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John Lothian Newsletter: SEC wants banks to say more on European debt exposure; U.S. Inquiry of MF Global Gains Speed; LME’s steel plans tarnished by MF Global John Lothian Newsletter,Newsletter

The SEC is pushing banks to provide more data on their exposure to European sovereign debt, on the off-chance that they are swimming with the same sharks that ate MF Global.  Speaking of MF Global, regulators report progress in the “where did the money go” investigation; and (speaking of swimming) the London Metals Exchange find itself in a drained pool, its hopes of forging a steel benchmark futures contract at odds with dramatically lower volume with major player MF Global gone.  In the USA, Walter Lukken has been chosen to lead the Futures Industry Association; and JLN’s Jon Matte is…

John Lothian Newsletter: Global regulators signal leeway on new bank liquidity rules; Mexico’s BMV to be among fastest bourses by May; Wall Street Prepares to Take Sharp Pay Cut John Lothian Newsletter,Newsletter

An international regulatory group, while making tough plans for bank liquidity requirements, are also finding time to plan out exceptions to those new rules. Exchange operator BMV proceeds apace with infrastructure upgrades that will make the Mexican exchange one of the fastest in the world. As Q4 earnings, or lack thereof, are tallied for financial firms, a number of those firms are signaling that bonuses may be paid out closer to earth than the stratosphere this year. In Europe, David Cameron continues to declare his opposition to (and willingness to sabotage) a new financial transaction tax. And under pressure from…

John Lothian Newsletter: SEC Blesses CBOE Stock Exchange’s Deal For National Stock Exchange; Fed Forecasts Pose Risk For Soft Interest-Rate Futures Volume; European Banks Prepare More Job Cuts John Lothian Newsletter,Newsletter

The U.S. SEC gives a thumbs-up to CBOE Stock Exchange’s plan to take over the National Stock Exchange.  The Federal Reserve’s plan to make an advance timetable for its actions is creating concern that without uncertainty from meeting to meeting, trade in interest-rate futures will suffer.  In Europe, more banks are preparing to shed more jobs; and Hungary, after failing to raise enough money on its own, is now interested in an IMF loan to help pay its bills. Today’s top box contains an article by JLN editor Sarah Rudolph on the CBOE BuyWrite Index.

Larry Tabb – TABB Group (Part 2) Interview,Regulation,Tech / HFT,Video

Larry Tabb

See part 1 of the interview here. Larry Tabb is the founder and CEO of TABB Group, an advisory and research firm focusing on issues surrounding financial markets. His research and publication topics include trading and trade processing systems, market structure, regulatory issues, and technology trends. He is a contributing editor for Wall Street & Technology and Advanced Trading magazines, and is a frequent speaker at major business and industry conferences. John Lothian News Editor-at-Large Doug Ashburn spoke with Tabb about infrastructure spending in OTC derivatives, data storage and transmission, and the state of the regulatory process in the U.S….

John Lothian News Top Stories of 2011 Blog,Environmental/Energy,Financials,Managed Futures,Metals,Options,Regulation,Tech / HFT

John Lothian

We’ve created a list of the five most influential stories of 2011 for each of our newsletters, as well as from MarketsReformWiki, to help define what was a very eventful year across almost every market and industry sector. The year was punctuated by one major story inside another. The bankruptcy of MF Global, which requires its own top five list, became tied to another top story, the European sovereign debt crisis sequel – Greece and Italy. Of course, the downgrade of U.S. debt in August and assorted European states raised the ire of politicians and regulators who called for more…

U.S. House Committee on Financial Services MF Global Investigation Testimony – Part 1 – Panel 2 Regulation,Video

MF Global Panel 2

Video of Panel 2 of the initial “The Collapse of MF Global” hearing of the House Financial Services Subcommittee on Oversight & Investigations, plus links to written testimony. Featuring: Dan M. Berkovitz, General Counsel, Commodity Futures Trading Commission (View written testimony – PDF) Robert Cook, Director, Division of Trading and Markets, U.S. Securities & Exchange Commission (View written testimony – PDF) Terrence Duffy, Executive Chairman, CME Group (View written testimony – PDF) Richard Ketchum, President, Chairman & CEO, Financial Industry Regulatory Authority (View written testimony – PDF) James Kobak, Jr., Chief Counsel to Mr. James Giddens, Bankruptcy Trustee for MF Global Inc. (View written testimony – PDF) Thomas Baxter, Jr.,General Counsel,…

MF Global News (12/8/11 AM) Blog,Regulation

The latest news on the MF Global bankruptcy and fallout, published in the John Lothian Newsletter (subscribe here) the morning of December 8, 2011. In the wake of the MF Global bankruptcy, John Lothian Newsletter has created a special section on JohnLothianNewsletter.com devoted to news, information and commentary. The section features archived news stories featured in the John Lothian Newsletter, analysis and breaking news. Check regularly for updates. See the MF Global news section here.

Jim Falvey – Derivatives Attorney Interview,Regulation,Video

Jim Falvey has been an attorney in the exchange and FCM space for over 15 years. He has served as general counsel of Eurex US and IntercontinentalExchange, as assistant general counsel for CME Group and, most recently, as general counsel and corporate secretary of R.J. O’Brien & Associates. He also sits on the advisory board of CMDirect, a web-based commodity trading platform. John Lothian News editor-at-large Doug Ashburn spoke with Falvey about the MF Global bankruptcy, the Volcker Rule, protection of segregated funds, conflicts of interest, and other compliance issues related to the Dodd-Frank Act.

Larry Tabb – TABB Group (Part 1) Interview,Regulation,Tech / HFT,Video

Larry Tabb

See part 2 of the interview here. Larry Tabb is the founder and CEO of TABB Group, an advisory and research firm focusing on issues surrounding financial markets. His research and publication topics include trading and trade processing systems, market structure, regulatory issues, and technology trends. He is a contributing editor for Wall Street & Technology and Advanced Trading magazines, and is a frequent speaker at major business and industry conferences. John Lothian News Editor-at-Large Doug Ashburn spoke with Tabb about the future of OTC derivatives, capital and margin requirements.