John Lothian Newsletter: Open-all-hours bourses battle for market share; France Pitches Euronext Investment to Banks; CME looks to Chile as copper contract gathers momentum

Apr 8, 2013

Hong Kong Exchanges starts extended trading hours in some of their products, in a bid to capture increased volume from global participants. The government of France is calling on some of its largest banks to take a stake in the possible Euronext spinoff. CME Group considers Chile as a possible copper warehouse location, as the exchange’s copper contract accumulates more market share.

First Read

Exercising My Editorial Option
Gary KatzISE
So the world really must be getting flat if a New York-based options guy is granted a week-long pass to the inner sanctum of the Chicago futures world. Think about it; an options guy acting as the functional equivalent of a futures guy — maybe Washington will take note and finally tear down the antiquated regulatory fence that continues to divide the derivatives market under the SEC and CFTC. Or at least maybe it will be added to the “to do” list as soon as the federal budget is balanced, comprehensive tax reform has been enacted, and the Cubs win the World Series.

The year is off to a steady start in terms of trading volume and there certainly has been no lack of industry news, even if you remove all of the press about ISE’s ongoing legal battles with CBOE from the clippings pile. Despite the chilly New York weather, spring is around the corner and green shoots are sprouting including our own new exchange. As many of you know, we announced our plans to launch a second options exchange by the end of Q2, pending regulatory approval. Although the number of exchanges continues to grow in the options world, more is not always better and we have decided to reduce something industry wide – options contract sizes with the recent introduction of mini options. They are off to a successful launch, and we’re hopeful that the positive trend will continue to grow.

Before co-founding ISE, I spent some time in the Options and Index Products Division at the NYSE and, before I knew any better, as an actuary at Equitable Life Assurance. Though I’ve never had editor, journalist, or commentator on my resume, I am certainly looking forward to adding that “skill” to my LinkedIn profile (when I join….if I join), in hopes that John will eventually “endorse” it.

I’d like to thank John for trusting me to take the helm this week and wish him all the best in his ongoing recovery – we hear he’s inching closer and closer each day to beating out the 93-year-old Eleanor Mandlebaum in a foot race. Just remember John, keep your elbows in check – you’re not in the pits anymore!


Supercomputers could generate early-warning system for stock market crashes
San Jose Mercury News
Lawrence Berkeley lab scientists say supercomputers can find predictors in welter of chaotic computer trading data flowing from nation’s many stock exchanges. ‘We can say when to slow, when to go.’

***GK: How about a hint before a 10% up move.


SEC Delays Action on BOX’s Jumbo SPY Proposal
Traders Magazine
The Securities and Exchange Commission put off a decision on whether to approve a request by the BOX Options Exchange to introduce a “jumbo” options contract based on the SPY exchange-traded fund that is 10 times larger than the standard SPY option. The SEC has delayed its decision from March 21 to May 5, after encountering objections from competitor exchange operators such as NYSE Euronext, Nasdaq OMX Group and CBOE Holdings

***GK: In the meantime, the market can focus on mini SPYs.


CME Group Cut in Grain Hours Increases ‘Excitement’ for Traders
Tony C. Dreibus – Bloomberg
CME Group Inc., owner of the world’s largest grain market, is set to cut trading hours next week as the exchange backs off expanded access that customers complained was too long and eroded market liquidity.

***GK: This is what “Excites” traders? Really?


Open-all-hours bourses battle for market share
Suzi Ring – Financial News
Hong Kong Exchanges & Clearing, one of the world’s largest exchange operators by market value, will today join a growing list of bourses that offer extended trading hours in key products.


Steel futures bring transparency, efficiency to market
The Times of Northwest Indiana
For many years the steel futures market was all talk and little action, but those days are gone as more financial products tied to the price of steel come to market.

***GK: Catching up to the “Man of Steel’s” capabilities.


Dealing with CCP proliferation
Aaron Woolner –
A variety of clearing houses are emerging in Asia – in some cases, backed by domestic clearing requirements for local currency derivatives. That poses some difficult questions for participants active across the region. Should they sign up to all of them or focus their operations on key Asian markets?


It Wasn’t Speculation That Killed The Banks
Or at least it wasn’t speculation that killed the British banks. Speculation is usually thought of as all of that investment bank stuff: high speed trading, foreign exchange, CDOs, swaps, MBS and all of that good fun of men shouting at each other over screens.

***GK: Sounds like Speculation is the new word for Trading.


Corzine says report is a clear case of ‘Monday morning quarterbacking’
The Wall Street Journal Online’s Deal Journal blog
Jon Corzine, through his spokesman, defended his actions in light of yesterday’s new report on MF Global, saying he “worked tirelessly and in good faith to turn the business around,” before the company collapsed in October 2011.

***GK: I didn’t realize that Corzine was a JETS fan! Please feel free to share your prediction for the upcoming season.

**JK – Does that make his quarterbacking of MF G the equivalent of the butt-fumble?


Cash for access is another regulatory red herring
Richard Saunders – Financial News
Since the financial crisis peaked in 2008, regulation has gone into overdrive. Unfortunately much of it was aimed at the wrong targets: short sellers, hedge funds and credit rating agencies. Cash for access is emerging as a fresh example of this misspent regulatory energy.

***GK: Let’s not forget that Congress plays a role in driving the regulator’s focus.


Uh Oh: The Attempt to Regulate Swaps Is Failing
Like bugs running to the shadows when the light is switched on, clever finance critters are fleeing from swaps to futures, escaping the new regulatory regime that was a center-piece of Dodd-Frank.

***GK: From the listed market’s perspective it sounds like the critters are moving in the right direction.


China Fund Chief Says U.S. Isn’t Welcoming
The U.S. is telling China’s $500 billion sovereign-wealth fund to “go away,” according to the fund’s top executive, in the latest sign of strained investment ties between the world’s two largest economies.

**JK – CME Group seems to be welcoming to the Chinese, with brokers and trading firms opening shop in the CBOT building.


Intrade Faces $700,000 Cash Shortfall; Possible Liquidation
Steven Russolillo – WSJ
Online prediction betting site Intrade said late Friday that it faces a $700,000 cash shortfall and possible liquidation, an announcement that comes less than a month after it halted trading on its website and froze customer accounts amid federal scrutiny.

***GK: Maybe the China Fund (see previous story) is interested.

**JK – Another turnaround project opportunity for Mr. Corzine.


As employers push efficiency, the daily grind wears down workers
Alana Semuels, Los Angeles Times
The relentless drive for efficiency at U.S. companies has created a new harshness in the workplace. In their zeal to make sure that not a minute of time is wasted, companies are imposing rigorous performance quotas, forcing many people to put in extra hours, paid or not.

***GK: TGISaturday!



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Lead Stories

France Pitches Euronext Investment to Banks
Dow Jones
The French government has asked some of the country’s largest banks to invest in the planned spinoff of European stock markets operated by NYSE Euronext, said people with direct knowledge of the matter.

CME looks to Chile as copper contract gathers momentum
U.S. exchange operator CME Group is sounding out Chile as the location for a network of warehouses as its copper contract takes market share from the London Metal Exchange, sources familiar with the matter said.

Nasdaq chief vies to become the world’s best-paid exchange boss
Suzi Ring – Financial News
The compensation package of Nasdaq OMX chief executive Bob Greifeld rose almost 18% to $8.9m last year, ranking him among the world’s highest- paid stock exchange bosses.

ICAP warns on potential impact of financial transactions tax
ICAP plc, the world’s leading interdealer broker and provider of post trade risk and information services today releases its analysis of the potential impact of implementing a financial transactions tax (FTT).

MF Global gets court approval to liquidate
Associated Press
MF Global’s parent company has won court approval for its liquidation plan. Judge Martin Glenn approved the plan Friday in U.S. bankruptcy court in Manhattan. MF Global Holdings Ltd. collapsed in late 2011 after a calamitous bet on bonds issued by debt-burdened European countries.

Financial hub Luxembourg under increased scrutiny
Luxembourg is as tranquil as a buzzing financial center gets. Still, some of Europe’s regulators and politicians have started wondering aloud whether its banks might be holding the 17-nation eurozone’s next ticking bomb.

Is this what the end of moral hazard looks like?
Ben Wright – Financial News
On Friday March 29, the day after the banks in Cyprus reopened and as the world was becoming accustomed to the fact that savers with more than E100,000 are actually senior unsecured creditors to their banks, the EuroMillions lottery paid out its fifth-biggest ever jackpot – E132,486,744.

Little Accountability for Directors, Despite Poor Performance
Aficionados of good corporate governance shouldn’t get too excited about the fact that two Hewlett-Packard directors are leaving the board and a third, Raymond J. Lane, is stepping down as chairman. The reason is that directors are still rarely if ever held responsible for their poor conduct.

Day in the life of an overnight trader
Suzi Ring – Financial News
David* trades the London markets from New York. He usually wakes at 1.15am and heads to the office to begin his day at 2am – 7am in London; 8am in continental Europe.


CFTC’s Division of Market Oversight and Division of Clearing and Risk Issue Joint No-Action Relief for Swaps Between Affiliated Counterparties from Certain Swap Reporting Requirements
The Commodity Futures Trading Commission’s (“Commission”) Division of Market Oversight and Division of Clearing and Risk (“Divisions”) today issued no-action relief for swaps entered into between affiliates of certain wholly-owned and majority-owned market participants from the requirement to report their intra-group swaps to a registered swap data repository (“SDR”), under parts 45, 46, and regulation 50.50(b) of the Commission’s regulations, subject to several conditions.

CFTC’s Division of Market Oversight Issues No-Action Relief for End-Users from Certain Reporting and Recordkeeping Requirements of the Trade Option Exemption
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) issued a no-action letter stating that DMO will not recommend that the CFTC commence an enforcement action against an entity that is neither a swap dealer (SD) nor a major swap participant (MSP) (collectively, non-SD/MSP), including all end-users, for failing to report under Part 45 of the CFTC’s regulations, as applicable, commodity options otherwise qualifying for the Part 32 trade option exemption, provided that the non-SD/MSP (1) reports such transactions pursuant to Form TO and (2) notifies DMO if it transacts in excess of $1 billion notional value of trade options in any calendar year.

Ex-Finra Employee Says He Was Fired After Finding System Flaw
A former Financial Industry Regulatory Authority employee filed a whistleblower suit in federal court. The plaintiff claims he was fired after detecting a flaw in the FINRA system that allowed larger broker dealers to be over-leveraged.

Relax! New SEC Social Media Ruling Is a Good Thing
The SEC has thrown another curve ball at investor relations professionals across the land. The IR folks, are the people who have to share the good news, bad news and indifferent news – a daunting task that requires a herculean effort on the best of days. Now, throw social media into the mix!

A Few Observations In The Private Fund Space By David W. Blass, Chief Counsel, Division Of Trading And Markets, U.S. Securities And Exchange Commission – American Bar Association, Trading And Markets Subcommittee, Washington, D.C., April 5, 2013

ESMA 2013 Regulatory Work Programme

[Japan] FSA publishes Weekly Review No.40

Exchanges & Trading Facilities

CBOT’s shorter grain trading hours to start Sunday
The Chicago Board of Trade is set to cut trading for its grain and soy markets to 17.5 hours per session from 21 on Sunday after a move to expand activity hurt liquidity.

Toronto Stock Exchange And TSX Venture Exchange Land In London
To better serve their growing business in Europe and Africa, Toronto Stock Exchange and TSX Venture Exchange have added a member of their Equities business to their London office.

[CBOE] Trader E-News

[CBOE] Automatic Release of Orders Routed to Away Exchanges

Data Fee for CBOE BBO Data Feed

MIAX Options Exchange: Penny Pilot Classes For Option Classes To Start Trading On April 8, 2013

CHX INFORMATION MEMORANDA 2013-02: LULD CHX Rule Amendments – QCT Treatment

Direct Edge Trading Notice #13-14: Limit Up-Limit Down And Market-Wide Circuit Breaker Update

TOM MTF Statistics Week 14 2013

Warsaw Stock Exchange Among Europe’s Top Three Markets By Number And Value Of IPOs In Q1 2013

ATHEX Monthly Statistical Bulletin – March 2013

Hedge Funds & Managed Futures

Hedge-Fund Star Gets a Hip Check
Jeffrey Vinik’s Tampa Bay Lightning are struggling, but the performance of his National Hockey League team isn’t the only worry for the veteran stock-picker. Investors have asked to pull around $1.5 billion from his hedge-fund firm after a period of poor performance, according to people briefed on the matter.

Calpers to Battle Zombie Boards
Financial Times
Fresh from successes at Apple and Hewlett-Packard, the largest US public pension fund is preparing to take on “zombie” directors and rogue pay arrangements as the country’s season of annual meetings gets under way.

Money Fund Managers Awaiting New S.E.C. Rules
New York Times
Still awaiting new rules from regulators, the money-fund industry is dealing with an old reality: low interest rates that discourage investors and compress fees.

Aberdeen’s Gilbert goes back on the acquisition trail
Sophie Baker and Mike Foster – Financial News
Martin Gilbert, who built Aberdeen Asset Management into one of the UK’s largest asset managers, largely through acquisitions, is ready to buy some more.

DePaul students sweep hedge funding competition
The DePaulia
Five DePaul students have been invited to the next round of Battle Fin, a hedge funding competition that pits potential hedge fund managers against each other in a real-time competition with real money.

Hedge funds are lapping up candidates with near-zero experience
Quartz via Yahoo! Finance
Ten years ago, hedge funds were relatively unknown entities. Often they were made up of Wall Street vets who had tired of the corporate culture at big investment banks and saw opportunities to make more …

KKR Hires Deutsche Bank Leveraged Finance Managing Director
Wall Street Journal Blogs
KKR & Co. has bolstered its Australian ranks, poaching Deutsche Bank managing director Diane Raposio.

At Hedge Funds and Private Equity, Lucrative Paydays
New York Times
Private equity firms and hedge funds often reward their leaders with lavish compensation packages, sometimes bigger than those of public companies.

Piercing the secrecy of offshore tax havens
Washington Post
A New York hedge fund manager allegedly swindles $12 million from a prominent Baltimore family. An Indiana couple is accused of bilking hundreds of customers by charging for free trials of cosmetic products. A financial manager in Texas promises 23-percent returns but absconds with $33.5 million of his investors’ money in a classic Ponzi scheme. All three cases have one thing in common: money that ended up in offshore accounts and trusts set up in tax havens around the world.

Critics question investment fund’s Sacramento rental venture
The Sacramento Bee
The giant New York investment fund – with its global portfolio of shopping malls, the Weather Channel and Motel 6 – owns nearly 10 times as many rental homes in Sacramento as any other private landlord, along with thousands of other homes across the nation.

How Many Hedge Funders Does it Take to Make a Joke
Wall Street Journal Blogs
Bridgewater Associates has landed itself a new in-house comedian.

Rogue Trader Nick Leeson Has A New Job In Finance
Business Insider
He is, as his new employer puts it, the man “famed for his role in the collapse of Barings Bank”

CFTC Commitments of Traders Reports Update

Banks & Brokers

Senators to Propose Higher Capital for Banks Over $400 Billion
The largest U.S. banks, including JPMorgan Chase & Co. and Bank of America Corp., would be required to hold capital in excess of Basel III standards under a proposal being drafted by Senate Democrats and Republicans designed to curb the size of too-big-to-fail banks.

Credit Suisse Threatens to Cut Off German Clients
Credit Suisse AG is telling German clients it will stop doing business with them if they don’t provide evidence their accounts comply with tax reporting rules, a move that comes as Swiss lenders look to ease international pressure over the issue.

Deutsche Bank: ‘Global Central Banks Are Flying Blind’ (And Other Quotes Of The Week)
What arguably were the two biggest market stories of the week were inextricably linked. And both involved central banks.

UBS Bid to Dismiss FHFA Mortgage-Bond Suit Denied
UBS AG ’s bid for dismissal of a Federal Housing Finance Agency lawsuit was denied by an appeals court, sending toward trial claims the bank misrepresented the quality of loans tied to $6.4 billion in mortgage securities.

UBS Tops First Quarter League Tables in Asia
Wall Street Journal Blogs
UBS AG continues its strong showing in the region outside Japan, ranking first in investment-banking in the first quarter, after it retained its spot at the end of 2012 as the top fee earner for the tenth year in a row.

Judge approves BofA $2.43 billion settlement over Merrill
Reuters via Yahoo! News
By Bernard Vaughan NEW YORK – Bank of America Corp on Friday won a federal judge’s approval for a $2.43 billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch & Co.

JPMorgan Works to Avert Split of Chief and Chairman Roles
JPMorgan Chase is working behind the scenes to avert a major potential embarrassment. In anticipation of a crucial vote at next month’s annual meeting, board members are planning to sit down with some of the bank’s biggest shareholders to make their case that JPMorgan’s influential chief executive, Jamie Dimon, should keep his chairman title, according to several people briefed on the plans.

Clearing & Settlement

Clearstream’s March 2013 figures
In March 2013, the value of assets under custody held on behalf of customers registered an increase of 4 percent to EUR 11.5 trillion (compared to EUR 11.1 trillion in March 2012). Securities held under custody in Clearstream’s international business increased by 4 percent from EUR 5.9 trillion in March 2012 to EUR 6.2 trillion in March 2013. Domestic German securities held under custody increased by 4 percent from EUR 5.2 trillion in March 2012 to EUR 5.4 trillion in March 2013.

Trayport’s Hosted Clearing Link – Complete Clear – Now Available At European Commodity Clearing AG (ECC)
Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide, today announced the addition of European Commodity Clearing AG (ECC) to its Complete Clear post-trade service.

Indexes & Products

Exchange-traded funds gain on traditional mutual funds
Los Angeles Times
ETFs, which replicate a broad or narrow swath of the market, have been around only 20 years, but they’re catching on among professional and small investors.

Global X lists first Nigeria stock ETF in New York
Reuters via Yahoo! News
By Chijioke Ohuocha LAGOS – Global X Funds has listed the first exchange traded fund on the New York Stock Exchange tracking Nigerian stocks, the head of the fund said on Friday, a move which will enable U.S. investors to buy high growth Nigerian shares at home.

Exchange-Traded Funds’ Tracking Error Is Often Overlooked
New York Times
E.T.F.’s are popular for their low fees and their usefulness in building diversified portfolios. But buying an index-tracking E.T.F. doesn’t guarantee the same return as the index.

FTSE and TMX Datalinx complete transaction to create new global fixed income index business: FTSE TMX Global Debt Capital Markets
FTSE Group, part of London Stock Exchange Group, and TMX Group today announce that they have completed the transaction to combine their fixed income businesses in a new joint venture, FTSE TMX Global Debt Capital Markets. The transaction was completed on the terms announced on February 27, 2013.

Tokyo Stock Exchange: ETF/ETN Monthly Report For March 2013 – Trading Value Increased For The Seventh Consecutive Month With The Daily Average Surpassing 39 Billion Yen
In March 2013, buoyed by a vibrant cash equity market, trading in the ETF/ETN market grew for the seventh consecutive month, up 15% from the previous month.


Federal Court Orders Illinois Resident Brant L. Rushton and his Company, Summit Trading & Capital LLC, to Pay over $4.8 Million for Fraud and other Violations in Commodity Pool Scheme
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it obtained a federal court Order requiring Defendants Brant L. Rushton (B. Rushton) and Summit Trading & Capital LLC (Summit) of Champaign, Illinois, to jointly pay approximately $1.6 million in restitution to defrauded pool participants and a civil monetary penalty of approximately $3.2 million

Ex-broker for Merrill, Deutsche Bank told to pay investor $11 million
Reuters via Yahoo! News
By Suzanne Barlyn – U.S. securities arbitrators ordered a former employee of Merrill Lynch, Deutsche Bank and Oppenheimer & Co to pay nearly $11 million to an investor who alleged the broker misrepresented securities and made excessive trades.

SEC has a lot to sort out in the H.J. Heinz Co. investigation
Pittsburgh Post-Gazette
The SEC moved fast on a suspicious trade near the Heinz acquisition announcement, but the case could take time to play out.

Environmental & Energy

EEX And ECC Offer Simplified OTC Registration Via Trayport
From today, customers of European Energy Exchange (EEX) have the opportunity to use the “Trayport Clearing Link – Complete Clear” offering for registration of over-the-counter transactions for clearing at European Commodity Clearing (ECC).

US carbon emissions drop as gas displaces coal
The Hill’s E2 Wire
A switch from coal to natural gas in electricity production helped drive down energy-related U.S. carbon dioxide emissions in 2012 to their lowest level since 1994, the federal Energy Information Administration said Friday.


U.S. Carbon Emissions Hit Lowest Point Since 1994
National Journal
Carbon emissions have now declined every year since 2007 save for 2010. The start of that period coincides, of course, with the great recession.

NEW REPORT: Clearing the Air: Reducing Upstream Greenhouse Gas Emissions from U.S. Natural Gas Systems
World Resources Institute
This working paper focuses primarily on evaluating and reducing upstream methane emissions in the natural gas sector. We outline a number of state and federal policies and industry best practices to cost-effectively reduce fugitive methane emissions.


Hong Kong Broker Fined for Hyping Undisclosed Trades
Hong Kong’s bustling capital markets have seen many cunning and sophisticated attempts to turn a profit by less- than-scrupulous means. Sky Cheung’s was not one of them.

Osaka Securities Exchange: SPAN Parameter Updated – April 15, 2013 To April 19, 2013
SPAN Parameter is the fundamental data for calculating margin requirements and is used for calculating “SPAN Risk Parameter Files” which are distributed on a daily basis.

IMF Managing Director Christine Lagarde Meets President Xi Jinping, Other State Leaders, And Participates In Boao Forum For Asia

Shanghai Stock Exchange: Notice Of Releasing

HKEx Welcomes OTC Clear Founding Shareholders

Shanghai Stock Exchange: Corporate Subdivision Bond Index Series To Be Launched

HKFE Announces Revised Margins For HSI, MHI, HHI, MCH, China Merchants Bank And CNOOC Futures

Thai Bourse Says Thailand Clearing House (TCH) To Raise Margins For Songkarn Holiday Trade And Update Margin Rates

Japan’s Securities And Exchange Surveillance Commission: Recommendation For Administrative Action Based On Findings Of The Inspection Of RBS Securities Japan Limited

Frontier Markets

The big hopes of Rwanda’s tiny stock exchange
Quartz via Yahoo! Finance
Rwanda began its annual week of mourning today, commemorating the 100-day genocide in which hundreds of thousands of Tutsi were murdered just 19 years ago. But the stock market is staying open.

RBS Joins DME As Clearing Member
RBS Securities Inc. (“RBS”) has today become a Clearing Member of DME, the Middle East’s premier international energy futures and commodities exchange.

Wealth fund-backed Qatar investment firm to offer shares in May
Reuters via Yahoo! Finance
A new 8 billion pounds Qatari investment firm, backed by assets from the sovereign wealth fund, will offer shares to the public in May as part of plans by the tiny Gulf state to share its riches with local citizens and institutions.

Doha Global Investment will be offered for public subscription during May
Dr. Hussain Ali Al Abdulla, Chairman of the Qatar Exchange Board of Directors, stated that the shares of the Doha Global Investment Company will offered to public subscription during May and will be listed for trading on Qatar Exchange following the completion of the subscription and the subsequent allocation processes, all the technical procedures and after obtaining the regulatory approvals required thereon.

Morgan Stanley names veteran banker Kayello as new MENA head
Reuters via Yahoo! Finance
Morgan Stanley (MS.N) named veteran banker Sammy Kayello as the chief executive and chairman of its business in the Middle East and North Africa, replacing Kamal Jabre who is relocating to London for a senior investment banking role.

Abu Dhabi Securities Exchange To Further Enhance DVP

Nigerian Stock Exchange Weekly Report For The Week Ended April 5, 2013

Nigerian Bourse Set To Aid Emerging Businesses – Introduces Designated Advisers

Bursa Malaysia Securities Introduces ‘Green Lane Policy’ To Enhance Efficiency Of Doing Business For Equities Brokers


Whitney writes a counterpunch
New York Post
Prominent bank analyst Meredith Whitney comes out swinging at critics in her debut book, “Fate of the States.” The Wall Street financial analyst, who made headlines with her accurate 2007 prediction that Citigroup would cut its dividend amid the unfurling financial crisis, says she was “pilloried in the financial press” after she warned of looming state- and city-bond defaults resulting from budget shortfalls.

Amazon’s Jeff Bezos backs Henry Blodget with $5 million
Los Angeles Times
The Securities and Exchange Commission may have booted Henry Blodget off Wall Street, but the former Merrill Lynch & Co. Internet analyst has attracted some big fans for Business Insider Inc., which he co-founded in 2007.

John Lothian Newsletter

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