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Commodities in Your Portfolio? It’s All Hogwash, Says Wall Street Dissenter; The ‘London Whale’ trader lost $6.2 billion, but he may walk off scot-free; The Expensive Ingredient of Cheap ETFs John Lothian Newsletter,Newsletter

First Read The University of Chicago worries about a lack of competition; Its economists used to champion big firms, but the mood has shifted The Economist One sign that monopolies are a problem in America is that the University of Chicago has just held a summit on the threat that they may pose to the world’s biggest economy. Until recently, convening a conference supporting antitrust concerns in the Windy City was like holding a symposium on sobriety in New Orleans. In the 1970s economists from the “Chicago school” argued that big firms were not a threat to growth and prosperity….

ETF Trading Glitch Fuels Worries Over Modern Markets; Teza sells high-speed trading as lucrative business sours; ICE delays launch of clearing for London gold benchmark John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian The LME came to Chicago yesterday for a straightforward marketing presentation and attracted a room full of Chicago futures market participants. They laid out their business, plans and factors impacting them in a well done program. The big news out of LME is the June 5 launch of its precious metals futures; gold and silver. Here is a FAQ about their offering. John Lothian News is bringing its MarketsWiki Education World of Opportunity series to New York on July 11 and 12. Sign up will open up June 1. Nasdaq will…

John Lothian Newsletter: Banks face $27bn risk from failed derivatives payments; JPMorgan Quietly Tests ‘Blockchain’ With 2,200 Clients; Hong Kong Exchange adds new renminbi futures John Lothian Newsletter,Newsletter

First Read Risk Off: How The Industry Can’t Fail Jim Kharouf, JLN Bruno Iksil, aka “the London Whale,” has issued a letter to the media arguing that his actions in the market were directed and overseen by senior executives at J.P Morgan Chase when it lost $6 billion in 2012. What is troubling about the case is that it is still a story. In pre-2008 years, if a trader lost a large sum of money, it was called a losing trade. But these days, it’s cause for a multi-year investigation. The crux of the problem with this case is simply…

Risk Off: How The Industry Can’t Fail Commentary

Bruno Iksil, aka “the London Whale,” has issued a letter to the media arguing that his actions in the market were directed and overseen by senior executives at J.P Morgan Chase when it lost $6 billion in 2012. What is troubling about the case is that it is still a story. In pre-2008 years, if a trader lost a large sum of money, it was called a losing trade. But these days, it’s cause for a multi-year investigation. The crux of the problem with this case is simply this, J.P. Morgan Chase lost $6 billion, but it HAD and HAS…

John Lothian: Spoofing Went Mainstream in 2015; Deutsche Bank Tally of Suspect Russia Trades at $10 Billion; SEC Appeals Process on the Slow Track John Lothian Newsletter,Newsletter

First Read Strength In Smaller Numbers Jim Kharouf – John Lothian News President & Editor-in-Chief Back in the mid- to late 1990s, I used to head up the most read edition of the year for Futures Magazine, called the Top 40 Brokers issue. We highlighted the Top 40 Futures Commission Merchants by assets held in customer accounts, also known as required segregated funds, along with other metrics reported to the CFTC With the number of FCMs whittled down to 54 today, the former Futures, now Modern Trader, just published a Top 30 article Top 30 Brokers: Mean, lean and ready…

John Lothian Newsletter: Market Complexity Broke the NYSE Before Saving It; China’s Dream of World Class Stock Markets Suffers Intervention Blow; Flow Traders shares soar on debut John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian We have added our final speaker to the lineup in Chicago for our MarketsWiki Education World of Opportunity Summer Intern Education Series. Ed Haravon of Spot Trading will join our esteemed list of speakers. We are getting ready for the final preparations for our trip to New York and our events at the NYSE for the series. We are very appreciative of all the help from the staff of the NYSE to make this possible. We have seen a nice inflow of sign ups for New York in the last day…

John Lothian Newsletter: Open for business: Government shutdown, default averted; Knight Capital Agrees to $12 Million Settlement for 2012 Errors; Fed Weighs Surcharge on Banks’ Commodity Businesses John Lothian Newsletter,Newsletter

First Read Welcome Back to Work I would like to welcome back to work the employees of the U.S regulatory agencies in Washington, DC. In a sports related note, I wanted to mention another controversy in Washington about the name of the professional football team there. The Washington Redskins are under increasing pressure to change their name due to the derogatory nature of it. So the team has decided to change their name and will henceforth be called just the Redskins. ++++ Connecting the Dots John J. Lothian My friends at the National Futures Association asked me to connect the…

John Lothian Newsletter: Reform looms anew for money market funds; NYSE Amex Options to Eliminate Position Limits for Options on SPY; Japan takes its first steps John Lothian Newsletter,Newsletter

The day after the SEC declared it would abandon its effort to reform money market funds, other regulators in and out of the US say they will step up and consider new requirements.  NYSE Amex Options exchange announces that they’ve received SEC approval to eliminate position limits on SPY options.  With the TSE-OSE merger good to go, Japan moves toward having more weight to compete globally; the Financial Times takes a look at the progress and challenges.

John Lothian Newsletter: CME Said Planning Europe Exchange to Compete With Eurex, Liffe; Deutsche Bank investigated in U.S. over Iran; Canada’s ATS Battle Heats Up With New Entrant John Lothian Newsletter,Newsletter

CME Group files for permission to create a new exchange in Europe.  Deutsche Bank becomes the latest bank investigated over US-illegal, Iran-related transactions.  Chi-X Canada plans to introduce a new alternative trading system, bringing the total in that country to five.