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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: Intercontinental Builds Out Asset Pricing With Two Acquisitions; Whistleblower award for NYSE fine goes to HFT critic; Tullett Prebon bid to buy ICAP unit edges closer John Lothian Newsletter,Newsletter

First Read Risk vs. Reward – in the Markets and on the Water Don Wilson, CEO, DRW Holdings, this week’s guest editor I’ve always seen clear parallels between competitive sailing (a passion of mine) and trading in the financial markets – it all goes back to the age-old question of risk versus reward. Every decision in sailing – like every position we take in the markets – requires a sharp focus on risk management. Does a sailor tack to cover his opponent or risk splitting for greater leverage with potentially greater gains and losses? How risky is a move in…

John Lothian Newsletter: NYSE Owner ICE, CME Group Mulling Bids for LSE; U.S. Mortgage-Bond Proposal to Melt 8-Year Freeze Advances; IEX Adjusts Exchange Application to Circumvent Key Objection John Lothian Newsletter,Newsletter

First Read Getting My Start Don Wilson, CEO, DRW Holdings, this week’s guest editor I came to my career choice the way many students do—trying a few things until something sticks. When I started college at the University of Chicago, I was interested in science and math, but wasn’t really sure what to pursue. Eventually I decided that what actually interested me was using math to solve problems and, after some exposure to economics and finance, I realized that applying math to markets in a trading environment would be ideal. Getting instantaneous feedback about the decisions you make and being…

John Lothian Newsletter: LSE/Deutsche Börse deal gets veto threat from regional finance ministry; NYSE’s New Technology Launch Hits a Hiccup in Its First Week; JP Morgan dismisses traders for breaching compliance procedure John Lothian Newsletter,Newsletter

First Read Protecting Market Principles Don Wilson, Guest Editor It’s been a long time since I’ve had a first day on the job. DRW, the firm I founded while trading Eurodollar options at the CME, turns 25 next year. But I gladly took the offer to join JLN as a guest editor, and I’m excited to see what the week will bring—you never know when the news editor will become the newsmaker. We talk a lot about how things have changed over the years, reminiscing about the open outcry trading of the pits and opining about new technologies. As in…

A Fortune Built on the Back of Prayers Blog,Commentary

John Lothian

Last week I announced on Facebook to my family and friends that I was headed to surgery again on my back. More about that later, but the response I received on Facebook made me realize why Mark Zuckerberg has become the fourth richest man in the world. My list of Facebook friends responded to news with best wishes, but more importantly with promises of prayers for my healing and well-being. This is not an uncommon experience on Facebook when people share challenges such as mine. Some of the people I am friends with on Facebook are from high school. Some…

Bloomberg’s Matthew Philips Wrong On HFT and Don Wilson Commentary,Tech / HFT

John Lothian

It is clear to me that Bloomberg reporter Matthew Philips does not understand what he is writing about in his story about Don Wilson and his conflict with the CFTC. Mr. Philips tries to frame this story in his lead paragraph as the “opening salvo” between the CFTC and high-frequency traders. It is not. He is wrong. So let’s dismiss this argument first. There is no high-frequency trading in swaps trading. Period. Perhaps when we get the SEFs fully up and running and all potential swaps dealers are registered and participating, then we could see some HFT. Until then, this…

FIA Panel: Perspectives on High-Frequency Trading and its Overall Impact on the Market (Part 1/3) Regulation,Tech / HFT,Video

FIA HFT Panel

Part one of the FIA’s Perspectives on High-Frequency Trading and its Overall Impact on the Market. [Part 2]  [Part 3] September 1, 2011 – The Union League Club – Chicago Event Description: Since the introduction of faster speeds, smarter algorithms and real-time data, the financial markets have emerged with increased opportunities and innovative challenges. While some believe the high barriers to entry decrease diversity, others say high-frequency trading increases liquidity, narrows spreads and enhances market efficiency. With a panel of industry experts, the FIA IT Division sets out to reveal the overall impact of high-frequency trading, explore common misconceptions and…

FIA Panel: Perspectives on High-Frequency Trading and its Overall Impact on the Market (Part 2/3) Regulation,Tech / HFT,Video

FIA HFT Panel

Part two of the FIA’s Perspectives on High-Frequency Trading and its Overall Impact on the Market. [Part 1]  [Part 3] September 1, 2011 – The Union League Club – Chicago Event Description: Since the introduction of faster speeds, smarter algorithms and real-time data, the financial markets have emerged with increased opportunities and innovative challenges. While some believe the high barriers to entry decrease diversity, others say high-frequency trading increases liquidity, narrows spreads and enhances market efficiency. With a panel of industry experts, the FIA IT Division sets out to reveal the overall impact of high-frequency trading, explore common misconceptions and…