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Tag Archives: SEC

John Lothian Newsletter: SEC Looks for the ‘Kill Switches’; CME Announces Launch of Chinese Steel Rebar Swap Futures; Exchanges See No Unfairness in Data Delivery Speeds John Lothian Newsletter,Newsletter

The SEC launches a broad investigation and overhaul of order placement systems and controls, seeking new ways to control and mitigate damage from high-speed orders.  Sort of “Finding Nemo: The Financial Episode”, perhaps. CME Group announces the planned launch date for the exchange’s new Chinese steel rebar swap futures contract.  Exchanges have carefully considered the various speeds and methods available for market participants, and have concluded that it’s really ok to charge more for better access.  In today’s First Read section, be sure to check out the JLN Metals box and the interview there with Michael Turek, senior director of…

John Lothian Newsletter: Australian Exchange Chief Criticises HFT; Money-Laundering Inquiry Said To Target U.S. Banks; ASEAN Link Lures Retail Investors To Boost Trade John Lothian Newsletter,Newsletter

The leader of Australia’s ASX says high-frequency trading is inherently dangerous, and he doesn’t much fancy the exchange model of depending on its high-volume presence for survival. A money-laundering probe is taking shape in multiple agencies, targeting a number of American banks that may have allowed sloppy money controls to help criminal enterprises hide their cash. The ASEAN link between Malaysia and SGX goes live today, raising hopes of better trade in that region from the network.

John Lothian Newsletter: Regulator Orders External Review After Peregrine Collapse; KSE, BSE In Talks Over Cross-Listing Of Indices; Euro Crisis Faces Judgment Days John Lothian Newsletter,Newsletter

The head of the National Futures Association orders an overhaul of staffing and processes in the wake of the agency’s failure to detect Peregrine Financial Group’s fraud over many years. Exchanges in Karachi and Bombay are well along in talks to cross-list futures products; Karachi is also talking with NYSE Euronext about listing index products in the U.S. The euro crisis is found very much present and dangerous inside the eurozone, and the time is nearing for the next round of hand-wringing decisions and plans for the leaders of that area. In First Read today, take a look at the…

SEC Tables Money Market Fund Regulation: Michael Markowitz Analysis Interview,Regulation,Video

Michael Markowitz

Michael Markowitz is chief investment officer at Horizon Cash Management LLC, an investment advisory firm specializing in the managing of cash portfolios for hedge funds, managed futures funds, family offices and institutional investors. Markowitz spoke with John Lothian News Editor-at-Large Doug Ashburn about the SEC‘s decision in August 2012 to table proposed changes to money market fund regulations.

John Lothian Newsletter: Eurex In Singapore Expansion Drive; NYSE Euronext Chief Calls On U.S. Policy Makers To Address Debt; Suits Mount In Rate Scandal John Lothian Newsletter,Newsletter

Eurex Exchange begins a membership drive in Singapore, seeking new banks and brokers there to give a boost to its clearing house. In the “Did you not hear me, or are you not listening?” department, the head of NYSE Euronext tells U.S. lawmakers that investors want to see an improvement in the country’s debt structure. Banks and companies linked to the LIBOR rate-setting scandal could be facing tens of billions of dollars worth of lawsuits and claims. In today’s First Read, Steve Meizinger has a heart; and you’ve got one more day to check out the MGEX Apple Juice Concentrate…

John Lothian Newsletter: TSE’s Osaka Deal Marred By Share Fall, Regulator Scolding; CME May Add Rates Trading In U.K. After Currencies; SEC To Review “Quiet Period” IPO Rule After Facebook Mess John Lothian Newsletter,Newsletter

Tokyo Stock Exchange’s big merger completion symphony is interrupted by vuvuzela horns from regulators and worried shareholders. CME Group’s post-FX plans for its new London exchange may include interest-rate products. The SEC considers the value of trying to restrict what companies may say while in pre-IPO mode, possibly noting that the recent Facebook offering wasn’t helped much by that quiet period.

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.

John Lothian Newsletter: Glitches Stir Disclosure Debate; Knight Losses Spur Tighter Automated-Trading Rules From SEC; Standard Chartered Probe Said To Require Up To $700 Mln John Lothian Newsletter,Newsletter

In the “Massive Tech Error Causes Great Pain” department, the three most recent trading faults during the past week provoke a wide range of responses and suggestions.  The SEC, along those lines, is considering tightening up the rules for automated trading in the wake of Knight Capital’s nearly-successful attempt to destroy itself.  And as the first day’s debate over whether Standard Chartered’s Iran-related actions were silly clerical errors or egregious illegal activity, a settlement for said innocuous-or-sinister deeds could rank in the hundreds of millions of dollars.

John Lothian Newsletter: Commodity Niches Lure As Markets Converge; SEC Urges Reforms Of Municipal Bond Market; Hope For MF Global Clients John Lothian Newsletter,Newsletter

Investors seeking less correlation to increasingly lumpy markets are in some cases casting a favorable eye toward real-commodity investments. The SEC points to muni bonds as a place that could use a hosing down and rule restructure.  In an unexpected turn, an MF Global bankruptcy trustee says that ex-clients of the ex-firm may actually get all their money back… maybe.