First Read Q. and A. With 'Frontline': How Do You Catch a Trader? NYTimes.com On Tuesday evening, “Frontline” took a comprehensive look at the investigation of insider trading on Wall Street in “To Catch a Trader.” This is a report about how hedge funds, including...
regulatory reform
John Lothian Newsletter: US regulator acts to reform futures trading; US regulator calls for stock trading rules review; Hong Kong listings revival offers sovereign wealth path to China
First Read Special Report from Fidessa: You Only Live Twice: Creating the FCM of the Future Steve Grob, Fidessa Published in 1964, Ian Fleming’s eleventh Bond novel describes the change in 007 from a depressed man in mourning, to a man of action ready to rise up and...
John Lothian Newsletter: ICE's takeover of NYSE to close on November 13; Big Banks May Block Traders From Chat Rooms; NYSE Proposes One-Year Pilot Program for Larger Stock Trades
First Read Bloomberg’s Matthew Philips Wrong On HFT and Don Wilson John Lothian It is clear to me that Bloomberg reporter Matthew Philips does not understand what he is writing about in his story about Don Wilson and his conflict with the CFTC. Mr. Philips tries to...
John Lothian Newsletter: Sommers Will Leave CFTC July 8 After Leading Review of MF Global; Europe steps up regulatory assault on CDS; Deutsche Börse launches cloud computing marketplace
CFTC commissioner Jill Sommers will head out the front door next week, vacating her position there. The EU turns up the heat on derivatives traders, and considers past sins as well as future requirements. Deutsche Börse announces plans to create a trading venue for...
John Lothian Newsletter: In Fight Over Bank Rules, Regulator Calls for Compromise; EU agrees breakthrough in market rules; FX Rates Said to Face Global Regulation in Libor Review
A CFTC commissioner wants the regulatory agency to reach out and compromise with overseas regulators on regulating foreign risk. In a probably unrelated turn of events, EU member states reached a milestone agreement on certain bank transactions and competition between...
John Lothian Newsletter: ASX plans rights issue to meet new capital rules; NYSE Euronext appoints Eric Forest as Chairman and CEO of EnterNext; European swaps reporting deadline facing further delays
Australia’s stock exchange goes on a capital-raising mission. NYSE Euronext picks a CEO for their new EnterNext venture. Regulatory reform in Europe is said to have hit a roadblock as underfunded regulators and industry opposition takes its toll. First Read CME primed...
John Lothian Newsletter: EU Seeks Views on ICE-NYSE Commodity Impact Amid Trader Concern; A Regulator Rift Roils Rules; NYSE Liffe Sets July 1 Clearing Transition to ICE Clear Europe
EU regulators evaluating the proposed ICE-NYSE merger are looking at competetive risks in the soft commodity sector. US regulators continue to edge toward rules designed to mitigate the future potential for financial crises, but that progress also continues to...
John Lothian Newsletter: Regulators Tighten Rules On Trading of Derivatives; Nasdaq halts trading in some options contracts due system issues; Regulators Target Exchanges As They Ready Record Fine
The CFTC votes 4-1 on a package of new rules that nobody likes very much, including the CFTC. Nasdaq posts the latest trading halt caused by a system fault. Regulators prepare to issue a big fine to an exchange, and are considering increasing their regulatory presence...
John Lothian Newsletter: OTC trading reform threatens Asian markets; Deutsche Börse hit by earnings slowdown; CBOE Says 'Fully Confident' Software Bug Resolved
Asian financial markets struggle with the need to keep up with Western regulation, and the risks that regulation could pose to future growth. Exchange Deutsche Börse reveals tough conditions in its latest quarterly results. And the CBOE says that their software...
John Lothian Newsletter: Bloomberg Sues CFTC Over Swap Collateral Rules; Money Funds Are Likely to Face Rule Changes; Brokers lose index CDS volumes to new Tradeweb platform
Bloomberg LP takes on the CFTC over collateral requirements for swaps, saying the decision to make rates higher for swaps than for comparable futures is arbitrary and unfair. The SEC moves closer to issuing new controls for the money market fund industry. The vast...
John Lothian Newsletter: Gensler, Wheatley Seek to Eliminate Conflicts in Benchmark Rates; Cargill calls for commodity sector transparency; Violent And Panicky Gold Selling Collapse Bullion And Commodity Markets
Regulators in the US and UK consider working together as an improvement toward reducing the risk of financial rate manipulation. Commodity giant Cargill’s CEO warns that trading houses need to embrace transparency and ethical behavior, or risk becoming as highly...
World Federation of Exchanges CEO Huseyin Erkan Shares His Perspective on the Global Economy
Huseyin Erkan is CEO of the World Federation of Exchanges (WFE) and was formerly Chairman and CEO of the Istanbul Stock Exchange (ISE) from 2007 to 2012. Before becoming CEO of WFE, he was a member of the WFE’s Board of Directors from 2008 to 2011. Erkan spoke with...
John Lothian Newsletter: SEC Proposes New Exchange Tests to Curb Computer Breakdowns; Swaps Trade Group Hires Consultant Amid Probe; New clearing rules have already been broken, FCMs say
The SEC proposes a new testing regime to evaluate the ability of exchanges and brokerages to recover from natural and terrorism-related disasters. As regulatory scrutiny of the ISDAfix swap rate increases, the ISDA brings in a consultant to evaluate whether there’s a...
John Lothian Newsletter: Commodities trading rule calls rejected; European Regulators to Charge Big Banks; ICE And Gasunie Announce Launch Of ICE Endex
March 27, 2013: Commodities trading rule calls rejected; European Regulators to Charge Big Banks; ICE And Gasunie Announce Launch Of ICE Endex Switzerland considers strict regulation of commodity trading in the country, and passes it by in favor of consulting on...
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Today’s Newsletter
Regional Resiliency: COVID endangers Chicago’s global status
First Read $9,141/$300,000 (3%) Diane Saucier ++++ Peter Wind, Longtime Industry Colleague and Mentor, Passes Away By John J. Lothian It is with a heavy heart I report that former Cargill Investor Services (CIS) executive Peter Wind has passed away at the age of 70....
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Today’s Newsletter
If Trump’s Election Prospects Were an Option, It Would Be Out-of-the-Money; Bitcoin’s market run-up sends options to all-time high for open interest
If Trump’s Election Prospects Were an Option, It Would Be Out-of-the-Money; Bitcoin’s market run-up sends options to all-time high for open interest
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