is creating a ‘deplorables’ cryptocurrency to boost global populism Standard

crypto markets update 2

Steve Bannon is creating a ‘deplorables’ cryptocurrency to boost global populism Gian Volpicelli – WIRED Bannon will launch a token to power the global populist movement, according to people with knowledge of his plans /goo.gl/MwFS6M Bitcoin: No-Fee Cryptocurrency Trading App Takes on Robinhood Jen Wieczner – Fortune More competition is coming to the commission-free cryptocurrency trading market. Voyager, a startup backed by an Uber co-founder as well as an early investor in the ride-hailing company, revealed plans Wednesday to offer no-fee trades of at least 15 different cryptocurrencies, including Bitcoin, Ethereum and others. /for.tn/2LTON0V Coinbase Finds No Insider Trading of…

10 Years of PHLX @ Nasdaq Standard

The oldest stock exchange in the United States hit another milestone – the Philadelphia Stock Exchange (PHLX) celebrated its 10-year anniversary as a part of the Nasdaq family on July 24. While the ‘07-’08 timeframe is best remembered in financial circles as the time of “bailout this” and “subprime that,” it was a transformational period for non-crisis reasons at Nasdaq. Nasdaq purchased PHLX – founded in 1790 as a venue for bond trading – for $652 million in 2008. At the time PHLX was the third largest options exchange, with some 20 percent market share, behind ISE and CBOE. Nasdaq…

Indian supreme court to rule on cryptocurrency case on Sept. 11 Standard

crypto markets update 2

Indian supreme court to rule on cryptocurrency case on Sept. 11 Nupur Anand – Quartz The wait continues for Indian cryptocurrency exchanges. On July 20, after a short hearing, India’s supreme court set Sept. 11 as the date for the final hearing. The court will also pronounce the verdict at the end of those hearings—in the cases filed by the bourses against the Reserve Bank of India (RBI). /goo.gl/8up6Yg Operator of shuttered bitcoin platform pleads guilty to U.S charges Brendan Pierson – Reuters The operator of a shuttered bitcoin-denominated exchange pleaded guilty on Monday to federal charges that he defrauded…