Posts written by Patrick Lothian

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Old Downtown Chicago Trading Hub Is Reborn as an AI Data Center
The former headquarters of Cboe Global Markets Inc. will soon house 33 megawatts of capacity and bring in rents much higher than the average downtown office building

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The CFTC Is Tying Its Own Hands on Prediction Markets
A recent proposed rule from the CFTC offers prediction markets something more than just minimal oversight; it aims to prevent a future commission—perhaps under new leadership—from reversing course.

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The Future of Nigeria’s First Regulated Prediction Market is Clouty
David Umeh recently returned to the United States from Nigeria, where he is weeks, if not days, away from regulatory approval from Nigerian market regulators to launch a futures exchange offering prediction markets. Umeh’s Clouty Inc. is in the final stage to become the first Nigerian SEC-approved regulated prediction market, operating under the trade name Sabi.

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AI Discovery: Can AI Solve the Customer Service Problem?
In this inaugural episode of AI Discovery, we tackle one of the biggest friction points in finance: customer service.With support desks facing high call volumes, after-hours gaps, and questions ranging from basic onboarding to complex multi-leg trades, traders often face long wait times to reach the right representative.

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AI May Become the Third Superpower
The threat to mankind is real, and Trump and Xi need to develop a shared strategy to confront it. – an opinion piece by Paul Tudor Jones

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Kalshi goes after the big traders on CME and Cboe’s home turf
Online prediction market operator Kalshi made its name over the last five years catering to individual investors who wa

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Young Adults Traded $5 Billion on Kalshi Amid Prediction Market Frenzy
Young adults between 18 and 21, who are legally barred from most gambling in the US, have traded an estimated $5.4 billion so far this year on the Kalshi prediction market, according to a new CNN analysis..

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Terry Duffy on why CME is opting out of sports prediction markets
A former hockey, baseball and football player and still avid golfer, CME Group Chairman and CEO Terry Duffy is now trying to keep sports at arm’s length from the exchange operator — even as he looks for ways to embrace retail traders.

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The Chairman’s Op-Ed Skips the Parts He’d Have to Litigate: Markets Price Uncertainty. Selig’s Essay Ignores.
CFTC Chairman Michael Selig chose The Economist to publish “The New Era of Finance Needs Innovation More Than Consensus.” That matters because The Economist serves a sophisticated international readership accustomed to ambiguity, competing legal interpretations and the complexities of global markets. Its readers expect contested claims to be identified, evidence to be supported and serious counterarguments to be confronted rather than written out of existence.

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The History of Single-Stock Futures: From Ban to Revival
Months ago, I heard that FIA was examining renewed industry interest in reviving single-stock futures, which debuted in the US in 2002 and last traded on OneChicago in 2020. I decided to explore their history in a video project, particularly because 25 years had passed since the Commodity Futures Modernization Act legalized SSFs. The project also traces their earlier prohibition under the 1981 Shad-Johnson Accord and the Futures Trading Act of 1982.