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Tag Archives: FINRA

FINRA Sweeps BDs for VIX-Linked Products Info; Earnings Season Catalyst to Crush Volatility Again Newsletter,Options

Observations & Insight Treasury Pushing For Capital Rule and Volcker Changes Jim Kharouf – JLN The US Treasury Department is addressing capital intensive rules that have constrained market participants from capital markets to community banks under the Volcker rule. Craig Phillips, counselor to US Treasury Secretary Steven Mnuchin, speaking at the WFE IOMA conference in Chicago last Friday, said the department is looking at a variety of issues and challenges for market participants, ranging from restrictive leverage ratios and how those are calculated, to easing restrictions on banks and institutions in the capital markets to promote liquidity, to changes in…

Chicago firms gear up for MiFID II; EU exchanges clash with customers over fees; South Korea Considers Closing Bitcoin Exchanges John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff This is the second to last edition of the John Lothian Newsletter for 2017. Tomorrow we will publish JLN, but not JLN Options or JLN Asia Pacific News.~JJL Eurex‘s trading calendar for the new year can be found HERE.~JJL There were a couple of commodity related explosions this week. First, a Libyan crude oil pipeline was blown up by suspected terrorists, helping move prices. It is believed it will take a week to get the pipeline back online. Then there was an explosion at an Argentinian grain terminal owned by COFCO that killed…

Inflationary VIX shock potential and other vol catalysts; Bitcoin pushback Newsletter,Options

Observations & Insight North Korea says U.S. threats make war unavoidable as China urges calm Soyoung Kim, Heekyong Yang – Reuters Two American B-1B heavy bombers joined large-scale combat drills over South Korea on Thursday amid warnings from North Korea that the exercises and U.S. threats have made the outbreak of war “an established fact”. /goo.gl/g6LF1Y ****SD: We’ve made it this far in the “year of low volatility.” This North Korea update and the below Palestinian story are two of the first things I see scanning my feeds this morning. The other story I saw? Bitcoin hits $16k. No words……

The World’s Largest Oil Hedge Is Complete; Cboe says bye bye to Bats brand Newsletter,Options

Observations & Insight Deep Dive With JLN: How Can The Financial Industry Draw In The Next Generation Of Talent? JohnLothianNews.com John Lothian News’ CEO Jim Kharouf sat down with Brian Mehta, chief marketing officer at Trading Technologies, and Doug Monieson, partner at Hyde Park Angels, to talk about what will attract the next generation of traders and professionals into this space. From college outreach programs like TT CampusConnect to a variety of new education, training, competitions and platforms that open the world to new traders with new ideas, both see the financial markets as having much to offer. “Getting companies…

Moves to seize HFT code “dead”; Complex Math Could Make Blockchain Work for Wall Street; SEC’s CAT John Lothian Newsletter,Newsletter

First Read Hits & Takes Over the last quarter Eris Exchange hit an all-time high of 200,000 contracts ($20bn) of open interest (OI) in their IRS swap futures contracts cleared by CME Group.~JJL On November 3, 2017, Chicago-Kent College of Law will host the 9th Annual Conference on Futures and Derivatives. This is a full day program covering important topics for compliance officers, in house counsel, regulators, accountants and attorneys who work within the Futures industry. Register HERE.~JJL Rosenblatt Securities in their Trading Talk Market Structure Analysis reported year-to-date equities average daily volume is down 11.57 percent y/y and off…

Thesys vs. Goliath: That’s One Big CAT Commentary,Feature,Fintech,Regulation & Enforcement

Small company wins big with opportunity to build the Consolidated Audit Trail covering U.S. equities and options. FINRA, FIS, Cinnober, Thomson Reuters – what do they have in common? They are just a few of the 30 bidders who lost out on developing the Consolidated Audit Trail (CAT) to Thesys Technologies LLC, a subsidiary of the proprietary trading firm Tradeworx, founded in 2009. To develop and implement the CAT, Thesys partnered with IBM (which was a bidder on its own, too), as well Rosenblatt Securities and law firm Latham & Watkins. “You had some big tech companies that really understand…

Exchange data made up a third of revenues in 2016; NEX revenues grow despite tough market conditions; China’s $800 Billion Sovereign Wealth Fund Seeks More U.S. Access John Lothian Newsletter,Newsletter

First Read MarketsWiki Education Kicks Off In The Big Apple MarketsWiki Education events provide interns interested in capital markets with a rare opportunity to hear from established professionals in the industry. In yesterday’s two sessions hosted at Nasdaq’s Marketsite in Times Square, 70 hungry youngsters were treated to 12 TED-style talks covering everything from the importance of options market data to proper professional branding. Here are just some bits from the event: -Vela Technologies’ Brian Cassin explained the trials of merging two culturally different companies — SR Labs and Wombat — and how it opened up space for some of…

Correction: NFA and FINRA Do Recognize Other Regulator’s Bans Americas,Blog,Commentary,Investing & Trading,Mwiki,Regulation,Regulation & Enforcement

John Lothian

It turns out that the NFA and FINRA do jointly recognize the bans of other regulators already. In the specific case I mentioned, that of Jon Corzine, he would register if necessary with the SEC. Whether the SEC will recognize the ban of another regulator is a question I am still awaiting an answer. There is a loophole that was expanded by Dodd-Frank that allows hedge funds with less than $150 million to not have to register with the SEC. Tom Sexton of the NFA responded to my inquiry by saying: With regard to your column last week, you should…

Time to Close the Asset Class Ban Loophole Blog,Commentary,Investing & Trading,Mwiki,ReformWiki,Regulation,Regulation & Enforcement

Corzine and his ilk Should be Banned Across All Asset Classes Note: A correction to this story has been posted here. The NFA and FINRA to recognize the bans of other regulators. With the recent news that former MF Global CEO Jon Corzine is attempting to make a comeback at age 70 as a hedge fund manager, it became clear there is a hole in our regulatory system that needs to be fixed. Corzine is banned for life by the CFTC from trading futures, yet he can operate in the securities and FX worlds managing other people’s money. It is…