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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…

Spot Trading cuts headcount; Wall Street Fines Fall in Trump’s First Year; J.P. Morgan’s Mobile Payments Struggle John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff Exchange Analytics has released a new Market Conduct Training Course.~JJL The World Gold Council reports that gold-backed ETF holdings increased by 3.3 in October to 2,347.6 tonnes. Europe led inflows, as investors added 11.2t of gold through funds; North America had outflows of 8t, reversing some September gains; funds in Asia gained 0.8t, but ETFs in other regions lost -0.7t in October. This is amid a year-on-year 9% drop in general demand for gold to 915 tonnes.~SR The CME’s Blu Putnam and Erik Norland have another piece out comparing the characteristics of…

LSE CEO to step down by end of 2018; SEC Names J.P. Morgan Executive as Top Regulator of Exchanges John Lothian Newsletter,Newsletter

First Read Derivatives Industry Joins Forces to Launch Futuresfundamentals.org Education Resource CME Group Today at FIA Expo, the largest gathering of futures market participants in the world, futuresfundamentals.org was launched to provide information and curriculum for learners of all levels to understand the role that derivatives markets play in the global economy and our everyday lives. /goo.gl/SAjgAm ***** This is big news for the industry and holds great potential to help it tell its story to new potential customers and professionals. It could be a great growth driver for the years to come if done well.~JJL ++++ Hits & Takes…

The Quants Run Wall Street Now; Deutsche Boerse CEO seeks end to insider trading probe; Toyota, Merck Join Ethereum Group to Build Blockchain Network John Lothian Newsletter,Newsletter

First Read It’s all in the follow through Jim Kharouf, JLN This week, we are continuing our rollout of video interviews from the Options Industry Conference. Today we feature Gina McFadden, the first woman to receive the esteemed Joseph W. Sullivan Options Industry Achievement Award for her decades of education work at the Options Industry Council. We’ve also posted engaging interviews with industry leaders, Steve Crutchfield, head of market structure with CTC in Liquidity Providers Unduly Penalized By Capital Rules: CTC’s Crutchfield and got a state of the options industry review from Henry Schwartz, president of Trade Alert, The Yin…

Hedge Fund Managers Don’t Always Beat the Market, but They Still Make Billions; EU-managed control of euro clearing is not viable; AllianceBernstein Is Selling Bond-Trading Software John Lothian Newsletter,Newsletter

First Read The Event Of The Summer: JLN & FOW Present Trading Chicago For the first time in John J. Lothian & Co.’s history, we are partnering with FOW (Global Investor Group) to host our first Trading Chicago event on June 28th. This one-day event is aimed largely at the end-users of the markets: commodity trading advisors, asset managers, hedge funds and proprietary traders. The conference will cover the issues that impact those firms directly – regulation, technology and market structure, with an underlying thread of trading in an age of uncertainty. Of course, there is always uncertainty and this…

CME Group Reached Record Average Daily Volume of 15.6 Million Contracts in 2016; Wall Street Lawyer Jay Clayton Emerges as Top Candidate for SEC Chairman; No One Questioned This Hedge Fund’s Madoff-Like Returns John Lothian Newsletter,Newsletter

First Read CFTC Chairman Timothy Massad Announces Resignation as Chairman CFTC Chairman Timothy G. Massad today said he has tendered to President Obama his resignation as Chairman of the U.S. Commodity Futures Trading Commission, effective on January 20, 2017. Mr. Massad issued the following statement: “For the past two and a half years, I’ve had the privilege of working alongside the very talented CFTC staff, and I thank them for their dedication on behalf of the American people. I also want to express my appreciation to my fellow Commissioners, Sharon Bowen and Chris Giancarlo, for the constructive and collaborative engagement…

Deutsche Bank, Credit Suisse Settle U.S. Probes as Barclays Sued; The World’s Largest Hedge Fund Is Building an Algorithmic Model From its Employees’ Brains; Barclays Balks at U.S. Demand It Pay Up Over ‘Craptacular’ Loans John Lothian Newsletter,Newsletter

First Read Markets Aren’t the Only Thing That Make Lows By John J. Lothian The holidays are supposed to be a time of merry cheer and happy tidings and for many that is the case. However, for others it is a time of loneliness and even depression. It is easy to miss the signs in friends and family members as we are celebrating the holidays, but it is important to keep in mind. Holidays can be a time of new lows. For some the loneliness and depression are a matter of missing loved ones who have departed. It is the…

Flash Crash Trader Sarao Pleads Guilty to Fraud, Spoofing; Top high-frequency trader Teza to quit proprietary trading; Trump Expected to Seek Deep Cuts in Business Regulations John Lothian Newsletter,Newsletter

First Read How we talk Jim Kharouf – JLN My column yesterday, What Just Happened about the election of Donald Trump as the next president of the United States struck a chord with readers. We received more reader feedback on this column than we have in some time, some negative, some supportive. Here are a few. “Thanks for this insightful OpEd. You articulated so many feelings I’m still trying to process.” And this: Wow, what an ignorant, cheap shot to smear nearly 60 million Americans that way. Deplorables, right? As a life-long New Yorker, I’ve watched Trump in action for…

John Lothian Newsletter: Negative Yields From Paris to Tokyo Draw Investors to U.S. Debt; Tradeweb Launches U.S. ETF Trading Platform; This Upstart Market Hopes to Grow With `Flash Boys’ Strategy John Lothian Newsletter,Newsletter

First Read Bit & Pieces Doug Ashburn – JLN The FIA just announced that former Secretary of State Condoleezza Rice will be the keynote speaker at the Wednesday lunch at FIA Boca in March. She plans to discuss a number of issues at the top of our agenda in the derivatives world – global economic uncertainty, cybersecurity and geopolitics. Oh, yeah, and there is an election coming up, about which she may have something to say. The conference takes place March 15-18, and details can be found HERE. As in prior years, John Lothian News will be there in full…