| May 16, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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The Event Of The Summer: JLN & FOW Present Trading Chicago
For the first time in John J. Lothian & Co.'s history, we are partnering with FOW (Global Investor Group) to host our first Trading Chicago event on June 28th.
This one-day event is aimed largely at the end-users of the markets: commodity trading advisors, asset managers, hedge funds and proprietary traders. The conference will cover the issues that impact those firms directly - regulation, technology and market structure, with an underlying thread of trading in an age of uncertainty.
Of course, there is always uncertainty and this program aims at getting to the heart of that issue with sessions on derivatives in the age of populism, the challenging structure of options markets, the rise of customizable technology and the latest in machine learning, data and speed as well as US and European regulation. All of this will be delivered in a variety of formats, from an Oxford-style debate on Dodd-Frank Act's repeal to TED-style talks to panel discussions, this will be an interesting and engaging event.
This one-day event will bring together a nice cross section of traders, technology firms and market experts. Our full speaker list will be released shortly.
Here is the best part. The event is free to attend for CTAs, asset managers, props and hedge funds. To register click HERE. For full conference information, click HERE
Do you know a CTA, hedge fund or prop trader who might be interested in attending? Send them our way. Seating for the event is limited.
For event enquiries please contact William Mitting at will.mitting@globalinvestorgroup.com or Jim Kharouf at jimkharouf@johnlothian.com.
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OIC Stories Recap
Some interesting news came out of the Options Industry Conference in Scottsdale, Ariz. last week. In case you missed it, here are the stories generated from the event. Video coverage will be coming shortly as well.
-How Do You Save the Capital Markets?; Kennedy Looks to Lead Market Revamp by Jim Kharouf
-Not as Bad as it Seems: Schwartz Addresses the State of the Options Industry
-Millennials and Options: A Perfect Match?
-All Together Now: Exchange Leaders Call For Cooperative Approach To Changing Market Structure
-Options Industry Conference Update: Congress Continues To Push For Avoiding Unintended Consequences in Tax and Dodd-Frank reforms
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B23's Mark Bittman: Characteristics of a Data Analytics Platform
JohnLothianNews.com
Speaking at Barchart's FinTech Exchange Chicago conference in April, B23's Mark Bittman outlined what it takes to build a data analytics platform while harnessing the power of the cloud. In this video he explains why a platform needs to scalable, flexible, composable and transparent.
Watch the video »
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Brazil nut shortage after drought triggers big price jump; Exporters short of supplies default on agreements as wider concerns over Amazon forest grow
by: Emiko Terazono - FT
The humble Brazil nut is sounding a warning bell over the state of the Amazon forest.
/goo.gl/lMu4fn
***** We don't seem to have a shortage of nuts in other parts of the world.
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Rupert Hambro fuses old City and tech in 'third career'; Banker and fund manager's venture looks to raise fresh funds three years after launch
by Jonathan Ford
Rupert Hambro's career as a start-up investor began around six years ago when two young men walked into his office and told him they wanted to start the first gin distillery in London for 189 years.
/goo.gl/em0fl4
***** You had me at "gin".
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Monday's Top Three
Yesterday's top read stories were led by the end of the road for one Chicago prop firm, in Crain's
Eldorado Trading is latest Chicago firm to wind down. The second most read piece from Jim Kharouf was about how Nasdaq's Kevin Kennedy is pushing for changes to the securities markets in How Do You Save the Capital Markets?. The third most read piece came from the indelible Gary DeWaal in his weekly column Bridging The Week Block Trades; EFRPs; Delivery Reports; Wash Trades; Government Employee Lied. Somehow, when someone writes "lied" today, it still gets attention.
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MarketsWiki Stats
100,395,976 pages viewed; 22,488 pages; 205,893 edits
MarketsWiki Statistics
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| Lead Stories | Hedge Fund Managers Don't Always Beat the Market, but They Still Make Billions
Alexandra Stevenson - NY Times
Good performance, mediocre results or even downright ugly returns. When it comes to hedge funds, it scarcely matters. Even as some investors begin to sour on these high-priced stock pickers, the top fund managers still haul in enormous paychecks.
/goo.gl/jXPR2H
EU-managed control of euro clearing is not viable; Euro-denominated derivatives markets have to remain free of political influences
Barnabas Reynolds - FT
Some European politicians have asserted that the eurozone needs to control euro clearing, which is the process by which a clearing house stands in the middle of two counterparties to a euro-denominated derivatives trade, as buyer to every seller and seller to every buyer. They say that eurozone states need the ability to control the amount of margin  collateral  that clearing houses hold against the possibility of default by each party.
/goo.gl/Q44sZK
AllianceBernstein Is Selling Bond-Trading Software; Terms of deal with Algomi Ltd. not disclosed but AllianceBernstein will get minority stake in private trading tech firm
Justin Baer - WSJ
AllianceBernstein Holding AB 0.47% LP agreed to sell its bond-trading software platform to trading technology firm Algomi Ltd., the companies said Monday.
/goo.gl/9jDqwo
MTS and BrokerTec add Dutch and Belgian indices to RepoFunds Rate
London Stock Exchange Group
Pan-European RFR indices launched in 2012; MTS and BrokerTec account for average daily repo volumes of EUR230 billion; Accurately reflects cost of Repo funding for executed trades on MTS and BrokerTec
MTS, a leading fixed income electronic trading venue that is part of London Stock Exchange Group and BrokerTec, a NEX Group business which provides electronic trading technology and services for the fixed income market announce today that they are further expanding the RepoFunds Rate (RFR) indices by adding Dutch and Belgian repo indices. The RFR indices were launched in 2012 and include the German, French, Italian, Spanish and pan-European RFR indices.
/goo.gl/482nto
Spencer returns to 'laughable' euro-clearing battle on earnings day
Lucy Burton - Telegraph
City veteran Michael Spencer has weighed back into the euro-clearing debate barely a month after warning Europe against its plot to take back the $1 trillion market, calling the battle "quite laughable" as his company reported its full-year results.
/goo.gl/SoEkYg
Howard Lutnick aims for electronic Treasury trading comeback
Joe Rennison - Financial Times
Howard Lutnick has set his sights on reclaiming a prime cut of US Treasury bond trading and challenging the dominance of rival Michael Spencer's Nex Group. The hard-charging 55-year-old chief executive of Cantor Fitzgerald and affiliate BGC Partners, who rebuilt the company after it was devastated by the attack on the World Trade Center in 2001, is betting a significant increase in speed will transform the process of buying and selling government debt in the $14tn Treasury market.
jlne.ws/2qkNZtT
Lutnick's BGC faces challenge in Treasury trading comeback; Speed may not be enough to win market share in the $14tn electronic trading market
by: Philip Stafford in London and Joe Rennison in New York - FT
Howard Lutnick's BGC Partners faces an uphill struggle to recapture a share of trading in the $14tn US government bond market four years after exiting the market, according to the US broker's biggest rivals and prospective customers.
/goo.gl/RgX5jx
Why People Persist in Risky Trading
Peter J. Henning - NY Times
After all the publicity about insider trading the last few years, with headline cases and substantial prison terms meted out to defendants, you might think that people would not try it  or at least do a better job hiding it. Yet, two cases filed last week appear to show that some defendants are not doing much to keep questionable trading under wraps.
jlne.ws/2qkZZM0
New DTCC White Paper Concludes That Cloud Computing Has Moved Past A Tipping Point Of Maturity
Mondovisione
A new white paper from The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, suggests that cloud computing has reached a tipping point, with capabilities and cost efficiencies exceeding those achieved via in-house data centers.
jlne.ws/2qkKmnQ
Speculators Spark Surge in Cotton Prices, Upending Mills and Merchants; Rapid increase in cotton prices may force some cotton users to cancel sales or pay up for the fiber
By Julie Wernau - WSJ
Cotton futures have jumped 12% over three sessions, throwing the finances of textile mills and fiber merchants around the globe into disarray.
/goo.gl/d3cAXd
ECB publishes guidance to banks on leveraged transactions
ECB
Guidance aims to establish sound origination and risk management practices to facilitate a smooth financing of the real economy; Guidance seeks to facilitate the identification of leveraged transactions so as to give senior management a comprehensive overview of banks' leveraged lending activities; Publication marks the end of a public consultation process
The ECB today published its guidance on leveraged transactions. The publication of the guidance marks the end of a public consultation process.
/goo.gl/okvTgz
Should We Fear the Stock Market's Lack of Fear?; A low VIX has been a good predictor of volatility in the short term; it's the longer term that's a cause for concern
By James Mackintosh - WSJ
The only thing we have to fear is fear itself, said Franklin D. Roosevelt. The wartime president had enough to worry about without the VIX. The CBOE Volatility Index's superlow levels are prompting many to invert his famous line: Some investors now fear that there isn't enough fear.
/goo.gl/NHKvvA
Noble Bank International  The Next-Generation Bank Designed For FX & OTC Post-Trade Services
medium.com
With this launch, Noble introduces an industry-changing approach to real-time post-trade banking for OTC markets. Our bank allows clients to create their own pools of credit, enabling counterparties to clear, net and settle spot FX and precious metals transactions in real-time.
jlne.ws/2pQEzTP
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euro Fixed Income Futures: Definition of reporting and position limits for June 2017
Eurex
The reporting and position limits for the June 2017 contracts in the Euro Fixed Income Futures were set as follows:
/goo.gl/BrZP8n
Agriculture Margins - Effective May 16, 2017
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory
/goo.gl/G7pnzI
Qatar Stock Exchanges Holds The Annual Consultative Meeting On Discourse Practices - Al-Mansoori Stresses The Importance Of Disclosure And Transparency For Investors And The Financial Market
MondoVisione
Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, stressed the importance of disclosure and transparency in the financial market and considered them a vital necessity on which investors build their investment decisions. Al-Mansoori depicted transparency and adequate disclosure as a key element in the success of any financial market to gain the confidence of both individuals and institutional investors.
/goo.gl/cmmQpu
New area "Service-Status" on the Eurex website
Eurex
Effective immediately, Eurex offers a new service on its website www.eurexchange.com under the link: Technology > Service-Status
/goo.gl/BNDbFE
Scrip Dividend Scheme in relation to the Final Dividend for the year ended 31 December 2016
Calculation of Market Value
HKEX
At HKEX's annual general meeting held on 26 April 2017, the Shareholders approved the payment of the Final Dividend, as recommended by the Board, which will be payable in cash with a scrip alternative to the Shareholders whose names appeared on HKEX's register of members on the Record Date.
/goo.gl/HMCY2V
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | States gang up to kill US fintech charter and offer alternative 'Vision 2020'
Neil Ainger - CNBC
John Ryan, president of the Conference of State Bank Supervisors (CSBS), has come out in support of the New York banking regulator's lawsuit filed on Friday against the federal OCC. He called its plans to offer special purpose charters to financial technology (fintech) firms, allowing them to compete with banks nationwide, "unlawful" and "harmful".
jlne.ws/2pFOOOW
RSRCHXchange signs up to JP Morgan-backed desktop firm; OpenFin provides desktop applications to both buy- and sell-side trading platforms.
By Hayley McDowell - The Trade
RSRCHXchange has joined desktop application firm OpenFin as a partner and is now developing its own application for analytics and research assessment.
/goo.gl/AhztMF
Goldman Sachs Sees Big Potential for Fintech in Brazil
Vinod Sreeharsha - NY Times
Brazil is experiencing a wave of growth in financial technology that will most likely eat into the market share of the country's huge and long untouchable banks, a new report from Goldman Sachs says.
jlne.ws/2qkZSjt
Singapore FinTech Festival To Return This Year
MondoVisione
The Monetary Authority of Singapore (MAS) today announced the second edition of the Singapore FinTech Festival, to be held in Singapore from 13 to 17 November 2017.|
Organised in partnership with The Association of Banks in Singapore (ABS) and in collaboration with SingEx Holdings, the week-long Festival will build on the success of the inaugural Festival last November, which drew more than 13,000 participants from across 60 countries.
/goo.gl/Rs579Z
Kx and Vexata break records in STAC benchmarks of tick data analytics
Kx
Kx Systems (Kx), a subsidiary of First Derivatives (FD) plc and provider of the industry-leading kdb+ time series database, and Vexata, the leader in high performance enterprise storage systems, announced record shattering results in independent testing by the Securities Technology Analysis Center (STAC®)
/goo.gl/vj9nJt
Colt expands Nordic network to Finland
By: Alan Burkitt-Gray - GTB
2017 High bandwidth Colt IQ Network expanded to Helsinki as data centre demands increase FacebookTwitterLinkedInGoogle+EmailPrint Colt Technology Services has announced the expansion of the high bandwidth Colt IQ Network to Helsinki to meet the burgeoning demand for high bandwidth connectivity between data centres and organisations in the region.
/goo.gl/aWcQbh
Cyberattackers' Apparent Take: Just $51,000 So Far; Payments were made to Bitcoin wallets used by ransomware hackers; security experts poised to track any money moving out
By Paul Vigna and Peter Rudegeair - WSJ
This weekend's wave of cyberattacks held up for ransom the computer files of more than 200,000 victims world-wide. The hackers' apparent take so far: $51,000Âin bitcoin accounts that they may hesitate to tap.
/goo.gl/CbyYOr
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| Politics | | An overview of politics as it relates to the financial markets | Wall Street Thinks Trump's All Talk When It Comes to Breaking Up Banks
by Max Abelson - Bloomberg
Bankers expect to get rules changed on Volcker, stress tests; '21st century' Glass-Steagall may not be what it sounds like
On the first day of May, Donald Trump sat in the Oval Office and declared that his administration was taking a look at breaking up Wall Street's biggest banks. If they ever took him seriously, it didn't last.
/goo.gl/idHKZz
Trump Claims 'Absolute Right' to Disclose Information to Russia
by Justin Sink and Sahil Kapur - Bloomberg
Post report says Trump shared secrets with adversary; Administration officials deny sources and methods revealed
President Donald Trump defended wanting to share terrorism intelligence with Russian officials in a White House meeting last week, saying he has the "absolute right" to do so.
/goo.gl/fKzvVQ
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC charges two former top Nomura traders with bond price lies
Jonathan Stempel - Reuters
Two traders who ran Nomura Holdings Inc's (8604.T) commercial mortgage-backed securities desk were charged on Monday by the U.S. Securities and Exchange Commission with lying to customers about bond prices, to boost profit and their own bonuses.
jlne.ws/2ql1bPh
Former Employees Of Borsa Istanbul Group Detained Over Gulen Links
Mondovisione
According to the Turkish media outlet Haberturk, the Turkish prosecutor's office has detained 102 former employees of the Borsa Istanbul Group.
jlne.ws/2pD2tWL
HSBC settles bondholders' claims of Libor manipulation
By Brendan Pierson - Reuters
HSBC Holdings Plc has settled claims by a group of U.S. bondholders that it conspired with rivals to rig the Libor benchmark interest rate, according to a New York court filing on Monday by the bondholders' attorneys.
/goo.gl/KNM20e
FINRA Reviews Rules on Outside Business Activities and Private Securities Transactions
FINRA
The Financial Industry Regulatory Authority (FINRA) today requested comment on its rules governing outside business activities and private securities transactions as part of a new retrospective rule review. The review aligns with the ongoing FINRA360 initiative, a comprehensive review of the organization's operations and programs.
/goo.gl/1ry29b
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Cotton price rally goes 'pretty parabolic'
Gregory Meyer in New York - Financial Times
Textile mills and hedge funds are engaged in a scramble for cotton as a resurgent global economy pulls bales from warehouses. Benchmark US cotton futures surged again on Monday after last week rising by the daily exchange limit to the highest level since mid-2014 as data showed supplies flying out of the US, the biggest exporter.
jlne.ws/2qkVFwe
Should We Fear the Stock Market's Lack of Fear?
James Mackintosh - WSJ
The only thing we have to fear is fear itself, said Franklin D. Roosevelt. The wartime president had enough to worry about without the VIX. The CBOE Volatility Index's superlow levels are prompting many to invert his famous line: Some investors now fear that there isn't enough fear.
jlne.ws/2qkNU9z
Hedge Funds Are Dumping Gold Bets at Fastest Rate Since 2008
Susanne Barton - Bloomberg
Expectations for another boost in U.S. interest rates are wearing down gold bulls.
jlne.ws/2qkqEIO
Amazon's 49,000% Gain: The Most 'Super' of 'Superstocks' Since 1926
By JASON ZWEIG - WSJ
Finding the next Amazon.com, which first sold shares to the public 20 years ago this week, is hard. In fact, finding the last Amazon was hard, too. From 1926 through 2015, only 30 stocks accounted for one-third of the cumulative wealth generated by the entire U.S. stock market; Amazon was one.
/goo.gl/jy6x1v
HACK ETF has best day since US election after cyber attack; Exchange traded fund is in high demand as global WannaCry attack rattles investors
by: Joe Rennison and Mamta Badkar in New York - FT
The fallout from one of the most virulent cyber attacks to date saw an exchange traded fund that tracks cyber security companies have its biggest one day gain since the US election.
/goo.gl/Ep0vzp
Harvard Endowment's Biggest Public Holding Is a High-Yield ETF
by Michael McDonald - Bloomberg
iShares iBoxx corporate bond fund valued at $841 million; Endowment managers disclose first-quarter holding in filing
The Harvard University endowment's biggest publicly traded holding is a high-yield bond exchange-traded fund, a move into a cheap, passive investment as the school replaces some of its own traders with external money managers.
/goo.gl/O4pcth
U.S. Stats Officials Say Measurements of GDP, Inflation Are Off
by Craig Torres - Bloomberg
Prices overstated, economic growth understated, paper says; Research suggests Fed inflation target could be too low
Top officials from two U.S. government economic-statistics agencies said their measurement tools are understating growth and overstating some components of inflation by modest amounts, while cautioning that this doesn't explain the sluggish expansion in recent years.
/goo.gl/XYJIF2
Billionaire Steve Cohen hired 2 investors from the CIA's secretive VC fund for a new Palo Alto office
Rachael Levy - Business Insider
Billionaire Steve Cohen has opened a Palo Alto office to invest in early-stage companies focused on big data and machine learning, and he has hired two people who invested on behalf of the CIA.
/goo.gl/dy2KLg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citi appoints new innovation head for Dublin lab
by: Laura Noonan - FT
Citi has appointed a senior banker from its Turkey business to head up the bank's innovation lab in Dublin.
/goo.gl/hKha3q
QE: It's the monetary policy, stupid
Louise Bowman - Euromoney Magazine
Total assets held by the world's major central banks stood at $18 trillion in April 2017.
This incredible figure includes the $4.9 trillion assets held by the People's Bank of China. Aside from that, the Fed accounts for $4.43 trillion, the European Central Bank (ECB) $4.44 trillion and the Bank of Japan $4.52 trillion. How this phenomenal volume of financial assets is eventually unwound is now perhaps the most important issue facing bond investors.
jlne.ws/2ql5daG
Did Interactive Brokers really exit the retail market? Company still going big for retail clients in China!
Andrew Saks-McLeod - FinanceFeeds
In August last year, the retail FX market within the domestic United States of America made yet another change, that being the country's largest and most well capitalized retail FX firm, Interactive Brokers which is also one of the most stable in the world, notified its customers that as of that month, it would only extend retail trading facilities to persons or organizations with assets of over $10 million or $5 million if the traders hedge their positions.
jlne.ws/2qldCKX
Credit Suisse, Morgan Stanley and Soc Gen add Tradeweb's reporting service; Industry heavyweights follow Goldman, JP Morgan and Deutsche Bank and sign up for Tradeweb's APA for trade reporting.
By Hayley McDowell - The Trade
Credit Suisse, BNP Paribas, Morgan Stanley and Societe Generale have signed up to Tradeweb's approved publication arrangement (APA) service for trade reporting under MiFID II.
/goo.gl/kQ5M0B
Goldman flexes its lending muscles Premium; Welcome to Due Diligence, the FT's new daily deals briefing
FT
Banks with large balance sheets and a penchant for lending cash to companies chasing deals have a new competitor in town: Goldman Sachs.
/goo.gl/bafHbK
Banks reinforce cyber defenses after global attack
By John O'Donnell and Alexander Winning - Reuters
Banks have tightened their security systems and increased their surveillance after the global cyber assault on individuals and organizations worldwide.
/goo.gl/5hafs6
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Implications of China A-shares global inclusion
Mat Lystra - FTSE Russell
In part one of this two-part series, we discussed China's progress from an inward facing economy to becoming more globalÂthrough the development of its many share classes. We learned that despite such progress the majority of China's economy, as represented by the domestic A-share class, is still heavily restricted for foreign investors. This leaves most global indexes and portfolios with an incomplete exposure to the Chinese equity markets. It also begs the question: what effect would A-share inclusion have on the global equity landscape?
jlne.ws/2qkOx2K
Ivory Coast mutiny
BBC
The Ivory Coast government says it has reached a deal with soldiers involved in a four-day revolt over pay. Defence Minister Alain-Richard Donwahi appeared on state TV to announce a settlement had been reached. But only minutes later two spokesmen for the rebels told Reuters there was no agreement. Mr Donwahi gave few details of the accord.
jlne.ws/2qkOmok
****SD: Big deal for cocoa.
Oregon county to vote on blocking natural gas terminal
By Tom James - Reuters
A coastal Oregon county will vote Tuesday on a ballot measure to block a proposed natural gas terminal, the latest in a series of efforts to thwart energy projects across the Pacific Northwest.
/goo.gl/rH0BNW
China Pumps $24.7 Billion Into Financial System; Cash injection follows comments from officials suggesting concern that moves to tighten regulation have caused disruption
By Shen Hong - WSJ
China's central bank made its biggest one-day cash injection into the country's fragile financial markets in nearly four months Tuesday, a fresh sign that Beijing is trying to mitigate the damage to investor confidence inflicted by its recent campaign to tamp down speculation fueled by excessive borrowing.
/goo.gl/bJlaFE
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | How Theresa May Is Recruiting an Army of Hard Brexit Backers
by Joe Mayes , John Ainger , and Tom Beardsworth - Bloomberg
Most Conservatives in 60 winnable seats voted to leave EU; New analysis shows how Tory party could change after election
U.K. Prime Minister Theresa May is packing her Conservative Party with an army of Euroskeptic candidates for next month's election as she seeks reinforcements for her battle to deliver a hard Brexit.
/goo.gl/0ymDoA
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| Miscellaneous | | Stories that don't quite fit under the other sections | WannaCry Ransomware Attack Shows Danger of Cyber War Crimes
Leonid Bershidsky - Bloomberg
Last week's ransomware attack that brought down MRI scanners in the U.K., railroad ticket machines in Germany, interior ministry computers in Russia and parts of the FedEx network in the U.S. is bound to cause a backlash against spy agencies' cyberwarfare capabilities. It shows that services such as the U.S. National Security Agency hoard weapons that, by their very nature, target civilian infrastructure.
jlne.ws/2qkZsth
Chicago Tribune Owner Makes Bid to Buy Sun-Times; Tronc, which recently rebuffed takeover push from USA Today owner Gannett, now plays the role of potential acquirer
By Maria Armental - WSJ
The owner of the Chicago Tribune is trying to buy its one-time biggest rival, the Sun-Times, months after a deal with Gannett Co., the nation's largest newspaper chain, fell through.
/goo.gl/A8QqC6
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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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