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Apology accepted, now… Commentary,Regulation

Jim Kharouf

In an elevator in the Chicago Board of Trade Building in Chicago, one guy was speaking with another. “They ought to take everything he owns, sell it and add that to the money that he stole,” said the guy, referring to former MF Global CEO Jon Corzine. He paused for a moment. “But that’s not gonna happen.” Bing! The doors opened and that was the end of the conversation. Ride the elevators at the storied and proud CBOT for a while and you’re likely to hear some version of that conversation again and again. People are mad – no, angry,…

Who Wants In? Commentary,Regulation,Tech / HFT

Ticket Seller

On October 30th, the day before MF Global declared bankruptcy, I (John Lothian) wrote an email to some industry leaders expressing my strongly-held belief that there would be no deal to buy MF Global. The biggest reason was that there “has not been any player in recent years that has come into the futures brokerage business and acquired companies with MFG’s model and proven successful,” I wrote. The futures commission merchant (FCM) business model is broken, with no better example than by the struggles of MF Global.  It is hard to earn profits when a major revenue input to your business model includes interest…

Jay Feuerstein – 2100 Xenon Interview,Managed Futures,Video

Jay Feuerstein

Jay Feuerstein is chief executive officer and chief investment officer of 2100 Xenon, the managed futures affiliate of Old Mutual Asset Management. From January through August 2011, its managed futures program was up 13.83 percent, while its Global Long/Short Fixed Income program rose 8 percent, outpacing the BarclayHedge CTA Index, down 0.51 percent through August. JLN Managed Futures editor Jim Kharouf spoke with Feuerstein about 2100 Xenon, market volatility, challenges in the CTA space and where his firm got its name. Disclaimer: Futures and options trading involve risk. Past results are no indication of future performance.

James Bibbings – Turnkey Trading Partners (Part 2) Interview,Regulation,Video

James Bibbings

View Part 1 of the interview focused on managed futures here. James Bibbings founded Turnkey Trading Partners to provide support services to managed futures and hedge fund clients, offering a variety of services including: regulation, risk management, accounting, marketing and education. A former supervising auditor with the National Futures Association (NFA), Bibbings spoke with John Lothian News (JLN) editor-in-chief Jim Kharouf for MarketsReformWiki about the private exemption rules, foreign advisors and advisor thresholds.

James Bibbings – Turnkey Trading Partners (Part 1) Interview,Managed Futures,Video

View Part 2 of the interview focused on financial reform here. James Bibbings founded Turnkey Trading Partners to provide support services to managed futures and hedge fund clients, offering a variety of services including: regulation, risk management, accounting, marketing and education. A former supervising auditor with the National Futures Association (NFA), Bibbings spoke with JLN Managed Futures Newsletter editor Jim Kharouf about challenges, regulation and the outlook for managed futures.

Floyd M. Converse – LCH.Clearnet Ltd Interview,Regulation,Video

Floyd M. Converse, head of sales and marketing in the U.S. for SwapClear, a global clearing service for over-the-counter (OTC) interest rate swaps run by LCH.Clearnet Ltd., spoke with John Lothian News (JLN) editor-in-chief Jim Kharouf about FCM regulation and changes to the SEF landscape. Converse also explains what we can expect from global regulation affecting the OTC interest rate swap market and what firms should do to prepare.

Emanuel Balarie – ADM Investor Services Diversified Strategies Funds Interview,Managed Futures,Video

Emanuel Balarie is portfolio manager for the ADM Investor Services Diversified Strategies Funds. He also serves as managing director for Balarie Capital Management, the managed futures division of Archer Financial Services, Inc. He spoke with JLN Managed Futures Editor Jim Kharouf about the current market for managed futures, what his firm looks for in CTAs and what the future looks like for the managed futures space.

Ray McKenzie – ICE Futures U.S. Financials,Interview,Video

Ray McKenzie

ICE Futures U.S. posted a monthly volume record of 850,244 contracts in its ICE U.S. Dollar Index futures in June. It also hit a daily volume record of 81,814 contracts on June 9 when the notional value of USDX contracts traded exceeded $6 billion. Jim Kharouf spoke with Ray McKenzie, vice president of ICE Futures U.S. about what is driving volumes on the dollar index, what sets it apart from competing indices, ICE’s re-launched FX futures and where the FX futures markets are going.

Tammy Botsford – Penson Futures Interview,Regulation,Video

Tammy Botsford

Tammy Botsford, vice president and deputy general counsel at Penson Futures, spoke with John Lothian News (JLN) editor-in-chief Jim Kharouf about the Dodd-Frank Act and the current status of the reform process. Botsford also spoke about rule proposals on position limits, credit ratings and segregated funds, as well as the costs of regulation and how new rules will likely be rolled out for market participants.