New Introducing Broker numbers hit historical low; IB Numbers Shrink 17 percent Since Financial Crisis There is a funny story about former MF Global CEO Jon Corzine, when he held his first all company conference call with employees. He said he was impressed with how...
Peregrine Financial Group
New Rules: NFA’s Dan Roth on Confirmations, Residual Interest and the Corzine Rule
After the twin scandals of MF Global and Peregrine Financial rocked the futures industry in 2011 and 2012, the National Futures Association underwent a review, not only of its internal procedures, but also of its rules. In Part Two of this two-part John Lothian News...
Internal Affairs: NFA CEO Dan Roth Highlights Changes in the Wake of MF Global and Peregrine Bankruptcies
**Editor's Note: As news content and technology continue to change, so do we at John Lothian News. Please take a look at our interview with Dan Roth of the NFA, and click on the embedded video sidebar, at the 1:09 or 3:40 minute, marks to see more of our interview....
A Look at Forensic Accounting and Financial Fraud
In the aftermath of the Peregrine Financial Group fraud, many wondered how it could have happened and how forensic accounting works after a fraud occurs. On June 20, John Lothian News president and editor-in-chief Jim Kharouf moderated a panel at the Women In Listed...
FIA Boca Preview: Walt Lukken on the 2013 Outlook for the Futures Industry (Part 1)
Walt Lukken has had his hands full since taking the top spot at the Futures Industry Association (FIA) in March 2012. With FIA Boca set to start on March 12, JLN editor-in-chief Jim Kharouf spoke with him about the industry over the past year, including the fallout...
Confirmations: NFA and CME’s Financial Match.com
The fraud at Peregrine Financial Group was uncovered in July 2012 by the National Futures Association (NFA) which used an electronic bank account confirmation system. (See Confirmations: Plugging Into Electronic Confirmations) In November 2012, the NFA and CME Group...
Confirmations: Plugging Into Electronic Confirmations
Capital Confirmation, which runs Confirmation.com, is credited with helping to unveil the massive $215 million fraud at Peregrine Financial Group (PFG) in July 2012. The web-based audit confirmation service was hired by the National Futures Association (NFA) last year...
Time to Restore
We are now well past a year since MF Global's collapse seriously damaged the futures industry and now trekking toward six months since the Peregrine Financial Group went down in flames, taking more customer money with it. Since November, after spending four months...
John Lothian Newsletter: NYSE says regulation hits retail investors; Australia Fund Managers Back Tax on High-Frequency Trading Firms; Regulators Seek Court Ruling Against Peregrine
NYSE prepares to tell Congress that current market rules give professional traders an advantage over retail investors, and that the regulatory structure must change in order to fix the disparity. In Australia, some fund managers are pushing for the imposition of a tax...
Coming November 15: Restoring Customer Confidence Video Series Launch
Coming to MarketsWiki.tv November 15. Subscribe to the John Lothian Newsletter for new video alerts: Subscribe: In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how...
Hehmeyer Wins Case – Back to Business
In July, I wrote a column about Alaron’s lawsuit against Chris Hehmeyer, the current NFA chairman, former CEO of Penson GHCO and current CEO of HTG Capital Partners. Well, the verdict is in. The judge in the Circuit Court of Cook County dismissed the case with...
John Lothian Newsletter: Exchanges Retreat on Trading Tools; Tradeweb launches ETF platform; NYSE chief laments complex markets
Fund managers and regulators are displeased with US exchanges over certain order types that they say creates an unfair disadvantage for their clients. Platform operator Tradeweb launches a new service that provides multiple price quotes for ETF products to traders....
Brian Fox of Confirmation.com Talks About Exposing & Preventing Brokerage Fraud
Brian Fox, founder and chief marketing officer of Confirmation.com, found his firm in the midst of one of the largest frauds in futures history several months ago. Hired by the National Futures Association to electronically confirm customer account balances that...
John Lothian Newsletter: Regulator Orders External Review After Peregrine Collapse; KSE, BSE In Talks Over Cross-Listing Of Indices; Euro Crisis Faces Judgment Days
The head of the National Futures Association orders an overhaul of staffing and processes in the wake of the agency’s failure to detect Peregrine Financial Group’s fraud over many years. Exchanges in Karachi and Bombay are well along in talks to cross-list futures...
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Banks roll out robots as pandemic shakes up IT plans
First Read $11,441/$300,000 (3.8%) Thomas F. Chlada, Earle Combs, Gerry Corcoran and Martin Mosbacher ++++ Steptoe & Johnson LLP Makes Good Use of Pandemic Time with Financial Services University Video Series By John J. Lothian Matthew Kulkin of Steptoe &...
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Pandemic’s latest spread triggers surge in VIX ‘fear gauge’ for U.S. stocks; Bitcoin’s Options Market Sees Just 6% Chance of $20K Before Year’s End
Pandemic’s latest spread triggers surge in VIX ‘fear gauge’ for U.S. stocks; Bitcoin’s Options Market Sees Just 6% Chance of $20K Before Year’s End
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