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John Lothian: Regulators Propose Rules to Shed Light on Dark Pools; ICAP’s EBS BrokerTec and SGX sign collaboration agreement; CME Group Expands Base Metals Offering John Lothian Newsletter,Newsletter

First Read Wedbush Futures Management Shake-up Doug Ashburn – JLN In a not-so-widely-distributed press release (press non-release?), Wedbush Securities announced a few changes to its Chicago-based FCM, one year after its purchase from KCG Holdings. Of note: Carl Gilmore, who co-headed the division and has been with the FCM through several iterations dating back to its Penson GHCO days, when he served as general counsel, is leaving to start his own consulting firm. Joe Signorelli, head of Wedbush’s Lime Brokerage division, will become the new head of futures. Former ABN AMRO Clearing Chicago executive Thomas P. Anderson, who joined Wedbush…

The Life of SCI: John Rapa Looks at the SEC’s Reg SCI Interview,Regulation,Video

After several high-profile market disturbances, from the 2010 “flash crash” to the Knight Capital algorithmic meltdown in 2012, the SEC considered a new set of rules to tighten up system compliance and integrity. The rules, known collectively as “Reg SCI” became effective in February 2015. John Rapa, president and CEO of Tellefsen & Company and a 30-year veteran consultant to exchange market structure, walks us through the new rules and what they mean for exchanges, dark pools and market participants. “It’s making mandatory what’s been voluntary up to now,” says Rapa. “Identification of mission-critical systems, testing processes, procedures, and testing…

Speedy Delivery: Keith Ross on HFT, Reg NMS and Dark Pools Interview,Regulation,Tech / HFT,Video

Today’s financial markets can be summed up in three words – global, fast, and complex. But as the market structure evolves, so must the regulatory structure that oversees it. John Lothian News has spoken with several industry experts to create this series on the evolution of financial market structure. In Part 3, Keith Ross, CEO of PDQ ATS offers his thoughts on high frequency trading, Regulation NMS, maker-taker arrangements, and dark pools. He also expresses concern that the recent furor over HFT may lead to hasty decision making by legislative bodies rather than measured, thoughtful changes overseen by regulatory bodies…