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John Lothian Newsletter: Euronext In Exclusive Talks To Acquire 20% Of EuroCCP; Exchange Merger Architect Under Fire; Federal Reserve is too ‘white and male’, say Democrats Blog

First Read Double Miles?: CBOE’s Frequent Trader Program Looks to Reward Traders and Provide a Window into Traders’ WorldsJim Kharouf – JLN – Reporting from the Options Industry ConferenceSo how many miles you got? For frequent fliers, piling up miles trip after a trip has its payoff. CBOE adopted just that approach for its end-user community, a group which has been somewhat of a mystery to the exchange. Last month, CBOE launched its Frequent Trader program, which gives rebates to traders who reach certain monthly trading thresholds. The program is designed to do two things – encourage individual traders to…

John Lothian Newsletter: Hedge Funds Faced Choppy Waters in 2015, but Chiefs Cashed In; The Recession’s Economic Trauma Has Left Enduring Scars; Wall Street layoffs surged by 275% in April John Lothian Newsletter,Newsletter

First Read Make A Plan: How OCC Is Forging Change In The Options Industry JohnLothianNews.com Craig Donohue joined OCC in 2014 to help address some major issues for the clearing house and to position the organization for the new derivatives clearing landscape. He sat down with John Lothian News to discuss the current state of the options industry, regulation and where the organization is heading next. One of Donohue’s first issues to address was the OCC’s capital plan to raise the organization’s shareholder equity to $247 million, from $25 million. That plan, which strengthens OCC’s capital base as one of…

John Lothian Newsletter: City hiring grinds to a halt as Brexit poll looms; Why the S.E.C. Didn’t Hit Goldman Sachs Harder; Senators back study of contested stock exchange pricing model John Lothian Newsletter,Newsletter

First Read Mary Ann Burns: A Thirst for the Futures Industry and a Crafty Career John Lothian – JLN Mary Ann Burns is leaving the Futures Industry Association and the industry. That was the shocking news we heard a little over a week ago. After 23 years at the FIA, and 30 years developing the program for FIA Expo, this Terre Haute, IN native is moving on to an even craftier career. Burns’ thirst for the next phase of her career has her leaving the FIA to help run a family-owned craft beer brewery – her family’s. Her son and…

Brexit: The View from the Windy City Blog,Commentary

Henry VIII picture courtesy of Wikipedia

On June 23 of  this year, the United Kingdom will hold a referendum to decide whether to exit the European Union. The vote has all of the hallmarks of a decisive, or potentially divisive, event. As students of history may know, on June 23, 1532 (which incidentally was also a leap year) Henry VIII, the King of England, entered into a secret agreement with the King of France, Francis I to the detriment of Charles V, the ruler of the Spanish and Holy Roman Empires. The underlying reason for the secret pact was apparently concern that Charles V was attempting…

John Lothian Newsletter: Wall Street Banks Have Basel’s Ear in Pushback on Market Risk; Nasdaq readies ‘Ocean’ dark pool for banks and brokerages; Global regulators move closer to regulating fintech John Lothian Newsletter,Newsletter

First Read One Step Ahead: Can Silicon Valley Help, Compliance? By Jim Kharouf, JLN If you are chief compliance officer at a firm – brokerage or fund – what if you could tell if the customer or one of your traders was about to do something bad, wrong or illegal? The operative words are “about to.” Chicago-based start-up Neurensic says its can do this now using artificial intelligence technology to identify behaviors that could threaten a firm’s well-being and prevent that firm, bank or broker from incurring regulatory actions that trigger hefty fines. Last fiscal year, the Commodity Futures Trading…

John Lothian Newsletter: Banker Accused of $25 Million Fraud Arose From a Gilded Legacy; U.S. judge rejects 14 banks’ bid to throw out rate-rigging lawsuit; Bats to Provide Market and Trade Data to Money.Net John Lothian Newsletter,Newsletter

First Read A Most Interesting Charity Challenge Without Cold Water By John J. Lothian I have a challenge for the readers of this newsletter that does not involve cold water, but does include a donation to the Futures For Kids charity. The week before the FIA Boca Raton International Conference news broke that Dos Equis spokesman Jonathan Goldsmith, known as “The Most Interesting Man in the World” was being replaced by the beer maker with a younger replacement. You could be the next MIMITW. Here is the plan. You need to shoot and share with us an audition video for…

John Lothian Newsletter: City of London split over LSE-Deutsche Börse merger; Customer reporting failures top big bank fines; Big Banks’ Mermaid Problem John Lothian Newsletter,Newsletter

First Read John’s Back, Redux By John J. Lothian I am back editing this newsletter with a back brace reminding me to mind my activities. My recovery has been good, though I am still struggling to sleep when I am supposed to. I want you to know that this latest surgery lifted a cloud that has been hanging over my head since last summer. Having constant physical pain is a draining experience and it is hard to comprehend how it can completely impact every aspect of your life. I am grateful for the skill of my surgeons for bringing me…

John Lothian Newsletter: Banks face $27bn risk from failed derivatives payments; JPMorgan Quietly Tests ‘Blockchain’ With 2,200 Clients; Hong Kong Exchange adds new renminbi futures John Lothian Newsletter,Newsletter

First Read Risk Off: How The Industry Can’t Fail Jim Kharouf, JLN Bruno Iksil, aka “the London Whale,” has issued a letter to the media arguing that his actions in the market were directed and overseen by senior executives at J.P Morgan Chase when it lost $6 billion in 2012. What is troubling about the case is that it is still a story. In pre-2008 years, if a trader lost a large sum of money, it was called a losing trade. But these days, it’s cause for a multi-year investigation. The crux of the problem with this case is simply…

John Lothian Newsletter: NYSE Embarks on High-Stakes Technology Shift for its Exchanges; SEC looking into bank-loan, exchange-traded funds after Third Avenue; Hedge funds and private equity pressured to cut fees Blog,John Lothian Newsletter,Newsletter

First Read Sit down, let me tell you how this works Jim Kharouf, JLN When I sat down in Doha, Bahrain with Yossi Beinart, CEO of the Tel Aviv Stock Exchange, at the World Federation of Exchanges annual conference last November, he outlined one of the key initiatives for the exchange – helping young companies grow. For many companies, Beinart said, access to capital is just one part of the puzzle. The other is finding access to people who can help small and medium sized companies assist in taking them to the next stage of growth. TASE aims to be…