Walt Lukken knows regulation. As a former Commodity Futures Trading Commission (CFTC) acting chairman and commissioner, he has seen the Dodd-Frank rulemaking process first hand. Now, after completing his first 12 months as president and CEO of the FIA, he’s trying to ensure that all those regulations make sense and work for industry participants. With FIA Boca set to start on March 12, Lukken spoke with JLN editor-in-chief Jim Kharouf about where we are in the Dodd-Frank rulemaking process, costs associated with the new rules, and his thoughts on some of the most controversial moves by regulators and exchanges. In advance…
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John Lothian Newsletter: TSE bid for domestic rival on knife edge; JPMorgan Shuts Europe Money Market Funds on ECB Rate Cut; Barclays Sued by Investor Over Alleged Euribor Actions John Lothian Newsletter,Newsletter
The Tokyo-Osaka exchange merger continues to hang in the balance, as the recent regulatory approval is followed by shareholder demands. As European deposit rates go negative, JPMorgan Chase stops taking money market funds there, saying investors may not be able to make a profit. The first class-action lawsuit against Barclays has been filed. In First Read, John Lothian says another farewell (no, not to this newsletter) and hints at a soon-to-come hello.
John Lothian Newsletter: Derivatives exchanges push back on reform; Nasdaq to Seek SEC Approval for Facebook-Related Compensation to Brokers; E.U. Proposes Centralized Banking Regulator John Lothian Newsletter,Newsletter
Members of the derivatives industry in the U.S. are digging in against new regulations over exchange volume requirements, saying the new rules would force the closure of low-volume contracts, and ruin new product innovations and offerings. Nasdaq, after its less-than-impressive hosting of Facebook’s stock debut, has requested permission to begin apologizing financially to brokers who claim harm from the process. Eurozone officials, in a “we must all hang together” moment, are proposing to give up fully sovereign control of their banking systems in favor of a community model. In the First Read section, you’ll find more analysis of MF Global’s…
“John is looking out for his self-interest,” said a reader. “John must be out money,” said another. It is often assumed that what motivates each of us is our own self-interest. We could not take a breath without that being true. We have to breathe. I am not without self-interest. However, my self-interest in the MF Global case is the best interests of my customers. The customer comes first. Always. Ever. As a futures broker for the last 22 years (and some before that), I am a customers’ man. That is what the position used to be called; Customers’ Man.
Anthony Neglia is president of Tower Trading of New York City, an open outcry floor brokerage firm specializing in options on precious metals at the New York Mercantile Exchange (NYMEX). His commentary regularly appears on CNBC and TheStreet.com. John Lothian News editor-at-large Doug Ashburn spoke with Neglia about volatility in the metals market, position limits, the role of speculators, and the future of the metals space.