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London loses oil futures listings as Mifid bites; Wall Street Is Claiming Tax-Cut Bounty; South Korea plans to ban cryptocurrency trading John Lothian Newsletter,Newsletter

First Read A Grateful Scouter with a Big Silvery Beaver-Like Smile By John Lothian I was informed late last night that I am to be recognized for my contributions to Scouting with a Silver Beaver Award on behalf of Pathway to Adventure Council of the Boy Scouts of America. The Silver Beaver Award recognizes “registered Scouters of exceptional character who have provided distinguished service within a council.” I am honored to be recognized for my work on behalf of the Scouts, but this award is as much about you, the readers of this newsletter, and my creative and persistent use…

John Lothian Newsletter: CFTC, SEC Inch Closer to Full Strength With Nominations Moves; Intercontinental Exchange – Cybersecurity, economic volatility and political uncertainty top list of concerns for corporate boards in 2016; Nasdaq could be next after LSE deal, says Credit Suisse John Lothian Newsletter,Newsletter

First Read Looking Ahead Don Wilson, CEO, DRW Holdings, this week’s guest editor As we close the week, I’ll pick back up on ideas I shared in Monday’s newsletter. Regulation designed to reduce the risk of another financial crisis is being phased in. I would summarize the primary tenets as (1) reduce leverage and risk and (2) ensure that most derivatives are cleared. There is good logic to both thoughts – less leverage is less risky, and futures markets performed flawlessly through the crisis. Of course it’s never easy to go from well-intentioned concepts to practical implementation, but I will…

John Lothian Newsletter: More Dark Pool Investigations Under Way, Says New York’s Top Cop; ISE Mercury to Launch on February 16, 2016; Barclays reshuffles US derivatives leadership John Lothian Newsletter,Newsletter

First Read Nonbank Runs – A Flight of the Fancy Doug Ashburn – JLN “Potter’s not selling; Potter’s buying. Why? Because we’re panicking and he’s not!” – George Bailey We all remember the scene in “It’s a Wonderful Life when James Stewart (as George Bailey) tries to stave off a run by nervous depositors at his Bailey Bros. Building and Loan while, across town, financier Mr. Potter looks to swoop in at fire sale prices. These days, according to a panel of economists at Monday’s CME Group-MSRI Prize in Innovative Quantitative Applications seminar, it may well be the Mr. Potters…

John Lothian Newsletter: China suspends market circuit breaker mechanism; Wall Street to Get Graded on How Much Spoofing It’s Facilitating; Dark trading: The right balance John Lothian Newsletter,Newsletter

First Read Yesterday’s Top Clicks Our top read link yesterday was the, MarketsWiki Education Job board, a collection of job openings from the top exchanges and firms in the industry. The second most read item was Career Opportunities at Deutsche Boerse Group, which is the jobs page for Deutsche Boerse. It was the top read item on Wednesday. The number three most clicked on piece yesterday was DoJ investigates traders over debt-market rigging from the Financial Times. As we mentioned yesterday, the MarketsWiki Education job board is currently in beta. Seeing the clear need for a robust job aggregation engine…

John Lothian Newsletter: Exchanges and interdealer brokers reshape to face fragmenting market; ICE Futures Singapore Launches with Commodity and FX Contracts Serving Asian Markets; GMEX’s CMF granted CFTC approval John Lothian Newsletter,Newsletter

First Read Boy Scouts Search for a New Path; Now is not the time for the Boy Scouts of America to recede from its long-standing national role. By MICHAEL S. MALONE – WSJ Having passed through the controversy over its acceptance of gay members in 2013 and gay leaders this year, the Boy Scouts of America now finds itself at a crossroads. The path it chooses may have a profound and enduring impact on American culture. For a century now, the BSA has been, and remains, the largest youth organization in the United States. There are 2.6 million Cub Scouts,…

Vision Statement: Fidessa Looking At Realtime and Predictive Analytics and Cybersecurity Interview,Tech / HFT,Video

The financial technology space is always moving and aiming at moving targets. Justin Llewellyn-Jones COO and global head of derivatives for Fidessa, said firms now are facing broader and deeper technology challenges than ever, from real time order analytics to new cyber security needs. Speaking with John Lothian News at the FIA IDX conference in London, Llewellyn-Jones said Fidessa has been focused on expanding its execution algorithms, an initiative that was moving forward over a year ago. “We’ve been extending that set of algorithms in terms of the synthetic order types, the execution types we cover, the benchmark algorithms.” Now…

John Lothian Newsletter: NYSE Plan Would Revamp Trading; Dark Pools in Spotlight as Europe Moves to Fortify Market; BGC Boosts Takeover Offer 3.8% for Interdealer Broker GFI John Lothian Newsletter,Newsletter

First Read SEFCON Snapshot 2014, Part II: Cross-Border Issues JohnLothianNews.com The WMBA Americas hosted SEFCON V on November 12, 2014, and John Lothian News was there. We interviewed 14 SEF operators, regulators and participants and put together this three part series on the state of SEFs one year into the mandate. Part II looks at the differences between U.S. SEF rules and those of other jurisdictions. The conference featured a panel on cross-border issues, moderated by ISDA CEO and former CFTC Commissioner Scott O’Malia, and also a keynote address by current CFTC Chairman Tim Massad. Watch the video » ++++…

John Lothian Newsletter: Obama Said to Trim Budget Request for Struggling Swaps Regulator; Toronto SE keen on partnering with BSE; Lawmakers Debate Dark Pools at Hearing John Lothian Newsletter,Newsletter

First Read The A,B,C’s: Ian Morley’s Tips for Emerging Managers JohnLothianNews.com Emerging managers have always faced challenges getting their firms off the ground. From establishing a track record to building the infrastructure needed to grow, firms are now faced with a new regulatory regime in the US and Europe that puts additional hurdles in their way. Ian Morley, chairman of Wentworth Hall Consultancy in London spoke with Jim Kharouf, editor-in-chief of John Lothian News at the Emerging Manager Forum in Miami in December about the challenges that managed futures funds face today. He said that Dodd-Frank and European rules have…

John Lothian Newsletter: The year dark trading surged; Abenomics Drives Japan Hedge Funds to Worlds Top Performers; Optiver appoints new CEO John Lothian Newsletter,Newsletter

First Read Ideas adjust to new ‘facts’ of finance – FT.com Gillian Tett Eight decades ago, economist John Maynard Keynes reputedly remarked: “When the facts change, I change my mind; what do you do sir?” Investors might do well to consider that question as, looking back at the past five years, it is clear some of the “facts” of global finance have been overturned. Unsurprisingly, that has produced some visible shifts in most investors’ views. jlne.ws/1dcN0y3 ***JM: It’s an interesting paradox that our perspective can shift over time, yet we can also stubbornly engage in an infinite loop of destructive…