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Tag Archives: blockchain

JLN Financials: Deutsche Bank Sees 2016 Industrywide Trading Revenue Drop; Betting on central banks, investors buy junk debt and emerging assets; How the ECB Woke Up to Banks’ Profits Nightmare Financials,Newsletter

First Impressions BlockChain, BlockChain Wherefore Art Thou? (Progress, that’s wherefore!) Carl Gilmore, President, Integritas Financial Consulting There has been a lot of ink spilled lately about bitcoin and the underlying technology, blockchain, that makes digital currencies (if that is what they are) possible. At the risk of spilling a bit more, I would like to end my week as guest editor talking about the possibilities and challenges of this new and potentially disruptive technology. Since I do not profess to understand a lot of the math underlying the concepts, and since I believe there are people out there in the…

John Lothian Newsletter: Professor to Wall Street: You’re Doing Swaps Accounting Wrong; SEC urged to beef up trading safeguards; Nasdaq Just Took a Step Toward Challenging the Flash Boys Bourse John Lothian Newsletter,Newsletter

First Read BlockChain, BlockChain Wherefore Art Thou? (Progress, that’s wherefore!) Carl Gilmore, President, Integritas Financial Consulting There has been a lot of ink spilled lately about bitcoin and the underlying technology, blockchain, that makes digital currencies (if that is what they are) possible. At the risk of spilling a bit more, I would like to end my week as guest editor talking about the possibilities and challenges of this new and potentially disruptive technology. Since I do not profess to understand a lot of the math underlying the concepts, and since I believe there are people out there in the…

John Lothian Newsletter: Commodities Agency Advised to Drop Plan to Limit Futures Contracts; Rationale behind LSE-Deutsche Börse deal finally works; Smaller Brokerages Want Their Voices Heard John Lothian Newsletter,Newsletter

First Read TAC Committee Meeting Part 2: Reg AT Putting Trading Firms at “Precarious, Unwarranted and Unnecessary Risk” Sarah Rudolph, JLN At the top of the list at the CFTC’s Technology Advisory Committee meeting on Tuesday was a discussion of the CFTC Proposed Rule: Regulation Automated Trading (Reg AT). The most contentious aspect of the discussion was whether or not the CFTC should be allowed to look at firms’ computer code for their automated trading systems. The CFTC seems convinced this is necessary and the automated traders seem equally convinced that it is a terrible thing to do. Access to…

CFTC Tackles the What Ifs of Blockchain Blog

On Tuesday the CFTC’s Technology Advisory Committee (TAC) met to discuss a few issues including “Blockchain and the Potential Application of Distributed Ledger Technology to the Derivatives Markets.”  A mouthful to be sure, but a timely discussion. As the first time the TAC has held a public panel on blockchain, the quick take-away was summed up by commissioner Christopher Giancarlo who said it is difficult to know where this will all lead but regulators should not stand in the way of a potentially important technology. Sandra Ro from CME opined that 2016/2017 is when we will start to see blockchain…

John Lothian Newsletter: SEC brings new charges over global press release hacking scheme; Hedge Fund Citadel Cuts Employees in Wake of Losses; Chinese bid for Chicago Stock Exchange stirs Republicans John Lothian Newsletter,Newsletter

First Read Big Data = Big Money By Jim Kharouf, JLN There is a lot of talk about data in the exchange space today, and given consolidation among exchanges has dwindled, the next frontier in competition is in data services. Exchanges have come under fire in recent years for sticking it to customers with data fees. CME Group is criticized by some in the industry who say they were pounding home fees on data vendors and brokers at a time when end-users could least afford it – but that is unfair. All of the top exchanges are focused on raising…

John Lothian Newsletter: Headcount in trading slashed 20% over last five years; IEX to critics of its U.S. exchange bid: ‘We stand by our words’; Blythe Masters forges blockchain partnerships John Lothian Newsletter,Newsletter

First Read It’s All About Jobs Jim Kharouf and Doug Ashburn, JLN It must be an election year since we’re talking about jobs. And we’re also talking about the future – primarily blockchain. In today’s issue, the two threads are starting to pull together. On the one hand we’ve got a report in The Trade showing jobs in sales and trading have plunged almost 20 percent over the past five years – largely in the fixed income space. And yet, we’re seeing a louder drumbeat of interest and initiative in the blockchain space. The FT story on Digital Asset‘s plans…

John Lothian Newsletter: JP Morgan moves global clearing role to London; IBM’s New Blockchain Bet Targets Next Wave of Financial Services; Fed’s Neel Kashkari Says Banks Still Too Big to Fail Reply: johnlothian@johnlothian.com John Lothian Newsletter,Newsletter

First Read Bits & Pieces Jim Kharouf and Doug Ashburn, JLN Random events and thoughts today. John’s back surgery went as planned yesterday. He’s resting and recovering, and will soon be in rehab. (Physical rehab, not the other kind.) Today marks Chris Hehmeyer‘s final day as chairman of the National Futures Association. Hehmeyer held the position for the past five years, and it will be passed along to another industry stalwart, Mike Dawley from Goldman Sachs. Hehmeyer’s calm and candid approach led the NFA through its darkest days in the aftermath of MF Global, PFG Best and Alphametrix. Along with…

John Lothian Newsletter: Four signs another eurozone financial crisis is looming; Battered Bank Stocks Reflect Not Just Jitters, but Mistrust; Chinese Start to Lose Confidence in Their Currency John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian Today I hand off editing of this newsletter to the John Lothian News team. You might think that is a big thing, but it isn’t. This team contributes greatly to this newsletter everyday, sculpting it into the quality and informative missive that it is. Every morning Jim Kharouf, Doug Ashburn, Jeff Bergstrom and Sarah Rudolph rise from their bedchambers and contribute to this newsletter (we let Spencer Doar sleep in). That will not change in the next few weeks. My contributions to this newsletter during this time will be curtailed as…

Utility Player: FIS’ John Avery Sees the Derivatives Utility as a Driver of Innovation Interview,Tech / HFT,Video

In June of 2015, SunGard, now part of FIS Global, launched its post-trade derivatives utility, which aims to standardize back and middle office operations and technology, with Barclays as its first customer. According to FIS’ John Avery, it is not about commoditization so much as specialization. “If we look at the clearing market as an example, firms are really there to provide their balance sheet and client service, and use that as a differentiation tool,” says Avery. “What we don’t see is a need for those same firms to maintain a book of proprietary technology.” In other words, banks and…