John Lothian Newsletter: New Swaps-Trading Venue, KerbX, in the Works; Wall Street finds a foreign detour around U.S. derivatives rules; Bats chief calls on EC to ‘take on’ data pricing

Dec 3, 2012

A new off-exchange derivatives trading platform is under construction, possibly with the goal of registering as a new Dodd-Frank-inspired swap execution facility. Some US banks, facing stricter derivatives regulation when dealing with foreign customers, are gearing up to continue trading old-style by using foreign affiliate companies for handling transactions. The head of BATS in Europe calls for EU help in changing the way its competitors price trading data. In First Read today, see JLN’s interview with Rick Lane of Trading Technologies, as he talks about trends in mobile trading and how TT is rebuilding its products to meet modern trader needs.

First Read

Rick Lane

Rick Lane of Trading Technologies Talks Mobile Trading and Legacy Systems (Part 1/2)

Rick Lane, chief technology officer of Trading Technologies is overseeing a major overhaul of how Trading Technologies develops its solutions. In part 1 of this two-part conversation with JLN editor-in-chief Jim Kharouf, he talks about mobile trading trends, the legacy challenges for the futures industry and rebuilding Trading Technologies’ entire architecture — and how this will all come together. In Lane’s view, rethinking the way technology is built and delivered means finding a balance of buying existing software and combining it with new solutions, a departure from the firm that traditionally built everything in-house.

In part 2 of our interview (coming soon), Lane will talk about how Trading Technologies is addressing regulation and its technology, the move of OTC into futures markets, Trading Technologies Algo Design Lab’s growth and what’s next in the futures markets.

Watch the video »


Exchanges stage race for index IP
Michelle Price – Financial News
For most people the FTSE, known colloquially as the “footsie”, is little more than a number that appears at the end of the daily news as a proxy for the country’s economic health. But, for the London Stock Exchange, the British benchmark is a critical engine of growth.


CME to compensate traders after erroneous wheat report
CME Group Inc. on Friday said it would compensate traders for losses incurred after the exchange issued an erroneous daily report on the amount of wheat registered for delivery with the Chicago Board of Trade. The exchange later revised the report.

**** This is different.


ICAP to hold 20th annual global Charity Day on Wednesday, 5 December
ICAP, the world’s leading interdealer broker and provider of post trade risk and information services, will hold its 20th annual global Charity Day on Wednesday 5 December 2012. On this day, 100% of ICAP’s revenues and commissions will be donated to more than 200 charities worldwide.

***** What stars will appear this year?


Tessler puts Clearstream at the heart of Deutsche Börse
Michelle Price – Financial News
For decades, Europe’s post-trade services institutions have sheltered in the wings, regarded as mere stage-hands to the razzle-dazzle of the front office. Increasingly, however, these institutions are growing in prominence as new regulatory reforms thrust the business of clearing, settlement and asset servicing into the limelight.

***** The plumbers are a spigot of new revenue flow?


Hounding of Intrade a cause for regret
Jonathan Davis –
Market watchers have reason to be disappointed by last week’s news that Intrade, a popular online betting exchange, is to close the accounts of all its US-based customers. The announcement follows a decision by the Commodity Futures Trading Commission to file a complaint against the company that runs the site, alleging that it has illegally been operating an unregulated options market. Non-US citizens can however continue to use the site, which offers punters the chance to place bets on a variety of political and economic outcomes.

**** We are going to start a new prediction service called Out-trade.


SEC Chief Schapiro Delayed Rule Over Legacy Concerns
In one of her last acts as chairman of the Securities and Exchange Commission, Mary Schapiro delayed a rule potentially affecting hundreds of billions of dollars of private offerings by companies, in part because of concerns about her personal legacy, according to previously unpublished documents.

**** All she really had to do is be better than Chris Cox or Harvey Pitt to have a positive legacy.


Stocks Markets That Flummox Masses Do No One Any Good
Amy Butte – Bloomberg
Want to know a dirty little secret? Our stock markets no longer work. They have grown so complex, fragmented and opaque that they don’t serve their stated purpose. Rather than a place where individual and professional investors can put a value on shares and where companies go to raise capital, the markets today look more like a video game. The trouble is, it’s one where only a few understand all the rules.

**** Let me know if you find someone who knows all the rules. Ms. Butte is a former NYSE and MF Global Chief Financial Officer, though the description at the end of the article somehow does not mention her time at MFG.


Some Economists Doubt Dire Effects From Tax Increases
As anxious investors assess their portfolios in light of expected tax increases on investment income, hedge fund manager Douglas Kass has a simple message: Relax.

**** A flood of companies declaring dividends before the end of the year, to escape expected higher tax rates, is causing lots of money to flow amongst option traders.


The rise of client relations managers
Sarah Krouse – Financial News
They may not be at the front line of investment, but the role of client relations managers has become increasingly important against a backdrop of generally low returns.


Corporate ethics improve your wealth
Mike Foster – Financial News
Years of claims by the green lobby that sustainability is good for your wealth have now been supported by independent research.


Ryan Baccus

Ryan Baccus of Sapient on Dodd-Frank Compliance and the Clearing Connectivity Standard

Ryan Baccus is vice president of market infrastructure and initiatives at Sapient Global Markets, a capital markets consulting firm. His work with MII involves advising clients on regulatory reporting, clearing, collateral management and general compliance issues. He spoke with John Lothian News Editor-at-Large Doug Ashburn about the status of Dodd-Frank related regulation and the Clearing Connectivity Standard (CCS), a reporting and communication standard for asset managers, futures commission merchants, central counterparties and custodians, which was developed by Sapient.

On October 24, 2012, the International Swaps and Derivatives Association (ISDA) announced their support of CCS and committed to help develop the standard with Sapient Global Markets.

Watch the video »


MarketsWiki Page of the Day
CBOE Low Volatility Index

MarketsWiki Recent Updates


RJ Roxas; Chris Ferreri; Ryan Baccus

Companies, Organizations and Groups

Virtu Financial LLC; Knight Capital Group Inc.; Global Electronic Trading Company (GETCO); Rosenthal Collins Group LLC; Sapient Global Markets


RCG Onyx Plus; CBOE Low Volatility Index


Upcoming Events; Job Postings


31,668,747 pages viewed, 7,251 articles, 150,604 edits
MarketsWiki Statistics

Lead Stories

UPDATE: New Swaps-Trading Venue, KerbX, in the Works
Katy Burne –
A new platform for trading in off-exchange derivatives is preparing for launch, specializing in equity derivatives. KerbX is leaning toward registering as a “swap execution facility,” a new type of trading platform for derivatives that was authorized under the 2010 Dodd-Frank financial overhaul law, said Joshua Seitz, one of the New Jersey-based company’s founders.

Wall Street finds a foreign detour around U.S. derivatives rules
Reuters via Yahoo! Finance
Wall Street banks are looking to help offshore clients sidestep new U.S. rules designed to safeguard the world’s $640 trillion over-the-counter derivatives market, taking advantage of an exemption that risks undermining U.S. regulators’ efforts.

Bats chief calls on EC to ‘take on’ data pricing
Michelle Price – Financial News
The chief executive of Europe’s largest trading platform has urged the European Commission to take on the incumbent bourses regarding the price of trading data.

Nasdaq Glitch Caused Index Derivatives Halt in Sweden
Wall Street Journal Blogs
A computer error caused Nasdaq OMX Group’s system to wildly overstate the size of an order for Swedish stock-index futures, prompting the exchange operator to close index futures and options trading on its Stockholm market Wednesday, a spokesman for the exchange said Friday.

Hedge Funds May Hold Back Greek Bond Plan, Nomura Says
Greece’s efforts to reduce indebtedness by repurchasing its own bonds won’t be a “resounding success” because hedge funds that hold as much as 22 billion euros of debt lack incentives to participate, according to analysts at Nomura Holdings Inc.

‘Chancellor’s Majority’ Eludes Angela Merkel in Greek Vote
International Herald Tribune
Twenty-three lawmakers from the ruling center-right coalition voted against a fresh bundle of bailout money for Greece, undercutting Chancellor Angela Merkel.

EU slammed over ‘naive’ sovereign ratings plans
Farah Khalique – Financial News
A market backlash erupted last week over proposals by EU politicians to treat the sovereign debts of their countries as a special case subject to credit rating review just three times a year.

Banks Push Harder to Trim the Fat
Banks and securities firms are under pressure to tighten their belts to keep pace with shrinking revenue. Salaries, benefits and other compensation at 32 large, publicly traded U.S. financial companies are on track to hit a record $207 billion in 2012, according to an estimate by The Wall Street Journal based on data through Sept. 30.

Investment banks struggle to explain themselves
William Wright – Financial News
Investment banking used to be simple. In the concise words of one scion of the Rothschild family, it consisted of “moving money from Point A, where it is, to Point B, where it is needed”.

Industry braces for patent wars
Tom Osborn – Financial News
It is one of the classic dilemmas of modern capitalism: do patents foster innovation or do they stifle it? How do lawmakers strike the right balance between protecting innovations through the liberal granting of patents, against the risk of creating monopolies for deep-pocketed firms who can crowd out smaller players?


Regulators Plan More Talks On Cross-Border Swaps Rules
Katy Burne –
International regulators inched closer to an agreement on new rules for derivatives called swaps at a meeting in New York this week, and decided to reconvene in Brussels early next year, according to people familiar with the talks.

EU And Swiss Regulators To Co-Operate On Cross-Border Supervision Of Alternative Investment Funds
The European Securities and Markets Authority (ESMA) has approved the co-operation arrangements between the Swiss Financial Market Supervisory Authority FINMA and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds.

CFTC’s Division of Market Oversight Issues Time-Limited No-Action Relief Concerning Bespoke or Complex Swaps
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced the issuance of a time-limited no-action letter granting relief, for bespoke or complex swaps, from certain reporting obligations under Part 43 and Part 45 of the Commission’s regulations.

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time Limited No-Action Letters for Operators of Certain Funds of Funds
The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued time limited no-action relief to the operators of funds of funds.

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action for Family Offices
The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter regarding family offices.

The Dodd-Frank Holiday Season – CFTC Commissioner Scott D. O’Malia Before AICPA – SIFMA FMS Conference On The Securities Industry, New York, NY

ESMA Chair Maijoor Delivers Keynote At Audit Quality Symposium Toronto

“Be Careful What You Ask For, You Might Just Get It” – Statement By CFTC Commissioner Bart Chilton On 2012 Research Conference To Discuss Key Issues In Derivatives Markets, Washington, DC

Trustee obligations: How to tell the new story to members
A speech by ASIC Commissioner, Greg Tanzer delivered at the Association of Superannuation Funds of Australia (ASFA) Annual Conference 2012, 28 November 2012

Continuous disclosure
A speech by ASIC Commissioner, John Price, delivered at the Chartered Secretaries Australia (CSA) 2012 Annual Conference, 3 December 2012

Charities registered with the ACNC
Some reporting obligations under the Corporations Act 2001 do not apply to companies and registered bodies that are registered with the Australian Charities and Not-for-Profits Commission (ACNC).

ASIC calls for improved compliance in CFD and margin FX client money handling practices
We have issued a warning to the contracts for difference (CFD) and margin foreign exchange (FX) sectors following the release of a report highlighting weaknesses in client money handling practices.

[Japan] FSA publishes English translation of Annual Supervisory Policy for Major Banks for Program Year 2012 (December 3, 2012)

[Japan] FSA publishes English translation of Annual Supervisory Policy for Regional Financial Institutions for Program Year 2012 (December 3, 2012)

[Japan] FSA publishes English translation of Annual Supervisory Policy for Financial Instruments Business Operators, etc. for Program Year 2012 (December 3, 2012)

[Japan] FSA publishes English translation of Annual Supervisory Policy for Insurance Companies, etc. for Program Year 2012 (December 3, 2012)

Exchanges & Trading Facilities

New York exchange courts Russian companies
Reuters via Yahoo! Finance
MOSCOW – The New York Stock Exchange hopes less stringent rules will help persuade several Russian companies to raise money on its markets next year, taking business from arch-rival London.

Chi-X Canada keeps pressure on TMX
Tim Cave – Financial News
Alternative exchange operator Chi-X Global has enjoyed a record month of trading volumes in Canada, the North American market where it is poised to open a second trading venue early next year

CFA and Eurex to cooperate and jointly enhance futures market structure in China
The China Futures Association (CFA) and Eurex Group signed today a comprehensive cooperation agreement in Shenzhen at the 8th International Derivatives Forum in Shenzhen. Both partners foresee an extensive dialogue in order to facilitate the further development of both derivatives markets.

Prague Stock Exchange uses Deutsche Börse Xetra system
The Prague Stock Exchange migrated its electronic securities trading to Deutsche Börse’s Xetra trading system on 30 November. The Prague Stock Exchange is being linked to the Xetra network through the Vienna Stock Exchange, which has operated its own cash market with Xetra since 1999.

CME Group Issued the Following Statement Regarding Erroneous Wheat Registration Report
On Thursday, November 29, CME Group issued an erroneous Deliverable Commodities Under Registration Report shortly after 4 p.m., CST showing 164 wheat shipping certificates registered. That number did not include 2,000 registered wheat shipping certificates from the Andersons’ Conant and Illinois Facilities.

Burgundy Aggregated Market Shares – Swedish Equities, November 2012
In cooperation with SIX Telekurs, Burgundy publishes aggregated market shares in Swedish equities on a monthly basis, in order to provide a better picture of the market.

[CBOE] Trader E-News

[CBOE] Index and ETF LEAPS Listing Schedule

Connectivity to the CBOE Backup Data Center

Enhanced Electronic Blue Sheet Submissions Updates

NYSE Liffe Lists Equity Options On Thrombogenics

CHX INFORMATION MEMORANDA 2012-12: Notice Regarding Order Types and Indications that Are Eligible for Entry into and Accepted by the CHX Matching System

TOM MTF Statistics Week 48 – 2012

Direct Edge Regulatory Notice #12-08: Enhanced Electronic Blue Sheet Submissions Update

Hedge Funds & Managed Futures

Taking sentiment analysis beyond trading
Michelle Price – Financial News
When the financial industry first embraced sentiment analysis of news and social media sites, it was chiefly regarded as a means of making money.

Olam’s Lightning Lawsuit Helps in Bid to Win Investors
Olam International Ltd. , whose shares have fallen 9.5 percent since short seller Carson Block said it might fail, sued him for defamation two days later. He responded with a 133-page report that called the commodity trader an emperor with no clothes.

Hedge Fund Profile: Tiger Global Management
In early 2012, Bloomberg profiled one of the newest, and youngest, members of the hedge fund gilded set. At just 37 years-of-age, Tiger Global Management’s Chase Coleman III finds himself among an elite set of billionaire Wall Street money-managers. Even in this rarefied company, his pedigree and track record stand out.

Clock Ticks for SAC Investors
SAC Capital Advisors LP, the giant hedge-fund firm allegedly involved in what the government has described as the biggest insider-trading case it has ever made, has less than three months to convince investors to stick with the money manager. Seventy-five days remain until Feb. 15, the date by which investors must tell SAC whether they want to pull money from the firm during the next redemption period.

Analysis: SAC’s Cohen shows no signs of retreat despite scandal
Reuters via Yahoo! News
NEW YORK – Hedge fund industry titan Steven A. Cohen appears to have made up his mind about one thing – he has no plans to do anything but run his $14 billion SAC Capital Advisors even as U.S. authorities are breathing down his neck.

Wealth managers consolidate as clients face doing it for themselves
Kevin Pakenham – Financial News
The wealth management sector is undergoing a maelstrom of mergers and acquisitions, as buyers and sellers see advantage in greater size and rising regulatory demands make the management task too heavy for small firms.

Kleinheinz Capital to Return Client Money as Fund Closes
Kleinheinz Capital Partners Inc., the Fort Worth, Texas-based hedge fund founded by John Kleinheinz, will return investors’ money, according to a letter sent to clients today.

All Markets Gain for Second Time This Year on Recovery Signs
For the second time this year, stocks, bonds, commodities and the dollar posted monthly gains amid optimism central bank stimulus programs are bolstering growth in the world’s biggest economies.

Xetra/FWB: Homann Holzwerkstoffe Plans Bond In Entry Standard

Banks & Brokers

Investment Banking Rising Stars: The industry’s up-and-coming talent
Financial News
This is the second annual FN 40 Under 40 Rising Stars in Investment Banking, Financial News’s editorial pick of the bright young things in the industry.

Virtu, Getco Start Examining Knight Trading’s Books
Jacob Bunge and Jenny Strasburg – Dow Jones
Getco LLC and Virtu Financial LLC on Friday started formal due diligence on Knight Capital Group Inc. after this week submitting rival takeover offers for the U.S. brokerage, people involved in the discussions said.

UBS near settlement with U.S., UK over Libor, may pay $450 million: NYT
Swiss bank UBS AG is close to a settlement with U.S. and British authorities and is expected to pay more than $450 million over claims that some of its employees submitted false Libor rates, the New York Times reported.

Goldman gets N.Y. OK to open London bank branch
Market Watch
New York State’s banking regulator gave Goldman Sachs Group Inc. GS approval to open a bank branch in London, but the Wall Street firm still awaits approval from U.K. regulators.

Bankia Rescue Leaves Some Puzzling over Insurance
Bond investors facing losses from the restructuring of Spanish bank Bankia SA (BKIA.MC) may find that their bond insurance fails to pay out as expected.

D.C. Judge Sides with JP Morgan in Spat Over Redacted E-mails
A federal magistrate judge has ruled that JPMorgan doesn’t have to produce 25 unredacted emails in an investigation about manipulation in power markets. Lawyers for the Federal Energy Regulatory Commission had challenged J.P. Morgan Ventures Energy Corp.’s assertion of attorney-client privilege.

HSBC’s Retail Banking And Wealth Management CEO, Paul Thurston, To Retire

GETCO Strategic Investments SEC Filing Proposal For Business Combination Between GETCO And Knight Capital Group

Clearing & Settlement

CME Group Clearing Advisory: NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (C1, 6K, RPF, 6M, CPF) Effective Monday, December 3, 2012

CME Clearing – Performance Bond Requirements – Agriculture, Electricity, Natural Gas, and Refined Products Outrights; Electricity and NGLS Inter-Commodity Spread Credits – Effective Tuesday, December 4, 2012

CME Clearing – IMPORTANT: Performance Bond Requirements: CME New Products- Effective Friday, November 30, 2012

Indexes & Products

MSCI Completes Acquisition Of IPD Group

FTSE And The African Securities Exchanges Association Launch Pan African Benchmark


SunGard Launches Apex Prime Solution To Help Improve Processing Efficiency And Client Service
SunGard has expanded its prime services offering with the launch of Apex Prime, a global solution that helps new and established prime services providers better manage their day-to-day client processing and improve client services by helping maximize transparency, control and efficiency.

OneSteel selects Brady for metal trading and risk management of its recycling operations
Brady plc, the leading supplier of trading and risk management solutions for metals, recycling, energy and soft commodities, announced today that Onesteel Recycling Asia has selected Brady to manage its physical trading and risk requirements for its base metals business in Hong Kong.

Fixnetix Banks Another Win – Awarded Top Computer Growth Company In The Deloitte Technology Fast 500 EMEA 2012 – Financial Markets Managed Services Provider Continues To Rank Industry First

David W. Binet To Join Thomson Reuters Board Of Directors


DealBook: Morgan Stanley Trader Faces Inquiry on Possible Manipulation
New York Times
Glenn Hadden, who is now head of the global interest rates desk at Morgan Stanley, is under investigation over his trading in Treasury futures while at Goldman Sachs, according to a regulatory filing.

Brazilian Ex-Banker to Pay $5.1 Million for Insider Trading in Burger King Stock
The Securities and Exchange Commission today announced insider trading charges against a Brazilian ex-banker for his role in a scheme to illegally trade Burger King securities. The SEC previously charged a Brazilian citizen working in the Miami office of Wells Fargo with tipping him the inside information.

SEC Charges Connecticut-Based Business Executive with Insider Trading During Bidding Process; 2012-247; November 30, 2012
The Securities and Exchange Commission today charged a Connecticut-based business executive with insider trading ahead of the sale of Patriot Capital Funding Group based on nonpublic information he learned at the helm of a firm involved in the bidding process.

Falcone, Harbinger seek dismissal of SEC charges
Reuters via Yahoo! News
NEW YORK – Hedge fund manager Philip Falcone on Friday asked a federal judge to dismiss U.S. Securities and Exchange Commission charges accusing him of market manipulation, giving preferential treatment to certain investors and borrowing cash from his own fund to pay his personal taxes.

Former WA mortgage broker banned

Environmental & Energy

COP18: Room for improvement, but carbon markets are here to stay
Responding to Climate Change blog
Adrian Rimmer, Chief Executive Officer at The Gold Standard Foundation, explains that there is still a desire for market-based approaches to tackling climate change, as a way of promoting low carbon growth and achieving development goals in developing countries.

**RKB — Rimmer says problem is structural and certainly not helped by a global financial crisis.

UN climate boss: No support for tough climate deal
The United Nations climate chief is urging people not to look solely to their governments to make tough decisions to slow global warming, and instead to consider their own role in solving the problem.

Carbon pollution up to 2 million pounds a second
The amount of heat-trapping pollution the world spewed rose again last year by 3 percent. So scientists say it’s now unlikely that global warming can be limited to a couple of degrees, which is an international goal.

**RKB –Worldwide carbon dioxide levels are 54% higher than the 1990 baseline, these numbers from the Global Carbon Project show.


With Renesas, KKR Can’t Crack Japan’s Deal Club
Earlier this year, when struggling Japanese chipmaker Renesas Electronics Corp. was looking for an investor to bolster its finances, U.S. private-equity giant KKR & Co. stepped up to the plate, say people close to the talks. But when Renesas announces the new investment—as early as this month—the benefactor won’t be KKR but a group led by the Innovation Network Corp. of Japan, a government-backed fund that bid against KKR at the urging of Japan’s powerful industry ministry and Renesas customers such as Toyota Motor Corp., people close to the negotiations say.

Uncertain foundations
Simon Rabinovitch –
Within a few minutes of driving into Langfang, it is clear that China’s property boom is still going strong. At a traffic light, a tout knocks on the car window with a leaflet advertising a new housing development, Lion City. A second leaflet – for the sprawling 19 City States villa complex – is inserted under the windscreen wiper, followed quickly by a third, for Happy City.

Japan bank chief warns on bond exposure
Patrick Jenkins in London and Michiyo Nakamoto in Tokyo –
The risk facing Japanese banks from their vast holdings of government bonds has been underlined by the chief executive of the country’s largest bank who said it would struggle to reduce its exposure.

[TSE] Trading Overview and Preliminary Figures for November 2012

[OSE] Trading Overview in November 2012
OSE announced a trading overview (preliminary estimates) in November 2012. Trading volume of OSE-FX in November 2012 was 696,899 units, which showed a 60.7% rise over the preceding month. Daily average trading volume was 31,677 units.

TFX Trading Volume in November 2012
The trading volume of Three-month Euroyen futures was 400,837 decreasing 43.1% in comparison to that of the previous year comparable month, and increasing 24.8% in comparison to that of the previous month, and the daily average was 19,087.

Tokyo Grain Exchange Monthly Trading Report November 2012

[OSE] Japan Exchange Group Preview Website

Osaka Securities Exchange New Year Holidays Trading Schedule

Frontier Markets

W.Africa bourse pushes for tie-up with neighbours
Reuters via Yahoo! News
ABIDJAN – West Africa’s BRVM Bourse will extend trading hours and encourage smaller firms to list as part of a drive to improve its performance and promote a tie-up with neighbouring exchanges, its new director said on Friday.

Saudi Stock Exchange (Tadawul) – Statistical Report November 2012

The Bahrain Financial Exchange (BFX) Has Successfully Completed One Year Of Trading Operations Of Its Futures Segment
The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, has successfully completed one year of trading operations of its Futures segment since its launch date on the 23rd of November 2011.

Qatar Exchange Receives Award

MCX – COMDEX Weekly Market Report – November 23, 2012 To November 29, 2012

Malawi Stock Exchange Weekly Report – 30th November, 2012

John Lothian Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

“John Lothian and Company… our industry intelligence.”

Rick Lane

CEO, Trading Technologies

Past JLN Newsletters

CME to permanently close most trading pits

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