| May 09, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Options Industry Conference Preview Part 2: OCC's Craig Donohue on Gina McFadden and Changes at the Top of OCC
JohnLothianNews.com
As the 35th Options Industry Conference gets underway, OCC Chairman and CEO Craig Donohue spoke with John Lothian News about everything from the industry's first woman to be awarded the Joseph Sullivan Award to executive changes at the clearinghouse.
Read the rest and watch the video »
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Anonymous warns world to 'prepare' for World War 3
Chris Perez - NY Post
The infamous hacktivist group Anonymous has released a chilling new video  urging people across the globe to "prepare" for World War 3  as the US and North Korea continue to move "strategic pieces into place" for battle.
/goo.gl/dzdskG
***** Prepare for the unpreparable.
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Why Do Gas Station Prices Constantly Change? Blame the Algorithm
Sam Schechner - WSJ
One recent afternoon at a Shell-branded station on the outskirts of this Dutch city, the price of a gallon of unleaded gas started ticking higher, rising more than 3½ cents by closing time. A little later, a competing station 3 miles down the road raised its price about the same amount.
/goo.gl/aEIq1k
****** I was asking myself this question yesterday. I smell collusion every time I gas up.
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FBI's Comey says being on Twitter is like being 'in every dive bar in America'
MarketWatch
Twitter is sometimes 'wonderful' and 'depressing,' director says
Federal Bureau of Investigation Director James Comey said he's on Twitter but doesn't use the social-media platform to tweet, only to listenÂand especially to listen to what's being said about the agency he leads.
/goo.gl/mHMAjK
****** The ultimate guy's trip, every dive bar in America.
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The Financial Conduct Authority just spent £70,000 on a new logo, including hiring a Saatchi & Saatchi agency
Mark Sands - City AM
The industry-funded Financial Conduct Authority has spent almost £70,000 on a refresh of its brand, including a brand new logo designed by Saatchi & Saatchi, City A.M. can reveal.
/goo.gl/wUcgzW
***** I would have designed it for £60,000.
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Beauty Pageant Head Elected President of Philippine Bourse
by Ditas B Lopez - Bloomberg
Ramon Monzon pledges to speed unification with bond exchange; He has been an independent director of bourse since 2015
The Philippine stock exchange's new president, Ramon Monzon, pledged to reduce brokers' ownership of the bourse, refine rules on short-selling and introduce structured warrants.
/goo.gl/wOR3aC
****** Monzon also won the swimsuit category.
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Monday's Top Three
The most-read story yesterday, by a long shot, was the Wall Street Journal's scary-sounding "Traders Are Fleeing the Options Market". Next up was The Guardian's "What's it like to lose £350m? A rogue trader confesses," and third was Business Insider's "There's a new front in the brutal battle among America's stock exchanges," about Bats' proposed alternative to the closing auction.
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MarketsWiki Stats
99,885,666 pages viewed; 22,487 pages; 205,807 edits
MarketsWiki Statistics
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| Lead Stories | Bats targets NYSE and Nasdaq end-of-day volume with new offering
By John McCrank - Reuters
No. 2 U.S. exchange operator Bats said on Monday it plans to offer a cheaper alternative to the closing auctions for New York Stock Exchange- and Nasdaq-listed securities, taking aim at one of the busiest and most-lucrative trading periods of the day.
/goo.gl/hWYaur
ICE turns to atomic clock for time-stamping trades; Shift reflects incoming new rule under Mifid to keep pace with high-frequency trading
by: Philip Stafford - FT
Intercontinental Exchange will start timestamping thousands of European futures trades using an atomic clock because current technology is not reliable enough to meet new European standards trying to keep up with high-frequency traders.
/goo.gl/8MujKd
trueEX files lawsuit against Markit; Legal action taken following Markit's decision to prohibit access to its trade processing service, MarkitSERV.
By Hayley McDowell - The Trade
trueEX is seeking legal action against Markit for anti-competitive reasons following a decision to terminate access to its trade processing service, Markit SERV.
/goo.gl/PgvylO
Refugee Turned Fintech Chief Aims to Upend a $444 Billion Market
by Edward Robinson - Bloomberg
WorldRemit uses mobile money to make inroads in remittances; Biggest challenge is keeping digital cash away from terrorists
Refugee, economist, whistle-blower, entrepreneur -- Ismail Ahmed has played many roles in his odyssey from war-torn Somalia to London's fintech frontier.
/goo.gl/6C8fpI
Exchange Wants to Shake Up End-of-Day Stock Trading Format
by Annie Massa - Bloomberg
Bats has new way to trade stocks listed by rivals at the close; Swell of passive investing adds new importance to auctions
As the minutes tick down to 4 p.m. each trading day, a crucial process plays out in the U.S. stock market. Bats Global Markets wants to shake up how it works.
/goo.gl/Qjypa3
Opinion: Nouriel Roubini: Why are markets ignoring the black swans?
By Nouriel Roubini - MarketWatch
With Emmanuel Macron's defeat of the right-wing populist Marine Le Pen in the French presidential election, the European Union and the euro EURUSD, -0.3661% have dodged a bullet. But geopolitical risks are continuing to proliferate.
/goo.gl/JCG8Zh
Trader who lost $456 million says he was basically working in a 'nuclear reactor'
By Shawn Langlois - MarketWatch
Alexis Stenfors worked as a currency trader for Merrill Lynch in London back in 2009, when global markets were still reeling from their worst crisis in almost a century. Stenfors, a trader with 15 years experience, had a hunch that there was more carnage to come and that the financial system was about to implode.
/goo.gl/KhVfSl
My Notes from the Sohn Investment Conference, Part I
The Reformed Broker
Welcome to my notes from the 22nd annual Sohn Investment Conference, live from Lincoln Center on the west side of Manhattan. My coverage picks up at the start of the 2:15pm session. Prior to this, we heard from Keith Meister (Corvex Capital) on how we wants to see the CenturyLink - Level 3 deal progress as well as Bill Ackman (Pershing Square) making a time share pitch or something related to his holdings in the Howard Hughes Corporation.
jlne.ws/2qjdywh
****SD: Part II of his notes here.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CBOE Holdings Reports First-Quarter 2017 Results; Reported Results Include Bats Effective March 1
First-Quarter 2017 Highlights
GAAP Revenue Less Cost of Revenue of $193.4 Million, up 35 Percent, Reflects the Bats Acquisition; Organic Net Revenue of $154.2 Million, up 8 Percent, Driven by Increased Trading in VIX Futures and SPX Options(1),(2); GAAP Diluted EPS of $0.16; Non-GAAP Adjusted Diluted EPS of $0.78(1); Bats Integration on Track; Synergy Realization Ahead of Plan; Reduced Debt Incurred in Connection With the Bats Acquisition by $150 Million During the Quarter; Quarterly Highs Set in SPX Options Trading and Bats Options Exchanges and Hotspot Market Share
/goo.gl/0p7xpw
DTCC'S OMGEO CTM Enables Post-Trade Processing Capabilities To Private Fund Managers In China
MondoVisione
The Depository Trust & Clearing Corporation (DTCC), announced that Omgeo Central Trade Manager (Omgeo CTM), its strategic platform for the central matching of cross-border transactions and which is a part of DTCC's Institutional Trade Processing Product Suite, now enables Wholly Foreign-Owned Enterprises (WFOEs) in providing Private Fund Manager (PFM) services in China.
/goo.gl/wjXjKn
Start-up trading venue trueEX sues Markit
by: Joe Rennison - FT
Start-up trading platform trueEX has filed a complaint against industry giant Markit, claiming the company, which provides post-trade services to derivatives users, engaged in anticompetitive conduct by terminating its relationship with the trading venue.
/goo.gl/wEkOkA
Shenzhen Stock Exchange And China Construction Bank Deepen Strategic Cooperation To Drive Matchmaking Of SME Financing And Investment
MondoVisione
On May 5, 2017, Shenzhen Stock Exchange (SZSE) and China Construction Bank Co., Ltd. (CCB) signed a strategic cooperation agreement in Shenzhen, which deepens the strategic partnership on the exiting basis.
/goo.gl/48F7c5
New OMX Helsinki Benchmark Portfolio Selected - New Portfolio Of The OMX Helsinki Benchmark Index Will Become Effective June 1, 2017
MondoVisione
Nasdaq (Nasdaq:NDAQ) announced today the results of the semi-annual review of the OMX Helsinki Benchmark Index (Nasdaq Helsinki: OMXHB), which will become effective with the market open on Thursday, June 1, 2017.|
/goo.gl/XvTsJd
SGX welcomes Waterland Futures as Derivatives Trading Member
SGX
Singapore Exchange (SGX) announced today that Waterland Futures Company Limited (WLF) has become a Trading Member in its derivatives market.
/goo.gl/U8pNCj
May 2017 Eligible ETFs and Stocks; To Clearing Member Firms; Chief Financial Officers; Back Office Managers
From CME Clearing
CME Clearing accepts a select number of shares of ETFs and stocks for customer and house segregated performance bond collateral for Base Guaranty Fund products. ETFs and stocks are each capped at $500 million per clearing member firm. Please refer to the Standard Acceptable Collateral and Resources website for further details regarding acceptable collateral, haircuts, and limits.
/goo.gl/cbzINx
FIA's April 2017 SEF Tracker
TechWorld
Total trading volume on SEFs averaged $429.2 billion per day during the month of April, down 43.0% from the previous month and 5.2% from April 2016. The decrease in trading volume was driven mainly by a drop in on-SEF trading of interest rate swaps, which was down 45.3% from March 2017 and 7.0% from April 2016.
jlne.ws/2qjfi8I
LiquidityBook Adds Industry Veteran Les Vital as Head of Technical Sales as Demand for its POEMS Platform Grows
LiquidityBook
LiquidityBook today announced the addition of Les Vital as Head of Technical Sales. The appointment comes as demand accelerates for its industry-leading POEMS (portfolio, order and execution management system) platform, with clients across the Americas and Europe turning to LiquidityBook to help reduce TCO (total cost of ownership), improve efficiency and meet increasing regulatory compliance demands including MiFID II.
/goo.gl/ghGWux
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Netting no problem for blockchain, tech firms tell regulators; Firms say DLT can sit with current market practice, but instantaneous settlement 'not desirable'
Luke Clancy - Risk.net
Blockchain technologists are getting used to finding themselves on the back foot. Delays to big-ticket projects, strategy disagreements and a growing volume of legal and operational headaches ha
/goo.gl/GzvwwC
Rival Systems Integrates With QuantHouse's Ultra-Low Latency Market Data Feed - Further Expanding Its Equities Offering And Global Reach
Rival Systems
Rival Systems (Rival), an award-winning provider of trading and risk management software, today announced that it has integrated into its trading platform QuantHouse's end-to-end ultra-low latency market data feed.
/goo.gl/qB6iHf
GreenKey Files Patent on MiFID II Solution: Voice to Electronic Quote
GreenKey Technologies
GreenKey Technologies, creator of an artificial intelligence (AI) and voice-driven collaboration tool for financial market participants, announced today that the U.S. Patent and Trademark Office has accepted its application for human speech-to-text and subsequent interpretation of spoken financial trades in a fast and accurate manner.
/goo.gl/TCnpxt
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| Politics | | An overview of politics as it relates to the financial markets | Trump review of Wall Street rules to be done in stages: sources
By Olivia Oran and Pete Schroeder - Reuters
The U.S. government's review of a landmark 2010 financial reform law will not be complete by early June as originally targeted, and officials will now report findings piece-by-piece, with priority given to banking regulations, sources familiar with the matter said on Monday.
/goo.gl/SqLYfb
Mercer Sued by Hedge Fund Worker Fired After Blasting Trump
Erik Larson - Bloomberg
Hedge fund mogul Robert Mercer, one of the biggest financial backers of Donald Trump's presidential campaign, was sued by a former employee who claims he was fired for calling Mercer racist and publicly criticizing his support of Trump.
jlne.ws/2qj31B1
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | ISDA AGM Focuses On Push For Derivatives Market Efficiency
Mondovisione
The steps that could be taken to make the derivatives market more efficient and less complex will be debated by senior regulators and market executives at ISDA's 32nd annual general meeting (AGM) in Lisbon on May 8-10.
jlne.ws/2qjeCA1
Securities Commission Malaysia Introduces Regulatory Framework To Facilitate Digital Investment Management Services
MondoVisione
The Securities Commission Malaysia (SC) today introduced the Digital Investment Management framework, setting out licensing and conduct requirements for the offering of automated discretionary portfolio management services to investors.|
Digital investment management is a fund management business which incorporates innovative technologies into discretionary portfolio management services.
/goo.gl/MBHRkC
ISDA CEO Scott O'Malia's presentation at ISDA 32nd Annual General Meeting, Lisbon Read More
ISDA
assets.isda.org/media/85260f13-28/d2abf8ec.pptx
Proposed Rule Change to Adopt a Fee Schedule to Establish the Fees for Industry Members Related to the National Market System Plan Governing the Consolidated Audit Trail
FINRA
Financial Industry Regulatory Authority, Inc. ("FINRA") is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to adopt a fee schedule to establish the fees for Industry Members related to the National Market System Plan Governing the Consolidated Audit Trail (the "CAT NMS Plan" or "Plan").
/goo.gl/ge00ze
Sebi allows investors to buy mutual fund schemes via digital wallets; However, e-wallet issuers would not be permitted to offer any incentive such as cash back
Business Standard
Securities and Exchange Board of India (Sebi) on Monday allowed investors to buy mutual fund schemes for up to Rs 50,000 through digital wallets, making it easier for them  especially the young generation  to purchase these instruments.
/goo.gl/mA0Z7m
ESMA chief supports stricter supervision on UK CCPs; ESMA's Steven Maijoor has welcomed proposals to impose stricter controls on UK CCPs clearing euro-denominated derivatives.
By Joe Parsons - The Trade
The chair of Europe's securities watchdog has voiced his support for stricter supervision of clearers of euro-denominated derivatives based outside of the EU.
/goo.gl/cSNm32
SEC Probes Rental Home Values Backing Private-Equity Bond Deals
by Matt Scully - Bloomberg
Radian's Green River says U.S. queries broker price opinions; Probe said to question if firms' assessments overstated values
U.S. securities regulators are investigating whether bonds backed by single-family rental homes and sold by Wall Street's biggest residential landlords used overvalued property assessments.
/goo.gl/Rdmuon
Publication of the Report by the Working Group on Financial Markets under the Financial System Council
FSA Japan
The Working Group on Financial Markets under the Financial System Council (chairman Hideki KANDA, Professor, Gakushuin University Law School) has discussed and deliberated on various issues related to financial markets and exchanges in Japan twelve times since May 2016.
/goo.gl/04AIXe
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | As index reach grows, FTSE Russell chief downplays fears
Ross Kerber - Reuters
Don't fear the indexes, learn from them. That is the message from Mark Makepeace, the chief executive of FTSE Russell, the index provider whose products are now used to track roughly $12.5 trillion as clients pour money into so-called passive products.
jlne.ws/2qj8b06
The leopard's spots
Mat Lystra - FTSE Russell
"A leopard can't change its spots" is a saying rooted in the belief that a person's core character doesn't change over time. The same cannot be said of the markets, public companies or investment strategies, which is why the Russell Style Indexes have become such powerful tools for portfolio measurement and construction.
jlne.ws/2qjd4WM
Wall Street's fear gauge falls to lowest level since 1993; Vix index tumbles to 9.77 as French election result helps calm geopolitical nerves
by: Robin Wigglesworth and Joe Rennison in New York - FT
Wall Street's "fear gauge" has tumbled to its lowest level in more than two decades after the expected but welcome French election victory of Emmanuel Macron helped vaporise US stock market volatility.
/goo.gl/LENQEd
Here's What Some of the World's Top Money Managers Are Betting On
Bloomberg News
Ackman hails Hughes, Einhorn on Core and Gerstner on United; Palihapitiya calls Elon Musk 'our generation's Thomas Edison'
Money managers including David Einhorn and Bill Ackman descended on New York's Lincoln Center on Monday where about 3,000 people gathered at the annual Sohn Investment Conference, one of the hedge fund industry's marquee events, to hear the latest trade picks.
/goo.gl/6OWBKb
As index reach grows, FTSE Russell chief downplays fears
Ross Kerber - Reuters
Don't fear the indexes, learn from them. That is the message from Mark Makepeace, the chief executive of FTSE Russell, the index provider whose products are now used to track roughly $12.5 trillion as clients pour money into so-called passive products.
jlne.ws/2qj8b06
Italian Bonds May Be Traders' Next Obsession After French Vote
by John Ainger - Bloomberg
Nation's election, risk of ECB taper put bonds under pressure; Citigroup sees spread over bunds reaching highest since 2013
Bond investors are a pessimistic bunch.
/goo.gl/yPH1ad
For Crowdfunding Investors, A Way to Sell; Investors offered chance to trade on secondhand market
By Philip Georgiadis - WSJ
One of Europe's largest equity crowdfunding platforms will be the first to offer investors a chance to trade their investments on the secondhand market, breaking new ground in an industry quickly becoming an important funding source for small businesses.
/goo.gl/ngP5gi
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Banks Want Mnuchin to Intervene in Fight Over New Loan Rule; Bank CFOs say rule 'could do economic harm' by reducing lending and making borrowing more expensive
By Michael Rapoport - WSJ
Banks are trying to enlist the Trump administration to fight a new accounting rule requiring them to book losses on soured loans more quickly, potentially setting the stage for a clash between the Treasury Department and the Securities and Exchange Commission.
/goo.gl/U0ZV9D
Piketty's Capital Was So Popular There's a Sequel
Peter Coy - Bloomberg
If you're reading this article, it may be because you're one of the 2 million people who bought a copy of Capital in the Twenty-First Century by French economist Thomas Piketty. The long, dense academic treatise was the biggest publishing surprise of the year when it came out in English in 2014. It's not clear how many people actually made it to the end, or even past the first few pages, but buying a copy was a sure sign that you cared about inequality (bad) and serious scholarship (good).
jlne.ws/2qj8JmF
Goldman names Lemkau, Nachmann to co-head investment banking
Olivia Oran - Reuters
Goldman Sachs Group Inc (GS.N) named M&A co-head Gregg Lemkau and financing group chief Marc Nachmann as co-heads of the firm's global investment banking division, according to an internal memo on Monday.
jlne.ws/2qj83Oa
Goldman shakes up investment bank leadership; Cascade of changes follows move by Gary Cohn to Washington
by: Ben McLannahan, James Fontanella-Khan and Arash Massoudi - FT
Goldman Sachs has shaken up the leadership of its investment banking arm, in a reshuffle touched off by the departure to Washington last year of its former president, Gary Cohn.
/goo.gl/0xx61Z
Ex-Nomura Trader Says He Was Trained to Lie to Customers
Chris Dolmetsch - Bloomberg
Former Nomura traders accused of teaching deceitful tactics; Mortgage-securities dealers are charged with conspiracy, fraud
A former Nomura Holdings Inc. bond trader said he was trained to lie to customers shortly after coming to the company in order to boost the firm's commissions.
Frank DiNucci Jr. said the tactics he learned included lying about where Nomura had bought or sold bonds and misrepresenting the price it had paid.
jlne.ws/2qj9psd
Harvard Is Trying to Sell $2.5 Billion in Endowment Assets
Michael McDonald - Bloomberg
Harvard University's endowment is trying to sell about $2.5 billion of private equity, venture capital and real estate investments, according to a person familiar with the matter.
jlne.ws/2qjf3dN
JPMorgan Tells Banks to Partner Up as U.S. Deposit Drain Looms
by Matthew Monks - Bloomberg
Crunch may be felt this December as Fed's policy reverses; Midsize-bank deals already underway in quest for deposits
JPMorgan Chase & Co. has some advice for regional banks: A deposit drain is coming, so merge while you can.
/goo.gl/PTTQxB
Banks 'put lives at risk' as charity accounts are shut without notice; Some charities with links to developing countries have been deemed 'high risk' by banks
Ben Chapman - Independent
Banks have been accused of putting lives at risk by shutting down accounts belonging to charities without warning.
/goo.gl/gy1Vlf
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Colombia Urges Blood Diamond-Style Controls for Gold Buyers
Oscar Medine - Bloomberg
Central banks may have bought illegally-mined precious metal; Less than a fifth of Colombia's gold is produced legally
Colombia is calling for tougher controls over international gold purchases to curb the amount of illegally-mined metal entering mainstream markets, following similar moves by the diamond industry. "There's a responsibility on the part of buyers to make certain what the origin of the gold is that they are acquiring," Colombian Mining and Energy Minister German Arce said. "My fear is that there's a lot of illegally-extracted gold that ends up in central bank vaults."
jlne.ws/2qj9xrH
SPIVA Latin America Year-End 2016 Results
Phillip Brzenk - S&P Dow Jones Indices
Equity markets in Latin America saw gains across the board in 2016, with Brazil being one of the leaders, as the S&P Brazil BMI (BRL) returned 37.90%. The Chilean market saw the largest yearly return since 2010, with a return of 13.53% for the S&P Chile BMI (CLP), while the S&P Mexico BMI (MXN) returned 6.99%.
jlne.ws/2qjuNgX
China Deleveraging Pain Puts Investors on Contagion Alert
by Chris Anstey, Isabella Cota, and Ben Bartenstein - Bloomberg
Emerging markets would be most vulnerable, Invesco's Uy says; 'We don't yet see it as a big risk-off event,' says Aberdeen
What may be shaping up as China's most concerted effort yet to bring its credit boom under control is spurring investors to gauge any contagion to broader financial markets, a-la 2015, when Chinese turmoil caused global ructions.
/goo.gl/I6dJAu
Colombia Urges Blood Diamond-Style Controls for Gold Buyers
by Oscar Medina - Bloomberg
Central banks may have bought illegally-mined precious metal; Less than a fifth of Colombia's gold is produced legally
Colombia is calling for tougher controls over international gold purchases to curb the amount of illegally-mined metal entering mainstream markets, following similar moves by the diamond industry.
/goo.gl/RNwY3R
DCCC launches 'ActiveRisk' Risk Management System
The Dubai Commodities Clearing Corporation (DCCC), the leading Central Counter Party (CCP) in the region and a wholly owned subsidiary of the Dubai Gold & Commodities Exchange (DGCX), has announced the launch of a state-of-the-art Risk Management System (RMS) called ActiveRisk.
/goo.gl/8a915I
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | Jeremy Corbyn says elites trying to 'hijack Brexit'
BBC
Jeremy Corbyn has said wealthy elites are trying to "hijack" Brexit as he formally launched Labour's campaign.
/goo.gl/kaV4Vu
French business leaders are right to hail Emmanuel Macron's victory - but we will not see a flood of jobs from London to Paris
Julian Harris - City AM
If you were running a financial services company in France you could be forgiven for breathing a sigh of relief following the election of Emmanuel Macron, the centrist former-banker who swept to power on Sunday night.
/goo.gl/RmsMMj
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| Miscellaneous | | Stories that don't quite fit under the other sections | Inside The Employment Agreement Of Secretive Hedge Fund Renaissance Technologies
Nathan Vardi - Forbes
David Magerman spent more than two decades working for Renaissance Technologies, the enormously successful and secretive quantitative trading hedge fund founded by billionaire James Simons. Renaissance's Medallion strategy, which is now only open to Renaissance's employees and owners, is often viewed as the greatest hedge fund ever.
jlne.ws/2qjdlJd
The 'Frightful Five' Aren't So Scary, as Long as They're Competing
Jeremy G. Philips - NY Times
There is a growing drumbeat that the five leading tech behemoths have turned into dangerous monopolies that stifle innovation and harm consumers. Apple, Alphabet, Microsoft, Amazon and Facebook  what the tech columnist Farhad Manjoo calls the Frightful Five  have a combined market capitalization of more than $2.7 trillion and are an increasing part of everyday life. They are each assembling enormous pools of data about their users  which they use not just to sell more targeted advertising, but to improve and personalize their services, increasing their network advantage against smaller players.
jlne.ws/2qj4szs
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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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