Breaking News

Category Archives: John Lothian Newsletter

The John Lothian Newsletter provides news and commentary about the global exchange traded derivatives, securities, environmental and related OTC markets. The daily email intelligence briefing and companion blog are edited by and .

Post-Bitcoin Technology Has Geeks, Giants, and Hackers Excited; Acting SEC chair plans test to lower exchange fees; Cowen Group in talks to buy brokerage Convergex Standard

First Read Bits & Pieces By John J. Lothian John Lothian News has learned that OCC President and COO Mike McClain has resigned and left the organization. His last day was two days ago when the OCC held a goodbye event in Chicago. The official narrative is that he left for personal reasons, including the continued attention to his wife, who is battling illness. Other sources have cited the high turnover the OCC has seen in recent years and some of the pressures at the core of that for McClain’s departure. McClain had been with the OCC for 15 years…

SEC Shortens Settlement Window for Stock, Bond Trades; Banks Trimming Compliance Staff as $321 Billion in Fines Abate; EU to formally veto Deutsche Boerse LSE merger shortly – sources Standard

SEC

First Read Getting The View From the Top By Jim Kharouf, JLN Today we begin our annual Exchange Leaders Series — video interviews shot at the FIA Boca 2017 conference last week. We unofficially led off with CME’s Terry Duffy before the conference (part 1 here and part 2 here). ICE Chairman and CEO Jeff Sprecher leads off our series with his thoughts about where the industry is going in terms of data and analytics. This is a company that has invested billions into the data and analytic space in the past few years, culminating with the $5.2 billion purchase…

ETF Trading Glitch Fuels Worries Over Modern Markets; Teza sells high-speed trading as lucrative business sours; ICE delays launch of clearing for London gold benchmark Standard

First Read Bits & Pieces By John J. Lothian The LME came to Chicago yesterday for a straightforward marketing presentation and attracted a room full of Chicago futures market participants. They laid out their business, plans and factors impacting them in a well done program. The big news out of LME is the June 5 launch of its precious metals futures; gold and silver. Here is a FAQ about their offering. John Lothian News is bringing its MarketsWiki Education World of Opportunity series to New York on July 11 and 12. Sign up will open up June 1. Nasdaq will…

NYSE Arca Suffers Glitch During Closing Auction; High-Frequency Traders Fall on Hard Times; Threat or Opportunity? Blythe Masters Talks Blockchain Jobs Impact Standard

First Read Bits & Pieces By John J. Lothian This morning we present the first of our MarketsWiki Education World of Opportunity videos from Stockholm. Peter Fredriksson of Baymarkets is the first up with a story about Stockholm. My phone experienced a series of text messages yesterday as NYSE Arca Equities had electronic trading problems late in the day. Here is the System Status page with the details on the problem. It was ten years ago when I went to the FIA Boca Raton conference with an idea: MarketsWiki. It was there I pitched various firms about the idea. I…

High-frequency trading has reshaped Wall Street in its image; IBM launches enterprise-ready blockchain service; EU’s flawed claim to a global financial hub Standard

First Read FIA Recap: Finding Technology Solutions Everywhere By Jim Kharouf, JLN The FIA Boca 2017 conference was revealing in subtle ways, well beyond the big names that impressed the audience. In numerous talks with attendees, we found that technologies are continuing to drive innovation and change within the industry, and 2017 may be the year that is marked as a turning point. One noticeable trend is the push for a more holistic approach to technology. And what does that mean? Take NEX Group’s new structure. The firm, rebooted from its ICAP roots, now is rolling out a new approach…

Mystery of Russian Crime Gang, ADM Brokers Solved in U.K. Court; SEC poised to shorten settlement cycle for securities trades; The Banker-Turned-Seminarian Trying to Save Citigroup’s Soul Standard

First Read Boca Bits JLN Staff During the exchange leaders panel, panelists were asked what company and city would dominate swaps clearing in 5 years. During CME Group CEO Terry Duffy‘s response, he (again) raised the spectre of the CME Group moving out of Chicago by refusing to say where CME would be headquartered in a half decade. The consensus from the Washington Outlook panel was it will be extremely difficult for any reforms (read Dodd-Frank) to make it through Congress, so significant regulatory shifts will emerge from the agency level. Chris Giancarlo got a standing ovation at FIA Boca,…

Virtu Financial Makes Bid to Acquire KCG Holdings; Ovation for new CFTC chief reflects hopes, raises risks; US regulator reveals broad push to revamp derivatives rules Standard

First Read How do we make American markets great again? Keep it simple, stupid. Spencer Doar – JLN CFTC Commissioner Christopher Giancarlo detailed his plan for the agency after being nominated by President Trump as chairman of the Commodity Futures Trading Commission on Wednesday at FIA Boca. Gene Simmons would be proud — the new initiative is called Project KISS (Keep It Simple, Stupid). KISS has three key goals: fostering U.S. economic growth, enhancing markets and “rightsizing” the agency’s footprint. All of these tie into Giancarlo’s overarching point about the agency — it has lost sight of its regulatory goals….

Trump Nominates J. Christopher Giancarlo as CFTC Chairman; Trump Picks a Regulator Who Could Help Reshape Dodd-Frank Act; Untested Robo-Advisers Are Becoming a Big Market Risk Standard

First Read Don Wilson Gobsmacks Regulators in First FIA Boca Panel By John J. Lothian In a power-packed first panel at the FIA International Conference in Boca Raton, Florida, DRW founder Don Wilson gobsmacked the regulators with a directly-to-the-point opening statement. Here it is: “When it comes to regulatory costs, I describe what we’re in now as an era of “gotcha” regulation. Enforcement arms of regulatory agencies are more interested in collecting fines and generating headlines than in making markets better. I am hopeful that, under the new administration, regulatory agencies will work with market participants to make the markets…

U.S. Blizzard Grounds Flights, Raises Power as Trump Tweets; Senior U.K. central banker quits over disclosure failings; EU adopts rules to curtail executive pay, avoid short-term investing Standard

First Read Take Our Survey: Please John Lothian News Yes, we do love technology and maybe you can too. Help us out with a 3-minute JLN survey so we can learn a bit more about our readers as well as what you like and what you don’t like about our publications and websites. It’s also a great place to leave us comments and suggestions for future content and services. If you fill it out, you could win an Amazon Echo, which answers just about everything but cannot take our survey. Here’s the link to the survey. Alexa says thanks! ++++…