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Tag Archives: SEC

Alphabet Soup: The DAO, ETH, ICOs and the SEC Blog,Feature,Fintech,Mwiki,ReformWiki

By Jim Falvey Technology usually outpaces the law. It can take months, if not years, for legislators, regulators and courts to gain an understanding of technology and then to apply existing law to the new technology and/or create new laws for the technological developments. In the remarkable world of cryptocurrencies and distributed ledger technology (often referred to as “Blockchain”), we are seeing both occur. In May 2016, a virtual organization called The DAO, which stands for Decentralized Autonomous Organization, came onto the scene in the Ethereum world. For the uninitiated, the Ethereum Blockchain sponsors the second most significant virtual currency…

Vela vs. Trading Technologies; Witching days not so scary; OCC to work with SEC Newsletter,Options

Lead Stories Trading Technologies International sues Vela Trading Technologies over trademark infringement Maria Nikolova – FinanceFeeds Trading Technologies International accuses Vela Trading Technologies of infringement of its registered trademarks, including TRADING TECHNOLOGIES and TT. jlne.ws/2vSNk6B ****SD: The recent acquisitions of OptionsCity and Object Trading by Vela were the tipping point. TT’s general counsel is Mike Ryan. Filing attorneys for TT are from Pattishall, McAuliffe, Newbury, Hilliard & Geraldson, a widely recognized law firm focused on intellectual property. One of the attorneys on the filing, Paul Borovay, has a random tidbit on his bio page – “Before returning to law school,…

SEC Delays Decision on Chinese Buyout of CHX; Former HK exchange chief charged with conspiracy John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff CHX got the cold shoulder on Wednesday when the SEC decided to postpone their decision on the sale of the exchange to a group that includes Chinese investors. It’s a politically driven maneuver not far off from the XL Pipeline in the last administration, but it’s also an abdication of its responsibilities as a regulatory body. Leaving companies in limbo is bad policy, not to mention it will be noticed in Beijing the next time a US company wants to make an acquisition or deal there. You can have it both ways…

SEC “Abdicated Responsibility” Regarding OCC Capital Plan; tastytrade buys Seed Futures; Gundlach’s Options Bet Newsletter,Options

Observations & Insight Seed Futures Acquired by tastytrade GlobeNewswire Seed Futures LLC (“Seed Futures”) today announced that its business has been acquired by dough, Inc. (d/b/a tastytrade). jlne.ws/2vPldoL ****SD: This is a development worth following. The tastytrade/dough team and their new(ish) brokerage tastyworks continue to disrupt business. Seed Futures is a subsidiary of Seed CX, the SEF started two years ago (SEF designation came in August 2016) to initially trade forwards and options on industrial hemp products. Geared to all “emerging commodities,” as they phrase it, the exchange now has tradeable products like Hass avocados, organic soybeans and Persian limes….

SEC’s Jay Clayton & China, Tom Ascher Speaks, Nasdaq and SIX Swiss Exchange Go Blockchain John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff John Hague of RSM has accepted the role of co-chairman of the LaSalle Trading Tech Awards of the Pathway to Adventure Council of the Boy Scouts of America. John Lothian is the other co-chair of the event. Hague replaces Matt Haraburda of XR Trading, who teamed with John Lothian last year to chair the event. The LaSalle Trading Tech Awards honor those firms who have participated in the Trading Tech 300 merit badge workshop program created by John Lothian and replaces the history LaSalle Street Dinner that had run for over 20…

BOXing: Let the Bodies Hit the (Options) Floor Feature,Options

Golly, there’s been a ton of action in options markets lately. First, the surge of crypto news. Last week, MIAX’s investment in LedgerX received airtime as LedgerX was approved as a derivatives clearing organization (DCO), paving the way for bitcoin options. Then CBOE got into the fray with its announcement yesterday that it has partnered with Gemini, the cryptocurrency endeavor backed by the Winklevoss twins, to use its market data to create bitcoin futures. (I expressed my skepticism of the timeline laid out by CBOE yesterday, as they mentioned a possible Q4 launch or early 2018. I am dubious of…

JPMorgan develops robot to execute high-speed trades; London Metal Exchange – what’s next for the new lord of the ring?; The Great Corn Clash Is Coming as U.S., Brazil Farmers Face Off John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff Today we share with you the remembrances of several industry colleagues of the late Magnus Bˆcker on his life and the impact it had on them and our markets. We hear from Craig Donohue of OCC, Sutat Chew and Michael Syn of SGX, Adena Friedman of Nasdaq, Walt Lukken of the FIA, Nandini Sukumar of WFE, Phupinder Gill (formerly of CME Group), Nils-Robert Persson of Cinnober and Terry Duffy of the CME Group.~JJL Jim Kharouf is on a well-deserved vacation this week with his family. John Lothian has returned from Boy Scout…

Libor to End in 2021 as FCA Says Bank Benchmark Is Untenable; Digital-Coin Companies Shrug Off SEC Scrutiny; Commodities giant Noble Group shrinks down as it warns of $1.8bn loss John Lothian Newsletter,Newsletter

First Read Hits & Takes Yesterday’s most viewed pages on MarketsWiki included Diane Swonk, LedgerX and FIA Futures Hall of Fame. Among other interesting viewing stats, Sernova Financial, the cloud-based post-trade clearing utility, has been viewed 465 times since we created a page on the firm on July 11. Not bad. ~JK Just in case you missed our second most read piece yesterday, here is the JLN story: Are we seeing the end of Wall Street and the beginning of a new one? ~JK Did you know that the CFTC’s Commitments of Traders report traces its roots to 1924? Or…

Britain’s opposition Labour alarms bankers with Robin Hood tax; As VIX Plumbs Depths of Torpor, Betting on Its Future Gets Brisk; EU prop firm capital crunch could hit market liquidity Newsletter,Options

Observations & Insight Are we seeing the end of Wall Street and the beginning of a new one? Jim Kharouf – JLN Silicon Valley icon, investor and entrepreneur Vinod Khosla told an audience last week at the Commonwealth Club of California that technological disruption is coming to most of the top industries in the United States. And while he didn’t mention Wall Street, he could have. “Citibank won’t solve financial inclusion, Square will if anybody does it,” he said. “Volkswagen and GM won’t solve transportation. Whether it’s Waymo or somebody else who does it, it will be a technology driven,…