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ICE’s Hutcheson Talks Benchmarks and Assuming the Helm of ICE Clear Europe Feature,Video,video

“I think there’s a strong push from the regulatory side to make non-standardized business expensive. That has already started to bite in a number of asset classes but hasn’t really reverberated fully through the industry.” Finbarr Hutcheson, currently the president of ICE Benchmark Administration (IBA), will be taking over ICE Clear Europe later in the year when Paul Swann retires. In the meantime, Hutcheson still has plenty to focus on at IBA.  Opened for business in 2014, IBA maintains three key benchmarks: LIBOR, ICE Swap Rate (formerly ISDAFIX) and the LBMA Gold Price. But it is expanding into some non-benchmark…

John Lothian Newsletter: Black Swan Dangers May Lurk in Emerging Markets Amid Greece Risk; Traders anxious ahead of extra second in day; NY bank watchdog sinks teeth into Isdafix rigging John Lothian Newsletter,Newsletter

First Read John Lothian News Special Report: Unchained: How Blockchain And Bitcoin Are Going Mainstream Please click on the Special Report image to see the full report, which includes a full feature story, videos from Hans-Ole Jochumsen on Nasdaq’s efforts in blockchain technology and Adam Honoré, CEO of the fintech consulting firm MarketsTech, as well as the best recent Top Stories on the topic. ++++ JLN Summer Intern Education Series To Hit New York And Chicago John Lothian News John Lothian News is hosting its third annual MarketsWiki Education 2015 Chicago and New York World of Opportunity Summer Intern Education…

John Lothian Newsletter: Investigators probe $500tn interest rate swaps market; As LME looks east, CME throws down challenge in west; NYSE liquidity drive pushes midday auction John Lothian Newsletter,Newsletter

First Read Have a nice extended weekend everyone. For those in Chicago, you can ride your bike on Lake Shore Drive on Sunday morning. On Monday, a tip of the cap to those who put their lives on the line and made the ultimate sacrifice for our country. We’ll be back on Tuesday. ++++ Winston & Strawn sued in $100 million malpractice lawsuit Claire Bushey, Crain’s Chicago Business A more than $100 million malpractice lawsuit filed in federal court against Winston & Strawn says the firm failed a client by not advising the business to stop breaking the law. A…

John Lothian Newsletter: Five global banks to pay $5.7 billion in fines over rate rigging; CFTC takes aim at Isdafix manipulation with Barclays case; Benjamin Lawsky to Step Down as New York’s Top Financial Regulator John Lothian Newsletter,Newsletter

First Read Practice Does Not Always Make Perfect John Lothian‘s shoulder surgery earlier this week marks the third time in three years that he has gone under the knife. After a double knee replacement in 2013 and back surgery in 2014, he viewed this one as relatively minor, calling it “virtually outpatient.” He had even planned to come downtown today. Normally, when the media reports a person’s return home from the hospital, they add the phrase “…and resting comfortably.” We spoke with John this morning and it is safe to say he is neither resting nor comfortable. Though he is…

John Lothian Newsletter: ICE to change Isdafix calculation; U.S. regulators should study oil slump – CFTC official; CME Group to launch euro-denominated cocoa contract John Lothian Newsletter,Newsletter

First Read Just Floored: Who Says Jeff Sprecher hates open outcry? Jim Kharouf – John Lothian News (Rerun from last Friday in case you missed it.) Open outcry is still alive and well in New York. The New York Stock Exchange opened a new trading floor for the NYSE Amex options market this week, a completely renovated space that also houses: NYSE’s US cash equities, ICE Futures US members, NYSE Arca’s customer service and the NYSE/ICE’s national operations center. The 7,000-square-foot space, with 22-foot ceilings, has been renamed “The Buttonwood Room,” a tip of the cap to the origins of…

ISDA’s Robert Pickel Discusses the Future of Financial Benchmarks (Part 2) Interview,Regulation,Video

Robert Pickel

After the financial crisis in 2008-09, regulators across the globe set in motion a complete overhaul of the financial markets, with the ultimate goals being transparency in the previously unregulated swaps market, and ensuring that there is adequate collateral backstopping the sector in the event of financial shock. The top items on the list were central counterparty clearing of swaps, the exchange of initial and variation margin among parties to non-cleared swaps, and the reporting of trade data to central repositories, so that market overseers can identify risks that may be building in the system. See part 1 of our…

JLN Options: Big Hedge Funds Suddenly Bullish Newsletter,Options

Lead Stories Big Hedge Funds Suddenly Bullish  Steven M. Sears, Barron’sA tectonic shift in the options market suggests that big money is now chasing the rally higher. Now bears get a discount.http://jlne.ws/12K47kL Equity options rebound in AprilFOWUS market growth has driven the most active April in US equity options history, indicating a possible upturn after a lack-lustre first quarter’s trading writes Jonathan Watkins.http://jlne.ws/14O5SNZ The VIX: It Could Get Ugly Soon  Adam Warner, Schaeffer’s Investment ResearchNow, there’s no law that says VIX has to move anywhere. Way back before anyone paid attention to VIX — like in the 90s — volatility didn’t fluctuate…

John Lothian Newsletter: CFTC Said to Review 1 Million E-Mails in ISDAfix Investigation; Colombia aims to ‘internationalize’ bourse; Financial Firms Said to Be Seeking Bloomberg Alternative John Lothian Newsletter,Newsletter

The CFTC is sifting through a mountain of email in its search for ISDAfix rate manipulation, hopefully at a rate of more than a few hundred a day. The head of Colombia’s stock exchange says the country’s financial markets are due for a spruce-up to attract foreign investment. In the wake of Bloomberg’s recent trouble with cross-department information sharing, competitors look into creating replacement financial chat systems.

JLN Options: Jumbo SPY Options Start Slow Amid Industry Criticism Newsletter,Options

Lead Stories Jumbo SPY Options Start Slow Amid Industry Criticism Kaitlyn Kiernan, The Wall Street JournalAn effort to create jumbo-sized options linked to larger blocks of shares for the popular SPRD S&P 500 exchange traded fund is off to a rough start.The new contracts, launched by BOX Options Exchange LLC, represent an attempt to break Chicago Board Options Exchange’s lock on heavily-traded–and lucrative–options contracts tied to the Standard & Poor 500-stock index.http://jlne.ws/15Kl0QV Goldman may create own Bloomberg-like techMark DeCambre and Kaja Whitehouse, New York PostGoldman Sachs is mulling reducing its reliance on the ubiquitous Bloomberg LP terminals, The Post has learned….