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Will Options Trading Bring Institutional Investors to Bitcoin?; Nevermind the VIX – Stock Volatility Is Rising in Subtle Ways; Volatility Gauges Tumble to New Lows Amid Complacency Fears Newsletter,Options

Observations & Insight Learning to live with low vol Jean Boivin and Ed Fishwick – BlackRock Investment Institute Digging into U.S. equity volatility patterns dating back more than a century, we find low market vol can last for years and tends to overlap with subdued macroeconomic vol. Combined with our view that the U.S. economic cycle has room to turn, we believe this environment helps foster risk-taking. jlne.ws/2vLZiij ****SD: I missed this when it came out at the end of July. Here is a link to the full PDF – the above is a synopsis. From the report: “Running a…

Euronext renews deal with LSE business in clearing u-turn; CFTC Finds that The Bank of Tokyo-Mitsubishi UFJ, Ltd. Engaged in Spoofing of Treasury Futures and Eurodollar Futures; Investors Have Never Been More Short Volatility Futures John Lothian Newsletter,Newsletter

First Read Hits & Takes This from Financial Executives International Daily today, “Blockchain can speed up all transaction processing, from fund transfers to proxy voting. That could save investment banks 30 percent of their infrastructure costs by 2025, according to Accenture and McLagan.” The report can be found HERE. ~JK Asia Pacific Financial News from John Lothian News for August 7, is available HERE. ~JJL Great nicknames continue. Igor Oystacher was known as “Snuggle Bear” and an options trader/s gained the moniker “50 Cent” — now we have a supposed bitcoin manipulator known as “Spoofy.” ~SD True, China built a…

Ex-Trader Linked to Deutsche Bank Is Aiding U.S. Spoof Probe; The Bloody Fight for ETF Scraps Is About to Get Even Worse; Quant Manager of $6 Billion Backs Stocks Hidden From Front Pages John Lothian Newsletter,Newsletter

First Read Newest Criminal Spoofing Case Features Coordinated Spoofing and Front Running Renato Mariotti, Thompson Coburn LLP On last Thursday, June 1st, the Justice Department entered into a plea agreement with a trader named David Liew, publicly revealing the existence of the third-ever criminal spoofing case, which had been filed under seal on January 3rd. In the plea agreement, Liew admitted that from December 2009 to February 2012 he conspired with other precious metal traders to engage in spoofing on hundreds of occasions and to commit fraud by misleading other market participants via his spoof trades. Liew’s former bank is…

Newest Criminal Spoofing Case Features Coordinated Spoofing and Front Running Blog,Commentary,Feature

The following is a guest post by Renato Mariotti, a former federal prosecutor and partner at Thompson Coburn LLP.   On last Thursday, June 1st, the Justice Department entered into a plea agreement with a trader named David Liew, publicly revealing the existence of the third-ever criminal spoofing case, which had been filed under seal on January 3rd. In the plea agreement, Liew admitted that from December 2009 to February 2012 he conspired with other precious metal traders to engage in spoofing on hundreds of occasions and to commit fraud by misleading other market participants via his spoof trades.  Liew’s…

Context for Compliance: The Big (Bad) Behavior Picture Fintech,Video,video

Analyzing all the trading data out there is difficult, especially for regulatory purposes. Compliance officers have to take the big picture into account when examining data for bad behavior in the markets. Jim Austin, the CEO of Vertex Analytics, Inc., announced that it was National Bring Your Daughters and Sons to Work Day during his FinTech Exchange Conference presentation, and put some children to work on stage to demonstrate the evolution from pit to screen trading and the importance of compliance officers. “Everyone knows the floor is not there anymore,” Austin said. “But all that was tracked back then was…

CFTC, Chicago trading firm reach $2.5 million ‘spoofing’ deal; Chicago futures firm 3Red Trading to pay $2.5m spoofing fine; Goldman, JPMorgan to invest in blockchain startup Axoni John Lothian Newsletter,Newsletter

First Read Tim Edwards, S&P Dow Jones Indices – The Relative Importance of Skill, Conviction and Blind Luck in Beating the Market MarketsWikiEducation.com “I believe that the next big trend in our industry is going to be far more customized, far more bespoke, and it’s all going to be available at low cost because of technology.” When Google was readying for its IPO in 2004, employees were given educational courses in finance and investing. Then senior vice president Jonathan Rosenberg was worried that Google employees — many soon to be minted millionaires — would be taken advantage of by all…

With Trump in Power, the Fed Gets Ready for a Reckoning; ‘Spoofing’ case highlights perils of automated trading; CME Said to Consider Dublin for Clearing Amid Brexit Fallout John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian Phupinder Gill loves the CME Group and its people. I know it and this will not change. In fact, he texted me on Friday to tell me that he would become the staff’s greatest fan when he retires at the end of the year. He wants the good people of the CME Group to “continue their amazing journey that I was proud to be part of and now am their greatest fan.” He also told me that the decision to retire was his and that it had to do a lot…

John Lothian News Special Report: Global Regulation on Record-Keeping and Trade Reconstruction is Being Widely Ignored in Relation to Social Media Blog

by Paul Christensen, CEO, Green Key Technologies Last week one of GreenKey’s advisory board members, Jill Sommers, a former CTFC Commissioner, wrote a blog about record-keeping requirements. Her punchline: “The data produced from daily communications continues to explode with the growth of social media and the technological evolution of financial markets, and we need new tools to ensure that record-keeping is robust and effective.” One of the challenges that market participants face, both senior managers within regulated firms and the regulators themselves, is how to capture, store, analyze and retrieve the vast quantities of data that are produced from daily…

John Lothian Newsletter: First Trader Convicted of Spoofing Gets 3-Year Prison Term; Deutsche Boerse Investors Poised to Back LSE Deal by End of Week; Singapore Exchange Malfunction Ruins CEO’s First Anniversary John Lothian Newsletter,Newsletter

First Read Spoofing Sentence Sends Clear Enforcement MessageClifford C. Histed – Partner, K&L Gates LLP via Law360Michael D. Ricciuti On July 13, 2016, U.S. District Judge Harry D. Leinenweber in Chicago sentenced Michael Coscia, the first trader charged with criminal “spoofing,” to three years in prison. Much has been written about this case, and the public debate has been just as intense as the litigation. In April 2015, we wrote about Judge Leinenweber’s denial of Coscia’s motion to dismiss his indictment, examined what guidance about spoofing could be gleaned from regulators, broke down the allegations in the indictment, and offered…goo.gl/tqAdBp…