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Stock exchanges cast wary eye at threat from big tech; Cryptocurrency Firms Targeted in SEC Probe John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff From today’s Bloomberg piece This $1 Trillion Money Manager Just Joined the Crypto Frenzy, “shares in Taiwan Semiconductor Manufacturing Co., which manufactures chips for Nvidia Corp. and Advanced Micro Devices Inc., have climbed 34 percent since the beginning of 2017 and surged to a record in January.”~JK Did you know that Temenos Group AG, the Geneva-based banking technology company that has bid for Fidessa, is the fourth largest software firm in Europe? That, what “Temenos” means and more HERE~JK JPX reported that in February 2018, total derivatives trading volume was 40,059,157 contracts, a…

Bitcoin-Futures Regulator Clears Employees to Trade Crypto Coins John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff It is with sadness I report the passing of Betty Bergstrom, mother of my wife, Cheryl Lothian and of my brother-in-law and JJLCO CIO, Jeff Bergstrom. She died Saturday in Chicago at the age of 86. Betty was a natural leader, an elected official, non-profit executive and advocate for women and children. Here is the obituary we are submitting to the newspapers in Chicago and Phoenix.~JJL Do you know what Vermeg is? The firm just bought Lombard Risk and is expanding its footprint. We have a new page up on the company in…

Self-Proclaimed Bitcoin Inventor Accused of Swindling $5 Billion of Cryptocurrency John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff Today is the 10th anniversary of the Nasdaq OMX deal that transformed Nasdaq and set the foundation for its timely position as a leading purveyor of financial technology around the world. The OMX deal gave Nasdaq a global exchange and clearing technology business. It helped Nasdaq put down permanent roots in Stockholm, where Nasdaq before had had difficulty establishing a permanent beachhead in Europe. For me, it always seems Nasdaq was trying to match the moves of NYSE in a game of catch-up. However, with the OMX deal, that changed. And now with…

Nearly Half of 2017’s Cryptocurrency ‘ICO’ Projects Have Already Died John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff A report from Deloitte showed that 9 out of 10 blockchain trials go nowhere. Only 8 percent of projects started still survive, with 92 percent of blockchain projects failing or started as an experiment, according to a blog post from Chris Skinner in thefinancer.com.~JK Steve Sears is leaving Barron’s after 12 years. Here is his last column, titled “Making a Friend of Fear.”~JJL Former John Lothian News intern Alison Fay is now a digital marketing specialist at Divi Resorts. Congratulations and best of luck to Alison as she starts her full-time career.~JJL I…

Fed’s Dudley Warns on Dangerous ‘Speculative Mania’ Around Cryptocurrencies John Lothian Newsletter,Newsletter

bitcoin 100 bill

First Read FCMs Big And Small Suffer Major Losses On Latest Black Monday Jim Kharouf – JLN On February 5, the historic trading day when the Dow Jones Industrial Average fell 1,175 points and the S&P 500 plunged 113 points, many customers suffered significant losses which forced several futures commission merchants to cover those deficits. The severity of the losses on that day was reflected in major drops in FCM customer segregated funds, some to alarming levels. Among the biggest shocks was at RBC Capital Markets, which on February 5 posted a deficiency of funds in segregation of $1.13 billion….

Temenos and Fidessa forge banking software tie-up; Ex-CFTC Counsel Is Likely Pick for Dem Slot John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff Correction/Clarification: A clarification on an item in Monday’s JLN: DRW Cumberland’s Bobby Cho said Cumberland’s proportion of crypto-to-crypto trades now represents about 25 percent of its trades, versus crypto-to-fiat trades, meaning that counterparties now increasingly want to trade bitcoin to ethereum (or some other crypto combination), whereas in the past it was predominantly bitcoin to dollar (or other fiat currency). The item could have been interpreted as crypto trades account for 25 percent of all DRW trading, which is inaccurate.~JK The CFTC collected $413 million in fines last year, which means an investment…

US blocks Chinese-led takeover of Chicago exchange; This Short Seller Pressed ‘Tweet.’ Then the FBI Showed Up; John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff Thursday’s near half marathon (almost 13.1 hours), CryptoCon 2018 event by FinTank was a smashing success by all accounts with coverage of everything from initial coin offerings to crypto markets from several different vantage points – lawyers, traders, brokers and exchanges. Well done, FinTank. You will see more coverage from the event below and in the coming days.~JK Wednesday’s Technology Advisory Committee of the CFTC fell on Valentines Day, which was also Ash Wednesday. Each member of the TAC was given a cupcake at their seat. No one was brave enough to eat…

Should Congress Create a Crypto-Cop?; The New Wizards of Wall Street; IRS to Ban Hedge-Fund Tax Dodge John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff The CFTC’s Technology Advisory Committee showed me a few things yesterday. One, the CFTC Commissioners seem to like and respect each other and get along. That has not always been the case. Two, there is a lot of work to be done on crypto-assets regulation. Three is that there is a tremendous spirit of cooperation in the industry to figure all this out. I learned from an AI expert that AI will take over the world. I learned from a cyber-security expert that I am not paranoid enough. I saw the CME Group’s…

A bit of fear is good for markets; FIA seeks talks with Indian exchanges; Nasdaq/OPCOM New Tech John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff See the Spencer Doar commentary below about the VIX manipulation letter. Spencer methodically and politely shreds the letter writer’s argument and credibility.~JJL Here is a list of those countries who have won medals at the winter Olympics so far, and also a complete list of the countries competing.~JJL Tomorrow is the Fintank CryptoCon 2018 event in Chicago. I will be on a panel late in the day, moderated by the one and only Chuck Mackie.~JJL Simon Barnby, formerly of Fidessa, has written a commentary on LinkedIn titled “CMOaaS – proven marketing skills, as…