| December 21, 2016 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Tim Edwards, S&P Dow Jones Indices - The Relative Importance of Skill, Conviction and Blind Luck in Beating the Market
MarketsWikiEducation.com
"I believe that the next big trend in our industry is going to be far more customized, far more bespoke, and it's all going to be available at low cost because of technology."
When Google was readying for its IPO in 2004, employees were given educational courses in finance and investing. Then senior vice president Jonathan Rosenberg was worried that Google employees  many soon to be minted millionaires  would be taken advantage of by all manner of asset managers and brokers. During the presentations, a series of notable figures all gave the same advice to Google employees, "don't try to beat the market."
Through the lens of that story, Tim Edwards, senior director of index investment strategy for S&P Dow Jones Indices, explores the history of indexing in this MarketsWiki Education Video. Edwards follows indexing from the Vanguard origin days to now, an era when 99 percent of European fund managers invested in U.S. stocks could not beat their benchmark.
Watch the video »
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World's Largest Trading Floor Put on the Block; Firm is hired to sell mortgage of former UBS office complex in Connecticut; sale expected at cut rate
By PETER GRANT - WSJ
For sale cheap: the world's largest trading floor. The property was part of a lavish development in Stamford, Conn., in the 1990s designed to lure what was then Swiss Bank Corp. and thousands of workers away from New York.
/goo.gl/r5Vqqc
***** Let's add another server rack and finish the job.
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Merriam-Webster: 'Surreal' Is the Word of the Year for 2016
Yahoo News
The American publishing company best known for its popular dictionaries said the decision was based on two simple criteria: The word has a "high volume of lookups" and a "significant year-over-year increase in lookups" on Merriam-Webster.com.
/yhoo.it/2icYSGJ
***** I never once looked up the word "surreal," which is surreal.
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This Is Going to Be Worst Year for IPOs Since the Credit Crisis
by Drew Singer - Bloomberg
Here lies the IPO market of 2016, the quietest year for listings since the financial crisis. Despite the S&P's 11 percent gain, despite the average 18 percent return for successful IPOs, despite volatility that eased from 2015, the last 12 months have seemed as silent as a graveyard for deals. Going by the number of listings and the amount raised, it hasn't been this dead for offerings since 2009.
/goo.gl/ItdYic
***** How many public firms were taken private by private equity? Another side of the story.
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Indians Living Overseas Stuck With Banned Rupees; Decision to ban largest bank notes left Indians abroad with worthless bills and few viable options for exchanging them
By CHELSEY DULANEY - WSJ
When India abruptly banned its largest-denomination bank notes last month, New York City resident Raj Karnawat's nearly $3,000 stash of rupees became essentially worthless overnight.
/goo.gl/n8POCd
***** Does not make a good case for fiat money, unfortunately.
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Top Three
Yesterday's top three stories were all about people in the neighborhood. Our top read piece was about Bobby Cho in the Chicago Tribune piece He's a bitcoin trader who snacks on fro-yo at Cumberland Mining. The second most read piece was about Donald Trump's new pick for Army secretary Wall Street billionaire Vincent Viola chosen as US army secretary. Third went to the NY Times piece Platinum Hedge Fund Executives Charged With $1 Billion Fraud
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| Lead Stories | CFTC, Chicago trading firm reach $2.5 million 'spoofing' deal
Reuters
A Chicago trader and his firm have agreed to pay $2.5 million to resolve a lawsuit by the U.S. Commodity Futures Trading Commission accusing them of using a banned trading tactic known as "spoofing" to manipulate markets, the agency said on Tuesday.
/goo.gl/l3vEnV
Chicago futures firm 3Red Trading to pay $2.5m spoofing fine
by: Gregory Meyer - FT
A federal judge has ordered Chicago futures firm 3Red Trading to pay a $2.5m fine and avoid future mischief in settlement that will allow it to stay in business.
3Red and its head trader, Igor Oystacher, emerged as one of the most active participants on US and European futures exchanges. But for years it undertook a manipulative and deceptive spoofing scheme, according to a consent order signed Tuesday by US district judge Amy St Eve in Chicago.
/goo.gl/GCrTYo
Goldman, JPMorgan to invest in blockchain startup Axoni
Reuters
Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N) and a group of other financial institutions including inter-dealer broker ICAP Plc's (IAPLF.PK) venture arm are finalising an investment in blockchain startup Axoni, people familiar with the deal said this week.
reut.rs/2if775j
Stock Exchange Outage Shows ASX Is 'Single Point of Failure'
by Emily Cadman - Bloomberg
Australian regulator releases report on Sept. 19 fault; ASIC calls on ASX to boost IT disaster recovery procedures
Australia's securities regulator said it will conduct a wider review of risk management by the local stock exchange after concluding the nation's equity markets are almost entirely dependent on ASX Ltd.'s systems.
/goo.gl/9E4OEq
Citadel's Adam Cooper to retire in 2017, Fagan promoted
Reuters
Investment firm Citadel LLC said on Tuesday that its chief legal officer, Adam Cooper, plans to retire in 2017 and that Shawn Fagan has been promoted to general counsel for its hedge fund business.
/goo.gl/ydsEP8
Deutsche Börse, LSE Merger May Hinge on Location; European anti-trust regulators have still to sign off on the megadeal
By BEN DUMMETT - WSJ
The fate of the proposed merger of Deutsche Börse AG and the London Stock Exchange Group PLC may rest on where the London- and Frankfurt-based exchange operators locate their holding company, even if European anti-trust regulators sign off on the megadeal.
/goo.gl/NRFD8y
Every Trade Counts Ahead of Europe's Looming Dark Pool Crackdown
by John Detrixhe and Will Hadfield - Bloomberg
Each trade in 2017 will count in calculating dark-pool limits; Stock exchange initiatives may soften rules' impact on trading
Operators of European stock markets are finding that bigger is better. In the New Year, regulators will be counting every European stock trade to see whether a transaction took place in a dark pool or on a public exchange -- before rules capping the percentage of dark trading begin in 2018. Crucially, special rules for larger trades could keep the dark pools open and available to investors.
/goo.gl/zz0DOS
Swiss Regulator Fines Banks $96.3 Million for Rate Rigging; Regulator found banks guilty of manipulating benchmark rates that influence an array of loans and financial products
By JOHN LETZING - WSJ
A Swiss regulator Wednesday said it has fined a handful of global banks for conspiring to rig key interest rates and the pricing of contracts over several years stretching back to the period prior to the financial crisis.
/goo.gl/4eQ0ZA
Regulators Rap Firms Using Severance to Silence Whistleblowers; SEC penalizes two companies over restricting departing employees from complaining to the government
By ANDREW ACKERMAN - WSJ
U.S. securities regulators have twice this week penalized firms for allegedly trying to silence whistleblowers, escalating a crackdown on severance arrangements seen as discouraging employees from reporting wrongdoing.
/goo.gl/m5LVVJ
Russia alleges Deutsche employee manipulated markets with $5 billion of trades
Yelena Orekhova and Alexander Winning - Reuters
Russia's central bank alleged that a banker at Deutsche Bank's (DBKGn.DE) Russian branch had manipulated markets by conducting 300 billion rubles ($4.87 billion) of trades with relatives over two and a half years. The central bank said the trades, made between January 2013 and July 2015, had generated a profit of 255 million rubles for Deutsche Bank employee Yuri Khilov and three relatives.
/goo.gl/7qp09s
European Banks Risk Becoming Irrelevant
By Mark Gilbert - Bloomberg
Any conversation with a European bank executive these days quickly turns to talk of how their U.S. rivals are in better shape. American banks were much quicker in bolstering their capital bases after the financial crisis; they also have more regulatory certainty (in part because they didn't challenge every proposed rule change). And in at least one corner of the financial markets, Europeans are ceding market share at an accelerating rate.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Review of the ASX equity market outage on 19 September 2016
ASIC
This report outlines the findings of our review of the ASX outage that affected the operation of the Australian equity market on 19 September 2016. It presents our observations on how ASX and various stakeholders responded to the outage, and highlights a number of recommendations designed to support the resilience and robustness of the Australian equity market.
/goo.gl/2CaAU0
CBOE Holdings enters into a term loan credit agreement
Reuters
On December 15, 2016, Co entered into a term loan credit agreement- SEC filing
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Will meet broker creteria for Gift City launch, BSE tells Sebi
Business Standard
BSE has assured capital market regulator Securities and Exchange Board India (Sebi) that it will meet the minimum brokers criteria required to set up an international stock exchange. The exchange is said to have written a letter to Sebi chief UK Sinha over its preparedness to go live in the Gujarat International Finance-Tech City (Gift City). BSE is setting up a new exchange inside the Gift City, which will be inaugurated on January 9.
/goo.gl/pudfMK
SGX shrinks as value of IPOs is outstripped by value of delistings; Analysts see mainboard listings of Reits continuing in 2017, plus Catalist floats of tech firms and F&B firms
by MELISSA TAN - Business Times
A HIGHER number of new initial public offerings (IPOs) on the Singapore Exchange (SGX) this year has not stemmed the shrinking of the local stock market. The total value of delistings easily outstripped the total value of new floats, and prominent privatisations included large government-linked companies and homegrown household names from the consumer sector.
/goo.gl/MqSvPf
Moscow Exchange Group's reorganisation completed
MOEX
On 19 December 2016, Moscow Exchange Group completed an internal reorganization in which CJSC MICEX Stock Exchange and MB Techonologies, wholly-owned subsidiaries of Moscow Exchange, were merged with the parent company. Accordingly, MICEX Stock Exchange and MB Techonologies have legally ceased to exist as of 19 December.
/goo.gl/2ZvPzH
Eurex Exchange's T7/FX: Publication of documentation
Eurex
As previously announced in Eurex circular 087/16, the launch of Eurex Exchange´s T7/FX system is scheduled to take place on 27 February 2016. The simulation phase is due to begin with the preparation phase on 9 January 2017. The start of the T7/FX simulation is planned to commence on 27 January 2017.
/goo.gl/KrZfe6
Futures on EURO STOXX® and STOXX® Europe 600 Broadbased and Size: Extension of Designated Market-Making scheme
Eurex
Effective 1 January 2017, the Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG took the following decision:
/goo.gl/4fB4pa
Reduction of strike price intervals of equity options with weekly expirations
Eurex
Effective 21 December 2016, the Management Board of Eurex Deutschland and the Executive Board of Eurex Zürich AG decided to reduce the strike price intervals of equity options with weekly expirations with the Group IDs BE13, DE13, FR13 and NL13.
/goo.gl/a8EHtQ
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| Politics | | An overview of politics during an election year as it relates to the financial markets | How Goldman and Seinfeld Helped Put Steve Bannon in the White House
David Rovella - Bloomberg
After a campaign season unprecedented in its divisiveness and a transition unparalleled in controversial appointees, Steve Bannon's selection as chief strategist for President-elect Donald Trump still manages to stand out.
/goo.gl/KajBU2
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| Investing & Trading | | Today's top stories from fixed income, currencies and commodities (FICC) | War algorithms and Virtu(e)
Alexandra Scaggs - FT
It's not uncommon for US trader types to crib from military and athletic vocabularies to describe their work. It's a zero-sum, competitive environment, and we're not too far removed from the days when physical size was an advantage in trading pits. We were always sceptical of that. Sure, high-frequency traders and snipers both have to carefully choose their locations and adjust for the curve of the earth. But is sitting at a desk and crunching numbers in your head Excel really comparable to warfare or sport?
/goo.gl/yeVg46
Take no chances on a repeat performance by the Swiss
Katie Martin - Financial Times
Fool me once, shame on you. Fool me twice, shame on me. That saying resonates strongly with observers of the Swiss National Bank. The scars have not yet fully healed after the central bank lobbed a stink bomb into the global currency markets almost two years ago. Days after insisting that its policy for limiting the strength of the franc remained in place and would be defended with the "utmost determination", the SNB abruptly reversed course, sparking a rally in the franc that puts the scale of October's sterling flash crash to shame.
/goo.gl/gPBpha
Foreign Investors Finding it Harder to Buy Some Corporate Bonds
Ben Eisen - WSJ
The rising cost of currency hedges is making it more difficult for foreign investors to obtain the dollar funding they need to buy some U.S. bonds, according to Bank of America Merrill Lynch.
/goo.gl/xBh23r
Fundamental indexing: a contrarian approach
Tom Goodwin, Senior Research Director - FTSE Russell Blog
With the approach of the holiday season shopping frenzy, we have a perfect opportunity to observe basic human herding behavior as retailers quickly sell out of their hottest items. The fact is, people tend to be drawn to products that are highly promoted and desired by others. The same holds true for stocks as the hypeÂpositive or negativeÂsurrounding a company can drive market prices up or down. In a market-cap weighted index, these price changes are directly reflected in the stock's weight within the index. But if we construct an index that breaks this link between market price and index weight, what market conditions would affect our new index?
/goo.gl/qhRus7
A startup founder explains what it was like to leave her job at Goldman Sachs to launch her own business
Jacquelyn Smith - Business Insider
Becca Brown always had the entrepreneurial itch. As a kid, she had a pet-sitting business, ran a concession stand at Little League games, sold flowers (that she picked from her neighbor's lawn), and did private tutoring. "My parents fostered a very entrepreneurial spirit in our house," she tells Business Insider.
/goo.gl/F5F4oy
Wall Street's 'fear gauge' implies that few are prepped for a stock-market shock
By Anora Mahmudova - MarketWatch
As stock-market indexes march to fresh records on the back of a monthlong rally in the wake of Donald Trump's presidential election win, U.S. investors don't appear to be daunted by the unrelenting climb to new heights.
/goo.gl/yGnA7u
The hopes and fears around bond ETFs; Advocates say they add liquidity while sceptics point to potential for compounding volatility
by: Mary Childs and Joe Rennison - FT
You only need to look back to the tumultuous November in markets to see the growing significance of exchange traded funds that track bonds.
/goo.gl/HVbAAM
World's Biggest Wealth Fund Excludes 15 More Coal Companies
by Mikael Holter - Bloomberg
New exclusions include Alliant, Tenaga, Emera and Westar; Fund places 11 companies on exclusion observation list
Norway's $870 billion sovereign wealth fund expanded the list of miners and power producers excluded from its portfolio as it continues to cull its investments of coal-related businesses.
/goo.gl/efGBU
One hedge funder stands out as rough 2016 comes to a close
By Carleton English - NY Post
In an another tough year for hedge funds  where the industry was forced again to defend its high fees and generally underwhelming returns  Jason Mudrick's $1.4 billion Distressed Opportunity fund is putting the finishing touches on a dramatic turnaround.
/goo.gl/17Xvf0
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citadel results beat average
Lynne Marek - Crain's Chicago Business
Citadel delivered above-average performance this year at its hedge fund operation as it continued to build a trading business and remake management. The company's main hedge funds, Kensington and Wellington, which mirror each other for U.S. and offshore clients, delivered returns of about 3.14 percent through the end of November, according to a source familiar with their performance.
/goo.gl/PyKbZa
Hedge fund Ardmore shutting, manager moving to Citadel's Aptigon
Svea Herbst-Bayliss - Reuters
Prominent technology investor Chris Connor is shutting down his hedge fund less than one year after launching it and will be joining Citadel, one of the industry's biggest players, two sources familiar with the move said on Tuesday.
/goo.gl/BiuFFJ
BGC Partners Completes Acquisition Of Sunrise Brokers
BGC
BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company") a leading global brokerage company servicing the financial and real estate markets [1], today announced that it has completed the acquisition of the businesses of Sunrise Brokers Group ("Sunrise Brokers"), an independent financial brokerage with a leading reputation in worldwide equity derivatives. Details of the transaction were not disclosed.
/goo.gl/s9uKnk
Wells Fargo Scrambles to Deal With New Crisis; Bank's living will failure will likely force it to move toward model used by other banks
By EMILY GLAZER and RYAN TRACY - WSJ
Wells Fargo & Co. chief Timothy Sloan received a terse call last Tuesday from the Federal Reserve and Federal Deposit Insurance Corp.: That afternoon the regulators would publicly announce the bank had flunked a vital test and would be slapped with first-of-their-kind penalties.
/goo.gl/gS4vEY
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Your 2017 Fintech Guide
www.nasdaq.com
Whether it's mobile payments, P2P transactions, or some other financial innovation, it's obvious Fintech is growing fast! Knowing what's happening, getting information, and networking has never been so important in this young industry. Below, you'll find your guide to Fintech in 2017.
/goo.gl/L76dP4
Goldman, JPMorgan, ICAP To Invest In Blockchain
PYMNTS.com
Axoni, the blockchain startup, is about to get a multimillion-dollar investment from some big heavy hitters on Wall Street.
According to a report by Reuters, Goldman Sachs, JPMorgan and ICAP are among financial institutions that are gearing up to invest between $15 million and $20 million in Axoni. Citing people familiar with the deal, Reuters reported the investment is expected to be announced this week.
/goo.gl/lDRAJ9
Canadian Mint joins private blockchain platform
Reuters
The Royal Canadian Mint has joined a blockchain platform run by Goldmoney Inc, the first time in the world that mint-vaulted bullion has been traded on such a private digital ledger, the Canadian fintech company said on Wednesday.
reut.rs/2h9EIji
Central Bank of Iran official hints heavy fintech project underway
EconoTimes
The Central Bank of Iran (CBI) has decided to launch a new fintech regulatory body, according to CBI official, as reported by Financial Tribune.
/goo.gl/b0HEzW
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Federal Court Orders Chicago Trader Igor B. Oystacher and 3Red Trading LLC to Pay $2.5 Million Penalty for Spoofing and Employment of a Manipulative and Deceptive Device, while Trading Futures Contracts on Multiple Futures Exchanges
CFTC
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Amy J. St. Eve of the U.S. District Court for the Northern District of Illinois entered a Consent Order of Permanent Injunction (Order) against Defendants Igor B. Oystacher and his proprietary trading company, 3Red Trading LLC (3Red), both of Chicago, Illinois, finding that the Defendants engaged in a manipulative and deceptive spoofing scheme while trading at least five different futures contracts on four exchanges for more than two years, which violated certain provisions of the Commodity Exchange Act (CEA) and CFTC Regulations adopted pursuant to the CFTC's anti-spoofing and expanded anti-fraud and anti-manipulation authority under the Dodd-Frank Act.
/goo.gl/cxIspb
Regulate, or innovate?
Kimberley Long - Euromoney Magazine
Complaining about regulators must be part of the day job for banks and fintechs. Whether worrying about keeping in line with wave after wave of changes, or paying out fines for when things have gone wrong, it is surprising there is any time or money left for banking or developing software. Phone calls and chats at conferences inevitably turn into talk about what the regulator is doing next to make daily operations even more difficult.
/goo.gl/TNMcJ0
Morgan Stanley to pay $7.5 million over customer protection violations
Sarah Lynch - Reuters
Morgan Stanley (MS.N) will pay $7.5 million to settle civil charges that it violated customer protection rules when it used trades involving customer cash to lower its borrowing costs, U.S. securities regulators said on Tuesday.
/goo.gl/tLtxag
Regulators Rap Firms Using Severance to Silence Whistleblowers
Andrew Ackerman - WSJ
U.S. securities regulators have twice this week penalized firms for allegedly trying to silence whistleblowers, escalating a crackdown on severance arrangements seen as discouraging employees from reporting wrongdoing.
/goo.gl/5hlcfl
Former LME accountant pleads guilty to credit card fraud
Reuters
A former accountant at the London Metal Exchange (LME) pleaded guilty on Tuesday to using company credit cards to obtain goods and services for herself and her family's personal benefit to which she was not entitled.
/goo.gl/IVwpjx
Platinum Partners' Founder And Chief Investment Officer Among Five Indicted In A $1 Billion Investment Fraud; Two Additional Individuals Indicted In A $50 Million Bond Fraud Involving Black Elk Energy, One Of Platinum's Largest Portfolio Companies
US Department of Justice
An eight-count indictment was unsealed this morning in federal court in Brooklyn, New York, charging seven defendants, all of whom are or were formerly affiliated with Platinum Partners L.P. (Platinum), a purportedly $1.7 billion hedge fund based in New York, New York. The indicted individuals are: Mark Nordlicht, the founder and Chief Investment Officer of Platinum; David Levy, the co-Chief Investment Officer of Platinum; Uri Landesman, the former Managing Partner and President of Platinum; Joseph SanFilippo, the Chief Financial Officer of Platinum's signature hedge fund; Joseph Mann, a member of Platinum's Investor Relations and Finance Departments; Daniel Small, a former Managing Director and co-Portfolio Manager of Platinum; and Jeffrey Shulse, the former Chief Executive Officer and Chief Financial Officer of Black Elk Energy Offshore Operations, LLC (Black Elk).[1]
/goo.gl/VKsj7W
Singapore Convicts Former Banker With Ties to Key Figure in 1MDB Probe; Conviction is third to result from city-state's probe of alleged multibillion-dollar misappropriations at Malaysian state fund
By P.R. VENKAT and GAURAV RAGHUVANSHI - WSJ
A Singapore court Wednesday convicted a former private banker with ties to a Malaysian financier described by global investigators as central to probes of alleged multibillion-dollar misappropriations at Malaysian state fund 1MDB.
/goo.gl/NQdAHr
FINRA Announces Results of SFAB, NAC and District Committee Elections and Appointments
FINRA
FINRA recently concluded elections to fill vacancies on the Small Firm Advisory Board (SFAB) and district committees. In addition, FINRA also made a number of appointments to the SFAB, the district committees and the National Adjudicatory Council (NAC). This Notice lists the individuals elected or appointed to fill vacant seats on the SFAB, NAC and District Committees for terms beginning January 1, 2017.
/goo.gl/GJ0RT4
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Will China's Bond Market Go Burst Soon?
By Shuli Ren - Barron's
China's bond market has been on a bull run since 2013, almost doubling the market size to 44.8 trillion yuan. The 5-year Chinese government bond yield fell by 1.85 percentage points to 2.58% during that time.
/goo.gl/YTNgR9
Italy approves EUR20 billion bailout fund as Monte dei Paschi moves closer to collapse
MarketWatch
Italy's parliament has approved a government request for a 20 billion euro rescue loan to prop up the country's ailing banking sector, including Banca Monte dei Paschi di Siena SpA, which on Wednesday moved closer to the financial abyss.
on.mktw.net/2h9Jxcl
China's money markets battle dual deficits of cash and trust
By Samuel Shen and Vidya Ranganathan - Reuters
China's money markets are bracing for a rough transition into 2017 as a traditional year-end cash deficit coincides with heavy capital outflows and a disruptive bond default that are creating sporadic cash shortages and ramping up counterparty risk.
/goo.gl/HMfUic
The Fed Puts China in a Bind
By Christopher Balding - Bloomberg
Last week, when the U.S. Federal Reserve raised interest rates, it was a sign for many investors that things were getting back to normal. For China, facing large-scale capital outflows and a declining currency, it was a sign of a serious problem.
/goo.gl/38xU0R
Australian regulator to launch wider investigation into ASX market outage
Joe Parsons - The Trade
Australia's markets regulator will launch a deeper investigation into the market outage on ASX's equities exchange which occurred in September.
/goo.gl/CILj5w
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| Miscellaneous | | Stories that don't quite fit under the other sections | Young Boss May Make Older Workers Less Productive
Rachel Emma Silverman - WSJ
A young boss can reduce an older employee's happinessÂand may lead to poor company performance. A recent study of nearly 8,000 employees at 61 German companies found that workers at firms with managers younger than themselves reported more negative emotions, such as anger and fear, than those with older managers.
/goo.gl/EXXgfa
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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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