Another day of methodical testimony unfolded in Judge John Tharp’s federal courtroom on Wednesday, the second day of testimony in the case of the Department of Justice versus James Vorley and Cedric Chancu.
Jitesh Thakkar
The Spread: Mini Derivatives Arms Race
This week on The Spread, FTSE Russell and SGX form a strategic alliance, Cboe’s mini VIX futures sell like hotcakes, and more.
U.S. Stocks Are Keeping China’s Amateur Investors Awake at Night; Gold Is Flying High, but Getting Harder to Mine
U.S. Stocks Are Keeping China’s Amateur Investors Awake at Night; Gold Is Flying High, but Getting Harder to Mine
CFTC Dismisses Its Case Against Jitesh Thakkar, Settles With Edge Financial
The CFTC is dropping all charges against Jitesh Thakkar in the anti-spoofing case that grew out of software development work that Thakkar’s company, Edge Financial Technology, performed in 2012 for Navinder Sarao. Sarao made at least $12.8 million by illegal spoofing,...
Sarao Sentenced to Home Detention
Navinder Singh Sarao escaped possible detention in a U.S. prison for anywhere from 78 to 97 months when he was sentenced yesterday in Chicago to one year of detention to be served at his parents’ home in Hounslow, west London. The term of the sentence begins today.
Online Brokers Go From Zero to Hero; U.K.’s Financial Watchdog Names Chris Woolard Interim Chief
First ReadEndgame vs. Infinity War: Justice for JiteshJohn J. LothianWhen I started writing about the CFTC's civil enforcement case against Jitesh Thakkar and Edge Financial Technologies, I asked for Justice for Jitesh. I asked for the CFTC to drop the...
Endgame vs. Infinity War: Justice for Jitesh
When I started writing about the CFTC’s civil enforcement case against Jitesh Thakkar and Edge Financial Technologies, I asked for Justice for Jitesh. I asked for the CFTC to drop the case.
Nothing Learned from the CFTC Bullying a Win in the Thakkar Case
If Jitesh Thakkar loses his case brought by the Enforcement Division of the CFTC, it will not be because the facts in the case are damning against him. It will be because the CFTC has bled Thakkar and his family and friends dry of the financial resources and the will to persevere. It will be because the CFTC’s tactic of drawing out the process and the costs for deposing him, former employees and even customers became too much for Thakkar to endure.
Wall Street Is Being Hunted by Futures Cops for Government Leaks; Wall Street Watchdog Joins Banks in Fretting About Zombie Libor
See also: Chinese bitcoin miners control 65% of the crypto network’s processing power; Bitmain’s market share continues to decline; ASX $15m boost to stake in blockchain start-up Digital Asset, and more.
Trading Technologies’ CEO Discusses the Jitesh Thakkar Case and Its Impact on the Trading Industry: Rick Lane Part II
JLN FIA EXPO 2019 Industry Leader SeriesAt FIA Expo 2019, TT's Rick Lane tells JLN that the Jitesh Thakkar case has already added cost to running businesses like TT. Tech firms have to invest in making sure that when they build bespoke solutions for...
A Cost-Benefit Analysis of the CFTC Case Against Jitesh Thakkar, Part 2
The Cost to the MarketsIf there was a new prescriptive regulation from the CFTC that said every line of code written for any trading software must be documented as to its purpose and intent, there would be a hew and cry from the industry about the cost versus benefit...
A Cost-Benefit Analysis of the CFTC Case Against Jitesh Thakkar, Part I
Cost-benefit analysis is an important part of the regulatory process and even more so after Dodd-Frank became the law of the land. The CFTC does not have an unlimited budget, though it is attempting to throw the legal version of the kitchen sink at Jitesh...
Support Swells for Developer in Spoofing Software Case; Ignoring Women Costs Finance Firms $700 Billion a Year
See also: Libor is going away, Bakkt officially dives into crowded crypto custody market after NYDFS blessing, and more.
Letter to JLN from Vivek Sharma in Support of Jitesh Thakkar
Editor’s note: John Lothian News received the following letter from Vivek Sharma, a former employee of Edge Financial, the firm owned by Jitesh Thakkar. Sharma has also worked for the National Futures Association as a quantitative analyst in...
John Lothian Newsletter
Today’s Newsletter
First Citizens to Buy SVB After Biggest Bank Failure Since 2008
First Read Hits & Takes John Lothian & JLN Staff This morning we have the first of the videos from our FIA Boca coverage and we start out with our interview with CFTC Chairman Rostin Behnam. We also have an interview with IMC Marketing Manager Steven Biester,...
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JLN Options Newsletter
Today’s Newsletter
How Options Hedging for Oil Is Turbocharging Volatility
Observations & Insight Gain Small-Cap Exposure with Options on the Russell 2000 Index Learn why small-cap indexes like the Russell 2000 have historically outperformed large-cap counterparts, and how an options strategy can help you manage your risk while...
Everything you need to know about Options Today