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Tag Archives: dark pool

SEC votes to improve oversight of dark pools; Powell’s Crypto Comments John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff ICE‘s Data and Listings segment generated revenues of $2.5 billion in 2017 and accounted for 54 percent of its consolidated revenue of $4.6 billion in 2017, according to its annual 10-K filing.~JK The Security Traders Association of New York, Investment Traders Association of Philadelphia and Security Traders Association of Chicago are all holding golf outings in the next month or so. Join the links – for more info.~SD EEX set a daily trading record for potato futures. The 1,239 contract record is the physical equivalent of more than 30 tonnes of taters.~SD Cheers…

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

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…

John Lothian Newsletter: Prosecutors Are Not Amused by Hidden Trading Markups; The Coming Default Wave Is Shaping Up to Be Among Most Painful; Wall Street Is Edging Toward Win on Derivatives Capital Rule John Lothian Newsletter,Newsletter

First Read Bits & Pieces By JLN Staff Elisabeth Samuels has joined GreenKey Technologies as managing director. She formerly worked for Eurex’s Chicago office. The PTG has created a committee on diversity and made this a major issue for 2016. They are working with WILD on this issue. BATS has agreed to renew their MarketsWiki Partner Level sponsorship for 2016-17. We appreciate their continued support. Bats was named yesterday’s MarketsWiki Page of the Day for announcing their IPO, again. MarketsWiki is approaching 79 million page views and MarketsReformWiki is nearing 12 million. Next week, Doug Ashburn makes his first trip…

Let’s Pause a Moment: Keith Ross Talks Dark Pool Rules and IEX Interview,Regulation,Tech / HFT,Video

The addition of high speeds and multiple execution venues has altered the equity market structure in recent years. Now the SEC is weighing in with newly proposed rules on dark pools. Meanwhile, IEX, which rose to fame with Michael Lewis‘ Flash Boys, is trying to move from dark pool to full-fledged exchange. Keith Ross of PDQ Enterprises says transparency is a good thing, and a market pause has its benefits in alternate venues, but as an exchange could create chaos. When the Securities and Exchange Commission published its Regulation National Market System (Reg NMS) in 2005, only a small fraction of…

John Lothian Newsletter: Deutsche Bank to Face British Lawsuit Over High-Speed Trading; Welcome to the Crisis Economy, Where Tumult Reigns; Big Ideas 2016 Chicago looks to boost next-generation financial firms John Lothian Newsletter,Newsletter

First Read ++++ Getting Squeezed: Introducing Brokers Numbers Waning, Growth Wanting, Future Questioned New Introducing Broker numbers hit historical low; IB Numbers Shrink 17 percent Since Financial Crisis By John J. Lothian There is a funny story about former MF Global CEO Jon Corzine, when he held his first all company conference call with employees. He said he was impressed with how many investment bankers the firm had, having no clue that the number of IBs affiliated with MF Global actually meant introducing brokers. The fate of the company was probably sealed right then and there. While investment bankers have…

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…

John Lothian Newsletter: Hillary Clinton to Propose High-Frequency Trading Tax, Volcker Rule Changes; Regulatory delays weigh on CME’s European clearing house; ICE selected to operate ISDA margin utility John Lothian Newsletter,Newsletter

First Read Fitch Learning Appoints Diane Saucier as Client Relationship Manager in Chicago Press Release Fitch Learning is pleased to announce the appointment of Diane Saucier as Client Relationship Manager, based in Chicago. jlne.ws/1Omu5ET ***** WILD president and John J. Lothian & Company, Inc. advisory committee member opens up a new role for Fitch Learning. ++++ Citadel’s Ken Griffin Settles Divorce Case By ROB COPELAND, WSJ Billionaire hedge-fund manager Kenneth Griffin settled his closely-watched divorce case, shortly before his wife was expected to testify publicly. jlne.ws/1GxSUWA ****** Thank goodness this is over and Ken can go back to buying overpriced…

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…

John Lothian Newsletter: Swiss Franc Shock Spurs CME to Change Rules on Emergency Halts; New York Prosecutor Expands ‘Dark Pool’ Complaint Against Barclays; Traders Once Starved for Volatility Now See Too Much John Lothian Newsletter,Newsletter

First Read The World Is Flat: ISE’s Boris Ilyevsky Talks PIM And New Flat Auction Pricing Sarah Rudolph – John Lothian News In October, seven options market making firms sent a letter to the SEC outlining their concerns about “the growing trend of exchanges imposing oversized transaction fees on market makers” competing in auction crosses. The firms said they were disadvantaged by the current structure in which internalization is encouraged by the use of a “breakup fee” that keeps market makers from competing with “initiators” of the auction. The International Securities Exchange (ISE) responded to the debate over price improvement…