John Lothian Newsletter: China launches first carbon market in Shenzhen; SEC considers policy shift on admissions of wrongdoing; Deutsche Boerse CEO on lookout for takeover deals

Jun 19, 2013

China starts up and sees its first trades in a Shenzhen-based carbon exchange. The SEC takes baby steps in the direction of holding wrongdoers to the standard of actually admitting what they did wrong. The CEO of Europe’s Deutsche Boerse says it’s prowling the neighborhood in search of a good merger deal.

First Read

FFastCricket – A fun way to support Futures For Kids
Last year through your support and generosity we raised a fantastic £12,000 for our industry charity, Futures for Kids, though FFastCricket, a highly competitive match between England and the Barbarians which saw the Three Lions, captained by FFastFill Chairman Keith Todd, narrowly pip the Babas, captained by our CEO Hamish Purdey

In 2013, the Babas are out for revenge and have laid down the gauntlet for a rematch. The teams have been selected (and some have even been in the nets putting in a little prematch practice – cheating?) so come and join us for an afternoon of sport, sun and a glass of Pimms whilst we raise money for this fantastic charity.

We are looking for sponsorship for both teams, so please support whichever is closest to your own sporting affiliations by using the links below and help us to beat last year’s total.


Forget the Ashes, if there is one sporting event you attend this summer, make this it! We welcome you all to support the teams at this sporting spectacular which will take place at the HAC Cricket Ground, City Road, London, EC1Y 2BQ ( from 4.30pm on Weds 26th June.

***** Let’s see if those Londoners can play cricket better than they played softball in Chicago last fall.


CME Group/BarclayHedge Managed Futures Pinnacle Awards, June 19
In conjunction with MFA Forum 2013, here in Chicago through June 20, CME Group and BarclayHedge will be holding the second annual Managed Futures Pinnacle Awards, an event which recognizes excellence in the managed futures space. This event is sold out.

***** JLN will be well-represented at the event, with Mssrs. Lothian, Kharouf and Ashburn in attendance.


SEC to Seek Guilt Admissions in More Cases, Chairman White Says
The U.S. Securities and Exchange Commission will seek more admissions of guilt from defendants as a condition of settling enforcement cases, the agency’s chairman said today.

***** I have to pay five million dollars AND admit that I’m guilty??? Are you crazy?


Commodity Futures Trading Commission faces top-level shake-up
Gregory Meyer –
In the past month bankers and lawyers from Citigroup, Goldman Sachs and JPMorgan Chase have streamed into a dark brick Washington office building where the future of finance is being shaped. The high-powered visitors to the home of the Commodity Futures Trading Commission testify to its rise from an obscure US government agency to a global watchdog of financial derivatives, the scandal-hit Libor lending benchmark and physical commodities from oil to silver.

***** Bart Chilton will be covering Elvis Presley’s, “All Shook Up” on this one.


Sudden Stock Crashes Usually Caused by Human Error, SEC Says
Sam Mamudi – Bloomberg
Concern that American stock markets have become more susceptible to split-second crashes due to computerization isn’t supported by the data, a Securities and Exchange Commission official said.

***** With people trading on smart phones, I don’t see how we can have so many fat finger errors.


Jeremie Bacon

Jeremie Bacon on Taking the Reins at ORC Americas and Modular Technology

After a decade of running his own technology firm, Jeremie Bacon decided it was time for a new challenge. In May, he took the reins as president of Orc Americas, the Chicago-based subsidiary of Orc Group.

Bacon sat down with JLN editor-in-chief Jim Kharouf to talk about why decided to leave the firm he co-founded, Backstop Solutions, a software-as-a-service company in the alternative investment space. Bacon said he was impressed with ORC’s established footprint in the industry and reputation it has built since its launch in 1987. He also likes the relatively new ownership structure of the firm. ORC, which had been publicly traded since 2000, was taken private by Orc is owned by Cidron Delfi Intressenter AB, which is in turn owned by Nordic Capital Fund VII, a Swedish private-equity firm.

Watch the video »


NFA Signs Agreement with TeraExchange to Provide Regulatory Services to its Swap Execution Facility
National Futures Association (NFA) and TeraExchange today announced that they have entered into an agreement that paves the way for NFA to perform regulatory services for TeraExchange’s swap execution facility (SEF).

***** What is Footnote 88 all about in the SEF rules?


Barchart Connects to NYSE Technologies’ SFTI Network, Inc., a leading provider of market data and information, today announced that it is now connected to NYSE Technologies’ SFTI Network. NYSE Technologies is the commercial technology division of NYSE Euronext and provides broadly accessible, comprehensive connectivity and transaction capabilities, in addition to data and infrastructure services for mission critical trading services.

***** I love the old SFTI.


SunGard explores $2 billion data unit sale – sources
Reuters via Yahoo! News
SunGard Data Systems Inc, the computer software maker that was taken private in 2005 for $11.4 billion, is exploring a sale of its data managing operations that could fetch up to $2 billion, several people familiar with the matter said on Tuesday.


High-Frequency Traders RGM and Allston Talk Merger
Two of the largest independent U.S. high-frequency-trading firms are in early merger discussions, as a downturn in trading opportunities has spurred cutbacks and tie-up talks among rivals.

***** Raj Mahajan hits the ground running. See our interview with Raj from this past April at


Hedge fund managers don hairshirts and ‘impact investing’ at Monaco meet
Reuters via Yahoo! Finance
Hedge funds, once seen as a quick route to riches for managers and investors alike, are trying to reinvent themselves as more socially conscious and make money all the same. After an extended run of poor returns, executives at a slimmed-down annual industry conference in Monaco on Tuesday were as likely to be found talking about charitable giving as top trading ideas.

***** There has always been strong charitable giving in the funds community, from Paul Tudor JonesRobin Hood Foundation to the upcoming Rocktoberfest and Hedge Funds Care events.


Size matters in a banking career
Sharmila Devi –
Anyone looking to start or develop a career in international banking, needs to consider the difference the size of a bank makes. The advantages of a large institution might include opportunities for travel, acquiring a broad range of skills or specialisation, rapid promotions, and movement between departments. But smaller banks might offer an even broader range of opportunities for learning and experience and the chance of greater responsibility.

***** And then there’s “too big to fail”…


Oracle Java virtual machine slows high frequency trading, says Azul CEO
Oracle’s Hotspot java virtual machine is putting the brakes on the development of low-latency applications for high frequency trading, according to Azul Systems CEO.

***JM: Wait… what??? I’m not snarky; I’m genuinely baffled. People are using Java for HFT apps? *blink* o…kay…


AP News: NSA director says plot against Wall Street foiled
The U.S. foiled a plot to bomb the New York Stock Exchange because of the sweeping surveillance programs at the heart of a debate over national security and personal privacy, officials said Tuesday at a rare open hearing on intelligence led by lawmakers sympathetic to the spying.

***** Best response from Heidi N. Moore’s Twitter feed: “It’s the plots BY Wall St people worry about.”


Jack Schwager

Jack Schwager on Market Wizards and How the CTA Space is Changing

Jack Schwager is a well-known name in the financial market community today, as author of trading classics such as: Market Wizards in 1989, The New Market Wizards in 1992 and Stock Market Wizards in 2001. He’s added to the series in May 2012, with Hedge Fund Market Wizards, and more recently released book Market Sense and Nonsense, where he explores investment models and the theories of how markets work.

He spoke with JLN editor-in-chief Jim Kharouf about hedge fund managers and how the CTA space has changed, what’s happened to managed futures since its breakout year in 2008 and his opinion of just how much growth is left for CTA sector.

Schwager, who is currently a co-portfolio manager at ADM Investor Services, helps manage ADM’s Diversified Strategies Fund, a portfolio of futures and FX managed accounts. The fund combines both system and discretionary managers that use technical and fundamental strategies.

Watch Part 1 »

Watch Part 2 »


MarketsWiki Page of the Day
Jack Schwager

MarketsWiki Recent Updates


Jack Schwager; Gary G. Gensler

Companies, Organizations and Groups

ADM Investor Services, Inc.; NYSE Euronext; NASDAQ OMX Group, Inc.; Multi Commodity Exchange of India; IntercontinentalExchange Inc.; Eurex; BM&FBOVESPA; Bionic Trader Systems; Bombay Stock Exchange


Keyboard Trader


40,811,858 pages viewed, 7,526 articles, 160,845 edits
MarketsWiki Statistics

Lead Stories

China launches first carbon market in Shenzhen
Financial Times
China saw its first-ever domestic transaction in the right to discharge carbon dioxide at the launch of its first pilot carbon market on Tuesday, moving the world’s largest CO2 emitting country closer to capping such pollution.

**RKB — Featured trade: A power plant of Shenzhen Energy Group, a state-owned utility, sold an emission permit for 10,000 tonnes to the Guangdong arm of state oil group PetroChina for Rmb28 ($5) a tonne and another 10,000 tonnes to Hanergy, a privately owned power generator and solar-panel maker, for Rmb30 a tonne, according to the Shenzhen Carbon Exchange.

SEC considers policy shift on admissions of wrongdoing
Kara Scannell in New York –
The Securities and Exchange Commission is considering a change that would require some defendants to admit wrongdoing when they have engaged in “egregious misconduct” – a move that would represent a shift away from a decades-long policy.

Deutsche Boerse CEO on lookout for takeover deals
Deutsche Boerse Chief Executive Reto Francioni signalled on Tuesday that the exchange operator was still on the lookout for merger and acquisition deals, after its attempted takeover of NYSE Euronext was blocked last year.

European lawmakers vote for transaction tax
Philip Stafford in London and James Fontanella-Khan in Brussels –
European parliamentarians have sought to inject fresh momentum for a regional financial transaction tax by provisionally agreeing a package that would lower the cost of trading for pension funds.

Commission Pushes Criminal Sanctions for Bad Bankers
A British parliamentary commission Wednesday called for the creation of criminal sanctions for incompetent bankers, one of the conclusions of a broad review of the culture of U.K. banking that likely will influence how the industry is overseen in the coming years.

Fears grow over reach of post-Libor crackdown
Brooke Masters in London –
It’s not just Libor any more. Over the past four weeks, regulators around the world have made it abundantly clear that the three-continent probe into rigging of the London interbank offered rate that hit the headlines last June was just the beginning.

Banker Rate Rigging Is Worse Than Expected Around The Globe
It’s becoming clear that manipulation is not just a Libor problem.

Traders Try to Game Platts Oil-Price Benchmarks
The European Union says it is searching for evidence that oil traders manipulate prices. If oil trader Halis Bektas is correct, it shouldn’t be hard to find. Mr. Bektas describes one strategy he has used himself: Offer to sell a small amount at a loss to drive down published oil prices, then snap up shiploads at the lower price.

Deloitte banned for StanChart ‘violations’
Kara Scannell in New York –
Deloitte has agreed to a one-year suspension from soliciting new consulting work from hundreds of financial institutions and will pay $10m to New York as the state begins an unparalleled crackdown on independent consulting firms.

FDIC’s Complex-Firms Chief Exits as Banks Write New Wills
Jesse Hamilton – Bloomberg
Jim Wigand, who oversees the Federal Deposit Insurance Corp.’s Dodd-Frank Act powers to dismantle the most complex U.S. banks in a crisis, is stepping down next month. Wigand, the FDIC’s chief of oversight for complex financial firms, departs July 28, according to the agency. He’ll be succeeded by Arthur J. Murton, director of the agency’s Division of Insurance and Research.

How China Fudges Its Numbers
China Real Time Report – WSJ
It’s typically advisable not to accept Chinese economic data at face value –as even the country’s own premier will tell you. Figures on everything from inflation and industrial output to energy consumption and international trade often don’t seem to gel with observation and sometimes struggle to stack up when compared with other indicators.

The toxic legacy of the Greek crisis
Martin Wolf –
Two and a half thousand years ago, Greece shaped the western mind. More recently, it shaped the response to the financial crisis. Greece suffered a calamity – and others’ fear of following it justified the shift to austerity. The result has been a feeble recovery from the post-crisis recession, notably in the eurozone and the UK. Greece, alas, had the wrong crisis, at the wrong time.

News from Turkey

Borsa Istanbul to announce new major partner in two months
The head of Borsa Istanbul (Istanbul Stock Exchange), Ibrahim Turhan, announced on Tuesday that the market will be partnering up with one of the major global stock markets in two months.

Erdogan Penalized at Bond Auction as Yields Surge: Turkey Credit
Turkey was forced to pay higher borrowing costs in the first auction of debt since anti- government protests began more than two weeks ago.


Regulators Are Divided Regarding Consultants
Federal and state regulators are united in their concern that outside consulting firms have produced some shoddy work for Wall Street banks. Yet on Tuesday, the regulators took starkly divergent stances toward the multibillion-dollar consulting industry: while federal authorities seemed to reinforce the industry’s power, a state agency tried to undercut it.

Hong Kong’s Securities And Futures Commission Welcomes Appointment Of Executive Director
The Securities and Futures Commission (SFC) welcomes the appointment by the Financial Secretary of Mr James Shipton as Executive Director of the new integrated Intermediaries Supervision and Licensing Division for a three-year term effective from 19 June 2013 (Note 1).

“Rock’n The Trouble” – Speech Of CFTC Commissioner Bart Chilton, Hedge Fund Industry In 2013, Chicago, Illinois

The Autorite Des Marches Financiers Publishes Its 2012 Annual Report And Submits Its 2013-2016 Strategic Plan To Public Consultation

Exchanges & Trading Facilities

BNY Moscow Partnership Bolsters Bid to Attract Investors
The Moscow Exchange is joining with Bank of New York Mellon Corp. , the world’s largest custody bank, to ease conversion between Russian stocks and depositary receipts as it changes rules to lure foreigners to domestic equities.

TMX Group’s Sharon Pel Wins Canadian General Counsel Award

Direct Edge Trading Notice #13-25: Direct Edge Introduces EdgeRisk Gateway
Direct Edge announces EdgeRisk Gateway, a new risk management tool that provides a dedicated access gateway for trading on the EDGA Exchange and EDGX Exchange.

CBOE, CFE, C2 and CBSX Trading Schedule for the Independence Day Holiday

Hedge Funds & Managed Futures

John Paulson’s Recovery Fund Gains 27%, His Top Stocks
John Paulson made billions on the implosion of the housing market in 2007, and is now setting up to profit from its recovery. In fact, his Paulson Recovery Fund has already returned 27% year to date, buoyed by a nascent housing recovery.

High-frequency trading is bad for normal investors, researchers say
Quartz via Yahoo! Finance
Is it time to slow down high-frequency trading? A new study says yes (pdf). Despite arguments that it provides liquidity in markets, researchers from the University of Michigan argue that it harms the average investor.

BlackRock, Inc. – Analyst/Investor Day

CalPERS Supports Strategic Initiatives with Transition to Charles River’s New Operating Model
Business Wire via Yahoo! Finance
Charles River, an enterprise-wide, front- and middle-office investment management solutions provider, today announced that the California Public Employees Retirement System , the largest public pension fund in the United States, has migrated to Charles River’s Managed Services for hosting, application management, FIX connectivity and real-time integrated data.

Jim Rogers: The Gold Correction Is Not Over
Legendary commodity investor Jim Rogers has never been shy about vocalizing his opinions about the investing world. In particular, Rogers has an affinity for commodities like ags and precious

Copper Near Six-Week Low Ahead of FOMC Meeting Outcome
Copper traded near the lowest level in six weeks as investors waited for the outcome of Federal Reserve’s meeting tonight.

Banks & Brokers

Weak Bond Trading at Jefferies Prompts Wider Concern
The recent turbulence in the markets has already taken its toll on one Wall Street firm. Now, investors and analysts are trying to gauge whether other investment banks have been hurt by turmoil in the bond markets.

Hong Kong investigates HSBC, other banks for inappropriate market conduct
Reuters via Yahoo! News
Hong Kong’s de facto central bank said on Tuesday that its investigation into possible benchmark rate manipulation has been extended to include HSBC and a number of other banks.

JPMorgan Names De, Hillery to Head U.K. Investment Bank
JPMorgan Chase & Co. named Ina De and Conor Hillery co-heads of its U.K. investment banking business, according to a memo obtained by Bloomberg News.

BofA Merrill Is Best in Emerging-Markets Research, Asset Managers Tell Institutional Investor
Bank of America Merrill Lynch takes top honors on the 2013 Emerging Europe, the Middle East & Africa Research Team, Institutional Investor’s annual ranking of the region’s most highly regarded sell-side analysts as determined by the world’s leading money managers.

Swiss Parliament Stalls Progress of U.S. Tax Deal
New York Times
Switzerland’s lower house of parliament has stalled a government bid to protect the country’s banks from criminal charges in the United States for helping wealthy Americans to evade tax.

Lime Brokerage and Wedbush Securities Celebrate Two Year Partnership, Continue Momentum at SIFMA Tech
Lime Brokerage, a Wedbush Company and preeminent provider of ultra-low latency trading technologies, celebrates its two year anniversary with affiliate Wedbush Securities, one of the nation’s leading financial services providers.

Clearing & Settlement

Eurex Clearing’s Lending CCP to extend covered markets and service scope
Eurex Clearing, one of the world’s leading clearing houses, announced that it has extended the product and service scope of its Lending CCP, Europe’s first central counterparty (CCP) service for the bilateral securities lending market. Since early June, equities from three additional European countries are accepted and an innovative solution for voluntary corporate actions has been introduced.

CFTC’s amends rules to identify global participants in swaps markets
Allan D. Grody – FOW
Underlying their recent order for identifying swaps counterparties, the CFTC’s CICI Utility assigned codes to swaps market participants in over 150 countries. Are these codes only suited for swaps counterparties, or can they be used for their ultimate required goal of aggregating all financial institutions’ risk across all asset classes?

Indexes & Products

Rebalance of Russell index to bring volume surge at quarter-end
Reuters via Yahoo! News
By Chuck Mikolajczak NEW YORK – Investors accustomed to late market volatility at the end of the quarter should expect an extra jolt on June 28, when billions of dollars in stock trades will be executed in less than two seconds. That is the day Russell Investments sets the final update for the annual reconstitution of its indexes after the close of trading.

New copper ETC from db ETC Index plc launched on Xetra

Thomson Reuters Named Calculating Agent For New Traded Methodology Benchmarks – Transaction-Based Benchmarks Highlight A Future Trend


Firm58 Announces New Compliance & Surveillance Solution For Broker Dealers
Business Wire via Yahoo! Finance
Firm58, Inc, an independent financial management software company, introduced today its new Compliance & Surveillance solution for Equity and Option Broker Dealers. This new solution assists Compliance Officers and Senior Management adhere to regulatory guidelines by identifying suspicious trading behavior and patterns via an online dashboard.

Broadridge Says Growing Pressure to Enhance Risk Management Driving Modernization of $100 Trillion MBS Trading Market
A new report released today by Broadridge Financial Solutions, Inc. (BR), a leading provider of technology-driven solutions for financial services firms globally, finds that industry-leading financial firms are increasingly sourcing externally for post-trade processing functions for mortgage-backed securities (MBS) to improve risk management and increase operational efficiencies.

Fixnetix Responds To Canadian Regulations With FPGA iX-eCute – Leading Canadian Investment Bank Goes Live With Ultra-Low Latency Pre-Trade Risk Control
Fixnetix, global managed services provider for ultra-low latency market data, trading and risk control, announced today the launch of ix-eCute, the pre-trade risk FPGA microchip for ultra-low latency execution for the Canadian cash markets.

SS&C Join TMX Atrium’s Community In Toronto
TMX Atrium, provider of smarter infrastructure solutions for the financial community, today announced that SS&C Technologies Holdings Inc., (SS&C) has joined the TMX Atrium community.

Tradier Chooses NASDAQ OMX FinQloud To Build ‘Cloud Brokerage In A Box’

Azul Systems And Solarflare Partner To Eliminate Java Application Jitter For Capital Markets


Federal Court in Puerto Rico Orders Angel F. Collazo, ACJ Capital, Inc., and Solid View Capital LLC to Pay over $1.5 Million to Settle Forex Fraud Charges in CFTC Enforcement Action
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court consent order requiring defendants Angel F. Collazo, formerly of Salinas, Puerto Rico, and his companies, ACJ Capital, Inc. (ACJ) and Solid View Capital LLC (Solid View), both of San Juan, Puerto Rico, jointly and severally to pay $843,444 in restitution and to pay a $750,000 civil monetary penalty for fraudulently soliciting customers to participate in an off-exchange leveraged foreign currency (forex) pool, misappropriating pool participant funds, and issuing false statements to conceal trading losses and misappropriation.

CFTC Charges North Carolina Man for $10 Million Commodity Pool Fraud
Nathalie Tadena –
The U.S. Commodity Futures Trading Commission has charged a North Carolina resident and his company for operating a $10 million commodity pool fraud scheme. The CFTC charged James A. Shepherd and James A. Shepherd Inc., a registered commodity pool operator, with fraudulently soliciting about $10 million from approximately 176 individuals to invest in a commodity pool called the Shepherd Major Play Option Fund LP for the purpose of trading options on futures contracts. Mr. Shepherd allegedly misappropriated at least $4.45 million of the pool’s funds, the CFTC said.

SEC Charges San Diego-Based Promoter in Penny Stock Scheme
The Securities and Exchange Commission today charged a penny stock promoter in the San Diego area for fraudulently arranging the purchase of $2.5 million worth of shares in a penny stock company in an attempt to generate the false appearance of market interest and induce other investors to purchase the stock.

Chiasson and Newman to Remain Free During Appeal, Court Rules
Two former hedge fund managers may remain free on bail while they challenge their insider trading convictions, a federal appeals court ruled on Tuesday.

ASIC charges former company director with fraud

B.C. man agrees to sanctions for illegally distributing securities

Environmental & Energy

China launches first carbon market in Shenzhen
Financial Times
China saw its first-ever domestic transaction in the right to discharge carbon dioxide at the launch of its first pilot carbon market on Tuesday, moving the world’s largest CO2 emitting country closer to capping such pollution.

**RKB — Featured trade: A power plant of Shenzhen Energy Group, a state-owned utility, sold an emission permit for 10,000 tonnes to the Guangdong arm of state oil group PetroChina for Rmb28 ($5) a tonne and another 10,000 tonnes to Hanergy, a privately owned power generator and solar-panel maker, for Rmb30 a tonne, according to the Shenzhen Carbon Exchange.

China Carbon Permits Trade 22% Below Europe on Market Debut
China traded its first carbon dioxide permits for 22% less than today’s price in Europe as the nation inaugurated the Shenzhen Emissions Exchange as part of its plan to limit heat-trapping gases linked to climate change.

**additional coverage of China’s market debut in Carbon section.

Glimmer of hope for carbon markets
Carbon markets suffered a heavy setback recently when the European Parliament rejected a plan to boost the flagging price of carbon in the region’s emissions trading scheme (ETS). But while carbon trading worldwide has been floundering, experts say carbon markets have a permanent role in combating climate change and are predicting an industry revival in the coming years.


Tokyo Stock Exchange And Osaka Securities Exchange: Developing Rules In Connection With The Integration Of Derivatives Markets

Osaka Securities Exchange And Tokyo Stock Exchange: Request For Public Comments: Developing Rules In Connection With The Integration Of Derivatives Markets

Japan’s Securities And Exchange Surveillance Commission: Inspection Results Of Credit Rating Agencies

Frontier Markets

NSE, NASD and Emerging Battle in the Capital Market, Articles
The plan by the NASD Plc to commence trading on its Over-the-Counter market, where it plan to trade a broad range of instruments, which include derivatives like options, unlistedequities, on July 1, this year, will further deepen the Nigerian capital market. However, given that the survival of the NASD depends on companies remaining unlisted on the Nigerian Stock Exchange, what lies ahead is difficult to predict, writes Eromosele Abiodun.

In Cooperation with the Qatar Central Bank Qatar Exchange Introduces Bonds for Trading in its Market
Qatar Exchange today announced the introduction of government bonds issued by the Qatar Central Bank for trading on the exchange, which will commence on Thursday 20th June 2013, in a step that supports the development of the financial market in the State of Qatar on the one hand and diversification of investment tools available for banks, institutions and investors on the other. The trading of government bonds follows the trading of T-Bills, which was launched in December 2011. At the launch of the government bond market, 4 bonds will be available for trading and it is expected that the future quarterly issues will also be listed on the market.

DLA Piper Teams Up With DIFC And The US-UAE Business Council To Shed Light On New ‘FATCA’ Law
DLA Piper, the global law firm, this week co-hosted a seminar on the United States Foreign Account Tax Compliance Act (FATCA), which comes into effect at the end of this year.

Johannesburg Stock Exchange (JSE) Rolls Out Online Portal For Market Data
The Johannesburg Stock Exchange (JSE) has rolled out a new web-based portal called Nova through which JSE market data clients can report their monthly usage of JSE data direct to the exchange.

John Lothian Newsletter

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Past JLN Newsletters

CME rebuts accusations of pro-cyclical margining

CME rebuts accusations of pro-cyclical margining

First Read $42,276/$300,000 (14.1%) ++++ Hits & Takes John Lothian & JLN Staff For those of you in Chicago, the Union League Club of Chicago is fully open. This ULCC is a home to many industry events, including FIA Washington updates when they are held in...

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