John Lothian Newsletter: Comment: If the market is rigged, fix the market!; Goldman mulls shutting Sigma X over risk from glitches, regulation; Chicago Stock Exchange CEO steps down

Apr 9, 2014

First Read

Exchange CEO Series – Expanding Metal: LME’s Garry Jones tells a Hong Kong growth story

Garry Jones is no stranger to exchange competition. Now the CEO of the London Metal Exchange, which was acquired by the Hong Kong Exchanges & Clearing (HKEx) last year, Jones been in the exchange, trading platform and derivatives dealer space for decades.

The LME deal represents a new set of opportunities, he said.

“Hong Kong’s acquisition of the LME was interesting, because for them it was the first real push into a new asset class,” Jones told Jim Kharouf, John Lothian News’ editor-in-chief at the FIA Boca Conference last month. “They bought the LME because of the strong franchise in metals but also as a bridgehead into Asia as well.”

He said that kind of M&A is moving exchanges out of their core areas and into new areas. “I think most exchanges realize that in order to grow at a particular rate, you have to do it not just organically, but by acquisition.”

Watch the video »


FIA Launches SEF Tracker to Measure Swap Trading Activity (April 8, 2014)
Washington, D.C.—April 8, 2014—FIA today is launching SEF Tracker, a periodic report on trading activity taking place on swap execution facilities. FIA has developed this report to provide the public with a better understanding of these new venues for the trading of over-the-counter derivatives.

**** The FIA wants to bring to SEF trading what they offer for futures trading volume reporting.


TABB Says SEF Volumes Reach Record Highs as Made-Available-to-Trade Determinations Set In
TABB Group
Dealer-to-Dealer IRS SEFs Dominant, Capturing up to 97% of Total Volume Traded ON-SEF, Contrasted with 87% of Volume for Credit thru D2C SEFs
TABB Group sees signs of buy-side firms both adopting and avoiding Swaps Execution Facilities (SEFs) since mid-February when Made-Available-to-Trade (MAT) determinations went into effect, now seen driving SEF volumes to record highs

***** And there is a reason the FIA wants to track this volume.


“The Great HFT Debate” Is Now Live Online
Tabb Forum
Features Arguments, Opinions, Interactive Comments and News Items on Both Sides of High-Frequency Trading Debate in One Forum Online Now at TabbFORUM
A new online forum, “The Great HFT Debate,” is now live, featuring in one place the best arguments, opinions and news from the voices driving both sides of the high-frequency trading (HFT) debate and media firestorm ignited recently by the CBS 60 Minutes interview with Michael Lewis, author of “Flash Boys,” published on April 1st.

***** The TABB Group loses Adam Sussman to Liquidnet, but this HFT debate is right in their sweet spot.


ISE Lists Additional 650 Products
New Alternative PMM Program Enables Listing of Lower Volume Names
NEW YORK, April 8, 2014 – ISE announced today that it has successfully completed the rollout of 650 additional equity options products on the exchange. With the addition of these symbols, ISE now lists equity options covering more than 99% of average daily volume for multiply-listed products.

***** The ISE could not find the 651st contract to list, which would have been my lucky number.


PFGBest SpongeBob SquarePants Silver Coins To Be Destroyed
Debbie Carlson, Kitco News
Silver collectible coins struck with the image of cartoon character SpongeBob SquarePants will be destroyed by this weekend, in accordance to an original licensing deal between PFGBest and Nickelodeon, the owner of the SpongeBob character, said the former director of business development at PFGBest Precious Metals.
***DA: When the story came out, I saw one on Ebay for $599. This morning it said seven had sold in the last 24 hours and the offer is $999. I blame the HFT crowd.


Matt Taibbi: U.S. Should Be Ashamed It Treats Pot Smokers Worse Than Wall St. Criminals
by Alexander C. Kaufman, The Huffington Post
A Wall Street bank accused of laundering money for drug cartels only had to pay a fine. Meanwhile, a man caught with a joint in his pocket had to spend 47 days in jail.

***** There is part of me that loves Matt Taibbi and the world he lives in.


The Best SEC Speech Ever
By Jonathan Weil, Bloomberg View
Before today, I had never heard of Jim Kidney. And I certainly hope this isn’t the last time I do. Kidney, a longtime trial attorney for the Securities and Exchange Commission, delivered a barnburner of a going-away speech at his retirement party last month, which has only just begun to make the rounds publicly. Thanks to the union that represents the agency’s employees, everyone can now read the whole thing. After a career in the SEC’s enforcement division that began in 1986, Kidney, 66, was gracious, polite and full of good humor. And for the most part he didn’t name names. But sometimes it wasn’t hard to figure out whom he was talking about.

***** For the record, the bar was not really set that high



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Timothy Massad?

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Lead Stories

Comment: If the market is rigged, fix the market!
By Cameron Smith and Haim Bodek
Computerised trading can be improved with a few fixes, write Cameron Smith and Haim Bodek
Michael Lewis cries out “the market is rigged” in his latest and “newsiest” book, Flash Boys. His warning call has sparked intense debate and has even incited shrill calls for the outright ban of the conveniently undefinable term “high-frequency trading”.

Goldman mulls shutting Sigma X over risk from glitches, regulation
By Bradley Hope, Justin Baer and Scott Patterson, The Wall Street Journal
Executives Have Broached Closing Sigma X Trading Operation
GOLDMAN Sachs is considering shutting down one of the world’s largest private stock-trading venues, according to people familiar with the matter.

Chicago Stock Exchange CEO steps down
by Lynne Marek, Crain’s Chicago Busines
Chicago Stock Exchange Inc. CEO Dave Herron will step down this month from the company’s top post, and Chief Operating Officer John Kerin will replace him in that role.

Senate panel approves Massad to head CFTC
By Douwe Miedema, Reuters
A U.S. Senate panel on Tuesday approved Timothy Massad as the next chairman of the Commodity Futures Trading Commission, but a second nominee to the derivatives watchdog hit a snag.

DealBook: Banks Ordered to Add Capital to Limit Risks
by By PETER EAVIS, New York Times
The requirement could force the eight biggest banks in the United States to find as much as an additional $68 billion to put their operations on firmer financial footing, according to regulators’ estimates.

Sussman Jumps to Liquidnet, Ready to Enter HFT Debate
By Anthony Malakian, Waters Technology
Liquidnet has announced that Adam Sussman will join as its head of market structure and liquidity partnerships.

SEFs suffer from euro swap trading slump
Anish Puaar, Financial News
Rules requiring US firms to trade swaps on newly created markets has led to further fragmentation of the global over-the-counter derivatives market, with trading in non-US currency swaps declining since the introduction of the platforms.

SEC’s Stein backs states’ push to police smaller stock deals
By Sarah N. Lynch, Reuters
U.S. securities regulators should not be so quick to scale back the power of the states to police certain smaller public stock deals, a top U.S. Securities and Exchange Commission official warned on Tuesday.

Crowded trades a risk in clearing houses
By Philip Stafford, FT Trading Room
Are clearing houses overlooking the risks around crowded trades? A new academic paper suggests investors’ positions are far more exposed in turbulent markets than they realise.
It may seem that most issues around clearing house risk have been debated – if not resolved – in the last few years.

EuroCCP and EMCF complete consolidation
Automated Trader
Migration of Equiduct, GetMatched, NYSE Arca, Smartpool, Sigma X and UBS MTF platforms to EuroCCP accomplished in seven weeks.
London and Amsterdam – European Central Counterparty (EuroCCP) has completed the consolidation of its constituent businesses, EuroCCP Limited and EMCF, creating the largest cash equities clearer in Europe.

ICAP to Push Voice Brokers to Promote Electronic Platform
By Jenny Strasburg and Chiara Albanese, WSJ
Move Aims to Cut Humans Out of Direct Roles in Buying and Selling Currencies
Brokerage giant ICAP IAP.LN +1.82% PLC is seeking to transform its London-based foreign-exchange voice brokers into active promoters of its electronic-trading platform, the latest move by a financial firm to cut humans out of direct roles in buying and selling currencies.


ISDA Publishes Research Papers on the Value of OTC Derivatives
MUNICH, April 9, 2014 –The International Swaps and Derivatives Association, Inc. (ISDA) today published two new research papers at its 29th Annual General Meeting in Munich that highlight the value of the over-the-counter (OTC) derivatives market.

ISDA Publishes Research Note Analyzing Impact of MAT Regulation on Market Fragmentation
MUNICH, April 9, 2014 –The International Swaps and Derivatives Association, Inc. (ISDA) today published a new Research Note at its 29th Annual General Meeting in Munich focusing on the effects of the Made-Available-to-Trade (MAT) regulation and its potential impact on market fragmentation.

FINRA Requests Comment on the Effectiveness and Efficiency of its Gifts and Gratuities and Non-Cash Compensation Rules

FINRA Requests Comment on the Effectiveness and Efficiency of its Communications With the Public Rules

SEC, Criminal Authorities Halt Florida-Based Ponzi Scheme Targeting Investors Through YouTube Videos
The Securities and Exchange Commission today announced fraud charges and an asset freeze against the operators of a South Florida-based Ponzi scheme targeting investors through YouTube videos and selling them investments in a product called virtual concierge machines (VCMs) that would purportedly generate guaranteed returns of 300 to 500 percent in four years.

FCA Independent Directors Appoint External Law Firm and Publish Terms of Reference
The Financial Conduct Authority (FCA) Non-Executive Directors have appointed Simon Davis, a senior Commercial Litigation Partner at Clifford Chance, to conduct an independent inquiry into the handling of the FCA’s announcement of proposed supervisory work on the fair treatment of long standing customers in life insurance.

CFTC Orders California, Florida, and Nevada Companies and Their Owners to Pay More than $940,000 in Restitution to Defrauded Customers for Offering Illegal, Off-Exchange Precious Metals Transactions
California Resident Charles Victoria and his Companies PGS Capital Wealth Management and PGS Capital Credit, Inc., and Florida Resident Frank O. Davies and his Company Rockwell Asset Management, Inc. Charged in Separate CFTC Orders

SEC Charges CVS With Misleading Investors and Committing Accounting Violations
The Securities and Exchange Commission today charged CVS Caremark Corp. with misleading investors about significant financial setbacks and using improper accounting that artificially boosted its financial performance.

Remarks before The North American Securities Administrators Association 2014 Public Policy Conference
Commissioner Kara M. Stein, SEC
Thank you Andrea, for that kind introduction. And my thanks to NASAA for inviting me to be here with you today. Before I begin, I need to remind you that the views I am expressing today are my own and do not necessarily reflect the views of the Commission, my fellow Commissioners, or the staff of the Commission.

FINRA Launches Retrospective Rule Review
First Round Addresses Rules on Communications With the Public and Gifts and Gratuities
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) issued two new Regulatory Notices as part of an initiative to conduct retrospective rule reviews on an ongoing basis. Regulatory Notice 14-14 requests comment on the effectiveness and efficiency of FINRA’s communications with the public rules, while Regulatory Notice 14-15 requests comment on gifts, gratuities and non-cash compensation rules. FINRA’s retrospective rule reviews are designed to ensure that FINRA’s rules remain relevant and appropriately designed to achieve their objectives.

ESMA adds KDPW_CCP to list of authorised CCPs under EMIR
The European Securities and Markets Authority (ESMA) has updated its list of Central Counterparties (CCPs) that have been authorised to offer services and activities in the Union in accordance with the European Markets Infrastructure Regulation EMIR (EMIR). There are now three CCPs authorised under EMIR, the European Central Counterparty N.V. (EuroCCP – NL), authorised on 1 April 2014, NasdaqOMX Clearing AB (SE), authorised on 18 March 2014, and KDPW_CCP, authorised on 8 April 2014.

UK’s Financial Conduct Authority Data Shows Consumer Complaints Fall By 15%
The latest complaints data published by the Financial Conduct Authority (FCA) shows 2,479,029 new complaints were opened against financial services firms between July and December 2013. This marks a fall of 15% compared to the 2,911,154 complaints reported in the previous six months.

UK’s Financial Conduct Authority Engages With Firms On Claims Handling Thematic Review
The Financial Conduct Authority (FCA) is today engaging with firms and other interested parties to discuss the initial findings of its thematic review on household and travel insurance claims handling. The thematic review was designed to assess the extent to which insurers put consumers making claims at the heart of their businesses. Martin Wheatley, the chief executive of the FCA, launched the review in a speech to the British Insurance Brokers’ Association conference in May last year.

And On the FCA’s ‘Most Complained-About’ List Are…
by Geoffrey T. Smith, WSJ MoneyBeat
The UK public’s anger towards banks may be softening. Complaints to the Financial Conduct Authority about the banks fell by 15% in the second half of last year, according to figures released by the FCA Wednesday.

Exchanges & Trading Facilities

Technical Glitch Hits CME Trading
By Jacob Bunge, Bradley Hope and Leslie Josephs, WSJ
Futures and options trading in 31 different markets ranging from corn to wheat to live cattle to rainfall futures were halted for about two hours.
A technical glitch at CME Group Inc. CME halted electronic trading in corn and other commodities, leaving the world’s largest futures exchange operator scrambling to fill orders using shouting floor traders instead of the computers that have largely replaced them.

CME trading outage sends business back to the pits

‘Big mess’ created as CME halts trading of some contracts
CME Group Inc., the world’s largest futures market, said “technical issues” prompted it to halt trading of about two dozen contracts on its Globex futures and options markets, according to a notice on its website.

CME Group says Globex trading restored, technical issue fixed
CME Group Inc has resumed electronic trading on its Globex platform after a technical issue affected agricultural markets.

Euronext to wind down Alternext Amsterdam
Euronext exchanges to extend focus on needs of the Dutch SMEs
Amsterdam – 9 April 2014– Euronext, a wholly owned subsidiary of IntercontinentalExchange Group (NYSE: ICE), today announced that, following a strategic review, it will wind down Alternext 1 Amsterdam by the end of the year, or as soon as possible thereafter.

Companies raise €265m on ISE
By John Walsh, Business Editor, Irish Examiner
Companies raised €265m on the Irish Stock Exchange through initial public offerings over the first three months of this year, compared with €415m over the last quarter of 2013, according to figures compiled by PwC.

BOX Options Exchange: April 2014 InBOX
This is the April issue of InBOX, your news source from inside the BOX Options Exchange. This monthly publication will provide convenient summaries of recent developments at BOX.

Warsaw Stock Exchange to pay half of net profit in dividends
The Warsaw Stock Exchange plans to pay out almost half of its 2013 net profit, or 50.3 million zlotys ($16.57 million), in dividends, it said in a statement late on Monday.

Hedge Funds & Managed Futures

BNY Mellon rejects call to split off asset management arm
By Tom Braithwaite in New York, FT
Bank of New York Mellon faced down shareholder angst over costs, profitability and executive pay at its annual meeting, with Gerald Hassell, its chairman and chief executive, rejecting calls to spin off the company’s asset management business.

Scandal-Scarred SAC Confronts Its Future
By Jenny Strasburg, Rob Copeland and Juliet Chung, WSJ Europe
As the government pressure on SAC intensified last year, billionaire Steven A. Cohen and his top lieutenants issued a consistent message to senior investment managers: “Put your heads down. Let’s make money.”

Japan investors losing faith in Abenomics
By Jamie Chisholm, FT Markets
Recent losses on Tokyo’s benchmark Nikkei 225 are more due to doubts over government and central bank policy than tech overvaluation fears

Banks & Brokers

Goldman Sachs may close dark pool Sigma X -WSJ
April 8 – Goldman Sachs Group Inc could shut down Sigma X, one of the world’s largest private stock-trading venues, the Wall Street Journal reported on Tuesday, citing sources.

E*TRADE Financial Corporation Announces First Quarter 2014 Earnings Conference Call
Business Wire

New Morgan Stanley brokerage sales chief reorganizes leadership
NEW YORK – Six weeks after being named to lead Morgan Stanley’s brokerage force of more than 16,000 financial advisers, managing director Shelley O’Connor has streamlined the sales organization and replaced some key executives.

12 Nonprofits to Receive Pro Bono Advice from Morgan Stanley’s Strategy Challenge
Morgan Stanley
Morgan Stanley’s signature pro bono volunteer program brings together some of our best talent to collaborate on solving nonprofits’ critical issues

Liquidnet Hires Tabb Group’s Adam Sussman
Ivy Schmerken, Wall Street & Technology
Sussman will serve as a senior advisor on market structure issues in a global role, providing guidance to Liquidnet’s community of buy-side members and clients.

RBC Capital Markets names sole head in Europe
Matt Turner and Nick Kostov, Financial News
RBC Capital Markets has appointed an ex-Goldman Sachs and Merrill Lynch banker as sole head of European investment banking, as his former co-head takes up a new role as chairman.

JPMorgan’s Dimon says U.S. banks healthy, Europe lagging
PARIS, April 9 – European banks are still lagging behind the U.S. banking industry, which has almost completely recovered from the global financial crisis, Jamie Dimon, chief executive of JPMorgan Chase & Co, told French newspaper Les Echos.

Clearing & Settlement

FX industry to conduct workshop on options clearing
by Joel Clark, Euromoney
Senior represenatives from banks, clearing houses and CLS will meet in London on April 24 as pressure grows to find a workable mechanism for central clearing of forex options.
Industry efforts to begin central clearing of over-the-counter (OTC) foreign-exchange options in line with new regulation are finally gathering pace after several false starts, with a workshop due to take place later this month at which key stakeholders will attempt to jointly determine a way forward.

UniCredit’s Mustier ‘frightened’ by CCP capital levels
Clearing members pressure CCPs to put more of their own money at stake Italian bank’s head of investment banking says he is worried by the low capital levels at Eurex and LCH.Clearnet, and suggests CCPs should not be for-profit entities. Clearing members are also pushing CCPs to boost their capital

Indexes & Products

VXST Options to Launch April 10 – By Matt Moran
Matt Moran,
April 8, 2014 – CBOE plans to launch options on the CBOE Short-Term Volatility Index (VXST) on Thursday, April 10. Below are points that can help in your analysis.


SIA And Colt To Connect Deutsche Bundesbank To TARGET2-Securities
SIA, in partnership with Colt, has won the tender to connect Deutsche Bundesbank to TARGET2-Securities (T2S), the new centralised European platform for the settlement of domestic and cross-border securities transactions.

ICAP Aligns with Perseus; Boosts High Precision Trading Access in Brazil and LATAM
Leading markets operator chooses LiquidPath® from Perseus
London/ New York/ Sao Paulo -9 April, 2014 – Perseus Telecom, a leading provider of high-speed global connectivity, High Precision Time™ and Market-to-Market networks, announced today ICAP is a global customer accessing the award-winning LiquidPath® network in Brazil and Latin America.


Illegal practice and illegal distributions: Georges Dufour pleads guilty
Autorite Des Marches Financiers
On March 14, 2014, Judge Lynne Landry of the Court of Québec, district of Gatineau, approved an agreement entered into by the parties whereby Georges Dufour pleaded guilty to the charges brought against him by the AMF. Judge Landry imposed the penalty as recommended by the parties, namely, an overall fine of $29,000.

SEC Charges Las Vegas-Based Transfer Agent With Disclosure Failures in Registration Forms
Washington D.C., April 8, 2014 — The Securities and Exchange Commission today announced enforcement actions against two leaders at a Las Vegas-based transfer agent firm who were responsible for disclosure failures in registration forms filed with the SEC.

SEC Announces Charges Against Honolulu Woman Defrauding Investors Through Social Media
Washington D.C., April 8, 2014 — The Securities and Exchange Commission today announced fraud charges against a Honolulu woman posing as an investment banker and soliciting investors through Twitter, Facebook, and other social media.

U.S. judge questions SAC Capital plea pact ahead of sentencing
By Nate Raymond, Reuters
NEW YORK – A U.S. judge on Tuesday raised a series of questions about a proposed $1.2 billion insider trading accord with billionaire Steven Cohen’s investment firm, formerly known as SAC Capital Advisors, in advance of its sentencing on Thursday.

Julius Baer sees resolution to U.S. tax probe in foreseeable future
ZURICH – Swiss bank Julius Baer sees itself reaching an agreement with the U.S. authorities in a dispute over tax in the foreseeable future, its chief said on Wednesday, giving the clearest indication yet of when a resolution might be expected.

Environmental & Energy

Scientists seek climate-friendly cow of the future
By Barney Jopson in Washington, FT
A White House climate initiative has boosted a quixotic search for the “cow of the future”, a next-generation creature whose greenhouse gas emissions would be cut by anti-methane pills, burp scanners and gas backpacks.

2013 Financial Year: EEX Achieves Record Result – Significant Increases In Sales And Results In All Business Segments – New Markets And Partnerships Developed – Positive Outlook For 2014
The European Energy Exchange (EEX) concluded the 2013 financial year with a record result and significantly increased sales in all business segments. The EEX Group sales revenue increased to EUR 62.2 million (2012: EUR 47.9 million), an increase of 30 percent for the 2013 financial year. Earnings before taxes (EBT) rose by 32 percent to EUR 17.3 million (2012: EUR 13.1 million) and a significant increase of 16 percent to EUR 13.7 million (2012: EUR 11.8 million) was also recorded with regard to the annual net profit. “This means that, in 2013, EEX achieved its highest ever annual net profit. This forms an excellent basis for our further development”, emphasises Iris Weidinger, Chief Financial Officer of EEX. At the end of the year, EEX Group employed 161 employees, 149 of whom work at the company’s headquarters in Leipzig. This forms an 11-percent increase (2012: 145 employees).


China’s Monumental Ponzi: Here’s How it Unravels
by The Daily Reckoning
China is the greatest construction boom and credit bubble in recorded history. An entire nation of 1.3 billion has gone mad building, borrowing, speculating, scheming, cheating, lying and stealing.

TFEX’s Q1 Average Daily Trading Volume At 56,000 Contracts
Q1 avg trading volume keeps at 56,000 contracts despite uncertainties
To raise trading margins ahead of Thai new year holidays
To launch mini SET50 futures on May 6
Thailand Futures Exchange PCL (TFEX), under The Stock Exchange of Thailand (SET) group, announces that its first-quarter average daily trading volume was at 56,415 contracts per day, similar to the last quarter of 2013, mainly driven up by stock futures as the product could help boost returns when the market was on the uptrend, and manage risk amid domestic political uncertainties.

HKFE Announces Revised Margins For China Merchants Bank Futures
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Friday, 11 April 2014, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contract will be as outlined in the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.

Frontier Markets

Market orders for closing auction resumed
Moscow Exchange
From 14 April, trading members may again enter market-on-close orders during the trading session and market orders during the closing auction itself. Such orders may only be entered with the quantity of securities indicated.

DGCX Gold Futures Shine In March
Gold futures volume on the Dubai Gold & Commodities Exchange (DGCX) grew 32% in March from the same month last year to record its highest monthly volume in 12 months. The contract’s exceptional performance saw DGCX’s precious metals segment registering year-on-year growth of 38%.

Indian brokers association to ask regulator to investigate Ranbaxy trades
MUMBAI – The president of an Indian brokerage association plans to formally ask the domestic market regulator to investigate trading in drugmaker Ranbaxy Laboratories Ltd’s shares in the days leading up to the announcement that it will be acquired by rival Sun Pharmaceutical Industries Ltd.

FMC-MCX tussle: Ball in finance ministry’s court
Rajesh Bhayani, Business Standard
With neither FMC nor MCX having the power to get FTIL to pare stake, only FinMin may be able to resolve imbroglio
Following the Forward Markets Commission (FMC) saying the anchor investor of Multi Commodity Exchange (MCX) wasn’t “fit and proper” to run one, the issue is turning into a multi-dimensional tussle. Sources familiar with the development say only the Union finance ministry can resolve the imbroglio


Cargill reports third-quarter fiscal 2014 earnings
Cargill today reported net earnings of $319 million in the fiscal 2014 third quarter ended Feb. 28, down 28 percent from $445 million in the year-ago period. Nine-month earnings were $1.45 billion, down 21 percent from $1.83 billion a year ago. Third-quarter revenues were $32 billion, essentially even with the year-ago period; nine-month revenues totaled $98.7 billion.

Facebook passes 100m users in India
By James Crabtree and Avantika Chilkoti in Mumbai, FT
Facebook has surpassed 100m users in India, confirming the country as the social networking group’s largest national market after the US, and underlining India’s importance as a focus for future growth.

This is nuts. When’s the crash?
by Izabella Kaminska, FT Alphaville
Okay, maybe it’s because this particular FT Alphaville blogger has been safely quarantined in Geneva, Switzerland for the last two years where everything is frozen in time, and it’s all down to “London shock”, but it really does feel like you can’t walk three foot in the capital these days without bumping into a crane panorama that would make the Doozers of Fraggle Rock proud.

New ‘Heartbleed’ bug poses major threat to user data
A newly discovered bug in widely used Web encryption technology has made data on many of the world’s major websites vulnerable to theft by hackers in what experts say is one of the most serious security flaws uncovered in recent years.

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Past JLN Newsletters

CME to permanently close most trading pits

CME to permanently close most trading pits

First Read $40,626/$300,000 (13.5%) Anonymous ++++ Hits & Takes John Lothian & JLN Staff Without fanfare or amplification from its executives, the CME Group shut the books on most -- but not all -- of its floor trading history Tuesday afternoon with the...

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