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

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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….

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…

VIX Manipulation Costs Investors Billions, Whistle-Blower Says; High-Speed Traders Profit From Return of Loophole at CME; Tighter monitoring for computer trading demanded John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff The SEC’s 2019 budget request of $1.658 billion is a 3.5 percent increase over 2018. The majority of that extra funding, $45 million, would go to “technology enhancements to support the agency’s cybersecurity capabilities, risk and data analysis, enforcement and examinations, and automation of business processes.”~SD The CFTC’s budget request of $281.5 million for fiscal year 2019 would support 716 full time employees. CFTC Commission Brian Quintenz pointed out that in FY 2016, the agency had 714 full time employees, 689 in 2017 and 670 this year.~JK Economist/Stanford professor/auction theorist Paul Milgrom received…

Insider trading has been rife on Wall Street, academics conclude; Singapore Bourse Seeks to Defuse Tensions With Indian Counterpart; Booming Demand for Clearing Options, Futures Contracts Fuels OCC’s Growth John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff The National Stock Exchange of India will end its licensing arrangements with SGX, CME Group, Taiwan Futures Exchange and Osaka Securities Exchange, according to Bloomberg. Given the ongoing limited access to the Indian market, this can’t be good for NSE, even with a new tax-free trade zone. ~JK ICE is set to relaunch the National Stock Exchange, purchased last year, as NYSE National, a maker-taker pricing model.~JK Cliff Histed, a partner at K&L Gates LLP will be moderating the Enforcement Actions panel at the ABA’s “2018 Blockchain Technology, Digital Currency, and ICO National…

Worries Grow That the Price of Bitcoin Is Being Propped Up; Deutsche Börse’s new CEO launches housecleaning; EU clearing houses pass second stress test John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff Last night’s CAIA packed event on cryptocurrency markets featured David Schulz, director, global client services at Cboe Futures Exchange, Michael Groff, managing member at the GCG Fund and Matt Wolf, partner and CEO at Antonym. It covered some interesting ground, such as: Cboe’s bitcoin futures contract’s ADV and OI is about 5,800 contracts and ICOs are the Wild West indeed.~JK And have you heard of the top five through 10 cryptocurrencies by market cap? That would be Cardano at $14.6 billion, NEO at $9.7 billion, Litecoin at $9.3 billion, Stellar at $8.9 billion,…

Big Banks Accused of Stifling Competition in Stock Lending; Rise of Bitcoin Futures Prompts Regulator to Revisit Hands-Off Approach; EU rejects Brexit trade deal for UK financial services sector John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff CFTC Commissioner Rostin Behnam said in a speech before the Market RIsk Advisory Committee that in the 18 years since the introduction of the self-certification process for new futures products, 15 exchanges have self-certified 10,628 new products.~SD There were some Citadel personnel moves recently. Seetharam Gorre, formerly the chief investment officer for Steve Cohen’s Point72, joined Citadel as a managing director and in April, Will Evans, global franchise manager for commodities at Goldman, will join Citadel, too. (Back in August, Point72 snagged Jerrell Watts from Citadel where he was head of algorithmic execution…

MarketAxess sees record trading volumes in 2017; Facebook and regulators move to halt cryptocurrency scams; Blackstone bets big on Wall St. information business with Thomson Reuters deal John Lothian Newsletter,Newsletter

First Read Hits & Takes JLN Staff CQG’s Pat Kenny, The Most Interesting Man in the World, just became a little more interesting. He was named the new chairman of the board of directors of the Association of Futures Markets during its 21st Annual Conference organised in Bangkok.~JJL The latest edition of Inside Advantage, from Advantage Futures, is out with a Q&As with Don Wilson and Blair Hull.~JJL Nasdaq’s reported its Information Services and Data Products represented a combined 44 percent of net revenues in Q4. ~JK The WFE’s https://goo.gl/CTe53Y|FOCUS]] newsletter is out. FOCUS features the following exchange and CCP…