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Daily email newsletters from the John Lothian News staff.

Gold Plunges as 1.8 Million Ounces Traded in a New York Minute; Virtu prepares for Mifid shake-up with Instinet equities deal; Ethereum’s Flash Crash Shows Hazards of Trading Cryptocurrencies Standard

First Read Bits & Pieces By John J. Lothian Today, John J. Lothian & Company and some staff members are offering the Journalism and Communications merit badges as part of the Trading Tech 300 Boy Scout program. Sarah Rudolph, Jeff Bergstrom and I, along with return intern and Eagle Scout Jonathan Lenchard Warren, will be teaching the badges. We have a group of 24 scouts and are using the Glenstar conference rooms on the second floor of the CBOT Building to accommodate the group. It has been ten years since the introduction of the iphone. That new product had a…

It’s time to brace for ‘market turmoil’, warns JPMorgan; Goldman Sachs’ pre-earnings options theory; BofA: “Central Banks Are Now In A Desperate Dilemma”…”Start Buying Volatility” Standard

Observations & Insight Making the Johannesburg Stock Exchange a Global Player JohnLothianNews.com “The JSE, for eight years in a row now, was rated number one, two or three in the world by the World Economic Forum for the quality of financial market regulation.” The Johannesburg Stock Exchange is in the process of adjusting much of its infrastructure. It already transitioned from T+5 settlement to T+3 settlement (with no failed trades thus far); the derivatives trading technology is being replatformed; Cinnober is supplying a new clearing system that will be live at the start of 2018; and London Stock Exchange Group’s…

Frankfurt Emerges as Biggest Banking Winner After Brexit; State Street Exits Its Dark Pool, Selling BlockCross to Instinet; U.K.’s Euro Clearing Business at Risk as ECB Requests More Powers Standard

First Read Making the Johannesburg Stock Exchange a Global Player JohnLothianNews.com “The JSE, for eight years in a row now, was rated number one, two or three in the world by the World Economic Forum for the quality of financial market regulation.” The Johannesburg Stock Exchange is in the process of adjusting much of its infrastructure. It already transitioned from T+5 settlement to T+3 settlement (with no failed trades thus far); the derivatives trading technology is being replatformed; Cinnober is supplying a new clearing system that will be live at the start of 2018; and London Stock Exchange Group’s MTS…

Traders test OPEC ‘whatever it takes’ resolve to defend oil price; The VIX is not a Fortune-Teller; ‘Vol’-Apalooza: A Handy Reference Guide To Low Volatility Regimes Standard

Observations & Insight Are You Registered? If you haven’t registered for our Trading Chicago event, a joint effort between John Lothian News and FOW, now is the time. The one-day event is set for June 28th at the Swissotel in Chicago. You can register HERE and see the agenda for the conference. The program is packed with great topics and speakers. We’ll be leading off with a keynote from Craig Pirrong from the University of Houston and a debate over Dodd-Frank between Leslie Sutphen and Gary DeWaal. Other panels cover trading derivatives in the age of populism, trading fixed income,…

A Kansas Investment Firm Spurring Change on Wall Street; Academics Clash Over VIX Bragging Rights; In the New Bond Market, Bigger Is Better Standard

First Read Are You Registered? If you haven’t registered for our Trading Chicago event, a joint effort between John Lothian News and FOW, now is the time. The one-day event is set for June 28th at the Swissotel in Chicago. You can register HERE and see the agenda for the conference. The program is packed with great topics and speakers. We’ll be leading off with a keynote from Craig Pirrong from the University of Houston and a debate over Dodd-Frank between Leslie Sutphen and Gary DeWaal. Other panels cover trading derivatives in the age of populism, trading fixed income, customizable…

Academics Clash Over VIX Bragging Rights; ’50 Cent’ Just Reloaded With a Big Hedge Against a Stock Selloff; CFTC commissioner to depart amid ‘intolerable’ situation Standard

Observations & Insight Bits & Pieces By John J. Lothian CFTC Commissioner Sharon Bowen has had enough. Or more accurately, she can do the math and her best move is to step aside and let the Washington political process proceed. Congress likes to send up paired nominees for confirmation to the CFTC, but we need two Republicans and one Democrat confirmed to get to the full five-member CFTC. By stepping down, Bowen sets up the ability of Congress to send up a pair of Democrats to go with the pair of Republicans. Hats off to Bowen for her work on…

Lone Democrat on U.S. Swaps Regulator to Leave Before Term Ends; CFTC Democratic Commissioner Sharon Bowen To Step Down; Brussels in late effort to tighten rules limiting off-exchange trading Standard

First Read Bits & Pieces By John J. Lothian CFTC Commissioner Sharon Bowen has had enough. Or more accurately, she can do the math and her best move is to step aside and let the Washington political process proceed. Congress likes to send up paired nominees for confirmation to the CFTC, but we need two Republicans and one Democrat confirmed to get to the full five-member CFTC. By stepping down, Bowen sets up the ability of Congress to send up a pair of Democrats to go with the pair of Republicans. Hats off to Bowen for her work on the…

Vela to Expand Trading Technology Capabilities with OptionsCity Acquisition; Bond Traders Double Down on 2017 Fed Bets Via Options Hedges; Gaming the Yuan – Making Money on a State-Controlled Currency Standard

Observations & Insight LSE Working On More Italian Derivatives Growth JohnLothianNews.com “We are also working and in close contact with the clearinghouse, because one of the key elements in developing derivatives markets now and probably in the time to come is post-trade efficiency.” The LSE bought Borsa Italiana in 2007. Nicolas Bertrand, the LSE’s head of derivatives, says in the past three years the exchange saw double digit volume growth with increasing support from international participants in the FTSE MIB futures complex. In Q3 2017, Borsa Italiana will extend its trading hours with the goal of capturing even more international…

Barclays, Ex-CEO Charged Over Qatar Rescue Amid 2008 Crisis; Wall Street Now Fears the Lawyer Who Used to Defend It; Squeezed at home, Japan’s Nomura seeks to push into Wall Street’s home turf Standard

First Read Hitting the Pinnacle By JLN Staff Last night, the CME Group and BarclayHedge hosted the sixth annual Managed Futures Pinnacle Awards. The Pinnacle Achievement Award went to Toby Crabel, chairman and chief investment officer of Crabel Capital Management. Among the several people he thanked for helping him were Jack Sandner, Ray Cahnman and Victor Niederhoffer. The managed futures industry continues to grow, despite the bull market in stocks, which often run counter to non-correlated strategies. Assets under management are at an all-time high of $348 billion, up $8 billion so far this year, according to BarclayHedge. Winners last…