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Credit Suisse Probe Opens Old Wounds; Trump Wants a Pro-Business SEC. That Has Some Investors Worried; Goldman warns Federal Reserve over commodity trading rules fallout John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian William “Bill” Hagerty, Jr., former Chairman of the Chicago Board of Trade and one of the industry’s great gentlemen, has passed away at the age of 87. Bill was the head of what was once the longest tenured member firm of the CBOT, Hagerty Grain, and was a customer of mine when I was a broker. From that relationship I had the opportunity to get to know Bill and came to respect him greatly. When I ran for the NFA Board of Directors back in the early 2000s as an Introducing…

Euro Hedging Costs Surge as Traders Respond to Political Risk; Understanding the Trump Rally; Taxes more than gains? Yes, if you don’t exit your options in time Newsletter,Options

Observations & Insight Take Our Survey – Again By Jim Kharouf, JLN Editor-in-Chief & CEO Sometimes these things happen. The link we provided yesterday only allowed one person to take the survey. We know there are more than one of you willing and able to take it. Here’s the link. Please take a few minutes to help us out about what you like and what you don’t like about our publications and websites. The questions are supposed to be fun, funny and for us, enlightening. It’s also a great place to leave us comments and suggestions for future content and…

NYSE Told Major Outage in 2015 May Have Broken Securities Rules; The Race to the Speed of Light Is Accelerating; Rolling Back the Fiduciary Rule – a Primer on Making (and Unmaking) a Regulation John Lothian Newsletter,Newsletter

First Read Solidifying an American foothold: LSEG’s UnaVista and MTS platforms look to expand Spencer Doar – JLN The London Stock Exchange Group has plenty of reasons to be in the news due to its pending merger with Deutsche Boerse, but while all of those discussions take place, parts of the LSEG family are making moves of their own. The two arms in motion are MTS, a bond trading platform, and UnaVista, a back and middle office platform for reconciliation, reporting, matching and validation. Both are in a similar situation — they have a large presence in Europe but not…

Deutsche Börse launches joint blockchain collateral project; Digital Asset’s New Challenger: DLT Disillusionment; The CEO of the world’s largest hedge fund says populism is now No. 1 market concern John Lothian Newsletter,Newsletter

First Read Dodd-Frank in Crosshairs as Law’s Opponents Take Power; About 80% of rules mandated by 2010 law have been drafted or finalized. What happens next? By RYAN TRACY – WSJ The Dodd-Frank financial overhaul is one of the longest and most complex laws in U.S. history, spurring hundreds of new rules affecting every corner of the financial system. For six years, it has reshaped the market for everything from ATM cards to credit-default swaps. /goo.gl/D37bzE **JK: What will cost more, repeal or keep? ++++ Bankers in Davos See Trump’s Team Making Wall Street Great Again by Michael J Moore…

Bats Global Markets Announces Stockholder Approval Of Merger Agreement With CBOE Holdings; Departing SEC Chair Mary Jo White Blasts Congress on Her Way Out the Door; HSBC CEO Says Bankers Generating 20% of London Revenue May Move John Lothian Newsletter,Newsletter

First Read Hungry for more: Dash Financial Sees Opportunity In A New Broker Landscape Jim Kharouf, JLN For some firms today, being young has its advantages. Dash Financial might just be one of those young and agile companies that can take advantage of the currents that are pushing and pulling the industry. Later this quarter Dash is expected to complete its acquisition of LiquidPoint, Convergex’s options brokerage and technology business, thus giving the combined firm 13 percent of the equity options and index options market volume. That’s more than double the current marketshare Dash Financial has quickly built since it…

Citadel Securities agrees $22.6m settlement with SEC; BSE sets initial public offering at Rs 805-806 band; LSE dismisses report on moving clearing to Germany John Lothian Newsletter,Newsletter

First Read DTCC hires former regulator for trade repository compliance; Derek West will join the DTCC with responsibility for compliance at its Global Trade Repository. By Paul Walsh – The Trade The Depository Trust and Clearing Corporation (DTCC) has appointed Derek West as chief compliance officer for its European Global Trade Repository (GTR) business. /goo.gl/NWuUof **JK: He’s a Chicagoan turned Canadian turned European Global Trade Repository officer. I’m confused. ++++ Trump’s tweets could offer investors an opportunity; President-elect has made mining social media for market-moving sentiment essential by: Nicole Bullock – FT Tweets from Donald Trump about “out of control…

Dash and LiquidPoint to Merge to Create Dash Financial Technologies; Volatility To Return In A Big Way This Year; 7 New Year’s Resolutions for the Options Investor Newsletter,Options

Observations & Insight OCC 2016 Cleared Contract Volume Fifth Highest Ever OCC OCC, the world’s largest equity derivatives clearing organization, today announced 2016 total cleared contract volume reached 4,167,747,777 contracts, a one percent decrease from the 2015 volume of 4,210,542,258 contracts. The year ended with 337,076,118 cleared contracts in December, a three percent decrease from December 2015. OCC also reported record-breaking volume for cleared futures, with 104,523,581 cleared contracts in 2016; a 56 percent increase from 2015. /goo.gl/Unwa82 December Marketshare via OCC Lead Stories Dash and LiquidPoint to Merge to Create Dash Financial Technologies PRNewswire Dash Financial announced today that…

CME Group Reached Record Average Daily Volume of 15.6 Million Contracts in 2016; Wall Street Lawyer Jay Clayton Emerges as Top Candidate for SEC Chairman; No One Questioned This Hedge Fund’s Madoff-Like Returns John Lothian Newsletter,Newsletter

First Read CFTC Chairman Timothy Massad Announces Resignation as Chairman CFTC Chairman Timothy G. Massad today said he has tendered to President Obama his resignation as Chairman of the U.S. Commodity Futures Trading Commission, effective on January 20, 2017. Mr. Massad issued the following statement: “For the past two and a half years, I’ve had the privilege of working alongside the very talented CFTC staff, and I thank them for their dedication on behalf of the American people. I also want to express my appreciation to my fellow Commissioners, Sharon Bowen and Chris Giancarlo, for the constructive and collaborative engagement…

SEC’s Use of In-House Courts Unconstitutional, Appeals Court Rules; The Golden Era of Hedge Funds Draws to a Close With Clients in Revolt; Could Trump nix Chicago Stock Exchange’s China deal? John Lothian Newsletter,Newsletter

SEC

First Read The Free-Market Case for Climate Science Paul J. Ferraro – BloombergView Are you someone who has faith in the power of free markets? Then you should naturally accept the evidence that human activity is bringing about climate change. Free and competitive markets work efficiently in large part because they are phenomenal information aggregators, gathering and sorting facts about consumer preferences and business production costs, and guiding market participants to engage in actions that provide benefits to both sides. Markets can easily help figure out the most efficient way to deliver coffee to people’s homes, for example, or to…