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Frankfurt Emerges as Biggest Banking Winner After Brexit; State Street Exits Its Dark Pool, Selling BlockCross to Instinet; U.K.’s Euro Clearing Business at Risk as ECB Requests More Powers John Lothian Newsletter,Newsletter

First Read Making the Johannesburg Stock Exchange a Global Player JohnLothianNews.com “The JSE, for eight years in a row now, was rated number one, two or three in the world by the World Economic Forum for the quality of financial market regulation.” The Johannesburg Stock Exchange is in the process of adjusting much of its infrastructure. It already transitioned from T+5 settlement to T+3 settlement (with no failed trades thus far); the derivatives trading technology is being replatformed; Cinnober is supplying a new clearing system that will be live at the start of 2018; and London Stock Exchange Group’s MTS…

FlexTrade unveils augmented reality trading technology; M&A playbook – how to get the EU to approve a takeover; U.K.’s Theresa May Calls Early Election, Seeking Brexit Leverage John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian Tomorrow I participate in a panel discussion at the Chicago Federal Reserve in a program put on by the Chicago Civic Federation. I will be talking about the history of this industry and its impact on jobs. I will also be sharing some of my thoughts on the importance of STEM for Chicago financial markets and the rest of the economy. I believe I have the right audience to share some of my ideas for making Chicago the STEM capital of the world. The title of the program is the uplifting…

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…