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Tag Archives: JPMorgan

John Lothian Newsletter: TSE bid for domestic rival on knife edge; JPMorgan Shuts Europe Money Market Funds on ECB Rate Cut; Barclays Sued by Investor Over Alleged Euribor Actions John Lothian Newsletter,Newsletter

The Tokyo-Osaka exchange merger continues to hang in the balance, as the recent regulatory approval is followed by shareholder demands.  As European deposit rates go negative, JPMorgan Chase stops taking money market funds there, saying investors may not be able to make a profit. The first class-action lawsuit against Barclays has been filed.  In First Read, John Lothian says another farewell (no, not to this newsletter) and hints at a soon-to-come hello.

John Lothian Newsletter: Hong Kong Exchanges Bid For LME Beats Out ICE; Bair Decries Hyperventilation Over JPMorgan Loss; Icap Tempts Plus Shareholders With L500K Sweetener John Lothian Newsletter,Newsletter

After carefully reviewing the photo of the finish line, the board of the London Metal Exchange declares HKEx to be the winner of the exchange purchase derby, though these races are known to continue even past the finish line.  Former FDIC head Sheila Bair points out that while JPMorgan’s whale of a trading loss is a big deal, it doesn’t do any good (other than perhaps politically) to get all hysterical about it. Broker ICAP offers a cookie to disgruntled Plus Markets shareholders in the form of an extra half-million pounds for its attempted buyout, but simultaneously warns the dissidents…

Bears, Whales, and the Sound of History Repeating Commentary,Financials

Doug Ashburn

Columnists love the “significant anniversary” storyline, as it is an easy one by which to reflect upon past events, tie the past to the present, and perhaps offer a vision of the future. The anniversary template becomes even more enticing if the columnist has been out sick until just before the deadline, as the story often writes itself. This week marks the fifth anniversary of the event which many would say was the tipping point in the U.S. economy and the beginning of the financial crisis. On June 7, 2007, Bear Stearns, America’s “most admired”  securities firm according to Fortune…

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

MF Global

Link to the report: http://jlne.ws/NcOJYp (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.