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Tag Archives: JPMorgan

Trustee for the Liquidation of MF Global Inc. Submits Report of Investigation and Recommendations Blog,Regulation

MF Global

Link to the report: (PDF) Press release from James W. Giddens, the Trustee for the liquidation of MF Global Inc.: June 4, 2012 – New York, New York – James W. Giddens, the Trustee for the liquidation of MF Global Inc., today filed a report on his independent investigation into the failure of the broker-dealer with the United States Bankruptcy Court for the Southern District of New York, the Honorable Martin Glenn, presiding. “As attempts were made to transform MF Global into a full-service global investment bank, management failed to add to its Treasury Department and technology infrastructure, which…

John Lothian Newsletter: Financial News: Jones To Leave In NYSE Euronext Revamp -Sources; Stock Exchanges Aim New Flash-Crash Fixes For February Launch John Lothian Newsletter,Newsletter

It was announced that Garry Jones, global head of derivatives at NYSE Euronext will step down following a management restructure at the U.S.-headquartered exchange. Meantime, U.S. stock-exchange operators said they plan to roll out a new system in February designed to shield investors from massive price swings.

John Lothian Newsletter: Some frayed nerves as USDA grains data goes ‘live’; Big European funds dump euro assets; CFTC’s Gensler on JP Morgan: Firms Have ‘Right To Make A Bad Decision John Lothian Newsletter,Newsletter

Grain traders had to move faster today after the USDA report, given the expanded trading hours; some did fine, some not so much. Big funds in and focused on Europe are dumping assets and positions denominated in the euro, given the uncertainty spreading through the eurozone. CFTC’s Gary Gensler points out that trading firms are not prohibited by regulation from making bad market calls. The news channels are thick with stories from the eurozone today on the state of both the currency and the union; and for those with less of a European focus, there’s plenty of news about JPMorgan,…

John Lothian Newsletter: JPMorgan Joins MF Global in Lobbying Victories That Backfire; US looks at cutting settle lag on trades; CME Group Eliminated From LME Sale Process John Lothian Newsletter,Newsletter

J.P. Morgan has joined MF Global in a list of lobbying victories that have gone awry. The U.S. is contemplating ways to reduce settlement time for stocks and bonds below the current “three days, or possibly longer” threshold. CME Group gets a home edition of the Stock Exchange Purchase Game, and is shown the door by LME; now the bidding is down to two companies. Two major investors in the London Stock Exchange are selling their holdings, triggering some pondering as to the future of the exchange at the hands of remaining large investors.

John Lothian Newsletter: LME Eliminates NYSE Euronext From Sale Bids; Deutsche Börse Group to reduce equities clearing fees; In about-face, Greece pays bond swap holdouts John Lothian Newsletter,Newsletter

The London Metal Exchange looks over the buyout bids it received, and tells NYSE Euronext, “Hey, thanks for playing. But no.” Eurex Clearing announces a fee cut of up to twenty percent for Xetra transactions. Greece decides not to stiff its bondholders in the middle of a contentious political reorganization, and makes its payout as required. In the top box, you’ll find JPMorgan commentary by Doug Ashburn from yesterday’s JLN FX Newsletter; and John connects the dots between winning, horrible trading losses, and food.

John Lothian Newsletter: ICE grain contracts kick off turf war with CME; Red Flags Said to Go Unheeded at Chase; China’s Citic in algorithmic trading deal John Lothian Newsletter,Newsletter

ICE launched its first grain contracts yesterday. Much analysis and discussion abounds regarding JPMorgan’s big loss, including stories that warnings of trouble from inside the company had been ignored. China’s Citic Securities buys into algorithmic trading software, signaling an increase in automatic trading in Asia. RJ O’Brien has a plan to mollify grain traders over extended trading hours, and tries to get the CFTC’s attention. BOX Options Exchange mulls the possibility of allowing after-hours trading on its options products.

The Deaths Come in Threes: VaR, Opposition to Regulatory Reform, and the “Dimon Touch” Commentary,Financials,Regulation

Doug Ashburn

Where were you when you heard the news of JPMorgan’s multi-billion dollar trading loss? Ironically, I was in a room full of financial regulators and compliance officers at the FIA Law & Compliance Division conference. While not on par with the flash crash or Lehman bankruptcy, the JPMorgan announcement and subsequent apology speech by CEO Jamie Dimon certainly had that “shot-heard-’round-the-world” feel to it. For in one swift motion, the announcement served to ring the death knell to three things – risk-based modeling, the mounting opposition to Dodd-Frank and other financial regulatory confinements and, of course, to Mr. Dimon’s status…

John Lothian Newsletter: NYSE Liffe reclassifies trading positions; Nasdaq Details Plan To Strike Back At ‘Dark’ Trading; Instinet co-chief to leave amid shake-up John Lothian Newsletter,Newsletter

NYSE Liffe shuffles the data in its Commitment of Trader reports, and ruffles feathers in the process. Nasdaq OMX unveils plans for new stock services designed to take business away from dark pools. Management changes at Instinet see the departure of the company’s co-head. JPMorgan is caught with both hands on the risk bottle, as it reports super-sized, 2008-esque risk-related losses. And in the top box today (with fewer hyphens), Christine Nielsen of JLN Interest Rates provides an interview with Paul MacGregor of NYSE Liffe, who discusses the outlook for the interest rates sector, and new products at the exchange.

John Lothian Newsletter: CME considers London futures platform; Tom aims to double market share; JPMorgan’s Iksil Seen Spurring Regulators to Dissect Trading John Lothian Newsletter,Newsletter

CME Group considers the possibility of starting a London-based futures exchange, just in case — not that it could ever happen — a transatlantic merger is not landed and completed. The Netherlands’ TOM retail exchange plans to double its market share in the coming months. The London Whale may be causing enough market waves to force regulators to evaluate the degree to which JPMorgan’s trading has been speculative rather than risk-management-ive. In the top box today, a interview with Rick Lane, the new CTO at Trading Technologies, about the differences between TT and Google and his new agenda for…