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Tag Archives: Peregrine

John Lothian Newsletter: Clearer OCC agrees capital raising deal; US SEC’s new investor watchdog lays out risky products for 2014; EU Retreats on Prop-Trading Ban John Lothian Newsletter,Newsletter

First Read George J. Kharouf, 1933-2014 George Kharouf, father of our friend and colleague Jim Kharouf, died this past weekend in Milwaukee at the age of 81. A visitation will be held Friday, December 16, from 5-7 pm at Krause Funeral Home, 12401 W. National Ave., New Berlin, WI. For more details, click the link or contact John at johnlothian@johnlothian.com. Please keep Jim and his family in your thoughts and prayers this holiday season. jlne.ws/1JQpR4r ***** Thank you to all who have sent expressions of condolences, thoughts and prayers to Jim and his family during this difficult time. It means…

John Lothian Newsletter: Low volumes at U.S. exchanges keep earnings under pressure; PFG Has Regulators on Defense in Congress; Nomura CEO Watanabe to Resign Amid Scandal John Lothian Newsletter,Newsletter

As financial exchanges prepare to release earnings, concern is voiced about poor results stemming from ongoing low volumes.  The PFG fraud scandal brings regulatory leaders before Congress to testify about what went wrong.  In Japan, where systemic wrongdoing is also popping up here and there, the CEO of broker Nomura resigns in the midst of insider-trading problems at that firm.  In MarketsWiki.tv, you’ll find links to new interviews with various people in the industry. 

John Lothian Newsletter: CFTC Chief Admits Failure In Oversight Of Peregrine; U.S. To Launch Broad Review Of Futures Firms; Tradition Brokers First Trade On LNG East Asia Index John Lothian Newsletter,Newsletter

Gary Gensler, head of the CFTC, agrees that the agency fell short when it failed to detect fraud at Peregrine over a 20-year time frame.  With a second, fresh failure in the “customer fund safety” department, a number of companies and regulatory groups in the futures industry have agreed to undertake bold steps to actually verify that funds on deposit are fully and properly in place for remaining companies in the industry.  Broker Tradition has successfully completed the first-ever exchange-cleared (using CME Direct Screen) OTC trade for liquid natural gas.

John Lothian Newsletter: Peregrine Details Plans For Liquidation; Banks’ Libor Costs May Hit $22Bn; Let Sellers Of The LME Beware John Lothian Newsletter,Newsletter

The trustee for exploded brokerage Peregrine Financial announces the liquidation plan for the company; along with that news, there are plenty more updates, developments and commentary on PFG in the newsletter. Continuing liability analysis of the LIBOR scandal suggests banks might pay out more than $20 billion in related settlements and fines. Not all is happiness and rainbows regarding the sale of the London Metal Exchange to HKEx; more than one industry participant expresses concern over the possibility that well-established and efficient transaction conduits could be negatively affected by a transfer of ownership.