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Europe begins countdown to Mifid II; How high-frequency trading hit a speed bump John Lothian Newsletter,Newsletter

First Read Hits & Takes By John J. Lothian Welcome to 2018! Today we begin work on invoicing readers of this newsletter and their firms for the 2018 subscriptions. If you would like to receive a firm or individual invoice, please contact me directly at johnlothian@johnlothian.com Thank you to all of our loyal subscribers who have helped support this newsletter, now in its 18th year. You have allowed us to grow our offerings to continue to help you, the industry and beyond understand our markets. At John Lothian News we believe in market-based solutions for the problems facing the world….

US exchanges to face lawsuit over dealings with HFT; TCI fails in bid to oust London Stock Exchange chairman John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff Hamilton’s Report on Manufactures: Hamilton reasoned that to secure American independence, the United States needed to have a sound policy of encouraging the growth of manufacturing and ensure its future as a permanent feature of the economic system of the nation. @Wikipedia~JJL Beware – next time you’re surfing around the internet, you might be the victim of “cryptojacking”, websites that “hijack” your CPU to mine a particular cryptocurrency (though not bitcoin as that mining now requires specialized, higher power hardware). The folks at Merriam-Webster better be taking a lot of notes on all…

DRW leads high frequency trading charge into cryptocurrencies; EEX and CBEEX partner for carbon market development in China John Lothian Newsletter,Newsletter

First Read Hits & Takes The European Energy Exchange is quietly turning into a global commodities market. Just months after buying the Nodal Exchange, the US power market, it signed a memorandum of understanding with the China Beijing Environment Exchange (CBEEX). MOUs are generally not much to talk about and this one may fall into the file with most of the others. But in the off chance it becomes a partnership, it could open the European and Chinese carbon markets to one another – creating a massive opportunity for traders looking for a burgeoning market to trade. China’s president Xi…

SEC nomination; Trouble for fastest traders; The death of stocks has been exaggerated John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff Our friends at Deutsche Boerse Group have produced a video posted to Youtube titled “Brexit explained in simple terms”~JJL Do you know BOAT Services? The Cinnober subsidiary just received FCA approval to publish your firm’s post-trade reports – it’s a MIFID II thing. BOAT Services has more than 350 customers.~JK Retired FIA President John Damgard is today’s featured speaker from this summer’s MarketsWiki Education World of Opportunity series in Chicago.~JJL The Realization Group and Software AG is hosting the second in a series of roundtable discussions on Digital Excellence in Banking and…

Volatility Plumbs Record Lows as Stock, Bond Rallies Accelerate; U.S. stock options attractive as earnings reports roll in; Could Deep Learning Dethrone HFT? Newsletter,Options

Observations & Insight Moon landing markets: A sea of tranquility Spencer Doar – JLN Who doesn’t like some context? If you didn’t realize it, on this day 48 years ago, man first landed on the moon (if you believe that sort of thing). In July 1969, the S&P 500 was trading in the 90s. Like, nine zero. There was not an options exchange, let alone multiple ones. It was simply the backwoods put and call business involving newspaper ads. Above: Apollo mission flight diagram Meanwhile, the S&P 500 and Nasdaq hit all time highs yesterday. If today’s flattish/kind of up…

Goldman-Backed High-Speed Trading Network Sold for $39.5 Million; The Dutch Have Solutions to Rising Seas. The World Is Watching.; HFT – Not so flashy anymore John Lothian Newsletter,Newsletter

First Read Eurex CEO Sees Plenty of Structural Growth Potential JohnLothianNews.com “We also see a lot of structural growth potential… If we look at the equity index complex, there is a clear trend of many asset managers moving to passive investment structures. We see that … on the derivatives side [adding] new liquidity pools to global index families.” Thomas Book, CEO of Eurex Frankfurt AG and Eurex Zurich AG, believes the exchange can take advantage of the opportunities presented by a changing European landscape. Low interest rates for a long time equated to low interest in Eurex’s fixed income offerings…

HFT – Not so flashy anymore; Vicious VIX; JPM Head Quant Warns Of “Catastrophic Losses” For Short Vol Strategies Newsletter,Options

Observations & Insight An Excerpt of Note Spencer Doar – JLN I am re-reading “Liar’s Poker” because…I don’t really know why — maybe it’s just summer instinct with all these reading lists floating around. Anyway, about a quarter of the way in, there’s a notable anecdote from Michael Lewis’ training program at Salomon: “‘When you trade equity options,’ asked my friend Franky, ‘do you hedge your gamma and theta or just your delta? And if you don’t hedge your gamma and theta, why not?’ The equity options specialist nodded for about ten seconds. I’m not sure he even understood the…

HFT as an insight into where fintech is going; Brokerage, CEO charged with abetting manipulative high-frequency trading; Bloomberg suffers rare drop in terminal numbers as banks cut back John Lothian Newsletter,Newsletter

First Read Keith Todd Steps Down From ION Trading JLN John Lothian News has learned that Keith Todd, executive chairman, agency trading and processing at ION Trading, has stepped down from his role at the company. In an exclusive interview with JLN, he said it was time to step aside after 14 years at the company, which has Ffastfill, Patsystems and Rolfe & Nolan among others under its operations. Altogether, he spent 14 years with Ffastfill and ION. Todd’s position has been filled by ION’s Silvio Oliviero, who has been working closely with him for the past several years. During…

NYSE Arca Suffers Glitch During Closing Auction; High-Frequency Traders Fall on Hard Times; Threat or Opportunity? Blythe Masters Talks Blockchain Jobs Impact John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian This morning we present the first of our MarketsWiki Education World of Opportunity videos from Stockholm. Peter Fredriksson of Baymarkets is the first up with a story about Stockholm. My phone experienced a series of text messages yesterday as NYSE Arca Equities had electronic trading problems late in the day. Here is the System Status page with the details on the problem. It was ten years ago when I went to the FIA Boca Raton conference with an idea: MarketsWiki. It was there I pitched various firms about the idea. I…