| June 20, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hitting the Pinnacle
By JLN Staff
Last night, the CME Group and BarclayHedge hosted the sixth annual Managed Futures Pinnacle Awards. The Pinnacle Achievement Award went to Toby Crabel, chairman and chief investment officer of Crabel Capital Management. Among the several people he thanked for helping him were Jack Sandner, Ray Cahnman and Victor Niederhoffer.
The managed futures industry continues to grow, despite the bull market in stocks, which often run counter to non-correlated strategies. Assets under management are at an all-time high of $348 billion, up $8 billion so far this year, according to BarclayHedge.
Winners last night included: Goldenwise Capital Management, LJM Partners, Warrington Asset Management, UOB-SM Asset Management, AC Investment Management, 361 Capital, Splendor Capital Management, Whitehaven, Two Sigma and PIMCO which took two awards.
Joel McHale was the overpaid talent who performed at the event. That was his description, not mine. Bryan Durkin led the CME Group contingent and even got up on stage with the opening act and banged on the bucket drums with the Chicago Bulls Bucket Boys.
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Video: bcause - the next generation exchange
via LinkedIn
/goo.gl/mSb21Z
*****Former CBOT executive Fred Grede, who most recently was the Sentinel Management Group's bankruptcy trustee, is the new CEO of bcause. Bcause is a crypto-currency exchange that plans on registering with the CFTC as a designated contract market to trade futures and options on Bitcoin, Ethereum and other crypto-currencies. Bcause promoted their creation with the video linked above. CQG is the first quote firm to sign a deal with bcause and Connamara Systems is building a matching engine for them.
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Move Over, Bitcoin. Ether Is the Digital Currency of the Moment.
Nathaniel Popper - NY Times
The price of Bitcoin has hit record highs in recent months, more than doubling in price since the start of the year. Despite these gains, Bitcoin is on the verge of losing its position as the dominant virtual currency.
/goo.gl/XwuTny
****** My son Robby, a 16-year-old tech-savvy high school junior, has learned to mine Ethereum and has picked up about .3 of one, or about $200 so far in two weeks of mining. The kid has some gumption. He taught himself how to do this by watching Youtube videos. He is a born techo speculator!
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LSE Working On More Italian Derivatives Growth
JohnLothianNews.com
"We are also working and in close contact with the clearinghouse, because one of the key elements in developing derivatives markets now and probably in the time to come is post-trade efficiency."
The LSE bought Borsa Italiana in 2007. Nicolas Bertrand, the LSE's head of derivatives, says in the past three years the exchange saw double digit volume growth with increasing support from international participants in the FTSE MIB futures complex. In Q3 2017, Borsa Italiana will extend its trading hours with the goal of capturing even more international order flow.
The recent success of Borsa Italiana has translated to its "sister market" in London, the London Stock Exchange Derivatives Market (LSEDM). The LSEDM thus far has witnessed upticks in its FTSE 100 weekly options, increased demand for its International Order Book (IOB) options  the core offering  and some new activity in Turkish index trading.
Read the rest and watch the video »
****SD: In case you missed it, thus far we have released LME Working To Get Exchange Structure Right; ICE's Hutcheson Talks Benchmarks and Assuming the Helm of ICE Clear Europe; Eurex CEO Sees Plenty of Structural Growth Potential; CME's Knottenbelt Discusses International Plans and CME Europe Closure and FIA Europe's Simon Puleston Jones Talks Brexit and MiFID II Readiness.
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June 2017 Issue of MarketVoice - Six Perspectives on Clearing
FIA MarketVoice
/goo.gl/eyyU1y
***** The latest edition of MarketVoice from the FIA is out.
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Robots Are Eating Money Managers' Lunch; Obscure assets may be the human investor's last refuge.
Saijel Kishan - Bloomberg
Rishi Ganti used to help manage the personal fortunes of hedge fund founders David Siegel and John Overdeck, whose quantitatively driven strategies turned them into billionaires. Ganti, 45, says he's glimpsed the future of his industry. A wave of coders writing self-teaching algorithms has descended on the financial world, and it doesn't look good for most of the money managers who've long been envied for their multimillion-Âdollar bonuses.
/goo.gl/cevhpC
****** Robots don't each lunch. That is one of their secrets.
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Has Brexit affected the dating scene?; Political leanings have moved higher up the list of priorities for singletons in their quest for love
Sarah Gordon in London - FT
The consequences of Britain's departure from the EU remain a hotly debated topic. But one area has been shamefully neglected  the impact of Brexit on the international dating scene.
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***** Divorce is supposed to re-open the dating scene.
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Monday's Top Three
Our top story Monday was the Bloomberg article London Currency Trader Is Taking On World's Biggest Stock Market. Our number two article was Financial Times' More women join financial industry but salaries are not equal and coming in third was the New York Post story, IEX struggles to maintain pace with copycat 'speed bumps'
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MarketsWiki Stats
102,896,507 pages viewed; 22,554 pages; 206,505 edits
MarketsWiki Statistics
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| Lead Stories | Barclays, Ex-CEO Charged Over Qatar Rescue Amid 2008 Crisis
Suzi Ring - Bloomberg
Varley, Jenkins among former executives charged by U.K. SFO; Charges include conspiracy to commit fraud over 2008 deal
Barclays Plc and four former executives were charged with conspiracy to commit fraud during the bank's 2008 capital raising from Qatar as it sought to avoid a bailout amid one of the most turbulent periods in financial history.
/goo.gl/ej1WUJ
Wall Street Now Fears the Lawyer Who Used to Defend It
Matt Robinson - Bloomberg
Quinn Emanuel partner takes cut of $30 billion in settlements; Confronting Goldman, Citigroup -- and his fellow attorneys
Ten years ago, lawyer Dan Brockett and his colleagues opted for the equivalent of ditching an office job for a career as a big-game hunter.
/goo.gl/DKUgsb
Squeezed at home, Japan's Nomura seeks to push into Wall Street's home turf
Sumeet Chatterjee and Emi Emoto - Reuters
Under pressure in Japan from Wall Street rivals and anticipating more deals in the United States or by American companies overseas, Nomura Holdings is boosting its U.S. investment banking business, including some senior hires in the technology and finance sectors.
Two sources familiar with the matter said Nomura (8604.T) plans to add a dozen senior- and mid-level investment bankers over the next 12 to 18 months in the United States, covering mergers and acquisitions, equity capital markets and leveraged financing - building out a team of around 200 there.
reut.rs/2tGd54X
Banks Told to Keep Skin in Game. They Securitized That Too
Nabila Ahmed, Sally Bakewell and Alastair Marsh- Bloomberg
Bond-retention rule left Wall Street with a big exception; Bankers find investors to hold risk instead of retaining it
Few would argue with the stated mission of The Academy Group: to educate, mentor and find jobs for underprivileged youth.
But along the way, the Chicago non-profit is also doing something a bit less lofty -- helping Wall Street sell collateralized loan obligations, a cousin of those complex debt instruments that went horribly wrong during the 2008 financial crisis.
/bloom.bg/2tGmysM
Costs of moving euro-clearing 'are not theoretical' - Carney; The Governor for the Bank of England warned of higher costs but welcomed the European Commission's proposal on tighter CCP supervision across the EU.
Hayley McDowell - The Trade
The Governor for the Bank of England has warned the potential for higher costs across Europe should clearing move from London 'are not theoretical'.
/goo.gl/AEkyHq
Mnuchin Says Ultra-Long Bond Program Wouldn't Be a One-Off
Saleha Mohsin - Bloomberg
Treasury Secretary Steven Mnuchin said the government only intends to introduce ultra-long bonds if there's an audience for regular issuances of the debt.
"We're reaching out to the borrowing community and investors to see what the demand is," Mnuchin said in an interview on Bloomberg Television on Tuesday at an investment conference near Washington. "What we don't want to do is to create a program that is a completely one-off program. We want to see if it would be an important part of our borrowing capabilities."
/bloom.bg/2rMf4bk
Will China A-Shares Be Added to the MSCI Emerging Markets Index?
Matt Moran -CBOE
For managers of global index portfolios this week, a big issue is whether or not MSCI will add China A-Shares to the MSCI Emerging Markets Index (MXEF). MSCI plans to announce its 2017 Market Classification Review on Tuesday, June 20, shortly after 4:30 p.m. EDT.
bit.ly/2rLLzX4
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Dealerweb Captures 18% of U.S. Inter-dealer Repo Trading
PRNewswire
Tradeweb Markets, a leading global provider of fixed income, derivatives and ETF marketplaces, announced that the Dealerweb marketplace for U.S. repurchase agreements (repo) has grown to capture 18% market share of inter-dealer trading since launching a fully electronic central limit order book in June of 2016, based on data from the Government Securities Division of Fixed Income Clearing Corporation. Average daily trading volume of repo on Dealerweb has more than doubled to $177 billion, with over $95 billion traded electronically.
prn.to/2tGObCe
MGEX Total Open Interest Over 100,000
MGEX
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports an open interest daily total of 102,166 following Friday's activity, making it the first time in history being over 100,000.
/goo.gl/gMQUTH
Lending CCP: Increasing funding and financing efficiency on an international scale
Eurex
Eric Müller, CEO of Eurex Clearing & Philippe Seyll, co-CEO of Clearstream Banking, share their views on increasing funding and financing efficiency on an international scale in the latest Securities Lending Times issue.
/goo.gl/BhgAfuCME to pass on Ice CDS administration charges; Clearing house to hike CDS index trade fees from July after Ice's determinations committee takeover
Chris Davis - Risk.net
Ice Benchmark Administration (IBA) is to begin charging a fee on cleared credit derivatives index products once it assumes the role of secretary to the determinations committees - a cost at leas
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Monthly report: ETF assets climb over EUR 300 billion in May; Clearstream's European ETF custody business has increased by 25 percent in the past 12 months / Vestima platform simplifies complex cross-border transactions for ETF issuers
Deutsche Börse
In recent years, exchange-traded funds (ETFs) have enjoyed great popularity among investors. The latest Clearstream annual report shows the strong demand for these passively managed, flexible and extremely versatile instruments that meet the needs of an investor circle with increasing financial market experience.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | IHS Markit and Deloitte to Address MiFID II Compliance for Outreach and Repapering
BusinessWire
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced a strategic alliance with Deloitte to address MiFID II regulatory challenges. This combined offering leverages IHS Markit's Outreach360 solution and Deloitte's regulatory business advisory expertise via a managed service.
bit.ly/2sHZCfp
Bitcoin Is Digital Gold. But Will You Buy a Sandwich With It?
Justina Lee - Bloomberg
Coinbase, BitPay report jump in payments amid price surge; Wider adoption hampered by rising transaction times and costs
For digital-marketing agency Cooperatize.com, taking bitcoin for payment was easy enough, all co-founder Roger Wu had to do was obtain a digital wallet. To promote the move in 2014, he even penned a blog post for Forbes explaining the decision.
/goo.gl/gtCJTu
Hanweck Receives "Building the Future Belfast Award"
Globe Newswire
Hanweck, a leading provider of real-time risk analytics on global derivatives markets, today announced that it has been recognized with the "Building the Future Belfast Award," awarded by the Irish Echo as part of the annual New York-New Belfast conference. In addition, Hanweck was named to the tenth annual US-Ireland Top 50 Companies List, commending firms with operations in the US and Ireland that have made significant contributions to furthering transatlantic business cooperation and opportunity.
/goo.gl/KY7Xbm
Elon Musk Says Deep AI, Not Automation, Poses the Real Risk for Humanity
futurism.com
Elon Musk takes to Twitter, saying deep AI, not automation, is what humanity should be worried about. Musk is part of a group of tech leaders working to create protective technological measures to prepare for the advancement of deep AI.
/goo.gl/dDv6dU
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| Politics | | An overview of politics as it relates to the financial markets | Vote for Goldman: Bankers Try to Ride an Anti-Trump Wave
Max Abelson - Bloomberg
Disgusted in New Jersey? Sad in South Carolina? Democrats test the popular appeal of former financiers.
Three months after leaving Goldman Sachs Group Inc., Archie Parnell got an invitation to pet a rat named Rascal.
/bloom.bg/2tGzu1M
Markets Are Big Winners in European Elections; Rebuff of populists could allow better coordination of policies to attract investments.
Komal Sri-Kumar - Bloomberg
The landslide victory of President Emmanuel Macron's party in the second round of the French parliamentary elections on June 18 -- and the defeat in several Italian local elections of the anti-Europe Five Star Movement party a few days earlier -- raises an intriguing question for global investors. Could the euro zone finally become a truly economically unified area? If so, producers in the region will be better able to take advantage of economies of scale that are already created by free trade within the area, and through the mobility of capital and labor.
/goo.gl/VWPk3F
Don't Raise the Debt LimitÂRepeal It; Owing tens of trillions is a problem. Default would be a catastrophe. End the continuing crisis.
Jason Furman and Rohit Kumar - WSJ
Over the past eight years, high-stakes negotiations in Congress over the federal debt limit have repeatedly brought Washington to the verge of default. We were on opposite sides of these debates, as senior policy advisers to President Obama and Senate Republican Leader Mitch McConnell, and we continue to disagree about taxes and the proper size of government. Yet we both believe that the statutory debt limit has outlived its usefulness as a mechanism for restraining the size of the national debt. Or, put more precisely, we think that whatever residual value the debt limit may have is far outweighed by the risk that a potential U.S. default poses to the global economic order.
/goo.gl/WgbMSZ
Georgia special election candidate says journalism has fueled 'lack of civility'; Republican Karen Handel spoke about social media and 'anger from the left' in race that's drawn national attention as a referendum on the Trump presidency
Ben Jacobs - The Guardian
As voters go to the polls in a fiercely competitive special election in Georgia on which record money has been spent, the Republican candidate has blamed social media and journalism for fueling a lack of civility in American society.
/goo.gl/WpoNsK
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FCA sets 3 July deadline for MiFID II authorisation; Firms have been warned by the FCA to apply now to ensure application is process by 3 January 2018.
Hayley McDowell - The Trade
The UK's Financial Conduct Authority (FCA) has set a deadline for firms to apply for MiFID II authorisation ahead of the go-live date.
/goo.gl/nq72a5
Barclays, Four Former Top Executives Charged With Fraud Over Fundraising With Qatari Investors
Max Colchester and Margot Patrick - WSJ
The U.K.'s Serious Fraud Office on Tuesday filed criminal charges against Barclays PLC and four former top executives linked to their handling of Middle Eastern investments that rescued the bank at the height of the financial crisis.
/goo.gl/y1JRhF
Barclays and former executives charged with crisis-era fraud; SFO accuses ex-CEO John Varley and top deal maker over Qatar funding agreement
Caroline Binham in London - FT
Barclays, its former chief executive and three other ex-senior executives have been charged by UK authorities with fraud related to the emergency cash infusions that saved the bank at the height of the 2008 financial crisis.
/goo.gl/1vXfcJ
Barclays charged with fraud in Qatar case
BBC
Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis.
/goo.gl/Z8KeFs
SFO charges in Barclays Qatar capital raising case
SFO
The Serious Fraud Office has today charged Barclays Plc and four individuals with conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act 1985.
/goo.gl/SEGdmu
Barclays Bank and former boss John Varley charged with conspiracy to commit fraud by SFO
Ben Martin, banking correspondent - Telegraph
Barclays and four former directors including ex-chief executive John Varley have been charged with conspiracy to commit fraud during the £11.8bn emergency fundraises the bank undertook to avert a bailout during the financial crisis.
/goo.gl/GB74wJ
TDDS 2.0 Specification Updates
FINRA
FINRA has updated the Trade Data Dissemination Service (TDDS 2.0) specifications. Versions 9.0A and 10.0A clarify when securities are included in the TDDS 2.0 closing reports.
/goo.gl/nGDAuR
Dealers against Sebi's latest curb proposals on corp bonds' e-mechanism; Sebi wants the e-platform to be mandatory for issuance over Rs 50 cr, against Rs 500 cr earlier
Anup Roy - Business Standard
Bond arrangers and merchant bankers are largely against the sweeping changes proposed by the capital market regulator, Securities and Exchange Board of India (Sebi), in electronic book-building mechanism for corporate bonds.
/goo.gl/eLbbMm
Sebi might ease stand against p-notes in derivatives market; The regulator may not stick to pure definition of hedging; may allow cross-sectoral hedging
Pavan Burugula - Business Standard
The Securities and Exchange Board of India (Sebi) is likely to take a less stringent approach in banning participatory notes (p-notes) from the derivatives market. According to sources, the regulator may not stick to the pure definition of hedging and allow cross-sectoral bets. Last month, Sebi had proposed to ban p-notes from taking naked positions in the derivatives segment.
/goo.gl/cpXSdL
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Rise of Robots: Inside the World's Fastest Growing Hedge Funds
Dani Burger - Bloomberg
Quantitative investment funds have record $500 billion assets; Performance varies, but average quant fund is flat this year
Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc.
/goo.gl/UCm3aw
Texas Is Too Windy and Sunny for Old Energy Companies to Make Money; In a windsurfers' paradise, turbines capture gusts that pick up at exactly the right time - or the wrong time, if you're trying to sell natural gas.
Ryan Collins - Bloomberg
As attractive a renewable-energy concept as wind power is, it's plagued by a fundamental flaw. It blows the most in the dead of night, precisely when there's the least demand for electricity. That's true for just about every wind-blown spot across the U.S., from the foothills of the Tehachapi Mountains in California to the coastal plains of North Carolina.
/goo.gl/wsd1t1
BlackRock leads EUR30m investment in robo-advice firm; BlackRock takes minority stake in digital investment advisor firm Scalable Capital, following strong demand from institutions in Europe.
Hayley McDowell - The Trade
BlackRock has taken a minority stake in digital investment advisor firm Scalable Capital after leading a EUR30 million funding round.
/goo.gl/iZqrtr
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Who's Behind Morgan Stanley's Bond Trading Turnaround? A Stock Guy
Liz Hoffman - WSJ
When Morgan Stanley trading chief Ted Pick dialed into a conference call in April with about 300 of his top reports, a little chest-thumping was in order.
The firm's bond-trading division, long the runt of Wall Street, had just reported its best quarter in years, accumulating more revenue than rival Goldman Sachs Group Inc. for only the second time since the financial crisis.
on.wsj.com/2sHNVWf
Former BAML European equities head joins Citadel Securities; It is the latest high profile appointment for Citadel Securities' European business after hiring JP Morgan's former EMEA head of equities trading.
Joe Parsons - The Trade
Citadel Securities has recruited Tony Walker, the former co-head of European electronic equities trading at Bank of America Merrill Lynch (BAML), as an independent director.
/goo.gl/Vg71Z6
Citigroup's Plan to Revive Its Lagging Stock; Bank is counting on profitability of the card business to pick up meaningfully in the second half
Telis Demos - WSJ
Investors want Michael Corbat to change the narrative at Citigroup Inc. C 0.92%
/goo.gl/CtKJ5L
Blankfein Says He Tweets to Protect Goldman Sachs's Standing
Laura J Keller - Bloomberg
In an interview with CNBC's Jim Cramer on Monday, Blankfein said there are limited reasons for him to weigh in publicly on current events. "Either it's something in our wheelhouse of expertise," such as warning U.S. policy makers against defaulting on the nation's debt, the Goldman chief executive officer said. Or, it's "when things really affect the ability of our people to be who they are and do their job."
/goo.gl/DjjYoo
The lost Goldman Sachs 1985 fixed income recruiting video
Sarah Butcher - efinancialcareers.com
In 1985, Goldman Sachs was still a partnership. The current partners owned around 80% of the firm, retired partners held the remainder. Lloyd Blankfein was a 31 year-old trader at J. Aron, the commodities house Goldman had purchased four years earlier. Run by John Weinberg, a former M&A banker, Goldman in 1985 was mostly a U.S. operation. There were a handful of overseas offices, including one in London, but in the words of Lisa Endlich, Goldman's London few hundred staff were sitting in an, "unair-conditioned setting on one floor of an office building."
/goo.gl/FvrPdn
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Are Russia And The Saudis Planning A Natural Gas Cartel?
Cyril Widdershoven - OilPrice.com
The fledgling production cut strategy of OPEC (Saudi Arabia) and non-OPEC (Russia and the FSU) shows that a new strategy is needed to counter the ongoing doubts in the markets.
At the same time, Russia and Saudi continue to give indications of a possible OPEC 2.0 scenario, in which a possible Russian membership is on the table. This would confront the market with a renewed and stronger oil cartel, although the overall strategies need to be adjusted.
/goo.gl/UnUdZy
Argentina Plans to Offer 100-Year Bonds
Charlie Devereux and Ben Bartenstein - Bloomberg
Bonds will be used to finance budget; said to yield 7.917%; Argentina joins Mexico, U.K., Ireland in issuing 100-year debt
Argentina will test investor confidence by offering its first 100-year bond barely a year after finally settling a protracted legal dispute tied to a $95 billion default.
/bloom.bg/2tGA3ce
Your ETF Isn't What You Think It Is; Passive investing isn't working when it comes to China
James Mackintosh - WSJ
Much of the point of passive investing is to take away the effort and stress required in making investment decisions. It isn't working, at least when it com
/goo.gl/r127G7
Qatar Financial Hub Looks Beyond Mideast to Grow Amid Standoff
Mohammed Sergie - Bloomberg
No signs of quick resolution as crisis enters third week; Qatar Financial Center cancels event planned for Dubai
Qatar's financial hub is looking beyond the Middle East and North Africa as the Saudi-led campaign to isolate the gas-rich Arab state threatens to dent regional business.
/goo.gl/UCxp8Q
China's Surging Bonds Show Angst About a Cash Crunch Is Easing
Bloomberg News
Benchmark 10-year yields slumped by most this year on Monday; Gains not sustainable as deleveraging continues, ANZ's Qu says
China's liquidity indicators are flagging that concerns over a cash crunch come end-June may be overdone.
/goo.gl/w9KN7Q
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | 'Brexit' Talks Open in Brussels, With a Mountain to Climb
Steven Erlanger - NY Times
Britain and the European Union began formal negotiations on Monday over how Britain will leave the bloc and what might come afterward. The talks began a year after British voters chose withdrawal in a referendum and three months after Britain gave formal notice of its intention to pull out.
/goo.gl/UrmT5A
Brexit forces some US banks to consider shifting funds out of UK; Moving transactions to rival hubs could affect much of their investment banking work
Martin Arnold and Laura Noonan - FT
Some of the biggest US financial groups including Morgan Stanley, Bank of America and Citigroup, are examining whether to move transactions totalling hundreds of billions of dollars out of London to rival hubs because of Brexit, calling into question the City's role as one of the world's leading centres for investment banking.
/goo.gl/py9n5H
Britain and EU agree to focus on divorce at start of Brexit talks; London concedes on sequencing by dropping demand for parallel trade negotiations
Alex Barker and Jim Brunsden - FT
Britain and the EU agreed to focus the first stages of negotiations over Brexit on divorce proceedings from the bloc in a meeting that both sides hailed as constructive after an early concession from London on the sequence of talks.
/goo.gl/eesNS7
EU Wins First Battle Over Brexit as U.K. Retreats on Timing
Tim Ross and Ian Wishart - Bloomberg
Michel Barnier, David Davis hold 7 hours of talks in Brussels; This is not about 'punishment' or 'revenge,' Barnier says
The U.K. lost its first battle with the European Union over the timetable for Brexit talks as the bloc's chief negotiator warned that the consequences of leaving will be "substantial."
/goo.gl/UAPw7s
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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