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Category Archives: Commentary

Commentary from the John Lothian News staff and guests editors.

Guest Commentary from ELX’s Neal Wolkoff Standard

Neal L. Wolkoff

Guest Commentary from ELX’s Neal Wolkoff: John, ELX Futures, a new electronic futures exchange, launched barely more than a week ago, and yesterday matched well over three percent of US Treasury futures volume. While I appreciate the prominence of being the lead item in your widely read column, there are a few items that I believe need to be clarified. First, intermarket arbitrage is new to the futures industry because markets have consolidated to the point where arbitrage can only be conducted between futures and other financial sectors like cash or securities. However, in equity options and cash equities, a…

Gold and Silver Battle Comes to Chicago Standard

John Lothian

Price Group Seminar with the CBOT on Launch of Electronically Traded Full-Sized Gold and Silver Contracts Seminar held in October of 2006, introducing new electronically traded gold and silver futures at the CBOTIntroduction by: Bernard Dan, CEO of the CBOT Speech by John J. Lothian, President of the Electronic Trading Division of The Price Futures Group, Inc. Thank you Bernie for the kind introduction. Before I get into trouble, let me start with a disclosure: The opinions I will be expressing are strictly those of John Lothian and not necessarily of The Price Futures Group, Inc. or its management. On…

Open Letter to Congress Regarding Speculation Standard

John Lothian

When futures prices go up, they are advertising for selling. When prices go down, they are advertising for buying. With futures prices going up for crude oil and many other commodities, a truth has emerged in the cash markets that we have not grown our farming, drilling, mining or processing capacity to meet the increasing demand of a developing global economy. High commodity prices are sending an important message. We need to listen to that message and respond. We need to respond to higher prices with more selling. We need to find a way to meet the growing global demand…

Who is Murray Borowitz? Standard

By John J. Lothian Murray Borowitz independently thought up the idea and helped create the veryfirst financial futures contracts at the International Commerce Exchangeback in 1970 with the introduction of foreign exchange futures contracts.That was two years before foreign currency futures were launched andsuccessfully developed at the Chicago Mercantile Exchange. Murray was nevergiven a title of honor as the “founder” of financial futures, like LeoMelamed, or the “father” of financial futures like Dr. Richard Sandor.However, given Murray’s roots in the trucking business and his role inindependently coming up with the idea of financial futures contracts onforeign exchange (and on the…