Exchanges warn SEC against muscling in on market data cost debate

Oct 26, 2018

Exchanges warn SEC against muscling in on market data cost debate

Oct 26, 2018

First Read

Hits & Takes
JLN Staff

The theme of the day is where former exchange chairmen are living. The good news is Leo Melamed and his wife Betty have sold their home on the North Shore of Chicago and moved to a Gold Coast condo. The bad news is former CBOT Chairman Pat Arbor residing in jail in Chicago after having been arrested in Boston.

We missed Arbor’s latest travails. The last I saw reported was that he was arrested and released at his grandson’s graduation in Boston. However, it turns out he was re-arrested at the Boston airport while on his way back to Italy. Instead he was returned to Chicago and divorce court, where he was hit with a $1.4 million dollar bail and had both his U.S. and Italian passports taken away. He also had to swear those were the only two passports he had. He remains in jail, unable to come to an agreement with his ex-wife and being held in contempt of court. He might be there a long time. See the two stories below.~JJL

The FIA and SIFMA Asset Management Group is having its 2019 Asset Management Derivatives Forum February 13-15, 2019 at the Montage Laguna Beach in Laguna Beach, CA. This year’s program promises to cover such topics as cross-border and Brexit, derivatives for funds, resolution tools and initial margin. You can check out the other topics and the schedule and register here.~SR

Spencer Doar and I were privileged to be the guests of OCC last night for The Plank Center fundraiser at the Union League Club of Chicago. The Plank Center is the leading global resource for practitioners, educators and students who are passionate about advancing their careers in the public relations profession and is named in honor of the late Betsy Plank. ~JJL

To date, NFA has raised and donated over $45,000 to the @SusanGKomen Foundation to help support the fight against breast cancer.~JJL


Are Lessons from the Financial Crisis Being Heeded?

“Forgetting the lessons of the past – not focusing on fat tails, not focusing on liquidity – is going to lead us down a primrose path that actually has a big pothole in the middle of it.”

No financial crisis is the same, but they often share common themes. In this video, OCC President and COO John Davidson talks about what lessons he took away from 2008 and what might still get markets into trouble.

Watch the video and read the rest »




Near and Midterm (Election) Hurdles: An Economic Outlook with CME’s Blu Putnam

“You can’t put the toothpaste back in the tube.”

The Fed has its hands full. The midterm elections are right around the corner. The trade war is making Brazil a bigger agricultural player. Here to make sense of it all is Bluford Putnam, CME Group chief economist and managing director. In this video filmed at FIA Expo, Putnam discusses his views on these three challenges facing the economy.

Watch the video and read the rest »


Want yellow peas and fake milk? New-age traders are seeking you out.
Bloomberg via Crain’s Chicago Business
Millennials are throwing their dollars toward food they feel is good for them and the planet. Traditional food companies are struggling to source ingredients with specific qualities that appeal to them. Yellow peas, fake milk and soybeans with differing colors, taste and consistency. These emerging foods and others are spurring a wave of new startups seeking to change how crops are sold in a world of rapidly shifting consumer tastes.

****** Give me old-age traders. You can find them at the bar in Ceres with a real drink.~JJL


Even Cardboard Boxes Aren’t Immune to U.S.-China Trade Tensions
Jen Skerritt – Bloomberg
While Donald Trump’s trade war with China has already caused losses for American farmers, its impact is now starting to trickle down into a surprising market: the cardboard box. While there are no tariffs on the boxes themselves, the packaging is used by U.S. food companies to ship goods that are now facing Chinese duties.

***** Cardboard boxes, and cardboard waste prices, are a great economic indicator.~JJL


Former Chicago Mercantile Exchange chairman sells contemporary Glencoe mansion, buys Gold Coast condo
Bob Goldsborough – Chicago Tribune
Financial futures pioneer and former Chicago Mercantile Exchange Chairman Leo Melamed and his wife, Betty, in August sold their seven-bedroom, contemporary-style brick mansion in east Glencoe for $1.7 million and paid $735,000 for a three-bedroom, 2,200-square-foot condominium unit in the Gold Coast

***** The buyers want to knock down Leo’s former home.~JJL


Judge risks 81-year-old Pat Arbor dying in jail, ex-CBOT chief’s lawyer says
Mark Brown – Chicago Sun Times
It’s 128 days in custody and counting for 81-year-old former Chicago Board of Trade chairman Patrick Arbor after a Cook County judge on Wednesday rejected his lawyer’s latest impassioned plea for his release.

****** It would be so much better dying at the Mexican villa?~JJL


The Block’s editorial manifesto: Of course we can’t be bought
Mark Rogowsky – The Block Crypto
Today’s report from the folks at Breaker is both rather scandalous and yet disappointingly unsurprising. A “sting” of sorts conducted by Breaker found that out of 22 crypto news outlets they contacted with an offer of “pay to publish,” 12 said they would take the money and post the requested info. This is hardly new in technology-related media, as Breaker cited this John Biggs post over at TechCrunch, outlining the same kind of BS.

***** This is exactly why we built CryptoMarketsWiki, to cut through the BS, some of which is being created by a less than ethical media community formed around the crypto world.~JJL


Thursday’s Top Three
The underwhelming volumes in the new bitcoin futures at the Cboe and CME were the focus of our top story on Thursday, Bloomberg Businessweek’s Anybody Want Bitcoin Futures? Anybody?. Second was The New York Times’ When Trump Phones Friends, the Chinese and the Russians Listen and Learn. Coming in third was the Financial Times’ Blockchain technology poised to enter European settlement system


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Lead Stories

Exchanges warn SEC against muscling in on market data cost debate; Brokers and US stock exchanges to debate market data at watchdog’s roundtable
Nicole Bullock in New York – FT
The largest US stock exchanges warned regulators against getting involved in a commercial, “Wall Street” fight over market data costs while critics of the system argued that it is prohibitively expensive and anti-competitive.

US quant fund expands abroad as algos dominate at home; Schonfeld responds to diminishing trading opportunities with push into Europe and Asia
Robin Wigglesworth – FT
Schonfeld Strategic Advisors, a New York hedge fund group, is planning an international expansion in Europe and Asia to diversify from increasingly competitive US markets dominated by multiplying trading algorithms.

Traders clash at London Metal Exchange over golden speed bump; Superfast trading firms – sometimes known as HFTs – object to plans to hobble their activity on London’s new gold-trading hub
Samuel Agini – Financial News
Some of the world’s fastest trading firms have called on regulators to review the London Metal Exchange’s plans to introduce an intentional trading delay on its venue for precious metals. The call by the super-fast traders escalates a broader row over the role of delays ó known as speed bumps ó on exchanges.

Goldman: Wednesday Was One of the Worst Days in Years for Stock-Picking Hedge Funds
Rachael Levy – WSJ
Hedge funds tout their ability to do well during periods of market stress. But many aren’t doing well during the current October rout.

BlackRock’s Next U.S. Hub Will Be Far From Wall Street; Money-management giant plans to add 1,000 employees in new Atlanta office
Dawn Lim – WSJ
Wall Street’s biggest money manager is planning a major expansion far from New York. BlackRock Inc. BLK 3.51% expects to boost the number of its employees working in Atlanta to 1,000 people by 2024, according to people familiar with the situation. It has roughly 15 there now.

Half Of The News Outlets We Asked Would Take Cash To Post Our Content
Corin Faife – Breaker Magazine
This article started out with an email, one that arrived in my inbox years ago. I can’t remember when the first of them came exactly, but it would have been sometime in 2016 when I began contributing to CoinDesk. Every few months – continuing to this day – I get something like this:

Paul Volcker sets a challenge for the next generation; The former Fed chair wants attention to public service to be part of his legacy
Gillian Tett – FT
Last week, I received a poignant invitation: Paul Volcker, the legendary former chairman of the US Federal Reserve, asked me to visit his apartment to discuss his legacy.

Robinhood: a cool app and no commission. What can go wrong?; Despite promising ‘no jargon, only the facts’ the trading platform’s 606 filings are unusually sparse
John Dizard – FT
There can be little doubt that mobile devices make us stupid. They make us stupid about personal relationships: count the people you see having dinner ‡ deux while wordlessly peering into tiny screens.

The Shale Boom Calmed Oil Markets, but for How Much Longer?; Supply worries are back: As U.S. bonanza nears limits, the world is thirstier than ever for crude
Russell Gold – WSJ
For the past decade, enough oil has flowed from America’s shale boom to allay worries that demand for the world’s most important commodity would outstrip supply.

Exchanges, OTC and Clearing

CME Group Inc. Reports Third-Quarter 2018 Financial Results
CME Group Press Release
CME Group Inc. today reported revenue of $904 million and operating income of $550 million for the third quarter of 2018. Net income was $412 million and diluted earnings per share were $1.21, up from $0.91 in third-quarter 2017. On an adjusted basis, net income was $495 million and diluted earnings per share were $1.45, up from $1.19 in third-quarter 2017. Financial results presented on an adjusted basis for the third quarters of 2018 and 2017 exclude certain items, which are detailed in the reconciliation of non-GAAP results.

Inside the ICE House; Episode 57: Revolutionizing Fixed Income
A part of Ben Jackson’s role as President of Intercontinental Exchange, is leading the strategic planning and integration of ICE’s M&A activities.

Germany’s Central Bank Claims Success in Blockchain Settlement Trial
Yogita Khatri – Coindesk
Deutsche Bundesbank, Germany’s central bank, and Deutsche Bˆrse, owner of the Frankfurt Stock Exchange, have completed a blockchain trial investigating the technology’s potential in securities settlement.

LSE to go ahead with Saudi investment event; Group had hoped to win proposed whopping IPO of state oil company Saudi Aramco
Hannah Murphy – FT
When does a charm offensive become a bit offensive? City Insider can reveal that the London Stock Exchange plans to proceed with an “Investing in Saudi Arabia” breakfast event on Tuesday ó in spite of mounting international anger over the alleged murder of journalist Jamal Khashoggi.

The Big Interview: Alan Marquard; Chief strategy and development officer at CLS, Alan Marquard, sits down with The TRADE to discuss the buy-side’s increasingly active role in FX settlement, the importance of the FX Global Code of Conduct for the industry, and provide an update on CLS’s recent blockchain projects.
Hayley McDowell – The Trade
Hayley McDowell: What are some of the settlement challenges your buy-side clients are currently facing? And would you agree the buy-side is increasingly more active in managing settlement risk?

Amendments to the Clearing Conditions of Eurex Clearing AG including FCM Rules, introduction and extension of fee waiver
This circular contains information with respect to Eurex Clearing’s service offering and corresponding amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) regarding the following topics:

Via e-learning to become a certified derivatives trader
Deutsche Bˆrse
From now on, the Capital Markets Academy of the Deutsche Bˆrse also offers the preparation for exams as a certified derivatives trader via an e-learning course in German and English. This is made possible by a new cooperation with the Danish company Tradimo, which operates one of the world’s leading exchange learning platforms. Participants can thus acquire a much more flexible teaching content, and the final exam can then be taken at various Deutsche Bˆrse international locations.

Development of New Environment for Expanding Opportunities for Investment in Japanese and Chinese Securities Markets via Use of ETFs – Japan-China ETF Connectivity –
Japan Exchange Group, Inc. (“JPX”) and Shanghai Stock Exchange (“SSE”) have today agreed to strengthen the cooperative relationship for discussions and promotional activities for creating schemes to facilitate listing of ETFs whose trust assets are of Japanese and Chinese asset classes.


State banking regulators sue U.S. government to stop fintech charters
Michelle Price – Reuters
A body of U.S. state banking regulators on Thursday sued the federal government to void its decision to award national bank charters to online lenders and payment companies, saying it was unconstitutional and puts consumers and taxpayers at risk.

Why Fintech Startups Love Singapore’s Hawk-Eyed Central Banker
Yoolim Lee and Chanyaporn Chanjaroen – Bloomberg
The job of central bankers is to ensure the soundness of money and the financial system in their countries. So they often cast a wary eye at financial technology startups and the disruptive forces they can unleash. Not so for Ravi Menon.

Quantitative Brokers Preps Asia Expansion; The enhanced presence and a move beyond rates are a result of new CEO Ralf Roth’s plans to scale Quantitative Brokers’ business beyond its core interest rate futures focus.
Max Bowie – Waters Technology
New York-based introducing broker and trading algorithm provider Quantitative Brokers is planning to expand its business to Asian markets and beyond interest rate futures into commodities and cash markets, officials say.

ADM, Bunge, Cargill and Louis Dreyfus form partnership
corn feed soybean wheat
Holly Demaree-Saddler – World Grain
Archer Daniels Midland Company, Bunge Limited, Cargill, Incorporated, and Louis Dreyfus Company are investigating ways to standardize and digitize global agricultural shipping transactions for the benefit of the entire industry. The companies also seek broad-based industry participation to promote global access and adoption.

CUSIP Global Services Improves Transparency in Futures Markets; Partnership with Euromoney TRADEDATA Brings North American Exchanges’ Options on Futures Products into CUSIP Numbering System
CUSIP Global Services
CUSIP Global Services (CGS) today announced the expansion of its CUSIP Options service to now include futures and options on futures for the North American market. The expansion was made possible through an extension of the CGS 2009 partnership with Euromoney TRADEDATA, a financial information provider specializing in futures and options products. Building on the partnership, CGS will now also assign CUSIPs and CGS ISINs to all standard options on standard futures listed by the major North American exchanges.


The Role of Cryptocurrencies In Future Society
Lawrence Wintermeyer – Forbes
Following the collapse of the cryptocurrency market in June, many in the professional community have been asking big questions about what role cryptocurrencies play in society.

Crystal Financial Institutions launches hedge fund cybersecurity solution
Crystal Financial Institutions, a division of Alliant Insurance Services has launched a new cyber solution specially tailored to hedge funds that addresses numerous aspects of cyber risk management, including security management, insurance, crisis management and legal support.

Another Tory MP gets into crypto, then quits
Jemima Kelly – FT
An email arrived in our inbox Monday morning telling us that Tory MP Stephen Hammond, formerly vice-chairman of the party, had joined IronX, a crypto exchange whose aim is “to bring crypto trading to the mass retail trading market”. Hammond’s job, we were told, would be to “advise on government relations”.

Now There Are Plans for ‘e-Krona’ in Cash-Shy Sweden
Amanda Billner – Bloomberg
Sweden’s central bank will next year seek to start a pilot project to develop an electronic currency as the Nordic nation grapples with how to secure payment systems in a future without cash.

Bitfury Considers Europe’s First Major Crypto IPO
Ruth David – Bloomberg
Cryptocurrency-mining startup Bitfury is weighing strategic options including an initial public offering in what could be Europe’s first major listing in the industry, according to people familiar with the matter.

When It Comes to Volatility, Tech Stocks Are the New Bitcoin
Eric Lam and Matt Turner – Bloomberg
FANG+ price swings outpace digital currency like never before; Sector in eye of global equity storm while Bitcoin languishes
When it comes to wild price swings, all the action of late is with technology giants — not Bitcoin.

Is Crypto Welcome Here?
Tyler Cowen, Elaine Ou and Matt Levine – Bloomberg (VIDEO)
Bloomberg Ideas panelists debate whether blockchain will create profound change within capital markets.

Lou Kerner On Seeing The Crypto Light
Julie Cooling – Forbes
Lou Kerner, Co-Founder & Partner, CryptoOracle, sat down with Julie Cooling, Founder & CEO, RIA Channel at the Digital Asset Strategies Summit (DASS) to discuss all things crypto, and it’s potential to change the investing world as we know it.
Following the wild swings of Bitcoin last year, some mainstream investors began to lose interest in crypto, many even writing it off for good. On the flip side, “Wall Street’s Bitcoin Expert,” Lou Kerner says he “saw the crypto light” and has been all-in ever since.


IHS Markit Launches Board Mentorship Program for Women; Kay Swinburne MEP is first to join the innovative development program
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced the launch of a board mentorship program designed to build the ranks of female candidates for boards of directors.

Is Bitcoin Secretly Messing with the Midterms?; Four years after bitcoin was allowed in federal elections, most states are still in the dark about how to handle the donations.
Kristian Hernandez – Politico
Democrat Brian Forde raised nearly half a million dollars of bitcoin for his unsuccessful bid for a California congressional seat this year, but then had to field questions from election watchdogs about a contribution from Hong Kong.

Trump’s Bailout of U.S. Farmers Hit by His Trade War With China? It May End Up Aiding a Giant Chinese Company
David Meyer – Fortune
In a deeply ironic twist to President Trump’s trade war with China, a giant Chinese company stands to make big money from the Trump administration’s bailout of the agricultural sector, which was necessitated by retaliatory tariffs from China on U.S. foods.

Hog industry worldwide getting slaughtered in trade war
Tom Polansek, Hallie Gu, Ana Mano – Reuters
Ken Maschhoff, chairman of the largest U.S. family-owned pork producer, has watched profits fall as trade tensions rise between the United States and China.

Trade retaliations against the U.S. hit Canada farmers, too
Rod Nickel – Reuters
The United States’ trade wars have allowed Canada’s agriculture industry to pump up sales of soybeans and wheat to China, and pork to Mexico.


Futures Group Says Peregrine Investors’ Losses Not Its Fault
Jack Newsham – Law360
The National Futures Association asked a New York federal judge Monday to throw out a suit by customers of the Peregrine Financial Group who say the association failed to alert the…

Self-managed superannuation funds auditor enforcement actions
ASIC has deregistered, suspended or imposed conditions on 101 self-managed superannuation funds (SMSF) auditors for audit quality and independence issues or on fit and proper person criteria since the registration of SMSF auditors began in 2013.

European enforcers to focus on new IFRSs and non-financial information in issuers’ 2018 annual reports
The European Securities and Markets Authority (ESMA) today publishes the priorities that the European enforcers will particularly consider when examining 2018 financial statements of listed companies. These priorities are set out in the annual Public Statement on European Common Enforcement Priorities (Statement), which promotes the consistent application of the International Financial Reporting Standards (IFRS) and other financial and non-financial reporting requirements.

Starting SmallóWhat Is Micro Investing?
Investing is not reserved for those with lots of extra cash or connections to a financial professional. Anyone can invest, and you don’t need much to get started. In fact, pennies will do just fine.

Remarks of CFTC Commissioner Rostin Behnam at the 2018 ISDA Annual Japan Conference, Shangri-La Hotel, Tokyo; Our Collective Strength
Thank you for the kind introduction; it is a great pleasure and honor to join you today. I want to thank Scott O’Malia and the International Swaps and Derivatives Association (“ISDA”) for organizing this event and for bringing us together. Before I begin, please allow me to remind you that the views I express today are my own and do not represent the views of the Commodity Futures Trading Commission (the “CFTC” or “Commission”) or my fellow Commissioners.

Greyfriars enters administration
On 23 October 2018, Greyfriars Asset Management LLP (‘Greyfriars’), a firm authorised and regulated by the FCA, appointed Adam Stephens and Henry Shinners of Smith and Williamson LLP as joint administrators.

Investing and Trading

Goldman: Wednesday Was One of the Worst Days in Years for Stock-Picking Hedge Funds
Rachael Levy – WSJ
Hedge funds tout their ability to do well during periods of market stress. But many aren’t doing well during the current October rout.
On Wednesday, a large group of hedge funds that bet for and against stocks had their worst day in almost seven years, according to a report released Thursday from Goldman Sachs Group Inc. The so-called fundamental long-short equity hedge funds tracked by Goldman dropped 1.44% on Wednesday, according to the client report, which was reviewed by The Wall Street Journal.

ECB sticks with planned December halt to bond purchases; Central bank’s decision comes in face of bout of global market volatility
Claire Jones in Frankfurt and Adam Samson in London – FT
The European Central Bank has signalled that market turmoil and mounting risks to the eurozone economy will not deter it from withdrawing one of the most important parts of its crisis-era stimulus, as it confirmed plans to halt its quantitative easing programme by the end of this year.


Discount Trading – Chicago Area Futures Broker Announces Launch of Futures Trading Systems
Discount Trading, a registered futures broker and member of National Futures Association, is now offering automated futures trading systems to clients worldwide. Discount now offers a fast and secure web-portal to research thousands of different trading systems. After selecting a trading system, you can activate it in your personal trading account with one click of your mouse.

Danske Bank drops to last place in private banking survey: Prospera
Danske Bank (DANSKE.CO), which is embroiled in a major money laundering scandal, is now the least preferred of the five large banks in Denmark amongst wealthy private banking customers, a survey from Swedish consultancy firm Prospera showed on Friday.

The U.S. Secretly Halted JPMorgan’s Growth for Years
Michelle Davis – Bloomberg
OCC banned expansion into new states for rule infractions; Trump officials reversed Obama-era regulatory enforcement
For almost six years, Washington secretly shackled JPMorgan Chase & Co., the nation’s biggest bank. Now the chains are off, thanks to bank-friendly regulators in the Trump administration.

Danske’s $250 Billion Wealth Unit Slumps in Latest Ranking
Christian Wienberg – Bloomberg
The wealth management business of Danske Bank A/S took a beating in the latest survey of client satisfaction, as reputational damage from a money laundering scandal continues to take its toll.

Deutsche Bank replaces asset management chief; Nicolas Moreau will step down from his role as CEO at DWS at the end of the year.
Hayley McDowell – The Trade
Deutsche Bank has confirmed the appointment of a new chief executive of its asset management unit, DWS, with incumbent Nicolas Moreau due to step down at the end of the year.


Back to the future: Saudi investor forum saved by old mainstay oil
Rania El Gamal, Katie Paul – Reuters
Saudi Arabia’s investment forum was designed to showcase the kingdom’s new future away from oil, but it was black gold and old allies that rescued this week’s event from the furor over the killing of journalist Jamal Khashoggi.

US farmers turn to Iran to plug hole in soyabean sales; Islamic republic’s imports have surged as tariffs decimate US sales to China
Gregory Meyer in New York and Monavar Khalaj in Tehran – FT
To US farmers whose soyabean sales have slumped amid a trade war with China, an unlikely country is lending a hand: Iran.

Here Are the Reasons China’s Equity Rout Is Getting Even Worse
Sofia Horta e Costa and Fox Hu – Bloomberg
Chinese equities have already lost $3 trillion in market value since January, and hopes for better days ahead are fading.

World’s Biggest Wealth Fund Is Prepared for Market Turmoil
Sveinung Sleire and Jonas Cho Walsgard – Bloomberg
Norway’s $1 trillion wealth fund is getting increasingly concerned about the state of global stock markets.

Japan Banks, China Investment to Set Up $1.8 Billion Trade Fund
Takashi Nakamichi – Bloomberg
Will raise cash for companies to enhance bilateral trade; Deal was announced during Abe’s landmark visit to China
Japan’s biggest banks and brokerages agreed to set up a $1.8 billion fund with China’s state-run investment group to help companies enhance trade between the nations.

China sees explosive growth of billionaires; Two Chinese entrepreneurs are added a week to global super-rich club
Chris Flood – FT
Rich Chinese entrepreneurs are joining the global billionaires club at the rate of two a week, driving a record $1.4tn annual increase in the collective wealth of the world’s most exclusive tribe to an all-time high of $8.9tn.


Why ‘No-Deal Brexit’ Is a Such a Nightmare for Banks
Alexander Weber – Bloomberg
With the Brexit divorce date growing nearer, it remains possible that the U.K. will exit the European Union without a deal establishing the terms of their relationship going forward. That’s an alarming prospect for banks, as a no-deal Brexit probably wouldn’t allow for a transition period and could cause chaos in financial markets.

RBS breaks with UK rivals to set up Brexit buffer; Bank takes £100m charge in case of rising defaults following disorderly EU departure
Nicholas Megaw and David Crow in London – FT
RBS broke ranks with the rest of the British banking industry on Friday as it implemented several profit-hitting measures to prepare for the fallout from a disorderly Brexit.

Brexit No Deal Seen Leaving U.K. Economy at a Near Standstill
Anurag Kotoky and Linly Lin – Bloomberg
A no-deal Brexit would drag the U.K. economy to a near standstill next year, according to a new report.
If Britain leaves the European Union without an agreement, reverting to World Trade Organization’s most-favored-nation status rules, gross domestic product would increase only 0.3 percent in 2019, the National Institute of Economic and Social Research said on Friday.


Some 43% of College Grads Are Underemployed in First Job; Chances of graduates using some humanities degrees in first job can be better than some vocational degrees like business and fitness studies
Melissa Korn – WSJ
Students weighing their college options are increasingly focused on the return from that hefty investment, pursuing disciplines they think could lead to a steady and lucrative career.

John Lothian Newsletter

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