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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 .

HKEx May Have Reached Its Peak; Crypto Could Be Lifeline for CHX; Hundreds of European stocks barred from dark pools Standard

First Read Statement on Potentially Unlawful Online Platforms for Trading Digital Assets Divisions of Enforcement and Trading and Markets SEC Online trading platforms have become a popular way investors can buy and sell digital assets, including coins and tokens offered and sold in so-called Initial Coin Offerings (“ICOs”). The platforms often claim to give investors the ability to quickly buy and sell digital assets. A number of these platforms provide a mechanism for trading assets that meet the definition of a “security” under the federal securities laws. If a platform offers trading of digital assets that are securities and operates…

Cohn leaving White House; Dash Financial Technologies buyout; Crypto a commodity – judge Standard

First Read Bitcoin and Blockchain: A WILD Opportunity Sarah Rudolph – JLN Bitcoin is not at the dizzying high it was back in December, but interest in cryptocurrencies and blockchain is still strong. The world of crypto and distributed ledger technology keeps expanding, with CME and Cboe now trading bitcoin futures, companies getting into initial coin offerings, cryptocurrency meetups forming, and the list of cryptocurrencies getting longer every week. Women In Listed Derivatives (WILD) and Morgan Lewis jointly hosted a panel on the future of blockchain and cryptocurrencies Tuesday evening to a packed house. The main takeaway on cryptocurrency from…

U.S. considering ‘material changes’ to ‘Volcker Rule’; Stock Bulls in Trump Country; Replacing Libor is harder in practice Standard

First Read The Man Who Molded Chicago’s Merc; Leo Melamed, chairman emeritus of CME Group, helped make his company the world’s largest manager of financial exchanges. Now he’s focusing on the development of Asian markets Jacob Bunge – WSJ In 1939, Leo Melamed learned about the power of financial markets in a bakery in Vilnius, Lithuania. He was 7 years old, trying to use Polish money to buy a loaf of bread. Though Lithuania’s government had deemed the two countries’ currencies equal in value, the baker informed Mr. Melamed that he’d need two Polish zlotys for a loaf that cost…

Risks of Crypto Exchanges; Wall Street Loses in Senate’s Reg Reboot; Beware Fintech Firms Bearing Bitcoin Standard

First Read Hits & Takes JLN Staff See what our friend David Setters is doing protesting in the UK, in ITV’s piece Motor neurone disease patients protest in Westminster. Brave, focused and strong. Keep fighting, David. He issued a special thanks to Cathryn Lyall, Belinda Gooderham, Mark Thornberry, Thom Lant, Mark Gately, FCIM and MCIPR for coming out to support him that day.~JK Chuck Mackie and Rumi Morales were part of a Chicago SunTimes event last week, the story of which is, “Experts break down future of bitcoin, blockchain in Sun-Times discussion.”~JJL From the World Federation of Exchanges latest report,…

BOE’s Carney Calls for Rules to End Cryptocurrency Anarchy Standard

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First Read Don’t Blink, The Markets Are Changing Right In Front of Your Eyes; Eighteen Years Later, Another Inflection Point By John Lothian – JLN Eighteen years after the start of this newsletter, the markets and its participants face new challenges that make reading JLN today even more important, relevant and necessary to keep abreast of the latest disruptive challenges. Today we find ourselves at an inflection point in the markets, with a new generation of digital natives discovering whole new opportunities in the markets, billions of dollars pouring into potentially disintermediating fintech and intense global interest in all things…

Stock exchanges cast wary eye at threat from big tech; Cryptocurrency Firms Targeted in SEC Probe Standard

First Read Hits & Takes JLN Staff From today’s Bloomberg piece This $1 Trillion Money Manager Just Joined the Crypto Frenzy, “shares in Taiwan Semiconductor Manufacturing Co., which manufactures chips for Nvidia Corp. and Advanced Micro Devices Inc., have climbed 34 percent since the beginning of 2017 and surged to a record in January.”~JK Did you know that Temenos Group AG, the Geneva-based banking technology company that has bid for Fidessa, is the fourth largest software firm in Europe? That, what “Temenos” means and more HERE~JK JPX reported that in February 2018, total derivatives trading volume was 40,059,157 contracts, a…

Bitcoin-Futures Regulator Clears Employees to Trade Crypto Coins Standard

First Read Hits & Takes JLN Staff It is with sadness I report the passing of Betty Bergstrom, mother of my wife, Cheryl Lothian and of my brother-in-law and JJLCO CIO, Jeff Bergstrom. She died Saturday in Chicago at the age of 86. Betty was a natural leader, an elected official, non-profit executive and advocate for women and children. Here is the obituary we are submitting to the newspapers in Chicago and Phoenix.~JJL Do you know what Vermeg is? The firm just bought Lombard Risk and is expanding its footprint. We have a new page up on the company in…

Self-Proclaimed Bitcoin Inventor Accused of Swindling $5 Billion of Cryptocurrency Standard

First Read Hits & Takes JLN Staff Today is the 10th anniversary of the Nasdaq OMX deal that transformed Nasdaq and set the foundation for its timely position as a leading purveyor of financial technology around the world. The OMX deal gave Nasdaq a global exchange and clearing technology business. It helped Nasdaq put down permanent roots in Stockholm, where Nasdaq before had had difficulty establishing a permanent beachhead in Europe. For me, it always seems Nasdaq was trying to match the moves of NYSE in a game of catch-up. However, with the OMX deal, that changed. And now with…

Nearly Half of 2017’s Cryptocurrency ‘ICO’ Projects Have Already Died Standard

First Read Hits & Takes JLN Staff A report from Deloitte showed that 9 out of 10 blockchain trials go nowhere. Only 8 percent of projects started still survive, with 92 percent of blockchain projects failing or started as an experiment, according to a blog post from Chris Skinner in thefinancer.com.~JK Steve Sears is leaving Barron’s after 12 years. Here is his last column, titled “Making a Friend of Fear.”~JJL Former John Lothian News intern Alison Fay is now a digital marketing specialist at Divi Resorts. Congratulations and best of luck to Alison as she starts her full-time career.~JJL I…