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John Lothian Newsletter: Reflections on Stress and Long Hours on Wall Street; Stanley Fischer pushes for harsher banker penalties; Deutsche Boerse to open Asia derivatives exchange John Lothian Newsletter,Newsletter

First Read Get Smart: LSE Looking To Smart Beta Doug Ashburn – JLN The word “smart” has been drilled into the marketing lexicon for so long it is sometimes hard to tell what is and isn’t actually, well, smart. Smart phones, smart cars, smart watches and even a smarter planet. The investment world has seen its own branding with so-called smart beta, which was examined in depth by FTSE Russell in May, the first time the LSE’s FTSE index division put its names together with Frank Russell since the exchange purchased the US index and asset manager last year. Five…

John Lothian Newsletter: Lehman’s Fuld Says It Wasn’t His Fault; Finance must blow the whistle on foul play; LME nears deal with market makers for steel futures, hurdles remain John Lothian Newsletter,Newsletter

First Read Bigger Picture: BATS Execs Willing To Collaborate To Expand Options Business Sarah Rudolph – John Lothian News BATS Global Markets has a hand in both equities and options, and its options market, though relatively new, is holding its own among the growing list of options exchanges. John Lothian News’ Sarah Rudolph caught up with Kapil Rathi, the exchange’s vice president of options business strategy, and Bryan Harkins, its executive vice president and head of U.S. markets, at the Options Industry Conference in Miami Beach earlier this month and spoke to them about BATS’ plans for a new exchange,…

John Lothian Newsletter: Goldman’s Self-Defeating Case Against a Programmer; Bond platforms look to bury archaic phone trading; LSE Enters Contest to Build European Dark Pool Called Plato John Lothian Newsletter,Newsletter

First Read Brazilian Bits Jim Kharouf – JLN The World Federation of Exchanges/IOMA Derivatives and Clearing Conference got underway in São Paulo, Brazil on Monday. Market regulation and clearing issues ruled the day’s panels. Here are a few bits from this beautiful, gritty and sprawling city which has more trees and traffic than expected, as well as graffiti that appears to be on almost every building, on every story. One could only ask two questions – why and how? Stu Wexler, regional COO and general counsel of ICAP North America, made the point that the CFTC’s overreach, often dubbed extraterritoriality,…

John Lothian Newsletter: Virtu seeks valuation of $2.59 billion; Bank of America accused of ‘tarnishing’ Merrill Lynch; Accused Goldman Code Thief Takes On Vance After Defeating U.S. John Lothian Newsletter,Newsletter

First Read Connecting: HKEx’s Li Said It Will Help Connect To China’s Trillions JohnLothianNews.com Hong Kong Exchanges and Clearing is all about connecting. HKEx’s CEO Charles Li says his exchange is the linchpin that connects mainland China’s markets with the rest of the world. Li, who spoke with John Lothian News editor-in-chief Jim Kharouf at the FIA Boca conference, said his exchange is about strategic positioning with China and taking advantage of the explosive growth it sees, especially with the London Metal Exchange firmly integrated into its business. “Our job is to find a way to make that connection,” Li…

John Lothian Newsletter: CFTC suspends deadline on brokers’ margin; London Metal Exchange ends ties with LCH.Clearnet; Top Wall Street Lawyer Slams Regulatory Environment John Lothian Newsletter,Newsletter

First Read Creative Juice: Sir Ken Robinson and FIA Boca 2015 Doug Ashburn – JLN At each year’s FIA Boca conference, a certain topic, issue or person becomes “the thing everyone talks about.” It may be an impending rule, a disruptive new technology, or an outlandish comment made at the exchange leader panel. Two years ago it was then-CFTC chairman Gary Gensler displaying his dance moves after planting a rumor he would be up for another stint as head of the regulator. In 2007 it was the envelopes slid under the hotel room doors of Charlie Carey and Bernie Dan…

John Lothian Newsletter: Australian exchange launches technology overhaul; CFTC Reviews Retail Forex-Trading Rules Following FXCM Debacle; Global Oil Layoffs Exceed 100,000 John Lothian Newsletter,Newsletter

First Read Bubble Talk: Jose Scheinkman and the CME Group-MSRI Innovation Award Seminar JohnLothianNews.com On Monday morning, February 9, 2015, the CME Group-MSRI Prize in Innovative Quantitative Applications was awarded to Jose Scheinkman, economics professor at Columbia and Princeton Universities and one of the world’s leading experts on financial modeling. Since much of his recent work is centered on friction in the financial markets, Monday’s award ceremony was preceded by a seminar titled “Bubbles in the Markets: Why Do They Form, When Do They Burst?” At the conclusion of the ceremony, Prof. Scheinkman sat down with John Lothian News editor-at-large…

JLN Financials: In Bonds, One Man’s Big Sales Pitch; Pimco’s flagship fund decreases U.S. govt-related holdings in Jan; Currency Warriors Get Boost at G-20 Meeting Financials,Newsletter

First Impressions SDR 2.0: CME Group’s Jonathan Thursby Looks at the Future of Swap Data Repositories JohnLothianNews.com Over the past 18 months, the OTC derivatives world began mandatory reporting into trade repositories. Now that we have had some time to work through the logistics, it is time for a rethink. Jonathan Thursby, president of global repository services at CME Group, says the CFTC and global regulators are looking at revisions to the rules, and he lays out his wish list for a new and improved framework. Watch the video » Quote of the Day Having proven themselves unable to cobble…

John Lothian Newsletter: Banks May Have Overplayed Their Hand Fighting Wall Street Regulation; In Bonds, One Man’s Big Sales Pitch; SGX names new head of China business John Lothian Newsletter,Newsletter

First Read SEC Charges Former Brokerage CEO for His Role in Fraudulent Scheme SEC The Securities and Exchange Commission today announced that the former CEO of a global investment services firm’s brokerage subsidiary agreed to pay more than $783,000 and admit wrongdoing to settle a case involving employees under his control misleading customers. The SEC previously charged ConvergEx Group subsidiaries, which paid $107 million and admitted wrongdoing to settle the charges. The SEC also charged two former employees in that enforcement action, and later separately filed a case against a different former ConvergEx subsidiary CEO that is pending in federal…

Foreign exchange trading; “Same as it ever was”. A market ripe for disruption Blog,Commentary,Financials

Ray McKenzie

When I first began trading FX in the age when dinosaurs roamed the earth, spot was traded through brokers and once in a while on the Reuters dealing system or via Telex. And of course direct over the phone. It took much prodding, begging and pleading to convince the brokers and the banks to allow Morgan Stanley (where I traded) to be allowed to use the broker market. Our argument was that we really were a customer and not a competitor because we were hedging client flow that the banks wouldn’t see anyway. To some extent that was true, but…